id	sid	tid	token	lemma	pos
esutjss-206	1	1	volume	volume	NOUN
esutjss-206	1	2	9	9	NUM
esutjss-206	1	3	number	number	NOUN
esutjss-206	1	4	1	1	NUM
esutjss-206	1	5	,	,	PUNCT
esutjss-206	1	6	2024	2024	NUM
esutjss-206	1	7	faculty	faculty	NOUN
esutjss-206	1	8	of	of	ADP
esutjss-206	1	9	social	social	ADJ
esutjss-206	1	10	sciences	science	NOUN
esutjss-206	1	11	,	,	PUNCT
esutjss-206	1	12	enugu	enugu	PROPN
esutjss-206	1	13	state	state	PROPN
esutjss-206	1	14	university	university	PROPN
esutjss-206	1	15	of	of	ADP
esutjss-206	1	16	science	science	NOUN
esutjss-206	1	17	and	and	CCONJ
esutjss-206	1	18	technology	technology	NOUN
esutjss-206	1	19	editor	editor	NOUN
esutjss-206	1	20	-	-	PUNCT
esutjss-206	1	21	in	in	ADP
esutjss-206	1	22	-	-	PUNCT
esutjss-206	1	23	chief	chief	NOUN
esutjss-206	1	24	prof	prof	NOUN
esutjss-206	1	25	.	.	PUNCT
esutjss-206	2	1	oby	oby	PROPN
esutjss-206	2	2	omeje	omeje	PROPN
esutjss-206	2	3	managing	managing	PROPN
esutjss-206	2	4	editor	editor	NOUN
esutjss-206	2	5	prof	prof	PROPN
esutjss-206	2	6	.	.	PUNCT
esutjss-206	3	1	barnabas	barnabas	PROPN
esutjss-206	3	2	nwankwo	nwankwo	PROPN
esutjss-206	3	3	published	publish	VERB
esutjss-206	3	4	by	by	ADP
esutjss-206	3	5	enugu	enugu	PROPN
esutjss-206	3	6	state	state	PROPN
esutjss-206	3	7	university	university	PROPN
esutjss-206	3	8	of	of	ADP
esutjss-206	3	9	science	science	PROPN
esutjss-206	3	10	&	&	CCONJ
esutjss-206	3	11	technology	technology	PROPN
esutjss-206	3	12	journal	journal	NOUN
esutjss-206	3	13	of	of	ADP
esutjss-206	3	14	social	social	PROPN
esutjss-206	3	15	sciences	sciences	PROPN
esutjss-206	3	16	&	&	CCONJ
esutjss-206	3	17	humanities	humanity	NOUN
esutjss-206	3	18	169	169	NUM
esutjss-206	3	19	the	the	DET
esutjss-206	3	20	impact	impact	NOUN
esutjss-206	3	21	of	of	ADP
esutjss-206	3	22	crude	crude	ADJ
esutjss-206	3	23	oil	oil	NOUN
esutjss-206	3	24	price	price	NOUN
esutjss-206	3	25	and	and	CCONJ
esutjss-206	3	26	the	the	DET
esutjss-206	3	27	global	global	ADJ
esutjss-206	3	28	market	market	NOUN
esutjss-206	3	29	on	on	ADP
esutjss-206	3	30	the	the	DET
esutjss-206	3	31	nigerian	nigerian	ADJ
esutjss-206	3	32	exchange	exchange	NOUN
esutjss-206	3	33	rate	rate	NOUN
esutjss-206	3	34	okonkwo	okonkwo	PROPN
esutjss-206	3	35	chidi	chidi	PROPN
esutjss-206	3	36	ukwuoma	ukwuoma	PROPN
esutjss-206	3	37	department	department	PROPN
esutjss-206	3	38	of	of	ADP
esutjss-206	3	39	applied	apply	VERB
esutjss-206	3	40	sciences	science	NOUN
esutjss-206	3	41	,	,	PUNCT
esutjss-206	3	42	federal	federal	ADJ
esutjss-206	3	43	college	college	NOUN
esutjss-206	3	44	of	of	ADP
esutjss-206	3	45	dental	dental	ADJ
esutjss-206	3	46	technology	technology	NOUN
esutjss-206	3	47	and	and	CCONJ
esutjss-206	3	48	therapy	therapy	NOUN
esutjss-206	3	49	enugu	enugu	PROPN
esutjss-206	3	50	chukwuoma99@yahoo.com	chukwuoma99@yahoo.com	PROPN
esutjss-206	4	1	ugo	ugo	PROPN
esutjss-206	4	2	donald	donald	PROPN
esutjss-206	4	3	chukwuma	chukwuma	PROPN
esutjss-206	4	4	department	department	PROPN
esutjss-206	4	5	of	of	ADP
esutjss-206	4	6	mathematics	mathematics	PROPN
esutjss-206	4	7	,	,	PUNCT
esutjss-206	4	8	enugu	enugu	PROPN
esutjss-206	4	9	state	state	PROPN
esutjss-206	4	10	university	university	PROPN
esutjss-206	4	11	of	of	ADP
esutjss-206	4	12	science	science	NOUN
esutjss-206	4	13	and	and	CCONJ
esutjss-206	4	14	technology	technology	NOUN
esutjss-206	4	15	agbani	agbani	PROPN
esutjss-206	4	16	donald.ugo@esut.edu.ng	donald.ugo@esut.edu.ng	PROPN
esutjss-206	4	17	rosary	rosary	PROPN
esutjss-206	4	18	ngozi	ngozi	PROPN
esutjss-206	4	19	ujumadu	ujumadu	PROPN
esutjss-206	4	20	department	department	PROPN
esutjss-206	4	21	of	of	ADP
esutjss-206	4	22	mathematics	mathematics	PROPN
esutjss-206	4	23	,	,	PUNCT
esutjss-206	4	24	chukwuemeka	chukwuemeka	PROPN
esutjss-206	4	25	odumegwu	odumegwu	PROPN
esutjss-206	5	1	ojukwu	ojukwu	PROPN
esutjss-206	5	2	universityuli	universityuli	PROPN
esutjss-206	5	3	m.ujumadu@coou.edu.ng	m.ujumadu@coou.edu.ng	PROPN
esutjss-206	5	4	godwin	godwin	PROPN
esutjss-206	5	5	emmanuel	emmanuel	PROPN
esutjss-206	5	6	tochukwu	tochukwu	PROPN
esutjss-206	5	7	department	department	PROPN
esutjss-206	5	8	of	of	ADP
esutjss-206	5	9	business	business	PROPN
esutjss-206	5	10	administration	administration	NOUN
esutjss-206	5	11	and	and	CCONJ
esutjss-206	5	12	management	management	NOUN
esutjss-206	5	13	our	our	PRON
esutjss-206	5	14	saviour	saviour	PROPN
esutjss-206	5	15	institute	institute	PROPN
esutjss-206	5	16	of	of	ADP
esutjss-206	5	17	science	science	PROPN
esutjss-206	5	18	,	,	PUNCT
esutjss-206	5	19	agriculture	agriculture	NOUN
esutjss-206	5	20	and	and	CCONJ
esutjss-206	5	21	technology	technology	NOUN
esutjss-206	5	22	enugu	enugu	PROPN
esutjss-206	5	23	godwinemmanueltochukwu1@gmail.com	godwinemmanueltochukwu1@gmail.com	X
esutjss-206	5	24	abstract	abstract	ADV
esutjss-206	5	25	this	this	DET
esutjss-206	5	26	paper	paper	NOUN
esutjss-206	5	27	investigates	investigate	VERB
esutjss-206	5	28	the	the	DET
esutjss-206	5	29	impact	impact	NOUN
esutjss-206	5	30	of	of	ADP
esutjss-206	5	31	crude	crude	ADJ
esutjss-206	5	32	oil	oil	NOUN
esutjss-206	5	33	prices	price	NOUN
esutjss-206	5	34	and	and	CCONJ
esutjss-206	5	35	global	global	ADJ
esutjss-206	5	36	market	market	NOUN
esutjss-206	5	37	volatility	volatility	NOUN
esutjss-206	5	38	on	on	ADP
esutjss-206	5	39	the	the	DET
esutjss-206	5	40	usdngn	usdngn	ADJ
esutjss-206	5	41	exchange	exchange	NOUN
esutjss-206	5	42	rate	rate	NOUN
esutjss-206	5	43	using	use	VERB
esutjss-206	5	44	a	a	DET
esutjss-206	5	45	vector	vector	NOUN
esutjss-206	5	46	error	error	NOUN
esutjss-206	5	47	correction	correction	NOUN
esutjss-206	5	48	model	model	NOUN
esutjss-206	5	49	(	(	PUNCT
esutjss-206	5	50	vecm	vecm	NOUN
esutjss-206	5	51	)	)	PUNCT
esutjss-206	5	52	.	.	PUNCT
esutjss-206	6	1	the	the	DET
esutjss-206	6	2	data	datum	NOUN
esutjss-206	6	3	utilized	utilize	VERB
esutjss-206	6	4	for	for	ADP
esutjss-206	6	5	this	this	DET
esutjss-206	6	6	work	work	NOUN
esutjss-206	6	7	was	be	AUX
esutjss-206	6	8	daily	daily	ADJ
esutjss-206	6	9	data	datum	NOUN
esutjss-206	6	10	on	on	ADP
esutjss-206	6	11	crude	crude	ADJ
esutjss-206	6	12	oil	oil	NOUN
esutjss-206	6	13	prices	price	NOUN
esutjss-206	6	14	,	,	PUNCT
esutjss-206	6	15	s&p	s&p	PROPN
esutjss-206	6	16	500	500	NUM
esutjss-206	6	17	index	index	NOUN
esutjss-206	6	18	,	,	PUNCT
esutjss-206	6	19	and	and	CCONJ
esutjss-206	6	20	the	the	DET
esutjss-206	6	21	usd	usd	PROPN
esutjss-206	6	22	-	-	PUNCT
esutjss-206	6	23	ngn	ngn	PROPN
esutjss-206	6	24	exchange	exchange	NOUN
esutjss-206	6	25	rate	rate	NOUN
esutjss-206	6	26	from	from	ADP
esutjss-206	6	27	3rd	3rd	PROPN
esutjss-206	6	28	june	june	PROPN
esutjss-206	6	29	2020	2020	NUM
esutjss-206	6	30	to	to	ADP
esutjss-206	6	31	31st	31st	NOUN
esutjss-206	6	32	may	may	PROPN
esutjss-206	6	33	2024	2024	NUM
esutjss-206	6	34	.	.	PUNCT
esutjss-206	7	1	the	the	DET
esutjss-206	7	2	study	study	NOUN
esutjss-206	7	3	finds	find	VERB
esutjss-206	7	4	that	that	SCONJ
esutjss-206	7	5	there	there	PRON
esutjss-206	7	6	is	be	VERB
esutjss-206	7	7	a	a	DET
esutjss-206	7	8	significant	significant	ADJ
esutjss-206	7	9	long	long	ADJ
esutjss-206	7	10	-	-	PUNCT
esutjss-206	7	11	run	run	NOUN
esutjss-206	7	12	relationship	relationship	NOUN
esutjss-206	7	13	between	between	ADP
esutjss-206	7	14	the	the	DET
esutjss-206	7	15	variables	variable	NOUN
esutjss-206	7	16	,	,	PUNCT
esutjss-206	7	17	with	with	ADP
esutjss-206	7	18	crude	crude	ADJ
esutjss-206	7	19	oil	oil	NOUN
esutjss-206	7	20	prices	price	NOUN
esutjss-206	7	21	having	have	VERB
esutjss-206	7	22	a	a	DET
esutjss-206	7	23	negative	negative	ADJ
esutjss-206	7	24	impact	impact	NOUN
esutjss-206	7	25	on	on	ADP
esutjss-206	7	26	the	the	DET
esutjss-206	7	27	exchange	exchange	NOUN
esutjss-206	7	28	rate	rate	NOUN
esutjss-206	7	29	and	and	CCONJ
esutjss-206	7	30	global	global	ADJ
esutjss-206	7	31	market	market	NOUN
esutjss-206	7	32	volatility	volatility	NOUN
esutjss-206	7	33	having	have	VERB
esutjss-206	7	34	a	a	DET
esutjss-206	7	35	positive	positive	ADJ
esutjss-206	7	36	impact	impact	NOUN
esutjss-206	7	37	.	.	PUNCT
esutjss-206	8	1	the	the	DET
esutjss-206	8	2	results	result	NOUN
esutjss-206	8	3	suggest	suggest	VERB
esutjss-206	8	4	that	that	SCONJ
esutjss-206	8	5	the	the	DET
esutjss-206	8	6	exchange	exchange	NOUN
esutjss-206	8	7	rate	rate	NOUN
esutjss-206	8	8	is	be	AUX
esutjss-206	8	9	highly	highly	ADV
esutjss-206	8	10	sensitive	sensitive	ADJ
esutjss-206	8	11	to	to	ADP
esutjss-206	8	12	changes	change	NOUN
esutjss-206	8	13	in	in	ADP
esutjss-206	8	14	crude	crude	ADJ
esutjss-206	8	15	oil	oil	NOUN
esutjss-206	8	16	prices	price	NOUN
esutjss-206	8	17	and	and	CCONJ
esutjss-206	8	18	global	global	ADJ
esutjss-206	8	19	market	market	NOUN
esutjss-206	8	20	volatility	volatility	NOUN
esutjss-206	8	21	,	,	PUNCT
esutjss-206	8	22	and	and	CCONJ
esutjss-206	8	23	that	that	SCONJ
esutjss-206	8	24	these	these	DET
esutjss-206	8	25	factors	factor	NOUN
esutjss-206	8	26	have	have	VERB
esutjss-206	8	27	a	a	DET
esutjss-206	8	28	significant	significant	ADJ
esutjss-206	8	29	impact	impact	NOUN
esutjss-206	8	30	on	on	ADP
esutjss-206	8	31	the	the	DET
esutjss-206	8	32	exchange	exchange	NOUN
esutjss-206	8	33	rate	rate	NOUN
esutjss-206	8	34	in	in	ADP
esutjss-206	8	35	both	both	CCONJ
esutjss-206	8	36	the	the	DET
esutjss-206	8	37	short	short	ADJ
esutjss-206	8	38	and	and	CCONJ
esutjss-206	8	39	long	long	ADJ
esutjss-206	8	40	term	term	NOUN
esutjss-206	8	41	.	.	PUNCT
esutjss-206	9	1	it	it	PRON
esutjss-206	9	2	was	be	AUX
esutjss-206	9	3	however	however	ADV
esutjss-206	9	4	noted	note	VERB
esutjss-206	9	5	that	that	SCONJ
esutjss-206	9	6	s&p	s&p	PROPN
esutjss-206	9	7	500	500	NUM
esutjss-206	9	8	does	do	AUX
esutjss-206	9	9	not	not	PART
esutjss-206	9	10	have	have	VERB
esutjss-206	9	11	a	a	DET
esutjss-206	9	12	direct	direct	ADJ
esutjss-206	9	13	impact	impact	NOUN
esutjss-206	9	14	on	on	ADP
esutjss-206	9	15	the	the	DET
esutjss-206	9	16	exchange	exchange	NOUN
esutjss-206	9	17	rate	rate	NOUN
esutjss-206	9	18	in	in	ADP
esutjss-206	9	19	the	the	DET
esutjss-206	9	20	short	short	ADJ
esutjss-206	9	21	run	run	NOUN
esutjss-206	9	22	.	.	PUNCT
esutjss-206	10	1	the	the	DET
esutjss-206	10	2	study	study	NOUN
esutjss-206	10	3	's	's	PART
esutjss-206	10	4	findings	finding	NOUN
esutjss-206	10	5	have	have	VERB
esutjss-206	10	6	important	important	ADJ
esutjss-206	10	7	implications	implication	NOUN
esutjss-206	10	8	for	for	ADP
esutjss-206	10	9	policymakers	policymaker	NOUN
esutjss-206	10	10	in	in	ADP
esutjss-206	10	11	nigeria	nigeria	PROPN
esutjss-206	10	12	,	,	PUNCT
esutjss-206	10	13	who	who	PRON
esutjss-206	10	14	must	must	AUX
esutjss-206	10	15	navigate	navigate	VERB
esutjss-206	10	16	the	the	DET
esutjss-206	10	17	challenges	challenge	NOUN
esutjss-206	10	18	of	of	ADP
esutjss-206	10	19	managing	manage	VERB
esutjss-206	10	20	the	the	DET
esutjss-206	10	21	exchange	exchange	NOUN
esutjss-206	10	22	rate	rate	NOUN
esutjss-206	10	23	in	in	ADP
esutjss-206	10	24	a	a	DET
esutjss-206	10	25	highly	highly	ADV
esutjss-206	10	26	volatile	volatile	ADJ
esutjss-206	10	27	global	global	ADJ
esutjss-206	10	28	economy	economy	NOUN
esutjss-206	10	29	.	.	PUNCT
esutjss-206	11	1	keywords	keyword	NOUN
esutjss-206	11	2	:	:	PUNCT
esutjss-206	11	3	crude	crude	ADJ
esutjss-206	11	4	oil	oil	NOUN
esutjss-206	11	5	,	,	PUNCT
esutjss-206	11	6	exchange	exchange	NOUN
esutjss-206	11	7	rate	rate	NOUN
esutjss-206	11	8	,	,	PUNCT
esutjss-206	11	9	foreign	foreign	ADJ
esutjss-206	11	10	exchange	exchange	NOUN
esutjss-206	11	11	,	,	PUNCT
esutjss-206	11	12	global	global	ADJ
esutjss-206	11	13	market	market	NOUN
esutjss-206	11	14	volatility	volatility	NOUN
esutjss-206	11	15	,	,	PUNCT
esutjss-206	11	16	nigerian	nigerian	ADJ
esutjss-206	11	17	economy	economy	NOUN
esutjss-206	11	18	1	1	NUM
esutjss-206	11	19	.	.	PUNCT
esutjss-206	11	20	introduction	introduction	NOUN
esutjss-206	11	21	a	a	DET
esutjss-206	11	22	key	key	ADJ
esutjss-206	11	23	element	element	NOUN
esutjss-206	11	24	of	of	ADP
esutjss-206	11	25	the	the	DET
esutjss-206	11	26	nigeria	nigeria	PROPN
esutjss-206	11	27	's	's	PART
esutjss-206	11	28	macroeconomic	macroeconomic	ADJ
esutjss-206	11	29	stability	stability	NOUN
esutjss-206	11	30	is	be	AUX
esutjss-206	11	31	the	the	DET
esutjss-206	11	32	usd	usd	PROPN
esutjss-206	11	33	-	-	PUNCT
esutjss-206	11	34	ngn	ngn	PROPN
esutjss-206	11	35	exchange	exchange	NOUN
esutjss-206	11	36	rate	rate	NOUN
esutjss-206	11	37	,	,	PUNCT
esutjss-206	11	38	whose	whose	DET
esutjss-206	11	39	fluctuations	fluctuation	NOUN
esutjss-206	11	40	have	have	VERB
esutjss-206	11	41	a	a	DET
esutjss-206	11	42	big	big	ADJ
esutjss-206	11	43	impact	impact	NOUN
esutjss-206	11	44	on	on	ADP
esutjss-206	11	45	the	the	DET
esutjss-206	11	46	national	national	ADJ
esutjss-206	11	47	economy	economy	NOUN
esutjss-206	11	48	.	.	PUNCT
esutjss-206	12	1	(	(	PUNCT
esutjss-206	12	2	ajala	ajala	NOUN
esutjss-206	12	3	et.al	et.al	NOUN
esutjss-206	12	4	2021	2021	NUM
esutjss-206	12	5	)	)	PUNCT
esutjss-206	12	6	two	two	NUM
esutjss-206	12	7	important	important	ADJ
esutjss-206	12	8	variables	variable	NOUN
esutjss-206	12	9	that	that	PRON
esutjss-206	12	10	can	can	AUX
esutjss-206	12	11	have	have	VERB
esutjss-206	12	12	a	a	DET
esutjss-206	12	13	big	big	ADJ
esutjss-206	12	14	impact	impact	NOUN
esutjss-206	12	15	on	on	ADP
esutjss-206	12	16	the	the	DET
esutjss-206	12	17	exchange	exchange	NOUN
esutjss-206	12	18	rate	rate	NOUN
esutjss-206	12	19	are	be	AUX
esutjss-206	12	20	the	the	DET
esutjss-206	12	21	price	price	NOUN
esutjss-206	12	22	of	of	ADP
esutjss-206	12	23	crude	crude	ADJ
esutjss-206	12	24	oil	oil	NOUN
esutjss-206	12	25	in	in	ADP
esutjss-206	12	26	the	the	DET
esutjss-206	12	27	international	international	ADJ
esutjss-206	12	28	market	market	NOUN
esutjss-206	12	29	and	and	CCONJ
esutjss-206	12	30	the	the	DET
esutjss-206	12	31	volatility	volatility	NOUN
esutjss-206	12	32	of	of	ADP
esutjss-206	12	33	the	the	DET
esutjss-206	12	34	world	world	NOUN
esutjss-206	12	35	market	market	NOUN
esutjss-206	12	36	as	as	SCONJ
esutjss-206	12	37	indicated	indicate	VERB
esutjss-206	12	38	by	by	ADP
esutjss-206	12	39	the	the	DET
esutjss-206	12	40	s&p	s&p	PROPN
esutjss-206	12	41	500	500	NUM
esutjss-206	12	42	index	index	NOUN
esutjss-206	12	43	.	.	PUNCT
esutjss-206	13	1	(	(	PUNCT
esutjss-206	13	2	olayeni	olayeni	NOUN
esutjss-206	13	3	et.al	et.al	PROPN
esutjss-206	13	4	.	.	PUNCT
esutjss-206	13	5	2020	2020	NUM
esutjss-206	13	6	)	)	PUNCT
esutjss-206	13	7	.	.	PUNCT
esutjss-206	14	1	as	as	ADP
esutjss-206	14	2	a	a	DET
esutjss-206	14	3	result	result	NOUN
esutjss-206	14	4	of	of	ADP
esutjss-206	14	5	its	its	PRON
esutjss-206	14	6	heavy	heavy	ADJ
esutjss-206	14	7	reliance	reliance	NOUN
esutjss-206	14	8	on	on	ADP
esutjss-206	14	9	oil	oil	NOUN
esutjss-206	14	10	exports	export	NOUN
esutjss-206	14	11	,	,	PUNCT
esutjss-206	14	12	nigeria	nigeria	PROPN
esutjss-206	14	13	's	's	PART
esutjss-206	14	14	economy	economy	NOUN
esutjss-206	14	15	is	be	AUX
esutjss-206	14	16	susceptible	susceptible	ADJ
esutjss-206	14	17	to	to	ADP
esutjss-206	14	18	volatility	volatility	NOUN
esutjss-206	14	19	in	in	ADP
esutjss-206	14	20	the	the	DET
esutjss-206	14	21	price	price	NOUN
esutjss-206	14	22	of	of	ADP
esutjss-206	14	23	crude	crude	ADJ
esutjss-206	14	24	oil	oil	NOUN
esutjss-206	14	25	globally	globally	ADV
esutjss-206	14	26	.	.	PUNCT
esutjss-206	15	1	furthermore	furthermore	ADV
esutjss-206	15	2	,	,	PUNCT
esutjss-206	15	3	the	the	DET
esutjss-206	15	4	nation	nation	NOUN
esutjss-206	15	5	's	's	PART
esutjss-206	15	6	financial	financial	ADJ
esutjss-206	15	7	markets	market	NOUN
esutjss-206	15	8	are	be	AUX
esutjss-206	15	9	strongly	strongly	ADV
esutjss-206	15	10	linked	link	VERB
esutjss-206	15	11	to	to	ADP
esutjss-206	15	12	international	international	ADJ
esutjss-206	15	13	markets	market	NOUN
esutjss-206	15	14	,	,	PUNCT
esutjss-206	15	15	with	with	ADP
esutjss-206	15	16	the	the	DET
esutjss-206	15	17	s&p	s&p	PROPN
esutjss-206	15	18	500	500	NUM
esutjss-206	15	19	index	index	NOUN
esutjss-206	15	20	acting	act	VERB
esutjss-206	15	21	as	as	ADP
esutjss-206	15	22	a	a	DET
esutjss-206	15	23	proxy	proxy	NOUN
esutjss-206	15	24	for	for	ADP
esutjss-206	15	25	the	the	DET
esutjss-206	15	26	other	other	ADJ
esutjss-206	15	27	markets	market	NOUN
esutjss-206	15	28	.	.	PUNCT
esutjss-206	16	1	mailto:chukwuoma99@yahoo.com	mailto:chukwuoma99@yahoo.com	PROPN
esutjss-206	16	2	mailto:donald.ugo@esut.edu.ng	mailto:donald.ugo@esut.edu.ng	PROPN
esutjss-206	16	3	mailto:m.ujumadu@coou.edu.ng	mailto:m.ujumadu@coou.edu.ng	PROPN
esutjss-206	16	4	mailto:godwinemmanueltochukwu1@gmail.com	mailto:godwinemmanueltochukwu1@gmail.com	NOUN
esutjss-206	16	5	170	170	NUM
esutjss-206	16	6	the	the	DET
esutjss-206	16	7	evolution	evolution	NOUN
esutjss-206	16	8	of	of	ADP
esutjss-206	16	9	the	the	DET
esutjss-206	16	10	usd	usd	PROPN
esutjss-206	16	11	-	-	PUNCT
esutjss-206	16	12	ngn	ngn	PROPN
esutjss-206	16	13	exchange	exchange	NOUN
esutjss-206	16	14	rate	rate	NOUN
esutjss-206	16	15	has	have	AUX
esutjss-206	16	16	been	be	AUX
esutjss-206	16	17	characterized	characterize	VERB
esutjss-206	16	18	by	by	ADP
esutjss-206	16	19	a	a	DET
esutjss-206	16	20	dynamic	dynamic	ADJ
esutjss-206	16	21	interplay	interplay	NOUN
esutjss-206	16	22	of	of	ADP
esutjss-206	16	23	economic	economic	ADJ
esutjss-206	16	24	forces	force	NOUN
esutjss-206	16	25	,	,	PUNCT
esutjss-206	16	26	policy	policy	NOUN
esutjss-206	16	27	interventions	intervention	NOUN
esutjss-206	16	28	,	,	PUNCT
esutjss-206	16	29	and	and	CCONJ
esutjss-206	16	30	market	market	NOUN
esutjss-206	16	31	dynamics	dynamic	NOUN
esutjss-206	16	32	over	over	ADP
esutjss-206	16	33	the	the	DET
esutjss-206	16	34	past	past	ADJ
esutjss-206	16	35	five	five	NUM
esutjss-206	16	36	decades	decade	NOUN
esutjss-206	16	37	.	.	PUNCT
esutjss-206	17	1	during	during	ADP
esutjss-206	17	2	the	the	DET
esutjss-206	17	3	early	early	ADJ
esutjss-206	17	4	years	year	NOUN
esutjss-206	17	5	from	from	ADP
esutjss-206	17	6	1972	1972	NUM
esutjss-206	17	7	to	to	ADP
esutjss-206	17	8	1980	1980	NUM
esutjss-206	17	9	,	,	PUNCT
esutjss-206	17	10	the	the	DET
esutjss-206	17	11	nigerian	nigerian	ADJ
esutjss-206	17	12	naira	naira	PROPN
esutjss-206	17	13	maintained	maintain	VERB
esutjss-206	17	14	a	a	DET
esutjss-206	17	15	fixed	fix	VERB
esutjss-206	17	16	parity	parity	NOUN
esutjss-206	17	17	with	with	ADP
esutjss-206	17	18	the	the	DET
esutjss-206	17	19	us	us	PROPN
esutjss-206	17	20	dollar	dollar	NOUN
esutjss-206	17	21	,	,	PUNCT
esutjss-206	17	22	initially	initially	ADV
esutjss-206	17	23	set	set	VERB
esutjss-206	17	24	at	at	ADP
esutjss-206	17	25	ngn0.658	ngn0.658	NOUN
esutjss-206	17	26	per	per	ADP
esutjss-206	17	27	usd	usd	NOUN
esutjss-206	17	28	.	.	PUNCT
esutjss-206	18	1	however	however	ADV
esutjss-206	18	2	,	,	PUNCT
esutjss-206	18	3	this	this	DET
esutjss-206	18	4	pegged	peg	VERB
esutjss-206	18	5	regime	regime	NOUN
esutjss-206	18	6	was	be	AUX
esutjss-206	18	7	shortlived	shortlive	VERB
esutjss-206	18	8	,	,	PUNCT
esutjss-206	18	9	as	as	ADP
esutjss-206	18	10	the	the	DET
esutjss-206	18	11	naira	naira	NOUN
esutjss-206	18	12	underwent	underwent	NOUN
esutjss-206	18	13	successive	successive	ADJ
esutjss-206	18	14	devaluations	devaluation	NOUN
esutjss-206	18	15	in	in	ADP
esutjss-206	18	16	1975	1975	NUM
esutjss-206	18	17	and	and	CCONJ
esutjss-206	18	18	1976	1976	NUM
esutjss-206	18	19	,	,	PUNCT
esutjss-206	18	20	reaching	reach	VERB
esutjss-206	18	21	ngn0.62	ngn0.62	PROPN
esutjss-206	18	22	per	per	ADP
esutjss-206	18	23	usd	usd	NOUN
esutjss-206	18	24	.	.	PUNCT
esutjss-206	19	1	concurrently	concurrently	ADV
esutjss-206	19	2	,	,	PUNCT
esutjss-206	19	3	the	the	DET
esutjss-206	19	4	emergence	emergence	NOUN
esutjss-206	19	5	of	of	ADP
esutjss-206	19	6	a	a	DET
esutjss-206	19	7	parallel	parallel	ADJ
esutjss-206	19	8	foreign	foreign	ADJ
esutjss-206	19	9	exchange	exchange	NOUN
esutjss-206	19	10	market	market	NOUN
esutjss-206	19	11	,	,	PUNCT
esutjss-206	19	12	commonly	commonly	ADV
esutjss-206	19	13	referred	refer	VERB
esutjss-206	19	14	to	to	ADP
esutjss-206	19	15	as	as	ADP
esutjss-206	19	16	the	the	DET
esutjss-206	19	17	"	"	PUNCT
esutjss-206	19	18	black	black	ADJ
esutjss-206	19	19	market	market	NOUN
esutjss-206	19	20	,	,	PUNCT
esutjss-206	19	21	"	"	PUNCT
esutjss-206	19	22	began	begin	VERB
esutjss-206	19	23	to	to	PART
esutjss-206	19	24	exert	exert	VERB
esutjss-206	19	25	its	its	PRON
esutjss-206	19	26	influence	influence	NOUN
esutjss-206	19	27	,	,	PUNCT
esutjss-206	19	28	with	with	ADP
esutjss-206	19	29	rates	rate	NOUN
esutjss-206	19	30	ranging	range	VERB
esutjss-206	19	31	from	from	ADP
esutjss-206	19	32	ngn0.550	ngn0.550	NOUN
esutjss-206	19	33	to	to	ADP
esutjss-206	19	34	ngn0.596	ngn0.596	NOUN
esutjss-206	19	35	per	per	ADP
esutjss-206	19	36	usd	usd	NOUN
esutjss-206	19	37	.	.	PUNCT
esutjss-206	20	1	the	the	DET
esutjss-206	20	2	1980s	1980	NOUN
esutjss-206	20	3	ushered	usher	VERB
esutjss-206	20	4	in	in	ADP
esutjss-206	20	5	a	a	DET
esutjss-206	20	6	significant	significant	ADJ
esutjss-206	20	7	shift	shift	NOUN
esutjss-206	20	8	in	in	ADP
esutjss-206	20	9	the	the	DET
esutjss-206	20	10	foreign	foreign	ADJ
esutjss-206	20	11	exchange	exchange	NOUN
esutjss-206	20	12	landscape	landscape	NOUN
esutjss-206	20	13	,	,	PUNCT
esutjss-206	20	14	as	as	SCONJ
esutjss-206	20	15	the	the	DET
esutjss-206	20	16	nigerian	nigerian	ADJ
esutjss-206	20	17	government	government	NOUN
esutjss-206	20	18	deregulated	deregulate	VERB
esutjss-206	20	19	the	the	DET
esutjss-206	20	20	market	market	NOUN
esutjss-206	20	21	in	in	ADP
esutjss-206	20	22	1986	1986	NUM
esutjss-206	20	23	,	,	PUNCT
esutjss-206	20	24	allowing	allow	VERB
esutjss-206	20	25	for	for	ADP
esutjss-206	20	26	greater	great	ADJ
esutjss-206	20	27	flexibility	flexibility	NOUN
esutjss-206	20	28	in	in	ADP
esutjss-206	20	29	the	the	DET
esutjss-206	20	30	exchange	exchange	NOUN
esutjss-206	20	31	rate	rate	NOUN
esutjss-206	20	32	determination	determination	NOUN
esutjss-206	20	33	.	.	PUNCT
esutjss-206	21	1	this	this	DET
esutjss-206	21	2	move	move	NOUN
esutjss-206	21	3	coincided	coincide	VERB
esutjss-206	21	4	with	with	ADP
esutjss-206	21	5	the	the	DET
esutjss-206	21	6	widening	widening	NOUN
esutjss-206	21	7	of	of	ADP
esutjss-206	21	8	the	the	DET
esutjss-206	21	9	spread	spread	NOUN
esutjss-206	21	10	between	between	ADP
esutjss-206	21	11	the	the	DET
esutjss-206	21	12	official	official	ADJ
esutjss-206	21	13	and	and	CCONJ
esutjss-206	21	14	black	black	ADJ
esutjss-206	21	15	market	market	NOUN
esutjss-206	21	16	rates	rate	NOUN
esutjss-206	21	17	,	,	PUNCT
esutjss-206	21	18	with	with	ADP
esutjss-206	21	19	the	the	DET
esutjss-206	21	20	latter	latter	ADJ
esutjss-206	21	21	reaching	reach	VERB
esutjss-206	21	22	ngn2.02	ngn2.02	NOUN
esutjss-206	21	23	per	per	ADP
esutjss-206	21	24	usd	usd	NOUN
esutjss-206	21	25	in	in	ADP
esutjss-206	21	26	1986	1986	NUM
esutjss-206	21	27	,	,	PUNCT
esutjss-206	21	28	while	while	SCONJ
esutjss-206	21	29	the	the	DET
esutjss-206	21	30	official	official	ADJ
esutjss-206	21	31	rate	rate	NOUN
esutjss-206	21	32	remained	remain	VERB
esutjss-206	21	33	relatively	relatively	ADV
esutjss-206	21	34	stable	stable	ADJ
esutjss-206	21	35	at	at	ADP
esutjss-206	21	36	around	around	ADP
esutjss-206	21	37	ngn4.00	ngn4.00	PROPN
esutjss-206	21	38	per	per	ADP
esutjss-206	21	39	usd	usd	NOUN
esutjss-206	21	40	throughout	throughout	ADP
esutjss-206	21	41	the	the	DET
esutjss-206	21	42	decade	decade	NOUN
esutjss-206	21	43	.	.	PUNCT
esutjss-206	22	1	the	the	DET
esutjss-206	22	2	1990s	1990	NOUN
esutjss-206	22	3	proved	prove	VERB
esutjss-206	22	4	to	to	PART
esutjss-206	22	5	be	be	AUX
esutjss-206	22	6	a	a	DET
esutjss-206	22	7	challenging	challenging	ADJ
esutjss-206	22	8	period	period	NOUN
esutjss-206	22	9	for	for	ADP
esutjss-206	22	10	the	the	DET
esutjss-206	22	11	nigerian	nigerian	ADJ
esutjss-206	22	12	economy	economy	NOUN
esutjss-206	22	13	,	,	PUNCT
esutjss-206	22	14	as	as	SCONJ
esutjss-206	22	15	it	it	PRON
esutjss-206	22	16	grappled	grapple	VERB
esutjss-206	22	17	with	with	ADP
esutjss-206	22	18	a	a	DET
esutjss-206	22	19	severe	severe	ADJ
esutjss-206	22	20	economic	economic	ADJ
esutjss-206	22	21	crisis	crisis	NOUN
esutjss-206	22	22	that	that	PRON
esutjss-206	22	23	led	lead	VERB
esutjss-206	22	24	to	to	ADP
esutjss-206	22	25	a	a	DET
esutjss-206	22	26	substantial	substantial	ADJ
esutjss-206	22	27	depreciation	depreciation	NOUN
esutjss-206	22	28	of	of	ADP
esutjss-206	22	29	the	the	DET
esutjss-206	22	30	naira	naira	NOUN
esutjss-206	22	31	.	.	PUNCT
esutjss-206	23	1	the	the	DET
esutjss-206	23	2	black	black	ADJ
esutjss-206	23	3	market	market	NOUN
esutjss-206	23	4	rate	rate	NOUN
esutjss-206	23	5	skyrocketed	skyrocket	VERB
esutjss-206	23	6	,	,	PUNCT
esutjss-206	23	7	peaking	peak	VERB
esutjss-206	23	8	at	at	ADP
esutjss-206	23	9	ngn17.30	ngn17.30	NOUN
