id	sid	tid	token	lemma	pos
eistud-28787	1	1	125	125	NUM
eistud-28787	1	2	european	european	ADJ
eistud-28787	1	3	integrat	integrat	NOUN
eistud-28787	1	4	ion	ion	NOUN
eistud-28787	1	5	studies	study	NOUN
eistud-28787	1	6	2021/15	2021/15	NUM
eistud-28787	1	7	abstract	abstract	ADJ
eistud-28787	1	8	assessment	assessment	NOUN
eistud-28787	1	9	of	of	ADP
eistud-28787	1	10	feldstein	feldstein	NOUN
eistud-28787	1	11	’s	’s	PART
eistud-28787	1	12	‘	'	PUNCT
eistud-28787	1	13	global	global	ADJ
eistud-28787	1	14	imbalance	imbalance	NOUN
eistud-28787	1	15	’	'	PUNCT
eistud-28787	1	16	1	1	NUM
eistud-28787	1	17	http://dx.doi.org/10.5755/j01.eis.1.15.28787	http://dx.doi.org/10.5755/j01.eis.1.15.28787	NOUN
eistud-28787	1	18	this	this	DET
eistud-28787	1	19	note	note	NOUN
eistud-28787	1	20	is	be	AUX
eistud-28787	1	21	a	a	DET
eistud-28787	1	22	systematic	systematic	ADJ
eistud-28787	1	23	review	review	NOUN
eistud-28787	1	24	of	of	ADP
eistud-28787	1	25	arguments	argument	NOUN
eistud-28787	1	26	provided	provide	VERB
eistud-28787	1	27	by	by	ADP
eistud-28787	1	28	feldstein	feldstein	NOUN
eistud-28787	1	29	(	(	PUNCT
eistud-28787	1	30	2008	2008	NUM
eistud-28787	1	31	)	)	PUNCT
eistud-28787	1	32	on	on	ADP
eistud-28787	1	33	the	the	DET
eistud-28787	1	34	necessity	necessity	NOUN
eistud-28787	1	35	for	for	ADP
eistud-28787	1	36	global	global	ADJ
eistud-28787	1	37	readjustments	readjustment	NOUN
eistud-28787	1	38	,	,	PUNCT
eistud-28787	1	39	both	both	CCONJ
eistud-28787	1	40	in	in	ADP
eistud-28787	1	41	the	the	DET
eistud-28787	1	42	u.s	u.s	PROPN
eistud-28787	1	43	.	.	PROPN
eistud-28787	1	44	and	and	CCONJ
eistud-28787	1	45	in	in	ADP
eistud-28787	1	46	main	main	ADJ
eistud-28787	1	47	trading	trading	NOUN
eistud-28787	1	48	partners	partner	NOUN
eistud-28787	1	49	.	.	PUNCT
eistud-28787	2	1	the	the	DET
eistud-28787	2	2	purpose	purpose	NOUN
eistud-28787	2	3	is	be	AUX
eistud-28787	2	4	to	to	PART
eistud-28787	2	5	address	address	VERB
eistud-28787	2	6	the	the	DET
eistud-28787	2	7	main	main	ADJ
eistud-28787	2	8	arguments	argument	NOUN
eistud-28787	2	9	in	in	ADP
eistud-28787	2	10	the	the	DET
eistud-28787	2	11	scientific	scientific	ADJ
eistud-28787	2	12	and	and	CCONJ
eistud-28787	2	13	political	political	ADJ
eistud-28787	2	14	debate	debate	NOUN
eistud-28787	2	15	on	on	ADP
eistud-28787	2	16	persistent	persistent	ADJ
eistud-28787	2	17	to	to	ADP
eistud-28787	2	18	date	date	NOUN
eistud-28787	2	19	,	,	PUNCT
eistud-28787	2	20	there	there	PRON
eistud-28787	2	21	has	have	AUX
eistud-28787	2	22	been	be	AUX
eistud-28787	2	23	no	no	DET
eistud-28787	2	24	publication	publication	NOUN
eistud-28787	2	25	that	that	PRON
eistud-28787	2	26	challenged	challenge	VERB
eistud-28787	2	27	the	the	DET
eistud-28787	2	28	opinions	opinion	NOUN
eistud-28787	2	29	leading	lead	VERB
eistud-28787	2	30	to	to	ADP
eistud-28787	2	31	totally	totally	ADV
eistud-28787	2	32	wrong	wrong	ADJ
eistud-28787	2	33	forecasts	forecast	NOUN
eistud-28787	2	34	concerning	concern	VERB
eistud-28787	2	35	the	the	DET
eistud-28787	2	36	global	global	ADJ
eistud-28787	2	37	imbalance	imbalance	NOUN
eistud-28787	2	38	.	.	PUNCT
eistud-28787	3	1	with	with	ADP
eistud-28787	3	2	a	a	DET
eistud-28787	3	3	perspective	perspective	NOUN
eistud-28787	3	4	of	of	ADP
eistud-28787	3	5	more	more	ADJ
eistud-28787	3	6	than	than	ADP
eistud-28787	3	7	10	10	NUM
eistud-28787	3	8	years	year	NOUN
eistud-28787	3	9	of	of	ADP
eistud-28787	3	10	post-2008	post-2008	NOUN
eistud-28787	3	11	-	-	PUNCT
eistud-28787	3	12	crisis	crisis	NOUN
eistud-28787	3	13	developments	development	NOUN
eistud-28787	3	14	,	,	PUNCT
eistud-28787	3	15	and	and	CCONJ
eistud-28787	3	16	together	together	ADV
eistud-28787	3	17	with	with	ADP
eistud-28787	3	18	empirical	empirical	ADJ
eistud-28787	3	19	evidence	evidence	NOUN
eistud-28787	3	20	one	one	PRON
eistud-28787	3	21	can	can	AUX
eistud-28787	3	22	easily	easily	ADV
eistud-28787	3	23	see	see	VERB
eistud-28787	3	24	how	how	SCONJ
eistud-28787	3	25	erroneous	erroneous	ADJ
eistud-28787	3	26	were	be	AUX
eistud-28787	3	27	the	the	DET
eistud-28787	3	28	arguments	argument	NOUN
eistud-28787	3	29	formulated	formulate	VERB
eistud-28787	3	30	in	in	ADP
eistud-28787	3	31	2008	2008	NUM
eistud-28787	3	32	.	.	PUNCT
eistud-28787	4	1	the	the	DET
eistud-28787	4	2	tasks	task	NOUN
eistud-28787	4	3	included	include	VERB
eistud-28787	4	4	a	a	DET
eistud-28787	4	5	systematic	systematic	ADJ
eistud-28787	4	6	review	review	NOUN
eistud-28787	4	7	of	of	ADP
eistud-28787	4	8	all	all	DET
eistud-28787	4	9	arguments	argument	NOUN
eistud-28787	4	10	formulated	formulate	VERB
eistud-28787	4	11	by	by	ADP
eistud-28787	4	12	martin	martin	PROPN
eistud-28787	4	13	feldstein	feldstein	PROPN
eistud-28787	4	14	in	in	ADP
eistud-28787	4	15	2008	2008	NUM
eistud-28787	4	16	,	,	PUNCT
eistud-28787	4	17	and	and	CCONJ
eistud-28787	4	18	casting	cast	VERB
eistud-28787	4	19	them	they	PRON
eistud-28787	4	20	against	against	ADP
eistud-28787	4	21	empirical	empirical	ADJ
eistud-28787	4	22	evidence	evidence	NOUN
eistud-28787	4	23	.	.	PUNCT
eistud-28787	5	1	the	the	DET
eistud-28787	5	2	u.s	u.s	PROPN
eistud-28787	5	3	.	.	PROPN
eistud-28787	5	4	current	current	ADJ
eistud-28787	5	5	account	account	NOUN
eistud-28787	5	6	(	(	PUNCT
eistud-28787	5	7	ca	ca	NOUN
eistud-28787	5	8	)	)	PUNCT
eistud-28787	5	9	deficit	deficit	NOUN
eistud-28787	5	10	has	have	AUX
eistud-28787	5	11	continued	continue	VERB
eistud-28787	5	12	for	for	ADP
eistud-28787	5	13	many	many	ADJ
eistud-28787	5	14	years	year	NOUN
eistud-28787	5	15	,	,	PUNCT
eistud-28787	5	16	since	since	SCONJ
eistud-28787	5	17	1982	1982	NUM
eistud-28787	5	18	,	,	PUNCT
eistud-28787	5	19	and	and	CCONJ
eistud-28787	5	20	has	have	AUX
eistud-28787	5	21	not	not	PART
eistud-28787	5	22	changed	change	VERB
eistud-28787	5	23	,	,	PUNCT
eistud-28787	5	24	as	as	SCONJ
eistud-28787	5	25	foreseen	foresee	VERB
eistud-28787	5	26	by	by	ADP
eistud-28787	5	27	feldstein	feldstein	NOUN
eistud-28787	5	28	.	.	PUNCT
eistud-28787	6	1	the	the	DET
eistud-28787	6	2	primary	primary	ADJ
eistud-28787	6	3	method	method	NOUN
eistud-28787	6	4	is	be	AUX
eistud-28787	6	5	a	a	DET
eistud-28787	6	6	simple	simple	ADJ
eistud-28787	6	7	comparative	comparative	ADJ
eistud-28787	6	8	analysis	analysis	NOUN
eistud-28787	6	9	,	,	PUNCT
eistud-28787	6	10	supported	support	VERB
eistud-28787	6	11	by	by	ADP
eistud-28787	6	12	basic	basic	ADJ
eistud-28787	6	13	macroeconomic	macroeconomic	ADJ
eistud-28787	6	14	data	datum	NOUN
eistud-28787	6	15	.	.	PUNCT
eistud-28787	7	1	they	they	PRON
eistud-28787	7	2	allow	allow	VERB
eistud-28787	7	3	to	to	PART
eistud-28787	7	4	reveal	reveal	VERB
eistud-28787	7	5	multiple	multiple	ADJ
eistud-28787	7	6	processes	process	NOUN
eistud-28787	7	7	leading	lead	VERB
eistud-28787	7	8	to	to	ADP
eistud-28787	7	9	further	further	ADJ
eistud-28787	7	10	deterioration	deterioration	NOUN
eistud-28787	7	11	of	of	ADP
eistud-28787	7	12	the	the	DET
eistud-28787	7	13	u.s	u.s	PROPN
eistud-28787	7	14	.	.	PROPN
eistud-28787	7	15	trade	trade	PROPN
eistud-28787	7	16	balance	balance	NOUN
eistud-28787	7	17	.	.	PUNCT
eistud-28787	8	1	neither	neither	PRON
eistud-28787	8	2	savings	saving	NOUN
eistud-28787	8	3	rate	rate	NOUN
eistud-28787	8	4	domestically	domestically	ADV
eistud-28787	8	5	nor	nor	CCONJ
eistud-28787	8	6	abroad	abroad	ADV
eistud-28787	8	7	adjusted	adjust	VERB
eistud-28787	8	8	to	to	PART
eistud-28787	8	9	give	give	VERB
eistud-28787	8	10	a	a	DET
eistud-28787	8	11	basis	basis	NOUN
eistud-28787	8	12	for	for	ADP
eistud-28787	8	13	solving	solve	VERB
eistud-28787	8	14	the	the	DET
eistud-28787	8	15	global	global	ADJ
eistud-28787	8	16	imbalance	imbalance	NOUN
eistud-28787	8	17	.	.	PUNCT
eistud-28787	9	1	in	in	ADP
eistud-28787	9	2	the	the	DET
eistud-28787	9	3	same	same	ADJ
eistud-28787	9	4	time	time	NOUN
eistud-28787	9	5	,	,	PUNCT
eistud-28787	9	6	all	all	DET
eistud-28787	9	7	traditional	traditional	ADJ
eistud-28787	9	8	arguments	argument	NOUN
eistud-28787	9	9	presented	present	VERB
eistud-28787	9	10	on	on	ADP
eistud-28787	9	11	global	global	ADJ
eistud-28787	9	12	imbalances	imbalance	NOUN
eistud-28787	9	13	seem	seem	VERB
eistud-28787	9	14	undeniable	undeniable	ADJ
eistud-28787	9	15	.	.	PUNCT
eistud-28787	10	1	however	however	ADV
eistud-28787	10	2	,	,	PUNCT
eistud-28787	10	3	an	an	DET
eistud-28787	10	4	alternative	alternative	ADJ
eistud-28787	10	5	interpretation	interpretation	NOUN
eistud-28787	10	6	of	of	ADP
eistud-28787	10	7	the	the	DET
eistud-28787	10	8	imbalance	imbalance	NOUN
eistud-28787	10	9	does	do	AUX
eistud-28787	10	10	not	not	PART
eistud-28787	10	11	recognize	recognize	VERB
eistud-28787	10	12	the	the	DET
eistud-28787	10	13	ca	ca	NOUN
eistud-28787	10	14	deficit	deficit	NOUN
eistud-28787	10	15	as	as	ADP
eistud-28787	10	16	“	"	PUNCT
eistud-28787	10	17	a	a	DET
eistud-28787	10	18	gift	gift	NOUN
eistud-28787	10	19	to	to	ADP
eistud-28787	10	20	the	the	DET
eistud-28787	10	21	u.s	u.s	PROPN
eistud-28787	10	22	.	.	PROPN
eistud-28787	10	23	economy	economy	NOUN
eistud-28787	10	24	”	"	PUNCT
eistud-28787	10	25	.	.	PUNCT
eistud-28787	11	1	this	this	DET
eistud-28787	11	2	paper	paper	NOUN
eistud-28787	11	3	sheds	shed	VERB
eistud-28787	11	4	new	new	ADJ
eistud-28787	11	5	light	light	NOUN
eistud-28787	11	6	on	on	ADP
eistud-28787	11	7	the	the	DET
eistud-28787	11	8	“	"	PUNCT
eistud-28787	11	9	global	global	ADJ
eistud-28787	11	10	imbalance	imbalance	NOUN
eistud-28787	11	11	”	"	PUNCT
eistud-28787	11	12	,	,	PUNCT
eistud-28787	11	13	suggesting	suggest	VERB
eistud-28787	11	14	that	that	SCONJ
eistud-28787	11	15	increasing	increase	VERB
eistud-28787	11	16	domestic	domestic	ADJ
eistud-28787	11	17	absorption	absorption	NOUN
eistud-28787	11	18	by	by	ADP
eistud-28787	11	19	china	china	PROPN
eistud-28787	11	20	may	may	AUX
eistud-28787	11	21	be	be	AUX
eistud-28787	11	22	an	an	DET
eistud-28787	11	23	important	important	ADJ
eistud-28787	11	24	factor	factor	NOUN
eistud-28787	11	25	in	in	ADP
eistud-28787	11	26	resolving	resolve	VERB
eistud-28787	11	27	the	the	DET
eistud-28787	11	28	u.s	u.s	PROPN
eistud-28787	11	29	.	.	PROPN
eistud-28787	11	30	problematic	problematic	ADJ
eistud-28787	11	31	and	and	CCONJ
eistud-28787	11	32	persistent	persistent	ADJ
eistud-28787	11	33	trade	trade	NOUN
eistud-28787	11	34	deficit	deficit	NOUN
eistud-28787	11	35	.	.	PUNCT
eistud-28787	12	1	disaster	disaster	NOUN
eistud-28787	12	2	-	-	PUNCT
eistud-28787	12	3	scenarios	scenario	NOUN
eistud-28787	12	4	may	may	AUX
eistud-28787	12	5	be	be	AUX
eistud-28787	12	6	not	not	PART
eistud-28787	12	7	there	there	ADV
eistud-28787	12	8	in	in	ADP
eistud-28787	12	9	the	the	DET
eistud-28787	12	10	u.s	u.s	PROPN
eistud-28787	12	11	.	.	PROPN
eistud-28787	12	12	to	to	PART
eistud-28787	12	13	experience	experience	VERB
eistud-28787	12	14	.	.	PUNCT
eistud-28787	13	1	future	future	ADJ
eistud-28787	13	2	developments	development	NOUN
eistud-28787	13	3	may	may	AUX
eistud-28787	13	4	be	be	AUX
eistud-28787	13	5	far	far	ADV
eistud-28787	13	6	from	from	ADP
eistud-28787	13	7	those	those	PRON
eistud-28787	13	8	announced	announce	VERB
eistud-28787	13	9	,	,	PUNCT
eistud-28787	13	10	and	and	CCONJ
eistud-28787	13	11	previously	previously	ADV
eistud-28787	13	12	expected	expect	VERB
eistud-28787	13	13	by	by	ADP
eistud-28787	13	14	feldstein	feldstein	NOUN
eistud-28787	13	15	in	in	ADP
eistud-28787	13	16	his	his	PRON
eistud-28787	13	17	seminal	seminal	ADJ
eistud-28787	13	18	paper	paper	NOUN
eistud-28787	13	19	.	.	PUNCT
eistud-28787	14	1	a	a	DET
eistud-28787	14	2	careful	careful	ADJ
eistud-28787	14	3	reader	reader	NOUN
eistud-28787	14	4	may	may	AUX
eistud-28787	14	5	conclude	conclude	VERB
eistud-28787	14	6	that	that	SCONJ
eistud-28787	14	7	all	all	PRON
eistud-28787	14	8	coming	come	VERB
eistud-28787	14	9	changes	change	NOUN
eistud-28787	14	10	and	and	CCONJ
eistud-28787	14	11	adjustments	adjustment	NOUN
eistud-28787	14	12	will	will	AUX
eistud-28787	14	13	be	be	AUX
eistud-28787	14	14	slow	slow	ADJ
eistud-28787	14	15	,	,	PUNCT
eistud-28787	14	16	gradual	gradual	ADJ
eistud-28787	14	17	,	,	PUNCT
eistud-28787	14	18	and	and	CCONJ
eistud-28787	14	19	will	will	AUX
eistud-28787	14	20	not	not	PART
eistud-28787	14	21	cause	cause	VERB
eistud-28787	14	22	any	any	DET
eistud-28787	14	23	major	major	ADJ
eistud-28787	14	24	issues	issue	NOUN
eistud-28787	14	25	in	in	ADP
eistud-28787	14	26	the	the	DET
eistud-28787	14	27	global	global	ADJ
eistud-28787	14	28	economy	economy	NOUN
eistud-28787	14	29	.	.	PUNCT
eistud-28787	15	1	such	such	ADJ
eistud-28787	15	2	conclusions	conclusion	NOUN
eistud-28787	15	3	seem	seem	VERB
eistud-28787	15	4	most	most	ADV
eistud-28787	15	5	justified	justified	ADJ
eistud-28787	15	6	by	by	ADP
eistud-28787	15	7	hard	hard	ADJ
eistud-28787	15	8	data	datum	NOUN
eistud-28787	15	9	and	and	CCONJ
eistud-28787	15	10	therefore	therefore	ADV
eistud-28787	15	11	encouraging	encouraging	ADJ
eistud-28787	15	12	.	.	PUNCT
eistud-28787	16	1	as	as	SCONJ
eistud-28787	16	2	the	the	DET
eistud-28787	16	3	topic	topic	NOUN
eistud-28787	16	4	remains	remain	VERB
eistud-28787	16	5	central	central	ADJ
eistud-28787	16	6	to	to	PART
eistud-28787	16	7	open	open	VERB
eistud-28787	16	8	economy	economy	NOUN
eistud-28787	16	9	empirical	empirical	ADJ
eistud-28787	16	10	macroeconomics	macroeconomic	NOUN
eistud-28787	16	11	,	,	PUNCT
eistud-28787	16	12	continuation	continuation	NOUN
eistud-28787	16	13	of	of	ADP
eistud-28787	16	14	studies	study	NOUN
eistud-28787	16	15	on	on	ADP
eistud-28787	16	16	this	this	DET
eistud-28787	16	17	issue	issue	NOUN
eistud-28787	16	18	seems	seem	VERB
eistud-28787	16	19	natural	natural	ADJ
eistud-28787	16	20	.	.	PUNCT
eistud-28787	17	1	the	the	DET
eistud-28787	17	2	u.s	u.s	PROPN
eistud-28787	17	3	.	.	PROPN
eistud-28787	17	4	and	and	CCONJ
eistud-28787	17	5	china	china	PROPN
eistud-28787	17	6	will	will	AUX
eistud-28787	17	7	remain	remain	VERB
eistud-28787	17	8	the	the	DET
eistud-28787	17	9	biggest	big	ADJ
eistud-28787	17	10	economies	economy	NOUN
eistud-28787	17	11	,	,	PUNCT
eistud-28787	17	12	and	and	CCONJ
eistud-28787	17	13	,	,	PUNCT
eistud-28787	17	14	as	as	ADP
eistud-28787	17	15	such	such	ADJ
eistud-28787	17	16	,	,	PUNCT
eistud-28787	17	17	they	they	PRON
eistud-28787	17	18	are	be	AUX
eistud-28787	17	19	central	central	ADJ
eistud-28787	17	20	to	to	ADP
eistud-28787	17	21	the	the	DET
eistud-28787	17	22	global	global	ADJ
eistud-28787	17	23	situation	situation	NOUN
eistud-28787	17	24	.	.	PUNCT
eistud-28787	18	1	keywords	keyword	NOUN
eistud-28787	18	2	:	:	PUNCT
eistud-28787	18	3	global	global	ADJ
eistud-28787	18	4	imbalance	imbalance	NOUN
eistud-28787	18	5	,	,	PUNCT
eistud-28787	18	6	u.s	u.s	PROPN
eistud-28787	18	7	.	.	PROPN
eistud-28787	18	8	,	,	PUNCT
eistud-28787	18	9	current	current	ADJ
eistud-28787	18	10	account	account	NOUN
eistud-28787	18	11	,	,	PUNCT
eistud-28787	18	12	foreign	foreign	ADJ
eistud-28787	18	13	exchange	exchange	NOUN
eistud-28787	18	14	reserves	reserve	NOUN
eistud-28787	18	15	,	,	PUNCT
eistud-28787	18	16	the	the	DET
eistud-28787	18	17	dollar	dollar	NOUN
eistud-28787	18	18	.	.	PUNCT
eistud-28787	19	1	in	in	ADP
eistud-28787	19	2	the	the	DET
eistud-28787	19	3	stabilization	stabilization	NOUN
eistud-28787	19	4	period	period	NOUN
eistud-28787	19	5	after	after	ADP
eistud-28787	19	6	the	the	DET
eistud-28787	19	7	global	global	ADJ
eistud-28787	19	8	financial	financial	ADJ
eistud-28787	19	9	crisis	crisis	NOUN
eistud-28787	19	10	)	)	PUNCT
eistud-28787	19	11	economists	economist	NOUN
eistud-28787	19	12	returned	return	VERB
eistud-28787	19	13	to	to	ADP
eistud-28787	19	14	‘	'	PUNCT
eistud-28787	19	15	global	global	ADJ
eistud-28787	19	16	imbalances	imbalance	NOUN
eistud-28787	19	17	’	'	PUNCT
eistud-28787	19	18	(	(	PUNCT
eistud-28787	19	19	obstfeld	obstfeld	PROPN
eistud-28787	19	20	&	&	CCONJ
eistud-28787	19	21	rogoff	rogoff	PROPN
eistud-28787	19	22	2009	2009	NUM
eistud-28787	19	23	,	,	PUNCT
eistud-28787	19	24	whelan	whelan	PROPN
eistud-28787	19	25	2010	2010	NUM
eistud-28787	19	26	)	)	PUNCT
eistud-28787	19	27	,	,	PUNCT
eistud-28787	19	28	as	as	ADP
eistud-28787	19	29	a	a	DET
eistud-28787	19	30	popular	popular	ADJ
eistud-28787	19	31	topic	topic	NOUN
eistud-28787	19	32	.	.	PUNCT
eistud-28787	20	1	there	there	PRON
eistud-28787	20	2	have	have	AUX
eistud-28787	20	3	been	be	AUX
eistud-28787	20	4	a	a	DET
eistud-28787	20	5	few	few	ADJ
eistud-28787	20	6	methods	method	NOUN
eistud-28787	20	7	for	for	ADP
eistud-28787	20	8	assessing	assess	VERB
eistud-28787	20	9	the	the	DET
eistud-28787	20	10	imbalance	imbalance	NOUN
eistud-28787	20	11	(	(	PUNCT
eistud-28787	20	12	bracke	bracke	PROPN
eistud-28787	20	13	,	,	PUNCT
eistud-28787	20	14	et	et	PROPN
eistud-28787	20	15	al	al	PROPN
eistud-28787	20	16	.	.	PROPN
eistud-28787	20	17	2008	2008	NUM
eistud-28787	20	18	)	)	PUNCT
eistud-28787	20	19	.	.	PUNCT
eistud-28787	21	1	in	in	ADP
eistud-28787	21	2	general	general	ADJ
eistud-28787	21	3	,	,	PUNCT
eistud-28787	21	4	the	the	DET
eistud-28787	21	5	term	term	NOUN
eistud-28787	21	6	refers	refer	VERB
eistud-28787	21	7	to	to	ADP
eistud-28787	21	8	consequences	consequence	NOUN
eistud-28787	21	9	of	of	ADP
eistud-28787	21	10	a	a	DET
eistud-28787	21	11	specific	specific	ADJ
eistud-28787	21	12	consumption	consumption	NOUN
eistud-28787	21	13	and	and	CCONJ
eistud-28787	21	14	saving	saving	NOUN
eistud-28787	21	15	pattern	pattern	NOUN
eistud-28787	21	16	of	of	ADP
eistud-28787	21	17	american	american	ADJ
eistud-28787	21	18	economy	economy	NOUN
eistud-28787	21	19	.	.	PUNCT
eistud-28787	22	1	the	the	DET
eistud-28787	22	2	continuing	continue	VERB
eistud-28787	22	3	(	(	PUNCT
eistud-28787	22	4	massive	massive	ADJ
eistud-28787	22	5	)	)	PUNCT
eistud-28787	22	6	deficit	deficit	NOUN
eistud-28787	22	7	in	in	ADP
eistud-28787	22	8	the	the	DET
eistud-28787	22	9	u.s	u.s	PROPN
eistud-28787	22	10	.	.	PROPN
eistud-28787	22	11	trade	trade	PROPN
eistud-28787	22	12	and	and	CCONJ
eistud-28787	22	13	current	current	ADJ
eistud-28787	22	14	accounts	account	NOUN
eistud-28787	22	15	calls	call	VERB
eistud-28787	22	16	for	for	ADP
eistud-28787	22	17	a	a	DET
eistud-28787	22	18	new	new	ADJ
eistud-28787	22	19	approach	approach	NOUN
eistud-28787	22	20	to	to	ADP
eistud-28787	22	21	its	its	PRON
eistud-28787	22	22	interpretation	interpretation	NOUN
eistud-28787	22	23	and	and	CCONJ
eistud-28787	22	24	analysis	analysis	NOUN
eistud-28787	22	25	.	.	PUNCT
eistud-28787	23	1	in	in	ADP
eistud-28787	23	2	the	the	DET
eistud-28787	23	3	traditional	traditional	ADJ
eistud-28787	23	4	approach	approach	NOUN
eistud-28787	23	5	to	to	ADP
eistud-28787	23	6	balance	balance	NOUN
eistud-28787	23	7	of	of	ADP
eistud-28787	23	8	payments	payment	NOUN
eistud-28787	23	9	(	(	PUNCT
eistud-28787	23	10	bop	bop	INTJ
eistud-28787	23	11	)	)	PUNCT
eistud-28787	23	12	and	and	CCONJ
eistud-28787	23	13	national	national	ADJ
eistud-28787	23	14	accounts	account	NOUN
eistud-28787	23	15	,	,	PUNCT
eistud-28787	23	16	these	these	DET
eistud-28787	23	17	deficits	deficit	NOUN
eistud-28787	23	18	have	have	AUX
eistud-28787	23	19	been	be	AUX
eistud-28787	23	20	indeed	indeed	ADV
eistud-28787	23	21	“	"	PUNCT
eistud-28787	23	22	the	the	DET
eistud-28787	23	23	most	most	ADV
eistud-28787	23	24	striking	striking	ADJ
eistud-28787	23	25	features	feature	NOUN
eistud-28787	23	26	of	of	ADP
eistud-28787	23	27	the	the	DET
eistud-28787	23	28	current	current	ADJ
eistud-28787	23	29	global	global	ADJ
eistud-28787	23	30	economy	economy	NOUN
eistud-28787	23	31	”	"	PUNCT
eistud-28787	23	32	.	.	PUNCT
eistud-28787	24	1	global	global	ADJ
eistud-28787	24	2	and	and	CCONJ
eistud-28787	24	3	national	national	ADJ
eistud-28787	24	4	institutions	institution	NOUN
eistud-28787	24	5	responsible	responsible	ADJ
eistud-28787	24	6	for	for	ADP
eistud-28787	24	7	macroeconomic	macroeconomic	ADJ
eistud-28787	24	8	stability	stability	NOUN
eistud-28787	24	9	focused	focus	VERB
eistud-28787	24	10	on	on	ADP
eistud-28787	24	11	the	the	DET
eistud-28787	24	12	topic	topic	NOUN
eistud-28787	24	13	(	(	PUNCT
eistud-28787	24	14	king	king	NOUN
eistud-28787	24	15	2011	2011	NUM
eistud-28787	24	16	)	)	PUNCT
eistud-28787	24	17	.	.	PUNCT
eistud-28787	25	1	no	no	DET
eistud-28787	25	2	wonder	wonder	NOUN
eistud-28787	25	3	that	that	SCONJ
eistud-28787	25	4	also	also	ADV
eistud-28787	25	5	distinguished	distinguish	VERB
eistud-28787	25	6	scholars	scholar	NOUN
eistud-28787	25	7	(	(	PUNCT
eistud-28787	25	8	feldstein	feldstein	PROPN
eistud-28787	25	9	2008	2008	NUM
eistud-28787	25	10	)	)	PUNCT
eistud-28787	25	11	expressed	express	VERB
eistud-28787	25	12	their	their	PRON
eistud-28787	25	13	deepest	deep	ADJ
eistud-28787	25	14	worries	worry	NOUN
eistud-28787	25	15	about	about	ADP
eistud-28787	25	16	the	the	DET
eistud-28787	25	17	situation	situation	NOUN
eistud-28787	25	18	they	they	PRON
eistud-28787	25	19	observed	observe	VERB
eistud-28787	25	20	,	,	PUNCT
eistud-28787	25	21	analyzed	analyze	VERB
eistud-28787	25	22	,	,	PUNCT
eistud-28787	25	23	and	and	CCONJ
eistud-28787	25	24	reported	report	VERB
eistud-28787	25	25	to	to	ADP
eistud-28787	25	26	the	the	DET
eistud-28787	25	27	u.s	u.s	PROPN
eistud-28787	25	28	.	.	PROPN
eistud-28787	25	29	presidents	president	NOUN
eistud-28787	25	30	.	.	PUNCT
eistud-28787	26	1	there	there	PRON
eistud-28787	26	2	were	be	VERB
eistud-28787	26	3	also	also	ADV
eistud-28787	26	4	others	other	NOUN
eistud-28787	26	5	,	,	PUNCT
eistud-28787	26	6	asking	ask	VERB
eistud-28787	26	7	a	a	DET
eistud-28787	26	8	similar	similar	ADJ
eistud-28787	26	9	question	question	NOUN
eistud-28787	26	10	about	about	ADP
eistud-28787	26	11	nature	nature	NOUN
eistud-28787	26	12	and	and	CCONJ
eistud-28787	26	13	sustainability	sustainability	NOUN
eistud-28787	26	14	of	of	ADP
eistud-28787	26	15	the	the	DET
eistud-28787	26	16	global	global	ADJ
eistud-28787	26	17	imbalance	imbalance	NOUN
eistud-28787	26	18	(	(	PUNCT
eistud-28787	26	19	de	de	PROPN
eistud-28787	26	20	mello	mello	PROPN
eistud-28787	26	21	&	&	CCONJ
eistud-28787	26	22	padoan	padoan	PROPN
eistud-28787	26	23	2010	2010	NUM
eistud-28787	26	24	)	)	PUNCT
eistud-28787	26	25	.	.	PUNCT
eistud-28787	27	1	it	it	PRON
eistud-28787	27	2	was	be	AUX
eistud-28787	27	3	the	the	DET
eistud-28787	27	4	imf	imf	PROPN
eistud-28787	27	5	explicitly	explicitly	ADV
eistud-28787	27	6	expressing	express	VERB
eistud-28787	27	7	worries	worry	NOUN
eistud-28787	27	8	about	about	ADP
eistud-28787	27	9	the	the	DET
eistud-28787	27	10	situation	situation	NOUN
eistud-28787	27	11	(	(	PUNCT
eistud-28787	27	12	blanchard	blanchard	PROPN
eistud-28787	27	13	&	&	CCONJ
eistud-28787	27	14	milesi	milesi	PROPN
eistud-28787	27	15	-	-	PUNCT
eistud-28787	27	16	ferretti	ferretti	PROPN
eistud-28787	27	17	2011	2011	NUM
eistud-28787	27	18	)	)	PUNCT
eistud-28787	27	19	.	.	PUNCT
eistud-28787	28	1	european	european	ADJ
eistud-28787	28	2	integration	integration	PROPN
eistud-28787	28	3	studies	study	NOUN
eistud-28787	28	4	no	no	INTJ
eistud-28787	28	5	.	.	NOUN
eistud-28787	28	6	15	15	NUM
eistud-28787	28	7	/	/	SYM
eistud-28787	28	8	2021	2021	NUM
eistud-28787	28	9	,	,	PUNCT
eistud-28787	28	10	pp	pp	ADJ
eistud-28787	28	11	.	.	PUNCT
eistud-28787	29	1	125	125	NUM
eistud-28787	29	2	-	-	SYM
eistud-28787	29	3	137	137	NUM
eistud-28787	29	4	doi.org/10.5755/j01.eis.1.15.28787	doi.org/10.5755/j01.eis.1.15.28787	NOUN
eistud-28787	29	5	submitted	submit	VERB
eistud-28787	29	6	03/2021	03/2021	NUM
eistud-28787	29	7	accepted	accept	VERB
eistud-28787	29	8	for	for	ADP
eistud-28787	29	9	publication	publication	NOUN
eistud-28787	29	10	06/2021	06/2021	NOUN
eistud-28787	29	11	assessment	assessment	NOUN
eistud-28787	29	12	of	of	ADP
eistud-28787	29	13	feldstein	feldstein	NOUN
eistud-28787	29	14	’s	’s	PART
eistud-28787	29	15	‘	'	PUNCT
eistud-28787	29	16	global	global	ADJ
eistud-28787	29	17	imbalance	imbalance	NOUN
eistud-28787	29	18	’	'	PUNCT
eistud-28787	29	19	eis	eis	PROPN
eistud-28787	29	20	15/2021	15/2021	NUM
eistud-28787	29	21	paweł	paweł	VERB
eistud-28787	29	22	młodkowski	młodkowski	ADJ
eistud-28787	29	23	school	school	NOUN
eistud-28787	29	24	of	of	ADP
eistud-28787	29	25	international	international	ADJ
eistud-28787	29	26	liberal	liberal	ADJ
eistud-28787	29	27	arts	art	NOUN
eistud-28787	29	28	,	,	PUNCT
eistud-28787	29	29	miyazaki	miyazaki	PROPN
eistud-28787	29	30	kokusai	kokusai	PROPN
eistud-28787	29	31	daigaku	daigaku	PROPN
eistud-28787	29	32	introduction	introduction	NOUN
eistud-28787	29	33	1	1	NUM
eistud-28787	29	34	i	i	PRON
eistud-28787	29	35	thank	thank	VERB
eistud-28787	29	36	david	david	PROPN
eistud-28787	29	37	bywaters	bywaters	PROPN
eistud-28787	29	38	for	for	ADP
eistud-28787	29	39	very	very	ADV
eistud-28787	29	40	helpful	helpful	ADJ
eistud-28787	29	41	comments	comment	NOUN
eistud-28787	29	42	.	.	PUNCT
eistud-28787	30	1	i	i	PRON
eistud-28787	30	2	thank	thank	VERB
eistud-28787	30	3	baktygali	baktygali	PROPN
eistud-28787	30	4	salimgereyev	salimgereyev	PROPN
eistud-28787	30	5	for	for	ADP
eistud-28787	30	6	excellent	excellent	ADJ
eistud-28787	30	7	research	research	NOUN
eistud-28787	30	8	assistance	assistance	NOUN
eistud-28787	30	9	.	.	PUNCT
eistud-28787	31	1	all	all	DET
eistud-28787	31	2	remaining	remain	VERB
eistud-28787	31	3	errors	error	NOUN
eistud-28787	31	4	are	be	AUX
eistud-28787	31	5	my	my	PRON
eistud-28787	31	6	own	own	ADJ
eistud-28787	31	7	.	.	PUNCT
eistud-28787	32	1	european	european	ADJ
eistud-28787	32	2	integrat	integrat	NOUN
eistud-28787	32	3	ion	ion	NOUN
eistud-28787	32	4	studies2021/15	studies2021/15	NOUN
eistud-28787	32	5	126	126	NUM
eistud-28787	32	6	after	after	ADP
eistud-28787	32	7	year	year	NOUN
eistud-28787	32	8	2008	2008	NUM
eistud-28787	32	9	,	,	PUNCT
eistud-28787	32	10	there	there	PRON
eistud-28787	32	11	has	have	AUX
eistud-28787	32	12	been	be	AUX
eistud-28787	32	13	a	a	DET
eistud-28787	32	14	quite	quite	ADV
eistud-28787	32	15	stable	stable	ADJ
eistud-28787	32	16	current	current	ADJ
eistud-28787	32	17	account	account	NOUN
eistud-28787	32	18	balance	balance	NOUN
eistud-28787	32	19	,	,	PUNCT
eistud-28787	32	20	remaining	remain	VERB
eistud-28787	32	21	below	below	ADP
eistud-28787	32	22	3	3	NUM
eistud-28787	32	23	%	%	NOUN
eistud-28787	32	24	of	of	ADP
eistud-28787	32	25	the	the	DET
eistud-28787	32	26	gdp	gdp	NOUN
eistud-28787	32	27	(	(	PUNCT
eistud-28787	32	28	figure	figure	NOUN
eistud-28787	32	29	1	1	NUM
eistud-28787	32	30	)	)	PUNCT
eistud-28787	32	31	.	.	PUNCT
eistud-28787	33	1	the	the	DET
eistud-28787	33	2	most	most	ADV
eistud-28787	33	3	recent	recent	ADJ
eistud-28787	33	4	records	record	NOUN
eistud-28787	33	5	show	show	VERB
eistud-28787	33	6	that	that	SCONJ
eistud-28787	33	7	in	in	ADP
eistud-28787	33	8	2017	2017	NUM
eistud-28787	33	9	the	the	DET
eistud-28787	33	10	situation	situation	NOUN
eistud-28787	33	11	remained	remain	VERB
eistud-28787	33	12	unchanged	unchanged	ADJ
eistud-28787	33	13	.	.	PUNCT
eistud-28787	34	1	some	some	DET
eistud-28787	34	2	observers	observer	NOUN
eistud-28787	34	3	claim	claim	VERB
eistud-28787	34	4	that	that	SCONJ
eistud-28787	34	5	the	the	DET
eistud-28787	34	6	u.s	u.s	PROPN
eistud-28787	34	7	.	.	PROPN
eistud-28787	34	8	economy	economy	NOUN
eistud-28787	34	9	ca	can	AUX
eistud-28787	34	10	n’t	not	PART
eistud-28787	34	11	continue	continue	VERB
eistud-28787	34	12	to	to	PART
eistud-28787	34	13	have	have	VERB
eistud-28787	34	14	trade	trade	NOUN
eistud-28787	34	15	deficits	deficit	NOUN
eistud-28787	34	16	of	of	ADP
eistud-28787	34	17	such	such	ADJ
eistud-28787	34	18	magnitude	magnitude	NOUN
eistud-28787	34	19	.	.	PUNCT
eistud-28787	35	1	m.	m.	NOUN
eistud-28787	35	2	feldstein	feldstein	PROPN
eistud-28787	35	3	(	(	PUNCT
eistud-28787	35	4	2008	2008	NUM
eistud-28787	35	5	)	)	PUNCT
eistud-28787	35	6	was	be	AUX
eistud-28787	35	7	right	right	ADJ
eistud-28787	35	8	,	,	PUNCT
eistud-28787	35	9	forecasting	forecast	VERB
eistud-28787	35	10	significant	significant	ADJ
eistud-28787	35	11	decline	decline	NOUN
eistud-28787	35	12	in	in	ADP
eistud-28787	35	13	ca	ca	NOUN
eistud-28787	35	14	deficit	deficit	NOUN
eistud-28787	35	15	in	in	ADP
eistud-28787	35	16	the	the	DET
eistud-28787	35	17	coming	come	VERB
eistud-28787	35	18	years	year	NOUN
eistud-28787	35	19	(	(	PUNCT
eistud-28787	35	20	i.e.	i.e.	X
eistud-28787	35	21	after	after	ADP
eistud-28787	35	22	2007	2007	NUM
eistud-28787	35	23	)	)	PUNCT
eistud-28787	35	24	.	.	PUNCT
eistud-28787	36	1	this	this	DET
eistud-28787	36	2	paper	paper	NOUN
eistud-28787	36	3	discusses	discuss	VERB
eistud-28787	36	4	the	the	DET
eistud-28787	36	5	reasons	reason	NOUN
eistud-28787	36	6	a	a	PRON
eistud-28787	36	7	)	)	PUNCT
eistud-28787	36	8	why	why	SCONJ
eistud-28787	36	9	the	the	DET
eistud-28787	36	10	traditional	traditional	ADJ
eistud-28787	36	11	interpretation	interpretation	NOUN
eistud-28787	36	12	of	of	ADP
eistud-28787	36	13	the	the	DET
eistud-28787	36	14	u.s	u.s	PROPN
eistud-28787	36	15	.	.	PROPN
eistud-28787	36	16	current	current	ADJ
eistud-28787	36	17	account	account	NOUN
eistud-28787	36	18	deficit	deficit	NOUN
eistud-28787	36	19	is	be	AUX
eistud-28787	36	20	not	not	PART
eistud-28787	36	21	valid	valid	ADJ
eistud-28787	36	22	in	in	ADP
eistud-28787	36	23	these	these	DET
eistud-28787	36	24	times	time	NOUN
eistud-28787	36	25	of	of	ADP
eistud-28787	36	26	globalization	globalization	NOUN
eistud-28787	36	27	,	,	PUNCT
eistud-28787	36	28	b	b	NOUN
eistud-28787	36	29	)	)	PUNCT
eistud-28787	36	30	why	why	SCONJ
eistud-28787	36	31	the	the	DET
eistud-28787	36	32	changes	change	NOUN
eistud-28787	36	33	are	be	AUX
eistud-28787	36	34	not	not	PART
eistud-28787	36	35	needed	need	VERB
eistud-28787	36	36	in	in	ADP
eistud-28787	36	37	the	the	DET
eistud-28787	36	38	u.s	u.s	PROPN
eistud-28787	36	39	.	.	PROPN
eistud-28787	36	40	saving	saving	NOUN
eistud-28787	36	41	rate	rate	NOUN
eistud-28787	36	42	,	,	PUNCT
eistud-28787	36	43	and	and	CCONJ
eistud-28787	36	44	c	c	X
eistud-28787	36	45	)	)	PUNCT
eistud-28787	36	46	why	why	SCONJ
eistud-28787	36	47	the	the	DET
eistud-28787	36	48	value	value	NOUN
eistud-28787	36	49	of	of	ADP
eistud-28787	36	50	the	the	DET
eistud-28787	36	51	dollar	dollar	NOUN
eistud-28787	36	52	may	may	AUX
eistud-28787	36	53	not	not	PART
eistud-28787	36	54	decline	decline	VERB
eistud-28787	36	55	.	.	PUNCT
eistud-28787	37	1	figure	figure	VERB
eistud-28787	37	2	1	1	NUM
eistud-28787	37	3	current	current	ADJ
eistud-28787	37	4	account	account	NOUN
eistud-28787	37	5	balance	balance	NOUN
eistud-28787	37	6	:	:	PUNCT
eistud-28787	37	7	nominal	nominal	ADJ
eistud-28787	37	8	and	and	CCONJ
eistud-28787	37	9	as	as	ADP
eistud-28787	37	10	percent	percent	NOUN
eistud-28787	37	11	of	of	ADP
eistud-28787	37	12	the	the	DET
eistud-28787	37	13	gdp	gdp	NOUN
eistud-28787	37	14	,	,	PUNCT
eistud-28787	37	15	2007	2007	NUM
eistud-28787	37	16	-	-	SYM
eistud-28787	37	17	2017	2017	NUM
eistud-28787	37	18	(	(	PUNCT
eistud-28787	37	19	author	author	NOUN
eistud-28787	37	20	,	,	PUNCT
eistud-28787	37	21	based	base	VERB
eistud-28787	37	22	on	on	ADP
eistud-28787	37	23	bea	bea	PROPN
eistud-28787	37	24	statistics	statistic	NOUN
eistud-28787	37	25	)	)	PUNCT
eistud-28787	37	26	.	.	PUNCT
eistud-28787	38	1	when	when	SCONJ
eistud-28787	38	2	evaluating	evaluate	VERB
eistud-28787	38	3	traditional	traditional	ADJ
eistud-28787	38	4	arguments	argument	NOUN
eistud-28787	38	5	on	on	ADP
eistud-28787	38	6	global	global	ADJ
eistud-28787	38	7	imbalances	imbalance	NOUN
eistud-28787	38	8	,	,	PUNCT
eistud-28787	38	9	one	one	PRON
eistud-28787	38	10	may	may	AUX
eistud-28787	38	11	have	have	VERB
eistud-28787	38	12	an	an	DET
eistud-28787	38	13	impression	impression	NOUN
eistud-28787	38	14	that	that	SCONJ
eistud-28787	38	15	they	they	PRON
eistud-28787	38	16	are	be	AUX
eistud-28787	38	17	all	all	ADV
eistud-28787	38	18	based	base	VERB
eistud-28787	38	19	on	on	ADP
eistud-28787	38	20	the	the	DET
eistud-28787	38	21	bretton	bretton	PROPN
eistud-28787	38	22	woods	wood	NOUN
eistud-28787	38	23	system	system	NOUN
eistud-28787	38	24	still	still	ADV
eistud-28787	38	25	operating	operate	VERB
eistud-28787	38	26	.	.	PUNCT
eistud-28787	39	1	not	not	PART
eistud-28787	39	2	only	only	ADV
eistud-28787	39	3	are	be	AUX
eistud-28787	39	4	the	the	DET
eistud-28787	39	5	fixed	fix	VERB
eistud-28787	39	6	exchange	exchange	NOUN
eistud-28787	39	7	rates	rate	NOUN
eistud-28787	39	8	long	long	ADV
eistud-28787	39	9	gone	go	VERB
eistud-28787	39	10	for	for	ADP
eistud-28787	39	11	most	most	ADJ
eistud-28787	39	12	developed	develop	VERB
eistud-28787	39	13	countries	country	NOUN
eistud-28787	39	14	,	,	PUNCT
eistud-28787	39	15	but	but	CCONJ
eistud-28787	39	16	new	new	ADJ
eistud-28787	39	17	paradigms	paradigm	NOUN
eistud-28787	39	18	for	for	ADP
eistud-28787	39	19	the	the	DET
eistud-28787	39	20	open	open	ADJ
eistud-28787	39	21	economy	economy	NOUN
eistud-28787	39	22	are	be	AUX
eistud-28787	39	23	there	there	ADV
eistud-28787	39	24	.	.	PUNCT
eistud-28787	40	1	nobody	nobody	PRON
eistud-28787	40	2	conducts	conduct	VERB
eistud-28787	40	3	devaluations	devaluation	NOUN
eistud-28787	40	4	anymore	anymore	ADV
eistud-28787	40	5	,	,	PUNCT
eistud-28787	40	6	and	and	CCONJ
eistud-28787	40	7	the	the	DET
eistud-28787	40	8	chinese	chinese	ADJ
eistud-28787	40	9	exchange	exchange	NOUN
eistud-28787	40	10	rate	rate	NOUN
eistud-28787	40	11	policy	policy	NOUN
eistud-28787	40	12	is	be	AUX
eistud-28787	40	13	far	far	ADV
eistud-28787	40	14	from	from	ADP
eistud-28787	40	15	the	the	DET
eistud-28787	40	16	‘	'	PUNCT
eistud-28787	40	17	beggar	beggar	ADJ
eistud-28787	40	18	-	-	PUNCT
eistud-28787	40	19	thy	thy	ADJ
eistud-28787	40	20	-	-	PUNCT
eistud-28787	40	21	neighbor	neighbor	NOUN
eistud-28787	40	22	’	'	PUNCT
eistud-28787	40	23	cases	case	NOUN
eistud-28787	40	24	known	know	VERB
eistud-28787	40	25	from	from	ADP
eistud-28787	40	26	the	the	DET
eistud-28787	40	27	past	past	NOUN
eistud-28787	40	28	.	.	PUNCT
eistud-28787	41	1	liberalization	liberalization	NOUN
eistud-28787	41	2	(	(	PUNCT
eistud-28787	41	3	in	in	ADP
eistud-28787	41	4	the	the	DET
eistud-28787	41	5	broad	broad	ADJ
eistud-28787	41	6	sense	sense	NOUN
eistud-28787	41	7	)	)	PUNCT
eistud-28787	41	8	has	have	AUX
eistud-28787	41	9	replaced	replace	VERB
eistud-28787	41	10	institutional	institutional	ADJ
eistud-28787	41	11	arrangements	arrangement	NOUN
eistud-28787	41	12	(	(	PUNCT
eistud-28787	41	13	i.e.	i.e.	X
eistud-28787	41	14	bretton	bretton	PROPN
eistud-28787	41	15	woods	wood	NOUN
eistud-28787	41	16	system	system	NOUN
eistud-28787	41	17	,	,	PUNCT
eistud-28787	41	18	erm	erm	PROPN
eistud-28787	41	19	)	)	PUNCT
eistud-28787	41	20	with	with	ADP
eistud-28787	41	21	market	market	NOUN
eistud-28787	41	22	mechanism	mechanism	NOUN
eistud-28787	41	23	.	.	PUNCT
eistud-28787	42	1	for	for	ADP
eistud-28787	42	2	some	some	PRON
eistud-28787	42	3	(	(	PUNCT
eistud-28787	42	4	see	see	VERB
eistud-28787	42	5	stiglitz	stiglitz	PROPN
eistud-28787	42	6	)	)	PUNCT
eistud-28787	42	7	,	,	PUNCT
eistud-28787	42	8	this	this	DET
