id	sid	tid	token	lemma	pos
eistud-7014	1	1	48	48	NUM
eistud-7014	1	2	issn	issn	PROPN
eistud-7014	1	3	1822–8402	1822–8402	NUM
eistud-7014	1	4	european	european	ADJ
eistud-7014	1	5	integration	integration	NOUN
eistud-7014	1	6	studies	study	NOUN
eistud-7014	1	7	.	.	PUNCT
eistud-7014	2	1	2014	2014	NUM
eistud-7014	2	2	.	.	PUNCT
eistud-7014	3	1	no	no	INTJ
eistud-7014	3	2	.	.	NOUN
eistud-7014	3	3	8	8	NUM
eistud-7014	3	4	pattern	pattern	NOUN
eistud-7014	3	5	of	of	ADP
eistud-7014	3	6	financial	financial	ADJ
eistud-7014	3	7	flows	flow	NOUN
eistud-7014	3	8	within	within	ADP
eistud-7014	3	9	the	the	DET
eistud-7014	3	10	european	european	PROPN
eistud-7014	3	11	union	union	PROPN
eistud-7014	3	12	:	:	PUNCT
eistud-7014	3	13	first	first	ADJ
eistud-7014	3	14	insights	insight	NOUN
eistud-7014	3	15	about	about	ADP
eistud-7014	3	16	creditor	creditor	NOUN
eistud-7014	3	17	-	-	PUNCT
eistud-7014	3	18	debtor	debtor	NOUN
eistud-7014	3	19	country	country	NOUN
eistud-7014	3	20	relationship	relationship	NOUN
eistud-7014	3	21	rasa	rasa	PROPN
eistud-7014	3	22	daugeliene	daugeliene	PROPN
eistud-7014	3	23	kaunas	kaunas	PROPN
eistud-7014	3	24	university	university	PROPN
eistud-7014	3	25	of	of	ADP
eistud-7014	3	26	technology	technology	NOUN
eistud-7014	3	27	,	,	PUNCT
eistud-7014	3	28	faculty	faculty	NOUN
eistud-7014	3	29	of	of	ADP
eistud-7014	3	30	social	social	ADJ
eistud-7014	3	31	sciences	science	NOUN
eistud-7014	3	32	,	,	PUNCT
eistud-7014	3	33	arts	art	NOUN
eistud-7014	3	34	and	and	CCONJ
eistud-7014	3	35	humanities	humanities	PROPN
eistud-7014	3	36	institute	institute	PROPN
eistud-7014	3	37	of	of	ADP
eistud-7014	3	38	europe	europe	PROPN
eistud-7014	3	39	mickevicius	mickevicius	PROPN
eistud-7014	3	40	str	str	PROPN
eistud-7014	3	41	.	.	PUNCT
eistud-7014	4	1	37	37	NUM
eistud-7014	4	2	,	,	PUNCT
eistud-7014	4	3	lt44320	lt44320	PROPN
eistud-7014	4	4	,	,	PUNCT
eistud-7014	4	5	lithuania	lithuania	PROPN
eistud-7014	4	6	e	e	PROPN
eistud-7014	4	7	-	-	NOUN
eistud-7014	4	8	mail	mail	NOUN
eistud-7014	4	9	:	:	PUNCT
eistud-7014	4	10	rasa.daugeliene@ktu.lt	rasa.daugeliene@ktu.lt	PROPN
eistud-7014	4	11	pawel	pawel	PROPN
eistud-7014	4	12	mlodkowski	mlodkowski	PROPN
eistud-7014	4	13	university	university	PROPN
eistud-7014	4	14	of	of	ADP
eistud-7014	4	15	information	information	NOUN
eistud-7014	4	16	technology	technology	NOUN
eistud-7014	4	17	and	and	CCONJ
eistud-7014	4	18	management	management	NOUN
eistud-7014	4	19	in	in	ADP
eistud-7014	4	20	rzeszow	rzeszow	NOUN
eistud-7014	4	21	2	2	NUM
eistud-7014	4	22	sucharskiego	sucharskiego	PROPN
eistud-7014	4	23	street	street	NOUN
eistud-7014	4	24	,	,	PUNCT
eistud-7014	4	25	35	35	NUM
eistud-7014	4	26	-	-	SYM
eistud-7014	4	27	255	255	NUM
eistud-7014	4	28	rzeszow	rzeszow	NOUN
eistud-7014	4	29	republic	republic	NOUN
eistud-7014	4	30	of	of	ADP
eistud-7014	4	31	poland	poland	PROPN
eistud-7014	4	32	e	e	NOUN
eistud-7014	4	33	-	-	NOUN
eistud-7014	4	34	mail	mail	NOUN
eistud-7014	4	35	:	:	PUNCT
eistud-7014	4	36	pawel.mlodkowski@gmail.com	pawel.mlodkowski@gmail.com	X
eistud-7014	4	37	http://dx.doi.org/10.5755/j01.eis.0.8.7014	http://dx.doi.org/10.5755/j01.eis.0.8.7014	PROPN
eistud-7014	4	38	the	the	DET
eistud-7014	4	39	paper	paper	NOUN
eistud-7014	4	40	presents	present	VERB
eistud-7014	4	41	an	an	DET
eistud-7014	4	42	explanation	explanation	NOUN
eistud-7014	4	43	for	for	ADP
eistud-7014	4	44	accumulation	accumulation	NOUN
eistud-7014	4	45	of	of	ADP
eistud-7014	4	46	foreign	foreign	ADJ
eistud-7014	4	47	liabilities	liability	NOUN
eistud-7014	4	48	referring	refer	VERB
eistud-7014	4	49	to	to	ADP
eistud-7014	4	50	herd	herd	NOUN
eistud-7014	4	51	behavior	behavior	NOUN
eistud-7014	4	52	fueled	fuel	VERB
eistud-7014	4	53	by	by	ADP
eistud-7014	4	54	the	the	DET
eistud-7014	4	55	common	common	ADJ
eistud-7014	4	56	market	market	NOUN
eistud-7014	4	57	mechanism	mechanism	NOUN
eistud-7014	4	58	allowing	allow	VERB
eistud-7014	4	59	for	for	ADP
eistud-7014	4	60	some	some	DET
eistud-7014	4	61	role	role	NOUN
eistud-7014	4	62	by	by	ADP
eistud-7014	4	63	the	the	DET
eistud-7014	4	64	new	new	ADJ
eistud-7014	4	65	member	member	NOUN
eistud-7014	4	66	states	state	NOUN
eistud-7014	4	67	of	of	ADP
eistud-7014	4	68	2004	2004	NUM
eistud-7014	4	69	.	.	PUNCT
eistud-7014	5	1	citizens	citizen	NOUN
eistud-7014	5	2	of	of	ADP
eistud-7014	5	3	the	the	DET
eistud-7014	5	4	new	new	ADJ
eistud-7014	5	5	eu	eu	PROPN
eistud-7014	5	6	member	member	PROPN
eistud-7014	5	7	states	state	NOUN
eistud-7014	5	8	of	of	ADP
eistud-7014	5	9	2004	2004	NUM
eistud-7014	5	10	started	start	VERB
eistud-7014	5	11	to	to	PART
eistud-7014	5	12	diversify	diversify	VERB
eistud-7014	5	13	asset	asset	NOUN
eistud-7014	5	14	portfolios	portfolio	NOUN
eistud-7014	5	15	available	available	ADJ
eistud-7014	5	16	within	within	ADP
eistud-7014	5	17	the	the	DET
eistud-7014	5	18	common	common	ADJ
eistud-7014	5	19	market	market	NOUN
eistud-7014	5	20	.	.	PUNCT
eistud-7014	6	1	residents	resident	NOUN
eistud-7014	6	2	of	of	ADP
eistud-7014	6	3	other	other	ADJ
eistud-7014	6	4	eu	eu	PROPN
eistud-7014	6	5	regions	region	NOUN
eistud-7014	6	6	observed	observe	VERB
eistud-7014	6	7	additional	additional	ADJ
eistud-7014	6	8	outright	outright	ADJ
eistud-7014	6	9	demand	demand	NOUN
eistud-7014	6	10	for	for	ADP
eistud-7014	6	11	real	real	ADJ
eistud-7014	6	12	estate	estate	NOUN
eistud-7014	6	13	,	,	PUNCT
eistud-7014	6	14	which	which	PRON
eistud-7014	6	15	created	create	VERB
eistud-7014	6	16	appreciation	appreciation	NOUN
eistud-7014	6	17	expectations	expectation	NOUN
eistud-7014	6	18	.	.	PUNCT
eistud-7014	7	1	they	they	PRON
eistud-7014	7	2	took	take	VERB
eistud-7014	7	3	,	,	PUNCT
eistud-7014	7	4	therefore	therefore	ADV
eistud-7014	7	5	,	,	PUNCT
eistud-7014	7	6	long	long	ADJ
eistud-7014	7	7	positions	position	NOUN
eistud-7014	7	8	in	in	ADP
eistud-7014	7	9	this	this	DET
eistud-7014	7	10	market	market	NOUN
eistud-7014	7	11	.	.	PUNCT
eistud-7014	8	1	however	however	ADV
eistud-7014	8	2	,	,	PUNCT
eistud-7014	8	3	speculative	speculative	ADJ
eistud-7014	8	4	transactions	transaction	NOUN
eistud-7014	8	5	were	be	AUX
eistud-7014	8	6	mostly	mostly	ADV
eistud-7014	8	7	financed	finance	VERB
eistud-7014	8	8	by	by	ADP
eistud-7014	8	9	imported	import	VERB
eistud-7014	8	10	capital	capital	NOUN
eistud-7014	8	11	from	from	ADP
eistud-7014	8	12	eu	eu	PROPN
eistud-7014	8	13	-	-	ADJ
eistud-7014	8	14	creditor	creditor	NOUN
eistud-7014	8	15	countries	country	NOUN
eistud-7014	8	16	.	.	PUNCT
eistud-7014	9	1	foreign	foreign	ADJ
eistud-7014	9	2	liabilities	liability	NOUN
eistud-7014	9	3	of	of	ADP
eistud-7014	9	4	piigs	piig	NOUN
eistud-7014	9	5	countries	country	NOUN
eistud-7014	9	6	systematically	systematically	ADV
eistud-7014	9	7	grew	grow	VERB
eistud-7014	9	8	.	.	PUNCT
eistud-7014	10	1	the	the	DET
eistud-7014	10	2	authors	author	NOUN
eistud-7014	10	3	observe	observe	VERB
eistud-7014	10	4	asymmetry	asymmetry	NOUN
eistud-7014	10	5	in	in	ADP
eistud-7014	10	6	terms	term	NOUN
eistud-7014	10	7	of	of	ADP
eistud-7014	10	8	eu	eu	PROPN
eistud-7014	10	9	-	-	ADJ
eistud-7014	10	10	creditor	creditor	NOUN
eistud-7014	10	11	engagement	engagement	NOUN
eistud-7014	10	12	in	in	ADP
eistud-7014	10	13	this	this	DET
eistud-7014	10	14	process	process	NOUN
eistud-7014	10	15	.	.	PUNCT
eistud-7014	11	1	the	the	DET
eistud-7014	11	2	real	real	ADJ
eistud-7014	11	3	estate	estate	NOUN
eistud-7014	11	4	market	market	NOUN
eistud-7014	11	5	in	in	ADP
eistud-7014	11	6	some	some	DET
eistud-7014	11	7	eu	eu	PROPN
eistud-7014	11	8	regions	region	NOUN
eistud-7014	11	9	experienced	experience	VERB
eistud-7014	11	10	a	a	DET
eistud-7014	11	11	boom	boom	NOUN
eistud-7014	11	12	from	from	ADP
eistud-7014	11	13	2004	2004	NUM
eistud-7014	11	14	to	to	ADP
eistud-7014	11	15	2008	2008	NUM
eistud-7014	11	16	.	.	PUNCT
eistud-7014	12	1	it	it	PRON
eistud-7014	12	2	was	be	AUX
eistud-7014	12	3	started	start	VERB
eistud-7014	12	4	by	by	ADP
eistud-7014	12	5	cash	cash	NOUN
eistud-7014	12	6	holders	holder	NOUN
eistud-7014	12	7	(	(	PUNCT
eistud-7014	12	8	foreigners	foreigner	NOUN
eistud-7014	12	9	)	)	PUNCT
eistud-7014	12	10	and	and	CCONJ
eistud-7014	12	11	became	become	VERB
eistud-7014	12	12	later	later	ADJ
eistud-7014	12	13	leverage	leverage	NOUN
eistud-7014	12	14	-	-	PUNCT
eistud-7014	12	15	fuelled	fuel	VERB
eistud-7014	12	16	by	by	ADP
eistud-7014	12	17	residents	resident	NOUN
eistud-7014	12	18	.	.	PUNCT
eistud-7014	13	1	when	when	SCONJ
eistud-7014	13	2	external	external	ADJ
eistud-7014	13	3	buyers	buyer	NOUN
eistud-7014	13	4	disappeared	disappear	VERB
eistud-7014	13	5	from	from	ADP
eistud-7014	13	6	the	the	DET
eistud-7014	13	7	real	real	ADJ
eistud-7014	13	8	estate	estate	NOUN
eistud-7014	13	9	markets	market	NOUN
eistud-7014	13	10	,	,	PUNCT
eistud-7014	13	11	the	the	DET
eistud-7014	13	12	appreciation	appreciation	NOUN
eistud-7014	13	13	impulse	impulse	ADJ
eistud-7014	13	14	for	for	ADP
eistud-7014	13	15	real	real	ADJ
eistud-7014	13	16	assets	asset	NOUN
eistud-7014	13	17	associated	associate	VERB
eistud-7014	13	18	with	with	ADP
eistud-7014	13	19	the	the	DET
eistud-7014	13	20	foreigners	foreigner	NOUN
eistud-7014	13	21	vanished	vanish	VERB
eistud-7014	13	22	.	.	PUNCT
eistud-7014	14	1	locals	local	NOUN
eistud-7014	14	2	in	in	ADP
eistud-7014	14	3	found	find	VERB
eistud-7014	14	4	themselves	themselves	PRON
eistud-7014	14	5	in	in	ADP
eistud-7014	14	6	long	long	ADJ
eistud-7014	14	7	positions	position	NOUN
eistud-7014	14	8	in	in	ADP
eistud-7014	14	9	significantly	significantly	ADV
eistud-7014	14	10	inflated	inflate	VERB
eistud-7014	14	11	real	real	ADJ
eistud-7014	14	12	assets	asset	NOUN
eistud-7014	14	13	without	without	ADP
eistud-7014	14	14	any	any	DET
eistud-7014	14	15	chance	chance	NOUN
eistud-7014	14	16	for	for	ADP
eistud-7014	14	17	recovering	recover	VERB
eistud-7014	14	18	the	the	DET
eistud-7014	14	19	original	original	ADJ
eistud-7014	14	20	cost	cost	NOUN
eistud-7014	14	21	due	due	ADP
eistud-7014	14	22	to	to	ADP
eistud-7014	14	23	deficient	deficient	ADJ
eistud-7014	14	24	demand	demand	NOUN
eistud-7014	14	25	.	.	PUNCT
eistud-7014	15	1	when	when	SCONJ
eistud-7014	15	2	explaining	explain	VERB
eistud-7014	15	3	the	the	DET
eistud-7014	15	4	reasons	reason	NOUN
eistud-7014	15	5	for	for	ADP
eistud-7014	15	6	intra	intra	ADJ
eistud-7014	15	7	-	-	ADJ
eistud-7014	15	8	eu	eu	ADJ
eistud-7014	15	9	financial	financial	ADJ
eistud-7014	15	10	flows	flow	NOUN
eistud-7014	15	11	authors	author	NOUN
eistud-7014	15	12	offer	offer	VERB
eistud-7014	15	13	eu	eu	PROPN
eistud-7014	15	14	-	-	ADJ
eistud-7014	15	15	solidarity	solidarity	ADJ
eistud-7014	15	16	interpretation	interpretation	NOUN
eistud-7014	15	17	in	in	ADP
eistud-7014	15	18	the	the	DET
eistud-7014	15	19	spirit	spirit	NOUN
eistud-7014	15	20	of	of	ADP
eistud-7014	15	21	tirole	tirole	PROPN
eistud-7014	15	22	(	(	PUNCT
eistud-7014	15	23	2012	2012	NUM
eistud-7014	15	24	)	)	PUNCT
eistud-7014	15	25	.	.	PUNCT
eistud-7014	16	1	considering	consider	VERB
eistud-7014	16	2	mentioned	mention	VERB
eistud-7014	16	3	the	the	DET
eistud-7014	16	4	scientific	scientific	ADJ
eistud-7014	16	5	problems	problem	NOUN
eistud-7014	16	6	were	be	AUX
eistud-7014	16	7	raised	raise	VERB
eistud-7014	16	8	:	:	PUNCT
eistud-7014	16	9	how	how	SCONJ
eistud-7014	16	10	the	the	DET
eistud-7014	16	11	pattern	pattern	NOUN
eistud-7014	16	12	or	or	CCONJ
eistud-7014	16	13	scope	scope	NOUN
eistud-7014	16	14	of	of	ADP
eistud-7014	16	15	financial	financial	ADJ
eistud-7014	16	16	flows	flow	NOUN
eistud-7014	16	17	in	in	ADP
eistud-7014	16	18	the	the	DET
eistud-7014	16	19	eu	eu	PROPN
eistud-7014	16	20	could	could	AUX
eistud-7014	16	21	be	be	AUX
eistud-7014	16	22	evaluated	evaluate	VERB
eistud-7014	16	23	?	?	PUNCT
eistud-7014	17	1	what	what	PRON
eistud-7014	17	2	is	be	AUX
eistud-7014	17	3	the	the	DET
eistud-7014	17	4	relation	relation	NOUN
eistud-7014	17	5	between	between	ADP
eistud-7014	17	6	creditor	creditor	NOUN
eistud-7014	17	7	–	–	PUNCT
eistud-7014	17	8	debtor	debtor	NOUN
eistud-7014	17	9	considering	consider	VERB
eistud-7014	17	10	investment	investment	NOUN
eistud-7014	17	11	in	in	ADP
eistud-7014	17	12	real	real	ADJ
eistud-7014	17	13	estate	estate	NOUN
eistud-7014	17	14	in	in	ADP
eistud-7014	17	15	pigs	pig	NOUN
eistud-7014	17	16	countries	country	NOUN
eistud-7014	17	17	?	?	PUNCT
eistud-7014	18	1	the	the	DET
eistud-7014	18	2	aim	aim	NOUN
eistud-7014	18	3	is	be	AUX
eistud-7014	18	4	to	to	PART
eistud-7014	18	5	present	present	VERB
eistud-7014	18	6	and	and	CCONJ
eistud-7014	18	7	discuss	discuss	VERB
eistud-7014	18	8	about	about	ADP
eistud-7014	18	9	the	the	DET
eistud-7014	18	10	pattern	pattern	NOUN
eistud-7014	18	11	of	of	ADP
eistud-7014	18	12	financial	financial	ADJ
eistud-7014	18	13	flows	flow	NOUN
eistud-7014	18	14	within	within	ADP
eistud-7014	18	15	the	the	DET
eistud-7014	18	16	european	european	PROPN
eistud-7014	18	17	union	union	PROPN
eistud-7014	18	18	(	(	PUNCT
eistud-7014	18	19	between	between	ADP
eistud-7014	18	20	creditor	creditor	NOUN
eistud-7014	18	21	countries	country	NOUN
eistud-7014	18	22	–	–	PUNCT
eistud-7014	18	23	germany	germany	PROPN
eistud-7014	18	24	,	,	PUNCT
eistud-7014	18	25	france	france	PROPN
eistud-7014	18	26	,	,	PUNCT
eistud-7014	18	27	the	the	DET
eistud-7014	18	28	uk	uk	PROPN
eistud-7014	18	29	;	;	PUNCT
eistud-7014	18	30	and	and	CCONJ
eistud-7014	18	31	debtor	debtor	NOUN
eistud-7014	18	32	countries	country	NOUN
eistud-7014	18	33	–	–	PUNCT
eistud-7014	18	34	piigs	piig	NOUN
eistud-7014	18	35	)	)	PUNCT
eistud-7014	18	36	and	and	CCONJ
eistud-7014	18	37	to	to	PART
eistud-7014	18	38	propose	propose	VERB
eistud-7014	18	39	a	a	DET
eistud-7014	18	40	mechanism	mechanism	NOUN
eistud-7014	18	41	for	for	ADP
eistud-7014	18	42	building	build	VERB
eistud-7014	18	43	up	up	ADP
eistud-7014	18	44	real	real	ADJ
eistud-7014	18	45	assets	asset	NOUN
eistud-7014	18	46	boom	boom	NOUN
eistud-7014	18	47	.	.	PUNCT
eistud-7014	19	1	in	in	ADP
eistud-7014	19	2	order	order	NOUN
eistud-7014	19	3	to	to	PART
eistud-7014	19	4	reach	reach	VERB
eistud-7014	19	5	the	the	DET
eistud-7014	19	6	aim	aim	NOUN
eistud-7014	19	7	four	four	NUM
eistud-7014	19	8	tasks	task	NOUN
eistud-7014	19	9	are	be	AUX
eistud-7014	19	10	to	to	PART
eistud-7014	19	11	be	be	AUX
eistud-7014	19	12	solved	solve	VERB
eistud-7014	19	13	:	:	PUNCT
eistud-7014	19	14	briefly	briefly	ADV
eistud-7014	19	15	present	present	VERB
eistud-7014	19	16	the	the	DET
eistud-7014	19	17	milestones	milestone	NOUN
eistud-7014	19	18	of	of	ADP
eistud-7014	19	19	financial	financial	ADJ
eistud-7014	19	20	flows	flow	NOUN
eistud-7014	19	21	liberalization	liberalization	NOUN
eistud-7014	19	22	in	in	ADP
eistud-7014	19	23	the	the	DET
eistud-7014	19	24	european	european	PROPN
eistud-7014	19	25	union	union	PROPN
eistud-7014	19	26	;	;	PUNCT
eistud-7014	19	27	provide	provide	VERB
eistud-7014	19	28	methodological	methodological	ADJ
eistud-7014	19	29	substantiation	substantiation	NOUN
eistud-7014	19	30	of	of	ADP
eistud-7014	19	31	empirical	empirical	ADJ
eistud-7014	19	32	investigation	investigation	NOUN
eistud-7014	19	33	of	of	ADP
eistud-7014	19	34	the	the	DET
eistud-7014	19	35	intra	intra	PROPN
eistud-7014	19	36	-	-	ADJ
eistud-7014	19	37	eu	eu	ADJ
eistud-7014	19	38	(	(	PUNCT
eistud-7014	19	39	between	between	ADP
eistud-7014	19	40	creditor	creditor	NOUN
eistud-7014	19	41	countries	country	NOUN
eistud-7014	19	42	–	–	PUNCT
eistud-7014	19	43	germany	germany	PROPN
eistud-7014	19	44	,	,	PUNCT
eistud-7014	19	45	france	france	PROPN
eistud-7014	19	46	,	,	PUNCT
eistud-7014	19	47	the	the	DET
eistud-7014	19	48	uk	uk	PROPN
eistud-7014	19	49	;	;	PUNCT
eistud-7014	19	50	and	and	CCONJ
eistud-7014	19	51	debtor	debtor	NOUN
eistud-7014	19	52	countries	country	NOUN
eistud-7014	19	53	–	–	PUNCT
eistud-7014	19	54	piigs	piig	NOUN
eistud-7014	19	55	)	)	PUNCT
eistud-7014	19	56	financial	financial	ADJ
eistud-7014	19	57	flows	flow	NOUN
eistud-7014	19	58	;	;	PUNCT
eistud-7014	19	59	present	present	ADJ
eistud-7014	19	60	considerations	consideration	NOUN
eistud-7014	19	61	about	about	ADP
eistud-7014	19	62	the	the	DET
eistud-7014	19	63	problem	problem	NOUN
eistud-7014	19	64	with	with	ADP
eistud-7014	19	65	capital	capital	NOUN
eistud-7014	19	66	flows	flow	NOUN
eistud-7014	19	67	in	in	ADP
eistud-7014	19	68	european	european	PROPN
eistud-7014	19	69	union	union	PROPN
eistud-7014	19	70	;	;	PUNCT
eistud-7014	19	71	to	to	PART
eistud-7014	19	72	analyze	analyze	VERB
eistud-7014	19	73	the	the	DET
eistud-7014	19	74	situation	situation	NOUN
eistud-7014	19	75	of	of	ADP
eistud-7014	19	76	financial	financial	ADJ
eistud-7014	19	77	flows	flow	NOUN
eistud-7014	19	78	in	in	ADP
eistud-7014	19	79	creditor	creditor	NOUN
eistud-7014	19	80	and	and	CCONJ
eistud-7014	19	81	debtor	debtor	NOUN
eistud-7014	19	82	countries	country	NOUN
eistud-7014	19	83	as	as	ADV
eistud-7014	19	84	well	well	ADV
eistud-7014	19	85	as	as	ADP
eistud-7014	19	86	to	to	PART
eistud-7014	19	87	present	present	VERB
eistud-7014	19	88	stylized	stylize	VERB
eistud-7014	19	89	insights	insight	NOUN
eistud-7014	19	90	about	about	ADP
eistud-7014	19	91	creditor	creditor	NOUN
eistud-7014	19	92	-	-	PUNCT
eistud-7014	19	93	debtor	debtor	NOUN
eistud-7014	19	94	relationship	relationship	NOUN
eistud-7014	19	95	considering	consider	VERB
eistud-7014	19	96	investment	investment	NOUN
eistud-7014	19	97	in	in	ADP
eistud-7014	19	98	real	real	ADJ
eistud-7014	19	99	estate	estate	NOUN
eistud-7014	19	100	in	in	ADP
eistud-7014	19	101	piigs	piig	NOUN
eistud-7014	19	102	countries	country	NOUN
eistud-7014	19	103	.	.	PUNCT
eistud-7014	20	1	research	research	NOUN
eistud-7014	20	2	methods	method	NOUN
eistud-7014	20	3	:	:	PUNCT
eistud-7014	20	4	empirical	empirical	ADJ
eistud-7014	20	5	investigation	investigation	NOUN
eistud-7014	20	6	defining	define	VERB
eistud-7014	20	7	variables	variable	NOUN
eistud-7014	20	8	that	that	PRON
eistud-7014	20	9	describe	describe	VERB
eistud-7014	20	10	the	the	DET
eistud-7014	20	11	object	object	NOUN
eistud-7014	20	12	of	of	ADP
eistud-7014	20	13	investigation	investigation	NOUN
eistud-7014	20	14	;	;	PUNCT
eistud-7014	20	15	bop	bop	NOUN
eistud-7014	20	16	statistics	statistic	NOUN
eistud-7014	20	17	,	,	PUNCT
eistud-7014	20	18	ecb	ecb	NOUN
eistud-7014	20	19	database	database	NOUN
eistud-7014	20	20	as	as	ADV
eistud-7014	20	21	well	well	ADV
eistud-7014	20	22	as	as	ADP
eistud-7014	20	23	imf	imf	PROPN
eistud-7014	20	24	and	and	CCONJ
eistud-7014	20	25	ifs	ifs	PROPN
eistud-7014	20	26	statistics	statistic	NOUN
eistud-7014	20	27	was	be	AUX
eistud-7014	20	28	used	use	VERB
eistud-7014	20	29	as	as	ADP
eistud-7014	20	30	source	source	NOUN
eistud-7014	20	31	of	of	ADP
eistud-7014	20	32	information	information	NOUN
eistud-7014	20	33	.	.	PUNCT
eistud-7014	21	1	the	the	DET
eistud-7014	21	2	authors	author	NOUN
eistud-7014	21	3	try	try	VERB
eistud-7014	21	4	to	to	PART
eistud-7014	21	5	observe	observe	VERB
eistud-7014	21	6	the	the	DET
eistud-7014	21	7	international	international	ADJ
eistud-7014	21	8	investment	investment	NOUN
eistud-7014	21	9	position	position	NOUN
eistud-7014	21	10	defined	define	VERB
eistud-7014	21	11	for	for	ADP
eistud-7014	21	12	bilateral	bilateral	ADJ
eistud-7014	21	13	positions	position	NOUN
eistud-7014	21	14	between	between	ADP
eistud-7014	21	15	creditor	creditor	NOUN
eistud-7014	21	16	(	(	PUNCT
eistud-7014	21	17	germany	germany	PROPN
eistud-7014	21	18	,	,	PUNCT
eistud-7014	21	19	france	france	PROPN
eistud-7014	21	20	,	,	PUNCT
eistud-7014	21	21	the	the	DET
eistud-7014	21	22	uk	uk	PROPN
eistud-7014	21	23	)	)	PUNCT
eistud-7014	21	24	and	and	CCONJ
eistud-7014	21	25	debtor	debtor	NOUN
eistud-7014	21	26	countries	country	NOUN
eistud-7014	21	27	(	(	PUNCT
eistud-7014	21	28	pigs	pig	NOUN
eistud-7014	21	29	)	)	PUNCT
eistud-7014	21	30	.	.	PUNCT
eistud-7014	22	1	the	the	DET
eistud-7014	22	2	restriction	restriction	NOUN
eistud-7014	22	3	of	of	ADP
eistud-7014	22	4	analysis	analysis	NOUN
eistud-7014	22	5	of	of	ADP
eistud-7014	22	6	financial	financial	ADJ
eistud-7014	22	7	flows	flow	NOUN
eistud-7014	22	8	pattern	pattern	NOUN
eistud-7014	22	9	was	be	AUX
eistud-7014	22	10	made	make	VERB
eistud-7014	22	11	to	to	ADP
eistud-7014	22	12	only	only	ADV
eistud-7014	22	13	several	several	ADJ
eistud-7014	22	14	of	of	ADP
eistud-7014	22	15	the	the	DET
eistud-7014	22	16	eu	eu	PROPN
eistud-7014	22	17	countries	countries	PROPN
eistud-7014	22	18	(	(	PUNCT
eistud-7014	22	19	germany	germany	PROPN
eistud-7014	22	20	,	,	PUNCT
eistud-7014	22	21	france	france	PROPN
eistud-7014	22	22	and	and	CCONJ
eistud-7014	22	23	the	the	DET
eistud-7014	22	24	uk	uk	PROPN
eistud-7014	22	25	,	,	PUNCT
eistud-7014	22	26	as	as	ADP
eistud-7014	22	27	creditors	creditor	NOUN
eistud-7014	22	28	and	and	CCONJ
eistud-7014	22	29	pigs	pig	NOUN
eistud-7014	22	30	group	group	NOUN
eistud-7014	22	31	:	:	PUNCT
eistud-7014	22	32	portugal	portugal	PROPN
eistud-7014	22	33	,	,	PUNCT
eistud-7014	22	34	italy	italy	PROPN
eistud-7014	22	35	,	,	PUNCT
eistud-7014	22	36	greece	greece	PROPN
eistud-7014	22	37	,	,	PUNCT
eistud-7014	22	38	spain	spain	PROPN
eistud-7014	22	39	)	)	PUNCT
eistud-7014	22	40	.	.	PUNCT
eistud-7014	23	1	motivation	motivation	NOUN
eistud-7014	23	2	for	for	ADP
eistud-7014	23	3	this	this	DET
eistud-7014	23	4	decision	decision	NOUN
eistud-7014	23	5	is	be	AUX
eistud-7014	23	6	based	base	VERB
eistud-7014	23	7	on	on	ADP
eistud-7014	23	8	the	the	DET
eistud-7014	23	9	following	follow	VERB
eistud-7014	23	10	observations	observation	NOUN
eistud-7014	23	11	,	,	PUNCT
eistud-7014	23	12	that	that	SCONJ
eistud-7014	23	13	there	there	PRON
eistud-7014	23	14	are	be	VERB
eistud-7014	23	15	only	only	ADV
eistud-7014	23	16	few	few	ADJ
eistud-7014	23	17	countries	country	NOUN
eistud-7014	23	18	that	that	PRON
eistud-7014	23	19	we	we	PRON
eistud-7014	23	20	recognize	recognize	VERB
eistud-7014	23	21	as	as	ADP
eistud-7014	23	22	the	the	DET
eistud-7014	23	23	eu	eu	PROPN
eistud-7014	23	24	-	-	PUNCT
eistud-7014	23	25	based	base	VERB
eistud-7014	23	26	debtors	debtor	NOUN
eistud-7014	23	27	.	.	PUNCT
eistud-7014	24	1	these	these	PRON
eistud-7014	24	2	are	be	AUX
eistud-7014	24	3	those	those	DET
eistud-7014	24	4	eu	eu	PROPN
eistud-7014	24	5	-	-	NOUN
eistud-7014	24	6	members	member	NOUN
eistud-7014	24	7	that	that	PRON
eistud-7014	24	8	experienced	experience	VERB
eistud-7014	24	9	debt	debt	NOUN
eistud-7014	24	10	-	-	PUNCT
eistud-7014	24	11	related	relate	VERB
eistud-7014	24	12	problems	problem	NOUN
eistud-7014	24	13	.	.	PUNCT
eistud-7014	25	1	the	the	DET
eistud-7014	25	2	main	main	ADJ
eistud-7014	25	3	results	result	NOUN
eistud-7014	25	4	of	of	ADP
eistud-7014	25	5	the	the	DET
eistud-7014	25	6	research	research	NOUN
eistud-7014	25	7	–	–	PUNCT
eistud-7014	25	8	offered	offer	VERB
eistud-7014	25	9	an	an	DET
eistud-7014	25	10	alternative	alternative	ADJ
eistud-7014	25	11	approach	approach	NOUN
eistud-7014	25	12	to	to	ADP
eistud-7014	25	13	understanding	understand	VERB
eistud-7014	25	14	a	a	DET
eistud-7014	25	15	fraction	fraction	NOUN
eistud-7014	25	16	of	of	ADP
eistud-7014	25	17	the	the	DET
eistud-7014	25	18	debt	debt	NOUN
eistud-7014	25	19	created	create	VERB
eistud-7014	25	20	due	due	ADP
eistud-7014	25	21	to	to	ADP
eistud-7014	25	22	common	common	ADJ
eistud-7014	25	23	market	market	NOUN
eistud-7014	25	24	and	and	CCONJ
eistud-7014	25	25	european	european	ADJ
eistud-7014	25	26	financial	financial	ADJ
eistud-7014	25	27	area	area	NOUN
eistud-7014	25	28	.	.	PUNCT
eistud-7014	26	1	analysis	analysis	NOUN
eistud-7014	26	2	of	of	ADP
eistud-7014	26	3	situation	situation	NOUN
eistud-7014	26	4	of	of	ADP
eistud-7014	26	5	financial	financial	ADJ
eistud-7014	26	6	flows	flow	NOUN
eistud-7014	26	7	in	in	ADP
eistud-7014	26	8	creditor	creditor	NOUN
eistud-7014	26	9	and	and	CCONJ
eistud-7014	26	10	debtor	debtor	NOUN
eistud-7014	26	11	countries	country	NOUN
eistud-7014	26	12	as	as	ADV
eistud-7014	26	13	well	well	ADV
eistud-7014	26	14	as	as	ADP
eistud-7014	26	15	stylized	stylize	VERB
eistud-7014	26	16	insights	insight	NOUN
eistud-7014	26	17	about	about	ADP
eistud-7014	26	18	creditor	creditor	NOUN
eistud-7014	26	19	-	-	PUNCT
eistud-7014	26	20	debtor	debtor	NOUN
eistud-7014	26	21	relationship	relationship	NOUN
eistud-7014	26	22	considering	consider	VERB
eistud-7014	26	23	investment	investment	NOUN
eistud-7014	26	24	in	in	ADP
eistud-7014	26	25	real	real	ADJ
eistud-7014	26	26	estate	estate	NOUN
eistud-7014	26	27	in	in	ADP
eistud-7014	26	28	pigs	pig	NOUN
eistud-7014	26	29	countries	country	NOUN
eistud-7014	26	30	was	be	AUX
eistud-7014	26	31	provided	provide	VERB
eistud-7014	26	32	.	.	PUNCT
eistud-7014	27	1	alternative	alternative	ADJ
eistud-7014	27	2	scenario	scenario	NOUN
eistud-7014	27	3	(	(	PUNCT
eistud-7014	27	4	four	four	NUM
eistud-7014	27	5	steps	step	NOUN
eistud-7014	27	6	)	)	PUNCT
eistud-7014	27	7	as	as	ADP
eistud-7014	27	8	an	an	DET
eistud-7014	27	9	explanation	explanation	NOUN
eistud-7014	27	10	of	of	ADP
eistud-7014	27	11	the	the	DET
eistud-7014	27	12	mechanism	mechanism	NOUN
eistud-7014	27	13	behind	behind	ADP
eistud-7014	27	14	the	the	DET
eistud-7014	27	15	process	process	NOUN
eistud-7014	27	16	of	of	ADP
eistud-7014	27	17	foreign	foreign	ADJ
eistud-7014	27	18	liabilities	liability	NOUN
eistud-7014	27	19	accumulation	accumulation	NOUN
eistud-7014	27	20	in	in	ADP
eistud-7014	27	21	the	the	DET
eistud-7014	27	22	eu	eu	PROPN
eistud-7014	27	23	before	before	SCONJ
eistud-7014	27	24	the	the	DET
eistud-7014	27	25	debt	debt	NOUN
eistud-7014	27	26	crisis	crisis	NOUN
eistud-7014	27	27	of	of	ADP
eistud-7014	27	28	2009	2009	NUM
eistud-7014	27	29	was	be	AUX
eistud-7014	27	30	presented	present	VERB
eistud-7014	27	31	as	as	ADV
eistud-7014	27	32	well	well	ADV
eistud-7014	27	33	.	.	PUNCT
eistud-7014	28	1	keywords	keyword	NOUN
eistud-7014	28	2	:	:	PUNCT
eistud-7014	28	3	debt	debt	NOUN
eistud-7014	28	4	crisis	crisis	NOUN
eistud-7014	28	5	,	,	PUNCT
eistud-7014	28	6	financial	financial	ADJ
eistud-7014	28	7	flows	flow	NOUN
eistud-7014	28	8	,	,	PUNCT
eistud-7014	28	9	balance	balance	NOUN
eistud-7014	28	10	of	of	ADP
eistud-7014	28	11	payments	payment	NOUN
eistud-7014	28	12	,	,	PUNCT
eistud-7014	28	13	iip	iip	PROPN
eistud-7014	28	14	,	,	PUNCT
eistud-7014	28	15	european	european	PROPN
eistud-7014	28	16	union	union	PROPN
eistud-7014	28	17	.	.	PUNCT
eistud-7014	29	1	introduction	introduction	NOUN
eistud-7014	29	2	the	the	DET
eistud-7014	29	3	post	post	ADJ
eistud-7014	29	4	-	-	ADJ
eistud-7014	29	5	crisis	crisis	ADJ
eistud-7014	29	6	period	period	NOUN
eistud-7014	29	7	witnessed	witness	VERB
eistud-7014	29	8	multitude	multitude	NOUN
eistud-7014	29	9	of	of	ADP
eistud-7014	29	10	research	research	NOUN
eistud-7014	29	11	initiatives	initiative	NOUN
eistud-7014	29	12	aimed	aim	VERB
eistud-7014	29	13	at	at	ADP
eistud-7014	29	14	explaining	explain	VERB
eistud-7014	29	15	variety	variety	NOUN
eistud-7014	29	16	of	of	ADP
eistud-7014	29	17	issues	issue	NOUN
eistud-7014	29	18	associated	associate	VERB
eistud-7014	29	19	with	with	ADP
eistud-7014	29	20	causes	cause	NOUN
eistud-7014	29	21	and	and	CCONJ
eistud-7014	29	22	consequences	consequence	NOUN
eistud-7014	29	23	of	of	ADP
eistud-7014	29	24	financial	financial	ADJ
eistud-7014	29	25	turmoil	turmoil	NOUN
eistud-7014	29	26	.	.	PUNCT
eistud-7014	30	1	in	in	ADP
eistud-7014	30	2	the	the	DET
eistud-7014	30	3	literature	literature	NOUN
eistud-7014	30	4	,	,	PUNCT
eistud-7014	30	5	one	one	PRON
eistud-7014	30	6	could	could	AUX
eistud-7014	30	7	recognize	recognize	VERB
eistud-7014	30	8	several	several	ADJ
eistud-7014	30	9	most	most	ADV
eistud-7014	30	10	popular	popular	ADJ
eistud-7014	30	11	topics	topic	NOUN
eistud-7014	30	12	.	.	PUNCT
eistud-7014	31	1	their	their	PRON
eistud-7014	31	2	popularity	popularity	NOUN
eistud-7014	31	3	results	result	VERB
eistud-7014	31	4	from	from	ADP
eistud-7014	31	5	their	their	PRON
eistud-7014	31	6	significance	significance	NOUN
eistud-7014	31	7	for	for	ADP
eistud-7014	31	8	economic	economic	ADJ
eistud-7014	31	9	policy	policy	NOUN
eistud-7014	31	10	:	:	PUNCT
eistud-7014	31	11	(	(	PUNCT
eistud-7014	31	12	1	1	X
eistud-7014	31	13	)	)	PUNCT
eistud-7014	31	14	the	the	DET
eistud-7014	31	15	role	role	NOUN
eistud-7014	31	16	of	of	ADP
eistud-7014	31	17	debt	debt	NOUN
eistud-7014	31	18	[	[	X
eistud-7014	31	19	private	private	ADJ
eistud-7014	31	20	and	and	CCONJ
eistud-7014	31	21	public	public	ADJ
eistud-7014	31	22	]	]	PUNCT
eistud-7014	31	23	in	in	ADP
eistud-7014	31	24	the	the	DET
eistud-7014	31	25	economic	economic	ADJ
eistud-7014	31	26	issn	issn	PROPN
eistud-7014	31	27	1822–8402	1822–8402	NUM
eistud-7014	31	28	european	european	ADJ
eistud-7014	31	29	integration	integration	NOUN
eistud-7014	31	30	studies	study	NOUN
eistud-7014	31	31	.	.	PUNCT
eistud-7014	32	1	2014	2014	NUM
eistud-7014	32	2	.	.	PUNCT
eistud-7014	33	1	no	no	INTJ
eistud-7014	33	2	.	.	NOUN
eistud-7014	33	3	8	8	NUM
eistud-7014	33	4	49	49	NUM
eistud-7014	33	5	downturn	downturn	NOUN
eistud-7014	33	6	,	,	PUNCT
eistud-7014	33	7	(	(	PUNCT
eistud-7014	33	8	2	2	X
eistud-7014	33	9	)	)	PUNCT
eistud-7014	33	10	financial	financial	ADJ
eistud-7014	33	11	intermediaries	intermediary	NOUN
eistud-7014	33	12	and	and	CCONJ
eistud-7014	33	13	regulation	regulation	NOUN
eistud-7014	33	14	of	of	ADP
eistud-7014	33	15	their	their	PRON
eistud-7014	33	16	international	international	ADJ
eistud-7014	33	17	activities	activity	NOUN
eistud-7014	33	18	,	,	PUNCT
eistud-7014	33	19	(	(	PUNCT
eistud-7014	33	20	3	3	X
eistud-7014	33	21	)	)	PUNCT
eistud-7014	33	22	international	international	ADJ
eistud-7014	33	23	capital	capital	NOUN
eistud-7014	33	24	flows	flow	NOUN
eistud-7014	33	25	and	and	CCONJ
eistud-7014	33	26	their	their	PRON
eistud-7014	33	27	role	role	NOUN
eistud-7014	33	28	in	in	ADP
eistud-7014	33	29	generating	generate	VERB
eistud-7014	33	30	aggravating	aggravate	VERB
eistud-7014	33	31	and	and	CCONJ
eistud-7014	33	32	prolonging	prolong	VERB
eistud-7014	33	33	the	the	DET
eistud-7014	33	34	debt	debt	NOUN
eistud-7014	33	35	crisis	crisis	NOUN
eistud-7014	33	36	.	.	PUNCT
eistud-7014	34	1	the	the	DET
eistud-7014	34	2	article	article	NOUN
eistud-7014	34	3	offers	offer	VERB
eistud-7014	34	4	an	an	DET
eistud-7014	34	5	original	original	ADJ
eistud-7014	34	6	explanation	explanation	NOUN
eistud-7014	34	7	supported	support	VERB
eistud-7014	34	8	by	by	ADP
eistud-7014	34	9	an	an	DET
eistud-7014	34	10	empirical	empirical	ADJ
eistud-7014	34	11	investigation	investigation	NOUN
eistud-7014	34	12	of	of	ADP
eistud-7014	34	13	the	the	DET
eistud-7014	34	14	intra	intra	ADJ
eistud-7014	34	15	-	-	ADJ
eistud-7014	34	16	eu	eu	ADJ
eistud-7014	34	17	financial	financial	ADJ
eistud-7014	34	18	flows	flow	NOUN
eistud-7014	34	19	(	(	PUNCT
eistud-7014	34	20	by	by	ADP
eistud-7014	34	21	referring	refer	VERB
eistud-7014	34	22	to	to	ADP
eistud-7014	34	23	the	the	DET
eistud-7014	34	24	private	private	ADJ
eistud-7014	34	25	investments	investment	NOUN
eistud-7014	34	26	in	in	ADP
eistud-7014	34	27	real	real	ADJ
eistud-7014	34	28	estate	estate	NOUN
eistud-7014	34	29	in	in	ADP
eistud-7014	34	30	piigs	piig	NOUN
eistud-7014	34	31	countries	country	NOUN
eistud-7014	34	32	)	)	PUNCT
eistud-7014	34	33	.	.	PUNCT
eistud-7014	35	1	this	this	PRON
eistud-7014	35	2	presupposes	presuppose	VERB
eistud-7014	35	3	the	the	DET
eistud-7014	35	4	novelty	novelty	NOUN
eistud-7014	35	5	of	of	ADP
eistud-7014	35	6	the	the	DET
eistud-7014	35	7	article	article	NOUN
eistud-7014	35	8	.	.	PUNCT
eistud-7014	36	1	it	it	PRON
eistud-7014	36	2	will	will	AUX
eistud-7014	36	3	be	be	AUX
eistud-7014	36	4	left	leave	VERB
