id	sid	tid	token	lemma	pos
ejge-4520	1	1	exchange	exchange	NOUN
ejge-4520	1	2	policy	policy	NOUN
ejge-4520	1	3	credibility	credibility	NOUN
ejge-4520	1	4	through	through	ADP
ejge-4520	1	5	the	the	DET
ejge-4520	1	6	lens	lens	NOUN
ejge-4520	1	7	of	of	ADP
ejge-4520	1	8	the	the	DET
ejge-4520	1	9	carry	carry	NOUN
ejge-4520	1	10	trade	trade	NOUN
ejge-4520	1	11	:	:	PUNCT
ejge-4520	1	12	the	the	DET
ejge-4520	1	13	mexican	mexican	ADJ
ejge-4520	1	14	peso	peso	NOUN
ejge-4520	1	15	and	and	CCONJ
ejge-4520	1	16	the	the	DET
ejge-4520	1	17	brazilian	brazilian	ADJ
ejge-4520	1	18	real	real	ADJ
ejge-4520	1	19	vol.7	vol.7	PROPN
ejge-4520	1	20	•	•	NUM
ejge-4520	1	21	no.2	no.2	PROPN
ejge-4520	1	22	2018	2018	NUM
ejge-4520	1	23	issn	issn	VERB
ejge-4520	1	24	:	:	PUNCT
ejge-4520	1	25	2254	2254	NUM
ejge-4520	1	26	-	-	SYM
ejge-4520	1	27	7088	7088	NUM
ejge-4520	1	28	european	european	ADJ
ejge-4520	1	29	journal	journal	NOUN
ejge-4520	1	30	of	of	ADP
ejge-4520	1	31	government	government	NOUN
ejge-4520	1	32	and	and	CCONJ
ejge-4520	1	33	economics	economic	NOUN
ejge-4520	1	34	7(2	7(2	NUM
ejge-4520	1	35	)	)	PUNCT
ejge-4520	1	36	,	,	PUNCT
ejge-4520	1	37	december	december	PROPN
ejge-4520	1	38	2018	2018	NUM
ejge-4520	1	39	.	.	PUNCT
ejge-4520	2	1	european	european	PROPN
ejge-4520	2	2	journal	journal	PROPN
ejge-4520	2	3	of	of	ADP
ejge-4520	2	4	government	government	NOUN
ejge-4520	2	5	and	and	CCONJ
ejge-4520	2	6	economics	economic	NOUN
ejge-4520	2	7	issn	issn	PROPN
ejge-4520	2	8	:	:	PUNCT
ejge-4520	2	9	2254	2254	NUM
ejge-4520	2	10	-	-	SYM
ejge-4520	2	11	7088	7088	NUM
ejge-4520	2	12	number	number	NOUN
ejge-4520	2	13	7	7	NUM
ejge-4520	2	14	,	,	PUNCT
ejge-4520	2	15	issue	issue	NOUN
ejge-4520	2	16	2	2	NUM
ejge-4520	2	17	,	,	PUNCT
ejge-4520	2	18	december	december	PROPN
ejge-4520	2	19	2018	2018	NUM
ejge-4520	2	20	doi	doi	NOUN
ejge-4520	2	21	:	:	PUNCT
ejge-4520	2	22	https://doi.org/10.17979/ejge.2017.7.2	https://doi.org/10.17979/ejge.2017.7.2	NUM
ejge-4520	2	23	transparency	transparency	NOUN
ejge-4520	2	24	and	and	CCONJ
ejge-4520	2	25	local	local	ADJ
ejge-4520	2	26	government	government	NOUN
ejge-4520	2	27	corruption	corruption	NOUN
ejge-4520	2	28	:	:	PUNCT
ejge-4520	2	29	what	what	PRON
ejge-4520	2	30	does	do	AUX
ejge-4520	2	31	lack	lack	NOUN
ejge-4520	2	32	of	of	ADP
ejge-4520	2	33	transparency	transparency	NOUN
ejge-4520	2	34	hide	hide	VERB
ejge-4520	2	35	?	?	PUNCT
ejge-4520	3	1	106	106	NUM
ejge-4520	3	2	-	-	SYM
ejge-4520	3	3	122	122	NUM
ejge-4520	3	4	juan	juan	PROPN
ejge-4520	3	5	luis	luis	PROPN
ejge-4520	3	6	jiménez	jiménez	PROPN
ejge-4520	3	7	,	,	PUNCT
ejge-4520	3	8	daniel	daniel	PROPN
ejge-4520	3	9	albalate	albalate	VERB
ejge-4520	3	10	106	106	NUM
ejge-4520	3	11	-	-	SYM
ejge-4520	3	12	122	122	NUM
ejge-4520	3	13	exchange	exchange	NOUN
ejge-4520	3	14	policy	policy	NOUN
ejge-4520	3	15	credibility	credibility	NOUN
ejge-4520	3	16	through	through	ADP
ejge-4520	3	17	the	the	DET
ejge-4520	3	18	lens	lens	NOUN
ejge-4520	3	19	of	of	ADP
ejge-4520	3	20	the	the	DET
ejge-4520	3	21	carry	carry	NOUN
ejge-4520	3	22	trade	trade	NOUN
ejge-4520	3	23	:	:	PUNCT
ejge-4520	3	24	the	the	DET
ejge-4520	3	25	mexican	mexican	ADJ
ejge-4520	3	26	peso	peso	NOUN
ejge-4520	3	27	and	and	CCONJ
ejge-4520	3	28	the	the	DET
ejge-4520	3	29	brazilian	brazilian	ADJ
ejge-4520	3	30	real	real	NOUN
ejge-4520	3	31	.	.	PUNCT
ejge-4520	4	1	123	123	NUM
ejge-4520	4	2	-	-	SYM
ejge-4520	4	3	137	137	NUM
ejge-4520	4	4	carlos	carlos	PROPN
ejge-4520	4	5	fernández_herraiz	fernández_herraiz	PROPN
ejge-4520	4	6	,	,	PUNCT
ejge-4520	4	7	antonio	antonio	PROPN
ejge-4520	4	8	javier	javier	PROPN
ejge-4520	4	9	prado	prado	PROPN
ejge-4520	4	10	domínguez	domínguez	PROPN
ejge-4520	4	11	,	,	PUNCT
ejge-4520	4	12	carlos	carlos	PROPN
ejge-4520	4	13	pateiro	pateiro	PROPN
ejge-4520	4	14	-	-	PUNCT
ejge-4520	4	15	rodriguez	rodriguez	NOUN
ejge-4520	4	16	,	,	PUNCT
ejge-4520	4	17	jesus	jesus	PROPN
ejge-4520	4	18	m.	m.	PROPN
ejge-4520	4	19	garcia	garcia	PROPN
ejge-4520	4	20	-	-	PUNCT
ejge-4520	4	21	iglesias	iglesias	PROPN
ejge-4520	4	22	path	path	NOUN
ejge-4520	4	23	–	–	PUNCT
ejge-4520	4	24	dependence	dependence	NOUN
ejge-4520	4	25	and	and	CCONJ
ejge-4520	4	26	european	european	ADJ
ejge-4520	4	27	fisheries	fishery	NOUN
ejge-4520	4	28	management	management	NOUN
ejge-4520	4	29	138	138	NUM
ejge-4520	4	30	-	-	SYM
ejge-4520	4	31	153	153	NUM
ejge-4520	4	32	federico	federico	PROPN
ejge-4520	4	33	martín	martín	PROPN
ejge-4520	4	34	palmero	palmero	PROPN
ejge-4520	4	35	,	,	PUNCT
ejge-4520	4	36	fernando	fernando	PROPN
ejge-4520	4	37	gonzález	gonzález	PROPN
ejge-4520	4	38	laxe	laxe	PROPN
ejge-4520	4	39	why	why	SCONJ
ejge-4520	4	40	the	the	DET
ejge-4520	4	41	current	current	ADJ
ejge-4520	4	42	peak	peak	NOUN
ejge-4520	4	43	in	in	ADP
ejge-4520	4	44	populism	populism	NOUN
ejge-4520	4	45	in	in	ADP
ejge-4520	4	46	the	the	DET
ejge-4520	4	47	us	us	PROPN
ejge-4520	4	48	and	and	CCONJ
ejge-4520	4	49	europe	europe	PROPN
ejge-4520	4	50	?	?	PUNCT
ejge-4520	5	1	populism	populism	NOUN
ejge-4520	5	2	as	as	ADP
ejge-4520	5	3	a	a	DET
ejge-4520	5	4	deviation	deviation	NOUN
ejge-4520	5	5	in	in	ADP
ejge-4520	5	6	the	the	DET
ejge-4520	5	7	median	median	ADJ
ejge-4520	5	8	voter	voter	NOUN
ejge-4520	5	9	theorem	theorem	VERB
ejge-4520	5	10	154	154	NUM
ejge-4520	5	11	-	-	SYM
ejge-4520	5	12	170	170	NUM
ejge-4520	5	13	filipa	filipa	PROPN
ejge-4520	5	14	figueira	figueira	PROPN
ejge-4520	5	15	deciding	decide	VERB
ejge-4520	5	16	on	on	ADP
ejge-4520	5	17	financial	financial	ADJ
ejge-4520	5	18	renegotiation	renegotiation	NOUN
ejge-4520	5	19	in	in	ADP
ejge-4520	5	20	public	public	ADJ
ejge-4520	5	21	-	-	PUNCT
ejge-4520	5	22	private	private	ADJ
ejge-4520	5	23	partnership	partnership	NOUN
ejge-4520	5	24	projects	project	VERB
ejge-4520	5	25	171	171	NUM
ejge-4520	5	26	-	-	SYM
ejge-4520	5	27	199	199	NUM
ejge-4520	5	28	wiston	wiston	NOUN
ejge-4520	5	29	risso	risso	ADJ
ejge-4520	5	30	https://doi.org/10.17979/ejge.2017.7.2	https://doi.org/10.17979/ejge.2017.7.2	NUM
ejge-4520	5	31	european	european	ADJ
ejge-4520	5	32	journal	journal	NOUN
ejge-4520	5	33	of	of	ADP
ejge-4520	5	34	government	government	NOUN
ejge-4520	5	35	and	and	CCONJ
ejge-4520	5	36	economics	economic	NOUN
ejge-4520	5	37	7(2	7(2	NUM
ejge-4520	5	38	)	)	PUNCT
ejge-4520	5	39	,	,	PUNCT
ejge-4520	5	40	december	december	PROPN
ejge-4520	5	41	2018	2018	NUM
ejge-4520	5	42	,	,	PUNCT
ejge-4520	5	43	123	123	NUM
ejge-4520	5	44	-	-	SYM
ejge-4520	5	45	137	137	NUM
ejge-4520	5	46	.	.	PUNCT
ejge-4520	6	1	european	european	PROPN
ejge-4520	6	2	journal	journal	PROPN
ejge-4520	6	3	of	of	ADP
ejge-4520	6	4	government	government	NOUN
ejge-4520	6	5	and	and	CCONJ
ejge-4520	6	6	economics	economic	NOUN
ejge-4520	6	7	issn	issn	PROPN
ejge-4520	6	8	:	:	PUNCT
ejge-4520	6	9	2254	2254	NUM
ejge-4520	6	10	-	-	SYM
ejge-4520	6	11	7088	7088	NUM
ejge-4520	6	12	exchange	exchange	NOUN
ejge-4520	6	13	policy	policy	NOUN
ejge-4520	6	14	credibility	credibility	NOUN
ejge-4520	6	15	through	through	ADP
ejge-4520	6	16	the	the	DET
ejge-4520	6	17	lens	lens	NOUN
ejge-4520	6	18	of	of	ADP
ejge-4520	6	19	the	the	DET
ejge-4520	6	20	carry	carry	NOUN
ejge-4520	6	21	trade	trade	NOUN
ejge-4520	6	22	:	:	PUNCT
ejge-4520	6	23	the	the	DET
ejge-4520	6	24	mexican	mexican	ADJ
ejge-4520	6	25	peso	peso	NOUN
ejge-4520	6	26	and	and	CCONJ
ejge-4520	6	27	the	the	DET
ejge-4520	6	28	brazilian	brazilian	ADJ
ejge-4520	6	29	real	real	PROPN
ejge-4520	6	30	carlos	carlos	PROPN
ejge-4520	6	31	fernández	fernández	PROPN
ejge-4520	6	32	-	-	PUNCT
ejge-4520	6	33	herraiza	herraiza	NOUN
ejge-4520	6	34	,	,	PUNCT
ejge-4520	6	35	a.	a.	NOUN
ejge-4520	6	36	javier	javier	PROPN
ejge-4520	6	37	prado	prado	PROPN
ejge-4520	6	38	-	-	PUNCT
ejge-4520	6	39	domínguezb	domínguezb	PROPN
ejge-4520	6	40	,	,	PUNCT
ejge-4520	6	41	carlos	carlos	PROPN
ejge-4520	6	42	pateiro	pateiro	PROPN
ejge-4520	6	43	-	-	PUNCT
ejge-4520	6	44	rodriguezb	rodriguezb	PROPN
ejge-4520	6	45	,	,	PUNCT
ejge-4520	6	46	jesus	jesus	PROPN
ejge-4520	6	47	m.	m.	PROPN
ejge-4520	6	48	garcia	garcia	PROPN
ejge-4520	6	49	-	-	PUNCT
ejge-4520	6	50	iglesiasc	iglesiasc	PROPN
ejge-4520	6	51	,	,	PUNCT
ejge-4520	6	52	*	*	PUNCT
ejge-4520	6	53	a	a	DET
ejge-4520	6	54	instituto	instituto	PROPN
ejge-4520	6	55	de	de	PROPN
ejge-4520	6	56	estudios	estudio	NOUN
ejge-4520	6	57	bursátiles	bursátile	NOUN
ejge-4520	6	58	,	,	PUNCT
ejge-4520	6	59	spain	spain	PROPN
ejge-4520	6	60	b	b	PROPN
ejge-4520	6	61	universidade	universidade	PROPN
ejge-4520	6	62	da	da	PROPN
ejge-4520	6	63	coruña	coruña	PROPN
ejge-4520	6	64	,	,	PUNCT
ejge-4520	6	65	spain	spain	PROPN
ejge-4520	6	66	c	c	PROPN
ejge-4520	6	67	universidad	universidad	PROPN
ejge-4520	6	68	de	de	PROPN
ejge-4520	6	69	extremadura	extremadura	PROPN
ejge-4520	6	70	,	,	PUNCT
ejge-4520	6	71	spain	spain	PROPN
ejge-4520	6	72	*	*	PUNCT
ejge-4520	6	73	corresponding	correspond	VERB
ejge-4520	6	74	author	author	NOUN
ejge-4520	6	75	at	at	ADP
ejge-4520	6	76	:	:	PUNCT
ejge-4520	6	77	jmgarcia@unex.es	jmgarcia@unex.es	NOUN
ejge-4520	6	78	article	article	NOUN
ejge-4520	6	79	history	history	NOUN
ejge-4520	6	80	.	.	PUNCT
ejge-4520	7	1	received	receive	VERB
ejge-4520	7	2	16	16	NUM
ejge-4520	7	3	july	july	PROPN
ejge-4520	7	4	2018	2018	NUM
ejge-4520	7	5	;	;	PUNCT
ejge-4520	7	6	accepted	accept	VERB
ejge-4520	7	7	6	6	NUM
ejge-4520	7	8	october	october	NOUN
ejge-4520	7	9	2018	2018	NUM
ejge-4520	7	10	.	.	PUNCT
ejge-4520	8	1	abstract	abstract	ADJ
ejge-4520	8	2	.	.	PUNCT
ejge-4520	9	1	exchange	exchange	NOUN
ejge-4520	9	2	credibility	credibility	NOUN
ejge-4520	9	3	is	be	AUX
ejge-4520	9	4	a	a	DET
ejge-4520	9	5	valuable	valuable	ADJ
ejge-4520	9	6	asset	asset	NOUN
ejge-4520	9	7	for	for	ADP
ejge-4520	9	8	currency	currency	NOUN
ejge-4520	9	9	policymakers	policymaker	NOUN
ejge-4520	9	10	.	.	PUNCT
ejge-4520	10	1	in	in	ADP
ejge-4520	10	2	this	this	DET
ejge-4520	10	3	article	article	NOUN
ejge-4520	10	4	we	we	PRON
ejge-4520	10	5	intend	intend	VERB
ejge-4520	10	6	to	to	PART
ejge-4520	10	7	analyse	analyse	VERB
ejge-4520	10	8	exchange	exchange	NOUN
ejge-4520	10	9	credibility	credibility	NOUN
ejge-4520	10	10	from	from	ADP
ejge-4520	10	11	the	the	DET
ejge-4520	10	12	perspective	perspective	NOUN
ejge-4520	10	13	of	of	ADP
ejge-4520	10	14	carry	carry	VERB
ejge-4520	10	15	trade	trade	NOUN
ejge-4520	10	16	speculators	speculator	NOUN
ejge-4520	10	17	.	.	PUNCT
ejge-4520	11	1	global	global	ADJ
ejge-4520	11	2	speculators	speculator	NOUN
ejge-4520	11	3	'	'	PART
ejge-4520	11	4	access	access	NOUN
ejge-4520	11	5	to	to	ADP
ejge-4520	11	6	shadow	shadow	NOUN
ejge-4520	11	7	banking	banking	NOUN
ejge-4520	11	8	financing	financing	NOUN
ejge-4520	11	9	allows	allow	VERB
ejge-4520	11	10	them	they	PRON
ejge-4520	11	11	to	to	PART
ejge-4520	11	12	build	build	VERB
ejge-4520	11	13	dynamic	dynamic	ADJ
ejge-4520	11	14	carry	carry	NOUN
ejge-4520	11	15	trade	trade	NOUN
ejge-4520	11	16	strategies	strategy	NOUN
ejge-4520	11	17	that	that	PRON
ejge-4520	11	18	are	be	AUX
ejge-4520	11	19	a	a	DET
ejge-4520	11	20	source	source	NOUN
ejge-4520	11	21	of	of	ADP
ejge-4520	11	22	potential	potential	ADJ
ejge-4520	11	23	financial	financial	ADJ
ejge-4520	11	24	instability	instability	NOUN
ejge-4520	11	25	.	.	PUNCT
ejge-4520	12	1	our	our	PRON
ejge-4520	12	2	view	view	NOUN
ejge-4520	12	3	is	be	AUX
ejge-4520	12	4	that	that	SCONJ
ejge-4520	12	5	the	the	DET
ejge-4520	12	6	existence	existence	NOUN
ejge-4520	12	7	of	of	ADP
ejge-4520	12	8	dynamic	dynamic	ADJ
ejge-4520	12	9	carry	carry	NOUN
ejge-4520	12	10	trade	trade	NOUN
ejge-4520	12	11	opportunities	opportunity	NOUN
ejge-4520	12	12	offers	offer	VERB
ejge-4520	12	13	a	a	DET
ejge-4520	12	14	tool	tool	NOUN
ejge-4520	12	15	for	for	ADP
ejge-4520	12	16	monitoring	monitor	VERB
ejge-4520	12	17	how	how	SCONJ
ejge-4520	12	18	market	market	NOUN
ejge-4520	12	19	participants	participant	NOUN
ejge-4520	12	20	asses	asse	VERB
ejge-4520	12	21	the	the	DET
ejge-4520	12	22	credibility	credibility	NOUN
ejge-4520	12	23	of	of	ADP
ejge-4520	12	24	exchange	exchange	NOUN
ejge-4520	12	25	policies	policy	NOUN
ejge-4520	12	26	.	.	PUNCT
ejge-4520	13	1	we	we	PRON
ejge-4520	13	2	use	use	VERB
ejge-4520	13	3	the	the	DET
ejge-4520	13	4	long	long	ADJ
ejge-4520	13	5	term	term	NOUN
ejge-4520	13	6	performance	performance	NOUN
ejge-4520	13	7	of	of	ADP
ejge-4520	13	8	different	different	ADJ
ejge-4520	13	9	carry	carry	NOUN
ejge-4520	13	10	trade	trade	NOUN
ejge-4520	13	11	dynamic	dynamic	ADJ
ejge-4520	13	12	specifications	specification	NOUN
ejge-4520	13	13	to	to	PART
ejge-4520	13	14	understand	understand	VERB
ejge-4520	13	15	how	how	SCONJ
ejge-4520	13	16	different	different	ADJ
ejge-4520	13	17	is	be	AUX
ejge-4520	13	18	the	the	DET
ejge-4520	13	19	market	market	NOUN
ejge-4520	13	20	view	view	NOUN
ejge-4520	13	21	of	of	ADP
ejge-4520	13	22	exchange	exchange	NOUN
ejge-4520	13	23	policy	policy	NOUN
ejge-4520	13	24	credibility	credibility	NOUN
ejge-4520	13	25	in	in	ADP
ejge-4520	13	26	the	the	DET
ejge-4520	13	27	case	case	NOUN
ejge-4520	13	28	of	of	ADP
ejge-4520	13	29	two	two	NUM
ejge-4520	13	30	leading	lead	VERB
ejge-4520	13	31	latin	latin	PROPN
ejge-4520	13	32	america	america	PROPN
ejge-4520	13	33	countries	countries	PROPN
ejge-4520	13	34	,	,	PUNCT
ejge-4520	13	35	mexico	mexico	PROPN
ejge-4520	13	36	and	and	CCONJ
ejge-4520	13	37	brazil	brazil	PROPN
ejge-4520	13	38	.	.	PUNCT
ejge-4520	14	1	our	our	PRON
ejge-4520	14	2	empirical	empirical	ADJ
ejge-4520	14	3	research	research	NOUN
ejge-4520	14	4	covers	cover	VERB
ejge-4520	14	5	data	datum	NOUN
ejge-4520	14	6	from	from	ADP
ejge-4520	14	7	may	may	PROPN
ejge-4520	14	8	of	of	ADP
ejge-4520	14	9	2000	2000	NUM
ejge-4520	14	10	to	to	PART
ejge-4520	14	11	may	may	PROPN
ejge-4520	14	12	2018	2018	NUM
ejge-4520	14	13	.	.	PUNCT
ejge-4520	15	1	in	in	ADP
ejge-4520	15	2	light	light	NOUN
ejge-4520	15	3	of	of	ADP
ejge-4520	15	4	the	the	DET
ejge-4520	15	5	evidence	evidence	NOUN
ejge-4520	15	6	presented	present	VERB
ejge-4520	15	7	,	,	PUNCT
ejge-4520	15	8	we	we	PRON
ejge-4520	15	9	recognize	recognize	VERB
ejge-4520	15	10	that	that	SCONJ
ejge-4520	15	11	mexican	mexican	ADJ
ejge-4520	15	12	peso	peso	NOUN
ejge-4520	15	13	exchange	exchange	NOUN
ejge-4520	15	14	policy	policy	NOUN
ejge-4520	15	15	is	be	AUX
ejge-4520	15	16	considered	consider	VERB
ejge-4520	15	17	credible	credible	ADJ
ejge-4520	15	18	but	but	CCONJ
ejge-4520	15	19	brazilian	brazilian	ADJ
ejge-4520	15	20	real	real	ADJ
ejge-4520	15	21	exchange	exchange	NOUN
ejge-4520	15	22	policy	policy	NOUN
ejge-4520	15	23	is	be	AUX
ejge-4520	15	24	not	not	PART
ejge-4520	15	25	considered	consider	VERB
ejge-4520	15	26	credible	credible	ADJ
ejge-4520	15	27	during	during	ADP
ejge-4520	15	28	the	the	DET
ejge-4520	15	29	sample	sample	NOUN
ejge-4520	15	30	period	period	NOUN
ejge-4520	15	31	.	.	PUNCT
ejge-4520	16	1	keywords	keyword	NOUN
ejge-4520	16	2	.	.	PUNCT
ejge-4520	17	1	currency	currency	NOUN
ejge-4520	17	2	carry	carry	VERB
ejge-4520	17	3	trade	trade	NOUN
ejge-4520	17	4	,	,	PUNCT
ejge-4520	17	5	sharpe	sharpe	PROPN
ejge-4520	17	6	ratio	ratio	NOUN
ejge-4520	17	7	,	,	PUNCT
ejge-4520	17	8	exchange	exchange	NOUN
ejge-4520	17	9	policy	policy	NOUN
ejge-4520	17	10	credibility	credibility	NOUN
ejge-4520	17	11	,	,	PUNCT
ejge-4520	17	12	shadow	shadow	NOUN
ejge-4520	17	13	banking	banking	NOUN
ejge-4520	17	14	.	.	PUNCT
ejge-4520	18	1	doi	doi	PROPN
ejge-4520	18	2	.	.	PUNCT
ejge-4520	19	1	https://doi.org/10.17979/ejge.2018.7.2.4520	https://doi.org/10.17979/ejge.2018.7.2.4520	NUM
ejge-4520	19	2	1	1	NUM
ejge-4520	19	3	.	.	PUNCT
ejge-4520	19	4	introduction	introduction	NOUN
ejge-4520	19	5	in	in	ADP
ejge-4520	19	6	today	today	NOUN
ejge-4520	19	7	's	's	PART
ejge-4520	19	8	economy	economy	NOUN
ejge-4520	19	9	,	,	PUNCT
ejge-4520	19	10	various	various	ADJ
ejge-4520	19	11	types	type	NOUN
ejge-4520	19	12	of	of	ADP
ejge-4520	19	13	juxtaposition	juxtaposition	NOUN
ejge-4520	19	14	between	between	ADP
ejge-4520	19	15	money	money	NOUN
ejge-4520	19	16	markets	market	NOUN
ejge-4520	19	17	and	and	CCONJ
ejge-4520	19	18	financial	financial	ADJ
ejge-4520	19	19	markets	market	NOUN
ejge-4520	19	20	are	be	AUX
ejge-4520	19	21	clearly	clearly	ADV
ejge-4520	19	22	visible	visible	ADJ
ejge-4520	19	23	;	;	PUNCT
ejge-4520	19	24	the	the	DET
ejge-4520	19	25	confusion	confusion	NOUN
ejge-4520	19	26	between	between	ADP
ejge-4520	19	27	leverage	leverage	NOUN
ejge-4520	19	28	and	and	CCONJ
ejge-4520	19	29	liquidity	liquidity	NOUN
ejge-4520	19	30	,	,	PUNCT
ejge-4520	19	31	regulated	regulated	ADJ
ejge-4520	19	32	and	and	CCONJ
ejge-4520	19	33	unregulated	unregulated	ADJ
ejge-4520	19	34	players	player	NOUN
ejge-4520	19	35	;	;	PUNCT
ejge-4520	19	36	the	the	DET
ejge-4520	19	37	impact	impact	NOUN
ejge-4520	19	38	of	of	ADP
ejge-4520	19	39	technology	technology	NOUN
ejge-4520	19	40	and	and	CCONJ
ejge-4520	19	41	the	the	DET
ejge-4520	19	42	"	"	PUNCT
ejge-4520	19	43	laissez	laissez	ADJ
ejge-4520	19	44	-	-	PUNCT
ejge-4520	19	45	faire	faire	NOUN
ejge-4520	19	46	"	"	PUNCT
ejge-4520	19	47	promoted	promote	VERB
ejge-4520	19	48	by	by	ADP
ejge-4520	19	49	academic	academic	ADJ
ejge-4520	19	50	orthodoxy	orthodoxy	NOUN
ejge-4520	19	51	and	and	CCONJ
ejge-4520	19	52	regulators	regulator	NOUN
ejge-4520	19	53	(	(	PUNCT
ejge-4520	19	54	see	see	VERB
ejge-4520	19	55	shiller	shiller	PROPN
ejge-4520	19	56	,	,	PUNCT
ejge-4520	19	57	2012	2012	NUM
ejge-4520	19	58	)	)	PUNCT
ejge-4520	19	59	.	.	PUNCT
ejge-4520	20	1	all	all	DET
ejge-4520	20	2	this	this	PRON
ejge-4520	20	3	is	be	AUX
ejge-4520	20	4	also	also	ADV
ejge-4520	20	5	combined	combine	VERB
ejge-4520	20	6	with	with	ADP
ejge-4520	20	7	the	the	DET
ejge-4520	20	8	great	great	ADJ
ejge-4520	20	9	momentum	momentum	NOUN
ejge-4520	20	10	of	of	ADP
ejge-4520	20	11	shadow	shadow	NOUN
ejge-4520	20	12	banking	banking	NOUN
ejge-4520	20	13	.	.	PUNCT
ejge-4520	21	1	hidden	hidden	ADJ
ejge-4520	21	2	or	or	CCONJ
ejge-4520	21	3	'	'	PUNCT
ejge-4520	21	4	shadow	shadow	VERB
ejge-4520	21	5	'	'	PUNCT
ejge-4520	21	6	banking	banking	NOUN
ejge-4520	21	7	covers	cover	VERB
ejge-4520	21	8	all	all	DET
ejge-4520	21	9	those	those	DET
ejge-4520	21	10	activities	activity	NOUN
ejge-4520	21	11	in	in	ADP
ejge-4520	21	12	which	which	PRON
ejge-4520	21	13	credit	credit	NOUN
ejge-4520	21	14	,	,	PUNCT
ejge-4520	21	15	liquidity	liquidity	NOUN
ejge-4520	21	16	or	or	CCONJ
ejge-4520	21	17	term	term	NOUN
ejge-4520	21	18	transformations	transformation	NOUN
ejge-4520	21	19	occur	occur	VERB
ejge-4520	21	20	without	without	ADP
ejge-4520	21	21	being	be	AUX
ejge-4520	21	22	possible	possible	ADJ
ejge-4520	21	23	to	to	PART
ejge-4520	21	24	establish	establish	VERB
ejge-4520	21	25	sufficient	sufficient	ADJ
ejge-4520	21	26	supervision	supervision	NOUN
ejge-4520	21	27	over	over	ADP
ejge-4520	21	28	the	the	DET
ejge-4520	21	29	involved	involved	ADJ
ejge-4520	21	30	intervening	intervene	VERB
ejge-4520	21	31	parties	party	NOUN
ejge-4520	21	32	.	.	PUNCT
ejge-4520	22	1	shadow	shadow	NOUN
ejge-4520	22	2	banking	banking	NOUN
ejge-4520	22	3	represents	represent	VERB
ejge-4520	22	4	an	an	DET
ejge-4520	22	5	uncomfortable	uncomfortable	ADJ
ejge-4520	22	6	reality	reality	NOUN
ejge-4520	22	7	that	that	PRON
ejge-4520	22	8	weighs	weigh	VERB
ejge-4520	22	9	just	just	ADV
ejge-4520	22	10	over	over	ADP
ejge-4520	22	11	48	48	NUM
ejge-4520	22	12	%	%	NOUN
ejge-4520	22	13	of	of	ADP
ejge-4520	22	14	the	the	DET
ejge-4520	22	15	total	total	ADJ
ejge-4520	22	16	assets	asset	NOUN
ejge-4520	22	17	of	of	ADP
ejge-4520	22	18	the	the	DET
ejge-4520	22	19	global	global	ADJ
ejge-4520	22	20	financial	financial	ADJ
ejge-4520	22	21	system	system	NOUN
ejge-4520	22	22	(	(	PUNCT
ejge-4520	22	23	financial	financial	ADJ
ejge-4520	22	24	stability	stability	NOUN
ejge-4520	22	25	board	board	NOUN
ejge-4520	22	26	,	,	PUNCT
ejge-4520	22	27	2018	2018	NUM
ejge-4520	22	28	)	)	PUNCT
ejge-4520	22	29	and	and	CCONJ
ejge-4520	22	30	its	its	PRON
ejge-4520	22	31	relative	relative	ADJ
ejge-4520	22	32	importance	importance	NOUN
ejge-4520	22	33	continues	continue	VERB
ejge-4520	22	34	to	to	PART
ejge-4520	22	35	grow	grow	VERB
ejge-4520	22	36	,	,	PUNCT
ejge-4520	22	37	especially	especially	ADV
ejge-4520	22	38	in	in	ADP
ejge-4520	22	39	foreign	foreign	ADJ
ejge-4520	22	40	exchange	exchange	NOUN
ejge-4520	22	41	markets	market	NOUN
ejge-4520	22	42	.	.	PUNCT
ejge-4520	23	1	in	in	ADP
ejge-4520	23	2	addition	addition	NOUN
ejge-4520	23	3	,	,	PUNCT
ejge-4520	23	4	28	28	NUM
ejge-4520	23	5	%	%	NOUN
ejge-4520	23	6	of	of	ADP
ejge-4520	23	7	this	this	DET
ejge-4520	23	8	activity	activity	NOUN
ejge-4520	23	9	is	be	AUX
ejge-4520	23	10	considered	consider	VERB
ejge-4520	23	11	destabilising	destabilising	ADJ
ejge-4520	23	12	shadow	shadow	NOUN
ejge-4520	23	13	banking	banking	NOUN
ejge-4520	23	14	(	(	PUNCT
ejge-4520	23	15	financial	financial	ADJ
ejge-4520	23	16	stability	stability	NOUN
ejge-4520	23	17	board	board	NOUN
ejge-4520	23	18	,	,	PUNCT
ejge-4520	23	19	2018	2018	NUM
ejge-4520	23	20	)	)	PUNCT
ejge-4520	23	21	,	,	PUNCT
ejge-4520	23	22	i.e.	i.e.	X
ejge-4520	23	23	activities	activity	NOUN
ejge-4520	23	24	that	that	PRON
ejge-4520	23	25	are	be	AUX
ejge-4520	23	26	not	not	PART
ejge-4520	23	27	sufficiently	sufficiently	ADV
ejge-4520	23	28	supervised	supervise	VERB
ejge-4520	23	29	and	and	CCONJ
ejge-4520	23	30	which	which	PRON
ejge-4520	23	31	could	could	AUX
ejge-4520	23	32	jeopardise	jeopardise	VERB
ejge-4520	23	33	the	the	DET
ejge-4520	23	34	integrity	integrity	NOUN
ejge-4520	23	35	of	of	ADP
ejge-4520	23	36	the	the	DET
ejge-4520	23	37	global	global	ADJ
ejge-4520	23	38	financial	financial	ADJ
ejge-4520	23	39	system	system	NOUN
ejge-4520	23	40	.	.	PUNCT
ejge-4520	24	1	in	in	ADP
ejge-4520	24	2	short	short	ADJ
ejge-4520	24	3	,	,	PUNCT
ejge-4520	24	4	not	not	PART
ejge-4520	24	5	adequately	adequately	ADV
ejge-4520	24	6	controlled	control	VERB
ejge-4520	24	7	sources	source	NOUN
ejge-4520	24	8	of	of	ADP
ejge-4520	24	9	systemic	systemic	ADJ
ejge-4520	24	10	mailto:jmgarcia@unex.es	mailto:jmgarcia@unex.es	PROPN
ejge-4520	24	11	https://doi.org/10.17979/ejge.2018.7.2.4520	https://doi.org/10.17979/ejge.2018.7.2.4520	PROPN
ejge-4520	24	12	c.	c.	PROPN
ejge-4520	24	13	fernández	fernández	PROPN
ejge-4520	24	14	-	-	PUNCT
ejge-4520	24	15	herraiz	herraiz	PROPN
ejge-4520	24	16	et	et	PROPN
ejge-4520	24	17	al	al	PROPN
ejge-4520	24	18	.	.	PUNCT
ejge-4520	24	19	/	/	SYM
ejge-4520	24	20	european	european	PROPN
ejge-4520	24	21	journal	journal	PROPN
ejge-4520	24	22	of	of	ADP
ejge-4520	24	23	government	government	NOUN
ejge-4520	24	24	and	and	CCONJ
ejge-4520	24	25	economics	economic	NOUN
ejge-4520	24	26	7(2	7(2	NUM
ejge-4520	24	27	)	)	PUNCT
ejge-4520	24	28	,	,	PUNCT
ejge-4520	24	29	123	123	NUM
ejge-4520	24	30	-	-	SYM
ejge-4520	24	31	137	137	NUM
ejge-4520	24	32	.	.	PUNCT
ejge-4520	24	33	124	124	NUM
ejge-4520	24	34	risk	risk	NOUN
ejge-4520	24	35	.	.	PUNCT
ejge-4520	25	1	carry	carry	VERB
ejge-4520	25	2	trade	trade	NOUN
ejge-4520	25	3	in	in	ADP
ejge-4520	25	4	foreign	foreign	ADJ
ejge-4520	25	5	exchange	exchange	NOUN
ejge-4520	25	6	has	have	AUX
ejge-4520	25	7	been	be	AUX
ejge-4520	25	8	the	the	DET
ejge-4520	25	9	subject	subject	NOUN
ejge-4520	25	10	of	of	ADP
ejge-4520	25	11	a	a	DET
ejge-4520	25	12	long	long	ADJ
ejge-4520	25	13	tradition	tradition	NOUN
ejge-4520	25	14	of	of	ADP
ejge-4520	25	15	academic	academic	ADJ
ejge-4520	25	16	research	research	NOUN
ejge-4520	25	17	that	that	PRON
ejge-4520	25	18	goes	go	VERB
ejge-4520	25	19	back	back	ADV
ejge-4520	25	20	to	to	ADP
ejge-4520	25	21	the	the	DET
ejge-4520	25	22	analysis	analysis	NOUN
ejge-4520	25	23	of	of	ADP
ejge-4520	25	24	the	the	DET
ejge-4520	25	25	non	non	ADJ
ejge-4520	25	26	-	-	ADJ
ejge-4520	25	27	interest	interest	ADJ
ejge-4520	25	28	rate	rate	NOUN
ejge-4520	25	29	default	default	NOUN
ejge-4520	25	30	and	and	CCONJ
ejge-4520	25	31	the	the	DET
ejge-4520	25	32	various	various	ADJ
ejge-4520	25	33	explanations	explanation	NOUN
ejge-4520	25	34	for	for	ADP
ejge-4520	25	35	the	the	DET
ejge-4520	25	36	existence	existence	NOUN
ejge-4520	25	37	of	of	ADP
ejge-4520	25	38	a	a	DET
ejge-4520	25	39	forward	forward	ADJ
ejge-4520	25	40	premium	premium	NOUN
ejge-4520	25	41	on	on	ADP
ejge-4520	25	42	foreign	foreign	ADJ
ejge-4520	25	43	exchange	exchange	NOUN
ejge-4520	25	44	transactions	transaction	NOUN
ejge-4520	25	45	.	.	PUNCT
ejge-4520	26	1	thus	thus	ADV
ejge-4520	26	2	,	,	PUNCT
ejge-4520	26	3	following	follow	VERB
ejge-4520	26	4	the	the	DET
ejge-4520	26	5	progressive	progressive	ADJ
ejge-4520	26	6	liberalisation	liberalisation	NOUN
ejge-4520	26	7	of	of	ADP
ejge-4520	26	8	exchange	exchange	NOUN
ejge-4520	26	9	rates	rate	NOUN
ejge-4520	26	10	in	in	ADP
ejge-4520	26	11	the	the	DET
ejge-4520	26	12	1970s	1970	NOUN
ejge-4520	26	13	,	,	PUNCT
ejge-4520	26	14	the	the	DET
ejge-4520	26	15	empirical	empirical	ADJ
ejge-4520	26	16	evidence	evidence	NOUN
ejge-4520	26	17	of	of	ADP
ejge-4520	26	18	this	this	DET
ejge-4520	26	19	failure	failure	NOUN
ejge-4520	26	20	and	and	CCONJ
ejge-4520	26	21	the	the	DET
ejge-4520	26	22	difficulty	difficulty	NOUN
ejge-4520	26	23	of	of	ADP
ejge-4520	26	24	structural	structural	ADJ
ejge-4520	26	25	models	model	NOUN
ejge-4520	26	26	in	in	ADP
ejge-4520	26	27	reproducing	reproduce	VERB
ejge-4520	26	28	the	the	DET
ejge-4520	26	29	behaviour	behaviour	NOUN
ejge-4520	26	30	of	of	ADP
ejge-4520	26	31	currency	currency	NOUN
ejge-4520	26	32	prices	price	NOUN
ejge-4520	26	33	generated	generate	VERB
ejge-4520	26	34	an	an	DET
ejge-4520	26	35	interest	interest	NOUN
ejge-4520	26	36	from	from	ADP
ejge-4520	26	37	the	the	DET
ejge-4520	26	38	academic	academic	ADJ
ejge-4520	26	39	world	world	NOUN
ejge-4520	26	40	and	and	CCONJ
ejge-4520	26	41	from	from	ADP
ejge-4520	26	42	practitioners	practitioner	NOUN
ejge-4520	26	43	that	that	PRON
ejge-4520	26	44	has	have	AUX
ejge-4520	26	45	remained	remain	VERB
ejge-4520	26	46	active	active	ADJ
ejge-4520	26	47	to	to	ADP
ejge-4520	26	48	this	this	DET
ejge-4520	26	49	day	day	NOUN
ejge-4520	26	50	.	.	PUNCT
ejge-4520	27	1	in	in	ADP
ejge-4520	27	2	our	our	PRON
ejge-4520	27	3	view	view	NOUN
ejge-4520	27	4	,	,	PUNCT
ejge-4520	27	5	the	the	DET
ejge-4520	27	6	connection	connection	NOUN
ejge-4520	27	7	between	between	ADP
ejge-4520	27	8	carry	carry	NOUN
ejge-4520	27	9	trade	trade	NOUN
ejge-4520	27	10	,	,	PUNCT
ejge-4520	27	11	shadow	shadow	NOUN
ejge-4520	27	12	banking	banking	NOUN
ejge-4520	27	13	and	and	CCONJ
ejge-4520	27	14	foreign	foreign	ADJ
ejge-4520	27	15	exchange	exchange	NOUN
ejge-4520	27	16	policy	policy	NOUN
ejge-4520	27	17	already	already	ADV
ejge-4520	27	18	implies	imply	VERB
ejge-4520	27	19	an	an	DET
ejge-4520	27	20	in	in	ADP
ejge-4520	27	21	-	-	PUNCT
ejge-4520	27	22	depth	depth	NOUN
ejge-4520	27	23	reflection	reflection	NOUN
ejge-4520	27	24	on	on	ADP
ejge-4520	27	25	the	the	DET
ejge-4520	27	26	functioning	functioning	NOUN
ejge-4520	27	27	of	of	ADP
ejge-4520	27	28	today	today	NOUN
ejge-4520	27	29	's	's	PART
ejge-4520	27	30	financial	financial	ADJ
ejge-4520	27	31	markets	market	NOUN
ejge-4520	27	32	.	.	PUNCT
ejge-4520	28	1	one	one	PRON
ejge-4520	28	2	might	might	AUX
ejge-4520	28	3	therefore	therefore	ADV
ejge-4520	28	4	wonder	wonder	VERB
ejge-4520	28	5	whether	whether	SCONJ
ejge-4520	28	6	it	it	PRON
ejge-4520	28	7	is	be	AUX
ejge-4520	28	8	not	not	PART
ejge-4520	28	9	the	the	DET
ejge-4520	28	10	financing	financing	NOUN
ejge-4520	28	11	of	of	ADP
ejge-4520	28	12	trade	trade	NOUN
ejge-4520	28	13	in	in	ADP
ejge-4520	28	14	these	these	DET
ejge-4520	28	15	assets	asset	NOUN
ejge-4520	28	16	that	that	PRON
ejge-4520	28	17	underpins	underpin	VERB
ejge-4520	28	18	carry	carry	VERB
ejge-4520	28	19	trade	trade	NOUN
ejge-4520	28	20	strategies	strategy	NOUN
ejge-4520	28	21	,	,	PUNCT
ejge-4520	28	22	and	and	CCONJ
ejge-4520	28	23	whether	whether	SCONJ
ejge-4520	28	24	the	the	DET
ejge-4520	28	25	ocean	ocean	NOUN
ejge-4520	28	26	on	on	ADP
ejge-4520	28	27	which	which	PRON
ejge-4520	28	28	they	they	PRON
ejge-4520	28	29	are	be	AUX
ejge-4520	28	30	traded	trade	VERB
ejge-4520	28	31	is	be	AUX
ejge-4520	28	32	not	not	PART
ejge-4520	28	33	shadow	shadow	NOUN
ejge-4520	28	34	banking	banking	NOUN
ejge-4520	28	35	.	.	PUNCT
ejge-4520	29	1	in	in	ADP
ejge-4520	29	2	short	short	ADJ
ejge-4520	29	3	,	,	PUNCT
ejge-4520	29	4	a	a	DET
ejge-4520	29	5	system	system	NOUN
ejge-4520	29	6	in	in	ADP
ejge-4520	29	7	which	which	PRON
ejge-4520	29	8	leverage	leverage	NOUN
ejge-4520	29	9	and	and	CCONJ
ejge-4520	29	10	liquidity	liquidity	NOUN
ejge-4520	29	11	end	end	VERB
ejge-4520	29	12	up	up	ADP
ejge-4520	29	13	being	be	AUX
ejge-4520	29	14	the	the	DET
ejge-4520	29	15	front	front	NOUN
ejge-4520	29	16	and	and	CCONJ
ejge-4520	29	17	back	back	ADV
ejge-4520	29	18	of	of	ADP
ejge-4520	29	19	the	the	DET
ejge-4520	29	20	same	same	ADJ
ejge-4520	29	21	thing	thing	NOUN
ejge-4520	29	22	.	.	PUNCT
ejge-4520	30	1	where	where	SCONJ
ejge-4520	30	2	leverage	leverage	NOUN
ejge-4520	30	3	(	(	PUNCT
ejge-4520	30	4	and	and	CCONJ
ejge-4520	30	5	liquidity	liquidity	NOUN
ejge-4520	30	6	)	)	PUNCT
ejge-4520	30	7	are	be	AUX
ejge-4520	30	8	also	also	ADV
ejge-4520	30	9	pro	pro	ADJ
ejge-4520	30	10	-	-	ADJ
ejge-4520	30	11	cyclical	cyclical	ADJ
ejge-4520	30	12	.	.	PUNCT
ejge-4520	31	1	and	and	CCONJ
ejge-4520	31	2	where	where	SCONJ
ejge-4520	31	3	the	the	DET
ejge-4520	31	4	set	set	NOUN
ejge-4520	31	5	of	of	ADP
ejge-4520	31	6	agents	agent	NOUN
ejge-4520	31	7	that	that	PRON
ejge-4520	31	8	use	use	VERB
ejge-4520	31	9	the	the	DET
ejge-4520	31	10	same	same	ADJ
ejge-4520	31	11	rules	rule	NOUN
ejge-4520	31	12	:	:	PUNCT
ejge-4520	31	13	basically	basically	ADV
ejge-4520	31	14	carry	carry	VERB
ejge-4520	31	15	strategies	strategy	NOUN
ejge-4520	31	16	and	and	CCONJ
ejge-4520	31	17	portfolio	portfolio	NOUN
ejge-4520	31	18	rebalancing	rebalancing	NOUN
ejge-4520	31	19	based	base	VERB
ejge-4520	31	20	on	on	ADP
ejge-4520	31	21	the	the	DET
ejge-4520	31	22	use	use	NOUN
ejge-4520	31	23	of	of	ADP
ejge-4520	31	24	value	value	NOUN
ejge-4520	31	25	at	at	ADP
ejge-4520	31	26	risk	risk	NOUN
ejge-4520	31	27	(	(	PUNCT
ejge-4520	31	28	var	var	NOUN
ejge-4520	31	29	)	)	PUNCT
ejge-4520	31	30	models	model	NOUN
ejge-4520	31	31	.	.	PUNCT
ejge-4520	32	1	the	the	DET
ejge-4520	32	2	foreign	foreign	ADJ
ejge-4520	32	3	exchange	exchange	NOUN
ejge-4520	32	4	market	market	NOUN
ejge-4520	32	5	is	be	AUX
ejge-4520	32	6	both	both	CCONJ
ejge-4520	32	7	the	the	DET
ejge-4520	32	8	largest	large	ADJ
ejge-4520	32	9	financial	financial	ADJ
ejge-4520	32	10	market	market	NOUN
ejge-4520	32	11	and	and	CCONJ
ejge-4520	32	12	a	a	DET
ejge-4520	32	13	largely	largely	ADV
ejge-4520	32	14	deregulated	deregulated	ADJ
ejge-4520	32	15	market	market	NOUN
ejge-4520	32	16	.	.	PUNCT
ejge-4520	33	1	it	it	PRON
ejge-4520	33	2	is	be	AUX
ejge-4520	33	3	also	also	ADV
ejge-4520	33	4	one	one	NUM
ejge-4520	33	5	of	of	ADP
ejge-4520	33	6	the	the	DET
ejge-4520	33	7	markets	market	NOUN
ejge-4520	33	8	where	where	SCONJ
ejge-4520	33	9	carry	carry	VERB
ejge-4520	33	10	trade	trade	NOUN
ejge-4520	33	11	strategies	strategy	NOUN
ejge-4520	33	12	have	have	AUX
ejge-4520	33	13	been	be	AUX
ejge-4520	33	14	most	most	ADV
ejge-4520	33	15	exploited	exploit	VERB
ejge-4520	33	16	by	by	ADP
ejge-4520	33	17	professional	professional	ADJ
ejge-4520	33	18	speculators	speculator	NOUN
ejge-4520	33	19	.	.	PUNCT
ejge-4520	34	1	our	our	PRON
ejge-4520	34	2	study	study	NOUN
ejge-4520	34	3	aims	aim	VERB
ejge-4520	34	4	to	to	PART
ejge-4520	34	5	explore	explore	VERB
ejge-4520	34	6	the	the	DET
ejge-4520	34	7	extent	extent	NOUN
ejge-4520	34	8	to	to	PART
ejge-4520	34	9	which	which	PRON
ejge-4520	34	10	the	the	DET
ejge-4520	34	11	existence	existence	NOUN
ejge-4520	34	12	of	of	ADP
ejge-4520	34	13	shadow	shadow	NOUN