eistud-28787	42	9	situation	situation	NOUN
eistud-28787	42	10	calls	call	VERB
eistud-28787	42	11	for	for	ADP
eistud-28787	42	12	more	more	ADV
eistud-28787	42	13	active	active	ADJ
eistud-28787	42	14	participation	participation	NOUN
eistud-28787	42	15	by	by	ADP
eistud-28787	42	16	national	national	ADJ
eistud-28787	42	17	governments	government	NOUN
eistud-28787	42	18	,	,	PUNCT
eistud-28787	42	19	and	and	CCONJ
eistud-28787	42	20	for	for	ADP
eistud-28787	42	21	protection	protection	NOUN
eistud-28787	42	22	,	,	PUNCT
eistud-28787	42	23	but	but	CCONJ
eistud-28787	42	24	that	that	PRON
eistud-28787	42	25	is	be	AUX
eistud-28787	42	26	not	not	PART
eistud-28787	42	27	pursued	pursue	VERB
eistud-28787	42	28	in	in	ADP
eistud-28787	42	29	this	this	DET
eistud-28787	42	30	paper	paper	NOUN
eistud-28787	42	31	.	.	PUNCT
eistud-28787	43	1	what	what	PRON
eistud-28787	43	2	matters	matter	VERB
eistud-28787	43	3	is	be	AUX
eistud-28787	43	4	that	that	SCONJ
eistud-28787	43	5	the	the	DET
eistud-28787	43	6	current	current	ADJ
eistud-28787	43	7	global	global	ADJ
eistud-28787	43	8	situation	situation	NOUN
eistud-28787	43	9	may	may	AUX
eistud-28787	43	10	have	have	VERB
eistud-28787	43	11	another	another	DET
eistud-28787	43	12	interpretation	interpretation	NOUN
eistud-28787	43	13	.	.	PUNCT
eistud-28787	44	1	however	however	ADV
eistud-28787	44	2	,	,	PUNCT
eistud-28787	44	3	the	the	DET
eistud-28787	44	4	traditional	traditional	ADJ
eistud-28787	44	5	bop	bop	NOUN
eistud-28787	44	6	analysis	analysis	NOUN
eistud-28787	44	7	leads	lead	VERB
eistud-28787	44	8	to	to	ADP
eistud-28787	44	9	consistent	consistent	ADJ
eistud-28787	44	10	conclusions	conclusion	NOUN
eistud-28787	44	11	,	,	PUNCT
eistud-28787	44	12	based	base	VERB
eistud-28787	44	13	on	on	ADP
eistud-28787	44	14	erroneous	erroneous	ADJ
eistud-28787	44	15	assumptions	assumption	NOUN
eistud-28787	44	16	.	.	PUNCT
eistud-28787	45	1	previously	previously	ADV
eistud-28787	45	2	,	,	PUNCT
eistud-28787	45	3	institutional	institutional	ADJ
eistud-28787	45	4	arrangements	arrangement	NOUN
eistud-28787	45	5	guided	guide	VERB
eistud-28787	45	6	international	international	ADJ
eistud-28787	45	7	transactions	transaction	NOUN
eistud-28787	45	8	and	and	CCONJ
eistud-28787	45	9	relationships	relationship	NOUN
eistud-28787	45	10	,	,	PUNCT
eistud-28787	45	11	and	and	CCONJ
eistud-28787	45	12	the	the	DET
eistud-28787	45	13	dollar	dollar	NOUN
eistud-28787	45	14	was	be	AUX
eistud-28787	45	15	the	the	DET
eistud-28787	45	16	global	global	ADJ
eistud-28787	45	17	currency	currency	NOUN
eistud-28787	45	18	due	due	ADP
eistud-28787	45	19	to	to	ADP
eistud-28787	45	20	political	political	ADJ
eistud-28787	45	21	decision	decision	NOUN
eistud-28787	45	22	.	.	PUNCT
eistud-28787	46	1	since	since	SCONJ
eistud-28787	46	2	1972	1972	NUM
eistud-28787	46	3	the	the	DET
eistud-28787	46	4	dollar	dollar	NOUN
eistud-28787	46	5	has	have	AUX
eistud-28787	46	6	served	serve	VERB
eistud-28787	46	7	in	in	ADP
eistud-28787	46	8	the	the	DET
eistud-28787	46	9	same	same	ADJ
eistud-28787	46	10	capacity	capacity	NOUN
eistud-28787	46	11	because	because	SCONJ
eistud-28787	46	12	of	of	ADP
eistud-28787	46	13	market	market	NOUN
eistud-28787	46	14	participants	participant	NOUN
eistud-28787	46	15	’	'	PUNCT
eistud-28787	46	16	decision	decision	NOUN
eistud-28787	46	17	.	.	PUNCT
eistud-28787	47	1	this	this	PRON
eistud-28787	47	2	has	have	AUX
eistud-28787	47	3	had	have	VERB
eistud-28787	47	4	very	very	ADV
eistud-28787	47	5	different	different	ADJ
eistud-28787	47	6	consequences	consequence	NOUN
eistud-28787	47	7	for	for	ADP
eistud-28787	47	8	the	the	DET
eistud-28787	47	9	u.s	u.s	PROPN
eistud-28787	47	10	.	.	PROPN
eistud-28787	47	11	economy	economy	NOUN
eistud-28787	47	12	.	.	PUNCT
eistud-28787	48	1	more	more	ADJ
eistud-28787	48	2	on	on	ADP
eistud-28787	48	3	consequences	consequence	NOUN
eistud-28787	48	4	for	for	ADP
eistud-28787	48	5	small	small	ADJ
eistud-28787	48	6	open	open	ADJ
eistud-28787	48	7	economy	economy	NOUN
eistud-28787	48	8	can	can	AUX
eistud-28787	48	9	be	be	AUX
eistud-28787	48	10	found	find	VERB
eistud-28787	48	11	in	in	ADP
eistud-28787	48	12	‘	'	PUNCT
eistud-28787	48	13	dominant	dominant	ADJ
eistud-28787	48	14	currency	currency	NOUN
eistud-28787	48	15	paradigm	paradigm	NOUN
eistud-28787	48	16	’	'	PUNCT
eistud-28787	48	17	by	by	ADP
eistud-28787	48	18	casas	casas	PROPN
eistud-28787	48	19	,	,	PUNCT
eistud-28787	48	20	et	et	PROPN
eistud-28787	48	21	al	al	PROPN
eistud-28787	48	22	.	.	PUNCT
eistud-28787	49	1	(	(	PUNCT
eistud-28787	49	2	2017	2017	NUM
eistud-28787	49	3	)	)	PUNCT
eistud-28787	49	4	.	.	PUNCT
eistud-28787	50	1	an	an	DET
eistud-28787	50	2	alternative	alternative	ADJ
eistud-28787	50	3	interpretation	interpretation	NOUN
eistud-28787	50	4	pursued	pursue	VERB
eistud-28787	50	5	here	here	ADV
eistud-28787	50	6	is	be	AUX
eistud-28787	50	7	based	base	VERB
eistud-28787	50	8	on	on	ADP
eistud-28787	50	9	the	the	DET
eistud-28787	50	10	diligent	diligent	ADJ
eistud-28787	50	11	application	application	NOUN
eistud-28787	50	12	of	of	ADP
eistud-28787	50	13	the	the	DET
eistud-28787	50	14	fact	fact	NOUN
eistud-28787	50	15	,	,	PUNCT
eistud-28787	50	16	rather	rather	ADV
eistud-28787	50	17	than	than	ADP
eistud-28787	50	18	institutions	institution	NOUN
eistud-28787	50	19	and	and	CCONJ
eistud-28787	50	20	economic	economic	ADJ
eistud-28787	50	21	policy	policy	NOUN
eistud-28787	50	22	,	,	PUNCT
eistud-28787	50	23	that	that	SCONJ
eistud-28787	50	24	there	there	PRON
eistud-28787	50	25	are	be	VERB
eistud-28787	50	26	market	market	NOUN
eistud-28787	50	27	forces	force	NOUN
eistud-28787	50	28	in	in	ADP
eistud-28787	50	29	play	play	NOUN
eistud-28787	50	30	.	.	PUNCT
eistud-28787	51	1	altogether	altogether	ADV
eistud-28787	51	2	,	,	PUNCT
eistud-28787	51	3	they	they	PRON
eistud-28787	51	4	invalidate	invalidate	VERB
eistud-28787	51	5	many	many	ADJ
eistud-28787	51	6	arguments	argument	NOUN
eistud-28787	51	7	provided	provide	VERB
eistud-28787	51	8	so	so	ADV
eistud-28787	51	9	far	far	ADV
eistud-28787	51	10	on	on	ADP
eistud-28787	51	11	global	global	ADJ
eistud-28787	51	12	imbalances	imbalance	NOUN
eistud-28787	51	13	and	and	CCONJ
eistud-28787	51	14	expected	expect	VERB
eistud-28787	51	15	rebalancing	rebalancing	NOUN
eistud-28787	51	16	schemes	scheme	NOUN
eistud-28787	51	17	.	.	PUNCT
eistud-28787	52	1	127	127	NUM
eistud-28787	52	2	european	european	ADJ
eistud-28787	52	3	integrat	integrat	NOUN
eistud-28787	52	4	ion	ion	NOUN
eistud-28787	52	5	studies	study	NOUN
eistud-28787	52	6	2021/15	2021/15	NUM
eistud-28787	52	7	figure	figure	VERB
eistud-28787	52	8	2	2	NUM
eistud-28787	52	9	external	external	ADJ
eistud-28787	52	10	value	value	NOUN
eistud-28787	52	11	of	of	ADP
eistud-28787	52	12	the	the	DET
eistud-28787	52	13	us	us	PROPN
eistud-28787	52	14	dollar	dollar	NOUN
eistud-28787	52	15	1973	1973	NUM
eistud-28787	52	16	-	-	SYM
eistud-28787	52	17	2017	2017	NUM
eistud-28787	52	18	(	(	PUNCT
eistud-28787	52	19	author	author	NOUN
eistud-28787	52	20	,	,	PUNCT
eistud-28787	52	21	based	base	VERB
eistud-28787	52	22	on	on	ADP
eistud-28787	52	23	the	the	DET
eistud-28787	52	24	federal	federal	PROPN
eistud-28787	52	25	reserve	reserve	PROPN
eistud-28787	52	26	,	,	PUNCT
eistud-28787	52	27	https://	https://	PROPN
eistud-28787	52	28	www.federalreserve	www.federalreserve	PROPN
eistud-28787	52	29	.	.	PUNCT
eistud-28787	53	1	gov	gov	NOUN
eistud-28787	53	2	/	/	SYM
eistud-28787	53	3	releases	releases	PROPN
eistud-28787	53	4	/	/	SYM
eistud-28787	53	5	h10/	h10/	NOUN
eistud-28787	53	6	summary/.	summary/.	PROPN
eistud-28787	53	7	)	)	PUNCT
eistud-28787	53	8	.	.	PUNCT
eistud-28787	54	1	the	the	DET
eistud-28787	54	2	main	main	ADJ
eistud-28787	54	3	rebalancing	rebalancing	NOUN
eistud-28787	54	4	scheme	scheme	NOUN
eistud-28787	54	5	expected	expect	VERB
eistud-28787	54	6	by	by	ADP
eistud-28787	54	7	feldstein	feldstein	NOUN
eistud-28787	54	8	(	(	PUNCT
eistud-28787	54	9	2008	2008	NUM
eistud-28787	54	10	)	)	PUNCT
eistud-28787	54	11	was	be	AUX
eistud-28787	54	12	based	base	VERB
eistud-28787	54	13	on	on	ADP
eistud-28787	54	14	a	a	DET
eistud-28787	54	15	significant	significant	ADJ
eistud-28787	54	16	decline	decline	NOUN
eistud-28787	54	17	in	in	ADP
eistud-28787	54	18	the	the	DET
eistud-28787	54	19	external	external	ADJ
eistud-28787	54	20	value	value	NOUN
eistud-28787	54	21	of	of	ADP
eistud-28787	54	22	the	the	DET
eistud-28787	54	23	dollar	dollar	NOUN
eistud-28787	54	24	.	.	PUNCT
eistud-28787	55	1	even	even	ADV
eistud-28787	55	2	though	though	SCONJ
eistud-28787	55	3	there	there	PRON
eistud-28787	55	4	has	have	AUX
eistud-28787	55	5	been	be	AUX
eistud-28787	55	6	significant	significant	ADJ
eistud-28787	55	7	decline	decline	NOUN
eistud-28787	55	8	in	in	ADP
eistud-28787	55	9	the	the	DET
eistud-28787	55	10	u.s	u.s	PROPN
eistud-28787	55	11	.	.	PROPN
eistud-28787	55	12	current	current	ADJ
eistud-28787	55	13	account	account	NOUN
eistud-28787	55	14	deficit	deficit	NOUN
eistud-28787	55	15	since	since	SCONJ
eistud-28787	55	16	2008	2008	NUM
eistud-28787	55	17	(	(	PUNCT
eistud-28787	55	18	from	from	ADP
eistud-28787	55	19	almost	almost	ADV
eistud-28787	55	20	5	5	NUM
eistud-28787	55	21	%	%	NOUN
eistud-28787	55	22	of	of	ADP
eistud-28787	55	23	the	the	DET
eistud-28787	55	24	gdp	gdp	NOUN
eistud-28787	55	25	to	to	ADP
eistud-28787	55	26	2.75	2.75	NUM
eistud-28787	55	27	%	%	NOUN
eistud-28787	55	28	)	)	PUNCT
eistud-28787	55	29	,	,	PUNCT
eistud-28787	55	30	this	this	PRON
eistud-28787	55	31	can	can	AUX
eistud-28787	55	32	not	not	PART
eistud-28787	55	33	be	be	AUX
eistud-28787	55	34	attributed	attribute	VERB
eistud-28787	55	35	to	to	ADP
eistud-28787	55	36	the	the	DET
eistud-28787	55	37	lower	low	ADJ
eistud-28787	55	38	value	value	NOUN
eistud-28787	55	39	of	of	ADP
eistud-28787	55	40	the	the	DET
eistud-28787	55	41	dollar	dollar	NOUN
eistud-28787	55	42	.	.	PUNCT
eistud-28787	56	1	figure	figure	NOUN
eistud-28787	56	2	2	2	NUM
eistud-28787	56	3	offers	offer	VERB
eistud-28787	56	4	a	a	DET
eistud-28787	56	5	brief	brief	ADJ
eistud-28787	56	6	review	review	NOUN
eistud-28787	56	7	of	of	ADP
eistud-28787	56	8	the	the	DET
eistud-28787	56	9	external	external	ADJ
eistud-28787	56	10	value	value	NOUN
eistud-28787	56	11	of	of	ADP
eistud-28787	56	12	the	the	DET
eistud-28787	56	13	u.s	u.s	PROPN
eistud-28787	56	14	.	.	PROPN
eistud-28787	56	15	currency	currency	NOUN
eistud-28787	56	16	since	since	SCONJ
eistud-28787	56	17	1973	1973	NUM
eistud-28787	56	18	.	.	PUNCT
eistud-28787	57	1	there	there	PRON
eistud-28787	57	2	has	have	AUX
eistud-28787	57	3	been	be	AUX
eistud-28787	57	4	a	a	DET
eistud-28787	57	5	strong	strong	ADJ
eistud-28787	57	6	positive	positive	ADJ
eistud-28787	57	7	response	response	NOUN
eistud-28787	57	8	to	to	ADP
eistud-28787	57	9	the	the	DET
eistud-28787	57	10	u.s	u.s	PROPN
eistud-28787	57	11	.	.	PROPN
eistud-28787	57	12	political	political	ADJ
eistud-28787	57	13	situation	situation	NOUN
eistud-28787	57	14	in	in	ADP
eistud-28787	57	15	december	december	PROPN
eistud-28787	57	16	2016	2016	NUM
eistud-28787	57	17	.	.	PUNCT
eistud-28787	58	1	this	this	DET
eistud-28787	58	2	particular	particular	ADJ
eistud-28787	58	3	factor	factor	NOUN
eistud-28787	58	4	will	will	AUX
eistud-28787	58	5	receive	receive	VERB
eistud-28787	58	6	more	more	ADJ
eistud-28787	58	7	attention	attention	NOUN
eistud-28787	58	8	later	later	ADV
eistud-28787	58	9	,	,	PUNCT
eistud-28787	58	10	as	as	SCONJ
eistud-28787	58	11	“	"	PUNCT
eistud-28787	58	12	making	make	VERB
eistud-28787	58	13	america	america	PROPN
eistud-28787	58	14	great	great	ADJ
eistud-28787	58	15	again	again	ADV
eistud-28787	58	16	”	"	PUNCT
eistud-28787	58	17	plays	play	VERB
eistud-28787	58	18	no	no	DET
eistud-28787	58	19	small	small	ADJ
eistud-28787	58	20	part	part	NOUN
eistud-28787	58	21	in	in	ADP
eistud-28787	58	22	the	the	DET
eistud-28787	58	23	sustainability	sustainability	NOUN
eistud-28787	58	24	of	of	ADP
eistud-28787	58	25	the	the	DET
eistud-28787	58	26	otherwise	otherwise	ADV
eistud-28787	58	27	unsustainable	unsustainable	ADJ
eistud-28787	58	28	imbalance	imbalance	NOUN
eistud-28787	58	29	.	.	PUNCT
eistud-28787	59	1	when	when	SCONJ
eistud-28787	59	2	compared	compare	VERB
eistud-28787	59	3	with	with	ADP
eistud-28787	59	4	the	the	DET
eistud-28787	59	5	decade	decade	NOUN
eistud-28787	59	6	ago	ago	ADV
eistud-28787	59	7	(	(	PUNCT
eistud-28787	59	8	2008	2008	NUM
eistud-28787	59	9	-	-	PUNCT
eistud-28787	59	10	first	first	ADV
eistud-28787	59	11	dotted	dot	VERB
eistud-28787	59	12	vertical	vertical	ADJ
eistud-28787	59	13	line	line	NOUN
eistud-28787	59	14	)	)	PUNCT
eistud-28787	59	15	,	,	PUNCT
eistud-28787	59	16	the	the	DET
eistud-28787	59	17	value	value	NOUN
eistud-28787	59	18	of	of	ADP
eistud-28787	59	19	the	the	DET
eistud-28787	59	20	usd	usd	NOUN
eistud-28787	59	21	is	be	AUX
eistud-28787	59	22	higher	high	ADJ
eistud-28787	59	23	in	in	ADP
eistud-28787	59	24	2018	2018	NUM
eistud-28787	59	25	no	no	ADV
eistud-28787	59	26	matter	matter	ADV
eistud-28787	59	27	which	which	DET
eistud-28787	59	28	index	index	NOUN
eistud-28787	59	29	is	be	AUX
eistud-28787	59	30	used	use	VERB
eistud-28787	59	31	.	.	PUNCT
eistud-28787	60	1	when	when	SCONJ
eistud-28787	60	2	compared	compare	VERB
eistud-28787	60	3	with	with	ADP
eistud-28787	60	4	early	early	ADJ
eistud-28787	60	5	1990s	1990	NOUN
eistud-28787	60	6	,	,	PUNCT
eistud-28787	60	7	the	the	DET
eistud-28787	60	8	value	value	NOUN
eistud-28787	60	9	is	be	AUX
eistud-28787	60	10	basically	basically	ADV
eistud-28787	60	11	the	the	DET
eistud-28787	60	12	same	same	ADJ
eistud-28787	60	13	(	(	PUNCT
eistud-28787	60	14	except	except	SCONJ
eistud-28787	60	15	for	for	ADP
eistud-28787	60	16	index	index	NOUN
eistud-28787	60	17	“	"	PUNCT
eistud-28787	60	18	other	other	ADJ
eistud-28787	60	19	important	important	ADJ
eistud-28787	60	20	trade	trade	NOUN
eistud-28787	60	21	partners	partner	NOUN
eistud-28787	60	22	”	"	PUNCT
eistud-28787	60	23	)	)	PUNCT
eistud-28787	60	24	.	.	PUNCT
eistud-28787	61	1	only	only	ADV
eistud-28787	61	2	when	when	SCONJ
eistud-28787	61	3	compared	compare	VERB
eistud-28787	61	4	with	with	ADP
eistud-28787	61	5	its	its	PRON
eistud-28787	61	6	value	value	NOUN
eistud-28787	61	7	in	in	ADP
eistud-28787	61	8	1970s	1970s	NUM
eistud-28787	61	9	,	,	PUNCT
eistud-28787	61	10	the	the	DET
eistud-28787	61	11	dollar	dollar	NOUN
eistud-28787	61	12	does	do	AUX
eistud-28787	61	13	seem	seem	VERB
eistud-28787	61	14	to	to	PART
eistud-28787	61	15	be	be	AUX
eistud-28787	61	16	worth	worth	ADJ
eistud-28787	61	17	about	about	ADV
eistud-28787	61	18	8	8	NUM
eistud-28787	61	19	%	%	NOUN
eistud-28787	61	20	less	less	ADJ
eistud-28787	61	21	.	.	PUNCT
eistud-28787	62	1	if	if	SCONJ
eistud-28787	62	2	really	really	ADV
eistud-28787	62	3	the	the	DET
eistud-28787	62	4	global	global	ADJ
eistud-28787	62	5	rebalancing	rebalancing	NOUN
eistud-28787	62	6	will	will	AUX
eistud-28787	62	7	materialize	materialize	VERB
eistud-28787	62	8	through	through	ADP
eistud-28787	62	9	depreciation	depreciation	NOUN
eistud-28787	62	10	of	of	ADP
eistud-28787	62	11	the	the	DET
eistud-28787	62	12	dollar	dollar	NOUN
eistud-28787	62	13	,	,	PUNCT
eistud-28787	62	14	it	it	PRON
eistud-28787	62	15	has	have	AUX
eistud-28787	62	16	not	not	PART
eistud-28787	62	17	started	start	VERB
eistud-28787	62	18	yet	yet	ADV
eistud-28787	62	19	.	.	PUNCT
eistud-28787	63	1	its	its	PRON
eistud-28787	63	2	value	value	NOUN
eistud-28787	63	3	seems	seem	VERB
eistud-28787	63	4	to	to	PART
eistud-28787	63	5	be	be	AUX
eistud-28787	63	6	quite	quite	ADV
eistud-28787	63	7	stable	stable	ADJ
eistud-28787	63	8	,	,	PUNCT
eistud-28787	63	9	suffering	suffer	VERB
eistud-28787	63	10	on	on	ADP
eistud-28787	63	11	average	average	ADJ
eistud-28787	63	12	2	2	NUM
eistud-28787	63	13	%	%	NOUN
eistud-28787	63	14	depreciation	depreciation	NOUN
eistud-28787	63	15	per	per	ADP
eistud-28787	63	16	one	one	NUM
eistud-28787	63	17	decade	decade	NOUN
eistud-28787	63	18	over	over	ADP
eistud-28787	63	19	the	the	DET
eistud-28787	63	20	last	last	ADJ
eistud-28787	63	21	four	four	NUM
eistud-28787	63	22	decades	decade	NOUN
eistud-28787	63	23	.	.	PUNCT
eistud-28787	64	1	the	the	DET
eistud-28787	64	2	observed	observe	VERB
eistud-28787	64	3	decline	decline	NOUN
eistud-28787	64	4	in	in	ADP
eistud-28787	64	5	the	the	DET
eistud-28787	64	6	current	current	ADJ
eistud-28787	64	7	account	account	NOUN
eistud-28787	64	8	deficit	deficit	NOUN
eistud-28787	64	9	since	since	SCONJ
eistud-28787	64	10	2008	2008	NUM
eistud-28787	64	11	has	have	AUX
eistud-28787	64	12	been	be	AUX
eistud-28787	64	13	driven	drive	VERB
eistud-28787	64	14	therefore	therefore	ADV
eistud-28787	64	15	by	by	ADP
eistud-28787	64	16	some	some	DET
eistud-28787	64	17	other	other	ADJ
eistud-28787	64	18	factors	factor	NOUN
eistud-28787	64	19	and	and	CCONJ
eistud-28787	64	20	forces	force	NOUN
eistud-28787	64	21	omitted	omit	VERB
eistud-28787	64	22	by	by	ADP
eistud-28787	64	23	feldstein	feldstein	NOUN
eistud-28787	64	24	(	(	PUNCT
eistud-28787	64	25	2008	2008	NUM
eistud-28787	64	26	)	)	PUNCT
eistud-28787	64	27	.	.	PUNCT
eistud-28787	65	1	after	after	ADP
eistud-28787	65	2	reaching	reach	VERB
eistud-28787	65	3	its	its	PRON
eistud-28787	65	4	lowest	low	ADJ
eistud-28787	65	5	value	value	NOUN
eistud-28787	65	6	in	in	ADP
eistud-28787	65	7	2011	2011	NUM
eistud-28787	65	8	(	(	PUNCT
eistud-28787	65	9	second	second	ADV
eistud-28787	65	10	dotted	dot	VERB
eistud-28787	65	11	vertical	vertical	ADJ
eistud-28787	65	12	line	line	NOUN
eistud-28787	65	13	)	)	PUNCT
eistud-28787	65	14	,	,	PUNCT
eistud-28787	65	15	the	the	DET
eistud-28787	65	16	usd	usd	NOUN
eistud-28787	65	17	has	have	AUX
eistud-28787	65	18	climbed	climb	VERB
eistud-28787	65	19	up	up	ADV
eistud-28787	65	20	,	,	PUNCT
eistud-28787	65	21	no	no	ADV
eistud-28787	65	22	matter	matter	ADV
eistud-28787	65	23	which	which	DET
eistud-28787	65	24	index	index	NOUN
eistud-28787	65	25	is	be	AUX
eistud-28787	65	26	used	use	VERB
eistud-28787	65	27	to	to	PART
eistud-28787	65	28	capture	capture	VERB
eistud-28787	65	29	its	its	PRON
eistud-28787	65	30	external	external	ADJ
eistud-28787	65	31	value	value	NOUN
eistud-28787	65	32	(	(	PUNCT
eistud-28787	65	33	figure	figure	NOUN
eistud-28787	65	34	2	2	NUM
eistud-28787	65	35	)	)	PUNCT
eistud-28787	65	36	.	.	PUNCT
eistud-28787	66	1	reductions	reduction	NOUN
eistud-28787	66	2	in	in	ADP
eistud-28787	66	3	the	the	DET
eistud-28787	66	4	u.s	u.s	PROPN
eistud-28787	66	5	.	.	PROPN
eistud-28787	66	6	current	current	ADJ
eistud-28787	66	7	account	account	NOUN
eistud-28787	66	8	deficit	deficit	NOUN
eistud-28787	66	9	do	do	AUX
eistud-28787	66	10	not	not	PART
eistud-28787	66	11	necessarily	necessarily	ADV
eistud-28787	66	12	imply	imply	VERB
eistud-28787	66	13	lower	low	ADJ
eistud-28787	66	14	aggregate	aggregate	ADJ
eistud-28787	66	15	trade	trade	NOUN
eistud-28787	66	16	surpluses	surplus	NOUN
eistud-28787	66	17	in	in	ADP
eistud-28787	66	18	the	the	DET
eistud-28787	66	19	rest	rest	NOUN
eistud-28787	66	20	of	of	ADP
eistud-28787	66	21	the	the	DET
eistud-28787	66	22	world	world	NOUN
eistud-28787	66	23	.	.	PUNCT
eistud-28787	67	1	(	(	PUNCT
eistud-28787	67	2	presumably	presumably	ADV
eistud-28787	67	3	they	they	PRON
eistud-28787	67	4	would	would	AUX
eistud-28787	67	5	,	,	PUNCT
eistud-28787	67	6	if	if	SCONJ
eistud-28787	67	7	world	world	NOUN
eistud-28787	67	8	trade	trade	NOUN
eistud-28787	67	9	“	"	PUNCT
eistud-28787	67	10	balanced	balanced	ADJ
eistud-28787	67	11	”	"	PUNCT
eistud-28787	67	12	,	,	PUNCT
eistud-28787	67	13	but	but	CCONJ
eistud-28787	67	14	typically	typically	ADV
eistud-28787	67	15	the	the	DET
eistud-28787	67	16	data	datum	NOUN
eistud-28787	67	17	showed	show	VERB
eistud-28787	67	18	in	in	ADP
eistud-28787	67	19	1980s	1980	NOUN
eistud-28787	67	20	the	the	DET
eistud-28787	67	21	world	world	NOUN
eistud-28787	67	22	had	have	VERB
eistud-28787	67	23	a	a	DET
eistud-28787	67	24	big	big	ADJ
eistud-28787	67	25	deficit	deficit	NOUN
eistud-28787	67	26	with	with	ADP
eistud-28787	67	27	itself	itself	PRON
eistud-28787	67	28	,	,	PUNCT
eistud-28787	67	29	while	while	SCONJ
eistud-28787	67	30	since	since	SCONJ
eistud-28787	67	31	1990	1990	NUM
eistud-28787	67	32	it	it	PRON
eistud-28787	67	33	is	be	AUX
eistud-28787	67	34	about	about	ADV
eistud-28787	67	35	an	an	DET
eistud-28787	67	36	exponentially	exponentially	ADV
eistud-28787	67	37	growing	grow	VERB
eistud-28787	67	38	global	global	ADJ
eistud-28787	67	39	trade	trade	NOUN
eistud-28787	67	40	surplus	surplus	NOUN
eistud-28787	67	41	.	.	PUNCT
eistud-28787	67	42	)	)	PUNCT
eistud-28787	68	1	the	the	DET
eistud-28787	68	2	reason	reason	NOUN
eistud-28787	68	3	is	be	AUX
eistud-28787	68	4	in	in	ADP
eistud-28787	68	5	changes	change	NOUN
eistud-28787	68	6	within	within	ADP
eistud-28787	68	7	the	the	DET
eistud-28787	68	8	chinese	chinese	ADJ
eistud-28787	68	9	economy	economy	NOUN
eistud-28787	68	10	that	that	PRON
eistud-28787	68	11	imply	imply	VERB
eistud-28787	68	12	expansion	expansion	NOUN
eistud-28787	68	13	of	of	ADP
eistud-28787	68	14	domestic	domestic	ADJ
eistud-28787	68	15	demand	demand	NOUN
eistud-28787	68	16	for	for	ADP
eistud-28787	68	17	imported	import	VERB
eistud-28787	68	18	products	product	NOUN
eistud-28787	68	19	.	.	PUNCT
eistud-28787	69	1	exporters	exporter	NOUN
eistud-28787	69	2	seem	seem	VERB
eistud-28787	69	3	to	to	PART
eistud-28787	69	4	be	be	AUX
eistud-28787	69	5	switching	switch	VERB
eistud-28787	69	6	the	the	DET
eistud-28787	69	7	destination	destination	NOUN
eistud-28787	69	8	for	for	ADP
eistud-28787	69	9	their	their	PRON
eistud-28787	69	10	products	product	NOUN
eistud-28787	69	11	already	already	ADV
eistud-28787	69	12	,	,	PUNCT
eistud-28787	69	13	supplying	supply	VERB
eistud-28787	69	14	consumers	consumer	NOUN
eistud-28787	69	15	in	in	ADP
eistud-28787	69	16	china	china	PROPN
eistud-28787	69	17	,	,	PUNCT
eistud-28787	69	18	and	and	CCONJ
eistud-28787	69	19	maintaining	maintain	VERB
eistud-28787	69	20	their	their	PRON
eistud-28787	69	21	respective	respective	ADJ
eistud-28787	69	22	trade	trade	NOUN
eistud-28787	69	23	surpluses	surplus	NOUN
eistud-28787	69	24	.	.	PUNCT
eistud-28787	70	1	at	at	ADP
eistud-28787	70	2	the	the	DET
eistud-28787	70	3	same	same	ADJ
eistud-28787	70	4	time	time	NOUN
eistud-28787	70	5	,	,	PUNCT
eistud-28787	70	6	a	a	DET
eistud-28787	70	7	reduction	reduction	NOUN
eistud-28787	70	8	in	in	ADP
eistud-28787	70	9	any	any	DET
eistud-28787	70	10	country	country	NOUN
eistud-28787	70	11	’s	’s	PART
eistud-28787	70	12	trade	trade	NOUN
eistud-28787	70	13	surplus	surplus	NOUN
eistud-28787	70	14	does	do	AUX
eistud-28787	70	15	not	not	PART
eistud-28787	70	16	necessarily	necessarily	ADV
eistud-28787	70	17	reduce	reduce	VERB
eistud-28787	70	18	aggregated	aggregated	ADJ
eistud-28787	70	19	demand	demand	NOUN
eistud-28787	70	20	.	.	PUNCT
eistud-28787	71	1	many	many	ADJ
eistud-28787	71	2	,	,	PUNCT
eistud-28787	71	3	if	if	SCONJ
eistud-28787	71	4	not	not	PART
eistud-28787	71	5	most	most	ADJ
eistud-28787	71	6	,	,	PUNCT
eistud-28787	71	7	of	of	ADP
eistud-28787	71	8	‘	'	PUNCT
eistud-28787	71	9	trade	trade	NOUN
eistud-28787	71	10	surplus	surplus	NOUN
eistud-28787	71	11	economies	economy	NOUN
eistud-28787	71	12	’	'	PUNCT
eistud-28787	71	13	have	have	AUX
eistud-28787	71	14	grown	grow	VERB
eistud-28787	71	15	dynamically	dynamically	ADV
eistud-28787	71	16	over	over	ADP
eistud-28787	71	17	the	the	DET
eistud-28787	71	18	last	last	ADJ
eistud-28787	71	19	two	two	NUM
eistud-28787	71	20	decades	decade	NOUN
eistud-28787	71	21	,	,	PUNCT
eistud-28787	71	22	or	or	CCONJ
eistud-28787	71	23	so	so	ADV
eistud-28787	71	24	,	,	PUNCT
eistud-28787	71	25	with	with	ADP
eistud-28787	71	26	exception	exception	NOUN
eistud-28787	71	27	for	for	ADP
eistud-28787	71	28	japan	japan	PROPN
eistud-28787	71	29	and	and	CCONJ
eistud-28787	71	30	germany	germany	PROPN
eistud-28787	71	31	.	.	PUNCT
eistud-28787	72	1	what	what	PRON
eistud-28787	72	2	follows	follow	VERB
eistud-28787	72	3	is	be	AUX
eistud-28787	72	4	not	not	PART
eistud-28787	72	5	only	only	ADV
eistud-28787	72	6	a	a	DET
eistud-28787	72	7	change	change	NOUN
eistud-28787	72	8	in	in	ADP
eistud-28787	72	9	consumption	consumption	NOUN
eistud-28787	72	10	patterns	pattern	NOUN
eistud-28787	72	11	,	,	PUNCT
eistud-28787	72	12	but	but	CCONJ
eistud-28787	72	13	also	also	ADV
eistud-28787	72	14	an	an	DET
eistud-28787	72	15	expansion	expansion	NOUN
eistud-28787	72	16	european	european	ADJ
eistud-28787	72	17	integrat	integrat	NOUN
eistud-28787	72	18	ion	ion	NOUN
eistud-28787	72	19	studies2021/15	studies2021/15	NOUN
eistud-28787	72	20	128	128	NUM
eistud-28787	72	21	of	of	ADP
eistud-28787	72	22	the	the	DET
eistud-28787	72	23	domestic	domestic	ADJ
eistud-28787	72	24	absorption	absorption	NOUN
eistud-28787	72	25	,	,	PUNCT
eistud-28787	72	26	which	which	PRON
eistud-28787	72	27	develops	develop	VERB
eistud-28787	72	28	independently	independently	ADV
eistud-28787	72	29	from	from	ADP
eistud-28787	72	30	the	the	DET
eistud-28787	72	31	u.s	u.s	PROPN
eistud-28787	72	32	.	.	PROPN
eistud-28787	72	33	trade	trade	NOUN
eistud-28787	72	34	policy	policy	NOUN
eistud-28787	72	35	.	.	PUNCT
eistud-28787	73	1	there	there	PRON
eistud-28787	73	2	may	may	AUX
eistud-28787	73	3	also	also	ADV
eistud-28787	73	4	be	be	AUX
eistud-28787	73	5	no	no	DET
eistud-28787	73	6	negative	negative	ADJ
eistud-28787	73	7	response	response	NOUN
eistud-28787	73	8	of	of	ADP
eistud-28787	73	9	employment	employment	NOUN
eistud-28787	73	10	to	to	ADP
eistud-28787	73	11	these	these	DET
eistud-28787	73	12	adjustments	adjustment	NOUN
eistud-28787	73	13	.	.	PUNCT
eistud-28787	74	1	the	the	DET
eistud-28787	74	2	decline	decline	NOUN
eistud-28787	74	3	of	of	ADP
eistud-28787	74	4	the	the	DET
eistud-28787	74	5	u.s	u.s	PROPN
eistud-28787	74	6	.	.	PROPN
eistud-28787	74	7	deficit	deficit	NOUN
eistud-28787	74	8	(	(	PUNCT
eistud-28787	74	9	and	and	CCONJ
eistud-28787	74	10	surplus	surplus	NOUN
eistud-28787	74	11	)	)	PUNCT
eistud-28787	74	12	may	may	AUX
eistud-28787	74	13	not	not	PART
eistud-28787	74	14	be	be	AUX
eistud-28787	74	15	so	so	ADV
eistud-28787	74	16	‘	'	PUNCT
eistud-28787	74	17	inevitable	inevitable	ADJ
eistud-28787	74	18	’	'	PUNCT
eistud-28787	74	19	as	as	SCONJ
eistud-28787	74	20	claimed	claim	VERB
eistud-28787	74	21	by	by	ADP
eistud-28787	74	22	feldstein	feldstein	NOUN
eistud-28787	74	23	(	(	PUNCT
eistud-28787	74	24	2008	2008	NUM
eistud-28787	74	25	)	)	PUNCT
eistud-28787	74	26	.	.	PUNCT
eistud-28787	75	1	it	it	PRON
eistud-28787	75	2	is	be	AUX
eistud-28787	75	3	worth	worth	ADJ
eistud-28787	75	4	mentioning	mention	VERB
eistud-28787	75	5	here	here	ADV
eistud-28787	75	6	that	that	SCONJ
eistud-28787	75	7	the	the	DET
eistud-28787	75	8	traditional	traditional	ADJ
eistud-28787	75	9	macroeconomic	macroeconomic	ADJ
eistud-28787	75	10	analysis	analysis	NOUN
eistud-28787	75	11	assumes	assume	VERB
eistud-28787	75	12	the	the	DET
eistud-28787	75	13	level	level	NOUN
eistud-28787	75	14	of	of	ADP
eistud-28787	75	15	current	current	ADJ
eistud-28787	75	16	account	account	NOUN
eistud-28787	75	17	deficit	deficit	NOUN
eistud-28787	75	18	at	at	ADP
eistud-28787	75	19	5	5	NUM
eistud-28787	75	20	%	%	NOUN
eistud-28787	75	21	of	of	ADP
eistud-28787	75	22	gdp	gdp	NOUN
eistud-28787	75	23	,	,	PUNCT
eistud-28787	75	24	as	as	ADP
eistud-28787	75	25	potentially	potentially	ADV
eistud-28787	75	26	problematic	problematic	ADJ
eistud-28787	75	27	.	.	PUNCT
eistud-28787	76	1	de	de	PROPN
eistud-28787	76	2	mello	mello	PROPN
eistud-28787	76	3	and	and	CCONJ
eistud-28787	76	4	padoan	padoan	NOUN
eistud-28787	76	5	(	(	PUNCT
eistud-28787	76	6	2010	2010	NUM
eistud-28787	76	7	)	)	PUNCT
eistud-28787	76	8	provided	provide	VERB
eistud-28787	76	9	some	some	DET
eistud-28787	76	10	post	post	ADJ
eistud-28787	76	11	-	-	ADJ
eistud-28787	76	12	crisis	crisis	ADJ
eistud-28787	76	13	scenarios	scenario	NOUN
eistud-28787	76	14	for	for	ADP
eistud-28787	76	15	sustainability	sustainability	NOUN
eistud-28787	76	16	using	use	VERB
eistud-28787	76	17	also	also	ADV
eistud-28787	76	18	5	5	NUM
eistud-28787	76	19	%	%	NOUN
eistud-28787	76	20	as	as	ADP
eistud-28787	76	21	a	a	DET
eistud-28787	76	22	reference	reference	NOUN
eistud-28787	76	23	.	.	PUNCT
eistud-28787	77	1	this	this	DET
eistud-28787	77	2	benchmark	benchmark	NOUN
eistud-28787	77	3	was	be	AUX
eistud-28787	77	4	developed	develop	VERB
eistud-28787	77	5	on	on	ADP
eistud-28787	77	6	the	the	DET
eistud-28787	77	7	basis	basis	NOUN
eistud-28787	77	8	of	of	ADP
eistud-28787	77	9	real	real	ADJ
eistud-28787	77	10	life	life	NOUN
eistud-28787	77	11	experience	experience	NOUN
eistud-28787	77	12	of	of	ADP
eistud-28787	77	13	(	(	PUNCT
eistud-28787	77	14	many	many	ADJ
eistud-28787	77	15	)	)	PUNCT
eistud-28787	77	16	small	small	ADJ
eistud-28787	77	17	open	open	ADJ
eistud-28787	77	18	economies	economy	NOUN
eistud-28787	77	19	in	in	ADP
eistud-28787	77	20	the	the	DET
eistud-28787	77	21	late	late	ADJ
eistud-28787	77	22	20th	20th	ADJ
eistud-28787	77	23	century	century	NOUN
eistud-28787	77	24	.	.	PUNCT
eistud-28787	78	1	such	such	ADJ
eistud-28787	78	2	systems	system	NOUN
eistud-28787	78	3	are	be	AUX
eistud-28787	78	4	,	,	PUNCT
eistud-28787	78	5	however	however	ADV
eistud-28787	78	6	,	,	PUNCT
eistud-28787	78	7	very	very	ADV
eistud-28787	78	8	different	different	ADJ
eistud-28787	78	9	from	from	ADP
eistud-28787	78	10	the	the	DET
eistud-28787	78	11	u.s	u.s	PROPN
eistud-28787	78	12	.	.	PROPN
eistud-28787	78	13	system	system	NOUN
eistud-28787	78	14	with	with	ADP
eistud-28787	78	15	respect	respect	NOUN
eistud-28787	78	16	to	to	ADP
eistud-28787	78	17	‘	'	PUNCT
eistud-28787	78	18	sustainability	sustainability	NOUN
eistud-28787	78	19	’	'	PUNCT
eistud-28787	78	20	factors	factor	NOUN
eistud-28787	78	21	.	.	PUNCT
eistud-28787	79	1	sustainability	sustainability	NOUN
eistud-28787	79	2	of	of	ADP
eistud-28787	79	3	the	the	DET
eistud-28787	79	4	u.s	u.s	PROPN
eistud-28787	79	5	.	.	PROPN
eistud-28787	79	6	current	current	ADJ
eistud-28787	79	7	account	account	NOUN
eistud-28787	79	8	deficit	deficit	NOUN
eistud-28787	79	9	has	have	AUX
eistud-28787	79	10	been	be	AUX
eistud-28787	79	11	driven	drive	VERB
eistud-28787	79	12	by	by	ADP
eistud-28787	79	13	several	several	ADJ
eistud-28787	79	14	factors	factor	NOUN
eistud-28787	79	15	.	.	PUNCT
eistud-28787	80	1	three	three	NUM
eistud-28787	80	2	of	of	ADP
eistud-28787	80	3	them	they	PRON
eistud-28787	80	4	seem	seem	VERB
eistud-28787	80	5	to	to	PART
eistud-28787	80	6	be	be	AUX
eistud-28787	80	7	crucial	crucial	ADJ
eistud-28787	80	8	.	.	PUNCT
eistud-28787	81	1	the	the	DET
eistud-28787	81	2	dollar	dollar	NOUN
eistud-28787	81	3	has	have	AUX
eistud-28787	81	4	been	be	AUX
eistud-28787	81	5	the	the	DET
eistud-28787	81	6	most	most	ADV
eistud-28787	81	7	important	important	ADJ
eistud-28787	81	8	international	international	ADJ
eistud-28787	81	9	currency	currency	NOUN
eistud-28787	81	10	for	for	ADP
eistud-28787	81	11	(	(	PUNCT
eistud-28787	81	12	1	1	X
eistud-28787	81	13	)	)	PUNCT
eistud-28787	81	14	trade	trade	NOUN
eistud-28787	81	15	,	,	PUNCT
eistud-28787	81	16	(	(	PUNCT
eistud-28787	81	17	2	2	NUM
eistud-28787	81	18	)	)	PUNCT
eistud-28787	81	19	reserves	reserve	NOUN
eistud-28787	81	20	,	,	PUNCT
eistud-28787	81	21	and	and	CCONJ
eistud-28787	81	22	(	(	PUNCT
eistud-28787	81	23	3	3	X
eistud-28787	81	24	)	)	PUNCT
eistud-28787	81	25	investment	investment	NOUN
eistud-28787	81	26	.	.	PUNCT
eistud-28787	82	1	they	they	PRON
eistud-28787	82	2	were	be	AUX
eistud-28787	82	3	,	,	PUNCT
eistud-28787	82	4	however	however	ADV
eistud-28787	82	5	,	,	PUNCT
eistud-28787	82	6	neglected	neglect	VERB
eistud-28787	82	7	by	by	ADP
eistud-28787	82	8	m.	m.	NOUN
eistud-28787	82	9	feldstein	feldstein	PROPN
eistud-28787	82	10	(	(	PUNCT
eistud-28787	82	11	2008	2008	NUM
eistud-28787	82	12	)	)	PUNCT
eistud-28787	82	13	.	.	PUNCT
eistud-28787	83	1	there	there	PRON
eistud-28787	83	2	is	be	VERB
eistud-28787	83	3	a	a	DET
eistud-28787	83	4	recent	recent	ADJ
eistud-28787	83	5	contribution	contribution	NOUN
eistud-28787	83	6	to	to	ADP
eistud-28787	83	7	this	this	DET
eistud-28787	83	8	discussion	discussion	NOUN
eistud-28787	83	9	concerned	concern	VERB
eistud-28787	83	10	with	with	ADP
eistud-28787	83	11	the	the	DET
eistud-28787	83	12	dominant	dominant	ADJ
eistud-28787	83	13	currency	currency	NOUN
eistud-28787	83	14	paradigm	paradigm	NOUN
eistud-28787	83	15	by	by	ADP
eistud-28787	83	16	casas	casas	PROPN
eistud-28787	83	17	et	et	PROPN
eistud-28787	83	18	al	al	PROPN
eistud-28787	83	19	.	.	PROPN
eistud-28787	84	1	(	(	PUNCT
eistud-28787	84	2	2017	2017	NUM
eistud-28787	84	3	)	)	PUNCT
eistud-28787	84	4	.	.	PUNCT
eistud-28787	85	1	studying	study	VERB
eistud-28787	85	2	merchandise	merchandise	NOUN
eistud-28787	85	3	trade	trade	NOUN
eistud-28787	85	4	from	from	ADP
eistud-28787	85	5	1979	1979	NUM
eistud-28787	85	6	,	,	PUNCT
eistud-28787	85	7	one	one	PRON
eistud-28787	85	8	can	can	AUX
eistud-28787	85	9	see	see	VERB
eistud-28787	85	10	(	(	PUNCT
eistud-28787	85	11	figure	figure	NOUN
eistud-28787	85	12	3	3	NUM
eistud-28787	85	13	)	)	PUNCT
eistud-28787	85	14	that	that	SCONJ
eistud-28787	85	15	u.s	u.s	PROPN
eistud-28787	85	16	.	.	PROPN
eistud-28787	85	17	exports	export	NOUN
eistud-28787	85	18	have	have	AUX
eistud-28787	85	19	remained	remain	VERB
eistud-28787	85	20	low	low	ADJ
eistud-28787	85	21	,	,	PUNCT
eistud-28787	85	22	matching	match	VERB
eistud-28787	85	23	(	(	PUNCT
eistud-28787	85	24	i.e.	i.e.	X
eistud-28787	85	25	financing	financing	NOUN
eistud-28787	85	26	)	)	PUNCT
eistud-28787	85	27	no	no	ADV
eistud-28787	85	28	more	more	ADJ
eistud-28787	85	29	than	than	ADP
eistud-28787	85	30	65	65	NUM
eistud-28787	85	31	%	%	NOUN
eistud-28787	85	32	of	of	ADP
eistud-28787	85	33	imports	import	NOUN
eistud-28787	85	34	in	in	ADP
eistud-28787	85	35	2017	2017	NUM
eistud-28787	85	36	.	.	PUNCT
eistud-28787	86	1	how	how	SCONJ
eistud-28787	86	2	can	can	AUX
eistud-28787	86	3	the	the	DET
eistud-28787	86	4	u.s	u.s	PROPN
eistud-28787	86	5	.	.	PROPN
eistud-28787	86	6	current	current	ADJ
eistud-28787	86	7	account	account	NOUN
eistud-28787	86	8	imbalance	imbalance	NOUN
eistud-28787	86	9	be	be	AUX
eistud-28787	86	10	sustainable	sustainable	ADJ
eistud-28787	86	11	?	?	PUNCT
eistud-28787	87	1	figure	figure	NOUN
eistud-28787	87	2	3	3	NUM
eistud-28787	87	3	u.s	u.s	PROPN
eistud-28787	87	4	.	.	PROPN
eistud-28787	87	5	nominal	nominal	ADJ
eistud-28787	87	6	trade	trade	NOUN
eistud-28787	87	7	deficit	deficit	NOUN
eistud-28787	87	8	,	,	PUNCT
eistud-28787	87	9	and	and	CCONJ
eistud-28787	87	10	share	share	NOUN
eistud-28787	87	11	of	of	ADP
eistud-28787	87	12	merchandise	merchandise	NOUN
eistud-28787	87	13	imports	import	NOUN
eistud-28787	87	14	financed	finance	VERB
eistud-28787	87	15	by	by	ADP
eistud-28787	87	16	merchandise	merchandise	NOUN
eistud-28787	87	17	exports	export	NOUN
