id	sid	tid	token	lemma	pos
fbem-12160	1	1	frontiers	frontier	NOUN
fbem-12160	1	2	in	in	ADP
fbem-12160	1	3	business	business	NOUN
fbem-12160	1	4	,	,	PUNCT
fbem-12160	1	5	economics	economic	NOUN
fbem-12160	1	6	and	and	CCONJ
fbem-12160	1	7	management	management	NOUN
fbem-12160	1	8	issn	issn	PROPN
fbem-12160	1	9	:	:	PUNCT
fbem-12160	1	10	2766	2766	NUM
fbem-12160	1	11	-	-	PUNCT
fbem-12160	1	12	824x	824x	NUM
fbem-12160	1	13	|	|	ADJ
fbem-12160	1	14	vol	vol	NOUN
fbem-12160	1	15	.	.	PUNCT
fbem-12160	2	1	11	11	NUM
fbem-12160	2	2	,	,	PUNCT
fbem-12160	2	3	no	no	INTJ
fbem-12160	2	4	.	.	NOUN
fbem-12160	2	5	2	2	NUM
fbem-12160	2	6	,	,	PUNCT
fbem-12160	2	7	2023	2023	NUM
fbem-12160	2	8	42	42	NUM
fbem-12160	2	9	the	the	DET
fbem-12160	2	10	impact	impact	NOUN
fbem-12160	2	11	of	of	ADP
fbem-12160	2	12	renminbi	renminbi	NOUN
fbem-12160	2	13	exchange	exchange	NOUN
fbem-12160	2	14	rate	rate	NOUN
fbem-12160	2	15	and	and	CCONJ
fbem-12160	2	16	exchange	exchange	NOUN
fbem-12160	2	17	rate	rate	NOUN
fbem-12160	2	18	volatility	volatility	NOUN
fbem-12160	2	19	on	on	ADP
fbem-12160	2	20	china	china	PROPN
fbem-12160	2	21	's	's	PART
fbem-12160	2	22	outward	outward	ADJ
fbem-12160	2	23	foreign	foreign	ADJ
fbem-12160	2	24	direct	direct	ADJ
fbem-12160	2	25	investment	investment	NOUN
fbem-12160	2	26	zheng	zheng	PROPN
fbem-12160	2	27	wei	wei	PROPN
fbem-12160	2	28	*	*	PROPN
fbem-12160	2	29	east	east	PROPN
fbem-12160	2	30	china	china	PROPN
fbem-12160	2	31	university	university	PROPN
fbem-12160	2	32	of	of	ADP
fbem-12160	2	33	political	political	ADJ
fbem-12160	2	34	science	science	NOUN
fbem-12160	2	35	and	and	CCONJ
fbem-12160	2	36	law	law	NOUN
fbem-12160	2	37	,	,	PUNCT
fbem-12160	2	38	shanghai	shanghai	PROPN
fbem-12160	2	39	,	,	PUNCT
fbem-12160	2	40	china	china	PROPN
fbem-12160	2	41	*	*	PUNCT
fbem-12160	2	42	corresponding	correspond	VERB
fbem-12160	2	43	author	author	NOUN
fbem-12160	2	44	email	email	NOUN
fbem-12160	2	45	:	:	PUNCT
fbem-12160	2	46	wz1051429054@126.com	wz1051429054@126.com	X
fbem-12160	2	47	abstract	abstract	PROPN
fbem-12160	2	48	:	:	PUNCT
fbem-12160	2	49	china	china	PROPN
fbem-12160	2	50	's	's	PART
fbem-12160	2	51	outward	outward	ADJ
fbem-12160	2	52	foreign	foreign	ADJ
fbem-12160	2	53	direct	direct	ADJ
fbem-12160	2	54	investment	investment	NOUN
fbem-12160	2	55	(	(	PUNCT
fbem-12160	2	56	ofdi	ofdi	X
fbem-12160	2	57	)	)	PUNCT
fbem-12160	2	58	has	have	AUX
fbem-12160	2	59	been	be	AUX
fbem-12160	2	60	steadily	steadily	ADV
fbem-12160	2	61	increasing	increase	VERB
fbem-12160	2	62	in	in	ADP
fbem-12160	2	63	recent	recent	ADJ
fbem-12160	2	64	years	year	NOUN
fbem-12160	2	65	,	,	PUNCT
fbem-12160	2	66	and	and	CCONJ
fbem-12160	2	67	the	the	DET
fbem-12160	2	68	renminbi	renminbi	NOUN
fbem-12160	2	69	exchange	exchange	NOUN
fbem-12160	2	70	rate	rate	NOUN
fbem-12160	2	71	and	and	CCONJ
fbem-12160	2	72	its	its	PRON
fbem-12160	2	73	volatility	volatility	NOUN
fbem-12160	2	74	have	have	AUX
fbem-12160	2	75	played	play	VERB
fbem-12160	2	76	a	a	DET
fbem-12160	2	77	crucial	crucial	ADJ
fbem-12160	2	78	role	role	NOUN
fbem-12160	2	79	in	in	ADP
fbem-12160	2	80	shaping	shape	VERB
fbem-12160	2	81	this	this	DET
fbem-12160	2	82	trend	trend	NOUN
fbem-12160	2	83	.	.	PUNCT
fbem-12160	3	1	this	this	DET
fbem-12160	3	2	study	study	NOUN
fbem-12160	3	3	aims	aim	VERB
fbem-12160	3	4	to	to	PART
fbem-12160	3	5	explore	explore	VERB
fbem-12160	3	6	the	the	DET
fbem-12160	3	7	impact	impact	NOUN
fbem-12160	3	8	of	of	ADP
fbem-12160	3	9	the	the	DET
fbem-12160	3	10	renminbi	renminbi	NOUN
fbem-12160	3	11	exchange	exchange	NOUN
fbem-12160	3	12	rate	rate	NOUN
fbem-12160	3	13	and	and	CCONJ
fbem-12160	3	14	its	its	PRON
fbem-12160	3	15	fluctuations	fluctuation	NOUN
fbem-12160	3	16	on	on	ADP
fbem-12160	3	17	china	china	PROPN
fbem-12160	3	18	's	's	PART
fbem-12160	3	19	ofdi	ofdi	NOUN
fbem-12160	3	20	.	.	PUNCT
fbem-12160	4	1	by	by	ADP
fbem-12160	4	2	analyzing	analyze	VERB
fbem-12160	4	3	ofdi	ofdi	NOUN
fbem-12160	4	4	data	datum	NOUN
fbem-12160	4	5	to	to	ADP
fbem-12160	4	6	21	21	NUM
fbem-12160	4	7	countries	country	NOUN
fbem-12160	4	8	and	and	CCONJ
fbem-12160	4	9	regions	region	NOUN
fbem-12160	4	10	globally	globally	ADV
fbem-12160	4	11	from	from	ADP
fbem-12160	4	12	2004	2004	NUM
fbem-12160	4	13	to	to	ADP
fbem-12160	4	14	2019	2019	NUM
fbem-12160	4	15	,	,	PUNCT
fbem-12160	4	16	we	we	PRON
fbem-12160	4	17	conclude	conclude	VERB
fbem-12160	4	18	that	that	SCONJ
fbem-12160	4	19	an	an	DET
fbem-12160	4	20	appreciation	appreciation	NOUN
fbem-12160	4	21	of	of	ADP
fbem-12160	4	22	the	the	DET
fbem-12160	4	23	renminbi	renminbi	NOUN
fbem-12160	4	24	can	can	AUX
fbem-12160	4	25	facilitate	facilitate	VERB
fbem-12160	4	26	china	china	PROPN
fbem-12160	4	27	's	's	PART
fbem-12160	4	28	ofdi	ofdi	NOUN
fbem-12160	4	29	,	,	PUNCT
fbem-12160	4	30	while	while	SCONJ
fbem-12160	4	31	depreciation	depreciation	NOUN
fbem-12160	4	32	may	may	AUX
fbem-12160	4	33	potentially	potentially	ADV
fbem-12160	4	34	hinder	hinder	VERB
fbem-12160	4	35	its	its	PRON
fbem-12160	4	36	growth	growth	NOUN
fbem-12160	4	37	.	.	PUNCT
fbem-12160	5	1	however	however	ADV
fbem-12160	5	2	,	,	PUNCT
fbem-12160	5	3	our	our	PRON
fbem-12160	5	4	research	research	NOUN
fbem-12160	5	5	also	also	ADV
fbem-12160	5	6	reveals	reveal	VERB
fbem-12160	5	7	that	that	SCONJ
fbem-12160	5	8	the	the	DET
fbem-12160	5	9	impact	impact	NOUN
fbem-12160	5	10	of	of	ADP
fbem-12160	5	11	renminbi	renminbi	NOUN
fbem-12160	5	12	exchange	exchange	NOUN
fbem-12160	5	13	rate	rate	NOUN
fbem-12160	5	14	volatility	volatility	NOUN
fbem-12160	5	15	on	on	ADP
fbem-12160	5	16	ofdi	ofdi	NOUN
fbem-12160	5	17	is	be	AUX
fbem-12160	5	18	limited	limit	VERB
fbem-12160	5	19	.	.	PUNCT
fbem-12160	6	1	additionally	additionally	ADV
fbem-12160	6	2	,	,	PUNCT
fbem-12160	6	3	factors	factor	NOUN
fbem-12160	6	4	such	such	ADJ
fbem-12160	6	5	as	as	ADP
fbem-12160	6	6	the	the	DET
fbem-12160	6	7	host	host	NOUN
fbem-12160	6	8	country	country	NOUN
fbem-12160	6	9	's	's	PART
fbem-12160	6	10	gdp	gdp	NOUN
fbem-12160	6	11	size	size	NOUN
fbem-12160	6	12	and	and	CCONJ
fbem-12160	6	13	level	level	NOUN
fbem-12160	6	14	of	of	ADP
fbem-12160	6	15	openness	openness	NOUN
fbem-12160	6	16	also	also	ADV
fbem-12160	6	17	influence	influence	VERB
fbem-12160	6	18	china	china	PROPN
fbem-12160	6	19	's	's	PART
fbem-12160	6	20	ofdi	ofdi	NOUN
fbem-12160	6	21	to	to	ADP
fbem-12160	6	22	a	a	DET
fbem-12160	6	23	certain	certain	ADJ
fbem-12160	6	24	extent	extent	NOUN
fbem-12160	6	25	.	.	PUNCT
fbem-12160	7	1	finally	finally	ADV
fbem-12160	7	2	,	,	PUNCT
fbem-12160	7	3	based	base	VERB
fbem-12160	7	4	on	on	ADP
fbem-12160	7	5	our	our	PRON
fbem-12160	7	6	empirical	empirical	ADJ
fbem-12160	7	7	findings	finding	NOUN
fbem-12160	7	8	,	,	PUNCT
fbem-12160	7	9	we	we	PRON
fbem-12160	7	10	provide	provide	VERB
fbem-12160	7	11	policy	policy	NOUN
fbem-12160	7	12	recommendations	recommendation	NOUN
fbem-12160	7	13	to	to	PART
fbem-12160	7	14	help	help	VERB
fbem-12160	7	15	china	china	PROPN
fbem-12160	7	16	better	well	ADV
fbem-12160	7	17	manage	manage	VERB
fbem-12160	7	18	its	its	PRON
fbem-12160	7	19	outward	outward	ADJ
fbem-12160	7	20	foreign	foreign	ADJ
fbem-12160	7	21	direct	direct	ADJ
fbem-12160	7	22	investment	investment	NOUN
fbem-12160	7	23	.	.	PUNCT
fbem-12160	8	1	keywords	keyword	NOUN
fbem-12160	8	2	:	:	PUNCT
fbem-12160	8	3	outward	outward	VERB
fbem-12160	8	4	foreign	foreign	ADJ
fbem-12160	8	5	direct	direct	ADJ
fbem-12160	8	6	investment	investment	NOUN
fbem-12160	8	7	,	,	PUNCT
fbem-12160	8	8	real	real	ADJ
fbem-12160	8	9	effective	effective	ADJ
fbem-12160	8	10	exchange	exchange	NOUN
fbem-12160	8	11	rate	rate	NOUN
fbem-12160	8	12	of	of	ADP
fbem-12160	8	13	renminbi	renminbi	NOUN
fbem-12160	8	14	,	,	PUNCT
fbem-12160	8	15	exchange	exchange	NOUN
fbem-12160	8	16	rate	rate	NOUN
fbem-12160	8	17	volatility	volatility	NOUN
fbem-12160	8	18	,	,	PUNCT
fbem-12160	8	19	empirical	empirical	ADJ
fbem-12160	8	20	analysis	analysis	NOUN
fbem-12160	8	21	.	.	PUNCT
fbem-12160	9	1	1	1	X
fbem-12160	9	2	.	.	X
fbem-12160	9	3	introduction	introduction	NOUN
fbem-12160	9	4	the	the	DET
fbem-12160	9	5	exchange	exchange	NOUN
fbem-12160	9	6	rate	rate	NOUN
fbem-12160	9	7	is	be	AUX
fbem-12160	9	8	the	the	DET
fbem-12160	9	9	conversion	conversion	NOUN
fbem-12160	9	10	rate	rate	NOUN
fbem-12160	9	11	between	between	ADP
fbem-12160	9	12	one	one	NUM
fbem-12160	9	13	country	country	NOUN
fbem-12160	9	14	's	's	PART
fbem-12160	9	15	currency	currency	NOUN
fbem-12160	9	16	and	and	CCONJ
fbem-12160	9	17	another	another	PRON
fbem-12160	9	18	's	be	AUX
fbem-12160	9	19	,	,	PUNCT
fbem-12160	9	20	and	and	CCONJ
fbem-12160	9	21	it	it	PRON
fbem-12160	9	22	serves	serve	VERB
fbem-12160	9	23	as	as	ADP
fbem-12160	9	24	a	a	DET
fbem-12160	9	25	crucial	crucial	ADJ
fbem-12160	9	26	economic	economic	ADJ
fbem-12160	9	27	indicator	indicator	NOUN
fbem-12160	9	28	in	in	ADP
fbem-12160	9	29	international	international	ADJ
fbem-12160	9	30	trade	trade	NOUN
fbem-12160	9	31	.	.	PUNCT
fbem-12160	10	1	in	in	ADP
fbem-12160	10	2	the	the	DET
fbem-12160	10	3	context	context	NOUN
fbem-12160	10	4	of	of	ADP
fbem-12160	10	5	a	a	DET
fbem-12160	10	6	globalized	globalized	ADJ
fbem-12160	10	7	economy	economy	NOUN
fbem-12160	10	8	,	,	PUNCT
fbem-12160	10	9	fluctuations	fluctuation	NOUN
fbem-12160	10	10	in	in	ADP
fbem-12160	10	11	exchange	exchange	NOUN
fbem-12160	10	12	rates	rate	NOUN
fbem-12160	10	13	have	have	VERB
fbem-12160	10	14	a	a	DET
fbem-12160	10	15	significant	significant	ADJ
fbem-12160	10	16	impact	impact	NOUN
fbem-12160	10	17	on	on	ADP
fbem-12160	10	18	the	the	DET
fbem-12160	10	19	movement	movement	NOUN
fbem-12160	10	20	of	of	ADP
fbem-12160	10	21	capital	capital	NOUN
fbem-12160	10	22	worldwide	worldwide	ADV
fbem-12160	10	23	,	,	PUNCT
fbem-12160	10	24	as	as	ADV
fbem-12160	10	25	well	well	ADV
fbem-12160	10	26	as	as	ADP
fbem-12160	10	27	on	on	ADP
fbem-12160	10	28	the	the	DET
fbem-12160	10	29	direction	direction	NOUN
fbem-12160	10	30	and	and	CCONJ
fbem-12160	10	31	scale	scale	NOUN
fbem-12160	10	32	of	of	ADP
fbem-12160	10	33	a	a	DET
fbem-12160	10	34	country	country	NOUN
fbem-12160	10	35	's	's	PART
fbem-12160	10	36	outward	outward	ADJ
fbem-12160	10	37	foreign	foreign	ADJ
fbem-12160	10	38	direct	direct	ADJ
fbem-12160	10	39	investment	investment	NOUN
fbem-12160	10	40	(	(	PUNCT
fbem-12160	10	41	ofdi	ofdi	NOUN
fbem-12160	10	42	)	)	PUNCT
fbem-12160	10	43	.	.	PUNCT
fbem-12160	11	1	since	since	SCONJ
fbem-12160	11	2	the	the	DET
fbem-12160	11	3	initiation	initiation	NOUN
fbem-12160	11	4	of	of	ADP
fbem-12160	11	5	economic	economic	ADJ
fbem-12160	11	6	reforms	reform	NOUN
fbem-12160	11	7	and	and	CCONJ
fbem-12160	11	8	opening	opening	NOUN
fbem-12160	11	9	up	up	ADP
fbem-12160	11	10	in	in	ADP
fbem-12160	11	11	1978	1978	NUM
fbem-12160	11	12	,	,	PUNCT
fbem-12160	11	13	china	china	PROPN
fbem-12160	11	14	has	have	AUX
fbem-12160	11	15	undergone	undergo	VERB
fbem-12160	11	16	several	several	ADJ
fbem-12160	11	17	adjustments	adjustment	NOUN
fbem-12160	11	18	to	to	ADP
fbem-12160	11	19	its	its	PRON
fbem-12160	11	20	renminbi	renminbi	NOUN
fbem-12160	11	21	(	(	PUNCT
fbem-12160	11	22	rmb	rmb	NOUN
fbem-12160	11	23	)	)	PUNCT
fbem-12160	11	24	exchange	exchange	NOUN
fbem-12160	11	25	rate	rate	NOUN
fbem-12160	11	26	system.in	system.in	PRON
fbem-12160	11	27	1994	1994	NUM
fbem-12160	11	28	,	,	PUNCT
fbem-12160	11	29	the	the	DET
fbem-12160	11	30	renminbi	renminbi	NOUN
fbem-12160	11	31	was	be	AUX
fbem-12160	11	32	unified	unify	VERB
fbem-12160	11	33	,	,	PUNCT
fbem-12160	11	34	and	and	CCONJ
fbem-12160	11	35	in	in	ADP
fbem-12160	11	36	1996	1996	NUM
fbem-12160	11	37	,	,	PUNCT
fbem-12160	11	38	current	current	ADJ
fbem-12160	11	39	deposits	deposit	NOUN
fbem-12160	11	40	in	in	ADP
fbem-12160	11	41	renminbi	renminbi	NOUN
fbem-12160	11	42	became	become	VERB
fbem-12160	11	43	freely	freely	ADV
fbem-12160	11	44	convertible	convertible	ADJ
fbem-12160	11	45	.	.	PUNCT
fbem-12160	12	1	following	follow	VERB
fbem-12160	12	2	the	the	DET
fbem-12160	12	3	asian	asian	ADJ
fbem-12160	12	4	financial	financial	ADJ
fbem-12160	12	5	crisis	crisis	NOUN
fbem-12160	12	6	in	in	ADP
fbem-12160	12	7	1998	1998	NUM
fbem-12160	12	8	,	,	PUNCT
fbem-12160	12	9	japan	japan	PROPN
fbem-12160	12	10	introduced	introduce	VERB
fbem-12160	12	11	a	a	DET
fbem-12160	12	12	"	"	PUNCT
fbem-12160	12	13	peg	peg	NOUN
fbem-12160	12	14	"	"	PUNCT
fbem-12160	12	15	to	to	ADP
fbem-12160	12	16	the	the	DET
fbem-12160	12	17	u.s	u.s	PROPN
fbem-12160	12	18	.	.	PROPN
fbem-12160	12	19	dollar	dollar	NOUN
fbem-12160	12	20	for	for	ADP
fbem-12160	12	21	its	its	PRON
fbem-12160	12	22	exchange	exchange	NOUN
fbem-12160	12	23	rate	rate	NOUN
fbem-12160	12	24	.	.	PUNCT
fbem-12160	13	1	on	on	ADP
fbem-12160	13	2	july	july	PROPN
fbem-12160	13	3	21	21	NUM
fbem-12160	13	4	,	,	PUNCT
fbem-12160	13	5	2005	2005	NUM
fbem-12160	13	6	,	,	PUNCT
fbem-12160	13	7	china	china	PROPN
fbem-12160	13	8	reformed	reform	VERB
fbem-12160	13	9	its	its	PRON
fbem-12160	13	10	exchange	exchange	NOUN
fbem-12160	13	11	rate	rate	NOUN
fbem-12160	13	12	formation	formation	NOUN
fbem-12160	13	13	mechanism	mechanism	NOUN
fbem-12160	13	14	.	.	PUNCT
fbem-12160	14	1	post	post	ADJ
fbem-12160	14	2	-	-	NOUN
fbem-12160	14	3	reform	reform	NOUN
fbem-12160	14	4	,	,	PUNCT
fbem-12160	14	5	a	a	DET
fbem-12160	14	6	managed	manage	VERB
fbem-12160	14	7	floating	float	VERB
fbem-12160	14	8	exchange	exchange	NOUN
fbem-12160	14	9	rate	rate	NOUN
fbem-12160	14	10	system	system	NOUN
fbem-12160	14	11	was	be	AUX
fbem-12160	14	12	introduced	introduce	VERB
fbem-12160	14	13	,	,	PUNCT
fbem-12160	14	14	which	which	PRON
fbem-12160	14	15	adjusted	adjust	VERB
fbem-12160	14	16	the	the	DET
fbem-12160	14	17	exchange	exchange	NOUN
fbem-12160	14	18	rate	rate	NOUN
fbem-12160	14	19	based	base	VERB
fbem-12160	14	20	on	on	ADP
fbem-12160	14	21	market	market	NOUN
fbem-12160	14	22	demand	demand	NOUN
fbem-12160	14	23	and	and	CCONJ
fbem-12160	14	24	supply	supply	NOUN
fbem-12160	14	25	,	,	PUNCT
fbem-12160	14	26	with	with	ADP
fbem-12160	14	27	reference	reference	NOUN
fbem-12160	14	28	to	to	ADP
fbem-12160	14	29	a	a	DET
fbem-12160	14	30	basket	basket	NOUN
fbem-12160	14	31	of	of	ADP
fbem-12160	14	32	currencies	currency	NOUN
fbem-12160	14	33	.	.	PUNCT
fbem-12160	15	1	economic	economic	ADJ
fbem-12160	15	2	globalization	globalization	NOUN
fbem-12160	15	3	is	be	AUX
fbem-12160	15	4	a	a	DET
fbem-12160	15	5	significant	significant	ADJ
fbem-12160	15	6	characteristic	characteristic	NOUN
fbem-12160	15	7	of	of	ADP
fbem-12160	15	8	the	the	DET
fbem-12160	15	9	contemporary	contemporary	ADJ
fbem-12160	15	10	world	world	NOUN
fbem-12160	15	11	.	.	PUNCT
fbem-12160	16	1	since	since	SCONJ
fbem-12160	16	2	the	the	DET
fbem-12160	16	3	1990s	1990	NOUN
fbem-12160	16	4	,	,	PUNCT
fbem-12160	16	5	foreign	foreign	ADJ
fbem-12160	16	6	direct	direct	ADJ
fbem-12160	16	7	investment	investment	NOUN
fbem-12160	16	8	(	(	PUNCT
fbem-12160	16	9	fdi	fdi	NOUN
fbem-12160	16	10	)	)	PUNCT
fbem-12160	16	11	has	have	AUX
fbem-12160	16	12	replaced	replace	VERB
fbem-12160	16	13	international	international	ADJ
fbem-12160	16	14	trade	trade	NOUN
fbem-12160	16	15	as	as	ADP
fbem-12160	16	16	a	a	DET
fbem-12160	16	17	primary	primary	ADJ
fbem-12160	16	18	driver	driver	NOUN
fbem-12160	16	19	of	of	ADP
fbem-12160	16	20	this	this	DET
fbem-12160	16	21	phenomenon	phenomenon	NOUN
fbem-12160	16	22	.	.	PUNCT
fbem-12160	17	1	emerging	emerge	VERB
fbem-12160	17	2	economies	economy	NOUN
fbem-12160	17	3	,	,	PUNCT
fbem-12160	17	4	notably	notably	ADV
fbem-12160	17	5	china	china	PROPN
fbem-12160	17	6	,	,	PUNCT
fbem-12160	17	7	have	have	AUX
fbem-12160	17	8	risen	rise	VERB
fbem-12160	17	9	as	as	ADP
fbem-12160	17	10	an	an	DET
fbem-12160	17	11	investment	investment	NOUN
fbem-12160	17	12	powerhouse	powerhouse	NOUN
fbem-12160	17	13	,	,	PUNCT
fbem-12160	17	14	attracting	attract	VERB
fbem-12160	17	15	global	global	ADJ
fbem-12160	17	16	attention	attention	NOUN
fbem-12160	17	17	.	.	PUNCT
fbem-12160	18	1	in	in	ADP
fbem-12160	18	2	recent	recent	ADJ
fbem-12160	18	3	years	year	NOUN
fbem-12160	18	4	,	,	PUNCT
fbem-12160	18	5	china	china	PROPN
fbem-12160	18	6	's	's	PART
fbem-12160	18	7	cross	cross	ADJ
fbem-12160	18	8	-	-	ADJ
fbem-12160	18	9	border	border	ADJ
fbem-12160	18	10	investment	investment	NOUN
fbem-12160	18	11	has	have	AUX
fbem-12160	18	12	seen	see	VERB
fbem-12160	18	13	continuous	continuous	ADJ
fbem-12160	18	14	growth	growth	NOUN
fbem-12160	18	15	.	.	PUNCT
fbem-12160	19	1	total	total	ADJ
fbem-12160	19	2	fdi	fdi	PROPN
fbem-12160	19	3	increased	increase	VERB
fbem-12160	19	4	from	from	ADP
fbem-12160	19	5	$	$	SYM
fbem-12160	19	6	2.855	2.855	NUM
fbem-12160	19	7	billion	billion	NUM
fbem-12160	19	8	in	in	ADP
fbem-12160	19	9	2003	2003	NUM
fbem-12160	19	10	to	to	ADP
fbem-12160	19	11	$	$	SYM
fbem-12160	19	12	13.691	13.691	NUM
fbem-12160	19	13	billion	billion	NUM
fbem-12160	19	14	in	in	ADP
fbem-12160	19	15	2019	2019	NUM
fbem-12160	19	16	,	,	PUNCT
fbem-12160	19	17	with	with	ADP
fbem-12160	19	18	chinese	chinese	ADJ
fbem-12160	19	19	companies	company	NOUN
fbem-12160	19	20	establishing	establish	VERB
fbem-12160	19	21	27,500	27,500	NUM
fbem-12160	19	22	foreign	foreign	ADJ
fbem-12160	19	23	firms	firm	NOUN
fbem-12160	19	24	in	in	ADP
fbem-12160	19	25	188	188	NUM
fbem-12160	19	26	countries	country	NOUN
fbem-12160	19	27	and	and	CCONJ
fbem-12160	19	28	regions	region	NOUN
fbem-12160	19	29	.	.	PUNCT
fbem-12160	20	1	in	in	ADP
fbem-12160	20	2	global	global	ADJ
fbem-12160	20	3	rankings	ranking	NOUN
fbem-12160	20	4	,	,	PUNCT
fbem-12160	20	5	china	china	PROPN
fbem-12160	20	6	's	's	PART
fbem-12160	20	7	fdi	fdi	NOUN
fbem-12160	20	8	scale	scale	NOUN
fbem-12160	20	9	ranks	rank	VERB
fbem-12160	20	10	second	second	ADV
fbem-12160	20	11	worldwide	worldwide	ADV
fbem-12160	20	12	.	.	PUNCT
fbem-12160	21	1	when	when	SCONJ
fbem-12160	21	2	analyzing	analyze	VERB
fbem-12160	21	3	fdi	fdi	NOUN
fbem-12160	21	4	,	,	PUNCT
fbem-12160	21	5	numerous	numerous	ADJ
fbem-12160	21	6	variables	variable	NOUN
fbem-12160	21	7	such	such	ADJ
fbem-12160	21	8	as	as	ADP
fbem-12160	21	9	market	market	NOUN
fbem-12160	21	10	size	size	NOUN
fbem-12160	21	11	,	,	PUNCT
fbem-12160	21	12	resources	resource	NOUN
fbem-12160	21	13	,	,	PUNCT
fbem-12160	21	14	business	business	NOUN
fbem-12160	21	15	connections	connection	NOUN
fbem-12160	21	16	,	,	PUNCT
fbem-12160	21	17	and	and	CCONJ
fbem-12160	21	18	institutional	institutional	ADJ
fbem-12160	21	19	environments	environment	NOUN
fbem-12160	21	20	must	must	AUX
fbem-12160	21	21	be	be	AUX
fbem-12160	21	22	considered	consider	VERB
fbem-12160	21	23	.	.	PUNCT
fbem-12160	22	1	exchange	exchange	NOUN
fbem-12160	22	2	rates	rate	NOUN
fbem-12160	22	3	,	,	PUNCT
fbem-12160	22	4	which	which	PRON
fbem-12160	22	5	compare	compare	VERB
fbem-12160	22	6	prices	price	NOUN
fbem-12160	22	7	of	of	ADP
fbem-12160	22	8	different	different	ADJ
fbem-12160	22	9	currencies	currency	NOUN
fbem-12160	22	10	,	,	PUNCT
fbem-12160	22	11	directly	directly	ADV
fbem-12160	22	12	reflect	reflect	VERB
fbem-12160	22	13	relative	relative	ADJ
fbem-12160	22	14	prices	price	NOUN
fbem-12160	22	15	of	of	ADP
fbem-12160	22	16	domestic	domestic	ADJ
fbem-12160	22	17	and	and	CCONJ
fbem-12160	22	18	foreign	foreign	ADJ
fbem-12160	22	19	factors	factor	NOUN
fbem-12160	22	20	and	and	CCONJ
fbem-12160	22	21	goods	good	NOUN
fbem-12160	22	22	.	.	PUNCT
fbem-12160	23	1	they	they	PRON
fbem-12160	23	2	typically	typically	ADV
fbem-12160	23	3	play	play	VERB
fbem-12160	23	4	a	a	DET
fbem-12160	23	5	crucial	crucial	ADJ
fbem-12160	23	6	role	role	NOUN
fbem-12160	23	7	in	in	ADP
fbem-12160	23	8	cross	cross	ADJ
fbem-12160	23	9	-	-	ADJ
fbem-12160	23	10	border	border	ADJ
fbem-12160	23	11	investment	investment	NOUN
fbem-12160	23	12	decisions	decision	NOUN
fbem-12160	23	13	.	.	PUNCT
fbem-12160	24	1	china	china	PROPN
fbem-12160	24	2	's	's	PART
fbem-12160	24	3	long	long	ADJ
fbem-12160	24	4	-	-	PUNCT
fbem-12160	24	5	term	term	NOUN
fbem-12160	24	6	balance	balance	NOUN
