id	sid	tid	token	lemma	pos
eistud-1090	1	1	european	european	ADJ
eistud-1090	1	2	integration	integration	NOUN
eistud-1090	1	3	studies	study	VERB
eistud-1090	1	4	2011.indd	2011.indd	NUM
eistud-1090	1	5	145	145	NUM
eistud-1090	1	6	issn	issn	PROPN
eistud-1090	1	7	1822–8402	1822–8402	NUM
eistud-1090	1	8	european	european	ADJ
eistud-1090	1	9	integration	integration	NOUN
eistud-1090	1	10	studies	study	NOUN
eistud-1090	1	11	.	.	PUNCT
eistud-1090	2	1	2011	2011	NUM
eistud-1090	2	2	.	.	PUNCT
eistud-1090	3	1	no	no	DET
eistud-1090	3	2	5	5	NUM
eistud-1090	3	3	foreign	foreign	ADJ
eistud-1090	3	4	exchange	exchange	NOUN
eistud-1090	3	5	reserve	reserve	NOUN
eistud-1090	3	6	management	management	NOUN
eistud-1090	3	7	in	in	ADP
eistud-1090	3	8	the	the	DET
eistud-1090	3	9	eurozone	eurozone	NOUN
eistud-1090	3	10	and	and	CCONJ
eistud-1090	3	11	the	the	DET
eistud-1090	3	12	global	global	ADJ
eistud-1090	3	13	interest	interest	NOUN
eistud-1090	3	14	rates	rate	NOUN
eistud-1090	3	15	pawel	pawel	PROPN
eistud-1090	3	16	mlodkowski	mlodkowski	PROPN
eistud-1090	3	17	collegium	collegium	NOUN
eistud-1090	3	18	mazovia	mazovia	PROPN
eistud-1090	3	19	–	–	PUNCT
eistud-1090	3	20	innovative	innovative	ADJ
eistud-1090	3	21	university	university	NOUN
eistud-1090	3	22	,	,	PUNCT
eistud-1090	3	23	poland	poland	PROPN
eistud-1090	3	24	abstract	abstract	PROPN
eistud-1090	3	25	global	global	ADJ
eistud-1090	3	26	interest	interest	NOUN
eistud-1090	3	27	rates	rate	NOUN
eistud-1090	3	28	and	and	CCONJ
eistud-1090	3	29	their	their	PRON
eistud-1090	3	30	term	term	NOUN
eistud-1090	3	31	structure	structure	NOUN
eistud-1090	3	32	depend	depend	VERB
eistud-1090	3	33	on	on	ADP
eistud-1090	3	34	the	the	DET
eistud-1090	3	35	relation	relation	NOUN
eistud-1090	3	36	of	of	ADP
eistud-1090	3	37	the	the	DET
eistud-1090	3	38	time	time	NOUN
eistud-1090	3	39	structure	structure	NOUN
eistud-1090	3	40	of	of	ADP
eistud-1090	3	41	demand	demand	NOUN
eistud-1090	3	42	and	and	CCONJ
eistud-1090	3	43	supply	supply	NOUN
eistud-1090	3	44	of	of	ADP
eistud-1090	3	45	capital	capital	NOUN
eistud-1090	3	46	.	.	PUNCT
eistud-1090	4	1	with	with	ADP
eistud-1090	4	2	the	the	DET
eistud-1090	4	3	monetary	monetary	ADJ
eistud-1090	4	4	integration	integration	NOUN
eistud-1090	4	5	in	in	ADP
eistud-1090	4	6	europe	europe	PROPN
eistud-1090	4	7	one	one	NUM
eistud-1090	4	8	can	can	AUX
eistud-1090	4	9	observe	observe	VERB
eistud-1090	4	10	substantial	substantial	ADJ
eistud-1090	4	11	realignments	realignment	NOUN
eistud-1090	4	12	in	in	ADP
eistud-1090	4	13	the	the	DET
eistud-1090	4	14	mentioned	mention	VERB
eistud-1090	4	15	variables	variable	NOUN
eistud-1090	4	16	.	.	PUNCT
eistud-1090	5	1	the	the	DET
eistud-1090	5	2	scientific	scientific	ADJ
eistud-1090	5	3	problem	problem	NOUN
eistud-1090	5	4	of	of	ADP
eistud-1090	5	5	this	this	DET
eistud-1090	5	6	paper	paper	NOUN
eistud-1090	5	7	is	be	AUX
eistud-1090	5	8	the	the	DET
eistud-1090	5	9	change	change	NOUN
eistud-1090	5	10	in	in	ADP
eistud-1090	5	11	the	the	DET
eistud-1090	5	12	term	term	NOUN
eistud-1090	5	13	structure	structure	NOUN
eistud-1090	5	14	of	of	ADP
eistud-1090	5	15	the	the	DET
eistud-1090	5	16	global	global	ADJ
eistud-1090	5	17	interest	interest	NOUN
eistud-1090	5	18	rate	rate	NOUN
eistud-1090	5	19	over	over	ADP
eistud-1090	5	20	the	the	DET
eistud-1090	5	21	period	period	NOUN
eistud-1090	5	22	of	of	ADP
eistud-1090	5	23	the	the	DET
eistud-1090	5	24	last	last	ADJ
eistud-1090	5	25	25	25	NUM
eistud-1090	5	26	years	year	NOUN
eistud-1090	5	27	–	–	PUNCT
eistud-1090	5	28	1987	1987	NUM
eistud-1090	5	29	–	–	PUNCT
eistud-1090	5	30	2011	2011	NUM
eistud-1090	5	31	.	.	PUNCT
eistud-1090	6	1	the	the	DET
eistud-1090	6	2	aim	aim	NOUN
eistud-1090	6	3	is	be	AUX
eistud-1090	6	4	to	to	PART
eistud-1090	6	5	recognize	recognize	VERB
eistud-1090	6	6	any	any	DET
eistud-1090	6	7	actual	actual	ADJ
eistud-1090	6	8	anomalies	anomaly	NOUN
eistud-1090	6	9	in	in	ADP
eistud-1090	6	10	the	the	DET
eistud-1090	6	11	yield	yield	NOUN
eistud-1090	6	12	curve	curve	NOUN
eistud-1090	6	13	of	of	ADP
eistud-1090	6	14	the	the	DET
eistud-1090	6	15	global	global	ADJ
eistud-1090	6	16	interest	interest	NOUN
eistud-1090	6	17	rate	rate	NOUN
eistud-1090	6	18	that	that	PRON
eistud-1090	6	19	may	may	AUX
eistud-1090	6	20	be	be	AUX
eistud-1090	6	21	associated	associate	VERB
eistud-1090	6	22	with	with	ADP
eistud-1090	6	23	the	the	DET
eistud-1090	6	24	creation	creation	NOUN
eistud-1090	6	25	of	of	ADP
eistud-1090	6	26	the	the	DET
eistud-1090	6	27	eurozone	eurozone	NOUN
eistud-1090	6	28	and	and	CCONJ
eistud-1090	6	29	its	its	PRON
eistud-1090	6	30	further	further	ADJ
eistud-1090	6	31	expansion	expansion	NOUN
eistud-1090	6	32	.	.	PUNCT
eistud-1090	7	1	the	the	DET
eistud-1090	7	2	first	first	ADJ
eistud-1090	7	3	step	step	NOUN
eistud-1090	7	4	in	in	ADP
eistud-1090	7	5	this	this	DET
eistud-1090	7	6	quest	quest	NOUN
eistud-1090	7	7	is	be	AUX
eistud-1090	7	8	presentation	presentation	NOUN
eistud-1090	7	9	of	of	ADP
eistud-1090	7	10	the	the	DET
eistud-1090	7	11	theoretical	theoretical	ADJ
eistud-1090	7	12	background	background	NOUN
eistud-1090	7	13	for	for	ADP
eistud-1090	7	14	the	the	DET
eistud-1090	7	15	foreign	foreign	ADJ
eistud-1090	7	16	exchange	exchange	PROPN
eistud-1090	7	17	reserve	reserve	NOUN
eistud-1090	7	18	management	management	NOUN
eistud-1090	7	19	at	at	ADP
eistud-1090	7	20	a	a	DET
eistud-1090	7	21	central	central	ADJ
eistud-1090	7	22	bank	bank	NOUN
eistud-1090	7	23	.	.	PUNCT
eistud-1090	8	1	then	then	ADV
eistud-1090	8	2	,	,	PUNCT
eistud-1090	8	3	the	the	DET
eistud-1090	8	4	institutional	institutional	ADJ
eistud-1090	8	5	solutions	solution	NOUN
eistud-1090	8	6	are	be	AUX
eistud-1090	8	7	presented	present	VERB
eistud-1090	8	8	to	to	PART
eistud-1090	8	9	give	give	VERB
eistud-1090	8	10	insights	insight	NOUN
eistud-1090	8	11	into	into	ADP
eistud-1090	8	12	the	the	DET
eistud-1090	8	13	actual	actual	ADJ
eistud-1090	8	14	operating	operating	NOUN
eistud-1090	8	15	procedures	procedure	NOUN
eistud-1090	8	16	that	that	PRON
eistud-1090	8	17	have	have	VERB
eistud-1090	8	18	potential	potential	NOUN
eistud-1090	8	19	of	of	ADP
eistud-1090	8	20	affecting	affect	VERB
eistud-1090	8	21	the	the	DET
eistud-1090	8	22	term	term	NOUN
eistud-1090	8	23	structure	structure	NOUN
eistud-1090	8	24	of	of	ADP
eistud-1090	8	25	demand	demand	NOUN
eistud-1090	8	26	and	and	CCONJ
eistud-1090	8	27	supply	supply	NOUN
eistud-1090	8	28	of	of	ADP
eistud-1090	8	29	liquid	liquid	ADJ
eistud-1090	8	30	funds	fund	NOUN
eistud-1090	8	31	in	in	ADP
eistud-1090	8	32	foreign	foreign	ADJ
eistud-1090	8	33	exchange	exchange	NOUN
eistud-1090	8	34	markets	market	NOUN
eistud-1090	8	35	.	.	PUNCT
eistud-1090	9	1	in	in	ADP
eistud-1090	9	2	the	the	DET
eistud-1090	9	3	next	next	ADJ
eistud-1090	9	4	step	step	NOUN
eistud-1090	9	5	,	,	PUNCT
eistud-1090	9	6	a	a	DET
eistud-1090	9	7	rationale	rationale	NOUN
eistud-1090	9	8	for	for	ADP
eistud-1090	9	9	a	a	DET
eistud-1090	9	10	substantial	substantial	ADJ
eistud-1090	9	11	realignment	realignment	NOUN
eistud-1090	9	12	of	of	ADP
eistud-1090	9	13	large	large	ADJ
eistud-1090	9	14	foreign	foreign	ADJ
eistud-1090	9	15	assets	asset	NOUN
eistud-1090	9	16	’	'	PUNCT
eistud-1090	9	17	portfolios	portfolio	NOUN
eistud-1090	9	18	in	in	ADP
eistud-1090	9	19	a	a	DET
eistud-1090	9	20	monetary	monetary	ADJ
eistud-1090	9	21	union	union	NOUN
eistud-1090	9	22	is	be	AUX
eistud-1090	9	23	presented	present	VERB
eistud-1090	9	24	in	in	ADP
eistud-1090	9	25	detail	detail	NOUN
eistud-1090	9	26	.	.	PUNCT
eistud-1090	10	1	one	one	PRON
eistud-1090	10	2	may	may	AUX
eistud-1090	10	3	list	list	VERB
eistud-1090	10	4	here	here	ADV
eistud-1090	10	5	several	several	ADJ
eistud-1090	10	6	costrelated	costrelate	VERB
eistud-1090	10	7	arguments	argument	NOUN
eistud-1090	10	8	and	and	CCONJ
eistud-1090	10	9	efficiency	efficiency	NOUN
eistud-1090	10	10	in	in	ADP
eistud-1090	10	11	maximizing	maximize	VERB
eistud-1090	10	12	rate	rate	NOUN
eistud-1090	10	13	of	of	ADP
eistud-1090	10	14	return	return	NOUN
eistud-1090	10	15	,	,	PUNCT
eistud-1090	10	16	without	without	ADP
eistud-1090	10	17	endangering	endanger	VERB
eistud-1090	10	18	the	the	DET
eistud-1090	10	19	international	international	ADJ
eistud-1090	10	20	liquidity	liquidity	NOUN
eistud-1090	10	21	of	of	ADP
eistud-1090	10	22	a	a	DET
eistud-1090	10	23	country	country	NOUN
eistud-1090	10	24	and	and	CCONJ
eistud-1090	10	25	a	a	DET
eistud-1090	10	26	monetary	monetary	ADJ
eistud-1090	10	27	union	union	NOUN
eistud-1090	10	28	as	as	ADP
eistud-1090	10	29	a	a	DET
eistud-1090	10	30	whole	whole	NOUN
eistud-1090	10	31	.	.	PUNCT
eistud-1090	11	1	it	it	PRON
eistud-1090	11	2	is	be	AUX
eistud-1090	11	3	argued	argue	VERB
eistud-1090	11	4	that	that	SCONJ
eistud-1090	11	5	the	the	DET
eistud-1090	11	6	institutional	institutional	ADJ
eistud-1090	11	7	solutions	solution	NOUN
eistud-1090	11	8	together	together	ADV
eistud-1090	11	9	with	with	ADP
eistud-1090	11	10	the	the	DET
eistud-1090	11	11	rational	rational	ADJ
eistud-1090	11	12	behavior	behavior	NOUN
eistud-1090	11	13	of	of	ADP
eistud-1090	11	14	central	central	ADJ
eistud-1090	11	15	banks	bank	NOUN
eistud-1090	11	16	result	result	VERB
eistud-1090	11	17	in	in	ADP
eistud-1090	11	18	permanent	permanent	ADJ
eistud-1090	11	19	departure	departure	NOUN
eistud-1090	11	20	from	from	ADP
eistud-1090	11	21	the	the	DET
eistud-1090	11	22	once	once	ADV
eistud-1090	11	23	well	well	ADV
eistud-1090	11	24	-	-	PUNCT
eistud-1090	11	25	established	establish	VERB
eistud-1090	11	26	balance	balance	NOUN
eistud-1090	11	27	in	in	ADP
eistud-1090	11	28	the	the	DET
eistud-1090	11	29	global	global	ADJ
eistud-1090	11	30	economy	economy	NOUN
eistud-1090	11	31	.	.	PUNCT
eistud-1090	12	1	it	it	PRON
eistud-1090	12	2	could	could	AUX
eistud-1090	12	3	be	be	AUX
eistud-1090	12	4	also	also	ADV
eistud-1090	12	5	argued	argue	VERB
eistud-1090	12	6	that	that	SCONJ
eistud-1090	12	7	monetary	monetary	ADJ
eistud-1090	12	8	integration	integration	NOUN
eistud-1090	12	9	in	in	ADP
eistud-1090	12	10	europe	europe	PROPN
eistud-1090	12	11	is	be	AUX
eistud-1090	12	12	responsible	responsible	ADJ
eistud-1090	12	13	for	for	ADP
eistud-1090	12	14	moving	move	VERB
eistud-1090	12	15	toward	toward	ADP
eistud-1090	12	16	a	a	DET
eistud-1090	12	17	new	new	ADJ
eistud-1090	12	18	equilibrium	equilibrium	NOUN
eistud-1090	12	19	at	at	ADP
eistud-1090	12	20	the	the	DET
eistud-1090	12	21	global	global	ADJ
eistud-1090	12	22	financial	financial	ADJ
eistud-1090	12	23	market	market	NOUN
eistud-1090	12	24	.	.	PUNCT
eistud-1090	13	1	these	these	DET
eistud-1090	13	2	claims	claim	NOUN
eistud-1090	13	3	are	be	AUX
eistud-1090	13	4	later	later	ADV
eistud-1090	13	5	supported	support	VERB
eistud-1090	13	6	in	in	ADP
eistud-1090	13	7	the	the	DET
eistud-1090	13	8	empirical	empirical	ADJ
eistud-1090	13	9	part	part	NOUN
eistud-1090	13	10	by	by	ADP
eistud-1090	13	11	the	the	DET
eistud-1090	13	12	time	time	NOUN
eistud-1090	13	13	series	series	PROPN
eistud-1090	13	14	analysis	analysis	NOUN
eistud-1090	13	15	of	of	ADP
eistud-1090	13	16	the	the	DET
eistud-1090	13	17	term	term	NOUN
eistud-1090	13	18	structure	structure	NOUN
eistud-1090	13	19	of	of	ADP
eistud-1090	13	20	global	global	ADJ
eistud-1090	13	21	interest	interest	NOUN
eistud-1090	13	22	rates	rate	NOUN
eistud-1090	13	23	.	.	PUNCT
eistud-1090	14	1	differentiating	differentiate	VERB
eistud-1090	14	2	between	between	ADP
eistud-1090	14	3	interest	interest	NOUN
eistud-1090	14	4	rates	rate	NOUN
eistud-1090	14	5	of	of	ADP
eistud-1090	14	6	different	different	ADJ
eistud-1090	14	7	maturities	maturity	NOUN
eistud-1090	14	8	delivers	deliver	VERB
eistud-1090	14	9	three	three	NUM
eistud-1090	14	10	years	year	NOUN
eistud-1090	14	11	over	over	ADP
eistud-1090	14	12	the	the	DET
eistud-1090	14	13	period	period	NOUN
eistud-1090	14	14	1987	1987	NUM
eistud-1090	14	15	-	-	SYM
eistud-1090	14	16	2011	2011	NUM
eistud-1090	14	17	when	when	SCONJ
eistud-1090	14	18	the	the	DET
eistud-1090	14	19	yield	yield	NOUN
eistud-1090	14	20	curve	curve	NOUN
eistud-1090	14	21	inverted	invert	VERB
eistud-1090	14	22	.	.	PUNCT
eistud-1090	15	1	these	these	DET
eistud-1090	15	2	years	year	NOUN
eistud-1090	15	3	were	be	AUX
eistud-1090	15	4	1998	1998	NUM
eistud-1090	15	5	,	,	PUNCT
eistud-1090	15	6	2001	2001	NUM
eistud-1090	15	7	and	and	CCONJ
eistud-1090	15	8	2007	2007	NUM
eistud-1090	15	9	.	.	PUNCT
eistud-1090	16	1	all	all	DET
eistud-1090	16	2	three	three	NUM
eistud-1090	16	3	cases	case	NOUN
eistud-1090	16	4	of	of	ADP
eistud-1090	16	5	unusual	unusual	ADJ
eistud-1090	16	6	yield	yield	NOUN
eistud-1090	16	7	curve	curve	NOUN
eistud-1090	16	8	behavior	behavior	NOUN
eistud-1090	16	9	may	may	AUX
eistud-1090	16	10	be	be	AUX
eistud-1090	16	11	associated	associate	VERB
eistud-1090	16	12	with	with	ADP
eistud-1090	16	13	:	:	PUNCT
eistud-1090	16	14	onset	onset	ADJ
eistud-1090	16	15	,	,	PUNCT
eistud-1090	16	16	expansion	expansion	NOUN
eistud-1090	16	17	and	and	CCONJ
eistud-1090	16	18	further	further	ADJ
eistud-1090	16	19	expansion	expansion	NOUN
eistud-1090	16	20	of	of	ADP
eistud-1090	16	21	the	the	DET
eistud-1090	16	22	eurozone	eurozone	NOUN
eistud-1090	16	23	.	.	PUNCT
eistud-1090	17	1	in	in	ADP
eistud-1090	17	2	each	each	DET
eistud-1090	17	3	case	case	NOUN
eistud-1090	17	4	,	,	PUNCT
eistud-1090	17	5	adding	add	VERB
eistud-1090	17	6	to	to	ADP
eistud-1090	17	7	the	the	DET
eistud-1090	17	8	common	common	ADJ
eistud-1090	17	9	pool	pool	NOUN
eistud-1090	17	10	of	of	ADP
eistud-1090	17	11	the	the	DET
eistud-1090	17	12	foreign	foreign	ADJ
eistud-1090	17	13	exchange	exchange	NOUN
eistud-1090	17	14	reserves	reserve	NOUN
eistud-1090	17	15	created	create	VERB
eistud-1090	17	16	an	an	DET
eistud-1090	17	17	impulse	impulse	NOUN
eistud-1090	17	18	for	for	ADP
eistud-1090	17	19	demand	demand	NOUN
eistud-1090	17	20	-	-	PUNCT
eistud-1090	17	21	supply	supply	NOUN
eistud-1090	17	22	interplay	interplay	NOUN
eistud-1090	17	23	,	,	PUNCT
eistud-1090	17	24	concerning	concern	VERB
eistud-1090	17	25	the	the	DET
eistud-1090	17	26	term	term	NOUN
eistud-1090	17	27	structure	structure	NOUN
eistud-1090	17	28	of	of	ADP
eistud-1090	17	29	capital	capital	NOUN
eistud-1090	17	30	offered	offer	VERB
eistud-1090	17	31	and	and	CCONJ
eistud-1090	17	32	demanded	demand	VERB
eistud-1090	17	33	at	at	ADP
eistud-1090	17	34	the	the	DET
eistud-1090	17	35	global	global	ADJ
eistud-1090	17	36	financial	financial	ADJ
eistud-1090	17	37	market	market	NOUN
eistud-1090	17	38	.	.	PUNCT
eistud-1090	18	1	another	another	DET
eistud-1090	18	2	supporting	support	VERB
eistud-1090	18	3	argument	argument	NOUN
eistud-1090	18	4	flows	flow	VERB
eistud-1090	18	5	from	from	ADP
eistud-1090	18	6	the	the	DET
eistud-1090	18	7	recognized	recognize	VERB
eistud-1090	18	8	strong	strong	ADJ
eistud-1090	18	9	and	and	CCONJ
eistud-1090	18	10	significant	significant	ADJ
eistud-1090	18	11	relationship	relationship	NOUN
eistud-1090	18	12	between	between	ADP
eistud-1090	18	13	foreign	foreign	ADJ
eistud-1090	18	14	exchange	exchange	NOUN
eistud-1090	18	15	reserves	reserve	NOUN
eistud-1090	18	16	management	management	NOUN
eistud-1090	18	17	and	and	CCONJ
eistud-1090	18	18	the	the	DET
eistud-1090	18	19	term	term	NOUN
eistud-1090	18	20	structure	structure	NOUN
eistud-1090	18	21	of	of	ADP
eistud-1090	18	22	global	global	ADJ
eistud-1090	18	23	interest	interest	NOUN
eistud-1090	18	24	rates	rate	NOUN
eistud-1090	18	25	.	.	PUNCT
eistud-1090	19	1	correlation	correlation	NOUN
eistud-1090	19	2	exercise	exercise	NOUN
eistud-1090	19	3	delivered	deliver	VERB
eistud-1090	19	4	interesting	interesting	ADJ
eistud-1090	19	5	results	result	NOUN
eistud-1090	19	6	,	,	PUNCT
eistud-1090	19	7	showing	show	VERB
eistud-1090	19	8	not	not	PART
eistud-1090	19	9	only	only	ADV
eistud-1090	19	10	uniqueness	uniqueness	NOUN
eistud-1090	19	11	of	of	ADP
eistud-1090	19	12	the	the	DET
eistud-1090	19	13	mentioned	mention	VERB
eistud-1090	19	14	years	year	NOUN
eistud-1090	19	15	(	(	PUNCT
eistud-1090	19	16	1998	1998	NUM
eistud-1090	19	17	,	,	PUNCT
eistud-1090	19	18	2001	2001	NUM
eistud-1090	19	19	,	,	PUNCT
eistud-1090	19	20	and	and	CCONJ
eistud-1090	19	21	2007	2007	NUM
eistud-1090	19	22	)	)	PUNCT
eistud-1090	19	23	but	but	CCONJ
eistud-1090	19	24	also	also	ADV
eistud-1090	19	25	some	some	DET
eistud-1090	19	26	differences	difference	NOUN
eistud-1090	19	27	between	between	ADP
eistud-1090	19	28	these	these	DET
eistud-1090	19	29	years	year	NOUN
eistud-1090	19	30	in	in	ADP
eistud-1090	19	31	the	the	DET
eistud-1090	19	32	manner	manner	NOUN
eistud-1090	19	33	of	of	ADP
eistud-1090	19	34	the	the	DET
eistud-1090	19	35	yield	yield	NOUN
eistud-1090	19	36	curve	curve	NOUN
eistud-1090	19	37	shape	shape	NOUN
eistud-1090	19	38	and	and	CCONJ
eistud-1090	19	39	form	form	NOUN
eistud-1090	19	40	of	of	ADP
eistud-1090	19	41	adjustment	adjustment	NOUN
eistud-1090	19	42	.	.	PUNCT
eistud-1090	20	1	in	in	ADP
eistud-1090	20	2	some	some	DET
eistud-1090	20	3	cases	case	NOUN
eistud-1090	20	4	changes	change	NOUN
eistud-1090	20	5	leading	lead	VERB
eistud-1090	20	6	to	to	ADP
eistud-1090	20	7	the	the	DET
eistud-1090	20	8	inverted	invert	VERB
eistud-1090	20	9	yield	yield	NOUN
eistud-1090	20	10	curve	curve	NOUN
eistud-1090	20	11	were	be	AUX
eistud-1090	20	12	only	only	ADV
eistud-1090	20	13	in	in	ADP
eistud-1090	20	14	long	long	ADJ
eistud-1090	20	15	-	-	PUNCT
eistud-1090	20	16	term	term	NOUN
eistud-1090	20	17	interest	interest	NOUN
eistud-1090	20	18	rates	rate	NOUN
eistud-1090	20	19	(	(	PUNCT
eistud-1090	20	20	down	down	ADV
eistud-1090	20	21	)	)	PUNCT
eistud-1090	20	22	,	,	PUNCT
eistud-1090	20	23	but	but	CCONJ
eistud-1090	20	24	sometimes	sometimes	ADV
eistud-1090	20	25	interest	interest	NOUN
eistud-1090	20	26	rates	rate	NOUN
eistud-1090	20	27	of	of	ADP
eistud-1090	20	28	all	all	DET
eistud-1090	20	29	maturities	maturity	NOUN
eistud-1090	20	30	were	be	AUX
eistud-1090	20	31	changing	change	VERB
eistud-1090	20	32	(	(	PUNCT
eistud-1090	20	33	short	short	ADJ
eistud-1090	20	34	term	term	NOUN
eistud-1090	20	35	up	up	ADP
eistud-1090	20	36	&	&	CCONJ
eistud-1090	20	37	long	long	ADJ
eistud-1090	20	38	-	-	PUNCT
eistud-1090	20	39	term	term	NOUN
eistud-1090	20	40	down	down	ADV
eistud-1090	20	41	)	)	PUNCT
eistud-1090	20	42	.	.	PUNCT
eistud-1090	21	1	also	also	ADV
eistud-1090	21	2	the	the	DET
eistud-1090	21	3	form	form	NOUN
eistud-1090	21	4	of	of	ADP
eistud-1090	21	5	latter	latter	ADJ
eistud-1090	21	6	adjustment	adjustment	NOUN
eistud-1090	21	7	,	,	PUNCT
eistud-1090	21	8	when	when	SCONJ
eistud-1090	21	9	yield	yield	NOUN
eistud-1090	21	10	curve	curve	NOUN
eistud-1090	21	11	returned	return	VERB
eistud-1090	21	12	to	to	ADP
eistud-1090	21	13	the	the	DET
eistud-1090	21	14	normal	normal	ADJ
eistud-1090	21	15	shape	shape	NOUN
eistud-1090	21	16	differed	differ	VERB
eistud-1090	21	17	for	for	ADP
eistud-1090	21	18	the	the	DET
eistud-1090	21	19	studied	study	VERB
eistud-1090	21	20	anomalies	anomaly	NOUN
eistud-1090	21	21	.	.	PUNCT
eistud-1090	22	1	keywords	keyword	NOUN
eistud-1090	22	2	:	:	PUNCT
eistud-1090	22	3	foreign	foreign	ADJ
eistud-1090	22	4	exchange	exchange	NOUN
eistud-1090	22	5	reserves	reserve	NOUN
eistud-1090	22	6	,	,	PUNCT
eistud-1090	22	7	global	global	ADJ
eistud-1090	22	8	interest	interest	NOUN
eistud-1090	22	9	rates	rate	NOUN
eistud-1090	22	10	,	,	PUNCT
eistud-1090	22	11	yield	yield	NOUN
eistud-1090	22	12	curve	curve	NOUN
eistud-1090	22	13	,	,	PUNCT
eistud-1090	22	14	monetary	monetary	ADJ
eistud-1090	22	15	policy	policy	NOUN
eistud-1090	22	16	,	,	PUNCT
eistud-1090	22	17	ecb	ecb	PROPN
eistud-1090	22	18	.	.	PUNCT
eistud-1090	23	1	introduction	introduction	NOUN
eistud-1090	23	2	foreign	foreign	ADJ
eistud-1090	23	3	exchange	exchange	NOUN
eistud-1090	23	4	management	management	NOUN
eistud-1090	23	5	is	be	AUX
eistud-1090	23	6	an	an	DET
eistud-1090	23	7	issue	issue	NOUN
eistud-1090	23	8	that	that	SCONJ
eistud-1090	23	9	despite	despite	SCONJ
eistud-1090	23	10	its	its	PRON
eistud-1090	23	11	importance	importance	NOUN
eistud-1090	23	12	has	have	AUX
eistud-1090	23	13	not	not	PART
eistud-1090	23	14	been	be	AUX
eistud-1090	23	15	a	a	DET
eistud-1090	23	16	subject	subject	NOUN
eistud-1090	23	17	of	of	ADP
eistud-1090	23	18	detailed	detailed	ADJ
eistud-1090	23	19	analysis	analysis	NOUN
eistud-1090	23	20	in	in	ADP
eistud-1090	23	21	the	the	DET
eistud-1090	23	22	literature	literature	NOUN
eistud-1090	23	23	.	.	PUNCT
eistud-1090	24	1	it	it	PRON
eistud-1090	24	2	has	have	AUX
eistud-1090	24	3	been	be	AUX
eistud-1090	24	4	a	a	DET
eistud-1090	24	5	result	result	NOUN
eistud-1090	24	6	of	of	ADP
eistud-1090	24	7	the	the	DET
eistud-1090	24	8	actual	actual	ADJ
eistud-1090	24	9	design	design	NOUN
eistud-1090	24	10	of	of	ADP
eistud-1090	24	11	the	the	DET
eistud-1090	24	12	global	global	ADJ
eistud-1090	24	13	financial	financial	ADJ
eistud-1090	24	14	system	system	NOUN
eistud-1090	24	15	.	.	PUNCT
eistud-1090	25	1	historically	historically	ADV
eistud-1090	25	2	,	,	PUNCT
eistud-1090	25	3	foreign	foreign	ADJ
eistud-1090	25	4	exchange	exchange	NOUN
eistud-1090	25	5	management	management	NOUN
eistud-1090	25	6	has	have	AUX
eistud-1090	25	7	been	be	AUX
eistud-1090	25	8	focused	focus	VERB
eistud-1090	25	9	on	on	ADP
eistud-1090	25	10	the	the	DET
eistud-1090	25	11	main	main	ADJ
eistud-1090	25	12	aim	aim	NOUN
eistud-1090	25	13	that	that	PRON
eistud-1090	25	14	has	have	AUX
eistud-1090	25	15	been	be	AUX
eistud-1090	25	16	maintaining	maintain	VERB
eistud-1090	25	17	international	international	ADJ
eistud-1090	25	18	liquidity	liquidity	NOUN
eistud-1090	25	19	[	[	X
eistud-1090	25	20	młodkowski	młodkowski	NOUN
eistud-1090	25	21	2002	2002	NUM
eistud-1090	25	22	]	]	PUNCT
eistud-1090	25	23	.	.	PUNCT
eistud-1090	26	1	mercantilism	mercantilism	NOUN
eistud-1090	26	2	perceived	perceive	VERB
eistud-1090	26	3	foreign	foreign	ADJ
eistud-1090	26	4	exchange	exchange	NOUN
eistud-1090	26	5	reserves	reserve	NOUN
eistud-1090	26	6	as	as	ADP
eistud-1090	26	7	a	a	DET
eistud-1090	26	8	value	value	NOUN
eistud-1090	26	9	for	for	ADP
eistud-1090	26	10	itself	itself	PRON
eistud-1090	26	11	,	,	PUNCT
eistud-1090	26	12	claiming	claim	VERB
eistud-1090	26	13	that	that	SCONJ
eistud-1090	26	14	the	the	PRON
eistud-1090	26	15	higher	high	ADJ
eistud-1090	26	16	the	the	DET
eistud-1090	26	17	level	level	NOUN
eistud-1090	26	18	of	of	ADP
eistud-1090	26	19	reserve	reserve	NOUN
eistud-1090	26	20	assets	asset	NOUN
eistud-1090	26	21	(	(	PUNCT
eistud-1090	26	22	monetary	monetary	ADJ
eistud-1090	26	23	gold	gold	NOUN
eistud-1090	26	24	)	)	PUNCT
eistud-1090	26	25	the	the	PRON
eistud-1090	26	26	better	well	ADJ
eistud-1090	26	27	.	.	PUNCT
eistud-1090	27	1	until	until	ADP
eistud-1090	27	2	the	the	DET
eistud-1090	27	3	second	second	ADJ
eistud-1090	27	4	half	half	NOUN
eistud-1090	27	5	of	of	ADP
eistud-1090	27	6	the	the	DET
eistud-1090	27	7	90s	90	NOUN
eistud-1090	27	8	in	in	ADP
eistud-1090	27	9	xxth	xxth	PROPN
eistud-1090	27	10	century	century	NOUN
eistud-1090	27	11	,	,	PUNCT
eistud-1090	27	12	research	research	NOUN
eistud-1090	27	13	on	on	ADP
eistud-1090	27	14	driving	drive	VERB
eistud-1090	27	15	forces	force	NOUN
eistud-1090	27	16	for	for	ADP
eistud-1090	27	17	demand	demand	NOUN
eistud-1090	27	18	for	for	ADP
eistud-1090	27	19	foreign	foreign	ADJ
eistud-1090	27	20	exchange	exchange	NOUN
eistud-1090	27	21	reserves	reserve	NOUN
eistud-1090	27	22	was	be	AUX
eistud-1090	27	23	sporadically	sporadically	ADV
eistud-1090	27	24	.	.	PUNCT
eistud-1090	28	1	it	it	PRON
eistud-1090	28	2	is	be	AUX
eistud-1090	28	3	possible	possible	ADJ
eistud-1090	28	4	to	to	PART
eistud-1090	28	5	list	list	VERB
eistud-1090	28	6	here	here	ADV
eistud-1090	28	7	works	work	NOUN
eistud-1090	28	8	of	of	ADP
eistud-1090	28	9	bryant	bryant	PROPN
eistud-1090	29	1	[	[	X
eistud-1090	29	2	1980	1980	NUM
eistud-1090	29	3	]	]	PUNCT
eistud-1090	29	4	,	,	PUNCT
eistud-1090	29	5	edwards	edwards	PROPN
eistud-1090	30	1	[	[	X
eistud-1090	30	2	1983	1983	NUM
eistud-1090	30	3	]	]	X
eistud-1090	30	4	,	,	PUNCT
eistud-1090	30	5	or	or	CCONJ
eistud-1090	30	6	ben	ben	PROPN
eistud-1090	30	7	-	-	PUNCT
eistud-1090	30	8	bassat	bassat	PROPN
eistud-1090	30	9	and	and	CCONJ
eistud-1090	30	10	gottlieb	gottlieb	PROPN
eistud-1090	31	1	[	[	X
eistud-1090	31	2	1992	1992	NUM
eistud-1090	31	3	]	]	PUNCT
eistud-1090	31	4	and	and	CCONJ
eistud-1090	31	5	scott	scott	PROPN
eistud-1090	32	1	[	[	X
eistud-1090	32	2	1993	1993	NUM
eistud-1090	32	3	]	]	PUNCT
eistud-1090	32	4	.	.	PUNCT
eistud-1090	33	1	this	this	DET
eistud-1090	33	2	situation	situation	NOUN
eistud-1090	33	3	started	start	VERB
eistud-1090	33	4	to	to	PART
eistud-1090	33	5	change	change	VERB
eistud-1090	33	6	with	with	ADP
eistud-1090	33	7	the	the	DET
eistud-1090	33	8	onset	onset	NOUN
eistud-1090	33	9	of	of	ADP
eistud-1090	33	10	monetary	monetary	ADJ
eistud-1090	33	11	integration	integration	NOUN
eistud-1090	33	12	in	in	ADP
eistud-1090	33	13	europe	europe	PROPN
eistud-1090	33	14	.	.	PUNCT
eistud-1090	34	1	at	at	ADP
eistud-1090	34	2	the	the	DET
eistud-1090	34	3	turn	turn	NOUN
eistud-1090	34	4	of	of	ADP
eistud-1090	34	5	xxth	xxth	PROPN
eistud-1090	34	6	and	and	CCONJ
eistud-1090	34	7	xxist	xxist	ADJ
eistud-1090	34	8	century	century	NOUN
eistud-1090	34	9	,	,	PUNCT
eistud-1090	34	10	interest	interest	NOUN
eistud-1090	34	11	in	in	ADP
eistud-1090	34	12	this	this	DET
eistud-1090	34	13	topic	topic	NOUN
eistud-1090	34	14	rose	rise	VERB
eistud-1090	34	15	,	,	PUNCT
eistud-1090	34	16	among	among	ADP
eistud-1090	34	17	economists	economist	NOUN
eistud-1090	34	18	and	and	CCONJ
eistud-1090	34	19	economic	economic	ADJ
eistud-1090	34	20	policymakers	policymaker	NOUN
eistud-1090	34	21	.	.	PUNCT
eistud-1090	35	1	the	the	DET
eistud-1090	35	2	reason	reason	NOUN
eistud-1090	35	3	was	be	AUX
eistud-1090	35	4	the	the	DET
eistud-1090	35	5	creation	creation	NOUN
eistud-1090	35	6	of	of	ADP
eistud-1090	35	7	a	a	DET
eistud-1090	35	8	new	new	ADJ
eistud-1090	35	9	international	international	ADJ
eistud-1090	35	10	currency	currency	NOUN
eistud-1090	35	11	backed	back	VERB
eistud-1090	35	12	by	by	ADP
eistud-1090	35	13	the	the	DET
eistud-1090	35	14	biggest	big	ADJ
eistud-1090	35	15	economies	economy	NOUN
eistud-1090	35	16	in	in	ADP
eistud-1090	35	17	europe	europe	PROPN
eistud-1090	36	1	[	[	X
eistud-1090	36	2	chinn	chinn	PROPN
eistud-1090	36	3	and	and	CCONJ
eistud-1090	36	4	frankel	frankel	PROPN
eistud-1090	36	5	,	,	PUNCT
eistud-1090	36	6	2005	2005	NUM
eistud-1090	36	7	,	,	PUNCT
eistud-1090	36	8	p.	p.	NOUN
eistud-1090	36	9	3	3	NUM
eistud-1090	36	10	]	]	PUNCT
eistud-1090	36	11	.	.	PUNCT
eistud-1090	37	1	aside	aside	ADV
eistud-1090	37	2	from	from	ADP
eistud-1090	37	3	this	this	DET
eistud-1090	37	4	fact	fact	NOUN
eistud-1090	37	5	,	,	PUNCT
eistud-1090	37	6	the	the	DET
eistud-1090	37	7	other	other	ADJ
eistud-1090	37	8	reason	reason	NOUN
eistud-1090	37	9	was	be	AUX
eistud-1090	37	10	departure	departure	NOUN
eistud-1090	37	11	from	from	ADP
eistud-1090	37	12	maintaining	maintain	VERB
eistud-1090	37	13	foreign	foreign	ADJ
eistud-1090	37	14	exchange	exchange	NOUN
eistud-1090	37	15	reserves	reserve	NOUN
eistud-1090	37	16	in	in	ADP
eistud-1090	37	17	a	a	DET
eistud-1090	37	18	form	form	NOUN
eistud-1090	37	19	of	of	ADP
eistud-1090	37	20	monetary	monetary	ADJ
eistud-1090	37	21	gold	gold	NOUN
eistud-1090	37	22	(	(	PUNCT
eistud-1090	37	23	due	due	ADP
eistud-1090	37	24	to	to	ADP
eistud-1090	37	25	high	high	ADJ
eistud-1090	37	26	costs	cost	NOUN
eistud-1090	37	27	)	)	PUNCT
eistud-1090	37	28	at	at	ADP
eistud-1090	37	29	the	the	DET
eistud-1090	37	30	end	end	NOUN
eistud-1090	37	31	of	of	ADP
eistud-1090	37	32	xxth	xxth	ADJ
eistud-1090	37	33	century	century	NOUN
eistud-1090	37	34	.	.	PUNCT
eistud-1090	38	1	this	this	DET
eistud-1090	38	2	tendency	tendency	NOUN
eistud-1090	38	3	,	,	PUNCT
eistud-1090	38	4	however	however	ADV
eistud-1090	38	5	,	,	PUNCT
eistud-1090	38	6	was	be	AUX
eistud-1090	38	7	revered	revere	VERB
eistud-1090	38	8	after	after	ADP
eistud-1090	38	9	the	the	DET
eistud-1090	38	10	world	world	NOUN
eistud-1090	38	11	turmoil	turmoil	NOUN
eistud-1090	38	12	caused	cause	VERB
eistud-1090	38	13	by	by	ADP
eistud-1090	38	14	the	the	DET
eistud-1090	38	15	11/9	11/9	NUM
eistud-1090	38	16	terrorists	terrorist	NOUN
eistud-1090	38	17	attacks	attack	NOUN
eistud-1090	38	18	.	.	PUNCT
eistud-1090	39	1	unstable	unstable	ADJ
eistud-1090	39	2	political	political	ADJ
eistud-1090	39	3	situation	situation	NOUN
eistud-1090	39	4	resulted	result	VERB
eistud-1090	39	5	in	in	ADP
eistud-1090	39	6	fueling	fuel	VERB
eistud-1090	39	7	demand	demand	NOUN
eistud-1090	39	8	for	for	ADP
eistud-1090	39	9	gold	gold	NOUN
eistud-1090	39	10	.	.	PUNCT
eistud-1090	40	1	foreign	foreign	ADJ
eistud-1090	40	2	exchange	exchange	NOUN
eistud-1090	40	3	reserves	reserve	NOUN
eistud-1090	40	4	and	and	CCONJ
eistud-1090	40	5	their	their	PRON
eistud-1090	40	6	management	management	NOUN
eistud-1090	40	7	became	become	VERB
eistud-1090	40	8	interesting	interesting	ADJ
eistud-1090	40	9	also	also	ADV
eistud-1090	40	10	because	because	SCONJ
eistud-1090	40	11	of	of	ADP
eistud-1090	40	12	significant	significant	ADJ
eistud-1090	40	13	changes	change	NOUN
eistud-1090	40	14	in	in	ADP
eistud-1090	40	15	the	the	DET
eistud-1090	40	16	global	global	ADJ
eistud-1090	40	17	pattern	pattern	NOUN
eistud-1090	40	18	of	of	ADP
eistud-1090	40	19	trade	trade	NOUN
eistud-1090	40	20	and	and	CCONJ
eistud-1090	40	21	liberalization	liberalization	NOUN
eistud-1090	40	22	of	of	ADP
eistud-1090	40	23	the	the	DET
eistud-1090	40	24	balance	balance	NOUN
eistud-1090	40	25	of	of	ADP
eistud-1090	40	26	payments	payment	NOUN
eistud-1090	40	27	accounts	account	NOUN
eistud-1090	40	28	.	.	PUNCT
eistud-1090	41	1	review	review	NOUN
eistud-1090	41	2	of	of	ADP
eistud-1090	41	3	literature	literature	NOUN
eistud-1090	41	4	in	in	ADP
eistud-1090	41	5	this	this	DET
eistud-1090	41	6	regard	regard	NOUN
eistud-1090	41	7	for	for	ADP