eistud-28787	87	18	1979	1979	NUM
eistud-28787	87	19	-	-	SYM
eistud-28787	87	20	2017	2017	NUM
eistud-28787	87	21	.	.	PUNCT
eistud-28787	88	1	in	in	ADP
eistud-28787	88	2	1980	1980	NUM
eistud-28787	88	3	u.s	u.s	PROPN
eistud-28787	88	4	.	.	PROPN
eistud-28787	88	5	exports	export	NOUN
eistud-28787	88	6	financed	finance	VERB
eistud-28787	88	7	93	93	NUM
eistud-28787	88	8	%	%	NOUN
eistud-28787	88	9	of	of	ADP
eistud-28787	88	10	merchandise	merchandise	NOUN
eistud-28787	88	11	imports	import	NOUN
eistud-28787	88	12	.	.	PUNCT
eistud-28787	89	1	the	the	DET
eistud-28787	89	2	plaza	plaza	PROPN
eistud-28787	89	3	accord	accord	NOUN
eistud-28787	89	4	in	in	ADP
eistud-28787	89	5	mid-1980s	mid-1980s	NUM
eistud-28787	89	6	seem	seem	VERB
eistud-28787	89	7	to	to	PART
eistud-28787	89	8	be	be	AUX
eistud-28787	89	9	responsible	responsible	ADJ
eistud-28787	89	10	for	for	ADP
eistud-28787	89	11	the	the	DET
eistud-28787	89	12	rebound	rebound	NOUN
eistud-28787	89	13	,	,	PUNCT
eistud-28787	89	14	but	but	CCONJ
eistud-28787	89	15	the	the	DET
eistud-28787	89	16	end	end	NOUN
eistud-28787	89	17	of	of	ADP
eistud-28787	89	18	the	the	DET
eistud-28787	89	19	bubble	bubble	NOUN
eistud-28787	89	20	economy	economy	NOUN
eistud-28787	89	21	in	in	ADP
eistud-28787	89	22	japan	japan	PROPN
eistud-28787	89	23	in	in	ADP
eistud-28787	89	24	1991	1991	NUM
eistud-28787	89	25	reversed	reverse	VERB
eistud-28787	89	26	the	the	DET
eistud-28787	89	27	trend	trend	NOUN
eistud-28787	89	28	again	again	ADV
eistud-28787	89	29	for	for	ADP
eistud-28787	89	30	the	the	DET
eistud-28787	89	31	next	next	ADJ
eistud-28787	89	32	15	15	NUM
eistud-28787	89	33	years	year	NOUN
eistud-28787	89	34	,	,	PUNCT
eistud-28787	89	35	or	or	CCONJ
eistud-28787	89	36	so	so	ADV
eistud-28787	89	37	.	.	PUNCT
eistud-28787	90	1	the	the	DET
eistud-28787	90	2	following	following	ADJ
eistud-28787	90	3	years	year	NOUN
eistud-28787	90	4	,	,	PUNCT
eistud-28787	90	5	until	until	SCONJ
eistud-28787	90	6	2006	2006	NUM
eistud-28787	90	7	witnessed	witness	VERB
eistud-28787	90	8	indeed	indeed	ADV
eistud-28787	90	9	a	a	DET
eistud-28787	90	10	very	very	ADV
eistud-28787	90	11	special	special	ADJ
eistud-28787	90	12	,	,	PUNCT
eistud-28787	90	13	and	and	CCONJ
eistud-28787	90	14	worrisome	worrisome	ADJ
eistud-28787	90	15	,	,	PUNCT
eistud-28787	90	16	situation	situation	NOUN
eistud-28787	90	17	with	with	ADP
eistud-28787	90	18	stable	stable	ADJ
eistud-28787	90	19	deficit	deficit	NOUN
eistud-28787	90	20	oscillating	oscillate	VERB
eistud-28787	90	21	around	around	ADV
eistud-28787	90	22	700	700	NUM
eistud-28787	90	23	billion	billion	NUM
eistud-28787	90	24	usd	usd	NOUN
eistud-28787	90	25	in	in	ADP
eistud-28787	90	26	the	the	DET
eistud-28787	90	27	period	period	NOUN
eistud-28787	90	28	2005	2005	NUM
eistud-28787	90	29	-	-	SYM
eistud-28787	90	30	2008	2008	NUM
eistud-28787	90	31	.	.	PUNCT
eistud-28787	91	1	no	no	DET
eistud-28787	91	2	wonder	wonder	NOUN
eistud-28787	91	3	it	it	PRON
eistud-28787	91	4	motivated	motivate	VERB
eistud-28787	91	5	many	many	ADJ
eistud-28787	91	6	economists	economist	NOUN
eistud-28787	91	7	to	to	PART
eistud-28787	91	8	issue	issue	VERB
eistud-28787	91	9	warnings	warning	NOUN
eistud-28787	91	10	and	and	CCONJ
eistud-28787	91	11	call	call	VERB
eistud-28787	91	12	for	for	ADP
eistud-28787	91	13	rebalancing	rebalancing	NOUN
eistud-28787	91	14	by	by	ADP
eistud-28787	91	15	the	the	DET
eistud-28787	91	16	means	mean	NOUN
eistud-28787	91	17	of	of	ADP
eistud-28787	91	18	economic	economic	ADJ
eistud-28787	91	19	policy	policy	NOUN
eistud-28787	91	20	and	and	CCONJ
eistud-28787	91	21	facilitating	facilitate	VERB
eistud-28787	91	22	market	market	NOUN
eistud-28787	91	23	adjustments	adjustment	NOUN
eistud-28787	91	24	.	.	PUNCT
eistud-28787	92	1	even	even	ADV
eistud-28787	92	2	though	though	SCONJ
eistud-28787	92	3	the	the	DET
eistud-28787	92	4	global	global	ADJ
eistud-28787	92	5	financial	financial	ADJ
eistud-28787	92	6	crisis	crisis	NOUN
eistud-28787	92	7	has	have	AUX
eistud-28787	92	8	executed	execute	VERB
eistud-28787	92	9	a	a	DET
eistud-28787	92	10	pressure	pressure	NOUN
eistud-28787	92	11	on	on	ADP
eistud-28787	92	12	the	the	DET
eistud-28787	92	13	trade	trade	NOUN
eistud-28787	92	14	deficit	deficit	NOUN
eistud-28787	92	15	,	,	PUNCT
eistud-28787	92	16	the	the	DET
eistud-28787	92	17	merchandise	merchandise	NOUN
eistud-28787	92	18	trade	trade	NOUN
eistud-28787	92	19	imbalance	imbalance	NOUN
eistud-28787	92	20	since	since	SCONJ
eistud-28787	92	21	2011	2011	NUM
eistud-28787	92	22	was	be	AUX
eistud-28787	92	23	back	back	ADV
eistud-28787	92	24	on	on	ADP
eistud-28787	92	25	the	the	DET
eistud-28787	92	26	same	same	ADJ
eistud-28787	92	27	track	track	NOUN
eistud-28787	92	28	as	as	ADP
eistud-28787	92	29	in	in	ADP
eistud-28787	92	30	the	the	DET
eistud-28787	92	31	pre	pre	ADJ
eistud-28787	92	32	-	-	ADJ
eistud-28787	92	33	crisis	crisis	ADJ
eistud-28787	92	34	period	period	NOUN
eistud-28787	92	35	.	.	PUNCT
eistud-28787	93	1	there	there	PRON
eistud-28787	93	2	has	have	AUX
eistud-28787	93	3	also	also	ADV
eistud-28787	93	4	been	be	AUX
eistud-28787	93	5	a	a	DET
eistud-28787	93	6	quite	quite	ADV
eistud-28787	93	7	stable	stable	ADJ
eistud-28787	93	8	share	share	NOUN
eistud-28787	93	9	of	of	ADP
eistud-28787	93	10	imports	import	NOUN
eistud-28787	93	11	financed	finance	VERB
eistud-28787	93	12	by	by	ADP
eistud-28787	93	13	exports	export	NOUN
eistud-28787	93	14	in	in	ADP
eistud-28787	93	15	the	the	DET
eistud-28787	93	16	most	most	ADV
eistud-28787	93	17	recent	recent	ADJ
eistud-28787	93	18	period	period	NOUN
eistud-28787	93	19	(	(	PUNCT
eistud-28787	93	20	at	at	ADP
eistud-28787	93	21	65	65	NUM
eistud-28787	93	22	%	%	NOUN
eistud-28787	93	23	)	)	PUNCT
eistud-28787	93	24	.	.	PUNCT
eistud-28787	94	1	no	no	DET
eistud-28787	94	2	actual	actual	ADJ
eistud-28787	94	3	rebalancing	rebalancing	NOUN
eistud-28787	94	4	can	can	AUX
eistud-28787	94	5	be	be	AUX
eistud-28787	94	6	observed	observe	VERB
eistud-28787	94	7	,	,	PUNCT
eistud-28787	94	8	so	so	ADV
eistud-28787	94	9	far	far	ADV
eistud-28787	94	10	.	.	PUNCT
eistud-28787	95	1	this	this	PRON
eistud-28787	95	2	has	have	AUX
eistud-28787	95	3	been	be	AUX
eistud-28787	95	4	as	as	SCONJ
eistud-28787	95	5	if	if	SCONJ
eistud-28787	95	6	market	market	NOUN
eistud-28787	95	7	participants	participant	NOUN
eistud-28787	95	8	have	have	AUX
eistud-28787	95	9	been	be	AUX
eistud-28787	95	10	not	not	PART
eistud-28787	95	11	aware	aware	ADJ
eistud-28787	95	12	of	of	ADP
eistud-28787	95	13	the	the	DET
eistud-28787	95	14	‘	'	PUNCT
eistud-28787	95	15	severity	severity	NOUN
eistud-28787	95	16	’	'	PUNCT
eistud-28787	95	17	of	of	ADP
eistud-28787	95	18	the	the	DET
eistud-28787	95	19	global	global	ADJ
eistud-28787	95	20	imbalance	imbalance	NOUN
eistud-28787	95	21	at	at	ADP
eistud-28787	95	22	hand	hand	NOUN
eistud-28787	95	23	.	.	PUNCT
eistud-28787	96	1	so	so	ADV
eistud-28787	96	2	how	how	SCONJ
eistud-28787	96	3	has	have	AUX
eistud-28787	96	4	the	the	DET
eistud-28787	96	5	trade	trade	NOUN
eistud-28787	96	6	deficit	deficit	NOUN
eistud-28787	96	7	been	be	AUX
eistud-28787	96	8	financed	finance	VERB
eistud-28787	96	9	since	since	SCONJ
eistud-28787	96	10	2008	2008	NUM
eistud-28787	96	11	?	?	PUNCT
eistud-28787	97	1	exports	export	NOUN
eistud-28787	97	2	manage	manage	VERB
eistud-28787	97	3	to	to	PART
eistud-28787	97	4	finance	finance	VERB
eistud-28787	97	5	only	only	ADV
eistud-28787	97	6	between	between	ADP
eistud-28787	97	7	60	60	NUM
eistud-28787	97	8	%	%	NOUN
eistud-28787	97	9	and	and	CCONJ
eistud-28787	97	10	65	65	NUM
eistud-28787	97	11	%	%	NOUN
eistud-28787	97	12	of	of	ADP
eistud-28787	97	13	merchandise	merchandise	NOUN
eistud-28787	97	14	imports	import	NOUN
eistud-28787	97	15	.	.	PUNCT
eistud-28787	98	1	(	(	PUNCT
eistud-28787	98	2	note	note	NOUN
eistud-28787	98	3	:	:	PUNCT
eistud-28787	98	4	there	there	PRON
eistud-28787	98	5	is	be	VERB
eistud-28787	98	6	a	a	DET
eistud-28787	98	7	difference	difference	NOUN
eistud-28787	98	8	between	between	ADP
eistud-28787	98	9	a	a	DET
eistud-28787	98	10	current	current	ADJ
eistud-28787	98	11	account	account	NOUN
eistud-28787	98	12	balance	balance	NOUN
eistud-28787	98	13	,	,	PUNCT
eistud-28787	98	14	and	and	CCONJ
eistud-28787	98	15	a	a	DET
eistud-28787	98	16	merchandise	merchandise	NOUN
eistud-28787	98	17	trade	trade	NOUN
eistud-28787	98	18	balance	balance	NOUN
eistud-28787	98	19	,	,	PUNCT
eistud-28787	98	20	which	which	PRON
eistud-28787	98	21	is	be	AUX
eistud-28787	98	22	particularly	particularly	ADV
eistud-28787	98	23	great	great	ADJ
eistud-28787	98	24	for	for	ADP
eistud-28787	98	25	a	a	DET
eistud-28787	98	26	country	country	NOUN
eistud-28787	98	27	such	such	ADJ
eistud-28787	98	28	as	as	ADP
eistud-28787	98	29	the	the	DET
eistud-28787	98	30	us	we	PRON
eistud-28787	98	31	which	which	PRON
eistud-28787	98	32	is	be	AUX
eistud-28787	98	33	a	a	DET
eistud-28787	98	34	successful	successful	ADJ
eistud-28787	98	35	exporter	exporter	NOUN
eistud-28787	98	36	of	of	ADP
eistud-28787	98	37	services	service	NOUN
eistud-28787	98	38	)	)	PUNCT
eistud-28787	98	39	.	.	PUNCT
eistud-28787	99	1	“	"	PUNCT
eistud-28787	99	2	a	a	DET
eistud-28787	99	3	nation	nation	NOUN
eistud-28787	99	4	that	that	PRON
eistud-28787	99	5	buys	buy	VERB
eistud-28787	99	6	more	more	ADJ
eistud-28787	99	7	than	than	SCONJ
eistud-28787	99	8	it	it	PRON
eistud-28787	99	9	sells	sell	VERB
eistud-28787	99	10	must	must	AUX
eistud-28787	99	11	finance	finance	VERB
eistud-28787	99	12	the	the	DET
eistud-28787	99	13	difference	difference	NOUN
eistud-28787	99	14	by	by	ADP
eistud-28787	99	15	borrowing	borrow	VERB
eistud-28787	99	16	from	from	ADP
eistud-28787	99	17	the	the	DET
eistud-28787	99	18	rest	rest	NOUN
eistud-28787	99	19	of	of	ADP
eistud-28787	99	20	the	the	DET
eistud-28787	99	21	world	world	NOUN
eistud-28787	99	22	or	or	CCONJ
eistud-28787	99	23	by	by	ADP
eistud-28787	99	24	selling	sell	VERB
eistud-28787	99	25	assets	asset	NOUN
eistud-28787	99	26	.	.	PUNCT
eistud-28787	99	27	”	"	PUNCT
eistud-28787	100	1	the	the	DET
eistud-28787	100	2	u.s	u.s	PROPN
eistud-28787	100	3	.	.	PROPN
eistud-28787	100	4	economy	economy	NOUN
eistud-28787	100	5	does	do	VERB
eistud-28787	100	6	it	it	PRON
eistud-28787	100	7	in	in	ADP
eistud-28787	100	8	both	both	CCONJ
eistud-28787	100	9	available	available	ADJ
eistud-28787	100	10	manners	manner	NOUN
eistud-28787	100	11	,	,	PUNCT
eistud-28787	100	12	with	with	ADP
eistud-28787	100	13	the	the	DET
eistud-28787	100	14	former	former	ADJ
eistud-28787	100	15	slowly	slowly	ADV
eistud-28787	100	16	diminishing	diminish	VERB
eistud-28787	100	17	in	in	ADP
eistud-28787	100	18	significance	significance	NOUN
eistud-28787	100	19	,	,	PUNCT
eistud-28787	100	20	and	and	CCONJ
eistud-28787	100	21	the	the	DET
eistud-28787	100	22	latter	latter	ADJ
eistud-28787	100	23	gaining	gain	VERB
eistud-28787	100	24	momentum	momentum	NOUN
eistud-28787	100	25	.	.	PUNCT
eistud-28787	101	1	129	129	NUM
eistud-28787	101	2	european	european	ADJ
eistud-28787	101	3	integrat	integrat	NOUN
eistud-28787	101	4	ion	ion	NOUN
eistud-28787	101	5	studies	study	NOUN
eistud-28787	101	6	2021/15	2021/15	NUM
eistud-28787	101	7	the	the	DET
eistud-28787	101	8	u.s	u.s	PROPN
eistud-28787	101	9	.	.	PROPN
eistud-28787	101	10	remains	remain	VERB
eistud-28787	101	11	the	the	DET
eistud-28787	101	12	deepest	deep	ADJ
eistud-28787	101	13	and	and	CCONJ
eistud-28787	101	14	the	the	DET
eistud-28787	101	15	most	most	ADV
eistud-28787	101	16	diversified	diversified	ADJ
eistud-28787	101	17	financial	financial	ADJ
eistud-28787	101	18	market	market	NOUN
eistud-28787	101	19	in	in	ADP
eistud-28787	101	20	the	the	DET
eistud-28787	101	21	world	world	NOUN
eistud-28787	101	22	.	.	PUNCT
eistud-28787	102	1	this	this	DET
eistud-28787	102	2	unique	unique	ADJ
eistud-28787	102	3	feature	feature	NOUN
eistud-28787	102	4	allows	allow	VERB
eistud-28787	102	5	it	it	PRON
eistud-28787	102	6	to	to	PART
eistud-28787	102	7	finance	finance	VERB
eistud-28787	102	8	part	part	NOUN
eistud-28787	102	9	of	of	ADP
eistud-28787	102	10	the	the	DET
eistud-28787	102	11	current	current	ADJ
eistud-28787	102	12	account	account	NOUN
eistud-28787	102	13	balance	balance	NOUN
eistud-28787	102	14	by	by	ADP
eistud-28787	102	15	selling	sell	VERB
eistud-28787	102	16	financial	financial	ADJ
eistud-28787	102	17	assets	asset	NOUN
eistud-28787	102	18	.	.	PUNCT
eistud-28787	103	1	in	in	ADP
eistud-28787	103	2	particular	particular	ADJ
eistud-28787	103	3	,	,	PUNCT
eistud-28787	103	4	these	these	PRON
eistud-28787	103	5	have	have	AUX
eistud-28787	103	6	been	be	AUX
eistud-28787	103	7	equity	equity	NOUN
eistud-28787	103	8	,	,	PUNCT
eistud-28787	103	9	along	along	ADP
eistud-28787	103	10	with	with	ADP
eistud-28787	103	11	debt	debt	NOUN
eistud-28787	103	12	(	(	PUNCT
eistud-28787	103	13	corporate	corporate	ADJ
eistud-28787	103	14	and	and	CCONJ
eistud-28787	103	15	public	public	ADJ
eistud-28787	103	16	)	)	PUNCT
eistud-28787	103	17	,	,	PUNCT
eistud-28787	103	18	that	that	PRON
eistud-28787	103	19	have	have	AUX
eistud-28787	103	20	attracted	attract	VERB
eistud-28787	103	21	foreign	foreign	ADJ
eistud-28787	103	22	savings	saving	NOUN
eistud-28787	103	23	.	.	PUNCT
eistud-28787	104	1	sale	sale	NOUN
eistud-28787	104	2	of	of	ADP
eistud-28787	104	3	financial	financial	ADJ
eistud-28787	104	4	assets	asset	NOUN
eistud-28787	104	5	continues	continue	VERB
eistud-28787	104	6	,	,	PUNCT
eistud-28787	104	7	as	as	SCONJ
eistud-28787	104	8	the	the	DET
eistud-28787	104	9	rest	rest	NOUN
eistud-28787	104	10	of	of	ADP
eistud-28787	104	11	the	the	DET
eistud-28787	104	12	world	world	NOUN
eistud-28787	104	13	purchases	purchase	VERB
eistud-28787	104	14	claims	claim	NOUN
eistud-28787	104	15	on	on	ADP
eistud-28787	104	16	u.s	u.s	PROPN
eistud-28787	104	17	.	.	PROPN
eistud-28787	104	18	companies	company	NOUN
eistud-28787	104	19	’	'	PUNCT
eistud-28787	104	20	profits	profit	NOUN
eistud-28787	104	21	,	,	PUNCT
eistud-28787	104	22	and	and	CCONJ
eistud-28787	104	23	becomes	become	VERB
eistud-28787	104	24	owner	owner	NOUN
eistud-28787	104	25	of	of	ADP
eistud-28787	104	26	entire	entire	ADJ
eistud-28787	104	27	businesses	business	NOUN
eistud-28787	104	28	(	(	PUNCT
eistud-28787	104	29	prominent	prominent	ADJ
eistud-28787	104	30	examples	example	NOUN
eistud-28787	104	31	are	be	AUX
eistud-28787	104	32	:	:	PUNCT
eistud-28787	104	33	cit	cit	PROPN
eistud-28787	104	34	group	group	PROPN
eistud-28787	104	35	,	,	PUNCT
eistud-28787	104	36	blackstone	blackstone	NOUN
eistud-28787	104	37	,	,	PUNCT
eistud-28787	104	38	and	and	CCONJ
eistud-28787	104	39	ingram	ingram	PROPN
eistud-28787	104	40	micro	micro	PROPN
eistud-28787	104	41	that	that	PRON
eistud-28787	104	42	have	have	AUX
eistud-28787	104	43	changed	change	VERB
eistud-28787	104	44	ownership	ownership	NOUN
eistud-28787	104	45	since	since	SCONJ
eistud-28787	104	46	2013	2013	NUM
eistud-28787	104	47	)	)	PUNCT
eistud-28787	104	48	.	.	PUNCT
eistud-28787	105	1	private	private	ADJ
eistud-28787	105	2	funds	fund	NOUN
eistud-28787	105	3	keep	keep	VERB
eistud-28787	105	4	coming	come	VERB
eistud-28787	105	5	to	to	ADP
eistud-28787	105	6	the	the	DET
eistud-28787	105	7	u.s	u.s	PROPN
eistud-28787	105	8	.	.	PROPN
eistud-28787	105	9	in	in	ADP
eistud-28787	105	10	a	a	DET
eistud-28787	105	11	variety	variety	NOUN
eistud-28787	105	12	of	of	ADP
eistud-28787	105	13	ways	way	NOUN
eistud-28787	105	14	,	,	PUNCT
eistud-28787	105	15	but	but	CCONJ
eistud-28787	105	16	the	the	DET
eistud-28787	105	17	expected	expect	VERB
eistud-28787	105	18	returns	return	NOUN
eistud-28787	105	19	have	have	AUX
eistud-28787	105	20	not	not	PART
eistud-28787	105	21	been	be	AUX
eistud-28787	105	22	the	the	DET
eistud-28787	105	23	only	only	ADJ
eistud-28787	105	24	reason	reason	NOUN
eistud-28787	105	25	for	for	ADP
eistud-28787	105	26	that	that	PRON
eistud-28787	105	27	,	,	PUNCT
eistud-28787	105	28	as	as	SCONJ
eistud-28787	105	29	observed	observe	VERB
eistud-28787	105	30	already	already	ADV
eistud-28787	105	31	by	by	ADP
eistud-28787	105	32	feldstein	feldstein	NOUN
eistud-28787	105	33	(	(	PUNCT
eistud-28787	105	34	2008	2008	NUM
eistud-28787	105	35	)	)	PUNCT
eistud-28787	105	36	.	.	PUNCT
eistud-28787	106	1	the	the	DET
eistud-28787	106	2	situation	situation	NOUN
eistud-28787	106	3	changed	change	VERB
eistud-28787	106	4	dramatically	dramatically	ADV
eistud-28787	106	5	in	in	ADP
eistud-28787	106	6	2007	2007	NUM
eistud-28787	106	7	,	,	PUNCT
eistud-28787	106	8	following	follow	VERB
eistud-28787	106	9	the	the	DET
eistud-28787	106	10	global	global	ADJ
eistud-28787	106	11	financial	financial	ADJ
eistud-28787	106	12	crisis	crisis	NOUN
eistud-28787	106	13	.	.	PUNCT
eistud-28787	107	1	since	since	SCONJ
eistud-28787	107	2	2013	2013	NUM
eistud-28787	107	3	net	net	ADJ
eistud-28787	107	4	portfolio	portfolio	NOUN
eistud-28787	107	5	investment	investment	NOUN
eistud-28787	107	6	seems	seem	VERB
eistud-28787	107	7	to	to	PART
eistud-28787	107	8	be	be	AUX
eistud-28787	107	9	significantly	significantly	ADV
eistud-28787	107	10	reduced	reduce	VERB
eistud-28787	107	11	,	,	PUNCT
eistud-28787	107	12	and	and	CCONJ
eistud-28787	107	13	foreign	foreign	ADJ
eistud-28787	107	14	capital	capital	NOUN
eistud-28787	107	15	has	have	AUX
eistud-28787	107	16	been	be	AUX
eistud-28787	107	17	no	no	ADV
eistud-28787	107	18	longer	long	ADV
eistud-28787	107	19	provided	provide	VERB
eistud-28787	107	20	to	to	ADP
eistud-28787	107	21	the	the	DET
eistud-28787	107	22	u.s	u.s	PROPN
eistud-28787	107	23	.	.	PROPN
eistud-28787	107	24	economy	economy	NOUN
eistud-28787	107	25	at	at	ADP
eistud-28787	107	26	the	the	DET
eistud-28787	107	27	previous	previous	ADJ
eistud-28787	107	28	scale	scale	NOUN
eistud-28787	107	29	.	.	PUNCT
eistud-28787	108	1	since	since	SCONJ
eistud-28787	108	2	2015	2015	NUM
eistud-28787	108	3	,	,	PUNCT
eistud-28787	108	4	non	non	NOUN
eistud-28787	108	5	-	-	NOUN
eistud-28787	108	6	residents	resident	NOUN
eistud-28787	108	7	have	have	AUX
eistud-28787	108	8	contributed	contribute	VERB
eistud-28787	108	9	more	more	ADJ
eistud-28787	108	10	long	long	ADJ
eistud-28787	108	11	-	-	PUNCT
eistud-28787	108	12	term	term	NOUN
eistud-28787	108	13	capital	capital	NOUN
eistud-28787	108	14	to	to	ADP
eistud-28787	108	15	the	the	DET
eistud-28787	108	16	u.s	u.s	PROPN
eistud-28787	108	17	.	.	PROPN
eistud-28787	108	18	than	than	ADP
eistud-28787	108	19	the	the	DET
eistud-28787	108	20	u.s	u.s	PROPN
eistud-28787	108	21	.	.	PROPN
eistud-28787	108	22	investors	investor	NOUN
eistud-28787	108	23	exported	export	VERB
eistud-28787	108	24	in	in	ADP
eistud-28787	108	25	the	the	DET
eistud-28787	108	26	form	form	NOUN
eistud-28787	108	27	of	of	ADP
eistud-28787	108	28	fdi	fdi	NOUN
eistud-28787	108	29	,	,	PUNCT
eistud-28787	108	30	with	with	ADP
eistud-28787	108	31	2017	2017	NUM
eistud-28787	108	32	witnessing	witness	VERB
eistud-28787	108	33	a	a	DET
eistud-28787	108	34	slight	slight	ADJ
eistud-28787	108	35	reversal	reversal	NOUN
eistud-28787	108	36	towards	towards	ADP
eistud-28787	108	37	the	the	DET
eistud-28787	108	38	previously	previously	ADV
eistud-28787	108	39	observed	observe	VERB
eistud-28787	108	40	pattern	pattern	NOUN
eistud-28787	108	41	.	.	PUNCT
eistud-28787	109	1	this	this	DET
eistud-28787	109	2	change	change	NOUN
eistud-28787	109	3	calls	call	VERB
eistud-28787	109	4	for	for	ADP
eistud-28787	109	5	additional	additional	ADJ
eistud-28787	109	6	elaboration	elaboration	NOUN
eistud-28787	109	7	,	,	PUNCT
eistud-28787	109	8	as	as	SCONJ
eistud-28787	109	9	it	it	PRON
eistud-28787	109	10	was	be	AUX
eistud-28787	109	11	unexpected	unexpected	ADJ
eistud-28787	109	12	,	,	PUNCT
eistud-28787	109	13	and	and	CCONJ
eistud-28787	109	14	unforeseen	unforeseen	ADJ
eistud-28787	109	15	by	by	ADP
eistud-28787	109	16	m.	m.	NOUN
eistud-28787	109	17	feldstein	feldstein	PROPN
eistud-28787	109	18	(	(	PUNCT
eistud-28787	109	19	2008	2008	NUM
eistud-28787	109	20	)	)	PUNCT
eistud-28787	109	21	.	.	PUNCT
eistud-28787	110	1	there	there	PRON
eistud-28787	110	2	was	be	VERB
eistud-28787	110	3	a	a	DET
eistud-28787	110	4	unique	unique	ADJ
eistud-28787	110	5	feature	feature	NOUN
eistud-28787	110	6	of	of	ADP
eistud-28787	110	7	the	the	DET
eistud-28787	110	8	u.s	u.s	PROPN
eistud-28787	110	9	.	.	PROPN
eistud-28787	110	10	economy	economy	NOUN
eistud-28787	110	11	over	over	ADP
eistud-28787	110	12	many	many	ADJ
eistud-28787	110	13	decades	decade	NOUN
eistud-28787	110	14	,	,	PUNCT
eistud-28787	110	15	until	until	ADP
eistud-28787	110	16	2014	2014	NUM
eistud-28787	110	17	.	.	PUNCT
eistud-28787	111	1	it	it	PRON
eistud-28787	111	2	served	serve	VERB
eistud-28787	111	3	as	as	ADP
eistud-28787	111	4	a	a	DET
eistud-28787	111	5	global	global	ADJ
eistud-28787	111	6	financial	financial	ADJ
eistud-28787	111	7	intermediator	intermediator	NOUN
eistud-28787	111	8	.	.	PUNCT
eistud-28787	112	1	in	in	ADP
eistud-28787	112	2	the	the	DET
eistud-28787	112	3	real	real	ADJ
eistud-28787	112	4	terms	term	NOUN
eistud-28787	112	5	,	,	PUNCT
eistud-28787	112	6	this	this	DET
eistud-28787	112	7	intermediation	intermediation	NOUN
eistud-28787	112	8	utilized	utilize	VERB
eistud-28787	112	9	a	a	DET
eistud-28787	112	10	straight	straight	ADJ
eistud-28787	112	11	scheme	scheme	NOUN
eistud-28787	112	12	.	.	PUNCT
eistud-28787	113	1	short	short	ADJ
eistud-28787	113	2	-	-	PUNCT
eistud-28787	113	3	term	term	NOUN
eistud-28787	113	4	foreign	foreign	ADJ
eistud-28787	113	5	capital	capital	NOUN
eistud-28787	113	6	was	be	AUX
eistud-28787	113	7	flowing	flow	VERB
eistud-28787	113	8	in	in	ADP
eistud-28787	113	9	(	(	PUNCT
eistud-28787	113	10	amounts	amount	NOUN
eistud-28787	113	11	in	in	ADP
eistud-28787	113	12	excess	excess	NOUN
eistud-28787	113	13	of	of	ADP
eistud-28787	113	14	the	the	DET
eistud-28787	113	15	current	current	ADJ
eistud-28787	113	16	account	account	NOUN
eistud-28787	113	17	deficit	deficit	NOUN
eistud-28787	113	18	)	)	PUNCT
eistud-28787	113	19	,	,	PUNCT
eistud-28787	113	20	and	and	CCONJ
eistud-28787	113	21	long	long	ADJ
eistud-28787	113	22	-	-	PUNCT
eistud-28787	113	23	term	term	NOUN
eistud-28787	113	24	capital	capital	NOUN
eistud-28787	113	25	was	be	AUX
eistud-28787	113	26	exported	export	VERB
eistud-28787	113	27	from	from	ADP
eistud-28787	113	28	the	the	DET
eistud-28787	113	29	u.s	u.s	PROPN
eistud-28787	113	30	.	.	PROPN
eistud-28787	113	31	benefits	benefit	NOUN
eistud-28787	113	32	materialized	materialize	VERB
eistud-28787	113	33	due	due	ADP
eistud-28787	113	34	to	to	ADP
eistud-28787	113	35	the	the	DET
eistud-28787	113	36	difference	difference	NOUN
eistud-28787	113	37	in	in	ADP
eistud-28787	113	38	rates	rate	NOUN
eistud-28787	113	39	of	of	ADP
eistud-28787	113	40	return	return	NOUN
eistud-28787	113	41	.	.	PUNCT
eistud-28787	114	1	short	short	ADJ
eistud-28787	114	2	-	-	PUNCT
eistud-28787	114	3	term	term	NOUN
eistud-28787	114	4	(	(	PUNCT
eistud-28787	114	5	i.e.	i.e.	X
eistud-28787	114	6	portfolio	portfolio	NOUN
eistud-28787	114	7	)	)	PUNCT
eistud-28787	114	8	investment	investment	NOUN
eistud-28787	114	9	in	in	ADP
eistud-28787	114	10	the	the	DET
eistud-28787	114	11	u.s	u.s	PROPN
eistud-28787	114	12	.	.	PROPN
eistud-28787	114	13	,	,	PUNCT
eistud-28787	114	14	as	as	ADP
eistud-28787	114	15	the	the	DET
eistud-28787	114	16	more	more	ADV
eistud-28787	114	17	liquid	liquid	ADJ
eistud-28787	114	18	one	one	NUM
eistud-28787	114	19	(	(	PUNCT
eistud-28787	114	20	i.e.	i.e.	X
eistud-28787	114	21	less	less	ADV
eistud-28787	114	22	risky	risky	ADJ
eistud-28787	114	23	)	)	PUNCT
eistud-28787	114	24	,	,	PUNCT
eistud-28787	114	25	paid	pay	VERB
eistud-28787	114	26	lower	low	ADJ
eistud-28787	114	27	rate	rate	NOUN
eistud-28787	114	28	of	of	ADP
eistud-28787	114	29	return	return	NOUN
eistud-28787	114	30	to	to	ADP
eistud-28787	114	31	foreign	foreign	ADJ
eistud-28787	114	32	investors	investor	NOUN
eistud-28787	114	33	taking	take	VERB
eistud-28787	114	34	long	long	ADJ
eistud-28787	114	35	positions	position	NOUN
eistud-28787	114	36	in	in	ADP
eistud-28787	114	37	dollar	dollar	NOUN
eistud-28787	114	38	-	-	PUNCT
eistud-28787	114	39	denominated	denominate	VERB
eistud-28787	114	40	financial	financial	ADJ
eistud-28787	114	41	instruments	instrument	NOUN
eistud-28787	114	42	.	.	PUNCT
eistud-28787	115	1	net	net	ADJ
eistud-28787	115	2	portfolio	portfolio	NOUN
eistud-28787	115	3	investment	investment	NOUN
eistud-28787	115	4	in	in	ADP
eistud-28787	115	5	the	the	DET
eistud-28787	115	6	u.s	u.s	PROPN
eistud-28787	115	7	.	.	PROPN
eistud-28787	115	8	used	use	VERB
eistud-28787	115	9	to	to	PART
eistud-28787	115	10	be	be	AUX
eistud-28787	115	11	positive	positive	ADJ
eistud-28787	115	12	(	(	PUNCT
eistud-28787	115	13	figure	figure	NOUN
eistud-28787	115	14	4	4	NUM
eistud-28787	115	15	)	)	PUNCT
eistud-28787	115	16	.	.	PUNCT
eistud-28787	116	1	in	in	ADP
eistud-28787	116	2	the	the	DET
eistud-28787	116	3	same	same	ADJ
eistud-28787	116	4	time	time	NOUN
eistud-28787	116	5	,	,	PUNCT
eistud-28787	116	6	the	the	DET
eistud-28787	116	7	u.s	u.s	PROPN
eistud-28787	116	8	.	.	PROPN
eistud-28787	116	9	economy	economy	NOUN
eistud-28787	116	10	exported	export	VERB
eistud-28787	116	11	long	long	ADJ
eistud-28787	116	12	-	-	PUNCT
eistud-28787	116	13	term	term	NOUN
eistud-28787	116	14	capital	capital	NOUN
eistud-28787	116	15	,	,	PUNCT
eistud-28787	116	16	receiving	receive	VERB
eistud-28787	116	17	a	a	DET
eistud-28787	116	18	rate	rate	NOUN
eistud-28787	116	19	of	of	ADP
eistud-28787	116	20	return	return	NOUN
eistud-28787	116	21	in	in	ADP
eistud-28787	116	22	excess	excess	NOUN
eistud-28787	116	23	of	of	ADP
eistud-28787	116	24	the	the	DET
eistud-28787	116	25	rate	rate	NOUN
eistud-28787	116	26	paid	pay	VERB
eistud-28787	116	27	on	on	ADP
eistud-28787	116	28	the	the	DET
eistud-28787	116	29	short	short	ADJ
eistud-28787	116	30	-	-	PUNCT
eistud-28787	116	31	term	term	NOUN
eistud-28787	116	32	liabilities	liability	NOUN
eistud-28787	116	33	(	(	PUNCT
eistud-28787	116	34	positive	positive	ADJ
eistud-28787	116	35	net	net	ADJ
eistud-28787	116	36	portfolio	portfolio	NOUN
eistud-28787	116	37	investment	investment	NOUN
eistud-28787	116	38	)	)	PUNCT
eistud-28787	116	39	.	.	PUNCT
eistud-28787	117	1	flows	flow	NOUN
eistud-28787	117	2	of	of	ADP
eistud-28787	117	3	long	long	ADJ
eistud-28787	117	4	-	-	PUNCT
eistud-28787	117	5	term	term	NOUN
eistud-28787	117	6	capital	capital	NOUN
eistud-28787	117	7	(	(	PUNCT
eistud-28787	117	8	i.e.	i.e.	X
eistud-28787	117	9	direct	direct	ADJ
eistud-28787	117	10	investment	investment	NOUN
eistud-28787	117	11	)	)	PUNCT
eistud-28787	117	12	used	use	VERB
eistud-28787	117	13	to	to	PART
eistud-28787	117	14	be	be	AUX
eistud-28787	117	15	negative	negative	ADJ
eistud-28787	117	16	(	(	PUNCT
eistud-28787	117	17	figure	figure	NOUN
eistud-28787	117	18	4	4	NUM
eistud-28787	117	19	:	:	PUNCT
eistud-28787	117	20	until	until	ADP
eistud-28787	117	21	2014	2014	NUM
eistud-28787	117	22	)	)	PUNCT
eistud-28787	117	23	.	.	PUNCT
eistud-28787	118	1	this	this	PRON
eistud-28787	118	2	indicated	indicate	VERB
eistud-28787	118	3	an	an	DET
eistud-28787	118	4	outflow	outflow	NOUN
eistud-28787	118	5	of	of	ADP
eistud-28787	118	6	long	long	ADJ
eistud-28787	118	7	-	-	PUNCT
eistud-28787	118	8	term	term	NOUN
eistud-28787	118	9	capital	capital	NOUN
eistud-28787	118	10	.	.	PUNCT
eistud-28787	119	1	such	such	DET
eistud-28787	119	2	a	a	DET
eistud-28787	119	3	situation	situation	NOUN
eistud-28787	119	4	generated	generate	VERB
eistud-28787	119	5	substantial	substantial	ADJ
eistud-28787	119	6	benefits	benefit	NOUN
eistud-28787	119	7	for	for	ADP
eistud-28787	119	8	the	the	DET
eistud-28787	119	9	figure	figure	NOUN
eistud-28787	119	10	4	4	NUM
eistud-28787	119	11	capital	capital	NOUN
eistud-28787	119	12	flows	flow	NOUN
eistud-28787	119	13	:	:	PUNCT
eistud-28787	119	14	current	current	ADJ
eistud-28787	119	15	account	account	NOUN
eistud-28787	119	16	balance	balance	NOUN
eistud-28787	119	17	(	(	PUNCT
eistud-28787	119	18	cab	cab	NOUN
eistud-28787	119	19	)	)	PUNCT
eistud-28787	119	20	,	,	PUNCT
eistud-28787	119	21	net	net	ADJ
eistud-28787	119	22	portfolio	portfolio	NOUN
eistud-28787	119	23	investment	investment	NOUN
eistud-28787	119	24	(	(	PUNCT
eistud-28787	119	25	pi	pi	NOUN
eistud-28787	119	26	)	)	PUNCT
eistud-28787	119	27	,	,	PUNCT
eistud-28787	119	28	fdi	fdi	PROPN
eistud-28787	119	29	,	,	PUNCT
eistud-28787	119	30	and	and	CCONJ
eistud-28787	119	31	other	other	ADJ
eistud-28787	119	32	investment	investment	NOUN
eistud-28787	119	33	(	(	PUNCT
eistud-28787	119	34	oi	oi	INTJ
eistud-28787	119	35	)	)	PUNCT
eistud-28787	119	36	and	and	CCONJ
eistud-28787	119	37	their	their	PRON
eistud-28787	119	38	total	total	NOUN
eistud-28787	119	39	as	as	ADP
eistud-28787	119	40	a	a	DET
eistud-28787	119	41	share	share	NOUN
eistud-28787	119	42	of	of	ADP
eistud-28787	119	43	the	the	DET
eistud-28787	119	44	current	current	ADJ
eistud-28787	119	45	account	account	NOUN
eistud-28787	119	46	deficit	deficit	NOUN
eistud-28787	119	47	,	,	PUNCT
eistud-28787	119	48	2007	2007	NUM
eistud-28787	119	49	-	-	SYM
eistud-28787	119	50	2017	2017	NUM
eistud-28787	119	51	(	(	PUNCT
eistud-28787	119	52	author	author	NOUN
eistud-28787	119	53	,	,	PUNCT
eistud-28787	119	54	based	base	VERB
eistud-28787	119	55	on	on	ADP
eistud-28787	119	56	the	the	DET
eistud-28787	119	57	u.s	u.s	PROPN
eistud-28787	119	58	.	.	PROPN
eistud-28787	119	59	international	international	ADJ
eistud-28787	119	60	transactions	transaction	NOUN
eistud-28787	119	61	accounts	account	VERB
eistud-28787	119	62	data	datum	NOUN
eistud-28787	119	63	from	from	ADP
eistud-28787	119	64	the	the	DET
eistud-28787	119	65	bea	bea	PROPN
eistud-28787	119	66	.	.	PUNCT
eistud-28787	119	67	)	)	PUNCT
eistud-28787	119	68	.	.	PUNCT
eistud-28787	120	1	european	european	ADJ
eistud-28787	120	2	integrat	integrat	PROPN
eistud-28787	120	3	ion	ion	NOUN
eistud-28787	120	4	studies2021/15	studies2021/15	NOUN
eistud-28787	120	5	130	130	NUM
eistud-28787	120	6	u.s	u.s	PROPN
eistud-28787	120	7	.	.	PROPN
eistud-28787	120	8	economy	economy	NOUN
eistud-28787	120	9	due	due	ADP
eistud-28787	120	10	to	to	ADP
eistud-28787	120	11	financial	financial	ADJ
eistud-28787	120	12	intermediation	intermediation	NOUN
eistud-28787	120	13	.	.	PUNCT
eistud-28787	121	1	america	america	PROPN
eistud-28787	121	2	benefited	benefit	VERB
eistud-28787	121	3	because	because	SCONJ
eistud-28787	121	4	the	the	DET
eistud-28787	121	5	rate	rate	NOUN
eistud-28787	121	6	of	of	ADP
eistud-28787	121	7	return	return	NOUN
eistud-28787	121	8	on	on	ADP
eistud-28787	121	9	long	long	ADJ
eistud-28787	121	10	term	term	NOUN
eistud-28787	121	11	capital	capital	NOUN
eistud-28787	121	12	invested	invest	VERB
eistud-28787	121	13	outside	outside	ADP
eistud-28787	121	14	u.s	u.s	PROPN
eistud-28787	121	15	.	.	PROPN
eistud-28787	121	16	was	be	AUX
eistud-28787	121	17	greater	great	ADJ
eistud-28787	121	18	than	than	ADP
eistud-28787	121	19	the	the	DET
eistud-28787	121	20	cost	cost	NOUN
eistud-28787	121	21	of	of	ADP
eistud-28787	121	22	short	short	ADJ
eistud-28787	121	23	-	-	PUNCT
eistud-28787	121	24	term	term	NOUN
eistud-28787	121	25	capital	capital	NOUN
eistud-28787	121	26	that	that	PRON
eistud-28787	121	27	was	be	AUX
eistud-28787	121	28	provided	provide	VERB
eistud-28787	121	29	by	by	ADP
eistud-28787	121	30	other	other	ADJ
eistud-28787	121	31	countries	country	NOUN
eistud-28787	121	32	in	in	ADP
eistud-28787	121	33	the	the	DET
eistud-28787	121	34	first	first	ADJ
eistud-28787	121	35	place	place	NOUN
eistud-28787	121	36	.	.	PUNCT
eistud-28787	122	1	borrowing	borrow	VERB
eistud-28787	122	2	at	at	ADP
eistud-28787	122	3	a	a	DET
eistud-28787	122	4	low	low	ADJ
eistud-28787	122	5	rate	rate	NOUN
eistud-28787	122	6	(	(	PUNCT
eistud-28787	122	7	from	from	ADP
eistud-28787	122	8	other	other	ADJ
eistud-28787	122	9	countries	country	NOUN
eistud-28787	122	10	)	)	PUNCT
eistud-28787	122	11	,	,	PUNCT
eistud-28787	122	12	and	and	CCONJ
eistud-28787	122	13	providing	provide	VERB
eistud-28787	122	14	financing	financing	NOUN
eistud-28787	122	15	at	at	ADP
eistud-28787	122	16	a	a	DET
eistud-28787	122	17	higher	high	ADJ
eistud-28787	122	18	rate	rate	NOUN
eistud-28787	122	19	(	(	PUNCT
eistud-28787	122	20	to	to	ADP
eistud-28787	122	21	other	other	ADJ
eistud-28787	122	22	countries	country	NOUN
eistud-28787	122	23	)	)	PUNCT
eistud-28787	122	24	,	,	PUNCT
eistud-28787	122	25	along	along	ADP
eistud-28787	122	26	with	with	ADP
eistud-28787	122	27	transformation	transformation	NOUN
eistud-28787	122	28	of	of	ADP
eistud-28787	122	29	the	the	DET
eistud-28787	122	30	nominal	nominal	NOUN
eistud-28787	122	31	(	(	PUNCT
eistud-28787	122	32	from	from	ADP
eistud-28787	122	33	multiple	multiple	ADJ
eistud-28787	122	34	small	small	ADJ
eistud-28787	122	35	deposits	deposit	NOUN
eistud-28787	122	36	to	to	ADP
eistud-28787	122	37	few	few	ADJ
eistud-28787	122	38	big	big	ADJ
eistud-28787	122	39	loans	loan	NOUN
eistud-28787	122	40	)	)	PUNCT
eistud-28787	122	41	,	,	PUNCT
eistud-28787	122	42	and	and	CCONJ
eistud-28787	122	43	the	the	DET
eistud-28787	122	44	term	term	NOUN
eistud-28787	122	45	(	(	PUNCT
eistud-28787	122	46	from	from	ADP
eistud-28787	122	47	short	short	ADJ
eistud-28787	122	48	to	to	ADP
eistud-28787	122	49	long	long	ADJ
eistud-28787	122	50	-	-	PUNCT
eistud-28787	122	51	term	term	NOUN
eistud-28787	122	52	financing	financing	NOUN
eistud-28787	122	53	)	)	PUNCT
eistud-28787	122	54	belong	belong	VERB
eistud-28787	122	55	to	to	ADP
eistud-28787	122	56	the	the	DET
eistud-28787	122	57	very	very	ADJ
eistud-28787	122	58	nature	nature	NOUN
eistud-28787	122	59	of	of	ADP
eistud-28787	122	60	every	every	DET
eistud-28787	122	61	banker	banker	NOUN
eistud-28787	122	62	.	.	PUNCT
eistud-28787	123	1	there	there	PRON
eistud-28787	123	2	has	have	AUX
eistud-28787	123	3	been	be	AUX
eistud-28787	123	4	a	a	DET
eistud-28787	123	5	similar	similar	ADJ
eistud-28787	123	6	scheme	scheme	NOUN
eistud-28787	123	7	in	in	ADP
eistud-28787	123	8	the	the	DET
eistud-28787	123	9	case	case	NOUN
eistud-28787	123	10	of	of	ADP
eistud-28787	123	11	the	the	DET
eistud-28787	123	12	uk	uk	PROPN
eistud-28787	123	13	,	,	PUNCT
eistud-28787	123	14	but	but	CCONJ
eistud-28787	123	15	not	not	PART
eistud-28787	123	16	in	in	ADP
eistud-28787	123	17	any	any	DET
eistud-28787	123	18	other	other	ADJ
eistud-28787	123	19	country	country	NOUN
eistud-28787	123	20	or	or	CCONJ
eistud-28787	123	21	region	region	NOUN
eistud-28787	123	22	.	.	PUNCT
eistud-28787	124	1	for	for	ADP
eistud-28787	124	2	example	example	NOUN
eistud-28787	124	3	,	,	PUNCT
eistud-28787	124	4	financial	financial	ADJ
eistud-28787	124	5	flows	flow	NOUN
eistud-28787	124	6	within	within	ADP
eistud-28787	124	7	the	the	DET
eistud-28787	124	8	eu	eu	PROPN
eistud-28787	124	9	,	,	PUNCT
eistud-28787	124	10	and	and	CCONJ
eistud-28787	124	11	debtor	debtor	NOUN
eistud-28787	124	12	-	-	PUNCT
eistud-28787	124	13	creditor	creditor	NOUN
eistud-28787	124	14	positions	position	NOUN