fbem-12160	24	7	of	of	ADP
fbem-12160	24	8	payments	payment	NOUN
fbem-12160	24	9	imbalance	imbalance	NOUN
fbem-12160	24	10	has	have	AUX
fbem-12160	24	11	placed	place	VERB
fbem-12160	24	12	significant	significant	ADJ
fbem-12160	24	13	pressure	pressure	NOUN
fbem-12160	24	14	on	on	ADP
fbem-12160	24	15	the	the	DET
fbem-12160	24	16	renminbi	renminbi	NOUN
fbem-12160	24	17	's	's	PART
fbem-12160	24	18	exchange	exchange	NOUN
fbem-12160	24	19	rate	rate	NOUN
fbem-12160	24	20	.	.	PUNCT
fbem-12160	25	1	in	in	ADP
fbem-12160	25	2	the	the	DET
fbem-12160	25	3	2005	2005	NUM
fbem-12160	25	4	reform	reform	NOUN
fbem-12160	25	5	of	of	ADP
fbem-12160	25	6	the	the	DET
fbem-12160	25	7	renminbi	renminbi	NOUN
fbem-12160	25	8	exchange	exchange	NOUN
fbem-12160	25	9	rate	rate	NOUN
fbem-12160	25	10	system	system	NOUN
fbem-12160	25	11	,	,	PUNCT
fbem-12160	25	12	the	the	DET
fbem-12160	25	13	central	central	ADJ
fbem-12160	25	14	bank	bank	NOUN
fbem-12160	25	15	adopted	adopt	VERB
fbem-12160	25	16	a	a	DET
fbem-12160	25	17	floating	float	VERB
fbem-12160	25	18	exchange	exchange	NOUN
fbem-12160	25	19	rate	rate	NOUN
fbem-12160	25	20	system	system	NOUN
fbem-12160	25	21	with	with	ADP
fbem-12160	25	22	reference	reference	NOUN
fbem-12160	25	23	to	to	ADP
fbem-12160	25	24	a	a	DET
fbem-12160	25	25	basket	basket	NOUN
fbem-12160	25	26	of	of	ADP
fbem-12160	25	27	currencies	currency	NOUN
fbem-12160	25	28	,	,	PUNCT
fbem-12160	25	29	abandoning	abandon	VERB
fbem-12160	25	30	the	the	DET
fbem-12160	25	31	previous	previous	ADJ
fbem-12160	25	32	peg	peg	NOUN
fbem-12160	25	33	to	to	ADP
fbem-12160	25	34	the	the	DET
fbem-12160	25	35	u.s	u.s	PROPN
fbem-12160	25	36	.	.	PROPN
fbem-12160	25	37	dollar	dollar	NOUN
fbem-12160	25	38	.	.	PUNCT
fbem-12160	26	1	meanwhile	meanwhile	ADV
fbem-12160	26	2	,	,	PUNCT
fbem-12160	26	3	major	major	ADJ
fbem-12160	26	4	currencies	currency	NOUN
fbem-12160	26	5	(	(	PUNCT
fbem-12160	26	6	such	such	ADJ
fbem-12160	26	7	as	as	ADP
fbem-12160	26	8	the	the	DET
fbem-12160	26	9	u.s	u.s	PROPN
fbem-12160	26	10	.	.	PROPN
fbem-12160	26	11	dollar	dollar	PROPN
fbem-12160	26	12	,	,	PUNCT
fbem-12160	26	13	euro	euro	NOUN
fbem-12160	26	14	,	,	PUNCT
fbem-12160	26	15	and	and	CCONJ
fbem-12160	26	16	pound	pound	NOUN
fbem-12160	26	17	)	)	PUNCT
fbem-12160	26	18	depreciated	depreciate	VERB
fbem-12160	26	19	significantly	significantly	ADV
fbem-12160	26	20	against	against	ADP
fbem-12160	26	21	the	the	DET
fbem-12160	26	22	renminbi	renminbi	NOUN
fbem-12160	26	23	,	,	PUNCT
fbem-12160	26	24	leading	lead	VERB
fbem-12160	26	25	to	to	ADP
fbem-12160	26	26	a	a	DET
fbem-12160	26	27	period	period	NOUN
fbem-12160	26	28	of	of	ADP
fbem-12160	26	29	renminbi	renminbi	NOUN
fbem-12160	26	30	appreciation	appreciation	NOUN
fbem-12160	26	31	.	.	PUNCT
fbem-12160	27	1	the	the	DET
fbem-12160	27	2	volatility	volatility	NOUN
fbem-12160	27	3	in	in	ADP
fbem-12160	27	4	the	the	DET
fbem-12160	27	5	renminbi	renminbi	NOUN
fbem-12160	27	6	exchange	exchange	NOUN
fbem-12160	27	7	rate	rate	NOUN
fbem-12160	27	8	introduces	introduce	NOUN
fbem-12160	27	9	uncertainty	uncertainty	NOUN
fbem-12160	27	10	and	and	CCONJ
fbem-12160	27	11	may	may	AUX
fbem-12160	27	12	affect	affect	VERB
fbem-12160	27	13	multinational	multinational	ADJ
fbem-12160	27	14	corporations	corporation	NOUN
fbem-12160	27	15	'	'	PART
fbem-12160	27	16	investment	investment	NOUN
fbem-12160	27	17	decisions	decision	NOUN
fbem-12160	27	18	to	to	ADP
fbem-12160	27	19	some	some	DET
fbem-12160	27	20	extent	extent	NOUN
fbem-12160	27	21	,	,	PUNCT
fbem-12160	27	22	contributing	contribute	VERB
fbem-12160	27	23	to	to	ADP
fbem-12160	27	24	the	the	DET
fbem-12160	27	25	unpredictability	unpredictability	NOUN
fbem-12160	27	26	of	of	ADP
fbem-12160	27	27	china	china	PROPN
fbem-12160	27	28	's	's	PART
fbem-12160	27	29	ofdi	ofdi	NOUN
fbem-12160	27	30	.	.	PUNCT
fbem-12160	28	1	therefore	therefore	ADV
fbem-12160	28	2	,	,	PUNCT
fbem-12160	28	3	it	it	PRON
fbem-12160	28	4	is	be	AUX
fbem-12160	28	5	essential	essential	ADJ
fbem-12160	28	6	to	to	PART
fbem-12160	28	7	analyze	analyze	VERB
fbem-12160	28	8	china	china	PROPN
fbem-12160	28	9	's	's	PART
fbem-12160	28	10	outward	outward	ADJ
fbem-12160	28	11	foreign	foreign	ADJ
fbem-12160	28	12	direct	direct	ADJ
fbem-12160	28	13	investment	investment	NOUN
fbem-12160	28	14	in	in	ADP
fbem-12160	28	15	light	light	NOUN
fbem-12160	28	16	of	of	ADP
fbem-12160	28	17	renminbi	renminbi	NOUN
fbem-12160	28	18	exchange	exchange	NOUN
fbem-12160	28	19	rate	rate	NOUN
fbem-12160	28	20	fluctuations	fluctuation	NOUN
fbem-12160	28	21	.	.	PUNCT
fbem-12160	29	1	the	the	DET
fbem-12160	29	2	effects	effect	NOUN
fbem-12160	29	3	of	of	ADP
fbem-12160	29	4	exchange	exchange	NOUN
fbem-12160	29	5	rate	rate	NOUN
fbem-12160	29	6	changes	change	NOUN
fbem-12160	29	7	on	on	ADP
fbem-12160	29	8	china	china	PROPN
fbem-12160	29	9	's	's	PART
fbem-12160	29	10	ofdi	ofdi	NOUN
fbem-12160	29	11	require	require	VERB
fbem-12160	29	12	further	further	ADJ
fbem-12160	29	13	observation	observation	NOUN
fbem-12160	29	14	and	and	CCONJ
fbem-12160	29	15	discussion	discussion	NOUN
fbem-12160	29	16	by	by	ADP
fbem-12160	29	17	researchers	researcher	NOUN
fbem-12160	29	18	.	.	PUNCT
fbem-12160	30	1	while	while	SCONJ
fbem-12160	30	2	there	there	PRON
fbem-12160	30	3	is	be	VERB
fbem-12160	30	4	abundant	abundant	ADJ
fbem-12160	30	5	literature	literature	NOUN
fbem-12160	30	6	on	on	ADP
fbem-12160	30	7	the	the	DET
fbem-12160	30	8	renminbi	renminbi	NOUN
fbem-12160	30	9	exchange	exchange	NOUN
fbem-12160	30	10	rate	rate	NOUN
fbem-12160	30	11	and	and	CCONJ
fbem-12160	30	12	attracting	attract	VERB
fbem-12160	30	13	foreign	foreign	ADJ
fbem-12160	30	14	investment	investment	NOUN
fbem-12160	30	15	,	,	PUNCT
fbem-12160	30	16	there	there	PRON
fbem-12160	30	17	is	be	VERB
fbem-12160	30	18	a	a	DET
fbem-12160	30	19	lack	lack	NOUN
fbem-12160	30	20	of	of	ADP
fbem-12160	30	21	research	research	NOUN
fbem-12160	30	22	analyzing	analyze	VERB
fbem-12160	30	23	the	the	DET
fbem-12160	30	24	intermediary	intermediary	ADJ
fbem-12160	30	25	effects	effect	NOUN
fbem-12160	30	26	of	of	ADP
fbem-12160	30	27	renminbi	renminbi	NOUN
fbem-12160	30	28	exchange	exchange	NOUN
fbem-12160	30	29	rate	rate	NOUN
fbem-12160	30	30	on	on	ADP
fbem-12160	30	31	china	china	PROPN
fbem-12160	30	32	's	's	PART
fbem-12160	30	33	ofdi	ofdi	NOUN
fbem-12160	30	34	and	and	CCONJ
fbem-12160	30	35	exchange	exchange	NOUN
fbem-12160	30	36	rate	rate	NOUN
fbem-12160	30	37	fluctuations	fluctuation	NOUN
fbem-12160	30	38	.	.	PUNCT
fbem-12160	31	1	given	give	VERB
fbem-12160	31	2	these	these	DET
fbem-12160	31	3	considerations	consideration	NOUN
fbem-12160	31	4	,	,	PUNCT
fbem-12160	31	5	this	this	DET
fbem-12160	31	6	paper	paper	NOUN
fbem-12160	31	7	,	,	PUNCT
fbem-12160	31	8	based	base	VERB
fbem-12160	31	9	on	on	ADP
fbem-12160	31	10	china	china	PROPN
fbem-12160	31	11	's	's	PART
fbem-12160	31	12	cross	cross	ADJ
fbem-12160	31	13	-	-	ADJ
fbem-12160	31	14	border	border	ADJ
fbem-12160	31	15	direct	direct	ADJ
fbem-12160	31	16	investment	investment	NOUN
fbem-12160	31	17	data	datum	NOUN
fbem-12160	31	18	to	to	ADP
fbem-12160	31	19	21	21	NUM
fbem-12160	31	20	countries	country	NOUN
fbem-12160	31	21	or	or	CCONJ
fbem-12160	31	22	regions	region	NOUN
fbem-12160	31	23	from	from	ADP
fbem-12160	31	24	2004	2004	NUM
fbem-12160	31	25	to	to	ADP
fbem-12160	31	26	2019	2019	NUM
fbem-12160	31	27	,	,	PUNCT
fbem-12160	31	28	employs	employ	VERB
fbem-12160	31	29	a	a	DET
fbem-12160	31	30	mixed	mixed	ADJ
fbem-12160	31	31	regression	regression	NOUN
fbem-12160	31	32	approach	approach	NOUN
fbem-12160	31	33	using	use	VERB
fbem-12160	31	34	ordinary	ordinary	ADJ
fbem-12160	31	35	least	least	ADJ
fbem-12160	31	36	squares	square	NOUN
fbem-12160	31	37	(	(	PUNCT
fbem-12160	31	38	ols	ol	NOUN
fbem-12160	31	39	)	)	PUNCT
fbem-12160	31	40	regression	regression	NOUN
fbem-12160	31	41	.	.	PUNCT
fbem-12160	32	1	the	the	DET
fbem-12160	32	2	second	second	ADJ
fbem-12160	32	3	category	category	NOUN
fbem-12160	32	4	of	of	ADP
fbem-12160	32	5	research	research	NOUN
fbem-12160	32	6	suggests	suggest	VERB
fbem-12160	32	7	that	that	SCONJ
fbem-12160	32	8	a	a	DET
fbem-12160	32	9	country	country	NOUN
fbem-12160	32	10	's	's	PART
fbem-12160	32	11	currency	currency	NOUN
fbem-12160	32	12	depreciation	depreciation	NOUN
fbem-12160	32	13	promotes	promote	VERB
fbem-12160	32	14	outward	outward	ADV
fbem-12160	32	15	foreign	foreign	ADJ
fbem-12160	32	16	direct	direct	ADJ
fbem-12160	32	17	investment	investment	NOUN
fbem-12160	32	18	(	(	PUNCT
fbem-12160	32	19	ofdi	ofdi	NOUN
fbem-12160	32	20	)	)	PUNCT
fbem-12160	32	21	.	.	PUNCT
fbem-12160	33	1	for	for	ADP
fbem-12160	33	2	instance	instance	NOUN
fbem-12160	33	3	,	,	PUNCT
fbem-12160	33	4	benassi	benassi	PROPN
fbem-12160	33	5	et	et	PROPN
fbem-12160	33	6	al	al	PROPN
fbem-12160	33	7	.	.	PROPN
fbem-12160	33	8	pointed	point	VERB
fbem-12160	33	9	out	out	ADP
fbem-12160	33	10	that	that	SCONJ
fbem-12160	33	11	the	the	DET
fbem-12160	33	12	impact	impact	NOUN
fbem-12160	33	13	of	of	ADP
fbem-12160	33	14	exchange	exchange	NOUN
fbem-12160	33	15	rates	rate	NOUN
fbem-12160	33	16	on	on	ADP
fbem-12160	33	17	ofdi	ofdi	NOUN
fbem-12160	33	18	is	be	AUX
fbem-12160	33	19	related	relate	VERB
fbem-12160	33	20	to	to	ADP
fbem-12160	33	21	the	the	DET
fbem-12160	33	22	market	market	NOUN
fbem-12160	33	23	orientation	orientation	NOUN
fbem-12160	33	24	of	of	ADP
fbem-12160	33	25	foreign	foreign	ADJ
fbem-12160	33	26	direct	direct	ADJ
fbem-12160	33	27	investment	investment	NOUN
fbem-12160	33	28	,	,	PUNCT
fbem-12160	33	29	which	which	PRON
fbem-12160	33	30	can	can	AUX
fbem-12160	33	31	increase	increase	VERB
fbem-12160	33	32	fdi	fdi	ADJ
fbem-12160	33	33	inflows	inflow	NOUN
fbem-12160	33	34	.	.	PUNCT
fbem-12160	34	1	campa	campa	PROPN
fbem-12160	34	2	(	(	PUNCT
fbem-12160	34	3	1993	1993	NUM
fbem-12160	34	4	)	)	PUNCT
fbem-12160	34	5	argued	argue	VERB
fbem-12160	34	6	that	that	SCONJ
fbem-12160	34	7	a	a	DET
fbem-12160	34	8	country	country	NOUN
fbem-12160	34	9	's	's	PART
fbem-12160	34	10	currency	currency	NOUN
fbem-12160	34	11	appreciation	appreciation	NOUN
fbem-12160	34	12	implies	imply	VERB
fbem-12160	34	13	a	a	DET
fbem-12160	34	14	decrease	decrease	NOUN
fbem-12160	34	15	in	in	ADP
fbem-12160	34	16	the	the	DET
fbem-12160	34	17	expected	expect	VERB
fbem-12160	34	18	future	future	ADJ
fbem-12160	34	19	profits	profit	NOUN
fbem-12160	34	20	that	that	PRON
fbem-12160	34	21	domestic	domestic	ADJ
fbem-12160	34	22	firms	firm	NOUN
fbem-12160	34	23	would	would	AUX
fbem-12160	34	24	derive	derive	VERB
fbem-12160	34	25	from	from	ADP
fbem-12160	34	26	foreign	foreign	ADJ
fbem-12160	34	27	investments	investment	NOUN
fbem-12160	34	28	.	.	PUNCT
fbem-12160	35	1	thus	thus	ADV
fbem-12160	35	2	,	,	PUNCT
fbem-12160	35	3	currency	currency	NOUN
fbem-12160	35	4	appreciation	appreciation	NOUN
fbem-12160	35	5	does	do	AUX
fbem-12160	35	6	not	not	PART
fbem-12160	35	7	necessarily	necessarily	ADV
fbem-12160	35	8	lead	lead	VERB
fbem-12160	35	9	to	to	ADP
fbem-12160	35	10	the	the	DET
fbem-12160	35	11	outflow	outflow	NOUN
fbem-12160	35	12	of	of	ADP
fbem-12160	35	13	ofdi	ofdi	NOUN
fbem-12160	35	14	.	.	PUNCT
fbem-12160	36	1	schmidt	schmidt	PROPN
fbem-12160	36	2	and	and	CCONJ
fbem-12160	36	3	broll	broll	PROPN
fbem-12160	36	4	(	(	PUNCT
fbem-12160	36	5	2008	2008	NUM
fbem-12160	36	6	)	)	PUNCT
fbem-12160	36	7	analyzed	analyze	VERB
fbem-12160	36	8	ofdi	ofdi	NOUN
fbem-12160	36	9	data	datum	NOUN
fbem-12160	36	10	from	from	ADP
fbem-12160	36	11	the	the	DET
fbem-12160	36	12	united	united	PROPN
fbem-12160	36	13	states	states	PROPN
fbem-12160	36	14	to	to	ADP
fbem-12160	36	15	six	six	NUM
fbem-12160	36	16	countries	country	NOUN
fbem-12160	36	17	43	43	NUM
fbem-12160	36	18	from	from	ADP
fbem-12160	36	19	1984	1984	NUM
fbem-12160	36	20	to	to	ADP
fbem-12160	36	21	2004	2004	NUM
fbem-12160	36	22	,	,	PUNCT
fbem-12160	36	23	where	where	SCONJ
fbem-12160	36	24	the	the	DET
fbem-12160	36	25	appreciation	appreciation	NOUN
fbem-12160	36	26	of	of	ADP
fbem-12160	36	27	the	the	DET
fbem-12160	36	28	host	host	NOUN
fbem-12160	36	29	country	country	NOUN
fbem-12160	36	30	's	's	PART
fbem-12160	36	31	currency	currency	NOUN
fbem-12160	36	32	relative	relative	ADJ
fbem-12160	36	33	to	to	ADP
fbem-12160	36	34	the	the	DET
fbem-12160	36	35	u.s	u.s	PROPN
fbem-12160	36	36	.	.	PROPN
fbem-12160	36	37	dollar	dollar	NOUN
fbem-12160	36	38	resulted	result	VERB
fbem-12160	36	39	in	in	ADP
fbem-12160	36	40	a	a	DET
fbem-12160	36	41	significant	significant	ADJ
fbem-12160	36	42	stimulation	stimulation	NOUN
fbem-12160	36	43	of	of	ADP
fbem-12160	36	44	outflows	outflow	NOUN
fbem-12160	36	45	of	of	ADP
fbem-12160	36	46	fdi	fdi	PROPN
fbem-12160	36	47	from	from	ADP
fbem-12160	36	48	the	the	DET
fbem-12160	36	49	united	united	PROPN
fbem-12160	36	50	states.wang	states.wang	PROPN
fbem-12160	36	51	zifeng	zifeng	PROPN
fbem-12160	36	52	(	(	PUNCT
fbem-12160	36	53	2009	2009	NUM
fbem-12160	36	54	)	)	PUNCT
fbem-12160	36	55	suggested	suggest	VERB
fbem-12160	36	56	that	that	SCONJ
fbem-12160	36	57	if	if	SCONJ
fbem-12160	36	58	state	state	NOUN
fbem-12160	36	59	-	-	PUNCT
fbem-12160	36	60	owned	own	VERB
fbem-12160	36	61	enterprises	enterprise	NOUN
fbem-12160	36	62	are	be	AUX
fbem-12160	36	63	in	in	ADP
fbem-12160	36	64	a	a	DET
fbem-12160	36	65	leading	lead	VERB
fbem-12160	36	66	technological	technological	ADJ
fbem-12160	36	67	position	position	NOUN
fbem-12160	36	68	,	,	PUNCT
fbem-12160	36	69	currency	currency	NOUN
fbem-12160	36	70	depreciation	depreciation	NOUN
fbem-12160	36	71	can	can	AUX
fbem-12160	36	72	increase	increase	VERB
fbem-12160	36	73	outward	outward	ADV
fbem-12160	36	74	foreign	foreign	ADJ
fbem-12160	36	75	investment	investment	NOUN
fbem-12160	36	76	.	.	PUNCT
fbem-12160	37	1	in	in	ADP
fbem-12160	37	2	cases	case	NOUN
fbem-12160	37	3	where	where	SCONJ
fbem-12160	37	4	they	they	PRON
fbem-12160	37	5	are	be	AUX
fbem-12160	37	6	technologically	technologically	ADV
fbem-12160	37	7	disadvantaged	disadvantaged	ADJ
fbem-12160	37	8	,	,	PUNCT
fbem-12160	37	9	foreign	foreign	ADJ
fbem-12160	37	10	investment	investment	NOUN
fbem-12160	37	11	may	may	AUX
fbem-12160	37	12	decrease	decrease	VERB
fbem-12160	37	13	.	.	PUNCT
fbem-12160	38	1	zhang	zhang	PROPN
fbem-12160	38	2	weifu	weifu	PROPN
fbem-12160	38	3	(	(	PUNCT
fbem-12160	38	4	2008	2008	NUM
fbem-12160	38	5	)	)	PUNCT
fbem-12160	38	6	argued	argue	VERB
fbem-12160	38	7	that	that	SCONJ
fbem-12160	38	8	the	the	DET
fbem-12160	38	9	depreciation	depreciation	NOUN
fbem-12160	38	10	of	of	ADP
fbem-12160	38	11	the	the	DET
fbem-12160	38	12	renminbi	renminbi	NOUN
fbem-12160	38	13	against	against	ADP
fbem-12160	38	14	the	the	DET
fbem-12160	38	15	u.s	u.s	PROPN
fbem-12160	38	16	.	.	PROPN
fbem-12160	38	17	dollar	dollar	NOUN
fbem-12160	38	18	would	would	AUX
fbem-12160	38	19	boost	boost	VERB
fbem-12160	38	20	the	the	DET
fbem-12160	38	21	overall	overall	ADJ
fbem-12160	38	22	level	level	NOUN
fbem-12160	38	23	of	of	ADP
fbem-12160	38	24	china	china	PROPN
fbem-12160	38	25	's	's	PART
fbem-12160	38	26	ofdi	ofdi	NOUN
fbem-12160	38	27	.	.	PUNCT
fbem-12160	39	1	2	2	X
fbem-12160	39	2	.	.	X
fbem-12160	39	3	literature	literature	NOUN
fbem-12160	39	4	review	review	VERB
fbem-12160	39	5	the	the	DET
fbem-12160	39	6	impact	impact	NOUN
fbem-12160	39	7	of	of	ADP
fbem-12160	39	8	exchange	exchange	NOUN
fbem-12160	39	9	rate	rate	NOUN
fbem-12160	39	10	levels	level	NOUN
fbem-12160	39	11	on	on	ADP
fbem-12160	39	12	foreign	foreign	ADJ
fbem-12160	39	13	direct	direct	ADJ
fbem-12160	39	14	investment	investment	NOUN
fbem-12160	39	15	can	can	AUX
fbem-12160	39	16	be	be	AUX
fbem-12160	39	17	broadly	broadly	ADV
fbem-12160	39	18	categorized	categorize	VERB
fbem-12160	39	19	into	into	ADP
fbem-12160	39	20	two	two	NUM
fbem-12160	39	21	types	type	NOUN
fbem-12160	39	22	.	.	PUNCT
fbem-12160	40	1	one	one	NUM
fbem-12160	40	2	type	type	NOUN
fbem-12160	40	3	,	,	PUNCT
fbem-12160	40	4	as	as	SCONJ
fbem-12160	40	5	proposed	propose	VERB
fbem-12160	40	6	by	by	ADP
fbem-12160	40	7	scholars	scholar	NOUN
fbem-12160	40	8	like	like	ADP
fbem-12160	40	9	froot	froot	NOUN
fbem-12160	40	10	,	,	PUNCT
fbem-12160	40	11	and	and	CCONJ
fbem-12160	40	12	stein	stein	PROPN
fbem-12160	40	13	(	(	PUNCT
fbem-12160	40	14	1991	1991	NUM
fbem-12160	40	15	)	)	PUNCT
fbem-12160	40	16	,	,	PUNCT
fbem-12160	40	17	suggests	suggest	VERB
fbem-12160	40	18	that	that	SCONJ
fbem-12160	40	19	depreciation	depreciation	NOUN
fbem-12160	40	20	of	of	ADP
fbem-12160	40	21	the	the	DET
fbem-12160	40	22	host	host	NOUN
fbem-12160	40	23	country	country	NOUN
fbem-12160	40	24	's	's	PART
fbem-12160	40	25	currency	currency	NOUN
fbem-12160	40	26	compared	compare	VERB
fbem-12160	40	27	to	to	ADP
fbem-12160	40	28	the	the	DET
fbem-12160	40	29	home	home	NOUN
fbem-12160	40	30	country	country	NOUN
fbem-12160	40	31	is	be	AUX
fbem-12160	40	32	favorable	favorable	ADJ
fbem-12160	40	33	for	for	ADP
fbem-12160	40	34	attracting	attract	VERB
fbem-12160	40	35	inward	inward	ADV
fbem-12160	40	36	foreign	foreign	ADJ
fbem-12160	40	37	direct	direct	ADJ
fbem-12160	40	38	investment	investment	NOUN
fbem-12160	40	39	,	,	PUNCT
fbem-12160	40	40	while	while	SCONJ
fbem-12160	40	41	the	the	DET
fbem-12160	40	42	opposite	opposite	NOUN
fbem-12160	40	43	holds	hold	VERB
fbem-12160	40	44	true	true	ADJ
fbem-12160	40	45	for	for	ADP
fbem-12160	40	46	currency	currency	NOUN
fbem-12160	40	47	appreciation	appreciation	NOUN
fbem-12160	40	48	.	.	PUNCT
fbem-12160	41	1	in	in	ADP
fbem-12160	41	2	situations	situation	NOUN
fbem-12160	41	3	with	with	ADP
fbem-12160	41	4	incomplete	incomplete	ADJ
fbem-12160	41	5	capital	capital	NOUN
fbem-12160	41	6	markets	market	NOUN
fbem-12160	41	7	,	,	PUNCT
fbem-12160	41	8	a	a	DET
fbem-12160	41	9	depreciation	depreciation	NOUN
fbem-12160	41	10	of	of	ADP
fbem-12160	41	11	the	the	DET
fbem-12160	41	12	national	national	ADJ
fbem-12160	41	13	currency	currency	NOUN
fbem-12160	41	14	reduces	reduce	VERB
fbem-12160	41	15	relative	relative	ADJ
fbem-12160	41	16	production	production	NOUN
fbem-12160	41	17	costs	cost	NOUN
fbem-12160	41	18	,	,	PUNCT
fbem-12160	41	19	increases	increase	VERB
fbem-12160	41	20	the	the	DET
fbem-12160	41	21	returns	return	NOUN
fbem-12160	41	22	for	for	ADP
fbem-12160	41	23	foreign	foreign	ADJ
fbem-12160	41	24	investors	investor	NOUN
fbem-12160	41	25	,	,	PUNCT
fbem-12160	41	26	and	and	CCONJ
fbem-12160	41	27	encourages	encourage	VERB
fbem-12160	41	28	inward	inward	ADV
fbem-12160	41	29	foreign	foreign	ADJ
fbem-12160	41	30	direct	direct	ADJ
fbem-12160	41	31	investment	investment	NOUN
fbem-12160	41	32	.	.	PUNCT
fbem-12160	42	1	additionally	additionally	ADV
fbem-12160	42	2	,	,	PUNCT
fbem-12160	42	3	currency	currency	NOUN
fbem-12160	42	4	depreciation	depreciation	NOUN
fbem-12160	42	5	enhances	enhance	VERB
fbem-12160	42	6	the	the	DET
fbem-12160	42	7	relative	relative	ADJ
fbem-12160	42	8	wealth	wealth	NOUN
fbem-12160	42	9	of	of	ADP
fbem-12160	42	10	foreign	foreign	ADJ
fbem-12160	42	11	investors	investor	NOUN
fbem-12160	42	12	,	,	PUNCT
fbem-12160	42	13	stimulating	stimulate	VERB
fbem-12160	42	14	their	their	PRON
fbem-12160	42	15	interest	interest	NOUN
fbem-12160	42	16	in	in	ADP
fbem-12160	42	17	acquiring	acquire	VERB
fbem-12160	42	18	businesses	business	NOUN
fbem-12160	42	19	in	in	ADP
fbem-12160	42	20	the	the	DET
fbem-12160	42	21	host	host	NOUN
fbem-12160	42	22	country	country	NOUN
fbem-12160	42	23	.	.	PUNCT
fbem-12160	43	1	empirical	empirical	ADJ
fbem-12160	43	2	analysis	analysis	NOUN
fbem-12160	43	3	conducted	conduct	VERB
fbem-12160	43	4	by	by	ADP
fbem-12160	43	5	frost	frost	NOUN
fbem-12160	43	6	and	and	CCONJ
fbem-12160	43	7	stein	stein	PROPN
fbem-12160	43	8	(	(	PUNCT
fbem-12160	43	9	1991	1991	NUM
fbem-12160	43	10	)	)	PUNCT
fbem-12160	43	11	on	on	ADP
fbem-12160	43	12	thirteen	thirteen	NUM
fbem-12160	43	13	u.s	u.s	PROPN
fbem-12160	43	14	.	.	PROPN
fbem-12160	43	15	industries	industry	NOUN
fbem-12160	43	16	found	find	VERB
