id	sid	tid	token	lemma	pos
emaj-28	1	1	microsoft	microsoft	PROPN
emaj-28	1	2	word	word	NOUN
emaj-28	1	3	gold.docx	gold.docx	PROPN
emaj-28	1	4	volume	volume	NOUN
emaj-28	1	5	2	2	NUM
emaj-28	1	6	(	(	PUNCT
emaj-28	1	7	2012	2012	NUM
emaj-28	1	8	)	)	PUNCT
emaj-28	1	9	|	|	ADV
emaj-28	1	10	issn	issn	VERB
emaj-28	1	11	2158	2158	NUM
emaj-28	1	12	-	-	SYM
emaj-28	1	13	8708	8708	NUM
emaj-28	1	14	(	(	PUNCT
emaj-28	1	15	online	online	NOUN
emaj-28	1	16	)	)	PUNCT
emaj-28	2	1	|	|	ADV
emaj-28	2	2	doi	doi	X
emaj-28	2	3	10.5195	10.5195	NUM
emaj-28	2	4	/	/	SYM
emaj-28	2	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	2	6	|	|	NOUN
emaj-28	2	7	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-28	2	8	the	the	DET
emaj-28	2	9	case	case	NOUN
emaj-28	2	10	for	for	ADP
emaj-28	2	11	gold	gold	NOUN
emaj-28	2	12	revisited	revisit	VERB
emaj-28	2	13	:	:	PUNCT
emaj-28	2	14	a	a	DET
emaj-28	2	15	safe	safe	ADJ
emaj-28	2	16	haven	haven	NOUN
emaj-28	2	17	or	or	CCONJ
emaj-28	2	18	a	a	DET
emaj-28	2	19	hedge	hedge	NOUN
emaj-28	2	20	?	?	PUNCT
emaj-28	3	1	sudi	sudi	PROPN
emaj-28	3	2	apak	apak	PROPN
emaj-28	3	3	vedat	vedat	PROPN
emaj-28	3	4	akman	akman	PROPN
emaj-28	3	5	beykent	beykent	PROPN
emaj-28	3	6	university	university	PROPN
emaj-28	3	7	beykent	beykent	NOUN
emaj-28	3	8	university	university	NOUN
emaj-28	3	9	e	e	NOUN
emaj-28	4	1	-	-	NOUN
emaj-28	4	2	mail	mail	NOUN
emaj-28	4	3	:	:	PUNCT
emaj-28	4	4	akmanvedat@yahoo.com	akmanvedat@yahoo.com	X
emaj-28	4	5	serkan	serkan	PROPN
emaj-28	4	6	çankaya	çankaya	PROPN
emaj-28	4	7	sıtkı	sıtkı	PROPN
emaj-28	4	8	sönmezer	sönmezer	PROPN
emaj-28	4	9	beykent	beykent	PROPN
emaj-28	4	10	university	university	PROPN
emaj-28	4	11	beykent	beykent	NOUN
emaj-28	4	12	university	university	PROPN
emaj-28	4	13	e	e	NOUN
emaj-28	4	14	-	-	NOUN
emaj-28	4	15	mail	mail	NOUN
emaj-28	4	16	:	:	PUNCT
emaj-28	4	17	serkancankaya@hotmail.com	serkancankaya@hotmail.com	X
emaj-28	5	1	e	e	NOUN
emaj-28	5	2	-	-	NOUN
emaj-28	5	3	mail	mail	NOUN
emaj-28	5	4	:	:	PUNCT
emaj-28	5	5	sitkisonmezer@beykent.edu.tr	sitkisonmezer@beykent.edu.tr	ADV
emaj-28	5	6	abstract	abstract	ADP
emaj-28	5	7	this	this	DET
emaj-28	5	8	paper	paper	NOUN
emaj-28	5	9	attempts	attempt	VERB
emaj-28	5	10	to	to	PART
emaj-28	5	11	analyze	analyze	VERB
emaj-28	5	12	the	the	DET
emaj-28	5	13	relation	relation	NOUN
emaj-28	5	14	among	among	ADP
emaj-28	5	15	gold	gold	NOUN
emaj-28	5	16	prices	price	NOUN
emaj-28	5	17	and	and	CCONJ
emaj-28	5	18	other	other	ADJ
emaj-28	5	19	macroeconomic	macroeconomic	ADJ
emaj-28	5	20	and	and	CCONJ
emaj-28	5	21	financial	financial	ADJ
emaj-28	5	22	variables	variable	NOUN
emaj-28	5	23	and	and	CCONJ
emaj-28	5	24	addresses	address	VERB
emaj-28	5	25	the	the	DET
emaj-28	5	26	question	question	NOUN
emaj-28	5	27	whether	whether	SCONJ
emaj-28	5	28	gold	gold	NOUN
emaj-28	5	29	is	be	AUX
emaj-28	5	30	a	a	DET
emaj-28	5	31	safe	safe	ADJ
emaj-28	5	32	haven	haven	NOUN
emaj-28	5	33	or	or	CCONJ
emaj-28	5	34	a	a	DET
emaj-28	5	35	hedge	hedge	NOUN
emaj-28	5	36	for	for	ADP
emaj-28	5	37	investors	investor	NOUN
emaj-28	5	38	.	.	PUNCT
emaj-28	6	1	the	the	DET
emaj-28	6	2	study	study	NOUN
emaj-28	6	3	investigates	investigate	VERB
emaj-28	6	4	the	the	DET
emaj-28	6	5	relationship	relationship	NOUN
emaj-28	6	6	by	by	ADP
emaj-28	6	7	using	use	VERB
emaj-28	6	8	an	an	DET
emaj-28	6	9	econometric	econometric	ADJ
emaj-28	6	10	analysis	analysis	NOUN
emaj-28	6	11	for	for	ADP
emaj-28	6	12	top	top	ADJ
emaj-28	6	13	gold	gold	NOUN
emaj-28	6	14	exporter	exporter	NOUN
emaj-28	6	15	and	and	CCONJ
emaj-28	6	16	importer	importer	NOUN
emaj-28	6	17	countries	country	NOUN
emaj-28	6	18	,	,	PUNCT
emaj-28	6	19	for	for	ADP
emaj-28	6	20	a	a	DET
emaj-28	6	21	sample	sample	NOUN
emaj-28	6	22	period	period	NOUN
emaj-28	6	23	of	of	ADP
emaj-28	6	24	11	11	NUM
emaj-28	6	25	years	year	NOUN
emaj-28	6	26	from	from	ADP
emaj-28	6	27	2000	2000	NUM
emaj-28	6	28	to	to	ADP
emaj-28	6	29	2011	2011	NUM
emaj-28	6	30	.	.	PUNCT
emaj-28	7	1	the	the	DET
emaj-28	7	2	results	result	NOUN
emaj-28	7	3	are	be	AUX
emaj-28	7	4	twofold	twofold	ADV
emaj-28	7	5	(	(	PUNCT
emaj-28	7	6	i	i	NOUN
emaj-28	7	7	)	)	PUNCT
emaj-28	7	8	return	return	NOUN
emaj-28	7	9	of	of	ADP
emaj-28	7	10	silver	silver	NOUN
emaj-28	7	11	,	,	PUNCT
emaj-28	7	12	usd	usd	NOUN
emaj-28	7	13	returns	return	NOUN
emaj-28	7	14	and	and	CCONJ
emaj-28	7	15	change	change	NOUN
emaj-28	7	16	in	in	ADP
emaj-28	7	17	the	the	DET
emaj-28	7	18	volatility	volatility	NOUN
emaj-28	7	19	index	index	NOUN
emaj-28	7	20	influences	influence	VERB
emaj-28	7	21	gold	gold	NOUN
emaj-28	7	22	returns	return	NOUN
emaj-28	7	23	positively	positively	ADV
emaj-28	7	24	whereas	whereas	SCONJ
emaj-28	7	25	,	,	PUNCT
emaj-28	7	26	swiss	swiss	ADJ
emaj-28	7	27	franc	franc	NOUN
emaj-28	7	28	and	and	CCONJ
emaj-28	7	29	canadian	canadian	ADJ
emaj-28	7	30	dollar	dollar	NOUN
emaj-28	7	31	returns	return	NOUN
emaj-28	7	32	influence	influence	NOUN
emaj-28	7	33	gold	gold	NOUN
emaj-28	7	34	returns	return	NOUN
emaj-28	7	35	negatively	negatively	ADV
emaj-28	7	36	regardless	regardless	ADV
emaj-28	7	37	of	of	ADP
emaj-28	7	38	presence	presence	NOUN
emaj-28	7	39	of	of	ADP
emaj-28	7	40	the	the	DET
emaj-28	7	41	2008	2008	NUM
emaj-28	7	42	crisis	crisis	NOUN
emaj-28	7	43	.	.	PUNCT
emaj-28	8	1	(	(	PUNCT
emaj-28	8	2	ii	ii	NOUN
emaj-28	8	3	)	)	PUNCT
emaj-28	8	4	in	in	ADP
emaj-28	8	5	times	time	NOUN
emaj-28	8	6	of	of	ADP
emaj-28	8	7	stress	stress	NOUN
emaj-28	8	8	,	,	PUNCT
emaj-28	8	9	our	our	PRON
emaj-28	8	10	findings	finding	NOUN
emaj-28	8	11	indicate	indicate	VERB
emaj-28	8	12	that	that	SCONJ
emaj-28	8	13	swiss	swiss	ADJ
emaj-28	8	14	franc	franc	NOUN
emaj-28	8	15	,	,	PUNCT
emaj-28	8	16	norwegian	norwegian	ADJ
emaj-28	8	17	krone	krone	NOUN
emaj-28	8	18	and	and	CCONJ
emaj-28	8	19	canadian	canadian	ADJ
emaj-28	8	20	dollar	dollar	NOUN
emaj-28	8	21	function	function	NOUN
emaj-28	8	22	as	as	ADP
emaj-28	8	23	haven	haven	NOUN
emaj-28	8	24	whereas	whereas	SCONJ
emaj-28	8	25	,	,	PUNCT
emaj-28	8	26	on	on	ADP
emaj-28	8	27	average	average	ADJ
emaj-28	8	28	,	,	PUNCT
emaj-28	8	29	swiss	swiss	ADJ
emaj-28	8	30	franc	franc	NOUN
emaj-28	8	31	,	,	PUNCT
emaj-28	8	32	canadian	canadian	ADJ
emaj-28	8	33	dollar	dollar	NOUN
emaj-28	8	34	and	and	CCONJ
emaj-28	8	35	10	10	NUM
emaj-28	8	36	year	year	NOUN
emaj-28	8	37	us	us	PROPN
emaj-28	8	38	treasuries	treasury	NOUN
emaj-28	8	39	function	function	VERB
emaj-28	8	40	as	as	ADP
emaj-28	8	41	a	a	DET
emaj-28	8	42	hedge	hedge	NOUN
emaj-28	8	43	against	against	ADP
emaj-28	8	44	gold	gold	NOUN
emaj-28	8	45	but	but	CCONJ
emaj-28	8	46	the	the	DET
emaj-28	8	47	results	result	NOUN
emaj-28	8	48	show	show	VERB
emaj-28	8	49	no	no	DET
emaj-28	8	50	evidence	evidence	NOUN
emaj-28	8	51	for	for	ADP
emaj-28	8	52	the	the	DET
emaj-28	8	53	us	us	PROPN
emaj-28	8	54	dollar	dollar	NOUN
emaj-28	8	55	.	.	PUNCT
emaj-28	9	1	keywords	keyword	NOUN
emaj-28	9	2	:	:	PUNCT
emaj-28	9	3	exchange	exchange	NOUN
emaj-28	9	4	rates	rate	NOUN
emaj-28	9	5	,	,	PUNCT
emaj-28	9	6	gold	gold	NOUN
emaj-28	9	7	,	,	PUNCT
emaj-28	9	8	hedge	hedge	NOUN
emaj-28	9	9	,	,	PUNCT
emaj-28	9	10	safe	safe	ADJ
emaj-28	9	11	haven	haven	NOUN
emaj-28	9	12	,	,	PUNCT
emaj-28	9	13	garch	garch	NOUN
emaj-28	9	14	this	this	DET
emaj-28	9	15	work	work	NOUN
emaj-28	9	16	is	be	AUX
emaj-28	9	17	licensed	license	VERB
emaj-28	9	18	under	under	ADP
emaj-28	9	19	a	a	DET
emaj-28	9	20	creative	creative	ADJ
emaj-28	9	21	commons	common	NOUN
emaj-28	9	22	attribution	attribution	NOUN
emaj-28	9	23	-	-	PUNCT
emaj-28	9	24	noncommercial	noncommercial	ADJ
emaj-28	9	25	-	-	PUNCT
emaj-28	9	26	no	no	NOUN
emaj-28	9	27	derivative	derivative	NOUN
emaj-28	9	28	works	work	VERB
emaj-28	9	29	3.0	3.0	NUM
emaj-28	9	30	united	united	ADJ
emaj-28	9	31	states	states	PROPN
emaj-28	9	32	license	license	NOUN
emaj-28	9	33	.	.	PUNCT
emaj-28	10	1	this	this	DET
emaj-28	10	2	journal	journal	NOUN
emaj-28	10	3	is	be	AUX
emaj-28	10	4	published	publish	VERB
emaj-28	10	5	by	by	ADP
emaj-28	10	6	the	the	DET
emaj-28	10	7	university	university	NOUN
emaj-28	10	8	library	library	NOUN
emaj-28	10	9	system	system	NOUN
emaj-28	10	10	of	of	ADP
emaj-28	10	11	the	the	DET
emaj-28	10	12	university	university	PROPN
emaj-28	10	13	of	of	ADP
emaj-28	10	14	pittsburgh	pittsburgh	PROPN
emaj-28	10	15	as	as	ADP
emaj-28	10	16	part	part	NOUN
emaj-28	10	17	of	of	ADP
emaj-28	10	18	its	its	PRON
emaj-28	10	19	d	d	NOUN
emaj-28	10	20	-	-	PUNCT
emaj-28	10	21	scribe	scribe	VERB
emaj-28	10	22	digital	digital	ADJ
emaj-28	10	23	publishing	publishing	NOUN
emaj-28	10	24	program	program	NOUN
emaj-28	10	25	,	,	PUNCT
emaj-28	10	26	and	and	CCONJ
emaj-28	10	27	is	be	AUX
emaj-28	10	28	cosponsored	cosponsor	VERB
emaj-28	10	29	by	by	ADP
emaj-28	10	30	the	the	DET
emaj-28	10	31	university	university	PROPN
emaj-28	10	32	of	of	ADP
emaj-28	10	33	pittsburgh	pittsburgh	PROPN
emaj-28	10	34	press	press	NOUN
emaj-28	10	35	volume	volume	NOUN
emaj-28	10	36	2	2	NUM
emaj-28	10	37	(	(	PUNCT
emaj-28	10	38	2012	2012	NUM
emaj-28	10	39	)	)	PUNCT
emaj-28	10	40	|	|	ADV
emaj-28	10	41	issn	issn	VERB
emaj-28	10	42	2158	2158	NUM
emaj-28	10	43	-	-	SYM
emaj-28	10	44	8708	8708	NUM
emaj-28	10	45	(	(	PUNCT
emaj-28	10	46	online	online	NOUN
emaj-28	10	47	)	)	PUNCT
emaj-28	11	1	|	|	ADV
emaj-28	11	2	doi	doi	X
emaj-28	11	3	10.5195	10.5195	NUM
emaj-28	11	4	/	/	SYM
emaj-28	11	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	11	6	|	|	NOUN
emaj-28	11	7	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-28	11	8	the	the	DET
emaj-28	11	9	case	case	NOUN
emaj-28	11	10	for	for	ADP
emaj-28	11	11	gold	gold	NOUN
emaj-28	11	12	revisited	revisit	VERB
emaj-28	11	13	:	:	PUNCT
emaj-28	11	14	a	a	DET
emaj-28	11	15	safe	safe	ADJ
emaj-28	11	16	heaven	heaven	NOUN
emaj-28	11	17	or	or	CCONJ
emaj-28	11	18	a	a	DET
emaj-28	11	19	hedge	hedge	NOUN
emaj-28	11	20	?	?	PUNCT
emaj-28	12	1	emerging	emerge	VERB
emaj-28	12	2	markets	market	NOUN
emaj-28	12	3	journal	journal	NOUN
emaj-28	12	4	|	|	ADV
emaj-28	12	5	p	p	NOUN
emaj-28	12	6	a	a	DET
emaj-28	12	7	g	g	NOUN
emaj-28	12	8	e	e	NOUN
emaj-28	12	9	|	|	ADV
emaj-28	12	10	1	1	NUM
emaj-28	12	11	volume	volume	NOUN
emaj-28	12	12	2	2	NUM
emaj-28	12	13	(	(	PUNCT
emaj-28	12	14	2012	2012	NUM
emaj-28	12	15	)	)	PUNCT
emaj-28	12	16	|	|	ADV
emaj-28	12	17	issn	issn	VERB
emaj-28	12	18	2158	2158	NUM
emaj-28	12	19	-	-	SYM
emaj-28	12	20	8708	8708	NUM
emaj-28	12	21	(	(	PUNCT
emaj-28	12	22	online	online	NOUN
emaj-28	12	23	)	)	PUNCT
emaj-28	13	1	|	|	ADV
emaj-28	13	2	doi	doi	X
emaj-28	13	3	10.5195	10.5195	NUM
emaj-28	13	4	/	/	SYM
emaj-28	13	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	13	6	|	|	NOUN
emaj-28	13	7	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-28	13	8	the	the	DET
emaj-28	13	9	case	case	NOUN
emaj-28	13	10	for	for	ADP
emaj-28	13	11	gold	gold	NOUN
emaj-28	13	12	revisited	revisit	VERB
emaj-28	13	13	:	:	PUNCT
emaj-28	13	14	a	a	DET
emaj-28	13	15	safe	safe	ADJ
emaj-28	13	16	heaven	heaven	NOUN
emaj-28	13	17	or	or	CCONJ
emaj-28	13	18	a	a	DET
emaj-28	13	19	hedge	hedge	NOUN
emaj-28	13	20	?	?	PUNCT
emaj-28	14	1	sudi	sudi	PROPN
emaj-28	14	2	apak	apak	PROPN
emaj-28	14	3	vedat	vedat	PROPN
emaj-28	14	4	akman	akman	PROPN
emaj-28	14	5	serkan	serkan	PROPN
emaj-28	14	6	çankaya	çankaya	PROPN
emaj-28	14	7	sıtkı	sıtkı	PROPN
emaj-28	14	8	sönmezer	sönmezer	PROPN
emaj-28	14	9	i.	i.	PROPN
emaj-28	14	10	introduction	introduction	PROPN
emaj-28	14	11	  	  	SPACE
emaj-28	14	12	gold	gold	NOUN
emaj-28	14	13	is	be	AUX
emaj-28	14	14	used	use	VERB
emaj-28	14	15	as	as	ADP
emaj-28	14	16	a	a	DET
emaj-28	14	17	standard	standard	ADJ
emaj-28	14	18	measure	measure	NOUN
emaj-28	14	19	up	up	ADP
emaj-28	14	20	until	until	ADP
emaj-28	14	21	the	the	DET
emaj-28	14	22	termination	termination	NOUN
emaj-28	14	23	of	of	ADP
emaj-28	14	24	bretton	bretton	PROPN
emaj-28	14	25	woods	wood	NOUN
emaj-28	14	26	system	system	NOUN
emaj-28	14	27	by	by	ADP
emaj-28	14	28	president	president	PROPN
emaj-28	14	29	nixon	nixon	PROPN
emaj-28	14	30	in	in	ADP
emaj-28	14	31	1971	1971	NUM
emaj-28	14	32	and	and	CCONJ
emaj-28	14	33	as	as	ADP
emaj-28	14	34	a	a	DET
emaj-28	14	35	precious	precious	ADJ
emaj-28	14	36	metal	metal	NOUN
emaj-28	14	37	for	for	ADP
emaj-28	14	38	centuries	century	NOUN
emaj-28	14	39	throughout	throughout	ADP
emaj-28	14	40	the	the	DET
emaj-28	14	41	world	world	NOUN
emaj-28	14	42	.	.	PUNCT
emaj-28	15	1	not	not	PART
emaj-28	15	2	more	more	ADJ
emaj-28	15	3	than	than	ADP
emaj-28	15	4	a	a	DET
emaj-28	15	5	decade	decade	NOUN
emaj-28	15	6	ago	ago	ADV
emaj-28	15	7	,	,	PUNCT
emaj-28	15	8	gold	gold	NOUN
emaj-28	15	9	was	be	AUX
emaj-28	15	10	undermined	undermine	VERB
emaj-28	15	11	as	as	ADP
emaj-28	15	12	an	an	DET
emaj-28	15	13	investment	investment	NOUN
emaj-28	15	14	by	by	ADP
emaj-28	15	15	the	the	DET
emaj-28	15	16	investors	investor	NOUN
emaj-28	15	17	and	and	CCONJ
emaj-28	15	18	funds	fund	NOUN
emaj-28	15	19	due	due	ADP
emaj-28	15	20	to	to	ADP
emaj-28	15	21	its	its	PRON
emaj-28	15	22	relative	relative	ADJ
emaj-28	15	23	poor	poor	ADJ
emaj-28	15	24	return	return	NOUN
emaj-28	15	25	performance	performance	NOUN
emaj-28	15	26	;	;	PUNCT
emaj-28	15	27	most	most	ADJ
emaj-28	15	28	of	of	ADP
emaj-28	15	29	the	the	DET
emaj-28	15	30	funds	fund	NOUN
emaj-28	15	31	have	have	AUX
emaj-28	15	32	chosen	choose	VERB
emaj-28	15	33	not	not	PART
emaj-28	15	34	to	to	PART
emaj-28	15	35	allocate	allocate	VERB
emaj-28	15	36	any	any	DET
emaj-28	15	37	funds	fund	NOUN
emaj-28	15	38	to	to	ADP
emaj-28	15	39	gold	gold	NOUN
emaj-28	15	40	and	and	CCONJ
emaj-28	15	41	the	the	DET
emaj-28	15	42	ones	one	NOUN
emaj-28	15	43	that	that	PRON
emaj-28	15	44	invest	invest	VERB
emaj-28	15	45	in	in	ADP
emaj-28	15	46	gold	gold	NOUN
emaj-28	15	47	have	have	AUX
emaj-28	15	48	considered	consider	VERB
emaj-28	15	49	the	the	DET
emaj-28	15	50	slight	slight	ADJ
emaj-28	15	51	diversification	diversification	NOUN
emaj-28	15	52	benefit	benefit	NOUN
emaj-28	15	53	it	it	PRON
emaj-28	15	54	has	have	AUX
emaj-28	15	55	offered	offer	VERB
emaj-28	15	56	and	and	CCONJ
emaj-28	15	57	thus	thus	ADV
emaj-28	15	58	,	,	PUNCT
emaj-28	15	59	have	have	AUX
emaj-28	15	60	allocated	allocate	VERB
emaj-28	15	61	a	a	DET
emaj-28	15	62	tiny	tiny	ADJ
emaj-28	15	63	portion	portion	NOUN
emaj-28	15	64	of	of	ADP
emaj-28	15	65	their	their	PRON
emaj-28	15	66	portfolios	portfolio	NOUN
emaj-28	15	67	.	.	PUNCT
emaj-28	16	1	turnaround	turnaround	NOUN
emaj-28	16	2	for	for	ADP
emaj-28	16	3	gold	gold	NOUN
emaj-28	16	4	emerged	emerge	VERB
emaj-28	16	5	with	with	ADP
emaj-28	16	6	the	the	DET
emaj-28	16	7	global	global	ADJ
emaj-28	16	8	crisis	crisis	NOUN
emaj-28	16	9	of	of	ADP
emaj-28	16	10	2008	2008	NUM
emaj-28	16	11	and	and	CCONJ
emaj-28	16	12	it	it	PRON
emaj-28	16	13	has	have	AUX
emaj-28	16	14	gained	gain	VERB
emaj-28	16	15	value	value	NOUN
emaj-28	16	16	steadily	steadily	ADV
emaj-28	16	17	at	at	ADP
emaj-28	16	18	a	a	DET
emaj-28	16	19	period	period	NOUN
emaj-28	16	20	when	when	SCONJ
emaj-28	16	21	precipitous	precipitous	ADJ
emaj-28	16	22	falls	fall	NOUN
emaj-28	16	23	in	in	ADP
emaj-28	16	24	the	the	DET
emaj-28	16	25	stock	stock	NOUN
emaj-28	16	26	markets	market	NOUN
emaj-28	16	27	were	be	AUX
emaj-28	16	28	ubiquitous	ubiquitous	ADJ
emaj-28	16	29	;	;	PUNCT
emaj-28	16	30	interest	interest	NOUN
emaj-28	16	31	rates	rate	NOUN
emaj-28	16	32	were	be	AUX
emaj-28	16	33	unattractive	unattractive	ADJ
emaj-28	16	34	;	;	PUNCT
emaj-28	16	35	the	the	DET
emaj-28	16	36	rumors	rumor	NOUN
emaj-28	16	37	about	about	ADP
emaj-28	16	38	the	the	DET
emaj-28	16	39	european	european	ADJ
emaj-28	16	40	countries	country	NOUN
emaj-28	16	41	were	be	AUX
emaj-28	16	42	rampant	rampant	ADJ
emaj-28	16	43	,	,	PUNCT
emaj-28	16	44	increasing	increase	VERB
emaj-28	16	45	the	the	DET
emaj-28	16	46	eminent	eminent	ADJ
emaj-28	16	47	default	default	NOUN
emaj-28	16	48	risks	risk	NOUN
emaj-28	16	49	.	.	PUNCT
emaj-28	17	1	inevitably	inevitably	ADV
emaj-28	17	2	,	,	PUNCT
emaj-28	17	3	gold	gold	NOUN
emaj-28	17	4	has	have	AUX
emaj-28	17	5	almost	almost	ADV
emaj-28	17	6	tripled	triple	VERB
emaj-28	17	7	its	its	PRON
emaj-28	17	8	value	value	NOUN
emaj-28	17	9	in	in	ADP
emaj-28	17	10	us	us	PROPN
emaj-28	17	11	dollar	dollar	NOUN
emaj-28	17	12	terms	term	NOUN
emaj-28	17	13	and	and	CCONJ
emaj-28	17	14	gold	gold	NOUN
emaj-28	17	15	market	market	NOUN