ejge-4520	34	14	banking	banking	NOUN
ejge-4520	34	15	rewards	reward	VERB
ejge-4520	34	16	speculative	speculative	ADJ
ejge-4520	34	17	strategies	strategy	NOUN
ejge-4520	34	18	based	base	VERB
ejge-4520	34	19	on	on	ADP
ejge-4520	34	20	simple	simple	ADJ
ejge-4520	34	21	and	and	CCONJ
ejge-4520	34	22	reproducible	reproducible	ADJ
ejge-4520	34	23	rules	rule	NOUN
ejge-4520	34	24	.	.	PUNCT
ejge-4520	35	1	these	these	DET
ejge-4520	35	2	conditions	condition	NOUN
ejge-4520	35	3	may	may	AUX
ejge-4520	35	4	imply	imply	VERB
ejge-4520	35	5	that	that	SCONJ
ejge-4520	35	6	in	in	ADP
ejge-4520	35	7	the	the	DET
ejge-4520	35	8	currency	currency	NOUN
ejge-4520	35	9	markets	market	NOUN
ejge-4520	35	10	,	,	PUNCT
ejge-4520	35	11	destabilizing	destabilizing	ADJ
ejge-4520	35	12	speculative	speculative	ADJ
ejge-4520	35	13	strategies	strategy	NOUN
ejge-4520	35	14	offer	offer	VERB
ejge-4520	35	15	consistently	consistently	ADV
ejge-4520	35	16	attractive	attractive	ADJ
ejge-4520	35	17	and	and	CCONJ
ejge-4520	35	18	lasting	lasting	ADJ
ejge-4520	35	19	results	result	NOUN
ejge-4520	35	20	over	over	ADP
ejge-4520	35	21	time	time	NOUN
ejge-4520	35	22	.	.	PUNCT
ejge-4520	36	1	if	if	SCONJ
ejge-4520	36	2	this	this	PRON
ejge-4520	36	3	were	be	AUX
ejge-4520	36	4	so	so	ADV
ejge-4520	36	5	,	,	PUNCT
ejge-4520	36	6	we	we	PRON
ejge-4520	36	7	would	would	AUX
ejge-4520	36	8	be	be	AUX
ejge-4520	36	9	calling	call	VERB
ejge-4520	36	10	into	into	ADP
ejge-4520	36	11	question	question	NOUN
ejge-4520	36	12	the	the	DET
ejge-4520	36	13	social	social	ADJ
ejge-4520	36	14	role	role	NOUN
ejge-4520	36	15	of	of	ADP
ejge-4520	36	16	speculators	speculator	NOUN
ejge-4520	36	17	in	in	ADP
ejge-4520	36	18	today	today	NOUN
ejge-4520	36	19	's	's	PART
ejge-4520	36	20	financial	financial	ADJ
ejge-4520	36	21	markets	market	NOUN
ejge-4520	36	22	and	and	CCONJ
ejge-4520	36	23	thus	thus	ADV
ejge-4520	36	24	delegitimising	delegitimise	VERB
ejge-4520	36	25	some	some	PRON
ejge-4520	36	26	of	of	ADP
ejge-4520	36	27	the	the	DET
ejge-4520	36	28	freedom	freedom	NOUN
ejge-4520	36	29	of	of	ADP
ejge-4520	36	30	action	action	NOUN
ejge-4520	36	31	enjoyed	enjoy	VERB
ejge-4520	36	32	by	by	ADP
ejge-4520	36	33	financial	financial	ADJ
ejge-4520	36	34	institutions	institution	NOUN
ejge-4520	36	35	and	and	CCONJ
ejge-4520	36	36	institutional	institutional	ADJ
ejge-4520	36	37	investors	investor	NOUN
ejge-4520	36	38	in	in	ADP
ejge-4520	36	39	the	the	DET
ejge-4520	36	40	currency	currency	NOUN
ejge-4520	36	41	markets	market	NOUN
ejge-4520	36	42	.	.	PUNCT
ejge-4520	37	1	the	the	DET
ejge-4520	37	2	main	main	ADJ
ejge-4520	37	3	contribution	contribution	NOUN
ejge-4520	37	4	of	of	ADP
ejge-4520	37	5	the	the	DET
ejge-4520	37	6	paper	paper	NOUN
ejge-4520	37	7	to	to	ADP
ejge-4520	37	8	current	current	ADJ
ejge-4520	37	9	research	research	NOUN
ejge-4520	37	10	in	in	ADP
ejge-4520	37	11	the	the	DET
ejge-4520	37	12	area	area	NOUN
ejge-4520	37	13	of	of	ADP
ejge-4520	37	14	exchange	exchange	NOUN
ejge-4520	37	15	rates	rate	NOUN
ejge-4520	37	16	and	and	CCONJ
ejge-4520	37	17	policy	policy	NOUN
ejge-4520	37	18	intervention	intervention	NOUN
ejge-4520	37	19	in	in	ADP
ejge-4520	37	20	currency	currency	NOUN
ejge-4520	37	21	markets	market	NOUN
ejge-4520	37	22	is	be	AUX
ejge-4520	37	23	the	the	DET
ejge-4520	37	24	connexion	connexion	NOUN
ejge-4520	37	25	established	establish	VERB
ejge-4520	37	26	between	between	ADP
ejge-4520	37	27	exchange	exchange	NOUN
ejge-4520	37	28	policy	policy	NOUN
ejge-4520	37	29	credibility	credibility	NOUN
ejge-4520	37	30	and	and	CCONJ
ejge-4520	37	31	ex	ex	PRON
ejge-4520	37	32	post	post	NOUN
ejge-4520	37	33	carry	carry	VERB
ejge-4520	37	34	trade	trade	NOUN
ejge-4520	37	35	returns	return	NOUN
ejge-4520	37	36	from	from	ADP
ejge-4520	37	37	stylized	stylize	VERB
ejge-4520	37	38	carry	carry	NOUN
ejge-4520	37	39	trade	trade	NOUN
ejge-4520	37	40	strategies	strategy	NOUN
ejge-4520	37	41	employed	employ	VERB
ejge-4520	37	42	by	by	ADP
ejge-4520	37	43	professional	professional	ADJ
ejge-4520	37	44	speculators	speculator	NOUN
ejge-4520	37	45	.	.	PUNCT
ejge-4520	38	1	long	long	ADV
ejge-4520	38	2	lasting	last	VERB
ejge-4520	38	3	attractive	attractive	ADJ
ejge-4520	38	4	performance	performance	NOUN
ejge-4520	38	5	coming	come	VERB
ejge-4520	38	6	from	from	ADP
ejge-4520	38	7	destabilizing	destabilizing	ADJ
ejge-4520	38	8	carry	carry	NOUN
ejge-4520	38	9	trade	trade	NOUN
ejge-4520	38	10	specifications	specification	NOUN
ejge-4520	38	11	gives	give	VERB
ejge-4520	38	12	rise	rise	NOUN
ejge-4520	38	13	to	to	ADP
ejge-4520	38	14	reasonable	reasonable	ADJ
ejge-4520	38	15	doubts	doubt	NOUN
ejge-4520	38	16	regarding	regard	VERB
ejge-4520	38	17	exchange	exchange	NOUN
ejge-4520	38	18	policy	policy	NOUN
ejge-4520	38	19	credibility	credibility	NOUN
ejge-4520	38	20	perceived	perceive	VERB
ejge-4520	38	21	by	by	ADP
ejge-4520	38	22	the	the	DET
ejge-4520	38	23	markets	market	NOUN
ejge-4520	38	24	.	.	PUNCT
ejge-4520	39	1	the	the	DET
ejge-4520	39	2	paper	paper	NOUN
ejge-4520	39	3	is	be	AUX
ejge-4520	39	4	structured	structure	VERB
ejge-4520	39	5	as	as	SCONJ
ejge-4520	39	6	follows	follow	VERB
ejge-4520	39	7	.	.	PUNCT
ejge-4520	40	1	section	section	NOUN
ejge-4520	40	2	two	two	NUM
ejge-4520	40	3	covers	cover	VERB
ejge-4520	40	4	the	the	DET
ejge-4520	40	5	foundations	foundation	NOUN
ejge-4520	40	6	of	of	ADP
ejge-4520	40	7	carry	carry	VERB
ejge-4520	40	8	trade	trade	NOUN
ejge-4520	40	9	activity	activity	NOUN
ejge-4520	40	10	,	,	PUNCT
ejge-4520	40	11	its	its	PRON
ejge-4520	40	12	connection	connection	NOUN
ejge-4520	40	13	with	with	ADP
ejge-4520	40	14	shadow	shadow	NOUN
ejge-4520	40	15	banking	banking	NOUN
ejge-4520	40	16	and	and	CCONJ
ejge-4520	40	17	our	our	PRON
ejge-4520	40	18	definition	definition	NOUN
ejge-4520	40	19	of	of	ADP
ejge-4520	40	20	destabilizing	destabilizing	ADJ
ejge-4520	40	21	currency	currency	NOUN
ejge-4520	40	22	carry	carry	VERB
ejge-4520	40	23	trade	trade	NOUN
ejge-4520	40	24	.	.	PUNCT
ejge-4520	41	1	section	section	NOUN
ejge-4520	41	2	three	three	NUM
ejge-4520	41	3	defines	define	VERB
ejge-4520	41	4	the	the	DET
ejge-4520	41	5	set	set	NOUN
ejge-4520	41	6	of	of	ADP
ejge-4520	41	7	strategies	strategy	NOUN
ejge-4520	41	8	that	that	PRON
ejge-4520	41	9	we	we	PRON
ejge-4520	41	10	will	will	AUX
ejge-4520	41	11	use	use	VERB
ejge-4520	41	12	in	in	ADP
ejge-4520	41	13	the	the	DET
ejge-4520	41	14	next	next	ADJ
ejge-4520	41	15	section	section	NOUN
ejge-4520	41	16	.	.	PUNCT
ejge-4520	42	1	section	section	NOUN
ejge-4520	42	2	four	four	NUM
ejge-4520	42	3	covers	cover	VERB
ejge-4520	42	4	our	our	PRON
ejge-4520	42	5	empirical	empirical	ADJ
ejge-4520	42	6	analysis	analysis	NOUN
ejge-4520	42	7	of	of	ADP
ejge-4520	42	8	the	the	DET
ejge-4520	42	9	mexican	mexican	ADJ
ejge-4520	42	10	peso	peso	NOUN
ejge-4520	42	11	and	and	CCONJ
ejge-4520	42	12	the	the	DET
ejge-4520	42	13	brazilian	brazilian	NOUN
ejge-4520	42	14	real	real	ADV
ejge-4520	42	15	within	within	ADP
ejge-4520	42	16	the	the	DET
ejge-4520	42	17	may-2000	may-2000	NOUN
ejge-4520	42	18	to	to	PART
ejge-4520	42	19	may-2018	may-2018	NOUN
ejge-4520	42	20	sample	sample	NOUN
ejge-4520	42	21	and	and	CCONJ
ejge-4520	42	22	explores	explore	VERB
ejge-4520	42	23	the	the	DET
ejge-4520	42	24	consequences	consequence	NOUN
ejge-4520	42	25	of	of	ADP
ejge-4520	42	26	the	the	DET
ejge-4520	42	27	evidence	evidence	NOUN
ejge-4520	42	28	presented	present	VERB
ejge-4520	42	29	in	in	ADP
ejge-4520	42	30	terms	term	NOUN
ejge-4520	42	31	of	of	ADP
ejge-4520	42	32	exchange	exchange	NOUN
ejge-4520	42	33	rate	rate	NOUN
ejge-4520	42	34	policy	policy	NOUN
ejge-4520	42	35	credibility	credibility	NOUN
ejge-4520	42	36	.	.	PUNCT
ejge-4520	43	1	the	the	DET
ejge-4520	43	2	last	last	ADJ
ejge-4520	43	3	section	section	NOUN
ejge-4520	43	4	covers	cover	VERB
ejge-4520	43	5	the	the	DET
ejge-4520	43	6	main	main	ADJ
ejge-4520	43	7	conclusions	conclusion	NOUN
ejge-4520	43	8	of	of	ADP
ejge-4520	43	9	our	our	PRON
ejge-4520	43	10	analysis	analysis	NOUN
ejge-4520	43	11	and	and	CCONJ
ejge-4520	43	12	potential	potential	ADJ
ejge-4520	43	13	next	next	ADJ
ejge-4520	43	14	steps	step	NOUN
ejge-4520	43	15	in	in	ADP
ejge-4520	43	16	this	this	DET
ejge-4520	43	17	research	research	NOUN
ejge-4520	43	18	.	.	PUNCT
ejge-4520	44	1	c.	c.	PROPN
ejge-4520	44	2	fernández	fernández	PROPN
ejge-4520	44	3	-	-	PUNCT
ejge-4520	44	4	herraiz	herraiz	PROPN
ejge-4520	44	5	et	et	PROPN
ejge-4520	44	6	al	al	PROPN
ejge-4520	44	7	.	.	PUNCT
ejge-4520	44	8	/	/	SYM
ejge-4520	44	9	european	european	PROPN
ejge-4520	44	10	journal	journal	PROPN
ejge-4520	44	11	of	of	ADP
ejge-4520	44	12	government	government	NOUN
ejge-4520	44	13	and	and	CCONJ
ejge-4520	44	14	economics	economic	NOUN
ejge-4520	44	15	7(2	7(2	NUM
ejge-4520	44	16	)	)	PUNCT
ejge-4520	44	17	,	,	PUNCT
ejge-4520	44	18	123	123	NUM
ejge-4520	44	19	-	-	SYM
ejge-4520	44	20	137	137	NUM
ejge-4520	44	21	.	.	PUNCT
ejge-4520	45	1	125	125	NUM
ejge-4520	45	2	2	2	NUM
ejge-4520	45	3	.	.	PUNCT
ejge-4520	45	4	carry	carry	VERB
ejge-4520	45	5	trade	trade	NOUN
ejge-4520	45	6	in	in	ADP
ejge-4520	45	7	the	the	DET
ejge-4520	45	8	forex	forex	ADJ
ejge-4520	45	9	market	market	NOUN
ejge-4520	45	10	and	and	CCONJ
ejge-4520	45	11	a	a	DET
ejge-4520	45	12	brief	brief	ADJ
ejge-4520	45	13	reference	reference	NOUN
ejge-4520	45	14	to	to	PART
ejge-4520	45	15	carry	carry	VERB
ejge-4520	45	16	to	to	PART
ejge-4520	45	17	risk	risk	NOUN
ejge-4520	45	18	.	.	PUNCT
ejge-4520	46	1	the	the	DET
ejge-4520	46	2	academic	academic	ADJ
ejge-4520	46	3	interest	interest	NOUN
ejge-4520	46	4	in	in	ADP
ejge-4520	46	5	the	the	DET
ejge-4520	46	6	study	study	NOUN
ejge-4520	46	7	of	of	ADP
ejge-4520	46	8	the	the	DET
ejge-4520	46	9	carry	carry	NOUN
ejge-4520	46	10	trade	trade	NOUN
ejge-4520	46	11	in	in	ADP
ejge-4520	46	12	the	the	DET
ejge-4520	46	13	foreign	foreign	ADJ
ejge-4520	46	14	exchange	exchange	NOUN
ejge-4520	46	15	market	market	NOUN
ejge-4520	46	16	can	can	AUX
ejge-4520	46	17	be	be	AUX
ejge-4520	46	18	traced	trace	VERB
ejge-4520	46	19	from	from	ADP
ejge-4520	46	20	the	the	DET
ejge-4520	46	21	observation	observation	NOUN
ejge-4520	46	22	of	of	ADP
ejge-4520	46	23	a	a	DET
ejge-4520	46	24	double	double	ADJ
ejge-4520	46	25	empirical	empirical	ADJ
ejge-4520	46	26	problem	problem	NOUN
ejge-4520	46	27	.	.	PUNCT
ejge-4520	47	1	first	first	ADV
ejge-4520	47	2	,	,	PUNCT
ejge-4520	47	3	the	the	DET
ejge-4520	47	4	inability	inability	NOUN
ejge-4520	47	5	of	of	ADP
ejge-4520	47	6	the	the	DET
ejge-4520	47	7	structural	structural	ADJ
ejge-4520	47	8	models	model	NOUN
ejge-4520	47	9	of	of	ADP
ejge-4520	47	10	the	the	DET
ejge-4520	47	11	1970s	1970	NOUN
ejge-4520	47	12	to	to	PART
ejge-4520	47	13	provide	provide	VERB
ejge-4520	47	14	a	a	DET
ejge-4520	47	15	better	well	ADJ
ejge-4520	47	16	prediction	prediction	NOUN
ejge-4520	47	17	for	for	ADP
ejge-4520	47	18	currencies	currency	NOUN
ejge-4520	47	19	than	than	ADP
ejge-4520	47	20	a	a	DET
ejge-4520	47	21	random	random	ADJ
ejge-4520	47	22	walk	walk	NOUN
ejge-4520	47	23	with	with	ADP
ejge-4520	47	24	no	no	DET
ejge-4520	47	25	trend	trend	NOUN
ejge-4520	47	26	(	(	PUNCT
ejge-4520	47	27	meese	meese	NOUN
ejge-4520	47	28	and	and	CCONJ
ejge-4520	47	29	rogoff	rogoff	NOUN
ejge-4520	47	30	,	,	PUNCT
ejge-4520	47	31	1983	1983	NUM
ejge-4520	47	32	)	)	PUNCT
ejge-4520	47	33	.	.	PUNCT
ejge-4520	48	1	secondly	secondly	ADV
ejge-4520	48	2	,	,	PUNCT
ejge-4520	48	3	the	the	DET
ejge-4520	48	4	finding	finding	NOUN
ejge-4520	48	5	by	by	ADP
ejge-4520	48	6	various	various	ADJ
ejge-4520	48	7	authors	author	NOUN
ejge-4520	48	8	,	,	PUNCT
ejge-4520	48	9	including	include	VERB
ejge-4520	48	10	hansen	hansen	PROPN
ejge-4520	48	11	and	and	CCONJ
ejge-4520	48	12	hodrick	hodrick	PROPN
ejge-4520	48	13	(	(	PUNCT
ejge-4520	48	14	1980	1980	NUM
ejge-4520	48	15	)	)	PUNCT
ejge-4520	48	16	or	or	CCONJ
ejge-4520	48	17	fama	fama	NOUN
ejge-4520	48	18	(	(	PUNCT
ejge-4520	48	19	1984	1984	NUM
ejge-4520	48	20	)	)	PUNCT
ejge-4520	48	21	,	,	PUNCT
ejge-4520	48	22	of	of	ADP
ejge-4520	48	23	a	a	DET
ejge-4520	48	24	breach	breach	NOUN
ejge-4520	48	25	of	of	ADP
ejge-4520	48	26	the	the	DET
ejge-4520	48	27	uncovered	uncovered	ADJ
ejge-4520	48	28	interest	interest	NOUN
ejge-4520	48	29	parity	parity	NOUN
ejge-4520	48	30	(	(	PUNCT
ejge-4520	48	31	uirp	uirp	ADJ
ejge-4520	48	32	)	)	PUNCT
ejge-4520	48	33	on	on	ADP
ejge-4520	48	34	exchange	exchange	NOUN
ejge-4520	48	35	rates	rate	NOUN
ejge-4520	48	36	,	,	PUNCT
ejge-4520	48	37	and	and	CCONJ
ejge-4520	48	38	the	the	DET
ejge-4520	48	39	"	"	PUNCT
ejge-4520	48	40	discovery	discovery	NOUN
ejge-4520	48	41	"	"	PUNCT
ejge-4520	48	42	of	of	ADP
ejge-4520	48	43	the	the	DET
ejge-4520	48	44	forward	forward	ADJ
ejge-4520	48	45	premium	premium	NOUN
ejge-4520	48	46	puzzle	puzzle	NOUN
ejge-4520	48	47	.	.	PUNCT
ejge-4520	49	1	an	an	DET
ejge-4520	49	2	important	important	ADJ
ejge-4520	49	3	part	part	NOUN
ejge-4520	49	4	of	of	ADP
ejge-4520	49	5	the	the	DET
ejge-4520	49	6	literature	literature	NOUN
ejge-4520	49	7	has	have	AUX
ejge-4520	49	8	been	be	AUX
ejge-4520	49	9	devoted	devote	VERB
ejge-4520	49	10	to	to	ADP
ejge-4520	49	11	the	the	DET
ejge-4520	49	12	discussion	discussion	NOUN
ejge-4520	49	13	of	of	ADP
ejge-4520	49	14	the	the	DET
ejge-4520	49	15	unfulfilment	unfulfilment	NOUN
ejge-4520	49	16	of	of	ADP
ejge-4520	49	17	the	the	DET
ejge-4520	49	18	uncovered	uncovered	ADJ
ejge-4520	49	19	interest	interest	NOUN
ejge-4520	49	20	rate	rate	NOUN
ejge-4520	49	21	parity	parity	NOUN
ejge-4520	49	22	.	.	PUNCT
ejge-4520	50	1	in	in	ADP
ejge-4520	50	2	fact	fact	NOUN
ejge-4520	50	3	,	,	PUNCT
ejge-4520	50	4	academic	academic	ADJ
ejge-4520	50	5	interest	interest	NOUN
ejge-4520	50	6	in	in	ADP
ejge-4520	50	7	the	the	DET
ejge-4520	50	8	carry	carry	NOUN
ejge-4520	50	9	trade	trade	NOUN
ejge-4520	50	10	emerges	emerge	VERB
ejge-4520	50	11	as	as	ADP
ejge-4520	50	12	a	a	DET
ejge-4520	50	13	byproduct	byproduct	NOUN
ejge-4520	50	14	of	of	ADP
ejge-4520	50	15	empirical	empirical	ADJ
ejge-4520	50	16	evidence	evidence	NOUN
ejge-4520	50	17	of	of	ADP
ejge-4520	50	18	such	such	ADJ
ejge-4520	50	19	empirical	empirical	ADJ
ejge-4520	50	20	puzzle	puzzle	NOUN
ejge-4520	50	21	.	.	PUNCT
ejge-4520	51	1	ongoing	ongoing	ADJ
ejge-4520	51	2	research	research	NOUN
ejge-4520	51	3	has	have	AUX
ejge-4520	51	4	mainly	mainly	ADV
ejge-4520	51	5	focused	focus	VERB
ejge-4520	51	6	on	on	ADP
ejge-4520	51	7	justifying	justify	VERB
ejge-4520	51	8	the	the	DET
ejge-4520	51	9	'	'	PUNCT
ejge-4520	51	10	forward	forward	ADJ
ejge-4520	51	11	premium	premium	NOUN
ejge-4520	51	12	'	'	PUNCT
ejge-4520	51	13	in	in	ADP
ejge-4520	51	14	two	two	NUM
ejge-4520	51	15	ways	way	NOUN
ejge-4520	51	16	.	.	PUNCT
ejge-4520	52	1	the	the	DET
ejge-4520	52	2	first	first	ADJ
ejge-4520	52	3	category	category	NOUN
ejge-4520	52	4	of	of	ADP
ejge-4520	52	5	explanations	explanation	NOUN
ejge-4520	52	6	,	,	PUNCT
ejge-4520	52	7	which	which	PRON
ejge-4520	52	8	most	most	ADJ
ejge-4520	52	9	authors	author	NOUN
ejge-4520	52	10	subscribe	subscribe	VERB
ejge-4520	52	11	to	to	PART
ejge-4520	52	12	,	,	PUNCT
ejge-4520	52	13	maintains	maintain	VERB
ejge-4520	52	14	the	the	DET
ejge-4520	52	15	assumption	assumption	NOUN
ejge-4520	52	16	of	of	ADP
ejge-4520	52	17	rational	rational	ADJ
ejge-4520	52	18	expectations	expectation	NOUN
ejge-4520	52	19	,	,	PUNCT
ejge-4520	52	20	and	and	CCONJ
ejge-4520	52	21	interprets	interpret	VERB
ejge-4520	52	22	the	the	DET
ejge-4520	52	23	systematic	systematic	ADJ
ejge-4520	52	24	component	component	NOUN
ejge-4520	52	25	of	of	ADP
ejge-4520	52	26	the	the	DET
ejge-4520	52	27	forward	forward	ADJ
ejge-4520	52	28	market	market	NOUN
ejge-4520	52	29	prediction	prediction	NOUN
ejge-4520	52	30	error	error	NOUN
ejge-4520	52	31	as	as	ADP
ejge-4520	52	32	a	a	DET
ejge-4520	52	33	risk	risk	NOUN
ejge-4520	52	34	premium	premium	NOUN
ejge-4520	52	35	:	:	PUNCT
ejge-4520	52	36	"	"	PUNCT
ejge-4520	52	37	time	time	NOUN
ejge-4520	52	38	varying	vary	VERB
ejge-4520	52	39	risk	risk	NOUN
ejge-4520	52	40	premium	premium	NOUN
ejge-4520	52	41	"	"	PUNCT
ejge-4520	52	42	that	that	PRON
ejge-4520	52	43	fits	fit	VERB
ejge-4520	52	44	naturally	naturally	ADV
ejge-4520	52	45	with	with	ADP
ejge-4520	52	46	models	model	NOUN
ejge-4520	52	47	based	base	VERB
ejge-4520	52	48	on	on	ADP
ejge-4520	52	49	the	the	DET
ejge-4520	52	50	stochastic	stochastic	ADJ
ejge-4520	52	51	discount	discount	NOUN
ejge-4520	52	52	factor	factor	NOUN
ejge-4520	52	53	.	.	PUNCT
ejge-4520	53	1	the	the	DET
ejge-4520	53	2	second	second	ADJ
ejge-4520	53	3	category	category	NOUN
ejge-4520	53	4	attributes	attribute	VERB
ejge-4520	53	5	the	the	DET
ejge-4520	53	6	systematic	systematic	ADJ
ejge-4520	53	7	component	component	NOUN
ejge-4520	53	8	of	of	ADP
ejge-4520	53	9	forecasting	forecasting	NOUN
ejge-4520	53	10	errors	error	NOUN
ejge-4520	53	11	in	in	ADP
ejge-4520	53	12	forward	forward	ADJ
ejge-4520	53	13	transactions	transaction	NOUN
ejge-4520	53	14	to	to	ADP
ejge-4520	53	15	systematic	systematic	ADJ
ejge-4520	53	16	errors	error	NOUN
ejge-4520	53	17	in	in	ADP
ejge-4520	53	18	market	market	NOUN
ejge-4520	53	19	participants	participant	NOUN
ejge-4520	53	20	'	'	PART
ejge-4520	53	21	expectations	expectation	NOUN
ejge-4520	53	22	,	,	PUNCT
ejge-4520	53	23	at	at	ADP
ejge-4520	53	24	least	least	ADJ
ejge-4520	53	25	within	within	ADP
ejge-4520	53	26	the	the	DET
ejge-4520	53	27	sample	sample	NOUN
ejge-4520	53	28	.	.	PUNCT
ejge-4520	54	1	this	this	DET
ejge-4520	54	2	phrase	phrase	NOUN
ejge-4520	54	3	is	be	AUX
ejge-4520	54	4	intended	intend	VERB
ejge-4520	54	5	to	to	PART
ejge-4520	54	6	be	be	AUX
ejge-4520	54	7	as	as	ADV
ejge-4520	54	8	general	general	ADJ
ejge-4520	54	9	as	as	ADP
ejge-4520	54	10	possible	possible	ADJ
ejge-4520	54	11	to	to	PART
ejge-4520	54	12	incorporate	incorporate	VERB
ejge-4520	54	13	issues	issue	NOUN
ejge-4520	54	14	such	such	ADJ
ejge-4520	54	15	as	as	ADP
ejge-4520	54	16	problem	problem	NOUN
ejge-4520	54	17	weight	weight	NOUN
ejge-4520	54	18	,	,	PUNCT
ejge-4520	54	19	learning	learning	NOUN
ejge-4520	54	20	,	,	PUNCT
ejge-4520	54	21	adverse	adverse	ADJ
ejge-4520	54	22	selection	selection	NOUN
ejge-4520	54	23	,	,	PUNCT
ejge-4520	54	24	and	and	CCONJ
ejge-4520	54	25	other	other	ADJ
ejge-4520	54	26	types	type	NOUN
ejge-4520	54	27	of	of	ADP
ejge-4520	54	28	error	error	NOUN
ejge-4520	54	29	patterns	pattern	NOUN
ejge-4520	54	30	that	that	PRON
ejge-4520	54	31	seem	seem	VERB
ejge-4520	54	32	statistically	statistically	ADV
ejge-4520	54	33	significant	significant	ADJ
ejge-4520	54	34	within	within	ADP
ejge-4520	54	35	the	the	DET
ejge-4520	54	36	sample	sample	NOUN
ejge-4520	54	37	.	.	PUNCT
ejge-4520	55	1	the	the	DET
ejge-4520	55	2	definition	definition	NOUN
ejge-4520	55	3	does	do	AUX
ejge-4520	55	4	not	not	PART
ejge-4520	55	5	necessarily	necessarily	ADV
ejge-4520	55	6	have	have	VERB
ejge-4520	55	7	to	to	PART
ejge-4520	55	8	imply	imply	VERB
ejge-4520	55	9	that	that	SCONJ
ejge-4520	55	10	market	market	NOUN
ejge-4520	55	11	participants	participant	NOUN
ejge-4520	55	12	are	be	AUX
ejge-4520	55	13	irrational	irrational	ADJ
ejge-4520	55	14	in	in	ADP
ejge-4520	55	15	fact	fact	NOUN
ejge-4520	55	16	they	they	PRON
ejge-4520	55	17	are	be	AUX
ejge-4520	55	18	not	not	PART
ejge-4520	55	19	so	so	ADV
ejge-4520	55	20	in	in	ADP
ejge-4520	55	21	the	the	DET
ejge-4520	55	22	learning	learning	NOUN
ejge-4520	55	23	approach	approach	NOUN
ejge-4520	55	24	,	,	PUNCT
ejge-4520	55	25	for	for	ADP
ejge-4520	55	26	example	example	NOUN
ejge-4520	55	27	,	,	PUNCT
ejge-4520	55	28	or	or	CCONJ
ejge-4520	55	29	in	in	ADP
ejge-4520	55	30	incorporating	incorporate	VERB
ejge-4520	55	31	the	the	DET
ejge-4520	55	32	assumption	assumption	NOUN
ejge-4520	55	33	of	of	ADP
ejge-4520	55	34	problem	problem	NOUN
ejge-4520	55	35	weight	weight	NOUN
ejge-4520	55	36	.	.	PUNCT
ejge-4520	56	1	however	however	ADV
ejge-4520	56	2	,	,	PUNCT
ejge-4520	56	3	such	such	DET
ejge-4520	56	4	an	an	DET
ejge-4520	56	5	approach	approach	NOUN
ejge-4520	56	6	also	also	ADV
ejge-4520	56	7	opens	open	VERB
ejge-4520	56	8	the	the	DET
ejge-4520	56	9	door	door	NOUN
ejge-4520	56	10	to	to	ADP
ejge-4520	56	11	behavioural	behavioural	ADJ
ejge-4520	56	12	finance	finance	NOUN
ejge-4520	56	13	approaches	approach	NOUN
ejge-4520	56	14	.	.	PUNCT
ejge-4520	57	1	the	the	DET
ejge-4520	57	2	strategic	strategic	ADJ
ejge-4520	57	3	relevance	relevance	NOUN
ejge-4520	57	4	of	of	ADP
ejge-4520	57	5	exchange	exchange	NOUN
ejge-4520	57	6	rates	rate	NOUN
ejge-4520	57	7	for	for	ADP
ejge-4520	57	8	financial	financial	ADJ
ejge-4520	57	9	stability	stability	NOUN
ejge-4520	57	10	and	and	CCONJ
ejge-4520	57	11	exchange	exchange	NOUN
ejge-4520	57	12	policies	policy	NOUN
ejge-4520	57	13	points	point	VERB
ejge-4520	57	14	the	the	DET
ejge-4520	57	15	way	way	NOUN
ejge-4520	57	16	to	to	ADP
ejge-4520	57	17	potential	potential	ADJ
ejge-4520	57	18	explanations	explanation	NOUN
ejge-4520	57	19	based	base	VERB
ejge-4520	57	20	on	on	ADP
ejge-4520	57	21	the	the	DET
ejge-4520	57	22	analysis	analysis	NOUN
ejge-4520	57	23	of	of	ADP
ejge-4520	57	24	the	the	DET
ejge-4520	57	25	credibility	credibility	NOUN
ejge-4520	57	26	of	of	ADP
ejge-4520	57	27	these	these	DET
ejge-4520	57	28	policies	policy	NOUN
ejge-4520	57	29	,	,	PUNCT
ejge-4520	57	30	in	in	ADP
ejge-4520	57	31	view	view	NOUN
ejge-4520	57	32	of	of	ADP
ejge-4520	57	33	structural	structural	ADJ
ejge-4520	57	34	deviations	deviation	NOUN
ejge-4520	57	35	that	that	PRON
ejge-4520	57	36	encourage	encourage	VERB
ejge-4520	57	37	destabilising	destabilising	ADJ
ejge-4520	57	38	carry	carry	NOUN
ejge-4520	57	39	trade	trade	NOUN
ejge-4520	57	40	activity	activity	NOUN
ejge-4520	57	41	.	.	PUNCT
ejge-4520	58	1	there	there	PRON
ejge-4520	58	2	is	be	VERB
ejge-4520	58	3	a	a	DET
ejge-4520	58	4	wide	wide	ADJ
ejge-4520	58	5	recognition	recognition	NOUN
ejge-4520	58	6	among	among	ADP
ejge-4520	58	7	practitioners	practitioner	NOUN
ejge-4520	58	8	of	of	ADP
ejge-4520	58	9	the	the	DET
ejge-4520	58	10	three	three	NUM
ejge-4520	58	11	basic	basic	ADJ
ejge-4520	58	12	speculation	speculation	NOUN
ejge-4520	58	13	models	model	NOUN
ejge-4520	58	14	with	with	ADP
ejge-4520	58	15	a	a	DET
ejge-4520	58	16	top	top	ADJ
ejge-4520	58	17	-	-	PUNCT
ejge-4520	58	18	down	down	ADP
ejge-4520	58	19	approach	approach	NOUN
ejge-4520	58	20	to	to	ADP
ejge-4520	58	21	currency	currency	NOUN
ejge-4520	58	22	portfolios	portfolio	NOUN
ejge-4520	58	23	.	.	PUNCT
ejge-4520	59	1	first	first	ADV
ejge-4520	59	2	,	,	PUNCT
ejge-4520	59	3	the	the	DET
ejge-4520	59	4	strategies	strategy	NOUN
ejge-4520	59	5	based	base	VERB
ejge-4520	59	6	on	on	ADP
ejge-4520	59	7	the	the	DET
ejge-4520	59	8	carry	carry	NOUN
ejge-4520	59	9	,	,	PUNCT
ejge-4520	59	10	the	the	DET
ejge-4520	59	11	foundation	foundation	NOUN
ejge-4520	59	12	of	of	ADP
ejge-4520	59	13	this	this	DET
ejge-4520	59	14	work	work	NOUN
ejge-4520	59	15	.	.	PUNCT
ejge-4520	60	1	second	second	ADJ
ejge-4520	60	2	,	,	PUNCT
ejge-4520	60	3	momentum	momentum	NOUN
ejge-4520	60	4	strategies	strategy	NOUN
ejge-4520	60	5	,	,	PUNCT
ejge-4520	60	6	for	for	ADP
ejge-4520	60	7	which	which	PRON
ejge-4520	60	8	a	a	DET
ejge-4520	60	9	basic	basic	ADJ
ejge-4520	60	10	rule	rule	NOUN
ejge-4520	60	11	of	of	ADP
ejge-4520	60	12	thumb	thumb	NOUN
ejge-4520	60	13	is	be	AUX
ejge-4520	60	14	established	establish	VERB
ejge-4520	60	15	:	:	PUNCT
ejge-4520	60	16	invest	invest	VERB
ejge-4520	60	17	in	in	ADP
ejge-4520	60	18	those	those	DET
ejge-4520	60	19	currencies	currency	NOUN
ejge-4520	60	20	that	that	PRON
ejge-4520	60	21	have	have	AUX
ejge-4520	60	22	appreciated	appreciate	VERB
ejge-4520	60	23	in	in	ADP
ejge-4520	60	24	a	a	DET
ejge-4520	60	25	given	give	VERB
ejge-4520	60	26	period	period	NOUN
ejge-4520	60	27	or	or	CCONJ
ejge-4520	60	28	invest	invest	VERB
ejge-4520	60	29	in	in	ADP
ejge-4520	60	30	those	those	DET
ejge-4520	60	31	currencies	currency	NOUN
ejge-4520	60	32	in	in	ADP
ejge-4520	60	33	a	a	DET
ejge-4520	60	34	basket	basket	NOUN
ejge-4520	60	35	with	with	ADP
ejge-4520	60	36	the	the	DET
ejge-4520	60	37	best	good	ADJ
ejge-4520	60	38	relative	relative	ADJ
ejge-4520	60	39	price	price	NOUN
ejge-4520	60	40	performance	performance	NOUN
ejge-4520	60	41	.	.	PUNCT
ejge-4520	61	1	finally	finally	ADV
ejge-4520	61	2	,	,	PUNCT
ejge-4520	61	3	there	there	PRON
ejge-4520	61	4	are	be	VERB
ejge-4520	61	5	strategies	strategy	NOUN
ejge-4520	61	6	based	base	VERB
ejge-4520	61	7	on	on	ADP
ejge-4520	61	8	the	the	DET
ejge-4520	61	9	valuation	valuation	NOUN
ejge-4520	61	10	of	of	ADP
ejge-4520	61	11	currencies	currency	NOUN
ejge-4520	61	12	,	,	PUNCT
ejge-4520	61	13	based	base	VERB
ejge-4520	61	14	on	on	ADP
ejge-4520	61	15	models	model	NOUN
ejge-4520	61	16	that	that	PRON
ejge-4520	61	17	allow	allow	VERB
ejge-4520	61	18	us	we	PRON
ejge-4520	61	19	to	to	PART
ejge-4520	61	20	estimate	estimate	VERB
ejge-4520	61	21	how	how	SCONJ
ejge-4520	61	22	reasonable	reasonable	ADJ
ejge-4520	61	23	the	the	DET
ejge-4520	61	24	"	"	PUNCT
ejge-4520	61	25	price	price	NOUN
ejge-4520	61	26	"	"	PUNCT
ejge-4520	61	27	of	of	ADP
ejge-4520	61	28	a	a	DET
ejge-4520	61	29	currency	currency	NOUN
ejge-4520	61	30	is	be	AUX
ejge-4520	61	31	in	in	ADP
ejge-4520	61	32	relation	relation	NOUN
ejge-4520	61	33	to	to	ADP
ejge-4520	61	34	those	those	DET
ejge-4520	61	35	other	other	ADJ
ejge-4520	61	36	variables	variable	NOUN
ejge-4520	61	37	or	or	CCONJ
ejge-4520	61	38	effects	effect	NOUN
ejge-4520	61	39	that	that	PRON
ejge-4520	61	40	are	be	AUX
ejge-4520	61	41	relevant	relevant	ADJ
ejge-4520	61	42	.	.	PUNCT
ejge-4520	62	1	these	these	DET
ejge-4520	62	2	strategies	strategy	NOUN
ejge-4520	62	3	are	be	AUX
ejge-4520	62	4	called	call	VERB
ejge-4520	62	5	"	"	PUNCT
ejge-4520	62	6	value	value	NOUN
ejge-4520	62	7	"	"	PUNCT
ejge-4520	62	8	strategies	strategy	NOUN
ejge-4520	62	9	.	.	PUNCT
ejge-4520	63	1	the	the	DET
ejge-4520	63	2	first	first	ADJ
ejge-4520	63	3	two	two	NUM
ejge-4520	63	4	strategies	strategy	NOUN
ejge-4520	63	5	could	could	AUX
ejge-4520	63	6	be	be	AUX
ejge-4520	63	7	considered	consider	VERB
ejge-4520	63	8	destabilizing	destabilizing	ADJ
ejge-4520	63	9	speculation	speculation	NOUN
ejge-4520	63	10	.	.	PUNCT
ejge-4520	64	1	instead	instead	ADV
ejge-4520	64	2	,	,	PUNCT
ejge-4520	64	3	the	the	DET
ejge-4520	64	4	third	third	ADJ
ejge-4520	64	5	strategy	strategy	NOUN
ejge-4520	64	6	produces	produce	VERB
ejge-4520	64	7	stabilizing	stabilize	VERB
ejge-4520	64	8	speculation	speculation	NOUN
ejge-4520	64	9	.	.	PUNCT
ejge-4520	65	1	in	in	ADP
ejge-4520	65	2	many	many	ADJ
ejge-4520	65	3	cases	case	NOUN
ejge-4520	65	4	,	,	PUNCT
ejge-4520	65	5	the	the	DET
ejge-4520	65	6	literature	literature	NOUN
ejge-4520	65	7	has	have	AUX
ejge-4520	65	8	worked	work	VERB
ejge-4520	65	9	on	on	ADP
ejge-4520	65	10	the	the	DET
ejge-4520	65	11	analysis	analysis	NOUN
ejge-4520	65	12	of	of	ADP
ejge-4520	65	13	combinations	combination	NOUN
ejge-4520	65	14	of	of	ADP
ejge-4520	65	15	these	these	DET
ejge-4520	65	16	basic	basic	ADJ
ejge-4520	65	17	strategies	strategy	NOUN
ejge-4520	65	18	.	.	PUNCT
ejge-4520	66	1	for	for	ADP
ejge-4520	66	2	example	example	NOUN
ejge-4520	66	3	,	,	PUNCT
ejge-4520	66	4	jordá	jordá	ADJ
ejge-4520	66	5	and	and	CCONJ
ejge-4520	66	6	taylor	taylor	PROPN
ejge-4520	66	7	(	(	PUNCT
ejge-4520	66	8	2009	2009	NUM
ejge-4520	66	9	)	)	PUNCT
ejge-4520	66	10	or	or	CCONJ
ejge-4520	66	11	barroso	barroso	PROPN
ejge-4520	66	12	and	and	CCONJ
ejge-4520	66	13	santa	santa	PROPN
ejge-4520	66	14	-	-	PUNCT
ejge-4520	66	15	clara	clara	PROPN
ejge-4520	66	16	(	(	PUNCT
ejge-4520	66	17	2015	2015	NUM
ejge-4520	66	18	)	)	PUNCT
ejge-4520	66	19	.	.	PUNCT
ejge-4520	67	1	in	in	ADP
ejge-4520	67	2	our	our	PRON
ejge-4520	67	3	empirical	empirical	ADJ
ejge-4520	67	4	work	work	NOUN
ejge-4520	67	5	,	,	PUNCT
ejge-4520	67	6	for	for	ADP
ejge-4520	67	7	example	example	NOUN
ejge-4520	67	8	,	,	PUNCT
ejge-4520	67	9	carry	carry	VERB
ejge-4520	67	10	and	and	CCONJ
ejge-4520	67	11	momentum	momentum	NOUN
ejge-4520	67	12	strategies	strategy	NOUN
ejge-4520	67	13	will	will	AUX
ejge-4520	67	14	be	be	AUX
ejge-4520	67	15	mixed	mix	VERB
ejge-4520	67	16	as	as	ADP
ejge-4520	67	17	a	a	DET
ejge-4520	67	18	way	way	NOUN
ejge-4520	67	19	of	of	ADP
ejge-4520	67	20	improving	improve	VERB
ejge-4520	67	21	the	the	DET
ejge-4520	67	22	performance	performance	NOUN
ejge-4520	67	23	derived	derive	VERB
ejge-4520	67	24	exclusively	exclusively	ADV
ejge-4520	67	25	from	from	ADP
ejge-4520	67	26	the	the	DET
ejge-4520	67	27	carry	carry	NOUN
ejge-4520	67	28	.	.	PUNCT
ejge-4520	68	1	c.	c.	PROPN
ejge-4520	68	2	fernández	fernández	PROPN
ejge-4520	68	3	-	-	PUNCT
ejge-4520	68	4	herraiz	herraiz	PROPN
ejge-4520	68	5	et	et	PROPN
ejge-4520	68	6	al	al	PROPN
ejge-4520	68	7	.	.	PUNCT
ejge-4520	68	8	/	/	SYM
ejge-4520	68	9	european	european	PROPN
ejge-4520	68	10	journal	journal	PROPN
ejge-4520	68	11	of	of	ADP
ejge-4520	68	12	government	government	NOUN
ejge-4520	68	13	and	and	CCONJ
ejge-4520	68	14	economics	economic	NOUN
ejge-4520	68	15	7(2	7(2	NUM
ejge-4520	68	16	)	)	PUNCT
ejge-4520	68	17	,	,	PUNCT
ejge-4520	68	18	123	123	NUM
ejge-4520	68	19	-	-	SYM
ejge-4520	68	20	137	137	NUM
ejge-4520	68	21	.	.	PUNCT
ejge-4520	68	22	126	126	NUM
ejge-4520	69	1	the	the	DET
ejge-4520	69	2	lack	lack	NOUN
ejge-4520	69	3	of	of	ADP
ejge-4520	69	4	connection	connection	NOUN
ejge-4520	69	5	with	with	ADP
ejge-4520	69	6	fundamentals	fundamental	NOUN
ejge-4520	69	7	that	that	PRON
ejge-4520	69	8	produces	produce	VERB
ejge-4520	69	9	the	the	DET
ejge-4520	69	10	destabilizing	destabilizing	ADJ
ejge-4520	69	11	characteristics	characteristic	NOUN
ejge-4520	69	12	of	of	ADP
ejge-4520	69	13	the	the	DET
ejge-4520	69	14	first	first	ADJ
ejge-4520	69	15	two	two	NUM
ejge-4520	69	16	models	model	NOUN
ejge-4520	69	17	was	be	AUX
ejge-4520	69	18	already	already	ADV
ejge-4520	69	19	recognized	recognize	VERB
ejge-4520	69	20	in	in	ADP
ejge-4520	69	21	a	a	DET
ejge-4520	69	22	previous	previous	ADJ
ejge-4520	69	23	article	article	NOUN
ejge-4520	69	24	by	by	ADP
ejge-4520	69	25	prado	prado	PROPN
ejge-4520	69	26	-	-	PUNCT
ejge-4520	69	27	domínguez	domínguez	NOUN
ejge-4520	69	28	and	and	CCONJ
ejge-4520	69	29	fernández	fernández	PROPN
ejge-4520	69	30	-	-	PUNCT
ejge-4520	69	31	herraiz	herraiz	PROPN
ejge-4520	69	32	(	(	PUNCT
ejge-4520	69	33	2015	2015	NUM
ejge-4520	69	34	)	)	PUNCT
ejge-4520	69	35	.	.	PUNCT
ejge-4520	70	1	the	the	DET
ejge-4520	70	2	expression	expression	NOUN
ejge-4520	70	3	of	of	ADP
ejge-4520	70	4	the	the	DET
ejge-4520	70	5	carry	carry	NOUN
ejge-4520	70	6	to	to	PART
ejge-4520	70	7	risk	risk	NOUN
ejge-4520	70	8	ratio	ratio	NOUN
ejge-4520	70	9	was	be	AUX
ejge-4520	70	10	formally	formally	ADV
ejge-4520	70	11	obtained	obtain	VERB
ejge-4520	70	12	from	from	ADP
ejge-4520	70	13	the	the	DET
ejge-4520	70	14	sharpe	sharpe	PROPN
ejge-4520	70	15	ratio	ratio	NOUN
ejge-4520	70	16	,	,	PUNCT
ejge-4520	70	17	showing	show	VERB
ejge-4520	70	18	its	its	PRON
ejge-4520	70	19	neutrality	neutrality	NOUN
ejge-4520	70	20	to	to	ADP
ejge-4520	70	21	valuation	valuation	NOUN
ejge-4520	70	22	models	model	NOUN
ejge-4520	70	23	,	,	PUNCT
ejge-4520	70	24	and	and	CCONJ
ejge-4520	70	25	applicability	applicability	NOUN
ejge-4520	70	26	to	to	PART
ejge-4520	70	27	carry	carry	VERB
ejge-4520	70	28	trade	trade	NOUN
ejge-4520	70	29	strategies	strategy	NOUN
ejge-4520	70	30	in	in	ADP
ejge-4520	70	31	foreign	foreign	ADJ
ejge-4520	70	32	exchange	exchange	NOUN
ejge-4520	70	33	markets	market	NOUN
ejge-4520	70	34	.	.	PUNCT
ejge-4520	71	1	mounting	mount	VERB
ejge-4520	71	2	trading	trading	NOUN
ejge-4520	71	3	activity	activity	NOUN
ejge-4520	71	4	based	base	VERB
ejge-4520	71	5	on	on	ADP
ejge-4520	71	6	carry	carry	VERB
ejge-4520	71	7	specifications	specification	NOUN
ejge-4520	71	8	limits	limit	VERB