eistud-7014	36	5	for	for	SCONJ
eistud-7014	36	6	further	further	ADJ
eistud-7014	36	7	studies	study	NOUN
eistud-7014	36	8	to	to	PART
eistud-7014	36	9	present	present	VERB
eistud-7014	36	10	a	a	DET
eistud-7014	36	11	formal	formal	ADJ
eistud-7014	36	12	theoretical	theoretical	ADJ
eistud-7014	36	13	model	model	NOUN
eistud-7014	36	14	for	for	ADP
eistud-7014	36	15	the	the	DET
eistud-7014	36	16	evaluation	evaluation	NOUN
eistud-7014	36	17	of	of	ADP
eistud-7014	36	18	behavior	behavior	NOUN
eistud-7014	36	19	of	of	ADP
eistud-7014	36	20	agents	agent	NOUN
eistud-7014	36	21	considering	consider	VERB
eistud-7014	36	22	different	different	ADJ
eistud-7014	36	23	investment	investment	NOUN
eistud-7014	36	24	decisions	decision	NOUN
eistud-7014	36	25	.	.	PUNCT
eistud-7014	37	1	the	the	DET
eistud-7014	37	2	eu	eu	PROPN
eistud-7014	37	3	-	-	NOUN
eistud-7014	37	4	citizens	citizen	NOUN
eistud-7014	37	5	optimizing	optimize	VERB
eistud-7014	37	6	their	their	PRON
eistud-7014	37	7	utility	utility	NOUN
eistud-7014	37	8	functions	function	NOUN
eistud-7014	37	9	in	in	ADP
eistud-7014	37	10	the	the	DET
eistud-7014	37	11	long	long	ADJ
eistud-7014	37	12	run	run	NOUN
eistud-7014	37	13	may	may	AUX
eistud-7014	37	14	present	present	VERB
eistud-7014	37	15	more	more	ADJ
eistud-7014	37	16	solidarity	solidarity	NOUN
eistud-7014	37	17	with	with	ADP
eistud-7014	37	18	fellow	fellow	ADJ
eistud-7014	37	19	members	member	NOUN
eistud-7014	37	20	of	of	ADP
eistud-7014	37	21	the	the	DET
eistud-7014	37	22	eu	eu	PROPN
eistud-7014	37	23	than	than	ADP
eistud-7014	37	24	with	with	ADP
eistud-7014	37	25	citizens	citizen	NOUN
eistud-7014	37	26	of	of	ADP
eistud-7014	37	27	the	the	DET
eistud-7014	37	28	rest	rest	NOUN
eistud-7014	37	29	of	of	ADP
eistud-7014	37	30	the	the	DET
eistud-7014	37	31	world	world	NOUN
eistud-7014	37	32	.	.	PUNCT
eistud-7014	38	1	this	this	PRON
eistud-7014	38	2	,	,	PUNCT
eistud-7014	38	3	in	in	ADP
eistud-7014	38	4	turn	turn	NOUN
eistud-7014	38	5	,	,	PUNCT
eistud-7014	38	6	allows	allow	VERB
eistud-7014	38	7	for	for	ADP
eistud-7014	38	8	postponing	postpone	VERB
eistud-7014	38	9	repayment	repayment	NOUN
eistud-7014	38	10	,	,	PUNCT
eistud-7014	38	11	as	as	SCONJ
eistud-7014	38	12	the	the	DET
eistud-7014	38	13	credibility	credibility	NOUN
eistud-7014	38	14	of	of	ADP
eistud-7014	38	15	the	the	DET
eistud-7014	38	16	eu	eu	PROPN
eistud-7014	38	17	-	-	PUNCT
eistud-7014	38	18	based	base	VERB
eistud-7014	38	19	debtors	debtor	NOUN
eistud-7014	38	20	is	be	AUX
eistud-7014	38	21	,	,	PUNCT
eistud-7014	38	22	in	in	ADP
eistud-7014	38	23	some	some	DET
eistud-7014	38	24	respect	respect	NOUN
eistud-7014	38	25	,	,	PUNCT
eistud-7014	38	26	enhanced	enhance	VERB
eistud-7014	38	27	by	by	ADP
eistud-7014	38	28	the	the	DET
eistud-7014	38	29	fact	fact	NOUN
eistud-7014	38	30	of	of	ADP
eistud-7014	38	31	the	the	DET
eistud-7014	38	32	eu	eu	PROPN
eistud-7014	38	33	-	-	NOUN
eistud-7014	38	34	membership	membership	NOUN
eistud-7014	38	35	.	.	PUNCT
eistud-7014	39	1	other	other	ADJ
eistud-7014	39	2	authors	author	NOUN
eistud-7014	39	3	(	(	PUNCT
eistud-7014	39	4	spiegel	spiegel	PROPN
eistud-7014	39	5	,	,	PUNCT
eistud-7014	39	6	2008	2008	NUM
eistud-7014	39	7	;	;	PUNCT
eistud-7014	39	8	waysand	waysand	NOUN
eistud-7014	39	9	,	,	PUNCT
eistud-7014	39	10	ross	ross	PROPN
eistud-7014	39	11	,	,	PUNCT
eistud-7014	39	12	&	&	CCONJ
eistud-7014	39	13	de	de	PROPN
eistud-7014	39	14	guzman	guzman	PROPN
eistud-7014	39	15	,	,	PUNCT
eistud-7014	39	16	2012	2012	NUM
eistud-7014	39	17	;	;	PUNCT
eistud-7014	39	18	lane	lane	NOUN
eistud-7014	39	19	,	,	PUNCT
eistud-7014	39	20	2012	2012	NUM
eistud-7014	39	21	;	;	PUNCT
eistud-7014	39	22	lane	lane	NOUN
eistud-7014	39	23	,	,	PUNCT
eistud-7014	39	24	2006	2006	NUM
eistud-7014	39	25	)	)	PUNCT
eistud-7014	39	26	may	may	AUX
eistud-7014	39	27	underestimate	underestimate	VERB
eistud-7014	39	28	belief	belief	NOUN
eistud-7014	39	29	in	in	ADP
eistud-7014	39	30	the	the	DET
eistud-7014	39	31	euinstitutions	euinstitution	NOUN
eistud-7014	39	32	and	and	CCONJ
eistud-7014	39	33	the	the	DET
eistud-7014	39	34	eu	eu	PROPN
eistud-7014	39	35	legal	legal	ADJ
eistud-7014	39	36	framework	framework	NOUN
eistud-7014	39	37	,	,	PUNCT
eistud-7014	39	38	when	when	SCONJ
eistud-7014	39	39	explaining	explain	VERB
eistud-7014	39	40	observed	observed	ADJ
eistud-7014	39	41	behavior	behavior	NOUN
eistud-7014	39	42	and	and	CCONJ
eistud-7014	39	43	international	international	ADJ
eistud-7014	39	44	capital	capital	NOUN
eistud-7014	39	45	flows	flow	NOUN
eistud-7014	39	46	(	(	PUNCT
eistud-7014	39	47	within	within	ADP
eistud-7014	39	48	the	the	DET
eistud-7014	39	49	eu	eu	PROPN
eistud-7014	39	50	)	)	PUNCT
eistud-7014	39	51	.	.	PUNCT
eistud-7014	40	1	there	there	PRON
eistud-7014	40	2	is	be	VERB
eistud-7014	40	3	only	only	ADV
eistud-7014	40	4	one	one	NUM
eistud-7014	40	5	,	,	PUNCT
eistud-7014	40	6	up	up	ADP
eistud-7014	40	7	to	to	ADP
eistud-7014	40	8	date	date	NOUN
eistud-7014	40	9	,	,	PUNCT
eistud-7014	40	10	explicit	explicit	ADJ
eistud-7014	40	11	attempt	attempt	NOUN
eistud-7014	40	12	to	to	PART
eistud-7014	40	13	capture	capture	VERB
eistud-7014	40	14	specific	specific	ADJ
eistud-7014	40	15	relationships	relationship	NOUN
eistud-7014	40	16	in	in	ADP
eistud-7014	40	17	a	a	DET
eistud-7014	40	18	model	model	NOUN
eistud-7014	40	19	describing	describe	VERB
eistud-7014	40	20	some	some	DET
eistud-7014	40	21	form	form	NOUN
eistud-7014	40	22	of	of	ADP
eistud-7014	40	23	solidarity	solidarity	NOUN
eistud-7014	40	24	between	between	ADP
eistud-7014	40	25	countries	country	NOUN
eistud-7014	40	26	that	that	PRON
eistud-7014	40	27	belong	belong	VERB
eistud-7014	40	28	to	to	ADP
eistud-7014	40	29	a	a	DET
eistud-7014	40	30	regional	regional	ADJ
eistud-7014	40	31	economic	economic	ADJ
eistud-7014	40	32	integration	integration	NOUN
eistud-7014	40	33	association	association	NOUN
eistud-7014	40	34	(	(	PUNCT
eistud-7014	40	35	tirole	tirole	PROPN
eistud-7014	40	36	,	,	PUNCT
eistud-7014	40	37	2012	2012	NUM
eistud-7014	40	38	)	)	PUNCT
eistud-7014	40	39	.	.	PUNCT
eistud-7014	41	1	these	these	DET
eistud-7014	41	2	statements	statement	NOUN
eistud-7014	41	3	first	first	ADV
eistud-7014	41	4	presuppose	presuppose	VERB
eistud-7014	41	5	to	to	PART
eistud-7014	41	6	raise	raise	VERB
eistud-7014	41	7	scientific	scientific	ADJ
eistud-7014	41	8	problems	problem	NOUN
eistud-7014	41	9	:	:	PUNCT
eistud-7014	41	10	how	how	SCONJ
eistud-7014	41	11	the	the	DET
eistud-7014	41	12	pattern	pattern	NOUN
eistud-7014	41	13	or	or	CCONJ
eistud-7014	41	14	scope	scope	NOUN
eistud-7014	41	15	of	of	ADP
eistud-7014	41	16	financial	financial	ADJ
eistud-7014	41	17	flows	flow	NOUN
eistud-7014	41	18	in	in	ADP
eistud-7014	41	19	the	the	DET
eistud-7014	41	20	eu	eu	PROPN
eistud-7014	41	21	could	could	AUX
eistud-7014	41	22	be	be	AUX
eistud-7014	41	23	evaluated	evaluate	VERB
eistud-7014	41	24	?	?	PUNCT
eistud-7014	42	1	what	what	PRON
eistud-7014	42	2	is	be	AUX
eistud-7014	42	3	the	the	DET
eistud-7014	42	4	relation	relation	NOUN
eistud-7014	42	5	between	between	ADP
eistud-7014	42	6	creditor	creditor	NOUN
eistud-7014	42	7	–	–	PUNCT
eistud-7014	42	8	debtor	debtor	NOUN
eistud-7014	42	9	considering	consider	VERB
eistud-7014	42	10	investment	investment	NOUN
eistud-7014	42	11	in	in	ADP
eistud-7014	42	12	real	real	ADJ
eistud-7014	42	13	estate	estate	NOUN
eistud-7014	42	14	in	in	ADP
eistud-7014	42	15	piigs	piig	NOUN
eistud-7014	42	16	countries	country	NOUN
eistud-7014	42	17	?	?	PUNCT
eistud-7014	43	1	the	the	DET
eistud-7014	43	2	aim	aim	NOUN
eistud-7014	43	3	of	of	ADP
eistud-7014	43	4	the	the	DET
eistud-7014	43	5	paper	paper	NOUN
eistud-7014	43	6	is	be	AUX
eistud-7014	43	7	to	to	PART
eistud-7014	43	8	present	present	VERB
eistud-7014	43	9	and	and	CCONJ
eistud-7014	43	10	discuss	discuss	VERB
eistud-7014	43	11	about	about	ADP
eistud-7014	43	12	the	the	DET
eistud-7014	43	13	pattern	pattern	NOUN
eistud-7014	43	14	of	of	ADP
eistud-7014	43	15	financial	financial	ADJ
eistud-7014	43	16	flows	flow	NOUN
eistud-7014	43	17	within	within	ADP
eistud-7014	43	18	the	the	DET
eistud-7014	43	19	european	european	PROPN
eistud-7014	43	20	union	union	PROPN
eistud-7014	43	21	(	(	PUNCT
eistud-7014	43	22	between	between	ADP
eistud-7014	43	23	creditor	creditor	NOUN
eistud-7014	43	24	countries	country	NOUN
eistud-7014	43	25	–	–	PUNCT
eistud-7014	43	26	germany	germany	PROPN
eistud-7014	43	27	,	,	PUNCT
eistud-7014	43	28	france	france	PROPN
eistud-7014	43	29	,	,	PUNCT
eistud-7014	43	30	the	the	DET
eistud-7014	43	31	uk	uk	PROPN
eistud-7014	43	32	;	;	PUNCT
eistud-7014	43	33	and	and	CCONJ
eistud-7014	43	34	debtor	debtor	NOUN
eistud-7014	43	35	countries	country	NOUN
eistud-7014	43	36	–	–	PUNCT
eistud-7014	43	37	piigs	piig	NOUN
eistud-7014	43	38	)	)	PUNCT
eistud-7014	43	39	and	and	CCONJ
eistud-7014	43	40	to	to	PART
eistud-7014	43	41	propose	propose	VERB
eistud-7014	43	42	a	a	DET
eistud-7014	43	43	mechanism	mechanism	NOUN
eistud-7014	43	44	for	for	ADP
eistud-7014	43	45	building	build	VERB
eistud-7014	43	46	up	up	ADP
eistud-7014	43	47	real	real	ADJ
eistud-7014	43	48	assets	asset	NOUN
eistud-7014	43	49	boom	boom	NOUN
eistud-7014	43	50	.	.	PUNCT
eistud-7014	44	1	in	in	ADP
eistud-7014	44	2	order	order	NOUN
eistud-7014	44	3	to	to	PART
eistud-7014	44	4	reach	reach	VERB
eistud-7014	44	5	the	the	DET
eistud-7014	44	6	aim	aim	NOUN
eistud-7014	44	7	four	four	NUM
eistud-7014	44	8	tasks	task	NOUN
eistud-7014	44	9	are	be	AUX
eistud-7014	44	10	to	to	PART
eistud-7014	44	11	be	be	AUX
eistud-7014	44	12	solved	solve	VERB
eistud-7014	44	13	:	:	PUNCT
eistud-7014	44	14	•	•	NUM
eistud-7014	44	15	briefly	briefly	ADV
eistud-7014	44	16	present	present	VERB
eistud-7014	44	17	the	the	DET
eistud-7014	44	18	milestones	milestone	NOUN
eistud-7014	44	19	of	of	ADP
eistud-7014	44	20	financial	financial	ADJ
eistud-7014	44	21	flows	flow	NOUN
eistud-7014	44	22	liberalization	liberalization	NOUN
eistud-7014	44	23	in	in	ADP
eistud-7014	44	24	the	the	DET
eistud-7014	44	25	european	european	PROPN
eistud-7014	44	26	union	union	PROPN
eistud-7014	44	27	;	;	PUNCT
eistud-7014	44	28	•	•	NUM
eistud-7014	44	29	provide	provide	VERB
eistud-7014	44	30	methodological	methodological	ADJ
eistud-7014	44	31	substantiation	substantiation	NOUN
eistud-7014	44	32	of	of	ADP
eistud-7014	44	33	empirical	empirical	ADJ
eistud-7014	44	34	investigation	investigation	NOUN
eistud-7014	44	35	of	of	ADP
eistud-7014	44	36	the	the	DET
eistud-7014	44	37	intra	intra	PROPN
eistud-7014	44	38	-	-	ADJ
eistud-7014	44	39	eu	eu	ADJ
eistud-7014	44	40	(	(	PUNCT
eistud-7014	44	41	between	between	ADP
eistud-7014	44	42	creditor	creditor	NOUN
eistud-7014	44	43	countries	country	NOUN
eistud-7014	44	44	–	–	PUNCT
eistud-7014	44	45	germany	germany	PROPN
eistud-7014	44	46	,	,	PUNCT
eistud-7014	44	47	france	france	PROPN
eistud-7014	44	48	,	,	PUNCT
eistud-7014	44	49	the	the	DET
eistud-7014	44	50	uk	uk	PROPN
eistud-7014	44	51	;	;	PUNCT
eistud-7014	44	52	and	and	CCONJ
eistud-7014	44	53	debtor	debtor	NOUN
eistud-7014	44	54	countries	country	NOUN
eistud-7014	44	55	–	–	PUNCT
eistud-7014	44	56	piigs	piig	NOUN
eistud-7014	44	57	)	)	PUNCT
eistud-7014	44	58	financial	financial	ADJ
eistud-7014	44	59	flows	flow	NOUN
eistud-7014	44	60	;	;	PUNCT
eistud-7014	44	61	•	•	NUM
eistud-7014	44	62	present	present	ADJ
eistud-7014	44	63	considerations	consideration	NOUN
eistud-7014	44	64	about	about	ADP
eistud-7014	44	65	the	the	DET
eistud-7014	44	66	problem	problem	NOUN
eistud-7014	44	67	with	with	ADP
eistud-7014	44	68	capital	capital	NOUN
eistud-7014	44	69	flows	flow	NOUN
eistud-7014	44	70	in	in	ADP
eistud-7014	44	71	european	european	PROPN
eistud-7014	44	72	union	union	PROPN
eistud-7014	44	73	;	;	PUNCT
eistud-7014	44	74	•	•	ADP
eistud-7014	44	75	to	to	PART
eistud-7014	44	76	analyze	analyze	VERB
eistud-7014	44	77	the	the	DET
eistud-7014	44	78	situation	situation	NOUN
eistud-7014	44	79	of	of	ADP
eistud-7014	44	80	financial	financial	ADJ
eistud-7014	44	81	flows	flow	NOUN
eistud-7014	44	82	in	in	ADP
eistud-7014	44	83	creditor	creditor	NOUN
eistud-7014	44	84	and	and	CCONJ
eistud-7014	44	85	debtor	debtor	NOUN
eistud-7014	44	86	countries	country	NOUN
eistud-7014	44	87	as	as	ADV
eistud-7014	44	88	well	well	ADV
eistud-7014	44	89	as	as	ADP
eistud-7014	44	90	to	to	PART
eistud-7014	44	91	present	present	VERB
eistud-7014	44	92	stylized	stylize	VERB
eistud-7014	44	93	insights	insight	NOUN
eistud-7014	44	94	about	about	ADP
eistud-7014	44	95	creditor	creditor	NOUN
eistud-7014	44	96	-	-	PUNCT
eistud-7014	44	97	debtor	debtor	NOUN
eistud-7014	44	98	relationship	relationship	NOUN
eistud-7014	44	99	considering	consider	VERB
eistud-7014	44	100	investment	investment	NOUN
eistud-7014	44	101	in	in	ADP
eistud-7014	44	102	real	real	ADJ
eistud-7014	44	103	estate	estate	NOUN
eistud-7014	44	104	in	in	ADP
eistud-7014	44	105	pigs	pig	NOUN
eistud-7014	44	106	countries	country	NOUN
eistud-7014	44	107	.	.	PUNCT
eistud-7014	45	1	research	research	NOUN
eistud-7014	45	2	methods	method	NOUN
eistud-7014	45	3	:	:	PUNCT
eistud-7014	45	4	empirical	empirical	ADJ
eistud-7014	45	5	investigation	investigation	NOUN
eistud-7014	45	6	defining	define	VERB
eistud-7014	45	7	variables	variable	NOUN
eistud-7014	45	8	that	that	PRON
eistud-7014	45	9	describe	describe	VERB
eistud-7014	45	10	the	the	DET
eistud-7014	45	11	object	object	NOUN
eistud-7014	45	12	of	of	ADP
eistud-7014	45	13	investigation	investigation	NOUN
eistud-7014	45	14	;	;	PUNCT
eistud-7014	45	15	bop	bop	NOUN
eistud-7014	45	16	statistics	statistic	NOUN
eistud-7014	45	17	,	,	PUNCT
eistud-7014	45	18	ecb	ecb	NOUN
eistud-7014	45	19	database	database	NOUN
eistud-7014	45	20	as	as	ADV
eistud-7014	45	21	well	well	ADV
eistud-7014	45	22	as	as	ADP
eistud-7014	45	23	imf	imf	PROPN
eistud-7014	45	24	and	and	CCONJ
eistud-7014	45	25	ifs	ifs	PROPN
eistud-7014	45	26	statistics	statistic	NOUN
eistud-7014	45	27	was	be	AUX
eistud-7014	45	28	used	use	VERB
eistud-7014	45	29	as	as	ADP
eistud-7014	45	30	source	source	NOUN
eistud-7014	45	31	of	of	ADP
eistud-7014	45	32	information	information	NOUN
eistud-7014	45	33	.	.	PUNCT
eistud-7014	46	1	the	the	DET
eistud-7014	46	2	main	main	ADJ
eistud-7014	46	3	results	result	NOUN
eistud-7014	46	4	of	of	ADP
eistud-7014	46	5	the	the	DET
eistud-7014	46	6	research	research	NOUN
eistud-7014	46	7	–	–	PUNCT
eistud-7014	46	8	offered	offer	VERB
eistud-7014	46	9	an	an	DET
eistud-7014	46	10	alternative	alternative	ADJ
eistud-7014	46	11	approach	approach	NOUN
eistud-7014	46	12	to	to	ADP
eistud-7014	46	13	understanding	understand	VERB
eistud-7014	46	14	a	a	DET
eistud-7014	46	15	fraction	fraction	NOUN
eistud-7014	46	16	of	of	ADP
eistud-7014	46	17	the	the	DET
eistud-7014	46	18	debt	debt	NOUN
eistud-7014	46	19	created	create	VERB
eistud-7014	46	20	due	due	ADP
eistud-7014	46	21	to	to	ADP
eistud-7014	46	22	common	common	ADJ
eistud-7014	46	23	market	market	NOUN
eistud-7014	46	24	and	and	CCONJ
eistud-7014	46	25	european	european	ADJ
eistud-7014	46	26	financial	financial	ADJ
eistud-7014	46	27	area	area	NOUN
eistud-7014	46	28	.	.	PUNCT
eistud-7014	47	1	the	the	DET
eistud-7014	47	2	study	study	NOUN
eistud-7014	47	3	was	be	AUX
eistud-7014	47	4	focused	focus	VERB
eistud-7014	47	5	on	on	ADP
eistud-7014	47	6	countries	country	NOUN
eistud-7014	47	7	suffering	suffer	VERB
eistud-7014	47	8	from	from	ADP
eistud-7014	47	9	excessive	excessive	ADJ
eistud-7014	47	10	external	external	ADJ
eistud-7014	47	11	private	private	ADJ
eistud-7014	47	12	debt	debt	NOUN
eistud-7014	47	13	that	that	PRON
eistud-7014	47	14	have	have	AUX
eistud-7014	47	15	been	be	AUX
eistud-7014	47	16	members	member	NOUN
eistud-7014	47	17	of	of	ADP
eistud-7014	47	18	the	the	DET
eistud-7014	47	19	eurozone	eurozone	NOUN
eistud-7014	47	20	.	.	PUNCT
eistud-7014	48	1	analysis	analysis	NOUN
eistud-7014	48	2	of	of	ADP
eistud-7014	48	3	situation	situation	NOUN
eistud-7014	48	4	of	of	ADP
eistud-7014	48	5	financial	financial	ADJ
eistud-7014	48	6	flows	flow	NOUN
eistud-7014	48	7	in	in	ADP
eistud-7014	48	8	creditor	creditor	NOUN
eistud-7014	48	9	and	and	CCONJ
eistud-7014	48	10	debtor	debtor	NOUN
eistud-7014	48	11	countries	country	NOUN
eistud-7014	48	12	as	as	ADV
eistud-7014	48	13	well	well	ADV
eistud-7014	48	14	as	as	ADP
eistud-7014	48	15	stylized	stylize	VERB
eistud-7014	48	16	insights	insight	NOUN
eistud-7014	48	17	about	about	ADP
eistud-7014	48	18	creditor	creditor	NOUN
eistud-7014	48	19	-	-	PUNCT
eistud-7014	48	20	debtor	debtor	NOUN
eistud-7014	48	21	relationship	relationship	NOUN
eistud-7014	48	22	considering	consider	VERB
eistud-7014	48	23	investment	investment	NOUN
eistud-7014	48	24	in	in	ADP
eistud-7014	48	25	real	real	ADJ
eistud-7014	48	26	estate	estate	NOUN
eistud-7014	48	27	in	in	ADP
eistud-7014	48	28	pigs	pig	NOUN
eistud-7014	48	29	countries	country	NOUN
eistud-7014	48	30	was	be	AUX
eistud-7014	48	31	provided	provide	VERB
eistud-7014	48	32	.	.	PUNCT
eistud-7014	49	1	alternative	alternative	ADJ
eistud-7014	49	2	scenario	scenario	NOUN
eistud-7014	49	3	(	(	PUNCT
eistud-7014	49	4	four	four	NUM
eistud-7014	49	5	steps	step	NOUN
eistud-7014	49	6	)	)	PUNCT
eistud-7014	49	7	as	as	ADP
eistud-7014	49	8	an	an	DET
eistud-7014	49	9	explanation	explanation	NOUN
eistud-7014	49	10	of	of	ADP
eistud-7014	49	11	the	the	DET
eistud-7014	49	12	mechanism	mechanism	NOUN
eistud-7014	49	13	behind	behind	ADP
eistud-7014	49	14	the	the	DET
eistud-7014	49	15	process	process	NOUN
eistud-7014	49	16	of	of	ADP
eistud-7014	49	17	foreign	foreign	ADJ
eistud-7014	49	18	liabilities	liability	NOUN
eistud-7014	49	19	accumulation	accumulation	NOUN
eistud-7014	49	20	in	in	ADP
eistud-7014	49	21	the	the	DET
eistud-7014	49	22	eu	eu	PROPN
eistud-7014	49	23	before	before	SCONJ
eistud-7014	49	24	the	the	DET
eistud-7014	49	25	debt	debt	NOUN
eistud-7014	49	26	crisis	crisis	NOUN
eistud-7014	49	27	of	of	ADP
eistud-7014	49	28	2009	2009	NUM
eistud-7014	49	29	was	be	AUX
eistud-7014	49	30	presented	present	VERB
eistud-7014	49	31	as	as	ADV
eistud-7014	49	32	well	well	ADV
eistud-7014	49	33	.	.	PUNCT
eistud-7014	50	1	milestones	milestone	NOUN
eistud-7014	50	2	of	of	ADP
eistud-7014	50	3	financial	financial	ADJ
eistud-7014	50	4	flows	flow	NOUN
eistud-7014	50	5	liberalization	liberalization	NOUN
eistud-7014	50	6	in	in	ADP
eistud-7014	50	7	the	the	DET
eistud-7014	50	8	european	european	PROPN
eistud-7014	50	9	union	union	PROPN
eistud-7014	50	10	free	free	ADJ
eistud-7014	50	11	movement	movement	NOUN
eistud-7014	50	12	of	of	ADP
eistud-7014	50	13	capital	capital	NOUN
eistud-7014	50	14	belongs	belong	VERB
eistud-7014	50	15	to	to	ADP
eistud-7014	50	16	fundamental	fundamental	ADJ
eistud-7014	50	17	principles	principle	NOUN
eistud-7014	50	18	of	of	ADP
eistud-7014	50	19	the	the	DET
eistud-7014	50	20	european	european	PROPN
eistud-7014	50	21	union	union	PROPN
eistud-7014	50	22	.	.	PUNCT
eistud-7014	51	1	it	it	PRON
eistud-7014	51	2	seems	seem	VERB
eistud-7014	51	3	to	to	PART
eistud-7014	51	4	be	be	AUX
eistud-7014	51	5	one	one	NUM
eistud-7014	51	6	of	of	ADP
eistud-7014	51	7	necessary	necessary	ADJ
eistud-7014	51	8	conditions	condition	NOUN
eistud-7014	51	9	to	to	PART
eistud-7014	51	10	reach	reach	VERB
eistud-7014	51	11	political	political	ADJ
eistud-7014	51	12	and	and	CCONJ
eistud-7014	51	13	economic	economic	ADJ
eistud-7014	51	14	community	community	NOUN
eistud-7014	51	15	of	of	ADP
eistud-7014	51	16	all	all	DET
eistud-7014	51	17	member	member	NOUN
eistud-7014	51	18	states	state	NOUN
eistud-7014	51	19	,	,	PUNCT
eistud-7014	51	20	as	as	SCONJ
eistud-7014	51	21	full	full	ADJ
eistud-7014	51	22	liberalization	liberalization	NOUN
eistud-7014	51	23	of	of	ADP
eistud-7014	51	24	“	"	PUNCT
eistud-7014	51	25	capital	capital	NOUN
eistud-7014	51	26	movements	movement	NOUN
eistud-7014	51	27	”	"	PUNCT
eistud-7014	51	28	was	be	AUX
eistud-7014	51	29	included	include	VERB
eistud-7014	51	30	in	in	ADP
eistud-7014	51	31	the	the	DET
eistud-7014	51	32	article	article	NOUN
eistud-7014	51	33	67	67	NUM
eistud-7014	51	34	of	of	ADP
eistud-7014	51	35	the	the	DET
eistud-7014	51	36	treaty	treaty	NOUN
eistud-7014	51	37	of	of	ADP
eistud-7014	51	38	rome	rome	PROPN
eistud-7014	51	39	in	in	ADP
eistud-7014	51	40	1957	1957	NUM
eistud-7014	51	41	(	(	PUNCT
eistud-7014	51	42	ec	ec	PROPN
eistud-7014	51	43	1957	1957	NUM
eistud-7014	51	44	)	)	PUNCT
eistud-7014	51	45	.	.	PUNCT
eistud-7014	52	1	then	then	ADV
eistud-7014	52	2	,	,	PUNCT
eistud-7014	52	3	effective	effective	ADJ
eistud-7014	52	4	integration	integration	NOUN
eistud-7014	52	5	of	of	ADP
eistud-7014	52	6	“	"	PUNCT
eistud-7014	52	7	capital	capital	NOUN
eistud-7014	52	8	movements	movement	NOUN
eistud-7014	52	9	”	"	PUNCT
eistud-7014	52	10	was	be	AUX
eistud-7014	52	11	among	among	ADP
eistud-7014	52	12	directives	directive	NOUN
eistud-7014	52	13	of	of	ADP
eistud-7014	52	14	the	the	DET
eistud-7014	52	15	single	single	ADJ
eistud-7014	52	16	european	european	PROPN
eistud-7014	52	17	act	act	NOUN
eistud-7014	52	18	in	in	ADP
eistud-7014	52	19	1988	1988	NUM
eistud-7014	52	20	.	.	PUNCT
eistud-7014	53	1	in	in	ADP
eistud-7014	53	2	1990	1990	NUM
eistud-7014	53	3	,	,	PUNCT
eistud-7014	53	4	free	free	ADJ
eistud-7014	53	5	movement	movement	NOUN
eistud-7014	53	6	of	of	ADP
eistud-7014	53	7	capital	capital	NOUN
eistud-7014	53	8	became	become	VERB
eistud-7014	53	9	mandatory	mandatory	ADJ
eistud-7014	53	10	.	.	PUNCT
eistud-7014	54	1	during	during	ADP
eistud-7014	54	2	the	the	DET
eistud-7014	54	3	madrid	madrid	PROPN
eistud-7014	54	4	european	european	PROPN
eistud-7014	54	5	council	council	PROPN
eistud-7014	54	6	1997–1998	1997–1998	NUM
eistud-7014	54	7	,	,	PUNCT
eistud-7014	54	8	regulatory	regulatory	ADJ
eistud-7014	54	9	framework	framework	NOUN
eistud-7014	54	10	for	for	ADP
eistud-7014	54	11	capital	capital	NOUN
eistud-7014	54	12	markets	market	NOUN
eistud-7014	54	13	was	be	AUX
eistud-7014	54	14	established	establish	VERB
eistud-7014	54	15	.	.	PUNCT
eistud-7014	55	1	another	another	DET
eistud-7014	55	2	meaningful	meaningful	ADJ
eistud-7014	55	3	milestone	milestone	NOUN
eistud-7014	55	4	for	for	ADP
eistud-7014	55	5	free	free	ADJ
eistud-7014	55	6	capital	capital	NOUN
eistud-7014	55	7	movements	movement	NOUN
eistud-7014	55	8	was	be	AUX
eistud-7014	55	9	the	the	DET
eistud-7014	55	10	introduction	introduction	NOUN
eistud-7014	55	11	of	of	ADP
eistud-7014	55	12	euro	euro	NOUN
eistud-7014	55	13	on	on	ADP
eistud-7014	55	14	the	the	DET
eistud-7014	55	15	1st	1st	NOUN
eistud-7014	55	16	of	of	ADP
eistud-7014	55	17	january	january	PROPN
eistud-7014	55	18	1999	1999	NUM
eistud-7014	55	19	.	.	PUNCT
eistud-7014	56	1	and	and	CCONJ
eistud-7014	56	2	then	then	ADV
eistud-7014	56	3	,	,	PUNCT
eistud-7014	56	4	under	under	ADP
eistud-7014	56	5	lisbon	lisbon	PROPN
eistud-7014	56	6	program	program	NOUN
eistud-7014	56	7	of	of	ADP
eistud-7014	56	8	2008–2010	2008–2010	NUM
eistud-7014	56	9	,	,	PUNCT
eistud-7014	56	10	one	one	NUM
eistud-7014	56	11	of	of	ADP
eistud-7014	56	12	objectives	objective	NOUN
eistud-7014	56	13	defined	define	VERB
eistud-7014	56	14	was	be	AUX
eistud-7014	56	15	an	an	DET
eistud-7014	56	16	effective	effective	ADJ
eistud-7014	56	17	integration	integration	NOUN
eistud-7014	56	18	of	of	ADP
eistud-7014	56	19	financial	financial	ADJ
eistud-7014	56	20	services	service	NOUN
eistud-7014	56	21	.	.	PUNCT
eistud-7014	57	1	summarizing	summarize	VERB
eistud-7014	57	2	the	the	DET
eistud-7014	57	3	historical	historical	ADJ
eistud-7014	57	4	background	background	NOUN
eistud-7014	57	5	it	it	PRON
eistud-7014	57	6	could	could	AUX
eistud-7014	57	7	be	be	AUX
eistud-7014	57	8	find	find	VERB
eistud-7014	57	9	july	july	PROPN
eistud-7014	57	10	1990	1990	NUM
eistud-7014	57	11	as	as	ADP
eistud-7014	57	12	the	the	DET
eistud-7014	57	13	moment	moment	NOUN
eistud-7014	57	14	of	of	ADP
eistud-7014	57	15	full	full	ADJ
eistud-7014	57	16	liberalization	liberalization	NOUN
eistud-7014	57	17	of	of	ADP
eistud-7014	57	18	capital	capital	NOUN
eistud-7014	57	19	movements	movement	NOUN
eistud-7014	57	20	between	between	ADP
eistud-7014	57	21	member	member	NOUN
eistud-7014	57	22	states	state	NOUN
eistud-7014	57	23	.	.	PUNCT
eistud-7014	58	1	however	however	ADV
eistud-7014	58	2	,	,	PUNCT
eistud-7014	58	3	establishing	establish	VERB
eistud-7014	58	4	european	european	ADJ
eistud-7014	58	5	financial	financial	ADJ
eistud-7014	58	6	area	area	NOUN
eistud-7014	58	7	required	require	VERB
eistud-7014	58	8	further	far	ADV
eistud-7014	58	9	,	,	PUNCT
eistud-7014	58	10	progressive	progressive	ADJ
eistud-7014	58	11	liberalization	liberalization	NOUN
eistud-7014	58	12	,	,	PUNCT
eistud-7014	58	13	which	which	PRON
eistud-7014	58	14	covered	cover	VERB
eistud-7014	58	15	capital	capital	NOUN
eistud-7014	58	16	operations	operation	NOUN
eistud-7014	58	17	in	in	ADP
eistud-7014	58	18	financial	financial	ADJ
eistud-7014	58	19	market	market	NOUN
eistud-7014	58	20	securities	security	NOUN
eistud-7014	58	21	and	and	CCONJ
eistud-7014	58	22	operations	operation	NOUN
eistud-7014	58	23	involving	involve	VERB
eistud-7014	58	24	financial	financial	ADJ
eistud-7014	58	25	credits	credit	NOUN
eistud-7014	58	26	.	.	PUNCT
eistud-7014	59	1	it	it	PRON
eistud-7014	59	2	is	be	AUX
eistud-7014	59	3	worth	worth	ADJ
eistud-7014	59	4	to	to	PART
eistud-7014	59	5	mention	mention	VERB
eistud-7014	59	6	that	that	SCONJ
eistud-7014	59	7	the	the	DET
eistud-7014	59	8	european	european	PROPN
eistud-7014	59	9	union	union	PROPN
eistud-7014	59	10	foreseen	foresee	VERB
eistud-7014	59	11	potential	potential	ADJ
eistud-7014	59	12	problems	problem	NOUN
eistud-7014	59	13	resulting	result	VERB
eistud-7014	59	14	from	from	ADP
eistud-7014	59	15	international	international	ADJ
eistud-7014	59	16	capital	capital	NOUN
eistud-7014	59	17	flows	flow	NOUN
eistud-7014	59	18	and	and	CCONJ
eistud-7014	59	19	created	create	VERB
eistud-7014	59	20	a	a	DET
eistud-7014	59	21	special	special	ADJ
eistud-7014	59	22	legal	legal	ADJ
eistud-7014	59	23	framework	framework	NOUN
eistud-7014	59	24	for	for	ADP
eistud-7014	59	25	dealing	deal	VERB
eistud-7014	59	26	with	with	ADP
eistud-7014	59	27	international	international	ADJ
eistud-7014	59	28	liquidity	liquidity	NOUN
eistud-7014	59	29	issues	issue	NOUN
eistud-7014	59	30	.	.	PUNCT
eistud-7014	60	1	financial	financial	ADJ
eistud-7014	60	2	assistance	assistance	NOUN
eistud-7014	60	3	is	be	AUX
eistud-7014	60	4	offered	offer	VERB
eistud-7014	60	5	in	in	ADP
eistud-7014	60	6	a	a	DET
eistud-7014	60	7	form	form	NOUN
eistud-7014	60	8	of	of	ADP
eistud-7014	60	9	loans	loan	NOUN
eistud-7014	60	10	to	to	PART
eistud-7014	60	11	be	be	AUX
eistud-7014	60	12	granted	grant	VERB
eistud-7014	60	13	up	up	ADP
eistud-7014	60	14	to	to	PART
eistud-7014	60	15	12	12	NUM
eistud-7014	60	16	billion	billion	NUM
eistud-7014	60	17	eur	eur	NOUN
eistud-7014	60	18	.	.	PUNCT
eistud-7014	61	1	the	the	DET
eistud-7014	61	2	european	european	PROPN
eistud-7014	61	3	commission	commission	PROPN
eistud-7014	61	4	,	,	PUNCT
eistud-7014	61	5	on	on	ADP
eistud-7014	61	6	behalf	behalf	NOUN
eistud-7014	61	7	of	of	ADP
eistud-7014	61	8	the	the	DET
eistud-7014	61	9	european	european	PROPN
eistud-7014	61	10	community	community	NOUN
eistud-7014	61	11	,	,	PUNCT
eistud-7014	61	12	contracts	contract	NOUN
eistud-7014	61	13	on	on	ADP
eistud-7014	61	14	the	the	DET
eistud-7014	61	15	capital	capital	NOUN
eistud-7014	61	16	markets	market	NOUN
eistud-7014	61	17	or	or	CCONJ
eistud-7014	61	18	with	with	ADP
eistud-7014	61	19	financial	financial	ADJ
eistud-7014	61	20	institutions	institution	NOUN
eistud-7014	61	21	these	these	DET
eistud-7014	61	22	loans	loan	NOUN
eistud-7014	61	23	.	.	PUNCT
eistud-7014	62	1	there	there	PRON
eistud-7014	62	2	is	be	VERB
eistud-7014	62	3	also	also	ADV
eistud-7014	62	4	an	an	DET
eistud-7014	62	5	alternative	alternative	ADJ
eistud-7014	62	6	scheme	scheme	NOUN
eistud-7014	62	7	for	for	ADP
eistud-7014	62	8	cases	case	NOUN
eistud-7014	62	9	requiring	require	VERB
eistud-7014	62	10	quick	quick	ADJ
eistud-7014	62	11	response	response	NOUN
eistud-7014	62	12	.	.	PUNCT
eistud-7014	63	1	support	support	NOUN
eistud-7014	63	2	is	be	AUX
eistud-7014	63	3	available	available	ADJ
eistud-7014	63	4	by	by	ADP
eistud-7014	63	5	the	the	DET
eistud-7014	63	6	european	european	PROPN
eistud-7014	63	7	central	central	PROPN
eistud-7014	63	8	bank	bank	PROPN
eistud-7014	63	9	.	.	PUNCT
eistud-7014	64	1	this	this	DET
eistud-7014	64	2	option	option	NOUN
eistud-7014	64	3	however	however	ADV
eistud-7014	64	4	is	be	AUX
eistud-7014	64	5	restricted	restrict	VERB
eistud-7014	64	6	under	under	ADP
eistud-7014	64	7	very	very	ADV
eistud-7014	64	8	short	short	ADJ
eistud-7014	64	9	-	-	PUNCT
eistud-7014	64	10	term	term	NOUN
eistud-7014	64	11	financing	financing	NOUN
eistud-7014	64	12	facility	facility	NOUN
eistud-7014	64	13	program	program	NOUN
eistud-7014	64	14	.	.	PUNCT
eistud-7014	65	1	methodological	methodological	ADJ
eistud-7014	65	2	substantiation	substantiation	NOUN
eistud-7014	65	3	of	of	ADP
eistud-7014	65	4	empirical	empirical	ADJ
eistud-7014	65	5	investigation	investigation	NOUN
eistud-7014	65	6	of	of	ADP
eistud-7014	65	7	the	the	DET
eistud-7014	65	8	intra	intra	ADJ
eistud-7014	65	9	-	-	ADJ
eistud-7014	65	10	eu	eu	ADJ
eistud-7014	65	11	financial	financial	NOUN
eistud-7014	65	12	flows	flow	VERB
eistud-7014	65	13	the	the	DET
eistud-7014	65	14	empirical	empirical	ADJ
eistud-7014	65	15	investigation	investigation	NOUN
eistud-7014	65	16	of	of	ADP
eistud-7014	65	17	the	the	DET
eistud-7014	65	18	intra	intra	ADJ
eistud-7014	65	19	-	-	ADJ
eistud-7014	65	20	eu	eu	ADJ
eistud-7014	65	21	financial	financial	ADJ
eistud-7014	65	22	flows	flow	NOUN
eistud-7014	65	23	starts	start	VERB
eistud-7014	65	24	with	with	ADP
eistud-7014	65	25	defining	define	VERB
eistud-7014	65	26	variables	variable	NOUN
eistud-7014	65	27	that	that	PRON
eistud-7014	65	28	describe	describe	VERB
eistud-7014	65	29	the	the	DET
eistud-7014	65	30	phenomenon	phenomenon	NOUN
eistud-7014	65	31	we	we	PRON
eistud-7014	65	32	wish	wish	VERB
eistud-7014	65	33	to	to	PART
eistud-7014	65	34	study	study	VERB
eistud-7014	65	35	.	.	PUNCT
eistud-7014	66	1	the	the	DET
eistud-7014	66	2	first	first	ADJ
eistud-7014	66	3	idea	idea	NOUN
eistud-7014	66	4	is	be	AUX
eistud-7014	66	5	to	to	PART
eistud-7014	66	6	refer	refer	VERB
eistud-7014	66	7	to	to	ADP
eistud-7014	66	8	the	the	DET
eistud-7014	66	9	balanceof	balanceof	NOUN
eistud-7014	66	10	-	-	PUNCT
eistud-7014	66	11	payments	payment	NOUN
eistud-7014	66	12	and	and	CCONJ
eistud-7014	66	13	international	international	ADJ
eistud-7014	66	14	investment	investment	NOUN
eistud-7014	66	15	position	position	NOUN
eistud-7014	66	16	statistics	statistic	NOUN
eistud-7014	66	17	.	.	PUNCT
eistud-7014	67	1	first	first	ADV
eistud-7014	67	2	,	,	PUNCT
eistud-7014	67	3	we	we	PRON
eistud-7014	67	4	look	look	VERB
eistud-7014	67	5	at	at	ADP
eistud-7014	67	6	aggregated	aggregate	VERB
eistud-7014	67	7	data	datum	NOUN
eistud-7014	67	8	presenting	present	VERB
eistud-7014	67	9	bilateral	bilateral	ADJ
eistud-7014	67	10	net	net	ADJ
eistud-7014	67	11	positions	position	NOUN
eistud-7014	67	12	(	(	PUNCT
eistud-7014	67	13	assets	asset	NOUN
eistud-7014	67	14	minus	minus	ADP
eistud-7014	67	15	liabilities	liability	NOUN
eistud-7014	67	16	)	)	PUNCT
eistud-7014	67	17	for	for	ADP
eistud-7014	67	18	few	few	ADJ
eistud-7014	67	19	pairs	pair	NOUN
eistud-7014	67	20	of	of	ADP
eistud-7014	67	21	countries	country	NOUN
eistud-7014	67	22	.	.	PUNCT
eistud-7014	68	1	then	then	ADV
eistud-7014	68	2	,	,	PUNCT
eistud-7014	68	3	we	we	PRON
eistud-7014	68	4	investigate	investigate	VERB