emaj-28	17	16	train	train	NOUN
emaj-28	17	17	and	and	CCONJ
emaj-28	17	18	its	its	PRON
emaj-28	17	19	possible	possible	ADJ
emaj-28	17	20	route	route	NOUN
emaj-28	17	21	became	become	VERB
emaj-28	17	22	the	the	DET
emaj-28	17	23	center	center	NOUN
emaj-28	17	24	of	of	ADP
emaj-28	17	25	attention	attention	NOUN
emaj-28	17	26	for	for	ADP
emaj-28	17	27	the	the	DET
emaj-28	17	28	majority	majority	NOUN
emaj-28	17	29	of	of	ADP
emaj-28	17	30	investors	investor	NOUN
emaj-28	17	31	.	.	PUNCT
emaj-28	18	1	despite	despite	SCONJ
emaj-28	18	2	the	the	DET
emaj-28	18	3	fact	fact	NOUN
emaj-28	18	4	that	that	SCONJ
emaj-28	18	5	gold	gold	NOUN
emaj-28	18	6	prices	price	NOUN
emaj-28	18	7	are	be	AUX
emaj-28	18	8	set	set	VERB
emaj-28	18	9	internationally	internationally	ADV
emaj-28	18	10	in	in	ADP
emaj-28	18	11	foreign	foreign	ADJ
emaj-28	18	12	exchanges	exchange	NOUN
emaj-28	18	13	,	,	PUNCT
emaj-28	18	14	countries	country	NOUN
emaj-28	18	15	like	like	ADP
emaj-28	18	16	india	india	PROPN
emaj-28	18	17	and	and	CCONJ
emaj-28	18	18	turkey	turkey	NOUN
emaj-28	18	19	have	have	VERB
emaj-28	18	20	significant	significant	ADJ
emaj-28	18	21	cultural	cultural	ADJ
emaj-28	18	22	and	and	CCONJ
emaj-28	18	23	psychological	psychological	ADJ
emaj-28	18	24	rationale	rationale	NOUN
emaj-28	18	25	in	in	ADP
emaj-28	18	26	demanding	demand	VERB
emaj-28	18	27	gold	gold	NOUN
emaj-28	18	28	.	.	PUNCT
emaj-28	19	1	india	india	PROPN
emaj-28	19	2	,	,	PUNCT
emaj-28	19	3	solely	solely	ADV
emaj-28	19	4	contributes	contribute	VERB
emaj-28	19	5	almost	almost	ADV
emaj-28	19	6	one	one	NUM
emaj-28	19	7	third	third	NOUN
emaj-28	19	8	of	of	ADP
emaj-28	19	9	the	the	DET
emaj-28	19	10	world	world	NOUN
emaj-28	19	11	demand	demand	NOUN
emaj-28	19	12	for	for	ADP
emaj-28	19	13	gold	gold	NOUN
emaj-28	19	14	as	as	ADP
emaj-28	19	15	of	of	ADP
emaj-28	19	16	jewellery	jewellery	NOUN
emaj-28	19	17	,	,	PUNCT
emaj-28	19	18	total	total	ADJ
emaj-28	19	19	bar	bar	NOUN
emaj-28	19	20	and	and	CCONJ
emaj-28	19	21	coin	coin	NOUN
emaj-28	19	22	(	(	PUNCT
emaj-28	19	23	world	world	NOUN
emaj-28	19	24	gold	gold	PROPN
emaj-28	19	25	council	council	PROPN
emaj-28	19	26	,	,	PUNCT
emaj-28	19	27	2012	2012	NUM
emaj-28	19	28	)	)	PUNCT
emaj-28	19	29	.	.	PUNCT
emaj-28	20	1	therefore	therefore	ADV
emaj-28	20	2	it	it	PRON
emaj-28	20	3	may	may	AUX
emaj-28	20	4	be	be	AUX
emaj-28	20	5	necessary	necessary	ADJ
emaj-28	20	6	to	to	PART
emaj-28	20	7	incorporate	incorporate	VERB
emaj-28	20	8	financial	financial	ADJ
emaj-28	20	9	data	datum	NOUN
emaj-28	20	10	of	of	ADP
emaj-28	20	11	both	both	DET
emaj-28	20	12	gold	gold	NOUN
emaj-28	20	13	producer	producer	NOUN
emaj-28	20	14	countries	country	NOUN
emaj-28	20	15	and	and	CCONJ
emaj-28	20	16	gold	gold	NOUN
emaj-28	20	17	consuming	consume	VERB
emaj-28	20	18	countries	country	NOUN
emaj-28	20	19	when	when	SCONJ
emaj-28	20	20	gold	gold	ADJ
emaj-28	20	21	prices	price	NOUN
emaj-28	20	22	are	be	AUX
emaj-28	20	23	under	under	ADP
emaj-28	20	24	study	study	NOUN
emaj-28	20	25	.	.	PUNCT
emaj-28	21	1	this	this	DET
emaj-28	21	2	paper	paper	NOUN
emaj-28	21	3	attempts	attempt	VERB
emaj-28	21	4	to	to	PART
emaj-28	21	5	analyze	analyze	VERB
emaj-28	21	6	the	the	DET
emaj-28	21	7	relation	relation	NOUN
emaj-28	21	8	among	among	ADP
emaj-28	21	9	gold	gold	NOUN
emaj-28	21	10	prices	price	NOUN
emaj-28	21	11	and	and	CCONJ
emaj-28	21	12	other	other	ADJ
emaj-28	21	13	macroeconomic	macroeconomic	ADJ
emaj-28	21	14	and	and	CCONJ
emaj-28	21	15	financial	financial	ADJ
emaj-28	21	16	variables	variable	NOUN
emaj-28	21	17	and	and	CCONJ
emaj-28	21	18	addresses	address	VERB
emaj-28	21	19	the	the	DET
emaj-28	21	20	question	question	NOUN
emaj-28	21	21	whether	whether	SCONJ
emaj-28	21	22	gold	gold	NOUN
emaj-28	21	23	is	be	AUX
emaj-28	21	24	a	a	DET
emaj-28	21	25	safe	safe	ADJ
emaj-28	21	26	haven	haven	NOUN
emaj-28	21	27	or	or	CCONJ
emaj-28	21	28	a	a	DET
emaj-28	21	29	hedge	hedge	NOUN
emaj-28	21	30	for	for	ADP
emaj-28	21	31	investors	investor	NOUN
emaj-28	21	32	.	.	PUNCT
emaj-28	22	1	ii	ii	PROPN
emaj-28	22	2	.	.	PUNCT
emaj-28	23	1	literature	literature	PROPN
emaj-28	23	2	 	 	SPACE
emaj-28	23	3	review	review	PROPN
emaj-28	23	4	koutsoyiannis	koutsoyiannis	NOUN
emaj-28	23	5	(	(	PUNCT
emaj-28	23	6	1983	1983	NUM
emaj-28	23	7	)	)	PUNCT
emaj-28	23	8	finds	find	VERB
emaj-28	23	9	a	a	DET
emaj-28	23	10	strong	strong	ADJ
emaj-28	23	11	relation	relation	NOUN
emaj-28	23	12	between	between	ADP
emaj-28	23	13	gold	gold	NOUN
emaj-28	23	14	prices	price	NOUN
emaj-28	23	15	and	and	CCONJ
emaj-28	23	16	the	the	DET
emaj-28	23	17	state	state	NOUN
emaj-28	23	18	of	of	ADP
emaj-28	23	19	the	the	DET
emaj-28	23	20	us	us	PROPN
emaj-28	23	21	economy	economy	NOUN
emaj-28	23	22	.	.	PUNCT
emaj-28	24	1	similarly	similarly	ADV
emaj-28	24	2	,	,	PUNCT
emaj-28	24	3	us	us	PROPN
emaj-28	24	4	money	money	NOUN
emaj-28	24	5	supply	supply	NOUN
emaj-28	24	6	and	and	CCONJ
emaj-28	24	7	ppi	ppi	NOUN
emaj-28	24	8	announcements	announcement	NOUN
emaj-28	24	9	’	'	PUNCT
emaj-28	24	10	impacts	impact	NOUN
emaj-28	24	11	on	on	ADP
emaj-28	24	12	gold	gold	NOUN
emaj-28	24	13	prices	price	NOUN
emaj-28	24	14	have	have	AUX
emaj-28	24	15	been	be	AUX
emaj-28	24	16	evidenced	evidence	VERB
emaj-28	24	17	in	in	ADP
emaj-28	24	18	the	the	DET
emaj-28	24	19	study	study	NOUN
emaj-28	24	20	of	of	ADP
emaj-28	24	21	tandon	tandon	PROPN
emaj-28	24	22	and	and	CCONJ
emaj-28	24	23	urich	urich	NOUN
emaj-28	24	24	(	(	PUNCT
emaj-28	24	25	1987	1987	NUM
emaj-28	24	26	)	)	PUNCT
emaj-28	24	27	.	.	PUNCT
emaj-28	25	1	especially	especially	ADV
emaj-28	25	2	,	,	PUNCT
emaj-28	25	3	unanticipated	unanticipated	ADJ
emaj-28	25	4	growth	growth	NOUN
emaj-28	25	5	in	in	ADP
emaj-28	25	6	money	money	NOUN
emaj-28	25	7	supply	supply	NOUN
emaj-28	25	8	increases	increase	VERB
emaj-28	25	9	the	the	DET
emaj-28	25	10	gold	gold	NOUN
emaj-28	25	11	price	price	NOUN
emaj-28	25	12	volatility	volatility	NOUN
emaj-28	25	13	(	(	PUNCT
emaj-28	25	14	bailey	bailey	NOUN
emaj-28	25	15	,	,	PUNCT
emaj-28	25	16	1988	1988	NUM
emaj-28	25	17	)	)	PUNCT
emaj-28	25	18	.	.	PUNCT
emaj-28	26	1	according	accord	VERB
emaj-28	26	2	to	to	ADP
emaj-28	26	3	christie	christie	PROPN
emaj-28	26	4	-	-	PUNCT
emaj-28	26	5	david	david	PROPN
emaj-28	26	6	et	et	PROPN
emaj-28	26	7	al	al	PROPN
emaj-28	26	8	.	.	PROPN
emaj-28	27	1	(	(	PUNCT
emaj-28	27	2	2000	2000	NUM
emaj-28	27	3	)	)	PUNCT
emaj-28	27	4	,	,	PUNCT
emaj-28	27	5	gold	gold	NOUN
emaj-28	27	6	prices	price	NOUN
emaj-28	27	7	react	react	VERB
emaj-28	27	8	strongly	strongly	ADV
emaj-28	27	9	to	to	ADP
emaj-28	27	10	cpi	cpi	PROPN
emaj-28	27	11	,	,	PUNCT
emaj-28	27	12	unemployment	unemployment	NOUN
emaj-28	27	13	rate	rate	NOUN
emaj-28	27	14	,	,	PUNCT
emaj-28	27	15	gdp	gdp	NOUN
emaj-28	27	16	and	and	CCONJ
emaj-28	27	17	ppi	ppi	NOUN
emaj-28	27	18	announcements	announcement	NOUN
emaj-28	27	19	but	but	CCONJ
emaj-28	27	20	not	not	PART
emaj-28	27	21	to	to	ADP
emaj-28	27	22	federal	federal	ADJ
emaj-28	27	23	deficit	deficit	NOUN
emaj-28	27	24	announcements	announcement	NOUN
emaj-28	27	25	.	.	PUNCT
emaj-28	28	1	cai	cai	PROPN
emaj-28	28	2	et	et	PROPN
emaj-28	28	3	al	al	PROPN
emaj-28	28	4	.	.	PROPN
emaj-28	28	5	(	(	PUNCT
emaj-28	28	6	2001	2001	NUM
emaj-28	28	7	)	)	PUNCT
emaj-28	28	8	have	have	AUX
emaj-28	28	9	investigated	investigate	VERB
emaj-28	28	10	the	the	DET
emaj-28	28	11	factors	factor	NOUN
emaj-28	28	12	that	that	PRON
emaj-28	28	13	move	move	VERB
emaj-28	28	14	the	the	DET
emaj-28	28	15	gold	gold	NOUN
emaj-28	28	16	market	market	NOUN
emaj-28	28	17	and	and	CCONJ
emaj-28	28	18	have	have	AUX
emaj-28	28	19	found	find	VERB
emaj-28	28	20	that	that	SCONJ
emaj-28	28	21	employment	employment	NOUN
emaj-28	28	22	reports	report	NOUN
emaj-28	28	23	,	,	PUNCT
emaj-28	28	24	gdp	gdp	NOUN
emaj-28	28	25	,	,	PUNCT
emaj-28	28	26	cpi	cpi	PROPN
emaj-28	28	27	and	and	CCONJ
emaj-28	28	28	personal	personal	ADJ
emaj-28	28	29	income	income	NOUN
emaj-28	28	30	have	have	VERB
emaj-28	28	31	an	an	DET
emaj-28	28	32	important	important	ADJ
emaj-28	28	33	role	role	NOUN
emaj-28	28	34	in	in	ADP
emaj-28	28	35	moving	move	VERB
emaj-28	28	36	the	the	DET
emaj-28	28	37	prices	price	NOUN
emaj-28	28	38	of	of	ADP
emaj-28	28	39	gold	gold	NOUN
emaj-28	28	40	.	.	PUNCT
emaj-28	29	1	baker	baker	PROPN
emaj-28	29	2	and	and	CCONJ
emaj-28	29	3	van	van	PROPN
emaj-28	29	4	-	-	PUNCT
emaj-28	29	5	tassel	tassel	NOUN
emaj-28	29	6	(	(	PUNCT
emaj-28	29	7	1985	1985	NUM
emaj-28	29	8	)	)	PUNCT
emaj-28	29	9	show	show	VERB
emaj-28	29	10	evidence	evidence	NOUN
emaj-28	29	11	that	that	SCONJ
emaj-28	29	12	price	price	NOUN
emaj-28	29	13	of	of	ADP
emaj-28	29	14	the	the	DET
emaj-28	29	15	gold	gold	NOUN
emaj-28	29	16	is	be	AUX
emaj-28	29	17	determined	determine	VERB
emaj-28	29	18	by	by	ADP
emaj-28	29	19	the	the	DET
emaj-28	29	20	future	future	ADJ
emaj-28	29	21	inflation	inflation	NOUN
emaj-28	29	22	rate	rate	NOUN
emaj-28	29	23	.	.	PUNCT
emaj-28	30	1	levin	levin	PROPN
emaj-28	30	2	et	et	PROPN
emaj-28	30	3	al	al	PROPN
emaj-28	30	4	.	.	PROPN
emaj-28	30	5	(	(	PUNCT
emaj-28	30	6	2004	2004	NUM
emaj-28	30	7	)	)	PUNCT
emaj-28	30	8	demonstrated	demonstrate	VERB
emaj-28	30	9	that	that	SCONJ
emaj-28	30	10	price	price	NOUN
emaj-28	30	11	of	of	ADP
emaj-28	30	12	gold	gold	NOUN
emaj-28	30	13	rises	rise	VERB
emaj-28	30	14	over	over	ADP
emaj-28	30	15	time	time	NOUN
emaj-28	30	16	at	at	ADP
emaj-28	30	17	the	the	DET
emaj-28	30	18	rate	rate	NOUN
emaj-28	30	19	of	of	ADP
emaj-28	30	20	inflation	inflation	NOUN
emaj-28	30	21	and	and	CCONJ
emaj-28	30	22	be	be	AUX
emaj-28	30	23	an	an	DET
emaj-28	30	24	effective	effective	ADJ
emaj-28	30	25	hedge	hedge	NOUN
emaj-28	30	26	against	against	ADP
emaj-28	30	27	inflation	inflation	NOUN
emaj-28	30	28	.	.	PUNCT
emaj-28	31	1	however	however	ADV
emaj-28	31	2	,	,	PUNCT
emaj-28	31	3	lawrance	lawrance	NOUN
emaj-28	31	4	(	(	PUNCT
emaj-28	31	5	2003	2003	NUM
emaj-28	31	6	)	)	PUNCT
emaj-28	31	7	have	have	AUX
emaj-28	31	8	found	find	VERB
emaj-28	31	9	no	no	DET
emaj-28	31	10	significant	significant	ADJ
emaj-28	31	11	relationship	relationship	NOUN
emaj-28	31	12	between	between	ADP
emaj-28	31	13	gold	gold	NOUN
emaj-28	31	14	prices	price	NOUN
emaj-28	31	15	and	and	CCONJ
emaj-28	31	16	inflation	inflation	NOUN
emaj-28	31	17	,	,	PUNCT
emaj-28	31	18	gdp	gdp	NOUN
emaj-28	31	19	and	and	CCONJ
emaj-28	31	20	interest	interest	NOUN
emaj-28	31	21	rates	rate	NOUN
emaj-28	31	22	.	.	PUNCT
emaj-28	32	1	existence	existence	NOUN
emaj-28	32	2	of	of	ADP
emaj-28	32	3	psychological	psychological	ADJ
emaj-28	32	4	barriers	barrier	NOUN
emaj-28	32	5	in	in	ADP
emaj-28	32	6	gold	gold	NOUN
emaj-28	32	7	prices	price	NOUN
emaj-28	32	8	has	have	AUX
emaj-28	32	9	been	be	AUX
emaj-28	32	10	examined	examine	VERB
emaj-28	32	11	and	and	CCONJ
emaj-28	32	12	it	it	PRON
emaj-28	32	13	is	be	AUX
emaj-28	32	14	also	also	ADV
emaj-28	32	15	stated	state	VERB
emaj-28	32	16	that	that	SCONJ
emaj-28	32	17	traditions	tradition	NOUN
emaj-28	32	18	play	play	VERB
emaj-28	32	19	an	an	DET
emaj-28	32	20	important	important	ADJ
emaj-28	32	21	role	role	NOUN
emaj-28	32	22	in	in	ADP
emaj-28	32	23	determining	determine	VERB
emaj-28	32	24	the	the	DET
emaj-28	32	25	demand	demand	NOUN
emaj-28	32	26	for	for	ADP
emaj-28	32	27	gold	gold	NOUN
emaj-28	32	28	and	and	CCONJ
emaj-28	32	29	as	as	ADP
emaj-28	32	30	a	a	DET
emaj-28	32	31	store	store	NOUN
emaj-28	32	32	of	of	ADP
emaj-28	32	33	value	value	NOUN
emaj-28	32	34	especially	especially	ADV
emaj-28	32	35	during	during	ADP
emaj-28	32	36	crisis	crisis	NOUN
emaj-28	32	37	(	(	PUNCT
emaj-28	32	38	aggarwal	aggarwal	NOUN
emaj-28	32	39	and	and	CCONJ
emaj-28	32	40	lucey	lucey	PROPN
emaj-28	32	41	,	,	PUNCT
emaj-28	32	42	2007	2007	NUM
emaj-28	32	43	)	)	PUNCT
emaj-28	32	44	.	.	PUNCT
emaj-28	33	1	xu	xu	PROPN
emaj-28	33	2	and	and	CCONJ
emaj-28	33	3	fung	fung	PROPN
emaj-28	33	4	(	(	PUNCT
emaj-28	33	5	2005	2005	NUM
emaj-28	33	6	)	)	PUNCT
emaj-28	33	7	have	have	AUX
emaj-28	33	8	used	use	VERB
emaj-28	33	9	a	a	DET
emaj-28	33	10	bivariate	bivariate	ADJ
emaj-28	33	11	asymmetric	asymmetric	ADJ
emaj-28	33	12	garch	garch	NOUN
emaj-28	33	13	model	model	NOUN
emaj-28	33	14	to	to	PART
emaj-28	33	15	examine	examine	VERB
emaj-28	33	16	the	the	DET
emaj-28	33	17	information	information	NOUN
emaj-28	33	18	flow	flow	NOUN
emaj-28	33	19	across	across	ADP
emaj-28	33	20	the	the	DET
emaj-28	33	21	us	us	PROPN
emaj-28	33	22	and	and	CCONJ
emaj-28	33	23	japanese	japanese	ADJ
emaj-28	33	24	markets	market	NOUN
emaj-28	33	25	for	for	ADP
emaj-28	33	26	gold	gold	NOUN
emaj-28	33	27	,	,	PUNCT
emaj-28	33	28	platinum	platinum	NOUN
emaj-28	33	29	and	and	CCONJ
emaj-28	33	30	silver	silver	NOUN
emaj-28	33	31	future	future	ADJ
emaj-28	33	32	contracts	contract	NOUN
emaj-28	33	33	and	and	CCONJ
emaj-28	33	34	proved	prove	VERB
emaj-28	33	35	that	that	SCONJ
emaj-28	33	36	volatility	volatility	NOUN
emaj-28	33	37	spillover	spillover	VERB
emaj-28	33	38	among	among	ADP
emaj-28	33	39	the	the	DET
emaj-28	33	40	markets	market	NOUN
emaj-28	33	41	is	be	AUX
emaj-28	33	42	strong	strong	ADJ
emaj-28	33	43	but	but	CCONJ
emaj-28	33	44	us	we	PRON
emaj-28	33	45	market	market	NOUN
emaj-28	33	46	was	be	AUX
emaj-28	33	47	more	more	ADV
emaj-28	33	48	dominant	dominant	ADJ
emaj-28	33	49	.	.	PUNCT
emaj-28	34	1	nakamura	nakamura	NOUN
emaj-28	34	2	and	and	CCONJ
emaj-28	34	3	small	small	ADJ
emaj-28	34	4	(	(	PUNCT
emaj-28	34	5	2007	2007	NUM
emaj-28	34	6	)	)	PUNCT
emaj-28	34	7	showed	show	VERB
emaj-28	34	8	that	that	SCONJ
emaj-28	34	9	gold	gold	NOUN
emaj-28	34	10	prices	price	NOUN
emaj-28	34	11	and	and	CCONJ
emaj-28	34	12	crude	crude	ADJ
emaj-28	34	13	oil	oil	NOUN
emaj-28	34	14	prices	price	NOUN
emaj-28	34	15	exhibit	exhibit	VERB
emaj-28	34	16	a	a	DET
emaj-28	34	17	random	random	ADJ
emaj-28	34	18	walk	walk	NOUN
emaj-28	34	19	.	.	PUNCT
emaj-28	35	1	tully	tully	PROPN
emaj-28	35	2	and	and	CCONJ
emaj-28	35	3	lucey	lucey	PROPN
emaj-28	35	4	(	(	PUNCT
emaj-28	35	5	2007	2007	NUM
emaj-28	35	6	)	)	PUNCT
emaj-28	35	7	have	have	AUX
emaj-28	35	8	examined	examine	VERB
emaj-28	35	9	the	the	DET
emaj-28	35	10	effect	effect	NOUN
emaj-28	35	11	of	of	ADP
emaj-28	35	12	macroeconomic	macroeconomic	ADJ
emaj-28	35	13	shocks	shock	NOUN
emaj-28	35	14	on	on	ADP
emaj-28	35	15	the	the	DET
emaj-28	35	16	case	case	NOUN
emaj-28	35	17	for	for	ADP
emaj-28	35	18	gold	gold	NOUN
emaj-28	35	19	revisited	revisit	VERB
emaj-28	35	20	:	:	PUNCT
emaj-28	35	21	a	a	DET
emaj-28	35	22	safe	safe	ADJ
emaj-28	35	23	heaven	heaven	NOUN
emaj-28	35	24	or	or	CCONJ
emaj-28	35	25	a	a	DET
emaj-28	35	26	hedge	hedge	NOUN
emaj-28	35	27	?	?	PUNCT
emaj-28	36	1	emerging	emerge	VERB
emaj-28	36	2	markets	market	NOUN
emaj-28	36	3	journal	journal	NOUN
emaj-28	36	4	|	|	ADV
emaj-28	36	5	p	p	NOUN
emaj-28	36	6	a	a	PRON
emaj-28	36	7	g	g	NOUN
emaj-28	36	8	e	e	NOUN
emaj-28	37	1	|	|	ADV
emaj-28	37	2	2	2	NUM
emaj-28	37	3	volume	volume	NOUN
emaj-28	37	4	2	2	NUM
emaj-28	37	5	(	(	PUNCT
emaj-28	37	6	2012	2012	NUM
emaj-28	37	7	)	)	PUNCT
emaj-28	37	8	|	|	ADV
emaj-28	37	9	issn	issn	VERB
emaj-28	37	10	2158	2158	NUM
emaj-28	37	11	-	-	SYM
emaj-28	37	12	8708	8708	NUM
emaj-28	37	13	(	(	PUNCT
emaj-28	37	14	online	online	NOUN
emaj-28	37	15	)	)	PUNCT
emaj-28	38	1	|	|	ADV
emaj-28	38	2	doi	doi	X
emaj-28	38	3	10.5195	10.5195	NUM
emaj-28	38	4	/	/	SYM
emaj-28	38	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	39	1	|	|	NOUN
emaj-28	39	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-28	39	3	gold	gold	NOUN
emaj-28	39	4	prices	price	NOUN
emaj-28	39	5	with	with	ADP
emaj-28	39	6	apgarch	apgarch	NOUN
emaj-28	39	7	models	model	NOUN
emaj-28	39	8	and	and	CCONJ
emaj-28	39	9	show	show	VERB
emaj-28	39	10	evidence	evidence	NOUN
emaj-28	39	11	that	that	SCONJ
emaj-28	39	12	us	we	PRON
emaj-28	39	13	dollar	dollar	NOUN
emaj-28	39	14	has	have	AUX
emaj-28	39	15	significance	significance	NOUN
emaj-28	39	16	on	on	ADP
emaj-28	39	17	the	the	DET
emaj-28	39	18	gold	gold	NOUN
emaj-28	39	19	price	price	NOUN
emaj-28	39	20	volatility	volatility	NOUN
emaj-28	39	21	.	.	PUNCT
emaj-28	40	1	zhang	zhang	PROPN
emaj-28	40	2	and	and	CCONJ
emaj-28	40	3	wei	wei	PROPN
emaj-28	40	4	(	(	PUNCT
emaj-28	40	5	2010	2010	NUM
emaj-28	40	6	)	)	PUNCT
emaj-28	40	7	have	have	AUX
emaj-28	40	8	examined	examine	VERB
emaj-28	40	9	the	the	DET
emaj-28	40	10	co	co	NOUN
emaj-28	40	11	-	-	NOUN