eistud-28787	124	15	are	be	AUX
eistud-28787	124	16	of	of	ADP
eistud-28787	124	17	a	a	DET
eistud-28787	124	18	very	very	ADV
eistud-28787	124	19	different	different	ADJ
eistud-28787	124	20	nature	nature	NOUN
eistud-28787	124	21	.	.	PUNCT
eistud-28787	125	1	they	they	PRON
eistud-28787	125	2	are	be	AUX
eistud-28787	125	3	also	also	ADV
eistud-28787	125	4	motivated	motivate	VERB
eistud-28787	125	5	by	by	ADP
eistud-28787	125	6	totally	totally	ADV
eistud-28787	125	7	different	different	ADJ
eistud-28787	125	8	considerations	consideration	NOUN
eistud-28787	125	9	than	than	ADP
eistud-28787	125	10	in	in	ADP
eistud-28787	125	11	case	case	NOUN
eistud-28787	125	12	of	of	ADP
eistud-28787	125	13	the	the	DET
eistud-28787	125	14	u.s	u.s	PROPN
eistud-28787	125	15	.	.	PROPN
eistud-28787	125	16	,	,	PUNCT
eistud-28787	125	17	as	as	SCONJ
eistud-28787	125	18	argued	argue	VERB
eistud-28787	125	19	by	by	ADP
eistud-28787	125	20	daugeliene	daugeliene	NOUN
eistud-28787	125	21	and	and	CCONJ
eistud-28787	125	22	młodkowski	młodkowski	NOUN
eistud-28787	125	23	(	(	PUNCT
eistud-28787	125	24	2014	2014	NUM
eistud-28787	125	25	)	)	PUNCT
eistud-28787	125	26	.	.	PUNCT
eistud-28787	126	1	the	the	DET
eistud-28787	126	2	composition	composition	NOUN
eistud-28787	126	3	of	of	ADP
eistud-28787	126	4	portfolio	portfolio	NOUN
eistud-28787	126	5	investment	investment	NOUN
eistud-28787	126	6	(	(	PUNCT
eistud-28787	126	7	equity	equity	NOUN
eistud-28787	126	8	versus	versus	ADP
eistud-28787	126	9	debt	debt	NOUN
eistud-28787	126	10	)	)	PUNCT
eistud-28787	126	11	may	may	AUX
eistud-28787	126	12	suggest	suggest	VERB
eistud-28787	126	13	the	the	DET
eistud-28787	126	14	actual	actual	ADJ
eistud-28787	126	15	beneficiary	beneficiary	NOUN
eistud-28787	126	16	of	of	ADP
eistud-28787	126	17	financial	financial	ADJ
eistud-28787	126	18	instruments	instrument	NOUN
eistud-28787	126	19	purchased	purchase	VERB
eistud-28787	126	20	in	in	ADP
eistud-28787	126	21	the	the	DET
eistud-28787	126	22	u.s	u.s	PROPN
eistud-28787	126	23	.	.	PROPN
eistud-28787	126	24	it	it	PRON
eistud-28787	126	25	was	be	AUX
eistud-28787	126	26	claimed	claim	VERB
eistud-28787	126	27	by	by	ADP
eistud-28787	126	28	feldstein	feldstein	NOUN
eistud-28787	126	29	(	(	PUNCT
eistud-28787	126	30	2008	2008	NUM
eistud-28787	126	31	)	)	PUNCT
eistud-28787	126	32	that	that	SCONJ
eistud-28787	126	33	main	main	ADJ
eistud-28787	126	34	u.s	u.s	PROPN
eistud-28787	126	35	.	.	PROPN
eistud-28787	126	36	trade	trade	NOUN
eistud-28787	126	37	partners	partner	NOUN
eistud-28787	126	38	’	'	PUNCT
eistud-28787	126	39	governments	government	NOUN
eistud-28787	126	40	accumulate	accumulate	VERB
eistud-28787	126	41	foreign	foreign	ADJ
eistud-28787	126	42	exchange	exchange	NOUN
eistud-28787	126	43	reserves	reserve	NOUN
eistud-28787	126	44	to	to	PART
eistud-28787	126	45	maintain	maintain	VERB
eistud-28787	126	46	competitiveness	competitiveness	NOUN
eistud-28787	126	47	and	and	CCONJ
eistud-28787	126	48	“	"	PUNCT
eistud-28787	126	49	sustain	sustain	VERB
eistud-28787	126	50	[	[	X
eistud-28787	126	51	…	…	PUNCT
eistud-28787	126	52	]	]	X
eistud-28787	126	53	export	export	NOUN
eistud-28787	126	54	surpluses	surplus	NOUN
eistud-28787	126	55	”	"	PUNCT
eistud-28787	126	56	.	.	PUNCT
eistud-28787	127	1	such	such	ADJ
eistud-28787	127	2	interpretation	interpretation	NOUN
eistud-28787	127	3	seems	seem	VERB
eistud-28787	127	4	to	to	PART
eistud-28787	127	5	fit	fit	VERB
eistud-28787	127	6	perfectly	perfectly	ADV
eistud-28787	127	7	in	in	ADP
eistud-28787	127	8	the	the	DET
eistud-28787	127	9	environment	environment	NOUN
eistud-28787	127	10	,	,	PUNCT
eistud-28787	127	11	where	where	SCONJ
eistud-28787	127	12	‘	'	PUNCT
eistud-28787	127	13	beggar	beggar	ADJ
eistud-28787	127	14	-	-	PUNCT
eistud-28787	127	15	thy	thy	ADJ
eistud-28787	127	16	-	-	PUNCT
eistud-28787	127	17	neighbor	neighbor	NOUN
eistud-28787	127	18	’	'	PUNCT
eistud-28787	127	19	policy	policy	NOUN
eistud-28787	127	20	is	be	AUX
eistud-28787	127	21	the	the	DET
eistud-28787	127	22	everyday	everyday	ADJ
eistud-28787	127	23	practice	practice	NOUN
eistud-28787	127	24	.	.	PUNCT
eistud-28787	128	1	however	however	ADV
eistud-28787	128	2	,	,	PUNCT
eistud-28787	128	3	the	the	DET
eistud-28787	128	4	actual	actual	ADJ
eistud-28787	128	5	motivation	motivation	NOUN
eistud-28787	128	6	for	for	SCONJ
eistud-28787	128	7	governments	government	NOUN
eistud-28787	128	8	to	to	PART
eistud-28787	128	9	buy	buy	VERB
eistud-28787	128	10	and	and	CCONJ
eistud-28787	128	11	maintain	maintain	VERB
eistud-28787	128	12	large	large	ADJ
eistud-28787	128	13	foreign	foreign	ADJ
eistud-28787	128	14	exchange	exchange	NOUN
eistud-28787	128	15	reserves	reserve	NOUN
eistud-28787	128	16	denominated	denominate	VERB
eistud-28787	128	17	in	in	ADP
eistud-28787	128	18	the	the	DET
eistud-28787	128	19	dollar	dollar	NOUN
eistud-28787	128	20	may	may	AUX
eistud-28787	128	21	be	be	AUX
eistud-28787	128	22	much	much	ADV
eistud-28787	128	23	more	more	ADV
eistud-28787	128	24	complex	complex	ADJ
eistud-28787	128	25	(	(	PUNCT
eistud-28787	128	26	eichengreen	eichengreen	NOUN
eistud-28787	128	27	et	et	PROPN
eistud-28787	128	28	al	al	PROPN
eistud-28787	128	29	.	.	PROPN
eistud-28787	128	30	2017	2017	NUM
eistud-28787	128	31	)	)	PUNCT
eistud-28787	128	32	.	.	PUNCT
eistud-28787	129	1	according	accord	VERB
eistud-28787	129	2	to	to	ADP
eistud-28787	129	3	an	an	DET
eistud-28787	129	4	investigation	investigation	NOUN
eistud-28787	129	5	by	by	ADP
eistud-28787	129	6	du	du	PROPN
eistud-28787	129	7	,	,	PUNCT
eistud-28787	129	8	i	i	PRON
eistud-28787	129	9	m	m	PROPN
eistud-28787	129	10	,	,	PUNCT
eistud-28787	129	11	and	and	CCONJ
eistud-28787	129	12	schreger	schreger	ADJ
eistud-28787	129	13	(	(	PUNCT
eistud-28787	129	14	2018	2018	NUM
eistud-28787	129	15	)	)	PUNCT
eistud-28787	129	16	into	into	ADP
eistud-28787	129	17	changes	change	NOUN
eistud-28787	129	18	in	in	ADP
eistud-28787	129	19	preferences	preference	NOUN
eistud-28787	129	20	of	of	ADP
eistud-28787	129	21	investors	investor	NOUN
eistud-28787	129	22	for	for	ADP
eistud-28787	129	23	u.s	u.s	PROPN
eistud-28787	129	24	.	.	PROPN
eistud-28787	129	25	treasury	treasury	PROPN
eistud-28787	129	26	bonds	bond	NOUN
eistud-28787	129	27	,	,	PUNCT
eistud-28787	129	28	there	there	PRON
eistud-28787	129	29	seems	seem	VERB
eistud-28787	129	30	to	to	PART
eistud-28787	129	31	be	be	AUX
eistud-28787	129	32	some	some	DET
eistud-28787	129	33	empirical	empirical	ADJ
eistud-28787	129	34	support	support	NOUN
eistud-28787	129	35	for	for	ADP
eistud-28787	129	36	arguments	argument	NOUN
eistud-28787	129	37	formulated	formulate	VERB
eistud-28787	129	38	by	by	ADP
eistud-28787	129	39	feldstein	feldstein	NOUN
eistud-28787	129	40	(	(	PUNCT
eistud-28787	129	41	2008	2008	NUM
eistud-28787	129	42	)	)	PUNCT
eistud-28787	129	43	.	.	PUNCT
eistud-28787	130	1	traditionally	traditionally	ADV
eistud-28787	130	2	,	,	PUNCT
eistud-28787	130	3	investors	investor	NOUN
eistud-28787	130	4	preferred	prefer	VERB
eistud-28787	130	5	u.s	u.s	PROPN
eistud-28787	130	6	.	.	PROPN
eistud-28787	130	7	t	t	PROPN
eistud-28787	130	8	-	-	PUNCT
eistud-28787	130	9	bonds	bond	NOUN
eistud-28787	130	10	over	over	ADP
eistud-28787	130	11	instruments	instrument	NOUN
eistud-28787	130	12	issued	issue	VERB
eistud-28787	130	13	by	by	ADP
eistud-28787	130	14	other	other	ADJ
eistud-28787	130	15	‘	'	PUNCT
eistud-28787	130	16	nearly	nearly	ADV
eistud-28787	130	17	default	default	NOUN
eistud-28787	130	18	-	-	PUNCT
eistud-28787	130	19	free	free	ADJ
eistud-28787	130	20	’	'	PUNCT
eistud-28787	130	21	governments	government	NOUN
eistud-28787	130	22	.	.	PUNCT
eistud-28787	131	1	for	for	ADP
eistud-28787	131	2	decades	decade	NOUN
eistud-28787	131	3	,	,	PUNCT
eistud-28787	131	4	these	these	DET
eistud-28787	131	5	preferences	preference	NOUN
eistud-28787	131	6	reduced	reduce	VERB
eistud-28787	131	7	borrowing	borrowing	NOUN
eistud-28787	131	8	costs	cost	NOUN
eistud-28787	131	9	for	for	ADP
eistud-28787	131	10	the	the	DET
eistud-28787	131	11	u.s	u.s	PROPN
eistud-28787	131	12	.	.	PROPN
eistud-28787	131	13	federal	federal	ADJ
eistud-28787	131	14	government	government	NOUN
eistud-28787	131	15	.	.	PUNCT
eistud-28787	132	1	du	du	PROPN
eistud-28787	132	2	,	,	PUNCT
eistud-28787	132	3	i	i	PRON
eistud-28787	132	4	m	m	PROPN
eistud-28787	132	5	,	,	PUNCT
eistud-28787	132	6	and	and	CCONJ
eistud-28787	132	7	schreger	schreger	ADJ
eistud-28787	132	8	(	(	PUNCT
eistud-28787	132	9	2018	2018	NUM
eistud-28787	132	10	)	)	PUNCT
eistud-28787	132	11	report	report	NOUN
eistud-28787	132	12	disappearance	disappearance	NOUN
eistud-28787	132	13	of	of	ADP
eistud-28787	132	14	‘	'	PUNCT
eistud-28787	132	15	specialness	specialness	NOUN
eistud-28787	132	16	’	'	PUNCT
eistud-28787	132	17	of	of	ADP
eistud-28787	132	18	mediumand	mediumand	NOUN
eistud-28787	132	19	long	long	ADJ
eistud-28787	132	20	-	-	PUNCT
eistud-28787	132	21	term	term	NOUN
eistud-28787	132	22	u.s	u.s	PROPN
eistud-28787	132	23	.	.	PROPN
eistud-28787	132	24	government	government	NOUN
eistud-28787	132	25	bonds	bond	NOUN
eistud-28787	132	26	.	.	PUNCT
eistud-28787	133	1	this	this	DET
eistud-28787	133	2	change	change	NOUN
eistud-28787	133	3	occurred	occur	VERB
eistud-28787	133	4	after	after	ADP
eistud-28787	133	5	the	the	DET
eistud-28787	133	6	global	global	ADJ
eistud-28787	133	7	financial	financial	ADJ
eistud-28787	133	8	crisis	crisis	NOUN
eistud-28787	133	9	,	,	PUNCT
eistud-28787	133	10	and	and	CCONJ
eistud-28787	133	11	a	a	DET
eistud-28787	133	12	new	new	ADJ
eistud-28787	133	13	situation	situation	NOUN
eistud-28787	133	14	has	have	AUX
eistud-28787	133	15	continued	continue	VERB
eistud-28787	133	16	since	since	ADV
eistud-28787	133	17	.	.	PUNCT
eistud-28787	134	1	it	it	PRON
eistud-28787	134	2	could	could	AUX
eistud-28787	134	3	be	be	AUX
eistud-28787	134	4	concluded	conclude	VERB
eistud-28787	134	5	that	that	SCONJ
eistud-28787	134	6	except	except	SCONJ
eistud-28787	134	7	for	for	ADP
eistud-28787	134	8	short	short	ADJ
eistud-28787	134	9	-	-	PUNCT
eistud-28787	134	10	term	term	NOUN
eistud-28787	134	11	t	t	PROPN
eistud-28787	134	12	-	-	PUNCT
eistud-28787	134	13	bills	bill	NOUN
eistud-28787	134	14	,	,	PUNCT
eistud-28787	134	15	“	"	PUNCT
eistud-28787	134	16	investors	investor	NOUN
eistud-28787	134	17	,	,	PUNCT
eistud-28787	134	18	both	both	CCONJ
eistud-28787	134	19	public	public	ADJ
eistud-28787	134	20	and	and	CCONJ
eistud-28787	134	21	private	private	ADJ
eistud-28787	134	22	,	,	PUNCT
eistud-28787	134	23	[	[	X
eistud-28787	134	24	became	become	VERB
eistud-28787	134	25	]	]	X
eistud-28787	134	26	less	less	ADV
eistud-28787	134	27	willing	willing	ADJ
eistud-28787	134	28	to	to	PART
eistud-28787	134	29	keep	keep	VERB
eistud-28787	134	30	adding	add	VERB
eistud-28787	134	31	dollar	dollar	NOUN
eistud-28787	134	32	bonds	bond	NOUN
eistud-28787	134	33	to	to	ADP
eistud-28787	134	34	their	their	PRON
eistud-28787	134	35	portfolios	portfolio	NOUN
eistud-28787	134	36	”	"	PUNCT
eistud-28787	134	37	,	,	PUNCT
eistud-28787	134	38	as	as	SCONJ
eistud-28787	134	39	foreseen	foresee	VERB
eistud-28787	134	40	by	by	ADP
eistud-28787	134	41	feldstein	feldstein	NOUN
eistud-28787	134	42	(	(	PUNCT
eistud-28787	134	43	2008	2008	NUM
eistud-28787	134	44	)	)	PUNCT
eistud-28787	134	45	.	.	PUNCT
eistud-28787	135	1	however	however	ADV
eistud-28787	135	2	,	,	PUNCT
eistud-28787	135	3	among	among	ADP
eistud-28787	135	4	reasons	reason	NOUN
eistud-28787	135	5	that	that	PRON
eistud-28787	135	6	may	may	AUX
eistud-28787	135	7	be	be	AUX
eistud-28787	135	8	responsible	responsible	ADJ
eistud-28787	135	9	for	for	ADP
eistud-28787	135	10	this	this	DET
eistud-28787	135	11	new	new	ADJ
eistud-28787	135	12	situation	situation	NOUN
eistud-28787	135	13	du	du	NOUN
eistud-28787	135	14	,	,	PUNCT
eistud-28787	135	15	i	i	PRON
eistud-28787	135	16	m	m	PROPN
eistud-28787	135	17	,	,	PUNCT
eistud-28787	135	18	and	and	CCONJ
eistud-28787	135	19	schreger	schreger	ADJ
eistud-28787	135	20	(	(	PUNCT
eistud-28787	135	21	2018	2018	NUM
eistud-28787	135	22	)	)	PUNCT
eistud-28787	135	23	do	do	AUX
eistud-28787	135	24	not	not	PART
eistud-28787	135	25	list	list	VERB
eistud-28787	135	26	portfolio	portfolio	NOUN
eistud-28787	135	27	adjustments	adjustment	NOUN
eistud-28787	135	28	resulting	result	VERB
eistud-28787	135	29	from	from	ADP
eistud-28787	135	30	the	the	DET
eistud-28787	135	31	fear	fear	NOUN
eistud-28787	135	32	of	of	ADP
eistud-28787	135	33	loss	loss	NOUN
eistud-28787	135	34	resulting	result	VERB
eistud-28787	135	35	from	from	ADP
eistud-28787	135	36	a	a	DET
eistud-28787	135	37	decline	decline	NOUN
eistud-28787	135	38	in	in	ADP
eistud-28787	135	39	the	the	DET
eistud-28787	135	40	value	value	NOUN
eistud-28787	135	41	of	of	ADP
eistud-28787	135	42	the	the	DET
eistud-28787	135	43	u.s	u.s	PROPN
eistud-28787	135	44	.	.	PROPN
eistud-28787	135	45	dollar	dollar	NOUN
eistud-28787	135	46	.	.	PUNCT
eistud-28787	136	1	the	the	DET
eistud-28787	136	2	situation	situation	NOUN
eistud-28787	136	3	presented	present	VERB
eistud-28787	136	4	in	in	ADP
eistud-28787	136	5	figure	figure	NOUN
eistud-28787	136	6	5	5	NUM
eistud-28787	136	7	with	with	ADP
eistud-28787	136	8	negative	negative	ADJ
eistud-28787	136	9	net	net	ADJ
eistud-28787	136	10	equity	equity	NOUN
eistud-28787	136	11	investment	investment	NOUN
eistud-28787	136	12	in	in	ADP
eistud-28787	136	13	the	the	DET
eistud-28787	136	14	u.s	u.s	PROPN
eistud-28787	136	15	.	.	PROPN
eistud-28787	136	16	in	in	ADP
eistud-28787	136	17	2013	2013	NUM
eistud-28787	136	18	,	,	PUNCT
eistud-28787	136	19	2015	2015	NUM
eistud-28787	136	20	,	,	PUNCT
eistud-28787	136	21	and	and	CCONJ
eistud-28787	136	22	2016	2016	NUM
eistud-28787	136	23	indicates	indicate	VERB
eistud-28787	136	24	a	a	DET
eistud-28787	136	25	significant	significant	ADJ
eistud-28787	136	26	change	change	NOUN
eistud-28787	136	27	in	in	ADP
eistud-28787	136	28	private	private	ADJ
eistud-28787	136	29	investors	investor	NOUN
eistud-28787	136	30	’	’	PART
eistud-28787	136	31	decisions	decision	NOUN
eistud-28787	136	32	.	.	PUNCT
eistud-28787	137	1	following	follow	VERB
eistud-28787	137	2	the	the	DET
eistud-28787	137	3	‘	'	PUNCT
eistud-28787	137	4	foreign	foreign	ADJ
eistud-28787	137	5	investors	investor	NOUN
eistud-28787	137	6	type	type	NOUN
eistud-28787	137	7	recognition	recognition	NOUN
eistud-28787	137	8	’	'	PUNCT
eistud-28787	137	9	method	method	NOUN
eistud-28787	137	10	(	(	PUNCT
eistud-28787	137	11	by	by	ADP
eistud-28787	137	12	feldstein	feldstein	NOUN
eistud-28787	137	13	2008	2008	NUM
eistud-28787	137	14	)	)	PUNCT
eistud-28787	137	15	one	one	PRON
eistud-28787	137	16	can	can	AUX
eistud-28787	137	17	conclude	conclude	VERB
eistud-28787	137	18	that	that	SCONJ
eistud-28787	137	19	foreign	foreign	ADJ
eistud-28787	137	20	governments	government	NOUN
eistud-28787	137	21	,	,	PUNCT
eistud-28787	137	22	which	which	PRON
eistud-28787	137	23	are	be	AUX
eistud-28787	137	24	supposed	suppose	VERB
eistud-28787	137	25	to	to	PART
eistud-28787	137	26	invest	invest	VERB
eistud-28787	137	27	in	in	ADP
eistud-28787	137	28	debt	debt	NOUN
eistud-28787	137	29	instruments	instrument	NOUN
eistud-28787	137	30	,	,	PUNCT
eistud-28787	137	31	reduced	reduce	VERB
eistud-28787	137	32	then	then	ADV
eistud-28787	137	33	the	the	DET
eistud-28787	137	34	pace	pace	NOUN
eistud-28787	137	35	of	of	ADP
eistud-28787	137	36	accumulating	accumulate	VERB
eistud-28787	137	37	usd	usd	NOUN
eistud-28787	137	38	-	-	PUNCT
eistud-28787	137	39	denominated	denominate	VERB
eistud-28787	137	40	assets	asset	NOUN
eistud-28787	137	41	.	.	PUNCT
eistud-28787	138	1	since	since	SCONJ
eistud-28787	138	2	2013	2013	NUM
eistud-28787	138	3	,	,	PUNCT
eistud-28787	138	4	private	private	ADJ
eistud-28787	138	5	savings	saving	NOUN
eistud-28787	138	6	have	have	AUX
eistud-28787	138	7	been	be	AUX
eistud-28787	138	8	divested	divest	VERB
eistud-28787	138	9	from	from	ADP
eistud-28787	138	10	the	the	DET
eistud-28787	138	11	u.s	u.s	PROPN
eistud-28787	138	12	.	.	PROPN
eistud-28787	138	13	,	,	PUNCT
eistud-28787	138	14	and	and	CCONJ
eistud-28787	138	15	foreign	foreign	ADJ
eistud-28787	138	16	governments	government	NOUN
eistud-28787	138	17	have	have	AUX
eistud-28787	138	18	been	be	AUX
eistud-28787	138	19	adding	add	VERB
eistud-28787	138	20	foreign	foreign	ADJ
eistud-28787	138	21	exchange	exchange	NOUN
eistud-28787	138	22	reserves	reserve	NOUN
eistud-28787	138	23	in	in	ADP
eistud-28787	138	24	usd	usd	NOUN
eistud-28787	138	25	-	-	PUNCT
eistud-28787	138	26	denominated	denominate	VERB
eistud-28787	138	27	assets	asset	NOUN
eistud-28787	138	28	much	much	ADV
eistud-28787	138	29	more	more	ADV
eistud-28787	138	30	slowly	slowly	ADV
eistud-28787	138	31	.	.	PUNCT
eistud-28787	139	1	if	if	SCONJ
eistud-28787	139	2	these	these	DET
eistud-28787	139	3	trends	trend	NOUN
eistud-28787	139	4	continue	continue	VERB
eistud-28787	139	5	,	,	PUNCT
eistud-28787	139	6	the	the	DET
eistud-28787	139	7	scenarios	scenario	NOUN
eistud-28787	139	8	formulated	formulate	VERB
eistud-28787	139	9	by	by	ADP
eistud-28787	139	10	feldstein	feldstein	NOUN
eistud-28787	139	11	may	may	AUX
eistud-28787	139	12	really	really	ADV
eistud-28787	139	13	materialize	materialize	VERB
eistud-28787	139	14	.	.	PUNCT
eistud-28787	140	1	the	the	DET
eistud-28787	140	2	most	most	ADV
eistud-28787	140	3	recent	recent	ADJ
eistud-28787	140	4	records	record	NOUN
eistud-28787	140	5	of	of	ADP
eistud-28787	140	6	foreign	foreign	ADJ
eistud-28787	140	7	exchange	exchange	NOUN
eistud-28787	140	8	reserves	reserve	NOUN
eistud-28787	140	9	holdings	holding	NOUN
eistud-28787	140	10	reveal	reveal	VERB
eistud-28787	140	11	a	a	DET
eistud-28787	140	12	substantial	substantial	ADJ
eistud-28787	140	13	expansion	expansion	NOUN
eistud-28787	140	14	in	in	ADP
eistud-28787	140	15	all	all	PRON
eistud-28787	140	16	of	of	ADP
eistud-28787	140	17	them	they	PRON
eistud-28787	140	18	,	,	PUNCT
eistud-28787	140	19	except	except	SCONJ
eistud-28787	140	20	for	for	ADP
eistud-28787	140	21	russia	russia	PROPN
eistud-28787	140	22	and	and	CCONJ
eistud-28787	140	23	china	china	PROPN
eistud-28787	140	24	(	(	PUNCT
eistud-28787	140	25	figure	figure	NOUN
eistud-28787	140	26	6	6	NUM
eistud-28787	140	27	)	)	PUNCT
eistud-28787	140	28	.	.	PUNCT
eistud-28787	141	1	there	there	PRON
eistud-28787	141	2	has	have	AUX
eistud-28787	141	3	,	,	PUNCT
eistud-28787	141	4	indeed	indeed	ADV
eistud-28787	141	5	,	,	PUNCT
eistud-28787	141	6	been	be	AUX
eistud-28787	141	7	a	a	DET
eistud-28787	141	8	staggering	staggering	ADJ
eistud-28787	141	9	surge	surge	NOUN
eistud-28787	141	10	in	in	ADP
eistud-28787	141	11	the	the	DET
eistud-28787	141	12	total	total	ADJ
eistud-28787	141	13	value	value	NOUN
eistud-28787	141	14	of	of	ADP
eistud-28787	141	15	chinese	chinese	ADJ
eistud-28787	141	16	foreign	foreign	ADJ
eistud-28787	141	17	exchange	exchange	NOUN
eistud-28787	141	18	reserves	reserve	NOUN
eistud-28787	141	19	from	from	ADP
eistud-28787	141	20	2008	2008	NUM
eistud-28787	141	21	to	to	ADP
eistud-28787	141	22	2014	2014	NUM
eistud-28787	141	23	but	but	CCONJ
eistud-28787	141	24	reserves	reserve	NOUN
eistud-28787	141	25	maintained	maintain	VERB
eistud-28787	141	26	in	in	ADP
eistud-28787	141	27	2018	2018	NUM
eistud-28787	141	28	are	be	AUX
eistud-28787	141	29	already	already	ADV
eistud-28787	141	30	below	below	ADP
eistud-28787	141	31	the	the	DET
eistud-28787	141	32	4	4	NUM
eistud-28787	141	33	trillion	trillion	NUM
eistud-28787	141	34	reached	reach	VERB
eistud-28787	141	35	in	in	ADP
eistud-28787	141	36	the	the	DET
eistud-28787	141	37	preceding	precede	VERB
eistud-28787	141	38	years	year	NOUN
eistud-28787	141	39	.	.	PUNCT
eistud-28787	142	1	russia	russia	PROPN
eistud-28787	142	2	and	and	CCONJ
eistud-28787	142	3	china	china	PROPN
eistud-28787	142	4	reduced	reduce	VERB
eistud-28787	142	5	their	their	PRON
eistud-28787	142	6	holdings	holding	NOUN
eistud-28787	142	7	of	of	ADP
eistud-28787	142	8	foreign	foreign	ADJ
eistud-28787	142	9	exchange	exchange	NOUN
eistud-28787	142	10	reserves	reserve	NOUN
eistud-28787	142	11	in	in	ADP
eistud-28787	142	12	the	the	DET
eistud-28787	142	13	most	most	ADV
eistud-28787	142	14	recent	recent	ADJ
eistud-28787	142	15	period	period	NOUN
eistud-28787	142	16	,	,	PUNCT
eistud-28787	142	17	which	which	PRON
eistud-28787	142	18	is	be	AUX
eistud-28787	142	19	reflected	reflect	VERB
eistud-28787	142	20	in	in	ADP
eistud-28787	142	21	a	a	DET
eistud-28787	142	22	decline	decline	NOUN
eistud-28787	142	23	of	of	ADP
eistud-28787	142	24	net	net	ADJ
eistud-28787	142	25	debt	debt	NOUN
eistud-28787	142	26	investment	investment	NOUN
eistud-28787	142	27	in	in	ADP
eistud-28787	142	28	the	the	DET
eistud-28787	142	29	u.s	u.s	PROPN
eistud-28787	142	30	(	(	PUNCT
eistud-28787	142	31	figure	figure	NOUN
eistud-28787	142	32	5	5	NUM
eistud-28787	142	33	)	)	PUNCT
eistud-28787	142	34	.	.	PUNCT
eistud-28787	143	1	if	if	SCONJ
eistud-28787	143	2	other	other	ADJ
eistud-28787	143	3	main	main	ADJ
eistud-28787	143	4	reserve	reserve	NOUN
eistud-28787	143	5	-	-	PUNCT
eistud-28787	143	6	holders	holder	NOUN
eistud-28787	143	7	follow	follow	VERB
eistud-28787	143	8	the	the	DET
eistud-28787	143	9	same	same	ADJ
eistud-28787	143	10	path	path	NOUN
eistud-28787	143	11	,	,	PUNCT
eistud-28787	143	12	then	then	ADV
eistud-28787	143	13	the	the	DET
eistud-28787	143	14	depreciation	depreciation	NOUN
eistud-28787	143	15	of	of	ADP
eistud-28787	143	16	the	the	DET
eistud-28787	143	17	dollar	dollar	NOUN
eistud-28787	143	18	foreseen	foresee	VERB
eistud-28787	143	19	by	by	ADP
eistud-28787	143	20	feldstein	feldstein	NOUN
eistud-28787	143	21	(	(	PUNCT
eistud-28787	143	22	2008	2008	NUM
eistud-28787	143	23	)	)	PUNCT
eistud-28787	143	24	may	may	AUX
eistud-28787	143	25	indeed	indeed	ADV
eistud-28787	143	26	materialize	materialize	VERB
eistud-28787	143	27	.	.	PUNCT
eistud-28787	144	1	on	on	ADP
eistud-28787	144	2	top	top	NOUN
eistud-28787	144	3	of	of	ADP
eistud-28787	144	4	that	that	PRON
eistud-28787	144	5	,	,	PUNCT
eistud-28787	144	6	changes	change	NOUN
eistud-28787	144	7	in	in	ADP
eistud-28787	144	8	the	the	DET
eistud-28787	144	9	level	level	NOUN
eistud-28787	144	10	and	and	CCONJ
eistud-28787	144	11	composition	composition	NOUN
eistud-28787	144	12	of	of	ADP
eistud-28787	144	13	foreign	foreign	ADJ
eistud-28787	144	14	exchange	exchange	NOUN
eistud-28787	144	15	reserves	reserve	NOUN
eistud-28787	144	16	holdings	holding	NOUN
eistud-28787	144	17	may	may	AUX
eistud-28787	144	18	also	also	ADV
eistud-28787	144	19	affect	affect	VERB
eistud-28787	144	20	global	global	ADJ
eistud-28787	144	21	interest	interest	NOUN
eistud-28787	144	22	rates	rate	NOUN
eistud-28787	144	23	,	,	PUNCT
eistud-28787	144	24	as	as	SCONJ
eistud-28787	144	25	discussed	discuss	VERB
eistud-28787	144	26	by	by	ADP
eistud-28787	144	27	młodkowski	młodkowski	NOUN
eistud-28787	144	28	(	(	PUNCT
eistud-28787	144	29	2011	2011	NUM
eistud-28787	144	30	)	)	PUNCT
eistud-28787	144	31	.	.	PUNCT
eistud-28787	145	1	the	the	DET
eistud-28787	145	2	global	global	ADJ
eistud-28787	145	3	economy	economy	NOUN
eistud-28787	145	4	seems	seem	VERB
eistud-28787	145	5	to	to	PART
eistud-28787	145	6	suffer	suffer	VERB
eistud-28787	145	7	from	from	ADP
eistud-28787	145	8	excessive	excessive	ADJ
eistud-28787	145	9	liquidity	liquidity	NOUN
eistud-28787	145	10	.	.	PUNCT
eistud-28787	146	1	alterations	alteration	NOUN
eistud-28787	146	2	of	of	ADP
eistud-28787	146	3	demand	demand	NOUN
eistud-28787	146	4	for	for	ADP
eistud-28787	146	5	particular	particular	ADJ
eistud-28787	146	6	currencies	currency	NOUN
eistud-28787	146	7	,	,	PUNCT
eistud-28787	146	8	while	while	SCONJ
eistud-28787	146	9	portfolio	portfolio	NOUN
eistud-28787	146	10	composition	composition	NOUN
eistud-28787	146	11	is	be	AUX
eistud-28787	146	12	rearranged	rearrange	VERB
eistud-28787	146	13	,	,	PUNCT
eistud-28787	146	14	may	may	AUX
eistud-28787	146	15	have	have	VERB
eistud-28787	146	16	local	local	ADJ
eistud-28787	146	17	,	,	PUNCT
eistud-28787	146	18	or	or	CCONJ
eistud-28787	146	19	even	even	ADV
eistud-28787	146	20	regional	regional	ADJ
eistud-28787	146	21	,	,	PUNCT
eistud-28787	146	22	impact	impact	NOUN
eistud-28787	146	23	on	on	ADP
eistud-28787	146	24	the	the	DET
eistud-28787	146	25	cost	cost	NOUN
eistud-28787	146	26	of	of	ADP
eistud-28787	146	27	capital	capital	NOUN
eistud-28787	146	28	for	for	ADP
eistud-28787	146	29	private	private	ADJ
eistud-28787	146	30	and	and	CCONJ
eistud-28787	146	31	public	public	ADJ
eistud-28787	146	32	sectors	sector	NOUN
eistud-28787	146	33	alike	alike	ADV
eistud-28787	146	34	.	.	PUNCT
eistud-28787	147	1	131	131	NUM
eistud-28787	147	2	european	european	ADJ
eistud-28787	147	3	integrat	integrat	NOUN
eistud-28787	147	4	ion	ion	NOUN
eistud-28787	147	5	studies	study	NOUN
eistud-28787	147	6	2021/15	2021/15	NUM
eistud-28787	147	7	figure	figure	VERB
eistud-28787	147	8	5	5	NUM
eistud-28787	147	9	composition	composition	NOUN
eistud-28787	147	10	of	of	ADP
eistud-28787	147	11	net	net	ADJ
eistud-28787	147	12	portfolio	portfolio	NOUN
eistud-28787	147	13	investment	investment	NOUN
eistud-28787	147	14	in	in	ADP
eistud-28787	147	15	the	the	DET
eistud-28787	147	16	usa	usa	PROPN
eistud-28787	147	17	,	,	PUNCT
eistud-28787	147	18	debt	debt	NOUN
eistud-28787	147	19	versus	versus	ADP
eistud-28787	147	20	equity	equity	NOUN
eistud-28787	147	21	,	,	PUNCT
eistud-28787	147	22	2007	2007	NUM
eistud-28787	147	23	-	-	SYM
eistud-28787	147	24	2017	2017	NUM
eistud-28787	147	25	(	(	PUNCT
eistud-28787	147	26	author	author	NOUN
eistud-28787	147	27	,	,	PUNCT
eistud-28787	147	28	based	base	VERB
eistud-28787	147	29	on	on	ADP
eistud-28787	147	30	the	the	DET
eistud-28787	147	31	u.s	u.s	PROPN
eistud-28787	147	32	.	.	PROPN
eistud-28787	147	33	international	international	ADJ
eistud-28787	147	34	transactions	transaction	NOUN
eistud-28787	147	35	accounts	account	VERB
eistud-28787	147	36	data	datum	NOUN
eistud-28787	147	37	from	from	ADP
eistud-28787	147	38	the	the	DET
eistud-28787	147	39	bea	bea	PROPN
eistud-28787	147	40	.	.	PUNCT
eistud-28787	147	41	)	)	PUNCT
eistud-28787	147	42	.	.	PUNCT
eistud-28787	148	1	figure	figure	VERB
eistud-28787	148	2	6	6	NUM
eistud-28787	148	3	foreign	foreign	ADJ
eistud-28787	148	4	exchange	exchange	NOUN
eistud-28787	148	5	reserves	reserve	NOUN
eistud-28787	148	6	of	of	ADP
eistud-28787	148	7	china	china	PROPN
eistud-28787	148	8	,	,	PUNCT
eistud-28787	148	9	japan	japan	PROPN
eistud-28787	148	10	,	,	PUNCT
eistud-28787	148	11	russia	russia	PROPN
eistud-28787	148	12	,	,	PUNCT
eistud-28787	148	13	south	south	PROPN
eistud-28787	148	14	korea	korea	PROPN
eistud-28787	148	15	,	,	PUNCT
eistud-28787	148	16	and	and	CCONJ
eistud-28787	148	17	oil	oil	NOUN
eistud-28787	148	18	-	-	PUNCT
eistud-28787	148	19	producing	produce	VERB
eistud-28787	148	20	countries	country	NOUN
eistud-28787	148	21	,	,	PUNCT
eistud-28787	148	22	in	in	ADP
eistud-28787	148	23	2008	2008	NUM
eistud-28787	148	24	and	and	CCONJ
eistud-28787	148	25	2018	2018	NUM
eistud-28787	148	26	(	(	PUNCT
eistud-28787	148	27	author	author	NOUN
eistud-28787	148	28	,	,	PUNCT
eistud-28787	148	29	based	base	VERB
eistud-28787	148	30	on	on	ADP
eistud-28787	148	31	cofer	cofer	NOUN
eistud-28787	148	32	,	,	PUNCT
eistud-28787	148	33	by	by	ADP
eistud-28787	148	34	the	the	DET
eistud-28787	148	35	imf	imf	PROPN
eistud-28787	148	36	,	,	PUNCT
eistud-28787	148	37	world	world	PROPN
eistud-28787	148	38	bank	bank	PROPN
eistud-28787	148	39	.	.	PUNCT
eistud-28787	148	40	)	)	PUNCT
eistud-28787	148	41	.	.	PUNCT
eistud-28787	149	1	after	after	ADP
eistud-28787	149	2	accumulating	accumulate	VERB
eistud-28787	149	3	sufficient	sufficient	ADJ
eistud-28787	149	4	foreign	foreign	ADJ
eistud-28787	149	5	exchange	exchange	NOUN
eistud-28787	149	6	reserves	reserve	NOUN
eistud-28787	149	7	to	to	PART
eistud-28787	149	8	discourage	discourage	VERB
eistud-28787	149	9	speculative	speculative	ADJ
eistud-28787	149	10	attacks	attack	NOUN
eistud-28787	149	11	on	on	ADP
eistud-28787	149	12	currencies	currency	NOUN
eistud-28787	149	13	managed	manage	VERB
eistud-28787	149	14	under	under	ADP
eistud-28787	149	15	hard	hard	ADJ
eistud-28787	149	16	pegs	peg	NOUN
eistud-28787	149	17	(	(	PUNCT
eistud-28787	149	18	conventional	conventional	ADJ
eistud-28787	149	19	pegs	peg	NOUN
eistud-28787	149	20	in	in	ADP
eistud-28787	149	21	2012	2012	NUM
eistud-28787	149	22	:	:	PUNCT
eistud-28787	149	23	43	43	NUM
eistud-28787	149	24	and	and	CCONJ
eistud-28787	149	25	in	in	ADP
eistud-28787	149	26	2017	2017	NUM
eistud-28787	149	27	:	:	SYM
eistud-28787	149	28	44	44	NUM
eistud-28787	149	29	,	,	PUNCT
eistud-28787	149	30	according	accord	VERB
eistud-28787	149	31	to	to	ADP
eistud-28787	149	32	areaer	areaer	NOUN
eistud-28787	149	33	,	,	PUNCT
eistud-28787	149	34	by	by	ADP
eistud-28787	149	35	imf	imf	PROPN
eistud-28787	149	36	2018	2018	NUM
eistud-28787	149	37	)	)	PUNCT
eistud-28787	149	38	may	may	AUX
eistud-28787	149	39	be	be	AUX
eistud-28787	149	40	a	a	DET
eistud-28787	149	41	reason	reason	NOUN
eistud-28787	149	42	for	for	ADP
eistud-28787	149	43	the	the	DET
eistud-28787	149	44	lower	low	ADJ
eistud-28787	149	45	demand	demand	NOUN
eistud-28787	149	46	for	for	ADP
eistud-28787	149	47	the	the	DET
eistud-28787	149	48	dollar	dollar	NOUN
eistud-28787	149	49	.	.	PUNCT
eistud-28787	150	1	empirical	empirical	ADJ
eistud-28787	150	2	evidence	evidence	NOUN
eistud-28787	150	3	available	available	ADJ
eistud-28787	150	4	in	in	ADP
eistud-28787	150	5	2018	2018	NUM
eistud-28787	150	6	undermines	undermine	VERB
eistud-28787	150	7	the	the	DET
eistud-28787	150	8	‘	'	PUNCT
eistud-28787	150	9	satiation	satiation	NOUN
eistud-28787	150	10	’	'	PUNCT
eistud-28787	150	11	argument	argument	NOUN
eistud-28787	150	12	formulated	formulate	VERB
eistud-28787	150	13	by	by	ADP
eistud-28787	150	14	feldstein	feldstein	NOUN
eistud-28787	150	15	(	(	PUNCT
eistud-28787	150	16	2008	2008	NUM
eistud-28787	150	17	,	,	PUNCT
eistud-28787	150	18	p.	p.	NOUN
eistud-28787	150	19	118	118	NUM
eistud-28787	150	20	)	)	PUNCT
eistud-28787	150	21	.	.	PUNCT
eistud-28787	151	1	both	both	DET
eistud-28787	151	2	south	south	PROPN
eistud-28787	151	3	korea	korea	PROPN
eistud-28787	151	4	,	,	PUNCT
eistud-28787	151	5	and	and	CCONJ
eistud-28787	151	6	taiwan	taiwan	PROPN
eistud-28787	151	7	significantly	significantly	ADV
eistud-28787	151	8	increased	increase	VERB
eistud-28787	151	9	their	their	PRON
eistud-28787	151	10	respective	respective	ADJ
eistud-28787	151	11	foreign	foreign	ADJ
eistud-28787	151	12	exchange	exchange	NOUN
eistud-28787	151	13	reserves	reserve	NOUN
eistud-28787	151	14	holdings	holding	NOUN
eistud-28787	151	15	over	over	ADP
eistud-28787	151	16	the	the	DET
eistud-28787	151	17	last	last	ADJ
eistud-28787	151	18	decade	decade	NOUN
eistud-28787	151	19	,	,	PUNCT
eistud-28787	151	20	both	both	CCONJ
eistud-28787	151	21	in	in	ADP
eistud-28787	151	22	nominal	nominal	ADJ
eistud-28787	151	23	and	and	CCONJ
eistud-28787	151	24	relative	relative	ADJ
eistud-28787	151	25	terms	term	NOUN
eistud-28787	151	26	.	.	PUNCT
eistud-28787	152	1	south	south	PROPN
eistud-28787	152	2	korea	korea	PROPN
eistud-28787	152	3	moved	move	VERB
eistud-28787	152	4	from	from	ADP
eistud-28787	152	5	201	201	NUM
eistud-28787	152	6	to	to	ADP
eistud-28787	152	7	379	379	NUM
eistud-28787	152	8	billion	billion	NUM
eistud-28787	152	9	–	–	PUNCT
eistud-28787	152	10	by	by	ADP
eistud-28787	152	11	94	94	NUM
eistud-28787	152	12	%	%	NOUN
eistud-28787	152	13	,	,	PUNCT
eistud-28787	152	14	while	while	SCONJ
eistud-28787	152	15	taiwan	taiwan	PROPN
eistud-28787	152	16	from	from	ADP
eistud-28787	152	17	189	189	NUM
eistud-28787	152	18	to	to	PART
eistud-28787	152	19	314	314	NUM
eistud-28787	152	20	billion	billion	NUM
eistud-28787	152	21	–	–	PUNCT
eistud-28787	152	22	by	by	ADP
eistud-28787	152	23	66%)2	66%)2	PROPN
eistud-28787	152	24	.	.	PUNCT
eistud-28787	153	1	precautionary	precautionary	ADJ
eistud-28787	153	2	demand	demand	NOUN
eistud-28787	153	3	for	for	ADP
eistud-28787	153	4	usd	usd	NOUN
eistud-28787	153	5	,	,	PUNCT
eistud-28787	153	6	as	as	SCONJ
eistud-28787	153	7	the	the	DET
eistud-28787	153	8	main	main	ADJ
eistud-28787	153	9	reserve	reserve	NOUN
eistud-28787	153	10	currency	currency	NOUN
eistud-28787	153	11	in	in	ADP
eistud-28787	153	12	2008	2008	NUM
eistud-28787	153	13	seems	seem	VERB
eistud-28787	153	14	to	to	PART
eistud-28787	153	15	be	be	AUX
eistud-28787	153	16	understated	understate	VERB
eistud-28787	153	17	by	by	ADP
eistud-28787	153	18	feldstein	feldstein	NOUN
eistud-28787	153	19	(	(	PUNCT
eistud-28787	153	20	2008	2008	NUM
eistud-28787	153	21	)	)	PUNCT
eistud-28787	153	22	.	.	PUNCT
eistud-28787	154	1	observing	observe	VERB
eistud-28787	154	2	japan	japan	PROPN
eistud-28787	154	3	increasing	increase	VERB
eistud-28787	154	4	its	its	PRON
eistud-28787	154	5	foreign	foreign	ADJ
eistud-28787	154	6	exchange	exchange	NOUN
eistud-28787	154	7	reserve	reserve	NOUN
eistud-28787	154	8	holdings	holding	NOUN
eistud-28787	154	9	by	by	ADP
eistud-28787	154	10	about	about	ADV
eistud-28787	154	11	20	20	NUM
eistud-28787	154	12	%	%	NOUN
eistud-28787	154	13	over	over	ADP
eistud-28787	154	14	the	the	DET
eistud-28787	154	15	last	last	ADJ
eistud-28787	154	16	decade	decade	NOUN
eistud-28787	154	17	indicates	indicate	VERB
eistud-28787	154	18	that	that	SCONJ
eistud-28787	154	19	it	it	PRON
eistud-28787	154	20	might	might	AUX
eistud-28787	154	21	be	be	AUX
eistud-28787	154	22	associated	associate	VERB
eistud-28787	154	23	with	with	ADP
eistud-28787	154	24	“	"	PUNCT
eistud-28787	154	25	stimulating	stimulate	VERB
eistud-28787	154	26	trade	trade	NOUN
eistud-28787	154	27	surplus	surplus	NOUN
eistud-28787	154	28	”	"	PUNCT
eistud-28787	154	29	.	.	PUNCT
eistud-28787	155	1	however	however	ADV
eistud-28787	155	2	,	,	PUNCT
eistud-28787	155	3	the	the	DET
eistud-28787	155	4	recent	recent	ADJ
eistud-28787	155	5	2	2	NUM
eistud-28787	155	6	south	south	PROPN
eistud-28787	155	7	korea	korea	PROPN
eistud-28787	155	8	:	:	PUNCT
eistud-28787	155	9	https://fred.stlouisfed.org/series/tresegkrm052n	https://fred.stlouisfed.org/series/tresegkrm052n	PROPN
eistud-28787	155	10	,	,	PUNCT
eistud-28787	155	11	taiwan	taiwan	PROPN
eistud-28787	155	12	:	:	PUNCT
eistud-28787	155	13	https://fred.stlouisfed.org/series/tresegtwm194n	https://fred.stlouisfed.org/series/tresegtwm194n	NUM
eistud-28787	155	14	european	european	ADJ
eistud-28787	155	15	integrat	integrat	NOUN
eistud-28787	155	16	ion	ion	NOUN
eistud-28787	155	17	studies2021/15	studies2021/15	NOUN
eistud-28787	155	18	132	132	NUM
eistud-28787	155	19	substantial	substantial	ADJ
eistud-28787	155	20	decline	decline	NOUN
eistud-28787	155	21	in	in	ADP
eistud-28787	155	22	chinese	chinese	ADJ
eistud-28787	155	23	foreign	foreign	ADJ
eistud-28787	155	24	exchange	exchange	NOUN
eistud-28787	155	25	reserves	reserve	NOUN
eistud-28787	155	26	holdings	holding	NOUN
eistud-28787	155	27	from	from	ADP