ejge-4520	71	9	the	the	DET
ejge-4520	71	10	volatility	volatility	NOUN
ejge-4520	71	11	of	of	ADP
ejge-4520	71	12	the	the	DET
ejge-4520	71	13	currency	currency	NOUN
ejge-4520	71	14	pair	pair	NOUN
ejge-4520	71	15	,	,	PUNCT
ejge-4520	71	16	so	so	SCONJ
ejge-4520	71	17	it	it	PRON
ejge-4520	71	18	feeds	feed	VERB
ejge-4520	71	19	back	back	ADV
ejge-4520	71	20	the	the	DET
ejge-4520	71	21	carry	carry	VERB
ejge-4520	71	22	-	-	PUNCT
ejge-4520	71	23	to	to	ADP
ejge-4520	71	24	-	-	PUNCT
ejge-4520	71	25	risk	risk	NOUN
ejge-4520	71	26	variable	variable	NOUN
ejge-4520	71	27	,	,	PUNCT
ejge-4520	71	28	making	make	VERB
ejge-4520	71	29	it	it	PRON
ejge-4520	71	30	progressively	progressively	ADV
ejge-4520	71	31	more	more	ADV
ejge-4520	71	32	attractive	attractive	ADJ
ejge-4520	71	33	,	,	PUNCT
ejge-4520	71	34	and	and	CCONJ
ejge-4520	71	35	therefore	therefore	ADV
ejge-4520	71	36	,	,	PUNCT
ejge-4520	71	37	more	more	ADV
ejge-4520	71	38	interesting	interesting	ADJ
ejge-4520	71	39	for	for	ADP
ejge-4520	71	40	the	the	DET
ejge-4520	71	41	agents	agent	NOUN
ejge-4520	71	42	involved	involve	VERB
ejge-4520	71	43	.	.	PUNCT
ejge-4520	72	1	in	in	ADP
ejge-4520	72	2	other	other	ADJ
ejge-4520	72	3	words	word	NOUN
ejge-4520	72	4	,	,	PUNCT
ejge-4520	72	5	the	the	DET
ejge-4520	72	6	very	very	ADJ
ejge-4520	72	7	activity	activity	NOUN
ejge-4520	72	8	of	of	ADP
ejge-4520	72	9	carry	carry	VERB
ejge-4520	72	10	trade	trade	NOUN
ejge-4520	72	11	increases	increase	NOUN
ejge-4520	72	12	the	the	DET
ejge-4520	72	13	carry	carry	NOUN
ejge-4520	72	14	to	to	PART
ejge-4520	72	15	risk	risk	VERB
ejge-4520	72	16	(	(	PUNCT
ejge-4520	72	17	everything	everything	PRON
ejge-4520	72	18	else	else	ADV
ejge-4520	72	19	constant	constant	ADJ
ejge-4520	72	20	)	)	PUNCT
ejge-4520	72	21	making	make	VERB
ejge-4520	72	22	it	it	PRON
ejge-4520	72	23	more	more	ADV
ejge-4520	72	24	attractive	attractive	ADJ
ejge-4520	72	25	for	for	ADP
ejge-4520	72	26	a	a	DET
ejge-4520	72	27	speculator	speculator	NOUN
ejge-4520	72	28	who	who	PRON
ejge-4520	72	29	uses	use	VERB
ejge-4520	72	30	this	this	DET
ejge-4520	72	31	ratio	ratio	NOUN
ejge-4520	72	32	as	as	ADP
ejge-4520	72	33	a	a	DET
ejge-4520	72	34	trigger	trigger	NOUN
ejge-4520	72	35	for	for	ADP
ejge-4520	72	36	his	his	PRON
ejge-4520	72	37	trading	trading	NOUN
ejge-4520	72	38	activity	activity	NOUN
ejge-4520	72	39	.	.	PUNCT
ejge-4520	73	1	this	this	DET
ejge-4520	73	2	activity	activity	NOUN
ejge-4520	73	3	introduces	introduce	VERB
ejge-4520	73	4	the	the	DET
ejge-4520	73	5	well	well	ADV
ejge-4520	73	6	-	-	PUNCT
ejge-4520	73	7	known	know	VERB
ejge-4520	73	8	feedback	feedback	NOUN
ejge-4520	73	9	phenomenon	phenomenon	NOUN
ejge-4520	73	10	,	,	PUNCT
ejge-4520	73	11	which	which	PRON
ejge-4520	73	12	can	can	AUX
ejge-4520	73	13	also	also	ADV
ejge-4520	73	14	be	be	AUX
ejge-4520	73	15	found	find	VERB
ejge-4520	73	16	in	in	ADP
ejge-4520	73	17	other	other	ADJ
ejge-4520	73	18	forex	forex	ADJ
ejge-4520	73	19	trading	trading	NOUN
ejge-4520	73	20	strategies	strategy	NOUN
ejge-4520	73	21	such	such	ADJ
ejge-4520	73	22	as	as	ADP
ejge-4520	73	23	momentum	momentum	NOUN
ejge-4520	73	24	strategies	strategy	NOUN
ejge-4520	73	25	(	(	PUNCT
ejge-4520	73	26	osler	osler	NOUN
ejge-4520	73	27	,	,	PUNCT
ejge-4520	73	28	2012	2012	NUM
ejge-4520	73	29	)	)	PUNCT
ejge-4520	73	30	.	.	PUNCT
ejge-4520	74	1	this	this	DET
ejge-4520	74	2	type	type	NOUN
ejge-4520	74	3	of	of	ADP
ejge-4520	74	4	trading	trading	NOUN
ejge-4520	74	5	activity	activity	NOUN
ejge-4520	74	6	corresponds	correspond	VERB
ejge-4520	74	7	to	to	ADP
ejge-4520	74	8	the	the	DET
ejge-4520	74	9	way	way	NOUN
ejge-4520	74	10	in	in	ADP
ejge-4520	74	11	which	which	PRON
ejge-4520	74	12	this	this	DET
ejge-4520	74	13	work	work	NOUN
ejge-4520	74	14	defines	define	VERB
ejge-4520	74	15	destabilizing	destabilizing	ADJ
ejge-4520	74	16	speculation	speculation	NOUN
ejge-4520	74	17	.	.	PUNCT
ejge-4520	75	1	this	this	PRON
ejge-4520	75	2	is	be	AUX
ejge-4520	75	3	a	a	DET
ejge-4520	75	4	type	type	NOUN
ejge-4520	75	5	of	of	ADP
ejge-4520	75	6	speculation	speculation	NOUN
ejge-4520	75	7	that	that	PRON
ejge-4520	75	8	reinforces	reinforce	VERB
ejge-4520	75	9	the	the	DET
ejge-4520	75	10	progressive	progressive	ADJ
ejge-4520	75	11	detachment	detachment	NOUN
ejge-4520	75	12	between	between	ADP
ejge-4520	75	13	currency	currency	NOUN
ejge-4520	75	14	valuation	valuation	NOUN
ejge-4520	75	15	and	and	CCONJ
ejge-4520	75	16	currency	currency	NOUN
ejge-4520	75	17	price	price	NOUN
ejge-4520	75	18	,	,	PUNCT
ejge-4520	75	19	introducing	introduce	VERB
ejge-4520	75	20	also	also	ADV
ejge-4520	75	21	a	a	DET
ejge-4520	75	22	temporary	temporary	ADJ
ejge-4520	75	23	perception	perception	NOUN
ejge-4520	75	24	of	of	ADP
ejge-4520	75	25	low	low	ADJ
ejge-4520	75	26	volatility	volatility	NOUN
ejge-4520	75	27	in	in	ADP
ejge-4520	75	28	the	the	DET
ejge-4520	75	29	exchange	exchange	NOUN
ejge-4520	75	30	rate	rate	NOUN
ejge-4520	75	31	.	.	PUNCT
ejge-4520	76	1	this	this	DET
ejge-4520	76	2	process	process	NOUN
ejge-4520	76	3	permeates	permeate	VERB
ejge-4520	76	4	the	the	DET
ejge-4520	76	5	theme	theme	NOUN
ejge-4520	76	6	of	of	ADP
ejge-4520	76	7	all	all	DET
ejge-4520	76	8	this	this	DET
ejge-4520	76	9	work	work	NOUN
ejge-4520	76	10	and	and	CCONJ
ejge-4520	76	11	is	be	AUX
ejge-4520	76	12	clearly	clearly	ADV
ejge-4520	76	13	reflected	reflect	VERB
ejge-4520	76	14	in	in	ADP
ejge-4520	76	15	the	the	DET
ejge-4520	76	16	carry	carry	NOUN
ejge-4520	76	17	strategies	strategy	NOUN
ejge-4520	76	18	.	.	PUNCT
ejge-4520	77	1	the	the	DET
ejge-4520	77	2	destabilizing	destabilizing	ADJ
ejge-4520	77	3	carry	carry	NOUN
ejge-4520	77	4	is	be	AUX
ejge-4520	77	5	a	a	DET
ejge-4520	77	6	process	process	NOUN
ejge-4520	77	7	in	in	ADP
ejge-4520	77	8	which	which	PRON
ejge-4520	77	9	a	a	DET
ejge-4520	77	10	non	non	ADJ
ejge-4520	77	11	-	-	ADJ
ejge-4520	77	12	trivial	trivial	ADJ
ejge-4520	77	13	set	set	NOUN
ejge-4520	77	14	of	of	ADP
ejge-4520	77	15	traders	trader	NOUN
ejge-4520	77	16	take	take	VERB
ejge-4520	77	17	positions	position	NOUN
ejge-4520	77	18	in	in	ADP
ejge-4520	77	19	the	the	DET
ejge-4520	77	20	same	same	ADJ
ejge-4520	77	21	direction	direction	NOUN
ejge-4520	77	22	,	,	PUNCT
ejge-4520	77	23	cumulatively	cumulatively	ADV
ejge-4520	77	24	over	over	ADP
ejge-4520	77	25	time	time	NOUN
ejge-4520	77	26	,	,	PUNCT
ejge-4520	77	27	reducing	reduce	VERB
ejge-4520	77	28	volatility	volatility	NOUN
ejge-4520	77	29	and	and	CCONJ
ejge-4520	77	30	producing	produce	VERB
ejge-4520	77	31	a	a	DET
ejge-4520	77	32	false	false	ADJ
ejge-4520	77	33	sense	sense	NOUN
ejge-4520	77	34	of	of	ADP
ejge-4520	77	35	stability	stability	NOUN
ejge-4520	77	36	in	in	ADP
ejge-4520	77	37	the	the	DET
ejge-4520	77	38	strategy	strategy	NOUN
ejge-4520	77	39	.	.	PUNCT
ejge-4520	78	1	for	for	ADP
ejge-4520	78	2	us	we	PRON
ejge-4520	78	3	,	,	PUNCT
ejge-4520	78	4	this	this	PRON
ejge-4520	78	5	is	be	AUX
ejge-4520	78	6	the	the	DET
ejge-4520	78	7	dynamic	dynamic	NOUN
ejge-4520	78	8	that	that	PRON
ejge-4520	78	9	usually	usually	ADV
ejge-4520	78	10	sets	set	VERB
ejge-4520	78	11	the	the	DET
ejge-4520	78	12	stage	stage	NOUN
ejge-4520	78	13	for	for	ADP
ejge-4520	78	14	instability	instability	NOUN
ejge-4520	78	15	scenarios	scenario	NOUN
ejge-4520	78	16	of	of	ADP
ejge-4520	78	17	the	the	DET
ejge-4520	78	18	kind	kind	NOUN
ejge-4520	78	19	that	that	PRON
ejge-4520	78	20	is	be	AUX
ejge-4520	78	21	regularly	regularly	ADV
ejge-4520	78	22	found	find	VERB
ejge-4520	78	23	in	in	ADP
ejge-4520	78	24	exchange	exchange	NOUN
ejge-4520	78	25	rate	rate	NOUN
ejge-4520	78	26	crisis	crisis	NOUN
ejge-4520	78	27	models	model	NOUN
ejge-4520	78	28	.	.	PUNCT
ejge-4520	79	1	this	this	DET
ejge-4520	79	2	type	type	NOUN
ejge-4520	79	3	of	of	ADP
ejge-4520	79	4	speculation	speculation	NOUN
ejge-4520	79	5	,	,	PUNCT
ejge-4520	79	6	much	much	ADV
ejge-4520	79	7	less	less	ADV
ejge-4520	79	8	noisy	noisy	ADJ
ejge-4520	79	9	since	since	SCONJ
ejge-4520	79	10	it	it	PRON
ejge-4520	79	11	is	be	AUX
ejge-4520	79	12	part	part	NOUN
ejge-4520	79	13	of	of	ADP
ejge-4520	79	14	a	a	DET
ejge-4520	79	15	process	process	NOUN
ejge-4520	79	16	of	of	ADP
ejge-4520	79	17	fragile	fragile	ADJ
ejge-4520	79	18	complementarity	complementarity	NOUN
ejge-4520	79	19	such	such	ADJ
ejge-4520	79	20	as	as	ADP
ejge-4520	79	21	those	those	PRON
ejge-4520	79	22	mentioned	mention	VERB
ejge-4520	79	23	by	by	ADP
ejge-4520	79	24	gabor	gabor	PROPN
ejge-4520	79	25	(	(	PUNCT
ejge-4520	79	26	2014	2014	NUM
ejge-4520	79	27	)	)	PUNCT
ejge-4520	79	28	,	,	PUNCT
ejge-4520	79	29	can	can	AUX
ejge-4520	79	30	be	be	AUX
ejge-4520	79	31	maintained	maintain	VERB
ejge-4520	79	32	for	for	ADP
ejge-4520	79	33	quite	quite	DET
ejge-4520	79	34	some	some	DET
ejge-4520	79	35	time	time	NOUN
ejge-4520	79	36	and	and	CCONJ
ejge-4520	79	37	is	be	AUX
ejge-4520	79	38	one	one	NUM
ejge-4520	79	39	of	of	ADP
ejge-4520	79	40	the	the	DET
ejge-4520	79	41	main	main	ADJ
ejge-4520	79	42	causes	cause	NOUN
ejge-4520	79	43	of	of	ADP
ejge-4520	79	44	the	the	DET
ejge-4520	79	45	growing	grow	VERB
ejge-4520	79	46	deviation	deviation	NOUN
ejge-4520	79	47	between	between	ADP
ejge-4520	79	48	the	the	DET
ejge-4520	79	49	value	value	NOUN
ejge-4520	79	50	and	and	CCONJ
ejge-4520	79	51	price	price	NOUN
ejge-4520	79	52	of	of	ADP
ejge-4520	79	53	the	the	DET
ejge-4520	79	54	currency	currency	NOUN
ejge-4520	79	55	.	.	PUNCT
ejge-4520	80	1	that	that	PRON
ejge-4520	80	2	's	be	AUX
ejge-4520	80	3	why	why	SCONJ
ejge-4520	80	4	we	we	PRON
ejge-4520	80	5	think	think	VERB
ejge-4520	80	6	this	this	PRON
ejge-4520	80	7	is	be	AUX
ejge-4520	80	8	the	the	DET
ejge-4520	80	9	real	real	ADJ
ejge-4520	80	10	destabilizing	destabilizing	ADJ
ejge-4520	80	11	speculation	speculation	NOUN
ejge-4520	80	12	,	,	PUNCT
ejge-4520	80	13	the	the	DET
ejge-4520	80	14	one	one	NOUN
ejge-4520	80	15	that	that	PRON
ejge-4520	80	16	is	be	AUX
ejge-4520	80	17	not	not	PART
ejge-4520	80	18	seen	see	VERB
ejge-4520	80	19	or	or	CCONJ
ejge-4520	80	20	,	,	PUNCT
ejge-4520	80	21	at	at	ADP
ejge-4520	80	22	least	least	ADJ
ejge-4520	80	23	,	,	PUNCT
ejge-4520	80	24	attracts	attract	VERB
ejge-4520	80	25	much	much	ADV
ejge-4520	80	26	less	less	ADJ
ejge-4520	80	27	attention	attention	NOUN
ejge-4520	80	28	from	from	ADP
ejge-4520	80	29	policy	policy	NOUN
ejge-4520	80	30	makers	maker	NOUN
ejge-4520	80	31	and	and	CCONJ
ejge-4520	80	32	the	the	DET
ejge-4520	80	33	media	medium	NOUN
ejge-4520	80	34	.	.	PUNCT
ejge-4520	81	1	it	it	PRON
ejge-4520	81	2	is	be	AUX
ejge-4520	81	3	only	only	ADV
ejge-4520	81	4	a	a	DET
ejge-4520	81	5	matter	matter	NOUN
ejge-4520	81	6	of	of	ADP
ejge-4520	81	7	time	time	NOUN
ejge-4520	81	8	before	before	SCONJ
ejge-4520	81	9	these	these	DET
ejge-4520	81	10	developments	development	NOUN
ejge-4520	81	11	end	end	VERB
ejge-4520	81	12	up	up	ADP
ejge-4520	81	13	in	in	ADP
ejge-4520	81	14	a	a	DET
ejge-4520	81	15	currency	currency	NOUN
ejge-4520	81	16	crisis	crisis	NOUN
ejge-4520	81	17	.	.	PUNCT
ejge-4520	82	1	the	the	DET
ejge-4520	82	2	advantage	advantage	NOUN
ejge-4520	82	3	of	of	ADP
ejge-4520	82	4	this	this	DET
ejge-4520	82	5	explanation	explanation	NOUN
ejge-4520	82	6	is	be	AUX
ejge-4520	82	7	that	that	SCONJ
ejge-4520	82	8	it	it	PRON
ejge-4520	82	9	supports	support	VERB
ejge-4520	82	10	the	the	DET
ejge-4520	82	11	same	same	ADJ
ejge-4520	82	12	solution	solution	NOUN
ejge-4520	82	13	for	for	ADP
ejge-4520	82	14	first	first	ADJ
ejge-4520	82	15	-	-	PUNCT
ejge-4520	82	16	generation	generation	NOUN
ejge-4520	82	17	crisis	crisis	NOUN
ejge-4520	82	18	models	model	NOUN
ejge-4520	82	19	and	and	CCONJ
ejge-4520	82	20	second	second	ADJ
ejge-4520	82	21	-	-	PUNCT
ejge-4520	82	22	generation	generation	NOUN
ejge-4520	82	23	crisis	crisis	NOUN
ejge-4520	82	24	models	model	NOUN
ejge-4520	82	25	in	in	ADP
ejge-4520	82	26	the	the	DET
ejge-4520	82	27	style	style	NOUN
ejge-4520	82	28	of	of	ADP
ejge-4520	82	29	the	the	DET
ejge-4520	82	30	review	review	NOUN
ejge-4520	82	31	discussed	discuss	VERB
ejge-4520	82	32	in	in	ADP
ejge-4520	82	33	,	,	PUNCT
ejge-4520	82	34	for	for	ADP
ejge-4520	82	35	example	example	NOUN
ejge-4520	82	36	,	,	PUNCT
ejge-4520	82	37	krugman	krugman	PROPN
ejge-4520	82	38	,	,	PUNCT
ejge-4520	82	39	rogoff	rogoff	NOUN
ejge-4520	82	40	,	,	PUNCT
ejge-4520	82	41	fisher	fisher	PROPN
ejge-4520	82	42	and	and	CCONJ
ejge-4520	82	43	mcdonough	mcdonough	PROPN
ejge-4520	82	44	(	(	PUNCT
ejge-4520	82	45	1999	1999	NUM
ejge-4520	82	46	)	)	PUNCT
ejge-4520	82	47	.	.	PUNCT
ejge-4520	83	1	this	this	PRON
ejge-4520	83	2	opens	open	VERB
ejge-4520	83	3	a	a	DET
ejge-4520	83	4	possible	possible	ADJ
ejge-4520	83	5	reflection	reflection	NOUN
ejge-4520	83	6	for	for	ADP
ejge-4520	83	7	central	central	ADJ
ejge-4520	83	8	banks	bank	NOUN
ejge-4520	83	9	which	which	PRON
ejge-4520	83	10	would	would	AUX
ejge-4520	83	11	be	be	AUX
ejge-4520	83	12	as	as	SCONJ
ejge-4520	83	13	follows	follow	VERB
ejge-4520	83	14	:	:	PUNCT
ejge-4520	83	15	are	be	AUX
ejge-4520	83	16	there	there	PRON
ejge-4520	83	17	options	option	NOUN
ejge-4520	83	18	available	available	ADJ
ejge-4520	83	19	to	to	PART
ejge-4520	83	20	reduce	reduce	VERB
ejge-4520	83	21	the	the	DET
ejge-4520	83	22	attractiveness	attractiveness	NOUN
ejge-4520	83	23	of	of	ADP
ejge-4520	83	24	carry	carry	NOUN
ejge-4520	83	25	trade	trade	NOUN
ejge-4520	83	26	strategies	strategy	NOUN
ejge-4520	83	27	,	,	PUNCT
ejge-4520	83	28	especially	especially	ADV
ejge-4520	83	29	for	for	ADP
ejge-4520	83	30	those	those	DET
ejge-4520	83	31	investors	investor	NOUN
ejge-4520	83	32	who	who	PRON
ejge-4520	83	33	are	be	AUX
ejge-4520	83	34	more	more	ADV
ejge-4520	83	35	leveraged	leveraged	ADJ
ejge-4520	83	36	,	,	PUNCT
ejge-4520	83	37	or	or	CCONJ
ejge-4520	83	38	those	those	PRON
ejge-4520	83	39	who	who	PRON
ejge-4520	83	40	notoriously	notoriously	ADV
ejge-4520	83	41	operate	operate	VERB
ejge-4520	83	42	at	at	ADP
ejge-4520	83	43	shorter	short	ADJ
ejge-4520	83	44	maturities	maturity	NOUN
ejge-4520	83	45	?	?	PUNCT
ejge-4520	84	1	there	there	PRON
ejge-4520	84	2	is	be	VERB
ejge-4520	84	3	no	no	DET
ejge-4520	84	4	an	an	DET
ejge-4520	84	5	easy	easy	ADJ
ejge-4520	84	6	answer	answer	NOUN
ejge-4520	84	7	to	to	ADP
ejge-4520	84	8	this	this	DET
ejge-4520	84	9	question	question	NOUN
ejge-4520	84	10	,	,	PUNCT
ejge-4520	84	11	but	but	CCONJ
ejge-4520	84	12	the	the	DET
ejge-4520	84	13	prize	prize	NOUN
ejge-4520	84	14	is	be	AUX
ejge-4520	84	15	high	high	ADJ
ejge-4520	84	16	.	.	PUNCT
ejge-4520	85	1	for	for	ADP
ejge-4520	85	2	example	example	NOUN
ejge-4520	85	3	,	,	PUNCT
ejge-4520	85	4	reducing	reduce	VERB
ejge-4520	85	5	the	the	DET
ejge-4520	85	6	social	social	ADJ
ejge-4520	85	7	cost	cost	NOUN
ejge-4520	85	8	of	of	ADP
ejge-4520	85	9	maintaining	maintain	VERB
ejge-4520	85	10	international	international	ADJ
ejge-4520	85	11	reserves	reserve	NOUN
ejge-4520	85	12	.	.	PUNCT
ejge-4520	86	1	this	this	DET
ejge-4520	86	2	true	true	ADJ
ejge-4520	86	3	hedging	hedging	NOUN
ejge-4520	86	4	strategy	strategy	NOUN
ejge-4520	86	5	,	,	PUNCT
ejge-4520	86	6	as	as	ADP
ejge-4520	86	7	such	such	ADJ
ejge-4520	86	8	,	,	PUNCT
ejge-4520	86	9	is	be	AUX
ejge-4520	86	10	subject	subject	ADJ
ejge-4520	86	11	to	to	ADP
ejge-4520	86	12	significant	significant	ADJ
ejge-4520	86	13	costs	cost	NOUN
ejge-4520	86	14	.	.	PUNCT
ejge-4520	87	1	rodrik	rodrik	NOUN
ejge-4520	87	2	(	(	PUNCT
ejge-4520	87	3	2006	2006	NUM
ejge-4520	87	4	)	)	PUNCT
ejge-4520	87	5	estimates	estimate	VERB
ejge-4520	87	6	this	this	DET
ejge-4520	87	7	cost	cost	NOUN
ejge-4520	87	8	at	at	ADP
ejge-4520	87	9	a	a	DET
ejge-4520	87	10	loss	loss	NOUN
ejge-4520	87	11	of	of	ADP
ejge-4520	87	12	income	income	NOUN
ejge-4520	87	13	equivalent	equivalent	ADJ
ejge-4520	87	14	to	to	ADP
ejge-4520	87	15	1	1	NUM
ejge-4520	87	16	%	%	NOUN
ejge-4520	87	17	of	of	ADP
ejge-4520	87	18	annual	annual	ADJ
ejge-4520	87	19	gdp	gdp	NOUN
ejge-4520	87	20	.	.	PUNCT
ejge-4520	88	1	we	we	PRON
ejge-4520	88	2	will	will	AUX
ejge-4520	88	3	see	see	VERB
ejge-4520	88	4	that	that	PRON
ejge-4520	88	5	exchange	exchange	NOUN
ejge-4520	88	6	policy	policy	NOUN
ejge-4520	88	7	credibility	credibility	NOUN
ejge-4520	88	8	plays	play	VERB
ejge-4520	88	9	a	a	DET
ejge-4520	88	10	key	key	ADJ
ejge-4520	88	11	role	role	NOUN
ejge-4520	88	12	in	in	ADP
ejge-4520	88	13	the	the	DET
ejge-4520	88	14	ability	ability	NOUN
ejge-4520	88	15	of	of	ADP
ejge-4520	88	16	speculators	speculator	NOUN
ejge-4520	88	17	to	to	PART
ejge-4520	88	18	use	use	VERB
ejge-4520	88	19	carry	carry	VERB
ejge-4520	88	20	trade	trade	NOUN
ejge-4520	88	21	strategies	strategy	NOUN
ejge-4520	88	22	.	.	PUNCT
ejge-4520	89	1	for	for	ADP
ejge-4520	89	2	our	our	PRON
ejge-4520	89	3	empirical	empirical	ADJ
ejge-4520	89	4	analysis	analysis	NOUN
ejge-4520	89	5	we	we	PRON
ejge-4520	89	6	will	will	AUX
ejge-4520	89	7	focus	focus	VERB
ejge-4520	89	8	on	on	ADP
ejge-4520	89	9	the	the	DET
ejge-4520	89	10	mexican	mexican	ADJ
ejge-4520	89	11	peso	peso	NOUN
ejge-4520	89	12	and	and	CCONJ
ejge-4520	89	13	the	the	DET
ejge-4520	89	14	brazilian	brazilian	ADJ
ejge-4520	89	15	real	real	NOUN
ejge-4520	89	16	,	,	PUNCT
ejge-4520	89	17	and	and	CCONJ
ejge-4520	89	18	how	how	SCONJ
ejge-4520	89	19	currency	currency	NOUN
ejge-4520	89	20	speculators	speculator	NOUN
ejge-4520	89	21	act	act	VERB
ejge-4520	89	22	as	as	ADP
ejge-4520	89	23	potential	potential	ADJ
ejge-4520	89	24	free	free	ADJ
ejge-4520	89	25	riders	rider	NOUN
ejge-4520	89	26	and	and	CCONJ
ejge-4520	89	27	not	not	PART
ejge-4520	89	28	as	as	ADP
ejge-4520	89	29	agents	agent	NOUN
ejge-4520	89	30	which	which	PRON
ejge-4520	89	31	provide	provide	VERB
ejge-4520	89	32	liquidity	liquidity	NOUN
ejge-4520	89	33	or	or	CCONJ
ejge-4520	89	34	ensure	ensure	VERB
ejge-4520	89	35	valuation	valuation	NOUN
ejge-4520	89	36	stabilization	stabilization	NOUN
ejge-4520	89	37	.	.	PUNCT
ejge-4520	90	1	c.	c.	PROPN
ejge-4520	90	2	fernández	fernández	PROPN
ejge-4520	90	3	-	-	PUNCT
ejge-4520	90	4	herraiz	herraiz	PROPN
ejge-4520	90	5	et	et	PROPN
ejge-4520	90	6	al	al	PROPN
ejge-4520	90	7	.	.	PUNCT
ejge-4520	90	8	/	/	SYM
ejge-4520	90	9	european	european	PROPN
ejge-4520	90	10	journal	journal	PROPN
ejge-4520	90	11	of	of	ADP
ejge-4520	90	12	government	government	NOUN
ejge-4520	90	13	and	and	CCONJ
ejge-4520	90	14	economics	economic	NOUN
ejge-4520	90	15	7(2	7(2	NUM
ejge-4520	90	16	)	)	PUNCT
ejge-4520	90	17	,	,	PUNCT
ejge-4520	90	18	123	123	NUM
ejge-4520	90	19	-	-	SYM
ejge-4520	90	20	137	137	NUM
ejge-4520	90	21	.	.	PUNCT
ejge-4520	91	1	127	127	NUM
ejge-4520	91	2	3	3	NUM
ejge-4520	91	3	.	.	PUNCT
ejge-4520	92	1	the	the	DET
ejge-4520	92	2	introduction	introduction	NOUN
ejge-4520	92	3	of	of	ADP
ejge-4520	92	4	liquidity	liquidity	NOUN
ejge-4520	92	5	in	in	ADP
ejge-4520	92	6	carry	carry	NOUN
ejge-4520	92	7	trade	trade	NOUN
ejge-4520	92	8	strategies	strategy	NOUN
ejge-4520	92	9	in	in	ADP
ejge-4520	92	10	foreign	foreign	ADJ
ejge-4520	92	11	exchange	exchange	NOUN
ejge-4520	92	12	.	.	PUNCT
ejge-4520	93	1	we	we	PRON
ejge-4520	93	2	introduce	introduce	VERB
ejge-4520	93	3	liquidity	liquidity	NOUN
ejge-4520	93	4	in	in	ADP
ejge-4520	93	5	the	the	DET
ejge-4520	93	6	carry	carry	NOUN
ejge-4520	93	7	trade	trade	NOUN
ejge-4520	93	8	strategy	strategy	NOUN
ejge-4520	93	9	including	include	VERB
ejge-4520	93	10	trend	trend	NOUN
ejge-4520	93	11	following	follow	VERB
ejge-4520	93	12	indicators	indicator	NOUN
ejge-4520	93	13	that	that	PRON
ejge-4520	93	14	trigger	trigger	VERB
ejge-4520	93	15	a	a	DET
ejge-4520	93	16	trading	trading	NOUN
ejge-4520	93	17	orders	order	NOUN
ejge-4520	93	18	for	for	ADP
ejge-4520	93	19	each	each	PRON
ejge-4520	93	20	of	of	ADP
ejge-4520	93	21	the	the	DET
ejge-4520	93	22	specifications	specification	NOUN
ejge-4520	93	23	.	.	PUNCT
ejge-4520	94	1	the	the	DET
ejge-4520	94	2	dynamic	dynamic	ADJ
ejge-4520	94	3	rules	rule	NOUN
ejge-4520	94	4	aim	aim	VERB
ejge-4520	94	5	to	to	PART
ejge-4520	94	6	avoid	avoid	VERB
ejge-4520	94	7	as	as	ADV
ejge-4520	94	8	far	far	ADV
ejge-4520	94	9	as	as	ADP
ejge-4520	94	10	possible	possible	ADJ
ejge-4520	94	11	the	the	DET
ejge-4520	94	12	consequences	consequence	NOUN
ejge-4520	94	13	of	of	ADP
ejge-4520	94	14	static	static	ADJ
ejge-4520	94	15	carry	carry	VERB
ejge-4520	94	16	trade	trade	NOUN
ejge-4520	94	17	strategies	strategy	NOUN
ejge-4520	94	18	that	that	PRON
ejge-4520	94	19	are	be	AUX
ejge-4520	94	20	sprinkled	sprinkle	VERB
ejge-4520	94	21	by	by	ADP
ejge-4520	94	22	specific	specific	ADJ
ejge-4520	94	23	market	market	NOUN
ejge-4520	94	24	events	event	NOUN
ejge-4520	94	25	of	of	ADP
ejge-4520	94	26	certain	certain	ADJ
ejge-4520	94	27	virulence1	virulence1	NOUN
ejge-4520	94	28	.	.	PUNCT
ejge-4520	95	1	such	such	ADJ
ejge-4520	95	2	strategies	strategy	NOUN
ejge-4520	95	3	are	be	AUX
ejge-4520	95	4	compatible	compatible	ADJ
ejge-4520	95	5	with	with	ADP
ejge-4520	95	6	the	the	DET
ejge-4520	95	7	sale	sale	NOUN
ejge-4520	95	8	of	of	ADP
ejge-4520	95	9	catastrophic	catastrophic	ADJ
ejge-4520	95	10	insurance	insurance	NOUN
ejge-4520	95	11	on	on	ADP
ejge-4520	95	12	the	the	DET
ejge-4520	95	13	market	market	NOUN
ejge-4520	95	14	activity	activity	NOUN
ejge-4520	95	15	.	.	PUNCT
ejge-4520	96	1	the	the	DET
ejge-4520	96	2	insurer	insurer	NOUN
ejge-4520	96	3	,	,	PUNCT
ejge-4520	96	4	in	in	ADP
ejge-4520	96	5	our	our	PRON
ejge-4520	96	6	case	case	NOUN
ejge-4520	96	7	the	the	DET
ejge-4520	96	8	speculator	speculator	NOUN
ejge-4520	96	9	in	in	ADP
ejge-4520	96	10	a	a	DET
ejge-4520	96	11	carry	carry	NOUN
ejge-4520	96	12	trade	trade	NOUN
ejge-4520	96	13	strategy	strategy	NOUN
ejge-4520	96	14	,	,	PUNCT
ejge-4520	96	15	will	will	AUX
ejge-4520	96	16	obtain	obtain	VERB
ejge-4520	96	17	profits	profit	NOUN
ejge-4520	96	18	that	that	PRON
ejge-4520	96	19	are	be	AUX
ejge-4520	96	20	not	not	PART
ejge-4520	96	21	too	too	ADV
ejge-4520	96	22	high	high	ADJ
ejge-4520	96	23	but	but	CCONJ
ejge-4520	96	24	relatively	relatively	ADV
ejge-4520	96	25	stable	stable	ADJ
ejge-4520	96	26	,	,	PUNCT
ejge-4520	96	27	dotted	dot	VERB
ejge-4520	96	28	with	with	ADP
ejge-4520	96	29	periods	period	NOUN
ejge-4520	96	30	of	of	ADP
ejge-4520	96	31	heavy	heavy	ADJ
ejge-4520	96	32	losses	loss	NOUN
ejge-4520	96	33	.	.	PUNCT
ejge-4520	97	1	this	this	PRON
ejge-4520	97	2	is	be	AUX
ejge-4520	97	3	the	the	DET
ejge-4520	97	4	idea	idea	NOUN
ejge-4520	97	5	that	that	PRON
ejge-4520	97	6	allows	allow	VERB
ejge-4520	97	7	cochrane	cochrane	PROPN
ejge-4520	97	8	(	(	PUNCT
ejge-4520	97	9	1999	1999	NUM
ejge-4520	97	10	)	)	PUNCT
ejge-4520	97	11	to	to	PART
ejge-4520	97	12	venture	venture	VERB
ejge-4520	97	13	the	the	DET
ejge-4520	97	14	correct	correct	ADJ
ejge-4520	97	15	hypothesis	hypothesis	NOUN
ejge-4520	97	16	that	that	PRON
ejge-4520	97	17	carry	carry	VERB
ejge-4520	97	18	speculators	speculator	NOUN
ejge-4520	97	19	are	be	AUX
ejge-4520	97	20	implicitly	implicitly	ADV
ejge-4520	97	21	selling	sell	VERB
ejge-4520	97	22	puts	put	NOUN
ejge-4520	97	23	,	,	PUNCT
ejge-4520	97	24	that	that	ADV
ejge-4520	97	25	is	is	ADV
ejge-4520	97	26	,	,	PUNCT
ejge-4520	97	27	selling	sell	VERB
ejge-4520	97	28	insurance	insurance	NOUN
ejge-4520	97	29	.	.	PUNCT
ejge-4520	98	1	in	in	ADP
ejge-4520	98	2	fact	fact	NOUN
ejge-4520	98	3	,	,	PUNCT
ejge-4520	98	4	ilmanen	ilmanen	PROPN
ejge-4520	98	5	(	(	PUNCT
ejge-4520	98	6	2012	2012	NUM
ejge-4520	98	7	)	)	PUNCT
ejge-4520	98	8	shows	show	VERB
ejge-4520	98	9	that	that	SCONJ
ejge-4520	98	10	the	the	DET
ejge-4520	98	11	sale	sale	NOUN
ejge-4520	98	12	of	of	ADP
ejge-4520	98	13	insurance	insurance	NOUN
ejge-4520	98	14	and	and	CCONJ
ejge-4520	98	15	lottery	lottery	NOUN
ejge-4520	98	16	tickets	ticket	NOUN
ejge-4520	98	17	is	be	AUX
ejge-4520	98	18	very	very	ADV
ejge-4520	98	19	well	well	ADV
ejge-4520	98	20	paid	pay	VERB
ejge-4520	98	21	in	in	ADP
ejge-4520	98	22	the	the	DET
ejge-4520	98	23	markets	market	NOUN
ejge-4520	98	24	,	,	PUNCT
ejge-4520	98	25	and	and	CCONJ
ejge-4520	98	26	,	,	PUNCT
ejge-4520	98	27	in	in	ADP
ejge-4520	98	28	particular	particular	ADJ
ejge-4520	98	29	,	,	PUNCT
ejge-4520	98	30	in	in	ADP
ejge-4520	98	31	the	the	DET
ejge-4520	98	32	carry	carry	NOUN
ejge-4520	98	33	trade	trade	NOUN
ejge-4520	98	34	strategies	strategy	NOUN
ejge-4520	98	35	.	.	PUNCT
ejge-4520	99	1	but	but	CCONJ
ejge-4520	99	2	going	go	VERB
ejge-4520	99	3	even	even	ADV
ejge-4520	99	4	beyond	beyond	ADP
ejge-4520	99	5	the	the	DET
ejge-4520	99	6	ilmanen	ilmanen	PROPN
ejge-4520	99	7	(	(	PUNCT
ejge-4520	99	8	2012	2012	NUM
ejge-4520	99	9	)	)	PUNCT
ejge-4520	99	10	appreciation	appreciation	NOUN
ejge-4520	99	11	,	,	PUNCT
ejge-4520	99	12	if	if	SCONJ
ejge-4520	99	13	it	it	PRON
ejge-4520	99	14	is	be	AUX
ejge-4520	99	15	possible	possible	ADJ
ejge-4520	99	16	to	to	PART
ejge-4520	99	17	obtain	obtain	VERB
ejge-4520	99	18	liquidity	liquidity	NOUN
ejge-4520	99	19	in	in	ADP
ejge-4520	99	20	our	our	PRON
ejge-4520	99	21	positions	position	NOUN
ejge-4520	99	22	when	when	SCONJ
ejge-4520	99	23	the	the	DET
ejge-4520	99	24	trend	trend	NOUN
ejge-4520	99	25	of	of	ADP
ejge-4520	99	26	positive	positive	ADJ
ejge-4520	99	27	results	result	NOUN
ejge-4520	99	28	breaks	break	VERB
ejge-4520	99	29	down	down	ADP
ejge-4520	99	30	,	,	PUNCT
ejge-4520	99	31	then	then	ADV
ejge-4520	99	32	,	,	PUNCT
ejge-4520	99	33	following	follow	VERB
ejge-4520	99	34	the	the	DET
ejge-4520	99	35	simile	simile	NOUN
ejge-4520	99	36	,	,	PUNCT
ejge-4520	99	37	it	it	PRON
ejge-4520	99	38	would	would	AUX
ejge-4520	99	39	be	be	AUX
ejge-4520	99	40	possible	possible	ADJ
ejge-4520	99	41	to	to	PART
ejge-4520	99	42	obtain	obtain	VERB
ejge-4520	99	43	a	a	DET
ejge-4520	99	44	significant	significant	ADJ
ejge-4520	99	45	part	part	NOUN
ejge-4520	99	46	of	of	ADP
ejge-4520	99	47	the	the	DET
ejge-4520	99	48	"	"	PUNCT
ejge-4520	99	49	premiums	premium	NOUN
ejge-4520	99	50	"	"	PUNCT
ejge-4520	99	51	without	without	ADP
ejge-4520	99	52	fully	fully	ADV
ejge-4520	99	53	assuming	assume	VERB
ejge-4520	99	54	the	the	DET
ejge-4520	99	55	cost	cost	NOUN
ejge-4520	99	56	of	of	ADP
ejge-4520	99	57	the	the	DET
ejge-4520	99	58	insured	insure	VERB
ejge-4520	99	59	"	"	PUNCT
ejge-4520	99	60	claims	claim	NOUN
ejge-4520	99	61	"	"	PUNCT
ejge-4520	99	62	.	.	PUNCT
ejge-4520	100	1	our	our	PRON
ejge-4520	100	2	specifications	specification	NOUN
ejge-4520	100	3	of	of	ADP
ejge-4520	100	4	dynamic	dynamic	ADJ
ejge-4520	100	5	carry	carry	NOUN
ejge-4520	100	6	trade	trade	NOUN
ejge-4520	100	7	activities	activity	NOUN
ejge-4520	100	8	include	include	VERB
ejge-4520	100	9	two	two	NUM
ejge-4520	100	10	potential	potential	ADJ
ejge-4520	100	11	sources	source	NOUN
ejge-4520	100	12	of	of	ADP
ejge-4520	100	13	return	return	NOUN
ejge-4520	100	14	.	.	PUNCT
ejge-4520	101	1	first	first	ADV
ejge-4520	101	2	,	,	PUNCT
ejge-4520	101	3	the	the	DET
ejge-4520	101	4	carry	carry	NOUN
ejge-4520	101	5	,	,	PUNCT
ejge-4520	101	6	the	the	DET
ejge-4520	101	7	interest	interest	NOUN
ejge-4520	101	8	rate	rate	NOUN
ejge-4520	101	9	differential	differential	NOUN
ejge-4520	101	10	offered	offer	VERB
ejge-4520	101	11	by	by	ADP
ejge-4520	101	12	the	the	DET
ejge-4520	101	13	currencies	currency	NOUN
ejge-4520	101	14	.	.	PUNCT
ejge-4520	102	1	we	we	PRON
ejge-4520	102	2	use	use	VERB
ejge-4520	102	3	the	the	DET
ejge-4520	102	4	3	3	NUM
ejge-4520	102	5	-	-	PUNCT
ejge-4520	102	6	month	month	NOUN
ejge-4520	102	7	interest	interest	NOUN
ejge-4520	102	8	rates2	rates2	NOUN
ejge-4520	102	9	,	,	PUNCT
ejge-4520	102	10	capitalized	capitalize	VERB
ejge-4520	102	11	over	over	ADP
ejge-4520	102	12	the	the	DET
ejge-4520	102	13	period	period	NOUN
ejge-4520	102	14	in	in	ADP
ejge-4520	102	15	which	which	PRON
ejge-4520	102	16	the	the	DET
ejge-4520	102	17	position	position	NOUN
ejge-4520	102	18	is	be	AUX
ejge-4520	102	19	held	hold	VERB
ejge-4520	102	20	.	.	PUNCT
ejge-4520	103	1	secondly	secondly	ADV
ejge-4520	103	2	,	,	PUNCT
ejge-4520	103	3	the	the	DET
ejge-4520	103	4	evolution	evolution	NOUN
ejge-4520	103	5	in	in	ADP
ejge-4520	103	6	the	the	DET
ejge-4520	103	7	price	price	NOUN
ejge-4520	103	8	of	of	ADP
ejge-4520	103	9	the	the	DET
ejge-4520	103	10	currency	currency	NOUN
ejge-4520	103	11	pair	pair	NOUN
ejge-4520	103	12	in	in	ADP
ejge-4520	103	13	which	which	PRON
ejge-4520	103	14	we	we	PRON
ejge-4520	103	15	are	be	AUX
ejge-4520	103	16	invested	invest	VERB
ejge-4520	103	17	.	.	PUNCT
ejge-4520	104	1	this	this	DET
ejge-4520	104	2	strategy	strategy	NOUN
ejge-4520	104	3	assumes	assume	VERB
ejge-4520	104	4	that	that	SCONJ
ejge-4520	104	5	the	the	DET
ejge-4520	104	6	operator	operator	NOUN
ejge-4520	104	7	is	be	AUX
ejge-4520	104	8	financed	finance	VERB
ejge-4520	104	9	at	at	ADP
ejge-4520	104	10	market	market	NOUN
ejge-4520	104	11	prices	price	NOUN
ejge-4520	104	12	in	in	ADP
ejge-4520	104	13	the	the	DET
ejge-4520	104	14	financing	financing	NOUN
ejge-4520	104	15	currency	currency	NOUN
ejge-4520	104	16	and	and	CCONJ
ejge-4520	104	17	invests	invest	NOUN
ejge-4520	104	18	in	in	ADP
ejge-4520	104	19	the	the	DET
ejge-4520	104	20	target	target	NOUN
ejge-4520	104	21	currency	currency	NOUN
ejge-4520	104	22	,	,	PUNCT
ejge-4520	104	23	also	also	ADV
ejge-4520	104	24	at	at	ADP
ejge-4520	104	25	market	market	NOUN
ejge-4520	104	26	prices	price	NOUN
ejge-4520	104	27	.	.	PUNCT
ejge-4520	105	1	the	the	DET
ejge-4520	105	2	first	first	ADJ
ejge-4520	105	3	specification	specification	NOUN
ejge-4520	105	4	is	be	AUX
ejge-4520	105	5	a	a	DET
ejge-4520	105	6	long	long	ADJ
ejge-4520	105	7	only	only	ADJ
ejge-4520	105	8	strategy	strategy	NOUN
ejge-4520	105	9	.	.	PUNCT
ejge-4520	106	1	this	this	DET
ejge-4520	106	2	specification	specification	NOUN
ejge-4520	106	3	acts	act	VERB
ejge-4520	106	4	as	as	ADP
ejge-4520	106	5	the	the	DET
ejge-4520	106	6	benchmark	benchmark	NOUN
ejge-4520	106	7	and	and	CCONJ
ejge-4520	106	8	the	the	DET
ejge-4520	106	9	passive	passive	ADJ
ejge-4520	106	10	strategy	strategy	NOUN
ejge-4520	106	11	.	.	PUNCT
ejge-4520	107	1	the	the	DET
ejge-4520	107	2	trader	trader	NOUN
ejge-4520	107	3	takes	take	VERB
ejge-4520	107	4	the	the	DET
ejge-4520	107	5	position	position	NOUN
ejge-4520	107	6	at	at	ADP
ejge-4520	107	7	the	the	DET
ejge-4520	107	8	beginning	beginning	NOUN
ejge-4520	107	9	of	of	ADP
ejge-4520	107	10	the	the	DET
ejge-4520	107	11	period	period	NOUN
ejge-4520	107	12	and	and	CCONJ
ejge-4520	107	13	makes	make	VERB
ejge-4520	107	14	no	no	DET
ejge-4520	107	15	adjustments	adjustment	NOUN
ejge-4520	107	16	.	.	PUNCT
ejge-4520	108	1	therefore	therefore	ADV
ejge-4520	108	2	,	,	PUNCT
ejge-4520	108	3	this	this	DET
ejge-4520	108	4	strategy	strategy	NOUN
ejge-4520	108	5	could	could	AUX
ejge-4520	108	6	be	be	AUX
ejge-4520	108	7	a	a	DET
ejge-4520	108	8	good	good	ADJ
ejge-4520	108	9	benchmark	benchmark	NOUN
ejge-4520	108	10	for	for	ADP
ejge-4520	108	11	the	the	DET
ejge-4520	108	12	other	other	ADJ
ejge-4520	108	13	specifications	specification	NOUN
ejge-4520	108	14	.	.	PUNCT
ejge-4520	109	1	these	these	PRON
ejge-4520	109	2	would	would	AUX
ejge-4520	109	3	be	be	AUX
ejge-4520	109	4	the	the	DET
ejge-4520	109	5	results	result	NOUN
ejge-4520	109	6	of	of	ADP
ejge-4520	109	7	a	a	DET
ejge-4520	109	8	passive	passive	ADJ
ejge-4520	109	9	strategy	strategy	NOUN
ejge-4520	109	10	,	,	PUNCT
ejge-4520	109	11	product	product	NOUN
ejge-4520	109	12	of	of	ADP
ejge-4520	109	13	taking	take	VERB
ejge-4520	109	14	exposure	exposure	NOUN
ejge-4520	109	15	to	to	ADP
ejge-4520	109	16	this	this	DET
ejge-4520	109	17	source	source	NOUN
ejge-4520	109	18	of	of	ADP
ejge-4520	109	19	risk	risk	NOUN
ejge-4520	109	20	on	on	ADP
ejge-4520	109	21	the	the	DET
ejge-4520	109	22	contrary	contrary	NOUN
ejge-4520	109	23	,	,	PUNCT
ejge-4520	109	24	the	the	DET
ejge-4520	109	25	two	two	NUM
ejge-4520	109	26	following	follow	VERB
ejge-4520	109	27	specifications	specification	NOUN
ejge-4520	109	28	share	share	VERB
ejge-4520	109	29	one	one	NUM