emaj-28	40	12	integration	integration	NOUN
emaj-28	40	13	,	,	PUNCT
emaj-28	40	14	causality	causality	NOUN
emaj-28	40	15	and	and	CCONJ
emaj-28	40	16	price	price	NOUN
emaj-28	40	17	discovery	discovery	NOUN
emaj-28	40	18	between	between	ADP
emaj-28	40	19	the	the	DET
emaj-28	40	20	gold	gold	NOUN
emaj-28	40	21	market	market	NOUN
emaj-28	40	22	and	and	CCONJ
emaj-28	40	23	crude	crude	ADJ
emaj-28	40	24	oil	oil	NOUN
emaj-28	40	25	market	market	NOUN
emaj-28	40	26	for	for	ADP
emaj-28	40	27	the	the	DET
emaj-28	40	28	time	time	NOUN
emaj-28	40	29	period	period	NOUN
emaj-28	40	30	of	of	ADP
emaj-28	40	31	2000	2000	NUM
emaj-28	40	32	-	-	SYM
emaj-28	40	33	2008	2008	NUM
emaj-28	40	34	.	.	PUNCT
emaj-28	41	1	in	in	ADP
emaj-28	41	2	this	this	DET
emaj-28	41	3	period	period	NOUN
emaj-28	41	4	,	,	PUNCT
emaj-28	41	5	the	the	DET
emaj-28	41	6	correlation	correlation	NOUN
emaj-28	41	7	of	of	ADP
emaj-28	41	8	them	they	PRON
emaj-28	41	9	was	be	AUX
emaj-28	41	10	significant	significant	ADJ
emaj-28	41	11	,	,	PUNCT
emaj-28	41	12	0.9295	0.9295	NUM
emaj-28	41	13	,	,	PUNCT
emaj-28	41	14	and	and	CCONJ
emaj-28	41	15	crude	crude	ADJ
emaj-28	41	16	oil	oil	NOUN
emaj-28	41	17	price	price	NOUN
emaj-28	41	18	change	change	NOUN
emaj-28	41	19	linearly	linearly	ADV
emaj-28	41	20	granger	granger	PROPN
emaj-28	41	21	causes	cause	VERB
emaj-28	41	22	the	the	DET
emaj-28	41	23	volatility	volatility	NOUN
emaj-28	41	24	of	of	ADP
emaj-28	41	25	gold	gold	NOUN
emaj-28	41	26	price	price	NOUN
emaj-28	41	27	but	but	CCONJ
emaj-28	41	28	no	no	DET
emaj-28	41	29	evidence	evidence	NOUN
emaj-28	41	30	is	be	AUX
emaj-28	41	31	found	find	VERB
emaj-28	41	32	for	for	ADP
emaj-28	41	33	the	the	DET
emaj-28	41	34	reverse	reverse	NOUN
emaj-28	41	35	.	.	PUNCT
emaj-28	42	1	their	their	PRON
emaj-28	42	2	results	result	NOUN
emaj-28	42	3	also	also	ADV
emaj-28	42	4	show	show	VERB
emaj-28	42	5	that	that	SCONJ
emaj-28	42	6	the	the	DET
emaj-28	42	7	influence	influence	NOUN
emaj-28	42	8	of	of	ADP
emaj-28	42	9	crude	crude	ADJ
emaj-28	42	10	oil	oil	NOUN
emaj-28	42	11	on	on	ADP
emaj-28	42	12	global	global	ADJ
emaj-28	42	13	development	development	NOUN
emaj-28	42	14	is	be	AUX
emaj-28	42	15	wider	wide	ADJ
emaj-28	42	16	than	than	ADP
emaj-28	42	17	gold	gold	NOUN
emaj-28	42	18	and	and	CCONJ
emaj-28	42	19	crude	crude	ADJ
emaj-28	42	20	oil	oil	NOUN
emaj-28	42	21	is	be	AUX
emaj-28	42	22	a	a	DET
emaj-28	42	23	more	more	ADV
emaj-28	42	24	interesting	interesting	ADJ
emaj-28	42	25	investment	investment	NOUN
emaj-28	42	26	option	option	NOUN
emaj-28	42	27	for	for	ADP
emaj-28	42	28	the	the	DET
emaj-28	42	29	investors	investor	NOUN
emaj-28	42	30	for	for	ADP
emaj-28	42	31	the	the	DET
emaj-28	42	32	period	period	NOUN
emaj-28	42	33	under	under	ADP
emaj-28	42	34	study	study	NOUN
emaj-28	42	35	.	.	PUNCT
emaj-28	43	1	joy	joy	NOUN
emaj-28	43	2	(	(	PUNCT
emaj-28	43	3	2011	2011	NUM
emaj-28	43	4	)	)	PUNCT
emaj-28	43	5	defines	define	VERB
emaj-28	43	6	an	an	DET
emaj-28	43	7	asset	asset	NOUN
emaj-28	43	8	as	as	ADP
emaj-28	43	9	haven	haven	NOUN
emaj-28	43	10	when	when	SCONJ
emaj-28	43	11	it	it	PRON
emaj-28	43	12	is	be	AUX
emaj-28	43	13	uncorrelated	uncorrelated	ADJ
emaj-28	43	14	or	or	CCONJ
emaj-28	43	15	negatively	negatively	ADV
emaj-28	43	16	correlated	correlate	VERB
emaj-28	43	17	to	to	ADP
emaj-28	43	18	an	an	DET
emaj-28	43	19	underlying	underlie	VERB
emaj-28	43	20	asset	asset	NOUN
emaj-28	43	21	in	in	ADP
emaj-28	43	22	times	time	NOUN
emaj-28	43	23	of	of	ADP
emaj-28	43	24	stress	stress	NOUN
emaj-28	43	25	.	.	PUNCT
emaj-28	44	1	whereas	whereas	SCONJ
emaj-28	44	2	when	when	SCONJ
emaj-28	44	3	it	it	PRON
emaj-28	44	4	is	be	AUX
emaj-28	44	5	uncorrelated	uncorrelated	ADJ
emaj-28	44	6	or	or	CCONJ
emaj-28	44	7	negatively	negatively	ADV
emaj-28	44	8	correlated	correlate	VERB
emaj-28	44	9	to	to	ADP
emaj-28	44	10	an	an	DET
emaj-28	44	11	underlying	underlie	VERB
emaj-28	44	12	asset	asset	NOUN
emaj-28	44	13	on	on	ADP
emaj-28	44	14	average	average	ADJ
emaj-28	44	15	,	,	PUNCT
emaj-28	44	16	it	it	PRON
emaj-28	44	17	is	be	AUX
emaj-28	44	18	called	call	VERB
emaj-28	44	19	a	a	DET
emaj-28	44	20	hedge	hedge	NOUN
emaj-28	44	21	.	.	PUNCT
emaj-28	45	1	he	he	PRON
emaj-28	45	2	has	have	AUX
emaj-28	45	3	studied	study	VERB
emaj-28	45	4	the	the	DET
emaj-28	45	5	period	period	NOUN
emaj-28	45	6	between	between	ADP
emaj-28	45	7	1986	1986	NUM
emaj-28	45	8	and	and	CCONJ
emaj-28	45	9	2008	2008	NUM
emaj-28	45	10	and	and	CCONJ
emaj-28	45	11	has	have	AUX
emaj-28	45	12	used	use	VERB
emaj-28	45	13	the	the	DET
emaj-28	45	14	dcc	dcc	PROPN
emaj-28	45	15	-	-	PUNCT
emaj-28	45	16	garch	garch	NOUN
emaj-28	45	17	model	model	NOUN
emaj-28	45	18	to	to	PART
emaj-28	45	19	indicate	indicate	VERB
emaj-28	45	20	that	that	SCONJ
emaj-28	45	21	gold	gold	NOUN
emaj-28	45	22	is	be	AUX
emaj-28	45	23	a	a	DET
emaj-28	45	24	hedge	hedge	NOUN
emaj-28	45	25	against	against	ADP
emaj-28	45	26	the	the	DET
emaj-28	45	27	us	us	PROPN
emaj-28	45	28	dollar	dollar	NOUN
emaj-28	45	29	especially	especially	ADV
emaj-28	45	30	in	in	ADP
emaj-28	45	31	the	the	DET
emaj-28	45	32	recent	recent	ADJ
emaj-28	45	33	times	time	NOUN
emaj-28	45	34	of	of	ADP
emaj-28	45	35	the	the	DET
emaj-28	45	36	study	study	NOUN
emaj-28	45	37	but	but	CCONJ
emaj-28	45	38	provide	provide	VERB
emaj-28	45	39	no	no	DET
emaj-28	45	40	evidence	evidence	NOUN
emaj-28	45	41	of	of	ADP
emaj-28	45	42	gold	gold	NOUN
emaj-28	45	43	being	be	AUX
emaj-28	45	44	the	the	DET
emaj-28	45	45	safe	safe	ADJ
emaj-28	45	46	haven	haven	NOUN
emaj-28	45	47	for	for	ADP
emaj-28	45	48	us	us	PROPN
emaj-28	45	49	dollar	dollar	NOUN
emaj-28	45	50	.	.	PUNCT
emaj-28	46	1	baur	baur	PROPN
emaj-28	46	2	&	&	CCONJ
emaj-28	46	3	lucey	lucey	PROPN
emaj-28	46	4	(	(	PUNCT
emaj-28	46	5	2010	2010	NUM
emaj-28	46	6	)	)	PUNCT
emaj-28	46	7	investigated	investigate	VERB
emaj-28	46	8	the	the	DET
emaj-28	46	9	existence	existence	NOUN
emaj-28	46	10	of	of	ADP
emaj-28	46	11	a	a	DET
emaj-28	46	12	hedge	hedge	NOUN
emaj-28	46	13	and	and	CCONJ
emaj-28	46	14	a	a	DET
emaj-28	46	15	safe	safe	ADJ
emaj-28	46	16	haven	haven	NOUN
emaj-28	46	17	in	in	ADP
emaj-28	46	18	us	we	PRON
emaj-28	46	19	,	,	PUNCT
emaj-28	46	20	uk	uk	PROPN
emaj-28	46	21	and	and	CCONJ
emaj-28	46	22	german	german	ADJ
emaj-28	46	23	stock	stock	NOUN
emaj-28	46	24	and	and	CCONJ
emaj-28	46	25	bond	bond	NOUN
emaj-28	46	26	prices	price	NOUN
emaj-28	46	27	and	and	CCONJ
emaj-28	46	28	returns	return	NOUN
emaj-28	46	29	and	and	CCONJ
emaj-28	46	30	their	their	PRON
emaj-28	46	31	relationship	relationship	NOUN
emaj-28	46	32	with	with	ADP
emaj-28	46	33	gold	gold	NOUN
emaj-28	46	34	prices	price	NOUN
emaj-28	46	35	.	.	PUNCT
emaj-28	47	1	they	they	PRON
emaj-28	47	2	found	find	VERB
emaj-28	47	3	that	that	SCONJ
emaj-28	47	4	gold	gold	NOUN
emaj-28	47	5	is	be	AUX
emaj-28	47	6	a	a	DET
emaj-28	47	7	hedge	hedge	NOUN
emaj-28	47	8	against	against	ADP
emaj-28	47	9	stocks	stock	NOUN
emaj-28	47	10	and	and	CCONJ
emaj-28	47	11	gold	gold	NOUN
emaj-28	47	12	is	be	AUX
emaj-28	47	13	a	a	DET
emaj-28	47	14	safe	safe	ADJ
emaj-28	47	15	haven	haven	NOUN
emaj-28	47	16	in	in	ADP
emaj-28	47	17	extreme	extreme	ADJ
emaj-28	47	18	stock	stock	NOUN
emaj-28	47	19	market	market	NOUN
emaj-28	47	20	conditions	condition	NOUN
emaj-28	47	21	and	and	CCONJ
emaj-28	47	22	lastly	lastly	ADV
emaj-28	47	23	gold	gold	NOUN
emaj-28	47	24	is	be	AUX
emaj-28	47	25	a	a	DET
emaj-28	47	26	safe	safe	ADJ
emaj-28	47	27	haven	haven	NOUN
emaj-28	47	28	for	for	ADP
emaj-28	47	29	stocks	stock	NOUN
emaj-28	47	30	only	only	ADV
emaj-28	47	31	for	for	ADP
emaj-28	47	32	15	15	NUM
emaj-28	47	33	trading	trading	NOUN
emaj-28	47	34	days	day	NOUN
emaj-28	47	35	after	after	SCONJ
emaj-28	47	36	an	an	DET
emaj-28	47	37	extreme	extreme	ADJ
emaj-28	47	38	shock	shock	NOUN
emaj-28	47	39	occurred	occur	VERB
emaj-28	47	40	.	.	PUNCT
emaj-28	48	1	capie	capie	NOUN
emaj-28	48	2	,	,	PUNCT
emaj-28	48	3	mills	mill	NOUN
emaj-28	48	4	and	and	CCONJ
emaj-28	48	5	wood	wood	NOUN
emaj-28	48	6	(	(	PUNCT
emaj-28	48	7	2005	2005	NUM
emaj-28	48	8	)	)	PUNCT
emaj-28	48	9	analyzes	analyze	VERB
emaj-28	48	10	the	the	DET
emaj-28	48	11	role	role	NOUN
emaj-28	48	12	of	of	ADP
emaj-28	48	13	gold	gold	NOUN
emaj-28	48	14	as	as	ADP
emaj-28	48	15	a	a	DET
emaj-28	48	16	hedge	hedge	NOUN
emaj-28	48	17	against	against	ADP
emaj-28	48	18	the	the	DET
emaj-28	48	19	dollar	dollar	NOUN
emaj-28	48	20	and	and	CCONJ
emaj-28	48	21	found	find	VERB
emaj-28	48	22	a	a	DET
emaj-28	48	23	negative	negative	ADJ
emaj-28	48	24	relationship	relationship	NOUN
emaj-28	48	25	between	between	ADP
emaj-28	48	26	gold	gold	NOUN
emaj-28	48	27	and	and	CCONJ
emaj-28	48	28	other	other	ADJ
emaj-28	48	29	foreign	foreign	ADJ
emaj-28	48	30	exchange	exchange	NOUN
emaj-28	48	31	rates	rate	NOUN
emaj-28	48	32	.	.	PUNCT
emaj-28	49	1	iii	iii	X
emaj-28	49	2	.	.	PROPN
emaj-28	49	3	data	datum	NOUN
emaj-28	49	4	 	 	SPACE
emaj-28	49	5	and	and	CCONJ
emaj-28	49	6	 	 	SPACE
emaj-28	49	7	methodology	methodology	NOUN
emaj-28	49	8	  	  	SPACE
emaj-28	49	9	3.1	3.1	NUM
emaj-28	49	10	data	datum	NOUN
emaj-28	49	11	data	datum	NOUN
emaj-28	49	12	consists	consist	VERB
emaj-28	49	13	of	of	ADP
emaj-28	49	14	daily	daily	ADJ
emaj-28	49	15	gold	gold	NOUN
emaj-28	49	16	prices	price	NOUN
emaj-28	49	17	per	per	ADP
emaj-28	49	18	ounce	ounce	NOUN
emaj-28	49	19	as	as	ADP
emaj-28	49	20	a	a	DET
emaj-28	49	21	dependent	dependent	ADJ
emaj-28	49	22	variable	variable	NOUN
emaj-28	49	23	and	and	CCONJ
emaj-28	49	24	to	to	PART
emaj-28	49	25	explain	explain	VERB
emaj-28	49	26	the	the	DET
emaj-28	49	27	change	change	NOUN
emaj-28	49	28	in	in	ADP
emaj-28	49	29	the	the	DET
emaj-28	49	30	dependent	dependent	ADJ
emaj-28	49	31	variable	variable	NOUN
emaj-28	49	32	,	,	PUNCT
emaj-28	49	33	a	a	DET
emaj-28	49	34	set	set	NOUN
emaj-28	49	35	of	of	ADP
emaj-28	49	36	exchange	exchange	NOUN
emaj-28	49	37	rates	rate	NOUN
emaj-28	49	38	of	of	ADP
emaj-28	49	39	top	top	ADJ
emaj-28	49	40	gold	gold	NOUN
emaj-28	49	41	exporter	exporter	NOUN
emaj-28	49	42	and	and	CCONJ
emaj-28	49	43	gold	gold	NOUN
emaj-28	49	44	importer	importer	NOUN
emaj-28	49	45	countries	country	NOUN
emaj-28	49	46	,	,	PUNCT
emaj-28	49	47	a	a	DET
emaj-28	49	48	subset	subset	NOUN
emaj-28	49	49	of	of	ADP
emaj-28	49	50	alternative	alternative	ADJ
emaj-28	49	51	assets	asset	NOUN
emaj-28	49	52	including	include	VERB
emaj-28	49	53	bond	bond	NOUN
emaj-28	49	54	returns	return	NOUN
emaj-28	49	55	,	,	PUNCT
emaj-28	49	56	return	return	NOUN
emaj-28	49	57	of	of	ADP
emaj-28	49	58	oil	oil	NOUN
emaj-28	49	59	prices	price	NOUN
emaj-28	49	60	and	and	CCONJ
emaj-28	49	61	silver	silver	NOUN
emaj-28	49	62	prices	price	NOUN
emaj-28	49	63	,	,	PUNCT
emaj-28	49	64	and	and	CCONJ
emaj-28	49	65	credit	credit	NOUN
emaj-28	49	66	default	default	NOUN
emaj-28	49	67	swaps	swap	NOUN
emaj-28	49	68	of	of	ADP
emaj-28	49	69	some	some	DET
emaj-28	49	70	emerging	emerge	VERB
emaj-28	49	71	countries	country	NOUN
emaj-28	49	72	are	be	AUX
emaj-28	49	73	used	use	VERB
emaj-28	49	74	.	.	PUNCT
emaj-28	50	1	independent	independent	ADJ
emaj-28	50	2	variables	variable	NOUN
emaj-28	50	3	are	be	AUX
emaj-28	50	4	refined	refine	VERB
emaj-28	50	5	after	after	ADP
emaj-28	50	6	eliminating	eliminate	VERB
emaj-28	50	7	the	the	DET
emaj-28	50	8	insignificant	insignificant	ADJ
emaj-28	50	9	ones	one	NOUN
emaj-28	50	10	.	.	PUNCT
emaj-28	51	1	two	two	NUM
emaj-28	51	2	periods	period	NOUN
emaj-28	51	3	are	be	AUX
emaj-28	51	4	used	use	VERB
emaj-28	51	5	:	:	PUNCT
emaj-28	51	6	one	one	NUM
emaj-28	51	7	had	have	VERB
emaj-28	51	8	2768	2768	NUM
emaj-28	51	9	observations	observation	NOUN
emaj-28	51	10	,	,	PUNCT
emaj-28	51	11	between	between	ADP
emaj-28	51	12	24.10.2000	24.10.2000	PROPN
emaj-28	51	13	–	–	PUNCT
emaj-28	51	14	07.10.2011	07.10.2011	NUM
emaj-28	51	15	;	;	PUNCT
emaj-28	51	16	and	and	CCONJ
emaj-28	51	17	the	the	DET
emaj-28	51	18	other	other	ADJ
emaj-28	51	19	period	period	NOUN
emaj-28	51	20	starts	start	VERB
emaj-28	51	21	with	with	ADP
emaj-28	51	22	the	the	DET
emaj-28	51	23	global	global	ADJ
emaj-28	51	24	crisis	crisis	NOUN
emaj-28	51	25	up	up	ADP
emaj-28	51	26	until	until	ADP
emaj-28	51	27	07.10.2011	07.10.2011	NUM
emaj-28	51	28	with	with	ADP
emaj-28	51	29	1074	1074	NUM
emaj-28	51	30	observations	observation	NOUN
emaj-28	51	31	.	.	PUNCT
emaj-28	52	1	this	this	DET
emaj-28	52	2	study	study	NOUN
emaj-28	52	3	employs	employ	VERB
emaj-28	52	4	currencies	currency	NOUN
emaj-28	52	5	of	of	ADP
emaj-28	52	6	countries	country	NOUN
emaj-28	52	7	that	that	PRON
emaj-28	52	8	are	be	AUX
emaj-28	52	9	the	the	DET
emaj-28	52	10	leading	lead	VERB
emaj-28	52	11	gold	gold	NOUN
emaj-28	52	12	exporters	exporter	NOUN
emaj-28	52	13	and	and	CCONJ
emaj-28	52	14	importers	importer	NOUN
emaj-28	52	15	.	.	PUNCT
emaj-28	53	1	namely	namely	ADV
emaj-28	53	2	,	,	PUNCT
emaj-28	53	3	india	india	PROPN
emaj-28	53	4	,	,	PUNCT
emaj-28	53	5	china	china	PROPN
emaj-28	53	6	,	,	PUNCT
emaj-28	53	7	turkey	turkey	PROPN
emaj-28	53	8	,	,	PUNCT
emaj-28	53	9	russia	russia	PROPN
emaj-28	53	10	,	,	PUNCT
emaj-28	53	11	usa	usa	PROPN
emaj-28	53	12	,	,	PUNCT
emaj-28	53	13	indonesia	indonesia	PROPN
emaj-28	53	14	,	,	PUNCT
emaj-28	53	15	euro	euro	NOUN
emaj-28	53	16	zone	zone	NOUN
emaj-28	53	17	countries	country	NOUN
emaj-28	53	18	,	,	PUNCT
emaj-28	53	19	switzerland	switzerland	PROPN
emaj-28	53	20	and	and	CCONJ
emaj-28	53	21	uk	uk	PROPN
emaj-28	53	22	are	be	AUX
emaj-28	53	23	among	among	ADP
emaj-28	53	24	the	the	DET
emaj-28	53	25	top	top	ADJ
emaj-28	53	26	gold	gold	NOUN
emaj-28	53	27	demanding	demand	VERB
emaj-28	53	28	countries	country	NOUN
emaj-28	53	29	whereas	whereas	SCONJ
emaj-28	53	30	,	,	PUNCT
emaj-28	53	31	china	china	PROPN
emaj-28	53	32	,	,	PUNCT
emaj-28	53	33	australia	australia	PROPN
emaj-28	53	34	,	,	PUNCT
emaj-28	53	35	usa	usa	PROPN
emaj-28	53	36	,	,	PUNCT
emaj-28	53	37	south	south	PROPN
emaj-28	53	38	africa	africa	PROPN
emaj-28	53	39	,	,	PUNCT
emaj-28	53	40	russia	russia	PROPN
emaj-28	53	41	,	,	PUNCT
emaj-28	53	42	canada	canada	PROPN
emaj-28	53	43	and	and	CCONJ
emaj-28	53	44	indonesia	indonesia	PROPN
emaj-28	53	45	are	be	AUX
emaj-28	53	46	among	among	ADP
emaj-28	53	47	the	the	DET
emaj-28	53	48	significant	significant	ADJ
emaj-28	53	49	producers	producer	NOUN
emaj-28	53	50	in	in	ADP
emaj-28	53	51	world	world	NOUN
emaj-28	53	52	gold	gold	NOUN
emaj-28	53	53	production	production	NOUN
emaj-28	53	54	according	accord	VERB
emaj-28	53	55	to	to	ADP
emaj-28	53	56	the	the	DET
emaj-28	53	57	reports	report	NOUN
emaj-28	53	58	of	of	ADP
emaj-28	53	59	world	world	NOUN
emaj-28	53	60	gold	gold	NOUN
emaj-28	53	61	council	council	NOUN
emaj-28	53	62	(	(	PUNCT
emaj-28	53	63	2011	2011	NUM
emaj-28	53	64	)	)	PUNCT
emaj-28	53	65	.	.	PUNCT
emaj-28	54	1	our	our	PRON
emaj-28	54	2	data	datum	NOUN
emaj-28	54	3	are	be	AUX
emaj-28	54	4	sourced	source	VERB
emaj-28	54	5	from	from	ADP
emaj-28	54	6	thompson	thompson	PROPN
emaj-28	54	7	reuters	reuter	NOUN
emaj-28	54	8	.	.	PUNCT
emaj-28	55	1	closing	close	VERB
emaj-28	55	2	prices	price	NOUN
emaj-28	55	3	are	be	AUX
emaj-28	55	4	used	use	VERB
emaj-28	55	5	for	for	ADP
emaj-28	55	6	the	the	DET
emaj-28	55	7	independent	independent	ADJ
emaj-28	55	8	variables	variable	NOUN
emaj-28	55	9	and	and	CCONJ
emaj-28	55	10	daily	daily	ADJ
emaj-28	55	11	returns	return	NOUN
emaj-28	55	12	are	be	AUX
emaj-28	55	13	analyzed	analyze	VERB
emaj-28	55	14	in	in	ADP
emaj-28	55	15	natural	natural	ADJ
emaj-28	55	16	logarithms	logarithm	NOUN
emaj-28	55	17	as	as	SCONJ
emaj-28	55	18	follows	follow	VERB
emaj-28	55	19	:	:	PUNCT
emaj-28	56	1	rj	rj	PROPN
emaj-28	56	2	,	,	PUNCT
emaj-28	56	3	t	t	PROPN
emaj-28	56	4	=	=	SYM
emaj-28	56	5	ln	ln	X
emaj-28	56	6	(	(	PUNCT
emaj-28	56	7	pj	pj	PROPN
emaj-28	56	8	,	,	PUNCT
emaj-28	56	9	t	t	PROPN
emaj-28	56	10	/	/	SYM
emaj-28	56	11	pj	pj	PROPN
emaj-28	56	12	,	,	PUNCT
emaj-28	56	13	t-1	t-1	PROPN
emaj-28	56	14	)	)	PUNCT
emaj-28	56	15	(	(	PUNCT
emaj-28	56	16	1	1	X
emaj-28	56	17	)	)	PUNCT
emaj-28	56	18	where	where	SCONJ
emaj-28	56	19	rj	rj	PROPN
emaj-28	56	20	,	,	PUNCT
emaj-28	56	21	t	t	PROPN
emaj-28	56	22	is	be	AUX
emaj-28	56	23	the	the	DET
emaj-28	56	24	return	return	NOUN
emaj-28	56	25	of	of	ADP
emaj-28	56	26	variable	variable	ADJ
emaj-28	56	27	j	j	PROPN
emaj-28	56	28	at	at	ADP
emaj-28	56	29	time	time	NOUN
emaj-28	56	30	t	t	PROPN
emaj-28	56	31	and	and	CCONJ
