id	sid	tid	token	lemma	pos
easat-9225	1	1	edelweiss	edelweiss	PROPN
easat-9225	1	2	applied	apply	VERB
easat-9225	1	3	science	science	NOUN
easat-9225	1	4	and	and	CCONJ
easat-9225	1	5	technology	technology	NOUN
easat-9225	1	6	issn	issn	PROPN
easat-9225	1	7	:	:	PUNCT
easat-9225	1	8	2576	2576	NUM
easat-9225	1	9	-	-	SYM
easat-9225	1	10	8484	8484	NUM
easat-9225	1	11	vol	vol	NOUN
easat-9225	1	12	.	.	PROPN
easat-9225	2	1	9	9	NUM
easat-9225	2	2	,	,	PUNCT
easat-9225	2	3	no	no	INTJ
easat-9225	2	4	.	.	NOUN
easat-9225	2	5	8	8	NUM
easat-9225	2	6	,	,	PUNCT
easat-9225	2	7	113	113	NUM
easat-9225	2	8	-	-	SYM
easat-9225	2	9	137	137	NUM
easat-9225	2	10	2025	2025	NUM
easat-9225	2	11	publisher	publisher	NOUN
easat-9225	2	12	:	:	PUNCT
easat-9225	2	13	learning	learn	VERB
easat-9225	2	14	gate	gate	NOUN
easat-9225	2	15	doi	doi	PROPN
easat-9225	2	16	:	:	PUNCT
easat-9225	2	17	10.55214/2576	10.55214/2576	NUM
easat-9225	2	18	-	-	SYM
easat-9225	2	19	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	3	1	©	©	PROPN
easat-9225	3	2	2025	2025	NUM
easat-9225	3	3	by	by	ADP
easat-9225	3	4	the	the	DET
easat-9225	3	5	authors	author	NOUN
easat-9225	3	6	;	;	PUNCT
easat-9225	3	7	licensee	licensee	PROPN
easat-9225	3	8	learning	learning	NOUN
easat-9225	3	9	gate	gate	NOUN
easat-9225	3	10	©	©	PROPN
easat-9225	3	11	2025	2025	NUM
easat-9225	3	12	by	by	ADP
easat-9225	3	13	the	the	DET
easat-9225	3	14	authors	author	NOUN
easat-9225	3	15	;	;	PUNCT
easat-9225	3	16	licensee	licensee	PROPN
easat-9225	3	17	learning	learning	NOUN
easat-9225	3	18	gate	gate	NOUN
easat-9225	3	19	history	history	NOUN
easat-9225	3	20	:	:	PUNCT
easat-9225	3	21	received	receive	VERB
easat-9225	3	22	:	:	PUNCT
easat-9225	3	23	5	5	NUM
easat-9225	3	24	june	june	PROPN
easat-9225	3	25	2025	2025	NUM
easat-9225	3	26	;	;	PUNCT
easat-9225	3	27	revised	revise	VERB
easat-9225	3	28	:	:	PUNCT
easat-9225	3	29	1	1	NUM
easat-9225	3	30	july	july	NOUN
easat-9225	3	31	2025	2025	NUM
easat-9225	3	32	;	;	PUNCT
easat-9225	3	33	accepted	accept	VERB
easat-9225	3	34	:	:	PUNCT
easat-9225	3	35	4	4	NUM
easat-9225	3	36	july	july	NOUN
easat-9225	3	37	2025	2025	NUM
easat-9225	3	38	;	;	PUNCT
easat-9225	3	39	published	publish	VERB
easat-9225	3	40	:	:	PUNCT
easat-9225	3	41	2	2	NUM
easat-9225	3	42	august	august	PROPN
easat-9225	3	43	2025	2025	NUM
easat-9225	3	44	*	*	PUNCT
easat-9225	3	45	correspondence	correspondence	NOUN
easat-9225	3	46	:	:	PUNCT
easat-9225	3	47	petrit.hasanaj@ushaf.net	petrit.hasanaj@ushaf.net	NOUN
easat-9225	3	48	the	the	DET
easat-9225	3	49	dynamics	dynamic	NOUN
easat-9225	3	50	of	of	ADP
easat-9225	3	51	macroeconomic	macroeconomic	ADJ
easat-9225	3	52	indicators	indicator	NOUN
easat-9225	3	53	and	and	CCONJ
easat-9225	3	54	stock	stock	NOUN
easat-9225	3	55	market	market	NOUN
easat-9225	3	56	returns	return	NOUN
easat-9225	3	57	:	:	PUNCT
easat-9225	3	58	an	an	DET
easat-9225	3	59	econometric	econometric	ADJ
easat-9225	3	60	perspective	perspective	NOUN
easat-9225	3	61	on	on	ADP
easat-9225	3	62	advanced	advanced	ADJ
easat-9225	3	63	economies	economy	NOUN
easat-9225	3	64	leonora	leonora	PROPN
easat-9225	3	65	haliti	haliti	PROPN
easat-9225	3	66	rudhani1	rudhani1	PROPN
easat-9225	3	67	,	,	PUNCT
easat-9225	3	68	petrit	petrit	PROPN
easat-9225	3	69	hasanaj2	hasanaj2	PROPN
easat-9225	3	70	*	*	PROPN
easat-9225	3	71	,	,	PUNCT
easat-9225	3	72	taulant	taulant	NOUN
easat-9225	3	73	rudhani3	rudhani3	VERB
easat-9225	4	1	1,2university	1,2university	NUM
easat-9225	4	2	of	of	ADP
easat-9225	4	3	applied	apply	VERB
easat-9225	4	4	sciences	science	NOUN
easat-9225	4	5	,	,	PUNCT
easat-9225	4	6	ferizaj	ferizaj	NOUN
easat-9225	4	7	,	,	PUNCT
easat-9225	4	8	kosovo	kosovo	PROPN
easat-9225	4	9	;	;	PUNCT
easat-9225	4	10	petrit.hasanaj@ushaf.net	petrit.hasanaj@ushaf.net	PROPN
easat-9225	4	11	(	(	PUNCT
easat-9225	4	12	p.h	p.h	PROPN
easat-9225	4	13	.	.	PROPN
easat-9225	4	14	)	)	PUNCT
easat-9225	4	15	.	.	PUNCT
easat-9225	5	1	3university	3university	NUM
easat-9225	5	2	of	of	ADP
easat-9225	5	3	basel	basel	PROPN
easat-9225	5	4	,	,	PUNCT
easat-9225	5	5	switzerland	switzerland	PROPN
easat-9225	5	6	;	;	PUNCT
easat-9225	5	7	the	the	DET
easat-9225	5	8	university	university	PROPN
easat-9225	5	9	of	of	ADP
easat-9225	5	10	sheffield	sheffield	PROPN
easat-9225	5	11	,	,	PUNCT
easat-9225	5	12	united	united	ADJ
easat-9225	5	13	kingdom	kingdom	PROPN
easat-9225	5	14	.	.	PUNCT
easat-9225	6	1	abstract	abstract	ADJ
easat-9225	6	2	:	:	PUNCT
easat-9225	6	3	this	this	DET
easat-9225	6	4	study	study	NOUN
easat-9225	6	5	aims	aim	VERB
easat-9225	6	6	to	to	PART
easat-9225	6	7	analyze	analyze	VERB
easat-9225	6	8	and	and	CCONJ
easat-9225	6	9	examine	examine	VERB
easat-9225	6	10	the	the	DET
easat-9225	6	11	short	short	ADJ
easat-9225	6	12	-	-	PUNCT
easat-9225	6	13	term	term	NOUN
easat-9225	6	14	and	and	CCONJ
easat-9225	6	15	long	long	ADJ
easat-9225	6	16	-	-	PUNCT
easat-9225	6	17	term	term	NOUN
easat-9225	6	18	relationships	relationship	NOUN
easat-9225	6	19	between	between	ADP
easat-9225	6	20	macroeconomic	macroeconomic	ADJ
easat-9225	6	21	indicators	indicator	NOUN
easat-9225	6	22	and	and	CCONJ
easat-9225	6	23	stock	stock	NOUN
easat-9225	6	24	market	market	NOUN
easat-9225	6	25	returns	return	NOUN
easat-9225	6	26	in	in	ADP
easat-9225	6	27	switzerland	switzerland	PROPN
easat-9225	6	28	,	,	PUNCT
easat-9225	6	29	sweden	sweden	PROPN
easat-9225	6	30	,	,	PUNCT
easat-9225	6	31	and	and	CCONJ
easat-9225	6	32	denmark	denmark	NOUN
easat-9225	6	33	.	.	PUNCT
easat-9225	7	1	the	the	DET
easat-9225	7	2	research	research	NOUN
easat-9225	7	3	is	be	AUX
easat-9225	7	4	based	base	VERB
easat-9225	7	5	on	on	ADP
easat-9225	7	6	secondary	secondary	ADJ
easat-9225	7	7	data	datum	NOUN
easat-9225	7	8	covering	cover	VERB
easat-9225	7	9	the	the	DET
easat-9225	7	10	period	period	NOUN
easat-9225	7	11	from	from	ADP
easat-9225	7	12	1927	1927	NUM
easat-9225	7	13	to	to	ADP
easat-9225	7	14	2021	2021	NUM
easat-9225	7	15	.	.	PUNCT
easat-9225	8	1	using	use	VERB
easat-9225	8	2	empirical	empirical	ADJ
easat-9225	8	3	analyses	analysis	NOUN
easat-9225	8	4	such	such	ADJ
easat-9225	8	5	as	as	ADP
easat-9225	8	6	var	var	NOUN
easat-9225	8	7	,	,	PUNCT
easat-9225	8	8	granger	granger	PROPN
easat-9225	8	9	causality	causality	PROPN
easat-9225	8	10	,	,	PUNCT
easat-9225	8	11	and	and	CCONJ
easat-9225	8	12	vecm	vecm	NOUN
easat-9225	8	13	,	,	PUNCT
easat-9225	8	14	the	the	DET
easat-9225	8	15	study	study	NOUN
easat-9225	8	16	confirms	confirm	VERB
easat-9225	8	17	both	both	DET
easat-9225	8	18	short	short	ADJ
easat-9225	8	19	-	-	PUNCT
easat-9225	8	20	term	term	NOUN
easat-9225	8	21	and	and	CCONJ
easat-9225	8	22	long	long	ADJ
easat-9225	8	23	-	-	PUNCT
easat-9225	8	24	term	term	NOUN
easat-9225	8	25	relationships	relationship	NOUN
easat-9225	8	26	between	between	ADP
easat-9225	8	27	macroeconomic	macroeconomic	ADJ
easat-9225	8	28	indicators	indicator	NOUN
easat-9225	8	29	and	and	CCONJ
easat-9225	8	30	stock	stock	NOUN
easat-9225	8	31	market	market	NOUN
easat-9225	8	32	returns	return	NOUN
easat-9225	8	33	.	.	PUNCT
easat-9225	9	1	the	the	DET
easat-9225	9	2	results	result	NOUN
easat-9225	9	3	of	of	ADP
easat-9225	9	4	the	the	DET
easat-9225	9	5	analyses	analysis	NOUN
easat-9225	9	6	indicate	indicate	VERB
easat-9225	9	7	that	that	SCONJ
easat-9225	9	8	economic	economic	ADJ
easat-9225	9	9	growth	growth	NOUN
easat-9225	9	10	has	have	VERB
easat-9225	9	11	a	a	DET
easat-9225	9	12	significant	significant	ADJ
easat-9225	9	13	positive	positive	ADJ
easat-9225	9	14	relationship	relationship	NOUN
easat-9225	9	15	with	with	ADP
easat-9225	9	16	stock	stock	NOUN
easat-9225	9	17	market	market	NOUN
easat-9225	9	18	returns	return	NOUN
easat-9225	9	19	,	,	PUNCT
easat-9225	9	20	while	while	SCONJ
easat-9225	9	21	a	a	DET
easat-9225	9	22	long	long	ADJ
easat-9225	9	23	-	-	PUNCT
easat-9225	9	24	term	term	NOUN
easat-9225	9	25	negative	negative	ADJ
easat-9225	9	26	effect	effect	NOUN
easat-9225	9	27	of	of	ADP
easat-9225	9	28	this	this	DET
easat-9225	9	29	indicator	indicator	NOUN
easat-9225	9	30	was	be	AUX
easat-9225	9	31	confirmed	confirm	VERB
easat-9225	9	32	in	in	ADP
easat-9225	9	33	switzerland	switzerland	PROPN
easat-9225	9	34	.	.	PUNCT
easat-9225	10	1	the	the	DET
easat-9225	10	2	short	short	ADJ
easat-9225	10	3	-	-	PUNCT
easat-9225	10	4	term	term	NOUN
easat-9225	10	5	interest	interest	NOUN
easat-9225	10	6	rate	rate	NOUN
easat-9225	10	7	had	have	VERB
easat-9225	10	8	a	a	DET
easat-9225	10	9	negative	negative	ADJ
easat-9225	10	10	relationship	relationship	NOUN
easat-9225	10	11	with	with	ADP
easat-9225	10	12	stock	stock	NOUN
easat-9225	10	13	market	market	NOUN
easat-9225	10	14	returns	return	NOUN
easat-9225	10	15	in	in	ADP
easat-9225	10	16	the	the	DET
easat-9225	10	17	short	short	ADJ
easat-9225	10	18	term	term	NOUN
easat-9225	10	19	only	only	ADV
easat-9225	10	20	in	in	ADP
easat-9225	10	21	denmark	denmark	NOUN
easat-9225	10	22	,	,	PUNCT
easat-9225	10	23	but	but	CCONJ
easat-9225	10	24	similar	similar	ADJ
easat-9225	10	25	results	result	NOUN
easat-9225	10	26	were	be	AUX
easat-9225	10	27	not	not	PART
easat-9225	10	28	confirmed	confirm	VERB
easat-9225	10	29	for	for	ADP
easat-9225	10	30	sweden	sweden	PROPN
easat-9225	10	31	and	and	CCONJ
easat-9225	10	32	switzerland	switzerland	PROPN
easat-9225	10	33	.	.	PUNCT
easat-9225	11	1	population	population	NOUN
easat-9225	11	2	growth	growth	NOUN
easat-9225	11	3	showed	show	VERB
easat-9225	11	4	a	a	DET
easat-9225	11	5	positive	positive	ADJ
easat-9225	11	6	effect	effect	NOUN
easat-9225	11	7	on	on	ADP
easat-9225	11	8	stock	stock	NOUN
easat-9225	11	9	market	market	NOUN
easat-9225	11	10	returns	return	NOUN
easat-9225	11	11	in	in	ADP
easat-9225	11	12	sweden	sweden	PROPN
easat-9225	11	13	and	and	CCONJ
easat-9225	11	14	denmark	denmark	NOUN
easat-9225	11	15	in	in	ADP
easat-9225	11	16	the	the	DET
easat-9225	11	17	short	short	ADJ
easat-9225	11	18	term	term	NOUN
easat-9225	11	19	but	but	CCONJ
easat-9225	11	20	not	not	PART
easat-9225	11	21	in	in	ADP
easat-9225	11	22	switzerland	switzerland	PROPN
easat-9225	11	23	.	.	PUNCT
easat-9225	12	1	inflation	inflation	NOUN
easat-9225	12	2	was	be	AUX
easat-9225	12	3	not	not	PART
easat-9225	12	4	found	find	VERB
easat-9225	12	5	to	to	PART
easat-9225	12	6	be	be	AUX
easat-9225	12	7	a	a	DET
easat-9225	12	8	significant	significant	ADJ
easat-9225	12	9	indicator	indicator	NOUN
easat-9225	12	10	for	for	ADP
easat-9225	12	11	stock	stock	NOUN
easat-9225	12	12	market	market	NOUN
easat-9225	12	13	returns	return	NOUN
easat-9225	12	14	in	in	ADP
easat-9225	12	15	any	any	PRON
easat-9225	12	16	of	of	ADP
easat-9225	12	17	the	the	DET
easat-9225	12	18	three	three	NUM
easat-9225	12	19	countries	country	NOUN
easat-9225	12	20	.	.	PUNCT
easat-9225	13	1	keywords	keyword	NOUN
easat-9225	13	2	:	:	PUNCT
easat-9225	13	3	gdp	gdp	NOUN
easat-9225	13	4	per	per	ADP
easat-9225	13	5	capita	capita	NOUN
easat-9225	13	6	,	,	PUNCT
easat-9225	13	7	inflation	inflation	NOUN
easat-9225	13	8	rate	rate	NOUN
easat-9225	13	9	,	,	PUNCT
easat-9225	13	10	short	short	ADJ
easat-9225	13	11	-	-	PUNCT
easat-9225	13	12	term	term	NOUN
easat-9225	13	13	interest	interest	NOUN
easat-9225	13	14	rate	rate	NOUN
easat-9225	13	15	,	,	PUNCT
easat-9225	13	16	stock	stock	NOUN
easat-9225	13	17	market	market	NOUN
easat-9225	13	18	returns	return	NOUN
easat-9225	13	19	.	.	PUNCT
easat-9225	14	1	1	1	X
easat-9225	14	2	.	.	X
easat-9225	14	3	introduction	introduction	NOUN
easat-9225	14	4	the	the	DET
easat-9225	14	5	banking	banking	NOUN
easat-9225	14	6	and	and	CCONJ
easat-9225	14	7	financial	financial	ADJ
easat-9225	14	8	markets	market	NOUN
easat-9225	14	9	are	be	AUX
easat-9225	14	10	fundamental	fundamental	ADJ
easat-9225	14	11	accelerators	accelerator	NOUN
easat-9225	14	12	and	and	CCONJ
easat-9225	14	13	key	key	ADJ
easat-9225	14	14	players	player	NOUN
easat-9225	14	15	in	in	ADP
easat-9225	14	16	the	the	DET
easat-9225	14	17	economy	economy	NOUN
easat-9225	14	18	.	.	PUNCT
easat-9225	15	1	many	many	ADJ
easat-9225	15	2	scholars	scholar	NOUN
easat-9225	15	3	argue	argue	VERB
easat-9225	15	4	that	that	SCONJ
easat-9225	15	5	the	the	DET
easat-9225	15	6	stock	stock	NOUN
easat-9225	15	7	market	market	NOUN
easat-9225	15	8	serves	serve	VERB
easat-9225	15	9	as	as	ADP
easat-9225	15	10	a	a	DET
easat-9225	15	11	primary	primary	ADJ
easat-9225	15	12	indicator	indicator	NOUN
easat-9225	15	13	of	of	ADP
easat-9225	15	14	a	a	DET
easat-9225	15	15	country	country	NOUN
easat-9225	15	16	's	's	PART
easat-9225	15	17	economic	economic	ADJ
easat-9225	15	18	growth	growth	NOUN
easat-9225	15	19	.	.	PUNCT
easat-9225	16	1	consequently	consequently	ADV
easat-9225	16	2	,	,	PUNCT
easat-9225	16	3	in	in	ADP
easat-9225	16	4	today	today	NOUN
easat-9225	16	5	's	's	PART
easat-9225	16	6	financial	financial	ADJ
easat-9225	16	7	landscape	landscape	NOUN
easat-9225	16	8	,	,	PUNCT
easat-9225	16	9	stock	stock	NOUN
easat-9225	16	10	market	market	NOUN
easat-9225	16	11	performance	performance	NOUN
easat-9225	16	12	is	be	AUX
easat-9225	16	13	widely	widely	ADV
easat-9225	16	14	regarded	regard	VERB
easat-9225	16	15	as	as	ADP
easat-9225	16	16	a	a	DET
easat-9225	16	17	measure	measure	NOUN
easat-9225	16	18	of	of	ADP
easat-9225	16	19	economic	economic	ADJ
easat-9225	16	20	growth	growth	NOUN
easat-9225	16	21	stability	stability	NOUN
easat-9225	16	22	.	.	PUNCT
easat-9225	17	1	given	give	VERB
easat-9225	17	2	the	the	DET
easat-9225	17	3	stock	stock	NOUN
easat-9225	17	4	market	market	NOUN
easat-9225	17	5	’s	’s	PART
easat-9225	17	6	high	high	ADJ
easat-9225	17	7	sensitivity	sensitivity	NOUN
easat-9225	17	8	to	to	ADP
easat-9225	17	9	overall	overall	ADJ
easat-9225	17	10	market	market	NOUN
easat-9225	17	11	conditions	condition	NOUN
easat-9225	17	12	,	,	PUNCT
easat-9225	17	13	numerous	numerous	ADJ
easat-9225	17	14	researchers	researcher	NOUN
easat-9225	17	15	have	have	AUX
easat-9225	17	16	focused	focus	VERB
easat-9225	17	17	their	their	PRON
easat-9225	17	18	studies	study	NOUN
easat-9225	17	19	on	on	ADP
easat-9225	17	20	the	the	DET
easat-9225	17	21	impact	impact	NOUN
easat-9225	17	22	of	of	ADP
easat-9225	17	23	various	various	ADJ
easat-9225	17	24	macroeconomic	macroeconomic	ADJ
easat-9225	17	25	indicators	indicator	NOUN
easat-9225	17	26	on	on	ADP
easat-9225	17	27	stock	stock	NOUN
easat-9225	17	28	market	market	NOUN
easat-9225	17	29	performance	performance	NOUN
easat-9225	17	30	.	.	PUNCT
easat-9225	18	1	furthermore	furthermore	ADV
easat-9225	18	2	,	,	PUNCT
easat-9225	18	3	analyzing	analyze	VERB
easat-9225	18	4	the	the	DET
easat-9225	18	5	interactions	interaction	NOUN
easat-9225	18	6	between	between	ADP
easat-9225	18	7	macroeconomic	macroeconomic	ADJ
easat-9225	18	8	indicators	indicator	NOUN
easat-9225	18	9	including	include	VERB
easat-9225	18	10	economic	economic	ADJ
easat-9225	18	11	growth	growth	NOUN
easat-9225	18	12	,	,	PUNCT
easat-9225	18	13	inflation	inflation	NOUN
easat-9225	18	14	,	,	PUNCT
easat-9225	18	15	interest	interest	NOUN
easat-9225	18	16	rates	rate	NOUN
easat-9225	18	17	,	,	PUNCT
easat-9225	18	18	and	and	CCONJ
easat-9225	18	19	population	population	NOUN
easat-9225	18	20	growth	growth	NOUN
easat-9225	18	21	—	—	PUNCT
easat-9225	18	22	on	on	ADP
easat-9225	18	23	stock	stock	NOUN
easat-9225	18	24	market	market	NOUN
easat-9225	18	25	returns	return	NOUN
easat-9225	18	26	is	be	AUX
easat-9225	18	27	crucial	crucial	ADJ
easat-9225	18	28	for	for	ADP
easat-9225	18	29	policymakers	policymaker	NOUN
easat-9225	18	30	and	and	CCONJ
easat-9225	18	31	investors	investor	NOUN
easat-9225	18	32	.	.	PUNCT
easat-9225	19	1	the	the	DET
easat-9225	19	2	extent	extent	NOUN
easat-9225	19	3	to	to	PART
easat-9225	19	4	which	which	PRON
easat-9225	19	5	macroeconomic	macroeconomic	ADJ
easat-9225	19	6	indicators	indicator	NOUN
easat-9225	19	7	drive	drive	VERB
easat-9225	19	8	stock	stock	NOUN
easat-9225	19	9	market	market	NOUN
easat-9225	19	10	returns	return	NOUN
easat-9225	19	11	remains	remain	VERB
easat-9225	19	12	an	an	DET
easat-9225	19	13	ongoing	ongoing	ADJ
easat-9225	19	14	subject	subject	NOUN
easat-9225	19	15	of	of	ADP
easat-9225	19	16	debate	debate	NOUN
easat-9225	19	17	.	.	PUNCT
easat-9225	20	1	according	accord	VERB
easat-9225	20	2	to	to	ADP
easat-9225	20	3	khan	khan	PROPN
easat-9225	20	4	,	,	PUNCT
easat-9225	20	5	et	et	PROPN
easat-9225	20	6	al	al	PROPN
easat-9225	20	7	.	.	PUNCT
easat-9225	21	1	[	[	X
easat-9225	21	2	1	1	NUM
easat-9225	21	3	]	]	X
easat-9225	21	4	macroeconomic	macroeconomic	ADJ
easat-9225	21	5	indicators	indicator	NOUN
easat-9225	21	6	such	such	ADJ
easat-9225	21	7	as	as	ADP
easat-9225	21	8	interest	interest	NOUN
easat-9225	21	9	rates	rate	NOUN
easat-9225	21	10	,	,	PUNCT
easat-9225	21	11	inflation	inflation	NOUN
easat-9225	21	12	,	,	PUNCT
easat-9225	21	13	and	and	CCONJ
easat-9225	21	14	gdp	gdp	NOUN
easat-9225	21	15	growth	growth	NOUN
easat-9225	21	16	serve	serve	VERB
easat-9225	21	17	as	as	ADP
easat-9225	21	18	critical	critical	ADJ
easat-9225	21	19	barometers	barometer	NOUN
easat-9225	21	20	of	of	ADP
easat-9225	21	21	economic	economic	ADJ
easat-9225	21	22	health	health	NOUN
easat-9225	21	23	,	,	PUNCT
easat-9225	21	24	significantly	significantly	ADV
easat-9225	21	25	influencing	influence	VERB
easat-9225	21	26	market	market	NOUN
easat-9225	21	27	movements	movement	NOUN
easat-9225	21	28	.	.	PUNCT
easat-9225	22	1	additionally	additionally	ADV
easat-9225	22	2	,	,	PUNCT
easat-9225	22	3	population	population	NOUN
easat-9225	22	4	growth	growth	NOUN
easat-9225	22	5	is	be	AUX
easat-9225	22	6	another	another	DET
easat-9225	22	7	factor	factor	NOUN
easat-9225	22	8	that	that	PRON
easat-9225	22	9	can	can	AUX
easat-9225	22	10	affect	affect	VERB
easat-9225	22	11	fluctuations	fluctuation	NOUN
easat-9225	22	12	in	in	ADP
easat-9225	22	13	financial	financial	ADJ
easat-9225	22	14	markets	market	NOUN
easat-9225	22	15	,	,	PUNCT
easat-9225	22	16	as	as	SCONJ
easat-9225	22	17	individuals	individual	NOUN
easat-9225	22	18	have	have	AUX
easat-9225	22	19	varying	vary	VERB
easat-9225	22	20	financial	financial	ADJ
easat-9225	22	21	needs	need	NOUN
easat-9225	22	22	at	at	ADP
easat-9225	22	23	different	different	ADJ
easat-9225	22	24	stages	stage	NOUN
easat-9225	22	25	of	of	ADP
easat-9225	22	26	life	life	NOUN
easat-9225	22	27	borrowing	borrowing	NOUN
easat-9225	22	28	when	when	SCONJ
easat-9225	22	29	young	young	ADJ
easat-9225	22	30	,	,	PUNCT
easat-9225	22	31	investing	invest	VERB
easat-9225	22	32	for	for	ADP
easat-9225	22	33	retirement	retirement	NOUN
easat-9225	22	34	in	in	ADP
easat-9225	22	35	middle	middle	ADJ
easat-9225	22	36	age	age	NOUN
easat-9225	22	37	,	,	PUNCT
easat-9225	22	38	and	and	CCONJ
easat-9225	22	39	divesting	divest	VERB
easat-9225	22	40	upon	upon	SCONJ
easat-9225	22	41	retirement	retirement	NOUN
easat-9225	22	42	geanakoplos	geanakoplo	NOUN
easat-9225	22	43	,	,	PUNCT
easat-9225	22	44	et	et	PROPN
easat-9225	22	45	al	al	PROPN
easat-9225	22	46	.	.	PUNCT
easat-9225	23	1	[	[	X
easat-9225	23	2	2	2	NUM
easat-9225	23	3	]	]	PUNCT
easat-9225	23	4	.	.	PUNCT
easat-9225	24	1	poterba	poterba	NOUN
easat-9225	25	1	[	[	X
easat-9225	25	2	3	3	X
easat-9225	25	3	]	]	PUNCT
easat-9225	25	4	further	far	ADV
easat-9225	25	5	asserts	assert	VERB
easat-9225	25	6	that	that	SCONJ
easat-9225	25	7	if	if	SCONJ
easat-9225	25	8	individuals	individual	NOUN
easat-9225	25	9	were	be	AUX
easat-9225	25	10	rational	rational	ADJ
easat-9225	25	11	in	in	ADP
easat-9225	25	12	their	their	PRON
easat-9225	25	13	financial	financial	ADJ
easat-9225	25	14	decisions	decision	NOUN
easat-9225	25	15	,	,	PUNCT
easat-9225	25	16	they	they	PRON
easat-9225	25	17	would	would	AUX
easat-9225	25	18	anticipate	anticipate	VERB
easat-9225	25	19	any	any	DET
easat-9225	25	20	stock	stock	NOUN
easat-9225	25	21	price	price	NOUN
easat-9225	25	22	increases	increase	NOUN
easat-9225	25	23	driven	drive	VERB
easat-9225	25	24	by	by	ADP
easat-9225	25	25	demographic	demographic	ADJ
easat-9225	25	26	changes	change	NOUN
easat-9225	25	27	.	.	PUNCT
easat-9225	26	1	similarly	similarly	ADV
easat-9225	26	2	,	,	PUNCT
easat-9225	26	3	this	this	DET
easat-9225	26	4	study	study	NOUN
easat-9225	26	5	focuses	focus	VERB
easat-9225	26	6	on	on	ADP
easat-9225	26	7	the	the	DET
easat-9225	26	8	aforementioned	aforementioned	ADJ
easat-9225	26	9	indicators	indicator	NOUN
easat-9225	26	10	,	,	PUNCT
easat-9225	26	11	as	as	SCONJ
easat-9225	26	12	switzerland	switzerland	PROPN
easat-9225	26	13	,	,	PUNCT
easat-9225	26	14	sweden	sweden	PROPN
easat-9225	26	15	,	,	PUNCT
easat-9225	26	16	and	and	CCONJ
easat-9225	26	17	denmark	denmark	NOUN
easat-9225	26	18	have	have	VERB
easat-9225	26	19	high	high	ADJ
easat-9225	26	20	gdp	gdp	NOUN
easat-9225	26	21	levels	level	NOUN
easat-9225	26	22	.	.	PUNCT
easat-9225	27	1	according	accord	VERB
easat-9225	27	2	to	to	ADP
easat-9225	27	3	a	a	DET
easat-9225	27	4	report	report	NOUN
easat-9225	27	5	published	publish	VERB
easat-9225	27	6	by	by	ADP
easat-9225	27	7	global	global	ADJ
easat-9225	27	8	finance	finance	NOUN
easat-9225	27	9	in	in	ADP
easat-9225	27	10	2023	2023	NUM
easat-9225	27	11	,	,	PUNCT
easat-9225	27	12	these	these	DET
easat-9225	27	13	three	three	NUM
easat-9225	27	14	countries	country	NOUN
easat-9225	27	15	rank	rank	VERB
easat-9225	27	16	among	among	ADP
easat-9225	27	17	the	the	DET
easat-9225	27	18	nations	nation	NOUN
easat-9225	27	19	with	with	ADP
easat-9225	27	20	the	the	DET
easat-9225	27	21	highest	high	ADJ
easat-9225	27	22	gdp	gdp	NOUN
easat-9225	27	23	in	in	ADP
easat-9225	27	24	the	the	DET
easat-9225	27	25	world	world	NOUN
easat-9225	27	26	.	.	PUNCT
easat-9225	28	1	they	they	PRON
easat-9225	28	2	are	be	AUX
easat-9225	28	3	also	also	ADV
easat-9225	28	4	classified	classify	VERB
easat-9225	28	5	as	as	ADP
easat-9225	28	6	highly	highly	ADV
easat-9225	28	7	developed	develop	VERB
easat-9225	28	8	economies	economy	NOUN
easat-9225	28	9	by	by	ADP
easat-9225	28	10	scholars	scholar	NOUN
easat-9225	28	11	such	such	ADJ
easat-9225	28	12	as	as	ADP
easat-9225	28	13	lee	lee	PROPN
easat-9225	28	14	and	and	CCONJ
easat-9225	28	15	choi	choi	NOUN
easat-9225	28	16	[	[	X
easat-9225	28	17	4	4	NUM
easat-9225	28	18	]	]	PUNCT
easat-9225	28	19	who	who	PRON
easat-9225	28	20	further	far	ADV
easat-9225	28	21	describe	describe	VERB
easat-9225	28	22	their	their	PRON
easat-9225	28	23	financial	financial	ADJ
easat-9225	28	24	markets	market	NOUN
easat-9225	28	25	as	as	ADP
easat-9225	28	26	advanced	advanced	ADJ
easat-9225	28	27	.	.	PUNCT
easat-9225	29	1	the	the	DET
easat-9225	29	2	findings	finding	NOUN
easat-9225	29	3	of	of	ADP
easat-9225	29	4	this	this	DET
easat-9225	29	5	research	research	NOUN
easat-9225	29	6	confirm	confirm	VERB
easat-9225	29	7	that	that	SCONJ
easat-9225	29	8	advanced	advanced	ADJ
easat-9225	29	9	financial	financial	ADJ
easat-9225	29	10	markets	market	NOUN
easat-9225	29	11	are	be	AUX
easat-9225	29	12	more	more	ADV
easat-9225	29	13	efficient	efficient	ADJ
easat-9225	29	14	compared	compare	VERB
easat-9225	29	15	to	to	ADP
easat-9225	29	16	those	those	PRON
easat-9225	29	17	in	in	ADP
easat-9225	29	18	developing	develop	VERB
easat-9225	29	19	economies	economy	NOUN
easat-9225	29	20	.	.	PUNCT
easat-9225	30	1	empirical	empirical	ADJ
easat-9225	30	2	evidence	evidence	NOUN
easat-9225	30	3	suggests	suggest	VERB
easat-9225	30	4	that	that	SCONJ
easat-9225	30	5	highly	highly	ADV
easat-9225	30	6	developed	develop	VERB
easat-9225	30	7	https://orcid.org/0000-0002-9304-8817	https://orcid.org/0000-0002-9304-8817	PROPN
easat-9225	30	8	https://orcid.org/0000-0003-1535-5835	https://orcid.org/0000-0003-1535-5835	PROPN
easat-9225	30	9	114	114	NUM
easat-9225	30	10	edelweiss	edelweiss	PROPN
easat-9225	30	11	applied	apply	VERB
easat-9225	30	12	science	science	NOUN
easat-9225	30	13	and	and	CCONJ
easat-9225	30	14	technology	technology	NOUN
easat-9225	30	15	issn	issn	PROPN
easat-9225	30	16	:	:	PUNCT
easat-9225	30	17	2576	2576	NUM
easat-9225	30	18	-	-	SYM
easat-9225	30	19	8484	8484	NUM
easat-9225	30	20	vol	vol	NOUN
easat-9225	30	21	.	.	PROPN
easat-9225	31	1	9	9	NUM
easat-9225	31	2	,	,	PUNCT
easat-9225	31	3	no	no	INTJ
easat-9225	31	4	.	.	NOUN
easat-9225	31	5	8	8	NUM
easat-9225	31	6	:	:	SYM
easat-9225	31	7	113	113	NUM
easat-9225	31	8	-	-	SYM
easat-9225	31	9	137	137	NUM
easat-9225	31	10	,	,	PUNCT
easat-9225	31	11	2025	2025	NUM
easat-9225	31	12	doi	doi	NOUN
easat-9225	31	13	:	:	PUNCT
easat-9225	31	14	10.55214/2576	10.55214/2576	NUM
easat-9225	31	15	-	-	SYM
easat-9225	31	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	32	1	©	©	PROPN
easat-9225	32	2	2025	2025	NUM
easat-9225	32	3	by	by	ADP
easat-9225	32	4	the	the	DET
easat-9225	32	5	authors	author	NOUN
easat-9225	32	6	;	;	PUNCT
easat-9225	32	7	licensee	licensee	PROPN
easat-9225	32	8	learning	learn	VERB
easat-9225	32	9	gate	gate	NOUN
easat-9225	32	10	economies	economy	NOUN
easat-9225	32	11	are	be	AUX
easat-9225	32	12	more	more	ADV
easat-9225	32	13	resilient	resilient	ADJ
easat-9225	32	14	than	than	ADP
easat-9225	32	15	lower	low	ADJ
easat-9225	32	16	-	-	PUNCT
easat-9225	32	17	income	income	NOUN
easat-9225	32	18	countries	country	NOUN
easat-9225	32	19	,	,	PUNCT
easat-9225	32	20	making	make	VERB
easat-9225	32	21	their	their	PRON
easat-9225	32	22	financial	financial	ADJ
easat-9225	32	23	markets	market	NOUN
easat-9225	32	24	more	more	ADV
easat-9225	32	25	predictable	predictable	ADJ
easat-9225	32	26	.	.	PUNCT
easat-9225	33	1	however	however	ADV
easat-9225	33	2	,	,	PUNCT
easat-9225	33	3	lee	lee	PROPN
easat-9225	33	4	and	and	CCONJ
easat-9225	33	5	choi	choi	NOUN
easat-9225	33	6	[	[	X
easat-9225	33	7	4	4	NUM
easat-9225	33	8	]	]	PUNCT
easat-9225	33	9	emphasize	emphasize	VERB
easat-9225	33	10	that	that	SCONJ
easat-9225	33	11	open	open	ADJ
easat-9225	33	12	economies	economy	NOUN
easat-9225	33	13	,	,	PUNCT
easat-9225	33	14	such	such	ADJ
easat-9225	33	15	as	as	ADP
easat-9225	33	16	switzerland	switzerland	PROPN
easat-9225	33	17	,	,	PUNCT
easat-9225	33	18	denmark	denmark	NOUN
easat-9225	33	19	,	,	PUNCT
easat-9225	33	20	and	and	CCONJ
easat-9225	33	21	sweden	sweden	PROPN
easat-9225	33	22	,	,	PUNCT
easat-9225	33	23	are	be	AUX
easat-9225	33	24	more	more	ADV
easat-9225	33	25	vulnerable	vulnerable	ADJ
easat-9225	33	26	to	to	ADP
easat-9225	33	27	global	global	ADJ
easat-9225	33	28	financial	financial	ADJ
easat-9225	33	29	crises	crisis	NOUN
easat-9225	33	30	compared	compare	VERB
easat-9225	33	31	to	to	ADP
easat-9225	33	32	more	more	ADV
easat-9225	33	33	closed	closed	ADJ
easat-9225	33	34	economies	economy	NOUN
easat-9225	33	35	,	,	PUNCT
easat-9225	33	36	such	such	ADJ
easat-9225	33	37	as	as	ADP
easat-9225	33	38	japan	japan	PROPN
easat-9225	33	39	and	and	CCONJ
easat-9225	33	40	other	other	ADJ
easat-9225	33	41	asian	asian	ADJ
easat-9225	33	42	nations	nation	NOUN
easat-9225	33	43	.	.	PUNCT
easat-9225	34	1	based	base	VERB
easat-9225	34	2	on	on	ADP
easat-9225	34	3	the	the	DET
easat-9225	34	4	above	above	ADJ
easat-9225	34	5	considerations	consideration	NOUN
easat-9225	34	6	,	,	PUNCT
easat-9225	34	7	this	this	DET
easat-9225	34	8	study	study	NOUN
easat-9225	34	9	aims	aim	VERB
easat-9225	34	10	to	to	PART
easat-9225	34	11	provide	provide	VERB
easat-9225	34	12	measurable	measurable	ADJ
easat-9225	34	13	results	result	NOUN
easat-9225	34	14	on	on	ADP
easat-9225	34	15	the	the	DET
easat-9225	34	16	impact	impact	NOUN
easat-9225	34	17	of	of	ADP
easat-9225	34	18	macroeconomic	macroeconomic	ADJ
easat-9225	34	19	indicators	indicator	NOUN
easat-9225	34	20	—	—	PUNCT
easat-9225	34	21	including	include	VERB
easat-9225	34	22	gdp	gdp	NOUN
easat-9225	34	23	per	per	ADP
easat-9225	34	24	capita	capita	NOUN
easat-9225	34	25	,	,	PUNCT
easat-9225	34	26	short	short	ADJ
easat-9225	34	27	-	-	PUNCT
easat-9225	34	28	term	term	NOUN
easat-9225	34	29	interest	interest	NOUN
easat-9225	34	30	rates	rate	NOUN
easat-9225	34	31	,	,	PUNCT
easat-9225	34	32	inflation	inflation	NOUN
easat-9225	34	33	rates	rate	NOUN
easat-9225	34	34	,	,	PUNCT
easat-9225	34	35	and	and	CCONJ
easat-9225	34	36	population	population	NOUN
easat-9225	34	37	growth	growth	NOUN
easat-9225	34	38	—	—	PUNCT
easat-9225	34	39	on	on	ADP
easat-9225	34	40	stock	stock	NOUN
easat-9225	34	41	market	market	NOUN
easat-9225	34	42	returns	return	NOUN
easat-9225	34	43	using	use	VERB
easat-9225	34	44	advanced	advanced	ADJ
easat-9225	34	45	econometric	econometric	ADJ
easat-9225	34	46	analyses	analysis	NOUN
easat-9225	34	47	such	such	ADJ
easat-9225	34	48	as	as	ADP
easat-9225	34	49	vector	vector	NOUN
easat-9225	34	50	autoregression	autoregression	NOUN
easat-9225	34	51	(	(	PUNCT
easat-9225	34	52	var	var	NOUN
easat-9225	34	53	)	)	PUNCT
easat-9225	34	54	and	and	CCONJ
easat-9225	34	55	the	the	DET
easat-9225	34	56	vector	vector	NOUN
easat-9225	34	57	error	error	NOUN
easat-9225	34	58	correction	correction	NOUN
easat-9225	34	59	model	model	NOUN
easat-9225	34	60	(	(	PUNCT
easat-9225	34	61	vecm	vecm	NOUN
easat-9225	34	62	)	)	PUNCT
easat-9225	34	63	.	.	PUNCT
easat-9225	35	1	the	the	DET
easat-9225	35	2	findings	finding	NOUN
easat-9225	35	3	of	of	ADP
easat-9225	35	4	this	this	DET
easat-9225	35	5	research	research	NOUN
easat-9225	35	6	intend	intend	VERB
easat-9225	35	7	to	to	PART
easat-9225	35	8	serve	serve	VERB
easat-9225	35	9	as	as	ADP
easat-9225	35	10	a	a	DET
easat-9225	35	11	valuable	valuable	ADJ
easat-9225	35	12	database	database	NOUN
easat-9225	35	13	for	for	ADP
easat-9225	35	14	policymakers	policymaker	NOUN
easat-9225	35	15	and	and	CCONJ
easat-9225	35	16	investors	investor	NOUN
easat-9225	35	17	in	in	ADP
easat-9225	35	18	their	their	PRON
easat-9225	35	19	decision	decision	NOUN
easat-9225	35	20	-	-	PUNCT
easat-9225	35	21	making	make	VERB
easat-9225	35	22	processes	process	NOUN
easat-9225	35	23	.	.	PUNCT
easat-9225	36	1	through	through	ADP
easat-9225	36	2	these	these	DET
easat-9225	36	3	analyses	analysis	NOUN
easat-9225	36	4	,	,	PUNCT
easat-9225	36	5	the	the	DET
easat-9225	36	6	study	study	NOUN
easat-9225	36	7	aims	aim	VERB
easat-9225	36	8	to	to	PART
easat-9225	36	9	determine	determine	VERB
easat-9225	36	10	whether	whether	SCONJ
easat-9225	36	11	macroeconomic	macroeconomic	ADJ
easat-9225	36	12	indicators	indicator	NOUN
easat-9225	36	13	in	in	ADP
easat-9225	36	14	switzerland	switzerland	PROPN
easat-9225	36	15	,	,	PUNCT
easat-9225	36	16	sweden	sweden	PROPN
easat-9225	36	17	,	,	PUNCT
easat-9225	36	18	and	and	CCONJ
easat-9225	36	19	denmark	denmark	NOUN
easat-9225	36	20	have	have	VERB
easat-9225	36	21	any	any	DET
easat-9225	36	22	short	short	ADJ
easat-9225	36	23	-	-	PUNCT
easat-9225	36	24	term	term	NOUN
easat-9225	36	25	or	or	CCONJ
easat-9225	36	26	long	long	ADJ
easat-9225	36	27	-	-	PUNCT
easat-9225	36	28	term	term	NOUN
easat-9225	36	29	relationship	relationship	NOUN
easat-9225	36	30	with	with	ADP
easat-9225	36	31	stock	stock	NOUN
easat-9225	36	32	market	market	NOUN
easat-9225	36	33	returns	return	NOUN
easat-9225	36	34	.	.	PUNCT
easat-9225	37	1	the	the	DET
easat-9225	37	2	study	study	NOUN
easat-9225	37	3	also	also	ADV
easat-9225	37	4	incorporates	incorporate	VERB
easat-9225	37	5	the	the	DET
easat-9225	37	6	granger	granger	PROPN
easat-9225	37	7	causality	causality	PROPN
easat-9225	37	8	test	test	NOUN
easat-9225	37	9	to	to	PART
easat-9225	37	10	examine	examine	VERB
easat-9225	37	11	the	the	DET
easat-9225	37	12	direction	direction	NOUN
easat-9225	37	13	of	of	ADP
easat-9225	37	14	causality	causality	NOUN
easat-9225	37	15	between	between	ADP
easat-9225	37	16	macroeconomic	macroeconomic	ADJ
easat-9225	37	17	variables	variable	NOUN
easat-9225	37	18	and	and	CCONJ
easat-9225	37	19	stock	stock	NOUN
easat-9225	37	20	market	market	NOUN
easat-9225	37	21	returns	return	NOUN
easat-9225	37	22	.	.	PUNCT
easat-9225	38	1	the	the	DET
easat-9225	38	2	research	research	NOUN
easat-9225	38	3	findings	finding	NOUN
easat-9225	38	4	will	will	AUX
easat-9225	38	5	contribute	contribute	VERB
easat-9225	38	6	to	to	ADP
easat-9225	38	7	the	the	DET
easat-9225	38	8	existing	exist	VERB
easat-9225	38	9	literature	literature	NOUN
easat-9225	38	10	by	by	ADP
easat-9225	38	11	providing	provide	VERB
easat-9225	38	12	empirical	empirical	ADJ
easat-9225	38	13	evidence	evidence	NOUN
easat-9225	38	14	on	on	ADP
easat-9225	38	15	how	how	SCONJ
easat-9225	38	16	macroeconomic	macroeconomic	ADJ
easat-9225	38	17	indicators	indicator	NOUN
easat-9225	38	18	influence	influence	VERB
easat-9225	38	19	stock	stock	NOUN
easat-9225	38	20	market	market	NOUN
easat-9225	38	21	performance	performance	NOUN
easat-9225	38	22	across	across	ADP
easat-9225	38	23	different	different	ADJ
easat-9225	38	24	economic	economic	ADJ
easat-9225	38	25	environments	environment	NOUN
easat-9225	38	26	.	.	PUNCT
easat-9225	39	1	additionally	additionally	ADV
easat-9225	39	2	,	,	PUNCT
easat-9225	39	3	the	the	DET
easat-9225	39	4	findings	finding	NOUN
easat-9225	39	5	of	of	ADP
easat-9225	39	6	this	this	DET
easat-9225	39	7	study	study	NOUN
easat-9225	39	8	will	will	AUX
easat-9225	39	9	assist	assist	VERB
easat-9225	39	10	policymakers	policymaker	NOUN
easat-9225	39	11	in	in	ADP
easat-9225	39	12	formulating	formulate	VERB
easat-9225	39	13	concrete	concrete	ADJ
easat-9225	39	14	macroeconomic	macroeconomic	ADJ
easat-9225	39	15	policies	policy	NOUN
easat-9225	39	16	that	that	PRON
easat-9225	39	17	promote	promote	VERB
easat-9225	39	18	stable	stable	ADJ
easat-9225	39	19	financial	financial	ADJ
easat-9225	39	20	markets	market	NOUN
easat-9225	39	21	.	.	PUNCT
easat-9225	40	1	at	at	ADP
easat-9225	40	2	the	the	DET
easat-9225	40	3	same	same	ADJ
easat-9225	40	4	time	time	NOUN
easat-9225	40	5	,	,	PUNCT
easat-9225	40	6	the	the	DET
easat-9225	40	7	results	result	NOUN
easat-9225	40	8	will	will	AUX
easat-9225	40	9	support	support	VERB
easat-9225	40	10	investors	investor	NOUN
easat-9225	40	11	in	in	ADP
easat-9225	40	12	making	make	VERB
easat-9225	40	13	informed	informed	ADJ
easat-9225	40	14	investment	investment	NOUN
easat-9225	40	15	decisions	decision	NOUN
easat-9225	40	16	,	,	PUNCT
easat-9225	40	17	particularly	particularly	ADV
easat-9225	40	18	regarding	regard	VERB
easat-9225	40	19	risk	risk	NOUN
easat-9225	40	20	management	management	NOUN
easat-9225	40	21	and	and	CCONJ
easat-9225	40	22	responsiveness	responsiveness	NOUN
easat-9225	40	23	to	to	ADP
easat-9225	40	24	changes	change	NOUN
easat-9225	40	25	in	in	ADP
easat-9225	40	26	financial	financial	ADJ
easat-9225	40	27	market	market	NOUN
easat-9225	40	28	conditions	condition	NOUN
easat-9225	40	29	.	.	PUNCT
easat-9225	41	1	2	2	X
easat-9225	41	2	.	.	X
easat-9225	41	3	literature	literature	NOUN
easat-9225	41	4	review	review	NOUN
easat-9225	41	5	in	in	ADP
easat-9225	41	6	the	the	DET
easat-9225	41	7	general	general	ADJ
easat-9225	41	8	literature	literature	NOUN
easat-9225	41	9	,	,	PUNCT
easat-9225	41	10	it	it	PRON
easat-9225	41	11	is	be	AUX
easat-9225	41	12	well	well	ADV
easat-9225	41	13	established	establish	VERB
easat-9225	41	14	that	that	SCONJ
easat-9225	41	15	macroeconomic	macroeconomic	ADJ
easat-9225	41	16	indicators	indicator	NOUN
easat-9225	41	17	are	be	AUX
easat-9225	41	18	decisive	decisive	ADJ
easat-9225	41	19	factors	factor	NOUN
easat-9225	41	20	in	in	ADP
easat-9225	41	21	the	the	DET
easat-9225	41	22	stability	stability	NOUN
easat-9225	41	23	of	of	ADP
easat-9225	41	24	capital	capital	NOUN
easat-9225	41	25	markets	market	NOUN
easat-9225	41	26	.	.	PUNCT
easat-9225	42	1	therefore	therefore	ADV
easat-9225	42	2	,	,	PUNCT
easat-9225	42	3	analyzing	analyze	VERB
easat-9225	42	4	these	these	DET
easat-9225	42	5	indicators	indicator	NOUN
easat-9225	42	6	is	be	AUX
easat-9225	42	7	crucial	crucial	ADJ
easat-9225	42	8	for	for	ADP
easat-9225	42	9	predicting	predict	VERB
easat-9225	42	10	stock	stock	NOUN
easat-9225	42	11	market	market	NOUN
easat-9225	42	12	performance	performance	NOUN
easat-9225	42	13	.	.	PUNCT
easat-9225	43	1	chen	chen	PROPN
easat-9225	43	2	,	,	PUNCT
easat-9225	43	3	et	et	PROPN
easat-9225	43	4	al	al	PROPN
easat-9225	43	5	.	.	PUNCT
easat-9225	44	1	[	[	X
easat-9225	44	2	5	5	NUM
easat-9225	44	3	]	]	PUNCT
easat-9225	44	4	emphasize	emphasize	VERB
easat-9225	44	5	that	that	SCONJ
easat-9225	44	6	stock	stock	NOUN
easat-9225	44	7	prices	price	NOUN
easat-9225	44	8	respond	respond	VERB
easat-9225	44	9	to	to	ADP
easat-9225	44	10	external	external	ADJ
easat-9225	44	11	factors	factor	NOUN
easat-9225	44	12	,	,	PUNCT
easat-9225	44	13	particularly	particularly	ADV
easat-9225	44	14	market	market	NOUN
easat-9225	44	15	conditions	condition	NOUN
easat-9225	44	16	.	.	PUNCT
easat-9225	45	1	furthermore	furthermore	ADV
easat-9225	45	2	,	,	PUNCT
easat-9225	45	3	relying	rely	VERB
easat-9225	45	4	on	on	ADP
easat-9225	45	5	capital	capital	NOUN
easat-9225	45	6	market	market	NOUN
easat-9225	45	7	theory	theory	NOUN
easat-9225	45	8	,	,	PUNCT
easat-9225	45	9	the	the	DET
easat-9225	45	10	authors	author	NOUN
easat-9225	45	11	argue	argue	VERB
easat-9225	45	12	that	that	SCONJ
easat-9225	45	13	overall	overall	ADJ
easat-9225	45	14	economic	economic	ADJ
easat-9225	45	15	conditions	condition	NOUN
easat-9225	45	16	can	can	AUX
easat-9225	45	17	influence	influence	VERB
easat-9225	45	18	stock	stock	NOUN
easat-9225	45	19	market	market	NOUN
easat-9225	45	20	prices	price	NOUN
easat-9225	45	21	.	.	PUNCT
easat-9225	46	1	based	base	VERB
easat-9225	46	2	on	on	ADP
easat-9225	46	3	their	their	PRON
easat-9225	46	4	findings	finding	NOUN
easat-9225	46	5	,	,	PUNCT
easat-9225	46	6	it	it	PRON
easat-9225	46	7	can	can	AUX
easat-9225	46	8	be	be	AUX
easat-9225	46	9	inferred	infer	VERB
easat-9225	46	10	that	that	SCONJ
easat-9225	46	11	any	any	DET
easat-9225	46	12	variable	variable	NOUN
easat-9225	46	13	affecting	affect	VERB
easat-9225	46	14	economic	economic	ADJ
easat-9225	46	15	price	price	NOUN
easat-9225	46	16	mechanisms	mechanism	NOUN
easat-9225	46	17	may	may	AUX
easat-9225	46	18	impact	impact	VERB
easat-9225	46	19	stock	stock	NOUN
easat-9225	46	20	market	market	NOUN
easat-9225	46	21	returns	return	NOUN
easat-9225	46	22	.	.	PUNCT
easat-9225	47	1	from	from	ADP
easat-9225	47	2	general	general	ADJ
easat-9225	47	3	knowledge	knowledge	NOUN
easat-9225	47	4	and	and	CCONJ
easat-9225	47	5	literature	literature	PROPN
easat-9225	47	6	review	review	PROPN
easat-9225	47	7	,	,	PUNCT
easat-9225	47	8	economic	economic	ADJ
easat-9225	47	9	growth	growth	NOUN
easat-9225	47	10	is	be	AUX
easat-9225	47	11	recognized	recognize	VERB
easat-9225	47	12	as	as	ADP
easat-9225	47	13	a	a	DET
easat-9225	47	14	highly	highly	ADV
easat-9225	47	15	significant	significant	ADJ
easat-9225	47	16	macroeconomic	macroeconomic	ADJ
easat-9225	47	17	factor	factor	NOUN
easat-9225	47	18	influencing	influence	VERB
easat-9225	47	19	stock	stock	NOUN
easat-9225	47	20	market	market	NOUN
easat-9225	47	21	performance	performance	NOUN
easat-9225	47	22	,	,	PUNCT
easat-9225	47	23	as	as	ADV
easat-9225	47	24	well	well	ADV
easat-9225	47	25	as	as	ADP
easat-9225	47	26	business	business	NOUN
easat-9225	47	27	profitability	profitability	NOUN
easat-9225	47	28	,	,	PUNCT
easat-9225	47	29	investor	investor	NOUN
easat-9225	47	30	confidence	confidence	NOUN
easat-9225	47	31	,	,	PUNCT
easat-9225	47	32	and	and	CCONJ
easat-9225	47	33	overall	overall	ADJ
easat-9225	47	34	societal	societal	ADJ
easat-9225	47	35	well	well	ADV
easat-9225	47	36	-	-	PUNCT
easat-9225	47	37	being	being	NOUN
easat-9225	47	38	.	.	PUNCT
easat-9225	48	1	the	the	DET
easat-9225	48	2	research	research	NOUN
easat-9225	48	3	findings	finding	NOUN
easat-9225	48	4	of	of	ADP
easat-9225	48	5	pan	pan	PROPN
easat-9225	48	6	and	and	CCONJ
easat-9225	48	7	mishra	mishra	PROPN
easat-9225	48	8	[	[	X
easat-9225	48	9	6	6	NUM
easat-9225	48	10	]	]	PUNCT
easat-9225	48	11	confirmed	confirm	VERB
easat-9225	48	12	that	that	SCONJ
easat-9225	48	13	,	,	PUNCT
easat-9225	48	14	in	in	ADP
easat-9225	48	15	the	the	DET
easat-9225	48	16	short	short	ADJ
easat-9225	48	17	term	term	NOUN
easat-9225	48	18	,	,	PUNCT
easat-9225	48	19	no	no	DET
easat-9225	48	20	significant	significant	ADJ
easat-9225	48	21	relationship	relationship	NOUN
easat-9225	48	22	exists	exist	VERB
easat-9225	48	23	between	between	ADP
easat-9225	48	24	economic	economic	ADJ
easat-9225	48	25	growth	growth	NOUN
easat-9225	48	26	and	and	CCONJ
easat-9225	48	27	the	the	DET
easat-9225	48	28	stock	stock	NOUN
easat-9225	48	29	market	market	NOUN
easat-9225	48	30	.	.	PUNCT
easat-9225	49	1	however	however	ADV
easat-9225	49	2	,	,	PUNCT
easat-9225	49	3	in	in	ADP
easat-9225	49	4	the	the	DET
easat-9225	49	5	long	long	ADJ
easat-9225	49	6	run	run	NOUN
easat-9225	49	7	,	,	PUNCT
easat-9225	49	8	their	their	PRON
easat-9225	49	9	results	result	NOUN
easat-9225	49	10	demonstrated	demonstrate	VERB
easat-9225	49	11	that	that	SCONJ
easat-9225	49	12	economic	economic	ADJ
easat-9225	49	13	growth	growth	NOUN
easat-9225	49	14	fosters	foster	VERB
easat-9225	49	15	stock	stock	NOUN
easat-9225	49	16	market	market	NOUN
easat-9225	49	17	development	development	NOUN
easat-9225	49	18	.	.	PUNCT
easat-9225	50	1	similarly	similarly	ADV
easat-9225	50	2	,	,	PUNCT
easat-9225	50	3	mehrara	mehrara	PROPN
easat-9225	50	4	,	,	PUNCT
easat-9225	50	5	et	et	PROPN
easat-9225	50	6	al	al	PROPN
easat-9225	50	7	.	.	PUNCT
easat-9225	51	1	[	[	X
easat-9225	51	2	7	7	X
easat-9225	51	3	]	]	PUNCT
easat-9225	51	4	found	find	VERB
easat-9225	51	5	a	a	DET
easat-9225	51	6	positive	positive	ADJ
easat-9225	51	7	relationship	relationship	NOUN
easat-9225	51	8	between	between	ADP
easat-9225	51	9	economic	economic	ADJ
easat-9225	51	10	growth	growth	NOUN
easat-9225	51	11	and	and	CCONJ
easat-9225	51	12	stock	stock	NOUN
easat-9225	51	13	market	market	NOUN
easat-9225	51	14	performance	performance	NOUN
easat-9225	51	15	.	.	PUNCT
easat-9225	52	1	on	on	ADP
easat-9225	52	2	the	the	DET
easat-9225	52	3	other	other	ADJ
easat-9225	52	4	hand	hand	NOUN
easat-9225	52	5	,	,	PUNCT
easat-9225	52	6	dabwor	dabwor	NOUN
easat-9225	52	7	,	,	PUNCT
easat-9225	52	8	et	et	PROPN
easat-9225	52	9	al	al	PROPN
easat-9225	52	10	.	.	PUNCT
easat-9225	53	1	[	[	X
easat-9225	53	2	8	8	X
easat-9225	53	3	]	]	PUNCT
easat-9225	53	4	who	who	PRON
easat-9225	53	5	analyzed	analyze	VERB
easat-9225	53	6	stock	stock	NOUN
easat-9225	53	7	market	market	NOUN
easat-9225	53	8	returns	return	NOUN
easat-9225	53	9	and	and	CCONJ
easat-9225	53	10	economic	economic	ADJ
easat-9225	53	11	growth	growth	NOUN
easat-9225	53	12	,	,	PUNCT
easat-9225	53	13	identified	identify	VERB
easat-9225	53	14	a	a	DET
easat-9225	53	15	positive	positive	ADJ
easat-9225	53	16	but	but	CCONJ
easat-9225	53	17	statistically	statistically	ADV
easat-9225	53	18	insignificant	insignificant	ADJ
easat-9225	53	19	relationship	relationship	NOUN
easat-9225	53	20	.	.	PUNCT
easat-9225	54	1	many	many	ADJ
easat-9225	54	2	scholars	scholar	NOUN
easat-9225	54	3	consider	consider	VERB
easat-9225	54	4	the	the	DET
easat-9225	54	5	inflation	inflation	NOUN
easat-9225	54	6	rate	rate	VERB
easat-9225	54	7	a	a	DET
easat-9225	54	8	key	key	ADJ
easat-9225	54	9	determinant	determinant	NOUN
easat-9225	54	10	of	of	ADP
easat-9225	54	11	financial	financial	ADJ
easat-9225	54	12	market	market	NOUN
easat-9225	54	13	fluctuations	fluctuation	NOUN
easat-9225	54	14	.	.	PUNCT
easat-9225	55	1	countries	country	NOUN
easat-9225	55	2	with	with	ADP
easat-9225	55	3	advanced	advanced	ADJ
easat-9225	55	4	financial	financial	ADJ
easat-9225	55	5	systems	system	NOUN
easat-9225	55	6	,	,	PUNCT
easat-9225	55	7	such	such	ADJ
easat-9225	55	8	as	as	ADP
easat-9225	55	9	switzerland	switzerland	PROPN
easat-9225	55	10	,	,	PUNCT
easat-9225	55	11	denmark	denmark	NOUN
easat-9225	55	12	,	,	PUNCT
easat-9225	55	13	and	and	CCONJ
easat-9225	55	14	sweden	sweden	PROPN
easat-9225	55	15	,	,	PUNCT
easat-9225	55	16	implement	implement	VERB
easat-9225	55	17	various	various	ADJ
easat-9225	55	18	monetary	monetary	ADJ
easat-9225	55	19	policy	policy	NOUN
easat-9225	55	20	instruments	instrument	NOUN
easat-9225	55	21	aimed	aim	VERB
easat-9225	55	22	at	at	ADP
easat-9225	55	23	price	price	NOUN
easat-9225	55	24	stability	stability	NOUN
easat-9225	55	25	.	.	PUNCT
easat-9225	56	1	however	however	ADV
easat-9225	56	2	,	,	PUNCT
easat-9225	56	3	given	give	VERB
easat-9225	56	4	that	that	SCONJ
easat-9225	56	5	these	these	DET
easat-9225	56	6	three	three	NUM
easat-9225	56	7	countries	country	NOUN
easat-9225	56	8	have	have	AUX
easat-9225	56	9	open	open	ADJ
easat-9225	56	10	and	and	CCONJ
easat-9225	56	11	internationally	internationally	ADV
easat-9225	56	12	integrated	integrate	VERB
easat-9225	56	13	economies	economy	NOUN
easat-9225	56	14	,	,	PUNCT
easat-9225	56	15	they	they	PRON
easat-9225	56	16	are	be	AUX
easat-9225	56	17	not	not	PART
easat-9225	56	18	immune	immune	ADJ
easat-9225	56	19	to	to	ADP
easat-9225	56	20	global	global	ADJ
easat-9225	56	21	financial	financial	ADJ
easat-9225	56	22	crises	crisis	NOUN
easat-9225	56	23	.	.	PUNCT
easat-9225	57	1	from	from	ADP
easat-9225	57	2	general	general	ADJ
easat-9225	57	3	economic	economic	ADJ
easat-9225	57	4	knowledge	knowledge	NOUN
easat-9225	57	5	,	,	PUNCT
easat-9225	57	6	it	it	PRON
easat-9225	57	7	is	be	AUX
easat-9225	57	8	understood	understand	VERB
easat-9225	57	9	that	that	SCONJ
easat-9225	57	10	an	an	DET
easat-9225	57	11	increase	increase	NOUN
easat-9225	57	12	in	in	ADP
easat-9225	57	13	inflation	inflation	NOUN
easat-9225	57	14	leads	lead	VERB
easat-9225	57	15	to	to	ADP
easat-9225	57	16	currency	currency	NOUN
easat-9225	57	17	depreciation	depreciation	NOUN
easat-9225	57	18	.	.	PUNCT
easat-9225	58	1	bahloul	bahloul	PROPN
easat-9225	58	2	,	,	PUNCT
easat-9225	58	3	et	et	PROPN
easat-9225	58	4	al	al	PROPN
easat-9225	58	5	.	.	PUNCT
easat-9225	59	1	[	[	X
easat-9225	59	2	9	9	NUM