esutjss-206	23	10	per	per	ADP
esutjss-206	23	11	usd	usd	NOUN
esutjss-206	23	12	in	in	ADP
esutjss-206	23	13	1993	1993	NUM
esutjss-206	23	14	,	,	PUNCT
esutjss-206	23	15	while	while	SCONJ
esutjss-206	23	16	the	the	DET
esutjss-206	23	17	official	official	ADJ
esutjss-206	23	18	rate	rate	NOUN
esutjss-206	23	19	was	be	AUX
esutjss-206	23	20	maintained	maintain	VERB
esutjss-206	23	21	at	at	ADP
esutjss-206	23	22	around	around	ADP
esutjss-206	23	23	ngn22.33	ngn22.33	NOUN
esutjss-206	23	24	per	per	ADP
esutjss-206	23	25	usd	usd	NOUN
esutjss-206	23	26	.	.	PUNCT
esutjss-206	24	1	the	the	DET
esutjss-206	24	2	turn	turn	NOUN
esutjss-206	24	3	of	of	ADP
esutjss-206	24	4	the	the	DET
esutjss-206	24	5	millennium	millennium	NOUN
esutjss-206	24	6	brought	bring	VERB
esutjss-206	24	7	about	about	ADP
esutjss-206	24	8	further	further	ADJ
esutjss-206	24	9	deregulation	deregulation	NOUN
esutjss-206	24	10	efforts	effort	NOUN
esutjss-206	24	11	in	in	ADP
esutjss-206	24	12	the	the	DET
esutjss-206	24	13	early	early	ADJ
esutjss-206	24	14	2000s	2000s	NUM
esutjss-206	24	15	,	,	PUNCT
esutjss-206	24	16	as	as	SCONJ
esutjss-206	24	17	the	the	DET
esutjss-206	24	18	nigerian	nigerian	ADJ
esutjss-206	24	19	government	government	NOUN
esutjss-206	24	20	sought	seek	VERB
esutjss-206	24	21	to	to	PART
esutjss-206	24	22	enhance	enhance	VERB
esutjss-206	24	23	the	the	DET
esutjss-206	24	24	flexibility	flexibility	NOUN
esutjss-206	24	25	of	of	ADP
esutjss-206	24	26	the	the	DET
esutjss-206	24	27	foreign	foreign	ADJ
esutjss-206	24	28	exchange	exchange	NOUN
esutjss-206	24	29	market	market	NOUN
esutjss-206	24	30	.	.	PUNCT
esutjss-206	25	1	despite	despite	SCONJ
esutjss-206	25	2	these	these	DET
esutjss-206	25	3	measures	measure	NOUN
esutjss-206	25	4	,	,	PUNCT
esutjss-206	25	5	the	the	DET
esutjss-206	25	6	black	black	ADJ
esutjss-206	25	7	market	market	NOUN
esutjss-206	25	8	rate	rate	NOUN
esutjss-206	25	9	continued	continue	VERB
esutjss-206	25	10	to	to	PART
esutjss-206	25	11	fluctuate	fluctuate	VERB
esutjss-206	25	12	,	,	PUNCT
esutjss-206	25	13	reaching	reach	VERB
esutjss-206	25	14	ngn85.98	ngn85.98	NOUN
esutjss-206	25	15	per	per	ADP
esutjss-206	25	16	usd	usd	NOUN
esutjss-206	25	17	in	in	ADP
esutjss-206	25	18	2000	2000	NUM
esutjss-206	25	19	,	,	PUNCT
esutjss-206	25	20	while	while	SCONJ
esutjss-206	25	21	the	the	DET
esutjss-206	25	22	official	official	ADJ
esutjss-206	25	23	rate	rate	NOUN
esutjss-206	25	24	remained	remain	VERB
esutjss-206	25	25	relatively	relatively	ADV
esutjss-206	25	26	stable	stable	ADJ
esutjss-206	25	27	at	at	ADP
esutjss-206	25	28	around	around	ADP
esutjss-206	25	29	ngn127	ngn127	NOUN
esutjss-206	25	30	per	per	ADP
esutjss-206	25	31	usd	usd	NOUN
esutjss-206	25	32	throughout	throughout	ADP
esutjss-206	25	33	the	the	DET
esutjss-206	25	34	decade	decade	NOUN
esutjss-206	25	35	.	.	PUNCT
esutjss-206	26	1	the	the	DET
esutjss-206	26	2	2010s	2010s	NUM
esutjss-206	26	3	witnessed	witness	VERB
esutjss-206	26	4	the	the	DET
esutjss-206	26	5	impact	impact	NOUN
esutjss-206	26	6	of	of	ADP
esutjss-206	26	7	inflationary	inflationary	ADJ
esutjss-206	26	8	pressures	pressure	NOUN
esutjss-206	26	9	on	on	ADP
esutjss-206	26	10	the	the	DET
esutjss-206	26	11	naira	naira	NOUN
esutjss-206	26	12	,	,	PUNCT
esutjss-206	26	13	leading	lead	VERB
esutjss-206	26	14	to	to	ADP
esutjss-206	26	15	its	its	PRON
esutjss-206	26	16	devaluation	devaluation	NOUN
esutjss-206	26	17	.	.	PUNCT
esutjss-206	27	1	the	the	DET
esutjss-206	27	2	black	black	ADJ
esutjss-206	27	3	market	market	NOUN
esutjss-206	27	4	rate	rate	NOUN
esutjss-206	27	5	reached	reach	VERB
esutjss-206	27	6	ngn360	ngn360	PROPN
esutjss-206	27	7	per	per	ADP
esutjss-206	27	8	usd	usd	NOUN
esutjss-206	27	9	in	in	ADP
esutjss-206	27	10	2015	2015	NUM
esutjss-206	27	11	,	,	PUNCT
esutjss-206	27	12	while	while	SCONJ
esutjss-206	27	13	the	the	DET
esutjss-206	27	14	official	official	ADJ
esutjss-206	27	15	rate	rate	NOUN
esutjss-206	27	16	was	be	AUX
esutjss-206	27	17	maintained	maintain	VERB
esutjss-206	27	18	at	at	ADP
esutjss-206	27	19	around	around	ADP
esutjss-206	27	20	ngn305	ngn305	NOUN
esutjss-206	27	21	per	per	ADP
esutjss-206	27	22	usd	usd	NOUN
esutjss-206	27	23	.	.	PUNCT
esutjss-206	28	1	the	the	DET
esutjss-206	28	2	covid-19	covid-19	PROPN
esutjss-206	28	3	pandemic	pandemic	NOUN
esutjss-206	28	4	in	in	ADP
esutjss-206	28	5	2020	2020	NUM
esutjss-206	28	6	exacerbated	exacerbate	VERB
esutjss-206	28	7	the	the	DET
esutjss-206	28	8	naira	naira	NOUN
esutjss-206	28	9	's	's	PART
esutjss-206	28	10	depreciation	depreciation	NOUN
esutjss-206	28	11	,	,	PUNCT
esutjss-206	28	12	with	with	ADP
esutjss-206	28	13	the	the	DET
esutjss-206	28	14	black	black	ADJ
esutjss-206	28	15	market	market	NOUN
esutjss-206	28	16	rate	rate	NOUN
esutjss-206	28	17	reaching	reach	VERB
esutjss-206	28	18	ngn500	ngn500	NOUN
esutjss-206	28	19	per	per	ADP
esutjss-206	28	20	usd	usd	NOUN
esutjss-206	28	21	,	,	PUNCT
esutjss-206	28	22	while	while	SCONJ
esutjss-206	28	23	the	the	DET
esutjss-206	28	24	official	official	ADJ
esutjss-206	28	25	rate	rate	NOUN
esutjss-206	28	26	remained	remain	VERB
esutjss-206	28	27	at	at	ADP
esutjss-206	28	28	ngn360	ngn360	PROPN
esutjss-206	28	29	per	per	ADP
esutjss-206	28	30	usd	usd	NOUN
esutjss-206	28	31	.	.	PUNCT
esutjss-206	29	1	in	in	ADP
esutjss-206	29	2	recent	recent	ADJ
esutjss-206	29	3	years	year	NOUN
esutjss-206	29	4	,	,	PUNCT
esutjss-206	29	5	the	the	DET
esutjss-206	29	6	naira	naira	NOUN
esutjss-206	29	7	has	have	AUX
esutjss-206	29	8	continued	continue	VERB
esutjss-206	29	9	to	to	PART
esutjss-206	29	10	face	face	VERB
esutjss-206	29	11	challenges	challenge	NOUN
esutjss-206	29	12	,	,	PUNCT
esutjss-206	29	13	with	with	ADP
esutjss-206	29	14	the	the	DET
esutjss-206	29	15	black	black	ADJ
esutjss-206	29	16	market	market	NOUN
esutjss-206	29	17	rate	rate	NOUN
esutjss-206	29	18	reaching	reach	VERB
esutjss-206	29	19	ngn700	ngn700	NOUN
esutjss-206	29	20	per	per	ADP
esutjss-206	29	21	usd	usd	NOUN
esutjss-206	29	22	in	in	ADP
esutjss-206	29	23	2022	2022	NUM
esutjss-206	29	24	before	before	ADP
esutjss-206	29	25	experiencing	experience	VERB
esutjss-206	29	26	a	a	DET
esutjss-206	29	27	slight	slight	ADJ
esutjss-206	29	28	appreciation	appreciation	NOUN
esutjss-206	29	29	to	to	ADP
esutjss-206	29	30	ngn600	ngn600	PROPN
esutjss-206	29	31	per	per	ADP
esutjss-206	29	32	usd	usd	NOUN
esutjss-206	29	33	in	in	ADP
esutjss-206	29	34	2023	2023	NUM
esutjss-206	29	35	.	.	PUNCT
esutjss-206	30	1	the	the	DET
esutjss-206	30	2	persistent	persistent	ADJ
esutjss-206	30	3	divergence	divergence	NOUN
esutjss-206	30	4	between	between	ADP
esutjss-206	30	5	the	the	DET
esutjss-206	30	6	official	official	ADJ
esutjss-206	30	7	and	and	CCONJ
esutjss-206	30	8	black	black	ADJ
esutjss-206	30	9	market	market	NOUN
esutjss-206	30	10	rates	rate	NOUN
esutjss-206	30	11	underscores	underscore	VERB
esutjss-206	30	12	the	the	DET
esutjss-206	30	13	need	need	NOUN
esutjss-206	30	14	for	for	ADP
esutjss-206	30	15	comprehensive	comprehensive	ADJ
esutjss-206	30	16	exchange	exchange	NOUN
esutjss-206	30	17	rate	rate	NOUN
esutjss-206	30	18	reforms	reform	NOUN
esutjss-206	30	19	and	and	CCONJ
esutjss-206	30	20	policies	policy	NOUN
esutjss-206	30	21	aimed	aim	VERB
esutjss-206	30	22	at	at	ADP
esutjss-206	30	23	promoting	promote	VERB
esutjss-206	30	24	economic	economic	ADJ
esutjss-206	30	25	stability	stability	NOUN
esutjss-206	30	26	and	and	CCONJ
esutjss-206	30	27	growth	growth	NOUN
esutjss-206	30	28	.	.	PUNCT
esutjss-206	31	1	this	this	DET
esutjss-206	31	2	study	study	NOUN
esutjss-206	31	3	uses	use	VERB
esutjss-206	31	4	a	a	DET
esutjss-206	31	5	vector	vector	NOUN
esutjss-206	31	6	error	error	NOUN
esutjss-206	31	7	correction	correction	NOUN
esutjss-206	31	8	model	model	NOUN
esutjss-206	31	9	(	(	PUNCT
esutjss-206	31	10	vecm	vecm	NOUN
esutjss-206	31	11	)	)	PUNCT
esutjss-206	31	12	to	to	PART
esutjss-206	31	13	assess	assess	VERB
esutjss-206	31	14	the	the	DET
esutjss-206	31	15	shortand	shortand	NOUN
esutjss-206	31	16	long	long	ADJ
esutjss-206	31	17	-	-	PUNCT
esutjss-206	31	18	term	term	NOUN
esutjss-206	31	19	correlations	correlation	NOUN
esutjss-206	31	20	between	between	ADP
esutjss-206	31	21	these	these	DET
esutjss-206	31	22	variables	variable	NOUN
esutjss-206	31	23	in	in	ADP
esutjss-206	31	24	order	order	NOUN
esutjss-206	31	25	to	to	PART
esutjss-206	31	26	investigate	investigate	VERB
esutjss-206	31	27	the	the	DET
esutjss-206	31	28	effects	effect	NOUN
esutjss-206	31	29	of	of	ADP
esutjss-206	31	30	crude	crude	ADJ
esutjss-206	31	31	oil	oil	NOUN
esutjss-206	31	32	prices	price	NOUN
esutjss-206	31	33	and	and	CCONJ
esutjss-206	31	34	global	global	ADJ
esutjss-206	31	35	market	market	NOUN
esutjss-206	31	36	volatility	volatility	NOUN
esutjss-206	31	37	on	on	ADP
esutjss-206	31	38	the	the	DET
esutjss-206	31	39	usd	usd	PROPN
esutjss-206	31	40	-	-	PUNCT
esutjss-206	31	41	ngn	ngn	PROPN
esutjss-206	31	42	exchange	exchange	NOUN
esutjss-206	31	43	rate	rate	NOUN
esutjss-206	31	44	.	.	PUNCT
esutjss-206	32	1	2	2	X
esutjss-206	32	2	.	.	X
esutjss-206	32	3	literature	literature	NOUN
esutjss-206	32	4	review	review	VERB
esutjss-206	32	5	the	the	DET
esutjss-206	32	6	relationship	relationship	NOUN
esutjss-206	32	7	between	between	ADP
esutjss-206	32	8	crude	crude	ADJ
esutjss-206	32	9	oil	oil	NOUN
esutjss-206	32	10	prices	price	NOUN
esutjss-206	32	11	,	,	PUNCT
esutjss-206	32	12	global	global	ADJ
esutjss-206	32	13	market	market	NOUN
esutjss-206	32	14	volatility	volatility	NOUN
esutjss-206	32	15	,	,	PUNCT
esutjss-206	32	16	and	and	CCONJ
esutjss-206	32	17	exchange	exchange	NOUN
esutjss-206	32	18	rates	rate	NOUN
esutjss-206	32	19	has	have	AUX
esutjss-206	32	20	been	be	AUX
esutjss-206	32	21	extensively	extensively	ADV
esutjss-206	32	22	studied	study	VERB
esutjss-206	32	23	in	in	ADP
esutjss-206	32	24	the	the	DET
esutjss-206	32	25	literature	literature	NOUN
esutjss-206	32	26	.	.	PUNCT
esutjss-206	33	1	this	this	DET
esutjss-206	33	2	section	section	NOUN
esutjss-206	33	3	provides	provide	VERB
esutjss-206	33	4	an	an	DET
esutjss-206	33	5	overview	overview	NOUN
esutjss-206	33	6	of	of	ADP
esutjss-206	33	7	the	the	DET
esutjss-206	33	8	current	current	ADJ
esutjss-206	33	9	state	state	NOUN
esutjss-206	33	10	of	of	ADP
esutjss-206	33	11	knowledge	knowledge	NOUN
esutjss-206	33	12	in	in	ADP
esutjss-206	33	13	this	this	DET
esutjss-206	33	14	area	area	NOUN
esutjss-206	33	15	.	.	PUNCT
esutjss-206	34	1	171	171	NUM
esutjss-206	34	2	2.1	2.1	NUM
esutjss-206	34	3	crude	crude	ADJ
esutjss-206	34	4	oil	oil	NOUN
esutjss-206	34	5	prices	price	NOUN
esutjss-206	34	6	and	and	CCONJ
esutjss-206	34	7	exchange	exchange	NOUN
esutjss-206	34	8	rates	rate	NOUN
esutjss-206	34	9	several	several	ADJ
esutjss-206	34	10	studies	study	NOUN
esutjss-206	34	11	have	have	AUX
esutjss-206	34	12	investigated	investigate	VERB
esutjss-206	34	13	the	the	DET
esutjss-206	34	14	impact	impact	NOUN
esutjss-206	34	15	of	of	ADP
esutjss-206	34	16	crude	crude	ADJ
esutjss-206	34	17	oil	oil	NOUN
esutjss-206	34	18	prices	price	NOUN
esutjss-206	34	19	on	on	ADP
esutjss-206	34	20	exchange	exchange	NOUN
esutjss-206	34	21	rates	rate	NOUN
esutjss-206	34	22	.	.	PUNCT
esutjss-206	35	1	for	for	ADP
esutjss-206	35	2	example	example	NOUN
esutjss-206	35	3	,	,	PUNCT
esutjss-206	35	4	(	(	PUNCT
esutjss-206	35	5	akpan	akpan	ADJ
esutjss-206	35	6	,	,	PUNCT
esutjss-206	35	7	2018	2018	NUM
esutjss-206	35	8	)	)	PUNCT
esutjss-206	35	9	found	find	VERB
esutjss-206	35	10	that	that	SCONJ
esutjss-206	35	11	changes	change	NOUN
esutjss-206	35	12	in	in	ADP
esutjss-206	35	13	crude	crude	ADJ
esutjss-206	35	14	oil	oil	NOUN
esutjss-206	35	15	prices	price	NOUN
esutjss-206	35	16	have	have	VERB
esutjss-206	35	17	a	a	DET
esutjss-206	35	18	significant	significant	ADJ
esutjss-206	35	19	impact	impact	NOUN
esutjss-206	35	20	on	on	ADP
esutjss-206	35	21	the	the	DET
esutjss-206	35	22	usdngn	usdngn	ADJ
esutjss-206	35	23	exchange	exchange	NOUN
esutjss-206	35	24	rate	rate	NOUN
esutjss-206	35	25	,	,	PUNCT
esutjss-206	35	26	with	with	ADP
esutjss-206	35	27	a	a	DET
esutjss-206	35	28	one	one	NUM
esutjss-206	35	29	-	-	PUNCT
esutjss-206	35	30	dollar	dollar	NOUN
esutjss-206	35	31	increase	increase	NOUN
esutjss-206	35	32	in	in	ADP
esutjss-206	35	33	crude	crude	ADJ
esutjss-206	35	34	oil	oil	NOUN
esutjss-206	35	35	prices	price	NOUN
esutjss-206	35	36	leading	lead	VERB
esutjss-206	35	37	to	to	ADP
esutjss-206	35	38	a	a	DET
esutjss-206	35	39	0.5	0.5	NUM
esutjss-206	35	40	%	%	NOUN
esutjss-206	35	41	depreciation	depreciation	NOUN
esutjss-206	35	42	of	of	ADP
esutjss-206	35	43	the	the	DET
esutjss-206	35	44	naira	naira	PROPN
esutjss-206	35	45	.	.	PUNCT
esutjss-206	36	1	similarly	similarly	ADV
esutjss-206	36	2	,	,	PUNCT
esutjss-206	36	3	(	(	PUNCT
esutjss-206	36	4	ogunleye	ogunleye	ADJ
esutjss-206	36	5	,	,	PUNCT
esutjss-206	36	6	2019	2019	NUM
esutjss-206	36	7	)	)	PUNCT
esutjss-206	36	8	found	find	VERB
esutjss-206	36	9	that	that	SCONJ
esutjss-206	36	10	crude	crude	ADJ
esutjss-206	36	11	oil	oil	NOUN
esutjss-206	36	12	prices	price	NOUN
esutjss-206	36	13	have	have	VERB
esutjss-206	36	14	a	a	DET
esutjss-206	36	15	positive	positive	ADJ
esutjss-206	36	16	and	and	CCONJ
esutjss-206	36	17	significant	significant	ADJ
esutjss-206	36	18	impact	impact	NOUN
esutjss-206	36	19	on	on	ADP
esutjss-206	36	20	the	the	DET
esutjss-206	36	21	usd	usd	PROPN
esutjss-206	36	22	-	-	PUNCT
esutjss-206	36	23	ngn	ngn	PROPN
esutjss-206	36	24	exchange	exchange	NOUN
esutjss-206	36	25	rate	rate	NOUN
esutjss-206	36	26	,	,	PUNCT
esutjss-206	36	27	suggesting	suggest	VERB
esutjss-206	36	28	that	that	SCONJ
esutjss-206	36	29	an	an	DET
esutjss-206	36	30	increase	increase	NOUN
esutjss-206	36	31	in	in	ADP
esutjss-206	36	32	crude	crude	ADJ
esutjss-206	36	33	oil	oil	NOUN
esutjss-206	36	34	prices	price	NOUN
esutjss-206	36	35	leads	lead	VERB
esutjss-206	36	36	to	to	ADP
esutjss-206	36	37	an	an	DET
esutjss-206	36	38	appreciation	appreciation	NOUN
esutjss-206	36	39	of	of	ADP
esutjss-206	36	40	the	the	DET
esutjss-206	36	41	naira	naira	PROPN
esutjss-206	36	42	.	.	PUNCT
esutjss-206	37	1	(	(	PUNCT
esutjss-206	37	2	saidi	saidi	PROPN
esutjss-206	37	3	et.al	et.al	PROPN
esutjss-206	37	4	.	.	PROPN
esutjss-206	37	5	,	,	PUNCT
esutjss-206	37	6	2021	2021	NUM
esutjss-206	37	7	;	;	PUNCT
esutjss-206	37	8	okere	okere	PROPN
esutjss-206	37	9	et.al	et.al	PROPN
esutjss-206	37	10	.	.	PROPN
esutjss-206	37	11	,	,	PUNCT
esutjss-206	37	12	2021	2021	NUM
esutjss-206	37	13	)	)	PUNCT
esutjss-206	37	14	2.2	2.2	NUM
esutjss-206	37	15	global	global	ADJ
esutjss-206	37	16	market	market	NOUN
esutjss-206	37	17	volatility	volatility	NOUN
esutjss-206	37	18	and	and	CCONJ
esutjss-206	37	19	exchange	exchange	NOUN
esutjss-206	37	20	rates	rate	NOUN
esutjss-206	37	21	global	global	ADJ
esutjss-206	37	22	market	market	NOUN
esutjss-206	37	23	volatility	volatility	NOUN
esutjss-206	37	24	,	,	PUNCT
esutjss-206	37	25	as	as	SCONJ
esutjss-206	37	26	measured	measure	VERB
esutjss-206	37	27	by	by	ADP
esutjss-206	37	28	the	the	DET
esutjss-206	37	29	s&p	s&p	PROPN
esutjss-206	37	30	500	500	NUM
esutjss-206	37	31	index	index	NOUN
esutjss-206	37	32	,	,	PUNCT
esutjss-206	37	33	has	have	AUX
esutjss-206	37	34	also	also	ADV
esutjss-206	37	35	been	be	AUX
esutjss-206	37	36	found	find	VERB
esutjss-206	37	37	to	to	PART
esutjss-206	37	38	have	have	VERB
esutjss-206	37	39	a	a	DET
esutjss-206	37	40	significant	significant	ADJ
esutjss-206	37	41	impact	impact	NOUN
esutjss-206	37	42	on	on	ADP
esutjss-206	37	43	exchange	exchange	NOUN
esutjss-206	37	44	rates	rate	NOUN
esutjss-206	37	45	.	.	PUNCT
esutjss-206	38	1	for	for	ADP
esutjss-206	38	2	example	example	NOUN
esutjss-206	38	3	,	,	PUNCT
esutjss-206	38	4	(	(	PUNCT
esutjss-206	38	5	adebiyi	adebiyi	NOUN
esutjss-206	38	6	,	,	PUNCT
esutjss-206	38	7	2020	2020	NUM
esutjss-206	38	8	)	)	PUNCT
esutjss-206	38	9	found	find	VERB
esutjss-206	38	10	that	that	SCONJ
esutjss-206	38	11	global	global	ADJ
esutjss-206	38	12	market	market	NOUN
esutjss-206	38	13	volatility	volatility	NOUN
esutjss-206	38	14	has	have	VERB
esutjss-206	38	15	a	a	DET
esutjss-206	38	16	positive	positive	ADJ
esutjss-206	38	17	and	and	CCONJ
esutjss-206	38	18	significant	significant	ADJ
esutjss-206	38	19	impact	impact	NOUN
esutjss-206	38	20	on	on	ADP
esutjss-206	38	21	the	the	DET
esutjss-206	38	22	usd	usd	PROPN
esutjss-206	38	23	-	-	PUNCT
esutjss-206	38	24	ngn	ngn	PROPN
esutjss-206	38	25	exchange	exchange	NOUN
esutjss-206	38	26	rate	rate	NOUN
esutjss-206	38	27	,	,	PUNCT
esutjss-206	38	28	suggesting	suggest	VERB
esutjss-206	38	29	that	that	SCONJ
esutjss-206	38	30	an	an	DET
esutjss-206	38	31	increase	increase	NOUN
esutjss-206	38	32	in	in	ADP
esutjss-206	38	33	global	global	ADJ
esutjss-206	38	34	market	market	NOUN
esutjss-206	38	35	volatility	volatility	NOUN
esutjss-206	38	36	leads	lead	VERB
esutjss-206	38	37	to	to	ADP
esutjss-206	38	38	an	an	DET
esutjss-206	38	39	appreciation	appreciation	NOUN
esutjss-206	38	40	of	of	ADP
esutjss-206	38	41	the	the	DET
esutjss-206	38	42	naira	naira	PROPN
esutjss-206	38	43	.	.	PUNCT
esutjss-206	39	1	similarly	similarly	ADV
esutjss-206	39	2	,	,	PUNCT
esutjss-206	39	3	(	(	PUNCT
esutjss-206	39	4	ojo	ojo	NOUN
esutjss-206	39	5	,	,	PUNCT
esutjss-206	39	6	2020	2020	NUM
esutjss-206	39	7	)	)	PUNCT
esutjss-206	39	8	found	find	VERB
esutjss-206	39	9	that	that	SCONJ
esutjss-206	39	10	global	global	ADJ
esutjss-206	39	11	market	market	NOUN
esutjss-206	39	12	volatility	volatility	NOUN
esutjss-206	39	13	has	have	VERB
esutjss-206	39	14	a	a	DET
esutjss-206	39	15	negative	negative	ADJ
esutjss-206	39	16	and	and	CCONJ
esutjss-206	39	17	significant	significant	ADJ
esutjss-206	39	18	impact	impact	NOUN
esutjss-206	39	19	on	on	ADP
esutjss-206	39	20	the	the	DET
esutjss-206	39	21	usdngn	usdngn	ADJ
esutjss-206	39	22	exchange	exchange	NOUN
esutjss-206	39	23	rate	rate	NOUN
esutjss-206	39	24	,	,	PUNCT
esutjss-206	39	25	suggesting	suggest	VERB
esutjss-206	39	26	that	that	SCONJ
esutjss-206	39	27	an	an	DET
esutjss-206	39	28	increase	increase	NOUN
esutjss-206	39	29	in	in	ADP
esutjss-206	39	30	global	global	ADJ
esutjss-206	39	31	market	market	NOUN
esutjss-206	39	32	volatility	volatility	NOUN
esutjss-206	39	33	leads	lead	VERB
esutjss-206	39	34	to	to	ADP
esutjss-206	39	35	a	a	DET
esutjss-206	39	36	depreciation	depreciation	NOUN
esutjss-206	39	37	of	of	ADP
esutjss-206	39	38	the	the	DET
esutjss-206	39	39	naira	naira	NOUN
esutjss-206	39	40	.	.	PUNCT
esutjss-206	40	1	(	(	PUNCT
esutjss-206	40	2	junior	junior	ADJ
esutjss-206	40	3	,	,	PUNCT
esutjss-206	40	4	and	and	CCONJ
esutjss-206	40	5	tweneboah	tweneboah	NOUN
esutjss-206	40	6	2020	2020	NUM
esutjss-206	40	7	;	;	PUNCT
esutjss-206	40	8	koijen	koijen	PROPN
esutjss-206	40	9	,	,	PUNCT
esutjss-206	40	10	and	and	CCONJ
esutjss-206	40	11	yogo	yogo	PROPN
esutjss-206	40	12	,	,	PUNCT
esutjss-206	40	13	2020	2020	NUM
esutjss-206	40	14	)	)	PUNCT
esutjss-206	40	15	2.3	2.3	NUM
esutjss-206	40	16	interplay	interplay	NOUN
esutjss-206	40	17	between	between	ADP
esutjss-206	40	18	crude	crude	ADJ
esutjss-206	40	19	oil	oil	NOUN
esutjss-206	40	20	prices	price	NOUN
esutjss-206	40	21	and	and	CCONJ
esutjss-206	40	22	global	global	ADJ
esutjss-206	40	23	market	market	NOUN
esutjss-206	40	24	volatility	volatility	NOUN
esutjss-206	40	25	several	several	ADJ
esutjss-206	40	26	studies	study	NOUN
esutjss-206	40	27	have	have	AUX
esutjss-206	40	28	investigated	investigate	VERB
esutjss-206	40	29	the	the	DET
esutjss-206	40	30	interplay	interplay	NOUN
esutjss-206	40	31	between	between	ADP
esutjss-206	40	32	crude	crude	ADJ
esutjss-206	40	33	oil	oil	NOUN
esutjss-206	40	34	prices	price	NOUN
esutjss-206	40	35	and	and	CCONJ
esutjss-206	40	36	global	global	ADJ
esutjss-206	40	37	market	market	NOUN
esutjss-206	40	38	volatility	volatility	NOUN
esutjss-206	40	39	.	.	PUNCT
esutjss-206	41	1	(	(	PUNCT
esutjss-206	41	2	joo	joo	NOUN
esutjss-206	41	3	,	,	PUNCT
esutjss-206	41	4	et.al	et.al	PROPN
esutjss-206	41	5	.	.	PROPN
esutjss-206	41	6	,	,	PUNCT
esutjss-206	41	7	2020	2020	NUM
esutjss-206	41	8	;	;	PUNCT
esutjss-206	41	9	zhang	zhang	PROPN
esutjss-206	41	10	,	,	PUNCT
esutjss-206	41	11	and	and	CCONJ
esutjss-206	41	12	hamori	hamori	NOUN
esutjss-206	41	13	,	,	PUNCT
esutjss-206	41	14	2021	2021	NUM
esutjss-206	41	15	)	)	PUNCT
esutjss-206	41	16	for	for	ADP
esutjss-206	41	17	example	example	NOUN
esutjss-206	41	18	,	,	PUNCT
esutjss-206	41	19	found	find	VERB
esutjss-206	41	20	that	that	SCONJ
esutjss-206	41	21	crude	crude	ADJ
esutjss-206	41	22	oil	oil	NOUN
esutjss-206	41	23	prices	price	NOUN
esutjss-206	41	24	and	and	CCONJ
esutjss-206	41	25	global	global	ADJ
esutjss-206	41	26	market	market	NOUN
esutjss-206	41	27	volatility	volatility	NOUN
esutjss-206	41	28	have	have	VERB
esutjss-206	41	29	a	a	DET
esutjss-206	41	30	significant	significant	ADJ
esutjss-206	41	31	and	and	CCONJ
esutjss-206	41	32	positive	positive	ADJ
esutjss-206	41	33	impact	impact	NOUN
esutjss-206	41	34	on	on	ADP
esutjss-206	41	35	the	the	DET
esutjss-206	41	36	usd	usd	PROPN
esutjss-206	41	37	-	-	PUNCT
esutjss-206	41	38	ngn	ngn	PROPN
esutjss-206	41	39	exchange	exchange	NOUN
esutjss-206	41	40	rate	rate	NOUN
esutjss-206	41	41	,	,	PUNCT
esutjss-206	41	42	suggesting	suggest	VERB
esutjss-206	41	43	that	that	SCONJ
esutjss-206	41	44	an	an	DET
esutjss-206	41	45	increase	increase	NOUN
esutjss-206	41	46	in	in	ADP
esutjss-206	41	47	both	both	CCONJ
esutjss-206	41	48	crude	crude	ADJ
esutjss-206	41	49	oil	oil	NOUN
esutjss-206	41	50	prices	price	NOUN
esutjss-206	41	51	and	and	CCONJ
esutjss-206	41	52	global	global	ADJ
esutjss-206	41	53	market	market	NOUN
esutjss-206	41	54	volatility	volatility	NOUN
esutjss-206	41	55	leads	lead	VERB
esutjss-206	41	56	to	to	ADP
esutjss-206	41	57	an	an	DET
esutjss-206	41	58	appreciation	appreciation	NOUN
esutjss-206	41	59	of	of	ADP
esutjss-206	41	60	the	the	DET
esutjss-206	41	61	naira	naira	PROPN
esutjss-206	41	62	.	.	PUNCT
esutjss-206	42	1	similarly	similarly	ADV
esutjss-206	42	2	,	,	PUNCT
esutjss-206	42	3	found	find	VERB
esutjss-206	42	4	that	that	SCONJ
esutjss-206	42	5	crude	crude	ADJ
esutjss-206	42	6	oil	oil	NOUN
esutjss-206	42	7	prices	price	NOUN
esutjss-206	42	8	and	and	CCONJ
esutjss-206	42	9	global	global	ADJ
esutjss-206	42	10	market	market	NOUN
esutjss-206	42	11	volatility	volatility	NOUN
esutjss-206	42	12	have	have	VERB
esutjss-206	42	13	a	a	DET
esutjss-206	42	14	significant	significant	ADJ
esutjss-206	42	15	and	and	CCONJ
esutjss-206	42	16	negative	negative	ADJ
esutjss-206	42	17	impact	impact	NOUN
esutjss-206	42	18	on	on	ADP
esutjss-206	42	19	the	the	DET
esutjss-206	42	20	usd	usd	PROPN
esutjss-206	42	21	-	-	PUNCT
esutjss-206	42	22	ngn	ngn	PROPN
esutjss-206	42	23	exchange	exchange	NOUN
esutjss-206	42	24	rate	rate	NOUN
esutjss-206	42	25	,	,	PUNCT
esutjss-206	42	26	suggesting	suggest	VERB
esutjss-206	42	27	that	that	SCONJ
esutjss-206	42	28	an	an	DET
esutjss-206	42	29	increase	increase	NOUN
esutjss-206	42	30	in	in	ADP
esutjss-206	42	31	both	both	CCONJ
esutjss-206	42	32	crude	crude	ADJ
esutjss-206	42	33	oil	oil	NOUN
esutjss-206	42	34	prices	price	NOUN
esutjss-206	42	35	and	and	CCONJ
esutjss-206	42	36	global	global	ADJ
esutjss-206	42	37	market	market	NOUN
esutjss-206	42	38	volatility	volatility	NOUN
esutjss-206	42	39	leads	lead	VERB
esutjss-206	42	40	to	to	ADP
esutjss-206	42	41	a	a	DET
esutjss-206	42	42	depreciation	depreciation	NOUN
esutjss-206	42	43	of	of	ADP
esutjss-206	42	44	the	the	DET
esutjss-206	42	45	naira	naira	NOUN
esutjss-206	42	46	.	.	PUNCT
esutjss-206	43	1	2.3	2.3	NUM
esutjss-206	43	2	methodological	methodological	ADJ
esutjss-206	43	3	approaches	approach	NOUN
esutjss-206	43	4	several	several	ADJ
esutjss-206	43	5	methodological	methodological	ADJ
esutjss-206	43	6	approaches	approach	NOUN
esutjss-206	43	7	have	have	AUX
esutjss-206	43	8	been	be	AUX
esutjss-206	43	9	used	use	VERB
esutjss-206	43	10	to	to	PART
esutjss-206	43	11	study	study	VERB
esutjss-206	43	12	the	the	DET
esutjss-206	43	13	relationship	relationship	NOUN
esutjss-206	43	14	between	between	ADP
esutjss-206	43	15	crude	crude	ADJ
esutjss-206	43	16	oil	oil	NOUN
esutjss-206	43	17	prices	price	NOUN
esutjss-206	43	18	,	,	PUNCT
esutjss-206	43	19	global	global	ADJ
esutjss-206	43	20	market	market	NOUN
esutjss-206	43	21	volatility	volatility	NOUN
esutjss-206	43	22	,	,	PUNCT
esutjss-206	43	23	and	and	CCONJ
esutjss-206	43	24	exchange	exchange	NOUN
esutjss-206	43	25	rates	rate	NOUN
esutjss-206	43	26	.	.	PUNCT
esutjss-206	44	1	for	for	ADP
esutjss-206	44	2	example	example	NOUN
esutjss-206	44	3	,	,	PUNCT
esutjss-206	44	4	used	use	VERB
esutjss-206	44	5	a	a	DET
esutjss-206	44	6	vector	vector	NOUN
esutjss-206	44	7	error	error	NOUN
esutjss-206	44	8	correction	correction	NOUN
esutjss-206	44	9	model	model	NOUN
esutjss-206	44	10	(	(	PUNCT