emaj-28	56	32	pt	pt	PROPN
emaj-28	56	33	is	be	AUX
emaj-28	56	34	the	the	DET
emaj-28	56	35	price	price	NOUN
emaj-28	56	36	of	of	ADP
emaj-28	56	37	variable	variable	ADJ
emaj-28	56	38	j	j	PROPN
emaj-28	56	39	at	at	ADP
emaj-28	56	40	time	time	NOUN
emaj-28	56	41	t.	t.	PROPN
emaj-28	56	42	3.2	3.2	NUM
emaj-28	56	43	methodology	methodology	NOUN
emaj-28	56	44	garch	garch	NOUN
emaj-28	56	45	(	(	PUNCT
emaj-28	56	46	1,1	1,1	NUM
emaj-28	56	47	)	)	PUNCT
emaj-28	56	48	model	model	NOUN
emaj-28	56	49	has	have	AUX
emaj-28	56	50	been	be	AUX
emaj-28	56	51	applied	apply	VERB
emaj-28	56	52	for	for	ADP
emaj-28	56	53	both	both	PRON
emaj-28	56	54	of	of	ADP
emaj-28	56	55	the	the	DET
emaj-28	56	56	periods	period	NOUN
emaj-28	56	57	as	as	SCONJ
emaj-28	56	58	both	both	CCONJ
emaj-28	56	59	the	the	DET
emaj-28	56	60	model	model	NOUN
emaj-28	56	61	assumes	assume	VERB
emaj-28	56	62	volatility	volatility	NOUN
emaj-28	56	63	arising	arise	VERB
emaj-28	56	64	from	from	ADP
emaj-28	56	65	innovations	innovation	NOUN
emaj-28	56	66	in	in	ADP
emaj-28	56	67	the	the	DET
emaj-28	56	68	market	market	NOUN
emaj-28	56	69	is	be	AUX
emaj-28	56	70	symmetrical	symmetrical	ADJ
emaj-28	56	71	(	(	PUNCT
emaj-28	56	72	tully	tully	NOUN
emaj-28	56	73	and	and	CCONJ
emaj-28	56	74	lucey	lucey	PROPN
emaj-28	56	75	,	,	PUNCT
emaj-28	56	76	2007	2007	NUM
emaj-28	56	77	)	)	PUNCT
emaj-28	56	78	and	and	CCONJ
emaj-28	56	79	a	a	DET
emaj-28	56	80	likelihood	likelihood	NOUN
emaj-28	56	81	ratio	ratio	NOUN
emaj-28	56	82	test	test	NOUN
emaj-28	56	83	supports	support	VERB
emaj-28	56	84	this	this	DET
emaj-28	56	85	model	model	NOUN
emaj-28	56	86	.	.	PUNCT
emaj-28	57	1	tables	table	NOUN
emaj-28	57	2	3	3	NUM
emaj-28	57	3	and	and	CCONJ
emaj-28	57	4	4	4	NUM
emaj-28	57	5	are	be	AUX
emaj-28	57	6	derived	derive	VERB
emaj-28	57	7	from	from	ADP
emaj-28	57	8	the	the	DET
emaj-28	57	9	garch(1,1	garch(1,1	NOUN
emaj-28	57	10	)	)	PUNCT
emaj-28	57	11	model	model	NOUN
emaj-28	57	12	.	.	PUNCT
emaj-28	58	1	the	the	DET
emaj-28	58	2	garch	garch	NOUN
emaj-28	58	3	model	model	NOUN
emaj-28	58	4	is	be	AUX
emaj-28	58	5	a	a	DET
emaj-28	58	6	general	general	ADJ
emaj-28	58	7	autoregressive	autoregressive	ADJ
emaj-28	58	8	conditional	conditional	ADJ
emaj-28	58	9	heteroskedastic	heteroskedastic	ADJ
emaj-28	58	10	model	model	NOUN
emaj-28	58	11	.	.	PUNCT
emaj-28	59	1	garch	garch	NOUN
emaj-28	59	2	regresses	regress	VERB
emaj-28	59	3	on	on	ADP
emaj-28	59	4	lagged	lag	VERB
emaj-28	59	5	terms	term	NOUN
emaj-28	59	6	.	.	PUNCT
emaj-28	60	1	the	the	DET
emaj-28	60	2	conditional	conditional	ADJ
emaj-28	60	3	variance	variance	NOUN
emaj-28	60	4	is	be	AUX
emaj-28	60	5	dependent	dependent	ADJ
emaj-28	60	6	upon	upon	SCONJ
emaj-28	60	7	its	its	PRON
emaj-28	60	8	own	own	ADJ
emaj-28	60	9	lags	lag	NOUN
emaj-28	60	10	.	.	PUNCT
emaj-28	61	1	the	the	DET
emaj-28	61	2	equation	equation	NOUN
emaj-28	61	3	for	for	ADP
emaj-28	61	4	garch(1,1	garch(1,1	NOUN
emaj-28	61	5	)	)	PUNCT
emaj-28	61	6	is	be	AUX
emaj-28	61	7	:	:	PUNCT
emaj-28	61	8	(	(	PUNCT
emaj-28	61	9	2	2	X
emaj-28	61	10	)	)	PUNCT
emaj-28	61	11	the	the	DET
emaj-28	61	12	case	case	NOUN
emaj-28	61	13	for	for	ADP
emaj-28	61	14	gold	gold	NOUN
emaj-28	61	15	revisited	revisit	VERB
emaj-28	61	16	:	:	PUNCT
emaj-28	61	17	a	a	DET
emaj-28	61	18	safe	safe	ADJ
emaj-28	61	19	heaven	heaven	NOUN
emaj-28	61	20	or	or	CCONJ
emaj-28	61	21	a	a	DET
emaj-28	61	22	hedge	hedge	NOUN
emaj-28	61	23	?	?	PUNCT
emaj-28	62	1	emerging	emerge	VERB
emaj-28	62	2	markets	market	NOUN
emaj-28	62	3	journal	journal	NOUN
emaj-28	62	4	|	|	ADV
emaj-28	62	5	p	p	NOUN
emaj-28	62	6	a	a	DET
emaj-28	62	7	g	g	NOUN
emaj-28	62	8	e	e	NOUN
emaj-28	62	9	|	|	ADV
emaj-28	62	10	3	3	NUM
emaj-28	62	11	volume	volume	NOUN
emaj-28	62	12	2	2	NUM
emaj-28	62	13	(	(	PUNCT
emaj-28	62	14	2012	2012	NUM
emaj-28	62	15	)	)	PUNCT
emaj-28	62	16	|	|	ADV
emaj-28	62	17	issn	issn	VERB
emaj-28	62	18	2158	2158	NUM
emaj-28	62	19	-	-	SYM
emaj-28	62	20	8708	8708	NUM
emaj-28	62	21	(	(	PUNCT
emaj-28	62	22	online	online	NOUN
emaj-28	62	23	)	)	PUNCT
emaj-28	62	24	|	|	ADV
emaj-28	62	25	doi	doi	X
emaj-28	62	26	10.5195	10.5195	NUM
emaj-28	62	27	/	/	SYM
emaj-28	62	28	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	63	1	|	|	NOUN
emaj-28	63	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-28	63	3	where	where	SCONJ
emaj-28	63	4	is	be	AUX
emaj-28	63	5	the	the	DET
emaj-28	63	6	weighted	weight	VERB
emaj-28	63	7	long	long	ADJ
emaj-28	63	8	run	run	NOUN
emaj-28	63	9	variance	variance	NOUN
emaj-28	63	10	and	and	CCONJ
emaj-28	63	11	the	the	DET
emaj-28	63	12	updated	update	VERB
emaj-28	63	13	forecast	forecast	NOUN
emaj-28	63	14	of	of	ADP
emaj-28	63	15	variance	variance	NOUN
emaj-28	63	16	is	be	AUX
emaj-28	63	17	a	a	DET
emaj-28	63	18	function	function	NOUN
emaj-28	63	19	of	of	ADP
emaj-28	63	20	the	the	DET
emaj-28	63	21	most	most	ADV
emaj-28	63	22	recent	recent	ADJ
emaj-28	63	23	variance	variance	NOUN
emaj-28	63	24	forecast	forecast	NOUN
emaj-28	63	25	,	,	PUNCT
emaj-28	63	26	and	and	CCONJ
emaj-28	63	27	the	the	DET
emaj-28	63	28	most	most	ADV
emaj-28	63	29	recent	recent	ADJ
emaj-28	63	30	squared	square	VERB
emaj-28	63	31	prediction	prediction	NOUN
emaj-28	63	32	error	error	NOUN
emaj-28	63	33	,	,	PUNCT
emaj-28	63	34	.	.	PUNCT
emaj-28	64	1	in	in	ADP
emaj-28	64	2	this	this	DET
emaj-28	64	3	case	case	NOUN
emaj-28	64	4	,	,	PUNCT
emaj-28	64	5	if	if	SCONJ
emaj-28	64	6	there	there	PRON
emaj-28	64	7	is	be	VERB
emaj-28	64	8	an	an	DET
emaj-28	64	9	unexpectedly	unexpectedly	ADV
emaj-28	64	10	large	large	ADJ
emaj-28	64	11	increase	increase	NOUN
emaj-28	64	12	or	or	CCONJ
emaj-28	64	13	decrease	decrease	NOUN
emaj-28	64	14	in	in	ADP
emaj-28	64	15	asset	asset	NOUN
emaj-28	64	16	return	return	NOUN
emaj-28	64	17	at	at	ADP
emaj-28	64	18	time	time	NOUN
emaj-28	64	19	t	t	PROPN
emaj-28	64	20	then	then	ADV
emaj-28	64	21	this	this	PRON
emaj-28	64	22	will	will	AUX
emaj-28	64	23	generate	generate	VERB
emaj-28	64	24	an	an	DET
emaj-28	64	25	increase	increase	NOUN
emaj-28	64	26	in	in	ADP
emaj-28	64	27	the	the	DET
emaj-28	64	28	expected	expect	VERB
emaj-28	64	29	variability	variability	NOUN
emaj-28	64	30	in	in	ADP
emaj-28	64	31	the	the	DET
emaj-28	64	32	next	next	ADJ
emaj-28	64	33	period	period	NOUN
emaj-28	64	34	.	.	PUNCT
emaj-28	65	1	in	in	ADP
emaj-28	65	2	this	this	DET
emaj-28	65	3	study	study	NOUN
emaj-28	65	4	,	,	PUNCT
emaj-28	65	5	stata	stata	PROPN
emaj-28	65	6	®	®	NOUN
emaj-28	65	7	software	software	NOUN
emaj-28	65	8	is	be	AUX
emaj-28	65	9	used	use	VERB
emaj-28	65	10	to	to	PART
emaj-28	65	11	compute	compute	VERB
emaj-28	65	12	the	the	DET
emaj-28	65	13	summary	summary	NOUN
emaj-28	65	14	statistics	statistic	NOUN
emaj-28	65	15	and	and	CCONJ
emaj-28	65	16	the	the	DET
emaj-28	65	17	garch	garch	NOUN
emaj-28	65	18	models	model	NOUN
emaj-28	65	19	.	.	PUNCT
emaj-28	66	1	iv	iv	X
emaj-28	66	2	.	.	PROPN
emaj-28	66	3	result	result	VERB
emaj-28	66	4	  	  	SPACE
emaj-28	66	5	4.1	4.1	NUM
emaj-28	66	6	summary	summary	NOUN
emaj-28	66	7	statistics	statistic	NOUN
emaj-28	66	8	summary	summary	PROPN
emaj-28	66	9	statistics	statistic	NOUN
emaj-28	66	10	of	of	ADP
emaj-28	66	11	the	the	DET
emaj-28	66	12	data	datum	NOUN
emaj-28	66	13	are	be	AUX
emaj-28	66	14	displayed	display	VERB
emaj-28	66	15	in	in	ADP
emaj-28	66	16	table	table	NOUN
emaj-28	66	17	1	1	NUM
emaj-28	66	18	for	for	ADP
emaj-28	66	19	the	the	DET
emaj-28	66	20	entire	entire	ADJ
emaj-28	66	21	period	period	NOUN
emaj-28	66	22	and	and	CCONJ
emaj-28	66	23	for	for	ADP
emaj-28	66	24	the	the	DET
emaj-28	66	25	crisis	crisis	NOUN
emaj-28	66	26	period	period	NOUN
emaj-28	66	27	.	.	PUNCT
emaj-28	67	1	augmented	augment	VERB
emaj-28	67	2	dickey	dickey	PROPN
emaj-28	67	3	-	-	PUNCT
emaj-28	67	4	fuller	full	ADJ
emaj-28	67	5	test	test	NOUN
emaj-28	67	6	has	have	AUX
emaj-28	67	7	been	be	AUX
emaj-28	67	8	conducted	conduct	VERB
emaj-28	67	9	for	for	ADP
emaj-28	67	10	the	the	DET
emaj-28	67	11	unit	unit	NOUN
emaj-28	67	12	root	root	NOUN
emaj-28	67	13	test	test	NOUN
emaj-28	67	14	and	and	CCONJ
emaj-28	67	15	stationary	stationary	NOUN
emaj-28	67	16	of	of	ADP
emaj-28	67	17	the	the	DET
emaj-28	67	18	data	datum	NOUN
emaj-28	67	19	are	be	AUX
emaj-28	67	20	evidenced	evidence	VERB
emaj-28	67	21	for	for	ADP
emaj-28	67	22	both	both	PRON
emaj-28	67	23	of	of	ADP
emaj-28	67	24	the	the	DET
emaj-28	67	25	periods	period	NOUN
emaj-28	67	26	.	.	PUNCT
emaj-28	68	1	normality	normality	NOUN
emaj-28	68	2	tests	test	NOUN
emaj-28	68	3	show	show	VERB
emaj-28	68	4	that	that	SCONJ
emaj-28	68	5	data	datum	NOUN
emaj-28	68	6	is	be	AUX
emaj-28	68	7	normal	normal	ADJ
emaj-28	68	8	and	and	CCONJ
emaj-28	68	9	kurtosis	kurtosis	VERB
emaj-28	68	10	amounts	amount	NOUN
emaj-28	68	11	are	be	AUX
emaj-28	68	12	reasonable	reasonable	ADJ
emaj-28	68	13	.	.	PUNCT
emaj-28	69	1	4.2	4.2	NUM
emaj-28	69	2	results	result	NOUN
emaj-28	69	3	:	:	PUNCT
emaj-28	69	4	2000	2000	NUM
emaj-28	69	5	–	–	PUNCT
emaj-28	69	6	2011	2011	NUM
emaj-28	69	7	tests	test	NOUN
emaj-28	69	8	have	have	AUX
emaj-28	69	9	been	be	AUX
emaj-28	69	10	applied	apply	VERB
emaj-28	69	11	to	to	PART
emaj-28	69	12	select	select	VERB
emaj-28	69	13	the	the	DET
emaj-28	69	14	significant	significant	ADJ
emaj-28	69	15	currencies	currency	NOUN
emaj-28	69	16	either	either	CCONJ
emaj-28	69	17	among	among	ADP
emaj-28	69	18	major	major	ADJ
emaj-28	69	19	currencies	currency	NOUN
emaj-28	69	20	or	or	CCONJ
emaj-28	69	21	among	among	ADP
emaj-28	69	22	the	the	DET
emaj-28	69	23	leading	lead	VERB
emaj-28	69	24	gold	gold	NOUN
emaj-28	69	25	importing	importing	NOUN
emaj-28	69	26	/	/	SYM
emaj-28	69	27	exporting	export	VERB
emaj-28	69	28	countries	country	NOUN
emaj-28	69	29	and	and	CCONJ
emaj-28	69	30	credit	credit	NOUN
emaj-28	69	31	default	default	NOUN
emaj-28	69	32	swaps	swap	NOUN
emaj-28	69	33	(	(	PUNCT
emaj-28	69	34	cds	cd	NOUN
emaj-28	69	35	)	)	PUNCT
emaj-28	69	36	of	of	ADP
emaj-28	69	37	emerging	emerge	VERB
emaj-28	69	38	countries	country	NOUN
emaj-28	69	39	;	;	PUNCT
emaj-28	69	40	russian	russian	ADJ
emaj-28	69	41	and	and	CCONJ
emaj-28	69	42	south	south	ADJ
emaj-28	69	43	african	african	ADJ
emaj-28	69	44	credit	credit	NOUN
emaj-28	69	45	default	default	NOUN
emaj-28	69	46	swaps	swap	NOUN
emaj-28	69	47	’	'	PUNCT
emaj-28	69	48	returns	return	NOUN
emaj-28	69	49	are	be	AUX
emaj-28	69	50	found	find	VERB
emaj-28	69	51	to	to	PART
emaj-28	69	52	be	be	AUX
emaj-28	69	53	significant	significant	ADJ
emaj-28	69	54	and	and	CCONJ
emaj-28	69	55	are	be	AUX
emaj-28	69	56	incorporated	incorporate	VERB
emaj-28	69	57	into	into	ADP
emaj-28	69	58	the	the	DET
emaj-28	69	59	model	model	NOUN
emaj-28	69	60	whereas	whereas	SCONJ
emaj-28	69	61	,	,	PUNCT
emaj-28	69	62	swiss	swiss	ADJ
emaj-28	69	63	franc	franc	NOUN
emaj-28	69	64	’s	’s	PART
emaj-28	69	65	,	,	PUNCT
emaj-28	69	66	us	us	PROPN
emaj-28	69	67	dollar	dollar	NOUN
emaj-28	69	68	’s	’s	PART
emaj-28	69	69	,	,	PUNCT
emaj-28	69	70	norwegian	norwegian	ADJ
emaj-28	69	71	krone	krone	NOUN
emaj-28	69	72	’s	’s	PART
emaj-28	69	73	,	,	PUNCT
emaj-28	69	74	canadian	canadian	ADJ
emaj-28	69	75	dollar	dollar	NOUN
emaj-28	69	76	’s	’s	PART
emaj-28	69	77	,	,	PUNCT
emaj-28	69	78	chinese	chinese	PROPN
emaj-28	69	79	yuan	yuan	PROPN
emaj-28	69	80	’s	’s	PART
emaj-28	69	81	and	and	CCONJ
emaj-28	69	82	south	south	ADJ
emaj-28	69	83	african	african	ADJ
emaj-28	69	84	rand	rand	PROPN
emaj-28	69	85	’s	’s	PART
emaj-28	69	86	returns	return	NOUN
emaj-28	69	87	are	be	AUX
emaj-28	69	88	incorporated	incorporate	VERB
emaj-28	69	89	into	into	ADP
emaj-28	69	90	the	the	DET
emaj-28	69	91	model	model	NOUN
emaj-28	69	92	with	with	ADP
emaj-28	69	93	a	a	DET
emaj-28	69	94	similar	similar	ADJ
emaj-28	69	95	fashion	fashion	NOUN
emaj-28	69	96	.	.	PUNCT
emaj-28	70	1	the	the	DET
emaj-28	70	2	remaining	remain	VERB
emaj-28	70	3	significant	significant	ADJ
emaj-28	70	4	independent	independent	ADJ
emaj-28	70	5	variables	variable	NOUN
emaj-28	70	6	were	be	AUX
emaj-28	70	7	namely	namely	ADV
emaj-28	70	8	;	;	PUNCT
emaj-28	70	9	return	return	NOUN
emaj-28	70	10	of	of	ADP
emaj-28	70	11	10	10	NUM
emaj-28	70	12	year	year	NOUN
emaj-28	70	13	us	us	PROPN
emaj-28	70	14	treasury	treasury	PROPN
emaj-28	70	15	bonds	bond	NOUN
emaj-28	70	16	,	,	PUNCT
emaj-28	70	17	return	return	NOUN
emaj-28	70	18	of	of	ADP
emaj-28	70	19	oil	oil	NOUN
emaj-28	70	20	prices	price	NOUN
emaj-28	70	21	,	,	PUNCT
emaj-28	70	22	return	return	NOUN
emaj-28	70	23	of	of	ADP
emaj-28	70	24	silver	silver	NOUN
emaj-28	70	25	and	and	CCONJ
emaj-28	70	26	a	a	DET
emaj-28	70	27	volatility	volatility	NOUN
emaj-28	70	28	index	index	NOUN
emaj-28	70	29	,	,	PUNCT
emaj-28	70	30	vix	vix	PROPN
emaj-28	70	31	.	.	PUNCT
emaj-28	71	1	table	table	NOUN
emaj-28	71	2	2	2	NUM
emaj-28	71	3	garch	garch	NOUN
emaj-28	71	4	model	model	NOUN
emaj-28	71	5	estimation	estimation	NOUN
emaj-28	71	6	results	result	NOUN
emaj-28	71	7	for	for	ADP
emaj-28	71	8	the	the	DET
emaj-28	71	9	2000	2000	NUM
emaj-28	71	10	-	-	SYM
emaj-28	71	11	2011	2011	NUM
emaj-28	71	12	period	period	NOUN
emaj-28	71	13	number	number	NOUN
emaj-28	71	14	of	of	ADP
emaj-28	71	15	obs	obs	PROPN
emaj-28	71	16	=	=	SYM
emaj-28	71	17	2768	2768	NUM
emaj-28	71	18	wald	wald	X
emaj-28	71	19	chi2(10	chi2(10	PROPN
emaj-28	71	20	)	)	PUNCT
emaj-28	71	21	=	=	PUNCT
emaj-28	72	1	1994.88	1994.88	NUM
emaj-28	72	2	log	log	NOUN
emaj-28	72	3	likelihood	likelihood	NOUN
emaj-28	72	4	=	=	SYM
emaj-28	72	5	9067.567	9067.567	NUM
emaj-28	72	6	rusdgold	rusdgold	ADJ
emaj-28	72	7	coef	coef	PROPN
emaj-28	72	8	.	.	PUNCT
emaj-28	73	1	std	std	NOUN
emaj-28	73	2	.	.	PUNCT
emaj-28	74	1	err	err	PROPN
emaj-28	74	2	.	.	PUNCT
emaj-28	75	1	z	z	NOUN
emaj-28	75	2	p>|z|	p>|z|	VERB
emaj-28	75	3	ruscds	ruscds	ADJ
emaj-28	75	4	-0.00933	-0.00933	NOUN
emaj-28	76	1	0.005779	0.005779	NUM
emaj-28	76	2	-1.62	-1.62	ADJ
emaj-28	76	3	0.106	0.106	NUM
emaj-28	76	4	rsacds	rsacds	ADJ
emaj-28	76	5	0.01109	0.01109	NUM
emaj-28	76	6	0.006310	0.006310	NUM
emaj-28	76	7	1.76	1.76	NUM
emaj-28	76	8	0.079	0.079	NUM
emaj-28	76	9	rus10tr	rus10tr	NOUN
emaj-28	76	10	-0.09258	-0.09258	NOUN
emaj-28	76	11	0.039239	0.039239	NUM
emaj-28	76	12	-2.36	-2.36	NUM
emaj-28	76	13	0.018	0.018	NUM
emaj-28	76	14	roil	roil	VERB
emaj-28	76	15	0.01637	0.01637	NUM
emaj-28	76	16	0.006376	0.006376	NUM
emaj-28	76	17	2.57	2.57	NUM
emaj-28	76	18	*	*	PUNCT
emaj-28	76	19	*	*	PUNCT
emaj-28	76	20	*	*	PUNCT
emaj-28	76	21	0.010	0.010	NUM
emaj-28	76	22	rsilver	rsilver	NOUN
emaj-28	76	23	0.13094	0.13094	NUM
emaj-28	76	24	0.008498	0.008498	NUM
emaj-28	76	25	15.41	15.41	NUM
emaj-28	76	26	*	*	PUNCT
emaj-28	76	27	*	*	PUNCT
emaj-28	76	28	*	*	PUNCT
emaj-28	76	29	0.000	0.000	PRON
emaj-28	76	30	rvix	rvix	VERB
emaj-28	76	31	0.01250	0.01250	NUM
emaj-28	76	32	0.002904	0.002904	NUM
emaj-28	76	33	4.31	4.31	NUM
emaj-28	76	34	*	*	PUNCT
emaj-28	76	35	*	*	PUNCT
emaj-28	76	36	*	*	PUNCT
emaj-28	76	37	0.000	0.000	NUM
emaj-28	76	38	rchfusd	rchfusd	NOUN
emaj-28	76	39	-0.33795	-0.33795	NOUN
emaj-28	77	1	0.049016	0.049016	NUM
emaj-28	77	2	-6.89	-6.89	NOUN
emaj-28	77	3	*	*	PUNCT
emaj-28	77	4	*	*	PUNCT
emaj-28	77	5	*	*	PUNCT
emaj-28	77	6	0.000	0.000	NUM
emaj-28	77	7	rusd	rusd	NOUN
emaj-28	77	8	1.22207	1.22207	NUM
emaj-28	77	9	0.197929	0.197929	NUM
emaj-28	77	10	6.17	6.17	NUM
emaj-28	77	11	*	*	PUNCT
emaj-28	77	12	*	*	PUNCT
emaj-28	77	13	*	*	PUNCT
emaj-28	77	14	0.000	0.000	NUM
emaj-28	77	15	rnokusd	rnokusd	NOUN
emaj-28	77	16	-0.06396	-0.06396	NOUN
emaj-28	77	17	0.042051	0.042051	NUM
emaj-28	77	18	-1.52	-1.52	NUM
emaj-28	77	19	0.128	0.128	NUM
emaj-28	77	20	rcadusd	rcadusd	ADJ
emaj-28	77	21	-0.10465	-0.10465	NOUN
emaj-28	77	22	0.033691	0.033691	NUM
emaj-28	77	23	-3.11	-3.11	ADJ
emaj-28	77	24	*	*	PUNCT
emaj-28	77	25	*	*	PUNCT
emaj-28	77	26	*	*	PROPN
emaj-28	77	27	0.002	0.002	NUM
emaj-28	77	28	rcnyusd	rcnyusd	NOUN
emaj-28	77	29	-0.22568	-0.22568	NOUN
emaj-28	77	30	0.197633	0.197633	NUM
emaj-28	77	31	-1.14	-1.14	NUM
emaj-28	77	32	0.253	0.253	NUM
emaj-28	77	33	rzarusd	rzarusd	NOUN
emaj-28	77	34	-0.01852	-0.01852	NOUN
emaj-28	77	35	0.016136	0.016136	NUM
emaj-28	77	36	-1.15	-1.15	NUM
emaj-28	77	37	0.251	0.251	NUM
emaj-28	77	38	cons	con	NOUN
emaj-28	77	39	0.00018	0.00018	NUM
emaj-28	77	40	0.000153	0.000153	NUM
emaj-28	77	41	1.22	1.22	NUM
emaj-28	77	42	0.221	0.221	NUM
emaj-28	77	43	arch	arch	ADJ
emaj-28	77	44	arch	arch	NOUN