eistud-28787	155	28	4	4	NUM
eistud-28787	155	29	to	to	PART
eistud-28787	155	30	3	3	NUM
eistud-28787	155	31	trillion	trillion	NUM
eistud-28787	155	32	,	,	PUNCT
eistud-28787	155	33	does	do	AUX
eistud-28787	155	34	not	not	PART
eistud-28787	155	35	fit	fit	VERB
eistud-28787	155	36	with	with	ADP
eistud-28787	155	37	the	the	DET
eistud-28787	155	38	“	"	PUNCT
eistud-28787	155	39	stimulating	stimulating	ADJ
eistud-28787	155	40	trade	trade	NOUN
eistud-28787	155	41	surplus	surplus	NOUN
eistud-28787	155	42	”	"	PUNCT
eistud-28787	155	43	narrative	narrative	NOUN
eistud-28787	155	44	.	.	PUNCT
eistud-28787	156	1	indeed	indeed	ADV
eistud-28787	156	2	,	,	PUNCT
eistud-28787	156	3	the	the	DET
eistud-28787	156	4	chinese	chinese	ADJ
eistud-28787	156	5	economy	economy	NOUN
eistud-28787	156	6	seems	seem	VERB
eistud-28787	156	7	to	to	PART
eistud-28787	156	8	have	have	AUX
eistud-28787	156	9	diverted	divert	VERB
eistud-28787	156	10	from	from	ADP
eistud-28787	156	11	perpetual	perpetual	ADJ
eistud-28787	156	12	ious	ious	NOUN
eistud-28787	156	13	,	,	PUNCT
eistud-28787	156	14	and	and	CCONJ
eistud-28787	156	15	started	start	VERB
eistud-28787	156	16	managing	manage	VERB
eistud-28787	156	17	its	its	PRON
eistud-28787	156	18	trade	trade	NOUN
eistud-28787	156	19	surplus	surplus	NOUN
eistud-28787	156	20	in	in	ADP
eistud-28787	156	21	a	a	DET
eistud-28787	156	22	new	new	ADJ
eistud-28787	156	23	manner	manner	NOUN
eistud-28787	156	24	.	.	PUNCT
eistud-28787	157	1	in	in	ADP
eistud-28787	157	2	summary	summary	NOUN
eistud-28787	157	3	,	,	PUNCT
eistud-28787	157	4	the	the	DET
eistud-28787	157	5	large	large	ADJ
eistud-28787	157	6	trade	trade	NOUN
eistud-28787	157	7	and	and	CCONJ
eistud-28787	157	8	current	current	ADJ
eistud-28787	157	9	account	account	NOUN
eistud-28787	157	10	deficits	deficit	NOUN
eistud-28787	157	11	of	of	ADP
eistud-28787	157	12	the	the	DET
eistud-28787	157	13	united	united	PROPN
eistud-28787	157	14	states	states	PROPN
eistud-28787	157	15	still	still	ADV
eistud-28787	157	16	continue	continue	VERB
eistud-28787	157	17	,	,	PUNCT
eistud-28787	157	18	but	but	CCONJ
eistud-28787	157	19	at	at	ADP
eistud-28787	157	20	a	a	DET
eistud-28787	157	21	significantly	significantly	ADV
eistud-28787	157	22	lower	low	ADJ
eistud-28787	157	23	scale	scale	NOUN
eistud-28787	157	24	than	than	ADP
eistud-28787	157	25	around	around	ADP
eistud-28787	157	26	2008	2008	NUM
eistud-28787	157	27	.	.	PUNCT
eistud-28787	158	1	the	the	DET
eistud-28787	158	2	u.s	u.s	PROPN
eistud-28787	158	3	.	.	PROPN
eistud-28787	158	4	economy	economy	NOUN
eistud-28787	158	5	no	no	ADV
eistud-28787	158	6	longer	long	ADV
eistud-28787	158	7	receives	receive	VERB
eistud-28787	158	8	“	"	PUNCT
eistud-28787	158	9	a	a	DET
eistud-28787	158	10	permanent	permanent	ADJ
eistud-28787	158	11	gift	gift	NOUN
eistud-28787	158	12	”	"	PUNCT
eistud-28787	158	13	.	.	PUNCT
eistud-28787	159	1	instead	instead	ADV
eistud-28787	159	2	,	,	PUNCT
eistud-28787	159	3	it	it	PRON
eistud-28787	159	4	provides	provide	VERB
eistud-28787	159	5	real	real	ADJ
eistud-28787	159	6	assets	asset	NOUN
eistud-28787	159	7	to	to	ADP
eistud-28787	159	8	foreign	foreign	ADJ
eistud-28787	159	9	investors	investor	NOUN
eistud-28787	159	10	.	.	PUNCT
eistud-28787	160	1	non	non	NOUN
eistud-28787	160	2	-	-	NOUN
eistud-28787	160	3	residents	resident	NOUN
eistud-28787	160	4	acquire	acquire	VERB
eistud-28787	160	5	ownership	ownership	NOUN
eistud-28787	160	6	of	of	ADP
eistud-28787	160	7	u.s	u.s	PROPN
eistud-28787	160	8	.	.	PROPN
eistud-28787	160	9	enterprises	enterprise	NOUN
eistud-28787	160	10	and	and	CCONJ
eistud-28787	160	11	real	real	ADJ
eistud-28787	160	12	estate	estate	NOUN
eistud-28787	160	13	.	.	PUNCT
eistud-28787	161	1	this	this	PRON
eistud-28787	161	2	is	be	AUX
eistud-28787	161	3	a	a	DET
eistud-28787	161	4	process	process	NOUN
eistud-28787	161	5	that	that	PRON
eistud-28787	161	6	causes	cause	VERB
eistud-28787	161	7	u.s	u.s	PROPN
eistud-28787	161	8	.	.	PROPN
eistud-28787	161	9	citizens	citizen	NOUN
eistud-28787	161	10	’	’	PART
eistud-28787	161	11	property	property	NOUN
eistud-28787	161	12	to	to	PART
eistud-28787	161	13	shrink	shrink	VERB
eistud-28787	161	14	.	.	PUNCT
eistud-28787	162	1	the	the	DET
eistud-28787	162	2	dollar	dollar	NOUN
eistud-28787	162	3	will	will	AUX
eistud-28787	162	4	not	not	PART
eistud-28787	162	5	fall	fall	VERB
eistud-28787	162	6	,	,	PUNCT
eistud-28787	162	7	because	because	SCONJ
eistud-28787	162	8	private	private	ADJ
eistud-28787	162	9	investors	investor	NOUN
eistud-28787	162	10	are	be	AUX
eistud-28787	162	11	willing	willing	ADJ
eistud-28787	162	12	to	to	PART
eistud-28787	162	13	increase	increase	VERB
eistud-28787	162	14	their	their	PRON
eistud-28787	162	15	holdings	holding	NOUN
eistud-28787	162	16	of	of	ADP
eistud-28787	162	17	u.s.-based	u.s.-based	ADJ
eistud-28787	162	18	property	property	NOUN
eistud-28787	162	19	.	.	PUNCT
eistud-28787	163	1	according	accord	VERB
eistud-28787	163	2	to	to	ADP
eistud-28787	163	3	the	the	DET
eistud-28787	163	4	research	research	NOUN
eistud-28787	163	5	division	division	NOUN
eistud-28787	163	6	of	of	ADP
eistud-28787	163	7	national	national	PROPN
eistud-28787	163	8	association	association	NOUN
eistud-28787	163	9	of	of	ADP
eistud-28787	163	10	realtors	realtor	NOUN
eistud-28787	163	11	(	(	PUNCT
eistud-28787	163	12	nar	nar	NOUN
eistud-28787	163	13	2017	2017	NUM
eistud-28787	163	14	)	)	PUNCT
eistud-28787	163	15	,	,	PUNCT
eistud-28787	163	16	foreigners	foreigner	NOUN
eistud-28787	163	17	increased	increase	VERB
eistud-28787	163	18	their	their	PRON
eistud-28787	163	19	spending	spending	NOUN
eistud-28787	163	20	on	on	ADP
eistud-28787	163	21	real	real	ADJ
eistud-28787	163	22	estate	estate	NOUN
eistud-28787	163	23	in	in	ADP
eistud-28787	163	24	the	the	DET
eistud-28787	163	25	u.s	u.s	PROPN
eistud-28787	163	26	.	.	PROPN
eistud-28787	163	27	2.5	2.5	NUM
eistud-28787	163	28	times	time	NOUN
eistud-28787	163	29	,	,	PUNCT
eistud-28787	163	30	between	between	ADP
eistud-28787	163	31	2011	2011	NUM
eistud-28787	163	32	(	(	PUNCT
eistud-28787	163	33	$	$	SYM
eistud-28787	163	34	66.4	66.4	NUM
eistud-28787	163	35	billion	billion	NUM
eistud-28787	163	36	)	)	PUNCT
eistud-28787	163	37	and	and	CCONJ
eistud-28787	163	38	2017	2017	NUM
eistud-28787	163	39	(	(	PUNCT
eistud-28787	163	40	$	$	SYM
eistud-28787	163	41	153.9	153.9	NUM
eistud-28787	163	42	billion	billion	NUM
eistud-28787	163	43	)	)	PUNCT
eistud-28787	163	44	.	.	PUNCT
eistud-28787	164	1	the	the	DET
eistud-28787	164	2	increased	increase	VERB
eistud-28787	164	3	demand	demand	NOUN
eistud-28787	164	4	for	for	ADP
eistud-28787	164	5	ownership	ownership	NOUN
eistud-28787	164	6	in	in	ADP
eistud-28787	164	7	the	the	DET
eistud-28787	164	8	u.s	u.s	PROPN
eistud-28787	164	9	.	.	PROPN
eistud-28787	164	10	may	may	AUX
eistud-28787	164	11	trigger	trigger	VERB
eistud-28787	164	12	another	another	DET
eistud-28787	164	13	asset	asset	NOUN
eistud-28787	164	14	-	-	PUNCT
eistud-28787	164	15	bubble	bubble	NOUN
eistud-28787	164	16	in	in	ADP
eistud-28787	164	17	the	the	DET
eistud-28787	164	18	financial	financial	ADJ
eistud-28787	164	19	and	and	CCONJ
eistud-28787	164	20	real	real	ADJ
eistud-28787	164	21	estate	estate	NOUN
eistud-28787	164	22	markets	market	NOUN
eistud-28787	164	23	.	.	PUNCT
eistud-28787	165	1	therefore	therefore	ADV
eistud-28787	165	2	,	,	PUNCT
eistud-28787	165	3	one	one	PRON
eistud-28787	165	4	may	may	AUX
eistud-28787	165	5	claim	claim	VERB
eistud-28787	165	6	that	that	SCONJ
eistud-28787	165	7	fall	fall	NOUN
eistud-28787	165	8	of	of	ADP
eistud-28787	165	9	the	the	DET
eistud-28787	165	10	dollar	dollar	NOUN
eistud-28787	165	11	has	have	AUX
eistud-28787	165	12	started	start	VERB
eistud-28787	165	13	already	already	ADV
eistud-28787	165	14	,	,	PUNCT
eistud-28787	165	15	but	but	CCONJ
eistud-28787	165	16	domestically	domestically	ADV
eistud-28787	165	17	,	,	PUNCT
eistud-28787	165	18	due	due	ADP
eistud-28787	165	19	to	to	ADP
eistud-28787	165	20	inflation	inflation	NOUN
eistud-28787	165	21	.	.	PUNCT
eistud-28787	166	1	the	the	DET
eistud-28787	166	2	national	national	ADJ
eistud-28787	166	3	saving	saving	NOUN
eistud-28787	166	4	rate	rate	NOUN
eistud-28787	166	5	in	in	ADP
eistud-28787	166	6	the	the	DET
eistud-28787	166	7	u.s	u.s	PROPN
eistud-28787	166	8	.	.	PROPN
eistud-28787	166	9	has	have	AUX
eistud-28787	166	10	been	be	AUX
eistud-28787	166	11	historically	historically	ADV
eistud-28787	166	12	low	low	ADJ
eistud-28787	166	13	(	(	PUNCT
eistud-28787	166	14	table	table	NOUN
eistud-28787	166	15	1	1	NUM
eistud-28787	166	16	)	)	PUNCT
eistud-28787	166	17	.	.	PUNCT
eistud-28787	167	1	when	when	SCONJ
eistud-28787	167	2	domestic	domestic	ADJ
eistud-28787	167	3	absorption	absorption	NOUN
eistud-28787	167	4	in	in	ADP
eistud-28787	167	5	relation	relation	NOUN
eistud-28787	167	6	to	to	ADP
eistud-28787	167	7	domestic	domestic	ADJ
eistud-28787	167	8	production	production	NOUN
eistud-28787	167	9	results	result	NOUN
eistud-28787	167	10	in	in	ADP
eistud-28787	167	11	a	a	DET
eistud-28787	167	12	small	small	ADJ
eistud-28787	167	13	surplus	surplus	NOUN
eistud-28787	167	14	only	only	ADV
eistud-28787	167	15	,	,	PUNCT
eistud-28787	167	16	it	it	PRON
eistud-28787	167	17	does	do	AUX
eistud-28787	167	18	not	not	PART
eistud-28787	167	19	allow	allow	VERB
eistud-28787	167	20	for	for	ADP
eistud-28787	167	21	investment	investment	NOUN
eistud-28787	167	22	in	in	ADP
eistud-28787	167	23	business	business	NOUN
eistud-28787	167	24	equipment	equipment	NOUN
eistud-28787	167	25	,	,	PUNCT
eistud-28787	167	26	housing	housing	NOUN
eistud-28787	167	27	,	,	PUNCT
eistud-28787	167	28	and	and	CCONJ
eistud-28787	167	29	other	other	ADJ
eistud-28787	167	30	structures	structure	NOUN
eistud-28787	167	31	.	.	PUNCT
eistud-28787	168	1	it	it	PRON
eistud-28787	168	2	also	also	ADV
eistud-28787	168	3	makes	make	VERB
eistud-28787	168	4	exporting	export	VERB
eistud-28787	168	5	the	the	DET
eistud-28787	168	6	surplus	surplus	NOUN
eistud-28787	168	7	to	to	ADP
eistud-28787	168	8	other	other	ADJ
eistud-28787	168	9	countries	country	NOUN
eistud-28787	168	10	not	not	PART
eistud-28787	168	11	an	an	DET
eistud-28787	168	12	option	option	NOUN
eistud-28787	168	13	.	.	PUNCT
eistud-28787	169	1	this	this	PRON
eistud-28787	169	2	is	be	AUX
eistud-28787	169	3	all	all	ADV
eistud-28787	169	4	about	about	ADP
eistud-28787	169	5	just	just	ADV
eistud-28787	169	6	another	another	DET
eistud-28787	169	7	national	national	ADJ
eistud-28787	169	8	accounting	accounting	NOUN
eistud-28787	169	9	identity	identity	NOUN
eistud-28787	169	10	that	that	PRON
eistud-28787	169	11	implies	imply	VERB
eistud-28787	169	12	that	that	SCONJ
eistud-28787	169	13	the	the	DET
eistud-28787	169	14	difference	difference	NOUN
eistud-28787	169	15	between	between	ADP
eistud-28787	169	16	savings	saving	NOUN
eistud-28787	169	17	and	and	CCONJ
eistud-28787	169	18	investment	investment	NOUN
eistud-28787	169	19	be	be	AUX
eistud-28787	169	20	matched	match	VERB
eistud-28787	169	21	by	by	ADP
eistud-28787	169	22	trade	trade	NOUN
eistud-28787	169	23	balance	balance	NOUN
eistud-28787	169	24	.	.	PUNCT
eistud-28787	170	1	the	the	DET
eistud-28787	170	2	permanent	permanent	ADJ
eistud-28787	170	3	trade	trade	NOUN
eistud-28787	170	4	deficit	deficit	NOUN
eistud-28787	170	5	means	mean	VERB
eistud-28787	170	6	negative	negative	ADJ
eistud-28787	170	7	net	net	ADJ
eistud-28787	170	8	domestic	domestic	ADJ
eistud-28787	170	9	savings	saving	NOUN
eistud-28787	170	10	.	.	PUNCT
eistud-28787	171	1	role	role	NOUN
eistud-28787	171	2	of	of	ADP
eistud-28787	171	3	national	national	ADJ
eistud-28787	171	4	savings	saving	NOUN
eistud-28787	171	5	2007	2007	NUM
eistud-28787	171	6	2008	2008	NUM
eistud-28787	171	7	2009	2009	NUM
eistud-28787	171	8	2010	2010	NUM
eistud-28787	171	9	2011	2011	NUM
eistud-28787	171	10	2012	2012	NUM
eistud-28787	171	11	2013	2013	NUM
eistud-28787	171	12	2014	2014	NUM
eistud-28787	171	13	2015	2015	NUM
eistud-28787	171	14	2016	2016	NUM
eistud-28787	171	15	2017	2017	NUM
eistud-28787	171	16	usa	usa	PROPN
eistud-28787	171	17	15.5	15.5	NUM
eistud-28787	171	18	%	%	NOUN
eistud-28787	171	19	14.4	14.4	NUM
eistud-28787	171	20	%	%	NOUN
eistud-28787	171	21	15.1	15.1	NUM
eistud-28787	171	22	%	%	NOUN
eistud-28787	171	23	15.6	15.6	NUM
eistud-28787	171	24	%	%	NOUN
eistud-28787	171	25	17.5	17.5	NUM
eistud-28787	171	26	%	%	NOUN
eistud-28787	171	27	18.1	18.1	NUM
eistud-28787	171	28	%	%	NOUN
eistud-28787	171	29	19.0	19.0	NUM
eistud-28787	171	30	%	%	NOUN
eistud-28787	171	31	18.9	18.9	NUM
eistud-28787	171	32	%	%	NOUN
eistud-28787	171	33	17.7	17.7	NUM
eistud-28787	171	34	%	%	NOUN
eistud-28787	171	35	china	china	PROPN
eistud-28787	171	36	51	51	NUM
eistud-28787	171	37	%	%	NOUN
eistud-28787	171	38	52	52	NUM
eistud-28787	171	39	%	%	NOUN
eistud-28787	171	40	51	51	NUM
eistud-28787	171	41	%	%	NOUN
eistud-28787	171	42	52	52	NUM
eistud-28787	171	43	%	%	NOUN
eistud-28787	171	44	50	50	NUM
eistud-28787	171	45	%	%	NOUN
eistud-28787	171	46	50	50	NUM
eistud-28787	171	47	%	%	NOUN
eistud-28787	171	48	49	49	NUM
eistud-28787	171	49	%	%	NOUN
eistud-28787	171	50	49	49	NUM
eistud-28787	171	51	%	%	NOUN
eistud-28787	171	52	47	47	NUM
eistud-28787	171	53	%	%	NOUN
eistud-28787	171	54	46	46	NUM
eistud-28787	171	55	%	%	NOUN
eistud-28787	171	56	46	46	NUM
eistud-28787	171	57	%	%	NOUN
eistud-28787	171	58	table	table	NOUN
eistud-28787	171	59	1	1	NUM
eistud-28787	171	60	gross	gross	ADJ
eistud-28787	171	61	national	national	ADJ
eistud-28787	171	62	saving	saving	NOUN
eistud-28787	171	63	rate	rate	NOUN
eistud-28787	171	64	in	in	ADP
eistud-28787	171	65	the	the	DET
eistud-28787	171	66	us	us	PROPN
eistud-28787	171	67	and	and	CCONJ
eistud-28787	171	68	china	china	PROPN
eistud-28787	171	69	as	as	ADP
eistud-28787	171	70	%	%	NOUN
eistud-28787	171	71	of	of	ADP
eistud-28787	171	72	gni	gni	PROPN
eistud-28787	171	73	(	(	PUNCT
eistud-28787	171	74	gdp	gdp	NOUN
eistud-28787	171	75	for	for	ADP
eistud-28787	171	76	china	china	PROPN
eistud-28787	171	77	)	)	PUNCT
eistud-28787	171	78	2007	2007	NUM
eistud-28787	171	79	-	-	SYM
eistud-28787	171	80	2017	2017	NUM
eistud-28787	171	81	.	.	PUNCT
eistud-28787	172	1	source	source	NOUN
eistud-28787	172	2	:	:	PUNCT
eistud-28787	172	3	author	author	NOUN
eistud-28787	172	4	,	,	PUNCT
eistud-28787	172	5	based	base	VERB
eistud-28787	172	6	on	on	ADP
eistud-28787	172	7	economic	economic	ADJ
eistud-28787	172	8	report	report	NOUN
eistud-28787	172	9	of	of	ADP
eistud-28787	172	10	the	the	DET
eistud-28787	172	11	president	president	NOUN
eistud-28787	172	12	,	,	PUNCT
eistud-28787	172	13	2017	2017	NUM
eistud-28787	172	14	(	(	PUNCT
eistud-28787	172	15	for	for	ADP
eistud-28787	172	16	u.s	u.s	PROPN
eistud-28787	172	17	.	.	PROPN
eistud-28787	172	18	data	data	PROPN
eistud-28787	172	19	)	)	PUNCT
eistud-28787	172	20	,	,	PUNCT
eistud-28787	172	21	and	and	CCONJ
eistud-28787	172	22	world	world	NOUN
eistud-28787	172	23	economic	economic	ADJ
eistud-28787	172	24	outlook	outlook	NOUN
eistud-28787	172	25	database	database	NOUN
eistud-28787	172	26	(	(	PUNCT
eistud-28787	172	27	for	for	ADP
eistud-28787	172	28	china	china	PROPN
eistud-28787	172	29	)	)	PUNCT
eistud-28787	172	30	.	.	PUNCT
eistud-28787	173	1	feldstein	feldstein	PROPN
eistud-28787	173	2	(	(	PUNCT
eistud-28787	173	3	2008	2008	NUM
eistud-28787	173	4	,	,	PUNCT
eistud-28787	173	5	p.	p.	NOUN
eistud-28787	173	6	118	118	NUM
eistud-28787	173	7	-	-	SYM
eistud-28787	173	8	119	119	NUM
eistud-28787	173	9	)	)	PUNCT
eistud-28787	173	10	claimed	claim	VERB
eistud-28787	173	11	that	that	SCONJ
eistud-28787	173	12	low	low	ADJ
eistud-28787	173	13	national	national	ADJ
eistud-28787	173	14	saving	saving	NOUN
eistud-28787	173	15	is	be	AUX
eistud-28787	173	16	the	the	DET
eistud-28787	173	17	“	"	PUNCT
eistud-28787	173	18	fundamental	fundamental	ADJ
eistud-28787	173	19	cause	cause	NOUN
eistud-28787	173	20	”	"	PUNCT
eistud-28787	173	21	of	of	ADP
eistud-28787	173	22	the	the	DET
eistud-28787	173	23	global	global	ADJ
eistud-28787	173	24	imbalance	imbalance	NOUN
eistud-28787	173	25	addressed	address	VERB
eistud-28787	173	26	here	here	ADV
eistud-28787	173	27	.	.	PUNCT
eistud-28787	174	1	national	national	ADJ
eistud-28787	174	2	savings	saving	NOUN
eistud-28787	174	3	are	be	AUX
eistud-28787	174	4	the	the	DET
eistud-28787	174	5	sum	sum	NOUN
eistud-28787	174	6	of	of	ADP
eistud-28787	174	7	three	three	NUM
eistud-28787	174	8	elements	element	NOUN
eistud-28787	174	9	:	:	PUNCT
eistud-28787	174	10	(	(	PUNCT
eistud-28787	174	11	1	1	X
eistud-28787	174	12	)	)	PUNCT
eistud-28787	174	13	household	household	NOUN
eistud-28787	174	14	savings	saving	NOUN
eistud-28787	174	15	,	,	PUNCT
eistud-28787	174	16	(	(	PUNCT
eistud-28787	174	17	2	2	X
eistud-28787	174	18	)	)	PUNCT
eistud-28787	174	19	retained	retain	VERB
eistud-28787	174	20	earnings	earning	NOUN
eistud-28787	174	21	,	,	PUNCT
eistud-28787	174	22	and	and	CCONJ
eistud-28787	174	23	(	(	PUNCT
eistud-28787	174	24	3	3	X
eistud-28787	174	25	)	)	PUNCT
eistud-28787	174	26	government	government	NOUN
eistud-28787	174	27	budget	budget	NOUN
eistud-28787	174	28	balance	balance	NOUN
eistud-28787	174	29	.	.	PUNCT
eistud-28787	175	1	although	although	SCONJ
eistud-28787	175	2	the	the	DET
eistud-28787	175	3	u.s	u.s	PROPN
eistud-28787	175	4	.	.	PROPN
eistud-28787	175	5	government	government	NOUN
eistud-28787	175	6	deficit	deficit	NOUN
eistud-28787	175	7	was	be	AUX
eistud-28787	175	8	not	not	PART
eistud-28787	175	9	considered	consider	VERB
eistud-28787	175	10	problematic	problematic	ADJ
eistud-28787	175	11	at	at	ADP
eistud-28787	175	12	1.5	1.5	NUM
eistud-28787	175	13	%	%	NOUN
eistud-28787	175	14	of	of	ADP
eistud-28787	175	15	the	the	DET
eistud-28787	175	16	gdp	gdp	NOUN
eistud-28787	175	17	in	in	ADP
eistud-28787	175	18	2008	2008	NUM
eistud-28787	175	19	,	,	PUNCT
eistud-28787	175	20	it	it	PRON
eistud-28787	175	21	is	be	AUX
eistud-28787	175	22	its	its	PRON
eistud-28787	175	23	nominal	nominal	ADJ
eistud-28787	175	24	,	,	PUNCT
eistud-28787	175	25	not	not	PART
eistud-28787	175	26	relative	relative	ADJ
eistud-28787	175	27	(	(	PUNCT
eistud-28787	175	28	to	to	ADP
eistud-28787	175	29	gdp	gdp	NOUN
eistud-28787	175	30	)	)	PUNCT
eistud-28787	175	31	size	size	NOUN
eistud-28787	175	32	that	that	PRON
eistud-28787	175	33	matters	matter	VERB
eistud-28787	175	34	for	for	ADP
eistud-28787	175	35	the	the	DET
eistud-28787	175	36	global	global	ADJ
eistud-28787	175	37	imbalance	imbalance	NOUN
eistud-28787	175	38	.	.	PUNCT
eistud-28787	176	1	it	it	PRON
eistud-28787	176	2	was	be	AUX
eistud-28787	176	3	feldstein	feldstein	ADJ
eistud-28787	176	4	(	(	PUNCT
eistud-28787	176	5	2008	2008	NUM
eistud-28787	176	6	)	)	PUNCT
eistud-28787	176	7	who	who	PRON
eistud-28787	176	8	had	have	AUX
eistud-28787	176	9	already	already	ADV
eistud-28787	176	10	foreseen	foresee	VERB
eistud-28787	176	11	two	two	NUM
eistud-28787	176	12	developments	development	NOUN
eistud-28787	176	13	in	in	ADP
eistud-28787	176	14	regard	regard	NOUN
eistud-28787	176	15	to	to	ADP
eistud-28787	176	16	u.s	u.s	PROPN
eistud-28787	176	17	.	.	PROPN
eistud-28787	176	18	national	national	PROPN
eistud-28787	176	19	saving	saving	PROPN
eistud-28787	176	20	.	.	PUNCT
eistud-28787	177	1	in	in	ADP
eistud-28787	177	2	general	general	ADJ
eistud-28787	177	3	,	,	PUNCT
eistud-28787	177	4	he	he	PRON
eistud-28787	177	5	expected	expect	VERB
eistud-28787	177	6	the	the	DET
eistud-28787	177	7	saving	saving	NOUN
eistud-28787	177	8	rate	rate	NOUN
eistud-28787	177	9	to	to	PART
eistud-28787	177	10	increase	increase	VERB
eistud-28787	177	11	.	.	PUNCT
eistud-28787	178	1	figure	figure	VERB
eistud-28787	178	2	7	7	NUM
eistud-28787	178	3	net	net	ADJ
eistud-28787	178	4	private	private	ADJ
eistud-28787	178	5	savings	saving	NOUN
eistud-28787	178	6	rate	rate	NOUN
eistud-28787	178	7	in	in	ADP
eistud-28787	178	8	the	the	DET
eistud-28787	178	9	u.s	u.s	PROPN
eistud-28787	178	10	.	.	PROPN
eistud-28787	178	11	as	as	ADP
eistud-28787	178	12	a	a	DET
eistud-28787	178	13	percentage	percentage	NOUN
eistud-28787	178	14	of	of	ADP
eistud-28787	178	15	the	the	DET
eistud-28787	178	16	gni	gni	NOUN
eistud-28787	178	17	,	,	PUNCT
eistud-28787	178	18	2008	2008	NUM
eistud-28787	178	19	-	-	SYM
eistud-28787	178	20	2016	2016	NUM
eistud-28787	178	21	(	(	PUNCT
eistud-28787	178	22	author	author	NOUN
eistud-28787	178	23	,	,	PUNCT
eistud-28787	178	24	based	base	VERB
eistud-28787	178	25	on	on	ADP
eistud-28787	178	26	world	world	NOUN
eistud-28787	178	27	development	development	NOUN
eistud-28787	178	28	indicators	indicator	NOUN
eistud-28787	178	29	by	by	ADP
eistud-28787	178	30	the	the	DET
eistud-28787	178	31	world	world	PROPN
eistud-28787	178	32	bank	bank	PROPN
eistud-28787	178	33	.	.	PUNCT
eistud-28787	178	34	)	)	PUNCT
eistud-28787	178	35	.	.	PUNCT
eistud-28787	179	1	133	133	NUM
eistud-28787	179	2	european	european	ADJ
eistud-28787	179	3	integrat	integrat	NOUN
eistud-28787	179	4	ion	ion	NOUN
eistud-28787	179	5	studies	study	NOUN
eistud-28787	179	6	2021/15	2021/15	NUM
eistud-28787	179	7	this	this	PRON
eistud-28787	179	8	has	have	AUX
eistud-28787	179	9	already	already	ADV
eistud-28787	179	10	materialized	materialize	VERB
eistud-28787	179	11	since	since	SCONJ
eistud-28787	179	12	2010	2010	NUM
eistud-28787	179	13	(	(	PUNCT
eistud-28787	179	14	figure	figure	NOUN
eistud-28787	179	15	7	7	NUM
eistud-28787	179	16	,	,	PUNCT
eistud-28787	179	17	and	and	CCONJ
eistud-28787	179	18	table	table	NOUN
eistud-28787	179	19	1	1	NUM
eistud-28787	179	20	)	)	PUNCT
eistud-28787	179	21	.	.	PUNCT
eistud-28787	180	1	the	the	DET
eistud-28787	180	2	other	other	ADJ
eistud-28787	180	3	correct	correct	ADJ
eistud-28787	180	4	expectation	expectation	NOUN
eistud-28787	180	5	was	be	AUX
eistud-28787	180	6	“	"	PUNCT
eistud-28787	180	7	the	the	DET
eistud-28787	180	8	government	government	NOUN
eistud-28787	180	9	deficit	deficit	NOUN
eistud-28787	180	10	(	(	PUNCT
eistud-28787	180	11	…	…	PUNCT
eistud-28787	180	12	)	)	PUNCT
eistud-28787	180	13	potentially	potentially	ADV
eistud-28787	180	14	heading	head	VERB
eistud-28787	180	15	for	for	ADP
eistud-28787	180	16	trouble	trouble	NOUN
eistud-28787	180	17	in	in	ADP
eistud-28787	180	18	the	the	DET
eistud-28787	180	19	next	next	ADJ
eistud-28787	180	20	decade	decade	NOUN
eistud-28787	180	21	”	"	PUNCT
eistud-28787	180	22	.	.	PUNCT
eistud-28787	181	1	indeed	indeed	ADV
eistud-28787	181	2	,	,	PUNCT
eistud-28787	181	3	it	it	PRON
eistud-28787	181	4	was	be	AUX
eistud-28787	181	5	2009	2009	NUM
eistud-28787	181	6	,	,	PUNCT
eistud-28787	181	7	when	when	SCONJ
eistud-28787	181	8	the	the	DET
eistud-28787	181	9	general	general	ADJ
eistud-28787	181	10	government	government	NOUN
eistud-28787	181	11	deficit	deficit	NOUN
eistud-28787	181	12	hit	hit	VERB
eistud-28787	181	13	almost	almost	ADV
eistud-28787	181	14	13	13	NUM
eistud-28787	181	15	%	%	NOUN
eistud-28787	181	16	of	of	ADP
eistud-28787	181	17	the	the	DET
eistud-28787	181	18	gdp	gdp	NOUN
eistud-28787	181	19	,	,	PUNCT
eistud-28787	181	20	and	and	CCONJ
eistud-28787	181	21	continued	continue	VERB
eistud-28787	181	22	as	as	ADP
eistud-28787	181	23	a	a	DET
eistud-28787	181	24	double	double	ADJ
eistud-28787	181	25	-	-	PUNCT
eistud-28787	181	26	digit	digit	NOUN
eistud-28787	181	27	for	for	ADP
eistud-28787	181	28	three	three	NUM
eistud-28787	181	29	years	year	NOUN
eistud-28787	181	30	(	(	PUNCT
eistud-28787	181	31	figure	figure	NOUN
eistud-28787	181	32	8)	8)	NUM
eistud-28787	181	33	.	.	PUNCT
eistud-28787	182	1	however	however	ADV
eistud-28787	182	2	,	,	PUNCT
eistud-28787	182	3	the	the	DET
eistud-28787	182	4	reasons	reason	NOUN
eistud-28787	182	5	seemed	seem	VERB
eistud-28787	182	6	very	very	ADV
eistud-28787	182	7	different	different	ADJ
eistud-28787	182	8	from	from	ADP
eistud-28787	182	9	what	what	PRON
eistud-28787	182	10	feldstein	feldstein	NOUN
eistud-28787	182	11	(	(	PUNCT
eistud-28787	182	12	2008	2008	NUM
eistud-28787	182	13	,	,	PUNCT
eistud-28787	182	14	p.	p.	NOUN
eistud-28787	182	15	119	119	NUM
eistud-28787	182	16	)	)	PUNCT
eistud-28787	182	17	explained	explain	VERB
eistud-28787	182	18	.	.	PUNCT
eistud-28787	183	1	public	public	ADJ
eistud-28787	183	2	savings	saving	NOUN
eistud-28787	183	3	,	,	PUNCT
eistud-28787	183	4	although	although	SCONJ
eistud-28787	183	5	still	still	ADV
eistud-28787	183	6	negative	negative	ADJ
eistud-28787	183	7	,	,	PUNCT
eistud-28787	183	8	seem	seem	VERB
eistud-28787	183	9	to	to	PART
eistud-28787	183	10	be	be	AUX
eistud-28787	183	11	under	under	ADP
eistud-28787	183	12	control	control	NOUN
eistud-28787	183	13	,	,	PUNCT
eistud-28787	183	14	stable	stable	ADJ
eistud-28787	183	15	,	,	PUNCT
eistud-28787	183	16	at	at	ADP
eistud-28787	183	17	around	around	ADP
eistud-28787	183	18	5	5	NUM
eistud-28787	183	19	%	%	NOUN
eistud-28787	183	20	of	of	ADP
eistud-28787	183	21	gdp	gdp	NOUN
eistud-28787	183	22	since	since	SCONJ
eistud-28787	183	23	2013	2013	NUM
eistud-28787	183	24	(	(	PUNCT
eistud-28787	183	25	figure	figure	NOUN
eistud-28787	183	26	8)	8)	NUM
eistud-28787	183	27	.	.	PUNCT
eistud-28787	184	1	there	there	PRON
eistud-28787	184	2	will	will	AUX
eistud-28787	184	3	probably	probably	ADV
eistud-28787	184	4	be	be	AUX
eistud-28787	184	5	a	a	DET
eistud-28787	184	6	change	change	NOUN
eistud-28787	184	7	after	after	ADP
eistud-28787	184	8	the	the	DET
eistud-28787	184	9	recent	recent	ADJ
eistud-28787	184	10	us	us	PROPN
eistud-28787	184	11	tax	tax	NOUN
eistud-28787	184	12	cuts	cut	NOUN
eistud-28787	184	13	.	.	PUNCT
eistud-28787	185	1	straight	straight	ADJ
eistud-28787	185	2	return	return	NOUN
eistud-28787	185	3	to	to	ADP
eistud-28787	185	4	double	double	ADJ
eistud-28787	185	5	-	-	PUNCT
eistud-28787	185	6	digit	digit	NOUN
eistud-28787	185	7	percent	percent	NOUN
eistud-28787	185	8	of	of	ADP
eistud-28787	185	9	gdp	gdp	NOUN
eistud-28787	185	10	deficit	deficit	NOUN
eistud-28787	185	11	,	,	PUNCT
eistud-28787	185	12	may	may	AUX
eistud-28787	185	13	not	not	PART
eistud-28787	185	14	be	be	AUX
eistud-28787	185	15	there	there	ADV
eistud-28787	185	16	,	,	PUNCT
eistud-28787	185	17	however	however	ADV
eistud-28787	185	18	,	,	PUNCT
eistud-28787	185	19	due	due	ADP
eistud-28787	185	20	to	to	ADP
eistud-28787	185	21	acclaimed	acclaim	VERB
eistud-28787	185	22	2018	2018	NUM
eistud-28787	185	23	-	-	PUNCT
eistud-28787	185	24	economic	economic	ADJ
eistud-28787	185	25	recovery	recovery	NOUN
eistud-28787	185	26	.	.	PUNCT
eistud-28787	186	1	why	why	SCONJ
eistud-28787	186	2	did	do	AUX
eistud-28787	186	3	private	private	ADJ
eistud-28787	186	4	savings	saving	NOUN
eistud-28787	186	5	,	,	PUNCT
eistud-28787	186	6	after	after	ADP
eistud-28787	186	7	a	a	DET
eistud-28787	186	8	5	5	NUM
eistud-28787	186	9	-	-	PUNCT
eistud-28787	186	10	year	year	NOUN
eistud-28787	186	11	period	period	NOUN
eistud-28787	186	12	(	(	PUNCT
eistud-28787	186	13	2010	2010	NUM
eistud-28787	186	14	-	-	SYM
eistud-28787	186	15	2014	2014	NUM
eistud-28787	186	16	)	)	PUNCT
eistud-28787	186	17	of	of	ADP
eistud-28787	186	18	growth	growth	NOUN
eistud-28787	186	19	start	start	VERB
eistud-28787	186	20	to	to	PART
eistud-28787	186	21	decline	decline	VERB
eistud-28787	186	22	?	?	PUNCT
eistud-28787	187	1	the	the	DET
eistud-28787	187	2	most	most	ADV
eistud-28787	187	3	recent	recent	ADJ
eistud-28787	187	4	developments	development	NOUN
eistud-28787	187	5	in	in	ADP
eistud-28787	187	6	residential	residential	ADJ
eistud-28787	187	7	construction	construction	NOUN
eistud-28787	187	8	may	may	AUX
eistud-28787	187	9	shed	shed	VERB
eistud-28787	187	10	some	some	DET
eistud-28787	187	11	light	light	NOUN
eistud-28787	187	12	on	on	ADP
eistud-28787	187	13	possible	possible	ADJ
eistud-28787	187	14	reasons	reason	NOUN
eistud-28787	187	15	.	.	PUNCT
eistud-28787	188	1	data	datum	NOUN
eistud-28787	188	2	reported	report	VERB
eistud-28787	188	3	for	for	ADP
eistud-28787	188	4	2017	2017	NUM
eistud-28787	188	5	(	(	PUNCT
eistud-28787	188	6	table	table	NOUN
eistud-28787	188	7	2	2	NUM
eistud-28787	188	8	)	)	PUNCT
eistud-28787	188	9	indicate	indicate	VERB
eistud-28787	188	10	that	that	SCONJ
eistud-28787	188	11	the	the	DET
eistud-28787	188	12	u.s	u.s	PROPN
eistud-28787	188	13	.	.	PROPN
eistud-28787	188	14	economy	economy	NOUN
eistud-28787	188	15	is	be	AUX
eistud-28787	188	16	on	on	ADP
eistud-28787	188	17	a	a	DET
eistud-28787	188	18	similar	similar	ADJ
eistud-28787	188	19	track	track	NOUN
eistud-28787	188	20	,	,	PUNCT
eistud-28787	188	21	as	as	ADP
eistud-28787	188	22	in	in	ADP
eistud-28787	188	23	the	the	DET
eistud-28787	188	24	pre-2008	pre-2008	NOUN
eistud-28787	188	25	period	period	NOUN
eistud-28787	188	26	.	.	PUNCT
eistud-28787	189	1	figure	figure	VERB
eistud-28787	189	2	8	8	NUM
eistud-28787	189	3	nominal	nominal	ADJ
eistud-28787	189	4	federal	federal	ADJ
eistud-28787	189	5	government	government	NOUN
eistud-28787	189	6	deficit	deficit	NOUN
eistud-28787	189	7	,	,	PUNCT
eistud-28787	189	8	and	and	CCONJ
eistud-28787	189	9	general	general	ADJ
eistud-28787	189	10	government	government	NOUN
eistud-28787	189	11	deficit	deficit	NOUN
eistud-28787	189	12	,	,	PUNCT
eistud-28787	189	13	as	as	ADP
eistud-28787	189	14	%	%	NOUN
eistud-28787	189	15	of	of	ADP
eistud-28787	189	16	gdp	gdp	NOUN
eistud-28787	189	17	(	(	PUNCT
eistud-28787	189	18	author	author	NOUN
eistud-28787	189	19	,	,	PUNCT
eistud-28787	189	20	based	base	VERB
eistud-28787	189	21	on	on	ADP
eistud-28787	189	22	federal	federal	PROPN
eistud-28787	189	23	reserve	reserve	PROPN
eistud-28787	189	24	economic	economic	ADJ
eistud-28787	189	25	data	datum	NOUN
eistud-28787	189	26	(	(	PUNCT
eistud-28787	189	27	left	leave	VERB
eistud-28787	189	28	chart	chart	NOUN
eistud-28787	189	29	)	)	PUNCT
eistud-28787	189	30	,	,	PUNCT
eistud-28787	189	31	oecd	oecd	PROPN
eistud-28787	189	32	database	database	NOUN
eistud-28787	189	33	(	(	PUNCT
eistud-28787	189	34	right	right	ADJ
eistud-28787	189	35	chart	chart	NOUN
eistud-28787	189	36	)	)	PUNCT
eistud-28787	189	37	.	.	PUNCT
eistud-28787	189	38	)	)	PUNCT
eistud-28787	189	39	.	.	PUNCT
eistud-28787	190	1	the	the	DET
eistud-28787	190	2	new	new	ADJ
eistud-28787	190	3	trend	trend	NOUN
eistud-28787	190	4	in	in	ADP
eistud-28787	190	5	construction	construction	NOUN
eistud-28787	190	6	industry	industry	NOUN
eistud-28787	190	7	(	(	PUNCT
eistud-28787	190	8	table	table	NOUN
eistud-28787	190	9	2	2	NUM
eistud-28787	190	10	)	)	PUNCT
eistud-28787	190	11	,	,	PUNCT
eistud-28787	190	12	after	after	ADP
eistud-28787	190	13	2011	2011	NUM
eistud-28787	190	14	’s	’s	PART
eistud-28787	190	15	low	low	ADJ
eistud-28787	190	16	,	,	PUNCT
eistud-28787	190	17	suggests	suggest	VERB
eistud-28787	190	18	that	that	SCONJ
eistud-28787	190	19	the	the	DET
eistud-28787	190	20	trade	trade	NOUN
eistud-28787	190	21	deficit	deficit	NOUN
eistud-28787	190	22	will	will	AUX
eistud-28787	190	23	receive	receive	VERB
eistud-28787	190	24	no	no	ADV
eistud-28787	190	25	longer	long	ADV
eistud-28787	190	26	any	any	DET
eistud-28787	190	27	support	support	NOUN
eistud-28787	190	28	from	from	ADP
eistud-28787	190	29	lower	low	ADJ
eistud-28787	190	30	residential	residential	ADJ
eistud-28787	190	31	investment	investment	NOUN
eistud-28787	190	32	domestically	domestically	ADV
eistud-28787	190	33	.	.	PUNCT
eistud-28787	191	1	rising	rise	VERB
eistud-28787	191	2	prices	price	NOUN
eistud-28787	191	3	of	of	ADP
eistud-28787	191	4	real	real	ADJ
eistud-28787	191	5	estate	estate	NOUN
eistud-28787	191	6	,	,	PUNCT
eistud-28787	191	7	reported	report	VERB
eistud-28787	191	8	in	in	ADP
eistud-28787	191	9	2017	2017	NUM
eistud-28787	191	10	and	and	CCONJ
eistud-28787	191	11	2018	2018	NUM
eistud-28787	191	12	(	(	PUNCT
eistud-28787	191	13	nar	nar	NOUN
eistud-28787	191	14	,	,	PUNCT
eistud-28787	191	15	2018	2018	NUM
eistud-28787	191	16	)	)	PUNCT
eistud-28787	191	17	have	have	AUX
eistud-28787	191	18	led	lead	VERB
eistud-28787	191	19	to	to	ADP
eistud-28787	191	20	another	another	DET
eistud-28787	191	21	rapid	rapid	ADJ
eistud-28787	191	22	rise	rise	NOUN
eistud-28787	191	23	in	in	ADP
eistud-28787	191	24	household	household	NOUN
eistud-28787	191	25	wealth	wealth	NOUN
eistud-28787	191	26	.	.	PUNCT
eistud-28787	192	1	one	one	PRON
eistud-28787	192	2	can	can	AUX
eistud-28787	192	3	already	already	ADV
eistud-28787	192	4	observe	observe	VERB
eistud-28787	192	5	growing	grow	VERB
eistud-28787	192	6	level	level	NOUN
eistud-28787	192	7	of	of	ADP
eistud-28787	192	8	mortgage	mortgage	NOUN
eistud-28787	192	9	refinancing	refinance	VERB
eistud-28787	192	10	with	with	ADP
eistud-28787	192	11	equity	equity	NOUN
eistud-28787	192	12	withdrawal	withdrawal	NOUN
eistud-28787	192	13	,	,	PUNCT
eistud-28787	192	14	after	after	ADP
eistud-28787	192	15	substantial	substantial	ADJ
eistud-28787	192	16	reversal	reversal	NOUN
eistud-28787	192	17	in	in	ADP
eistud-28787	192	18	this	this	DET
eistud-28787	192	19	regard	regard	NOUN
eistud-28787	192	20	in	in	ADP
eistud-28787	192	21	the	the	DET
eistud-28787	192	22	preceding	precede	VERB
eistud-28787	192	23	decade	decade	NOUN
eistud-28787	192	24	.	.	PUNCT
eistud-28787	193	1	housing	housing	NOUN
eistud-28787	193	2	starts	start	VERB
eistud-28787	193	3	1,202,100	1,202,100	NUM
eistud-28787	193	4	units	unit	NOUN
eistud-28787	193	5	up	up	ADV
eistud-28787	193	6	2.4	2.4	NUM
eistud-28787	193	7	%	%	NOUN
eistud-28787	193	8	from	from	ADP
eistud-28787	193	9	a	a	DET
eistud-28787	193	10	year	year	NOUN
eistud-28787	193	11	earlier	early	ADJ
eistud-28787	193	12	housing	housing	NOUN
eistud-28787	193	13	completions	completion	NOUN
eistud-28787	193	14	1,152,300	1,152,300	NUM
eistud-28787	193	15	units	unit	NOUN
eistud-28787	193	16	up	up	ADV
eistud-28787	193	17	8.7	8.7	NUM
eistud-28787	193	18	%	%	NOUN
eistud-28787	193	19	from	from	ADP
eistud-28787	193	20	a	a	DET
eistud-28787	193	21	year	year	NOUN
eistud-28787	193	22	earlier	early	ADJ
eistud-28787	193	23	housing	housing	NOUN
eistud-28787	193	24	permits	permit	VERB
eistud-28787	193	25	1,263,400	1,263,400	NUM
eistud-28787	193	26	units	unit	NOUN
eistud-28787	193	27	up	up	ADV
eistud-28787	193	28	4.6	4.6	NUM
eistud-28787	193	29	%	%	NOUN
eistud-28787	193	30	from	from	ADP
eistud-28787	193	31	a	a	DET
eistud-28787	193	32	year	year	NOUN
eistud-28787	193	33	earlier	early	ADJ
eistud-28787	193	34	table	table	NOUN
eistud-28787	193	35	2	2	NUM
eistud-28787	193	36	u.s	u.s	PROPN
eistud-28787	193	37	.	.	PROPN
eistud-28787	193	38	housing	housing	NOUN
eistud-28787	193	39	market	market	NOUN
eistud-28787	193	40	statistics	statistic	NOUN
eistud-28787	193	41	for	for	ADP
eistud-28787	193	42	2017	2017	NUM
eistud-28787	193	43	.	.	PUNCT
eistud-28787	194	1	source	source	NOUN
eistud-28787	194	2	:	:	PUNCT
eistud-28787	194	3	author	author	NOUN
eistud-28787	194	4	,	,	PUNCT
eistud-28787	194	5	based	base	VERB
eistud-28787	194	6	on	on	ADP
eistud-28787	194	7	national	national	PROPN
eistud-28787	194	8	association	association	NOUN
eistud-28787	194	9	of	of	ADP
eistud-28787	194	10	realtors	realtor	NOUN