fbem-12160	43	17	that	that	SCONJ
fbem-12160	43	18	the	the	DET
fbem-12160	43	19	depreciation	depreciation	NOUN
fbem-12160	43	20	of	of	ADP
fbem-12160	43	21	the	the	DET
fbem-12160	43	22	u.s	u.s	PROPN
fbem-12160	43	23	.	.	PROPN
fbem-12160	43	24	dollar	dollar	NOUN
fbem-12160	43	25	lowered	lower	VERB
fbem-12160	43	26	the	the	DET
fbem-12160	43	27	relative	relative	ADJ
fbem-12160	43	28	prices	price	NOUN
fbem-12160	43	29	of	of	ADP
fbem-12160	43	30	u.s	u.s	PROPN
fbem-12160	43	31	.	.	PROPN
fbem-12160	43	32	assets	asset	NOUN
fbem-12160	43	33	and	and	CCONJ
fbem-12160	43	34	correspondingly	correspondingly	ADV
fbem-12160	43	35	improved	improve	VERB
fbem-12160	43	36	the	the	DET
fbem-12160	43	37	production	production	NOUN
fbem-12160	43	38	and	and	CCONJ
fbem-12160	43	39	operational	operational	ADJ
fbem-12160	43	40	capabilities	capability	NOUN
fbem-12160	43	41	of	of	ADP
fbem-12160	43	42	foreign	foreign	ADJ
fbem-12160	43	43	firms	firm	NOUN
fbem-12160	43	44	in	in	ADP
fbem-12160	43	45	the	the	DET
fbem-12160	43	46	u.s	u.s	PROPN
fbem-12160	43	47	.	.	PROPN
fbem-12160	43	48	,	,	PUNCT
fbem-12160	43	49	confirming	confirm	VERB
fbem-12160	43	50	that	that	SCONJ
fbem-12160	43	51	currency	currency	NOUN
fbem-12160	43	52	depreciation	depreciation	NOUN
fbem-12160	43	53	led	lead	VERB
fbem-12160	43	54	to	to	ADP
fbem-12160	43	55	increased	increase	VERB
fbem-12160	43	56	foreign	foreign	ADJ
fbem-12160	43	57	direct	direct	ADJ
fbem-12160	43	58	investment	investment	NOUN
fbem-12160	43	59	in	in	ADP
fbem-12160	43	60	the	the	DET
fbem-12160	43	61	united	united	PROPN
fbem-12160	43	62	states	states	PROPN
fbem-12160	43	63	.	.	PUNCT
fbem-12160	44	1	analysis	analysis	NOUN
fbem-12160	44	2	of	of	ADP
fbem-12160	44	3	investments	investment	NOUN
fbem-12160	44	4	in	in	ADP
fbem-12160	44	5	japan	japan	PROPN
fbem-12160	44	6	,	,	PUNCT
fbem-12160	44	7	indonesia	indonesia	PROPN
fbem-12160	44	8	,	,	PUNCT
fbem-12160	44	9	malaysia	malaysia	PROPN
fbem-12160	44	10	,	,	PUNCT
fbem-12160	44	11	the	the	DET
fbem-12160	44	12	philippines	philippine	NOUN
fbem-12160	44	13	,	,	PUNCT
fbem-12160	44	14	and	and	CCONJ
fbem-12160	44	15	thailand	thailand	PROPN
fbem-12160	44	16	also	also	ADV
fbem-12160	44	17	confirmed	confirm	VERB
fbem-12160	44	18	that	that	SCONJ
fbem-12160	44	19	the	the	DET
fbem-12160	44	20	depreciation	depreciation	NOUN
fbem-12160	44	21	of	of	ADP
fbem-12160	44	22	the	the	DET
fbem-12160	44	23	host	host	NOUN
fbem-12160	44	24	country	country	NOUN
fbem-12160	44	25	's	's	PART
fbem-12160	44	26	currency	currency	NOUN
fbem-12160	44	27	was	be	AUX
fbem-12160	44	28	favorable	favorable	ADJ
fbem-12160	44	29	for	for	ADP
fbem-12160	44	30	attracting	attract	VERB
fbem-12160	44	31	japanese	japanese	ADJ
fbem-12160	44	32	investment	investment	NOUN
fbem-12160	44	33	.	.	PUNCT
fbem-12160	45	1	hu	hu	PROPN
fbem-12160	45	2	(	(	PUNCT
fbem-12160	45	3	2012	2012	NUM
fbem-12160	45	4	)	)	PUNCT
fbem-12160	45	5	suggest	suggest	VERB
fbem-12160	45	6	that	that	SCONJ
fbem-12160	45	7	rmb	rmb	NOUN
fbem-12160	45	8	appreciation	appreciation	NOUN
fbem-12160	45	9	would	would	AUX
fbem-12160	45	10	promote	promote	VERB
fbem-12160	45	11	foreign	foreign	ADJ
fbem-12160	45	12	investment	investment	NOUN
fbem-12160	45	13	in	in	ADP
fbem-12160	45	14	china	china	PROPN
fbem-12160	45	15	.	.	PUNCT
fbem-12160	46	1	liu	liu	PROPN
fbem-12160	46	2	(	(	PUNCT
fbem-12160	46	3	2014	2014	NUM
fbem-12160	46	4	)	)	PUNCT
fbem-12160	46	5	posit	posit	VERB
fbem-12160	46	6	that	that	SCONJ
fbem-12160	46	7	rmb	rmb	NOUN
fbem-12160	46	8	appreciation	appreciation	NOUN
fbem-12160	46	9	has	have	VERB
fbem-12160	46	10	no	no	DET
fbem-12160	46	11	significant	significant	ADJ
fbem-12160	46	12	short	short	ADJ
fbem-12160	46	13	-	-	PUNCT
fbem-12160	46	14	term	term	NOUN
fbem-12160	46	15	impact	impact	NOUN
fbem-12160	46	16	on	on	ADP
fbem-12160	46	17	china	china	PROPN
fbem-12160	46	18	's	's	PART
fbem-12160	46	19	fdi	fdi	NOUN
fbem-12160	46	20	but	but	CCONJ
fbem-12160	46	21	would	would	AUX
fbem-12160	46	22	have	have	VERB
fbem-12160	46	23	a	a	DET
fbem-12160	46	24	positive	positive	ADJ
fbem-12160	46	25	effect	effect	NOUN
fbem-12160	46	26	in	in	ADP
fbem-12160	46	27	the	the	DET
fbem-12160	46	28	long	long	ADJ
fbem-12160	46	29	term	term	NOUN
fbem-12160	46	30	.	.	PUNCT
fbem-12160	47	1	the	the	DET
fbem-12160	47	2	second	second	ADJ
fbem-12160	47	3	category	category	NOUN
fbem-12160	47	4	suggests	suggest	VERB
fbem-12160	47	5	that	that	SCONJ
fbem-12160	47	6	a	a	DET
fbem-12160	47	7	home	home	NOUN
fbem-12160	47	8	country	country	NOUN
fbem-12160	47	9	's	's	PART
fbem-12160	47	10	currency	currency	NOUN
fbem-12160	47	11	depreciation	depreciation	NOUN
fbem-12160	47	12	promotes	promote	VERB
fbem-12160	47	13	overseas	overseas	ADV
fbem-12160	47	14	direct	direct	ADJ
fbem-12160	47	15	investment	investment	NOUN
fbem-12160	47	16	.	.	PUNCT
fbem-12160	48	1	studies	study	NOUN
fbem-12160	48	2	following	follow	VERB
fbem-12160	48	3	this	this	DET
fbem-12160	48	4	perspective	perspective	NOUN
fbem-12160	48	5	argue	argue	VERB
fbem-12160	48	6	that	that	SCONJ
fbem-12160	48	7	host	host	NOUN
fbem-12160	48	8	country	country	NOUN
fbem-12160	48	9	currency	currency	NOUN
fbem-12160	48	10	appreciation	appreciation	NOUN
fbem-12160	48	11	can	can	AUX
fbem-12160	48	12	boost	boost	VERB
fbem-12160	48	13	inflows	inflow	NOUN
fbem-12160	48	14	of	of	ADP
fbem-12160	48	15	foreign	foreign	ADJ
fbem-12160	48	16	direct	direct	ADJ
fbem-12160	48	17	investment	investment	NOUN
fbem-12160	48	18	(	(	PUNCT
fbem-12160	48	19	fdi	fdi	NOUN
fbem-12160	48	20	)	)	PUNCT
fbem-12160	48	21	.	.	PUNCT
fbem-12160	49	1	campa	campa	PROPN
fbem-12160	49	2	(	(	PUNCT
fbem-12160	49	3	1993	1993	NUM
fbem-12160	49	4	)	)	PUNCT
fbem-12160	49	5	suggests	suggest	VERB
fbem-12160	49	6	that	that	SCONJ
fbem-12160	49	7	a	a	DET
fbem-12160	49	8	home	home	NOUN
fbem-12160	49	9	country	country	NOUN
fbem-12160	49	10	currency	currency	NOUN
fbem-12160	49	11	appreciation	appreciation	NOUN
fbem-12160	49	12	implies	imply	VERB
fbem-12160	49	13	a	a	DET
fbem-12160	49	14	decrease	decrease	NOUN
fbem-12160	49	15	in	in	ADP
fbem-12160	49	16	the	the	DET
fbem-12160	49	17	expected	expect	VERB
fbem-12160	49	18	future	future	ADJ
fbem-12160	49	19	profit	profit	NOUN
fbem-12160	49	20	levels	level	NOUN
fbem-12160	49	21	for	for	ADP
fbem-12160	49	22	that	that	DET
fbem-12160	49	23	country	country	NOUN
fbem-12160	49	24	's	's	PART
fbem-12160	49	25	businesses	business	NOUN
fbem-12160	49	26	from	from	ADP
fbem-12160	49	27	foreign	foreign	ADJ
fbem-12160	49	28	investments	investment	NOUN
fbem-12160	49	29	.	.	PUNCT
fbem-12160	50	1	therefore	therefore	ADV
fbem-12160	50	2	,	,	PUNCT
fbem-12160	50	3	currency	currency	NOUN
fbem-12160	50	4	appreciation	appreciation	NOUN
fbem-12160	50	5	does	do	AUX
fbem-12160	50	6	not	not	PART
fbem-12160	50	7	necessarily	necessarily	ADV
fbem-12160	50	8	lead	lead	VERB
fbem-12160	50	9	to	to	ADP
fbem-12160	50	10	an	an	DET
fbem-12160	50	11	outflow	outflow	NOUN
fbem-12160	50	12	of	of	ADP
fbem-12160	50	13	overseas	overseas	ADJ
fbem-12160	50	14	direct	direct	ADJ
fbem-12160	50	15	investment.schmidt	investment.schmidt	PROPN
fbem-12160	50	16	and	and	CCONJ
fbem-12160	50	17	broll	broll	PROPN
fbem-12160	50	18	(	(	PUNCT
fbem-12160	50	19	2008	2008	NUM
fbem-12160	50	20	)	)	PUNCT
fbem-12160	50	21	analyzed	analyze	VERB
fbem-12160	50	22	ofdi	ofdi	NOUN
fbem-12160	50	23	data	datum	NOUN
fbem-12160	50	24	from	from	ADP
fbem-12160	50	25	six	six	NUM
fbem-12160	50	26	countries	country	NOUN
fbem-12160	50	27	from	from	ADP
fbem-12160	50	28	1984	1984	NUM
fbem-12160	50	29	to	to	ADP
fbem-12160	50	30	2004	2004	NUM
fbem-12160	50	31	in	in	ADP
fbem-12160	50	32	the	the	DET
fbem-12160	50	33	context	context	NOUN
fbem-12160	50	34	of	of	ADP
fbem-12160	50	35	the	the	DET
fbem-12160	50	36	united	united	PROPN
fbem-12160	50	37	states	states	PROPN
fbem-12160	50	38	,	,	PUNCT
fbem-12160	50	39	and	and	CCONJ
fbem-12160	50	40	they	they	PRON
fbem-12160	50	41	found	find	VERB
fbem-12160	50	42	that	that	SCONJ
fbem-12160	50	43	host	host	NOUN
fbem-12160	50	44	country	country	NOUN
fbem-12160	50	45	currency	currency	NOUN
fbem-12160	50	46	appreciation	appreciation	NOUN
fbem-12160	50	47	resulted	result	VERB
fbem-12160	50	48	in	in	ADP
fbem-12160	50	49	a	a	DET
fbem-12160	50	50	significant	significant	ADJ
fbem-12160	50	51	stimulation	stimulation	NOUN
fbem-12160	50	52	of	of	ADP
fbem-12160	50	53	ofdi	ofdi	NOUN
fbem-12160	50	54	from	from	ADP
fbem-12160	50	55	the	the	DET
fbem-12160	50	56	united	united	PROPN
fbem-12160	50	57	states	states	PROPN
fbem-12160	50	58	.	.	PUNCT
fbem-12160	51	1	liu	liu	PROPN
fbem-12160	51	2	and	and	CCONJ
fbem-12160	51	3	deseatnicov	deseatnicov	PROPN
fbem-12160	51	4	(	(	PUNCT
fbem-12160	51	5	2016	2016	NUM
fbem-12160	51	6	)	)	PUNCT
fbem-12160	51	7	utilized	utilize	VERB
fbem-12160	51	8	investment	investment	NOUN
fbem-12160	51	9	data	datum	NOUN
fbem-12160	51	10	from	from	ADP
fbem-12160	51	11	china	china	PROPN
fbem-12160	51	12	to	to	ADP
fbem-12160	51	13	119	119	NUM
fbem-12160	51	14	economies	economy	NOUN
fbem-12160	51	15	between	between	ADP
fbem-12160	51	16	2003	2003	NUM
fbem-12160	51	17	and	and	CCONJ
fbem-12160	51	18	2013	2013	NUM
fbem-12160	51	19	.	.	PUNCT
fbem-12160	52	1	they	they	PRON
fbem-12160	52	2	conducted	conduct	VERB
fbem-12160	52	3	research	research	NOUN
fbem-12160	52	4	using	use	VERB
fbem-12160	52	5	a	a	DET
fbem-12160	52	6	linear	linear	ADJ
fbem-12160	52	7	dynamic	dynamic	ADJ
fbem-12160	52	8	panel	panel	NOUN
fbem-12160	52	9	model	model	NOUN
fbem-12160	52	10	and	and	CCONJ
fbem-12160	52	11	found	find	VERB
fbem-12160	52	12	evidence	evidence	NOUN
fbem-12160	52	13	suggesting	suggest	VERB
fbem-12160	52	14	that	that	SCONJ
fbem-12160	52	15	the	the	DET
fbem-12160	52	16	appreciation	appreciation	NOUN
fbem-12160	52	17	of	of	ADP
fbem-12160	52	18	the	the	DET
fbem-12160	52	19	chinese	chinese	PROPN
fbem-12160	52	20	yuan	yuan	PROPN
fbem-12160	52	21	is	be	AUX
fbem-12160	52	22	detrimental	detrimental	ADJ
fbem-12160	52	23	to	to	ADP
fbem-12160	52	24	china	china	PROPN
fbem-12160	52	25	's	's	PART
fbem-12160	52	26	outbound	outbound	ADJ
fbem-12160	52	27	foreign	foreign	ADJ
fbem-12160	52	28	direct	direct	ADJ
fbem-12160	52	29	investment	investment	NOUN
fbem-12160	52	30	.	.	PUNCT
fbem-12160	53	1	the	the	DET
fbem-12160	53	2	impact	impact	NOUN
fbem-12160	53	3	of	of	ADP
fbem-12160	53	4	exchange	exchange	NOUN
fbem-12160	53	5	rate	rate	NOUN
fbem-12160	53	6	fluctuations	fluctuation	NOUN
fbem-12160	53	7	on	on	ADP
fbem-12160	53	8	foreign	foreign	ADJ
fbem-12160	53	9	direct	direct	ADJ
fbem-12160	53	10	investment	investment	NOUN
fbem-12160	53	11	is	be	AUX
fbem-12160	53	12	another	another	DET
fbem-12160	53	13	important	important	ADJ
fbem-12160	53	14	issue	issue	NOUN
fbem-12160	53	15	.	.	PUNCT
fbem-12160	54	1	many	many	ADJ
fbem-12160	54	2	scholars	scholar	NOUN
fbem-12160	54	3	argue	argue	VERB
fbem-12160	54	4	that	that	SCONJ
fbem-12160	54	5	frequent	frequent	ADJ
fbem-12160	54	6	or	or	CCONJ
fbem-12160	54	7	drastic	drastic	ADJ
fbem-12160	54	8	fluctuations	fluctuation	NOUN
fbem-12160	54	9	in	in	ADP
fbem-12160	54	10	the	the	DET
fbem-12160	54	11	host	host	NOUN
fbem-12160	54	12	country	country	NOUN
fbem-12160	54	13	's	's	PART
fbem-12160	54	14	exchange	exchange	NOUN
fbem-12160	54	15	rates	rate	NOUN
fbem-12160	54	16	can	can	AUX
fbem-12160	54	17	have	have	VERB
fbem-12160	54	18	a	a	DET
fbem-12160	54	19	negative	negative	ADJ
fbem-12160	54	20	impact	impact	NOUN
fbem-12160	54	21	on	on	ADP
fbem-12160	54	22	risk	risk	NOUN
fbem-12160	54	23	-	-	PUNCT
fbem-12160	54	24	averse	averse	ADJ
fbem-12160	54	25	investors	investor	NOUN
fbem-12160	54	26	,	,	PUNCT
fbem-12160	54	27	leading	lead	VERB
fbem-12160	54	28	them	they	PRON
fbem-12160	54	29	to	to	PART
fbem-12160	54	30	cease	cease	VERB
fbem-12160	54	31	investment	investment	NOUN
fbem-12160	54	32	immediately	immediately	ADV
fbem-12160	54	33	.	.	PUNCT
fbem-12160	55	1	campa	campa	PROPN
fbem-12160	55	2	(	(	PUNCT
fbem-12160	55	3	1993	1993	NUM
fbem-12160	55	4	)	)	PUNCT
fbem-12160	55	5	concluded	conclude	VERB
fbem-12160	55	6	,	,	PUNCT
fbem-12160	55	7	using	use	VERB
fbem-12160	55	8	option	option	NOUN
fbem-12160	55	9	pricing	pricing	NOUN
fbem-12160	55	10	models	model	NOUN
fbem-12160	55	11	,	,	PUNCT
fbem-12160	55	12	that	that	PRON
fbem-12160	55	13	frequent	frequent	ADJ
fbem-12160	55	14	exchange	exchange	NOUN
fbem-12160	55	15	rate	rate	NOUN
fbem-12160	55	16	fluctuations	fluctuation	NOUN
fbem-12160	55	17	introduce	introduce	VERB
fbem-12160	55	18	significant	significant	ADJ
fbem-12160	55	19	uncertainty	uncertainty	NOUN
fbem-12160	55	20	for	for	ADP
fbem-12160	55	21	businesses	business	NOUN
fbem-12160	55	22	,	,	PUNCT
fbem-12160	55	23	and	and	CCONJ
fbem-12160	55	24	only	only	ADV
fbem-12160	55	25	a	a	DET
fbem-12160	55	26	higher	high	ADJ
fbem-12160	55	27	level	level	NOUN
fbem-12160	55	28	of	of	ADP
fbem-12160	55	29	host	host	NOUN
fbem-12160	55	30	country	country	NOUN
fbem-12160	55	31	currency	currency	NOUN
fbem-12160	55	32	exchange	exchange	NOUN
fbem-12160	55	33	rates	rate	NOUN
fbem-12160	55	34	can	can	AUX
fbem-12160	55	35	guide	guide	VERB
fbem-12160	55	36	companies	company	NOUN
fbem-12160	55	37	to	to	PART
fbem-12160	55	38	engage	engage	VERB
fbem-12160	55	39	in	in	ADP
fbem-12160	55	40	overseas	overseas	ADJ
fbem-12160	55	41	direct	direct	ADJ
fbem-12160	55	42	investment	investment	NOUN
fbem-12160	55	43	.	.	PUNCT
fbem-12160	56	1	however	however	ADV
fbem-12160	56	2	,	,	PUNCT
fbem-12160	56	3	if	if	SCONJ
fbem-12160	56	4	trade	trade	NOUN
fbem-12160	56	5	and	and	CCONJ
fbem-12160	56	6	investment	investment	NOUN
fbem-12160	56	7	are	be	AUX
fbem-12160	56	8	considered	consider	VERB
fbem-12160	56	9	as	as	ADP
fbem-12160	56	10	alternative	alternative	ADJ
fbem-12160	56	11	means	mean	NOUN
fbem-12160	56	12	,	,	PUNCT
fbem-12160	56	13	multinational	multinational	ADJ
fbem-12160	56	14	corporations	corporation	NOUN
fbem-12160	56	15	may	may	AUX
fbem-12160	56	16	increase	increase	VERB
fbem-12160	56	17	foreign	foreign	ADJ
fbem-12160	56	18	direct	direct	ADJ
fbem-12160	56	19	investment	investment	NOUN
fbem-12160	56	20	to	to	PART
fbem-12160	56	21	mitigate	mitigate	VERB
fbem-12160	56	22	currency	currency	NOUN
fbem-12160	56	23	risk	risk	NOUN
fbem-12160	56	24	in	in	ADP
fbem-12160	56	25	international	international	ADJ
fbem-12160	56	26	trade	trade	NOUN
fbem-12160	56	27	due	due	ADP
fbem-12160	56	28	to	to	ADP
fbem-12160	56	29	exchange	exchange	NOUN
fbem-12160	56	30	rate	rate	NOUN
fbem-12160	56	31	fluctuations	fluctuation	NOUN
fbem-12160	56	32	.	.	PUNCT
fbem-12160	57	1	cushman	cushman	NOUN
fbem-12160	57	2	(	(	PUNCT
fbem-12160	57	3	1988	1988	NUM
fbem-12160	57	4	)	)	PUNCT
fbem-12160	57	5	conducted	conduct	VERB
fbem-12160	57	6	research	research	NOUN
fbem-12160	57	7	that	that	PRON
fbem-12160	57	8	confirmed	confirm	VERB
fbem-12160	57	9	a	a	DET
fbem-12160	57	10	positive	positive	ADJ
fbem-12160	57	11	correlation	correlation	NOUN
fbem-12160	57	12	between	between	ADP
fbem-12160	57	13	the	the	DET
fbem-12160	57	14	size	size	NOUN
fbem-12160	57	15	of	of	ADP
fbem-12160	57	16	exchange	exchange	NOUN
fbem-12160	57	17	rate	rate	NOUN
fbem-12160	57	18	fluctuations	fluctuation	NOUN
fbem-12160	57	19	and	and	CCONJ
fbem-12160	57	20	u.s	u.s	PROPN
fbem-12160	57	21	.	.	PROPN
fbem-12160	57	22	outbound	outbound	ADJ
fbem-12160	57	23	foreign	foreign	ADJ
fbem-12160	57	24	direct	direct	ADJ
fbem-12160	57	25	investment	investment	NOUN
fbem-12160	57	26	(	(	PUNCT
fbem-12160	57	27	ofdi	ofdi	NOUN
fbem-12160	57	28	)	)	PUNCT
fbem-12160	57	29	.	.	PUNCT
fbem-12160	58	1	his	his	PRON
fbem-12160	58	2	findings	finding	NOUN
fbem-12160	58	3	suggested	suggest	VERB
fbem-12160	58	4	that	that	SCONJ
fbem-12160	58	5	american	american	PROPN
fbem-12160	58	6	ofdi	ofdi	PROPN
fbem-12160	58	7	increased	increase	VERB
fbem-12160	58	8	with	with	ADP
fbem-12160	58	9	greater	great	ADJ
fbem-12160	58	10	exchange	exchange	NOUN
fbem-12160	58	11	rate	rate	NOUN
fbem-12160	58	12	volatility	volatility	NOUN
fbem-12160	58	13	because	because	SCONJ
fbem-12160	58	14	using	use	VERB
fbem-12160	58	15	ofdi	ofdi	PRON
fbem-12160	58	16	for	for	ADP
fbem-12160	58	17	local	local	ADJ
fbem-12160	58	18	production	production	NOUN
fbem-12160	58	19	in	in	ADP
fbem-12160	58	20	a	a	DET
fbem-12160	58	21	foreign	foreign	ADJ
fbem-12160	58	22	market	market	NOUN
fbem-12160	58	23	was	be	AUX
fbem-12160	58	24	a	a	DET
fbem-12160	58	25	more	more	ADV
fbem-12160	58	26	effective	effective	ADJ
fbem-12160	58	27	strategy	strategy	NOUN
fbem-12160	58	28	for	for	ADP
fbem-12160	58	29	mitigating	mitigate	VERB
fbem-12160	58	30	currency	currency	NOUN
fbem-12160	58	31	risk	risk	NOUN
fbem-12160	58	32	compared	compare	VERB
fbem-12160	58	33	to	to	ADP
fbem-12160	58	34	exporting	export	VERB
fbem-12160	58	35	to	to	ADP
fbem-12160	58	36	that	that	DET
fbem-12160	58	37	market	market	NOUN
fbem-12160	58	38	.	.	PUNCT
fbem-12160	59	1	additionally	additionally	ADV
fbem-12160	59	2	,	,	PUNCT
fbem-12160	59	3	for	for	ADP
fbem-12160	59	4	tangible	tangible	ADJ
fbem-12160	59	5	assets	asset	NOUN
fbem-12160	59	6	with	with	ADP
fbem-12160	59	7	currency	currency	NOUN
fbem-12160	59	8	risk	risk	NOUN
fbem-12160	59	9	exposure	exposure	NOUN
fbem-12160	59	10	,	,	PUNCT
fbem-12160	59	11	larger	large	ADJ
fbem-12160	59	12	exchange	exchange	NOUN
fbem-12160	59	13	rate	rate	NOUN
fbem-12160	59	14	fluctuations	fluctuation	NOUN
fbem-12160	59	15	were	be	AUX
fbem-12160	59	16	found	find	VERB
fbem-12160	59	17	to	to	PART
fbem-12160	59	18	stimulate	stimulate	VERB
fbem-12160	59	19	businesses	business	NOUN
fbem-12160	59	20	in	in	ADP
fbem-12160	59	21	making	make	VERB
fbem-12160	59	22	ofdi	ofdi	NOUN
fbem-12160	59	23	decisions	decision	NOUN
fbem-12160	59	24	.	.	PUNCT
fbem-12160	60	1	many	many	ADJ
fbem-12160	60	2	studies	study	NOUN
fbem-12160	60	3	in	in	ADP
fbem-12160	60	4	the	the	DET
fbem-12160	60	5	literature	literature	NOUN
fbem-12160	60	6	have	have	AUX
fbem-12160	60	7	empirically	empirically	ADV
fbem-12160	60	8	demonstrated	demonstrate	VERB
fbem-12160	60	9	the	the	DET
fbem-12160	60	10	relationship	relationship	NOUN
fbem-12160	60	11	between	between	ADP
fbem-12160	60	12	outbound	outbound	ADJ
fbem-12160	60	13	foreign	foreign	ADJ
fbem-12160	60	14	direct	direct	ADJ
fbem-12160	60	15	investment	investment	NOUN
fbem-12160	60	16	(	(	PUNCT
fbem-12160	60	17	ofdi	ofdi	X
fbem-12160	60	18	)	)	PUNCT
fbem-12160	60	19	from	from	ADP
fbem-12160	60	20	developed	develop	VERB
fbem-12160	60	21	countries	country	NOUN
fbem-12160	60	22	and	and	CCONJ
fbem-12160	60	23	their	their	PRON
fbem-12160	60	24	domestic	domestic	ADJ
fbem-12160	60	25	currency	currency	NOUN
fbem-12160	60	26	exchange	exchange	NOUN
fbem-12160	60	27	rates	rate	NOUN
fbem-12160	60	28	.	.	PUNCT
fbem-12160	61	1	however	however	ADV
fbem-12160	61	2	,	,	PUNCT
fbem-12160	61	3	when	when	SCONJ
fbem-12160	61	4	examining	examine	VERB
fbem-12160	61	5	multinational	multinational	ADJ
fbem-12160	61	6	corporations	corporation	NOUN
fbem-12160	61	7	from	from	ADP
fbem-12160	61	8	the	the	DET
fbem-12160	61	9	united	united	PROPN
fbem-12160	61	10	states	states	PROPN
fbem-12160	61	11	,	,	PUNCT
fbem-12160	61	12	japan	japan	PROPN
fbem-12160	61	13	,	,	PUNCT
fbem-12160	61	14	and	and	CCONJ
fbem-12160	61	15	europe	europe	PROPN
fbem-12160	61	16	,	,	PUNCT
fbem-12160	61	17	researchers	researcher	NOUN
fbem-12160	61	18	have	have	AUX
fbem-12160	61	19	found	find	VERB
fbem-12160	61	20	significant	significant	ADJ
fbem-12160	61	21	differences	difference	NOUN
fbem-12160	61	22	in	in	ADP
fbem-12160	61	23	results	result	NOUN
fbem-12160	61	24	compared	compare	VERB
fbem-12160	61	25	to	to	ADP
fbem-12160	61	26	theoretical	theoretical	ADJ
fbem-12160	61	27	analyses	analysis	NOUN
fbem-12160	61	28	.	.	PUNCT
fbem-12160	62	1	given	give	VERB
fbem-12160	62	2	china	china	PROPN
fbem-12160	62	3	's	's	PART
fbem-12160	62	4	unique	unique	ADJ
fbem-12160	62	5	characteristics	characteristic	NOUN
fbem-12160	62	6	,	,	PUNCT
fbem-12160	62	7	institutional	institutional	ADJ