eistud-7014	68	5	changes	change	NOUN
eistud-7014	68	6	in	in	ADP
eistud-7014	68	7	the	the	DET
eistud-7014	68	8	pattern	pattern	NOUN
eistud-7014	68	9	three	three	NUM
eistud-7014	68	10	main	main	ADJ
eistud-7014	68	11	categories	category	NOUN
eistud-7014	68	12	of	of	ADP
eistud-7014	68	13	foreign	foreign	ADJ
eistud-7014	68	14	investment	investment	NOUN
eistud-7014	68	15	developed	develop	VERB
eistud-7014	68	16	over	over	ADP
eistud-7014	68	17	the	the	DET
eistud-7014	68	18	period	period	NOUN
eistud-7014	68	19	2001–2009	2001–2009	NUM
eistud-7014	68	20	.	.	PUNCT
eistud-7014	69	1	the	the	DET
eistud-7014	69	2	bop	bop	NOUN
eistud-7014	69	3	statistics	statistic	NOUN
eistud-7014	69	4	is	be	AUX
eistud-7014	69	5	a	a	DET
eistud-7014	69	6	source	source	NOUN
eistud-7014	69	7	of	of	ADP
eistud-7014	69	8	information	information	NOUN
eistud-7014	69	9	about	about	ADP
eistud-7014	69	10	three	three	NUM
eistud-7014	69	11	main	main	ADJ
eistud-7014	69	12	categories	category	NOUN
eistud-7014	69	13	of	of	ADP
eistud-7014	69	14	financial	financial	ADJ
eistud-7014	69	15	flows	flow	NOUN
eistud-7014	69	16	that	that	PRON
eistud-7014	69	17	together	together	ADV
eistud-7014	69	18	represent	represent	VERB
eistud-7014	69	19	the	the	DET
eistud-7014	69	20	core	core	ADJ
eistud-7014	69	21	subject	subject	NOUN
eistud-7014	69	22	of	of	ADP
eistud-7014	69	23	our	our	PRON
eistud-7014	69	24	analysis	analysis	NOUN
eistud-7014	69	25	.	.	PUNCT
eistud-7014	70	1	these	these	PRON
eistud-7014	70	2	are	be	AUX
eistud-7014	70	3	:	:	PUNCT
eistud-7014	70	4	direct	direct	ADJ
eistud-7014	70	5	investment	investment	NOUN
eistud-7014	70	6	,	,	PUNCT
eistud-7014	70	7	portfolio	portfolio	NOUN
eistud-7014	70	8	investment	investment	NOUN
eistud-7014	70	9	,	,	PUNCT
eistud-7014	70	10	and	and	CCONJ
eistud-7014	70	11	other	other	ADJ
eistud-7014	70	12	investment	investment	NOUN
eistud-7014	70	13	.	.	PUNCT
eistud-7014	71	1	financial	financial	ADJ
eistud-7014	71	2	flows	flow	NOUN
eistud-7014	71	3	that	that	PRON
eistud-7014	71	4	are	be	AUX
eistud-7014	71	5	recorded	record	VERB
eistud-7014	71	6	as	as	ADP
eistud-7014	71	7	direct	direct	ADJ
eistud-7014	71	8	investment	investment	NOUN
eistud-7014	71	9	represent	represent	VERB
eistud-7014	71	10	investment	investment	NOUN
eistud-7014	71	11	in	in	ADP
eistud-7014	71	12	the	the	DET
eistud-7014	71	13	ownership	ownership	NOUN
eistud-7014	71	14	of	of	ADP
eistud-7014	71	15	domestic	domestic	ADJ
eistud-7014	71	16	real	real	ADJ
eistud-7014	71	17	assets	asset	NOUN
eistud-7014	71	18	and	and	CCONJ
eistud-7014	71	19	companies	company	NOUN
eistud-7014	71	20	by	by	ADP
eistud-7014	71	21	foreign	foreign	ADJ
eistud-7014	71	22	investors	investor	NOUN
eistud-7014	71	23	interested	interested	ADJ
eistud-7014	71	24	in	in	ADP
eistud-7014	71	25	the	the	DET
eistud-7014	71	26	longterm	longterm	ADJ
eistud-7014	71	27	engagement	engagement	NOUN
eistud-7014	71	28	and	and	CCONJ
eistud-7014	71	29	in	in	ADP
eistud-7014	71	30	influence	influence	NOUN
eistud-7014	71	31	on	on	ADP
eistud-7014	71	32	management	management	NOUN
eistud-7014	71	33	.	.	PUNCT
eistud-7014	72	1	there	there	PRON
eistud-7014	72	2	are	be	VERB
eistud-7014	72	3	other	other	ADJ
eistud-7014	72	4	recent	recent	ADJ
eistud-7014	72	5	studies	study	NOUN
eistud-7014	72	6	(	(	PUNCT
eistud-7014	72	7	desatnicov	desatnicov	PROPN
eistud-7014	72	8	&	&	CCONJ
eistud-7014	72	9	akiba	akiba	PROPN
eistud-7014	72	10	,	,	PUNCT
eistud-7014	72	11	2013	2013	NUM
eistud-7014	72	12	)	)	PUNCT
eistud-7014	72	13	that	that	PRON
eistud-7014	72	14	deal	deal	VERB
eistud-7014	72	15	with	with	ADP
eistud-7014	72	16	this	this	DET
eistud-7014	72	17	category	category	NOUN
eistud-7014	72	18	of	of	ADP
eistud-7014	72	19	international	international	ADJ
eistud-7014	72	20	financial	financial	ADJ
eistud-7014	72	21	flows	flow	NOUN
eistud-7014	72	22	.	.	PUNCT
eistud-7014	73	1	they	they	PRON
eistud-7014	73	2	try	try	VERB
eistud-7014	73	3	to	to	PART
eistud-7014	73	4	recognize	recognize	VERB
eistud-7014	73	5	factors	factor	NOUN
eistud-7014	73	6	driving	drive	VERB
eistud-7014	73	7	the	the	DET
eistud-7014	73	8	fdi	fdi	NOUN
eistud-7014	73	9	using	use	VERB
eistud-7014	73	10	vast	vast	ADJ
eistud-7014	73	11	sets	set	NOUN
eistud-7014	73	12	of	of	ADP
eistud-7014	73	13	panel	panel	NOUN
eistud-7014	73	14	data	datum	NOUN
eistud-7014	73	15	.	.	PUNCT
eistud-7014	74	1	desatnicov	desatnicov	PROPN
eistud-7014	74	2	&	&	CCONJ
eistud-7014	74	3	akiba	akiba	PROPN
eistud-7014	74	4	(	(	PUNCT
eistud-7014	74	5	2013	2013	NUM
eistud-7014	74	6	)	)	PUNCT
eistud-7014	74	7	show	show	VERB
eistud-7014	74	8	empirically	empirically	ADV
eistud-7014	74	9	that	that	SCONJ
eistud-7014	74	10	political	political	ADJ
eistud-7014	74	11	issn	issn	VERB
eistud-7014	74	12	1822–8402	1822–8402	NUM
eistud-7014	74	13	european	european	ADJ
eistud-7014	74	14	integration	integration	NOUN
eistud-7014	74	15	studies	study	NOUN
eistud-7014	74	16	.	.	PUNCT
eistud-7014	75	1	2014	2014	NUM
eistud-7014	75	2	.	.	PUNCT
eistud-7014	76	1	no	no	INTJ
eistud-7014	76	2	.	.	NOUN
eistud-7014	76	3	8	8	NUM
eistud-7014	76	4	50	50	NUM
eistud-7014	76	5	risk	risk	NOUN
eistud-7014	76	6	factor	factor	NOUN
eistud-7014	76	7	is	be	AUX
eistud-7014	76	8	significant	significant	ADJ
eistud-7014	76	9	for	for	SCONJ
eistud-7014	76	10	the	the	DET
eistud-7014	76	11	fdi	fdi	NOUN
eistud-7014	76	12	flows	flow	VERB
eistud-7014	76	13	.	.	PUNCT
eistud-7014	77	1	as	as	ADP
eistud-7014	77	2	such	such	ADJ
eistud-7014	77	3	,	,	PUNCT
eistud-7014	77	4	this	this	DET
eistud-7014	77	5	result	result	NOUN
eistud-7014	77	6	supports	support	VERB
eistud-7014	77	7	assumption	assumption	NOUN
eistud-7014	77	8	that	that	SCONJ
eistud-7014	77	9	intra	intra	ADJ
eistud-7014	77	10	-	-	ADJ
eistud-7014	77	11	eu	eu	ADJ
eistud-7014	77	12	financial	financial	ADJ
eistud-7014	77	13	flows	flow	NOUN
eistud-7014	77	14	are	be	AUX
eistud-7014	77	15	facilitated	facilitate	VERB
eistud-7014	77	16	by	by	ADP
eistud-7014	77	17	the	the	DET
eistud-7014	77	18	fact	fact	NOUN
eistud-7014	77	19	of	of	ADP
eistud-7014	77	20	the	the	DET
eistud-7014	77	21	eu	eu	PROPN
eistud-7014	77	22	membership	membership	NOUN
eistud-7014	77	23	of	of	ADP
eistud-7014	77	24	debtors	debtor	NOUN
eistud-7014	77	25	and	and	CCONJ
eistud-7014	77	26	creditors	creditor	NOUN
eistud-7014	77	27	,	,	PUNCT
eistud-7014	77	28	and	and	CCONJ
eistud-7014	77	29	the	the	DET
eistud-7014	77	30	resulting	result	VERB
eistud-7014	77	31	lower	low	ADJ
eistud-7014	77	32	political	political	ADJ
eistud-7014	77	33	risk	risk	NOUN
eistud-7014	77	34	for	for	ADP
eistud-7014	77	35	any	any	DET
eistud-7014	77	36	forms	form	NOUN
eistud-7014	77	37	of	of	ADP
eistud-7014	77	38	foreign	foreign	ADJ
eistud-7014	77	39	investment	investment	NOUN
eistud-7014	77	40	.	.	PUNCT
eistud-7014	78	1	two	two	NUM
eistud-7014	78	2	other	other	ADJ
eistud-7014	78	3	kinds	kind	NOUN
eistud-7014	78	4	of	of	ADP
eistud-7014	78	5	foreign	foreign	ADJ
eistud-7014	78	6	financial	financial	ADJ
eistud-7014	78	7	flows	flow	NOUN
eistud-7014	78	8	,	,	PUNCT
eistud-7014	78	9	namely	namely	ADV
eistud-7014	78	10	portfolio	portfolio	NOUN
eistud-7014	78	11	investment	investment	NOUN
eistud-7014	78	12	and	and	CCONJ
eistud-7014	78	13	other	other	ADJ
eistud-7014	78	14	investment	investment	NOUN
eistud-7014	78	15	have	have	VERB
eistud-7014	78	16	potentially	potentially	ADV
eistud-7014	78	17	significant	significant	ADJ
eistud-7014	78	18	role	role	NOUN
eistud-7014	78	19	in	in	ADP
eistud-7014	78	20	creating	create	VERB
eistud-7014	78	21	private	private	ADJ
eistud-7014	78	22	and	and	CCONJ
eistud-7014	78	23	public	public	ADJ
eistud-7014	78	24	holdings	holding	NOUN
eistud-7014	78	25	of	of	ADP
eistud-7014	78	26	debt	debt	NOUN
eistud-7014	78	27	issued	issue	VERB
eistud-7014	78	28	by	by	ADP
eistud-7014	78	29	residents	resident	NOUN
eistud-7014	78	30	of	of	ADP
eistud-7014	78	31	a	a	DET
eistud-7014	78	32	foreign	foreign	ADJ
eistud-7014	78	33	country	country	NOUN
eistud-7014	78	34	.	.	PUNCT
eistud-7014	79	1	portfolio	portfolio	NOUN
eistud-7014	79	2	investment	investment	NOUN
eistud-7014	79	3	represents	represent	VERB
eistud-7014	79	4	financial	financial	ADJ
eistud-7014	79	5	flows	flow	NOUN
eistud-7014	79	6	resulting	result	VERB
eistud-7014	79	7	from	from	ADP
eistud-7014	79	8	transactions	transaction	NOUN
eistud-7014	79	9	of	of	ADP
eistud-7014	79	10	purchasing	purchase	VERB
eistud-7014	79	11	financial	financial	ADJ
eistud-7014	79	12	instruments	instrument	NOUN
eistud-7014	79	13	like	like	ADP
eistud-7014	79	14	shares	share	NOUN
eistud-7014	79	15	(	(	PUNCT
eistud-7014	79	16	up	up	ADP
eistud-7014	79	17	to	to	PART
eistud-7014	79	18	5	5	NUM
eistud-7014	79	19	%	%	NOUN
eistud-7014	79	20	of	of	ADP
eistud-7014	79	21	total	total	ADJ
eistud-7014	79	22	number	number	NOUN
eistud-7014	79	23	of	of	ADP
eistud-7014	79	24	shares	share	NOUN
eistud-7014	79	25	outstanding	outstanding	ADJ
eistud-7014	79	26	)	)	PUNCT
eistud-7014	79	27	and	and	CCONJ
eistud-7014	79	28	debt	debt	NOUN
eistud-7014	79	29	instruments	instrument	NOUN
eistud-7014	79	30	,	,	PUNCT
eistud-7014	79	31	like	like	ADP
eistud-7014	79	32	bonds	bond	NOUN
eistud-7014	79	33	.	.	PUNCT
eistud-7014	80	1	one	one	PRON
eistud-7014	80	2	should	should	AUX
eistud-7014	80	3	be	be	AUX
eistud-7014	80	4	also	also	ADV
eistud-7014	80	5	aware	aware	ADJ
eistud-7014	80	6	of	of	ADP
eistud-7014	80	7	the	the	DET
eistud-7014	80	8	fact	fact	NOUN
eistud-7014	80	9	that	that	SCONJ
eistud-7014	80	10	‘	'	PUNCT
eistud-7014	80	11	other	other	ADJ
eistud-7014	80	12	investment	investment	NOUN
eistud-7014	80	13	’	'	PUNCT
eistud-7014	80	14	category	category	NOUN
eistud-7014	80	15	must	must	AUX
eistud-7014	80	16	also	also	ADV
eistud-7014	80	17	be	be	AUX
eistud-7014	80	18	decomposed	decompose	VERB
eistud-7014	80	19	in	in	ADP
eistud-7014	80	20	order	order	NOUN
eistud-7014	80	21	to	to	PART
eistud-7014	80	22	retrieve	retrieve	VERB
eistud-7014	80	23	the	the	DET
eistud-7014	80	24	necessary	necessary	ADJ
eistud-7014	80	25	information	information	NOUN
eistud-7014	80	26	on	on	ADP
eistud-7014	80	27	the	the	DET
eistud-7014	80	28	debt	debt	NOUN
eistud-7014	80	29	holdings	holding	NOUN
eistud-7014	80	30	.	.	PUNCT
eistud-7014	81	1	this	this	DET
eistud-7014	81	2	particular	particular	ADJ
eistud-7014	81	3	category	category	NOUN
eistud-7014	81	4	of	of	ADP
eistud-7014	81	5	financial	financial	ADJ
eistud-7014	81	6	flows	flow	NOUN
eistud-7014	81	7	covers	cover	VERB
eistud-7014	81	8	a	a	DET
eistud-7014	81	9	broad	broad	ADJ
eistud-7014	81	10	fraction	fraction	NOUN
eistud-7014	81	11	that	that	PRON
eistud-7014	81	12	represents	represent	VERB
eistud-7014	81	13	trade	trade	NOUN
eistud-7014	81	14	credit	credit	NOUN
eistud-7014	81	15	extended	extend	VERB
eistud-7014	81	16	in	in	ADP
eistud-7014	81	17	foreign	foreign	ADJ
eistud-7014	81	18	trade	trade	NOUN
eistud-7014	81	19	.	.	PUNCT
eistud-7014	82	1	having	have	VERB
eistud-7014	82	2	no	no	DET
eistud-7014	82	3	role	role	NOUN
eistud-7014	82	4	in	in	ADP
eistud-7014	82	5	the	the	DET
eistud-7014	82	6	debt	debt	NOUN
eistud-7014	82	7	crisis	crisis	NOUN
eistud-7014	82	8	in	in	ADP
eistud-7014	82	9	the	the	DET
eistud-7014	82	10	eu	eu	PROPN
eistud-7014	82	11	,	,	PUNCT
eistud-7014	82	12	this	this	DET
eistud-7014	82	13	form	form	NOUN
eistud-7014	82	14	of	of	ADP
eistud-7014	82	15	foreign	foreign	ADJ
eistud-7014	82	16	indebtness	indebtness	NOUN
eistud-7014	82	17	represents	represent	VERB
eistud-7014	82	18	no	no	DET
eistud-7014	82	19	interest	interest	NOUN
eistud-7014	82	20	for	for	ADP
eistud-7014	82	21	this	this	DET
eistud-7014	82	22	study	study	NOUN
eistud-7014	82	23	,	,	PUNCT
eistud-7014	82	24	and	and	CCONJ
eistud-7014	82	25	shall	shall	AUX
eistud-7014	82	26	be	be	AUX
eistud-7014	82	27	omitted	omit	VERB
eistud-7014	82	28	in	in	ADP
eistud-7014	82	29	the	the	DET
eistud-7014	82	30	empirical	empirical	ADJ
eistud-7014	82	31	exercise	exercise	NOUN
eistud-7014	82	32	.	.	PUNCT
eistud-7014	83	1	the	the	DET
eistud-7014	83	2	rest	rest	NOUN
eistud-7014	83	3	of	of	ADP
eistud-7014	83	4	‘	'	PUNCT
eistud-7014	83	5	other	other	ADJ
eistud-7014	83	6	investment	investment	NOUN
eistud-7014	83	7	’	'	PUNCT
eistud-7014	83	8	category	category	NOUN
eistud-7014	83	9	represents	represent	VERB
eistud-7014	83	10	mostly	mostly	ADV
eistud-7014	83	11	transactions	transaction	NOUN
eistud-7014	83	12	with	with	ADP
eistud-7014	83	13	domestic	domestic	ADJ
eistud-7014	83	14	banking	banking	NOUN
eistud-7014	83	15	sector	sector	NOUN
eistud-7014	83	16	,	,	PUNCT
eistud-7014	83	17	and	and	CCONJ
eistud-7014	83	18	is	be	AUX
eistud-7014	83	19	of	of	ADP
eistud-7014	83	20	high	high	ADJ
eistud-7014	83	21	importance	importance	NOUN
eistud-7014	83	22	for	for	ADP
eistud-7014	83	23	our	our	PRON
eistud-7014	83	24	study	study	NOUN
eistud-7014	83	25	.	.	PUNCT
eistud-7014	84	1	for	for	ADP
eistud-7014	84	2	the	the	DET
eistud-7014	84	3	purpose	purpose	NOUN
eistud-7014	84	4	of	of	ADP
eistud-7014	84	5	empirical	empirical	ADJ
eistud-7014	84	6	investigation	investigation	NOUN
eistud-7014	84	7	,	,	PUNCT
eistud-7014	84	8	we	we	PRON
eistud-7014	84	9	refer	refer	VERB
eistud-7014	84	10	to	to	ADP
eistud-7014	84	11	the	the	DET
eistud-7014	84	12	ecb	ecb	NOUN
eistud-7014	84	13	database	database	NOUN
eistud-7014	84	14	on	on	ADP
eistud-7014	84	15	the	the	DET
eistud-7014	84	16	eu	eu	PROPN
eistud-7014	84	17	balance	balance	NOUN
eistud-7014	84	18	of	of	ADP
eistud-7014	84	19	payments	payment	NOUN
eistud-7014	84	20	for	for	ADP
eistud-7014	84	21	selected	select	VERB
eistud-7014	84	22	countries	country	NOUN
eistud-7014	84	23	that	that	PRON
eistud-7014	84	24	represent	represent	VERB
eistud-7014	84	25	our	our	PRON
eistud-7014	84	26	subject	subject	NOUN
eistud-7014	84	27	here	here	ADV
eistud-7014	84	28	.	.	PUNCT
eistud-7014	85	1	main	main	ADJ
eistud-7014	85	2	source	source	NOUN
eistud-7014	85	3	of	of	ADP
eistud-7014	85	4	time	time	NOUN
eistud-7014	85	5	series	series	NOUN
eistud-7014	85	6	is	be	AUX
eistud-7014	85	7	however	however	ADV
eistud-7014	85	8	the	the	DET
eistud-7014	85	9	on	on	ADP
eistud-7014	85	10	-	-	PUNCT
eistud-7014	85	11	line	line	NOUN
eistud-7014	85	12	database	database	NOUN
eistud-7014	85	13	by	by	ADP
eistud-7014	85	14	the	the	DET
eistud-7014	85	15	international	international	ADJ
eistud-7014	85	16	monetary	monetary	ADJ
eistud-7014	85	17	fund	fund	NOUN
eistud-7014	85	18	,	,	PUNCT
eistud-7014	85	19	the	the	DET
eistud-7014	85	20	ifs	ifs	PROPN
eistud-7014	85	21	.	.	PUNCT
eistud-7014	86	1	some	some	DET
eistud-7014	86	2	information	information	NOUN
eistud-7014	86	3	is	be	AUX
eistud-7014	86	4	retrieved	retrieve	VERB
eistud-7014	86	5	from	from	ADP
eistud-7014	86	6	a	a	DET
eistud-7014	86	7	separate	separate	ADJ
eistud-7014	86	8	dataset	dataset	NOUN
eistud-7014	86	9	on	on	ADP
eistud-7014	86	10	trade	trade	NOUN
eistud-7014	86	11	and	and	CCONJ
eistud-7014	86	12	investment	investment	NOUN
eistud-7014	86	13	.	.	PUNCT
eistud-7014	87	1	annual	annual	ADJ
eistud-7014	87	2	time	time	NOUN
eistud-7014	87	3	series	series	PROPN
eistud-7014	87	4	cover	cover	VERB
eistud-7014	87	5	assets	asset	NOUN
eistud-7014	87	6	and	and	CCONJ
eistud-7014	87	7	liabilities	liability	NOUN
eistud-7014	87	8	in	in	ADP
eistud-7014	87	9	pairs	pair	NOUN
eistud-7014	87	10	of	of	ADP
eistud-7014	87	11	countries	country	NOUN
eistud-7014	87	12	over	over	ADP
eistud-7014	87	13	the	the	DET
eistud-7014	87	14	period	period	NOUN
eistud-7014	87	15	2001–2009	2001–2009	NUM
eistud-7014	87	16	.	.	PUNCT
eistud-7014	88	1	we	we	PRON
eistud-7014	88	2	try	try	VERB
eistud-7014	88	3	to	to	PART
eistud-7014	88	4	observe	observe	VERB
eistud-7014	88	5	the	the	DET
eistud-7014	88	6	international	international	ADJ
eistud-7014	88	7	investment	investment	NOUN
eistud-7014	88	8	position	position	NOUN
eistud-7014	88	9	defined	define	VERB
eistud-7014	88	10	for	for	ADP
eistud-7014	88	11	bilateral	bilateral	ADJ
eistud-7014	88	12	positions	position	NOUN
eistud-7014	88	13	between	between	ADP
eistud-7014	88	14	creditor	creditor	NOUN
eistud-7014	88	15	(	(	PUNCT
eistud-7014	88	16	germany	germany	PROPN
eistud-7014	88	17	,	,	PUNCT
eistud-7014	88	18	france	france	PROPN
eistud-7014	88	19	,	,	PUNCT
eistud-7014	88	20	the	the	DET
eistud-7014	88	21	uk	uk	PROPN
eistud-7014	88	22	)	)	PUNCT
eistud-7014	88	23	and	and	CCONJ
eistud-7014	88	24	debtor	debtor	NOUN
eistud-7014	88	25	countries	country	NOUN
eistud-7014	88	26	(	(	PUNCT
eistud-7014	88	27	pigs	pig	NOUN
eistud-7014	88	28	)	)	PUNCT
eistud-7014	88	29	.	.	PUNCT
eistud-7014	89	1	why	why	SCONJ
eistud-7014	89	2	do	do	AUX
eistud-7014	89	3	we	we	PRON
eistud-7014	89	4	restrict	restrict	VERB
eistud-7014	89	5	our	our	PRON
eistud-7014	89	6	analysis	analysis	NOUN
eistud-7014	89	7	of	of	ADP
eistud-7014	89	8	the	the	DET
eistud-7014	89	9	financial	financial	ADJ
eistud-7014	89	10	flows	flow	NOUN
eistud-7014	89	11	pattern	pattern	NOUN
eistud-7014	89	12	to	to	ADP
eistud-7014	89	13	only	only	ADV
eistud-7014	89	14	several	several	ADJ
eistud-7014	89	15	of	of	ADP
eistud-7014	89	16	the	the	DET
eistud-7014	89	17	eu	eu	PROPN
eistud-7014	89	18	countries	countries	PROPN
eistud-7014	89	19	(	(	PUNCT
eistud-7014	89	20	germany	germany	PROPN
eistud-7014	89	21	,	,	PUNCT
eistud-7014	89	22	france	france	PROPN
eistud-7014	89	23	and	and	CCONJ
eistud-7014	89	24	the	the	DET
eistud-7014	89	25	uk	uk	PROPN
eistud-7014	89	26	,	,	PUNCT
eistud-7014	89	27	as	as	ADP
eistud-7014	89	28	creditors	creditor	NOUN
eistud-7014	89	29	and	and	CCONJ
eistud-7014	89	30	pigs	pig	NOUN
eistud-7014	89	31	group	group	NOUN
eistud-7014	89	32	:	:	PUNCT
eistud-7014	89	33	portugal	portugal	PROPN
eistud-7014	89	34	,	,	PUNCT
eistud-7014	89	35	italy	italy	PROPN
eistud-7014	89	36	,	,	PUNCT
eistud-7014	89	37	greece	greece	PROPN
eistud-7014	89	38	,	,	PUNCT
eistud-7014	89	39	spain	spain	PROPN
eistud-7014	89	40	)	)	PUNCT
eistud-7014	89	41	?	?	PUNCT
eistud-7014	90	1	motivation	motivation	NOUN
eistud-7014	90	2	for	for	ADP
eistud-7014	90	3	this	this	DET
eistud-7014	90	4	decision	decision	NOUN
eistud-7014	90	5	is	be	AUX
eistud-7014	90	6	based	base	VERB
eistud-7014	90	7	on	on	ADP
eistud-7014	90	8	the	the	DET
eistud-7014	90	9	following	follow	VERB
eistud-7014	90	10	observations	observation	NOUN
eistud-7014	90	11	.	.	PUNCT
eistud-7014	91	1	there	there	PRON
eistud-7014	91	2	are	be	VERB
eistud-7014	91	3	only	only	ADV
eistud-7014	91	4	few	few	ADJ
eistud-7014	91	5	countries	country	NOUN
eistud-7014	91	6	that	that	PRON
eistud-7014	91	7	we	we	PRON
eistud-7014	91	8	recognize	recognize	VERB
eistud-7014	91	9	as	as	ADP
eistud-7014	91	10	the	the	DET
eistud-7014	91	11	eu	eu	PROPN
eistud-7014	91	12	-	-	PUNCT
eistud-7014	91	13	based	base	VERB
eistud-7014	91	14	debtors	debtor	NOUN
eistud-7014	91	15	.	.	PUNCT
eistud-7014	92	1	these	these	PRON
eistud-7014	92	2	are	be	AUX
eistud-7014	92	3	those	those	DET
eistud-7014	92	4	eumembers	eumember	NOUN
eistud-7014	92	5	that	that	PRON
eistud-7014	92	6	experienced	experience	VERB
eistud-7014	92	7	debt	debt	NOUN
eistud-7014	92	8	-	-	PUNCT
eistud-7014	92	9	related	relate	VERB
eistud-7014	92	10	problems	problem	NOUN
eistud-7014	92	11	like	like	ADP
eistud-7014	92	12	(	(	PUNCT
eistud-7014	92	13	1	1	NUM
eistud-7014	92	14	)	)	PUNCT
eistud-7014	92	15	insolvency	insolvency	NOUN
eistud-7014	92	16	,	,	PUNCT
eistud-7014	92	17	(	(	PUNCT
eistud-7014	92	18	2	2	X
eistud-7014	92	19	)	)	PUNCT
eistud-7014	92	20	debt	debt	NOUN
eistud-7014	92	21	repayment	repayment	NOUN
eistud-7014	92	22	rescheduling	rescheduling	NOUN
eistud-7014	92	23	,	,	PUNCT
eistud-7014	92	24	and	and	CCONJ
eistud-7014	92	25	(	(	PUNCT
eistud-7014	92	26	3	3	X
eistud-7014	92	27	)	)	PUNCT
eistud-7014	92	28	credit	credit	NOUN
eistud-7014	92	29	rating	rating	NOUN
eistud-7014	92	30	degrading	degrade	VERB
eistud-7014	92	31	(	(	PUNCT
eistud-7014	92	32	reis	reis	NOUN
eistud-7014	92	33	,	,	PUNCT
eistud-7014	92	34	2013	2013	NUM
eistud-7014	92	35	)	)	PUNCT
eistud-7014	92	36	.	.	PUNCT
eistud-7014	93	1	the	the	DET
eistud-7014	93	2	idea	idea	NOUN
eistud-7014	93	3	to	to	PART
eistud-7014	93	4	cover	cover	VERB
eistud-7014	93	5	other	other	ADJ
eistud-7014	93	6	,	,	PUNCT
eistud-7014	93	7	or	or	CCONJ
eistud-7014	93	8	all	all	DET
eistud-7014	93	9	eu	eu	PROPN
eistud-7014	93	10	countries	country	NOUN
eistud-7014	93	11	in	in	ADP
eistud-7014	93	12	this	this	DET
eistud-7014	93	13	group	group	NOUN
eistud-7014	93	14	does	do	AUX
eistud-7014	93	15	not	not	PART
eistud-7014	93	16	seem	seem	VERB
eistud-7014	93	17	to	to	PART
eistud-7014	93	18	be	be	AUX
eistud-7014	93	19	reasonable	reasonable	ADJ
eistud-7014	93	20	.	.	PUNCT
eistud-7014	94	1	first	first	ADV
eistud-7014	94	2	,	,	PUNCT
eistud-7014	94	3	there	there	PRON
eistud-7014	94	4	must	must	AUX
eistud-7014	94	5	be	be	AUX
eistud-7014	94	6	another	another	DET
eistud-7014	94	7	group	group	NOUN
eistud-7014	94	8	of	of	ADP
eistud-7014	94	9	those	those	PRON
eistud-7014	94	10	that	that	PRON
eistud-7014	94	11	extended	extend	VERB
eistud-7014	94	12	loans	loan	NOUN
eistud-7014	94	13	to	to	ADP
eistud-7014	94	14	the	the	DET
eistud-7014	94	15	eu	eu	PROPN
eistud-7014	94	16	-	-	NOUN
eistud-7014	94	17	debtors	debtor	NOUN
eistud-7014	94	18	,	,	PUNCT
eistud-7014	94	19	as	as	SCONJ
eistud-7014	94	20	we	we	PRON
eistud-7014	94	21	intend	intend	VERB
eistud-7014	94	22	to	to	PART
eistud-7014	94	23	study	study	VERB
eistud-7014	94	24	only	only	ADV
eistud-7014	94	25	the	the	DET
eistud-7014	94	26	intra	intra	ADJ
eistud-7014	94	27	-	-	ADJ
eistud-7014	94	28	eu	eu	ADJ
eistud-7014	94	29	financial	financial	ADJ
eistud-7014	94	30	flows	flow	NOUN
eistud-7014	94	31	.	.	PUNCT
eistud-7014	95	1	second	second	ADJ
eistud-7014	95	2	,	,	PUNCT
eistud-7014	95	3	the	the	PRON
eistud-7014	95	4	new	new	ADJ
eistud-7014	95	5	eu	eu	PROPN
eistud-7014	95	6	-	-	NOUN
eistud-7014	95	7	members	member	NOUN
eistud-7014	95	8	are	be	AUX
eistud-7014	95	9	still	still	ADV
eistud-7014	95	10	not	not	PART
eistud-7014	95	11	able	able	ADJ
eistud-7014	95	12	to	to	PART
eistud-7014	95	13	provide	provide	VERB
eistud-7014	95	14	substantial	substantial	ADJ
eistud-7014	95	15	financing	financing	NOUN
eistud-7014	95	16	due	due	ADJ
eistud-7014	95	17	to	to	ADP
eistud-7014	95	18	relatively	relatively	ADV
eistud-7014	95	19	lower	low	ADJ
eistud-7014	95	20	levels	level	NOUN
eistud-7014	95	21	of	of	ADP
eistud-7014	95	22	income	income	NOUN
eistud-7014	95	23	,	,	PUNCT
eistud-7014	95	24	and	and	CCONJ
eistud-7014	95	25	in	in	ADP
eistud-7014	95	26	the	the	DET
eistud-7014	95	27	same	same	ADJ
eistud-7014	95	28	time	time	NOUN
eistud-7014	95	29	these	these	DET
eistud-7014	95	30	countries	country	NOUN
eistud-7014	95	31	do	do	AUX
eistud-7014	95	32	not	not	PART
eistud-7014	95	33	seem	seem	VERB
eistud-7014	95	34	to	to	PART
eistud-7014	95	35	be	be	AUX
eistud-7014	95	36	able	able	ADJ
eistud-7014	95	37	to	to	PART
eistud-7014	95	38	create	create	VERB
eistud-7014	95	39	excessive	excessive	ADJ
eistud-7014	95	40	private	private	ADJ
eistud-7014	95	41	and	and	CCONJ
eistud-7014	95	42	public	public	ADJ
eistud-7014	95	43	debt	debt	NOUN
eistud-7014	95	44	due	due	ADP
eistud-7014	95	45	to	to	ADP
eistud-7014	95	46	cultural	cultural	ADJ
eistud-7014	95	47	and	and	CCONJ
eistud-7014	95	48	institutional	institutional	ADJ
eistud-7014	95	49	barriers	barrier	NOUN
eistud-7014	95	50	.	.	PUNCT
eistud-7014	96	1	however	however	ADV
eistud-7014	96	2	,	,	PUNCT
eistud-7014	96	3	one	one	NUM
eistud-7014	96	4	new	new	ADJ
eistud-7014	96	5	member	member	NOUN
eistud-7014	96	6	state	state	NOUN
eistud-7014	96	7	is	be	AUX
eistud-7014	96	8	included	include	VERB
eistud-7014	96	9	in	in	ADP
eistud-7014	96	10	the	the	DET
eistud-7014	96	11	empirical	empirical	ADJ
eistud-7014	96	12	analysis	analysis	NOUN
eistud-7014	96	13	to	to	ADP
eistud-7014	96	14	some	some	DET
eistud-7014	96	15	extent	extent	NOUN
eistud-7014	96	16	,	,	PUNCT
eistud-7014	96	17	but	but	CCONJ
eistud-7014	96	18	it	it	PRON
eistud-7014	96	19	is	be	AUX
eistud-7014	96	20	neither	neither	CCONJ
eistud-7014	96	21	a	a	DET
eistud-7014	96	22	debtor	debtor	NOUN
eistud-7014	96	23	nor	nor	CCONJ
eistud-7014	96	24	a	a	DET
eistud-7014	96	25	creditor	creditor	NOUN
eistud-7014	96	26	in	in	ADP
eistud-7014	96	27	our	our	PRON
eistud-7014	96	28	story	story	NOUN
eistud-7014	96	29	.	.	PUNCT
eistud-7014	97	1	there	there	PRON
eistud-7014	97	2	is	be	VERB
eistud-7014	97	3	a	a	DET
eistud-7014	97	4	multitude	multitude	NOUN
eistud-7014	97	5	of	of	ADP
eistud-7014	97	6	studies	study	NOUN
eistud-7014	97	7	that	that	PRON
eistud-7014	97	8	cast	cast	VERB
eistud-7014	97	9	sets	set	NOUN
eistud-7014	97	10	of	of	ADP
eistud-7014	97	11	socioeconomic	socioeconomic	ADJ
eistud-7014	97	12	factors	factor	NOUN
eistud-7014	97	13	against	against	ADP
eistud-7014	97	14	international	international	ADJ
eistud-7014	97	15	capital	capital	NOUN
eistud-7014	97	16	flows	flow	NOUN
eistud-7014	97	17	(	(	PUNCT
eistud-7014	97	18	desatnicov	desatnicov	PROPN
eistud-7014	97	19	&	&	CCONJ
eistud-7014	97	20	akiba	akiba	PROPN
eistud-7014	97	21	,	,	PUNCT
eistud-7014	97	22	2013	2013	NUM
eistud-7014	97	23	;	;	PUNCT
eistud-7014	97	24	forbes	forbes	PROPN
eistud-7014	97	25	&	&	CCONJ
eistud-7014	97	26	warnock	warnock	PROPN
eistud-7014	97	27	,	,	PUNCT
eistud-7014	97	28	2012	2012	NUM
eistud-7014	97	29	;	;	PUNCT
eistud-7014	97	30	borio	borio	NOUN
eistud-7014	97	31	,	,	PUNCT
eistud-7014	97	32	mccauley	mccauley	PROPN
eistud-7014	97	33	,	,	PUNCT
eistud-7014	97	34	&	&	CCONJ
eistud-7014	97	35	mcguire	mcguire	PROPN
eistud-7014	97	36	,	,	PUNCT
eistud-7014	97	37	2011	2011	NUM
eistud-7014	97	38	)	)	PUNCT
eistud-7014	97	39	,	,	PUNCT
eistud-7014	97	40	but	but	CCONJ
eistud-7014	97	41	some	some	DET
eistud-7014	97	42	most	most	ADV
eistud-7014	97	43	recent	recent	ADJ
eistud-7014	97	44	publications	publication	NOUN
eistud-7014	97	45	undermine	undermine	VERB
eistud-7014	97	46	the	the	DET
eistud-7014	97	47	importance	importance	NOUN
eistud-7014	97	48	of	of	ADP
eistud-7014	97	49	any	any	DET
eistud-7014	97	50	variables	variable	NOUN
eistud-7014	97	51	capturing	capture	VERB
eistud-7014	97	52	macroeconomic	macroeconomic	ADJ
eistud-7014	97	53	factors	factor	NOUN
eistud-7014	97	54	on	on	ADP
eistud-7014	97	55	both	both	DET
eistud-7014	97	56	sides	side	NOUN
eistud-7014	97	57	of	of	ADP
eistud-7014	97	58	these	these	DET
eistud-7014	97	59	flows	flow	NOUN
eistud-7014	97	60	(	(	PUNCT
eistud-7014	97	61	geanakoplos	geanakoplo	NOUN
eistud-7014	97	62	,	,	PUNCT
eistud-7014	97	63	2009	2009	NUM
eistud-7014	97	64	;	;	PUNCT
eistud-7014	97	65	lane	lane	NOUN
eistud-7014	97	66	,	,	PUNCT
eistud-7014	97	67	2010	2010	NUM
eistud-7014	97	68	)	)	PUNCT
eistud-7014	97	69	.	.	PUNCT
eistud-7014	98	1	in	in	ADP
eistud-7014	98	2	particular	particular	ADJ
eistud-7014	98	3	,	,	PUNCT
eistud-7014	98	4	lane	lane	PROPN
eistud-7014	98	5	&	&	CCONJ
eistud-7014	98	6	milesi	milesi	PROPN
eistud-7014	98	7	-	-	PUNCT
eistud-7014	98	8	feretti	feretti	PROPN
eistud-7014	98	9	,	,	PUNCT
eistud-7014	98	10	(	(	PUNCT
eistud-7014	98	11	2012	2012	NUM
eistud-7014	98	12	)	)	PUNCT
eistud-7014	98	13	suggest	suggest	VERB
eistud-7014	98	14	that	that	SCONJ
eistud-7014	98	15	behavior	behavior	NOUN
eistud-7014	98	16	of	of	ADP
eistud-7014	98	17	the	the	DET
eistud-7014	98	18	current	current	ADJ
eistud-7014	98	19	account	account	NOUN
eistud-7014	98	20	balance	balance	NOUN
eistud-7014	98	21	in	in	ADP
eistud-7014	98	22	the	the	DET
eistud-7014	98	23	period	period	NOUN
eistud-7014	98	24	2005–2008	2005–2008	NUM
eistud-7014	98	25	has	have	AUX
eistud-7014	98	26	not	not	PART
eistud-7014	98	27	been	be	AUX
eistud-7014	98	28	shaped	shape	VERB
eistud-7014	98	29	by	by	ADP
eistud-7014	98	30	any	any	DET
eistud-7014	98	31	observable	observable	ADJ
eistud-7014	98	32	developments	development	NOUN
eistud-7014	98	33	of	of	ADP
eistud-7014	98	34	macroeconomic	macroeconomic	ADJ
eistud-7014	98	35	variables	variable	NOUN
eistud-7014	98	36	.	.	PUNCT
eistud-7014	99	1	these	these	DET
eistud-7014	99	2	observations	observation	NOUN
eistud-7014	99	3	,	,	PUNCT
eistud-7014	99	4	based	base	VERB
eistud-7014	99	5	on	on	ADP
eistud-7014	99	6	systematic	systematic	ADJ
eistud-7014	99	7	investigations	investigation	NOUN
eistud-7014	99	8	,	,	PUNCT
eistud-7014	99	9	indicate	indicate	VERB
eistud-7014	99	10	that	that	SCONJ
eistud-7014	99	11	foreign	foreign	ADJ
eistud-7014	99	12	creditors	creditor	NOUN
eistud-7014	99	13	acted	act	VERB
eistud-7014	99	14	without	without	ADP
eistud-7014	99	15	considering	consider	VERB
eistud-7014	99	16	the	the	DET
eistud-7014	99	17	classical	classical	ADJ
eistud-7014	99	18	factors	factor	NOUN
eistud-7014	99	19	reflecting	reflect	VERB
eistud-7014	99	20	ability	ability	NOUN
eistud-7014	99	21	to	to	PART
eistud-7014	99	22	recover	recover	VERB
eistud-7014	99	23	the	the	DET
eistud-7014	99	24	capital	capital	NOUN
eistud-7014	99	25	they	they	PRON
eistud-7014	99	26	provided	provide	VERB
eistud-7014	99	27	.	.	PUNCT
eistud-7014	100	1	from	from	ADP
eistud-7014	100	2	the	the	DET
eistud-7014	100	3	ancient	ancient	ADJ
eistud-7014	100	4	times	time	NOUN
eistud-7014	100	5	creditors	creditor	NOUN
eistud-7014	100	6	used	use	VERB
eistud-7014	100	7	to	to	PART
eistud-7014	100	8	monitor	monitor	VERB
eistud-7014	100	9	closely	closely	ADV
eistud-7014	100	10	variables	variable	NOUN
eistud-7014	100	11	that	that	PRON
eistud-7014	100	12	describe	describe	VERB
eistud-7014	100	13	debtor	debtor	NOUN
eistud-7014	100	14	activities	activity	NOUN
eistud-7014	100	15	and	and	CCONJ
eistud-7014	100	16	the	the	DET
eistud-7014	100	17	resulting	result	VERB
eistud-7014	100	18	financial	financial	ADJ
eistud-7014	100	19	position	position	NOUN
eistud-7014	100	20	.	.	PUNCT
eistud-7014	101	1	however	however	ADV
eistud-7014	101	2	,	,	PUNCT
eistud-7014	101	3	in	in	ADP
eistud-7014	101	4	case	case	NOUN
eistud-7014	101	5	of	of	ADP
eistud-7014	101	6	the	the	DET
eistud-7014	101	7	debtors	debtor	NOUN
eistud-7014	101	8	of	of	ADP
eistud-7014	101	9	the	the	DET
eistud-7014	101	10	piigs	piig	NOUN
eistud-7014	101	11	group	group	NOUN
eistud-7014	101	12	,	,	PUNCT
eistud-7014	101	13	eu	eu	PROPN
eistud-7014	101	14	-	-	PUNCT
eistud-7014	101	15	based	base	VERB
eistud-7014	101	16	creditors	creditor	NOUN
eistud-7014	101	17	neglected	neglect	VERB
eistud-7014	101	18	to	to	PART
eistud-7014	101	19	observe	observe	VERB
eistud-7014	101	20	developments	development	NOUN
eistud-7014	101	21	that	that	PRON
eistud-7014	101	22	signaled	signal	VERB
eistud-7014	101	23	moral	moral	ADJ
eistud-7014	101	24	hazard	hazard	NOUN
eistud-7014	101	25	and	and	CCONJ
eistud-7014	101	26	irresponsibility	irresponsibility	NOUN
eistud-7014	101	27	of	of	ADP
eistud-7014	101	28	the	the	DET
eistud-7014	101	29	private	private	ADJ
eistud-7014	101	30	and	and	CCONJ
eistud-7014	101	31	public	public	ADJ
eistud-7014	101	32	borrowers	borrower	NOUN
eistud-7014	101	33	(	(	PUNCT
eistud-7014	101	34	barnes	barne	NOUN
eistud-7014	101	35	,	,	PUNCT
eistud-7014	101	36	2010	2010	NUM
eistud-7014	101	37	)	)	PUNCT
eistud-7014	101	38	.	.	PUNCT
eistud-7014	102	1	this	this	PRON
eistud-7014	102	2	,	,	PUNCT
eistud-7014	102	3	in	in	ADP
eistud-7014	102	4	turn	turn	NOUN
eistud-7014	102	5	,	,	PUNCT
eistud-7014	102	6	allows	allow	VERB
eistud-7014	102	7	for	for	ADP
eistud-7014	102	8	posing	pose	VERB
eistud-7014	102	9	a	a	DET
eistud-7014	102	10	hypothesis	hypothesis	NOUN
eistud-7014	102	11	on	on	ADP
eistud-7014	102	12	the	the	DET
eistud-7014	102	13	drivers	driver	NOUN
eistud-7014	102	14	of	of	ADP
eistud-7014	102	15	the	the	DET
eistud-7014	102	16	intraeu	intraeu	ADJ
eistud-7014	102	17	capital	capital	NOUN
eistud-7014	102	18	flows	flow	NOUN
eistud-7014	102	19	that	that	PRON