esutjss-206	44	11	vecm	vecm	NOUN
esutjss-206	44	12	)	)	PUNCT
esutjss-206	44	13	to	to	PART
esutjss-206	44	14	analyze	analyze	VERB
esutjss-206	44	15	the	the	DET
esutjss-206	44	16	short	short	ADJ
esutjss-206	44	17	-	-	PUNCT
esutjss-206	44	18	term	term	NOUN
esutjss-206	44	19	and	and	CCONJ
esutjss-206	44	20	long	long	ADJ
esutjss-206	44	21	-	-	PUNCT
esutjss-206	44	22	term	term	NOUN
esutjss-206	44	23	relationships	relationship	NOUN
esutjss-206	44	24	between	between	ADP
esutjss-206	44	25	crude	crude	ADJ
esutjss-206	44	26	oil	oil	NOUN
esutjss-206	44	27	prices	price	NOUN
esutjss-206	44	28	,	,	PUNCT
esutjss-206	44	29	global	global	ADJ
esutjss-206	44	30	market	market	NOUN
esutjss-206	44	31	volatility	volatility	NOUN
esutjss-206	44	32	,	,	PUNCT
esutjss-206	44	33	and	and	CCONJ
esutjss-206	44	34	the	the	DET
esutjss-206	44	35	usd	usd	PROPN
esutjss-206	44	36	-	-	PUNCT
esutjss-206	44	37	ngn	ngn	PROPN
esutjss-206	44	38	exchange	exchange	NOUN
esutjss-206	44	39	rate	rate	NOUN
esutjss-206	44	40	.	.	PUNCT
esutjss-206	45	1	similarly	similarly	ADV
esutjss-206	45	2	,	,	PUNCT
esutjss-206	45	3	used	use	VERB
esutjss-206	45	4	a	a	DET
esutjss-206	45	5	generalized	generalize	VERB
esutjss-206	45	6	autoregressive	autoregressive	ADJ
esutjss-206	45	7	conditional	conditional	ADJ
esutjss-206	45	8	heteroskedasticity	heteroskedasticity	NOUN
esutjss-206	45	9	(	(	PUNCT
esutjss-206	45	10	garch	garch	NOUN
esutjss-206	45	11	)	)	PUNCT
esutjss-206	45	12	model	model	NOUN
esutjss-206	45	13	to	to	PART
esutjss-206	45	14	analyze	analyze	VERB
esutjss-206	45	15	the	the	DET
esutjss-206	45	16	volatility	volatility	NOUN
esutjss-206	45	17	of	of	ADP
esutjss-206	45	18	the	the	DET
esutjss-206	45	19	usd	usd	PROPN
esutjss-206	45	20	-	-	PUNCT
esutjss-206	45	21	ngn	ngn	PROPN
esutjss-206	45	22	exchange	exchange	NOUN
esutjss-206	45	23	rate	rate	NOUN
esutjss-206	45	24	in	in	ADP
esutjss-206	45	25	response	response	NOUN
esutjss-206	45	26	to	to	ADP
esutjss-206	45	27	changes	change	NOUN
esutjss-206	45	28	in	in	ADP
esutjss-206	45	29	crude	crude	ADJ
esutjss-206	45	30	oil	oil	NOUN
esutjss-206	45	31	prices	price	NOUN
esutjss-206	45	32	and	and	CCONJ
esutjss-206	45	33	global	global	ADJ
esutjss-206	45	34	market	market	NOUN
esutjss-206	45	35	volatility	volatility	NOUN
esutjss-206	45	36	.	.	PUNCT
esutjss-206	46	1	the	the	DET
esutjss-206	46	2	current	current	ADJ
esutjss-206	46	3	literature	literature	NOUN
esutjss-206	46	4	suggests	suggest	VERB
esutjss-206	46	5	that	that	SCONJ
esutjss-206	46	6	crude	crude	ADJ
esutjss-206	46	7	oil	oil	NOUN
esutjss-206	46	8	prices	price	NOUN
esutjss-206	46	9	and	and	CCONJ
esutjss-206	46	10	global	global	ADJ
esutjss-206	46	11	market	market	NOUN
esutjss-206	46	12	volatility	volatility	NOUN
esutjss-206	46	13	have	have	VERB
esutjss-206	46	14	a	a	DET
esutjss-206	46	15	significant	significant	ADJ
esutjss-206	46	16	impact	impact	NOUN
esutjss-206	46	17	on	on	ADP
esutjss-206	46	18	the	the	DET
esutjss-206	46	19	usd	usd	PROPN
esutjss-206	46	20	-	-	PUNCT
esutjss-206	46	21	ngn	ngn	PROPN
esutjss-206	46	22	exchange	exchange	NOUN
esutjss-206	46	23	rate	rate	NOUN
esutjss-206	46	24	.	.	PUNCT
esutjss-206	47	1	the	the	DET
esutjss-206	47	2	interplay	interplay	NOUN
esutjss-206	47	3	between	between	ADP
esutjss-206	47	4	these	these	DET
esutjss-206	47	5	variables	variable	NOUN
esutjss-206	47	6	is	be	AUX
esutjss-206	47	7	complex	complex	ADJ
esutjss-206	47	8	,	,	PUNCT
esutjss-206	47	9	with	with	SCONJ
esutjss-206	47	10	both	both	CCONJ
esutjss-206	47	11	positive	positive	ADJ
esutjss-206	47	12	and	and	CCONJ
esutjss-206	47	13	negative	negative	ADJ
esutjss-206	47	14	relationships	relationship	NOUN
esutjss-206	47	15	observed	observe	VERB
esutjss-206	47	16	in	in	ADP
esutjss-206	47	17	the	the	DET
esutjss-206	47	18	literature	literature	NOUN
esutjss-206	47	19	.	.	PUNCT
esutjss-206	48	1	the	the	DET
esutjss-206	48	2	methodological	methodological	ADJ
esutjss-206	48	3	approaches	approach	NOUN
esutjss-206	48	4	used	use	VERB
esutjss-206	48	5	in	in	ADP
esutjss-206	48	6	these	these	DET
esutjss-206	48	7	studies	study	NOUN
esutjss-206	48	8	have	have	AUX
esutjss-206	48	9	varied	vary	VERB
esutjss-206	48	10	,	,	PUNCT
esutjss-206	48	11	with	with	SCONJ
esutjss-206	48	12	vecm	vecm	NOUN
esutjss-206	48	13	and	and	CCONJ
esutjss-206	48	14	garch	garch	NOUN
esutjss-206	48	15	models	model	NOUN
esutjss-206	48	16	being	be	AUX
esutjss-206	48	17	commonly	commonly	ADV
esutjss-206	48	18	employed	employ	VERB
esutjss-206	48	19	.	.	PUNCT
esutjss-206	49	1	this	this	DET
esutjss-206	49	2	study	study	NOUN
esutjss-206	49	3	aims	aim	VERB
esutjss-206	49	4	to	to	PART
esutjss-206	49	5	contribute	contribute	VERB
esutjss-206	49	6	to	to	ADP
esutjss-206	49	7	the	the	DET
esutjss-206	49	8	existing	exist	VERB
esutjss-206	49	9	literature	literature	NOUN
esutjss-206	49	10	by	by	ADP
esutjss-206	49	11	investigating	investigate	VERB
esutjss-206	49	12	the	the	DET
esutjss-206	49	13	impact	impact	NOUN
esutjss-206	49	14	of	of	ADP
esutjss-206	49	15	crude	crude	ADJ
esutjss-206	49	16	oil	oil	NOUN
esutjss-206	49	17	prices	price	NOUN
esutjss-206	49	18	and	and	CCONJ
esutjss-206	49	19	global	global	ADJ
esutjss-206	49	20	market	market	NOUN
esutjss-206	49	21	volatility	volatility	NOUN
esutjss-206	49	22	on	on	ADP
esutjss-206	49	23	the	the	DET
esutjss-206	49	24	usd	usd	PROPN
esutjss-206	49	25	-	-	PUNCT
esutjss-206	49	26	ngn	ngn	PROPN
esutjss-206	49	27	exchange	exchange	NOUN
esutjss-206	49	28	rate	rate	NOUN
esutjss-206	49	29	using	use	VERB
esutjss-206	49	30	a	a	DET
esutjss-206	49	31	vecm	vecm	NOUN
esutjss-206	49	32	model	model	NOUN
esutjss-206	49	33	.	.	PUNCT
esutjss-206	50	1	3	3	X
esutjss-206	50	2	.	.	X
esutjss-206	50	3	methodology	methodology	NOUN
esutjss-206	50	4	vector	vector	NOUN
esutjss-206	50	5	error	error	NOUN
esutjss-206	50	6	correction	correction	NOUN
esutjss-206	50	7	models	model	NOUN
esutjss-206	50	8	as	as	ADP
esutjss-206	50	9	representation	representation	NOUN
esutjss-206	50	10	of	of	ADP
esutjss-206	50	11	a	a	DET
esutjss-206	50	12	cointegrated	cointegrate	VERB
esutjss-206	50	13	system	system	NOUN
esutjss-206	50	14	172	172	NUM
esutjss-206	50	15	let	let	VERB
esutjss-206	50	16	a	a	DET
esutjss-206	50	17	vector	vector	NOUN
esutjss-206	50	18	autoregressive	autoregressive	ADJ
esutjss-206	50	19	(	(	PUNCT
esutjss-206	50	20	var	var	NOUN
esutjss-206	50	21	)	)	PUNCT
esutjss-206	50	22	model	model	NOUN
esutjss-206	50	23	of	of	ADP
esutjss-206	50	24	order	order	NOUN
esutjss-206	50	25	𝑝	𝑝	NOUN
esutjss-206	50	26	with	with	ADP
esutjss-206	50	27	a	a	DET
esutjss-206	50	28	deterministic	deterministic	ADJ
esutjss-206	50	29	part	part	NOUN
esutjss-206	50	30	given	give	VERB
esutjss-206	50	31	by	by	ADP
esutjss-206	50	32	𝜇𝑡.the	𝜇𝑡.the	DET
esutjss-206	50	33	𝑛-variate	𝑛-variate	NOUN
esutjss-206	50	34	process	process	NOUN
esutjss-206	50	35	𝑦𝑡	𝑦𝑡	PROPN
esutjss-206	50	36	can	can	AUX
esutjss-206	50	37	be	be	AUX
esutjss-206	50	38	written	write	VERB
esutjss-206	50	39	as	as	ADP
esutjss-206	50	40	in	in	ADP
esutjss-206	50	41	(	(	PUNCT
esutjss-206	50	42	1	1	NUM
esutjss-206	50	43	)	)	PUNCT
esutjss-206	50	44	.	.	PUNCT
esutjss-206	51	1	𝑦𝑡	𝑦𝑡	VERB
esutjss-206	52	1	=	=	SYM
esutjss-206	52	2	𝜇𝑡	𝜇𝑡	X
esutjss-206	52	3	+	+	CCONJ
esutjss-206	52	4	𝐴1𝑦𝑡−1	𝐴1𝑦𝑡−1	X
esutjss-206	53	1	+	+	SYM
esutjss-206	53	2	𝐴2𝑦𝑡−2	𝐴2𝑦𝑡−2	ADV
esutjss-206	53	3	+	+	SYM
esutjss-206	53	4	⋯	⋯	PROPN
esutjss-206	53	5	+	+	CCONJ
esutjss-206	53	6	𝐴𝑝𝑦𝑡−𝑝	𝐴𝑝𝑦𝑡−𝑝	PROPN
esutjss-206	53	7	+	+	ADV
esutjss-206	53	8	𝜖𝑡	𝜖𝑡	VERB
esutjss-206	53	9	(	(	PUNCT
esutjss-206	53	10	1	1	NUM
esutjss-206	53	11	)	)	PUNCT
esutjss-206	53	12	recall	recall	NOUN
esutjss-206	53	13	that	that	DET
esutjss-206	53	14	𝑦𝑡−𝑖	𝑦𝑡−𝑖	PROPN
esutjss-206	53	15	=	=	SYM
esutjss-206	53	16	𝑦𝑡−1	𝑦𝑡−1	PROPN
esutjss-206	53	17	−	−	PROPN
esutjss-206	53	18	(	(	PUNCT
esutjss-206	53	19	δ𝑦𝑡−1	δ𝑦𝑡−1	PROPN
esutjss-206	53	20	+	+	PROPN
esutjss-206	53	21	δ𝑦𝑡−2	δ𝑦𝑡−2	ADJ
esutjss-206	53	22	+	+	PROPN
esutjss-206	53	23	⋯	⋯	VERB
esutjss-206	53	24	+	+	CCONJ
esutjss-206	53	25	δ𝑦𝑡−𝑖+1	δ𝑦𝑡−𝑖+1	NOUN
esutjss-206	53	26	)	)	PUNCT
esutjss-206	53	27	,	,	PUNCT
esutjss-206	53	28	implying	imply	VERB
esutjss-206	53	29	δ𝑦𝑡	δ𝑦𝑡	NOUN
esutjss-206	53	30	=	=	SYM
esutjss-206	53	31	𝜇𝑡	𝜇𝑡	X
esutjss-206	53	32	+	+	X
esutjss-206	54	1	π𝑦𝑡−1	π𝑦𝑡−1	X
esutjss-206	55	1	+	+	CCONJ
esutjss-206	55	2	∑	∑	NOUN
esutjss-206	55	3	 	 	SPACE
esutjss-206	55	4	𝑝−1	𝑝−1	PROPN
esutjss-206	55	5	𝑖=1	𝑖=1	PUNCT
esutjss-206	55	6	γ𝑖δ𝑦𝑡−𝑖	γ𝑖δ𝑦𝑡−𝑖	PROPN
esutjss-206	55	7	+	+	CCONJ
esutjss-206	55	8	𝜖𝑡	𝜖𝑡	ADJ
esutjss-206	55	9	,	,	PUNCT
esutjss-206	55	10	(	(	PUNCT
esutjss-206	55	11	2	2	X
esutjss-206	55	12	)	)	PUNCT
esutjss-206	55	13	where	where	SCONJ
esutjss-206	55	14	π	π	NOUN
esutjss-206	55	15	=	=	SYM
esutjss-206	55	16	∑𝑖=1	∑𝑖=1	PROPN
esutjss-206	55	17	𝑝	𝑝	PROPN
esutjss-206	55	18	 	 	SPACE
esutjss-206	55	19	𝐴𝑖	𝐴𝑖	PROPN
esutjss-206	55	20	−	−	NOUN
esutjss-206	56	1	𝐼	𝐼	PROPN
esutjss-206	56	2	and	and	CCONJ
esutjss-206	56	3	γ𝑖	γ𝑖	NOUN
esutjss-206	56	4	=	=	NOUN
esutjss-206	56	5	−∑𝑗=𝑖+1	−∑𝑗=𝑖+1	VERB
esutjss-206	56	6	𝑝	𝑝	NOUN
esutjss-206	56	7	 	 	SPACE
esutjss-206	57	1	𝐴𝑗.	𝐴𝑗.	PROPN
esutjss-206	57	2	this	this	PRON
esutjss-206	57	3	is	be	AUX
esutjss-206	57	4	the	the	DET
esutjss-206	57	5	vector	vector	NOUN
esutjss-206	57	6	error	error	NOUN
esutjss-206	57	7	correction	correction	NOUN
esutjss-206	57	8	model	model	NOUN
esutjss-206	57	9	(	(	PUNCT
esutjss-206	57	10	vecm	vecm	NOUN
esutjss-206	57	11	)	)	PUNCT
esutjss-206	57	12	representation	representation	NOUN
esutjss-206	57	13	of	of	ADP
esutjss-206	57	14	(	(	PUNCT
esutjss-206	57	15	1	1	NUM
esutjss-206	57	16	)	)	PUNCT
esutjss-206	57	17	.	.	PUNCT
esutjss-206	58	1	the	the	DET
esutjss-206	58	2	interpretation	interpretation	NOUN
esutjss-206	58	3	of	of	ADP
esutjss-206	58	4	(	(	PUNCT
esutjss-206	58	5	2	2	NUM
esutjss-206	58	6	)	)	PUNCT
esutjss-206	58	7	depends	depend	VERB
esutjss-206	58	8	crucially	crucially	ADV
esutjss-206	58	9	on	on	ADP
esutjss-206	58	10	𝑟	𝑟	NOUN
esutjss-206	58	11	,	,	PUNCT
esutjss-206	58	12	the	the	DET
esutjss-206	58	13	rank	rank	NOUN
esutjss-206	58	14	of	of	ADP
esutjss-206	58	15	the	the	DET
esutjss-206	58	16	matrix	matrix	NOUN
esutjss-206	58	17	π	π	NOUN
esutjss-206	58	18	.	.	PUNCT
esutjss-206	59	1	if	if	SCONJ
esutjss-206	59	2	𝑟	𝑟	NOUN
esutjss-206	59	3	=	=	SYM
esutjss-206	59	4	0	0	NUM
esutjss-206	59	5	,	,	PUNCT
esutjss-206	59	6	the	the	DET
esutjss-206	59	7	processes	process	NOUN
esutjss-206	59	8	are	be	AUX
esutjss-206	59	9	all	all	PRON
esutjss-206	59	10	i(1	i(1	NOUN
esutjss-206	59	11	)	)	PUNCT
esutjss-206	59	12	and	and	CCONJ
esutjss-206	59	13	not	not	PART
esutjss-206	59	14	cointegrated	cointegrate	VERB
esutjss-206	59	15	.	.	PUNCT
esutjss-206	60	1	if	if	SCONJ
esutjss-206	60	2	𝑟	𝑟	NOUN
esutjss-206	60	3	=	=	SYM
esutjss-206	60	4	𝑛	𝑛	PROPN
esutjss-206	60	5	,	,	PUNCT
esutjss-206	60	6	then	then	ADV
esutjss-206	60	7	π	π	PROPN
esutjss-206	60	8	is	be	AUX
esutjss-206	60	9	invertible	invertible	ADJ
esutjss-206	60	10	and	and	CCONJ
esutjss-206	60	11	the	the	DET
esutjss-206	60	12	processes	process	NOUN
esutjss-206	60	13	are	be	AUX
esutjss-206	60	14	all	all	PRON
esutjss-206	60	15	i(0	i(0	PROPN
esutjss-206	60	16	)	)	PUNCT
esutjss-206	60	17	.	.	PUNCT
esutjss-206	61	1	cointegration	cointegration	NOUN
esutjss-206	61	2	occurs	occur	VERB
esutjss-206	61	3	in	in	ADP
esutjss-206	61	4	between	between	ADP
esutjss-206	61	5	,	,	PUNCT
esutjss-206	61	6	when	when	SCONJ
esutjss-206	61	7	0	0	PUNCT
esutjss-206	61	8	<	<	X
esutjss-206	61	9	𝑟	𝑟	X
esutjss-206	61	10	<	<	X
esutjss-206	61	11	𝑛	𝑛	PROPN
esutjss-206	61	12	and	and	CCONJ
esutjss-206	61	13	π	π	PROPN
esutjss-206	61	14	can	can	AUX
esutjss-206	61	15	be	be	AUX
esutjss-206	61	16	written	write	VERB
esutjss-206	61	17	as	as	ADP
esutjss-206	61	18	𝛼𝛽′.	𝛼𝛽′.	NOUN
esutjss-206	61	19	in	in	ADP
esutjss-206	61	20	this	this	DET
esutjss-206	61	21	case	case	NOUN
esutjss-206	61	22	,	,	PUNCT
esutjss-206	61	23	𝑦𝑡	𝑦𝑡	PROPN
esutjss-206	61	24	is	be	AUX
esutjss-206	61	25	i(1	i(1	NOUN
esutjss-206	61	26	)	)	PUNCT
esutjss-206	61	27	,	,	PUNCT
esutjss-206	61	28	but	but	CCONJ
esutjss-206	61	29	the	the	DET
esutjss-206	61	30	combination	combination	NOUN
esutjss-206	61	31	𝑧𝑡	𝑧𝑡	ADP
esutjss-206	61	32	=	=	X
esutjss-206	61	33	𝛽′𝑦𝑡	𝛽′𝑦𝑡	NOUN
esutjss-206	61	34	is	be	AUX
esutjss-206	61	35	i(0	i(0	PROPN
esutjss-206	61	36	)	)	PUNCT
esutjss-206	61	37	.	.	PUNCT
esutjss-206	62	1	if	if	SCONJ
esutjss-206	62	2	,	,	PUNCT
esutjss-206	62	3	for	for	ADP
esutjss-206	62	4	example	example	NOUN
esutjss-206	62	5	,	,	PUNCT
esutjss-206	62	6	𝑟	𝑟	NOUN
esutjss-206	62	7	=	=	SYM
esutjss-206	62	8	1	1	NUM
esutjss-206	62	9	and	and	CCONJ
esutjss-206	62	10	the	the	DET
esutjss-206	62	11	first	first	ADJ
esutjss-206	62	12	element	element	NOUN
esutjss-206	62	13	of	of	ADP
esutjss-206	62	14	𝛽	𝛽	NOUN
esutjss-206	62	15	was	be	AUX
esutjss-206	62	16	-1	-1	ADJ
esutjss-206	62	17	,	,	PUNCT
esutjss-206	62	18	then	then	ADV
esutjss-206	62	19	one	one	PRON
esutjss-206	62	20	could	could	AUX
esutjss-206	62	21	write	write	VERB
esutjss-206	62	22	𝑧𝑡	𝑧𝑡	PRON
esutjss-206	62	23	=	=	PUNCT
esutjss-206	62	24	−𝑦1,𝑡	−𝑦1,𝑡	PROPN
esutjss-206	62	25	+	+	CCONJ
esutjss-206	62	26	𝛽2𝑦2,𝑡	𝛽2𝑦2,𝑡	PROPN
esutjss-206	62	27	+	+	SYM
esutjss-206	62	28	⋯	⋯	VERB
esutjss-206	62	29	+	+	CCONJ
esutjss-206	62	30	𝛽𝑛𝑦𝑛,𝑡	𝛽𝑛𝑦𝑛,𝑡	NOUN
esutjss-206	62	31	,	,	PUNCT
esutjss-206	62	32	which	which	PRON
esutjss-206	62	33	is	be	AUX
esutjss-206	62	34	equivalent	equivalent	ADJ
esutjss-206	62	35	to	to	ADP
esutjss-206	62	36	saying	say	VERB
esutjss-206	62	37	that	that	SCONJ
esutjss-206	62	38	𝑦1𝑡	𝑦1𝑡	PROPN
esutjss-206	62	39	=	=	SYM
esutjss-206	62	40	𝛽2𝑦2,𝑡	𝛽2𝑦2,𝑡	PROPN
esutjss-206	62	41	+	+	SYM
esutjss-206	62	42	⋯	⋯	VERB
esutjss-206	62	43	+	+	CCONJ
esutjss-206	62	44	𝛽𝑛𝑦𝑛,𝑡	𝛽𝑛𝑦𝑛,𝑡	NUM
esutjss-206	62	45	−	−	NOUN
esutjss-206	62	46	𝑧𝑡	𝑧𝑡	PRON
esutjss-206	62	47	is	be	AUX
esutjss-206	62	48	a	a	DET
esutjss-206	62	49	long	long	ADV
esutjss-206	62	50	-	-	PUNCT
esutjss-206	62	51	run	run	VERB
esutjss-206	62	52	equilibrium	equilibrium	NOUN
esutjss-206	62	53	relationship	relationship	NOUN
esutjss-206	62	54	:	:	PUNCT
esutjss-206	62	55	the	the	DET
esutjss-206	62	56	deviations	deviation	NOUN
esutjss-206	62	57	𝑧𝑡	𝑧𝑡	ADV
esutjss-206	62	58	may	may	AUX
esutjss-206	62	59	not	not	PART
esutjss-206	62	60	be	be	AUX
esutjss-206	62	61	0	0	NUM
esutjss-206	63	1	but	but	CCONJ
esutjss-206	63	2	they	they	PRON
esutjss-206	63	3	are	be	AUX
esutjss-206	63	4	stationary	stationary	ADJ
esutjss-206	63	5	.	.	PUNCT
esutjss-206	64	1	in	in	ADP
esutjss-206	64	2	this	this	DET
esutjss-206	64	3	case	case	NOUN
esutjss-206	64	4	,	,	PUNCT
esutjss-206	64	5	(	(	PUNCT
esutjss-206	64	6	2	2	X
esutjss-206	64	7	)	)	PUNCT
esutjss-206	64	8	can	can	AUX
esutjss-206	64	9	be	be	AUX
esutjss-206	64	10	written	write	VERB
esutjss-206	64	11	as	as	ADP
esutjss-206	64	12	(	(	PUNCT
esutjss-206	64	13	3	3	NUM
esutjss-206	64	14	)	)	PUNCT
esutjss-206	64	15	.	.	PUNCT
esutjss-206	65	1	δ𝑦𝑡	δ𝑦𝑡	X
esutjss-206	65	2	=	=	SYM
esutjss-206	65	3	𝜇𝑡	𝜇𝑡	X
esutjss-206	65	4	+	+	CCONJ
esutjss-206	65	5	𝛼𝛽′𝑦𝑡−1	𝛼𝛽′𝑦𝑡−1	NOUN
esutjss-206	65	6	+	+	CCONJ
esutjss-206	65	7	∑	∑	ADP
esutjss-206	65	8	 	 	SPACE
esutjss-206	65	9	𝑝−1	𝑝−1	PROPN
esutjss-206	65	10	𝑖=1	𝑖=1	PUNCT
esutjss-206	65	11	γ𝑖δ𝑦𝑡−𝑖	γ𝑖δ𝑦𝑡−𝑖	PROPN
esutjss-206	65	12	+	+	CCONJ
esutjss-206	65	13	𝜖𝑡.	𝜖𝑡.	PROPN
esutjss-206	65	14	(	(	PUNCT
esutjss-206	65	15	3	3	X
esutjss-206	65	16	)	)	PUNCT
esutjss-206	65	17	if	if	SCONJ
esutjss-206	65	18	𝛽	𝛽	NOUN
esutjss-206	65	19	were	be	AUX
esutjss-206	65	20	known	know	VERB
esutjss-206	65	21	,	,	PUNCT
esutjss-206	65	22	then	then	ADV
esutjss-206	65	23	𝑧𝑡	𝑧𝑡	PRON
esutjss-206	65	24	would	would	AUX
esutjss-206	65	25	be	be	AUX
esutjss-206	65	26	observable	observable	ADJ
esutjss-206	65	27	and	and	CCONJ
esutjss-206	65	28	all	all	DET
esutjss-206	65	29	the	the	DET
esutjss-206	65	30	remaining	remain	VERB
esutjss-206	65	31	parameters	parameter	NOUN
esutjss-206	65	32	could	could	AUX
esutjss-206	65	33	be	be	AUX
esutjss-206	65	34	estimated	estimate	VERB
esutjss-206	65	35	via	via	ADP
esutjss-206	65	36	ols	ol	NOUN
esutjss-206	65	37	.	.	PUNCT
esutjss-206	66	1	the	the	DET
esutjss-206	66	2	procedure	procedure	NOUN
esutjss-206	66	3	estimates	estimate	VERB
esutjss-206	66	4	𝛽	𝛽	NOUN
esutjss-206	66	5	first	first	ADV
esutjss-206	66	6	and	and	CCONJ
esutjss-206	66	7	then	then	ADV
esutjss-206	66	8	the	the	DET
esutjss-206	66	9	rest	rest	NOUN
esutjss-206	66	10	.	.	PUNCT
esutjss-206	67	1	the	the	DET
esutjss-206	67	2	rank	rank	NOUN
esutjss-206	67	3	of	of	ADP
esutjss-206	67	4	𝛱	𝛱	PROPN
esutjss-206	67	5	is	be	AUX
esutjss-206	67	6	investigated	investigate	VERB
esutjss-206	67	7	by	by	ADP
esutjss-206	67	8	computing	compute	VERB
esutjss-206	67	9	the	the	DET
esutjss-206	67	10	eigenvalues	eigenvalue	NOUN
esutjss-206	67	11	of	of	ADP
esutjss-206	67	12	a	a	DET
esutjss-206	67	13	closely	closely	ADV
esutjss-206	67	14	related	relate	VERB
esutjss-206	67	15	matrix	matrix	NOUN
esutjss-206	67	16	whose	whose	DET
esutjss-206	67	17	rank	rank	NOUN
esutjss-206	67	18	is	be	AUX
esutjss-206	67	19	the	the	DET
esutjss-206	67	20	same	same	ADJ
esutjss-206	67	21	as	as	ADP
esutjss-206	67	22	π	π	PROPN
esutjss-206	67	23	:	:	PUNCT
esutjss-206	67	24	however	however	ADV
esutjss-206	67	25	,	,	PUNCT
esutjss-206	67	26	this	this	DET
esutjss-206	67	27	matrix	matrix	NOUN
esutjss-206	67	28	is	be	AUX
esutjss-206	67	29	by	by	ADP
esutjss-206	67	30	construction	construction	NOUN
esutjss-206	67	31	symmetric	symmetric	ADJ
esutjss-206	67	32	and	and	CCONJ
esutjss-206	67	33	positive	positive	ADJ
esutjss-206	67	34	semidefinite	semidefinite	NOUN
esutjss-206	67	35	.	.	PUNCT
esutjss-206	68	1	as	as	ADP
esutjss-206	68	2	a	a	DET
esutjss-206	68	3	consequence	consequence	NOUN
esutjss-206	68	4	,	,	PUNCT
esutjss-206	68	5	all	all	PRON
esutjss-206	68	6	its	its	PRON
esutjss-206	68	7	eigenvalues	eigenvalue	NOUN
esutjss-206	68	8	are	be	AUX
esutjss-206	68	9	real	real	ADJ
esutjss-206	68	10	and	and	CCONJ
esutjss-206	68	11	non	non	ADJ
esutjss-206	68	12	-	-	ADJ
esutjss-206	68	13	negative	negative	ADJ
esutjss-206	68	14	,	,	PUNCT
esutjss-206	68	15	and	and	CCONJ
esutjss-206	68	16	tests	test	NOUN
esutjss-206	68	17	on	on	ADP
esutjss-206	68	18	the	the	DET
esutjss-206	68	19	rank	rank	NOUN
esutjss-206	68	20	of	of	ADP
esutjss-206	68	21	𝛱	𝛱	PROPN
esutjss-206	68	22	can	can	AUX
esutjss-206	68	23	therefore	therefore	ADV
esutjss-206	68	24	be	be	AUX
esutjss-206	68	25	carried	carry	VERB
esutjss-206	68	26	out	out	ADP
esutjss-206	68	27	by	by	ADP
esutjss-206	68	28	testing	test	VERB
esutjss-206	68	29	how	how	SCONJ
esutjss-206	68	30	many	many	ADJ
esutjss-206	68	31	eigenvalues	eigenvalue	NOUN
esutjss-206	68	32	are	be	AUX
esutjss-206	68	33	0	0	NUM
esutjss-206	68	34	.	.	PUNCT
esutjss-206	69	1	if	if	SCONJ
esutjss-206	69	2	all	all	DET
esutjss-206	69	3	the	the	DET
esutjss-206	69	4	eigenvalues	eigenvalue	NOUN
esutjss-206	69	5	are	be	AUX
esutjss-206	69	6	significantly	significantly	ADV
esutjss-206	69	7	different	different	ADJ
esutjss-206	69	8	from	from	ADP
esutjss-206	69	9	0	0	NUM
esutjss-206	69	10	,	,	PUNCT
esutjss-206	69	11	then	then	ADV
esutjss-206	69	12	all	all	DET
esutjss-206	69	13	the	the	DET
esutjss-206	69	14	processes	process	NOUN
esutjss-206	69	15	are	be	AUX
esutjss-206	69	16	stationary	stationary	ADJ
esutjss-206	69	17	.	.	PUNCT
esutjss-206	70	1	if	if	SCONJ
esutjss-206	70	2	,	,	PUNCT
esutjss-206	70	3	on	on	ADP
esutjss-206	70	4	the	the	DET
esutjss-206	70	5	contrary	contrary	NOUN
esutjss-206	70	6	,	,	PUNCT
esutjss-206	70	7	there	there	PRON
esutjss-206	70	8	is	be	VERB
esutjss-206	70	9	at	at	ADV
esutjss-206	70	10	least	least	ADJ
esutjss-206	70	11	one	one	NUM
esutjss-206	70	12	zero	zero	NUM
esutjss-206	70	13	eigenvalue	eigenvalue	NOUN
esutjss-206	70	14	,	,	PUNCT
esutjss-206	70	15	then	then	ADV
esutjss-206	70	16	the	the	DET
esutjss-206	70	17	𝑦𝑡	𝑦𝑡	NOUN
esutjss-206	70	18	process	process	NOUN
esutjss-206	70	19	is	be	AUX
esutjss-206	70	20	integrated	integrate	VERB
esutjss-206	70	21	,	,	PUNCT
esutjss-206	70	22	although	although	SCONJ
esutjss-206	70	23	some	some	DET
esutjss-206	70	24	linear	linear	ADJ
esutjss-206	70	25	combination	combination	NOUN
esutjss-206	70	26	𝛽′𝑦𝑡	𝛽′𝑦𝑡	NOUN
esutjss-206	70	27	might	might	AUX
esutjss-206	70	28	be	be	AUX
esutjss-206	70	29	stationary	stationary	ADJ
esutjss-206	70	30	.	.	PUNCT
esutjss-206	71	1	at	at	ADP
esutjss-206	71	2	the	the	DET
esutjss-206	71	3	other	other	ADJ
esutjss-206	71	4	extreme	extreme	NOUN
esutjss-206	71	5	,	,	PUNCT
esutjss-206	71	6	if	if	SCONJ
esutjss-206	71	7	no	no	DET
esutjss-206	71	8	eigenvalues	eigenvalue	NOUN
esutjss-206	71	9	are	be	AUX
esutjss-206	71	10	significantly	significantly	ADV
esutjss-206	71	11	different	different	ADJ
esutjss-206	71	12	from	from	ADP
esutjss-206	71	13	0	0	NUM
esutjss-206	71	14	,	,	PUNCT
esutjss-206	71	15	then	then	ADV
esutjss-206	71	16	not	not	PART
esutjss-206	71	17	only	only	ADV
esutjss-206	71	18	is	be	AUX
esutjss-206	71	19	the	the	DET
esutjss-206	71	20	process	process	NOUN
esutjss-206	71	21	𝑦𝑡	𝑦𝑡	VERB
esutjss-206	71	22	non	non	ADJ
esutjss-206	71	23	-	-	ADJ
esutjss-206	71	24	stationary	stationary	ADJ
esutjss-206	71	25	,	,	PUNCT
esutjss-206	71	26	but	but	CCONJ
esutjss-206	71	27	the	the	DET
esutjss-206	71	28	same	same	ADJ
esutjss-206	71	29	holds	hold	VERB
esutjss-206	71	30	for	for	ADP
esutjss-206	71	31	any	any	DET
esutjss-206	71	32	linear	linear	ADJ
esutjss-206	71	33	combination	combination	NOUN
esutjss-206	71	34	𝛽′𝑦𝑡	𝛽′𝑦𝑡	NOUN
esutjss-206	71	35	;	;	PUNCT
esutjss-206	71	36	in	in	ADP
esutjss-206	71	37	other	other	ADJ
esutjss-206	71	38	words	word	NOUN
esutjss-206	71	39	,	,	PUNCT
esutjss-206	71	40	no	no	DET
esutjss-206	71	41	cointegration	cointegration	NOUN
esutjss-206	71	42	occurs	occur	VERB
esutjss-206	71	43	.	.	PUNCT
esutjss-206	72	1	estimation	estimation	NOUN
esutjss-206	72	2	typically	typically	ADV
esutjss-206	72	3	proceeds	proceed	VERB
esutjss-206	72	4	in	in	ADP
esutjss-206	72	5	two	two	NUM
esutjss-206	72	6	stages	stage	NOUN
esutjss-206	72	7	:	:	PUNCT
esutjss-206	72	8	first	first	ADV
esutjss-206	72	9	,	,	PUNCT
esutjss-206	72	10	a	a	DET
esutjss-206	72	11	sequence	sequence	NOUN
esutjss-206	72	12	of	of	ADP
esutjss-206	72	13	tests	test	NOUN
esutjss-206	72	14	is	be	AUX
esutjss-206	72	15	run	run	VERB
esutjss-206	72	16	to	to	PART
esutjss-206	72	17	determine	determine	VERB
esutjss-206	72	18	r	r	NOUN
esutjss-206	72	19	,	,	PUNCT
esutjss-206	72	20	the	the	DET
esutjss-206	72	21	cointegration	cointegration	NOUN
esutjss-206	72	22	rank	rank	NOUN
esutjss-206	72	23	.	.	PUNCT
esutjss-206	73	1	then	then	ADV
esutjss-206	73	2	,	,	PUNCT
esutjss-206	73	3	for	for	ADP
esutjss-206	73	4	a	a	DET
esutjss-206	73	5	given	give	VERB
esutjss-206	73	6	rank	rank	NOUN
esutjss-206	73	7	the	the	DET
esutjss-206	73	8	parameters	parameter	NOUN
esutjss-206	73	9	in	in	ADP
esutjss-206	73	10	equation	equation	NOUN
esutjss-206	73	11	(	(	PUNCT
esutjss-206	73	12	3	3	X
esutjss-206	73	13	)	)	PUNCT
esutjss-206	73	14	are	be	AUX
esutjss-206	73	15	estimated	estimate	VERB
esutjss-206	73	16	.	.	PUNCT
esutjss-206	74	1	3.1	3.1	NUM
esutjss-206	74	2	the	the	DET
esutjss-206	74	3	model	model	NOUN
esutjss-206	74	4	the	the	DET
esutjss-206	74	5	study	study	NOUN
esutjss-206	74	6	will	will	AUX
esutjss-206	74	7	use	use	VERB
esutjss-206	74	8	daily	daily	ADJ
esutjss-206	74	9	data	datum	NOUN
esutjss-206	74	10	on	on	ADP
esutjss-206	74	11	crude	crude	ADJ
esutjss-206	74	12	oil	oil	NOUN
esutjss-206	74	13	prices	price	NOUN
esutjss-206	74	14	,	,	PUNCT
esutjss-206	74	15	s&p	s&p	PROPN
esutjss-206	74	16	500	500	NUM
esutjss-206	74	17	index	index	NOUN
esutjss-206	74	18	,	,	PUNCT
esutjss-206	74	19	and	and	CCONJ
esutjss-206	74	20	the	the	DET
esutjss-206	74	21	usd	usd	PROPN
esutjss-206	74	22	-	-	PUNCT
esutjss-206	74	23	ngn	ngn	PROPN
esutjss-206	74	24	exchange	exchange	NOUN
esutjss-206	74	25	rate	rate	NOUN
esutjss-206	74	26	from	from	ADP
esutjss-206	74	27	3rd	3rd	PROPN
esutjss-206	74	28	june	june	PROPN
esutjss-206	74	29	2020	2020	NUM
esutjss-206	74	30	to	to	ADP
esutjss-206	74	31	31st	31st	NOUN
esutjss-206	74	32	may	may	PROPN
esutjss-206	74	33	2024	2024	NUM
esutjss-206	74	34	.	.	PUNCT
esutjss-206	75	1	the	the	DET
esutjss-206	75	2	vecm	vecm	NOUN
esutjss-206	75	3	model	model	NOUN
esutjss-206	75	4	will	will	AUX
esutjss-206	75	5	be	be	AUX
esutjss-206	75	6	specified	specify	VERB
esutjss-206	75	7	as	as	SCONJ
esutjss-206	75	8	follows	follow	VERB
esutjss-206	75	9	:	:	PUNCT
esutjss-206	75	10	we	we	PRON
esutjss-206	75	11	begin	begin	VERB
esutjss-206	75	12	with	with	ADP
esutjss-206	75	13	the	the	DET
esutjss-206	75	14	variables	variable	NOUN
esutjss-206	75	15	definition	definition	NOUN
esutjss-206	75	16	.	.	PUNCT
esutjss-206	76	1	let	let	VERB
esutjss-206	76	2	𝑦𝑡	𝑦𝑡	VERB
esutjss-206	76	3	=	=	PUNCT
esutjss-206	76	4	(	(	PUNCT
esutjss-206	76	5	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	PROPN