eistud-1090	41	8	1997	1997	NUM
eistud-1090	41	9	-	-	SYM
eistud-1090	41	10	1999	1999	NUM
eistud-1090	41	11	period	period	NOUN
eistud-1090	41	12	can	can	AUX
eistud-1090	41	13	be	be	AUX
eistud-1090	41	14	found	find	VERB
eistud-1090	41	15	in	in	ADP
eistud-1090	41	16	eichengreen	eichengreen	NOUN
eistud-1090	41	17	and	and	CCONJ
eistud-1090	41	18	mathieson	mathieson	PROPN
eistud-1090	42	1	[	[	X
eistud-1090	42	2	2000	2000	NUM
eistud-1090	42	3	]	]	PUNCT
eistud-1090	42	4	.	.	PUNCT
eistud-1090	43	1	the	the	DET
eistud-1090	43	2	fact	fact	NOUN
eistud-1090	43	3	of	of	ADP
eistud-1090	43	4	further	further	ADJ
eistud-1090	43	5	increase	increase	NOUN
eistud-1090	43	6	in	in	ADP
eistud-1090	43	7	interest	interest	NOUN
eistud-1090	43	8	for	for	ADP
eistud-1090	43	9	this	this	DET
eistud-1090	43	10	topic	topic	NOUN
eistud-1090	43	11	can	can	AUX
eistud-1090	43	12	be	be	AUX
eistud-1090	43	13	concluded	conclude	VERB
eistud-1090	43	14	from	from	ADP
eistud-1090	43	15	the	the	DET
eistud-1090	43	16	reference	reference	NOUN
eistud-1090	43	17	list	list	NOUN
eistud-1090	43	18	found	find	VERB
eistud-1090	43	19	in	in	ADP
eistud-1090	43	20	aizenman	aizenman	NOUN
eistud-1090	43	21	and	and	CCONJ
eistud-1090	43	22	lee	lee	PROPN
eistud-1090	44	1	[	[	X
eistud-1090	44	2	2005	2005	NUM
eistud-1090	44	3	]	]	PUNCT
eistud-1090	44	4	,	,	PUNCT
eistud-1090	44	5	or	or	CCONJ
eistud-1090	44	6	chinn	chinn	PROPN
eistud-1090	44	7	and	and	CCONJ
eistud-1090	44	8	frankel	frankel	NOUN
eistud-1090	45	1	[	[	X
eistud-1090	45	2	2005	2005	NUM
eistud-1090	45	3	]	]	PUNCT
eistud-1090	45	4	.	.	PUNCT
eistud-1090	46	1	however	however	ADV
eistud-1090	46	2	,	,	PUNCT
eistud-1090	46	3	all	all	PRON
eistud-1090	46	4	of	of	ADP
eistud-1090	46	5	the	the	DET
eistud-1090	46	6	mentioned	mention	VERB
eistud-1090	46	7	authors	author	NOUN
eistud-1090	46	8	studied	study	VERB
eistud-1090	46	9	the	the	DET
eistud-1090	46	10	foreign	foreign	ADJ
eistud-1090	46	11	exchange	exchange	NOUN
eistud-1090	46	12	reserves	reserve	NOUN
eistud-1090	46	13	issues	issue	NOUN
eistud-1090	46	14	from	from	ADP
eistud-1090	46	15	the	the	DET
eistud-1090	46	16	point	point	NOUN
eistud-1090	46	17	of	of	ADP
eistud-1090	46	18	view	view	NOUN
eistud-1090	46	19	of	of	ADP
eistud-1090	46	20	only	only	ADV
eistud-1090	46	21	one	one	NUM
eistud-1090	46	22	country	country	NOUN
eistud-1090	46	23	[	[	X
eistud-1090	46	24	młodkowski	młodkowski	NOUN
eistud-1090	46	25	2006	2006	NUM
eistud-1090	46	26	]	]	PUNCT
eistud-1090	46	27	.	.	PUNCT
eistud-1090	47	1	the	the	DET
eistud-1090	47	2	topic	topic	NOUN
eistud-1090	47	3	of	of	ADP
eistud-1090	47	4	monetary	monetary	ADJ
eistud-1090	47	5	union	union	PROPN
eistud-1090	47	6	reserve	reserve	NOUN
eistud-1090	47	7	assets	asset	NOUN
eistud-1090	47	8	management	management	NOUN
eistud-1090	47	9	was	be	AUX
eistud-1090	47	10	still	still	ADV
eistud-1090	47	11	not	not	PART
eistud-1090	47	12	present	present	ADJ
eistud-1090	47	13	in	in	ADP
eistud-1090	47	14	the	the	DET
eistud-1090	47	15	literature	literature	NOUN
eistud-1090	47	16	.	.	PUNCT
eistud-1090	48	1	the	the	DET
eistud-1090	48	2	reason	reason	NOUN
eistud-1090	48	3	was	be	AUX
eistud-1090	48	4	in	in	ADP
eistud-1090	48	5	the	the	DET
eistud-1090	48	6	absence	absence	NOUN
eistud-1090	48	7	of	of	ADP
eistud-1090	48	8	a	a	DET
eistud-1090	48	9	formal	formal	ADJ
eistud-1090	48	10	currency	currency	NOUN
eistud-1090	48	11	union	union	NOUN
eistud-1090	48	12	of	of	ADP
eistud-1090	48	13	a	a	DET
eistud-1090	48	14	significant	significant	ADJ
eistud-1090	48	15	share	share	NOUN
eistud-1090	48	16	in	in	ADP
eistud-1090	48	17	the	the	DET
eistud-1090	48	18	global	global	ADJ
eistud-1090	48	19	economy	economy	NOUN
eistud-1090	48	20	.	.	PUNCT
eistud-1090	49	1	there	there	PRON
eistud-1090	49	2	were	be	VERB
eistud-1090	49	3	already	already	ADV
eistud-1090	49	4	four	four	NUM
eistud-1090	49	5	successful	successful	ADJ
eistud-1090	49	6	monetary	monetary	ADJ
eistud-1090	49	7	unions	union	NOUN
eistud-1090	49	8	prior	prior	ADV
eistud-1090	49	9	to	to	ADP
eistud-1090	49	10	the	the	DET
eistud-1090	49	11	1999	1999	NUM
eistud-1090	49	12	[	[	X
eistud-1090	49	13	młodkowski	młodkowski	NOUN
eistud-1090	49	14	2008	2008	NUM
eistud-1090	49	15	]	]	PUNCT
eistud-1090	49	16	.	.	PUNCT
eistud-1090	50	1	all	all	PRON
eistud-1090	50	2	of	of	ADP
eistud-1090	50	3	them	they	PRON
eistud-1090	50	4	centralized	centralize	VERB
eistud-1090	50	5	their	their	PRON
eistud-1090	50	6	foreign	foreign	ADJ
eistud-1090	50	7	exchange	exchange	NOUN
eistud-1090	50	8	reserves	reserve	NOUN
eistud-1090	50	9	for	for	ADP
eistud-1090	50	10	the	the	DET
eistud-1090	50	11	purpose	purpose	NOUN
eistud-1090	50	12	of	of	ADP
eistud-1090	50	13	an	an	DET
eistud-1090	50	14	effective	effective	ADJ
eistud-1090	50	15	monetary	monetary	ADJ
eistud-1090	50	16	policy	policy	NOUN
eistud-1090	50	17	in	in	ADP
eistud-1090	50	18	stabilizing	stabilize	VERB
eistud-1090	50	19	member	member	NOUN
eistud-1090	50	20	economies	economy	NOUN
eistud-1090	50	21	[	[	X
eistud-1090	50	22	młodkowski	młodkowski	NOUN
eistud-1090	50	23	2007	2007	NUM
eistud-1090	50	24	]	]	PUNCT
eistud-1090	50	25	.	.	PUNCT
eistud-1090	51	1	only	only	ADV
eistud-1090	51	2	after	after	ADP
eistud-1090	51	3	creation	creation	NOUN
eistud-1090	51	4	of	of	ADP
eistud-1090	51	5	the	the	DET
eistud-1090	51	6	european	european	PROPN
eistud-1090	51	7	monetary	monetary	PROPN
eistud-1090	51	8	union	union	PROPN
eistud-1090	51	9	(	(	PUNCT
eistud-1090	51	10	emu	emu	PROPN
eistud-1090	51	11	)	)	PUNCT
eistud-1090	51	12	centralization	centralization	NOUN
eistud-1090	51	13	of	of	ADP
eistud-1090	51	14	the	the	DET
eistud-1090	51	15	reserve	reserve	NOUN
eistud-1090	51	16	assets	asset	NOUN
eistud-1090	51	17	became	become	VERB
eistud-1090	51	18	an	an	DET
eistud-1090	51	19	important	important	ADJ
eistud-1090	51	20	factor	factor	NOUN
eistud-1090	51	21	for	for	ADP
eistud-1090	51	22	the	the	DET
eistud-1090	51	23	global	global	ADJ
eistud-1090	51	24	monetary	monetary	ADJ
eistud-1090	51	25	system	system	NOUN
eistud-1090	51	26	.	.	PUNCT
eistud-1090	52	1	issn	issn	PROPN
eistud-1090	52	2	1822–8402	1822–8402	NUM
eistud-1090	52	3	european	european	ADJ
eistud-1090	52	4	integration	integration	NOUN
eistud-1090	52	5	studies	study	NOUN
eistud-1090	52	6	.	.	PUNCT
eistud-1090	53	1	2011	2011	NUM
eistud-1090	53	2	.	.	PUNCT
eistud-1090	54	1	no	no	DET
eistud-1090	54	2	5	5	NUM
eistud-1090	54	3	146	146	NUM
eistud-1090	54	4	the	the	DET
eistud-1090	54	5	paper	paper	NOUN
eistud-1090	54	6	presents	present	VERB
eistud-1090	54	7	introductory	introductory	ADJ
eistud-1090	54	8	empirical	empirical	ADJ
eistud-1090	54	9	results	result	NOUN
eistud-1090	54	10	of	of	ADP
eistud-1090	54	11	an	an	DET
eistud-1090	54	12	analysis	analysis	NOUN
eistud-1090	54	13	of	of	ADP
eistud-1090	54	14	foreign	foreign	ADJ
eistud-1090	54	15	exchange	exchange	NOUN
eistud-1090	54	16	reserves	reserve	NOUN
eistud-1090	54	17	management	management	NOUN
eistud-1090	54	18	on	on	ADP
eistud-1090	54	19	the	the	DET
eistud-1090	54	20	global	global	ADJ
eistud-1090	54	21	interest	interest	NOUN
eistud-1090	54	22	rates	rate	NOUN
eistud-1090	54	23	.	.	PUNCT
eistud-1090	55	1	the	the	DET
eistud-1090	55	2	research	research	NOUN
eistud-1090	55	3	methodology	methodology	NOUN
eistud-1090	55	4	is	be	AUX
eistud-1090	55	5	a	a	DET
eistud-1090	55	6	simple	simple	ADJ
eistud-1090	55	7	correlation	correlation	NOUN
eistud-1090	55	8	analysis	analysis	NOUN
eistud-1090	55	9	of	of	ADP
eistud-1090	55	10	time	time	NOUN
eistud-1090	55	11	series	series	NOUN
eistud-1090	55	12	for	for	ADP
eistud-1090	55	13	global	global	ADJ
eistud-1090	55	14	interest	interest	NOUN
eistud-1090	55	15	rates	rate	NOUN
eistud-1090	55	16	’	'	PUNCT
eistud-1090	55	17	yield	yield	NOUN
eistud-1090	55	18	curve	curve	NOUN
eistud-1090	55	19	.	.	PUNCT
eistud-1090	56	1	institutional	institutional	ADJ
eistud-1090	56	2	design	design	NOUN
eistud-1090	56	3	of	of	ADP
eistud-1090	56	4	foreign	foreign	ADJ
eistud-1090	56	5	exchange	exchange	NOUN
eistud-1090	56	6	reserves	reserve	NOUN
eistud-1090	56	7	management	management	NOUN
eistud-1090	56	8	in	in	ADP
eistud-1090	56	9	the	the	DET
eistud-1090	56	10	eurozone	eurozone	NOUN
eistud-1090	56	11	when	when	SCONJ
eistud-1090	56	12	one	one	PRON
eistud-1090	56	13	describes	describe	VERB
eistud-1090	56	14	the	the	DET
eistud-1090	56	15	centralization	centralization	NOUN
eistud-1090	56	16	and	and	CCONJ
eistud-1090	56	17	management	management	NOUN
eistud-1090	56	18	of	of	ADP
eistud-1090	56	19	foreign	foreign	ADJ
eistud-1090	56	20	exchange	exchange	NOUN
eistud-1090	56	21	reserves	reserve	NOUN
eistud-1090	56	22	in	in	ADP
eistud-1090	56	23	the	the	DET
eistud-1090	56	24	eurozone	eurozone	NOUN
eistud-1090	56	25	,	,	PUNCT
eistud-1090	56	26	it	it	PRON
eistud-1090	56	27	is	be	AUX
eistud-1090	56	28	necessary	necessary	ADJ
eistud-1090	56	29	to	to	PART
eistud-1090	56	30	start	start	VERB
eistud-1090	56	31	from	from	ADP
eistud-1090	56	32	the	the	DET
eistud-1090	56	33	exchange	exchange	NOUN
eistud-1090	56	34	rate	rate	NOUN
eistud-1090	56	35	system	system	NOUN
eistud-1090	56	36	regulations	regulation	NOUN
eistud-1090	56	37	.	.	PUNCT
eistud-1090	57	1	the	the	DET
eistud-1090	57	2	european	european	PROPN
eistud-1090	57	3	treaty	treaty	NOUN
eistud-1090	57	4	assigns	assign	VERB
eistud-1090	57	5	the	the	DET
eistud-1090	57	6	responsibility	responsibility	NOUN
eistud-1090	57	7	for	for	ADP
eistud-1090	57	8	the	the	DET
eistud-1090	57	9	decision	decision	NOUN
eistud-1090	57	10	on	on	ADP
eistud-1090	57	11	the	the	DET
eistud-1090	57	12	exchange	exchange	NOUN
eistud-1090	57	13	rate	rate	NOUN
eistud-1090	57	14	regime	regime	NOUN
eistud-1090	57	15	to	to	ADP
eistud-1090	57	16	the	the	DET
eistud-1090	57	17	european	european	PROPN
eistud-1090	57	18	council	council	PROPN
eistud-1090	58	1	[	[	X
eistud-1090	58	2	european	european	PROPN
eistud-1090	58	3	treaty	treaty	NOUN
eistud-1090	58	4	art.111	art.111	PROPN
eistud-1090	58	5	,	,	PUNCT
eistud-1090	58	6	p.1	p.1	NOUN
eistud-1090	58	7	]	]	PUNCT
eistud-1090	58	8	.	.	PUNCT
eistud-1090	59	1	in	in	ADP
eistud-1090	59	2	case	case	NOUN
eistud-1090	59	3	of	of	ADP
eistud-1090	59	4	the	the	DET
eistud-1090	59	5	lack	lack	NOUN
eistud-1090	59	6	of	of	ADP
eistud-1090	59	7	the	the	DET
eistud-1090	59	8	decision	decision	NOUN
eistud-1090	59	9	on	on	ADP
eistud-1090	59	10	a	a	DET
eistud-1090	59	11	particular	particular	ADJ
eistud-1090	59	12	exchange	exchange	NOUN
eistud-1090	59	13	rate	rate	NOUN
eistud-1090	59	14	regime	regime	NOUN
eistud-1090	59	15	,	,	PUNCT
eistud-1090	59	16	the	the	DET
eistud-1090	59	17	european	european	PROPN
eistud-1090	59	18	council	council	PROPN
eistud-1090	59	19	(	(	PUNCT
eistud-1090	59	20	by	by	ADP
eistud-1090	59	21	a	a	DET
eistud-1090	59	22	qualified	qualified	ADJ
eistud-1090	59	23	majority	majority	NOUN
eistud-1090	59	24	of	of	ADP
eistud-1090	59	25	votes	vote	NOUN
eistud-1090	59	26	)	)	PUNCT
eistud-1090	59	27	may	may	AUX
eistud-1090	59	28	formulate	formulate	VERB
eistud-1090	59	29	the	the	DET
eistud-1090	59	30	general	general	ADJ
eistud-1090	59	31	directions	direction	NOUN
eistud-1090	59	32	for	for	ADP
eistud-1090	59	33	the	the	DET
eistud-1090	59	34	exchange	exchange	NOUN
eistud-1090	59	35	rate	rate	NOUN
eistud-1090	59	36	policy	policy	NOUN
eistud-1090	59	37	[	[	X
eistud-1090	59	38	european	european	ADJ
eistud-1090	59	39	treaty	treaty	NOUN
eistud-1090	59	40	,	,	PUNCT
eistud-1090	59	41	art.111	art.111	PROPN
eistud-1090	59	42	,	,	PUNCT
eistud-1090	59	43	p.2	p.2	X
eistud-1090	59	44	]	]	PUNCT
eistud-1090	59	45	.	.	PUNCT
eistud-1090	60	1	a	a	DET
eistud-1090	60	2	priority	priority	NOUN
eistud-1090	60	3	goal	goal	NOUN
eistud-1090	60	4	in	in	ADP
eistud-1090	60	5	both	both	CCONJ
eistud-1090	60	6	formal	formal	ADJ
eistud-1090	60	7	ways	way	NOUN
eistud-1090	60	8	of	of	ADP
eistud-1090	60	9	defining	define	VERB
eistud-1090	60	10	the	the	DET
eistud-1090	60	11	exchange	exchange	NOUN
eistud-1090	60	12	rate	rate	NOUN
eistud-1090	60	13	policy	policy	NOUN
eistud-1090	60	14	in	in	ADP
eistud-1090	60	15	the	the	DET
eistud-1090	60	16	emu	emu	PROPN
eistud-1090	60	17	is	be	AUX
eistud-1090	60	18	maintaining	maintain	VERB
eistud-1090	60	19	stability	stability	NOUN
eistud-1090	60	20	of	of	ADP
eistud-1090	60	21	the	the	DET
eistud-1090	60	22	general	general	ADJ
eistud-1090	60	23	level	level	NOUN
eistud-1090	60	24	of	of	ADP
eistud-1090	60	25	prices	price	NOUN
eistud-1090	60	26	.	.	PUNCT
eistud-1090	61	1	therefore	therefore	ADV
eistud-1090	61	2	,	,	PUNCT
eistud-1090	61	3	all	all	DET
eistud-1090	61	4	decisions	decision	NOUN
eistud-1090	61	5	in	in	ADP
eistud-1090	61	6	this	this	DET
eistud-1090	61	7	regard	regard	NOUN
eistud-1090	61	8	require	require	NOUN
eistud-1090	61	9	recommendation	recommendation	NOUN
eistud-1090	61	10	from	from	ADP
eistud-1090	61	11	the	the	DET
eistud-1090	61	12	european	european	PROPN
eistud-1090	61	13	central	central	PROPN
eistud-1090	61	14	bank	bank	PROPN
eistud-1090	61	15	or	or	CCONJ
eistud-1090	61	16	from	from	ADP
eistud-1090	61	17	the	the	DET
eistud-1090	61	18	european	european	PROPN
eistud-1090	61	19	commission	commission	PROPN
eistud-1090	61	20	that	that	PRON
eistud-1090	61	21	is	be	AUX
eistud-1090	61	22	often	often	ADV
eistud-1090	61	23	consulting	consult	VERB
eistud-1090	61	24	them	they	PRON
eistud-1090	61	25	with	with	ADP
eistud-1090	61	26	the	the	DET
eistud-1090	61	27	ecb	ecb	NOUN
eistud-1090	61	28	.	.	PUNCT
eistud-1090	62	1	so	so	ADV
eistud-1090	62	2	far	far	ADV
eistud-1090	62	3	none	none	NOUN
eistud-1090	62	4	of	of	ADP
eistud-1090	62	5	the	the	DET
eistud-1090	62	6	aforementioned	aforementioned	ADJ
eistud-1090	62	7	procedures	procedure	NOUN
eistud-1090	62	8	were	be	AUX
eistud-1090	62	9	initiated	initiate	VERB
eistud-1090	62	10	.	.	PUNCT
eistud-1090	63	1	during	during	ADP
eistud-1090	63	2	the	the	DET
eistud-1090	63	3	summit	summit	NOUN
eistud-1090	63	4	of	of	ADP
eistud-1090	63	5	the	the	DET
eistud-1090	63	6	european	european	PROPN
eistud-1090	63	7	council	council	PROPN
eistud-1090	63	8	on	on	ADP
eistud-1090	63	9	13th	13th	NOUN
eistud-1090	63	10	of	of	ADP
eistud-1090	63	11	december	december	PROPN
eistud-1090	63	12	in	in	ADP
eistud-1090	63	13	1997	1997	NUM
eistud-1090	63	14	in	in	ADP
eistud-1090	63	15	luxembourg	luxembourg	PROPN
eistud-1090	63	16	stressed	stress	VERB
eistud-1090	63	17	that	that	SCONJ
eistud-1090	63	18	the	the	DET
eistud-1090	63	19	exchange	exchange	NOUN
eistud-1090	63	20	rate	rate	NOUN
eistud-1090	63	21	of	of	ADP
eistud-1090	63	22	the	the	DET
eistud-1090	63	23	euro	euro	NOUN
eistud-1090	63	24	should	should	AUX
eistud-1090	63	25	be	be	AUX
eistud-1090	63	26	a	a	DET
eistud-1090	63	27	result	result	NOUN
eistud-1090	63	28	of	of	ADP
eistud-1090	63	29	an	an	DET
eistud-1090	63	30	interplay	interplay	NOUN
eistud-1090	63	31	between	between	ADP
eistud-1090	63	32	economic	economic	ADJ
eistud-1090	63	33	factors	factor	NOUN
eistud-1090	63	34	and	and	CCONJ
eistud-1090	63	35	economic	economic	ADJ
eistud-1090	63	36	policies	policy	NOUN
eistud-1090	63	37	and	and	CCONJ
eistud-1090	63	38	the	the	DET
eistud-1090	63	39	exchange	exchange	NOUN
eistud-1090	63	40	rate	rate	NOUN
eistud-1090	63	41	it	it	PRON
eistud-1090	63	42	self	self	NOUN
eistud-1090	63	43	should	should	AUX
eistud-1090	63	44	not	not	PART
eistud-1090	63	45	be	be	AUX
eistud-1090	63	46	a	a	DET
eistud-1090	63	47	separate	separate	ADJ
eistud-1090	63	48	and	and	CCONJ
eistud-1090	63	49	an	an	DET
eistud-1090	63	50	independent	independent	ADJ
eistud-1090	63	51	aim	aim	NOUN
eistud-1090	63	52	.	.	PUNCT
eistud-1090	64	1	it	it	PRON
eistud-1090	64	2	was	be	AUX
eistud-1090	64	3	concluded	conclude	VERB
eistud-1090	64	4	that	that	SCONJ
eistud-1090	64	5	some	some	DET
eistud-1090	64	6	general	general	ADJ
eistud-1090	64	7	directives	directive	NOUN
eistud-1090	64	8	for	for	ADP
eistud-1090	64	9	the	the	DET
eistud-1090	64	10	exchange	exchange	NOUN
eistud-1090	64	11	rate	rate	NOUN
eistud-1090	64	12	policy	policy	NOUN
eistud-1090	64	13	will	will	AUX
eistud-1090	64	14	be	be	AUX
eistud-1090	64	15	formulated	formulate	VERB
eistud-1090	64	16	only	only	ADV
eistud-1090	64	17	in	in	ADP
eistud-1090	64	18	extraordinary	extraordinary	ADJ
eistud-1090	64	19	circumstances	circumstance	NOUN
eistud-1090	64	20	.	.	PUNCT
eistud-1090	65	1	however	however	ADV
eistud-1090	65	2	,	,	PUNCT
eistud-1090	65	3	all	all	DET
eistud-1090	65	4	these	these	DET
eistud-1090	65	5	potential	potential	ADJ
eistud-1090	65	6	directives	directive	NOUN
eistud-1090	65	7	must	must	AUX
eistud-1090	65	8	consider	consider	VERB
eistud-1090	65	9	the	the	DET
eistud-1090	65	10	independence	independence	NOUN
eistud-1090	65	11	of	of	ADP
eistud-1090	65	12	the	the	DET
eistud-1090	65	13	european	european	ADJ
eistud-1090	65	14	system	system	NOUN
eistud-1090	65	15	of	of	ADP
eistud-1090	65	16	central	central	ADJ
eistud-1090	65	17	banks	bank	NOUN
eistud-1090	65	18	and	and	CCONJ
eistud-1090	65	19	the	the	DET
eistud-1090	65	20	ultimate	ultimate	ADJ
eistud-1090	65	21	goal	goal	NOUN
eistud-1090	65	22	,	,	PUNCT
eistud-1090	65	23	which	which	PRON
eistud-1090	65	24	is	be	AUX
eistud-1090	65	25	the	the	DET
eistud-1090	65	26	stable	stable	ADJ
eistud-1090	65	27	general	general	ADJ
eistud-1090	65	28	level	level	NOUN
eistud-1090	65	29	of	of	ADP
eistud-1090	65	30	prices	price	NOUN
eistud-1090	65	31	.	.	PUNCT
eistud-1090	66	1	the	the	DET
eistud-1090	66	2	lack	lack	NOUN
eistud-1090	66	3	of	of	ADP
eistud-1090	66	4	the	the	DET
eistud-1090	66	5	institutional	institutional	ADJ
eistud-1090	66	6	exchange	exchange	NOUN
eistud-1090	66	7	rate	rate	NOUN
eistud-1090	66	8	regime	regime	NOUN
eistud-1090	66	9	solutions	solution	NOUN
eistud-1090	66	10	together	together	ADV
eistud-1090	66	11	with	with	ADP
eistud-1090	66	12	no	no	DET
eistud-1090	66	13	exchange	exchange	NOUN
eistud-1090	66	14	rate	rate	NOUN
eistud-1090	66	15	target	target	NOUN
eistud-1090	66	16	for	for	ADP
eistud-1090	66	17	the	the	DET
eistud-1090	66	18	ecb	ecb	NOUN
eistud-1090	66	19	caused	cause	VERB
eistud-1090	66	20	only	only	ADV
eistud-1090	66	21	two	two	NUM
eistud-1090	66	22	actual	actual	ADJ
eistud-1090	66	23	interventions	intervention	NOUN
eistud-1090	66	24	in	in	ADP
eistud-1090	66	25	the	the	DET
eistud-1090	66	26	foreign	foreign	ADJ
eistud-1090	66	27	exchange	exchange	NOUN
eistud-1090	66	28	market	market	NOUN
eistud-1090	66	29	by	by	ADP
eistud-1090	66	30	the	the	DET
eistud-1090	66	31	ecb	ecb	NOUN
eistud-1090	66	32	over	over	ADP
eistud-1090	66	33	the	the	DET
eistud-1090	66	34	first	first	ADJ
eistud-1090	66	35	five	five	NUM
eistud-1090	66	36	years	year	NOUN
eistud-1090	66	37	of	of	ADP
eistud-1090	66	38	operations	operation	NOUN
eistud-1090	66	39	[	[	X
eistud-1090	66	40	scheller	scheller	NOUN
eistud-1090	66	41	,	,	PUNCT
eistud-1090	66	42	2004	2004	NUM
eistud-1090	66	43	,	,	PUNCT
eistud-1090	66	44	p.92	p.92	NOUN
eistud-1090	66	45	]	]	PUNCT
eistud-1090	66	46	.	.	PUNCT
eistud-1090	67	1	both	both	DET
eistud-1090	67	2	interventions	intervention	NOUN
eistud-1090	67	3	took	take	VERB
eistud-1090	67	4	place	place	NOUN
eistud-1090	67	5	in	in	ADP
eistud-1090	67	6	2000	2000	NUM
eistud-1090	67	7	(	(	PUNCT
eistud-1090	67	8	in	in	ADP
eistud-1090	67	9	september	september	PROPN
eistud-1090	67	10	and	and	CCONJ
eistud-1090	67	11	november	november	PROPN
eistud-1090	67	12	)	)	PUNCT
eistud-1090	67	13	.	.	PUNCT
eistud-1090	68	1	these	these	PRON
eistud-1090	68	2	were	be	AUX
eistud-1090	68	3	conducted	conduct	VERB
eistud-1090	68	4	with	with	ADP
eistud-1090	68	5	a	a	DET
eistud-1090	68	6	cooperation	cooperation	NOUN
eistud-1090	68	7	of	of	ADP
eistud-1090	68	8	central	central	ADJ
eistud-1090	68	9	banks	bank	NOUN
eistud-1090	68	10	of	of	ADP
eistud-1090	68	11	the	the	DET
eistud-1090	68	12	usa	usa	PROPN
eistud-1090	68	13	,	,	PUNCT
eistud-1090	68	14	japan	japan	PROPN
eistud-1090	68	15	,	,	PUNCT
eistud-1090	68	16	the	the	DET
eistud-1090	68	17	uk	uk	PROPN
eistud-1090	68	18	and	and	CCONJ
eistud-1090	68	19	canada	canada	PROPN
eistud-1090	68	20	.	.	PUNCT
eistud-1090	69	1	the	the	DET
eistud-1090	69	2	reason	reason	NOUN
eistud-1090	69	3	for	for	ADP
eistud-1090	69	4	the	the	DET
eistud-1090	69	5	interventions	intervention	NOUN
eistud-1090	69	6	was	be	AUX
eistud-1090	69	7	the	the	DET
eistud-1090	69	8	stable	stable	ADJ
eistud-1090	69	9	depreciation	depreciation	NOUN
eistud-1090	69	10	trend	trend	NOUN
eistud-1090	69	11	of	of	ADP
eistud-1090	69	12	euro	euro	NOUN
eistud-1090	69	13	,	,	PUNCT
eistud-1090	69	14	which	which	PRON
eistud-1090	69	15	was	be	AUX
eistud-1090	69	16	in	in	ADP
eistud-1090	69	17	contradiction	contradiction	NOUN
eistud-1090	69	18	with	with	ADP
eistud-1090	69	19	the	the	DET
eistud-1090	69	20	macroeconomic	macroeconomic	ADJ
eistud-1090	69	21	situation	situation	NOUN
eistud-1090	69	22	of	of	ADP
eistud-1090	69	23	the	the	DET
eistud-1090	69	24	eurozone	eurozone	NOUN
eistud-1090	69	25	.	.	PUNCT
eistud-1090	70	1	in	in	ADP
eistud-1090	70	2	order	order	NOUN
eistud-1090	70	3	to	to	PART
eistud-1090	70	4	conduct	conduct	VERB
eistud-1090	70	5	such	such	ADJ
eistud-1090	70	6	foreign	foreign	ADJ
eistud-1090	70	7	exchange	exchange	NOUN
eistud-1090	70	8	market	market	NOUN
eistud-1090	70	9	interventions	intervention	NOUN
eistud-1090	70	10	,	,	PUNCT
eistud-1090	70	11	a	a	DET
eistud-1090	70	12	central	central	ADJ
eistud-1090	70	13	bank	bank	NOUN
eistud-1090	70	14	needs	need	VERB
eistud-1090	70	15	to	to	PART
eistud-1090	70	16	hold	hold	VERB
eistud-1090	70	17	some	some	DET
eistud-1090	70	18	foreign	foreign	ADJ
eistud-1090	70	19	exchange	exchange	NOUN
eistud-1090	70	20	.	.	PUNCT
eistud-1090	71	1	the	the	DET
eistud-1090	71	2	european	european	PROPN
eistud-1090	71	3	central	central	PROPN
eistud-1090	71	4	bank	bank	PROPN
eistud-1090	71	5	maintains	maintain	VERB
eistud-1090	71	6	the	the	DET
eistud-1090	71	7	necessary	necessary	ADJ
eistud-1090	71	8	resources	resource	NOUN
eistud-1090	71	9	because	because	SCONJ
eistud-1090	71	10	it	it	PRON
eistud-1090	71	11	is	be	AUX
eistud-1090	71	12	a	a	DET
eistud-1090	71	13	custodian	custodian	NOUN
eistud-1090	71	14	of	of	ADP
eistud-1090	71	15	the	the	DET
eistud-1090	71	16	pool	pool	NOUN
eistud-1090	71	17	of	of	ADP
eistud-1090	71	18	the	the	DET
eistud-1090	71	19	common	common	ADJ
eistud-1090	71	20	foreign	foreign	ADJ
eistud-1090	71	21	exchange	exchange	NOUN
eistud-1090	71	22	reserves	reserve	NOUN
eistud-1090	71	23	.	.	PUNCT
eistud-1090	72	1	the	the	DET
eistud-1090	72	2	charter	charter	NOUN
eistud-1090	72	3	of	of	ADP
eistud-1090	72	4	the	the	DET
eistud-1090	72	5	central	central	ADJ
eistud-1090	72	6	bank	bank	NOUN
eistud-1090	72	7	defines	define	NOUN
eistud-1090	72	8	,	,	PUNCT
eistud-1090	72	9	among	among	ADP
eistud-1090	72	10	its	its	PRON
eistud-1090	72	11	basic	basic	ADJ
eistud-1090	72	12	functions	function	NOUN
eistud-1090	72	13	,	,	PUNCT
eistud-1090	72	14	conducting	conduct	VERB
eistud-1090	72	15	foreign	foreign	ADJ
eistud-1090	72	16	exchange	exchange	NOUN
eistud-1090	72	17	transactions	transaction	NOUN
eistud-1090	72	18	and	and	CCONJ
eistud-1090	72	19	maintaining	maintain	VERB
eistud-1090	72	20	the	the	DET
eistud-1090	72	21	foreign	foreign	ADJ
eistud-1090	72	22	exchange	exchange	NOUN
eistud-1090	72	23	reserves	reserve	NOUN
eistud-1090	72	24	of	of	ADP
eistud-1090	72	25	the	the	DET
eistud-1090	72	26	member	member	NOUN
eistud-1090	72	27	states	state	VERB
eistud-1090	72	28	[	[	X
eistud-1090	72	29	ecb	ecb	NOUN
eistud-1090	72	30	statute	statute	NOUN
eistud-1090	72	31	,	,	PUNCT
eistud-1090	72	32	art.3.1	art.3.1	PROPN
eistud-1090	72	33	]	]	PUNCT
eistud-1090	72	34	.	.	PUNCT
eistud-1090	73	1	the	the	DET
eistud-1090	73	2	common	common	ADJ
eistud-1090	73	3	pool	pool	NOUN
eistud-1090	73	4	of	of	ADP
eistud-1090	73	5	foreign	foreign	ADJ
eistud-1090	73	6	exchange	exchange	NOUN
eistud-1090	73	7	reserves	reserve	NOUN
eistud-1090	73	8	at	at	ADP
eistud-1090	73	9	the	the	DET
eistud-1090	73	10	ecb	ecb	NOUN
eistud-1090	73	11	is	be	AUX
eistud-1090	73	12	maintained	maintain	VERB
eistud-1090	73	13	and	and	CCONJ
eistud-1090	73	14	managed	manage	VERB
eistud-1090	73	15	mainly	mainly	ADV
eistud-1090	73	16	for	for	ADP
eistud-1090	73	17	the	the	DET
eistud-1090	73	18	purpose	purpose	NOUN
eistud-1090	73	19	of	of	ADP
eistud-1090	73	20	foreign	foreign	ADJ
eistud-1090	73	21	exchange	exchange	NOUN
eistud-1090	73	22	market	market	NOUN
eistud-1090	73	23	interventions	intervention	NOUN
eistud-1090	73	24	.	.	PUNCT
eistud-1090	74	1	the	the	DET
eistud-1090	74	2	ecb	ecb	PROPN
eistud-1090	74	3	is	be	AUX
eistud-1090	74	4	allowed	allow	VERB
eistud-1090	74	5	to	to	PART
eistud-1090	74	6	conduct	conduct	VERB
eistud-1090	74	7	transactions	transaction	NOUN
eistud-1090	74	8	(	(	PUNCT
eistud-1090	74	9	spot	spot	NOUN
eistud-1090	74	10	and	and	CCONJ
eistud-1090	74	11	forward	forward	ADV
eistud-1090	74	12	)	)	PUNCT
eistud-1090	74	13	and	and	CCONJ
eistud-1090	74	14	make	make	VERB
eistud-1090	74	15	deposits	deposit	NOUN
eistud-1090	74	16	together	together	ADV
eistud-1090	74	17	with	with	ADP
eistud-1090	74	18	engaging	engage	VERB
eistud-1090	74	19	in	in	ADP
eistud-1090	74	20	credit	credit	NOUN
eistud-1090	74	21	operations	operation	NOUN
eistud-1090	75	1	[	[	X
eistud-1090	75	2	ecb	ecb	NOUN
eistud-1090	75	3	statute	statute	NOUN
eistud-1090	75	4	,	,	PUNCT
eistud-1090	75	5	art.23	art.23	NOUN
eistud-1090	75	6	]	]	PUNCT
eistud-1090	75	7	.	.	PUNCT
eistud-1090	76	1	the	the	DET
eistud-1090	76	2	national	national	ADJ
eistud-1090	76	3	central	central	ADJ
eistud-1090	76	4	banks	bank	NOUN
eistud-1090	76	5	of	of	ADP
eistud-1090	76	6	the	the	DET
eistud-1090	76	7	eurosystem	eurosystem	NOUN
eistud-1090	76	8	are	be	AUX
eistud-1090	76	9	obligated	obligate	VERB
eistud-1090	76	10	to	to	PART
eistud-1090	76	11	transfer	transfer	VERB
eistud-1090	76	12	their	their	PRON
eistud-1090	76	13	foreign	foreign	ADJ
eistud-1090	76	14	exchange	exchange	NOUN
eistud-1090	76	15	reserves	reserve	NOUN
eistud-1090	76	16	to	to	ADP
eistud-1090	76	17	the	the	DET
eistud-1090	76	18	ecb	ecb	NOUN
eistud-1090	76	19	.	.	PUNCT
eistud-1090	77	1	initially	initially	ADV
eistud-1090	77	2	,	,	PUNCT
eistud-1090	77	3	the	the	DET
eistud-1090	77	4	total	total	ADJ
eistud-1090	77	5	amount	amount	NOUN
eistud-1090	77	6	of	of	ADP
eistud-1090	77	7	the	the	DET
eistud-1090	77	8	foreign	foreign	ADJ
eistud-1090	77	9	exchange	exchange	NOUN
eistud-1090	77	10	reserves	reserve	NOUN
eistud-1090	77	11	was	be	AUX
eistud-1090	77	12	set	set	VERB
eistud-1090	77	13	at	at	ADP
eistud-1090	77	14	50	50	NUM
eistud-1090	77	15	billion	billion	NUM
eistud-1090	77	16	of	of	ADP
eistud-1090	77	17	ecu	ecu	NOUN
eistud-1090	77	18	[	[	X
eistud-1090	77	19	ecb	ecb	NOUN
eistud-1090	77	20	statute	statute	NOUN
eistud-1090	77	21	,	,	PUNCT
eistud-1090	77	22	art.30.1	art.30.1	NOUN
eistud-1090	77	23	]	]	PUNCT
eistud-1090	77	24	.	.	PUNCT
eistud-1090	78	1	however	however	ADV
eistud-1090	78	2	,	,	PUNCT
eistud-1090	78	3	as	as	SCONJ
eistud-1090	78	4	new	new	ADJ
eistud-1090	78	5	countries	country	NOUN
eistud-1090	78	6	join	join	VERB
eistud-1090	78	7	the	the	DET
eistud-1090	78	8	eurozone	eurozone	NOUN
eistud-1090	78	9	,	,	PUNCT
eistud-1090	78	10	it	it	PRON
eistud-1090	78	11	results	result	VERB
eistud-1090	78	12	in	in	ADP
eistud-1090	78	13	increasing	increase	VERB
eistud-1090	78	14	the	the	DET
eistud-1090	78	15	equity	equity	NOUN
eistud-1090	78	16	of	of	ADP
eistud-1090	78	17	the	the	DET
eistud-1090	78	18	ecb	ecb	NOUN
eistud-1090	78	19	and	and	CCONJ
eistud-1090	78	20	in	in	ADP
eistud-1090	78	21	increasing	increase	VERB
eistud-1090	78	22	the	the	DET
eistud-1090	78	23	common	common	ADJ
eistud-1090	78	24	pool	pool	NOUN
eistud-1090	78	25	of	of	ADP
eistud-1090	78	26	the	the	DET
eistud-1090	78	27	foreign	foreign	ADJ
eistud-1090	78	28	exchange	exchange	NOUN
eistud-1090	78	29	reserves	reserve	NOUN
eistud-1090	78	30	.	.	PUNCT
eistud-1090	79	1	since	since	SCONJ
eistud-1090	79	2	the	the	DET
eistud-1090	79	3	1st	1st	NOUN
eistud-1090	79	4	of	of	ADP
eistud-1090	79	5	may	may	PROPN
eistud-1090	79	6	2004	2004	NUM
eistud-1090	79	7	the	the	DET
eistud-1090	79	8	initial	initial	ADJ
eistud-1090	79	9	limit	limit	NOUN
eistud-1090	79	10	rose	rise	VERB
eistud-1090	79	11	to	to	ADP
eistud-1090	79	12	55,6	55,6	NOUN
eistud-1090	79	13	billion	billion	NUM
eistud-1090	79	14	of	of	ADP
eistud-1090	79	15	euro	euro	NOUN
eistud-1090	79	16	.	.	PUNCT
eistud-1090	80	1	the	the	DET
eistud-1090	80	2	ecb	ecb	NOUN
eistud-1090	80	3	is	be	AUX
eistud-1090	80	4	not	not	PART
eistud-1090	80	5	obligated	obligate	VERB
eistud-1090	80	6	to	to	PART
eistud-1090	80	7	return	return	VERB
eistud-1090	80	8	some	some	PRON
eistud-1090	80	9	of	of	ADP
eistud-1090	80	10	the	the	DET
eistud-1090	80	11	foreign	foreign	ADJ
eistud-1090	80	12	exchange	exchange	NOUN
eistud-1090	80	13	to	to	ADP
eistud-1090	80	14	member	member	NOUN
eistud-1090	80	15	countries	country	NOUN
eistud-1090	80	16	that	that	PRON
eistud-1090	80	17	decreased	decrease	VERB
eistud-1090	80	18	their	their	PRON
eistud-1090	80	19	share	share	NOUN
eistud-1090	80	20	in	in	ADP
eistud-1090	80	21	the	the	DET
eistud-1090	80	22	total	total	ADJ
eistud-1090	80	23	equity	equity	NOUN
eistud-1090	80	24	.	.	PUNCT
eistud-1090	81	1	in	in	ADP
eistud-1090	81	2	january	january	PROPN
eistud-1090	81	3	1999	1999	NUM
eistud-1090	81	4	the	the	DET
eistud-1090	81	5	national	national	ADJ
eistud-1090	81	6	central	central	ADJ
eistud-1090	81	7	banks	bank	NOUN
eistud-1090	81	8	transferred	transfer	VERB
eistud-1090	81	9	to	to	ADP
eistud-1090	81	10	the	the	DET
eistud-1090	81	11	ecb	ecb	NOUN
eistud-1090	81	12	the	the	DET
eistud-1090	81	13	foreign	foreign	ADJ
eistud-1090	81	14	exchange	exchange	NOUN
eistud-1090	81	15	reserves	reserve	NOUN
eistud-1090	81	16	with	with	ADP
eistud-1090	81	17	total	total	ADJ
eistud-1090	81	18	value	value	NOUN
eistud-1090	81	19	of	of	ADP
eistud-1090	81	20	39,46	39,46	NUM
eistud-1090	81	21	billion	billion	NUM
eistud-1090	81	22	euro	euro	NOUN