eistud-7014	102	20	is	be	AUX
eistud-7014	102	21	the	the	DET
eistud-7014	102	22	core	core	ADJ
eistud-7014	102	23	scientific	scientific	ADJ
eistud-7014	102	24	question	question	NOUN
eistud-7014	102	25	we	we	PRON
eistud-7014	102	26	try	try	VERB
eistud-7014	102	27	to	to	PART
eistud-7014	102	28	address	address	VERB
eistud-7014	102	29	here	here	ADV
eistud-7014	102	30	.	.	PUNCT
eistud-7014	103	1	lane	lane	NOUN
eistud-7014	103	2	(	(	PUNCT
eistud-7014	103	3	2013	2013	NUM
eistud-7014	103	4	,	,	PUNCT
eistud-7014	103	5	p.	p.	NOUN
eistud-7014	103	6	10	10	NUM
eistud-7014	103	7	)	)	PUNCT
eistud-7014	103	8	claims	claim	VERB
eistud-7014	103	9	that	that	SCONJ
eistud-7014	103	10	this	this	DET
eistud-7014	103	11	discreet	discreet	ADJ
eistud-7014	103	12	increase	increase	NOUN
eistud-7014	103	13	in	in	ADP
eistud-7014	103	14	the	the	DET
eistud-7014	103	15	current	current	ADJ
eistud-7014	103	16	account	account	NOUN
eistud-7014	103	17	dispersion	dispersion	NOUN
eistud-7014	103	18	over	over	ADP
eistud-7014	103	19	the	the	DET
eistud-7014	103	20	period	period	NOUN
eistud-7014	103	21	2003–2007	2003–2007	NUM
eistud-7014	103	22	is	be	AUX
eistud-7014	103	23	‘	'	PUNCT
eistud-7014	103	24	a	a	DET
eistud-7014	103	25	very	very	ADV
eistud-7014	103	26	unusual	unusual	ADJ
eistud-7014	103	27	phase	phase	NOUN
eistud-7014	103	28	in	in	ADP
eistud-7014	103	29	the	the	DET
eistud-7014	103	30	history	history	NOUN
eistud-7014	103	31	of	of	ADP
eistud-7014	103	32	international	international	ADJ
eistud-7014	103	33	capital	capital	NOUN
eistud-7014	103	34	flows	flow	VERB
eistud-7014	103	35	’	'	PUNCT
eistud-7014	103	36	.	.	PUNCT
eistud-7014	104	1	we	we	PRON
eistud-7014	104	2	do	do	AUX
eistud-7014	104	3	not	not	PART
eistud-7014	104	4	agree	agree	VERB
eistud-7014	104	5	with	with	ADP
eistud-7014	104	6	this	this	DET
eistud-7014	104	7	simple	simple	ADJ
eistud-7014	104	8	explanation	explanation	NOUN
eistud-7014	104	9	that	that	SCONJ
eistud-7014	104	10	the	the	DET
eistud-7014	104	11	observed	observed	ADJ
eistud-7014	104	12	net	net	ADJ
eistud-7014	104	13	imbalances	imbalance	NOUN
eistud-7014	104	14	resulted	result	VERB
eistud-7014	104	15	from	from	ADP
eistud-7014	104	16	a	a	DET
eistud-7014	104	17	combination	combination	NOUN
eistud-7014	104	18	of	of	ADP
eistud-7014	104	19	(	(	PUNCT
eistud-7014	104	20	1	1	X
eistud-7014	104	21	)	)	PUNCT
eistud-7014	104	22	a	a	DET
eistud-7014	104	23	perceived	perceive	VERB
eistud-7014	104	24	reduction	reduction	NOUN
eistud-7014	104	25	in	in	ADP
eistud-7014	104	26	financial	financial	ADJ
eistud-7014	104	27	risk	risk	NOUN
eistud-7014	104	28	,	,	PUNCT
eistud-7014	104	29	and	and	CCONJ
eistud-7014	104	30	(	(	PUNCT
eistud-7014	104	31	2	2	X
eistud-7014	104	32	)	)	PUNCT
eistud-7014	104	33	a	a	DET
eistud-7014	104	34	perceived	perceive	VERB
eistud-7014	104	35	improvement	improvement	NOUN
eistud-7014	104	36	in	in	ADP
eistud-7014	104	37	the	the	DET
eistud-7014	104	38	ability	ability	NOUN
eistud-7014	104	39	of	of	ADP
eistud-7014	104	40	the	the	DET
eistud-7014	104	41	financial	financial	ADJ
eistud-7014	104	42	system	system	NOUN
eistud-7014	104	43	to	to	PART
eistud-7014	104	44	absorb	absorb	VERB
eistud-7014	104	45	risk	risk	NOUN
eistud-7014	104	46	events	event	NOUN
eistud-7014	104	47	.	.	PUNCT
eistud-7014	105	1	according	accord	VERB
eistud-7014	105	2	to	to	ADP
eistud-7014	105	3	lane	lane	NOUN
eistud-7014	105	4	(	(	PUNCT
eistud-7014	105	5	2013	2013	NUM
eistud-7014	105	6	)	)	PUNCT
eistud-7014	105	7	,	,	PUNCT
eistud-7014	105	8	these	these	DET
eistud-7014	105	9	two	two	NUM
eistud-7014	105	10	factors	factor	NOUN
eistud-7014	105	11	were	be	AUX
eistud-7014	105	12	responsible	responsible	ADJ
eistud-7014	105	13	for	for	ADP
eistud-7014	105	14	making	make	VERB
eistud-7014	105	15	net	net	ADJ
eistud-7014	105	16	capital	capital	NOUN
eistud-7014	105	17	flows	flow	VERB
eistud-7014	105	18	more	more	ADV
eistud-7014	105	19	sensitive	sensitive	ADJ
eistud-7014	105	20	to	to	ADP
eistud-7014	105	21	macroeconomic	macroeconomic	ADJ
eistud-7014	105	22	fundamentals	fundamental	NOUN
eistud-7014	105	23	.	.	PUNCT
eistud-7014	106	1	this	this	PRON
eistud-7014	106	2	is	be	AUX
eistud-7014	106	3	somehow	somehow	ADV
eistud-7014	106	4	inconsistent	inconsistent	ADJ
eistud-7014	106	5	with	with	ADP
eistud-7014	106	6	empirical	empirical	ADJ
eistud-7014	106	7	studies	study	NOUN
eistud-7014	106	8	(	(	PUNCT
eistud-7014	106	9	lane	lane	PROPN
eistud-7014	106	10	&	&	CCONJ
eistud-7014	106	11	milesi	milesi	PROPN
eistud-7014	106	12	-	-	PUNCT
eistud-7014	106	13	feretti	feretti	NOUN
eistud-7014	106	14	,	,	PUNCT
eistud-7014	106	15	2012	2012	NUM
eistud-7014	106	16	)	)	PUNCT
eistud-7014	106	17	,	,	PUNCT
eistud-7014	106	18	by	by	ADP
eistud-7014	106	19	this	this	DET
eistud-7014	106	20	particular	particular	ADJ
eistud-7014	106	21	author	author	NOUN
eistud-7014	106	22	.	.	PUNCT
eistud-7014	107	1	there	there	PRON
eistud-7014	107	2	is	be	VERB
eistud-7014	107	3	also	also	ADV
eistud-7014	107	4	blame	blame	NOUN
eistud-7014	107	5	on	on	ADP
eistud-7014	107	6	the	the	DET
eistud-7014	107	7	same	same	ADJ
eistud-7014	107	8	set	set	NOUN
eistud-7014	107	9	of	of	ADP
eistud-7014	107	10	factors	factor	NOUN
eistud-7014	107	11	for	for	ADP
eistud-7014	107	12	facilitating	facilitate	VERB
eistud-7014	107	13	the	the	DET
eistud-7014	107	14	leverage	leverage	NOUN
eistud-7014	107	15	-	-	PUNCT
eistud-7014	107	16	fuelled	fuel	VERB
eistud-7014	107	17	property	property	NOUN
eistud-7014	107	18	booms	boom	NOUN
eistud-7014	107	19	in	in	ADP
eistud-7014	107	20	some	some	DET
eistud-7014	107	21	countries	country	NOUN
eistud-7014	107	22	that	that	PRON
eistud-7014	107	23	we	we	PRON
eistud-7014	107	24	study	study	VERB
eistud-7014	107	25	here	here	ADV
eistud-7014	107	26	.	.	PUNCT
eistud-7014	108	1	considerations	consideration	NOUN
eistud-7014	108	2	about	about	ADP
eistud-7014	108	3	the	the	DET
eistud-7014	108	4	problem	problem	NOUN
eistud-7014	108	5	with	with	ADP
eistud-7014	108	6	capital	capital	NOUN
eistud-7014	108	7	flows	flow	NOUN
eistud-7014	108	8	in	in	ADP
eistud-7014	108	9	european	european	PROPN
eistud-7014	108	10	union	union	PROPN
eistud-7014	108	11	the	the	DET
eistud-7014	108	12	original	original	ADJ
eistud-7014	108	13	perception	perception	NOUN
eistud-7014	108	14	of	of	ADP
eistud-7014	108	15	the	the	DET
eistud-7014	108	16	cause	cause	NOUN
eistud-7014	108	17	–	–	PUNCT
eistud-7014	108	18	consequence	consequence	NOUN
eistud-7014	108	19	or	or	CCONJ
eistud-7014	108	20	,	,	PUNCT
eistud-7014	108	21	the	the	DET
eistud-7014	108	22	co	co	NOUN
eistud-7014	108	23	-	-	NOUN
eistud-7014	108	24	occurrence	occurrence	NOUN
eistud-7014	108	25	when	when	SCONJ
eistud-7014	108	26	current	current	ADJ
eistud-7014	108	27	account	account	NOUN
eistud-7014	108	28	imbalance	imbalance	NOUN
eistud-7014	108	29	is	be	AUX
eistud-7014	108	30	considered	consider	VERB
eistud-7014	108	31	binds	bind	VERB
eistud-7014	108	32	this	this	DET
eistud-7014	108	33	variable	variable	NOUN
eistud-7014	108	34	with	with	ADP
eistud-7014	108	35	growth	growth	NOUN
eistud-7014	108	36	and	and	CCONJ
eistud-7014	108	37	growth	growth	NOUN
eistud-7014	108	38	expectations	expectation	NOUN
eistud-7014	108	39	.	.	PUNCT
eistud-7014	109	1	it	it	PRON
eistud-7014	109	2	has	have	AUX
eistud-7014	109	3	been	be	AUX
eistud-7014	109	4	present	present	ADJ
eistud-7014	109	5	in	in	ADP
eistud-7014	109	6	the	the	DET
eistud-7014	109	7	literature	literature	NOUN
eistud-7014	109	8	on	on	ADP
eistud-7014	109	9	emerging	emerge	VERB
eistud-7014	109	10	economies	economy	NOUN
eistud-7014	109	11	that	that	SCONJ
eistud-7014	109	12	even	even	ADV
eistud-7014	109	13	a	a	DET
eistud-7014	109	14	deep	deep	ADJ
eistud-7014	109	15	deficit	deficit	NOUN
eistud-7014	109	16	is	be	AUX
eistud-7014	109	17	acceptable	acceptable	ADJ
eistud-7014	109	18	,	,	PUNCT
eistud-7014	109	19	as	as	SCONJ
eistud-7014	109	20	it	it	PRON
eistud-7014	109	21	is	be	AUX
eistud-7014	109	22	a	a	DET
eistud-7014	109	23	necessary	necessary	ADJ
eistud-7014	109	24	by	by	NOUN
eistud-7014	109	25	-	-	PUNCT
eistud-7014	109	26	product	product	NOUN
eistud-7014	109	27	of	of	ADP
eistud-7014	109	28	quick	quick	ADJ
eistud-7014	109	29	economic	economic	ADJ
eistud-7014	109	30	transformation	transformation	NOUN
eistud-7014	109	31	(	(	PUNCT
eistud-7014	109	32	brown	brown	PROPN
eistud-7014	109	33	&	&	CCONJ
eistud-7014	109	34	lane	lane	PROPN
eistud-7014	109	35	,	,	PUNCT
eistud-7014	109	36	2011	2011	NUM
eistud-7014	109	37	)	)	PUNCT
eistud-7014	109	38	.	.	PUNCT
eistud-7014	110	1	the	the	DET
eistud-7014	110	2	idea	idea	NOUN
eistud-7014	110	3	supporting	support	VERB
eistud-7014	110	4	this	this	DET
eistud-7014	110	5	approach	approach	NOUN
eistud-7014	110	6	to	to	ADP
eistud-7014	110	7	dangerous	dangerous	ADJ
eistud-7014	110	8	,	,	PUNCT
eistud-7014	110	9	and	and	CCONJ
eistud-7014	110	10	unacceptable	unacceptable	ADJ
eistud-7014	110	11	,	,	PUNCT
eistud-7014	110	12	otherwise	otherwise	ADV
eistud-7014	110	13	,	,	PUNCT
eistud-7014	110	14	external	external	ADJ
eistud-7014	110	15	position	position	NOUN
eistud-7014	110	16	is	be	AUX
eistud-7014	110	17	based	base	VERB
eistud-7014	110	18	on	on	ADP
eistud-7014	110	19	several	several	ADJ
eistud-7014	110	20	assumptions	assumption	NOUN
eistud-7014	110	21	.	.	PUNCT
eistud-7014	111	1	discussing	discuss	VERB
eistud-7014	111	2	them	they	PRON
eistud-7014	111	3	should	should	AUX
eistud-7014	111	4	reveal	reveal	VERB
eistud-7014	111	5	the	the	DET
eistud-7014	111	6	motivation	motivation	NOUN
eistud-7014	111	7	of	of	ADP
eistud-7014	111	8	our	our	PRON
eistud-7014	111	9	research	research	NOUN
eistud-7014	111	10	and	and	CCONJ
eistud-7014	111	11	the	the	DET
eistud-7014	111	12	problem	problem	NOUN
eistud-7014	111	13	with	with	ADP
eistud-7014	111	14	capital	capital	NOUN
eistud-7014	111	15	flows	flow	NOUN
eistud-7014	111	16	we	we	PRON
eistud-7014	111	17	wish	wish	VERB
eistud-7014	111	18	to	to	PART
eistud-7014	111	19	study	study	VERB
eistud-7014	111	20	.	.	PUNCT
eistud-7014	112	1	first	first	ADV
eistud-7014	112	2	,	,	PUNCT
eistud-7014	112	3	emerging	emerge	VERB
eistud-7014	112	4	economies	economy	NOUN
eistud-7014	112	5	in	in	ADP
eistud-7014	112	6	central	central	ADJ
eistud-7014	112	7	and	and	CCONJ
eistud-7014	112	8	southern	southern	ADJ
eistud-7014	112	9	europe	europe	PROPN
eistud-7014	112	10	faced	face	VERB
eistud-7014	112	11	a	a	DET
eistud-7014	112	12	wide	wide	ADJ
eistud-7014	112	13	gap	gap	NOUN
eistud-7014	112	14	after	after	ADP
eistud-7014	112	15	about	about	ADP
eistud-7014	112	16	half	half	NOUN
eistud-7014	112	17	of	of	ADP
eistud-7014	112	18	century	century	NOUN
eistud-7014	112	19	of	of	ADP
eistud-7014	112	20	central	central	ADJ
eistud-7014	112	21	planning	planning	NOUN
eistud-7014	112	22	system	system	NOUN
eistud-7014	112	23	.	.	PUNCT
eistud-7014	113	1	closing	close	VERB
eistud-7014	113	2	this	this	DET
eistud-7014	113	3	gap	gap	NOUN
eistud-7014	113	4	could	could	AUX
eistud-7014	113	5	have	have	AUX
eistud-7014	113	6	been	be	AUX
eistud-7014	113	7	achieved	achieve	VERB
eistud-7014	113	8	by	by	ADP
eistud-7014	113	9	either	either	CCONJ
eistud-7014	113	10	internal	internal	ADJ
eistud-7014	113	11	process	process	NOUN
eistud-7014	113	12	of	of	ADP
eistud-7014	113	13	capital	capital	NOUN
eistud-7014	113	14	accumulation	accumulation	NOUN
eistud-7014	113	15	and	and	CCONJ
eistud-7014	113	16	modernization	modernization	NOUN
eistud-7014	113	17	,	,	PUNCT
eistud-7014	113	18	or	or	CCONJ
eistud-7014	113	19	by	by	ADP
eistud-7014	113	20	importing	import	VERB
eistud-7014	113	21	all	all	DET
eistud-7014	113	22	the	the	DET
eistud-7014	113	23	missing	miss	VERB
eistud-7014	113	24	factors	factor	NOUN
eistud-7014	113	25	of	of	ADP
eistud-7014	113	26	production	production	NOUN
eistud-7014	113	27	.	.	PUNCT
eistud-7014	114	1	the	the	DET
eistud-7014	114	2	first	first	ADJ
eistud-7014	114	3	way	way	NOUN
eistud-7014	114	4	was	be	AUX
eistud-7014	114	5	rejected	reject	VERB
eistud-7014	114	6	as	as	ADP
eistud-7014	114	7	unfeasible	unfeasible	ADJ
eistud-7014	114	8	,	,	PUNCT
eistud-7014	114	9	time	time	NOUN
eistud-7014	114	10	-	-	PUNCT
eistud-7014	114	11	consuming	consume	VERB
eistud-7014	114	12	and	and	CCONJ
eistud-7014	114	13	slow	slow	ADJ
eistud-7014	114	14	in	in	ADP
eistud-7014	114	15	terms	term	NOUN
eistud-7014	114	16	of	of	ADP
eistud-7014	114	17	the	the	DET
eistud-7014	114	18	catch	catch	NOUN
eistud-7014	114	19	-	-	PUNCT
eistud-7014	114	20	up	up	ADP
eistud-7014	114	21	process	process	NOUN
eistud-7014	114	22	.	.	PUNCT
eistud-7014	115	1	the	the	DET
eistud-7014	115	2	other	other	ADJ
eistud-7014	115	3	way	way	NOUN
eistud-7014	115	4	to	to	PART
eistud-7014	115	5	close	close	VERB
eistud-7014	115	6	the	the	DET
eistud-7014	115	7	development	development	NOUN
eistud-7014	115	8	gap	gap	NOUN
eistud-7014	115	9	required	require	VERB
eistud-7014	115	10	importing	import	VERB
eistud-7014	115	11	investment	investment	NOUN
eistud-7014	115	12	goods	good	NOUN
eistud-7014	115	13	and	and	CCONJ
eistud-7014	115	14	capital	capital	NOUN
eistud-7014	115	15	.	.	PUNCT
eistud-7014	116	1	together	together	ADV
eistud-7014	116	2	with	with	ADP
eistud-7014	116	3	exploding	explode	VERB
eistud-7014	116	4	consumption	consumption	NOUN
eistud-7014	116	5	of	of	ADP
eistud-7014	116	6	imported	import	VERB
eistud-7014	116	7	products	product	NOUN
eistud-7014	116	8	,	,	PUNCT
eistud-7014	116	9	this	this	DET
eistud-7014	116	10	situation	situation	NOUN
eistud-7014	116	11	resulted	result	VERB
eistud-7014	116	12	in	in	ADP
eistud-7014	116	13	serious	serious	ADJ
eistud-7014	116	14	deterioration	deterioration	NOUN
eistud-7014	116	15	of	of	ADP
eistud-7014	116	16	foreign	foreign	ADJ
eistud-7014	116	17	assets	asset	NOUN
eistud-7014	116	18	depleting	deplete	VERB
eistud-7014	116	19	reserves	reserve	NOUN
eistud-7014	116	20	in	in	ADP
eistud-7014	116	21	many	many	ADJ
eistud-7014	116	22	cases	case	NOUN
eistud-7014	116	23	.	.	PUNCT
eistud-7014	117	1	this	this	PRON
eistud-7014	117	2	,	,	PUNCT
eistud-7014	117	3	in	in	ADP
eistud-7014	117	4	turn	turn	NOUN
eistud-7014	117	5	,	,	PUNCT
eistud-7014	117	6	led	lead	VERB
eistud-7014	117	7	to	to	ADP
eistud-7014	117	8	few	few	ADJ
eistud-7014	117	9	sudden	sudden	ADJ
eistud-7014	117	10	stops	stop	NOUN
eistud-7014	117	11	in	in	ADP
eistud-7014	117	12	post	post	ADJ
eistud-7014	117	13	-	-	ADJ
eistud-7014	117	14	communist	communist	ADJ
eistud-7014	117	15	countries	country	NOUN
eistud-7014	117	16	and	and	CCONJ
eistud-7014	117	17	the	the	DET
eistud-7014	117	18	czech	czech	PROPN
eistud-7014	117	19	republic	republic	NOUN
eistud-7014	117	20	in	in	ADP
eistud-7014	117	21	1994	1994	NUM
eistud-7014	117	22	is	be	AUX
eistud-7014	117	23	a	a	DET
eistud-7014	117	24	prominent	prominent	ADJ
eistud-7014	117	25	case	case	NOUN
eistud-7014	117	26	here	here	ADV
eistud-7014	117	27	.	.	PUNCT
eistud-7014	118	1	acceptance	acceptance	NOUN
eistud-7014	118	2	of	of	ADP
eistud-7014	118	3	large	large	ADJ
eistud-7014	118	4	current	current	ADJ
eistud-7014	118	5	account	account	NOUN
eistud-7014	118	6	deficit	deficit	NOUN
eistud-7014	118	7	was	be	AUX
eistud-7014	118	8	therefore	therefore	ADV
eistud-7014	118	9	justified	justify	VERB
eistud-7014	118	10	by	by	ADP
eistud-7014	118	11	expectations	expectation	NOUN
eistud-7014	118	12	concerning	concern	VERB
eistud-7014	118	13	future	future	ADJ
eistud-7014	118	14	effects	effect	NOUN
eistud-7014	118	15	of	of	ADP
eistud-7014	118	16	quick	quick	ADJ
eistud-7014	118	17	,	,	PUNCT
eistud-7014	118	18	foreignfinanced	foreignfinance	VERB
eistud-7014	118	19	economic	economic	ADJ
eistud-7014	118	20	transformation	transformation	NOUN
eistud-7014	118	21	.	.	PUNCT
eistud-7014	119	1	after	after	ADP
eistud-7014	119	2	several	several	ADJ
eistud-7014	119	3	years	year	NOUN
eistud-7014	119	4	of	of	ADP
eistud-7014	119	5	hard	hard	ADJ
eistud-7014	119	6	-	-	PUNCT
eistud-7014	119	7	time	time	NOUN
eistud-7014	119	8	market	market	NOUN
eistud-7014	119	9	reforms	reform	NOUN
eistud-7014	119	10	,	,	PUNCT
eistud-7014	119	11	and	and	CCONJ
eistud-7014	119	12	associated	associate	VERB
eistud-7014	119	13	current	current	ADJ
eistud-7014	119	14	account	account	NOUN
eistud-7014	119	15	deficit	deficit	NOUN
eistud-7014	119	16	,	,	PUNCT
eistud-7014	119	17	emerging	emerge	VERB
eistud-7014	119	18	economies	economy	NOUN
eistud-7014	119	19	were	be	AUX
eistud-7014	119	20	expected	expect	VERB
eistud-7014	119	21	to	to	PART
eistud-7014	119	22	enter	enter	VERB
eistud-7014	119	23	a	a	DET
eistud-7014	119	24	path	path	NOUN
eistud-7014	119	25	of	of	ADP
eistud-7014	119	26	long	long	ADJ
eistud-7014	119	27	-	-	PUNCT
eistud-7014	119	28	term	term	NOUN
eistud-7014	119	29	dynamic	dynamic	ADJ
eistud-7014	119	30	growth	growth	NOUN
eistud-7014	119	31	.	.	PUNCT
eistud-7014	120	1	this	this	PRON
eistud-7014	120	2	would	would	AUX
eistud-7014	120	3	allow	allow	VERB
eistud-7014	120	4	for	for	ADP
eistud-7014	120	5	turning	turn	VERB
eistud-7014	120	6	the	the	DET
eistud-7014	120	7	deficit	deficit	NOUN
eistud-7014	120	8	into	into	ADP
eistud-7014	120	9	a	a	DET
eistud-7014	120	10	surplus	surplus	NOUN
eistud-7014	120	11	and	and	CCONJ
eistud-7014	120	12	help	help	VERB
eistud-7014	120	13	to	to	PART
eistud-7014	120	14	repay	repay	VERB
eistud-7014	120	15	foreign	foreign	ADJ
eistud-7014	120	16	liabilities	liability	NOUN
eistud-7014	120	17	issn	issn	VERB
eistud-7014	120	18	1822–8402	1822–8402	NUM
eistud-7014	120	19	european	european	ADJ
eistud-7014	120	20	integration	integration	NOUN
eistud-7014	120	21	studies	study	NOUN
eistud-7014	120	22	.	.	PUNCT
eistud-7014	121	1	2014	2014	NUM
eistud-7014	121	2	.	.	PUNCT
eistud-7014	122	1	no	no	INTJ
eistud-7014	122	2	.	.	NOUN
eistud-7014	122	3	8	8	NUM
eistud-7014	122	4	51	51	NUM
eistud-7014	122	5	created	create	VERB
eistud-7014	122	6	over	over	ADP
eistud-7014	122	7	the	the	DET
eistud-7014	122	8	transformation	transformation	NOUN
eistud-7014	122	9	period	period	NOUN
eistud-7014	122	10	.	.	PUNCT
eistud-7014	123	1	such	such	ADJ
eistud-7014	123	2	scenario	scenario	NOUN
eistud-7014	123	3	draws	draw	VERB
eistud-7014	123	4	heavily	heavily	ADV
eistud-7014	123	5	on	on	ADP
eistud-7014	123	6	an	an	DET
eistud-7014	123	7	assumption	assumption	NOUN
eistud-7014	123	8	that	that	SCONJ
eistud-7014	123	9	foreign	foreign	ADJ
eistud-7014	123	10	capital	capital	NOUN
eistud-7014	123	11	inflows	inflow	NOUN
eistud-7014	123	12	finance	finance	VERB
eistud-7014	123	13	pro	pro	ADJ
eistud-7014	123	14	-	-	ADJ
eistud-7014	123	15	growth	growth	ADJ
eistud-7014	123	16	initiatives	initiative	NOUN
eistud-7014	123	17	and	and	CCONJ
eistud-7014	123	18	not	not	PART
eistud-7014	123	19	current	current	ADJ
eistud-7014	123	20	consumption	consumption	NOUN
eistud-7014	123	21	,	,	PUNCT
eistud-7014	123	22	private	private	ADJ
eistud-7014	123	23	and	and	CCONJ
eistud-7014	123	24	public	public	ADJ
eistud-7014	123	25	alike	alike	ADV
eistud-7014	123	26	.	.	PUNCT
eistud-7014	124	1	this	this	PRON
eistud-7014	124	2	was	be	AUX
eistud-7014	124	3	a	a	DET
eistud-7014	124	4	story	story	NOUN
eistud-7014	124	5	of	of	ADP
eistud-7014	124	6	some	some	PRON
eistud-7014	124	7	,	,	PUNCT
eistud-7014	124	8	but	but	CCONJ
eistud-7014	124	9	not	not	PART
eistud-7014	124	10	all	all	PRON
eistud-7014	124	11	,	,	PUNCT
eistud-7014	124	12	emerging	emerge	VERB
eistud-7014	124	13	economies	economy	NOUN
eistud-7014	124	14	in	in	ADP
eistud-7014	124	15	central	central	ADJ
eistud-7014	124	16	and	and	CCONJ
eistud-7014	124	17	southern	southern	ADJ
eistud-7014	124	18	europe	europe	PROPN
eistud-7014	124	19	.	.	PUNCT
eistud-7014	125	1	many	many	ADJ
eistud-7014	125	2	countries	country	NOUN
eistud-7014	125	3	failed	fail	VERB
eistud-7014	125	4	in	in	ADP
eistud-7014	125	5	efficient	efficient	ADJ
eistud-7014	125	6	reforming	reform	VERB
eistud-7014	125	7	production	production	NOUN
eistud-7014	125	8	capacity	capacity	NOUN
eistud-7014	125	9	and	and	CCONJ
eistud-7014	125	10	are	be	AUX
eistud-7014	125	11	problematic	problematic	ADJ
eistud-7014	125	12	members	member	NOUN
eistud-7014	125	13	of	of	ADP
eistud-7014	125	14	the	the	DET
eistud-7014	125	15	eu	eu	PROPN
eistud-7014	125	16	after	after	ADP
eistud-7014	125	17	about	about	ADV
eistud-7014	125	18	24	24	NUM
eistud-7014	125	19	years	year	NOUN
eistud-7014	125	20	since	since	SCONJ
eistud-7014	125	21	entering	enter	VERB
eistud-7014	125	22	transformation	transformation	NOUN
eistud-7014	125	23	period	period	NOUN
eistud-7014	125	24	.	.	PUNCT
eistud-7014	126	1	as	as	ADP
eistud-7014	126	2	a	a	DET
eistud-7014	126	3	consequence	consequence	NOUN
eistud-7014	126	4	,	,	PUNCT
eistud-7014	126	5	the	the	DET
eistud-7014	126	6	credit	credit	NOUN
eistud-7014	126	7	provided	provide	VERB
eistud-7014	126	8	by	by	ADP
eistud-7014	126	9	external	external	ADJ
eistud-7014	126	10	sources	source	NOUN
eistud-7014	126	11	in	in	ADP
eistud-7014	126	12	the	the	DET
eistud-7014	126	13	form	form	NOUN
eistud-7014	126	14	of	of	ADP
eistud-7014	126	15	accepting	accept	VERB
eistud-7014	126	16	permanent	permanent	ADJ
eistud-7014	126	17	balance	balance	NOUN
eistud-7014	126	18	of	of	ADP
eistud-7014	126	19	payments	payment	NOUN
eistud-7014	126	20	imbalance	imbalance	NOUN
eistud-7014	126	21	,	,	PUNCT
eistud-7014	126	22	has	have	AUX
eistud-7014	126	23	been	be	AUX
eistud-7014	126	24	wasted	waste	VERB
eistud-7014	126	25	.	.	PUNCT
eistud-7014	127	1	in	in	ADP
eistud-7014	127	2	addition	addition	NOUN
eistud-7014	127	3	,	,	PUNCT
eistud-7014	127	4	both	both	CCONJ
eistud-7014	127	5	the	the	DET
eistud-7014	127	6	debtor	debtor	NOUN
eistud-7014	127	7	countries	country	NOUN
eistud-7014	127	8	and	and	CCONJ
eistud-7014	127	9	creditor	creditor	NOUN
eistud-7014	127	10	ones	one	NOUN
eistud-7014	127	11	alike	alike	ADV
eistud-7014	127	12	experienced	experienced	ADJ
eistud-7014	127	13	adverse	adverse	ADJ
eistud-7014	127	14	effects	effect	NOUN
eistud-7014	127	15	of	of	ADP
eistud-7014	127	16	the	the	DET
eistud-7014	127	17	financial	financial	ADJ
eistud-7014	127	18	turmoil	turmoil	NOUN
eistud-7014	127	19	.	.	PUNCT
eistud-7014	128	1	neglecting	neglect	VERB
eistud-7014	128	2	real	real	ADJ
eistud-7014	128	3	reforms	reform	NOUN
eistud-7014	128	4	and	and	CCONJ
eistud-7014	128	5	referring	refer	VERB
eistud-7014	128	6	to	to	ADP
eistud-7014	128	7	creative	creative	ADJ
eistud-7014	128	8	accounting	accounting	NOUN
eistud-7014	128	9	in	in	ADP
eistud-7014	128	10	public	public	ADJ
eistud-7014	128	11	finance	finance	NOUN
eistud-7014	128	12	instead	instead	ADV
eistud-7014	128	13	of	of	ADP
eistud-7014	128	14	fiscal	fiscal	ADJ
eistud-7014	128	15	consolidation	consolidation	NOUN
eistud-7014	128	16	is	be	AUX
eistud-7014	128	17	,	,	PUNCT
eistud-7014	128	18	however	however	ADV
eistud-7014	128	19	a	a	DET
eistud-7014	128	20	much	much	ADV
eistud-7014	128	21	more	more	ADV
eistud-7014	128	22	common	common	ADJ
eistud-7014	128	23	sin	sin	NOUN
eistud-7014	128	24	in	in	ADP
eistud-7014	128	25	the	the	DET
eistud-7014	128	26	european	european	PROPN
eistud-7014	128	27	union	union	PROPN
eistud-7014	128	28	,	,	PUNCT
eistud-7014	128	29	not	not	PART
eistud-7014	128	30	restricted	restrict	VERB
eistud-7014	128	31	to	to	ADP
eistud-7014	128	32	the	the	DET
eistud-7014	128	33	new	new	ADJ
eistud-7014	128	34	member	member	NOUN
eistud-7014	128	35	states	state	NOUN
eistud-7014	128	36	of	of	ADP
eistud-7014	128	37	the	the	DET
eistud-7014	128	38	1st	1st	ADJ
eistud-7014	128	39	may	may	PROPN
eistud-7014	128	40	2004	2004	NUM
eistud-7014	128	41	.	.	PUNCT
eistud-7014	129	1	our	our	PRON
eistud-7014	129	2	story	story	NOUN
eistud-7014	129	3	offers	offer	VERB
eistud-7014	129	4	an	an	DET
eistud-7014	129	5	alternative	alternative	ADJ
eistud-7014	129	6	approach	approach	NOUN
eistud-7014	129	7	to	to	ADP
eistud-7014	129	8	understanding	understand	VERB
eistud-7014	129	9	a	a	DET
eistud-7014	129	10	fraction	fraction	NOUN
eistud-7014	129	11	of	of	ADP
eistud-7014	129	12	the	the	DET
eistud-7014	129	13	debt	debt	NOUN
eistud-7014	129	14	created	create	VERB
eistud-7014	129	15	due	due	ADP
eistud-7014	129	16	to	to	ADP
eistud-7014	129	17	common	common	ADJ
eistud-7014	129	18	market	market	NOUN
eistud-7014	129	19	and	and	CCONJ
eistud-7014	129	20	european	european	ADJ
eistud-7014	129	21	financial	financial	ADJ
eistud-7014	129	22	area	area	NOUN
eistud-7014	129	23	.	.	PUNCT
eistud-7014	130	1	we	we	PRON
eistud-7014	130	2	focus	focus	VERB
eistud-7014	130	3	on	on	ADP
eistud-7014	130	4	countries	country	NOUN
eistud-7014	130	5	suffering	suffer	VERB
eistud-7014	130	6	from	from	ADP
eistud-7014	130	7	excessive	excessive	ADJ
eistud-7014	130	8	external	external	ADJ
eistud-7014	130	9	private	private	ADJ
eistud-7014	130	10	debt	debt	NOUN
eistud-7014	130	11	that	that	PRON
eistud-7014	130	12	have	have	AUX
eistud-7014	130	13	been	be	AUX
eistud-7014	130	14	members	member	NOUN
eistud-7014	130	15	of	of	ADP
eistud-7014	130	16	the	the	DET
eistud-7014	130	17	eurozone	eurozone	NOUN
eistud-7014	130	18	.	.	PUNCT
eistud-7014	131	1	the	the	DET
eistud-7014	131	2	situation	situation	NOUN
eistud-7014	131	3	of	of	ADP
eistud-7014	131	4	financial	financial	ADJ
eistud-7014	131	5	flows	flow	NOUN
eistud-7014	131	6	in	in	ADP
eistud-7014	131	7	creditor	creditor	NOUN
eistud-7014	131	8	and	and	CCONJ
eistud-7014	131	9	debtor	debtor	NOUN
eistud-7014	131	10	countries	country	NOUN
eistud-7014	131	11	the	the	DET
eistud-7014	131	12	debt	debt	NOUN
eistud-7014	131	13	crisis	crisis	NOUN
eistud-7014	131	14	in	in	ADP
eistud-7014	131	15	europe	europe	PROPN
eistud-7014	131	16	that	that	PRON
eistud-7014	131	17	emerged	emerge	VERB
eistud-7014	131	18	in	in	ADP
eistud-7014	131	19	2009	2009	NUM
eistud-7014	131	20	did	do	AUX
eistud-7014	131	21	not	not	PART
eistud-7014	131	22	hit	hit	VERB
eistud-7014	131	23	emerging	emerge	VERB
eistud-7014	131	24	economies	economy	NOUN
eistud-7014	131	25	as	as	ADV
eistud-7014	131	26	much	much	ADV
eistud-7014	131	27	as	as	ADP
eistud-7014	131	28	some	some	PRON
eistud-7014	131	29	of	of	ADP
eistud-7014	131	30	the	the	DET
eistud-7014	131	31	so	so	ADV
eistud-7014	131	32	-	-	PUNCT
eistud-7014	131	33	called	call	VERB
eistud-7014	131	34	oldeu	oldeu	ADJ
eistud-7014	131	35	-	-	PUNCT
eistud-7014	131	36	member	member	NOUN
eistud-7014	131	37	states	state	NOUN
eistud-7014	131	38	(	(	PUNCT
eistud-7014	131	39	blanchard	blanchard	NOUN
eistud-7014	131	40	,	,	PUNCT
eistud-7014	131	41	2007	2007	NUM
eistud-7014	131	42	)	)	PUNCT
eistud-7014	131	43	.	.	PUNCT
eistud-7014	132	1	continuous	continuous	ADJ
eistud-7014	132	2	foreign	foreign	ADJ
eistud-7014	132	3	liabilities	liability	NOUN
eistud-7014	132	4	accumulation	accumulation	NOUN
eistud-7014	132	5	by	by	ADP
eistud-7014	132	6	portugal	portugal	PROPN
eistud-7014	132	7	,	,	PUNCT
eistud-7014	132	8	ireland	ireland	PROPN
eistud-7014	132	9	,	,	PUNCT
eistud-7014	132	10	italy	italy	PROPN
eistud-7014	132	11	greece	greece	PROPN
eistud-7014	132	12	and	and	CCONJ
eistud-7014	132	13	spain	spain	PROPN
eistud-7014	132	14	(	(	PUNCT
eistud-7014	132	15	piigs	piig	NOUN
eistud-7014	132	16	)	)	PUNCT
eistud-7014	132	17	was	be	AUX
eistud-7014	132	18	however	however	ADV
eistud-7014	132	19	of	of	ADP
eistud-7014	132	20	diverse	diverse	ADJ
eistud-7014	132	21	nature	nature	NOUN
eistud-7014	132	22	and	and	CCONJ
eistud-7014	132	23	exposed	expose	VERB
eistud-7014	132	24	these	these	DET
eistud-7014	132	25	countries	country	NOUN
eistud-7014	132	26	to	to	PART
eistud-7014	132	27	diverse	diverse	VERB
eistud-7014	132	28	risks	risk	NOUN
eistud-7014	132	29	and	and	CCONJ
eistud-7014	132	30	different	different	ADJ
eistud-7014	132	31	adverse	adverse	ADJ
eistud-7014	132	32	effects	effect	NOUN
eistud-7014	132	33	.	.	PUNCT
eistud-7014	133	1	therefore	therefore	ADV
eistud-7014	133	2	,	,	PUNCT
eistud-7014	133	3	analyzing	analyze	VERB
eistud-7014	133	4	these	these	DET
eistud-7014	133	5	cases	case	NOUN
eistud-7014	133	6	can	can	AUX
eistud-7014	133	7	not	not	PART
eistud-7014	133	8	be	be	AUX
eistud-7014	133	9	a	a	DET
eistud-7014	133	10	joint	joint	ADJ
eistud-7014	133	11	exercise	exercise	NOUN
eistud-7014	133	12	.	.	PUNCT
eistud-7014	134	1	the	the	DET
eistud-7014	134	2	pattern	pattern	NOUN
eistud-7014	134	3	of	of	ADP
eistud-7014	134	4	bilateral	bilateral	ADJ
eistud-7014	134	5	net	net	ADJ
eistud-7014	134	6	investment	investment	NOUN
eistud-7014	134	7	positions	position	NOUN
eistud-7014	134	8	in	in	ADP
eistud-7014	134	9	figure	figure	NOUN
eistud-7014	134	10	1	1	NUM
eistud-7014	134	11	shows	show	VERB
eistud-7014	134	12	diverse	diverse	ADJ
eistud-7014	134	13	engagement	engagement	NOUN
eistud-7014	134	14	of	of	ADP
eistud-7014	134	15	eu	eu	PROPN
eistud-7014	134	16	-	-	NOUN
eistud-7014	134	17	creditors	creditor	NOUN
eistud-7014	134	18	(	(	PUNCT
eistud-7014	134	19	germany	germany	PROPN
eistud-7014	134	20	,	,	PUNCT
eistud-7014	134	21	france	france	PROPN
eistud-7014	134	22	,	,	PUNCT
eistud-7014	134	23	and	and	CCONJ
eistud-7014	134	24	the	the	DET
eistud-7014	134	25	uk	uk	PROPN
eistud-7014	134	26	)	)	PUNCT
eistud-7014	134	27	in	in	ADP
eistud-7014	134	28	financial	financial	ADJ
eistud-7014	134	29	net	net	ADJ
eistud-7014	134	30	flows	flow	NOUN
eistud-7014	134	31	to	to	ADP
eistud-7014	134	32	eu	eu	NOUN
eistud-7014	134	33	-	-	NOUN
eistud-7014	134	34	debtors	debtor	NOUN
eistud-7014	134	35	(	(	PUNCT
eistud-7014	134	36	portugal	portugal	PROPN
eistud-7014	134	37	,	,	PUNCT
eistud-7014	134	38	ireland	ireland	PROPN
eistud-7014	134	39	,	,	PUNCT
eistud-7014	134	40	italy	italy	PROPN
eistud-7014	134	41	,	,	PUNCT
eistud-7014	134	42	greece	greece	PROPN
eistud-7014	134	43	,	,	PUNCT
eistud-7014	134	44	and	and	CCONJ
eistud-7014	134	45	spain	spain	PROPN
eistud-7014	134	46	.	.	PUNCT
eistud-7014	135	1	figure	figure	NOUN
eistud-7014	135	2	1	1	NUM
eistud-7014	135	3	.	.	PUNCT
eistud-7014	135	4	bilateral	bilateral	ADJ
eistud-7014	135	5	net	net	ADJ
eistud-7014	135	6	investment	investment	NOUN
eistud-7014	135	7	positions	position	NOUN
eistud-7014	135	8	of	of	ADP
eistud-7014	135	9	germany	germany	PROPN
eistud-7014	135	10	,	,	PUNCT
eistud-7014	135	11	france	france	PROPN
eistud-7014	135	12	and	and	CCONJ
eistud-7014	135	13	the	the	DET
eistud-7014	135	14	uk	uk	PROPN
eistud-7014	135	15	with	with	ADP
eistud-7014	135	16	greece	greece	PROPN
eistud-7014	135	17	2001–2009	2001–2009	NUM
eistud-7014	135	18	source	source	NOUN
eistud-7014	135	19	:	:	PUNCT
eistud-7014	135	20	authors	author	NOUN
eistud-7014	135	21	,	,	PUNCT
eistud-7014	135	22	on	on	ADP
eistud-7014	135	23	the	the	DET
eistud-7014	135	24	basis	basis	NOUN
eistud-7014	135	25	imf	imf	PROPN
eistud-7014	135	26	database	database	NOUN
eistud-7014	135	27	on	on	ADP
eistud-7014	135	28	trade	trade	NOUN
eistud-7014	135	29	and	and	CCONJ
eistud-7014	135	30	investment	investment	NOUN
eistud-7014	135	31	.	.	PUNCT
eistud-7014	136	1	in	in	ADP
eistud-7014	136	2	case	case	NOUN
eistud-7014	136	3	of	of	ADP
eistud-7014	136	4	greece	greece	PROPN
eistud-7014	136	5	,	,	PUNCT
eistud-7014	136	6	all	all	PRON
eistud-7014	136	7	of	of	ADP
eistud-7014	136	8	the	the	DET
eistud-7014	136	9	eu	eu	PROPN
eistud-7014	136	10	-	-	NOUN
eistud-7014	136	11	creditors	creditor	NOUN
eistud-7014	136	12	used	use	VERB
eistud-7014	136	13	to	to	PART
eistud-7014	136	14	have	have	VERB
eistud-7014	136	15	positive	positive	ADJ
eistud-7014	136	16	net	net	ADJ
eistud-7014	136	17	investment	investment	NOUN
eistud-7014	136	18	positions	position	NOUN
eistud-7014	136	19	until	until	ADP
eistud-7014	136	20	2004	2004	NUM
eistud-7014	136	21	,	,	PUNCT
eistud-7014	136	22	with	with	ADP
eistud-7014	136	23	the	the	DET
eistud-7014	136	24	uk	uk	PROPN
eistud-7014	136	25	moving	move	VERB
eistud-7014	136	26	below	below	ADP
eistud-7014	136	27	the	the	DET