eistud-28787	194	11	(	(	PUNCT
eistud-28787	194	12	nar	nar	NOUN
eistud-28787	194	13	)	)	PUNCT
eistud-28787	194	14	.	.	PUNCT
eistud-28787	195	1	it	it	PRON
eistud-28787	195	2	seems	seem	VERB
eistud-28787	195	3	that	that	SCONJ
eistud-28787	195	4	a	a	DET
eistud-28787	195	5	poor	poor	ADJ
eistud-28787	195	6	-	-	PUNCT
eistud-28787	195	7	performance	performance	NOUN
eistud-28787	195	8	-	-	PUNCT
eistud-28787	195	9	decade	decade	NOUN
eistud-28787	195	10	is	be	AUX
eistud-28787	195	11	also	also	ADV
eistud-28787	195	12	over	over	ADP
eistud-28787	195	13	for	for	ADP
eistud-28787	195	14	stock	stock	NOUN
eistud-28787	195	15	markets	market	NOUN
eistud-28787	195	16	.	.	PUNCT
eistud-28787	196	1	the	the	DET
eistud-28787	196	2	stock	stock	NOUN
eistud-28787	196	3	prices	price	NOUN
eistud-28787	196	4	are	be	AUX
eistud-28787	196	5	also	also	ADV
eistud-28787	196	6	likely	likely	ADJ
eistud-28787	196	7	to	to	PART
eistud-28787	196	8	outperform	outperform	VERB
eistud-28787	196	9	earnings	earning	NOUN
eistud-28787	196	10	in	in	ADP
eistud-28787	196	11	the	the	DET
eistud-28787	196	12	future	future	NOUN
eistud-28787	196	13	,	,	PUNCT
eistud-28787	196	14	in	in	ADP
eistud-28787	196	15	the	the	DET
eistud-28787	196	16	way	way	NOUN
eistud-28787	196	17	that	that	PRON
eistud-28787	196	18	they	they	PRON
eistud-28787	196	19	had	have	AUX
eistud-28787	196	20	been	be	AUX
eistud-28787	196	21	doing	do	VERB
eistud-28787	196	22	so	so	ADV
eistud-28787	196	23	before	before	ADP
eistud-28787	196	24	2008	2008	NUM
eistud-28787	196	25	.	.	PUNCT
eistud-28787	197	1	the	the	DET
eistud-28787	197	2	reducing	reduce	VERB
eistud-28787	197	3	trade	trade	NOUN
eistud-28787	197	4	deficit	deficit	NOUN
eistud-28787	197	5	has	have	AUX
eistud-28787	197	6	not	not	PART
eistud-28787	197	7	been	be	AUX
eistud-28787	197	8	supported	support	VERB
eistud-28787	197	9	by	by	ADP
eistud-28787	197	10	higher	high	ADJ
eistud-28787	197	11	spending	spending	NOUN
eistud-28787	197	12	on	on	ADP
eistud-28787	197	13	american	american	PROPN
eistud-28787	197	14	-	-	PUNCT
eistud-28787	197	15	made	make	VERB
eistud-28787	197	16	goods	good	NOUN
eistud-28787	197	17	and	and	CCONJ
eistud-28787	197	18	services	service	NOUN
eistud-28787	197	19	,	,	PUNCT
eistud-28787	197	20	domestically	domestically	ADV
eistud-28787	197	21	and	and	CCONJ
eistud-28787	197	22	abroad	abroad	ADV
eistud-28787	197	23	(	(	PUNCT
eistud-28787	197	24	table	table	NOUN
eistud-28787	197	25	3	3	NUM
eistud-28787	197	26	)	)	PUNCT
eistud-28787	197	27	.	.	PUNCT
eistud-28787	198	1	there	there	PRON
eistud-28787	198	2	are	be	VERB
eistud-28787	198	3	many	many	ADJ
eistud-28787	198	4	reasons	reason	NOUN
eistud-28787	198	5	for	for	ADP
eistud-28787	198	6	that	that	PRON
eistud-28787	198	7	.	.	PUNCT
eistud-28787	199	1	while	while	SCONJ
eistud-28787	199	2	feldstein	feldstein	PROPN
eistud-28787	199	3	ibt	ibt	PROPN
eistud-28787	199	4	fafh	fafh	NOUN
eistud-28787	199	5	ee	ee	PROPN
eistud-28787	199	6	er	er	INTJ
eistud-28787	199	7	income	income	NOUN
eistud-28787	199	8	before	before	ADP
eistud-28787	199	9	taxes	taxis	NOUN
eistud-28787	199	10	(	(	PUNCT
eistud-28787	199	11	ibt	ibt	NOUN
eistud-28787	199	12	)	)	PUNCT
eistud-28787	199	13	1	1	NUM
eistud-28787	199	14	food	food	NOUN
eistud-28787	199	15	away	away	ADV
eistud-28787	199	16	from	from	ADP
eistud-28787	199	17	home	home	NOUN
eistud-28787	199	18	(	(	PUNCT
eistud-28787	199	19	fafh	fafh	NOUN
eistud-28787	199	20	)	)	PUNCT
eistud-28787	199	21	0.353	0.353	NUM
eistud-28787	199	22	1	1	NUM
eistud-28787	199	23	entertainment	entertainment	NOUN
eistud-28787	199	24	expenditure	expenditure	NOUN
eistud-28787	199	25	(	(	PUNCT
eistud-28787	199	26	ee	ee	PROPN
eistud-28787	199	27	)	)	PUNCT
eistud-28787	199	28	0.55	0.55	NUM
eistud-28787	199	29	1	1	NUM
eistud-28787	199	30	exchange	exchange	NOUN
eistud-28787	199	31	rate	rate	NOUN
eistud-28787	199	32	annual	annual	ADJ
eistud-28787	199	33	average	average	ADJ
eistud-28787	199	34	(	(	PUNCT
eistud-28787	199	35	er	er	INTJ
eistud-28787	199	36	)	)	PUNCT
eistud-28787	199	37	-0.26	-0.26	NOUN
eistud-28787	199	38	0.57	0.57	NUM
eistud-28787	199	39	0.351	0.351	NUM
eistud-28787	199	40	1	1	NUM
eistud-28787	199	41	table	table	NOUN
eistud-28787	199	42	3	3	NUM
eistud-28787	199	43	correlation	correlation	NOUN
eistud-28787	199	44	coefficients	coefficient	NOUN
eistud-28787	199	45	between	between	ADP
eistud-28787	199	46	nominal	nominal	ADJ
eistud-28787	199	47	exchange	exchange	NOUN
eistud-28787	199	48	rate	rate	NOUN
eistud-28787	199	49	,	,	PUNCT
eistud-28787	199	50	income	income	NOUN
eistud-28787	199	51	and	and	CCONJ
eistud-28787	199	52	domestic	domestic	ADJ
eistud-28787	199	53	consumption	consumption	NOUN
eistud-28787	199	54	spending	spending	NOUN
eistud-28787	199	55	categories	category	NOUN
eistud-28787	199	56	2006	2006	NUM
eistud-28787	199	57	-	-	SYM
eistud-28787	199	58	2017	2017	NUM
eistud-28787	199	59	.	.	PUNCT
eistud-28787	200	1	source	source	NOUN
eistud-28787	200	2	:	:	PUNCT
eistud-28787	200	3	author	author	NOUN
eistud-28787	200	4	european	european	ADJ
eistud-28787	200	5	integrat	integrat	PROPN
eistud-28787	200	6	ion	ion	NOUN
eistud-28787	200	7	studies2021/15	studies2021/15	NOUN
eistud-28787	200	8	134	134	NUM
eistud-28787	200	9	(	(	PUNCT
eistud-28787	200	10	2008	2008	NUM
eistud-28787	200	11	,	,	PUNCT
eistud-28787	200	12	p.	p.	NOUN
eistud-28787	200	13	120	120	NUM
eistud-28787	200	14	)	)	PUNCT
eistud-28787	200	15	addressed	address	VERB
eistud-28787	200	16	only	only	ADV
eistud-28787	200	17	relative	relative	ADJ
eistud-28787	200	18	prices	price	NOUN
eistud-28787	200	19	,	,	PUNCT
eistud-28787	200	20	one	one	PRON
eistud-28787	200	21	should	should	AUX
eistud-28787	200	22	also	also	ADV
eistud-28787	200	23	point	point	VERB
eistud-28787	200	24	out	out	ADP
eistud-28787	200	25	quality	quality	NOUN
eistud-28787	200	26	.	.	PUNCT
eistud-28787	201	1	this	this	PRON
eistud-28787	201	2	is	be	AUX
eistud-28787	201	3	another	another	DET
eistud-28787	201	4	,	,	PUNCT
eistud-28787	201	5	even	even	ADV
eistud-28787	201	6	more	more	ADV
eistud-28787	201	7	important	important	ADJ
eistud-28787	201	8	factor	factor	NOUN
eistud-28787	201	9	.	.	PUNCT
eistud-28787	202	1	there	there	PRON
eistud-28787	202	2	is	be	VERB
eistud-28787	202	3	much	much	ADV
eistud-28787	202	4	stronger	strong	ADJ
eistud-28787	202	5	environmental	environmental	ADJ
eistud-28787	202	6	consciousness	consciousness	NOUN
eistud-28787	202	7	outside	outside	ADP
eistud-28787	202	8	u.s	u.s	PROPN
eistud-28787	202	9	.	.	PROPN
eistud-28787	202	10	that	that	PRON
eistud-28787	202	11	drives	drive	VERB
eistud-28787	202	12	consumer	consumer	NOUN
eistud-28787	202	13	behavior	behavior	NOUN
eistud-28787	202	14	.	.	PUNCT
eistud-28787	203	1	this	this	PRON
eistud-28787	203	2	is	be	AUX
eistud-28787	203	3	supported	support	VERB
eistud-28787	203	4	nowadays	nowadays	ADV
eistud-28787	203	5	by	by	ADP
eistud-28787	203	6	strong	strong	ADJ
eistud-28787	203	7	tax	tax	NOUN
eistud-28787	203	8	-	-	PUNCT
eistud-28787	203	9	incentives	incentive	NOUN
eistud-28787	203	10	for	for	ADP
eistud-28787	203	11	using	use	VERB
eistud-28787	203	12	fuel	fuel	NOUN
eistud-28787	203	13	-	-	PUNCT
eistud-28787	203	14	efficient	efficient	ADJ
eistud-28787	203	15	and	and	CCONJ
eistud-28787	203	16	eco	eco	NOUN
eistud-28787	203	17	-	-	PUNCT
eistud-28787	203	18	friendly	friendly	ADJ
eistud-28787	203	19	solutions	solution	NOUN
eistud-28787	203	20	outside	outside	ADP
eistud-28787	203	21	the	the	DET
eistud-28787	203	22	us	us	PROPN
eistud-28787	203	23	.	.	PUNCT
eistud-28787	204	1	eu	eu	PROPN
eistud-28787	204	2	and	and	CCONJ
eistud-28787	204	3	japan	japan	PROPN
eistud-28787	204	4	are	be	AUX
eistud-28787	204	5	good	good	ADJ
eistud-28787	204	6	examples	example	NOUN
eistud-28787	204	7	here	here	ADV
eistud-28787	204	8	.	.	PUNCT
eistud-28787	205	1	the	the	DET
eistud-28787	205	2	decline	decline	NOUN
eistud-28787	205	3	of	of	ADP
eistud-28787	205	4	the	the	DET
eistud-28787	205	5	dollar	dollar	NOUN
eistud-28787	205	6	relative	relative	ADJ
eistud-28787	205	7	to	to	ADP
eistud-28787	205	8	the	the	DET
eistud-28787	205	9	euro	euro	NOUN
eistud-28787	205	10	,	,	PUNCT
eistud-28787	205	11	the	the	DET
eistud-28787	205	12	yen	yen	NOUN
eistud-28787	205	13	,	,	PUNCT
eistud-28787	205	14	and	and	CCONJ
eistud-28787	205	15	other	other	ADJ
eistud-28787	205	16	currencies	currency	NOUN
eistud-28787	205	17	(	(	PUNCT
eistud-28787	205	18	although	although	SCONJ
eistud-28787	205	19	not	not	PART
eistud-28787	205	20	witnessed	witness	VERB
eistud-28787	205	21	so	so	ADV
eistud-28787	205	22	far	far	ADV
eistud-28787	205	23	)	)	PUNCT
eistud-28787	205	24	does	do	AUX
eistud-28787	205	25	not	not	PART
eistud-28787	205	26	seem	seem	VERB
eistud-28787	205	27	to	to	PART
eistud-28787	205	28	be	be	AUX
eistud-28787	205	29	sufficient	sufficient	ADJ
eistud-28787	205	30	for	for	SCONJ
eistud-28787	205	31	other	other	ADJ
eistud-28787	205	32	countries	country	NOUN
eistud-28787	205	33	to	to	PART
eistud-28787	205	34	increase	increase	VERB
eistud-28787	205	35	consumption	consumption	NOUN
eistud-28787	205	36	of	of	ADP
eistud-28787	205	37	u.s	u.s	PROPN
eistud-28787	205	38	.	.	PROPN
eistud-28787	205	39	products	product	NOUN
eistud-28787	205	40	.	.	PUNCT
eistud-28787	206	1	there	there	PRON
eistud-28787	206	2	are	be	VERB
eistud-28787	206	3	some	some	DET
eistud-28787	206	4	american	american	ADJ
eistud-28787	206	5	products	product	NOUN
eistud-28787	206	6	that	that	PRON
eistud-28787	206	7	still	still	ADV
eistud-28787	206	8	compete	compete	VERB
eistud-28787	206	9	in	in	ADP
eistud-28787	206	10	global	global	ADJ
eistud-28787	206	11	markets	market	NOUN
eistud-28787	206	12	with	with	ADP
eistud-28787	206	13	japanese	japanese	PROPN
eistud-28787	206	14	,	,	PUNCT
eistud-28787	206	15	and	and	CCONJ
eistud-28787	206	16	european	european	ADJ
eistud-28787	206	17	.	.	PUNCT
eistud-28787	207	1	even	even	ADV
eistud-28787	207	2	as	as	SCONJ
eistud-28787	207	3	the	the	DET
eistud-28787	207	4	dollar	dollar	NOUN
eistud-28787	207	5	declines	decline	VERB
eistud-28787	207	6	,	,	PUNCT
eistud-28787	207	7	the	the	DET
eistud-28787	207	8	u.s	u.s	PROPN
eistud-28787	207	9	.	.	PROPN
eistud-28787	207	10	products	product	NOUN
eistud-28787	207	11	will	will	AUX
eistud-28787	207	12	not	not	PART
eistud-28787	207	13	become	become	VERB
eistud-28787	207	14	really	really	ADV
eistud-28787	207	15	more	more	ADV
eistud-28787	207	16	attractive	attractive	ADJ
eistud-28787	207	17	to	to	ADP
eistud-28787	207	18	buyers	buyer	NOUN
eistud-28787	207	19	at	at	ADP
eistud-28787	207	20	home	home	NOUN
eistud-28787	207	21	and	and	CCONJ
eistud-28787	207	22	abroad	abroad	ADV
eistud-28787	207	23	,	,	PUNCT
eistud-28787	207	24	due	due	ADP
eistud-28787	207	25	to	to	ADP
eistud-28787	207	26	other	other	ADJ
eistud-28787	207	27	factors	factor	NOUN
eistud-28787	207	28	that	that	PRON
eistud-28787	207	29	drive	drive	VERB
eistud-28787	207	30	consumer	consumer	NOUN
eistud-28787	207	31	decisions	decision	NOUN
eistud-28787	207	32	these	these	DET
eistud-28787	207	33	days	day	NOUN
eistud-28787	207	34	.	.	PUNCT
eistud-28787	208	1	a	a	DET
eistud-28787	208	2	good	good	ADJ
eistud-28787	208	3	example	example	NOUN
eistud-28787	208	4	could	could	AUX
eistud-28787	208	5	be	be	AUX
eistud-28787	208	6	the	the	DET
eistud-28787	208	7	persian	persian	PROPN
eistud-28787	208	8	gulf	gulf	PROPN
eistud-28787	208	9	region	region	NOUN
eistud-28787	208	10	,	,	PUNCT
eistud-28787	208	11	where	where	SCONJ
eistud-28787	208	12	consumers	consumer	NOUN
eistud-28787	208	13	prefer	prefer	VERB
eistud-28787	208	14	japanese	japanese	ADJ
eistud-28787	208	15	(	(	PUNCT
eistud-28787	208	16	personal	personal	ADJ
eistud-28787	208	17	vehicles	vehicle	NOUN
eistud-28787	208	18	)	)	PUNCT
eistud-28787	208	19	,	,	PUNCT
eistud-28787	208	20	and	and	CCONJ
eistud-28787	208	21	european	european	ADJ
eistud-28787	208	22	(	(	PUNCT
eistud-28787	208	23	heavy	heavy	ADJ
eistud-28787	208	24	trucks	truck	NOUN
eistud-28787	208	25	:	:	PUNCT
eistud-28787	208	26	renault	renault	PROPN
eistud-28787	208	27	,	,	PUNCT
eistud-28787	208	28	man	man	NOUN
eistud-28787	208	29	,	,	PUNCT
eistud-28787	208	30	mercedes	mercede	NOUN
eistud-28787	208	31	)	)	PUNCT
eistud-28787	208	32	products	product	NOUN
eistud-28787	208	33	over	over	ADP
eistud-28787	208	34	american	american	ADJ
eistud-28787	208	35	ones	one	NOUN
eistud-28787	208	36	.	.	PUNCT
eistud-28787	209	1	the	the	DET
eistud-28787	209	2	reasons	reason	NOUN
eistud-28787	209	3	are	be	AUX
eistud-28787	209	4	in	in	ADP
eistud-28787	209	5	reliability	reliability	NOUN
eistud-28787	209	6	and	and	CCONJ
eistud-28787	209	7	higher	high	ADJ
eistud-28787	209	8	efficiency	efficiency	NOUN
eistud-28787	209	9	of	of	ADP
eistud-28787	209	10	the	the	DET
eistud-28787	209	11	former	former	ADJ
eistud-28787	209	12	two	two	NUM
eistud-28787	209	13	,	,	PUNCT
eistud-28787	209	14	and	and	CCONJ
eistud-28787	209	15	not	not	PART
eistud-28787	209	16	the	the	DET
eistud-28787	209	17	relative	relative	ADJ
eistud-28787	209	18	price	price	NOUN
eistud-28787	209	19	.	.	PUNCT
eistud-28787	210	1	one	one	PRON
eistud-28787	210	2	could	could	AUX
eistud-28787	210	3	find	find	VERB
eistud-28787	210	4	few	few	ADJ
eistud-28787	210	5	of	of	ADP
eistud-28787	210	6	“	"	PUNCT
eistud-28787	210	7	making	make	VERB
eistud-28787	210	8	america	america	PROPN
eistud-28787	210	9	great	great	ADJ
eistud-28787	210	10	again	again	ADV
eistud-28787	210	11	”	"	PUNCT
eistud-28787	210	12	themes	theme	NOUN
eistud-28787	210	13	already	already	ADV
eistud-28787	210	14	in	in	ADP
eistud-28787	210	15	feldstein	feldstein	NOUN
eistud-28787	210	16	’s	’s	PART
eistud-28787	210	17	(	(	PUNCT
eistud-28787	210	18	2008	2008	NUM
eistud-28787	210	19	)	)	PUNCT
eistud-28787	210	20	suggested	suggest	VERB
eistud-28787	210	21	rebalancing	rebalancing	NOUN
eistud-28787	210	22	scheme	scheme	NOUN
eistud-28787	210	23	.	.	PUNCT
eistud-28787	211	1	this	this	PRON
eistud-28787	211	2	is	be	AUX
eistud-28787	211	3	mainly	mainly	ADV
eistud-28787	211	4	about	about	ADP
eistud-28787	211	5	promoting	promote	VERB
eistud-28787	211	6	a	a	DET
eistud-28787	211	7	change	change	NOUN
eistud-28787	211	8	in	in	ADP
eistud-28787	211	9	domestic	domestic	ADJ
eistud-28787	211	10	consumer	consumer	NOUN
eistud-28787	211	11	behavior	behavior	NOUN
eistud-28787	211	12	.	.	PUNCT
eistud-28787	212	1	in	in	ADP
eistud-28787	212	2	particular	particular	ADJ
eistud-28787	212	3	,	,	PUNCT
eistud-28787	212	4	it	it	PRON
eistud-28787	212	5	was	be	AUX
eistud-28787	212	6	about	about	ADP
eistud-28787	212	7	switching	switch	VERB
eistud-28787	212	8	consumption	consumption	NOUN
eistud-28787	212	9	from	from	ADP
eistud-28787	212	10	imported	import	VERB
eistud-28787	212	11	products	product	NOUN
eistud-28787	212	12	to	to	AUX
eistud-28787	212	13	made	made	VERB
eistud-28787	212	14	-	-	PUNCT
eistud-28787	212	15	in	in	ADP
eistud-28787	212	16	-	-	PUNCT
eistud-28787	212	17	u.s	u.s	PROPN
eistud-28787	212	18	.	.	PROPN
eistud-28787	212	19	after	after	ADP
eistud-28787	212	20	a	a	DET
eistud-28787	212	21	decade	decade	NOUN
eistud-28787	212	22	,	,	PUNCT
eistud-28787	212	23	or	or	CCONJ
eistud-28787	212	24	so	so	ADV
eistud-28787	212	25	,	,	PUNCT
eistud-28787	212	26	one	one	PRON
eistud-28787	212	27	can	can	AUX
eistud-28787	212	28	conclude	conclude	VERB
eistud-28787	212	29	that	that	SCONJ
eistud-28787	212	30	this	this	DET
eistud-28787	212	31	scenario	scenario	NOUN
eistud-28787	212	32	has	have	AUX
eistud-28787	212	33	still	still	ADV
eistud-28787	212	34	not	not	PART
eistud-28787	212	35	materialized	materialize	VERB
eistud-28787	212	36	,	,	PUNCT
eistud-28787	212	37	in	in	ADP
eistud-28787	212	38	spite	spite	NOUN
eistud-28787	212	39	of	of	ADP
eistud-28787	212	40	intensive	intensive	ADJ
eistud-28787	212	41	propaganda	propaganda	NOUN
eistud-28787	212	42	,	,	PUNCT
eistud-28787	212	43	since	since	SCONJ
eistud-28787	212	44	2016	2016	NUM
eistud-28787	212	45	,	,	PUNCT
eistud-28787	212	46	and	and	CCONJ
eistud-28787	212	47	protectionist	protectionist	ADJ
eistud-28787	212	48	trade	trade	NOUN
eistud-28787	212	49	policy	policy	NOUN
eistud-28787	212	50	by	by	ADP
eistud-28787	212	51	the	the	DET
eistud-28787	212	52	current	current	ADJ
eistud-28787	212	53	administration	administration	NOUN
eistud-28787	212	54	in	in	ADP
eistud-28787	212	55	2018	2018	NUM
eistud-28787	212	56	.	.	PUNCT
eistud-28787	213	1	according	accord	VERB
eistud-28787	213	2	to	to	ADP
eistud-28787	213	3	the	the	DET
eistud-28787	213	4	correlation	correlation	NOUN
eistud-28787	213	5	coefficients	coefficient	NOUN
eistud-28787	213	6	reported	report	VERB
eistud-28787	213	7	in	in	ADP
eistud-28787	213	8	table	table	NOUN
eistud-28787	213	9	3	3	NUM
eistud-28787	213	10	,	,	PUNCT
eistud-28787	213	11	american	american	ADJ
eistud-28787	213	12	consumers	consumer	NOUN
eistud-28787	213	13	respond	respond	VERB
eistud-28787	213	14	positively	positively	ADV
eistud-28787	213	15	to	to	PART
eistud-28787	213	16	exchange	exchange	VERB
eistud-28787	213	17	rate	rate	NOUN
eistud-28787	213	18	appreciation	appreciation	NOUN
eistud-28787	213	19	,	,	PUNCT
eistud-28787	213	20	expanding	expand	VERB
eistud-28787	213	21	their	their	PRON
eistud-28787	213	22	spending	spending	NOUN
eistud-28787	213	23	on	on	ADP
eistud-28787	213	24	domestically	domestically	ADV
eistud-28787	213	25	-	-	PUNCT
eistud-28787	213	26	produced	produce	VERB
eistud-28787	213	27	goods	good	NOUN
eistud-28787	213	28	&	&	CCONJ
eistud-28787	213	29	services	service	NOUN
eistud-28787	213	30	.	.	PUNCT
eistud-28787	214	1	appreciation	appreciation	NOUN
eistud-28787	214	2	of	of	ADP
eistud-28787	214	3	the	the	DET
eistud-28787	214	4	dollar	dollar	NOUN
eistud-28787	214	5	seems	seem	VERB
eistud-28787	214	6	to	to	PART
eistud-28787	214	7	have	have	VERB
eistud-28787	214	8	a	a	DET
eistud-28787	214	9	much	much	ADV
eistud-28787	214	10	stronger	strong	ADJ
eistud-28787	214	11	positive	positive	ADJ
eistud-28787	214	12	impact	impact	NOUN
eistud-28787	214	13	on	on	ADP
eistud-28787	214	14	decisions	decision	NOUN
eistud-28787	214	15	to	to	PART
eistud-28787	214	16	buy	buy	VERB
eistud-28787	214	17	food	food	NOUN
eistud-28787	214	18	away	away	ADV
eistud-28787	214	19	from	from	ADP
eistud-28787	214	20	home	home	NOUN
eistud-28787	214	21	than	than	ADP
eistud-28787	214	22	in	in	ADP
eistud-28787	214	23	the	the	DET
eistud-28787	214	24	case	case	NOUN
eistud-28787	214	25	of	of	ADP
eistud-28787	214	26	entertainment	entertainment	NOUN
eistud-28787	214	27	spending	spending	NOUN
eistud-28787	214	28	.	.	PUNCT
eistud-28787	215	1	the	the	DET
eistud-28787	215	2	response	response	NOUN
eistud-28787	215	3	of	of	ADP
eistud-28787	215	4	the	the	DET
eistud-28787	215	5	same	same	ADJ
eistud-28787	215	6	categories	category	NOUN
eistud-28787	215	7	of	of	ADP
eistud-28787	215	8	non	non	NOUN
eistud-28787	215	9	-	-	NOUN
eistud-28787	215	10	tradables	tradable	NOUN
eistud-28787	215	11	to	to	ADP
eistud-28787	215	12	changes	change	NOUN
eistud-28787	215	13	in	in	ADP
eistud-28787	215	14	income	income	NOUN
eistud-28787	215	15	is	be	AUX
eistud-28787	215	16	somehow	somehow	ADV
eistud-28787	215	17	symmetrically	symmetrically	ADV
eistud-28787	215	18	reversed	reverse	VERB
eistud-28787	215	19	in	in	ADP
eistud-28787	215	20	terms	term	NOUN
eistud-28787	215	21	of	of	ADP
eistud-28787	215	22	magnitude	magnitude	NOUN
eistud-28787	215	23	.	.	PUNCT
eistud-28787	216	1	so	so	ADV
eistud-28787	216	2	if	if	SCONJ
eistud-28787	216	3	it	it	PRON
eistud-28787	216	4	has	have	AUX
eistud-28787	216	5	been	be	AUX
eistud-28787	216	6	not	not	PART
eistud-28787	216	7	the	the	DET
eistud-28787	216	8	declining	decline	VERB
eistud-28787	216	9	dollar	dollar	NOUN
eistud-28787	216	10	that	that	PRON
eistud-28787	216	11	led	lead	VERB
eistud-28787	216	12	to	to	ADP
eistud-28787	216	13	reducing	reduce	VERB
eistud-28787	216	14	the	the	DET
eistud-28787	216	15	trade	trade	NOUN
eistud-28787	216	16	imbalance	imbalance	NOUN
eistud-28787	216	17	,	,	PUNCT
eistud-28787	216	18	what	what	PRON
eistud-28787	216	19	has	have	AUX
eistud-28787	216	20	been	be	AUX
eistud-28787	216	21	the	the	DET
eistud-28787	216	22	reason(s	reason(s	NOUN
eistud-28787	216	23	)	)	PUNCT
eistud-28787	216	24	?	?	PUNCT
eistud-28787	217	1	feldstein	feldstein	NOUN
eistud-28787	217	2	(	(	PUNCT
eistud-28787	217	3	2008	2008	NUM
eistud-28787	217	4	)	)	PUNCT
eistud-28787	217	5	saw	see	VERB
eistud-28787	217	6	his	his	PRON
eistud-28787	217	7	balancing	balance	VERB
eistud-28787	217	8	scheme	scheme	NOUN
eistud-28787	217	9	via	via	ADP
eistud-28787	217	10	the	the	DET
eistud-28787	217	11	decline	decline	NOUN
eistud-28787	217	12	in	in	ADP
eistud-28787	217	13	the	the	DET
eistud-28787	217	14	external	external	ADJ
eistud-28787	217	15	value	value	NOUN
eistud-28787	217	16	of	of	ADP
eistud-28787	217	17	the	the	DET
eistud-28787	217	18	dollar	dollar	NOUN
eistud-28787	217	19	,	,	PUNCT
eistud-28787	217	20	and	and	CCONJ
eistud-28787	217	21	kept	keep	VERB
eistud-28787	217	22	repeating	repeat	VERB
eistud-28787	217	23	it	it	PRON
eistud-28787	217	24	like	like	ADP
eistud-28787	217	25	a	a	DET
eistud-28787	217	26	mantra	mantra	NOUN
eistud-28787	217	27	throughout	throughout	ADP
eistud-28787	217	28	his	his	PRON
eistud-28787	217	29	paper	paper	NOUN
eistud-28787	217	30	.	.	PUNCT
eistud-28787	218	1	real	real	ADJ
eistud-28787	218	2	life	life	NOUN
eistud-28787	218	3	developments	development	NOUN
eistud-28787	218	4	have	have	AUX
eistud-28787	218	5	led	lead	VERB
eistud-28787	218	6	to	to	ADP
eistud-28787	218	7	adjustments	adjustment	NOUN
eistud-28787	218	8	in	in	ADP
eistud-28787	218	9	very	very	ADV
eistud-28787	218	10	different	different	ADJ
eistud-28787	218	11	ways	way	NOUN
eistud-28787	218	12	,	,	PUNCT
eistud-28787	218	13	while	while	SCONJ
eistud-28787	218	14	the	the	DET
eistud-28787	218	15	dollar	dollar	NOUN
eistud-28787	218	16	has	have	AUX
eistud-28787	218	17	appreciated	appreciate	VERB
eistud-28787	218	18	,	,	PUNCT
eistud-28787	218	19	since	since	SCONJ
eistud-28787	218	20	2011	2011	NUM
eistud-28787	218	21	(	(	PUNCT
eistud-28787	218	22	figure	figure	NOUN
eistud-28787	218	23	2	2	NUM
eistud-28787	218	24	)	)	PUNCT
eistud-28787	218	25	.	.	PUNCT
eistud-28787	219	1	why	why	SCONJ
eistud-28787	219	2	has	have	AUX
eistud-28787	219	3	the	the	DET
eistud-28787	219	4	dollar	dollar	NOUN
eistud-28787	219	5	not	not	PART
eistud-28787	219	6	declined	decline	VERB
eistud-28787	219	7	relative	relative	ADJ
eistud-28787	219	8	to	to	ADP
eistud-28787	219	9	the	the	DET
eistud-28787	219	10	euro	euro	NOUN
eistud-28787	219	11	,	,	PUNCT
eistud-28787	219	12	and	and	CCONJ
eistud-28787	219	13	why	why	SCONJ
eistud-28787	219	14	has	have	AUX
eistud-28787	219	15	it	it	PRON
eistud-28787	219	16	hardly	hardly	ADV
eistud-28787	219	17	declined	decline	VERB
eistud-28787	219	18	at	at	ADV
eistud-28787	219	19	all	all	ADV
eistud-28787	219	20	relative	relative	ADJ
eistud-28787	219	21	to	to	ADP
eistud-28787	219	22	the	the	DET
eistud-28787	219	23	japanese	japanese	ADJ
eistud-28787	219	24	yen	yen	NOUN
eistud-28787	219	25	,	,	PUNCT
eistud-28787	219	26	and	and	CCONJ
eistud-28787	219	27	the	the	DET
eistud-28787	219	28	chinese	chinese	PROPN
eistud-28787	219	29	yuan	yuan	PROPN
eistud-28787	219	30	?	?	PUNCT
eistud-28787	220	1	feldstein	feldstein	NOUN
eistud-28787	220	2	(	(	PUNCT
eistud-28787	220	3	2008	2008	NUM
eistud-28787	220	4	,	,	PUNCT
eistud-28787	220	5	p.	p.	NOUN
eistud-28787	220	6	122	122	NUM
eistud-28787	220	7	)	)	PUNCT
eistud-28787	220	8	pointed	point	VERB
eistud-28787	220	9	out	out	ADP
eistud-28787	220	10	devaluation	devaluation	NOUN
eistud-28787	220	11	expectations	expectation	NOUN
eistud-28787	220	12	,	,	PUNCT
eistud-28787	220	13	but	but	CCONJ
eistud-28787	220	14	did	do	AUX
eistud-28787	220	15	not	not	PART
eistud-28787	220	16	address	address	VERB
eistud-28787	220	17	how	how	SCONJ
eistud-28787	220	18	these	these	DET
eistud-28787	220	19	expectations	expectation	NOUN
eistud-28787	220	20	are	be	AUX
eistud-28787	220	21	formed	form	VERB
eistud-28787	220	22	.	.	PUNCT
eistud-28787	221	1	another	another	DET
eistud-28787	221	2	argument	argument	NOUN
eistud-28787	221	3	dealt	deal	VERB
eistud-28787	221	4	with	with	ADP
eistud-28787	221	5	the	the	DET
eistud-28787	221	6	positive	positive	ADJ
eistud-28787	221	7	difference	difference	NOUN
eistud-28787	221	8	between	between	ADP
eistud-28787	221	9	interest	interest	NOUN
eistud-28787	221	10	rates	rate	NOUN
eistud-28787	221	11	on	on	ADP
eistud-28787	221	12	euro	euro	NOUN
eistud-28787	221	13	bonds	bond	NOUN
eistud-28787	221	14	and	and	CCONJ
eistud-28787	221	15	dollar	dollar	NOUN
eistud-28787	221	16	-	-	PUNCT
eistud-28787	221	17	denominated	denominate	VERB
eistud-28787	221	18	bonds	bond	NOUN
eistud-28787	221	19	.	.	PUNCT
eistud-28787	222	1	actually	actually	ADV
eistud-28787	222	2	,	,	PUNCT
eistud-28787	222	3	the	the	DET
eistud-28787	222	4	latter	latter	ADJ
eistud-28787	222	5	issue	issue	NOUN
eistud-28787	222	6	has	have	AUX
eistud-28787	222	7	disappeared	disappear	VERB
eistud-28787	222	8	for	for	ADP
eistud-28787	222	9	mid	mid	ADJ
eistud-28787	222	10	-	-	NOUN
eistud-28787	222	11	term	term	NOUN
eistud-28787	222	12	and	and	CCONJ
eistud-28787	222	13	long	long	ADJ
eistud-28787	222	14	-	-	PUNCT
eistud-28787	222	15	term	term	NOUN
eistud-28787	222	16	bonds	bond	NOUN
eistud-28787	222	17	,	,	PUNCT
eistud-28787	222	18	as	as	SCONJ
eistud-28787	222	19	reported	report	VERB
eistud-28787	222	20	by	by	ADP
eistud-28787	222	21	du	du	PROPN
eistud-28787	222	22	,	,	PUNCT
eistud-28787	222	23	i	i	PRON
eistud-28787	222	24	m	m	PROPN
eistud-28787	222	25	,	,	PUNCT
eistud-28787	222	26	schreger	schreger	ADJ
eistud-28787	222	27	(	(	PUNCT
eistud-28787	222	28	2018	2018	NUM
eistud-28787	222	29	)	)	PUNCT
eistud-28787	222	30	.	.	PUNCT
eistud-28787	223	1	even	even	ADV
eistud-28787	223	2	with	with	ADP
eistud-28787	223	3	these	these	DET
eistud-28787	223	4	positive	positive	ADJ
eistud-28787	223	5	rate	rate	NOUN
eistud-28787	223	6	differentials	differential	NOUN
eistud-28787	223	7	disappearing	disappear	VERB
eistud-28787	223	8	,	,	PUNCT
eistud-28787	223	9	the	the	DET
eistud-28787	223	10	fall	fall	NOUN
eistud-28787	223	11	of	of	ADP
eistud-28787	223	12	the	the	DET
eistud-28787	223	13	dollar	dollar	NOUN
eistud-28787	223	14	is	be	AUX
eistud-28787	223	15	nowhere	nowhere	ADV
eistud-28787	223	16	to	to	PART
eistud-28787	223	17	be	be	AUX
eistud-28787	223	18	seen	see	VERB
eistud-28787	223	19	.	.	PUNCT
eistud-28787	224	1	forming	form	VERB
eistud-28787	224	2	expectations	expectation	NOUN
eistud-28787	224	3	according	accord	VERB
eistud-28787	224	4	to	to	ADP
eistud-28787	224	5	the	the	DET
eistud-28787	224	6	misleading	misleading	ADJ
eistud-28787	224	7	statements	statement	NOUN
eistud-28787	224	8	of	of	ADP
eistud-28787	224	9	the	the	DET
eistud-28787	224	10	u.s	u.s	PROPN
eistud-28787	224	11	.	.	PROPN
eistud-28787	224	12	government	government	NOUN
eistud-28787	224	13	,	,	PUNCT
eistud-28787	224	14	and	and	CCONJ
eistud-28787	224	15	international	international	ADJ
eistud-28787	224	16	financial	financial	ADJ
eistud-28787	224	17	institutions	institution	NOUN
eistud-28787	224	18	,	,	PUNCT
eistud-28787	224	19	does	do	AUX
eistud-28787	224	20	not	not	PART
eistud-28787	224	21	seem	seem	VERB
eistud-28787	224	22	to	to	PART
eistud-28787	224	23	be	be	AUX
eistud-28787	224	24	really	really	ADV
eistud-28787	224	25	the	the	DET
eistud-28787	224	26	case	case	NOUN
eistud-28787	224	27	in	in	ADP
eistud-28787	224	28	the	the	DET
eistud-28787	224	29	world	world	NOUN
eistud-28787	224	30	of	of	ADP
eistud-28787	224	31	efficient	efficient	ADJ
eistud-28787	224	32	(	(	PUNCT
eistud-28787	224	33	foreign	foreign	ADJ
eistud-28787	224	34	exchange	exchange	NOUN
eistud-28787	224	35	)	)	PUNCT
eistud-28787	224	36	markets	market	NOUN
eistud-28787	224	37	.	.	PUNCT
eistud-28787	225	1	although	although	SCONJ
eistud-28787	225	2	the	the	DET
eistud-28787	225	3	two	two	NUM
eistud-28787	225	4	biggest	big	ADJ
eistud-28787	225	5	foreign	foreign	ADJ
eistud-28787	225	6	exchange	exchange	NOUN
eistud-28787	225	7	reserve	reserve	NOUN
eistud-28787	225	8	owners	owner	NOUN
eistud-28787	225	9	(	(	PUNCT
eistud-28787	225	10	china	china	PROPN
eistud-28787	225	11	and	and	CCONJ
eistud-28787	225	12	japan	japan	PROPN
eistud-28787	225	13	)	)	PUNCT
eistud-28787	225	14	still	still	ADV
eistud-28787	225	15	maintain	maintain	VERB
eistud-28787	225	16	substantial	substantial	ADJ
eistud-28787	225	17	dollar	dollar	NOUN
eistud-28787	225	18	holdings	holding	NOUN
eistud-28787	225	19	,	,	PUNCT
eistud-28787	225	20	the	the	DET
eistud-28787	225	21	last	last	ADJ
eistud-28787	225	22	decade	decade	NOUN
eistud-28787	225	23	(	(	PUNCT
eistud-28787	225	24	2008	2008	NUM
eistud-28787	225	25	-	-	SYM
eistud-28787	225	26	2018	2018	NUM
eistud-28787	225	27	)	)	PUNCT
eistud-28787	225	28	witnessed	witness	VERB
eistud-28787	225	29	a	a	DET
eistud-28787	225	30	sharp	sharp	ADJ
eistud-28787	225	31	appreciation	appreciation	NOUN
eistud-28787	225	32	(	(	PUNCT
eistud-28787	225	33	2008	2008	NUM
eistud-28787	225	34	:	:	PUNCT
eistud-28787	225	35	1	1	NUM
eistud-28787	225	36	usd	usd	NOUN
eistud-28787	225	37	=	=	SYM
eistud-28787	225	38	110	110	NUM
eistud-28787	225	39	jpy	jpy	PROPN
eistud-28787	225	40	and	and	CCONJ
eistud-28787	225	41	2013	2013	NUM
eistud-28787	225	42	:	:	PUNCT
eistud-28787	225	43	1	1	NUM
eistud-28787	225	44	usd	usd	NOUN
eistud-28787	225	45	=	=	SYM
eistud-28787	225	46	78	78	NUM
eistud-28787	225	47	jpy	jpy	NOUN
eistud-28787	225	48	)	)	PUNCT
eistud-28787	225	49	and	and	CCONJ
eistud-28787	225	50	then	then	ADV
eistud-28787	225	51	depreciation	depreciation	NOUN
eistud-28787	225	52	(	(	PUNCT
eistud-28787	225	53	2015	2015	NUM
eistud-28787	225	54	:	:	SYM
eistud-28787	225	55	1	1	NUM
eistud-28787	225	56	usd	usd	NOUN
eistud-28787	225	57	=	=	SYM
eistud-28787	225	58	125	125	NUM
eistud-28787	225	59	jpy	jpy	PROPN
eistud-28787	225	60	and	and	CCONJ
eistud-28787	225	61	2018	2018	NUM
eistud-28787	225	62	:	:	PUNCT
eistud-28787	225	63	1	1	NUM
eistud-28787	225	64	usd	usd	NOUN
eistud-28787	225	65	=	=	SYM
eistud-28787	225	66	110	110	NUM
eistud-28787	225	67	jpy	jpy	NOUN
eistud-28787	225	68	)	)	PUNCT
eistud-28787	225	69	of	of	ADP
eistud-28787	225	70	the	the	DET
eistud-28787	225	71	yen	yen	NOUN
eistud-28787	225	72	that	that	PRON
eistud-28787	225	73	can	can	AUX
eistud-28787	225	74	hardly	hardly	ADV
eistud-28787	225	75	be	be	AUX
eistud-28787	225	76	attributed	attribute	VERB
eistud-28787	225	77	to	to	ADP
eistud-28787	225	78	observed	observed	ADJ
eistud-28787	225	79	developments	development	NOUN
eistud-28787	225	80	in	in	ADP
eistud-28787	225	81	foreign	foreign	ADJ
eistud-28787	225	82	exchange	exchange	NOUN
eistud-28787	225	83	reserve	reserve	NOUN
eistud-28787	225	84	holdings	holding	NOUN
eistud-28787	225	85	.	.	PUNCT
eistud-28787	226	1	somehow	somehow	ADV
eistud-28787	226	2	,	,	PUNCT
eistud-28787	226	3	this	this	PRON
eistud-28787	226	4	has	have	AUX
eistud-28787	226	5	still	still	ADV
eistud-28787	226	6	not	not	PART
eistud-28787	226	7	resulted	result	VERB
eistud-28787	226	8	in	in	ADP
eistud-28787	226	9	the	the	DET
eistud-28787	226	10	foreseen	foreseen	ADJ
eistud-28787	226	11	decline	decline	NOUN
eistud-28787	226	12	of	of	ADP
eistud-28787	226	13	the	the	DET
eistud-28787	226	14	dollar	dollar	NOUN
eistud-28787	226	15	.	.	PUNCT
eistud-28787	227	1	the	the	DET
eistud-28787	227	2	actual	actual	ADJ
eistud-28787	227	3	rebalancing	rebalancing	NOUN
eistud-28787	227	4	scheme	scheme	NOUN
eistud-28787	227	5	has	have	AUX
eistud-28787	227	6	been	be	AUX
eistud-28787	227	7	observed	observe	VERB
eistud-28787	227	8	in	in	ADP
eistud-28787	227	9	the	the	DET
eistud-28787	227	10	latter	latter	ADJ
eistud-28787	227	11	half	half	NOUN
eistud-28787	227	12	of	of	ADP
eistud-28787	227	13	the	the	DET
eistud-28787	227	14	previous	previous	ADJ
eistud-28787	227	15	decade	decade	NOUN
eistud-28787	227	16	.	.	PUNCT
eistud-28787	228	1	it	it	PRON
eistud-28787	228	2	has	have	AUX
eistud-28787	228	3	been	be	AUX
eistud-28787	228	4	far	far	ADV
eistud-28787	228	5	from	from	ADP
eistud-28787	228	6	what	what	PRON
eistud-28787	228	7	feldstein	feldstein	NOUN
eistud-28787	228	8	(	(	PUNCT
eistud-28787	228	9	2008	2008	NUM
eistud-28787	228	10	)	)	PUNCT
eistud-28787	228	11	advised	advise	VERB
eistud-28787	228	12	,	,	PUNCT
eistud-28787	228	13	and	and	CCONJ
eistud-28787	228	14	foresaw	foresaw	NOUN
eistud-28787	228	15	.	.	PUNCT
eistud-28787	229	1	he	he	PRON
eistud-28787	229	2	postulated	postulate	VERB
eistud-28787	229	3	a	a	DET
eistud-28787	229	4	substantial	substantial	ADJ
eistud-28787	229	5	reduction	reduction	NOUN
eistud-28787	229	6	in	in	ADP
eistud-28787	229	7	the	the	DET
eistud-28787	229	8	external	external	ADJ
eistud-28787	229	9	value	value	NOUN
eistud-28787	229	10	of	of	ADP
eistud-28787	229	11	the	the	DET
eistud-28787	229	12	dollar	dollar	NOUN
eistud-28787	229	13	.	.	PUNCT
eistud-28787	230	1	in	in	ADP
eistud-28787	230	2	such	such	DET
eistud-28787	230	3	a	a	DET
eistud-28787	230	4	scenario	scenario	NOUN
eistud-28787	230	5	,	,	PUNCT
eistud-28787	230	6	all	all	DET
eistud-28787	230	7	foreign	foreign	ADJ
eistud-28787	230	8	holders	holder	NOUN
eistud-28787	230	9	of	of	ADP
eistud-28787	230	10	greenbacks	greenback	NOUN
eistud-28787	230	11	would	would	AUX
eistud-28787	230	12	suffer	suffer	VERB
eistud-28787	230	13	a	a	DET
eistud-28787	230	14	substantial	substantial	ADJ
eistud-28787	230	15	loss	loss	NOUN
eistud-28787	230	16	.	.	PUNCT
eistud-28787	231	1	benefits	benefit	NOUN
eistud-28787	231	2	would	would	AUX
eistud-28787	231	3	be	be	AUX
eistud-28787	231	4	there	there	ADV
eistud-28787	231	5	only	only	ADV
eistud-28787	231	6	for	for	ADP
eistud-28787	231	7	the	the	DET
eistud-28787	231	8	u.s	u.s	PROPN
eistud-28787	231	9	.	.	PROPN
eistud-28787	231	10	as	as	SCONJ
eistud-28787	231	11	fiat	fiat	NOUN
eistud-28787	231	12	money	money	NOUN
eistud-28787	231	13	is	be	AUX
eistud-28787	231	14	really	really	ADV
eistud-28787	231	15	debt	debt	NOUN
eistud-28787	231	16	,	,	PUNCT
eistud-28787	231	17	depreciation	depreciation	NOUN
eistud-28787	231	18	would	would	AUX
eistud-28787	231	19	mean	mean	VERB
eistud-28787	231	20	that	that	SCONJ
eistud-28787	231	21	for	for	ADP
eistud-28787	231	22	many	many	ADJ
eistud-28787	231	23	decades	decade	NOUN
eistud-28787	231	24	the	the	DET
eistud-28787	231	25	debt	debt	NOUN
eistud-28787	231	26	was	be	AUX
eistud-28787	231	27	created	create	VERB
eistud-28787	231	28	in	in	ADP
eistud-28787	231	29	a	a	DET
eistud-28787	231	30	strong	strong	ADJ
eistud-28787	231	31	currency	currency	NOUN
eistud-28787	231	32	,	,	PUNCT
eistud-28787	231	33	but	but	CCONJ
eistud-28787	231	34	resolving	resolve	VERB
eistud-28787	231	35	global	global	ADJ
eistud-28787	231	36	imbalance	imbalance	NOUN
eistud-28787	231	37	135	135	NUM
eistud-28787	231	38	european	european	ADJ
eistud-28787	231	39	integrat	integrat	NOUN
eistud-28787	231	40	ion	ion	NOUN
eistud-28787	231	41	studies	study	NOUN