easat-9225	59	3	]	]	PUNCT
easat-9225	59	4	highlight	highlight	VERB
easat-9225	59	5	that	that	SCONJ
easat-9225	59	6	the	the	DET
easat-9225	59	7	underlying	underlie	VERB
easat-9225	59	8	cause	cause	NOUN
easat-9225	59	9	of	of	ADP
easat-9225	59	10	inflation	inflation	NOUN
easat-9225	59	11	is	be	AUX
easat-9225	59	12	crucial	crucial	ADJ
easat-9225	59	13	—	—	PUNCT
easat-9225	59	14	if	if	SCONJ
easat-9225	59	15	inflation	inflation	NOUN
easat-9225	59	16	is	be	AUX
easat-9225	59	17	driven	drive	VERB
easat-9225	59	18	by	by	ADP
easat-9225	59	19	a	a	DET
easat-9225	59	20	monetary	monetary	ADJ
easat-9225	59	21	shock	shock	NOUN
easat-9225	59	22	,	,	PUNCT
easat-9225	59	23	it	it	PRON
easat-9225	59	24	could	could	AUX
easat-9225	59	25	result	result	VERB
easat-9225	59	26	in	in	ADP
easat-9225	59	27	lower	low	ADJ
easat-9225	59	28	interest	interest	NOUN
easat-9225	59	29	rates	rate	NOUN
easat-9225	59	30	,	,	PUNCT
easat-9225	59	31	prompting	prompt	VERB
easat-9225	59	32	investors	investor	NOUN
easat-9225	59	33	to	to	PART
easat-9225	59	34	shift	shift	VERB
easat-9225	59	35	their	their	PRON
easat-9225	59	36	assets	asset	NOUN
easat-9225	59	37	from	from	ADP
easat-9225	59	38	cash	cash	NOUN
easat-9225	59	39	to	to	ADP
easat-9225	59	40	stocks	stock	NOUN
easat-9225	59	41	and	and	CCONJ
easat-9225	59	42	bonds	bond	NOUN
easat-9225	59	43	to	to	PART
easat-9225	59	44	maximize	maximize	VERB
easat-9225	59	45	returns	return	NOUN
easat-9225	59	46	.	.	PUNCT
easat-9225	60	1	meanwhile	meanwhile	ADV
easat-9225	60	2	,	,	PUNCT
easat-9225	60	3	fama	fama	NOUN
easat-9225	60	4	and	and	CCONJ
easat-9225	60	5	gibbons	gibbon	NOUN
easat-9225	61	1	[	[	X
easat-9225	61	2	10	10	NUM
easat-9225	61	3	]	]	PUNCT
easat-9225	61	4	through	through	ADP
easat-9225	61	5	the	the	DET
easat-9225	61	6	mundell	mundell	ADJ
easat-9225	61	7	-	-	PUNCT
easat-9225	61	8	tobin	tobin	NOUN
easat-9225	61	9	model	model	NOUN
easat-9225	61	10	,	,	PUNCT
easat-9225	61	11	confirm	confirm	VERB
easat-9225	61	12	that	that	DET
easat-9225	61	13	high	high	ADJ
easat-9225	61	14	interest	interest	NOUN
easat-9225	61	15	rates	rate	NOUN
easat-9225	61	16	and	and	CCONJ
easat-9225	61	17	expected	expect	VERB
easat-9225	61	18	inflation	inflation	NOUN
easat-9225	61	19	rates	rate	NOUN
easat-9225	61	20	encourage	encourage	VERB
easat-9225	61	21	asset	asset	NOUN
easat-9225	61	22	reallocation	reallocation	NOUN
easat-9225	61	23	from	from	ADP
easat-9225	61	24	cash	cash	NOUN
easat-9225	61	25	to	to	ADP
easat-9225	61	26	bonds	bond	NOUN
easat-9225	61	27	,	,	PUNCT
easat-9225	61	28	ultimately	ultimately	ADV
easat-9225	61	29	reducing	reduce	VERB
easat-9225	61	30	expected	expect	VERB
easat-9225	61	31	real	real	ADJ
easat-9225	61	32	stock	stock	NOUN
easat-9225	61	33	market	market	NOUN
easat-9225	61	34	returns	return	NOUN
easat-9225	61	35	.	.	PUNCT
easat-9225	62	1	numerous	numerous	ADJ
easat-9225	62	2	authors	author	NOUN
easat-9225	62	3	have	have	AUX
easat-9225	62	4	investigated	investigate	VERB
easat-9225	62	5	the	the	DET
easat-9225	62	6	relationship	relationship	NOUN
easat-9225	62	7	between	between	ADP
easat-9225	62	8	inflation	inflation	NOUN
easat-9225	62	9	and	and	CCONJ
easat-9225	62	10	stock	stock	NOUN
easat-9225	62	11	market	market	NOUN
easat-9225	62	12	returns	return	NOUN
easat-9225	62	13	.	.	PUNCT
easat-9225	63	1	humpe	humpe	PROPN
easat-9225	63	2	and	and	CCONJ
easat-9225	63	3	macmillan	macmillan	PROPN
easat-9225	64	1	[	[	X
easat-9225	64	2	11	11	NUM
easat-9225	64	3	]	]	PUNCT
easat-9225	64	4	established	establish	VERB
easat-9225	64	5	a	a	DET
easat-9225	64	6	negative	negative	ADJ
easat-9225	64	7	long	long	ADJ
easat-9225	64	8	-	-	PUNCT
easat-9225	64	9	term	term	NOUN
easat-9225	64	10	correlation	correlation	NOUN
easat-9225	64	11	between	between	ADP
easat-9225	64	12	inflation	inflation	NOUN
easat-9225	64	13	and	and	CCONJ
easat-9225	64	14	stock	stock	NOUN
easat-9225	64	15	market	market	NOUN
easat-9225	64	16	prices	price	NOUN
easat-9225	64	17	,	,	PUNCT
easat-9225	64	18	aligning	align	VERB
easat-9225	64	19	with	with	ADP
easat-9225	64	20	the	the	DET
easat-9225	64	21	findings	finding	NOUN
easat-9225	64	22	of	of	ADP
easat-9225	64	23	other	other	ADJ
easat-9225	64	24	scholars	scholar	NOUN
easat-9225	64	25	.	.	PUNCT
easat-9225	65	1	their	their	PRON
easat-9225	65	2	results	result	NOUN
easat-9225	65	3	indicate	indicate	VERB
easat-9225	65	4	that	that	SCONJ
easat-9225	65	5	high	high	ADJ
easat-9225	65	6	inflation	inflation	NOUN
easat-9225	65	7	rates	rate	NOUN
easat-9225	65	8	lead	lead	VERB
easat-9225	65	9	to	to	ADP
easat-9225	65	10	market	market	NOUN
easat-9225	65	11	instability	instability	NOUN
easat-9225	65	12	and	and	CCONJ
easat-9225	65	13	create	create	VERB
easat-9225	65	14	uncertainty	uncertainty	NOUN
easat-9225	65	15	among	among	ADP
easat-9225	65	16	investors	investor	NOUN
easat-9225	65	17	regarding	regard	VERB
easat-9225	65	18	long	long	ADJ
easat-9225	65	19	-	-	PUNCT
easat-9225	65	20	term	term	NOUN
easat-9225	65	21	115	115	NUM
easat-9225	65	22	edelweiss	edelweiss	PROPN
easat-9225	65	23	applied	apply	VERB
easat-9225	65	24	science	science	NOUN
easat-9225	65	25	and	and	CCONJ
easat-9225	65	26	technology	technology	NOUN
easat-9225	65	27	issn	issn	PROPN
easat-9225	65	28	:	:	PUNCT
easat-9225	65	29	2576	2576	NUM
easat-9225	65	30	-	-	SYM
easat-9225	65	31	8484	8484	NUM
easat-9225	65	32	vol	vol	NOUN
easat-9225	65	33	.	.	PROPN
easat-9225	66	1	9	9	NUM
easat-9225	66	2	,	,	PUNCT
easat-9225	66	3	no	no	INTJ
easat-9225	66	4	.	.	NOUN
easat-9225	66	5	8	8	NUM
easat-9225	66	6	:	:	SYM
easat-9225	66	7	113	113	NUM
easat-9225	66	8	-	-	SYM
easat-9225	66	9	137	137	NUM
easat-9225	66	10	,	,	PUNCT
easat-9225	66	11	2025	2025	NUM
easat-9225	66	12	doi	doi	NOUN
easat-9225	66	13	:	:	PUNCT
easat-9225	66	14	10.55214/2576	10.55214/2576	NUM
easat-9225	66	15	-	-	SYM
easat-9225	66	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	67	1	©	©	PROPN
easat-9225	67	2	2025	2025	NUM
easat-9225	67	3	by	by	ADP
easat-9225	67	4	the	the	DET
easat-9225	67	5	authors	author	NOUN
easat-9225	67	6	;	;	PUNCT
easat-9225	67	7	licensee	licensee	PROPN
easat-9225	67	8	learning	learn	VERB
easat-9225	67	9	gate	gate	NOUN
easat-9225	67	10	investments	investment	NOUN
easat-9225	67	11	.	.	PUNCT
easat-9225	68	1	however	however	ADV
easat-9225	68	2	,	,	PUNCT
easat-9225	68	3	according	accord	VERB
easat-9225	68	4	to	to	ADP
easat-9225	68	5	economic	economic	ADJ
easat-9225	68	6	theory	theory	NOUN
easat-9225	68	7	,	,	PUNCT
easat-9225	68	8	a	a	DET
easat-9225	68	9	moderate	moderate	ADJ
easat-9225	68	10	inflation	inflation	NOUN
easat-9225	68	11	rate	rate	NOUN
easat-9225	68	12	can	can	AUX
easat-9225	68	13	stimulate	stimulate	VERB
easat-9225	68	14	economic	economic	ADJ
easat-9225	68	15	growth	growth	NOUN
easat-9225	68	16	and	and	CCONJ
easat-9225	68	17	potentially	potentially	ADV
easat-9225	68	18	lead	lead	VERB
easat-9225	68	19	to	to	ADP
easat-9225	68	20	higher	high	ADJ
easat-9225	68	21	returns	return	NOUN
easat-9225	68	22	in	in	ADP
easat-9225	68	23	stock	stock	NOUN
easat-9225	68	24	markets	market	NOUN
easat-9225	68	25	.	.	PUNCT
easat-9225	69	1	on	on	ADP
easat-9225	69	2	the	the	DET
easat-9225	69	3	other	other	ADJ
easat-9225	69	4	hand	hand	NOUN
easat-9225	69	5	,	,	PUNCT
easat-9225	69	6	bernanke	bernanke	PROPN
easat-9225	69	7	and	and	CCONJ
easat-9225	69	8	kuttner	kuttner	NOUN
easat-9225	70	1	[	[	X
easat-9225	70	2	12	12	NUM
easat-9225	70	3	]	]	PUNCT
easat-9225	70	4	demonstrate	demonstrate	VERB
easat-9225	70	5	that	that	SCONJ
easat-9225	70	6	a	a	DET
easat-9225	70	7	tight	tight	ADJ
easat-9225	70	8	monetary	monetary	ADJ
easat-9225	70	9	policy	policy	NOUN
easat-9225	70	10	through	through	ADP
easat-9225	70	11	high	high	ADJ
easat-9225	70	12	interest	interest	NOUN
easat-9225	70	13	rates	rate	NOUN
easat-9225	70	14	lowers	lower	VERB
easat-9225	70	15	stock	stock	NOUN
easat-9225	70	16	prices	price	NOUN
easat-9225	70	17	,	,	PUNCT
easat-9225	70	18	as	as	SCONJ
easat-9225	70	19	it	it	PRON
easat-9225	70	20	reduces	reduce	VERB
easat-9225	70	21	investors	investor	NOUN
easat-9225	70	22	'	'	PART
easat-9225	70	23	willingness	willingness	NOUN
easat-9225	70	24	to	to	PART
easat-9225	70	25	take	take	VERB
easat-9225	70	26	on	on	ADP
easat-9225	70	27	risk	risk	NOUN
easat-9225	70	28	.	.	PUNCT
easat-9225	71	1	consistent	consistent	ADJ
easat-9225	71	2	with	with	ADP
easat-9225	71	3	the	the	DET
easat-9225	71	4	findings	finding	NOUN
easat-9225	71	5	of	of	ADP
easat-9225	71	6	the	the	DET
easat-9225	71	7	aforementioned	aforementioned	ADJ
easat-9225	71	8	study	study	NOUN
easat-9225	71	9	,	,	PUNCT
easat-9225	71	10	jabeen	jabeen	PROPN
easat-9225	71	11	,	,	PUNCT
easat-9225	71	12	et	et	PROPN
easat-9225	71	13	al	al	PROPN
easat-9225	71	14	.	.	PUNCT
easat-9225	72	1	[	[	X
easat-9225	72	2	13	13	NUM
easat-9225	72	3	]	]	PUNCT
easat-9225	72	4	also	also	ADV
easat-9225	72	5	confirmed	confirm	VERB
easat-9225	72	6	a	a	DET
easat-9225	72	7	significant	significant	ADJ
easat-9225	72	8	negative	negative	ADJ
easat-9225	72	9	relationship	relationship	NOUN
easat-9225	72	10	between	between	ADP
easat-9225	72	11	interest	interest	NOUN
easat-9225	72	12	rates	rate	NOUN
easat-9225	72	13	and	and	CCONJ
easat-9225	72	14	stock	stock	NOUN
easat-9225	72	15	market	market	NOUN
easat-9225	72	16	returns	return	NOUN
easat-9225	72	17	.	.	PUNCT
easat-9225	73	1	similarly	similarly	ADV
easat-9225	73	2	,	,	PUNCT
easat-9225	73	3	bahloul	bahloul	PROPN
easat-9225	73	4	,	,	PUNCT
easat-9225	73	5	et	et	PROPN
easat-9225	73	6	al	al	PROPN
easat-9225	73	7	.	.	PUNCT
easat-9225	74	1	[	[	X
easat-9225	74	2	9	9	NUM
easat-9225	74	3	]	]	PUNCT
easat-9225	74	4	in	in	ADP
easat-9225	74	5	their	their	PRON
easat-9225	74	6	study	study	NOUN
easat-9225	74	7	on	on	ADP
easat-9225	74	8	islamic	islamic	ADJ
easat-9225	74	9	countries	country	NOUN
easat-9225	74	10	,	,	PUNCT
easat-9225	74	11	found	find	VERB
easat-9225	74	12	that	that	SCONJ
easat-9225	74	13	short	short	ADJ
easat-9225	74	14	-	-	PUNCT
easat-9225	74	15	term	term	NOUN
easat-9225	74	16	interest	interest	NOUN
easat-9225	74	17	rates	rate	NOUN
easat-9225	74	18	negatively	negatively	ADV
easat-9225	74	19	affect	affect	VERB
easat-9225	74	20	stock	stock	NOUN
easat-9225	74	21	market	market	NOUN
easat-9225	74	22	returns	return	NOUN
easat-9225	74	23	.	.	PUNCT
easat-9225	75	1	according	accord	VERB
easat-9225	75	2	to	to	ADP
easat-9225	75	3	their	their	PRON
easat-9225	75	4	research	research	NOUN
easat-9225	75	5	,	,	PUNCT
easat-9225	75	6	high	high	ADJ
easat-9225	75	7	interest	interest	NOUN
easat-9225	75	8	rates	rate	NOUN
easat-9225	75	9	decrease	decrease	VERB
easat-9225	75	10	the	the	DET
easat-9225	75	11	present	present	ADJ
easat-9225	75	12	value	value	NOUN
easat-9225	75	13	of	of	ADP
easat-9225	75	14	cash	cash	NOUN
easat-9225	75	15	flows	flow	NOUN
easat-9225	75	16	due	due	ADJ
easat-9225	75	17	to	to	ADP
easat-9225	75	18	discounting	discount	VERB
easat-9225	75	19	,	,	PUNCT
easat-9225	75	20	which	which	PRON
easat-9225	75	21	in	in	ADP
easat-9225	75	22	turn	turn	NOUN
easat-9225	75	23	reduces	reduce	VERB
easat-9225	75	24	investment	investment	NOUN
easat-9225	75	25	incentives	incentive	NOUN
easat-9225	75	26	and	and	CCONJ
easat-9225	75	27	negatively	negatively	ADV
easat-9225	75	28	impacts	impact	VERB
easat-9225	75	29	stock	stock	NOUN
easat-9225	75	30	market	market	NOUN
easat-9225	75	31	returns	return	NOUN
easat-9225	75	32	.	.	PUNCT
easat-9225	76	1	although	although	SCONJ
easat-9225	76	2	there	there	PRON
easat-9225	76	3	is	be	VERB
easat-9225	76	4	limited	limited	ADJ
easat-9225	76	5	research	research	NOUN
easat-9225	76	6	on	on	ADP
easat-9225	76	7	the	the	DET
easat-9225	76	8	effect	effect	NOUN
easat-9225	76	9	of	of	ADP
easat-9225	76	10	population	population	NOUN
easat-9225	76	11	growth	growth	NOUN
easat-9225	76	12	on	on	ADP
easat-9225	76	13	stock	stock	NOUN
easat-9225	76	14	market	market	NOUN
easat-9225	76	15	returns	return	NOUN
easat-9225	76	16	,	,	PUNCT
easat-9225	76	17	the	the	DET
easat-9225	76	18	inclusion	inclusion	NOUN
easat-9225	76	19	of	of	ADP
easat-9225	76	20	this	this	DET
easat-9225	76	21	variable	variable	NOUN
easat-9225	76	22	in	in	ADP
easat-9225	76	23	the	the	DET
easat-9225	76	24	model	model	NOUN
easat-9225	76	25	is	be	AUX
easat-9225	76	26	motivated	motivate	VERB
easat-9225	76	27	by	by	ADP
easat-9225	76	28	the	the	DET
easat-9225	76	29	fact	fact	NOUN
easat-9225	76	30	that	that	SCONJ
easat-9225	76	31	switzerland	switzerland	PROPN
easat-9225	76	32	,	,	PUNCT
easat-9225	76	33	denmark	denmark	PROPN
easat-9225	76	34	,	,	PUNCT
easat-9225	76	35	and	and	CCONJ
easat-9225	76	36	sweden	sweden	PROPN
easat-9225	76	37	are	be	AUX
easat-9225	76	38	highly	highly	ADV
easat-9225	76	39	developed	develop	VERB
easat-9225	76	40	economies	economy	NOUN
easat-9225	76	41	that	that	PRON
easat-9225	76	42	have	have	AUX
easat-9225	76	43	experienced	experience	VERB
easat-9225	76	44	increasing	increase	VERB
easat-9225	76	45	migration	migration	NOUN
easat-9225	76	46	inflows	inflow	NOUN
easat-9225	76	47	.	.	PUNCT
easat-9225	77	1	population	population	NOUN
easat-9225	77	2	growth	growth	NOUN
easat-9225	77	3	indirectly	indirectly	ADV
easat-9225	77	4	influences	influence	VERB
easat-9225	77	5	financial	financial	ADJ
easat-9225	77	6	market	market	NOUN
easat-9225	77	7	performance	performance	NOUN
easat-9225	77	8	,	,	PUNCT
easat-9225	77	9	as	as	SCONJ
easat-9225	77	10	an	an	DET
easat-9225	77	11	increase	increase	NOUN
easat-9225	77	12	in	in	ADP
easat-9225	77	13	population	population	NOUN
easat-9225	77	14	can	can	AUX
easat-9225	77	15	lead	lead	VERB
easat-9225	77	16	to	to	ADP
easat-9225	77	17	higher	high	ADJ
easat-9225	77	18	consumer	consumer	NOUN
easat-9225	77	19	demand	demand	NOUN
easat-9225	77	20	and	and	CCONJ
easat-9225	77	21	an	an	DET
easat-9225	77	22	expanded	expand	VERB
easat-9225	77	23	labor	labor	NOUN
easat-9225	77	24	force	force	NOUN
easat-9225	77	25	.	.	PUNCT
easat-9225	78	1	this	this	PRON
easat-9225	78	2	,	,	PUNCT
easat-9225	78	3	in	in	ADP
easat-9225	78	4	turn	turn	NOUN
easat-9225	78	5	,	,	PUNCT
easat-9225	78	6	can	can	AUX
easat-9225	78	7	impact	impact	VERB
easat-9225	78	8	pension	pension	NOUN
easat-9225	78	9	funds	fund	NOUN
easat-9225	78	10	and	and	CCONJ
easat-9225	78	11	contribute	contribute	VERB
easat-9225	78	12	to	to	ADP
easat-9225	78	13	corporate	corporate	ADJ
easat-9225	78	14	performance	performance	NOUN
easat-9225	78	15	,	,	PUNCT
easat-9225	78	16	as	as	SCONJ
easat-9225	78	17	corporations	corporation	NOUN
easat-9225	78	18	may	may	AUX
easat-9225	78	19	reinvest	reinvest	VERB
easat-9225	78	20	their	their	PRON
easat-9225	78	21	profits	profit	NOUN
easat-9225	78	22	into	into	ADP
easat-9225	78	23	financial	financial	ADJ
easat-9225	78	24	markets	market	NOUN
easat-9225	78	25	.	.	PUNCT
easat-9225	79	1	poterba	poterba	NOUN
easat-9225	80	1	[	[	X
easat-9225	80	2	3	3	X
easat-9225	80	3	]	]	PUNCT
easat-9225	80	4	highlights	highlight	NOUN
easat-9225	80	5	that	that	SCONJ
easat-9225	80	6	demographic	demographic	ADJ
easat-9225	80	7	demand	demand	NOUN
easat-9225	80	8	driven	drive	VERB
easat-9225	80	9	by	by	ADP
easat-9225	80	10	savings	saving	NOUN
easat-9225	80	11	influences	influence	NOUN
easat-9225	80	12	stock	stock	NOUN
easat-9225	80	13	price	price	NOUN
easat-9225	80	14	appreciation	appreciation	NOUN
easat-9225	80	15	.	.	PUNCT
easat-9225	81	1	on	on	ADP
easat-9225	81	2	the	the	DET
easat-9225	81	3	other	other	ADJ
easat-9225	81	4	hand	hand	NOUN
easat-9225	81	5	,	,	PUNCT
easat-9225	81	6	dellavigna	dellavigna	NOUN
easat-9225	81	7	and	and	CCONJ
easat-9225	81	8	pollet	pollet	NOUN
easat-9225	82	1	[	[	X
easat-9225	82	2	14	14	NUM
easat-9225	82	3	]	]	PUNCT
easat-9225	82	4	analyzed	analyze	VERB
easat-9225	82	5	the	the	DET
easat-9225	82	6	impact	impact	NOUN
easat-9225	82	7	of	of	ADP
easat-9225	82	8	demographic	demographic	ADJ
easat-9225	82	9	changes	change	NOUN
easat-9225	82	10	across	across	ADP
easat-9225	82	11	industries	industry	NOUN
easat-9225	82	12	,	,	PUNCT
easat-9225	82	13	arguing	argue	VERB
easat-9225	82	14	that	that	SCONJ
easat-9225	82	15	such	such	ADJ
easat-9225	82	16	shifts	shift	NOUN
easat-9225	82	17	affect	affect	VERB
easat-9225	82	18	profits	profit	NOUN
easat-9225	82	19	and	and	CCONJ
easat-9225	82	20	returns	return	NOUN
easat-9225	82	21	across	across	ADP
easat-9225	82	22	various	various	ADJ
easat-9225	82	23	sectors	sector	NOUN
easat-9225	82	24	.	.	PUNCT
easat-9225	83	1	their	their	PRON
easat-9225	83	2	findings	finding	NOUN
easat-9225	83	3	demonstrated	demonstrate	VERB
easat-9225	83	4	that	that	SCONJ
easat-9225	83	5	forecasted	forecast	VERB
easat-9225	83	6	demographic	demographic	ADJ
easat-9225	83	7	demand	demand	NOUN
easat-9225	83	8	five	five	NUM
easat-9225	83	9	to	to	PART
easat-9225	83	10	ten	ten	NUM
easat-9225	83	11	years	year	NOUN
easat-9225	83	12	into	into	ADP
easat-9225	83	13	the	the	DET
easat-9225	83	14	future	future	NOUN
easat-9225	83	15	can	can	AUX
easat-9225	83	16	predict	predict	VERB
easat-9225	83	17	annual	annual	ADJ
easat-9225	83	18	stock	stock	NOUN
easat-9225	83	19	returns	return	NOUN
easat-9225	83	20	within	within	ADP
easat-9225	83	21	specific	specific	ADJ
easat-9225	83	22	industries	industry	NOUN
easat-9225	83	23	.	.	PUNCT
easat-9225	84	1	3	3	X
easat-9225	84	2	.	.	X
easat-9225	84	3	methodology	methodology	NOUN
easat-9225	84	4	the	the	DET
easat-9225	84	5	objective	objective	NOUN
easat-9225	84	6	of	of	ADP
easat-9225	84	7	this	this	DET
easat-9225	84	8	research	research	NOUN
easat-9225	84	9	is	be	AUX
easat-9225	84	10	to	to	PART
easat-9225	84	11	examine	examine	VERB
easat-9225	84	12	the	the	DET
easat-9225	84	13	short	short	ADJ
easat-9225	84	14	-	-	PUNCT
easat-9225	84	15	term	term	NOUN
easat-9225	84	16	and	and	CCONJ
easat-9225	84	17	long	long	ADJ
easat-9225	84	18	-	-	PUNCT
easat-9225	84	19	term	term	NOUN
easat-9225	84	20	relationship	relationship	NOUN
easat-9225	84	21	between	between	ADP
easat-9225	84	22	macroeconomic	macroeconomic	ADJ
easat-9225	84	23	indicators	indicator	NOUN
easat-9225	84	24	and	and	CCONJ
easat-9225	84	25	stock	stock	NOUN
easat-9225	84	26	market	market	NOUN
easat-9225	84	27	returns	return	NOUN
easat-9225	84	28	,	,	PUNCT
easat-9225	84	29	focusing	focus	VERB
easat-9225	84	30	on	on	ADP
easat-9225	84	31	switzerland	switzerland	PROPN
easat-9225	84	32	,	,	PUNCT
easat-9225	84	33	sweden	sweden	PROPN
easat-9225	84	34	,	,	PUNCT
easat-9225	84	35	and	and	CCONJ
easat-9225	84	36	denmark	denmark	NOUN
easat-9225	84	37	.	.	PUNCT
easat-9225	85	1	the	the	DET
easat-9225	85	2	study	study	NOUN
easat-9225	85	3	is	be	AUX
easat-9225	85	4	based	base	VERB
easat-9225	85	5	on	on	ADP
easat-9225	85	6	secondary	secondary	ADJ
easat-9225	85	7	data	datum	NOUN
easat-9225	85	8	covering	cover	VERB
easat-9225	85	9	the	the	DET
easat-9225	85	10	period	period	NOUN
easat-9225	85	11	from	from	ADP
easat-9225	85	12	1927	1927	NUM
easat-9225	85	13	to	to	ADP
easat-9225	85	14	2021	2021	NUM
easat-9225	85	15	.	.	PUNCT
easat-9225	86	1	through	through	ADP
easat-9225	86	2	empirical	empirical	ADJ
easat-9225	86	3	models	model	NOUN
easat-9225	86	4	,	,	PUNCT
easat-9225	86	5	we	we	PRON
easat-9225	86	6	aim	aim	VERB
easat-9225	86	7	to	to	PART
easat-9225	86	8	explore	explore	VERB
easat-9225	86	9	the	the	DET
easat-9225	86	10	interconnection	interconnection	NOUN
easat-9225	86	11	between	between	ADP
easat-9225	86	12	nominal	nominal	ADJ
easat-9225	86	13	stock	stock	NOUN
easat-9225	86	14	market	market	NOUN
easat-9225	86	15	returns	return	NOUN
easat-9225	86	16	(	(	PUNCT
easat-9225	86	17	n_returns	n_return	NOUN
easat-9225	86	18	)	)	PUNCT
easat-9225	86	19	,	,	PUNCT
easat-9225	86	20	gdp	gdp	NOUN
easat-9225	86	21	per	per	ADP
easat-9225	86	22	capita	capita	X
easat-9225	86	23	(	(	PUNCT
easat-9225	86	24	gdpcap	gdpcap	NOUN
easat-9225	86	25	)	)	PUNCT
easat-9225	86	26	,	,	PUNCT
easat-9225	86	27	inflation	inflation	NOUN
easat-9225	86	28	(	(	PUNCT
easat-9225	86	29	cpi	cpi	PROPN
easat-9225	86	30	)	)	PUNCT
easat-9225	86	31	,	,	PUNCT
easat-9225	86	32	short	short	ADJ
easat-9225	86	33	-	-	PUNCT
easat-9225	86	34	term	term	NOUN
easat-9225	86	35	interest	interest	NOUN
easat-9225	86	36	rates	rate	NOUN
easat-9225	86	37	(	(	PUNCT
easat-9225	86	38	ir_sh	ir_sh	NOUN
easat-9225	86	39	)	)	PUNCT
easat-9225	86	40	,	,	PUNCT
easat-9225	86	41	and	and	CCONJ
easat-9225	86	42	population	population	NOUN
easat-9225	86	43	growth	growth	NOUN
easat-9225	86	44	(	(	PUNCT
easat-9225	86	45	popgr	popgr	PROPN
easat-9225	86	46	)	)	PUNCT
easat-9225	86	47	.	.	PUNCT
easat-9225	87	1	furthermore	furthermore	ADV
easat-9225	87	2	,	,	PUNCT
easat-9225	87	3	part	part	NOUN
easat-9225	87	4	of	of	ADP
easat-9225	87	5	the	the	DET
easat-9225	87	6	data	datum	NOUN
easat-9225	87	7	was	be	AUX
easat-9225	87	8	sourced	source	VERB
easat-9225	87	9	from	from	ADP
easat-9225	87	10	the	the	DET
easat-9225	87	11	database	database	NOUN
easat-9225	87	12	used	use	VERB
easat-9225	87	13	in	in	ADP
easat-9225	87	14	the	the	DET
easat-9225	87	15	working	work	VERB
easat-9225	87	16	paper	paper	NOUN
easat-9225	87	17	published	publish	VERB
easat-9225	87	18	by	by	ADP
easat-9225	87	19	the	the	DET
easat-9225	87	20	swiss	swiss	PROPN
easat-9225	87	21	national	national	PROPN
easat-9225	87	22	bank	bank	PROPN
easat-9225	87	23	(	(	PUNCT
easat-9225	87	24	snb	snb	PROPN
easat-9225	87	25	)	)	PUNCT
easat-9225	87	26	by	by	ADP
easat-9225	87	27	fuhrer	fuhrer	NOUN
easat-9225	87	28	and	and	CCONJ
easat-9225	87	29	herger	herger	NOUN
easat-9225	87	30	[	[	X
easat-9225	87	31	15	15	NUM
easat-9225	87	32	]	]	PUNCT
easat-9225	87	33	.	.	PUNCT
easat-9225	88	1	this	this	DET
easat-9225	88	2	paper	paper	NOUN
easat-9225	88	3	compiled	compile	VERB
easat-9225	88	4	data	datum	NOUN
easat-9225	88	5	on	on	ADP
easat-9225	88	6	population	population	NOUN
easat-9225	88	7	growth	growth	NOUN
easat-9225	88	8	(	(	PUNCT
easat-9225	88	9	popgr	popgr	PROPN
easat-9225	88	10	)	)	PUNCT
easat-9225	88	11	,	,	PUNCT
easat-9225	88	12	gdp	gdp	NOUN
easat-9225	88	13	per	per	ADP
easat-9225	88	14	capita	capita	NOUN
easat-9225	88	15	,	,	PUNCT
easat-9225	88	16	the	the	DET
easat-9225	88	17	consumer	consumer	NOUN
easat-9225	88	18	price	price	NOUN
easat-9225	88	19	index	index	NOUN
easat-9225	88	20	(	(	PUNCT
easat-9225	88	21	cpi	cpi	PROPN
easat-9225	88	22	)	)	PUNCT
easat-9225	88	23	,	,	PUNCT
easat-9225	88	24	and	and	CCONJ
easat-9225	88	25	short	short	ADJ
easat-9225	88	26	-	-	PUNCT
easat-9225	88	27	term	term	NOUN
easat-9225	88	28	interest	interest	NOUN
easat-9225	88	29	rates	rate	NOUN
easat-9225	88	30	for	for	ADP
easat-9225	88	31	the	the	DET
easat-9225	88	32	period	period	NOUN
easat-9225	88	33	1927	1927	NUM
easat-9225	88	34	-	-	SYM
easat-9225	88	35	1970	1970	NUM
easat-9225	88	36	for	for	ADP
easat-9225	88	37	switzerland	switzerland	PROPN
easat-9225	88	38	,	,	PUNCT
easat-9225	88	39	sweden	sweden	PROPN
easat-9225	88	40	,	,	PUNCT
easat-9225	88	41	and	and	CCONJ
easat-9225	88	42	denmark	denmark	NOUN
easat-9225	88	43	.	.	PUNCT
easat-9225	89	1	additionally	additionally	ADV
easat-9225	89	2	,	,	PUNCT
easat-9225	89	3	the	the	DET
easat-9225	89	4	same	same	ADJ
easat-9225	89	5	macroeconomic	macroeconomic	ADJ
easat-9225	89	6	variables	variable	NOUN
easat-9225	89	7	for	for	ADP
easat-9225	89	8	the	the	DET
easat-9225	89	9	years	year	NOUN
easat-9225	89	10	1970	1970	NUM
easat-9225	89	11	-	-	SYM
easat-9225	89	12	2021	2021	NUM
easat-9225	89	13	were	be	AUX
easat-9225	89	14	retrieved	retrieve	VERB
easat-9225	89	15	from	from	ADP
easat-9225	89	16	world	world	PROPN
easat-9225	89	17	bank	bank	PROPN
easat-9225	89	18	and	and	CCONJ
easat-9225	89	19	oecd	oecd	PROPN
easat-9225	89	20	statistics	statistic	NOUN
easat-9225	89	21	.	.	PUNCT
easat-9225	90	1	the	the	DET
easat-9225	90	2	frequency	frequency	NOUN
easat-9225	90	3	of	of	ADP
easat-9225	90	4	the	the	DET
easat-9225	90	5	data	datum	NOUN
easat-9225	90	6	for	for	ADP
easat-9225	90	7	empirical	empirical	ADJ
easat-9225	90	8	analysis	analysis	NOUN
easat-9225	90	9	over	over	ADP
easat-9225	90	10	the	the	DET
easat-9225	90	11	period	period	NOUN
easat-9225	90	12	1927	1927	NUM
easat-9225	90	13	-	-	SYM
easat-9225	90	14	2021	2021	NUM
easat-9225	90	15	is	be	AUX
easat-9225	90	16	annual	annual	ADJ
easat-9225	90	17	.	.	PUNCT
easat-9225	91	1	data	datum	NOUN
easat-9225	91	2	processing	processing	NOUN
easat-9225	91	3	was	be	AUX
easat-9225	91	4	applied	apply	VERB
easat-9225	91	5	only	only	ADV
easat-9225	91	6	to	to	ADP
easat-9225	91	7	gdp	gdp	NOUN
easat-9225	91	8	per	per	ADP
easat-9225	91	9	capita	capita	NOUN
easat-9225	91	10	,	,	PUNCT
easat-9225	91	11	which	which	PRON
easat-9225	91	12	was	be	AUX
easat-9225	91	13	converted	convert	VERB
easat-9225	91	14	from	from	ADP
easat-9225	91	15	usd	usd	NOUN
easat-9225	91	16	to	to	ADP
easat-9225	91	17	the	the	DET
easat-9225	91	18	logarithmic	logarithmic	ADJ
easat-9225	91	19	form	form	NOUN
easat-9225	91	20	of	of	ADP
easat-9225	91	21	the	the	DET
easat-9225	91	22	variable	variable	NOUN
easat-9225	91	23	.	.	PUNCT
easat-9225	92	1	based	base	VERB
easat-9225	92	2	on	on	ADP
easat-9225	92	3	the	the	DET
easat-9225	92	4	collected	collect	VERB
easat-9225	92	5	data	datum	NOUN
easat-9225	92	6	,	,	PUNCT
easat-9225	92	7	we	we	PRON
easat-9225	92	8	seek	seek	VERB
easat-9225	92	9	to	to	PART
easat-9225	92	10	identify	identify	VERB
easat-9225	92	11	the	the	DET
easat-9225	92	12	impact	impact	NOUN
easat-9225	92	13	of	of	ADP
easat-9225	92	14	macroeconomic	macroeconomic	ADJ
easat-9225	92	15	indicators	indicator	NOUN
easat-9225	92	16	on	on	ADP
easat-9225	92	17	stock	stock	NOUN
easat-9225	92	18	market	market	NOUN
easat-9225	92	19	returns	return	NOUN
easat-9225	92	20	.	.	PUNCT
easat-9225	93	1	to	to	PART
easat-9225	93	2	test	test	VERB
easat-9225	93	3	the	the	DET
easat-9225	93	4	variables	variable	NOUN
easat-9225	93	5	,	,	PUNCT
easat-9225	93	6	we	we	PRON
easat-9225	93	7	will	will	AUX
easat-9225	93	8	employ	employ	VERB
easat-9225	93	9	the	the	DET
easat-9225	93	10	vector	vector	NOUN
easat-9225	93	11	autoregression	autoregression	NOUN
easat-9225	93	12	(	(	PUNCT
easat-9225	93	13	var	var	NOUN
easat-9225	93	14	)	)	PUNCT
easat-9225	93	15	model	model	NOUN
easat-9225	93	16	,	,	PUNCT
easat-9225	93	17	which	which	PRON
easat-9225	93	18	identifies	identify	VERB
easat-9225	93	19	short	short	ADJ
easat-9225	93	20	-	-	PUNCT
easat-9225	93	21	term	term	NOUN
easat-9225	93	22	relationships	relationship	NOUN
easat-9225	93	23	between	between	ADP
easat-9225	93	24	past	past	ADJ
easat-9225	93	25	and	and	CCONJ
easat-9225	93	26	present	present	ADJ
easat-9225	93	27	values	value	NOUN
easat-9225	93	28	for	for	ADP
easat-9225	93	29	each	each	DET
easat-9225	93	30	variable	variable	NOUN
easat-9225	93	31	.	.	PUNCT
easat-9225	94	1	additionally	additionally	ADV
easat-9225	94	2	,	,	PUNCT
easat-9225	94	3	we	we	PRON
easat-9225	94	4	apply	apply	VERB
easat-9225	94	5	the	the	DET
easat-9225	94	6	granger	granger	PROPN
easat-9225	94	7	causality	causality	PROPN
easat-9225	94	8	test	test	NOUN
easat-9225	94	9	to	to	PART
easat-9225	94	10	examine	examine	VERB
easat-9225	94	11	the	the	DET
easat-9225	94	12	causal	causal	ADJ
easat-9225	94	13	relationships	relationship	NOUN
easat-9225	94	14	between	between	ADP
easat-9225	94	15	the	the	DET
easat-9225	94	16	variables	variable	NOUN
easat-9225	94	17	.	.	PUNCT
easat-9225	95	1	finally	finally	ADV
easat-9225	95	2	,	,	PUNCT
easat-9225	95	3	if	if	SCONJ
easat-9225	95	4	cointegration	cointegration	NOUN
easat-9225	95	5	is	be	AUX
easat-9225	95	6	present	present	ADJ
easat-9225	95	7	and	and	CCONJ
easat-9225	95	8	the	the	DET
easat-9225	95	9	variables	variable	NOUN
easat-9225	95	10	exhibit	exhibit	VERB
easat-9225	95	11	co	co	NOUN
easat-9225	95	12	-	-	NOUN
easat-9225	95	13	movement	movement	NOUN
easat-9225	95	14	,	,	PUNCT
easat-9225	95	15	we	we	PRON
easat-9225	95	16	will	will	AUX
easat-9225	95	17	adopt	adopt	VERB
easat-9225	95	18	the	the	DET
easat-9225	95	19	vector	vector	NOUN
easat-9225	95	20	error	error	NOUN
easat-9225	95	21	correction	correction	NOUN
easat-9225	95	22	model	model	NOUN
easat-9225	95	23	(	(	PUNCT
easat-9225	95	24	vecm	vecm	NOUN
easat-9225	95	25	)	)	PUNCT
easat-9225	95	26	,	,	PUNCT
easat-9225	95	27	utilizing	utilize	VERB
easat-9225	95	28	a	a	DET
easat-9225	95	29	restricted	restricted	ADJ
easat-9225	95	30	var	var	NOUN
easat-9225	95	31	framework	framework	NOUN
easat-9225	95	32	.	.	PUNCT
easat-9225	96	1	the	the	DET
easat-9225	96	2	empirical	empirical	ADJ
easat-9225	96	3	analysis	analysis	NOUN
easat-9225	96	4	will	will	AUX
easat-9225	96	5	be	be	AUX
easat-9225	96	6	conducted	conduct	VERB
easat-9225	96	7	using	use	VERB
easat-9225	96	8	eviews	eviews	PROPN
easat-9225	96	9	12	12	NUM
easat-9225	96	10	statistical	statistical	ADJ
easat-9225	96	11	software	software	NOUN
easat-9225	96	12	.	.	PUNCT
easat-9225	97	1	considering	consider	VERB
easat-9225	97	2	the	the	DET
easat-9225	97	3	aforementioned	aforementione	VERB
easat-9225	97	4	steps	step	NOUN
easat-9225	97	5	,	,	PUNCT
easat-9225	97	6	we	we	PRON
easat-9225	97	7	aim	aim	VERB
easat-9225	97	8	to	to	PART
easat-9225	97	9	provide	provide	VERB
easat-9225	97	10	a	a	DET
easat-9225	97	11	more	more	ADJ
easat-9225	97	12	in	in	ADP
easat-9225	97	13	-	-	PUNCT
easat-9225	97	14	depth	depth	NOUN
easat-9225	97	15	explanation	explanation	NOUN
easat-9225	97	16	before	before	ADP
easat-9225	97	17	proceeding	proceed	VERB
easat-9225	97	18	with	with	ADP
easat-9225	97	19	our	our	PRON
easat-9225	97	20	data	datum	NOUN
easat-9225	97	21	analysis	analysis	NOUN
easat-9225	97	22	.	.	PUNCT
easat-9225	98	1	in	in	ADP
easat-9225	98	2	light	light	NOUN
easat-9225	98	3	of	of	ADP
easat-9225	98	4	a	a	DET
easat-9225	98	5	step	step	NOUN
easat-9225	98	6	-	-	PUNCT
easat-9225	98	7	by	by	ADP
easat-9225	98	8	-	-	PUNCT
easat-9225	98	9	step	step	NOUN
easat-9225	98	10	explanation	explanation	NOUN
easat-9225	98	11	of	of	ADP
easat-9225	98	12	the	the	DET
easat-9225	98	13	methodology	methodology	NOUN
easat-9225	98	14	,	,	PUNCT
easat-9225	98	15	we	we	PRON
easat-9225	98	16	seek	seek	VERB
easat-9225	98	17	to	to	PART
easat-9225	98	18	address	address	VERB
easat-9225	98	19	the	the	DET
easat-9225	98	20	following	follow	VERB
easat-9225	98	21	research	research	NOUN
easat-9225	98	22	questions	question	NOUN
easat-9225	98	23	:	:	PUNCT
easat-9225	98	24	q1	q1	NOUN
easat-9225	98	25	:	:	PUNCT
easat-9225	98	26	is	be	AUX
easat-9225	98	27	there	there	PRON
easat-9225	98	28	a	a	DET
easat-9225	98	29	relationship	relationship	NOUN
easat-9225	98	30	between	between	ADP
easat-9225	98	31	economic	economic	ADJ
easat-9225	98	32	growth	growth	NOUN
easat-9225	98	33	and	and	CCONJ
easat-9225	98	34	stock	stock	NOUN
easat-9225	98	35	market	market	NOUN
easat-9225	98	36	returns	return	NOUN
easat-9225	98	37	?	?	PUNCT
easat-9225	99	1	q2	q2	NOUN
easat-9225	99	2	:	:	PUNCT
easat-9225	99	3	are	be	AUX
easat-9225	99	4	inflation	inflation	NOUN
easat-9225	99	5	(	(	PUNCT
easat-9225	99	6	cpi	cpi	PROPN
easat-9225	99	7	)	)	PUNCT
easat-9225	99	8	and	and	CCONJ
easat-9225	99	9	short	short	ADJ
easat-9225	99	10	-	-	PUNCT
easat-9225	99	11	term	term	NOUN
easat-9225	99	12	interest	interest	NOUN
easat-9225	99	13	rates	rate	NOUN
easat-9225	99	14	(	(	PUNCT
easat-9225	99	15	ir_sh	ir_sh	NOUN
easat-9225	99	16	)	)	PUNCT
easat-9225	99	17	key	key	ADJ
easat-9225	99	18	determinants	determinant	NOUN
easat-9225	99	19	of	of	ADP
easat-9225	99	20	stock	stock	NOUN
easat-9225	99	21	market	market	NOUN
easat-9225	99	22	fluctuations	fluctuation	NOUN
easat-9225	99	23	?	?	PUNCT
easat-9225	100	1	116	116	NUM
easat-9225	100	2	edelweiss	edelweiss	PROPN
easat-9225	100	3	applied	apply	VERB
easat-9225	100	4	science	science	NOUN
easat-9225	100	5	and	and	CCONJ
easat-9225	100	6	technology	technology	NOUN
easat-9225	100	7	issn	issn	PROPN
easat-9225	100	8	:	:	PUNCT
easat-9225	100	9	2576	2576	NUM
easat-9225	100	10	-	-	SYM
easat-9225	100	11	8484	8484	NUM
easat-9225	100	12	vol	vol	NOUN
easat-9225	100	13	.	.	PROPN
easat-9225	101	1	9	9	NUM
easat-9225	101	2	,	,	PUNCT
easat-9225	101	3	no	no	INTJ
easat-9225	101	4	.	.	NOUN
easat-9225	101	5	8	8	NUM
easat-9225	101	6	:	:	SYM
easat-9225	101	7	113	113	NUM
easat-9225	101	8	-	-	SYM
easat-9225	101	9	137	137	NUM
easat-9225	101	10	,	,	PUNCT
easat-9225	101	11	2025	2025	NUM
easat-9225	101	12	doi	doi	NOUN
easat-9225	101	13	:	:	PUNCT
easat-9225	101	14	10.55214/2576	10.55214/2576	NUM
easat-9225	101	15	-	-	SYM
easat-9225	101	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	102	1	©	©	PROPN
easat-9225	102	2	2025	2025	NUM
easat-9225	102	3	by	by	ADP
easat-9225	102	4	the	the	DET
easat-9225	102	5	authors	author	NOUN
easat-9225	102	6	;	;	PUNCT
easat-9225	102	7	licensee	licensee	PROPN
easat-9225	102	8	learning	learning	PROPN
easat-9225	102	9	gate	gate	PROPN
easat-9225	102	10	q3	q3	PROPN
easat-9225	102	11	:	:	PUNCT
easat-9225	102	12	is	be	AUX
easat-9225	102	13	there	there	PRON
easat-9225	102	14	a	a	DET
easat-9225	102	15	relationship	relationship	NOUN
easat-9225	102	16	between	between	ADP
easat-9225	102	17	population	population	NOUN
easat-9225	102	18	growth	growth	NOUN
easat-9225	102	19	and	and	CCONJ
easat-9225	102	20	stock	stock	NOUN
easat-9225	102	21	market	market	NOUN
easat-9225	102	22	returns	return	NOUN
easat-9225	102	23	,	,	PUNCT
easat-9225	102	24	and	and	CCONJ
easat-9225	102	25	how	how	SCONJ
easat-9225	102	26	does	do	AUX
easat-9225	102	27	this	this	DET
easat-9225	102	28	relationship	relationship	NOUN
easat-9225	102	29	differ	differ	VERB
easat-9225	102	30	among	among	ADP
easat-9225	102	31	switzerland	switzerland	PROPN
easat-9225	102	32	,	,	PUNCT
easat-9225	102	33	sweden	sweden	PROPN
easat-9225	102	34	,	,	PUNCT
easat-9225	102	35	and	and	CCONJ
easat-9225	102	36	denmark	denmark	NOUN
easat-9225	102	37	?	?	PUNCT
easat-9225	103	1	4	4	X
easat-9225	103	2	.	.	X
easat-9225	103	3	empirical	empirical	ADJ
easat-9225	103	4	analysis	analysis	NOUN
easat-9225	103	5	results	result	VERB
easat-9225	103	6	4.1	4.1	NUM
easat-9225	103	7	.	.	PUNCT
easat-9225	103	8	unit	unit	NOUN
easat-9225	103	9	root	root	PROPN
easat-9225	103	10	test	test	NOUN
easat-9225	103	11	before	before	ADP
easat-9225	103	12	proceeding	proceed	VERB
easat-9225	103	13	with	with	ADP
easat-9225	103	14	the	the	DET
easat-9225	103	15	var	var	PROPN
easat-9225	103	16	estimation	estimation	NOUN
easat-9225	103	17	,	,	PUNCT
easat-9225	103	18	the	the	DET
easat-9225	103	19	variables	variable	NOUN
easat-9225	103	20	must	must	AUX
easat-9225	103	21	be	be	AUX
easat-9225	103	22	integrated	integrate	VERB
easat-9225	103	23	at	at	ADP
easat-9225	103	24	the	the	DET
easat-9225	103	25	same	same	ADJ
easat-9225	103	26	level	level	NOUN
easat-9225	103	27	.	.	PUNCT
easat-9225	104	1	due	due	ADP
easat-9225	104	2	to	to	ADP
easat-9225	104	3	the	the	DET
easat-9225	104	4	importance	importance	NOUN
easat-9225	104	5	of	of	ADP
easat-9225	104	6	stationarity	stationarity	NOUN
easat-9225	104	7	in	in	ADP
easat-9225	104	8	individual	individual	ADJ
easat-9225	104	9	variables	variable	NOUN
easat-9225	104	10	,	,	PUNCT
easat-9225	104	11	we	we	PRON
easat-9225	104	12	test	test	VERB
easat-9225	104	13	each	each	DET
easat-9225	104	14	variable	variable	NOUN
easat-9225	104	15	separately	separately	ADV
easat-9225	104	16	.	.	PUNCT
easat-9225	105	1	according	accord	VERB
easat-9225	105	2	to	to	ADP
easat-9225	105	3	the	the	DET
easat-9225	105	4	literature	literature	NOUN
easat-9225	105	5	,	,	PUNCT
easat-9225	105	6	if	if	SCONJ
easat-9225	105	7	any	any	PRON
easat-9225	105	8	of	of	ADP
easat-9225	105	9	the	the	DET
easat-9225	105	10	variables	variable	NOUN
easat-9225	105	11	appear	appear	VERB
easat-9225	105	12	to	to	PART
easat-9225	105	13	be	be	AUX
easat-9225	105	14	non	non	ADJ
easat-9225	105	15	-	-	ADJ
easat-9225	105	16	stationary	stationary	ADJ
easat-9225	105	17	,	,	PUNCT
easat-9225	105	18	they	they	PRON
easat-9225	105	19	must	must	AUX
easat-9225	105	20	be	be	AUX
easat-9225	105	21	integrated	integrate	VERB
easat-9225	105	22	at	at	ADP
easat-9225	105	23	order	order	NOUN
easat-9225	105	24	i(1	i(1	NOUN
easat-9225	105	25	)	)	PUNCT
easat-9225	105	26	.	.	PUNCT
easat-9225	106	1	this	this	DET
easat-9225	106	2	process	process	NOUN
easat-9225	106	3	involves	involve	VERB
easat-9225	106	4	differencing	difference	VERB
easat-9225	106	5	the	the	DET
easat-9225	106	6	current	current	ADJ
easat-9225	106	7	value	value	NOUN
easat-9225	106	8	with	with	ADP
easat-9225	106	9	its	its	PRON
easat-9225	106	10	previous	previous	ADJ
easat-9225	106	11	value	value	NOUN
easat-9225	106	12	(	(	PUNCT
easat-9225	106	13	e.g.	e.g.	ADV
easat-9225	106	14	,	,	PUNCT
easat-9225	106	15	xt	xt	X
easat-9225	106	16	–	–	PUNCT
easat-9225	106	17	xt-1	xt-1	NUM
easat-9225	106	18	)	)	PUNCT
easat-9225	106	19	,	,	PUNCT
easat-9225	106	20	resulting	result	VERB
easat-9225	106	21	in	in	ADP
easat-9225	106	22	the	the	DET
easat-9225	106	23	loss	loss	NOUN
easat-9225	106	24	of	of	ADP
easat-9225	106	25	one	one	NUM
easat-9225	106	26	observation	observation	NOUN
easat-9225	106	27	.	.	PUNCT
easat-9225	107	1	hence	hence	ADV
easat-9225	107	2	,	,	PUNCT
easat-9225	107	3	if	if	SCONJ
easat-9225	107	4	a	a	DET
easat-9225	107	5	variable	variable	NOUN
easat-9225	107	6	is	be	AUX
easat-9225	107	7	non	non	ADJ
easat-9225	107	8	-	-	ADJ
easat-9225	107	9	stationary	stationary	ADJ
easat-9225	107	10	,	,	PUNCT
easat-9225	107	11	it	it	PRON
easat-9225	107	12	must	must	AUX
easat-9225	107	13	be	be	AUX
easat-9225	107	14	integrated	integrate	VERB
easat-9225	107	15	at	at	ADP
easat-9225	107	16	order	order	NOUN
easat-9225	107	17	i(1	i(1	NOUN
easat-9225	107	18	)	)	PUNCT
easat-9225	107	19	.	.	PUNCT
easat-9225	108	1	the	the	DET
easat-9225	108	2	augmented	augment	VERB
easat-9225	108	3	dickey	dickey	NOUN
easat-9225	108	4	-	-	PUNCT
easat-9225	108	5	fuller	full	ADJ
easat-9225	108	6	(	(	PUNCT
easat-9225	108	7	adf	adf	NOUN
easat-9225	108	8	)	)	PUNCT
easat-9225	108	9	test	test	NOUN
easat-9225	108	10	and	and	CCONJ
easat-9225	108	11	the	the	DET
easat-9225	108	12	phillips	phillips	PROPN
easat-9225	108	13	-	-	PUNCT
easat-9225	108	14	perron	perron	PROPN
easat-9225	108	15	(	(	PUNCT
easat-9225	108	16	pp	pp	ADJ
easat-9225	108	17	)	)	PUNCT
easat-9225	108	18	test	test	NOUN
easat-9225	108	19	help	help	VERB
easat-9225	108	20	us	we	PRON
easat-9225	108	21	examine	examine	VERB
easat-9225	108	22	unit	unit	NOUN
easat-9225	108	23	roots	root	NOUN
easat-9225	108	24	and	and	CCONJ
easat-9225	108	25	compare	compare	VERB
easat-9225	108	26	the	the	DET
easat-9225	108	27	results	result	NOUN
easat-9225	108	28	based	base	VERB
easat-9225	108	29	on	on	ADP
easat-9225	108	30	probability	probability	NOUN
easat-9225	108	31	rules	rule	NOUN
easat-9225	108	32	.	.	PUNCT
easat-9225	109	1	by	by	ADP
easat-9225	109	2	applying	apply	VERB
easat-9225	109	3	the	the	DET
easat-9225	109	4	adf	adf	NOUN
easat-9225	109	5	and	and	CCONJ
easat-9225	109	6	pp	pp	ADP
easat-9225	109	7	tests	test	NOUN
easat-9225	109	8	,	,	PUNCT
easat-9225	109	9	there	there	PRON
easat-9225	109	10	is	be	VERB
easat-9225	109	11	an	an	DET
easat-9225	109	12	option	option	NOUN
easat-9225	109	13	to	to	PART
easat-9225	109	14	include	include	VERB
easat-9225	109	15	only	only	ADV
easat-9225	109	16	a	a	DET
easat-9225	109	17	constant	constant	ADJ
easat-9225	109	18	within	within	ADP
easat-9225	109	19	the	the	DET
easat-9225	109	20	regression	regression	NOUN
easat-9225	109	21	,	,	PUNCT
easat-9225	109	22	both	both	CCONJ
easat-9225	109	23	a	a	DET
easat-9225	109	24	constant	constant	ADJ
easat-9225	109	25	and	and	CCONJ
easat-9225	109	26	a	a	DET
easat-9225	109	27	trend	trend	NOUN
easat-9225	109	28	as	as	ADP
easat-9225	109	29	coefficients	coefficient	NOUN
easat-9225	109	30	,	,	PUNCT
easat-9225	109	31	or	or	CCONJ
easat-9225	109	32	none	none	NOUN
easat-9225	109	33	of	of	ADP
easat-9225	109	34	them	they	PRON
easat-9225	109	35	.	.	PUNCT
easat-9225	110	1	based	base	VERB
easat-9225	110	2	on	on	ADP
easat-9225	110	3	the	the	DET
easat-9225	110	4	literature	literature	NOUN
easat-9225	110	5	,	,	PUNCT
easat-9225	110	6	we	we	PRON
easat-9225	110	7	can	can	AUX
easat-9225	110	8	illustrate	illustrate	VERB
easat-9225	110	9	the	the	DET
easat-9225	110	10	regression	regression	NOUN
easat-9225	110	11	model	model	NOUN
easat-9225	110	12	as	as	SCONJ
easat-9225	110	13	follows	follow	VERB
easat-9225	110	14	:	:	PUNCT
easat-9225	110	15	•	•	NUM
easat-9225	110	16	d(xt	d(xt	NOUN
easat-9225	110	17	)	)	PUNCT
easat-9225	110	18	=	=	SYM
easat-9225	110	19	c1xt-1	c1xt-1	NOUN
easat-9225	110	20	+	+	CCONJ
easat-9225	110	21	c2	c2	PROPN
easat-9225	110	22	+	+	CCONJ
easat-9225	110	23	et	et	NOUN
easat-9225	110	24	–	–	PUNCT
easat-9225	110	25	normal	normal	ADJ
easat-9225	110	26	linear	linear	ADJ
easat-9225	110	27	regression	regression	NOUN
easat-9225	110	28	with	with	ADP
easat-9225	110	29	constant	constant	ADJ
easat-9225	110	30	(	(	PUNCT
easat-9225	110	31	c2	c2	PROPN
easat-9225	110	32	)	)	PUNCT
easat-9225	110	33	•	•	NUM
easat-9225	110	34	d(xt	d(xt	NOUN
easat-9225	110	35	)	)	PUNCT
easat-9225	110	36	=	=	SYM
easat-9225	110	37	c1xt-1	c1xt-1	NOUN
easat-9225	110	38	+	+	CCONJ
easat-9225	110	39	c2	c2	PROPN
easat-9225	110	40	+	+	CCONJ
easat-9225	110	41	c3@trend	c3@trend	PROPN
easat-9225	110	42	+	+	CCONJ
easat-9225	110	43	et	et	NOUN
easat-9225	110	44	–	–	PUNCT
easat-9225	110	45	trend	trend	NOUN
easat-9225	110	46	(	(	PUNCT
easat-9225	110	47	@trend	@trend	NOUN
easat-9225	110	48	)	)	PUNCT
easat-9225	110	49	and	and	CCONJ
easat-9225	110	50	constant	constant	ADJ
easat-9225	110	51	(	(	PUNCT
easat-9225	110	52	c2	c2	PROPN
easat-9225	110	53	)	)	PUNCT
easat-9225	110	54	within	within	ADP
easat-9225	110	55	regression	regression	NOUN
easat-9225	110	56	•	•	ADP
easat-9225	110	57	d(xt	d(xt	NOUN
easat-9225	110	58	)	)	PUNCT
easat-9225	110	59	=	=	SYM
easat-9225	110	60	c1xt-1	c1xt-1	NOUN
easat-9225	110	61	+	+	CCONJ
easat-9225	110	62	et	et	NOUN
easat-9225	110	63	–	–	PUNCT
easat-9225	110	64	removing	remove	VERB
easat-9225	110	65	trend	trend	NOUN
easat-9225	110	66	and	and	CCONJ
easat-9225	110	67	constant	constant	ADJ
easat-9225	110	68	to	to	PART
easat-9225	110	69	conduct	conduct	VERB
easat-9225	110	70	the	the	DET
easat-9225	110	71	unit	unit	NOUN
easat-9225	110	72	root	root	NOUN
easat-9225	110	73	test	test	NOUN
easat-9225	110	74	,	,	PUNCT
easat-9225	110	75	we	we	PRON
easat-9225	110	76	use	use	VERB
easat-9225	110	77	two	two	NUM
easat-9225	110	78	approaches	approach	NOUN
easat-9225	110	79	.	.	PUNCT
easat-9225	111	1	first	first	ADV
easat-9225	111	2	,	,	PUNCT
easat-9225	111	3	we	we	PRON
easat-9225	111	4	compare	compare	VERB
easat-9225	111	5	the	the	DET
easat-9225	111	6	t	t	NOUN
easat-9225	111	7	-	-	PUNCT
easat-9225	111	8	statistics	statistic	NOUN
easat-9225	111	9	with	with	ADP
easat-9225	111	10	the	the	DET
easat-9225	111	11	critical	critical	ADJ
easat-9225	111	12	t	t	NOUN
easat-9225	111	13	-	-	PUNCT
easat-9225	111	14	values	value	NOUN
easat-9225	111	15	;	;	PUNCT
easat-9225	111	16	in	in	ADP
easat-9225	111	17	this	this	DET
easat-9225	111	18	case	case	NOUN
easat-9225	111	19	,	,	PUNCT
easat-9225	111	20	if	if	SCONJ
easat-9225	111	21	the	the	DET
easat-9225	111	22	t	t	PROPN
easat-9225	111	23	-	-	PUNCT
easat-9225	111	24	statistics	statistic	NOUN
easat-9225	111	25	are	be	AUX
easat-9225	111	26	higher	high	ADJ
easat-9225	111	27	than	than	ADP
easat-9225	111	28	the	the	DET
easat-9225	111	29	critical	critical	ADJ
easat-9225	111	30	t	t	NOUN
easat-9225	111	31	-	-	PUNCT
easat-9225	111	32	values	value	NOUN
easat-9225	111	33	at	at	ADP
easat-9225	111	34	a	a	DET
easat-9225	111	35	1	1	NUM
easat-9225	111	36	%	%	NOUN
easat-9225	111	37	or	or	CCONJ
easat-9225	111	38	5	5	NUM
easat-9225	111	39	%	%	NOUN
easat-9225	111	40	significance	significance	NOUN
easat-9225	111	41	level	level	NOUN
easat-9225	111	42	,	,	PUNCT
easat-9225	111	43	the	the	DET
easat-9225	111	44	variable	variable	NOUN
easat-9225	111	45	is	be	AUX
easat-9225	111	46	considered	consider	VERB
easat-9225	111	47	stationary	stationary	ADJ
easat-9225	111	48	.	.	PUNCT
easat-9225	112	1	second	second	ADJ
easat-9225	112	2	,	,	PUNCT
easat-9225	112	3	we	we	PRON
easat-9225	112	4	base	base	VERB
easat-9225	112	5	our	our	PRON
easat-9225	112	6	findings	finding	NOUN
easat-9225	112	7	on	on	ADP
easat-9225	112	8	the	the	DET
easat-9225	112	9	probability	probability	NOUN
easat-9225	112	10	rule	rule	NOUN
easat-9225	112	11	,	,	PUNCT
easat-9225	112	12	as	as	SCONJ
easat-9225	112	13	the	the	DET
easat-9225	112	14	analysis	analysis	NOUN
easat-9225	112	15	will	will	AUX
easat-9225	112	16	be	be	AUX
easat-9225	112	17	carried	carry	VERB
easat-9225	112	18	out	out	ADP
easat-9225	112	19	in	in	ADP
easat-9225	112	20	this	this	DET
easat-9225	112	21	section	section	NOUN
easat-9225	112	22	.	.	PUNCT
easat-9225	113	1	when	when	SCONJ
easat-9225	113	2	the	the	DET
easat-9225	113	3	p	p	NOUN
easat-9225	113	4	-	-	PUNCT
easat-9225	113	5	value	value	NOUN
easat-9225	113	6	is	be	AUX
easat-9225	113	7	less	less	ADJ
easat-9225	113	8	than	than	ADP
easat-9225	113	9	1	1	NUM
easat-9225	113	10	%	%	NOUN
easat-9225	113	11	or	or	CCONJ
easat-9225	113	12	5	5	NUM
easat-9225	113	13	%	%	NOUN
easat-9225	113	14	,	,	PUNCT
easat-9225	113	15	it	it	PRON
easat-9225	113	16	indicates	indicate	VERB
easat-9225	113	17	that	that	SCONJ
easat-9225	113	18	the	the	DET
easat-9225	113	19	variable	variable	NOUN
easat-9225	113	20	is	be	AUX
easat-9225	113	21	stationary	stationary	ADJ
easat-9225	113	22	(	(	PUNCT
easat-9225	113	23	see	see	VERB
easat-9225	113	24	appendix	appendix	NOUN
easat-9225	113	25	a-1	a-1	NOUN
easat-9225	113	26	)	)	PUNCT
easat-9225	113	27	.	.	PUNCT
easat-9225	114	1	since	since	SCONJ
easat-9225	114	2	some	some	DET
easat-9225	114	3	variables	variable	NOUN
easat-9225	114	4	were	be	AUX
easat-9225	114	5	found	find	VERB
easat-9225	114	6	to	to	PART