fbem-12160	62	8	policies	policy	NOUN
fbem-12160	62	9	,	,	PUNCT
fbem-12160	62	10	and	and	CCONJ
fbem-12160	62	11	differing	differ	VERB
fbem-12160	62	12	circumstances	circumstance	NOUN
fbem-12160	62	13	compared	compare	VERB
fbem-12160	62	14	to	to	ADP
fbem-12160	62	15	developed	develop	VERB
fbem-12160	62	16	countries	country	NOUN
fbem-12160	62	17	or	or	CCONJ
fbem-12160	62	18	other	other	ADJ
fbem-12160	62	19	developing	develop	VERB
fbem-12160	62	20	nations	nation	NOUN
fbem-12160	62	21	,	,	PUNCT
fbem-12160	62	22	many	many	ADJ
fbem-12160	62	23	studies	study	NOUN
fbem-12160	62	24	in	in	ADP
fbem-12160	62	25	the	the	DET
fbem-12160	62	26	literature	literature	NOUN
fbem-12160	62	27	have	have	AUX
fbem-12160	62	28	focused	focus	VERB
fbem-12160	62	29	on	on	ADP
fbem-12160	62	30	attracting	attract	VERB
fbem-12160	62	31	foreign	foreign	ADJ
fbem-12160	62	32	investment	investment	NOUN
fbem-12160	62	33	.	.	PUNCT
fbem-12160	63	1	they	they	PRON
fbem-12160	63	2	establish	establish	VERB
fbem-12160	63	3	models	model	NOUN
fbem-12160	63	4	to	to	PART
fbem-12160	63	5	study	study	VERB
fbem-12160	63	6	the	the	DET
fbem-12160	63	7	impact	impact	NOUN
fbem-12160	63	8	of	of	ADP
fbem-12160	63	9	ofdi	ofdi	NOUN
fbem-12160	63	10	on	on	ADP
fbem-12160	63	11	the	the	DET
fbem-12160	63	12	fluctuations	fluctuation	NOUN
fbem-12160	63	13	of	of	ADP
fbem-12160	63	14	the	the	DET
fbem-12160	63	15	chinese	chinese	ADJ
fbem-12160	63	16	renminbi	renminbi	NOUN
fbem-12160	63	17	(	(	PUNCT
fbem-12160	63	18	rmb	rmb	NOUN
fbem-12160	63	19	)	)	PUNCT
fbem-12160	63	20	exchange	exchange	NOUN
fbem-12160	63	21	rate.for	rate.for	ADP
fbem-12160	63	22	example	example	NOUN
fbem-12160	63	23	,	,	PUNCT
fbem-12160	63	24	hongfeng	hongfeng	PROPN
fbem-12160	63	25	peng	peng	PROPN
fbem-12160	63	26	conducted	conduct	VERB
fbem-12160	63	27	a	a	DET
fbem-12160	63	28	time	time	NOUN
fbem-12160	63	29	-	-	PUNCT
fbem-12160	63	30	series	series	NOUN
fbem-12160	63	31	analysis	analysis	NOUN
fbem-12160	63	32	based	base	VERB
fbem-12160	63	33	on	on	ADP
fbem-12160	63	34	monthly	monthly	ADJ
fbem-12160	63	35	data	datum	NOUN
fbem-12160	63	36	and	and	CCONJ
fbem-12160	63	37	concluded	conclude	VERB
fbem-12160	63	38	that	that	SCONJ
fbem-12160	63	39	before	before	ADP
fbem-12160	63	40	the	the	DET
fbem-12160	63	41	2005	2005	NUM
fbem-12160	63	42	exchange	exchange	NOUN
fbem-12160	63	43	rate	rate	NOUN
fbem-12160	63	44	reform	reform	NOUN
fbem-12160	63	45	in	in	ADP
fbem-12160	63	46	china	china	PROPN
fbem-12160	63	47	,	,	PUNCT
fbem-12160	63	48	the	the	DET
fbem-12160	63	49	primary	primary	ADJ
fbem-12160	63	50	factor	factor	NOUN
fbem-12160	63	51	influencing	influence	VERB
fbem-12160	63	52	fdi	fdi	ADJ
fbem-12160	63	53	inflow	inflow	NOUN
fbem-12160	63	54	was	be	AUX
fbem-12160	63	55	the	the	DET
fbem-12160	63	56	expectations	expectation	NOUN
fbem-12160	63	57	regarding	regard	VERB
fbem-12160	63	58	the	the	DET
fbem-12160	63	59	rmb	rmb	PROPN
fbem-12160	63	60	exchange	exchange	NOUN
fbem-12160	63	61	rate	rate	NOUN
fbem-12160	63	62	.	.	PUNCT
fbem-12160	64	1	however	however	ADV
fbem-12160	64	2	,	,	PUNCT
fbem-12160	64	3	the	the	DET
fbem-12160	64	4	effective	effective	ADJ
fbem-12160	64	5	rmb	rmb	NOUN
fbem-12160	64	6	exchange	exchange	NOUN
fbem-12160	64	7	rate	rate	NOUN
fbem-12160	64	8	did	do	AUX
fbem-12160	64	9	not	not	PART
fbem-12160	64	10	significantly	significantly	ADV
fbem-12160	64	11	affect	affect	VERB
fbem-12160	64	12	fdi	fdi	ADJ
fbem-12160	64	13	inflow	inflow	NOUN
fbem-12160	64	14	.	.	PUNCT
fbem-12160	65	1	his	his	PRON
fbem-12160	65	2	research	research	NOUN
fbem-12160	65	3	also	also	ADV
fbem-12160	65	4	found	find	VERB
fbem-12160	65	5	that	that	SCONJ
fbem-12160	65	6	despite	despite	SCONJ
fbem-12160	65	7	significant	significant	ADJ
fbem-12160	65	8	fluctuations	fluctuation	NOUN
fbem-12160	65	9	in	in	ADP
fbem-12160	65	10	the	the	DET
fbem-12160	65	11	effective	effective	ADJ
fbem-12160	65	12	rmb	rmb	NOUN
fbem-12160	65	13	exchange	exchange	NOUN
fbem-12160	65	14	rate	rate	NOUN
fbem-12160	65	15	before	before	ADP
fbem-12160	65	16	and	and	CCONJ
fbem-12160	65	17	after	after	ADP
fbem-12160	65	18	the	the	DET
fbem-12160	65	19	2005	2005	NUM
fbem-12160	65	20	reform	reform	NOUN
fbem-12160	65	21	,	,	PUNCT
fbem-12160	65	22	these	these	DET
fbem-12160	65	23	fluctuations	fluctuation	NOUN
fbem-12160	65	24	did	do	AUX
fbem-12160	65	25	not	not	PART
fbem-12160	65	26	significantly	significantly	ADV
fbem-12160	65	27	impact	impact	VERB
fbem-12160	65	28	china	china	PROPN
fbem-12160	65	29	's	's	PART
fbem-12160	65	30	fdi	fdi	NOUN
fbem-12160	65	31	inflows	inflow	NOUN
fbem-12160	65	32	.	.	PUNCT
fbem-12160	66	1	3	3	X
fbem-12160	66	2	.	.	X
fbem-12160	66	3	theoretical	theoretical	ADJ
fbem-12160	66	4	analysis	analysis	NOUN
fbem-12160	66	5	and	and	CCONJ
fbem-12160	66	6	research	research	NOUN
fbem-12160	66	7	hypotheses	hypothesis	NOUN
fbem-12160	66	8	3.1	3.1	NUM
fbem-12160	66	9	.	.	PUNCT
fbem-12160	67	1	exchange	exchange	NOUN
fbem-12160	67	2	rate	rate	NOUN
fbem-12160	67	3	level	level	NOUN
fbem-12160	67	4	and	and	CCONJ
fbem-12160	67	5	fluctuation	fluctuation	NOUN
fbem-12160	67	6	relationship	relationship	NOUN
fbem-12160	67	7	with	with	ADP
fbem-12160	67	8	ofdi	ofdi	PRON
fbem-12160	67	9	when	when	SCONJ
fbem-12160	67	10	it	it	PRON
fbem-12160	67	11	comes	come	VERB
fbem-12160	67	12	to	to	ADP
fbem-12160	67	13	exchange	exchange	NOUN
fbem-12160	67	14	rate	rate	NOUN
fbem-12160	67	15	levels	level	NOUN
fbem-12160	67	16	,	,	PUNCT
fbem-12160	67	17	one	one	NUM
fbem-12160	67	18	theory	theory	NOUN
fbem-12160	67	19	posits	posit	VERB
fbem-12160	67	20	that	that	SCONJ
fbem-12160	67	21	a	a	DET
fbem-12160	67	22	home	home	NOUN
fbem-12160	67	23	currency	currency	NOUN
fbem-12160	67	24	appreciation	appreciation	NOUN
fbem-12160	67	25	promotes	promote	VERB
fbem-12160	67	26	foreign	foreign	ADJ
fbem-12160	67	27	direct	direct	ADJ
fbem-12160	67	28	investment	investment	NOUN
fbem-12160	67	29	(	(	PUNCT
fbem-12160	67	30	fdi	fdi	PROPN
fbem-12160	67	31	)	)	PUNCT
fbem-12160	67	32	because	because	SCONJ
fbem-12160	67	33	a	a	DET
fbem-12160	67	34	depreciation	depreciation	NOUN
fbem-12160	67	35	of	of	ADP
fbem-12160	67	36	one	one	PRON
fbem-12160	67	37	's	's	PART
fbem-12160	67	38	national	national	ADJ
fbem-12160	67	39	currency	currency	NOUN
fbem-12160	67	40	reduces	reduce	VERB
fbem-12160	67	41	relative	relative	ADJ
fbem-12160	67	42	production	production	NOUN
fbem-12160	67	43	costs	cost	NOUN
fbem-12160	67	44	and	and	CCONJ
fbem-12160	67	45	foreign	foreign	ADJ
fbem-12160	67	46	exchange	exchange	NOUN
fbem-12160	67	47	rates	rate	NOUN
fbem-12160	67	48	.	.	PUNCT
fbem-12160	68	1	this	this	PRON
fbem-12160	68	2	leads	lead	VERB
fbem-12160	68	3	to	to	ADP
fbem-12160	68	4	increased	increase	VERB
fbem-12160	68	5	returns	return	NOUN
fbem-12160	68	6	for	for	ADP
fbem-12160	68	7	investors	investor	NOUN
fbem-12160	68	8	,	,	PUNCT
fbem-12160	68	9	thereby	thereby	ADV
fbem-12160	68	10	encouraging	encourage	VERB
fbem-12160	68	11	foreign	foreign	ADJ
fbem-12160	68	12	direct	direct	ADJ
fbem-12160	68	13	investment	investment	NOUN
fbem-12160	68	14	.	.	PUNCT
fbem-12160	69	1	conversely	conversely	ADV
fbem-12160	69	2	,	,	PUNCT
fbem-12160	69	3	another	another	DET
fbem-12160	69	4	perspective	perspective	NOUN
fbem-12160	69	5	argues	argue	VERB
fbem-12160	69	6	that	that	SCONJ
fbem-12160	69	7	a	a	DET
fbem-12160	69	8	home	home	NOUN
fbem-12160	69	9	currency	currency	NOUN
fbem-12160	69	10	depreciation	depreciation	NOUN
fbem-12160	69	11	fosters	foster	VERB
fbem-12160	69	12	foreign	foreign	ADJ
fbem-12160	69	13	direct	direct	ADJ
fbem-12160	69	14	investment	investment	NOUN
fbem-12160	69	15	.	.	PUNCT
fbem-12160	70	1	this	this	PRON
fbem-12160	70	2	is	be	AUX
fbem-12160	70	3	because	because	SCONJ
fbem-12160	70	4	an	an	DET
fbem-12160	70	5	appreciation	appreciation	NOUN
fbem-12160	70	6	of	of	ADP
fbem-12160	70	7	one	one	NUM
fbem-12160	70	8	's	's	PART
fbem-12160	70	9	national	national	ADJ
fbem-12160	70	10	currency	currency	NOUN
fbem-12160	70	11	implies	imply	VERB
fbem-12160	70	12	a	a	DET
fbem-12160	70	13	decrease	decrease	NOUN
fbem-12160	70	14	in	in	ADP
fbem-12160	70	15	the	the	DET
fbem-12160	70	16	expected	expect	VERB
fbem-12160	70	17	future	future	ADJ
fbem-12160	70	18	profit	profit	NOUN
fbem-12160	70	19	levels	level	NOUN
fbem-12160	70	20	for	for	ADP
fbem-12160	70	21	that	that	DET
fbem-12160	70	22	country	country	NOUN
fbem-12160	70	23	's	's	PART
fbem-12160	70	24	businesses	business	NOUN
fbem-12160	70	25	investing	invest	VERB
fbem-12160	70	26	abroad	abroad	ADV
fbem-12160	70	27	.	.	PUNCT
fbem-12160	71	1	exchange	exchange	NOUN
fbem-12160	71	2	rate	rate	NOUN
fbem-12160	71	3	fluctuations	fluctuation	NOUN
fbem-12160	71	4	introduce	introduce	VERB
fbem-12160	71	5	added	add	VERB
fbem-12160	71	6	complexities	complexity	NOUN
fbem-12160	71	7	in	in	ADP
fbem-12160	71	8	the	the	DET
fbem-12160	71	9	business	business	NOUN
fbem-12160	71	10	landscape	landscape	NOUN
fbem-12160	71	11	,	,	PUNCT
fbem-12160	71	12	making	make	VERB
fbem-12160	71	13	it	it	PRON
fbem-12160	71	14	more	more	ADV
fbem-12160	71	15	challenging	challenging	ADJ
fbem-12160	71	16	for	for	SCONJ
fbem-12160	71	17	companies	company	NOUN
fbem-12160	71	18	to	to	PART
fbem-12160	71	19	gather	gather	VERB
fbem-12160	71	20	essential	essential	ADJ
fbem-12160	71	21	information	information	NOUN
fbem-12160	71	22	and	and	CCONJ
fbem-12160	71	23	assess	assess	NOUN
fbem-12160	71	24	investment	investment	NOUN
fbem-12160	71	25	risks	risk	NOUN
fbem-12160	71	26	accurately	accurately	ADV
fbem-12160	71	27	.	.	PUNCT
fbem-12160	72	1	these	these	DET
fbem-12160	72	2	fluctuations	fluctuation	NOUN
fbem-12160	72	3	create	create	VERB
fbem-12160	72	4	an	an	DET
fbem-12160	72	5	environment	environment	NOUN
fbem-12160	72	6	of	of	ADP
fbem-12160	72	7	uncertainty	uncertainty	NOUN
fbem-12160	72	8	where	where	SCONJ
fbem-12160	72	9	the	the	DET
fbem-12160	72	10	relative	relative	ADJ
fbem-12160	72	11	value	value	NOUN
fbem-12160	72	12	of	of	ADP
fbem-12160	72	13	currencies	currency	NOUN
fbem-12160	72	14	can	can	AUX
fbem-12160	72	15	fluctuate	fluctuate	VERB
fbem-12160	72	16	unpredictably	unpredictably	ADV
fbem-12160	72	17	,	,	PUNCT
fbem-12160	72	18	impacting	impact	VERB
fbem-12160	72	19	the	the	DET
fbem-12160	72	20	44	44	NUM
fbem-12160	72	21	potential	potential	ADJ
fbem-12160	72	22	returns	return	NOUN
fbem-12160	72	23	on	on	ADP
fbem-12160	72	24	foreign	foreign	ADJ
fbem-12160	72	25	investments	investment	NOUN
fbem-12160	72	26	.	.	PUNCT
fbem-12160	73	1	in	in	ADP
fbem-12160	73	2	response	response	NOUN
fbem-12160	73	3	to	to	ADP
fbem-12160	73	4	this	this	DET
fbem-12160	73	5	increased	increase	VERB
fbem-12160	73	6	uncertainty	uncertainty	NOUN
fbem-12160	73	7	,	,	PUNCT
fbem-12160	73	8	investment	investment	NOUN
fbem-12160	73	9	entities	entity	NOUN
fbem-12160	73	10	often	often	ADV
fbem-12160	73	11	adopt	adopt	VERB
fbem-12160	73	12	a	a	DET
fbem-12160	73	13	cautious	cautious	ADJ
fbem-12160	73	14	and	and	CCONJ
fbem-12160	73	15	observant	observant	ADJ
fbem-12160	73	16	approach	approach	NOUN
fbem-12160	73	17	rather	rather	ADV
fbem-12160	73	18	than	than	ADP
fbem-12160	73	19	rushing	rush	VERB
fbem-12160	73	20	into	into	ADP
fbem-12160	73	21	immediate	immediate	ADJ
fbem-12160	73	22	investment	investment	NOUN
fbem-12160	73	23	decisions	decision	NOUN
fbem-12160	73	24	.	.	PUNCT
fbem-12160	74	1	this	this	DET
fbem-12160	74	2	cautious	cautious	ADJ
fbem-12160	74	3	stance	stance	NOUN
fbem-12160	74	4	allows	allow	VERB
fbem-12160	74	5	them	they	PRON
fbem-12160	74	6	to	to	PART
fbem-12160	74	7	carefully	carefully	ADV
fbem-12160	74	8	evaluate	evaluate	VERB
fbem-12160	74	9	market	market	NOUN
fbem-12160	74	10	conditions	condition	NOUN
fbem-12160	74	11	,	,	PUNCT
fbem-12160	74	12	monitor	monitor	VERB
fbem-12160	74	13	exchange	exchange	NOUN
fbem-12160	74	14	rate	rate	NOUN
fbem-12160	74	15	movements	movement	NOUN
fbem-12160	74	16	,	,	PUNCT
fbem-12160	74	17	and	and	CCONJ
fbem-12160	74	18	assess	assess	VERB
fbem-12160	74	19	the	the	DET
fbem-12160	74	20	potential	potential	ADJ
fbem-12160	74	21	risks	risk	NOUN
fbem-12160	74	22	associated	associate	VERB
fbem-12160	74	23	with	with	ADP
fbem-12160	74	24	outward	outward	ADJ
fbem-12160	74	25	foreign	foreign	ADJ
fbem-12160	74	26	direct	direct	ADJ
fbem-12160	74	27	investment	investment	NOUN
fbem-12160	74	28	.	.	PUNCT
fbem-12160	75	1	consequently	consequently	ADV
fbem-12160	75	2	,	,	PUNCT
fbem-12160	75	3	this	this	DET
fbem-12160	75	4	heightened	heightened	ADJ
fbem-12160	75	5	level	level	NOUN
fbem-12160	75	6	of	of	ADP
fbem-12160	75	7	vigilance	vigilance	NOUN
fbem-12160	75	8	can	can	AUX
fbem-12160	75	9	lead	lead	VERB
fbem-12160	75	10	to	to	ADP
fbem-12160	75	11	a	a	DET
fbem-12160	75	12	decrease	decrease	NOUN
fbem-12160	75	13	in	in	ADP
fbem-12160	75	14	the	the	DET
fbem-12160	75	15	volume	volume	NOUN
fbem-12160	75	16	of	of	ADP
fbem-12160	75	17	outward	outward	ADJ
fbem-12160	75	18	foreign	foreign	ADJ
fbem-12160	75	19	direct	direct	ADJ
fbem-12160	75	20	investment	investment	NOUN
fbem-12160	75	21	as	as	SCONJ
fbem-12160	75	22	companies	company	NOUN
fbem-12160	75	23	prioritize	prioritize	VERB
fbem-12160	75	24	risk	risk	NOUN
fbem-12160	75	25	management	management	NOUN
fbem-12160	75	26	and	and	CCONJ
fbem-12160	75	27	thorough	thorough	ADJ
fbem-12160	75	28	due	due	ADJ
fbem-12160	75	29	diligence	diligence	NOUN
fbem-12160	75	30	before	before	ADP
fbem-12160	75	31	committing	commit	VERB
fbem-12160	75	32	to	to	ADP
fbem-12160	75	33	international	international	ADJ
fbem-12160	75	34	business	business	NOUN
fbem-12160	75	35	ventures	venture	NOUN
fbem-12160	75	36	.	.	PUNCT
fbem-12160	76	1	3.2	3.2	NUM
fbem-12160	76	2	.	.	PUNCT
fbem-12160	76	3	hypotheses	hypothesis	NOUN
fbem-12160	76	4	h1	h1	VERB
fbem-12160	76	5	:	:	PUNCT
fbem-12160	76	6	an	an	DET
fbem-12160	76	7	increase	increase	NOUN
fbem-12160	76	8	in	in	ADP
fbem-12160	76	9	the	the	DET
fbem-12160	76	10	renminbi	renminbi	NOUN
fbem-12160	76	11	exchange	exchange	NOUN
fbem-12160	76	12	rate	rate	NOUN
fbem-12160	76	13	level	level	NOUN
fbem-12160	76	14	will	will	AUX
fbem-12160	76	15	lead	lead	VERB
fbem-12160	76	16	to	to	ADP
fbem-12160	76	17	an	an	DET
fbem-12160	76	18	increase	increase	NOUN
fbem-12160	76	19	in	in	ADP
fbem-12160	76	20	china	china	PROPN
fbem-12160	76	21	's	's	PART
fbem-12160	76	22	outward	outward	ADJ
fbem-12160	76	23	foreign	foreign	ADJ
fbem-12160	76	24	direct	direct	ADJ
fbem-12160	76	25	investment	investment	NOUN
fbem-12160	76	26	(	(	PUNCT
fbem-12160	76	27	ofdi	ofdi	NOUN
fbem-12160	76	28	)	)	PUNCT
fbem-12160	76	29	.	.	PUNCT
fbem-12160	77	1	h2	h2	NOUN
fbem-12160	77	2	:	:	PUNCT
fbem-12160	77	3	an	an	DET
fbem-12160	77	4	increase	increase	NOUN
fbem-12160	77	5	in	in	ADP
fbem-12160	77	6	renminbi	renminbi	NOUN
fbem-12160	77	7	exchange	exchange	NOUN
fbem-12160	77	8	rate	rate	NOUN
fbem-12160	77	9	volatility	volatility	NOUN
fbem-12160	77	10	will	will	AUX
fbem-12160	77	11	lead	lead	VERB
fbem-12160	77	12	to	to	ADP
fbem-12160	77	13	a	a	DET
fbem-12160	77	14	decrease	decrease	NOUN
fbem-12160	77	15	in	in	ADP
fbem-12160	77	16	china	china	PROPN
fbem-12160	77	17	's	's	PART
fbem-12160	77	18	outward	outward	ADJ
fbem-12160	77	19	foreign	foreign	ADJ
fbem-12160	77	20	direct	direct	ADJ
fbem-12160	77	21	investment	investment	NOUN
fbem-12160	77	22	(	(	PUNCT
fbem-12160	77	23	ofdi	ofdi	NOUN
fbem-12160	77	24	)	)	PUNCT
fbem-12160	77	25	.	.	PUNCT
fbem-12160	78	1	4	4	X
fbem-12160	78	2	.	.	X
fbem-12160	78	3	model	model	NOUN
fbem-12160	78	4	design	design	PROPN
fbem-12160	78	5	and	and	CCONJ
fbem-12160	78	6	data	datum	NOUN
fbem-12160	78	7	selection	selection	NOUN
fbem-12160	78	8	4.1	4.1	NUM
fbem-12160	78	9	.	.	PUNCT
fbem-12160	79	1	sample	sample	NOUN
fbem-12160	79	2	selection	selection	NOUN
fbem-12160	79	3	and	and	CCONJ
fbem-12160	79	4	data	datum	NOUN
fbem-12160	79	5	sources	source	NOUN
fbem-12160	79	6	this	this	DET
fbem-12160	79	7	study	study	NOUN
fbem-12160	79	8	draws	draw	VERB
fbem-12160	79	9	upon	upon	SCONJ
fbem-12160	79	10	data	datum	NOUN
fbem-12160	79	11	from	from	ADP
fbem-12160	79	12	the	the	DET
fbem-12160	79	13	guotaian	guotaian	PROPN
fbem-12160	79	14	database	database	NOUN
fbem-12160	79	15	,	,	PUNCT
fbem-12160	79	16	covering	cover	VERB
fbem-12160	79	17	china	china	PROPN
fbem-12160	79	18	's	's	PART
fbem-12160	79	19	outward	outward	ADJ
fbem-12160	79	20	investment	investment	NOUN
fbem-12160	79	21	from	from	ADP
fbem-12160	79	22	2004	2004	NUM
fbem-12160	79	23	to	to	ADP
fbem-12160	79	24	2019	2019	NUM
fbem-12160	79	25	.	.	PUNCT
fbem-12160	80	1	a	a	DET
fbem-12160	80	2	total	total	NOUN
fbem-12160	80	3	of	of	ADP
fbem-12160	80	4	21	21	NUM
fbem-12160	80	5	major	major	ADJ
fbem-12160	80	6	destination	destination	NOUN
fbem-12160	80	7	countries	country	NOUN
fbem-12160	80	8	or	or	CCONJ
fbem-12160	80	9	regions	region	NOUN
fbem-12160	80	10	for	for	ADP
fbem-12160	80	11	chinese	chinese	ADJ
fbem-12160	80	12	investment	investment	NOUN
fbem-12160	80	13	were	be	AUX
fbem-12160	80	14	identified	identify	VERB
fbem-12160	80	15	.	.	PUNCT
fbem-12160	81	1	to	to	PART
fbem-12160	81	2	comprehensively	comprehensively	ADV
fbem-12160	81	3	investigate	investigate	VERB
fbem-12160	81	4	the	the	DET
fbem-12160	81	5	impact	impact	NOUN
fbem-12160	81	6	of	of	ADP
fbem-12160	81	7	renminbi	renminbi	NOUN
fbem-12160	81	8	exchange	exchange	NOUN
fbem-12160	81	9	rates	rate	NOUN
fbem-12160	81	10	on	on	ADP
fbem-12160	81	11	china	china	PROPN
fbem-12160	81	12	's	's	PART
fbem-12160	81	13	outward	outward	ADJ
fbem-12160	81	14	foreign	foreign	ADJ
fbem-12160	81	15	direct	direct	ADJ
fbem-12160	81	16	investment	investment	NOUN
fbem-12160	81	17	(	(	PUNCT
fbem-12160	81	18	ofdi	ofdi	NOUN
fbem-12160	81	19	)	)	PUNCT
fbem-12160	81	20	and	and	CCONJ
fbem-12160	81	21	validate	validate	VERB
fbem-12160	81	22	hypothesis	hypothesis	NOUN
fbem-12160	81	23	h1	h1	PROPN
fbem-12160	81	24	,	,	PUNCT
fbem-12160	81	25	the	the	DET
fbem-12160	81	26	exchange	exchange	NOUN
fbem-12160	81	27	rate	rate	NOUN
fbem-12160	81	28	level	level	NOUN
fbem-12160	81	29	is	be	AUX
fbem-12160	81	30	taken	take	VERB
fbem-12160	81	31	as	as	ADP
fbem-12160	81	32	the	the	DET
fbem-12160	81	33	primary	primary	ADJ
fbem-12160	81	34	explanatory	explanatory	ADJ
fbem-12160	81	35	variable	variable	NOUN
fbem-12160	81	36	.	.	PUNCT
fbem-12160	82	1	model	model	NOUN
fbem-12160	82	2	1	1	NUM
fbem-12160	82	3	is	be	AUX
fbem-12160	82	4	constructed	construct	VERB
fbem-12160	82	5	as	as	SCONJ
fbem-12160	82	6	follows	follow	VERB
fbem-12160	82	7	:	:	PUNCT
fbem-12160	82	8	ofdi	ofdi	NOUN
fbem-12160	82	9	β	β	X
fbem-12160	82	10	β	β	X
fbem-12160	82	11	∙	∙	PROPN
fbem-12160	82	12	reer	reer	PROPN
fbem-12160	82	13	∑	∑	PUNCT
fbem-12160	82	14	γ	γ	X
fbem-12160	82	15	∙	∙	PROPN
fbem-12160	82	16	x	x	SYM
fbem-12160	82	17	ε	ε	PROPN
fbem-12160	82	18	1	1	NUM
fbem-12160	82	19	in	in	ADP
fbem-12160	82	20	equation	equation	NOUN
fbem-12160	82	21	(	(	PUNCT
fbem-12160	82	22	1),where	1),where	NUM
fbem-12160	83	1	i	i	PRON
fbem-12160	83	2	and	and	CCONJ
fbem-12160	83	3	t	t	PROPN
fbem-12160	83	4	represent	represent	VERB
fbem-12160	83	5	the	the	DET
fbem-12160	83	6	country	country	NOUN
fbem-12160	83	7	(	(	PUNCT
fbem-12160	83	8	or	or	CCONJ
fbem-12160	83	9	region	region	NOUN
fbem-12160	83	10	)	)	PUNCT
fbem-12160	83	11	and	and	CCONJ
fbem-12160	83	12	year	year	NOUN
fbem-12160	83	13	,	,	PUNCT
fbem-12160	83	14	respectively	respectively	ADV
fbem-12160	83	15	.	.	PUNCT
fbem-12160	84	1	"	"	PUNCT
fbem-12160	84	2	ofdi	ofdi	X
fbem-12160	84	3	"	"	PUNCT
fbem-12160	84	4	represents	represent	VERB
fbem-12160	84	5	china	china	PROPN
fbem-12160	84	6	's	's	PART
fbem-12160	84	7	actual	actual	ADJ
fbem-12160	84	8	foreign	foreign	ADJ
fbem-12160	84	9	direct	direct	ADJ
fbem-12160	84	10	investment	investment	NOUN
fbem-12160	84	11	in	in	ADP
fbem-12160	84	12	year	year	NOUN
fbem-12160	84	13	t	t	PROPN
fbem-12160	84	14	to	to	ADP
fbem-12160	84	15	country	country	NOUN
fbem-12160	84	16	(	(	PUNCT
fbem-12160	84	17	or	or	CCONJ