eistud-28787	231	42	2021/15	2021/15	NUM
eistud-28787	231	43	when	when	SCONJ
eistud-28787	231	44	it	it	PRON
eistud-28787	231	45	comes	come	VERB
eistud-28787	231	46	to	to	ADP
eistud-28787	231	47	repayment	repayment	NOUN
eistud-28787	231	48	,	,	PUNCT
eistud-28787	231	49	the	the	DET
eistud-28787	231	50	debtor	debtor	NOUN
eistud-28787	231	51	calls	call	VERB
eistud-28787	231	52	for	for	ADP
eistud-28787	231	53	reducing	reduce	VERB
eistud-28787	231	54	the	the	DET
eistud-28787	231	55	real	real	ADJ
eistud-28787	231	56	value	value	NOUN
eistud-28787	231	57	(	(	PUNCT
eistud-28787	231	58	i.e.	i.e.	X
eistud-28787	231	59	purchasing	purchasing	NOUN
eistud-28787	231	60	power	power	NOUN
eistud-28787	231	61	)	)	PUNCT
eistud-28787	231	62	of	of	ADP
eistud-28787	231	63	the	the	DET
eistud-28787	231	64	liability	liability	NOUN
eistud-28787	231	65	to	to	PART
eistud-28787	231	66	-	-	PUNCT
eistud-28787	231	67	be	be	AUX
eistud-28787	231	68	-	-	PUNCT
eistud-28787	231	69	repaid	repay	VERB
eistud-28787	231	70	.	.	PUNCT
eistud-28787	232	1	accumulation	accumulation	NOUN
eistud-28787	232	2	of	of	ADP
eistud-28787	232	3	trade	trade	NOUN
eistud-28787	232	4	-	-	PUNCT
eistud-28787	232	5	induced	induce	VERB
eistud-28787	232	6	debt	debt	NOUN
eistud-28787	232	7	in	in	ADP
eistud-28787	232	8	strong	strong	ADJ
eistud-28787	232	9	currency	currency	NOUN
eistud-28787	232	10	allowed	allow	VERB
eistud-28787	232	11	u.s	u.s	PROPN
eistud-28787	232	12	to	to	PART
eistud-28787	232	13	purchase	purchase	VERB
eistud-28787	232	14	cheaply	cheaply	ADV
eistud-28787	232	15	from	from	ADP
eistud-28787	232	16	the	the	DET
eistud-28787	232	17	rest	rest	NOUN
eistud-28787	232	18	of	of	ADP
eistud-28787	232	19	the	the	DET
eistud-28787	232	20	world	world	NOUN
eistud-28787	232	21	,	,	PUNCT
eistud-28787	232	22	with	with	ADP
eistud-28787	232	23	all	all	DET
eistud-28787	232	24	its	its	PRON
eistud-28787	232	25	consequences	consequence	NOUN
eistud-28787	232	26	,	,	PUNCT
eistud-28787	232	27	benefiting	benefit	VERB
eistud-28787	232	28	the	the	DET
eistud-28787	232	29	domestic	domestic	ADJ
eistud-28787	232	30	economy	economy	NOUN
eistud-28787	232	31	.	.	PUNCT
eistud-28787	233	1	however	however	ADV
eistud-28787	233	2	,	,	PUNCT
eistud-28787	233	3	when	when	SCONJ
eistud-28787	233	4	the	the	DET
eistud-28787	233	5	time	time	NOUN
eistud-28787	233	6	came	come	VERB
eistud-28787	233	7	to	to	PART
eistud-28787	233	8	repay	repay	VERB
eistud-28787	233	9	the	the	DET
eistud-28787	233	10	debt	debt	NOUN
eistud-28787	233	11	,	,	PUNCT
eistud-28787	233	12	feldstein	feldstein	NOUN
eistud-28787	233	13	(	(	PUNCT
eistud-28787	233	14	2008	2008	NUM
eistud-28787	233	15	)	)	PUNCT
eistud-28787	233	16	postulated	postulate	VERB
eistud-28787	233	17	a	a	DET
eistud-28787	233	18	scheme	scheme	NOUN
eistud-28787	233	19	that	that	PRON
eistud-28787	233	20	would	would	AUX
eistud-28787	233	21	ease	ease	VERB
eistud-28787	233	22	the	the	DET
eistud-28787	233	23	pain	pain	NOUN
eistud-28787	233	24	of	of	ADP
eistud-28787	233	25	giving	give	VERB
eistud-28787	233	26	up	up	ADP
eistud-28787	233	27	equivalent	equivalent	ADJ
eistud-28787	233	28	in	in	ADP
eistud-28787	233	29	other	other	ADJ
eistud-28787	233	30	assets	asset	NOUN
eistud-28787	233	31	,	,	PUNCT
eistud-28787	233	32	by	by	ADP
eistud-28787	233	33	a	a	DET
eistud-28787	233	34	substantial	substantial	ADJ
eistud-28787	233	35	reduction	reduction	NOUN
eistud-28787	233	36	in	in	ADP
eistud-28787	233	37	the	the	DET
eistud-28787	233	38	real	real	ADJ
eistud-28787	233	39	value	value	NOUN
eistud-28787	233	40	of	of	ADP
eistud-28787	233	41	the	the	DET
eistud-28787	233	42	liability	liability	NOUN
eistud-28787	233	43	.	.	PUNCT
eistud-28787	234	1	if	if	SCONJ
eistud-28787	234	2	it	it	PRON
eistud-28787	234	3	really	really	ADV
eistud-28787	234	4	comes	come	VERB
eistud-28787	234	5	to	to	ADP
eistud-28787	234	6	substantial	substantial	ADJ
eistud-28787	234	7	decline	decline	NOUN
eistud-28787	234	8	of	of	ADP
eistud-28787	234	9	the	the	DET
eistud-28787	234	10	dollar	dollar	NOUN
eistud-28787	234	11	,	,	PUNCT
eistud-28787	234	12	it	it	PRON
eistud-28787	234	13	will	will	AUX
eistud-28787	234	14	result	result	VERB
eistud-28787	234	15	in	in	ADP
eistud-28787	234	16	wealth	wealth	NOUN
eistud-28787	234	17	transfer	transfer	NOUN
eistud-28787	234	18	at	at	ADP
eistud-28787	234	19	the	the	DET
eistud-28787	234	20	global	global	ADJ
eistud-28787	234	21	scale	scale	NOUN
eistud-28787	234	22	.	.	PUNCT
eistud-28787	235	1	wealth	wealth	NOUN
eistud-28787	235	2	transfer	transfer	NOUN
eistud-28787	235	3	that	that	PRON
eistud-28787	235	4	is	be	AUX
eistud-28787	235	5	addressed	address	VERB
eistud-28787	235	6	here	here	ADV
eistud-28787	235	7	is	be	AUX
eistud-28787	235	8	both	both	PRON
eistud-28787	235	9	international	international	ADJ
eistud-28787	235	10	,	,	PUNCT
eistud-28787	235	11	and	and	CCONJ
eistud-28787	235	12	intergenerational	intergenerational	ADJ
eistud-28787	235	13	.	.	PUNCT
eistud-28787	236	1	it	it	PRON
eistud-28787	236	2	should	should	AUX
eistud-28787	236	3	not	not	PART
eistud-28787	236	4	be	be	AUX
eistud-28787	236	5	denied	deny	VERB
eistud-28787	236	6	that	that	SCONJ
eistud-28787	236	7	there	there	PRON
eistud-28787	236	8	has	have	AUX
eistud-28787	236	9	been	be	AUX
eistud-28787	236	10	enormous	enormous	ADJ
eistud-28787	236	11	effort	effort	NOUN
eistud-28787	236	12	invested	invest	VERB
eistud-28787	236	13	in	in	ADP
eistud-28787	236	14	developing	develop	VERB
eistud-28787	236	15	production	production	NOUN
eistud-28787	236	16	by	by	ADP
eistud-28787	236	17	emerging	emerge	VERB
eistud-28787	236	18	economies	economy	NOUN
eistud-28787	236	19	.	.	PUNCT
eistud-28787	237	1	their	their	PRON
eistud-28787	237	2	rapid	rapid	ADJ
eistud-28787	237	3	growth	growth	NOUN
eistud-28787	237	4	came	come	VERB
eistud-28787	237	5	at	at	ADP
eistud-28787	237	6	a	a	DET
eistud-28787	237	7	cost	cost	NOUN
eistud-28787	237	8	of	of	ADP
eistud-28787	237	9	sacrificing	sacrifice	VERB
eistud-28787	237	10	contemporary	contemporary	ADJ
eistud-28787	237	11	consumption	consumption	NOUN
eistud-28787	237	12	for	for	ADP
eistud-28787	237	13	the	the	DET
eistud-28787	237	14	purpose	purpose	NOUN
eistud-28787	237	15	of	of	ADP
eistud-28787	237	16	accumulating	accumulate	VERB
eistud-28787	237	17	capital	capital	NOUN
eistud-28787	237	18	.	.	PUNCT
eistud-28787	238	1	it	it	PRON
eistud-28787	238	2	has	have	AUX
eistud-28787	238	3	been	be	AUX
eistud-28787	238	4	motivated	motivate	VERB
eistud-28787	238	5	by	by	ADP
eistud-28787	238	6	expectations	expectation	NOUN
eistud-28787	238	7	of	of	ADP
eistud-28787	238	8	improved	improved	ADJ
eistud-28787	238	9	living	living	NOUN
eistud-28787	238	10	standards	standard	NOUN
eistud-28787	238	11	,	,	PUNCT
eistud-28787	238	12	and	and	CCONJ
eistud-28787	238	13	expanded	expand	VERB
eistud-28787	238	14	consumption	consumption	NOUN
eistud-28787	238	15	in	in	ADP
eistud-28787	238	16	the	the	DET
eistud-28787	238	17	future	future	NOUN
eistud-28787	238	18	.	.	PUNCT
eistud-28787	239	1	hard	hard	ADJ
eistud-28787	239	2	and	and	CCONJ
eistud-28787	239	3	diligent	diligent	ADJ
eistud-28787	239	4	work	work	NOUN
eistud-28787	239	5	,	,	PUNCT
eistud-28787	239	6	along	along	ADP
eistud-28787	239	7	with	with	ADP
eistud-28787	239	8	saving	save	VERB
eistud-28787	239	9	a	a	DET
eistud-28787	239	10	substantial	substantial	ADJ
eistud-28787	239	11	fraction	fraction	NOUN
eistud-28787	239	12	of	of	ADP
eistud-28787	239	13	income	income	NOUN
eistud-28787	239	14	may	may	AUX
eistud-28787	239	15	,	,	PUNCT
eistud-28787	239	16	however	however	ADV
eistud-28787	239	17	,	,	PUNCT
eistud-28787	239	18	become	become	VERB
eistud-28787	239	19	the	the	DET
eistud-28787	239	20	most	most	ADV
eistud-28787	239	21	disappointing	disappointing	ADJ
eistud-28787	239	22	virtues	virtue	NOUN
eistud-28787	239	23	in	in	ADP
eistud-28787	239	24	the	the	DET
eistud-28787	239	25	developing	develop	VERB
eistud-28787	239	26	world	world	NOUN
eistud-28787	239	27	.	.	PUNCT
eistud-28787	240	1	such	such	ADJ
eistud-28787	240	2	demoralizing	demoralizing	ADJ
eistud-28787	240	3	scenario	scenario	NOUN
eistud-28787	240	4	depends	depend	VERB
eistud-28787	240	5	critically	critically	ADV
eistud-28787	240	6	on	on	ADP
eistud-28787	240	7	the	the	DET
eistud-28787	240	8	actual	actual	ADJ
eistud-28787	240	9	decline	decline	NOUN
eistud-28787	240	10	of	of	ADP
eistud-28787	240	11	the	the	DET
eistud-28787	240	12	dollar	dollar	NOUN
eistud-28787	240	13	,	,	PUNCT
eistud-28787	240	14	if	if	SCONJ
eistud-28787	240	15	it	it	PRON
eistud-28787	240	16	really	really	ADV
eistud-28787	240	17	materializes	materialize	VERB
eistud-28787	240	18	.	.	PUNCT
eistud-28787	241	1	the	the	DET
eistud-28787	241	2	global	global	ADJ
eistud-28787	241	3	imbalance	imbalance	NOUN
eistud-28787	241	4	has	have	AUX
eistud-28787	241	5	been	be	AUX
eistud-28787	241	6	in	in	ADP
eistud-28787	241	7	fact	fact	NOUN
eistud-28787	241	8	an	an	DET
eistud-28787	241	9	inter	inter	ADJ
eistud-28787	241	10	-	-	ADJ
eistud-28787	241	11	temporal	temporal	ADJ
eistud-28787	241	12	imbalance	imbalance	NOUN
eistud-28787	241	13	of	of	ADP
eistud-28787	241	14	consumption	consumption	NOUN
eistud-28787	241	15	.	.	PUNCT
eistud-28787	242	1	the	the	DET
eistud-28787	242	2	u.s	u.s	PROPN
eistud-28787	242	3	.	.	PROPN
eistud-28787	242	4	economy	economy	NOUN
eistud-28787	242	5	has	have	AUX
eistud-28787	242	6	already	already	ADV
eistud-28787	242	7	been	be	AUX
eistud-28787	242	8	consuming	consume	VERB
eistud-28787	242	9	in	in	ADP
eistud-28787	242	10	excess	excess	NOUN
eistud-28787	242	11	of	of	ADP
eistud-28787	242	12	its	its	PRON
eistud-28787	242	13	contribution	contribution	NOUN
eistud-28787	242	14	to	to	ADP
eistud-28787	242	15	the	the	DET
eistud-28787	242	16	global	global	ADJ
eistud-28787	242	17	gdp	gdp	NOUN
eistud-28787	242	18	for	for	ADP
eistud-28787	242	19	about	about	ADV
eistud-28787	242	20	40	40	NUM
eistud-28787	242	21	years	year	NOUN
eistud-28787	242	22	.	.	PUNCT
eistud-28787	243	1	such	such	DET
eistud-28787	243	2	a	a	DET
eistud-28787	243	3	comfortable	comfortable	ADJ
eistud-28787	243	4	situation	situation	NOUN
eistud-28787	243	5	has	have	AUX
eistud-28787	243	6	been	be	AUX
eistud-28787	243	7	made	make	VERB
eistud-28787	243	8	possible	possible	ADJ
eistud-28787	243	9	only	only	ADV
eistud-28787	243	10	due	due	ADJ
eistud-28787	243	11	to	to	ADP
eistud-28787	243	12	decision	decision	NOUN
eistud-28787	243	13	of	of	ADP
eistud-28787	243	14	the	the	DET
eistud-28787	243	15	rest	rest	NOUN
eistud-28787	243	16	of	of	ADP
eistud-28787	243	17	the	the	DET
eistud-28787	243	18	world	world	NOUN
eistud-28787	243	19	to	to	PART
eistud-28787	243	20	consume	consume	VERB
eistud-28787	243	21	less	less	ADJ
eistud-28787	243	22	‘	'	PUNCT
eistud-28787	243	23	today	today	NOUN
eistud-28787	243	24	’	'	PUNCT
eistud-28787	243	25	,	,	PUNCT
eistud-28787	243	26	and	and	CCONJ
eistud-28787	243	27	receive	receive	VERB
eistud-28787	243	28	a	a	DET
eistud-28787	243	29	promise	promise	NOUN
eistud-28787	243	30	to	to	PART
eistud-28787	243	31	have	have	AUX
eistud-28787	243	32	higher	high	ADJ
eistud-28787	243	33	consumption	consumption	NOUN
eistud-28787	243	34	in	in	ADP
eistud-28787	243	35	the	the	DET
eistud-28787	243	36	future	future	NOUN
eistud-28787	243	37	.	.	PUNCT
eistud-28787	244	1	pieces	piece	NOUN
eistud-28787	244	2	of	of	ADP
eistud-28787	244	3	empirical	empirical	ADJ
eistud-28787	244	4	evidence	evidence	NOUN
eistud-28787	244	5	presented	present	VERB
eistud-28787	244	6	here	here	ADV
eistud-28787	244	7	suggest	suggest	VERB
eistud-28787	244	8	that	that	SCONJ
eistud-28787	244	9	this	this	DET
eistud-28787	244	10	‘	'	PUNCT
eistud-28787	244	11	future	future	NOUN
eistud-28787	244	12	’	'	PUNCT
eistud-28787	244	13	is	be	AUX
eistud-28787	244	14	now	now	ADV
eistud-28787	244	15	.	.	PUNCT
eistud-28787	245	1	the	the	DET
eistud-28787	245	2	u.s	u.s	PROPN
eistud-28787	245	3	.	.	PROPN
eistud-28787	245	4	economy	economy	NOUN
eistud-28787	245	5	has	have	AUX
eistud-28787	245	6	offered	offer	VERB
eistud-28787	245	7	real	real	ADJ
eistud-28787	245	8	and	and	CCONJ
eistud-28787	245	9	financial	financial	ADJ
eistud-28787	245	10	assets	asset	NOUN
eistud-28787	245	11	to	to	ADP
eistud-28787	245	12	foreigners	foreigner	NOUN
eistud-28787	245	13	at	at	ADP
eistud-28787	245	14	the	the	DET
eistud-28787	245	15	unprecedented	unprecedented	ADJ
eistud-28787	245	16	scale	scale	NOUN
eistud-28787	245	17	.	.	PUNCT
eistud-28787	246	1	the	the	DET
eistud-28787	246	2	official	official	ADJ
eistud-28787	246	3	foreign	foreign	ADJ
eistud-28787	246	4	exchange	exchange	NOUN
eistud-28787	246	5	reserves	reserve	NOUN
eistud-28787	246	6	have	have	AUX
eistud-28787	246	7	greatly	greatly	ADV
eistud-28787	246	8	declined	decline	VERB
eistud-28787	246	9	already	already	ADV
eistud-28787	246	10	in	in	ADP
eistud-28787	246	11	china	china	PROPN
eistud-28787	246	12	,	,	PUNCT
eistud-28787	246	13	suggesting	suggest	VERB
eistud-28787	246	14	the	the	DET
eistud-28787	246	15	nationality	nationality	NOUN
eistud-28787	246	16	of	of	ADP
eistud-28787	246	17	most	most	ADJ
eistud-28787	246	18	of	of	ADP
eistud-28787	246	19	the	the	DET
eistud-28787	246	20	foreign	foreign	ADJ
eistud-28787	246	21	homeowners	homeowner	NOUN
eistud-28787	246	22	in	in	ADP
eistud-28787	246	23	the	the	DET
eistud-28787	246	24	u.s	u.s	PROPN
eistud-28787	246	25	.	.	PROPN
eistud-28787	246	26	this	this	DET
eistud-28787	246	27	particular	particular	ADJ
eistud-28787	246	28	expansion	expansion	NOUN
eistud-28787	246	29	of	of	ADP
eistud-28787	246	30	chinese	chinese	PROPN
eistud-28787	246	31	-	-	PUNCT
eistud-28787	246	32	owned	own	VERB
eistud-28787	246	33	property	property	NOUN
eistud-28787	246	34	even	even	ADV
eistud-28787	246	35	caused	cause	VERB
eistud-28787	246	36	the	the	DET
eistud-28787	246	37	chinese	chinese	ADJ
eistud-28787	246	38	monetary	monetary	ADJ
eistud-28787	246	39	authority	authority	NOUN
eistud-28787	246	40	to	to	PART
eistud-28787	246	41	introduce	introduce	VERB
eistud-28787	246	42	semi	semi	NOUN
eistud-28787	246	43	-	-	NOUN
eistud-28787	246	44	restrictions	restriction	NOUN
eistud-28787	246	45	on	on	ADP
eistud-28787	246	46	foreign	foreign	ADJ
eistud-28787	246	47	exchange	exchange	NOUN
eistud-28787	246	48	available	available	ADJ
eistud-28787	246	49	to	to	ADP
eistud-28787	246	50	citizens	citizen	NOUN
eistud-28787	246	51	investing	invest	VERB
eistud-28787	246	52	abroad	abroad	ADV
eistud-28787	246	53	.	.	PUNCT
eistud-28787	247	1	the	the	DET
eistud-28787	247	2	decline	decline	NOUN
eistud-28787	247	3	of	of	ADP
eistud-28787	247	4	the	the	DET
eistud-28787	247	5	dollar	dollar	NOUN
eistud-28787	247	6	is	be	AUX
eistud-28787	247	7	neither	neither	CCONJ
eistud-28787	247	8	required	require	VERB
eistud-28787	247	9	nor	nor	CCONJ
eistud-28787	247	10	necessary	necessary	ADJ
eistud-28787	247	11	to	to	PART
eistud-28787	247	12	solve	solve	VERB
eistud-28787	247	13	the	the	DET
eistud-28787	247	14	global	global	ADJ
eistud-28787	247	15	imbalance	imbalance	NOUN
eistud-28787	247	16	.	.	PUNCT
eistud-28787	248	1	the	the	DET
eistud-28787	248	2	rest	rest	NOUN
eistud-28787	248	3	of	of	ADP
eistud-28787	248	4	the	the	DET
eistud-28787	248	5	world	world	NOUN
eistud-28787	248	6	has	have	AUX
eistud-28787	248	7	claimed	claim	VERB
eistud-28787	248	8	u.s.-based	u.s.-based	ADJ
eistud-28787	248	9	assets	asset	NOUN
eistud-28787	248	10	exchanging	exchange	VERB
eistud-28787	248	11	perpetual	perpetual	ADJ
eistud-28787	248	12	ious	ious	NOUN
eistud-28787	248	13	for	for	ADP
eistud-28787	248	14	real	real	ADJ
eistud-28787	248	15	estate	estate	NOUN
eistud-28787	248	16	and	and	CCONJ
eistud-28787	248	17	firms	firm	NOUN
eistud-28787	248	18	.	.	PUNCT
eistud-28787	249	1	foreigners	foreigner	NOUN
eistud-28787	249	2	have	have	AUX
eistud-28787	249	3	become	become	VERB
eistud-28787	249	4	,	,	PUNCT
eistud-28787	249	5	sole	sole	ADJ
eistud-28787	249	6	owners	owner	NOUN
eistud-28787	249	7	of	of	ADP
eistud-28787	249	8	underlying	underlie	VERB
eistud-28787	249	9	real	real	ADJ
eistud-28787	249	10	u.s	u.s	PROPN
eistud-28787	249	11	.	.	PROPN
eistud-28787	249	12	assets	asset	NOUN
eistud-28787	249	13	(	(	PUNCT
eistud-28787	249	14	as	as	ADP
eistud-28787	249	15	owners	owner	NOUN
eistud-28787	249	16	of	of	ADP
eistud-28787	249	17	firms	firm	NOUN
eistud-28787	249	18	)	)	PUNCT
eistud-28787	249	19	,	,	PUNCT
eistud-28787	249	20	and	and	CCONJ
eistud-28787	249	21	not	not	PART
eistud-28787	249	22	only	only	ADV
eistud-28787	249	23	,	,	PUNCT
eistud-28787	249	24	as	as	SCONJ
eistud-28787	249	25	it	it	PRON
eistud-28787	249	26	was	be	AUX
eistud-28787	249	27	before	before	ADV
eistud-28787	249	28	,	,	PUNCT
eistud-28787	249	29	of	of	ADP
eistud-28787	249	30	shares	share	NOUN
eistud-28787	249	31	in	in	ADP
eistud-28787	249	32	profits	profit	NOUN
eistud-28787	249	33	generated	generate	VERB
eistud-28787	249	34	by	by	ADP
eistud-28787	249	35	u.s	u.s	PROPN
eistud-28787	249	36	.	.	PROPN
eistud-28787	249	37	corporations	corporation	NOUN
eistud-28787	249	38	.	.	PUNCT
eistud-28787	250	1	dynamically	dynamically	ADV
eistud-28787	250	2	growing	grow	VERB
eistud-28787	250	3	demand	demand	NOUN
eistud-28787	250	4	has	have	AUX
eistud-28787	250	5	already	already	ADV
eistud-28787	250	6	pushed	push	VERB
eistud-28787	250	7	prices	price	NOUN
eistud-28787	250	8	of	of	ADP
eistud-28787	250	9	both	both	PRON
eistud-28787	250	10	up	up	ADP
eistud-28787	250	11	.	.	PUNCT
eistud-28787	251	1	this	this	DET
eistud-28787	251	2	inflow	inflow	NOUN
eistud-28787	251	3	of	of	ADP
eistud-28787	251	4	purchasing	purchase	VERB
eistud-28787	251	5	power	power	NOUN
eistud-28787	251	6	should	should	AUX
eistud-28787	251	7	be	be	AUX
eistud-28787	251	8	appreciated	appreciate	VERB
eistud-28787	251	9	,	,	PUNCT
eistud-28787	251	10	as	as	SCONJ
eistud-28787	251	11	it	it	PRON
eistud-28787	251	12	fuels	fuel	VERB
eistud-28787	251	13	activity	activity	NOUN
eistud-28787	251	14	in	in	ADP
eistud-28787	251	15	the	the	DET
eistud-28787	251	16	u.s	u.s	PROPN
eistud-28787	251	17	.	.	PROPN
eistud-28787	251	18	construction	construction	NOUN
eistud-28787	251	19	sector	sector	NOUN
eistud-28787	251	20	,	,	PUNCT
eistud-28787	251	21	and	and	CCONJ
eistud-28787	251	22	thus	thus	ADV
eistud-28787	251	23	indirectly	indirectly	ADV
eistud-28787	251	24	in	in	ADP
eistud-28787	251	25	all	all	DET
eistud-28787	251	26	other	other	ADJ
eistud-28787	251	27	sectors	sector	NOUN
eistud-28787	251	28	that	that	PRON
eistud-28787	251	29	supply	supply	VERB
eistud-28787	251	30	materials	material	NOUN
eistud-28787	251	31	and	and	CCONJ
eistud-28787	251	32	technologies	technology	NOUN
eistud-28787	251	33	to	to	ADP
eistud-28787	251	34	homebuilders	homebuilder	NOUN
eistud-28787	251	35	.	.	PUNCT
eistud-28787	252	1	u.s	u.s	PROPN
eistud-28787	252	2	.	.	PROPN
eistud-28787	252	3	economy	economy	NOUN
eistud-28787	252	4	enjoys	enjoy	VERB
eistud-28787	252	5	win	win	NOUN
eistud-28787	252	6	-	-	PUNCT
eistud-28787	252	7	win	win	NOUN
eistud-28787	252	8	situation	situation	NOUN
eistud-28787	252	9	,	,	PUNCT
eistud-28787	252	10	while	while	SCONJ
eistud-28787	252	11	the	the	DET
eistud-28787	252	12	global	global	ADJ
eistud-28787	252	13	imbalance	imbalance	NOUN
eistud-28787	252	14	has	have	AUX
eistud-28787	252	15	been	be	AUX
eistud-28787	252	16	gradually	gradually	ADV
eistud-28787	252	17	resolved	resolve	VERB
eistud-28787	252	18	.	.	PUNCT
eistud-28787	253	1	appreciation	appreciation	NOUN
eistud-28787	253	2	of	of	ADP
eistud-28787	253	3	the	the	DET
eistud-28787	253	4	dollar	dollar	NOUN
eistud-28787	253	5	makes	make	VERB
eistud-28787	253	6	imported	import	VERB
eistud-28787	253	7	inputs	input	NOUN
eistud-28787	253	8	cheaper	cheap	ADJ
eistud-28787	253	9	every	every	DET
eistud-28787	253	10	year	year	NOUN
eistud-28787	253	11	,	,	PUNCT
eistud-28787	253	12	since	since	SCONJ
eistud-28787	253	13	2011	2011	NUM
eistud-28787	253	14	.	.	PUNCT
eistud-28787	254	1	on	on	ADP
eistud-28787	254	2	the	the	DET
eistud-28787	254	3	top	top	NOUN
eistud-28787	254	4	of	of	ADP
eistud-28787	254	5	that	that	PRON
eistud-28787	254	6	,	,	PUNCT
eistud-28787	254	7	most	most	ADV
eistud-28787	254	8	welcome	welcome	ADJ
eistud-28787	254	9	form	form	NOUN
eistud-28787	254	10	of	of	ADP
eistud-28787	254	11	foreign	foreign	ADJ
eistud-28787	254	12	investment	investment	NOUN
eistud-28787	254	13	–	–	PUNCT
eistud-28787	254	14	fdi	fdi	NOUN
eistud-28787	254	15	–	–	PUNCT
eistud-28787	254	16	has	have	AUX
eistud-28787	254	17	become	become	VERB
eistud-28787	254	18	positive	positive	ADJ
eistud-28787	254	19	(	(	PUNCT
eistud-28787	254	20	net	net	ADJ
eistud-28787	254	21	fdi	fdi	NOUN
eistud-28787	254	22	)	)	PUNCT
eistud-28787	254	23	already	already	ADV
eistud-28787	254	24	in	in	ADP
eistud-28787	254	25	2015	2015	NUM
eistud-28787	254	26	and	and	CCONJ
eistud-28787	254	27	2016	2016	NUM
eistud-28787	254	28	for	for	ADP
eistud-28787	254	29	the	the	DET
eistud-28787	254	30	first	first	ADJ
eistud-28787	254	31	time	time	NOUN
eistud-28787	254	32	in	in	ADP
eistud-28787	254	33	history	history	NOUN
eistud-28787	254	34	.	.	PUNCT
eistud-28787	255	1	most	most	ADV
eistud-28787	255	2	recently	recently	ADV
eistud-28787	255	3	observed	observe	VERB
eistud-28787	255	4	adjustments	adjustment	NOUN
eistud-28787	255	5	in	in	ADP
eistud-28787	255	6	savings	saving	NOUN
eistud-28787	255	7	in	in	ADP
eistud-28787	255	8	u.s	u.s	PROPN
eistud-28787	255	9	.	.	PROPN
eistud-28787	255	10	and	and	CCONJ
eistud-28787	255	11	the	the	DET
eistud-28787	255	12	rest	rest	NOUN
eistud-28787	255	13	of	of	ADP
eistud-28787	255	14	the	the	DET
eistud-28787	255	15	world	world	NOUN
eistud-28787	255	16	(	(	PUNCT
eistud-28787	255	17	figure	figure	NOUN
eistud-28787	255	18	9	9	NUM
eistud-28787	255	19	,	,	PUNCT
eistud-28787	255	20	figure	figure	NOUN
eistud-28787	255	21	8	8	NUM
eistud-28787	255	22	,	,	PUNCT
eistud-28787	255	23	figure	figure	VERB
eistud-28787	255	24	7	7	NUM
eistud-28787	255	25	,	,	PUNCT
eistud-28787	255	26	table	table	NOUN
eistud-28787	255	27	1	1	NUM
eistud-28787	255	28	)	)	PUNCT
eistud-28787	255	29	make	make	VERB
eistud-28787	255	30	the	the	DET
eistud-28787	255	31	situation	situation	NOUN
eistud-28787	255	32	much	much	ADV
eistud-28787	255	33	less	less	ADV
eistud-28787	255	34	dramatic	dramatic	ADJ
eistud-28787	255	35	than	than	SCONJ
eistud-28787	255	36	it	it	PRON
eistud-28787	255	37	was	be	AUX
eistud-28787	255	38	reported	report	VERB
eistud-28787	255	39	back	back	ADV
eistud-28787	255	40	in	in	ADP
eistud-28787	255	41	2008	2008	NUM
eistud-28787	255	42	.	.	PUNCT
eistud-28787	256	1	the	the	DET
eistud-28787	256	2	u.s	u.s	PROPN
eistud-28787	256	3	.	.	PROPN
eistud-28787	256	4	economy	economy	NOUN
eistud-28787	256	5	has	have	AUX
eistud-28787	256	6	still	still	ADV
eistud-28787	256	7	provided	provide	VERB
eistud-28787	256	8	a	a	DET
eistud-28787	256	9	reasonable	reasonable	ADJ
eistud-28787	256	10	equivalent	equivalent	NOUN
eistud-28787	256	11	for	for	ADP
eistud-28787	256	12	its	its	PRON
eistud-28787	256	13	external	external	ADJ
eistud-28787	256	14	debt	debt	NOUN
eistud-28787	256	15	accumulated	accumulate	VERB
eistud-28787	256	16	over	over	ADP
eistud-28787	256	17	the	the	DET
eistud-28787	256	18	past	past	ADJ
eistud-28787	256	19	several	several	ADJ
eistud-28787	256	20	decades	decade	NOUN
eistud-28787	256	21	.	.	PUNCT
eistud-28787	257	1	there	there	PRON
eistud-28787	257	2	seem	seem	VERB
eistud-28787	257	3	to	to	PART
eistud-28787	257	4	be	be	AUX
eistud-28787	257	5	no	no	DET
eistud-28787	257	6	reasons	reason	NOUN
eistud-28787	257	7	to	to	PART
eistud-28787	257	8	sound	sound	VERB
eistud-28787	257	9	an	an	DET
eistud-28787	257	10	alarm	alarm	NOUN
eistud-28787	257	11	,	,	PUNCT
eistud-28787	257	12	and	and	CCONJ
eistud-28787	257	13	issue	issue	VERB
eistud-28787	257	14	warnings	warning	NOUN
eistud-28787	257	15	on	on	ADP
eistud-28787	257	16	‘	'	PUNCT
eistud-28787	257	17	greater	great	ADJ
eistud-28787	257	18	instability	instability	NOUN
eistud-28787	257	19	’	'	PUNCT
eistud-28787	257	20	coming	come	VERB
eistud-28787	257	21	,	,	PUNCT
eistud-28787	257	22	when	when	SCONJ
eistud-28787	257	23	increasingly	increasingly	ADV
eistud-28787	257	24	large	large	ADJ
eistud-28787	257	25	imbalances	imbalance	NOUN
eistud-28787	257	26	are	be	AUX
eistud-28787	257	27	resolved	resolve	VERB
eistud-28787	257	28	.	.	PUNCT
eistud-28787	258	1	the	the	DET
eistud-28787	258	2	last	last	ADJ
eistud-28787	258	3	decade	decade	NOUN
eistud-28787	258	4	witnessed	witness	VERB
eistud-28787	258	5	substantial	substantial	ADJ
eistud-28787	258	6	changes	change	NOUN
eistud-28787	258	7	to	to	ADP
eistud-28787	258	8	income	income	NOUN
eistud-28787	258	9	,	,	PUNCT
eistud-28787	258	10	domestic	domestic	ADJ
eistud-28787	258	11	absorption	absorption	NOUN
eistud-28787	258	12	,	,	PUNCT
eistud-28787	258	13	and	and	CCONJ
eistud-28787	258	14	production	production	NOUN
eistud-28787	258	15	in	in	ADP
eistud-28787	258	16	all	all	DET
eistud-28787	258	17	countries	country	NOUN
eistud-28787	258	18	that	that	PRON
eistud-28787	258	19	effectively	effectively	ADV
eistud-28787	258	20	matter	matter	VERB
eistud-28787	258	21	for	for	ADP
eistud-28787	258	22	the	the	DET
eistud-28787	258	23	global	global	ADJ
eistud-28787	258	24	imbalance	imbalance	NOUN
eistud-28787	258	25	.	.	PUNCT
eistud-28787	259	1	it	it	PRON
eistud-28787	259	2	seems	seem	VERB
eistud-28787	259	3	that	that	SCONJ
eistud-28787	259	4	time	time	NOUN
eistud-28787	259	5	has	have	AUX
eistud-28787	259	6	come	come	VERB
eistud-28787	259	7	for	for	SCONJ
eistud-28787	259	8	the	the	DET
eistud-28787	259	9	u.s	u.s	PROPN
eistud-28787	259	10	.	.	PROPN
eistud-28787	259	11	to	to	PART
eistud-28787	259	12	finally	finally	ADV
eistud-28787	259	13	start	start	VERB
eistud-28787	259	14	settling	settle	VERB
eistud-28787	259	15	its	its	PRON
eistud-28787	259	16	debts	debt	NOUN
eistud-28787	259	17	.	.	PUNCT
eistud-28787	260	1	this	this	PRON
eistud-28787	260	2	has	have	AUX
eistud-28787	260	3	been	be	AUX
eistud-28787	260	4	achieved	achieve	VERB
eistud-28787	260	5	without	without	ADP
eistud-28787	260	6	the	the	DET
eistud-28787	260	7	international	international	ADJ
eistud-28787	260	8	‘	'	PUNCT
eistud-28787	260	9	transfer	transfer	NOUN
eistud-28787	260	10	’	'	PUNCT
eistud-28787	260	11	of	of	ADP
eistud-28787	260	12	wealth	wealth	NOUN
eistud-28787	260	13	that	that	PRON
eistud-28787	260	14	would	would	AUX
eistud-28787	260	15	deprive	deprive	VERB
eistud-28787	260	16	many	many	ADJ
eistud-28787	260	17	nations	nation	NOUN
eistud-28787	260	18	of	of	ADP
eistud-28787	260	19	the	the	DET
eistud-28787	260	20	fruits	fruit	NOUN
eistud-28787	260	21	of	of	ADP
eistud-28787	260	22	their	their	PRON
eistud-28787	260	23	hard	hard	ADJ
eistud-28787	260	24	work	work	NOUN
eistud-28787	260	25	.	.	PUNCT
eistud-28787	261	1	it	it	PRON
eistud-28787	261	2	would	would	AUX
eistud-28787	261	3	be	be	AUX
eistud-28787	261	4	most	most	ADV
eistud-28787	261	5	inappropriate	inappropriate	ADJ
eistud-28787	261	6	to	to	PART
eistud-28787	261	7	induce	induce	VERB
eistud-28787	261	8	the	the	DET
eistud-28787	261	9	fall	fall	NOUN
eistud-28787	261	10	of	of	ADP
eistud-28787	261	11	the	the	DET
eistud-28787	261	12	dollar	dollar	NOUN
eistud-28787	261	13	to	to	PART
eistud-28787	261	14	ease	ease	VERB
eistud-28787	261	15	the	the	DET
eistud-28787	261	16	pain	pain	NOUN
eistud-28787	261	17	of	of	ADP
eistud-28787	261	18	settling	settle	VERB
eistud-28787	261	19	accumulated	accumulate	VERB
eistud-28787	261	20	external	external	ADJ
eistud-28787	261	21	debt	debt	NOUN
eistud-28787	261	22	.	.	PUNCT
eistud-28787	262	1	such	such	DET
eistud-28787	262	2	a	a	DET
eistud-28787	262	3	scenario	scenario	NOUN
eistud-28787	262	4	would	would	AUX
eistud-28787	262	5	make	make	VERB
eistud-28787	262	6	sacrifices	sacrifice	NOUN
eistud-28787	262	7	of	of	ADP
eistud-28787	262	8	huneuropean	huneuropean	ADJ
eistud-28787	262	9	integrat	integrat	NOUN
eistud-28787	262	10	ion	ion	NOUN
eistud-28787	262	11	studies2021/15	studies2021/15	NOUN
eistud-28787	262	12	136	136	NUM
eistud-28787	262	13	dreds	dred	NOUN
eistud-28787	262	14	of	of	ADP
eistud-28787	262	15	millions	million	NOUN
eistud-28787	262	16	,	,	PUNCT
eistud-28787	262	17	due	due	ADJ
eistud-28787	262	18	to	to	PART
eistud-28787	262	19	postponed	postpone	VERB
eistud-28787	262	20	consumption	consumption	NOUN
eistud-28787	262	21	for	for	ADP
eistud-28787	262	22	a	a	DET
eistud-28787	262	23	few	few	ADJ
eistud-28787	262	24	generations	generation	NOUN
eistud-28787	262	25	most	most	ADV
eistud-28787	262	26	void	void	ADJ
eistud-28787	262	27	,	,	PUNCT
eistud-28787	262	28	pointless	pointless	ADJ
eistud-28787	262	29	,	,	PUNCT
eistud-28787	262	30	and	and	CCONJ
eistud-28787	262	31	disappointing	disappointing	ADJ
eistud-28787	262	32	.	.	PUNCT
eistud-28787	263	1	the	the	DET
eistud-28787	263	2	only	only	ADJ
eistud-28787	263	3	potentially	potentially	ADV
eistud-28787	263	4	negative	negative	ADJ
eistud-28787	263	5	effect	effect	NOUN
eistud-28787	263	6	might	might	AUX
eistud-28787	263	7	be	be	AUX
eistud-28787	263	8	in	in	ADP
eistud-28787	263	9	a	a	DET
eistud-28787	263	10	relative	relative	ADJ
eistud-28787	263	11	fall	fall	NOUN
eistud-28787	263	12	of	of	ADP
eistud-28787	263	13	living	living	NOUN
eistud-28787	263	14	standards	standard	NOUN
eistud-28787	263	15	in	in	ADP
eistud-28787	263	16	the	the	DET
eistud-28787	263	17	u.s	u.s	PROPN
eistud-28787	263	18	.	.	PROPN
eistud-28787	263	19	because	because	SCONJ
eistud-28787	263	20	of	of	ADP
eistud-28787	263	21	purchase	purchase	NOUN
eistud-28787	263	22	of	of	ADP
eistud-28787	263	23	‘	'	PUNCT
eistud-28787	263	24	better	well	ADJ
eistud-28787	263	25	’	'	PUNCT
eistud-28787	263	26	u.s	u.s	PROPN
eistud-28787	263	27	.	.	PROPN
eistud-28787	263	28	assets	asset	NOUN
eistud-28787	263	29	by	by	ADP
eistud-28787	263	30	the	the	DET
eistud-28787	263	31	rest	rest	NOUN
eistud-28787	263	32	of	of	ADP
eistud-28787	263	33	the	the	DET
eistud-28787	263	34	world	world	NOUN
eistud-28787	263	35	.	.	PUNCT
eistud-28787	264	1	however	however	ADV
eistud-28787	264	2	,	,	PUNCT
eistud-28787	264	3	this	this	PRON
eistud-28787	264	4	does	do	AUX
eistud-28787	264	5	not	not	PART
eistud-28787	264	6	seem	seem	VERB
eistud-28787	264	7	to	to	PART
eistud-28787	264	8	represent	represent	VERB
eistud-28787	264	9	any	any	DET
eistud-28787	264	10	real	real	ADJ
eistud-28787	264	11	problem	problem	NOUN
eistud-28787	264	12	.	.	PUNCT
eistud-28787	265	1	empirical	empirical	ADJ
eistud-28787	265	2	evidence	evidence	NOUN
eistud-28787	265	3	available	available	ADJ
eistud-28787	265	4	in	in	ADP
eistud-28787	265	5	mid-2018	mid-2018	NOUN
eistud-28787	265	6	suggests	suggest	VERB
eistud-28787	265	7	that	that	SCONJ
eistud-28787	265	8	claims	claim	NOUN
eistud-28787	265	9	on	on	ADP
eistud-28787	265	10	ways	way	NOUN
eistud-28787	265	11	to	to	PART
eistud-28787	265	12	solve	solve	VERB
eistud-28787	265	13	global	global	ADJ
eistud-28787	265	14	imbalance	imbalance	NOUN
eistud-28787	265	15	found	find	VERB
eistud-28787	265	16	in	in	ADP
eistud-28787	265	17	feldstein	feldstein	NOUN
eistud-28787	265	18	(	(	PUNCT
eistud-28787	265	19	2008	2008	NUM
eistud-28787	265	20	)	)	PUNCT
eistud-28787	265	21	were	be	AUX
eistud-28787	265	22	erroneous	erroneous	ADJ
eistud-28787	265	23	.	.	PUNCT
eistud-28787	266	1	in	in	ADP
eistud-28787	266	2	particular	particular	ADJ
eistud-28787	266	3	,	,	PUNCT
eistud-28787	266	4	(	(	PUNCT
eistud-28787	266	5	p.	p.	NOUN
eistud-28787	266	6	124	124	NUM
eistud-28787	266	7	)	)	PUNCT
eistud-28787	266	8	it	it	PRON
eistud-28787	266	9	was	be	AUX
eistud-28787	266	10	not	not	PART
eistud-28787	266	11	‘	'	PUNCT
eistud-28787	266	12	a	a	DET
eistud-28787	266	13	more	more	ADV
eistud-28787	266	14	competitive	competitive	ADJ
eistud-28787	266	15	dollar	dollar	NOUN
eistud-28787	266	16	’	'	PUNCT
eistud-28787	266	17	that	that	PRON
eistud-28787	266	18	was	be	AUX
eistud-28787	266	19	the	the	DET
eistud-28787	266	20	key	key	NOUN
eistud-28787	266	21	to	to	ADP
eistud-28787	266	22	shrinking	shrink	VERB
eistud-28787	266	23	the	the	DET
eistud-28787	266	24	trade	trade	NOUN
eistud-28787	266	25	deficit	deficit	NOUN
eistud-28787	266	26	(	(	PUNCT
eistud-28787	266	27	after	after	ADP
eistud-28787	266	28	2009	2009	NUM
eistud-28787	266	29	)	)	PUNCT
eistud-28787	266	30	,	,	PUNCT
eistud-28787	266	31	although	although	SCONJ
eistud-28787	266	32	this	this	DET
eistud-28787	266	33	idea	idea	NOUN
eistud-28787	266	34	was	be	AUX
eistud-28787	266	35	supported	support	VERB
eistud-28787	266	36	by	by	ADP
eistud-28787	266	37	‘	'	PUNCT
eistud-28787	266	38	most	most	ADJ
eistud-28787	266	39	professional	professional	ADJ
eistud-28787	266	40	economists	economist	NOUN
eistud-28787	266	41	’	'	PUNCT
eistud-28787	266	42	.	.	PUNCT
eistud-28787	267	1	this	this	PRON
eistud-28787	267	2	was	be	AUX
eistud-28787	267	3	,	,	PUNCT
eistud-28787	267	4	therefore	therefore	ADV
eistud-28787	267	5	rather	rather	ADV
eistud-28787	267	6	about	about	ADP
eistud-28787	267	7	the	the	DET
eistud-28787	267	8	approach	approach	NOUN
eistud-28787	267	9	pursued	pursue	VERB
eistud-28787	267	10	by	by	ADP
eistud-28787	267	11	the	the	DET
eistud-28787	267	12	imf	imf	PROPN
eistud-28787	267	13	,	,	PUNCT
eistud-28787	267	14	and	and	CCONJ
eistud-28787	267	15	g-7	g-7	VERB
eistud-28787	267	16	,	,	PUNCT
eistud-28787	267	17	and	and	CCONJ
eistud-28787	267	18	criticized	criticize	VERB
eistud-28787	267	19	by	by	ADP
eistud-28787	267	20	feldstein	feldstein	NOUN
eistud-28787	267	21	that	that	PRON
eistud-28787	267	22	was	be	AUX
eistud-28787	267	23	much	much	ADV
eistud-28787	267	24	more	more	ADV
eistud-28787	267	25	appropriate	appropriate	ADJ
eistud-28787	267	26	.	.	PUNCT
eistud-28787	268	1	slow	slow	ADJ
eistud-28787	268	2	and	and	CCONJ
eistud-28787	268	3	gradual	gradual	ADJ
eistud-28787	268	4	adjustments	adjustment	NOUN
eistud-28787	268	5	in	in	ADP
eistud-28787	268	6	u.s	u.s	PROPN
eistud-28787	268	7	.	.	PROPN
eistud-28787	268	8	,	,	PUNCT
eistud-28787	268	9	and	and	CCONJ
eistud-28787	268	10	in	in	ADP
eistud-28787	268	11	the	the	DET
eistud-28787	268	12	rest	rest	NOUN
eistud-28787	268	13	of	of	ADP
eistud-28787	268	14	the	the	DET
eistud-28787	268	15	world	world	NOUN
eistud-28787	268	16	have	have	AUX
eistud-28787	268	17	led	lead	VERB
eistud-28787	268	18	to	to	ADP
eistud-28787	268	19	stabilizing	stabilize	VERB
eistud-28787	268	20	ca	can	AUX
eistud-28787	268	21	deficit	deficit	NOUN
eistud-28787	268	22	at	at	ADP
eistud-28787	268	23	2.5	2.5	NUM
eistud-28787	268	24	%	%	NOUN
eistud-28787	268	25	of	of	ADP
eistud-28787	268	26	gdp	gdp	NOUN
eistud-28787	268	27	for	for	ADP
eistud-28787	268	28	already	already	ADV
eistud-28787	268	29	an	an	DET
eistud-28787	268	30	extensive	extensive	ADJ
eistud-28787	268	31	period	period	NOUN
eistud-28787	268	32	2009	2009	NUM
eistud-28787	268	33	-	-	SYM
eistud-28787	268	34	2017	2017	NUM
eistud-28787	268	35	.	.	PUNCT
eistud-28787	269	1	the	the	DET
eistud-28787	269	2	stability	stability	NOUN
eistud-28787	269	3	of	of	ADP