ejge-4520	109	30	element	element	NOUN
ejge-4520	109	31	in	in	ADP
ejge-4520	109	32	common	common	ADJ
ejge-4520	109	33	.	.	PUNCT
ejge-4520	110	1	liquidity	liquidity	NOUN
ejge-4520	110	2	will	will	AUX
ejge-4520	110	3	be	be	AUX
ejge-4520	110	4	used	use	VERB
ejge-4520	110	5	opportunistically	opportunistically	ADV
ejge-4520	110	6	to	to	PART
ejge-4520	110	7	enter	enter	VERB
ejge-4520	110	8	and	and	CCONJ
ejge-4520	110	9	exit	exit	VERB
ejge-4520	110	10	the	the	DET
ejge-4520	110	11	strategy	strategy	NOUN
ejge-4520	110	12	based	base	VERB
ejge-4520	110	13	on	on	ADP
ejge-4520	110	14	parameterized	parameterized	ADJ
ejge-4520	110	15	work	work	NOUN
ejge-4520	110	16	rules	rule	NOUN
ejge-4520	110	17	.	.	PUNCT
ejge-4520	111	1	in	in	ADP
ejge-4520	111	2	our	our	PRON
ejge-4520	111	3	case	case	NOUN
ejge-4520	111	4	,	,	PUNCT
ejge-4520	111	5	the	the	DET
ejge-4520	111	6	rules	rule	NOUN
ejge-4520	111	7	will	will	AUX
ejge-4520	111	8	be	be	AUX
ejge-4520	111	9	based	base	VERB
ejge-4520	111	10	exclusively	exclusively	ADV
ejge-4520	111	11	on	on	ADP
ejge-4520	111	12	the	the	DET
ejge-4520	111	13	use	use	NOUN
ejge-4520	111	14	of	of	ADP
ejge-4520	111	15	conventional	conventional	ADJ
ejge-4520	111	16	moving	moving	NOUN
ejge-4520	111	17	averages	average	NOUN
ejge-4520	111	18	.	.	PUNCT
ejge-4520	112	1	the	the	DET
ejge-4520	112	2	trigger	trigger	NOUN
ejge-4520	112	3	that	that	PRON
ejge-4520	112	4	will	will	AUX
ejge-4520	112	5	deliver	deliver	VERB
ejge-4520	112	6	the	the	DET
ejge-4520	112	7	changes	change	NOUN
ejge-4520	112	8	in	in	ADP
ejge-4520	112	9	the	the	DET
ejge-4520	112	10	positioning	positioning	NOUN
ejge-4520	112	11	of	of	ADP
ejge-4520	112	12	dynamic	dynamic	ADJ
ejge-4520	112	13	strategies	strategy	NOUN
ejge-4520	112	14	will	will	AUX
ejge-4520	112	15	be	be	AUX
ejge-4520	112	16	the	the	DET
ejge-4520	112	17	difference	difference	NOUN
ejge-4520	112	18	in	in	ADP
ejge-4520	112	19	moving	move	VERB
ejge-4520	112	20	averages	average	NOUN
ejge-4520	112	21	between	between	ADP
ejge-4520	112	22	a	a	DET
ejge-4520	112	23	very	very	ADV
ejge-4520	112	24	short	short	ADJ
ejge-4520	112	25	-	-	PUNCT
ejge-4520	112	26	term	term	NOUN
ejge-4520	112	27	average	average	NOUN
ejge-4520	112	28	and	and	CCONJ
ejge-4520	112	29	a	a	DET
ejge-4520	112	30	longer	long	ADJ
ejge-4520	112	31	-	-	PUNCT
ejge-4520	112	32	term	term	NOUN
ejge-4520	112	33	average3	average3	PROPN
ejge-4520	112	34	.	.	PUNCT
ejge-4520	113	1	this	this	DET
ejge-4520	113	2	trigger	trigger	NOUN
ejge-4520	113	3	will	will	AUX
ejge-4520	113	4	allow	allow	VERB
ejge-4520	113	5	dynamic	dynamic	ADJ
ejge-4520	113	6	strategies	strategy	NOUN
ejge-4520	113	7	to	to	PART
ejge-4520	113	8	remain	remain	VERB
ejge-4520	113	9	liquid	liquid	ADJ
ejge-4520	113	10	temporarily	temporarily	ADV
ejge-4520	113	11	or	or	CCONJ
ejge-4520	113	12	even	even	ADV
ejge-4520	113	13	take	take	VERB
ejge-4520	113	14	a	a	DET
ejge-4520	113	15	"	"	PUNCT
ejge-4520	113	16	short	short	ADJ
ejge-4520	113	17	"	"	PUNCT
ejge-4520	113	18	carry	carry	NOUN
ejge-4520	113	19	position	position	NOUN
ejge-4520	113	20	.	.	PUNCT
ejge-4520	114	1	1	1	NUM
ejge-4520	114	2	such	such	ADJ
ejge-4520	114	3	behaviour	behaviour	NOUN
ejge-4520	114	4	of	of	ADP
ejge-4520	114	5	carry	carry	NOUN
ejge-4520	114	6	strategies	strategy	NOUN
ejge-4520	114	7	has	have	AUX
ejge-4520	114	8	often	often	ADV
ejge-4520	114	9	been	be	AUX
ejge-4520	114	10	described	describe	VERB
ejge-4520	114	11	by	by	ADP
ejge-4520	114	12	professionals	professional	NOUN
ejge-4520	114	13	as	as	ADP
ejge-4520	114	14	"	"	PUNCT
ejge-4520	114	15	picking	pick	VERB
ejge-4520	114	16	pennies	penny	NOUN
ejge-4520	114	17	in	in	ADP
ejge-4520	114	18	front	front	NOUN
ejge-4520	114	19	of	of	ADP
ejge-4520	114	20	a	a	DET
ejge-4520	114	21	rollercoaster	rollercoaster	NOUN
ejge-4520	114	22	"	"	PUNCT
ejge-4520	114	23	or	or	CCONJ
ejge-4520	114	24	as	as	ADP
ejge-4520	114	25	"	"	PUNCT
ejge-4520	114	26	going	go	VERB
ejge-4520	114	27	up	up	ADP
ejge-4520	114	28	by	by	ADP
ejge-4520	114	29	stairs	stair	NOUN
ejge-4520	114	30	and	and	CCONJ
ejge-4520	114	31	down	down	ADP
ejge-4520	114	32	the	the	DET
ejge-4520	114	33	elevator	elevator	NOUN
ejge-4520	114	34	"	"	PUNCT
ejge-4520	114	35	.	.	PUNCT
ejge-4520	115	1	2	2	NUM
ejge-4520	115	2	our	our	PRON
ejge-4520	115	3	strategy	strategy	NOUN
ejge-4520	115	4	is	be	AUX
ejge-4520	115	5	based	base	VERB
ejge-4520	115	6	on	on	ADP
ejge-4520	115	7	the	the	DET
ejge-4520	115	8	implementation	implementation	NOUN
ejge-4520	115	9	of	of	ADP
ejge-4520	115	10	a	a	DET
ejge-4520	115	11	carry	carry	NOUN
ejge-4520	115	12	trade	trade	NOUN
ejge-4520	115	13	strategy	strategy	NOUN
ejge-4520	115	14	,	,	PUNCT
ejge-4520	115	15	the	the	DET
ejge-4520	115	16	most	most	ADV
ejge-4520	115	17	common	common	ADJ
ejge-4520	115	18	in	in	ADP
ejge-4520	115	19	academic	academic	ADJ
ejge-4520	115	20	research	research	NOUN
ejge-4520	115	21	,	,	PUNCT
ejge-4520	115	22	so	so	SCONJ
ejge-4520	115	23	we	we	PRON
ejge-4520	115	24	use	use	VERB
ejge-4520	115	25	short	short	ADJ
ejge-4520	115	26	-	-	PUNCT
ejge-4520	115	27	term	term	NOUN
ejge-4520	115	28	rates	rate	NOUN
ejge-4520	115	29	.	.	PUNCT
ejge-4520	116	1	the	the	DET
ejge-4520	116	2	choice	choice	NOUN
ejge-4520	116	3	of	of	ADP
ejge-4520	116	4	the	the	DET
ejge-4520	116	5	three	three	NUM
ejge-4520	116	6	-	-	PUNCT
ejge-4520	116	7	month	month	NOUN
ejge-4520	116	8	rate	rate	NOUN
ejge-4520	116	9	from	from	ADP
ejge-4520	116	10	among	among	ADP
ejge-4520	116	11	other	other	ADJ
ejge-4520	116	12	possible	possible	ADJ
ejge-4520	116	13	terms	term	NOUN
ejge-4520	116	14	(	(	PUNCT
ejge-4520	116	15	1	1	NUM
ejge-4520	116	16	month	month	NOUN
ejge-4520	116	17	,	,	PUNCT
ejge-4520	116	18	6	6	NUM
ejge-4520	116	19	months	month	NOUN
ejge-4520	116	20	,	,	PUNCT
ejge-4520	116	21	day	day	NOUN
ejge-4520	116	22	or	or	CCONJ
ejge-4520	116	23	week	week	NOUN
ejge-4520	116	24	,	,	PUNCT
ejge-4520	116	25	for	for	ADP
ejge-4520	116	26	example	example	NOUN
ejge-4520	116	27	)	)	PUNCT
ejge-4520	116	28	makes	make	VERB
ejge-4520	116	29	it	it	PRON
ejge-4520	116	30	easier	easy	ADJ
ejge-4520	116	31	to	to	PART
ejge-4520	116	32	compare	compare	VERB
ejge-4520	116	33	the	the	DET
ejge-4520	116	34	currencies	currency	NOUN
ejge-4520	116	35	used	use	VERB
ejge-4520	116	36	since	since	SCONJ
ejge-4520	116	37	all	all	DET
ejge-4520	116	38	accounts	account	NOUN
ejge-4520	116	39	have	have	VERB
ejge-4520	116	40	this	this	DET
ejge-4520	116	41	reference	reference	NOUN
ejge-4520	116	42	in	in	ADP
ejge-4520	116	43	the	the	DET
ejge-4520	116	44	period	period	NOUN
ejge-4520	116	45	considered	consider	VERB
ejge-4520	116	46	.	.	PUNCT
ejge-4520	117	1	because	because	SCONJ
ejge-4520	117	2	of	of	ADP
ejge-4520	117	3	the	the	DET
ejge-4520	117	4	close	close	ADJ
ejge-4520	117	5	relationship	relationship	NOUN
ejge-4520	117	6	between	between	ADP
ejge-4520	117	7	shortterm	shortterm	PROPN
ejge-4520	117	8	rates	rate	NOUN
ejge-4520	117	9	,	,	PUNCT
ejge-4520	117	10	we	we	PRON
ejge-4520	117	11	do	do	AUX
ejge-4520	117	12	not	not	PART
ejge-4520	117	13	believe	believe	VERB
ejge-4520	117	14	that	that	SCONJ
ejge-4520	117	15	repeating	repeat	VERB
ejge-4520	117	16	the	the	DET
ejge-4520	117	17	strategy	strategy	NOUN
ejge-4520	117	18	with	with	ADP
ejge-4520	117	19	other	other	ADJ
ejge-4520	117	20	rates	rate	NOUN
ejge-4520	117	21	will	will	AUX
ejge-4520	117	22	significantly	significantly	ADV
ejge-4520	117	23	alter	alter	VERB
ejge-4520	117	24	the	the	DET
ejge-4520	117	25	results	result	NOUN
ejge-4520	117	26	.	.	PUNCT
ejge-4520	118	1	3	3	NUM
ejge-4520	118	2	we	we	PRON
ejge-4520	118	3	need	need	VERB
ejge-4520	118	4	an	an	DET
ejge-4520	118	5	average	average	NOUN
ejge-4520	118	6	with	with	ADP
ejge-4520	118	7	a	a	DET
ejge-4520	118	8	sufficiently	sufficiently	ADV
ejge-4520	118	9	short	short	ADJ
ejge-4520	118	10	term	term	NOUN
ejge-4520	118	11	to	to	PART
ejge-4520	118	12	resemble	resemble	VERB
ejge-4520	118	13	our	our	PRON
ejge-4520	118	14	daily	daily	ADJ
ejge-4520	118	15	prices	price	NOUN
ejge-4520	118	16	.	.	PUNCT
ejge-4520	119	1	by	by	ADP
ejge-4520	119	2	default	default	NOUN
ejge-4520	119	3	,	,	PUNCT
ejge-4520	119	4	we	we	PRON
ejge-4520	119	5	will	will	AUX
ejge-4520	119	6	use	use	VERB
ejge-4520	119	7	the	the	DET
ejge-4520	119	8	5	5	NUM
ejge-4520	119	9	-	-	PUNCT
ejge-4520	119	10	day	day	NOUN
ejge-4520	119	11	average	average	NOUN
ejge-4520	119	12	,	,	PUNCT
ejge-4520	119	13	which	which	PRON
ejge-4520	119	14	represents	represent	VERB
ejge-4520	119	15	the	the	DET
ejge-4520	119	16	trading	trading	NOUN
ejge-4520	119	17	week	week	NOUN
ejge-4520	119	18	.	.	PUNCT
ejge-4520	120	1	for	for	ADP
ejge-4520	120	2	the	the	DET
ejge-4520	120	3	long	long	ADJ
ejge-4520	120	4	term	term	NOUN
ejge-4520	120	5	average	average	ADJ
ejge-4520	120	6	,	,	PUNCT
ejge-4520	120	7	and	and	CCONJ
ejge-4520	120	8	since	since	SCONJ
ejge-4520	120	9	we	we	PRON
ejge-4520	120	10	do	do	AUX
ejge-4520	120	11	not	not	PART
ejge-4520	120	12	intend	intend	VERB
ejge-4520	120	13	to	to	PART
ejge-4520	120	14	make	make	VERB
ejge-4520	120	15	a	a	DET
ejge-4520	120	16	trading	trading	NOUN
ejge-4520	120	17	strategy	strategy	NOUN
ejge-4520	120	18	that	that	PRON
ejge-4520	120	19	involves	involve	VERB
ejge-4520	120	20	a	a	DET
ejge-4520	120	21	large	large	ADJ
ejge-4520	120	22	amount	amount	NOUN
ejge-4520	120	23	of	of	ADP
ejge-4520	120	24	trading	trading	NOUN
ejge-4520	120	25	,	,	PUNCT
ejge-4520	120	26	we	we	PRON
ejge-4520	120	27	use	use	VERB
ejge-4520	120	28	the	the	DET
ejge-4520	120	29	market	market	NOUN
ejge-4520	120	30	year	year	NOUN
ejge-4520	120	31	reference	reference	NOUN
ejge-4520	120	32	,	,	PUNCT
ejge-4520	120	33	i.e.	i.e.	X
ejge-4520	120	34	250	250	NUM
ejge-4520	120	35	days	day	NOUN
ejge-4520	120	36	.	.	PUNCT
ejge-4520	121	1	as	as	SCONJ
ejge-4520	121	2	this	this	PRON
ejge-4520	121	3	is	be	AUX
ejge-4520	121	4	not	not	PART
ejge-4520	121	5	an	an	DET
ejge-4520	121	6	optimised	optimise	VERB
ejge-4520	121	7	strategy	strategy	NOUN
ejge-4520	121	8	,	,	PUNCT
ejge-4520	121	9	the	the	DET
ejge-4520	121	10	results	result	NOUN
ejge-4520	121	11	should	should	AUX
ejge-4520	121	12	be	be	AUX
ejge-4520	121	13	robust	robust	ADJ
ejge-4520	121	14	to	to	ADP
ejge-4520	121	15	changes	change	NOUN
ejge-4520	121	16	in	in	ADP
ejge-4520	121	17	the	the	DET
ejge-4520	121	18	averages	average	NOUN
ejge-4520	121	19	used	use	VERB
ejge-4520	121	20	,	,	PUNCT
ejge-4520	121	21	provided	provide	VERB
ejge-4520	121	22	the	the	DET
ejge-4520	121	23	spirit	spirit	NOUN
ejge-4520	121	24	of	of	ADP
ejge-4520	121	25	the	the	DET
ejge-4520	121	26	strategy	strategy	NOUN
ejge-4520	121	27	is	be	AUX
ejge-4520	121	28	maintained	maintain	VERB
ejge-4520	121	29	.	.	PUNCT
ejge-4520	122	1	c.	c.	PROPN
ejge-4520	122	2	fernández	fernández	PROPN
ejge-4520	122	3	-	-	PUNCT
ejge-4520	122	4	herraiz	herraiz	PROPN
ejge-4520	122	5	et	et	PROPN
ejge-4520	122	6	al	al	PROPN
ejge-4520	122	7	.	.	PUNCT
ejge-4520	122	8	/	/	SYM
ejge-4520	122	9	european	european	PROPN
ejge-4520	122	10	journal	journal	PROPN
ejge-4520	122	11	of	of	ADP
ejge-4520	122	12	government	government	NOUN
ejge-4520	122	13	and	and	CCONJ
ejge-4520	122	14	economics	economic	NOUN
ejge-4520	122	15	7(2	7(2	NUM
ejge-4520	122	16	)	)	PUNCT
ejge-4520	122	17	,	,	PUNCT
ejge-4520	122	18	123	123	NUM
ejge-4520	122	19	-	-	SYM
ejge-4520	122	20	137	137	NUM
ejge-4520	122	21	.	.	PUNCT
ejge-4520	122	22	128	128	NUM
ejge-4520	122	23	the	the	DET
ejge-4520	122	24	first	first	ADJ
ejge-4520	122	25	of	of	ADP
ejge-4520	122	26	the	the	DET
ejge-4520	122	27	dynamic	dynamic	ADJ
ejge-4520	122	28	models	model	NOUN
ejge-4520	122	29	will	will	AUX
ejge-4520	122	30	be	be	AUX
ejge-4520	122	31	called	call	VERB
ejge-4520	122	32	long	long	ADJ
ejge-4520	122	33	-	-	PUNCT
ejge-4520	122	34	flat	flat	ADJ
ejge-4520	122	35	strategy	strategy	NOUN
ejge-4520	122	36	,	,	PUNCT
ejge-4520	122	37	and	and	CCONJ
ejge-4520	122	38	it	it	PRON
ejge-4520	122	39	is	be	AUX
ejge-4520	122	40	a	a	DET
ejge-4520	122	41	specification	specification	NOUN
ejge-4520	122	42	that	that	PRON
ejge-4520	122	43	will	will	AUX
ejge-4520	122	44	remain	remain	VERB
ejge-4520	122	45	invested	invest	VERB
ejge-4520	122	46	in	in	ADP
ejge-4520	122	47	the	the	DET
ejge-4520	122	48	“	"	PUNCT
ejge-4520	122	49	peso	peso	NOUN
ejge-4520	122	50	”	"	PUNCT
ejge-4520	122	51	or	or	CCONJ
ejge-4520	122	52	the	the	DET
ejge-4520	122	53	“	"	PUNCT
ejge-4520	122	54	real	real	ADJ
ejge-4520	122	55	”	"	PUNCT
ejge-4520	122	56	until	until	SCONJ
ejge-4520	122	57	the	the	DET
ejge-4520	122	58	trigger	trigger	NOUN
ejge-4520	122	59	is	be	AUX
ejge-4520	122	60	activated	activate	VERB
ejge-4520	122	61	.	.	PUNCT
ejge-4520	123	1	the	the	DET
ejge-4520	123	2	position	position	NOUN
ejge-4520	123	3	is	be	AUX
ejge-4520	123	4	then	then	ADV
ejge-4520	123	5	closed	closed	ADJ
ejge-4520	123	6	.	.	PUNCT
ejge-4520	124	1	the	the	DET
ejge-4520	124	2	strategy	strategy	NOUN
ejge-4520	124	3	is	be	AUX
ejge-4520	124	4	reactivated	reactivate	VERB
ejge-4520	124	5	again	again	ADV
ejge-4520	124	6	when	when	SCONJ
ejge-4520	124	7	the	the	DET
ejge-4520	124	8	moving	move	VERB
ejge-4520	124	9	averages	average	NOUN
ejge-4520	124	10	reverse	reverse	VERB
ejge-4520	124	11	their	their	PRON
ejge-4520	124	12	order	order	NOUN
ejge-4520	124	13	.	.	PUNCT
ejge-4520	125	1	when	when	SCONJ
ejge-4520	125	2	the	the	DET
ejge-4520	125	3	carry	carry	NOUN
ejge-4520	125	4	strategy	strategy	NOUN
ejge-4520	125	5	is	be	AUX
ejge-4520	125	6	deactivated	deactivate	VERB
ejge-4520	125	7	,	,	PUNCT
ejge-4520	125	8	we	we	PRON
ejge-4520	125	9	consider	consider	VERB
ejge-4520	125	10	that	that	SCONJ
ejge-4520	125	11	the	the	DET
ejge-4520	125	12	operator	operator	NOUN
ejge-4520	125	13	does	do	AUX
ejge-4520	125	14	not	not	PART
ejge-4520	125	15	obtain	obtain	VERB
ejge-4520	125	16	remuneration	remuneration	NOUN
ejge-4520	125	17	in	in	ADP
ejge-4520	125	18	excess	excess	NOUN
ejge-4520	125	19	of	of	ADP
ejge-4520	125	20	the	the	DET
ejge-4520	125	21	monetary	monetary	ADJ
ejge-4520	125	22	assets	asset	NOUN
ejge-4520	125	23	in	in	ADP
ejge-4520	125	24	dollars	dollar	NOUN
ejge-4520	125	25	.	.	PUNCT
ejge-4520	126	1	in	in	ADP
ejge-4520	126	2	our	our	PRON
ejge-4520	126	3	view	view	NOUN
ejge-4520	126	4	,	,	PUNCT
ejge-4520	126	5	this	this	PRON
ejge-4520	126	6	is	be	AUX
ejge-4520	126	7	a	a	DET
ejge-4520	126	8	conservative	conservative	ADJ
ejge-4520	126	9	approach	approach	NOUN
ejge-4520	126	10	to	to	PART
ejge-4520	126	11	measure	measure	VERB
ejge-4520	126	12	the	the	DET
ejge-4520	126	13	performance	performance	NOUN
ejge-4520	126	14	.	.	PUNCT
ejge-4520	127	1	the	the	DET
ejge-4520	127	2	third	third	ADJ
ejge-4520	127	3	specification	specification	NOUN
ejge-4520	127	4	,	,	PUNCT
ejge-4520	127	5	also	also	ADV
ejge-4520	127	6	dynamic	dynamic	ADJ
ejge-4520	127	7	,	,	PUNCT
ejge-4520	127	8	will	will	AUX
ejge-4520	127	9	be	be	AUX
ejge-4520	127	10	called	call	VERB
ejge-4520	127	11	long	long	ADV
ejge-4520	127	12	-	-	PUNCT
ejge-4520	127	13	short	short	ADJ
ejge-4520	127	14	strategy	strategy	NOUN
ejge-4520	127	15	,	,	PUNCT
ejge-4520	127	16	and	and	CCONJ
ejge-4520	127	17	is	be	AUX
ejge-4520	127	18	built	build	VERB
ejge-4520	127	19	using	use	VERB
ejge-4520	127	20	the	the	DET
ejge-4520	127	21	same	same	ADJ
ejge-4520	127	22	instruments	instrument	NOUN
ejge-4520	127	23	as	as	ADP
ejge-4520	127	24	the	the	DET
ejge-4520	127	25	previous	previous	ADJ
ejge-4520	127	26	strategy	strategy	NOUN
ejge-4520	127	27	,	,	PUNCT
ejge-4520	127	28	but	but	CCONJ
ejge-4520	127	29	with	with	ADP
ejge-4520	127	30	a	a	DET
ejge-4520	127	31	modification	modification	NOUN
ejge-4520	127	32	of	of	ADP
ejge-4520	127	33	the	the	DET
ejge-4520	127	34	trading	trading	NOUN
ejge-4520	127	35	criteria	criterion	NOUN
ejge-4520	127	36	.	.	PUNCT
ejge-4520	128	1	in	in	ADP
ejge-4520	128	2	this	this	DET
ejge-4520	128	3	case	case	NOUN
ejge-4520	128	4	,	,	PUNCT
ejge-4520	128	5	when	when	SCONJ
ejge-4520	128	6	the	the	DET
ejge-4520	128	7	trigger	trigger	NOUN
ejge-4520	128	8	is	be	AUX
ejge-4520	128	9	activated	activate	VERB
ejge-4520	128	10	the	the	DET
ejge-4520	128	11	trade	trade	NOUN
ejge-4520	128	12	takes	take	VERB
ejge-4520	128	13	short	short	ADJ
ejge-4520	128	14	positions	position	NOUN
ejge-4520	128	15	,	,	PUNCT
ejge-4520	128	16	reversing	reverse	VERB
ejge-4520	128	17	the	the	DET
ejge-4520	128	18	strategy	strategy	NOUN
ejge-4520	128	19	towards	towards	ADP
ejge-4520	128	20	a	a	DET
ejge-4520	128	21	long	long	ADJ
ejge-4520	128	22	position	position	NOUN
ejge-4520	128	23	of	of	ADP
ejge-4520	128	24	usd	usd	NOUN
ejge-4520	128	25	and	and	CCONJ
ejge-4520	128	26	short	short	ADJ
ejge-4520	128	27	position	position	NOUN
ejge-4520	128	28	of	of	ADP
ejge-4520	128	29	the	the	DET
ejge-4520	128	30	carry	carry	NOUN
ejge-4520	128	31	currencies	currency	NOUN
ejge-4520	128	32	.	.	PUNCT
ejge-4520	129	1	therefore	therefore	ADV
ejge-4520	129	2	,	,	PUNCT
ejge-4520	129	3	in	in	ADP
ejge-4520	129	4	this	this	DET
ejge-4520	129	5	case	case	NOUN
ejge-4520	129	6	,	,	PUNCT
ejge-4520	129	7	the	the	DET
ejge-4520	129	8	long	long	ADJ
ejge-4520	129	9	position	position	NOUN
ejge-4520	129	10	closing	closing	NOUN
ejge-4520	129	11	trigger	trigger	NOUN
ejge-4520	129	12	automatically	automatically	ADV
ejge-4520	129	13	activates	activate	VERB
ejge-4520	129	14	a	a	DET
ejge-4520	129	15	short	short	ADJ
ejge-4520	129	16	position	position	NOUN
ejge-4520	129	17	on	on	ADP
ejge-4520	129	18	the	the	DET
ejge-4520	129	19	carry	carry	NOUN
ejge-4520	129	20	currency	currency	NOUN
ejge-4520	129	21	/	/	SYM
ejge-4520	129	22	long	long	ADJ
ejge-4520	129	23	position	position	NOUN
ejge-4520	129	24	in	in	ADP
ejge-4520	129	25	dollars	dollar	NOUN
ejge-4520	129	26	.	.	PUNCT
ejge-4520	130	1	the	the	DET
ejge-4520	130	2	trading	trading	NOUN
ejge-4520	130	3	motivation	motivation	NOUN
ejge-4520	130	4	behind	behind	ADP
ejge-4520	130	5	this	this	DET
ejge-4520	130	6	third	third	ADJ
ejge-4520	130	7	approach	approach	NOUN
ejge-4520	130	8	is	be	AUX
ejge-4520	130	9	to	to	PART
ejge-4520	130	10	try	try	VERB
ejge-4520	130	11	to	to	PART
ejge-4520	130	12	take	take	VERB
ejge-4520	130	13	advantage	advantage	NOUN
ejge-4520	130	14	of	of	ADP
ejge-4520	130	15	the	the	DET
ejge-4520	130	16	moments	moment	NOUN
ejge-4520	130	17	of	of	ADP
ejge-4520	130	18	deactivation	deactivation	NOUN
ejge-4520	130	19	of	of	ADP
ejge-4520	130	20	the	the	DET
ejge-4520	130	21	long	long	ADJ
ejge-4520	130	22	carry	carry	VERB
ejge-4520	130	23	trade	trade	NOUN
ejge-4520	130	24	strategy	strategy	NOUN
ejge-4520	130	25	,	,	PUNCT
ejge-4520	130	26	which	which	PRON
ejge-4520	130	27	are	be	AUX
ejge-4520	130	28	normally	normally	ADV
ejge-4520	130	29	associated	associate	VERB
ejge-4520	130	30	with	with	ADP
ejge-4520	130	31	high	high	ADJ
ejge-4520	130	32	volatile	volatile	ADJ
ejge-4520	130	33	market	market	NOUN
ejge-4520	130	34	movements	movement	NOUN
ejge-4520	130	35	in	in	ADP
ejge-4520	130	36	the	the	DET
ejge-4520	130	37	currencies	currency	NOUN
ejge-4520	130	38	considered	consider	VERB
ejge-4520	130	39	.	.	PUNCT
ejge-4520	131	1	4	4	X
ejge-4520	131	2	.	.	X
ejge-4520	131	3	empirical	empirical	ADJ
ejge-4520	131	4	analysis	analysis	NOUN
ejge-4520	131	5	.	.	PUNCT
ejge-4520	132	1	the	the	DET
ejge-4520	132	2	empirical	empirical	ADJ
ejge-4520	132	3	analysis	analysis	NOUN
ejge-4520	132	4	focuses	focus	VERB
ejge-4520	132	5	on	on	ADP
ejge-4520	132	6	the	the	DET
ejge-4520	132	7	last	last	ADJ
ejge-4520	132	8	eighteen	eighteen	NUM
ejge-4520	132	9	years	year	NOUN
ejge-4520	132	10	,	,	PUNCT
ejge-4520	132	11	a	a	DET
ejge-4520	132	12	period	period	NOUN
ejge-4520	132	13	from	from	ADP
ejge-4520	132	14	may	may	PROPN
ejge-4520	132	15	2000	2000	NUM
ejge-4520	132	16	until	until	ADP
ejge-4520	132	17	may	may	PROPN
ejge-4520	132	18	2018	2018	NUM
ejge-4520	132	19	and	and	CCONJ
ejge-4520	132	20	uses	use	VERB
ejge-4520	132	21	daily	daily	ADJ
ejge-4520	132	22	closing	closing	NOUN
ejge-4520	132	23	price	price	NOUN
ejge-4520	132	24	data	datum	NOUN
ejge-4520	132	25	for	for	ADP
ejge-4520	132	26	the	the	DET
ejge-4520	132	27	currencies	currency	NOUN
ejge-4520	132	28	considered	consider	VERB
ejge-4520	132	29	:	:	PUNCT
ejge-4520	132	30	the	the	DET
ejge-4520	132	31	mexican	mexican	ADJ
ejge-4520	132	32	peso	peso	NOUN
ejge-4520	132	33	and	and	CCONJ
ejge-4520	132	34	the	the	DET
ejge-4520	132	35	brazilian	brazilian	ADJ
ejge-4520	132	36	real	real	NOUN
ejge-4520	132	37	.	.	PUNCT
ejge-4520	133	1	the	the	DET
ejge-4520	133	2	performance	performance	NOUN
ejge-4520	133	3	of	of	ADP
ejge-4520	133	4	the	the	DET
ejge-4520	133	5	carry	carry	NOUN
ejge-4520	133	6	trade	trade	NOUN
ejge-4520	133	7	strategies	strategy	NOUN
ejge-4520	133	8	in	in	ADP
ejge-4520	133	9	each	each	PRON
ejge-4520	133	10	of	of	ADP
ejge-4520	133	11	the	the	DET
ejge-4520	133	12	two	two	NUM
ejge-4520	133	13	individual	individual	ADJ
ejge-4520	133	14	currencies	currency	NOUN
ejge-4520	133	15	are	be	AUX
ejge-4520	133	16	presented	present	VERB
ejge-4520	133	17	and	and	CCONJ
ejge-4520	133	18	commented	comment	VERB
ejge-4520	133	19	below	below	ADV
ejge-4520	133	20	.	.	PUNCT
ejge-4520	134	1	the	the	DET
ejge-4520	134	2	outcome	outcome	NOUN
ejge-4520	134	3	of	of	ADP
ejge-4520	134	4	the	the	DET
ejge-4520	134	5	analysis	analysis	NOUN
ejge-4520	134	6	will	will	AUX
ejge-4520	134	7	provide	provide	VERB
ejge-4520	134	8	information	information	NOUN
ejge-4520	134	9	about	about	ADP
ejge-4520	134	10	the	the	DET
ejge-4520	134	11	evolution	evolution	NOUN
ejge-4520	134	12	of	of	ADP
ejge-4520	134	13	the	the	DET
ejge-4520	134	14	carry	carry	NOUN
ejge-4520	134	15	strategy	strategy	NOUN
ejge-4520	134	16	,	,	PUNCT
ejge-4520	134	17	for	for	ADP
ejge-4520	134	18	each	each	DET
ejge-4520	134	19	particular	particular	ADJ
ejge-4520	134	20	specification	specification	NOUN
ejge-4520	134	21	.	.	PUNCT
ejge-4520	135	1	we	we	PRON
ejge-4520	135	2	also	also	ADV
ejge-4520	135	3	present	present	VERB
ejge-4520	135	4	the	the	DET
ejge-4520	135	5	breakdown	breakdown	NOUN
ejge-4520	135	6	of	of	ADP
ejge-4520	135	7	the	the	DET
ejge-4520	135	8	returns	return	NOUN
ejge-4520	135	9	of	of	ADP
ejge-4520	135	10	the	the	DET
ejge-4520	135	11	carry	carry	NOUN
ejge-4520	135	12	strategy	strategy	NOUN
ejge-4520	135	13	between	between	ADP
ejge-4520	135	14	those	those	PRON
ejge-4520	135	15	resulting	result	VERB
ejge-4520	135	16	from	from	ADP
ejge-4520	135	17	the	the	DET
ejge-4520	135	18	appreciation	appreciation	NOUN
ejge-4520	135	19	/	/	SYM
ejge-4520	135	20	depreciation	depreciation	NOUN
ejge-4520	135	21	of	of	ADP
ejge-4520	135	22	the	the	DET
ejge-4520	135	23	currencies	currency	NOUN
ejge-4520	135	24	in	in	ADP
ejge-4520	135	25	question	question	NOUN
ejge-4520	135	26	(	(	PUNCT
ejge-4520	135	27	currency	currency	NOUN
ejge-4520	135	28	performance	performance	NOUN
ejge-4520	135	29	)	)	PUNCT
ejge-4520	135	30	and	and	CCONJ
ejge-4520	135	31	those	those	PRON
ejge-4520	135	32	resulting	result	VERB
ejge-4520	135	33	from	from	ADP
ejge-4520	135	34	obtaining	obtain	VERB
ejge-4520	135	35	the	the	DET
ejge-4520	135	36	interest	interest	NOUN
ejge-4520	135	37	rate	rate	NOUN
ejge-4520	135	38	differential	differential	NOUN
ejge-4520	135	39	(	(	PUNCT
ejge-4520	135	40	carry	carry	VERB
ejge-4520	135	41	component	component	NOUN
ejge-4520	135	42	)	)	PUNCT
ejge-4520	135	43	.	.	PUNCT
ejge-4520	136	1	the	the	DET
ejge-4520	136	2	performance	performance	NOUN
ejge-4520	136	3	of	of	ADP
ejge-4520	136	4	the	the	DET
ejge-4520	136	5	strategies	strategy	NOUN
ejge-4520	136	6	will	will	AUX
ejge-4520	136	7	be	be	AUX
ejge-4520	136	8	measured	measure	VERB
ejge-4520	136	9	on	on	ADP
ejge-4520	136	10	the	the	DET
ejge-4520	136	11	basis	basis	NOUN
ejge-4520	136	12	of	of	ADP
ejge-4520	136	13	widespread	widespread	ADJ
ejge-4520	136	14	performance	performance	NOUN
ejge-4520	136	15	indicators	indicator	NOUN
ejge-4520	136	16	,	,	PUNCT
ejge-4520	136	17	such	such	ADJ
ejge-4520	136	18	as	as	ADP
ejge-4520	136	19	the	the	DET
ejge-4520	136	20	sharpe	sharpe	PROPN
ejge-4520	136	21	ratio	ratio	NOUN
ejge-4520	136	22	,	,	PUNCT
ejge-4520	136	23	sortino	sortino	ADJ
ejge-4520	136	24	ratio	ratio	NOUN
ejge-4520	136	25	and	and	CCONJ
ejge-4520	136	26	calmar	calmar	PROPN
ejge-4520	136	27	ratio	ratio	NOUN
ejge-4520	136	28	,	,	PUNCT
ejge-4520	136	29	as	as	ADV
ejge-4520	136	30	well	well	ADV
ejge-4520	136	31	as	as	ADP
ejge-4520	136	32	information	information	NOUN
ejge-4520	136	33	on	on	ADP
ejge-4520	136	34	the	the	DET
ejge-4520	136	35	long	long	ADJ
ejge-4520	136	36	term	term	NOUN
ejge-4520	136	37	annualised	annualise	VERB
ejge-4520	136	38	return	return	NOUN
ejge-4520	136	39	and	and	CCONJ
ejge-4520	136	40	volatility	volatility	NOUN
ejge-4520	136	41	.	.	PUNCT
ejge-4520	137	1	4.1	4.1	NUM
ejge-4520	137	2	carry	carry	VERB
ejge-4520	137	3	trade	trade	NOUN
ejge-4520	137	4	on	on	ADP
ejge-4520	137	5	the	the	DET
ejge-4520	137	6	mexican	mexican	ADJ
ejge-4520	137	7	peso	peso	NOUN
ejge-4520	137	8	.	.	PUNCT
ejge-4520	138	1	the	the	DET
ejge-4520	138	2	mexican	mexican	ADJ
ejge-4520	138	3	peso	peso	NOUN
ejge-4520	138	4	is	be	AUX
ejge-4520	138	5	undoubtedly	undoubtedly	ADV
ejge-4520	138	6	the	the	DET
ejge-4520	138	7	most	most	ADV
ejge-4520	138	8	liquid	liquid	ADJ
ejge-4520	138	9	currency	currency	NOUN
ejge-4520	138	10	in	in	ADP
ejge-4520	138	11	the	the	DET
ejge-4520	138	12	latam	latam	NOUN
ejge-4520	138	13	region	region	NOUN
ejge-4520	138	14	.	.	PUNCT
ejge-4520	139	1	it	it	PRON
ejge-4520	139	2	is	be	AUX
ejge-4520	139	3	a	a	DET
ejge-4520	139	4	freely	freely	ADV
ejge-4520	139	5	convertible	convertible	ADJ
ejge-4520	139	6	currency	currency	NOUN
ejge-4520	139	7	,	,	PUNCT
ejge-4520	139	8	which	which	PRON
ejge-4520	139	9	makes	make	VERB
ejge-4520	139	10	it	it	PRON
ejge-4520	139	11	a	a	DET
ejge-4520	139	12	candidate	candidate	NOUN
ejge-4520	139	13	for	for	ADP
ejge-4520	139	14	all	all	DET
ejge-4520	139	15	types	type	NOUN
ejge-4520	139	16	of	of	ADP
ejge-4520	139	17	carry	carry	NOUN
ejge-4520	139	18	strategies	strategy	NOUN
ejge-4520	139	19	.	.	PUNCT
ejge-4520	140	1	our	our	PRON
ejge-4520	140	2	simplified	simplified	ADJ
ejge-4520	140	3	carry	carry	NOUN
ejge-4520	140	4	model	model	NOUN
ejge-4520	140	5	considers	consider	VERB
ejge-4520	140	6	only	only	ADV
ejge-4520	140	7	the	the	DET
ejge-4520	140	8	returns	return	NOUN
ejge-4520	140	9	from	from	ADP
ejge-4520	140	10	the	the	DET
ejge-4520	140	11	money	money	NOUN
ejge-4520	140	12	market	market	NOUN
ejge-4520	140	13	remuneration	remuneration	NOUN
ejge-4520	140	14	of	of	ADP
ejge-4520	140	15	the	the	DET
ejge-4520	140	16	exposure	exposure	NOUN
ejge-4520	140	17	to	to	ADP
ejge-4520	140	18	the	the	DET
ejge-4520	140	19	peso	peso	NOUN
ejge-4520	140	20	,	,	PUNCT
ejge-4520	140	21	as	as	ADV
ejge-4520	140	22	well	well	ADV
ejge-4520	140	23	as	as	ADP
ejge-4520	140	24	the	the	DET
ejge-4520	140	25	impact	impact	NOUN
ejge-4520	140	26	of	of	ADP
ejge-4520	140	27	changes	change	NOUN
ejge-4520	140	28	in	in	ADP
ejge-4520	140	29	the	the	DET
ejge-4520	140	30	price	price	NOUN
ejge-4520	140	31	of	of	ADP
ejge-4520	140	32	the	the	DET
ejge-4520	140	33	exchange	exchange	NOUN
ejge-4520	140	34	rate	rate	NOUN
ejge-4520	140	35	pair	pair	NOUN
ejge-4520	140	36	.	.	PUNCT
ejge-4520	141	1	the	the	DET
ejge-4520	141	2	performance	performance	NOUN
ejge-4520	141	3	of	of	ADP
ejge-4520	141	4	the	the	DET
ejge-4520	141	5	simplified	simplified	ADJ
ejge-4520	141	6	individual	individual	NOUN
ejge-4520	141	7	carry	carry	VERB
ejge-4520	141	8	strategy	strategy	NOUN
ejge-4520	141	9	in	in	ADP
ejge-4520	141	10	the	the	DET
ejge-4520	141	11	mexican	mexican	ADJ
ejge-4520	141	12	peso	peso	NOUN
ejge-4520	141	13	during	during	ADP
ejge-4520	141	14	the	the	DET
ejge-4520	141	15	period	period	NOUN
ejge-4520	141	16	offers	offer	VERB
ejge-4520	141	17	little	little	ADJ
ejge-4520	141	18	room	room	NOUN
ejge-4520	141	19	for	for	ADP
ejge-4520	141	20	comfort	comfort	NOUN
ejge-4520	141	21	to	to	ADP
ejge-4520	141	22	a	a	DET
ejge-4520	141	23	carry	carry	NOUN
ejge-4520	141	24	trade	trade	NOUN
ejge-4520	141	25	speculator	speculator	NOUN
ejge-4520	141	26	.	.	PUNCT
ejge-4520	142	1	the	the	DET
ejge-4520	142	2	specification	specification	NOUN
ejge-4520	142	3	of	of	ADP
ejge-4520	142	4	dynamic	dynamic	ADJ
ejge-4520	142	5	strategies	strategy	NOUN
ejge-4520	142	6	does	do	AUX
ejge-4520	142	7	not	not	PART
ejge-4520	142	8	significantly	significantly	ADV
ejge-4520	142	9	improve	improve	VERB
ejge-4520	142	10	the	the	DET
ejge-4520	142	11	results	result	NOUN
ejge-4520	142	12	of	of	ADP
ejge-4520	142	13	the	the	DET
ejge-4520	142	14	long	long	ADJ
ejge-4520	142	15	only	only	ADV
ejge-4520	142	16	carry	carry	VERB
ejge-4520	142	17	.	.	PUNCT
ejge-4520	143	1	c.	c.	PROPN
ejge-4520	143	2	fernández	fernández	PROPN
ejge-4520	143	3	-	-	PUNCT
ejge-4520	143	4	herraiz	herraiz	PROPN
ejge-4520	143	5	et	et	PROPN
ejge-4520	143	6	al	al	PROPN
ejge-4520	143	7	.	.	PUNCT
ejge-4520	143	8	/	/	SYM
ejge-4520	143	9	european	european	PROPN
ejge-4520	143	10	journal	journal	PROPN
ejge-4520	143	11	of	of	ADP
ejge-4520	143	12	government	government	NOUN
ejge-4520	143	13	and	and	CCONJ
ejge-4520	143	14	economics	economic	NOUN
ejge-4520	143	15	7(2	7(2	NUM
ejge-4520	143	16	)	)	PUNCT
ejge-4520	143	17	,	,	PUNCT
ejge-4520	143	18	123	123	NUM
ejge-4520	143	19	-	-	SYM
ejge-4520	143	20	137	137	NUM
ejge-4520	143	21	.	.	PUNCT
ejge-4520	144	1	129	129	NUM
ejge-4520	144	2	table	table	NOUN
ejge-4520	144	3	1	1	NUM
ejge-4520	144	4	:	:	PUNCT
ejge-4520	144	5	results	result	NOUN
ejge-4520	144	6	of	of	ADP
ejge-4520	144	7	the	the	DET
ejge-4520	144	8	carry	carry	NOUN
ejge-4520	144	9	strategies	strategy	NOUN
ejge-4520	144	10	on	on	ADP
ejge-4520	144	11	the	the	DET
ejge-4520	144	12	mxn	mxn	PROPN
ejge-4520	144	13	5:2000	5:2000	PROPN
ejge-4520	144	14	-	-	SYM
ejge-4520	144	15	5:2018	5:2018	NUM
ejge-4520	144	16	,	,	PUNCT
ejge-4520	144	17	daily	daily	ADJ
ejge-4520	144	18	data	datum	NOUN
ejge-4520	144	19	.	.	PUNCT
ejge-4520	145	1	mxnusd	mxnusd	NOUN
ejge-4520	145	2	long	long	ADJ
ejge-4520	145	3	only	only	ADV
ejge-4520	145	4	long	long	ADV
ejge-4520	145	5	flat	flat	ADJ
ejge-4520	145	6	long	long	ADJ
ejge-4520	145	7	short	short	ADJ
ejge-4520	145	8	average	average	ADJ
ejge-4520	145	9	annual	annual	ADJ
ejge-4520	145	10	return	return	NOUN
ejge-4520	145	11	0,65	0,65	NUM
ejge-4520	145	12	%	%	NOUN
ejge-4520	145	13	0,89	0,89	NUM
ejge-4520	145	14	%	%	NOUN
ejge-4520	145	15	0,30	0,30	NUM
ejge-4520	145	16	%	%	NOUN
ejge-4520	145	17	standard	standard	ADJ
ejge-4520	145	18	deviation	deviation	NOUN
ejge-4520	145	19	11,40	11,40	NUM
ejge-4520	145	20	%	%	NOUN
ejge-4520	145	21	6,97	6,97	NUM
ejge-4520	145	22	%	%	NOUN
ejge-4520	145	23	11,40	11,40	NUM
ejge-4520	145	24	%	%	NOUN
ejge-4520	145	25	downside	downside	ADJ
ejge-4520	145	26	deviation	deviation	NOUN
ejge-4520	145	27	8,36	8,36	NUM
ejge-4520	145	28	%	%	NOUN
ejge-4520	145	29	5,06	5,06	NUM
ejge-4520	145	30	%	%	NOUN
ejge-4520	145	31	7,91	7,91	NUM
ejge-4520	145	32	%	%	NOUN
ejge-4520	145	33	maximum	maximum	ADJ
ejge-4520	145	34	drawdown	drawdown	NOUN
ejge-4520	146	1	39,36	39,36	NOUN
ejge-4520	146	2	%	%	NOUN
ejge-4520	146	3	19,26	19,26	NUM
ejge-4520	146	4	%	%	NOUN
ejge-4520	146	5	38,23	38,23	NUM
ejge-4520	146	6	%	%	NOUN
ejge-4520	146	7	sharpe	sharpe	PROPN
ejge-4520	146	8	ratio	ratio	PROPN
ejge-4520	146	9	0,0573	0,0573	PROPN
ejge-4520	146	10	0,1274	0,1274	NOUN
ejge-4520	146	11	0,0266	0,0266	NOUN
ejge-4520	146	12	sortino	sortino	ADJ
ejge-4520	146	13	ratio	ratio	NOUN
ejge-4520	146	14	0,0782	0,0782	PROPN
ejge-4520	146	15	0,1756	0,1756	X
ejge-4520	146	16	0,0384	0,0384	PROPN
ejge-4520	146	17	calmar	calmar	PROPN
ejge-4520	146	18	ratio	ratio	NOUN
ejge-4520	146	19	0,0166	0,0166	NOUN
ejge-4520	146	20	0,0461	0,0461	ADJ
ejge-4520	146	21	0,0079	0,0079	PROPN
ejge-4520	146	22	source	source	NOUN
ejge-4520	146	23	:	:	PUNCT