fbem-12160	84	18	region	region	NOUN
fbem-12160	84	19	)	)	PUNCT
fbem-12160	84	20	i.	i.	NOUN
fbem-12160	84	21	"	"	PUNCT
fbem-12160	84	22	reer	reer	NOUN
fbem-12160	84	23	"	"	PUNCT
fbem-12160	84	24	represents	represent	VERB
fbem-12160	84	25	the	the	DET
fbem-12160	84	26	renminbi	renminbi	NOUN
fbem-12160	84	27	's	's	PART
fbem-12160	84	28	indirect	indirect	ADJ
fbem-12160	84	29	exchange	exchange	NOUN
fbem-12160	84	30	rate	rate	NOUN
fbem-12160	84	31	to	to	ADP
fbem-12160	84	32	country	country	NOUN
fbem-12160	84	33	(	(	PUNCT
fbem-12160	84	34	or	or	CCONJ
fbem-12160	84	35	region	region	NOUN
fbem-12160	84	36	)	)	PUNCT
fbem-12160	85	1	i	i	PRON
fbem-12160	85	2	in	in	ADP
fbem-12160	85	3	year	year	NOUN
fbem-12160	85	4	t.	t.	NOUN
fbem-12160	85	5	"	"	PUNCT
fbem-12160	85	6	x	x	X
fbem-12160	85	7	"	"	PUNCT
fbem-12160	85	8	denotes	denote	VERB
fbem-12160	85	9	a	a	DET
fbem-12160	85	10	set	set	NOUN
fbem-12160	85	11	of	of	ADP
fbem-12160	85	12	control	control	NOUN
fbem-12160	85	13	variables	variable	NOUN
fbem-12160	85	14	,	,	PUNCT
fbem-12160	85	15	including	include	VERB
fbem-12160	85	16	the	the	DET
fbem-12160	85	17	host	host	NOUN
fbem-12160	85	18	country	country	NOUN
fbem-12160	85	19	's	's	PART
fbem-12160	85	20	gdp	gdp	NOUN
fbem-12160	85	21	,	,	PUNCT
fbem-12160	85	22	host	host	NOUN
fbem-12160	85	23	country	country	NOUN
fbem-12160	85	24	's	's	PART
fbem-12160	85	25	degree	degree	NOUN
fbem-12160	85	26	of	of	ADP
fbem-12160	85	27	openness	openness	NOUN
fbem-12160	85	28	(	(	PUNCT
fbem-12160	85	29	open	open	ADJ
fbem-12160	85	30	)	)	PUNCT
fbem-12160	85	31	,	,	PUNCT
fbem-12160	85	32	host	host	NOUN
fbem-12160	85	33	country	country	NOUN
fbem-12160	85	34	's	's	PART
fbem-12160	85	35	economic	economic	ADJ
fbem-12160	85	36	freedom	freedom	NOUN
fbem-12160	85	37	(	(	PUNCT
fbem-12160	85	38	free	free	ADJ
fbem-12160	85	39	)	)	PUNCT
fbem-12160	85	40	,	,	PUNCT
fbem-12160	85	41	and	and	CCONJ
fbem-12160	85	42	host	host	NOUN
fbem-12160	85	43	country	country	NOUN
fbem-12160	85	44	's	's	PART
fbem-12160	85	45	resource	resource	NOUN
fbem-12160	85	46	endowment	endowment	NOUN
fbem-12160	85	47	(	(	PUNCT
fbem-12160	85	48	resource	resource	NOUN
fbem-12160	85	49	)	)	PUNCT
fbem-12160	85	50	.	.	PUNCT
fbem-12160	86	1	to	to	PART
fbem-12160	86	2	examine	examine	VERB
fbem-12160	86	3	the	the	DET
fbem-12160	86	4	moderating	moderate	VERB
fbem-12160	86	5	effect	effect	NOUN
fbem-12160	86	6	of	of	ADP
fbem-12160	86	7	exchange	exchange	NOUN
fbem-12160	86	8	rate	rate	NOUN
fbem-12160	86	9	fluctuations	fluctuation	NOUN
fbem-12160	86	10	on	on	ADP
fbem-12160	86	11	the	the	DET
fbem-12160	86	12	relationship	relationship	NOUN
fbem-12160	86	13	between	between	ADP
fbem-12160	86	14	exchange	exchange	NOUN
fbem-12160	86	15	rate	rate	NOUN
fbem-12160	86	16	levels	level	NOUN
fbem-12160	86	17	and	and	CCONJ
fbem-12160	86	18	outward	outward	VERB
fbem-12160	86	19	foreign	foreign	ADJ
fbem-12160	86	20	direct	direct	ADJ
fbem-12160	86	21	investment	investment	NOUN
fbem-12160	86	22	(	(	PUNCT
fbem-12160	86	23	ofdi	ofdi	NOUN
fbem-12160	86	24	)	)	PUNCT
fbem-12160	86	25	,	,	PUNCT
fbem-12160	86	26	and	and	CCONJ
fbem-12160	86	27	to	to	PART
fbem-12160	86	28	validate	validate	VERB
fbem-12160	86	29	hypothesis	hypothesis	NOUN
fbem-12160	86	30	h2	h2	NOUN
fbem-12160	86	31	,	,	PUNCT
fbem-12160	86	32	model	model	NOUN
fbem-12160	86	33	2	2	NUM
fbem-12160	86	34	can	can	AUX
fbem-12160	86	35	be	be	AUX
fbem-12160	86	36	constructed	construct	VERB
fbem-12160	86	37	as	as	SCONJ
fbem-12160	86	38	follows	follow	VERB
fbem-12160	86	39	:	:	PUNCT
fbem-12160	86	40	ofdi	ofdi	NOUN
fbem-12160	86	41	β	β	X
fbem-12160	86	42	β	β	X
fbem-12160	86	43	∙	∙	PROPN
fbem-12160	86	44	reer	reer	NOUN
fbem-12160	86	45	β	β	X
fbem-12160	87	1	∙	∙	PROPN
fbem-12160	87	2	std	std	VERB
fbem-12160	87	3	γ	γ	PROPN
fbem-12160	87	4	∙	∙	PROPN
fbem-12160	87	5	x	x	SYM
fbem-12160	87	6	ε	ε	PROPN
fbem-12160	87	7	2	2	NUM
fbem-12160	87	8	in	in	ADP
fbem-12160	87	9	equation	equation	NOUN
fbem-12160	87	10	(	(	PUNCT
fbem-12160	87	11	2	2	NUM
fbem-12160	87	12	)	)	PUNCT
fbem-12160	88	1	,	,	PUNCT
fbem-12160	88	2	"	"	PUNCT
fbem-12160	88	3	std	std	X
fbem-12160	88	4	"	"	PUNCT
fbem-12160	88	5	represents	represent	VERB
fbem-12160	88	6	the	the	DET
fbem-12160	88	7	change	change	NOUN
fbem-12160	88	8	in	in	ADP
fbem-12160	88	9	the	the	DET
fbem-12160	88	10	exchange	exchange	NOUN
fbem-12160	88	11	rate	rate	NOUN
fbem-12160	88	12	level	level	NOUN
fbem-12160	88	13	of	of	ADP
fbem-12160	88	14	country	country	NOUN
fbem-12160	88	15	(	(	PUNCT
fbem-12160	88	16	or	or	CCONJ
fbem-12160	88	17	region	region	NOUN
fbem-12160	88	18	)	)	PUNCT
fbem-12160	89	1	i	i	PRON
fbem-12160	89	2	concerning	concern	VERB
fbem-12160	89	3	china	china	PROPN
fbem-12160	89	4	in	in	ADP
fbem-12160	89	5	year	year	NOUN
fbem-12160	89	6	t.	t.	PROPN
fbem-12160	89	7	4.2	4.2	NUM
fbem-12160	89	8	.	.	PUNCT
fbem-12160	90	1	variables	variable	NOUN
fbem-12160	90	2	and	and	CCONJ
fbem-12160	90	3	data	data	VERB
fbem-12160	90	4	the	the	DET
fbem-12160	90	5	dependent	dependent	ADJ
fbem-12160	90	6	variable	variable	ADJ
fbem-12160	90	7	ofdi	ofdi	NOUN
fbem-12160	90	8	,	,	PUNCT
fbem-12160	90	9	is	be	AUX
fbem-12160	90	10	measured	measure	VERB
fbem-12160	90	11	based	base	VERB
fbem-12160	90	12	on	on	ADP
fbem-12160	90	13	the	the	DET
fbem-12160	90	14	actual	actual	ADJ
fbem-12160	90	15	foreign	foreign	ADJ
fbem-12160	90	16	direct	direct	ADJ
fbem-12160	90	17	investment	investment	NOUN
fbem-12160	90	18	volume	volume	NOUN
fbem-12160	90	19	from	from	ADP
fbem-12160	90	20	china	china	PROPN
fbem-12160	90	21	to	to	ADP
fbem-12160	90	22	various	various	ADJ
fbem-12160	90	23	countries	country	NOUN
fbem-12160	90	24	(	(	PUNCT
fbem-12160	90	25	regions	region	NOUN
fbem-12160	90	26	)	)	PUNCT
fbem-12160	90	27	(	(	PUNCT
fbem-12160	90	28	original	original	ADJ
fbem-12160	90	29	data	datum	NOUN
fbem-12160	90	30	sourced	source	VERB
fbem-12160	90	31	from	from	ADP
fbem-12160	90	32	the	the	DET
fbem-12160	90	33	csmar	csmar	PROPN
fbem-12160	90	34	)	)	PUNCT
fbem-12160	90	35	.	.	PUNCT
fbem-12160	91	1	the	the	DET
fbem-12160	91	2	measurement	measurement	NOUN
fbem-12160	91	3	of	of	ADP
fbem-12160	91	4	variables	variable	NOUN
fbem-12160	91	5	for	for	ADP
fbem-12160	91	6	exchange	exchange	NOUN
fbem-12160	91	7	rate	rate	NOUN
fbem-12160	91	8	levels	level	NOUN
fbem-12160	91	9	and	and	CCONJ
fbem-12160	91	10	exchange	exchange	NOUN
fbem-12160	91	11	rate	rate	NOUN
fbem-12160	91	12	volatility	volatility	NOUN
fbem-12160	91	13	is	be	AUX
fbem-12160	91	14	derived	derive	VERB
fbem-12160	91	15	from	from	ADP
fbem-12160	91	16	the	the	DET
fbem-12160	91	17	monthly	monthly	ADJ
fbem-12160	91	18	averages	average	NOUN
fbem-12160	91	19	and	and	CCONJ
fbem-12160	91	20	standard	standard	ADJ
fbem-12160	91	21	deviations	deviation	NOUN
fbem-12160	91	22	of	of	ADP
fbem-12160	91	23	bilateral	bilateral	ADJ
fbem-12160	91	24	exchange	exchange	NOUN
fbem-12160	91	25	rates	rate	NOUN
fbem-12160	91	26	within	within	ADP
fbem-12160	91	27	each	each	DET
fbem-12160	91	28	year	year	NOUN
fbem-12160	91	29	.	.	PUNCT
fbem-12160	92	1	exchange	exchange	NOUN
fbem-12160	92	2	rate	rate	NOUN
fbem-12160	92	3	levels	level	NOUN
fbem-12160	92	4	are	be	AUX
fbem-12160	92	5	calculated	calculate	VERB
fbem-12160	92	6	using	use	VERB
fbem-12160	92	7	the	the	DET
fbem-12160	92	8	renminbi	renminbi	NOUN
fbem-12160	92	9	(	(	PUNCT
fbem-12160	92	10	rmb	rmb	NOUN
fbem-12160	92	11	)	)	PUNCT
fbem-12160	92	12	exchange	exchange	NOUN
fbem-12160	92	13	rate	rate	NOUN
fbem-12160	92	14	indirect	indirect	ADJ
fbem-12160	92	15	quotation	quotation	NOUN
fbem-12160	92	16	method	method	NOUN
fbem-12160	92	17	.	.	PUNCT
fbem-12160	93	1	this	this	PRON
fbem-12160	93	2	involves	involve	VERB
fbem-12160	93	3	multiplying	multiply	VERB
fbem-12160	93	4	the	the	DET
fbem-12160	93	5	exchange	exchange	NOUN
fbem-12160	93	6	rate	rate	NOUN
fbem-12160	93	7	of	of	ADP
fbem-12160	93	8	the	the	DET
fbem-12160	93	9	host	host	NOUN
fbem-12160	93	10	country	country	NOUN
fbem-12160	93	11	against	against	ADP
fbem-12160	93	12	the	the	DET
fbem-12160	93	13	u.s	u.s	PROPN
fbem-12160	93	14	.	.	PROPN
fbem-12160	93	15	dollar	dollar	NOUN
fbem-12160	93	16	for	for	ADP
fbem-12160	93	17	the	the	DET
fbem-12160	93	18	current	current	ADJ
fbem-12160	93	19	year	year	NOUN
fbem-12160	93	20	by	by	ADP
fbem-12160	93	21	the	the	DET
fbem-12160	93	22	exchange	exchange	NOUN
fbem-12160	93	23	rate	rate	NOUN
fbem-12160	93	24	of	of	ADP
fbem-12160	93	25	the	the	DET
fbem-12160	93	26	u.s	u.s	PROPN
fbem-12160	93	27	.	.	PROPN
fbem-12160	93	28	dollar	dollar	NOUN
fbem-12160	93	29	against	against	ADP
fbem-12160	93	30	the	the	DET
fbem-12160	93	31	chinese	chinese	ADJ
fbem-12160	93	32	renminbi	renminbi	NOUN
fbem-12160	93	33	for	for	ADP
fbem-12160	93	34	the	the	DET
fbem-12160	93	35	same	same	ADJ
fbem-12160	93	36	year	year	NOUN
fbem-12160	93	37	.	.	PUNCT
fbem-12160	94	1	the	the	DET
fbem-12160	94	2	required	require	VERB
fbem-12160	94	3	original	original	ADJ
fbem-12160	94	4	data	datum	NOUN
fbem-12160	94	5	is	be	AUX
fbem-12160	94	6	sourced	source	VERB
fbem-12160	94	7	from	from	ADP
fbem-12160	94	8	official	official	ADJ
fbem-12160	94	9	exchange	exchange	NOUN
fbem-12160	94	10	rates	rate	NOUN
fbem-12160	94	11	published	publish	VERB
fbem-12160	94	12	by	by	ADP
fbem-12160	94	13	the	the	DET
fbem-12160	94	14	world	world	PROPN
fbem-12160	94	15	bank	bank	PROPN
fbem-12160	94	16	.	.	PUNCT
fbem-12160	95	1	the	the	DET
fbem-12160	95	2	specific	specific	ADJ
fbem-12160	95	3	calculation	calculation	NOUN
fbem-12160	95	4	methods	method	NOUN
fbem-12160	95	5	for	for	ADP
fbem-12160	95	6	each	each	DET
fbem-12160	95	7	indicator	indicator	NOUN
fbem-12160	95	8	are	be	AUX
fbem-12160	95	9	as	as	SCONJ
fbem-12160	95	10	follows	follow	VERB
fbem-12160	95	11	.	.	PUNCT
fbem-12160	96	1	the	the	DET
fbem-12160	96	2	rmb	rmb	PROPN
fbem-12160	96	3	exchange	exchange	NOUN
fbem-12160	96	4	rate	rate	NOUN
fbem-12160	96	5	level	level	NOUN
fbem-12160	96	6	is	be	AUX
fbem-12160	96	7	obtained	obtain	VERB
fbem-12160	96	8	by	by	ADP
fbem-12160	96	9	taking	take	VERB
fbem-12160	96	10	the	the	DET
fbem-12160	96	11	monthly	monthly	ADJ
fbem-12160	96	12	average	average	ADJ
fbem-12160	96	13	exchange	exchange	NOUN
fbem-12160	96	14	rates	rate	NOUN
fbem-12160	96	15	of	of	ADP
fbem-12160	96	16	the	the	DET
fbem-12160	96	17	host	host	NOUN
fbem-12160	96	18	country	country	NOUN
fbem-12160	96	19	's	's	PART
fbem-12160	96	20	currency	currency	NOUN
fbem-12160	96	21	against	against	ADP
fbem-12160	96	22	the	the	DET
fbem-12160	96	23	renminbi	renminbi	NOUN
fbem-12160	96	24	for	for	ADP
fbem-12160	96	25	each	each	DET
fbem-12160	96	26	year	year	NOUN
fbem-12160	96	27	.	.	PUNCT
fbem-12160	97	1	therefore	therefore	ADV
fbem-12160	97	2	,	,	PUNCT
fbem-12160	97	3	under	under	ADP
fbem-12160	97	4	the	the	DET
fbem-12160	97	5	indirect	indirect	ADJ
fbem-12160	97	6	quotation	quotation	NOUN
fbem-12160	97	7	method	method	NOUN
fbem-12160	97	8	,	,	PUNCT
fbem-12160	97	9	an	an	DET
fbem-12160	97	10	increase	increase	NOUN
fbem-12160	97	11	in	in	ADP
fbem-12160	97	12	the	the	DET
fbem-12160	97	13	value	value	NOUN
fbem-12160	97	14	of	of	ADP
fbem-12160	97	15	this	this	DET
fbem-12160	97	16	indicator	indicator	NOUN
fbem-12160	97	17	indicates	indicate	VERB
fbem-12160	97	18	renminbi	renminbi	NOUN
fbem-12160	97	19	depreciation	depreciation	NOUN
fbem-12160	97	20	,	,	PUNCT
fbem-12160	97	21	while	while	SCONJ
fbem-12160	97	22	a	a	DET
fbem-12160	97	23	decrease	decrease	NOUN
fbem-12160	97	24	indicates	indicate	VERB
fbem-12160	97	25	renminbi	renminbi	NOUN
fbem-12160	97	26	appreciation	appreciation	NOUN
fbem-12160	97	27	.	.	PUNCT
fbem-12160	98	1	the	the	DET
fbem-12160	98	2	calculation	calculation	NOUN
fbem-12160	98	3	formula	formula	NOUN
fbem-12160	98	4	is	be	AUX
fbem-12160	98	5	as	as	SCONJ
fbem-12160	98	6	follows	follow	VERB
fbem-12160	98	7	:	:	PUNCT
fbem-12160	98	8	mean	mean	VERB
fbem-12160	98	9	∑	∑	PUNCT
fbem-12160	98	10	x	x	SYM
fbem-12160	98	11	12	12	NUM
fbem-12160	98	12	3	3	NUM
fbem-12160	98	13	in	in	ADP
fbem-12160	98	14	equation	equation	NOUN
fbem-12160	98	15	(	(	PUNCT
fbem-12160	98	16	3	3	NUM
fbem-12160	98	17	)	)	PUNCT
fbem-12160	98	18	,	,	PUNCT
fbem-12160	98	19	where	where	SCONJ
fbem-12160	98	20	x	x	PRON
fbem-12160	98	21	represents	represent	VERB
fbem-12160	98	22	the	the	DET
fbem-12160	98	23	monthly	monthly	ADJ
fbem-12160	98	24	data	datum	NOUN
fbem-12160	98	25	for	for	ADP
fbem-12160	98	26	the	the	DET
fbem-12160	98	27	renminbi	renminbi	NOUN
fbem-12160	98	28	exchange	exchange	NOUN
fbem-12160	98	29	rate	rate	NOUN
fbem-12160	98	30	against	against	ADP
fbem-12160	98	31	the	the	DET
fbem-12160	98	32	host	host	NOUN
fbem-12160	98	33	country	country	NOUN
fbem-12160	98	34	's	's	PART
fbem-12160	98	35	currency	currency	NOUN
fbem-12160	98	36	(	(	PUNCT
fbem-12160	98	37	and	and	CCONJ
fbem-12160	98	38	the	the	DET
fbem-12160	98	39	same	same	ADJ
fbem-12160	98	40	applies	apply	VERB
fbem-12160	98	41	to	to	ADP
fbem-12160	98	42	subsequent	subsequent	ADJ
fbem-12160	98	43	equations	equation	NOUN
fbem-12160	98	44	)	)	PUNCT
fbem-12160	98	45	,	,	PUNCT
fbem-12160	98	46	"	"	PUNCT
fbem-12160	98	47	mean	mean	ADJ
fbem-12160	98	48	"	"	PUNCT
fbem-12160	98	49	represents	represent	VERB
fbem-12160	98	50	the	the	DET
fbem-12160	98	51	mean	mean	ADJ
fbem-12160	98	52	exchange	exchange	NOUN
fbem-12160	98	53	rate	rate	NOUN
fbem-12160	98	54	for	for	ADP
fbem-12160	98	55	each	each	DET
fbem-12160	98	56	year	year	NOUN
fbem-12160	98	57	.	.	PUNCT
fbem-12160	99	1	renminbi	renminbi	NOUN
fbem-12160	99	2	exchange	exchange	NOUN
fbem-12160	99	3	rate	rate	NOUN
fbem-12160	99	4	volatility	volatility	NOUN
fbem-12160	99	5	is	be	AUX
fbem-12160	99	6	measured	measure	VERB
fbem-12160	99	7	using	use	VERB
fbem-12160	99	8	the	the	DET
fbem-12160	99	9	standard	standard	ADJ
fbem-12160	99	10	deviation	deviation	NOUN
fbem-12160	99	11	(	(	PUNCT
fbem-12160	99	12	std	std	NOUN
fbem-12160	99	13	)	)	PUNCT
fbem-12160	99	14	of	of	ADP
fbem-12160	99	15	renminbi	renminbi	NOUN
fbem-12160	99	16	exchange	exchange	NOUN
fbem-12160	99	17	rate	rate	NOUN
fbem-12160	99	18	changes	change	NOUN
fbem-12160	99	19	.	.	PUNCT
fbem-12160	100	1	a	a	DET
fbem-12160	100	2	larger	large	ADJ
fbem-12160	100	3	value	value	NOUN
fbem-12160	100	4	for	for	ADP
fbem-12160	100	5	this	this	DET
fbem-12160	100	6	indicator	indicator	NOUN
fbem-12160	100	7	indicates	indicate	VERB
fbem-12160	100	8	greater	great	ADJ
fbem-12160	100	9	renminbi	renminbi	NOUN
fbem-12160	100	10	exchange	exchange	NOUN
fbem-12160	100	11	rate	rate	NOUN
fbem-12160	100	12	volatility	volatility	NOUN
fbem-12160	100	13	,	,	PUNCT
fbem-12160	100	14	while	while	SCONJ
fbem-12160	100	15	a	a	DET
fbem-12160	100	16	smaller	small	ADJ
fbem-12160	100	17	value	value	NOUN
fbem-12160	100	18	indicates	indicate	VERB
fbem-12160	100	19	lower	low	ADJ
fbem-12160	100	20	volatility	volatility	NOUN
fbem-12160	100	21	.	.	PUNCT
fbem-12160	101	1	the	the	DET
fbem-12160	101	2	calculation	calculation	NOUN
fbem-12160	101	3	formula	formula	NOUN
fbem-12160	101	4	is	be	AUX
fbem-12160	101	5	as	as	SCONJ
fbem-12160	101	6	follows	follow	VERB
fbem-12160	101	7	:	:	PUNCT
fbem-12160	101	8	std	std	NOUN
fbem-12160	101	9	x	x	PUNCT
fbem-12160	101	10	mean	mean	VERB
fbem-12160	101	11	/12	/12	PUNCT
fbem-12160	101	12	4	4	NUM
fbem-12160	101	13	4.3	4.3	NUM
fbem-12160	101	14	.	.	PUNCT
fbem-12160	102	1	other	other	ADJ
fbem-12160	102	2	control	control	NOUN
fbem-12160	102	3	variables	variable	NOUN
fbem-12160	102	4	host	host	NOUN
fbem-12160	102	5	country	country	PROPN
fbem-12160	102	6	gdp	gdp	PROPN
fbem-12160	102	7	:	:	PUNCT
fbem-12160	102	8	this	this	DET
fbem-12160	102	9	variable	variable	NOUN
fbem-12160	102	10	is	be	AUX
fbem-12160	102	11	derived	derive	VERB
fbem-12160	102	12	from	from	ADP
fbem-12160	102	13	annual	annual	ADJ
fbem-12160	102	14	gdp	gdp	NOUN
fbem-12160	102	15	data	datum	NOUN
fbem-12160	102	16	obtained	obtain	VERB
fbem-12160	102	17	from	from	ADP
fbem-12160	102	18	the	the	DET
fbem-12160	102	19	csmar	csmar	PROPN
fbem-12160	102	20	for	for	ADP
fbem-12160	102	21	various	various	ADJ
fbem-12160	102	22	countries	country	NOUN
fbem-12160	102	23	over	over	ADP
fbem-12160	102	24	the	the	DET
fbem-12160	102	25	years	year	NOUN
fbem-12160	102	26	.	.	PUNCT
fbem-12160	103	1	it	it	PRON
fbem-12160	103	2	reflects	reflect	VERB
fbem-12160	103	3	the	the	DET
fbem-12160	103	4	size	size	NOUN
fbem-12160	103	5	of	of	ADP
fbem-12160	103	6	the	the	DET
fbem-12160	103	7	host	host	NOUN
fbem-12160	103	8	country	country	NOUN
fbem-12160	103	9	's	's	PART
fbem-12160	103	10	market	market	NOUN
fbem-12160	103	11	.	.	PUNCT
fbem-12160	104	1	relative	relative	ADJ
fbem-12160	104	2	labor	labor	NOUN
fbem-12160	104	3	cost	cost	NOUN
fbem-12160	104	4	(	(	PUNCT
fbem-12160	104	5	labor	labor	NOUN
fbem-12160	104	6	):	):	PUNCT
fbem-12160	104	7	this	this	PRON
fbem-12160	104	8	is	be	AUX
fbem-12160	104	9	calculated	calculate	VERB
fbem-12160	104	10	as	as	ADP
fbem-12160	104	11	the	the	DET
fbem-12160	104	12	actual	actual	ADJ
fbem-12160	104	13	per	per	X
fbem-12160	104	14	capita	capita	X
fbem-12160	104	15	gdp	gdp	NOUN
fbem-12160	104	16	of	of	ADP
fbem-12160	104	17	the	the	DET
fbem-12160	104	18	host	host	NOUN
fbem-12160	104	19	country	country	NOUN
fbem-12160	104	20	divided	divide	VERB
fbem-12160	104	21	by	by	ADP
fbem-12160	104	22	the	the	DET
fbem-12160	104	23	actual	actual	ADJ
fbem-12160	104	24	per	per	X
fbem-12160	104	25	capita	capita	X
fbem-12160	104	26	gdp	gdp	NOUN
fbem-12160	104	27	of	of	ADP
fbem-12160	104	28	china	china	PROPN
fbem-12160	104	29	,	,	PUNCT
fbem-12160	104	30	using	use	VERB
fbem-12160	104	31	data	datum	NOUN
fbem-12160	104	32	from	from	ADP
fbem-12160	104	33	the	the	DET
fbem-12160	104	34	csmar	csmar	PROPN
fbem-12160	104	35	.	.	PUNCT
fbem-12160	105	1	this	this	DET
fbem-12160	105	2	value	value	NOUN
fbem-12160	105	3	represents	represent	VERB
fbem-12160	105	4	the	the	DET
fbem-12160	105	5	ratio	ratio	NOUN
fbem-12160	105	6	of	of	ADP
fbem-12160	105	7	labor	labor	NOUN
fbem-12160	105	8	costs	cost	NOUN
fbem-12160	105	9	in	in	ADP
fbem-12160	105	10	the	the	DET
fbem-12160	105	11	host	host	NOUN
fbem-12160	105	12	country	country	NOUN
fbem-12160	105	13	compared	compare	VERB
fbem-12160	105	14	to	to	ADP
fbem-12160	105	15	china	china	PROPN
fbem-12160	105	16	.	.	PUNCT
fbem-12160	106	1	a	a	DET
fbem-12160	106	2	higher	high	ADJ
fbem-12160	106	3	value	value	NOUN
fbem-12160	106	4	indicates	indicate	VERB
fbem-12160	106	5	higher	high	ADJ
fbem-12160	106	6	labor	labor	NOUN
fbem-12160	106	7	costs	cost	NOUN
fbem-12160	106	8	in	in	ADP
fbem-12160	106	9	the	the	DET
fbem-12160	106	10	host	host	NOUN
fbem-12160	106	11	country	country	NOUN
fbem-12160	106	12	,	,	PUNCT
fbem-12160	106	13	and	and	CCONJ
fbem-12160	106	14	vice	vice	ADV
fbem-12160	106	15	versa	versa	ADV
fbem-12160	106	16	.	.	PUNCT
fbem-12160	107	1	openness	openness	NOUN
fbem-12160	107	2	of	of	ADP
fbem-12160	107	3	the	the	DET
fbem-12160	107	4	host	host	NOUN
fbem-12160	107	5	country	country	NOUN
fbem-12160	107	6	(	(	PUNCT
fbem-12160	107	7	open	open	ADJ
fbem-12160	107	8	):	):	PUNCT
fbem-12160	107	9	this	this	PRON
fbem-12160	107	10	is	be	AUX
fbem-12160	107	11	measured	measure	VERB
fbem-12160	107	12	as	as	ADP
fbem-12160	107	13	the	the	DET
fbem-12160	107	14	ratio	ratio	NOUN
fbem-12160	107	15	of	of	ADP
fbem-12160	107	16	a	a	DET
fbem-12160	107	17	country	country	NOUN
fbem-12160	107	18	's	's	PART
fbem-12160	107	19	total	total	ADJ
fbem-12160	107	20	merchandise	merchandise	NOUN
fbem-12160	107	21	and	and	CCONJ
fbem-12160	107	22	service	service	NOUN
fbem-12160	107	23	imports	import	NOUN
fbem-12160	107	24	and	and	CCONJ
fbem-12160	107	25	exports	export	NOUN
fbem-12160	107	26	to	to	ADP
fbem-12160	107	27	its	its	PRON
fbem-12160	107	28	gdp	gdp	NOUN
fbem-12160	107	29	.	.	PUNCT
fbem-12160	108	1	the	the	DET
fbem-12160	108	2	original	original	ADJ
fbem-12160	108	3	data	data	NOUN
fbem-12160	108	4	is	be	AUX
fbem-12160	108	5	sourced	source	VERB
fbem-12160	108	6	from	from	ADP
fbem-12160	108	7	the	the	DET