eistud-7014	136	28	line	line	NOUN
eistud-7014	136	29	,	,	PUNCT
eistud-7014	136	30	while	while	SCONJ
eistud-7014	136	31	france	france	PROPN
eistud-7014	136	32	and	and	CCONJ
eistud-7014	136	33	germany	germany	PROPN
eistud-7014	136	34	continued	continue	VERB
eistud-7014	136	35	to	to	PART
eistud-7014	136	36	extend	extend	VERB
eistud-7014	136	37	credit	credit	NOUN
eistud-7014	136	38	to	to	ADP
eistud-7014	136	39	greece	greece	PROPN
eistud-7014	136	40	.	.	PUNCT
eistud-7014	137	1	france	france	PROPN
eistud-7014	137	2	outpaced	outpace	VERB
eistud-7014	137	3	germany	germany	PROPN
eistud-7014	137	4	in	in	ADP
eistud-7014	137	5	financing	finance	VERB
eistud-7014	137	6	greek	greek	ADJ
eistud-7014	137	7	excessive	excessive	ADJ
eistud-7014	137	8	domestic	domestic	ADJ
eistud-7014	137	9	absorption	absorption	NOUN
eistud-7014	137	10	.	.	PUNCT
eistud-7014	138	1	figure	figure	NOUN
eistud-7014	138	2	2	2	NUM
eistud-7014	138	3	.	.	PUNCT
eistud-7014	138	4	bilateral	bilateral	ADJ
eistud-7014	138	5	net	net	ADJ
eistud-7014	138	6	investment	investment	NOUN
eistud-7014	138	7	positions	position	NOUN
eistud-7014	138	8	of	of	ADP
eistud-7014	138	9	germany	germany	PROPN
eistud-7014	138	10	,	,	PUNCT
eistud-7014	138	11	france	france	PROPN
eistud-7014	138	12	and	and	CCONJ
eistud-7014	138	13	the	the	DET
eistud-7014	138	14	uk	uk	PROPN
eistud-7014	138	15	with	with	ADP
eistud-7014	138	16	ireland	ireland	PROPN
eistud-7014	138	17	2001–2009	2001–2009	NUM
eistud-7014	138	18	source	source	NOUN
eistud-7014	138	19	:	:	PUNCT
eistud-7014	138	20	authors	author	NOUN
eistud-7014	138	21	,	,	PUNCT
eistud-7014	138	22	on	on	ADP
eistud-7014	138	23	the	the	DET
eistud-7014	138	24	basis	basis	NOUN
eistud-7014	138	25	imf	imf	PROPN
eistud-7014	138	26	database	database	NOUN
eistud-7014	138	27	on	on	ADP
eistud-7014	138	28	trade	trade	NOUN
eistud-7014	138	29	and	and	CCONJ
eistud-7014	138	30	investment	investment	NOUN
eistud-7014	138	31	.	.	PUNCT
eistud-7014	139	1	ireland	ireland	NOUN
eistud-7014	139	2	seems	seem	VERB
eistud-7014	139	3	to	to	PART
eistud-7014	139	4	be	be	AUX
eistud-7014	139	5	a	a	DET
eistud-7014	139	6	very	very	ADV
eistud-7014	139	7	different	different	ADJ
eistud-7014	139	8	case	case	NOUN
eistud-7014	139	9	,	,	PUNCT
eistud-7014	139	10	from	from	ADP
eistud-7014	139	11	other	other	ADJ
eistud-7014	139	12	of	of	ADP
eistud-7014	139	13	the	the	DET
eistud-7014	139	14	eu	eu	PROPN
eistud-7014	139	15	-	-	ADJ
eistud-7014	139	16	debtor	debtor	ADJ
eistud-7014	139	17	countries	country	NOUN
eistud-7014	139	18	.	.	PUNCT
eistud-7014	140	1	the	the	DET
eistud-7014	140	2	net	net	ADJ
eistud-7014	140	3	positions	position	NOUN
eistud-7014	140	4	with	with	ADP
eistud-7014	140	5	germany	germany	PROPN
eistud-7014	140	6	and	and	CCONJ
eistud-7014	140	7	france	france	PROPN
eistud-7014	140	8	seem	seem	VERB
eistud-7014	140	9	to	to	PART
eistud-7014	140	10	be	be	AUX
eistud-7014	140	11	balances	balance	NOUN
eistud-7014	140	12	,	,	PUNCT
eistud-7014	140	13	while	while	SCONJ
eistud-7014	140	14	the	the	DET
eistud-7014	140	15	uk	uk	PROPN
eistud-7014	140	16	is	be	AUX
eistud-7014	140	17	a	a	DET
eistud-7014	140	18	net	net	ADJ
eistud-7014	140	19	debtor	debtor	NOUN
eistud-7014	140	20	for	for	ADP
eistud-7014	140	21	the	the	DET
eistud-7014	140	22	whole	whole	ADJ
eistud-7014	140	23	period	period	NOUN
eistud-7014	140	24	covered	cover	VERB
eistud-7014	140	25	by	by	ADP
eistud-7014	140	26	the	the	DET
eistud-7014	140	27	empirical	empirical	ADJ
eistud-7014	140	28	analysis	analysis	NOUN
eistud-7014	140	29	.	.	PUNCT
eistud-7014	141	1	figure	figure	NOUN
eistud-7014	141	2	3	3	NUM
eistud-7014	141	3	.	.	PUNCT
eistud-7014	141	4	bilateral	bilateral	ADJ
eistud-7014	141	5	net	net	ADJ
eistud-7014	141	6	investment	investment	NOUN
eistud-7014	141	7	positions	position	NOUN
eistud-7014	141	8	of	of	ADP
eistud-7014	141	9	germany	germany	PROPN
eistud-7014	141	10	,	,	PUNCT
eistud-7014	141	11	france	france	PROPN
eistud-7014	141	12	and	and	CCONJ
eistud-7014	141	13	the	the	DET
eistud-7014	141	14	uk	uk	PROPN
eistud-7014	141	15	with	with	ADP
eistud-7014	141	16	italy	italy	PROPN
eistud-7014	141	17	2001–2009	2001–2009	NUM
eistud-7014	141	18	source	source	NOUN
eistud-7014	141	19	:	:	PUNCT
eistud-7014	141	20	authors	author	NOUN
eistud-7014	141	21	,	,	PUNCT
eistud-7014	141	22	on	on	ADP
eistud-7014	141	23	the	the	DET
eistud-7014	141	24	basis	basis	NOUN
eistud-7014	141	25	imf	imf	PROPN
eistud-7014	141	26	database	database	NOUN
eistud-7014	141	27	on	on	ADP
eistud-7014	141	28	trade	trade	NOUN
eistud-7014	141	29	and	and	CCONJ
eistud-7014	141	30	investment	investment	NOUN
eistud-7014	141	31	.	.	PUNCT
eistud-7014	142	1	italy	italy	PROPN
eistud-7014	142	2	is	be	AUX
eistud-7014	142	3	a	a	DET
eistud-7014	142	4	country	country	NOUN
eistud-7014	142	5	that	that	PRON
eistud-7014	142	6	depends	depend	VERB
eistud-7014	142	7	heavily	heavily	ADV
eistud-7014	142	8	on	on	ADP
eistud-7014	142	9	financial	financial	ADJ
eistud-7014	142	10	flows	flow	NOUN
eistud-7014	142	11	coming	come	VERB
eistud-7014	142	12	from	from	ADP
eistud-7014	142	13	germany	germany	PROPN
eistud-7014	142	14	.	.	PUNCT
eistud-7014	143	1	other	other	ADJ
eistud-7014	143	2	eu	eu	PROPN
eistud-7014	143	3	-	-	NOUN
eistud-7014	143	4	creditors	creditor	NOUN
eistud-7014	143	5	maintain	maintain	VERB
eistud-7014	143	6	rather	rather	ADV
eistud-7014	143	7	balanced	balanced	ADJ
eistud-7014	143	8	net	net	ADJ
eistud-7014	143	9	positions	position	NOUN
eistud-7014	143	10	,	,	PUNCT
eistud-7014	143	11	and	and	CCONJ
eistud-7014	143	12	therefore	therefore	ADV
eistud-7014	143	13	are	be	AUX
eistud-7014	143	14	relatively	relatively	ADV
eistud-7014	143	15	immune	immune	ADJ
eistud-7014	143	16	to	to	ADP
eistud-7014	143	17	domestic	domestic	ADJ
eistud-7014	143	18	developments	development	NOUN
eistud-7014	143	19	in	in	ADP
eistud-7014	143	20	italy	italy	PROPN
eistud-7014	143	21	,	,	PUNCT
eistud-7014	143	22	in	in	ADP
eistud-7014	143	23	comparison	comparison	NOUN
eistud-7014	143	24	with	with	ADP
eistud-7014	143	25	germany	germany	PROPN
eistud-7014	143	26	.	.	PUNCT
eistud-7014	144	1	figure	figure	VERB
eistud-7014	144	2	4	4	NUM
eistud-7014	144	3	.	.	PUNCT
eistud-7014	144	4	bilateral	bilateral	ADJ
eistud-7014	144	5	net	net	ADJ
eistud-7014	144	6	investment	investment	NOUN
eistud-7014	144	7	positions	position	NOUN
eistud-7014	144	8	of	of	ADP
eistud-7014	144	9	germany	germany	PROPN
eistud-7014	144	10	,	,	PUNCT
eistud-7014	144	11	france	france	PROPN
eistud-7014	144	12	and	and	CCONJ
eistud-7014	144	13	the	the	DET
eistud-7014	144	14	uk	uk	PROPN
eistud-7014	144	15	with	with	ADP
eistud-7014	144	16	portugal	portugal	PROPN
eistud-7014	144	17	2001–2009	2001–2009	NUM
eistud-7014	144	18	source	source	NOUN
eistud-7014	144	19	:	:	PUNCT
eistud-7014	144	20	authors	author	NOUN
eistud-7014	144	21	,	,	PUNCT
eistud-7014	144	22	on	on	ADP
eistud-7014	144	23	the	the	DET
eistud-7014	144	24	basis	basis	NOUN
eistud-7014	144	25	imf	imf	PROPN
eistud-7014	144	26	database	database	NOUN
eistud-7014	144	27	on	on	ADP
eistud-7014	144	28	trade	trade	NOUN
eistud-7014	144	29	and	and	CCONJ
eistud-7014	144	30	investment	investment	NOUN
eistud-7014	144	31	.	.	PUNCT
eistud-7014	145	1	issn	issn	PROPN
eistud-7014	145	2	1822–8402	1822–8402	NUM
eistud-7014	145	3	european	european	ADJ
eistud-7014	145	4	integration	integration	NOUN
eistud-7014	145	5	studies	study	NOUN
eistud-7014	145	6	.	.	PUNCT
eistud-7014	146	1	2014	2014	NUM
eistud-7014	146	2	.	.	PUNCT
eistud-7014	147	1	no	no	INTJ
eistud-7014	147	2	.	.	NOUN
eistud-7014	147	3	8	8	NUM
eistud-7014	147	4	52	52	NUM
eistud-7014	147	5	portugal	portugal	PROPN
eistud-7014	147	6	shows	show	VERB
eistud-7014	147	7	strong	strong	ADJ
eistud-7014	147	8	financial	financial	ADJ
eistud-7014	147	9	dependence	dependence	NOUN
eistud-7014	147	10	on	on	ADP
eistud-7014	147	11	financial	financial	ADJ
eistud-7014	147	12	flows	flow	NOUN
eistud-7014	147	13	coming	come	VERB
eistud-7014	147	14	from	from	ADP
eistud-7014	147	15	france	france	PROPN
eistud-7014	147	16	.	.	PUNCT
eistud-7014	148	1	the	the	DET
eistud-7014	148	2	period	period	NOUN
eistud-7014	148	3	preceding	precede	VERB
eistud-7014	148	4	the	the	DET
eistud-7014	148	5	debt	debt	NOUN
eistud-7014	148	6	crisis	crisis	NOUN
eistud-7014	148	7	(	(	PUNCT
eistud-7014	148	8	2004–2008	2004–2008	NOUN
eistud-7014	148	9	)	)	PUNCT
eistud-7014	148	10	witnessed	witness	VERB
eistud-7014	148	11	stabilization	stabilization	NOUN
eistud-7014	148	12	of	of	ADP
eistud-7014	148	13	substantial	substantial	ADJ
eistud-7014	148	14	positive	positive	ADJ
eistud-7014	148	15	net	net	ADJ
eistud-7014	148	16	investment	investment	NOUN
eistud-7014	148	17	position	position	NOUN
eistud-7014	148	18	with	with	ADP
eistud-7014	148	19	this	this	DET
eistud-7014	148	20	particular	particular	ADJ
eistud-7014	148	21	country	country	NOUN
eistud-7014	148	22	.	.	PUNCT
eistud-7014	149	1	following	follow	VERB
eistud-7014	149	2	year	year	NOUN
eistud-7014	149	3	2008	2008	NUM
eistud-7014	149	4	,	,	PUNCT
eistud-7014	149	5	france	france	PROPN
eistud-7014	149	6	continued	continue	VERB
eistud-7014	149	7	to	to	PART
eistud-7014	149	8	increase	increase	VERB
eistud-7014	149	9	its	its	PRON
eistud-7014	149	10	net	net	ADJ
eistud-7014	149	11	creditor	creditor	NOUN
eistud-7014	149	12	position	position	NOUN
eistud-7014	149	13	with	with	ADP
eistud-7014	149	14	portugal	portugal	PROPN
eistud-7014	149	15	.	.	PUNCT
eistud-7014	150	1	in	in	ADP
eistud-7014	150	2	the	the	DET
eistud-7014	150	3	same	same	ADJ
eistud-7014	150	4	time	time	NOUN
eistud-7014	150	5	the	the	DET
eistud-7014	150	6	uk	uk	PROPN
eistud-7014	150	7	and	and	CCONJ
eistud-7014	150	8	germany	germany	PROPN
eistud-7014	150	9	maintained	maintain	VERB
eistud-7014	150	10	balanced	balanced	ADJ
eistud-7014	150	11	net	net	ADJ
eistud-7014	150	12	investment	investment	NOUN
eistud-7014	150	13	positions	position	NOUN
eistud-7014	150	14	with	with	ADP
eistud-7014	150	15	germany	germany	PROPN
eistud-7014	150	16	moving	move	VERB
eistud-7014	150	17	systematically	systematically	ADV
eistud-7014	150	18	above	above	ADP
eistud-7014	150	19	the	the	DET
eistud-7014	150	20	line	line	NOUN
eistud-7014	150	21	from	from	ADP
eistud-7014	150	22	2004	2004	NUM
eistud-7014	150	23	.	.	PUNCT
eistud-7014	151	1	figure	figure	NOUN
eistud-7014	151	2	5	5	NUM
eistud-7014	151	3	.	.	PUNCT
eistud-7014	151	4	bilateral	bilateral	ADJ
eistud-7014	151	5	net	net	ADJ
eistud-7014	151	6	investment	investment	NOUN
eistud-7014	151	7	positions	position	NOUN
eistud-7014	151	8	of	of	ADP
eistud-7014	151	9	germany	germany	PROPN
eistud-7014	151	10	,	,	PUNCT
eistud-7014	151	11	france	france	PROPN
eistud-7014	151	12	and	and	CCONJ
eistud-7014	151	13	the	the	DET
eistud-7014	151	14	uk	uk	PROPN
eistud-7014	151	15	with	with	ADP
eistud-7014	151	16	spain	spain	PROPN
eistud-7014	151	17	2001–2009	2001–2009	NUM
eistud-7014	151	18	source	source	NOUN
eistud-7014	151	19	:	:	PUNCT
eistud-7014	151	20	authors	author	NOUN
eistud-7014	151	21	,	,	PUNCT
eistud-7014	151	22	on	on	ADP
eistud-7014	151	23	the	the	DET
eistud-7014	151	24	basis	basis	NOUN
eistud-7014	151	25	imf	imf	PROPN
eistud-7014	151	26	database	database	NOUN
eistud-7014	151	27	on	on	ADP
eistud-7014	151	28	trade	trade	NOUN
eistud-7014	151	29	and	and	CCONJ
eistud-7014	151	30	investment	investment	NOUN
eistud-7014	151	31	.	.	PUNCT
eistud-7014	152	1	spain	spain	PROPN
eistud-7014	152	2	falls	fall	VERB
eistud-7014	152	3	perfectly	perfectly	ADV
eistud-7014	152	4	into	into	ADP
eistud-7014	152	5	the	the	DET
eistud-7014	152	6	stylized	stylize	VERB
eistud-7014	152	7	facts	fact	NOUN
eistud-7014	152	8	scenario	scenario	NOUN
eistud-7014	152	9	we	we	PRON
eistud-7014	152	10	try	try	VERB
eistud-7014	152	11	to	to	PART
eistud-7014	152	12	present	present	VERB
eistud-7014	152	13	here	here	ADV
eistud-7014	152	14	.	.	PUNCT
eistud-7014	153	1	all	all	PRON
eistud-7014	153	2	of	of	ADP
eistud-7014	153	3	the	the	DET
eistud-7014	153	4	eu	eu	PROPN
eistud-7014	153	5	-	-	ADJ
eistud-7014	153	6	creditor	creditor	ADJ
eistud-7014	153	7	countries	country	NOUN
eistud-7014	153	8	start	start	VERB
eistud-7014	153	9	dynamic	dynamic	ADJ
eistud-7014	153	10	growth	growth	NOUN
eistud-7014	153	11	in	in	ADP
eistud-7014	153	12	terms	term	NOUN
eistud-7014	153	13	of	of	ADP
eistud-7014	153	14	net	net	ADJ
eistud-7014	153	15	investment	investment	NOUN
eistud-7014	153	16	positions	position	NOUN
eistud-7014	153	17	with	with	ADP
eistud-7014	153	18	spain	spain	PROPN
eistud-7014	153	19	from	from	ADP
eistud-7014	153	20	2004	2004	NUM
eistud-7014	153	21	to	to	ADP
eistud-7014	153	22	2009	2009	NUM
eistud-7014	153	23	.	.	PUNCT
eistud-7014	154	1	both	both	PRON
eistud-7014	154	2	,	,	PUNCT
eistud-7014	154	3	germany	germany	PROPN
eistud-7014	154	4	and	and	CCONJ
eistud-7014	154	5	france	france	PROPN
eistud-7014	154	6	,	,	PUNCT
eistud-7014	154	7	hold	hold	VERB
eistud-7014	154	8	the	the	DET
eistud-7014	154	9	leader	leader	NOUN
eistud-7014	154	10	position	position	NOUN
eistud-7014	154	11	,	,	PUNCT
eistud-7014	154	12	providing	provide	VERB
eistud-7014	154	13	substantial	substantial	ADJ
eistud-7014	154	14	amount	amount	NOUN
eistud-7014	154	15	of	of	ADP
eistud-7014	154	16	foreign	foreign	ADJ
eistud-7014	154	17	financing	financing	NOUN
eistud-7014	154	18	to	to	ADP
eistud-7014	154	19	this	this	DET
eistud-7014	154	20	particular	particular	ADJ
eistud-7014	154	21	eu	eu	NOUN
eistud-7014	154	22	-	-	NOUN
eistud-7014	154	23	debtor	debtor	NOUN
eistud-7014	154	24	.	.	PUNCT
eistud-7014	155	1	as	as	ADP
eistud-7014	155	2	a	a	DET
eistud-7014	155	3	consequence	consequence	NOUN
eistud-7014	155	4	,	,	PUNCT
eistud-7014	155	5	they	they	PRON
eistud-7014	155	6	are	be	AUX
eistud-7014	155	7	most	most	ADV
eistud-7014	155	8	exposed	expose	VERB
eistud-7014	155	9	to	to	ADP
eistud-7014	155	10	risk	risk	NOUN
eistud-7014	155	11	of	of	ADP
eistud-7014	155	12	default	default	NOUN
eistud-7014	155	13	of	of	ADP
eistud-7014	155	14	spanish	spanish	ADJ
eistud-7014	155	15	borrowers	borrower	NOUN
eistud-7014	155	16	,	,	PUNCT
eistud-7014	155	17	but	but	CCONJ
eistud-7014	155	18	the	the	DET
eistud-7014	155	19	uk	uk	PROPN
eistud-7014	155	20	is	be	AUX
eistud-7014	155	21	not	not	PART
eistud-7014	155	22	free	free	ADJ
eistud-7014	155	23	from	from	ADP
eistud-7014	155	24	this	this	DET
eistud-7014	155	25	problem	problem	NOUN
eistud-7014	155	26	too	too	ADV
eistud-7014	155	27	.	.	PUNCT
eistud-7014	156	1	what	what	PRON
eistud-7014	156	2	may	may	AUX
eistud-7014	156	3	be	be	AUX
eistud-7014	156	4	of	of	ADP
eistud-7014	156	5	common	common	ADJ
eistud-7014	156	6	root	root	NOUN
eistud-7014	156	7	here	here	ADV
eistud-7014	156	8	is	be	AUX
eistud-7014	156	9	the	the	DET
eistud-7014	156	10	fact	fact	NOUN
eistud-7014	156	11	that	that	SCONJ
eistud-7014	156	12	,	,	PUNCT
eistud-7014	156	13	according	accord	VERB
eistud-7014	156	14	to	to	ADP
eistud-7014	156	15	giavazzi	giavazzi	PROPN
eistud-7014	156	16	&	&	CCONJ
eistud-7014	156	17	spaventa	spaventa	PROPN
eistud-7014	156	18	(	(	PUNCT
eistud-7014	156	19	2011	2011	NUM
eistud-7014	156	20	)	)	PUNCT
eistud-7014	156	21	,	,	PUNCT
eistud-7014	156	22	creation	creation	NOUN
eistud-7014	156	23	of	of	ADP
eistud-7014	156	24	foreign	foreign	ADJ
eistud-7014	156	25	liabilities	liability	NOUN
eistud-7014	156	26	was	be	AUX
eistud-7014	156	27	matched	match	VERB
eistud-7014	156	28	by	by	ADP
eistud-7014	156	29	current	current	ADJ
eistud-7014	156	30	consumption	consumption	NOUN
eistud-7014	156	31	spending	spending	NOUN
eistud-7014	156	32	and	and	CCONJ
eistud-7014	156	33	investment	investment	NOUN
eistud-7014	156	34	expenditure	expenditure	NOUN
eistud-7014	156	35	in	in	ADP
eistud-7014	156	36	the	the	DET
eistud-7014	156	37	non	non	ADJ
eistud-7014	156	38	-	-	ADJ
eistud-7014	156	39	traded	traded	ADJ
eistud-7014	156	40	sector	sector	NOUN
eistud-7014	156	41	,	,	PUNCT
eistud-7014	156	42	namely	namely	ADV
eistud-7014	156	43	real	real	ADJ
eistud-7014	156	44	estate	estate	NOUN
eistud-7014	156	45	.	.	PUNCT
eistud-7014	157	1	eichengreen	eichengreen	NOUN
eistud-7014	157	2	(	(	PUNCT
eistud-7014	157	3	2010	2010	NUM
eistud-7014	157	4	)	)	PUNCT
eistud-7014	157	5	offers	offer	VERB
eistud-7014	157	6	a	a	DET
eistud-7014	157	7	similar	similar	ADJ
eistud-7014	157	8	observation	observation	NOUN
eistud-7014	157	9	.	.	PUNCT
eistud-7014	158	1	as	as	ADP
eistud-7014	158	2	such	such	ADJ
eistud-7014	158	3	,	,	PUNCT
eistud-7014	158	4	there	there	PRON
eistud-7014	158	5	were	be	VERB
eistud-7014	158	6	no	no	DET
eistud-7014	158	7	actions	action	NOUN
eistud-7014	158	8	that	that	PRON
eistud-7014	158	9	would	would	AUX
eistud-7014	158	10	result	result	VERB
eistud-7014	158	11	in	in	ADP
eistud-7014	158	12	building	build	VERB
eistud-7014	158	13	up	up	ADP
eistud-7014	158	14	and	and	CCONJ
eistud-7014	158	15	expanding	expand	VERB
eistud-7014	158	16	repayment	repayment	NOUN
eistud-7014	158	17	potential	potential	NOUN
eistud-7014	158	18	of	of	ADP
eistud-7014	158	19	economies	economy	NOUN
eistud-7014	158	20	welcoming	welcome	VERB
eistud-7014	158	21	foreign	foreign	ADJ
eistud-7014	158	22	capital	capital	NOUN
eistud-7014	158	23	inflows	inflow	NOUN
eistud-7014	158	24	.	.	PUNCT
eistud-7014	159	1	therefore	therefore	ADV
eistud-7014	159	2	,	,	PUNCT
eistud-7014	159	3	the	the	DET
eistud-7014	159	4	rationale	rationale	NOUN
eistud-7014	159	5	for	for	ADP
eistud-7014	159	6	accepting	accept	VERB
eistud-7014	159	7	external	external	ADJ
eistud-7014	159	8	imbalances	imbalance	NOUN
eistud-7014	159	9	,	,	PUNCT
eistud-7014	159	10	presented	present	VERB
eistud-7014	159	11	above	above	ADV
eistud-7014	159	12	for	for	ADP
eistud-7014	159	13	emerging	emerge	VERB
eistud-7014	159	14	economies	economy	NOUN
eistud-7014	159	15	,	,	PUNCT
eistud-7014	159	16	was	be	AUX
eistud-7014	159	17	not	not	PART
eistud-7014	159	18	present	present	ADJ
eistud-7014	159	19	in	in	ADP
eistud-7014	159	20	case	case	NOUN
eistud-7014	159	21	of	of	ADP
eistud-7014	159	22	the	the	DET
eistud-7014	159	23	piigs	piig	NOUN
eistud-7014	159	24	group	group	NOUN
eistud-7014	159	25	.	.	PUNCT
eistud-7014	160	1	presentation	presentation	NOUN
eistud-7014	160	2	of	of	ADP
eistud-7014	160	3	stylized	stylize	VERB
eistud-7014	160	4	insights	insight	NOUN
eistud-7014	160	5	about	about	ADP
eistud-7014	160	6	creditor	creditor	NOUN
eistud-7014	160	7	-	-	PUNCT
eistud-7014	160	8	debtor	debtor	NOUN
eistud-7014	160	9	relationship	relationship	NOUN
eistud-7014	160	10	considering	consider	VERB
eistud-7014	160	11	investments	investment	NOUN
eistud-7014	160	12	in	in	ADP
eistud-7014	160	13	real	real	ADJ
eistud-7014	160	14	estate	estate	NOUN
eistud-7014	160	15	in	in	ADP
eistud-7014	160	16	pigs	pig	NOUN
eistud-7014	160	17	countries	country	NOUN
eistud-7014	160	18	.	.	PUNCT
eistud-7014	161	1	what	what	PRON
eistud-7014	161	2	made	make	VERB
eistud-7014	161	3	the	the	DET
eistud-7014	161	4	creditors	creditor	NOUN
eistud-7014	161	5	extend	extend	VERB
eistud-7014	161	6	financing	financing	NOUN
eistud-7014	161	7	over	over	ADP
eistud-7014	161	8	so	so	ADV
eistud-7014	161	9	many	many	ADJ
eistud-7014	161	10	years	year	NOUN
eistud-7014	161	11	despite	despite	SCONJ
eistud-7014	161	12	there	there	PRON
eistud-7014	161	13	were	be	VERB
eistud-7014	161	14	no	no	DET
eistud-7014	161	15	signs	sign	NOUN
eistud-7014	161	16	of	of	ADP
eistud-7014	161	17	fiscal	fiscal	ADJ
eistud-7014	161	18	and	and	CCONJ
eistud-7014	161	19	private	private	ADJ
eistud-7014	161	20	sector	sector	NOUN
eistud-7014	161	21	consolidation	consolidation	NOUN
eistud-7014	161	22	?	?	PUNCT
eistud-7014	162	1	we	we	PRON
eistud-7014	162	2	offer	offer	VERB
eistud-7014	162	3	a	a	DET
eistud-7014	162	4	quite	quite	ADV
eistud-7014	162	5	different	different	ADJ
eistud-7014	162	6	explanation	explanation	NOUN
eistud-7014	162	7	for	for	ADP
eistud-7014	162	8	the	the	DET
eistud-7014	162	9	observed	observe	VERB
eistud-7014	162	10	pattern	pattern	NOUN
eistud-7014	162	11	of	of	ADP
eistud-7014	162	12	capital	capital	NOUN
eistud-7014	162	13	flows	flow	NOUN
eistud-7014	162	14	within	within	ADP
eistud-7014	162	15	the	the	DET
eistud-7014	162	16	european	european	PROPN
eistud-7014	162	17	union	union	PROPN
eistud-7014	162	18	,	,	PUNCT
eistud-7014	162	19	and	and	CCONJ
eistud-7014	162	20	we	we	PRON
eistud-7014	162	21	‘	'	PUNCT
eistud-7014	162	22	blame	blame	VERB
eistud-7014	162	23	’	'	PUNCT
eistud-7014	162	24	the	the	DET
eistud-7014	162	25	new	new	ADJ
eistud-7014	162	26	member	member	NOUN
eistud-7014	162	27	states	state	NOUN
eistud-7014	162	28	of	of	ADP
eistud-7014	162	29	the	the	DET
eistud-7014	162	30	2004	2004	NUM
eistud-7014	162	31	,	,	PUNCT
eistud-7014	162	32	and	and	CCONJ
eistud-7014	162	33	the	the	DET
eistud-7014	162	34	eu	eu	PROPN
eistud-7014	162	35	common	common	ADJ
eistud-7014	162	36	market	market	NOUN
eistud-7014	162	37	mechanism	mechanism	NOUN
eistud-7014	162	38	.	.	PUNCT
eistud-7014	163	1	the	the	DET
eistud-7014	163	2	story	story	NOUN
eistud-7014	163	3	begins	begin	VERB
eistud-7014	163	4	with	with	ADP
eistud-7014	163	5	an	an	DET
eistud-7014	163	6	observation	observation	NOUN
eistud-7014	163	7	that	that	SCONJ
eistud-7014	163	8	a	a	DET
eistud-7014	163	9	panic	panic	NOUN
eistud-7014	163	10	or	or	CCONJ
eistud-7014	163	11	any	any	DET
eistud-7014	163	12	other	other	ADJ
eistud-7014	163	13	herd	herd	NOUN
eistud-7014	163	14	behavior	behavior	NOUN
eistud-7014	163	15	is	be	AUX
eistud-7014	163	16	initiated	initiate	VERB
eistud-7014	163	17	by	by	ADP
eistud-7014	163	18	few	few	ADJ
eistud-7014	163	19	but	but	CCONJ
eistud-7014	163	20	becomes	become	VERB
eistud-7014	163	21	a	a	DET
eistud-7014	163	22	problem	problem	NOUN
eistud-7014	163	23	when	when	SCONJ
eistud-7014	163	24	undertaken	undertake	VERB
eistud-7014	163	25	by	by	ADP
eistud-7014	163	26	majority	majority	NOUN
eistud-7014	163	27	that	that	PRON
eistud-7014	163	28	is	be	AUX
eistud-7014	163	29	not	not	PART
eistud-7014	163	30	fully	fully	ADV
eistud-7014	163	31	aware	aware	ADJ
eistud-7014	163	32	of	of	ADP
eistud-7014	163	33	the	the	DET
eistud-7014	163	34	underlying	underlie	VERB
eistud-7014	163	35	situation	situation	NOUN
eistud-7014	163	36	,	,	PUNCT
eistud-7014	163	37	and	and	CCONJ
eistud-7014	163	38	is	be	AUX
eistud-7014	163	39	not	not	PART
eistud-7014	163	40	prepared	prepare	VERB
eistud-7014	163	41	for	for	ADP
eistud-7014	163	42	consequences	consequence	NOUN
eistud-7014	163	43	of	of	ADP
eistud-7014	163	44	their	their	PRON
eistud-7014	163	45	own	own	ADJ
eistud-7014	163	46	actions	action	NOUN
eistud-7014	163	47	.	.	PUNCT
eistud-7014	164	1	from	from	ADP
eistud-7014	164	2	the	the	DET
eistud-7014	164	3	moment	moment	NOUN
eistud-7014	164	4	of	of	ADP
eistud-7014	164	5	the	the	DET
eistud-7014	164	6	eu	eu	PROPN
eistud-7014	164	7	enlargement	enlargement	NOUN
eistud-7014	164	8	on	on	ADP
eistud-7014	164	9	the	the	DET
eistud-7014	164	10	1st	1st	NOUN
eistud-7014	164	11	of	of	ADP
eistud-7014	164	12	may	may	PROPN
eistud-7014	164	13	2004	2004	NUM
eistud-7014	164	14	,	,	PUNCT
eistud-7014	164	15	ten	ten	NUM
eistud-7014	164	16	new	new	ADJ
eistud-7014	164	17	member	member	NOUN
eistud-7014	164	18	states	state	NOUN
eistud-7014	164	19	entered	enter	VERB
eistud-7014	164	20	a	a	DET
eistud-7014	164	21	period	period	NOUN
eistud-7014	164	22	of	of	ADP
eistud-7014	164	23	equalizing	equalize	VERB
eistud-7014	164	24	marginal	marginal	ADJ
eistud-7014	164	25	utility	utility	NOUN
eistud-7014	164	26	of	of	ADP
eistud-7014	164	27	assets	asset	NOUN
eistud-7014	164	28	they	they	PRON
eistud-7014	164	29	hold	hold	VERB
eistud-7014	164	30	.	.	PUNCT
eistud-7014	165	1	with	with	ADP
eistud-7014	165	2	the	the	DET
eistud-7014	165	3	full	full	ADJ
eistud-7014	165	4	economic	economic	ADJ
eistud-7014	165	5	integration	integration	NOUN
eistud-7014	165	6	,	,	PUNCT
eistud-7014	165	7	the	the	DET
eistud-7014	165	8	common	common	ADJ
eistud-7014	165	9	market	market	NOUN
eistud-7014	165	10	offered	offer	VERB
eistud-7014	165	11	possibility	possibility	NOUN
eistud-7014	165	12	of	of	ADP
eistud-7014	165	13	international	international	ADJ
eistud-7014	165	14	diversification	diversification	NOUN
eistud-7014	165	15	that	that	PRON
eistud-7014	165	16	was	be	AUX
eistud-7014	165	17	not	not	PART
eistud-7014	165	18	available	available	ADJ
eistud-7014	165	19	before	before	ADP
eistud-7014	165	20	this	this	DET
eistud-7014	165	21	systemic	systemic	ADJ
eistud-7014	165	22	change	change	NOUN
eistud-7014	165	23	.	.	PUNCT
eistud-7014	166	1	wealthy	wealthy	ADJ
eistud-7014	166	2	citizens	citizen	NOUN
eistud-7014	166	3	of	of	ADP
eistud-7014	166	4	the	the	DET
eistud-7014	166	5	new	new	ADJ
eistud-7014	166	6	member	member	NOUN
eistud-7014	166	7	states	state	NOUN
eistud-7014	166	8	started	start	VERB
eistud-7014	166	9	to	to	PART
eistud-7014	166	10	purchase	purchase	VERB
eistud-7014	166	11	real	real	ADJ
eistud-7014	166	12	estate	estate	NOUN
eistud-7014	166	13	in	in	ADP
eistud-7014	166	14	attractive	attractive	ADJ
eistud-7014	166	15	locations	location	NOUN
eistud-7014	166	16	in	in	ADP
eistud-7014	166	17	portugal	portugal	PROPN
eistud-7014	166	18	,	,	PUNCT
eistud-7014	166	19	italy	italy	PROPN
eistud-7014	166	20	,	,	PUNCT
eistud-7014	166	21	greece	greece	PROPN
eistud-7014	166	22	and	and	CCONJ
eistud-7014	166	23	spain	spain	PROPN
eistud-7014	166	24	.	.	PUNCT
eistud-7014	167	1	therefore	therefore	ADV
eistud-7014	167	2	,	,	PUNCT
eistud-7014	167	3	we	we	PRON
eistud-7014	167	4	claim	claim	VERB
eistud-7014	167	5	that	that	SCONJ
eistud-7014	167	6	the	the	DET
eistud-7014	167	7	real	real	ADJ
eistud-7014	167	8	asset	asset	NOUN
eistud-7014	167	9	prices	price	NOUN
eistud-7014	167	10	boom	boom	VERB
eistud-7014	167	11	in	in	ADP
eistud-7014	167	12	southern	southern	ADJ
eistud-7014	167	13	regions	region	NOUN
eistud-7014	167	14	of	of	ADP
eistud-7014	167	15	the	the	DET
eistud-7014	167	16	eu	eu	PROPN
eistud-7014	167	17	was	be	AUX
eistud-7014	167	18	initiated	initiate	VERB
eistud-7014	167	19	by	by	ADP
eistud-7014	167	20	foreigners	foreigner	NOUN
eistud-7014	167	21	holding	hold	VERB
eistud-7014	167	22	sufficient	sufficient	ADJ
eistud-7014	167	23	funds	fund	NOUN
eistud-7014	167	24	to	to	PART
eistud-7014	167	25	purchase	purchase	VERB
eistud-7014	167	26	even	even	ADV
eistud-7014	167	27	high	high	ADJ
eistud-7014	167	28	-	-	PUNCT
eistud-7014	167	29	value	value	NOUN
eistud-7014	167	30	real	real	ADJ
eistud-7014	167	31	assets	asset	NOUN
eistud-7014	167	32	without	without	ADP
eistud-7014	167	33	recourse	recourse	NOUN
eistud-7014	167	34	to	to	ADP
eistud-7014	167	35	creation	creation	NOUN
eistud-7014	167	36	of	of	ADP
eistud-7014	167	37	liabilities	liability	NOUN
eistud-7014	167	38	.	.	PUNCT
eistud-7014	168	1	there	there	PRON
eistud-7014	168	2	was	be	VERB
eistud-7014	168	3	an	an	DET
eistud-7014	168	4	additional	additional	ADJ
eistud-7014	168	5	factor	factor	NOUN
eistud-7014	168	6	that	that	PRON
eistud-7014	168	7	made	make	VERB
eistud-7014	168	8	this	this	DET
eistud-7014	168	9	scenario	scenario	NOUN
eistud-7014	168	10	much	much	ADV
eistud-7014	168	11	more	more	ADV
eistud-7014	168	12	common	common	ADJ
eistud-7014	168	13	and	and	CCONJ
eistud-7014	168	14	attractive	attractive	ADJ
eistud-7014	168	15	not	not	PART
eistud-7014	168	16	only	only	ADV
eistud-7014	168	17	for	for	ADP
eistud-7014	168	18	the	the	DET
eistud-7014	168	19	wealthiest	wealthy	ADJ
eistud-7014	168	20	citizens	citizen	NOUN
eistud-7014	168	21	from	from	ADP
eistud-7014	168	22	the	the	DET
eistud-7014	168	23	new	new	ADJ
eistud-7014	168	24	member	member	NOUN
eistud-7014	168	25	states	state	NOUN
eistud-7014	168	26	.	.	PUNCT
eistud-7014	169	1	the	the	DET
eistud-7014	169	2	period	period	NOUN
eistud-7014	169	3	2004–2008	2004–2008	NUM
eistud-7014	169	4	witnessed	witness	VERB
eistud-7014	169	5	a	a	DET
eistud-7014	169	6	systematic	systematic	ADJ
eistud-7014	169	7	,	,	PUNCT
eistud-7014	169	8	stable	stable	ADJ
eistud-7014	169	9	and	and	CCONJ
eistud-7014	169	10	continuous	continuous	ADJ
eistud-7014	169	11	appreciation	appreciation	NOUN
eistud-7014	169	12	of	of	ADP
eistud-7014	169	13	national	national	ADJ
eistud-7014	169	14	currencies	currency	NOUN
eistud-7014	169	15	against	against	ADP
eistud-7014	169	16	the	the	DET
eistud-7014	169	17	euro	euro	NOUN
eistud-7014	169	18	,	,	PUNCT
eistud-7014	169	19	in	in	ADP
eistud-7014	169	20	countries	country	NOUN
eistud-7014	169	21	adopting	adopt	VERB
eistud-7014	169	22	free	free	ADJ
eistud-7014	169	23	float	float	NOUN
eistud-7014	169	24	exchange	exchange	NOUN
eistud-7014	169	25	rate	rate	NOUN
eistud-7014	169	26	regime	regime	NOUN
eistud-7014	169	27	.	.	PUNCT
eistud-7014	170	1	this	this	DET
eistud-7014	170	2	nominal	nominal	ADJ
eistud-7014	170	3	development	development	NOUN
eistud-7014	170	4	made	make	VERB
eistud-7014	170	5	all	all	DET
eistud-7014	170	6	acquisitions	acquisition	NOUN
eistud-7014	170	7	of	of	ADP
eistud-7014	170	8	foreign	foreign	ADJ
eistud-7014	170	9	assets	asset	NOUN
eistud-7014	170	10	in	in	ADP
eistud-7014	170	11	spain	spain	PROPN
eistud-7014	170	12	,	,	PUNCT
eistud-7014	170	13	portugal	portugal	PROPN
eistud-7014	170	14	,	,	PUNCT
eistud-7014	170	15	italy	italy	PROPN
eistud-7014	170	16	and	and	CCONJ
eistud-7014	170	17	greece	greece	PROPN
eistud-7014	170	18	much	much	ADV
eistud-7014	170	19	cheaper	cheap	ADJ
eistud-7014	170	20	until	until	ADP
eistud-7014	170	21	the	the	DET
eistud-7014	170	22	late	late	ADJ
eistud-7014	170	23	third	third	ADJ
eistud-7014	170	24	quarter	quarter	NOUN
eistud-7014	170	25	of	of	ADP
eistud-7014	170	26	2008	2008	NUM
eistud-7014	170	27	.	.	PUNCT
eistud-7014	171	1	figure	figure	NOUN
eistud-7014	171	2	6	6	NUM
eistud-7014	171	3	.	.	PUNCT
eistud-7014	171	4	nominal	nominal	ADJ
eistud-7014	171	5	exchange	exchange	NOUN
eistud-7014	171	6	rate	rate	NOUN
eistud-7014	171	7	against	against	ADP
eistud-7014	171	8	euro	euro	NOUN
eistud-7014	171	9	and	and	CCONJ
eistud-7014	171	10	the	the	DET
eistud-7014	171	11	usd	usd	NOUN
eistud-7014	171	12	of	of	ADP
eistud-7014	171	13	a	a	DET
eistud-7014	171	14	new	new	ADJ
eistud-7014	171	15	member	member	NOUN
eistud-7014	171	16	state1	state1	NOUN
eistud-7014	171	17	national	national	ADJ
eistud-7014	171	18	currency	currency	NOUN
eistud-7014	171	19	in	in	ADP
eistud-7014	171	20	the	the	DET
eistud-7014	171	21	period	period	NOUN
eistud-7014	171	22	from	from	ADP
eistud-7014	171	23	2004	2004	NUM
eistud-7014	171	24	-	-	SYM
eistud-7014	171	25	05	05	NUM
eistud-7014	171	26	-	-	PUNCT
eistud-7014	171	27	01	01	NUM
eistud-7014	171	28	to	to	ADP
eistud-7014	171	29	2008	2008	NUM
eistud-7014	171	30	-	-	SYM
eistud-7014	171	31	12	12	NUM
eistud-7014	171	32	-	-	PUNCT
eistud-7014	171	33	04	04	NUM
eistud-7014	171	34	source	source	NOUN
eistud-7014	171	35	:	:	PUNCT
eistud-7014	171	36	authors	author	NOUN
eistud-7014	171	37	,	,	PUNCT
eistud-7014	171	38	on	on	ADP
eistud-7014	171	39	the	the	DET
eistud-7014	171	40	basis	basis	NOUN
eistud-7014	171	41	of	of	ADP
eistud-7014	171	42	a	a	DET
eistud-7014	171	43	national	national	ADJ
eistud-7014	171	44	bank	bank	PROPN
eistud-7014	171	45	of	of	ADP
eistud-7014	171	46	poland	poland	PROPN
eistud-7014	171	47	exchange	exchange	NOUN
eistud-7014	171	48	rate	rate	NOUN
eistud-7014	171	49	database	database	NOUN
eistud-7014	171	50	.	.	PUNCT
eistud-7014	172	1	if	if	SCONJ
eistud-7014	172	2	these	these	DET
eistud-7014	172	3	additional	additional	ADJ
eistud-7014	172	4	real	real	ADJ
eistud-7014	172	5	estate	estate	NOUN
eistud-7014	172	6	transactions	transaction	NOUN
eistud-7014	172	7	were	be	AUX
eistud-7014	172	8	restricted	restrict	VERB
eistud-7014	172	9	to	to	ADP
eistud-7014	172	10	foreigners	foreigner	NOUN
eistud-7014	172	11	only	only	ADV