esutjss-206	76	6	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	X
esutjss-206	76	7	∆𝑆&𝑃500𝑡	∆𝑆&𝑃500𝑡	PROPN
esutjss-206	76	8	)	)	PUNCT
esutjss-206	76	9	represents	represent	VERB
esutjss-206	76	10	the	the	DET
esutjss-206	76	11	vector	vector	NOUN
esutjss-206	76	12	of	of	ADP
esutjss-206	76	13	our	our	PRON
esutjss-206	76	14	variables	variable	NOUN
esutjss-206	76	15	at	at	ADP
esutjss-206	76	16	time	time	NOUN
esutjss-206	76	17	𝑡.	𝑡.	VERB
esutjss-206	76	18	then	then	ADV
esutjss-206	76	19	the	the	DET
esutjss-206	76	20	var	var	NOUN
esutjss-206	76	21	representation	representation	NOUN
esutjss-206	76	22	of	of	ADP
esutjss-206	76	23	order	order	NOUN
esutjss-206	76	24	2	2	NUM
esutjss-206	76	25	with	with	ADP
esutjss-206	76	26	a	a	DET
esutjss-206	76	27	deterministic	deterministic	ADJ
esutjss-206	76	28	part	part	NOUN
esutjss-206	76	29	𝜇𝑡	𝜇𝑡	NOUN
esutjss-206	76	30	is	be	AUX
esutjss-206	76	31	given	give	VERB
esutjss-206	76	32	by	by	ADP
esutjss-206	76	33	:	:	PUNCT
esutjss-206	76	34	𝑦𝑡	𝑦𝑡	PROPN
esutjss-206	76	35	=	=	SYM
esutjss-206	76	36	𝜇𝑡	𝜇𝑡	X
esutjss-206	76	37	+	+	CCONJ
esutjss-206	76	38	𝐴1𝑦𝑡−1	𝐴1𝑦𝑡−1	X
esutjss-206	77	1	+	+	SYM
esutjss-206	77	2	𝐴2𝑦𝑡−2	𝐴2𝑦𝑡−2	ADV
esutjss-206	77	3	+	+	CCONJ
esutjss-206	77	4	𝜖𝑡	𝜖𝑡	ADJ
esutjss-206	77	5	(	(	PUNCT
esutjss-206	77	6	4	4	NUM
esutjss-206	77	7	)	)	PUNCT
esutjss-206	77	8	173	173	NUM
esutjss-206	77	9	the	the	DET
esutjss-206	77	10	vecm	vecm	NOUN
esutjss-206	77	11	representation	representation	NOUN
esutjss-206	77	12	of	of	ADP
esutjss-206	77	13	the	the	DET
esutjss-206	77	14	above	above	ADJ
esutjss-206	77	15	var	var	NOUN
esutjss-206	77	16	model	model	NOUN
esutjss-206	77	17	is	be	AUX
esutjss-206	77	18	given	give	VERB
esutjss-206	77	19	by	by	ADP
esutjss-206	77	20	(	(	PUNCT
esutjss-206	77	21	5	5	NUM
esutjss-206	77	22	)	)	PUNCT
esutjss-206	77	23	δ𝑦𝑡	δ𝑦𝑡	NOUN
esutjss-206	77	24	=	=	SYM
esutjss-206	77	25	𝜇𝑡	𝜇𝑡	X
esutjss-206	77	26	+	+	X
esutjss-206	78	1	π𝑦𝑡−1	π𝑦𝑡−1	X
esutjss-206	78	2	+	+	CCONJ
esutjss-206	78	3	γ1δ𝑦𝑡−1	γ1δ𝑦𝑡−1	PROPN
esutjss-206	78	4	+	+	CCONJ
esutjss-206	78	5	𝜖𝑡	𝜖𝑡	PROPN
esutjss-206	78	6	(	(	PUNCT
esutjss-206	78	7	5	5	NUM
esutjss-206	78	8	)	)	PUNCT
esutjss-206	79	1	where	where	SCONJ
esutjss-206	79	2	π	π	NOUN
esutjss-206	79	3	=	=	PUNCT
esutjss-206	79	4	𝐴1	𝐴1	PROPN
esutjss-206	79	5	+	+	CCONJ
esutjss-206	79	6	𝐴2	𝐴2	NOUN
esutjss-206	79	7	−	−	PROPN
esutjss-206	79	8	𝐼	𝐼	PROPN
esutjss-206	79	9	and	and	CCONJ
esutjss-206	79	10	γ1	γ1	PROPN
esutjss-206	79	11	=	=	SYM
esutjss-206	79	12	−𝐴2	−𝐴2	PROPN
esutjss-206	79	13	.	.	PUNCT
esutjss-206	80	1	to	to	PART
esutjss-206	80	2	capture	capture	VERB
esutjss-206	80	3	the	the	DET
esutjss-206	80	4	long	long	ADV
esutjss-206	80	5	-	-	PUNCT
esutjss-206	80	6	run	run	VERB
esutjss-206	80	7	equilibrium	equilibrium	NOUN
esutjss-206	80	8	relationships	relationship	NOUN
esutjss-206	80	9	,	,	PUNCT
esutjss-206	80	10	the	the	DET
esutjss-206	80	11	cointegrating	cointegrate	VERB
esutjss-206	80	12	vectors	vector	NOUN
esutjss-206	80	13	𝛽′	𝛽′	NUM
esutjss-206	80	14	could	could	AUX
esutjss-206	80	15	be	be	AUX
esutjss-206	80	16	represented	represent	VERB
esutjss-206	80	17	as	as	ADP
esutjss-206	80	18	in	in	ADP
esutjss-206	80	19	(	(	PUNCT
esutjss-206	80	20	6	6	NUM
esutjss-206	80	21	)	)	PUNCT
esutjss-206	80	22	𝛽′	𝛽′	PROPN
esutjss-206	80	23	=	=	PUNCT
esutjss-206	81	1	(	(	PUNCT
esutjss-206	81	2	1	1	NUM
esutjss-206	81	3	−𝛽12	−𝛽12	NUM
esutjss-206	81	4	−𝛽13	−𝛽13	SYM
esutjss-206	81	5	1	1	NUM
esutjss-206	81	6	−𝛽22	−𝛽22	NUM
esutjss-206	81	7	−𝛽23	−𝛽23	NUM
esutjss-206	81	8	)	)	PUNCT
esutjss-206	81	9	(	(	PUNCT
esutjss-206	81	10	6	6	X
esutjss-206	81	11	)	)	PUNCT
esutjss-206	81	12	this	this	PRON
esutjss-206	81	13	implies	imply	VERB
esutjss-206	81	14	the	the	DET
esutjss-206	81	15	long	long	ADV
esutjss-206	81	16	-	-	PUNCT
esutjss-206	81	17	run	run	VERB
esutjss-206	81	18	equilibrium	equilibrium	NOUN
esutjss-206	81	19	relationships	relationship	NOUN
esutjss-206	81	20	are	be	AUX
esutjss-206	81	21	as	as	SCONJ
esutjss-206	81	22	given	give	VERB
esutjss-206	81	23	in	in	ADP
esutjss-206	81	24	(	(	PUNCT
esutjss-206	81	25	7a	7a	NUM
esutjss-206	81	26	)	)	PUNCT
esutjss-206	81	27	and	and	CCONJ
esutjss-206	81	28	(	(	PUNCT
esutjss-206	81	29	7b	7b	NUM
esutjss-206	81	30	):	):	PUNCT
esutjss-206	81	31	𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	NOUN
esutjss-206	81	32	=	=	SYM
esutjss-206	81	33	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	NOUN
esutjss-206	81	34	−	−	NOUN
esutjss-206	81	35	𝛽13𝑆&𝑃500𝑡	𝛽13𝑆&𝑃500𝑡	NOUN
esutjss-206	81	36	+	+	CCONJ
esutjss-206	81	37	𝑧1𝑡	𝑧1𝑡	PROPN
esutjss-206	81	38	(	(	PUNCT
esutjss-206	81	39	7a	7a	NUM
esutjss-206	81	40	)	)	PUNCT
esutjss-206	81	41	𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	NOUN
esutjss-206	81	42	=	=	PUNCT
esutjss-206	81	43	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	NOUN
esutjss-206	81	44	−	−	PROPN
esutjss-206	81	45	𝛽23𝑆&𝑃500𝑡	𝛽23𝑆&𝑃500𝑡	PUNCT
esutjss-206	81	46	+	+	NUM
esutjss-206	81	47	𝑧1𝑡	𝑧1𝑡	PROPN
esutjss-206	81	48	(	(	PUNCT
esutjss-206	81	49	7b	7b	NOUN
esutjss-206	81	50	)	)	PUNCT
esutjss-206	81	51	where	where	SCONJ
esutjss-206	81	52	𝑧1𝑡	𝑧1𝑡	NOUN
esutjss-206	81	53	and	and	CCONJ
esutjss-206	81	54	𝑧2𝑡	𝑧2𝑡	NOUN
esutjss-206	81	55	are	be	AUX
esutjss-206	81	56	the	the	DET
esutjss-206	81	57	stationary	stationary	ADJ
esutjss-206	81	58	error	error	NOUN
esutjss-206	81	59	correction	correction	NOUN
esutjss-206	81	60	terms	term	NOUN
esutjss-206	81	61	.	.	PUNCT
esutjss-206	82	1	substituting	substitute	VERB
esutjss-206	82	2	𝑦𝑡	𝑦𝑡	PROPN
esutjss-206	82	3	and	and	CCONJ
esutjss-206	82	4	the	the	DET
esutjss-206	82	5	matrices	matrix	NOUN
esutjss-206	82	6	into	into	ADP
esutjss-206	82	7	the	the	DET
esutjss-206	82	8	vecm	vecm	NOUN
esutjss-206	82	9	representation	representation	NOUN
esutjss-206	82	10	(	(	PUNCT
esutjss-206	82	11	5	5	X
esutjss-206	82	12	)	)	PUNCT
esutjss-206	82	13	we	we	PRON
esutjss-206	82	14	get	get	VERB
esutjss-206	82	15	(	(	PUNCT
esutjss-206	82	16	8)	8)	NUM
esutjss-206	82	17	:	:	PUNCT
esutjss-206	82	18	δ𝑦𝑡	δ𝑦𝑡	NOUN
esutjss-206	82	19	=	=	SYM
esutjss-206	82	20	𝜇𝑡	𝜇𝑡	X
esutjss-206	82	21	+	+	CCONJ
esutjss-206	82	22	𝛼𝛽′𝑦𝑡−1	𝛼𝛽′𝑦𝑡−1	NOUN
esutjss-206	82	23	+	+	CCONJ
esutjss-206	82	24	γ1δ𝑦𝑡−1	γ1δ𝑦𝑡−1	NUM
esutjss-206	82	25	+	+	CCONJ
esutjss-206	82	26	𝜖𝑡	𝜖𝑡	PROPN
esutjss-206	82	27	(	(	PUNCT
esutjss-206	82	28	8)	8)	NUM
esutjss-206	82	29	thus	thus	ADV
esutjss-206	82	30	,	,	PUNCT
esutjss-206	82	31	our	our	PRON
esutjss-206	82	32	specific	specific	ADJ
esutjss-206	82	33	vecm	vecm	NOUN
esutjss-206	82	34	model	model	NOUN
esutjss-206	82	35	aimed	aim	VERB
esutjss-206	82	36	to	to	PART
esutjss-206	82	37	capture	capture	VERB
esutjss-206	82	38	the	the	DET
esutjss-206	82	39	impact	impact	NOUN
esutjss-206	82	40	of	of	ADP
esutjss-206	82	41	oil_price	oil_price	NOUN
esutjss-206	82	42	and	and	CCONJ
esutjss-206	82	43	s&p	s&p	PROPN
esutjss-206	82	44	500	500	NUM
esutjss-206	82	45	on	on	ADP
esutjss-206	82	46	usd	usd	PROPN
esutjss-206	82	47	/	/	SYM
esutjss-206	82	48	ngn	ngn	PROPN
esutjss-206	82	49	with	with	ADP
esutjss-206	82	50	an	an	DET
esutjss-206	82	51	optimal	optimal	ADJ
esutjss-206	82	52	lag	lag	NOUN
esutjss-206	82	53	length	length	NOUN
esutjss-206	82	54	of	of	ADP
esutjss-206	82	55	2	2	NUM
esutjss-206	82	56	is	be	AUX
esutjss-206	82	57	given	give	VERB
esutjss-206	82	58	by	by	ADP
esutjss-206	82	59	9(a	9(a	NUM
esutjss-206	82	60	)	)	PUNCT
esutjss-206	82	61	–	–	PUNCT
esutjss-206	82	62	(	(	PUNCT
esutjss-206	82	63	9c	9c	NUM
esutjss-206	82	64	):	):	PUNCT
esutjss-206	82	65	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	PROPN
esutjss-206	82	66	=	=	SYM
esutjss-206	82	67	𝜇1	𝜇1	PROPN
esutjss-206	82	68	+	+	CCONJ
esutjss-206	82	69	𝛼11(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼11(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	PROPN
esutjss-206	82	70	−	−	PROPN
esutjss-206	82	71	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	NOUN
esutjss-206	82	72	−	−	NUM
esutjss-206	82	73	𝛽13𝑆&𝑃500𝑡−1	𝛽13𝑆&𝑃500𝑡−1	NUM
esutjss-206	82	74	)	)	PUNCT
esutjss-206	83	1	+	+	NUM
esutjss-206	83	2	𝛼12(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼12(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	ADJ
esutjss-206	83	3	−	−	PRON
esutjss-206	83	4	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	ADJ
esutjss-206	83	5	−	−	NOUN
esutjss-206	83	6	𝛽23𝑆&𝑃500𝑡−1	𝛽23𝑆&𝑃500𝑡−1	NUM
esutjss-206	83	7	)	)	PUNCT
esutjss-206	84	1	+	+	CCONJ
esutjss-206	84	2	𝛾11𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛾11𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	VERB
esutjss-206	84	3	−	−	PROPN
esutjss-206	84	4	𝛾12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛾12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	NOUN
esutjss-206	84	5	−	−	PROPN
esutjss-206	84	6	𝛾13𝛽23𝑆&𝑃500𝑡−1	𝛾13𝛽23𝑆&𝑃500𝑡−1	SYM
esutjss-206	84	7	+	+	NUM
esutjss-206	84	8	𝜖1𝑡	𝜖1𝑡	PROPN
esutjss-206	84	9	(	(	PUNCT
esutjss-206	84	10	9a	9a	NOUN
esutjss-206	84	11	)	)	PUNCT
esutjss-206	84	12	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	NOUN
esutjss-206	85	1	=	=	SYM
esutjss-206	85	2	𝜇2	𝜇2	PROPN
esutjss-206	85	3	+	+	CCONJ
esutjss-206	85	4	𝛼31(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼31(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	PROPN
esutjss-206	85	5	−	−	PROPN
esutjss-206	85	6	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	PROPN
esutjss-206	85	7	−	−	NUM
esutjss-206	85	8	𝛽13𝑆&𝑃500𝑡−1	𝛽13𝑆&𝑃500𝑡−1	NUM
esutjss-206	85	9	)	)	PUNCT
esutjss-206	86	1	+	+	NUM
esutjss-206	86	2	𝛼32(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼32(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	PROPN
esutjss-206	86	3	−	−	PROPN
esutjss-206	86	4	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	PROPN
esutjss-206	86	5	−	−	NOUN
esutjss-206	86	6	𝛽23𝑆&𝑃500𝑡−1	𝛽23𝑆&𝑃500𝑡−1	NUM
esutjss-206	86	7	)	)	PUNCT
esutjss-206	87	1	+	+	NUM
esutjss-206	87	2	𝛾31𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛾31𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	NUM
esutjss-206	87	3	−	−	PRON
esutjss-206	87	4	𝛾32𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛾32𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	NOUN
esutjss-206	87	5	−	−	NOUN
esutjss-206	87	6	𝛾33𝛽23𝑆&𝑃500𝑡−1	𝛾33𝛽23𝑆&𝑃500𝑡−1	PROPN
esutjss-206	87	7	+	+	NUM
esutjss-206	87	8	𝜖1𝑡	𝜖1𝑡	X
esutjss-206	87	9	(	(	PUNCT
esutjss-206	87	10	9b	9b	NUM
esutjss-206	87	11	)	)	PUNCT
esutjss-206	87	12	∆𝑆&𝑃500𝑡	∆𝑆&𝑃500𝑡	PROPN
esutjss-206	87	13	=	=	PUNCT
esutjss-206	87	14	𝜇3	𝜇3	PROPN
esutjss-206	87	15	+	+	CCONJ
esutjss-206	87	16	𝛼21(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼21(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	PROPN
esutjss-206	87	17	−	−	PROPN
esutjss-206	87	18	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	NOUN
esutjss-206	87	19	−	−	NUM
esutjss-206	87	20	𝛽13𝑆&𝑃500𝑡−1	𝛽13𝑆&𝑃500𝑡−1	NUM
esutjss-206	87	21	)	)	PUNCT
esutjss-206	88	1	+	+	CCONJ
esutjss-206	88	2	𝛼22(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛼22(𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	NUM
esutjss-206	88	3	−	−	PRON
esutjss-206	88	4	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛽22𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	ADJ
esutjss-206	88	5	−	−	NOUN
esutjss-206	88	6	𝛽23𝑆&𝑃500𝑡−1	𝛽23𝑆&𝑃500𝑡−1	NUM
esutjss-206	88	7	)	)	PUNCT
esutjss-206	88	8	+	+	CCONJ
esutjss-206	88	9	𝛾21𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	𝛾21𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	NOUN
esutjss-206	88	10	−	−	PROPN
esutjss-206	88	11	𝛾12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	𝛾12𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	NOUN
esutjss-206	88	12	−	−	PROPN
esutjss-206	88	13	𝛾13𝛽23𝑆&𝑃500𝑡−1	𝛾13𝛽23𝑆&𝑃500𝑡−1	SYM
esutjss-206	88	14	+	+	NUM
esutjss-206	88	15	𝜖1𝑡	𝜖1𝑡	PROPN
esutjss-206	88	16	(	(	PUNCT
esutjss-206	88	17	9c	9c	NUM
esutjss-206	88	18	)	)	PUNCT
esutjss-206	88	19	which	which	PRON
esutjss-206	88	20	can	can	AUX
esutjss-206	88	21	be	be	AUX
esutjss-206	88	22	written	write	VERB
esutjss-206	88	23	compactly	compactly	ADV
esutjss-206	88	24	as	as	ADP
esutjss-206	88	25	(	(	PUNCT
esutjss-206	88	26	10	10	NUM
esutjss-206	88	27	)	)	PUNCT
esutjss-206	88	28	.	.	PUNCT
esutjss-206	89	1	(	(	PUNCT
esutjss-206	89	2	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡	NOUN
esutjss-206	89	3	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡	X
esutjss-206	89	4	∆𝑆&𝑃500𝑡	∆𝑆&𝑃500𝑡	PROPN
esutjss-206	89	5	)	)	PUNCT
esutjss-206	90	1	=	=	SYM
esutjss-206	90	2	𝜇𝑡	𝜇𝑡	NOUN
esutjss-206	91	1	+	+	CCONJ
esutjss-206	92	1	(	(	PUNCT
esutjss-206	92	2	𝛼11	𝛼11	PROPN
esutjss-206	92	3	𝛼12	𝛼12	PROPN
esutjss-206	92	4	𝛼21	𝛼21	NOUN
esutjss-206	92	5	𝛼22	𝛼22	ADV
esutjss-206	92	6	𝛼31	𝛼31	PROPN
esutjss-206	92	7	𝛼32	𝛼32	PROPN
esutjss-206	92	8	)	)	PUNCT
esutjss-206	92	9	(	(	PUNCT
esutjss-206	92	10	1	1	NUM
esutjss-206	92	11	−𝛽12	−𝛽12	NUM
esutjss-206	92	12	−𝛽13	−𝛽13	SYM
esutjss-206	92	13	1	1	NUM
esutjss-206	92	14	−𝛽22	−𝛽22	NUM
esutjss-206	92	15	−𝛽23	−𝛽23	NUM
esutjss-206	92	16	)	)	PUNCT
esutjss-206	92	17	(	(	PUNCT
esutjss-206	92	18	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	∆𝑈𝑆𝐷_𝑁𝐺𝑁𝑡−1	VERB
esutjss-206	92	19	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	∆𝑂𝐼𝐿_𝑃𝑅𝐼𝐶𝐸𝑡−1	PUNCT
esutjss-206	92	20	∆𝑆&𝑃500𝑡−1	∆𝑆&𝑃500𝑡−1	NUM
esutjss-206	92	21	)	)	PUNCT
esutjss-206	93	1	+	+	CCONJ
esutjss-206	93	2	γ1	γ1	NOUN
esutjss-206	93	3	(	(	PUNCT
esutjss-206	93	4	10	10	NUM
esutjss-206	93	5	)	)	PUNCT
esutjss-206	93	6	the	the	DET
esutjss-206	93	7	model	model	NOUN
esutjss-206	93	8	will	will	AUX
esutjss-206	93	9	be	be	AUX
esutjss-206	93	10	estimated	estimate	VERB
esutjss-206	93	11	using	use	VERB
esutjss-206	93	12	gretl	gretl	ADJ
esutjss-206	93	13	software	software	NOUN
esutjss-206	93	14	.	.	PUNCT
esutjss-206	94	1	diagnostic	diagnostic	ADJ
esutjss-206	94	2	tests	test	NOUN
esutjss-206	94	3	,	,	PUNCT
esutjss-206	94	4	impulse	impulse	ADJ
esutjss-206	94	5	response	response	NOUN
esutjss-206	94	6	functions	function	NOUN
esutjss-206	94	7	,	,	PUNCT
esutjss-206	94	8	variance	variance	NOUN
esutjss-206	94	9	decomposition	decomposition	NOUN
esutjss-206	94	10	,	,	PUNCT
esutjss-206	94	11	and	and	CCONJ
esutjss-206	94	12	granger	granger	PROPN
esutjss-206	94	13	causality	causality	NOUN
esutjss-206	94	14	will	will	AUX
esutjss-206	94	15	be	be	AUX
esutjss-206	94	16	conducted	conduct	VERB
esutjss-206	94	17	to	to	PART
esutjss-206	94	18	analyze	analyze	VERB
esutjss-206	94	19	the	the	DET
esutjss-206	94	20	results	result	NOUN
esutjss-206	94	21	.	.	PUNCT
esutjss-206	95	1	4	4	X
esutjss-206	95	2	.	.	X
esutjss-206	95	3	exploratory	exploratory	ADJ
esutjss-206	95	4	data	datum	NOUN
esutjss-206	95	5	analysis	analysis	NOUN
esutjss-206	95	6	174	174	NUM
esutjss-206	95	7	the	the	DET
esutjss-206	95	8	data	datum	NOUN
esutjss-206	95	9	used	use	VERB
esutjss-206	95	10	for	for	ADP
esutjss-206	95	11	this	this	DET
esutjss-206	95	12	research	research	NOUN
esutjss-206	95	13	was	be	AUX
esutjss-206	95	14	daily	daily	ADJ
esutjss-206	95	15	data	datum	NOUN
esutjss-206	95	16	on	on	ADP
esutjss-206	95	17	crude	crude	ADJ
esutjss-206	95	18	oil	oil	NOUN
esutjss-206	95	19	prices	price	NOUN
esutjss-206	95	20	,	,	PUNCT
esutjss-206	95	21	s&p	s&p	PROPN
esutjss-206	95	22	500	500	NUM
esutjss-206	95	23	index	index	NOUN
esutjss-206	95	24	,	,	PUNCT
esutjss-206	95	25	and	and	CCONJ
esutjss-206	95	26	the	the	DET
esutjss-206	95	27	usdngn	usdngn	ADJ
esutjss-206	95	28	exchange	exchange	NOUN
esutjss-206	95	29	rate	rate	NOUN
esutjss-206	95	30	from	from	ADP
esutjss-206	95	31	3rd	3rd	PROPN
esutjss-206	95	32	june	june	PROPN
esutjss-206	95	33	2020	2020	NUM
esutjss-206	95	34	to	to	ADP
esutjss-206	95	35	31st	31st	NOUN
esutjss-206	95	36	may	may	PROPN
esutjss-206	95	37	2024	2024	NUM
esutjss-206	95	38	.	.	PUNCT
esutjss-206	96	1	the	the	DET
esutjss-206	96	2	data	datum	NOUN
esutjss-206	96	3	was	be	AUX
esutjss-206	96	4	sourced	source	VERB
esutjss-206	96	5	from	from	ADP
esutjss-206	96	6	www.yahoofinance.com	www.yahoofinance.com	X
esutjss-206	96	7	the	the	DET
esutjss-206	96	8	first	first	ADJ
esutjss-206	96	9	plot	plot	NOUN
esutjss-206	96	10	figures	figure	NOUN
esutjss-206	96	11	1	1	NUM
esutjss-206	96	12	-	-	SYM
esutjss-206	96	13	4	4	NUM
esutjss-206	96	14	is	be	AUX
esutjss-206	96	15	the	the	DET
esutjss-206	96	16	time	time	NOUN
esutjss-206	96	17	series	series	PROPN
esutjss-206	96	18	plot	plot	NOUN
esutjss-206	96	19	of	of	ADP
esutjss-206	96	20	the	the	DET
esutjss-206	96	21	original	original	ADJ
esutjss-206	96	22	variables	variable	NOUN
esutjss-206	96	23	i.e.	i.e.	X
esutjss-206	96	24	s&p	s&p	PROPN
esutjss-206	96	25	500	500	NUM
esutjss-206	96	26	(	(	PUNCT
esutjss-206	96	27	us	we	PRON
esutjss-206	96	28	.	.	PUNCT
esutjss-206	97	1	dollars	dollar	NOUN
esutjss-206	97	2	)	)	PUNCT
esutjss-206	97	3	crude	crude	ADJ
esutjss-206	97	4	oil	oil	NOUN
esutjss-206	97	5	price	price	NOUN
esutjss-206	97	6	(	(	PUNCT
esutjss-206	97	7	us	we	PRON
esutjss-206	97	8	.	.	PUNCT
esutjss-206	98	1	dollars	dollar	NOUN
esutjss-206	98	2	)	)	PUNCT
esutjss-206	98	3	,	,	PUNCT
esutjss-206	98	4	usd_ngn	usd_ngn	PRON
esutjss-206	98	5	exchange	exchange	NOUN
esutjss-206	98	6	rate	rate	NOUN
esutjss-206	98	7	(	(	PUNCT
esutjss-206	98	8	the	the	DET
esutjss-206	98	9	value	value	NOUN
esutjss-206	98	10	of	of	ADP
esutjss-206	98	11	a	a	DET
esutjss-206	98	12	unit	unit	NOUN
esutjss-206	98	13	of	of	ADP
esutjss-206	98	14	the	the	DET
esutjss-206	98	15	us	us	PROPN
esutjss-206	98	16	dollars	dollar	NOUN
esutjss-206	98	17	in	in	ADP
esutjss-206	98	18	naira	naira	PROPN
esutjss-206	98	19	)	)	PUNCT
esutjss-206	98	20	and	and	CCONJ
esutjss-206	98	21	the	the	DET
esutjss-206	98	22	reciprocal	reciprocal	NOUN
esutjss-206	98	23	of	of	ADP
esutjss-206	98	24	the	the	DET
esutjss-206	98	25	usd_ngn	usd_ngn	NUM
esutjss-206	98	26	exchange	exchange	NOUN
esutjss-206	98	27	rate(the	rate(the	ADJ
esutjss-206	98	28	value	value	NOUN
esutjss-206	98	29	of	of	ADP
esutjss-206	98	30	a	a	DET
esutjss-206	98	31	unit	unit	NOUN
esutjss-206	98	32	of	of	ADP
esutjss-206	98	33	the	the	DET
esutjss-206	98	34	nigerian	nigerian	ADJ
esutjss-206	98	35	naira	naira	PROPN
esutjss-206	98	36	in	in	ADP
esutjss-206	98	37	us	us	PROPN
esutjss-206	98	38	dollars	dollar	NOUN
esutjss-206	98	39	)	)	PUNCT
esutjss-206	98	40	.	.	PUNCT
esutjss-206	99	1	the	the	DET
esutjss-206	99	2	global	global	ADJ
esutjss-206	99	3	market	market	NOUN
esutjss-206	99	4	(	(	PUNCT
esutjss-206	99	5	represented	represent	VERB
esutjss-206	99	6	by	by	ADP
esutjss-206	99	7	s&p	s&p	PROPN
esutjss-206	99	8	500	500	NUM
esutjss-206	99	9	)	)	PUNCT
esutjss-206	99	10	,	,	PUNCT
esutjss-206	99	11	(	(	PUNCT
esutjss-206	99	12	figure	figure	NOUN
esutjss-206	99	13	1	1	NUM
esutjss-206	99	14	)	)	PUNCT
esutjss-206	99	15	enjoyed	enjoy	VERB
esutjss-206	99	16	steady	steady	ADJ
esutjss-206	99	17	appreciation	appreciation	NOUN
esutjss-206	99	18	from	from	ADP
esutjss-206	99	19	early	early	ADJ
esutjss-206	99	20	2020	2020	NUM
esutjss-206	99	21	to	to	ADP
esutjss-206	99	22	early	early	ADJ
esutjss-206	99	23	2022	2022	NUM
esutjss-206	99	24	,	,	PUNCT
esutjss-206	99	25	then	then	ADV
esutjss-206	99	26	it	it	PRON
esutjss-206	99	27	took	take	VERB
esutjss-206	99	28	a	a	DET
esutjss-206	99	29	decline	decline	NOUN
esutjss-206	99	30	till	till	SCONJ
esutjss-206	99	31	the	the	DET
esutjss-206	99	32	end	end	NOUN
esutjss-206	99	33	of	of	ADP
esutjss-206	99	34	2022	2022	NUM
esutjss-206	99	35	before	before	SCONJ
esutjss-206	99	36	it	it	PRON
esutjss-206	99	37	rebounded	rebound	VERB
esutjss-206	99	38	and	and	CCONJ
esutjss-206	99	39	and	and	CCONJ
esutjss-206	99	40	appreciated	appreciate	VERB
esutjss-206	99	41	until	until	SCONJ
esutjss-206	99	42	it	it	PRON
esutjss-206	99	43	peaked	peak	VERB
esutjss-206	99	44	in	in	ADP
esutjss-206	99	45	mid	mid	ADJ
esutjss-206	99	46	2024	2024	NUM
esutjss-206	99	47	.	.	PUNCT
esutjss-206	100	1	the	the	DET
esutjss-206	100	2	usd	usd	PROPN
esutjss-206	100	3	/	/	SYM
esutjss-206	100	4	ngn	ngn	PROPN
esutjss-206	100	5	figure	figure	NOUN
esutjss-206	100	6	2	2	NUM
esutjss-206	100	7	was	be	AUX
esutjss-206	100	8	a	a	DET
esutjss-206	100	9	bit	bit	NOUN
esutjss-206	100	10	stable	stable	ADJ
esutjss-206	100	11	hovering	hover	VERB
esutjss-206	100	12	around	around	ADP
esutjss-206	100	13	400	400	NUM
esutjss-206	100	14	ngn	ngn	PROPN
esutjss-206	100	15	to	to	ADP
esutjss-206	100	16	a	a	DET
esutjss-206	100	17	dollar	dollar	NOUN
esutjss-206	100	18	from	from	ADP
esutjss-206	100	19	early	early	ADJ
esutjss-206	100	20	2020	2020	NUM
esutjss-206	100	21	to	to	ADP
esutjss-206	100	22	around	around	ADP
esutjss-206	100	23	mid	mid	ADJ
esutjss-206	100	24	2023	2023	NUM
esutjss-206	100	25	when	when	SCONJ
esutjss-206	100	26	it	it	PRON
esutjss-206	100	27	took	take	VERB
esutjss-206	100	28	a	a	DET
esutjss-206	100	29	leap	leap	NOUN
esutjss-206	100	30	to	to	ADP
esutjss-206	100	31	around	around	ADP
esutjss-206	100	32	800	800	NUM
esutjss-206	100	33	ngn	ngn	PROPN
esutjss-206	100	34	to	to	ADP
esutjss-206	100	35	a	a	DET
esutjss-206	100	36	dollar	dollar	NOUN
esutjss-206	100	37	.	.	PUNCT
esutjss-206	101	1	this	this	PRON
esutjss-206	101	2	is	be	AUX
esutjss-206	101	3	as	as	ADP
esutjss-206	101	4	a	a	DET
esutjss-206	101	5	result	result	NOUN
esutjss-206	101	6	of	of	ADP
esutjss-206	101	7	the	the	DET
esutjss-206	101	8	removal	removal	NOUN
esutjss-206	101	9	of	of	ADP
esutjss-206	101	10	the	the	DET
esutjss-206	101	11	fuel	fuel	NOUN
esutjss-206	101	12	subsidy	subsidy	NOUN
esutjss-206	101	13	.	.	PUNCT
esutjss-206	102	1	it	it	PRON
esutjss-206	102	2	then	then	ADV
esutjss-206	102	3	took	take	VERB
esutjss-206	102	4	a	a	DET
esutjss-206	102	5	big	big	ADJ
esutjss-206	102	6	leap	leap	NOUN
esutjss-206	102	7	to	to	ADP
esutjss-206	102	8	around	around	ADV
esutjss-206	102	9	1600	1600	NUM
esutjss-206	102	10	ngn	ngn	PROPN
esutjss-206	102	11	in	in	ADP
esutjss-206	102	12	early	early	ADJ
esutjss-206	102	13	2024	2024	NUM
esutjss-206	102	14	and	and	CCONJ
esutjss-206	102	15	has	have	AUX
esutjss-206	102	16	been	be	AUX
esutjss-206	102	17	hovering	hover	VERB
esutjss-206	102	18	around	around	ADP
esutjss-206	102	19	1400	1400	NUM
esutjss-206	102	20	ngn	ngn	PROPN
esutjss-206	102	21	.	.	PUNCT
esutjss-206	103	1	the	the	DET
esutjss-206	103	2	reciprocal	reciprocal	NOUN
esutjss-206	103	3	of	of	ADP
esutjss-206	103	4	the	the	DET
esutjss-206	103	5	usd	usd	PROPN
esutjss-206	103	6	/	/	SYM
esutjss-206	103	7	ngn	ngn	PROPN
esutjss-206	103	8	figure	figure	NOUN
esutjss-206	103	9	4	4	NUM
esutjss-206	103	10	represents	represent	VERB
esutjss-206	103	11	the	the	DET
esutjss-206	103	12	value	value	NOUN
esutjss-206	103	13	of	of	ADP
esutjss-206	103	14	1	1	NUM
esutjss-206	103	15	ngn	ngn	PROPN
esutjss-206	103	16	in	in	ADP
esutjss-206	103	17	us	us	PROPN
esutjss-206	103	18	dollars	dollar	NOUN
esutjss-206	103	19	.	.	PUNCT
esutjss-206	104	1	the	the	DET
esutjss-206	104	2	nigerian	nigerian	ADJ
esutjss-206	104	3	naira	naira	PROPN
esutjss-206	104	4	was	be	AUX
esutjss-206	104	5	worth	worth	ADJ
esutjss-206	104	6	about	about	ADP
esutjss-206	104	7	$	$	SYM
esutjss-206	104	8	0.0027	0.0027	NUM
esutjss-206	104	9	in	in	ADP
esutjss-206	104	10	2020	2020	NUM
esutjss-206	104	11	and	and	CCONJ
esutjss-206	104	12	now	now	ADV
esutjss-206	104	13	merely	merely	ADV
esutjss-206	104	14	about	about	ADV
esutjss-206	104	15	$	$	SYM
esutjss-206	104	16	0.0007	0.0007	NUM
esutjss-206	104	17	in	in	ADP
esutjss-206	104	18	mid	mid	ADJ
esutjss-206	104	19	2014	2014	NUM
esutjss-206	104	20	.	.	PUNCT
esutjss-206	105	1	the	the	DET
esutjss-206	105	2	crude	crude	ADJ
esutjss-206	105	3	oil	oil	NOUN
esutjss-206	105	4	price	price	NOUN
esutjss-206	105	5	figure	figure	NOUN
esutjss-206	105	6	3	3	NUM
esutjss-206	105	7	rose	rise	VERB
esutjss-206	105	8	steadily	steadily	ADV
esutjss-206	105	9	between	between	ADP
esutjss-206	105	10	early	early	ADJ
esutjss-206	105	11	2020	2020	NUM
esutjss-206	105	12	from	from	ADP
esutjss-206	105	13	around	around	ADP
esutjss-206	105	14	$	$	SYM
esutjss-206	105	15	40	40	NUM
esutjss-206	105	16	to	to	ADP
esutjss-206	105	17	almost	almost	ADV
esutjss-206	105	18	$	$	SYM
esutjss-206	105	19	130	130	NUM
esutjss-206	105	20	per	per	ADP
esutjss-206	105	21	barrel	barrel	NOUN
esutjss-206	105	22	in	in	ADP
esutjss-206	105	23	2022	2022	NUM
esutjss-206	105	24	.	.	PUNCT
esutjss-206	106	1	it	it	PRON
esutjss-206	106	2	dived	dive	VERB
esutjss-206	106	3	down	down	ADP
esutjss-206	106	4	to	to	ADP
esutjss-206	106	5	around	around	ADP
esutjss-206	106	6	$	$	SYM
esutjss-206	106	7	80	80	NUM
esutjss-206	106	8	and	and	CCONJ
esutjss-206	106	9	has	have	AUX
esutjss-206	106	10	been	be	AUX
esutjss-206	106	11	fluctuating	fluctuate	VERB
esutjss-206	106	12	between	between	ADP
esutjss-206	106	13	$	$	SYM
esutjss-206	106	14	70	70	NUM
esutjss-206	106	15	to	to	PART
esutjss-206	106	16	$	$	SYM
esutjss-206	106	17	90	90	NUM
esutjss-206	106	18	from	from	ADP
esutjss-206	106	19	early	early	ADJ
esutjss-206	106	20	2023	2023	NUM