easat-9225	114	7	be	be	AUX
easat-9225	114	8	non	non	ADJ
easat-9225	114	9	-	-	ADJ
easat-9225	114	10	stationary	stationary	ADJ
easat-9225	114	11	in	in	ADP
easat-9225	114	12	the	the	DET
easat-9225	114	13	unit	unit	NOUN
easat-9225	114	14	root	root	NOUN
easat-9225	114	15	test	test	NOUN
easat-9225	114	16	(	(	PUNCT
easat-9225	114	17	see	see	VERB
easat-9225	114	18	appendix	appendix	ADJ
easat-9225	114	19	a-1	a-1	NOUN
easat-9225	114	20	,	,	PUNCT
easat-9225	114	21	table	table	NOUN
easat-9225	114	22	1	1	NUM
easat-9225	114	23	)	)	PUNCT
easat-9225	114	24	,	,	PUNCT
easat-9225	114	25	we	we	PRON
easat-9225	114	26	integrated	integrate	VERB
easat-9225	114	27	them	they	PRON
easat-9225	114	28	at	at	ADP
easat-9225	114	29	the	the	DET
easat-9225	114	30	first	first	ADJ
easat-9225	114	31	-	-	PUNCT
easat-9225	114	32	order	order	NOUN
easat-9225	114	33	i(1	i(1	NOUN
easat-9225	114	34	)	)	PUNCT
easat-9225	114	35	.	.	PUNCT
easat-9225	115	1	according	accord	VERB
easat-9225	115	2	to	to	ADP
easat-9225	115	3	brockwell	brockwell	PROPN
easat-9225	115	4	and	and	CCONJ
easat-9225	115	5	davis	davis	PROPN
easat-9225	115	6	(	(	PUNCT
easat-9225	115	7	2016	2016	NUM
easat-9225	115	8	)	)	PUNCT
easat-9225	115	9	,	,	PUNCT
easat-9225	115	10	the	the	DET
easat-9225	115	11	first	first	ADJ
easat-9225	115	12	difference	difference	NOUN
easat-9225	115	13	unit	unit	NOUN
easat-9225	115	14	root	root	NOUN
easat-9225	115	15	is	be	AUX
easat-9225	115	16	simply	simply	ADV
easat-9225	115	17	the	the	DET
easat-9225	115	18	difference	difference	NOUN
easat-9225	115	19	between	between	ADP
easat-9225	115	20	the	the	DET
easat-9225	115	21	current	current	ADJ
easat-9225	115	22	and	and	CCONJ
easat-9225	115	23	previous	previous	ADJ
easat-9225	115	24	values	value	NOUN
easat-9225	115	25	of	of	ADP
easat-9225	115	26	a	a	DET
easat-9225	115	27	given	give	VERB
easat-9225	115	28	variable	variable	NOUN
easat-9225	115	29	.	.	PUNCT
easat-9225	116	1	in	in	ADP
easat-9225	116	2	our	our	PRON
easat-9225	116	3	case	case	NOUN
easat-9225	116	4	,	,	PUNCT
easat-9225	116	5	the	the	DET
easat-9225	116	6	first	first	ADV
easat-9225	116	7	-	-	PUNCT
easat-9225	116	8	differenced	difference	VERB
easat-9225	116	9	variables	variable	NOUN
easat-9225	116	10	appear	appear	VERB
easat-9225	116	11	as	as	SCONJ
easat-9225	116	12	follows	follow	VERB
easat-9225	116	13	:	:	PUNCT
easat-9225	116	14	dn_returns	dn_return	NOUN
easat-9225	116	15	=	=	PUNCT
easat-9225	116	16	n_returns	n_return	NOUN
easat-9225	116	17	–	–	PUNCT
easat-9225	116	18	n_returns	n_return	NOUN
easat-9225	116	19	(	(	PUNCT
easat-9225	116	20	-1	-1	ADJ
easat-9225	116	21	)	)	PUNCT
easat-9225	116	22	dlgdpcap	dlgdpcap	NOUN
easat-9225	116	23	=	=	SYM
easat-9225	116	24	lgdpcap	lgdpcap	ADV
easat-9225	116	25	–	–	PUNCT
easat-9225	116	26	lgdpcap	lgdpcap	NOUN
easat-9225	116	27	(	(	PUNCT
easat-9225	116	28	-1	-1	PUNCT
easat-9225	116	29	)	)	PUNCT
easat-9225	116	30	dir_sh	dir_sh	X
easat-9225	117	1	=	=	SYM
easat-9225	117	2	ir_sh	ir_sh	NOUN
easat-9225	117	3	–	–	PUNCT
easat-9225	117	4	ir_sh	ir_sh	NOUN
easat-9225	117	5	(	(	PUNCT
easat-9225	117	6	-1	-1	ADJ
easat-9225	117	7	)	)	PUNCT
easat-9225	117	8	dcpi	dcpi	NOUN
easat-9225	117	9	=	=	SYM
easat-9225	117	10	cpi	cpi	PROPN
easat-9225	117	11	–	–	PUNCT
easat-9225	117	12	cpi	cpi	PROPN
easat-9225	117	13	(	(	PUNCT
easat-9225	117	14	-1	-1	NOUN
easat-9225	117	15	)	)	PUNCT
easat-9225	117	16	dpopgr	dpopgr	NOUN
easat-9225	117	17	=	=	SYM
easat-9225	117	18	popgr	popgr	NOUN
easat-9225	117	19	–	–	PUNCT
easat-9225	117	20	popgr	popgr	NOUN
easat-9225	117	21	(	(	PUNCT
easat-9225	117	22	-1	-1	INTJ
easat-9225	117	23	)	)	PUNCT
easat-9225	117	24	following	follow	VERB
easat-9225	117	25	this	this	DET
easat-9225	117	26	outlined	outline	VERB
easat-9225	117	27	structure	structure	NOUN
easat-9225	117	28	,	,	PUNCT
easat-9225	117	29	we	we	PRON
easat-9225	117	30	test	test	VERB
easat-9225	117	31	each	each	DET
easat-9225	117	32	variable	variable	NOUN
easat-9225	117	33	individually	individually	ADV
easat-9225	117	34	,	,	PUNCT
easat-9225	117	35	and	and	CCONJ
easat-9225	117	36	the	the	DET
easat-9225	117	37	results	result	NOUN
easat-9225	117	38	are	be	AUX
easat-9225	117	39	presented	present	VERB
easat-9225	117	40	in	in	ADP
easat-9225	117	41	table	table	NOUN
easat-9225	117	42	1	1	NUM
easat-9225	117	43	.	.	X
easat-9225	117	44	117	117	NUM
easat-9225	117	45	edelweiss	edelweiss	PROPN
easat-9225	117	46	applied	apply	VERB
easat-9225	117	47	science	science	NOUN
easat-9225	117	48	and	and	CCONJ
easat-9225	117	49	technology	technology	NOUN
easat-9225	117	50	issn	issn	PROPN
easat-9225	117	51	:	:	PUNCT
easat-9225	117	52	2576	2576	NUM
easat-9225	117	53	-	-	SYM
easat-9225	117	54	8484	8484	NUM
easat-9225	117	55	vol	vol	NOUN
easat-9225	117	56	.	.	PROPN
easat-9225	118	1	9	9	NUM
easat-9225	118	2	,	,	PUNCT
easat-9225	118	3	no	no	INTJ
easat-9225	118	4	.	.	NOUN
easat-9225	118	5	8	8	NUM
easat-9225	118	6	:	:	SYM
easat-9225	118	7	113	113	NUM
easat-9225	118	8	-	-	SYM
easat-9225	118	9	137	137	NUM
easat-9225	118	10	,	,	PUNCT
easat-9225	118	11	2025	2025	NUM
easat-9225	118	12	doi	doi	NOUN
easat-9225	118	13	:	:	PUNCT
easat-9225	118	14	10.55214/2576	10.55214/2576	NUM
easat-9225	118	15	-	-	SYM
easat-9225	118	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	119	1	©	©	PROPN
easat-9225	119	2	2025	2025	NUM
easat-9225	119	3	by	by	ADP
easat-9225	119	4	the	the	DET
easat-9225	119	5	authors	author	NOUN
easat-9225	119	6	;	;	PUNCT
easat-9225	119	7	licensee	licensee	PROPN
easat-9225	119	8	learning	learn	VERB
easat-9225	119	9	gate	gate	NOUN
easat-9225	119	10	table	table	NOUN
easat-9225	119	11	1	1	NUM
easat-9225	119	12	.	.	PUNCT
easat-9225	119	13	unit	unit	NOUN
easat-9225	119	14	root	root	PROPN
easat-9225	119	15	test	test	NOUN
easat-9225	119	16	results	result	NOUN
easat-9225	119	17	at	at	ADP
easat-9225	119	18	level	level	NOUN
easat-9225	119	19	.	.	PUNCT
easat-9225	120	1	variables	variable	NOUN
easat-9225	120	2	t	t	PROPN
easat-9225	120	3	-	-	PUNCT
easat-9225	120	4	statistics	statistic	NOUN
easat-9225	120	5	(	(	PUNCT
easat-9225	120	6	adf	adf	NOUN
easat-9225	120	7	)	)	PUNCT
easat-9225	120	8	tcritical	tcritical	ADJ
easat-9225	120	9	values	value	NOUN
easat-9225	120	10	1	1	NUM
easat-9225	120	11	%	%	NOUN
easat-9225	120	12	level	level	NOUN
easat-9225	120	13	of	of	ADP
easat-9225	120	14	significance	significance	NOUN
easat-9225	120	15	tcritical	tcritical	ADJ
easat-9225	120	16	values	value	NOUN
easat-9225	120	17	5	5	NUM
easat-9225	120	18	%	%	NOUN
easat-9225	120	19	level	level	NOUN
easat-9225	120	20	of	of	ADP
easat-9225	120	21	significance	significance	NOUN
easat-9225	120	22	probability	probability	NOUN
easat-9225	120	23	(	(	PUNCT
easat-9225	120	24	prob	prob	NOUN
easat-9225	120	25	.	.	PUNCT
easat-9225	120	26	)	)	PUNCT
easat-9225	121	1	switzerland	switzerland	PROPN
easat-9225	121	2	dn_returns	dn_returns	PROPN
easat-9225	121	3	-8.018189	-8.018189	PROPN
easat-9225	121	4	-3.506484	-3.506484	VERB
easat-9225	121	5	-2.894716	-2.894716	VERB
easat-9225	121	6	0.0000	0.0000	NUM
easat-9225	121	7	*	*	PUNCT
easat-9225	121	8	dlgdpcap	dlgdpcap	PROPN
easat-9225	121	9	-8.126713	-8.126713	PROPN
easat-9225	121	10	-3.501445	-3.501445	PROPN
easat-9225	121	11	-2.892536	-2.892536	VERB
easat-9225	121	12	0.0000	0.0000	NUM
easat-9225	121	13	*	*	SYM
easat-9225	121	14	dir_sh	dir_sh	NOUN
easat-9225	121	15	-8.943069	-8.943069	NOUN
easat-9225	121	16	-3.502238	-3.502238	NOUN
easat-9225	121	17	-2.892879	-2.892879	X
easat-9225	122	1	0.0000	0.0000	NUM
easat-9225	122	2	*	*	PUNCT
easat-9225	122	3	dcpi	dcpi	ADJ
easat-9225	122	4	-8.933392	-8.933392	NOUN
easat-9225	122	5	-3.502238	-3.502238	NOUN
easat-9225	122	6	-2.892879	-2.892879	VERB
easat-9225	122	7	0.0000	0.0000	NUM
easat-9225	122	8	*	*	PUNCT
easat-9225	122	9	dpopgr	dpopgr	VERB
easat-9225	122	10	-8.323602	-8.323602	PROPN
easat-9225	122	11	-3.501445	-3.501445	PROPN
easat-9225	122	12	-2.892536	-2.892536	VERB
easat-9225	122	13	0.0000	0.0000	NUM
easat-9225	122	14	*	*	PUNCT
easat-9225	122	15	sweden	sweden	PROPN
easat-9225	122	16	dn_returns	dn_return	NOUN
easat-9225	122	17	-8.585508	-8.585508	NOUN
easat-9225	122	18	-3.504727	-3.504727	NOUN
easat-9225	123	1	-2.893956	-2.893956	NOUN
easat-9225	124	1	0.0000	0.0000	NUM
easat-9225	124	2	*	*	PUNCT
easat-9225	124	3	dlgdpcap	dlgdpcap	NOUN
easat-9225	124	4	-7.626860	-7.626860	NOUN
easat-9225	124	5	-3.501445	-3.501445	PROPN
easat-9225	124	6	-2.892536	-2.892536	VERB
easat-9225	124	7	0.0000	0.0000	NUM
easat-9225	124	8	*	*	SYM
easat-9225	124	9	dir_sh	dir_sh	NOUN
easat-9225	124	10	-10.50919	-10.50919	PUNCT
easat-9225	124	11	-3.501445	-3.501445	NOUN
easat-9225	124	12	-2.892536	-2.892536	VERB
easat-9225	124	13	0.0000	0.0000	NUM
easat-9225	124	14	*	*	NOUN
easat-9225	124	15	dcpi	dcpi	ADJ
easat-9225	124	16	-8.681854	-8.681854	NOUN
easat-9225	124	17	-3.503049	-3.503049	PROPN
easat-9225	124	18	-2.893230	-2.893230	VERB
easat-9225	125	1	0.0000	0.0000	NUM
easat-9225	125	2	*	*	PUNCT
easat-9225	125	3	`	`	PUNCT
easat-9225	125	4	dpopgr	dpopgr	VERB
easat-9225	125	5	-7.260216	-7.260216	ADJ
easat-9225	125	6	-3.502238	-3.502238	NOUN
easat-9225	125	7	-2.892879	-2.892879	X
easat-9225	126	1	0.0000	0.0000	NUM
easat-9225	126	2	*	*	PUNCT
easat-9225	126	3	denmark	denmark	PROPN
easat-9225	126	4	dn_returns	dn_return	NOUN
easat-9225	126	5	-7.758891	-7.758891	X
easat-9225	126	6	-3.506484	-3.506484	NOUN
easat-9225	126	7	-2.894716	-2.894716	VERB
easat-9225	126	8	0.0000	0.0000	NUM
easat-9225	126	9	*	*	NOUN
easat-9225	126	10	dlgdpcap	dlgdpcap	NOUN
easat-9225	126	11	-8,955,249	-8,955,249	PUNCT
easat-9225	127	1	-3.501445	-3.501445	PROPN
easat-9225	127	2	-2.892536	-2.892536	VERB
easat-9225	127	3	0.0000	0.0000	NUM
easat-9225	127	4	*	*	PUNCT
easat-9225	127	5	dir_sh	dir_sh	NOUN
easat-9225	127	6	-11.05273	-11.05273	PUNCT
easat-9225	127	7	-3.501445	-3.501445	NOUN
easat-9225	127	8	-2.892536	-2.892536	VERB
easat-9225	127	9	0.0000	0.0000	NUM
easat-9225	127	10	*	*	PUNCT
easat-9225	127	11	dcpi	dcpi	ADJ
easat-9225	127	12	-10.63478	-10.63478	PUNCT
easat-9225	127	13	-3.502238	-3.502238	NOUN
easat-9225	127	14	-2.892879	-2.892879	NOUN
easat-9225	128	1	0.0000	0.0000	NUM
easat-9225	128	2	*	*	PUNCT
easat-9225	128	3	dpopgr	dpopgr	NOUN
easat-9225	128	4	-7.483284	-7.483284	PROPN
easat-9225	128	5	-3.501445	-3.501445	PROPN
easat-9225	128	6	-2.892536	-2.892536	VERB
easat-9225	128	7	0.0000	0.0000	NUM
easat-9225	128	8	*	*	PUNCT
easat-9225	128	9	note	note	NOUN
easat-9225	128	10	:	:	PUNCT
easat-9225	128	11	*	*	PUNCT
easat-9225	128	12	indicates	indicate	VERB
easat-9225	128	13	that	that	SCONJ
easat-9225	128	14	variables	variable	NOUN
easat-9225	128	15	are	be	AUX
easat-9225	128	16	stationary	stationary	ADJ
easat-9225	128	17	at	at	ADP
easat-9225	128	18	level	level	NOUN
easat-9225	128	19	–	–	PUNCT
easat-9225	128	20	1	1	NUM
easat-9225	128	21	%	%	NOUN
easat-9225	128	22	and	and	CCONJ
easat-9225	128	23	5	5	NUM
easat-9225	128	24	%	%	NOUN
easat-9225	128	25	level	level	NOUN
easat-9225	128	26	of	of	ADP
easat-9225	128	27	significance	significance	NOUN
easat-9225	128	28	.	.	PUNCT
easat-9225	129	1	according	accord	VERB
easat-9225	129	2	to	to	ADP
easat-9225	129	3	table	table	NOUN
easat-9225	129	4	1	1	NUM
easat-9225	129	5	,	,	PUNCT
easat-9225	129	6	we	we	PRON
easat-9225	129	7	have	have	VERB
easat-9225	129	8	confirmation	confirmation	NOUN
easat-9225	129	9	to	to	PART
easat-9225	129	10	proceed	proceed	VERB
easat-9225	129	11	with	with	ADP
easat-9225	129	12	the	the	DET
easat-9225	129	13	var	var	NOUN
easat-9225	129	14	model	model	NOUN
easat-9225	129	15	and	and	CCONJ
easat-9225	129	16	the	the	DET
easat-9225	129	17	granger	granger	PROPN
easat-9225	129	18	causality	causality	PROPN
easat-9225	129	19	test	test	NOUN
easat-9225	129	20	,	,	PUNCT
easat-9225	129	21	as	as	SCONJ
easat-9225	129	22	all	all	DET
easat-9225	129	23	variables	variable	NOUN
easat-9225	129	24	appear	appear	VERB
easat-9225	129	25	to	to	PART
easat-9225	129	26	be	be	AUX
easat-9225	129	27	stationary	stationary	ADJ
easat-9225	129	28	at	at	ADP
easat-9225	129	29	the	the	DET
easat-9225	129	30	first	first	ADJ
easat-9225	129	31	difference	difference	NOUN
easat-9225	129	32	.	.	PUNCT
easat-9225	130	1	4.2	4.2	NUM
easat-9225	130	2	.	.	PUNCT
easat-9225	130	3	results	result	NOUN
easat-9225	130	4	of	of	ADP
easat-9225	130	5	vector	vector	NOUN
easat-9225	130	6	auto	auto	NOUN
easat-9225	130	7	regression	regression	NOUN
easat-9225	130	8	(	(	PUNCT
easat-9225	130	9	var	var	NOUN
easat-9225	130	10	)	)	PUNCT
easat-9225	130	11	vector	vector	NOUN
easat-9225	130	12	auto	auto	NOUN
easat-9225	130	13	regression	regression	NOUN
easat-9225	130	14	(	(	PUNCT
easat-9225	130	15	var	var	NOUN
easat-9225	130	16	)	)	PUNCT
easat-9225	130	17	models	model	NOUN
easat-9225	130	18	represent	represent	VERB
easat-9225	130	19	a	a	DET
easat-9225	130	20	methodology	methodology	NOUN
easat-9225	130	21	designed	design	VERB
easat-9225	130	22	to	to	PART
easat-9225	130	23	address	address	VERB
easat-9225	130	24	the	the	DET
easat-9225	130	25	research	research	NOUN
easat-9225	130	26	questions	question	NOUN
easat-9225	130	27	by	by	ADP
easat-9225	130	28	analyzing	analyze	VERB
easat-9225	130	29	the	the	DET
easat-9225	130	30	relationship	relationship	NOUN
easat-9225	130	31	between	between	ADP
easat-9225	130	32	the	the	DET
easat-9225	130	33	selected	select	VERB
easat-9225	130	34	variables	variable	NOUN
easat-9225	130	35	.	.	PUNCT
easat-9225	131	1	the	the	DET
easat-9225	131	2	literature	literature	NOUN
easat-9225	131	3	defines	define	VERB
easat-9225	131	4	var	var	NOUN
easat-9225	131	5	as	as	ADP
easat-9225	131	6	a	a	DET
easat-9225	131	7	multi	multi	ADJ
easat-9225	131	8	-	-	ADJ
easat-9225	131	9	equation	equation	ADJ
easat-9225	131	10	model	model	NOUN
easat-9225	131	11	that	that	PRON
easat-9225	131	12	includes	include	VERB
easat-9225	131	13	more	more	ADJ
easat-9225	131	14	than	than	ADP
easat-9225	131	15	one	one	NUM
easat-9225	131	16	endogenous	endogenous	ADJ
easat-9225	131	17	variable	variable	NOUN
easat-9225	131	18	.	.	PUNCT
easat-9225	132	1	in	in	ADP
easat-9225	132	2	this	this	DET
easat-9225	132	3	way	way	NOUN
easat-9225	132	4	,	,	PUNCT
easat-9225	132	5	we	we	PRON
easat-9225	132	6	analyze	analyze	VERB
easat-9225	132	7	the	the	DET
easat-9225	132	8	interrelationship	interrelationship	NOUN
easat-9225	132	9	between	between	ADP
easat-9225	132	10	the	the	DET
easat-9225	132	11	selected	select	VERB
easat-9225	132	12	variables	variable	NOUN
easat-9225	132	13	while	while	SCONJ
easat-9225	132	14	accounting	account	VERB
easat-9225	132	15	for	for	ADP
easat-9225	132	16	their	their	PRON
easat-9225	132	17	past	past	ADJ
easat-9225	132	18	values	value	NOUN
easat-9225	132	19	and	and	CCONJ
easat-9225	132	20	the	the	DET
easat-9225	132	21	influence	influence	NOUN
easat-9225	132	22	of	of	ADP
easat-9225	132	23	other	other	ADJ
easat-9225	132	24	variables	variable	NOUN
easat-9225	132	25	within	within	ADP
easat-9225	132	26	the	the	DET
easat-9225	132	27	regression	regression	NOUN
easat-9225	132	28	framework	framework	NOUN
easat-9225	132	29	.	.	PUNCT
easat-9225	133	1	an	an	DET
easat-9225	133	2	illustration	illustration	NOUN
easat-9225	133	3	of	of	ADP
easat-9225	133	4	the	the	DET
easat-9225	133	5	var	var	NOUN
easat-9225	133	6	methodology	methodology	NOUN
easat-9225	133	7	with	with	ADP
easat-9225	133	8	a	a	DET
easat-9225	133	9	combination	combination	NOUN
easat-9225	133	10	of	of	ADP
easat-9225	133	11	two	two	NUM
easat-9225	133	12	variables	variable	NOUN
easat-9225	133	13	can	can	AUX
easat-9225	133	14	be	be	AUX
easat-9225	133	15	represented	represent	VERB
easat-9225	133	16	as	as	SCONJ
easat-9225	133	17	follows	follow	VERB
easat-9225	133	18	:	:	PUNCT
easat-9225	133	19	𝑦1𝑡	𝑦1𝑡	PROPN
easat-9225	133	20	=	=	PUNCT
easat-9225	133	21	𝛼12	𝛼12	NUM
easat-9225	133	22	+	+	CCONJ
easat-9225	133	23	𝛼13𝑦1𝑡−1	𝛼13𝑦1𝑡−1	NUM
easat-9225	133	24	+	+	SYM
easat-9225	133	25	⋯	⋯	PROPN
easat-9225	133	26	+	+	CCONJ
easat-9225	133	27	𝛼1𝑘𝑦1𝑡−𝑘	𝛼1𝑘𝑦1𝑡−𝑘	ADJ
easat-9225	133	28	+	+	CCONJ
easat-9225	133	29	𝛽13𝑦2𝑡−1	𝛽13𝑦2𝑡−1	PROPN
easat-9225	133	30	+	+	SYM
easat-9225	133	31	⋯	⋯	PROPN
easat-9225	133	32	+	+	CCONJ
easat-9225	133	33	𝛽1𝑘𝑦2𝑡−𝑘	𝛽1𝑘𝑦2𝑡−𝑘	PROPN
easat-9225	133	34	+	+	CCONJ
easat-9225	133	35	𝑢1𝑡	𝑢1𝑡	PUNCT
easat-9225	133	36	𝑦2𝑡	𝑦2𝑡	NOUN
easat-9225	133	37	=	=	SYM
easat-9225	133	38	𝛼21	𝛼21	X
easat-9225	133	39	+	+	CCONJ
easat-9225	133	40	𝛼22𝑦2𝑡−1	𝛼22𝑦2𝑡−1	NUM
easat-9225	133	41	+	+	SYM
easat-9225	133	42	⋯	⋯	VERB
easat-9225	133	43	+	+	CCONJ
easat-9225	133	44	𝛼2𝑘𝑦2𝑡−𝑘	𝛼2𝑘𝑦2𝑡−𝑘	NOUN
easat-9225	133	45	+	+	CCONJ
easat-9225	133	46	𝛽22𝑦1𝑡−1	𝛽22𝑦1𝑡−1	PROPN
easat-9225	133	47	+	+	SYM
easat-9225	133	48	⋯	⋯	PROPN
easat-9225	133	49	+	+	CCONJ
easat-9225	133	50	𝛽1𝑘𝑦1𝑡−𝑘	𝛽1𝑘𝑦1𝑡−𝑘	PROPN
easat-9225	133	51	+	+	PROPN
easat-9225	133	52	𝑢2𝑡	𝑢2𝑡	NOUN
easat-9225	133	53	this	this	DET
easat-9225	133	54	equation	equation	NOUN
easat-9225	133	55	contains	contain	VERB
easat-9225	133	56	likewise	likewise	ADV
easat-9225	133	57	the	the	DET
easat-9225	133	58	error	error	NOUN
easat-9225	133	59	term	term	NOUN
easat-9225	133	60	𝑢𝑖𝑡	𝑢𝑖𝑡	NOUN
easat-9225	133	61	which	which	PRON
easat-9225	133	62	is	be	AUX
easat-9225	133	63	supposed	suppose	VERB
easat-9225	133	64	to	to	PART
easat-9225	133	65	be	be	AUX
easat-9225	133	66	in	in	ADP
easat-9225	133	67	the	the	DET
easat-9225	133	68	line	line	NOUN
easat-9225	133	69	with	with	ADP
easat-9225	133	70	the	the	DET
easat-9225	133	71	assumption	assumption	NOUN
easat-9225	133	72	e(𝑢𝑖𝑡)=	e(𝑢𝑖𝑡)=	NOUN
easat-9225	133	73	0	0	NUM
easat-9225	133	74	,	,	PUNCT
easat-9225	133	75	in	in	ADP
easat-9225	133	76	the	the	DET
easat-9225	133	77	our	our	PRON
easat-9225	133	78	case	case	NOUN
easat-9225	133	79	the	the	DET
easat-9225	133	80	expectation	expectation	NOUN
easat-9225	133	81	includes	include	VERB
easat-9225	133	82	two	two	NUM
easat-9225	133	83	regressions	regression	NOUN
easat-9225	133	84	and	and	CCONJ
easat-9225	133	85	two	two	NUM
easat-9225	133	86	disturbance	disturbance	NOUN
easat-9225	133	87	terms	term	NOUN
easat-9225	133	88	e(𝑢1𝑡	e(𝑢1𝑡	VERB
easat-9225	133	89	,	,	PUNCT
easat-9225	133	90	𝑢2𝑡)=	𝑢2𝑡)=	NOUN
easat-9225	133	91	0	0	NUM
easat-9225	133	92	.	.	PUNCT
easat-9225	134	1	this	this	DET
easat-9225	134	2	study	study	NOUN
easat-9225	134	3	examines	examine	VERB
easat-9225	134	4	three	three	NUM
easat-9225	134	5	var	var	NOUN
easat-9225	134	6	models	model	NOUN
easat-9225	134	7	for	for	ADP
easat-9225	134	8	three	three	NUM
easat-9225	134	9	different	different	ADJ
easat-9225	134	10	countries	country	NOUN
easat-9225	134	11	.	.	PUNCT
easat-9225	135	1	furthermore	furthermore	ADV
easat-9225	135	2	,	,	PUNCT
easat-9225	135	3	we	we	PRON
easat-9225	135	4	use	use	VERB
easat-9225	135	5	similar	similar	ADJ
easat-9225	135	6	variables	variable	NOUN
easat-9225	135	7	for	for	ADP
easat-9225	135	8	the	the	DET
easat-9225	135	9	three	three	NUM
easat-9225	135	10	var	var	NOUN
easat-9225	135	11	models	model	NOUN
easat-9225	135	12	(	(	PUNCT
easat-9225	135	13	for	for	ADP
easat-9225	135	14	switzerland	switzerland	PROPN
easat-9225	135	15	,	,	PUNCT
easat-9225	135	16	sweden	sweden	PROPN
easat-9225	135	17	,	,	PUNCT
easat-9225	135	18	and	and	CCONJ
easat-9225	135	19	denmark	denmark	NOUN
easat-9225	135	20	)	)	PUNCT
easat-9225	135	21	because	because	SCONJ
easat-9225	135	22	,	,	PUNCT
easat-9225	135	23	beyond	beyond	ADP
easat-9225	135	24	identifying	identify	VERB
easat-9225	135	25	the	the	DET
easat-9225	135	26	relationships	relationship	NOUN
easat-9225	135	27	between	between	ADP
easat-9225	135	28	the	the	DET
easat-9225	135	29	variables	variable	NOUN
easat-9225	135	30	,	,	PUNCT
easat-9225	135	31	we	we	PRON
easat-9225	135	32	will	will	AUX
easat-9225	135	33	also	also	ADV
easat-9225	135	34	obtain	obtain	VERB
easat-9225	135	35	comparable	comparable	ADJ
easat-9225	135	36	results	result	NOUN
easat-9225	135	37	across	across	ADP
easat-9225	135	38	the	the	DET
easat-9225	135	39	three	three	NUM
easat-9225	135	40	datasets	dataset	NOUN
easat-9225	135	41	,	,	PUNCT
easat-9225	135	42	which	which	PRON
easat-9225	135	43	may	may	AUX
easat-9225	135	44	be	be	AUX
easat-9225	135	45	significant	significant	ADJ
easat-9225	135	46	for	for	ADP
easat-9225	135	47	future	future	ADJ
easat-9225	135	48	research	research	NOUN
easat-9225	135	49	.	.	PUNCT
easat-9225	136	1	we	we	PRON
easat-9225	136	2	will	will	AUX
easat-9225	136	3	analyze	analyze	VERB
easat-9225	136	4	switzerland	switzerland	PROPN
easat-9225	136	5	,	,	PUNCT
easat-9225	136	6	sweden	sweden	PROPN
easat-9225	136	7	,	,	PUNCT
easat-9225	136	8	and	and	CCONJ
easat-9225	136	9	denmark	denmark	NOUN
easat-9225	136	10	in	in	ADP
easat-9225	136	11	separate	separate	ADJ
easat-9225	136	12	var	var	NOUN
easat-9225	136	13	models	model	NOUN
easat-9225	136	14	to	to	PART
easat-9225	136	15	examine	examine	VERB
easat-9225	136	16	the	the	DET
easat-9225	136	17	shortterm	shortterm	PROPN
easat-9225	136	18	relationship	relationship	NOUN
easat-9225	136	19	between	between	ADP
easat-9225	136	20	the	the	DET
easat-9225	136	21	following	following	ADJ
easat-9225	136	22	variables	variable	NOUN
easat-9225	136	23	:	:	PUNCT
easat-9225	136	24	(	(	PUNCT
easat-9225	136	25	dn_returns	dn_return	NOUN
easat-9225	136	26	)	)	PUNCT
easat-9225	136	27	,	,	PUNCT
easat-9225	136	28	(	(	PUNCT
easat-9225	136	29	dlgdpcap	dlgdpcap	NOUN
easat-9225	136	30	)	)	PUNCT
easat-9225	136	31	,	,	PUNCT
easat-9225	136	32	(	(	PUNCT
easat-9225	136	33	dcpi	dcpi	NOUN
easat-9225	136	34	)	)	PUNCT
easat-9225	136	35	,	,	PUNCT
easat-9225	136	36	(	(	PUNCT
easat-9225	136	37	dir_sh	dir_sh	NOUN
easat-9225	136	38	)	)	PUNCT
easat-9225	136	39	,	,	PUNCT
easat-9225	136	40	and	and	CCONJ
easat-9225	136	41	(	(	PUNCT
easat-9225	136	42	dpopgr	dpopgr	NOUN
easat-9225	136	43	)	)	PUNCT
easat-9225	136	44	.	.	PUNCT
easat-9225	137	1	in	in	ADP
easat-9225	137	2	the	the	DET
easat-9225	137	3	generated	generate	VERB
easat-9225	137	4	var	var	NOUN
easat-9225	137	5	results	result	NOUN
easat-9225	137	6	,	,	PUNCT
easat-9225	137	7	we	we	PRON
easat-9225	137	8	exclude	exclude	VERB
easat-9225	137	9	the	the	DET
easat-9225	137	10	constant	constant	ADJ
easat-9225	137	11	due	due	ADP
easat-9225	137	12	to	to	ADP
easat-9225	137	13	its	its	PRON
easat-9225	137	14	insignificance	insignificance	NOUN
easat-9225	137	15	.	.	PUNCT
easat-9225	138	1	in	in	ADP
easat-9225	138	2	this	this	DET
easat-9225	138	3	context	context	NOUN
easat-9225	138	4	,	,	PUNCT
easat-9225	138	5	brooks	brooks	PROPN
easat-9225	139	1	[	[	X
easat-9225	139	2	16	16	NUM
easat-9225	139	3	]	]	PUNCT
easat-9225	139	4	argues	argue	VERB
easat-9225	139	5	that	that	SCONJ
easat-9225	139	6	all	all	DET
easat-9225	139	7	results	result	NOUN
easat-9225	139	8	are	be	AUX
easat-9225	139	9	statistically	statistically	ADV
easat-9225	139	10	tested	test	VERB
easat-9225	139	11	by	by	ADP
easat-9225	139	12	comparing	compare	VERB
easat-9225	139	13	the	the	DET
easat-9225	139	14	t	t	PROPN
easat-9225	139	15	-	-	PUNCT
easat-9225	139	16	statistics	statistic	NOUN
easat-9225	139	17	with	with	ADP
easat-9225	139	18	the	the	DET
easat-9225	139	19	critical	critical	ADJ
easat-9225	139	20	t	t	NOUN
easat-9225	139	21	-	-	PUNCT
easat-9225	139	22	value	value	NOUN
easat-9225	139	23	,	,	PUNCT
easat-9225	139	24	which	which	PRON
easat-9225	139	25	is	be	AUX
easat-9225	139	26	determined	determine	VERB
easat-9225	139	27	by	by	ADP
easat-9225	139	28	the	the	DET
easat-9225	139	29	significance	significance	NOUN
easat-9225	139	30	level	level	NOUN
easat-9225	139	31	(	(	PUNCT
easat-9225	139	32	tα	tα	PROPN
easat-9225	139	33	)	)	PUNCT
easat-9225	139	34	,	,	PUNCT
easat-9225	139	35	the	the	DET
easat-9225	139	36	number	number	NOUN
easat-9225	139	37	of	of	ADP
easat-9225	139	38	observations	observation	NOUN
easat-9225	139	39	(	(	PUNCT
easat-9225	139	40	t	t	NOUN
easat-9225	139	41	)	)	PUNCT
easat-9225	139	42	,	,	PUNCT
easat-9225	139	43	and	and	CCONJ
easat-9225	139	44	the	the	DET
easat-9225	139	45	number	number	NOUN
easat-9225	139	46	of	of	ADP
easat-9225	139	47	variables	variable	NOUN
easat-9225	139	48	used	use	VERB
easat-9225	139	49	in	in	ADP
easat-9225	139	50	the	the	DET
easat-9225	139	51	model	model	NOUN
easat-9225	139	52	.	.	PUNCT
easat-9225	140	1	the	the	DET
easat-9225	140	2	critical	critical	ADJ
easat-9225	140	3	t	t	NOUN
easat-9225	140	4	-	-	PUNCT
easat-9225	140	5	value	value	NOUN
easat-9225	140	6	accounts	account	NOUN
easat-9225	140	7	for	for	ADP
easat-9225	140	8	all	all	DET
easat-9225	140	9	variables	variable	NOUN
easat-9225	140	10	in	in	ADP
easat-9225	140	11	the	the	DET
easat-9225	140	12	model	model	NOUN
easat-9225	140	13	,	,	PUNCT
easat-9225	140	14	and	and	CCONJ
easat-9225	140	15	an	an	DET
easat-9225	140	16	illustration	illustration	NOUN
easat-9225	140	17	of	of	ADP
easat-9225	140	18	the	the	DET
easat-9225	140	19	determination	determination	NOUN
easat-9225	140	20	of	of	ADP
easat-9225	140	21	critical	critical	ADJ
easat-9225	140	22	t	t	NOUN
easat-9225	140	23	-	-	PUNCT
easat-9225	140	24	values	value	NOUN
easat-9225	140	25	follows	follow	VERB
easat-9225	140	26	.	.	PUNCT
easat-9225	141	1	118	118	NUM
easat-9225	141	2	edelweiss	edelweiss	PROPN
easat-9225	141	3	applied	apply	VERB
easat-9225	141	4	science	science	NOUN
easat-9225	141	5	and	and	CCONJ
easat-9225	141	6	technology	technology	NOUN
easat-9225	141	7	issn	issn	PROPN
easat-9225	141	8	:	:	PUNCT
easat-9225	141	9	2576	2576	NUM
easat-9225	141	10	-	-	SYM
easat-9225	141	11	8484	8484	NUM
easat-9225	141	12	vol	vol	NOUN
easat-9225	141	13	.	.	PROPN
easat-9225	142	1	9	9	NUM
easat-9225	142	2	,	,	PUNCT
easat-9225	142	3	no	no	INTJ
easat-9225	142	4	.	.	NOUN
easat-9225	142	5	8	8	NUM
easat-9225	142	6	:	:	SYM
easat-9225	142	7	113	113	NUM
easat-9225	142	8	-	-	SYM
easat-9225	142	9	137	137	NUM
easat-9225	142	10	,	,	PUNCT
easat-9225	142	11	2025	2025	NUM
easat-9225	142	12	doi	doi	NOUN
easat-9225	142	13	:	:	PUNCT
easat-9225	142	14	10.55214/2576	10.55214/2576	NUM
easat-9225	142	15	-	-	SYM
easat-9225	142	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	143	1	©	©	PROPN
easat-9225	143	2	2025	2025	NUM
easat-9225	143	3	by	by	ADP
easat-9225	143	4	the	the	DET
easat-9225	143	5	authors	author	NOUN
easat-9225	143	6	;	;	PUNCT
easat-9225	143	7	licensee	licensee	PROPN
easat-9225	143	8	learning	learning	NOUN
easat-9225	143	9	gate	gate	VERB
easat-9225	143	10	𝑡𝑐	𝑡𝑐	VERB
easat-9225	143	11	=	=	PUNCT
easat-9225	143	12	(	(	PUNCT
easat-9225	143	13	𝑡𝛼	𝑡𝛼	PROPN
easat-9225	143	14	2	2	NUM
easat-9225	143	15	)	)	PUNCT
easat-9225	143	16	;	;	PUNCT
easat-9225	143	17	𝑇	𝑇	PROPN
easat-9225	143	18	−	−	PROPN
easat-9225	143	19	𝑚	𝑚	X
easat-9225	143	20	(	(	PUNCT
easat-9225	143	21	1	1	NUM
easat-9225	143	22	)	)	PUNCT
easat-9225	143	23	according	accord	VERB
easat-9225	143	24	to	to	ADP
easat-9225	143	25	this	this	DET
easat-9225	143	26	formula	formula	NOUN
easat-9225	143	27	,	,	PUNCT
easat-9225	143	28	we	we	PRON
easat-9225	143	29	find	find	VERB
easat-9225	143	30	the	the	DET
easat-9225	143	31	critical	critical	ADJ
easat-9225	143	32	t	t	NOUN
easat-9225	143	33	-	-	PUNCT
easat-9225	143	34	value	value	NOUN
easat-9225	143	35	,	,	PUNCT
easat-9225	143	36	which	which	PRON
easat-9225	143	37	is	be	AUX
easat-9225	143	38	valid	valid	ADJ
easat-9225	143	39	for	for	ADP
easat-9225	143	40	all	all	DET
easat-9225	143	41	three	three	NUM
easat-9225	143	42	var	var	NOUN
easat-9225	143	43	regressions	regression	NOUN
easat-9225	143	44	used	use	VERB
easat-9225	143	45	in	in	ADP
easat-9225	143	46	this	this	DET
easat-9225	143	47	section	section	NOUN
easat-9225	143	48	,	,	PUNCT
easat-9225	143	49	as	as	SCONJ
easat-9225	143	50	we	we	PRON
easat-9225	143	51	apply	apply	VERB
easat-9225	143	52	the	the	DET
easat-9225	143	53	same	same	ADJ
easat-9225	143	54	number	number	NOUN
easat-9225	143	55	of	of	ADP
easat-9225	143	56	observations	observation	NOUN
easat-9225	143	57	,	,	PUNCT
easat-9225	143	58	variables	variable	NOUN
easat-9225	143	59	,	,	PUNCT
easat-9225	143	60	and	and	CCONJ
easat-9225	143	61	significance	significance	NOUN
easat-9225	143	62	level	level	NOUN
easat-9225	143	63	.	.	PUNCT
easat-9225	144	1	𝑡𝑐	𝑡𝑐	VERB
easat-9225	144	2	=	=	PUNCT
easat-9225	144	3	(	(	PUNCT
easat-9225	144	4	0.05	0.05	NUM
easat-9225	144	5	2	2	NUM
easat-9225	144	6	)	)	PUNCT
easat-9225	144	7	;	;	PUNCT
easat-9225	144	8	93	93	NUM
easat-9225	144	9	−	−	NUM
easat-9225	144	10	5	5	NUM
easat-9225	144	11	=	=	SYM
easat-9225	144	12	0.025	0.025	NUM
easat-9225	144	13	;	;	PUNCT
easat-9225	144	14	88	88	NUM
easat-9225	144	15	=	=	SYM
easat-9225	144	16	1.9867	1.9867	NUM
easat-9225	144	17	according	accord	VERB
easat-9225	144	18	to	to	ADP
easat-9225	144	19	brooks	brooks	PROPN
easat-9225	145	1	[	[	X
easat-9225	145	2	16	16	NUM
easat-9225	145	3	]	]	PUNCT
easat-9225	145	4	whenever	whenever	SCONJ
easat-9225	145	5	the	the	DET
easat-9225	145	6	t	t	PROPN
easat-9225	145	7	-	-	PUNCT
easat-9225	145	8	statistics	statistic	NOUN
easat-9225	145	9	in	in	ADP
easat-9225	145	10	absolute	absolute	ADJ
easat-9225	145	11	value	value	NOUN
easat-9225	145	12	are	be	AUX
easat-9225	145	13	greater	great	ADJ
easat-9225	145	14	than	than	ADP
easat-9225	145	15	the	the	DET
easat-9225	145	16	critical	critical	ADJ
easat-9225	145	17	tvalue	tvalue	NOUN
easat-9225	145	18	,	,	PUNCT
easat-9225	145	19	we	we	PRON
easat-9225	145	20	can	can	AUX
easat-9225	145	21	conclude	conclude	VERB
easat-9225	145	22	that	that	SCONJ
easat-9225	145	23	the	the	DET
easat-9225	145	24	relationship	relationship	NOUN
easat-9225	145	25	between	between	ADP
easat-9225	145	26	the	the	DET
easat-9225	145	27	dependent	dependent	ADJ
easat-9225	145	28	and	and	CCONJ
easat-9225	145	29	independent	independent	ADJ
easat-9225	145	30	variables	variable	NOUN
easat-9225	145	31	is	be	AUX
easat-9225	145	32	statistically	statistically	ADV
easat-9225	145	33	significant	significant	ADJ
easat-9225	145	34	.	.	PUNCT
easat-9225	146	1	from	from	ADP
easat-9225	146	2	the	the	DET
easat-9225	146	3	results	result	NOUN
easat-9225	146	4	presented	present	VERB
easat-9225	146	5	in	in	ADP
easat-9225	146	6	appendix	appendix	ADJ
easat-9225	146	7	a2	a2	PROPN
easat-9225	146	8	(	(	PUNCT
easat-9225	146	9	table	table	NOUN
easat-9225	146	10	2.1	2.1	NUM
easat-9225	146	11	)	)	PUNCT
easat-9225	146	12	for	for	ADP
easat-9225	146	13	switzerland	switzerland	PROPN
easat-9225	146	14	,	,	PUNCT
easat-9225	146	15	we	we	PRON
easat-9225	146	16	observe	observe	VERB
easat-9225	146	17	a	a	DET
easat-9225	146	18	positive	positive	ADJ
easat-9225	146	19	and	and	CCONJ
easat-9225	146	20	significant	significant	ADJ
easat-9225	146	21	relationship	relationship	NOUN
easat-9225	146	22	between	between	ADP
easat-9225	146	23	economic	economic	ADJ
easat-9225	146	24	growth	growth	NOUN
easat-9225	146	25	(	(	PUNCT
easat-9225	146	26	dlgdpcap	dlgdpcap	NOUN
easat-9225	146	27	)	)	PUNCT
easat-9225	146	28	and	and	CCONJ
easat-9225	146	29	stock	stock	NOUN
easat-9225	146	30	market	market	NOUN
easat-9225	146	31	returns	return	NOUN
easat-9225	146	32	(	(	PUNCT
easat-9225	146	33	dn_returns	dn_return	NOUN
easat-9225	146	34	)	)	PUNCT
easat-9225	146	35	.	.	PUNCT
easat-9225	147	1	additionally	additionally	ADV
easat-9225	147	2	,	,	PUNCT
easat-9225	147	3	there	there	PRON
easat-9225	147	4	is	be	VERB
easat-9225	147	5	a	a	DET
easat-9225	147	6	positive	positive	ADJ
easat-9225	147	7	but	but	CCONJ
easat-9225	147	8	insignificant	insignificant	ADJ
easat-9225	147	9	relationship	relationship	NOUN
easat-9225	147	10	between	between	ADP
easat-9225	147	11	population	population	NOUN
easat-9225	147	12	growth	growth	NOUN
easat-9225	147	13	(	(	PUNCT
easat-9225	147	14	dpopgr	dpopgr	NOUN
easat-9225	147	15	)	)	PUNCT
easat-9225	147	16	,	,	PUNCT
easat-9225	147	17	short	short	ADJ
easat-9225	147	18	-	-	PUNCT
easat-9225	147	19	term	term	NOUN
easat-9225	147	20	interest	interest	NOUN
easat-9225	147	21	rates	rate	NOUN
easat-9225	147	22	(	(	PUNCT
easat-9225	147	23	dir_sh	dir_sh	NOUN
easat-9225	147	24	)	)	PUNCT
easat-9225	147	25	,	,	PUNCT
easat-9225	147	26	and	and	CCONJ
easat-9225	147	27	stock	stock	NOUN
easat-9225	147	28	market	market	NOUN
easat-9225	147	29	returns	return	NOUN
easat-9225	147	30	.	.	PUNCT
easat-9225	148	1	on	on	ADP
easat-9225	148	2	the	the	DET
easat-9225	148	3	other	other	ADJ
easat-9225	148	4	hand	hand	NOUN
easat-9225	148	5	,	,	PUNCT
easat-9225	148	6	in	in	ADP
easat-9225	148	7	the	the	DET
easat-9225	148	8	regression	regression	NOUN
easat-9225	148	9	model	model	NOUN
easat-9225	148	10	for	for	ADP
easat-9225	148	11	switzerland	switzerland	PROPN
easat-9225	148	12	,	,	PUNCT
easat-9225	148	13	we	we	PRON
easat-9225	148	14	find	find	VERB
easat-9225	148	15	a	a	DET
easat-9225	148	16	negative	negative	ADJ
easat-9225	148	17	and	and	CCONJ
easat-9225	148	18	significant	significant	ADJ
easat-9225	148	19	relationship	relationship	NOUN
easat-9225	148	20	between	between	ADP
easat-9225	148	21	inflation	inflation	NOUN
easat-9225	148	22	(	(	PUNCT
easat-9225	148	23	dcpi	dcpi	ADJ
easat-9225	148	24	)	)	PUNCT
easat-9225	148	25	and	and	CCONJ
easat-9225	148	26	economic	economic	ADJ
easat-9225	148	27	growth	growth	NOUN
easat-9225	148	28	(	(	PUNCT
easat-9225	148	29	dlgdpcap	dlgdpcap	NOUN
easat-9225	148	30	)	)	PUNCT
easat-9225	148	31	,	,	PUNCT
easat-9225	148	32	while	while	SCONJ
easat-9225	148	33	there	there	PRON
easat-9225	148	34	is	be	VERB
easat-9225	148	35	also	also	ADV
easat-9225	148	36	a	a	DET
easat-9225	148	37	positive	positive	ADJ
easat-9225	148	38	and	and	CCONJ
easat-9225	148	39	significant	significant	ADJ
easat-9225	148	40	relationship	relationship	NOUN
easat-9225	148	41	between	between	ADP
easat-9225	148	42	dlgdpcap	dlgdpcap	NOUN
easat-9225	148	43	and	and	CCONJ
easat-9225	148	44	dcpi	dcpi	NOUN
easat-9225	148	45	.	.	PUNCT
easat-9225	149	1	in	in	ADP
easat-9225	149	2	the	the	DET
easat-9225	149	3	results	result	NOUN
easat-9225	149	4	presented	present	VERB
easat-9225	149	5	in	in	ADP
easat-9225	149	6	appendix	appendix	ADJ
easat-9225	149	7	a2	a2	PROPN
easat-9225	149	8	(	(	PUNCT
easat-9225	149	9	table	table	NOUN
easat-9225	149	10	2.2	2.2	NUM
easat-9225	149	11	)	)	PUNCT
easat-9225	149	12	for	for	ADP
easat-9225	149	13	sweden	sweden	PROPN
easat-9225	149	14	,	,	PUNCT
easat-9225	149	15	we	we	PRON
easat-9225	149	16	similarly	similarly	ADV
easat-9225	149	17	observe	observe	VERB
easat-9225	149	18	a	a	DET
easat-9225	149	19	positive	positive	ADJ
easat-9225	149	20	and	and	CCONJ
easat-9225	149	21	significant	significant	ADJ
easat-9225	149	22	relationship	relationship	NOUN
easat-9225	149	23	between	between	ADP
easat-9225	149	24	economic	economic	ADJ
easat-9225	149	25	growth	growth	NOUN
easat-9225	149	26	(	(	PUNCT
easat-9225	149	27	dlgdpcap	dlgdpcap	NOUN
easat-9225	149	28	)	)	PUNCT
easat-9225	149	29	and	and	CCONJ
easat-9225	149	30	stock	stock	NOUN
easat-9225	149	31	market	market	NOUN
easat-9225	149	32	returns	return	NOUN
easat-9225	149	33	(	(	PUNCT
easat-9225	149	34	dn_returns	dn_return	NOUN
easat-9225	149	35	)	)	PUNCT
easat-9225	149	36	.	.	PUNCT
easat-9225	150	1	moreover	moreover	ADV
easat-9225	150	2	,	,	PUNCT
easat-9225	150	3	there	there	PRON
easat-9225	150	4	is	be	VERB
easat-9225	150	5	a	a	DET
easat-9225	150	6	positive	positive	ADJ
easat-9225	150	7	and	and	CCONJ
easat-9225	150	8	significant	significant	ADJ
easat-9225	150	9	relationship	relationship	NOUN
easat-9225	150	10	between	between	ADP
easat-9225	150	11	population	population	NOUN
easat-9225	150	12	growth	growth	NOUN
easat-9225	150	13	(	(	PUNCT
easat-9225	150	14	dpopgr	dpopgr	NOUN
easat-9225	150	15	)	)	PUNCT
easat-9225	150	16	and	and	CCONJ
easat-9225	150	17	stock	stock	NOUN
easat-9225	150	18	market	market	NOUN
easat-9225	150	19	returns	return	NOUN
easat-9225	150	20	(	(	PUNCT
easat-9225	150	21	dn_returns	dn_return	NOUN
easat-9225	150	22	)	)	PUNCT
easat-9225	150	23	.	.	PUNCT
easat-9225	151	1	however	however	ADV
easat-9225	151	2	,	,	PUNCT
easat-9225	151	3	inflation	inflation	NOUN
easat-9225	151	4	(	(	PUNCT
easat-9225	151	5	dcpi	dcpi	ADJ
easat-9225	151	6	)	)	PUNCT
easat-9225	151	7	and	and	CCONJ
easat-9225	151	8	short	short	ADJ
easat-9225	151	9	-	-	PUNCT
easat-9225	151	10	term	term	NOUN
easat-9225	151	11	interest	interest	NOUN
easat-9225	151	12	rates	rate	NOUN
easat-9225	151	13	(	(	PUNCT
easat-9225	151	14	dir_sh	dir_sh	NOUN
easat-9225	151	15	)	)	PUNCT
easat-9225	151	16	did	do	AUX
easat-9225	151	17	not	not	PART
easat-9225	151	18	show	show	VERB
easat-9225	151	19	any	any	DET
easat-9225	151	20	significant	significant	ADJ
easat-9225	151	21	relationship	relationship	NOUN
easat-9225	151	22	with	with	ADP
easat-9225	151	23	stock	stock	NOUN
easat-9225	151	24	market	market	NOUN
easat-9225	151	25	returns	return	NOUN
easat-9225	151	26	(	(	PUNCT
easat-9225	151	27	dn_returns	dn_return	NOUN
easat-9225	151	28	)	)	PUNCT
easat-9225	151	29	.	.	PUNCT
easat-9225	152	1	similarly	similarly	ADV
easat-9225	152	2	,	,	PUNCT
easat-9225	152	3	in	in	ADP
easat-9225	152	4	the	the	DET
easat-9225	152	5	regression	regression	NOUN
easat-9225	152	6	model	model	NOUN
easat-9225	152	7	results	result	NOUN
easat-9225	152	8	for	for	ADP
easat-9225	152	9	denmark	denmark	NOUN
easat-9225	152	10	,	,	PUNCT
easat-9225	152	11	presented	present	VERB
easat-9225	152	12	in	in	ADP
easat-9225	152	13	appendix	appendix	ADJ
easat-9225	152	14	a2	a2	PROPN
easat-9225	152	15	(	(	PUNCT
easat-9225	152	16	table	table	NOUN
easat-9225	152	17	2.3	2.3	NUM
easat-9225	152	18	)	)	PUNCT
easat-9225	152	19	,	,	PUNCT
easat-9225	152	20	we	we	PRON
easat-9225	152	21	find	find	VERB
easat-9225	152	22	no	no	DET
easat-9225	152	23	significant	significant	ADJ
easat-9225	152	24	short	short	ADJ
easat-9225	152	25	-	-	PUNCT
easat-9225	152	26	term	term	NOUN
easat-9225	152	27	relationship	relationship	NOUN
easat-9225	152	28	between	between	ADP
easat-9225	152	29	economic	economic	ADJ
easat-9225	152	30	growth	growth	NOUN
easat-9225	152	31	(	(	PUNCT
easat-9225	152	32	dlgdpcap	dlgdpcap	NOUN
easat-9225	152	33	)	)	PUNCT
easat-9225	152	34	and	and	CCONJ
easat-9225	152	35	stock	stock	NOUN
easat-9225	152	36	market	market	NOUN
easat-9225	152	37	returns	return	NOUN
easat-9225	152	38	(	(	PUNCT
easat-9225	152	39	dn_returns	dn_return	NOUN
easat-9225	152	40	)	)	PUNCT
easat-9225	152	41	.	.	PUNCT
easat-9225	153	1	however	however	ADV
easat-9225	153	2	,	,	PUNCT
easat-9225	153	3	a	a	DET
easat-9225	153	4	significant	significant	ADJ
easat-9225	153	5	reverse	reverse	NOUN
easat-9225	153	6	relationship	relationship	NOUN
easat-9225	153	7	is	be	AUX
easat-9225	153	8	observed	observe	VERB
easat-9225	153	9	.	.	PUNCT
easat-9225	154	1	additionally	additionally	ADV
easat-9225	154	2	,	,	PUNCT
easat-9225	154	3	we	we	PRON
easat-9225	154	4	find	find	VERB
easat-9225	154	5	a	a	DET
easat-9225	154	6	positive	positive	ADJ
easat-9225	154	7	and	and	CCONJ
easat-9225	154	8	significant	significant	ADJ
easat-9225	154	9	relationship	relationship	NOUN
easat-9225	154	10	between	between	ADP
easat-9225	154	11	population	population	NOUN
easat-9225	154	12	growth	growth	NOUN
easat-9225	154	13	(	(	PUNCT
easat-9225	154	14	dpopgr	dpopgr	NOUN
easat-9225	154	15	)	)	PUNCT
easat-9225	154	16	and	and	CCONJ
easat-9225	154	17	stock	stock	NOUN
easat-9225	154	18	market	market	NOUN
easat-9225	154	19	returns	return	NOUN
easat-9225	154	20	.	.	PUNCT
easat-9225	155	1	on	on	ADP
easat-9225	155	2	the	the	DET
easat-9225	155	3	other	other	ADJ
easat-9225	155	4	hand	hand	NOUN
easat-9225	155	5	,	,	PUNCT
easat-9225	155	6	at	at	ADP
easat-9225	155	7	the	the	DET
easat-9225	155	8	second	second	ADJ
easat-9225	155	9	level	level	NOUN
easat-9225	155	10	of	of	ADP
easat-9225	155	11	analysis	analysis	NOUN
easat-9225	155	12	,	,	PUNCT
easat-9225	155	13	we	we	PRON
easat-9225	155	14	observe	observe	VERB
easat-9225	155	15	a	a	DET
easat-9225	155	16	negative	negative	ADJ
easat-9225	155	17	relationship	relationship	NOUN
easat-9225	155	18	between	between	ADP
easat-9225	155	19	shortterm	shortterm	PROPN
easat-9225	155	20	interest	interest	NOUN
easat-9225	155	21	rates	rate	NOUN
easat-9225	155	22	(	(	PUNCT
easat-9225	155	23	dir_sh	dir_sh	NOUN
easat-9225	155	24	)	)	PUNCT
easat-9225	155	25	and	and	CCONJ
easat-9225	155	26	stock	stock	NOUN
easat-9225	155	27	market	market	NOUN
easat-9225	155	28	returns	return	NOUN
easat-9225	155	29	(	(	PUNCT
easat-9225	155	30	dn_returns	dn_return	NOUN
easat-9225	155	31	)	)	PUNCT
easat-9225	155	32	.	.	PUNCT
easat-9225	156	1	4.3	4.3	NUM
easat-9225	156	2	.	.	PUNCT
easat-9225	157	1	granger	granger	PROPN
easat-9225	157	2	causality	causality	PROPN
easat-9225	157	3	results	result	VERB
easat-9225	157	4	granger	granger	PROPN
easat-9225	157	5	causality	causality	PROPN
easat-9225	157	6	is	be	AUX
easat-9225	157	7	always	always	ADV
easat-9225	157	8	a	a	DET
easat-9225	157	9	follow	follow	VERB
easat-9225	157	10	-	-	PUNCT
easat-9225	157	11	up	up	ADP
easat-9225	157	12	test	test	NOUN
easat-9225	157	13	after	after	ADP
easat-9225	157	14	executing	execute	VERB
easat-9225	157	15	the	the	DET
easat-9225	157	16	var	var	NOUN
easat-9225	157	17	model	model	NOUN
easat-9225	157	18	.	.	PUNCT
easat-9225	158	1	by	by	ADP
easat-9225	158	2	performing	perform	VERB
easat-9225	158	3	the	the	DET
easat-9225	158	4	granger	granger	PROPN
easat-9225	158	5	causality	causality	NOUN
easat-9225	158	6	test	test	NOUN
easat-9225	158	7	,	,	PUNCT
easat-9225	158	8	we	we	PRON
easat-9225	158	9	can	can	AUX
easat-9225	158	10	gain	gain	VERB
easat-9225	158	11	deeper	deep	ADJ
easat-9225	158	12	insights	insight	NOUN
easat-9225	158	13	into	into	ADP
easat-9225	158	14	the	the	DET
easat-9225	158	15	relationship	relationship	NOUN
easat-9225	158	16	between	between	ADP
easat-9225	158	17	the	the	DET
easat-9225	158	18	analyzed	analyze	VERB
easat-9225	158	19	variables	variable	NOUN
easat-9225	158	20	,	,	PUNCT
easat-9225	158	21	determining	determine	VERB
easat-9225	158	22	whether	whether	SCONJ
easat-9225	158	23	one	one	NUM
easat-9225	158	24	variable	variable	ADJ
easat-9225	158	25	"	"	PUNCT
easat-9225	158	26	granger	granger	NOUN
easat-9225	158	27	-	-	PUNCT
easat-9225	158	28	causes	cause	NOUN
easat-9225	158	29	"	"	PUNCT
easat-9225	158	30	another	another	PRON
easat-9225	158	31	,	,	PUNCT
easat-9225	158	32	leading	lead	VERB
easat-9225	158	33	to	to	ADP
easat-9225	158	34	either	either	CCONJ
easat-9225	158	35	a	a	DET
easat-9225	158	36	unidirectional	unidirectional	ADJ
easat-9225	158	37	or	or	CCONJ
easat-9225	158	38	bidirectional	bidirectional	ADJ
easat-9225	158	39	relationship	relationship	NOUN
easat-9225	158	40	between	between	ADP
easat-9225	158	41	them	they	PRON
easat-9225	158	42	.	.	PUNCT
easat-9225	159	1	we	we	PRON
easat-9225	159	2	execute	execute	VERB
easat-9225	159	3	the	the	DET
easat-9225	159	4	pairwise	pairwise	NOUN
easat-9225	159	5	granger	granger	NOUN
easat-9225	159	6	causality	causality	PROPN
easat-9225	159	7	test	test	NOUN
easat-9225	159	8	in	in	ADP
easat-9225	159	9	eviews	eview	NOUN
easat-9225	159	10	,	,	PUNCT
easat-9225	159	11	which	which	PRON
easat-9225	159	12	allows	allow	VERB
easat-9225	159	13	us	we	PRON
easat-9225	159	14	to	to	PART
easat-9225	159	15	test	test	VERB
easat-9225	159	16	the	the	DET
easat-9225	159	17	hypothesis	hypothesis	NOUN
easat-9225	159	18	derived	derive	VERB
easat-9225	159	19	from	from	ADP
easat-9225	159	20	this	this	DET
easat-9225	159	21	approach	approach	NOUN
easat-9225	159	22	.	.	PUNCT
easat-9225	160	1	based	base	VERB
easat-9225	160	2	on	on	ADP
easat-9225	160	3	the	the	DET
easat-9225	160	4	results	result	NOUN
easat-9225	160	5	of	of	ADP
easat-9225	160	6	the	the	DET
easat-9225	160	7	pairwise	pairwise	NOUN
easat-9225	160	8	granger	granger	NOUN
easat-9225	160	9	causality	causality	PROPN
easat-9225	160	10	test	test	NOUN
easat-9225	160	11	,	,	PUNCT
easat-9225	160	12	we	we	PRON
easat-9225	160	13	verify	verify	VERB
easat-9225	160	14	whether	whether	SCONJ
easat-9225	160	15	a	a	DET
easat-9225	160	16	variable	variable	ADJ
easat-9225	160	17	grangercauses	grangercause	NOUN
easat-9225	160	18	another	another	PRON
easat-9225	160	19	by	by	ADP
easat-9225	160	20	referring	refer	VERB
easat-9225	160	21	to	to	ADP
easat-9225	160	22	the	the	DET
easat-9225	160	23	probability	probability	NOUN
easat-9225	160	24	value	value	NOUN
easat-9225	160	25	(	(	PUNCT
easat-9225	160	26	prob	prob	NOUN
easat-9225	160	27	)	)	PUNCT
easat-9225	160	28	.	.	PUNCT
easat-9225	161	1	if	if	SCONJ
easat-9225	161	2	the	the	DET
easat-9225	161	3	probability	probability	NOUN
easat-9225	161	4	value	value	NOUN
easat-9225	161	5	is	be	AUX
easat-9225	161	6	less	less	ADJ
easat-9225	161	7	than	than	ADP
easat-9225	161	8	0.01	0.01	NUM
easat-9225	161	9	or	or	CCONJ
easat-9225	161	10	0.05	0.05	NUM
easat-9225	161	11	,	,	PUNCT
easat-9225	161	12	we	we	PRON
easat-9225	161	13	confirm	confirm	VERB
easat-9225	161	14	the	the	DET
easat-9225	161	15	existence	existence	NOUN
easat-9225	161	16	of	of	ADP
easat-9225	161	17	granger	granger	PROPN
easat-9225	161	18	causality	causality	NOUN
easat-9225	161	19	between	between	ADP
easat-9225	161	20	the	the	DET
easat-9225	161	21	variables	variable	NOUN
easat-9225	161	22	.	.	PUNCT
easat-9225	162	1	from	from	ADP
easat-9225	162	2	the	the	DET
easat-9225	162	3	results	result	NOUN
easat-9225	162	4	presented	present	VERB
easat-9225	162	5	in	in	ADP
easat-9225	162	6	appendix	appendix	ADJ
easat-9225	162	7	a2	a2	PROPN
easat-9225	162	8	(	(	PUNCT
easat-9225	162	9	table	table	NOUN
easat-9225	162	10	2.4	2.4	NUM
easat-9225	162	11	)	)	PUNCT
easat-9225	162	12	for	for	ADP
easat-9225	162	13	switzerland	switzerland	PROPN
easat-9225	162	14	,	,	PUNCT
easat-9225	162	15	we	we	PRON
easat-9225	162	16	observe	observe	VERB
easat-9225	162	17	that	that	SCONJ
easat-9225	162	18	economic	economic	ADJ
easat-9225	162	19	growth	growth	NOUN
easat-9225	162	20	(	(	PUNCT
easat-9225	162	21	dlgdpcap	dlgdpcap	NOUN