eistud-28787	269	4	the	the	DET
eistud-28787	269	5	current	current	ADJ
eistud-28787	269	6	situation	situation	NOUN
eistud-28787	269	7	,	,	PUNCT
eistud-28787	269	8	in	in	ADP
eistud-28787	269	9	spite	spite	NOUN
eistud-28787	269	10	of	of	ADP
eistud-28787	269	11	significant	significant	ADJ
eistud-28787	269	12	political	political	ADJ
eistud-28787	269	13	developments	development	NOUN
eistud-28787	269	14	,	,	PUNCT
eistud-28787	269	15	suggests	suggest	VERB
eistud-28787	269	16	that	that	SCONJ
eistud-28787	269	17	the	the	DET
eistud-28787	269	18	world	world	NOUN
eistud-28787	269	19	could	could	AUX
eistud-28787	269	20	be	be	AUX
eistud-28787	269	21	safe	safe	ADJ
eistud-28787	269	22	again	again	ADV
eistud-28787	269	23	.	.	PUNCT
eistud-28787	270	1	the	the	DET
eistud-28787	270	2	u.s	u.s	PROPN
eistud-28787	270	3	.	.	PROPN
eistud-28787	270	4	economy	economy	NOUN
eistud-28787	270	5	is	be	AUX
eistud-28787	270	6	a	a	DET
eistud-28787	270	7	double	double	ADJ
eistud-28787	270	8	(	(	PUNCT
eistud-28787	270	9	if	if	SCONJ
eistud-28787	270	10	not	not	PART
eistud-28787	270	11	triple	triple	ADJ
eistud-28787	270	12	)	)	PUNCT
eistud-28787	270	13	winner	winner	NOUN
eistud-28787	270	14	.	.	PUNCT
eistud-28787	271	1	for	for	ADP
eistud-28787	271	2	decades	decade	NOUN
eistud-28787	271	3	it	it	PRON
eistud-28787	271	4	enjoyed	enjoy	VERB
eistud-28787	271	5	paying	pay	VERB
eistud-28787	271	6	for	for	ADP
eistud-28787	271	7	its	its	PRON
eistud-28787	271	8	excessive	excessive	ADJ
eistud-28787	271	9	consumption	consumption	NOUN
eistud-28787	271	10	with	with	ADP
eistud-28787	271	11	perpetual	perpetual	ADJ
eistud-28787	271	12	ious	ious	ADJ
eistud-28787	271	13	.	.	PUNCT
eistud-28787	272	1	settlement	settlement	NOUN
eistud-28787	272	2	of	of	ADP
eistud-28787	272	3	the	the	DET
eistud-28787	272	4	accumulated	accumulate	VERB
eistud-28787	272	5	debt	debt	NOUN
eistud-28787	272	6	is	be	AUX
eistud-28787	272	7	achieved	achieve	VERB
eistud-28787	272	8	,	,	PUNCT
eistud-28787	272	9	however	however	ADV
eistud-28787	272	10	,	,	PUNCT
eistud-28787	272	11	not	not	PART
eistud-28787	272	12	by	by	ADP
eistud-28787	272	13	the	the	DET
eistud-28787	272	14	foreseen	foreseen	ADJ
eistud-28787	272	15	reduction	reduction	NOUN
eistud-28787	272	16	in	in	ADP
eistud-28787	272	17	consumption	consumption	NOUN
eistud-28787	272	18	,	,	PUNCT
eistud-28787	272	19	as	as	SCONJ
eistud-28787	272	20	originally	originally	ADV
eistud-28787	272	21	understood	understand	VERB
eistud-28787	272	22	.	.	PUNCT
eistud-28787	273	1	the	the	DET
eistud-28787	273	2	u.s	u.s	PROPN
eistud-28787	273	3	.	.	PROPN
eistud-28787	273	4	economy	economy	NOUN
eistud-28787	273	5	provides	provide	VERB
eistud-28787	273	6	real	real	ADJ
eistud-28787	273	7	assets	asset	NOUN
eistud-28787	273	8	to	to	ADP
eistud-28787	273	9	foreigners	foreigner	NOUN
eistud-28787	273	10	in	in	ADP
eistud-28787	273	11	the	the	DET
eistud-28787	273	12	primary	primary	NOUN
eistud-28787	273	13	,	,	PUNCT
eistud-28787	273	14	and	and	CCONJ
eistud-28787	273	15	secondary	secondary	ADJ
eistud-28787	273	16	,	,	PUNCT
eistud-28787	273	17	real	real	ADJ
eistud-28787	273	18	estate	estate	NOUN
eistud-28787	273	19	market	market	NOUN
eistud-28787	273	20	.	.	PUNCT
eistud-28787	274	1	insights	insight	NOUN
eistud-28787	274	2	into	into	ADP
eistud-28787	274	3	the	the	DET
eistud-28787	274	4	revealed	reveal	VERB
eistud-28787	274	5	intentions	intention	NOUN
eistud-28787	274	6	of	of	ADP
eistud-28787	274	7	foreign	foreign	ADJ
eistud-28787	274	8	buyers	buyer	NOUN
eistud-28787	274	9	(	(	PUNCT
eistud-28787	274	10	nar	nar	NOUN
eistud-28787	274	11	,	,	PUNCT
eistud-28787	274	12	2018	2018	NUM
eistud-28787	274	13	)	)	PUNCT
eistud-28787	274	14	indicate	indicate	VERB
eistud-28787	274	15	that	that	SCONJ
eistud-28787	274	16	the	the	DET
eistud-28787	274	17	u.s	u.s	PROPN
eistud-28787	274	18	.	.	PROPN
eistud-28787	274	19	economy	economy	NOUN
eistud-28787	274	20	will	will	AUX
eistud-28787	274	21	receive	receive	VERB
eistud-28787	274	22	benefits	benefit	NOUN
eistud-28787	274	23	from	from	ADP
eistud-28787	274	24	the	the	DET
eistud-28787	274	25	surge	surge	NOUN
eistud-28787	274	26	in	in	ADP
eistud-28787	274	27	incoming	incoming	ADJ
eistud-28787	274	28	skilled	skilled	ADJ
eistud-28787	274	29	workforce	workforce	NOUN
eistud-28787	274	30	in	in	ADP
eistud-28787	274	31	the	the	DET
eistud-28787	274	32	future	future	NOUN
eistud-28787	274	33	,	,	PUNCT
eistud-28787	274	34	as	as	SCONJ
eistud-28787	274	35	today	today	NOUN
eistud-28787	274	36	’s	’s	PART
eistud-28787	274	37	house	house	NOUN
eistud-28787	274	38	owners	owner	NOUN
eistud-28787	274	39	move	move	VERB
eistud-28787	274	40	to	to	ADP
eistud-28787	274	41	the	the	DET
eistud-28787	274	42	u.s	u.s	PROPN
eistud-28787	274	43	.	.	PROPN
eistud-28787	274	44	with	with	ADP
eistud-28787	274	45	their	their	PRON
eistud-28787	274	46	families	family	NOUN
eistud-28787	274	47	.	.	PUNCT
eistud-28787	275	1	until	until	ADP
eistud-28787	275	2	then	then	ADV
eistud-28787	275	3	,	,	PUNCT
eistud-28787	275	4	there	there	PRON
eistud-28787	275	5	will	will	AUX
eistud-28787	275	6	still	still	ADV
eistud-28787	275	7	be	be	AUX
eistud-28787	275	8	another	another	DET
eistud-28787	275	9	issue	issue	NOUN
eistud-28787	275	10	to	to	PART
eistud-28787	275	11	-	-	PUNCT
eistud-28787	275	12	be	be	AUX
eistud-28787	275	13	-	-	PUNCT
eistud-28787	275	14	handled	handle	VERB
eistud-28787	275	15	by	by	ADP
eistud-28787	275	16	u.s	u.s	PROPN
eistud-28787	275	17	.	.	PROPN
eistud-28787	275	18	authorities	authority	NOUN
eistud-28787	275	19	.	.	PUNCT
eistud-28787	276	1	in	in	ADP
eistud-28787	276	2	the	the	DET
eistud-28787	276	3	current	current	ADJ
eistud-28787	276	4	situation	situation	NOUN
eistud-28787	276	5	there	there	PRON
eistud-28787	276	6	are	be	VERB
eistud-28787	276	7	large	large	ADJ
eistud-28787	276	8	injections	injection	NOUN
eistud-28787	276	9	of	of	ADP
eistud-28787	276	10	high	high	ADJ
eistud-28787	276	11	-	-	PUNCT
eistud-28787	276	12	power	power	NOUN
eistud-28787	276	13	money	money	NOUN
eistud-28787	276	14	.	.	PUNCT
eistud-28787	277	1	this	this	DET
eistud-28787	277	2	special	special	ADJ
eistud-28787	277	3	expansion	expansion	NOUN
eistud-28787	277	4	in	in	ADP
eistud-28787	277	5	the	the	DET
eistud-28787	277	6	money	money	NOUN
eistud-28787	277	7	supply	supply	NOUN
eistud-28787	277	8	will	will	AUX
eistud-28787	277	9	not	not	PART
eistud-28787	277	10	remain	remain	VERB
eistud-28787	277	11	neutral	neutral	ADJ
eistud-28787	277	12	for	for	ADP
eistud-28787	277	13	the	the	DET
eistud-28787	277	14	price	price	NOUN
eistud-28787	277	15	level	level	NOUN
eistud-28787	277	16	.	.	PUNCT
eistud-28787	278	1	repatriation	repatriation	NOUN
eistud-28787	278	2	of	of	ADP
eistud-28787	278	3	substantial	substantial	ADJ
eistud-28787	278	4	purchasing	purchasing	NOUN
eistud-28787	278	5	power	power	NOUN
eistud-28787	278	6	to	to	ADP
eistud-28787	278	7	the	the	DET
eistud-28787	278	8	u.s	u.s	PROPN
eistud-28787	278	9	.	.	PROPN
eistud-28787	278	10	has	have	VERB
eistud-28787	278	11	a	a	DET
eistud-28787	278	12	great	great	ADJ
eistud-28787	278	13	potential	potential	NOUN
eistud-28787	278	14	for	for	ADP
eistud-28787	278	15	fueling	fuel	VERB
eistud-28787	278	16	inflation	inflation	NOUN
eistud-28787	278	17	,	,	PUNCT
eistud-28787	278	18	and	and	CCONJ
eistud-28787	278	19	not	not	PART
eistud-28787	278	20	only	only	ADV
eistud-28787	278	21	in	in	ADP
eistud-28787	278	22	the	the	DET
eistud-28787	278	23	real	real	ADJ
eistud-28787	278	24	estate	estate	NOUN
eistud-28787	278	25	market	market	NOUN
eistud-28787	278	26	.	.	PUNCT
eistud-28787	279	1	the	the	DET
eistud-28787	279	2	provision	provision	NOUN
eistud-28787	279	3	of	of	ADP
eistud-28787	279	4	additional	additional	ADJ
eistud-28787	279	5	high	high	ADJ
eistud-28787	279	6	-	-	PUNCT
eistud-28787	279	7	power	power	NOUN
eistud-28787	279	8	money	money	NOUN
eistud-28787	279	9	to	to	PART
eistud-28787	279	10	settle	settle	VERB
eistud-28787	279	11	transactions	transaction	NOUN
eistud-28787	279	12	in	in	ADP
eistud-28787	279	13	any	any	DET
eistud-28787	279	14	domestic	domestic	ADJ
eistud-28787	279	15	market	market	NOUN
eistud-28787	279	16	by	by	ADP
eistud-28787	279	17	foreigners	foreigner	NOUN
eistud-28787	279	18	delivers	deliver	VERB
eistud-28787	279	19	real	real	ADJ
eistud-28787	279	20	cash	cash	NOUN
eistud-28787	279	21	for	for	ADP
eistud-28787	279	22	all	all	DET
eistud-28787	279	23	other	other	ADJ
eistud-28787	279	24	domestic	domestic	ADJ
eistud-28787	279	25	transactions	transaction	NOUN
eistud-28787	279	26	.	.	PUNCT
eistud-28787	280	1	the	the	DET
eistud-28787	280	2	more	more	ADV
eistud-28787	280	3	inflated	inflated	ADJ
eistud-28787	280	4	prices	price	NOUN
eistud-28787	280	5	of	of	ADP
eistud-28787	280	6	the	the	DET
eistud-28787	280	7	initial	initial	ADJ
eistud-28787	280	8	assets	asset	NOUN
eistud-28787	280	9	acquired	acquire	VERB
eistud-28787	280	10	,	,	PUNCT
eistud-28787	280	11	the	the	DET
eistud-28787	280	12	more	more	ADJ
eistud-28787	280	13	money	money	NOUN
eistud-28787	280	14	supply	supply	NOUN
eistud-28787	280	15	expands	expand	VERB
eistud-28787	280	16	.	.	PUNCT
eistud-28787	281	1	with	with	ADP
eistud-28787	281	2	the	the	DET
eistud-28787	281	3	supply	supply	NOUN
eistud-28787	281	4	of	of	ADP
eistud-28787	281	5	other	other	ADJ
eistud-28787	281	6	goods	good	NOUN
eistud-28787	281	7	lagging	lag	VERB
eistud-28787	281	8	behind	behind	ADP
eistud-28787	281	9	,	,	PUNCT
eistud-28787	281	10	purchasing	purchase	VERB
eistud-28787	281	11	power	power	NOUN
eistud-28787	281	12	of	of	ADP
eistud-28787	281	13	the	the	DET
eistud-28787	281	14	dollar	dollar	NOUN
eistud-28787	281	15	must	must	AUX
eistud-28787	281	16	adjust	adjust	VERB
eistud-28787	281	17	downwards	downward	NOUN
eistud-28787	281	18	.	.	PUNCT
eistud-28787	282	1	mid-2018	mid-2018	PROPN
eistud-28787	282	2	reported	report	VERB
eistud-28787	282	3	a	a	DET
eistud-28787	282	4	takeoff	takeoff	NOUN
eistud-28787	282	5	of	of	ADP
eistud-28787	282	6	the	the	DET
eistud-28787	282	7	cpi	cpi	NOUN
eistud-28787	282	8	,	,	PUNCT
eistud-28787	282	9	and	and	CCONJ
eistud-28787	282	10	the	the	DET
eistud-28787	282	11	fed	fed	PROPN
eistud-28787	282	12	’s	’s	PART
eistud-28787	282	13	response	response	NOUN
eistud-28787	282	14	,	,	PUNCT
eistud-28787	282	15	seems	seem	VERB
eistud-28787	282	16	to	to	PART
eistud-28787	282	17	fit	fit	VERB
eistud-28787	282	18	this	this	DET
eistud-28787	282	19	narrative	narrative	NOUN
eistud-28787	282	20	perfectly	perfectly	ADV
eistud-28787	282	21	.	.	PUNCT
eistud-28787	283	1	there	there	PRON
eistud-28787	283	2	has	have	AUX
eistud-28787	283	3	been	be	AUX
eistud-28787	283	4	more	more	ADJ
eistud-28787	283	5	migration	migration	NOUN
eistud-28787	283	6	of	of	ADP
eistud-28787	283	7	purchasing	purchase	VERB
eistud-28787	283	8	power	power	NOUN
eistud-28787	283	9	in	in	ADP
eistud-28787	283	10	the	the	DET
eistud-28787	283	11	global	global	ADJ
eistud-28787	283	12	economy	economy	NOUN
eistud-28787	283	13	than	than	ADP
eistud-28787	283	14	just	just	ADV
eistud-28787	283	15	the	the	DET
eistud-28787	283	16	return	return	NOUN
eistud-28787	283	17	to	to	ADP
eistud-28787	283	18	the	the	DET
eistud-28787	283	19	u.s	u.s	PROPN
eistud-28787	283	20	.	.	PROPN
eistud-28787	283	21	countries	country	NOUN
eistud-28787	283	22	that	that	PRON
eistud-28787	283	23	accumulated	accumulate	VERB
eistud-28787	283	24	dollar	dollar	NOUN
eistud-28787	283	25	-	-	PUNCT
eistud-28787	283	26	denominated	denominate	VERB
eistud-28787	283	27	reserves	reserve	NOUN
eistud-28787	283	28	expand	expand	VERB
eistud-28787	283	29	in	in	ADP
eistud-28787	283	30	a	a	DET
eistud-28787	283	31	variety	variety	NOUN
eistud-28787	283	32	of	of	ADP
eistud-28787	283	33	directions	direction	NOUN
eistud-28787	283	34	.	.	PUNCT
eistud-28787	284	1	the	the	DET
eistud-28787	284	2	u.s	u.s	PROPN
eistud-28787	284	3	.	.	PROPN
eistud-28787	284	4	remains	remain	VERB
eistud-28787	284	5	the	the	DET
eistud-28787	284	6	main	main	ADJ
eistud-28787	284	7	destination	destination	NOUN
eistud-28787	284	8	due	due	ADP
eistud-28787	284	9	to	to	ADP
eistud-28787	284	10	the	the	DET
eistud-28787	284	11	biggest	big	ADJ
eistud-28787	284	12	capacity	capacity	NOUN
eistud-28787	284	13	to	to	PART
eistud-28787	284	14	absorb	absorb	VERB
eistud-28787	284	15	this	this	DET
eistud-28787	284	16	spending	spending	NOUN
eistud-28787	284	17	.	.	PUNCT
eistud-28787	285	1	however	however	ADV
eistud-28787	285	2	,	,	PUNCT
eistud-28787	285	3	further	further	ADJ
eistud-28787	285	4	analysis	analysis	NOUN
eistud-28787	285	5	seems	seem	VERB
eistud-28787	285	6	most	most	ADV
eistud-28787	285	7	desirable	desirable	ADJ
eistud-28787	285	8	with	with	ADP
eistud-28787	285	9	investigation	investigation	NOUN
eistud-28787	285	10	into	into	ADP
eistud-28787	285	11	the	the	DET
eistud-28787	285	12	nature	nature	NOUN
eistud-28787	285	13	of	of	ADP
eistud-28787	285	14	non	non	ADJ
eistud-28787	285	15	-	-	ADJ
eistud-28787	285	16	u.s	u.s	PROPN
eistud-28787	285	17	.	.	PROPN
eistud-28787	285	18	destinations	destination	NOUN
eistud-28787	285	19	of	of	ADP
eistud-28787	285	20	fdi	fdi	NOUN
eistud-28787	285	21	originating	originate	VERB
eistud-28787	285	22	from	from	ADP
eistud-28787	285	23	trade	trade	NOUN
eistud-28787	285	24	-	-	PUNCT
eistud-28787	285	25	surplus	surplus	NOUN
eistud-28787	285	26	economies	economy	NOUN
eistud-28787	285	27	.	.	PUNCT
eistud-28787	286	1	the	the	DET
eistud-28787	286	2	real	real	ADJ
eistud-28787	286	3	issue	issue	NOUN
eistud-28787	286	4	concerns	concern	VERB
eistud-28787	286	5	the	the	DET
eistud-28787	286	6	effects	effect	NOUN
eistud-28787	286	7	that	that	PRON
eistud-28787	286	8	differential	differential	VERB
eistud-28787	286	9	gdp	gdp	NOUN
eistud-28787	286	10	growth	growth	NOUN
eistud-28787	286	11	rates	rate	NOUN
eistud-28787	286	12	,	,	PUNCT
eistud-28787	286	13	and	and	CCONJ
eistud-28787	286	14	their	their	PRON
eistud-28787	286	15	associated	associated	ADJ
eistud-28787	286	16	savings	saving	NOUN
eistud-28787	286	17	rates	rate	NOUN
eistud-28787	286	18	,	,	PUNCT
eistud-28787	286	19	have	have	VERB
eistud-28787	286	20	on	on	ADP
eistud-28787	286	21	trade	trade	NOUN
eistud-28787	286	22	and	and	CCONJ
eistud-28787	286	23	exchange	exchange	NOUN
eistud-28787	286	24	rates	rate	NOUN
eistud-28787	286	25	.	.	PUNCT
eistud-28787	287	1	references	reference	NOUN
eistud-28787	287	2	artige	artige	PROPN
eistud-28787	287	3	,	,	PUNCT
eistud-28787	287	4	l.	l.	PROPN
eistud-28787	287	5	&	&	CCONJ
eistud-28787	287	6	nicolini	nicolini	PROPN
eistud-28787	287	7	,	,	PUNCT
eistud-28787	287	8	r.	r.	PROPN
eistud-28787	287	9	(	(	PUNCT
eistud-28787	287	10	2006	2006	NUM
eistud-28787	287	11	)	)	PUNCT
eistud-28787	287	12	.	.	PUNCT
eistud-28787	288	1	evidence	evidence	NOUN
eistud-28787	288	2	on	on	ADP
eistud-28787	288	3	the	the	DET
eistud-28787	288	4	determ	determ	NOUN
eistud-28787	288	5	inants	inant	NOUN
eistud-28787	288	6	of	of	ADP
eistud-28787	288	7	foreign	foreign	ADJ
eistud-28787	288	8	direct	direct	ADJ
eistud-28787	288	9	investment	investment	NOUN
eistud-28787	288	10	.	.	PUNCT
eistud-28787	289	1	the	the	DET
eistud-28787	289	2	case	case	NOUN
eistud-28787	289	3	of	of	ADP
eistud-28787	289	4	three	three	NUM
eistud-28787	289	5	european	european	ADJ
eistud-28787	289	6	regions	region	NOUN
eistud-28787	289	7	(	(	PUNCT
eistud-28787	289	8	no	no	INTJ
eistud-28787	289	9	.	.	NOUN
eistud-28787	289	10	07	07	NUM
eistud-28787	289	11	)	)	PUNCT
eistud-28787	289	12	(	(	PUNCT
eistud-28787	289	13	p.	p.	NOUN
eistud-28787	289	14	33	33	NUM
eistud-28787	289	15	)	)	PUNCT
eistud-28787	289	16	.	.	PUNCT
eistud-28787	290	1	retrieved	retrieve	VERB
eistud-28787	290	2	from	from	ADP
eistud-28787	290	3	http://www2.ulg.ac.be/crepp/papers/	http://www2.ulg.ac.be/crepp/papers/	ADJ
eistud-28787	290	4	crepp-wp200607.pdf	crepp-wp200607.pdf	PROPN
eistud-28787	290	5	blanchard	blanchard	NOUN
eistud-28787	290	6	o.	o.	PROPN
eistud-28787	290	7	,	,	PUNCT
eistud-28787	290	8	&	&	CCONJ
eistud-28787	290	9	milesi	milesi	PROPN
eistud-28787	290	10	-	-	PUNCT
eistud-28787	290	11	ferretti	ferretti	PROPN
eistud-28787	290	12	g.m	g.m	PROPN
eistud-28787	290	13	.	.	PUNCT
eistud-28787	291	1	(	(	PUNCT
eistud-28787	291	2	2011	2011	NUM
eistud-28787	291	3	)	)	PUNCT
eistud-28787	291	4	.	.	PUNCT
eistud-28787	292	1	(	(	PUNCT
eistud-28787	292	2	why	why	SCONJ
eistud-28787	292	3	)	)	PUNCT
eistud-28787	292	4	should	should	AUX
eistud-28787	292	5	current	current	VERB
eistud-28787	292	6	account	account	NOUN
eistud-28787	292	7	balances	balance	NOUN
eistud-28787	292	8	be	be	AUX
eistud-28787	292	9	reduced	reduce	VERB
eistud-28787	292	10	?	?	PUNCT
eistud-28787	292	11	,	,	PUNCT
eistud-28787	292	12	international	international	ADJ
eistud-28787	292	13	monetary	monetary	ADJ
eistud-28787	292	14	fund	fund	PROPN
eistud-28787	292	15	research	research	PROPN
eistud-28787	292	16	department	department	PROPN
eistud-28787	292	17	,	,	PUNCT
eistud-28787	292	18	february	february	PROPN
eistud-28787	292	19	,	,	PUNCT
eistud-28787	292	20	2011	2011	NUM
eistud-28787	292	21	.	.	PUNCT
eistud-28787	293	1	https://doi.org/10.2139/ssrn.1774984	https://doi.org/10.2139/ssrn.1774984	VERB
eistud-28787	293	2	bracke	bracke	PROPN
eistud-28787	293	3	t.	t.	PROPN
eistud-28787	293	4	,	,	PUNCT
eistud-28787	293	5	bussière	bussière	NOUN
eistud-28787	293	6	m.	m.	NOUN
eistud-28787	293	7	,	,	PUNCT
eistud-28787	293	8	fidora	fidora	PROPN
eistud-28787	293	9	m.	m.	NOUN
eistud-28787	293	10	,	,	PUNCT
eistud-28787	293	11	&	&	CCONJ
eistud-28787	293	12	straub	straub	PROPN
eistud-28787	293	13	r.	r.	PROPN
eistud-28787	293	14	(	(	PUNCT
eistud-28787	293	15	2010	2010	NUM
eistud-28787	293	16	)	)	PUNCT
eistud-28787	293	17	.	.	PUNCT
eistud-28787	294	1	a	a	DET
eistud-28787	294	2	framework	framework	NOUN
eistud-28787	294	3	for	for	ADP
eistud-28787	294	4	assessing	assess	VERB
eistud-28787	294	5	global	global	ADJ
eistud-28787	294	6	imbalances	imbalance	NOUN
eistud-28787	294	7	,	,	PUNCT
eistud-28787	294	8	ecb	ecb	NOUN
eistud-28787	294	9	,	,	PUNCT
eistud-28787	294	10	occasional	occasional	ADJ
eistud-28787	294	11	papers	paper	NOUN
eistud-28787	294	12	series	series	PROPN
eistud-28787	294	13	no	no	INTJ
eistud-28787	294	14	.	.	PROPN
eistud-28787	294	15	78	78	NUM
eistud-28787	294	16	frankfurt	frankfurt	PROPN
eistud-28787	294	17	,	,	PUNCT
eistud-28787	294	18	january	january	PROPN
eistud-28787	294	19	2008	2008	NUM
eistud-28787	294	20	.	.	PUNCT
eistud-28787	295	1	daugeliene	daugeliene	PROPN
eistud-28787	295	2	r.	r.	PROPN
eistud-28787	295	3	&	&	CCONJ
eistud-28787	295	4	młodkowski	młodkowski	PROPN
eistud-28787	295	5	p.	p.	PROPN
eistud-28787	295	6	(	(	PUNCT
eistud-28787	295	7	2014	2014	NUM
eistud-28787	295	8	)	)	PUNCT
eistud-28787	295	9	.	.	PUNCT
eistud-28787	296	1	pattern	pattern	NOUN
eistud-28787	296	2	of	of	ADP
eistud-28787	296	3	financial	financial	ADJ
eistud-28787	296	4	flows	flow	NOUN
eistud-28787	296	5	within	within	ADP
eistud-28787	296	6	the	the	DET
eistud-28787	296	7	european	european	PROPN
eistud-28787	296	8	union	union	PROPN
eistud-28787	296	9	:	:	PUNCT
eistud-28787	296	10	first	first	ADJ
eistud-28787	296	11	insights	insight	NOUN
eistud-28787	296	12	about	about	ADP
eistud-28787	296	13	creditor	creditor	NOUN
eistud-28787	296	14	-	-	PUNCT
eistud-28787	296	15	debtor	debtor	NOUN
eistud-28787	296	16	country	country	NOUN
eistud-28787	296	17	relationship	relationship	NOUN
eistud-28787	296	18	,	,	PUNCT
eistud-28787	296	19	european	european	ADJ
eistud-28787	296	20	integration	integration	NOUN
eistud-28787	296	21	studies	study	NOUN
eistud-28787	296	22	:	:	PUNCT
eistud-28787	296	23	research	research	NOUN
eistud-28787	296	24	and	and	CCONJ
eistud-28787	296	25	topicalities	topicality	NOUN
eistud-28787	296	26	,	,	PUNCT
eistud-28787	296	27	8	8	NUM
eistud-28787	296	28	,	,	PUNCT
eistud-28787	296	29	48	48	NUM
eistud-28787	296	30	-	-	SYM
eistud-28787	296	31	55	55	NUM
eistud-28787	296	32	[	[	X
eistud-28787	296	33	doi	doi	NOUN
eistud-28787	296	34	:	:	PUNCT
eistud-28787	296	35	http://dx.doi.org/10.5755/j01.eis.0.8.7014	http://dx.doi.org/10.5755/j01.eis.0.8.7014	PROPN
eistud-28787	296	36	]	]	X
eistud-28787	296	37	.	.	PUNCT
eistud-28787	297	1	de	de	PROPN
eistud-28787	297	2	mello	mello	PROPN
eistud-28787	297	3	l.	l.	PROPN
eistud-28787	297	4	,	,	PUNCT
eistud-28787	297	5	&	&	CCONJ
eistud-28787	297	6	padoan	padoan	PROPN
eistud-28787	297	7	p.c	p.c	PROPN
eistud-28787	297	8	.	.	PROPN
eistud-28787	297	9	(	(	PUNCT
eistud-28787	297	10	2010	2010	NUM
eistud-28787	297	11	)	)	PUNCT
eistud-28787	297	12	.	.	PUNCT
eistud-28787	297	13	are	be	AUX
eistud-28787	297	14	global	global	ADJ
eistud-28787	297	15	.	.	PUNCT
eistud-28787	298	1	imbalances	imbalance	NOUN
eistud-28787	298	2	sustainable	sustainable	ADJ
eistud-28787	298	3	?	?	PUNCT
eistud-28787	298	4	:	:	PUNCT
eistud-28787	299	1	post	post	VERB
eistud-28787	299	2	crisis	crisis	NOUN
eistud-28787	299	3	scenarios	scenario	NOUN
eistud-28787	299	4	,	,	PUNCT
eistud-28787	299	5	oecd	oecd	PROPN
eistud-28787	299	6	.	.	PROPN
eistud-28787	299	7	economics	economics	PROPN
eistud-28787	299	8	department	department	PROPN
eistud-28787	299	9	working	working	NOUN
eistud-28787	299	10	papers	paper	NOUN
eistud-28787	299	11	,	,	PUNCT
eistud-28787	299	12	no	no	INTJ
eistud-28787	299	13	.	.	NOUN
eistud-28787	299	14	795	795	NUM
eistud-28787	299	15	,	,	PUNCT
eistud-28787	299	16	oecd	oecd	PROPN
eistud-28787	299	17	,	,	PUNCT
eistud-28787	299	18	paris	paris	PROPN
eistud-28787	299	19	.	.	PUNCT
eistud-28787	300	1	https://doi.org/10.5202/rei.v2i1.23	https://doi.org/10.5202/rei.v2i1.23	PROPN
eistud-28787	300	2	137	137	NUM
eistud-28787	300	3	european	european	ADJ
eistud-28787	300	4	integrat	integrat	NOUN
eistud-28787	300	5	ion	ion	NOUN
eistud-28787	300	6	studies	study	NOUN
eistud-28787	300	7	2021/15	2021/15	NUM
eistud-28787	300	8	du	du	X
eistud-28787	300	9	w.	w.	PROPN
eistud-28787	300	10	,	,	PUNCT
eistud-28787	300	11	i	i	PROPN
eistud-28787	300	12	m	m	PROPN
eistud-28787	300	13	j.	j.	PROPN
eistud-28787	300	14	,	,	PUNCT
eistud-28787	300	15	&	&	CCONJ
eistud-28787	300	16	schreger	schreger	PROPN
eistud-28787	300	17	j.	j.	PROPN
eistud-28787	300	18	(	(	PUNCT
eistud-28787	300	19	2018	2018	NUM
eistud-28787	300	20	)	)	PUNCT
eistud-28787	300	21	.	.	PUNCT
eistud-28787	301	1	the	the	DET
eistud-28787	301	2	u.s	u.s	PROPN
eistud-28787	301	3	.	.	PROPN
eistud-28787	301	4	treasury	treasury	PROPN
eistud-28787	301	5	premium	premium	PROPN
eistud-28787	301	6	,	,	PUNCT
eistud-28787	301	7	journal	journal	NOUN
eistud-28787	301	8	of	of	ADP
eistud-28787	301	9	international	international	ADJ
eistud-28787	301	10	economics	economic	NOUN
eistud-28787	301	11	,	,	PUNCT
eistud-28787	301	12	112	112	NUM
eistud-28787	301	13	,	,	PUNCT
eistud-28787	301	14	167	167	NUM
eistud-28787	301	15	-	-	SYM
eistud-28787	301	16	181	181	NUM
eistud-28787	301	17	[	[	X
eistud-28787	301	18	doi	doi	NOUN
eistud-28787	301	19	:	:	PUNCT
eistud-28787	301	20	10.1016	10.1016	NUM
eistud-28787	301	21	/	/	SYM
eistud-28787	301	22	j.jinteco.2018.01.001	j.jinteco.2018.01.001	PROPN
eistud-28787	301	23	]	]	PUNCT
eistud-28787	301	24	.	.	PUNCT
eistud-28787	302	1	https://doi.org/10.1016/j.jinteco.2018.01.001	https://doi.org/10.1016/j.jinteco.2018.01.001	PROPN
eistud-28787	302	2	eichengreen	eichengreen	PROPN
eistud-28787	302	3	b.	b.	PROPN
eistud-28787	302	4	,mehl	,mehl	PUNCT
eistud-28787	302	5	a.	a.	PROPN
eistud-28787	302	6	j.	j.	PROPN
eistud-28787	302	7	,	,	PUNCT
eistud-28787	302	8	&	&	CCONJ
eistud-28787	302	9	chitu	chitu	PROPN
eistud-28787	302	10	l.	l.	PROPN
eistud-28787	302	11	(	(	PUNCT
eistud-28787	302	12	2018	2018	NUM
eistud-28787	302	13	)	)	PUNCT
eistud-28787	302	14	.	.	PUNCT
eistud-28787	303	1	mars	mar	NOUN
eistud-28787	303	2	or	or	CCONJ
eistud-28787	303	3	mercury	mercury	NOUN
eistud-28787	303	4	?	?	PUNCT
eistud-28787	304	1	the	the	DET
eistud-28787	304	2	geopolitics	geopolitic	NOUN
eistud-28787	304	3	of	of	ADP
eistud-28787	304	4	international	international	ADJ
eistud-28787	304	5	currency	currency	NOUN
eistud-28787	304	6	choice	choice	NOUN
eistud-28787	304	7	,	,	PUNCT
eistud-28787	304	8	nber	nber	PROPN
eistud-28787	304	9	working	working	PROPN
eistud-28787	304	10	paper	paper	PROPN
eistud-28787	304	11	no	no	INTJ
eistud-28787	304	12	.	.	PROPN
eistud-28787	304	13	24145	24145	NUM
eistud-28787	304	14	,	,	PUNCT
eistud-28787	304	15	issued	issue	VERB
eistud-28787	304	16	in	in	ADP
eistud-28787	304	17	december	december	PROPN
eistud-28787	304	18	2017	2017	NUM
eistud-28787	304	19	.	.	PUNCT
eistud-28787	305	1	https://doi.org/10.3386/w24145	https://doi.org/10.3386/w24145	VERB
eistud-28787	305	2	feldstein	feldstein	ADJ
eistud-28787	305	3	m.	m.	NOUN
eistud-28787	305	4	(	(	PUNCT
eistud-28787	305	5	2008	2008	NUM
eistud-28787	305	6	)	)	PUNCT
eistud-28787	305	7	.	.	PUNCT
eistud-28787	306	1	resolving	resolve	VERB
eistud-28787	306	2	the	the	DET
eistud-28787	306	3	global	global	ADJ
eistud-28787	306	4	imbalance	imbalance	NOUN
eistud-28787	306	5	:	:	PUNCT
eistud-28787	306	6	the	the	DET
eistud-28787	306	7	dollar	dollar	NOUN
eistud-28787	306	8	and	and	CCONJ
eistud-28787	306	9	the	the	DET
eistud-28787	306	10	u.s	u.s	PROPN
eistud-28787	306	11	.	.	PROPN
eistud-28787	306	12	saving	saving	NOUN
eistud-28787	306	13	rate	rate	NOUN
eistud-28787	306	14	,	,	PUNCT
eistud-28787	306	15	journal	journal	NOUN
eistud-28787	306	16	of	of	ADP
eistud-28787	306	17	economic	economic	ADJ
eistud-28787	306	18	perspectives	perspective	NOUN
eistud-28787	306	19	,	,	PUNCT
eistud-28787	306	20	22(3	22(3	NUM
eistud-28787	306	21	)	)	PUNCT
eistud-28787	306	22	,	,	PUNCT
eistud-28787	306	23	113	113	NUM
eistud-28787	306	24	-	-	SYM
eistud-28787	306	25	125	125	NUM
eistud-28787	306	26	.	.	PUNCT
eistud-28787	307	1	https://doi	https://doi	NOUN
eistud-28787	307	2	.	.	PUNCT
eistud-28787	307	3	org/10.1257	org/10.1257	PROPN
eistud-28787	307	4	/	/	SYM
eistud-28787	307	5	jep.22.3.113	jep.22.3.113	PROPN
eistud-28787	307	6	feldstein	feldstein	PROPN
eistud-28787	307	7	m.	m.	NOUN
eistud-28787	307	8	(	(	PUNCT
eistud-28787	307	9	2008	2008	NUM
eistud-28787	307	10	)	)	PUNCT
eistud-28787	307	11	.	.	PUNCT
eistud-28787	308	1	resolving	resolve	VERB
eistud-28787	308	2	the	the	DET
eistud-28787	308	3	global	global	ADJ
eistud-28787	308	4	imbalance	imbalance	NOUN
eistud-28787	308	5	:	:	PUNCT
eistud-28787	308	6	the	the	DET
eistud-28787	308	7	dollar	dollar	NOUN
eistud-28787	308	8	and	and	CCONJ
eistud-28787	308	9	the	the	DET
eistud-28787	308	10	u.s	u.s	PROPN
eistud-28787	308	11	.	.	PROPN
eistud-28787	308	12	saving	saving	NOUN
eistud-28787	308	13	rate	rate	NOUN
eistud-28787	308	14	.	.	PUNCT
eistud-28787	309	1	nber	nber	PROPN
eistud-28787	309	2	working	working	PROPN
eistud-28787	309	3	paper	paper	PROPN
eistud-28787	309	4	13952	13952	NUM
eistud-28787	309	5	.	.	PUNCT
eistud-28787	310	1	https://doi.org/10.3386/w13952	https://doi.org/10.3386/w13952	NUM
eistud-28787	310	2	king	king	NOUN
eistud-28787	310	3	,	,	PUNCT
eistud-28787	310	4	m.	m.	NOUN
eistud-28787	310	5	(	(	PUNCT
eistud-28787	310	6	2011	2011	NUM
eistud-28787	310	7	)	)	PUNCT
eistud-28787	310	8	.	.	PUNCT
eistud-28787	311	1	global	global	ADJ
eistud-28787	311	2	imbalances	imbalance	NOUN
eistud-28787	311	3	:	:	PUNCT
eistud-28787	311	4	the	the	DET
eistud-28787	311	5	perspective	perspective	NOUN
eistud-28787	311	6	of	of	ADP
eistud-28787	311	7	the	the	DET
eistud-28787	311	8	bank	bank	PROPN
eistud-28787	311	9	of	of	ADP
eistud-28787	311	10	england	england	PROPN
eistud-28787	311	11	,	,	PUNCT
eistud-28787	311	12	financial	financial	ADJ
eistud-28787	311	13	stability	stability	NOUN
eistud-28787	311	14	review	review	NOUN
eistud-28787	311	15	,	,	PUNCT
eistud-28787	311	16	15	15	NUM
eistud-28787	311	17	,	,	PUNCT
eistud-28787	311	18	1	1	NUM
eistud-28787	311	19	-	-	SYM
eistud-28787	311	20	8	8	NUM
eistud-28787	311	21	.	.	PUNCT
eistud-28787	312	1	młodkowski	młodkowski	PROPN
eistud-28787	312	2	p.	p.	PROPN
eistud-28787	312	3	(	(	PUNCT
eistud-28787	312	4	2011	2011	NUM
eistud-28787	312	5	)	)	PUNCT
eistud-28787	312	6	.	.	PUNCT
eistud-28787	313	1	foreign	foreign	ADJ
eistud-28787	313	2	exchange	exchange	PROPN
eistud-28787	313	3	reserve	reserve	NOUN
eistud-28787	313	4	management	management	NOUN
eistud-28787	313	5	in	in	ADP
eistud-28787	313	6	the	the	DET
eistud-28787	313	7	eurozone	eurozone	NOUN
eistud-28787	313	8	and	and	CCONJ
eistud-28787	313	9	the	the	DET
eistud-28787	313	10	global	global	ADJ
eistud-28787	313	11	interest	interest	NOUN
eistud-28787	313	12	rates	rate	NOUN
eistud-28787	313	13	,	,	PUNCT
eistud-28787	313	14	european	european	ADJ
eistud-28787	313	15	integration	integration	NOUN
eistud-28787	313	16	studies	study	NOUN
eistud-28787	313	17	:	:	PUNCT
eistud-28787	313	18	research	research	NOUN
eistud-28787	313	19	and	and	CCONJ
eistud-28787	313	20	topicalities	topicality	NOUN
eistud-28787	313	21	,	,	PUNCT
eistud-28787	313	22	5	5	NUM
eistud-28787	313	23	,	,	PUNCT
eistud-28787	313	24	145	145	NUM
eistud-28787	313	25	-	-	SYM
eistud-28787	313	26	151	151	NUM
eistud-28787	313	27	.	.	PUNCT
eistud-28787	314	1	[	[	X
eistud-28787	314	2	doi	doi	NOUN
eistud-28787	314	3	:	:	PUNCT
eistud-28787	314	4	http://dx.doi	http://dx.doi	NOUN
eistud-28787	314	5	.	.	PUNCT
eistud-28787	315	1	org/10.5755	org/10.5755	NOUN
eistud-28787	315	2	/	/	SYM
eistud-28787	315	3	j01.eis.0.5.1090	j01.eis.0.5.1090	PROPN
eistud-28787	315	4	]	]	X
eistud-28787	315	5	national	national	PROPN
eistud-28787	315	6	association	association	NOUN
eistud-28787	315	7	of	of	ADP
eistud-28787	315	8	realtors	realtor	NOUN
eistud-28787	315	9	(	(	PUNCT
eistud-28787	315	10	2017	2017	NUM
eistud-28787	315	11	)	)	PUNCT
eistud-28787	315	12	2017	2017	NUM
eistud-28787	315	13	profile	profile	NOUN
eistud-28787	315	14	of	of	ADP
eistud-28787	315	15	international	international	ADJ
eistud-28787	315	16	activity	activity	NOUN
eistud-28787	315	17	in	in	ADP
eistud-28787	315	18	u.s	u.s	PROPN
eistud-28787	315	19	.	.	PROPN
eistud-28787	315	20	residential	residential	ADJ
eistud-28787	315	21	real	real	ADJ
eistud-28787	315	22	estate	estate	NOUN
eistud-28787	315	23	.	.	PUNCT
eistud-28787	316	1	nar	nar	NOUN
eistud-28787	316	2	research	research	NOUN
eistud-28787	316	3	department	department	PROPN
eistud-28787	316	4	,	,	PUNCT
eistud-28787	316	5	july	july	PROPN
eistud-28787	316	6	2017	2017	NUM
eistud-28787	316	7	.	.	PUNCT
eistud-28787	317	1	obstfeld	obstfeld	VERB
eistud-28787	317	2	m.	m.	PROPN
eistud-28787	317	3	,	,	PUNCT
eistud-28787	317	4	&	&	CCONJ
eistud-28787	317	5	rogoff	rogoff	PROPN
eistud-28787	317	6	k.	k.	PROPN
eistud-28787	317	7	(	(	PUNCT
eistud-28787	317	8	2009	2009	NUM
eistud-28787	317	9	)	)	PUNCT
eistud-28787	317	10	.	.	PUNCT
eistud-28787	318	1	global	global	ADJ
eistud-28787	318	2	imbalances	imbalance	NOUN
eistud-28787	318	3	and	and	CCONJ
eistud-28787	318	4	the	the	DET
eistud-28787	318	5	financial	financial	ADJ
eistud-28787	318	6	crisis	crisis	NOUN
eistud-28787	318	7	:	:	PUNCT
eistud-28787	318	8	products	product	NOUN
eistud-28787	318	9	of	of	ADP
eistud-28787	318	10	common	common	ADJ
eistud-28787	318	11	causes	cause	NOUN
eistud-28787	318	12	,	,	PUNCT
eistud-28787	318	13	cepr	cepr	ADJ
eistud-28787	318	14	discussion	discussion	NOUN
eistud-28787	318	15	papers	paper	NOUN
eistud-28787	318	16	7606	7606	NUM
eistud-28787	318	17	,	,	PUNCT
eistud-28787	318	18	london	london	PROPN
eistud-28787	318	19	,	,	PUNCT
eistud-28787	318	20	nov.2009	nov.2009	X
eistud-28787	318	21	.	.	PUNCT
eistud-28787	319	1	whelan	whelan	PROPN
eistud-28787	319	2	k.	k.	PROPN
eistud-28787	319	3	(	(	PUNCT
eistud-28787	319	4	2010	2010	NUM
eistud-28787	319	5	)	)	PUNCT
eistud-28787	319	6	.	.	PUNCT
eistud-28787	320	1	global	global	ADJ
eistud-28787	320	2	imbalances	imbalance	NOUN
eistud-28787	320	3	and	and	CCONJ
eistud-28787	320	4	the	the	DET
eistud-28787	320	5	financial	financial	ADJ
eistud-28787	320	6	crisis	crisis	NOUN
eistud-28787	320	7	,	,	PUNCT
eistud-28787	320	8	note	note	VERB
eistud-28787	320	9	,	,	PUNCT
eistud-28787	320	10	eu	eu	PROPN
eistud-28787	320	11	directorate	directorate	ADJ
eistud-28787	320	12	general	general	NOUN
eistud-28787	320	13	for	for	ADP
eistud-28787	320	14	internal	internal	ADJ
eistud-28787	320	15	policies	policy	NOUN
eistud-28787	320	16	,	,	PUNCT
eistud-28787	320	17	brussels	brussels	PROPN
eistud-28787	320	18	,	,	PUNCT
eistud-28787	320	19	8	8	NUM
eistud-28787	320	20	march	march	NOUN
eistud-28787	320	21	2010	2010	NUM
eistud-28787	320	22	.	.	PUNCT
eistud-28787	321	1	młodkowski	młodkowski	PROPN
eistud-28787	321	2	paweł	paweł	PROPN
eistud-28787	321	3	ph.d	ph.d	PROPN
eistud-28787	321	4	.	.	PUNCT
eistud-28787	322	1	in	in	ADP
eistud-28787	322	2	economics	economics	PROPN
eistud-28787	322	3	jagiellonian	jagiellonian	PROPN
eistud-28787	322	4	university	university	PROPN
eistud-28787	322	5	fields	field	NOUN
eistud-28787	322	6	of	of	ADP
eistud-28787	322	7	interests	interest	NOUN
eistud-28787	322	8	open	open	ADJ
eistud-28787	322	9	economy	economy	NOUN
eistud-28787	322	10	macroeconomics	macroeconomic	NOUN
eistud-28787	322	11	.	.	PUNCT
eistud-28787	323	1	address	address	NOUN
eistud-28787	323	2	1405	1405	NUM
eistud-28787	323	3	kano	kano	PROPN
eistud-28787	323	4	-	-	PUNCT
eistud-28787	323	5	hei	hei	PROPN
eistud-28787	323	6	,	,	PUNCT
eistud-28787	323	7	kiyotake	kiyotake	NOUN
eistud-28787	323	8	-	-	PUNCT
eistud-28787	323	9	cho	cho	PROPN
eistud-28787	323	10	,	,	PUNCT
eistud-28787	323	11	miyazaki	miyazaki	PROPN
eistud-28787	323	12	-	-	PUNCT
eistud-28787	323	13	shi	shi	PROPN
eistud-28787	323	14	,	,	PUNCT
eistud-28787	323	15	889	889	NUM
eistud-28787	323	16	-	-	SYM
eistud-28787	323	17	1605	1605	NUM
eistud-28787	323	18	miyazaki	miyazaki	PROPN
eistud-28787	323	19	pawel.mlodkowski@gmail.com	pawel.mlodkowski@gmail.com	X
eistud-28787	323	20	about	about	ADP
eistud-28787	323	21	the	the	DET
eistud-28787	323	22	author	author	NOUN
eistud-28787	323	23	this	this	DET
eistud-28787	323	24	article	article	NOUN
eistud-28787	323	25	is	be	AUX
eistud-28787	323	26	an	an	DET
eistud-28787	323	27	open	open	ADJ
eistud-28787	323	28	access	access	NOUN
eistud-28787	323	29	article	article	NOUN
eistud-28787	323	30	distributed	distribute	VERB
eistud-28787	323	31	under	under	ADP
eistud-28787	323	32	the	the	DET
eistud-28787	323	33	terms	term	NOUN
eistud-28787	323	34	and	and	CCONJ
eistud-28787	323	35	conditions	condition	NOUN
eistud-28787	323	36	of	of	ADP
eistud-28787	323	37	the	the	DET
eistud-28787	323	38	creative	creative	ADJ
eistud-28787	323	39	commons	common	NOUN
eistud-28787	323	40	attribution	attribution	NOUN
eistud-28787	323	41	4.0	4.0	NUM
eistud-28787	323	42	(	(	PUNCT
eistud-28787	323	43	cc	cc	VERB
eistud-28787	323	44	by	by	ADP
eistud-28787	323	45	4.0	4.0	NUM
eistud-28787	323	46	)	)	PUNCT
eistud-28787	323	47	license	license	NOUN
eistud-28787	323	48	(	(	PUNCT
eistud-28787	323	49	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
eistud-28787	323	50	)	)	PUNCT
eistud-28787	323	51	.	.	PUNCT