eistud-1090	81	23	.	.	PUNCT
eistud-1090	82	1	it	it	PRON
eistud-1090	82	2	was	be	AUX
eistud-1090	82	3	the	the	DET
eistud-1090	82	4	upper	upper	ADJ
eistud-1090	82	5	limit	limit	NOUN
eistud-1090	82	6	resulting	result	VERB
eistud-1090	82	7	directly	directly	ADV
eistud-1090	82	8	from	from	ADP
eistud-1090	82	9	the	the	DET
eistud-1090	82	10	ecb	ecb	PROPN
eistud-1090	82	11	statute	statute	NOUN
eistud-1090	82	12	,	,	PUNCT
eistud-1090	82	13	decreased	decrease	VERB
eistud-1090	82	14	by	by	ADP
eistud-1090	82	15	the	the	DET
eistud-1090	82	16	share	share	NOUN
eistud-1090	82	17	in	in	ADP
eistud-1090	82	18	the	the	DET
eistud-1090	82	19	ecb	ecb	NOUN
eistud-1090	82	20	equity	equity	NOUN
eistud-1090	82	21	of	of	ADP
eistud-1090	82	22	the	the	DET
eistud-1090	82	23	eu	eu	PROPN
eistud-1090	82	24	countries	country	NOUN
eistud-1090	82	25	that	that	PRON
eistud-1090	82	26	did	do	AUX
eistud-1090	82	27	not	not	PART
eistud-1090	82	28	join	join	VERB
eistud-1090	82	29	the	the	DET
eistud-1090	82	30	emu	emu	PROPN
eistud-1090	82	31	.	.	PUNCT
eistud-1090	83	1	then	then	ADV
eistud-1090	83	2	,	,	PUNCT
eistud-1090	83	3	on	on	ADP
eistud-1090	83	4	1st	1st	NOUN
eistud-1090	83	5	of	of	ADP
eistud-1090	83	6	january	january	PROPN
eistud-1090	83	7	in	in	ADP
eistud-1090	83	8	2001	2001	NUM
eistud-1090	83	9	,	,	PUNCT
eistud-1090	83	10	when	when	SCONJ
eistud-1090	83	11	greece	greece	PROPN
eistud-1090	83	12	joined	join	VERB
eistud-1090	83	13	the	the	DET
eistud-1090	83	14	eurozone	eurozone	NOUN
eistud-1090	83	15	,	,	PUNCT
eistud-1090	83	16	the	the	DET
eistud-1090	83	17	central	central	ADJ
eistud-1090	83	18	bank	bank	PROPN
eistud-1090	83	19	of	of	ADP
eistud-1090	83	20	greece	greece	PROPN
eistud-1090	83	21	transferred	transfer	VERB
eistud-1090	83	22	1,28	1,28	NUM
eistud-1090	83	23	billion	billion	NUM
eistud-1090	83	24	worth	worth	NOUN
eistud-1090	83	25	of	of	ADP
eistud-1090	83	26	foreign	foreign	ADJ
eistud-1090	83	27	exchange	exchange	NOUN
eistud-1090	83	28	reserves	reserve	NOUN
eistud-1090	83	29	.	.	PUNCT
eistud-1090	84	1	the	the	DET
eistud-1090	84	2	total	total	ADJ
eistud-1090	84	3	amount	amount	NOUN
eistud-1090	84	4	of	of	ADP
eistud-1090	84	5	all	all	DET
eistud-1090	84	6	contributions	contribution	NOUN
eistud-1090	84	7	so	so	ADV
eistud-1090	84	8	far	far	ADV
eistud-1090	84	9	reached	reach	VERB
eistud-1090	84	10	40,74	40,74	NOUN
eistud-1090	84	11	billion	billion	NUM
eistud-1090	84	12	of	of	ADP
eistud-1090	84	13	euro	euro	NOUN
eistud-1090	84	14	.	.	PUNCT
eistud-1090	85	1	the	the	DET
eistud-1090	85	2	structure	structure	NOUN
eistud-1090	85	3	of	of	ADP
eistud-1090	85	4	the	the	DET
eistud-1090	85	5	transfer	transfer	NOUN
eistud-1090	85	6	was	be	AUX
eistud-1090	85	7	as	as	SCONJ
eistud-1090	85	8	follows	follow	VERB
eistud-1090	85	9	:	:	PUNCT
eistud-1090	85	10	15	15	NUM
eistud-1090	85	11	%	%	NOUN
eistud-1090	85	12	gold	gold	NOUN
eistud-1090	85	13	and	and	CCONJ
eistud-1090	85	14	85	85	NUM
eistud-1090	85	15	%	%	NOUN
eistud-1090	85	16	jointly	jointly	ADV
eistud-1090	85	17	the	the	DET
eistud-1090	85	18	us	us	PROPN
eistud-1090	85	19	dollar	dollar	NOUN
eistud-1090	85	20	–	–	PUNCT
eistud-1090	85	21	and	and	CCONJ
eistud-1090	85	22	japanese	japanese	ADJ
eistud-1090	85	23	yen	yen	NOUN
eistud-1090	85	24	–	–	PUNCT
eistud-1090	85	25	denominated	denominate	VERB
eistud-1090	85	26	assets	asset	NOUN
eistud-1090	85	27	.	.	PUNCT
eistud-1090	86	1	the	the	DET
eistud-1090	86	2	initial	initial	ADJ
eistud-1090	86	3	value	value	NOUN
eistud-1090	86	4	of	of	ADP
eistud-1090	86	5	the	the	DET
eistud-1090	86	6	common	common	ADJ
eistud-1090	86	7	pool	pool	NOUN
eistud-1090	86	8	of	of	ADP
eistud-1090	86	9	foreign	foreign	ADJ
eistud-1090	86	10	exchange	exchange	NOUN
eistud-1090	86	11	reserves	reserve	NOUN
eistud-1090	86	12	at	at	ADP
eistud-1090	86	13	the	the	DET
eistud-1090	86	14	european	european	PROPN
eistud-1090	86	15	central	central	PROPN
eistud-1090	86	16	bank	bank	PROPN
eistud-1090	86	17	fluctuated	fluctuate	VERB
eistud-1090	86	18	due	due	ADP
eistud-1090	86	19	to	to	ADP
eistud-1090	86	20	exchange	exchange	NOUN
eistud-1090	86	21	rates	rate	NOUN
eistud-1090	86	22	movements	movement	NOUN
eistud-1090	86	23	and	and	CCONJ
eistud-1090	86	24	fx	fx	ADP
eistud-1090	86	25	market	market	NOUN
eistud-1090	86	26	interventions	intervention	NOUN
eistud-1090	86	27	.	.	PUNCT
eistud-1090	87	1	in	in	ADP
eistud-1090	87	2	january	january	PROPN
eistud-1090	87	3	2008	2008	NUM
eistud-1090	87	4	it	it	PRON
eistud-1090	87	5	amounted	amount	VERB
eistud-1090	87	6	at	at	ADP
eistud-1090	87	7	43,2	43,2	NOUN
eistud-1090	87	8	billion	billion	NUM
eistud-1090	87	9	euro	euro	NOUN
eistud-1090	88	1	[	[	X
eistud-1090	88	2	ecb	ecb	PROPN
eistud-1090	88	3	2008	2008	NUM
eistud-1090	88	4	,	,	PUNCT
eistud-1090	88	5	p.18	p.18	X
eistud-1090	88	6	]	]	X
eistud-1090	88	7	,	,	PUNCT
eistud-1090	88	8	while	while	SCONJ
eistud-1090	88	9	in	in	ADP
eistud-1090	88	10	january	january	PROPN
eistud-1090	88	11	2011	2011	NUM
eistud-1090	88	12	it	it	PRON
eistud-1090	88	13	was	be	AUX
eistud-1090	88	14	56.3	56.3	NUM
eistud-1090	88	15	billion	billion	NUM
eistud-1090	88	16	euro	euro	NOUN
eistud-1090	89	1	[	[	X
eistud-1090	89	2	ecb	ecb	NOUN
eistud-1090	89	3	2011	2011	NUM
eistud-1090	89	4	,	,	PUNCT
eistud-1090	89	5	p.16	p.16	PROPN
eistud-1090	89	6	]	]	PUNCT
eistud-1090	89	7	.	.	PUNCT
eistud-1090	90	1	the	the	DET
eistud-1090	90	2	statute	statute	NOUN
eistud-1090	90	3	of	of	ADP
eistud-1090	90	4	the	the	DET
eistud-1090	90	5	ecb	ecb	PROPN
eistud-1090	90	6	allows	allow	VERB
eistud-1090	90	7	the	the	DET
eistud-1090	90	8	central	central	ADJ
eistud-1090	90	9	bank	bank	NOUN
eistud-1090	90	10	to	to	PART
eistud-1090	90	11	call	call	VERB
eistud-1090	90	12	for	for	ADP
eistud-1090	90	13	transferring	transfer	VERB
eistud-1090	90	14	more	more	ADJ
eistud-1090	90	15	of	of	ADP
eistud-1090	90	16	foreign	foreign	ADJ
eistud-1090	90	17	exchange	exchange	NOUN
eistud-1090	90	18	from	from	ADP
eistud-1090	90	19	the	the	DET
eistud-1090	90	20	national	national	ADJ
eistud-1090	90	21	central	central	ADJ
eistud-1090	90	22	banks	bank	NOUN
eistud-1090	90	23	,	,	PUNCT
eistud-1090	90	24	above	above	ADP
eistud-1090	90	25	the	the	DET
eistud-1090	90	26	initial	initial	ADJ
eistud-1090	90	27	limit	limit	NOUN
eistud-1090	90	28	.	.	PUNCT
eistud-1090	91	1	the	the	DET
eistud-1090	91	2	reason	reason	NOUN
eistud-1090	91	3	for	for	ADP
eistud-1090	91	4	such	such	DET
eistud-1090	91	5	a	a	DET
eistud-1090	91	6	call	call	NOUN
eistud-1090	91	7	would	would	AUX
eistud-1090	91	8	be	be	AUX
eistud-1090	91	9	a	a	DET
eistud-1090	91	10	necessity	necessity	NOUN
eistud-1090	91	11	to	to	PART
eistud-1090	91	12	replenish	replenish	VERB
eistud-1090	91	13	depleted	depleted	ADJ
eistud-1090	91	14	foreign	foreign	ADJ
eistud-1090	91	15	exchange	exchange	NOUN
eistud-1090	91	16	reserves	reserve	NOUN
eistud-1090	91	17	,	,	PUNCT
eistud-1090	91	18	but	but	CCONJ
eistud-1090	91	19	not	not	PART
eistud-1090	91	20	to	to	PART
eistud-1090	91	21	increase	increase	VERB
eistud-1090	91	22	their	their	PRON
eistud-1090	91	23	total	total	ADJ
eistud-1090	91	24	amount	amount	NOUN
eistud-1090	91	25	at	at	ADP
eistud-1090	91	26	the	the	DET
eistud-1090	91	27	ecb	ecb	NOUN
eistud-1090	91	28	disposal	disposal	NOUN
eistud-1090	91	29	.	.	PUNCT
eistud-1090	92	1	goals	goal	NOUN
eistud-1090	92	2	of	of	ADP
eistud-1090	92	3	foreign	foreign	ADJ
eistud-1090	92	4	exchange	exchange	NOUN
eistud-1090	92	5	management	management	NOUN
eistud-1090	92	6	at	at	ADP
eistud-1090	92	7	the	the	DET
eistud-1090	92	8	european	european	PROPN
eistud-1090	92	9	central	central	PROPN
eistud-1090	92	10	bank	bank	PROPN
eistud-1090	92	11	the	the	DET
eistud-1090	92	12	european	european	PROPN
eistud-1090	92	13	central	central	PROPN
eistud-1090	92	14	bank	bank	PROPN
eistud-1090	92	15	has	have	VERB
eistud-1090	92	16	one	one	NUM
eistud-1090	92	17	general	general	ADJ
eistud-1090	92	18	goal	goal	NOUN
eistud-1090	92	19	in	in	ADP
eistud-1090	92	20	its	its	PRON
eistud-1090	92	21	foreign	foreign	ADJ
eistud-1090	92	22	exchange	exchange	NOUN
eistud-1090	92	23	reserves	reserve	NOUN
eistud-1090	92	24	management	management	NOUN
eistud-1090	92	25	.	.	PUNCT
eistud-1090	93	1	the	the	DET
eistud-1090	93	2	goal	goal	NOUN
eistud-1090	93	3	is	be	AUX
eistud-1090	93	4	to	to	PART
eistud-1090	93	5	have	have	VERB
eistud-1090	93	6	enough	enough	ADJ
eistud-1090	93	7	of	of	ADP
eistud-1090	93	8	the	the	DET
eistud-1090	93	9	most	most	ADV
eistud-1090	93	10	liquid	liquid	ADJ
eistud-1090	93	11	foreign	foreign	ADJ
eistud-1090	93	12	assets	asset	NOUN
eistud-1090	93	13	to	to	PART
eistud-1090	93	14	conduct	conduct	VERB
eistud-1090	93	15	any	any	DET
eistud-1090	93	16	necessary	necessary	ADJ
eistud-1090	93	17	intervention	intervention	NOUN
eistud-1090	93	18	at	at	ADP
eistud-1090	93	19	the	the	DET
eistud-1090	93	20	foreign	foreign	ADJ
eistud-1090	93	21	exchange	exchange	NOUN
eistud-1090	93	22	market	market	NOUN
eistud-1090	93	23	.	.	PUNCT
eistud-1090	94	1	this	this	PRON
eistud-1090	94	2	leads	lead	VERB
eistud-1090	94	3	to	to	ADP
eistud-1090	94	4	emphasizing	emphasize	VERB
eistud-1090	94	5	two	two	NUM
eistud-1090	94	6	principles	principle	NOUN
eistud-1090	94	7	:	:	PUNCT
eistud-1090	94	8	liquidity	liquidity	NOUN
eistud-1090	94	9	and	and	CCONJ
eistud-1090	94	10	safety	safety	NOUN
eistud-1090	94	11	when	when	SCONJ
eistud-1090	94	12	decisions	decision	NOUN
eistud-1090	94	13	about	about	ADP
eistud-1090	94	14	the	the	DET
eistud-1090	94	15	chosen	choose	VERB
eistud-1090	94	16	instruments	instrument	NOUN
eistud-1090	94	17	are	be	AUX
eistud-1090	94	18	made	make	VERB
eistud-1090	94	19	.	.	PUNCT
eistud-1090	95	1	complying	comply	VERB
eistud-1090	95	2	with	with	ADP
eistud-1090	95	3	these	these	DET
eistud-1090	95	4	two	two	NUM
eistud-1090	95	5	principles	principle	NOUN
eistud-1090	95	6	,	,	PUNCT
eistud-1090	95	7	the	the	DET
eistud-1090	95	8	total	total	ADJ
eistud-1090	95	9	value	value	NOUN
eistud-1090	95	10	of	of	ADP
eistud-1090	95	11	foreign	foreign	ADJ
eistud-1090	95	12	assets	asset	NOUN
eistud-1090	95	13	portfolio	portfolio	NOUN
eistud-1090	95	14	is	be	AUX
eistud-1090	95	15	maximized	maximize	VERB
eistud-1090	95	16	.	.	PUNCT
eistud-1090	96	1	it	it	PRON
eistud-1090	96	2	can	can	AUX
eistud-1090	96	3	be	be	AUX
eistud-1090	96	4	argued	argue	VERB
eistud-1090	96	5	that	that	SCONJ
eistud-1090	96	6	such	such	DET
eistud-1090	96	7	an	an	DET
eistud-1090	96	8	approach	approach	NOUN
eistud-1090	96	9	is	be	AUX
eistud-1090	96	10	in	in	ADP
eistud-1090	96	11	line	line	NOUN
eistud-1090	96	12	with	with	ADP
eistud-1090	96	13	the	the	DET
eistud-1090	96	14	modem	modem	NOUN
eistud-1090	96	15	trends	trend	NOUN
eistud-1090	96	16	in	in	ADP
eistud-1090	96	17	this	this	DET
eistud-1090	96	18	regard	regard	NOUN
eistud-1090	96	19	.	.	PUNCT
eistud-1090	97	1	the	the	DET
eistud-1090	97	2	foreign	foreign	ADJ
eistud-1090	97	3	exchange	exchange	NOUN
eistud-1090	97	4	reserves	reserve	NOUN
eistud-1090	97	5	in	in	ADP
eistud-1090	97	6	the	the	DET
eistud-1090	97	7	european	european	PROPN
eistud-1090	97	8	monetary	monetary	PROPN
eistud-1090	97	9	union	union	PROPN
eistud-1090	97	10	are	be	AUX
eistud-1090	97	11	managed	manage	VERB
eistud-1090	97	12	by	by	ADP
eistud-1090	97	13	national	national	ADJ
eistud-1090	97	14	central	central	ADJ
eistud-1090	97	15	banks	bank	NOUN
eistud-1090	97	16	according	accord	VERB
eistud-1090	97	17	to	to	ADP
eistud-1090	97	18	an	an	DET
eistud-1090	97	19	investing	investing	NOUN
eistud-1090	97	20	strategy	strategy	NOUN
eistud-1090	97	21	formulated	formulate	VERB
eistud-1090	97	22	at	at	ADP
eistud-1090	97	23	the	the	DET
eistud-1090	97	24	european	european	PROPN
eistud-1090	97	25	central	central	PROPN
eistud-1090	97	26	bank	bank	NOUN
eistud-1090	97	27	.	.	PUNCT
eistud-1090	98	1	in	in	ADP
eistud-1090	98	2	reality	reality	NOUN
eistud-1090	98	3	this	this	DET
eistud-1090	98	4	solution	solution	NOUN
eistud-1090	98	5	means	mean	VERB
eistud-1090	98	6	that	that	SCONJ
eistud-1090	98	7	the	the	DET
eistud-1090	98	8	following	follow	VERB
eistud-1090	98	9	parameters	parameter	NOUN
eistud-1090	98	10	are	be	AUX
eistud-1090	98	11	imposed	impose	VERB
eistud-1090	98	12	:	:	PUNCT
eistud-1090	98	13	1	1	X
eistud-1090	98	14	.	.	X
eistud-1090	98	15	currency	currency	NOUN
eistud-1090	98	16	structure	structure	NOUN
eistud-1090	98	17	of	of	ADP
eistud-1090	98	18	foreign	foreign	ADJ
eistud-1090	98	19	assets	asset	NOUN
eistud-1090	98	20	portfolio	portfolio	NOUN
eistud-1090	98	21	,	,	PUNCT
eistud-1090	98	22	2	2	X
eistud-1090	98	23	.	.	X
eistud-1090	98	24	ratio	ratio	NOUN
eistud-1090	98	25	of	of	ADP
eistud-1090	98	26	acceptable	acceptable	ADJ
eistud-1090	98	27	risk	risk	NOUN
eistud-1090	98	28	to	to	ADP
eistud-1090	98	29	the	the	DET
eistud-1090	98	30	expected	expect	VERB
eistud-1090	98	31	rate	rate	NOUN
eistud-1090	98	32	of	of	ADP
eistud-1090	98	33	return	return	NOUN
eistud-1090	98	34	,	,	PUNCT
eistud-1090	98	35	3	3	X
eistud-1090	98	36	.	.	PUNCT
eistud-1090	98	37	credit	credit	NOUN
eistud-1090	98	38	risk	risk	NOUN
eistud-1090	98	39	,	,	PUNCT
eistud-1090	98	40	4	4	NUM
eistud-1090	98	41	.	.	PUNCT
eistud-1090	98	42	liquidity	liquidity	NOUN
eistud-1090	98	43	requirement	requirement	NOUN
eistud-1090	98	44	for	for	ADP
eistud-1090	98	45	instruments	instrument	NOUN
eistud-1090	98	46	used	use	VERB
eistud-1090	98	47	.	.	PUNCT
eistud-1090	99	1	the	the	DET
eistud-1090	99	2	currency	currency	NOUN
eistud-1090	99	3	structure	structure	NOUN
eistud-1090	99	4	of	of	ADP
eistud-1090	99	5	the	the	DET
eistud-1090	99	6	foreign	foreign	ADJ
eistud-1090	99	7	assets	asset	NOUN
eistud-1090	99	8	portfolio	portfolio	NOUN
eistud-1090	99	9	is	be	AUX
eistud-1090	99	10	decided	decide	VERB
eistud-1090	99	11	by	by	ADP
eistud-1090	99	12	the	the	DET
eistud-1090	99	13	managing	manage	VERB
eistud-1090	99	14	board	board	NOUN
eistud-1090	99	15	at	at	ADP
eistud-1090	99	16	the	the	DET
eistud-1090	99	17	ecb	ecb	NOUN
eistud-1090	99	18	.	.	PUNCT
eistud-1090	100	1	it	it	PRON
eistud-1090	100	2	considers	consider	VERB
eistud-1090	100	3	the	the	DET
eistud-1090	100	4	expected	expect	VERB
eistud-1090	100	5	needs	need	NOUN
eistud-1090	100	6	resulting	result	VERB
eistud-1090	100	7	from	from	ADP
eistud-1090	100	8	potential	potential	ADJ
eistud-1090	100	9	interventions	intervention	NOUN
eistud-1090	100	10	and	and	CCONJ
eistud-1090	100	11	it	it	PRON
eistud-1090	100	12	is	be	AUX
eistud-1090	100	13	subject	subject	ADJ
eistud-1090	100	14	to	to	ADP
eistud-1090	100	15	frequent	frequent	ADJ
eistud-1090	100	16	change	change	NOUN
eistud-1090	100	17	.	.	PUNCT
eistud-1090	101	1	the	the	DET
eistud-1090	101	2	ecb	ecb	NOUN
eistud-1090	101	3	is	be	AUX
eistud-1090	101	4	not	not	PART
eistud-1090	101	5	conducting	conduct	VERB
eistud-1090	101	6	an	an	DET
eistud-1090	101	7	active	active	ADJ
eistud-1090	101	8	foreign	foreign	ADJ
eistud-1090	101	9	assets	asset	NOUN
eistud-1090	101	10	portfolio	portfolio	NOUN
eistud-1090	101	11	management	management	NOUN
eistud-1090	101	12	to	to	PART
eistud-1090	101	13	avoid	avoid	VERB
eistud-1090	101	14	the	the	DET
eistud-1090	101	15	indirect	indirect	ADJ
eistud-1090	101	16	interference	interference	NOUN
eistud-1090	101	17	with	with	ADP
eistud-1090	101	18	the	the	DET
eistud-1090	101	19	common	common	ADJ
eistud-1090	101	20	monetary	monetary	ADJ
eistud-1090	101	21	policy	policy	NOUN
eistud-1090	101	22	.	.	PUNCT
eistud-1090	102	1	the	the	DET
eistud-1090	102	2	actual	actual	ADJ
eistud-1090	102	3	decisions	decision	NOUN
eistud-1090	102	4	of	of	ADP
eistud-1090	102	5	the	the	DET
eistud-1090	102	6	ecb	ecb	NOUN
eistud-1090	102	7	concerning	concern	VERB
eistud-1090	102	8	the	the	DET
eistud-1090	102	9	foreign	foreign	ADJ
eistud-1090	102	10	exchange	exchange	NOUN
eistud-1090	102	11	reserves	reserve	NOUN
eistud-1090	102	12	management	management	NOUN
eistud-1090	102	13	at	at	ADP
eistud-1090	102	14	the	the	DET
eistud-1090	102	15	national	national	ADJ
eistud-1090	102	16	central	central	ADJ
eistud-1090	102	17	banks	bank	NOUN
eistud-1090	102	18	are	be	AUX
eistud-1090	102	19	communicated	communicate	VERB
eistud-1090	102	20	in	in	ADP
eistud-1090	102	21	a	a	DET
eistud-1090	102	22	from	from	ADP
eistud-1090	102	23	of	of	ADP
eistud-1090	102	24	investment	investment	NOUN
eistud-1090	102	25	benchmarks	benchmark	NOUN
eistud-1090	102	26	and	and	CCONJ
eistud-1090	102	27	limits	limit	NOUN
eistud-1090	102	28	,	,	PUNCT
eistud-1090	102	29	which	which	PRON
eistud-1090	102	30	ought	ought	AUX
eistud-1090	102	31	to	to	PART
eistud-1090	102	32	be	be	AUX
eistud-1090	102	33	achieved	achieve	VERB
eistud-1090	102	34	and	and	CCONJ
eistud-1090	102	35	maintained	maintain	VERB
eistud-1090	102	36	.	.	PUNCT
eistud-1090	103	1	the	the	DET
eistud-1090	103	2	national	national	ADJ
eistud-1090	103	3	central	central	ADJ
eistud-1090	103	4	banks	bank	NOUN
eistud-1090	103	5	announce	announce	VERB
eistud-1090	103	6	the	the	DET
eistud-1090	103	7	actions	action	NOUN
eistud-1090	103	8	undertaken	undertake	VERB
eistud-1090	103	9	as	as	ADP
eistud-1090	103	10	a	a	DET
eistud-1090	103	11	issn	issn	PROPN
eistud-1090	103	12	1822–8402	1822–8402	NUM
eistud-1090	103	13	european	european	ADJ
eistud-1090	103	14	integration	integration	NOUN
eistud-1090	103	15	studies	study	NOUN
eistud-1090	103	16	.	.	PUNCT
eistud-1090	104	1	2011	2011	NUM
eistud-1090	104	2	.	.	PUNCT
eistud-1090	105	1	no	no	DET
eistud-1090	105	2	5	5	NUM
eistud-1090	105	3	147	147	NUM
eistud-1090	105	4	consequence	consequence	NOUN
eistud-1090	105	5	of	of	ADP
eistud-1090	105	6	centralized	centralized	ADJ
eistud-1090	105	7	decisions	decision	NOUN
eistud-1090	105	8	.	.	PUNCT
eistud-1090	106	1	this	this	PRON
eistud-1090	106	2	allows	allow	VERB
eistud-1090	106	3	all	all	DET
eistud-1090	106	4	foreign	foreign	ADJ
eistud-1090	106	5	partners	partner	NOUN
eistud-1090	106	6	at	at	ADP
eistud-1090	106	7	financial	financial	ADJ
eistud-1090	106	8	markets	market	NOUN
eistud-1090	106	9	to	to	PART
eistud-1090	106	10	distinguish	distinguish	VERB
eistud-1090	106	11	transactions	transaction	NOUN
eistud-1090	106	12	conducted	conduct	VERB
eistud-1090	106	13	on	on	ADP
eistud-1090	106	14	behalf	behalf	NOUN
eistud-1090	106	15	of	of	ADP
eistud-1090	106	16	the	the	DET
eistud-1090	106	17	ecb	ecb	NOUN
eistud-1090	106	18	from	from	ADP
eistud-1090	106	19	independent	independent	ADJ
eistud-1090	106	20	ones	one	NOUN
eistud-1090	106	21	.	.	PUNCT
eistud-1090	107	1	the	the	DET
eistud-1090	107	2	ecb	ecb	NOUN
eistud-1090	107	3	defined	define	VERB
eistud-1090	107	4	four	four	NUM
eistud-1090	107	5	key	key	ADJ
eistud-1090	107	6	parameters	parameter	NOUN
eistud-1090	107	7	for	for	ADP
eistud-1090	107	8	investing	invest	VERB
eistud-1090	107	9	its	its	PRON
eistud-1090	107	10	foreign	foreign	ADJ
eistud-1090	107	11	exchange	exchange	NOUN
eistud-1090	107	12	reserves	reserve	NOUN
eistud-1090	107	13	[	[	X
eistud-1090	107	14	scheller	scheller	NOUN
eistud-1090	107	15	2004	2004	NUM
eistud-1090	107	16	,	,	PUNCT
eistud-1090	107	17	p.95	p.95	NOUN
eistud-1090	107	18	]	]	X
eistud-1090	107	19	:	:	PUNCT
eistud-1090	107	20	i.	i.	PROPN
eistud-1090	107	21	two	two	NUM
eistud-1090	107	22	-	-	PUNCT
eistud-1090	107	23	level	level	NOUN
eistud-1090	107	24	investment	investment	NOUN
eistud-1090	107	25	benchmarks	benchmark	NOUN
eistud-1090	107	26	for	for	ADP
eistud-1090	107	27	each	each	DET
eistud-1090	107	28	currency	currency	NOUN
eistud-1090	107	29	(	(	PUNCT
eistud-1090	107	30	strategic	strategic	ADJ
eistud-1090	107	31	and	and	CCONJ
eistud-1090	107	32	tactic	tactic	ADJ
eistud-1090	107	33	ones	one	NOUN
eistud-1090	107	34	)	)	PUNCT
eistud-1090	107	35	,	,	PUNCT
eistud-1090	107	36	ii	ii	PROPN
eistud-1090	107	37	.	.	PUNCT
eistud-1090	107	38	allowed	allow	VERB
eistud-1090	107	39	deviations	deviation	NOUN
eistud-1090	107	40	from	from	ADP
eistud-1090	107	41	the	the	DET
eistud-1090	107	42	benchmarks	benchmark	NOUN
eistud-1090	107	43	,	,	PUNCT
eistud-1090	107	44	iii	iii	PROPN
eistud-1090	107	45	.	.	PUNCT
eistud-1090	108	1	a	a	DET
eistud-1090	108	2	list	list	NOUN
eistud-1090	108	3	of	of	ADP
eistud-1090	108	4	allowed	allow	VERB
eistud-1090	108	5	instruments	instrument	NOUN
eistud-1090	108	6	and	and	CCONJ
eistud-1090	108	7	operations	operation	NOUN
eistud-1090	108	8	,	,	PUNCT
eistud-1090	108	9	iv	iv	X
eistud-1090	108	10	.	.	PUNCT
eistud-1090	108	11	credit	credit	NOUN
eistud-1090	108	12	risk	risk	NOUN
eistud-1090	108	13	exposure	exposure	NOUN
eistud-1090	108	14	limits	limit	NOUN
eistud-1090	108	15	.	.	PUNCT
eistud-1090	109	1	details	detail	NOUN
eistud-1090	109	2	of	of	ADP
eistud-1090	109	3	these	these	DET
eistud-1090	109	4	parameters	parameter	NOUN
eistud-1090	109	5	are	be	AUX
eistud-1090	109	6	classified	classify	VERB
eistud-1090	109	7	to	to	PART
eistud-1090	109	8	avoid	avoid	VERB
eistud-1090	109	9	an	an	DET
eistud-1090	109	10	undesired	undesired	ADJ
eistud-1090	109	11	influence	influence	NOUN
eistud-1090	109	12	on	on	ADP
eistud-1090	109	13	financial	financial	ADJ
eistud-1090	109	14	markets	market	NOUN
eistud-1090	109	15	.	.	PUNCT
eistud-1090	110	1	these	these	DET
eistud-1090	110	2	benchmarks	benchmark	NOUN
eistud-1090	110	3	are	be	AUX
eistud-1090	110	4	defined	define	VERB
eistud-1090	110	5	for	for	ADP
eistud-1090	110	6	two	two	NUM
eistud-1090	110	7	levels	level	NOUN
eistud-1090	110	8	of	of	ADP
eistud-1090	110	9	managements	management	NOUN
eistud-1090	110	10	:	:	PUNCT
eistud-1090	110	11	a	a	DET
eistud-1090	110	12	strategic	strategic	ADJ
eistud-1090	110	13	one	one	NOUN
eistud-1090	110	14	and	and	CCONJ
eistud-1090	110	15	a	a	DET
eistud-1090	110	16	tactic	tactic	ADJ
eistud-1090	110	17	one	one	NOUN
eistud-1090	110	18	.	.	PUNCT
eistud-1090	111	1	the	the	DET
eistud-1090	111	2	strategic	strategic	ADJ
eistud-1090	111	3	benchmark	benchmark	NOUN
eistud-1090	111	4	for	for	ADP
eistud-1090	111	5	each	each	PRON
eistud-1090	111	6	of	of	ADP
eistud-1090	111	7	currencies	currency	NOUN
eistud-1090	111	8	present	present	ADJ
eistud-1090	111	9	in	in	ADP
eistud-1090	111	10	the	the	DET
eistud-1090	111	11	foreign	foreign	ADJ
eistud-1090	111	12	assets	asset	NOUN
eistud-1090	111	13	portfolio	portfolio	NOUN
eistud-1090	111	14	,	,	PUNCT
eistud-1090	111	15	reflects	reflect	VERB
eistud-1090	111	16	the	the	DET
eistud-1090	111	17	long	long	ADJ
eistud-1090	111	18	–	–	PUNCT
eistud-1090	111	19	term	term	NOUN
eistud-1090	111	20	requirements	requirement	NOUN
eistud-1090	111	21	of	of	ADP
eistud-1090	111	22	the	the	DET
eistud-1090	111	23	policy	policy	NOUN
eistud-1090	111	24	of	of	ADP
eistud-1090	111	25	the	the	DET
eistud-1090	111	26	managing	manage	VERB
eistud-1090	111	27	board	board	NOUN
eistud-1090	111	28	together	together	ADV
eistud-1090	111	29	with	with	ADP
eistud-1090	111	30	the	the	DET
eistud-1090	111	31	preferences	preference	NOUN
eistud-1090	111	32	of	of	ADP
eistud-1090	111	33	the	the	DET
eistud-1090	111	34	ecb	ecb	NOUN
eistud-1090	111	35	in	in	ADP
eistud-1090	111	36	regard	regard	NOUN
eistud-1090	111	37	to	to	ADP
eistud-1090	111	38	risk	risk	NOUN
eistud-1090	111	39	and	and	CCONJ
eistud-1090	111	40	the	the	DET
eistud-1090	111	41	rate	rate	NOUN
eistud-1090	111	42	of	of	ADP
eistud-1090	111	43	return	return	NOUN
eistud-1090	111	44	.	.	PUNCT
eistud-1090	112	1	the	the	DET
eistud-1090	112	2	tactic	tactic	ADJ
eistud-1090	112	3	benchmark	benchmark	NOUN
eistud-1090	112	4	is	be	AUX
eistud-1090	112	5	formulated	formulate	VERB
eistud-1090	112	6	by	by	ADP
eistud-1090	112	7	the	the	DET
eistud-1090	112	8	governors	governor	NOUN
eistud-1090	112	9	of	of	ADP
eistud-1090	112	10	the	the	DET
eistud-1090	112	11	ecb	ecb	NOUN
eistud-1090	112	12	.	.	PUNCT
eistud-1090	113	1	it	it	PRON
eistud-1090	113	2	must	must	AUX
eistud-1090	113	3	be	be	AUX
eistud-1090	113	4	maintained	maintain	VERB
eistud-1090	113	5	within	within	ADP
eistud-1090	113	6	the	the	DET
eistud-1090	113	7	predefined	predefine	VERB
eistud-1090	113	8	deviations	deviation	NOUN
eistud-1090	113	9	from	from	ADP
eistud-1090	113	10	the	the	DET
eistud-1090	113	11	strategic	strategic	ADJ
eistud-1090	113	12	benchmark	benchmark	NOUN
eistud-1090	113	13	.	.	PUNCT
eistud-1090	114	1	it	it	PRON
eistud-1090	114	2	is	be	AUX
eistud-1090	114	3	supposed	suppose	VERB
eistud-1090	114	4	to	to	PART
eistud-1090	114	5	reflect	reflect	VERB
eistud-1090	114	6	the	the	DET
eistud-1090	114	7	short	short	ADJ
eistud-1090	114	8	–	–	PUNCT
eistud-1090	114	9	term	term	NOUN
eistud-1090	114	10	and	and	CCONJ
eistud-1090	114	11	the	the	DET
eistud-1090	114	12	mid	mid	ADJ
eistud-1090	114	13	–	–	PUNCT
eistud-1090	114	14	term	term	NOUN
eistud-1090	114	15	preferences	preference	NOUN
eistud-1090	114	16	of	of	ADP
eistud-1090	114	17	the	the	DET
eistud-1090	114	18	ecb	ecb	NOUN
eistud-1090	114	19	in	in	ADP
eistud-1090	114	20	regard	regard	NOUN
eistud-1090	114	21	to	to	ADP
eistud-1090	114	22	the	the	DET
eistud-1090	114	23	rate	rate	NOUN
eistud-1090	114	24	of	of	ADP
eistud-1090	114	25	return	return	NOUN
eistud-1090	114	26	and	and	CCONJ
eistud-1090	114	27	the	the	DET
eistud-1090	114	28	risk	risk	NOUN
eistud-1090	114	29	,	,	PUNCT
eistud-1090	114	30	concerning	concern	VERB
eistud-1090	114	31	the	the	DET
eistud-1090	114	32	current	current	ADJ
eistud-1090	114	33	market	market	NOUN
eistud-1090	114	34	conditions	condition	NOUN
eistud-1090	114	35	.	.	PUNCT
eistud-1090	115	1	as	as	SCONJ
eistud-1090	115	2	can	can	AUX
eistud-1090	115	3	be	be	AUX
eistud-1090	115	4	seen	see	VERB
eistud-1090	115	5	,	,	PUNCT
eistud-1090	115	6	the	the	DET
eistud-1090	115	7	national	national	ADJ
eistud-1090	115	8	central	central	ADJ
eistud-1090	115	9	banks	bank	NOUN
eistud-1090	115	10	,	,	PUNCT
eistud-1090	115	11	when	when	SCONJ
eistud-1090	115	12	conducting	conduct	VERB
eistud-1090	115	13	their	their	PRON
eistud-1090	115	14	everyday	everyday	ADJ
eistud-1090	115	15	management	management	NOUN
eistud-1090	115	16	of	of	ADP
eistud-1090	115	17	foreign	foreign	ADJ
eistud-1090	115	18	assets	asset	NOUN
eistud-1090	115	19	portfolios	portfolio	NOUN
eistud-1090	115	20	have	have	VERB
eistud-1090	115	21	some	some	DET
eistud-1090	115	22	autonomy	autonomy	NOUN
eistud-1090	115	23	based	base	VERB
eistud-1090	115	24	on	on	ADP
eistud-1090	115	25	the	the	DET
eistud-1090	115	26	allowed	allow	VERB
eistud-1090	115	27	deviations	deviation	NOUN
eistud-1090	115	28	from	from	ADP
eistud-1090	115	29	the	the	DET
eistud-1090	115	30	pre	pre	ADJ
eistud-1090	115	31	-	-	ADJ
eistud-1090	115	32	defined	define	VERB
eistud-1090	115	33	limits	limit	NOUN
eistud-1090	115	34	.	.	PUNCT
eistud-1090	116	1	the	the	DET
eistud-1090	116	2	aim	aim	NOUN
eistud-1090	116	3	in	in	ADP
eistud-1090	116	4	this	this	DET
eistud-1090	116	5	regard	regard	NOUN
eistud-1090	116	6	is	be	AUX
eistud-1090	116	7	to	to	PART
eistud-1090	116	8	achieve	achieve	VERB
eistud-1090	116	9	higher	high	ADJ
eistud-1090	116	10	efficiency	efficiency	NOUN
eistud-1090	116	11	.	.	PUNCT
eistud-1090	117	1	the	the	DET
eistud-1090	117	2	ecb	ecb	NOUN
eistud-1090	117	3	maintains	maintain	VERB
eistud-1090	117	4	also	also	ADV
eistud-1090	117	5	some	some	DET
eistud-1090	117	6	foreign	foreign	ADJ
eistud-1090	117	7	exchange	exchange	NOUN
eistud-1090	117	8	reserves	reserve	NOUN
eistud-1090	117	9	in	in	ADP
eistud-1090	117	10	the	the	DET
eistud-1090	117	11	from	from	ADP
eistud-1090	117	12	of	of	ADP
eistud-1090	117	13	gold	gold	NOUN
eistud-1090	117	14	,	,	PUNCT
eistud-1090	117	15	at	at	ADP
eistud-1090	117	16	750	750	NUM
eistud-1090	117	17	tons	ton	NOUN
eistud-1090	117	18	.	.	PUNCT
eistud-1090	118	1	this	this	DET
eistud-1090	118	2	part	part	NOUN
eistud-1090	118	3	of	of	ADP
eistud-1090	118	4	its	its	PRON
eistud-1090	118	5	portfolio	portfolio	NOUN
eistud-1090	118	6	is	be	AUX
eistud-1090	118	7	not	not	PART
eistud-1090	118	8	however	however	ADV
eistud-1090	118	9	subject	subject	ADJ
eistud-1090	118	10	to	to	ADP
eistud-1090	118	11	an	an	DET
eistud-1090	118	12	active	active	ADJ
eistud-1090	118	13	management	management	NOUN
eistud-1090	118	14	,	,	PUNCT
eistud-1090	118	15	as	as	ADP
eistud-1090	118	16	in	in	ADP
eistud-1090	118	17	other	other	ADJ
eistud-1090	118	18	monetary	monetary	ADJ
eistud-1090	118	19	unions	union	NOUN
eistud-1090	118	20	[	[	X
eistud-1090	118	21	młodkowski	młodkowski	NOUN
eistud-1090	118	22	2007	2007	NUM
eistud-1090	118	23	,	,	PUNCT
eistud-1090	118	24	p.	p.	NOUN
eistud-1090	118	25	213	213	NUM
eistud-1090	118	26	]	]	PUNCT
eistud-1090	118	27	.	.	PUNCT
eistud-1090	119	1	this	this	PRON
eistud-1090	119	2	is	be	AUX
eistud-1090	119	3	a	a	DET
eistud-1090	119	4	result	result	NOUN
eistud-1090	119	5	of	of	ADP
eistud-1090	119	6	the	the	DET
eistud-1090	119	7	fact	fact	NOUN
eistud-1090	119	8	that	that	SCONJ
eistud-1090	119	9	the	the	DET
eistud-1090	119	10	ecb	ecb	NOUN
eistud-1090	119	11	is	be	AUX
eistud-1090	119	12	a	a	DET
eistud-1090	119	13	member	member	NOUN
eistud-1090	119	14	of	of	ADP
eistud-1090	119	15	the	the	DET
eistud-1090	119	16	gold	gold	NOUN
eistud-1090	119	17	agreement	agreement	NOUN
eistud-1090	119	18	of	of	ADP
eistud-1090	119	19	central	central	ADJ
eistud-1090	119	20	banks	bank	NOUN
eistud-1090	119	21	,	,	PUNCT
eistud-1090	119	22	signed	sign	VERB
eistud-1090	119	23	in	in	ADP
eistud-1090	119	24	1999	1999	NUM
eistud-1090	119	25	by	by	ADP
eistud-1090	119	26	15	15	NUM
eistud-1090	119	27	central	central	ADJ
eistud-1090	119	28	banks	bank	NOUN
eistud-1090	119	29	that	that	PRON
eistud-1090	119	30	belong	belong	VERB
eistud-1090	119	31	to	to	ADP
eistud-1090	119	32	the	the	DET
eistud-1090	119	33	eurosystem	eurosystem	NOUN
eistud-1090	119	34	.	.	PUNCT
eistud-1090	120	1	in	in	ADP
eistud-1090	120	2	2004	2004	NUM
eistud-1090	120	3	this	this	DET
eistud-1090	120	4	agreement	agreement	NOUN
eistud-1090	120	5	was	be	AUX
eistud-1090	120	6	extended	extend	VERB
eistud-1090	120	7	by	by	ADP
eistud-1090	120	8	another	another	DET
eistud-1090	120	9	5	5	NUM
eistud-1090	120	10	years	year	NOUN
eistud-1090	120	11	.	.	PUNCT
eistud-1090	121	1	then	then	ADV
eistud-1090	121	2	it	it	PRON