emaj-28	77	45	l1	l1	PROPN
emaj-28	77	46	.	.	PUNCT
emaj-28	78	1	0.08053	0.08053	NUM
emaj-28	78	2	0.006760	0.006760	NUM
emaj-28	78	3	11.91	11.91	NUM
emaj-28	78	4	0.000	0.000	NUM
emaj-28	78	5	garch	garch	NOUN
emaj-28	78	6	l1	l1	PROPN
emaj-28	78	7	.	.	PUNCT
emaj-28	79	1	0.90720	0.90720	NUM
emaj-28	79	2	0.008064	0.008064	NUM
emaj-28	79	3	112.49	112.49	NUM
emaj-28	79	4	0.000	0.000	NUM
emaj-28	79	5	cons	con	NOUN
emaj-28	79	6	1.41e-06	1.41e-06	NUM
emaj-28	79	7	3.14e-07	3.14e-07	NUM
emaj-28	79	8	4.48	4.48	NUM
emaj-28	79	9	0.000	0.000	NUM
emaj-28	79	10	*	*	PUNCT
emaj-28	79	11	indicates	indicate	VERB
emaj-28	79	12	statistical	statistical	ADJ
emaj-28	79	13	significance	significance	NOUN
emaj-28	79	14	at	at	ADP
emaj-28	79	15	the	the	DET
emaj-28	79	16	10	10	NUM
emaj-28	79	17	%	%	NOUN
emaj-28	79	18	level	level	NOUN
emaj-28	79	19	*	*	PUNCT
emaj-28	79	20	*	*	PUNCT
emaj-28	79	21	indicates	indicate	VERB
emaj-28	79	22	statistical	statistical	ADJ
emaj-28	79	23	significance	significance	NOUN
emaj-28	79	24	at	at	ADP
emaj-28	79	25	the	the	DET
emaj-28	79	26	5	5	NUM
emaj-28	79	27	%	%	NOUN
emaj-28	79	28	level	level	NOUN
emaj-28	79	29	*	*	PUNCT
emaj-28	79	30	*	*	PUNCT
emaj-28	79	31	*	*	PUNCT
emaj-28	79	32	indicates	indicate	VERB
emaj-28	79	33	statistical	statistical	ADJ
emaj-28	79	34	significance	significance	NOUN
emaj-28	79	35	at	at	ADP
emaj-28	79	36	the	the	DET
emaj-28	79	37	1	1	NUM
emaj-28	79	38	%	%	NOUN
emaj-28	79	39	level	level	NOUN
emaj-28	79	40	a	a	DET
emaj-28	79	41	garch	garch	NOUN
emaj-28	79	42	(	(	PUNCT
emaj-28	79	43	1,1	1,1	NUM
emaj-28	79	44	)	)	PUNCT
emaj-28	79	45	model	model	NOUN
emaj-28	79	46	shows	show	VERB
emaj-28	79	47	us	we	PRON
emaj-28	79	48	the	the	DET
emaj-28	79	49	estimated	estimate	VERB
emaj-28	79	50	coefficients	coefficient	NOUN
emaj-28	79	51	in	in	ADP
emaj-28	79	52	table	table	NOUN
emaj-28	79	53	2	2	NUM
emaj-28	79	54	.	.	PUNCT
emaj-28	79	55	silver	silver	NOUN
emaj-28	79	56	,	,	PUNCT
emaj-28	79	57	as	as	ADP
emaj-28	79	58	a	a	DET
emaj-28	79	59	substitute	substitute	NOUN
emaj-28	79	60	,	,	PUNCT
emaj-28	79	61	has	have	VERB
emaj-28	79	62	the	the	DET
emaj-28	79	63	largest	large	ADJ
emaj-28	79	64	influence	influence	NOUN
emaj-28	79	65	on	on	ADP
emaj-28	79	66	the	the	DET
emaj-28	79	67	gold	gold	NOUN
emaj-28	79	68	prices	price	NOUN
emaj-28	79	69	with	with	ADP
emaj-28	79	70	a	a	DET
emaj-28	79	71	z	z	NOUN
emaj-28	79	72	-	-	NOUN
emaj-28	79	73	statistic	statistic	NOUN
emaj-28	79	74	of	of	ADP
emaj-28	79	75	15.41	15.41	NUM
emaj-28	79	76	(	(	PUNCT
emaj-28	79	77	99	99	NUM
emaj-28	79	78	%	%	NOUN
emaj-28	79	79	significant	significant	ADJ
emaj-28	79	80	)	)	PUNCT
emaj-28	79	81	.	.	PUNCT
emaj-28	80	1	usd	usd	NOUN
emaj-28	80	2	returns	return	NOUN
emaj-28	80	3	are	be	AUX
emaj-28	80	4	conforming	conform	VERB
emaj-28	80	5	to	to	ADP
emaj-28	80	6	the	the	DET
emaj-28	80	7	earlier	early	ADJ
emaj-28	80	8	studies	study	NOUN
emaj-28	80	9	and	and	CCONJ
emaj-28	80	10	it	it	PRON
emaj-28	80	11	is	be	AUX
emaj-28	80	12	the	the	DET
emaj-28	80	13	most	most	ADV
emaj-28	80	14	influencing	influence	VERB
emaj-28	80	15	currency	currency	NOUN
emaj-28	80	16	on	on	ADP
emaj-28	80	17	gold	gold	NOUN
emaj-28	80	18	prices	price	NOUN
emaj-28	80	19	with	with	ADP
emaj-28	80	20	a	a	DET
emaj-28	80	21	z	z	NOUN
emaj-28	80	22	-	-	NOUN
emaj-28	80	23	statistic	statistic	NOUN
emaj-28	80	24	of	of	ADP
emaj-28	80	25	6.17	6.17	NUM
emaj-28	80	26	(	(	PUNCT
emaj-28	80	27	99	99	NUM
emaj-28	80	28	%	%	NOUN
emaj-28	80	29	significant	significant	ADJ
emaj-28	80	30	)	)	PUNCT
emaj-28	80	31	.	.	PUNCT
emaj-28	81	1	volatility	volatility	NOUN
emaj-28	81	2	index	index	NOUN
emaj-28	81	3	is	be	AUX
emaj-28	81	4	also	also	ADV
emaj-28	81	5	significant	significant	ADJ
emaj-28	81	6	with	with	ADP
emaj-28	81	7	a	a	DET
emaj-28	81	8	z	z	NOUN
emaj-28	81	9	-	-	NOUN
emaj-28	81	10	statistic	statistic	NOUN
emaj-28	81	11	of	of	ADP
emaj-28	81	12	4.31	4.31	NUM
emaj-28	81	13	(	(	PUNCT
emaj-28	81	14	99	99	NUM
emaj-28	81	15	%	%	NOUN
emaj-28	81	16	significant	significant	ADJ
emaj-28	81	17	)	)	PUNCT
emaj-28	81	18	which	which	PRON
emaj-28	81	19	may	may	AUX
emaj-28	81	20	indicate	indicate	VERB
emaj-28	81	21	that	that	SCONJ
emaj-28	81	22	at	at	ADP
emaj-28	81	23	times	time	NOUN
emaj-28	81	24	of	of	ADP
emaj-28	81	25	uncertainty	uncertainty	NOUN
emaj-28	81	26	,	,	PUNCT
emaj-28	81	27	gold	gold	NOUN
emaj-28	81	28	prices	price	NOUN
emaj-28	81	29	gain	gain	VERB
emaj-28	81	30	value	value	NOUN
emaj-28	81	31	.	.	PUNCT
emaj-28	82	1	return	return	NOUN
emaj-28	82	2	of	of	ADP
emaj-28	82	3	oil	oil	NOUN
emaj-28	82	4	prices	price	NOUN
emaj-28	82	5	with	with	ADP
emaj-28	82	6	a	a	DET
emaj-28	82	7	z	z	NOUN
emaj-28	82	8	-	-	NOUN
emaj-28	82	9	statistic	statistic	NOUN
emaj-28	82	10	of	of	ADP
emaj-28	82	11	2.57	2.57	NUM
emaj-28	82	12	is	be	AUX
emaj-28	82	13	hardly	hardly	ADV
emaj-28	82	14	significant	significant	ADJ
emaj-28	82	15	at	at	ADP
emaj-28	82	16	99	99	NUM
emaj-28	82	17	%	%	NOUN
emaj-28	82	18	but	but	CCONJ
emaj-28	82	19	south	south	ADJ
emaj-28	82	20	african	african	ADJ
emaj-28	82	21	cdss	cdss	PROPN
emaj-28	82	22	with	with	ADP
emaj-28	82	23	a	a	DET
emaj-28	82	24	zstatistic	zstatistic	NOUN
emaj-28	82	25	of	of	ADP
emaj-28	82	26	1.76	1.76	NUM
emaj-28	82	27	is	be	AUX
emaj-28	82	28	significant	significant	ADJ
emaj-28	82	29	at	at	ADP
emaj-28	82	30	90	90	NUM
emaj-28	82	31	%	%	NOUN
emaj-28	82	32	.	.	PUNCT
emaj-28	83	1	swiss	swiss	ADJ
emaj-28	83	2	franc	franc	NOUN
emaj-28	83	3	has	have	VERB
emaj-28	83	4	the	the	DET
emaj-28	83	5	most	most	ADV
emaj-28	83	6	significant	significant	ADJ
emaj-28	83	7	negative	negative	ADJ
emaj-28	83	8	coefficient	coefficient	NOUN
emaj-28	83	9	with	with	ADP
emaj-28	83	10	a	a	DET
emaj-28	83	11	z	z	NOUN
emaj-28	83	12	-	-	NOUN
emaj-28	83	13	statistic	statistic	NOUN
emaj-28	83	14	of	of	ADP
emaj-28	83	15	6.89	6.89	NUM
emaj-28	83	16	(	(	PUNCT
emaj-28	83	17	99	99	NUM
emaj-28	83	18	%	%	NOUN
emaj-28	83	19	significant	significant	ADJ
emaj-28	83	20	)	)	PUNCT
emaj-28	83	21	,	,	PUNCT
emaj-28	83	22	canadian	canadian	ADJ
emaj-28	83	23	dollar	dollar	NOUN
emaj-28	83	24	has	have	VERB
emaj-28	83	25	a	a	DET
emaj-28	83	26	significant	significant	ADJ
emaj-28	83	27	(	(	PUNCT
emaj-28	83	28	99	99	NUM
emaj-28	83	29	%	%	NOUN
emaj-28	83	30	)	)	PUNCT
emaj-28	83	31	negative	negative	ADJ
emaj-28	83	32	coefficient	coefficient	NOUN
emaj-28	83	33	of	of	ADP
emaj-28	83	34	-3,11	-3,11	PROPN
emaj-28	83	35	and	and	CCONJ
emaj-28	83	36	the	the	DET
emaj-28	83	37	case	case	NOUN
emaj-28	83	38	for	for	ADP
emaj-28	83	39	gold	gold	NOUN
emaj-28	83	40	revisited	revisit	VERB
emaj-28	83	41	:	:	PUNCT
emaj-28	83	42	a	a	DET
emaj-28	83	43	safe	safe	ADJ
emaj-28	83	44	heaven	heaven	NOUN
emaj-28	83	45	or	or	CCONJ
emaj-28	83	46	a	a	DET
emaj-28	83	47	hedge	hedge	NOUN
emaj-28	83	48	?	?	PUNCT
emaj-28	84	1	emerging	emerge	VERB
emaj-28	84	2	markets	market	NOUN
emaj-28	84	3	journal	journal	NOUN
emaj-28	84	4	|	|	ADV
emaj-28	84	5	p	p	NOUN
emaj-28	84	6	a	a	DET
emaj-28	84	7	g	g	NOUN
emaj-28	84	8	e	e	NOUN
emaj-28	84	9	|	|	ADV
emaj-28	84	10	4	4	NUM
emaj-28	84	11	volume	volume	NOUN
emaj-28	84	12	2	2	NUM
emaj-28	84	13	(	(	PUNCT
emaj-28	84	14	2012	2012	NUM
emaj-28	84	15	)	)	PUNCT
emaj-28	84	16	|	|	ADV
emaj-28	84	17	issn	issn	VERB
emaj-28	84	18	2158	2158	NUM
emaj-28	84	19	-	-	SYM
emaj-28	84	20	8708	8708	NUM
emaj-28	84	21	(	(	PUNCT
emaj-28	84	22	online	online	NOUN
emaj-28	84	23	)	)	PUNCT
emaj-28	85	1	|	|	ADV
emaj-28	85	2	doi	doi	X
emaj-28	85	3	10.5195	10.5195	NUM
emaj-28	85	4	/	/	SYM
emaj-28	85	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	85	6	|	|	NOUN
emaj-28	85	7	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-28	85	8	10	10	NUM
emaj-28	85	9	year	year	NOUN
emaj-28	85	10	us	us	PROPN
emaj-28	85	11	treasuries	treasury	NOUN
emaj-28	85	12	has	have	VERB
emaj-28	85	13	a	a	DET
emaj-28	85	14	significant	significant	ADJ
emaj-28	85	15	negative	negative	ADJ
emaj-28	85	16	coefficient	coefficient	NOUN
emaj-28	85	17	of	of	ADP
emaj-28	85	18	-2,36	-2,36	PUNCT
emaj-28	85	19	(	(	PUNCT
emaj-28	85	20	95	95	NUM
emaj-28	85	21	%	%	NOUN
emaj-28	85	22	)	)	PUNCT
emaj-28	85	23	.	.	PUNCT
emaj-28	86	1	4.3	4.3	NUM
emaj-28	86	2	results	result	NOUN
emaj-28	86	3	:	:	PUNCT
emaj-28	86	4	2008	2008	NUM
emaj-28	86	5	–	–	PUNCT
emaj-28	86	6	2011	2011	NUM
emaj-28	86	7	similarly	similarly	ADV
emaj-28	86	8	,	,	PUNCT
emaj-28	86	9	numerous	numerous	ADJ
emaj-28	86	10	tests	test	NOUN
emaj-28	86	11	have	have	AUX
emaj-28	86	12	been	be	AUX
emaj-28	86	13	applied	apply	VERB
emaj-28	86	14	to	to	PART
emaj-28	86	15	select	select	VERB
emaj-28	86	16	the	the	DET
emaj-28	86	17	significant	significant	ADJ
emaj-28	86	18	currencies	currency	NOUN
emaj-28	86	19	either	either	CCONJ
emaj-28	86	20	among	among	ADP
emaj-28	86	21	major	major	ADJ
emaj-28	86	22	currencies	currency	NOUN
emaj-28	86	23	or	or	CCONJ
emaj-28	86	24	among	among	ADP
emaj-28	86	25	the	the	DET
emaj-28	86	26	leading	lead	VERB
emaj-28	86	27	gold	gold	NOUN
emaj-28	86	28	importing	importing	NOUN
emaj-28	86	29	/	/	SYM
emaj-28	86	30	exporting	export	VERB
emaj-28	86	31	countries	country	NOUN
emaj-28	86	32	and	and	CCONJ
emaj-28	86	33	credit	credit	NOUN
emaj-28	86	34	default	default	NOUN
emaj-28	86	35	swaps	swap	NOUN
emaj-28	86	36	(	(	PUNCT
emaj-28	86	37	cds	cd	NOUN
emaj-28	86	38	)	)	PUNCT
emaj-28	86	39	of	of	ADP
emaj-28	86	40	emerging	emerge	VERB
emaj-28	86	41	countries	country	NOUN
emaj-28	86	42	;	;	PUNCT
emaj-28	86	43	russian	russian	ADJ
emaj-28	86	44	and	and	CCONJ
emaj-28	86	45	south	south	ADJ
emaj-28	86	46	african	african	ADJ
emaj-28	86	47	credit	credit	NOUN
emaj-28	86	48	default	default	NOUN
emaj-28	86	49	swaps	swap	NOUN
emaj-28	86	50	’	'	PUNCT
emaj-28	86	51	returns	return	NOUN
emaj-28	86	52	are	be	AUX
emaj-28	86	53	found	find	VERB
emaj-28	86	54	to	to	PART
emaj-28	86	55	be	be	AUX
emaj-28	86	56	significant	significant	ADJ
emaj-28	86	57	and	and	CCONJ
emaj-28	86	58	are	be	AUX
emaj-28	86	59	incorporated	incorporate	VERB
emaj-28	86	60	into	into	ADP
emaj-28	86	61	the	the	DET
emaj-28	86	62	model	model	NOUN
emaj-28	86	63	whereas	whereas	SCONJ
emaj-28	86	64	,	,	PUNCT
emaj-28	86	65	swiss	swiss	ADJ
emaj-28	86	66	franc	franc	NOUN
emaj-28	86	67	’s	’s	PART
emaj-28	86	68	,	,	PUNCT
emaj-28	86	69	us	us	PROPN
emaj-28	86	70	dollar	dollar	NOUN
emaj-28	86	71	’s	’s	PART
emaj-28	86	72	,	,	PUNCT
emaj-28	86	73	norwegian	norwegian	ADJ
emaj-28	86	74	krone	krone	NOUN
emaj-28	86	75	’s	’s	PART
emaj-28	86	76	,	,	PUNCT
emaj-28	86	77	canadian	canadian	ADJ
emaj-28	86	78	dollar	dollar	NOUN
emaj-28	86	79	’s	’s	PART
emaj-28	86	80	,	,	PUNCT
emaj-28	86	81	chinese	chinese	PROPN
emaj-28	86	82	yuan	yuan	PROPN
emaj-28	86	83	’s	’s	PART
emaj-28	86	84	and	and	CCONJ
emaj-28	86	85	south	south	ADJ
emaj-28	86	86	african	african	ADJ
emaj-28	86	87	rand	rand	PROPN
emaj-28	86	88	’s	’s	PART
emaj-28	86	89	returns	return	NOUN
emaj-28	86	90	are	be	AUX
emaj-28	86	91	incorporated	incorporate	VERB
emaj-28	86	92	to	to	ADP
emaj-28	86	93	the	the	DET
emaj-28	86	94	model	model	NOUN
emaj-28	86	95	with	with	ADP
emaj-28	86	96	a	a	DET
emaj-28	86	97	similar	similar	ADJ
emaj-28	86	98	fashion	fashion	NOUN
emaj-28	86	99	.	.	PUNCT
emaj-28	87	1	the	the	DET
emaj-28	87	2	remaining	remain	VERB
emaj-28	87	3	significant	significant	ADJ
emaj-28	87	4	independent	independent	ADJ
emaj-28	87	5	variables	variable	NOUN
emaj-28	87	6	were	be	AUX
emaj-28	87	7	namely	namely	ADV
emaj-28	87	8	;	;	PUNCT
emaj-28	87	9	return	return	NOUN
emaj-28	87	10	of	of	ADP
emaj-28	87	11	10	10	NUM
emaj-28	87	12	year	year	NOUN
emaj-28	87	13	us	us	PROPN
emaj-28	87	14	treasury	treasury	PROPN
emaj-28	87	15	bonds	bond	NOUN
emaj-28	87	16	,	,	PUNCT
emaj-28	87	17	return	return	NOUN
emaj-28	87	18	of	of	ADP
emaj-28	87	19	oil	oil	NOUN
emaj-28	87	20	prices	price	NOUN
emaj-28	87	21	,	,	PUNCT
emaj-28	87	22	return	return	NOUN
emaj-28	87	23	of	of	ADP
emaj-28	87	24	silver	silver	NOUN
emaj-28	87	25	and	and	CCONJ
emaj-28	87	26	a	a	DET
emaj-28	87	27	volatility	volatility	NOUN
emaj-28	87	28	index	index	NOUN
emaj-28	87	29	,	,	PUNCT
emaj-28	87	30	vix	vix	PROPN
emaj-28	87	31	.	.	PUNCT
emaj-28	88	1	table	table	NOUN
emaj-28	88	2	3	3	NUM
emaj-28	88	3	garch	garch	NOUN
emaj-28	88	4	model	model	NOUN
emaj-28	88	5	estimation	estimation	NOUN
emaj-28	88	6	results	result	NOUN
emaj-28	88	7	for	for	ADP
emaj-28	88	8	the	the	DET
emaj-28	88	9	2008	2008	NUM
emaj-28	88	10	-	-	SYM
emaj-28	88	11	2011	2011	NUM
emaj-28	88	12	period	period	NOUN
emaj-28	88	13	number	number	NOUN
emaj-28	88	14	of	of	ADP
emaj-28	88	15	obs	obs	PROPN
emaj-28	88	16	=	=	SYM
emaj-28	88	17	1074	1074	NUM
emaj-28	88	18	wald	wald	X
emaj-28	88	19	chi2(10	chi2(10	PROPN
emaj-28	88	20	)	)	PUNCT
emaj-28	88	21	=	=	PUNCT
emaj-28	89	1	773.82	773.82	NUM
emaj-28	89	2	log	log	NOUN
emaj-28	89	3	likelihood	likelihood	NOUN
emaj-28	89	4	=	=	SYM
emaj-28	89	5	3393.523	3393.523	NUM
emaj-28	89	6	rusdgold	rusdgold	NOUN
emaj-28	89	7	coef	coef	PROPN
emaj-28	89	8	.	.	PUNCT
emaj-28	90	1	std	std	NOUN
emaj-28	90	2	.	.	PUNCT
emaj-28	91	1	err	err	PROPN
emaj-28	91	2	.	.	PUNCT
emaj-28	92	1	z	z	NOUN
emaj-28	92	2	p>|z|	p>|z|	VERB
emaj-28	92	3	ruscds	ruscd	NOUN
emaj-28	93	1	0.0207681	0.0207681	NUM
emaj-28	93	2	0.0118665	0.0118665	NUM
emaj-28	93	3	1.75	1.75	NUM
emaj-28	93	4	*	*	SYM
emaj-28	93	5	0.080	0.080	NUM
emaj-28	93	6	rsacds	rsacds	ADJ
emaj-28	93	7	0.0157120	0.0157120	NUM
emaj-28	93	8	0.0118541	0.0118541	NUM
emaj-28	93	9	1.33	1.33	NUM
emaj-28	93	10	0.185	0.185	NUM
emaj-28	93	11	rus10tr	rus10tr	NOUN
emaj-28	93	12	0.0355800	0.0355800	NUM
emaj-28	93	13	0.6220940	0.6220940	NUM
emaj-28	93	14	0.57	0.57	NUM
emaj-28	93	15	*	*	NUM
emaj-28	93	16	0.056	0.056	NUM
emaj-28	93	17	roil	roil	VERB
emaj-28	93	18	0.0237889	0.0237889	NUM
emaj-28	93	19	0.0144552	0.0144552	NUM
emaj-28	93	20	1.65	1.65	NUM
emaj-28	93	21	*	*	SYM
emaj-28	93	22	0.100	0.100	NUM
emaj-28	93	23	rsilver	rsilver	NOUN
emaj-28	93	24	0.1797550	0.1797550	NUM
emaj-28	93	25	0.0133826	0.0133826	NUM
emaj-28	93	26	13.43	13.43	NUM
emaj-28	93	27	*	*	PUNCT
emaj-28	93	28	*	*	PUNCT
emaj-28	93	29	*	*	PUNCT
emaj-28	93	30	0.000	0.000	NUM
emaj-28	93	31	rvix	rvix	VERB
emaj-28	93	32	0.0139063	0.0139063	NUM
emaj-28	93	33	0.0051861	0.0051861	NUM
emaj-28	93	34	2.68	2.68	NUM
emaj-28	93	35	*	*	PUNCT
emaj-28	93	36	*	*	PUNCT
emaj-28	93	37	*	*	PUNCT
emaj-28	93	38	0.007	0.007	NUM
emaj-28	93	39	rchfusd	rchfusd	NOUN
emaj-28	93	40	-0.2967927	-0.2967927	VERB
emaj-28	93	41	0.0657169	0.0657169	NUM
emaj-28	93	42	-4.52	-4.52	NOUN
emaj-28	93	43	*	*	PUNCT
emaj-28	93	44	*	*	PUNCT
emaj-28	93	45	*	*	PUNCT
emaj-28	93	46	0.000	0.000	NUM
emaj-28	93	47	rusd	rusd	NOUN
emaj-28	93	48	1.4345070	1.4345070	NUM
emaj-28	93	49	0.2602825	0.2602825	NUM
emaj-28	93	50	5.51	5.51	NUM
emaj-28	93	51	*	*	PUNCT
emaj-28	93	52	*	*	PUNCT
emaj-28	93	53	*	*	PUNCT
emaj-28	93	54	0.000	0.000	NUM
emaj-28	93	55	rnokusd	rnokusd	NOUN
emaj-28	93	56	-0.1988765	-0.1988765	PROPN
emaj-28	93	57	0.0661018	0.0661018	NUM
emaj-28	93	58	-3.01	-3.01	VERB
emaj-28	93	59	*	*	PUNCT
emaj-28	93	60	*	*	PROPN
emaj-28	93	61	*	*	PUNCT
emaj-28	93	62	0.003	0.003	NUM
emaj-28	93	63	rcadusd	rcadusd	ADJ
emaj-28	93	64	-0.2547862	-0.2547862	NOUN
emaj-28	93	65	0.0605062	0.0605062	NUM
emaj-28	93	66	-4.21	-4.21	NOUN
emaj-28	93	67	*	*	NOUN
emaj-28	93	68	*	*	PROPN
emaj-28	93	69	*	*	PUNCT
emaj-28	93	70	0.000	0.000	NUM
emaj-28	93	71	rcnyusd	rcnyusd	NOUN
emaj-28	93	72	-0.5694361	-0.5694361	NOUN
emaj-28	93	73	0.2606366	0.2606366	NUM
emaj-28	94	1	-2.18	-2.18	NUM
emaj-28	94	2	*	*	PUNCT
emaj-28	94	3	*	*	PROPN
emaj-28	94	4	0.029	0.029	NUM
emaj-28	94	5	rzarusd	rzarusd	PROPN
emaj-28	94	6	-0.0277312	-0.0277312	NOUN
emaj-28	94	7	0.0351942	0.0351942	NUM
emaj-28	94	8	-0.79	-0.79	NOUN
emaj-28	94	9	0.431	0.431	NUM
emaj-28	94	10	cons	con	NOUN
emaj-28	94	11	0.0003865	0.0003865	NUM
emaj-28	94	12	0.0002850	0.0002850	NUM
emaj-28	94	13	1.36	1.36	NUM
emaj-28	94	14	0.175	0.175	NUM
emaj-28	94	15	arch	arch	ADJ
emaj-28	94	16	arch	arch	NOUN
emaj-28	94	17	l1	l1	PROPN
emaj-28	94	18	.	.	PUNCT
emaj-28	95	1	0.0783626	0.0783626	NUM
emaj-28	95	2	0.012625	0.012625	NUM
emaj-28	95	3	6.21	6.21	NUM
emaj-28	95	4	0.000	0.000	NUM
emaj-28	95	5	garch	garch	NOUN
emaj-28	95	6	l1	l1	PROPN
emaj-28	95	7	.	.	PUNCT
emaj-28	96	1	0.9071669	0.9071669	NUM
emaj-28	96	2	0.0145162	0.0145162	NUM
emaj-28	96	3	62.49	62.49	NUM
emaj-28	96	4	0.000	0.000	NUM