fbem-12160	108	8	guotai	guotai	NOUN
fbem-12160	108	9	an	an	DET
fbem-12160	108	10	database	database	NOUN
fbem-12160	108	11	.	.	PUNCT
fbem-12160	109	1	resource	resource	NOUN
fbem-12160	109	2	endowment	endowment	NOUN
fbem-12160	109	3	of	of	ADP
fbem-12160	109	4	the	the	DET
fbem-12160	109	5	host	host	NOUN
fbem-12160	109	6	country	country	NOUN
fbem-12160	109	7	(	(	PUNCT
fbem-12160	109	8	resource	resource	NOUN
fbem-12160	109	9	):	):	PUNCT
fbem-12160	109	10	this	this	PRON
fbem-12160	109	11	is	be	AUX
fbem-12160	109	12	measured	measure	VERB
fbem-12160	109	13	based	base	VERB
fbem-12160	109	14	on	on	ADP
fbem-12160	109	15	the	the	DET
fbem-12160	109	16	proportion	proportion	NOUN
fbem-12160	109	17	of	of	ADP
fbem-12160	109	18	fuel	fuel	NOUN
fbem-12160	109	19	and	and	CCONJ
fbem-12160	109	20	mineral	mineral	NOUN
fbem-12160	109	21	exports	export	NOUN
fbem-12160	109	22	in	in	ADP
fbem-12160	109	23	the	the	DET
fbem-12160	109	24	total	total	ADJ
fbem-12160	109	25	exports	export	NOUN
fbem-12160	109	26	of	of	ADP
fbem-12160	109	27	the	the	DET
fbem-12160	109	28	host	host	NOUN
fbem-12160	109	29	country	country	NOUN
fbem-12160	109	30	,	,	PUNCT
fbem-12160	109	31	using	use	VERB
fbem-12160	109	32	data	datum	NOUN
fbem-12160	109	33	from	from	ADP
fbem-12160	109	34	the	the	DET
fbem-12160	109	35	wto	wto	PROPN
fbem-12160	109	36	trade	trade	PROPN
fbem-12160	109	37	statistics	statistic	NOUN
fbem-12160	109	38	database	database	NOUN
fbem-12160	109	39	.	.	PUNCT
fbem-12160	110	1	economic	economic	ADJ
fbem-12160	110	2	freedom	freedom	NOUN
fbem-12160	110	3	of	of	ADP
fbem-12160	110	4	the	the	DET
fbem-12160	110	5	host	host	NOUN
fbem-12160	110	6	country	country	NOUN
fbem-12160	110	7	(	(	PUNCT
fbem-12160	110	8	free	free	ADJ
fbem-12160	110	9	):	):	PUNCT
fbem-12160	110	10	this	this	DET
fbem-12160	110	11	index	index	NOUN
fbem-12160	110	12	is	be	AUX
fbem-12160	110	13	measured	measure	VERB
fbem-12160	110	14	using	use	VERB
fbem-12160	110	15	the	the	DET
fbem-12160	110	16	annual	annual	ADJ
fbem-12160	110	17	"	"	PUNCT
fbem-12160	110	18	economic	economic	ADJ
fbem-12160	110	19	freedom	freedom	NOUN
fbem-12160	110	20	"	"	PUNCT
fbem-12160	110	21	index	index	NOUN
fbem-12160	110	22	jointly	jointly	ADV
fbem-12160	110	23	published	publish	VERB
fbem-12160	110	24	by	by	ADP
fbem-12160	110	25	organizations	organization	NOUN
fbem-12160	110	26	such	such	ADJ
fbem-12160	110	27	as	as	ADP
fbem-12160	110	28	the	the	DET
fbem-12160	110	29	fraser	fraser	PROPN
fbem-12160	110	30	institute	institute	PROPN
fbem-12160	110	31	and	and	CCONJ
fbem-12160	110	32	the	the	DET
fbem-12160	110	33	heritage	heritage	NOUN
fbem-12160	110	34	foundation	foundation	PROPN
fbem-12160	110	35	.	.	PUNCT
fbem-12160	111	1	these	these	DET
fbem-12160	111	2	organizations	organization	NOUN
fbem-12160	111	3	assign	assign	VERB
fbem-12160	111	4	a	a	DET
fbem-12160	111	5	maximum	maximum	ADJ
fbem-12160	111	6	score	score	NOUN
fbem-12160	111	7	of	of	ADP
fbem-12160	111	8	100	100	NUM
fbem-12160	111	9	for	for	ADP
fbem-12160	111	10	economic	economic	ADJ
fbem-12160	111	11	freedom	freedom	NOUN
fbem-12160	111	12	,	,	PUNCT
fbem-12160	111	13	and	and	CCONJ
fbem-12160	111	14	countries	country	NOUN
fbem-12160	111	15	with	with	ADP
fbem-12160	111	16	higher	high	ADJ
fbem-12160	111	17	economic	economic	ADJ
fbem-12160	111	18	freedom	freedom	NOUN
fbem-12160	111	19	receive	receive	VERB
fbem-12160	111	20	higher	high	ADJ
fbem-12160	111	21	scores	score	NOUN
fbem-12160	111	22	,	,	PUNCT
fbem-12160	111	23	whereas	whereas	SCONJ
fbem-12160	111	24	countries	country	NOUN
fbem-12160	111	25	with	with	ADP
fbem-12160	111	26	lower	low	ADJ
fbem-12160	111	27	economic	economic	ADJ
fbem-12160	111	28	freedom	freedom	NOUN
fbem-12160	111	29	receive	receive	VERB
fbem-12160	111	30	lower	low	ADJ
fbem-12160	111	31	scores	score	NOUN
fbem-12160	111	32	.	.	PUNCT
fbem-12160	112	1	45	45	NUM
fbem-12160	113	1	since	since	SCONJ
fbem-12160	113	2	the	the	DET
fbem-12160	113	3	turn	turn	NOUN
fbem-12160	113	4	of	of	ADP
fbem-12160	113	5	the	the	DET
fbem-12160	113	6	century	century	NOUN
fbem-12160	113	7	,	,	PUNCT
fbem-12160	113	8	china	china	PROPN
fbem-12160	113	9	's	's	PART
fbem-12160	113	10	foreign	foreign	ADJ
fbem-12160	113	11	direct	direct	ADJ
fbem-12160	113	12	investment	investment	NOUN
fbem-12160	113	13	(	(	PUNCT
fbem-12160	113	14	fdi	fdi	NOUN
fbem-12160	113	15	)	)	PUNCT
fbem-12160	113	16	has	have	AUX
fbem-12160	113	17	started	start	VERB
fbem-12160	113	18	to	to	PART
fbem-12160	113	19	grow	grow	VERB
fbem-12160	113	20	rapidly	rapidly	ADV
fbem-12160	113	21	,	,	PUNCT
fbem-12160	113	22	attracting	attract	VERB
fbem-12160	113	23	attention	attention	NOUN
fbem-12160	113	24	from	from	ADP
fbem-12160	113	25	the	the	DET
fbem-12160	113	26	international	international	ADJ
fbem-12160	113	27	community	community	NOUN
fbem-12160	113	28	and	and	CCONJ
fbem-12160	113	29	many	many	ADJ
fbem-12160	113	30	scholars	scholar	NOUN
fbem-12160	113	31	within	within	ADP
fbem-12160	113	32	china	china	PROPN
fbem-12160	113	33	.	.	PUNCT
fbem-12160	114	1	starting	start	VERB
fbem-12160	114	2	from	from	ADP
fbem-12160	114	3	2003	2003	NUM
fbem-12160	114	4	,	,	PUNCT
fbem-12160	114	5	the	the	DET
fbem-12160	114	6	chinese	chinese	ADJ
fbem-12160	114	7	government	government	NOUN
fbem-12160	114	8	has	have	AUX
fbem-12160	114	9	annually	annually	ADV
fbem-12160	114	10	published	publish	VERB
fbem-12160	114	11	the	the	DET
fbem-12160	114	12	"	"	PUNCT
fbem-12160	114	13	foreign	foreign	ADJ
fbem-12160	114	14	direct	direct	ADJ
fbem-12160	114	15	investment	investment	NOUN
fbem-12160	114	16	statistical	statistical	ADJ
fbem-12160	114	17	bulletin	bulletin	NOUN
fbem-12160	114	18	,	,	PUNCT
fbem-12160	114	19	"	"	PUNCT
fbem-12160	114	20	and	and	CCONJ
fbem-12160	114	21	many	many	ADJ
fbem-12160	114	22	scholars	scholar	NOUN
fbem-12160	114	23	have	have	AUX
fbem-12160	114	24	relied	rely	VERB
fbem-12160	114	25	on	on	ADP
fbem-12160	114	26	this	this	DET
fbem-12160	114	27	bulletin	bulletin	NOUN
fbem-12160	114	28	for	for	ADP
fbem-12160	114	29	data	datum	NOUN
fbem-12160	114	30	.	.	PUNCT
fbem-12160	115	1	this	this	DET
fbem-12160	115	2	paper	paper	NOUN
fbem-12160	115	3	selects	select	VERB
fbem-12160	115	4	data	datum	NOUN
fbem-12160	115	5	from	from	ADP
fbem-12160	115	6	the	the	DET
fbem-12160	115	7	years	year	NOUN
fbem-12160	115	8	2004	2004	NUM
fbem-12160	115	9	to	to	ADP
fbem-12160	115	10	2019	2019	NUM
fbem-12160	115	11	and	and	CCONJ
fbem-12160	115	12	takes	take	VERB
fbem-12160	115	13	the	the	DET
fbem-12160	115	14	top	top	ADJ
fbem-12160	115	15	21	21	NUM
fbem-12160	115	16	countries	country	NOUN
fbem-12160	115	17	or	or	CCONJ
fbem-12160	115	18	regions	region	NOUN
fbem-12160	115	19	that	that	PRON
fbem-12160	115	20	received	receive	VERB
fbem-12160	115	21	the	the	DET
fbem-12160	115	22	most	most	ADV
fbem-12160	115	23	chinese	chinese	ADJ
fbem-12160	115	24	direct	direct	ADJ
fbem-12160	115	25	investment	investment	NOUN
fbem-12160	115	26	as	as	ADP
fbem-12160	115	27	samples	sample	NOUN
fbem-12160	115	28	for	for	ADP
fbem-12160	115	29	empirical	empirical	ADJ
fbem-12160	115	30	analysis	analysis	NOUN
fbem-12160	115	31	.	.	PUNCT
fbem-12160	116	1	5	5	X
fbem-12160	116	2	.	.	X
fbem-12160	116	3	empirical	empirical	ADJ
fbem-12160	116	4	results	result	NOUN
fbem-12160	116	5	and	and	CCONJ
fbem-12160	116	6	analysis	analysis	NOUN
fbem-12160	116	7	5.1	5.1	NUM
fbem-12160	116	8	.	.	PUNCT
fbem-12160	117	1	descriptive	descriptive	ADJ
fbem-12160	117	2	analytics	analytic	NOUN
fbem-12160	117	3	table	table	NOUN
fbem-12160	117	4	1	1	NUM
fbem-12160	117	5	presents	present	VERB
fbem-12160	117	6	descriptive	descriptive	ADJ
fbem-12160	117	7	statistics	statistic	NOUN
fbem-12160	117	8	for	for	ADP
fbem-12160	117	9	the	the	DET
fbem-12160	117	10	main	main	ADJ
fbem-12160	117	11	variables	variable	NOUN
fbem-12160	117	12	.	.	PUNCT
fbem-12160	118	1	by	by	ADP
fbem-12160	118	2	examining	examine	VERB
fbem-12160	118	3	the	the	DET
fbem-12160	118	4	means	mean	NOUN
fbem-12160	118	5	,	,	PUNCT
fbem-12160	118	6	minimums	minimum	NOUN
fbem-12160	118	7	,	,	PUNCT
fbem-12160	118	8	maximums	maximum	NOUN
fbem-12160	118	9	,	,	PUNCT
fbem-12160	118	10	and	and	CCONJ
fbem-12160	118	11	standard	standard	ADJ
fbem-12160	118	12	deviations	deviation	NOUN
fbem-12160	118	13	of	of	ADP
fbem-12160	118	14	these	these	DET
fbem-12160	118	15	main	main	ADJ
fbem-12160	118	16	variables	variable	NOUN
fbem-12160	118	17	,	,	PUNCT
fbem-12160	118	18	we	we	PRON
fbem-12160	118	19	can	can	AUX
fbem-12160	118	20	gain	gain	VERB
fbem-12160	118	21	insights	insight	NOUN
fbem-12160	118	22	into	into	ADP
fbem-12160	118	23	the	the	DET
fbem-12160	118	24	overall	overall	ADJ
fbem-12160	118	25	distribution	distribution	NOUN
fbem-12160	118	26	of	of	ADP
fbem-12160	118	27	the	the	DET
fbem-12160	118	28	variables	variable	NOUN
fbem-12160	118	29	.	.	PUNCT
fbem-12160	119	1	the	the	DET
fbem-12160	119	2	average	average	ADJ
fbem-12160	119	3	value	value	NOUN
fbem-12160	119	4	of	of	ADP
fbem-12160	119	5	ofdi	ofdi	NOUN
fbem-12160	119	6	(	(	PUNCT
fbem-12160	119	7	outward	outward	VERB
fbem-12160	119	8	foreign	foreign	ADJ
fbem-12160	119	9	direct	direct	ADJ
fbem-12160	119	10	investment	investment	NOUN
fbem-12160	119	11	)	)	PUNCT
fbem-12160	119	12	is	be	AUX
fbem-12160	119	13	32.6	32.6	NUM
fbem-12160	119	14	billion	billion	NUM
fbem-12160	119	15	,	,	PUNCT
fbem-12160	119	16	indicating	indicate	VERB
fbem-12160	119	17	a	a	DET
fbem-12160	119	18	significant	significant	ADJ
fbem-12160	119	19	scale	scale	NOUN
fbem-12160	119	20	of	of	ADP
fbem-12160	119	21	china	china	PROPN
fbem-12160	119	22	's	's	PART
fbem-12160	119	23	outward	outward	ADJ
fbem-12160	119	24	direct	direct	ADJ
fbem-12160	119	25	investment	investment	NOUN
fbem-12160	119	26	.	.	PUNCT
fbem-12160	120	1	the	the	DET
fbem-12160	120	2	maximum	maximum	ADJ
fbem-12160	120	3	value	value	NOUN
fbem-12160	120	4	is	be	AUX
fbem-12160	120	5	1,142	1,142	NUM
fbem-12160	120	6	billion	billion	NUM
fbem-12160	120	7	,	,	PUNCT
fbem-12160	120	8	while	while	SCONJ
fbem-12160	120	9	the	the	DET
fbem-12160	120	10	minimum	minimum	ADJ
fbem-12160	120	11	value	value	NOUN
fbem-12160	120	12	is	be	AUX
fbem-12160	120	13	negative	negative	ADJ
fbem-12160	120	14	,	,	PUNCT
fbem-12160	120	15	suggesting	suggest	VERB
fbem-12160	120	16	substantial	substantial	ADJ
fbem-12160	120	17	variation	variation	NOUN
fbem-12160	120	18	in	in	ADP
fbem-12160	120	19	amounts	amount	NOUN
fbem-12160	120	20	across	across	ADP
fbem-12160	120	21	different	different	ADJ
fbem-12160	120	22	years	year	NOUN
fbem-12160	120	23	and	and	CCONJ
fbem-12160	120	24	regions.the	regions.the	DET
fbem-12160	120	25	other	other	ADJ
fbem-12160	120	26	indicators	indicator	NOUN
fbem-12160	120	27	also	also	ADV
fbem-12160	120	28	show	show	VERB
fbem-12160	120	29	noticeable	noticeable	ADJ
fbem-12160	120	30	differences	difference	NOUN
fbem-12160	120	31	in	in	ADP
fbem-12160	120	32	gdp	gdp	NOUN
fbem-12160	120	33	levels	level	NOUN
fbem-12160	120	34	,	,	PUNCT
fbem-12160	120	35	resource	resource	NOUN
fbem-12160	120	36	endowment	endowment	NOUN
fbem-12160	120	37	,	,	PUNCT
fbem-12160	120	38	economic	economic	ADJ
fbem-12160	120	39	freedom	freedom	NOUN
fbem-12160	120	40	,	,	PUNCT
fbem-12160	120	41	and	and	CCONJ
fbem-12160	120	42	openness	openness	NOUN
fbem-12160	120	43	to	to	ADP
fbem-12160	120	44	foreign	foreign	ADJ
fbem-12160	120	45	trade	trade	NOUN
fbem-12160	120	46	among	among	ADP
fbem-12160	120	47	countries	country	NOUN
fbem-12160	120	48	.	.	PUNCT
fbem-12160	121	1	this	this	PRON
fbem-12160	121	2	suggests	suggest	VERB
fbem-12160	121	3	that	that	SCONJ
fbem-12160	121	4	the	the	DET
fbem-12160	121	5	selected	select	VERB
fbem-12160	121	6	data	data	NOUN
fbem-12160	121	7	is	be	AUX
fbem-12160	121	8	comprehensive	comprehensive	ADJ
fbem-12160	121	9	and	and	CCONJ
fbem-12160	121	10	reliable	reliable	ADJ
fbem-12160	121	11	.	.	PUNCT
fbem-12160	122	1	table	table	NOUN
fbem-12160	122	2	1	1	NUM
fbem-12160	122	3	.	.	PUNCT
fbem-12160	122	4	descriptive	descriptive	ADJ
fbem-12160	122	5	statistical	statistical	ADJ
fbem-12160	122	6	results	result	NOUN
fbem-12160	122	7	for	for	ADP
fbem-12160	122	8	major	major	ADJ
fbem-12160	122	9	variables	variable	NOUN
fbem-12160	122	10	variables	variable	NOUN
fbem-12160	122	11	n	n	ADV
fbem-12160	122	12	mean	mean	VERB
fbem-12160	122	13	sd	sd	ADP
fbem-12160	122	14	min	min	PROPN
fbem-12160	122	15	max	max	PROPN
fbem-12160	122	16	ofdi	ofdi	PROPN
fbem-12160	122	17	336	336	NUM
fbem-12160	122	18	0.326	0.326	NUM
fbem-12160	122	19	1.339	1.339	NUM
fbem-12160	122	20	-0.0815	-0.0815	NOUN
fbem-12160	122	21	11.42	11.42	NUM
fbem-12160	122	22	reer	reer	NOUN
fbem-12160	122	23	336	336	NUM
fbem-12160	122	24	2.864	2.864	NUM
fbem-12160	122	25	3.691	3.691	NUM
fbem-12160	122	26	0.000287	0.000287	NUM
fbem-12160	122	27	15.27	15.27	NUM
fbem-12160	122	28	std	std	NOUN
fbem-12160	122	29	336	336	NUM
fbem-12160	122	30	0.0929	0.0929	NUM
fbem-12160	122	31	0.168	0.168	NUM
fbem-12160	122	32	7.86e-07	7.86e-07	NUM
fbem-12160	122	33	1.441	1.441	NUM
fbem-12160	122	34	gdp	gdp	NOUN
fbem-12160	122	35	336	336	NUM
fbem-12160	122	36	175.9	175.9	NUM
fbem-12160	122	37	349.4	349.4	NUM
fbem-12160	122	38	0.387	0.387	NUM
fbem-12160	122	39	2,137	2,137	NUM
fbem-12160	122	40	resource	resource	NOUN
fbem-12160	122	41	336	336	NUM
fbem-12160	122	42	15.92	15.92	NUM
fbem-12160	122	43	24.07	24.07	NUM
fbem-12160	122	44	0.103	0.103	NUM
fbem-12160	122	45	98.24	98.24	NUM
fbem-12160	122	46	free	free	ADJ
fbem-12160	122	47	336	336	NUM
fbem-12160	122	48	67.87	67.87	NUM
fbem-12160	122	49	12.19	12.19	NUM
fbem-12160	122	50	44.70	44.70	NUM
fbem-12160	122	51	90.20	90.20	NUM
fbem-12160	122	52	open	open	ADJ
fbem-12160	122	53	336	336	NUM
fbem-12160	122	54	1.033	1.033	NUM
fbem-12160	122	55	1.018	1.018	NUM
fbem-12160	122	56	0.209	0.209	NUM
fbem-12160	122	57	4.669	4.669	NUM
fbem-12160	122	58	5.2	5.2	NUM
fbem-12160	122	59	.	.	PUNCT
fbem-12160	123	1	regression	regression	VERB
fbem-12160	123	2	analysis	analysis	NOUN
fbem-12160	123	3	table	table	NOUN
fbem-12160	123	4	2	2	NUM
fbem-12160	123	5	presents	present	VERB
fbem-12160	123	6	the	the	DET
fbem-12160	123	7	results	result	NOUN
fbem-12160	123	8	of	of	ADP
fbem-12160	123	9	the	the	DET
fbem-12160	123	10	mixed	mixed	ADJ
fbem-12160	123	11	ols	ol	NOUN
fbem-12160	123	12	regression	regression	NOUN
fbem-12160	123	13	for	for	ADP
fbem-12160	123	14	model	model	NOUN
fbem-12160	123	15	1	1	NUM
fbem-12160	123	16	.	.	PUNCT
fbem-12160	124	1	the	the	DET
fbem-12160	124	2	preliminary	preliminary	ADJ
fbem-12160	124	3	regression	regression	NOUN
fbem-12160	124	4	results	result	NOUN
fbem-12160	124	5	for	for	ADP
fbem-12160	124	6	model	model	NOUN
fbem-12160	124	7	1	1	NUM
fbem-12160	124	8	show	show	VERB
fbem-12160	124	9	that	that	SCONJ
fbem-12160	124	10	the	the	DET
fbem-12160	124	11	level	level	NOUN
fbem-12160	124	12	of	of	ADP
fbem-12160	124	13	the	the	DET
fbem-12160	124	14	chinese	chinese	ADJ
fbem-12160	124	15	renminbi	renminbi	PROPN
fbem-12160	124	16	exchange	exchange	NOUN
fbem-12160	124	17	rate	rate	NOUN
fbem-12160	124	18	has	have	VERB
fbem-12160	124	19	a	a	DET
fbem-12160	124	20	significant	significant	ADJ
fbem-12160	124	21	negative	negative	ADJ
fbem-12160	124	22	effect	effect	NOUN
fbem-12160	124	23	on	on	ADP
fbem-12160	124	24	china	china	PROPN
fbem-12160	124	25	's	's	PART
fbem-12160	124	26	outward	outward	ADJ
fbem-12160	124	27	foreign	foreign	ADJ
fbem-12160	124	28	direct	direct	ADJ
fbem-12160	124	29	investment	investment	NOUN
fbem-12160	124	30	at	at	ADP
fbem-12160	124	31	the	the	DET
fbem-12160	124	32	1	1	NUM
fbem-12160	124	33	%	%	NOUN
fbem-12160	124	34	level	level	NOUN
fbem-12160	124	35	.	.	PUNCT
fbem-12160	125	1	this	this	PRON
fbem-12160	125	2	suggests	suggest	VERB
fbem-12160	125	3	that	that	SCONJ
fbem-12160	125	4	when	when	SCONJ
fbem-12160	125	5	the	the	DET
fbem-12160	125	6	renminbi	renminbi	NOUN
fbem-12160	125	7	appreciates	appreciate	VERB
fbem-12160	125	8	,	,	PUNCT
fbem-12160	125	9	china	china	PROPN
fbem-12160	125	10	's	's	PART
fbem-12160	125	11	outward	outward	ADJ
fbem-12160	125	12	foreign	foreign	ADJ
fbem-12160	125	13	direct	direct	ADJ
fbem-12160	125	14	investment	investment	NOUN
fbem-12160	125	15	significantly	significantly	ADV
fbem-12160	125	16	increases	increase	VERB
fbem-12160	125	17	,	,	PUNCT
fbem-12160	125	18	which	which	PRON
fbem-12160	125	19	confirms	confirm	VERB
fbem-12160	125	20	hypothesis	hypothesis	NOUN
fbem-12160	125	21	1	1	NUM
fbem-12160	125	22	.	.	PUNCT
fbem-12160	126	1	regarding	regard	VERB
fbem-12160	126	2	the	the	DET
fbem-12160	126	3	control	control	NOUN
fbem-12160	126	4	variables	variable	NOUN
fbem-12160	126	5	,	,	PUNCT
fbem-12160	126	6	the	the	DET
fbem-12160	126	7	gdp	gdp	NOUN
fbem-12160	126	8	level	level	NOUN
fbem-12160	126	9	of	of	ADP
fbem-12160	126	10	the	the	DET
fbem-12160	126	11	host	host	NOUN
fbem-12160	126	12	country	country	NOUN
fbem-12160	126	13	is	be	AUX
fbem-12160	126	14	significantly	significantly	ADV
fbem-12160	126	15	positive	positive	ADJ
fbem-12160	126	16	at	at	ADP
fbem-12160	126	17	the	the	DET
fbem-12160	126	18	5	5	NUM
fbem-12160	126	19	%	%	NOUN
fbem-12160	126	20	level	level	NOUN
fbem-12160	126	21	,	,	PUNCT
fbem-12160	126	22	indicating	indicate	VERB
fbem-12160	126	23	that	that	SCONJ
fbem-12160	126	24	china	china	PROPN
fbem-12160	126	25	is	be	AUX
fbem-12160	126	26	more	more	ADV
fbem-12160	126	27	willing	willing	ADJ
fbem-12160	126	28	to	to	PART
fbem-12160	126	29	invest	invest	VERB
fbem-12160	126	30	in	in	ADP
fbem-12160	126	31	countries	country	NOUN
fbem-12160	126	32	or	or	CCONJ
fbem-12160	126	33	regions	region	NOUN
fbem-12160	126	34	with	with	ADP
fbem-12160	126	35	a	a	DET
fbem-12160	126	36	larger	large	ADJ
fbem-12160	126	37	economic	economic	ADJ
fbem-12160	126	38	scale	scale	NOUN
fbem-12160	126	39	.	.	PUNCT
fbem-12160	127	1	however	however	ADV
fbem-12160	127	2	,	,	PUNCT
fbem-12160	127	3	the	the	DET
fbem-12160	127	4	host	host	NOUN
fbem-12160	127	5	country	country	NOUN
fbem-12160	127	6	's	's	PART
fbem-12160	127	7	resource	resource	NOUN
fbem-12160	127	8	endowment	endowment	NOUN
fbem-12160	127	9	does	do	AUX
fbem-12160	127	10	not	not	PART
fbem-12160	127	11	significantly	significantly	ADV
fbem-12160	127	12	affect	affect	VERB
fbem-12160	127	13	china	china	PROPN
fbem-12160	127	14	's	's	PART
fbem-12160	127	15	outward	outward	ADJ
fbem-12160	127	16	foreign	foreign	ADJ
fbem-12160	127	17	direct	direct	ADJ
fbem-12160	127	18	investment	investment	NOUN
fbem-12160	127	19	.	.	PUNCT
fbem-12160	128	1	the	the	DET
fbem-12160	128	2	host	host	NOUN
fbem-12160	128	3	country	country	NOUN
fbem-12160	128	4	's	's	PART
fbem-12160	128	5	economic	economic	ADJ
fbem-12160	128	6	freedom	freedom	NOUN
fbem-12160	128	7	and	and	CCONJ
fbem-12160	128	8	openness	openness	NOUN
fbem-12160	128	9	to	to	ADP
fbem-12160	128	10	foreign	foreign	ADJ
fbem-12160	128	11	trade	trade	NOUN
fbem-12160	128	12	are	be	AUX
fbem-12160	128	13	both	both	PRON
fbem-12160	128	14	significantly	significantly	ADV
fbem-12160	128	15	positive	positive	ADJ
fbem-12160	128	16	at	at	ADP
fbem-12160	128	17	the	the	DET
fbem-12160	128	18	1	1	NUM
fbem-12160	128	19	%	%	NOUN
fbem-12160	128	20	level	level	NOUN
fbem-12160	128	21	,	,	PUNCT
fbem-12160	128	22	indicating	indicate	VERB
fbem-12160	128	23	that	that	SCONJ
fbem-12160	128	24	china	china	PROPN
fbem-12160	128	25	is	be	AUX
fbem-12160	128	26	more	more	ADV
fbem-12160	128	27	inclined	inclined	ADJ
fbem-12160	128	28	to	to	PART
fbem-12160	128	29	invest	invest	VERB
fbem-12160	128	30	in	in	ADP
fbem-12160	128	31	countries	country	NOUN
fbem-12160	128	32	(	(	PUNCT
fbem-12160	128	33	regions	region	NOUN
fbem-12160	128	34	)	)	PUNCT
fbem-12160	128	35	with	with	ADP
fbem-12160	128	36	higher	high	ADJ
fbem-12160	128	37	economic	economic	ADJ
fbem-12160	128	38	freedom	freedom	NOUN
fbem-12160	128	39	and	and	CCONJ
fbem-12160	128	40	greater	great	ADJ
fbem-12160	128	41	openness	openness	NOUN
fbem-12160	128	42	to	to	ADP
fbem-12160	128	43	foreign	foreign	ADJ
fbem-12160	128	44	trade	trade	NOUN