easat-9225	162	22	)	)	PUNCT
easat-9225	162	23	granger	granger	NOUN
easat-9225	162	24	-	-	PUNCT
easat-9225	162	25	causes	cause	VERB
easat-9225	162	26	stock	stock	NOUN
easat-9225	162	27	market	market	NOUN
easat-9225	162	28	returns	return	NOUN
easat-9225	162	29	(	(	PUNCT
easat-9225	162	30	dn_returns	dn_return	NOUN
easat-9225	162	31	)	)	PUNCT
easat-9225	162	32	in	in	ADP
easat-9225	162	33	both	both	DET
easat-9225	162	34	directions	direction	NOUN
easat-9225	162	35	.	.	PUNCT
easat-9225	163	1	additionally	additionally	ADV
easat-9225	163	2	,	,	PUNCT
easat-9225	163	3	we	we	PRON
easat-9225	163	4	find	find	VERB
easat-9225	163	5	granger	granger	NOUN
easat-9225	163	6	causality	causality	NOUN
easat-9225	163	7	between	between	ADP
easat-9225	163	8	inflation	inflation	NOUN
easat-9225	163	9	(	(	PUNCT
easat-9225	163	10	dcpi	dcpi	ADJ
easat-9225	163	11	)	)	PUNCT
easat-9225	163	12	and	and	CCONJ
easat-9225	163	13	economic	economic	ADJ
easat-9225	163	14	growth	growth	NOUN
easat-9225	163	15	(	(	PUNCT
easat-9225	163	16	dlgdpcap	dlgdpcap	NOUN
easat-9225	163	17	)	)	PUNCT
easat-9225	163	18	in	in	ADP
easat-9225	163	19	both	both	DET
easat-9225	163	20	directions	direction	NOUN
easat-9225	163	21	.	.	PUNCT
easat-9225	164	1	however	however	ADV
easat-9225	164	2	,	,	PUNCT
easat-9225	164	3	this	this	DET
easat-9225	164	4	relationship	relationship	NOUN
easat-9225	164	5	is	be	AUX
easat-9225	164	6	not	not	PART
easat-9225	164	7	observed	observe	VERB
easat-9225	164	8	between	between	ADP
easat-9225	164	9	other	other	ADJ
easat-9225	164	10	variables	variable	NOUN
easat-9225	164	11	.	.	PUNCT
easat-9225	165	1	in	in	ADP
easat-9225	165	2	the	the	DET
easat-9225	165	3	results	result	NOUN
easat-9225	165	4	presented	present	VERB
easat-9225	165	5	in	in	ADP
easat-9225	165	6	appendix	appendix	ADJ
easat-9225	165	7	a2	a2	PROPN
easat-9225	165	8	(	(	PUNCT
easat-9225	165	9	table	table	NOUN
easat-9225	165	10	2.5	2.5	NUM
easat-9225	165	11	)	)	PUNCT
easat-9225	165	12	for	for	ADP
easat-9225	165	13	sweden	sweden	PROPN
easat-9225	165	14	,	,	PUNCT
easat-9225	165	15	we	we	PRON
easat-9225	165	16	also	also	ADV
easat-9225	165	17	observe	observe	VERB
easat-9225	165	18	that	that	SCONJ
easat-9225	165	19	economic	economic	ADJ
easat-9225	165	20	growth	growth	NOUN
easat-9225	165	21	(	(	PUNCT
easat-9225	165	22	dlgdpcap	dlgdpcap	NOUN
easat-9225	165	23	)	)	PUNCT
easat-9225	165	24	granger	granger	NOUN
easat-9225	165	25	-	-	PUNCT
easat-9225	165	26	causes	cause	VERB
easat-9225	165	27	stock	stock	NOUN
easat-9225	165	28	market	market	NOUN
easat-9225	165	29	returns	return	NOUN
easat-9225	165	30	(	(	PUNCT
easat-9225	165	31	dn_returns	dn_return	NOUN
easat-9225	165	32	)	)	PUNCT
easat-9225	165	33	in	in	ADP
easat-9225	165	34	both	both	DET
easat-9225	165	35	directions	direction	NOUN
easat-9225	165	36	.	.	PUNCT
easat-9225	166	1	however	however	ADV
easat-9225	166	2	,	,	PUNCT
easat-9225	166	3	this	this	PRON
easat-9225	166	4	is	be	AUX
easat-9225	166	5	not	not	PART
easat-9225	166	6	the	the	DET
easat-9225	166	7	case	case	NOUN
easat-9225	166	8	for	for	ADP
easat-9225	166	9	the	the	DET
easat-9225	166	10	relationship	relationship	NOUN
easat-9225	166	11	between	between	ADP
easat-9225	166	12	economic	economic	ADJ
easat-9225	166	13	growth	growth	NOUN
easat-9225	166	14	(	(	PUNCT
easat-9225	166	15	dlgdpcap	dlgdpcap	NOUN
easat-9225	166	16	)	)	PUNCT
easat-9225	166	17	and	and	CCONJ
easat-9225	166	18	inflation	inflation	NOUN
easat-9225	166	19	(	(	PUNCT
easat-9225	166	20	dcpi	dcpi	ADJ
easat-9225	166	21	)	)	PUNCT
easat-9225	166	22	,	,	PUNCT
easat-9225	166	23	as	as	SCONJ
easat-9225	166	24	granger	granger	PROPN
easat-9225	166	25	causality	causality	PROPN
easat-9225	166	26	is	be	AUX
easat-9225	166	27	found	find	VERB
easat-9225	166	28	only	only	ADV
easat-9225	166	29	in	in	ADP
easat-9225	166	30	one	one	NUM
easat-9225	166	31	direction	direction	NOUN
easat-9225	166	32	.	.	PUNCT
easat-9225	167	1	additionally	additionally	ADV
easat-9225	167	2	,	,	PUNCT
easat-9225	167	3	population	population	NOUN
easat-9225	167	4	growth	growth	NOUN
easat-9225	167	5	(	(	PUNCT
easat-9225	167	6	dpopgr	dpopgr	NOUN
easat-9225	167	7	)	)	PUNCT
easat-9225	167	8	has	have	VERB
easat-9225	167	9	a	a	DET
easat-9225	167	10	limited	limited	ADJ
easat-9225	167	11	effect	effect	NOUN
easat-9225	167	12	on	on	ADP
easat-9225	167	13	stock	stock	NOUN
easat-9225	167	14	market	market	NOUN
easat-9225	167	15	returns	return	NOUN
easat-9225	167	16	.	.	PUNCT
easat-9225	168	1	similar	similar	ADJ
easat-9225	168	2	results	result	NOUN
easat-9225	168	3	are	be	AUX
easat-9225	168	4	observed	observe	VERB
easat-9225	168	5	for	for	ADP
easat-9225	168	6	denmark	denmark	NOUN
easat-9225	168	7	,	,	PUNCT
easat-9225	168	8	as	as	SCONJ
easat-9225	168	9	presented	present	VERB
easat-9225	168	10	in	in	ADP
easat-9225	168	11	appendix	appendix	ADJ
easat-9225	168	12	a2	a2	PROPN
easat-9225	168	13	(	(	PUNCT
easat-9225	168	14	table	table	NOUN
easat-9225	168	15	2.6	2.6	NUM
easat-9225	168	16	)	)	PUNCT
easat-9225	168	17	,	,	PUNCT
easat-9225	168	18	where	where	SCONJ
easat-9225	168	19	economic	economic	ADJ
easat-9225	168	20	growth	growth	NOUN
easat-9225	168	21	(	(	PUNCT
easat-9225	168	22	dlgdpcap	dlgdpcap	NOUN
easat-9225	168	23	)	)	PUNCT
easat-9225	168	24	granger	granger	NOUN
easat-9225	168	25	-	-	PUNCT
easat-9225	168	26	causes	cause	VERB
easat-9225	168	27	stock	stock	NOUN
easat-9225	168	28	market	market	NOUN
easat-9225	168	29	returns	return	NOUN
easat-9225	168	30	(	(	PUNCT
easat-9225	168	31	dn_returns	dn_return	NOUN
easat-9225	168	32	)	)	PUNCT
easat-9225	168	33	,	,	PUNCT
easat-9225	168	34	but	but	CCONJ
easat-9225	168	35	not	not	PART
easat-9225	168	36	vice	vice	ADV
easat-9225	168	37	versa	versa	ADV
easat-9225	168	38	.	.	PUNCT
easat-9225	169	1	119	119	NUM
easat-9225	169	2	edelweiss	edelweiss	PROPN
easat-9225	169	3	applied	apply	VERB
easat-9225	169	4	science	science	NOUN
easat-9225	169	5	and	and	CCONJ
easat-9225	169	6	technology	technology	NOUN
easat-9225	169	7	issn	issn	PROPN
easat-9225	169	8	:	:	PUNCT
easat-9225	169	9	2576	2576	NUM
easat-9225	169	10	-	-	SYM
easat-9225	169	11	8484	8484	NUM
easat-9225	169	12	vol	vol	NOUN
easat-9225	169	13	.	.	PROPN
easat-9225	170	1	9	9	NUM
easat-9225	170	2	,	,	PUNCT
easat-9225	170	3	no	no	INTJ
easat-9225	170	4	.	.	NOUN
easat-9225	170	5	8	8	NUM
easat-9225	170	6	:	:	SYM
easat-9225	170	7	113	113	NUM
easat-9225	170	8	-	-	SYM
easat-9225	170	9	137	137	NUM
easat-9225	170	10	,	,	PUNCT
easat-9225	170	11	2025	2025	NUM
easat-9225	170	12	doi	doi	NOUN
easat-9225	170	13	:	:	PUNCT
easat-9225	170	14	10.55214/2576	10.55214/2576	NUM
easat-9225	170	15	-	-	SYM
easat-9225	170	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	171	1	©	©	PROPN
easat-9225	171	2	2025	2025	NUM
easat-9225	171	3	by	by	ADP
easat-9225	171	4	the	the	DET
easat-9225	171	5	authors	author	NOUN
easat-9225	171	6	;	;	PUNCT
easat-9225	171	7	licensee	licensee	PROPN
easat-9225	171	8	learning	learning	NOUN
easat-9225	171	9	gate	gate	NOUN
easat-9225	171	10	unlike	unlike	ADP
easat-9225	171	11	the	the	DET
easat-9225	171	12	other	other	ADJ
easat-9225	171	13	two	two	NUM
easat-9225	171	14	countries	country	NOUN
easat-9225	171	15	,	,	PUNCT
easat-9225	171	16	in	in	ADP
easat-9225	171	17	denmark	denmark	NOUN
easat-9225	171	18	,	,	PUNCT
easat-9225	171	19	stock	stock	NOUN
easat-9225	171	20	market	market	NOUN
easat-9225	171	21	returns	return	NOUN
easat-9225	171	22	(	(	PUNCT
easat-9225	171	23	dn_returns	dn_return	NOUN
easat-9225	171	24	)	)	PUNCT
easat-9225	171	25	granger	granger	NOUN
easat-9225	171	26	-	-	PUNCT
easat-9225	171	27	cause	cause	NOUN
easat-9225	171	28	short	short	ADJ
easat-9225	171	29	-	-	PUNCT
easat-9225	171	30	term	term	NOUN
easat-9225	171	31	interest	interest	NOUN
easat-9225	171	32	rates	rate	NOUN
easat-9225	171	33	(	(	PUNCT
easat-9225	171	34	dir_sh	dir_sh	NOUN
easat-9225	171	35	)	)	PUNCT
easat-9225	171	36	,	,	PUNCT
easat-9225	171	37	but	but	CCONJ
easat-9225	171	38	only	only	ADV
easat-9225	171	39	in	in	ADP
easat-9225	171	40	one	one	NUM
easat-9225	171	41	direction	direction	NOUN
easat-9225	171	42	.	.	PUNCT
easat-9225	172	1	furthermore	furthermore	ADV
easat-9225	172	2	,	,	PUNCT
easat-9225	172	3	the	the	DET
easat-9225	172	4	results	result	NOUN
easat-9225	172	5	indicate	indicate	VERB
easat-9225	172	6	that	that	SCONJ
easat-9225	172	7	inflation	inflation	NOUN
easat-9225	172	8	(	(	PUNCT
easat-9225	172	9	dcpi	dcpi	ADJ
easat-9225	172	10	)	)	PUNCT
easat-9225	172	11	granger	granger	NOUN
easat-9225	172	12	-	-	PUNCT
easat-9225	172	13	causes	cause	VERB
easat-9225	172	14	economic	economic	ADJ
easat-9225	172	15	growth	growth	NOUN
easat-9225	172	16	(	(	PUNCT
easat-9225	172	17	dlgdpcap	dlgdpcap	NOUN
easat-9225	172	18	)	)	PUNCT
easat-9225	172	19	,	,	PUNCT
easat-9225	172	20	but	but	CCONJ
easat-9225	172	21	not	not	PART
easat-9225	172	22	in	in	ADP
easat-9225	172	23	both	both	DET
easat-9225	172	24	directions	direction	NOUN
easat-9225	172	25	,	,	PUNCT
easat-9225	172	26	as	as	SCONJ
easat-9225	172	27	the	the	DET
easat-9225	172	28	probability	probability	NOUN
easat-9225	172	29	value	value	NOUN
easat-9225	172	30	is	be	AUX
easat-9225	172	31	0.07	0.07	NUM
easat-9225	172	32	>	>	PUNCT
easat-9225	172	33	0.05	0.05	NUM
easat-9225	172	34	.	.	PUNCT
easat-9225	173	1	the	the	DET
easat-9225	173	2	results	result	NOUN
easat-9225	173	3	confirm	confirm	VERB
easat-9225	173	4	that	that	SCONJ
easat-9225	173	5	there	there	PRON
easat-9225	173	6	is	be	VERB
easat-9225	173	7	no	no	DET
easat-9225	173	8	granger	granger	NOUN
easat-9225	173	9	causality	causality	NOUN
easat-9225	173	10	between	between	ADP
easat-9225	173	11	the	the	DET
easat-9225	173	12	other	other	ADJ
easat-9225	173	13	variables	variable	NOUN
easat-9225	173	14	.	.	PUNCT
easat-9225	174	1	4.4	4.4	NUM
easat-9225	174	2	.	.	PUNCT
easat-9225	174	3	cointegration	cointegration	NOUN
easat-9225	174	4	test	test	NOUN
easat-9225	174	5	results	result	NOUN
easat-9225	174	6	to	to	PART
easat-9225	174	7	apply	apply	VERB
easat-9225	174	8	the	the	DET
easat-9225	174	9	johansen	johansen	PROPN
easat-9225	174	10	test	test	NOUN
easat-9225	174	11	,	,	PUNCT
easat-9225	174	12	all	all	DET
easat-9225	174	13	variables	variable	NOUN
easat-9225	174	14	must	must	AUX
easat-9225	174	15	be	be	AUX
easat-9225	174	16	integrated	integrate	VERB
easat-9225	174	17	at	at	ADP
easat-9225	174	18	the	the	DET
easat-9225	174	19	same	same	ADJ
easat-9225	174	20	order	order	NOUN
easat-9225	174	21	i(d	i(d	NOUN
easat-9225	174	22	)	)	PUNCT
easat-9225	174	23	,	,	PUNCT
easat-9225	174	24	as	as	SCONJ
easat-9225	174	25	supported	support	VERB
easat-9225	174	26	by	by	ADP
easat-9225	174	27	brooks	brook	NOUN
easat-9225	175	1	[	[	X
easat-9225	175	2	16	16	NUM
easat-9225	175	3	]	]	PUNCT
easat-9225	175	4	who	who	PRON
easat-9225	175	5	argues	argue	VERB
easat-9225	175	6	that	that	SCONJ
easat-9225	175	7	"	"	PUNCT
easat-9225	175	8	if	if	SCONJ
easat-9225	175	9	a	a	DET
easat-9225	175	10	set	set	NOUN
easat-9225	175	11	of	of	ADP
easat-9225	175	12	variables	variable	NOUN
easat-9225	175	13	xi	xi	PROPN
easat-9225	175	14	,	,	PUNCT
easat-9225	175	15	tx_(i	tx_(i	PROPN
easat-9225	175	16	,	,	PUNCT
easat-9225	175	17	t	t	PROPN
easat-9225	175	18	)	)	PUNCT
easat-9225	175	19	with	with	ADP
easat-9225	175	20	different	different	ADJ
easat-9225	175	21	integration	integration	NOUN
easat-9225	175	22	orders	order	NOUN
easat-9225	175	23	are	be	AUX
easat-9225	175	24	combined	combine	VERB
easat-9225	175	25	,	,	PUNCT
easat-9225	175	26	the	the	DET
easat-9225	175	27	combination	combination	NOUN
easat-9225	175	28	will	will	AUX
easat-9225	175	29	have	have	VERB
easat-9225	175	30	an	an	DET
easat-9225	175	31	integration	integration	NOUN
easat-9225	175	32	order	order	NOUN
easat-9225	175	33	equal	equal	ADJ
easat-9225	175	34	to	to	ADP
easat-9225	175	35	the	the	DET
easat-9225	175	36	highest	high	ADJ
easat-9225	175	37	among	among	ADP
easat-9225	175	38	them	they	PRON
easat-9225	175	39	"	"	PUNCT
easat-9225	175	40	(	(	PUNCT
easat-9225	175	41	p.	p.	NOUN
easat-9225	175	42	457	457	NUM
easat-9225	175	43	)	)	PUNCT
easat-9225	175	44	.	.	PUNCT
easat-9225	176	1	considering	consider	VERB
easat-9225	176	2	this	this	PRON
easat-9225	176	3	,	,	PUNCT
easat-9225	176	4	we	we	PRON
easat-9225	176	5	integrate	integrate	VERB
easat-9225	176	6	all	all	DET
easat-9225	176	7	variables	variable	NOUN
easat-9225	176	8	at	at	ADP
easat-9225	176	9	order	order	NOUN
easat-9225	176	10	i(1	i(1	NOUN
easat-9225	176	11	)	)	PUNCT
easat-9225	176	12	,	,	PUNCT
easat-9225	176	13	including	include	VERB
easat-9225	176	14	those	those	PRON
easat-9225	176	15	that	that	PRON
easat-9225	176	16	are	be	AUX
easat-9225	176	17	stationary	stationary	ADJ
easat-9225	176	18	.	.	PUNCT
easat-9225	177	1	however	however	ADV
easat-9225	177	2	,	,	PUNCT
easat-9225	177	3	during	during	ADP
easat-9225	177	4	the	the	DET
easat-9225	177	5	execution	execution	NOUN
easat-9225	177	6	of	of	ADP
easat-9225	177	7	the	the	DET
easat-9225	177	8	vecm	vecm	NOUN
easat-9225	177	9	model	model	NOUN
easat-9225	177	10	,	,	PUNCT
easat-9225	177	11	the	the	DET
easat-9225	177	12	error	error	NOUN
easat-9225	177	13	correction	correction	NOUN
easat-9225	177	14	term	term	NOUN
easat-9225	177	15	integrates	integrate	VERB
easat-9225	177	16	the	the	DET
easat-9225	177	17	variables	variable	NOUN
easat-9225	177	18	to	to	PART
easat-9225	177	19	be	be	AUX
easat-9225	177	20	stationary	stationary	ADJ
easat-9225	177	21	at	at	ADP
easat-9225	177	22	level	level	NOUN
easat-9225	177	23	.	.	PUNCT
easat-9225	178	1	to	to	PART
easat-9225	178	2	adhere	adhere	VERB
easat-9225	178	3	to	to	ADP
easat-9225	178	4	the	the	DET
easat-9225	178	5	recommended	recommend	VERB
easat-9225	178	6	literature	literature	NOUN
easat-9225	178	7	,	,	PUNCT
easat-9225	178	8	we	we	PRON
easat-9225	178	9	apply	apply	VERB
easat-9225	178	10	the	the	DET
easat-9225	178	11	johansen	johansen	PROPN
easat-9225	178	12	cointegration	cointegration	NOUN
easat-9225	178	13	test	test	NOUN
easat-9225	178	14	using	use	VERB
easat-9225	178	15	eviews	eview	NOUN
easat-9225	178	16	.	.	PUNCT
easat-9225	179	1	in	in	ADP
easat-9225	179	2	this	this	DET
easat-9225	179	3	context	context	NOUN
easat-9225	179	4	,	,	PUNCT
easat-9225	179	5	we	we	PRON
easat-9225	179	6	ensure	ensure	VERB
easat-9225	179	7	that	that	SCONJ
easat-9225	179	8	sufficient	sufficient	ADJ
easat-9225	179	9	evidence	evidence	NOUN
easat-9225	179	10	is	be	AUX
easat-9225	179	11	available	available	ADJ
easat-9225	179	12	to	to	PART
easat-9225	179	13	answer	answer	VERB
easat-9225	179	14	the	the	DET
easat-9225	179	15	research	research	NOUN
easat-9225	179	16	questions	question	NOUN
easat-9225	179	17	regarding	regard	VERB
easat-9225	179	18	the	the	DET
easat-9225	179	19	long	long	ADJ
easat-9225	179	20	-	-	PUNCT
easat-9225	179	21	term	term	NOUN
easat-9225	179	22	relationship	relationship	NOUN
easat-9225	179	23	between	between	ADP
easat-9225	179	24	the	the	DET
easat-9225	179	25	variables	variable	NOUN
easat-9225	179	26	.	.	PUNCT
easat-9225	180	1	furthermore	furthermore	ADV
easat-9225	180	2	,	,	PUNCT
easat-9225	180	3	following	follow	VERB
easat-9225	180	4	the	the	DET
easat-9225	180	5	methodology	methodology	NOUN
easat-9225	180	6	outlined	outline	VERB
easat-9225	180	7	above	above	ADV
easat-9225	180	8	,	,	PUNCT
easat-9225	180	9	we	we	PRON
easat-9225	180	10	use	use	VERB
easat-9225	180	11	all	all	DET
easat-9225	180	12	variables	variable	NOUN
easat-9225	180	13	integrated	integrate	VERB
easat-9225	180	14	at	at	ADP
easat-9225	180	15	order	order	NOUN
easat-9225	180	16	i(1	i(1	NOUN
easat-9225	180	17	)	)	PUNCT
easat-9225	180	18	.	.	PUNCT
easat-9225	181	1	before	before	ADP
easat-9225	181	2	analyzing	analyze	VERB
easat-9225	181	3	the	the	DET
easat-9225	181	4	results	result	NOUN
easat-9225	181	5	,	,	PUNCT
easat-9225	181	6	it	it	PRON
easat-9225	181	7	is	be	AUX
easat-9225	181	8	essential	essential	ADJ
easat-9225	181	9	to	to	PART
easat-9225	181	10	review	review	VERB
easat-9225	181	11	the	the	DET
easat-9225	181	12	formulas	formula	NOUN
easat-9225	181	13	for	for	ADP
easat-9225	181	14	the	the	DET
easat-9225	181	15	max	max	PROPN
easat-9225	181	16	-	-	PUNCT
easat-9225	181	17	eigen	eigen	PROPN
easat-9225	181	18	test	test	NOUN
easat-9225	181	19	and	and	CCONJ
easat-9225	181	20	the	the	DET
easat-9225	181	21	trace	trace	NOUN
easat-9225	181	22	test	test	NOUN
easat-9225	181	23	.	.	PUNCT
easat-9225	182	1	formula	formula	NOUN
easat-9225	182	2	for	for	ADP
easat-9225	182	3	trace	trace	NOUN
easat-9225	182	4	test	test	NOUN
easat-9225	182	5	:	:	PUNCT
easat-9225	182	6	lrtr(r	lrtr(r	NOUN
easat-9225	182	7	/	/	SYM
easat-9225	182	8	n	n	CCONJ
easat-9225	182	9	)	)	PUNCT
easat-9225	182	10	=	=	PUNCT
easat-9225	183	1	-t	-t	PUNCT
easat-9225	183	2	*	*	PUNCT
easat-9225	183	3	σ	σ	PROPN
easat-9225	183	4	n	n	PROPN
easat-9225	183	5	(	(	PUNCT
easat-9225	183	6	1	1	NUM
easat-9225	183	7	−	−	PROPN
easat-9225	183	8	λ^	λ^	PROPN
easat-9225	183	9	)	)	PUNCT
easat-9225	183	10	(	(	PUNCT
easat-9225	183	11	2	2	X
easat-9225	183	12	)	)	PUNCT
easat-9225	183	13	formula	formula	NOUN
easat-9225	183	14	for	for	ADP
easat-9225	183	15	max	max	PROPN
easat-9225	183	16	-	-	PUNCT
easat-9225	183	17	eigen	eigen	PROPN
easat-9225	183	18	test	test	NOUN
easat-9225	183	19	:	:	PUNCT
easat-9225	183	20	lrmax(r/	lrmax(r/	PROPN
easat-9225	183	21	n	n	PROPN
easat-9225	183	22	+1	+1	PROPN
easat-9225	183	23	)	)	PUNCT
easat-9225	183	24	=	=	SYM
easat-9225	184	1	−t	−t	PROPN
easat-9225	184	2	*	*	PUNCT
easat-9225	184	3	log	log	NOUN
easat-9225	184	4	(	(	PUNCT
easat-9225	184	5	1	1	NUM
easat-9225	184	6	−	−	PROPN
easat-9225	184	7	λ^	λ^	PROPN
easat-9225	184	8	)	)	PUNCT
easat-9225	184	9	(	(	PUNCT
easat-9225	184	10	3	3	X
easat-9225	184	11	)	)	PUNCT
easat-9225	184	12	table	table	NOUN
easat-9225	184	13	2	2	NUM
easat-9225	184	14	.	.	X
easat-9225	184	15	cointegration	cointegration	NOUN
easat-9225	184	16	trace	trace	NOUN
easat-9225	184	17	test	test	NOUN
easat-9225	184	18	results	result	NOUN
easat-9225	184	19	.	.	PUNCT
easat-9225	185	1	switzerland	switzerland	PROPN
easat-9225	185	2	variables	variable	NOUN
easat-9225	185	3	:	:	PUNCT
easat-9225	185	4	dn_returns	dn_returns	PROPN
easat-9225	185	5	,	,	PUNCT
easat-9225	185	6	dlgdpcap	dlgdpcap	NOUN
easat-9225	185	7	,	,	PUNCT
easat-9225	185	8	dir_sh	dir_sh	NOUN
easat-9225	185	9	,	,	PUNCT
easat-9225	185	10	dcpi	dcpi	ADV
easat-9225	185	11	,	,	PUNCT
easat-9225	185	12	dpopgr	dpopgr	VERB
easat-9225	185	13	hypothesized	hypothesized	ADJ
easat-9225	185	14	no	no	ADP
easat-9225	185	15	.	.	PUNCT
easat-9225	185	16	of	of	ADP
easat-9225	185	17	ce(s	ce(s	ADV
easat-9225	185	18	)	)	PUNCT
easat-9225	185	19	eigen	eigen	PROPN
easat-9225	185	20	value	value	NOUN
easat-9225	185	21	trace	trace	NOUN
easat-9225	185	22	statistic	statistic	NOUN
easat-9225	185	23	critical	critical	ADJ
easat-9225	185	24	value	value	NOUN
easat-9225	185	25	at	at	ADP
easat-9225	185	26	5	5	NUM
easat-9225	185	27	%	%	NOUN
easat-9225	185	28	prob	prob	NOUN
easat-9225	185	29	.	.	PUNCT
easat-9225	186	1	*	*	PUNCT
easat-9225	187	1	*	*	PUNCT
easat-9225	188	1	none	none	NOUN
easat-9225	188	2	*	*	PUNCT
easat-9225	188	3	0.59680	0.59680	NUM
easat-9225	188	4	235.409	235.409	NUM
easat-9225	188	5	69.8188	69.8188	NUM
easat-9225	188	6	0.0000	0.0000	NUM
easat-9225	188	7	*	*	PUNCT
easat-9225	188	8	at	at	ADP
easat-9225	188	9	most	most	ADV
easat-9225	188	10	1	1	NUM
easat-9225	188	11	*	*	SYM
easat-9225	188	12	0.47072	0.47072	NUM
easat-9225	188	13	151.844	151.844	NUM
easat-9225	188	14	47.8561	47.8561	NUM
easat-9225	188	15	0.0000	0.0000	NUM
easat-9225	188	16	*	*	PUNCT
easat-9225	188	17	at	at	ADP
easat-9225	188	18	most	most	ADV
easat-9225	188	19	2	2	NUM
easat-9225	188	20	*	*	SYM
easat-9225	188	21	0.40655	0.40655	NUM
easat-9225	188	22	93.3089	93.3089	NUM
easat-9225	188	23	29.787	29.787	NUM
easat-9225	188	24	0.0000	0.0000	NUM
easat-9225	188	25	*	*	PUNCT
easat-9225	188	26	at	at	ADP
easat-9225	188	27	most	most	ADJ
easat-9225	188	28	3	3	NUM
easat-9225	188	29	*	*	PUNCT
easat-9225	188	30	0.26549	0.26549	NUM
easat-9225	188	31	45.3017	45.3017	NUM
easat-9225	188	32	15.4947	15.4947	NUM
easat-9225	188	33	0.0000	0.0000	NUM
easat-9225	188	34	*	*	PUNCT
easat-9225	188	35	at	at	ADP
easat-9225	188	36	most	most	ADV
easat-9225	188	37	4	4	NUM
easat-9225	188	38	*	*	SYM
easat-9225	188	39	0.16794	0.16794	NUM
easat-9225	188	40	16.9147	16.9147	NUM
easat-9225	188	41	3.84146	3.84146	NUM
easat-9225	188	42	0.0000	0.0000	NUM
easat-9225	188	43	*	*	NOUN
easat-9225	188	44	sweden	sweden	NOUN
easat-9225	189	1	none	none	NOUN
easat-9225	189	2	*	*	PUNCT
easat-9225	190	1	0.57450	0.57450	NUM
easat-9225	190	2	223.133	223.133	NUM
easat-9225	190	3	69.8188	69.8188	NUM
easat-9225	190	4	0.0000	0.0000	NUM
easat-9225	190	5	*	*	PUNCT
easat-9225	190	6	at	at	ADP
easat-9225	190	7	most	most	ADV
easat-9225	190	8	1	1	NUM
easat-9225	190	9	*	*	PUNCT
easat-9225	190	10	0.47109	0.47109	NUM
easat-9225	190	11	144.519	144.519	NUM
easat-9225	190	12	47.8561	47.8561	NUM
easat-9225	190	13	0.0000	0.0000	NUM
easat-9225	190	14	*	*	PUNCT
easat-9225	190	15	at	at	ADP
easat-9225	190	16	most	most	ADJ
easat-9225	190	17	2	2	NUM
easat-9225	190	18	*	*	SYM
easat-9225	190	19	0.32660	0.32660	NUM
easat-9225	190	20	85.9205	85.9205	NUM
easat-9225	190	21	29.7970	29.7970	NUM
easat-9225	190	22	0.0000	0.0000	NUM
easat-9225	190	23	*	*	PUNCT
easat-9225	190	24	at	at	ADP
easat-9225	190	25	most	most	ADJ
easat-9225	190	26	3	3	NUM
easat-9225	190	27	*	*	SYM
easat-9225	190	28	0.23722	0.23722	NUM
easat-9225	190	29	49.5414	49.5414	NUM
easat-9225	190	30	15.4947	15.4947	NUM
easat-9225	190	31	0.0000	0.0000	NUM
easat-9225	190	32	*	*	PUNCT
easat-9225	190	33	at	at	ADP
easat-9225	190	34	most	most	ADV
easat-9225	190	35	4	4	NUM
easat-9225	190	36	*	*	NOUN
easat-9225	190	37	0.23485	0.23485	NUM
easat-9225	190	38	24.6279	24.6279	NUM
easat-9225	190	39	3.84146	3.84146	NUM
easat-9225	190	40	0.0000	0.0000	NUM
easat-9225	190	41	*	*	PUNCT
easat-9225	190	42	denmark	denmark	NOUN
easat-9225	190	43	none	none	NOUN
easat-9225	190	44	*	*	PUNCT
easat-9225	191	1	0.53254	0.53254	NUM
easat-9225	191	2	201.820	201.820	NUM
easat-9225	191	3	69.8188	69.8188	NUM
easat-9225	191	4	0.0000	0.0000	NUM
easat-9225	191	5	*	*	PUNCT
easat-9225	191	6	at	at	ADP
easat-9225	191	7	most	most	ADV
easat-9225	191	8	1	1	NUM
easat-9225	191	9	*	*	PUNCT
easat-9225	191	10	0.4279	0.4279	NUM
easat-9225	191	11	131.859	131.859	NUM
easat-9225	191	12	47.8561	47.8561	NUM
easat-9225	191	13	0.0000	0.0000	NUM
easat-9225	191	14	*	*	PUNCT
easat-9225	191	15	at	at	ADP
easat-9225	191	16	most	most	ADJ
easat-9225	191	17	2	2	NUM
easat-9225	191	18	*	*	PUNCT
easat-9225	191	19	0.30195	0.30195	NUM
easat-9225	191	20	80.4815	80.4815	NUM
easat-9225	191	21	29.7970	29.7970	NUM
easat-9225	191	22	0.0000	0.0000	NUM
easat-9225	191	23	*	*	PUNCT
easat-9225	191	24	at	at	ADP
easat-9225	191	25	most	most	ADJ
easat-9225	191	26	3	3	NUM
easat-9225	191	27	*	*	PUNCT
easat-9225	191	28	0.25884	0.25884	NUM
easat-9225	191	29	47.4098	47.4098	NUM
easat-9225	191	30	15.4947	15.4947	NUM
easat-9225	191	31	0.0000	0.0000	NUM
easat-9225	191	32	*	*	PUNCT
easat-9225	191	33	at	at	ADP
easat-9225	191	34	most	most	ADV
easat-9225	191	35	4	4	NUM
easat-9225	191	36	*	*	NUM
easat-9225	191	37	0.19408	0.19408	NUM
easat-9225	191	38	19.8513	19.8513	NUM
easat-9225	191	39	3.84146	3.84146	NUM
easat-9225	191	40	0.0000	0.0000	NUM
easat-9225	191	41	*	*	PUNCT
easat-9225	191	42	note	note	NOUN
easat-9225	191	43	:	:	PUNCT
easat-9225	191	44	*	*	PUNCT
easat-9225	191	45	–	–	PUNCT
easat-9225	191	46	indicates	indicate	VERB
easat-9225	191	47	significant	significant	ADJ
easat-9225	191	48	result	result	NOUN
easat-9225	191	49	on	on	ADP
easat-9225	191	50	testing	test	VERB
easat-9225	191	51	the	the	DET
easat-9225	191	52	co	co	NOUN
easat-9225	191	53	-	-	NOUN
easat-9225	191	54	integration	integration	NOUN
easat-9225	191	55	at	at	ADP
easat-9225	191	56	1	1	NUM
easat-9225	191	57	%	%	NOUN
easat-9225	191	58	and	and	CCONJ
easat-9225	191	59	5	5	NUM
easat-9225	191	60	%	%	NOUN
easat-9225	191	61	level	level	NOUN
easat-9225	191	62	of	of	ADP
easat-9225	191	63	significance	significance	NOUN
easat-9225	191	64	.	.	PUNCT
easat-9225	192	1	referring	refer	VERB
easat-9225	192	2	to	to	ADP
easat-9225	192	3	table	table	NOUN
easat-9225	192	4	2	2	NUM
easat-9225	192	5	,	,	PUNCT
easat-9225	192	6	we	we	PRON
easat-9225	192	7	conclude	conclude	VERB
easat-9225	192	8	that	that	SCONJ
easat-9225	192	9	there	there	PRON
easat-9225	192	10	is	be	VERB
easat-9225	192	11	a	a	DET
easat-9225	192	12	long	long	ADJ
easat-9225	192	13	-	-	PUNCT
easat-9225	192	14	term	term	NOUN
easat-9225	192	15	relationship	relationship	NOUN
easat-9225	192	16	among	among	ADP
easat-9225	192	17	the	the	DET
easat-9225	192	18	five	five	NUM
easat-9225	192	19	variables	variable	NOUN
easat-9225	192	20	in	in	ADP
easat-9225	192	21	the	the	DET
easat-9225	192	22	three	three	NUM
easat-9225	192	23	countries	country	NOUN
easat-9225	192	24	at	at	ADP
easat-9225	192	25	a	a	DET
easat-9225	192	26	1	1	NUM
easat-9225	192	27	%	%	NOUN
easat-9225	192	28	significance	significance	NOUN
easat-9225	192	29	level	level	NOUN
easat-9225	192	30	,	,	PUNCT
easat-9225	192	31	confirming	confirm	VERB
easat-9225	192	32	the	the	DET
easat-9225	192	33	existence	existence	NOUN
easat-9225	192	34	of	of	ADP
easat-9225	192	35	cointegration	cointegration	NOUN
easat-9225	192	36	between	between	ADP
easat-9225	192	37	stock	stock	NOUN
easat-9225	192	38	market	market	NOUN
easat-9225	192	39	returns	return	NOUN
easat-9225	192	40	,	,	PUNCT
easat-9225	192	41	gdp	gdp	NOUN
easat-9225	192	42	per	per	ADP
easat-9225	192	43	capita	capita	NOUN
easat-9225	192	44	,	,	PUNCT
easat-9225	192	45	short	short	ADJ
easat-9225	192	46	-	-	PUNCT
easat-9225	192	47	term	term	NOUN
easat-9225	192	48	interest	interest	NOUN
easat-9225	192	49	rates	rate	NOUN
easat-9225	192	50	,	,	PUNCT
easat-9225	192	51	inflation	inflation	NOUN
easat-9225	192	52	rate	rate	NOUN
easat-9225	192	53	,	,	PUNCT
easat-9225	192	54	population	population	NOUN
easat-9225	192	55	growth	growth	NOUN
easat-9225	192	56	,	,	PUNCT
easat-9225	192	57	and	and	CCONJ
easat-9225	192	58	stock	stock	NOUN
easat-9225	192	59	market	market	NOUN
easat-9225	192	60	returns	return	NOUN
easat-9225	192	61	.	.	PUNCT
easat-9225	193	1	the	the	DET
easat-9225	193	2	results	result	NOUN
easat-9225	193	3	presented	present	VERB
easat-9225	193	4	in	in	ADP
easat-9225	193	5	table	table	NOUN
easat-9225	193	6	2	2	NUM
easat-9225	193	7	(	(	PUNCT
easat-9225	193	8	additional	additional	ADJ
easat-9225	193	9	test	test	NOUN
easat-9225	193	10	results	result	NOUN
easat-9225	193	11	in	in	ADP
easat-9225	193	12	appendix	appendix	ADJ
easat-9225	193	13	a3	a3	NOUN
easat-9225	193	14	)	)	PUNCT
easat-9225	193	15	indicate	indicate	VERB
easat-9225	193	16	that	that	SCONJ
easat-9225	193	17	120	120	NUM
easat-9225	193	18	edelweiss	edelweiss	PROPN
easat-9225	193	19	applied	apply	VERB
easat-9225	193	20	science	science	NOUN
easat-9225	193	21	and	and	CCONJ
easat-9225	193	22	technology	technology	NOUN
easat-9225	193	23	issn	issn	PROPN
easat-9225	193	24	:	:	PUNCT
easat-9225	193	25	2576	2576	NUM
easat-9225	193	26	-	-	SYM
easat-9225	193	27	8484	8484	NUM
easat-9225	193	28	vol	vol	NOUN
easat-9225	193	29	.	.	PROPN
easat-9225	194	1	9	9	NUM
easat-9225	194	2	,	,	PUNCT
easat-9225	194	3	no	no	INTJ
easat-9225	194	4	.	.	NOUN
easat-9225	194	5	8	8	NUM
easat-9225	194	6	:	:	SYM
easat-9225	194	7	113	113	NUM
easat-9225	194	8	-	-	SYM
easat-9225	194	9	137	137	NUM
easat-9225	194	10	,	,	PUNCT
easat-9225	194	11	2025	2025	NUM
easat-9225	194	12	doi	doi	NOUN
easat-9225	194	13	:	:	PUNCT
easat-9225	194	14	10.55214/2576	10.55214/2576	NUM
easat-9225	194	15	-	-	SYM
easat-9225	194	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	195	1	©	©	PROPN
easat-9225	195	2	2025	2025	NUM
easat-9225	195	3	by	by	ADP
easat-9225	195	4	the	the	DET
easat-9225	195	5	authors	author	NOUN
easat-9225	195	6	;	;	PUNCT
easat-9225	195	7	licensee	licensee	PROPN
easat-9225	195	8	learning	learn	VERB
easat-9225	195	9	gate	gate	PROPN
easat-9225	195	10	vecm	vecm	NOUN
easat-9225	195	11	should	should	AUX
easat-9225	195	12	be	be	AUX
easat-9225	195	13	used	use	VERB
easat-9225	195	14	to	to	PART
easat-9225	195	15	analyze	analyze	VERB
easat-9225	195	16	the	the	DET
easat-9225	195	17	long	long	ADJ
easat-9225	195	18	-	-	PUNCT
easat-9225	195	19	term	term	NOUN
easat-9225	195	20	interaction	interaction	NOUN
easat-9225	195	21	or	or	CCONJ
easat-9225	195	22	relationship	relationship	NOUN
easat-9225	195	23	between	between	ADP
easat-9225	195	24	the	the	DET
easat-9225	195	25	variables	variable	NOUN
easat-9225	195	26	due	due	ADP
easat-9225	195	27	to	to	ADP
easat-9225	195	28	the	the	DET
easat-9225	195	29	presence	presence	NOUN
easat-9225	195	30	of	of	ADP
easat-9225	195	31	cointegration	cointegration	NOUN
easat-9225	195	32	.	.	PUNCT
easat-9225	196	1	4.5	4.5	NUM
easat-9225	196	2	.	.	PUNCT
easat-9225	196	3	vecm	vecm	NOUN
easat-9225	196	4	results	result	VERB
easat-9225	196	5	the	the	DET
easat-9225	196	6	final	final	ADJ
easat-9225	196	7	step	step	NOUN
easat-9225	196	8	of	of	ADP
easat-9225	196	9	the	the	DET
easat-9225	196	10	analysis	analysis	NOUN
easat-9225	196	11	is	be	AUX
easat-9225	196	12	to	to	PART
easat-9225	196	13	examine	examine	VERB
easat-9225	196	14	the	the	DET
easat-9225	196	15	long	long	ADJ
easat-9225	196	16	-	-	PUNCT
easat-9225	196	17	term	term	NOUN
easat-9225	196	18	relationship	relationship	NOUN
easat-9225	196	19	between	between	ADP
easat-9225	196	20	the	the	DET
easat-9225	196	21	selected	select	VERB
easat-9225	196	22	variables	variable	NOUN
easat-9225	196	23	and	and	CCONJ
easat-9225	196	24	attempt	attempt	VERB
easat-9225	196	25	to	to	PART
easat-9225	196	26	answer	answer	VERB
easat-9225	196	27	the	the	DET
easat-9225	196	28	research	research	NOUN
easat-9225	196	29	questions	question	NOUN
easat-9225	196	30	.	.	PUNCT
easat-9225	197	1	since	since	SCONJ
easat-9225	197	2	the	the	DET
easat-9225	197	3	findings	finding	NOUN
easat-9225	197	4	suggested	suggest	VERB
easat-9225	197	5	the	the	DET
easat-9225	197	6	existence	existence	NOUN
easat-9225	197	7	of	of	ADP
easat-9225	197	8	cointegration	cointegration	NOUN
easat-9225	197	9	among	among	ADP
easat-9225	197	10	the	the	DET
easat-9225	197	11	variables	variable	NOUN
easat-9225	197	12	,	,	PUNCT
easat-9225	197	13	it	it	PRON
easat-9225	197	14	is	be	AUX
easat-9225	197	15	essential	essential	ADJ
easat-9225	197	16	to	to	PART
easat-9225	197	17	proceed	proceed	VERB
easat-9225	197	18	with	with	ADP
easat-9225	197	19	vecm	vecm	NOUN
easat-9225	197	20	to	to	PART
easat-9225	197	21	distinguish	distinguish	VERB
easat-9225	197	22	between	between	ADP
easat-9225	197	23	shortterm	shortterm	PROPN
easat-9225	197	24	and	and	CCONJ
easat-9225	197	25	long	long	ADJ
easat-9225	197	26	-	-	PUNCT
easat-9225	197	27	term	term	NOUN
easat-9225	197	28	effects	effect	NOUN
easat-9225	197	29	[	[	X
easat-9225	197	30	17	17	NUM
easat-9225	197	31	]	]	PUNCT
easat-9225	197	32	.	.	PUNCT
easat-9225	198	1	we	we	PRON
easat-9225	198	2	follow	follow	VERB
easat-9225	198	3	this	this	DET
easat-9225	198	4	final	final	ADJ
easat-9225	198	5	step	step	NOUN
easat-9225	198	6	by	by	ADP
easat-9225	198	7	running	run	VERB
easat-9225	198	8	vecm	vecm	NOUN
easat-9225	198	9	on	on	ADP
easat-9225	198	10	the	the	DET
easat-9225	198	11	long	long	ADJ
easat-9225	198	12	-	-	PUNCT
easat-9225	198	13	term	term	NOUN
easat-9225	198	14	relationship	relationship	NOUN
easat-9225	198	15	between	between	ADP
easat-9225	198	16	the	the	DET
easat-9225	198	17	variables	variable	NOUN
easat-9225	198	18	,	,	PUNCT
easat-9225	198	19	as	as	SCONJ
easat-9225	198	20	previously	previously	ADV
easat-9225	198	21	done	do	VERB
easat-9225	198	22	,	,	PUNCT
easat-9225	198	23	by	by	ADP
easat-9225	198	24	comparing	compare	VERB
easat-9225	198	25	the	the	DET
easat-9225	198	26	t	t	PROPN
easat-9225	198	27	-	-	PUNCT
easat-9225	198	28	statistics	statistic	NOUN
easat-9225	198	29	with	with	ADP
easat-9225	198	30	the	the	DET
easat-9225	198	31	critical	critical	ADJ
easat-9225	198	32	tvalues	tvalue	NOUN
easat-9225	198	33	.	.	PUNCT
easat-9225	199	1	these	these	DET
easat-9225	199	2	findings	finding	NOUN
easat-9225	199	3	provide	provide	VERB
easat-9225	199	4	further	further	ADJ
easat-9225	199	5	support	support	NOUN
easat-9225	199	6	for	for	ADP
easat-9225	199	7	the	the	DET
easat-9225	199	8	discussion	discussion	NOUN
easat-9225	199	9	and	and	CCONJ
easat-9225	199	10	recommendations	recommendation	NOUN
easat-9225	199	11	addressed	address	VERB
easat-9225	199	12	in	in	ADP
easat-9225	199	13	the	the	DET
easat-9225	199	14	following	follow	VERB
easat-9225	199	15	sections	section	NOUN
easat-9225	199	16	.	.	PUNCT
easat-9225	200	1	from	from	ADP
easat-9225	200	2	the	the	DET
easat-9225	200	3	vecm	vecm	NOUN
easat-9225	200	4	model	model	NOUN
easat-9225	200	5	results	result	NOUN
easat-9225	200	6	presented	present	VERB
easat-9225	200	7	in	in	ADP
easat-9225	200	8	appendix	appendix	ADJ
easat-9225	200	9	a4	a4	NOUN
easat-9225	200	10	(	(	PUNCT
easat-9225	200	11	table	table	NOUN
easat-9225	200	12	4.1	4.1	NUM
easat-9225	200	13	)	)	PUNCT
easat-9225	200	14	for	for	ADP
easat-9225	200	15	switzerland	switzerland	PROPN
easat-9225	200	16	,	,	PUNCT
easat-9225	200	17	we	we	PRON
easat-9225	200	18	observe	observe	VERB
easat-9225	200	19	a	a	DET
easat-9225	200	20	negative	negative	ADJ
easat-9225	200	21	and	and	CCONJ
easat-9225	200	22	significant	significant	ADJ
easat-9225	200	23	relationship	relationship	NOUN
easat-9225	200	24	between	between	ADP
easat-9225	200	25	economic	economic	ADJ
easat-9225	200	26	growth	growth	NOUN
easat-9225	200	27	(	(	PUNCT
easat-9225	200	28	lgdpcap	lgdpcap	PROPN
easat-9225	200	29	)	)	PUNCT
easat-9225	200	30	and	and	CCONJ
easat-9225	200	31	stock	stock	NOUN
easat-9225	200	32	market	market	NOUN
easat-9225	200	33	returns	return	NOUN
easat-9225	200	34	(	(	PUNCT
easat-9225	200	35	dn_returns	dn_return	NOUN
easat-9225	200	36	)	)	PUNCT
easat-9225	200	37	.	.	PUNCT
easat-9225	201	1	a	a	DET
easat-9225	201	2	negative	negative	ADJ
easat-9225	201	3	and	and	CCONJ
easat-9225	201	4	significant	significant	ADJ
easat-9225	201	5	relationship	relationship	NOUN
easat-9225	201	6	is	be	AUX
easat-9225	201	7	also	also	ADV
easat-9225	201	8	confirmed	confirm	VERB
easat-9225	201	9	between	between	ADP
easat-9225	201	10	inflation	inflation	NOUN
easat-9225	201	11	(	(	PUNCT
easat-9225	201	12	dcpi	dcpi	ADJ
easat-9225	201	13	)	)	PUNCT
easat-9225	201	14	and	and	CCONJ
easat-9225	201	15	economic	economic	ADJ
easat-9225	201	16	growth	growth	NOUN
easat-9225	201	17	(	(	PUNCT
easat-9225	201	18	lgdpcap	lgdpcap	PROPN
easat-9225	201	19	)	)	PUNCT
easat-9225	201	20	.	.	PUNCT
easat-9225	202	1	however	however	ADV
easat-9225	202	2	,	,	PUNCT
easat-9225	202	3	short	short	ADJ
easat-9225	202	4	-	-	PUNCT
easat-9225	202	5	term	term	NOUN
easat-9225	202	6	interest	interest	NOUN
easat-9225	202	7	rates	rate	NOUN
easat-9225	202	8	,	,	PUNCT
easat-9225	202	9	inflation	inflation	NOUN
easat-9225	202	10	,	,	PUNCT
easat-9225	202	11	and	and	CCONJ
easat-9225	202	12	population	population	NOUN
easat-9225	202	13	growth	growth	NOUN
easat-9225	202	14	do	do	AUX
easat-9225	202	15	not	not	PART
easat-9225	202	16	show	show	VERB
easat-9225	202	17	a	a	DET
easat-9225	202	18	significant	significant	ADJ
easat-9225	202	19	relationship	relationship	NOUN
easat-9225	202	20	with	with	ADP
easat-9225	202	21	stock	stock	NOUN
easat-9225	202	22	market	market	NOUN
easat-9225	202	23	returns	return	NOUN
easat-9225	202	24	,	,	PUNCT
easat-9225	202	25	confirming	confirm	VERB
easat-9225	202	26	that	that	SCONJ
easat-9225	202	27	these	these	DET
easat-9225	202	28	indicators	indicator	NOUN
easat-9225	202	29	are	be	AUX
easat-9225	202	30	not	not	PART
easat-9225	202	31	key	key	ADJ
easat-9225	202	32	determinants	determinant	NOUN
easat-9225	202	33	of	of	ADP
easat-9225	202	34	long	long	ADJ
easat-9225	202	35	-	-	PUNCT
easat-9225	202	36	term	term	NOUN
easat-9225	202	37	stock	stock	NOUN
easat-9225	202	38	market	market	NOUN
easat-9225	202	39	returns	return	NOUN
easat-9225	202	40	.	.	PUNCT
easat-9225	203	1	similarly	similarly	ADV
easat-9225	203	2	,	,	PUNCT
easat-9225	203	3	the	the	DET
easat-9225	203	4	vecm	vecm	NOUN
easat-9225	203	5	analysis	analysis	NOUN
easat-9225	203	6	results	result	NOUN
easat-9225	203	7	for	for	ADP
easat-9225	203	8	sweden	sweden	PROPN
easat-9225	203	9	,	,	PUNCT
easat-9225	203	10	presented	present	VERB
easat-9225	203	11	in	in	ADP
easat-9225	203	12	appendix	appendix	ADJ
easat-9225	203	13	a4	a4	NOUN
easat-9225	203	14	(	(	PUNCT
easat-9225	203	15	table	table	NOUN
easat-9225	203	16	4.2	4.2	NUM
easat-9225	203	17	)	)	PUNCT
easat-9225	203	18	,	,	PUNCT
easat-9225	203	19	show	show	VERB
easat-9225	203	20	findings	finding	NOUN
easat-9225	203	21	similar	similar	ADJ
easat-9225	203	22	to	to	ADP
easat-9225	203	23	those	those	PRON
easat-9225	203	24	for	for	ADP
easat-9225	203	25	switzerland	switzerland	PROPN
easat-9225	203	26	.	.	PUNCT
easat-9225	204	1	a	a	DET
easat-9225	204	2	significant	significant	ADJ
easat-9225	204	3	relationship	relationship	NOUN
easat-9225	204	4	is	be	AUX
easat-9225	204	5	observed	observe	VERB
easat-9225	204	6	between	between	ADP
easat-9225	204	7	stock	stock	NOUN
easat-9225	204	8	market	market	NOUN
easat-9225	204	9	returns	return	NOUN
easat-9225	204	10	(	(	PUNCT
easat-9225	204	11	dn_returns	dn_return	NOUN
easat-9225	204	12	)	)	PUNCT
easat-9225	204	13	and	and	CCONJ
easat-9225	204	14	economic	economic	ADJ
easat-9225	204	15	growth	growth	NOUN
easat-9225	204	16	(	(	PUNCT
easat-9225	204	17	lgdpcap	lgdpcap	PROPN
easat-9225	204	18	)	)	PUNCT
easat-9225	204	19	,	,	PUNCT
easat-9225	204	20	but	but	CCONJ
easat-9225	204	21	not	not	PART
easat-9225	204	22	in	in	ADP
easat-9225	204	23	the	the	DET
easat-9225	204	24	reverse	reverse	ADJ
easat-9225	204	25	direction	direction	NOUN
easat-9225	204	26	.	.	PUNCT
easat-9225	205	1	the	the	DET
easat-9225	205	2	results	result	NOUN
easat-9225	205	3	indicate	indicate	VERB
easat-9225	205	4	that	that	SCONJ
easat-9225	205	5	stock	stock	NOUN
easat-9225	205	6	market	market	NOUN
easat-9225	205	7	returns	return	NOUN
easat-9225	205	8	positively	positively	ADV
easat-9225	205	9	impact	impact	VERB
easat-9225	205	10	gdp	gdp	NOUN
easat-9225	205	11	growth	growth	NOUN
easat-9225	205	12	,	,	PUNCT
easat-9225	205	13	but	but	CCONJ
easat-9225	205	14	economic	economic	ADJ
easat-9225	205	15	growth	growth	NOUN
easat-9225	205	16	does	do	AUX
easat-9225	205	17	not	not	PART
easat-9225	205	18	have	have	VERB
easat-9225	205	19	a	a	DET
easat-9225	205	20	significant	significant	ADJ
easat-9225	205	21	impact	impact	NOUN
easat-9225	205	22	on	on	ADP
easat-9225	205	23	stock	stock	NOUN
easat-9225	205	24	market	market	NOUN
easat-9225	205	25	returns	return	NOUN
easat-9225	205	26	.	.	PUNCT
easat-9225	206	1	additionally	additionally	ADV
easat-9225	206	2	,	,	PUNCT
easat-9225	206	3	in	in	ADP
easat-9225	206	4	sweden	sweden	PROPN
easat-9225	206	5	,	,	PUNCT
easat-9225	206	6	the	the	DET
easat-9225	206	7	findings	finding	NOUN
easat-9225	206	8	confirm	confirm	VERB
easat-9225	206	9	that	that	SCONJ
easat-9225	206	10	in	in	ADP
easat-9225	206	11	the	the	DET
easat-9225	206	12	long	long	ADJ
easat-9225	206	13	term	term	NOUN
easat-9225	206	14	,	,	PUNCT
easat-9225	206	15	other	other	ADJ
easat-9225	206	16	macroeconomic	macroeconomic	ADJ
easat-9225	206	17	factors	factor	NOUN
easat-9225	206	18	are	be	AUX
easat-9225	206	19	not	not	PART
easat-9225	206	20	key	key	ADJ
easat-9225	206	21	determinants	determinant	NOUN
easat-9225	206	22	of	of	ADP
easat-9225	206	23	stock	stock	NOUN
easat-9225	206	24	market	market	NOUN
easat-9225	206	25	returns	return	NOUN
easat-9225	206	26	.	.	PUNCT
easat-9225	207	1	the	the	DET
easat-9225	207	2	vecm	vecm	NOUN
easat-9225	207	3	model	model	VERB
easat-9225	207	4	results	result	NOUN
easat-9225	207	5	for	for	ADP
easat-9225	207	6	denmark	denmark	NOUN
easat-9225	207	7	,	,	PUNCT
easat-9225	207	8	presented	present	VERB
easat-9225	207	9	in	in	ADP
easat-9225	207	10	appendix	appendix	ADJ
easat-9225	207	11	a4	a4	NOUN
easat-9225	207	12	(	(	PUNCT
easat-9225	207	13	table	table	NOUN
easat-9225	207	14	4.3	4.3	NUM
easat-9225	207	15	)	)	PUNCT
easat-9225	207	16	,	,	PUNCT
easat-9225	207	17	show	show	VERB
easat-9225	207	18	nearly	nearly	ADV
easat-9225	207	19	identical	identical	ADJ
easat-9225	207	20	findings	finding	NOUN
easat-9225	207	21	.	.	PUNCT
easat-9225	208	1	the	the	DET
easat-9225	208	2	results	result	NOUN
easat-9225	208	3	confirm	confirm	VERB
easat-9225	208	4	a	a	DET
easat-9225	208	5	positive	positive	ADJ
easat-9225	208	6	relationship	relationship	NOUN
easat-9225	208	7	between	between	ADP
easat-9225	208	8	stock	stock	NOUN
easat-9225	208	9	market	market	NOUN
easat-9225	208	10	returns	return	NOUN
easat-9225	208	11	(	(	PUNCT
easat-9225	208	12	dn_returns	dn_return	NOUN
easat-9225	208	13	)	)	PUNCT
easat-9225	208	14	and	and	CCONJ
easat-9225	208	15	economic	economic	ADJ
easat-9225	208	16	growth	growth	NOUN
easat-9225	208	17	(	(	PUNCT
easat-9225	208	18	lgdpcap	lgdpcap	PROPN
easat-9225	208	19	)	)	PUNCT
easat-9225	208	20	,	,	PUNCT
easat-9225	208	21	but	but	CCONJ
easat-9225	208	22	again	again	ADV
easat-9225	208	23	,	,	PUNCT
easat-9225	208	24	no	no	DET
easat-9225	208	25	significant	significant	ADJ
easat-9225	208	26	relationship	relationship	NOUN
easat-9225	208	27	is	be	AUX
easat-9225	208	28	observed	observe	VERB
easat-9225	208	29	in	in	ADP
easat-9225	208	30	the	the	DET
easat-9225	208	31	reverse	reverse	ADJ
easat-9225	208	32	direction	direction	NOUN
easat-9225	208	33	.	.	PUNCT
easat-9225	209	1	a	a	DET
easat-9225	209	2	positive	positive	ADJ
easat-9225	209	3	but	but	CCONJ
easat-9225	209	4	insignificant	insignificant	ADJ
easat-9225	209	5	relationship	relationship	NOUN
easat-9225	209	6	is	be	AUX
easat-9225	209	7	also	also	ADV
easat-9225	209	8	identified	identify	VERB
easat-9225	209	9	between	between	ADP
easat-9225	209	10	short	short	ADJ
easat-9225	209	11	-	-	PUNCT
easat-9225	209	12	term	term	NOUN
easat-9225	209	13	interest	interest	NOUN
easat-9225	209	14	rates	rate	NOUN
easat-9225	209	15	and	and	CCONJ
easat-9225	209	16	stock	stock	NOUN
easat-9225	209	17	market	market	NOUN
easat-9225	209	18	returns	return	NOUN
easat-9225	209	19	.	.	PUNCT
easat-9225	210	1	on	on	ADP
easat-9225	210	2	the	the	DET
easat-9225	210	3	other	other	ADJ
easat-9225	210	4	hand	hand	NOUN
easat-9225	210	5	,	,	PUNCT
easat-9225	210	6	a	a	DET
easat-9225	210	7	negative	negative	ADJ
easat-9225	210	8	but	but	CCONJ
easat-9225	210	9	insignificant	insignificant	ADJ
easat-9225	210	10	relationship	relationship	NOUN
easat-9225	210	11	is	be	AUX
easat-9225	210	12	confirmed	confirm	VERB
easat-9225	210	13	between	between	ADP
easat-9225	210	14	inflation	inflation	NOUN
easat-9225	210	15	and	and	CCONJ
easat-9225	210	16	stock	stock	NOUN
easat-9225	210	17	market	market	NOUN
easat-9225	210	18	returns	return	NOUN
easat-9225	210	19	.	.	PUNCT
easat-9225	211	1	5	5	X
easat-9225	211	2	.	.	X
easat-9225	211	3	discussion	discussion	NOUN
easat-9225	211	4	of	of	ADP
easat-9225	211	5	results	result	NOUN
easat-9225	211	6	the	the	DET
easat-9225	211	7	objective	objective	NOUN
easat-9225	211	8	of	of	ADP
easat-9225	211	9	this	this	DET
easat-9225	211	10	study	study	NOUN
easat-9225	211	11	was	be	AUX
easat-9225	211	12	to	to	PART
easat-9225	211	13	examine	examine	VERB
easat-9225	211	14	the	the	DET
easat-9225	211	15	short	short	ADJ
easat-9225	211	16	-	-	PUNCT
easat-9225	211	17	term	term	NOUN
easat-9225	211	18	and	and	CCONJ
easat-9225	211	19	long	long	ADJ
easat-9225	211	20	-	-	PUNCT
easat-9225	211	21	term	term	NOUN
easat-9225	211	22	relationships	relationship	NOUN
easat-9225	211	23	between	between	ADP
easat-9225	211	24	macroeconomic	macroeconomic	ADJ
easat-9225	211	25	indicators	indicator	NOUN
easat-9225	211	26	and	and	CCONJ
easat-9225	211	27	stock	stock	NOUN
easat-9225	211	28	market	market	NOUN
easat-9225	211	29	returns	return	NOUN
easat-9225	211	30	.	.	PUNCT
easat-9225	212	1	we	we	PRON
easat-9225	212	2	applied	apply	VERB
easat-9225	212	3	var	var	NOUN
easat-9225	212	4	models	model	NOUN
easat-9225	212	5	,	,	PUNCT
easat-9225	212	6	granger	granger	PROPN
easat-9225	212	7	causality	causality	PROPN
easat-9225	212	8	,	,	PUNCT
easat-9225	212	9	and	and	CCONJ
easat-9225	212	10	vecm	vecm	NOUN
easat-9225	212	11	to	to	PART
easat-9225	212	12	address	address	VERB
easat-9225	212	13	the	the	DET
easat-9225	212	14	research	research	NOUN
easat-9225	212	15	questions	question	NOUN
easat-9225	212	16	.	.	PUNCT
easat-9225	213	1	the	the	DET
easat-9225	213	2	unit	unit	NOUN
easat-9225	213	3	root	root	PROPN
easat-9225	213	4	test	test	NOUN
easat-9225	213	5	results	result	NOUN
easat-9225	213	6	indicated	indicate	VERB
easat-9225	213	7	that	that	SCONJ
easat-9225	213	8	the	the	DET
easat-9225	213	9	variables	variable	NOUN
easat-9225	213	10	were	be	AUX
easat-9225	213	11	non	non	ADJ
easat-9225	213	12	-	-	ADJ
easat-9225	213	13	stationary	stationary	ADJ
easat-9225	213	14	,	,	PUNCT
easat-9225	213	15	requiring	require	VERB
easat-9225	213	16	first	first	ADJ
easat-9225	213	17	order	order	NOUN
easat-9225	213	18	differencing	difference	VERB
easat-9225	213	19	to	to	PART
easat-9225	213	20	proceed	proceed	VERB
easat-9225	213	21	with	with	ADP
easat-9225	213	22	the	the	DET
easat-9225	213	23	var	var	PROPN
easat-9225	213	24	model	model	NOUN
easat-9225	213	25	.	.	PUNCT
easat-9225	214	1	cointegration	cointegration	NOUN
easat-9225	214	2	and	and	CCONJ
easat-9225	214	3	vecm	vecm	NOUN
easat-9225	214	4	were	be	AUX
easat-9225	214	5	used	use	VERB
easat-9225	214	6	to	to	PART
easat-9225	214	7	distinguish	distinguish	VERB