eistud-1090	121	3	was	be	AUX
eistud-1090	121	4	then	then	ADV
eistud-1090	121	5	extended	extend	VERB
eistud-1090	121	6	in	in	ADP
eistud-1090	121	7	2009	2009	NUM
eistud-1090	121	8	for	for	ADP
eistud-1090	121	9	another	another	DET
eistud-1090	121	10	5	5	NUM
eistud-1090	121	11	years	year	NOUN
eistud-1090	121	12	until	until	ADP
eistud-1090	121	13	the	the	DET
eistud-1090	121	14	26th	26th	NOUN
eistud-1090	121	15	of	of	ADP
eistud-1090	121	16	september	september	PROPN
eistud-1090	121	17	2014	2014	NUM
eistud-1090	121	18	.	.	PUNCT
eistud-1090	122	1	the	the	DET
eistud-1090	122	2	foreign	foreign	ADJ
eistud-1090	122	3	exchange	exchange	NOUN
eistud-1090	122	4	reserves	reserve	NOUN
eistud-1090	122	5	that	that	PRON
eistud-1090	122	6	were	be	AUX
eistud-1090	122	7	not	not	PART
eistud-1090	122	8	transferred	transfer	VERB
eistud-1090	122	9	to	to	ADP
eistud-1090	122	10	the	the	DET
eistud-1090	122	11	common	common	ADJ
eistud-1090	122	12	pool	pool	NOUN
eistud-1090	122	13	and	and	CCONJ
eistud-1090	122	14	are	be	AUX
eistud-1090	122	15	still	still	ADV
eistud-1090	122	16	maintained	maintain	VERB
eistud-1090	122	17	and	and	CCONJ
eistud-1090	122	18	managed	manage	VERB
eistud-1090	122	19	by	by	ADP
eistud-1090	122	20	the	the	DET
eistud-1090	122	21	national	national	ADJ
eistud-1090	122	22	central	central	ADJ
eistud-1090	122	23	banks	bank	NOUN
eistud-1090	122	24	amounted	amount	VERB
eistud-1090	122	25	in	in	ADP
eistud-1090	122	26	2008	2008	NUM
eistud-1090	122	27	at	at	ADP
eistud-1090	122	28	374,6	374,6	NUM
eistud-1090	122	29	billion	billion	NUM
eistud-1090	122	30	euros	euro	NOUN
eistud-1090	123	1	[	[	X
eistud-1090	123	2	ecb	ecb	NOUN
eistud-1090	123	3	2008	2008	NUM
eistud-1090	123	4	,	,	PUNCT
eistud-1090	123	5	p.18	p.18	X
eistud-1090	123	6	]	]	X
eistud-1090	123	7	,	,	PUNCT
eistud-1090	123	8	while	while	SCONJ
eistud-1090	123	9	at	at	ADP
eistud-1090	123	10	the	the	DET
eistud-1090	123	11	beginning	beginning	NOUN
eistud-1090	123	12	of	of	ADP
eistud-1090	123	13	2011	2011	NUM
eistud-1090	123	14	(	(	PUNCT
eistud-1090	123	15	january	january	PROPN
eistud-1090	123	16	)	)	PUNCT
eistud-1090	123	17	the	the	DET
eistud-1090	123	18	amount	amount	NOUN
eistud-1090	123	19	of	of	ADP
eistud-1090	123	20	these	these	DET
eistud-1090	123	21	reserve	reserve	NOUN
eistud-1090	123	22	assets	asset	NOUN
eistud-1090	123	23	reached	reach	VERB
eistud-1090	123	24	562.3	562.3	NUM
eistud-1090	123	25	billion	billion	NUM
eistud-1090	123	26	euros	euro	NOUN
eistud-1090	124	1	[	[	X
eistud-1090	124	2	ecb	ecb	NOUN
eistud-1090	124	3	2011	2011	NUM
eistud-1090	124	4	,	,	PUNCT
eistud-1090	124	5	p.16	p.16	PROPN
eistud-1090	124	6	]	]	PUNCT
eistud-1090	124	7	.	.	PUNCT
eistud-1090	125	1	the	the	DET
eistud-1090	125	2	right	right	NOUN
eistud-1090	125	3	to	to	PART
eistud-1090	125	4	call	call	VERB
eistud-1090	125	5	for	for	ADP
eistud-1090	125	6	additional	additional	ADJ
eistud-1090	125	7	foreign	foreign	ADJ
eistud-1090	125	8	exchange	exchange	NOUN
eistud-1090	125	9	by	by	ADP
eistud-1090	125	10	the	the	DET
eistud-1090	125	11	ecb	ecb	PROPN
eistud-1090	125	12	means	mean	VERB
eistud-1090	125	13	that	that	SCONJ
eistud-1090	125	14	the	the	DET
eistud-1090	125	15	common	common	ADJ
eistud-1090	125	16	central	central	ADJ
eistud-1090	125	17	bank	bank	NOUN
eistud-1090	125	18	has	have	VERB
eistud-1090	125	19	a	a	DET
eistud-1090	125	20	tremendous	tremendous	ADJ
eistud-1090	125	21	power	power	NOUN
eistud-1090	125	22	to	to	PART
eistud-1090	125	23	conduct	conduct	VERB
eistud-1090	125	24	interventions	intervention	NOUN
eistud-1090	125	25	at	at	ADP
eistud-1090	125	26	foreign	foreign	ADJ
eistud-1090	125	27	exchange	exchange	NOUN
eistud-1090	125	28	markets	market	NOUN
eistud-1090	125	29	and	and	CCONJ
eistud-1090	125	30	to	to	PART
eistud-1090	125	31	shape	shape	VERB
eistud-1090	125	32	the	the	DET
eistud-1090	125	33	exchange	exchange	NOUN
eistud-1090	125	34	rate	rate	NOUN
eistud-1090	125	35	even	even	ADV
eistud-1090	125	36	in	in	ADP
eistud-1090	125	37	the	the	DET
eistud-1090	125	38	long	long	ADJ
eistud-1090	125	39	run	run	NOUN
eistud-1090	125	40	.	.	PUNCT
eistud-1090	126	1	the	the	DET
eistud-1090	126	2	foreign	foreign	ADJ
eistud-1090	126	3	assets	asset	NOUN
eistud-1090	126	4	at	at	ADP
eistud-1090	126	5	the	the	DET
eistud-1090	126	6	national	national	ADJ
eistud-1090	126	7	central	central	ADJ
eistud-1090	126	8	banks	bank	NOUN
eistud-1090	126	9	are	be	AUX
eistud-1090	126	10	almost	almost	ADV
eistud-1090	126	11	ten	ten	NUM
eistud-1090	126	12	times	time	NOUN
eistud-1090	126	13	the	the	DET
eistud-1090	126	14	value	value	NOUN
eistud-1090	126	15	of	of	ADP
eistud-1090	126	16	the	the	DET
eistud-1090	126	17	common	common	ADJ
eistud-1090	126	18	pool	pool	NOUN
eistud-1090	126	19	today	today	NOUN
eistud-1090	126	20	.	.	PUNCT
eistud-1090	127	1	benefits	benefit	NOUN
eistud-1090	127	2	of	of	ADP
eistud-1090	127	3	a	a	DET
eistud-1090	127	4	lower	low	ADJ
eistud-1090	127	5	demand	demand	NOUN
eistud-1090	127	6	for	for	ADP
eistud-1090	127	7	foreign	foreign	ADJ
eistud-1090	127	8	exchange	exchange	NOUN
eistud-1090	127	9	reserves	reserve	NOUN
eistud-1090	127	10	in	in	ADP
eistud-1090	127	11	the	the	DET
eistud-1090	127	12	eurozone	eurozone	NOUN
eistud-1090	127	13	before	before	ADP
eistud-1090	127	14	creation	creation	NOUN
eistud-1090	127	15	of	of	ADP
eistud-1090	127	16	the	the	DET
eistud-1090	127	17	emu	emu	PROPN
eistud-1090	127	18	a	a	DET
eistud-1090	127	19	discussion	discussion	NOUN
eistud-1090	127	20	developed	develop	VERB
eistud-1090	127	21	on	on	ADP
eistud-1090	127	22	the	the	DET
eistud-1090	127	23	foreign	foreign	ADJ
eistud-1090	127	24	exchange	exchange	NOUN
eistud-1090	127	25	reserves	reserve	NOUN
eistud-1090	127	26	and	and	CCONJ
eistud-1090	127	27	their	their	PRON
eistud-1090	127	28	surplus	surplus	NOUN
eistud-1090	127	29	that	that	PRON
eistud-1090	127	30	was	be	AUX
eistud-1090	127	31	represented	represent	VERB
eistud-1090	127	32	by	by	ADP
eistud-1090	127	33	amounts	amount	NOUN
eistud-1090	127	34	outstanding	outstanding	ADJ
eistud-1090	127	35	after	after	ADP
eistud-1090	127	36	creation	creation	NOUN
eistud-1090	127	37	of	of	ADP
eistud-1090	127	38	the	the	DET
eistud-1090	127	39	common	common	ADJ
eistud-1090	127	40	pool	pool	NOUN
eistud-1090	127	41	at	at	ADP
eistud-1090	127	42	50	50	NUM
eistud-1090	127	43	billion	billion	NUM
eistud-1090	127	44	of	of	ADP
eistud-1090	127	45	euros	euro	NOUN
eistud-1090	127	46	.	.	PUNCT
eistud-1090	128	1	the	the	DET
eistud-1090	128	2	recognized	recognize	VERB
eistud-1090	128	3	benefits	benefit	NOUN
eistud-1090	128	4	resulted	result	VERB
eistud-1090	128	5	from	from	ADP
eistud-1090	128	6	lowering	lower	VERB
eistud-1090	128	7	the	the	DET
eistud-1090	128	8	costs	cost	NOUN
eistud-1090	128	9	of	of	ADP
eistud-1090	128	10	maintaining	maintain	VERB
eistud-1090	128	11	foreign	foreign	ADJ
eistud-1090	128	12	assets	asset	NOUN
eistud-1090	128	13	and	and	CCONJ
eistud-1090	128	14	from	from	ADP
eistud-1090	128	15	increasing	increase	VERB
eistud-1090	128	16	the	the	DET
eistud-1090	128	17	rate	rate	NOUN
eistud-1090	128	18	of	of	ADP
eistud-1090	128	19	return	return	NOUN
eistud-1090	128	20	on	on	ADP
eistud-1090	128	21	foreign	foreign	ADJ
eistud-1090	128	22	assets	asset	NOUN
eistud-1090	128	23	portfolios	portfolio	NOUN
eistud-1090	128	24	.	.	PUNCT
eistud-1090	129	1	the	the	DET
eistud-1090	129	2	surplus	surplus	NOUN
eistud-1090	129	3	of	of	ADP
eistud-1090	129	4	the	the	DET
eistud-1090	129	5	foreign	foreign	ADJ
eistud-1090	129	6	exchange	exchange	NOUN
eistud-1090	129	7	reserves	reserve	NOUN
eistud-1090	129	8	could	could	AUX
eistud-1090	129	9	no	no	ADV
eistud-1090	129	10	longer	long	ADV
eistud-1090	129	11	be	be	AUX
eistud-1090	129	12	maintained	maintain	VERB
eistud-1090	129	13	in	in	ADP
eistud-1090	129	14	gold	gold	NOUN
eistud-1090	129	15	and	and	CCONJ
eistud-1090	129	16	could	could	AUX
eistud-1090	129	17	be	be	AUX
eistud-1090	129	18	exchanged	exchange	VERB
eistud-1090	129	19	into	into	ADP
eistud-1090	129	20	instruments	instrument	NOUN
eistud-1090	129	21	generating	generate	VERB
eistud-1090	129	22	a	a	DET
eistud-1090	129	23	much	much	ADV
eistud-1090	129	24	higher	high	ADJ
eistud-1090	129	25	rate	rate	NOUN
eistud-1090	129	26	of	of	ADP
eistud-1090	129	27	return	return	NOUN
eistud-1090	129	28	at	at	ADP
eistud-1090	129	29	a	a	DET
eistud-1090	129	30	much	much	ADV
eistud-1090	129	31	lower	low	ADJ
eistud-1090	129	32	liquidity	liquidity	NOUN
eistud-1090	129	33	.	.	PUNCT
eistud-1090	130	1	up	up	ADP
eistud-1090	130	2	to	to	ADP
eistud-1090	130	3	that	that	DET
eistud-1090	130	4	moment	moment	NOUN
eistud-1090	130	5	,	,	PUNCT
eistud-1090	130	6	the	the	DET
eistud-1090	130	7	diversification	diversification	NOUN
eistud-1090	130	8	of	of	ADP
eistud-1090	130	9	foreign	foreign	ADJ
eistud-1090	130	10	assets	asset	NOUN
eistud-1090	130	11	portfolios	portfolio	NOUN
eistud-1090	130	12	was	be	AUX
eistud-1090	130	13	significantly	significantly	ADV
eistud-1090	130	14	restricted	restrict	VERB
eistud-1090	130	15	.	.	PUNCT
eistud-1090	131	1	both	both	PRON
eistud-1090	131	2	,	,	PUNCT
eistud-1090	131	3	the	the	DET
eistud-1090	131	4	imf	imf	PROPN
eistud-1090	131	5	and	and	CCONJ
eistud-1090	131	6	independent	independent	ADJ
eistud-1090	131	7	economists	economist	NOUN
eistud-1090	131	8	underestimated	underestimate	VERB
eistud-1090	131	9	the	the	DET
eistud-1090	131	10	surplus	surplus	NOUN
eistud-1090	131	11	of	of	ADP
eistud-1090	131	12	the	the	DET
eistud-1090	131	13	foreign	foreign	ADJ
eistud-1090	131	14	exchange	exchange	NOUN
eistud-1090	131	15	reserves	reserve	NOUN
eistud-1090	131	16	in	in	ADP
eistud-1090	131	17	the	the	DET
eistud-1090	131	18	emu	emu	PROPN
eistud-1090	131	19	.	.	PUNCT
eistud-1090	132	1	the	the	DET
eistud-1090	132	2	imf	imf	PROPN
eistud-1090	132	3	estimated	estimate	VERB
eistud-1090	132	4	the	the	DET
eistud-1090	132	5	surplus	surplus	NOUN
eistud-1090	132	6	at	at	ADP
eistud-1090	132	7	50	50	NUM
eistud-1090	132	8	to	to	PART
eistud-1090	132	9	230	230	NUM
eistud-1090	132	10	billion	billion	NUM
eistud-1090	132	11	of	of	ADP
eistud-1090	132	12	the	the	DET
eistud-1090	132	13	usd	usd	NOUN
eistud-1090	133	1	[	[	X
eistud-1090	133	2	imf	imf	PROPN
eistud-1090	133	3	1998	1998	NUM
eistud-1090	133	4	,	,	PUNCT
eistud-1090	133	5	p.143	p.143	NOUN
eistud-1090	133	6	]	]	PUNCT
eistud-1090	133	7	.	.	PUNCT
eistud-1090	134	1	masson	masson	PROPN
eistud-1090	134	2	and	and	CCONJ
eistud-1090	134	3	turtelboom	turtelboom	NOUN
eistud-1090	135	1	[	[	X
eistud-1090	135	2	1997	1997	NUM
eistud-1090	135	3	,	,	PUNCT
eistud-1090	135	4	p.17	p.17	PROPN
eistud-1090	135	5	]	]	X
eistud-1090	135	6	estimated	estimate	VERB
eistud-1090	135	7	the	the	DET
eistud-1090	135	8	total	total	ADJ
eistud-1090	135	9	value	value	NOUN
eistud-1090	135	10	of	of	ADP
eistud-1090	135	11	the	the	DET
eistud-1090	135	12	surplus	surplus	NOUN
eistud-1090	135	13	at	at	ADP
eistud-1090	135	14	105	105	NUM
eistud-1090	135	15	billion	billion	NUM
eistud-1090	135	16	of	of	ADP
eistud-1090	135	17	the	the	DET
eistud-1090	135	18	usd	usd	NOUN
eistud-1090	135	19	.	.	PUNCT
eistud-1090	136	1	among	among	ADP
eistud-1090	136	2	many	many	ADJ
eistud-1090	136	3	estimations	estimation	NOUN
eistud-1090	136	4	of	of	ADP
eistud-1090	136	5	the	the	DET
eistud-1090	136	6	surplus	surplus	NOUN
eistud-1090	136	7	of	of	ADP
eistud-1090	136	8	the	the	DET
eistud-1090	136	9	foreign	foreign	ADJ
eistud-1090	136	10	exchange	exchange	NOUN
eistud-1090	136	11	reserves	reserve	NOUN
eistud-1090	136	12	in	in	ADP
eistud-1090	136	13	the	the	DET
eistud-1090	136	14	emu	emu	PROPN
eistud-1090	136	15	the	the	DET
eistud-1090	136	16	most	most	ADV
eistud-1090	136	17	accurate	accurate	ADJ
eistud-1090	136	18	was	be	AUX
eistud-1090	136	19	the	the	DET
eistud-1090	136	20	one	one	NUM
eistud-1090	136	21	by	by	ADP
eistud-1090	136	22	the	the	DET
eistud-1090	136	23	european	european	PROPN
eistud-1090	136	24	commission	commission	PROPN
eistud-1090	136	25	.	.	PUNCT
eistud-1090	137	1	according	accord	VERB
eistud-1090	137	2	to	to	ADP
eistud-1090	137	3	the	the	DET
eistud-1090	137	4	ec	ec	PROPN
eistud-1090	137	5	,	,	PUNCT
eistud-1090	137	6	the	the	DET
eistud-1090	137	7	surplus	surplus	NOUN
eistud-1090	137	8	was	be	AUX
eistud-1090	137	9	supposed	suppose	VERB
eistud-1090	137	10	to	to	PART
eistud-1090	137	11	be	be	AUX
eistud-1090	137	12	about	about	ADV
eistud-1090	137	13	300	300	NUM
eistud-1090	137	14	billions	billion	NOUN
eistud-1090	137	15	of	of	ADP
eistud-1090	137	16	euro	euro	NOUN
eistud-1090	137	17	,	,	PUNCT
eistud-1090	137	18	above	above	ADP
eistud-1090	137	19	the	the	DET
eistud-1090	137	20	statutory	statutory	ADJ
eistud-1090	137	21	50	50	NUM
eistud-1090	137	22	billions	billion	NOUN
eistud-1090	137	23	in	in	ADP
eistud-1090	137	24	the	the	DET
eistud-1090	137	25	common	common	ADJ
eistud-1090	137	26	pool	pool	NOUN
eistud-1090	137	27	.	.	PUNCT
eistud-1090	138	1	currently	currently	ADV
eistud-1090	138	2	,	,	PUNCT
eistud-1090	138	3	in	in	ADP
eistud-1090	138	4	the	the	DET
eistud-1090	138	5	2011	2011	NUM
eistud-1090	138	6	,	,	PUNCT
eistud-1090	138	7	the	the	DET
eistud-1090	138	8	surplus	surplus	NOUN
eistud-1090	138	9	in	in	ADP
eistud-1090	138	10	the	the	DET
eistud-1090	138	11	foreign	foreign	ADJ
eistud-1090	138	12	exchange	exchange	NOUN
eistud-1090	138	13	reserves	reserve	NOUN
eistud-1090	138	14	amounts	amount	VERB
eistud-1090	138	15	at	at	ADP
eistud-1090	138	16	562	562	NUM
eistud-1090	138	17	billion	billion	NUM
eistud-1090	138	18	euro	euro	NOUN
eistud-1090	138	19	,	,	PUNCT
eistud-1090	138	20	after	after	ADP
eistud-1090	138	21	374	374	NUM
eistud-1090	138	22	billions	billion	NOUN
eistud-1090	138	23	in	in	ADP
eistud-1090	138	24	2008	2008	NUM
eistud-1090	139	1	[	[	X
eistud-1090	139	2	ecb	ecb	NOUN
eistud-1090	139	3	2011	2011	NUM
eistud-1090	139	4	,	,	PUNCT
eistud-1090	139	5	p.16	p.16	PROPN
eistud-1090	139	6	]	]	PUNCT
eistud-1090	139	7	.	.	PUNCT
eistud-1090	140	1	the	the	DET
eistud-1090	140	2	available	available	ADJ
eistud-1090	140	3	rate	rate	NOUN
eistud-1090	140	4	of	of	ADP
eistud-1090	140	5	return	return	NOUN
eistud-1090	140	6	from	from	ADP
eistud-1090	140	7	5	5	NUM
eistud-1090	140	8	%	%	NOUN
eistud-1090	140	9	to	to	PART
eistud-1090	140	10	10	10	NUM
eistud-1090	140	11	%	%	NOUN
eistud-1090	140	12	suggests	suggest	VERB
eistud-1090	140	13	potentially	potentially	ADV
eistud-1090	140	14	significant	significant	ADJ
eistud-1090	140	15	benefits	benefit	NOUN
eistud-1090	140	16	from	from	ADP
eistud-1090	140	17	it	it	PRON
eistud-1090	140	18	.	.	PUNCT
eistud-1090	141	1	in	in	ADP
eistud-1090	141	2	the	the	DET
eistud-1090	141	3	first	first	ADJ
eistud-1090	141	4	years	year	NOUN
eistud-1090	141	5	of	of	ADP
eistud-1090	141	6	the	the	DET
eistud-1090	141	7	third	third	ADJ
eistud-1090	141	8	phase	phase	NOUN
eistud-1090	141	9	of	of	ADP
eistud-1090	141	10	the	the	DET
eistud-1090	141	11	emu	emu	PROPN
eistud-1090	141	12	it	it	PRON
eistud-1090	141	13	was	be	AUX
eistud-1090	141	14	not	not	PART
eistud-1090	141	15	expected	expect	VERB
eistud-1090	141	16	to	to	PART
eistud-1090	141	17	witness	witness	VERB
eistud-1090	141	18	any	any	DET
eistud-1090	141	19	effects	effect	NOUN
eistud-1090	141	20	of	of	ADP
eistud-1090	141	21	the	the	DET
eistud-1090	141	22	monetary	monetary	ADJ
eistud-1090	141	23	integration	integration	NOUN
eistud-1090	141	24	on	on	ADP
eistud-1090	141	25	foreign	foreign	ADJ
eistud-1090	141	26	assets	asset	NOUN
eistud-1090	141	27	portfolios	portfolio	NOUN
eistud-1090	141	28	.	.	PUNCT
eistud-1090	142	1	is	be	AUX
eistud-1090	142	2	was	be	AUX
eistud-1090	142	3	caused	cause	VERB
eistud-1090	142	4	by	by	ADP
eistud-1090	142	5	the	the	DET
eistud-1090	142	6	decision	decision	NOUN
eistud-1090	142	7	of	of	ADP
eistud-1090	142	8	the	the	DET
eistud-1090	142	9	ecb	ecb	NOUN
eistud-1090	142	10	forbidding	forbid	VERB
eistud-1090	142	11	the	the	DET
eistud-1090	142	12	sale	sale	NOUN
eistud-1090	142	13	of	of	ADP
eistud-1090	142	14	foreign	foreign	ADJ
eistud-1090	142	15	assets	asset	NOUN
eistud-1090	142	16	.	.	PUNCT
eistud-1090	143	1	in	in	ADP
eistud-1090	143	2	case	case	NOUN
eistud-1090	143	3	of	of	ADP
eistud-1090	143	4	quick	quick	ADJ
eistud-1090	143	5	liquidation	liquidation	NOUN
eistud-1090	143	6	,	,	PUNCT
eistud-1090	143	7	appreciation	appreciation	NOUN
eistud-1090	143	8	of	of	ADP
eistud-1090	143	9	euro	euro	NOUN
eistud-1090	143	10	would	would	AUX
eistud-1090	143	11	follow	follow	VERB
eistud-1090	143	12	.	.	PUNCT
eistud-1090	144	1	this	this	PRON
eistud-1090	144	2	in	in	ADP
eistud-1090	144	3	turn	turn	NOUN
eistud-1090	144	4	would	would	AUX
eistud-1090	144	5	be	be	AUX
eistud-1090	144	6	detrimental	detrimental	ADJ
eistud-1090	144	7	to	to	ADP
eistud-1090	144	8	competitiveness	competitiveness	NOUN
eistud-1090	144	9	of	of	ADP
eistud-1090	144	10	european	european	ADJ
eistud-1090	144	11	exports	export	NOUN
eistud-1090	144	12	.	.	PUNCT
eistud-1090	145	1	the	the	DET
eistud-1090	145	2	imf	imf	PROPN
eistud-1090	145	3	contradicted	contradict	VERB
eistud-1090	145	4	this	this	DET
eistud-1090	145	5	view	view	NOUN
eistud-1090	145	6	,	,	PUNCT
eistud-1090	145	7	and	and	CCONJ
eistud-1090	145	8	claimed	claim	VERB
eistud-1090	145	9	that	that	SCONJ
eistud-1090	145	10	the	the	DET
eistud-1090	145	11	potential	potential	ADJ
eistud-1090	145	12	appreciation	appreciation	NOUN
eistud-1090	145	13	would	would	AUX
eistud-1090	145	14	be	be	AUX
eistud-1090	145	15	very	very	ADV
eistud-1090	145	16	small	small	ADJ
eistud-1090	145	17	.	.	PUNCT
eistud-1090	146	1	the	the	DET
eistud-1090	146	2	reason	reason	NOUN
eistud-1090	146	3	is	be	AUX
eistud-1090	146	4	because	because	SCONJ
eistud-1090	146	5	the	the	DET
eistud-1090	146	6	foreign	foreign	ADJ
eistud-1090	146	7	exchange	exchange	NOUN
eistud-1090	146	8	reserves	reserve	NOUN
eistud-1090	146	9	of	of	ADP
eistud-1090	146	10	the	the	DET
eistud-1090	146	11	eurosystem	eurosystem	NOUN
eistud-1090	146	12	represent	represent	VERB
eistud-1090	146	13	a	a	DET
eistud-1090	146	14	small	small	ADJ
eistud-1090	146	15	part	part	NOUN
eistud-1090	146	16	of	of	ADP
eistud-1090	146	17	all	all	PRON
eistud-1090	146	18	of	of	ADP
eistud-1090	146	19	the	the	DET
eistud-1090	146	20	usa	usa	PROPN
eistud-1090	146	21	foreign	foreign	ADJ
eistud-1090	146	22	liabilities	liability	NOUN
eistud-1090	146	23	.	.	PUNCT
eistud-1090	147	1	however	however	ADV
eistud-1090	147	2	,	,	PUNCT
eistud-1090	147	3	the	the	DET
eistud-1090	147	4	appreciation	appreciation	NOUN
eistud-1090	147	5	trend	trend	NOUN
eistud-1090	147	6	of	of	ADP
eistud-1090	147	7	euro	euro	NOUN
eistud-1090	147	8	against	against	ADP
eistud-1090	147	9	the	the	DET
eistud-1090	147	10	us	us	PROPN
eistud-1090	147	11	dollar	dollar	NOUN
eistud-1090	147	12	may	may	AUX
eistud-1090	147	13	be	be	AUX
eistud-1090	147	14	attributed	attribute	VERB
eistud-1090	147	15	partly	partly	ADV
eistud-1090	147	16	to	to	ADP
eistud-1090	147	17	realignments	realignment	NOUN
eistud-1090	147	18	in	in	ADP
eistud-1090	147	19	foreign	foreign	ADJ
eistud-1090	147	20	assets	asset	NOUN
eistud-1090	147	21	portfolios	portfolio	NOUN
eistud-1090	147	22	.	.	PUNCT
eistud-1090	148	1	rationale	rationale	NOUN
eistud-1090	148	2	for	for	ADP
eistud-1090	148	3	the	the	DET
eistud-1090	148	4	postulated	postulate	VERB
eistud-1090	148	5	realignment	realignment	NOUN
eistud-1090	148	6	in	in	ADP
eistud-1090	148	7	foreign	foreign	ADJ
eistud-1090	148	8	assets	asset	NOUN
eistud-1090	148	9	portfolio	portfolio	NOUN
eistud-1090	148	10	in	in	ADP
eistud-1090	148	11	the	the	DET
eistud-1090	148	12	eurozone	eurozone	NOUN
eistud-1090	148	13	foreign	foreign	ADJ
eistud-1090	148	14	exchange	exchange	NOUN
eistud-1090	148	15	reserves	reserve	NOUN
eistud-1090	148	16	management	management	NOUN
eistud-1090	148	17	became	become	VERB
eistud-1090	148	18	important	important	ADJ
eistud-1090	148	19	because	because	SCONJ
eistud-1090	148	20	of	of	ADP
eistud-1090	148	21	excessive	excessive	ADJ
eistud-1090	148	22	costs	cost	NOUN
eistud-1090	148	23	associated	associate	VERB
eistud-1090	148	24	with	with	ADP
eistud-1090	148	25	maintaining	maintain	VERB
eistud-1090	148	26	large	large	ADJ
eistud-1090	148	27	portfolios	portfolio	NOUN
eistud-1090	148	28	of	of	ADP
eistud-1090	148	29	foreign	foreign	ADJ
eistud-1090	148	30	assets	asset	NOUN
eistud-1090	148	31	.	.	PUNCT
eistud-1090	149	1	with	with	ADP
eistud-1090	149	2	the	the	DET
eistud-1090	149	3	primary	primary	ADJ
eistud-1090	149	4	aim	aim	NOUN
eistud-1090	149	5	to	to	PART
eistud-1090	149	6	maintain	maintain	VERB
eistud-1090	149	7	international	international	ADJ
eistud-1090	149	8	liquidity	liquidity	NOUN
eistud-1090	149	9	of	of	ADP
eistud-1090	149	10	a	a	DET
eistud-1090	149	11	country	country	NOUN
eistud-1090	149	12	,	,	PUNCT
eistud-1090	149	13	cost	cost	VERB
eistud-1090	149	14	optimization	optimization	NOUN
eistud-1090	149	15	begun	begin	VERB
eistud-1090	149	16	.	.	PUNCT
eistud-1090	150	1	the	the	DET
eistud-1090	150	2	new	new	ADJ
eistud-1090	150	3	objectives	objective	NOUN
eistud-1090	150	4	(	(	PUNCT
eistud-1090	150	5	to	to	PART
eistud-1090	150	6	minimize	minimize	VERB
eistud-1090	150	7	costs	cost	NOUN
eistud-1090	150	8	&	&	CCONJ
eistud-1090	150	9	to	to	PART
eistud-1090	150	10	maximize	maximize	VERB
eistud-1090	150	11	rate	rate	NOUN
eistud-1090	150	12	of	of	ADP
eistud-1090	150	13	return	return	NOUN
eistud-1090	150	14	)	)	PUNCT
eistud-1090	150	15	added	add	VERB
eistud-1090	150	16	to	to	ADP
eistud-1090	150	17	the	the	DET
eistud-1090	150	18	previous	previous	ADJ
eistud-1090	150	19	ones	one	NOUN
eistud-1090	150	20	(	(	PUNCT
eistud-1090	150	21	liquidity	liquidity	NOUN
eistud-1090	150	22	&	&	CCONJ
eistud-1090	150	23	safety	safety	NOUN
eistud-1090	150	24	)	)	PUNCT
eistud-1090	150	25	generated	generate	VERB
eistud-1090	150	26	the	the	DET
eistud-1090	150	27	need	need	NOUN
eistud-1090	150	28	for	for	ADP
eistud-1090	150	29	realignments	realignment	NOUN
eistud-1090	150	30	in	in	ADP
eistud-1090	150	31	the	the	DET
eistud-1090	150	32	structure	structure	NOUN
eistud-1090	150	33	of	of	ADP
eistud-1090	150	34	reserve	reserve	NOUN
eistud-1090	150	35	assets	asset	NOUN
eistud-1090	150	36	.	.	PUNCT
eistud-1090	151	1	there	there	PRON
eistud-1090	151	2	were	be	VERB
eistud-1090	151	3	several	several	ADJ
eistud-1090	151	4	main	main	ADJ
eistud-1090	151	5	reasons	reason	NOUN
eistud-1090	151	6	why	why	SCONJ
eistud-1090	151	7	such	such	ADJ
eistud-1090	151	8	transition	transition	NOUN
eistud-1090	151	9	in	in	ADP
eistud-1090	151	10	the	the	DET
eistud-1090	151	11	approach	approach	NOUN
eistud-1090	151	12	occurred	occur	VERB
eistud-1090	151	13	.	.	PUNCT
eistud-1090	152	1	first	first	ADV
eistud-1090	152	2	,	,	PUNCT
eistud-1090	152	3	there	there	PRON
eistud-1090	152	4	was	be	VERB
eistud-1090	152	5	a	a	DET
eistud-1090	152	6	significant	significant	ADJ
eistud-1090	152	7	increase	increase	NOUN
eistud-1090	152	8	in	in	ADP
eistud-1090	152	9	the	the	DET
eistud-1090	152	10	stability	stability	NOUN
eistud-1090	152	11	of	of	ADP
eistud-1090	152	12	the	the	DET
eistud-1090	152	13	global	global	ADJ
eistud-1090	152	14	financial	financial	ADJ
eistud-1090	152	15	system	system	NOUN
eistud-1090	152	16	.	.	PUNCT
eistud-1090	153	1	the	the	DET
eistud-1090	153	2	last	last	ADJ
eistud-1090	153	3	decade	decade	NOUN
eistud-1090	153	4	of	of	ADP
eistud-1090	153	5	the	the	DET
eistud-1090	153	6	xxth	xxth	ADJ
eistud-1090	153	7	century	century	NOUN
eistud-1090	153	8	witnessed	witness	VERB
eistud-1090	153	9	not	not	PART
eistud-1090	153	10	only	only	ADV
eistud-1090	153	11	decreasing	decrease	VERB
eistud-1090	153	12	prices	price	NOUN
eistud-1090	153	13	of	of	ADP
eistud-1090	153	14	natural	natural	ADJ
eistud-1090	153	15	resources	resource	NOUN
eistud-1090	153	16	but	but	CCONJ
eistud-1090	153	17	also	also	ADV
eistud-1090	153	18	low	low	ADJ
eistud-1090	153	19	and	and	CCONJ
eistud-1090	153	20	stable	stable	ADJ
eistud-1090	153	21	inflation	inflation	NOUN
eistud-1090	153	22	.	.	PUNCT
eistud-1090	154	1	in	in	ADP
eistud-1090	154	2	the	the	DET
eistud-1090	154	3	same	same	ADJ
eistud-1090	154	4	time	time	NOUN
eistud-1090	154	5	,	,	PUNCT
eistud-1090	154	6	many	many	ADJ
eistud-1090	154	7	central	central	ADJ
eistud-1090	154	8	banks	bank	NOUN
eistud-1090	154	9	introduced	introduce	VERB
eistud-1090	154	10	two	two	NUM
eistud-1090	154	11	systemic	systemic	ADJ
eistud-1090	154	12	solutions	solution	NOUN
eistud-1090	154	13	(	(	PUNCT
eistud-1090	154	14	1	1	X
eistud-1090	154	15	)	)	PUNCT
eistud-1090	154	16	inflation	inflation	NOUN
eistud-1090	154	17	targeting	target	VERB
eistud-1090	154	18	and	and	CCONJ
eistud-1090	154	19	(	(	PUNCT
eistud-1090	154	20	2	2	NUM
eistud-1090	154	21	)	)	PUNCT
eistud-1090	154	22	free	free	ADJ
eistud-1090	154	23	float	float	NOUN
eistud-1090	154	24	,	,	PUNCT
eistud-1090	154	25	as	as	ADP
eistud-1090	154	26	the	the	DET
eistud-1090	154	27	exchange	exchange	NOUN
eistud-1090	154	28	rate	rate	NOUN
eistud-1090	154	29	regime	regime	NOUN
eistud-1090	154	30	.	.	PUNCT
eistud-1090	155	1	the	the	DET
eistud-1090	155	2	latter	latter	ADJ
eistud-1090	155	3	one	one	NUM
eistud-1090	155	4	decreased	decrease	VERB
eistud-1090	155	5	demand	demand	NOUN
eistud-1090	155	6	for	for	ADP
eistud-1090	155	7	liquid	liquid	ADJ
eistud-1090	155	8	foreign	foreign	ADJ
eistud-1090	155	9	assets	asset	NOUN
eistud-1090	155	10	even	even	ADV
eistud-1090	155	11	further	far	ADV
eistud-1090	155	12	.	.	PUNCT
eistud-1090	156	1	with	with	ADP
eistud-1090	156	2	the	the	DET
eistud-1090	156	3	general	general	ADJ
eistud-1090	156	4	and	and	CCONJ
eistud-1090	156	5	broad	broad	ADJ
eistud-1090	156	6	macroeconomic	macroeconomic	ADJ
eistud-1090	156	7	stability	stability	NOUN
eistud-1090	156	8	and	and	CCONJ
eistud-1090	156	9	market	market	NOUN
eistud-1090	156	10	-	-	PUNCT
eistud-1090	156	11	based	base	VERB
eistud-1090	156	12	exchange	exchange	NOUN
eistud-1090	156	13	rates	rate	NOUN
eistud-1090	156	14	,	,	PUNCT
eistud-1090	156	15	demand	demand	NOUN
eistud-1090	156	16	for	for	ADP
eistud-1090	156	17	international	international	ADJ
eistud-1090	156	18	liquidity	liquidity	NOUN
eistud-1090	156	19	systematically	systematically	ADV
eistud-1090	156	20	decreased	decrease	VERB
eistud-1090	156	21	.	.	PUNCT
eistud-1090	157	1	however	however	ADV
eistud-1090	157	2	,	,	PUNCT
eistud-1090	157	3	it	it	PRON
eistud-1090	157	4	was	be	AUX
eistud-1090	157	5	still	still	ADV
eistud-1090	157	6	not	not	PART
eistud-1090	157	7	enough	enough	ADJ
eistud-1090	157	8	to	to	PART
eistud-1090	157	9	cause	cause	VERB
eistud-1090	157	10	largescale	largescale	ADJ
eistud-1090	157	11	realignments	realignment	NOUN
eistud-1090	157	12	in	in	ADP
eistud-1090	157	13	the	the	DET
eistud-1090	157	14	foreign	foreign	ADJ
eistud-1090	157	15	assets	asset	NOUN
eistud-1090	157	16	’	'	PUNCT
eistud-1090	157	17	portfolios	portfolio	NOUN
eistud-1090	157	18	,	,	PUNCT
eistud-1090	157	19	due	due	ADJ
eistud-1090	157	20	to	to	ADP
eistud-1090	157	21	precautionary	precautionary	ADJ
eistud-1090	157	22	considerations	consideration	NOUN
eistud-1090	157	23	in	in	ADP
eistud-1090	157	24	each	each	DET
eistud-1090	157	25	and	and	CCONJ
eistud-1090	157	26	every	every	PRON
eistud-1090	157	27	country	country	NOUN
eistud-1090	157	28	that	that	PRON
eistud-1090	157	29	was	be	AUX
eistud-1090	157	30	managing	manage	VERB
eistud-1090	157	31	its	its	PRON
eistud-1090	157	32	foreign	foreign	ADJ
eistud-1090	157	33	exchange	exchange	NOUN
eistud-1090	157	34	reserves	reserve	NOUN
eistud-1090	157	35	on	on	ADP
eistud-1090	157	36	its	its	PRON
eistud-1090	157	37	own	own	ADJ
eistud-1090	157	38	.	.	PUNCT
eistud-1090	158	1	only	only	ADV
eistud-1090	158	2	after	after	ADP
eistud-1090	158	3	monetary	monetary	ADJ
eistud-1090	158	4	integration	integration	NOUN
eistud-1090	158	5	affected	affect	VERB
eistud-1090	158	6	countries	country	NOUN
eistud-1090	158	7	that	that	PRON
eistud-1090	158	8	represent	represent	VERB
eistud-1090	158	9	a	a	DET
eistud-1090	158	10	substantial	substantial	ADJ
eistud-1090	158	11	share	share	NOUN
eistud-1090	158	12	in	in	ADP
eistud-1090	158	13	the	the	DET
eistud-1090	158	14	global	global	ADJ
eistud-1090	158	15	gdp	gdp	NOUN
eistud-1090	158	16	and	and	CCONJ
eistud-1090	158	17	in	in	ADP
eistud-1090	158	18	international	international	ADJ
eistud-1090	158	19	trade	trade	NOUN
eistud-1090	158	20	,	,	PUNCT
eistud-1090	158	21	time	time	NOUN
eistud-1090	158	22	structure	structure	NOUN
eistud-1090	158	23	began	begin	VERB
eistud-1090	158	24	to	to	PART
eistud-1090	158	25	change	change	VERB
eistud-1090	158	26	.	.	PUNCT
eistud-1090	159	1	in	in	ADP
eistud-1090	159	2	a	a	DET
eistud-1090	159	3	monetary	monetary	ADJ
eistud-1090	159	4	union	union	NOUN
eistud-1090	159	5	,	,	PUNCT
eistud-1090	159	6	demand	demand	NOUN
eistud-1090	159	7	for	for	ADP
eistud-1090	159	8	foreign	foreign	ADJ
eistud-1090	159	9	exchange	exchange	NOUN
eistud-1090	159	10	reserves	reserve	NOUN
eistud-1090	159	11	is	be	AUX
eistud-1090	159	12	significantly	significantly	ADV
eistud-1090	159	13	lower	low	ADJ
eistud-1090	159	14	due	due	ADP
eistud-1090	159	15	to	to	ADP
eistud-1090	159	16	the	the	DET
eistud-1090	159	17	fact	fact	NOUN
eistud-1090	159	18	of	of	ADP
eistud-1090	159	19	executing	execute	VERB
eistud-1090	159	20	substantial	substantial	ADJ
eistud-1090	159	21	part	part	NOUN
eistud-1090	159	22	of	of	ADP
eistud-1090	159	23	all	all	DET
eistud-1090	159	24	current	current	ADJ
eistud-1090	159	25	and	and	CCONJ
eistud-1090	159	26	financial	financial	ADJ
eistud-1090	159	27	transactions	transaction	NOUN
eistud-1090	159	28	in	in	ADP
eistud-1090	159	29	a	a	DET
eistud-1090	159	30	common	common	ADJ
eistud-1090	159	31	currency	currency	NOUN
eistud-1090	159	32	.	.	PUNCT
eistud-1090	160	1	all	all	DET
eistud-1090	160	2	intra	intra	ADJ
eistud-1090	160	3	-	-	ADJ
eistud-1090	160	4	union	union	ADJ
eistud-1090	160	5	export	export	NOUN
eistud-1090	160	6	-	-	PUNCT
eistud-1090	160	7	import	import	NOUN
eistud-1090	160	8	transactions	transaction	NOUN
eistud-1090	160	9	are	be	AUX