eistud-7014	172	12	,	,	PUNCT
eistud-7014	172	13	the	the	DET
eistud-7014	172	14	scale	scale	NOUN
eistud-7014	172	15	and	and	CCONJ
eistud-7014	172	16	scope	scope	NOUN
eistud-7014	172	17	of	of	ADP
eistud-7014	172	18	the	the	DET
eistud-7014	172	19	debt	debt	NOUN
eistud-7014	172	20	crisis	crisis	NOUN
eistud-7014	172	21	of	of	ADP
eistud-7014	172	22	2009	2009	NUM
eistud-7014	172	23	would	would	AUX
eistud-7014	172	24	be	be	AUX
eistud-7014	172	25	much	much	ADV
eistud-7014	172	26	more	more	ADV
eistud-7014	172	27	modest	modest	ADJ
eistud-7014	172	28	.	.	PUNCT
eistud-7014	173	1	however	however	ADV
eistud-7014	173	2	,	,	PUNCT
eistud-7014	173	3	this	this	PRON
eistud-7014	173	4	was	be	AUX
eistud-7014	173	5	not	not	PART
eistud-7014	173	6	the	the	DET
eistud-7014	173	7	case	case	NOUN
eistud-7014	173	8	.	.	PUNCT
eistud-7014	174	1	locals	local	NOUN
eistud-7014	174	2	observed	observe	VERB
eistud-7014	174	3	this	this	DET
eistud-7014	174	4	behavior	behavior	NOUN
eistud-7014	174	5	and	and	CCONJ
eistud-7014	174	6	interpreted	interpret	VERB
eistud-7014	174	7	economic	economic	ADJ
eistud-7014	174	8	consequences	consequence	NOUN
eistud-7014	174	9	of	of	ADP
eistud-7014	174	10	increasing	increase	VERB
eistud-7014	174	11	demand	demand	NOUN
eistud-7014	174	12	with	with	ADP
eistud-7014	174	13	the	the	DET
eistud-7014	174	14	long	long	ADV
eistud-7014	174	15	-	-	PUNCT
eistud-7014	174	16	run	run	VERB
eistud-7014	174	17	fixed	fix	VERB
eistud-7014	174	18	supply	supply	NOUN
eistud-7014	174	19	of	of	ADP
eistud-7014	174	20	land	land	NOUN
eistud-7014	174	21	available	available	ADJ
eistud-7014	174	22	and	and	CCONJ
eistud-7014	174	23	the	the	DET
eistud-7014	174	24	fixed	fix	VERB
eistud-7014	174	25	supply	supply	NOUN
eistud-7014	174	26	of	of	ADP
eistud-7014	174	27	residential	residential	ADJ
eistud-7014	174	28	real	real	ADJ
eistud-7014	174	29	estate	estate	NOUN
eistud-7014	174	30	in	in	ADP
eistud-7014	174	31	the	the	DET
eistud-7014	174	32	shortto	shortto	ADJ
eistud-7014	174	33	mid	mid	NOUN
eistud-7014	174	34	-	-	NOUN
eistud-7014	174	35	term	term	NOUN
eistud-7014	174	36	.	.	PUNCT
eistud-7014	175	1	expecting	expect	VERB
eistud-7014	175	2	that	that	DET
eistud-7014	175	3	inflow	inflow	NOUN
eistud-7014	175	4	of	of	ADP
eistud-7014	175	5	foreign	foreign	ADJ
eistud-7014	175	6	direct	direct	ADJ
eistud-7014	175	7	residential	residential	ADJ
eistud-7014	175	8	investment	investment	NOUN
eistud-7014	175	9	from	from	ADP
eistud-7014	175	10	the	the	DET
eistud-7014	175	11	new	new	ADJ
eistud-7014	175	12	member	member	NOUN
eistud-7014	175	13	states	state	NOUN
eistud-7014	175	14	after	after	SCONJ
eistud-7014	175	15	may	may	PROPN
eistud-7014	175	16	2004	2004	NUM
eistud-7014	175	17	will	will	AUX
eistud-7014	175	18	result	result	VERB
eistud-7014	175	19	in	in	ADP
eistud-7014	175	20	appreciation	appreciation	NOUN
eistud-7014	175	21	of	of	ADP
eistud-7014	175	22	real	real	ADJ
eistud-7014	175	23	estate	estate	NOUN
eistud-7014	175	24	,	,	PUNCT
eistud-7014	175	25	locals	local	NOUN
eistud-7014	175	26	started	start	VERB
eistud-7014	175	27	to	to	PART
eistud-7014	175	28	take	take	VERB
eistud-7014	175	29	long	long	ADJ
eistud-7014	175	30	positions	position	NOUN
eistud-7014	175	31	in	in	ADP
eistud-7014	175	32	such	such	ADJ
eistud-7014	175	33	assets	asset	NOUN
eistud-7014	175	34	.	.	PUNCT
eistud-7014	176	1	this	this	DET
eistud-7014	176	2	investment	investment	NOUN
eistud-7014	176	3	strategy	strategy	NOUN
eistud-7014	176	4	was	be	AUX
eistud-7014	176	5	based	base	VERB
eistud-7014	176	6	,	,	PUNCT
eistud-7014	176	7	however	however	ADV
eistud-7014	176	8	,	,	PUNCT
eistud-7014	176	9	on	on	ADP
eistud-7014	176	10	private	private	ADJ
eistud-7014	176	11	foreign	foreign	ADJ
eistud-7014	176	12	debt	debt	NOUN
eistud-7014	176	13	creation	creation	NOUN
eistud-7014	176	14	,	,	PUNCT
eistud-7014	176	15	as	as	SCONJ
eistud-7014	176	16	there	there	PRON
eistud-7014	176	17	was	be	VERB
eistud-7014	176	18	insufficient	insufficient	ADJ
eistud-7014	176	19	domestic	domestic	ADJ
eistud-7014	176	20	capital	capital	NOUN
eistud-7014	176	21	pool	pool	NOUN
eistud-7014	176	22	.	.	PUNCT
eistud-7014	177	1	local	local	ADJ
eistud-7014	177	2	banks	bank	NOUN
eistud-7014	177	3	were	be	AUX
eistud-7014	177	4	eager	eager	ADJ
eistud-7014	177	5	to	to	PART
eistud-7014	177	6	extend	extend	VERB
eistud-7014	177	7	financing	financing	NOUN
eistud-7014	177	8	for	for	ADP
eistud-7014	177	9	real	real	ADJ
eistud-7014	177	10	estate	estate	NOUN
eistud-7014	177	11	investment	investment	NOUN
eistud-7014	177	12	observing	observe	VERB
eistud-7014	177	13	positive	positive	ADJ
eistud-7014	177	14	rends	rend	NOUN
eistud-7014	177	15	in	in	ADP
eistud-7014	177	16	the	the	DET
eistud-7014	177	17	collateral	collateral	ADJ
eistud-7014	177	18	value	value	NOUN
eistud-7014	177	19	due	due	ADP
eistud-7014	177	20	to	to	ADP
eistud-7014	177	21	real	real	ADJ
eistud-7014	177	22	asset	asset	NOUN
eistud-7014	177	23	inflation	inflation	NOUN
eistud-7014	177	24	.	.	PUNCT
eistud-7014	178	1	it	it	PRON
eistud-7014	178	2	refers	refer	VERB
eistud-7014	178	3	both	both	PRON
eistud-7014	178	4	to	to	ADP
eistud-7014	178	5	financing	financing	NOUN
eistud-7014	178	6	of	of	ADP
eistud-7014	178	7	outright	outright	ADJ
eistud-7014	178	8	acquisitions	acquisition	NOUN
eistud-7014	178	9	of	of	ADP
eistud-7014	178	10	existing	exist	VERB
eistud-7014	178	11	houses	house	NOUN
eistud-7014	178	12	and	and	CCONJ
eistud-7014	178	13	condominiums	condominium	NOUN
eistud-7014	178	14	,	,	PUNCT
eistud-7014	178	15	and	and	CCONJ
eistud-7014	178	16	to	to	ADP
eistud-7014	178	17	financing	finance	VERB
eistud-7014	178	18	construction	construction	NOUN
eistud-7014	178	19	of	of	ADP
eistud-7014	178	20	such	such	ADJ
eistud-7014	178	21	.	.	PUNCT
eistud-7014	179	1	for	for	ADP
eistud-7014	179	2	1	1	NUM
eistud-7014	179	3	as	as	ADP
eistud-7014	179	4	a	a	DET
eistud-7014	179	5	„	„	PUNCT
eistud-7014	179	6	new	new	ADJ
eistud-7014	179	7	member	member	NOUN
eistud-7014	179	8	state	state	NOUN
eistud-7014	179	9	“	"	PUNCT
eistud-7014	179	10	authors	author	NOUN
eistud-7014	179	11	interpret	interpret	VERB
eistud-7014	179	12	countries	country	NOUN
eistud-7014	179	13	which	which	PRON
eistud-7014	179	14	joint	joint	VERB
eistud-7014	179	15	eu	eu	PROPN
eistud-7014	179	16	in	in	ADP
eistud-7014	179	17	2004	2004	NUM
eistud-7014	179	18	as	as	SCONJ
eistud-7014	179	19	they	they	PRON
eistud-7014	179	20	have	have	AUX
eistud-7014	179	21	experienced	experience	VERB
eistud-7014	179	22	systematic	systematic	ADJ
eistud-7014	179	23	and	and	CCONJ
eistud-7014	179	24	permanent	permanent	ADJ
eistud-7014	179	25	appreciation	appreciation	NOUN
eistud-7014	179	26	of	of	ADP
eistud-7014	179	27	national	national	ADJ
eistud-7014	179	28	currencies	currency	NOUN
eistud-7014	179	29	,	,	PUNCT
eistud-7014	179	30	until	until	ADP
eistud-7014	179	31	mid-2008	mid-2008	NOUN
eistud-7014	179	32	.	.	PUNCT
eistud-7014	180	1	issn	issn	PROPN
eistud-7014	180	2	1822–8402	1822–8402	NUM
eistud-7014	180	3	european	european	ADJ
eistud-7014	180	4	integration	integration	NOUN
eistud-7014	180	5	studies	study	NOUN
eistud-7014	180	6	.	.	PUNCT
eistud-7014	181	1	2014	2014	NUM
eistud-7014	181	2	.	.	PUNCT
eistud-7014	182	1	no	no	INTJ
eistud-7014	182	2	.	.	NOUN
eistud-7014	182	3	8	8	NUM
eistud-7014	182	4	53	53	NUM
eistud-7014	182	5	almost	almost	ADV
eistud-7014	182	6	four	four	NUM
eistud-7014	182	7	years	year	NOUN
eistud-7014	182	8	(	(	PUNCT
eistud-7014	182	9	2004–2008	2004–2008	NOUN
eistud-7014	182	10	)	)	PUNCT
eistud-7014	182	11	this	this	DET
eistud-7014	182	12	investment	investment	NOUN
eistud-7014	182	13	strategy	strategy	NOUN
eistud-7014	182	14	by	by	ADP
eistud-7014	182	15	residents	resident	NOUN
eistud-7014	182	16	of	of	ADP
eistud-7014	182	17	southern	southern	ADJ
eistud-7014	182	18	regions	region	NOUN
eistud-7014	182	19	delivered	deliver	VERB
eistud-7014	182	20	a	a	DET
eistud-7014	182	21	handsome	handsome	ADJ
eistud-7014	182	22	rate	rate	NOUN
eistud-7014	182	23	of	of	ADP
eistud-7014	182	24	return	return	NOUN
eistud-7014	182	25	.	.	PUNCT
eistud-7014	183	1	it	it	PRON
eistud-7014	183	2	became	become	VERB
eistud-7014	183	3	a	a	DET
eistud-7014	183	4	self	self	NOUN
eistud-7014	183	5	-	-	PUNCT
eistud-7014	183	6	feeding	feeding	NOUN
eistud-7014	183	7	process	process	NOUN
eistud-7014	183	8	.	.	PUNCT
eistud-7014	184	1	due	due	ADP
eistud-7014	184	2	to	to	ADP
eistud-7014	184	3	long	long	ADJ
eistud-7014	184	4	-	-	PUNCT
eistud-7014	184	5	term	term	NOUN
eistud-7014	184	6	and	and	CCONJ
eistud-7014	184	7	systematic	systematic	ADJ
eistud-7014	184	8	appreciation	appreciation	NOUN
eistud-7014	184	9	of	of	ADP
eistud-7014	184	10	real	real	ADJ
eistud-7014	184	11	assets	asset	NOUN
eistud-7014	184	12	it	it	PRON
eistud-7014	184	13	encouraged	encourage	VERB
eistud-7014	184	14	even	even	ADV
eistud-7014	184	15	more	more	ADV
eistud-7014	184	16	new	new	ADJ
eistud-7014	184	17	debt	debt	NOUN
eistud-7014	184	18	-	-	PUNCT
eistud-7014	184	19	financed	finance	VERB
eistud-7014	184	20	investments	investment	NOUN
eistud-7014	184	21	.	.	PUNCT
eistud-7014	185	1	depreciation	depreciation	NOUN
eistud-7014	185	2	of	of	ADP
eistud-7014	185	3	the	the	DET
eistud-7014	185	4	euro	euro	NOUN
eistud-7014	185	5	created	create	VERB
eistud-7014	185	6	returns	return	NOUN
eistud-7014	185	7	differentials	differential	NOUN
eistud-7014	185	8	that	that	PRON
eistud-7014	185	9	were	be	AUX
eistud-7014	185	10	increasing	increase	VERB
eistud-7014	185	11	until	until	ADP
eistud-7014	185	12	late	late	ADJ
eistud-7014	185	13	2008	2008	NUM
eistud-7014	185	14	(	(	PUNCT
eistud-7014	185	15	curcuru	curcuru	PROPN
eistud-7014	185	16	,	,	PUNCT
eistud-7014	185	17	thomas	thomas	PROPN
eistud-7014	185	18	,	,	PUNCT
eistud-7014	185	19	warnock	warnock	NOUN
eistud-7014	185	20	2013	2013	NUM
eistud-7014	185	21	)	)	PUNCT
eistud-7014	185	22	.	.	PUNCT
eistud-7014	186	1	most	most	ADJ
eistud-7014	186	2	of	of	ADP
eistud-7014	186	3	investments	investment	NOUN
eistud-7014	186	4	in	in	ADP
eistud-7014	186	5	real	real	ADJ
eistud-7014	186	6	estate	estate	NOUN
eistud-7014	186	7	were	be	AUX
eistud-7014	186	8	based	base	VERB
eistud-7014	186	9	on	on	ADP
eistud-7014	186	10	borrowing	borrow	VERB
eistud-7014	186	11	foreign	foreign	ADJ
eistud-7014	186	12	capital	capital	NOUN
eistud-7014	186	13	via	via	ADP
eistud-7014	186	14	local	local	ADJ
eistud-7014	186	15	banks	bank	NOUN
eistud-7014	186	16	.	.	PUNCT
eistud-7014	187	1	international	international	ADJ
eistud-7014	187	2	capital	capital	NOUN
eistud-7014	187	3	continued	continue	VERB
eistud-7014	187	4	to	to	PART
eistud-7014	187	5	flow	flow	VERB
eistud-7014	187	6	within	within	ADP
eistud-7014	187	7	the	the	DET
eistud-7014	187	8	european	european	PROPN
eistud-7014	187	9	union	union	PROPN
eistud-7014	187	10	.	.	PUNCT
eistud-7014	188	1	summarizing	summarizing	PROPN
eistud-7014	188	2	,	,	PUNCT
eistud-7014	188	3	the	the	DET
eistud-7014	188	4	stylized	stylize	VERB
eistud-7014	188	5	insights	insight	NOUN
eistud-7014	188	6	we	we	PRON
eistud-7014	188	7	offer	offer	VERB
eistud-7014	188	8	as	as	ADP
eistud-7014	188	9	the	the	DET
eistud-7014	188	10	explanation	explanation	NOUN
eistud-7014	188	11	of	of	ADP
eistud-7014	188	12	the	the	DET
eistud-7014	188	13	underlying	underlying	ADJ
eistud-7014	188	14	mechanism	mechanism	NOUN
eistud-7014	188	15	of	of	ADP
eistud-7014	188	16	the	the	DET
eistud-7014	188	17	path	path	NOUN
eistud-7014	188	18	to	to	ADP
eistud-7014	188	19	the	the	DET
eistud-7014	188	20	eu	eu	PROPN
eistud-7014	188	21	private	private	ADJ
eistud-7014	188	22	debt	debt	NOUN
eistud-7014	188	23	crisis	crisis	NOUN
eistud-7014	188	24	of	of	ADP
eistud-7014	188	25	2009	2009	NUM
eistud-7014	188	26	are	be	AUX
eistud-7014	188	27	as	as	SCONJ
eistud-7014	188	28	follows	follow	VERB
eistud-7014	188	29	.	.	PUNCT
eistud-7014	189	1	step	step	VERB
eistud-7014	189	2	one	one	NUM
eistud-7014	189	3	:	:	PUNCT
eistud-7014	189	4	citizens	citizen	NOUN
eistud-7014	189	5	of	of	ADP
eistud-7014	189	6	the	the	DET
eistud-7014	189	7	new	new	ADJ
eistud-7014	189	8	eu	eu	PROPN
eistud-7014	189	9	member	member	PROPN
eistud-7014	189	10	states	state	NOUN
eistud-7014	189	11	of	of	ADP
eistud-7014	189	12	2004	2004	NUM
eistud-7014	189	13	started	start	VERB
eistud-7014	189	14	to	to	PART
eistud-7014	189	15	diversify	diversify	VERB
eistud-7014	189	16	asset	asset	NOUN
eistud-7014	189	17	portfolios	portfolio	NOUN
eistud-7014	189	18	with	with	ADP
eistud-7014	189	19	real	real	ADJ
eistud-7014	189	20	assets	asset	NOUN
eistud-7014	189	21	available	available	ADJ
eistud-7014	189	22	in	in	ADP
eistud-7014	189	23	attractive	attractive	ADJ
eistud-7014	189	24	locations	location	NOUN
eistud-7014	189	25	in	in	ADP
eistud-7014	189	26	southern	southern	ADJ
eistud-7014	189	27	regions	region	NOUN
eistud-7014	189	28	of	of	ADP
eistud-7014	189	29	the	the	DET
eistud-7014	189	30	eu	eu	PROPN
eistud-7014	189	31	.	.	PUNCT
eistud-7014	189	32	motivation	motivation	NOUN
eistud-7014	189	33	for	for	ADP
eistud-7014	189	34	investment	investment	NOUN
eistud-7014	189	35	in	in	ADP
eistud-7014	189	36	foreign	foreign	ADJ
eistud-7014	189	37	real	real	ADJ
eistud-7014	189	38	estate	estate	NOUN
eistud-7014	189	39	came	come	VERB
eistud-7014	189	40	from	from	ADP
eistud-7014	189	41	the	the	DET
eistud-7014	189	42	classical	classical	ADJ
eistud-7014	189	43	‘	'	PUNCT
eistud-7014	189	44	equalization	equalization	NOUN
eistud-7014	189	45	’	'	PUNCT
eistud-7014	189	46	of	of	ADP
eistud-7014	189	47	marginal	marginal	ADJ
eistud-7014	189	48	utility	utility	NOUN
eistud-7014	189	49	of	of	ADP
eistud-7014	189	50	holdings	holding	NOUN
eistud-7014	189	51	of	of	ADP
eistud-7014	189	52	each	each	DET
eistud-7014	189	53	category	category	NOUN
eistud-7014	189	54	of	of	ADP
eistud-7014	189	55	available	available	ADJ
eistud-7014	189	56	assets	asset	NOUN
eistud-7014	189	57	.	.	PUNCT
eistud-7014	190	1	in	in	ADP
eistud-7014	190	2	addition	addition	NOUN
eistud-7014	190	3	,	,	PUNCT
eistud-7014	190	4	the	the	DET
eistud-7014	190	5	motivation	motivation	NOUN
eistud-7014	190	6	was	be	AUX
eistud-7014	190	7	enhanced	enhance	VERB
eistud-7014	190	8	by	by	ADP
eistud-7014	190	9	systematic	systematic	ADJ
eistud-7014	190	10	and	and	CCONJ
eistud-7014	190	11	persistent	persistent	ADJ
eistud-7014	190	12	appreciation	appreciation	NOUN
eistud-7014	190	13	of	of	ADP
eistud-7014	190	14	national	national	ADJ
eistud-7014	190	15	currencies	currency	NOUN
eistud-7014	190	16	against	against	ADP
eistud-7014	190	17	the	the	DET
eistud-7014	190	18	euro	euro	NOUN
eistud-7014	190	19	.	.	PUNCT
eistud-7014	191	1	original	original	ADJ
eistud-7014	191	2	purchases	purchase	NOUN
eistud-7014	191	3	were	be	AUX
eistud-7014	191	4	made	make	VERB
eistud-7014	191	5	without	without	ADP
eistud-7014	191	6	recourse	recourse	NOUN
eistud-7014	191	7	to	to	ADP
eistud-7014	191	8	debt	debt	NOUN
eistud-7014	191	9	financing	financing	NOUN
eistud-7014	191	10	due	due	ADP
eistud-7014	191	11	to	to	ADP
eistud-7014	191	12	two	two	NUM
eistud-7014	191	13	main	main	ADJ
eistud-7014	191	14	reasons	reason	NOUN
eistud-7014	191	15	.	.	PUNCT
eistud-7014	192	1	first	first	ADV
eistud-7014	192	2	,	,	PUNCT
eistud-7014	192	3	buyers	buyer	NOUN
eistud-7014	192	4	were	be	AUX
eistud-7014	192	5	foreigners	foreigner	NOUN
eistud-7014	192	6	and	and	CCONJ
eistud-7014	192	7	local	local	ADJ
eistud-7014	192	8	banks	bank	NOUN
eistud-7014	192	9	found	find	VERB
eistud-7014	192	10	it	it	PRON
eistud-7014	192	11	problematic	problematic	ADJ
eistud-7014	192	12	to	to	PART
eistud-7014	192	13	extend	extend	VERB
eistud-7014	192	14	mortgages	mortgage	NOUN
eistud-7014	192	15	to	to	ADP
eistud-7014	192	16	such	such	ADJ
eistud-7014	192	17	customers	customer	NOUN
eistud-7014	192	18	.	.	PUNCT
eistud-7014	193	1	second	second	ADJ
eistud-7014	193	2	,	,	PUNCT
eistud-7014	193	3	banks	bank	NOUN
eistud-7014	193	4	at	at	ADP
eistud-7014	193	5	home	home	NOUN
eistud-7014	193	6	countries	country	NOUN
eistud-7014	193	7	(	(	PUNCT
eistud-7014	193	8	new	new	ADJ
eistud-7014	193	9	member	member	NOUN
eistud-7014	193	10	states	state	NOUN
eistud-7014	193	11	)	)	PUNCT
eistud-7014	193	12	refrained	refrain	VERB
eistud-7014	193	13	from	from	ADP
eistud-7014	193	14	providing	provide	VERB
eistud-7014	193	15	financing	financing	NOUN
eistud-7014	193	16	for	for	ADP
eistud-7014	193	17	real	real	ADJ
eistud-7014	193	18	estate	estate	NOUN
eistud-7014	193	19	investments	investment	NOUN
eistud-7014	193	20	in	in	ADP
eistud-7014	193	21	remote	remote	ADJ
eistud-7014	193	22	regions	region	NOUN
eistud-7014	193	23	.	.	PUNCT
eistud-7014	194	1	as	as	ADP
eistud-7014	194	2	a	a	DET
eistud-7014	194	3	consequence	consequence	NOUN
eistud-7014	194	4	,	,	PUNCT
eistud-7014	194	5	we	we	PRON
eistud-7014	194	6	were	be	AUX
eistud-7014	194	7	able	able	ADJ
eistud-7014	194	8	to	to	PART
eistud-7014	194	9	observe	observe	VERB
eistud-7014	194	10	a	a	DET
eistud-7014	194	11	growing	grow	VERB
eistud-7014	194	12	inflow	inflow	NOUN
eistud-7014	194	13	of	of	ADP
eistud-7014	194	14	foreign	foreign	ADJ
eistud-7014	194	15	direct	direct	ADJ
eistud-7014	194	16	investment	investment	NOUN
eistud-7014	194	17	in	in	ADP
eistud-7014	194	18	real	real	ADJ
eistud-7014	194	19	estate	estate	NOUN
eistud-7014	194	20	markets	market	NOUN
eistud-7014	194	21	in	in	ADP
eistud-7014	194	22	portugal	portugal	PROPN
eistud-7014	194	23	,	,	PUNCT
eistud-7014	194	24	italy	italy	PROPN
eistud-7014	194	25	,	,	PUNCT
eistud-7014	194	26	greece	greece	PROPN
eistud-7014	194	27	and	and	CCONJ
eistud-7014	194	28	spain	spain	PROPN
eistud-7014	194	29	from	from	ADP
eistud-7014	194	30	the	the	DET
eistud-7014	194	31	late	late	ADJ
eistud-7014	194	32	2004	2004	NUM
eistud-7014	194	33	.	.	PUNCT
eistud-7014	195	1	it	it	PRON
eistud-7014	195	2	is	be	AUX
eistud-7014	195	3	indicated	indicate	VERB
eistud-7014	195	4	by	by	ADP
eistud-7014	195	5	a	a	DET
eistud-7014	195	6	transition	transition	NOUN
eistud-7014	195	7	in	in	ADP
eistud-7014	195	8	correlation	correlation	NOUN
eistud-7014	195	9	between	between	ADP
eistud-7014	195	10	average	average	ADJ
eistud-7014	195	11	rates	rate	NOUN
eistud-7014	195	12	of	of	ADP
eistud-7014	195	13	change	change	NOUN
eistud-7014	195	14	of	of	ADP
eistud-7014	195	15	direct	direct	ADJ
eistud-7014	195	16	investment	investment	NOUN
eistud-7014	195	17	in	in	ADP
eistud-7014	195	18	the	the	DET
eistud-7014	195	19	reporting	reporting	NOUN
eistud-7014	195	20	economy	economy	NOUN
eistud-7014	195	21	,	,	PUNCT
eistud-7014	195	22	and	and	CCONJ
eistud-7014	195	23	portfolio	portfolio	NOUN
eistud-7014	195	24	investment	investment	NOUN
eistud-7014	195	25	in	in	ADP
eistud-7014	195	26	debt	debt	NOUN
eistud-7014	195	27	instruments	instrument	NOUN
eistud-7014	195	28	,	,	PUNCT
eistud-7014	195	29	other	other	ADJ
eistud-7014	195	30	investment	investment	NOUN
eistud-7014	195	31	(	(	PUNCT
eistud-7014	195	32	liabilities	liability	NOUN
eistud-7014	195	33	)	)	PUNCT
eistud-7014	195	34	,	,	PUNCT
eistud-7014	195	35	and	and	CCONJ
eistud-7014	195	36	other	other	ADJ
eistud-7014	195	37	investment	investment	NOUN
eistud-7014	195	38	(	(	PUNCT
eistud-7014	195	39	liabilities	liability	NOUN
eistud-7014	195	40	)	)	PUNCT
eistud-7014	195	41	of	of	ADP
eistud-7014	195	42	other	other	ADJ
eistud-7014	195	43	sectors	sector	NOUN
eistud-7014	195	44	(	(	PUNCT
eistud-7014	195	45	non	non	ADJ
eistud-7014	195	46	-	-	ADJ
eistud-7014	195	47	banks	bank	NOUN
eistud-7014	195	48	)	)	PUNCT
eistud-7014	195	49	.	.	PUNCT
eistud-7014	196	1	from	from	ADP
eistud-7014	196	2	the	the	DET
eistud-7014	196	3	2004	2004	NUM
eistud-7014	196	4	other	other	ADJ
eistud-7014	196	5	investment	investment	NOUN
eistud-7014	196	6	liabilities	liability	NOUN
eistud-7014	196	7	mimic	mimic	VERB
eistud-7014	196	8	more	more	ADV
eistud-7014	196	9	closely	closely	ADV
eistud-7014	196	10	developments	development	NOUN
eistud-7014	196	11	in	in	ADP
eistud-7014	196	12	the	the	DET
eistud-7014	196	13	foreign	foreign	ADJ
eistud-7014	196	14	direct	direct	ADJ
eistud-7014	196	15	investment	investment	NOUN
eistud-7014	196	16	with	with	ADP
eistud-7014	196	17	the	the	DET
eistud-7014	196	18	correlation	correlation	NOUN
eistud-7014	196	19	reaching	reach	VERB
eistud-7014	196	20	almost	almost	ADV
eistud-7014	196	21	0,8	0,8	NUM
eistud-7014	196	22	after	after	ADP
eistud-7014	196	23	only	only	ADV
eistud-7014	196	24	0,73	0,73	NUM
eistud-7014	196	25	in	in	ADP
eistud-7014	196	26	the	the	DET
eistud-7014	196	27	preceding	precede	VERB
eistud-7014	196	28	period	period	NOUN
eistud-7014	196	29	(	(	PUNCT
eistud-7014	196	30	see	see	VERB
eistud-7014	196	31	table	table	NOUN
eistud-7014	196	32	1	1	NUM
eistud-7014	196	33	)	)	PUNCT
eistud-7014	196	34	.	.	PUNCT
eistud-7014	197	1	simultaneously	simultaneously	ADV
eistud-7014	197	2	,	,	PUNCT
eistud-7014	197	3	significance	significance	NOUN
eistud-7014	197	4	of	of	ADP
eistud-7014	197	5	sectors	sector	NOUN
eistud-7014	197	6	responsible	responsible	ADJ
eistud-7014	197	7	for	for	ADP
eistud-7014	197	8	creating	create	VERB
eistud-7014	197	9	foreign	foreign	ADJ
eistud-7014	197	10	liabilities	liability	NOUN
eistud-7014	197	11	in	in	ADP
eistud-7014	197	12	the	the	DET
eistud-7014	197	13	form	form	NOUN
eistud-7014	197	14	of	of	ADP
eistud-7014	197	15	other	other	ADJ
eistud-7014	197	16	investment	investment	NOUN
eistud-7014	197	17	also	also	ADV
eistud-7014	197	18	changes	change	VERB
eistud-7014	197	19	.	.	PUNCT
eistud-7014	198	1	this	this	PRON
eistud-7014	198	2	is	be	AUX
eistud-7014	198	3	reflected	reflect	VERB
eistud-7014	198	4	in	in	ADP
eistud-7014	198	5	increase	increase	NOUN
eistud-7014	198	6	in	in	ADP
eistud-7014	198	7	the	the	DET
eistud-7014	198	8	correlation	correlation	NOUN
eistud-7014	198	9	between	between	ADP
eistud-7014	198	10	the	the	DET
eistud-7014	198	11	other	other	ADJ
eistud-7014	198	12	investment	investment	NOUN
eistud-7014	198	13	liabilities	liability	NOUN
eistud-7014	198	14	(	(	PUNCT
eistud-7014	198	15	total	total	NOUN
eistud-7014	198	16	)	)	PUNCT
eistud-7014	198	17	and	and	CCONJ
eistud-7014	198	18	other	other	ADJ
eistud-7014	198	19	investment	investment	NOUN
eistud-7014	198	20	liabilities	liability	NOUN
eistud-7014	198	21	of	of	ADP
eistud-7014	198	22	“	"	PUNCT
eistud-7014	198	23	other	other	ADJ
eistud-7014	198	24	sectors	sector	NOUN
eistud-7014	198	25	”	"	PUNCT
eistud-7014	198	26	,	,	PUNCT
eistud-7014	198	27	namely	namely	ADV
eistud-7014	198	28	households	household	NOUN
eistud-7014	198	29	from	from	ADP
eistud-7014	198	30	0,53	0,53	NOUN
eistud-7014	198	31	to	to	ADP
eistud-7014	198	32	0,77	0,77	NUM
eistud-7014	198	33	.	.	PUNCT
eistud-7014	199	1	while	while	SCONJ
eistud-7014	199	2	the	the	DET
eistud-7014	199	3	fdi	fdi	NOUN
eistud-7014	199	4	developments	development	NOUN
eistud-7014	199	5	were	be	AUX
eistud-7014	199	6	not	not	PART
eistud-7014	199	7	significantly	significantly	ADV
eistud-7014	199	8	matched	match	VERB
eistud-7014	199	9	by	by	ADP
eistud-7014	199	10	private	private	ADJ
eistud-7014	199	11	nonfinancial	nonfinancial	ADJ
eistud-7014	199	12	sector	sector	NOUN
eistud-7014	199	13	foreign	foreign	ADJ
eistud-7014	199	14	liabilities	liability	NOUN
eistud-7014	199	15	before	before	ADP
eistud-7014	199	16	2004	2004	NUM
eistud-7014	199	17	(	(	PUNCT
eistud-7014	199	18	correlation	correlation	NOUN
eistud-7014	199	19	at	at	ADP
eistud-7014	199	20	0,28	0,28	NUM
eistud-7014	199	21	)	)	PUNCT
eistud-7014	199	22	,	,	PUNCT
eistud-7014	199	23	afterwards	afterwards	ADV
eistud-7014	199	24	the	the	DET
eistud-7014	199	25	relationship	relationship	NOUN
eistud-7014	199	26	is	be	AUX
eistud-7014	199	27	much	much	ADV
eistud-7014	199	28	more	more	ADV
eistud-7014	199	29	pronounced	pronounce	VERB
eistud-7014	199	30	with	with	ADP
eistud-7014	199	31	correlation	correlation	NOUN
eistud-7014	199	32	coefficient	coefficient	NOUN
eistud-7014	199	33	at	at	ADP
eistud-7014	199	34	almost	almost	ADV
eistud-7014	199	35	0,54	0,54	NOUN
eistud-7014	199	36	.	.	PUNCT
eistud-7014	199	37	table	table	NOUN
eistud-7014	199	38	1	1	NUM
eistud-7014	199	39	.	.	PUNCT
eistud-7014	199	40	correlation	correlation	NOUN
eistud-7014	199	41	coefficients	coefficient	NOUN
eistud-7014	199	42	for	for	ADP
eistud-7014	199	43	quarterly	quarterly	ADJ
eistud-7014	199	44	changes	change	NOUN
eistud-7014	199	45	in	in	ADP
eistud-7014	199	46	the	the	DET
eistud-7014	199	47	iip	iip	NOUN
eistud-7014	199	48	for	for	ADP
eistud-7014	199	49	the	the	DET
eistud-7014	199	50	period	period	NOUN
eistud-7014	199	51	1999q1–2004q1	1999q1–2004q1	NUM
eistud-7014	199	52	and	and	CCONJ
eistud-7014	199	53	2004q2–2009q2	2004q2–2009q2	NUM
eistud-7014	199	54	for	for	ADP
eistud-7014	199	55	spain	spain	PROPN
eistud-7014	199	56	1999–2004	1999–2004	NUM
eistud-7014	199	57	fdi	fdi	NOUN
eistud-7014	199	58	pi	pi	NOUN
eistud-7014	199	59	debt	debt	NOUN
eistud-7014	199	60	oi	oi	NOUN
eistud-7014	199	61	liab	liab	ADV
eistud-7014	199	62	.	.	PUNCT
eistud-7014	200	1	oi	oi	INTJ
eistud-7014	200	2	oth.sec	oth.sec	ADV
eistud-7014	200	3	.	.	PUNCT
eistud-7014	201	1	fdi	fdi	NOUN
eistud-7014	201	2	1	1	NUM
eistud-7014	201	3	0,74	0,74	NOUN
eistud-7014	201	4	0,73	0,73	NUM
eistud-7014	202	1	0,28	0,28	NUM
eistud-7014	202	2	pi	pi	NOUN
eistud-7014	202	3	debt	debt	NOUN
eistud-7014	202	4	1	1	NUM
eistud-7014	202	5	0,53	0,53	NOUN
eistud-7014	202	6	0,12	0,12	X
eistud-7014	202	7	oi	oi	X
eistud-7014	202	8	liab	liab	NOUN
eistud-7014	202	9	.	.	PUNCT
eistud-7014	203	1	1	1	NUM
eistud-7014	203	2	0,53	0,53	NOUN
eistud-7014	203	3	oi	oi	INTJ
eistud-7014	203	4	oth.sec	oth.sec	ADJ
eistud-7014	203	5	.	.	PUNCT
eistud-7014	204	1	1	1	NUM
eistud-7014	204	2	2004–2009	2004–2009	NUM
eistud-7014	204	3	fdi	fdi	NOUN
eistud-7014	204	4	pi	pi	NOUN
eistud-7014	204	5	debt	debt	NOUN
eistud-7014	204	6	oi	oi	NOUN
eistud-7014	204	7	liab	liab	ADV
eistud-7014	204	8	.	.	PUNCT
eistud-7014	205	1	oi	oi	INTJ
eistud-7014	205	2	oth.sec	oth.sec	ADV
eistud-7014	205	3	.	.	PUNCT
eistud-7014	206	1	fdi	fdi	NOUN
eistud-7014	206	2	1	1	NUM
eistud-7014	206	3	0,56	0,56	NOUN
eistud-7014	206	4	0,78	0,78	NOUN
eistud-7014	206	5	0,53	0,53	NOUN
eistud-7014	206	6	pi	pi	NOUN
eistud-7014	206	7	debt	debt	NOUN
eistud-7014	206	8	1	1	NUM
eistud-7014	206	9	0,42	0,42	NOUN
eistud-7014	206	10	0,56	0,56	NOUN
eistud-7014	206	11	oi	oi	X
eistud-7014	206	12	liab	liab	NOUN
eistud-7014	206	13	.	.	PUNCT
eistud-7014	207	1	1	1	NUM
eistud-7014	207	2	0,77	0,77	NOUN
eistud-7014	207	3	oi	oi	INTJ
eistud-7014	207	4	oth.sec	oth.sec	ADJ
eistud-7014	207	5	.	.	PUNCT
eistud-7014	208	1	1	1	NUM
eistud-7014	208	2	source	source	NOUN
eistud-7014	208	3	:	:	PUNCT
eistud-7014	208	4	authors	author	NOUN
eistud-7014	208	5	,	,	PUNCT
eistud-7014	208	6	on	on	ADP
eistud-7014	208	7	the	the	DET
eistud-7014	208	8	basis	basis	NOUN
eistud-7014	208	9	of	of	ADP
eistud-7014	208	10	the	the	DET
eistud-7014	208	11	ifs	ifs	PROPN
eistud-7014	208	12	database	database	PROPN
eistud-7014	208	13	,	,	PUNCT
eistud-7014	208	14	imf	imf	PROPN
eistud-7014	208	15	,	,	PUNCT
eistud-7014	208	16	washington	washington	PROPN
eistud-7014	208	17	d.c	d.c	PROPN
eistud-7014	208	18	.	.	PROPN
eistud-7014	208	19	step	step	PROPN
eistud-7014	208	20	two	two	NUM
eistud-7014	208	21	:	:	PUNCT
eistud-7014	208	22	residents	resident	NOUN
eistud-7014	208	23	of	of	ADP
eistud-7014	208	24	southern	southern	PROPN
eistud-7014	208	25	eu	eu	PROPN
eistud-7014	208	26	regions	region	NOUN
eistud-7014	208	27	observed	observe	VERB
eistud-7014	208	28	additional	additional	ADJ
eistud-7014	208	29	demand	demand	NOUN
eistud-7014	208	30	for	for	ADP
eistud-7014	208	31	real	real	ADJ
eistud-7014	208	32	estates	estate	NOUN
eistud-7014	208	33	.	.	PUNCT
eistud-7014	209	1	this	this	PRON
eistud-7014	209	2	,	,	PUNCT
eistud-7014	209	3	in	in	ADP
eistud-7014	209	4	turn	turn	NOUN
eistud-7014	209	5	,	,	PUNCT
eistud-7014	209	6	created	create	VERB
eistud-7014	209	7	appreciation	appreciation	NOUN
eistud-7014	209	8	expectations	expectation	NOUN
eistud-7014	209	9	.	.	PUNCT
eistud-7014	210	1	locals	local	NOUN
eistud-7014	210	2	wished	wish	VERB
eistud-7014	210	3	to	to	PART
eistud-7014	210	4	benefit	benefit	VERB
eistud-7014	210	5	using	use	VERB
eistud-7014	210	6	speculation	speculation	NOUN
eistud-7014	210	7	scheme	scheme	NOUN
eistud-7014	210	8	.	.	PUNCT
eistud-7014	211	1	they	they	PRON
eistud-7014	211	2	took	take	VERB
eistud-7014	211	3	long	long	ADJ
eistud-7014	211	4	positions	position	NOUN
eistud-7014	211	5	in	in	ADP
eistud-7014	211	6	the	the	DET
eistud-7014	211	7	real	real	ADJ
eistud-7014	211	8	estate	estate	NOUN
eistud-7014	211	9	.	.	PUNCT
eistud-7014	212	1	however	however	ADV
eistud-7014	212	2	,	,	PUNCT
eistud-7014	212	3	these	these	DET
eistud-7014	212	4	speculative	speculative	ADJ
eistud-7014	212	5	transactions	transaction	NOUN
eistud-7014	212	6	were	be	AUX
eistud-7014	212	7	mostly	mostly	ADV
eistud-7014	212	8	based	base	VERB
eistud-7014	212	9	on	on	ADP
eistud-7014	212	10	borrowed	borrow	VERB
eistud-7014	212	11	funds	fund	NOUN
eistud-7014	212	12	.	.	PUNCT
eistud-7014	213	1	in	in	ADP
eistud-7014	213	2	countries	country	NOUN
eistud-7014	213	3	with	with	ADP
eistud-7014	213	4	insufficient	insufficient	ADJ
eistud-7014	213	5	domestic	domestic	ADJ
eistud-7014	213	6	savings	saving	NOUN
eistud-7014	213	7	,	,	PUNCT
eistud-7014	213	8	local	local	ADJ
eistud-7014	213	9	banks	bank	NOUN
eistud-7014	213	10	initiated	initiate	VERB
eistud-7014	213	11	foreign	foreign	ADJ
eistud-7014	213	12	capital	capital	NOUN
eistud-7014	213	13	inflows	inflow	NOUN
eistud-7014	213	14	from	from	ADP
eistud-7014	213	15	other	other	ADJ
eistud-7014	213	16	emu	emu	PROPN
eistud-7014	213	17	member	member	NOUN
eistud-7014	213	18	states	states	PROPN
eistud-7014	213	19	.	.	PUNCT
eistud-7014	214	1	figure	figure	VERB
eistud-7014	214	2	7	7	NUM
eistud-7014	214	3	.	.	PUNCT
eistud-7014	215	1	iip	iip	PROPN
eistud-7014	215	2	categories	category	NOUN
eistud-7014	215	3	quarterly	quarterly	ADV
eistud-7014	215	4	,	,	PUNCT
eistud-7014	215	5	spain	spain	PROPN
eistud-7014	215	6	1999q1–2009q2	1999q1–2009q2	NUM
eistud-7014	215	7	source	source	NOUN
eistud-7014	215	8	:	:	PUNCT
eistud-7014	215	9	authors	author	NOUN
eistud-7014	215	10	,	,	PUNCT
eistud-7014	215	11	on	on	ADP
eistud-7014	215	12	the	the	DET
eistud-7014	215	13	basis	basis	NOUN
eistud-7014	215	14	of	of	ADP
eistud-7014	215	15	the	the	DET
eistud-7014	215	16	ifs	ifs	PROPN
eistud-7014	215	17	database	database	PROPN
eistud-7014	215	18	,	,	PUNCT
eistud-7014	215	19	imf	imf	PROPN
eistud-7014	215	20	,	,	PUNCT
eistud-7014	215	21	washington	washington	PROPN
eistud-7014	215	22	d.c	d.c	PROPN
eistud-7014	215	23	.	.	PUNCT
eistud-7014	216	1	foreign	foreign	ADJ
eistud-7014	216	2	liabilities	liability	NOUN
eistud-7014	216	3	systematically	systematically	ADV
eistud-7014	216	4	grew	grow	VERB
eistud-7014	216	5	(	(	PUNCT
eistud-7014	216	6	as	as	SCONJ
eistud-7014	216	7	seen	see	VERB
eistud-7014	216	8	in	in	ADP
eistud-7014	216	9	figure	figure	NOUN
eistud-7014	216	10	7	7	NUM
eistud-7014	216	11	)	)	PUNCT
eistud-7014	216	12	.	.	PUNCT
eistud-7014	217	1	there	there	PRON
eistud-7014	217	2	was	be	VERB
eistud-7014	217	3	no	no	DET
eistud-7014	217	4	exchange	exchange	NOUN
eistud-7014	217	5	rate	rate	NOUN
eistud-7014	217	6	risk	risk	NOUN
eistud-7014	217	7	associated	associate	VERB
eistud-7014	217	8	with	with	ADP
eistud-7014	217	9	this	this	DET
eistud-7014	217	10	borrowing	borrowing	NOUN
eistud-7014	217	11	.	.	PUNCT
eistud-7014	218	1	propensity	propensity	NOUN
eistud-7014	218	2	to	to	PART
eistud-7014	218	3	use	use	VERB
eistud-7014	218	4	foreign	foreign	ADJ
eistud-7014	218	5	financing	financing	NOUN
eistud-7014	218	6	was	be	AUX
eistud-7014	218	7	therefore	therefore	ADV
eistud-7014	218	8	higher	high	ADJ