easat-9225	214	8	between	between	ADP
easat-9225	214	9	short	short	ADJ
easat-9225	214	10	-	-	PUNCT
easat-9225	214	11	term	term	NOUN
easat-9225	214	12	and	and	CCONJ
easat-9225	214	13	long	long	ADJ
easat-9225	214	14	-	-	PUNCT
easat-9225	214	15	term	term	NOUN
easat-9225	214	16	relationships	relationship	NOUN
easat-9225	214	17	among	among	ADP
easat-9225	214	18	the	the	DET
easat-9225	214	19	variables	variable	NOUN
easat-9225	214	20	and	and	CCONJ
easat-9225	214	21	to	to	PART
easat-9225	214	22	support	support	VERB
easat-9225	214	23	the	the	DET
easat-9225	214	24	study	study	NOUN
easat-9225	214	25	’s	’s	PART
easat-9225	214	26	research	research	NOUN
easat-9225	214	27	objectives	objective	NOUN
easat-9225	214	28	.	.	PUNCT
easat-9225	215	1	the	the	DET
easat-9225	215	2	findings	finding	NOUN
easat-9225	215	3	reveal	reveal	VERB
easat-9225	215	4	mixed	mixed	ADJ
easat-9225	215	5	relationships	relationship	NOUN
easat-9225	215	6	across	across	ADP
easat-9225	215	7	the	the	DET
easat-9225	215	8	three	three	NUM
easat-9225	215	9	countries	country	NOUN
easat-9225	215	10	switzerland	switzerland	PROPN
easat-9225	215	11	,	,	PUNCT
easat-9225	215	12	sweden	sweden	PROPN
easat-9225	215	13	,	,	PUNCT
easat-9225	215	14	and	and	CCONJ
easat-9225	215	15	denmark	denmark	NOUN
easat-9225	215	16	between	between	ADP
easat-9225	215	17	macroeconomic	macroeconomic	ADJ
easat-9225	215	18	indicators	indicator	NOUN
easat-9225	215	19	and	and	CCONJ
easat-9225	215	20	stock	stock	NOUN
easat-9225	215	21	market	market	NOUN
easat-9225	215	22	returns	return	NOUN
easat-9225	215	23	.	.	PUNCT
easat-9225	216	1	the	the	DET
easat-9225	216	2	results	result	NOUN
easat-9225	216	3	confirm	confirm	VERB
easat-9225	216	4	that	that	SCONJ
easat-9225	216	5	economic	economic	ADJ
easat-9225	216	6	growth	growth	NOUN
easat-9225	216	7	has	have	VERB
easat-9225	216	8	a	a	DET
easat-9225	216	9	significant	significant	ADJ
easat-9225	216	10	positive	positive	ADJ
easat-9225	216	11	short	short	ADJ
easat-9225	216	12	-	-	PUNCT
easat-9225	216	13	term	term	NOUN
easat-9225	216	14	relationship	relationship	NOUN
easat-9225	216	15	with	with	ADP
easat-9225	216	16	stock	stock	NOUN
easat-9225	216	17	market	market	NOUN
easat-9225	216	18	returns	return	NOUN
easat-9225	216	19	,	,	PUNCT
easat-9225	216	20	except	except	SCONJ
easat-9225	216	21	in	in	ADP
easat-9225	216	22	denmark	denmark	NOUN
easat-9225	216	23	,	,	PUNCT
easat-9225	216	24	where	where	SCONJ
easat-9225	216	25	the	the	DET
easat-9225	216	26	relationship	relationship	NOUN
easat-9225	216	27	was	be	AUX
easat-9225	216	28	insignificant	insignificant	ADJ
easat-9225	216	29	.	.	PUNCT
easat-9225	217	1	the	the	DET
easat-9225	217	2	granger	granger	PROPN
easat-9225	217	3	causality	causality	PROPN
easat-9225	217	4	test	test	NOUN
easat-9225	217	5	further	far	ADV
easat-9225	217	6	supports	support	VERB
easat-9225	217	7	that	that	SCONJ
easat-9225	217	8	economic	economic	ADJ
easat-9225	217	9	growth	growth	NOUN
easat-9225	217	10	influences	influence	VERB
easat-9225	217	11	stock	stock	NOUN
easat-9225	217	12	market	market	NOUN
easat-9225	217	13	returns	return	NOUN
easat-9225	217	14	in	in	ADP
easat-9225	217	15	all	all	DET
easat-9225	217	16	three	three	NUM
easat-9225	217	17	countries	country	NOUN
easat-9225	217	18	,	,	PUNCT
easat-9225	217	19	as	as	SCONJ
easat-9225	217	20	the	the	DET
easat-9225	217	21	probability	probability	NOUN
easat-9225	217	22	coefficient	coefficient	NOUN
easat-9225	217	23	(	(	PUNCT
easat-9225	217	24	prob	prob	NOUN
easat-9225	217	25	.	.	PUNCT
easat-9225	217	26	)	)	PUNCT
easat-9225	218	1	<	<	X
easat-9225	218	2	0.05	0.05	NUM
easat-9225	218	3	.	.	PUNCT
easat-9225	219	1	additionally	additionally	ADV
easat-9225	219	2	,	,	PUNCT
easat-9225	219	3	the	the	DET
easat-9225	219	4	results	result	NOUN
easat-9225	219	5	confirm	confirm	VERB
easat-9225	219	6	a	a	DET
easat-9225	219	7	significant	significant	ADJ
easat-9225	219	8	relationship	relationship	NOUN
easat-9225	219	9	between	between	ADP
easat-9225	219	10	economic	economic	ADJ
easat-9225	219	11	growth	growth	NOUN
easat-9225	219	12	and	and	CCONJ
easat-9225	219	13	stock	stock	NOUN
easat-9225	219	14	market	market	NOUN
easat-9225	219	15	returns	return	NOUN
easat-9225	219	16	in	in	ADP
easat-9225	219	17	sweden	sweden	PROPN
easat-9225	219	18	,	,	PUNCT
easat-9225	219	19	but	but	CCONJ
easat-9225	219	20	not	not	PART
easat-9225	219	21	in	in	ADP
easat-9225	219	22	denmark	denmark	NOUN
easat-9225	219	23	,	,	PUNCT
easat-9225	219	24	where	where	SCONJ
easat-9225	219	25	the	the	DET
easat-9225	219	26	relationship	relationship	NOUN
easat-9225	219	27	was	be	AUX
easat-9225	219	28	insignificant	insignificant	ADJ
easat-9225	219	29	.	.	PUNCT
easat-9225	220	1	on	on	ADP
easat-9225	220	2	the	the	DET
easat-9225	220	3	other	other	ADJ
easat-9225	220	4	hand	hand	NOUN
easat-9225	220	5	,	,	PUNCT
easat-9225	220	6	in	in	ADP
easat-9225	220	7	switzerland	switzerland	PROPN
easat-9225	220	8	,	,	PUNCT
easat-9225	220	9	the	the	DET
easat-9225	220	10	findings	finding	NOUN
easat-9225	220	11	indicate	indicate	VERB
easat-9225	220	12	that	that	SCONJ
easat-9225	220	13	long	long	ADJ
easat-9225	220	14	-	-	PUNCT
easat-9225	220	15	term	term	NOUN
easat-9225	220	16	economic	economic	ADJ
easat-9225	220	17	growth	growth	NOUN
easat-9225	220	18	negatively	negatively	ADV
easat-9225	220	19	impacts	impact	VERB
easat-9225	220	20	stock	stock	NOUN
easat-9225	220	21	market	market	NOUN
easat-9225	220	22	returns	return	NOUN
easat-9225	220	23	.	.	PUNCT
easat-9225	221	1	based	base	VERB
easat-9225	221	2	on	on	ADP
easat-9225	221	3	the	the	DET
easat-9225	221	4	results	result	NOUN
easat-9225	221	5	,	,	PUNCT
easat-9225	221	6	we	we	PRON
easat-9225	221	7	can	can	AUX
easat-9225	221	8	conclude	conclude	VERB
easat-9225	221	9	that	that	PRON
easat-9225	221	10	in	in	ADP
easat-9225	221	11	switzerland	switzerland	PROPN
easat-9225	221	12	and	and	CCONJ
easat-9225	221	13	sweden	sweden	PROPN
easat-9225	221	14	,	,	PUNCT
easat-9225	221	15	an	an	DET
easat-9225	221	16	increase	increase	NOUN
easat-9225	221	17	in	in	ADP
easat-9225	221	18	gdp	gdp	NOUN
easat-9225	221	19	contributes	contribute	VERB
easat-9225	221	20	to	to	ADP
easat-9225	221	21	higher	high	ADJ
easat-9225	221	22	stock	stock	NOUN
easat-9225	221	23	market	market	NOUN
easat-9225	221	24	returns	return	NOUN
easat-9225	221	25	.	.	PUNCT
easat-9225	222	1	according	accord	VERB
easat-9225	222	2	to	to	ADP
easat-9225	222	3	the	the	DET
easat-9225	222	4	literature	literature	NOUN
easat-9225	222	5	and	and	CCONJ
easat-9225	222	6	the	the	DET
easat-9225	222	7	findings	finding	NOUN
easat-9225	222	8	of	of	ADP
easat-9225	222	9	this	this	DET
easat-9225	222	10	study	study	NOUN
easat-9225	222	11	,	,	PUNCT
easat-9225	222	12	economic	economic	ADJ
easat-9225	222	13	growth	growth	NOUN
easat-9225	222	14	fluctuations	fluctuation	NOUN
easat-9225	222	15	can	can	AUX
easat-9225	222	16	serve	serve	VERB
easat-9225	222	17	as	as	ADP
easat-9225	222	18	a	a	DET
easat-9225	222	19	basis	basis	NOUN
easat-9225	222	20	for	for	ADP
easat-9225	222	21	forecasting	forecast	VERB
easat-9225	222	22	stock	stock	NOUN
easat-9225	222	23	market	market	NOUN
easat-9225	222	24	returns	return	NOUN
easat-9225	222	25	in	in	ADP
easat-9225	222	26	these	these	DET
easat-9225	222	27	two	two	NUM
easat-9225	222	28	121	121	NUM
easat-9225	222	29	edelweiss	edelweiss	PROPN
easat-9225	222	30	applied	apply	VERB
easat-9225	222	31	science	science	NOUN
easat-9225	222	32	and	and	CCONJ
easat-9225	222	33	technology	technology	NOUN
easat-9225	222	34	issn	issn	PROPN
easat-9225	222	35	:	:	PUNCT
easat-9225	222	36	2576	2576	NUM
easat-9225	222	37	-	-	SYM
easat-9225	222	38	8484	8484	NUM
easat-9225	222	39	vol	vol	NOUN
easat-9225	222	40	.	.	PROPN
easat-9225	223	1	9	9	NUM
easat-9225	223	2	,	,	PUNCT
easat-9225	223	3	no	no	INTJ
easat-9225	223	4	.	.	NOUN
easat-9225	223	5	8	8	NUM
easat-9225	223	6	:	:	SYM
easat-9225	223	7	113	113	NUM
easat-9225	223	8	-	-	SYM
easat-9225	223	9	137	137	NUM
easat-9225	223	10	,	,	PUNCT
easat-9225	223	11	2025	2025	NUM
easat-9225	223	12	doi	doi	NOUN
easat-9225	223	13	:	:	PUNCT
easat-9225	223	14	10.55214/2576	10.55214/2576	NUM
easat-9225	223	15	-	-	SYM
easat-9225	223	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	224	1	©	©	PROPN
easat-9225	224	2	2025	2025	NUM
easat-9225	224	3	by	by	ADP
easat-9225	224	4	the	the	DET
easat-9225	224	5	authors	author	NOUN
easat-9225	224	6	;	;	PUNCT
easat-9225	224	7	licensee	licensee	PROPN
easat-9225	224	8	learning	learn	VERB
easat-9225	224	9	gate	gate	NOUN
easat-9225	224	10	countries	country	NOUN
easat-9225	224	11	.	.	PUNCT
easat-9225	225	1	however	however	ADV
easat-9225	225	2	,	,	PUNCT
easat-9225	225	3	this	this	PRON
easat-9225	225	4	is	be	AUX
easat-9225	225	5	not	not	PART
easat-9225	225	6	the	the	DET
easat-9225	225	7	case	case	NOUN
easat-9225	225	8	for	for	ADP
easat-9225	225	9	denmark	denmark	NOUN
easat-9225	225	10	,	,	PUNCT
easat-9225	225	11	as	as	SCONJ
easat-9225	225	12	economic	economic	ADJ
easat-9225	225	13	growth	growth	NOUN
easat-9225	225	14	has	have	AUX
easat-9225	225	15	not	not	PART
easat-9225	225	16	been	be	AUX
easat-9225	225	17	identified	identify	VERB
easat-9225	225	18	as	as	ADP
easat-9225	225	19	a	a	DET
easat-9225	225	20	key	key	ADJ
easat-9225	225	21	determinant	determinant	NOUN
easat-9225	225	22	of	of	ADP
easat-9225	225	23	stock	stock	NOUN
easat-9225	225	24	market	market	NOUN
easat-9225	225	25	returns	return	NOUN
easat-9225	225	26	in	in	ADP
easat-9225	225	27	either	either	CCONJ
easat-9225	225	28	the	the	DET
easat-9225	225	29	short	short	ADJ
easat-9225	225	30	-	-	PUNCT
easat-9225	225	31	term	term	NOUN
easat-9225	225	32	or	or	CCONJ
easat-9225	225	33	long	long	ADJ
easat-9225	225	34	-	-	PUNCT
easat-9225	225	35	term	term	NOUN
easat-9225	225	36	.	.	PUNCT
easat-9225	226	1	the	the	DET
easat-9225	226	2	findings	finding	NOUN
easat-9225	226	3	of	of	ADP
easat-9225	226	4	this	this	DET
easat-9225	226	5	study	study	NOUN
easat-9225	226	6	align	align	VERB
easat-9225	226	7	with	with	ADP
easat-9225	226	8	those	those	PRON
easat-9225	226	9	of	of	ADP
easat-9225	226	10	oskooe	oskooe	NOUN
easat-9225	226	11	[	[	X
easat-9225	226	12	18	18	NUM
easat-9225	226	13	]	]	PUNCT
easat-9225	226	14	who	who	PRON
easat-9225	226	15	confirms	confirm	VERB
easat-9225	226	16	a	a	DET
easat-9225	226	17	positive	positive	ADJ
easat-9225	226	18	relationship	relationship	NOUN
easat-9225	226	19	between	between	ADP
easat-9225	226	20	economic	economic	ADJ
easat-9225	226	21	growth	growth	NOUN
easat-9225	226	22	and	and	CCONJ
easat-9225	226	23	stock	stock	NOUN
easat-9225	226	24	market	market	NOUN
easat-9225	226	25	returns	return	NOUN
easat-9225	226	26	,	,	PUNCT
easat-9225	226	27	emphasizing	emphasize	VERB
easat-9225	226	28	that	that	SCONJ
easat-9225	226	29	gdp	gdp	NOUN
easat-9225	226	30	growth	growth	NOUN
easat-9225	226	31	increases	increase	VERB
easat-9225	226	32	the	the	DET
easat-9225	226	33	expected	expected	ADJ
easat-9225	226	34	future	future	ADJ
easat-9225	226	35	cash	cash	NOUN
easat-9225	226	36	flow	flow	NOUN
easat-9225	226	37	,	,	PUNCT
easat-9225	226	38	which	which	PRON
easat-9225	226	39	contributes	contribute	VERB
easat-9225	226	40	to	to	ADP
easat-9225	226	41	enhancing	enhance	VERB
easat-9225	226	42	corporations	corporation	NOUN
easat-9225	226	43	'	'	PART
easat-9225	226	44	economic	economic	ADJ
easat-9225	226	45	opportunities	opportunity	NOUN
easat-9225	226	46	and	and	CCONJ
easat-9225	226	47	profitability	profitability	NOUN
easat-9225	226	48	,	,	PUNCT
easat-9225	226	49	ultimately	ultimately	ADV
easat-9225	226	50	leading	lead	VERB
easat-9225	226	51	to	to	ADP
easat-9225	226	52	higher	high	ADJ
easat-9225	226	53	stock	stock	NOUN
easat-9225	226	54	prices	price	NOUN
easat-9225	226	55	.	.	PUNCT
easat-9225	227	1	similarly	similarly	ADV
easat-9225	227	2	,	,	PUNCT
easat-9225	227	3	the	the	DET
easat-9225	227	4	results	result	NOUN
easat-9225	227	5	of	of	ADP
easat-9225	227	6	paramati	paramati	NOUN
easat-9225	227	7	and	and	CCONJ
easat-9225	227	8	gupta	gupta	PROPN
easat-9225	227	9	[	[	X
easat-9225	227	10	19	19	NUM
easat-9225	227	11	]	]	PUNCT
easat-9225	227	12	confirm	confirm	VERB
easat-9225	227	13	that	that	SCONJ
easat-9225	227	14	economic	economic	ADJ
easat-9225	227	15	growth	growth	NOUN
easat-9225	227	16	plays	play	VERB
easat-9225	227	17	a	a	DET
easat-9225	227	18	crucial	crucial	ADJ
easat-9225	227	19	role	role	NOUN
easat-9225	227	20	in	in	ADP
easat-9225	227	21	determining	determine	VERB
easat-9225	227	22	stock	stock	NOUN
easat-9225	227	23	price	price	NOUN
easat-9225	227	24	movements	movement	NOUN
easat-9225	227	25	,	,	PUNCT
easat-9225	227	26	supporting	support	VERB
easat-9225	227	27	the	the	DET
easat-9225	227	28	argument	argument	NOUN
easat-9225	227	29	that	that	SCONJ
easat-9225	227	30	economic	economic	ADJ
easat-9225	227	31	growth	growth	NOUN
easat-9225	227	32	is	be	AUX
easat-9225	227	33	likely	likely	ADJ
easat-9225	227	34	to	to	PART
easat-9225	227	35	stimulate	stimulate	VERB
easat-9225	227	36	and	and	CCONJ
easat-9225	227	37	foster	foster	ADJ
easat-9225	227	38	stock	stock	NOUN
easat-9225	227	39	market	market	NOUN
easat-9225	227	40	development	development	NOUN
easat-9225	227	41	through	through	ADP
easat-9225	227	42	the	the	DET
easat-9225	227	43	proper	proper	ADJ
easat-9225	227	44	reallocation	reallocation	NOUN
easat-9225	227	45	of	of	ADP
easat-9225	227	46	resources	resource	NOUN
easat-9225	227	47	.	.	PUNCT
easat-9225	228	1	on	on	ADP
easat-9225	228	2	the	the	DET
easat-9225	228	3	other	other	ADJ
easat-9225	228	4	hand	hand	NOUN
easat-9225	228	5	,	,	PUNCT
easat-9225	228	6	nordmark	nordmark	NOUN
easat-9225	229	1	[	[	X
easat-9225	229	2	20	20	NUM
easat-9225	229	3	]	]	PUNCT
easat-9225	229	4	who	who	PRON
easat-9225	229	5	studied	study	VERB
easat-9225	229	6	the	the	DET
easat-9225	229	7	relationship	relationship	NOUN
easat-9225	229	8	between	between	ADP
easat-9225	229	9	economic	economic	ADJ
easat-9225	229	10	growth	growth	NOUN
easat-9225	229	11	and	and	CCONJ
easat-9225	229	12	stock	stock	NOUN
easat-9225	229	13	market	market	NOUN
easat-9225	229	14	returns	return	NOUN
easat-9225	229	15	in	in	ADP
easat-9225	229	16	sweden	sweden	PROPN
easat-9225	229	17	,	,	PUNCT
easat-9225	229	18	found	find	VERB
easat-9225	229	19	no	no	DET
easat-9225	229	20	significant	significant	ADJ
easat-9225	229	21	relationship	relationship	NOUN
easat-9225	229	22	or	or	CCONJ
easat-9225	229	23	granger	granger	NOUN
easat-9225	229	24	causality	causality	NOUN
easat-9225	229	25	between	between	ADP
easat-9225	229	26	these	these	DET
easat-9225	229	27	indicators	indicator	NOUN
easat-9225	229	28	,	,	PUNCT
easat-9225	229	29	confirming	confirm	VERB
easat-9225	229	30	that	that	SCONJ
easat-9225	229	31	economic	economic	ADJ
easat-9225	229	32	growth	growth	NOUN
easat-9225	229	33	in	in	ADP
easat-9225	229	34	sweden	sweden	PROPN
easat-9225	229	35	from	from	ADP
easat-9225	229	36	1993	1993	NUM
easat-9225	229	37	to	to	ADP
easat-9225	229	38	2008	2008	NUM
easat-9225	229	39	had	have	VERB
easat-9225	229	40	no	no	DET
easat-9225	229	41	connection	connection	NOUN
easat-9225	229	42	with	with	ADP
easat-9225	229	43	stock	stock	NOUN
easat-9225	229	44	market	market	NOUN
easat-9225	229	45	performance	performance	NOUN
easat-9225	229	46	.	.	PUNCT
easat-9225	230	1	other	other	ADJ
easat-9225	230	2	researchers	researcher	NOUN
easat-9225	230	3	have	have	AUX
easat-9225	230	4	suggested	suggest	VERB
easat-9225	230	5	that	that	SCONJ
easat-9225	230	6	economic	economic	ADJ
easat-9225	230	7	growth	growth	NOUN
easat-9225	230	8	does	do	AUX
easat-9225	230	9	not	not	PART
easat-9225	230	10	necessarily	necessarily	ADV
easat-9225	230	11	reflect	reflect	VERB
easat-9225	230	12	the	the	DET
easat-9225	230	13	expansion	expansion	NOUN
easat-9225	230	14	of	of	ADP
easat-9225	230	15	existing	exist	VERB
easat-9225	230	16	firms	firm	NOUN
easat-9225	230	17	,	,	PUNCT
easat-9225	230	18	as	as	SCONJ
easat-9225	230	19	it	it	PRON
easat-9225	230	20	may	may	AUX
easat-9225	230	21	also	also	ADV
easat-9225	230	22	result	result	VERB
easat-9225	230	23	from	from	ADP
easat-9225	230	24	the	the	DET
easat-9225	230	25	entry	entry	NOUN
easat-9225	230	26	of	of	ADP
easat-9225	230	27	new	new	ADJ
easat-9225	230	28	businesses	business	NOUN
easat-9225	230	29	into	into	ADP
easat-9225	230	30	the	the	DET
easat-9225	230	31	market	market	NOUN
easat-9225	230	32	,	,	PUNCT
easat-9225	230	33	which	which	PRON
easat-9225	230	34	might	might	AUX
easat-9225	230	35	not	not	PART
easat-9225	230	36	directly	directly	ADV
easat-9225	230	37	impact	impact	VERB
easat-9225	230	38	stock	stock	NOUN
easat-9225	230	39	market	market	NOUN
easat-9225	230	40	returns	return	NOUN
easat-9225	230	41	.	.	PUNCT
easat-9225	231	1	the	the	DET
easat-9225	231	2	literature	literature	NOUN
easat-9225	231	3	also	also	ADV
easat-9225	231	4	suggests	suggest	VERB
easat-9225	231	5	that	that	SCONJ
easat-9225	231	6	global	global	ADJ
easat-9225	231	7	economic	economic	ADJ
easat-9225	231	8	conditions	condition	NOUN
easat-9225	231	9	and	and	CCONJ
easat-9225	231	10	domestic	domestic	ADJ
easat-9225	231	11	monetary	monetary	ADJ
easat-9225	231	12	policies	policy	NOUN
easat-9225	231	13	can	can	AUX
easat-9225	231	14	contribute	contribute	VERB
easat-9225	231	15	to	to	ADP
easat-9225	231	16	the	the	DET
easat-9225	231	17	insignificant	insignificant	ADJ
easat-9225	231	18	long	long	ADJ
easat-9225	231	19	-	-	PUNCT
easat-9225	231	20	term	term	NOUN
easat-9225	231	21	relationship	relationship	NOUN
easat-9225	231	22	between	between	ADP
easat-9225	231	23	economic	economic	ADJ
easat-9225	231	24	growth	growth	NOUN
easat-9225	231	25	and	and	CCONJ
easat-9225	231	26	stock	stock	NOUN
easat-9225	231	27	market	market	NOUN
easat-9225	231	28	returns	return	NOUN
easat-9225	231	29	[	[	X
easat-9225	231	30	21	21	NUM
easat-9225	231	31	]	]	PUNCT
easat-9225	231	32	.	.	PUNCT
easat-9225	232	1	the	the	DET
easat-9225	232	2	negative	negative	ADJ
easat-9225	232	3	relationship	relationship	NOUN
easat-9225	232	4	between	between	ADP
easat-9225	232	5	economic	economic	ADJ
easat-9225	232	6	growth	growth	NOUN
easat-9225	232	7	and	and	CCONJ
easat-9225	232	8	stock	stock	NOUN
easat-9225	232	9	market	market	NOUN
easat-9225	232	10	returns	return	NOUN
easat-9225	232	11	found	find	VERB
easat-9225	232	12	in	in	ADP
easat-9225	232	13	pan	pan	PROPN
easat-9225	232	14	and	and	CCONJ
easat-9225	232	15	mishra	mishra	PROPN
easat-9225	232	16	[	[	X
easat-9225	232	17	6	6	NUM
easat-9225	232	18	]	]	PUNCT
easat-9225	232	19	in	in	ADP
easat-9225	232	20	their	their	PRON
easat-9225	232	21	study	study	NOUN
easat-9225	232	22	on	on	ADP
easat-9225	232	23	china	china	PROPN
easat-9225	232	24	supports	support	VERB
easat-9225	232	25	the	the	DET
easat-9225	232	26	argument	argument	NOUN
easat-9225	232	27	that	that	SCONJ
easat-9225	232	28	the	the	DET
easat-9225	232	29	chinese	chinese	ADJ
easat-9225	232	30	stock	stock	NOUN
easat-9225	232	31	market	market	NOUN
easat-9225	232	32	serves	serve	VERB
easat-9225	232	33	as	as	ADP
easat-9225	232	34	a	a	DET
easat-9225	232	35	tool	tool	NOUN
easat-9225	232	36	for	for	ADP
easat-9225	232	37	government	government	NOUN
easat-9225	232	38	policy	policy	NOUN
easat-9225	232	39	objectives	objective	NOUN
easat-9225	232	40	rather	rather	ADV
easat-9225	232	41	than	than	ADP
easat-9225	232	42	a	a	DET
easat-9225	232	43	true	true	ADJ
easat-9225	232	44	reflection	reflection	NOUN
easat-9225	232	45	of	of	ADP
easat-9225	232	46	economic	economic	ADJ
easat-9225	232	47	growth	growth	NOUN
easat-9225	232	48	.	.	PUNCT
easat-9225	233	1	they	they	PRON
easat-9225	233	2	also	also	ADV
easat-9225	233	3	point	point	VERB
easat-9225	233	4	to	to	ADP
easat-9225	233	5	the	the	DET
easat-9225	233	6	possible	possible	ADJ
easat-9225	233	7	existence	existence	NOUN
easat-9225	233	8	of	of	ADP
easat-9225	233	9	irrational	irrational	ADJ
easat-9225	233	10	exuberance	exuberance	NOUN
easat-9225	233	11	in	in	ADP
easat-9225	233	12	china	china	PROPN
easat-9225	233	13	's	's	PART
easat-9225	233	14	stock	stock	NOUN
easat-9225	233	15	markets	market	NOUN
easat-9225	233	16	,	,	PUNCT
easat-9225	233	17	which	which	PRON
easat-9225	233	18	can	can	AUX
easat-9225	233	19	lead	lead	VERB
easat-9225	233	20	to	to	ADP
easat-9225	233	21	financial	financial	ADJ
easat-9225	233	22	bubbles	bubble	NOUN
easat-9225	233	23	.	.	PUNCT
easat-9225	234	1	from	from	ADP
easat-9225	234	2	a	a	DET
easat-9225	234	3	broader	broad	ADJ
easat-9225	234	4	economic	economic	ADJ
easat-9225	234	5	perspective	perspective	NOUN
easat-9225	234	6	,	,	PUNCT
easat-9225	234	7	the	the	DET
easat-9225	234	8	negative	negative	ADJ
easat-9225	234	9	effect	effect	NOUN
easat-9225	234	10	of	of	ADP
easat-9225	234	11	economic	economic	ADJ
easat-9225	234	12	growth	growth	NOUN
easat-9225	234	13	on	on	ADP
easat-9225	234	14	stock	stock	NOUN
easat-9225	234	15	market	market	NOUN
easat-9225	234	16	returns	return	NOUN
easat-9225	234	17	in	in	ADP
easat-9225	234	18	switzerland	switzerland	PROPN
easat-9225	234	19	can	can	AUX
easat-9225	234	20	be	be	AUX
easat-9225	234	21	explained	explain	VERB
easat-9225	234	22	by	by	ADP
easat-9225	234	23	the	the	DET
easat-9225	234	24	fact	fact	NOUN
easat-9225	234	25	that	that	SCONJ
easat-9225	234	26	switzerland	switzerland	PROPN
easat-9225	234	27	,	,	PUNCT
easat-9225	234	28	as	as	ADP
easat-9225	234	29	a	a	DET
easat-9225	234	30	highly	highly	ADV
easat-9225	234	31	developed	developed	ADJ
easat-9225	234	32	and	and	CCONJ
easat-9225	234	33	stable	stable	ADJ
easat-9225	234	34	economy	economy	NOUN
easat-9225	234	35	,	,	PUNCT
easat-9225	234	36	is	be	AUX
easat-9225	234	37	often	often	ADV
easat-9225	234	38	used	use	VERB
easat-9225	234	39	by	by	ADP
easat-9225	234	40	investors	investor	NOUN
easat-9225	234	41	as	as	ADP
easat-9225	234	42	a	a	DET
easat-9225	234	43	safe	safe	ADJ
easat-9225	234	44	haven	haven	NOUN
easat-9225	234	45	to	to	PART
easat-9225	234	46	preserve	preserve	VERB
easat-9225	234	47	their	their	PRON
easat-9225	234	48	capital	capital	NOUN
easat-9225	234	49	.	.	PUNCT
easat-9225	235	1	however	however	ADV
easat-9225	235	2	,	,	PUNCT
easat-9225	235	3	when	when	SCONJ
easat-9225	235	4	the	the	DET
easat-9225	235	5	global	global	ADJ
easat-9225	235	6	economy	economy	NOUN
easat-9225	235	7	experiences	experience	VERB
easat-9225	235	8	rapid	rapid	ADJ
easat-9225	235	9	growth	growth	NOUN
easat-9225	235	10	,	,	PUNCT
easat-9225	235	11	investors	investor	NOUN
easat-9225	235	12	might	might	AUX
easat-9225	235	13	shift	shift	VERB
easat-9225	235	14	their	their	PRON
easat-9225	235	15	capital	capital	NOUN
easat-9225	235	16	to	to	ADP
easat-9225	235	17	higher	high	ADJ
easat-9225	235	18	risk	risk	NOUN
easat-9225	235	19	,	,	PUNCT
easat-9225	235	20	higher	high	ADJ
easat-9225	235	21	return	return	NOUN
easat-9225	235	22	markets	market	NOUN
easat-9225	235	23	as	as	ADP
easat-9225	235	24	part	part	NOUN
easat-9225	235	25	of	of	ADP
easat-9225	235	26	their	their	PRON
easat-9225	235	27	portfolio	portfolio	NOUN
easat-9225	235	28	diversification	diversification	NOUN
easat-9225	235	29	strategy	strategy	NOUN
easat-9225	235	30	.	.	PUNCT
easat-9225	236	1	this	this	DET
easat-9225	236	2	capital	capital	NOUN
easat-9225	236	3	outflow	outflow	NOUN
easat-9225	236	4	can	can	AUX
easat-9225	236	5	,	,	PUNCT
easat-9225	236	6	in	in	ADP
easat-9225	236	7	turn	turn	NOUN
easat-9225	236	8	,	,	PUNCT
easat-9225	236	9	have	have	VERB
easat-9225	236	10	a	a	DET
easat-9225	236	11	negative	negative	ADJ
easat-9225	236	12	long	long	ADJ
easat-9225	236	13	-	-	PUNCT
easat-9225	236	14	term	term	NOUN
easat-9225	236	15	impact	impact	NOUN
easat-9225	236	16	on	on	ADP
easat-9225	236	17	stock	stock	NOUN
easat-9225	236	18	market	market	NOUN
easat-9225	236	19	returns	return	NOUN
easat-9225	236	20	in	in	ADP
easat-9225	236	21	switzerland	switzerland	PROPN
easat-9225	236	22	.	.	PUNCT
easat-9225	237	1	the	the	DET
easat-9225	237	2	results	result	NOUN
easat-9225	237	3	of	of	ADP
easat-9225	237	4	this	this	DET
easat-9225	237	5	study	study	NOUN
easat-9225	237	6	reveal	reveal	VERB
easat-9225	237	7	varied	varied	ADJ
easat-9225	237	8	relationships	relationship	NOUN
easat-9225	237	9	between	between	ADP
easat-9225	237	10	inflation	inflation	NOUN
easat-9225	237	11	and	and	CCONJ
easat-9225	237	12	stock	stock	NOUN
easat-9225	237	13	market	market	NOUN
easat-9225	237	14	returns	return	NOUN
easat-9225	237	15	.	.	PUNCT
easat-9225	238	1	based	base	VERB
easat-9225	238	2	on	on	ADP
easat-9225	238	3	the	the	DET
easat-9225	238	4	var	var	NOUN
easat-9225	238	5	analysis	analysis	NOUN
easat-9225	238	6	,	,	PUNCT
easat-9225	238	7	granger	granger	PROPN
easat-9225	238	8	causality	causality	PROPN
easat-9225	238	9	,	,	PUNCT
easat-9225	238	10	and	and	CCONJ
easat-9225	238	11	vecm	vecm	NOUN
easat-9225	238	12	models	model	NOUN
easat-9225	238	13	,	,	PUNCT
easat-9225	238	14	we	we	PRON
easat-9225	238	15	observe	observe	VERB
easat-9225	238	16	that	that	SCONJ
easat-9225	238	17	inflation	inflation	NOUN
easat-9225	238	18	has	have	VERB
easat-9225	238	19	a	a	DET
easat-9225	238	20	negative	negative	ADJ
easat-9225	238	21	long	long	ADJ
easat-9225	238	22	-	-	PUNCT
easat-9225	238	23	term	term	NOUN
easat-9225	238	24	relationship	relationship	NOUN
easat-9225	238	25	with	with	ADP
easat-9225	238	26	stock	stock	NOUN
easat-9225	238	27	market	market	NOUN
easat-9225	238	28	returns	return	NOUN
easat-9225	238	29	in	in	ADP
easat-9225	238	30	switzerland	switzerland	PROPN
easat-9225	238	31	.	.	PUNCT
easat-9225	239	1	on	on	ADP
easat-9225	239	2	the	the	DET
easat-9225	239	3	other	other	ADJ
easat-9225	239	4	hand	hand	NOUN
easat-9225	239	5	,	,	PUNCT
easat-9225	239	6	the	the	DET
easat-9225	239	7	results	result	NOUN
easat-9225	239	8	for	for	ADP
easat-9225	239	9	sweden	sweden	PROPN
easat-9225	239	10	and	and	CCONJ
easat-9225	239	11	denmark	denmark	NOUN
easat-9225	239	12	indicate	indicate	VERB
easat-9225	239	13	a	a	DET
easat-9225	239	14	positive	positive	ADJ
easat-9225	239	15	relationship	relationship	NOUN
easat-9225	239	16	between	between	ADP
easat-9225	239	17	inflation	inflation	NOUN
easat-9225	239	18	and	and	CCONJ
easat-9225	239	19	stock	stock	NOUN
easat-9225	239	20	market	market	NOUN
easat-9225	239	21	returns	return	NOUN
easat-9225	239	22	.	.	PUNCT
easat-9225	240	1	the	the	DET
easat-9225	240	2	granger	granger	PROPN
easat-9225	240	3	causality	causality	PROPN
easat-9225	240	4	test	test	NOUN
easat-9225	240	5	results	result	NOUN
easat-9225	240	6	for	for	ADP
easat-9225	240	7	these	these	DET
easat-9225	240	8	two	two	NUM
easat-9225	240	9	countries	country	NOUN
easat-9225	240	10	,	,	PUNCT
easat-9225	240	11	based	base	VERB
easat-9225	240	12	on	on	ADP
easat-9225	240	13	their	their	PRON
easat-9225	240	14	coefficients	coefficient	NOUN
easat-9225	240	15	(	(	PUNCT
easat-9225	240	16	prob	prob	NOUN
easat-9225	240	17	.	.	PUNCT
easat-9225	241	1	=	=	PUNCT
easat-9225	241	2	0.0035	0.0035	NUM
easat-9225	241	3	for	for	ADP
easat-9225	241	4	sweden	sweden	PROPN
easat-9225	241	5	,	,	PUNCT
easat-9225	241	6	prob	prob	NOUN
easat-9225	241	7	.	.	PUNCT
easat-9225	242	1	=	=	NOUN
easat-9225	242	2	0.0284	0.0284	NUM
easat-9225	242	3	for	for	ADP
easat-9225	242	4	denmark	denmark	NOUN
easat-9225	242	5	)	)	PUNCT
easat-9225	242	6	,	,	PUNCT
easat-9225	242	7	suggest	suggest	VERB
easat-9225	242	8	that	that	SCONJ
easat-9225	242	9	inflation	inflation	NOUN
easat-9225	242	10	movements	movement	NOUN
easat-9225	242	11	may	may	AUX
easat-9225	242	12	serve	serve	VERB
easat-9225	242	13	as	as	ADP
easat-9225	242	14	a	a	DET
easat-9225	242	15	limited	limited	ADJ
easat-9225	242	16	predictor	predictor	NOUN
easat-9225	242	17	of	of	ADP
easat-9225	242	18	stock	stock	NOUN
easat-9225	242	19	market	market	NOUN
easat-9225	242	20	returns	return	NOUN
easat-9225	242	21	.	.	PUNCT
easat-9225	243	1	however	however	ADV
easat-9225	243	2	,	,	PUNCT
easat-9225	243	3	the	the	DET
easat-9225	243	4	relationship	relationship	NOUN
easat-9225	243	5	between	between	ADP
easat-9225	243	6	inflation	inflation	NOUN
easat-9225	243	7	and	and	CCONJ
easat-9225	243	8	stock	stock	NOUN
easat-9225	243	9	market	market	NOUN
easat-9225	243	10	returns	return	NOUN
easat-9225	243	11	was	be	AUX
easat-9225	243	12	not	not	PART
easat-9225	243	13	found	find	VERB
easat-9225	243	14	to	to	PART
easat-9225	243	15	be	be	AUX
easat-9225	243	16	statistically	statistically	ADV
easat-9225	243	17	significant	significant	ADJ
easat-9225	243	18	in	in	ADP
easat-9225	243	19	any	any	PRON
easat-9225	243	20	of	of	ADP
easat-9225	243	21	the	the	DET
easat-9225	243	22	three	three	NUM
easat-9225	243	23	countries	country	NOUN
easat-9225	243	24	.	.	PUNCT
easat-9225	244	1	according	accord	VERB
easat-9225	244	2	to	to	ADP
easat-9225	244	3	the	the	DET
easat-9225	244	4	research	research	NOUN
easat-9225	244	5	by	by	ADP
easat-9225	244	6	fama	fama	NOUN
easat-9225	244	7	and	and	CCONJ
easat-9225	244	8	gibbons	gibbon	NOUN
easat-9225	244	9	[	[	X
easat-9225	244	10	10	10	NUM
easat-9225	244	11	]	]	SYM
easat-9225	244	12	moderate	moderate	ADJ
easat-9225	244	13	inflation	inflation	NOUN
easat-9225	244	14	can	can	AUX
easat-9225	244	15	stimulate	stimulate	VERB
easat-9225	244	16	economic	economic	ADJ
easat-9225	244	17	growth	growth	NOUN
easat-9225	244	18	,	,	PUNCT
easat-9225	244	19	which	which	PRON
easat-9225	244	20	in	in	ADP
easat-9225	244	21	turn	turn	NOUN
easat-9225	244	22	contributes	contribute	VERB
easat-9225	244	23	to	to	ADP
easat-9225	244	24	higher	high	ADJ
easat-9225	244	25	stock	stock	NOUN
easat-9225	244	26	market	market	NOUN
easat-9225	244	27	returns	return	NOUN
easat-9225	244	28	.	.	PUNCT
easat-9225	245	1	however	however	ADV
easat-9225	245	2	,	,	PUNCT
easat-9225	245	3	the	the	DET
easat-9225	245	4	authors	author	NOUN
easat-9225	245	5	also	also	ADV
easat-9225	245	6	emphasize	emphasize	VERB
easat-9225	245	7	that	that	SCONJ
easat-9225	245	8	an	an	DET
easat-9225	245	9	increase	increase	NOUN
easat-9225	245	10	in	in	ADP
easat-9225	245	11	inflation	inflation	NOUN
easat-9225	245	12	rates	rate	NOUN
easat-9225	245	13	due	due	ADJ
easat-9225	245	14	to	to	ADP
easat-9225	245	15	monetary	monetary	ADJ
easat-9225	245	16	effects	effect	NOUN
easat-9225	245	17	raises	raise	VERB
easat-9225	245	18	uncertainty	uncertainty	NOUN
easat-9225	245	19	among	among	ADP
easat-9225	245	20	investors	investor	NOUN
easat-9225	245	21	and	and	CCONJ
easat-9225	245	22	reduces	reduce	VERB
easat-9225	245	23	purchasing	purchasing	NOUN
easat-9225	245	24	power	power	NOUN
easat-9225	245	25	,	,	PUNCT
easat-9225	245	26	leading	lead	VERB
easat-9225	245	27	individuals	individual	NOUN
easat-9225	245	28	to	to	PART
easat-9225	245	29	shift	shift	VERB
easat-9225	245	30	their	their	PRON
easat-9225	245	31	holdings	holding	NOUN
easat-9225	245	32	from	from	ADP
easat-9225	245	33	cash	cash	NOUN
easat-9225	245	34	to	to	ADP
easat-9225	245	35	debt	debt	NOUN
easat-9225	245	36	instruments	instrument	NOUN
easat-9225	245	37	.	.	PUNCT
easat-9225	246	1	in	in	ADP
easat-9225	246	2	line	line	NOUN
easat-9225	246	3	with	with	ADP
easat-9225	246	4	these	these	DET
easat-9225	246	5	findings	finding	NOUN
easat-9225	246	6	,	,	PUNCT
easat-9225	246	7	sathyanarayana	sathyanarayana	PROPN
easat-9225	246	8	and	and	CCONJ
easat-9225	246	9	gargesa	gargesa	ADJ
easat-9225	246	10	[	[	X
easat-9225	246	11	22	22	NUM
easat-9225	246	12	]	]	PUNCT
easat-9225	246	13	support	support	VERB
easat-9225	246	14	the	the	DET
easat-9225	246	15	negative	negative	ADJ
easat-9225	246	16	relationship	relationship	NOUN
easat-9225	246	17	between	between	ADP
easat-9225	246	18	inflation	inflation	NOUN
easat-9225	246	19	and	and	CCONJ
easat-9225	246	20	stock	stock	NOUN
easat-9225	246	21	market	market	NOUN
easat-9225	246	22	returns	return	NOUN
easat-9225	246	23	,	,	PUNCT
easat-9225	246	24	arguing	argue	VERB
easat-9225	246	25	that	that	SCONJ
easat-9225	246	26	high	high	ADJ
easat-9225	246	27	inflation	inflation	NOUN
easat-9225	246	28	can	can	AUX
easat-9225	246	29	affect	affect	VERB
easat-9225	246	30	the	the	DET
easat-9225	246	31	economy	economy	NOUN
easat-9225	246	32	in	in	ADP
easat-9225	246	33	multiple	multiple	ADJ
easat-9225	246	34	ways	way	NOUN
easat-9225	246	35	.	.	PUNCT
easat-9225	247	1	it	it	PRON
easat-9225	247	2	erodes	erode	VERB
easat-9225	247	3	the	the	DET
easat-9225	247	4	purchasing	purchase	VERB
easat-9225	247	5	power	power	NOUN
easat-9225	247	6	of	of	ADP
easat-9225	247	7	money	money	NOUN
easat-9225	247	8	,	,	PUNCT
easat-9225	247	9	discourages	discourage	VERB
easat-9225	247	10	investments	investment	NOUN
easat-9225	247	11	,	,	PUNCT
easat-9225	247	12	and	and	CCONJ
easat-9225	247	13	reduces	reduce	VERB
easat-9225	247	14	the	the	DET
easat-9225	247	15	value	value	NOUN
easat-9225	247	16	of	of	ADP
easat-9225	247	17	savings	saving	NOUN
easat-9225	247	18	,	,	PUNCT
easat-9225	247	19	impacting	impact	VERB
easat-9225	247	20	all	all	DET
easat-9225	247	21	segments	segment	NOUN
easat-9225	247	22	of	of	ADP
easat-9225	247	23	the	the	DET
easat-9225	247	24	economy	economy	NOUN
easat-9225	247	25	.	.	PUNCT
easat-9225	248	1	the	the	DET
easat-9225	248	2	findings	finding	NOUN
easat-9225	248	3	of	of	ADP
easat-9225	248	4	this	this	DET
easat-9225	248	5	study	study	NOUN
easat-9225	248	6	confirm	confirm	VERB
easat-9225	248	7	that	that	SCONJ
easat-9225	248	8	in	in	ADP
easat-9225	248	9	sweden	sweden	PROPN
easat-9225	248	10	and	and	CCONJ
easat-9225	248	11	denmark	denmark	PROPN
easat-9225	248	12	,	,	PUNCT
easat-9225	248	13	there	there	PRON
easat-9225	248	14	is	be	VERB
easat-9225	248	15	a	a	DET
easat-9225	248	16	negative	negative	ADJ
easat-9225	248	17	relationship	relationship	NOUN
easat-9225	248	18	between	between	ADP
easat-9225	248	19	short	short	ADJ
easat-9225	248	20	-	-	PUNCT
easat-9225	248	21	term	term	NOUN
easat-9225	248	22	interest	interest	NOUN
easat-9225	248	23	rates	rate	NOUN
easat-9225	248	24	and	and	CCONJ
easat-9225	248	25	stock	stock	NOUN
easat-9225	248	26	market	market	NOUN
easat-9225	248	27	returns	return	NOUN
easat-9225	248	28	,	,	PUNCT
easat-9225	248	29	although	although	SCONJ
easat-9225	248	30	this	this	DET
easat-9225	248	31	relationship	relationship	NOUN
easat-9225	248	32	does	do	AUX
easat-9225	248	33	not	not	PART
easat-9225	248	34	appear	appear	VERB
easat-9225	248	35	to	to	PART
easat-9225	248	36	be	be	AUX
easat-9225	248	37	significant	significant	ADJ
easat-9225	248	38	for	for	ADP
easat-9225	248	39	sweden	sweden	PROPN
easat-9225	248	40	.	.	PUNCT
easat-9225	249	1	the	the	DET
easat-9225	249	2	granger	granger	PROPN
easat-9225	249	3	causality	causality	PROPN
easat-9225	249	4	test	test	NOUN
easat-9225	249	5	results	result	NOUN
easat-9225	249	6	also	also	ADV
easat-9225	249	7	confirm	confirm	VERB
easat-9225	249	8	that	that	SCONJ
easat-9225	249	9	only	only	ADV
easat-9225	249	10	in	in	ADP
easat-9225	249	11	denmark	denmark	NOUN
easat-9225	249	12	does	do	VERB
easat-9225	249	13	the	the	DET
easat-9225	249	14	inflation	inflation	NOUN
easat-9225	249	15	rate	rate	NOUN
easat-9225	249	16	impact	impact	NOUN
easat-9225	249	17	stock	stock	NOUN
easat-9225	249	18	market	market	NOUN
easat-9225	249	19	returns	return	NOUN
easat-9225	249	20	.	.	PUNCT
easat-9225	250	1	122	122	NUM
easat-9225	250	2	edelweiss	edelweiss	PROPN
easat-9225	250	3	applied	apply	VERB
easat-9225	250	4	science	science	NOUN
easat-9225	250	5	and	and	CCONJ
easat-9225	250	6	technology	technology	NOUN
easat-9225	250	7	issn	issn	PROPN
easat-9225	250	8	:	:	PUNCT
easat-9225	250	9	2576	2576	NUM
easat-9225	250	10	-	-	SYM
easat-9225	250	11	8484	8484	NUM
easat-9225	250	12	vol	vol	NOUN
easat-9225	250	13	.	.	PROPN
easat-9225	251	1	9	9	NUM
easat-9225	251	2	,	,	PUNCT
easat-9225	251	3	no	no	INTJ
easat-9225	251	4	.	.	NOUN
easat-9225	251	5	8	8	NUM
easat-9225	251	6	:	:	SYM
easat-9225	251	7	113	113	NUM
easat-9225	251	8	-	-	SYM
easat-9225	251	9	137	137	NUM
easat-9225	251	10	,	,	PUNCT
easat-9225	251	11	2025	2025	NUM
easat-9225	251	12	doi	doi	NOUN
easat-9225	251	13	:	:	PUNCT
easat-9225	251	14	10.55214/2576	10.55214/2576	NUM
easat-9225	251	15	-	-	SYM
easat-9225	251	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	252	1	©	©	PROPN
easat-9225	252	2	2025	2025	NUM
easat-9225	252	3	by	by	ADP
easat-9225	252	4	the	the	DET
easat-9225	252	5	authors	author	NOUN
easat-9225	252	6	;	;	PUNCT
easat-9225	252	7	licensee	licensee	PROPN
easat-9225	252	8	learning	learn	VERB
easat-9225	252	9	gate	gate	NOUN
easat-9225	252	10	analyzing	analyze	VERB
easat-9225	252	11	this	this	DET
easat-9225	252	12	result	result	NOUN
easat-9225	252	13	,	,	PUNCT
easat-9225	252	14	we	we	PRON
easat-9225	252	15	can	can	AUX
easat-9225	252	16	assume	assume	VERB
easat-9225	252	17	that	that	SCONJ
easat-9225	252	18	as	as	SCONJ
easat-9225	252	19	short	short	ADJ
easat-9225	252	20	-	-	PUNCT
easat-9225	252	21	term	term	NOUN
easat-9225	252	22	interest	interest	NOUN
easat-9225	252	23	rates	rate	NOUN
easat-9225	252	24	increase	increase	VERB
easat-9225	252	25	,	,	PUNCT
easat-9225	252	26	companies	company	NOUN
easat-9225	252	27	face	face	VERB
easat-9225	252	28	higher	high	ADJ
easat-9225	252	29	costs	cost	NOUN
easat-9225	252	30	,	,	PUNCT
easat-9225	252	31	which	which	PRON
easat-9225	252	32	in	in	ADP
easat-9225	252	33	turn	turn	NOUN
easat-9225	252	34	may	may	AUX
easat-9225	252	35	lead	lead	VERB
easat-9225	252	36	to	to	ADP
easat-9225	252	37	a	a	DET
easat-9225	252	38	rise	rise	NOUN
easat-9225	252	39	in	in	ADP
easat-9225	252	40	liabilities	liability	NOUN
easat-9225	252	41	and	and	CCONJ
easat-9225	252	42	,	,	PUNCT
easat-9225	252	43	consequently	consequently	ADV
easat-9225	252	44	,	,	PUNCT
easat-9225	252	45	a	a	DET
easat-9225	252	46	decline	decline	NOUN
easat-9225	252	47	in	in	ADP
easat-9225	252	48	stock	stock	NOUN
easat-9225	252	49	market	market	NOUN
easat-9225	252	50	returns	return	NOUN
easat-9225	252	51	.	.	PUNCT
easat-9225	253	1	however	however	ADV
easat-9225	253	2	,	,	PUNCT
easat-9225	253	3	these	these	DET
easat-9225	253	4	effects	effect	NOUN
easat-9225	253	5	were	be	AUX
easat-9225	253	6	not	not	PART
easat-9225	253	7	observed	observe	VERB
easat-9225	253	8	in	in	ADP
easat-9225	253	9	the	the	DET
easat-9225	253	10	long	long	ADJ
easat-9225	253	11	term	term	NOUN
easat-9225	253	12	,	,	PUNCT
easat-9225	253	13	as	as	SCONJ
easat-9225	253	14	no	no	DET
easat-9225	253	15	significant	significant	ADJ
easat-9225	253	16	relationships	relationship	NOUN
easat-9225	253	17	were	be	AUX
easat-9225	253	18	confirmed	confirm	VERB
easat-9225	253	19	in	in	ADP
easat-9225	253	20	any	any	PRON
easat-9225	253	21	of	of	ADP
easat-9225	253	22	the	the	DET
easat-9225	253	23	three	three	NUM
easat-9225	253	24	countries	country	NOUN
easat-9225	253	25	.	.	PUNCT
easat-9225	254	1	previous	previous	ADJ
easat-9225	254	2	research	research	NOUN
easat-9225	254	3	has	have	AUX
easat-9225	254	4	presented	present	VERB
easat-9225	254	5	varied	varied	ADJ
easat-9225	254	6	findings	finding	NOUN
easat-9225	254	7	on	on	ADP
easat-9225	254	8	the	the	DET
easat-9225	254	9	relationship	relationship	NOUN
easat-9225	254	10	between	between	ADP
easat-9225	254	11	these	these	DET
easat-9225	254	12	indicators	indicator	NOUN
easat-9225	254	13	.	.	PUNCT
easat-9225	255	1	campbell	campbell	PROPN
easat-9225	255	2	and	and	CCONJ
easat-9225	255	3	ammer	ammer	NOUN
easat-9225	255	4	[	[	X
easat-9225	255	5	23	23	NUM
easat-9225	255	6	]	]	PUNCT
easat-9225	255	7	argue	argue	VERB
easat-9225	255	8	that	that	SCONJ
easat-9225	255	9	nominal	nominal	ADJ
easat-9225	255	10	short	short	ADJ
easat-9225	255	11	-	-	PUNCT
easat-9225	255	12	term	term	NOUN
easat-9225	255	13	interest	interest	NOUN
easat-9225	255	14	rates	rate	NOUN
easat-9225	255	15	may	may	AUX
easat-9225	255	16	have	have	VERB
easat-9225	255	17	a	a	DET
easat-9225	255	18	limited	limited	ADJ
easat-9225	255	19	impact	impact	NOUN
easat-9225	255	20	on	on	ADP
easat-9225	255	21	stock	stock	NOUN
easat-9225	255	22	returns	return	NOUN
easat-9225	255	23	,	,	PUNCT
easat-9225	255	24	as	as	SCONJ
easat-9225	255	25	fluctuations	fluctuation	NOUN
easat-9225	255	26	in	in	ADP
easat-9225	255	27	the	the	DET
easat-9225	255	28	asset	asset	NOUN
easat-9225	255	29	market	market	NOUN
easat-9225	255	30	are	be	AUX
easat-9225	255	31	likely	likely	ADV
easat-9225	255	32	influenced	influence	VERB
easat-9225	255	33	by	by	ADP
easat-9225	255	34	multiple	multiple	ADJ
easat-9225	255	35	factors	factor	NOUN
easat-9225	255	36	.	.	PUNCT
easat-9225	256	1	on	on	ADP
easat-9225	256	2	the	the	DET
easat-9225	256	3	other	other	ADJ
easat-9225	256	4	hand	hand	NOUN
easat-9225	256	5	,	,	PUNCT
easat-9225	256	6	population	population	NOUN
easat-9225	256	7	growth	growth	NOUN
easat-9225	256	8	showed	show	VERB
easat-9225	256	9	a	a	DET
easat-9225	256	10	significant	significant	ADJ
easat-9225	256	11	positive	positive	ADJ
easat-9225	256	12	short	short	ADJ
easat-9225	256	13	-	-	PUNCT
easat-9225	256	14	term	term	NOUN
easat-9225	256	15	relationship	relationship	NOUN
easat-9225	256	16	with	with	ADP
easat-9225	256	17	stock	stock	NOUN
easat-9225	256	18	market	market	NOUN
easat-9225	256	19	returns	return	NOUN
easat-9225	256	20	in	in	ADP
easat-9225	256	21	sweden	sweden	PROPN
easat-9225	256	22	and	and	CCONJ
easat-9225	256	23	denmark	denmark	NOUN
easat-9225	256	24	,	,	PUNCT
easat-9225	256	25	but	but	CCONJ
easat-9225	256	26	no	no	DET
easat-9225	256	27	significant	significant	ADJ
easat-9225	256	28	relationship	relationship	NOUN
easat-9225	256	29	was	be	AUX
easat-9225	256	30	found	find	VERB
easat-9225	256	31	for	for	ADP
easat-9225	256	32	switzerland	switzerland	PROPN
easat-9225	256	33	.	.	PUNCT
easat-9225	257	1	the	the	DET
easat-9225	257	2	granger	granger	PROPN
easat-9225	257	3	causality	causality	PROPN
easat-9225	257	4	test	test	NOUN
easat-9225	257	5	also	also	ADV
easat-9225	257	6	did	do	AUX
easat-9225	257	7	not	not	PART
easat-9225	257	8	confirm	confirm	VERB
easat-9225	257	9	a	a	DET
easat-9225	257	10	causal	causal	ADJ
easat-9225	257	11	relationship	relationship	NOUN
easat-9225	257	12	between	between	ADP
easat-9225	257	13	these	these	DET
easat-9225	257	14	two	two	NUM
easat-9225	257	15	indicators	indicator	NOUN
easat-9225	257	16	.	.	PUNCT
easat-9225	258	1	poterba	poterba	NOUN
easat-9225	259	1	[	[	X
easat-9225	259	2	3	3	X
easat-9225	259	3	]	]	PUNCT
easat-9225	259	4	examined	examine	VERB
easat-9225	259	5	the	the	DET
easat-9225	259	6	relationship	relationship	NOUN
easat-9225	259	7	between	between	ADP
easat-9225	259	8	demographic	demographic	ADJ
easat-9225	259	9	changes	change	NOUN
easat-9225	259	10	and	and	CCONJ
easat-9225	259	11	asset	asset	NOUN
easat-9225	259	12	returns	return	NOUN
easat-9225	259	13	in	in	ADP
easat-9225	259	14	the	the	DET
easat-9225	259	15	united	united	PROPN
easat-9225	259	16	states	states	PROPN
easat-9225	259	17	.	.	PUNCT
easat-9225	260	1	the	the	DET
easat-9225	260	2	results	result	NOUN
easat-9225	260	3	of	of	ADP
easat-9225	260	4	this	this	DET
easat-9225	260	5	study	study	NOUN
easat-9225	260	6	suggested	suggest	VERB
easat-9225	260	7	a	a	DET
easat-9225	260	8	weak	weak	ADJ
easat-9225	260	9	relationship	relationship	NOUN
easat-9225	260	10	between	between	ADP
easat-9225	260	11	demographic	demographic	ADJ
easat-9225	260	12	changes	change	NOUN
easat-9225	260	13	and	and	CCONJ
easat-9225	260	14	stock	stock	NOUN
easat-9225	260	15	market	market	NOUN
easat-9225	260	16	returns	return	NOUN
easat-9225	260	17	.	.	PUNCT
easat-9225	261	1	however	however	ADV
easat-9225	261	2	,	,	PUNCT
easat-9225	261	3	we	we	PRON
easat-9225	261	4	can	can	AUX
easat-9225	261	5	argue	argue	VERB
easat-9225	261	6	that	that	SCONJ
easat-9225	261	7	population	population	NOUN
easat-9225	261	8	growth	growth	NOUN
easat-9225	261	9	,	,	PUNCT
easat-9225	261	10	based	base	VERB
easat-9225	261	11	on	on	ADP
easat-9225	261	12	age	age	NOUN
easat-9225	261	13	structure	structure	NOUN
easat-9225	261	14	,	,	PUNCT
easat-9225	261	15	may	may	AUX
easat-9225	261	16	provide	provide	VERB
easat-9225	261	17	meaningful	meaningful	ADJ
easat-9225	261	18	insights	insight	NOUN
easat-9225	261	19	into	into	ADP
easat-9225	261	20	identifying	identify	VERB
easat-9225	261	21	which	which	PRON
easat-9225	261	22	demographic	demographic	ADJ
easat-9225	261	23	categories	category	NOUN
easat-9225	261	24	have	have	VERB
easat-9225	261	25	a	a	DET
easat-9225	261	26	direct	direct	ADJ
easat-9225	261	27	impact	impact	NOUN
easat-9225	261	28	on	on	ADP
easat-9225	261	29	financial	financial	ADJ
easat-9225	261	30	markets	market	NOUN
easat-9225	261	31	,	,	PUNCT
easat-9225	261	32	particularly	particularly	ADV
easat-9225	261	33	young	young	ADJ
easat-9225	261	34	individuals	individual	NOUN
easat-9225	261	35	and	and	CCONJ
easat-9225	261	36	retirees	retiree	NOUN
easat-9225	261	37	.	.	PUNCT
easat-9225	262	1	6	6	X
easat-9225	262	2	.	.	X
easat-9225	262	3	conclusion	conclusion	VERB
easat-9225	262	4	the	the	DET
easat-9225	262	5	objective	objective	NOUN
easat-9225	262	6	of	of	ADP
easat-9225	262	7	this	this	DET
easat-9225	262	8	study	study	NOUN
easat-9225	262	9	was	be	AUX
easat-9225	262	10	to	to	PART
easat-9225	262	11	identify	identify	VERB
easat-9225	262	12	the	the	DET
easat-9225	262	13	relationships	relationship	NOUN
easat-9225	262	14	between	between	ADP
easat-9225	262	15	macroeconomic	macroeconomic	ADJ
easat-9225	262	16	indicators	indicator	NOUN
easat-9225	262	17	and	and	CCONJ
easat-9225	262	18	stock	stock	NOUN
easat-9225	262	19	market	market	NOUN
easat-9225	262	20	returns	return	NOUN
easat-9225	262	21	.	.	PUNCT
easat-9225	263	1	to	to	PART
easat-9225	263	2	analyze	analyze	VERB
easat-9225	263	3	these	these	DET
easat-9225	263	4	relationships	relationship	NOUN
easat-9225	263	5	in	in	ADP
easat-9225	263	6	detail	detail	NOUN
easat-9225	263	7	,	,	PUNCT
easat-9225	263	8	we	we	PRON