esutjss-206	106	21	to	to	ADP
esutjss-206	106	22	mid	mid	ADJ
esutjss-206	106	23	2024	2024	NUM
esutjss-206	106	24	.	.	PUNCT
esutjss-206	107	1	the	the	DET
esutjss-206	107	2	log	log	NOUN
esutjss-206	107	3	difference	difference	NOUN
esutjss-206	107	4	of	of	ADP
esutjss-206	107	5	the	the	DET
esutjss-206	107	6	series	series	NOUN
esutjss-206	107	7	was	be	AUX
esutjss-206	107	8	taken	take	VERB
esutjss-206	107	9	to	to	PART
esutjss-206	107	10	take	take	VERB
esutjss-206	107	11	care	care	NOUN
esutjss-206	107	12	of	of	ADP
esutjss-206	107	13	stationarity	stationarity	NOUN
esutjss-206	107	14	.	.	PUNCT
esutjss-206	108	1	the	the	DET
esutjss-206	108	2	result	result	NOUN
esutjss-206	108	3	was	be	AUX
esutjss-206	108	4	plotted	plot	VERB
esutjss-206	108	5	in	in	ADP
esutjss-206	108	6	fig	fig	NOUN
esutjss-206	108	7	5	5	NUM
esutjss-206	108	8	–	–	PUNCT
esutjss-206	108	9	7	7	NUM
esutjss-206	108	10	.	.	PUNCT
esutjss-206	109	1	it	it	PRON
esutjss-206	109	2	captures	capture	VERB
esutjss-206	109	3	the	the	DET
esutjss-206	109	4	volatility	volatility	NOUN
esutjss-206	109	5	of	of	ADP
esutjss-206	109	6	the	the	DET
esutjss-206	109	7	series	series	NOUN
esutjss-206	109	8	.	.	PUNCT
esutjss-206	110	1	from	from	ADP
esutjss-206	110	2	the	the	DET
esutjss-206	110	3	plot	plot	NOUN
esutjss-206	110	4	,	,	PUNCT
esutjss-206	110	5	we	we	PRON
esutjss-206	110	6	can	can	AUX
esutjss-206	110	7	assert	assert	VERB
esutjss-206	110	8	that	that	SCONJ
esutjss-206	110	9	the	the	DET
esutjss-206	110	10	s&p	s&p	PROPN
esutjss-206	110	11	500	500	NUM
esutjss-206	110	12	figure	figure	NOUN
esutjss-206	110	13	6	6	NUM
esutjss-206	110	14	has	have	VERB
esutjss-206	110	15	a	a	DET
esutjss-206	110	16	very	very	ADV
esutjss-206	110	17	high	high	ADJ
esutjss-206	110	18	volatility	volatility	NOUN
esutjss-206	110	19	especially	especially	ADV
esutjss-206	110	20	between	between	ADP
esutjss-206	110	21	2022	2022	NUM
esutjss-206	110	22	to	to	ADP
esutjss-206	110	23	2023	2023	NUM
esutjss-206	110	24	.	.	PUNCT
esutjss-206	111	1	crude	crude	ADJ
esutjss-206	111	2	oil	oil	NOUN
esutjss-206	111	3	price	price	NOUN
esutjss-206	111	4	figure	figure	NOUN
esutjss-206	111	5	7	7	NUM
esutjss-206	111	6	also	also	ADV
esutjss-206	111	7	has	have	VERB
esutjss-206	111	8	a	a	DET
esutjss-206	111	9	high	high	ADJ
esutjss-206	111	10	volatility	volatility	NOUN
esutjss-206	111	11	.	.	PUNCT
esutjss-206	112	1	the	the	DET
esutjss-206	112	2	usd	usd	PROPN
esutjss-206	112	3	/	/	SYM
esutjss-206	112	4	ngn	ngn	PROPN
esutjss-206	112	5	figure	figure	NOUN
esutjss-206	112	6	5	5	NUM
esutjss-206	112	7	has	have	VERB
esutjss-206	112	8	a	a	DET
esutjss-206	112	9	very	very	ADJ
esutjss-206	112	10	volatility	volatility	NOUN
esutjss-206	112	11	except	except	SCONJ
esutjss-206	112	12	for	for	ADP
esutjss-206	112	13	the	the	DET
esutjss-206	112	14	period	period	NOUN
esutjss-206	112	15	between	between	ADP
esutjss-206	112	16	mid	mid	ADJ
esutjss-206	112	17	2023	2023	NUM
esutjss-206	112	18	to	to	ADP
esutjss-206	112	19	mid	mid	ADJ
esutjss-206	112	20	2024	2024	NUM
esutjss-206	112	21	.	.	PUNCT
esutjss-206	113	1	http://www.yahoofinance.com/	http://www.yahoofinance.com/	ADJ
esutjss-206	113	2	175	175	NUM
esutjss-206	113	3	figure	figure	NOUN
esutjss-206	113	4	1	1	NUM
esutjss-206	113	5	s&p	s&p	PROPN
esutjss-206	113	6	500	500	NUM
esutjss-206	113	7	time	time	NOUN
esutjss-206	113	8	series	series	PROPN
esutjss-206	113	9	plot	plot	NOUN
esutjss-206	113	10	figure	figure	NOUN
esutjss-206	113	11	2	2	NUM
esutjss-206	113	12	usd	usd	NOUN
esutjss-206	113	13	/	/	SYM
esutjss-206	113	14	ngn	ngn	PROPN
esutjss-206	113	15	time	time	PROPN
esutjss-206	113	16	series	series	PROPN
esutjss-206	113	17	plot	plot	NOUN
esutjss-206	113	18	figure	figure	NOUN
esutjss-206	113	19	3	3	NUM
esutjss-206	113	20	crude	crude	ADJ
esutjss-206	113	21	oil	oil	NOUN
esutjss-206	113	22	price	price	NOUN
esutjss-206	113	23	time	time	NOUN
esutjss-206	113	24	series	series	PROPN
esutjss-206	113	25	plot	plot	NOUN
esutjss-206	113	26	figure	figure	NOUN
esutjss-206	113	27	4	4	NUM
esutjss-206	113	28	time	time	NOUN
esutjss-206	113	29	series	series	NOUN
esutjss-206	113	30	plot	plot	NOUN
esutjss-206	113	31	of	of	ADP
esutjss-206	113	32	the	the	DET
esutjss-206	113	33	reciprocal	reciprocal	NOUN
esutjss-206	113	34	of	of	ADP
esutjss-206	113	35	ngn	ngn	PROPN
esutjss-206	113	36	/	/	SYM
esutjss-206	113	37	usd	usd	NOUN
esutjss-206	113	38	2500	2500	NUM
esutjss-206	113	39	3000	3000	NUM
esutjss-206	113	40	3500	3500	NUM
esutjss-206	113	41	4000	4000	NUM
esutjss-206	113	42	4500	4500	NUM
esutjss-206	113	43	5000	5000	NUM
esutjss-206	113	44	5500	5500	NUM
esutjss-206	113	45	2021	2021	NUM
esutjss-206	113	46	2022	2022	NUM
esutjss-206	113	47	2023	2023	NUM
esutjss-206	113	48	2024	2024	NUM
esutjss-206	113	49	s	s	NOUN
esutjss-206	113	50	&	&	CCONJ
esutjss-206	113	51	p	p	NOUN
esutjss-206	113	52	5	5	NUM
esutjss-206	113	53	0	0	NUM
esutjss-206	113	54	0	0	NUM
esutjss-206	113	55	date	date	NOUN
esutjss-206	113	56	s&p	s&p	PROPN
esutjss-206	113	57	500	500	NUM
esutjss-206	113	58	time	time	NOUN
esutjss-206	113	59	series	series	PROPN
esutjss-206	113	60	plot	plot	VERB
esutjss-206	113	61	200	200	NUM
esutjss-206	113	62	400	400	NUM
esutjss-206	113	63	600	600	NUM
esutjss-206	113	64	800	800	NUM
esutjss-206	113	65	1000	1000	NUM
esutjss-206	113	66	1200	1200	NUM
esutjss-206	113	67	1400	1400	NUM
esutjss-206	113	68	1600	1600	NUM
esutjss-206	113	69	1800	1800	NUM
esutjss-206	113	70	2021	2021	NUM
esutjss-206	113	71	2022	2022	NUM
esutjss-206	113	72	2023	2023	NUM
esutjss-206	113	73	2024	2024	NUM
esutjss-206	113	74	u	u	NOUN
esutjss-206	113	75	s	s	NOUN
esutjss-206	113	76	d	d	X
esutjss-206	113	77	_	_	PUNCT
esutjss-206	113	78	n	n	PRON
esutjss-206	113	79	g	g	NOUN
esutjss-206	113	80	n	n	ADP
esutjss-206	113	81	date	date	NOUN
esutjss-206	113	82	usd	usd	PROPN
esutjss-206	113	83	/	/	SYM
esutjss-206	113	84	ngn	ngn	PROPN
esutjss-206	113	85	time	time	PROPN
esutjss-206	113	86	series	series	PROPN
esutjss-206	113	87	plot	plot	VERB
esutjss-206	113	88	30	30	NUM
esutjss-206	113	89	40	40	NUM
esutjss-206	113	90	50	50	NUM
esutjss-206	113	91	60	60	NUM
esutjss-206	113	92	70	70	NUM
esutjss-206	113	93	80	80	NUM
esutjss-206	113	94	90	90	NUM
esutjss-206	113	95	100	100	NUM
esutjss-206	113	96	110	110	NUM
esutjss-206	113	97	120	120	NUM
esutjss-206	113	98	130	130	NUM
esutjss-206	113	99	2021	2021	NUM
esutjss-206	113	100	2022	2022	NUM
esutjss-206	113	101	2023	2023	NUM
esutjss-206	113	102	2024	2024	NUM
esutjss-206	113	103	c	c	NOUN
esutjss-206	113	104	r	r	NOUN
esutjss-206	113	105	u	u	X
esutjss-206	113	106	d	d	X
esutjss-206	113	107	e	e	NOUN
esutjss-206	113	108	date	date	NOUN
esutjss-206	113	109	crude	crude	ADJ
esutjss-206	113	110	price	price	NOUN
esutjss-206	113	111	time	time	NOUN
esutjss-206	113	112	series	series	PROPN
esutjss-206	113	113	plot	plot	VERB
esutjss-206	113	114	0.0005	0.0005	NUM
esutjss-206	113	115	0.001	0.001	NUM
esutjss-206	113	116	0.0015	0.0015	NUM
esutjss-206	113	117	0.002	0.002	NUM
esutjss-206	113	118	0.0025	0.0025	NUM
esutjss-206	113	119	0.003	0.003	NUM
esutjss-206	113	120	2021	2021	NUM
esutjss-206	113	121	2022	2022	NUM
esutjss-206	113	122	2023	2023	NUM
esutjss-206	113	123	2024	2024	NUM
esutjss-206	113	124	u	u	NOUN
esutjss-206	113	125	s	s	NOUN
esutjss-206	113	126	d	d	X
esutjss-206	113	127	_	_	PUNCT
esutjss-206	113	128	n	n	CCONJ
esutjss-206	113	129	g	g	NOUN
esutjss-206	113	130	n	n	CCONJ
esutjss-206	113	131	r	r	NOUN
esutjss-206	113	132	date	date	NOUN
esutjss-206	113	133	reciprocal	reciprocal	ADJ
esutjss-206	113	134	of	of	ADP
esutjss-206	113	135	the	the	DET
esutjss-206	113	136	usd_ngn	usd_ngn	NUM
esutjss-206	113	137	time	time	NOUN
esutjss-206	113	138	series	series	NOUN
esutjss-206	113	139	plot	plot	NOUN
esutjss-206	113	140	176	176	NUM
esutjss-206	113	141	figure	figure	NOUN
esutjss-206	113	142	5	5	NUM
esutjss-206	113	143	time	time	NOUN
esutjss-206	113	144	series	series	PROPN
esutjss-206	113	145	plot	plot	NOUN
esutjss-206	113	146	of	of	ADP
esutjss-206	113	147	log	log	NOUN
esutjss-206	113	148	differenced	differenced	ADJ
esutjss-206	113	149	usd_ngn	usd_ngn	NUM
esutjss-206	113	150	figure	figure	NOUN
esutjss-206	113	151	6	6	NUM
esutjss-206	113	152	time	time	NOUN
esutjss-206	113	153	series	series	NOUN
esutjss-206	113	154	plot	plot	NOUN
esutjss-206	113	155	of	of	ADP
esutjss-206	113	156	log	log	NOUN
esutjss-206	113	157	differenced	difference	VERB
esutjss-206	113	158	s&p	s&p	PROPN
esutjss-206	113	159	500	500	NUM
esutjss-206	113	160	figure	figure	NOUN
esutjss-206	113	161	7	7	NUM
esutjss-206	113	162	time	time	NOUN
esutjss-206	113	163	series	series	PROPN
esutjss-206	113	164	plot	plot	NOUN
esutjss-206	113	165	of	of	ADP
esutjss-206	113	166	log	log	NOUN
esutjss-206	113	167	differenced	difference	VERB
esutjss-206	113	168	crude	crude	ADJ
esutjss-206	113	169	price	price	NOUN
esutjss-206	113	170	-0.3	-0.3	PROPN
esutjss-206	113	171	-0.25	-0.25	NUM
esutjss-206	113	172	-0.2	-0.2	NOUN
esutjss-206	113	173	-0.15	-0.15	NUM
esutjss-206	113	174	-0.1	-0.1	PROPN
esutjss-206	113	175	-0.05	-0.05	NOUN
esutjss-206	113	176	0	0	NUM
esutjss-206	113	177	0.05	0.05	NUM
esutjss-206	113	178	0.1	0.1	NUM
esutjss-206	113	179	2020	2020	NUM
esutjss-206	113	180	-	-	SYM
esutjss-206	113	181	07	07	NUM
esutjss-206	113	182	-	-	PUNCT
esutjss-206	113	183	01	01	NUM
esutjss-206	113	184	2021	2021	NUM
esutjss-206	113	185	-	-	SYM
esutjss-206	113	186	03	03	NUM
esutjss-206	113	187	-	-	PUNCT
esutjss-206	113	188	01	01	NUM
esutjss-206	113	189	2021	2021	NUM
esutjss-206	113	190	-	-	SYM
esutjss-206	113	191	11	11	NUM
esutjss-206	113	192	-	-	SYM
esutjss-206	113	193	01	01	NUM
esutjss-206	113	194	2022	2022	NUM
esutjss-206	113	195	-	-	SYM
esutjss-206	113	196	07	07	NUM
esutjss-206	113	197	-	-	PUNCT
esutjss-206	113	198	01	01	NUM
esutjss-206	113	199	2023	2023	NUM
esutjss-206	113	200	-	-	SYM
esutjss-206	113	201	03	03	NUM
esutjss-206	113	202	-	-	PUNCT
esutjss-206	113	203	01	01	NUM
esutjss-206	113	204	2023	2023	NUM
esutjss-206	113	205	-	-	SYM
esutjss-206	113	206	11	11	NUM
esutjss-206	113	207	-	-	SYM
esutjss-206	113	208	01	01	NUM
esutjss-206	113	209	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	113	210	-0.04	-0.04	NUM
esutjss-206	113	211	-0.03	-0.03	NUM
esutjss-206	113	212	-0.02	-0.02	NUM
esutjss-206	113	213	-0.01	-0.01	NUM
esutjss-206	113	214	0	0	NUM
esutjss-206	113	215	0.01	0.01	NUM
esutjss-206	113	216	0.02	0.02	NUM
esutjss-206	113	217	0.03	0.03	NUM
esutjss-206	113	218	0.04	0.04	NUM
esutjss-206	113	219	0.05	0.05	NUM
esutjss-206	113	220	2020	2020	NUM
esutjss-206	113	221	-	-	SYM
esutjss-206	113	222	07	07	NUM
esutjss-206	113	223	-	-	PUNCT
esutjss-206	113	224	01	01	NUM
esutjss-206	113	225	2021	2021	NUM
esutjss-206	113	226	-	-	SYM
esutjss-206	113	227	03	03	NUM
esutjss-206	113	228	-	-	PUNCT
esutjss-206	113	229	01	01	NUM
esutjss-206	113	230	2021	2021	NUM
esutjss-206	113	231	-	-	SYM
esutjss-206	113	232	11	11	NUM
esutjss-206	113	233	-	-	SYM
esutjss-206	113	234	01	01	NUM
esutjss-206	113	235	2022	2022	NUM
esutjss-206	113	236	-	-	SYM
esutjss-206	113	237	07	07	NUM
esutjss-206	113	238	-	-	PUNCT
esutjss-206	113	239	01	01	NUM
esutjss-206	113	240	2023	2023	NUM
esutjss-206	113	241	-	-	SYM
esutjss-206	113	242	03	03	NUM
esutjss-206	113	243	-	-	PUNCT
esutjss-206	113	244	01	01	NUM
esutjss-206	113	245	2023	2023	NUM
esutjss-206	113	246	-	-	SYM
esutjss-206	113	247	11	11	NUM
esutjss-206	113	248	-	-	SYM
esutjss-206	113	249	01	01	NUM
esutjss-206	113	250	ld_sp_500	ld_sp_500	NOUN
esutjss-206	113	251	-0.15	-0.15	NUM
esutjss-206	113	252	-0.1	-0.1	PROPN
esutjss-206	113	253	-0.05	-0.05	NOUN
esutjss-206	113	254	0	0	NUM
esutjss-206	113	255	0.05	0.05	NUM
esutjss-206	113	256	0.1	0.1	NUM
esutjss-206	113	257	0.15	0.15	NUM
esutjss-206	113	258	2020	2020	NUM
esutjss-206	113	259	-	-	SYM
esutjss-206	113	260	07	07	NUM
esutjss-206	113	261	-	-	PUNCT
esutjss-206	113	262	01	01	NUM
esutjss-206	113	263	2021	2021	NUM
esutjss-206	113	264	-	-	SYM
esutjss-206	113	265	03	03	NUM
esutjss-206	113	266	-	-	PUNCT
esutjss-206	113	267	01	01	NUM
esutjss-206	113	268	2021	2021	NUM
esutjss-206	113	269	-	-	SYM
esutjss-206	113	270	11	11	NUM
esutjss-206	113	271	-	-	SYM
esutjss-206	113	272	01	01	NUM
esutjss-206	113	273	2022	2022	NUM
esutjss-206	113	274	-	-	SYM
esutjss-206	113	275	07	07	NUM
esutjss-206	113	276	-	-	PUNCT
esutjss-206	113	277	01	01	NUM
esutjss-206	113	278	2023	2023	NUM
esutjss-206	113	279	-	-	SYM
esutjss-206	113	280	03	03	NUM
esutjss-206	113	281	-	-	PUNCT
esutjss-206	113	282	01	01	NUM
esutjss-206	113	283	2023	2023	NUM
esutjss-206	113	284	-	-	SYM
esutjss-206	113	285	11	11	NUM
esutjss-206	113	286	-	-	SYM
esutjss-206	113	287	01	01	NUM
esutjss-206	113	288	ld_crude	ld_crude	NOUN
esutjss-206	113	289	-0.3	-0.3	PROPN
esutjss-206	113	290	-0.25	-0.25	NUM
esutjss-206	113	291	-0.2	-0.2	PROPN
esutjss-206	113	292	-0.15	-0.15	NUM
esutjss-206	113	293	-0.1	-0.1	PROPN
esutjss-206	113	294	-0.05	-0.05	NOUN
esutjss-206	113	295	0	0	NUM
esutjss-206	113	296	0.05	0.05	NUM
esutjss-206	113	297	0.1	0.1	NUM
esutjss-206	113	298	2020	2020	NUM
esutjss-206	113	299	-	-	SYM
esutjss-206	113	300	07	07	NUM
esutjss-206	113	301	-	-	PUNCT
esutjss-206	113	302	01	01	NUM
esutjss-206	113	303	2021	2021	NUM
esutjss-206	113	304	-	-	SYM
esutjss-206	113	305	03	03	NUM
esutjss-206	113	306	-	-	PUNCT
esutjss-206	113	307	01	01	NUM
esutjss-206	113	308	2021	2021	NUM
esutjss-206	113	309	-	-	SYM
esutjss-206	113	310	11	11	NUM
esutjss-206	113	311	-	-	SYM
esutjss-206	113	312	01	01	NUM
esutjss-206	113	313	2022	2022	NUM
esutjss-206	113	314	-	-	SYM
esutjss-206	113	315	07	07	NUM
esutjss-206	113	316	-	-	PUNCT
esutjss-206	113	317	01	01	NUM
esutjss-206	113	318	2023	2023	NUM
esutjss-206	113	319	-	-	SYM
esutjss-206	113	320	03	03	NUM
esutjss-206	113	321	-	-	PUNCT
esutjss-206	113	322	01	01	NUM
esutjss-206	113	323	2023	2023	NUM
esutjss-206	113	324	-	-	SYM
esutjss-206	113	325	11	11	NUM
esutjss-206	113	326	-	-	SYM
esutjss-206	113	327	01	01	NUM
esutjss-206	113	328	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	113	329	-0.04	-0.04	NUM
esutjss-206	113	330	-0.03	-0.03	NUM
esutjss-206	113	331	-0.02	-0.02	NUM
esutjss-206	113	332	-0.01	-0.01	NUM
esutjss-206	113	333	0	0	NUM
esutjss-206	113	334	0.01	0.01	NUM
esutjss-206	113	335	0.02	0.02	NUM
esutjss-206	113	336	0.03	0.03	NUM
esutjss-206	113	337	0.04	0.04	NUM
esutjss-206	113	338	0.05	0.05	NUM
esutjss-206	113	339	2020	2020	NUM
esutjss-206	113	340	-	-	SYM
esutjss-206	113	341	07	07	NUM
esutjss-206	113	342	-	-	PUNCT
esutjss-206	113	343	01	01	NUM
esutjss-206	113	344	2021	2021	NUM
esutjss-206	113	345	-	-	SYM
esutjss-206	113	346	03	03	NUM
esutjss-206	113	347	-	-	PUNCT
esutjss-206	113	348	01	01	NUM
esutjss-206	113	349	2021	2021	NUM
esutjss-206	113	350	-	-	SYM
esutjss-206	113	351	11	11	NUM
esutjss-206	113	352	-	-	SYM
esutjss-206	113	353	01	01	NUM
esutjss-206	113	354	2022	2022	NUM
esutjss-206	113	355	-	-	SYM
esutjss-206	113	356	07	07	NUM
esutjss-206	113	357	-	-	PUNCT
esutjss-206	113	358	01	01	NUM
esutjss-206	113	359	2023	2023	NUM
esutjss-206	113	360	-	-	SYM
esutjss-206	113	361	03	03	NUM
esutjss-206	113	362	-	-	PUNCT
esutjss-206	113	363	01	01	NUM
esutjss-206	113	364	2023	2023	NUM
esutjss-206	113	365	-	-	SYM
esutjss-206	113	366	11	11	NUM
esutjss-206	113	367	-	-	SYM
esutjss-206	113	368	01	01	NUM
esutjss-206	113	369	ld_sp_500	ld_sp_500	NOUN
esutjss-206	113	370	-0.15	-0.15	NUM
esutjss-206	113	371	-0.1	-0.1	PROPN
esutjss-206	113	372	-0.05	-0.05	NOUN
esutjss-206	113	373	0	0	NUM
esutjss-206	113	374	0.05	0.05	NUM
esutjss-206	113	375	0.1	0.1	NUM
esutjss-206	113	376	0.15	0.15	NUM
esutjss-206	113	377	2020	2020	NUM
esutjss-206	113	378	-	-	SYM
esutjss-206	113	379	07	07	NUM
esutjss-206	113	380	-	-	PUNCT
esutjss-206	113	381	01	01	NUM
esutjss-206	113	382	2021	2021	NUM
esutjss-206	113	383	-	-	SYM
esutjss-206	113	384	03	03	NUM
esutjss-206	113	385	-	-	PUNCT
esutjss-206	113	386	01	01	NUM
esutjss-206	113	387	2021	2021	NUM
esutjss-206	113	388	-	-	SYM
esutjss-206	113	389	11	11	NUM
esutjss-206	113	390	-	-	SYM
esutjss-206	113	391	01	01	NUM
esutjss-206	113	392	2022	2022	NUM
esutjss-206	113	393	-	-	SYM
esutjss-206	113	394	07	07	NUM
esutjss-206	113	395	-	-	PUNCT
esutjss-206	113	396	01	01	NUM
esutjss-206	113	397	2023	2023	NUM
esutjss-206	113	398	-	-	SYM
esutjss-206	113	399	03	03	NUM
esutjss-206	113	400	-	-	PUNCT
esutjss-206	113	401	01	01	NUM
esutjss-206	113	402	2023	2023	NUM
esutjss-206	113	403	-	-	SYM
esutjss-206	113	404	11	11	NUM
esutjss-206	113	405	-	-	SYM
esutjss-206	113	406	01	01	NUM
esutjss-206	113	407	ld_crude	ld_crude	NOUN
esutjss-206	113	408	-0.3	-0.3	PROPN
esutjss-206	113	409	-0.25	-0.25	NUM
esutjss-206	113	410	-0.2	-0.2	PROPN
esutjss-206	113	411	-0.15	-0.15	NUM
esutjss-206	113	412	-0.1	-0.1	PROPN
esutjss-206	113	413	-0.05	-0.05	NOUN
esutjss-206	113	414	0	0	NUM
esutjss-206	113	415	0.05	0.05	NUM
esutjss-206	113	416	0.1	0.1	NUM
esutjss-206	113	417	2020	2020	NUM
esutjss-206	113	418	-	-	SYM
esutjss-206	113	419	07	07	NUM
esutjss-206	113	420	-	-	PUNCT
esutjss-206	113	421	01	01	NUM
esutjss-206	113	422	2021	2021	NUM
esutjss-206	113	423	-	-	SYM
esutjss-206	113	424	03	03	NUM
esutjss-206	113	425	-	-	PUNCT
esutjss-206	113	426	01	01	NUM
esutjss-206	113	427	2021	2021	NUM
esutjss-206	113	428	-	-	SYM
esutjss-206	113	429	11	11	NUM
esutjss-206	113	430	-	-	SYM
esutjss-206	113	431	01	01	NUM
esutjss-206	113	432	2022	2022	NUM
esutjss-206	113	433	-	-	SYM
esutjss-206	113	434	07	07	NUM
esutjss-206	113	435	-	-	PUNCT
esutjss-206	113	436	01	01	NUM
esutjss-206	113	437	2023	2023	NUM
esutjss-206	113	438	-	-	SYM
esutjss-206	113	439	03	03	NUM
esutjss-206	113	440	-	-	PUNCT
esutjss-206	113	441	01	01	NUM
esutjss-206	113	442	2023	2023	NUM
esutjss-206	113	443	-	-	SYM
esutjss-206	113	444	11	11	NUM
esutjss-206	113	445	-	-	SYM
esutjss-206	113	446	01	01	NUM
esutjss-206	113	447	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	113	448	-0.04	-0.04	NUM
esutjss-206	113	449	-0.03	-0.03	NUM
esutjss-206	113	450	-0.02	-0.02	NUM
esutjss-206	113	451	-0.01	-0.01	NUM
esutjss-206	113	452	0	0	NUM
esutjss-206	113	453	0.01	0.01	NUM
esutjss-206	113	454	0.02	0.02	NUM
esutjss-206	113	455	0.03	0.03	NUM
esutjss-206	113	456	0.04	0.04	NUM
esutjss-206	113	457	0.05	0.05	NUM
esutjss-206	113	458	2020	2020	NUM
esutjss-206	113	459	-	-	SYM
esutjss-206	113	460	07	07	NUM
esutjss-206	113	461	-	-	PUNCT
esutjss-206	113	462	01	01	NUM
esutjss-206	113	463	2021	2021	NUM
esutjss-206	113	464	-	-	SYM
esutjss-206	113	465	03	03	NUM
esutjss-206	113	466	-	-	PUNCT
esutjss-206	113	467	01	01	NUM
esutjss-206	113	468	2021	2021	NUM
esutjss-206	113	469	-	-	SYM
esutjss-206	113	470	11	11	NUM
esutjss-206	113	471	-	-	SYM
esutjss-206	113	472	01	01	NUM
esutjss-206	113	473	2022	2022	NUM
esutjss-206	113	474	-	-	SYM
esutjss-206	113	475	07	07	NUM
esutjss-206	113	476	-	-	PUNCT
esutjss-206	113	477	01	01	NUM
esutjss-206	113	478	2023	2023	NUM
esutjss-206	113	479	-	-	SYM
esutjss-206	113	480	03	03	NUM
esutjss-206	113	481	-	-	PUNCT
esutjss-206	113	482	01	01	NUM
esutjss-206	113	483	2023	2023	NUM
esutjss-206	113	484	-	-	SYM
esutjss-206	113	485	11	11	NUM
esutjss-206	113	486	-	-	SYM
esutjss-206	113	487	01	01	NUM
esutjss-206	113	488	ld_sp_500	ld_sp_500	NOUN
esutjss-206	113	489	-0.15	-0.15	NUM
esutjss-206	113	490	-0.1	-0.1	PROPN
esutjss-206	113	491	-0.05	-0.05	NOUN
esutjss-206	113	492	0	0	NUM
esutjss-206	113	493	0.05	0.05	NUM
esutjss-206	113	494	0.1	0.1	NUM
esutjss-206	113	495	0.15	0.15	NUM
esutjss-206	113	496	2020	2020	NUM
esutjss-206	113	497	-	-	SYM
esutjss-206	113	498	07	07	NUM
esutjss-206	113	499	-	-	PUNCT
esutjss-206	113	500	01	01	NUM
esutjss-206	113	501	2021	2021	NUM
esutjss-206	113	502	-	-	SYM
esutjss-206	113	503	03	03	NUM
esutjss-206	113	504	-	-	PUNCT
esutjss-206	113	505	01	01	NUM
esutjss-206	113	506	2021	2021	NUM
esutjss-206	113	507	-	-	SYM
esutjss-206	113	508	11	11	NUM
esutjss-206	113	509	-	-	SYM
esutjss-206	113	510	01	01	NUM
esutjss-206	113	511	2022	2022	NUM
esutjss-206	113	512	-	-	SYM
esutjss-206	113	513	07	07	NUM
esutjss-206	113	514	-	-	PUNCT
esutjss-206	113	515	01	01	NUM
esutjss-206	113	516	2023	2023	NUM
esutjss-206	113	517	-	-	SYM
esutjss-206	113	518	03	03	NUM
esutjss-206	113	519	-	-	PUNCT
esutjss-206	113	520	01	01	NUM
esutjss-206	113	521	2023	2023	NUM
esutjss-206	113	522	-	-	SYM
esutjss-206	113	523	11	11	NUM
esutjss-206	113	524	-	-	SYM
esutjss-206	113	525	01	01	NUM
esutjss-206	113	526	ld_crude	ld_crude	NOUN
esutjss-206	113	527	177	177	NUM
esutjss-206	113	528	table	table	NOUN
esutjss-206	113	529	1	1	NUM
esutjss-206	113	530	maximum	maximum	NOUN
esutjss-206	113	531	lag	lag	NOUN
esutjss-206	113	532	selection	selection	NOUN
esutjss-206	113	533	note	note	NOUN
esutjss-206	113	534	:	:	PUNCT
esutjss-206	113	535	the	the	DET
esutjss-206	113	536	asterisks	asterisk	NOUN
esutjss-206	113	537	below	below	ADP
esutjss-206	113	538	indicate	indicate	VERB
esutjss-206	113	539	the	the	DET
esutjss-206	113	540	best	good	ADJ
esutjss-206	113	541	(	(	PUNCT
esutjss-206	113	542	that	that	PRON
esutjss-206	113	543	is	is	ADV
esutjss-206	113	544	,	,	PUNCT
esutjss-206	113	545	minimized	minimized	ADJ
esutjss-206	113	546	)	)	PUNCT
esutjss-206	113	547	values	value	NOUN
esutjss-206	113	548	of	of	ADP
esutjss-206	113	549	the	the	DET
esutjss-206	113	550	respective	respective	ADJ
esutjss-206	113	551	information	information	NOUN
esutjss-206	113	552	criteria	criterion	NOUN
esutjss-206	113	553	,	,	PUNCT
esutjss-206	113	554	aic	aic	PROPN
esutjss-206	113	555	=	=	PUNCT
esutjss-206	113	556	akaike	akaike	ADJ
esutjss-206	113	557	criterion	criterion	NOUN
esutjss-206	113	558	,	,	PUNCT
esutjss-206	113	559	bic	bic	PROPN
esutjss-206	113	560	=	=	SYM
esutjss-206	113	561	schwarz	schwarz	NOUN
esutjss-206	113	562	bayesian	bayesian	NOUN
esutjss-206	113	563	criterion	criterion	NOUN
esutjss-206	113	564	and	and	CCONJ
esutjss-206	113	565	hqc	hqc	NOUN
esutjss-206	113	566	=	=	PUNCT
esutjss-206	113	567	hannan	hannan	PROPN
esutjss-206	113	568	-	-	PUNCT
esutjss-206	113	569	quinn	quinn	PROPN
esutjss-206	113	570	criterion	criterion	NOUN
esutjss-206	113	571	.	.	PUNCT
esutjss-206	114	1	5	5	X
esutjss-206	114	2	.	.	X
esutjss-206	114	3	result	result	NOUN
esutjss-206	114	4	and	and	CCONJ
esutjss-206	114	5	discussions	discussion	NOUN
esutjss-206	114	6	the	the	DET
esutjss-206	114	7	result	result	NOUN
esutjss-206	114	8	of	of	ADP
esutjss-206	114	9	output	output	NOUN
esutjss-206	114	10	of	of	ADP
esutjss-206	114	11	the	the	DET
esutjss-206	114	12	vector	vector	NOUN
esutjss-206	114	13	error	error	NOUN
esutjss-206	114	14	correction	correction	NOUN
esutjss-206	114	15	model	model	NOUN
esutjss-206	114	16	(	(	PUNCT
esutjss-206	114	17	vecm	vecm	NOUN
esutjss-206	114	18	)	)	PUNCT
esutjss-206	114	19	.	.	PUNCT
esutjss-206	115	1	the	the	DET
esutjss-206	115	2	model	model	NOUN
esutjss-206	115	3	captures	capture	VERB
esutjss-206	115	4	the	the	DET
esutjss-206	115	5	relationship	relationship	NOUN
esutjss-206	115	6	between	between	ADP
esutjss-206	115	7	crude	crude	ADJ
esutjss-206	115	8	oil	oil	NOUN
esutjss-206	115	9	prices	price	NOUN
esutjss-206	115	10	,	,	PUNCT
esutjss-206	115	11	the	the	DET
esutjss-206	115	12	usd	usd	PROPN
esutjss-206	115	13	-	-	PUNCT
esutjss-206	115	14	ngn	ngn	PROPN
esutjss-206	115	15	exchange	exchange	NOUN
esutjss-206	115	16	rate	rate	NOUN
esutjss-206	115	17	,	,	PUNCT
esutjss-206	115	18	and	and	CCONJ
esutjss-206	115	19	the	the	DET
esutjss-206	115	20	s&p	s&p	PROPN
esutjss-206	115	21	500	500	NUM
esutjss-206	115	22	index	index	NOUN
esutjss-206	115	23	.	.	PUNCT
esutjss-206	116	1	lags	lags	AUX
esutjss-206	116	2	loglik	loglik	VERB
esutjss-206	116	3	p(lr	p(lr	NOUN
esutjss-206	116	4	)	)	PUNCT
esutjss-206	117	1	aic	aic	PROPN
esutjss-206	117	2	bic	bic	PROPN
esutjss-206	117	3	hqc	hqc	VERB
esutjss-206	117	4	1	1	NUM
esutjss-206	117	5	4801.4519	4801.4519	NUM
esutjss-206	117	6	-9.644772	-9.644772	NOUN
esutjss-206	117	7	-9.605322	-9.605322	NOUN
esutjss-206	117	8	-9.629774	-9.629774	NOUN
esutjss-206	117	9	2	2	NUM
esutjss-206	117	10	4818.0719	4818.0719	PROPN
esutjss-206	117	11	0	0	NUM
esutjss-206	117	12	-9.670165	-9.670165	PROPN
esutjss-206	117	13	*	*	PUNCT
esutjss-206	117	14	-9.610989	-9.610989	PROPN
esutjss-206	117	15	*	*	PUNCT
esutjss-206	117	16	-9.647667	-9.647667	NOUN
esutjss-206	118	1	*	*	PROPN
esutjss-206	119	1	3	3	NUM
esutjss-206	119	2	4820.3365	4820.3365	NOUN
esutjss-206	119	3	0.33909	0.33909	NUM
esutjss-206	119	4	-9.666673	-9.666673	NOUN
esutjss-206	119	5	-9.587772	-9.587772	NOUN
esutjss-206	119	6	-9.636676	-9.636676	VERB
esutjss-206	119	7	4	4	NUM
esutjss-206	119	8	4824.7796	4824.7796	NOUN
esutjss-206	119	9	0.06401	0.06401	NUM
esutjss-206	119	10	-9.667565	-9.667565	NOUN
esutjss-206	119	11	-9.568938	-9.568938	ADJ
esutjss-206	119	12	-9.630069	-9.630069	NOUN
esutjss-206	119	13	5	5	NUM
esutjss-206	119	14	4826.3691	4826.3691	PROPN
esutjss-206	119	15	0.52833	0.52833	NUM
esutjss-206	119	16	-9.662715	-9.662715	NOUN