ejge-4520	146	24	authors	author	NOUN
ejge-4520	146	25	elaboration	elaboration	NOUN
ejge-4520	146	26	from	from	ADP
ejge-4520	146	27	financial	financial	ADJ
ejge-4520	146	28	series	series	NOUN
ejge-4520	146	29	obtained	obtain	VERB
ejge-4520	146	30	from	from	ADP
ejge-4520	146	31	bloomberg	bloomberg	PROPN
ejge-4520	146	32	.	.	PUNCT
ejge-4520	147	1	table	table	NOUN
ejge-4520	147	2	1	1	NUM
ejge-4520	147	3	shows	show	VERB
ejge-4520	147	4	that	that	SCONJ
ejge-4520	147	5	the	the	DET
ejge-4520	147	6	annualised	annualise	VERB
ejge-4520	147	7	excess	excess	ADJ
ejge-4520	147	8	return	return	NOUN
ejge-4520	147	9	on	on	ADP
ejge-4520	147	10	dollar	dollar	NOUN
ejge-4520	147	11	-	-	PUNCT
ejge-4520	147	12	denominated	denominate	VERB
ejge-4520	147	13	risk	risk	NOUN
ejge-4520	147	14	-	-	PUNCT
ejge-4520	147	15	free	free	ADJ
ejge-4520	147	16	assets	asset	NOUN
ejge-4520	147	17	offered	offer	VERB
ejge-4520	147	18	by	by	ADP
ejge-4520	147	19	the	the	DET
ejge-4520	147	20	strategies	strategy	NOUN
ejge-4520	147	21	is	be	AUX
ejge-4520	147	22	less	less	ADJ
ejge-4520	147	23	than	than	ADP
ejge-4520	147	24	1	1	NUM
ejge-4520	147	25	%	%	NOUN
ejge-4520	147	26	.	.	PUNCT
ejge-4520	148	1	this	this	PRON
ejge-4520	148	2	is	be	AUX
ejge-4520	148	3	a	a	DET
ejge-4520	148	4	very	very	ADV
ejge-4520	148	5	low	low	ADJ
ejge-4520	148	6	yield	yield	NOUN
ejge-4520	148	7	spread	spread	NOUN
ejge-4520	148	8	,	,	PUNCT
ejge-4520	148	9	particularly	particularly	ADV
ejge-4520	148	10	if	if	SCONJ
ejge-4520	148	11	we	we	PRON
ejge-4520	148	12	relate	relate	VERB
ejge-4520	148	13	it	it	PRON
ejge-4520	148	14	to	to	ADP
ejge-4520	148	15	the	the	DET
ejge-4520	148	16	volatility	volatility	NOUN
ejge-4520	148	17	of	of	ADP
ejge-4520	148	18	the	the	DET
ejge-4520	148	19	strategies	strategy	NOUN
ejge-4520	148	20	,	,	PUNCT
ejge-4520	148	21	between	between	ADP
ejge-4520	148	22	6.97	6.97	NUM
ejge-4520	148	23	%	%	NOUN
ejge-4520	148	24	and	and	CCONJ
ejge-4520	148	25	11.40	11.40	NUM
ejge-4520	148	26	%	%	NOUN
ejge-4520	148	27	for	for	ADP
ejge-4520	148	28	the	the	DET
ejge-4520	148	29	whole	whole	ADJ
ejge-4520	148	30	period	period	NOUN
ejge-4520	148	31	.	.	PUNCT
ejge-4520	149	1	one	one	NUM
ejge-4520	149	2	way	way	NOUN
ejge-4520	149	3	to	to	PART
ejge-4520	149	4	look	look	VERB
ejge-4520	149	5	at	at	ADP
ejge-4520	149	6	these	these	DET
ejge-4520	149	7	outcomes	outcome	NOUN
ejge-4520	149	8	in	in	ADP
ejge-4520	149	9	aggregate	aggregate	NOUN
ejge-4520	149	10	is	be	AUX
ejge-4520	149	11	to	to	PART
ejge-4520	149	12	check	check	VERB
ejge-4520	149	13	sharpe	sharpe	PROPN
ejge-4520	149	14	's	's	PART
ejge-4520	149	15	ratios	ratio	NOUN
ejge-4520	149	16	.	.	PUNCT
ejge-4520	150	1	with	with	ADP
ejge-4520	150	2	figures	figure	NOUN
ejge-4520	150	3	between	between	ADP
ejge-4520	150	4	0.027	0.027	NUM
ejge-4520	150	5	and	and	CCONJ
ejge-4520	150	6	0.127	0.127	NUM
ejge-4520	150	7	,	,	PUNCT
ejge-4520	150	8	the	the	DET
ejge-4520	150	9	strategies	strategy	NOUN
ejge-4520	150	10	would	would	AUX
ejge-4520	150	11	have	have	AUX
ejge-4520	150	12	offered	offer	VERB
ejge-4520	150	13	between	between	ADP
ejge-4520	150	14	2	2	NUM
ejge-4520	150	15	and	and	CCONJ
ejge-4520	150	16	12	12	NUM
ejge-4520	150	17	basis	basis	NOUN
ejge-4520	150	18	points	point	NOUN
ejge-4520	150	19	of	of	ADP
ejge-4520	150	20	annual	annual	ADJ
ejge-4520	150	21	excess	excess	ADJ
ejge-4520	150	22	yield	yield	NOUN
ejge-4520	150	23	for	for	ADP
ejge-4520	150	24	every	every	DET
ejge-4520	150	25	10	10	NUM
ejge-4520	150	26	points	point	NOUN
ejge-4520	150	27	of	of	ADP
ejge-4520	150	28	volatility	volatility	NOUN
ejge-4520	150	29	during	during	ADP
ejge-4520	150	30	this	this	DET
ejge-4520	150	31	long	long	ADJ
ejge-4520	150	32	period	period	NOUN
ejge-4520	150	33	.	.	PUNCT
ejge-4520	151	1	low	low	ADJ
ejge-4520	151	2	returns	return	NOUN
ejge-4520	151	3	,	,	PUNCT
ejge-4520	151	4	high	high	ADJ
ejge-4520	151	5	risk	risk	NOUN
ejge-4520	151	6	and	and	CCONJ
ejge-4520	151	7	poor	poor	ADJ
ejge-4520	151	8	performance	performance	NOUN
ejge-4520	151	9	.	.	PUNCT
ejge-4520	152	1	even	even	ADV
ejge-4520	152	2	the	the	DET
ejge-4520	152	3	long	long	ADJ
ejge-4520	152	4	flat	flat	ADJ
ejge-4520	152	5	strategy	strategy	NOUN
ejge-4520	152	6	,	,	PUNCT
ejge-4520	152	7	characterised	characterise	VERB
ejge-4520	152	8	by	by	ADP
ejge-4520	152	9	a	a	DET
ejge-4520	152	10	significant	significant	ADJ
ejge-4520	152	11	reduction	reduction	NOUN
ejge-4520	152	12	in	in	ADP
ejge-4520	152	13	risk	risk	NOUN
ejge-4520	152	14	(	(	PUNCT
ejge-4520	152	15	6.97	6.97	NUM
ejge-4520	152	16	%	%	NOUN
ejge-4520	152	17	volatility	volatility	NOUN
ejge-4520	152	18	compared	compare	VERB
ejge-4520	152	19	to	to	ADP
ejge-4520	152	20	11.40	11.40	NUM
ejge-4520	152	21	%	%	NOUN
ejge-4520	152	22	for	for	ADP
ejge-4520	152	23	the	the	DET
ejge-4520	152	24	long	long	ADJ
ejge-4520	152	25	only	only	ADV
ejge-4520	152	26	and	and	CCONJ
ejge-4520	152	27	long	long	ADJ
ejge-4520	152	28	short	short	ADJ
ejge-4520	152	29	strategies	strategy	NOUN
ejge-4520	152	30	)	)	PUNCT
ejge-4520	152	31	,	,	PUNCT
ejge-4520	152	32	does	do	AUX
ejge-4520	152	33	not	not	PART
ejge-4520	152	34	provide	provide	VERB
ejge-4520	152	35	maximum	maximum	ADJ
ejge-4520	152	36	drawdown	drawdown	ADJ
ejge-4520	152	37	levels	level	NOUN
ejge-4520	152	38	over	over	ADP
ejge-4520	152	39	the	the	DET
ejge-4520	152	40	period	period	NOUN
ejge-4520	152	41	(	(	PUNCT
ejge-4520	152	42	max	max	PROPN
ejge-4520	152	43	dd	dd	PROPN
ejge-4520	152	44	)	)	PUNCT
ejge-4520	152	45	capable	capable	ADJ
ejge-4520	152	46	of	of	ADP
ejge-4520	152	47	withstanding	withstand	VERB
ejge-4520	152	48	substantial	substantial	ADJ
ejge-4520	152	49	levels	level	NOUN
ejge-4520	152	50	of	of	ADP
ejge-4520	152	51	leverage	leverage	NOUN
ejge-4520	152	52	.	.	PUNCT
ejge-4520	153	1	the	the	DET
ejge-4520	153	2	poor	poor	ADJ
ejge-4520	153	3	results	result	NOUN
ejge-4520	153	4	are	be	AUX
ejge-4520	153	5	consistent	consistent	ADJ
ejge-4520	153	6	under	under	ADP
ejge-4520	153	7	any	any	PRON
ejge-4520	153	8	of	of	ADP
ejge-4520	153	9	the	the	DET
ejge-4520	153	10	performance	performance	NOUN
ejge-4520	153	11	measures	measure	NOUN
ejge-4520	153	12	(	(	PUNCT
ejge-4520	153	13	sharpe	sharpe	NOUN
ejge-4520	153	14	,	,	PUNCT
ejge-4520	153	15	sortino	sortino	NOUN
ejge-4520	153	16	or	or	CCONJ
ejge-4520	153	17	calmar	calmar	PROPN
ejge-4520	153	18	)	)	PUNCT
ejge-4520	153	19	,	,	PUNCT
ejge-4520	153	20	in	in	ADP
ejge-4520	153	21	all	all	DET
ejge-4520	153	22	cases	case	NOUN
ejge-4520	153	23	very	very	ADV
ejge-4520	153	24	small	small	ADJ
ejge-4520	153	25	.	.	PUNCT
ejge-4520	154	1	the	the	DET
ejge-4520	154	2	long	long	ADJ
ejge-4520	154	3	only	only	ADJ
ejge-4520	154	4	strategy	strategy	NOUN
ejge-4520	154	5	in	in	ADP
ejge-4520	154	6	the	the	DET
ejge-4520	154	7	mexican	mexican	ADJ
ejge-4520	154	8	peso	peso	NOUN
ejge-4520	154	9	over	over	ADP
ejge-4520	154	10	the	the	DET
ejge-4520	154	11	past	past	ADJ
ejge-4520	154	12	fifteen	fifteen	NUM
ejge-4520	154	13	years	year	NOUN
ejge-4520	154	14	has	have	AUX
ejge-4520	154	15	offered	offer	VERB
ejge-4520	154	16	a	a	DET
ejge-4520	154	17	performance	performance	NOUN
ejge-4520	154	18	which	which	PRON
ejge-4520	154	19	is	be	AUX
ejge-4520	154	20	apparently	apparently	ADV
ejge-4520	154	21	compatible	compatible	ADJ
ejge-4520	154	22	with	with	ADP
ejge-4520	154	23	a	a	DET
ejge-4520	154	24	sound	sound	ADJ
ejge-4520	154	25	management	management	NOUN
ejge-4520	154	26	of	of	ADP
ejge-4520	154	27	the	the	DET
ejge-4520	154	28	exchange	exchange	NOUN
ejge-4520	154	29	rate	rate	NOUN
ejge-4520	154	30	policy	policy	NOUN
ejge-4520	154	31	,	,	PUNCT
ejge-4520	154	32	or	or	CCONJ
ejge-4520	154	33	a	a	DET
ejge-4520	154	34	market	market	NOUN
ejge-4520	154	35	perception	perception	NOUN
ejge-4520	154	36	of	of	ADP
ejge-4520	154	37	exchange	exchange	NOUN
ejge-4520	154	38	credibility	credibility	NOUN
ejge-4520	154	39	.	.	PUNCT
ejge-4520	155	1	taking	take	VERB
ejge-4520	155	2	the	the	DET
ejge-4520	155	3	entire	entire	ADJ
ejge-4520	155	4	sample	sample	NOUN
ejge-4520	155	5	into	into	ADP
ejge-4520	155	6	account	account	NOUN
ejge-4520	155	7	,	,	PUNCT
ejge-4520	155	8	the	the	DET
ejge-4520	155	9	yield	yield	NOUN
ejge-4520	155	10	derived	derive	VERB
ejge-4520	155	11	from	from	ADP
ejge-4520	155	12	the	the	DET
ejge-4520	155	13	interest	interest	NOUN
ejge-4520	155	14	rate	rate	NOUN
ejge-4520	155	15	differential	differential	NOUN
ejge-4520	155	16	in	in	ADP
ejge-4520	155	17	favour	favour	NOUN
ejge-4520	155	18	of	of	ADP
ejge-4520	155	19	mexico	mexico	PROPN
ejge-4520	155	20	is	be	AUX
ejge-4520	155	21	almost	almost	ADV
ejge-4520	155	22	completely	completely	ADV
ejge-4520	155	23	offset	offset	VERB
ejge-4520	155	24	by	by	ADP
ejge-4520	155	25	the	the	DET
ejge-4520	155	26	depreciation	depreciation	NOUN
ejge-4520	155	27	of	of	ADP
ejge-4520	155	28	the	the	DET
ejge-4520	155	29	currency	currency	NOUN
ejge-4520	155	30	,	,	PUNCT
ejge-4520	155	31	something	something	PRON
ejge-4520	155	32	that	that	PRON
ejge-4520	155	33	is	be	AUX
ejge-4520	155	34	clearly	clearly	ADV
ejge-4520	155	35	observed	observe	VERB
ejge-4520	155	36	in	in	ADP
ejge-4520	155	37	figure	figure	NOUN
ejge-4520	155	38	1	1	NUM
ejge-4520	155	39	.	.	PUNCT
ejge-4520	155	40	:	:	PUNCT
ejge-4520	156	1	c.	c.	PROPN
ejge-4520	156	2	fernández	fernández	PROPN
ejge-4520	156	3	-	-	PUNCT
ejge-4520	156	4	herraiz	herraiz	PROPN
ejge-4520	156	5	et	et	PROPN
ejge-4520	156	6	al	al	PROPN
ejge-4520	156	7	.	.	PUNCT
ejge-4520	156	8	/	/	SYM
ejge-4520	156	9	european	european	PROPN
ejge-4520	156	10	journal	journal	PROPN
ejge-4520	156	11	of	of	ADP
ejge-4520	156	12	government	government	NOUN
ejge-4520	156	13	and	and	CCONJ
ejge-4520	156	14	economics	economic	NOUN
ejge-4520	156	15	7(2	7(2	NUM
ejge-4520	156	16	)	)	PUNCT
ejge-4520	156	17	,	,	PUNCT
ejge-4520	156	18	123	123	NUM
ejge-4520	156	19	-	-	SYM
ejge-4520	156	20	137	137	NUM
ejge-4520	156	21	.	.	PUNCT
ejge-4520	156	22	130	130	NUM
ejge-4520	156	23	figure	figure	NOUN
ejge-4520	156	24	1	1	NUM
ejge-4520	156	25	.	.	PUNCT
ejge-4520	156	26	mxnusd	mxnusd	NOUN
ejge-4520	156	27	long	long	ADV
ejge-4520	156	28	only	only	ADV
ejge-4520	156	29	carry	carry	VERB
ejge-4520	156	30	.	.	PUNCT
ejge-4520	157	1	source	source	NOUN
ejge-4520	157	2	:	:	PUNCT
ejge-4520	157	3	authors	author	NOUN
ejge-4520	157	4	elaboration	elaboration	VERB
ejge-4520	157	5	from	from	ADP
ejge-4520	157	6	financial	financial	ADJ
ejge-4520	157	7	series	series	NOUN
ejge-4520	157	8	extracted	extract	VERB
ejge-4520	157	9	from	from	ADP
ejge-4520	157	10	bloomberg	bloomberg	PROPN
ejge-4520	157	11	.	.	PUNCT
ejge-4520	158	1	but	but	CCONJ
ejge-4520	158	2	the	the	DET
ejge-4520	158	3	focus	focus	NOUN
ejge-4520	158	4	of	of	ADP
ejge-4520	158	5	our	our	PRON
ejge-4520	158	6	analysis	analysis	NOUN
ejge-4520	158	7	is	be	AUX
ejge-4520	158	8	the	the	DET
ejge-4520	158	9	dynamic	dynamic	ADJ
ejge-4520	158	10	specifications	specification	NOUN
ejge-4520	158	11	of	of	ADP
ejge-4520	158	12	carry	carry	VERB
ejge-4520	158	13	trade	trade	NOUN
ejge-4520	158	14	speculation	speculation	NOUN
ejge-4520	158	15	.	.	PUNCT
ejge-4520	159	1	the	the	DET
ejge-4520	159	2	improvement	improvement	NOUN
ejge-4520	159	3	in	in	ADP
ejge-4520	159	4	annualised	annualise	VERB
ejge-4520	159	5	returns	return	NOUN
ejge-4520	159	6	obtained	obtain	VERB
ejge-4520	159	7	by	by	ADP
ejge-4520	159	8	the	the	DET
ejge-4520	159	9	long	long	ADJ
ejge-4520	159	10	–	–	PUNCT
ejge-4520	159	11	flat	flat	ADJ
ejge-4520	159	12	strategy	strategy	NOUN
ejge-4520	159	13	is	be	AUX
ejge-4520	159	14	not	not	PART
ejge-4520	159	15	significant	significant	ADJ
ejge-4520	159	16	,	,	PUNCT
ejge-4520	159	17	nor	nor	CCONJ
ejge-4520	159	18	would	would	AUX
ejge-4520	159	19	it	it	PRON
ejge-4520	159	20	correspond	correspond	VERB
ejge-4520	159	21	to	to	ADP
ejge-4520	159	22	the	the	DET
ejge-4520	159	23	expectations	expectation	NOUN
ejge-4520	159	24	of	of	ADP
ejge-4520	159	25	a	a	DET
ejge-4520	159	26	trader	trader	NOUN
ejge-4520	159	27	interested	interested	ADJ
ejge-4520	159	28	in	in	ADP
ejge-4520	159	29	speculating	speculate	VERB
ejge-4520	159	30	in	in	ADP
ejge-4520	159	31	the	the	DET
ejge-4520	159	32	foreign	foreign	ADJ
ejge-4520	159	33	exchange	exchange	NOUN
ejge-4520	159	34	market	market	NOUN
ejge-4520	159	35	.	.	PUNCT
ejge-4520	160	1	the	the	DET
ejge-4520	160	2	results	result	NOUN
ejge-4520	160	3	in	in	ADP
ejge-4520	160	4	terms	term	NOUN
ejge-4520	160	5	of	of	ADP
ejge-4520	160	6	performance	performance	NOUN
ejge-4520	160	7	ratios	ratio	NOUN
ejge-4520	160	8	are	be	AUX
ejge-4520	160	9	better	well	ADJ
ejge-4520	160	10	than	than	ADP
ejge-4520	160	11	those	those	PRON
ejge-4520	160	12	of	of	ADP
ejge-4520	160	13	the	the	DET
ejge-4520	160	14	long	long	ADJ
ejge-4520	160	15	only	only	ADJ
ejge-4520	160	16	strategy	strategy	NOUN
ejge-4520	160	17	,	,	PUNCT
ejge-4520	160	18	but	but	CCONJ
ejge-4520	160	19	as	as	SCONJ
ejge-4520	160	20	mentioned	mention	VERB
ejge-4520	160	21	above	above	ADV
ejge-4520	160	22	,	,	PUNCT
ejge-4520	160	23	these	these	DET
ejge-4520	160	24	improvements	improvement	NOUN
ejge-4520	160	25	are	be	AUX
ejge-4520	160	26	too	too	ADV
ejge-4520	160	27	poor	poor	ADJ
ejge-4520	160	28	to	to	PART
ejge-4520	160	29	be	be	AUX
ejge-4520	160	30	considered	consider	VERB
ejge-4520	160	31	seriously	seriously	ADV
ejge-4520	160	32	.	.	PUNCT
ejge-4520	161	1	in	in	ADP
ejge-4520	161	2	addition	addition	NOUN
ejge-4520	161	3	,	,	PUNCT
ejge-4520	161	4	the	the	DET
ejge-4520	161	5	rule	rule	NOUN
ejge-4520	161	6	used	use	VERB
ejge-4520	161	7	does	do	AUX
ejge-4520	161	8	only	only	ADV
ejge-4520	161	9	partially	partially	ADV
ejge-4520	161	10	prevent	prevent	VERB
ejge-4520	161	11	losses	loss	NOUN
ejge-4520	161	12	due	due	ADP
ejge-4520	161	13	to	to	ADP
ejge-4520	161	14	the	the	DET
ejge-4520	161	15	depreciation	depreciation	NOUN
ejge-4520	161	16	of	of	ADP
ejge-4520	161	17	the	the	DET
ejge-4520	161	18	peso	peso	NOUN
ejge-4520	161	19	,	,	PUNCT
ejge-4520	161	20	as	as	SCONJ
ejge-4520	161	21	can	can	AUX
ejge-4520	161	22	be	be	AUX
ejge-4520	161	23	seen	see	VERB
ejge-4520	161	24	in	in	ADP
ejge-4520	161	25	the	the	DET
ejge-4520	161	26	figure	figure	NOUN
ejge-4520	161	27	2	2	NUM
ejge-4520	161	28	.	.	PUNCT
ejge-4520	161	29	figure	figure	NOUN
ejge-4520	161	30	2	2	NUM
ejge-4520	161	31	.	.	PUNCT
ejge-4520	162	1	mxnusd	mxnusd	NOUN
ejge-4520	162	2	long	long	ADJ
ejge-4520	162	3	flat	flat	ADJ
ejge-4520	162	4	carry	carry	NOUN
ejge-4520	162	5	.	.	PUNCT
ejge-4520	163	1	source	source	NOUN
ejge-4520	163	2	:	:	PUNCT
ejge-4520	163	3	authors	author	NOUN
ejge-4520	163	4	elaboration	elaboration	VERB
ejge-4520	163	5	from	from	ADP
ejge-4520	163	6	financial	financial	ADJ
ejge-4520	163	7	series	series	NOUN
ejge-4520	163	8	extracted	extract	VERB
ejge-4520	163	9	from	from	ADP
ejge-4520	163	10	bloomberg	bloomberg	PROPN
ejge-4520	163	11	.	.	PUNCT
ejge-4520	164	1	a	a	DET
ejge-4520	164	2	raised	raise	VERB
ejge-4520	164	3	key	key	ADJ
ejge-4520	164	4	component	component	NOUN
ejge-4520	164	5	of	of	ADP
ejge-4520	164	6	the	the	DET
ejge-4520	164	7	active	active	ADJ
ejge-4520	164	8	trading	trading	NOUN
ejge-4520	164	9	strategy	strategy	NOUN
ejge-4520	164	10	issue	issue	NOUN
ejge-4520	164	11	is	be	AUX
ejge-4520	164	12	that	that	SCONJ
ejge-4520	164	13	the	the	DET
ejge-4520	164	14	simplified	simplified	ADJ
ejge-4520	164	15	trading	trading	NOUN
ejge-4520	164	16	rule	rule	NOUN
ejge-4520	164	17	employed	employ	VERB
ejge-4520	164	18	does	do	AUX
ejge-4520	164	19	not	not	PART
ejge-4520	164	20	improve	improve	VERB
ejge-4520	164	21	the	the	DET
ejge-4520	164	22	results	result	NOUN
ejge-4520	164	23	of	of	ADP
ejge-4520	164	24	the	the	DET
ejge-4520	164	25	portfolio	portfolio	NOUN
ejge-4520	164	26	.	.	PUNCT
ejge-4520	165	1	it	it	PRON
ejge-4520	165	2	is	be	AUX
ejge-4520	165	3	therefore	therefore	ADV
ejge-4520	165	4	logical	logical	ADJ
ejge-4520	165	5	that	that	SCONJ
ejge-4520	165	6	the	the	DET
ejge-4520	165	7	results	result	NOUN
ejge-4520	165	8	of	of	ADP
ejge-4520	165	9	the	the	DET
ejge-4520	165	10	second	second	ADJ
ejge-4520	165	11	dynamic	dynamic	ADJ
ejge-4520	165	12	strategy	strategy	NOUN
ejge-4520	165	13	,	,	PUNCT
ejge-4520	165	14	the	the	DET
ejge-4520	165	15	long	long	ADV
ejge-4520	165	16	-	-	PUNCT
ejge-4520	165	17	short	short	ADJ
ejge-4520	165	18	strategy	strategy	NOUN
ejge-4520	165	19	,	,	PUNCT
ejge-4520	165	20	which	which	PRON
ejge-4520	165	21	uses	use	VERB
ejge-4520	165	22	the	the	DET
ejge-4520	165	23	same	same	ADJ
ejge-4520	165	24	rule	rule	NOUN
ejge-4520	165	25	to	to	PART
ejge-4520	165	26	trade	trade	VERB
ejge-4520	165	27	the	the	DET
ejge-4520	165	28	c.	c.	PROPN
ejge-4520	165	29	fernández	fernández	PROPN
ejge-4520	165	30	-	-	PUNCT
ejge-4520	165	31	herraiz	herraiz	PROPN
ejge-4520	165	32	et	et	PROPN
ejge-4520	165	33	al	al	PROPN
ejge-4520	165	34	.	.	PUNCT
ejge-4520	165	35	/	/	SYM
ejge-4520	165	36	european	european	PROPN
ejge-4520	165	37	journal	journal	PROPN
ejge-4520	165	38	of	of	ADP
ejge-4520	165	39	government	government	NOUN
ejge-4520	165	40	and	and	CCONJ
ejge-4520	165	41	economics	economic	NOUN
ejge-4520	165	42	7(2	7(2	NUM
ejge-4520	165	43	)	)	PUNCT
ejge-4520	165	44	,	,	PUNCT
ejge-4520	165	45	123	123	NUM
ejge-4520	165	46	-	-	SYM
ejge-4520	165	47	137	137	NUM
ejge-4520	165	48	.	.	PUNCT
ejge-4520	166	1	131	131	NUM
ejge-4520	166	2	long	long	ADJ
ejge-4520	166	3	or	or	CCONJ
ejge-4520	166	4	short	short	ADJ
ejge-4520	166	5	the	the	DET
ejge-4520	166	6	carry	carry	NOUN
ejge-4520	166	7	currency	currency	NOUN
ejge-4520	166	8	,	,	PUNCT
ejge-4520	166	9	will	will	AUX
ejge-4520	166	10	not	not	PART
ejge-4520	166	11	achieve	achieve	VERB
ejge-4520	166	12	significant	significant	ADJ
ejge-4520	166	13	success	success	NOUN
ejge-4520	166	14	either	either	ADV
ejge-4520	166	15	.	.	PUNCT
ejge-4520	167	1	moreover	moreover	ADV
ejge-4520	167	2	,	,	PUNCT
ejge-4520	167	3	in	in	ADP
ejge-4520	167	4	the	the	DET
ejge-4520	167	5	case	case	NOUN
ejge-4520	167	6	of	of	ADP
ejge-4520	167	7	the	the	DET
ejge-4520	167	8	long	long	ADV
ejge-4520	167	9	-	-	PUNCT
ejge-4520	167	10	short	short	ADJ
ejge-4520	167	11	strategy	strategy	NOUN
ejge-4520	167	12	,	,	PUNCT
ejge-4520	167	13	there	there	PRON
ejge-4520	167	14	is	be	VERB
ejge-4520	167	15	a	a	DET
ejge-4520	167	16	negative	negative	ADJ
ejge-4520	167	17	effect	effect	NOUN
ejge-4520	167	18	due	due	ADP
ejge-4520	167	19	to	to	ADP
ejge-4520	167	20	the	the	DET
ejge-4520	167	21	short	short	ADJ
ejge-4520	167	22	position	position	NOUN
ejge-4520	167	23	built	build	VERB
ejge-4520	167	24	on	on	ADP
ejge-4520	167	25	the	the	DET
ejge-4520	167	26	strategy	strategy	NOUN
ejge-4520	167	27	in	in	ADP
ejge-4520	167	28	the	the	DET
ejge-4520	167	29	periods	period	NOUN
ejge-4520	167	30	in	in	ADP
ejge-4520	167	31	which	which	PRON
ejge-4520	167	32	the	the	DET
ejge-4520	167	33	trading	trading	NOUN
ejge-4520	167	34	rule	rule	NOUN
ejge-4520	167	35	reverses	reverse	VERB
ejge-4520	167	36	the	the	DET
ejge-4520	167	37	positions	position	NOUN
ejge-4520	167	38	.	.	PUNCT
ejge-4520	168	1	in	in	ADP
ejge-4520	168	2	those	those	DET
ejge-4520	168	3	periods	period	NOUN
ejge-4520	168	4	,	,	PUNCT
ejge-4520	168	5	the	the	DET
ejge-4520	168	6	strategy	strategy	NOUN
ejge-4520	168	7	is	be	AUX
ejge-4520	168	8	long	long	ADV
ejge-4520	168	9	the	the	DET
ejge-4520	168	10	us	us	PROPN
ejge-4520	168	11	dollar	dollar	NOUN
ejge-4520	168	12	versus	versus	ADP
ejge-4520	168	13	the	the	DET
ejge-4520	168	14	mexican	mexican	ADJ
ejge-4520	168	15	peso	peso	NOUN
ejge-4520	168	16	,	,	PUNCT
ejge-4520	168	17	so	so	SCONJ
ejge-4520	168	18	it	it	PRON
ejge-4520	168	19	yields	yield	VERB
ejge-4520	168	20	negative	negative	ADJ
ejge-4520	168	21	carry	carry	NOUN
ejge-4520	168	22	returns	return	NOUN
ejge-4520	168	23	.	.	PUNCT
ejge-4520	169	1	therefore	therefore	ADV
ejge-4520	169	2	,	,	PUNCT
ejge-4520	169	3	the	the	DET
ejge-4520	169	4	potential	potential	ADJ
ejge-4520	169	5	outcome	outcome	NOUN
ejge-4520	169	6	achieved	achieve	VERB
ejge-4520	169	7	by	by	ADP
ejge-4520	169	8	actively	actively	ADV
ejge-4520	169	9	trading	trade	VERB
ejge-4520	169	10	the	the	DET
ejge-4520	169	11	currency	currency	NOUN
ejge-4520	169	12	is	be	AUX
ejge-4520	169	13	reduced	reduce	VERB
ejge-4520	169	14	by	by	ADP
ejge-4520	169	15	the	the	DET
ejge-4520	169	16	negative	negative	ADJ
ejge-4520	169	17	interest	interest	NOUN
ejge-4520	169	18	rate	rate	NOUN
ejge-4520	169	19	differential	differential	NOUN
ejge-4520	169	20	.	.	PUNCT
ejge-4520	170	1	in	in	ADP
ejge-4520	170	2	view	view	NOUN
ejge-4520	170	3	of	of	ADP
ejge-4520	170	4	the	the	DET
ejge-4520	170	5	results	result	NOUN
ejge-4520	170	6	,	,	PUNCT
ejge-4520	170	7	it	it	PRON
ejge-4520	170	8	does	do	AUX
ejge-4520	170	9	not	not	PART
ejge-4520	170	10	seem	seem	VERB
ejge-4520	170	11	likely	likely	ADJ
ejge-4520	170	12	that	that	SCONJ
ejge-4520	170	13	speculators	speculator	NOUN
ejge-4520	170	14	have	have	AUX
ejge-4520	170	15	generally	generally	ADV
ejge-4520	170	16	maintained	maintain	VERB
ejge-4520	170	17	a	a	DET
ejge-4520	170	18	continuous	continuous	ADJ
ejge-4520	170	19	destabilizing	destabilizing	ADJ
ejge-4520	170	20	carry	carry	NOUN
ejge-4520	170	21	trade	trade	NOUN
ejge-4520	170	22	strategy	strategy	NOUN
ejge-4520	170	23	throughout	throughout	ADP
ejge-4520	170	24	the	the	DET
ejge-4520	170	25	period	period	NOUN
ejge-4520	170	26	considered	consider	VERB
ejge-4520	170	27	.	.	PUNCT
ejge-4520	171	1	it	it	PRON
ejge-4520	171	2	looks	look	VERB
ejge-4520	171	3	like	like	SCONJ
ejge-4520	171	4	mexican	mexican	ADJ
ejge-4520	171	5	arrangements	arrangement	NOUN
ejge-4520	171	6	in	in	ADP
ejge-4520	171	7	terms	term	NOUN
ejge-4520	171	8	of	of	ADP
ejge-4520	171	9	exchange	exchange	NOUN
ejge-4520	171	10	policy	policy	NOUN
ejge-4520	171	11	stability	stability	NOUN
ejge-4520	171	12	are	be	AUX
ejge-4520	171	13	well	well	ADV
ejge-4520	171	14	in	in	ADP
ejge-4520	171	15	place	place	NOUN
ejge-4520	171	16	to	to	PART
ejge-4520	171	17	curb	curb	VERB
ejge-4520	171	18	the	the	DET
ejge-4520	171	19	impact	impact	NOUN
ejge-4520	171	20	of	of	ADP
ejge-4520	171	21	carry	carry	VERB
ejge-4520	171	22	trade	trade	NOUN
ejge-4520	171	23	speculative	speculative	ADJ
ejge-4520	171	24	strategies	strategy	NOUN
ejge-4520	171	25	similar	similar	ADJ
ejge-4520	171	26	to	to	ADP
ejge-4520	171	27	those	those	PRON
ejge-4520	171	28	presented	present	VERB
ejge-4520	171	29	in	in	ADP
ejge-4520	171	30	the	the	DET
ejge-4520	171	31	analysis	analysis	NOUN
ejge-4520	171	32	.	.	PUNCT
ejge-4520	172	1	4.2	4.2	NUM
ejge-4520	172	2	carry	carry	VERB
ejge-4520	172	3	trade	trade	NOUN
ejge-4520	172	4	on	on	ADP
ejge-4520	172	5	the	the	DET
ejge-4520	172	6	brazilian	brazilian	ADJ
ejge-4520	172	7	real	real	NOUN
ejge-4520	172	8	.	.	PUNCT
ejge-4520	173	1	the	the	DET
ejge-4520	173	2	brazilian	brazilian	ADJ
ejge-4520	173	3	real	real	NOUN
ejge-4520	173	4	is	be	AUX
ejge-4520	173	5	an	an	DET
ejge-4520	173	6	exotic	exotic	ADJ
ejge-4520	173	7	currency	currency	NOUN
ejge-4520	173	8	,	,	PUNCT
ejge-4520	173	9	since	since	SCONJ
ejge-4520	173	10	free	free	ADJ
ejge-4520	173	11	convertibility	convertibility	NOUN
ejge-4520	173	12	is	be	AUX
ejge-4520	173	13	not	not	PART
ejge-4520	173	14	allowed	allow	VERB
ejge-4520	173	15	.	.	PUNCT
ejge-4520	174	1	however	however	ADV
ejge-4520	174	2	,	,	PUNCT
ejge-4520	174	3	brazil	brazil	PROPN
ejge-4520	174	4	has	have	VERB
ejge-4520	174	5	a	a	DET
ejge-4520	174	6	highly	highly	ADV
ejge-4520	174	7	developed	develop	VERB
ejge-4520	174	8	domestic	domestic	ADJ
ejge-4520	174	9	financial	financial	ADJ
ejge-4520	174	10	market	market	NOUN
ejge-4520	174	11	according	accord	VERB
ejge-4520	174	12	to	to	ADP
ejge-4520	174	13	the	the	DET
ejge-4520	174	14	regional	regional	ADJ
ejge-4520	174	15	standards	standard	NOUN
ejge-4520	174	16	.	.	PUNCT
ejge-4520	175	1	in	in	ADP
ejge-4520	175	2	this	this	DET
ejge-4520	175	3	case	case	NOUN
ejge-4520	175	4	,	,	PUNCT
ejge-4520	175	5	liquidity	liquidity	NOUN
ejge-4520	175	6	materialises	materialise	VERB
ejge-4520	175	7	more	more	ADV
ejge-4520	175	8	in	in	ADP
ejge-4520	175	9	the	the	DET
ejge-4520	175	10	forward	forward	ADJ
ejge-4520	175	11	markets	market	NOUN
ejge-4520	175	12	,	,	PUNCT
ejge-4520	175	13	specifically	specifically	ADV
ejge-4520	175	14	in	in	ADP
ejge-4520	175	15	non	non	ADJ
ejge-4520	175	16	-	-	ADJ
ejge-4520	175	17	derivable	derivable	ADJ
ejge-4520	175	18	products	product	NOUN
ejge-4520	175	19	.	.	PUNCT
ejge-4520	176	1	depending	depend	VERB
ejge-4520	176	2	on	on	ADP
ejge-4520	176	3	the	the	DET
ejge-4520	176	4	capabilities	capability	NOUN
ejge-4520	176	5	,	,	PUNCT
ejge-4520	176	6	reputation	reputation	NOUN
ejge-4520	176	7	and	and	CCONJ
ejge-4520	176	8	scale	scale	NOUN
ejge-4520	176	9	of	of	ADP
ejge-4520	176	10	the	the	DET
ejge-4520	176	11	speculator	speculator	NOUN
ejge-4520	176	12	,	,	PUNCT
ejge-4520	176	13	on	on	ADP
ejge-4520	176	14	shore	shore	NOUN
ejge-4520	176	15	or	or	CCONJ
ejge-4520	176	16	off	off	ADP
ejge-4520	176	17	shore	shore	NOUN
ejge-4520	176	18	carry	carry	VERB
ejge-4520	176	19	trade	trade	NOUN
ejge-4520	176	20	speculative	speculative	ADJ
ejge-4520	176	21	activities	activity	NOUN
ejge-4520	176	22	could	could	AUX
ejge-4520	176	23	be	be	AUX
ejge-4520	176	24	put	put	VERB
ejge-4520	176	25	in	in	ADP
ejge-4520	176	26	place	place	NOUN
ejge-4520	176	27	.	.	PUNCT
ejge-4520	177	1	our	our	PRON
ejge-4520	177	2	stylized	stylize	VERB
ejge-4520	177	3	carry	carry	NOUN
ejge-4520	177	4	model	model	NOUN
ejge-4520	177	5	considers	consider	VERB
ejge-4520	177	6	only	only	ADV
ejge-4520	177	7	the	the	DET
ejge-4520	177	8	returns	return	NOUN
ejge-4520	177	9	from	from	ADP
ejge-4520	177	10	the	the	DET
ejge-4520	177	11	money	money	NOUN
ejge-4520	177	12	market	market	NOUN
ejge-4520	177	13	yield	yield	NOUN
ejge-4520	177	14	differential	differential	NOUN
ejge-4520	177	15	of	of	ADP
ejge-4520	177	16	the	the	DET
ejge-4520	177	17	exposure	exposure	NOUN
ejge-4520	177	18	to	to	ADP
ejge-4520	177	19	the	the	DET
ejge-4520	177	20	real	real	ADJ
ejge-4520	177	21	,	,	PUNCT
ejge-4520	177	22	as	as	ADV
ejge-4520	177	23	well	well	ADV
ejge-4520	177	24	as	as	ADP
ejge-4520	177	25	the	the	DET
ejge-4520	177	26	impact	impact	NOUN
ejge-4520	177	27	of	of	ADP
ejge-4520	177	28	changes	change	NOUN
ejge-4520	177	29	in	in	ADP
ejge-4520	177	30	the	the	DET
ejge-4520	177	31	price	price	NOUN
ejge-4520	177	32	of	of	ADP
ejge-4520	177	33	the	the	DET
ejge-4520	177	34	exchange	exchange	NOUN
ejge-4520	177	35	rate	rate	NOUN
ejge-4520	177	36	pair	pair	NOUN
ejge-4520	177	37	.	.	PUNCT
ejge-4520	178	1	table	table	NOUN
ejge-4520	178	2	2	2	NUM
ejge-4520	178	3	indicates	indicate	VERB
ejge-4520	178	4	that	that	SCONJ
ejge-4520	178	5	the	the	DET
ejge-4520	178	6	long	long	ADJ
ejge-4520	178	7	only	only	ADJ
ejge-4520	178	8	strategy	strategy	NOUN
ejge-4520	178	9	in	in	ADP
ejge-4520	178	10	brazilian	brazilian	ADJ
ejge-4520	178	11	reals	real	NOUN
ejge-4520	178	12	,	,	PUNCT
ejge-4520	178	13	unlike	unlike	ADP
ejge-4520	178	14	the	the	DET
ejge-4520	178	15	case	case	NOUN
ejge-4520	178	16	of	of	ADP
ejge-4520	178	17	the	the	DET
ejge-4520	178	18	mexican	mexican	ADJ
ejge-4520	178	19	peso	peso	NOUN
ejge-4520	178	20	,	,	PUNCT
ejge-4520	178	21	does	do	AUX
ejge-4520	178	22	offer	offer	VERB
ejge-4520	178	23	attractive	attractive	ADJ
ejge-4520	178	24	returns	return	NOUN
ejge-4520	178	25	and	and	CCONJ
ejge-4520	178	26	performance	performance	NOUN
ejge-4520	178	27	for	for	ADP
ejge-4520	178	28	potential	potential	ADJ
ejge-4520	178	29	speculators	speculator	NOUN
ejge-4520	178	30	in	in	ADP
ejge-4520	178	31	the	the	DET
ejge-4520	178	32	sample	sample	NOUN
ejge-4520	178	33	period	period	NOUN
ejge-4520	178	34	considered	consider	VERB
ejge-4520	178	35	.	.	PUNCT
ejge-4520	179	1	table	table	NOUN
ejge-4520	179	2	2	2	NUM
ejge-4520	179	3	.	.	PUNCT
ejge-4520	179	4	results	result	NOUN
ejge-4520	179	5	of	of	ADP
ejge-4520	179	6	the	the	DET
ejge-4520	179	7	carry	carry	NOUN
ejge-4520	179	8	strategies	strategy	NOUN
ejge-4520	179	9	on	on	ADP
ejge-4520	179	10	the	the	DET
ejge-4520	179	11	brl	brl	PROPN
ejge-4520	179	12	5:2000	5:2000	PROPN
ejge-4520	179	13	-	-	PUNCT
ejge-4520	179	14	5:2018	5:2018	NUM
ejge-4520	179	15	,	,	PUNCT
ejge-4520	179	16	daily	daily	ADJ
ejge-4520	179	17	data	datum	NOUN
ejge-4520	179	18	.	.	PUNCT
ejge-4520	180	1	brlusd	brlusd	PROPN
ejge-4520	180	2	long	long	ADJ
ejge-4520	180	3	only	only	ADV
ejge-4520	180	4	long	long	ADV
ejge-4520	180	5	flat	flat	ADJ
ejge-4520	180	6	long	long	ADJ
ejge-4520	180	7	short	short	ADJ
ejge-4520	180	8	average	average	ADJ
ejge-4520	180	9	annual	annual	ADJ
ejge-4520	180	10	return	return	NOUN
ejge-4520	180	11	6,84	6,84	NUM
ejge-4520	180	12	%	%	NOUN
ejge-4520	180	13	9,79	9,79	NUM
ejge-4520	180	14	%	%	NOUN
ejge-4520	180	15	10,96	10,96	NUM
ejge-4520	180	16	%	%	NOUN
ejge-4520	180	17	standard	standard	ADJ
ejge-4520	180	18	deviation	deviation	NOUN
ejge-4520	180	19	17,00	17,00	NUM
ejge-4520	180	20	%	%	NOUN
ejge-4520	180	21	11,05	11,05	NUM
ejge-4520	180	22	%	%	NOUN
ejge-4520	180	23	17,00	17,00	NUM
ejge-4520	180	24	%	%	NOUN
ejge-4520	180	25	downside	downside	ADJ
ejge-4520	180	26	deviation	deviation	NOUN
ejge-4520	180	27	11,91	11,91	NUM
ejge-4520	180	28	%	%	NOUN
ejge-4520	180	29	7,71	7,71	NUM
ejge-4520	180	30	%	%	NOUN
ejge-4520	180	31	11,99	11,99	NUM
ejge-4520	180	32	%	%	NOUN
ejge-4520	180	33	maximum	maximum	ADJ
ejge-4520	180	34	drawdown	drawdown	NOUN
ejge-4520	180	35	47,04	47,04	NUM
ejge-4520	180	36	%	%	NOUN
ejge-4520	180	37	17,04	17,04	NUM
ejge-4520	180	38	%	%	NOUN
ejge-4520	180	39	26,04	26,04	NUM
ejge-4520	180	40	%	%	NOUN
ejge-4520	180	41	sharpe	sharpe	PROPN
ejge-4520	180	42	ratio	ratio	PROPN
ejge-4520	180	43	0,4024	0,4024	PROPN
ejge-4520	180	44	0,8861	0,8861	PROPN
ejge-4520	180	45	0,6449	0,6449	PROPN
ejge-4520	180	46	sortino	sortino	PROPN
ejge-4520	180	47	ratio	ratio	PROPN
ejge-4520	180	48	0,5744	0,5744	NUM
ejge-4520	180	49	1,2704	1,2704	NUM
ejge-4520	180	50	0,9139	0,9139	PROPN
ejge-4520	180	51	calmar	calmar	NOUN
ejge-4520	180	52	ratio	ratio	NOUN
ejge-4520	180	53	0,1455	0,1455	ADP
ejge-4520	180	54	0,5748	0,5748	PROPN
ejge-4520	180	55	0,4210	0,4210	NUM
ejge-4520	180	56	source	source	NOUN
ejge-4520	180	57	:	:	PUNCT
ejge-4520	180	58	authors	author	NOUN
ejge-4520	180	59	elaboration	elaboration	VERB
ejge-4520	180	60	from	from	ADP
ejge-4520	180	61	financial	financial	ADJ
ejge-4520	180	62	series	series	NOUN
ejge-4520	180	63	obtained	obtain	VERB
ejge-4520	180	64	from	from	ADP
ejge-4520	180	65	bloomberg	bloomberg	PROPN
ejge-4520	180	66	.	.	PUNCT
ejge-4520	181	1	the	the	DET
ejge-4520	181	2	annualised	annualise	VERB
ejge-4520	181	3	excess	excess	ADJ
ejge-4520	181	4	return	return	NOUN
ejge-4520	181	5	on	on	ADP
ejge-4520	181	6	dollar	dollar	NOUN
ejge-4520	181	7	-	-	PUNCT
ejge-4520	181	8	denominated	denominate	VERB
ejge-4520	181	9	risk	risk	NOUN
ejge-4520	181	10	-	-	PUNCT
ejge-4520	181	11	free	free	ADJ
ejge-4520	181	12	assets	asset	NOUN
ejge-4520	181	13	offered	offer	VERB
ejge-4520	181	14	by	by	ADP
ejge-4520	181	15	the	the	DET
ejge-4520	181	16	strategies	strategy	NOUN
ejge-4520	181	17	was	be	AUX
ejge-4520	181	18	between	between	ADP
ejge-4520	181	19	6.84	6.84	NUM
ejge-4520	181	20	%	%	NOUN
ejge-4520	181	21	and	and	CCONJ
ejge-4520	181	22	10.96	10.96	NUM
ejge-4520	181	23	%	%	NOUN
ejge-4520	181	24	.	.	PUNCT
ejge-4520	182	1	it	it	PRON
ejge-4520	182	2	is	be	AUX
ejge-4520	182	3	important	important	ADJ
ejge-4520	182	4	to	to	PART
ejge-4520	182	5	bear	bear	VERB
ejge-4520	182	6	in	in	ADP
ejge-4520	182	7	mind	mind	NOUN
ejge-4520	182	8	that	that	SCONJ
ejge-4520	182	9	we	we	PRON
ejge-4520	182	10	have	have	VERB
ejge-4520	182	11	the	the	DET
ejge-4520	182	12	liquidity	liquidity	NOUN
ejge-4520	182	13	of	of	ADP
ejge-4520	182	14	the	the	DET
ejge-4520	182	15	carry	carry	NOUN
ejge-4520	182	16	strategy	strategy	NOUN