eistud-1090	160	10	denominated	denominate	VERB
eistud-1090	160	11	in	in	ADP
eistud-1090	160	12	the	the	DET
eistud-1090	160	13	common	common	ADJ
eistud-1090	160	14	currency	currency	NOUN
eistud-1090	160	15	.	.	PUNCT
eistud-1090	161	1	in	in	ADP
eistud-1090	161	2	addition	addition	NOUN
eistud-1090	161	3	,	,	PUNCT
eistud-1090	161	4	direct	direct	ADJ
eistud-1090	161	5	and	and	CCONJ
eistud-1090	161	6	portfolio	portfolio	NOUN
eistud-1090	161	7	and	and	CCONJ
eistud-1090	161	8	other	other	ADJ
eistud-1090	161	9	investment	investment	NOUN
eistud-1090	161	10	within	within	ADP
eistud-1090	161	11	the	the	DET
eistud-1090	161	12	union	union	NOUN
eistud-1090	161	13	is	be	AUX
eistud-1090	161	14	also	also	ADV
eistud-1090	161	15	denominated	denominate	VERB
eistud-1090	161	16	in	in	ADP
eistud-1090	161	17	the	the	DET
eistud-1090	161	18	common	common	ADJ
eistud-1090	161	19	currency	currency	NOUN
eistud-1090	161	20	and	and	CCONJ
eistud-1090	161	21	do	do	AUX
eistud-1090	161	22	not	not	PART
eistud-1090	161	23	call	call	VERB
eistud-1090	161	24	for	for	ADP
eistud-1090	161	25	any	any	DET
eistud-1090	161	26	issn	issn	PROPN
eistud-1090	161	27	1822–8402	1822–8402	NUM
eistud-1090	161	28	european	european	ADJ
eistud-1090	161	29	integration	integration	NOUN
eistud-1090	161	30	studies	study	NOUN
eistud-1090	161	31	.	.	PUNCT
eistud-1090	162	1	2011	2011	NUM
eistud-1090	162	2	.	.	PUNCT
eistud-1090	163	1	no	no	DET
eistud-1090	163	2	5	5	NUM
eistud-1090	163	3	148	148	NUM
eistud-1090	163	4	foreign	foreign	ADJ
eistud-1090	163	5	exchange	exchange	NOUN
eistud-1090	163	6	to	to	PART
eistud-1090	163	7	settle	settle	VERB
eistud-1090	163	8	an	an	DET
eistud-1090	163	9	intra	intra	ADJ
eistud-1090	163	10	-	-	ADJ
eistud-1090	163	11	union	union	ADJ
eistud-1090	163	12	transaction	transaction	NOUN
eistud-1090	163	13	.	.	PUNCT
eistud-1090	164	1	there	there	PRON
eistud-1090	164	2	are	be	VERB
eistud-1090	164	3	additional	additional	ADJ
eistud-1090	164	4	reasons	reason	NOUN
eistud-1090	164	5	why	why	SCONJ
eistud-1090	164	6	excessive	excessive	ADJ
eistud-1090	164	7	foreign	foreign	ADJ
eistud-1090	164	8	exchange	exchange	NOUN
eistud-1090	164	9	reserves	reserve	NOUN
eistud-1090	164	10	accumulate	accumulate	VERB
eistud-1090	164	11	when	when	SCONJ
eistud-1090	164	12	countries	country	NOUN
eistud-1090	164	13	operate	operate	VERB
eistud-1090	164	14	as	as	ADP
eistud-1090	164	15	a	a	DET
eistud-1090	164	16	monetary	monetary	ADJ
eistud-1090	164	17	union	union	NOUN
eistud-1090	164	18	.	.	PUNCT
eistud-1090	165	1	in	in	ADP
eistud-1090	165	2	case	case	NOUN
eistud-1090	165	3	of	of	ADP
eistud-1090	165	4	the	the	DET
eistud-1090	165	5	eurozone	eurozone	NOUN
eistud-1090	165	6	,	,	PUNCT
eistud-1090	165	7	common	common	ADJ
eistud-1090	165	8	sectoral	sectoral	ADJ
eistud-1090	165	9	and	and	CCONJ
eistud-1090	165	10	monetary	monetary	ADJ
eistud-1090	165	11	policies	policy	NOUN
eistud-1090	165	12	resulted	result	VERB
eistud-1090	165	13	in	in	ADP
eistud-1090	165	14	a	a	DET
eistud-1090	165	15	temporary	temporary	ADJ
eistud-1090	165	16	increase	increase	NOUN
eistud-1090	165	17	in	in	ADP
eistud-1090	165	18	the	the	DET
eistud-1090	165	19	productivity	productivity	NOUN
eistud-1090	165	20	of	of	ADP
eistud-1090	165	21	capital	capital	NOUN
eistud-1090	165	22	within	within	ADP
eistud-1090	165	23	the	the	DET
eistud-1090	165	24	member	member	NOUN
eistud-1090	165	25	states	state	NOUN
eistud-1090	165	26	.	.	PUNCT
eistud-1090	166	1	this	this	PRON
eistud-1090	166	2	,	,	PUNCT
eistud-1090	166	3	in	in	ADP
eistud-1090	166	4	turn	turn	NOUN
eistud-1090	166	5	,	,	PUNCT
eistud-1090	166	6	attracted	attract	VERB
eistud-1090	166	7	capital	capital	NOUN
eistud-1090	166	8	from	from	ADP
eistud-1090	166	9	the	the	DET
eistud-1090	166	10	rest	rest	NOUN
eistud-1090	166	11	of	of	ADP
eistud-1090	166	12	the	the	DET
eistud-1090	166	13	world	world	NOUN
eistud-1090	166	14	,	,	PUNCT
eistud-1090	166	15	adding	add	VERB
eistud-1090	166	16	to	to	ADP
eistud-1090	166	17	the	the	DET
eistud-1090	166	18	total	total	ADJ
eistud-1090	166	19	amount	amount	NOUN
eistud-1090	166	20	of	of	ADP
eistud-1090	166	21	foreign	foreign	ADJ
eistud-1090	166	22	assets	asset	NOUN
eistud-1090	166	23	in	in	ADP
eistud-1090	166	24	the	the	DET
eistud-1090	166	25	international	international	ADJ
eistud-1090	166	26	investment	investment	NOUN
eistud-1090	166	27	position	position	NOUN
eistud-1090	166	28	of	of	ADP
eistud-1090	166	29	the	the	DET
eistud-1090	166	30	european	european	PROPN
eistud-1090	166	31	monetary	monetary	PROPN
eistud-1090	166	32	union	union	PROPN
eistud-1090	166	33	countries	country	NOUN
eistud-1090	166	34	.	.	PUNCT
eistud-1090	167	1	higher	high	ADJ
eistud-1090	167	2	productivity	productivity	NOUN
eistud-1090	167	3	of	of	ADP
eistud-1090	167	4	capital	capital	NOUN
eistud-1090	167	5	was	be	AUX
eistud-1090	167	6	also	also	ADV
eistud-1090	167	7	generated	generate	VERB
eistud-1090	167	8	due	due	ADP
eistud-1090	167	9	to	to	ADP
eistud-1090	167	10	financial	financial	ADJ
eistud-1090	167	11	markets	market	NOUN
eistud-1090	167	12	integration	integration	NOUN
eistud-1090	167	13	and	and	CCONJ
eistud-1090	167	14	lowering	lower	VERB
eistud-1090	167	15	transaction	transaction	NOUN
eistud-1090	167	16	costs	cost	NOUN
eistud-1090	167	17	.	.	PUNCT
eistud-1090	168	1	inflow	inflow	NOUN
eistud-1090	168	2	of	of	ADP
eistud-1090	168	3	foreign	foreign	ADJ
eistud-1090	168	4	capital	capital	NOUN
eistud-1090	168	5	was	be	AUX
eistud-1090	168	6	not	not	PART
eistud-1090	168	7	discouraged	discourage	VERB
eistud-1090	168	8	by	by	ADP
eistud-1090	168	9	the	the	DET
eistud-1090	168	10	relatively	relatively	ADV
eistud-1090	168	11	low	low	ADJ
eistud-1090	168	12	interest	interest	NOUN
eistud-1090	168	13	rates	rate	NOUN
eistud-1090	168	14	for	for	ADP
eistud-1090	168	15	instruments	instrument	NOUN
eistud-1090	168	16	denominated	denominate	VERB
eistud-1090	168	17	in	in	ADP
eistud-1090	168	18	the	the	DET
eistud-1090	168	19	euro	euro	NOUN
eistud-1090	168	20	.	.	PUNCT
eistud-1090	169	1	to	to	PART
eistud-1090	169	2	conclude	conclude	VERB
eistud-1090	169	3	,	,	PUNCT
eistud-1090	169	4	it	it	PRON
eistud-1090	169	5	can	can	AUX
eistud-1090	169	6	be	be	AUX
eistud-1090	169	7	said	say	VERB
eistud-1090	169	8	that	that	SCONJ
eistud-1090	169	9	due	due	ADP
eistud-1090	169	10	to	to	ADP
eistud-1090	169	11	general	general	ADJ
eistud-1090	169	12	trends	trend	NOUN
eistud-1090	169	13	in	in	ADP
eistud-1090	169	14	the	the	DET
eistud-1090	169	15	global	global	ADJ
eistud-1090	169	16	economy	economy	NOUN
eistud-1090	169	17	and	and	CCONJ
eistud-1090	169	18	because	because	SCONJ
eistud-1090	169	19	of	of	ADP
eistud-1090	169	20	regional	regional	ADJ
eistud-1090	169	21	developments	development	NOUN
eistud-1090	169	22	,	,	PUNCT
eistud-1090	169	23	demand	demand	NOUN
eistud-1090	169	24	for	for	ADP
eistud-1090	169	25	international	international	ADJ
eistud-1090	169	26	liquidity	liquidity	NOUN
eistud-1090	169	27	decreased	decrease	VERB
eistud-1090	169	28	significantly	significantly	ADV
eistud-1090	169	29	.	.	PUNCT
eistud-1090	170	1	in	in	ADP
eistud-1090	170	2	the	the	DET
eistud-1090	170	3	same	same	ADJ
eistud-1090	170	4	time	time	NOUN
eistud-1090	170	5	,	,	PUNCT
eistud-1090	170	6	excessive	excessive	ADJ
eistud-1090	170	7	surpluses	surplus	NOUN
eistud-1090	170	8	in	in	ADP
eistud-1090	170	9	foreign	foreign	ADJ
eistud-1090	170	10	assets	asset	NOUN
eistud-1090	170	11	portfolios	portfolio	NOUN
eistud-1090	170	12	accumulated	accumulate	VERB
eistud-1090	170	13	for	for	ADP
eistud-1090	170	14	the	the	DET
eistud-1090	170	15	emu	emu	PROPN
eistud-1090	170	16	countries	country	NOUN
eistud-1090	170	17	.	.	PUNCT
eistud-1090	171	1	the	the	DET
eistud-1090	171	2	question	question	NOUN
eistud-1090	171	3	remained	remain	VERB
eistud-1090	171	4	:	:	PUNCT
eistud-1090	171	5	what	what	PRON
eistud-1090	171	6	to	to	PART
eistud-1090	171	7	do	do	AUX
eistud-1090	171	8	with	with	ADP
eistud-1090	171	9	the	the	DET
eistud-1090	171	10	amounts	amount	NOUN
eistud-1090	171	11	denominated	denominate	VERB
eistud-1090	171	12	in	in	ADP
eistud-1090	171	13	foreign	foreign	ADJ
eistud-1090	171	14	currencies	currency	NOUN
eistud-1090	171	15	that	that	PRON
eistud-1090	171	16	,	,	PUNCT
eistud-1090	171	17	on	on	ADP
eistud-1090	171	18	one	one	NUM
eistud-1090	171	19	hand	hand	NOUN
eistud-1090	171	20	,	,	PUNCT
eistud-1090	171	21	were	be	AUX
eistud-1090	171	22	generating	generate	VERB
eistud-1090	171	23	continuous	continuous	ADJ
eistud-1090	171	24	costs	cost	NOUN
eistud-1090	171	25	of	of	ADP
eistud-1090	171	26	maintaining	maintain	VERB
eistud-1090	171	27	them	they	PRON
eistud-1090	171	28	,	,	PUNCT
eistud-1090	171	29	and	and	CCONJ
eistud-1090	171	30	on	on	ADP
eistud-1090	171	31	the	the	DET
eistud-1090	171	32	other	other	ADJ
eistud-1090	171	33	hand	hand	NOUN
eistud-1090	171	34	,	,	PUNCT
eistud-1090	171	35	were	be	AUX
eistud-1090	171	36	kept	keep	VERB
eistud-1090	171	37	in	in	ADP
eistud-1090	171	38	highly	highly	ADV
eistud-1090	171	39	liquid	liquid	ADJ
eistud-1090	171	40	securities	security	NOUN
eistud-1090	171	41	that	that	PRON
eistud-1090	171	42	were	be	AUX
eistud-1090	171	43	offering	offer	VERB
eistud-1090	171	44	low	low	ADJ
eistud-1090	171	45	rate	rate	NOUN
eistud-1090	171	46	of	of	ADP
eistud-1090	171	47	return	return	NOUN
eistud-1090	171	48	.	.	PUNCT
eistud-1090	172	1	with	with	ADP
eistud-1090	172	2	the	the	DET
eistud-1090	172	3	‘	'	PUNCT
eistud-1090	172	4	price	price	NOUN
eistud-1090	172	5	stability	stability	NOUN
eistud-1090	172	6	’	'	PUNCT
eistud-1090	172	7	,	,	PUNCT
eistud-1090	172	8	as	as	ADP
eistud-1090	172	9	the	the	DET
eistud-1090	172	10	main	main	ADJ
eistud-1090	172	11	objective	objective	NOUN
eistud-1090	172	12	of	of	ADP
eistud-1090	172	13	the	the	DET
eistud-1090	172	14	common	common	ADJ
eistud-1090	172	15	monetary	monetary	ADJ
eistud-1090	172	16	policy	policy	NOUN
eistud-1090	172	17	of	of	ADP
eistud-1090	172	18	the	the	DET
eistud-1090	172	19	european	european	PROPN
eistud-1090	172	20	central	central	PROPN
eistud-1090	172	21	bank	bank	PROPN
eistud-1090	172	22	,	,	PUNCT
eistud-1090	172	23	expanding	expand	VERB
eistud-1090	172	24	money	money	NOUN
eistud-1090	172	25	supply	supply	NOUN
eistud-1090	172	26	in	in	ADP
eistud-1090	172	27	the	the	DET
eistud-1090	172	28	eurozone	eurozone	NOUN
eistud-1090	172	29	was	be	AUX
eistud-1090	172	30	not	not	PART
eistud-1090	172	31	an	an	DET
eistud-1090	172	32	option	option	NOUN
eistud-1090	172	33	.	.	PUNCT
eistud-1090	173	1	therefore	therefore	ADV
eistud-1090	173	2	,	,	PUNCT
eistud-1090	173	3	despite	despite	SCONJ
eistud-1090	173	4	the	the	DET
eistud-1090	173	5	recognized	recognize	VERB
eistud-1090	173	6	excess	excess	NOUN
eistud-1090	173	7	of	of	ADP
eistud-1090	173	8	foreign	foreign	ADJ
eistud-1090	173	9	reserve	reserve	NOUN
eistud-1090	173	10	assets	asset	NOUN
eistud-1090	173	11	,	,	PUNCT
eistud-1090	173	12	above	above	ADP
eistud-1090	173	13	what	what	PRON
eistud-1090	173	14	was	be	AUX
eistud-1090	173	15	necessary	necessary	ADJ
eistud-1090	173	16	to	to	PART
eistud-1090	173	17	grant	grant	VERB
eistud-1090	173	18	international	international	ADJ
eistud-1090	173	19	liquidity	liquidity	NOUN
eistud-1090	173	20	,	,	PUNCT
eistud-1090	173	21	the	the	DET
eistud-1090	173	22	accumulated	accumulate	VERB
eistud-1090	173	23	stock	stock	NOUN
eistud-1090	173	24	was	be	AUX
eistud-1090	173	25	not	not	PART
eistud-1090	173	26	released	release	VERB
eistud-1090	173	27	in	in	ADP
eistud-1090	173	28	any	any	DET
eistud-1090	173	29	other	other	ADJ
eistud-1090	173	30	form	form	NOUN
eistud-1090	173	31	.	.	PUNCT
eistud-1090	174	1	with	with	ADP
eistud-1090	174	2	the	the	DET
eistud-1090	174	3	nominal	nominal	ADJ
eistud-1090	174	4	total	total	ADJ
eistud-1090	174	5	value	value	NOUN
eistud-1090	174	6	,	,	PUNCT
eistud-1090	174	7	a	a	DET
eistud-1090	174	8	different	different	ADJ
eistud-1090	174	9	change	change	NOUN
eistud-1090	174	10	occurred	occur	VERB
eistud-1090	174	11	,	,	PUNCT
eistud-1090	174	12	a	a	DET
eistud-1090	174	13	change	change	NOUN
eistud-1090	174	14	in	in	ADP
eistud-1090	174	15	the	the	DET
eistud-1090	174	16	maturity	maturity	NOUN
eistud-1090	174	17	structure	structure	NOUN
eistud-1090	174	18	.	.	PUNCT
eistud-1090	175	1	departure	departure	NOUN
eistud-1090	175	2	from	from	ADP
eistud-1090	175	3	holdings	holding	NOUN
eistud-1090	175	4	of	of	ADP
eistud-1090	175	5	short	short	ADJ
eistud-1090	175	6	-	-	PUNCT
eistud-1090	175	7	term	term	NOUN
eistud-1090	175	8	,	,	PUNCT
eistud-1090	175	9	highly	highly	ADV
eistud-1090	175	10	liquid	liquid	ADJ
eistud-1090	175	11	assets	asset	NOUN
eistud-1090	175	12	disturbed	disturb	VERB
eistud-1090	175	13	the	the	DET
eistud-1090	175	14	yield	yield	NOUN
eistud-1090	175	15	curve	curve	NOUN
eistud-1090	175	16	of	of	ADP
eistud-1090	175	17	the	the	DET
eistud-1090	175	18	global	global	ADJ
eistud-1090	175	19	interest	interest	NOUN
eistud-1090	175	20	rate	rate	NOUN
eistud-1090	175	21	.	.	PUNCT
eistud-1090	176	1	the	the	DET
eistud-1090	176	2	suggested	suggest	VERB
eistud-1090	176	3	effect	effect	NOUN
eistud-1090	176	4	could	could	AUX
eistud-1090	176	5	be	be	AUX
eistud-1090	176	6	described	describe	VERB
eistud-1090	176	7	as	as	ADP
eistud-1090	176	8	follows	follow	VERB
eistud-1090	176	9	.	.	PUNCT
eistud-1090	177	1	the	the	DET
eistud-1090	177	2	latter	latter	ADJ
eistud-1090	177	3	members	member	NOUN
eistud-1090	177	4	of	of	ADP
eistud-1090	177	5	the	the	DET
eistud-1090	177	6	system	system	NOUN
eistud-1090	177	7	of	of	ADP
eistud-1090	177	8	national	national	ADJ
eistud-1090	177	9	central	central	ADJ
eistud-1090	177	10	banks	bank	NOUN
eistud-1090	177	11	of	of	ADP
eistud-1090	177	12	the	the	DET
eistud-1090	177	13	eurozone	eurozone	NOUN
eistud-1090	177	14	were	be	AUX
eistud-1090	177	15	custodians	custodian	NOUN
eistud-1090	177	16	and	and	CCONJ
eistud-1090	177	17	managers	manager	NOUN
eistud-1090	177	18	of	of	ADP
eistud-1090	177	19	nations	nation	NOUN
eistud-1090	177	20	’	'	PUNCT
eistud-1090	177	21	foreign	foreign	ADJ
eistud-1090	177	22	assets	asset	NOUN
eistud-1090	177	23	.	.	PUNCT
eistud-1090	178	1	despite	despite	SCONJ
eistud-1090	178	2	the	the	DET
eistud-1090	178	3	actual	actual	ADJ
eistud-1090	178	4	currency	currency	NOUN
eistud-1090	178	5	composition	composition	NOUN
eistud-1090	178	6	was	be	AUX
eistud-1090	178	7	always	always	ADV
eistud-1090	178	8	and	and	CCONJ
eistud-1090	178	9	everywhere	everywhere	ADV
eistud-1090	178	10	classified	classified	ADJ
eistud-1090	178	11	,	,	PUNCT
eistud-1090	178	12	it	it	PRON
eistud-1090	178	13	can	can	AUX
eistud-1090	178	14	be	be	AUX
eistud-1090	178	15	said	say	VERB
eistud-1090	178	16	that	that	SCONJ
eistud-1090	178	17	aside	aside	ADP
eistud-1090	178	18	monetary	monetary	ADJ
eistud-1090	178	19	gold	gold	NOUN
eistud-1090	178	20	,	,	PUNCT
eistud-1090	178	21	foreign	foreign	ADJ
eistud-1090	178	22	exchange	exchange	NOUN
eistud-1090	178	23	reserves	reserve	NOUN
eistud-1090	178	24	were	be	AUX
eistud-1090	178	25	maintained	maintain	VERB
eistud-1090	178	26	in	in	ADP
eistud-1090	178	27	the	the	DET
eistud-1090	178	28	most	most	ADV
eistud-1090	178	29	liquid	liquid	ADJ
eistud-1090	178	30	financial	financial	ADJ
eistud-1090	178	31	assets	asset	NOUN
eistud-1090	178	32	of	of	ADP
eistud-1090	178	33	the	the	DET
eistud-1090	178	34	shortest	short	ADJ
eistud-1090	178	35	available	available	ADJ
eistud-1090	178	36	maturities	maturity	NOUN
eistud-1090	178	37	.	.	PUNCT
eistud-1090	179	1	when	when	SCONJ
eistud-1090	179	2	the	the	DET
eistud-1090	179	3	ecb	ecb	NOUN
eistud-1090	179	4	was	be	AUX
eistud-1090	179	5	created	create	VERB
eistud-1090	179	6	,	,	PUNCT
eistud-1090	179	7	and	and	CCONJ
eistud-1090	179	8	the	the	DET
eistud-1090	179	9	emu	emu	PROPN
eistud-1090	179	10	member	member	NOUN
eistud-1090	179	11	states	state	NOUN
eistud-1090	179	12	transferred	transfer	VERB
eistud-1090	179	13	the	the	DET
eistud-1090	179	14	required	require	VERB
eistud-1090	179	15	amounts	amount	NOUN
eistud-1090	179	16	of	of	ADP
eistud-1090	179	17	reserves	reserve	NOUN
eistud-1090	179	18	to	to	ADP
eistud-1090	179	19	the	the	DET
eistud-1090	179	20	common	common	ADJ
eistud-1090	179	21	pool	pool	NOUN
eistud-1090	179	22	,	,	PUNCT
eistud-1090	179	23	the	the	DET
eistud-1090	179	24	remaining	remain	VERB
eistud-1090	179	25	foreign	foreign	ADJ
eistud-1090	179	26	assets	asset	NOUN
eistud-1090	179	27	at	at	ADP
eistud-1090	179	28	their	their	PRON
eistud-1090	179	29	disposal	disposal	NOUN
eistud-1090	179	30	were	be	AUX
eistud-1090	179	31	still	still	ADV
eistud-1090	179	32	substantial	substantial	ADJ
eistud-1090	179	33	.	.	PUNCT
eistud-1090	180	1	analyzing	analyze	VERB
eistud-1090	180	2	behavior	behavior	NOUN
eistud-1090	180	3	of	of	ADP
eistud-1090	180	4	exchange	exchange	NOUN
eistud-1090	180	5	rates	rate	NOUN
eistud-1090	180	6	of	of	ADP
eistud-1090	180	7	major	major	ADJ
eistud-1090	180	8	reserve	reserve	NOUN
eistud-1090	180	9	currencies	currency	NOUN
eistud-1090	180	10	at	at	ADP
eistud-1090	180	11	that	that	DET
eistud-1090	180	12	time	time	NOUN
eistud-1090	180	13	,	,	PUNCT
eistud-1090	180	14	it	it	PRON
eistud-1090	180	15	can	can	AUX
eistud-1090	180	16	be	be	AUX
eistud-1090	180	17	said	say	VERB
eistud-1090	180	18	that	that	SCONJ
eistud-1090	180	19	the	the	DET
eistud-1090	180	20	postulated	postulate	VERB
eistud-1090	180	21	realignment	realignment	NOUN
eistud-1090	180	22	in	in	ADP
eistud-1090	180	23	the	the	DET
eistud-1090	180	24	excessive	excessive	ADJ
eistud-1090	180	25	amounts	amount	NOUN
eistud-1090	180	26	of	of	ADP
eistud-1090	180	27	foreign	foreign	ADJ
eistud-1090	180	28	reserve	reserve	NOUN
eistud-1090	180	29	assets	asset	NOUN
eistud-1090	180	30	were	be	AUX
eistud-1090	180	31	not	not	PART
eistud-1090	180	32	affecting	affect	VERB
eistud-1090	180	33	the	the	DET
eistud-1090	180	34	currency	currency	NOUN
eistud-1090	180	35	pattern	pattern	NOUN
eistud-1090	180	36	.	.	PUNCT
eistud-1090	181	1	the	the	DET
eistud-1090	181	2	only	only	ADJ
eistud-1090	181	3	other	other	ADJ
eistud-1090	181	4	dimension	dimension	NOUN
eistud-1090	181	5	that	that	PRON
eistud-1090	181	6	potentially	potentially	ADV
eistud-1090	181	7	could	could	AUX
eistud-1090	181	8	be	be	AUX
eistud-1090	181	9	the	the	DET
eistud-1090	181	10	subject	subject	NOUN
eistud-1090	181	11	to	to	ADP
eistud-1090	181	12	change	change	NOUN
eistud-1090	181	13	was	be	AUX
eistud-1090	181	14	the	the	DET
eistud-1090	181	15	maturity	maturity	NOUN
eistud-1090	181	16	structure	structure	NOUN
eistud-1090	181	17	of	of	ADP
eistud-1090	181	18	instruments	instrument	NOUN
eistud-1090	181	19	,	,	PUNCT
eistud-1090	181	20	in	in	ADP
eistud-1090	181	21	which	which	PRON
eistud-1090	181	22	reserves	reserve	NOUN
eistud-1090	181	23	were	be	AUX
eistud-1090	181	24	maintained	maintain	VERB
eistud-1090	181	25	.	.	PUNCT
eistud-1090	182	1	therefore	therefore	ADV
eistud-1090	182	2	,	,	PUNCT
eistud-1090	182	3	a	a	DET
eistud-1090	182	4	hypothesis	hypothesis	NOUN
eistud-1090	182	5	is	be	AUX
eistud-1090	182	6	posed	pose	VERB
eistud-1090	182	7	about	about	ADP
eistud-1090	182	8	the	the	DET
eistud-1090	182	9	rational	rational	ADJ
eistud-1090	182	10	response	response	NOUN
eistud-1090	182	11	of	of	ADP
eistud-1090	182	12	the	the	DET
eistud-1090	182	13	system	system	NOUN
eistud-1090	182	14	of	of	ADP
eistud-1090	182	15	national	national	ADJ
eistud-1090	182	16	central	central	ADJ
eistud-1090	182	17	banks	bank	NOUN
eistud-1090	182	18	in	in	ADP
eistud-1090	182	19	the	the	DET
eistud-1090	182	20	eurozone	eurozone	NOUN
eistud-1090	182	21	.	.	PUNCT
eistud-1090	183	1	these	these	DET
eistud-1090	183	2	agents	agent	NOUN
eistud-1090	183	3	redesigned	redesign	VERB
eistud-1090	183	4	their	their	PRON
eistud-1090	183	5	foreign	foreign	ADJ
eistud-1090	183	6	assets	asset	NOUN
eistud-1090	183	7	portfolios	portfolio	NOUN
eistud-1090	183	8	at	at	ADP
eistud-1090	183	9	the	the	DET
eistud-1090	183	10	onset	onset	NOUN
eistud-1090	183	11	of	of	ADP
eistud-1090	183	12	the	the	DET
eistud-1090	183	13	emu	emu	PROPN
eistud-1090	183	14	,	,	PUNCT
eistud-1090	183	15	moving	move	VERB
eistud-1090	183	16	from	from	ADP
eistud-1090	183	17	the	the	DET
eistud-1090	183	18	shortterm	shortterm	PROPN
eistud-1090	183	19	securities	security	NOUN
eistud-1090	183	20	to	to	ADP
eistud-1090	183	21	the	the	DET
eistud-1090	183	22	longer	long	ADJ
eistud-1090	183	23	-	-	PUNCT
eistud-1090	183	24	term	term	NOUN
eistud-1090	183	25	securities	security	NOUN
eistud-1090	183	26	.	.	PUNCT
eistud-1090	184	1	such	such	ADJ
eistud-1090	184	2	realignment	realignment	NOUN
eistud-1090	184	3	resulted	result	VERB
eistud-1090	184	4	in	in	ADP
eistud-1090	184	5	substantial	substantial	ADJ
eistud-1090	184	6	alterations	alteration	NOUN
eistud-1090	184	7	,	,	PUNCT
eistud-1090	184	8	for	for	ADP
eistud-1090	184	9	the	the	DET
eistud-1090	184	10	time	time	NOUN
eistud-1090	184	11	of	of	ADP
eistud-1090	184	12	this	this	DET
eistud-1090	184	13	process	process	NOUN
eistud-1090	184	14	,	,	PUNCT
eistud-1090	184	15	in	in	ADP
eistud-1090	184	16	the	the	DET
eistud-1090	184	17	interplay	interplay	NOUN
eistud-1090	184	18	of	of	ADP
eistud-1090	184	19	demand	demand	NOUN
eistud-1090	184	20	and	and	CCONJ
eistud-1090	184	21	supply	supply	NOUN
eistud-1090	184	22	of	of	ADP
eistud-1090	184	23	capital	capital	NOUN
eistud-1090	184	24	at	at	ADP
eistud-1090	184	25	different	different	ADJ
eistud-1090	184	26	maturities	maturity	NOUN
eistud-1090	184	27	.	.	PUNCT
eistud-1090	185	1	statistical	statistical	ADJ
eistud-1090	185	2	exercise	exercise	NOUN
eistud-1090	185	3	based	base	VERB
eistud-1090	185	4	on	on	ADP
eistud-1090	185	5	interest	interest	NOUN
eistud-1090	185	6	rates	rate	NOUN
eistud-1090	185	7	from	from	ADP
eistud-1090	185	8	1987	1987	NUM
eistud-1090	185	9	to	to	ADP
eistud-1090	185	10	2011	2011	NUM
eistud-1090	185	11	offers	offer	VERB
eistud-1090	185	12	some	some	DET
eistud-1090	185	13	hints	hint	NOUN
eistud-1090	185	14	about	about	ADP
eistud-1090	185	15	the	the	DET
eistud-1090	185	16	actual	actual	ADJ
eistud-1090	185	17	timing	timing	NOUN
eistud-1090	185	18	of	of	ADP
eistud-1090	185	19	these	these	DET
eistud-1090	185	20	postulated	postulate	VERB
eistud-1090	185	21	realignments	realignment	NOUN
eistud-1090	185	22	.	.	PUNCT
eistud-1090	186	1	empirical	empirical	ADJ
eistud-1090	186	2	investigation	investigation	NOUN
eistud-1090	186	3	of	of	ADP
eistud-1090	186	4	disturbance	disturbance	NOUN
eistud-1090	186	5	in	in	ADP
eistud-1090	186	6	the	the	DET
eistud-1090	186	7	yield	yield	NOUN
eistud-1090	186	8	curve	curve	NOUN
eistud-1090	186	9	for	for	ADP
eistud-1090	186	10	the	the	DET
eistud-1090	186	11	global	global	ADJ
eistud-1090	186	12	interest	interest	NOUN
eistud-1090	186	13	rate	rate	NOUN
eistud-1090	186	14	testing	testing	NOUN
eistud-1090	186	15	for	for	ADP
eistud-1090	186	16	unusual	unusual	ADJ
eistud-1090	186	17	developments	development	NOUN
eistud-1090	186	18	in	in	ADP
eistud-1090	186	19	the	the	DET
eistud-1090	186	20	global	global	ADJ
eistud-1090	186	21	interest	interest	NOUN
eistud-1090	186	22	rates	rate	NOUN
eistud-1090	186	23	is	be	AUX
eistud-1090	186	24	based	base	VERB
eistud-1090	186	25	on	on	ADP
eistud-1090	186	26	the	the	DET
eistud-1090	186	27	libor	libor	PROPN
eistud-1090	186	28	interest	interest	NOUN
eistud-1090	186	29	rates	rate	NOUN
eistud-1090	186	30	for	for	ADP
eistud-1090	186	31	the	the	DET
eistud-1090	186	32	main	main	ADJ
eistud-1090	186	33	reserve	reserve	NOUN
eistud-1090	186	34	currency	currency	NOUN
eistud-1090	186	35	–	–	PUNCT
eistud-1090	186	36	the	the	DET
eistud-1090	186	37	usd	usd	NOUN
eistud-1090	186	38	.	.	PUNCT
eistud-1090	186	39	time	time	NOUN
eistud-1090	186	40	series	series	PROPN
eistud-1090	186	41	for	for	ADP
eistud-1090	186	42	the	the	DET
eistud-1090	186	43	empirical	empirical	ADJ
eistud-1090	186	44	study	study	NOUN
eistud-1090	186	45	come	come	VERB
eistud-1090	186	46	from	from	ADP
eistud-1090	186	47	an	an	DET
eistud-1090	186	48	on	on	ADP
eistud-1090	186	49	-	-	PUNCT
eistud-1090	186	50	line	line	NOUN
eistud-1090	186	51	database	database	NOUN
eistud-1090	186	52	(	(	PUNCT
eistud-1090	186	53	www.global-rates.com	www.global-rates.com	X
eistud-1090	186	54	)	)	PUNCT
eistud-1090	186	55	provided	provide	VERB
eistud-1090	186	56	by	by	ADP
eistud-1090	186	57	triami	triami	NOUN
eistud-1090	186	58	media	medium	NOUN
eistud-1090	186	59	bv	bv	PROPN
eistud-1090	186	60	in	in	ADP
eistud-1090	186	61	cooperation	cooperation	NOUN
eistud-1090	186	62	with	with	ADP
eistud-1090	186	63	homefinance	homefinance	NOUN
eistud-1090	186	64	.	.	PUNCT
eistud-1090	187	1	the	the	DET
eistud-1090	187	2	study	study	NOUN
eistud-1090	187	3	considers	consider	VERB
eistud-1090	187	4	the	the	DET
eistud-1090	187	5	annual	annual	ADJ
eistud-1090	187	6	average	average	ADJ
eistud-1090	187	7	interest	interest	NOUN
eistud-1090	187	8	rates	rate	NOUN
eistud-1090	187	9	for	for	ADP
eistud-1090	187	10	each	each	DET
eistud-1090	187	11	maturity	maturity	NOUN
eistud-1090	187	12	,	,	PUNCT
eistud-1090	187	13	from	from	ADP
eistud-1090	187	14	1	1	NUM
eistud-1090	187	15	-	-	PUNCT
eistud-1090	187	16	month	month	NOUN
eistud-1090	187	17	to	to	ADP
eistud-1090	187	18	12	12	NUM
eistud-1090	187	19	-	-	PUNCT
eistud-1090	187	20	month	month	NOUN
eistud-1090	187	21	,	,	PUNCT
eistud-1090	187	22	as	as	ADP
eistud-1090	187	23	the	the	DET
eistud-1090	187	24	best	good	ADJ
eistud-1090	187	25	proxy	proxy	NOUN
eistud-1090	187	26	for	for	ADP
eistud-1090	187	27	the	the	DET
eistud-1090	187	28	market	market	NOUN
eistud-1090	187	29	situation	situation	NOUN
eistud-1090	187	30	in	in	ADP
eistud-1090	187	31	any	any	DET
eistud-1090	187	32	given	give	VERB
eistud-1090	187	33	year	year	NOUN
eistud-1090	187	34	.	.	PUNCT
eistud-1090	188	1	a	a	DET
eistud-1090	188	2	methodology	methodology	NOUN
eistud-1090	188	3	for	for	ADP
eistud-1090	188	4	recognizing	recognize	VERB
eistud-1090	188	5	disturbances	disturbance	NOUN
eistud-1090	188	6	at	at	ADP
eistud-1090	188	7	global	global	ADJ
eistud-1090	188	8	financial	financial	ADJ
eistud-1090	188	9	markets	market	NOUN
eistud-1090	188	10	is	be	AUX
eistud-1090	188	11	very	very	ADV
eistud-1090	188	12	simple	simple	ADJ
eistud-1090	188	13	.	.	PUNCT
eistud-1090	189	1	since	since	SCONJ
eistud-1090	189	2	the	the	DET
eistud-1090	189	3	yield	yield	NOUN
eistud-1090	189	4	curve	curve	NOUN
eistud-1090	189	5	is	be	AUX
eistud-1090	189	6	supposed	suppose	VERB
eistud-1090	189	7	to	to	PART
eistud-1090	189	8	be	be	AUX
eistud-1090	189	9	of	of	ADP
eistud-1090	189	10	a	a	DET
eistud-1090	189	11	normal	normal	ADJ
eistud-1090	189	12	shape	shape	NOUN
eistud-1090	189	13	in	in	ADP
eistud-1090	189	14	normal	normal	ADJ
eistud-1090	189	15	circumstances	circumstance	NOUN
eistud-1090	189	16	,	,	PUNCT
eistud-1090	189	17	then	then	ADV
eistud-1090	189	18	an	an	DET
eistud-1090	189	19	unusual	unusual	ADJ
eistud-1090	189	20	situation	situation	NOUN
eistud-1090	189	21	may	may	AUX
eistud-1090	189	22	be	be	AUX
eistud-1090	189	23	recognized	recognize	VERB
eistud-1090	189	24	when	when	SCONJ
eistud-1090	189	25	the	the	DET
eistud-1090	189	26	yield	yield	NOUN
eistud-1090	189	27	curve	curve	NOUN
eistud-1090	189	28	inverts	invert	NOUN
eistud-1090	189	29	.	.	PUNCT
eistud-1090	190	1	using	use	VERB
eistud-1090	190	2	the	the	DET
eistud-1090	190	3	annual	annual	ADJ
eistud-1090	190	4	averages	average	NOUN
eistud-1090	190	5	of	of	ADP
eistud-1090	190	6	interest	interest	NOUN
eistud-1090	190	7	rate	rate	NOUN
eistud-1090	190	8	for	for	ADP
eistud-1090	190	9	different	different	ADJ
eistud-1090	190	10	maturities	maturity	NOUN
eistud-1090	190	11	makes	make	VERB
eistud-1090	190	12	the	the	DET
eistud-1090	190	13	study	study	NOUN
eistud-1090	190	14	informative	informative	ADJ
eistud-1090	190	15	and	and	CCONJ
eistud-1090	190	16	removes	remove	VERB
eistud-1090	190	17	all	all	DET
eistud-1090	190	18	small	small	ADJ
eistud-1090	190	19	,	,	PUNCT
eistud-1090	190	20	short	short	ADJ
eistud-1090	190	21	-	-	PUNCT
eistud-1090	190	22	time	time	NOUN
eistud-1090	190	23	disturbances	disturbance	NOUN
eistud-1090	190	24	.	.	PUNCT
eistud-1090	191	1	by	by	ADP
eistud-1090	191	2	this	this	DET
eistud-1090	191	3	approach	approach	NOUN
eistud-1090	191	4	only	only	ADV
eistud-1090	191	5	significant	significant	ADJ
eistud-1090	191	6	and	and	CCONJ
eistud-1090	191	7	persistent	persistent	ADJ
eistud-1090	191	8	changes	change	NOUN
eistud-1090	191	9	are	be	AUX
eistud-1090	191	10	pronounced	pronounce	VERB
eistud-1090	191	11	and	and	CCONJ
eistud-1090	191	12	observed	observe	VERB
eistud-1090	191	13	.	.	PUNCT
eistud-1090	192	1	the	the	DET
eistud-1090	192	2	first	first	ADJ
eistud-1090	192	3	step	step	NOUN
eistud-1090	192	4	of	of	ADP
eistud-1090	192	5	the	the	DET
eistud-1090	192	6	empirical	empirical	ADJ
eistud-1090	192	7	analysis	analysis	NOUN
eistud-1090	192	8	utilizes	utilize	VERB
eistud-1090	192	9	the	the	DET
eistud-1090	192	10	original	original	ADJ
eistud-1090	192	11	time	time	NOUN
eistud-1090	192	12	series	series	NOUN
eistud-1090	192	13	of	of	ADP
eistud-1090	192	14	the	the	DET
eistud-1090	192	15	libor	libor	PROPN
eistud-1090	192	16	interest	interest	PROPN
eistud-1090	192	17	rates	rate	NOUN
eistud-1090	192	18	of	of	ADP
eistud-1090	192	19	maturities	maturity	NOUN
eistud-1090	192	20	(	(	PUNCT
eistud-1090	192	21	1m⇒12	1m⇒12	NUM
eistud-1090	192	22	m	m	NOUN
eistud-1090	192	23	)	)	PUNCT
eistud-1090	192	24	.	.	PUNCT
eistud-1090	193	1	according	accord	VERB
eistud-1090	193	2	to	to	ADP
eistud-1090	193	3	the	the	DET
eistud-1090	193	4	theory	theory	NOUN
eistud-1090	193	5	of	of	ADP
eistud-1090	193	6	finance	finance	NOUN
eistud-1090	193	7	,	,	PUNCT
eistud-1090	193	8	the	the	DET
eistud-1090	193	9	risk	risk	NOUN
eistud-1090	193	10	premium	premium	NOUN
eistud-1090	193	11	for	for	ADP
eistud-1090	193	12	maturity	maturity	NOUN
eistud-1090	193	13	period	period	NOUN
eistud-1090	193	14	should	should	AUX
eistud-1090	193	15	make	make	VERB
eistud-1090	193	16	interest	interest	NOUN
eistud-1090	193	17	rates	rate	NOUN