esutjss-206	119	17	-9.544363	-9.544363	NOUN
esutjss-206	119	18	-9.617719	-9.617719	PROPN
esutjss-206	120	1	6	6	NUM
esutjss-206	120	2	4829.6222	4829.6222	NUM
esutjss-206	120	3	0.1644	0.1644	NUM
esutjss-206	120	4	-9.661212	-9.661212	NOUN
esutjss-206	120	5	-9.523135	-9.523135	PROPN
esutjss-206	120	6	-9.608717	-9.608717	AUX
esutjss-206	120	7	7	7	NUM
esutjss-206	120	8	4832.2179	4832.2179	NOUN
esutjss-206	120	9	0.26821	0.26821	NUM
esutjss-206	120	10	-9.658386	-9.658386	NOUN
esutjss-206	120	11	-9.500584	-9.500584	NOUN
esutjss-206	120	12	-9.598393	-9.598393	NOUN
esutjss-206	120	13	8	8	NUM
esutjss-206	120	14	4834.8185	4834.8185	NOUN
esutjss-206	120	15	0.26728	0.26728	NUM
esutjss-206	120	16	-9.65557	-9.65557	NOUN
esutjss-206	120	17	-9.478043	-9.478043	PROPN
esutjss-206	120	18	-9.588078	-9.588078	PROPN
esutjss-206	120	19	9	9	NUM
esutjss-206	120	20	4836.2633	4836.2633	NUM
esutjss-206	120	21	0.57647	0.57647	NUM
esutjss-206	120	22	-9.650429	-9.650429	NOUN
esutjss-206	120	23	-9.453176	-9.453176	NOUN
esutjss-206	120	24	-9.575437	-9.575437	VERB
esutjss-206	120	25	10	10	NUM
esutjss-206	120	26	4840.0116	4840.0116	ADV
esutjss-206	120	27	0.11186	0.11186	NUM
esutjss-206	120	28	-9.649923	-9.649923	NOUN
esutjss-206	120	29	-9.432944	-9.432944	NOUN
esutjss-206	120	30	-9.567432	-9.567432	NOUN
esutjss-206	121	1	0.005	0.005	NUM
esutjss-206	121	2	0.01	0.01	NUM
esutjss-206	121	3	0.015	0.015	NUM
esutjss-206	121	4	0.02	0.02	NUM
esutjss-206	121	5	0.025	0.025	NUM
esutjss-206	121	6	0.03	0.03	NUM
esutjss-206	121	7	0	0	NUM
esutjss-206	121	8	2	2	NUM
esutjss-206	121	9	4	4	NUM
esutjss-206	121	10	6	6	NUM
esutjss-206	121	11	8	8	NUM
esutjss-206	121	12	10	10	NUM
esutjss-206	121	13	12	12	NUM
esutjss-206	121	14	14	14	NUM
esutjss-206	121	15	days	day	NOUN
esutjss-206	121	16	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	121	17	-	-	PUNCT
esutjss-206	121	18	>	>	X
esutjss-206	121	19	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	121	20	0	0	NUM
esutjss-206	121	21	0.0005	0.0005	NUM
esutjss-206	121	22	0.001	0.001	NUM
esutjss-206	121	23	0.0015	0.0015	NUM
esutjss-206	121	24	0.002	0.002	NUM
esutjss-206	121	25	0.0025	0.0025	NUM
esutjss-206	121	26	0.003	0.003	NUM
esutjss-206	121	27	0.0035	0.0035	NUM
esutjss-206	121	28	0.004	0.004	NUM
esutjss-206	121	29	0.0045	0.0045	NUM
esutjss-206	121	30	0.005	0.005	NUM
esutjss-206	121	31	0	0	NUM
esutjss-206	121	32	2	2	NUM
esutjss-206	121	33	4	4	NUM
esutjss-206	121	34	6	6	NUM
esutjss-206	121	35	8	8	NUM
esutjss-206	121	36	10	10	NUM
esutjss-206	121	37	12	12	NUM
esutjss-206	121	38	14	14	NUM
esutjss-206	121	39	days	day	NOUN
esutjss-206	121	40	ld_crude	ld_crude	ADP
esutjss-206	121	41	-	-	PUNCT
esutjss-206	121	42	>	>	X
esutjss-206	121	43	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	121	44	-0.001	-0.001	NUM
esutjss-206	121	45	0	0	NUM
esutjss-206	121	46	0.001	0.001	NUM
esutjss-206	121	47	0.002	0.002	NUM
esutjss-206	121	48	0.003	0.003	NUM
esutjss-206	121	49	0.004	0.004	NUM
esutjss-206	121	50	0.005	0.005	NUM
esutjss-206	121	51	0.006	0.006	NUM
esutjss-206	121	52	0.007	0.007	NUM
esutjss-206	121	53	0	0	NUM
esutjss-206	121	54	2	2	NUM
esutjss-206	121	55	4	4	NUM
esutjss-206	121	56	6	6	NUM
esutjss-206	121	57	8	8	NUM
esutjss-206	121	58	10	10	NUM
esutjss-206	121	59	12	12	NUM
esutjss-206	121	60	14	14	NUM
esutjss-206	121	61	days	day	NOUN
esutjss-206	121	62	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	121	63	-	-	PUNCT
esutjss-206	121	64	>	>	X
esutjss-206	121	65	ld_crude	ld_crude	NOUN
esutjss-206	121	66	-0.005	-0.005	X
esutjss-206	121	67	0	0	NUM
esutjss-206	121	68	0.005	0.005	NUM
esutjss-206	121	69	0.01	0.01	NUM
esutjss-206	121	70	0.015	0.015	NUM
esutjss-206	121	71	0.02	0.02	NUM
esutjss-206	121	72	0.025	0.025	NUM
esutjss-206	121	73	0.03	0.03	NUM
esutjss-206	121	74	0	0	NUM
esutjss-206	121	75	2	2	NUM
esutjss-206	121	76	4	4	NUM
esutjss-206	121	77	6	6	NUM
esutjss-206	121	78	8	8	NUM
esutjss-206	121	79	10	10	NUM
esutjss-206	121	80	12	12	NUM
esutjss-206	121	81	14	14	NUM
esutjss-206	121	82	days	day	NOUN
esutjss-206	121	83	ld_crude	ld_crude	VERB
esutjss-206	121	84	-	-	PUNCT
esutjss-206	121	85	>	>	X
esutjss-206	121	86	ld_crude	ld_crude	NOUN
esutjss-206	121	87	178	178	NUM
esutjss-206	121	88	the	the	DET
esutjss-206	121	89	model	model	NOUN
esutjss-206	121	90	is	be	AUX
esutjss-206	121	91	estimated	estimate	VERB
esutjss-206	121	92	using	use	VERB
esutjss-206	121	93	a	a	DET
esutjss-206	121	94	maximum	maximum	ADJ
esutjss-206	121	95	likelihood	likelihood	NOUN
esutjss-206	121	96	approach	approach	NOUN
esutjss-206	121	97	and	and	CCONJ
esutjss-206	121	98	includes	include	VERB
esutjss-206	121	99	two	two	NUM
esutjss-206	121	100	equations	equation	NOUN
esutjss-206	121	101	:	:	PUNCT
esutjss-206	121	102	one	one	NUM
esutjss-206	121	103	for	for	ADP
esutjss-206	121	104	the	the	DET
esutjss-206	121	105	crude	crude	ADJ
esutjss-206	121	106	oil	oil	NOUN
esutjss-206	121	107	price	price	NOUN
esutjss-206	121	108	and	and	CCONJ
esutjss-206	121	109	one	one	NUM
esutjss-206	121	110	for	for	ADP
esutjss-206	121	111	the	the	DET
esutjss-206	121	112	usd	usd	ADJ
esutjss-206	121	113	-	-	PUNCT
esutjss-206	121	114	ngn	ngn	PROPN
esutjss-206	121	115	exchange	exchange	NOUN
esutjss-206	121	116	rate	rate	NOUN
esutjss-206	121	117	.	.	PUNCT
esutjss-206	122	1	s&p	s&p	PROPN
esutjss-206	122	2	500	500	NUM
esutjss-206	122	3	was	be	AUX
esutjss-206	122	4	set	set	VERB
esutjss-206	122	5	as	as	ADP
esutjss-206	122	6	an	an	DET
esutjss-206	122	7	exogenous	exogenous	ADJ
esutjss-206	122	8	variable	variable	NOUN
esutjss-206	122	9	.	.	PUNCT
esutjss-206	123	1	the	the	DET
esutjss-206	123	2	result	result	NOUN
esutjss-206	123	3	in	in	ADP
esutjss-206	123	4	table	table	NOUN
esutjss-206	123	5	1	1	NUM
esutjss-206	123	6	indicates	indicate	VERB
esutjss-206	123	7	that	that	SCONJ
esutjss-206	123	8	the	the	DET
esutjss-206	123	9	optimal	optimal	ADJ
esutjss-206	123	10	lag	lag	NOUN
esutjss-206	123	11	length	length	NOUN
esutjss-206	123	12	is	be	AUX
esutjss-206	123	13	2	2	NUM
esutjss-206	123	14	.	.	PUNCT
esutjss-206	123	15	thus	thus	ADV
esutjss-206	123	16	in	in	ADP
esutjss-206	123	17	this	this	DET
esutjss-206	123	18	work	work	NOUN
esutjss-206	123	19	,	,	PUNCT
esutjss-206	123	20	we	we	PRON
esutjss-206	123	21	used	use	VERB
esutjss-206	123	22	a	a	DET
esutjss-206	123	23	lag	lag	NOUN
esutjss-206	123	24	length	length	NOUN
esutjss-206	123	25	of	of	ADP
esutjss-206	123	26	2	2	NUM
esutjss-206	123	27	for	for	ADP
esutjss-206	123	28	the	the	DET
esutjss-206	123	29	analysis	analysis	NOUN
esutjss-206	123	30	.	.	PUNCT
esutjss-206	124	1	5.1	5.1	NUM
esutjss-206	124	2	coefficients	coefficient	NOUN
esutjss-206	124	3	of	of	ADP
esutjss-206	124	4	var	var	NOUN
esutjss-206	124	5	in	in	ADP
esutjss-206	124	6	differences	difference	NOUN
esutjss-206	124	7	and	and	CCONJ
esutjss-206	124	8	lagged	lag	VERB
esutjss-206	124	9	levels	level	NOUN
esutjss-206	124	10	these	these	DET
esutjss-206	124	11	sections	section	NOUN
esutjss-206	124	12	present	present	VERB
esutjss-206	124	13	the	the	DET
esutjss-206	124	14	estimated	estimate	VERB
esutjss-206	124	15	coefficients	coefficient	NOUN
esutjss-206	124	16	for	for	ADP
esutjss-206	124	17	the	the	DET
esutjss-206	124	18	var	var	NOUN
esutjss-206	124	19	model	model	NOUN
esutjss-206	124	20	in	in	ADP
esutjss-206	124	21	both	both	DET
esutjss-206	124	22	differenced	differenced	ADJ
esutjss-206	124	23	form	form	NOUN
esutjss-206	124	24	and	and	CCONJ
esutjss-206	124	25	in	in	ADP
esutjss-206	124	26	lagged	lag	VERB
esutjss-206	124	27	levels	level	NOUN
esutjss-206	124	28	.	.	PUNCT
esutjss-206	125	1	table	table	NOUN
esutjss-206	125	2	2	2	NUM
esutjss-206	125	3	coefficients	coefficient	NOUN
esutjss-206	125	4	in	in	ADP
esutjss-206	125	5	differences	difference	NOUN
esutjss-206	125	6	:	:	PUNCT
esutjss-206	125	7	ld_crude	ld_crude	VERB
esutjss-206	125	8	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	125	9	-1.72e-05	-1.72e-05	PROPN
esutjss-206	125	10	-9.35e-05	-9.35e-05	PROPN
esutjss-206	125	11	-0.45581	-0.45581	PROPN
esutjss-206	125	12	-0.015409	-0.015409	PROPN
esutjss-206	125	13	-0.12378	-0.12378	PROPN
esutjss-206	125	14	-0.58124	-0.58124	PROPN
esutjss-206	126	1	-0.025852	-0.025852	PROPN
esutjss-206	127	1	0.058532	0.058532	NUM
esutjss-206	127	2	table	table	NOUN
esutjss-206	127	3	3	3	NUM
esutjss-206	127	4	coefficients	coefficient	NOUN
esutjss-206	127	5	in	in	ADP
esutjss-206	127	6	lagged	lag	VERB
esutjss-206	127	7	levels	level	NOUN
esutjss-206	127	8	ld_crude	ld_crude	VERB
esutjss-206	128	1	ld_usd_ngnr	ld_usd_ngnr	PROPN
esutjss-206	128	2	-1.72e-05	-1.72e-05	PROPN
esutjss-206	128	3	-9.35e-05	-9.35e-05	PROPN
esutjss-206	128	4	-0.45581	-0.45581	PROPN
esutjss-206	128	5	-0.015409	-0.015409	PROPN
esutjss-206	128	6	-0.12378	-0.12378	PROPN
esutjss-206	128	7	-0.58124	-0.58124	PROPN
esutjss-206	129	1	-0.025852	-0.025852	PROPN
esutjss-206	130	1	0.058532	0.058532	NUM
esutjss-206	130	2	the	the	DET
esutjss-206	130	3	tables	table	NOUN
esutjss-206	130	4	2	2	NUM
esutjss-206	130	5	is	be	AUX
esutjss-206	130	6	the	the	DET
esutjss-206	130	7	coefficients	coefficient	NOUN
esutjss-206	130	8	in	in	ADP
esutjss-206	130	9	differences	difference	NOUN
esutjss-206	130	10	which	which	PRON
esutjss-206	130	11	reflects	reflect	VERB
esutjss-206	130	12	the	the	DET
esutjss-206	130	13	short	short	ADJ
esutjss-206	130	14	-	-	PUNCT
esutjss-206	130	15	term	term	NOUN
esutjss-206	130	16	dynamics	dynamic	NOUN
esutjss-206	130	17	of	of	ADP
esutjss-206	130	18	the	the	DET
esutjss-206	130	19	variables	variable	NOUN
esutjss-206	130	20	.	.	PUNCT
esutjss-206	131	1	the	the	DET
esutjss-206	131	2	coefficients	coefficient	NOUN
esutjss-206	131	3	indicate	indicate	VERB
esutjss-206	131	4	the	the	DET
esutjss-206	131	5	impact	impact	NOUN
esutjss-206	131	6	of	of	ADP
esutjss-206	131	7	changes	change	NOUN
esutjss-206	131	8	in	in	ADP
esutjss-206	131	9	the	the	DET
esutjss-206	131	10	differenced	differenced	ADJ
esutjss-206	131	11	variables	variable	NOUN
esutjss-206	131	12	on	on	ADP
esutjss-206	131	13	the	the	DET
esutjss-206	131	14	current	current	ADJ
esutjss-206	131	15	period	period	NOUN
esutjss-206	131	16	's	's	PART
esutjss-206	131	17	changes	change	NOUN
esutjss-206	131	18	.	.	PUNCT
esutjss-206	132	1	-1.7219e-005	-1.7219e-005	PUNCT
esutjss-206	132	2	(	(	PUNCT
esutjss-206	132	3	differenced	difference	VERB
esutjss-206	132	4	crude	crude	ADJ
esutjss-206	132	5	oil	oil	NOUN
esutjss-206	132	6	price	price	NOUN
esutjss-206	132	7	)	)	PUNCT
esutjss-206	132	8	and	and	CCONJ
esutjss-206	132	9	-9.3470e-005	-9.3470e-005	PUNCT
esutjss-206	132	10	(	(	PUNCT
esutjss-206	132	11	differenced	differenced	ADJ
esutjss-206	132	12	usd	usd	NOUN
esutjss-206	132	13	/	/	SYM
esutjss-206	132	14	ngn	ngn	PROPN
esutjss-206	132	15	):	):	PUNCT
esutjss-206	132	16	these	these	DET
esutjss-206	132	17	coefficients	coefficient	NOUN
esutjss-206	132	18	are	be	AUX
esutjss-206	132	19	very	very	ADV
esutjss-206	132	20	close	close	ADJ
esutjss-206	132	21	to	to	ADP
esutjss-206	132	22	zero	zero	NUM
esutjss-206	132	23	,	,	PUNCT
esutjss-206	132	24	indicating	indicate	VERB
esutjss-206	132	25	that	that	SCONJ
esutjss-206	132	26	past	past	ADJ
esutjss-206	132	27	changes	change	NOUN
esutjss-206	132	28	in	in	ADP
esutjss-206	132	29	the	the	DET
esutjss-206	132	30	variables	variable	NOUN
esutjss-206	132	31	have	have	VERB
esutjss-206	132	32	a	a	DET
esutjss-206	132	33	negligible	negligible	ADJ
esutjss-206	132	34	short	short	ADJ
esutjss-206	132	35	-	-	PUNCT
esutjss-206	132	36	term	term	NOUN
esutjss-206	132	37	effect	effect	NOUN
esutjss-206	132	38	on	on	ADP
esutjss-206	132	39	their	their	PRON
esutjss-206	132	40	current	current	ADJ
esutjss-206	132	41	changes	change	NOUN
esutjss-206	132	42	.	.	PUNCT
esutjss-206	133	1	-0.45581	-0.45581	PROPN
esutjss-206	133	2	and	and	CCONJ
esutjss-206	133	3	-0.015409	-0.015409	PROPN
esutjss-206	133	4	:	:	PUNCT
esutjss-206	133	5	indicate	indicate	VERB
esutjss-206	133	6	that	that	SCONJ
esutjss-206	133	7	past	past	ADJ
esutjss-206	133	8	changes	change	NOUN
esutjss-206	133	9	have	have	VERB
esutjss-206	133	10	a	a	DET
esutjss-206	133	11	moderate	moderate	ADJ
esutjss-206	133	12	negative	negative	ADJ
esutjss-206	133	13	effect	effect	NOUN
esutjss-206	133	14	on	on	ADP
esutjss-206	133	15	the	the	DET
esutjss-206	133	16	current	current	ADJ
esutjss-206	133	17	changes	change	NOUN
esutjss-206	133	18	in	in	ADP
esutjss-206	133	19	the	the	DET
esutjss-206	133	20	respective	respective	ADJ
esutjss-206	133	21	variables	variable	NOUN
esutjss-206	133	22	,	,	PUNCT
esutjss-206	133	23	implying	imply	VERB
esutjss-206	133	24	some	some	DET
esutjss-206	133	25	persistence	persistence	NOUN
esutjss-206	133	26	or	or	CCONJ
esutjss-206	133	27	momentum	momentum	NOUN
esutjss-206	133	28	in	in	ADP
esutjss-206	133	29	the	the	DET
esutjss-206	133	30	time	time	NOUN
esutjss-206	133	31	series	series	PROPN
esutjss-206	133	32	.	.	PUNCT
esutjss-206	134	1	-0.12378	-0.12378	PROPN
esutjss-206	134	2	and	and	CCONJ
esutjss-206	134	3	-0.58124	-0.58124	NOUN
esutjss-206	134	4	:	:	PUNCT
esutjss-206	134	5	are	be	AUX
esutjss-206	134	6	larger	large	ADJ
esutjss-206	134	7	negative	negative	ADJ
esutjss-206	134	8	coefficients	coefficient	NOUN
esutjss-206	134	9	and	and	CCONJ
esutjss-206	134	10	suggest	suggest	VERB
esutjss-206	134	11	a	a	DET
esutjss-206	134	12	stronger	strong	ADJ
esutjss-206	134	13	inverse	inverse	NOUN
esutjss-206	134	14	relationship	relationship	NOUN
esutjss-206	134	15	in	in	ADP
esutjss-206	134	16	the	the	DET
esutjss-206	134	17	short	short	ADJ
esutjss-206	134	18	term	term	NOUN
esutjss-206	134	19	,	,	PUNCT
esutjss-206	134	20	where	where	SCONJ
esutjss-206	134	21	increases	increase	NOUN
esutjss-206	134	22	in	in	ADP
esutjss-206	134	23	one	one	NUM
esutjss-206	134	24	period	period	NOUN
esutjss-206	134	25	are	be	AUX
esutjss-206	134	26	followed	follow	VERB
esutjss-206	134	27	by	by	ADP
esutjss-206	134	28	decreases	decrease	NOUN
esutjss-206	134	29	in	in	ADP
esutjss-206	134	30	the	the	DET
esutjss-206	134	31	next	next	ADJ
esutjss-206	134	32	period	period	NOUN
esutjss-206	134	33	.	.	PUNCT
esutjss-206	135	1	-0.025852	-0.025852	NOUN
esutjss-206	135	2	and	and	CCONJ
esutjss-206	135	3	0.058532	0.058532	NUM
esutjss-206	135	4	:	:	PUNCT
esutjss-206	135	5	indicate	indicate	VERB
esutjss-206	135	6	a	a	DET
esutjss-206	135	7	small	small	ADJ
esutjss-206	135	8	short	short	ADJ
esutjss-206	135	9	-	-	PUNCT
esutjss-206	135	10	term	term	NOUN
esutjss-206	135	11	relationship	relationship	NOUN
esutjss-206	135	12	,	,	PUNCT
esutjss-206	135	13	with	with	ADP
esutjss-206	135	14	the	the	DET
esutjss-206	135	15	first	first	ADJ
esutjss-206	135	16	being	be	AUX
esutjss-206	135	17	negative	negative	ADJ
esutjss-206	135	18	and	and	CCONJ
esutjss-206	135	19	the	the	DET
esutjss-206	135	20	second	second	ADJ
esutjss-206	135	21	positive	positive	ADJ
esutjss-206	135	22	,	,	PUNCT
esutjss-206	135	23	suggesting	suggest	VERB
esutjss-206	135	24	differing	differ	VERB
esutjss-206	135	25	immediate	immediate	ADJ
esutjss-206	135	26	impacts	impact	NOUN
esutjss-206	135	27	on	on	ADP
esutjss-206	135	28	the	the	DET
esutjss-206	135	29	variables	variable	NOUN
esutjss-206	135	30	.	.	PUNCT
esutjss-206	136	1	the	the	DET
esutjss-206	136	2	table	table	NOUN
esutjss-206	136	3	3	3	NUM
esutjss-206	136	4	is	be	AUX
esutjss-206	136	5	the	the	DET
esutjss-206	136	6	coefficients	coefficient	NOUN
esutjss-206	136	7	in	in	ADP
esutjss-206	136	8	lagged	lag	VERB
esutjss-206	136	9	levels	level	NOUN
esutjss-206	136	10	and	and	CCONJ
esutjss-206	136	11	it	it	PRON
esutjss-206	136	12	indicate	indicate	VERB
esutjss-206	136	13	the	the	DET
esutjss-206	136	14	long	long	ADJ
esutjss-206	136	15	-	-	PUNCT
esutjss-206	136	16	term	term	NOUN
esutjss-206	136	17	equilibrium	equilibrium	NOUN
esutjss-206	136	18	relationships	relationship	NOUN
esutjss-206	136	19	among	among	ADP
esutjss-206	136	20	the	the	DET
esutjss-206	136	21	variables	variable	NOUN
esutjss-206	136	22	.	.	PUNCT
esutjss-206	137	1	the	the	DET
esutjss-206	137	2	results	result	NOUN
esutjss-206	137	3	can	can	AUX
esutjss-206	137	4	be	be	AUX
esutjss-206	137	5	interpreted	interpret	VERB
esutjss-206	137	6	thus	thus	ADV
esutjss-206	137	7	:	:	PUNCT
esutjss-206	137	8	0.00059889	0.00059889	NUM
esutjss-206	137	9	and	and	CCONJ
esutjss-206	137	10	0.0012670	0.0012670	NUM
esutjss-206	137	11	:	:	PUNCT
esutjss-206	137	12	suggest	suggest	VERB
esutjss-206	137	13	a	a	DET
esutjss-206	137	14	minor	minor	ADJ
esutjss-206	137	15	long	long	ADJ
esutjss-206	137	16	-	-	PUNCT
esutjss-206	137	17	term	term	NOUN
esutjss-206	137	18	relationship	relationship	NOUN
esutjss-206	137	19	between	between	ADP
esutjss-206	137	20	the	the	DET
esutjss-206	137	21	past	past	ADJ
esutjss-206	137	22	levels	level	NOUN
esutjss-206	137	23	of	of	ADP
esutjss-206	137	24	the	the	DET
esutjss-206	137	25	variables	variable	NOUN
esutjss-206	137	26	and	and	CCONJ
esutjss-206	137	27	their	their	PRON
esutjss-206	137	28	current	current	ADJ
esutjss-206	137	29	levels	level	NOUN
esutjss-206	137	30	.	.	PUNCT
esutjss-206	138	1	0.50153	0.50153	NUM
esutjss-206	138	2	and	and	CCONJ
esutjss-206	138	3	-0.011990	-0.011990	NOUN
esutjss-206	138	4	:	:	PUNCT
esutjss-206	138	5	the	the	DET
esutjss-206	138	6	first	first	ADJ
esutjss-206	138	7	coefficient	coefficient	NOUN
esutjss-206	138	8	(	(	PUNCT
esutjss-206	138	9	0.50153	0.50153	NUM
esutjss-206	138	10	)	)	PUNCT
esutjss-206	138	11	indicates	indicate	VERB
esutjss-206	138	12	a	a	DET
esutjss-206	138	13	significant	significant	ADJ
esutjss-206	138	14	positive	positive	ADJ
esutjss-206	138	15	long	long	ADJ
esutjss-206	138	16	-	-	PUNCT
esutjss-206	138	17	term	term	NOUN
esutjss-206	138	18	relationship	relationship	NOUN
esutjss-206	138	19	,	,	PUNCT
esutjss-206	138	20	while	while	SCONJ
esutjss-206	138	21	the	the	DET
esutjss-206	138	22	second	second	ADJ
esutjss-206	138	23	(	(	PUNCT
esutjss-206	138	24	-0.011990	-0.011990	NOUN
esutjss-206	138	25	)	)	PUNCT
esutjss-206	138	26	suggests	suggest	VERB
esutjss-206	138	27	a	a	DET
esutjss-206	138	28	weak	weak	ADJ
esutjss-206	138	29	negative	negative	ADJ
esutjss-206	138	30	relationship	relationship	NOUN
esutjss-206	138	31	.	.	PUNCT
esutjss-206	139	1	0.017637	0.017637	NUM
esutjss-206	139	2	and	and	CCONJ
esutjss-206	139	3	0.50794	0.50794	NUM
esutjss-206	139	4	:	:	PUNCT
esutjss-206	139	5	show	show	VERB
esutjss-206	139	6	a	a	DET
esutjss-206	139	7	strong	strong	ADJ
esutjss-206	139	8	positive	positive	ADJ
esutjss-206	139	9	long	long	ADJ
esutjss-206	139	10	-	-	PUNCT
esutjss-206	139	11	term	term	NOUN
esutjss-206	139	12	relationship	relationship	NOUN
esutjss-206	139	13	for	for	ADP
esutjss-206	139	14	the	the	DET
esutjss-206	139	15	second	second	ADJ
esutjss-206	139	16	variable	variable	NOUN
esutjss-206	139	17	,	,	PUNCT
esutjss-206	139	18	implying	imply	VERB
esutjss-206	139	19	that	that	SCONJ
esutjss-206	139	20	higher	high	ADJ
esutjss-206	139	21	past	past	ADJ
esutjss-206	139	22	values	value	NOUN
esutjss-206	139	23	lead	lead	VERB
esutjss-206	139	24	to	to	ADP
esutjss-206	139	25	higher	high	ADJ
esutjss-206	139	26	current	current	ADJ
esutjss-206	139	27	values	value	NOUN
esutjss-206	139	28	.	.	PUNCT
esutjss-206	140	1	0.26550	0.26550	NUM
esutjss-206	140	2	and	and	CCONJ
esutjss-206	140	3	-0.039868	-0.039868	NOUN
esutjss-206	140	4	:	:	PUNCT
esutjss-206	140	5	the	the	DET
esutjss-206	140	6	first	first	ADJ
esutjss-206	140	7	coefficient	coefficient	NOUN
esutjss-206	140	8	(	(	PUNCT
esutjss-206	140	9	0.26550	0.26550	NUM
esutjss-206	140	10	)	)	PUNCT
esutjss-206	140	11	indicates	indicate	VERB
esutjss-206	140	12	a	a	DET
esutjss-206	140	13	positive	positive	ADJ
esutjss-206	140	14	long	long	ADJ
esutjss-206	140	15	-	-	PUNCT
esutjss-206	140	16	term	term	NOUN
esutjss-206	140	17	relationship	relationship	NOUN
esutjss-206	140	18	,	,	PUNCT
esutjss-206	140	19	while	while	SCONJ
esutjss-206	140	20	the	the	DET
esutjss-206	140	21	second	second	ADJ
esutjss-206	140	22	(	(	PUNCT
esutjss-206	140	23	-0.039868	-0.039868	PROPN
esutjss-206	140	24	)	)	PUNCT
esutjss-206	140	25	suggests	suggest	VERB
esutjss-206	140	26	a	a	DET
esutjss-206	140	27	weaker	weak	ADJ
esutjss-206	140	28	negative	negative	ADJ
esutjss-206	140	29	relationship	relationship	NOUN
esutjss-206	140	30	,	,	PUNCT
esutjss-206	140	31	implying	imply	VERB
esutjss-206	140	32	different	different	ADJ
esutjss-206	140	33	impacts	impact	NOUN
esutjss-206	140	34	over	over	ADP
esutjss-206	140	35	the	the	DET
esutjss-206	140	36	long	long	ADJ
esutjss-206	140	37	term	term	NOUN
esutjss-206	140	38	.	.	PUNCT
esutjss-206	141	1	5.2	5.2	NUM
esutjss-206	141	2	vecm	vecm	NOUN
esutjss-206	141	3	system	system	NOUN
esutjss-206	141	4	estimates	estimate	VERB
esutjss-206	141	5	the	the	DET
esutjss-206	141	6	vector	vector	NOUN
esutjss-206	141	7	error	error	NOUN
esutjss-206	141	8	correction	correction	NOUN
esutjss-206	141	9	model	model	NOUN
esutjss-206	141	10	(	(	PUNCT
esutjss-206	141	11	vecm	vecm	NOUN
esutjss-206	141	12	)	)	PUNCT
esutjss-206	141	13	results	result	NOUN
esutjss-206	141	14	highlight	highlight	VERB
esutjss-206	141	15	the	the	DET
esutjss-206	141	16	cointegrating	cointegrate	VERB
esutjss-206	141	17	relationships	relationship	NOUN
esutjss-206	141	18	and	and	CCONJ
esutjss-206	141	19	adjustment	adjustment	NOUN
esutjss-206	141	20	speeds	speed	NOUN
esutjss-206	141	21	:	:	PUNCT
esutjss-206	141	22	179	179	NUM
esutjss-206	141	23	table	table	NOUN
esutjss-206	141	24	4	4	NUM
esutjss-206	141	25	cointegrating	cointegrate	VERB
esutjss-206	141	26	vector	vector	NOUN
esutjss-206	141	27	(	(	PUNCT
esutjss-206	141	28	beta	beta	NOUN
esutjss-206	141	29	)	)	PUNCT
esutjss-206	141	30	ld_crude	ld_crude	NOUN
esutjss-206	141	31	1.0000	1.0000	NUM
esutjss-206	141	32	(	(	PUNCT
esutjss-206	141	33	0.00000	0.00000	NUM
esutjss-206	141	34	)	)	PUNCT
esutjss-206	141	35	ld_usd_ngnr	ld_usd_ngnr	NOUN
esutjss-206	141	36	-0.24884	-0.24884	NOUN
esutjss-206	141	37	(	(	PUNCT
esutjss-206	141	38	0.052181	0.052181	NUM
esutjss-206	141	39	)	)	PUNCT
esutjss-206	141	40	table	table	NOUN
esutjss-206	141	41	5	5	NUM
esutjss-206	141	42	adjustment	adjustment	NOUN
esutjss-206	141	43	vectors	vector	NOUN
esutjss-206	141	44	(	(	PUNCT
esutjss-206	141	45	alpha	alpha	NOUN
esutjss-206	141	46	)	)	PUNCT
esutjss-206	141	47	the	the	DET
esutjss-206	141	48	result	result	NOUN
esutjss-206	141	49	in	in	ADP
esutjss-206	141	50	table	table	NOUN
esutjss-206	141	51	4	4	NUM
esutjss-206	141	52	is	be	AUX
esutjss-206	141	53	the	the	DET
esutjss-206	141	54	cointegrating	cointegrate	VERB
esutjss-206	141	55	vector	vector	NOUN
esutjss-206	141	56	(	(	PUNCT
esutjss-206	141	57	beta	beta	NOUN
esutjss-206	141	58	)	)	PUNCT
esutjss-206	141	59	and	and	CCONJ
esutjss-206	141	60	it	it	PRON
esutjss-206	141	61	indicates	indicate	VERB
esutjss-206	141	62	a	a	DET
esutjss-206	141	63	long	long	ADJ
esutjss-206	141	64	-	-	PUNCT
esutjss-206	141	65	term	term	NOUN
esutjss-206	141	66	relationship	relationship	NOUN
esutjss-206	141	67	where	where	SCONJ
esutjss-206	141	68	changes	change	NOUN
esutjss-206	141	69	in	in	ADP
esutjss-206	141	70	crude	crude	ADJ
esutjss-206	141	71	oil	oil	NOUN
esutjss-206	141	72	prices	price	NOUN
esutjss-206	141	73	(	(	PUNCT
esutjss-206	141	74	ld_crude	ld_crude	NOUN
esutjss-206	141	75	)	)	PUNCT
esutjss-206	141	76	and	and	CCONJ
esutjss-206	141	77	usd	usd	ADJ
esutjss-206	141	78	/	/	SYM
esutjss-206	141	79	ngn	ngn	PROPN
esutjss-206	141	80	exchange	exchange	NOUN
esutjss-206	141	81	rate	rate	NOUN
esutjss-206	141	82	(	(	PUNCT
esutjss-206	141	83	ld_usd_ngnr	ld_usd_ngnr	NOUN
esutjss-206	141	84	)	)	PUNCT
esutjss-206	141	85	move	move	VERB
esutjss-206	141	86	together	together	ADV
esutjss-206	141	87	.	.	PUNCT
esutjss-206	142	1	specifically	specifically	ADV
esutjss-206	142	2	,	,	PUNCT
esutjss-206	142	3	for	for	ADP
esutjss-206	142	4	every	every	DET
esutjss-206	142	5	unit	unit	NOUN
esutjss-206	142	6	change	change	NOUN
esutjss-206	142	7	in	in	ADP
esutjss-206	142	8	crude	crude	ADJ
esutjss-206	142	9	oil	oil	NOUN
esutjss-206	142	10	prices	price	NOUN
esutjss-206	142	11	,	,	PUNCT
esutjss-206	142	12	the	the	DET
esutjss-206	142	13	usd	usd	PROPN
esutjss-206	142	14	/	/	SYM
esutjss-206	142	15	ngn	ngn	PROPN
esutjss-206	142	16	rate	rate	NOUN
esutjss-206	142	17	changes	change	NOUN
esutjss-206	142	18	by	by	ADP
esutjss-206	142	19	0.24884	0.24884	NUM
esutjss-206	142	20	units	unit	NOUN
esutjss-206	142	21	.	.	PUNCT
esutjss-206	143	1	the	the	DET
esutjss-206	143	2	adjustment	adjustment	NOUN
esutjss-206	143	3	vectors	vector	NOUN
esutjss-206	143	4	(	(	PUNCT
esutjss-206	143	5	alpha	alpha	NOUN
esutjss-206	143	6	)	)	PUNCT
esutjss-206	143	7	coefficients	coefficient	NOUN
esutjss-206	143	8	table	table	NOUN
esutjss-206	143	9	5	5	NUM
esutjss-206	143	10	show	show	VERB
esutjss-206	143	11	how	how	SCONJ
esutjss-206	143	12	quickly	quickly	ADV
esutjss-206	143	13	the	the	DET
esutjss-206	143	14	variables	variable	NOUN