fbem-12160	128	45	.	.	PUNCT
fbem-12160	129	1	table	table	NOUN
fbem-12160	129	2	2	2	NUM
fbem-12160	129	3	.	.	PUNCT
fbem-12160	129	4	model	model	NOUN
fbem-12160	129	5	1	1	NUM
fbem-12160	129	6	regression	regression	NOUN
fbem-12160	129	7	results	result	NOUN
fbem-12160	129	8	variables	variable	VERB
fbem-12160	129	9	ofdi	ofdi	VERB
fbem-12160	129	10	reer	reer	NOUN
fbem-12160	129	11	-0.0759	-0.0759	NOUN
fbem-12160	129	12	*	*	PUNCT
fbem-12160	129	13	*	*	PUNCT
fbem-12160	129	14	*	*	PUNCT
fbem-12160	129	15	(	(	PUNCT
fbem-12160	129	16	-3.73	-3.73	PROPN
fbem-12160	129	17	)	)	PUNCT
fbem-12160	129	18	gdp	gdp	NOUN
fbem-12160	129	19	0.0005	0.0005	NUM
fbem-12160	129	20	*	*	NOUN
fbem-12160	129	21	*	*	PUNCT
fbem-12160	129	22	(	(	PUNCT
fbem-12160	129	23	2.40	2.40	NUM
fbem-12160	129	24	)	)	PUNCT
fbem-12160	129	25	resource	resource	NOUN
fbem-12160	129	26	0.0013	0.0013	NUM
fbem-12160	129	27	(	(	PUNCT
fbem-12160	129	28	0.50	0.50	NUM
fbem-12160	129	29	)	)	PUNCT
fbem-12160	129	30	free	free	ADJ
fbem-12160	129	31	0.0280	0.0280	NUM
fbem-12160	129	32	*	*	PUNCT
fbem-12160	129	33	*	*	PUNCT
fbem-12160	129	34	*	*	PUNCT
fbem-12160	129	35	(	(	PUNCT
fbem-12160	129	36	3.99	3.99	NUM
fbem-12160	129	37	)	)	PUNCT
fbem-12160	129	38	open	open	VERB
fbem-12160	129	39	0.6161	0.6161	NUM
fbem-12160	129	40	*	*	PUNCT
fbem-12160	129	41	*	*	PUNCT
fbem-12160	129	42	*	*	PUNCT
fbem-12160	129	43	(	(	PUNCT
fbem-12160	129	44	8.44	8.44	NUM
fbem-12160	129	45	)	)	PUNCT
fbem-12160	129	46	constant	constant	ADJ
fbem-12160	129	47	-2.0912	-2.0912	NOUN
fbem-12160	129	48	*	*	PUNCT
fbem-12160	129	49	*	*	PUNCT
fbem-12160	129	50	*	*	PUNCT
fbem-12160	129	51	(	(	PUNCT
fbem-12160	129	52	-4.98	-4.98	X
fbem-12160	129	53	)	)	PUNCT
fbem-12160	129	54	observations	observation	NOUN
fbem-12160	129	55	336	336	NUM
fbem-12160	129	56	r	r	NOUN
fbem-12160	129	57	-	-	PUNCT
fbem-12160	129	58	squared	square	VERB
fbem-12160	129	59	0.364	0.364	NUM
fbem-12160	129	60	table	table	NOUN
fbem-12160	129	61	3	3	NUM
fbem-12160	129	62	presents	present	VERB
fbem-12160	129	63	the	the	DET
fbem-12160	129	64	results	result	NOUN
fbem-12160	129	65	of	of	ADP
fbem-12160	129	66	the	the	DET
fbem-12160	129	67	mixed	mixed	ADJ
fbem-12160	129	68	ols	ol	NOUN
fbem-12160	129	69	regression	regression	NOUN
fbem-12160	129	70	for	for	ADP
fbem-12160	129	71	model	model	NOUN
fbem-12160	129	72	2	2	NUM
fbem-12160	129	73	,	,	PUNCT
fbem-12160	129	74	which	which	PRON
fbem-12160	129	75	includes	include	VERB
fbem-12160	129	76	the	the	DET
fbem-12160	129	77	renminbi	renminbi	NOUN
fbem-12160	129	78	exchange	exchange	NOUN
fbem-12160	129	79	rate	rate	NOUN
fbem-12160	129	80	volatility	volatility	NOUN
fbem-12160	129	81	variable	variable	NOUN
fbem-12160	129	82	.	.	PUNCT
fbem-12160	130	1	the	the	DET
fbem-12160	130	2	regression	regression	NOUN
fbem-12160	130	3	results	result	NOUN
fbem-12160	130	4	indicate	indicate	VERB
fbem-12160	130	5	that	that	SCONJ
fbem-12160	130	6	renminbi	renminbi	NOUN
fbem-12160	130	7	exchange	exchange	NOUN
fbem-12160	130	8	rate	rate	NOUN
fbem-12160	130	9	volatility	volatility	NOUN
fbem-12160	130	10	does	do	AUX
fbem-12160	130	11	not	not	PART
fbem-12160	130	12	have	have	VERB
fbem-12160	130	13	a	a	DET
fbem-12160	130	14	significant	significant	ADJ
fbem-12160	130	15	impact	impact	NOUN
fbem-12160	130	16	on	on	ADP
fbem-12160	130	17	china	china	PROPN
fbem-12160	130	18	's	's	PART
fbem-12160	130	19	outward	outward	ADJ
fbem-12160	130	20	foreign	foreign	ADJ
fbem-12160	130	21	direct	direct	ADJ
fbem-12160	130	22	investment	investment	NOUN
fbem-12160	130	23	.	.	PUNCT
fbem-12160	131	1	the	the	DET
fbem-12160	131	2	results	result	NOUN
fbem-12160	131	3	for	for	ADP
fbem-12160	131	4	the	the	DET
fbem-12160	131	5	other	other	ADJ
fbem-12160	131	6	variables	variable	NOUN
fbem-12160	131	7	are	be	AUX
fbem-12160	131	8	not	not	PART
fbem-12160	131	9	significantly	significantly	ADV
fbem-12160	131	10	different	different	ADJ
fbem-12160	131	11	from	from	ADP
fbem-12160	131	12	those	those	PRON
fbem-12160	131	13	in	in	ADP
fbem-12160	131	14	model	model	NOUN
fbem-12160	131	15	1	1	NUM
fbem-12160	131	16	.	.	PUNCT
fbem-12160	132	1	these	these	DET
fbem-12160	132	2	regression	regression	NOUN
fbem-12160	132	3	results	result	NOUN
fbem-12160	132	4	suggest	suggest	VERB
fbem-12160	132	5	that	that	SCONJ
fbem-12160	132	6	hypothesis	hypothesis	NOUN
fbem-12160	132	7	2	2	NUM
fbem-12160	132	8	is	be	AUX
fbem-12160	132	9	not	not	PART
fbem-12160	132	10	supported	support	VERB
fbem-12160	132	11	.	.	PUNCT
fbem-12160	133	1	46	46	NUM
fbem-12160	133	2	table	table	NOUN
fbem-12160	133	3	3	3	NUM
fbem-12160	133	4	.	.	PUNCT
fbem-12160	133	5	model	model	NOUN
fbem-12160	133	6	2	2	NUM
fbem-12160	133	7	regression	regression	NOUN
fbem-12160	133	8	results	result	NOUN
fbem-12160	133	9	variables	variable	VERB
fbem-12160	133	10	ofdi	ofdi	VERB
fbem-12160	133	11	reer	reer	NOUN
fbem-12160	133	12	-0.0967	-0.0967	PROPN
fbem-12160	134	1	*	*	PUNCT
fbem-12160	135	1	*	*	PUNCT
fbem-12160	135	2	*	*	PUNCT
fbem-12160	135	3	(	(	PUNCT
fbem-12160	135	4	-3.50	-3.50	NOUN
fbem-12160	135	5	)	)	PUNCT
fbem-12160	135	6	std	std	NOUN
fbem-12160	135	7	0.5919	0.5919	NUM
fbem-12160	135	8	(	(	PUNCT
fbem-12160	135	9	1.11	1.11	NUM
fbem-12160	135	10	)	)	PUNCT
fbem-12160	135	11	gdp	gdp	NOUN
fbem-12160	135	12	0.0005	0.0005	NUM
fbem-12160	135	13	*	*	PUNCT
fbem-12160	135	14	*	*	PUNCT
fbem-12160	135	15	*	*	PUNCT
fbem-12160	135	16	续表	续表	NOUN
fbem-12160	135	17	(	(	PUNCT
fbem-12160	135	18	2.61	2.61	NUM
fbem-12160	135	19	)	)	PUNCT
fbem-12160	135	20	resource	resource	NOUN
fbem-12160	135	21	0.0013	0.0013	NUM
fbem-12160	135	22	(	(	PUNCT
fbem-12160	135	23	0.49	0.49	NUM
fbem-12160	135	24	)	)	PUNCT
fbem-12160	135	25	free	free	ADJ
fbem-12160	135	26	0.0275	0.0275	NUM
fbem-12160	135	27	*	*	NOUN
fbem-12160	135	28	*	*	PUNCT
fbem-12160	135	29	*	*	PUNCT
fbem-12160	135	30	(	(	PUNCT
fbem-12160	135	31	3.92	3.92	NUM
fbem-12160	135	32	)	)	PUNCT
fbem-12160	135	33	open	open	VERB
fbem-12160	135	34	0.6293	0.6293	NUM
fbem-12160	135	35	*	*	PUNCT
fbem-12160	135	36	*	*	PUNCT
fbem-12160	135	37	*	*	PUNCT
fbem-12160	135	38	(	(	PUNCT
fbem-12160	135	39	8.51	8.51	NUM
fbem-12160	135	40	)	)	PUNCT
fbem-12160	135	41	constant	constant	ADJ
fbem-12160	135	42	-2.0803	-2.0803	NOUN
fbem-12160	135	43	*	*	PUNCT
fbem-12160	135	44	*	*	PUNCT
fbem-12160	135	45	*	*	PUNCT
fbem-12160	135	46	(	(	PUNCT
fbem-12160	135	47	-4.95	-4.95	NOUN
fbem-12160	135	48	)	)	PUNCT
fbem-12160	135	49	observations	observation	NOUN
fbem-12160	135	50	336	336	NUM
fbem-12160	135	51	r	r	NOUN
fbem-12160	135	52	-	-	PUNCT
fbem-12160	135	53	squared	square	VERB
fbem-12160	135	54	0.366	0.366	NUM
fbem-12160	135	55	in	in	ADP
fbem-12160	135	56	summary	summary	NOUN
fbem-12160	135	57	,	,	PUNCT
fbem-12160	135	58	generally	generally	ADV
fbem-12160	135	59	speaking	speak	VERB
fbem-12160	135	60	,	,	PUNCT
fbem-12160	135	61	a	a	DET
fbem-12160	135	62	higher	high	ADJ
fbem-12160	135	63	level	level	NOUN
fbem-12160	135	64	of	of	ADP
fbem-12160	135	65	openness	openness	NOUN
fbem-12160	135	66	and	and	CCONJ
fbem-12160	135	67	economic	economic	ADJ
fbem-12160	135	68	freedom	freedom	NOUN
fbem-12160	135	69	in	in	ADP
fbem-12160	135	70	the	the	DET
fbem-12160	135	71	host	host	NOUN
fbem-12160	135	72	country	country	NOUN
fbem-12160	135	73	tends	tend	VERB
fbem-12160	135	74	to	to	PART
fbem-12160	135	75	be	be	AUX
fbem-12160	135	76	more	more	ADV
fbem-12160	135	77	favorable	favorable	ADJ
fbem-12160	135	78	for	for	ADP
fbem-12160	135	79	promoting	promote	VERB
fbem-12160	135	80	china	china	PROPN
fbem-12160	135	81	's	's	PART
fbem-12160	135	82	foreign	foreign	ADJ
fbem-12160	135	83	direct	direct	ADJ
fbem-12160	135	84	investment	investment	NOUN
fbem-12160	135	85	in	in	ADP
fbem-12160	135	86	that	that	DET
fbem-12160	135	87	country	country	NOUN
fbem-12160	135	88	.	.	PUNCT
fbem-12160	136	1	however	however	ADV
fbem-12160	136	2	,	,	PUNCT
fbem-12160	136	3	due	due	ADP
fbem-12160	136	4	to	to	ADP
fbem-12160	136	5	certain	certain	ADJ
fbem-12160	136	6	developing	develop	VERB
fbem-12160	136	7	countries	country	NOUN
fbem-12160	136	8	where	where	SCONJ
fbem-12160	136	9	china	china	PROPN
fbem-12160	136	10	invests	invest	VERB
fbem-12160	136	11	heavily	heavily	ADV
fbem-12160	136	12	,	,	PUNCT
fbem-12160	136	13	the	the	DET
fbem-12160	136	14	coefficients	coefficient	NOUN
fbem-12160	136	15	in	in	ADP
fbem-12160	136	16	empirical	empirical	ADJ
fbem-12160	136	17	results	result	NOUN
fbem-12160	136	18	may	may	AUX
fbem-12160	136	19	not	not	PART
fbem-12160	136	20	be	be	AUX
fbem-12160	136	21	statistically	statistically	ADV
fbem-12160	136	22	significant	significant	ADJ
fbem-12160	136	23	when	when	SCONJ
fbem-12160	136	24	measured	measure	VERB
fbem-12160	136	25	by	by	ADP
fbem-12160	136	26	trade	trade	NOUN
fbem-12160	136	27	openness	openness	NOUN
fbem-12160	136	28	and	and	CCONJ
fbem-12160	136	29	institutional	institutional	ADJ
fbem-12160	136	30	quality	quality	NOUN
fbem-12160	136	31	scores	score	NOUN
fbem-12160	136	32	based	base	VERB
fbem-12160	136	33	on	on	ADP
fbem-12160	136	34	economic	economic	ADJ
fbem-12160	136	35	freedom	freedom	NOUN
fbem-12160	136	36	.	.	PUNCT
fbem-12160	137	1	obtaining	obtain	VERB
fbem-12160	137	2	more	more	ADJ
fbem-12160	137	3	refined	refined	ADJ
fbem-12160	137	4	industry	industry	NOUN
fbem-12160	137	5	-	-	PUNCT
fbem-12160	137	6	specific	specific	ADJ
fbem-12160	137	7	data	datum	NOUN
fbem-12160	137	8	and	and	CCONJ
fbem-12160	137	9	understanding	understand	VERB
fbem-12160	137	10	the	the	DET
fbem-12160	137	11	investment	investment	NOUN
fbem-12160	137	12	motivations	motivation	NOUN
fbem-12160	137	13	of	of	ADP
fbem-12160	137	14	investors	investor	NOUN
fbem-12160	137	15	would	would	AUX
fbem-12160	137	16	allow	allow	VERB
fbem-12160	137	17	for	for	ADP
fbem-12160	137	18	a	a	DET
fbem-12160	137	19	more	more	ADV
fbem-12160	137	20	accurate	accurate	ADJ
fbem-12160	137	21	estimation	estimation	NOUN
fbem-12160	137	22	of	of	ADP
fbem-12160	137	23	the	the	DET
fbem-12160	137	24	impact	impact	NOUN
fbem-12160	137	25	of	of	ADP
fbem-12160	137	26	host	host	NOUN
fbem-12160	137	27	country	country	NOUN
fbem-12160	137	28	's	's	PART
fbem-12160	137	29	openness	openness	NOUN
fbem-12160	137	30	and	and	CCONJ
fbem-12160	137	31	institutional	institutional	ADJ
fbem-12160	137	32	quality	quality	NOUN
fbem-12160	137	33	on	on	ADP
fbem-12160	137	34	china	china	PROPN
fbem-12160	137	35	's	's	PART
fbem-12160	137	36	foreign	foreign	ADJ
fbem-12160	137	37	direct	direct	ADJ
fbem-12160	137	38	investment	investment	NOUN
fbem-12160	137	39	.	.	PUNCT
fbem-12160	138	1	5.3	5.3	NUM
fbem-12160	138	2	.	.	PUNCT
fbem-12160	138	3	robustness	robustness	NOUN
fbem-12160	138	4	test	test	NOUN
fbem-12160	138	5	the	the	DET
fbem-12160	138	6	regression	regression	NOUN
fbem-12160	138	7	results	result	NOUN
fbem-12160	138	8	for	for	ADP
fbem-12160	138	9	the	the	DET
fbem-12160	138	10	robustness	robustness	NOUN
fbem-12160	138	11	test	test	NOUN
fbem-12160	138	12	are	be	AUX
fbem-12160	138	13	presented	present	VERB
fbem-12160	138	14	in	in	ADP
fbem-12160	138	15	table	table	NOUN
fbem-12160	138	16	4	4	NUM
fbem-12160	138	17	.	.	PUNCT
fbem-12160	139	1	in	in	ADP
fbem-12160	139	2	this	this	DET
fbem-12160	139	3	robustness	robustness	NOUN
fbem-12160	139	4	test	test	NOUN
fbem-12160	139	5	,	,	PUNCT
fbem-12160	139	6	the	the	DET
fbem-12160	139	7	study	study	NOUN
fbem-12160	139	8	has	have	AUX
fbem-12160	139	9	included	include	VERB
fbem-12160	139	10	the	the	DET
fbem-12160	139	11	relative	relative	ADJ
fbem-12160	139	12	labor	labor	NOUN
fbem-12160	139	13	cost	cost	NOUN
fbem-12160	139	14	of	of	ADP
fbem-12160	139	15	the	the	DET
fbem-12160	139	16	host	host	NOUN
fbem-12160	139	17	country	country	NOUN
fbem-12160	139	18	as	as	ADP
fbem-12160	139	19	an	an	DET
fbem-12160	139	20	additional	additional	ADJ
fbem-12160	139	21	control	control	NOUN
fbem-12160	139	22	variable	variable	NOUN
fbem-12160	139	23	,	,	PUNCT
fbem-12160	139	24	making	make	VERB
fbem-12160	139	25	the	the	DET
fbem-12160	139	26	control	control	NOUN
fbem-12160	139	27	variables	variable	VERB
fbem-12160	139	28	more	more	ADV
fbem-12160	139	29	comprehensive	comprehensive	ADJ
fbem-12160	139	30	and	and	CCONJ
fbem-12160	139	31	the	the	DET
fbem-12160	139	32	analysis	analysis	NOUN
fbem-12160	139	33	more	more	ADV
fbem-12160	139	34	accurate	accurate	ADJ
fbem-12160	139	35	.	.	PUNCT
fbem-12160	140	1	the	the	DET
fbem-12160	140	2	empirical	empirical	ADJ
fbem-12160	140	3	results	result	NOUN
fbem-12160	140	4	indicate	indicate	VERB
fbem-12160	140	5	that	that	SCONJ
fbem-12160	140	6	the	the	DET
fbem-12160	140	7	regression	regression	NOUN
fbem-12160	140	8	coefficient	coefficient	NOUN
fbem-12160	140	9	of	of	ADP
fbem-12160	140	10	the	the	DET
fbem-12160	140	11	renminbi	renminbi	NOUN
fbem-12160	140	12	exchange	exchange	NOUN
fbem-12160	140	13	rate	rate	NOUN
fbem-12160	140	14	level	level	NOUN
fbem-12160	140	15	on	on	ADP
fbem-12160	140	16	china	china	PROPN
fbem-12160	140	17	's	's	PART
fbem-12160	140	18	outward	outward	ADJ
fbem-12160	140	19	foreign	foreign	ADJ
fbem-12160	140	20	direct	direct	ADJ
fbem-12160	140	21	investment	investment	NOUN
fbem-12160	140	22	is	be	AUX
fbem-12160	140	23	-0.052	-0.052	PUNCT
fbem-12160	140	24	and	and	CCONJ
fbem-12160	140	25	is	be	AUX
fbem-12160	140	26	statistically	statistically	ADV
fbem-12160	140	27	significant	significant	ADJ
fbem-12160	140	28	at	at	ADP
fbem-12160	140	29	the	the	DET
fbem-12160	140	30	5	5	NUM
fbem-12160	140	31	%	%	NOUN
fbem-12160	140	32	confidence	confidence	NOUN
fbem-12160	140	33	level	level	NOUN
fbem-12160	140	34	.	.	PUNCT
fbem-12160	141	1	this	this	PRON
fbem-12160	141	2	suggests	suggest	VERB
fbem-12160	141	3	that	that	SCONJ
fbem-12160	141	4	an	an	DET
fbem-12160	141	5	increase	increase	NOUN
fbem-12160	141	6	in	in	ADP
fbem-12160	141	7	stock	stock	NOUN
fbem-12160	141	8	ownership	ownership	NOUN
fbem-12160	141	9	concentration	concentration	NOUN
fbem-12160	141	10	significantly	significantly	ADV
fbem-12160	141	11	promotes	promote	VERB
fbem-12160	141	12	non	non	ADJ
fbem-12160	141	13	-	-	ADJ
fbem-12160	141	14	efficient	efficient	ADJ
fbem-12160	141	15	investment	investment	NOUN
fbem-12160	141	16	behavior	behavior	NOUN
fbem-12160	141	17	by	by	ADP
fbem-12160	141	18	firms	firm	NOUN
fbem-12160	141	19	,	,	PUNCT
fbem-12160	141	20	supporting	support	VERB
fbem-12160	141	21	the	the	DET
fbem-12160	141	22	hypothesis	hypothesis	NOUN
fbem-12160	141	23	presented	present	VERB
fbem-12160	141	24	earlier	early	ADV
fbem-12160	141	25	.	.	PUNCT
fbem-12160	142	1	it	it	PRON
fbem-12160	142	2	demonstrates	demonstrate	VERB
fbem-12160	142	3	that	that	SCONJ
fbem-12160	142	4	the	the	DET
fbem-12160	142	5	conclusions	conclusion	NOUN
fbem-12160	142	6	of	of	ADP
fbem-12160	142	7	this	this	DET
fbem-12160	142	8	study	study	NOUN
fbem-12160	142	9	are	be	AUX
fbem-12160	142	10	robust	robust	ADJ
fbem-12160	142	11	and	and	CCONJ
fbem-12160	142	12	applicable	applicable	ADJ
fbem-12160	142	13	.	.	PUNCT
fbem-12160	143	1	in	in	ADP
fbem-12160	143	2	this	this	DET
fbem-12160	143	3	robustness	robustness	NOUN
fbem-12160	143	4	test	test	NOUN
fbem-12160	143	5	,	,	PUNCT
fbem-12160	143	6	the	the	DET
fbem-12160	143	7	results	result	NOUN
fbem-12160	143	8	obtained	obtain	VERB
fbem-12160	143	9	from	from	ADP
fbem-12160	143	10	the	the	DET
fbem-12160	143	11	regression	regression	NOUN
fbem-12160	143	12	model	model	NOUN
fbem-12160	143	13	are	be	AUX
fbem-12160	143	14	consistent	consistent	ADJ
fbem-12160	143	15	with	with	ADP
fbem-12160	143	16	those	those	PRON
fbem-12160	143	17	presented	present	VERB
fbem-12160	143	18	earlier	early	ADV
fbem-12160	143	19	,	,	PUNCT
fbem-12160	143	20	indicating	indicate	VERB
fbem-12160	143	21	that	that	SCONJ
fbem-12160	143	22	the	the	DET
fbem-12160	143	23	study	study	NOUN
fbem-12160	143	24	's	's	PART
fbem-12160	143	25	findings	finding	NOUN
fbem-12160	143	26	remain	remain	VERB
fbem-12160	143	27	robust	robust	ADJ
fbem-12160	143	28	when	when	SCONJ
fbem-12160	143	29	potential	potential	ADJ
fbem-12160	143	30	sources	source	NOUN
fbem-12160	143	31	of	of	ADP
fbem-12160	143	32	random	random	ADJ
fbem-12160	143	33	interference	interference	NOUN
fbem-12160	143	34	are	be	AUX
fbem-12160	143	35	accounted	account	VERB
fbem-12160	143	36	for	for	ADP
fbem-12160	143	37	.	.	PUNCT
fbem-12160	143	38	table	table	NOUN
fbem-12160	143	39	4	4	NUM
fbem-12160	143	40	.	.	PUNCT
fbem-12160	144	1	robustness	robustness	NOUN
fbem-12160	144	2	test	test	NOUN
fbem-12160	144	3	variables	variable	NOUN
fbem-12160	144	4	ofdi	ofdi	VERB
fbem-12160	144	5	reer	reer	NOUN
fbem-12160	144	6	-0.0520	-0.0520	PROPN
fbem-12160	144	7	*	*	PUNCT
fbem-12160	144	8	*	*	PUNCT
fbem-12160	144	9	(	(	PUNCT
fbem-12160	144	10	-2.23	-2.23	NOUN
fbem-12160	144	11	)	)	PUNCT
fbem-12160	144	12	gdp	gdp	NOUN
fbem-12160	144	13	0.0005	0.0005	NUM
fbem-12160	144	14	*	*	NOUN
fbem-12160	144	15	*	*	PUNCT
fbem-12160	144	16	(	(	PUNCT
fbem-12160	144	17	2.59	2.59	NUM
fbem-12160	144	18	)	)	PUNCT
fbem-12160	144	19	resource	resource	NOUN
fbem-12160	144	20	0.0015	0.0015	NUM
fbem-12160	144	21	(	(	PUNCT
fbem-12160	144	22	0.58	0.58	NUM
fbem-12160	144	23	)	)	PUNCT
fbem-12160	144	24	labor	labor	NOUN
fbem-12160	144	25	-0.0304	-0.0304	NOUN
fbem-12160	145	1	*	*	PUNCT
fbem-12160	145	2	*	*	PUNCT
fbem-12160	145	3	(	(	PUNCT
fbem-12160	145	4	-2.08	-2.08	X
fbem-12160	145	5	)	)	PUNCT
fbem-12160	145	6	free	free	ADJ
fbem-12160	145	7	0.0333	0.0333	NUM
fbem-12160	145	8	*	*	PUNCT
fbem-12160	145	9	*	*	PUNCT
fbem-12160	145	10	*	*	PUNCT
fbem-12160	145	11	(	(	PUNCT
fbem-12160	145	12	4.48	4.48	NUM
fbem-12160	145	13	)	)	PUNCT
fbem-12160	145	14	open	open	VERB
fbem-12160	145	15	0.6125	0.6125	NUM
fbem-12160	145	16	*	*	PUNCT
fbem-12160	145	17	*	*	PUNCT
fbem-12160	145	18	*	*	PUNCT
fbem-12160	145	19	(	(	PUNCT
fbem-12160	145	20	8.43	8.43	NUM
fbem-12160	145	21	)	)	PUNCT
fbem-12160	145	22	constant	constant	ADJ
fbem-12160	145	23	-2.3595	-2.3595	NOUN
fbem-12160	145	24	*	*	PUNCT
fbem-12160	145	25	*	*	PUNCT
fbem-12160	145	26	*	*	PUNCT
fbem-12160	145	27	(	(	PUNCT
fbem-12160	145	28	-5.39	-5.39	NOUN
fbem-12160	145	29	)	)	PUNCT
fbem-12160	145	30	observations	observation	NOUN
fbem-12160	145	31	336	336	NUM
fbem-12160	145	32	r	r	NOUN
fbem-12160	145	33	-	-	PUNCT
fbem-12160	145	34	squared	square	VERB
fbem-12160	145	35	0.372	0.372	NUM
fbem-12160	145	36	47	47	NUM
fbem-12160	145	37	6	6	NUM
fbem-12160	145	38	.	.	PUNCT
fbem-12160	146	1	research	research	NOUN
fbem-12160	146	2	conclusions	conclusion	NOUN
fbem-12160	146	3	and	and	CCONJ
fbem-12160	146	4	recommendations	recommendation	NOUN
fbem-12160	146	5	over	over	ADP
fbem-12160	146	6	the	the	DET
fbem-12160	146	7	past	past	ADJ
fbem-12160	146	8	three	three	NUM
fbem-12160	146	9	decades	decade	NOUN
fbem-12160	147	1	,	,	PUNCT
fbem-12160	147	2	china	china	PROPN
fbem-12160	147	3	has	have	AUX
fbem-12160	147	4	undergone	undergo	VERB
fbem-12160	147	5	rapid	rapid	ADJ
fbem-12160	147	6	development	development	NOUN
fbem-12160	147	7	,	,	PUNCT
fbem-12160	147	8	and	and	CCONJ
fbem-12160	147	9	its	its	PRON
fbem-12160	147	10	outward	outward	ADJ
fbem-12160	147	11	investment	investment	NOUN
fbem-12160	147	12	has	have	AUX
fbem-12160	147	13	grown	grow	VERB
fbem-12160	147	14	substantially	substantially	ADV
fbem-12160	147	15	along	along	ADP
fbem-12160	147	16	with	with	ADP
fbem-12160	147	17	its	its	PRON
fbem-12160	147	18	economic	economic	ADJ
fbem-12160	147	19	expansion	expansion	NOUN
fbem-12160	147	20	.	.	PUNCT
fbem-12160	148	1	particularly	particularly	ADV
fbem-12160	148	2	in	in	ADP
fbem-12160	148	3	the	the	DET
fbem-12160	148	4	new	new	ADJ
fbem-12160	148	5	century	century	NOUN
fbem-12160	148	6	,	,	PUNCT
fbem-12160	148	7	china	china	PROPN
fbem-12160	148	8	has	have	AUX
fbem-12160	148	9	accelerated	accelerate	VERB
fbem-12160	148	10	its	its	PRON
fbem-12160	148	11	pace	pace	NOUN
fbem-12160	148	12	of	of	ADP
fbem-12160	148	13	outward	outward	ADJ
fbem-12160	148	14	investment	investment	NOUN
fbem-12160	148	15	,	,	PUNCT
fbem-12160	148	16	striving	strive	VERB