eistud-1090	193	18	for	for	ADP
eistud-1090	193	19	longer	long	ADJ
eistud-1090	193	20	maturities	maturity	NOUN
eistud-1090	193	21	higher	high	ADJ
eistud-1090	193	22	than	than	ADP
eistud-1090	193	23	for	for	ADP
eistud-1090	193	24	the	the	DET
eistud-1090	193	25	shorter	short	ADJ
eistud-1090	193	26	maturities	maturity	NOUN
eistud-1090	193	27	.	.	PUNCT
eistud-1090	194	1	as	as	ADP
eistud-1090	194	2	a	a	DET
eistud-1090	194	3	consequence	consequence	NOUN
eistud-1090	194	4	,	,	PUNCT
eistud-1090	194	5	the	the	DET
eistud-1090	194	6	difference	difference	NOUN
eistud-1090	194	7	between	between	ADP
eistud-1090	194	8	interest	interest	NOUN
eistud-1090	194	9	rates	rate	NOUN
eistud-1090	194	10	for	for	ADP
eistud-1090	194	11	the	the	DET
eistud-1090	194	12	longest	long	ADJ
eistud-1090	194	13	maturity	maturity	NOUN
eistud-1090	194	14	and	and	CCONJ
eistud-1090	194	15	any	any	DET
eistud-1090	194	16	interest	interest	NOUN
eistud-1090	194	17	rate	rate	NOUN
eistud-1090	194	18	for	for	ADP
eistud-1090	194	19	a	a	DET
eistud-1090	194	20	shorter	short	ADJ
eistud-1090	194	21	maturity	maturity	NOUN
eistud-1090	194	22	should	should	AUX
eistud-1090	194	23	be	be	AUX
eistud-1090	194	24	positive	positive	ADJ
eistud-1090	194	25	.	.	PUNCT
eistud-1090	195	1	testing	test	VERB
eistud-1090	195	2	for	for	ADP
eistud-1090	195	3	this	this	DET
eistud-1090	195	4	rule	rule	NOUN
eistud-1090	195	5	required	require	VERB
eistud-1090	195	6	calculation	calculation	NOUN
eistud-1090	195	7	of	of	ADP
eistud-1090	195	8	the	the	DET
eistud-1090	195	9	postulated	postulate	VERB
eistud-1090	195	10	differences	difference	NOUN
eistud-1090	195	11	.	.	PUNCT
eistud-1090	196	1	these	these	PRON
eistud-1090	196	2	are	be	AUX
eistud-1090	196	3	presented	present	VERB
eistud-1090	196	4	graphically	graphically	ADV
eistud-1090	196	5	in	in	ADP
eistud-1090	196	6	figure	figure	NOUN
eistud-1090	196	7	1	1	NUM
eistud-1090	196	8	.	.	PUNCT
eistud-1090	197	1	figure	figure	NOUN
eistud-1090	197	2	1	1	NUM
eistud-1090	197	3	.	.	PUNCT
eistud-1090	197	4	differences	difference	NOUN
eistud-1090	197	5	between	between	ADP
eistud-1090	197	6	12	12	NUM
eistud-1090	197	7	-	-	PUNCT
eistud-1090	197	8	month	month	NOUN
eistud-1090	197	9	interest	interest	NOUN
eistud-1090	197	10	rate	rate	NOUN
eistud-1090	197	11	and	and	CCONJ
eistud-1090	197	12	interest	interest	NOUN
eistud-1090	197	13	rates	rate	NOUN
eistud-1090	197	14	for	for	ADP
eistud-1090	197	15	maturities	maturity	NOUN
eistud-1090	197	16	from	from	ADP
eistud-1090	197	17	1	1	NUM
eistud-1090	197	18	-	-	PUNCT
eistud-1090	197	19	month	month	NOUN
eistud-1090	197	20	to	to	ADP
eistud-1090	197	21	11	11	NUM
eistud-1090	197	22	-	-	PUNCT
eistud-1090	197	23	months	month	NOUN
eistud-1090	197	24	–	–	PUNCT
eistud-1090	197	25	1987	1987	NUM
eistud-1090	197	26	–	–	PUNCT
eistud-1090	197	27	2011	2011	NUM
eistud-1090	197	28	.	.	PUNCT
eistud-1090	198	1	source	source	NOUN
eistud-1090	198	2	:	:	PUNCT
eistud-1090	198	3	author	author	NOUN
eistud-1090	198	4	.	.	PUNCT
eistud-1090	199	1	as	as	SCONJ
eistud-1090	199	2	can	can	AUX
eistud-1090	199	3	be	be	AUX
eistud-1090	199	4	observed	observe	VERB
eistud-1090	199	5	in	in	ADP
eistud-1090	199	6	figure	figure	NOUN
eistud-1090	199	7	1	1	NUM
eistud-1090	199	8	,	,	PUNCT
eistud-1090	199	9	for	for	ADP
eistud-1090	199	10	most	most	ADJ
eistud-1090	199	11	of	of	ADP
eistud-1090	199	12	the	the	DET
eistud-1090	199	13	years	year	NOUN
eistud-1090	199	14	covered	cover	VERB
eistud-1090	199	15	by	by	ADP
eistud-1090	199	16	the	the	DET
eistud-1090	199	17	analysis	analysis	NOUN
eistud-1090	199	18	,	,	PUNCT
eistud-1090	199	19	the	the	DET
eistud-1090	199	20	standard	standard	ADJ
eistud-1090	199	21	relationship	relationship	NOUN
eistud-1090	199	22	between	between	ADP
eistud-1090	199	23	longer	long	ADJ
eistud-1090	199	24	and	and	CCONJ
eistud-1090	199	25	shorter	short	ADJ
eistud-1090	199	26	maturities	maturity	NOUN
eistud-1090	199	27	was	be	AUX
eistud-1090	199	28	present	present	ADJ
eistud-1090	199	29	.	.	PUNCT
eistud-1090	200	1	however	however	ADV
eistud-1090	200	2	,	,	PUNCT
eistud-1090	200	3	there	there	PRON
eistud-1090	200	4	are	be	VERB
eistud-1090	200	5	three	three	NUM
eistud-1090	200	6	years	year	NOUN
eistud-1090	200	7	,	,	PUNCT
eistud-1090	200	8	for	for	ADP
eistud-1090	200	9	which	which	PRON
eistud-1090	200	10	this	this	DET
eistud-1090	200	11	rule	rule	NOUN
eistud-1090	200	12	does	do	AUX
eistud-1090	200	13	not	not	PART
eistud-1090	200	14	hold	hold	VERB
eistud-1090	200	15	.	.	PUNCT
eistud-1090	201	1	the	the	DET
eistud-1090	201	2	years	year	NOUN
eistud-1090	201	3	of	of	ADP
eistud-1090	201	4	unusual	unusual	ADJ
eistud-1090	201	5	behavior	behavior	NOUN
eistud-1090	201	6	of	of	ADP
eistud-1090	201	7	interest	interest	NOUN
eistud-1090	201	8	rates	rate	NOUN
eistud-1090	201	9	’	'	PUNCT
eistud-1090	201	10	differentials	differential	NOUN
eistud-1090	201	11	are	be	AUX
eistud-1090	201	12	:	:	PUNCT
eistud-1090	201	13	1998	1998	NUM
eistud-1090	201	14	,	,	PUNCT
eistud-1090	201	15	2001	2001	NUM
eistud-1090	201	16	and	and	CCONJ
eistud-1090	201	17	2007	2007	NUM
eistud-1090	201	18	.	.	PUNCT
eistud-1090	202	1	the	the	DET
eistud-1090	202	2	2007	2007	NUM
eistud-1090	202	3	changes	change	NOUN
eistud-1090	202	4	in	in	ADP
eistud-1090	202	5	financial	financial	ADJ
eistud-1090	202	6	markets	market	NOUN
eistud-1090	202	7	can	can	AUX
eistud-1090	202	8	be	be	AUX
eistud-1090	202	9	interpreted	interpret	VERB
eistud-1090	202	10	as	as	ADP
eistud-1090	202	11	signs	sign	NOUN
eistud-1090	202	12	of	of	ADP
eistud-1090	202	13	the	the	DET
eistud-1090	202	14	global	global	ADJ
eistud-1090	202	15	crisis	crisis	NOUN
eistud-1090	202	16	approaching	approach	VERB
eistud-1090	202	17	.	.	PUNCT
eistud-1090	203	1	financial	financial	ADJ
eistud-1090	203	2	institutions	institution	NOUN
eistud-1090	203	3	were	be	AUX
eistud-1090	203	4	looking	look	VERB
eistud-1090	203	5	for	for	ADP
eistud-1090	203	6	more	more	ADJ
eistud-1090	203	7	liquidity	liquidity	NOUN
eistud-1090	203	8	and	and	CCONJ
eistud-1090	203	9	they	they	PRON
eistud-1090	203	10	realigned	realign	VERB
eistud-1090	203	11	their	their	PRON
eistud-1090	203	12	portfolios	portfolio	NOUN
eistud-1090	203	13	from	from	ADP
eistud-1090	203	14	longer	long	ADV
eistud-1090	203	15	to	to	ADP
eistud-1090	203	16	shorter	short	ADJ
eistud-1090	203	17	maturities	maturity	NOUN
eistud-1090	203	18	,	,	PUNCT
eistud-1090	203	19	creating	create	VERB
eistud-1090	203	20	additional	additional	ADJ
eistud-1090	203	21	demand	demand	NOUN
eistud-1090	203	22	for	for	ADP
eistud-1090	203	23	short	short	ADJ
eistud-1090	203	24	-	-	PUNCT
eistud-1090	203	25	term	term	NOUN
eistud-1090	203	26	money	money	NOUN
eistud-1090	203	27	market	market	NOUN
eistud-1090	203	28	issn	issn	VERB
eistud-1090	203	29	1822–8402	1822–8402	NUM
eistud-1090	203	30	european	european	ADJ
eistud-1090	203	31	integration	integration	NOUN
eistud-1090	203	32	studies	study	NOUN
eistud-1090	203	33	.	.	PUNCT
eistud-1090	204	1	2011	2011	NUM
eistud-1090	204	2	.	.	PUNCT
eistud-1090	205	1	no	no	DET
eistud-1090	205	2	5	5	NUM
eistud-1090	205	3	149	149	NUM
eistud-1090	205	4	instruments	instrument	NOUN
eistud-1090	205	5	and	and	CCONJ
eistud-1090	205	6	excessive	excessive	ADJ
eistud-1090	205	7	supply	supply	NOUN
eistud-1090	205	8	of	of	ADP
eistud-1090	205	9	longer	long	ADJ
eistud-1090	205	10	-	-	PUNCT
eistud-1090	205	11	term	term	NOUN
eistud-1090	205	12	ones	one	NOUN
eistud-1090	205	13	.	.	PUNCT
eistud-1090	206	1	this	this	PRON
eistud-1090	206	2	in	in	ADP
eistud-1090	206	3	turn	turn	NOUN
eistud-1090	206	4	,	,	PUNCT
eistud-1090	206	5	influenced	influence	VERB
eistud-1090	206	6	the	the	DET
eistud-1090	206	7	interest	interest	NOUN
eistud-1090	206	8	rates	rate	NOUN
eistud-1090	206	9	of	of	ADP
eistud-1090	206	10	financial	financial	ADJ
eistud-1090	206	11	instruments	instrument	NOUN
eistud-1090	206	12	of	of	ADP
eistud-1090	206	13	different	different	ADJ
eistud-1090	206	14	maturities	maturity	NOUN
eistud-1090	206	15	.	.	PUNCT
eistud-1090	207	1	relatively	relatively	ADV
eistud-1090	207	2	increased	increase	VERB
eistud-1090	207	3	demand	demand	NOUN
eistud-1090	207	4	for	for	ADP
eistud-1090	207	5	longer	long	ADJ
eistud-1090	207	6	maturities	maturity	NOUN
eistud-1090	207	7	of	of	ADP
eistud-1090	207	8	financial	financial	ADJ
eistud-1090	207	9	instruments	instrument	NOUN
eistud-1090	207	10	pushed	push	VERB
eistud-1090	207	11	up	up	ADP
eistud-1090	207	12	their	their	PRON
eistud-1090	207	13	prices	price	NOUN
eistud-1090	207	14	.	.	PUNCT
eistud-1090	208	1	as	as	ADP
eistud-1090	208	2	a	a	DET
eistud-1090	208	3	consequence	consequence	NOUN
eistud-1090	208	4	,	,	PUNCT
eistud-1090	208	5	the	the	DET
eistud-1090	208	6	interest	interest	NOUN
eistud-1090	208	7	rates	rate	NOUN
eistud-1090	208	8	for	for	ADP
eistud-1090	208	9	these	these	DET
eistud-1090	208	10	maturities	maturity	NOUN
eistud-1090	208	11	decreased	decrease	VERB
eistud-1090	208	12	.	.	PUNCT
eistud-1090	209	1	the	the	DET
eistud-1090	209	2	reversed	reverse	VERB
eistud-1090	209	3	yield	yield	NOUN
eistud-1090	209	4	curves	curve	NOUN
eistud-1090	209	5	for	for	ADP
eistud-1090	209	6	selected	select	VERB
eistud-1090	209	7	years	year	NOUN
eistud-1090	209	8	(	(	PUNCT
eistud-1090	209	9	presented	present	VERB
eistud-1090	209	10	in	in	ADP
eistud-1090	209	11	figure	figure	NOUN
eistud-1090	209	12	2	2	NUM
eistud-1090	209	13	and	and	CCONJ
eistud-1090	209	14	in	in	ADP
eistud-1090	209	15	figure	figure	NOUN
eistud-1090	209	16	3	3	NUM
eistud-1090	209	17	)	)	PUNCT
eistud-1090	209	18	offer	offer	VERB
eistud-1090	209	19	another	another	DET
eistud-1090	209	20	opportunity	opportunity	NOUN
eistud-1090	209	21	to	to	PART
eistud-1090	209	22	confirm	confirm	VERB
eistud-1090	209	23	the	the	DET
eistud-1090	209	24	interpretation	interpretation	NOUN
eistud-1090	209	25	of	of	ADP
eistud-1090	209	26	the	the	DET
eistud-1090	209	27	situation	situation	NOUN
eistud-1090	209	28	at	at	ADP
eistud-1090	209	29	the	the	DET
eistud-1090	209	30	global	global	ADJ
eistud-1090	209	31	financial	financial	ADJ
eistud-1090	209	32	markets	market	NOUN
eistud-1090	209	33	.	.	PUNCT
eistud-1090	210	1	in	in	ADP
eistud-1090	210	2	all	all	DET
eistud-1090	210	3	the	the	DET
eistud-1090	210	4	years	year	NOUN
eistud-1090	210	5	that	that	PRON
eistud-1090	210	6	precede	precede	VERB
eistud-1090	210	7	yield	yield	NOUN
eistud-1090	210	8	curve	curve	NOUN
eistud-1090	210	9	reversal	reversal	NOUN
eistud-1090	210	10	,	,	PUNCT
eistud-1090	210	11	the	the	DET
eistud-1090	210	12	situation	situation	NOUN
eistud-1090	210	13	is	be	AUX
eistud-1090	210	14	normal	normal	ADJ
eistud-1090	210	15	.	.	PUNCT
eistud-1090	211	1	the	the	DET
eistud-1090	211	2	pattern	pattern	NOUN
eistud-1090	211	3	of	of	ADP
eistud-1090	211	4	interest	interest	NOUN
eistud-1090	211	5	rates	rate	NOUN
eistud-1090	211	6	for	for	ADP
eistud-1090	211	7	different	different	ADJ
eistud-1090	211	8	maturities	maturity	NOUN
eistud-1090	211	9	exhibits	exhibit	VERB
eistud-1090	211	10	the	the	DET
eistud-1090	211	11	postulated	postulate	VERB
eistud-1090	211	12	relationship	relationship	NOUN
eistud-1090	211	13	in	in	ADP
eistud-1090	211	14	1997	1997	NUM
eistud-1090	211	15	,	,	PUNCT
eistud-1090	211	16	2000	2000	NUM
eistud-1090	211	17	and	and	CCONJ
eistud-1090	211	18	2006	2006	NUM
eistud-1090	211	19	.	.	PUNCT
eistud-1090	212	1	then	then	ADV
eistud-1090	212	2	,	,	PUNCT
eistud-1090	212	3	in	in	ADP
eistud-1090	212	4	the	the	DET
eistud-1090	212	5	years	year	NOUN
eistud-1090	212	6	of	of	ADP
eistud-1090	212	7	the	the	DET
eistud-1090	212	8	actual	actual	ADJ
eistud-1090	212	9	reversal	reversal	NOUN
eistud-1090	212	10	,	,	PUNCT
eistud-1090	212	11	interest	interest	NOUN
eistud-1090	212	12	rates	rate	NOUN
eistud-1090	212	13	for	for	ADP
eistud-1090	212	14	longer	long	ADJ
eistud-1090	212	15	maturities	maturity	NOUN
eistud-1090	212	16	experience	experience	VERB
eistud-1090	212	17	a	a	DET
eistud-1090	212	18	significant	significant	ADJ
eistud-1090	212	19	decline	decline	NOUN
eistud-1090	212	20	.	.	PUNCT
eistud-1090	213	1	it	it	PRON
eistud-1090	213	2	should	should	AUX
eistud-1090	213	3	be	be	AUX
eistud-1090	213	4	noted	note	VERB
eistud-1090	213	5	that	that	SCONJ
eistud-1090	213	6	the	the	DET
eistud-1090	213	7	relative	relative	ADJ
eistud-1090	213	8	change	change	NOUN
eistud-1090	213	9	in	in	ADP
eistud-1090	213	10	short	short	ADJ
eistud-1090	213	11	-	-	PUNCT
eistud-1090	213	12	term	term	NOUN
eistud-1090	213	13	interest	interest	NOUN
eistud-1090	213	14	rates	rate	NOUN
eistud-1090	213	15	is	be	AUX
eistud-1090	213	16	relatively	relatively	ADV
eistud-1090	213	17	small	small	ADJ
eistud-1090	213	18	in	in	ADP
eistud-1090	213	19	comparison	comparison	NOUN
eistud-1090	213	20	with	with	ADP
eistud-1090	213	21	the	the	DET
eistud-1090	213	22	change	change	NOUN
eistud-1090	213	23	in	in	ADP
eistud-1090	213	24	the	the	DET
eistud-1090	213	25	level	level	NOUN
eistud-1090	213	26	of	of	ADP
eistud-1090	213	27	interest	interest	NOUN
eistud-1090	213	28	rates	rate	NOUN
eistud-1090	213	29	of	of	ADP
eistud-1090	213	30	longer	long	ADJ
eistud-1090	213	31	maturities	maturity	NOUN
eistud-1090	213	32	.	.	PUNCT
eistud-1090	214	1	figure	figure	NOUN
eistud-1090	214	2	2	2	NUM
eistud-1090	214	3	.	.	PUNCT
eistud-1090	214	4	yield	yield	VERB
eistud-1090	214	5	curves	curve	NOUN
eistud-1090	214	6	for	for	ADP
eistud-1090	214	7	the	the	DET
eistud-1090	214	8	global	global	ADJ
eistud-1090	214	9	interest	interest	NOUN
eistud-1090	214	10	rate	rate	NOUN
eistud-1090	214	11	(	(	PUNCT
eistud-1090	214	12	from	from	ADP
eistud-1090	214	13	1	1	NUM
eistud-1090	214	14	m	m	NOUN
eistud-1090	214	15	to	to	ADP
eistud-1090	214	16	12	12	NUM
eistud-1090	214	17	m	m	NOUN
eistud-1090	214	18	)	)	PUNCT
eistud-1090	214	19	in	in	ADP
eistud-1090	214	20	pairs	pair	NOUN
eistud-1090	214	21	of	of	ADP
eistud-1090	214	22	years	year	NOUN
eistud-1090	214	23	when	when	SCONJ
eistud-1090	214	24	curves	curve	NOUN
eistud-1090	214	25	reversed	reverse	VERB
eistud-1090	214	26	.	.	PUNCT
eistud-1090	215	1	source	source	NOUN
eistud-1090	215	2	:	:	PUNCT
eistud-1090	215	3	author	author	NOUN
eistud-1090	215	4	.	.	PUNCT
eistud-1090	216	1	after	after	ADP
eistud-1090	216	2	the	the	DET
eistud-1090	216	3	years	year	NOUN
eistud-1090	216	4	of	of	ADP
eistud-1090	216	5	the	the	DET
eistud-1090	216	6	observed	observe	VERB
eistud-1090	216	7	reversals	reversal	NOUN
eistud-1090	216	8	in	in	ADP
eistud-1090	216	9	the	the	DET
eistud-1090	216	10	yield	yield	NOUN
eistud-1090	216	11	curve	curve	NOUN
eistud-1090	216	12	(	(	PUNCT
eistud-1090	216	13	1998	1998	NUM
eistud-1090	216	14	,	,	PUNCT
eistud-1090	216	15	2001	2001	NUM
eistud-1090	216	16	,	,	PUNCT
eistud-1090	216	17	2007	2007	NUM
eistud-1090	216	18	)	)	PUNCT
eistud-1090	216	19	,	,	PUNCT
eistud-1090	216	20	the	the	DET
eistud-1090	216	21	relationship	relationship	NOUN
eistud-1090	216	22	between	between	ADP
eistud-1090	216	23	interest	interest	NOUN
eistud-1090	216	24	rates	rate	NOUN
eistud-1090	216	25	of	of	ADP
eistud-1090	216	26	different	different	ADJ
eistud-1090	216	27	maturities	maturity	NOUN
eistud-1090	216	28	return	return	VERB
eistud-1090	216	29	to	to	ADP
eistud-1090	216	30	the	the	DET
eistud-1090	216	31	normal	normal	ADJ
eistud-1090	216	32	state	state	NOUN
eistud-1090	216	33	.	.	PUNCT
eistud-1090	217	1	this	this	PRON
eistud-1090	217	2	is	be	AUX
eistud-1090	217	3	presented	present	VERB
eistud-1090	217	4	in	in	ADP
eistud-1090	217	5	figure	figure	NOUN
eistud-1090	217	6	3	3	NUM
eistud-1090	217	7	,	,	PUNCT
eistud-1090	217	8	with	with	ADP
eistud-1090	217	9	upward	upward	ADJ
eistud-1090	217	10	sloping	slope	VERB
eistud-1090	217	11	curves	curve	NOUN
eistud-1090	217	12	in	in	ADP
eistud-1090	217	13	the	the	DET
eistud-1090	217	14	second	second	ADJ
eistud-1090	217	15	column	column	NOUN
eistud-1090	217	16	of	of	ADP
eistud-1090	217	17	charts	chart	NOUN
eistud-1090	217	18	.	.	PUNCT
eistud-1090	218	1	the	the	DET
eistud-1090	218	2	same	same	ADJ
eistud-1090	218	3	shape	shape	NOUN
eistud-1090	218	4	,	,	PUNCT
eistud-1090	218	5	of	of	ADP
eistud-1090	218	6	persistently	persistently	ADV
eistud-1090	218	7	upward	upward	ADJ
eistud-1090	218	8	sloping	slope	VERB
eistud-1090	218	9	yield	yield	NOUN
eistud-1090	218	10	curves	curve	NOUN
eistud-1090	218	11	is	be	AUX
eistud-1090	218	12	recognized	recognize	VERB
eistud-1090	218	13	for	for	ADP
eistud-1090	218	14	all	all	DET
eistud-1090	218	15	other	other	ADJ
eistud-1090	218	16	years	year	NOUN
eistud-1090	218	17	covered	cover	VERB
eistud-1090	218	18	by	by	ADP
eistud-1090	218	19	this	this	DET
eistud-1090	218	20	study	study	NOUN
eistud-1090	218	21	,	,	PUNCT
eistud-1090	218	22	from	from	ADP
eistud-1090	218	23	1987	1987	NUM
eistud-1090	218	24	to	to	ADP
eistud-1090	218	25	2011	2011	NUM
eistud-1090	218	26	.	.	PUNCT
eistud-1090	219	1	the	the	DET
eistud-1090	219	2	only	only	ADJ
eistud-1090	219	3	years	year	NOUN
eistud-1090	219	4	of	of	ADP
eistud-1090	219	5	temporary	temporary	ADJ
eistud-1090	219	6	reversals	reversal	NOUN
eistud-1090	219	7	in	in	ADP
eistud-1090	219	8	the	the	DET
eistud-1090	219	9	pattern	pattern	NOUN
eistud-1090	219	10	of	of	ADP
eistud-1090	219	11	interest	interest	NOUN
eistud-1090	219	12	rates	rate	NOUN
eistud-1090	219	13	at	at	ADP
eistud-1090	219	14	different	different	ADJ
eistud-1090	219	15	maturities	maturity	NOUN
eistud-1090	219	16	are	be	AUX
eistud-1090	219	17	1998	1998	NUM
eistud-1090	219	18	,	,	PUNCT
eistud-1090	219	19	2001	2001	NUM
eistud-1090	219	20	and	and	CCONJ
eistud-1090	219	21	2007	2007	NUM
eistud-1090	219	22	.	.	PUNCT
eistud-1090	220	1	it	it	PRON
eistud-1090	220	2	is	be	AUX
eistud-1090	220	3	argued	argue	VERB
eistud-1090	220	4	that	that	SCONJ
eistud-1090	220	5	the	the	DET
eistud-1090	220	6	reasons	reason	NOUN
eistud-1090	220	7	for	for	ADP
eistud-1090	220	8	the	the	DET
eistud-1090	220	9	observed	observe	VERB
eistud-1090	220	10	behavior	behavior	NOUN
eistud-1090	220	11	in	in	ADP
eistud-1090	220	12	1998	1998	NUM
eistud-1090	220	13	and	and	CCONJ
eistud-1090	220	14	in	in	ADP
eistud-1090	220	15	2001	2001	NUM
eistud-1090	220	16	were	be	AUX
eistud-1090	220	17	realignments	realignment	NOUN
eistud-1090	220	18	in	in	ADP
eistud-1090	220	19	the	the	DET
eistud-1090	220	20	foreign	foreign	ADJ
eistud-1090	220	21	exchange	exchange	NOUN
eistud-1090	220	22	reserves	reserve	NOUN
eistud-1090	220	23	portfolios	portfolio	NOUN
eistud-1090	220	24	of	of	ADP
eistud-1090	220	25	central	central	ADJ
eistud-1090	220	26	banks	bank	NOUN
eistud-1090	220	27	.	.	PUNCT
eistud-1090	221	1	these	these	DET
eistud-1090	221	2	institutional	institutional	ADJ
eistud-1090	221	3	agents	agent	NOUN
eistud-1090	221	4	in	in	ADP
eistud-1090	221	5	the	the	DET
eistud-1090	221	6	eurozone	eurozone	NOUN
eistud-1090	221	7	found	find	VERB
eistud-1090	221	8	themselves	themselves	PRON
eistud-1090	221	9	in	in	ADP
eistud-1090	221	10	a	a	DET
eistud-1090	221	11	situation	situation	NOUN
eistud-1090	221	12	of	of	ADP
eistud-1090	221	13	excessive	excessive	ADJ
eistud-1090	221	14	foreign	foreign	ADJ
eistud-1090	221	15	assets	asset	NOUN
eistud-1090	221	16	and	and	CCONJ
eistud-1090	221	17	started	start	VERB
eistud-1090	221	18	to	to	PART
eistud-1090	221	19	optimize	optimize	VERB
eistud-1090	221	20	foreign	foreign	ADJ
eistud-1090	221	21	exchange	exchange	NOUN
eistud-1090	221	22	reserves	reserve	NOUN
eistud-1090	221	23	management	management	NOUN
eistud-1090	221	24	.	.	PUNCT
eistud-1090	222	1	minimizing	minimize	VERB
eistud-1090	222	2	costs	cost	NOUN
eistud-1090	222	3	of	of	ADP
eistud-1090	222	4	maintaining	maintain	VERB
eistud-1090	222	5	foreign	foreign	ADJ
eistud-1090	222	6	assets	asset	NOUN
eistud-1090	222	7	in	in	ADP
eistud-1090	222	8	a	a	DET
eistud-1090	222	9	form	form	NOUN
eistud-1090	222	10	of	of	ADP
eistud-1090	222	11	monetary	monetary	ADJ
eistud-1090	222	12	gold	gold	NOUN
eistud-1090	222	13	resulted	result	VERB
eistud-1090	222	14	in	in	ADP
eistud-1090	222	15	systematic	systematic	ADJ
eistud-1090	222	16	decline	decline	NOUN
eistud-1090	222	17	in	in	ADP
eistud-1090	222	18	gold	gold	NOUN
eistud-1090	222	19	prices	price	NOUN
eistud-1090	222	20	at	at	ADP
eistud-1090	222	21	global	global	ADJ
eistud-1090	222	22	market	market	NOUN
eistud-1090	222	23	for	for	ADP
eistud-1090	222	24	this	this	DET
eistud-1090	222	25	asset	asset	NOUN
eistud-1090	222	26	.	.	PUNCT
eistud-1090	223	1	the	the	DET
eistud-1090	223	2	other	other	ADJ
eistud-1090	223	3	kind	kind	NOUN
eistud-1090	223	4	of	of	ADP
eistud-1090	223	5	realignment	realignment	NOUN
eistud-1090	223	6	was	be	AUX
eistud-1090	223	7	the	the	DET
eistud-1090	223	8	move	move	NOUN
eistud-1090	223	9	from	from	ADP
eistud-1090	223	10	shortterm	shortterm	PROPN
eistud-1090	223	11	financial	financial	ADJ
eistud-1090	223	12	assets	asset	NOUN
eistud-1090	223	13	to	to	ADP
eistud-1090	223	14	longer	long	ADJ
eistud-1090	223	15	-	-	PUNCT
eistud-1090	223	16	term	term	NOUN
eistud-1090	223	17	securities	security	NOUN
eistud-1090	223	18	that	that	PRON
eistud-1090	223	19	offer	offer	VERB
eistud-1090	223	20	lower	low	ADJ
eistud-1090	223	21	liquidity	liquidity	NOUN
eistud-1090	223	22	,	,	PUNCT
eistud-1090	223	23	but	but	CCONJ
eistud-1090	223	24	much	much	ADV
eistud-1090	223	25	higher	high	ADJ
eistud-1090	223	26	rates	rate	NOUN
eistud-1090	223	27	of	of	ADP
eistud-1090	223	28	return	return	NOUN
eistud-1090	223	29	.	.	PUNCT
eistud-1090	224	1	figure	figure	NOUN
eistud-1090	224	2	3	3	NUM
eistud-1090	224	3	.	.	PUNCT
eistud-1090	224	4	yield	yield	VERB
eistud-1090	224	5	curves	curve	NOUN
eistud-1090	224	6	for	for	ADP
eistud-1090	224	7	the	the	DET
eistud-1090	224	8	global	global	ADJ
eistud-1090	224	9	interest	interest	NOUN
eistud-1090	224	10	rate	rate	NOUN
eistud-1090	224	11	(	(	PUNCT
eistud-1090	224	12	from	from	ADP
eistud-1090	224	13	1	1	NUM
eistud-1090	224	14	m	m	NOUN
eistud-1090	224	15	to	to	ADP
eistud-1090	224	16	12	12	NUM
eistud-1090	224	17	m	m	NOUN
eistud-1090	224	18	)	)	PUNCT
eistud-1090	224	19	in	in	ADP
eistud-1090	224	20	pair	pair	NOUN
eistud-1090	224	21	of	of	ADP
eistud-1090	224	22	years	year	NOUN
eistud-1090	224	23	when	when	SCONJ
eistud-1090	224	24	curves	curve	NOUN
eistud-1090	224	25	reversed	reverse	VERB
eistud-1090	224	26	again	again	ADV
eistud-1090	224	27	.	.	PUNCT
eistud-1090	225	1	source	source	NOUN
eistud-1090	225	2	:	:	PUNCT
eistud-1090	225	3	author	author	NOUN
eistud-1090	225	4	.	.	PUNCT
eistud-1090	226	1	information	information	NOUN
eistud-1090	226	2	included	include	VERB
eistud-1090	226	3	in	in	ADP
eistud-1090	226	4	table	table	NOUN
eistud-1090	226	5	1	1	NUM
eistud-1090	226	6	represents	represent	VERB
eistud-1090	226	7	a	a	DET
eistud-1090	226	8	proof	proof	NOUN
eistud-1090	226	9	for	for	ADP
eistud-1090	226	10	significance	significance	NOUN
eistud-1090	226	11	and	and	CCONJ
eistud-1090	226	12	clear	clear	ADJ
eistud-1090	226	13	difference	difference	NOUN
eistud-1090	226	14	between	between	ADP
eistud-1090	226	15	yield	yield	NOUN
eistud-1090	226	16	curves	curve	NOUN
eistud-1090	226	17	for	for	ADP
eistud-1090	226	18	several	several	ADJ
eistud-1090	226	19	more	more	ADJ
eistud-1090	226	20	years	year	NOUN
eistud-1090	226	21	than	than	SCONJ
eistud-1090	226	22	covered	cover	VERB
eistud-1090	226	23	by	by	ADP
eistud-1090	226	24	figures	figure	NOUN
eistud-1090	226	25	1	1	NUM
eistud-1090	226	26	and	and	CCONJ
eistud-1090	226	27	2	2	NUM
eistud-1090	226	28	.	.	X
eistud-1090	226	29	correlation	correlation	NOUN
eistud-1090	226	30	coefficients	coefficient	NOUN
eistud-1090	226	31	of	of	ADP
eistud-1090	226	32	interest	interest	NOUN
eistud-1090	226	33	rates	rate	NOUN
eistud-1090	226	34	for	for	ADP
eistud-1090	226	35	different	different	ADJ
eistud-1090	226	36	maturities	maturity	NOUN
eistud-1090	226	37	in	in	ADP
eistud-1090	226	38	the	the	DET
eistud-1090	226	39	period	period	NOUN
eistud-1090	226	40	from	from	ADP
eistud-1090	226	41	1997	1997	NUM
eistud-1090	226	42	to	to	ADP
eistud-1090	226	43	2007	2007	NUM
eistud-1090	226	44	leave	leave	VERB
eistud-1090	226	45	no	no	DET
eistud-1090	226	46	doubt	doubt	NOUN
eistud-1090	226	47	that	that	SCONJ
eistud-1090	226	48	1998	1998	NUM
eistud-1090	226	49	,	,	PUNCT
eistud-1090	226	50	2001	2001	NUM
eistud-1090	226	51	and	and	CCONJ
eistud-1090	226	52	2007	2007	NUM
eistud-1090	226	53	exhibited	exhibit	VERB
eistud-1090	226	54	a	a	DET
eistud-1090	226	55	very	very	ADV
eistud-1090	226	56	different	different	ADJ
eistud-1090	226	57	pattern	pattern	NOUN
eistud-1090	226	58	than	than	ADP
eistud-1090	226	59	all	all	DET
eistud-1090	226	60	other	other	ADJ
eistud-1090	226	61	years	year	NOUN
eistud-1090	226	62	covered	cover	VERB
eistud-1090	226	63	by	by	ADP
eistud-1090	226	64	this	this	DET
eistud-1090	226	65	study	study	NOUN
eistud-1090	226	66	.	.	PUNCT
eistud-1090	227	1	table	table	NOUN
eistud-1090	227	2	1	1	NUM
eistud-1090	227	3	.	.	PUNCT
eistud-1090	228	1	correlation	correlation	NOUN
eistud-1090	228	2	coefficients	coefficient	NOUN
eistud-1090	228	3	for	for	ADP
eistud-1090	228	4	yield	yield	NOUN
eistud-1090	228	5	curves	curve	NOUN
eistud-1090	228	6	of	of	ADP
eistud-1090	228	7	the	the	DET
eistud-1090	228	8	global	global	ADJ
eistud-1090	228	9	interest	interest	NOUN
eistud-1090	228	10	rate	rate	NOUN
eistud-1090	228	11	for	for	ADP
eistud-1090	228	12	maturities	maturity	NOUN
eistud-1090	228	13	from	from	ADP
eistud-1090	228	14	1	1	NUM
eistud-1090	228	15	m	m	NOUN
eistud-1090	228	16	to	to	ADP
eistud-1090	228	17	12	12	NUM
eistud-1090	228	18	m	m	NOUN
eistud-1090	228	19	over	over	ADP
eistud-1090	228	20	the	the	DET
eistud-1090	228	21	period	period	NOUN
eistud-1090	228	22	from	from	ADP
eistud-1090	228	23	1997	1997	NUM
eistud-1090	228	24	to	to	ADP
eistud-1090	228	25	2007	2007	NUM
eistud-1090	228	26	.	.	PUNCT
eistud-1090	229	1	98	98	NUM
eistud-1090	229	2	99	99	NUM
eistud-1090	229	3	00	00	NUM
eistud-1090	229	4	01	01	NUM
eistud-1090	229	5	02	02	NUM
eistud-1090	229	6	03	03	NUM
eistud-1090	229	7	04	04	NUM
eistud-1090	230	1	05	05	NUM
eistud-1090	230	2	06	06	NUM
eistud-1090	230	3	97	97	NUM
eistud-1090	230	4	-0.82	-0.82	NUM
eistud-1090	230	5	98	98	NUM
eistud-1090	230	6	1.00	1.00	NUM
eistud-1090	230	7	99	99	NUM
eistud-1090	230	8	-0.88	-0.88	NUM
eistud-1090	230	9	1.00	1.00	NUM
eistud-1090	230	10	00	00	NUM
eistud-1090	230	11	-0.86	-0.86	NUM
eistud-1090	230	12	0.99	0.99	NUM
eistud-1090	230	13	1.00	1.00	NUM
eistud-1090	230	14	01	01	NUM
eistud-1090	230	15	0.52	0.52	NUM
eistud-1090	230	16	-0.23	-0.23	NUM
eistud-1090	230	17	-0.13	-0.13	NUM
eistud-1090	230	18	1.00	1.00	NUM
eistud-1090	230	19	02	02	NUM
eistud-1090	230	20	-0.70	-0.70	NUM
eistud-1090	230	21	0.92	0.92	NUM
eistud-1090	230	22	0.96	0.96	NUM
eistud-1090	230	23	0.17	0.17	NUM
eistud-1090	230	24	1.00	1.00	NUM
eistud-1090	230	25	03	03	NUM
eistud-1090	230	26	-0.57	-0.57	NOUN
eistud-1090	230	27	0.86	0.86	NUM
eistud-1090	230	28	0.90	0.90	NUM
eistud-1090	230	29	0.31	0.31	NUM
eistud-1090	230	30	0.99	0.99	NUM
eistud-1090	230	31	1.00	1.00	NUM
eistud-1090	230	32	04	04	NUM
eistud-1090	230	33	-0.83	-0.83	NUM
eistud-1090	230	34	0.98	0.98	NUM
eistud-1090	230	35	1.00	1.00	NUM
eistud-1090	230	36	-0.05	-0.05	NUM
eistud-1090	230	37	0.98	0.98	NUM
eistud-1090	230	38	0.93	0.93	NUM
eistud-1090	230	39	1.00	1.00	NUM
eistud-1090	230	40	05	05	NUM
eistud-1090	230	41	-0.89	-0.89	NUM
eistud-1090	230	42	0.99	0.99	NUM
eistud-1090	230	43	1.00	1.00	NUM
eistud-1090	230	44	-0.18	-0.18	NUM
eistud-1090	230	45	0.94	0.94	NUM
eistud-1090	230	46	0.87	0.87	NUM
eistud-1090	230	47	0.99	0.99	NUM
eistud-1090	230	48	1.00	1.00	NUM
eistud-1090	230	49	06	06	NUM
eistud-1090	230	50	-0.94	-0.94	NUM
eistud-1090	230	51	0.98	0.98	NUM
eistud-1090	230	52	0.96	0.96	NUM
eistud-1090	230	53	-0.39	-0.39	NUM
eistud-1090	230	54	0.84	0.84	NUM
eistud-1090	230	55	0.75	0.75	NUM
eistud-1090	230	56	0.94	0.94	NUM
eistud-1090	230	57	0.98	0.98	NUM
eistud-1090	230	58	1.00	1.00	NUM
eistud-1090	230	59	07	07	NUM
eistud-1090	230	60	0.63	0.63	NUM
eistud-1090	230	61	-0.81	-0.81	NUM
eistud-1090	230	62	-0.88	-0.88	NUM
eistud-1090	230	63	-0.32	-0.32	NUM
eistud-1090	230	64	-0.96	-0.96	NUM
eistud-1090	230	65	-0.96	-0.96	NUM
eistud-1090	230	66	-0.91	-0.91	NOUN
eistud-1090	230	67	-0.86	-0.86	INTJ
eistud-1090	230	68	-0.73	-0.73	X
eistud-1090	230	69	source	source	NOUN
eistud-1090	230	70	:	:	PUNCT
eistud-1090	230	71	author	author	NOUN
eistud-1090	230	72	.	.	PUNCT
eistud-1090	231	1	the	the	DET
eistud-1090	231	2	observed	observe	VERB
eistud-1090	231	3	negative	negative	ADJ
eistud-1090	231	4	correlation	correlation	NOUN
eistud-1090	231	5	coefficients	coefficient	NOUN
eistud-1090	231	6	for	for	ADP
eistud-1090	231	7	1998	1998	NUM
eistud-1090	231	8	,	,	PUNCT
eistud-1090	231	9	2001	2001	NUM
eistud-1090	231	10	and	and	CCONJ
eistud-1090	231	11	for	for	ADP
eistud-1090	231	12	2007	2007	NUM
eistud-1090	231	13	indicate	indicate	VERB
eistud-1090	231	14	that	that	SCONJ
eistud-1090	231	15	in	in	ADP
eistud-1090	231	16	these	these	DET
eistud-1090	231	17	three	three	NUM
eistud-1090	231	18	years	year	NOUN
eistud-1090	231	19	the	the	DET
eistud-1090	231	20	situation	situation	NOUN
eistud-1090	231	21	at	at	ADP
eistud-1090	231	22	the	the	DET
eistud-1090	231	23	financial	financial	ADJ
eistud-1090	231	24	markets	market	NOUN
eistud-1090	231	25	was	be	AUX
eistud-1090	231	26	opposite	opposite	ADJ
eistud-1090	231	27	to	to	ADP
eistud-1090	231	28	that	that	PRON
eistud-1090	231	29	in	in	ADP
eistud-1090	231	30	all	all	PRON
eistud-1090	231	31	of	of	ADP
eistud-1090	231	32	the	the	DET
eistud-1090	231	33	other	other	ADJ
eistud-1090	231	34	years	year	NOUN
eistud-1090	231	35	.	.	PUNCT
eistud-1090	232	1	in	in	ADP
eistud-1090	232	2	particular	particular	ADJ
eistud-1090	232	3	,	,	PUNCT
eistud-1090	232	4	it	it	PRON
eistud-1090	232	5	is	be	AUX
eistud-1090	232	6	necessary	necessary	ADJ
eistud-1090	232	7	to	to	PART
eistud-1090	232	8	stress	stress	VERB
eistud-1090	232	9	the	the	DET
eistud-1090	232	10	fact	fact	NOUN
eistud-1090	232	11	that	that	SCONJ