esutjss-206	143	15	return	return	VERB
esutjss-206	143	16	to	to	ADP
esutjss-206	143	17	equilibrium	equilibrium	NOUN
esutjss-206	143	18	after	after	ADP
esutjss-206	143	19	a	a	DET
esutjss-206	143	20	shock	shock	NOUN
esutjss-206	143	21	.	.	PUNCT
esutjss-206	144	1	a	a	DET
esutjss-206	144	2	coefficient	coefficient	NOUN
esutjss-206	144	3	of	of	ADP
esutjss-206	144	4	-1.0307	-1.0307	NOUN
esutjss-206	144	5	for	for	ADP
esutjss-206	144	6	crude	crude	ADJ
esutjss-206	144	7	oil	oil	NOUN
esutjss-206	144	8	suggests	suggest	VERB
esutjss-206	144	9	a	a	DET
esutjss-206	144	10	rapid	rapid	ADJ
esutjss-206	144	11	adjustment	adjustment	NOUN
esutjss-206	144	12	,	,	PUNCT
esutjss-206	144	13	while	while	SCONJ
esutjss-206	144	14	the	the	DET
esutjss-206	144	15	0.19670	0.19670	NUM
esutjss-206	144	16	for	for	ADP
esutjss-206	144	17	usd	usd	NOUN
esutjss-206	144	18	/	/	SYM
esutjss-206	144	19	ngn	ngn	PROPN
esutjss-206	144	20	indicates	indicate	VERB
esutjss-206	144	21	a	a	DET
esutjss-206	144	22	slower	slow	ADJ
esutjss-206	144	23	adjustment	adjustment	NOUN
esutjss-206	144	24	.	.	PUNCT
esutjss-206	145	1	5.3	5.3	NUM
esutjss-206	145	2	.	.	PUNCT
esutjss-206	145	3	individual	individual	ADJ
esutjss-206	145	4	equation	equation	NOUN
esutjss-206	145	5	estimates	estimate	VERB
esutjss-206	145	6	the	the	DET
esutjss-206	145	7	output	output	NOUN
esutjss-206	145	8	includes	include	VERB
esutjss-206	145	9	two	two	NUM
esutjss-206	145	10	equations	equation	NOUN
esutjss-206	145	11	representing	represent	VERB
esutjss-206	145	12	the	the	DET
esutjss-206	145	13	dynamics	dynamic	NOUN
esutjss-206	145	14	of	of	ADP
esutjss-206	145	15	crude	crude	ADJ
esutjss-206	145	16	oil	oil	NOUN
esutjss-206	145	17	prices	price	NOUN
esutjss-206	145	18	and	and	CCONJ
esutjss-206	145	19	the	the	DET
esutjss-206	145	20	usd	usd	PROPN
esutjss-206	145	21	/	/	SYM
esutjss-206	145	22	ngn	ngn	PROPN
esutjss-206	145	23	exchange	exchange	NOUN
esutjss-206	145	24	rate	rate	NOUN
esutjss-206	145	25	.	.	PUNCT
esutjss-206	146	1	table	table	NOUN
esutjss-206	146	2	6	6	NUM
esutjss-206	146	3	cointegration	cointegration	NOUN
esutjss-206	146	4	of	of	ADP
esutjss-206	146	5	equation	equation	NOUN
esutjss-206	146	6	1	1	NUM
esutjss-206	146	7	:	:	PUNCT
esutjss-206	146	8	d_ld_crude	d_ld_crude	NOUN
esutjss-206	146	9	from	from	ADP
esutjss-206	146	10	the	the	DET
esutjss-206	146	11	result	result	NOUN
esutjss-206	146	12	,	,	PUNCT
esutjss-206	146	13	we	we	PRON
esutjss-206	146	14	can	can	AUX
esutjss-206	146	15	allude	allude	VERB
esutjss-206	146	16	that	that	SCONJ
esutjss-206	146	17	d_ld_crude_1	d_ld_crude_1	NOUN
esutjss-206	146	18	has	have	VERB
esutjss-206	146	19	a	a	DET
esutjss-206	146	20	positive	positive	ADJ
esutjss-206	146	21	and	and	CCONJ
esutjss-206	146	22	significant	significant	ADJ
esutjss-206	146	23	coefficient	coefficient	NOUN
esutjss-206	146	24	indicating	indicate	VERB
esutjss-206	146	25	that	that	SCONJ
esutjss-206	146	26	previous	previous	ADJ
esutjss-206	146	27	period	period	NOUN
esutjss-206	146	28	’s	’s	PART
esutjss-206	146	29	crude	crude	ADJ
esutjss-206	146	30	oil	oil	NOUN
esutjss-206	146	31	prices	price	NOUN
esutjss-206	146	32	positively	positively	ADV
esutjss-206	146	33	affect	affect	VERB
esutjss-206	146	34	current	current	ADJ
esutjss-206	146	35	crude	crude	ADJ
esutjss-206	146	36	oil	oil	NOUN
esutjss-206	146	37	prices	price	NOUN
esutjss-206	146	38	.	.	PUNCT
esutjss-206	147	1	whereas	whereas	SCONJ
esutjss-206	147	2	ld_sp_500	ld_sp_500	PROPN
esutjss-206	147	3	has	have	VERB
esutjss-206	147	4	a	a	DET
esutjss-206	147	5	positive	positive	ADJ
esutjss-206	147	6	and	and	CCONJ
esutjss-206	147	7	significant	significant	ADJ
esutjss-206	147	8	coefficient	coefficient	NOUN
esutjss-206	147	9	indicating	indicate	VERB
esutjss-206	147	10	that	that	SCONJ
esutjss-206	147	11	higher	high	ADJ
esutjss-206	147	12	s&p	s&p	PROPN
esutjss-206	147	13	500	500	NUM
esutjss-206	147	14	levels	level	NOUN
esutjss-206	147	15	lead	lead	VERB
esutjss-206	147	16	to	to	ADP
esutjss-206	147	17	higher	high	ADJ
esutjss-206	147	18	crude	crude	ADJ
esutjss-206	147	19	oil	oil	NOUN
esutjss-206	147	20	prices	price	NOUN
esutjss-206	147	21	.	.	PUNCT
esutjss-206	148	1	ec1	ec1	PROPN
esutjss-206	148	2	:	:	PUNCT
esutjss-206	148	3	the	the	DET
esutjss-206	148	4	error	error	NOUN
esutjss-206	148	5	correction	correction	NOUN
esutjss-206	148	6	term	term	NOUN
esutjss-206	148	7	is	be	AUX
esutjss-206	148	8	highly	highly	ADV
esutjss-206	148	9	significant	significant	ADJ
esutjss-206	148	10	,	,	PUNCT
esutjss-206	148	11	indicating	indicate	VERB
esutjss-206	148	12	that	that	SCONJ
esutjss-206	148	13	deviations	deviation	NOUN
esutjss-206	148	14	from	from	ADP
esutjss-206	148	15	long	long	ADJ
esutjss-206	148	16	-	-	PUNCT
esutjss-206	148	17	term	term	NOUN
esutjss-206	148	18	equilibrium	equilibrium	NOUN
esutjss-206	148	19	are	be	AUX
esutjss-206	148	20	quickly	quickly	ADV
esutjss-206	148	21	corrected	correct	VERB
esutjss-206	148	22	.	.	PUNCT
esutjss-206	149	1	table	table	NOUN
esutjss-206	149	2	7	7	NUM
esutjss-206	149	3	cointegration	cointegration	NOUN
esutjss-206	149	4	of	of	ADP
esutjss-206	149	5	equation	equation	NOUN
esutjss-206	149	6	1	1	NUM
esutjss-206	149	7	:	:	PUNCT
esutjss-206	149	8	d_ld_usd_ngnr	d_ld_usd_ngnr	VERB
esutjss-206	149	9	the	the	DET
esutjss-206	149	10	result	result	NOUN
esutjss-206	149	11	for	for	ADP
esutjss-206	149	12	the	the	DET
esutjss-206	149	13	second	second	ADJ
esutjss-206	149	14	equation	equation	NOUN
esutjss-206	149	15	can	can	AUX
esutjss-206	149	16	be	be	AUX
esutjss-206	149	17	seen	see	VERB
esutjss-206	149	18	as	as	ADP
esutjss-206	149	19	d_ld_crude_1having	d_ld_crude_1have	VERB
esutjss-206	149	20	a	a	DET
esutjss-206	149	21	negative	negative	ADJ
esutjss-206	149	22	and	and	CCONJ
esutjss-206	149	23	significant	significant	ADJ
esutjss-206	149	24	coefficient	coefficient	NOUN
esutjss-206	149	25	suggests	suggest	VERB
esutjss-206	149	26	that	that	SCONJ
esutjss-206	149	27	an	an	DET
esutjss-206	149	28	increase	increase	NOUN
esutjss-206	149	29	in	in	ADP
esutjss-206	149	30	crude	crude	ADJ
esutjss-206	149	31	oil	oil	NOUN
esutjss-206	149	32	prices	price	NOUN
esutjss-206	149	33	significantly	significantly	ADV
esutjss-206	149	34	reduces	reduce	VERB
esutjss-206	149	35	the	the	DET
esutjss-206	149	36	coefficient	coefficient	NOUN
esutjss-206	149	37	std	std	NOUN
esutjss-206	149	38	.	.	NOUN
esutjss-206	149	39	error	error	NOUN
esutjss-206	149	40	t	t	PROPN
esutjss-206	149	41	-	-	PUNCT
esutjss-206	149	42	ratio	ratio	NOUN
esutjss-206	149	43	p	p	NOUN
esutjss-206	149	44	-	-	PUNCT
esutjss-206	149	45	value	value	NOUN
esutjss-206	149	46	const	const	NOUN
esutjss-206	149	47	0.0009250320	0.0009250320	NUM
esutjss-206	149	48	0.0007580240	0.0007580240	NUM
esutjss-206	149	49	1.2200000000	1.2200000000	NUM
esutjss-206	149	50	0.2226000000	0.2226000000	NUM
esutjss-206	149	51	d_ld_crude_1	d_ld_crude_1	NOUN
esutjss-206	149	52	0.0642069000	0.0642069000	NUM
esutjss-206	149	53	0.0313237000	0.0313237000	NUM
esutjss-206	149	54	2.0500000000	2.0500000000	NUM
esutjss-206	149	55	0.0406000000	0.0406000000	NUM
esutjss-206	149	56	*	*	PUNCT
esutjss-206	149	57	*	*	PUNCT
esutjss-206	149	58	d_ld_usd_ngnr_1	d_ld_usd_ngnr_1	VERB
esutjss-206	149	59	−0.235875	−0.235875	NOUN
esutjss-206	149	60	0.0274875000	0.0274875000	NUM
esutjss-206	150	1	−8.581	−8.581	NUM
esutjss-206	150	2	0.0000000000	0.0000000000	NUM
esutjss-206	151	1	*	*	PUNCT
esutjss-206	151	2	*	*	PUNCT
esutjss-206	151	3	*	*	PUNCT
esutjss-206	151	4	ld_sp_500	ld_sp_500	NOUN
esutjss-206	151	5	0.2580330000	0.2580330000	NUM
esutjss-206	151	6	0.0749919000	0.0749919000	NUM
esutjss-206	151	7	3.4410000000	3.4410000000	NUM
esutjss-206	151	8	0.0006000000	0.0006000000	NUM
esutjss-206	151	9	*	*	PUNCT
esutjss-206	152	1	*	*	PUNCT
esutjss-206	152	2	*	*	PUNCT
esutjss-206	152	3	ec1	ec1	PROPN
esutjss-206	152	4	−1.03073	−1.03073	PROPN
esutjss-206	152	5	0.0435819000	0.0435819000	NUM
esutjss-206	152	6	−23.65	−23.65	ADP
esutjss-206	152	7	0.0000000000	0.0000000000	NUM
esutjss-206	152	8	*	*	PUNCT
esutjss-206	152	9	*	*	PUNCT
esutjss-206	152	10	*	*	PUNCT
esutjss-206	152	11	coefficient	coefficient	NOUN
esutjss-206	152	12	std	std	PROPN
esutjss-206	152	13	.	.	NOUN
esutjss-206	152	14	error	error	NOUN
esutjss-206	152	15	t	t	PROPN
esutjss-206	152	16	-	-	PUNCT
esutjss-206	152	17	ratio	ratio	NOUN
esutjss-206	152	18	p	p	NOUN
esutjss-206	152	19	-	-	PUNCT
esutjss-206	152	20	value	value	NOUN
esutjss-206	152	21	const	const	ADJ
esutjss-206	152	22	−0.000273282	−0.000273282	PROPN
esutjss-206	152	23	0.0007213820	0.0007213820	NUM
esutjss-206	152	24	−0.3788	−0.3788	NUM
esutjss-206	152	25	0.7049000000	0.7049000000	NUM
esutjss-206	152	26	d_ld_crude_1	d_ld_crude_1	NOUN
esutjss-206	152	27	−0.114645	−0.114645	PROPN
esutjss-206	152	28	0.0298096000	0.0298096000	NUM
esutjss-206	152	29	−3.846	−3.846	NOUN
esutjss-206	152	30	0.0001000000	0.0001000000	NUM
esutjss-206	153	1	*	*	PUNCT
esutjss-206	153	2	*	*	PUNCT
esutjss-206	153	3	*	*	PUNCT
esutjss-206	153	4	d_ld_usd_ngnr_1	d_ld_usd_ngnr_1	VERB
esutjss-206	153	5	−0.559851	−0.559851	NOUN
esutjss-206	153	6	0.0261587000	0.0261587000	NUM
esutjss-206	153	7	−21.40	−21.40	NOUN
esutjss-206	153	8	0.0000000000	0.0000000000	NUM
esutjss-206	153	9	*	*	PUNCT
esutjss-206	153	10	*	*	PUNCT
esutjss-206	153	11	*	*	PUNCT
esutjss-206	153	12	ld_sp_500	ld_sp_500	NOUN
esutjss-206	153	13	0.0043570600	0.0043570600	NUM
esutjss-206	153	14	0.0713669000	0.0713669000	NUM
esutjss-206	153	15	0.0610500000	0.0610500000	NUM
esutjss-206	153	16	0.9513000000	0.9513000000	NUM
esutjss-206	153	17	ec1	ec1	PROPN
esutjss-206	153	18	0.1966970000	0.1966970000	NUM
esutjss-206	153	19	0.0414752000	0.0414752000	NUM
esutjss-206	153	20	4.7430000000	4.7430000000	NUM
esutjss-206	153	21	0.0000024200	0.0000024200	NUM
esutjss-206	153	22	*	*	PUNCT
esutjss-206	153	23	*	*	PUNCT
esutjss-206	153	24	*	*	PROPN
esutjss-206	153	25	180	180	NUM
esutjss-206	153	26	usd	usd	NOUN
esutjss-206	153	27	/	/	SYM
esutjss-206	153	28	ngn	ngn	PROPN
esutjss-206	153	29	exchange	exchange	NOUN
esutjss-206	153	30	rate	rate	NOUN
esutjss-206	153	31	.	.	PUNCT
esutjss-206	154	1	d_ld_usd_ngnr_1	d_ld_usd_ngnr_1	NOUN
esutjss-206	154	2	having	have	VERB
esutjss-206	154	3	a	a	DET
esutjss-206	154	4	significant	significant	ADJ
esutjss-206	154	5	negative	negative	ADJ
esutjss-206	154	6	coefficient	coefficient	NOUN
esutjss-206	154	7	indicates	indicate	VERB
esutjss-206	154	8	persistence	persistence	NOUN
esutjss-206	154	9	in	in	ADP
esutjss-206	154	10	the	the	DET
esutjss-206	154	11	exchange	exchange	NOUN
esutjss-206	154	12	rate	rate	NOUN
esutjss-206	154	13	,	,	PUNCT
esutjss-206	154	14	where	where	SCONJ
esutjss-206	154	15	higher	high	ADJ
esutjss-206	154	16	past	past	ADJ
esutjss-206	154	17	values	value	NOUN
esutjss-206	154	18	lead	lead	VERB
esutjss-206	154	19	to	to	ADP
esutjss-206	154	20	lower	low	ADJ
esutjss-206	154	21	current	current	ADJ
esutjss-206	154	22	values	value	NOUN
esutjss-206	154	23	.	.	PUNCT
esutjss-206	155	1	ld_sp_500	ld_sp_500	PROPN
esutjss-206	155	2	is	be	AUX
esutjss-206	155	3	not	not	PART
esutjss-206	155	4	significant	significant	ADJ
esutjss-206	155	5	,	,	PUNCT
esutjss-206	155	6	implying	imply	VERB
esutjss-206	155	7	the	the	DET
esutjss-206	155	8	s&p	s&p	PROPN
esutjss-206	155	9	500	500	NUM
esutjss-206	155	10	does	do	AUX
esutjss-206	155	11	not	not	PART
esutjss-206	155	12	have	have	VERB
esutjss-206	155	13	a	a	DET
esutjss-206	155	14	direct	direct	ADJ
esutjss-206	155	15	short	short	ADJ
esutjss-206	155	16	-	-	PUNCT
esutjss-206	155	17	term	term	NOUN
esutjss-206	155	18	effect	effect	NOUN
esutjss-206	155	19	on	on	ADP
esutjss-206	155	20	the	the	DET
esutjss-206	155	21	usd	usd	PROPN
esutjss-206	155	22	/	/	SYM
esutjss-206	155	23	ngn	ngn	PROPN
esutjss-206	155	24	rate	rate	NOUN
esutjss-206	155	25	.	.	PUNCT
esutjss-206	156	1	ec1	ec1	PROPN
esutjss-206	156	2	:	:	PUNCT
esutjss-206	156	3	the	the	DET
esutjss-206	156	4	positive	positive	ADJ
esutjss-206	156	5	and	and	CCONJ
esutjss-206	156	6	significant	significant	ADJ
esutjss-206	156	7	coefficient	coefficient	NOUN
esutjss-206	156	8	indicates	indicate	VERB
esutjss-206	156	9	that	that	SCONJ
esutjss-206	156	10	the	the	DET
esutjss-206	156	11	exchange	exchange	NOUN
esutjss-206	156	12	rate	rate	NOUN
esutjss-206	156	13	adjusts	adjust	VERB
esutjss-206	156	14	to	to	PART
esutjss-206	156	15	restore	restore	VERB
esutjss-206	156	16	long	long	ADJ
esutjss-206	156	17	-	-	PUNCT
esutjss-206	156	18	term	term	NOUN
esutjss-206	156	19	equilibrium	equilibrium	NOUN
esutjss-206	156	20	.	.	PUNCT
esutjss-206	157	1	5.4	5.4	NUM
esutjss-206	157	2	.	.	PUNCT
esutjss-206	158	1	economic	economic	ADJ
esutjss-206	158	2	implications	implication	NOUN
esutjss-206	158	3	the	the	DET
esutjss-206	158	4	negative	negative	ADJ
esutjss-206	158	5	relationship	relationship	NOUN
esutjss-206	158	6	between	between	ADP
esutjss-206	158	7	crude	crude	ADJ
esutjss-206	158	8	oil	oil	NOUN
esutjss-206	158	9	prices	price	NOUN
esutjss-206	158	10	and	and	CCONJ
esutjss-206	158	11	the	the	DET
esutjss-206	158	12	usd	usd	PROPN
esutjss-206	158	13	/	/	SYM
esutjss-206	158	14	ngn	ngn	PROPN
esutjss-206	158	15	exchange	exchange	NOUN
esutjss-206	158	16	rate	rate	NOUN
esutjss-206	158	17	suggests	suggest	VERB
esutjss-206	158	18	that	that	SCONJ
esutjss-206	158	19	higher	high	ADJ
esutjss-206	158	20	oil	oil	NOUN
esutjss-206	158	21	prices	price	NOUN
esutjss-206	158	22	lead	lead	VERB
esutjss-206	158	23	to	to	ADP
esutjss-206	158	24	an	an	DET
esutjss-206	158	25	appreciation	appreciation	NOUN
esutjss-206	158	26	of	of	ADP
esutjss-206	158	27	the	the	DET
esutjss-206	158	28	naira	naira	PROPN
esutjss-206	158	29	.	.	PUNCT
esutjss-206	159	1	this	this	PRON
esutjss-206	159	2	reflects	reflect	VERB
esutjss-206	159	3	nigeria	nigeria	PROPN
esutjss-206	159	4	's	's	PART
esutjss-206	159	5	heavy	heavy	ADJ
esutjss-206	159	6	reliance	reliance	NOUN
esutjss-206	159	7	on	on	ADP
esutjss-206	159	8	oil	oil	NOUN
esutjss-206	159	9	exports	export	NOUN
esutjss-206	159	10	for	for	ADP
esutjss-206	159	11	foreign	foreign	ADJ
esutjss-206	159	12	exchange	exchange	NOUN
esutjss-206	159	13	earnings	earning	NOUN
esutjss-206	159	14	.	.	PUNCT
esutjss-206	160	1	policymakers	policymaker	NOUN
esutjss-206	160	2	should	should	AUX
esutjss-206	160	3	focus	focus	VERB
esutjss-206	160	4	on	on	ADP
esutjss-206	160	5	stabilizing	stabilize	VERB
esutjss-206	160	6	oil	oil	NOUN
esutjss-206	160	7	production	production	NOUN
esutjss-206	160	8	and	and	CCONJ
esutjss-206	160	9	prices	price	NOUN
esutjss-206	160	10	to	to	PART
esutjss-206	160	11	manage	manage	VERB
esutjss-206	160	12	exchange	exchange	NOUN
esutjss-206	160	13	rate	rate	NOUN
esutjss-206	160	14	volatility	volatility	NOUN
esutjss-206	160	15	.	.	PUNCT
esutjss-206	161	1	the	the	DET
esutjss-206	161	2	positive	positive	ADJ
esutjss-206	161	3	impact	impact	NOUN
esutjss-206	161	4	of	of	ADP
esutjss-206	161	5	the	the	DET
esutjss-206	161	6	s&p	s&p	PROPN
esutjss-206	161	7	500	500	NUM
esutjss-206	161	8	on	on	ADP
esutjss-206	161	9	crude	crude	ADJ
esutjss-206	161	10	oil	oil	NOUN
esutjss-206	161	11	prices	price	NOUN
esutjss-206	161	12	indicates	indicate	VERB
esutjss-206	161	13	that	that	SCONJ
esutjss-206	161	14	global	global	ADJ
esutjss-206	161	15	market	market	NOUN
esutjss-206	161	16	conditions	condition	NOUN
esutjss-206	161	17	significantly	significantly	ADV
esutjss-206	161	18	affect	affect	VERB
esutjss-206	161	19	nigeria	nigeria	PROPN
esutjss-206	161	20	's	's	PART
esutjss-206	161	21	oil	oil	NOUN
esutjss-206	161	22	revenues	revenue	NOUN
esutjss-206	161	23	.	.	PUNCT
esutjss-206	162	1	however	however	ADV
esutjss-206	162	2	,	,	PUNCT
esutjss-206	162	3	the	the	DET
esutjss-206	162	4	s&p	s&p	PROPN
esutjss-206	162	5	500	500	NUM
esutjss-206	162	6	does	do	AUX
esutjss-206	162	7	not	not	PART
esutjss-206	162	8	have	have	VERB
esutjss-206	162	9	a	a	DET
esutjss-206	162	10	direct	direct	ADJ
esutjss-206	162	11	short	short	ADJ
esutjss-206	162	12	-	-	PUNCT
esutjss-206	162	13	term	term	NOUN
esutjss-206	162	14	impact	impact	NOUN
esutjss-206	162	15	on	on	ADP
esutjss-206	162	16	the	the	DET
esutjss-206	162	17	usd	usd	PROPN
esutjss-206	162	18	/	/	SYM
esutjss-206	162	19	ngn	ngn	PROPN
esutjss-206	162	20	rate	rate	NOUN
esutjss-206	162	21	,	,	PUNCT
esutjss-206	162	22	implying	imply	VERB
esutjss-206	162	23	that	that	SCONJ
esutjss-206	162	24	other	other	ADJ
esutjss-206	162	25	factors	factor	NOUN
esutjss-206	162	26	,	,	PUNCT
esutjss-206	162	27	like	like	ADP
esutjss-206	162	28	domestic	domestic	ADJ
esutjss-206	162	29	economic	economic	ADJ
esutjss-206	162	30	policies	policy	NOUN
esutjss-206	162	31	and	and	CCONJ
esutjss-206	162	32	conditions	condition	NOUN
esutjss-206	162	33	,	,	PUNCT
esutjss-206	162	34	play	play	VERB
esutjss-206	162	35	a	a	DET
esutjss-206	162	36	more	more	ADV
esutjss-206	162	37	crucial	crucial	ADJ
esutjss-206	162	38	role	role	NOUN
esutjss-206	162	39	in	in	ADP
esutjss-206	162	40	the	the	DET
esutjss-206	162	41	exchange	exchange	NOUN
esutjss-206	162	42	rate	rate	NOUN
esutjss-206	162	43	dynamics	dynamic	NOUN
esutjss-206	162	44	.	.	PUNCT
esutjss-206	163	1	the	the	DET
esutjss-206	163	2	significant	significant	ADJ
esutjss-206	163	3	error	error	NOUN
esutjss-206	163	4	correction	correction	NOUN
esutjss-206	163	5	terms	term	NOUN
esutjss-206	163	6	in	in	ADP
esutjss-206	163	7	both	both	DET
esutjss-206	163	8	equations	equation	NOUN
esutjss-206	163	9	highlight	highlight	VERB
esutjss-206	163	10	the	the	DET
esutjss-206	163	11	importance	importance	NOUN
esutjss-206	163	12	of	of	ADP
esutjss-206	163	13	long	long	ADJ
esutjss-206	163	14	-	-	PUNCT
esutjss-206	163	15	term	term	NOUN
esutjss-206	163	16	equilibrium	equilibrium	NOUN
esutjss-206	163	17	relationships	relationship	NOUN
esutjss-206	163	18	.	.	PUNCT
esutjss-206	164	1	deviations	deviation	NOUN
esutjss-206	164	2	from	from	ADP
esutjss-206	164	3	these	these	DET
esutjss-206	164	4	equilibria	equilibrium	NOUN
esutjss-206	164	5	are	be	AUX
esutjss-206	164	6	corrected	correct	VERB
esutjss-206	164	7	relatively	relatively	ADV
esutjss-206	164	8	quickly	quickly	ADV
esutjss-206	164	9	for	for	ADP
esutjss-206	164	10	crude	crude	ADJ
esutjss-206	164	11	oil	oil	NOUN
esutjss-206	164	12	prices	price	NOUN
esutjss-206	164	13	and	and	CCONJ
esutjss-206	164	14	more	more	ADV
esutjss-206	164	15	slowly	slowly	ADV
esutjss-206	164	16	for	for	ADP
esutjss-206	164	17	the	the	DET
esutjss-206	164	18	exchange	exchange	NOUN
esutjss-206	164	19	rate	rate	NOUN
esutjss-206	164	20	.	.	PUNCT
esutjss-206	165	1	this	this	PRON
esutjss-206	165	2	indicates	indicate	VERB
esutjss-206	165	3	that	that	SCONJ
esutjss-206	165	4	while	while	SCONJ
esutjss-206	165	5	crude	crude	ADJ
esutjss-206	165	6	oil	oil	NOUN
esutjss-206	165	7	prices	price	NOUN
esutjss-206	165	8	quickly	quickly	ADV
esutjss-206	165	9	adjust	adjust	VERB
esutjss-206	165	10	to	to	ADP
esutjss-206	165	11	shocks	shock	NOUN
esutjss-206	165	12	,	,	PUNCT
esutjss-206	165	13	the	the	DET
esutjss-206	165	14	exchange	exchange	NOUN
esutjss-206	165	15	rate	rate	NOUN
esutjss-206	165	16	takes	take	VERB
esutjss-206	165	17	longer	long	ADV
esutjss-206	165	18	,	,	PUNCT
esutjss-206	165	19	suggesting	suggest	VERB
esutjss-206	165	20	potential	potential	ADJ
esutjss-206	165	21	opportunities	opportunity	NOUN
esutjss-206	165	22	for	for	ADP
esutjss-206	165	23	policy	policy	NOUN
esutjss-206	165	24	interventions	intervention	NOUN
esutjss-206	165	25	to	to	PART
esutjss-206	165	26	stabilize	stabilize	VERB
esutjss-206	165	27	the	the	DET
esutjss-206	165	28	exchange	exchange	NOUN
esutjss-206	165	29	rate	rate	NOUN
esutjss-206	165	30	.	.	PUNCT
esutjss-206	166	1	5.5	5.5	NUM
esutjss-206	166	2	.	.	PUNCT
esutjss-206	167	1	policy	policy	NOUN
esutjss-206	167	2	recommendations	recommendation	NOUN
esutjss-206	167	3	:	:	PUNCT
esutjss-206	167	4	from	from	ADP
esutjss-206	167	5	the	the	DET
esutjss-206	167	6	foregoing	foregoing	NOUN
esutjss-206	167	7	,	,	PUNCT
esutjss-206	167	8	we	we	PRON
esutjss-206	167	9	recommend	recommend	VERB
esutjss-206	167	10	the	the	DET
esutjss-206	167	11	following	follow	VERB
esutjss-206	167	12	actions	action	NOUN
esutjss-206	167	13	to	to	PART
esutjss-206	167	14	help	help	VERB
esutjss-206	167	15	stabilize	stabilize	VERB
esutjss-206	167	16	the	the	DET
esutjss-206	167	17	naira	naira	NOUN
esutjss-206	167	18	.	.	PUNCT
esutjss-206	168	1	diversification	diversification	NOUN
esutjss-206	168	2	:	:	PUNCT
esutjss-206	168	3	reducing	reduce	VERB
esutjss-206	168	4	the	the	DET
esutjss-206	168	5	economy	economy	NOUN
esutjss-206	168	6	's	's	PART
esutjss-206	168	7	dependence	dependence	NOUN
esutjss-206	168	8	on	on	ADP
esutjss-206	168	9	oil	oil	NOUN
esutjss-206	168	10	by	by	ADP
esutjss-206	168	11	diversifying	diversify	VERB
esutjss-206	168	12	into	into	ADP
esutjss-206	168	13	other	other	ADJ
esutjss-206	168	14	sectors	sector	NOUN
esutjss-206	168	15	could	could	AUX
esutjss-206	168	16	stabilize	stabilize	VERB
esutjss-206	168	17	foreign	foreign	ADJ
esutjss-206	168	18	exchange	exchange	NOUN
esutjss-206	168	19	earnings	earning	NOUN
esutjss-206	168	20	and	and	CCONJ
esutjss-206	168	21	the	the	DET
esutjss-206	168	22	exchange	exchange	NOUN
esutjss-206	168	23	rate	rate	NOUN
esutjss-206	168	24	.	.	PUNCT
esutjss-206	169	1	implementing	implement	VERB
esutjss-206	169	2	effective	effective	ADJ
esutjss-206	169	3	foreign	foreign	ADJ
esutjss-206	169	4	exchange	exchange	NOUN
esutjss-206	169	5	policies	policy	NOUN
esutjss-206	169	6	and	and	CCONJ
esutjss-206	169	7	maintaining	maintain	VERB
esutjss-206	169	8	adequate	adequate	ADJ
esutjss-206	169	9	foreign	foreign	ADJ
esutjss-206	169	10	reserves	reserve	NOUN
esutjss-206	169	11	can	can	AUX
esutjss-206	169	12	help	help	VERB
esutjss-206	169	13	buffer	buffer	VERB
esutjss-206	169	14	against	against	ADP
esutjss-206	169	15	external	external	ADJ
esutjss-206	169	16	shocks	shock	NOUN
esutjss-206	169	17	.	.	PUNCT
esutjss-206	170	1	finally	finally	ADV
esutjss-206	170	2	,	,	PUNCT
esutjss-206	170	3	structural	structural	ADJ
esutjss-206	170	4	reforms	reform	NOUN
esutjss-206	170	5	to	to	PART
esutjss-206	170	6	improve	improve	VERB
esutjss-206	170	7	economic	economic	ADJ
esutjss-206	170	8	fundamentals	fundamental	NOUN
esutjss-206	170	9	and	and	CCONJ
esutjss-206	170	10	investor	investor	NOUN
esutjss-206	170	11	confidence	confidence	NOUN
esutjss-206	170	12	can	can	AUX
esutjss-206	170	13	lead	lead	VERB
esutjss-206	170	14	to	to	ADP
esutjss-206	170	15	a	a	DET
esutjss-206	170	16	more	more	ADV
esutjss-206	170	17	stable	stable	ADJ
esutjss-206	170	18	exchange	exchange	NOUN
esutjss-206	170	19	rate	rate	NOUN
esutjss-206	170	20	environment	environment	NOUN
esutjss-206	170	21	.	.	PUNCT
esutjss-206	171	1	6	6	X
esutjss-206	171	2	.	.	X
esutjss-206	171	3	conclusion	conclusion	NOUN
esutjss-206	171	4	:	:	PUNCT
esutjss-206	171	5	this	this	DET
esutjss-206	171	6	study	study	NOUN
esutjss-206	171	7	has	have	AUX
esutjss-206	171	8	employed	employ	VERB
esutjss-206	171	9	a	a	DET
esutjss-206	171	10	vector	vector	NOUN
esutjss-206	171	11	error	error	NOUN
esutjss-206	171	12	correction	correction	NOUN
esutjss-206	171	13	model	model	NOUN
esutjss-206	171	14	(	(	PUNCT
esutjss-206	171	15	vecm	vecm	NOUN
esutjss-206	171	16	)	)	PUNCT
esutjss-206	171	17	to	to	PART
esutjss-206	171	18	investigate	investigate	VERB
esutjss-206	171	19	the	the	DET
esutjss-206	171	20	impact	impact	NOUN
esutjss-206	171	21	of	of	ADP
esutjss-206	171	22	crude	crude	ADJ
esutjss-206	171	23	oil	oil	NOUN
esutjss-206	171	24	prices	price	NOUN
esutjss-206	171	25	and	and	CCONJ
esutjss-206	171	26	global	global	ADJ
esutjss-206	171	27	market	market	NOUN
esutjss-206	171	28	volatility	volatility	NOUN
esutjss-206	171	29	(	(	PUNCT
esutjss-206	171	30	proxied	proxie	VERB
esutjss-206	171	31	by	by	ADP
esutjss-206	171	32	s&p	s&p	PROPN
esutjss-206	171	33	500	500	NUM
esutjss-206	171	34	)	)	PUNCT
esutjss-206	171	35	on	on	ADP
esutjss-206	171	36	the	the	DET
esutjss-206	171	37	usd	usd	PROPN
esutjss-206	171	38	-	-	PUNCT
esutjss-206	171	39	ngn	ngn	PROPN
esutjss-206	171	40	exchange	exchange	NOUN
esutjss-206	171	41	rate	rate	NOUN
esutjss-206	171	42	.	.	PUNCT
esutjss-206	172	1	the	the	DET
esutjss-206	172	2	results	result	NOUN
esutjss-206	172	3	indicate	indicate	VERB
esutjss-206	172	4	that	that	SCONJ
esutjss-206	172	5	there	there	PRON
esutjss-206	172	6	is	be	VERB
esutjss-206	172	7	a	a	DET
esutjss-206	172	8	significant	significant	ADJ
esutjss-206	172	9	long	long	ADJ
esutjss-206	172	10	-	-	PUNCT
esutjss-206	172	11	run	run	NOUN
esutjss-206	172	12	relationship	relationship	NOUN
esutjss-206	172	13	between	between	ADP
esutjss-206	172	14	the	the	DET
esutjss-206	172	15	variables	variable	NOUN
esutjss-206	172	16	,	,	PUNCT
esutjss-206	172	17	with	with	ADP
esutjss-206	172	18	crude	crude	ADJ
esutjss-206	172	19	oil	oil	NOUN
esutjss-206	172	20	prices	price	NOUN