eistud-7014	218	9	than	than	ADP
eistud-7014	218	10	otherwise	otherwise	ADV
eistud-7014	218	11	.	.	PUNCT
eistud-7014	219	1	step	step	NOUN
eistud-7014	219	2	three	three	NUM
eistud-7014	219	3	:	:	PUNCT
eistud-7014	219	4	real	real	ADJ
eistud-7014	219	5	estate	estate	NOUN
eistud-7014	219	6	market	market	NOUN
eistud-7014	219	7	in	in	ADP
eistud-7014	219	8	southern	southern	ADJ
eistud-7014	219	9	regions	region	NOUN
eistud-7014	219	10	experienced	experience	VERB
eistud-7014	219	11	boom	boom	NOUN
eistud-7014	219	12	.	.	PUNCT
eistud-7014	220	1	it	it	PRON
eistud-7014	220	2	was	be	AUX
eistud-7014	220	3	started	start	VERB
eistud-7014	220	4	by	by	ADP
eistud-7014	220	5	cash	cash	NOUN
eistud-7014	220	6	holders	holder	NOUN
eistud-7014	220	7	(	(	PUNCT
eistud-7014	220	8	foreigners	foreigner	NOUN
eistud-7014	220	9	)	)	PUNCT
eistud-7014	220	10	and	and	CCONJ
eistud-7014	220	11	became	become	VERB
eistud-7014	220	12	leverage	leverage	NOUN
eistud-7014	220	13	-	-	PUNCT
eistud-7014	220	14	fuelled	fuel	VERB
eistud-7014	220	15	by	by	ADP
eistud-7014	220	16	residents	resident	NOUN
eistud-7014	220	17	,	,	PUNCT
eistud-7014	220	18	but	but	CCONJ
eistud-7014	220	19	borrowing	borrowing	NOUN
eistud-7014	220	20	flew	fly	VERB
eistud-7014	220	21	from	from	ADP
eistud-7014	220	22	abroad	abroad	ADV
eistud-7014	220	23	.	.	PUNCT
eistud-7014	221	1	step	step	NOUN
eistud-7014	221	2	four	four	NUM
eistud-7014	221	3	:	:	PUNCT
eistud-7014	221	4	reversing	reverse	VERB
eistud-7014	221	5	appreciation	appreciation	NOUN
eistud-7014	221	6	trend	trend	NOUN
eistud-7014	221	7	of	of	ADP
eistud-7014	221	8	national	national	ADJ
eistud-7014	221	9	currencies	currency	NOUN
eistud-7014	221	10	in	in	ADP
eistud-7014	221	11	late	late	ADJ
eistud-7014	221	12	2008	2008	NUM
eistud-7014	221	13	and	and	CCONJ
eistud-7014	221	14	severe	severe	ADJ
eistud-7014	221	15	depreciation	depreciation	NOUN
eistud-7014	221	16	in	in	ADP
eistud-7014	221	17	mid	mid	PROPN
eistud-7014	221	18	-	-	PROPN
eistud-7014	221	19	february	february	ADJ
eistud-7014	221	20	2009	2009	NUM
eistud-7014	221	21	resulted	result	VERB
eistud-7014	221	22	in	in	ADP
eistud-7014	221	23	making	make	VERB
eistud-7014	221	24	real	real	ADJ
eistud-7014	221	25	estate	estate	NOUN
eistud-7014	221	26	investment	investment	NOUN
eistud-7014	221	27	for	for	ADP
eistud-7014	221	28	the	the	DET
eistud-7014	221	29	new	new	ADJ
eistud-7014	221	30	eu	eu	PROPN
eistud-7014	221	31	-	-	NOUN
eistud-7014	221	32	member	member	NOUN
eistud-7014	221	33	states	state	VERB
eistud-7014	221	34	citizens	citizen	NOUN
eistud-7014	221	35	unattractive	unattractive	ADJ
eistud-7014	221	36	and	and	CCONJ
eistud-7014	221	37	relatively	relatively	ADV
eistud-7014	221	38	more	more	ADV
eistud-7014	221	39	expensive	expensive	ADJ
eistud-7014	221	40	.	.	PUNCT
eistud-7014	222	1	external	external	ADJ
eistud-7014	222	2	buyers	buyer	NOUN
eistud-7014	222	3	disappeared	disappear	VERB
eistud-7014	222	4	from	from	ADP
eistud-7014	222	5	the	the	DET
eistud-7014	222	6	real	real	ADJ
eistud-7014	222	7	estate	estate	NOUN
eistud-7014	222	8	markets	market	NOUN
eistud-7014	222	9	.	.	PUNCT
eistud-7014	223	1	the	the	DET
eistud-7014	223	2	appreciation	appreciation	NOUN
eistud-7014	223	3	impulse	impulse	ADJ
eistud-7014	223	4	for	for	ADP
eistud-7014	223	5	real	real	ADJ
eistud-7014	223	6	assets	asset	NOUN
eistud-7014	223	7	associated	associate	VERB
eistud-7014	223	8	with	with	ADP
eistud-7014	223	9	foreigners	foreigner	NOUN
eistud-7014	223	10	vanished	vanish	VERB
eistud-7014	223	11	.	.	PUNCT
eistud-7014	224	1	locals	local	NOUN
eistud-7014	224	2	in	in	ADP
eistud-7014	224	3	southern	southern	ADJ
eistud-7014	224	4	regions	region	NOUN
eistud-7014	224	5	found	find	VERB
eistud-7014	224	6	themselves	themselves	PRON
eistud-7014	224	7	in	in	ADP
eistud-7014	224	8	long	long	ADJ
eistud-7014	224	9	positions	position	NOUN
eistud-7014	224	10	in	in	ADP
eistud-7014	224	11	significantly	significantly	ADV
eistud-7014	224	12	inflated	inflate	VERB
eistud-7014	224	13	real	real	ADJ
eistud-7014	224	14	assets	asset	NOUN
eistud-7014	224	15	without	without	ADP
eistud-7014	224	16	any	any	DET
eistud-7014	224	17	chance	chance	NOUN
eistud-7014	224	18	for	for	ADP
eistud-7014	224	19	recovering	recover	VERB
eistud-7014	224	20	the	the	DET
eistud-7014	224	21	original	original	ADJ
eistud-7014	224	22	cost	cost	NOUN
eistud-7014	224	23	due	due	ADP
eistud-7014	224	24	to	to	ADP
eistud-7014	224	25	deficient	deficient	ADJ
eistud-7014	224	26	demand	demand	NOUN
eistud-7014	224	27	.	.	PUNCT
eistud-7014	225	1	on	on	ADP
eistud-7014	225	2	the	the	DET
eistud-7014	225	3	other	other	ADJ
eistud-7014	225	4	side	side	NOUN
eistud-7014	225	5	of	of	ADP
eistud-7014	225	6	their	their	PRON
eistud-7014	225	7	balance	balance	NOUN
eistud-7014	225	8	sheets	sheet	NOUN
eistud-7014	225	9	they	they	PRON
eistud-7014	225	10	recognized	recognize	VERB
eistud-7014	225	11	liabilities	liability	NOUN
eistud-7014	225	12	of	of	ADP
eistud-7014	225	13	stable	stable	ADJ
eistud-7014	225	14	nominal	nominal	ADJ
eistud-7014	225	15	value	value	NOUN
eistud-7014	225	16	,	,	PUNCT
eistud-7014	225	17	for	for	ADP
eistud-7014	225	18	which	which	PRON
eistud-7014	225	19	collateral	collateral	ADJ
eistud-7014	225	20	value	value	NOUN
eistud-7014	225	21	shrank	shrink	VERB
eistud-7014	225	22	.	.	PUNCT
eistud-7014	226	1	there	there	PRON
eistud-7014	226	2	is	be	VERB
eistud-7014	226	3	common	common	ADJ
eistud-7014	226	4	perception	perception	NOUN
eistud-7014	226	5	in	in	ADP
eistud-7014	226	6	the	the	DET
eistud-7014	226	7	literature	literature	NOUN
eistud-7014	226	8	,	,	PUNCT
eistud-7014	226	9	and	and	CCONJ
eistud-7014	226	10	at	at	ADP
eistud-7014	226	11	european	european	ADJ
eistud-7014	226	12	institutions	institution	NOUN
eistud-7014	226	13	that	that	PRON
eistud-7014	226	14	the	the	DET
eistud-7014	226	15	valuation	valuation	NOUN
eistud-7014	226	16	effects	effect	NOUN
eistud-7014	226	17	are	be	AUX
eistud-7014	226	18	significant	significant	ADJ
eistud-7014	226	19	in	in	ADP
eistud-7014	226	20	scale	scale	NOUN
eistud-7014	226	21	and	and	CCONJ
eistud-7014	226	22	scope	scope	NOUN
eistud-7014	226	23	,	,	PUNCT
eistud-7014	226	24	when	when	SCONJ
eistud-7014	226	25	wealth	wealth	NOUN
eistud-7014	226	26	of	of	ADP
eistud-7014	226	27	nations	nation	NOUN
eistud-7014	226	28	is	be	AUX
eistud-7014	226	29	considered	consider	VERB
eistud-7014	226	30	.	.	PUNCT
eistud-7014	227	1	one	one	PRON
eistud-7014	227	2	may	may	AUX
eistud-7014	227	3	find	find	VERB
eistud-7014	227	4	supporting	support	VERB
eistud-7014	227	5	evidence	evidence	NOUN
eistud-7014	227	6	and	and	CCONJ
eistud-7014	227	7	interpretations	interpretation	NOUN
eistud-7014	227	8	in	in	ADP
eistud-7014	227	9	galstyan	galstyan	PROPN
eistud-7014	227	10	&	&	CCONJ
eistud-7014	227	11	lane	lane	PROPN
eistud-7014	227	12	(	(	PUNCT
eistud-7014	227	13	2013	2013	NUM
eistud-7014	227	14	)	)	PUNCT
eistud-7014	227	15	,	,	PUNCT
eistud-7014	227	16	european	european	PROPN
eistud-7014	227	17	commission	commission	PROPN
eistud-7014	227	18	(	(	PUNCT
eistud-7014	227	19	2010	2010	NUM
eistud-7014	227	20	)	)	PUNCT
eistud-7014	227	21	,	,	PUNCT
eistud-7014	227	22	coeurdacier	coeurdacier	NOUN
eistud-7014	227	23	&	&	CCONJ
eistud-7014	227	24	martin	martin	PROPN
eistud-7014	227	25	(	(	PUNCT
eistud-7014	227	26	2009	2009	NUM
eistud-7014	227	27	)	)	PUNCT
eistud-7014	227	28	,	,	PUNCT
eistud-7014	227	29	and	and	CCONJ
eistud-7014	227	30	gourinchas	gourinchas	PROPN
eistud-7014	227	31	,	,	PUNCT
eistud-7014	227	32	rey	rey	PROPN
eistud-7014	227	33	,	,	PUNCT
eistud-7014	227	34	&	&	CCONJ
eistud-7014	227	35	truempler	truempler	NOUN
eistud-7014	227	36	(	(	PUNCT
eistud-7014	227	37	2012	2012	NUM
eistud-7014	227	38	)	)	PUNCT
eistud-7014	227	39	.	.	PUNCT
eistud-7014	228	1	due	due	ADP
eistud-7014	228	2	to	to	ADP
eistud-7014	228	3	the	the	DET
eistud-7014	228	4	debt	debt	NOUN
eistud-7014	228	5	crisis	crisis	NOUN
eistud-7014	228	6	in	in	ADP
eistud-7014	228	7	europe	europe	PROPN
eistud-7014	228	8	one	one	PRON
eistud-7014	228	9	may	may	AUX
eistud-7014	228	10	suggest	suggest	VERB
eistud-7014	228	11	a	a	DET
eistud-7014	228	12	substantial	substantial	ADJ
eistud-7014	228	13	shift	shift	NOUN
eistud-7014	228	14	of	of	ADP
eistud-7014	228	15	the	the	DET
eistud-7014	228	16	wealth	wealth	NOUN
eistud-7014	228	17	from	from	ADP
eistud-7014	228	18	eu	eu	ADJ
eistud-7014	228	19	-	-	ADJ
eistud-7014	228	20	creditor	creditor	ADJ
eistud-7014	228	21	countries	country	NOUN
eistud-7014	228	22	to	to	ADP
eistud-7014	228	23	eu	eu	NOUN
eistud-7014	228	24	-	-	NOUN
eistud-7014	228	25	borrowers	borrower	NOUN
eistud-7014	228	26	due	due	ADJ
eistud-7014	228	27	to	to	ADP
eistud-7014	228	28	investment	investment	NOUN
eistud-7014	228	29	in	in	ADP
eistud-7014	228	30	real	real	ADJ
eistud-7014	228	31	estate	estate	NOUN
eistud-7014	228	32	.	.	PUNCT
eistud-7014	229	1	inflated	inflated	ADJ
eistud-7014	229	2	prices	price	NOUN
eistud-7014	229	3	of	of	ADP
eistud-7014	229	4	real	real	ADJ
eistud-7014	229	5	assets	asset	NOUN
eistud-7014	229	6	resulted	result	VERB
eistud-7014	229	7	in	in	ADP
eistud-7014	229	8	transferring	transfer	VERB
eistud-7014	229	9	additional	additional	ADJ
eistud-7014	229	10	value	value	NOUN
eistud-7014	229	11	in	in	ADP
eistud-7014	229	12	excess	excess	NOUN
eistud-7014	229	13	of	of	ADP
eistud-7014	229	14	the	the	DET
eistud-7014	229	15	intrinsic	intrinsic	ADJ
eistud-7014	229	16	value	value	NOUN
eistud-7014	229	17	,	,	PUNCT
eistud-7014	229	18	and	and	CCONJ
eistud-7014	229	19	recover	recover	NOUN
eistud-7014	229	20	of	of	ADP
eistud-7014	229	21	this	this	DET
eistud-7014	229	22	excess	excess	NOUN
eistud-7014	229	23	is	be	AUX
eistud-7014	229	24	no	no	ADV
eistud-7014	229	25	longer	long	ADV
eistud-7014	229	26	possible	possible	ADJ
eistud-7014	229	27	as	as	SCONJ
eistud-7014	229	28	the	the	DET
eistud-7014	229	29	downward	downward	ADJ
eistud-7014	229	30	trends	trend	NOUN
eistud-7014	229	31	in	in	ADP
eistud-7014	229	32	prices	price	NOUN
eistud-7014	229	33	continue	continue	VERB
eistud-7014	229	34	.	.	PUNCT
eistud-7014	230	1	in	in	ADP
eistud-7014	230	2	the	the	DET
eistud-7014	230	3	same	same	ADJ
eistud-7014	230	4	time	time	NOUN
eistud-7014	230	5	,	,	PUNCT
eistud-7014	230	6	eu	eu	PROPN
eistud-7014	230	7	-	-	NOUN
eistud-7014	230	8	borrowers	borrower	NOUN
eistud-7014	230	9	postpone	postpone	VERB
eistud-7014	230	10	and	and	CCONJ
eistud-7014	230	11	reschedule	reschedule	VERB
eistud-7014	230	12	repayment	repayment	NOUN
eistud-7014	230	13	of	of	ADP
eistud-7014	230	14	loans	loan	NOUN
eistud-7014	230	15	extended	extend	VERB
eistud-7014	230	16	before	before	SCONJ
eistud-7014	230	17	the	the	DET
eistud-7014	230	18	crisis	crisis	NOUN
eistud-7014	230	19	issn	issn	VERB
eistud-7014	230	20	1822–8402	1822–8402	NUM
eistud-7014	230	21	european	european	ADJ
eistud-7014	230	22	integration	integration	NOUN
eistud-7014	230	23	studies	study	NOUN
eistud-7014	230	24	.	.	PUNCT
eistud-7014	231	1	2014	2014	NUM
eistud-7014	231	2	.	.	PUNCT
eistud-7014	232	1	no	no	INTJ
eistud-7014	232	2	.	.	NOUN
eistud-7014	232	3	8	8	NUM
eistud-7014	232	4	54	54	NUM
eistud-7014	232	5	of	of	ADP
eistud-7014	232	6	2009	2009	NUM
eistud-7014	232	7	,	,	PUNCT
eistud-7014	232	8	so	so	SCONJ
eistud-7014	232	9	the	the	DET
eistud-7014	232	10	lenders	lender	NOUN
eistud-7014	232	11	do	do	AUX
eistud-7014	232	12	not	not	PART
eistud-7014	232	13	recover	recover	VERB
eistud-7014	232	14	amounts	amount	NOUN
eistud-7014	232	15	provided	provide	VERB
eistud-7014	232	16	and	and	CCONJ
eistud-7014	232	17	suffer	suffer	VERB
eistud-7014	232	18	from	from	ADP
eistud-7014	232	19	adverse	adverse	ADJ
eistud-7014	232	20	wealth	wealth	NOUN
eistud-7014	232	21	effects	effect	NOUN
eistud-7014	232	22	.	.	PUNCT
eistud-7014	233	1	conclusions	conclusion	NOUN
eistud-7014	233	2	the	the	DET
eistud-7014	233	3	authors	author	NOUN
eistud-7014	233	4	have	have	AUX
eistud-7014	233	5	found	find	VERB
eistud-7014	233	6	that	that	SCONJ
eistud-7014	233	7	there	there	PRON
eistud-7014	233	8	exist	exist	VERB
eistud-7014	233	9	different	different	ADJ
eistud-7014	233	10	bilateral	bilateral	ADJ
eistud-7014	233	11	engagement	engagement	NOUN
eistud-7014	233	12	(	(	PUNCT
eistud-7014	233	13	net	net	ADJ
eistud-7014	233	14	investment	investment	NOUN
eistud-7014	233	15	positions	position	NOUN
eistud-7014	233	16	)	)	PUNCT
eistud-7014	233	17	between	between	ADP
eistud-7014	233	18	the	the	DET
eistud-7014	233	19	eucreditors	eucreditor	NOUN
eistud-7014	233	20	(	(	PUNCT
eistud-7014	233	21	germany	germany	PROPN
eistud-7014	233	22	,	,	PUNCT
eistud-7014	233	23	france	france	PROPN
eistud-7014	233	24	,	,	PUNCT
eistud-7014	233	25	and	and	CCONJ
eistud-7014	233	26	the	the	DET
eistud-7014	233	27	uk	uk	PROPN
eistud-7014	233	28	)	)	PUNCT
eistud-7014	233	29	and	and	CCONJ
eistud-7014	233	30	eu	eu	NOUN
eistud-7014	233	31	-	-	NOUN
eistud-7014	233	32	borrowers	borrower	NOUN
eistud-7014	233	33	(	(	PUNCT
eistud-7014	233	34	greece	greece	PROPN
eistud-7014	233	35	,	,	PUNCT
eistud-7014	233	36	ireland	ireland	PROPN
eistud-7014	233	37	,	,	PUNCT
eistud-7014	233	38	italy	italy	PROPN
eistud-7014	233	39	,	,	PUNCT
eistud-7014	233	40	portugal	portugal	PROPN
eistud-7014	233	41	,	,	PUNCT
eistud-7014	233	42	and	and	CCONJ
eistud-7014	233	43	spain	spain	PROPN
eistud-7014	233	44	)	)	PUNCT
eistud-7014	233	45	.	.	PUNCT
eistud-7014	234	1	mainly	mainly	ADV
eistud-7014	234	2	france	france	PROPN
eistud-7014	234	3	finances	finance	VERB
eistud-7014	234	4	portugal	portugal	PROPN
eistud-7014	234	5	.	.	PUNCT
eistud-7014	235	1	spain	spain	PROPN
eistud-7014	235	2	is	be	AUX
eistud-7014	235	3	financed	finance	VERB
eistud-7014	235	4	by	by	ADP
eistud-7014	235	5	all	all	DET
eistud-7014	235	6	three	three	NUM
eistud-7014	235	7	eu	eu	NOUN
eistud-7014	235	8	-	-	NOUN
eistud-7014	235	9	creditors	creditor	NOUN
eistud-7014	235	10	with	with	ADP
eistud-7014	235	11	the	the	DET
eistud-7014	235	12	uk	uk	PROPN
eistud-7014	235	13	least	least	ADV
eistud-7014	235	14	engaged	engage	VERB
eistud-7014	235	15	.	.	PUNCT
eistud-7014	236	1	germany	germany	PROPN
eistud-7014	236	2	finances	finances	PROPN
eistud-7014	236	3	italy	italy	PROPN
eistud-7014	236	4	,	,	PUNCT
eistud-7014	236	5	while	while	SCONJ
eistud-7014	236	6	ireland	ireland	NOUN
eistud-7014	236	7	has	have	VERB
eistud-7014	236	8	small	small	ADJ
eistud-7014	236	9	scope	scope	NOUN
eistud-7014	236	10	of	of	ADP
eistud-7014	236	11	financing	financing	NOUN
eistud-7014	236	12	by	by	ADP
eistud-7014	236	13	germany	germany	PROPN
eistud-7014	236	14	,	,	PUNCT
eistud-7014	236	15	and	and	CCONJ
eistud-7014	236	16	provides	provide	VERB
eistud-7014	236	17	substantial	substantial	ADJ
eistud-7014	236	18	credit	credit	NOUN
eistud-7014	236	19	to	to	ADP
eistud-7014	236	20	the	the	DET
eistud-7014	236	21	uk	uk	PROPN
eistud-7014	236	22	,	,	PUNCT
eistud-7014	236	23	just	just	ADV
eistud-7014	236	24	like	like	ADP
eistud-7014	236	25	greece	greece	PROPN
eistud-7014	236	26	.	.	PUNCT
eistud-7014	237	1	this	this	DET
eistud-7014	237	2	situation	situation	NOUN
eistud-7014	237	3	we	we	PRON
eistud-7014	237	4	find	find	VERB
eistud-7014	237	5	confusing	confusing	ADJ
eistud-7014	237	6	to	to	ADP
eistud-7014	237	7	some	some	DET
eistud-7014	237	8	extent	extent	NOUN
eistud-7014	237	9	.	.	PUNCT
eistud-7014	238	1	data	datum	NOUN
eistud-7014	238	2	availability	availability	NOUN
eistud-7014	238	3	makes	make	VERB
eistud-7014	238	4	it	it	PRON
eistud-7014	238	5	difficult	difficult	ADJ
eistud-7014	238	6	to	to	PART
eistud-7014	238	7	proceed	proceed	VERB
eistud-7014	238	8	with	with	ADP
eistud-7014	238	9	in	in	ADP
eistud-7014	238	10	-	-	PUNCT
eistud-7014	238	11	depth	depth	NOUN
eistud-7014	238	12	studies	study	NOUN
eistud-7014	238	13	of	of	ADP
eistud-7014	238	14	the	the	DET
eistud-7014	238	15	problem	problem	NOUN
eistud-7014	238	16	in	in	ADP
eistud-7014	238	17	most	most	ADJ
eistud-7014	238	18	cases	case	NOUN
eistud-7014	238	19	.	.	PUNCT
eistud-7014	239	1	however	however	ADV
eistud-7014	239	2	,	,	PUNCT
eistud-7014	239	3	it	it	PRON
eistud-7014	239	4	has	have	AUX
eistud-7014	239	5	been	be	AUX
eistud-7014	239	6	possible	possible	ADJ
eistud-7014	239	7	to	to	PART
eistud-7014	239	8	find	find	VERB
eistud-7014	239	9	support	support	NOUN
eistud-7014	239	10	for	for	ADP
eistud-7014	239	11	our	our	PRON
eistud-7014	239	12	claims	claim	NOUN
eistud-7014	239	13	,	,	PUNCT
eistud-7014	239	14	and	and	CCONJ
eistud-7014	239	15	to	to	PART
eistud-7014	239	16	show	show	VERB
eistud-7014	239	17	a	a	DET
eistud-7014	239	18	design	design	NOUN
eistud-7014	239	19	of	of	ADP
eistud-7014	239	20	the	the	DET
eistud-7014	239	21	herd	herd	NOUN
eistud-7014	239	22	behavior	behavior	NOUN
eistud-7014	239	23	initiated	initiate	VERB
eistud-7014	239	24	by	by	ADP
eistud-7014	239	25	citizens	citizen	NOUN
eistud-7014	239	26	of	of	ADP
eistud-7014	239	27	the	the	DET
eistud-7014	239	28	new	new	ADJ
eistud-7014	239	29	member	member	NOUN
eistud-7014	239	30	states	state	NOUN
eistud-7014	239	31	of	of	ADP
eistud-7014	239	32	2004	2004	NUM
eistud-7014	239	33	.	.	PUNCT
eistud-7014	240	1	the	the	DET
eistud-7014	240	2	authors	author	NOUN
eistud-7014	240	3	tried	try	VERB
eistud-7014	240	4	to	to	PART
eistud-7014	240	5	present	present	VERB
eistud-7014	240	6	an	an	DET
eistud-7014	240	7	alternative	alternative	ADJ
eistud-7014	240	8	scenario	scenario	NOUN
eistud-7014	240	9	as	as	ADP
eistud-7014	240	10	an	an	DET
eistud-7014	240	11	explanation	explanation	NOUN
eistud-7014	240	12	of	of	ADP
eistud-7014	240	13	the	the	DET
eistud-7014	240	14	mechanism	mechanism	NOUN
eistud-7014	240	15	behind	behind	ADP
eistud-7014	240	16	the	the	DET
eistud-7014	240	17	process	process	NOUN
eistud-7014	240	18	of	of	ADP
eistud-7014	240	19	foreign	foreign	ADJ
eistud-7014	240	20	liabilities	liability	NOUN
eistud-7014	240	21	accumulation	accumulation	NOUN
eistud-7014	240	22	in	in	ADP
eistud-7014	240	23	the	the	DET
eistud-7014	240	24	eu	eu	PROPN
eistud-7014	240	25	before	before	ADP
eistud-7014	240	26	the	the	DET
eistud-7014	240	27	debt	debt	NOUN
eistud-7014	240	28	crisis	crisis	NOUN
eistud-7014	240	29	of	of	ADP
eistud-7014	240	30	2009	2009	NUM
eistud-7014	240	31	.	.	PUNCT
eistud-7014	241	1	in	in	ADP
eistud-7014	241	2	order	order	NOUN
eistud-7014	241	3	to	to	PART
eistud-7014	241	4	show	show	VERB
eistud-7014	241	5	the	the	DET
eistud-7014	241	6	dynamics	dynamic	NOUN
eistud-7014	241	7	of	of	ADP
eistud-7014	241	8	intra	intra	ADJ
eistud-7014	241	9	-	-	ADJ
eistud-7014	241	10	eu	eu	ADJ
eistud-7014	241	11	financial	financial	ADJ
eistud-7014	241	12	flows	flow	NOUN
eistud-7014	241	13	we	we	PRON
eistud-7014	241	14	have	have	AUX
eistud-7014	241	15	used	use	VERB
eistud-7014	241	16	information	information	NOUN
eistud-7014	241	17	about	about	ADP
eistud-7014	241	18	bilateral	bilateral	ADJ
eistud-7014	241	19	investment	investment	NOUN
eistud-7014	241	20	positions	position	NOUN
eistud-7014	241	21	for	for	ADP
eistud-7014	241	22	pairs	pair	NOUN
eistud-7014	241	23	of	of	ADP
eistud-7014	241	24	countries	country	NOUN
eistud-7014	241	25	,	,	PUNCT
eistud-7014	241	26	eu	eu	PROPN
eistud-7014	241	27	-	-	NOUN
eistud-7014	241	28	creditors	creditor	NOUN
eistud-7014	241	29	and	and	CCONJ
eistud-7014	241	30	eu	eu	NOUN
eistud-7014	241	31	-	-	NOUN
eistud-7014	241	32	debtors	debtor	NOUN
eistud-7014	241	33	.	.	PUNCT
eistud-7014	242	1	in	in	ADP
eistud-7014	242	2	addition	addition	NOUN
eistud-7014	242	3	,	,	PUNCT
eistud-7014	242	4	we	we	PRON
eistud-7014	242	5	looked	look	VERB
eistud-7014	242	6	also	also	ADV
eistud-7014	242	7	at	at	ADP
eistud-7014	242	8	the	the	DET
eistud-7014	242	9	aggregated	aggregate	VERB
eistud-7014	242	10	iip	iip	PROPN
eistud-7014	242	11	categories	category	NOUN
eistud-7014	242	12	,	,	PUNCT
eistud-7014	242	13	without	without	ADP
eistud-7014	242	14	geographical	geographical	ADJ
eistud-7014	242	15	decomposition	decomposition	NOUN
eistud-7014	242	16	to	to	PART
eistud-7014	242	17	support	support	VERB
eistud-7014	242	18	our	our	PRON
eistud-7014	242	19	claims	claim	NOUN
eistud-7014	242	20	about	about	ADP
eistud-7014	242	21	the	the	DET
eistud-7014	242	22	role	role	NOUN
eistud-7014	242	23	of	of	ADP
eistud-7014	242	24	the	the	DET
eistud-7014	242	25	common	common	ADJ
eistud-7014	242	26	market	market	NOUN
eistud-7014	242	27	and	and	CCONJ
eistud-7014	242	28	of	of	ADP
eistud-7014	242	29	herd	herd	NOUN
eistud-7014	242	30	behavior	behavior	NOUN
eistud-7014	242	31	before	before	ADP
eistud-7014	242	32	and	and	CCONJ
eistud-7014	242	33	after	after	ADP
eistud-7014	242	34	new	new	ADJ
eistud-7014	242	35	member	member	NOUN
eistud-7014	242	36	states	state	NOUN
eistud-7014	242	37	of	of	ADP
eistud-7014	242	38	2004	2004	NUM
eistud-7014	242	39	joined	join	VERB
eistud-7014	242	40	the	the	DET
eistud-7014	242	41	eu	eu	PROPN
eistud-7014	242	42	.	.	PUNCT
eistud-7014	243	1	the	the	DET
eistud-7014	243	2	stylized	stylize	VERB
eistud-7014	243	3	insights	insight	NOUN
eistud-7014	243	4	about	about	ADP
eistud-7014	243	5	creditor	creditor	NOUN
eistud-7014	243	6	-	-	PUNCT
eistud-7014	243	7	debtor	debtor	NOUN
eistud-7014	243	8	relationship	relationship	NOUN
eistud-7014	243	9	considering	consider	VERB
eistud-7014	243	10	investments	investment	NOUN
eistud-7014	243	11	in	in	ADP
eistud-7014	243	12	real	real	ADJ
eistud-7014	243	13	estate	estate	NOUN
eistud-7014	243	14	in	in	ADP
eistud-7014	243	15	pigs	pig	NOUN
eistud-7014	243	16	countries	country	NOUN
eistud-7014	243	17	find	find	VERB
eistud-7014	243	18	strong	strong	ADJ
eistud-7014	243	19	support	support	NOUN
eistud-7014	243	20	in	in	ADP
eistud-7014	243	21	empirics	empiric	NOUN
eistud-7014	243	22	,	,	PUNCT
eistud-7014	243	23	and	and	CCONJ
eistud-7014	243	24	spain	spain	PROPN
eistud-7014	243	25	is	be	AUX
eistud-7014	243	26	the	the	DET
eistud-7014	243	27	best	good	ADJ
eistud-7014	243	28	match	match	NOUN
eistud-7014	243	29	for	for	SCONJ
eistud-7014	243	30	the	the	DET
eistud-7014	243	31	story	story	NOUN
eistud-7014	243	32	authors	author	NOUN
eistud-7014	243	33	offer	offer	VERB
eistud-7014	243	34	.	.	PUNCT
eistud-7014	244	1	other	other	ADJ
eistud-7014	244	2	of	of	ADP
eistud-7014	244	3	the	the	DET
eistud-7014	244	4	eu	eu	PROPN
eistud-7014	244	5	-	-	NOUN
eistud-7014	244	6	borrowers	borrower	NOUN
eistud-7014	244	7	also	also	ADV
eistud-7014	244	8	present	present	VERB
eistud-7014	244	9	support	support	NOUN
eistud-7014	244	10	for	for	ADP
eistud-7014	244	11	the	the	DET
eistud-7014	244	12	proposed	propose	VERB
eistud-7014	244	13	scenario	scenario	NOUN
eistud-7014	244	14	.	.	PUNCT
eistud-7014	245	1	however	however	ADV
eistud-7014	245	2	,	,	PUNCT
eistud-7014	245	3	they	they	PRON
eistud-7014	245	4	show	show	VERB
eistud-7014	245	5	the	the	DET
eistud-7014	245	6	posed	pose	VERB
eistud-7014	245	7	trends	trend	NOUN
eistud-7014	245	8	to	to	ADP
eistud-7014	245	9	a	a	DET
eistud-7014	245	10	lesser	less	ADJ
eistud-7014	245	11	extent	extent	NOUN
eistud-7014	245	12	,	,	PUNCT
eistud-7014	245	13	as	as	SCONJ
eistud-7014	245	14	the	the	DET
eistud-7014	245	15	scope	scope	NOUN
eistud-7014	245	16	of	of	ADP
eistud-7014	245	17	foreign	foreign	ADJ
eistud-7014	245	18	direct	direct	ADJ
eistud-7014	245	19	investment	investment	NOUN
eistud-7014	245	20	in	in	ADP
eistud-7014	245	21	real	real	ADJ
eistud-7014	245	22	estate	estate	NOUN
eistud-7014	245	23	markets	market	NOUN
eistud-7014	245	24	has	have	AUX
eistud-7014	245	25	been	be	AUX
eistud-7014	245	26	relatively	relatively	ADV
eistud-7014	245	27	smaller	small	ADJ
eistud-7014	245	28	in	in	ADP
eistud-7014	245	29	italy	italy	PROPN
eistud-7014	245	30	,	,	PUNCT
eistud-7014	245	31	portugal	portugal	PROPN
eistud-7014	245	32	,	,	PUNCT
eistud-7014	245	33	greece	greece	PROPN
eistud-7014	245	34	and	and	CCONJ
eistud-7014	245	35	ireland	ireland	PROPN
eistud-7014	245	36	.	.	PUNCT
eistud-7014	246	1	concluding	conclude	VERB
eistud-7014	246	2	,	,	PUNCT
eistud-7014	246	3	it	it	PRON
eistud-7014	246	4	is	be	AUX
eistud-7014	246	5	a	a	DET
eistud-7014	246	6	key	key	NOUN
eistud-7014	246	7	to	to	PART
eistud-7014	246	8	stress	stress	VERB
eistud-7014	246	9	few	few	ADJ
eistud-7014	246	10	points	point	NOUN
eistud-7014	246	11	.	.	PUNCT
eistud-7014	247	1	the	the	DET
eistud-7014	247	2	common	common	ADJ
eistud-7014	247	3	market	market	NOUN
eistud-7014	247	4	mechanism	mechanism	NOUN
eistud-7014	247	5	allows	allow	VERB
eistud-7014	247	6	for	for	ADP
eistud-7014	247	7	asset	asset	NOUN
eistud-7014	247	8	portfolio	portfolio	NOUN
eistud-7014	247	9	realignment	realignment	NOUN
eistud-7014	247	10	for	for	ADP
eistud-7014	247	11	new	new	ADJ
eistud-7014	247	12	entrants	entrant	NOUN
eistud-7014	247	13	and	and	CCONJ
eistud-7014	247	14	old	old	ADJ
eistud-7014	247	15	eu	eu	NOUN
eistud-7014	247	16	-	-	NOUN
eistud-7014	247	17	members	member	NOUN
eistud-7014	247	18	.	.	PUNCT
eistud-7014	248	1	in	in	ADP
eistud-7014	248	2	spite	spite	NOUN
eistud-7014	248	3	of	of	ADP
eistud-7014	248	4	fear	fear	NOUN
eistud-7014	248	5	disseminated	disseminate	VERB
eistud-7014	248	6	in	in	ADP
eistud-7014	248	7	the	the	DET
eistud-7014	248	8	new	new	ADJ
eistud-7014	248	9	member	member	NOUN
eistud-7014	248	10	states	state	NOUN
eistud-7014	248	11	by	by	ADP
eistud-7014	248	12	anti	anti	ADJ
eistud-7014	248	13	-	-	ADJ
eistud-7014	248	14	eu	eu	ADJ
eistud-7014	248	15	propaganda	propaganda	NOUN
eistud-7014	248	16	,	,	PUNCT
eistud-7014	248	17	the	the	DET
eistud-7014	248	18	scope	scope	NOUN
eistud-7014	248	19	of	of	ADP
eistud-7014	248	20	buying	buy	VERB
eistud-7014	248	21	out	out	ADP
eistud-7014	248	22	land	land	NOUN
eistud-7014	248	23	and	and	CCONJ
eistud-7014	248	24	property	property	NOUN
eistud-7014	248	25	has	have	AUX
eistud-7014	248	26	been	be	AUX
eistud-7014	248	27	of	of	ADP
eistud-7014	248	28	small	small	ADJ
eistud-7014	248	29	scale	scale	NOUN
eistud-7014	248	30	.	.	PUNCT
eistud-7014	249	1	serious	serious	ADJ
eistud-7014	249	2	problems	problem	NOUN
eistud-7014	249	3	,	,	PUNCT
eistud-7014	249	4	according	accord	VERB
eistud-7014	249	5	to	to	ADP
eistud-7014	249	6	idea	idea	NOUN
eistud-7014	249	7	proposed	propose	VERB
eistud-7014	249	8	,	,	PUNCT
eistud-7014	249	9	have	have	AUX
eistud-7014	249	10	been	be	AUX
eistud-7014	249	11	caused	cause	VERB
eistud-7014	249	12	by	by	ADP
eistud-7014	249	13	opposite	opposite	ADJ
eistud-7014	249	14	financial	financial	ADJ
eistud-7014	249	15	flows	flow	NOUN
eistud-7014	249	16	of	of	ADP
eistud-7014	249	17	direct	direct	ADJ
eistud-7014	249	18	investment	investment	NOUN
eistud-7014	249	19	in	in	ADP
eistud-7014	249	20	real	real	ADJ
eistud-7014	249	21	estate	estate	NOUN
eistud-7014	249	22	,	,	PUNCT
eistud-7014	249	23	originating	originate	VERB
eistud-7014	249	24	from	from	ADP
eistud-7014	249	25	the	the	DET
eistud-7014	249	26	new	new	ADJ
eistud-7014	249	27	member	member	NOUN
eistud-7014	249	28	states	state	NOUN
eistud-7014	249	29	and	and	CCONJ
eistud-7014	249	30	arriving	arrive	VERB
eistud-7014	249	31	to	to	ADP
eistud-7014	249	32	spain	spain	PROPN
eistud-7014	249	33	,	,	PUNCT
eistud-7014	249	34	portugal	portugal	PROPN
eistud-7014	249	35	,	,	PUNCT
eistud-7014	249	36	greece	greece	PROPN
eistud-7014	249	37	and	and	CCONJ
eistud-7014	249	38	italy	italy	PROPN
eistud-7014	249	39	.	.	PUNCT
eistud-7014	250	1	these	these	DET
eistud-7014	250	2	financial	financial	ADJ
eistud-7014	250	3	flows	flow	NOUN
eistud-7014	250	4	spawned	spawn	VERB
eistud-7014	250	5	not	not	PART
eistud-7014	250	6	only	only	ADV
eistud-7014	250	7	herd	herd	NOUN
eistud-7014	250	8	behavior	behavior	NOUN
eistud-7014	250	9	among	among	ADP
eistud-7014	250	10	locals	local	NOUN
eistud-7014	250	11	in	in	ADP
eistud-7014	250	12	southern	southern	ADJ
eistud-7014	250	13	regions	region	NOUN
eistud-7014	250	14	,	,	PUNCT
eistud-7014	250	15	but	but	CCONJ
eistud-7014	250	16	also	also	ADV
eistud-7014	250	17	initiated	initiate	VERB
eistud-7014	250	18	foreign	foreign	ADJ
eistud-7014	250	19	borrowing	borrowing	NOUN
eistud-7014	250	20	to	to	PART
eistud-7014	250	21	explode	explode	VERB
eistud-7014	250	22	to	to	PART
eistud-7014	250	23	finance	finance	VERB
eistud-7014	250	24	real	real	ADJ
eistud-7014	250	25	estate	estate	NOUN
eistud-7014	250	26	markets	market	NOUN
eistud-7014	250	27	boom	boom	VERB
eistud-7014	250	28	.	.	PUNCT
eistud-7014	251	1	with	with	SCONJ
eistud-7014	251	2	the	the	DET
eistud-7014	251	3	foreigners	foreigner	NOUN
eistud-7014	251	4	discouraged	discourage	VERB
eistud-7014	251	5	by	by	ADP
eistud-7014	251	6	global	global	ADJ
eistud-7014	251	7	financial	financial	ADJ
eistud-7014	251	8	turmoil	turmoil	NOUN
eistud-7014	251	9	in	in	ADP
eistud-7014	251	10	2008/2009	2008/2009	NUM
eistud-7014	251	11	,	,	PUNCT
eistud-7014	251	12	external	external	ADJ
eistud-7014	251	13	demand	demand	NOUN
eistud-7014	251	14	for	for	ADP
eistud-7014	251	15	residential	residential	ADJ
eistud-7014	251	16	assets	asset	NOUN
eistud-7014	251	17	vanished	vanish	VERB
eistud-7014	251	18	.	.	PUNCT
eistud-7014	252	1	it	it	PRON
eistud-7014	252	2	left	leave	VERB
eistud-7014	252	3	locals	local	NOUN
eistud-7014	252	4	with	with	ADP
eistud-7014	252	5	portfolios	portfolio	NOUN
eistud-7014	252	6	of	of	ADP
eistud-7014	252	7	inflated	inflated	ADJ
eistud-7014	252	8	,	,	PUNCT
eistud-7014	252	9	but	but	CCONJ
eistud-7014	252	10	shrinking	shrinking	NOUN
eistud-7014	252	11	,	,	PUNCT
eistud-7014	252	12	real	real	ADJ
eistud-7014	252	13	assets	asset	NOUN
eistud-7014	252	14	and	and	CCONJ
eistud-7014	252	15	fixed	fix	VERB
eistud-7014	252	16	value	value	NOUN
eistud-7014	252	17	of	of	ADP
eistud-7014	252	18	associated	associated	ADJ
eistud-7014	252	19	(	(	PUNCT
eistud-7014	252	20	foreign	foreign	ADJ
eistud-7014	252	21	)	)	PUNCT
eistud-7014	252	22	liabilities	liability	NOUN
eistud-7014	252	23	that	that	PRON
eistud-7014	252	24	sponsored	sponsor	VERB
eistud-7014	252	25	speculative	speculative	ADJ
eistud-7014	252	26	strategies	strategy	NOUN
eistud-7014	252	27	.	.	PUNCT
eistud-7014	253	1	ideas	idea	NOUN
eistud-7014	253	2	for	for	ADP
eistud-7014	253	3	further	further	ADJ
eistud-7014	253	4	research	research	NOUN
eistud-7014	253	5	.	.	PUNCT
eistud-7014	254	1	analysis	analysis	NOUN
eistud-7014	254	2	of	of	ADP
eistud-7014	254	3	available	available	ADJ
eistud-7014	254	4	economic	economic	ADJ
eistud-7014	254	5	policy	policy	NOUN
eistud-7014	254	6	options	option	NOUN
eistud-7014	254	7	to	to	PART
eistud-7014	254	8	solve	solve	VERB
eistud-7014	254	9	the	the	DET
eistud-7014	254	10	arouse	arouse	NOUN
eistud-7014	254	11	problems	problem	NOUN
eistud-7014	254	12	has	have	AUX
eistud-7014	254	13	been	be	AUX
eistud-7014	254	14	beyond	beyond	ADP
eistud-7014	254	15	the	the	DET
eistud-7014	254	16	scope	scope	NOUN
eistud-7014	254	17	of	of	ADP
eistud-7014	254	18	this	this	DET
eistud-7014	254	19	paper	paper	NOUN
eistud-7014	254	20	.	.	PUNCT
eistud-7014	255	1	however	however	ADV
eistud-7014	255	2	,	,	PUNCT
eistud-7014	255	3	it	it	PRON
eistud-7014	255	4	has	have	AUX
eistud-7014	255	5	been	be	AUX
eistud-7014	255	6	already	already	ADV
eistud-7014	255	7	valuable	valuable	ADJ
eistud-7014	255	8	to	to	PART
eistud-7014	255	9	shed	shed	VERB
eistud-7014	255	10	some	some	DET
eistud-7014	255	11	light	light	NOUN
eistud-7014	255	12	on	on	ADP
eistud-7014	255	13	an	an	DET
eistud-7014	255	14	alternative	alternative	ADJ
eistud-7014	255	15	mechanism	mechanism	NOUN
eistud-7014	255	16	that	that	PRON
eistud-7014	255	17	describes	describe	VERB
eistud-7014	255	18	behavior	behavior	NOUN
eistud-7014	255	19	of	of	ADP
eistud-7014	255	20	some	some	DET
eistud-7014	255	21	agents	agent	NOUN
eistud-7014	255	22	creating	create	VERB
eistud-7014	255	23	foreign	foreign	ADJ
eistud-7014	255	24	liabilities	liability	NOUN
eistud-7014	255	25	that	that	SCONJ