eistud-1090	232	12	for	for	ADP
eistud-1090	232	13	most	most	ADJ
eistud-1090	232	14	cases	case	NOUN
eistud-1090	232	15	the	the	DET
eistud-1090	232	16	value	value	NOUN
eistud-1090	232	17	of	of	ADP
eistud-1090	232	18	correlation	correlation	NOUN
eistud-1090	232	19	coefficient	coefficient	NOUN
eistud-1090	232	20	is	be	AUX
eistud-1090	232	21	statistically	statistically	ADV
eistud-1090	232	22	significant	significant	ADJ
eistud-1090	232	23	and	and	CCONJ
eistud-1090	232	24	it	it	PRON
eistud-1090	232	25	is	be	AUX
eistud-1090	232	26	close	close	ADJ
eistud-1090	232	27	to	to	ADP
eistud-1090	232	28	minus	minus	CCONJ
eistud-1090	232	29	one	one	NUM
eistud-1090	232	30	.	.	PUNCT
eistud-1090	233	1	there	there	PRON
eistud-1090	233	2	is	be	VERB
eistud-1090	233	3	one	one	NUM
eistud-1090	233	4	more	more	ADV
eistud-1090	233	5	statistical	statistical	ADJ
eistud-1090	233	6	analysis	analysis	NOUN
eistud-1090	233	7	exercise	exercise	NOUN
eistud-1090	233	8	that	that	PRON
eistud-1090	233	9	is	be	AUX
eistud-1090	233	10	able	able	ADJ
eistud-1090	233	11	to	to	PART
eistud-1090	233	12	offer	offer	VERB
eistud-1090	233	13	some	some	DET
eistud-1090	233	14	more	more	ADJ
eistud-1090	233	15	information	information	NOUN
eistud-1090	233	16	about	about	ADP
eistud-1090	233	17	the	the	DET
eistud-1090	233	18	nature	nature	NOUN
eistud-1090	233	19	of	of	ADP
eistud-1090	233	20	the	the	DET
eistud-1090	233	21	observed	observe	VERB
eistud-1090	233	22	changes	change	NOUN
eistud-1090	233	23	.	.	PUNCT
eistud-1090	234	1	to	to	PART
eistud-1090	234	2	answer	answer	VERB
eistud-1090	234	3	a	a	DET
eistud-1090	234	4	question	question	NOUN
eistud-1090	234	5	:	:	PUNCT
eistud-1090	234	6	what	what	PRON
eistud-1090	234	7	is	be	AUX
eistud-1090	234	8	actually	actually	ADV
eistud-1090	234	9	changing	change	VERB
eistud-1090	234	10	in	in	ADP
eistud-1090	234	11	order	order	NOUN
eistud-1090	234	12	to	to	PART
eistud-1090	234	13	deliver	deliver	VERB
eistud-1090	234	14	an	an	DET
eistud-1090	234	15	inversed	inversed	ADJ
eistud-1090	234	16	yield	yield	NOUN
eistud-1090	234	17	curve	curve	NOUN
eistud-1090	234	18	?	?	PUNCT
eistud-1090	235	1	is	be	AUX
eistud-1090	235	2	the	the	DET
eistud-1090	235	3	short	short	ADJ
eistud-1090	235	4	term	term	NOUN
eistud-1090	235	5	increasing	increase	VERB
eistud-1090	235	6	?	?	PUNCT
eistud-1090	236	1	or	or	CCONJ
eistud-1090	236	2	is	be	AUX
eistud-1090	236	3	the	the	DET
eistud-1090	236	4	long	long	ADJ
eistud-1090	236	5	-	-	PUNCT
eistud-1090	236	6	term	term	NOUN
eistud-1090	236	7	decreasing	decreasing	NOUN
eistud-1090	236	8	?	?	PUNCT
eistud-1090	237	1	to	to	PART
eistud-1090	237	2	answer	answer	VERB
eistud-1090	237	3	these	these	DET
eistud-1090	237	4	questions	question	NOUN
eistud-1090	237	5	and	and	CCONJ
eistud-1090	237	6	provide	provide	VERB
eistud-1090	237	7	a	a	DET
eistud-1090	237	8	deeper	deep	ADJ
eistud-1090	237	9	insight	insight	NOUN
eistud-1090	237	10	into	into	ADP
eistud-1090	237	11	the	the	DET
eistud-1090	237	12	nature	nature	NOUN
eistud-1090	237	13	of	of	ADP
eistud-1090	237	14	the	the	DET
eistud-1090	237	15	issn	issn	PROPN
eistud-1090	237	16	1822–8402	1822–8402	NUM
eistud-1090	237	17	european	european	ADJ
eistud-1090	237	18	integration	integration	NOUN
eistud-1090	237	19	studies	study	NOUN
eistud-1090	237	20	.	.	PUNCT
eistud-1090	238	1	2011	2011	NUM
eistud-1090	238	2	.	.	PUNCT
eistud-1090	239	1	no	no	DET
eistud-1090	239	2	5	5	NUM
eistud-1090	239	3	150	150	NUM
eistud-1090	239	4	observed	observed	ADJ
eistud-1090	239	5	developments	development	NOUN
eistud-1090	239	6	,	,	PUNCT
eistud-1090	239	7	changes	change	NOUN
eistud-1090	239	8	on	on	ADP
eistud-1090	239	9	the	the	DET
eistud-1090	239	10	year	year	NOUN
eistud-1090	239	11	-	-	PUNCT
eistud-1090	239	12	to	to	ADP
eistud-1090	239	13	-	-	PUNCT
eistud-1090	239	14	year	year	NOUN
eistud-1090	239	15	basis	basis	NOUN
eistud-1090	239	16	are	be	AUX
eistud-1090	239	17	presented	present	VERB
eistud-1090	239	18	in	in	ADP
eistud-1090	239	19	figure	figure	NOUN
eistud-1090	239	20	4	4	NUM
eistud-1090	239	21	.	.	PUNCT
eistud-1090	240	1	the	the	DET
eistud-1090	240	2	new	new	ADJ
eistud-1090	240	3	time	time	NOUN
eistud-1090	240	4	series	series	PROPN
eistud-1090	240	5	are	be	AUX
eistud-1090	240	6	calculated	calculate	VERB
eistud-1090	240	7	as	as	SCONJ
eistud-1090	240	8	follows	follow	VERB
eistud-1090	240	9	:	:	PUNCT
eistud-1090	240	10	interest	interest	NOUN
eistud-1090	240	11	rate	rate	NOUN
eistud-1090	240	12	in	in	ADP
eistud-1090	240	13	the	the	DET
eistud-1090	240	14	year	year	NOUN
eistud-1090	240	15	preceding	precede	VERB
eistud-1090	240	16	a	a	DET
eistud-1090	240	17	change	change	NOUN
eistud-1090	240	18	in	in	ADP
eistud-1090	240	19	the	the	DET
eistud-1090	240	20	yield	yield	NOUN
eistud-1090	240	21	curve	curve	NOUN
eistud-1090	240	22	minus	minus	CCONJ
eistud-1090	240	23	interest	interest	NOUN
eistud-1090	240	24	rate	rate	NOUN
eistud-1090	240	25	in	in	ADP
eistud-1090	240	26	the	the	DET
eistud-1090	240	27	year	year	NOUN
eistud-1090	240	28	of	of	ADP
eistud-1090	240	29	the	the	DET
eistud-1090	240	30	yield	yield	NOUN
eistud-1090	240	31	curve	curve	NOUN
eistud-1090	240	32	inversion	inversion	NOUN
eistud-1090	240	33	.	.	PUNCT
eistud-1090	241	1	variable	variable	ADJ
eistud-1090	241	2	d9798	d9798	PROPN
eistud-1090	241	3	represent	represent	VERB
eistud-1090	241	4	a	a	DET
eistud-1090	241	5	difference	difference	NOUN
eistud-1090	241	6	in	in	ADP
eistud-1090	241	7	interest	interest	NOUN
eistud-1090	241	8	rates	rate	NOUN
eistud-1090	241	9	between	between	ADP
eistud-1090	241	10	1997	1997	NUM
eistud-1090	241	11	and	and	CCONJ
eistud-1090	241	12	1998	1998	NUM
eistud-1090	241	13	.	.	PUNCT
eistud-1090	242	1	variable	variable	ADJ
eistud-1090	242	2	d9899	d9899	NOUN
eistud-1090	242	3	represents	represent	VERB
eistud-1090	242	4	a	a	DET
eistud-1090	242	5	difference	difference	NOUN
eistud-1090	242	6	in	in	ADP
eistud-1090	242	7	interest	interest	NOUN
eistud-1090	242	8	rates	rate	NOUN
eistud-1090	242	9	between	between	ADP
eistud-1090	242	10	1998	1998	NUM
eistud-1090	242	11	and	and	CCONJ
eistud-1090	242	12	1999	1999	NUM
eistud-1090	242	13	.	.	PUNCT
eistud-1090	243	1	the	the	DET
eistud-1090	243	2	other	other	ADJ
eistud-1090	243	3	charts	chart	NOUN
eistud-1090	243	4	are	be	AUX
eistud-1090	243	5	based	base	VERB
eistud-1090	243	6	on	on	ADP
eistud-1090	243	7	the	the	DET
eistud-1090	243	8	same	same	ADJ
eistud-1090	243	9	pattern	pattern	NOUN
eistud-1090	243	10	of	of	ADP
eistud-1090	243	11	calculating	calculate	VERB
eistud-1090	243	12	year	year	NOUN
eistud-1090	243	13	-	-	PUNCT
eistud-1090	243	14	toyear	toyear	NOUN
eistud-1090	243	15	differences	difference	NOUN
eistud-1090	243	16	in	in	ADP
eistud-1090	243	17	interest	interest	NOUN
eistud-1090	243	18	rates	rate	NOUN
eistud-1090	243	19	.	.	PUNCT
eistud-1090	244	1	figure	figure	VERB
eistud-1090	244	2	4	4	NUM
eistud-1090	244	3	.	.	PUNCT
eistud-1090	244	4	year	year	NOUN
eistud-1090	244	5	-	-	PUNCT
eistud-1090	244	6	to	to	ADP
eistud-1090	244	7	-	-	PUNCT
eistud-1090	244	8	year	year	NOUN
eistud-1090	244	9	changes	change	NOUN
eistud-1090	244	10	of	of	ADP
eistud-1090	244	11	interest	interest	NOUN
eistud-1090	244	12	rates	rate	NOUN
eistud-1090	244	13	(	(	PUNCT
eistud-1090	244	14	from	from	ADP
eistud-1090	244	15	1	1	NUM
eistud-1090	244	16	m	m	NOUN
eistud-1090	244	17	to	to	ADP
eistud-1090	244	18	12	12	NUM
eistud-1090	244	19	m	m	NOUN
eistud-1090	244	20	)	)	PUNCT
eistud-1090	244	21	for	for	ADP
eistud-1090	244	22	years	year	NOUN
eistud-1090	244	23	when	when	SCONJ
eistud-1090	244	24	yield	yield	VERB
eistud-1090	244	25	curves	curve	NOUN
eistud-1090	244	26	inverted	invert	VERB
eistud-1090	244	27	and	and	CCONJ
eistud-1090	244	28	returned	return	VERB
eistud-1090	244	29	to	to	ADP
eistud-1090	244	30	normal	normal	ADJ
eistud-1090	244	31	shape	shape	NOUN
eistud-1090	244	32	again	again	ADV
eistud-1090	244	33	.	.	PUNCT
eistud-1090	245	1	source	source	NOUN
eistud-1090	245	2	:	:	PUNCT
eistud-1090	245	3	author	author	NOUN
eistud-1090	245	4	.	.	PUNCT
eistud-1090	246	1	as	as	SCONJ
eistud-1090	246	2	can	can	AUX
eistud-1090	246	3	be	be	AUX
eistud-1090	246	4	seen	see	VERB
eistud-1090	246	5	in	in	ADP
eistud-1090	246	6	the	the	DET
eistud-1090	246	7	first	first	ADJ
eistud-1090	246	8	column	column	NOUN
eistud-1090	246	9	of	of	ADP
eistud-1090	246	10	charts	chart	NOUN
eistud-1090	246	11	in	in	ADP
eistud-1090	246	12	figure	figure	NOUN
eistud-1090	246	13	4	4	NUM
eistud-1090	246	14	,	,	PUNCT
eistud-1090	246	15	each	each	PRON
eistud-1090	246	16	and	and	CCONJ
eistud-1090	246	17	every	every	DET
eistud-1090	246	18	yield	yield	NOUN
eistud-1090	246	19	curve	curve	NOUN
eistud-1090	246	20	reversal	reversal	NOUN
eistud-1090	246	21	was	be	AUX
eistud-1090	246	22	associated	associate	VERB
eistud-1090	246	23	with	with	ADP
eistud-1090	246	24	much	much	ADV
eistud-1090	246	25	greater	great	ADJ
eistud-1090	246	26	change	change	NOUN
eistud-1090	246	27	in	in	ADP
eistud-1090	246	28	long	long	ADJ
eistud-1090	246	29	-	-	PUNCT
eistud-1090	246	30	term	term	NOUN
eistud-1090	246	31	interest	interest	NOUN
eistud-1090	246	32	rates	rate	NOUN
eistud-1090	246	33	than	than	ADP
eistud-1090	246	34	the	the	DET
eistud-1090	246	35	change	change	NOUN
eistud-1090	246	36	in	in	ADP
eistud-1090	246	37	interest	interest	NOUN
eistud-1090	246	38	rates	rate	NOUN
eistud-1090	246	39	for	for	ADP
eistud-1090	246	40	the	the	DET
eistud-1090	246	41	shortests	shortest	NOUN
eistud-1090	246	42	maturities	maturity	NOUN
eistud-1090	246	43	.	.	PUNCT
eistud-1090	247	1	in	in	ADP
eistud-1090	247	2	case	case	NOUN
eistud-1090	247	3	of	of	ADP
eistud-1090	247	4	year	year	NOUN
eistud-1090	247	5	2007	2007	NUM
eistud-1090	247	6	,	,	PUNCT
eistud-1090	247	7	the	the	DET
eistud-1090	247	8	change	change	NOUN
eistud-1090	247	9	in	in	ADP
eistud-1090	247	10	short	short	ADJ
eistud-1090	247	11	-	-	PUNCT
eistud-1090	247	12	term	term	NOUN
eistud-1090	247	13	interests	interest	NOUN
eistud-1090	247	14	rates	rate	NOUN
eistud-1090	247	15	was	be	AUX
eistud-1090	247	16	even	even	ADV
eistud-1090	247	17	deeper	deep	ADJ
eistud-1090	247	18	,	,	PUNCT
eistud-1090	247	19	resulting	result	VERB
eistud-1090	247	20	in	in	ADP
eistud-1090	247	21	a	a	DET
eistud-1090	247	22	negative	negative	ADJ
eistud-1090	247	23	change	change	NOUN
eistud-1090	247	24	that	that	PRON
eistud-1090	247	25	indicates	indicate	VERB
eistud-1090	247	26	an	an	DET
eistud-1090	247	27	increase	increase	NOUN
eistud-1090	247	28	(	(	PUNCT
eistud-1090	247	29	2006	2006	NUM
eistud-1090	247	30	minus	minus	ADP
eistud-1090	247	31	2007	2007	NUM
eistud-1090	247	32	)	)	PUNCT
eistud-1090	247	33	.	.	PUNCT
eistud-1090	248	1	it	it	PRON
eistud-1090	248	2	could	could	AUX
eistud-1090	248	3	be	be	AUX
eistud-1090	248	4	concluded	conclude	VERB
eistud-1090	248	5	that	that	SCONJ
eistud-1090	248	6	in	in	ADP
eistud-1090	248	7	1998	1998	NUM
eistud-1090	248	8	and	and	CCONJ
eistud-1090	248	9	in	in	ADP
eistud-1090	248	10	2001	2001	NUM
eistud-1090	248	11	short	short	ADJ
eistud-1090	248	12	interest	interest	NOUN
eistud-1090	248	13	rates	rate	NOUN
eistud-1090	248	14	did	do	AUX
eistud-1090	248	15	not	not	PART
eistud-1090	248	16	change	change	VERB
eistud-1090	248	17	in	in	ADP
eistud-1090	248	18	a	a	DET
eistud-1090	248	19	significant	significant	ADJ
eistud-1090	248	20	way	way	NOUN
eistud-1090	248	21	.	.	PUNCT
eistud-1090	249	1	the	the	DET
eistud-1090	249	2	observed	observe	VERB
eistud-1090	249	3	yield	yield	NOUN
eistud-1090	249	4	curve	curve	NOUN
eistud-1090	249	5	invertion	invertion	NOUN
eistud-1090	249	6	should	should	AUX
eistud-1090	249	7	be	be	AUX
eistud-1090	249	8	attributed	attribute	VERB
eistud-1090	249	9	solely	solely	ADV
eistud-1090	249	10	to	to	ADP
eistud-1090	249	11	the	the	DET
eistud-1090	249	12	adjustment	adjustment	NOUN
eistud-1090	249	13	of	of	ADP
eistud-1090	249	14	long	long	ADJ
eistud-1090	249	15	-	-	PUNCT
eistud-1090	249	16	term	term	NOUN
eistud-1090	249	17	interest	interest	NOUN
eistud-1090	249	18	rates	rate	NOUN
eistud-1090	249	19	that	that	PRON
eistud-1090	249	20	decreased	decrease	VERB
eistud-1090	249	21	relatively	relatively	ADV
eistud-1090	249	22	to	to	ADP
eistud-1090	249	23	the	the	DET
eistud-1090	249	24	short	short	ADJ
eistud-1090	249	25	-	-	PUNCT
eistud-1090	249	26	term	term	NOUN
eistud-1090	249	27	ones	one	NOUN
eistud-1090	249	28	.	.	PUNCT
eistud-1090	250	1	the	the	DET
eistud-1090	250	2	following	follow	VERB
eistud-1090	250	3	changes	change	NOUN
eistud-1090	250	4	that	that	PRON
eistud-1090	250	5	returned	return	VERB
eistud-1090	250	6	all	all	DET
eistud-1090	250	7	yield	yield	NOUN
eistud-1090	250	8	curves	curve	NOUN
eistud-1090	250	9	to	to	ADP
eistud-1090	250	10	the	the	DET
eistud-1090	250	11	normal	normal	ADJ
eistud-1090	250	12	shape	shape	NOUN
eistud-1090	250	13	are	be	AUX
eistud-1090	250	14	in	in	ADP
eistud-1090	250	15	1998/1999	1998/1999	NUM
eistud-1090	250	16	case	case	NOUN
eistud-1090	250	17	different	different	ADJ
eistud-1090	250	18	from	from	ADP
eistud-1090	250	19	the	the	DET
eistud-1090	250	20	later	later	ADJ
eistud-1090	250	21	two	two	NUM
eistud-1090	250	22	cases	case	NOUN
eistud-1090	250	23	(	(	PUNCT
eistud-1090	250	24	2001	2001	NUM
eistud-1090	250	25	&	&	CCONJ
eistud-1090	250	26	2007	2007	NUM
eistud-1090	250	27	)	)	PUNCT
eistud-1090	250	28	.	.	PUNCT
eistud-1090	251	1	from	from	ADP
eistud-1090	251	2	the	the	DET
eistud-1090	251	3	second	second	ADJ
eistud-1090	251	4	column	column	NOUN
eistud-1090	251	5	of	of	ADP
eistud-1090	251	6	charts	chart	NOUN
eistud-1090	251	7	in	in	ADP
eistud-1090	251	8	figure	figure	NOUN
eistud-1090	251	9	4	4	NUM
eistud-1090	251	10	it	it	PRON
eistud-1090	251	11	can	can	AUX
eistud-1090	251	12	be	be	AUX
eistud-1090	251	13	recognized	recognize	VERB
eistud-1090	251	14	that	that	SCONJ
eistud-1090	251	15	in	in	ADP
eistud-1090	251	16	1999	1999	NUM
eistud-1090	251	17	the	the	DET
eistud-1090	251	18	average	average	ADJ
eistud-1090	251	19	interest	interest	NOUN
eistud-1090	251	20	rates	rate	NOUN
eistud-1090	251	21	for	for	ADP
eistud-1090	251	22	short	short	ADJ
eistud-1090	251	23	maturites	maturite	NOUN
eistud-1090	251	24	declined	decline	VERB
eistud-1090	251	25	and	and	CCONJ
eistud-1090	251	26	these	these	PRON
eistud-1090	251	27	for	for	ADP
eistud-1090	251	28	longer	long	ADJ
eistud-1090	251	29	maturities	maturity	NOUN
eistud-1090	251	30	increased	increase	VERB
eistud-1090	251	31	.	.	PUNCT
eistud-1090	252	1	this	this	PRON
eistud-1090	252	2	is	be	AUX
eistud-1090	252	3	a	a	DET
eistud-1090	252	4	seesaw	seesaw	ADJ
eistud-1090	252	5	effect	effect	NOUN
eistud-1090	252	6	and	and	CCONJ
eistud-1090	252	7	it	it	PRON
eistud-1090	252	8	was	be	AUX
eistud-1090	252	9	quite	quite	ADV
eistud-1090	252	10	symmetric	symmetric	ADJ
eistud-1090	252	11	.	.	PUNCT
eistud-1090	253	1	for	for	ADP
eistud-1090	253	2	the	the	DET
eistud-1090	253	3	other	other	ADJ
eistud-1090	253	4	two	two	NUM
eistud-1090	253	5	years	year	NOUN
eistud-1090	253	6	(	(	PUNCT
eistud-1090	253	7	2002	2002	NUM
eistud-1090	253	8	and	and	CCONJ
eistud-1090	253	9	2008	2008	NUM
eistud-1090	253	10	)	)	PUNCT
eistud-1090	253	11	the	the	DET
eistud-1090	253	12	adjustment	adjustment	NOUN
eistud-1090	253	13	that	that	PRON
eistud-1090	253	14	resulted	result	VERB
eistud-1090	253	15	in	in	ADP
eistud-1090	253	16	returning	return	VERB
eistud-1090	253	17	the	the	DET
eistud-1090	253	18	yield	yield	NOUN
eistud-1090	253	19	curve	curve	NOUN
eistud-1090	253	20	to	to	ADP
eistud-1090	253	21	the	the	DET
eistud-1090	253	22	normal	normal	ADJ
eistud-1090	253	23	shape	shape	NOUN
eistud-1090	253	24	was	be	AUX
eistud-1090	253	25	of	of	ADP
eistud-1090	253	26	different	different	ADJ
eistud-1090	253	27	kind	kind	NOUN
eistud-1090	253	28	.	.	PUNCT
eistud-1090	254	1	long	long	ADJ
eistud-1090	254	2	term	term	NOUN
eistud-1090	254	3	interest	interest	NOUN
eistud-1090	254	4	rates	rate	NOUN
eistud-1090	254	5	experienced	experience	VERB
eistud-1090	254	6	a	a	DET
eistud-1090	254	7	change	change	NOUN
eistud-1090	254	8	statistically	statistically	ADV
eistud-1090	254	9	not	not	PART
eistud-1090	254	10	different	different	ADJ
eistud-1090	254	11	from	from	ADP
eistud-1090	254	12	zero	zero	NUM
eistud-1090	254	13	.	.	PUNCT
eistud-1090	255	1	these	these	PRON
eistud-1090	255	2	are	be	AUX
eistud-1090	255	3	the	the	DET
eistud-1090	255	4	short	short	ADJ
eistud-1090	255	5	-	-	PUNCT
eistud-1090	255	6	term	term	NOUN
eistud-1090	255	7	interest	interest	NOUN
eistud-1090	255	8	rates	rate	NOUN
eistud-1090	255	9	that	that	PRON
eistud-1090	255	10	were	be	AUX
eistud-1090	255	11	responsible	responsible	ADJ
eistud-1090	255	12	for	for	ADP
eistud-1090	255	13	reshaping	reshape	VERB
eistud-1090	255	14	the	the	DET
eistud-1090	255	15	yield	yield	NOUN
eistud-1090	255	16	curve	curve	NOUN
eistud-1090	255	17	by	by	ADP
eistud-1090	255	18	a	a	DET
eistud-1090	255	19	relatively	relatively	ADV
eistud-1090	255	20	substantial	substantial	ADJ
eistud-1090	255	21	decline	decline	NOUN
eistud-1090	255	22	.	.	PUNCT
eistud-1090	256	1	conclusions	conclusion	NOUN
eistud-1090	256	2	monetary	monetary	ADJ
eistud-1090	256	3	integration	integration	NOUN
eistud-1090	256	4	in	in	ADP
eistud-1090	256	5	the	the	DET
eistud-1090	256	6	european	european	PROPN
eistud-1090	256	7	union	union	PROPN
eistud-1090	256	8	covers	cover	VERB
eistud-1090	256	9	more	more	ADJ
eistud-1090	256	10	and	and	CCONJ
eistud-1090	256	11	more	more	ADJ
eistud-1090	256	12	of	of	ADP
eistud-1090	256	13	the	the	DET
eistud-1090	256	14	eu	eu	PROPN
eistud-1090	256	15	countries	country	NOUN
eistud-1090	256	16	.	.	PUNCT
eistud-1090	257	1	the	the	DET
eistud-1090	257	2	economic	economic	ADJ
eistud-1090	257	3	and	and	CCONJ
eistud-1090	257	4	demographic	demographic	ADJ
eistud-1090	257	5	potential	potential	NOUN
eistud-1090	257	6	of	of	ADP
eistud-1090	257	7	the	the	DET
eistud-1090	257	8	eurozone	eurozone	NOUN
eistud-1090	257	9	is	be	AUX
eistud-1090	257	10	still	still	ADV
eistud-1090	257	11	growing	grow	VERB
eistud-1090	257	12	and	and	CCONJ
eistud-1090	257	13	in	in	ADP
eistud-1090	257	14	2011	2011	NUM
eistud-1090	257	15	exceeds	exceed	VERB
eistud-1090	257	16	the	the	DET
eistud-1090	257	17	potential	potential	NOUN
eistud-1090	257	18	of	of	ADP
eistud-1090	257	19	the	the	DET
eistud-1090	257	20	usa	usa	PROPN
eistud-1090	257	21	.	.	PUNCT
eistud-1090	258	1	it	it	PRON
eistud-1090	258	2	was	be	AUX
eistud-1090	258	3	expected	expect	VERB
eistud-1090	258	4	that	that	SCONJ
eistud-1090	258	5	the	the	DET
eistud-1090	258	6	creation	creation	NOUN
eistud-1090	258	7	of	of	ADP
eistud-1090	258	8	a	a	DET
eistud-1090	258	9	common	common	ADJ
eistud-1090	258	10	currency	currency	NOUN
eistud-1090	258	11	backed	back	VERB
eistud-1090	258	12	by	by	ADP
eistud-1090	258	13	high	high	ADJ
eistud-1090	258	14	developed	develop	VERB
eistud-1090	258	15	countries	country	NOUN
eistud-1090	258	16	that	that	PRON
eistud-1090	258	17	represent	represent	VERB
eistud-1090	258	18	a	a	DET
eistud-1090	258	19	substantial	substantial	ADJ
eistud-1090	258	20	share	share	NOUN
eistud-1090	258	21	in	in	ADP
eistud-1090	258	22	the	the	DET
eistud-1090	258	23	global	global	ADJ
eistud-1090	258	24	gdp	gdp	NOUN
eistud-1090	258	25	and	and	CCONJ
eistud-1090	258	26	in	in	ADP
eistud-1090	258	27	the	the	DET
eistud-1090	258	28	international	international	ADJ
eistud-1090	258	29	trade	trade	NOUN
eistud-1090	258	30	will	will	AUX
eistud-1090	258	31	have	have	VERB
eistud-1090	258	32	a	a	DET
eistud-1090	258	33	significant	significant	ADJ
eistud-1090	258	34	influence	influence	NOUN
eistud-1090	258	35	on	on	ADP
eistud-1090	258	36	the	the	DET
eistud-1090	258	37	global	global	ADJ
eistud-1090	258	38	economic	economic	ADJ
eistud-1090	258	39	and	and	CCONJ
eistud-1090	258	40	financial	financial	ADJ
eistud-1090	258	41	system	system	NOUN
eistud-1090	258	42	.	.	PUNCT
eistud-1090	259	1	however	however	ADV
eistud-1090	259	2	,	,	PUNCT
eistud-1090	259	3	issues	issue	NOUN
eistud-1090	259	4	associated	associate	VERB
eistud-1090	259	5	with	with	ADP
eistud-1090	259	6	reserve	reserve	NOUN
eistud-1090	259	7	assets	asset	NOUN
eistud-1090	259	8	management	management	NOUN
eistud-1090	259	9	and	and	CCONJ
eistud-1090	259	10	consequences	consequence	NOUN
eistud-1090	259	11	of	of	ADP
eistud-1090	259	12	accumulation	accumulation	NOUN
eistud-1090	259	13	of	of	ADP
eistud-1090	259	14	excessive	excessive	ADJ
eistud-1090	259	15	amounts	amount	NOUN
eistud-1090	259	16	of	of	ADP
eistud-1090	259	17	foreign	foreign	ADJ
eistud-1090	259	18	assets	asset	NOUN
eistud-1090	259	19	at	at	ADP
eistud-1090	259	20	a	a	DET
eistud-1090	259	21	disposal	disposal	NOUN
eistud-1090	259	22	of	of	ADP
eistud-1090	259	23	the	the	DET
eistud-1090	259	24	european	european	PROPN
eistud-1090	259	25	central	central	PROPN
eistud-1090	259	26	bank	bank	PROPN
eistud-1090	259	27	and	and	CCONJ
eistud-1090	259	28	the	the	DET
eistud-1090	259	29	european	european	ADJ
eistud-1090	259	30	system	system	NOUN
eistud-1090	259	31	of	of	ADP
eistud-1090	259	32	(	(	PUNCT
eistud-1090	259	33	national	national	ADJ
eistud-1090	259	34	)	)	PUNCT
eistud-1090	259	35	central	central	ADJ
eistud-1090	259	36	banks	bank	NOUN
eistud-1090	259	37	were	be	AUX
eistud-1090	259	38	not	not	PART
eistud-1090	259	39	subject	subject	ADJ
eistud-1090	259	40	to	to	ADP
eistud-1090	259	41	earlier	early	ADJ
eistud-1090	259	42	studies	study	NOUN
eistud-1090	259	43	.	.	PUNCT
eistud-1090	260	1	as	as	SCONJ
eistud-1090	260	2	was	be	AUX
eistud-1090	260	3	presented	present	VERB
eistud-1090	260	4	in	in	ADP
eistud-1090	260	5	the	the	DET
eistud-1090	260	6	empirical	empirical	ADJ
eistud-1090	260	7	part	part	NOUN
eistud-1090	260	8	of	of	ADP
eistud-1090	260	9	the	the	DET
eistud-1090	260	10	paper	paper	NOUN
eistud-1090	260	11	,	,	PUNCT
eistud-1090	260	12	behavior	behavior	NOUN
eistud-1090	260	13	of	of	ADP
eistud-1090	260	14	global	global	ADJ
eistud-1090	260	15	interest	interest	NOUN
eistud-1090	260	16	rates	rate	NOUN
eistud-1090	260	17	from	from	ADP
eistud-1090	260	18	the	the	DET
eistud-1090	260	19	moment	moment	NOUN
eistud-1090	260	20	the	the	DET
eistud-1090	260	21	ecb	ecb	NOUN
eistud-1090	260	22	was	be	AUX
eistud-1090	260	23	created	create	VERB
eistud-1090	260	24	exhibited	exhibit	VERB
eistud-1090	260	25	several	several	ADJ
eistud-1090	260	26	times	time	NOUN
eistud-1090	260	27	a	a	DET
eistud-1090	260	28	clear	clear	ADJ
eistud-1090	260	29	divergence	divergence	NOUN
eistud-1090	260	30	from	from	ADP
eistud-1090	260	31	a	a	DET
eistud-1090	260	32	situation	situation	NOUN
eistud-1090	260	33	that	that	PRON
eistud-1090	260	34	is	be	AUX
eistud-1090	260	35	typical	typical	ADJ
eistud-1090	260	36	.	.	PUNCT
eistud-1090	261	1	the	the	DET
eistud-1090	261	2	analyzed	analyze	VERB
eistud-1090	261	3	yield	yield	NOUN
eistud-1090	261	4	curves	curve	NOUN
eistud-1090	261	5	for	for	ADP
eistud-1090	261	6	the	the	DET
eistud-1090	261	7	global	global	ADJ
eistud-1090	261	8	interest	interest	NOUN
eistud-1090	261	9	rate	rate	NOUN
eistud-1090	261	10	for	for	ADP
eistud-1090	261	11	financial	financial	ADJ
eistud-1090	261	12	instruments	instrument	NOUN
eistud-1090	261	13	denominated	denominate	VERB
eistud-1090	261	14	in	in	ADP
eistud-1090	261	15	the	the	DET
eistud-1090	261	16	leading	lead	VERB
eistud-1090	261	17	reserve	reserve	NOUN
eistud-1090	261	18	currency	currency	NOUN
eistud-1090	261	19	(	(	PUNCT
eistud-1090	261	20	the	the	DET
eistud-1090	261	21	usd	usd	NOUN
eistud-1090	261	22	)	)	PUNCT
eistud-1090	261	23	reversed	reverse	VERB
eistud-1090	261	24	in	in	ADP
eistud-1090	261	25	1998	1998	NUM
eistud-1090	261	26	,	,	PUNCT
eistud-1090	261	27	2001	2001	NUM
eistud-1090	261	28	and	and	CCONJ
eistud-1090	261	29	2007	2007	NUM
eistud-1090	261	30	.	.	PUNCT
eistud-1090	262	1	the	the	DET
eistud-1090	262	2	first	first	ADJ
eistud-1090	262	3	case	case	NOUN
eistud-1090	262	4	could	could	AUX
eistud-1090	262	5	be	be	AUX
eistud-1090	262	6	associated	associate	VERB
eistud-1090	262	7	with	with	ADP
eistud-1090	262	8	the	the	DET
eistud-1090	262	9	creation	creation	NOUN
eistud-1090	262	10	of	of	ADP
eistud-1090	262	11	the	the	DET
eistud-1090	262	12	ecb	ecb	PROPN
eistud-1090	262	13	and	and	CCONJ
eistud-1090	262	14	pooling	pool	VERB
eistud-1090	262	15	the	the	DET
eistud-1090	262	16	foreign	foreign	ADJ
eistud-1090	262	17	exchange	exchange	NOUN
eistud-1090	262	18	reserves	reserve	NOUN
eistud-1090	262	19	,	,	PUNCT
eistud-1090	262	20	according	accord	VERB
eistud-1090	262	21	to	to	ADP
eistud-1090	262	22	the	the	DET
eistud-1090	262	23	statutory	statutory	ADJ
eistud-1090	262	24	requirements	requirement	NOUN
eistud-1090	262	25	.	.	PUNCT
eistud-1090	263	1	after	after	ADP
eistud-1090	263	2	creation	creation	NOUN
eistud-1090	263	3	of	of	ADP
eistud-1090	263	4	the	the	DET
eistud-1090	263	5	common	common	ADJ
eistud-1090	263	6	pool	pool	NOUN
eistud-1090	263	7	of	of	ADP
eistud-1090	263	8	foreign	foreign	ADJ
eistud-1090	263	9	assets	asset	NOUN
eistud-1090	263	10	at	at	ADP
eistud-1090	263	11	the	the	DET
eistud-1090	263	12	disposal	disposal	NOUN
eistud-1090	263	13	of	of	ADP
eistud-1090	263	14	the	the	DET
eistud-1090	263	15	ecb	ecb	NOUN
eistud-1090	263	16	,	,	PUNCT
eistud-1090	263	17	the	the	DET
eistud-1090	263	18	national	national	ADJ
eistud-1090	263	19	central	central	ADJ
eistud-1090	263	20	banks	bank	NOUN
eistud-1090	263	21	of	of	ADP
eistud-1090	263	22	the	the	DET
eistud-1090	263	23	eurozone	eurozone	NOUN
eistud-1090	263	24	started	start	VERB
eistud-1090	263	25	to	to	PART
eistud-1090	263	26	optimize	optimize	VERB
eistud-1090	263	27	their	their	PRON
eistud-1090	263	28	portfolios	portfolio	NOUN
eistud-1090	263	29	by	by	ADP
eistud-1090	263	30	moving	move	VERB
eistud-1090	263	31	from	from	ADP
eistud-1090	263	32	short	short	ADJ
eistud-1090	263	33	-	-	PUNCT
eistud-1090	263	34	term	term	NOUN
eistud-1090	263	35	maturities	maturity	NOUN
eistud-1090	263	36	to	to	ADP
eistud-1090	263	37	longer	long	ADJ
eistud-1090	263	38	-	-	PUNCT
eistud-1090	263	39	term	term	NOUN
eistud-1090	263	40	maturities	maturity	NOUN
eistud-1090	263	41	.	.	PUNCT
eistud-1090	264	1	as	as	ADP
eistud-1090	264	2	a	a	DET
eistud-1090	264	3	consequence	consequence	NOUN
eistud-1090	264	4	,	,	PUNCT
eistud-1090	264	5	an	an	DET
eistud-1090	264	6	inversed	inversed	ADJ
eistud-1090	264	7	yield	yield	NOUN
eistud-1090	264	8	curve	curve	NOUN
eistud-1090	264	9	for	for	ADP
eistud-1090	264	10	average	average	ADJ
eistud-1090	264	11	interest	interest	NOUN
eistud-1090	264	12	rates	rate	NOUN
eistud-1090	264	13	in	in	ADP
eistud-1090	264	14	1998	1998	NUM
eistud-1090	264	15	was	be	AUX
eistud-1090	264	16	observed	observe	VERB
eistud-1090	264	17	.	.	PUNCT
eistud-1090	265	1	another	another	DET
eistud-1090	265	2	inversion	inversion	NOUN
eistud-1090	265	3	took	take	VERB
eistud-1090	265	4	place	place	NOUN
eistud-1090	265	5	in	in	ADP
eistud-1090	265	6	2001	2001	NUM
eistud-1090	265	7	,	,	PUNCT
eistud-1090	265	8	when	when	SCONJ
eistud-1090	265	9	there	there	PRON
eistud-1090	265	10	was	be	VERB
eistud-1090	265	11	expansion	expansion	NOUN
eistud-1090	265	12	of	of	ADP
eistud-1090	265	13	the	the	DET
eistud-1090	265	14	emu	emu	PROPN
eistud-1090	265	15	and	and	CCONJ
eistud-1090	265	16	the	the	DET
eistud-1090	265	17	directive	directive	NOUN
eistud-1090	265	18	of	of	ADP
eistud-1090	265	19	the	the	DET
eistud-1090	265	20	ecb	ecb	NOUN
eistud-1090	265	21	prohibiting	prohibit	VERB
eistud-1090	265	22	national	national	ADJ
eistud-1090	265	23	central	central	ADJ
eistud-1090	265	24	banks	bank	NOUN
eistud-1090	265	25	to	to	PART
eistud-1090	265	26	sell	sell	VERB
eistud-1090	265	27	their	their	PRON
eistud-1090	265	28	foreign	foreign	ADJ
eistud-1090	265	29	assets	asset	NOUN
eistud-1090	265	30	was	be	AUX
eistud-1090	265	31	no	no	ADV
eistud-1090	265	32	longer	long	ADV
eistud-1090	265	33	binding	bind	VERB
eistud-1090	265	34	.	.	PUNCT
eistud-1090	266	1	in	in	ADP
eistud-1090	266	2	2001	2001	NUM
eistud-1090	266	3	the	the	DET
eistud-1090	266	4	ecb	ecb	NOUN
eistud-1090	266	5	and	and	CCONJ
eistud-1090	266	6	all	all	DET
eistud-1090	266	7	other	other	ADJ
eistud-1090	266	8	institutional	institutional	ADJ
eistud-1090	266	9	and	and	CCONJ
eistud-1090	266	10	private	private	ADJ
eistud-1090	266	11	agents	agent	NOUN
eistud-1090	266	12	recognized	recognize	VERB
eistud-1090	266	13	that	that	SCONJ
eistud-1090	266	14	the	the	DET
eistud-1090	266	15	common	common	ADJ
eistud-1090	266	16	monetary	monetary	ADJ
eistud-1090	266	17	policy	policy	NOUN
eistud-1090	266	18	and	and	CCONJ
eistud-1090	266	19	the	the	DET
eistud-1090	266	20	new	new	ADJ
eistud-1090	266	21	currency	currency	NOUN
eistud-1090	266	22	were	be	AUX
eistud-1090	266	23	successful	successful	ADJ
eistud-1090	266	24	.	.	PUNCT
eistud-1090	267	1	the	the	DET
eistud-1090	267	2	stable	stable	ADJ
eistud-1090	267	3	macroeconomic	macroeconomic	ADJ
eistud-1090	267	4	position	position	NOUN
eistud-1090	267	5	allowed	allow	VERB
eistud-1090	267	6	for	for	ADP
eistud-1090	267	7	further	further	ADJ
eistud-1090	267	8	realignments	realignment	NOUN
eistud-1090	267	9	in	in	ADP
eistud-1090	267	10	foreign	foreign	ADJ
eistud-1090	267	11	assets	asset	NOUN
eistud-1090	267	12	’	'	PUNCT
eistud-1090	267	13	portfolios	portfolio	NOUN
eistud-1090	267	14	and	and	CCONJ
eistud-1090	267	15	demand	demand	NOUN
eistud-1090	267	16	for	for	ADP
eistud-1090	267	17	instruments	instrument	NOUN
eistud-1090	267	18	with	with	ADP
eistud-1090	267	19	longer	long	ADJ
eistud-1090	267	20	-	-	PUNCT
eistud-1090	267	21	term	term	NOUN
eistud-1090	267	22	maturities	maturity	NOUN
eistud-1090	267	23	increased	increase	VERB
eistud-1090	267	24	again	again	ADV
eistud-1090	267	25	.	.	PUNCT
eistud-1090	268	1	the	the	DET
eistud-1090	268	2	last	last	ADJ
eistud-1090	268	3	case	case	NOUN
eistud-1090	268	4	of	of	ADP
eistud-1090	268	5	the	the	DET
eistud-1090	268	6	yield	yield	NOUN
eistud-1090	268	7	curve	curve	NOUN
eistud-1090	268	8	reversal	reversal	NOUN
eistud-1090	268	9	,	,	PUNCT
eistud-1090	268	10	despite	despite	SCONJ
eistud-1090	268	11	it	it	PRON