ejge-4520	182	17	and	and	CCONJ
ejge-4520	182	18	the	the	DET
ejge-4520	182	19	possibility	possibility	NOUN
ejge-4520	182	20	of	of	ADP
ejge-4520	182	21	using	use	VERB
ejge-4520	182	22	leverage	leverage	NOUN
ejge-4520	182	23	opportunistically	opportunistically	ADV
ejge-4520	182	24	.	.	PUNCT
ejge-4520	183	1	remember	remember	VERB
ejge-4520	183	2	c.	c.	PROPN
ejge-4520	183	3	fernández	fernández	PROPN
ejge-4520	183	4	-	-	PUNCT
ejge-4520	183	5	herraiz	herraiz	PROPN
ejge-4520	183	6	et	et	PROPN
ejge-4520	183	7	al	al	PROPN
ejge-4520	183	8	.	.	PUNCT
ejge-4520	183	9	/	/	SYM
ejge-4520	183	10	european	european	PROPN
ejge-4520	183	11	journal	journal	PROPN
ejge-4520	183	12	of	of	ADP
ejge-4520	183	13	government	government	NOUN
ejge-4520	183	14	and	and	CCONJ
ejge-4520	183	15	economics	economic	NOUN
ejge-4520	183	16	7(2	7(2	NUM
ejge-4520	183	17	)	)	PUNCT
ejge-4520	183	18	,	,	PUNCT
ejge-4520	183	19	123	123	NUM
ejge-4520	183	20	-	-	SYM
ejge-4520	183	21	137	137	NUM
ejge-4520	183	22	.	.	PUNCT
ejge-4520	184	1	132	132	NUM
ejge-4520	184	2	that	that	SCONJ
ejge-4520	184	3	the	the	DET
ejge-4520	184	4	numbers	number	NOUN
ejge-4520	184	5	presented	present	VERB
ejge-4520	184	6	in	in	ADP
ejge-4520	184	7	the	the	DET
ejge-4520	184	8	summary	summary	NOUN
ejge-4520	184	9	table	table	NOUN
ejge-4520	184	10	are	be	AUX
ejge-4520	184	11	considered	consider	VERB
ejge-4520	184	12	for	for	ADP
ejge-4520	184	13	a	a	DET
ejge-4520	184	14	fully	fully	ADV
ejge-4520	184	15	funded	fund	VERB
ejge-4520	184	16	position	position	NOUN
ejge-4520	184	17	,	,	PUNCT
ejge-4520	184	18	so	so	SCONJ
ejge-4520	184	19	it	it	PRON
ejge-4520	184	20	would	would	AUX
ejge-4520	184	21	always	always	ADV
ejge-4520	184	22	be	be	AUX
ejge-4520	184	23	possible	possible	ADJ
ejge-4520	184	24	to	to	PART
ejge-4520	184	25	increase	increase	VERB
ejge-4520	184	26	the	the	DET
ejge-4520	184	27	profitability	profitability	NOUN
ejge-4520	184	28	and	and	CCONJ
ejge-4520	184	29	risk	risk	NOUN
ejge-4520	184	30	of	of	ADP
ejge-4520	184	31	the	the	DET
ejge-4520	184	32	model	model	NOUN
ejge-4520	184	33	.	.	PUNCT
ejge-4520	185	1	in	in	ADP
ejge-4520	185	2	fact	fact	NOUN
ejge-4520	185	3	,	,	PUNCT
ejge-4520	185	4	given	give	VERB
ejge-4520	185	5	that	that	SCONJ
ejge-4520	185	6	the	the	DET
ejge-4520	185	7	sharpe	sharpe	PROPN
ejge-4520	185	8	ratio	ratio	NOUN
ejge-4520	185	9	is	be	AUX
ejge-4520	185	10	invariant	invariant	ADJ
ejge-4520	185	11	to	to	ADP
ejge-4520	185	12	leverage4	leverage4	PROPN
ejge-4520	185	13	,	,	PUNCT
ejge-4520	185	14	the	the	DET
ejge-4520	185	15	speculator	speculator	NOUN
ejge-4520	185	16	could	could	AUX
ejge-4520	185	17	decide	decide	VERB
ejge-4520	185	18	on	on	ADP
ejge-4520	185	19	the	the	DET
ejge-4520	185	20	level	level	NOUN
ejge-4520	185	21	of	of	ADP
ejge-4520	185	22	market	market	NOUN
ejge-4520	185	23	risk	risk	NOUN
ejge-4520	185	24	chosen	choose	VERB
ejge-4520	185	25	,	,	PUNCT
ejge-4520	185	26	the	the	DET
ejge-4520	185	27	volatility	volatility	NOUN
ejge-4520	185	28	and	and	CCONJ
ejge-4520	185	29	,	,	PUNCT
ejge-4520	185	30	from	from	ADP
ejge-4520	185	31	there	there	ADV
ejge-4520	185	32	,	,	PUNCT
ejge-4520	185	33	estimate	estimate	VERB
ejge-4520	185	34	the	the	DET
ejge-4520	185	35	expected	expect	VERB
ejge-4520	185	36	return	return	NOUN
ejge-4520	185	37	through	through	ADP
ejge-4520	185	38	the	the	DET
ejge-4520	185	39	ratio	ratio	NOUN
ejge-4520	185	40	.	.	PUNCT
ejge-4520	186	1	moreover	moreover	ADV
ejge-4520	186	2	,	,	PUNCT
ejge-4520	186	3	the	the	DET
ejge-4520	186	4	results	result	NOUN
ejge-4520	186	5	presented	present	VERB
ejge-4520	186	6	are	be	AUX
ejge-4520	186	7	'	'	PUNCT
ejge-4520	186	8	in	in	ADP
ejge-4520	186	9	excess	excess	ADJ
ejge-4520	186	10	'	'	PUNCT
ejge-4520	186	11	,	,	PUNCT
ejge-4520	186	12	so	so	SCONJ
ejge-4520	186	13	that	that	SCONJ
ejge-4520	186	14	this	this	DET
ejge-4520	186	15	strategy	strategy	NOUN
ejge-4520	186	16	could	could	AUX
ejge-4520	186	17	be	be	AUX
ejge-4520	186	18	built	build	VERB
ejge-4520	186	19	on	on	ADP
ejge-4520	186	20	a	a	DET
ejge-4520	186	21	cash	cash	NOUN
ejge-4520	186	22	position	position	NOUN
ejge-4520	186	23	in	in	ADP
ejge-4520	186	24	dollars	dollar	NOUN
ejge-4520	186	25	which	which	PRON
ejge-4520	186	26	would	would	AUX
ejge-4520	186	27	also	also	ADV
ejge-4520	186	28	serve	serve	VERB
ejge-4520	186	29	as	as	ADP
ejge-4520	186	30	the	the	DET
ejge-4520	186	31	collateral	collateral	NOUN
ejge-4520	186	32	for	for	ADP
ejge-4520	186	33	the	the	DET
ejge-4520	186	34	carry	carry	NOUN
ejge-4520	186	35	strategy	strategy	NOUN
ejge-4520	186	36	.	.	PUNCT
ejge-4520	187	1	the	the	DET
ejge-4520	187	2	carry	carry	NOUN
ejge-4520	187	3	trade	trade	NOUN
ejge-4520	187	4	strategy	strategy	NOUN
ejge-4520	187	5	on	on	ADP
ejge-4520	187	6	the	the	DET
ejge-4520	187	7	brazilian	brazilian	ADJ
ejge-4520	187	8	real	real	NOUN
ejge-4520	187	9	offers	offer	VERB
ejge-4520	187	10	richer	rich	ADJ
ejge-4520	187	11	options	option	NOUN
ejge-4520	187	12	to	to	PART
ejge-4520	187	13	compare	compare	VERB
ejge-4520	187	14	dynamic	dynamic	ADJ
ejge-4520	187	15	carry	carry	NOUN
ejge-4520	187	16	trade	trade	NOUN
ejge-4520	187	17	specifications	specification	NOUN
ejge-4520	187	18	,	,	PUNCT
ejge-4520	187	19	and	and	CCONJ
ejge-4520	187	20	the	the	DET
ejge-4520	187	21	different	different	ADJ
ejge-4520	187	22	opportunities	opportunity	NOUN
ejge-4520	187	23	and	and	CCONJ
ejge-4520	187	24	risks	risk	NOUN
ejge-4520	187	25	they	they	PRON
ejge-4520	187	26	offer	offer	VERB
ejge-4520	187	27	to	to	ADP
ejge-4520	187	28	the	the	DET
ejge-4520	187	29	speculator	speculator	NOUN
ejge-4520	187	30	.	.	PUNCT
ejge-4520	188	1	we	we	PRON
ejge-4520	188	2	observe	observe	VERB
ejge-4520	188	3	that	that	SCONJ
ejge-4520	188	4	active	active	ADJ
ejge-4520	188	5	strategies	strategy	NOUN
ejge-4520	188	6	that	that	PRON
ejge-4520	188	7	take	take	VERB
ejge-4520	188	8	advantage	advantage	NOUN
ejge-4520	188	9	of	of	ADP
ejge-4520	188	10	the	the	DET
ejge-4520	188	11	existing	exist	VERB
ejge-4520	188	12	liquidity	liquidity	NOUN
ejge-4520	188	13	in	in	ADP
ejge-4520	188	14	the	the	DET
ejge-4520	188	15	market	market	NOUN
ejge-4520	188	16	,	,	PUNCT
ejge-4520	188	17	considerably	considerably	ADV
ejge-4520	188	18	improve	improve	VERB
ejge-4520	188	19	the	the	DET
ejge-4520	188	20	performance	performance	NOUN
ejge-4520	188	21	of	of	ADP
ejge-4520	188	22	the	the	DET
ejge-4520	188	23	passive	passive	ADJ
ejge-4520	188	24	strategy	strategy	NOUN
ejge-4520	188	25	.	.	PUNCT
ejge-4520	189	1	this	this	DET
ejge-4520	189	2	improvement	improvement	NOUN
ejge-4520	189	3	can	can	AUX
ejge-4520	189	4	be	be	AUX
ejge-4520	189	5	checked	check	VERB
ejge-4520	189	6	in	in	ADP
ejge-4520	189	7	the	the	DET
ejge-4520	189	8	performance	performance	NOUN
ejge-4520	189	9	ratios	ratio	NOUN
ejge-4520	189	10	,	,	PUNCT
ejge-4520	189	11	both	both	CCONJ
ejge-4520	189	12	in	in	ADP
ejge-4520	189	13	the	the	DET
ejge-4520	189	14	consideration	consideration	NOUN
ejge-4520	189	15	of	of	ADP
ejge-4520	189	16	symmetric	symmetric	ADJ
ejge-4520	189	17	risk	risk	NOUN
ejge-4520	189	18	(	(	PUNCT
ejge-4520	189	19	sharpe	sharpe	NOUN
ejge-4520	189	20	ratio	ratio	NOUN
ejge-4520	189	21	)	)	PUNCT
ejge-4520	189	22	and	and	CCONJ
ejge-4520	189	23	in	in	ADP
ejge-4520	189	24	the	the	DET
ejge-4520	189	25	consideration	consideration	NOUN
ejge-4520	189	26	of	of	ADP
ejge-4520	189	27	asymmetric	asymmetric	ADJ
ejge-4520	189	28	risk	risk	NOUN
ejge-4520	189	29	(	(	PUNCT
ejge-4520	189	30	sortino	sortino	ADJ
ejge-4520	189	31	ratio	ratio	NOUN
ejge-4520	189	32	)	)	PUNCT
ejge-4520	189	33	or	or	CCONJ
ejge-4520	189	34	in	in	ADP
ejge-4520	189	35	the	the	DET
ejge-4520	189	36	specific	specific	ADJ
ejge-4520	189	37	analysis	analysis	NOUN
ejge-4520	189	38	of	of	ADP
ejge-4520	189	39	the	the	DET
ejge-4520	189	40	worst	bad	ADJ
ejge-4520	189	41	returns	return	NOUN
ejge-4520	189	42	obtained	obtain	VERB
ejge-4520	189	43	(	(	PUNCT
ejge-4520	189	44	calmar	calmar	NOUN
ejge-4520	189	45	ratio	ratio	NOUN
ejge-4520	189	46	)	)	PUNCT
ejge-4520	189	47	during	during	ADP
ejge-4520	189	48	the	the	DET
ejge-4520	189	49	sample	sample	NOUN
ejge-4520	189	50	period	period	NOUN
ejge-4520	189	51	.	.	PUNCT
ejge-4520	190	1	figure	figure	NOUN
ejge-4520	190	2	3	3	NUM
ejge-4520	190	3	shows	show	VERB
ejge-4520	190	4	that	that	SCONJ
ejge-4520	190	5	the	the	DET
ejge-4520	190	6	excess	excess	ADJ
ejge-4520	190	7	returns	return	NOUN
ejge-4520	190	8	and	and	CCONJ
ejge-4520	190	9	the	the	DET
ejge-4520	190	10	effect	effect	NOUN
ejge-4520	190	11	on	on	ADP
ejge-4520	190	12	the	the	DET
ejge-4520	190	13	exchange	exchange	NOUN
ejge-4520	190	14	rate	rate	NOUN
ejge-4520	190	15	of	of	ADP
ejge-4520	190	16	the	the	DET
ejge-4520	190	17	currency	currency	NOUN
ejge-4520	190	18	pair	pair	NOUN
ejge-4520	190	19	have	have	VERB
ejge-4520	190	20	the	the	DET
ejge-4520	190	21	right	right	ADJ
ejge-4520	190	22	signs	sign	NOUN
ejge-4520	190	23	,	,	PUNCT
ejge-4520	190	24	i.e.	i.e.	X
ejge-4520	190	25	the	the	DET
ejge-4520	190	26	real	real	NOUN
ejge-4520	190	27	is	be	AUX
ejge-4520	190	28	depreciated	depreciate	VERB
ejge-4520	190	29	against	against	ADP
ejge-4520	190	30	the	the	DET
ejge-4520	190	31	dollar	dollar	NOUN
ejge-4520	190	32	over	over	ADP
ejge-4520	190	33	the	the	DET
ejge-4520	190	34	period	period	NOUN
ejge-4520	190	35	as	as	ADP
ejge-4520	190	36	a	a	DET
ejge-4520	190	37	whole	whole	NOUN
ejge-4520	190	38	.	.	PUNCT
ejge-4520	191	1	however	however	ADV
ejge-4520	191	2	,	,	PUNCT
ejge-4520	191	3	this	this	DET
ejge-4520	191	4	depreciation	depreciation	NOUN
ejge-4520	191	5	does	do	AUX
ejge-4520	191	6	not	not	PART
ejge-4520	191	7	compensate	compensate	VERB
ejge-4520	191	8	for	for	ADP
ejge-4520	191	9	the	the	DET
ejge-4520	191	10	high	high	ADJ
ejge-4520	191	11	profitability	profitability	NOUN
ejge-4520	191	12	offered	offer	VERB
ejge-4520	191	13	by	by	ADP
ejge-4520	191	14	the	the	DET
ejge-4520	191	15	carry	carry	NOUN
ejge-4520	191	16	component	component	NOUN
ejge-4520	191	17	.	.	PUNCT
ejge-4520	192	1	figure	figure	NOUN
ejge-4520	192	2	3	3	NUM
ejge-4520	192	3	.	.	PUNCT
ejge-4520	192	4	brlusd	brlusd	NOUN
ejge-4520	192	5	long	long	ADV
ejge-4520	192	6	only	only	ADV
ejge-4520	192	7	carry	carry	VERB
ejge-4520	192	8	.	.	PUNCT
ejge-4520	193	1	source	source	NOUN
ejge-4520	193	2	:	:	PUNCT
ejge-4520	193	3	authors	author	NOUN
ejge-4520	193	4	elaboration	elaboration	VERB
ejge-4520	193	5	from	from	ADP
ejge-4520	193	6	financial	financial	ADJ
ejge-4520	193	7	series	series	NOUN
ejge-4520	193	8	extracted	extract	VERB
ejge-4520	193	9	from	from	ADP
ejge-4520	193	10	bloomberg	bloomberg	PROPN
ejge-4520	193	11	.	.	PUNCT
ejge-4520	194	1	it	it	PRON
ejge-4520	194	2	could	could	AUX
ejge-4520	194	3	be	be	AUX
ejge-4520	194	4	argued	argue	VERB
ejge-4520	194	5	that	that	SCONJ
ejge-4520	194	6	the	the	DET
ejge-4520	194	7	passive	passive	ADJ
ejge-4520	194	8	strategy	strategy	NOUN
ejge-4520	194	9	performance	performance	NOUN
ejge-4520	194	10	is	be	AUX
ejge-4520	194	11	a	a	DET
ejge-4520	194	12	natural	natural	ADJ
ejge-4520	194	13	expression	expression	NOUN
ejge-4520	194	14	of	of	ADP
ejge-4520	194	15	the	the	DET
ejge-4520	194	16	required	require	VERB
ejge-4520	194	17	risk	risk	NOUN
ejge-4520	194	18	premium	premium	NOUN
ejge-4520	194	19	involved	involve	VERB
ejge-4520	194	20	in	in	ADP
ejge-4520	194	21	buying	buy	VERB
ejge-4520	194	22	brazilian	brazilian	ADJ
ejge-4520	194	23	reals	real	NOUN
ejge-4520	194	24	.	.	PUNCT
ejge-4520	195	1	this	this	DET
ejge-4520	195	2	risk	risk	NOUN
ejge-4520	195	3	premium	premium	NOUN
ejge-4520	195	4	for	for	ADP
ejge-4520	195	5	a	a	DET
ejge-4520	195	6	long	long	ADJ
ejge-4520	195	7	term	term	NOUN
ejge-4520	195	8	period	period	NOUN
ejge-4520	195	9	may	may	AUX
ejge-4520	195	10	signal	signal	VERB
ejge-4520	195	11	a	a	DET
ejge-4520	195	12	situation	situation	NOUN
ejge-4520	195	13	of	of	ADP
ejge-4520	195	14	permanent	permanent	ADJ
ejge-4520	195	15	low	low	ADJ
ejge-4520	195	16	exchange	exchange	NOUN
ejge-4520	195	17	policy	policy	NOUN
ejge-4520	195	18	credibility	credibility	NOUN
ejge-4520	195	19	.	.	PUNCT
ejge-4520	196	1	but	but	CCONJ
ejge-4520	196	2	the	the	DET
ejge-4520	196	3	focus	focus	NOUN
ejge-4520	196	4	of	of	ADP
ejge-4520	196	5	our	our	PRON
ejge-4520	196	6	analysis	analysis	NOUN
ejge-4520	196	7	are	be	AUX
ejge-4520	196	8	the	the	DET
ejge-4520	196	9	dynamic	dynamic	ADJ
ejge-4520	196	10	specifications	specification	NOUN
ejge-4520	196	11	,	,	PUNCT
ejge-4520	196	12	and	and	CCONJ
ejge-4520	196	13	how	how	SCONJ
ejge-4520	196	14	shadow	shadow	NOUN
ejge-4520	196	15	banking	banking	NOUN
ejge-4520	196	16	tools	tool	NOUN
ejge-4520	196	17	,	,	PUNCT
ejge-4520	196	18	liquidity	liquidity	NOUN
ejge-4520	196	19	and	and	CCONJ
ejge-4520	196	20	leverage	leverage	NOUN
ejge-4520	196	21	,	,	PUNCT
ejge-4520	196	22	4	4	NUM
ejge-4520	196	23	the	the	DET
ejge-4520	196	24	sharpe	sharpe	PROPN
ejge-4520	196	25	ratio	ratio	NOUN
ejge-4520	196	26	is	be	AUX
ejge-4520	196	27	invariant	invariant	ADJ
ejge-4520	196	28	to	to	ADP
ejge-4520	196	29	leverage	leverage	NOUN
ejge-4520	196	30	when	when	SCONJ
ejge-4520	196	31	deposit	deposit	NOUN
ejge-4520	196	32	rates	rate	NOUN
ejge-4520	196	33	and	and	CCONJ
ejge-4520	196	34	short	short	ADJ
ejge-4520	196	35	-	-	PUNCT
ejge-4520	196	36	term	term	NOUN
ejge-4520	196	37	financing	financing	NOUN
ejge-4520	196	38	rates	rate	NOUN
ejge-4520	196	39	are	be	AUX
ejge-4520	196	40	considered	consider	VERB
ejge-4520	196	41	equal	equal	ADJ
ejge-4520	196	42	in	in	ADP
ejge-4520	196	43	the	the	DET
ejge-4520	196	44	money	money	NOUN
ejge-4520	196	45	markets	market	NOUN
ejge-4520	196	46	.	.	PUNCT
ejge-4520	197	1	this	this	PRON
ejge-4520	197	2	is	be	AUX
ejge-4520	197	3	an	an	DET
ejge-4520	197	4	unrealistic	unrealistic	ADJ
ejge-4520	197	5	simplification	simplification	NOUN
ejge-4520	197	6	for	for	ADP
ejge-4520	197	7	retail	retail	ADJ
ejge-4520	197	8	segments	segment	NOUN
ejge-4520	197	9	,	,	PUNCT
ejge-4520	197	10	but	but	CCONJ
ejge-4520	197	11	in	in	ADP
ejge-4520	197	12	the	the	DET
ejge-4520	197	13	institutional	institutional	ADJ
ejge-4520	197	14	market	market	NOUN
ejge-4520	197	15	could	could	AUX
ejge-4520	197	16	be	be	AUX
ejge-4520	197	17	much	much	ADV
ejge-4520	197	18	closer	close	ADJ
ejge-4520	197	19	to	to	ADP
ejge-4520	197	20	reality	reality	NOUN
ejge-4520	197	21	.	.	PUNCT
ejge-4520	198	1	in	in	ADP
ejge-4520	198	2	addition	addition	NOUN
ejge-4520	198	3	,	,	PUNCT
ejge-4520	198	4	if	if	SCONJ
ejge-4520	198	5	we	we	PRON
ejge-4520	198	6	use	use	VERB
ejge-4520	198	7	derivative	derivative	ADJ
ejge-4520	198	8	instruments	instrument	NOUN
ejge-4520	198	9	for	for	ADP
ejge-4520	198	10	position	position	NOUN
ejge-4520	198	11	-	-	PUNCT
ejge-4520	198	12	taking	taking	NOUN
ejge-4520	198	13	,	,	PUNCT
ejge-4520	198	14	the	the	DET
ejge-4520	198	15	risk	risk	NOUN
ejge-4520	198	16	-	-	PUNCT
ejge-4520	198	17	free	free	ADJ
ejge-4520	198	18	rate	rate	NOUN
ejge-4520	198	19	applied	apply	VERB
ejge-4520	198	20	in	in	ADP
ejge-4520	198	21	the	the	DET
ejge-4520	198	22	replication	replication	NOUN
ejge-4520	198	23	portfolio	portfolio	NOUN
ejge-4520	198	24	equations	equation	NOUN
ejge-4520	198	25	normally	normally	ADV
ejge-4520	198	26	considers	consider	VERB
ejge-4520	198	27	,	,	PUNCT
ejge-4520	198	28	for	for	ADP
ejge-4520	198	29	simplicity	simplicity	NOUN
ejge-4520	198	30	,	,	PUNCT
ejge-4520	198	31	the	the	DET
ejge-4520	198	32	same	same	ADJ
ejge-4520	198	33	risk	risk	NOUN
ejge-4520	198	34	-	-	PUNCT
ejge-4520	198	35	free	free	ADJ
ejge-4520	198	36	rate	rate	NOUN
ejge-4520	198	37	in	in	ADP
ejge-4520	198	38	the	the	DET
ejge-4520	198	39	short	short	ADJ
ejge-4520	198	40	term	term	NOUN
ejge-4520	198	41	.	.	PUNCT
ejge-4520	199	1	c.	c.	PROPN
ejge-4520	199	2	fernández	fernández	PROPN
ejge-4520	199	3	-	-	PUNCT
ejge-4520	199	4	herraiz	herraiz	PROPN
ejge-4520	199	5	et	et	PROPN
ejge-4520	199	6	al	al	PROPN
ejge-4520	199	7	.	.	PUNCT
ejge-4520	199	8	/	/	SYM
ejge-4520	199	9	european	european	PROPN
ejge-4520	199	10	journal	journal	PROPN
ejge-4520	199	11	of	of	ADP
ejge-4520	199	12	government	government	NOUN
ejge-4520	199	13	and	and	CCONJ
ejge-4520	199	14	economics	economic	NOUN
ejge-4520	199	15	7(2	7(2	NUM
ejge-4520	199	16	)	)	PUNCT
ejge-4520	199	17	,	,	PUNCT
ejge-4520	199	18	123	123	NUM
ejge-4520	199	19	-	-	SYM
ejge-4520	199	20	137	137	NUM
ejge-4520	199	21	.	.	PUNCT
ejge-4520	199	22	133	133	NUM
ejge-4520	199	23	potentially	potentially	ADV
ejge-4520	199	24	creates	create	VERB
ejge-4520	199	25	better	well	ADJ
ejge-4520	199	26	options	option	NOUN
ejge-4520	199	27	for	for	ADP
ejge-4520	199	28	speculators	speculator	NOUN
ejge-4520	199	29	if	if	SCONJ
ejge-4520	199	30	not	not	PART
ejge-4520	199	31	properly	properly	ADV
ejge-4520	199	32	handled	handle	VERB
ejge-4520	199	33	by	by	ADP
ejge-4520	199	34	currency	currency	NOUN
ejge-4520	199	35	authorities	authority	NOUN
ejge-4520	199	36	.	.	PUNCT
ejge-4520	200	1	the	the	DET
ejge-4520	200	2	long	long	ADV
ejge-4520	200	3	-	-	PUNCT
ejge-4520	200	4	flat	flat	ADJ
ejge-4520	200	5	strategy	strategy	NOUN
ejge-4520	200	6	on	on	ADP
ejge-4520	200	7	brazilian	brazilian	ADJ
ejge-4520	200	8	real	real	ADJ
ejge-4520	200	9	offers	offer	VERB
ejge-4520	200	10	more	more	ADV
ejge-4520	200	11	attractive	attractive	ADJ
ejge-4520	200	12	results	result	NOUN
ejge-4520	200	13	than	than	ADP
ejge-4520	200	14	pure	pure	ADJ
ejge-4520	200	15	exposure	exposure	NOUN
ejge-4520	200	16	to	to	ADP
ejge-4520	200	17	this	this	DET
ejge-4520	200	18	asset	asset	NOUN
ejge-4520	200	19	class	class	NOUN
ejge-4520	200	20	.	.	PUNCT
ejge-4520	201	1	the	the	DET
ejge-4520	201	2	evidence	evidence	NOUN
ejge-4520	201	3	during	during	ADP
ejge-4520	201	4	the	the	DET
ejge-4520	201	5	sample	sample	NOUN
ejge-4520	201	6	supports	support	VERB
ejge-4520	201	7	the	the	DET
ejge-4520	201	8	hypothesis	hypothesis	NOUN
ejge-4520	201	9	that	that	PRON
ejge-4520	201	10	the	the	DET
ejge-4520	201	11	opportunistic	opportunistic	ADJ
ejge-4520	201	12	use	use	NOUN
ejge-4520	201	13	of	of	ADP
ejge-4520	201	14	liquidity	liquidity	NOUN
ejge-4520	201	15	and	and	CCONJ
ejge-4520	201	16	the	the	DET
ejge-4520	201	17	leverage	leverage	NOUN
ejge-4520	201	18	offered	offer	VERB
ejge-4520	201	19	by	by	ADP
ejge-4520	201	20	the	the	DET
ejge-4520	201	21	market	market	NOUN
ejge-4520	201	22	increase	increase	VERB
ejge-4520	201	23	the	the	DET
ejge-4520	201	24	potential	potential	ADJ
ejge-4520	201	25	returns	return	NOUN
ejge-4520	201	26	for	for	ADP
ejge-4520	201	27	the	the	DET
ejge-4520	201	28	strategy	strategy	NOUN
ejge-4520	201	29	.	.	PUNCT
ejge-4520	202	1	a	a	DET
ejge-4520	202	2	speculator	speculator	NOUN
ejge-4520	202	3	may	may	AUX
ejge-4520	202	4	consider	consider	VERB
ejge-4520	202	5	this	this	DET
ejge-4520	202	6	strategy	strategy	NOUN
ejge-4520	202	7	for	for	ADP
ejge-4520	202	8	its	its	PRON
ejge-4520	202	9	portfolio	portfolio	NOUN
ejge-4520	202	10	of	of	ADP
ejge-4520	202	11	available	available	ADJ
ejge-4520	202	12	strategies	strategy	NOUN
ejge-4520	202	13	.	.	PUNCT
ejge-4520	203	1	an	an	DET
ejge-4520	203	2	annualised	annualise	VERB
ejge-4520	203	3	return	return	NOUN
ejge-4520	203	4	in	in	ADP
ejge-4520	203	5	excess	excess	NOUN
ejge-4520	203	6	of	of	ADP
ejge-4520	203	7	9.79	9.79	NUM
ejge-4520	203	8	%	%	NOUN
ejge-4520	203	9	,	,	PUNCT
ejge-4520	203	10	with	with	ADP
ejge-4520	203	11	long	long	ADJ
ejge-4520	203	12	term	term	NOUN
ejge-4520	203	13	volatility	volatility	NOUN
ejge-4520	203	14	around	around	ADP
ejge-4520	203	15	11.05	11.05	NUM
ejge-4520	203	16	%	%	NOUN
ejge-4520	203	17	over	over	ADP
ejge-4520	203	18	a	a	DET
ejge-4520	203	19	period	period	NOUN
ejge-4520	203	20	of	of	ADP
ejge-4520	203	21	18	18	NUM
ejge-4520	203	22	years	year	NOUN
ejge-4520	203	23	,	,	PUNCT
ejge-4520	203	24	represents	represent	VERB
ejge-4520	203	25	an	an	DET
ejge-4520	203	26	attractive	attractive	ADJ
ejge-4520	203	27	outcome	outcome	NOUN
ejge-4520	203	28	.	.	PUNCT
ejge-4520	204	1	another	another	DET
ejge-4520	204	2	point	point	NOUN
ejge-4520	204	3	of	of	ADP
ejge-4520	204	4	interest	interest	NOUN
ejge-4520	204	5	of	of	ADP
ejge-4520	204	6	the	the	DET
ejge-4520	204	7	strategy	strategy	NOUN
ejge-4520	204	8	,	,	PUNCT
ejge-4520	204	9	which	which	PRON
ejge-4520	204	10	would	would	AUX
ejge-4520	204	11	encourage	encourage	VERB
ejge-4520	204	12	the	the	DET
ejge-4520	204	13	use	use	NOUN
ejge-4520	204	14	of	of	ADP
ejge-4520	204	15	leverage	leverage	NOUN
ejge-4520	204	16	by	by	ADP
ejge-4520	204	17	an	an	DET
ejge-4520	204	18	interested	interested	ADJ
ejge-4520	204	19	speculator	speculator	NOUN
ejge-4520	204	20	,	,	PUNCT
ejge-4520	204	21	is	be	AUX
ejge-4520	204	22	the	the	DET
ejge-4520	204	23	low	low	ADJ
ejge-4520	204	24	level	level	NOUN
ejge-4520	204	25	of	of	ADP
ejge-4520	204	26	maximum	maximum	ADJ
ejge-4520	204	27	drawdown	drawdown	NOUN
ejge-4520	204	28	of	of	ADP
ejge-4520	204	29	the	the	DET
ejge-4520	204	30	strategy	strategy	NOUN
ejge-4520	204	31	,	,	PUNCT
ejge-4520	204	32	of	of	ADP
ejge-4520	204	33	only	only	ADV
ejge-4520	204	34	17.04	17.04	NUM
ejge-4520	204	35	%	%	NOUN
ejge-4520	204	36	.	.	PUNCT
ejge-4520	205	1	the	the	DET
ejge-4520	205	2	returns	return	NOUN
ejge-4520	205	3	are	be	AUX
ejge-4520	205	4	even	even	ADV
ejge-4520	205	5	more	more	ADV
ejge-4520	205	6	compelling	compelling	ADJ
ejge-4520	205	7	when	when	SCONJ
ejge-4520	205	8	we	we	PRON
ejge-4520	205	9	consider	consider	VERB
ejge-4520	205	10	that	that	SCONJ
ejge-4520	205	11	the	the	DET
ejge-4520	205	12	strategy	strategy	NOUN
ejge-4520	205	13	keeps	keep	VERB
ejge-4520	205	14	cash	cash	NOUN
ejge-4520	205	15	over	over	ADP
ejge-4520	205	16	long	long	ADJ
ejge-4520	205	17	periods	period	NOUN
ejge-4520	205	18	of	of	ADP
ejge-4520	205	19	time	time	NOUN
ejge-4520	205	20	without	without	ADP
ejge-4520	205	21	considering	consider	VERB
ejge-4520	205	22	any	any	DET
ejge-4520	205	23	excess	excess	ADJ
ejge-4520	205	24	return	return	NOUN
ejge-4520	205	25	.	.	PUNCT
ejge-4520	206	1	any	any	DET
ejge-4520	206	2	speculator	speculator	NOUN
ejge-4520	206	3	would	would	AUX
ejge-4520	206	4	look	look	VERB
ejge-4520	206	5	for	for	ADP
ejge-4520	206	6	alternative	alternative	ADJ
ejge-4520	206	7	uses	use	NOUN
ejge-4520	206	8	of	of	ADP
ejge-4520	206	9	this	this	DET
ejge-4520	206	10	liquidity	liquidity	NOUN
ejge-4520	206	11	during	during	ADP
ejge-4520	206	12	the	the	DET
ejge-4520	206	13	“	"	PUNCT
ejge-4520	206	14	flat	flat	ADJ
ejge-4520	206	15	”	"	PUNCT
ejge-4520	206	16	periods	period	NOUN
ejge-4520	206	17	.	.	PUNCT
ejge-4520	207	1	figure	figure	NOUN
ejge-4520	207	2	4	4	NUM
ejge-4520	207	3	.	.	PUNCT
ejge-4520	207	4	brlusd	brlusd	NOUN
ejge-4520	207	5	long	long	ADV
ejge-4520	207	6	flat	flat	ADJ
ejge-4520	207	7	carry	carry	NOUN
ejge-4520	207	8	.	.	PUNCT
ejge-4520	208	1	source	source	NOUN
ejge-4520	208	2	:	:	PUNCT
ejge-4520	208	3	authors	author	NOUN
ejge-4520	208	4	elaboration	elaboration	VERB
ejge-4520	208	5	from	from	ADP
ejge-4520	208	6	financial	financial	ADJ
ejge-4520	208	7	series	series	NOUN
ejge-4520	208	8	extracted	extract	VERB
ejge-4520	208	9	from	from	ADP
ejge-4520	208	10	bloomberg	bloomberg	PROPN
ejge-4520	208	11	.	.	PUNCT
ejge-4520	209	1	the	the	DET
ejge-4520	209	2	yield	yield	NOUN
ejge-4520	209	3	spread	spread	NOUN
ejge-4520	209	4	reaches	reach	VERB
ejge-4520	209	5	a	a	DET
ejge-4520	209	6	7.15	7.15	NUM
ejge-4520	209	7	%	%	NOUN
ejge-4520	209	8	annualised	annualise	VERB
ejge-4520	209	9	,	,	PUNCT
ejge-4520	209	10	a	a	DET
ejge-4520	209	11	lower	low	ADJ
ejge-4520	209	12	result	result	NOUN
ejge-4520	209	13	than	than	ADP
ejge-4520	209	14	the	the	DET
ejge-4520	209	15	long	long	ADJ
ejge-4520	209	16	only	only	ADJ
ejge-4520	209	17	strategy	strategy	NOUN
ejge-4520	209	18	(	(	PUNCT
ejge-4520	209	19	11.10	11.10	NUM
ejge-4520	209	20	%	%	NOUN
ejge-4520	209	21	annualised	annualise	VERB
ejge-4520	209	22	)	)	PUNCT
ejge-4520	209	23	,	,	PUNCT
ejge-4520	209	24	which	which	PRON
ejge-4520	209	25	is	be	AUX
ejge-4520	209	26	systematically	systematically	ADV
ejge-4520	209	27	invested	invest	VERB
ejge-4520	209	28	and	and	CCONJ
ejge-4520	209	29	therefore	therefore	ADV
ejge-4520	209	30	obtains	obtain	VERB
ejge-4520	209	31	a	a	DET
ejge-4520	209	32	higher	high	ADJ
ejge-4520	209	33	carry	carry	NOUN
ejge-4520	209	34	.	.	PUNCT
ejge-4520	210	1	this	this	PRON
ejge-4520	210	2	is	be	AUX
ejge-4520	210	3	the	the	DET
ejge-4520	210	4	product	product	NOUN
ejge-4520	210	5	of	of	ADP
ejge-4520	210	6	a	a	DET
ejge-4520	210	7	lower	low	ADJ
ejge-4520	210	8	exposure	exposure	NOUN
ejge-4520	210	9	to	to	ADP
ejge-4520	210	10	the	the	DET
ejge-4520	210	11	brazilian	brazilian	ADJ
ejge-4520	210	12	money	money	NOUN
ejge-4520	210	13	market	market	NOUN
ejge-4520	210	14	in	in	ADP
ejge-4520	210	15	the	the	DET
ejge-4520	210	16	period	period	NOUN
ejge-4520	210	17	,	,	PUNCT
ejge-4520	210	18	due	due	ADP
ejge-4520	210	19	to	to	ADP
ejge-4520	210	20	the	the	DET
ejge-4520	210	21	application	application	NOUN
ejge-4520	210	22	of	of	ADP
ejge-4520	210	23	the	the	DET
ejge-4520	210	24	trading	trading	NOUN
ejge-4520	210	25	rule	rule	NOUN
ejge-4520	210	26	.	.	PUNCT
ejge-4520	211	1	this	this	DET
ejge-4520	211	2	reduction	reduction	NOUN
ejge-4520	211	3	is	be	AUX
ejge-4520	211	4	offset	offset	VERB
ejge-4520	211	5	by	by	ADP
ejge-4520	211	6	a	a	DET
ejge-4520	211	7	significant	significant	ADJ
ejge-4520	211	8	improvement	improvement	NOUN
ejge-4520	211	9	in	in	ADP
ejge-4520	211	10	the	the	DET
ejge-4520	211	11	impact	impact	NOUN
ejge-4520	211	12	on	on	ADP
ejge-4520	211	13	spot	spot	NOUN
ejge-4520	211	14	exchange	exchange	NOUN
ejge-4520	211	15	rate	rate	NOUN
ejge-4520	211	16	losses	loss	NOUN
ejge-4520	211	17	.	.	PUNCT
ejge-4520	212	1	in	in	ADP
ejge-4520	212	2	fact	fact	NOUN
ejge-4520	212	3	,	,	PUNCT
ejge-4520	212	4	as	as	SCONJ
ejge-4520	212	5	can	can	AUX
ejge-4520	212	6	be	be	AUX
ejge-4520	212	7	seen	see	VERB
ejge-4520	212	8	in	in	ADP
ejge-4520	212	9	figure	figure	NOUN
ejge-4520	212	10	4	4	NUM
ejge-4520	212	11	,	,	PUNCT
ejge-4520	212	12	the	the	DET
ejge-4520	212	13	long	long	ADJ
ejge-4520	212	14	-	-	PUNCT
ejge-4520	212	15	flat	flat	ADJ
ejge-4520	212	16	strategy	strategy	NOUN
ejge-4520	212	17	in	in	ADP
ejge-4520	212	18	the	the	DET
ejge-4520	212	19	brazilian	brazilian	NOUN
ejge-4520	212	20	real	real	ADV
ejge-4520	212	21	allows	allow	VERB
ejge-4520	212	22	the	the	DET
ejge-4520	212	23	speculator	speculator	NOUN
ejge-4520	212	24	to	to	PART
ejge-4520	212	25	achieve	achieve	VERB
ejge-4520	212	26	positive	positive	ADJ
ejge-4520	212	27	returns	return	NOUN
ejge-4520	212	28	in	in	ADP
ejge-4520	212	29	the	the	DET
ejge-4520	212	30	component	component	NOUN
ejge-4520	212	31	derived	derive	VERB
ejge-4520	212	32	from	from	ADP
ejge-4520	212	33	the	the	DET
ejge-4520	212	34	evolution	evolution	NOUN
ejge-4520	212	35	of	of	ADP
ejge-4520	212	36	the	the	DET
ejge-4520	212	37	currency	currency	NOUN
ejge-4520	212	38	,	,	PUNCT
ejge-4520	212	39	with	with	ADP
ejge-4520	212	40	annualised	annualise	VERB
ejge-4520	212	41	returns	return	NOUN
ejge-4520	212	42	of	of	ADP
ejge-4520	212	43	2.76	2.76	NUM
ejge-4520	212	44	%	%	NOUN
ejge-4520	212	45	which	which	PRON
ejge-4520	212	46	are	be	AUX
ejge-4520	212	47	added	add	VERB
ejge-4520	212	48	to	to	ADP
ejge-4520	212	49	the	the	DET
ejge-4520	212	50	results	result	NOUN
ejge-4520	212	51	of	of	ADP
ejge-4520	212	52	the	the	DET
ejge-4520	212	53	carry	carry	NOUN
ejge-4520	212	54	.	.	PUNCT
ejge-4520	213	1	the	the	DET
ejge-4520	213	2	specification	specification	NOUN
ejge-4520	213	3	provides	provide	VERB
ejge-4520	213	4	an	an	DET
ejge-4520	213	5	ideal	ideal	ADJ
ejge-4520	213	6	adjustment	adjustment	NOUN
ejge-4520	213	7	case	case	NOUN
ejge-4520	213	8	.	.	PUNCT
ejge-4520	214	1	the	the	DET
ejge-4520	214	2	speculator	speculator	NOUN
ejge-4520	214	3	keeps	keep	VERB
ejge-4520	214	4	a	a	DET
ejge-4520	214	5	comfortable	comfortable	ADJ
ejge-4520	214	6	exposure	exposure	NOUN
ejge-4520	214	7	to	to	ADP
ejge-4520	214	8	the	the	DET
ejge-4520	214	9	interest	interest	NOUN
ejge-4520	214	10	rate	rate	NOUN
ejge-4520	214	11	spread	spread	NOUN
ejge-4520	214	12	offered	offer	VERB
ejge-4520	214	13	by	by	ADP
ejge-4520	214	14	the	the	DET
ejge-4520	214	15	brazilian	brazilian	ADJ
ejge-4520	214	16	real	real	NOUN
ejge-4520	214	17	,	,	PUNCT
ejge-4520	214	18	without	without	ADP
ejge-4520	214	19	incurring	incur	VERB
ejge-4520	214	20	in	in	ADP
ejge-4520	214	21	high	high	ADJ
ejge-4520	214	22	losses	loss	NOUN
ejge-4520	214	23	due	due	ADP
ejge-4520	214	24	to	to	ADP
ejge-4520	214	25	the	the	DET
ejge-4520	214	26	depreciation	depreciation	NOUN
ejge-4520	214	27	of	of	ADP
ejge-4520	214	28	the	the	DET
ejge-4520	214	29	exchange	exchange	NOUN
ejge-4520	214	30	rate	rate	NOUN
ejge-4520	214	31	.	.	PUNCT
ejge-4520	215	1	a	a	DET
ejge-4520	215	2	good	good	ADJ
ejge-4520	215	3	example	example	NOUN
ejge-4520	215	4	of	of	ADP
ejge-4520	215	5	ilmanen	ilmanen	PROPN
ejge-4520	215	6	(	(	PUNCT
ejge-4520	215	7	2012	2012	NUM
ejge-4520	215	8	)	)	PUNCT
ejge-4520	215	9	hypothesis	hypothesis	NOUN
ejge-4520	215	10	about	about	ADP
ejge-4520	215	11	the	the	DET
ejge-4520	215	12	options	option	NOUN
ejge-4520	215	13	for	for	ADP
ejge-4520	215	14	speculators	speculator	NOUN
ejge-4520	215	15	to	to	PART
ejge-4520	215	16	capture	capture	VERB
ejge-4520	215	17	a	a	DET
ejge-4520	215	18	significant	significant	ADJ
ejge-4520	215	19	part	part	NOUN
ejge-4520	215	20	of	of	ADP
ejge-4520	215	21	the	the	DET
ejge-4520	215	22	"	"	PUNCT
ejge-4520	215	23	premiums	premium	NOUN
ejge-4520	215	24	"	"	PUNCT
ejge-4520	215	25	without	without	ADP
ejge-4520	215	26	fully	fully	ADV
ejge-4520	215	27	assuming	assume	VERB
ejge-4520	215	28	the	the	DET
ejge-4520	215	29	cost	cost	NOUN
ejge-4520	215	30	of	of	ADP
ejge-4520	215	31	the	the	DET
ejge-4520	215	32	insured	insure	VERB
ejge-4520	215	33	"	"	PUNCT
ejge-4520	215	34	claims	claim	NOUN
ejge-4520	215	35	"	"	PUNCT
ejge-4520	215	36	.	.	PUNCT
ejge-4520	216	1	the	the	DET
ejge-4520	216	2	combination	combination	NOUN
ejge-4520	216	3	of	of	ADP
ejge-4520	216	4	both	both	DET
ejge-4520	216	5	effects	effect	NOUN
ejge-4520	216	6	has	have	VERB
ejge-4520	216	7	a	a	DET
ejge-4520	216	8	very	very	ADV
ejge-4520	216	9	positive	positive	ADJ
ejge-4520	216	10	impact	impact	NOUN
ejge-4520	216	11	on	on	ADP
ejge-4520	216	12	the	the	DET
ejge-4520	216	13	performance	performance	NOUN
ejge-4520	216	14	ratios	ratio	NOUN
ejge-4520	216	15	of	of	ADP
ejge-4520	216	16	the	the	DET
ejge-4520	216	17	strategy	strategy	NOUN
ejge-4520	216	18	.	.	PUNCT
ejge-4520	217	1	a	a	DET
ejge-4520	217	2	sharpe	sharpe	PROPN
ejge-4520	217	3	ratio	ratio	NOUN
ejge-4520	217	4	of	of	ADP
ejge-4520	217	5	almost	almost	ADV
ejge-4520	217	6	0.9	0.9	NUM
ejge-4520	217	7	,	,	PUNCT
ejge-4520	217	8	sortino	sortino	ADJ
ejge-4520	217	9	ratio	ratio	NOUN
ejge-4520	217	10	higher	high	ADJ
ejge-4520	217	11	than	than	ADP
ejge-4520	217	12	1	1	NUM
ejge-4520	217	13	and	and	CCONJ
ejge-4520	217	14	a	a	DET
ejge-4520	217	15	maximum	maximum	ADJ
ejge-4520	217	16	drawdown	drawdown	NOUN
ejge-4520	217	17	of	of	ADP
ejge-4520	217	18	c.	c.	PROPN
ejge-4520	217	19	fernández	fernández	PROPN
ejge-4520	217	20	-	-	PUNCT
ejge-4520	217	21	herraiz	herraiz	PROPN
ejge-4520	217	22	et	et	PROPN
ejge-4520	217	23	al	al	PROPN
ejge-4520	217	24	.	.	PUNCT
ejge-4520	217	25	/	/	SYM
ejge-4520	217	26	european	european	PROPN
ejge-4520	217	27	journal	journal	PROPN
ejge-4520	217	28	of	of	ADP
ejge-4520	217	29	government	government	NOUN
ejge-4520	217	30	and	and	CCONJ
ejge-4520	217	31	economics	economic	NOUN
ejge-4520	217	32	7(2	7(2	NUM
ejge-4520	217	33	)	)	PUNCT
ejge-4520	217	34	,	,	PUNCT
ejge-4520	217	35	123	123	NUM
ejge-4520	217	36	-	-	SYM
ejge-4520	217	37	137	137	NUM
ejge-4520	217	38	.	.	PUNCT
ejge-4520	218	1	134	134	NUM
ejge-4520	218	2	only	only	ADV
ejge-4520	218	3	1.54	1.54	NUM
ejge-4520	218	4	times	time	NOUN