easat-9225	263	9	selected	select	VERB
easat-9225	263	10	the	the	DET
easat-9225	263	11	same	same	ADJ
easat-9225	263	12	variables	variable	NOUN
easat-9225	263	13	and	and	CCONJ
easat-9225	263	14	frequency	frequency	NOUN
easat-9225	263	15	to	to	PART
easat-9225	263	16	determine	determine	VERB
easat-9225	263	17	whether	whether	SCONJ
easat-9225	263	18	switzerland	switzerland	PROPN
easat-9225	263	19	,	,	PUNCT
easat-9225	263	20	sweden	sweden	PROPN
easat-9225	263	21	,	,	PUNCT
easat-9225	263	22	and	and	CCONJ
easat-9225	263	23	denmark	denmark	NOUN
easat-9225	263	24	yield	yield	VERB
easat-9225	263	25	similar	similar	ADJ
easat-9225	263	26	results	result	NOUN
easat-9225	263	27	,	,	PUNCT
easat-9225	263	28	allowing	allow	VERB
easat-9225	263	29	us	we	PRON
easat-9225	263	30	to	to	PART
easat-9225	263	31	compare	compare	VERB
easat-9225	263	32	the	the	DET
easat-9225	263	33	findings	finding	NOUN
easat-9225	263	34	.	.	PUNCT
easat-9225	264	1	through	through	ADP
easat-9225	264	2	empirical	empirical	ADJ
easat-9225	264	3	analyses	analysis	NOUN
easat-9225	264	4	using	use	VERB
easat-9225	264	5	var	var	NOUN
easat-9225	264	6	and	and	CCONJ
easat-9225	264	7	vecm	vecm	NOUN
easat-9225	264	8	,	,	PUNCT
easat-9225	264	9	we	we	PRON
easat-9225	264	10	tested	test	VERB
easat-9225	264	11	short	short	ADJ
easat-9225	264	12	-	-	PUNCT
easat-9225	264	13	term	term	NOUN
easat-9225	264	14	and	and	CCONJ
easat-9225	264	15	long	long	ADJ
easat-9225	264	16	-	-	PUNCT
easat-9225	264	17	term	term	NOUN
easat-9225	264	18	relationships	relationship	NOUN
easat-9225	264	19	between	between	ADP
easat-9225	264	20	macroeconomic	macroeconomic	ADJ
easat-9225	264	21	indicators	indicator	NOUN
easat-9225	264	22	and	and	CCONJ
easat-9225	264	23	stock	stock	NOUN
easat-9225	264	24	market	market	NOUN
easat-9225	264	25	returns	return	NOUN
easat-9225	264	26	.	.	PUNCT
easat-9225	265	1	based	base	VERB
easat-9225	265	2	on	on	ADP
easat-9225	265	3	the	the	DET
easat-9225	265	4	results	result	NOUN
easat-9225	265	5	,	,	PUNCT
easat-9225	265	6	we	we	PRON
easat-9225	265	7	can	can	AUX
easat-9225	265	8	confirm	confirm	VERB
easat-9225	265	9	that	that	SCONJ
easat-9225	265	10	economic	economic	ADJ
easat-9225	265	11	growth	growth	NOUN
easat-9225	265	12	was	be	AUX
easat-9225	265	13	the	the	DET
easat-9225	265	14	most	most	ADV
easat-9225	265	15	significant	significant	ADJ
easat-9225	265	16	factor	factor	NOUN
easat-9225	265	17	influencing	influence	VERB
easat-9225	265	18	stock	stock	NOUN
easat-9225	265	19	market	market	NOUN
easat-9225	265	20	returns	return	NOUN
easat-9225	265	21	,	,	PUNCT
easat-9225	265	22	although	although	SCONJ
easat-9225	265	23	in	in	ADP
easat-9225	265	24	the	the	DET
easat-9225	265	25	long	long	ADJ
easat-9225	265	26	term	term	NOUN
easat-9225	265	27	,	,	PUNCT
easat-9225	265	28	this	this	DET
easat-9225	265	29	effect	effect	NOUN
easat-9225	265	30	was	be	AUX
easat-9225	265	31	not	not	PART
easat-9225	265	32	observed	observe	VERB
easat-9225	265	33	in	in	ADP
easat-9225	265	34	denmark	denmark	NOUN
easat-9225	265	35	and	and	CCONJ
easat-9225	265	36	was	be	AUX
easat-9225	265	37	found	find	VERB
easat-9225	265	38	to	to	PART
easat-9225	265	39	be	be	AUX
easat-9225	265	40	negative	negative	ADJ
easat-9225	265	41	in	in	ADP
easat-9225	265	42	switzerland	switzerland	PROPN
easat-9225	265	43	.	.	PUNCT
easat-9225	266	1	short	short	ADJ
easat-9225	266	2	-	-	PUNCT
easat-9225	266	3	term	term	NOUN
easat-9225	266	4	interest	interest	NOUN
easat-9225	266	5	rates	rate	NOUN
easat-9225	266	6	had	have	VERB
easat-9225	266	7	a	a	DET
easat-9225	266	8	negative	negative	ADJ
easat-9225	266	9	short	short	ADJ
easat-9225	266	10	-	-	PUNCT
easat-9225	266	11	term	term	NOUN
easat-9225	266	12	effect	effect	NOUN
easat-9225	266	13	only	only	ADV
easat-9225	266	14	in	in	ADP
easat-9225	266	15	denmark	denmark	NOUN
easat-9225	266	16	,	,	PUNCT
easat-9225	266	17	but	but	CCONJ
easat-9225	266	18	no	no	DET
easat-9225	266	19	significant	significant	ADJ
easat-9225	266	20	relationship	relationship	NOUN
easat-9225	266	21	was	be	AUX
easat-9225	266	22	observed	observe	VERB
easat-9225	266	23	between	between	ADP
easat-9225	266	24	interest	interest	NOUN
easat-9225	266	25	rates	rate	NOUN
easat-9225	266	26	and	and	CCONJ
easat-9225	266	27	stock	stock	NOUN
easat-9225	266	28	market	market	NOUN
easat-9225	266	29	returns	return	NOUN
easat-9225	266	30	in	in	ADP
easat-9225	266	31	the	the	DET
easat-9225	266	32	other	other	ADJ
easat-9225	266	33	two	two	NUM
easat-9225	266	34	countries	country	NOUN
easat-9225	266	35	.	.	PUNCT
easat-9225	267	1	the	the	DET
easat-9225	267	2	findings	finding	NOUN
easat-9225	267	3	also	also	ADV
easat-9225	267	4	revealed	reveal	VERB
easat-9225	267	5	a	a	DET
easat-9225	267	6	complex	complex	ADJ
easat-9225	267	7	relationship	relationship	NOUN
easat-9225	267	8	between	between	ADP
easat-9225	267	9	population	population	NOUN
easat-9225	267	10	growth	growth	NOUN
easat-9225	267	11	and	and	CCONJ
easat-9225	267	12	stock	stock	NOUN
easat-9225	267	13	market	market	NOUN
easat-9225	267	14	returns	return	NOUN
easat-9225	267	15	in	in	ADP
easat-9225	267	16	sweden	sweden	PROPN
easat-9225	267	17	and	and	CCONJ
easat-9225	267	18	denmark	denmark	NOUN
easat-9225	267	19	,	,	PUNCT
easat-9225	267	20	but	but	CCONJ
easat-9225	267	21	no	no	DET
easat-9225	267	22	significant	significant	ADJ
easat-9225	267	23	relationship	relationship	NOUN
easat-9225	267	24	was	be	AUX
easat-9225	267	25	found	find	VERB
easat-9225	267	26	for	for	ADP
easat-9225	267	27	switzerland	switzerland	PROPN
easat-9225	267	28	.	.	PUNCT
easat-9225	268	1	the	the	DET
easat-9225	268	2	results	result	NOUN
easat-9225	268	3	further	far	ADV
easat-9225	268	4	indicated	indicate	VERB
easat-9225	268	5	that	that	SCONJ
easat-9225	268	6	inflation	inflation	NOUN
easat-9225	268	7	was	be	AUX
easat-9225	268	8	not	not	PART
easat-9225	268	9	a	a	DET
easat-9225	268	10	significant	significant	ADJ
easat-9225	268	11	determinant	determinant	NOUN
easat-9225	268	12	of	of	ADP
easat-9225	268	13	stock	stock	NOUN
easat-9225	268	14	market	market	NOUN
easat-9225	268	15	returns	return	NOUN
easat-9225	268	16	in	in	ADP
easat-9225	268	17	any	any	PRON
easat-9225	268	18	of	of	ADP
easat-9225	268	19	the	the	DET
easat-9225	268	20	countries	country	NOUN
easat-9225	268	21	studied	study	VERB
easat-9225	268	22	.	.	PUNCT
easat-9225	269	1	given	give	VERB
easat-9225	269	2	the	the	DET
easat-9225	269	3	negative	negative	ADJ
easat-9225	269	4	effect	effect	NOUN
easat-9225	269	5	of	of	ADP
easat-9225	269	6	economic	economic	ADJ
easat-9225	269	7	growth	growth	NOUN
easat-9225	269	8	on	on	ADP
easat-9225	269	9	stock	stock	NOUN
easat-9225	269	10	market	market	NOUN
easat-9225	269	11	returns	return	NOUN
easat-9225	269	12	in	in	ADP
easat-9225	269	13	switzerland	switzerland	PROPN
easat-9225	269	14	,	,	PUNCT
easat-9225	269	15	we	we	PRON
easat-9225	269	16	suggest	suggest	VERB
easat-9225	269	17	that	that	SCONJ
easat-9225	269	18	investors	investor	NOUN
easat-9225	269	19	should	should	AUX
easat-9225	269	20	be	be	AUX
easat-9225	269	21	aware	aware	ADJ
easat-9225	269	22	that	that	SCONJ
easat-9225	269	23	economic	economic	ADJ
easat-9225	269	24	growth	growth	NOUN
easat-9225	269	25	may	may	AUX
easat-9225	269	26	signal	signal	VERB
easat-9225	269	27	a	a	DET
easat-9225	269	28	decline	decline	NOUN
easat-9225	269	29	in	in	ADP
easat-9225	269	30	stock	stock	NOUN
easat-9225	269	31	market	market	NOUN
easat-9225	269	32	returns	return	NOUN
easat-9225	269	33	in	in	ADP
easat-9225	269	34	the	the	DET
easat-9225	269	35	long	long	ADJ
easat-9225	269	36	term	term	NOUN
easat-9225	269	37	.	.	PUNCT
easat-9225	270	1	therefore	therefore	ADV
easat-9225	270	2	,	,	PUNCT
easat-9225	270	3	the	the	DET
easat-9225	270	4	results	result	NOUN
easat-9225	270	5	recommend	recommend	VERB
easat-9225	270	6	that	that	SCONJ
easat-9225	270	7	investors	investor	NOUN
easat-9225	270	8	adopt	adopt	VERB
easat-9225	270	9	a	a	DET
easat-9225	270	10	portfolio	portfolio	NOUN
easat-9225	270	11	diversification	diversification	NOUN
easat-9225	270	12	strategy	strategy	NOUN
easat-9225	270	13	to	to	PART
easat-9225	270	14	manage	manage	VERB
easat-9225	270	15	the	the	DET
easat-9225	270	16	negative	negative	ADJ
easat-9225	270	17	impact	impact	NOUN
easat-9225	270	18	on	on	ADP
easat-9225	270	19	stock	stock	NOUN
easat-9225	270	20	market	market	NOUN
easat-9225	270	21	returns	return	NOUN
easat-9225	270	22	.	.	PUNCT
easat-9225	271	1	conversely	conversely	ADV
easat-9225	271	2	,	,	PUNCT
easat-9225	271	3	investors	investor	NOUN
easat-9225	271	4	in	in	ADP
easat-9225	271	5	sweden	sweden	PROPN
easat-9225	271	6	and	and	CCONJ
easat-9225	271	7	denmark	denmark	NOUN
easat-9225	271	8	benefit	benefit	NOUN
easat-9225	271	9	from	from	ADP
easat-9225	271	10	economic	economic	ADJ
easat-9225	271	11	growth	growth	NOUN
easat-9225	271	12	,	,	PUNCT
easat-9225	271	13	as	as	SCONJ
easat-9225	271	14	it	it	PRON
easat-9225	271	15	positively	positively	ADV
easat-9225	271	16	affects	affect	VERB
easat-9225	271	17	their	their	PRON
easat-9225	271	18	stock	stock	NOUN
easat-9225	271	19	market	market	NOUN
easat-9225	271	20	returns	return	NOUN
easat-9225	271	21	.	.	PUNCT
easat-9225	272	1	additionally	additionally	ADV
easat-9225	272	2	,	,	PUNCT
easat-9225	272	3	the	the	DET
easat-9225	272	4	results	result	NOUN
easat-9225	272	5	suggest	suggest	VERB
easat-9225	272	6	that	that	SCONJ
easat-9225	272	7	investors	investor	NOUN
easat-9225	272	8	in	in	ADP
easat-9225	272	9	denmark	denmark	NOUN
easat-9225	272	10	should	should	AUX
easat-9225	272	11	be	be	AUX
easat-9225	272	12	cautious	cautious	ADJ
easat-9225	272	13	about	about	ADP
easat-9225	272	14	short	short	ADJ
easat-9225	272	15	-	-	PUNCT
easat-9225	272	16	term	term	NOUN
easat-9225	272	17	interest	interest	NOUN
easat-9225	272	18	rates	rate	NOUN
easat-9225	272	19	,	,	PUNCT
easat-9225	272	20	especially	especially	ADV
easat-9225	272	21	during	during	ADP
easat-9225	272	22	periods	period	NOUN
easat-9225	272	23	of	of	ADP
easat-9225	272	24	tight	tight	ADJ
easat-9225	272	25	monetary	monetary	ADJ
easat-9225	272	26	policy	policy	NOUN
easat-9225	272	27	.	.	PUNCT
easat-9225	273	1	on	on	ADP
easat-9225	273	2	the	the	DET
easat-9225	273	3	other	other	ADJ
easat-9225	273	4	hand	hand	NOUN
easat-9225	273	5	,	,	PUNCT
easat-9225	273	6	the	the	DET
easat-9225	273	7	findings	finding	NOUN
easat-9225	273	8	recommend	recommend	VERB
easat-9225	273	9	that	that	SCONJ
easat-9225	273	10	policymakers	policymaker	NOUN
easat-9225	273	11	in	in	ADP
easat-9225	273	12	switzerland	switzerland	PROPN
easat-9225	273	13	should	should	AUX
easat-9225	273	14	manage	manage	VERB
easat-9225	273	15	the	the	DET
easat-9225	273	16	negative	negative	ADJ
easat-9225	273	17	impact	impact	NOUN
easat-9225	273	18	of	of	ADP
easat-9225	273	19	economic	economic	ADJ
easat-9225	273	20	growth	growth	NOUN
easat-9225	273	21	on	on	ADP
easat-9225	273	22	stock	stock	NOUN
easat-9225	273	23	market	market	NOUN
easat-9225	273	24	returns	return	NOUN
easat-9225	273	25	by	by	ADP
easat-9225	273	26	implementing	implement	VERB
easat-9225	273	27	policies	policy	NOUN
easat-9225	273	28	that	that	PRON
easat-9225	273	29	diversify	diversify	VERB
easat-9225	273	30	the	the	DET
easat-9225	273	31	financial	financial	ADJ
easat-9225	273	32	market	market	NOUN
easat-9225	273	33	.	.	PUNCT
easat-9225	274	1	further	further	ADJ
easat-9225	274	2	research	research	NOUN
easat-9225	274	3	is	be	AUX
easat-9225	274	4	needed	need	VERB
easat-9225	274	5	to	to	PART
easat-9225	274	6	deepen	deepen	VERB
easat-9225	274	7	the	the	DET
easat-9225	274	8	analysis	analysis	NOUN
easat-9225	274	9	of	of	ADP
easat-9225	274	10	the	the	DET
easat-9225	274	11	negative	negative	ADJ
easat-9225	274	12	effects	effect	NOUN
easat-9225	274	13	of	of	ADP
easat-9225	274	14	economic	economic	ADJ
easat-9225	274	15	growth	growth	NOUN
easat-9225	274	16	on	on	ADP
easat-9225	274	17	stock	stock	NOUN
easat-9225	274	18	market	market	NOUN
easat-9225	274	19	returns	return	NOUN
easat-9225	274	20	,	,	PUNCT
easat-9225	274	21	including	include	VERB
easat-9225	274	22	sectoral	sectoral	ADJ
easat-9225	274	23	analyses	analysis	NOUN
easat-9225	274	24	and	and	CCONJ
easat-9225	274	25	long	long	ADJ
easat-9225	274	26	-	-	PUNCT
easat-9225	274	27	term	term	NOUN
easat-9225	274	28	effects	effect	NOUN
easat-9225	274	29	of	of	ADP
easat-9225	274	30	integrating	integrate	VERB
easat-9225	274	31	new	new	ADJ
easat-9225	274	32	populations	population	NOUN
easat-9225	274	33	into	into	ADP
easat-9225	274	34	stock	stock	NOUN
easat-9225	274	35	market	market	NOUN
easat-9225	274	36	sectors	sector	NOUN
easat-9225	274	37	.	.	PUNCT
easat-9225	275	1	transparency	transparency	NOUN
easat-9225	275	2	:	:	PUNCT
easat-9225	275	3	the	the	DET
easat-9225	275	4	authors	author	NOUN
easat-9225	275	5	confirm	confirm	VERB
easat-9225	275	6	that	that	SCONJ
easat-9225	275	7	the	the	DET
easat-9225	275	8	manuscript	manuscript	NOUN
easat-9225	275	9	is	be	AUX
easat-9225	275	10	an	an	DET
easat-9225	275	11	honest	honest	ADJ
easat-9225	275	12	,	,	PUNCT
easat-9225	275	13	accurate	accurate	ADJ
easat-9225	275	14	,	,	PUNCT
easat-9225	275	15	and	and	CCONJ
easat-9225	275	16	transparent	transparent	ADJ
easat-9225	275	17	account	account	NOUN
easat-9225	275	18	of	of	ADP
easat-9225	275	19	the	the	DET
easat-9225	275	20	study	study	NOUN
easat-9225	275	21	;	;	PUNCT
easat-9225	275	22	that	that	SCONJ
easat-9225	275	23	no	no	DET
easat-9225	275	24	vital	vital	ADJ
easat-9225	275	25	features	feature	NOUN
easat-9225	275	26	of	of	ADP
easat-9225	275	27	the	the	DET
easat-9225	275	28	study	study	NOUN
easat-9225	275	29	have	have	AUX
easat-9225	275	30	been	be	AUX
easat-9225	275	31	omitted	omit	VERB
easat-9225	275	32	;	;	PUNCT
easat-9225	275	33	and	and	CCONJ
easat-9225	275	34	that	that	SCONJ
easat-9225	275	35	any	any	DET
easat-9225	275	36	discrepancies	discrepancy	NOUN
easat-9225	275	37	from	from	ADP
easat-9225	275	38	the	the	DET
easat-9225	275	39	study	study	NOUN
easat-9225	275	40	as	as	SCONJ
easat-9225	275	41	planned	plan	VERB
easat-9225	275	42	have	have	AUX
easat-9225	275	43	been	be	AUX
easat-9225	275	44	explained	explain	VERB
easat-9225	275	45	.	.	PUNCT
easat-9225	276	1	this	this	DET
easat-9225	276	2	study	study	NOUN
easat-9225	276	3	followed	follow	VERB
easat-9225	276	4	all	all	DET
easat-9225	276	5	ethical	ethical	ADJ
easat-9225	276	6	practices	practice	NOUN
easat-9225	276	7	during	during	ADP
easat-9225	276	8	writing	writing	NOUN
easat-9225	276	9	.	.	PUNCT
easat-9225	277	1	123	123	NUM
easat-9225	277	2	edelweiss	edelweiss	PROPN
easat-9225	277	3	applied	apply	VERB
easat-9225	277	4	science	science	NOUN
easat-9225	277	5	and	and	CCONJ
easat-9225	277	6	technology	technology	NOUN
easat-9225	277	7	issn	issn	PROPN
easat-9225	277	8	:	:	PUNCT
easat-9225	277	9	2576	2576	NUM
easat-9225	277	10	-	-	SYM
easat-9225	277	11	8484	8484	NUM
easat-9225	277	12	vol	vol	NOUN
easat-9225	277	13	.	.	PROPN
easat-9225	278	1	9	9	NUM
easat-9225	278	2	,	,	PUNCT
easat-9225	278	3	no	no	INTJ
easat-9225	278	4	.	.	NOUN
easat-9225	278	5	8	8	NUM
easat-9225	278	6	:	:	SYM
easat-9225	278	7	113	113	NUM
easat-9225	278	8	-	-	SYM
easat-9225	278	9	137	137	NUM
easat-9225	278	10	,	,	PUNCT
easat-9225	278	11	2025	2025	NUM
easat-9225	278	12	doi	doi	NOUN
easat-9225	278	13	:	:	PUNCT
easat-9225	278	14	10.55214/2576	10.55214/2576	NUM
easat-9225	278	15	-	-	SYM
easat-9225	278	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	279	1	©	©	PROPN
easat-9225	279	2	2025	2025	NUM
easat-9225	279	3	by	by	ADP
easat-9225	279	4	the	the	DET
easat-9225	279	5	authors	author	NOUN
easat-9225	279	6	;	;	PUNCT
easat-9225	279	7	licensee	licensee	PROPN
easat-9225	279	8	learning	learn	VERB
easat-9225	279	9	gate	gate	NOUN
easat-9225	279	10	copyright	copyright	NOUN
easat-9225	279	11	:	:	PUNCT
easat-9225	279	12	©	©	PROPN
easat-9225	279	13	2025	2025	NUM
easat-9225	279	14	by	by	ADP
easat-9225	279	15	the	the	DET
easat-9225	279	16	authors	author	NOUN
easat-9225	279	17	.	.	PUNCT
easat-9225	280	1	this	this	DET
easat-9225	280	2	open	open	ADJ
easat-9225	280	3	-	-	PUNCT
easat-9225	280	4	access	access	NOUN
easat-9225	280	5	article	article	NOUN
easat-9225	280	6	is	be	AUX
easat-9225	280	7	distributed	distribute	VERB
easat-9225	280	8	under	under	ADP
easat-9225	280	9	the	the	DET
easat-9225	280	10	terms	term	NOUN
easat-9225	280	11	and	and	CCONJ
easat-9225	280	12	conditions	condition	NOUN
easat-9225	280	13	of	of	ADP
easat-9225	280	14	the	the	DET
easat-9225	280	15	creative	creative	ADJ
easat-9225	280	16	commons	common	NOUN
easat-9225	280	17	attribution	attribution	NOUN
easat-9225	280	18	(	(	PUNCT
easat-9225	280	19	cc	cc	NOUN
easat-9225	280	20	by	by	ADP
easat-9225	280	21	)	)	PUNCT
easat-9225	280	22	license	license	NOUN
easat-9225	280	23	(	(	PUNCT
easat-9225	280	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-9225	280	25	)	)	PUNCT
easat-9225	280	26	.	.	PUNCT
easat-9225	281	1	references	reference	NOUN
easat-9225	281	2	[	[	X
easat-9225	281	3	1	1	NUM
easat-9225	281	4	]	]	PUNCT
easat-9225	281	5	a.	a.	NOUN
easat-9225	281	6	m.	m.	PROPN
easat-9225	281	7	khan	khan	PROPN
easat-9225	281	8	,	,	PUNCT
easat-9225	281	9	h.	h.	PROPN
easat-9225	281	10	ali	ali	PROPN
easat-9225	281	11	,	,	PUNCT
easat-9225	281	12	h.	h.	PROPN
easat-9225	281	13	shabbir	shabbir	PROPN
easat-9225	281	14	,	,	PUNCT
easat-9225	281	15	f.	f.	PROPN
easat-9225	281	16	noor	noor	PROPN
easat-9225	281	17	,	,	PUNCT
easat-9225	281	18	and	and	CCONJ
easat-9225	281	19	d.	d.	PROPN
easat-9225	281	20	m.	m.	PROPN
easat-9225	281	21	majid	majid	PROPN
easat-9225	281	22	,	,	PUNCT
easat-9225	281	23	"	"	PUNCT
easat-9225	281	24	impact	impact	NOUN
easat-9225	281	25	of	of	ADP
easat-9225	281	26	macroeconomic	macroeconomic	ADJ
easat-9225	281	27	indicators	indicator	NOUN
easat-9225	281	28	on	on	ADP
easat-9225	281	29	stock	stock	NOUN
easat-9225	281	30	market	market	NOUN
easat-9225	281	31	predictions	prediction	NOUN
easat-9225	281	32	:	:	PUNCT
easat-9225	281	33	a	a	DET
easat-9225	281	34	cross	cross	ADJ
easat-9225	281	35	-	-	ADJ
easat-9225	281	36	country	country	ADJ
easat-9225	281	37	analysis	analysis	NOUN
easat-9225	281	38	,	,	PUNCT
easat-9225	281	39	"	"	PUNCT
easat-9225	281	40	journal	journal	NOUN
easat-9225	281	41	of	of	ADP
easat-9225	281	42	computing	computing	PROPN
easat-9225	281	43	&	&	CCONJ
easat-9225	281	44	biomedical	biomedical	ADJ
easat-9225	281	45	informatics	informatic	NOUN
easat-9225	281	46	,	,	PUNCT
easat-9225	281	47	vol	vol	NOUN
easat-9225	281	48	.	.	PROPN
easat-9225	281	49	8	8	NUM
easat-9225	281	50	,	,	PUNCT
easat-9225	281	51	no	no	INTJ
easat-9225	281	52	.	.	NOUN
easat-9225	281	53	1	1	NUM
easat-9225	281	54	,	,	PUNCT
easat-9225	281	55	pp	pp	ADJ
easat-9225	281	56	.	.	PUNCT
easat-9225	282	1	1–13	1–13	NOUN
easat-9225	282	2	,	,	PUNCT
easat-9225	282	3	2024	2024	NUM
easat-9225	282	4	.	.	PUNCT
easat-9225	283	1	[	[	X
easat-9225	283	2	2	2	X
easat-9225	283	3	]	]	PUNCT
easat-9225	283	4	j.	j.	PROPN
easat-9225	283	5	geanakoplos	geanakoplos	PROPN
easat-9225	283	6	,	,	PUNCT
easat-9225	283	7	m.	m.	NOUN
easat-9225	283	8	magill	magill	NOUN
easat-9225	283	9	,	,	PUNCT
easat-9225	283	10	and	and	CCONJ
easat-9225	283	11	m.	m.	NOUN
easat-9225	283	12	quinzii	quinzii	PROPN
easat-9225	283	13	,	,	PUNCT
easat-9225	283	14	"	"	PUNCT
easat-9225	283	15	demography	demography	NOUN
easat-9225	283	16	and	and	CCONJ
easat-9225	283	17	the	the	DET
easat-9225	283	18	long	long	ADV
easat-9225	283	19	-	-	PUNCT
easat-9225	283	20	run	run	NOUN
easat-9225	283	21	predictability	predictability	NOUN
easat-9225	283	22	of	of	ADP
easat-9225	283	23	the	the	DET
easat-9225	283	24	stock	stock	NOUN
easat-9225	283	25	market	market	NOUN
easat-9225	283	26	,	,	PUNCT
easat-9225	283	27	"	"	PUNCT
easat-9225	283	28	brookings	brookings	PROPN
easat-9225	283	29	papers	paper	NOUN
easat-9225	283	30	on	on	ADP
easat-9225	283	31	economic	economic	ADJ
easat-9225	283	32	activity	activity	NOUN
easat-9225	283	33	,	,	PUNCT
easat-9225	283	34	vol	vol	NOUN
easat-9225	283	35	.	.	PROPN
easat-9225	283	36	1	1	NUM
easat-9225	283	37	,	,	PUNCT
easat-9225	283	38	pp	pp	ADJ
easat-9225	283	39	.	.	PUNCT
easat-9225	284	1	241–325	241–325	NUM
easat-9225	284	2	,	,	PUNCT
easat-9225	284	3	2004	2004	NUM
easat-9225	284	4	.	.	PUNCT
easat-9225	285	1	https://dx.doi.org/10.1353/eca.2004.0010	https://dx.doi.org/10.1353/eca.2004.0010	X
easat-9225	286	1	[	[	X
easat-9225	286	2	3	3	X
easat-9225	286	3	]	]	PUNCT
easat-9225	286	4	j.	j.	PROPN
easat-9225	286	5	m.	m.	PROPN
easat-9225	286	6	poterba	poterba	PROPN
easat-9225	286	7	,	,	PUNCT
easat-9225	286	8	"	"	PUNCT
easat-9225	286	9	demographic	demographic	ADJ
easat-9225	286	10	structure	structure	NOUN
easat-9225	286	11	and	and	CCONJ
easat-9225	286	12	asset	asset	NOUN
easat-9225	286	13	returns	return	NOUN
easat-9225	286	14	,	,	PUNCT
easat-9225	286	15	"	"	PUNCT
easat-9225	286	16	the	the	DET
easat-9225	286	17	review	review	NOUN
easat-9225	286	18	of	of	ADP
easat-9225	286	19	economics	economic	NOUN
easat-9225	286	20	and	and	CCONJ
easat-9225	286	21	statistics	statistic	NOUN
easat-9225	286	22	,	,	PUNCT
easat-9225	286	23	vol	vol	NOUN
easat-9225	286	24	.	.	PROPN
easat-9225	286	25	83	83	NUM
easat-9225	286	26	,	,	PUNCT
easat-9225	286	27	no	no	INTJ
easat-9225	286	28	.	.	NOUN
easat-9225	286	29	4	4	NUM
easat-9225	286	30	,	,	PUNCT
easat-9225	286	31	pp	pp	ADJ
easat-9225	286	32	.	.	PUNCT
easat-9225	287	1	565	565	NUM
easat-9225	287	2	-	-	SYM
easat-9225	287	3	584	584	NUM
easat-9225	287	4	,	,	PUNCT
easat-9225	287	5	2001	2001	NUM
easat-9225	287	6	.	.	PUNCT
easat-9225	288	1	https://doi.org/10.1162/003465301753237650	https://doi.org/10.1162/003465301753237650	X
easat-9225	289	1	[	[	X
easat-9225	289	2	4	4	NUM
easat-9225	289	3	]	]	PUNCT
easat-9225	289	4	m.-j	m.-j	PROPN
easat-9225	289	5	.	.	PUNCT
easat-9225	290	1	lee	lee	PROPN
easat-9225	290	2	and	and	CCONJ
easat-9225	290	3	s.-y	s.-y	NOUN
easat-9225	290	4	.	.	PUNCT
easat-9225	291	1	choi	choi	NOUN
easat-9225	291	2	,	,	PUNCT
easat-9225	291	3	"	"	PUNCT
easat-9225	291	4	comparing	compare	VERB
easat-9225	291	5	market	market	NOUN
easat-9225	291	6	efficiency	efficiency	NOUN
easat-9225	291	7	in	in	ADP
easat-9225	291	8	developed	develop	VERB
easat-9225	291	9	,	,	PUNCT
easat-9225	291	10	emerging	emerge	VERB
easat-9225	291	11	,	,	PUNCT
easat-9225	291	12	and	and	CCONJ
easat-9225	291	13	frontier	frontier	NOUN
easat-9225	291	14	equity	equity	NOUN
easat-9225	291	15	markets	market	NOUN
easat-9225	291	16	:	:	PUNCT
easat-9225	291	17	a	a	DET
easat-9225	291	18	multifractal	multifractal	ADJ
easat-9225	291	19	detrended	detrende	VERB
easat-9225	291	20	fluctuation	fluctuation	NOUN
easat-9225	291	21	analysis	analysis	NOUN
easat-9225	291	22	,	,	PUNCT
easat-9225	291	23	"	"	PUNCT
easat-9225	291	24	fractal	fractal	ADJ
easat-9225	291	25	and	and	CCONJ
easat-9225	291	26	fractional	fractional	ADJ
easat-9225	291	27	,	,	PUNCT
easat-9225	291	28	vol	vol	NOUN
easat-9225	291	29	.	.	PROPN
easat-9225	291	30	7	7	NUM
easat-9225	291	31	,	,	PUNCT
easat-9225	291	32	no	no	INTJ
easat-9225	291	33	.	.	NOUN
easat-9225	291	34	6	6	NUM
easat-9225	291	35	,	,	PUNCT
easat-9225	291	36	p.	p.	NOUN
easat-9225	291	37	478doi	478doi	NUM
easat-9225	291	38	:	:	PUNCT
easat-9225	291	39	https://doi.org/10.3390/fractalfract7060478	https://doi.org/10.3390/fractalfract7060478	PROPN
easat-9225	291	40	.	.	PUNCT
easat-9225	292	1	[	[	X
easat-9225	292	2	5	5	NUM
easat-9225	292	3	]	]	X
easat-9225	292	4	n.	n.	PROPN
easat-9225	292	5	f.	f.	PROPN
easat-9225	292	6	chen	chen	PROPN
easat-9225	292	7	,	,	PUNCT
easat-9225	292	8	r.	r.	PROPN
easat-9225	292	9	roll	roll	PROPN
easat-9225	292	10	,	,	PUNCT
easat-9225	292	11	and	and	CCONJ
easat-9225	292	12	s.	s.	PROPN
easat-9225	292	13	a.	a.	PROPN
easat-9225	292	14	ross	ross	PROPN
easat-9225	292	15	,	,	PUNCT
easat-9225	292	16	"	"	PUNCT
easat-9225	292	17	economic	economic	ADJ
easat-9225	292	18	forces	force	NOUN
easat-9225	292	19	and	and	CCONJ
easat-9225	292	20	the	the	DET
easat-9225	292	21	stock	stock	NOUN
easat-9225	292	22	market	market	NOUN
easat-9225	292	23	,	,	PUNCT
easat-9225	292	24	"	"	PUNCT
easat-9225	292	25	journal	journal	NOUN
easat-9225	292	26	of	of	ADP
easat-9225	292	27	business	business	NOUN
easat-9225	292	28	,	,	PUNCT
easat-9225	292	29	vol	vol	NOUN
easat-9225	292	30	.	.	PROPN
easat-9225	293	1	59	59	NUM
easat-9225	293	2	,	,	PUNCT
easat-9225	293	3	no	no	INTJ
easat-9225	293	4	.	.	NOUN
easat-9225	293	5	3	3	NUM
easat-9225	293	6	,	,	PUNCT
easat-9225	293	7	pp	pp	ADJ
easat-9225	293	8	.	.	PUNCT
easat-9225	294	1	383–403	383–403	NUM
easat-9225	294	2	,	,	PUNCT
easat-9225	294	3	1986	1986	NUM
easat-9225	294	4	.	.	PUNCT
easat-9225	295	1	https://doi.org/10.1086/296344	https://doi.org/10.1086/296344	PRON
easat-9225	296	1	[	[	X
easat-9225	296	2	6	6	NUM
easat-9225	296	3	]	]	PUNCT
easat-9225	296	4	l.	l.	PROPN
easat-9225	296	5	pan	pan	PROPN
easat-9225	296	6	and	and	CCONJ
easat-9225	296	7	v.	v.	PROPN
easat-9225	296	8	mishra	mishra	PROPN
easat-9225	296	9	,	,	PUNCT
easat-9225	296	10	"	"	PUNCT
easat-9225	296	11	stock	stock	NOUN
easat-9225	296	12	market	market	NOUN
easat-9225	296	13	development	development	NOUN
easat-9225	296	14	and	and	CCONJ
easat-9225	296	15	economic	economic	ADJ
easat-9225	296	16	growth	growth	NOUN
easat-9225	296	17	:	:	PUNCT
easat-9225	296	18	empirical	empirical	ADJ
easat-9225	296	19	evidence	evidence	NOUN
easat-9225	296	20	from	from	ADP
easat-9225	296	21	china	china	PROPN
easat-9225	296	22	,	,	PUNCT
easat-9225	296	23	"	"	PUNCT
easat-9225	296	24	economic	economic	ADJ
easat-9225	296	25	modelling	modelling	NOUN
easat-9225	296	26	,	,	PUNCT
easat-9225	296	27	vol	vol	NOUN
easat-9225	296	28	.	.	PROPN
easat-9225	296	29	68	68	NUM
easat-9225	296	30	,	,	PUNCT
easat-9225	296	31	pp	pp	ADJ
easat-9225	296	32	.	.	PUNCT
easat-9225	296	33	661	661	NUM
easat-9225	296	34	-	-	SYM
easat-9225	296	35	673	673	NUM
easat-9225	296	36	,	,	PUNCT
easat-9225	296	37	2018	2018	NUM
easat-9225	296	38	.	.	PUNCT
easat-9225	297	1	https://doi.org/10.1016/j.econmod.2017.07.005	https://doi.org/10.1016/j.econmod.2017.07.005	VERB
easat-9225	297	2	[	[	PUNCT
easat-9225	297	3	7	7	NUM
easat-9225	297	4	]	]	PUNCT
easat-9225	297	5	m.	m.	NOUN
easat-9225	297	6	mehrara	mehrara	NOUN
easat-9225	297	7	,	,	PUNCT
easat-9225	297	8	g.	g.	PROPN
easat-9225	297	9	y.	y.	PROPN
easat-9225	297	10	farahani	farahani	PROPN
easat-9225	297	11	,	,	PUNCT
easat-9225	297	12	f.	f.	PROPN
easat-9225	297	13	faninam	faninam	PROPN
easat-9225	297	14	,	,	PUNCT
easat-9225	297	15	and	and	CCONJ
easat-9225	297	16	r.	r.	PROPN
easat-9225	297	17	a.	a.	PROPN
easat-9225	297	18	karsalari	karsalari	PROPN
easat-9225	297	19	,	,	PUNCT
easat-9225	297	20	"	"	PUNCT
easat-9225	297	21	the	the	DET
easat-9225	297	22	effect	effect	NOUN
easat-9225	297	23	of	of	ADP
easat-9225	297	24	macroeconomic	macroeconomic	ADJ
easat-9225	297	25	variables	variable	NOUN
easat-9225	297	26	on	on	ADP
easat-9225	297	27	the	the	DET
easat-9225	297	28	stock	stock	NOUN
easat-9225	297	29	market	market	NOUN
easat-9225	297	30	index	index	NOUN
easat-9225	297	31	of	of	ADP
easat-9225	297	32	the	the	DET
easat-9225	297	33	tehran	tehran	PROPN
easat-9225	297	34	stock	stock	PROPN
easat-9225	297	35	exchange	exchange	PROPN
easat-9225	297	36	,	,	PUNCT
easat-9225	297	37	"	"	PUNCT
easat-9225	297	38	international	international	ADJ
easat-9225	297	39	letters	letter	NOUN
easat-9225	297	40	of	of	ADP
easat-9225	297	41	social	social	ADJ
easat-9225	297	42	and	and	CCONJ
easat-9225	297	43	humanistic	humanistic	ADJ
easat-9225	297	44	sciences	science	NOUN
easat-9225	297	45	,	,	PUNCT
easat-9225	297	46	vol	vol	NOUN
easat-9225	297	47	.	.	PROPN
easat-9225	297	48	71	71	NUM
easat-9225	297	49	,	,	PUNCT
easat-9225	297	50	pp	pp	ADJ
easat-9225	297	51	.	.	PUNCT
easat-9225	298	1	17–24	17–24	NUM
easat-9225	298	2	,	,	PUNCT
easat-9225	298	3	2016	2016	NUM
easat-9225	298	4	.	.	PUNCT
easat-9225	299	1	[	[	X
easat-9225	299	2	8	8	X
easat-9225	299	3	]	]	PUNCT
easat-9225	299	4	t.	t.	PROPN
easat-9225	299	5	d.	d.	PROPN
easat-9225	299	6	dabwor	dabwor	PROPN
easat-9225	299	7	,	,	PUNCT
easat-9225	299	8	t.	t.	PROPN
easat-9225	299	9	p.	p.	PROPN
easat-9225	299	10	iorember	iorember	PROPN
easat-9225	299	11	,	,	PUNCT
easat-9225	299	12	and	and	CCONJ
easat-9225	299	13	y.	y.	PROPN
easat-9225	299	14	s.	s.	PROPN
easat-9225	299	15	danjuma	danjuma	PROPN
easat-9225	299	16	,	,	PUNCT
easat-9225	299	17	"	"	PUNCT
easat-9225	299	18	stock	stock	NOUN
easat-9225	299	19	market	market	NOUN
easat-9225	299	20	returns	return	NOUN
easat-9225	299	21	,	,	PUNCT
easat-9225	299	22	globalization	globalization	NOUN
easat-9225	299	23	and	and	CCONJ
easat-9225	299	24	economic	economic	ADJ
easat-9225	299	25	growth	growth	NOUN
easat-9225	299	26	in	in	ADP
easat-9225	299	27	nigeria	nigeria	PROPN
easat-9225	299	28	:	:	PUNCT
easat-9225	299	29	evidence	evidence	NOUN
easat-9225	299	30	from	from	ADP
easat-9225	299	31	volatility	volatility	NOUN
easat-9225	299	32	and	and	CCONJ
easat-9225	299	33	cointegrating	cointegrate	VERB
easat-9225	299	34	analyses	analysis	NOUN
easat-9225	299	35	,	,	PUNCT
easat-9225	299	36	"	"	PUNCT
easat-9225	299	37	journal	journal	NOUN
easat-9225	299	38	of	of	ADP
easat-9225	299	39	public	public	ADJ
easat-9225	299	40	affairs	affair	NOUN
easat-9225	299	41	,	,	PUNCT
easat-9225	299	42	vol	vol	NOUN
easat-9225	299	43	.	.	PROPN
easat-9225	300	1	22	22	NUM
easat-9225	300	2	,	,	PUNCT
easat-9225	300	3	no	no	INTJ
easat-9225	300	4	.	.	NOUN
easat-9225	300	5	2	2	NUM
easat-9225	300	6	,	,	PUNCT
easat-9225	300	7	p.	p.	NOUN
easat-9225	300	8	e2393	e2393	PROPN
easat-9225	300	9	,	,	PUNCT
easat-9225	300	10	2022	2022	NUM
easat-9225	300	11	.	.	PUNCT
easat-9225	301	1	https://doi.org/10.1002/pa.2393	https://doi.org/10.1002/pa.2393	PUNCT
easat-9225	302	1	[	[	X
easat-9225	302	2	9	9	NUM
easat-9225	302	3	]	]	PUNCT
easat-9225	302	4	s.	s.	PROPN
easat-9225	302	5	bahloul	bahloul	PROPN
easat-9225	302	6	,	,	PUNCT
easat-9225	302	7	m.	m.	NOUN
easat-9225	302	8	mroua	mroua	PROPN
easat-9225	302	9	,	,	PUNCT
easat-9225	302	10	and	and	CCONJ
easat-9225	302	11	n.	n.	PROPN
easat-9225	302	12	naifar	naifar	PROPN
easat-9225	302	13	,	,	PUNCT
easat-9225	302	14	"	"	PUNCT
easat-9225	302	15	the	the	DET
easat-9225	302	16	impact	impact	NOUN
easat-9225	302	17	of	of	ADP
easat-9225	302	18	macroeconomic	macroeconomic	ADJ
easat-9225	302	19	and	and	CCONJ
easat-9225	302	20	conventional	conventional	ADJ
easat-9225	302	21	stock	stock	NOUN
easat-9225	302	22	market	market	NOUN
easat-9225	302	23	variables	variable	NOUN
easat-9225	302	24	on	on	ADP
easat-9225	302	25	islamic	islamic	ADJ
easat-9225	302	26	index	index	NOUN
easat-9225	302	27	returns	return	NOUN
easat-9225	302	28	under	under	ADP
easat-9225	302	29	regime	regime	NOUN
easat-9225	302	30	switching	switching	NOUN
easat-9225	302	31	,	,	PUNCT
easat-9225	302	32	"	"	PUNCT
easat-9225	302	33	borsa	borsa	PROPN
easat-9225	302	34	istanbul	istanbul	PROPN
easat-9225	302	35	review	review	PROPN
easat-9225	302	36	,	,	PUNCT
easat-9225	302	37	vol	vol	NOUN
easat-9225	302	38	.	.	PROPN
easat-9225	302	39	17	17	NUM
easat-9225	302	40	,	,	PUNCT
easat-9225	302	41	no	no	INTJ
easat-9225	302	42	.	.	NOUN
easat-9225	302	43	1	1	NUM
easat-9225	302	44	,	,	PUNCT
easat-9225	302	45	pp	pp	ADJ
easat-9225	302	46	.	.	PUNCT
easat-9225	303	1	62	62	NUM
easat-9225	303	2	-	-	SYM
easat-9225	303	3	74	74	NUM
easat-9225	303	4	,	,	PUNCT
easat-9225	303	5	2017	2017	NUM
easat-9225	303	6	.	.	PUNCT
easat-9225	304	1	https://doi.org/10.1016/j.bir.2016.09.003	https://doi.org/10.1016/j.bir.2016.09.003	PROPN
easat-9225	305	1	[	[	X
easat-9225	305	2	10	10	NUM
easat-9225	305	3	]	]	X
easat-9225	305	4	e.	e.	PROPN
easat-9225	305	5	f.	f.	PROPN
easat-9225	305	6	fama	fama	PROPN
easat-9225	305	7	and	and	CCONJ
easat-9225	305	8	m.	m.	PROPN
easat-9225	305	9	r.	r.	PROPN
easat-9225	305	10	gibbons	gibbons	PROPN
easat-9225	305	11	,	,	PUNCT
easat-9225	305	12	"	"	PUNCT
easat-9225	305	13	inflation	inflation	NOUN
easat-9225	305	14	,	,	PUNCT
easat-9225	305	15	real	real	ADJ
easat-9225	305	16	returns	return	NOUN
easat-9225	305	17	and	and	CCONJ
easat-9225	305	18	capital	capital	NOUN
easat-9225	305	19	investment	investment	NOUN
easat-9225	305	20	,	,	PUNCT
easat-9225	305	21	"	"	PUNCT
easat-9225	305	22	journal	journal	NOUN
easat-9225	305	23	of	of	ADP
easat-9225	305	24	monetary	monetary	ADJ
easat-9225	305	25	economics	economic	NOUN
easat-9225	305	26	,	,	PUNCT
easat-9225	305	27	vol	vol	NOUN
easat-9225	305	28	.	.	PROPN
easat-9225	305	29	9	9	NUM
easat-9225	305	30	,	,	PUNCT
easat-9225	305	31	no	no	INTJ
easat-9225	305	32	.	.	NOUN
easat-9225	305	33	3	3	NUM
easat-9225	305	34	,	,	PUNCT
easat-9225	305	35	pp	pp	ADJ
easat-9225	305	36	.	.	PUNCT
easat-9225	305	37	297	297	NUM
easat-9225	305	38	-	-	SYM
easat-9225	305	39	323	323	NUM
easat-9225	305	40	,	,	PUNCT
easat-9225	305	41	1982	1982	NUM
easat-9225	305	42	.	.	PUNCT
easat-9225	306	1	https://doi.org/10.1016/0304-3932(82)90021-6	https://doi.org/10.1016/0304-3932(82)90021-6	X
easat-9225	307	1	[	[	X
easat-9225	307	2	11	11	NUM
easat-9225	307	3	]	]	PUNCT
easat-9225	307	4	a.	a.	NOUN
easat-9225	307	5	humpe	humpe	PROPN
easat-9225	307	6	and	and	CCONJ
easat-9225	307	7	p.	p.	PROPN
easat-9225	307	8	macmillan	macmillan	PROPN
easat-9225	307	9	,	,	PUNCT
easat-9225	307	10	"	"	PUNCT
easat-9225	307	11	can	can	AUX
easat-9225	307	12	macroeconomic	macroeconomic	ADJ
easat-9225	307	13	variables	variable	NOUN
easat-9225	307	14	explain	explain	VERB
easat-9225	307	15	long	long	ADJ
easat-9225	307	16	-	-	PUNCT
easat-9225	307	17	term	term	NOUN
easat-9225	307	18	stock	stock	NOUN
easat-9225	307	19	market	market	NOUN
easat-9225	307	20	movements	movement	NOUN
easat-9225	307	21	?	?	PUNCT
easat-9225	308	1	a	a	DET
easat-9225	308	2	comparison	comparison	NOUN
easat-9225	308	3	of	of	ADP
easat-9225	308	4	the	the	DET
easat-9225	308	5	us	us	PROPN
easat-9225	308	6	and	and	CCONJ
easat-9225	308	7	japan	japan	PROPN
easat-9225	308	8	,	,	PUNCT
easat-9225	308	9	"	"	PUNCT
easat-9225	308	10	cdma	cdma	PROPN
easat-9225	308	11	working	working	PROPN
easat-9225	308	12	paper	paper	NOUN
easat-9225	308	13	no	no	INTJ
easat-9225	308	14	.	.	PUNCT
easat-9225	309	1	07/20	07/20	NUM
easat-9225	309	2	.	.	PUNCT
easat-9225	310	1	centre	centre	NOUN
easat-9225	310	2	for	for	ADP
easat-9225	310	3	dynamic	dynamic	ADJ
easat-9225	310	4	macroeconomic	macroeconomic	ADJ
easat-9225	310	5	analysis	analysis	NOUN
easat-9225	310	6	,	,	PUNCT
easat-9225	310	7	university	university	PROPN
easat-9225	310	8	of	of	ADP
easat-9225	310	9	st	st	PROPN
easat-9225	310	10	andrews	andrews	PROPN
easat-9225	310	11	,	,	PUNCT
easat-9225	310	12	2007	2007	NUM
easat-9225	310	13	.	.	PUNCT
easat-9225	311	1	https://doi.org/10.2139/ssrn.1026219	https://doi.org/10.2139/ssrn.1026219	PROPN
easat-9225	312	1	[	[	X
easat-9225	312	2	12	12	NUM
easat-9225	312	3	]	]	PUNCT
easat-9225	312	4	b.	b.	PROPN
easat-9225	312	5	s.	s.	PROPN
easat-9225	312	6	bernanke	bernanke	PROPN
easat-9225	312	7	and	and	CCONJ
easat-9225	312	8	k.	k.	PROPN
easat-9225	312	9	n.	n.	PROPN
easat-9225	312	10	kuttner	kuttner	PROPN
easat-9225	312	11	,	,	PUNCT
easat-9225	312	12	"	"	PUNCT
easat-9225	312	13	what	what	PRON
easat-9225	312	14	explains	explain	VERB
easat-9225	312	15	the	the	DET
easat-9225	312	16	stock	stock	NOUN
easat-9225	312	17	market	market	NOUN
easat-9225	312	18	’s	’s	PART
easat-9225	312	19	reaction	reaction	NOUN
easat-9225	312	20	to	to	ADP
easat-9225	312	21	federal	federal	PROPN
easat-9225	312	22	reserve	reserve	NOUN
easat-9225	312	23	policy	policy	NOUN
easat-9225	312	24	?	?	PUNCT
easat-9225	312	25	,	,	PUNCT
easat-9225	312	26	"	"	PUNCT
easat-9225	312	27	journal	journal	NOUN
easat-9225	312	28	of	of	ADP
easat-9225	312	29	finance	finance	NOUN
easat-9225	312	30	,	,	PUNCT
easat-9225	312	31	vol	vol	NOUN
easat-9225	312	32	.	.	PROPN
easat-9225	312	33	60	60	NUM
easat-9225	312	34	,	,	PUNCT
easat-9225	312	35	no	no	INTJ
easat-9225	312	36	.	.	NOUN
easat-9225	312	37	3	3	NUM
easat-9225	312	38	,	,	PUNCT
easat-9225	312	39	pp	pp	ADJ
easat-9225	312	40	.	.	PUNCT
easat-9225	313	1	1221–1257	1221–1257	NUM
easat-9225	313	2	,	,	PUNCT
easat-9225	313	3	2005	2005	NUM
easat-9225	313	4	.	.	PUNCT
easat-9225	314	1	https://doi.org/10.1111/j.1540-6261.2005.00760.x	https://doi.org/10.1111/j.1540-6261.2005.00760.x	PROPN
easat-9225	315	1	[	[	X
easat-9225	315	2	13	13	NUM
easat-9225	315	3	]	]	PUNCT
easat-9225	315	4	a.	a.	NOUN
easat-9225	315	5	jabeen	jabeen	PROPN
easat-9225	315	6	,	,	PUNCT
easat-9225	315	7	m.	m.	NOUN
easat-9225	315	8	yasir	yasir	PROPN
easat-9225	315	9	,	,	PUNCT
easat-9225	315	10	y.	y.	PROPN
easat-9225	315	11	ansari	ansari	PROPN
easat-9225	315	12	,	,	PUNCT
easat-9225	315	13	s.	s.	PROPN
easat-9225	315	14	yasmin	yasmin	PROPN
easat-9225	315	15	,	,	PUNCT
easat-9225	315	16	j.	j.	PROPN
easat-9225	315	17	moon	moon	PROPN
easat-9225	315	18	,	,	PUNCT
easat-9225	315	19	and	and	CCONJ
easat-9225	315	20	s.	s.	PROPN
easat-9225	315	21	rho	rho	PROPN
easat-9225	315	22	,	,	PUNCT
easat-9225	315	23	"	"	PUNCT
easat-9225	315	24	an	an	DET
easat-9225	315	25	empirical	empirical	ADJ
easat-9225	315	26	study	study	NOUN
easat-9225	315	27	of	of	ADP
easat-9225	315	28	macroeconomic	macroeconomic	ADJ
easat-9225	315	29	factors	factor	NOUN
easat-9225	315	30	and	and	CCONJ
easat-9225	315	31	stock	stock	NOUN
easat-9225	315	32	returns	return	NOUN
easat-9225	315	33	in	in	ADP
easat-9225	315	34	the	the	DET
easat-9225	315	35	context	context	NOUN
easat-9225	315	36	of	of	ADP
easat-9225	315	37	economic	economic	ADJ
easat-9225	315	38	uncertainty	uncertainty	NOUN
easat-9225	315	39	news	news	NOUN
easat-9225	315	40	sentiment	sentiment	NOUN
easat-9225	315	41	using	use	VERB
easat-9225	315	42	machine	machine	NOUN
easat-9225	315	43	learning	learning	NOUN
easat-9225	315	44	,	,	PUNCT
easat-9225	315	45	"	"	PUNCT
easat-9225	315	46	complexity	complexity	NOUN
easat-9225	315	47	,	,	PUNCT
easat-9225	315	48	p.	p.	NOUN
easat-9225	315	49	4646733	4646733	NUM
easat-9225	315	50	,	,	PUNCT
easat-9225	315	51	2022	2022	NUM
easat-9225	315	52	.	.	PUNCT
easat-9225	316	1	https://doi.org/10.1155/2022/4646733	https://doi.org/10.1155/2022/4646733	NOUN
easat-9225	317	1	[	[	X
easat-9225	317	2	14	14	NUM
easat-9225	317	3	]	]	X
easat-9225	317	4	s.	s.	PROPN
easat-9225	317	5	dellavigna	dellavigna	PROPN
easat-9225	317	6	and	and	CCONJ
easat-9225	317	7	m.	m.	PROPN
easat-9225	317	8	j.	j.	PROPN
easat-9225	317	9	pollet	pollet	PROPN
easat-9225	317	10	,	,	PUNCT
easat-9225	317	11	"	"	PUNCT
easat-9225	317	12	demographics	demographic	NOUN
easat-9225	317	13	and	and	CCONJ
easat-9225	317	14	industry	industry	NOUN
easat-9225	317	15	returns	return	NOUN
easat-9225	317	16	,	,	PUNCT
easat-9225	317	17	"	"	PUNCT
easat-9225	317	18	american	american	PROPN
easat-9225	317	19	economic	economic	PROPN
easat-9225	317	20	review	review	PROPN
easat-9225	317	21	,	,	PUNCT
easat-9225	317	22	vol	vol	NOUN
easat-9225	317	23	.	.	PROPN
easat-9225	318	1	97	97	NUM
easat-9225	318	2	,	,	PUNCT
easat-9225	318	3	no	no	INTJ
easat-9225	318	4	.	.	NOUN
easat-9225	318	5	5	5	NUM
easat-9225	318	6	,	,	PUNCT
easat-9225	318	7	pp	pp	ADJ
easat-9225	318	8	.	.	PUNCT
easat-9225	319	1	1667–1702	1667–1702	NUM
easat-9225	319	2	,	,	PUNCT
easat-9225	319	3	2007	2007	NUM
easat-9225	319	4	.	.	PUNCT
easat-9225	320	1	https://doi.org/10.1257/aer.97.5.1667	https://doi.org/10.1257/aer.97.5.1667	NOUN
easat-9225	321	1	[	[	X
easat-9225	321	2	15	15	NUM
easat-9225	321	3	]	]	X
easat-9225	321	4	l.	l.	PROPN
easat-9225	321	5	fuhrer	fuhrer	PROPN
easat-9225	321	6	and	and	CCONJ
easat-9225	321	7	n.	n.	PROPN
easat-9225	321	8	herger	herger	NOUN
easat-9225	321	9	,	,	PUNCT
easat-9225	321	10	"	"	PUNCT
easat-9225	321	11	real	real	ADJ
easat-9225	321	12	interest	interest	NOUN
easat-9225	321	13	rates	rate	NOUN
easat-9225	321	14	and	and	CCONJ
easat-9225	321	15	demographic	demographic	ADJ
easat-9225	321	16	developments	development	NOUN
easat-9225	321	17	across	across	ADP
easat-9225	321	18	generations	generation	NOUN
easat-9225	321	19	:	:	PUNCT
easat-9225	321	20	a	a	DET
easat-9225	321	21	panel	panel	NOUN
easat-9225	321	22	-	-	PUNCT
easat-9225	321	23	data	datum	NOUN
easat-9225	321	24	analysis	analysis	NOUN
easat-9225	321	25	over	over	ADP
easat-9225	321	26	two	two	NUM
easat-9225	321	27	centuries	century	NOUN
easat-9225	321	28	,	,	PUNCT
easat-9225	321	29	"	"	PUNCT
easat-9225	321	30	snb	snb	PROPN
easat-9225	321	31	working	working	NOUN
easat-9225	321	32	papers	paper	NOUN
easat-9225	321	33	,	,	PUNCT
easat-9225	321	34	2021	2021	NUM
easat-9225	321	35	.	.	PUNCT
easat-9225	322	1	https://www.snb.ch/n/mmr/reference/working_paper_2021_07/source/working_paper_2021_07	https://www.snb.ch/n/mmr/reference/working_paper_2021_07/source/working_paper_2021_07	ADJ
easat-9225	322	2	[	[	X
easat-9225	322	3	16	16	NUM
easat-9225	322	4	]	]	X
easat-9225	322	5	c.	c.	PROPN
easat-9225	322	6	brooks	brooks	PROPN
easat-9225	322	7	,	,	PUNCT
easat-9225	322	8	introductory	introductory	ADJ
easat-9225	322	9	econometrics	econometric	NOUN
easat-9225	322	10	for	for	ADP
easat-9225	322	11	finance	finance	NOUN
easat-9225	322	12	,	,	PUNCT
easat-9225	322	13	4th	4th	ADJ
easat-9225	322	14	ed	ed	NOUN
easat-9225	322	15	.	.	PUNCT
easat-9225	323	1	cambridge	cambridge	PROPN
easat-9225	323	2	,	,	PUNCT
easat-9225	323	3	uk	uk	PROPN
easat-9225	323	4	:	:	PUNCT
easat-9225	323	5	cambridge	cambridge	PROPN
easat-9225	323	6	university	university	PROPN
easat-9225	323	7	press	press	NOUN
easat-9225	323	8	,	,	PUNCT
easat-9225	323	9	2019	2019	NUM
easat-9225	323	10	.	.	PUNCT
easat-9225	324	1	[	[	X
easat-9225	324	2	17	17	NUM
easat-9225	324	3	]	]	X
easat-9225	324	4	h.	h.	PROPN
easat-9225	324	5	a.	a.	NOUN
easat-9225	324	6	studenmund	studenmund	PROPN
easat-9225	324	7	,	,	PUNCT
easat-9225	324	8	using	use	VERB
easat-9225	324	9	econometrics	econometric	NOUN
easat-9225	324	10	:	:	PUNCT
easat-9225	324	11	a	a	DET
easat-9225	324	12	practical	practical	ADJ
easat-9225	324	13	guide	guide	NOUN
easat-9225	324	14	,	,	PUNCT
easat-9225	324	15	6th	6th	ADJ
easat-9225	324	16	ed	ed	NOUN
easat-9225	324	17	.	.	PUNCT
easat-9225	324	18	harlow	harlow	PROPN
easat-9225	324	19	,	,	PUNCT
easat-9225	324	20	england	england	PROPN
easat-9225	324	21	:	:	PUNCT
easat-9225	324	22	pearson	pearson	PROPN
easat-9225	324	23	education	education	PROPN
easat-9225	324	24	,	,	PUNCT
easat-9225	324	25	2014	2014	NUM
easat-9225	324	26	.	.	PUNCT
easat-9225	325	1	[	[	X
easat-9225	325	2	18	18	NUM
easat-9225	325	3	]	]	X
easat-9225	325	4	p.	p.	NOUN
easat-9225	325	5	a.	a.	PROPN
easat-9225	325	6	s.	s.	PROPN
easat-9225	325	7	oskooe	oskooe	PROPN
easat-9225	325	8	,	,	PUNCT
easat-9225	325	9	"	"	PUNCT
easat-9225	325	10	emerging	emerge	VERB
easat-9225	325	11	stock	stock	NOUN
easat-9225	325	12	market	market	NOUN
easat-9225	325	13	performance	performance	NOUN
easat-9225	325	14	and	and	CCONJ
easat-9225	325	15	economic	economic	ADJ
easat-9225	325	16	growth	growth	NOUN
easat-9225	325	17	,	,	PUNCT
easat-9225	325	18	"	"	PUNCT
easat-9225	325	19	american	american	ADJ
easat-9225	325	20	journal	journal	PROPN
easat-9225	325	21	of	of	ADP
easat-9225	325	22	applied	apply	VERB
easat-9225	325	23	sciences	science	NOUN
easat-9225	325	24	,	,	PUNCT
easat-9225	325	25	vol	vol	NOUN
easat-9225	325	26	.	.	PROPN
easat-9225	325	27	7	7	NUM
easat-9225	325	28	,	,	PUNCT
easat-9225	325	29	no	no	INTJ
easat-9225	325	30	.	.	NOUN
easat-9225	325	31	2	2	NUM
easat-9225	325	32	,	,	PUNCT
easat-9225	325	33	pp	pp	ADJ
easat-9225	325	34	.	.	PUNCT
easat-9225	326	1	265–269	265–269	NUM
easat-9225	326	2	,	,	PUNCT
easat-9225	326	3	2010	2010	NUM
easat-9225	326	4	.	.	PUNCT
easat-9225	327	1	https://doi.org/10.3844/ajassp.2010.265.269	https://doi.org/10.3844/ajassp.2010.265.269	PROPN
easat-9225	327	2	[	[	X
easat-9225	327	3	19	19	NUM
easat-9225	327	4	]	]	PUNCT
easat-9225	327	5	s.	s.	PROPN
easat-9225	327	6	r.	r.	PROPN
easat-9225	327	7	paramati	paramati	PROPN
easat-9225	327	8	and	and	CCONJ
easat-9225	327	9	r.	r.	PROPN
easat-9225	327	10	gupta	gupta	PROPN
easat-9225	327	11	,	,	PUNCT
easat-9225	327	12	"	"	PUNCT
easat-9225	327	13	an	an	DET
easat-9225	327	14	empirical	empirical	ADJ
easat-9225	327	15	analysis	analysis	NOUN
easat-9225	327	16	of	of	ADP
easat-9225	327	17	stock	stock	NOUN
easat-9225	327	18	market	market	NOUN
easat-9225	327	19	performance	performance	NOUN
easat-9225	327	20	and	and	CCONJ
easat-9225	327	21	economic	economic	ADJ
easat-9225	327	22	growth	growth	NOUN
easat-9225	327	23	:	:	PUNCT
easat-9225	327	24	evidence	evidence	NOUN
easat-9225	327	25	from	from	ADP
easat-9225	327	26	india	india	PROPN
easat-9225	327	27	,	,	PUNCT
easat-9225	327	28	"	"	PUNCT
easat-9225	327	29	international	international	ADJ
easat-9225	327	30	research	research	NOUN
easat-9225	327	31	journal	journal	NOUN
easat-9225	327	32	of	of	ADP
easat-9225	327	33	finance	finance	NOUN
easat-9225	327	34	and	and	CCONJ
easat-9225	327	35	economics	economic	NOUN
easat-9225	327	36	,	,	PUNCT
easat-9225	327	37	vol	vol	NOUN
easat-9225	327	38	.	.	PROPN
easat-9225	327	39	73	73	NUM
easat-9225	327	40	,	,	PUNCT
easat-9225	327	41	pp	pp	ADJ
easat-9225	327	42	.	.	PUNCT
easat-9225	328	1	133–149	133–149	NUM
easat-9225	328	2	,	,	PUNCT
easat-9225	328	3	2011	2011	NUM
easat-9225	328	4	.	.	PUNCT
easat-9225	329	1	https://doi.org/10.2139/ssrn.2335996	https://doi.org/10.2139/ssrn.2335996	X
easat-9225	330	1	[	[	X
easat-9225	330	2	20	20	NUM
easat-9225	330	3	]	]	PUNCT
easat-9225	330	4	j.	j.	PROPN
easat-9225	330	5	nordmark	nordmark	PROPN
easat-9225	330	6	,	,	PUNCT
easat-9225	330	7	"	"	PUNCT
easat-9225	330	8	stock	stock	NOUN
easat-9225	330	9	returns	return	NOUN
easat-9225	330	10	and	and	CCONJ
easat-9225	330	11	production	production	NOUN
easat-9225	330	12	growth	growth	NOUN