eistud-1090	268	12	cooccurred	cooccurre	VERB
eistud-1090	268	13	with	with	ADP
eistud-1090	268	14	another	another	DET
eistud-1090	268	15	emu	emu	PROPN
eistud-1090	268	16	expansion	expansion	NOUN
eistud-1090	268	17	,	,	PUNCT
eistud-1090	268	18	it	it	PRON
eistud-1090	268	19	is	be	AUX
eistud-1090	268	20	difficult	difficult	ADJ
eistud-1090	268	21	to	to	PART
eistud-1090	268	22	associate	associate	VERB
eistud-1090	268	23	this	this	DET
eistud-1090	268	24	change	change	NOUN
eistud-1090	268	25	solely	solely	ADV
eistud-1090	268	26	with	with	ADP
eistud-1090	268	27	european	european	ADJ
eistud-1090	268	28	developments	development	NOUN
eistud-1090	268	29	.	.	PUNCT
eistud-1090	269	1	it	it	PRON
eistud-1090	269	2	is	be	AUX
eistud-1090	269	3	possible	possible	ADJ
eistud-1090	269	4	that	that	SCONJ
eistud-1090	269	5	in	in	ADP
eistud-1090	269	6	the	the	DET
eistud-1090	269	7	year	year	NOUN
eistud-1090	269	8	that	that	PRON
eistud-1090	269	9	precedes	precede	VERB
eistud-1090	269	10	directly	directly	ADV
eistud-1090	269	11	the	the	DET
eistud-1090	269	12	outbreak	outbreak	NOUN
eistud-1090	269	13	of	of	ADP
eistud-1090	269	14	the	the	DET
eistud-1090	269	15	global	global	ADJ
eistud-1090	269	16	financial	financial	ADJ
eistud-1090	269	17	crisis	crisis	NOUN
eistud-1090	269	18	there	there	PRON
eistud-1090	269	19	were	be	VERB
eistud-1090	269	20	already	already	ADV
eistud-1090	269	21	some	some	DET
eistud-1090	269	22	changes	change	NOUN
eistud-1090	269	23	in	in	ADP
eistud-1090	269	24	confidence	confidence	NOUN
eistud-1090	269	25	of	of	ADP
eistud-1090	269	26	financial	financial	ADJ
eistud-1090	269	27	markets	market	NOUN
eistud-1090	269	28	.	.	PUNCT
eistud-1090	270	1	therefore	therefore	ADV
eistud-1090	270	2	this	this	DET
eistud-1090	270	3	particular	particular	ADJ
eistud-1090	270	4	inversion	inversion	NOUN
eistud-1090	270	5	of	of	ADP
eistud-1090	270	6	the	the	DET
eistud-1090	270	7	yield	yield	NOUN
eistud-1090	270	8	curve	curve	NOUN
eistud-1090	270	9	is	be	AUX
eistud-1090	270	10	left	leave	VERB
eistud-1090	270	11	without	without	ADP
eistud-1090	270	12	a	a	DET
eistud-1090	270	13	specific	specific	ADJ
eistud-1090	270	14	eurorelated	eurorelate	VERB
eistud-1090	270	15	interpretation	interpretation	NOUN
eistud-1090	270	16	.	.	PUNCT
eistud-1090	271	1	since	since	SCONJ
eistud-1090	271	2	this	this	DET
eistud-1090	271	3	issue	issue	NOUN
eistud-1090	271	4	remains	remain	VERB
eistud-1090	271	5	still	still	ADV
eistud-1090	271	6	unclear	unclear	ADJ
eistud-1090	271	7	,	,	PUNCT
eistud-1090	271	8	it	it	PRON
eistud-1090	271	9	calls	call	VERB
eistud-1090	271	10	for	for	ADP
eistud-1090	271	11	further	further	ADJ
eistud-1090	271	12	theoretical	theoretical	ADJ
eistud-1090	271	13	,	,	PUNCT
eistud-1090	271	14	institutional	institutional	ADJ
eistud-1090	271	15	and	and	CCONJ
eistud-1090	271	16	empirical	empirical	ADJ
eistud-1090	271	17	studies	study	NOUN
eistud-1090	271	18	.	.	PUNCT
eistud-1090	272	1	references	reference	NOUN
eistud-1090	272	2	aizenman	aizenman	NOUN
eistud-1090	272	3	j.	j.	PROPN
eistud-1090	272	4	,	,	PUNCT
eistud-1090	272	5	j.	j.	PROPN
eistud-1090	272	6	lee	lee	PROPN
eistud-1090	272	7	,	,	PUNCT
eistud-1090	272	8	[	[	X
eistud-1090	272	9	2005	2005	NUM
eistud-1090	272	10	]	]	PUNCT
eistud-1090	272	11	,	,	PUNCT
eistud-1090	272	12	international	international	ADJ
eistud-1090	272	13	reserves	reserve	NOUN
eistud-1090	272	14	:	:	PUNCT
eistud-1090	272	15	precautionary	precautionary	ADJ
eistud-1090	272	16	vs.	vs.	ADP
eistud-1090	272	17	mercantilist	mercantilist	NOUN
eistud-1090	272	18	views	view	NOUN
eistud-1090	272	19	.	.	PUNCT
eistud-1090	273	1	theory	theory	NOUN
eistud-1090	273	2	and	and	CCONJ
eistud-1090	273	3	evidence	evidence	NOUN
eistud-1090	273	4	,	,	PUNCT
eistud-1090	273	5	imf	imf	PROPN
eistud-1090	273	6	working	working	PROPN
eistud-1090	273	7	paper	paper	NOUN
eistud-1090	273	8	,	,	PUNCT
eistud-1090	273	9	wp/05/198	wp/05/198	PROPN
eistud-1090	273	10	ben	ben	PROPN
eistud-1090	273	11	-	-	PUNCT
eistud-1090	273	12	bassat	bassat	VERB
eistud-1090	273	13	a.	a.	NOUN
eistud-1090	273	14	,	,	PUNCT
eistud-1090	273	15	d.	d.	PROPN
eistud-1090	273	16	gottlieb	gottlieb	PROPN
eistud-1090	273	17	,	,	PUNCT
eistud-1090	273	18	[	[	X
eistud-1090	273	19	1992	1992	NUM
eistud-1090	273	20	]	]	PUNCT
eistud-1090	273	21	,	,	PUNCT
eistud-1090	273	22	optimal	optimal	ADJ
eistud-1090	273	23	international	international	ADJ
eistud-1090	273	24	reserves	reserve	NOUN
eistud-1090	273	25	and	and	CCONJ
eistud-1090	273	26	sovereign	sovereign	ADJ
eistud-1090	273	27	risk	risk	NOUN
eistud-1090	273	28	,	,	PUNCT
eistud-1090	273	29	journal	journal	NOUN
eistud-1090	273	30	of	of	ADP
eistud-1090	273	31	international	international	ADJ
eistud-1090	273	32	economics	economic	NOUN
eistud-1090	273	33	,	,	PUNCT
eistud-1090	273	34	vol	vol	NOUN
eistud-1090	273	35	33	33	NUM
eistud-1090	273	36	,	,	PUNCT
eistud-1090	273	37	pp	pp	ADJ
eistud-1090	273	38	.	.	PUNCT
eistud-1090	274	1	345	345	NUM
eistud-1090	274	2	–	–	PUNCT
eistud-1090	274	3	362	362	NUM
eistud-1090	274	4	bryant	bryant	PROPN
eistud-1090	274	5	r.	r.	PROPN
eistud-1090	274	6	,	,	PUNCT
eistud-1090	274	7	[	[	X
eistud-1090	274	8	1980	1980	NUM
eistud-1090	274	9	]	]	X
eistud-1090	274	10	,	,	PUNCT
eistud-1090	274	11	a	a	DET
eistud-1090	274	12	model	model	NOUN
eistud-1090	274	13	of	of	ADP
eistud-1090	274	14	reserves	reserve	NOUN
eistud-1090	274	15	,	,	PUNCT
eistud-1090	274	16	bank	bank	NOUN
eistud-1090	274	17	runs	run	NOUN
eistud-1090	274	18	and	and	CCONJ
eistud-1090	274	19	deposit	deposit	NOUN
eistud-1090	274	20	insurance	insurance	NOUN
eistud-1090	274	21	,	,	PUNCT
eistud-1090	274	22	journal	journal	NOUN
eistud-1090	274	23	of	of	ADP
eistud-1090	274	24	banking	banking	NOUN
eistud-1090	274	25	and	and	CCONJ
eistud-1090	274	26	finance	finance	NOUN
eistud-1090	274	27	,	,	PUNCT
eistud-1090	274	28	vol	vol	NOUN
eistud-1090	274	29	4	4	NUM
eistud-1090	274	30	,	,	PUNCT
eistud-1090	274	31	pp	pp	ADJ
eistud-1090	274	32	.	.	PUNCT
eistud-1090	274	33	335	335	NUM
eistud-1090	274	34	–	–	PUNCT
eistud-1090	274	35	344	344	NUM
eistud-1090	274	36	chinn	chinn	PROPN
eistud-1090	274	37	m.	m.	NOUN
eistud-1090	274	38	,	,	PUNCT
eistud-1090	274	39	j.	j.	PROPN
eistud-1090	274	40	frankel	frankel	PROPN
eistud-1090	274	41	,	,	PUNCT
eistud-1090	274	42	[	[	X
eistud-1090	274	43	2005	2005	NUM
eistud-1090	274	44	]	]	PUNCT
eistud-1090	274	45	,	,	PUNCT
eistud-1090	274	46	will	will	AUX
eistud-1090	274	47	the	the	DET
eistud-1090	274	48	euro	euro	NOUN
eistud-1090	274	49	eventually	eventually	ADV
eistud-1090	274	50	surpass	surpass	VERB
eistud-1090	274	51	the	the	DET
eistud-1090	274	52	dollar	dollar	NOUN
eistud-1090	274	53	as	as	ADP
eistud-1090	274	54	leading	lead	VERB
eistud-1090	274	55	international	international	ADJ
eistud-1090	274	56	reserve	reserve	NOUN
eistud-1090	274	57	currency	currency	NOUN
eistud-1090	274	58	?	?	PUNCT
eistud-1090	274	59	,	,	PUNCT
eistud-1090	274	60	nber	nber	PROPN
eistud-1090	274	61	working	working	PROPN
eistud-1090	274	62	paper	paper	PROPN
eistud-1090	274	63	11510	11510	NUM
eistud-1090	274	64	chinn	chinn	PROPN
eistud-1090	274	65	m.	m.	PROPN
eistud-1090	274	66	,	,	PUNCT
eistud-1090	274	67	j.	j.	PROPN
eistud-1090	274	68	frankel	frankel	PROPN
eistud-1090	274	69	,	,	PUNCT
eistud-1090	274	70	[	[	X
eistud-1090	274	71	2005	2005	NUM
eistud-1090	274	72	]	]	PUNCT
eistud-1090	274	73	,	,	PUNCT
eistud-1090	274	74	the	the	DET
eistud-1090	274	75	euro	euro	PROPN
eistud-1090	274	76	area	area	NOUN
eistud-1090	274	77	and	and	CCONJ
eistud-1090	274	78	world	world	NOUN
eistud-1090	274	79	interest	interest	NOUN
eistud-1090	274	80	rates	rate	NOUN
eistud-1090	274	81	,	,	PUNCT
eistud-1090	274	82	santa	santa	PROPN
eistud-1090	274	83	cruz	cruz	PROPN
eistud-1090	274	84	center	center	PROPN
eistud-1090	274	85	for	for	ADP
eistud-1090	274	86	international	international	ADJ
eistud-1090	274	87	economics	economic	NOUN
eistud-1090	274	88	,	,	PUNCT
eistud-1090	274	89	working	working	NOUN
eistud-1090	274	90	paper	paper	NOUN
eistud-1090	274	91	series	series	PROPN
eistud-1090	274	92	no	no	PROPN
eistud-1090	274	93	.	.	PROPN
eistud-1090	274	94	8534	8534	NUM
eistud-1090	274	95	.	.	PUNCT
eistud-1090	275	1	conway	conway	PROPN
eistud-1090	275	2	p.	p.	PROPN
eistud-1090	275	3	,	,	PUNCT
eistud-1090	275	4	a.	a.	PROPN
eistud-1090	275	5	orr	orr	PROPN
eistud-1090	275	6	,	,	PUNCT
eistud-1090	276	1	[	[	X
eistud-1090	276	2	2002	2002	NUM
eistud-1090	276	3	]	]	X
eistud-1090	276	4	,	,	PUNCT
eistud-1090	276	5	the	the	DET
eistud-1090	276	6	grim	grim	ADJ
eistud-1090	276	7	:	:	PUNCT
eistud-1090	276	8	global	global	ADJ
eistud-1090	276	9	interest	interest	NOUN
eistud-1090	276	10	rate	rate	NOUN
eistud-1090	276	11	model	model	PROPN
eistud-1090	276	12	,	,	PUNCT
eistud-1090	276	13	westpac	westpac	PROPN
eistud-1090	276	14	institutional	institutional	PROPN
eistud-1090	276	15	bank	bank	PROPN
eistud-1090	276	16	occasional	occasional	ADJ
eistud-1090	276	17	paper	paper	NOUN
eistud-1090	276	18	,	,	PUNCT
eistud-1090	276	19	september	september	PROPN
eistud-1090	276	20	2002	2002	NUM
eistud-1090	276	21	.	.	PUNCT
eistud-1090	277	1	corden	corden	NOUN
eistud-1090	277	2	m.	m.	NOUN
eistud-1090	277	3	,	,	PUNCT
eistud-1090	277	4	[	[	X
eistud-1090	277	5	1972	1972	NUM
eistud-1090	277	6	]	]	X
eistud-1090	277	7	,	,	PUNCT
eistud-1090	277	8	monetary	monetary	ADJ
eistud-1090	277	9	integration	integration	NOUN
eistud-1090	277	10	,	,	PUNCT
eistud-1090	277	11	essays	essay	NOUN
eistud-1090	277	12	in	in	ADP
eistud-1090	277	13	international	international	ADJ
eistud-1090	277	14	finance	finance	NOUN
eistud-1090	277	15	,	,	PUNCT
eistud-1090	277	16	nr	nr	PROPN
eistud-1090	277	17	93	93	NUM
eistud-1090	277	18	,	,	PUNCT
eistud-1090	277	19	princeton	princeton	PROPN
eistud-1090	277	20	.	.	PUNCT
eistud-1090	278	1	issn	issn	PROPN
eistud-1090	278	2	1822–8402	1822–8402	NUM
eistud-1090	278	3	european	european	ADJ
eistud-1090	278	4	integration	integration	NOUN
eistud-1090	278	5	studies	study	NOUN
eistud-1090	278	6	.	.	PUNCT
eistud-1090	279	1	2011	2011	NUM
eistud-1090	279	2	.	.	PUNCT
eistud-1090	280	1	no	no	DET
eistud-1090	280	2	5	5	NUM
eistud-1090	280	3	151	151	NUM
eistud-1090	280	4	ecb	ecb	NOUN
eistud-1090	280	5	,	,	PUNCT
eistud-1090	280	6	[	[	X
eistud-1090	280	7	2008	2008	NUM
eistud-1090	280	8	]	]	PUNCT
eistud-1090	280	9	,	,	PUNCT
eistud-1090	280	10	statistics	statistic	NOUN
eistud-1090	280	11	pocket	pocket	NOUN
eistud-1090	280	12	book	book	NOUN
eistud-1090	280	13	,	,	PUNCT
eistud-1090	280	14	frankfurt	frankfurt	PROPN
eistud-1090	280	15	,	,	PUNCT
eistud-1090	280	16	march	march	PROPN
eistud-1090	280	17	2008	2008	NUM
eistud-1090	280	18	.	.	PUNCT
eistud-1090	281	1	edwards	edwards	PROPN
eistud-1090	281	2	s.	s.	PROPN
eistud-1090	281	3	,	,	PUNCT
eistud-1090	281	4	[	[	X
eistud-1090	281	5	1983	1983	NUM
eistud-1090	281	6	]	]	X
eistud-1090	281	7	,	,	PUNCT
eistud-1090	281	8	the	the	DET
eistud-1090	281	9	demand	demand	NOUN
eistud-1090	281	10	for	for	ADP
eistud-1090	281	11	international	international	ADJ
eistud-1090	281	12	reserves	reserve	NOUN
eistud-1090	281	13	and	and	CCONJ
eistud-1090	281	14	exchange	exchange	NOUN
eistud-1090	281	15	rate	rate	NOUN
eistud-1090	281	16	adjustments	adjustment	NOUN
eistud-1090	281	17	:	:	PUNCT
eistud-1090	281	18	the	the	DET
eistud-1090	281	19	case	case	NOUN
eistud-1090	281	20	of	of	ADP
eistud-1090	281	21	ldc	ldc	PROPN
eistud-1090	281	22	’s	’s	PART
eistud-1090	281	23	1964	1964	NUM
eistud-1090	281	24	–	–	PUNCT
eistud-1090	281	25	1972	1972	NUM
eistud-1090	281	26	,	,	PUNCT
eistud-1090	281	27	economics	economics	NOUN
eistud-1090	281	28	vol	vol	NOUN
eistud-1090	281	29	50	50	NUM
eistud-1090	281	30	,	,	PUNCT
eistud-1090	281	31	pp	pp	ADJ
eistud-1090	281	32	.	.	PUNCT
eistud-1090	281	33	269	269	NUM
eistud-1090	281	34	–	–	PUNCT
eistud-1090	281	35	280	280	NUM
eistud-1090	281	36	.	.	PUNCT
eistud-1090	281	37	eichengreen	eichengreen	PROPN
eistud-1090	281	38	b.	b.	PROPN
eistud-1090	281	39	,	,	PUNCT
eistud-1090	281	40	d.j	d.j	PROPN
eistud-1090	281	41	.	.	PROPN
eistud-1090	281	42	mathieson	mathieson	PROPN
eistud-1090	281	43	,	,	PUNCT
eistud-1090	281	44	[	[	X
eistud-1090	281	45	2000	2000	NUM
eistud-1090	281	46	]	]	PUNCT
eistud-1090	281	47	,	,	PUNCT
eistud-1090	281	48	the	the	DET
eistud-1090	281	49	currency	currency	NOUN
eistud-1090	281	50	composition	composition	NOUN
eistud-1090	281	51	of	of	ADP
eistud-1090	281	52	foreign	foreign	ADJ
eistud-1090	281	53	exchange	exchange	NOUN
eistud-1090	281	54	reserves	reserve	NOUN
eistud-1090	281	55	:	:	PUNCT
eistud-1090	281	56	retrospect	retrospect	ADJ
eistud-1090	281	57	and	and	CCONJ
eistud-1090	281	58	prospect	prospect	NOUN
eistud-1090	281	59	,	,	PUNCT
eistud-1090	281	60	imf	imf	PROPN
eistud-1090	281	61	working	working	PROPN
eistud-1090	281	62	paper	paper	NOUN
eistud-1090	281	63	,	,	PUNCT
eistud-1090	281	64	wp/00/131	wp/00/131	PROPN
eistud-1090	281	65	.	.	PUNCT
eistud-1090	281	66	frankel	frankel	PROPN
eistud-1090	281	67	j.	j.	PROPN
eistud-1090	281	68	a.	a.	PROPN
eistud-1090	281	69	,	,	PUNCT
eistud-1090	281	70	rose	rise	VERB
eistud-1090	281	71	a.	a.	PROPN
eistud-1090	281	72	k.	k.	PROPN
eistud-1090	281	73	,	,	PUNCT
eistud-1090	282	1	[	[	X
eistud-1090	282	2	1998	1998	NUM
eistud-1090	282	3	]	]	X
eistud-1090	282	4	,	,	PUNCT
eistud-1090	282	5	the	the	DET
eistud-1090	282	6	endogeneity	endogeneity	NOUN
eistud-1090	282	7	of	of	ADP
eistud-1090	282	8	the	the	DET
eistud-1090	282	9	optimum	optimum	ADJ
eistud-1090	282	10	currency	currency	NOUN
eistud-1090	282	11	area	area	NOUN
eistud-1090	282	12	criteria	criterion	NOUN
eistud-1090	282	13	,	,	PUNCT
eistud-1090	282	14	economic	economic	ADJ
eistud-1090	282	15	journal	journal	NOUN
eistud-1090	282	16	108(449	108(449	NUM
eistud-1090	282	17	)	)	PUNCT
eistud-1090	282	18	,	,	PUNCT
eistud-1090	282	19	1009—1025	1009—1025	NUM
eistud-1090	282	20	.	.	PUNCT
eistud-1090	283	1	imf	imf	PROPN
eistud-1090	283	2	,	,	PUNCT
eistud-1090	283	3	[	[	X
eistud-1090	283	4	2001	2001	NUM
eistud-1090	283	5	]	]	PUNCT
eistud-1090	283	6	,	,	PUNCT
eistud-1090	283	7	guidelines	guideline	NOUN
eistud-1090	283	8	for	for	ADP
eistud-1090	283	9	foreign	foreign	ADJ
eistud-1090	283	10	exchange	exchange	NOUN
eistud-1090	283	11	reserve	reserve	NOUN
eistud-1090	283	12	management	management	NOUN
eistud-1090	283	13	,	,	PUNCT
eistud-1090	283	14	(	(	PUNCT
eistud-1090	283	15	september	september	PROPN
eistud-1090	283	16	)	)	PUNCT
eistud-1090	283	17	,	,	PUNCT
eistud-1090	283	18	international	international	ADJ
eistud-1090	283	19	monetary	monetary	ADJ
eistud-1090	283	20	fund	fund	PROPN
eistud-1090	283	21	,	,	PUNCT
eistud-1090	284	1	washington	washington	PROPN
eistud-1090	284	2	d.c	d.c	PROPN
eistud-1090	284	3	.	.	PROPN
eistud-1090	284	4	imf	imf	PROPN
eistud-1090	284	5	,	,	PUNCT
eistud-1090	284	6	[	[	X
eistud-1090	284	7	1996	1996	NUM
eistud-1090	284	8	]	]	PUNCT
eistud-1090	284	9	,	,	PUNCT
eistud-1090	284	10	aftermath	aftermath	NOUN
eistud-1090	284	11	of	of	ADP
eistud-1090	284	12	the	the	DET
eistud-1090	284	13	cfa	cfa	PROPN
eistud-1090	284	14	franc	franc	PROPN
eistud-1090	284	15	devaluation	devaluation	NOUN
eistud-1090	284	16	,	,	PUNCT
eistud-1090	284	17	imf	imf	PROPN
eistud-1090	284	18	occasional	occasional	ADJ
eistud-1090	284	19	paper	paper	PROPN
eistud-1090	284	20	nr	nr	PROPN
eistud-1090	284	21	138	138	NUM
eistud-1090	284	22	,	,	PUNCT
eistud-1090	284	23	international	international	ADJ
eistud-1090	284	24	monetary	monetary	ADJ
eistud-1090	284	25	fund	fund	PROPN
eistud-1090	284	26	,	,	PUNCT
eistud-1090	284	27	washington	washington	PROPN
eistud-1090	284	28	d.c	d.c	PROPN
eistud-1090	284	29	.	.	PROPN
eistud-1090	284	30	imf	imf	PROPN
eistud-1090	284	31	,	,	PUNCT
eistud-1090	284	32	[	[	X
eistud-1090	284	33	1998	1998	NUM
eistud-1090	284	34	]	]	X
eistud-1090	284	35	,	,	PUNCT
eistud-1090	284	36	world	world	NOUN
eistud-1090	284	37	economic	economic	ADJ
eistud-1090	284	38	outlook	outlook	NOUN
eistud-1090	284	39	,	,	PUNCT
eistud-1090	284	40	chapter	chapter	NOUN
eistud-1090	284	41	v	v	NOUN
eistud-1090	284	42	:	:	PUNCT
eistud-1090	284	43	economic	economic	ADJ
eistud-1090	284	44	policy	policy	NOUN
eistud-1090	284	45	challenges	challenge	NOUN
eistud-1090	284	46	facing	face	VERB
eistud-1090	284	47	the	the	DET
eistud-1090	284	48	euro	euro	NOUN
eistud-1090	284	49	area	area	NOUN
eistud-1090	284	50	and	and	CCONJ
eistud-1090	284	51	the	the	DET
eistud-1090	284	52	external	external	ADJ
eistud-1090	284	53	implications	implication	NOUN
eistud-1090	284	54	of	of	ADP
eistud-1090	284	55	emu	emu	PROPN
eistud-1090	284	56	,	,	PUNCT
eistud-1090	284	57	international	international	ADJ
eistud-1090	284	58	monetary	monetary	ADJ
eistud-1090	284	59	fund	fund	PROPN
eistud-1090	284	60	,	,	PUNCT
eistud-1090	284	61	washington	washington	PROPN
eistud-1090	284	62	d.c	d.c	PROPN
eistud-1090	284	63	.	.	PROPN
eistud-1090	284	64	,	,	PUNCT
eistud-1090	284	65	s.	s.	PROPN
eistud-1090	284	66	143	143	PROPN
eistud-1090	284	67	.	.	PUNCT
eistud-1090	285	1	kenen	kenen	PROPN
eistud-1090	285	2	p.	p.	NOUN
eistud-1090	285	3	,	,	PUNCT
eistud-1090	286	1	[	[	X
eistud-1090	286	2	1969	1969	NUM
eistud-1090	286	3	]	]	PUNCT
eistud-1090	286	4	,	,	PUNCT
eistud-1090	286	5	the	the	DET
eistud-1090	286	6	theory	theory	NOUN
eistud-1090	286	7	of	of	ADP
eistud-1090	286	8	optimum	optimum	ADJ
eistud-1090	286	9	currency	currency	NOUN
eistud-1090	286	10	areas	area	NOUN
eistud-1090	286	11	:	:	PUNCT
eistud-1090	286	12	an	an	DET
eistud-1090	286	13	eclectic	eclectic	ADJ
eistud-1090	286	14	view	view	NOUN
eistud-1090	286	15	,	,	PUNCT
eistud-1090	286	16	mundell	mundell	PROPN
eistud-1090	286	17	r.	r.	PROPN
eistud-1090	286	18	,	,	PUNCT
eistud-1090	286	19	swoboda	swoboda	PROPN
eistud-1090	286	20	a.	a.	PROPN
eistud-1090	286	21	(	(	PUNCT
eistud-1090	286	22	red	red	PROPN
eistud-1090	286	23	.	.	PUNCT
eistud-1090	286	24	)	)	PUNCT
eistud-1090	287	1	monetary	monetary	ADJ
eistud-1090	287	2	problems	problem	NOUN
eistud-1090	287	3	of	of	ADP
eistud-1090	287	4	international	international	ADJ
eistud-1090	287	5	economy	economy	NOUN
eistud-1090	287	6	,	,	PUNCT
eistud-1090	287	7	chicago	chicago	PROPN
eistud-1090	287	8	,	,	PUNCT
eistud-1090	287	9	s.4160	s.4160	PROPN
eistud-1090	287	10	,	,	PUNCT
eistud-1090	287	11	przedruk	przedruk	PROPN
eistud-1090	287	12	w	w	PROPN
eistud-1090	287	13	:	:	PUNCT
eistud-1090	287	14	kenen	kenen	PROPN
eistud-1090	287	15	p.	p.	NOUN
eistud-1090	287	16	,	,	PUNCT
eistud-1090	287	17	exchange	exchange	NOUN
eistud-1090	287	18	rates	rate	NOUN
eistud-1090	287	19	and	and	CCONJ
eistud-1090	287	20	the	the	DET
eistud-1090	287	21	monetary	monetary	ADJ
eistud-1090	287	22	system	system	NOUN
eistud-1090	287	23	,	,	PUNCT
eistud-1090	287	24	edward	edward	PROPN
eistud-1090	287	25	elgar	elgar	PROPN
eistud-1090	287	26	,	,	PUNCT
eistud-1090	287	27	baden	baden	PROPN
eistud-1090	287	28	-	-	PUNCT
eistud-1090	287	29	baden	baden	PROPN
eistud-1090	287	30	,	,	PUNCT
eistud-1090	287	31	1994	1994	NUM
eistud-1090	287	32	,	,	PUNCT
eistud-1090	287	33	pp	pp	ADJ
eistud-1090	287	34	.	.	PUNCT
eistud-1090	288	1	4	4	NUM
eistud-1090	288	2	-	-	SYM
eistud-1090	288	3	23	23	NUM
eistud-1090	288	4	.	.	PUNCT
eistud-1090	289	1	masson	masson	PROPN
eistud-1090	289	2	p.	p.	PROPN
eistud-1090	289	3	,	,	PUNCT
eistud-1090	289	4	b.	b.	PROPN
eistud-1090	289	5	turtelboom	turtelboom	PROPN
eistud-1090	289	6	,	,	PUNCT
eistud-1090	289	7	[	[	X
eistud-1090	289	8	1997	1997	NUM
eistud-1090	289	9	]	]	PUNCT
eistud-1090	289	10	,	,	PUNCT
eistud-1090	289	11	characteristics	characteristic	NOUN
eistud-1090	289	12	of	of	ADP
eistud-1090	289	13	the	the	DET
eistud-1090	289	14	euro	euro	NOUN
eistud-1090	289	15	,	,	PUNCT
eistud-1090	289	16	the	the	DET
eistud-1090	289	17	demand	demand	NOUN
eistud-1090	289	18	for	for	ADP
eistud-1090	289	19	reserves	reserve	NOUN
eistud-1090	289	20	,	,	PUNCT
eistud-1090	289	21	and	and	CCONJ
eistud-1090	289	22	international	international	ADJ
eistud-1090	289	23	policy	policy	NOUN
eistud-1090	289	24	coordination	coordination	NOUN
eistud-1090	289	25	under	under	ADP
eistud-1090	289	26	emu	emu	PROPN
eistud-1090	289	27	,	,	PUNCT
eistud-1090	289	28	w	w	PROPN
eistud-1090	289	29	p.	p.	PROPN
eistud-1090	289	30	masson	masson	PROPN
eistud-1090	289	31	,	,	PUNCT
eistud-1090	289	32	t.	t.	PROPN
eistud-1090	289	33	krueger	krueger	PROPN
eistud-1090	289	34	,	,	PUNCT
eistud-1090	289	35	b.	b.	PROPN
eistud-1090	289	36	turtelboom	turtelboom	PROPN
eistud-1090	289	37	(	(	PUNCT
eistud-1090	289	38	red	red	PROPN
eistud-1090	289	39	.	.	PROPN
eistud-1090	289	40	)	)	PUNCT
eistud-1090	289	41	,	,	PUNCT
eistud-1090	289	42	emu	emu	PROPN
eistud-1090	289	43	and	and	CCONJ
eistud-1090	289	44	the	the	DET
eistud-1090	289	45	international	international	ADJ
eistud-1090	289	46	monetary	monetary	ADJ
eistud-1090	289	47	system	system	NOUN
eistud-1090	289	48	,	,	PUNCT
eistud-1090	289	49	washington	washington	PROPN
eistud-1090	289	50	d.c	d.c	PROPN
eistud-1090	289	51	.	.	PROPN
eistud-1090	289	52	,	,	PUNCT
eistud-1090	289	53	international	international	ADJ
eistud-1090	289	54	monetary	monetary	ADJ
eistud-1090	289	55	fund	fund	NOUN
eistud-1090	289	56	,	,	PUNCT
eistud-1090	289	57	pp	pp	X
eistud-1090	289	58	.	.	PUNCT
eistud-1090	289	59	194	194	NUM
eistud-1090	289	60	–	–	PUNCT
eistud-1090	289	61	224	224	NUM
eistud-1090	289	62	.	.	PUNCT
eistud-1090	290	1	młodkowski	młodkowski	PROPN
eistud-1090	290	2	p.	p.	PROPN
eistud-1090	290	3	,	,	PUNCT
eistud-1090	291	1	[	[	X
eistud-1090	291	2	2002	2002	NUM
eistud-1090	291	3	]	]	X
eistud-1090	291	4	,	,	PUNCT
eistud-1090	291	5	foreign	foreign	ADJ
eistud-1090	291	6	exchange	exchange	NOUN
eistud-1090	291	7	reserves	reserve	NOUN
eistud-1090	291	8	management	management	NOUN
eistud-1090	291	9	.	.	PUNCT
eistud-1090	292	1	a	a	DET
eistud-1090	292	2	new	new	ADJ
eistud-1090	292	3	approach	approach	NOUN
eistud-1090	292	4	,	,	PUNCT
eistud-1090	292	5	[	[	X
eistud-1090	292	6	in	in	ADP
eistud-1090	292	7	]	]	X
eistud-1090	292	8	future	future	NOUN
eistud-1090	292	9	of	of	ADP
eistud-1090	292	10	the	the	DET
eistud-1090	292	11	banking	banking	NOUN
eistud-1090	292	12	,	,	PUNCT
eistud-1090	292	13	karvina	karvina	PROPN
eistud-1090	292	14	,	,	PUNCT
eistud-1090	292	15	czech	czech	PROPN
eistud-1090	292	16	republic	republic	NOUN
eistud-1090	292	17	,	,	PUNCT
eistud-1090	292	18	(	(	PUNCT
eistud-1090	292	19	october	october	PROPN
eistud-1090	292	20	)	)	PUNCT
eistud-1090	292	21	,	,	PUNCT
eistud-1090	292	22	pp	pp	ADP
eistud-1090	292	23	.	.	PUNCT
eistud-1090	292	24	291	291	NUM
eistud-1090	292	25	–	–	PUNCT
eistud-1090	292	26	296	296	NUM
eistud-1090	292	27	.	.	PUNCT
eistud-1090	292	28	młodkowski	młodkowski	PROPN
eistud-1090	292	29	p.	p.	PROPN
eistud-1090	292	30	,	,	PUNCT
eistud-1090	293	1	[	[	X
eistud-1090	293	2	2006	2006	NUM
eistud-1090	293	3	]	]	PUNCT
eistud-1090	293	4	,	,	PUNCT
eistud-1090	293	5	konwergencja	konwergencja	PROPN
eistud-1090	293	6	fiskalna	fiskalna	PROPN
eistud-1090	293	7	w	w	PROPN
eistud-1090	293	8	uniach	uniach	PROPN
eistud-1090	293	9	walutowych	walutowych	PROPN
eistud-1090	293	10	w	w	PROPN
eistud-1090	293	11	afryce	afryce	PROPN
eistud-1090	293	12	,	,	PUNCT
eistud-1090	293	13	gospodarka	gospodarka	PROPN
eistud-1090	293	14	narodowa	narodowa	NOUN
eistud-1090	293	15	,	,	PUNCT
eistud-1090	293	16	1	1	NUM
eistud-1090	293	17	-	-	SYM
eistud-1090	293	18	2/2006	2/2006	NUM
eistud-1090	293	19	,	,	PUNCT
eistud-1090	293	20	pp	pp	ADJ
eistud-1090	293	21	.	.	PUNCT
eistud-1090	293	22	19	19	NUM
eistud-1090	293	23	–	–	SYM
eistud-1090	293	24	36	36	NUM
eistud-1090	293	25	.	.	PUNCT
eistud-1090	294	1	młodkowski	młodkowski	PROPN
eistud-1090	294	2	p.	p.	PROPN
eistud-1090	294	3	,	,	PUNCT
eistud-1090	294	4	(	(	PUNCT
eistud-1090	294	5	2007	2007	NUM
eistud-1090	294	6	)	)	PUNCT
eistud-1090	294	7	,	,	PUNCT
eistud-1090	294	8	pozaeuropejskie	pozaeuropejskie	NOUN
eistud-1090	294	9	unie	unie	PROPN
eistud-1090	294	10	monetarne	monetarne	PROPN
eistud-1090	294	11	.	.	PUNCT
eistud-1090	295	1	historia	historia	NOUN
eistud-1090	296	1	i	i	PRON
eistud-1090	296	2	funkcjonowanie	funkcjonowanie	VERB
eistud-1090	296	3	,	,	PUNCT
eistud-1090	296	4	wn	wn	PROPN
eistud-1090	296	5	pwn	pwn	PROPN
eistud-1090	296	6	,	,	PUNCT
eistud-1090	296	7	warszawa	warszawa	PROPN
eistud-1090	296	8	2007	2007	NUM
eistud-1090	296	9	.	.	PUNCT
eistud-1090	297	1	młodkowski	młodkowski	PROPN
eistud-1090	297	2	p.	p.	PROPN
eistud-1090	297	3	,	,	PUNCT
eistud-1090	298	1	[	[	X
eistud-1090	298	2	2008	2008	NUM
eistud-1090	298	3	]	]	PUNCT
eistud-1090	298	4	,	,	PUNCT
eistud-1090	298	5	„	„	PUNCT
eistud-1090	298	6	integracja	integracja	PROPN
eistud-1090	298	7	monetarna	monetarna	PROPN
eistud-1090	298	8	zarządzanie	zarządzanie	PROPN
eistud-1090	298	9	rezerwami	rezerwami	PROPN
eistud-1090	298	10	walutowymi	walutowymi	VERB
eistud-1090	298	11	”	"	PUNCT
eistud-1090	298	12	,	,	PUNCT
eistud-1090	298	13	gospodarka	gospodarka	PROPN
eistud-1090	298	14	narodowa	narodowa	PROPN
eistud-1090	298	15	,	,	PUNCT
eistud-1090	298	16	nr	nr	PROPN
eistud-1090	298	17	9/2008	9/2008	NOUN
eistud-1090	298	18	,	,	PUNCT
eistud-1090	298	19	pp.22	pp.22	NOUN
eistud-1090	298	20	–	–	PUNCT
eistud-1090	298	21	40	40	NUM
eistud-1090	298	22	.	.	PUNCT
eistud-1090	299	1	rother	rother	PROPN
eistud-1090	299	2	p.	p.	PROPN
eistud-1090	299	3	c.	c.	PROPN
eistud-1090	299	4	,	,	PUNCT
eistud-1090	300	1	[	[	X
eistud-1090	300	2	1998	1998	NUM
eistud-1090	300	3	]	]	PUNCT
eistud-1090	300	4	,	,	PUNCT
eistud-1090	300	5	money	money	NOUN
eistud-1090	300	6	demand	demand	NOUN
eistud-1090	300	7	and	and	CCONJ
eistud-1090	300	8	regional	regional	ADJ
eistud-1090	300	9	monetary	monetary	ADJ
eistud-1090	300	10	policy	policy	NOUN
eistud-1090	300	11	in	in	ADP
eistud-1090	300	12	the	the	DET
eistud-1090	300	13	west	west	ADJ
eistud-1090	300	14	african	african	ADJ
eistud-1090	300	15	economic	economic	ADJ
eistud-1090	300	16	and	and	CCONJ
eistud-1090	300	17	monetary	monetary	ADJ
eistud-1090	300	18	union	union	NOUN
eistud-1090	300	19	,	,	PUNCT
eistud-1090	300	20	imf	imf	PROPN
eistud-1090	300	21	working	working	PROPN
eistud-1090	300	22	paper	paper	NOUN
eistud-1090	300	23	,	,	PUNCT
eistud-1090	300	24	imf	imf	PROPN
eistud-1090	300	25	wp/98/57	wp/98/57	PROPN
eistud-1090	300	26	,	,	PUNCT
eistud-1090	301	1	washington	washington	PROPN
eistud-1090	301	2	d.c	d.c	PROPN
eistud-1090	301	3	.	.	PROPN
eistud-1090	301	4	scheller	scheller	PROPN
eistud-1090	301	5	h.	h.	PROPN
eistud-1090	301	6	,	,	PUNCT
eistud-1090	301	7	k.	k.	PROPN
eistud-1090	301	8	,	,	PUNCT
eistud-1090	301	9	[	[	X
eistud-1090	301	10	2004	2004	NUM
eistud-1090	301	11	]	]	X
eistud-1090	301	12	,	,	PUNCT
eistud-1090	301	13	european	european	PROPN
eistud-1090	301	14	central	central	PROPN
eistud-1090	301	15	bank	bank	PROPN
eistud-1090	301	16	.	.	PUNCT
eistud-1090	302	1	history	history	NOUN
eistud-1090	302	2	,	,	PUNCT
eistud-1090	302	3	role	role	NOUN
eistud-1090	302	4	and	and	CCONJ
eistud-1090	302	5	functions	function	NOUN
eistud-1090	302	6	,	,	PUNCT
eistud-1090	302	7	ebc	ebc	PROPN
eistud-1090	302	8	,	,	PUNCT
eistud-1090	302	9	frankfurt	frankfurt	PROPN
eistud-1090	302	10	.	.	PUNCT
eistud-1090	303	1	scott	scott	PROPN
eistud-1090	303	2	r.	r.	PROPN
eistud-1090	303	3	,	,	PUNCT
eistud-1090	303	4	[	[	X
eistud-1090	303	5	1993	1993	NUM
eistud-1090	303	6	]	]	PUNCT
eistud-1090	303	7	,	,	PUNCT
eistud-1090	303	8	the	the	DET
eistud-1090	303	9	management	management	NOUN
eistud-1090	303	10	of	of	ADP
eistud-1090	303	11	foreign	foreign	ADJ
eistud-1090	303	12	exchange	exchange	NOUN
eistud-1090	303	13	reserves	reserve	NOUN
eistud-1090	303	14	,	,	PUNCT
eistud-1090	303	15	bis	bis	ADJ
eistud-1090	303	16	economic	economic	ADJ
eistud-1090	303	17	paper	paper	NOUN
eistud-1090	303	18	nr	nr	PROPN
eistud-1090	303	19	38	38	NUM
eistud-1090	303	20	,	,	PUNCT
eistud-1090	303	21	basle	basle	PROPN
eistud-1090	303	22	:	:	PUNCT
eistud-1090	303	23	bis	bis	PROPN
eistud-1090	303	24	(	(	PUNCT
eistud-1090	303	25	july	july	PROPN
eistud-1090	303	26	)	)	PUNCT
eistud-1090	303	27	.	.	PUNCT
eistud-1090	304	1	statute	statute	NOUN
eistud-1090	304	2	of	of	ADP
eistud-1090	304	3	the	the	DET
eistud-1090	304	4	ebc	ebc	PROPN
eistud-1090	304	5	,	,	PUNCT
eistud-1090	304	6	protocol	protocol	NOUN
eistud-1090	304	7	on	on	ADP
eistud-1090	304	8	the	the	DET
eistud-1090	304	9	statute	statute	NOUN
eistud-1090	304	10	of	of	ADP
eistud-1090	304	11	the	the	DET
eistud-1090	304	12	european	european	ADJ
eistud-1090	304	13	system	system	NOUN
eistud-1090	304	14	of	of	ADP
eistud-1090	304	15	central	central	ADJ
eistud-1090	304	16	banks	bank	NOUN
eistud-1090	304	17	and	and	CCONJ
eistud-1090	304	18	of	of	ADP
eistud-1090	304	19	the	the	DET
eistud-1090	304	20	european	european	PROPN
eistud-1090	304	21	central	central	PROPN
eistud-1090	304	22	bank	bank	PROPN
eistud-1090	304	23	.	.	PUNCT
eistud-1090	305	1	european	european	PROPN
eistud-1090	305	2	treaty	treaty	PROPN
eistud-1090	305	3	,	,	PUNCT
eistud-1090	305	4	official	official	ADJ
eistud-1090	305	5	journal	journal	NOUN
eistud-1090	305	6	of	of	ADP
eistud-1090	305	7	the	the	DET
eistud-1090	305	8	european	european	ADJ
eistud-1090	305	9	communities	community	NOUN
eistud-1090	305	10	,	,	PUNCT
eistud-1090	305	11	no	no	DET
eistud-1090	305	12	c	c	NOUN
eistud-1090	305	13	191/4	191/4	NUM
eistud-1090	305	14	,	,	PUNCT
eistud-1090	305	15	27.7.92	27.7.92	NOUN
eistud-1090	305	16	.	.	PUNCT
eistud-1090	306	1	the	the	DET
eistud-1090	306	2	article	article	NOUN
eistud-1090	306	3	has	have	AUX
eistud-1090	306	4	been	be	AUX
eistud-1090	306	5	reviewed	review	VERB
eistud-1090	306	6	.	.	PUNCT
eistud-1090	307	1	received	receive	VERB
eistud-1090	307	2	in	in	ADP
eistud-1090	307	3	april	april	PROPN
eistud-1090	307	4	,	,	PUNCT
eistud-1090	307	5	2011	2011	NUM
eistud-1090	307	6	;	;	PUNCT
eistud-1090	307	7	accepted	accept	VERB
eistud-1090	307	8	in	in	ADP
eistud-1090	307	9	june	june	PROPN
eistud-1090	307	10	,	,	PUNCT
eistud-1090	307	11	2011	2011	NUM
eistud-1090	307	12	.	.	PUNCT