emaj-28	96	5	cons	con	NOUN
emaj-28	96	6	1.76e-06	1.76e-06	NUM
emaj-28	96	7	6.31e-07	6.31e-07	NUM
emaj-28	96	8	2.78	2.78	NUM
emaj-28	96	9	0.005	0.005	NUM
emaj-28	96	10	*	*	PUNCT
emaj-28	96	11	indicates	indicate	VERB
emaj-28	96	12	statistical	statistical	ADJ
emaj-28	96	13	significance	significance	NOUN
emaj-28	96	14	at	at	ADP
emaj-28	96	15	the	the	DET
emaj-28	96	16	10	10	NUM
emaj-28	96	17	%	%	NOUN
emaj-28	96	18	level	level	NOUN
emaj-28	96	19	*	*	PUNCT
emaj-28	96	20	*	*	PUNCT
emaj-28	96	21	indicates	indicate	VERB
emaj-28	96	22	statistical	statistical	ADJ
emaj-28	96	23	significance	significance	NOUN
emaj-28	96	24	at	at	ADP
emaj-28	96	25	the	the	DET
emaj-28	96	26	5	5	NUM
emaj-28	96	27	%	%	NOUN
emaj-28	96	28	level	level	NOUN
emaj-28	96	29	*	*	PUNCT
emaj-28	96	30	*	*	PUNCT
emaj-28	96	31	*	*	PUNCT
emaj-28	96	32	indicates	indicate	VERB
emaj-28	96	33	statistical	statistical	ADJ
emaj-28	96	34	significance	significance	NOUN
emaj-28	96	35	at	at	ADP
emaj-28	96	36	the	the	DET
emaj-28	96	37	1	1	NUM
emaj-28	96	38	%	%	NOUN
emaj-28	96	39	level	level	NOUN
emaj-28	96	40	a	a	DET
emaj-28	96	41	garch	garch	NOUN
emaj-28	96	42	(	(	PUNCT
emaj-28	96	43	1,1	1,1	NUM
emaj-28	96	44	)	)	PUNCT
emaj-28	96	45	model	model	NOUN
emaj-28	96	46	shows	show	VERB
emaj-28	96	47	us	we	PRON
emaj-28	96	48	the	the	DET
emaj-28	96	49	estimated	estimate	VERB
emaj-28	96	50	coefficients	coefficient	NOUN
emaj-28	96	51	in	in	ADP
emaj-28	96	52	table	table	NOUN
emaj-28	96	53	3	3	NUM
emaj-28	96	54	.	.	PUNCT
emaj-28	96	55	silver	silver	NOUN
emaj-28	96	56	,	,	PUNCT
emaj-28	96	57	as	as	ADP
emaj-28	96	58	a	a	DET
emaj-28	96	59	substitute	substitute	NOUN
emaj-28	96	60	,	,	PUNCT
emaj-28	96	61	has	have	VERB
emaj-28	96	62	the	the	DET
emaj-28	96	63	largest	large	ADJ
emaj-28	96	64	influence	influence	NOUN
emaj-28	96	65	on	on	ADP
emaj-28	96	66	the	the	DET
emaj-28	96	67	gold	gold	NOUN
emaj-28	96	68	prices	price	NOUN
emaj-28	96	69	with	with	ADP
emaj-28	96	70	a	a	DET
emaj-28	96	71	z	z	NOUN
emaj-28	96	72	-	-	NOUN
emaj-28	96	73	statistic	statistic	NOUN
emaj-28	96	74	of	of	ADP
emaj-28	96	75	13.43	13.43	NUM
emaj-28	96	76	(	(	PUNCT
emaj-28	96	77	99	99	NUM
emaj-28	96	78	%	%	NOUN
emaj-28	96	79	significant	significant	ADJ
emaj-28	96	80	)	)	PUNCT
emaj-28	96	81	.	.	PUNCT
emaj-28	97	1	usd	usd	NOUN
emaj-28	97	2	returns	return	NOUN
emaj-28	97	3	are	be	AUX
emaj-28	97	4	conforming	conform	VERB
emaj-28	97	5	to	to	ADP
emaj-28	97	6	the	the	DET
emaj-28	97	7	earlier	early	ADJ
emaj-28	97	8	studies	study	NOUN
emaj-28	97	9	and	and	CCONJ
emaj-28	97	10	it	it	PRON
emaj-28	97	11	is	be	AUX
emaj-28	97	12	the	the	DET
emaj-28	97	13	most	most	ADV
emaj-28	97	14	influencing	influence	VERB
emaj-28	97	15	currency	currency	NOUN
emaj-28	97	16	on	on	ADP
emaj-28	97	17	gold	gold	NOUN
emaj-28	97	18	prices	price	NOUN
emaj-28	97	19	with	with	ADP
emaj-28	97	20	a	a	DET
emaj-28	97	21	z	z	NOUN
emaj-28	97	22	-	-	NOUN
emaj-28	97	23	statistic	statistic	NOUN
emaj-28	97	24	of	of	ADP
emaj-28	97	25	5.51	5.51	NUM
emaj-28	97	26	(	(	PUNCT
emaj-28	97	27	99	99	NUM
emaj-28	97	28	%	%	NOUN
emaj-28	97	29	significant	significant	ADJ
emaj-28	97	30	)	)	PUNCT
emaj-28	97	31	.	.	PUNCT
emaj-28	98	1	volatility	volatility	NOUN
emaj-28	98	2	index	index	NOUN
emaj-28	98	3	is	be	AUX
emaj-28	98	4	also	also	ADV
emaj-28	98	5	significant	significant	ADJ
emaj-28	98	6	with	with	ADP
emaj-28	98	7	a	a	DET
emaj-28	98	8	z	z	NOUN
emaj-28	98	9	-	-	NOUN
emaj-28	98	10	statistic	statistic	NOUN
emaj-28	98	11	of	of	ADP
emaj-28	98	12	2.68	2.68	NUM
emaj-28	98	13	(	(	PUNCT
emaj-28	98	14	99	99	NUM
emaj-28	98	15	%	%	NOUN
emaj-28	98	16	significant	significant	ADJ
emaj-28	98	17	)	)	PUNCT
emaj-28	98	18	which	which	PRON
emaj-28	98	19	may	may	AUX
emaj-28	98	20	indicate	indicate	VERB
emaj-28	98	21	that	that	SCONJ
emaj-28	98	22	at	at	ADP
emaj-28	98	23	times	time	NOUN
emaj-28	98	24	of	of	ADP
emaj-28	98	25	uncertainty	uncertainty	NOUN
emaj-28	98	26	,	,	PUNCT
emaj-28	98	27	gold	gold	NOUN
emaj-28	98	28	prices	price	NOUN
emaj-28	98	29	gain	gain	VERB
emaj-28	98	30	value	value	NOUN
emaj-28	98	31	.	.	PUNCT
emaj-28	99	1	oil	oil	NOUN
emaj-28	99	2	prices	price	NOUN
emaj-28	99	3	with	with	ADP
emaj-28	99	4	a	a	DET
emaj-28	99	5	z	z	NOUN
emaj-28	99	6	-	-	NOUN
emaj-28	99	7	statistic	statistic	NOUN
emaj-28	99	8	of	of	ADP
emaj-28	99	9	1.65	1.65	NUM
emaj-28	99	10	and	and	CCONJ
emaj-28	99	11	russian	russian	ADJ
emaj-28	99	12	cdss	cdss	NOUN
emaj-28	99	13	with	with	ADP
emaj-28	99	14	a	a	DET
emaj-28	99	15	z	z	NOUN
emaj-28	99	16	-	-	PUNCT
emaj-28	99	17	statistic	statistic	NOUN
emaj-28	99	18	of	of	ADP
emaj-28	99	19	1.75	1.75	NUM
emaj-28	99	20	are	be	AUX
emaj-28	99	21	also	also	ADV
emaj-28	99	22	significant	significant	ADJ
emaj-28	99	23	yet	yet	ADV
emaj-28	99	24	,	,	PUNCT
emaj-28	99	25	90	90	NUM
emaj-28	99	26	%	%	NOUN
emaj-28	99	27	.	.	PUNCT
emaj-28	100	1	it	it	PRON
emaj-28	100	2	is	be	AUX
emaj-28	100	3	worth	worth	ADJ
emaj-28	100	4	to	to	PART
emaj-28	100	5	note	note	VERB
emaj-28	100	6	that	that	SCONJ
emaj-28	100	7	for	for	ADP
emaj-28	100	8	hedging	hedging	NOUN
emaj-28	100	9	purposes	purpose	NOUN
emaj-28	100	10	,	,	PUNCT
emaj-28	100	11	swiss	swiss	ADJ
emaj-28	100	12	franc	franc	NOUN
emaj-28	100	13	,	,	PUNCT
emaj-28	100	14	norwegian	norwegian	ADJ
emaj-28	100	15	krone	krone	NOUN
emaj-28	100	16	and	and	CCONJ
emaj-28	100	17	canadian	canadian	ADJ
emaj-28	100	18	dollar	dollar	NOUN
emaj-28	100	19	have	have	VERB
emaj-28	100	20	significant	significant	ADJ
emaj-28	100	21	(	(	PUNCT
emaj-28	100	22	99	99	NUM
emaj-28	100	23	%	%	NOUN
emaj-28	100	24	)	)	PUNCT
emaj-28	100	25	negative	negative	ADJ
emaj-28	100	26	coefficients	coefficient	NOUN
emaj-28	100	27	-4,52	-4,52	PUNCT
emaj-28	100	28	,	,	PUNCT
emaj-28	100	29	-3,01	-3,01	PUNCT
emaj-28	100	30	and	and	CCONJ
emaj-28	100	31	-4,21	-4,21	PUNCT
emaj-28	100	32	respectively	respectively	ADV
emaj-28	100	33	and	and	CCONJ
emaj-28	100	34	chinese	chinese	ADJ
emaj-28	100	35	yuan	yuan	PROPN
emaj-28	100	36	has	have	VERB
emaj-28	100	37	a	a	DET
emaj-28	100	38	significant	significant	ADJ
emaj-28	100	39	negative	negative	ADJ
emaj-28	100	40	coefficient	coefficient	NOUN
emaj-28	100	41	of	of	ADP
emaj-28	100	42	-2,18	-2,18	PUNCT
emaj-28	100	43	(	(	PUNCT
emaj-28	100	44	95	95	NUM
emaj-28	100	45	%	%	NOUN
emaj-28	100	46	)	)	PUNCT
emaj-28	100	47	.	.	PUNCT
emaj-28	101	1	v.	v.	ADP
emaj-28	101	2	conclusion	conclusion	NOUN
emaj-28	101	3	  	  	SPACE
emaj-28	101	4	this	this	DET
emaj-28	101	5	paper	paper	NOUN
emaj-28	101	6	has	have	AUX
emaj-28	101	7	examined	examine	VERB
emaj-28	101	8	the	the	DET
emaj-28	101	9	fit	fit	NOUN
emaj-28	101	10	of	of	ADP
emaj-28	101	11	the	the	DET
emaj-28	101	12	garch	garch	NOUN
emaj-28	101	13	model	model	NOUN
emaj-28	101	14	for	for	ADP
emaj-28	101	15	gold	gold	NOUN
emaj-28	101	16	returns	return	NOUN
emaj-28	101	17	and	and	CCONJ
emaj-28	101	18	provides	provide	VERB
emaj-28	101	19	evidence	evidence	NOUN
emaj-28	101	20	that	that	SCONJ
emaj-28	101	21	return	return	NOUN
emaj-28	101	22	of	of	ADP
emaj-28	101	23	silver	silver	NOUN
emaj-28	101	24	,	,	PUNCT
emaj-28	101	25	usd	usd	NOUN
emaj-28	101	26	returns	return	NOUN
emaj-28	101	27	and	and	CCONJ
emaj-28	101	28	change	change	NOUN
emaj-28	101	29	in	in	ADP
emaj-28	101	30	the	the	DET
emaj-28	101	31	volatility	volatility	NOUN
emaj-28	101	32	index	index	NOUN
emaj-28	101	33	influences	influence	VERB
emaj-28	101	34	gold	gold	NOUN
emaj-28	101	35	returns	return	NOUN
emaj-28	101	36	positively	positively	ADV
emaj-28	101	37	whereas	whereas	SCONJ
emaj-28	101	38	,	,	PUNCT
emaj-28	101	39	swiss	swiss	ADJ
emaj-28	101	40	franc	franc	NOUN
emaj-28	101	41	and	and	CCONJ
emaj-28	101	42	canadian	canadian	ADJ
emaj-28	101	43	dollar	dollar	NOUN
emaj-28	101	44	returns	return	NOUN
emaj-28	101	45	influence	influence	NOUN
emaj-28	101	46	gold	gold	NOUN
emaj-28	101	47	returns	return	NOUN
emaj-28	101	48	negatively	negatively	ADV
emaj-28	101	49	regardless	regardless	ADV
emaj-28	101	50	of	of	ADP
emaj-28	101	51	presence	presence	NOUN
emaj-28	101	52	of	of	ADP
emaj-28	101	53	the	the	DET
emaj-28	101	54	2008	2008	NUM
emaj-28	101	55	crisis	crisis	NOUN
emaj-28	101	56	.	.	PUNCT
emaj-28	102	1	in	in	ADP
emaj-28	102	2	times	time	NOUN
emaj-28	102	3	of	of	ADP
emaj-28	102	4	stress	stress	NOUN
emaj-28	102	5	,	,	PUNCT
emaj-28	102	6	our	our	PRON
emaj-28	102	7	findings	finding	NOUN
emaj-28	102	8	indicate	indicate	VERB
emaj-28	102	9	that	that	SCONJ
emaj-28	102	10	swiss	swiss	ADJ
emaj-28	102	11	franc	franc	NOUN
emaj-28	102	12	,	,	PUNCT
emaj-28	102	13	norwegian	norwegian	ADJ
emaj-28	102	14	krone	krone	NOUN
emaj-28	102	15	and	and	CCONJ
emaj-28	102	16	canadian	canadian	ADJ
emaj-28	102	17	dollar	dollar	NOUN
emaj-28	102	18	function	function	NOUN
emaj-28	102	19	as	as	ADP
emaj-28	102	20	haven	haven	NOUN
emaj-28	102	21	whereas	whereas	SCONJ
emaj-28	102	22	,	,	PUNCT
emaj-28	102	23	on	on	ADP
emaj-28	102	24	average	average	ADJ
emaj-28	102	25	,	,	PUNCT
emaj-28	102	26	swiss	swiss	ADJ
emaj-28	102	27	franc	franc	NOUN
emaj-28	102	28	,	,	PUNCT
emaj-28	102	29	canadian	canadian	ADJ
emaj-28	102	30	dollar	dollar	NOUN
emaj-28	102	31	and	and	CCONJ
emaj-28	102	32	10	10	NUM
emaj-28	102	33	year	year	NOUN
emaj-28	102	34	us	us	PROPN
emaj-28	102	35	treasuries	treasury	NOUN
emaj-28	102	36	function	function	VERB
emaj-28	102	37	as	as	ADP
emaj-28	102	38	a	a	DET
emaj-28	102	39	hedge	hedge	NOUN
emaj-28	102	40	against	against	ADP
emaj-28	102	41	gold	gold	NOUN
emaj-28	102	42	but	but	CCONJ
emaj-28	102	43	we	we	PRON
emaj-28	102	44	provide	provide	VERB
emaj-28	102	45	no	no	DET
emaj-28	102	46	evidence	evidence	NOUN
emaj-28	102	47	for	for	ADP
emaj-28	102	48	the	the	DET
emaj-28	102	49	us	us	PROPN
emaj-28	102	50	dollar	dollar	NOUN
emaj-28	102	51	therefore	therefore	ADV
emaj-28	102	52	our	our	PRON
emaj-28	102	53	findings	finding	NOUN
emaj-28	102	54	support	support	VERB
emaj-28	102	55	the	the	DET
emaj-28	102	56	study	study	NOUN
emaj-28	102	57	of	of	ADP
emaj-28	102	58	joy	joy	NOUN
emaj-28	102	59	(	(	PUNCT
emaj-28	102	60	2011	2011	NUM
emaj-28	102	61	)	)	PUNCT
emaj-28	102	62	.	.	PUNCT
emaj-28	103	1	the	the	DET
emaj-28	103	2	case	case	NOUN
emaj-28	103	3	for	for	ADP
emaj-28	103	4	gold	gold	NOUN
emaj-28	103	5	revisited	revisit	VERB
emaj-28	103	6	:	:	PUNCT
emaj-28	103	7	a	a	DET
emaj-28	103	8	safe	safe	ADJ
emaj-28	103	9	heaven	heaven	NOUN
emaj-28	103	10	or	or	CCONJ
emaj-28	103	11	a	a	DET
emaj-28	103	12	hedge	hedge	NOUN
emaj-28	103	13	?	?	PUNCT
emaj-28	104	1	emerging	emerge	VERB
emaj-28	104	2	markets	market	NOUN
emaj-28	104	3	journal	journal	NOUN
emaj-28	104	4	|	|	ADV
emaj-28	104	5	p	p	NOUN
emaj-28	104	6	a	a	PRON
emaj-28	104	7	g	g	NOUN
emaj-28	104	8	e	e	NOUN
emaj-28	105	1	|	|	ADV
emaj-28	105	2	5	5	NUM
emaj-28	105	3	volume	volume	NOUN
emaj-28	105	4	2	2	NUM
emaj-28	105	5	(	(	PUNCT
emaj-28	105	6	2012	2012	NUM
emaj-28	105	7	)	)	PUNCT
emaj-28	105	8	|	|	ADV
emaj-28	105	9	issn	issn	VERB
emaj-28	105	10	2158	2158	NUM
emaj-28	105	11	-	-	SYM
emaj-28	105	12	8708	8708	NUM
emaj-28	105	13	(	(	PUNCT
emaj-28	105	14	online	online	NOUN
emaj-28	105	15	)	)	PUNCT
emaj-28	106	1	|	|	ADV
emaj-28	106	2	doi	doi	X
emaj-28	106	3	10.5195	10.5195	NUM
emaj-28	106	4	/	/	SYM
emaj-28	106	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	107	1	|	|	NOUN
emaj-28	107	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-28	107	3	vi	vi	PROPN
emaj-28	107	4	.	.	PUNCT
emaj-28	107	5	references	reference	NOUN
emaj-28	107	6	  	  	SPACE
emaj-28	107	7	1	1	NUM
emaj-28	107	8	.	.	PUNCT
emaj-28	107	9	koutsoyiannis	koutsoyiannis	NOUN
emaj-28	107	10	,	,	PUNCT
emaj-28	107	11	a.	a.	NOUN
emaj-28	107	12	:	:	PUNCT
emaj-28	107	13	a	a	DET
emaj-28	107	14	short	short	ADJ
emaj-28	107	15	-	-	PUNCT
emaj-28	107	16	run	run	NOUN
emaj-28	107	17	pricing	pricing	NOUN
emaj-28	107	18	model	model	NOUN
emaj-28	107	19	for	for	ADP
emaj-28	107	20	a	a	DET
emaj-28	107	21	speculative	speculative	ADJ
emaj-28	107	22	asset	asset	NOUN
emaj-28	107	23	,	,	PUNCT
emaj-28	107	24	tested	test	VERB
emaj-28	107	25	with	with	ADP
emaj-28	107	26	data	datum	NOUN
emaj-28	107	27	from	from	ADP
emaj-28	107	28	the	the	DET
emaj-28	107	29	gold	gold	NOUN
emaj-28	107	30	bullion	bullion	NOUN
emaj-28	107	31	market	market	NOUN
emaj-28	107	32	.	.	PUNCT
emaj-28	108	1	applied	apply	VERB
emaj-28	108	2	economics	economic	NOUN
emaj-28	108	3	.	.	PUNCT
emaj-28	109	1	15	15	NUM
emaj-28	109	2	,	,	PUNCT
emaj-28	109	3	563	563	NUM
emaj-28	109	4	-	-	SYM
emaj-28	109	5	581(1983	581(1983	NUM
emaj-28	109	6	)	)	PUNCT
emaj-28	109	7	2	2	NUM
emaj-28	109	8	.	.	X
emaj-28	109	9	tandon	tandon	PROPN
emaj-28	109	10	,	,	PUNCT
emaj-28	109	11	k.	k.	PROPN
emaj-28	109	12	,	,	PUNCT
emaj-28	109	13	and	and	CCONJ
emaj-28	109	14	t.	t.	PROPN
emaj-28	109	15	,	,	PUNCT
emaj-28	109	16	urich	urich	PROPN
emaj-28	109	17	.	.	PUNCT
emaj-28	109	18	:	:	PUNCT
emaj-28	110	1	international	international	ADJ
emaj-28	110	2	market	market	NOUN
emaj-28	110	3	response	response	NOUN
emaj-28	110	4	to	to	ADP
emaj-28	110	5	announcements	announcement	NOUN
emaj-28	110	6	of	of	ADP
emaj-28	110	7	us	we	PRON
emaj-28	110	8	macroeconomic	macroeconomic	ADJ
emaj-28	110	9	data	datum	NOUN
emaj-28	110	10	.	.	PUNCT
emaj-28	111	1	journal	journal	PROPN
emaj-28	111	2	of	of	ADP
emaj-28	111	3	international	international	ADJ
emaj-28	111	4	money	money	NOUN
emaj-28	111	5	and	and	CCONJ
emaj-28	111	6	finance	finance	NOUN
emaj-28	111	7	.	.	PUNCT
emaj-28	112	1	6	6	NUM
emaj-28	112	2	,	,	PUNCT
emaj-28	112	3	(	(	PUNCT
emaj-28	112	4	1987	1987	NUM
emaj-28	112	5	)	)	PUNCT
emaj-28	112	6	3	3	NUM
emaj-28	112	7	.	.	PUNCT
emaj-28	112	8	levin	levin	PROPN
emaj-28	112	9	,	,	PUNCT
emaj-28	112	10	e.j	e.j	PROPN
emaj-28	112	11	.	.	PROPN
emaj-28	112	12	,	,	PUNCT
emaj-28	112	13	p.	p.	PROPN
emaj-28	112	14	macmillan	macmillan	PROPN
emaj-28	112	15	,	,	PUNCT
emaj-28	112	16	r.e	r.e	PROPN
emaj-28	112	17	.	.	PROPN
emaj-28	112	18	wright	wright	PROPN
emaj-28	112	19	and	and	CCONJ
emaj-28	112	20	d.	d.	PROPN
emaj-28	112	21	ghosh	ghosh	PROPN
emaj-28	112	22	.	.	PUNCT
emaj-28	112	23	:	:	PUNCT
emaj-28	113	1	gold	gold	NOUN
emaj-28	113	2	as	as	ADP
emaj-28	113	3	an	an	DET
emaj-28	113	4	inflation	inflation	NOUN
emaj-28	113	5	hedge	hedge	NOUN
emaj-28	113	6	?	?	PUNCT
emaj-28	114	1	studies	study	NOUN
emaj-28	114	2	in	in	ADP
emaj-28	114	3	economics	economic	NOUN
emaj-28	114	4	and	and	CCONJ
emaj-28	114	5	finance	finance	NOUN
emaj-28	114	6	.	.	PUNCT
emaj-28	115	1	22(1),1	22(1),1	NUM
emaj-28	115	2	-	-	SYM
emaj-28	115	3	25	25	NUM
emaj-28	115	4	(	(	PUNCT
emaj-28	115	5	2004	2004	NUM
emaj-28	115	6	)	)	PUNCT
emaj-28	115	7	4	4	NUM
emaj-28	115	8	.	.	PUNCT
emaj-28	116	1	baker	baker	PROPN
emaj-28	116	2	s.a	s.a	PROPN
emaj-28	116	3	.	.	PROPN
emaj-28	116	4	and	and	CCONJ
emaj-28	116	5	van	van	PROPN
emaj-28	116	6	-	-	PUNCT
emaj-28	116	7	tassel	tassel	NOUN
emaj-28	116	8	,	,	PUNCT
emaj-28	116	9	r.c	r.c	PROPN
emaj-28	116	10	.	.	PROPN
emaj-28	116	11	:	:	PUNCT
emaj-28	116	12	forecasting	forecast	VERB
emaj-28	116	13	the	the	DET
emaj-28	116	14	price	price	NOUN
emaj-28	116	15	of	of	ADP
emaj-28	116	16	gold	gold	NOUN
emaj-28	116	17	:	:	PUNCT
emaj-28	116	18	a	a	DET
emaj-28	116	19	fundamentalist	fundamentalist	ADJ
emaj-28	116	20	approach	approach	NOUN
emaj-28	116	21	.	.	PUNCT
emaj-28	117	1	12(4	12(4	NUM
emaj-28	117	2	)	)	PUNCT
emaj-28	117	3	,	,	PUNCT
emaj-28	117	4	43	43	NUM
emaj-28	117	5	-	-	SYM
emaj-28	117	6	51	51	NUM
emaj-28	117	7	(	(	PUNCT
emaj-28	117	8	1985	1985	NUM
emaj-28	117	9	)	)	PUNCT
emaj-28	117	10	5	5	NUM
emaj-28	117	11	.	.	X
emaj-28	118	1	baur	baur	PROPN
emaj-28	118	2	,	,	PUNCT
emaj-28	118	3	dg	dg	PROPN
emaj-28	118	4	and	and	CCONJ
emaj-28	118	5	lucey	lucey	PROPN
emaj-28	118	6	,	,	PUNCT
emaj-28	118	7	bm	bm	PROPN
emaj-28	118	8	.	.	PUNCT
emaj-28	118	9	:	:	PUNCT
emaj-28	118	10	is	be	AUX
emaj-28	118	11	gold	gold	NOUN
emaj-28	118	12	a	a	DET
emaj-28	118	13	hedge	hedge	NOUN
emaj-28	118	14	or	or	CCONJ
emaj-28	118	15	a	a	DET
emaj-28	118	16	safe	safe	ADJ
emaj-28	118	17	haven	haven	NOUN
emaj-28	118	18	?	?	PUNCT
emaj-28	119	1	an	an	DET
emaj-28	119	2	analysis	analysis	NOUN
emaj-28	119	3	of	of	ADP
emaj-28	119	4	stocks	stock	NOUN
emaj-28	119	5	,	,	PUNCT
emaj-28	119	6	bonds	bond	NOUN
emaj-28	119	7	and	and	CCONJ
emaj-28	119	8	gold	gold	NOUN
emaj-28	119	9	.	.	PUNCT
emaj-28	120	1	financial	financial	ADJ
emaj-28	120	2	review	review	PROPN
emaj-28	120	3	.	.	PUNCT
emaj-28	121	1	45	45	NUM