easat-9225	330	13	in	in	ADP
easat-9225	330	14	sweden	sweden	PROPN
easat-9225	330	15	:	:	PUNCT
easat-9225	330	16	is	be	AUX
easat-9225	330	17	there	there	PRON
easat-9225	330	18	a	a	DET
easat-9225	330	19	relationship	relationship	NOUN
easat-9225	330	20	?	?	PUNCT
easat-9225	330	21	,	,	PUNCT
easat-9225	330	22	"	"	PUNCT
easat-9225	330	23	bachelor	bachelor	NOUN
easat-9225	330	24	thesis	thesis	NOUN
easat-9225	330	25	,	,	PUNCT
easat-9225	330	26	the	the	DET
easat-9225	330	27	school	school	NOUN
easat-9225	330	28	of	of	ADP
easat-9225	330	29	management	management	NOUN
easat-9225	330	30	and	and	CCONJ
easat-9225	330	31	economics	economic	NOUN
easat-9225	330	32	diva	diva	PROPN
easat-9225	330	33	portal	portal	PROPN
easat-9225	330	34	,	,	PUNCT
easat-9225	330	35	2009	2009	NUM
easat-9225	330	36	.	.	PUNCT
easat-9225	331	1	[	[	X
easat-9225	331	2	21	21	NUM
easat-9225	331	3	]	]	X
easat-9225	331	4	msci	msci	PROPN
easat-9225	331	5	barra	barra	PROPN
easat-9225	331	6	research	research	PROPN
easat-9225	331	7	,	,	PUNCT
easat-9225	331	8	"	"	PUNCT
easat-9225	331	9	is	be	AUX
easat-9225	331	10	there	there	PRON
easat-9225	331	11	a	a	DET
easat-9225	331	12	link	link	NOUN
easat-9225	331	13	between	between	ADP
easat-9225	331	14	gdp	gdp	NOUN
easat-9225	331	15	growth	growth	NOUN
easat-9225	331	16	and	and	CCONJ
easat-9225	331	17	equity	equity	NOUN
easat-9225	331	18	returns	return	NOUN
easat-9225	331	19	?	?	PUNCT
easat-9225	331	20	,	,	PUNCT
easat-9225	331	21	"	"	PUNCT
easat-9225	331	22	msci	msci	PROPN
easat-9225	331	23	barra	barra	PROPN
easat-9225	331	24	,	,	PUNCT
easat-9225	331	25	2010	2010	NUM
easat-9225	331	26	.	.	PUNCT
easat-9225	331	27	https://www.msci.com/documents/10199/a134c5d5-dca0-420d-875d-06adb948f578	https://www.msci.com/documents/10199/a134c5d5-dca0-420d-875d-06adb948f578	PUNCT
easat-9225	332	1	[	[	X
easat-9225	332	2	22	22	NUM
easat-9225	332	3	]	]	PUNCT
easat-9225	332	4	s.	s.	PROPN
easat-9225	332	5	sathyanarayana	sathyanarayana	PROPN
easat-9225	332	6	and	and	CCONJ
easat-9225	332	7	s.	s.	PROPN
easat-9225	332	8	gargesa	gargesa	PROPN
easat-9225	332	9	,	,	PUNCT
easat-9225	332	10	"	"	PUNCT
easat-9225	332	11	an	an	DET
easat-9225	332	12	analytical	analytical	ADJ
easat-9225	332	13	study	study	NOUN
easat-9225	332	14	of	of	ADP
easat-9225	332	15	the	the	DET
easat-9225	332	16	effect	effect	NOUN
easat-9225	332	17	of	of	ADP
easat-9225	332	18	inflation	inflation	NOUN
easat-9225	332	19	on	on	ADP
easat-9225	332	20	stock	stock	NOUN
easat-9225	332	21	market	market	NOUN
easat-9225	332	22	returns	return	NOUN
easat-9225	332	23	,	,	PUNCT
easat-9225	332	24	"	"	PUNCT
easat-9225	332	25	irainternational	irainternational	ADJ
easat-9225	332	26	journal	journal	NOUN
easat-9225	332	27	of	of	ADP
easat-9225	332	28	management	management	PROPN
easat-9225	332	29	&	&	CCONJ
easat-9225	332	30	social	social	ADJ
easat-9225	332	31	sciences	sciences	PROPN
easat-9225	332	32	,	,	PUNCT
easat-9225	332	33	vol	vol	NOUN
easat-9225	332	34	.	.	PROPN
easat-9225	332	35	13	13	NUM
easat-9225	332	36	,	,	PUNCT
easat-9225	332	37	no	no	INTJ
easat-9225	332	38	.	.	NOUN
easat-9225	332	39	2	2	NUM
easat-9225	332	40	,	,	PUNCT
easat-9225	332	41	pp	pp	ADJ
easat-9225	332	42	.	.	PUNCT
easat-9225	333	1	48–64	48–64	NUM
easat-9225	333	2	,	,	PUNCT
easat-9225	333	3	2018	2018	NUM
easat-9225	333	4	.	.	PUNCT
easat-9225	334	1	https://doi.org/10.21013/jmss.v13.n2.p3	https://doi.org/10.21013/jmss.v13.n2.p3	PUNCT
easat-9225	335	1	[	[	X
easat-9225	335	2	23	23	X
easat-9225	335	3	]	]	X
easat-9225	335	4	y.	y.	PROPN
easat-9225	335	5	j.	j.	PROPN
easat-9225	335	6	campbell	campbell	PROPN
easat-9225	335	7	and	and	CCONJ
easat-9225	335	8	j.	j.	PROPN
easat-9225	335	9	ammer	ammer	PROPN
easat-9225	335	10	,	,	PUNCT
easat-9225	335	11	"	"	PUNCT
easat-9225	335	12	what	what	PRON
easat-9225	335	13	moves	move	VERB
easat-9225	335	14	the	the	DET
easat-9225	335	15	stock	stock	NOUN
easat-9225	335	16	and	and	CCONJ
easat-9225	335	17	bond	bond	NOUN
easat-9225	335	18	markets	market	NOUN
easat-9225	335	19	?	?	PUNCT
easat-9225	336	1	a	a	DET
easat-9225	336	2	variance	variance	NOUN
easat-9225	336	3	decomposition	decomposition	NOUN
easat-9225	336	4	for	for	ADP
easat-9225	336	5	long	long	ADJ
easat-9225	336	6	-	-	PUNCT
easat-9225	336	7	term	term	NOUN
easat-9225	336	8	asset	asset	NOUN
easat-9225	336	9	returns	return	NOUN
easat-9225	336	10	,	,	PUNCT
easat-9225	336	11	"	"	PUNCT
easat-9225	336	12	the	the	DET
easat-9225	336	13	journal	journal	NOUN
easat-9225	336	14	of	of	ADP
easat-9225	336	15	finance	finance	NOUN
easat-9225	336	16	,	,	PUNCT
easat-9225	336	17	vol	vol	NOUN
easat-9225	336	18	.	.	PROPN
easat-9225	336	19	48	48	NUM
easat-9225	336	20	,	,	PUNCT
easat-9225	336	21	no	no	INTJ
easat-9225	336	22	.	.	NOUN
easat-9225	336	23	1	1	NUM
easat-9225	336	24	,	,	PUNCT
easat-9225	336	25	pp	pp	ADJ
easat-9225	336	26	.	.	PUNCT
easat-9225	337	1	3–37	3–37	ADJ
easat-9225	337	2	,	,	PUNCT
easat-9225	337	3	1993	1993	NUM
easat-9225	337	4	.	.	PUNCT
easat-9225	338	1	https://doi.org/10.1111/j.15406261.1993.tb04700.x	https://doi.org/10.1111/j.15406261.1993.tb04700.x	PROPN
easat-9225	339	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-9225	340	1	https://dx.doi.org/10.1353/eca.2004.0010	https://dx.doi.org/10.1353/eca.2004.0010	PROPN
easat-9225	340	2	https://doi.org/10.1162/003465301753237650	https://doi.org/10.1162/003465301753237650	PROPN
easat-9225	340	3	https://doi.org/10.3390/fractalfract7060478	https://doi.org/10.3390/fractalfract7060478	PROPN
easat-9225	340	4	https://doi.org/10.1086/296344	https://doi.org/10.1086/296344	NOUN
easat-9225	340	5	https://doi.org/10.1016/j.econmod.2017.07.005	https://doi.org/10.1016/j.econmod.2017.07.005	PUNCT
easat-9225	340	6	https://doi.org/10.1002/pa.2393	https://doi.org/10.1002/pa.2393	PROPN
easat-9225	340	7	https://doi.org/10.1016/j.bir.2016.09.003	https://doi.org/10.1016/j.bir.2016.09.003	PROPN
easat-9225	340	8	https://doi.org/10.1016/0304-3932(82)90021-6	https://doi.org/10.1016/0304-3932(82)90021-6	PROPN
easat-9225	340	9	https://doi.org/10.2139/ssrn.1026219	https://doi.org/10.2139/ssrn.1026219	PROPN
easat-9225	340	10	https://doi.org/10.1111/j.1540-6261.2005.00760.x	https://doi.org/10.1111/j.1540-6261.2005.00760.x	PROPN
easat-9225	340	11	https://doi.org/10.1155/2022/4646733	https://doi.org/10.1155/2022/4646733	PROPN
easat-9225	340	12	https://doi.org/10.1257/aer.97.5.1667	https://doi.org/10.1257/aer.97.5.1667	PROPN
easat-9225	341	1	https://www.snb.ch/n/mmr/reference/working_paper_2021_07/source/working_paper_2021_07	https://www.snb.ch/n/mmr/reference/working_paper_2021_07/source/working_paper_2021_07	PROPN
easat-9225	341	2	https://doi.org/10.3844/ajassp.2010.265.269	https://doi.org/10.3844/ajassp.2010.265.269	PROPN
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easat-9225	342	6	:	:	SYM
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easat-9225	342	8	-	-	SYM
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easat-9225	342	15	-	-	SYM
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easat-9225	344	5	(	(	PUNCT
easat-9225	344	6	adf	adf	PROPN
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easat-9225	345	2	(	(	PUNCT
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easat-9225	345	7	1	1	NUM
easat-9225	345	8	%	%	NOUN
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easat-9225	345	14	5	5	NUM
easat-9225	345	15	%	%	NOUN
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easat-9225	345	21	prob	prob	NOUN
easat-9225	345	22	.	.	PUNCT
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easat-9225	346	1	switzerland	switzerland	PROPN
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easat-9225	346	9	lgdpcap	lgdpcap	NOUN
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easat-9225	346	13	-2.8922	-2.8922	VERB
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easat-9225	346	15	ir_sh	ir_sh	NOUN
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easat-9225	346	19	-2.8922	-2.8922	VERB
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easat-9225	346	21	*	*	SYM
easat-9225	346	22	cpi	cpi	PROPN
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easat-9225	348	2	*	*	PUNCT
easat-9225	348	3	popgr	popgr	NOUN
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easat-9225	348	9	*	*	SYM
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easat-9225	348	12	-7.903702	-7.903702	PROPN
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easat-9225	348	17	*	*	NOUN
easat-9225	348	18	lgdpcap	lgdpcap	PROPN
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easat-9225	350	2	cpi	cpi	PROPN
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easat-9225	351	2	*	*	NOUN
easat-9225	351	3	popgr	popgr	PROPN
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easat-9225	352	1	*	*	PUNCT
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easat-9225	352	9	*	*	NOUN
easat-9225	352	10	lgdpcap	lgdpcap	PROPN
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easat-9225	352	16	ir_sh	ir_sh	NOUN
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easat-9225	352	22	cpi	cpi	PROPN
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easat-9225	353	1	0.0000	0.0000	NUM
easat-9225	353	2	*	*	NOUN
easat-9225	354	1	popgr	popgr	PROPN
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easat-9225	354	8	:	:	PUNCT
easat-9225	355	1	*	*	PUNCT
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easat-9225	355	7	at	at	ADP
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easat-9225	355	9	–	–	PUNCT
easat-9225	355	10	1	1	NUM
easat-9225	355	11	%	%	NOUN
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easat-9225	355	13	5	5	NUM
easat-9225	355	14	%	%	NOUN
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easat-9225	355	18	.	.	PUNCT
easat-9225	356	1	table	table	NOUN
easat-9225	356	2	1.1	1.1	NUM
easat-9225	356	3	.	.	PUNCT
easat-9225	357	1	adf	adf	NOUN
easat-9225	357	2	–	–	PUNCT
easat-9225	357	3	unit	unit	NOUN
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easat-9225	357	5	test	test	NOUN
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easat-9225	357	8	.	.	PUNCT
easat-9225	358	1	null	null	ADJ
easat-9225	358	2	hypothesis	hypothesis	NOUN
easat-9225	358	3	:	:	PUNCT
easat-9225	358	4	n_returns	n_return	NOUN
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easat-9225	358	6	a	a	DET
easat-9225	358	7	unit	unit	NOUN
easat-9225	358	8	root	root	NOUN
easat-9225	358	9	exogenous	exogenous	ADJ
easat-9225	358	10	:	:	PUNCT
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easat-9225	358	12	lag	lag	NOUN
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easat-9225	358	14	:	:	PUNCT
easat-9225	358	15	0	0	NUM
easat-9225	359	1	(	(	PUNCT
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easat-9225	359	6	,	,	PUNCT
easat-9225	359	7	maxlag=11	maxlag=11	ADJ
easat-9225	359	8	)	)	PUNCT
easat-9225	359	9	t	t	PROPN
easat-9225	359	10	-	-	PUNCT
easat-9225	359	11	statistic	statistic	NOUN
easat-9225	359	12	prob	prob	NOUN
easat-9225	359	13	.	.	PUNCT
easat-9225	359	14	*	*	PUNCT
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easat-9225	359	16	dickey	dickey	PROPN
easat-9225	359	17	-	-	PUNCT
easat-9225	359	18	fuller	full	ADJ
easat-9225	359	19	test	test	NOUN
easat-9225	359	20	statistic	statistic	NOUN
easat-9225	359	21	-9.35766	-9.35766	NOUN
easat-9225	359	22	0	0	NUM
easat-9225	360	1	test	test	NOUN
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easat-9225	360	3	values	value	NOUN
easat-9225	360	4	:	:	PUNCT
easat-9225	360	5	1	1	NUM
easat-9225	360	6	%	%	NOUN
easat-9225	360	7	level	level	NOUN
easat-9225	360	8	-3.50067	-3.50067	NOUN
easat-9225	360	9	5	5	NUM
easat-9225	360	10	%	%	NOUN
easat-9225	360	11	level	level	NOUN
easat-9225	360	12	-2.8922	-2.8922	NOUN
easat-9225	360	13	10	10	NUM
easat-9225	360	14	%	%	NOUN
easat-9225	360	15	level	level	NOUN
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easat-9225	360	17	null	null	ADJ
easat-9225	360	18	hypothesis	hypothesis	NOUN
easat-9225	360	19	:	:	PUNCT
easat-9225	360	20	ir_sh	ir_sh	NOUN
easat-9225	360	21	has	have	VERB
easat-9225	360	22	a	a	DET
easat-9225	360	23	unit	unit	NOUN
easat-9225	360	24	root	root	NOUN
easat-9225	360	25	exogenous	exogenous	ADJ
easat-9225	360	26	:	:	PUNCT
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easat-9225	360	29	length	length	NOUN
easat-9225	360	30	:	:	PUNCT
easat-9225	360	31	0	0	NUM
easat-9225	361	1	(	(	PUNCT
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easat-9225	361	4	on	on	ADP
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easat-9225	361	6	,	,	PUNCT
easat-9225	361	7	maxlag=11	maxlag=11	ADJ
easat-9225	361	8	)	)	PUNCT
easat-9225	361	9	t	t	PROPN
easat-9225	361	10	-	-	PUNCT
easat-9225	361	11	statistic	statistic	NOUN
easat-9225	361	12	prob	prob	NOUN
easat-9225	361	13	.	.	PUNCT
easat-9225	361	14	*	*	PUNCT
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easat-9225	361	16	dickey	dickey	PROPN
easat-9225	361	17	-	-	PUNCT
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easat-9225	361	19	test	test	NOUN
easat-9225	361	20	statistic	statistic	NOUN
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easat-9225	361	26	:	:	PUNCT
easat-9225	361	27	1	1	NUM
easat-9225	361	28	%	%	NOUN
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easat-9225	361	31	5	5	NUM
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easat-9225	361	39	null	null	ADJ
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easat-9225	361	41	:	:	PUNCT
easat-9225	361	42	cpi	cpi	PROPN
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easat-9225	361	44	a	a	DET
easat-9225	361	45	unit	unit	NOUN
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easat-9225	361	48	:	:	PUNCT
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easat-9225	361	52	:	:	PUNCT
easat-9225	361	53	1	1	NUM
easat-9225	361	54	(	(	PUNCT
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easat-9225	362	1	*	*	PUNCT
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easat-9225	362	13	:	:	PUNCT
easat-9225	362	14	1	1	NUM
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easat-9225	362	32	8484	8484	NUM
easat-9225	362	33	vol	vol	NOUN
easat-9225	362	34	.	.	PROPN
easat-9225	363	1	9	9	NUM
easat-9225	363	2	,	,	PUNCT
easat-9225	363	3	no	no	INTJ
easat-9225	363	4	.	.	NOUN
easat-9225	363	5	8	8	NUM
easat-9225	363	6	:	:	SYM
easat-9225	363	7	113	113	NUM
easat-9225	363	8	-	-	SYM
easat-9225	363	9	137	137	NUM
easat-9225	363	10	,	,	PUNCT
easat-9225	363	11	2025	2025	NUM
easat-9225	363	12	doi	doi	NOUN
easat-9225	363	13	:	:	PUNCT
easat-9225	363	14	10.55214/2576	10.55214/2576	NUM
easat-9225	363	15	-	-	SYM
easat-9225	363	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	364	1	©	©	PROPN
easat-9225	364	2	2025	2025	NUM
easat-9225	364	3	by	by	ADP
easat-9225	364	4	the	the	DET
easat-9225	364	5	authors	author	NOUN
easat-9225	364	6	;	;	PUNCT
easat-9225	364	7	licensee	licensee	PROPN
easat-9225	364	8	learning	learning	NOUN
easat-9225	364	9	gate	gate	NOUN
easat-9225	364	10	10	10	NUM
easat-9225	364	11	%	%	NOUN
easat-9225	364	12	level	level	NOUN
easat-9225	364	13	-2.58337	-2.58337	NOUN
easat-9225	364	14	table	table	NOUN
easat-9225	364	15	1.2	1.2	NUM
easat-9225	364	16	.	.	PUNCT
easat-9225	365	1	pp	pp	ADV
easat-9225	365	2	–	–	PUNCT
easat-9225	365	3	unit	unit	NOUN
easat-9225	365	4	root	root	NOUN
easat-9225	365	5	test	test	NOUN
easat-9225	365	6	for	for	ADP
easat-9225	365	7	switzerland	switzerland	PROPN
easat-9225	365	8	.	.	PUNCT
easat-9225	366	1	null	null	ADJ
easat-9225	366	2	hypothesis	hypothesis	NOUN
easat-9225	366	3	:	:	PUNCT
easat-9225	366	4	n_returns	n_return	NOUN
easat-9225	366	5	has	have	VERB
easat-9225	366	6	a	a	DET
easat-9225	366	7	unit	unit	NOUN
easat-9225	366	8	root	root	NOUN
easat-9225	366	9	exogenous	exogenous	ADJ
easat-9225	366	10	:	:	PUNCT
easat-9225	366	11	constant	constant	ADJ
easat-9225	366	12	bandwidth	bandwidth	NOUN
easat-9225	366	13	:	:	PUNCT
easat-9225	366	14	11	11	NUM
easat-9225	366	15	(	(	PUNCT
easat-9225	366	16	newey	newey	PROPN
easat-9225	366	17	-	-	PUNCT
easat-9225	366	18	west	west	PROPN
easat-9225	366	19	automatic	automatic	ADJ
easat-9225	366	20	)	)	PUNCT
easat-9225	366	21	using	use	VERB
easat-9225	366	22	bartlett	bartlett	PROPN
easat-9225	366	23	kernel	kernel	PROPN
easat-9225	366	24	adj	adj	PROPN
easat-9225	366	25	.	.	PROPN
easat-9225	366	26	t	t	PROPN
easat-9225	366	27	-	-	PUNCT
easat-9225	366	28	stat	stat	NOUN
easat-9225	366	29	prob	prob	NOUN
easat-9225	366	30	.	.	PUNCT
easat-9225	366	31	*	*	PUNCT
easat-9225	366	32	phillips	phillips	PROPN
easat-9225	366	33	-	-	PUNCT
easat-9225	366	34	perron	perron	PROPN
easat-9225	366	35	test	test	NOUN
easat-9225	366	36	statistic	statistic	PROPN
easat-9225	366	37	-9.78199	-9.78199	NOUN
easat-9225	366	38	0.000	0.000	NUM
easat-9225	366	39	test	test	NOUN
easat-9225	366	40	critical	critical	ADJ
easat-9225	366	41	values	value	NOUN
easat-9225	366	42	:	:	PUNCT
easat-9225	366	43	1	1	NUM
easat-9225	366	44	%	%	NOUN
easat-9225	366	45	level	level	NOUN
easat-9225	366	46	-3.50067	-3.50067	NOUN
easat-9225	366	47	5	5	NUM
easat-9225	366	48	%	%	NOUN
easat-9225	366	49	level	level	NOUN
easat-9225	366	50	-2.8922	-2.8922	NOUN
easat-9225	366	51	10	10	NUM
easat-9225	366	52	%	%	NOUN
easat-9225	366	53	level	level	NOUN
easat-9225	366	54	-2.58319	-2.58319	NOUN
easat-9225	366	55	null	null	ADJ
easat-9225	366	56	hypothesis	hypothesis	NOUN
easat-9225	366	57	:	:	PUNCT
easat-9225	366	58	ir_sh	ir_sh	NOUN
easat-9225	366	59	has	have	VERB
easat-9225	366	60	a	a	DET
easat-9225	366	61	unit	unit	NOUN
easat-9225	366	62	root	root	NOUN
easat-9225	366	63	exogenous	exogenous	ADJ
easat-9225	366	64	:	:	PUNCT
easat-9225	366	65	constant	constant	ADJ
easat-9225	366	66	bandwidth	bandwidth	NOUN
easat-9225	366	67	:	:	PUNCT
easat-9225	366	68	2	2	NUM
easat-9225	366	69	(	(	PUNCT
easat-9225	366	70	newey	newey	PROPN
easat-9225	366	71	-	-	PUNCT
easat-9225	366	72	west	west	PROPN
easat-9225	366	73	automatic	automatic	ADJ
easat-9225	366	74	)	)	PUNCT
easat-9225	366	75	using	use	VERB
easat-9225	366	76	bartlett	bartlett	PROPN
easat-9225	366	77	kernel	kernel	PROPN
easat-9225	366	78	adj	adj	PROPN
easat-9225	366	79	.	.	PROPN
easat-9225	366	80	t	t	PROPN
easat-9225	366	81	-	-	PUNCT
easat-9225	366	82	stat	stat	NOUN
easat-9225	366	83	prob	prob	NOUN
easat-9225	366	84	.	.	PUNCT
easat-9225	367	1	*	*	PUNCT
easat-9225	367	2	phillips	phillips	PROPN
easat-9225	367	3	-	-	PUNCT
easat-9225	367	4	perron	perron	PROPN
easat-9225	367	5	test	test	NOUN
easat-9225	367	6	statistic	statistic	PROPN
easat-9225	367	7	-3.10065	-3.10065	PROPN
easat-9225	367	8	0.0298	0.0298	NUM
easat-9225	367	9	test	test	NOUN
easat-9225	367	10	critical	critical	ADJ
easat-9225	367	11	values	value	NOUN
easat-9225	367	12	:	:	PUNCT
easat-9225	367	13	1	1	NUM
easat-9225	367	14	%	%	NOUN
easat-9225	367	15	level	level	NOUN
easat-9225	367	16	-3.50067	-3.50067	NOUN
easat-9225	367	17	5	5	NUM
easat-9225	367	18	%	%	NOUN
easat-9225	367	19	level	level	NOUN
easat-9225	367	20	-2.8922	-2.8922	NOUN
easat-9225	367	21	10	10	NUM
easat-9225	367	22	%	%	NOUN
easat-9225	367	23	level	level	NOUN
easat-9225	367	24	-2.58319	-2.58319	NOUN
easat-9225	367	25	null	null	ADJ
easat-9225	367	26	hypothesis	hypothesis	NOUN
easat-9225	367	27	:	:	PUNCT
easat-9225	367	28	popgr	popgr	PROPN
easat-9225	367	29	has	have	AUX
easat-9225	367	30	a	a	DET
easat-9225	367	31	unit	unit	NOUN
easat-9225	367	32	root	root	NOUN
easat-9225	367	33	exogenous	exogenous	ADJ
easat-9225	367	34	:	:	PUNCT
easat-9225	367	35	constant	constant	ADJ
easat-9225	367	36	bandwidth	bandwidth	NOUN
easat-9225	367	37	:	:	PUNCT
easat-9225	367	38	3	3	NUM
easat-9225	367	39	(	(	PUNCT
easat-9225	367	40	newey	newey	PROPN
easat-9225	367	41	-	-	PUNCT
easat-9225	367	42	west	west	PROPN
easat-9225	367	43	automatic	automatic	ADJ
easat-9225	367	44	)	)	PUNCT
easat-9225	367	45	using	use	VERB
easat-9225	367	46	bartlett	bartlett	PROPN
easat-9225	367	47	kernel	kernel	PROPN
easat-9225	367	48	adj	adj	PROPN
easat-9225	367	49	.	.	PROPN
easat-9225	367	50	t	t	PROPN
easat-9225	367	51	-	-	PUNCT
easat-9225	367	52	stat	stat	NOUN
easat-9225	367	53	prob	prob	NOUN
easat-9225	367	54	.	.	PUNCT
easat-9225	367	55	*	*	PUNCT
easat-9225	367	56	phillips	phillips	PROPN
easat-9225	367	57	-	-	PUNCT
easat-9225	367	58	perron	perron	PROPN
easat-9225	367	59	test	test	NOUN
easat-9225	367	60	statistic	statistic	NOUN
easat-9225	367	61	-3.16317	-3.16317	VERB
easat-9225	367	62	0.0254	0.0254	NUM
easat-9225	367	63	test	test	NOUN
easat-9225	367	64	critical	critical	ADJ
easat-9225	367	65	values	value	NOUN
easat-9225	367	66	:	:	PUNCT
easat-9225	367	67	1	1	NUM
easat-9225	367	68	%	%	NOUN
easat-9225	367	69	level	level	NOUN
easat-9225	367	70	-3.50067	-3.50067	NOUN
easat-9225	367	71	5	5	NUM
easat-9225	367	72	%	%	NOUN
easat-9225	367	73	level	level	NOUN
easat-9225	367	74	-2.8922	-2.8922	NOUN
easat-9225	367	75	10	10	NUM
easat-9225	367	76	%	%	NOUN
easat-9225	367	77	level	level	NOUN
easat-9225	367	78	-2.58319	-2.58319	NOUN
easat-9225	367	79	null	null	ADJ
easat-9225	367	80	hypothesis	hypothesis	NOUN
easat-9225	367	81	:	:	PUNCT
easat-9225	367	82	lgdpcap	lgdpcap	PROPN
easat-9225	367	83	has	have	VERB
easat-9225	367	84	a	a	DET
easat-9225	367	85	unit	unit	NOUN
easat-9225	367	86	root	root	NOUN
easat-9225	367	87	exogenous	exogenous	ADJ
easat-9225	367	88	:	:	PUNCT
easat-9225	367	89	constant	constant	ADJ
easat-9225	367	90	bandwidth	bandwidth	NOUN
easat-9225	367	91	:	:	PUNCT
easat-9225	367	92	3	3	NUM
easat-9225	367	93	(	(	PUNCT
easat-9225	367	94	newey	newey	PROPN
easat-9225	367	95	-	-	PUNCT
easat-9225	367	96	west	west	PROPN
easat-9225	367	97	automatic	automatic	ADJ
easat-9225	367	98	)	)	PUNCT
easat-9225	367	99	using	use	VERB
easat-9225	367	100	bartlett	bartlett	PROPN
easat-9225	367	101	kernel	kernel	PROPN
easat-9225	367	102	adj	adj	PROPN
easat-9225	367	103	.	.	PROPN
easat-9225	367	104	t	t	PROPN
easat-9225	367	105	-	-	PUNCT
easat-9225	367	106	stat	stat	NOUN
easat-9225	367	107	prob	prob	NOUN
easat-9225	367	108	.	.	PUNCT
easat-9225	367	109	*	*	PUNCT
easat-9225	367	110	phillips	phillips	PROPN
easat-9225	367	111	-	-	PUNCT
easat-9225	367	112	perron	perron	PROPN
easat-9225	367	113	test	test	NOUN
easat-9225	367	114	statistic	statistic	PROPN
easat-9225	367	115	-2.20738	-2.20738	VERB
easat-9225	367	116	0.9328	0.9328	NUM
easat-9225	367	117	test	test	NOUN
easat-9225	367	118	critical	critical	ADJ
easat-9225	367	119	values	value	NOUN
easat-9225	367	120	:	:	PUNCT
easat-9225	367	121	1	1	NUM
easat-9225	367	122	%	%	NOUN
easat-9225	367	123	level	level	NOUN
easat-9225	367	124	-3.50067	-3.50067	NOUN
easat-9225	367	125	5	5	NUM
easat-9225	367	126	%	%	NOUN
easat-9225	367	127	level	level	NOUN
easat-9225	367	128	-2.8922	-2.8922	NOUN
easat-9225	367	129	10	10	NUM
easat-9225	367	130	%	%	NOUN
easat-9225	367	131	level	level	NOUN
easat-9225	367	132	-2.58319	-2.58319	NOUN
easat-9225	367	133	null	null	ADJ
easat-9225	367	134	hypothesis	hypothesis	NOUN
easat-9225	367	135	:	:	PUNCT
easat-9225	367	136	cpi	cpi	PROPN
easat-9225	367	137	has	have	VERB
easat-9225	367	138	a	a	DET
easat-9225	367	139	unit	unit	NOUN
easat-9225	367	140	root	root	NOUN
easat-9225	367	141	exogenous	exogenous	ADJ
easat-9225	367	142	:	:	PUNCT
easat-9225	367	143	constant	constant	ADJ
easat-9225	367	144	bandwidth	bandwidth	NOUN
easat-9225	367	145	:	:	PUNCT
easat-9225	367	146	6	6	NUM
easat-9225	367	147	(	(	PUNCT
easat-9225	367	148	newey	newey	PROPN
easat-9225	367	149	-	-	PUNCT
easat-9225	367	150	west	west	PROPN
easat-9225	367	151	automatic	automatic	ADJ
easat-9225	367	152	)	)	PUNCT
easat-9225	367	153	using	use	VERB
easat-9225	367	154	bartlett	bartlett	PROPN
easat-9225	367	155	kernel	kernel	PROPN
easat-9225	367	156	adj	adj	PROPN
easat-9225	367	157	.	.	PROPN
easat-9225	367	158	t	t	PROPN
easat-9225	367	159	-	-	PUNCT
easat-9225	367	160	stat	stat	NOUN
easat-9225	367	161	prob	prob	NOUN
easat-9225	367	162	.	.	PUNCT
easat-9225	368	1	*	*	PUNCT
easat-9225	368	2	phillips	phillips	PROPN
easat-9225	368	3	-	-	PUNCT
easat-9225	368	4	perron	perron	PROPN
easat-9225	368	5	test	test	NOUN
easat-9225	368	6	statistic	statistic	PROPN
easat-9225	368	7	-3.60768	-3.60768	VERB
easat-9225	368	8	0.0073	0.0073	NUM
easat-9225	368	9	test	test	NOUN
easat-9225	368	10	critical	critical	ADJ
easat-9225	368	11	values	value	NOUN
easat-9225	368	12	:	:	PUNCT
easat-9225	368	13	1	1	NUM
easat-9225	368	14	%	%	NOUN
easat-9225	368	15	level	level	NOUN
easat-9225	368	16	-3.50067	-3.50067	NOUN
easat-9225	368	17	5	5	NUM
easat-9225	368	18	%	%	NOUN
easat-9225	368	19	level	level	NOUN
easat-9225	368	20	-2.8922	-2.8922	NOUN
easat-9225	368	21	10	10	NUM
easat-9225	368	22	%	%	NOUN
easat-9225	368	23	level	level	NOUN
easat-9225	368	24	-2.58319	-2.58319	NOUN
easat-9225	368	25	table	table	NOUN
easat-9225	368	26	1.2.1	1.2.1	NUM
easat-9225	368	27	.	.	PUNCT
easat-9225	369	1	adf	adf	NOUN
easat-9225	369	2	–	–	PUNCT
easat-9225	369	3	unit	unit	NOUN
easat-9225	369	4	root	root	NOUN
easat-9225	369	5	test	test	NOUN
easat-9225	369	6	for	for	ADP
easat-9225	369	7	sweden	sweden	PROPN
easat-9225	369	8	.	.	PUNCT
easat-9225	370	1	null	null	ADJ
easat-9225	370	2	hypothesis	hypothesis	NOUN
easat-9225	370	3	:	:	PUNCT
easat-9225	370	4	n_returns	n_return	NOUN
easat-9225	370	5	has	have	VERB
easat-9225	370	6	a	a	DET
easat-9225	370	7	unit	unit	NOUN
easat-9225	370	8	root	root	NOUN
easat-9225	370	9	exogenous	exogenous	ADJ
easat-9225	370	10	:	:	PUNCT
easat-9225	370	11	constant	constant	ADJ
easat-9225	370	12	lag	lag	NOUN
easat-9225	370	13	length	length	NOUN
easat-9225	370	14	:	:	PUNCT
easat-9225	370	15	1	1	NUM
easat-9225	370	16	(	(	PUNCT
easat-9225	370	17	automatic	automatic	ADJ
easat-9225	370	18	based	base	VERB
easat-9225	370	19	on	on	ADP
easat-9225	370	20	sic	sic	ADJ
easat-9225	370	21	,	,	PUNCT
easat-9225	370	22	maxlag=11	maxlag=11	ADJ
easat-9225	370	23	)	)	PUNCT
easat-9225	370	24	t	t	PROPN
easat-9225	370	25	-	-	PUNCT
easat-9225	370	26	statistic	statistic	NOUN
easat-9225	370	27	prob	prob	NOUN
easat-9225	370	28	.	.	PUNCT
easat-9225	370	29	*	*	PUNCT
easat-9225	370	30	augmented	augment	VERB
easat-9225	370	31	dickey	dickey	PROPN
easat-9225	370	32	-	-	PUNCT
easat-9225	370	33	fuller	full	ADJ
easat-9225	370	34	test	test	NOUN
easat-9225	370	35	statistic	statistic	NOUN
easat-9225	370	36	-7.9037	-7.9037	NOUN
easat-9225	370	37	0	0	NUM
easat-9225	370	38	test	test	NOUN
easat-9225	370	39	critical	critical	ADJ
easat-9225	370	40	values	value	NOUN
easat-9225	370	41	:	:	PUNCT
easat-9225	370	42	1	1	NUM
easat-9225	370	43	%	%	NOUN
easat-9225	370	44	level	level	NOUN
easat-9225	370	45	-3.50145	-3.50145	NOUN
easat-9225	370	46	5	5	NUM
easat-9225	370	47	%	%	NOUN
easat-9225	370	48	level	level	NOUN
easat-9225	370	49	-2.89254	-2.89254	NOUN
easat-9225	370	50	10	10	NUM
easat-9225	370	51	%	%	NOUN
easat-9225	370	52	level	level	NOUN
easat-9225	370	53	-2.58337	-2.58337	NOUN
easat-9225	370	54	null	null	ADJ
easat-9225	370	55	hypothesis	hypothesis	NOUN
easat-9225	370	56	:	:	PUNCT
easat-9225	370	57	ir_sh	ir_sh	NOUN
easat-9225	370	58	has	have	VERB
easat-9225	370	59	a	a	DET
easat-9225	370	60	unit	unit	NOUN
easat-9225	370	61	root	root	NOUN
easat-9225	370	62	exogenous	exogenous	ADJ
easat-9225	370	63	:	:	PUNCT
easat-9225	370	64	constant	constant	ADJ
easat-9225	370	65	126	126	NUM
easat-9225	370	66	edelweiss	edelweiss	PROPN
easat-9225	370	67	applied	apply	VERB
easat-9225	370	68	science	science	NOUN
easat-9225	370	69	and	and	CCONJ
easat-9225	370	70	technology	technology	NOUN
easat-9225	370	71	issn	issn	PROPN
easat-9225	370	72	:	:	PUNCT
easat-9225	370	73	2576	2576	NUM
easat-9225	370	74	-	-	SYM
easat-9225	370	75	8484	8484	NUM
easat-9225	370	76	vol	vol	NOUN
easat-9225	370	77	.	.	PROPN
easat-9225	371	1	9	9	NUM
easat-9225	371	2	,	,	PUNCT
easat-9225	371	3	no	no	INTJ
easat-9225	371	4	.	.	NOUN
easat-9225	371	5	8	8	NUM
easat-9225	371	6	:	:	SYM
easat-9225	371	7	113	113	NUM
easat-9225	371	8	-	-	SYM
easat-9225	371	9	137	137	NUM
easat-9225	371	10	,	,	PUNCT
easat-9225	371	11	2025	2025	NUM
easat-9225	371	12	doi	doi	NOUN
easat-9225	371	13	:	:	PUNCT
easat-9225	371	14	10.55214/2576	10.55214/2576	NUM
easat-9225	371	15	-	-	SYM
easat-9225	371	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	372	1	©	©	PROPN
easat-9225	372	2	2025	2025	NUM
easat-9225	372	3	by	by	ADP
easat-9225	372	4	the	the	DET
easat-9225	372	5	authors	author	NOUN
easat-9225	372	6	;	;	PUNCT
easat-9225	372	7	licensee	licensee	PROPN
easat-9225	372	8	learning	learning	NOUN
easat-9225	372	9	gate	gate	PROPN
easat-9225	372	10	lag	lag	PROPN
easat-9225	372	11	length	length	NOUN
easat-9225	372	12	:	:	PUNCT
easat-9225	372	13	0	0	PUNCT
easat-9225	373	1	(	(	PUNCT
easat-9225	373	2	automatic	automatic	ADJ
easat-9225	373	3	based	base	VERB
easat-9225	373	4	on	on	ADP
easat-9225	373	5	sic	sic	ADJ
easat-9225	373	6	,	,	PUNCT
easat-9225	373	7	maxlag=11	maxlag=11	ADJ
easat-9225	373	8	)	)	PUNCT
easat-9225	373	9	t	t	PROPN
easat-9225	373	10	-	-	PUNCT
easat-9225	373	11	statistic	statistic	NOUN
easat-9225	373	12	prob	prob	NOUN
easat-9225	373	13	.	.	PUNCT
easat-9225	373	14	*	*	PUNCT
easat-9225	373	15	augmented	augment	VERB
easat-9225	373	16	dickey	dickey	PROPN
easat-9225	373	17	-	-	PUNCT
easat-9225	373	18	fuller	full	ADJ
easat-9225	373	19	test	test	NOUN
easat-9225	373	20	statistic	statistic	NOUN
easat-9225	373	21	-1.22786	-1.22786	PROPN
easat-9225	373	22	0.6598	0.6598	NUM
easat-9225	373	23	test	test	NOUN
easat-9225	373	24	critical	critical	ADJ
easat-9225	373	25	values	value	NOUN
easat-9225	373	26	:	:	PUNCT
easat-9225	373	27	1	1	NUM
easat-9225	373	28	%	%	NOUN
easat-9225	373	29	level	level	NOUN
easat-9225	373	30	-3.50067	-3.50067	NOUN
easat-9225	373	31	5	5	NUM
easat-9225	373	32	%	%	NOUN
easat-9225	373	33	level	level	NOUN
easat-9225	373	34	-2.8922	-2.8922	NOUN
easat-9225	373	35	10	10	NUM
easat-9225	373	36	%	%	NOUN
easat-9225	373	37	level	level	NOUN
easat-9225	373	38	-2.58319	-2.58319	NOUN
easat-9225	373	39	null	null	ADJ
easat-9225	373	40	hypothesis	hypothesis	NOUN
easat-9225	373	41	:	:	PUNCT
easat-9225	374	1	popgr	popgr	PROPN
easat-9225	374	2	has	have	VERB
easat-9225	374	3	a	a	DET
easat-9225	374	4	unit	unit	NOUN
easat-9225	374	5	root	root	NOUN
easat-9225	374	6	exogenous	exogenous	ADJ
easat-9225	374	7	:	:	PUNCT
easat-9225	374	8	constant	constant	ADJ
easat-9225	374	9	lag	lag	NOUN
easat-9225	374	10	length	length	NOUN
easat-9225	374	11	:	:	PUNCT
easat-9225	374	12	1	1	NUM
easat-9225	374	13	(	(	PUNCT
easat-9225	374	14	automatic	automatic	ADJ
easat-9225	374	15	based	base	VERB
easat-9225	374	16	on	on	ADP
easat-9225	374	17	sic	sic	ADJ
easat-9225	374	18	,	,	PUNCT
easat-9225	374	19	maxlag=11	maxlag=11	ADJ
easat-9225	374	20	)	)	PUNCT
easat-9225	374	21	t	t	PROPN
easat-9225	374	22	-	-	PUNCT
easat-9225	374	23	statistic	statistic	NOUN
easat-9225	374	24	prob	prob	NOUN
easat-9225	374	25	.	.	PUNCT
easat-9225	374	26	*	*	PUNCT
easat-9225	374	27	augmented	augment	VERB
easat-9225	374	28	dickey	dickey	PROPN
easat-9225	374	29	-	-	PUNCT
easat-9225	374	30	fuller	full	ADJ
easat-9225	374	31	test	test	NOUN
easat-9225	374	32	statistic	statistic	NOUN
easat-9225	374	33	-3.03252	-3.03252	VERB
easat-9225	375	1	0.0355	0.0355	NUM
easat-9225	375	2	test	test	NOUN
easat-9225	375	3	critical	critical	ADJ
easat-9225	375	4	values	value	NOUN
easat-9225	375	5	:	:	PUNCT
easat-9225	375	6	1	1	NUM
easat-9225	375	7	%	%	NOUN
easat-9225	375	8	level	level	NOUN
easat-9225	375	9	-3.50145	-3.50145	NOUN
easat-9225	375	10	5	5	NUM
easat-9225	375	11	%	%	NOUN
easat-9225	375	12	level	level	NOUN
easat-9225	375	13	-2.89254	-2.89254	NOUN
easat-9225	375	14	10	10	NUM
easat-9225	375	15	%	%	NOUN
easat-9225	375	16	level	level	NOUN
easat-9225	375	17	-2.58337	-2.58337	NOUN
easat-9225	375	18	null	null	ADJ
easat-9225	375	19	hypothesis	hypothesis	NOUN
easat-9225	375	20	:	:	PUNCT
easat-9225	375	21	lgdpcap	lgdpcap	PROPN
easat-9225	375	22	has	have	VERB
easat-9225	375	23	a	a	DET
easat-9225	375	24	unit	unit	NOUN
easat-9225	375	25	root	root	NOUN
easat-9225	375	26	exogenous	exogenous	ADJ
easat-9225	375	27	:	:	PUNCT
easat-9225	375	28	constant	constant	ADJ
easat-9225	375	29	lag	lag	NOUN
easat-9225	375	30	length	length	NOUN
easat-9225	375	31	:	:	PUNCT
easat-9225	375	32	0	0	NUM
easat-9225	376	1	(	(	PUNCT
easat-9225	376	2	automatic	automatic	ADJ
easat-9225	376	3	based	base	VERB
easat-9225	376	4	on	on	ADP
easat-9225	376	5	sic	sic	ADJ
easat-9225	376	6	,	,	PUNCT
easat-9225	376	7	maxlag=11	maxlag=11	ADJ
easat-9225	376	8	)	)	PUNCT
easat-9225	376	9	t	t	PROPN
easat-9225	376	10	-	-	PUNCT
easat-9225	376	11	statistic	statistic	NOUN
easat-9225	376	12	prob	prob	NOUN
easat-9225	376	13	.	.	PUNCT
easat-9225	376	14	*	*	PUNCT
easat-9225	376	15	augmented	augment	VERB
easat-9225	376	16	dickey	dickey	PROPN
easat-9225	376	17	-	-	PUNCT
easat-9225	376	18	fuller	full	ADJ
easat-9225	376	19	test	test	NOUN
easat-9225	376	20	statistic	statistic	NOUN
easat-9225	376	21	-1.18634	-1.18634	NOUN
easat-9225	376	22	0.6778	0.6778	NUM
easat-9225	376	23	test	test	NOUN
easat-9225	376	24	critical	critical	ADJ
easat-9225	376	25	values	value	NOUN
easat-9225	376	26	:	:	PUNCT
easat-9225	376	27	1	1	NUM
easat-9225	376	28	%	%	NOUN
easat-9225	376	29	level	level	NOUN
easat-9225	376	30	-3.50067	-3.50067	NOUN
easat-9225	376	31	5	5	NUM
easat-9225	376	32	%	%	NOUN
easat-9225	376	33	level	level	NOUN
easat-9225	376	34	-2.8922	-2.8922	NOUN
easat-9225	376	35	10	10	NUM
easat-9225	376	36	%	%	NOUN
easat-9225	376	37	level	level	NOUN
easat-9225	376	38	-2.58319	-2.58319	NOUN
easat-9225	376	39	null	null	ADJ
easat-9225	376	40	hypothesis	hypothesis	NOUN
easat-9225	376	41	:	:	PUNCT
easat-9225	376	42	cpi	cpi	PROPN
easat-9225	376	43	has	have	VERB
easat-9225	376	44	a	a	DET
easat-9225	376	45	unit	unit	NOUN
easat-9225	376	46	root	root	NOUN
easat-9225	376	47	exogenous	exogenous	ADJ
easat-9225	376	48	:	:	PUNCT
easat-9225	376	49	constant	constant	ADJ
easat-9225	376	50	lag	lag	NOUN
easat-9225	376	51	length	length	NOUN
easat-9225	376	52	:	:	PUNCT
easat-9225	376	53	0	0	NUM
easat-9225	377	1	(	(	PUNCT
easat-9225	377	2	automatic	automatic	ADJ
easat-9225	377	3	based	base	VERB
easat-9225	377	4	on	on	ADP
easat-9225	377	5	sic	sic	ADJ
easat-9225	377	6	,	,	PUNCT
easat-9225	377	7	maxlag=11	maxlag=11	ADJ
easat-9225	377	8	)	)	PUNCT
easat-9225	377	9	t	t	PROPN
easat-9225	377	10	-	-	PUNCT
easat-9225	377	11	statistic	statistic	NOUN
easat-9225	377	12	prob	prob	NOUN
easat-9225	377	13	.	.	PUNCT
easat-9225	377	14	*	*	PUNCT
easat-9225	377	15	augmented	augment	VERB
easat-9225	377	16	dickey	dickey	PROPN
easat-9225	377	17	-	-	PUNCT
easat-9225	377	18	fuller	full	ADJ
easat-9225	377	19	test	test	NOUN
easat-9225	377	20	statistic	statistic	NOUN
easat-9225	377	21	-3.94779	-3.94779	PROPN
easat-9225	377	22	0.0025	0.0025	NUM
easat-9225	377	23	test	test	NOUN
easat-9225	377	24	critical	critical	ADJ
easat-9225	377	25	values	value	NOUN
easat-9225	377	26	:	:	PUNCT
easat-9225	377	27	1	1	NUM
easat-9225	377	28	%	%	NOUN
easat-9225	377	29	level	level	NOUN
easat-9225	377	30	-3.50067	-3.50067	NOUN
easat-9225	377	31	5	5	NUM
easat-9225	377	32	%	%	NOUN
easat-9225	377	33	level	level	NOUN
easat-9225	377	34	-2.8922	-2.8922	NOUN
easat-9225	377	35	10	10	NUM
easat-9225	377	36	%	%	NOUN
easat-9225	377	37	level	level	NOUN
easat-9225	377	38	-2.58319	-2.58319	NOUN
easat-9225	377	39	table	table	NOUN
easat-9225	377	40	1.2.2	1.2.2	NUM
easat-9225	377	41	.	.	PUNCT
easat-9225	378	1	pp	pp	ADJ
easat-9225	378	2	–	–	PUNCT
easat-9225	378	3	unit	unit	NOUN
easat-9225	378	4	root	root	NOUN
easat-9225	378	5	test	test	NOUN
easat-9225	378	6	for	for	ADP
easat-9225	378	7	sweden	sweden	PROPN
easat-9225	378	8	.	.	PUNCT
easat-9225	379	1	null	null	ADJ
easat-9225	379	2	hypothesis	hypothesis	NOUN
easat-9225	379	3	:	:	PUNCT
easat-9225	379	4	n_returns	n_return	NOUN
easat-9225	379	5	has	have	VERB
easat-9225	379	6	a	a	DET
easat-9225	379	7	unit	unit	NOUN
easat-9225	379	8	root	root	NOUN
easat-9225	379	9	exogenous	exogenous	ADJ
easat-9225	379	10	:	:	PUNCT
easat-9225	379	11	constant	constant	ADJ
easat-9225	379	12	bandwidth	bandwidth	NOUN
easat-9225	379	13	:	:	PUNCT
easat-9225	379	14	9	9	NUM
easat-9225	379	15	(	(	PUNCT
easat-9225	379	16	newey	newey	PROPN
easat-9225	379	17	-	-	PUNCT
easat-9225	379	18	west	west	PROPN
easat-9225	379	19	automatic	automatic	ADJ
easat-9225	379	20	)	)	PUNCT
easat-9225	379	21	using	use	VERB
easat-9225	379	22	bartlett	bartlett	PROPN
easat-9225	379	23	kernel	kernel	PROPN
easat-9225	379	24	adj	adj	PROPN
easat-9225	379	25	.	.	PROPN
easat-9225	379	26	t	t	PROPN
easat-9225	379	27	-	-	PUNCT
easat-9225	379	28	stat	stat	NOUN
easat-9225	379	29	prob	prob	NOUN
easat-9225	379	30	.	.	PUNCT
easat-9225	379	31	*	*	PUNCT
easat-9225	379	32	phillips	phillips	PROPN
easat-9225	379	33	-	-	PUNCT
easat-9225	379	34	perron	perron	PROPN
easat-9225	379	35	test	test	NOUN
easat-9225	379	36	statistic	statistic	NOUN
easat-9225	379	37	-9.38975	-9.38975	PROPN
easat-9225	379	38	0	0	PUNCT
easat-9225	379	39	test	test	NOUN
easat-9225	379	40	critical	critical	ADJ
easat-9225	379	41	values	value	NOUN
easat-9225	379	42	:	:	PUNCT
easat-9225	379	43	1	1	NUM
easat-9225	379	44	%	%	NOUN
easat-9225	379	45	level	level	NOUN
easat-9225	379	46	-3.50067	-3.50067	NOUN
easat-9225	379	47	5	5	NUM
easat-9225	379	48	%	%	NOUN
easat-9225	379	49	level	level	NOUN
easat-9225	379	50	-2.8922	-2.8922	NOUN
easat-9225	379	51	10	10	NUM
easat-9225	379	52	%	%	NOUN
easat-9225	379	53	level	level	NOUN
easat-9225	379	54	-2.58319	-2.58319	NOUN
easat-9225	379	55	null	null	ADJ
easat-9225	379	56	hypothesis	hypothesis	NOUN
easat-9225	379	57	:	:	PUNCT
easat-9225	379	58	ir_sh	ir_sh	NOUN
easat-9225	379	59	has	have	VERB
easat-9225	379	60	a	a	DET
easat-9225	379	61	unit	unit	NOUN
easat-9225	379	62	root	root	NOUN
easat-9225	379	63	exogenous	exogenous	ADJ
easat-9225	379	64	:	:	PUNCT
easat-9225	379	65	constant	constant	ADJ
easat-9225	379	66	bandwidth	bandwidth	NOUN
easat-9225	379	67	:	:	PUNCT
easat-9225	379	68	2	2	NUM
easat-9225	379	69	(	(	PUNCT
easat-9225	379	70	newey	newey	PROPN
easat-9225	379	71	-	-	PUNCT
easat-9225	379	72	west	west	PROPN
easat-9225	379	73	automatic	automatic	ADJ
easat-9225	379	74	)	)	PUNCT
easat-9225	379	75	using	use	VERB
easat-9225	379	76	bartlett	bartlett	PROPN
easat-9225	379	77	kernel	kernel	PROPN
easat-9225	379	78	adj	adj	PROPN
easat-9225	379	79	.	.	PROPN
easat-9225	379	80	t	t	PROPN
easat-9225	379	81	-	-	PUNCT
easat-9225	379	82	stat	stat	NOUN
easat-9225	379	83	prob	prob	NOUN
easat-9225	379	84	.	.	PUNCT
easat-9225	380	1	*	*	PUNCT
easat-9225	380	2	phillips	phillips	PROPN
easat-9225	380	3	-	-	PUNCT
easat-9225	380	4	perron	perron	PROPN
easat-9225	380	5	test	test	NOUN
easat-9225	380	6	statistic	statistic	PROPN
easat-9225	380	7	-1.05492	-1.05492	PROPN
easat-9225	380	8	0.7307	0.7307	NUM
easat-9225	380	9	test	test	NOUN
easat-9225	380	10	critical	critical	ADJ
easat-9225	380	11	values	value	NOUN
easat-9225	380	12	:	:	PUNCT
easat-9225	380	13	1	1	NUM
easat-9225	380	14	%	%	NOUN
easat-9225	380	15	level	level	NOUN
easat-9225	380	16	-3.50067	-3.50067	NOUN
easat-9225	380	17	5	5	NUM
easat-9225	380	18	%	%	NOUN
easat-9225	380	19	level	level	NOUN
easat-9225	380	20	-2.8922	-2.8922	NOUN
easat-9225	380	21	10	10	NUM
easat-9225	380	22	%	%	NOUN
easat-9225	380	23	level	level	NOUN
easat-9225	380	24	-2.58319	-2.58319	NOUN
easat-9225	380	25	null	null	ADJ
easat-9225	380	26	hypothesis	hypothesis	NOUN
easat-9225	380	27	:	:	PUNCT
easat-9225	380	28	popgr	popgr	PROPN
easat-9225	380	29	has	have	AUX
easat-9225	380	30	a	a	DET
easat-9225	380	31	unit	unit	NOUN
easat-9225	380	32	root	root	NOUN
easat-9225	380	33	exogenous	exogenous	ADJ
easat-9225	380	34	:	:	PUNCT
easat-9225	380	35	constant	constant	ADJ
easat-9225	380	36	bandwidth	bandwidth	NOUN
easat-9225	380	37	:	:	PUNCT
easat-9225	380	38	0	0	NUM
easat-9225	380	39	(	(	PUNCT
easat-9225	380	40	newey	newey	PROPN
easat-9225	380	41	-	-	PUNCT
easat-9225	380	42	west	west	PROPN
easat-9225	380	43	automatic	automatic	ADJ
easat-9225	380	44	)	)	PUNCT
easat-9225	380	45	using	use	VERB
easat-9225	380	46	bartlett	bartlett	PROPN
easat-9225	380	47	kernel	kernel	PROPN
easat-9225	380	48	adj	adj	PROPN
easat-9225	380	49	.	.	PROPN
easat-9225	380	50	t	t	PROPN
easat-9225	380	51	-	-	PUNCT
easat-9225	380	52	stat	stat	NOUN
easat-9225	380	53	prob	prob	NOUN
easat-9225	380	54	.	.	PUNCT
easat-9225	380	55	*	*	PUNCT
easat-9225	380	56	phillips	phillips	PROPN
easat-9225	380	57	-	-	PUNCT
easat-9225	380	58	perron	perron	PROPN
easat-9225	380	59	test	test	NOUN
easat-9225	380	60	statistic	statistic	PROPN
easat-9225	380	61	-1.96344	-1.96344	NOUN
easat-9225	380	62	0.3024	0.3024	NUM
easat-9225	380	63	test	test	NOUN
easat-9225	380	64	critical	critical	ADJ
easat-9225	380	65	values	value	NOUN
easat-9225	380	66	:	:	PUNCT
easat-9225	380	67	1	1	NUM
easat-9225	380	68	%	%	NOUN
easat-9225	380	69	level	level	NOUN
easat-9225	380	70	-3.50067	-3.50067	NOUN
easat-9225	380	71	5	5	NUM
easat-9225	380	72	%	%	NOUN
easat-9225	380	73	level	level	NOUN
easat-9225	380	74	-2.8922	-2.8922	ADP
easat-9225	380	75	127	127	NUM
easat-9225	380	76	edelweiss	edelweiss	PROPN
easat-9225	380	77	applied	apply	VERB
easat-9225	380	78	science	science	NOUN
easat-9225	380	79	and	and	CCONJ
easat-9225	380	80	technology	technology	NOUN
easat-9225	380	81	issn	issn	PROPN
easat-9225	380	82	:	:	PUNCT
easat-9225	380	83	2576	2576	NUM
easat-9225	380	84	-	-	SYM
easat-9225	380	85	8484	8484	NUM
easat-9225	380	86	vol	vol	NOUN
easat-9225	380	87	.	.	PROPN
easat-9225	381	1	9	9	NUM
easat-9225	381	2	,	,	PUNCT
easat-9225	381	3	no	no	INTJ
easat-9225	381	4	.	.	NOUN
easat-9225	381	5	8	8	NUM
easat-9225	381	6	:	:	SYM
easat-9225	381	7	113	113	NUM
easat-9225	381	8	-	-	SYM
easat-9225	381	9	137	137	NUM
easat-9225	381	10	,	,	PUNCT
easat-9225	381	11	2025	2025	NUM
easat-9225	381	12	doi	doi	NOUN
easat-9225	381	13	:	:	PUNCT
easat-9225	381	14	10.55214/2576	10.55214/2576	NUM
easat-9225	381	15	-	-	SYM
easat-9225	381	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	382	1	©	©	PROPN
easat-9225	382	2	2025	2025	NUM
easat-9225	382	3	by	by	ADP
easat-9225	382	4	the	the	DET
easat-9225	382	5	authors	author	NOUN
easat-9225	382	6	;	;	PUNCT
easat-9225	382	7	licensee	licensee	PROPN
easat-9225	382	8	learning	learning	NOUN
easat-9225	382	9	gate	gate	NOUN
easat-9225	382	10	10	10	NUM
easat-9225	382	11	%	%	NOUN
easat-9225	382	12	level	level	NOUN
easat-9225	382	13	-2.58319	-2.58319	NOUN
easat-9225	382	14	null	null	ADJ
easat-9225	382	15	hypothesis	hypothesis	NOUN
easat-9225	382	16	:	:	PUNCT
easat-9225	382	17	lgdpcap	lgdpcap	PROPN
easat-9225	382	18	has	have	VERB
easat-9225	382	19	a	a	DET
easat-9225	382	20	unit	unit	NOUN
easat-9225	382	21	root	root	NOUN
easat-9225	382	22	exogenous	exogenous	ADJ
easat-9225	382	23	:	:	PUNCT
easat-9225	382	24	constant	constant	ADJ
easat-9225	382	25	bandwidth	bandwidth	NOUN
easat-9225	382	26	:	:	PUNCT
easat-9225	382	27	0	0	NUM
easat-9225	382	28	(	(	PUNCT
easat-9225	382	29	newey	newey	PROPN
easat-9225	382	30	-	-	PUNCT
easat-9225	382	31	west	west	PROPN
easat-9225	382	32	automatic	automatic	ADJ
easat-9225	382	33	)	)	PUNCT
easat-9225	382	34	using	use	VERB
easat-9225	382	35	bartlett	bartlett	PROPN
easat-9225	382	36	kernel	kernel	PROPN
easat-9225	382	37	adj	adj	PROPN
easat-9225	382	38	.	.	PROPN
easat-9225	382	39	t	t	PROPN
easat-9225	382	40	-	-	PUNCT
easat-9225	382	41	stat	stat	NOUN
easat-9225	382	42	prob	prob	NOUN
easat-9225	382	43	.	.	PUNCT
easat-9225	383	1	*	*	PUNCT
easat-9225	383	2	phillips	phillips	PROPN
easat-9225	383	3	-	-	PUNCT
easat-9225	383	4	perron	perron	PROPN
easat-9225	383	5	test	test	NOUN
easat-9225	383	6	statistic	statistic	NOUN
easat-9225	383	7	-1.18634	-1.18634	NOUN
easat-9225	383	8	0.6778	0.6778	NUM
easat-9225	383	9	test	test	NOUN
easat-9225	383	10	critical	critical	ADJ
easat-9225	383	11	values	value	NOUN
easat-9225	383	12	:	:	PUNCT
easat-9225	383	13	1	1	NUM
easat-9225	383	14	%	%	NOUN
easat-9225	383	15	level	level	NOUN
easat-9225	383	16	-3.50067	-3.50067	NOUN
easat-9225	383	17	5	5	NUM
easat-9225	383	18	%	%	NOUN
easat-9225	383	19	level	level	NOUN
easat-9225	383	20	-2.8922	-2.8922	NOUN
easat-9225	383	21	10	10	NUM
easat-9225	383	22	%	%	NOUN
easat-9225	383	23	level	level	NOUN
easat-9225	383	24	-2.58319	-2.58319	NOUN
easat-9225	383	25	null	null	ADJ
easat-9225	383	26	hypothesis	hypothesis	NOUN
easat-9225	383	27	:	:	PUNCT
easat-9225	383	28	cpi	cpi	PROPN
easat-9225	383	29	has	have	VERB
easat-9225	383	30	a	a	DET
easat-9225	383	31	unit	unit	NOUN
easat-9225	383	32	root	root	NOUN
easat-9225	383	33	exogenous	exogenous	ADJ
easat-9225	383	34	:	:	PUNCT
easat-9225	383	35	constant	constant	ADJ
easat-9225	383	36	bandwidth	bandwidth	NOUN
easat-9225	383	37	:	:	PUNCT
easat-9225	383	38	7	7	NUM
easat-9225	383	39	(	(	PUNCT
easat-9225	383	40	newey	newey	PROPN
easat-9225	383	41	-	-	PUNCT
easat-9225	383	42	west	west	PROPN
easat-9225	383	43	automatic	automatic	ADJ
easat-9225	383	44	)	)	PUNCT
easat-9225	383	45	using	use	VERB
easat-9225	383	46	bartlett	bartlett	PROPN
easat-9225	383	47	kernel	kernel	PROPN
easat-9225	383	48	adj	adj	PROPN
easat-9225	383	49	.	.	PROPN
easat-9225	383	50	t	t	PROPN
easat-9225	383	51	-	-	PUNCT
easat-9225	383	52	stat	stat	NOUN
easat-9225	383	53	prob	prob	NOUN
easat-9225	383	54	.	.	PUNCT
easat-9225	384	1	*	*	PUNCT
easat-9225	384	2	phillips	phillips	PROPN
easat-9225	384	3	-	-	PUNCT
easat-9225	384	4	perron	perron	PROPN
easat-9225	384	5	test	test	NOUN
easat-9225	384	6	statistic	statistic	NOUN
easat-9225	384	7	-3.91027	-3.91027	NOUN
easat-9225	384	8	0.0029	0.0029	NUM
easat-9225	384	9	test	test	NOUN
easat-9225	384	10	critical	critical	ADJ