ejge-4520	218	5	the	the	DET
ejge-4520	218	6	volatility	volatility	NOUN
ejge-4520	218	7	of	of	ADP
ejge-4520	218	8	the	the	DET
ejge-4520	218	9	portfolio	portfolio	NOUN
ejge-4520	218	10	.	.	PUNCT
ejge-4520	219	1	since	since	SCONJ
ejge-4520	219	2	the	the	DET
ejge-4520	219	3	trading	trading	NOUN
ejge-4520	219	4	rule	rule	NOUN
ejge-4520	219	5	significantly	significantly	ADV
ejge-4520	219	6	improves	improve	VERB
ejge-4520	219	7	results	result	NOUN
ejge-4520	219	8	compared	compare	VERB
ejge-4520	219	9	to	to	ADP
ejge-4520	219	10	the	the	DET
ejge-4520	219	11	long	long	ADJ
ejge-4520	219	12	only	only	ADJ
ejge-4520	219	13	strategy	strategy	NOUN
ejge-4520	219	14	,	,	PUNCT
ejge-4520	219	15	it	it	PRON
ejge-4520	219	16	is	be	AUX
ejge-4520	219	17	reasonable	reasonable	ADJ
ejge-4520	219	18	to	to	PART
ejge-4520	219	19	think	think	VERB
ejge-4520	219	20	that	that	SCONJ
ejge-4520	219	21	the	the	DET
ejge-4520	219	22	long	long	ADV
ejge-4520	219	23	-	-	PUNCT
ejge-4520	219	24	short	short	ADJ
ejge-4520	219	25	strategy	strategy	NOUN
ejge-4520	219	26	can	can	AUX
ejge-4520	219	27	also	also	ADV
ejge-4520	219	28	offer	offer	VERB
ejge-4520	219	29	attractive	attractive	ADJ
ejge-4520	219	30	results	result	NOUN
ejge-4520	219	31	.	.	PUNCT
ejge-4520	220	1	in	in	ADP
ejge-4520	220	2	the	the	DET
ejge-4520	220	3	initial	initial	ADJ
ejge-4520	220	4	summary	summary	NOUN
ejge-4520	220	5	we	we	PRON
ejge-4520	220	6	saw	see	VERB
ejge-4520	220	7	how	how	SCONJ
ejge-4520	220	8	the	the	DET
ejge-4520	220	9	longshort	longshort	NOUN
ejge-4520	220	10	strategy	strategy	NOUN
ejge-4520	220	11	offered	offer	VERB
ejge-4520	220	12	results	result	NOUN
ejge-4520	220	13	similar	similar	ADJ
ejge-4520	220	14	in	in	ADP
ejge-4520	220	15	volatility	volatility	NOUN
ejge-4520	220	16	to	to	ADP
ejge-4520	220	17	the	the	DET
ejge-4520	220	18	long	long	ADJ
ejge-4520	220	19	only	only	ADJ
ejge-4520	220	20	strategy	strategy	NOUN
ejge-4520	220	21	,	,	PUNCT
ejge-4520	220	22	but	but	CCONJ
ejge-4520	220	23	with	with	ADP
ejge-4520	220	24	annualised	annualise	VERB
ejge-4520	220	25	returns	return	NOUN
ejge-4520	220	26	that	that	PRON
ejge-4520	220	27	went	go	VERB
ejge-4520	220	28	from	from	ADP
ejge-4520	220	29	6.84	6.84	NUM
ejge-4520	220	30	%	%	NOUN
ejge-4520	220	31	to	to	ADP
ejge-4520	220	32	10.96	10.96	NUM
ejge-4520	220	33	%	%	NOUN
ejge-4520	220	34	in	in	ADP
ejge-4520	220	35	the	the	DET
ejge-4520	220	36	sample	sample	NOUN
ejge-4520	220	37	period	period	NOUN
ejge-4520	220	38	considered	consider	VERB
ejge-4520	220	39	.	.	PUNCT
ejge-4520	221	1	not	not	PART
ejge-4520	221	2	only	only	ADV
ejge-4520	221	3	that	that	PRON
ejge-4520	221	4	,	,	PUNCT
ejge-4520	221	5	but	but	CCONJ
ejge-4520	221	6	the	the	DET
ejge-4520	221	7	maximum	maximum	ADJ
ejge-4520	221	8	drawdown	drawdown	NOUN
ejge-4520	221	9	suffered	suffer	VERB
ejge-4520	221	10	by	by	ADP
ejge-4520	221	11	the	the	DET
ejge-4520	221	12	strategy	strategy	NOUN
ejge-4520	221	13	in	in	ADP
ejge-4520	221	14	the	the	DET
ejge-4520	221	15	period	period	NOUN
ejge-4520	221	16	is	be	AUX
ejge-4520	221	17	much	much	ADV
ejge-4520	221	18	lower	low	ADJ
ejge-4520	221	19	(	(	PUNCT
ejge-4520	221	20	approximately	approximately	ADV
ejge-4520	221	21	26	26	NUM
ejge-4520	221	22	%	%	NOUN
ejge-4520	221	23	)	)	PUNCT
ejge-4520	221	24	or	or	CCONJ
ejge-4520	221	25	around	around	ADP
ejge-4520	221	26	half	half	NOUN
ejge-4520	221	27	of	of	ADP
ejge-4520	221	28	the	the	DET
ejge-4520	221	29	heavy	heavy	ADJ
ejge-4520	221	30	losses	loss	NOUN
ejge-4520	221	31	of	of	ADP
ejge-4520	221	32	the	the	DET
ejge-4520	221	33	long	long	ADJ
ejge-4520	221	34	only	only	ADJ
ejge-4520	221	35	strategy	strategy	NOUN
ejge-4520	221	36	.	.	PUNCT
ejge-4520	222	1	given	give	VERB
ejge-4520	222	2	the	the	DET
ejge-4520	222	3	results	result	NOUN
ejge-4520	222	4	obtained	obtain	VERB
ejge-4520	222	5	,	,	PUNCT
ejge-4520	222	6	it	it	PRON
ejge-4520	222	7	is	be	AUX
ejge-4520	222	8	more	more	ADJ
ejge-4520	222	9	than	than	ADP
ejge-4520	222	10	likely	likely	ADJ
ejge-4520	222	11	that	that	SCONJ
ejge-4520	222	12	there	there	PRON
ejge-4520	222	13	are	be	VERB
ejge-4520	222	14	traders	trader	NOUN
ejge-4520	222	15	working	work	VERB
ejge-4520	222	16	with	with	ADP
ejge-4520	222	17	refinements	refinement	NOUN
ejge-4520	222	18	on	on	ADP
ejge-4520	222	19	these	these	DET
ejge-4520	222	20	strategies	strategy	NOUN
ejge-4520	222	21	within	within	ADP
ejge-4520	222	22	their	their	PRON
ejge-4520	222	23	portfolios	portfolio	NOUN
ejge-4520	222	24	.	.	PUNCT
ejge-4520	223	1	in	in	ADP
ejge-4520	223	2	contrast	contrast	NOUN
ejge-4520	223	3	to	to	ADP
ejge-4520	223	4	the	the	DET
ejge-4520	223	5	evidence	evidence	NOUN
ejge-4520	223	6	obtained	obtain	VERB
ejge-4520	223	7	on	on	ADP
ejge-4520	223	8	the	the	DET
ejge-4520	223	9	mexican	mexican	ADJ
ejge-4520	223	10	peso	peso	NOUN
ejge-4520	223	11	,	,	PUNCT
ejge-4520	223	12	in	in	ADP
ejge-4520	223	13	the	the	DET
ejge-4520	223	14	case	case	NOUN
ejge-4520	223	15	of	of	ADP
ejge-4520	223	16	the	the	DET
ejge-4520	223	17	brazilian	brazilian	ADJ
ejge-4520	223	18	real	real	NOUN
ejge-4520	223	19	,	,	PUNCT
ejge-4520	223	20	the	the	DET
ejge-4520	223	21	use	use	NOUN
ejge-4520	223	22	of	of	ADP
ejge-4520	223	23	financing	financing	NOUN
ejge-4520	223	24	and	and	CCONJ
ejge-4520	223	25	market	market	NOUN
ejge-4520	223	26	liquidity	liquidity	NOUN
ejge-4520	223	27	allows	allow	VERB
ejge-4520	223	28	for	for	ADP
ejge-4520	223	29	comfortable	comfortable	ADJ
ejge-4520	223	30	speculation	speculation	NOUN
ejge-4520	223	31	with	with	ADP
ejge-4520	223	32	an	an	DET
ejge-4520	223	33	attractive	attractive	ADJ
ejge-4520	223	34	expectation	expectation	NOUN
ejge-4520	223	35	of	of	ADP
ejge-4520	223	36	returns	return	NOUN
ejge-4520	223	37	versus	versus	ADP
ejge-4520	223	38	risk	risk	NOUN
ejge-4520	223	39	.	.	PUNCT
ejge-4520	224	1	the	the	DET
ejge-4520	224	2	leveraged	leverage	VERB
ejge-4520	224	3	strategies	strategy	NOUN
ejge-4520	224	4	in	in	ADP
ejge-4520	224	5	this	this	DET
ejge-4520	224	6	simplified	simplified	ADJ
ejge-4520	224	7	trend	trend	NOUN
ejge-4520	224	8	following	follow	VERB
ejge-4520	224	9	model	model	NOUN
ejge-4520	224	10	offer	offer	VERB
ejge-4520	224	11	flexibility	flexibility	NOUN
ejge-4520	224	12	of	of	ADP
ejge-4520	224	13	accommodation	accommodation	NOUN
ejge-4520	224	14	for	for	ADP
ejge-4520	224	15	both	both	CCONJ
ejge-4520	224	16	domestic	domestic	ADJ
ejge-4520	224	17	-	-	PUNCT
ejge-4520	224	18	licensed	license	VERB
ejge-4520	224	19	and	and	CCONJ
ejge-4520	224	20	non	non	ADJ
ejge-4520	224	21	-	-	ADJ
ejge-4520	224	22	deliverable	deliverable	ADJ
ejge-4520	224	23	local	local	ADJ
ejge-4520	224	24	-	-	PUNCT
ejge-4520	224	25	currency	currency	NOUN
ejge-4520	224	26	derivatives	derivative	NOUN
ejge-4520	224	27	that	that	PRON
ejge-4520	224	28	are	be	AUX
ejge-4520	224	29	settled	settle	VERB
ejge-4520	224	30	for	for	ADP
ejge-4520	224	31	differences	difference	NOUN
ejge-4520	224	32	.	.	PUNCT
ejge-4520	225	1	the	the	DET
ejge-4520	225	2	question	question	NOUN
ejge-4520	225	3	now	now	ADV
ejge-4520	225	4	is	be	AUX
ejge-4520	225	5	how	how	SCONJ
ejge-4520	225	6	to	to	PART
ejge-4520	225	7	reconcile	reconcile	VERB
ejge-4520	225	8	a	a	DET
ejge-4520	225	9	potential	potential	ADJ
ejge-4520	225	10	risk	risk	NOUN
ejge-4520	225	11	premium	premium	NOUN
ejge-4520	225	12	for	for	ADP
ejge-4520	225	13	the	the	DET
ejge-4520	225	14	“	"	PUNCT
ejge-4520	225	15	insurers	insurer	NOUN
ejge-4520	225	16	”	"	PUNCT
ejge-4520	225	17	of	of	ADP
ejge-4520	225	18	the	the	DET
ejge-4520	225	19	brazilian	brazilian	NOUN
ejge-4520	225	20	real	real	ADJ
ejge-4520	225	21	with	with	ADP
ejge-4520	225	22	higher	high	ADJ
ejge-4520	225	23	rewards	reward	NOUN
ejge-4520	225	24	for	for	ADP
ejge-4520	225	25	the	the	DET
ejge-4520	225	26	“	"	PUNCT
ejge-4520	225	27	free	free	ADJ
ejge-4520	225	28	riders	rider	NOUN
ejge-4520	225	29	”	"	PUNCT
ejge-4520	225	30	.	.	PUNCT
ejge-4520	226	1	the	the	PRON
ejge-4520	226	2	less	less	ADJ
ejge-4520	226	3	the	the	DET
ejge-4520	226	4	credibility	credibility	NOUN
ejge-4520	226	5	of	of	ADP
ejge-4520	226	6	the	the	DET
ejge-4520	226	7	exchange	exchange	NOUN
ejge-4520	226	8	policy	policy	NOUN
ejge-4520	226	9	perceived	perceive	VERB
ejge-4520	226	10	by	by	ADP
ejge-4520	226	11	the	the	DET
ejge-4520	226	12	market	market	NOUN
ejge-4520	226	13	participants	participant	NOUN
ejge-4520	226	14	,	,	PUNCT
ejge-4520	226	15	the	the	PRON
ejge-4520	226	16	more	more	ADV
ejge-4520	226	17	the	the	DET
ejge-4520	226	18	opportunities	opportunity	NOUN
ejge-4520	226	19	for	for	ADP
ejge-4520	226	20	dynamic	dynamic	ADJ
ejge-4520	226	21	destabilizing	destabilizing	ADJ
ejge-4520	226	22	carry	carry	NOUN
ejge-4520	226	23	trade	trade	NOUN
ejge-4520	226	24	speculation	speculation	NOUN
ejge-4520	226	25	activities	activity	NOUN
ejge-4520	226	26	.	.	PUNCT
ejge-4520	227	1	these	these	DET
ejge-4520	227	2	strategies	strategy	NOUN
ejge-4520	227	3	could	could	AUX
ejge-4520	227	4	turn	turn	VERB
ejge-4520	227	5	to	to	ADP
ejge-4520	227	6	market	market	NOUN
ejge-4520	227	7	financing	financing	NOUN
ejge-4520	227	8	(	(	PUNCT
ejge-4520	227	9	shadow	shadow	NOUN
ejge-4520	227	10	banking	banking	NOUN
ejge-4520	227	11	)	)	PUNCT
ejge-4520	227	12	as	as	ADP
ejge-4520	227	13	a	a	DET
ejge-4520	227	14	source	source	NOUN
ejge-4520	227	15	of	of	ADP
ejge-4520	227	16	leverage	leverage	NOUN
ejge-4520	227	17	and	and	CCONJ
ejge-4520	227	18	liquidity	liquidity	NOUN
ejge-4520	227	19	.	.	PUNCT
ejge-4520	228	1	the	the	DET
ejge-4520	228	2	dynamic	dynamic	ADJ
ejge-4520	228	3	strategies	strategy	NOUN
ejge-4520	228	4	presented	present	VERB
ejge-4520	228	5	do	do	AUX
ejge-4520	228	6	not	not	PART
ejge-4520	228	7	rely	rely	VERB
ejge-4520	228	8	on	on	ADP
ejge-4520	228	9	any	any	DET
ejge-4520	228	10	model	model	NOUN
ejge-4520	228	11	of	of	ADP
ejge-4520	228	12	currency	currency	NOUN
ejge-4520	228	13	valuation	valuation	NOUN
ejge-4520	228	14	.	.	PUNCT
ejge-4520	229	1	if	if	SCONJ
ejge-4520	229	2	these	these	DET
ejge-4520	229	3	strategies	strategy	NOUN
ejge-4520	229	4	were	be	AUX
ejge-4520	229	5	common	common	ADJ
ejge-4520	229	6	in	in	ADP
ejge-4520	229	7	the	the	DET
ejge-4520	229	8	market	market	NOUN
ejge-4520	229	9	,	,	PUNCT
ejge-4520	229	10	they	they	PRON
ejge-4520	229	11	will	will	AUX
ejge-4520	229	12	generate	generate	VERB
ejge-4520	229	13	continuous	continuous	ADJ
ejge-4520	229	14	scenarios	scenario	NOUN
ejge-4520	229	15	of	of	ADP
ejge-4520	229	16	potential	potential	ADJ
ejge-4520	229	17	destabilizing	destabilizing	ADJ
ejge-4520	229	18	speculation	speculation	NOUN
ejge-4520	229	19	,	,	PUNCT
ejge-4520	229	20	in	in	ADP
ejge-4520	229	21	terms	term	NOUN
ejge-4520	229	22	of	of	ADP
ejge-4520	229	23	persistent	persistent	ADJ
ejge-4520	229	24	deviation	deviation	NOUN
ejge-4520	229	25	from	from	ADP
ejge-4520	229	26	equilibrium	equilibrium	NOUN
ejge-4520	229	27	.	.	PUNCT
ejge-4520	230	1	finally	finally	ADV
ejge-4520	230	2	,	,	PUNCT
ejge-4520	230	3	note	note	VERB
ejge-4520	230	4	that	that	SCONJ
ejge-4520	230	5	neither	neither	CCONJ
ejge-4520	230	6	the	the	DET
ejge-4520	230	7	long	long	ADV
ejge-4520	230	8	-	-	PUNCT
ejge-4520	230	9	short	short	ADJ
ejge-4520	230	10	strategy	strategy	NOUN
ejge-4520	230	11	nor	nor	CCONJ
ejge-4520	230	12	the	the	DET
ejge-4520	230	13	long	long	ADJ
ejge-4520	230	14	-	-	PUNCT
ejge-4520	230	15	flat	flat	ADJ
ejge-4520	230	16	strategy	strategy	NOUN
ejge-4520	230	17	include	include	VERB
ejge-4520	230	18	any	any	DET
ejge-4520	230	19	relation	relation	NOUN
ejge-4520	230	20	to	to	ADP
ejge-4520	230	21	critical	critical	ADJ
ejge-4520	230	22	variables	variable	NOUN
ejge-4520	230	23	such	such	ADJ
ejge-4520	230	24	as	as	ADP
ejge-4520	230	25	the	the	DET
ejge-4520	230	26	price	price	NOUN
ejge-4520	230	27	of	of	ADP
ejge-4520	230	28	reference	reference	NOUN
ejge-4520	230	29	commodities	commodity	NOUN
ejge-4520	230	30	,	,	PUNCT
ejge-4520	230	31	consideration	consideration	NOUN
ejge-4520	230	32	of	of	ADP
ejge-4520	230	33	relevant	relevant	ADJ
ejge-4520	230	34	variables	variable	NOUN
ejge-4520	230	35	for	for	ADP
ejge-4520	230	36	sovereign	sovereign	ADJ
ejge-4520	230	37	risk	risk	NOUN
ejge-4520	230	38	analysis	analysis	NOUN
ejge-4520	230	39	or	or	CCONJ
ejge-4520	230	40	reference	reference	NOUN
ejge-4520	230	41	to	to	ADP
ejge-4520	230	42	a	a	DET
ejge-4520	230	43	change	change	NOUN
ejge-4520	230	44	in	in	ADP
ejge-4520	230	45	appetite	appetite	NOUN
ejge-4520	230	46	for	for	ADP
ejge-4520	230	47	global	global	ADJ
ejge-4520	230	48	or	or	CCONJ
ejge-4520	230	49	specific	specific	ADJ
ejge-4520	230	50	currency	currency	NOUN
ejge-4520	230	51	risk	risk	NOUN
ejge-4520	230	52	.	.	PUNCT
ejge-4520	231	1	nor	nor	CCONJ
ejge-4520	231	2	do	do	AUX
ejge-4520	231	3	they	they	PRON
ejge-4520	231	4	incorporate	incorporate	VERB
ejge-4520	231	5	a	a	DET
ejge-4520	231	6	reflection	reflection	NOUN
ejge-4520	231	7	on	on	ADP
ejge-4520	231	8	monetary	monetary	ADJ
ejge-4520	231	9	policy	policy	NOUN
ejge-4520	231	10	scenarios	scenario	NOUN
ejge-4520	231	11	,	,	PUNCT
ejge-4520	231	12	considerations	consideration	NOUN
ejge-4520	231	13	on	on	ADP
ejge-4520	231	14	reference	reference	NOUN
ejge-4520	231	15	rate	rate	NOUN
ejge-4520	231	16	yield	yield	NOUN
ejge-4520	231	17	curves	curve	NOUN
ejge-4520	231	18	,	,	PUNCT
ejge-4520	231	19	analysis	analysis	NOUN
ejge-4520	231	20	of	of	ADP
ejge-4520	231	21	the	the	DET
ejge-4520	231	22	country	country	NOUN
ejge-4520	231	23	's	's	PART
ejge-4520	231	24	political	political	ADJ
ejge-4520	231	25	strategy	strategy	NOUN
ejge-4520	231	26	,	,	PUNCT
ejge-4520	231	27	or	or	CCONJ
ejge-4520	231	28	its	its	PRON
ejge-4520	231	29	capacity	capacity	NOUN
ejge-4520	231	30	to	to	PART
ejge-4520	231	31	impose	impose	VERB
ejge-4520	231	32	certain	certain	ADJ
ejge-4520	231	33	fiscal	fiscal	ADJ
ejge-4520	231	34	or	or	CCONJ
ejge-4520	231	35	monetary	monetary	ADJ
ejge-4520	231	36	rules	rule	NOUN
ejge-4520	231	37	.	.	PUNCT
ejge-4520	232	1	finally	finally	ADV
ejge-4520	232	2	,	,	PUNCT
ejge-4520	232	3	the	the	DET
ejge-4520	232	4	strategies	strategy	NOUN
ejge-4520	232	5	do	do	AUX
ejge-4520	232	6	not	not	PART
ejge-4520	232	7	use	use	VERB
ejge-4520	232	8	spot	spot	NOUN
ejge-4520	232	9	currency	currency	NOUN
ejge-4520	232	10	flow	flow	NOUN
ejge-4520	232	11	analysis	analysis	NOUN
ejge-4520	232	12	techniques	technique	NOUN
ejge-4520	232	13	,	,	PUNCT
ejge-4520	232	14	or	or	CCONJ
ejge-4520	232	15	information	information	NOUN
ejge-4520	232	16	on	on	ADP
ejge-4520	232	17	non	non	ADJ
ejge-4520	232	18	-	-	ADJ
ejge-4520	232	19	commercial	commercial	ADJ
ejge-4520	232	20	activity	activity	NOUN
ejge-4520	232	21	in	in	ADP
ejge-4520	232	22	the	the	DET
ejge-4520	232	23	currency	currency	NOUN
ejge-4520	232	24	futures	future	NOUN
ejge-4520	232	25	,	,	PUNCT
ejge-4520	232	26	or	or	CCONJ
ejge-4520	232	27	information	information	NOUN
ejge-4520	232	28	on	on	ADP
ejge-4520	232	29	flows	flow	NOUN
ejge-4520	232	30	in	in	ADP
ejge-4520	232	31	other	other	ADJ
ejge-4520	232	32	related	related	ADJ
ejge-4520	232	33	assets	asset	NOUN
ejge-4520	232	34	such	such	ADJ
ejge-4520	232	35	as	as	ADP
ejge-4520	232	36	the	the	DET
ejge-4520	232	37	local	local	ADJ
ejge-4520	232	38	stock	stock	NOUN
ejge-4520	232	39	exchanges	exchange	NOUN
ejge-4520	232	40	.	.	PUNCT
ejge-4520	233	1	both	both	DET
ejge-4520	233	2	brazilian	brazilian	ADJ
ejge-4520	233	3	active	active	ADJ
ejge-4520	233	4	strategies	strategy	NOUN
ejge-4520	233	5	are	be	AUX
ejge-4520	233	6	agnostic	agnostic	ADJ
ejge-4520	233	7	to	to	ADP
ejge-4520	233	8	economic	economic	ADJ
ejge-4520	233	9	and	and	CCONJ
ejge-4520	233	10	market	market	NOUN
ejge-4520	233	11	developments	development	NOUN
ejge-4520	233	12	.	.	PUNCT
ejge-4520	234	1	this	this	PRON
ejge-4520	234	2	is	be	AUX
ejge-4520	234	3	important	important	ADJ
ejge-4520	234	4	because	because	SCONJ
ejge-4520	234	5	it	it	PRON
ejge-4520	234	6	implies	imply	VERB
ejge-4520	234	7	,	,	PUNCT
ejge-4520	234	8	for	for	ADP
ejge-4520	234	9	example	example	NOUN
ejge-4520	234	10	,	,	PUNCT
ejge-4520	234	11	that	that	SCONJ
ejge-4520	234	12	the	the	DET
ejge-4520	234	13	strategy	strategy	NOUN
ejge-4520	234	14	develops	develop	VERB
ejge-4520	234	15	its	its	PRON
ejge-4520	234	16	trading	trading	NOUN
ejge-4520	234	17	rules	rule	NOUN
ejge-4520	234	18	without	without	ADP
ejge-4520	234	19	reference	reference	NOUN
ejge-4520	234	20	to	to	ADP
ejge-4520	234	21	a	a	DET
ejge-4520	234	22	hypothetical	hypothetical	ADJ
ejge-4520	234	23	anchor	anchor	NOUN
ejge-4520	234	24	of	of	ADP
ejge-4520	234	25	fundamental	fundamental	ADJ
ejge-4520	234	26	value	value	NOUN
ejge-4520	234	27	of	of	ADP
ejge-4520	234	28	the	the	DET
ejge-4520	234	29	currency	currency	NOUN
ejge-4520	234	30	.	.	PUNCT
ejge-4520	235	1	it	it	PRON
ejge-4520	235	2	could	could	AUX
ejge-4520	235	3	be	be	AUX
ejge-4520	235	4	that	that	SCONJ
ejge-4520	235	5	the	the	DET
ejge-4520	235	6	model	model	NOUN
ejge-4520	235	7	recommends	recommend	VERB
ejge-4520	235	8	being	be	AUX
ejge-4520	235	9	long	long	ADJ
ejge-4520	235	10	on	on	ADP
ejge-4520	235	11	the	the	DET
ejge-4520	235	12	currency	currency	NOUN
ejge-4520	235	13	in	in	ADP
ejge-4520	235	14	a	a	DET
ejge-4520	235	15	situation	situation	NOUN
ejge-4520	235	16	of	of	ADP
ejge-4520	235	17	overvaluation	overvaluation	NOUN
ejge-4520	235	18	,	,	PUNCT
ejge-4520	235	19	or	or	CCONJ
ejge-4520	235	20	that	that	SCONJ
ejge-4520	235	21	it	it	PRON
ejge-4520	235	22	recommends	recommend	VERB
ejge-4520	235	23	being	be	AUX
ejge-4520	235	24	short	short	ADJ
ejge-4520	235	25	on	on	ADP
ejge-4520	235	26	a	a	DET
ejge-4520	235	27	situation	situation	NOUN
ejge-4520	235	28	of	of	ADP
ejge-4520	235	29	potential	potential	ADJ
ejge-4520	235	30	undervaluation	undervaluation	NOUN
ejge-4520	235	31	.	.	PUNCT
ejge-4520	236	1	it	it	PRON
ejge-4520	236	2	is	be	AUX
ejge-4520	236	3	in	in	ADP
ejge-4520	236	4	this	this	DET
ejge-4520	236	5	sense	sense	NOUN
ejge-4520	236	6	that	that	SCONJ
ejge-4520	236	7	we	we	PRON
ejge-4520	236	8	affirm	affirm	VERB
ejge-4520	236	9	that	that	PRON
ejge-4520	236	10	carry	carry	VERB
ejge-4520	236	11	strategies	strategy	NOUN
ejge-4520	236	12	in	in	ADP
ejge-4520	236	13	foreign	foreign	ADJ
ejge-4520	236	14	currencies	currency	NOUN
ejge-4520	236	15	can	can	AUX
ejge-4520	236	16	become	become	VERB
ejge-4520	236	17	destabilizing	destabilizing	ADJ
ejge-4520	236	18	speculation	speculation	NOUN
ejge-4520	236	19	,	,	PUNCT
ejge-4520	236	20	delegitimizing	delegitimize	VERB
ejge-4520	236	21	at	at	ADP
ejge-4520	236	22	this	this	DET
ejge-4520	236	23	point	point	NOUN
ejge-4520	236	24	the	the	DET
ejge-4520	236	25	social	social	ADJ
ejge-4520	236	26	role	role	NOUN
ejge-4520	236	27	of	of	ADP
ejge-4520	236	28	the	the	DET
ejge-4520	236	29	speculator	speculator	NOUN
ejge-4520	236	30	.	.	PUNCT
ejge-4520	237	1	evidence	evidence	NOUN
ejge-4520	237	2	presented	present	VERB
ejge-4520	237	3	for	for	ADP
ejge-4520	237	4	the	the	DET
ejge-4520	237	5	sample	sample	NOUN
ejge-4520	237	6	period	period	NOUN
ejge-4520	237	7	offers	offer	VERB
ejge-4520	237	8	two	two	NUM
ejge-4520	237	9	different	different	ADJ
ejge-4520	237	10	realities	reality	NOUN
ejge-4520	237	11	for	for	ADP
ejge-4520	237	12	the	the	DET
ejge-4520	237	13	mexican	mexican	ADJ
ejge-4520	237	14	peso	peso	NOUN
ejge-4520	237	15	and	and	CCONJ
ejge-4520	237	16	the	the	DET
ejge-4520	237	17	brazilian	brazilian	ADJ
ejge-4520	237	18	real	real	NOUN
ejge-4520	237	19	.	.	PUNCT
ejge-4520	238	1	the	the	DET
ejge-4520	238	2	exchange	exchange	NOUN
ejge-4520	238	3	rate	rate	NOUN
ejge-4520	238	4	policy	policy	NOUN
ejge-4520	238	5	of	of	ADP
ejge-4520	238	6	the	the	DET
ejge-4520	238	7	mexican	mexican	ADJ
ejge-4520	238	8	peso	peso	NOUN
ejge-4520	238	9	seems	seem	VERB
ejge-4520	238	10	to	to	PART
ejge-4520	238	11	be	be	AUX
ejge-4520	238	12	much	much	ADV
ejge-4520	238	13	more	more	ADV
ejge-4520	238	14	stringent	stringent	ADJ
ejge-4520	238	15	in	in	ADP
ejge-4520	238	16	curving	curve	VERB
ejge-4520	238	17	carry	carry	VERB
ejge-4520	238	18	trade	trade	NOUN
ejge-4520	238	19	speculative	speculative	ADJ
ejge-4520	238	20	opportunities	opportunity	NOUN
ejge-4520	238	21	.	.	PUNCT
ejge-4520	239	1	moreover	moreover	ADV
ejge-4520	239	2	,	,	PUNCT
ejge-4520	239	3	in	in	ADP
ejge-4520	239	4	view	view	NOUN
ejge-4520	239	5	of	of	ADP
ejge-4520	239	6	the	the	DET
ejge-4520	239	7	market	market	NOUN
ejge-4520	239	8	c.	c.	PROPN
ejge-4520	239	9	fernández	fernández	PROPN
ejge-4520	239	10	-	-	PUNCT
ejge-4520	239	11	herraiz	herraiz	PROPN
ejge-4520	239	12	et	et	PROPN
ejge-4520	239	13	al	al	PROPN
ejge-4520	239	14	.	.	PUNCT
ejge-4520	239	15	/	/	SYM
ejge-4520	239	16	european	european	PROPN
ejge-4520	239	17	journal	journal	PROPN
ejge-4520	239	18	of	of	ADP
ejge-4520	239	19	government	government	NOUN
ejge-4520	239	20	and	and	CCONJ
ejge-4520	239	21	economics	economic	NOUN
ejge-4520	239	22	7(2	7(2	NUM
ejge-4520	239	23	)	)	PUNCT
ejge-4520	239	24	,	,	PUNCT
ejge-4520	239	25	123	123	NUM
ejge-4520	239	26	-	-	SYM
ejge-4520	239	27	137	137	NUM
ejge-4520	239	28	.	.	PUNCT
ejge-4520	240	1	135	135	NUM
ejge-4520	240	2	participants	participant	NOUN
ejge-4520	240	3	there	there	PRON
ejge-4520	240	4	seems	seem	VERB
ejge-4520	240	5	to	to	PART
ejge-4520	240	6	be	be	AUX
ejge-4520	240	7	a	a	DET
ejge-4520	240	8	higher	high	ADJ
ejge-4520	240	9	degree	degree	NOUN
ejge-4520	240	10	of	of	ADP
ejge-4520	240	11	exchange	exchange	NOUN
ejge-4520	240	12	policy	policy	NOUN
ejge-4520	240	13	credibility	credibility	NOUN
ejge-4520	240	14	attached	attach	VERB
ejge-4520	240	15	to	to	ADP
ejge-4520	240	16	the	the	DET
ejge-4520	240	17	mexican	mexican	ADJ
ejge-4520	240	18	peso	peso	NOUN
ejge-4520	240	19	in	in	ADP
ejge-4520	240	20	terms	term	NOUN
ejge-4520	240	21	of	of	ADP
ejge-4520	240	22	carry	carry	VERB
ejge-4520	240	23	trade	trade	NOUN
ejge-4520	240	24	destabilizing	destabilize	VERB
ejge-4520	240	25	speculation	speculation	NOUN
ejge-4520	240	26	.	.	PUNCT
ejge-4520	241	1	5	5	X
ejge-4520	241	2	.	.	X
ejge-4520	241	3	conclusions	conclusion	NOUN
ejge-4520	241	4	.	.	PUNCT
ejge-4520	242	1	we	we	PRON
ejge-4520	242	2	tested	test	VERB
ejge-4520	242	3	different	different	ADJ
ejge-4520	242	4	specifications	specification	NOUN
ejge-4520	242	5	of	of	ADP
ejge-4520	242	6	carry	carry	VERB
ejge-4520	242	7	trade	trade	NOUN
ejge-4520	242	8	dynamic	dynamic	ADJ
ejge-4520	242	9	strategies	strategy	NOUN
ejge-4520	242	10	for	for	ADP
ejge-4520	242	11	the	the	DET
ejge-4520	242	12	mexican	mexican	ADJ
ejge-4520	242	13	peso	peso	NOUN
ejge-4520	242	14	and	and	CCONJ
ejge-4520	242	15	the	the	DET
ejge-4520	242	16	brazilian	brazilian	ADJ
ejge-4520	242	17	real	real	NOUN
ejge-4520	242	18	that	that	PRON
ejge-4520	242	19	produced	produce	VERB
ejge-4520	242	20	substantially	substantially	ADV
ejge-4520	242	21	different	different	ADJ
ejge-4520	242	22	long	long	ADJ
ejge-4520	242	23	term	term	NOUN
ejge-4520	242	24	outcomes	outcome	NOUN
ejge-4520	242	25	.	.	PUNCT
ejge-4520	243	1	the	the	DET
ejge-4520	243	2	performance	performance	NOUN
ejge-4520	243	3	of	of	ADP
ejge-4520	243	4	the	the	DET
ejge-4520	243	5	different	different	ADJ
ejge-4520	243	6	specifications	specification	NOUN
ejge-4520	243	7	signals	signal	VERB
ejge-4520	243	8	the	the	DET
ejge-4520	243	9	exchange	exchange	NOUN
ejge-4520	243	10	policy	policy	NOUN
ejge-4520	243	11	credibility	credibility	NOUN
ejge-4520	243	12	perceived	perceive	VERB
ejge-4520	243	13	by	by	ADP
ejge-4520	243	14	the	the	DET
ejge-4520	243	15	market	market	NOUN
ejge-4520	243	16	participants	participant	NOUN
ejge-4520	243	17	.	.	PUNCT
ejge-4520	244	1	trend	trend	NOUN
ejge-4520	244	2	following	follow	VERB
ejge-4520	244	3	carry	carry	VERB
ejge-4520	244	4	trade	trade	NOUN
ejge-4520	244	5	strategies	strategy	NOUN
ejge-4520	244	6	can	can	AUX
ejge-4520	244	7	remain	remain	VERB
ejge-4520	244	8	active	active	ADJ
ejge-4520	244	9	for	for	ADP
ejge-4520	244	10	long	long	ADJ
ejge-4520	244	11	periods	period	NOUN
ejge-4520	244	12	of	of	ADP
ejge-4520	244	13	time	time	NOUN
ejge-4520	244	14	depending	depend	VERB
ejge-4520	244	15	on	on	ADP
ejge-4520	244	16	the	the	DET
ejge-4520	244	17	credibility	credibility	NOUN
ejge-4520	244	18	perceived	perceive	VERB
ejge-4520	244	19	by	by	ADP
ejge-4520	244	20	the	the	DET
ejge-4520	244	21	market	market	NOUN
ejge-4520	244	22	participants	participant	NOUN
ejge-4520	244	23	.	.	PUNCT
ejge-4520	245	1	speculation	speculation	NOUN
ejge-4520	245	2	built	build	VERB
ejge-4520	245	3	on	on	ADP
ejge-4520	245	4	market	market	NOUN
ejge-4520	245	5	financing	financing	NOUN
ejge-4520	245	6	allows	allow	VERB
ejge-4520	245	7	participants	participant	NOUN
ejge-4520	245	8	to	to	PART
ejge-4520	245	9	buy	buy	VERB
ejge-4520	245	10	and	and	CCONJ
ejge-4520	245	11	sell	sell	VERB
ejge-4520	245	12	without	without	ADP
ejge-4520	245	13	relying	rely	VERB
ejge-4520	245	14	on	on	ADP
ejge-4520	245	15	currency	currency	NOUN
ejge-4520	245	16	valuation	valuation	NOUN
ejge-4520	245	17	or	or	CCONJ
ejge-4520	245	18	other	other	ADJ
ejge-4520	245	19	fundamental	fundamental	ADJ
ejge-4520	245	20	anchors	anchor	NOUN
ejge-4520	245	21	or	or	CCONJ
ejge-4520	245	22	predictors	predictor	NOUN
ejge-4520	245	23	.	.	PUNCT
ejge-4520	246	1	these	these	DET
ejge-4520	246	2	types	type	NOUN
ejge-4520	246	3	of	of	ADP
ejge-4520	246	4	strategies	strategy	NOUN
ejge-4520	246	5	illegitimate	illegitimate	VERB
ejge-4520	246	6	the	the	DET
ejge-4520	246	7	role	role	NOUN
ejge-4520	246	8	of	of	ADP
ejge-4520	246	9	speculators	speculator	NOUN
ejge-4520	246	10	,	,	PUNCT
ejge-4520	246	11	because	because	SCONJ
ejge-4520	246	12	they	they	PRON
ejge-4520	246	13	propel	propel	VERB
ejge-4520	246	14	destabilizing	destabilizing	NOUN
ejge-4520	246	15	instead	instead	ADV
ejge-4520	246	16	of	of	ADP
ejge-4520	246	17	stabilizing	stabilize	VERB
ejge-4520	246	18	speculation	speculation	NOUN
ejge-4520	246	19	.	.	PUNCT
ejge-4520	247	1	the	the	DET
ejge-4520	247	2	approach	approach	NOUN
ejge-4520	247	3	developed	develop	VERB
ejge-4520	247	4	suggests	suggest	VERB
ejge-4520	247	5	that	that	SCONJ
ejge-4520	247	6	the	the	DET
ejge-4520	247	7	exchange	exchange	NOUN
ejge-4520	247	8	rate	rate	NOUN
ejge-4520	247	9	policy	policy	NOUN
ejge-4520	247	10	of	of	ADP
ejge-4520	247	11	the	the	DET
ejge-4520	247	12	two	two	NUM
ejge-4520	247	13	currencies	currency	NOUN
ejge-4520	247	14	is	be	AUX
ejge-4520	247	15	substantially	substantially	ADV
ejge-4520	247	16	different	different	ADJ
ejge-4520	247	17	in	in	ADP
ejge-4520	247	18	the	the	DET
ejge-4520	247	19	sample	sample	NOUN
ejge-4520	247	20	period	period	NOUN
ejge-4520	247	21	.	.	PUNCT
ejge-4520	248	1	in	in	ADP
ejge-4520	248	2	addition	addition	NOUN
ejge-4520	248	3	,	,	PUNCT
ejge-4520	248	4	our	our	PRON
ejge-4520	248	5	approach	approach	NOUN
ejge-4520	248	6	suggests	suggest	VERB
ejge-4520	248	7	that	that	SCONJ
ejge-4520	248	8	through	through	ADP
ejge-4520	248	9	the	the	DET
ejge-4520	248	10	lens	lens	NOUN
ejge-4520	248	11	of	of	ADP
ejge-4520	248	12	different	different	ADJ
ejge-4520	248	13	dynamic	dynamic	ADJ
ejge-4520	248	14	carry	carry	NOUN
ejge-4520	248	15	trade	trade	NOUN
ejge-4520	248	16	specifications	specification	NOUN
ejge-4520	248	17	it	it	PRON
ejge-4520	248	18	is	be	AUX
ejge-4520	248	19	possible	possible	ADJ
ejge-4520	248	20	to	to	PART
ejge-4520	248	21	assess	assess	VERB
ejge-4520	248	22	the	the	DET
ejge-4520	248	23	perception	perception	NOUN
ejge-4520	248	24	of	of	ADP
ejge-4520	248	25	exchange	exchange	NOUN
ejge-4520	248	26	policy	policy	NOUN
ejge-4520	248	27	credibility	credibility	NOUN
ejge-4520	248	28	by	by	ADP
ejge-4520	248	29	market	market	NOUN
ejge-4520	248	30	actors	actor	NOUN
ejge-4520	248	31	.	.	PUNCT
ejge-4520	249	1	the	the	DET
ejge-4520	249	2	mexican	mexican	ADJ
ejge-4520	249	3	peso	peso	NOUN
ejge-4520	249	4	offers	offer	VERB
ejge-4520	249	5	close	close	ADV
ejge-4520	249	6	to	to	ADP
ejge-4520	249	7	zero	zero	NUM
ejge-4520	249	8	returns	return	NOUN
ejge-4520	249	9	,	,	PUNCT
ejge-4520	249	10	and	and	CCONJ
ejge-4520	249	11	poor	poor	ADJ
ejge-4520	249	12	performance	performance	NOUN
ejge-4520	249	13	metrics	metric	NOUN
ejge-4520	249	14	for	for	ADP
ejge-4520	249	15	the	the	DET
ejge-4520	249	16	sample	sample	NOUN
ejge-4520	249	17	of	of	ADP
ejge-4520	249	18	the	the	DET
ejge-4520	249	19	last	last	ADJ
ejge-4520	249	20	18	18	NUM
ejge-4520	249	21	years	year	NOUN
ejge-4520	249	22	.	.	PUNCT
ejge-4520	250	1	our	our	PRON
ejge-4520	250	2	analysis	analysis	NOUN
ejge-4520	250	3	suggests	suggest	VERB
ejge-4520	250	4	that	that	SCONJ
ejge-4520	250	5	this	this	DET
ejge-4520	250	6	situation	situation	NOUN
ejge-4520	250	7	is	be	AUX
ejge-4520	250	8	the	the	DET
ejge-4520	250	9	outcome	outcome	NOUN
ejge-4520	250	10	of	of	ADP
ejge-4520	250	11	credible	credible	ADJ
ejge-4520	250	12	exchange	exchange	NOUN
ejge-4520	250	13	policies	policy	NOUN
ejge-4520	250	14	designed	design	VERB
ejge-4520	250	15	to	to	PART
ejge-4520	250	16	curb	curb	VERB
ejge-4520	250	17	general	general	ADJ
ejge-4520	250	18	specifications	specification	NOUN
ejge-4520	250	19	of	of	ADP
ejge-4520	250	20	dynamic	dynamic	ADJ
ejge-4520	250	21	carry	carry	NOUN
ejge-4520	250	22	trade	trade	NOUN
ejge-4520	250	23	destabilizing	destabilize	VERB
ejge-4520	250	24	speculation	speculation	NOUN
ejge-4520	250	25	.	.	PUNCT
ejge-4520	251	1	the	the	DET
ejge-4520	251	2	evidence	evidence	NOUN
ejge-4520	251	3	provided	provide	VERB
ejge-4520	251	4	on	on	ADP
ejge-4520	251	5	the	the	DET
ejge-4520	251	6	brazilian	brazilian	ADJ
ejge-4520	251	7	real	real	NOUN
ejge-4520	251	8	,	,	PUNCT
ejge-4520	251	9	on	on	ADP
ejge-4520	251	10	the	the	DET
ejge-4520	251	11	contrary	contrary	NOUN
ejge-4520	251	12	,	,	PUNCT
ejge-4520	251	13	signals	signal	VERB
ejge-4520	251	14	potential	potential	ADJ
ejge-4520	251	15	attractive	attractive	ADJ
ejge-4520	251	16	opportunities	opportunity	NOUN
ejge-4520	251	17	for	for	ADP
ejge-4520	251	18	long	long	ADJ
ejge-4520	251	19	term	term	NOUN
ejge-4520	251	20	dynamic	dynamic	ADJ
ejge-4520	251	21	carry	carry	VERB
ejge-4520	251	22	trade	trade	NOUN
ejge-4520	251	23	strategies	strategy	NOUN
ejge-4520	251	24	.	.	PUNCT
ejge-4520	252	1	the	the	DET
ejge-4520	252	2	authors	author	NOUN
ejge-4520	252	3	understand	understand	VERB
ejge-4520	252	4	that	that	SCONJ
ejge-4520	252	5	the	the	DET
ejge-4520	252	6	brazilian	brazilian	ADJ
ejge-4520	252	7	real	real	NOUN
ejge-4520	252	8	is	be	AUX
ejge-4520	252	9	perceived	perceive	VERB
ejge-4520	252	10	by	by	ADP
ejge-4520	252	11	the	the	DET
ejge-4520	252	12	market	market	NOUN
ejge-4520	252	13	as	as	ADP
ejge-4520	252	14	a	a	DET
ejge-4520	252	15	currency	currency	NOUN
ejge-4520	252	16	with	with	ADP
ejge-4520	252	17	a	a	DET
ejge-4520	252	18	lower	low	ADJ
ejge-4520	252	19	level	level	NOUN
ejge-4520	252	20	of	of	ADP
ejge-4520	252	21	exchange	exchange	NOUN
ejge-4520	252	22	policy	policy	NOUN
ejge-4520	252	23	credibility	credibility	NOUN
ejge-4520	252	24	.	.	PUNCT
ejge-4520	253	1	in	in	ADP
ejge-4520	253	2	that	that	DET
ejge-4520	253	3	sense	sense	NOUN
ejge-4520	253	4	,	,	PUNCT
ejge-4520	253	5	destabilizing	destabilizing	ADJ
ejge-4520	253	6	speculation	speculation	NOUN
ejge-4520	253	7	as	as	SCONJ
ejge-4520	253	8	defined	define	VERB
ejge-4520	253	9	in	in	ADP
ejge-4520	253	10	our	our	PRON
ejge-4520	253	11	paper	paper	NOUN
ejge-4520	253	12	has	have	AUX
ejge-4520	253	13	being	be	AUX
ejge-4520	253	14	possible	possible	ADJ
ejge-4520	253	15	during	during	ADP
ejge-4520	253	16	the	the	DET
ejge-4520	253	17	sampling	sample	VERB
ejge-4520	253	18	period	period	NOUN
ejge-4520	253	19	.	.	PUNCT
ejge-4520	254	1	the	the	DET
ejge-4520	254	2	evidence	evidence	NOUN
ejge-4520	254	3	also	also	ADV
ejge-4520	254	4	suggests	suggest	VERB
ejge-4520	254	5	that	that	SCONJ
ejge-4520	254	6	the	the	DET
ejge-4520	254	7	failure	failure	NOUN
ejge-4520	254	8	of	of	ADP
ejge-4520	254	9	the	the	DET