emaj-28	121	2	,	,	PUNCT
emaj-28	121	3	217–229	217–229	NUM
emaj-28	121	4	,	,	PUNCT
emaj-28	121	5	(	(	PUNCT
emaj-28	121	6	2010	2010	NUM
emaj-28	121	7	)	)	PUNCT
emaj-28	121	8	6	6	NUM
emaj-28	121	9	.	.	PUNCT
emaj-28	121	10	capie	capie	NOUN
emaj-28	121	11	,	,	PUNCT
emaj-28	121	12	f.	f.	PROPN
emaj-28	121	13	,	,	PUNCT
emaj-28	121	14	t.	t.	PROPN
emaj-28	121	15	c.	c.	PROPN
emaj-28	121	16	mills	mill	NOUN
emaj-28	121	17	and	and	CCONJ
emaj-28	121	18	g.	g.	PROPN
emaj-28	121	19	wood	wood	PROPN
emaj-28	121	20	.	.	PUNCT
emaj-28	121	21	:	:	PUNCT
emaj-28	122	1	gold	gold	NOUN
emaj-28	122	2	as	as	ADP
emaj-28	122	3	a	a	DET
emaj-28	122	4	hedge	hedge	NOUN
emaj-28	122	5	against	against	ADP
emaj-28	122	6	the	the	DET
emaj-28	122	7	dollar	dollar	NOUN
emaj-28	122	8	.	.	PUNCT
emaj-28	123	1	journal	journal	PROPN
emaj-28	123	2	of	of	ADP
emaj-28	123	3	international	international	ADJ
emaj-28	123	4	financial	financial	ADJ
emaj-28	123	5	markets	market	NOUN
emaj-28	123	6	,	,	PUNCT
emaj-28	123	7	institutions	institution	NOUN
emaj-28	123	8	and	and	CCONJ
emaj-28	123	9	money	money	NOUN
emaj-28	123	10	.	.	PUNCT
emaj-28	124	1	15(4	15(4	NUM
emaj-28	124	2	)	)	PUNCT
emaj-28	124	3	,	,	PUNCT
emaj-28	124	4	343	343	NUM
emaj-28	124	5	-	-	SYM
emaj-28	124	6	352	352	NUM
emaj-28	124	7	,	,	PUNCT
emaj-28	124	8	(	(	PUNCT
emaj-28	124	9	2005	2005	NUM
emaj-28	124	10	)	)	PUNCT
emaj-28	124	11	7	7	NUM
emaj-28	124	12	.	.	PUNCT
emaj-28	125	1	david	david	PROPN
emaj-28	125	2	,	,	PUNCT
emaj-28	125	3	h.	h.	PROPN
emaj-28	125	4	,	,	PUNCT
emaj-28	125	5	d.	d.	PROPN
emaj-28	125	6	paul	paul	PROPN
emaj-28	125	7	and	and	CCONJ
emaj-28	125	8	f.	f.	PROPN
emaj-28	125	9	robert	robert	PROPN
emaj-28	125	10	.	.	PROPN
emaj-28	125	11	:	:	PUNCT
emaj-28	125	12	do	do	VERB
emaj-28	125	13	precious	precious	ADJ
emaj-28	125	14	metals	metal	NOUN
emaj-28	125	15	shine	shine	VERB
emaj-28	125	16	?	?	PUNCT
emaj-28	126	1	an	an	DET
emaj-28	126	2	investment	investment	NOUN
emaj-28	126	3	perspective	perspective	NOUN
emaj-28	126	4	.	.	PUNCT
emaj-28	127	1	financial	financial	ADJ
emaj-28	127	2	analysts	analyst	NOUN
emaj-28	127	3	journal	journal	NOUN
emaj-28	127	4	.	.	PUNCT
emaj-28	128	1	62(2	62(2	NUM
emaj-28	128	2	)	)	PUNCT
emaj-28	128	3	,	,	PUNCT
emaj-28	128	4	98	98	NUM
emaj-28	128	5	,	,	PUNCT
emaj-28	128	6	(	(	PUNCT
emaj-28	128	7	2006	2006	NUM
emaj-28	128	8	)	)	PUNCT
emaj-28	128	9	8	8	NUM
emaj-28	128	10	.	.	PUNCT
emaj-28	129	1	w.	w.	PROPN
emaj-28	129	2	bailey	bailey	PROPN
emaj-28	129	3	.	.	PUNCT
emaj-28	129	4	:	:	PUNCT
emaj-28	130	1	moneysupply	moneysupply	VERB
emaj-28	130	2	announcements	announcement	NOUN
emaj-28	130	3	and	and	CCONJ
emaj-28	130	4	the	the	DET
emaj-28	130	5	ex	ex	NOUN
emaj-28	130	6	ante	ante	NOUN
emaj-28	130	7	volatility	volatility	NOUN
emaj-28	130	8	of	of	ADP
emaj-28	130	9	asset	asset	NOUN
emaj-28	130	10	pricesj	pricesj	NOUN
emaj-28	130	11	.	.	PUNCT
emaj-28	131	1	money	money	NOUN
emaj-28	131	2	,	,	PUNCT
emaj-28	131	3	credit	credit	NOUN
emaj-28	131	4	banking	banking	NOUN
emaj-28	131	5	.	.	PUNCT
emaj-28	132	1	20	20	NUM
emaj-28	132	2	,	,	PUNCT
emaj-28	132	3	611–620	611–620	NUM
emaj-28	132	4	,	,	PUNCT
emaj-28	132	5	(	(	PUNCT
emaj-28	132	6	1988	1988	NUM
emaj-28	132	7	)	)	PUNCT
emaj-28	132	8	9	9	NUM
emaj-28	132	9	.	.	PUNCT
emaj-28	132	10	rohan	rohan	PROPN
emaj-28	132	11	christie	christie	PROPN
emaj-28	132	12	–	–	PUNCT
emaj-28	132	13	david	david	PROPN
emaj-28	132	14	,	,	PUNCT
emaj-28	132	15	mukesh	mukesh	PROPN
emaj-28	132	16	chaudhryb	chaudhryb	PROPN
emaj-28	132	17	,	,	PUNCT
emaj-28	132	18	timothy	timothy	PROPN
emaj-28	132	19	w.	w.	PROPN
emaj-28	132	20	koch	koch	PROPN
emaj-28	132	21	.	.	PUNCT
emaj-28	132	22	:	:	PUNCT
emaj-28	133	1	do	do	AUX
emaj-28	133	2	macroeconomics	macroeconomics	NOUN
emaj-28	133	3	news	news	NOUN
emaj-28	133	4	releases	release	NOUN
emaj-28	133	5	affect	affect	VERB
emaj-28	133	6	gold	gold	NOUN
emaj-28	133	7	and	and	CCONJ
emaj-28	133	8	silver	silver	NOUN
emaj-28	133	9	prices	price	NOUN
emaj-28	133	10	?	?	PUNCT
emaj-28	134	1	journal	journal	NOUN
emaj-28	134	2	of	of	ADP
emaj-28	134	3	economics	economic	NOUN
emaj-28	134	4	and	and	CCONJ
emaj-28	134	5	business	business	NOUN
emaj-28	134	6	.	.	PUNCT
emaj-28	135	1	52(5	52(5	NUM
emaj-28	135	2	)	)	PUNCT
emaj-28	135	3	,	,	PUNCT
emaj-28	135	4	405–421	405–421	NUM
emaj-28	135	5	,	,	PUNCT
emaj-28	135	6	(	(	PUNCT
emaj-28	135	7	september	september	PROPN
emaj-28	135	8	–	–	PUNCT
emaj-28	135	9	october	october	PROPN
emaj-28	135	10	2000	2000	NUM
emaj-28	135	11	)	)	PUNCT
emaj-28	135	12	10	10	NUM
emaj-28	135	13	.	.	PUNCT
emaj-28	136	1	cai	cai	PROPN
emaj-28	136	2	,	,	PUNCT
emaj-28	136	3	j.	j.	PROPN
emaj-28	136	4	,	,	PUNCT
emaj-28	136	5	cheung	cheung	PROPN
emaj-28	136	6	,	,	PUNCT
emaj-28	136	7	y.	y.	PROPN
emaj-28	136	8	-l	-l	PROPN
emaj-28	136	9	.	.	PROPN
emaj-28	136	10	,	,	PUNCT
emaj-28	136	11	&	&	CCONJ
emaj-28	136	12	wong	wong	PROPN
emaj-28	136	13	,	,	PUNCT
emaj-28	136	14	m.	m.	PROPN
emaj-28	136	15	c.	c.	PROPN
emaj-28	136	16	s.	s.	PROPN
emaj-28	136	17	:	:	PUNCT
emaj-28	136	18	what	what	PRON
emaj-28	136	19	moves	move	VERB
emaj-28	136	20	the	the	DET
emaj-28	136	21	gold	gold	NOUN
emaj-28	136	22	market	market	NOUN
emaj-28	136	23	?	?	PUNCT
emaj-28	137	1	journal	journal	NOUN
emaj-28	137	2	of	of	ADP
emaj-28	137	3	futures	future	NOUN
emaj-28	137	4	markets	market	NOUN
emaj-28	137	5	.	.	PUNCT
emaj-28	138	1	21(3	21(3	NUM
emaj-28	138	2	)	)	PUNCT
emaj-28	138	3	,	,	PUNCT
emaj-28	138	4	257–278	257–278	NUM
emaj-28	138	5	,	,	PUNCT
emaj-28	138	6	(	(	PUNCT
emaj-28	138	7	2001	2001	NUM
emaj-28	138	8	)	)	PUNCT
emaj-28	138	9	11	11	NUM
emaj-28	138	10	.	.	PUNCT
emaj-28	138	11	stephan	stephan	PROPN
emaj-28	138	12	a.	a.	PROPN
emaj-28	138	13	baker	baker	PROPN
emaj-28	138	14	,	,	PUNCT
emaj-28	138	15	roger	roger	PROPN
emaj-28	138	16	c.	c.	PROPN
emaj-28	138	17	van	van	PROPN
emaj-28	138	18	tassel	tassel	NOUN
emaj-28	138	19	,	,	PUNCT
emaj-28	138	20	:	:	PUNCT
emaj-28	138	21	forecasting	forecast	VERB
emaj-28	138	22	the	the	DET
emaj-28	138	23	price	price	NOUN
emaj-28	138	24	of	of	ADP
emaj-28	138	25	gold	gold	NOUN
emaj-28	138	26	:	:	PUNCT
emaj-28	138	27	a	a	DET
emaj-28	138	28	fundamentalist	fundamentalist	ADJ
emaj-28	138	29	approach	approach	NOUN
emaj-28	138	30	.	.	PUNCT
emaj-28	139	1	atlantic	atlantic	ADJ
emaj-28	139	2	economic	economic	ADJ
emaj-28	139	3	journal	journal	NOUN
emaj-28	139	4	.	.	PUNCT
emaj-28	140	1	13(4	13(4	NUM
emaj-28	140	2	)	)	PUNCT
emaj-28	140	3	,	,	PUNCT
emaj-28	140	4	43	43	NUM
emaj-28	140	5	-	-	SYM
emaj-28	140	6	51	51	NUM
emaj-28	140	7	,	,	PUNCT
emaj-28	140	8	(	(	PUNCT
emaj-28	140	9	1985	1985	NUM
emaj-28	140	10	)	)	PUNCT
emaj-28	140	11	12	12	NUM
emaj-28	140	12	.	.	PUNCT
emaj-28	141	1	lawrence	lawrence	PROPN
emaj-28	141	2	,	,	PUNCT
emaj-28	141	3	c.	c.	PROPN
emaj-28	141	4	:	:	PUNCT
emaj-28	141	5	why	why	SCONJ
emaj-28	141	6	is	be	AUX
emaj-28	141	7	gold	gold	NOUN
emaj-28	141	8	different	different	ADJ
emaj-28	141	9	from	from	ADP
emaj-28	141	10	other	other	ADJ
emaj-28	141	11	assets	asset	NOUN
emaj-28	141	12	?	?	PUNCT
emaj-28	142	1	an	an	DET
emaj-28	142	2	empirical	empirical	ADJ
emaj-28	142	3	investigation	investigation	NOUN
emaj-28	142	4	,	,	PUNCT
emaj-28	142	5	world	world	NOUN
emaj-28	142	6	gold	gold	PROPN
emaj-28	142	7	council	council	PROPN
emaj-28	142	8	,	,	PUNCT
emaj-28	142	9	london	london	PROPN
emaj-28	142	10	(	(	PUNCT
emaj-28	142	11	2003	2003	NUM
emaj-28	142	12	)	)	PUNCT
emaj-28	142	13	13	13	NUM
emaj-28	142	14	.	.	PUNCT
emaj-28	143	1	world	world	PROPN
emaj-28	143	2	gold	gold	PROPN
emaj-28	143	3	council	council	PROPN
emaj-28	143	4	,	,	PUNCT
emaj-28	143	5	gold	gold	NOUN
emaj-28	143	6	demand	demand	NOUN
emaj-28	143	7	trends	trend	VERB
emaj-28	143	8	2012	2012	NUM
emaj-28	143	9	q1	q1	PROPN
emaj-28	143	10	report	report	NOUN
emaj-28	143	11	,	,	PUNCT
emaj-28	143	12	2012	2012	NUM
emaj-28	143	13	,	,	PUNCT
emaj-28	143	14	http://www.gold.org/investment/research/regular_reports/gold_demand_trends/	http://www.gold.org/investment/research/regular_reports/gold_demand_trends/	PROPN
emaj-28	143	15	,	,	PUNCT
emaj-28	143	16	accessed	access	VERB
emaj-28	143	17	27	27	NUM
emaj-28	143	18	may	may	PROPN
emaj-28	143	19	2012	2012	NUM
emaj-28	143	20	14	14	NUM
emaj-28	143	21	.	.	PUNCT
emaj-28	144	1	aggarwal	aggarwal	PROPN
emaj-28	144	2	,	,	PUNCT
emaj-28	144	3	r.	r.	PROPN
emaj-28	144	4	and	and	CCONJ
emaj-28	144	5	b.m	b.m	PROPN
emaj-28	144	6	.	.	PROPN
emaj-28	144	7	lucey	lucey	PROPN
emaj-28	144	8	,	,	PUNCT
emaj-28	144	9	:	:	PUNCT
emaj-28	144	10	psychological	psychological	ADJ
emaj-28	144	11	barriers	barrier	NOUN
emaj-28	144	12	in	in	ADP
emaj-28	144	13	gold	gold	NOUN
emaj-28	144	14	prices	price	NOUN
emaj-28	144	15	?	?	PUNCT
emaj-28	145	1	review	review	NOUN
emaj-28	145	2	of	of	ADP
emaj-28	145	3	financial	financial	ADJ
emaj-28	145	4	economics	economic	NOUN
emaj-28	145	5	.	.	PUNCT
emaj-28	146	1	16	16	NUM
emaj-28	146	2	(	(	PUNCT
emaj-28	146	3	2	2	NUM
emaj-28	146	4	)	)	PUNCT
emaj-28	146	5	,	,	PUNCT
emaj-28	146	6	217–230	217–230	NUM
emaj-28	146	7	,	,	PUNCT
emaj-28	146	8	(	(	PUNCT
emaj-28	146	9	2007	2007	NUM
emaj-28	146	10	)	)	PUNCT
emaj-28	146	11	15	15	NUM
emaj-28	146	12	.	.	PUNCT
emaj-28	147	1	xu	xu	INTJ
emaj-28	147	2	,	,	PUNCT
emaj-28	147	3	x.	x.	NOUN
emaj-28	147	4	,	,	PUNCT
emaj-28	147	5	and	and	CCONJ
emaj-28	147	6	fung	fung	PROPN
emaj-28	147	7	,	,	PUNCT
emaj-28	147	8	h.	h.	PROPN
emaj-28	147	9	:	:	PUNCT
emaj-28	147	10	cross	cross	ADJ
emaj-28	147	11	-	-	ADJ
emaj-28	147	12	market	market	ADJ
emaj-28	147	13	linkages	linkage	NOUN
emaj-28	147	14	between	between	ADP
emaj-28	147	15	u.s	u.s	PROPN
emaj-28	147	16	and	and	CCONJ
emaj-28	147	17	japanese	japanese	ADJ
emaj-28	147	18	precious	precious	ADJ
emaj-28	147	19	metals	metal	NOUN
emaj-28	147	20	futures	future	NOUN
emaj-28	147	21	trading	trading	NOUN
emaj-28	147	22	.	.	PUNCT
emaj-28	148	1	international	international	ADJ
emaj-28	148	2	financial	financial	ADJ
emaj-28	148	3	markets	market	NOUN
emaj-28	148	4	,	,	PUNCT
emaj-28	148	5	15(2	15(2	NUM
emaj-28	148	6	)	)	PUNCT
emaj-28	148	7	,	,	PUNCT
emaj-28	148	8	107	107	NUM
emaj-28	148	9	-	-	SYM
emaj-28	148	10	124	124	NUM
emaj-28	148	11	,	,	PUNCT
emaj-28	148	12	(	(	PUNCT
emaj-28	148	13	2005	2005	NUM
emaj-28	148	14	)	)	PUNCT
emaj-28	148	15	the	the	DET
emaj-28	148	16	case	case	NOUN
emaj-28	148	17	for	for	ADP
emaj-28	148	18	gold	gold	NOUN
emaj-28	148	19	revisited	revisit	VERB
emaj-28	148	20	:	:	PUNCT
emaj-28	148	21	a	a	DET
emaj-28	148	22	safe	safe	ADJ
emaj-28	148	23	heaven	heaven	NOUN
emaj-28	148	24	or	or	CCONJ
emaj-28	148	25	a	a	DET
emaj-28	148	26	hedge	hedge	NOUN
emaj-28	148	27	?	?	PUNCT
emaj-28	149	1	emerging	emerge	VERB
emaj-28	149	2	markets	market	NOUN
emaj-28	149	3	journal	journal	NOUN
emaj-28	149	4	|	|	ADV
emaj-28	149	5	p	p	NOUN
emaj-28	149	6	a	a	DET
emaj-28	149	7	g	g	NOUN
emaj-28	149	8	e	e	NOUN
emaj-28	149	9	|	|	ADV
emaj-28	149	10	6	6	NUM
emaj-28	149	11	volume	volume	NOUN
emaj-28	149	12	2	2	NUM
emaj-28	149	13	(	(	PUNCT
emaj-28	149	14	2012	2012	NUM
emaj-28	149	15	)	)	PUNCT
emaj-28	149	16	|	|	ADV
emaj-28	149	17	issn	issn	VERB
emaj-28	149	18	2158	2158	NUM
emaj-28	149	19	-	-	SYM
emaj-28	149	20	8708	8708	NUM
emaj-28	149	21	(	(	PUNCT
emaj-28	149	22	online	online	NOUN
emaj-28	149	23	)	)	PUNCT
emaj-28	150	1	|	|	ADV
emaj-28	150	2	doi	doi	X
emaj-28	150	3	10.5195	10.5195	NUM
emaj-28	150	4	/	/	SYM
emaj-28	150	5	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	150	6	|	|	NOUN
emaj-28	150	7	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-28	150	8	16	16	NUM
emaj-28	150	9	.	.	PUNCT
emaj-28	151	1	t.	t.	PROPN
emaj-28	151	2	nakamura	nakamura	NOUN
emaj-28	151	3	and	and	CCONJ
emaj-28	151	4	m.	m.	NOUN
emaj-28	151	5	small	small	ADJ
emaj-28	151	6	:	:	PUNCT
emaj-28	151	7	tests	test	NOUN
emaj-28	151	8	of	of	ADP
emaj-28	151	9	the	the	DET
emaj-28	151	10	random	random	ADJ
emaj-28	151	11	walk	walk	NOUN
emaj-28	151	12	hypothesis	hypothesis	NOUN
emaj-28	151	13	for	for	ADP
emaj-28	151	14	financial	financial	ADJ
emaj-28	151	15	data	datum	NOUN
emaj-28	151	16	.	.	PUNCT
emaj-28	152	1	physica	physica	PROPN
emaj-28	152	2	a	a	PRON
emaj-28	152	3	,	,	PUNCT
emaj-28	152	4	377	377	NUM
emaj-28	152	5	,	,	PUNCT
emaj-28	152	6	599	599	NUM
emaj-28	152	7	-	-	SYM
emaj-28	152	8	615	615	NUM
emaj-28	152	9	,	,	PUNCT
emaj-28	152	10	(	(	PUNCT
emaj-28	152	11	2007	2007	NUM
emaj-28	152	12	)	)	PUNCT
emaj-28	152	13	17	17	NUM
emaj-28	152	14	.	.	PUNCT
emaj-28	153	1	tully	tully	PROPN
emaj-28	153	2	,	,	PUNCT
emaj-28	153	3	e.	e.	PROPN
emaj-28	153	4	and	and	CCONJ
emaj-28	153	5	b.m	b.m	PROPN
emaj-28	153	6	.	.	PROPN
emaj-28	153	7	lucey	lucey	PROPN
emaj-28	153	8	,	,	PUNCT
emaj-28	153	9	:	:	PUNCT
emaj-28	153	10	a	a	DET
emaj-28	153	11	power	power	NOUN
emaj-28	153	12	garch	garch	NOUN
emaj-28	153	13	examination	examination	NOUN
emaj-28	153	14	of	of	ADP
emaj-28	153	15	the	the	DET
emaj-28	153	16	gold	gold	NOUN
emaj-28	153	17	market	market	NOUN
emaj-28	153	18	,	,	PUNCT
emaj-28	153	19	research	research	NOUN
emaj-28	153	20	in	in	ADP
emaj-28	153	21	international	international	ADJ
emaj-28	153	22	business	business	NOUN
emaj-28	153	23	and	and	CCONJ
emaj-28	153	24	finance	finance	NOUN
emaj-28	153	25	.	.	PUNCT
emaj-28	154	1	21(2	21(2	NUM
emaj-28	154	2	)	)	PUNCT
emaj-28	154	3	,	,	PUNCT
emaj-28	154	4	316–325	316–325	NUM
emaj-28	154	5	,	,	PUNCT
emaj-28	154	6	(	(	PUNCT
emaj-28	154	7	2007	2007	NUM
emaj-28	154	8	)	)	PUNCT
emaj-28	154	9	18	18	NUM
emaj-28	154	10	.	.	X
emaj-28	155	1	zhang	zhang	PROPN
emaj-28	155	2	,	,	PUNCT
emaj-28	155	3	y.j	y.j	PROPN
emaj-28	155	4	.	.	PROPN
emaj-28	155	5	and	and	CCONJ
emaj-28	155	6	y.m	y.m	PROPN
emaj-28	155	7	.	.	PROPN
emaj-28	155	8	wei	wei	PROPN
emaj-28	155	9	:	:	PUNCT
emaj-28	155	10	the	the	DET
emaj-28	155	11	crude	crude	ADJ
emaj-28	155	12	oil	oil	NOUN
emaj-28	155	13	market	market	NOUN
emaj-28	155	14	and	and	CCONJ
emaj-28	155	15	the	the	DET
emaj-28	155	16	gold	gold	NOUN
emaj-28	155	17	market	market	NOUN
emaj-28	155	18	:	:	PUNCT
emaj-28	155	19	evidence	evidence	NOUN
emaj-28	155	20	for	for	ADP
emaj-28	155	21	cointegration	cointegration	NOUN
emaj-28	155	22	,	,	PUNCT
emaj-28	155	23	causality	causality	NOUN
emaj-28	155	24	and	and	CCONJ
emaj-28	155	25	price	price	NOUN
emaj-28	155	26	discovery	discovery	NOUN
emaj-28	155	27	,	,	PUNCT
emaj-28	155	28	resources	resource	NOUN
emaj-28	155	29	policy	policy	NOUN
emaj-28	155	30	.	.	PUNCT
emaj-28	156	1	35(3	35(3	NUM
emaj-28	156	2	)	)	PUNCT
emaj-28	156	3	,	,	PUNCT
emaj-28	156	4	168	168	NUM
emaj-28	156	5	-	-	SYM
emaj-28	156	6	77	77	NUM
emaj-28	156	7	,	,	PUNCT
emaj-28	156	8	(	(	PUNCT
emaj-28	156	9	2010	2010	NUM
emaj-28	156	10	)	)	PUNCT
emaj-28	156	11	19	19	NUM
emaj-28	156	12	.	.	PUNCT
emaj-28	156	13	mark	mark	PROPN
emaj-28	156	14	,	,	PUNCT
emaj-28	156	15	joy	joy	NOUN
emaj-28	156	16	,	,	PUNCT
emaj-28	156	17	:	:	PUNCT
emaj-28	156	18	gold	gold	NOUN
emaj-28	156	19	and	and	CCONJ
emaj-28	156	20	the	the	DET
emaj-28	156	21	us	us	PROPN
emaj-28	156	22	dollar	dollar	NOUN
emaj-28	156	23	:	:	PUNCT
emaj-28	156	24	hedge	hedge	NOUN
emaj-28	156	25	or	or	CCONJ
emaj-28	156	26	haven	haven	NOUN
emaj-28	156	27	?	?	PROPN
emaj-28	156	28	,	,	PUNCT
emaj-28	156	29	finance	finance	NOUN
emaj-28	156	30	research	research	NOUN
emaj-28	156	31	letters	letter	NOUN
emaj-28	156	32	.	.	PUNCT
emaj-28	157	1	elsevier	elsevier	NOUN
emaj-28	157	2	,	,	PUNCT
emaj-28	157	3	8(3	8(3	NUM
emaj-28	157	4	)	)	PUNCT
emaj-28	157	5	,	,	PUNCT
emaj-28	157	6	120	120	NUM
emaj-28	157	7	-	-	SYM
emaj-28	157	8	131	131	NUM
emaj-28	157	9	,	,	PUNCT
emaj-28	157	10	(	(	PUNCT
emaj-28	157	11	september	september	PROPN
emaj-28	157	12	2011	2011	NUM
emaj-28	157	13	)	)	PUNCT
emaj-28	157	14	the	the	DET
emaj-28	157	15	case	case	NOUN
emaj-28	157	16	for	for	ADP
emaj-28	157	17	gold	gold	NOUN
emaj-28	157	18	revisited	revisit	VERB
emaj-28	157	19	:	:	PUNCT
emaj-28	157	20	a	a	DET
emaj-28	157	21	safe	safe	ADJ
emaj-28	157	22	heaven	heaven	NOUN
emaj-28	157	23	or	or	CCONJ
emaj-28	157	24	a	a	DET
emaj-28	157	25	hedge	hedge	NOUN
emaj-28	157	26	?	?	PUNCT
emaj-28	158	1	emerging	emerge	VERB
emaj-28	158	2	markets	market	NOUN
emaj-28	158	3	journal	journal	NOUN
emaj-28	158	4	|	|	ADV
emaj-28	158	5	p	p	NOUN
emaj-28	158	6	a	a	DET
emaj-28	158	7	g	g	NOUN
emaj-28	158	8	e	e	NOUN
emaj-28	158	9	|	|	ADV
emaj-28	158	10	7	7	NUM
emaj-28	158	11	volume	volume	NOUN
emaj-28	158	12	2	2	NUM