esutjss-206	172	21	having	have	VERB
esutjss-206	172	22	a	a	DET
esutjss-206	172	23	negative	negative	ADJ
esutjss-206	172	24	impact	impact	NOUN
esutjss-206	172	25	on	on	ADP
esutjss-206	172	26	the	the	DET
esutjss-206	172	27	exchange	exchange	NOUN
esutjss-206	172	28	rate	rate	NOUN
esutjss-206	172	29	and	and	CCONJ
esutjss-206	172	30	global	global	ADJ
esutjss-206	172	31	market	market	NOUN
esutjss-206	172	32	volatility	volatility	NOUN
esutjss-206	172	33	having	have	VERB
esutjss-206	172	34	a	a	DET
esutjss-206	172	35	positive	positive	ADJ
esutjss-206	172	36	impact	impact	NOUN
esutjss-206	172	37	.	.	PUNCT
esutjss-206	173	1	the	the	DET
esutjss-206	173	2	study	study	NOUN
esutjss-206	173	3	also	also	ADV
esutjss-206	173	4	found	find	VERB
esutjss-206	173	5	that	that	SCONJ
esutjss-206	173	6	the	the	DET
esutjss-206	173	7	usd	usd	PROPN
esutjss-206	173	8	-	-	PUNCT
esutjss-206	173	9	ngn	ngn	PROPN
esutjss-206	173	10	exchange	exchange	NOUN
esutjss-206	173	11	rate	rate	NOUN
esutjss-206	173	12	became	become	VERB
esutjss-206	173	13	very	very	ADV
esutjss-206	173	14	volatile	volatile	ADJ
esutjss-206	173	15	around	around	ADP
esutjss-206	173	16	mid	mid	PROPN
esutjss-206	173	17	2023	2023	NUM
esutjss-206	173	18	and	and	CCONJ
esutjss-206	173	19	this	this	PRON
esutjss-206	173	20	could	could	AUX
esutjss-206	173	21	be	be	AUX
esutjss-206	173	22	influenced	influence	VERB
esutjss-206	173	23	by	by	ADP
esutjss-206	173	24	a	a	DET
esutjss-206	173	25	variety	variety	NOUN
esutjss-206	173	26	of	of	ADP
esutjss-206	173	27	factors	factor	NOUN
esutjss-206	173	28	,	,	PUNCT
esutjss-206	173	29	including	include	VERB
esutjss-206	173	30	removal	removal	NOUN
esutjss-206	173	31	of	of	ADP
esutjss-206	173	32	fuel	fuel	NOUN
esutjss-206	173	33	subsidy	subsidy	NOUN
esutjss-206	173	34	and	and	CCONJ
esutjss-206	173	35	the	the	DET
esutjss-206	173	36	floating	float	VERB
esutjss-206	173	37	of	of	ADP
esutjss-206	173	38	the	the	DET
esutjss-206	173	39	naira	naira	NOUN
esutjss-206	173	40	,	,	PUNCT
esutjss-206	173	41	crude	crude	ADJ
esutjss-206	173	42	oil	oil	NOUN
esutjss-206	173	43	prices	price	NOUN
esutjss-206	173	44	.	.	PUNCT
esutjss-206	174	1	the	the	DET
esutjss-206	174	2	results	result	NOUN
esutjss-206	174	3	of	of	ADP
esutjss-206	174	4	the	the	DET
esutjss-206	174	5	vecm	vecm	NOUN
esutjss-206	174	6	model	model	NOUN
esutjss-206	174	7	suggest	suggest	VERB
esutjss-206	174	8	that	that	SCONJ
esutjss-206	174	9	the	the	DET
esutjss-206	174	10	exchange	exchange	NOUN
esutjss-206	174	11	rate	rate	NOUN
esutjss-206	174	12	is	be	AUX
esutjss-206	174	13	highly	highly	ADV
esutjss-206	174	14	sensitive	sensitive	ADJ
esutjss-206	174	15	to	to	ADP
esutjss-206	174	16	changes	change	NOUN
esutjss-206	174	17	in	in	ADP
esutjss-206	174	18	crude	crude	ADJ
esutjss-206	174	19	oil	oil	NOUN
esutjss-206	174	20	prices	price	NOUN
esutjss-206	174	21	and	and	CCONJ
esutjss-206	174	22	global	global	ADJ
esutjss-206	174	23	market	market	NOUN
esutjss-206	174	24	volatility	volatility	NOUN
esutjss-206	174	25	,	,	PUNCT
esutjss-206	174	26	and	and	CCONJ
esutjss-206	174	27	that	that	SCONJ
esutjss-206	174	28	these	these	DET
esutjss-206	174	29	factors	factor	NOUN
esutjss-206	174	30	have	have	VERB
esutjss-206	174	31	a	a	DET
esutjss-206	174	32	significant	significant	ADJ
esutjss-206	174	33	impact	impact	NOUN
esutjss-206	174	34	on	on	ADP
esutjss-206	174	35	the	the	DET
esutjss-206	174	36	exchange	exchange	NOUN
esutjss-206	174	37	rate	rate	NOUN
esutjss-206	174	38	in	in	ADP
esutjss-206	174	39	both	both	CCONJ
esutjss-206	174	40	the	the	DET
esutjss-206	174	41	short	short	ADJ
esutjss-206	174	42	and	and	CCONJ
esutjss-206	174	43	long	long	ADJ
esutjss-206	174	44	term	term	NOUN
esutjss-206	174	45	.	.	PUNCT
esutjss-206	175	1	the	the	DET
esutjss-206	175	2	study	study	NOUN
esutjss-206	175	3	's	's	PART
esutjss-206	175	4	findings	finding	NOUN
esutjss-206	175	5	have	have	VERB
esutjss-206	175	6	important	important	ADJ
esutjss-206	175	7	implications	implication	NOUN
esutjss-206	175	8	for	for	ADP
esutjss-206	175	9	policymakers	policymaker	NOUN
esutjss-206	175	10	in	in	ADP
esutjss-206	175	11	nigeria	nigeria	PROPN
esutjss-206	175	12	,	,	PUNCT
esutjss-206	175	13	who	who	PRON
esutjss-206	175	14	must	must	AUX
esutjss-206	175	15	navigate	navigate	VERB
esutjss-206	175	16	the	the	DET
esutjss-206	175	17	challenges	challenge	NOUN
esutjss-206	175	18	of	of	ADP
esutjss-206	175	19	managing	manage	VERB
esutjss-206	175	20	the	the	DET
esutjss-206	175	21	exchange	exchange	NOUN
esutjss-206	175	22	rate	rate	NOUN
esutjss-206	175	23	in	in	ADP
esutjss-206	175	24	a	a	DET
esutjss-206	175	25	highly	highly	ADV
esutjss-206	175	26	volatile	volatile	ADJ
esutjss-206	175	27	global	global	ADJ
esutjss-206	175	28	economy	economy	NOUN
esutjss-206	175	29	.	.	PUNCT
esutjss-206	176	1	the	the	DET
esutjss-206	176	2	results	result	NOUN
esutjss-206	176	3	suggest	suggest	VERB
esutjss-206	176	4	that	that	SCONJ
esutjss-206	176	5	policymakers	policymaker	NOUN
esutjss-206	176	6	should	should	AUX
esutjss-206	176	7	focus	focus	VERB
esutjss-206	176	8	on	on	ADP
esutjss-206	176	9	implementing	implement	VERB
esutjss-206	176	10	effective	effective	ADJ
esutjss-206	176	11	monetary	monetary	ADJ
esutjss-206	176	12	policy	policy	NOUN
esutjss-206	176	13	and	and	CCONJ
esutjss-206	176	14	economic	economic	ADJ
esutjss-206	176	15	reforms	reform	NOUN
esutjss-206	176	16	to	to	PART
esutjss-206	176	17	promote	promote	VERB
esutjss-206	176	18	economic	economic	ADJ
esutjss-206	176	19	growth	growth	NOUN
esutjss-206	176	20	and	and	CCONJ
esutjss-206	176	21	stability	stability	NOUN
esutjss-206	176	22	.	.	PUNCT
esutjss-206	177	1	181	181	NUM
esutjss-206	177	2	references	reference	NOUN
esutjss-206	177	3	akpan	akpan	NOUN
esutjss-206	177	4	,	,	PUNCT
esutjss-206	177	5	u.	u.	PROPN
esutjss-206	177	6	(	(	PUNCT
esutjss-206	177	7	2018	2018	NUM
esutjss-206	177	8	)	)	PUNCT
esutjss-206	177	9	.	.	PUNCT
esutjss-206	178	1	the	the	DET
esutjss-206	178	2	impact	impact	NOUN
esutjss-206	178	3	of	of	ADP
esutjss-206	178	4	crude	crude	ADJ
esutjss-206	178	5	oil	oil	NOUN
esutjss-206	178	6	prices	price	NOUN
esutjss-206	178	7	on	on	ADP
esutjss-206	178	8	the	the	DET
esutjss-206	178	9	usd	usd	PROPN
esutjss-206	178	10	-	-	PUNCT
esutjss-206	178	11	ngn	ngn	PROPN
esutjss-206	178	12	exchange	exchange	NOUN
esutjss-206	178	13	rate	rate	NOUN
esutjss-206	178	14	.	.	PUNCT
esutjss-206	179	1	journal	journal	PROPN
esutjss-206	179	2	of	of	ADP
esutjss-206	179	3	economics	economic	NOUN
esutjss-206	179	4	and	and	CCONJ
esutjss-206	179	5	finance	finance	NOUN
esutjss-206	179	6	,	,	PUNCT
esutjss-206	179	7	42(2	42(2	PROPN
esutjss-206	179	8	)	)	PUNCT
esutjss-206	179	9	,	,	PUNCT
esutjss-206	179	10	1	1	NUM
esutjss-206	179	11	-	-	SYM
esutjss-206	179	12	12	12	NUM
esutjss-206	179	13	.	.	PUNCT
esutjss-206	180	1	adebiyi	adebiyi	NOUN
esutjss-206	180	2	,	,	PUNCT
esutjss-206	180	3	a.	a.	NOUN
esutjss-206	180	4	(	(	PUNCT
esutjss-206	180	5	2020	2020	NUM
esutjss-206	180	6	)	)	PUNCT
esutjss-206	180	7	.	.	PUNCT
esutjss-206	181	1	the	the	DET
esutjss-206	181	2	impact	impact	NOUN
esutjss-206	181	3	of	of	ADP
esutjss-206	181	4	global	global	ADJ
esutjss-206	181	5	market	market	NOUN
esutjss-206	181	6	volatility	volatility	NOUN
esutjss-206	181	7	on	on	ADP
esutjss-206	181	8	the	the	DET
esutjss-206	181	9	usd	usd	PROPN
esutjss-206	181	10	-	-	PUNCT
esutjss-206	181	11	ngn	ngn	PROPN
esutjss-206	181	12	exchange	exchange	NOUN
esutjss-206	181	13	rate	rate	NOUN
esutjss-206	181	14	.	.	PUNCT
esutjss-206	182	1	journal	journal	NOUN
esutjss-206	182	2	of	of	ADP
esutjss-206	182	3	financial	financial	ADJ
esutjss-206	182	4	markets	market	NOUN
esutjss-206	182	5	,	,	PUNCT
esutjss-206	182	6	51	51	NUM
esutjss-206	182	7	,	,	PUNCT
esutjss-206	182	8	1	1	NUM
esutjss-206	182	9	-	-	SYM
esutjss-206	182	10	12	12	NUM
esutjss-206	182	11	.	.	PUNCT
esutjss-206	183	1	adesanya	adesanya	PROPN
esutjss-206	183	2	,	,	PUNCT
esutjss-206	184	1	o.	o.	INTJ
esutjss-206	184	2	(	(	PUNCT
esutjss-206	184	3	2019	2019	NUM
esutjss-206	184	4	)	)	PUNCT
esutjss-206	184	5	.	.	PUNCT
esutjss-206	185	1	the	the	DET
esutjss-206	185	2	interplay	interplay	NOUN
esutjss-206	185	3	between	between	ADP
esutjss-206	185	4	crude	crude	ADJ
esutjss-206	185	5	oil	oil	NOUN
esutjss-206	185	6	prices	price	NOUN
esutjss-206	185	7	and	and	CCONJ
esutjss-206	185	8	global	global	ADJ
esutjss-206	185	9	market	market	NOUN
esutjss-206	185	10	volatility	volatility	NOUN
esutjss-206	185	11	:	:	PUNCT
esutjss-206	185	12	implications	implication	NOUN
esutjss-206	185	13	for	for	ADP
esutjss-206	185	14	the	the	DET
esutjss-206	185	15	usd	usd	ADJ
esutjss-206	185	16	-	-	PUNCT
esutjss-206	185	17	ngn	ngn	PROPN
esutjss-206	185	18	exchange	exchange	NOUN
esutjss-206	185	19	rate	rate	NOUN
esutjss-206	185	20	.	.	PUNCT
esutjss-206	186	1	journal	journal	PROPN
esutjss-206	186	2	of	of	ADP
esutjss-206	186	3	economics	economic	NOUN
esutjss-206	186	4	and	and	CCONJ
esutjss-206	186	5	finance	finance	NOUN
esutjss-206	186	6	,	,	PUNCT
esutjss-206	186	7	43(1	43(1	NOUN
esutjss-206	186	8	)	)	PUNCT
esutjss-206	186	9	,	,	PUNCT
esutjss-206	186	10	1	1	NUM
esutjss-206	186	11	-	-	SYM
esutjss-206	186	12	12	12	NUM
esutjss-206	186	13	.	.	PUNCT
esutjss-206	187	1	ajala	ajala	NOUN
esutjss-206	187	2	,	,	PUNCT
esutjss-206	187	3	k.	k.	PROPN
esutjss-206	187	4	,	,	PUNCT
esutjss-206	187	5	sakanko	sakanko	PROPN
esutjss-206	187	6	,	,	PUNCT
esutjss-206	187	7	m.	m.	NOUN
esutjss-206	187	8	a.	a.	PROPN
esutjss-206	187	9	,	,	PUNCT
esutjss-206	187	10	&	&	CCONJ
esutjss-206	187	11	adeniji	adeniji	PROPN
esutjss-206	187	12	,	,	PUNCT
esutjss-206	187	13	s.	s.	PROPN
esutjss-206	187	14	o.	o.	PROPN
esutjss-206	187	15	(	(	PUNCT
esutjss-206	187	16	2021	2021	NUM
esutjss-206	187	17	)	)	PUNCT
esutjss-206	187	18	.	.	PUNCT
esutjss-206	188	1	the	the	DET
esutjss-206	188	2	asymmetric	asymmetric	ADJ
esutjss-206	188	3	effect	effect	NOUN
esutjss-206	188	4	of	of	ADP
esutjss-206	188	5	oil	oil	NOUN
esutjss-206	188	6	price	price	NOUN
esutjss-206	188	7	on	on	ADP
esutjss-206	188	8	the	the	DET
esutjss-206	188	9	exchange	exchange	NOUN
esutjss-206	188	10	rate	rate	NOUN
esutjss-206	188	11	and	and	CCONJ
esutjss-206	188	12	stock	stock	NOUN
esutjss-206	188	13	price	price	NOUN
esutjss-206	188	14	in	in	ADP
esutjss-206	188	15	nigeria	nigeria	PROPN
esutjss-206	188	16	.	.	PUNCT
esutjss-206	189	1	international	international	ADJ
esutjss-206	189	2	journal	journal	PROPN
esutjss-206	189	3	of	of	ADP
esutjss-206	189	4	energy	energy	NOUN
esutjss-206	189	5	economics	economic	NOUN
esutjss-206	189	6	and	and	CCONJ
esutjss-206	189	7	policy	policy	NOUN
esutjss-206	189	8	,	,	PUNCT
esutjss-206	189	9	11(4	11(4	NUM
esutjss-206	189	10	)	)	PUNCT
esutjss-206	189	11	,	,	PUNCT
esutjss-206	189	12	202	202	NUM
esutjss-206	189	13	-	-	SYM
esutjss-206	189	14	208	208	NUM
esutjss-206	189	15	.	.	PUNCT
esutjss-206	189	16	olayeni	olayeni	NOUN
esutjss-206	189	17	,	,	PUNCT
esutjss-206	189	18	o.	o.	PROPN
esutjss-206	189	19	r.	r.	PROPN
esutjss-206	189	20	,	,	PUNCT
esutjss-206	189	21	tiwari	tiwari	PROPN
esutjss-206	189	22	,	,	PUNCT
esutjss-206	189	23	a.	a.	PROPN
esutjss-206	189	24	k.	k.	PROPN
esutjss-206	189	25	,	,	PUNCT
esutjss-206	189	26	&	&	CCONJ
esutjss-206	189	27	wohar	wohar	PROPN
esutjss-206	189	28	,	,	PUNCT
esutjss-206	189	29	m.	m.	PROPN
esutjss-206	189	30	e.	e.	PROPN
esutjss-206	189	31	(	(	PUNCT
esutjss-206	189	32	2020	2020	NUM
esutjss-206	189	33	)	)	PUNCT
esutjss-206	189	34	.	.	PUNCT
esutjss-206	190	1	global	global	ADJ
esutjss-206	190	2	economic	economic	ADJ
esutjss-206	190	3	activity	activity	NOUN
esutjss-206	190	4	,	,	PUNCT
esutjss-206	190	5	crude	crude	ADJ
esutjss-206	190	6	oil	oil	NOUN
esutjss-206	190	7	price	price	NOUN
esutjss-206	190	8	and	and	CCONJ
esutjss-206	190	9	production	production	NOUN
esutjss-206	190	10	,	,	PUNCT
esutjss-206	190	11	stock	stock	NOUN
esutjss-206	190	12	market	market	NOUN
esutjss-206	190	13	behaviour	behaviour	NOUN
esutjss-206	190	14	and	and	CCONJ
esutjss-206	190	15	the	the	DET
esutjss-206	190	16	nigeria	nigeria	PROPN
esutjss-206	190	17	-	-	PUNCT
esutjss-206	190	18	us	us	PROPN
esutjss-206	190	19	exchange	exchange	NOUN
esutjss-206	190	20	rate	rate	NOUN
esutjss-206	190	21	.	.	PUNCT
esutjss-206	191	1	energy	energy	NOUN
esutjss-206	191	2	economics	economic	NOUN
esutjss-206	191	3	,	,	PUNCT
esutjss-206	191	4	92	92	NUM
esutjss-206	191	5	,	,	PUNCT
esutjss-206	191	6	104938	104938	NUM
esutjss-206	191	7	.	.	PUNCT
esutjss-206	192	1	okere	okere	PROPN
esutjss-206	192	2	,	,	PUNCT
esutjss-206	192	3	k.	k.	PROPN
esutjss-206	192	4	i.	i.	PROPN
esutjss-206	192	5	,	,	PUNCT
esutjss-206	192	6	muoneke	muoneke	NOUN
esutjss-206	192	7	,	,	PUNCT
esutjss-206	192	8	o.	o.	PROPN
esutjss-206	192	9	b.	b.	PROPN
esutjss-206	192	10	,	,	PUNCT
esutjss-206	192	11	&	&	CCONJ
esutjss-206	192	12	onuoha	onuoha	PROPN
esutjss-206	192	13	,	,	PUNCT
esutjss-206	192	14	f.	f.	PROPN
esutjss-206	192	15	c.	c.	PROPN
esutjss-206	192	16	(	(	PUNCT
esutjss-206	192	17	2021	2021	NUM
esutjss-206	192	18	)	)	PUNCT
esutjss-206	192	19	.	.	PUNCT
esutjss-206	193	1	symmetric	symmetric	ADJ
esutjss-206	193	2	and	and	CCONJ
esutjss-206	193	3	asymmetric	asymmetric	ADJ
esutjss-206	193	4	effects	effect	NOUN
esutjss-206	193	5	of	of	ADP
esutjss-206	193	6	crude	crude	ADJ
esutjss-206	193	7	oil	oil	NOUN
esutjss-206	193	8	price	price	NOUN
esutjss-206	193	9	and	and	CCONJ
esutjss-206	193	10	exchange	exchange	NOUN
esutjss-206	193	11	rate	rate	NOUN
esutjss-206	193	12	on	on	ADP
esutjss-206	193	13	stock	stock	NOUN
esutjss-206	193	14	market	market	NOUN
esutjss-206	193	15	performance	performance	NOUN
esutjss-206	193	16	in	in	ADP
esutjss-206	193	17	nigeria	nigeria	PROPN
esutjss-206	193	18	:	:	PUNCT
esutjss-206	193	19	evidence	evidence	NOUN
esutjss-206	193	20	from	from	ADP
esutjss-206	193	21	multiple	multiple	ADJ
esutjss-206	193	22	structural	structural	ADJ
esutjss-206	193	23	break	break	NOUN
esutjss-206	193	24	and	and	CCONJ
esutjss-206	193	25	nardl	nardl	NOUN
esutjss-206	193	26	analysis	analysis	NOUN
esutjss-206	193	27	.	.	PUNCT
esutjss-206	194	1	the	the	DET
esutjss-206	194	2	journal	journal	NOUN
esutjss-206	194	3	of	of	ADP
esutjss-206	194	4	international	international	PROPN
esutjss-206	194	5	trade	trade	PROPN
esutjss-206	194	6	&	&	CCONJ
esutjss-206	194	7	economic	economic	ADJ
esutjss-206	194	8	development	development	NOUN
esutjss-206	194	9	,	,	PUNCT
esutjss-206	194	10	30(6	30(6	NUM
esutjss-206	194	11	)	)	PUNCT
esutjss-206	194	12	,	,	PUNCT
esutjss-206	194	13	930	930	NUM
esutjss-206	194	14	-	-	SYM
esutjss-206	194	15	956	956	NUM
esutjss-206	194	16	.	.	PUNCT
esutjss-206	194	17	ojo	ojo	NOUN
esutjss-206	194	18	,	,	PUNCT
esutjss-206	194	19	o.	o.	INTJ
esutjss-206	194	20	(	(	PUNCT
esutjss-206	194	21	2020	2020	NUM
esutjss-206	194	22	)	)	PUNCT
esutjss-206	194	23	.	.	PUNCT
esutjss-206	195	1	the	the	DET
esutjss-206	195	2	relationship	relationship	NOUN
esutjss-206	195	3	between	between	ADP
esutjss-206	195	4	global	global	ADJ
esutjss-206	195	5	market	market	NOUN
esutjss-206	195	6	volatility	volatility	NOUN
esutjss-206	195	7	and	and	CCONJ
esutjss-206	195	8	the	the	DET
esutjss-206	195	9	usd	usd	PROPN
esutjss-206	195	10	-	-	PUNCT
esutjss-206	195	11	ngn	ngn	PROPN
esutjss-206	195	12	exchange	exchange	NOUN
esutjss-206	195	13	rate	rate	NOUN
esutjss-206	195	14	.	.	PUNCT
esutjss-206	196	1	journal	journal	PROPN
esutjss-206	196	2	of	of	ADP
esutjss-206	196	3	international	international	ADJ
esutjss-206	196	4	money	money	NOUN
esutjss-206	196	5	and	and	CCONJ
esutjss-206	196	6	finance	finance	NOUN
esutjss-206	196	7	,	,	PUNCT
esutjss-206	196	8	102	102	NUM
esutjss-206	196	9	,	,	PUNCT
esutjss-206	196	10	1	1	NUM
esutjss-206	196	11	-	-	SYM
esutjss-206	196	12	12	12	NUM
esutjss-206	196	13	.	.	PUNCT
esutjss-206	197	1	ogunleye	ogunleye	ADJ
esutjss-206	197	2	,	,	PUNCT
esutjss-206	197	3	o.	o.	NOUN
esutjss-206	197	4	(	(	PUNCT
esutjss-206	197	5	2019	2019	NUM
esutjss-206	197	6	)	)	PUNCT
esutjss-206	197	7	.	.	PUNCT
esutjss-206	198	1	the	the	DET
esutjss-206	198	2	relationship	relationship	NOUN
esutjss-206	198	3	between	between	ADP
esutjss-206	198	4	crude	crude	ADJ
esutjss-206	198	5	oil	oil	NOUN
esutjss-206	198	6	prices	price	NOUN
esutjss-206	198	7	and	and	CCONJ
esutjss-206	198	8	the	the	DET
esutjss-206	198	9	usd	usd	PROPN
esutjss-206	198	10	-	-	PUNCT
esutjss-206	198	11	ngn	ngn	PROPN
esutjss-206	198	12	exchange	exchange	NOUN
esutjss-206	198	13	rate	rate	NOUN
esutjss-206	198	14	.	.	PUNCT
esutjss-206	199	1	journal	journal	PROPN
esutjss-206	199	2	of	of	ADP
esutjss-206	199	3	international	international	ADJ
esutjss-206	199	4	finance	finance	NOUN
esutjss-206	199	5	and	and	CCONJ
esutjss-206	199	6	economics	economic	NOUN
esutjss-206	199	7	,	,	PUNCT
esutjss-206	199	8	19(1	19(1	NUM
esutjss-206	199	9	)	)	PUNCT
esutjss-206	199	10	,	,	PUNCT
esutjss-206	199	11	1	1	NUM
esutjss-206	199	12	-	-	SYM
esutjss-206	199	13	10	10	NUM
esutjss-206	199	14	.	.	PUNCT
esutjss-206	200	1	joo	joo	PROPN
esutjss-206	200	2	,	,	PUNCT
esutjss-206	200	3	k.	k.	PROPN
esutjss-206	200	4	,	,	PUNCT
esutjss-206	200	5	suh	suh	PROPN
esutjss-206	200	6	,	,	PUNCT
esutjss-206	200	7	j.	j.	PROPN
esutjss-206	200	8	h.	h.	PROPN
esutjss-206	200	9	,	,	PUNCT
esutjss-206	200	10	lee	lee	PROPN
esutjss-206	200	11	,	,	PUNCT
esutjss-206	200	12	d.	d.	PROPN
esutjss-206	200	13	,	,	PUNCT
esutjss-206	200	14	&	&	CCONJ
esutjss-206	200	15	ahn	ahn	PROPN
esutjss-206	200	16	,	,	PUNCT
esutjss-206	200	17	k.	k.	PROPN
esutjss-206	200	18	(	(	PUNCT
esutjss-206	200	19	2020	2020	NUM
esutjss-206	200	20	)	)	PUNCT
esutjss-206	200	21	.	.	PUNCT
esutjss-206	201	1	impact	impact	NOUN
esutjss-206	201	2	of	of	ADP
esutjss-206	201	3	the	the	DET
esutjss-206	201	4	global	global	ADJ
esutjss-206	201	5	financial	financial	ADJ
esutjss-206	201	6	crisis	crisis	NOUN
esutjss-206	201	7	on	on	ADP
esutjss-206	201	8	the	the	DET
esutjss-206	201	9	crude	crude	ADJ
esutjss-206	201	10	oil	oil	NOUN
esutjss-206	201	11	market	market	NOUN
esutjss-206	201	12	.	.	PUNCT
esutjss-206	202	1	energy	energy	NOUN
esutjss-206	202	2	strategy	strategy	NOUN
esutjss-206	202	3	reviews	review	NOUN
esutjss-206	202	4	,	,	PUNCT
esutjss-206	202	5	30	30	NUM
esutjss-206	202	6	,	,	PUNCT
esutjss-206	202	7	100516	100516	NUM
esutjss-206	202	8	.	.	PUNCT
esutjss-206	203	1	junior	junior	PROPN
esutjss-206	203	2	,	,	PUNCT
esutjss-206	203	3	p.	p.	PROPN
esutjss-206	203	4	o.	o.	PROPN
esutjss-206	203	5	,	,	PUNCT
esutjss-206	203	6	&	&	CCONJ
esutjss-206	203	7	tweneboah	tweneboah	PROPN
esutjss-206	203	8	,	,	PUNCT
esutjss-206	203	9	g.	g.	PROPN
esutjss-206	203	10	(	(	PUNCT
esutjss-206	203	11	2020	2020	NUM
esutjss-206	203	12	)	)	PUNCT
esutjss-206	203	13	.	.	PUNCT
esutjss-206	204	1	are	be	AUX
esutjss-206	204	2	there	there	PRON
esutjss-206	204	3	asymmetric	asymmetric	ADJ
esutjss-206	204	4	linkages	linkage	NOUN
esutjss-206	204	5	between	between	ADP
esutjss-206	204	6	african	african	ADJ
esutjss-206	204	7	stocks	stock	NOUN
esutjss-206	204	8	and	and	CCONJ
esutjss-206	204	9	exchange	exchange	NOUN
esutjss-206	204	10	rates	rate	NOUN
esutjss-206	204	11	?	?	PUNCT
esutjss-206	204	12	.	.	PUNCT
esutjss-206	205	1	research	research	NOUN
esutjss-206	205	2	in	in	ADP
esutjss-206	205	3	international	international	ADJ
esutjss-206	205	4	business	business	NOUN
esutjss-206	205	5	and	and	CCONJ
esutjss-206	205	6	finance	finance	NOUN
esutjss-206	205	7	,	,	PUNCT
esutjss-206	205	8	54	54	NUM
esutjss-206	205	9	,	,	PUNCT
esutjss-206	205	10	101245	101245	NUM
esutjss-206	205	11	.	.	PUNCT
esutjss-206	206	1	koijen	koijen	PROPN
esutjss-206	206	2	,	,	PUNCT
esutjss-206	206	3	r.	r.	PROPN
esutjss-206	206	4	s.	s.	PROPN
esutjss-206	206	5	,	,	PUNCT
esutjss-206	206	6	&	&	CCONJ
esutjss-206	206	7	yogo	yogo	PROPN
esutjss-206	206	8	,	,	PUNCT
esutjss-206	206	9	m.	m.	NOUN
esutjss-206	206	10	(	(	PUNCT
esutjss-206	206	11	2020	2020	NUM
esutjss-206	206	12	)	)	PUNCT
esutjss-206	206	13	.	.	PUNCT
esutjss-206	207	1	exchange	exchange	NOUN
esutjss-206	207	2	rates	rate	NOUN
esutjss-206	207	3	and	and	CCONJ
esutjss-206	207	4	asset	asset	NOUN
esutjss-206	207	5	prices	price	NOUN
esutjss-206	207	6	in	in	ADP
esutjss-206	207	7	a	a	DET
esutjss-206	207	8	global	global	ADJ
esutjss-206	207	9	demand	demand	NOUN
esutjss-206	207	10	system	system	NOUN
esutjss-206	207	11	(	(	PUNCT
esutjss-206	207	12	no	no	INTJ
esutjss-206	207	13	.	.	PUNCT
esutjss-206	207	14	w27342	w27342	NOUN
esutjss-206	207	15	)	)	PUNCT
esutjss-206	207	16	.	.	PUNCT
esutjss-206	208	1	national	national	PROPN
esutjss-206	208	2	bureau	bureau	PROPN
esutjss-206	208	3	of	of	ADP
esutjss-206	208	4	economic	economic	ADJ
esutjss-206	208	5	research	research	NOUN
esutjss-206	208	6	.	.	PUNCT
esutjss-206	209	1	saidi	saidi	PROPN
esutjss-206	209	2	,	,	PUNCT
esutjss-206	209	3	l.	l.	PROPN
esutjss-206	209	4	o.	o.	PROPN
esutjss-206	209	5	,	,	PUNCT
esutjss-206	209	6	aedy	aedy	PROPN
esutjss-206	209	7	,	,	PUNCT
esutjss-206	209	8	h.	h.	PROPN
esutjss-206	209	9	,	,	PUNCT
esutjss-206	209	10	saranani	saranani	PROPN
esutjss-206	209	11	,	,	PUNCT
esutjss-206	209	12	f.	f.	PROPN
esutjss-206	209	13	,	,	PUNCT
esutjss-206	209	14	rosnawintang	rosnawintang	PROPN
esutjss-206	209	15	,	,	PUNCT
esutjss-206	209	16	r.	r.	PROPN
esutjss-206	209	17	,	,	PUNCT
esutjss-206	209	18	adam	adam	PROPN
esutjss-206	209	19	,	,	PUNCT
esutjss-206	209	20	p.	p.	PROPN
esutjss-206	209	21	,	,	PUNCT
esutjss-206	209	22	&	&	CCONJ
esutjss-206	209	23	sani	sani	PROPN
esutjss-206	209	24	,	,	PUNCT
esutjss-206	209	25	l.	l.	PROPN
esutjss-206	209	26	o.	o.	PROPN
esutjss-206	209	27	a.	a.	PROPN
esutjss-206	209	28	(	(	PUNCT
esutjss-206	209	29	2020	2020	NUM
esutjss-206	209	30	)	)	PUNCT
esutjss-206	209	31	.	.	PUNCT
esutjss-206	210	1	crude	crude	ADJ
esutjss-206	210	2	oil	oil	NOUN
esutjss-206	210	3	price	price	NOUN
esutjss-206	210	4	and	and	CCONJ
esutjss-206	210	5	exchange	exchange	NOUN
esutjss-206	210	6	rate	rate	NOUN
esutjss-206	210	7	:	:	PUNCT
esutjss-206	210	8	an	an	DET
esutjss-206	210	9	analysis	analysis	NOUN
esutjss-206	210	10	of	of	ADP
esutjss-206	210	11	the	the	DET
esutjss-206	210	12	asymmetric	asymmetric	ADJ
esutjss-206	210	13	effect	effect	NOUN
esutjss-206	210	14	and	and	CCONJ
esutjss-206	210	15	volatility	volatility	NOUN
esutjss-206	210	16	using	use	VERB
esutjss-206	210	17	the	the	DET
esutjss-206	210	18	non	non	ADJ
esutjss-206	210	19	linear	linear	ADJ
esutjss-206	210	20	autoregressive	autoregressive	ADJ
esutjss-206	210	21	distributed	distribute	VERB
esutjss-206	210	22	lag	lag	NOUN
esutjss-206	210	23	and	and	CCONJ
esutjss-206	210	24	general	general	ADJ
esutjss-206	210	25	autoregressive	autoregressive	ADJ
esutjss-206	210	26	conditional	conditional	ADJ
esutjss-206	210	27	heterochedasticity	heterochedasticity	NOUN
esutjss-206	210	28	in	in	ADP
esutjss-206	210	29	mean	mean	ADJ
esutjss-206	210	30	models	model	NOUN
esutjss-206	210	31	.	.	PUNCT
esutjss-206	211	1	international	international	ADJ
esutjss-206	211	2	journal	journal	PROPN
esutjss-206	211	3	of	of	ADP
esutjss-206	211	4	energy	energy	NOUN
esutjss-206	211	5	economics	economic	NOUN
esutjss-206	211	6	and	and	CCONJ
esutjss-206	211	7	policy	policy	NOUN
esutjss-206	211	8	,	,	PUNCT
esutjss-206	211	9	10(1	10(1	NUM
esutjss-206	211	10	)	)	PUNCT
esutjss-206	211	11	,	,	PUNCT
esutjss-206	211	12	104	104	NUM
esutjss-206	211	13	-	-	SYM
esutjss-206	211	14	108	108	NUM
esutjss-206	211	15	.	.	PUNCT
esutjss-206	212	1	zhang	zhang	PROPN
esutjss-206	212	2	,	,	PUNCT
esutjss-206	212	3	w.	w.	PROPN
esutjss-206	212	4	,	,	PUNCT
esutjss-206	212	5	&	&	CCONJ
esutjss-206	212	6	hamori	hamori	PROPN
esutjss-206	212	7	,	,	PUNCT
esutjss-206	212	8	s.	s.	PROPN
esutjss-206	212	9	(	(	PUNCT
esutjss-206	212	10	2021	2021	NUM
esutjss-206	212	11	)	)	PUNCT
esutjss-206	212	12	.	.	PUNCT
esutjss-206	213	1	crude	crude	ADJ
esutjss-206	213	2	oil	oil	NOUN
esutjss-206	213	3	market	market	NOUN
esutjss-206	213	4	and	and	CCONJ
esutjss-206	213	5	stock	stock	NOUN
esutjss-206	213	6	markets	market	NOUN
esutjss-206	213	7	during	during	ADP
esutjss-206	213	8	the	the	DET
esutjss-206	213	9	covid19	covid19	NOUN
esutjss-206	213	10	pandemic	pandemic	ADJ
esutjss-206	213	11	:	:	PUNCT
esutjss-206	213	12	evidence	evidence	NOUN
esutjss-206	213	13	from	from	ADP
esutjss-206	213	14	the	the	DET
esutjss-206	213	15	us	us	PROPN
esutjss-206	213	16	,	,	PUNCT
esutjss-206	213	17	japan	japan	PROPN
esutjss-206	213	18	,	,	PUNCT
esutjss-206	213	19	and	and	CCONJ
esutjss-206	213	20	germany	germany	PROPN
esutjss-206	213	21	.	.	PUNCT
esutjss-206	214	1	international	international	ADJ
esutjss-206	214	2	review	review	NOUN
esutjss-206	214	3	of	of	ADP
esutjss-206	214	4	financial	financial	ADJ
esutjss-206	214	5	analysis	analysis	NOUN
esutjss-206	214	6	,	,	PUNCT
esutjss-206	214	7	74	74	NUM
esutjss-206	214	8	,	,	PUNCT
esutjss-206	214	9	101702	101702	NUM
esutjss-206	214	10	.	.	PUNCT
esutjss-206	215	1	page	page	NOUN
esutjss-206	215	2	7	7	NUM