easat-9225	384	11	values	value	NOUN
easat-9225	384	12	:	:	PUNCT
easat-9225	384	13	1	1	NUM
easat-9225	384	14	%	%	NOUN
easat-9225	384	15	level	level	NOUN
easat-9225	384	16	-3.50067	-3.50067	NOUN
easat-9225	384	17	5	5	NUM
easat-9225	384	18	%	%	NOUN
easat-9225	384	19	level	level	NOUN
easat-9225	384	20	-2.8922	-2.8922	NOUN
easat-9225	384	21	10	10	NUM
easat-9225	384	22	%	%	NOUN
easat-9225	384	23	level	level	NOUN
easat-9225	384	24	-2.58319	-2.58319	NOUN
easat-9225	384	25	table	table	NOUN
easat-9225	384	26	1.3	1.3	NUM
easat-9225	384	27	.	.	PUNCT
easat-9225	385	1	adf	adf	PROPN
easat-9225	385	2	–	–	PUNCT
easat-9225	385	3	unit	unit	NOUN
easat-9225	385	4	root	root	PROPN
easat-9225	385	5	test	test	NOUN
easat-9225	385	6	denmark	denmark	PROPN
easat-9225	385	7	.	.	PUNCT
easat-9225	386	1	null	null	ADJ
easat-9225	386	2	hypothesis	hypothesis	NOUN
easat-9225	386	3	:	:	PUNCT
easat-9225	386	4	n_returns	n_return	NOUN
easat-9225	386	5	has	have	VERB
easat-9225	386	6	a	a	DET
easat-9225	386	7	unit	unit	NOUN
easat-9225	386	8	root	root	NOUN
easat-9225	386	9	exogenous	exogenous	ADJ
easat-9225	386	10	:	:	PUNCT
easat-9225	386	11	constant	constant	ADJ
easat-9225	386	12	lag	lag	NOUN
easat-9225	386	13	length	length	NOUN
easat-9225	386	14	:	:	PUNCT
easat-9225	386	15	0	0	NUM
easat-9225	387	1	(	(	PUNCT
easat-9225	387	2	automatic	automatic	ADJ
easat-9225	387	3	based	base	VERB
easat-9225	387	4	on	on	ADP
easat-9225	387	5	sic	sic	ADJ
easat-9225	387	6	,	,	PUNCT
easat-9225	387	7	maxlag=11	maxlag=11	ADJ
easat-9225	387	8	)	)	PUNCT
easat-9225	387	9	t	t	PROPN
easat-9225	387	10	-	-	PUNCT
easat-9225	387	11	statistic	statistic	NOUN
easat-9225	387	12	prob	prob	NOUN
easat-9225	387	13	.	.	PUNCT
easat-9225	387	14	*	*	PUNCT
easat-9225	387	15	augmented	augment	VERB
easat-9225	387	16	dickey	dickey	PROPN
easat-9225	387	17	-	-	PUNCT
easat-9225	387	18	fuller	full	ADJ
easat-9225	387	19	test	test	NOUN
easat-9225	387	20	statistic	statistic	NOUN
easat-9225	387	21	-9.03488	-9.03488	NOUN
easat-9225	387	22	0	0	NUM
easat-9225	388	1	test	test	NOUN
easat-9225	388	2	critical	critical	ADJ
easat-9225	388	3	values	value	NOUN
easat-9225	388	4	:	:	PUNCT
easat-9225	388	5	1	1	NUM
easat-9225	388	6	%	%	NOUN
easat-9225	388	7	level	level	NOUN
easat-9225	388	8	-3.50067	-3.50067	NOUN
easat-9225	388	9	5	5	NUM
easat-9225	388	10	%	%	NOUN
easat-9225	388	11	level	level	NOUN
easat-9225	388	12	-2.8922	-2.8922	NOUN
easat-9225	388	13	10	10	NUM
easat-9225	388	14	%	%	NOUN
easat-9225	388	15	level	level	NOUN
easat-9225	388	16	-2.58319	-2.58319	NOUN
easat-9225	388	17	null	null	ADJ
easat-9225	388	18	hypothesis	hypothesis	NOUN
easat-9225	388	19	:	:	PUNCT
easat-9225	388	20	ir_sh	ir_sh	NOUN
easat-9225	388	21	has	have	VERB
easat-9225	388	22	a	a	DET
easat-9225	388	23	unit	unit	NOUN
easat-9225	388	24	root	root	NOUN
easat-9225	388	25	exogenous	exogenous	ADJ
easat-9225	388	26	:	:	PUNCT
easat-9225	388	27	constant	constant	ADJ
easat-9225	388	28	lag	lag	NOUN
easat-9225	388	29	length	length	NOUN
easat-9225	388	30	:	:	PUNCT
easat-9225	388	31	0	0	NUM
easat-9225	389	1	(	(	PUNCT
easat-9225	389	2	automatic	automatic	ADJ
easat-9225	389	3	based	base	VERB
easat-9225	389	4	on	on	ADP
easat-9225	389	5	sic	sic	ADJ
easat-9225	389	6	,	,	PUNCT
easat-9225	389	7	maxlag=11	maxlag=11	ADJ
easat-9225	389	8	)	)	PUNCT
easat-9225	389	9	t	t	PROPN
easat-9225	389	10	-	-	PUNCT
easat-9225	389	11	statistic	statistic	NOUN
easat-9225	389	12	prob	prob	NOUN
easat-9225	389	13	.	.	PUNCT
easat-9225	389	14	*	*	PUNCT
easat-9225	389	15	augmented	augment	VERB
easat-9225	389	16	dickey	dickey	PROPN
easat-9225	389	17	-	-	PUNCT
easat-9225	389	18	fuller	full	ADJ
easat-9225	389	19	test	test	NOUN
easat-9225	389	20	statistic	statistic	NOUN
easat-9225	389	21	-1.28693	-1.28693	VERB
easat-9225	389	22	0.6331	0.6331	NUM
easat-9225	389	23	test	test	NOUN
easat-9225	389	24	critical	critical	ADJ
easat-9225	389	25	values	value	NOUN
easat-9225	389	26	:	:	PUNCT
easat-9225	389	27	1	1	NUM
easat-9225	389	28	%	%	NOUN
easat-9225	389	29	level	level	NOUN
easat-9225	389	30	-3.50067	-3.50067	NOUN
easat-9225	389	31	5	5	NUM
easat-9225	389	32	%	%	NOUN
easat-9225	389	33	level	level	NOUN
easat-9225	389	34	-2.8922	-2.8922	NOUN
easat-9225	389	35	10	10	NUM
easat-9225	389	36	%	%	NOUN
easat-9225	389	37	level	level	NOUN
easat-9225	389	38	-2.58319	-2.58319	NOUN
easat-9225	389	39	null	null	ADJ
easat-9225	389	40	hypothesis	hypothesis	NOUN
easat-9225	389	41	:	:	PUNCT
easat-9225	389	42	popgr	popgr	PROPN
easat-9225	389	43	has	have	VERB
easat-9225	389	44	a	a	DET
easat-9225	389	45	unit	unit	NOUN
easat-9225	389	46	root	root	NOUN
easat-9225	389	47	exogenous	exogenous	ADJ
easat-9225	389	48	:	:	PUNCT
easat-9225	389	49	constant	constant	ADJ
easat-9225	389	50	lag	lag	NOUN
easat-9225	389	51	length	length	NOUN
easat-9225	389	52	:	:	PUNCT
easat-9225	389	53	1	1	NUM
easat-9225	389	54	(	(	PUNCT
easat-9225	389	55	automatic	automatic	ADJ
easat-9225	389	56	based	base	VERB
easat-9225	389	57	on	on	ADP
easat-9225	389	58	sic	sic	ADJ
easat-9225	389	59	,	,	PUNCT
easat-9225	389	60	maxlag=11	maxlag=11	ADJ
easat-9225	389	61	)	)	PUNCT
easat-9225	389	62	t	t	PROPN
easat-9225	389	63	-	-	PUNCT
easat-9225	389	64	statistic	statistic	NOUN
easat-9225	389	65	prob	prob	NOUN
easat-9225	389	66	.	.	PUNCT
easat-9225	390	1	*	*	PUNCT
easat-9225	390	2	augmented	augment	VERB
easat-9225	390	3	dickey	dickey	PROPN
easat-9225	390	4	-	-	PUNCT
easat-9225	390	5	fuller	full	ADJ
easat-9225	390	6	test	test	NOUN
easat-9225	390	7	statistic	statistic	NOUN
easat-9225	390	8	-2.00548	-2.00548	NOUN
easat-9225	390	9	0.2841	0.2841	NUM
easat-9225	390	10	test	test	NOUN
easat-9225	390	11	critical	critical	ADJ
easat-9225	390	12	values	value	NOUN
easat-9225	390	13	:	:	PUNCT
easat-9225	390	14	1	1	NUM
easat-9225	390	15	%	%	NOUN
easat-9225	390	16	level	level	NOUN
easat-9225	390	17	-3.50145	-3.50145	NOUN
easat-9225	390	18	5	5	NUM
easat-9225	390	19	%	%	NOUN
easat-9225	390	20	level	level	NOUN
easat-9225	390	21	-2.89254	-2.89254	NOUN
easat-9225	390	22	10	10	NUM
easat-9225	390	23	%	%	NOUN
easat-9225	390	24	level	level	NOUN
easat-9225	390	25	-2.58337	-2.58337	NOUN
easat-9225	390	26	null	null	ADJ
easat-9225	390	27	hypothesis	hypothesis	NOUN
easat-9225	390	28	:	:	PUNCT
easat-9225	390	29	lgdpcap	lgdpcap	PROPN
easat-9225	390	30	has	have	VERB
easat-9225	390	31	a	a	DET
easat-9225	390	32	unit	unit	NOUN
easat-9225	390	33	root	root	NOUN
easat-9225	390	34	exogenous	exogenous	ADJ
easat-9225	390	35	:	:	PUNCT
easat-9225	390	36	constant	constant	ADJ
easat-9225	390	37	lag	lag	NOUN
easat-9225	390	38	length	length	NOUN
easat-9225	390	39	:	:	PUNCT
easat-9225	390	40	0	0	NUM
easat-9225	391	1	(	(	PUNCT
easat-9225	391	2	automatic	automatic	ADJ
easat-9225	391	3	based	base	VERB
easat-9225	391	4	on	on	ADP
easat-9225	391	5	sic	sic	ADJ
easat-9225	391	6	,	,	PUNCT
easat-9225	391	7	maxlag=11	maxlag=11	ADJ
easat-9225	391	8	)	)	PUNCT
easat-9225	391	9	t	t	PROPN
easat-9225	391	10	-	-	PUNCT
easat-9225	391	11	statistic	statistic	NOUN
easat-9225	391	12	prob	prob	NOUN
easat-9225	391	13	.	.	PUNCT
easat-9225	391	14	*	*	PUNCT
easat-9225	391	15	augmented	augment	VERB
easat-9225	391	16	dickey	dickey	PROPN
easat-9225	391	17	-	-	PUNCT
easat-9225	391	18	fuller	full	ADJ
easat-9225	391	19	test	test	NOUN
easat-9225	391	20	statistic	statistic	NOUN
easat-9225	391	21	-0.707323	-0.707323	NOUN
easat-9225	391	22	0.8391	0.8391	NUM
easat-9225	391	23	test	test	NOUN
easat-9225	391	24	critical	critical	ADJ
easat-9225	391	25	values	value	NOUN
easat-9225	391	26	:	:	PUNCT
easat-9225	391	27	1	1	NUM
easat-9225	391	28	%	%	NOUN
easat-9225	391	29	level	level	NOUN
easat-9225	391	30	-3.500669	-3.500669	ADJ
easat-9225	391	31	5	5	NUM
easat-9225	391	32	%	%	NOUN
easat-9225	391	33	level	level	NOUN
easat-9225	391	34	-2.8922	-2.8922	NOUN
easat-9225	391	35	10	10	NUM
easat-9225	391	36	%	%	NOUN
easat-9225	391	37	level	level	NOUN
easat-9225	391	38	-2.583192	-2.583192	X
easat-9225	391	39	null	null	ADJ
easat-9225	391	40	hypothesis	hypothesis	NOUN
easat-9225	391	41	:	:	PUNCT
easat-9225	391	42	cpi	cpi	PROPN
easat-9225	391	43	has	have	VERB
easat-9225	391	44	a	a	DET
easat-9225	391	45	unit	unit	NOUN
easat-9225	391	46	root	root	NOUN
easat-9225	391	47	exogenous	exogenous	ADJ
easat-9225	391	48	:	:	PUNCT
easat-9225	391	49	constant	constant	ADJ
easat-9225	391	50	lag	lag	NOUN
easat-9225	391	51	length	length	NOUN
easat-9225	391	52	:	:	PUNCT
easat-9225	391	53	0	0	NUM
easat-9225	392	1	(	(	PUNCT
easat-9225	392	2	automatic	automatic	ADJ
easat-9225	392	3	based	base	VERB
easat-9225	392	4	on	on	ADP
easat-9225	392	5	sic	sic	ADJ
easat-9225	392	6	,	,	PUNCT
easat-9225	392	7	maxlag=11	maxlag=11	ADJ
easat-9225	392	8	)	)	PUNCT
easat-9225	392	9	t	t	PROPN
easat-9225	392	10	-	-	PUNCT
easat-9225	392	11	statistic	statistic	NOUN
easat-9225	392	12	prob	prob	NOUN
easat-9225	392	13	.	.	PUNCT
easat-9225	393	1	*	*	PROPN
easat-9225	393	2	128	128	NUM
easat-9225	393	3	edelweiss	edelweiss	PROPN
easat-9225	393	4	applied	apply	VERB
easat-9225	393	5	science	science	NOUN
easat-9225	393	6	and	and	CCONJ
easat-9225	393	7	technology	technology	NOUN
easat-9225	393	8	issn	issn	PROPN
easat-9225	393	9	:	:	PUNCT
easat-9225	393	10	2576	2576	NUM
easat-9225	393	11	-	-	SYM
easat-9225	393	12	8484	8484	NUM
easat-9225	393	13	vol	vol	NOUN
easat-9225	393	14	.	.	PROPN
easat-9225	394	1	9	9	NUM
easat-9225	394	2	,	,	PUNCT
easat-9225	394	3	no	no	INTJ
easat-9225	394	4	.	.	NOUN
easat-9225	394	5	8	8	NUM
easat-9225	394	6	:	:	SYM
easat-9225	394	7	113	113	NUM
easat-9225	394	8	-	-	SYM
easat-9225	394	9	137	137	NUM
easat-9225	394	10	,	,	PUNCT
easat-9225	394	11	2025	2025	NUM
easat-9225	394	12	doi	doi	NOUN
easat-9225	394	13	:	:	PUNCT
easat-9225	394	14	10.55214/2576	10.55214/2576	NUM
easat-9225	394	15	-	-	SYM
easat-9225	394	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	395	1	©	©	PROPN
easat-9225	395	2	2025	2025	NUM
easat-9225	395	3	by	by	ADP
easat-9225	395	4	the	the	DET
easat-9225	395	5	authors	author	NOUN
easat-9225	395	6	;	;	PUNCT
easat-9225	395	7	licensee	licensee	PROPN
easat-9225	395	8	learning	learning	PROPN
easat-9225	395	9	gate	gate	PROPN
easat-9225	395	10	augmented	augment	VERB
easat-9225	395	11	dickey	dickey	PROPN
easat-9225	395	12	-	-	PUNCT
easat-9225	395	13	fuller	full	ADJ
easat-9225	395	14	test	test	NOUN
easat-9225	395	15	statistic	statistic	NOUN
easat-9225	395	16	-5.525335	-5.525335	NOUN
easat-9225	395	17	0	0	NUM
easat-9225	395	18	test	test	NOUN
easat-9225	395	19	critical	critical	ADJ
easat-9225	395	20	values	value	NOUN
easat-9225	395	21	:	:	PUNCT
easat-9225	395	22	1	1	NUM
easat-9225	395	23	%	%	NOUN
easat-9225	395	24	level	level	NOUN
easat-9225	395	25	-3.500669	-3.500669	ADJ
easat-9225	395	26	5	5	NUM
easat-9225	395	27	%	%	NOUN
easat-9225	395	28	level	level	NOUN
easat-9225	395	29	-2.8922	-2.8922	NOUN
easat-9225	395	30	10	10	NUM
easat-9225	395	31	%	%	NOUN
easat-9225	395	32	level	level	NOUN
easat-9225	395	33	-2.583192	-2.583192	NOUN
easat-9225	395	34	table	table	NOUN
easat-9225	395	35	1.3.1	1.3.1	NUM
easat-9225	395	36	.	.	PUNCT
easat-9225	396	1	pp	pp	ADV
easat-9225	396	2	–	–	PUNCT
easat-9225	396	3	unit	unit	NOUN
easat-9225	396	4	root	root	NOUN
easat-9225	396	5	test	test	NOUN
easat-9225	396	6	denmark	denmark	PROPN
easat-9225	396	7	.	.	PUNCT
easat-9225	397	1	null	null	ADJ
easat-9225	397	2	hypothesis	hypothesis	NOUN
easat-9225	397	3	:	:	PUNCT
easat-9225	397	4	n_returns	n_return	NOUN
easat-9225	397	5	has	have	VERB
easat-9225	397	6	a	a	DET
easat-9225	397	7	unit	unit	NOUN
easat-9225	397	8	root	root	NOUN
easat-9225	397	9	exogenous	exogenous	ADJ
easat-9225	397	10	:	:	PUNCT
easat-9225	397	11	constant	constant	ADJ
easat-9225	397	12	bandwidth	bandwidth	NOUN
easat-9225	397	13	:	:	PUNCT
easat-9225	397	14	5	5	NUM
easat-9225	397	15	(	(	PUNCT
easat-9225	397	16	newey	newey	PROPN
easat-9225	397	17	-	-	PUNCT
easat-9225	397	18	west	west	PROPN
easat-9225	397	19	automatic	automatic	ADJ
easat-9225	397	20	)	)	PUNCT
easat-9225	397	21	using	use	VERB
easat-9225	397	22	bartlett	bartlett	PROPN
easat-9225	397	23	kernel	kernel	PROPN
easat-9225	397	24	adj	adj	PROPN
easat-9225	397	25	.	.	PROPN
easat-9225	397	26	t	t	PROPN
easat-9225	397	27	-	-	PUNCT
easat-9225	397	28	stat	stat	NOUN
easat-9225	397	29	prob	prob	NOUN
easat-9225	397	30	.	.	PUNCT
easat-9225	397	31	*	*	PUNCT
easat-9225	397	32	phillips	phillips	PROPN
easat-9225	397	33	-	-	PUNCT
easat-9225	397	34	perron	perron	PROPN
easat-9225	397	35	test	test	NOUN
easat-9225	397	36	statistic	statistic	NOUN
easat-9225	397	37	-9.088461	-9.088461	ADV
easat-9225	397	38	0	0	NUM
easat-9225	398	1	test	test	NOUN
easat-9225	398	2	critical	critical	ADJ
easat-9225	398	3	values	value	NOUN
easat-9225	398	4	:	:	PUNCT
easat-9225	398	5	1	1	NUM
easat-9225	398	6	%	%	NOUN
easat-9225	398	7	level	level	NOUN
easat-9225	398	8	-3.500669	-3.500669	ADJ
easat-9225	398	9	5	5	NUM
easat-9225	398	10	%	%	NOUN
easat-9225	398	11	level	level	NOUN
easat-9225	398	12	-2.8922	-2.8922	NOUN
easat-9225	398	13	10	10	NUM
easat-9225	398	14	%	%	NOUN
easat-9225	398	15	level	level	NOUN
easat-9225	398	16	-2.583192	-2.583192	X
easat-9225	398	17	null	null	ADJ
easat-9225	398	18	hypothesis	hypothesis	NOUN
easat-9225	398	19	:	:	PUNCT
easat-9225	398	20	ir_sh	ir_sh	NOUN
easat-9225	398	21	has	have	VERB
easat-9225	398	22	a	a	DET
easat-9225	398	23	unit	unit	NOUN
easat-9225	398	24	root	root	NOUN
easat-9225	398	25	exogenous	exogenous	ADJ
easat-9225	398	26	:	:	PUNCT
easat-9225	398	27	constant	constant	ADJ
easat-9225	398	28	bandwidth	bandwidth	NOUN
easat-9225	398	29	:	:	PUNCT
easat-9225	398	30	3	3	NUM
easat-9225	398	31	(	(	PUNCT
easat-9225	398	32	newey	newey	PROPN
easat-9225	398	33	-	-	PUNCT
easat-9225	398	34	west	west	PROPN
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easat-9225	398	36	)	)	PUNCT
easat-9225	398	37	using	use	VERB
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easat-9225	398	39	kernel	kernel	PROPN
easat-9225	398	40	adj	adj	PROPN
easat-9225	398	41	.	.	PROPN
easat-9225	398	42	t	t	PROPN
easat-9225	398	43	-	-	PUNCT
easat-9225	398	44	stat	stat	NOUN
easat-9225	398	45	prob	prob	NOUN
easat-9225	398	46	.	.	PUNCT
easat-9225	398	47	*	*	PUNCT
easat-9225	398	48	phillips	phillips	PROPN
easat-9225	398	49	-	-	PUNCT
easat-9225	398	50	perron	perron	PROPN
easat-9225	398	51	test	test	NOUN
easat-9225	398	52	statistic	statistic	NOUN
easat-9225	398	53	-1.251577	-1.251577	PROPN
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easat-9225	398	55	test	test	NOUN
easat-9225	398	56	critical	critical	ADJ
easat-9225	398	57	values	value	NOUN
easat-9225	398	58	:	:	PUNCT
easat-9225	398	59	1	1	NUM
easat-9225	398	60	%	%	NOUN
easat-9225	398	61	level	level	NOUN
easat-9225	398	62	-3.500669	-3.500669	ADJ
easat-9225	398	63	5	5	NUM
easat-9225	398	64	%	%	NOUN
easat-9225	398	65	level	level	NOUN
easat-9225	398	66	-2.8922	-2.8922	NOUN
easat-9225	398	67	10	10	NUM
easat-9225	398	68	%	%	NOUN
easat-9225	398	69	level	level	NOUN
easat-9225	398	70	-2.583192	-2.583192	X
easat-9225	398	71	null	null	ADJ
easat-9225	398	72	hypothesis	hypothesis	NOUN
easat-9225	398	73	:	:	PUNCT
easat-9225	398	74	popgr	popgr	PROPN
easat-9225	398	75	has	have	VERB
easat-9225	398	76	a	a	DET
easat-9225	398	77	unit	unit	NOUN
easat-9225	398	78	root	root	NOUN
easat-9225	398	79	exogenous	exogenous	ADJ
easat-9225	398	80	:	:	PUNCT
easat-9225	398	81	constant	constant	ADJ
easat-9225	398	82	bandwidth	bandwidth	NOUN
easat-9225	398	83	:	:	PUNCT
easat-9225	398	84	0	0	NUM
easat-9225	398	85	(	(	PUNCT
easat-9225	398	86	newey	newey	PROPN
easat-9225	398	87	-	-	PUNCT
easat-9225	398	88	west	west	PROPN
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easat-9225	398	91	using	use	VERB
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easat-9225	398	94	adj	adj	PROPN
easat-9225	398	95	.	.	PROPN
easat-9225	398	96	t	t	PROPN
easat-9225	398	97	-	-	PUNCT
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easat-9225	398	99	prob	prob	NOUN
easat-9225	398	100	.	.	PUNCT
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easat-9225	399	2	phillips	phillips	PROPN
easat-9225	399	3	-	-	PUNCT
easat-9225	399	4	perron	perron	PROPN
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easat-9225	399	6	statistic	statistic	NOUN
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easat-9225	400	2	test	test	NOUN
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easat-9225	400	5	:	:	PUNCT
easat-9225	400	6	1	1	NUM
easat-9225	400	7	%	%	NOUN
easat-9225	400	8	level	level	NOUN
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easat-9225	400	10	5	5	NUM
easat-9225	400	11	%	%	NOUN
easat-9225	400	12	level	level	NOUN
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easat-9225	400	14	10	10	NUM
easat-9225	400	15	%	%	NOUN
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easat-9225	400	20	:	:	PUNCT
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easat-9225	400	27	:	:	PUNCT
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easat-9225	400	30	:	:	PUNCT
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easat-9225	400	34	-	-	PUNCT
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easat-9225	400	43	t	t	PROPN
easat-9225	400	44	-	-	PUNCT
easat-9225	400	45	stat	stat	NOUN
easat-9225	400	46	prob	prob	NOUN
easat-9225	400	47	.	.	PUNCT
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easat-9225	401	4	perron	perron	PROPN
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easat-9225	401	10	critical	critical	ADJ
easat-9225	401	11	values	value	NOUN
easat-9225	401	12	:	:	PUNCT
easat-9225	401	13	1	1	NUM
easat-9225	401	14	%	%	NOUN
easat-9225	401	15	level	level	NOUN
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easat-9225	401	17	5	5	NUM
easat-9225	401	18	%	%	NOUN
easat-9225	401	19	level	level	NOUN
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easat-9225	401	22	%	%	NOUN
easat-9225	401	23	level	level	NOUN
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easat-9225	401	25	null	null	ADJ
easat-9225	401	26	hypothesis	hypothesis	NOUN
easat-9225	401	27	:	:	PUNCT
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easat-9225	401	30	a	a	DET
easat-9225	401	31	unit	unit	NOUN
easat-9225	401	32	root	root	NOUN
easat-9225	401	33	exogenous	exogenous	ADJ
easat-9225	401	34	:	:	PUNCT
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easat-9225	401	36	bandwidth	bandwidth	NOUN
easat-9225	401	37	:	:	PUNCT
easat-9225	401	38	4	4	NUM
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easat-9225	401	41	-	-	PUNCT
easat-9225	401	42	west	west	PROPN
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easat-9225	401	44	)	)	PUNCT
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easat-9225	401	50	t	t	PROPN
easat-9225	401	51	-	-	PUNCT
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easat-9225	401	53	prob	prob	NOUN
easat-9225	401	54	.	.	PUNCT
easat-9225	402	1	*	*	PUNCT
easat-9225	402	2	phillips	phillips	PROPN
easat-9225	402	3	-	-	PUNCT
easat-9225	402	4	perron	perron	PROPN
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easat-9225	402	6	statistic	statistic	PROPN
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easat-9225	402	8	0	0	NUM
easat-9225	402	9	test	test	NOUN
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easat-9225	402	11	values	value	NOUN
easat-9225	402	12	:	:	PUNCT
easat-9225	402	13	1	1	NUM
easat-9225	402	14	%	%	NOUN
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easat-9225	402	17	5	5	NUM
easat-9225	402	18	%	%	NOUN
easat-9225	402	19	level	level	NOUN
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easat-9225	402	22	%	%	NOUN
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easat-9225	402	45	:	:	PUNCT
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easat-9225	402	47	-	-	SYM
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easat-9225	402	50	.	.	PROPN
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easat-9225	403	2	,	,	PUNCT
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easat-9225	403	6	:	:	SYM
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easat-9225	403	8	-	-	SYM
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easat-9225	573	6	0.10788	0.10788	NUM
easat-9225	573	7	)	)	PUNCT
easat-9225	574	1	[	[	X
easat-9225	574	2	-0.93348	-0.93348	X
easat-9225	574	3	]	]	X
easat-9225	574	4	r	r	NOUN
easat-9225	574	5	squared	square	VERB
easat-9225	574	6	0.384563	0.384563	NUM
easat-9225	574	7	0.071063	0.071063	NUM
easat-9225	574	8	0.200518	0.200518	NUM
easat-9225	574	9	0.229046	0.229046	NUM
easat-9225	574	10	0.198097	0.198097	NUM
easat-9225	574	11	adj	adj	NOUN
easat-9225	574	12	.	.	PUNCT
easat-9225	575	1	r	r	NOUN
easat-9225	575	2	squared	square	VERB
easat-9225	575	3	suma	suma	NOUN
easat-9225	575	4	sq.resids	sq.resid	VERB
easat-9225	575	5	0.317829	0.317829	NUM
easat-9225	575	6	4.110314	4.110314	NUM
easat-9225	575	7	-0.029665	-0.029665	NOUN
easat-9225	575	8	0.026829	0.026829	NUM
easat-9225	575	9	0.113827	0.113827	NUM
easat-9225	576	1	128.2773	128.2773	NUM
easat-9225	576	2	0.145448	0.145448	NUM
easat-9225	576	3	737.6439	737.6439	NUM
easat-9225	576	4	0.111144	0.111144	NUM
easat-9225	576	5	0.721762	0.721762	NUM
easat-9225	576	6	s.e	s.e	PROPN
easat-9225	576	7	.	.	PROPN
easat-9225	576	8	equation	equation	NOUN
easat-9225	576	9	0.222535	0.222535	NUM
easat-9225	576	10	0.017979	0.017979	NUM
easat-9225	576	11	1.243185	1.243185	NUM
easat-9225	576	12	2.981153	2.981153	NUM
easat-9225	576	13	0.093252	0.093252	NUM
easat-9225	576	14	f	f	PROPN
easat-9225	576	15	statistic	statistic	NOUN
easat-9225	576	16	5.762622	5.762622	NUM
easat-9225	576	17	0.705490	0.705490	NUM
easat-9225	576	18	2.313021	2.313021	NUM
easat-9225	576	19	2.739867	2.739867	NUM
easat-9225	576	20	2.278203	2.278203	NUM
easat-9225	576	21	log	log	NOUN
easat-9225	576	22	likelihood	likelihood	NOUN
easat-9225	576	23	13.07687	13.07687	NUM
easat-9225	576	24	247.0546	247.0546	NUM
easat-9225	576	25	-146.9154	-146.9154	NOUN
easat-9225	576	26	-228.2564	-228.2564	PROPN
easat-9225	576	27	93.96637	93.96637	NUM
easat-9225	576	28	akaike	akaike	ADP
easat-9225	576	29	aic	aic	PROPN
easat-9225	576	30	-0.066169	-0.066169	PROPN
easat-9225	576	31	-5.097948	-5.097948	VERB
easat-9225	576	32	3.374526	3.374526	NUM
easat-9225	576	33	5.123793	5.123793	NUM
easat-9225	576	34	-1.805728	-1.805728	NOUN
easat-9225	576	35	schwarz	schwarz	PROPN
easat-9225	576	36	sc	sc	PROPN
easat-9225	576	37	0.206153	0.206153	NUM
easat-9225	576	38	-4.825625	-4.825625	NOUN
easat-9225	576	39	3.646848	3.646848	NUM
easat-9225	576	40	5.396115	5.396115	NUM
easat-9225	576	41	-1.533406	-1.533406	NOUN
easat-9225	576	42	mean	mean	VERB
easat-9225	576	43	dependent	dependent	ADJ
easat-9225	576	44	0.001382	0.001382	NUM
easat-9225	576	45	0.008820	0.008820	NUM
easat-9225	576	46	-0.055170	-0.055170	NOUN
easat-9225	576	47	-0.009107	-0.009107	PROPN
easat-9225	576	48	-0.002622	-0.002622	PROPN
easat-9225	577	1	s.d	s.d	PROPN
easat-9225	577	2	.	.	PROPN
easat-9225	578	1	dependent	dependent	ADJ
easat-9225	578	2	0.269434	0.269434	NUM
easat-9225	579	1	0.017718	0.017718	NUM
easat-9225	579	2	1.320616	1.320616	NUM
easat-9225	579	3	3.224892	3.224892	NUM
easat-9225	579	4	0.098910	0.098910	NUM
easat-9225	579	5	132	132	NUM
easat-9225	579	6	edelweiss	edelweiss	PROPN
easat-9225	579	7	applied	apply	VERB
easat-9225	579	8	science	science	NOUN
easat-9225	579	9	and	and	CCONJ
easat-9225	579	10	technology	technology	NOUN
easat-9225	579	11	issn	issn	PROPN
easat-9225	579	12	:	:	PUNCT
easat-9225	579	13	2576	2576	NUM
easat-9225	579	14	-	-	SYM
easat-9225	579	15	8484	8484	NUM
easat-9225	579	16	vol	vol	NOUN
easat-9225	579	17	.	.	PROPN
easat-9225	580	1	9	9	NUM
easat-9225	580	2	,	,	PUNCT
easat-9225	580	3	no	no	INTJ
easat-9225	580	4	.	.	NOUN
easat-9225	580	5	8	8	NUM
easat-9225	580	6	:	:	SYM
easat-9225	580	7	113	113	NUM
easat-9225	580	8	-	-	SYM
easat-9225	580	9	137	137	NUM
easat-9225	580	10	,	,	PUNCT
easat-9225	580	11	2025	2025	NUM
easat-9225	580	12	doi	doi	NOUN
easat-9225	580	13	:	:	PUNCT
easat-9225	580	14	10.55214/2576	10.55214/2576	NUM
easat-9225	580	15	-	-	SYM
easat-9225	580	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	581	1	©	©	PROPN
easat-9225	581	2	2025	2025	NUM
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easat-9225	581	4	the	the	DET
easat-9225	581	5	authors	author	NOUN
easat-9225	581	6	;	;	PUNCT
easat-9225	581	7	licensee	licensee	PROPN
easat-9225	581	8	learning	learning	NOUN
easat-9225	581	9	gate	gate	PROPN
easat-9225	581	10	granger	granger	PROPN
easat-9225	581	11	causality	causality	PROPN
easat-9225	581	12	results	result	NOUN
easat-9225	581	13	table	table	VERB
easat-9225	581	14	2.4	2.4	NUM
easat-9225	581	15	.	.	PUNCT
easat-9225	582	1	pairwise	pairwise	PROPN
easat-9225	582	2	granger	granger	PROPN
easat-9225	582	3	causality	causality	PROPN
easat-9225	582	4	test	test	NOUN
easat-9225	582	5	for	for	ADP
easat-9225	582	6	switzerland	switzerland	PROPN
easat-9225	582	7	.	.	PUNCT
easat-9225	583	1	sample	sample	NOUN
easat-9225	583	2	:	:	PUNCT
easat-9225	583	3	1927	1927	NUM
easat-9225	583	4	2021	2021	NUM
easat-9225	583	5	lags	lag	VERB
easat-9225	583	6	:	:	PUNCT
easat-9225	583	7	2	2	NUM
easat-9225	583	8	null	null	ADJ
easat-9225	583	9	hypothesis	hypothesis	NOUN
easat-9225	583	10	:	:	PUNCT
easat-9225	583	11	obs	obs	PROPN
easat-9225	583	12	.	.	PUNCT
easat-9225	584	1	f	f	X
easat-9225	584	2	-	-	PUNCT
easat-9225	584	3	statistic	statistic	ADJ
easat-9225	584	4	prob	prob	NOUN
easat-9225	584	5	.	.	PUNCT
easat-9225	585	1	dlgdpcap	dlgdpcap	PROPN
easat-9225	585	2	does	do	AUX
easat-9225	585	3	not	not	PART
easat-9225	585	4	granger	granger	AUX
easat-9225	585	5	cause	cause	VERB
easat-9225	585	6	dn_returns	dn_return	NOUN
easat-9225	585	7	93	93	NUM
easat-9225	585	8	4.85645	4.85645	NUM
easat-9225	585	9	0.0100	0.0100	NUM
easat-9225	585	10	dn_returns	dn_return	NOUN
easat-9225	585	11	does	do	AUX
easat-9225	585	12	not	not	PART
easat-9225	585	13	granger	granger	VERB
easat-9225	585	14	cause	cause	VERB
easat-9225	585	15	dlgdpcap	dlgdpcap	VERB
easat-9225	585	16	5.61359	5.61359	NUM
easat-9225	585	17	0.0051	0.0051	NUM
easat-9225	585	18	dir_sh	dir_sh	NOUN
easat-9225	585	19	does	do	AUX
easat-9225	585	20	not	not	PART
easat-9225	585	21	granger	granger	AUX
easat-9225	585	22	cause	cause	VERB
easat-9225	585	23	dn_returns	dn_return	NOUN
easat-9225	585	24	93	93	NUM
easat-9225	585	25	0.04921	0.04921	NUM
easat-9225	585	26	0.9520	0.9520	NUM
easat-9225	585	27	dn_returns	dn_return	NOUN
easat-9225	585	28	does	do	AUX
easat-9225	585	29	not	not	PART
easat-9225	585	30	granger	granger	AUX
easat-9225	585	31	cause	cause	VERB
easat-9225	585	32	dir_sh	dir_sh	NOUN
easat-9225	585	33	0.47971	0.47971	NUM
easat-9225	585	34	0.6206	0.6206	NUM
easat-9225	585	35	dcpi	dcpi	NOUN
easat-9225	585	36	does	do	AUX
easat-9225	585	37	not	not	PART
easat-9225	585	38	granger	granger	AUX
easat-9225	585	39	cause	cause	VERB
easat-9225	585	40	dn_returns	dn_return	NOUN
easat-9225	585	41	93	93	NUM
easat-9225	585	42	0.21171	0.21171	NUM
easat-9225	585	43	0.8096	0.8096	NUM
easat-9225	585	44	dn_returns	dn_return	NOUN
easat-9225	585	45	does	do	AUX
easat-9225	585	46	not	not	PART
easat-9225	585	47	granger	granger	AUX
easat-9225	585	48	cause	cause	VERB
easat-9225	585	49	dcpi	dcpi	ADJ
easat-9225	585	50	0.23737	0.23737	NUM
easat-9225	585	51	0.7892	0.7892	NUM
easat-9225	585	52	dpopgr	dpopgr	NOUN
easat-9225	585	53	does	do	AUX
easat-9225	585	54	not	not	PART
easat-9225	585	55	granger	granger	AUX
easat-9225	585	56	cause	cause	VERB
easat-9225	585	57	dn_returns	dn_return	NOUN
easat-9225	585	58	93	93	NUM
easat-9225	585	59	2.14126	2.14126	NUM
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easat-9225	585	61	dn_returns	dn_return	NOUN
easat-9225	585	62	does	do	AUX
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easat-9225	585	74	dlgdpcap	dlgdpcap	VERB
easat-9225	585	75	93	93	NUM
easat-9225	585	76	1.11190	1.11190	NUM
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easat-9225	585	78	dlgdpcap	dlgdpcap	NOUN
easat-9225	585	79	does	do	AUX
easat-9225	585	80	not	not	PART
easat-9225	585	81	granger	granger	AUX
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easat-9225	585	84	1.23164	1.23164	NUM
easat-9225	585	85	0.2968	0.2968	NUM
easat-9225	585	86	dcpi	dcpi	NOUN
easat-9225	585	87	does	do	AUX
easat-9225	585	88	not	not	PART
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easat-9225	585	90	cause	cause	VERB
easat-9225	585	91	dlgdpcap	dlgdpcap	NOUN
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easat-9225	585	93	10.6561	10.6561	NUM
easat-9225	585	94	7.e-05	7.e-05	NUM
easat-9225	585	95	dlgdpcap	dlgdpcap	NOUN
easat-9225	585	96	does	do	AUX
easat-9225	585	97	not	not	PART
easat-9225	585	98	granger	granger	AUX
easat-9225	585	99	cause	cause	VERB
easat-9225	585	100	dcpi	dcpi	ADJ
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easat-9225	585	102	0.0213	0.0213	NUM
easat-9225	585	103	dpopgr	dpopgr	NOUN
easat-9225	585	104	does	do	AUX
easat-9225	585	105	not	not	PART
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easat-9225	585	111	0.8156	0.8156	NUM
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easat-9225	585	117	dpopgr	dpopgr	VERB
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easat-9225	585	134	dcpi	dcpi	ADJ
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easat-9225	585	173	.	.	PUNCT
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easat-9225	586	7	.	.	PUNCT
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easat-9225	587	2	:	:	PUNCT
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easat-9225	587	6	:	:	PUNCT
easat-9225	587	7	2	2	NUM
easat-9225	587	8	null	null	ADJ
easat-9225	587	9	hypothesis	hypothesis	NOUN
easat-9225	587	10	:	:	PUNCT
easat-9225	587	11	obs	obs	PROPN
easat-9225	587	12	.	.	PUNCT
easat-9225	588	1	f	f	X
easat-9225	588	2	-	-	PUNCT
easat-9225	588	3	statistic	statistic	ADJ
easat-9225	588	4	prob	prob	NOUN
easat-9225	588	5	.	.	PUNCT
easat-9225	589	1	dlgdpcap	dlgdpcap	PROPN
easat-9225	589	2	does	do	AUX
easat-9225	589	3	not	not	PART
easat-9225	589	4	granger	granger	AUX
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easat-9225	589	10	dn_returns	dn_return	NOUN
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easat-9225	589	13	granger	granger	AUX
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easat-9225	589	15	dlgdpcap	dlgdpcap	VERB
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easat-9225	589	40	dn_returns	dn_return	NOUN
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easat-9225	589	44	dn_returns	dn_return	NOUN
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easat-9225	589	47	granger	granger	AUX
easat-9225	589	48	cause	cause	VERB
easat-9225	589	49	dcpi	dcpi	ADJ
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easat-9225	589	52	dpopgr	dpopgr	NOUN
easat-9225	589	53	does	do	AUX
easat-9225	589	54	not	not	PART
easat-9225	589	55	granger	granger	AUX
easat-9225	589	56	cause	cause	VERB
easat-9225	589	57	dn_returns	dn_return	NOUN
easat-9225	589	58	93	93	NUM
easat-9225	589	59	1.16692	1.16692	NUM
easat-9225	589	60	0.3161	0.3161	NUM
easat-9225	589	61	dn_returns	dn_return	NOUN
easat-9225	589	62	does	do	AUX
easat-9225	589	63	not	not	PART
easat-9225	589	64	granger	granger	NOUN
easat-9225	589	65	cause	cause	VERB
easat-9225	589	66	dpopgr	dpopgr	VERB
easat-9225	589	67	0.57747	0.57747	NUM
easat-9225	589	68	0.5634	0.5634	NUM
easat-9225	589	69	dir_sh	dir_sh	NOUN
easat-9225	589	70	does	do	AUX
easat-9225	589	71	not	not	PART
easat-9225	589	72	granger	granger	VERB
easat-9225	589	73	cause	cause	VERB
easat-9225	589	74	dlgdpcap	dlgdpcap	VERB
easat-9225	589	75	93	93	NUM
easat-9225	589	76	2.56074	2.56074	NUM
easat-9225	589	77	0.0830	0.0830	NUM
easat-9225	589	78	dlgdpcap	dlgdpcap	NOUN
easat-9225	589	79	does	do	AUX
easat-9225	589	80	not	not	PART
easat-9225	589	81	granger	granger	AUX
easat-9225	589	82	cause	cause	VERB
easat-9225	589	83	dir_sh	dir_sh	NOUN
easat-9225	589	84	1.21191	1.21191	NUM
easat-9225	589	85	0.3025	0.3025	NUM
easat-9225	589	86	dcpi	dcpi	NOUN
easat-9225	589	87	does	do	AUX
easat-9225	589	88	not	not	PART
easat-9225	589	89	granger	granger	VERB
easat-9225	589	90	cause	cause	VERB
easat-9225	589	91	dlgdpcap	dlgdpcap	VERB
easat-9225	589	92	93	93	NUM
easat-9225	589	93	0.78810	0.78810	NUM
easat-9225	589	94	0.4579	0.4579	NUM
easat-9225	589	95	dlgdpcap	dlgdpcap	NOUN
easat-9225	589	96	does	do	AUX
easat-9225	589	97	not	not	PART
easat-9225	589	98	granger	granger	AUX
easat-9225	589	99	cause	cause	VERB
easat-9225	589	100	dcpi	dcpi	ADJ
easat-9225	589	101	3.82426	3.82426	NUM
easat-9225	589	102	0.0256	0.0256	NUM
easat-9225	589	103	dpopgr	dpopgr	NOUN
easat-9225	589	104	does	do	AUX
easat-9225	589	105	not	not	PART
easat-9225	589	106	granger	granger	NOUN
easat-9225	589	107	cause	cause	VERB
easat-9225	589	108	dlgdpcap	dlgdpcap	VERB
easat-9225	589	109	93	93	NUM
easat-9225	589	110	2.06736	2.06736	NUM
easat-9225	589	111	0.1326	0.1326	NUM
easat-9225	589	112	dlgdpcap	dlgdpcap	NOUN
easat-9225	589	113	does	do	AUX
easat-9225	589	114	not	not	PART
easat-9225	589	115	granger	granger	NOUN
easat-9225	589	116	cause	cause	VERB
easat-9225	589	117	dpopgr	dpopgr	VERB
easat-9225	589	118	1.67692	1.67692	NUM
easat-9225	589	119	0.1929	0.1929	NUM
easat-9225	589	120	dcpi	dcpi	NOUN
easat-9225	589	121	does	do	AUX
easat-9225	589	122	not	not	PART
easat-9225	589	123	granger	granger	AUX
easat-9225	589	124	cause	cause	VERB
easat-9225	589	125	dir_sh	dir_sh	NOUN
easat-9225	589	126	93	93	NUM
easat-9225	589	127	0.85636	0.85636	NUM
easat-9225	589	128	0.4282	0.4282	NUM
easat-9225	589	129	dir_sh	dir_sh	NOUN
easat-9225	589	130	does	do	AUX
easat-9225	589	131	not	not	PART
easat-9225	589	132	granger	granger	AUX
easat-9225	589	133	cause	cause	VERB
easat-9225	589	134	dcpi	dcpi	ADJ
easat-9225	589	135	1.33676	1.33676	NUM
easat-9225	589	136	0.2680	0.2680	NUM
easat-9225	589	137	dpopgr	dpopgr	NOUN
easat-9225	589	138	does	do	AUX
easat-9225	589	139	not	not	PART
easat-9225	589	140	granger	granger	AUX
easat-9225	589	141	cause	cause	VERB
easat-9225	589	142	dir_sh	dir_sh	NOUN
easat-9225	589	143	93	93	NUM
easat-9225	589	144	0.36412	0.36412	NUM
easat-9225	589	145	0.6958	0.6958	NUM
easat-9225	589	146	dir_sh	dir_sh	NOUN
easat-9225	589	147	does	do	AUX
easat-9225	589	148	not	not	PART
easat-9225	589	149	granger	granger	NOUN
easat-9225	589	150	cause	cause	VERB
easat-9225	589	151	dpopgr	dpopgr	VERB
easat-9225	589	152	0.33691	0.33691	NUM
easat-9225	589	153	0.7149	0.7149	NUM
easat-9225	589	154	133	133	NUM
easat-9225	589	155	edelweiss	edelweiss	PROPN
easat-9225	589	156	applied	apply	VERB
easat-9225	589	157	science	science	NOUN
easat-9225	589	158	and	and	CCONJ
easat-9225	589	159	technology	technology	NOUN
easat-9225	589	160	issn	issn	PROPN
easat-9225	589	161	:	:	PUNCT
easat-9225	589	162	2576	2576	NUM
easat-9225	589	163	-	-	SYM
easat-9225	589	164	8484	8484	NUM
easat-9225	589	165	vol	vol	NOUN
easat-9225	589	166	.	.	PROPN
easat-9225	590	1	9	9	NUM
easat-9225	590	2	,	,	PUNCT
easat-9225	590	3	no	no	INTJ
easat-9225	590	4	.	.	NOUN
easat-9225	590	5	8	8	NUM
easat-9225	590	6	:	:	SYM
easat-9225	590	7	113	113	NUM
easat-9225	590	8	-	-	SYM
easat-9225	590	9	137	137	NUM
easat-9225	590	10	,	,	PUNCT
easat-9225	590	11	2025	2025	NUM
easat-9225	590	12	doi	doi	NOUN
easat-9225	590	13	:	:	PUNCT
easat-9225	590	14	10.55214/2576	10.55214/2576	NUM
easat-9225	590	15	-	-	SYM
easat-9225	590	16	8484.v9i8.9225	8484.v9i8.9225	NUM
easat-9225	591	1	©	©	PROPN
easat-9225	591	2	2025	2025	NUM
easat-9225	591	3	by	by	ADP
easat-9225	591	4	the	the	DET
easat-9225	591	5	authors	author	NOUN
easat-9225	591	6	;	;	PUNCT
easat-9225	591	7	licensee	licensee	PROPN
easat-9225	591	8	learning	learn	VERB
easat-9225	591	9	gate	gate	NOUN
easat-9225	591	10	dpopgr	dpopgr	NOUN
easat-9225	591	11	does	do	AUX
easat-9225	591	12	not	not	PART
easat-9225	591	13	granger	granger	AUX
easat-9225	591	14	cause	cause	VERB
easat-9225	591	15	dcpi	dcpi	ADJ
easat-9225	591	16	93	93	NUM
easat-9225	591	17	2.26620	2.26620	NUM
easat-9225	591	18	0.1097	0.1097	NUM
easat-9225	591	19	dcpi	dcpi	NOUN
easat-9225	591	20	does	do	AUX
easat-9225	591	21	not	not	PART
easat-9225	591	22	granger	granger	NOUN
easat-9225	591	23	cause	cause	VERB
easat-9225	591	24	dpopgr	dpopgr	VERB
easat-9225	591	25	0.16260	0.16260	NUM
easat-9225	591	26	0.8502	0.8502	NUM
easat-9225	591	27	table	table	NOUN
easat-9225	591	28	2.6	2.6	NUM
easat-9225	591	29	.	.	PUNCT
easat-9225	592	1	pairwise	pairwise	PROPN
easat-9225	592	2	granger	granger	PROPN
easat-9225	592	3	causality	causality	PROPN
easat-9225	592	4	test	test	NOUN
easat-9225	592	5	for	for	ADP
easat-9225	592	6	denmark	denmark	NOUN
easat-9225	592	7	.	.	PUNCT
easat-9225	593	1	sample	sample	NOUN
easat-9225	593	2	:	:	PUNCT
easat-9225	593	3	1927	1927	NUM
easat-9225	593	4	2021	2021	NUM
easat-9225	593	5	lags	lag	VERB
easat-9225	593	6	:	:	PUNCT
easat-9225	593	7	2	2	NUM
easat-9225	593	8	null	null	ADJ
easat-9225	593	9	hypothesis	hypothesis	NOUN
easat-9225	593	10	:	:	PUNCT
easat-9225	593	11	obs	obs	PROPN
easat-9225	593	12	.	.	PUNCT
easat-9225	594	1	f	f	X
easat-9225	594	2	-	-	PUNCT
easat-9225	594	3	statistic	statistic	ADJ
easat-9225	594	4	prob	prob	NOUN
easat-9225	594	5	.	.	PUNCT
easat-9225	595	1	dlgdpcap	dlgdpcap	PROPN
easat-9225	595	2	does	do	AUX
easat-9225	595	3	not	not	PART
easat-9225	595	4	granger	granger	AUX
easat-9225	595	5	cause	cause	VERB
easat-9225	595	6	dn_returns	dn_return	NOUN
easat-9225	595	7	93	93	NUM
easat-9225	595	8	3.71115	3.71115	NUM
easat-9225	595	9	0.0284	0.0284	NUM
easat-9225	595	10	dn_returns	dn_return	NOUN
easat-9225	595	11	does	do	AUX
easat-9225	595	12	not	not	PART
easat-9225	595	13	granger	granger	AUX
easat-9225	595	14	cause	cause	VERB
easat-9225	595	15	dlgdpcap	dlgdpcap	VERB
easat-9225	595	16	0.50304	0.50304	NUM
easat-9225	595	17	0.6064	0.6064	NUM
easat-9225	595	18	dir_sh	dir_sh	NOUN
easat-9225	595	19	does	do	AUX
easat-9225	595	20	not	not	PART
easat-9225	595	21	granger	granger	AUX
easat-9225	595	22	cause	cause	VERB
easat-9225	595	23	dn_returns	dn_return	NOUN
easat-9225	595	24	93	93	NUM
easat-9225	595	25	2.58758	2.58758	NUM
easat-9225	595	26	0.0809	0.0809	NUM
easat-9225	595	27	dn_returns	dn_return	NOUN
easat-9225	595	28	does	do	AUX
easat-9225	595	29	not	not	PART
easat-9225	595	30	granger	granger	AUX
easat-9225	595	31	cause	cause	VERB
easat-9225	595	32	dir_sh	dir_sh	NOUN
easat-9225	595	33	7.38530	7.38530	NUM
easat-9225	595	34	0.0011	0.0011	NUM
easat-9225	595	35	dcpi	dcpi	NOUN
easat-9225	595	36	does	do	AUX
easat-9225	595	37	not	not	PART
easat-9225	595	38	granger	granger	VERB
easat-9225	595	39	cause	cause	VERB
easat-9225	595	40	dn_returns	dn_return	NOUN
easat-9225	595	41	93	93	NUM
easat-9225	595	42	0.64040	0.64040	NUM
easat-9225	595	43	0.5295	0.5295	NUM
easat-9225	595	44	dn_returns	dn_return	NOUN
easat-9225	595	45	does	do	AUX
easat-9225	595	46	not	not	PART
easat-9225	595	47	granger	granger	AUX
easat-9225	595	48	cause	cause	VERB
easat-9225	595	49	dcpi	dcpi	ADJ
easat-9225	595	50	1.89163	1.89163	NUM
easat-9225	595	51	0.1569	0.1569	NUM
easat-9225	595	52	dpopgr	dpopgr	NOUN
easat-9225	595	53	does	do	AUX
easat-9225	595	54	not	not	PART
easat-9225	595	55	granger	granger	AUX
easat-9225	595	56	cause	cause	VERB
easat-9225	595	57	dn_returns	dn_return	NOUN
easat-9225	595	58	93	93	NUM
easat-9225	595	59	2.36128	2.36128	NUM
easat-9225	595	60	0.1002	0.1002	NUM
easat-9225	595	61	dn_returns	dn_return	NOUN
easat-9225	595	62	does	do	AUX
easat-9225	595	63	not	not	PART
easat-9225	595	64	granger	granger	NOUN
easat-9225	595	65	cause	cause	VERB
easat-9225	595	66	dpopgr	dpopgr	VERB
easat-9225	595	67	0.44617	0.44617	NUM
easat-9225	595	68	0.6415	0.6415	NUM
easat-9225	595	69	dir_sh	dir_sh	NOUN
easat-9225	595	70	does	do	AUX
easat-9225	595	71	not	not	PART
easat-9225	595	72	granger	granger	VERB
easat-9225	595	73	cause	cause	VERB
easat-9225	595	74	dlgdpcap	dlgdpcap	VERB
easat-9225	595	75	93	93	NUM
easat-9225	595	76	0.30428	0.30428	NUM
easat-9225	595	77	0.7384	0.7384	NUM
easat-9225	595	78	dlgdpcap	dlgdpcap	NOUN
easat-9225	595	79	does	do	AUX
easat-9225	595	80	not	not	PART
easat-9225	595	81	granger	granger	AUX
easat-9225	595	82	cause	cause	VERB
easat-9225	595	83	dir_sh	dir_sh	NOUN
easat-9225	595	84	1.15168	1.15168	NUM
easat-9225	595	85	0.3208	0.3208	NUM
easat-9225	595	86	dcpi	dcpi	NOUN
easat-9225	595	87	does	do	AUX
easat-9225	595	88	not	not	PART
easat-9225	595	89	granger	granger	VERB
easat-9225	595	90	cause	cause	VERB
easat-9225	595	91	dlgdpcap	dlgdpcap	VERB
easat-9225	595	92	93	93	NUM
easat-9225	595	93	9.25918	9.25918	NUM
easat-9225	595	94	0.0002	0.0002	NUM
easat-9225	595	95	dlgdpcap	dlgdpcap	NOUN
easat-9225	595	96	does	do	AUX
easat-9225	595	97	not	not	PART
easat-9225	595	98	granger	granger	AUX
easat-9225	595	99	cause	cause	VERB
easat-9225	595	100	dcpi	dcpi	ADJ
easat-9225	595	101	2.60884	2.60884	NUM
easat-9225	595	102	0.0793	0.0793	NUM
easat-9225	595	103	dpopgr	dpopgr	NOUN
easat-9225	595	104	does	do	AUX
easat-9225	595	105	not	not	PART
easat-9225	595	106	granger	granger	NOUN
easat-9225	595	107	cause	cause	VERB
easat-9225	595	108	dlgdpcap	dlgdpcap	VERB
easat-9225	595	109	93	93	NUM
easat-9225	595	110	0.42177	0.42177	NUM
easat-9225	595	111	0.6572	0.6572	NUM
easat-9225	595	112	dlgdpcap	dlgdpcap	NOUN
easat-9225	595	113	does	do	AUX
easat-9225	595	114	not	not	PART
easat-9225	595	115	granger	granger	NOUN
easat-9225	595	116	cause	cause	VERB
easat-9225	595	117	dpopgr	dpopgr	VERB
easat-9225	595	118	1.07097	1.07097	NUM
easat-9225	595	119	0.3471	0.3471	NUM
easat-9225	595	120	dcpi	dcpi	NOUN
easat-9225	595	121	does	do	AUX
easat-9225	595	122	not	not	PART
easat-9225	595	123	granger	granger	AUX
easat-9225	595	124	cause	cause	VERB
easat-9225	595	125	dir_sh	dir_sh	NOUN
easat-9225	595	126	93	93	NUM
easat-9225	595	127	0.29401	0.29401	NUM
easat-9225	595	128	0.7460	0.7460	NUM
easat-9225	595	129	dir_sh	dir_sh	NOUN
easat-9225	595	130	does	do	AUX
easat-9225	595	131	not	not	PART
easat-9225	595	132	granger	granger	AUX
easat-9225	595	133	cause	cause	VERB
easat-9225	595	134	dcpi	dcpi	ADJ
easat-9225	595	135	0.12803	0.12803	NUM
easat-9225	595	136	0.8800	0.8800	NUM
easat-9225	595	137	dpopgr	dpopgr	NOUN
easat-9225	595	138	does	do	AUX
easat-9225	595	139	not	not	PART
easat-9225	595	140	granger	granger	AUX
easat-9225	595	141	cause	cause	VERB
easat-9225	595	142	dir_sh	dir_sh	NOUN
easat-9225	595	143	93	93	NUM
easat-9225	595	144	2.33328	2.33328	NUM
easat-9225	595	145	0.1029	0.1029	NUM
easat-9225	595	146	dir_sh	dir_sh	NOUN
easat-9225	595	147	does	do	AUX
easat-9225	595	148	not	not	PART
easat-9225	595	149	granger	granger	NOUN
easat-9225	595	150	cause	cause	VERB
easat-9225	595	151	dpopgr	dpopgr	VERB
easat-9225	595	152	0.67144	0.67144	NUM
easat-9225	595	153	0.5136	0.5136	NUM
easat-9225	595	154	dpopgr	dpopgr	NOUN
easat-9225	595	155	does	do	AUX
easat-9225	595	156	not	not	PART
easat-9225	595	157	granger	granger	AUX
easat-9225	595	158	cause	cause	VERB
easat-9225	595	159	dcpi	dcpi	ADJ
easat-9225	595	160	93	93	NUM
easat-9225	595	161	0.17399	0.17399	NUM
easat-9225	595	162	0.8406	0.8406	NUM
easat-9225	595	163	dcpi	dcpi	NOUN
easat-9225	595	164	does	do	AUX
easat-9225	595	165	not	not	PART
easat-9225	595	166	granger	granger	NOUN
easat-9225	595	167	cause	cause	VERB
easat-9225	595	168	dpopgr	dpopgr	VERB
easat-9225	595	169	2.21896	2.21896	NUM
easat-9225	595	170	0.1148	0.1148	NUM
easat-9225	595	171	appendix	appendix	VERB
easat-9225	595	172	a	a	DET
easat-9225	595	173	3	3	NUM
easat-9225	595	174	.	.	PUNCT
easat-9225	595	175	cointegration	cointegration	NOUN
easat-9225	595	176	test	test	NOUN
easat-9225	595	177	.	.	PUNCT
easat-9225	596	1	table	table	NOUN
easat-9225	596	2	3.1	3.1	NUM
easat-9225	596	3	.	.	PUNCT
easat-9225	597	1	testing	test	VERB
easat-9225	597	2	residuals	residual	NOUN
easat-9225	597	3	for	for	ADP
easat-9225	597	4	unit	unit	NOUN
easat-9225	597	5	root	root	NOUN
easat-9225	597	6	in	in	ADP
easat-9225	597	7	three	three	NUM
easat-9225	597	8	data	datum	NOUN
easat-9225	597	9	sets	set	NOUN
easat-9225	597	10	.	.	PUNCT
easat-9225	598	1	switzerland	switzerland	PROPN
easat-9225	598	2	variable	variable	ADJ
easat-9225	598	3	probability	probability	PROPN
easat-9225	598	4	t	t	PROPN
easat-9225	598	5	-	-	PUNCT
easat-9225	598	6	statistics	statistic	NOUN
easat-9225	598	7	(	(	PUNCT
easat-9225	598	8	adf	adf	NOUN
easat-9225	598	9	)	)	PUNCT
easat-9225	598	10	critical	critical	ADJ
easat-9225	598	11	values	value	NOUN
easat-9225	598	12	1	1	NUM
easat-9225	598	13	%	%	NOUN
easat-9225	598	14	level	level	NOUN
easat-9225	598	15	of	of	ADP
easat-9225	598	16	significance	significance	NOUN
easat-9225	598	17	critical	critical	ADJ
easat-9225	598	18	values	value	NOUN
easat-9225	598	19	5	5	NUM
easat-9225	598	20	%	%	NOUN
easat-9225	598	21	level	level	NOUN
easat-9225	598	22	of	of	ADP
easat-9225	598	23	significance	significance	NOUN
easat-9225	598	24	probability	probability	NOUN
easat-9225	598	25	resid	resid	ADJ
easat-9225	598	26	-	-	PUNCT
easat-9225	598	27	swiss	swiss	ADJ
easat-9225	598	28	-11.11596	-11.11596	PUNCT
easat-9225	598	29	-3.502238	-3.502238	NOUN
easat-9225	598	30	-2.892879	-2.892879	NOUN
easat-9225	599	1	0.0001	0.0001	NUM
easat-9225	599	2	*	*	SYM
easat-9225	599	3	sweden	sweden	PROPN
easat-9225	599	4	variable	variable	ADJ
easat-9225	599	5	probability	probability	NOUN
easat-9225	599	6	t	t	PROPN
easat-9225	599	7	-	-	PUNCT
easat-9225	599	8	statistics	statistic	NOUN
easat-9225	599	9	(	(	PUNCT
easat-9225	599	10	adf	adf	NOUN
easat-9225	599	11	)	)	PUNCT
easat-9225	599	12	critical	critical	ADJ
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