emaj-28	158	13	(	(	PUNCT
emaj-28	158	14	2012	2012	NUM
emaj-28	158	15	)	)	PUNCT
emaj-28	158	16	|	|	ADV
emaj-28	158	17	issn	issn	VERB
emaj-28	158	18	2158	2158	NUM
emaj-28	158	19	-	-	SYM
emaj-28	158	20	8708	8708	NUM
emaj-28	158	21	(	(	PUNCT
emaj-28	158	22	online	online	NOUN
emaj-28	158	23	)	)	PUNCT
emaj-28	158	24	|	|	ADV
emaj-28	158	25	doi	doi	X
emaj-28	158	26	10.5195	10.5195	NUM
emaj-28	158	27	/	/	SYM
emaj-28	158	28	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	158	29	|	|	NOUN
emaj-28	158	30	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-28	158	31	table	table	NOUN
emaj-28	158	32	1	1	NUM
emaj-28	158	33	summary	summary	NOUN
emaj-28	158	34	statistics	statistic	NOUN
emaj-28	158	35	summary	summary	PROPN
emaj-28	158	36	statistics	statistic	NOUN
emaj-28	158	37	for	for	ADP
emaj-28	158	38	the	the	DET
emaj-28	158	39	entire	entire	ADJ
emaj-28	158	40	period	period	NOUN
emaj-28	158	41	(	(	PUNCT
emaj-28	158	42	2000	2000	NUM
emaj-28	158	43	-	-	SYM
emaj-28	158	44	2011	2011	NUM
emaj-28	158	45	)	)	PUNCT
emaj-28	158	46	summary	summary	NOUN
emaj-28	158	47	statistics	statistic	NOUN
emaj-28	158	48	for	for	ADP
emaj-28	158	49	the	the	DET
emaj-28	158	50	crisis	crisis	NOUN
emaj-28	158	51	period	period	NOUN
emaj-28	158	52	(	(	PUNCT
emaj-28	158	53	2008	2008	NUM
emaj-28	158	54	-	-	SYM
emaj-28	158	55	2011	2011	NUM
emaj-28	158	56	)	)	PUNCT
emaj-28	158	57	variable	variable	ADJ
emaj-28	158	58	obs	obs	NOUN
emaj-28	158	59	mean	mean	VERB
emaj-28	158	60	std	std	PROPN
emaj-28	158	61	.	.	PROPN
emaj-28	159	1	dev	dev	PROPN
emaj-28	159	2	.	.	PUNCT
emaj-28	160	1	min	min	PROPN
emaj-28	160	2	max	max	PROPN
emaj-28	160	3	skewness	skewness	PROPN
emaj-28	160	4	kurtosis	kurtosis	VERB
emaj-28	160	5	obs	obs	PRON
emaj-28	160	6	mean	mean	VERB
emaj-28	160	7	std	std	PROPN
emaj-28	160	8	.	.	PROPN
emaj-28	161	1	dev	dev	PROPN
emaj-28	161	2	.	.	PUNCT
emaj-28	162	1	min	min	PROPN
emaj-28	162	2	max	max	PROPN
emaj-28	162	3	skewness	skewness	PROPN
emaj-28	162	4	kurtosis	kurtosis	VERB
emaj-28	162	5	ruscds	ruscd	NOUN
emaj-28	162	6	2768	2768	NUM
emaj-28	162	7	-0.000435	-0.000435	NOUN
emaj-28	162	8	0.0382	0.0382	NUM
emaj-28	162	9	-0.2885	-0.2885	NOUN
emaj-28	162	10	0.4330	0.4330	NUM
emaj-28	162	11	0.000	0.000	NUM
emaj-28	162	12	  	  	SPACE
emaj-28	162	13	0.000	0.000	NUM
emaj-28	162	14	  	  	SPACE
emaj-28	162	15	1074	1074	NUM
emaj-28	162	16	0.001184	0.001184	NUM
emaj-28	162	17	0.0479	0.0479	NUM
emaj-28	162	18	-0.2885	-0.2885	NOUN
emaj-28	162	19	0.4330	0.4330	NUM
emaj-28	162	20	0.000	0.000	NUM
emaj-28	162	21	0.000	0.000	NUM
emaj-28	162	22	  	  	SPACE
emaj-28	162	23	rsacds	rsacd	VERB
emaj-28	162	24	2768	2768	NUM
emaj-28	162	25	  	  	SPACE
emaj-28	162	26	-3.87e-06	-3.87e-06	NOUN
emaj-28	162	27	0.0337	0.0337	PROPN
emaj-28	162	28	-0.2716	-0.2716	VERB
emaj-28	162	29	0.2805	0.2805	NUM
emaj-28	162	30	0.000	0.000	NUM
emaj-28	162	31	  	  	SPACE
emaj-28	162	32	0.000	0.000	NUM
emaj-28	162	33	  	  	SPACE
emaj-28	162	34	1074	1074	NUM
emaj-28	162	35	0.000928	0.000928	NUM
emaj-28	162	36	0.0441	0.0441	NUM
emaj-28	162	37	-0.2716	-0.2716	VERB
emaj-28	162	38	0.280	0.280	NUM
emaj-28	162	39	0.019	0.019	NUM
emaj-28	162	40	0.000	0.000	NUM
emaj-28	162	41	  	  	SPACE
emaj-28	162	42	rtrcds	rtrcd	VERB
emaj-28	162	43	2768	2768	NUM
emaj-28	162	44	  	  	SPACE
emaj-28	162	45	-0.000185	-0.000185	NOUN
emaj-28	162	46	0.0343	0.0343	NUM
emaj-28	162	47	-0.2363	-0.2363	NOUN
emaj-28	162	48	0.2281	0.2281	NUM
emaj-28	162	49	0.000	0.000	NUM
emaj-28	162	50	  	  	SPACE
emaj-28	162	51	0.000	0.000	NUM
emaj-28	162	52	  	  	SPACE
emaj-28	162	53	1074	1074	NUM
emaj-28	162	54	0.000212	0.000212	NUM
emaj-28	162	55	0.0389	0.0389	NUM
emaj-28	162	56	-0.2363	-0.2363	NOUN
emaj-28	162	57	0.2241	0.2241	NUM
emaj-28	162	58	0.084	0.084	NUM
emaj-28	162	59	0.000	0.000	NUM
emaj-28	162	60	  	  	SPACE
emaj-28	162	61	rus10tr	rus10tr	VERB
emaj-28	162	62	2768	2768	NUM
emaj-28	162	63	  	  	SPACE
emaj-28	162	64	0.000085	0.000085	NUM
emaj-28	162	65	0.0043	0.0043	NUM
emaj-28	162	66	-0.0262	-0.0262	NOUN
emaj-28	162	67	0.0353	0.0353	NUM
emaj-28	162	68	0.000	0.000	NUM
emaj-28	162	69	  	  	SPACE
emaj-28	162	70	0.000	0.000	NUM
emaj-28	162	71	  	  	SPACE
emaj-28	162	72	1074	1074	NUM
emaj-28	162	73	0.000171	0.000171	NUM
emaj-28	162	74	0.0050	0.0050	NUM
emaj-28	162	75	-0.0262	-0.0262	NOUN
emaj-28	162	76	0.0353	0.0353	NUM
emaj-28	162	77	0.600	0.600	NUM
emaj-28	162	78	0.000	0.000	NUM
emaj-28	162	79	  	  	SPACE
emaj-28	162	80	roil	roil	VERB
emaj-28	162	81	2768	2768	NUM
emaj-28	162	82	  	  	SPACE
emaj-28	162	83	0.000444	0.000444	NUM
emaj-28	162	84	0.0245	0.0245	NUM
emaj-28	162	85	-0.1872	-0.1872	NOUN
emaj-28	162	86	0.1796	0.1796	NUM
emaj-28	162	87	0.001	0.001	NUM
emaj-28	162	88	  	  	SPACE
emaj-28	162	89	0.000	0.000	NUM
emaj-28	162	90	  	  	SPACE
emaj-28	162	91	1074	1074	NUM
emaj-28	162	92	0.000320	0.000320	NUM
emaj-28	162	93	0.0251	0.0251	NUM
emaj-28	162	94	-0.1670	-0.1670	X
emaj-28	162	95	0.1796	0.1796	NUM
emaj-28	162	96	0.305	0.305	NUM
emaj-28	162	97	0.000	0.000	NUM
emaj-28	162	98	  	  	SPACE
emaj-28	162	99	rsilver	rsilver	NOUN
emaj-28	162	100	2768	2768	NUM
emaj-28	162	101	  	  	SPACE
emaj-28	162	102	0.000676	0.000676	NUM
emaj-28	162	103	0.0209	0.0209	NUM
emaj-28	162	104	-0.1732	-0.1732	NOUN
emaj-28	162	105	0.1392	0.1392	NUM
emaj-28	162	106	0.000	0.000	NUM
emaj-28	162	107	  	  	SPACE
emaj-28	162	108	0.000	0.000	NUM
emaj-28	162	109	  	  	SPACE
emaj-28	162	110	1074	1074	NUM
emaj-28	162	111	0.000822	0.000822	NUM
emaj-28	162	112	0.0255	0.0255	NUM
emaj-28	162	113	-0.1692	-0.1692	NOUN
emaj-28	162	114	0.1392	0.1392	NUM
emaj-28	162	115	0.000	0.000	NUM
emaj-28	162	116	0.000	0.000	NUM
emaj-28	162	117	  	  	SPACE
emaj-28	162	118	rvix	rvix	VERB
emaj-28	162	119	2768	2768	NUM
emaj-28	162	120	  	  	SPACE
emaj-28	162	121	0.000144	0.000144	NUM
emaj-28	162	122	0.0631	0.0631	NUM
emaj-28	162	123	-0.3505	-0.3505	NOUN
emaj-28	163	1	0.4960	0.4960	NUM
emaj-28	163	2	0.000	0.000	NUM
emaj-28	163	3	  	  	SPACE
emaj-28	163	4	0.000	0.000	NUM
emaj-28	163	5	  	  	SPACE
emaj-28	163	6	1074	1074	NUM
emaj-28	163	7	0.000512	0.000512	NUM
emaj-28	163	8	0.0737	0.0737	NUM
emaj-28	163	9	-0.3505	-0.3505	NOUN
emaj-28	163	10	0.4054	0.4054	NUM
emaj-28	164	1	0.000	0.000	NUM
emaj-28	164	2	0.000	0.000	NUM
emaj-28	164	3	  	  	SPACE
emaj-28	164	4	rusdgold	rusdgold	VERB
emaj-28	164	5	2768	2768	NUM
emaj-28	164	6	  	  	SPACE
emaj-28	164	7	0.000641	0.000641	NUM
emaj-28	164	8	0.0124	0.0124	NUM
emaj-28	164	9	-0.0794	-0.0794	NOUN
emaj-28	164	10	0.0771	0.0771	NUM
emaj-28	164	11	0.000	0.000	NUM
emaj-28	164	12	  	  	SPACE
emaj-28	164	13	0.000	0.000	NUM
emaj-28	164	14	  	  	SPACE
emaj-28	164	15	1074	1074	NUM
emaj-28	164	16	0.000842	0.000842	NUM
emaj-28	165	1	0.0144	0.0144	NUM
emaj-28	165	2	-0.0794	-0.0794	NOUN
emaj-28	165	3	0.0771	0.0771	NUM
emaj-28	165	4	0.001	0.001	NUM
emaj-28	165	5	0.000	0.000	NUM
emaj-28	165	6	  	  	SPACE
emaj-28	165	7	rusd	rusd	NOUN
emaj-28	165	8	2768	2768	NUM
emaj-28	165	9	  	  	SPACE
emaj-28	165	10	0.000159	0.000159	NUM
emaj-28	165	11	0.0062	0.0062	NUM
emaj-28	165	12	-0.0373	-0.0373	NOUN
emaj-28	165	13	0.0346	0.0346	NUM
emaj-28	165	14	0.000	0.000	NUM
emaj-28	165	15	  	  	SPACE
emaj-28	165	16	0.000	0.000	NUM
emaj-28	165	17	  	  	SPACE
emaj-28	165	18	1074	1074	NUM
emaj-28	165	19	-0.000024	-0.000024	NOUN
emaj-28	165	20	0.0066	0.0066	NUM
emaj-28	165	21	-0.0373	-0.0373	NOUN
emaj-28	165	22	0.0346	0.0346	NUM
emaj-28	165	23	0.000	0.000	NUM
emaj-28	165	24	0.000	0.000	NUM
emaj-28	165	25	  	  	SPACE
emaj-28	165	26	rjpyusd	rjpyusd	ADP
emaj-28	165	27	2768	2768	NUM
emaj-28	165	28	  	  	SPACE
emaj-28	165	29	0.000025	0.000025	NUM
emaj-28	165	30	0.0071	0.0071	NUM
emaj-28	165	31	-0.0495	-0.0495	VERB
emaj-28	166	1	0.0519	0.0519	NUM
emaj-28	166	2	0.000	0.000	NUM
emaj-28	166	3	  	  	SPACE
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emaj-28	181	13	  	  	SPACE
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emaj-28	183	4	  	  	SPACE
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emaj-28	185	8	case	case	NOUN
emaj-28	185	9	for	for	ADP
emaj-28	185	10	gold	gold	NOUN
emaj-28	185	11	revisited	revisit	VERB
emaj-28	185	12	:	:	PUNCT
emaj-28	185	13	a	a	DET
emaj-28	185	14	safe	safe	ADJ
emaj-28	185	15	heaven	heaven	NOUN
emaj-28	185	16	or	or	CCONJ
emaj-28	185	17	a	a	DET
emaj-28	185	18	hedge	hedge	NOUN
emaj-28	185	19	?	?	PUNCT
emaj-28	186	1	emerging	emerge	VERB
emaj-28	186	2	markets	market	NOUN
emaj-28	186	3	journal	journal	NOUN
emaj-28	186	4	|	|	ADV
emaj-28	186	5	p	p	NOUN
emaj-28	186	6	a	a	PRON
emaj-28	186	7	g	g	NOUN
emaj-28	186	8	e	e	NOUN
emaj-28	187	1	|	|	ADV
emaj-28	187	2	8	8	NUM
emaj-28	187	3	volume	volume	NOUN
emaj-28	187	4	2	2	NUM
emaj-28	187	5	(	(	PUNCT
emaj-28	187	6	2012	2012	NUM
emaj-28	187	7	)	)	PUNCT
emaj-28	187	8	|	|	ADV
emaj-28	187	9	issn	issn	VERB
emaj-28	187	10	2158	2158	NUM
emaj-28	187	11	-	-	SYM
emaj-28	187	12	8708	8708	NUM
emaj-28	187	13	(	(	PUNCT
emaj-28	187	14	online	online	NOUN
emaj-28	187	15	)	)	PUNCT
emaj-28	187	16	|	|	ADV
emaj-28	187	17	doi	doi	X
emaj-28	187	18	10.5195	10.5195	NUM
emaj-28	187	19	/	/	SYM
emaj-28	187	20	emaj.2012.28	emaj.2012.28	NOUN
emaj-28	187	21	|	|	NOUN
emaj-28	187	22	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-28	187	23	note	note	NOUN
emaj-28	187	24	:	:	PUNCT
emaj-28	187	25	the	the	DET
emaj-28	187	26	letter	letter	NOUN
emaj-28	187	27	“	"	PUNCT
emaj-28	187	28	r	r	NOUN
emaj-28	187	29	”	"	PUNCT
emaj-28	187	30	at	at	ADP
emaj-28	187	31	the	the	DET
emaj-28	187	32	beginning	beginning	NOUN
emaj-28	187	33	of	of	ADP
emaj-28	187	34	each	each	DET
emaj-28	187	35	variable	variable	NOUN
emaj-28	187	36	stands	stand	VERB
emaj-28	187	37	for	for	ADP
emaj-28	187	38	the	the	DET
emaj-28	187	39	term	term	NOUN
emaj-28	187	40	“	"	PUNCT
emaj-28	187	41	return	return	NOUN
emaj-28	187	42	”	"	PUNCT
emaj-28	187	43	.	.	PUNCT
emaj-28	188	1	the	the	DET
emaj-28	188	2	abbreviations	abbreviation	NOUN
emaj-28	188	3	used	use	VERB
emaj-28	188	4	for	for	ADP
emaj-28	188	5	the	the	DET
emaj-28	188	6	variables	variable	NOUN
emaj-28	188	7	are	be	AUX
emaj-28	188	8	:	:	PUNCT
emaj-28	188	9	ruscds	ruscds	ADJ
emaj-28	188	10	:	:	PUNCT
emaj-28	188	11	the	the	DET
emaj-28	188	12	us	us	PROPN
emaj-28	188	13	credit	credit	NOUN
emaj-28	188	14	default	default	NOUN
emaj-28	188	15	swaps	swap	NOUN
emaj-28	188	16	(	(	PUNCT
emaj-28	188	17	cds	cds	PROPN
emaj-28	188	18	)	)	PUNCT
emaj-28	188	19	,	,	PUNCT
emaj-28	188	20	rsacds	rsacd	VERB
emaj-28	188	21	:	:	PUNCT
emaj-28	188	22	the	the	DET
emaj-28	188	23	south	south	ADJ
emaj-28	188	24	african	african	ADJ
emaj-28	188	25	cds	cd	NOUN
emaj-28	188	26	,	,	PUNCT
emaj-28	188	27	rtrcds	rtrcd	VERB
emaj-28	188	28	:	:	PUNCT
emaj-28	188	29	the	the	DET
emaj-28	188	30	turkish	turkish	ADJ
emaj-28	188	31	cds	cd	NOUN
emaj-28	188	32	,	,	PUNCT
emaj-28	188	33	rus10tr	rus10tr	NOUN
emaj-28	188	34	:	:	PUNCT
emaj-28	188	35	us	we	PRON
emaj-28	188	36	10	10	NUM
emaj-28	188	37	year	year	NOUN
emaj-28	188	38	treasury	treasury	NOUN
emaj-28	188	39	,	,	PUNCT
emaj-28	188	40	roil	roil	INTJ
emaj-28	188	41	:	:	PUNCT
emaj-28	188	42	oil	oil	NOUN
emaj-28	188	43	,	,	PUNCT
emaj-28	188	44	rsilver	rsilver	NOUN
emaj-28	188	45	:	:	PUNCT
emaj-28	188	46	silver	silver	NOUN
emaj-28	188	47	,	,	PUNCT
emaj-28	188	48	rvix	rvix	VERB
emaj-28	188	49	:	:	PUNCT
emaj-28	188	50	vix	vix	PROPN
emaj-28	188	51	index	index	NOUN
emaj-28	188	52	,	,	PUNCT
emaj-28	188	53	rusdgold	rusdgold	NOUN
emaj-28	188	54	:	:	PUNCT
emaj-28	188	55	usd	usd	NOUN
emaj-28	188	56	and	and	CCONJ
emaj-28	188	57	gold	gold	NOUN
emaj-28	188	58	,	,	PUNCT
emaj-28	188	59	rusd	rusd	NOUN
emaj-28	188	60	:	:	PUNCT
emaj-28	188	61	usd	usd	NOUN
emaj-28	188	62	,	,	PUNCT
emaj-28	188	63	rjpyusd	rjpyusd	ADV
emaj-28	188	64	:	:	PUNCT
emaj-28	188	65	japanese	japanese	ADJ
emaj-28	188	66	yen	yen	NOUN
emaj-28	188	67	to	to	ADP
emaj-28	188	68	usd	usd	NOUN
emaj-28	188	69	,	,	PUNCT
emaj-28	188	70	rdkkusd	rdkkusd	NOUN
emaj-28	188	71	:	:	PUNCT
emaj-28	188	72	danish	danish	ADJ
emaj-28	188	73	krone	krone	PROPN
emaj-28	188	74	to	to	ADP
emaj-28	188	75	usd	usd	NOUN
emaj-28	188	76	,	,	PUNCT
emaj-28	188	77	rsekusd	rsekusd	NOUN
emaj-28	188	78	:	:	PUNCT
emaj-28	188	79	swedish	swedish	PROPN
emaj-28	188	80	sek	sek	PROPN
emaj-28	188	81	to	to	ADP
emaj-28	188	82	usd	usd	NOUN
emaj-28	188	83	,	,	PUNCT
emaj-28	188	84	rnokusd	rnokusd	NOUN
emaj-28	188	85	:	:	PUNCT
emaj-28	188	86	norwegian	norwegian	ADJ
emaj-28	188	87	kroner	kroner	NOUN
emaj-28	188	88	to	to	ADP
emaj-28	188	89	usd	usd	NOUN
emaj-28	188	90	,	,	PUNCT
emaj-28	188	91	rrubusd	rrubusd	ADJ
emaj-28	188	92	:	:	PUNCT
emaj-28	188	93	russian	russian	ADJ
emaj-28	188	94	ruble	ruble	NOUN
emaj-28	188	95	to	to	ADP
emaj-28	188	96	usd	usd	NOUN
emaj-28	188	97	,	,	PUNCT
emaj-28	188	98	rtryusd	rtryusd	NOUN
emaj-28	188	99	:	:	PUNCT
emaj-28	188	100	turkish	turkish	ADJ
emaj-28	188	101	lira	lira	NOUN
emaj-28	188	102	to	to	ADP
emaj-28	188	103	usd	usd	PROPN
emaj-28	188	104	,	,	PUNCT
emaj-28	188	105	raudusd	raudusd	NOUN
emaj-28	188	106	:	:	PUNCT
emaj-28	188	107	australian	australian	ADJ
emaj-28	188	108	dolar	dolar	NOUN
emaj-28	188	109	to	to	ADP
emaj-28	188	110	usd	usd	NOUN
emaj-28	188	111	,	,	PUNCT
emaj-28	188	112	rbrlusd	rbrlusd	NOUN
emaj-28	188	113	:	:	PUNCT
emaj-28	188	114	brazilian	brazilian	ADJ
emaj-28	188	115	real	real	ADJ
emaj-28	188	116	to	to	ADP
emaj-28	188	117	usd	usd	NOUN
emaj-28	188	118	,	,	PUNCT
emaj-28	188	119	rcadusd	rcadusd	ADJ
emaj-28	188	120	:	:	PUNCT
emaj-28	188	121	canadian	canadian	ADJ
emaj-28	188	122	dollar	dollar	NOUN
emaj-28	188	123	to	to	ADP
emaj-28	188	124	usd	usd	NOUN
emaj-28	188	125	,	,	PUNCT
emaj-28	188	126	rcnyusd	rcnyusd	NOUN
emaj-28	188	127	:	:	PUNCT
emaj-28	188	128	chinese	chinese	ADJ
emaj-28	188	129	renminbi	renminbi	NOUN
emaj-28	188	130	to	to	ADP
emaj-28	188	131	usd	usd	NOUN
emaj-28	188	132	,	,	PUNCT
emaj-28	188	133	rhkdusd	rhkdusd	NOUN
emaj-28	188	134	:	:	PUNCT
emaj-28	188	135	hong	hong	PROPN
emaj-28	188	136	kong	kong	PROPN
emaj-28	188	137	dollar	dollar	NOUN
emaj-28	188	138	to	to	ADP
emaj-28	188	139	usd	usd	NOUN
emaj-28	188	140	,	,	PUNCT
emaj-28	188	141	ridrusd	ridrusd	NOUN
emaj-28	188	142	:	:	PUNCT
emaj-28	189	1	indonesian	indonesian	ADJ
emaj-28	189	2	rupiah	rupiah	PROPN
emaj-28	189	3	to	to	ADP
emaj-28	189	4	usd	usd	NOUN
emaj-28	189	5	,	,	PUNCT
emaj-28	189	6	rinrusd	rinrusd	NOUN
emaj-28	189	7	:	:	PUNCT
emaj-28	189	8	indian	indian	ADJ
emaj-28	189	9	rupee	rupee	NOUN
emaj-28	189	10	to	to	ADP
emaj-28	189	11	usd	usd	NOUN
emaj-28	189	12	,	,	PUNCT
emaj-28	189	13	rkrwusd	rkrwusd	NOUN
emaj-28	189	14	:	:	PUNCT
emaj-28	189	15	south	south	ADJ
emaj-28	189	16	korean	korean	PROPN
emaj-28	189	17	won	win	VERB
emaj-28	189	18	to	to	ADP
emaj-28	189	19	usd	usd	NOUN
emaj-28	189	20	,	,	PUNCT
emaj-28	189	21	rmyrusd	rmyrusd	NOUN
emaj-28	189	22	:	:	PUNCT
emaj-28	189	23	malaysian	malaysian	ADJ
emaj-28	189	24	ringgit	ringgit	NOUN
emaj-28	189	25	to	to	ADP
emaj-28	189	26	usd	usd	NOUN
emaj-28	189	27	,	,	PUNCT
emaj-28	189	28	rnzdusd	rnzdusd	NOUN
emaj-28	189	29	:	:	PUNCT
emaj-28	189	30	new	new	PROPN
emaj-28	189	31	zealand	zealand	PROPN
emaj-28	189	32	dollar	dollar	NOUN
emaj-28	189	33	to	to	ADP
emaj-28	189	34	usd	usd	NOUN
emaj-28	189	35	,	,	PUNCT
emaj-28	189	36	rsgdusd	rsgdusd	NOUN
emaj-28	189	37	:	:	PUNCT
emaj-28	189	38	singapore	singapore	NOUN
emaj-28	189	39	dollar	dollar	NOUN
emaj-28	189	40	to	to	ADP
emaj-28	189	41	usd	usd	NOUN
emaj-28	189	42	,	,	PUNCT
emaj-28	189	43	rzarusd	rzarusd	NOUN
emaj-28	189	44	:	:	PUNCT
emaj-28	189	45	south	south	ADJ
emaj-28	189	46	african	african	ADJ
emaj-28	189	47	rand	rand	PROPN
emaj-28	189	48	to	to	ADP
emaj-28	189	49	usd	usd	NOUN
emaj-28	189	50	,	,	PUNCT
emaj-28	189	51	rgbpusd	rgbpusd	NOUN
emaj-28	189	52	:	:	PUNCT
emaj-28	189	53	british	british	ADJ
emaj-28	189	54	pound	pound	NOUN
emaj-28	189	55	sterling	sterling	NOUN
emaj-28	189	56	to	to	ADP
emaj-28	189	57	usd	usd	NOUN
emaj-28	189	58	,	,	PUNCT
emaj-28	189	59	rplnusd	rplnusd	NOUN
emaj-28	189	60	:	:	PUNCT
emaj-28	189	61	polish	polish	PROPN
emaj-28	189	62	zloti	zloti	PROPN
emaj-28	189	63	to	to	ADP
emaj-28	189	64	usd	usd	PROPN
emaj-28	189	65	,	,	PUNCT
emaj-28	189	66	rchfusd	rchfusd	PROPN
emaj-28	189	67	:	:	PUNCT
emaj-28	189	68	swiss	swiss	ADJ
emaj-28	189	69	francs	franc	NOUN
emaj-28	189	70	to	to	ADP
emaj-28	189	71	usd	usd	NOUN