ejge-4520	254	10	brazilian	brazilian	ADJ
ejge-4520	254	11	real	real	ADJ
ejge-4520	254	12	exchange	exchange	NOUN
ejge-4520	254	13	policy	policy	NOUN
ejge-4520	254	14	to	to	PART
ejge-4520	254	15	detect	detect	VERB
ejge-4520	254	16	and	and	CCONJ
ejge-4520	254	17	provide	provide	VERB
ejge-4520	254	18	the	the	DET
ejge-4520	254	19	tools	tool	NOUN
ejge-4520	254	20	to	to	PART
ejge-4520	254	21	curb	curb	VERB
ejge-4520	254	22	this	this	DET
ejge-4520	254	23	type	type	NOUN
ejge-4520	254	24	of	of	ADP
ejge-4520	254	25	speculation	speculation	NOUN
ejge-4520	254	26	during	during	ADP
ejge-4520	254	27	the	the	DET
ejge-4520	254	28	sample	sample	NOUN
ejge-4520	254	29	period	period	NOUN
ejge-4520	254	30	creates	create	VERB
ejge-4520	254	31	the	the	DET
ejge-4520	254	32	conditions	condition	NOUN
ejge-4520	254	33	to	to	PART
ejge-4520	254	34	reinforce	reinforce	VERB
ejge-4520	254	35	potential	potential	ADJ
ejge-4520	254	36	carry	carry	VERB
ejge-4520	254	37	trade	trade	NOUN
ejge-4520	254	38	destabilizing	destabilizing	ADJ
ejge-4520	254	39	activities	activity	NOUN
ejge-4520	254	40	.	.	PUNCT
ejge-4520	255	1	in	in	ADP
ejge-4520	255	2	fact	fact	NOUN
ejge-4520	255	3	,	,	PUNCT
ejge-4520	255	4	due	due	ADP
ejge-4520	255	5	to	to	ADP
ejge-4520	255	6	the	the	DET
ejge-4520	255	7	leverage	leverage	NOUN
ejge-4520	255	8	invariance	invariance	NOUN
ejge-4520	255	9	property	property	NOUN
ejge-4520	255	10	of	of	ADP
ejge-4520	255	11	the	the	DET
ejge-4520	255	12	sharpe	sharpe	NOUN
ejge-4520	255	13	ratio	ratio	NOUN
ejge-4520	255	14	,	,	PUNCT
ejge-4520	255	15	and	and	CCONJ
ejge-4520	255	16	taking	take	VERB
ejge-4520	255	17	the	the	DET
ejge-4520	255	18	ex	ex	ADJ
ejge-4520	255	19	post	post	NOUN
ejge-4520	255	20	results	result	NOUN
ejge-4520	255	21	obtained	obtain	VERB
ejge-4520	255	22	by	by	ADP
ejge-4520	255	23	this	this	DET
ejge-4520	255	24	strategy	strategy	NOUN
ejge-4520	255	25	,	,	PUNCT
ejge-4520	255	26	we	we	PRON
ejge-4520	255	27	found	find	VERB
ejge-4520	255	28	that	that	SCONJ
ejge-4520	255	29	it	it	PRON
ejge-4520	255	30	could	could	AUX
ejge-4520	255	31	have	have	AUX
ejge-4520	255	32	been	be	AUX
ejge-4520	255	33	implemented	implement	VERB
ejge-4520	255	34	in	in	ADP
ejge-4520	255	35	the	the	DET
ejge-4520	255	36	period	period	NOUN
ejge-4520	255	37	with	with	ADP
ejge-4520	255	38	much	much	ADV
ejge-4520	255	39	higher	high	ADJ
ejge-4520	255	40	leverage	leverage	NOUN
ejge-4520	255	41	.	.	PUNCT
ejge-4520	256	1	such	such	ADJ
ejge-4520	256	2	leverage	leverage	NOUN
ejge-4520	256	3	may	may	AUX
ejge-4520	256	4	be	be	AUX
ejge-4520	256	5	comparable	comparable	ADJ
ejge-4520	256	6	to	to	ADP
ejge-4520	256	7	the	the	DET
ejge-4520	256	8	examples	example	NOUN
ejge-4520	256	9	by	by	ADP
ejge-4520	256	10	darvas	darvas	NOUN
ejge-4520	256	11	(	(	PUNCT
ejge-4520	256	12	2008	2008	NUM
ejge-4520	256	13	)	)	PUNCT
ejge-4520	256	14	in	in	ADP
ejge-4520	256	15	his	his	PRON
ejge-4520	256	16	reflection	reflection	NOUN
ejge-4520	256	17	on	on	ADP
ejge-4520	256	18	optimal	optimal	ADJ
ejge-4520	256	19	leverage	leverage	NOUN
ejge-4520	256	20	in	in	ADP
ejge-4520	256	21	dollar	dollar	NOUN
ejge-4520	256	22	-	-	PUNCT
ejge-4520	256	23	based	base	VERB
ejge-4520	256	24	speculative	speculative	ADJ
ejge-4520	256	25	carry	carry	NOUN
ejge-4520	256	26	portfolios	portfolio	NOUN
ejge-4520	256	27	.	.	PUNCT
ejge-4520	257	1	it	it	PRON
ejge-4520	257	2	is	be	AUX
ejge-4520	257	3	not	not	PART
ejge-4520	257	4	impossible	impossible	ADJ
ejge-4520	257	5	that	that	SCONJ
ejge-4520	257	6	during	during	ADP
ejge-4520	257	7	the	the	DET
ejge-4520	257	8	sample	sample	NOUN
ejge-4520	257	9	period	period	NOUN
ejge-4520	257	10	a	a	DET
ejge-4520	257	11	non	non	ADJ
ejge-4520	257	12	-	-	ADJ
ejge-4520	257	13	trivial	trivial	ADJ
ejge-4520	257	14	number	number	NOUN
ejge-4520	257	15	of	of	ADP
ejge-4520	257	16	agents	agent	NOUN
ejge-4520	257	17	have	have	AUX
ejge-4520	257	18	been	be	AUX
ejge-4520	257	19	pushed	push	VERB
ejge-4520	257	20	to	to	PART
ejge-4520	257	21	develop	develop	VERB
ejge-4520	257	22	such	such	ADJ
ejge-4520	257	23	strategies	strategy	NOUN
ejge-4520	257	24	,	,	PUNCT
ejge-4520	257	25	which	which	PRON
ejge-4520	257	26	could	could	AUX
ejge-4520	257	27	have	have	AUX
ejge-4520	257	28	compromised	compromise	VERB
ejge-4520	257	29	the	the	DET
ejge-4520	257	30	integrity	integrity	NOUN
ejge-4520	257	31	of	of	ADP
ejge-4520	257	32	the	the	DET
ejge-4520	257	33	market	market	NOUN
ejge-4520	257	34	and	and	CCONJ
ejge-4520	257	35	the	the	DET
ejge-4520	257	36	financial	financial	ADJ
ejge-4520	257	37	stability	stability	NOUN
ejge-4520	257	38	of	of	ADP
ejge-4520	257	39	brazilian	brazilian	ADJ
ejge-4520	257	40	real	real	ADJ
ejge-4520	257	41	denominated	denominate	VERB
ejge-4520	257	42	assets	asset	NOUN
ejge-4520	257	43	.	.	PUNCT
ejge-4520	258	1	this	this	DET
ejge-4520	258	2	outcome	outcome	NOUN
ejge-4520	258	3	implies	imply	VERB
ejge-4520	258	4	strong	strong	ADJ
ejge-4520	258	5	exchange	exchange	NOUN
ejge-4520	258	6	policy	policy	NOUN
ejge-4520	258	7	implications	implication	NOUN
ejge-4520	258	8	for	for	ADP
ejge-4520	258	9	the	the	DET
ejge-4520	258	10	brazilian	brazilian	ADJ
ejge-4520	258	11	real	real	NOUN
ejge-4520	258	12	.	.	PUNCT
ejge-4520	259	1	understanding	understand	VERB
ejge-4520	259	2	the	the	DET
ejge-4520	259	3	link	link	NOUN
ejge-4520	259	4	between	between	ADP
ejge-4520	259	5	carry	carry	VERB
ejge-4520	259	6	trade	trade	NOUN
ejge-4520	259	7	strategies	strategy	NOUN
ejge-4520	259	8	and	and	CCONJ
ejge-4520	259	9	speculators	speculator	NOUN
ejge-4520	259	10	behaviour	behaviour	NOUN
ejge-4520	259	11	is	be	AUX
ejge-4520	259	12	important	important	ADJ
ejge-4520	259	13	for	for	ADP
ejge-4520	259	14	the	the	DET
ejge-4520	259	15	correct	correct	ADJ
ejge-4520	259	16	design	design	NOUN
ejge-4520	259	17	of	of	ADP
ejge-4520	259	18	optimal	optimal	ADJ
ejge-4520	259	19	policies	policy	NOUN
ejge-4520	259	20	of	of	ADP
ejge-4520	259	21	intervention	intervention	NOUN
ejge-4520	259	22	in	in	ADP
ejge-4520	259	23	currency	currency	NOUN
ejge-4520	259	24	markets	market	NOUN
ejge-4520	259	25	.	.	PUNCT
ejge-4520	260	1	in	in	ADP
ejge-4520	260	2	fact	fact	NOUN
ejge-4520	260	3	,	,	PUNCT
ejge-4520	260	4	c.	c.	PROPN
ejge-4520	260	5	fernández	fernández	PROPN
ejge-4520	260	6	-	-	PUNCT
ejge-4520	260	7	herraiz	herraiz	PROPN
ejge-4520	260	8	et	et	PROPN
ejge-4520	260	9	al	al	PROPN
ejge-4520	260	10	.	.	PUNCT
ejge-4520	260	11	/	/	SYM
ejge-4520	260	12	european	european	PROPN
ejge-4520	260	13	journal	journal	PROPN
ejge-4520	260	14	of	of	ADP
ejge-4520	260	15	government	government	NOUN
ejge-4520	260	16	and	and	CCONJ
ejge-4520	260	17	economics	economic	NOUN
ejge-4520	260	18	7(2	7(2	NUM
ejge-4520	260	19	)	)	PUNCT
ejge-4520	260	20	,	,	PUNCT
ejge-4520	260	21	123	123	NUM
ejge-4520	260	22	-	-	SYM
ejge-4520	260	23	137	137	NUM
ejge-4520	260	24	.	.	PUNCT
ejge-4520	261	1	136	136	NUM
ejge-4520	261	2	one	one	PRON
ejge-4520	261	3	could	could	AUX
ejge-4520	261	4	also	also	ADV
ejge-4520	261	5	argue	argue	VERB
ejge-4520	261	6	that	that	SCONJ
ejge-4520	261	7	the	the	DET
ejge-4520	261	8	carry	carry	NOUN
ejge-4520	261	9	trade	trade	NOUN
ejge-4520	261	10	strategies	strategy	NOUN
ejge-4520	261	11	,	,	PUNCT
ejge-4520	261	12	even	even	ADV
ejge-4520	261	13	if	if	SCONJ
ejge-4520	261	14	destabilizing	destabilizing	ADJ
ejge-4520	261	15	in	in	ADP
ejge-4520	261	16	the	the	DET
ejge-4520	261	17	short	short	ADJ
ejge-4520	261	18	term	term	NOUN
ejge-4520	261	19	,	,	PUNCT
ejge-4520	261	20	can	can	AUX
ejge-4520	261	21	help	help	VERB
ejge-4520	261	22	exert	exert	VERB
ejge-4520	261	23	pressure	pressure	NOUN
ejge-4520	261	24	on	on	ADP
ejge-4520	261	25	governments	government	NOUN
ejge-4520	261	26	to	to	PART
ejge-4520	261	27	conduct	conduct	VERB
ejge-4520	261	28	credible	credible	ADJ
ejge-4520	261	29	macroeconomic	macroeconomic	ADJ
ejge-4520	261	30	policies	policy	NOUN
ejge-4520	261	31	if	if	SCONJ
ejge-4520	261	32	properly	properly	ADV
ejge-4520	261	33	internalized	internalize	VERB
ejge-4520	261	34	.	.	PUNCT
ejge-4520	262	1	future	future	ADJ
ejge-4520	262	2	research	research	NOUN
ejge-4520	262	3	on	on	ADP
ejge-4520	262	4	this	this	DET
ejge-4520	262	5	topic	topic	NOUN
ejge-4520	262	6	may	may	AUX
ejge-4520	262	7	extend	extend	VERB
ejge-4520	262	8	the	the	DET
ejge-4520	262	9	scope	scope	NOUN
ejge-4520	262	10	of	of	ADP
ejge-4520	262	11	the	the	DET
ejge-4520	262	12	analysis	analysis	NOUN
ejge-4520	262	13	to	to	ADP
ejge-4520	262	14	other	other	ADJ
ejge-4520	262	15	emerging	emerge	VERB
ejge-4520	262	16	market	market	NOUN
ejge-4520	262	17	currencies	currency	NOUN
ejge-4520	262	18	and	and	CCONJ
ejge-4520	262	19	the	the	DET
ejge-4520	262	20	way	way	NOUN
ejge-4520	262	21	exchange	exchange	NOUN
ejge-4520	262	22	credibility	credibility	NOUN
ejge-4520	262	23	is	be	AUX
ejge-4520	262	24	perceived	perceive	VERB
ejge-4520	262	25	by	by	ADP
ejge-4520	262	26	the	the	DET
ejge-4520	262	27	markets	market	NOUN
ejge-4520	262	28	.	.	PUNCT
ejge-4520	263	1	other	other	ADJ
ejge-4520	263	2	complementary	complementary	ADJ
ejge-4520	263	3	metrics	metric	NOUN
ejge-4520	263	4	like	like	ADP
ejge-4520	263	5	the	the	DET
ejge-4520	263	6	carry	carry	NOUN
ejge-4520	263	7	to	to	PART
ejge-4520	263	8	risk	risk	VERB
ejge-4520	263	9	ratio	ratio	NOUN
ejge-4520	263	10	and	and	CCONJ
ejge-4520	263	11	its	its	PRON
ejge-4520	263	12	different	different	ADJ
ejge-4520	263	13	specifications	specification	NOUN
ejge-4520	263	14	could	could	AUX
ejge-4520	263	15	also	also	ADV
ejge-4520	263	16	be	be	AUX
ejge-4520	263	17	explored	explore	VERB
ejge-4520	263	18	to	to	PART
ejge-4520	263	19	develop	develop	VERB
ejge-4520	263	20	robustness	robustness	NOUN
ejge-4520	263	21	checks	check	NOUN
ejge-4520	263	22	or	or	CCONJ
ejge-4520	263	23	complementary	complementary	ADJ
ejge-4520	263	24	analysis	analysis	NOUN
ejge-4520	263	25	.	.	PUNCT
ejge-4520	264	1	references	reference	NOUN
ejge-4520	264	2	barroso	barroso	PROPN
ejge-4520	264	3	,	,	PUNCT
ejge-4520	264	4	p.	p.	PROPN
ejge-4520	264	5	,	,	PUNCT
ejge-4520	264	6	&	&	CCONJ
ejge-4520	264	7	santa	santa	PROPN
ejge-4520	264	8	-	-	PUNCT
ejge-4520	264	9	clara	clara	PROPN
ejge-4520	264	10	,	,	PUNCT
ejge-4520	264	11	p.	p.	NOUN
ejge-4520	264	12	(	(	PUNCT
ejge-4520	264	13	2015	2015	NUM
ejge-4520	264	14	)	)	PUNCT
ejge-4520	264	15	.	.	PUNCT
ejge-4520	265	1	beyond	beyond	ADP
ejge-4520	265	2	the	the	DET
ejge-4520	265	3	carry	carry	NOUN
ejge-4520	265	4	trade	trade	NOUN
ejge-4520	265	5	:	:	PUNCT
ejge-4520	265	6	optimal	optimal	ADJ
ejge-4520	265	7	currency	currency	NOUN
ejge-4520	265	8	portfolios	portfolio	NOUN
ejge-4520	265	9	.	.	PUNCT
ejge-4520	266	1	journal	journal	NOUN
ejge-4520	266	2	of	of	ADP
ejge-4520	266	3	financial	financial	ADJ
ejge-4520	266	4	and	and	CCONJ
ejge-4520	266	5	quantitative	quantitative	ADJ
ejge-4520	266	6	anaysis	anaysis	NOUN
ejge-4520	266	7	50(5	50(5	NUM
ejge-4520	266	8	)	)	PUNCT
ejge-4520	266	9	,	,	PUNCT
ejge-4520	266	10	1037	1037	NUM
ejge-4520	266	11	-	-	SYM
ejge-4520	266	12	1056	1056	NUM
ejge-4520	266	13	.	.	PUNCT
ejge-4520	267	1	doi	doi	NOUN
ejge-4520	267	2	:	:	PUNCT
ejge-4520	267	3	https://doi.org/10.1017/s0022109015000460	https://doi.org/10.1017/s0022109015000460	PROPN
ejge-4520	267	4	cochrane	cochrane	PROPN
ejge-4520	267	5	,	,	PUNCT
ejge-4520	267	6	j.	j.	PROPN
ejge-4520	267	7	(	(	PUNCT
ejge-4520	267	8	1999	1999	NUM
ejge-4520	267	9	)	)	PUNCT
ejge-4520	267	10	.	.	PUNCT
ejge-4520	268	1	new	new	ADJ
ejge-4520	268	2	facts	fact	NOUN
ejge-4520	268	3	in	in	ADP
ejge-4520	268	4	finance	finance	NOUN
ejge-4520	268	5	.	.	PUNCT
ejge-4520	269	1	nber	nber	PROPN
ejge-4520	269	2	working	working	PROPN
ejge-4520	269	3	paper	paper	PROPN
ejge-4520	269	4	num	num	PROPN
ejge-4520	269	5	.	.	PROPN
ejge-4520	269	6	7169	7169	NUM
ejge-4520	269	7	.	.	PUNCT
ejge-4520	270	1	doi	doi	NOUN
ejge-4520	270	2	:	:	PUNCT
ejge-4520	270	3	https://doi.org/10.3386/w7169	https://doi.org/10.3386/w7169	PROPN
ejge-4520	270	4	darvas	darvas	NOUN
ejge-4520	270	5	,	,	PUNCT
ejge-4520	270	6	z.	z.	PROPN
ejge-4520	270	7	(	(	PUNCT
ejge-4520	270	8	2008	2008	NUM
ejge-4520	270	9	)	)	PUNCT
ejge-4520	270	10	.	.	PUNCT
ejge-4520	271	1	leveraged	leverage	VERB
ejge-4520	271	2	carry	carry	VERB
ejge-4520	271	3	trade	trade	NOUN
ejge-4520	271	4	portfolios	portfolio	NOUN
ejge-4520	271	5	.	.	PUNCT
ejge-4520	272	1	discussion	discussion	NOUN
ejge-4520	272	2	papers	paper	NOUN
ejge-4520	272	3	,	,	PUNCT
ejge-4520	272	4	institue	institue	NOUN
ejge-4520	272	5	of	of	ADP
ejge-4520	272	6	economics	economic	NOUN
ejge-4520	272	7	,	,	PUNCT
ejge-4520	272	8	hungarian	hungarian	ADJ
ejge-4520	272	9	academy	academy	NOUN
ejge-4520	272	10	of	of	ADP
ejge-4520	272	11	sciences	sciences	PROPN
ejge-4520	272	12	,	,	PUNCT
ejge-4520	272	13	mt	mt	PROPN
ejge-4520	272	14	-	-	PUNCT
ejge-4520	272	15	dp-2008/22.doi	dp-2008/22.doi	PROPN
ejge-4520	272	16	:	:	PUNCT
ejge-4520	272	17	https://doi.org/10.2139/ssrn.1102151	https://doi.org/10.2139/ssrn.1102151	NOUN
ejge-4520	272	18	fama	fama	NOUN
ejge-4520	272	19	,	,	PUNCT
ejge-4520	272	20	e.	e.	PROPN
ejge-4520	272	21	(	(	PUNCT
ejge-4520	272	22	1984	1984	NUM
ejge-4520	272	23	)	)	PUNCT
ejge-4520	272	24	.	.	PUNCT
ejge-4520	273	1	forward	forward	ADV
ejge-4520	273	2	and	and	CCONJ
ejge-4520	273	3	spot	spot	NOUN
ejge-4520	273	4	exchange	exchange	NOUN
ejge-4520	273	5	rates	rate	NOUN
ejge-4520	273	6	.	.	PUNCT
ejge-4520	274	1	journal	journal	NOUN
ejge-4520	274	2	of	of	ADP
ejge-4520	274	3	monetary	monetary	ADJ
ejge-4520	274	4	economics	economic	NOUN
ejge-4520	274	5	14	14	NUM
ejge-4520	274	6	,	,	PUNCT
ejge-4520	274	7	319338	319338	NUM
ejge-4520	274	8	.	.	PUNCT
ejge-4520	275	1	doi	doi	NOUN
ejge-4520	275	2	:	:	PUNCT
ejge-4520	275	3	https://doi.org/10.1016/0304-3932(84)90046-1	https://doi.org/10.1016/0304-3932(84)90046-1	PROPN
ejge-4520	275	4	financial	financial	ADJ
ejge-4520	275	5	stability	stability	NOUN
ejge-4520	275	6	board	board	NOUN
ejge-4520	275	7	(	(	PUNCT
ejge-4520	275	8	2018	2018	NUM
ejge-4520	275	9	)	)	PUNCT
ejge-4520	275	10	.	.	PUNCT
ejge-4520	276	1	global	global	ADJ
ejge-4520	276	2	shadow	shadow	NOUN
ejge-4520	276	3	banking	banking	NOUN
ejge-4520	276	4	monitoring	monitoring	NOUN
ejge-4520	276	5	report	report	NOUN
ejge-4520	276	6	.	.	PUNCT
ejge-4520	277	1	gabor	gabor	PROPN
ejge-4520	277	2	,	,	PUNCT
ejge-4520	277	3	d.	d.	PROPN
ejge-4520	277	4	(	(	PUNCT
ejge-4520	277	5	2014	2014	NUM
ejge-4520	277	6	)	)	PUNCT
ejge-4520	277	7	.	.	PUNCT
ejge-4520	278	1	the	the	DET
ejge-4520	278	2	imf´s	imf´s	PROPN
ejge-4520	278	3	rethink	rethink	VERB
ejge-4520	278	4	of	of	ADP
ejge-4520	278	5	global	global	ADJ
ejge-4520	278	6	banks	bank	NOUN
ejge-4520	278	7	:	:	PUNCT
ejge-4520	278	8	critical	critical	ADJ
ejge-4520	278	9	in	in	ADP
ejge-4520	278	10	theory	theory	NOUN
ejge-4520	278	11	,	,	PUNCT
ejge-4520	278	12	orthodox	orthodox	NOUN
ejge-4520	278	13	in	in	ADP
ejge-4520	278	14	practice	practice	NOUN
ejge-4520	278	15	.	.	PUNCT
ejge-4520	279	1	governance	governance	NOUN
ejge-4520	279	2	28(2	28(2	NUM
ejge-4520	279	3	)	)	PUNCT
ejge-4520	279	4	,	,	PUNCT
ejge-4520	279	5	199	199	NUM
ejge-4520	279	6	-	-	SYM
ejge-4520	279	7	218	218	NUM
ejge-4520	279	8	.	.	PUNCT
ejge-4520	280	1	doi	doi	NOUN
ejge-4520	280	2	:	:	PUNCT
ejge-4520	280	3	https://doi.org/10.1111/gove.12107	https://doi.org/10.1111/gove.12107	PRON
ejge-4520	280	4	hansen	hansen	PROPN
ejge-4520	280	5	,	,	PUNCT
ejge-4520	280	6	l.	l.	PROPN
ejge-4520	280	7	,	,	PUNCT
ejge-4520	280	8	&	&	CCONJ
ejge-4520	280	9	hodrick	hodrick	PROPN
ejge-4520	280	10	,	,	PUNCT
ejge-4520	280	11	r.	r.	PROPN
ejge-4520	280	12	(	(	PUNCT
ejge-4520	280	13	1980	1980	NUM
ejge-4520	280	14	)	)	PUNCT
ejge-4520	280	15	.	.	PUNCT
ejge-4520	281	1	forward	forward	ADJ
ejge-4520	281	2	exchange	exchange	NOUN
ejge-4520	281	3	rates	rate	NOUN
ejge-4520	281	4	as	as	ADP
ejge-4520	281	5	optimal	optimal	ADJ
ejge-4520	281	6	predictors	predictor	NOUN
ejge-4520	281	7	of	of	ADP
ejge-4520	281	8	future	future	ADJ
ejge-4520	281	9	spot	spot	NOUN
ejge-4520	281	10	rates	rate	NOUN
ejge-4520	281	11	:	:	PUNCT
ejge-4520	281	12	an	an	DET
ejge-4520	281	13	econometric	econometric	ADJ
ejge-4520	281	14	analysis	analysis	NOUN
ejge-4520	281	15	.	.	PUNCT
ejge-4520	282	1	journal	journal	NOUN
ejge-4520	282	2	of	of	ADP
ejge-4520	282	3	political	political	ADJ
ejge-4520	282	4	economy	economy	NOUN
ejge-4520	282	5	14(3	14(3	NUM
ejge-4520	282	6	)	)	PUNCT
ejge-4520	282	7	,	,	PUNCT
ejge-4520	282	8	319	319	NUM
ejge-4520	282	9	-	-	SYM
ejge-4520	282	10	338	338	NUM
ejge-4520	282	11	.	.	PUNCT
ejge-4520	283	1	doi	doi	NOUN
ejge-4520	283	2	:	:	PUNCT
ejge-4520	283	3	https://doi.org/10.1086/260910	https://doi.org/10.1086/260910	X
ejge-4520	283	4	ilmanen	ilmanen	PROPN
ejge-4520	283	5	,	,	PUNCT
ejge-4520	283	6	a.	a.	NOUN
ejge-4520	283	7	(	(	PUNCT
ejge-4520	283	8	2012	2012	NUM
ejge-4520	283	9	)	)	PUNCT
ejge-4520	283	10	.	.	PUNCT
ejge-4520	284	1	do	do	AUX
ejge-4520	284	2	financial	financial	ADJ
ejge-4520	284	3	markets	market	NOUN
ejge-4520	284	4	reward	reward	VERB
ejge-4520	284	5	buying	buy	VERB
ejge-4520	284	6	or	or	CCONJ
ejge-4520	284	7	selling	sell	VERB
ejge-4520	284	8	insurance	insurance	NOUN
ejge-4520	284	9	or	or	CCONJ
ejge-4520	284	10	lottery	lottery	NOUN
ejge-4520	284	11	tickets	ticket	NOUN
ejge-4520	284	12	?	?	PUNCT
ejge-4520	285	1	financial	financial	ADJ
ejge-4520	285	2	analysts	analyst	NOUN
ejge-4520	285	3	journal	journal	PROPN
ejge-4520	285	4	68(5	68(5	ADV
ejge-4520	285	5	)	)	PUNCT
ejge-4520	285	6	,	,	PUNCT
ejge-4520	285	7	26	26	NUM
ejge-4520	285	8	-	-	SYM
ejge-4520	285	9	36	36	NUM
ejge-4520	285	10	.	.	PUNCT
ejge-4520	286	1	doi	doi	PROPN
ejge-4520	286	2	:	:	PUNCT
ejge-4520	286	3	https://doi.org/10.2469/faj.v68.n5.7	https://doi.org/10.2469/faj.v68.n5.7	NOUN
ejge-4520	286	4	jordá	jordá	NOUN
ejge-4520	286	5	,	,	PUNCT
ejge-4520	286	6	o.	o.	PROPN
ejge-4520	286	7	,	,	PUNCT
ejge-4520	286	8	&	&	CCONJ
ejge-4520	286	9	taylor	taylor	PROPN
ejge-4520	286	10	,	,	PUNCT
ejge-4520	286	11	a.	a.	NOUN
ejge-4520	286	12	(	(	PUNCT
ejge-4520	286	13	2009	2009	NUM
ejge-4520	286	14	)	)	PUNCT
ejge-4520	286	15	.	.	PUNCT
ejge-4520	287	1	the	the	DET
ejge-4520	287	2	carry	carry	NOUN
ejge-4520	287	3	trade	trade	NOUN
ejge-4520	287	4	and	and	CCONJ
ejge-4520	287	5	fundamentals	fundamental	NOUN
ejge-4520	287	6	:	:	PUNCT
ejge-4520	287	7	nothing	nothing	PRON
ejge-4520	287	8	to	to	PART
ejge-4520	287	9	fear	fear	VERB
ejge-4520	287	10	but	but	CCONJ
ejge-4520	287	11	feer	feer	VERB
ejge-4520	287	12	itself	itself	PRON
ejge-4520	287	13	.	.	PUNCT
ejge-4520	288	1	nber	nber	PROPN
ejge-4520	288	2	working	working	PROPN
ejge-4520	288	3	paper	paper	PROPN
ejge-4520	288	4	num	num	PROPN
ejge-4520	288	5	.	.	PROPN
ejge-4520	288	6	15518	15518	NUM
ejge-4520	288	7	.	.	PUNCT
ejge-4520	289	1	doi	doi	NOUN
ejge-4520	289	2	:	:	PUNCT
ejge-4520	289	3	https://doi.org/10.3386/w15518	https://doi.org/10.3386/w15518	PROPN
ejge-4520	289	4	krugman	krugman	PROPN
ejge-4520	289	5	,	,	PUNCT
ejge-4520	289	6	p.	p.	PROPN
ejge-4520	289	7	,	,	PUNCT
ejge-4520	289	8	rogoff	rogoff	NOUN
ejge-4520	289	9	,	,	PUNCT
ejge-4520	289	10	k.	k.	PROPN
ejge-4520	289	11	,	,	PUNCT
ejge-4520	289	12	fisher	fisher	PROPN
ejge-4520	289	13	,	,	PUNCT
ejge-4520	289	14	s.	s.	PROPN
ejge-4520	289	15	,	,	PUNCT
ejge-4520	289	16	&	&	CCONJ
ejge-4520	289	17	mcdonough	mcdonough	PROPN
ejge-4520	289	18	,	,	PUNCT
ejge-4520	289	19	w.	w.	PROPN
ejge-4520	289	20	(	(	PUNCT
ejge-4520	289	21	1999	1999	NUM
ejge-4520	289	22	)	)	PUNCT
ejge-4520	289	23	.	.	PUNCT
ejge-4520	290	1	currency	currency	NOUN
ejge-4520	290	2	crises	crisis	NOUN
ejge-4520	290	3	.	.	PUNCT
ejge-4520	291	1	in	in	ADP
ejge-4520	291	2	m.	m.	NOUN
ejge-4520	291	3	feldstein	feldstein	PROPN
ejge-4520	291	4	,	,	PUNCT
ejge-4520	291	5	international	international	ADJ
ejge-4520	291	6	capital	capital	NOUN
ejge-4520	291	7	flows	flow	VERB
ejge-4520	291	8	.	.	PUNCT
ejge-4520	292	1	chicago	chicago	PROPN
ejge-4520	292	2	:	:	PUNCT
ejge-4520	293	1	university	university	NOUN
ejge-4520	293	2	of	of	ADP
ejge-4520	293	3	chicago	chicago	PROPN
ejge-4520	293	4	press	press	NOUN
ejge-4520	293	5	,	,	PUNCT
ejge-4520	293	6	421	421	NUM
ejge-4520	293	7	-	-	SYM
ejge-4520	293	8	470	470	NUM
ejge-4520	293	9	.	.	PUNCT
ejge-4520	294	1	meese	meese	PROPN
ejge-4520	294	2	,	,	PUNCT
ejge-4520	294	3	r.	r.	PROPN
ejge-4520	294	4	,	,	PUNCT
ejge-4520	294	5	&	&	CCONJ
ejge-4520	294	6	rogoff	rogoff	PROPN
ejge-4520	294	7	,	,	PUNCT
ejge-4520	294	8	k.	k.	PROPN
ejge-4520	294	9	(	(	PUNCT
ejge-4520	294	10	1983	1983	NUM
ejge-4520	294	11	)	)	PUNCT
ejge-4520	294	12	.	.	PUNCT
ejge-4520	295	1	empirical	empirical	ADJ
ejge-4520	295	2	echange	echange	NOUN
ejge-4520	295	3	models	model	NOUN
ejge-4520	295	4	of	of	ADP
ejge-4520	295	5	the	the	DET
ejge-4520	295	6	seventies	seventy	NOUN
ejge-4520	295	7	.	.	PUNCT
ejge-4520	296	1	do	do	AUX
ejge-4520	296	2	they	they	PRON
ejge-4520	296	3	fit	fit	VERB
ejge-4520	296	4	out	out	ADP
ejge-4520	296	5	of	of	ADP
ejge-4520	296	6	sample	sample	NOUN
ejge-4520	296	7	?	?	PUNCT
ejge-4520	297	1	the	the	DET
ejge-4520	297	2	journal	journal	NOUN
ejge-4520	297	3	of	of	ADP
ejge-4520	297	4	international	international	ADJ
ejge-4520	297	5	economics	economic	NOUN
ejge-4520	297	6	14	14	NUM
ejge-4520	297	7	,	,	PUNCT
ejge-4520	297	8	3	3	NUM
ejge-4520	297	9	-	-	SYM
ejge-4520	297	10	24	24	NUM
ejge-4520	297	11	.	.	PUNCT
ejge-4520	298	1	doi	doi	PROPN
ejge-4520	298	2	:	:	PUNCT
ejge-4520	298	3	https://doi.org/10.1016/00221996(83)90017-x	https://doi.org/10.1016/00221996(83)90017-x	PROPN
ejge-4520	298	4	osler	osler	PROPN
ejge-4520	298	5	,	,	PUNCT
ejge-4520	298	6	c.	c.	PROPN
ejge-4520	298	7	(	(	PUNCT
ejge-4520	298	8	2012	2012	NUM
ejge-4520	298	9	)	)	PUNCT
ejge-4520	298	10	.	.	PUNCT
ejge-4520	299	1	market	market	NOUN
ejge-4520	299	2	microestructure	microestructure	NOUN
ejge-4520	299	3	and	and	CCONJ
ejge-4520	299	4	the	the	DET
ejge-4520	299	5	profitability	profitability	NOUN
ejge-4520	299	6	of	of	ADP
ejge-4520	299	7	currency	currency	NOUN
ejge-4520	299	8	trading	trading	NOUN
ejge-4520	299	9	.	.	PUNCT
ejge-4520	300	1	annual	annual	ADJ
ejge-4520	300	2	review	review	NOUN
ejge-4520	300	3	of	of	ADP
ejge-4520	300	4	financial	financial	ADJ
ejge-4520	300	5	economics	economic	NOUN
ejge-4520	300	6	4(1	4(1	NOUN
ejge-4520	300	7	)	)	PUNCT
ejge-4520	300	8	,	,	PUNCT
ejge-4520	300	9	469	469	NUM
ejge-4520	300	10	-	-	SYM
ejge-4520	300	11	495	495	NUM
ejge-4520	300	12	.	.	PUNCT
ejge-4520	301	1	doi	doi	NOUN
ejge-4520	301	2	:	:	PUNCT
ejge-4520	301	3	https://doi.org/10.1146/annurev-financial110311-101726	https://doi.org/10.1146/annurev-financial110311-101726	PROPN
ejge-4520	301	4	https://doi.org/10.1017/s0022109015000460	https://doi.org/10.1017/s0022109015000460	ADV
ejge-4520	301	5	https://doi.org/10.3386/w7169	https://doi.org/10.3386/w7169	PROPN
ejge-4520	301	6	https://doi.org/10.2139/ssrn.1102151	https://doi.org/10.2139/ssrn.1102151	NOUN
ejge-4520	301	7	https://doi.org/10.1016/0304-3932(84)90046-1	https://doi.org/10.1016/0304-3932(84)90046-1	NOUN
ejge-4520	301	8	https://doi.org/10.1111/gove.12107	https://doi.org/10.1111/gove.12107	PRON
ejge-4520	301	9	https://doi.org/10.1086/260910	https://doi.org/10.1086/260910	PRON
ejge-4520	301	10	https://doi.org/10.2469/faj.v68.n5.7	https://doi.org/10.2469/faj.v68.n5.7	NOUN
ejge-4520	302	1	https://doi.org/10.3386/w15518	https://doi.org/10.3386/w15518	PROPN
ejge-4520	302	2	https://doi.org/10.1016/0022-1996(83)90017-x	https://doi.org/10.1016/0022-1996(83)90017-x	PROPN
ejge-4520	302	3	https://doi.org/10.1016/0022-1996(83)90017-x	https://doi.org/10.1016/0022-1996(83)90017-x	PROPN
ejge-4520	302	4	https://doi.org/10.1146/annurev-financial-110311-101726	https://doi.org/10.1146/annurev-financial-110311-101726	PROPN
ejge-4520	302	5	https://doi.org/10.1146/annurev-financial-110311-101726	https://doi.org/10.1146/annurev-financial-110311-101726	PROPN
ejge-4520	302	6	c.	c.	PROPN
ejge-4520	302	7	fernández	fernández	PROPN
ejge-4520	302	8	-	-	PUNCT
ejge-4520	302	9	herraiz	herraiz	PROPN
ejge-4520	302	10	et	et	PROPN
ejge-4520	302	11	al	al	PROPN
ejge-4520	302	12	.	.	PUNCT
ejge-4520	302	13	/	/	SYM
ejge-4520	302	14	european	european	PROPN
ejge-4520	302	15	journal	journal	PROPN
ejge-4520	302	16	of	of	ADP
ejge-4520	302	17	government	government	NOUN
ejge-4520	302	18	and	and	CCONJ
ejge-4520	302	19	economics	economic	NOUN
ejge-4520	302	20	7(2	7(2	NUM
ejge-4520	302	21	)	)	PUNCT
ejge-4520	302	22	,	,	PUNCT
ejge-4520	302	23	123	123	NUM
ejge-4520	302	24	-	-	SYM
ejge-4520	302	25	137	137	NUM
ejge-4520	302	26	.	.	PUNCT
ejge-4520	303	1	137	137	NUM
ejge-4520	303	2	prado	prado	PROPN
ejge-4520	303	3	-	-	PUNCT
ejge-4520	303	4	dominguez	dominguez	PROPN
ejge-4520	303	5	,	,	PUNCT
ejge-4520	303	6	j.	j.	PROPN
ejge-4520	303	7	,	,	PUNCT
ejge-4520	303	8	&	&	CCONJ
ejge-4520	303	9	fernandez	fernandez	PROPN
ejge-4520	303	10	-	-	PUNCT
ejge-4520	303	11	herraiz	herraiz	PROPN
ejge-4520	303	12	,	,	PUNCT
ejge-4520	303	13	c.	c.	PROPN
ejge-4520	303	14	(	(	PUNCT
ejge-4520	303	15	2015	2015	NUM
ejge-4520	303	16	)	)	PUNCT
ejge-4520	303	17	.	.	PUNCT
ejge-4520	304	1	a	a	DET
ejge-4520	304	2	sharpe	sharpe	PROPN
ejge-4520	304	3	ratio	ratio	NOUN
ejge-4520	304	4	based	base	VERB
ejge-4520	304	5	measure	measure	NOUN
ejge-4520	304	6	for	for	ADP
ejge-4520	304	7	currencies	currency	NOUN
ejge-4520	304	8	.	.	PUNCT
ejge-4520	305	1	european	european	ADJ
ejge-4520	305	2	journal	journal	PROPN
ejge-4520	305	3	of	of	ADP
ejge-4520	305	4	goverment	goverment	NOUN
ejge-4520	305	5	and	and	CCONJ
ejge-4520	305	6	economics	economic	NOUN
ejge-4520	305	7	4(1	4(1	NOUN
ejge-4520	305	8	)	)	PUNCT
ejge-4520	305	9	,	,	PUNCT
ejge-4520	305	10	67	67	NUM
ejge-4520	305	11	-	-	SYM
ejge-4520	305	12	75	75	NUM
ejge-4520	305	13	.	.	PUNCT
ejge-4520	306	1	doi	doi	NOUN
ejge-4520	306	2	:	:	PUNCT
ejge-4520	306	3	https://doi.org/10.17979/ejge.2015.4.1.4307	https://doi.org/10.17979/ejge.2015.4.1.4307	NOUN
ejge-4520	306	4	rodrik	rodrik	NOUN
ejge-4520	306	5	,	,	PUNCT
ejge-4520	306	6	d.	d.	PROPN
ejge-4520	306	7	(	(	PUNCT
ejge-4520	306	8	2006	2006	NUM
ejge-4520	306	9	)	)	PUNCT
ejge-4520	306	10	.	.	PUNCT
ejge-4520	307	1	the	the	DET
ejge-4520	307	2	social	social	ADJ
ejge-4520	307	3	cost	cost	NOUN
ejge-4520	307	4	of	of	ADP
ejge-4520	307	5	foreign	foreign	ADJ
ejge-4520	307	6	exchange	exchange	NOUN
ejge-4520	307	7	reserves	reserve	NOUN
ejge-4520	307	8	.	.	PUNCT
ejge-4520	308	1	nber	nber	PROPN
ejge-4520	308	2	working	working	PROPN
ejge-4520	308	3	paper	paper	PROPN
ejge-4520	308	4	11952	11952	NUM
ejge-4520	308	5	.	.	PUNCT
ejge-4520	309	1	doi	doi	NOUN
ejge-4520	309	2	:	:	PUNCT
ejge-4520	309	3	https://doi.org/10.3386/w11952	https://doi.org/10.3386/w11952	NUM
ejge-4520	309	4	shiller	shiller	PROPN
ejge-4520	309	5	,	,	PUNCT
ejge-4520	309	6	r.	r.	PROPN
ejge-4520	309	7	(	(	PUNCT
ejge-4520	309	8	2012	2012	NUM
ejge-4520	309	9	)	)	PUNCT
ejge-4520	309	10	.	.	PUNCT
ejge-4520	310	1	finance	finance	NOUN
ejge-4520	310	2	and	and	CCONJ
ejge-4520	310	3	the	the	DET
ejge-4520	310	4	good	good	ADJ
ejge-4520	310	5	society	society	NOUN
ejge-4520	310	6	.	.	PUNCT
ejge-4520	311	1	new	new	PROPN
ejge-4520	311	2	jersey	jersey	PROPN
ejge-4520	311	3	:	:	PUNCT
ejge-4520	311	4	priceton	priceton	PROPN
ejge-4520	311	5	university	university	PROPN
ejge-4520	311	6	press	press	NOUN
ejge-4520	311	7	.	.	PUNCT
ejge-4520	312	1	https://doi.org/10.17979/ejge.2015.4.1.4307	https://doi.org/10.17979/ejge.2015.4.1.4307	X
ejge-4520	312	2	https://doi.org/10.3386/w11952	https://doi.org/10.3386/w11952	NUM
ejge-4520	313	1	ejge_front_7_2	ejge_front_7_2	PROPN
ejge-4520	313	2	ejge	ejge	VERB
ejge-4520	313	3	oficial	oficial	ADJ
ejge-4520	313	4	7	7	NUM
ejge-4520	313	5	-	-	SYM
ejge-4520	313	6	2	2	NUM
ejge-4520	313	7	content	content	NOUN
ejge-4520	313	8	page	page	NOUN
ejge-4520	313	9	7	7	NUM
ejge-4520	313	10	-	-	SYM
ejge-4520	313	11	2	2	NUM
ejge-4520	313	12	-	-	SYM
ejge-4520	313	13	2	2	NUM
ejge-4520	313	14	abstract	abstract	NOUN
ejge-4520	313	15	.	.	PUNCT
ejge-4520	314	1	exchange	exchange	NOUN
ejge-4520	314	2	credibility	credibility	NOUN
ejge-4520	314	3	is	be	AUX
ejge-4520	314	4	a	a	DET
ejge-4520	314	5	valuable	valuable	ADJ
ejge-4520	314	6	asset	asset	NOUN
ejge-4520	314	7	for	for	ADP
ejge-4520	314	8	currency	currency	NOUN
ejge-4520	314	9	policymakers	policymaker	NOUN
ejge-4520	314	10	.	.	PUNCT
ejge-4520	315	1	in	in	ADP
ejge-4520	315	2	this	this	DET
ejge-4520	315	3	article	article	NOUN
ejge-4520	315	4	we	we	PRON
ejge-4520	315	5	intend	intend	VERB
ejge-4520	315	6	to	to	PART
ejge-4520	315	7	analyse	analyse	VERB
ejge-4520	315	8	exchange	exchange	NOUN
ejge-4520	315	9	credibility	credibility	NOUN
ejge-4520	315	10	from	from	ADP
ejge-4520	315	11	the	the	DET
ejge-4520	315	12	perspective	perspective	NOUN
ejge-4520	315	13	of	of	ADP
ejge-4520	315	14	carry	carry	VERB
ejge-4520	315	15	trade	trade	NOUN
ejge-4520	315	16	speculators	speculator	NOUN
ejge-4520	315	17	.	.	PUNCT
ejge-4520	316	1	global	global	ADJ
ejge-4520	316	2	speculators	speculator	NOUN
ejge-4520	316	3	'	'	PART
ejge-4520	316	4	access	access	NOUN
ejge-4520	316	5	to	to	ADP
ejge-4520	316	6	shadow	shadow	NOUN
ejge-4520	316	7	banking	banking	NOUN
ejge-4520	316	8	financing	financing	NOUN
ejge-4520	316	9	allows	allow	VERB
ejge-4520	316	10	them	they	PRON
ejge-4520	316	11	...	...	PUNCT
ejge-4520	316	12	keywords	keyword	NOUN
ejge-4520	316	13	.	.	PUNCT
ejge-4520	317	1	currency	currency	NOUN
ejge-4520	317	2	carry	carry	VERB
ejge-4520	317	3	trade	trade	NOUN
ejge-4520	317	4	,	,	PUNCT
ejge-4520	317	5	sharpe	sharpe	PROPN
ejge-4520	317	6	ratio	ratio	NOUN
ejge-4520	317	7	,	,	PUNCT
ejge-4520	317	8	exchange	exchange	NOUN
ejge-4520	317	9	policy	policy	NOUN
ejge-4520	317	10	credibility	credibility	NOUN
ejge-4520	317	11	,	,	PUNCT
ejge-4520	317	12	shadow	shadow	NOUN
ejge-4520	317	13	banking	banking	NOUN
ejge-4520	317	14	.	.	PUNCT
ejge-4520	318	1	doi	doi	PROPN
ejge-4520	318	2	.	.	PUNCT
ejge-4520	319	1	https://doi.org/10.17979/ejge.2018.7.2.4520	https://doi.org/10.17979/ejge.2018.7.2.4520	PRON
ejge-4520	319	2	2	2	X
ejge-4520	319	3	.	.	PUNCT
ejge-4520	319	4	carry	carry	VERB
ejge-4520	319	5	trade	trade	NOUN
ejge-4520	319	6	in	in	ADP
ejge-4520	319	7	the	the	DET
ejge-4520	319	8	forex	forex	ADJ
ejge-4520	319	9	market	market	NOUN
ejge-4520	319	10	and	and	CCONJ
ejge-4520	319	11	a	a	DET
ejge-4520	319	12	brief	brief	ADJ
ejge-4520	319	13	reference	reference	NOUN
ejge-4520	319	14	to	to	PART
ejge-4520	319	15	carry	carry	VERB
ejge-4520	319	16	to	to	PART
ejge-4520	319	17	risk	risk	NOUN
ejge-4520	319	18	.	.	PUNCT
ejge-4520	320	1	3	3	X
ejge-4520	320	2	.	.	X
ejge-4520	320	3	the	the	DET
ejge-4520	320	4	introduction	introduction	NOUN
ejge-4520	320	5	of	of	ADP
ejge-4520	320	6	liquidity	liquidity	NOUN
ejge-4520	320	7	in	in	ADP
ejge-4520	320	8	carry	carry	NOUN
ejge-4520	320	9	trade	trade	NOUN
ejge-4520	320	10	strategies	strategy	NOUN
ejge-4520	320	11	in	in	ADP
ejge-4520	320	12	foreign	foreign	ADJ
ejge-4520	320	13	exchange	exchange	NOUN
ejge-4520	320	14	.	.	PUNCT
ejge-4520	321	1	4	4	X
ejge-4520	321	2	.	.	X
ejge-4520	321	3	empirical	empirical	ADJ
ejge-4520	321	4	analysis	analysis	NOUN
ejge-4520	321	5	.	.	PUNCT
ejge-4520	322	1	4.1	4.1	NUM
ejge-4520	322	2	carry	carry	VERB
ejge-4520	322	3	trade	trade	NOUN
ejge-4520	322	4	on	on	ADP
ejge-4520	322	5	the	the	DET
ejge-4520	322	6	mexican	mexican	ADJ
ejge-4520	322	7	peso	peso	NOUN
ejge-4520	322	8	.	.	PUNCT
ejge-4520	323	1	4.2	4.2	NUM
ejge-4520	323	2	carry	carry	VERB
ejge-4520	323	3	trade	trade	NOUN
ejge-4520	323	4	on	on	ADP
ejge-4520	323	5	the	the	DET
ejge-4520	323	6	brazilian	brazilian	ADJ
ejge-4520	323	7	real	real	NOUN
ejge-4520	323	8	.	.	PUNCT
ejge-4520	324	1	5	5	X
ejge-4520	324	2	.	.	X
ejge-4520	324	3	conclusions	conclusion	NOUN
ejge-4520	324	4	.	.	PUNCT
ejge-4520	325	1	references	reference	NOUN