eistud-7014	255	26	,	,	PUNCT
eistud-7014	255	27	in	in	ADP
eistud-7014	255	28	turn	turn	NOUN
eistud-7014	255	29	,	,	PUNCT
eistud-7014	255	30	lead	lead	VERB
eistud-7014	255	31	to	to	ADP
eistud-7014	255	32	debt	debt	NOUN
eistud-7014	255	33	crisis	crisis	NOUN
eistud-7014	255	34	.	.	PUNCT
eistud-7014	256	1	there	there	PRON
eistud-7014	256	2	have	have	AUX
eistud-7014	256	3	been	be	AUX
eistud-7014	256	4	several	several	ADJ
eistud-7014	256	5	areas	area	NOUN
eistud-7014	256	6	of	of	ADP
eistud-7014	256	7	potentially	potentially	ADV
eistud-7014	256	8	interesting	interesting	ADJ
eistud-7014	256	9	and	and	CCONJ
eistud-7014	256	10	valuable	valuable	ADJ
eistud-7014	256	11	further	further	ADJ
eistud-7014	256	12	research	research	NOUN
eistud-7014	256	13	.	.	PUNCT
eistud-7014	257	1	one	one	PRON
eistud-7014	257	2	can	can	AUX
eistud-7014	257	3	list	list	VERB
eistud-7014	257	4	here	here	ADV
eistud-7014	257	5	a	a	DET
eistud-7014	257	6	deeper	deep	ADJ
eistud-7014	257	7	study	study	NOUN
eistud-7014	257	8	of	of	ADP
eistud-7014	257	9	developing	develop	VERB
eistud-7014	257	10	relationship	relationship	NOUN
eistud-7014	257	11	between	between	ADP
eistud-7014	257	12	foreign	foreign	ADJ
eistud-7014	257	13	investment	investment	NOUN
eistud-7014	257	14	in	in	ADP
eistud-7014	257	15	real	real	ADJ
eistud-7014	257	16	estate	estate	NOUN
eistud-7014	257	17	and	and	CCONJ
eistud-7014	257	18	domestic	domestic	ADJ
eistud-7014	257	19	credit	credit	NOUN
eistud-7014	257	20	extended	extend	VERB
eistud-7014	257	21	on	on	ADP
eistud-7014	257	22	the	the	DET
eistud-7014	257	23	basis	basis	NOUN
eistud-7014	257	24	of	of	ADP
eistud-7014	257	25	externally	externally	ADV
eistud-7014	257	26	borrowed	borrow	VERB
eistud-7014	257	27	funds	fund	NOUN
eistud-7014	257	28	.	.	PUNCT
eistud-7014	258	1	another	another	DET
eistud-7014	258	2	direction	direction	NOUN
eistud-7014	258	3	should	should	AUX
eistud-7014	258	4	be	be	AUX
eistud-7014	258	5	a	a	DET
eistud-7014	258	6	study	study	NOUN
eistud-7014	258	7	on	on	ADP
eistud-7014	258	8	transfers	transfer	NOUN
eistud-7014	258	9	of	of	ADP
eistud-7014	258	10	the	the	DET
eistud-7014	258	11	wealth	wealth	NOUN
eistud-7014	258	12	between	between	ADP
eistud-7014	258	13	nations	nation	NOUN
eistud-7014	258	14	and	and	CCONJ
eistud-7014	258	15	shall	shall	AUX
eistud-7014	258	16	focus	focus	VERB
eistud-7014	258	17	on	on	ADP
eistud-7014	258	18	the	the	DET
eistud-7014	258	19	scope	scope	NOUN
eistud-7014	258	20	of	of	ADP
eistud-7014	258	21	valuation	valuation	NOUN
eistud-7014	258	22	trends	trend	NOUN
eistud-7014	258	23	between	between	ADP
eistud-7014	258	24	real	real	ADJ
eistud-7014	258	25	domestic	domestic	ADJ
eistud-7014	258	26	assets	asset	NOUN
eistud-7014	258	27	purchased	purchase	VERB
eistud-7014	258	28	on	on	ADP
eistud-7014	258	29	the	the	DET
eistud-7014	258	30	basis	basis	NOUN
eistud-7014	258	31	of	of	ADP
eistud-7014	258	32	foreign	foreign	ADJ
eistud-7014	258	33	liabilities	liability	NOUN
eistud-7014	258	34	,	,	PUNCT
eistud-7014	258	35	and	and	CCONJ
eistud-7014	258	36	the	the	DET
eistud-7014	258	37	value	value	NOUN
eistud-7014	258	38	of	of	ADP
eistud-7014	258	39	such	such	ADJ
eistud-7014	258	40	within	within	ADP
eistud-7014	258	41	the	the	DET
eistud-7014	258	42	euro	euro	PROPN
eistud-7014	258	43	area	area	NOUN
eistud-7014	258	44	.	.	PUNCT
eistud-7014	259	1	references	reference	NOUN
eistud-7014	259	2	barnes	barnes	PROPN
eistud-7014	259	3	,	,	PUNCT
eistud-7014	259	4	s.	s.	PROPN
eistud-7014	259	5	(	(	PUNCT
eistud-7014	259	6	2010	2010	NUM
eistud-7014	259	7	)	)	PUNCT
eistud-7014	259	8	.	.	PUNCT
eistud-7014	260	1	resolving	resolve	VERB
eistud-7014	260	2	and	and	CCONJ
eistud-7014	260	3	avoiding	avoid	VERB
eistud-7014	260	4	unsustainable	unsustainable	ADJ
eistud-7014	260	5	balances	balance	NOUN
eistud-7014	260	6	in	in	ADP
eistud-7014	260	7	the	the	DET
eistud-7014	260	8	euro	euro	PROPN
eistud-7014	260	9	area	area	NOUN
eistud-7014	260	10	.	.	PUNCT
eistud-7014	261	1	oecd	oecd	PROPN
eistud-7014	261	2	economics	economics	PROPN
eistud-7014	261	3	department	department	PROPN
eistud-7014	261	4	working	working	PROPN
eistud-7014	261	5	paper	paper	PROPN
eistud-7014	261	6	no	no	INTJ
eistud-7014	261	7	.	.	PROPN
eistud-7014	262	1	827	827	X
eistud-7014	262	2	.	.	PUNCT
eistud-7014	263	1	blanchard	blanchard	PROPN
eistud-7014	263	2	,	,	PUNCT
eistud-7014	263	3	o.	o.	PROPN
eistud-7014	263	4	(	(	PUNCT
eistud-7014	263	5	2007	2007	NUM
eistud-7014	263	6	)	)	PUNCT
eistud-7014	263	7	.	.	PUNCT
eistud-7014	264	1	current	current	ADJ
eistud-7014	264	2	account	account	NOUN
eistud-7014	264	3	deficits	deficit	NOUN
eistud-7014	264	4	in	in	ADP
eistud-7014	264	5	rich	rich	ADJ
eistud-7014	264	6	countries	country	NOUN
eistud-7014	264	7	.	.	PUNCT
eistud-7014	265	1	imf	imf	PROPN
eistud-7014	265	2	staff	staff	NOUN
eistud-7014	265	3	papers	paper	NOUN
eistud-7014	265	4	54(2	54(2	NUM
eistud-7014	265	5	)	)	PUNCT
eistud-7014	265	6	,	,	PUNCT
eistud-7014	265	7	191–219	191–219	NUM
eistud-7014	265	8	.	.	PUNCT
eistud-7014	266	1	http://	http://	PROPN
eistud-7014	266	2	dx.doi.org/10.1057/palgrave.imfsp.9450013	dx.doi.org/10.1057/palgrave.imfsp.9450013	PROPN
eistud-7014	266	3	borio	borio	PROPN
eistud-7014	266	4	,	,	PUNCT
eistud-7014	266	5	c.	c.	PROPN
eistud-7014	266	6	,	,	PUNCT
eistud-7014	266	7	mccauley	mccauley	PROPN
eistud-7014	266	8	r.	r.	PROPN
eistud-7014	266	9	&	&	CCONJ
eistud-7014	266	10	mcguire	mcguire	PROPN
eistud-7014	266	11	p.	p.	PROPN
eistud-7014	266	12	(	(	PUNCT
eistud-7014	266	13	2011	2011	NUM
eistud-7014	266	14	)	)	PUNCT
eistud-7014	266	15	.	.	PUNCT
eistud-7014	267	1	global	global	ADJ
eistud-7014	267	2	credit	credit	NOUN
eistud-7014	267	3	and	and	CCONJ
eistud-7014	267	4	domestic	domestic	ADJ
eistud-7014	267	5	credit	credit	NOUN
eistud-7014	267	6	booms	boom	NOUN
eistud-7014	267	7	.	.	PUNCT
eistud-7014	268	1	bis	bis	PROPN
eistud-7014	268	2	quarterly	quarterly	ADJ
eistud-7014	268	3	review	review	NOUN
eistud-7014	268	4	(	(	PUNCT
eistud-7014	268	5	september	september	PROPN
eistud-7014	268	6	)	)	PUNCT
eistud-7014	268	7	,	,	PUNCT
eistud-7014	268	8	43–57	43–57	NUM
eistud-7014	268	9	.	.	PUNCT
eistud-7014	269	1	brown	brown	PROPN
eistud-7014	269	2	,	,	PUNCT
eistud-7014	269	3	m.	m.	NOUN
eistud-7014	269	4	&	&	CCONJ
eistud-7014	269	5	lane	lane	PROPN
eistud-7014	269	6	ph	ph	PROPN
eistud-7014	269	7	.	.	PROPN
eistud-7014	269	8	r.	r.	PROPN
eistud-7014	269	9	(	(	PUNCT
eistud-7014	269	10	2011	2011	NUM
eistud-7014	269	11	)	)	PUNCT
eistud-7014	269	12	.	.	PUNCT
eistud-7014	270	1	debt	debt	NOUN
eistud-7014	270	2	overhang	overhang	NOUN
eistud-7014	270	3	in	in	ADP
eistud-7014	270	4	emerging	emerge	VERB
eistud-7014	270	5	europe	europe	PROPN
eistud-7014	270	6	?	?	PUNCT
eistud-7014	271	1	world	world	PROPN
eistud-7014	271	2	bank	bank	PROPN
eistud-7014	271	3	policy	policy	NOUN
eistud-7014	271	4	research	research	NOUN
eistud-7014	271	5	working	working	NOUN
eistud-7014	271	6	paper	paper	NOUN
eistud-7014	271	7	no	no	NOUN
eistud-7014	271	8	.	.	PUNCT
eistud-7014	272	1	5784	5784	NUM
eistud-7014	272	2	.	.	PUNCT
eistud-7014	273	1	coeurdacier	coeurdacier	NOUN
eistud-7014	273	2	,	,	PUNCT
eistud-7014	273	3	n.	n.	PROPN
eistud-7014	273	4	&	&	CCONJ
eistud-7014	273	5	martin	martin	PROPN
eistud-7014	273	6	ph	ph	PROPN
eistud-7014	273	7	.	.	PROPN
eistud-7014	273	8	(	(	PUNCT
eistud-7014	273	9	2009	2009	NUM
eistud-7014	273	10	)	)	PUNCT
eistud-7014	273	11	.	.	PUNCT
eistud-7014	274	1	the	the	DET
eistud-7014	274	2	geography	geography	NOUN
eistud-7014	274	3	of	of	ADP
eistud-7014	274	4	asset	asset	NOUN
eistud-7014	274	5	trade	trade	NOUN
eistud-7014	274	6	and	and	CCONJ
eistud-7014	274	7	the	the	DET
eistud-7014	274	8	euro	euro	NOUN
eistud-7014	274	9	:	:	PUNCT
eistud-7014	274	10	insiders	insider	NOUN
eistud-7014	274	11	and	and	CCONJ
eistud-7014	274	12	outsiders	outsider	NOUN
eistud-7014	274	13	.	.	PUNCT
eistud-7014	275	1	journal	journal	NOUN
eistud-7014	275	2	of	of	ADP
eistud-7014	275	3	the	the	DET
eistud-7014	275	4	japanese	japanese	ADJ
eistud-7014	275	5	and	and	CCONJ
eistud-7014	275	6	international	international	ADJ
eistud-7014	275	7	economies	economy	NOUN
eistud-7014	275	8	23(2	23(2	NUM
eistud-7014	275	9	)	)	PUNCT
eistud-7014	275	10	,	,	PUNCT
eistud-7014	275	11	90–113	90–113	PROPN
eistud-7014	275	12	.	.	PUNCT
eistud-7014	276	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	PROPN
eistud-7014	276	2	.	.	PROPN
eistud-7014	277	1	jjie.2008.11.001	jjie.2008.11.001	PROPN
eistud-7014	277	2	curcuru	curcuru	PROPN
eistud-7014	277	3	,	,	PUNCT
eistud-7014	277	4	s.	s.	PROPN
eistud-7014	277	5	e.	e.	PROPN
eistud-7014	277	6	,	,	PUNCT
eistud-7014	277	7	dvorak	dvorak	PROPN
eistud-7014	277	8	t.	t.	PROPN
eistud-7014	277	9	&	&	CCONJ
eistud-7014	277	10	warnock	warnock	PROPN
eistud-7014	277	11	f.	f.	PROPN
eistud-7014	277	12	e.	e.	PROPN
eistud-7014	277	13	(	(	PUNCT
eistud-7014	277	14	2008	2008	NUM
eistud-7014	277	15	)	)	PUNCT
eistud-7014	277	16	.	.	PUNCT
eistud-7014	278	1	crossborder	crossborder	NOUN
eistud-7014	278	2	returns	return	NOUN
eistud-7014	278	3	differentials	differential	NOUN
eistud-7014	278	4	.	.	PUNCT
eistud-7014	279	1	quarterly	quarterly	ADJ
eistud-7014	279	2	journal	journal	NOUN
eistud-7014	279	3	of	of	ADP
eistud-7014	279	4	economics	economic	NOUN
eistud-7014	279	5	123(4	123(4	NUM
eistud-7014	279	6	)	)	PUNCT
eistud-7014	279	7	,	,	PUNCT
eistud-7014	279	8	1495–1530	1495–1530	NUM
eistud-7014	279	9	.	.	PUNCT
eistud-7014	280	1	http://dx.doi.org/10.1162/	http://dx.doi.org/10.1162/	PRON
eistud-7014	280	2	qjec.2008.123.4.1495	qjec.2008.123.4.1495	ADJ
eistud-7014	280	3	curcuru	curcuru	PROPN
eistud-7014	280	4	,	,	PUNCT
eistud-7014	280	5	s.	s.	PROPN
eistud-7014	280	6	e.	e.	PROPN
eistud-7014	280	7	,	,	PUNCT
eistud-7014	280	8	thomas	thomas	PROPN
eistud-7014	280	9	c.	c.	PROPN
eistud-7014	280	10	p.	p.	PROPN
eistud-7014	280	11	&	&	CCONJ
eistud-7014	280	12	warnock	warnock	PROPN
eistud-7014	280	13	f.	f.	PROPN
eistud-7014	280	14	e.	e.	PROPN
eistud-7014	280	15	(	(	PUNCT
eistud-7014	280	16	2013	2013	NUM
eistud-7014	280	17	)	)	PUNCT
eistud-7014	280	18	.	.	PUNCT
eistud-7014	281	1	“	"	PUNCT
eistud-7014	281	2	on	on	ADP
eistud-7014	281	3	returns	return	NOUN
eistud-7014	281	4	differentials	differential	NOUN
eistud-7014	281	5	”	"	PUNCT
eistud-7014	281	6	.	.	PUNCT
eistud-7014	281	7	1077	1077	NUM
eistud-7014	281	8	.	.	PUNCT
eistud-7014	282	1	available	available	ADJ
eistud-7014	282	2	from	from	ADP
eistud-7014	282	3	internet	internet	NOUN
eistud-7014	282	4	:	:	PUNCT
eistud-7014	283	1	http://www.federalreserve.gov/pubs/ifdp/2013/1077/	http://www.federalreserve.gov/pubs/ifdp/2013/1077/	NOUN
eistud-7014	283	2	ifdp1077.pdf	ifdp1077.pdf	PROPN
eistud-7014	283	3	.	.	PUNCT
eistud-7014	284	1	http://dx.doi.org/10.3386/w18866	http://dx.doi.org/10.3386/w18866	PROPN
eistud-7014	284	2	deseatnicov	deseatnicov	PROPN
eistud-7014	284	3	,	,	PUNCT
eistud-7014	284	4	i.	i.	PROPN
eistud-7014	284	5	&	&	CCONJ
eistud-7014	284	6	akiba	akiba	PROPN
eistud-7014	284	7	,	,	PUNCT
eistud-7014	284	8	h.	h.	PROPN
eistud-7014	284	9	(	(	PUNCT
eistud-7014	284	10	2013	2013	NUM
eistud-7014	284	11	)	)	PUNCT
eistud-7014	284	12	.	.	PUNCT
eistud-7014	285	1	reconsideration	reconsideration	NOUN
eistud-7014	285	2	of	of	ADP
eistud-7014	285	3	the	the	DET
eistud-7014	285	4	effects	effect	NOUN
eistud-7014	285	5	of	of	ADP
eistud-7014	285	6	political	political	ADJ
eistud-7014	285	7	factors	factor	NOUN
eistud-7014	285	8	on	on	ADP
eistud-7014	285	9	fdi	fdi	NOUN
eistud-7014	285	10	:	:	PUNCT
eistud-7014	285	11	evidence	evidence	NOUN
eistud-7014	285	12	from	from	ADP
eistud-7014	285	13	japanese	japanese	PROPN
eistud-7014	285	14	outward	outward	ADP
eistud-7014	285	15	fdi	fdi	PROPN
eistud-7014	285	16	.	.	PUNCT
eistud-7014	286	1	review	review	NOUN
eistud-7014	286	2	of	of	ADP
eistud-7014	286	3	economics	economics	PROPN
eistud-7014	286	4	&	&	CCONJ
eistud-7014	286	5	finance	finance	PROPN
eistud-7014	286	6	,	,	PUNCT
eistud-7014	286	7	better	well	ADJ
eistud-7014	286	8	advances	advance	NOUN
eistud-7014	286	9	press	press	NOUN
eistud-7014	286	10	,	,	PUNCT
eistud-7014	286	11	canada	canada	PROPN
eistud-7014	286	12	,	,	PUNCT
eistud-7014	286	13	vol	vol	NOUN
eistud-7014	286	14	.	.	PROPN
eistud-7014	287	1	3	3	NUM
eistud-7014	287	2	,	,	PUNCT
eistud-7014	287	3	february	february	PROPN
eistud-7014	287	4	,	,	PUNCT
eistud-7014	287	5	35–48	35–48	NUM
eistud-7014	287	6	.	.	PUNCT
eistud-7014	287	7	eichengreen	eichengreen	PROPN
eistud-7014	287	8	,	,	PUNCT
eistud-7014	287	9	b.	b.	PROPN
eistud-7014	287	10	(	(	PUNCT
eistud-7014	287	11	2010	2010	NUM
eistud-7014	287	12	)	)	PUNCT
eistud-7014	287	13	.	.	PUNCT
eistud-7014	288	1	imbalances	imbalance	NOUN
eistud-7014	288	2	in	in	ADP
eistud-7014	288	3	the	the	DET
eistud-7014	288	4	euro	euro	PROPN
eistud-7014	288	5	area	area	NOUN
eistud-7014	288	6	.	.	PUNCT
eistud-7014	289	1	mimeo	mimeo	NOUN
eistud-7014	289	2	,	,	PUNCT
eistud-7014	289	3	uc	uc	PROPN
eistud-7014	289	4	berkeley	berkeley	PROPN
eistud-7014	289	5	.	.	PUNCT
eistud-7014	290	1	retrieved	retrieve	VERB
eistud-7014	290	2	april	april	PROPN
eistud-7014	290	3	14	14	NUM
eistud-7014	290	4	,	,	PUNCT
eistud-7014	290	5	2014	2014	NUM
eistud-7014	290	6	,	,	PUNCT
eistud-7014	290	7	from	from	ADP
eistud-7014	290	8	http://emlab.berkeley.edu/~eichengr/imbalances_euro	http://emlab.berkeley.edu/~eichengr/imbalances_euro	NUM
eistud-7014	290	9	_	_	PUNCT
eistud-7014	290	10	area_5-23-11.pdf	area_5-23-11.pdf	PROPN
eistud-7014	290	11	european	european	PROPN
eistud-7014	290	12	commission	commission	PROPN
eistud-7014	290	13	(	(	PUNCT
eistud-7014	290	14	2010	2010	NUM
eistud-7014	290	15	)	)	PUNCT
eistud-7014	290	16	.	.	PUNCT
eistud-7014	291	1	the	the	DET
eistud-7014	291	2	importance	importance	NOUN
eistud-7014	291	3	of	of	ADP
eistud-7014	291	4	valuation	valuation	NOUN
eistud-7014	291	5	effects	effect	NOUN
eistud-7014	291	6	for	for	ADP
eistud-7014	291	7	external	external	ADJ
eistud-7014	291	8	asset	asset	NOUN
eistud-7014	291	9	positions	position	NOUN
eistud-7014	291	10	in	in	ADP
eistud-7014	291	11	the	the	DET
eistud-7014	291	12	euro	euro	PROPN
eistud-7014	291	13	area	area	NOUN
eistud-7014	291	14	.	.	PUNCT
eistud-7014	292	1	quarterly	quarterly	ADJ
eistud-7014	292	2	report	report	NOUN
eistud-7014	292	3	of	of	ADP
eistud-7014	292	4	the	the	DET
eistud-7014	292	5	euro	euro	PROPN
eistud-7014	292	6	area	area	NOUN
eistud-7014	292	7	9(1	9(1	NUM
eistud-7014	292	8	)	)	PUNCT
eistud-7014	292	9	,	,	PUNCT
eistud-7014	292	10	29–36	29–36	NUM
eistud-7014	292	11	.	.	PUNCT
eistud-7014	293	1	forbes	forbes	PROPN
eistud-7014	293	2	,	,	PUNCT
eistud-7014	293	3	k.	k.	PROPN
eistud-7014	293	4	&	&	CCONJ
eistud-7014	293	5	warnock	warnock	PROPN
eistud-7014	293	6	f.	f.	PROPN
eistud-7014	293	7	e.	e.	PROPN
eistud-7014	293	8	(	(	PUNCT
eistud-7014	293	9	2012	2012	NUM
eistud-7014	293	10	)	)	PUNCT
eistud-7014	293	11	.	.	PUNCT
eistud-7014	294	1	capital	capital	NOUN
eistud-7014	294	2	flow	flow	NOUN
eistud-7014	294	3	waves	wave	NOUN
eistud-7014	294	4	:	:	PUNCT
eistud-7014	294	5	surges	surge	NOUN
eistud-7014	294	6	,	,	PUNCT
eistud-7014	294	7	stops	stop	NOUN
eistud-7014	294	8	,	,	PUNCT
eistud-7014	294	9	flight	flight	NOUN
eistud-7014	294	10	and	and	CCONJ
eistud-7014	294	11	retrenchment	retrenchment	NOUN
eistud-7014	294	12	.	.	PUNCT
eistud-7014	295	1	journal	journal	PROPN
eistud-7014	295	2	of	of	ADP
eistud-7014	295	3	international	international	ADJ
eistud-7014	295	4	economics	economic	NOUN
eistud-7014	295	5	88(2	88(2	NUM
eistud-7014	295	6	)	)	PUNCT
eistud-7014	295	7	,	,	PUNCT
eistud-7014	295	8	235–251	235–251	NUM
eistud-7014	295	9	.	.	PUNCT
eistud-7014	296	1	http://dx.doi	http://dx.doi	NOUN
eistud-7014	296	2	.	.	PUNCT
eistud-7014	297	1	org/10.1016	org/10.1016	PROPN
eistud-7014	297	2	/	/	SYM
eistud-7014	297	3	j.jinteco.2012.03.006	j.jinteco.2012.03.006	PROPN
eistud-7014	297	4	galstyan	galstyan	NOUN
eistud-7014	297	5	,	,	PUNCT
eistud-7014	297	6	v.	v.	PROPN
eistud-7014	297	7	&	&	CCONJ
eistud-7014	297	8	lane	lane	PROPN
eistud-7014	297	9	,	,	PUNCT
eistud-7014	297	10	ph	ph	PROPN
eistud-7014	297	11	.	.	PROPN
eistud-7014	297	12	r.	r.	PROPN
eistud-7014	297	13	(	(	PUNCT
eistud-7014	297	14	2013	2013	NUM
eistud-7014	297	15	)	)	PUNCT
eistud-7014	297	16	.	.	PUNCT
eistud-7014	298	1	bilateral	bilateral	ADJ
eistud-7014	298	2	portfolio	portfolio	NOUN
eistud-7014	298	3	dynamics	dynamic	NOUN
eistud-7014	298	4	during	during	ADP
eistud-7014	298	5	the	the	DET
eistud-7014	298	6	global	global	ADJ
eistud-7014	298	7	crisis	crisis	NOUN
eistud-7014	298	8	.	.	PUNCT
eistud-7014	299	1	european	european	ADJ
eistud-7014	299	2	economic	economic	PROPN
eistud-7014	299	3	review	review	PROPN
eistud-7014	299	4	57(1	57(1	NUM
eistud-7014	299	5	)	)	PUNCT
eistud-7014	299	6	,	,	PUNCT
eistud-7014	300	1	63–74	63–74	NUM
eistud-7014	300	2	.	.	PUNCT
eistud-7014	301	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	PROPN
eistud-7014	301	2	.	.	PROPN
eistud-7014	301	3	euroecorev.2012.10.002	euroecorev.2012.10.002	PROPN
eistud-7014	301	4	geanakoplos	geanakoplos	PROPN
eistud-7014	301	5	,	,	PUNCT
eistud-7014	301	6	j.	j.	PROPN
eistud-7014	301	7	(	(	PUNCT
eistud-7014	301	8	2009	2009	NUM
eistud-7014	301	9	)	)	PUNCT
eistud-7014	301	10	.	.	PUNCT
eistud-7014	302	1	the	the	DET
eistud-7014	302	2	leverage	leverage	NOUN
eistud-7014	302	3	cycle	cycle	NOUN
eistud-7014	302	4	.	.	PUNCT
eistud-7014	303	1	nber	nber	PROPN
eistud-7014	303	2	macroeconomics	macroeconomics	PROPN
eistud-7014	303	3	annual	annual	ADJ
eistud-7014	303	4	24	24	NUM
eistud-7014	303	5	,	,	PUNCT
eistud-7014	303	6	1–66	1–66	NUM
eistud-7014	303	7	.	.	PUNCT
eistud-7014	304	1	giavazzi	giavazzi	PROPN
eistud-7014	304	2	,	,	PUNCT
eistud-7014	304	3	f.	f.	PROPN
eistud-7014	304	4	&	&	CCONJ
eistud-7014	304	5	spaventa	spaventa	PROPN
eistud-7014	304	6	,	,	PUNCT
eistud-7014	304	7	l.	l.	PROPN
eistud-7014	304	8	(	(	PUNCT
eistud-7014	304	9	2011	2011	NUM
eistud-7014	304	10	)	)	PUNCT
eistud-7014	304	11	.	.	PUNCT
eistud-7014	305	1	why	why	SCONJ
eistud-7014	305	2	the	the	DET
eistud-7014	305	3	current	current	ADJ
eistud-7014	305	4	account	account	NOUN
eistud-7014	305	5	matters	matter	NOUN
eistud-7014	305	6	in	in	ADP
eistud-7014	305	7	a	a	DET
eistud-7014	305	8	monetary	monetary	ADJ
eistud-7014	305	9	union	union	NOUN
eistud-7014	305	10	in	in	ADP
eistud-7014	305	11	the	the	DET
eistud-7014	305	12	euro	euro	PROPN
eistud-7014	305	13	area	area	NOUN
eistud-7014	305	14	and	and	CCONJ
eistud-7014	305	15	the	the	DET
eistud-7014	305	16	financial	financial	ADJ
eistud-7014	305	17	crisis	crisis	NOUN
eistud-7014	305	18	(	(	PUNCT
eistud-7014	305	19	miroslav	miroslav	PROPN
eistud-7014	305	20	beblavy	beblavy	PROPN
eistud-7014	305	21	,	,	PUNCT
eistud-7014	305	22	david	david	PROPN
eistud-7014	305	23	cobham	cobham	PROPN
eistud-7014	305	24	and	and	CCONJ
eistud-7014	305	25	l’udovit	l’udovit	PROPN
eistud-7014	305	26	odor	odor	NOUN
eistud-7014	305	27	,	,	PUNCT
eistud-7014	305	28	editors	editor	NOUN
eistud-7014	305	29	)	)	PUNCT
eistud-7014	305	30	.	.	PUNCT
eistud-7014	306	1	cambridge	cambridge	PROPN
eistud-7014	306	2	university	university	PROPN
eistud-7014	306	3	press	press	NOUN
eistud-7014	306	4	,	,	PUNCT
eistud-7014	306	5	59–80	59–80	PROPN
eistud-7014	306	6	.	.	PUNCT
eistud-7014	306	7	issn	issn	PROPN
eistud-7014	306	8	1822–8402	1822–8402	NUM
eistud-7014	306	9	european	european	ADJ
eistud-7014	306	10	integration	integration	NOUN
eistud-7014	306	11	studies	study	NOUN
eistud-7014	306	12	.	.	PUNCT
eistud-7014	307	1	2014	2014	NUM
eistud-7014	307	2	.	.	PUNCT
eistud-7014	308	1	no	no	INTJ
eistud-7014	308	2	.	.	NOUN
eistud-7014	308	3	8	8	NUM
eistud-7014	308	4	55	55	NUM
eistud-7014	308	5	gourinchas	gourincha	NOUN
eistud-7014	308	6	,	,	PUNCT
eistud-7014	308	7	p.-o	p.-o	NOUN
eistud-7014	308	8	.	.	PUNCT
eistud-7014	308	9	,	,	PUNCT
eistud-7014	308	10	rey	rey	PROPN
eistud-7014	308	11	h.	h.	PROPN
eistud-7014	308	12	,	,	PUNCT
eistud-7014	308	13	&	&	CCONJ
eistud-7014	308	14	truempler	truempler	PROPN
eistud-7014	308	15	k.	k.	PROPN
eistud-7014	308	16	(	(	PUNCT
eistud-7014	308	17	2012	2012	NUM
eistud-7014	308	18	)	)	PUNCT
eistud-7014	308	19	.	.	PUNCT
eistud-7014	309	1	the	the	DET
eistud-7014	309	2	financial	financial	ADJ
eistud-7014	309	3	crisis	crisis	NOUN
eistud-7014	309	4	and	and	CCONJ
eistud-7014	309	5	the	the	DET
eistud-7014	309	6	geography	geography	NOUN
eistud-7014	309	7	of	of	ADP
eistud-7014	309	8	wealth	wealth	NOUN
eistud-7014	309	9	transfers	transfer	NOUN
eistud-7014	309	10	.	.	PUNCT
eistud-7014	310	1	journal	journal	PROPN
eistud-7014	310	2	of	of	ADP
eistud-7014	310	3	international	international	ADJ
eistud-7014	310	4	economics	economic	NOUN
eistud-7014	310	5	88(2	88(2	NUM
eistud-7014	310	6	)	)	PUNCT
eistud-7014	310	7	,	,	PUNCT
eistud-7014	310	8	266–285	266–285	NUM
eistud-7014	310	9	.	.	PUNCT
eistud-7014	311	1	http://dx.doi.org/10.1016/j.jinteco.2012.05.008	http://dx.doi.org/10.1016/j.jinteco.2012.05.008	PROPN
eistud-7014	311	2	lane	lane	NOUN
eistud-7014	311	3	,	,	PUNCT
eistud-7014	311	4	ph	ph	PROPN
eistud-7014	311	5	.	.	PROPN
eistud-7014	311	6	r.	r.	PROPN
eistud-7014	311	7	(	(	PUNCT
eistud-7014	311	8	2006	2006	NUM
eistud-7014	311	9	)	)	PUNCT
eistud-7014	311	10	.	.	PUNCT
eistud-7014	312	1	the	the	DET
eistud-7014	312	2	real	real	ADJ
eistud-7014	312	3	effects	effect	NOUN
eistud-7014	312	4	of	of	ADP
eistud-7014	312	5	european	european	PROPN
eistud-7014	312	6	monetary	monetary	PROPN
eistud-7014	312	7	union	union	PROPN
eistud-7014	312	8	.	.	PUNCT
eistud-7014	313	1	journal	journal	PROPN
eistud-7014	313	2	of	of	ADP
eistud-7014	313	3	economic	economic	ADJ
eistud-7014	313	4	perspectives	perspective	NOUN
eistud-7014	313	5	20	20	NUM
eistud-7014	313	6	,	,	PUNCT
eistud-7014	313	7	47–66	47–66	PROPN
eistud-7014	313	8	.	.	PUNCT
eistud-7014	314	1	http://dx.doi.org/10.1257/jep.20.4.47	http://dx.doi.org/10.1257/jep.20.4.47	X
eistud-7014	314	2	lane	lane	NOUN
eistud-7014	314	3	,	,	PUNCT
eistud-7014	314	4	ph	ph	PROPN
eistud-7014	314	5	.	.	PROPN
eistud-7014	314	6	r.	r.	PROPN
eistud-7014	314	7	(	(	PUNCT
eistud-7014	314	8	2010	2010	NUM
eistud-7014	314	9	)	)	PUNCT
eistud-7014	314	10	.	.	PUNCT
eistud-7014	315	1	international	international	ADJ
eistud-7014	315	2	financial	financial	ADJ
eistud-7014	315	3	integration	integration	NOUN
eistud-7014	315	4	and	and	CCONJ
eistud-7014	315	5	the	the	DET
eistud-7014	315	6	external	external	ADJ
eistud-7014	315	7	positions	position	NOUN
eistud-7014	315	8	of	of	ADP
eistud-7014	315	9	euro	euro	NOUN
eistud-7014	315	10	area	area	NOUN
eistud-7014	315	11	countries	country	NOUN
eistud-7014	315	12	.	.	PUNCT
eistud-7014	316	1	oecd	oecd	PROPN
eistud-7014	316	2	economics	economics	PROPN
eistud-7014	316	3	department	department	PROPN
eistud-7014	316	4	working	working	PROPN
eistud-7014	316	5	paper	paper	PROPN
eistud-7014	316	6	no	no	INTJ
eistud-7014	316	7	.	.	NOUN
eistud-7014	316	8	830	830	NUM
eistud-7014	316	9	.	.	PUNCT
eistud-7014	317	1	http://	http://	PROPN
eistud-7014	317	2	dx.doi.org/10.1787/5km33sqg0m9s-en	dx.doi.org/10.1787/5km33sqg0m9s-en	PROPN
eistud-7014	317	3	lane	lane	NOUN
eistud-7014	317	4	,	,	PUNCT
eistud-7014	317	5	ph	ph	PROPN
eistud-7014	317	6	.	.	PROPN
eistud-7014	317	7	r.	r.	PROPN
eistud-7014	317	8	(	(	PUNCT
eistud-7014	317	9	2012	2012	NUM
eistud-7014	317	10	)	)	PUNCT
eistud-7014	317	11	.	.	PUNCT
eistud-7014	318	1	the	the	DET
eistud-7014	318	2	european	european	ADJ
eistud-7014	318	3	sovereign	sovereign	ADJ
eistud-7014	318	4	debt	debt	NOUN
eistud-7014	318	5	crisis	crisis	NOUN
eistud-7014	318	6	.	.	PUNCT
eistud-7014	319	1	journal	journal	NOUN
eistud-7014	319	2	of	of	ADP
eistud-7014	319	3	economic	economic	ADJ
eistud-7014	319	4	perspectives	perspective	NOUN
eistud-7014	319	5	26(3	26(3	NUM
eistud-7014	319	6	)	)	PUNCT
eistud-7014	319	7	,	,	PUNCT
eistud-7014	319	8	49–68	49–68	NUM
eistud-7014	319	9	.	.	PUNCT
eistud-7014	320	1	http://	http://	PROPN
eistud-7014	320	2	dx.doi.org/10.1257/jep.26.3.49	dx.doi.org/10.1257/jep.26.3.49	PROPN
eistud-7014	320	3	lane	lane	NOUN
eistud-7014	320	4	,	,	PUNCT
eistud-7014	320	5	ph	ph	PROPN
eistud-7014	320	6	.	.	PROPN
eistud-7014	320	7	r.	r.	PROPN
eistud-7014	320	8	&	&	CCONJ
eistud-7014	320	9	milesi	milesi	PROPN
eistud-7014	320	10	-	-	PUNCT
eistud-7014	320	11	ferretti	ferretti	PROPN
eistud-7014	320	12	,	,	PUNCT
eistud-7014	320	13	g.	g.	PROPN
eistud-7014	320	14	m.	m.	PROPN
eistud-7014	320	15	(	(	PUNCT
eistud-7014	320	16	2012	2012	NUM
eistud-7014	320	17	)	)	PUNCT
eistud-7014	320	18	.	.	PUNCT
eistud-7014	321	1	external	external	ADJ
eistud-7014	321	2	adjustment	adjustment	NOUN
eistud-7014	321	3	and	and	CCONJ
eistud-7014	321	4	the	the	DET
eistud-7014	321	5	global	global	ADJ
eistud-7014	321	6	crisis	crisis	NOUN
eistud-7014	321	7	.	.	PUNCT
eistud-7014	322	1	journal	journal	PROPN
eistud-7014	322	2	of	of	ADP
eistud-7014	322	3	international	international	ADJ
eistud-7014	322	4	economics	economic	NOUN
eistud-7014	322	5	88(2	88(2	NUM
eistud-7014	322	6	)	)	PUNCT
eistud-7014	322	7	,	,	PUNCT
eistud-7014	322	8	252–265	252–265	NUM
eistud-7014	322	9	.	.	PUNCT
eistud-7014	322	10	http://dx.doi	http://dx.doi	NOUN
eistud-7014	322	11	.	.	PUNCT
eistud-7014	323	1	org/10.1016	org/10.1016	PROPN
eistud-7014	323	2	/	/	SYM
eistud-7014	323	3	j.jinteco.2011.12.013	j.jinteco.2011.12.013	PROPN
eistud-7014	323	4	lane	lane	NOUN
eistud-7014	323	5	,	,	PUNCT
eistud-7014	323	6	ph	ph	PROPN
eistud-7014	323	7	.	.	PROPN
eistud-7014	323	8	r.	r.	PROPN
eistud-7014	323	9	(	(	PUNCT
eistud-7014	323	10	2013	2013	NUM
eistud-7014	323	11	)	)	PUNCT
eistud-7014	323	12	.	.	PUNCT
eistud-7014	324	1	capital	capital	NOUN
eistud-7014	324	2	flows	flow	VERB
eistud-7014	324	3	in	in	ADP
eistud-7014	324	4	the	the	DET
eistud-7014	324	5	euro	euro	PROPN
eistud-7014	324	6	area	area	NOUN
eistud-7014	324	7	.	.	PUNCT
eistud-7014	325	1	european	european	ADJ
eistud-7014	325	2	economy	economy	NOUN
eistud-7014	325	3	,	,	PUNCT
eistud-7014	325	4	economic	economic	ADJ
eistud-7014	325	5	papers	paper	NOUN
eistud-7014	325	6	no	no	INTJ
eistud-7014	325	7	.	.	NOUN
eistud-7014	325	8	297	297	NUM
eistud-7014	325	9	.	.	PUNCT
eistud-7014	326	1	reis	reis	NOUN
eistud-7014	326	2	,	,	PUNCT
eistud-7014	326	3	r.	r.	PROPN
eistud-7014	326	4	(	(	PUNCT
eistud-7014	326	5	2013	2013	NUM
eistud-7014	326	6	)	)	PUNCT
eistud-7014	326	7	.	.	PUNCT
eistud-7014	327	1	the	the	DET
eistud-7014	327	2	portuguese	portuguese	ADJ
eistud-7014	327	3	slump	slump	NOUN
eistud-7014	327	4	and	and	CCONJ
eistud-7014	327	5	crash	crash	NOUN
eistud-7014	327	6	and	and	CCONJ
eistud-7014	327	7	the	the	DET
eistud-7014	327	8	euro	euro	NOUN
eistud-7014	327	9	crisis	crisis	NOUN
eistud-7014	327	10	.	.	PUNCT
eistud-7014	328	1	brookings	brookings	PROPN
eistud-7014	328	2	papers	paper	NOUN
eistud-7014	328	3	on	on	ADP
eistud-7014	328	4	economic	economic	ADJ
eistud-7014	328	5	activity	activity	NOUN
eistud-7014	328	6	,	,	PUNCT
eistud-7014	328	7	issue	issue	NOUN
eistud-7014	328	8	1	1	NUM
eistud-7014	328	9	,	,	PUNCT
eistud-7014	328	10	no	no	INTJ
eistud-7014	328	11	.	.	NOUN
eistud-7014	328	12	46	46	NUM
eistud-7014	328	13	,	,	PUNCT
eistud-7014	328	14	143–210	143–210	NUM
eistud-7014	328	15	.	.	PUNCT
eistud-7014	329	1	http://dx.doi.org/10.1353/	http://dx.doi.org/10.1353/	PROPN
eistud-7014	329	2	eca.2013.0005	eca.2013.0005	PART
eistud-7014	329	3	spiegel	spiegel	PROPN
eistud-7014	329	4	,	,	PUNCT
eistud-7014	329	5	m.	m.	NOUN
eistud-7014	329	6	(	(	PUNCT
eistud-7014	329	7	2008	2008	NUM
eistud-7014	329	8	)	)	PUNCT
eistud-7014	329	9	.	.	PUNCT
eistud-7014	330	1	monetary	monetary	ADJ
eistud-7014	330	2	and	and	CCONJ
eistud-7014	330	3	financial	financial	ADJ
eistud-7014	330	4	integration	integration	NOUN
eistud-7014	330	5	in	in	ADP
eistud-7014	330	6	the	the	DET
eistud-7014	330	7	emu	emu	PROPN
eistud-7014	330	8	:	:	PUNCT
eistud-7014	330	9	push	push	VERB
eistud-7014	330	10	or	or	CCONJ
eistud-7014	330	11	pull	pull	VERB
eistud-7014	330	12	?	?	PUNCT
eistud-7014	330	13	review	review	NOUN
eistud-7014	330	14	of	of	ADP
eistud-7014	330	15	international	international	ADJ
eistud-7014	330	16	economics	economic	NOUN
eistud-7014	330	17	17(4	17(4	NUM
eistud-7014	330	18	)	)	PUNCT
eistud-7014	330	19	,	,	PUNCT
eistud-7014	330	20	751–776	751–776	NUM
eistud-7014	330	21	.	.	PUNCT
eistud-7014	331	1	http://dx.doi.org/10.1111/	http://dx.doi.org/10.1111/	PROPN
eistud-7014	331	2	j.1467	j.1467	PROPN
eistud-7014	331	3	-	-	PUNCT
eistud-7014	331	4	9396.2009.00847.x	9396.2009.00847.x	NOUN
eistud-7014	331	5	tirole	tirole	NOUN
eistud-7014	331	6	,	,	PUNCT
eistud-7014	331	7	j.	j.	PROPN
eistud-7014	331	8	(	(	PUNCT
eistud-7014	331	9	2012	2012	NUM
eistud-7014	331	10	)	)	PUNCT
eistud-7014	331	11	.	.	PUNCT
eistud-7014	332	1	country	country	NOUN
eistud-7014	332	2	solidarity	solidarity	PROPN
eistud-7014	332	3	,	,	PUNCT
eistud-7014	332	4	private	private	ADJ
eistud-7014	332	5	sector	sector	NOUN
eistud-7014	332	6	involvement	involvement	NOUN
eistud-7014	332	7	and	and	CCONJ
eistud-7014	332	8	the	the	DET
eistud-7014	332	9	contagion	contagion	NOUN
eistud-7014	332	10	of	of	ADP
eistud-7014	332	11	sovereign	sovereign	ADJ
eistud-7014	332	12	crises	crisis	NOUN
eistud-7014	332	13	.	.	PUNCT
eistud-7014	333	1	retrieved	retrieve	VERB
eistud-7014	333	2	april	april	PROPN
eistud-7014	333	3	14	14	NUM
eistud-7014	333	4	,	,	PUNCT
eistud-7014	333	5	2014	2014	NUM
eistud-7014	333	6	,	,	PUNCT
eistud-7014	333	7	from	from	ADP
eistud-7014	333	8	http://idei.fr/doc/by/tirole/	http://idei.fr/doc/by/tirole/	PROPN
eistud-7014	333	9	countrysolidarity0919.pdf	countrysolidarity0919.pdf	ADJ
eistud-7014	333	10	european	european	PROPN
eistud-7014	333	11	community	community	NOUN
eistud-7014	333	12	,	,	PUNCT
eistud-7014	333	13	the	the	DET
eistud-7014	333	14	treaty	treaty	NOUN
eistud-7014	333	15	of	of	ADP
eistud-7014	333	16	rome	rome	PROPN
eistud-7014	333	17	,	,	PUNCT
eistud-7014	333	18	1957	1957	NUM
eistud-7014	333	19	.	.	PUNCT
eistud-7014	334	1	waysand	waysand	NOUN
eistud-7014	334	2	,	,	PUNCT
eistud-7014	334	3	c.	c.	PROPN
eistud-7014	334	4	,	,	PUNCT
eistud-7014	334	5	ross	ross	PROPN
eistud-7014	334	6	,	,	PUNCT
eistud-7014	334	7	k.	k.	PROPN
eistud-7014	334	8	&	&	CCONJ
eistud-7014	334	9	de	de	PROPN
eistud-7014	334	10	guzman	guzman	PROPN
eistud-7014	334	11	,	,	PUNCT
eistud-7014	334	12	j.	j.	PROPN
eistud-7014	334	13	(	(	PUNCT
eistud-7014	334	14	2012	2012	NUM
eistud-7014	334	15	)	)	PUNCT
eistud-7014	334	16	.	.	PUNCT
eistud-7014	335	1	european	european	ADJ
eistud-7014	335	2	financial	financial	ADJ
eistud-7014	335	3	linkages	linkage	NOUN
eistud-7014	335	4	:	:	PUNCT
eistud-7014	335	5	a	a	DET
eistud-7014	335	6	new	new	ADJ
eistud-7014	335	7	look	look	NOUN
eistud-7014	335	8	at	at	ADP
eistud-7014	335	9	imbalances	imbalance	NOUN
eistud-7014	335	10	.	.	PUNCT
eistud-7014	336	1	imf	imf	PROPN
eistud-7014	336	2	working	working	PROPN
eistud-7014	336	3	paper	paper	PROPN
eistud-7014	336	4	no	no	INTJ
eistud-7014	336	5	.	.	PUNCT
eistud-7014	337	1	10/295	10/295	NUM
eistud-7014	337	2	.	.	PUNCT
eistud-7014	338	1	the	the	DET
eistud-7014	338	2	article	article	NOUN
eistud-7014	338	3	has	have	AUX
eistud-7014	338	4	been	be	AUX
eistud-7014	338	5	reviewed	review	VERB
eistud-7014	338	6	.	.	PUNCT
eistud-7014	339	1	received	receive	VERB
eistud-7014	339	2	in	in	ADP
eistud-7014	339	3	april	april	PROPN
eistud-7014	339	4	,	,	PUNCT
eistud-7014	339	5	2014	2014	NUM
eistud-7014	339	6	;	;	PUNCT
eistud-7014	339	7	accepted	accept	VERB
eistud-7014	339	8	in	in	ADP
eistud-7014	339	9	june	june	PROPN
eistud-7014	339	10	,	,	PUNCT
eistud-7014	339	11	2014	2014	NUM
eistud-7014	339	12	.	.	PUNCT