fbem-12160	148	17	to	to	PART
fbem-12160	148	18	catch	catch	VERB
fbem-12160	148	19	up	up	ADP
fbem-12160	148	20	with	with	ADP
fbem-12160	148	21	developed	developed	ADJ
fbem-12160	148	22	nations	nation	NOUN
fbem-12160	148	23	.	.	PUNCT
fbem-12160	149	1	concurrently	concurrently	ADV
fbem-12160	149	2	,	,	PUNCT
fbem-12160	149	3	the	the	DET
fbem-12160	149	4	chinese	chinese	ADJ
fbem-12160	149	5	renminbi	renminbi	PROPN
fbem-12160	149	6	exchange	exchange	NOUN
fbem-12160	149	7	rate	rate	NOUN
fbem-12160	149	8	has	have	AUX
fbem-12160	149	9	been	be	AUX
fbem-12160	149	10	continuously	continuously	ADV
fbem-12160	149	11	appreciating	appreciate	VERB
fbem-12160	149	12	year	year	NOUN
fbem-12160	149	13	by	by	ADP
fbem-12160	149	14	year	year	NOUN
fbem-12160	149	15	,	,	PUNCT
fbem-12160	149	16	with	with	ADP
fbem-12160	149	17	significant	significant	ADJ
fbem-12160	149	18	progress	progress	NOUN
fbem-12160	149	19	in	in	ADP
fbem-12160	149	20	market	market	NOUN
fbem-12160	149	21	-	-	PUNCT
fbem-12160	149	22	oriented	orient	VERB
fbem-12160	149	23	exchange	exchange	NOUN
fbem-12160	149	24	rate	rate	NOUN
fbem-12160	149	25	mechanisms	mechanism	NOUN
fbem-12160	149	26	,	,	PUNCT
fbem-12160	149	27	indicating	indicate	VERB
fbem-12160	149	28	an	an	DET
fbem-12160	149	29	increasingly	increasingly	ADV
fbem-12160	149	30	refined	refine	VERB
fbem-12160	149	31	exchange	exchange	NOUN
fbem-12160	149	32	rate	rate	NOUN
fbem-12160	149	33	formation	formation	NOUN
fbem-12160	149	34	system	system	NOUN
fbem-12160	149	35	.	.	PUNCT
fbem-12160	150	1	this	this	DET
fbem-12160	150	2	study	study	NOUN
fbem-12160	150	3	is	be	AUX
fbem-12160	150	4	based	base	VERB
fbem-12160	150	5	on	on	ADP
fbem-12160	150	6	data	datum	NOUN
fbem-12160	150	7	from	from	ADP
fbem-12160	150	8	china	china	PROPN
fbem-12160	150	9	's	's	PART
fbem-12160	150	10	outward	outward	ADJ
fbem-12160	150	11	foreign	foreign	ADJ
fbem-12160	150	12	direct	direct	ADJ
fbem-12160	150	13	investment	investment	NOUN
fbem-12160	150	14	to	to	ADP
fbem-12160	150	15	21	21	NUM
fbem-12160	150	16	countries	country	NOUN
fbem-12160	150	17	or	or	CCONJ
fbem-12160	150	18	regions	region	NOUN
fbem-12160	150	19	between	between	ADP
fbem-12160	150	20	2004	2004	NUM
fbem-12160	150	21	and	and	CCONJ
fbem-12160	150	22	2019	2019	NUM
fbem-12160	150	23	,	,	PUNCT
fbem-12160	150	24	employing	employ	VERB
fbem-12160	150	25	a	a	DET
fbem-12160	150	26	mixed	mixed	ADJ
fbem-12160	150	27	ols	ol	NOUN
fbem-12160	150	28	method	method	NOUN
fbem-12160	150	29	for	for	ADP
fbem-12160	150	30	empirical	empirical	ADJ
fbem-12160	150	31	analysis	analysis	NOUN
fbem-12160	150	32	.	.	PUNCT
fbem-12160	151	1	renminbi	renminbi	NOUN
fbem-12160	151	2	appreciation	appreciation	NOUN
fbem-12160	151	3	enhances	enhance	VERB
fbem-12160	151	4	the	the	DET
fbem-12160	151	5	value	value	NOUN
fbem-12160	151	6	of	of	ADP
fbem-12160	151	7	assets	asset	NOUN
fbem-12160	151	8	already	already	ADV
fbem-12160	151	9	owned	own	VERB
fbem-12160	151	10	by	by	ADP
fbem-12160	151	11	domestic	domestic	ADJ
fbem-12160	151	12	enterprises	enterprise	NOUN
fbem-12160	151	13	and	and	CCONJ
fbem-12160	151	14	reduces	reduce	VERB
fbem-12160	151	15	the	the	DET
fbem-12160	151	16	costs	cost	NOUN
fbem-12160	151	17	of	of	ADP
fbem-12160	151	18	production	production	NOUN
fbem-12160	151	19	abroad	abroad	ADV
fbem-12160	151	20	,	,	PUNCT
fbem-12160	151	21	thereby	thereby	ADV
fbem-12160	151	22	attracting	attract	VERB
fbem-12160	151	23	direct	direct	ADJ
fbem-12160	151	24	foreign	foreign	ADJ
fbem-12160	151	25	investment	investment	NOUN
fbem-12160	151	26	from	from	ADP
fbem-12160	151	27	various	various	ADJ
fbem-12160	151	28	chinese	chinese	PROPN
fbem-12160	151	29	enterprises.furthermore	enterprises.furthermore	AUX
fbem-12160	151	30	,	,	PUNCT
fbem-12160	151	31	factors	factor	NOUN
fbem-12160	151	32	such	such	ADJ
fbem-12160	151	33	as	as	ADP
fbem-12160	151	34	the	the	DET
fbem-12160	151	35	market	market	NOUN
fbem-12160	151	36	size	size	NOUN
fbem-12160	151	37	of	of	ADP
fbem-12160	151	38	the	the	DET
fbem-12160	151	39	host	host	NOUN
fbem-12160	151	40	country	country	NOUN
fbem-12160	151	41	,	,	PUNCT
fbem-12160	151	42	renminbi	renminbi	NOUN
fbem-12160	151	43	exchange	exchange	NOUN
fbem-12160	151	44	rate	rate	NOUN
fbem-12160	151	45	,	,	PUNCT
fbem-12160	151	46	host	host	NOUN
fbem-12160	151	47	country	country	NOUN
fbem-12160	151	48	's	's	PART
fbem-12160	151	49	openness	openness	NOUN
fbem-12160	151	50	,	,	PUNCT
fbem-12160	151	51	economic	economic	ADJ
fbem-12160	151	52	freedom	freedom	NOUN
fbem-12160	151	53	,	,	PUNCT
fbem-12160	151	54	and	and	CCONJ
fbem-12160	151	55	relative	relative	ADJ
fbem-12160	151	56	labor	labor	NOUN
fbem-12160	151	57	costs	cost	NOUN
fbem-12160	151	58	all	all	PRON
fbem-12160	151	59	have	have	VERB
fbem-12160	151	60	significant	significant	ADJ
fbem-12160	151	61	impacts	impact	NOUN
fbem-12160	151	62	on	on	ADP
fbem-12160	151	63	china	china	PROPN
fbem-12160	151	64	's	's	PART
fbem-12160	151	65	outward	outward	ADJ
fbem-12160	151	66	foreign	foreign	ADJ
fbem-12160	151	67	direct	direct	ADJ
fbem-12160	151	68	investment	investment	NOUN
fbem-12160	151	69	.	.	PUNCT
fbem-12160	152	1	however	however	ADV
fbem-12160	152	2	,	,	PUNCT
fbem-12160	152	3	the	the	DET
fbem-12160	152	4	host	host	NOUN
fbem-12160	152	5	country	country	NOUN
fbem-12160	152	6	's	's	PART
fbem-12160	152	7	resource	resource	NOUN
fbem-12160	152	8	endowment	endowment	NOUN
fbem-12160	152	9	does	do	AUX
fbem-12160	152	10	not	not	PART
fbem-12160	152	11	exert	exert	VERB
fbem-12160	152	12	a	a	DET
fbem-12160	152	13	significant	significant	ADJ
fbem-12160	152	14	influence	influence	NOUN
fbem-12160	152	15	on	on	ADP
fbem-12160	152	16	china	china	PROPN
fbem-12160	152	17	's	's	PART
fbem-12160	152	18	foreign	foreign	ADJ
fbem-12160	152	19	direct	direct	ADJ
fbem-12160	152	20	investment	investment	NOUN
fbem-12160	152	21	.	.	PUNCT
fbem-12160	153	1	the	the	DET
fbem-12160	153	2	impact	impact	NOUN
fbem-12160	153	3	of	of	ADP
fbem-12160	153	4	the	the	DET
fbem-12160	153	5	renminbi	renminbi	NOUN
fbem-12160	153	6	exchange	exchange	NOUN
fbem-12160	153	7	rate	rate	NOUN
fbem-12160	153	8	on	on	ADP
fbem-12160	153	9	china	china	PROPN
fbem-12160	153	10	's	's	PART
fbem-12160	153	11	outward	outward	ADJ
fbem-12160	153	12	foreign	foreign	ADJ
fbem-12160	153	13	direct	direct	ADJ
fbem-12160	153	14	investment	investment	NOUN
fbem-12160	153	15	(	(	PUNCT
fbem-12160	153	16	ofdi	ofdi	X
fbem-12160	153	17	)	)	PUNCT
fbem-12160	153	18	can	can	AUX
fbem-12160	153	19	be	be	AUX
fbem-12160	153	20	realized	realize	VERB
fbem-12160	153	21	through	through	ADP
fbem-12160	153	22	the	the	DET
fbem-12160	153	23	following	follow	VERB
fbem-12160	153	24	mechanisms	mechanism	NOUN
fbem-12160	153	25	:	:	PUNCT
fbem-12160	153	26	competition	competition	NOUN
fbem-12160	153	27	effect	effect	NOUN
fbem-12160	153	28	:	:	PUNCT
fbem-12160	153	29	exchange	exchange	NOUN
fbem-12160	153	30	rate	rate	NOUN
fbem-12160	153	31	fluctuations	fluctuation	NOUN
fbem-12160	153	32	directly	directly	ADV
fbem-12160	153	33	affect	affect	VERB
fbem-12160	153	34	the	the	DET
fbem-12160	153	35	actual	actual	ADJ
fbem-12160	153	36	prices	price	NOUN
fbem-12160	153	37	of	of	ADP
fbem-12160	153	38	the	the	DET
fbem-12160	153	39	same	same	ADJ
fbem-12160	153	40	product	product	NOUN
fbem-12160	153	41	when	when	SCONJ
fbem-12160	153	42	purchased	purchase	VERB
fbem-12160	153	43	in	in	ADP
fbem-12160	153	44	different	different	ADJ
fbem-12160	153	45	countries	country	NOUN
fbem-12160	153	46	with	with	ADP
fbem-12160	153	47	different	different	ADJ
fbem-12160	153	48	currencies	currency	NOUN
fbem-12160	153	49	,	,	PUNCT
fbem-12160	153	50	thereby	thereby	ADV
fbem-12160	153	51	influencing	influence	VERB
fbem-12160	153	52	changes	change	NOUN
fbem-12160	153	53	in	in	ADP
fbem-12160	153	54	demand	demand	NOUN
fbem-12160	153	55	both	both	CCONJ
fbem-12160	153	56	domestically	domestically	ADV
fbem-12160	153	57	and	and	CCONJ
fbem-12160	153	58	internationally	internationally	ADV
fbem-12160	153	59	and	and	CCONJ
fbem-12160	153	60	affecting	affect	VERB
fbem-12160	153	61	the	the	DET
fbem-12160	153	62	competitiveness	competitiveness	NOUN
fbem-12160	153	63	of	of	ADP
fbem-12160	153	64	multinational	multinational	ADJ
fbem-12160	153	65	enterprises	enterprise	NOUN
fbem-12160	153	66	.	.	PUNCT
fbem-12160	154	1	when	when	SCONJ
fbem-12160	154	2	the	the	DET
fbem-12160	154	3	home	home	NOUN
fbem-12160	154	4	currency	currency	NOUN
fbem-12160	154	5	of	of	ADP
fbem-12160	154	6	the	the	DET
fbem-12160	154	7	ofdi	ofdi	NOUN
fbem-12160	154	8	country	country	NOUN
fbem-12160	154	9	appreciates	appreciate	VERB
fbem-12160	154	10	,	,	PUNCT
fbem-12160	154	11	it	it	PRON
fbem-12160	154	12	raises	raise	VERB
fbem-12160	154	13	the	the	DET
fbem-12160	154	14	export	export	NOUN
fbem-12160	154	15	prices	price	NOUN
fbem-12160	154	16	of	of	ADP
fbem-12160	154	17	their	their	PRON
fbem-12160	154	18	products	product	NOUN
fbem-12160	154	19	,	,	PUNCT
fbem-12160	154	20	weakening	weaken	VERB
fbem-12160	154	21	their	their	PRON
fbem-12160	154	22	competitiveness	competitiveness	NOUN
fbem-12160	154	23	in	in	ADP
fbem-12160	154	24	the	the	DET
fbem-12160	154	25	international	international	ADJ
fbem-12160	154	26	market	market	NOUN
fbem-12160	154	27	.	.	PUNCT
fbem-12160	155	1	this	this	PRON
fbem-12160	155	2	makes	make	VERB
fbem-12160	155	3	exporting	export	VERB
fbem-12160	155	4	products	product	NOUN
fbem-12160	155	5	more	more	ADV
fbem-12160	155	6	challenging	challenging	ADJ
fbem-12160	155	7	.	.	PUNCT
fbem-12160	156	1	to	to	PART
fbem-12160	156	2	mitigate	mitigate	VERB
fbem-12160	156	3	the	the	DET
fbem-12160	156	4	impact	impact	NOUN
fbem-12160	156	5	of	of	ADP
fbem-12160	156	6	reduced	reduced	ADJ
fbem-12160	156	7	competitiveness	competitiveness	NOUN
fbem-12160	156	8	due	due	ADP
fbem-12160	156	9	to	to	ADP
fbem-12160	156	10	exchange	exchange	NOUN
fbem-12160	156	11	rate	rate	NOUN
fbem-12160	156	12	changes	change	NOUN
fbem-12160	156	13	,	,	PUNCT
fbem-12160	156	14	companies	company	NOUN
fbem-12160	156	15	can	can	AUX
fbem-12160	156	16	engage	engage	VERB
fbem-12160	156	17	in	in	ADP
fbem-12160	156	18	ofdi	ofdi	NOUN
fbem-12160	156	19	by	by	ADP
fbem-12160	156	20	establishing	establish	VERB
fbem-12160	156	21	production	production	NOUN
fbem-12160	156	22	facilities	facility	NOUN
fbem-12160	156	23	in	in	ADP
fbem-12160	156	24	the	the	DET
fbem-12160	156	25	host	host	NOUN
fbem-12160	156	26	country	country	NOUN
fbem-12160	156	27	to	to	PART
fbem-12160	156	28	replace	replace	VERB
fbem-12160	156	29	exports	export	NOUN
fbem-12160	156	30	.	.	PUNCT
fbem-12160	157	1	this	this	PRON
fbem-12160	157	2	aligns	align	VERB
fbem-12160	157	3	with	with	ADP
fbem-12160	157	4	the	the	DET
fbem-12160	157	5	situation	situation	NOUN
fbem-12160	157	6	in	in	ADP
fbem-12160	157	7	china	china	PROPN
fbem-12160	157	8	.	.	PUNCT
fbem-12160	158	1	since	since	SCONJ
fbem-12160	158	2	the	the	DET
fbem-12160	158	3	currency	currency	NOUN
fbem-12160	158	4	reform	reform	NOUN
fbem-12160	158	5	in	in	ADP
fbem-12160	158	6	2005	2005	NUM
fbem-12160	158	7	,	,	PUNCT
fbem-12160	158	8	the	the	DET
fbem-12160	158	9	significant	significant	ADJ
fbem-12160	158	10	appreciation	appreciation	NOUN
fbem-12160	158	11	of	of	ADP
fbem-12160	158	12	the	the	DET
fbem-12160	158	13	renminbi	renminbi	NOUN
fbem-12160	158	14	has	have	AUX
fbem-12160	158	15	contributed	contribute	VERB
fbem-12160	158	16	to	to	ADP
fbem-12160	158	17	the	the	DET
fbem-12160	158	18	rapid	rapid	ADJ
fbem-12160	158	19	development	development	NOUN
fbem-12160	158	20	of	of	ADP
fbem-12160	158	21	ofdi	ofdi	NOUN
fbem-12160	158	22	.	.	PUNCT
fbem-12160	159	1	relative	relative	ADJ
fbem-12160	159	2	production	production	NOUN
fbem-12160	159	3	cost	cost	NOUN
fbem-12160	159	4	effect	effect	NOUN
fbem-12160	159	5	:	:	PUNCT
fbem-12160	159	6	exchange	exchange	NOUN
fbem-12160	159	7	rate	rate	NOUN
fbem-12160	159	8	fluctuations	fluctuation	NOUN
fbem-12160	159	9	lead	lead	VERB
fbem-12160	159	10	to	to	ADP
fbem-12160	159	11	relative	relative	ADJ
fbem-12160	159	12	price	price	NOUN
fbem-12160	159	13	changes	change	NOUN
fbem-12160	159	14	in	in	ADP
fbem-12160	159	15	products	product	NOUN
fbem-12160	159	16	and	and	CCONJ
fbem-12160	159	17	assets	asset	NOUN
fbem-12160	159	18	purchased	purchase	VERB
fbem-12160	159	19	by	by	ADP
fbem-12160	159	20	different	different	ADJ
fbem-12160	159	21	countries	country	NOUN
fbem-12160	159	22	,	,	PUNCT
fbem-12160	159	23	affecting	affect	VERB
fbem-12160	159	24	international	international	ADJ
fbem-12160	159	25	direct	direct	ADJ
fbem-12160	159	26	investment	investment	NOUN
fbem-12160	159	27	activities	activity	NOUN
fbem-12160	159	28	.	.	PUNCT
fbem-12160	160	1	when	when	SCONJ
fbem-12160	160	2	the	the	DET
fbem-12160	160	3	currency	currency	NOUN
fbem-12160	160	4	of	of	ADP
fbem-12160	160	5	the	the	DET
fbem-12160	160	6	investing	investing	NOUN
fbem-12160	160	7	country	country	NOUN
fbem-12160	160	8	appreciates	appreciate	VERB
fbem-12160	160	9	compared	compare	VERB
fbem-12160	160	10	to	to	ADP
fbem-12160	160	11	the	the	DET
fbem-12160	160	12	currency	currency	NOUN
fbem-12160	160	13	of	of	ADP
fbem-12160	160	14	the	the	DET
fbem-12160	160	15	host	host	NOUN
fbem-12160	160	16	country	country	NOUN
fbem-12160	160	17	,	,	PUNCT
fbem-12160	160	18	the	the	DET
fbem-12160	160	19	investing	investing	NOUN
fbem-12160	160	20	country	country	NOUN
fbem-12160	160	21	's	's	PART
fbem-12160	160	22	currency	currency	NOUN
fbem-12160	160	23	has	have	VERB
fbem-12160	160	24	greater	great	ADJ
fbem-12160	160	25	purchasing	purchasing	NOUN
fbem-12160	160	26	power	power	NOUN
fbem-12160	160	27	in	in	ADP
fbem-12160	160	28	the	the	DET
fbem-12160	160	29	host	host	NOUN
fbem-12160	160	30	country	country	NOUN
fbem-12160	160	31	.	.	PUNCT
fbem-12160	161	1	it	it	PRON
fbem-12160	161	2	becomes	become	VERB
fbem-12160	161	3	more	more	ADV
fbem-12160	161	4	costeffective	costeffective	ADJ
fbem-12160	161	5	to	to	PART
fbem-12160	161	6	purchase	purchase	VERB
fbem-12160	161	7	products	product	NOUN
fbem-12160	161	8	and	and	CCONJ
fbem-12160	161	9	assets	asset	NOUN
fbem-12160	161	10	for	for	ADP
fbem-12160	161	11	production	production	NOUN
fbem-12160	161	12	in	in	ADP
fbem-12160	161	13	the	the	DET
fbem-12160	161	14	host	host	NOUN
fbem-12160	161	15	country	country	NOUN
fbem-12160	161	16	using	use	VERB
fbem-12160	161	17	the	the	DET
fbem-12160	161	18	currency	currency	NOUN
fbem-12160	161	19	of	of	ADP
fbem-12160	161	20	the	the	DET
fbem-12160	161	21	investing	investing	NOUN
fbem-12160	161	22	country	country	NOUN
fbem-12160	161	23	,	,	PUNCT
fbem-12160	161	24	reducing	reduce	VERB
fbem-12160	161	25	production	production	NOUN
fbem-12160	161	26	costs	cost	NOUN
fbem-12160	161	27	and	and	CCONJ
fbem-12160	161	28	increasing	increase	VERB
fbem-12160	161	29	the	the	DET
fbem-12160	161	30	profitability	profitability	NOUN
fbem-12160	161	31	of	of	ADP
fbem-12160	161	32	multinational	multinational	ADJ
fbem-12160	161	33	enterprises	enterprise	NOUN
fbem-12160	161	34	.	.	PUNCT
fbem-12160	162	1	therefore	therefore	ADV
fbem-12160	162	2	,	,	PUNCT
fbem-12160	162	3	a	a	DET
fbem-12160	162	4	currency	currency	NOUN
fbem-12160	162	5	appreciation	appreciation	NOUN
fbem-12160	162	6	in	in	ADP
fbem-12160	162	7	the	the	DET
fbem-12160	162	8	investing	investing	NOUN
fbem-12160	162	9	country	country	NOUN
fbem-12160	162	10	promotes	promote	VERB
fbem-12160	162	11	ofdi	ofdi	PRON
fbem-12160	162	12	from	from	ADP
fbem-12160	162	13	the	the	DET
fbem-12160	162	14	investing	invest	VERB
fbem-12160	162	15	country	country	NOUN
fbem-12160	162	16	to	to	ADP
fbem-12160	162	17	the	the	DET
fbem-12160	162	18	host	host	NOUN
fbem-12160	162	19	country.these	country.these	ADJ
fbem-12160	162	20	mechanisms	mechanism	NOUN
fbem-12160	162	21	illustrate	illustrate	VERB
fbem-12160	162	22	how	how	SCONJ
fbem-12160	162	23	exchange	exchange	NOUN
fbem-12160	162	24	rate	rate	NOUN
fbem-12160	162	25	dynamics	dynamic	NOUN
fbem-12160	162	26	can	can	AUX
fbem-12160	162	27	influence	influence	VERB
fbem-12160	162	28	china	china	PROPN
fbem-12160	162	29	's	's	PART
fbem-12160	162	30	ofdi	ofdi	NOUN
fbem-12160	162	31	,	,	PUNCT
fbem-12160	162	32	taking	take	VERB
fbem-12160	162	33	into	into	ADP
fbem-12160	162	34	account	account	NOUN
fbem-12160	162	35	factors	factor	NOUN
fbem-12160	162	36	like	like	ADP
fbem-12160	162	37	competition	competition	NOUN
fbem-12160	162	38	and	and	CCONJ
fbem-12160	162	39	relative	relative	ADJ
fbem-12160	162	40	production	production	NOUN
fbem-12160	162	41	costs	cost	NOUN
fbem-12160	162	42	.	.	PUNCT
fbem-12160	163	1	relative	relative	ADJ
fbem-12160	163	2	wealth	wealth	NOUN
fbem-12160	163	3	effect	effect	NOUN
fbem-12160	163	4	:	:	PUNCT
fbem-12160	163	5	assuming	assume	VERB
fbem-12160	163	6	imperfect	imperfect	ADJ
fbem-12160	163	7	markets	market	NOUN
fbem-12160	163	8	,	,	PUNCT
fbem-12160	163	9	exchange	exchange	NOUN
fbem-12160	163	10	rate	rate	NOUN
fbem-12160	163	11	fluctuations	fluctuation	NOUN
fbem-12160	163	12	can	can	AUX
fbem-12160	163	13	impact	impact	VERB
fbem-12160	163	14	the	the	DET
fbem-12160	163	15	level	level	NOUN
fbem-12160	163	16	of	of	ADP
fbem-12160	163	17	direct	direct	ADJ
fbem-12160	163	18	investment	investment	NOUN
fbem-12160	163	19	by	by	ADP
fbem-12160	163	20	multinational	multinational	ADJ
fbem-12160	163	21	corporations	corporation	NOUN
fbem-12160	163	22	and	and	CCONJ
fbem-12160	163	23	their	their	PRON
fbem-12160	163	24	relative	relative	ADJ
fbem-12160	163	25	wealth	wealth	NOUN
fbem-12160	163	26	.	.	PUNCT
fbem-12160	164	1	if	if	SCONJ
fbem-12160	164	2	the	the	DET
fbem-12160	164	3	currency	currency	NOUN
fbem-12160	164	4	of	of	ADP
fbem-12160	164	5	the	the	DET
fbem-12160	164	6	investing	investing	NOUN
fbem-12160	164	7	country	country	NOUN
fbem-12160	164	8	appreciates	appreciate	VERB
fbem-12160	164	9	,	,	PUNCT
fbem-12160	164	10	it	it	PRON
fbem-12160	164	11	means	mean	VERB
fbem-12160	164	12	that	that	SCONJ
fbem-12160	164	13	an	an	DET
fbem-12160	164	14	equivalent	equivalent	ADJ
fbem-12160	164	15	amount	amount	NOUN
fbem-12160	164	16	of	of	ADP
fbem-12160	164	17	foreign	foreign	ADJ
fbem-12160	164	18	capital	capital	NOUN
fbem-12160	164	19	can	can	AUX
fbem-12160	164	20	purchase	purchase	VERB
fbem-12160	164	21	more	more	ADJ
fbem-12160	164	22	goods	good	NOUN
fbem-12160	164	23	in	in	ADP
fbem-12160	164	24	the	the	DET
fbem-12160	164	25	host	host	NOUN
fbem-12160	164	26	country	country	NOUN
fbem-12160	164	27	.	.	PUNCT
fbem-12160	165	1	this	this	PRON
fbem-12160	165	2	can	can	AUX
fbem-12160	165	3	encourage	encourage	VERB
fbem-12160	165	4	outward	outward	ADJ
fbem-12160	165	5	foreign	foreign	ADJ
fbem-12160	165	6	direct	direct	ADJ
fbem-12160	165	7	investment	investment	NOUN
fbem-12160	165	8	(	(	PUNCT
fbem-12160	165	9	ofdi	ofdi	X
fbem-12160	165	10	)	)	PUNCT
fbem-12160	165	11	by	by	ADP
fbem-12160	165	12	the	the	DET
fbem-12160	165	13	investing	investing	NOUN
fbem-12160	165	14	country	country	NOUN
fbem-12160	165	15	because	because	SCONJ
fbem-12160	165	16	it	it	PRON
fbem-12160	165	17	becomes	become	VERB
fbem-12160	165	18	more	more	ADV
fbem-12160	165	19	advantageous	advantageous	ADJ
fbem-12160	165	20	to	to	PART
fbem-12160	165	21	invest	invest	VERB
fbem-12160	165	22	abroad	abroad	ADV
fbem-12160	165	23	.	.	PUNCT
fbem-12160	166	1	in	in	ADP
fbem-12160	166	2	contrast	contrast	NOUN
fbem-12160	166	3	,	,	PUNCT
fbem-12160	166	4	if	if	SCONJ
fbem-12160	166	5	the	the	DET
fbem-12160	166	6	currency	currency	NOUN
fbem-12160	166	7	of	of	ADP
fbem-12160	166	8	the	the	DET
fbem-12160	166	9	investing	investing	NOUN
fbem-12160	166	10	country	country	NOUN
fbem-12160	166	11	depreciates	depreciate	VERB
fbem-12160	166	12	,	,	PUNCT
fbem-12160	166	13	the	the	DET
fbem-12160	166	14	relative	relative	ADJ
fbem-12160	166	15	prices	price	NOUN
fbem-12160	166	16	of	of	ADP
fbem-12160	166	17	domestic	domestic	ADJ
fbem-12160	166	18	assets	asset	NOUN
fbem-12160	166	19	decrease	decrease	NOUN
fbem-12160	166	20	.	.	PUNCT
fbem-12160	167	1	this	this	PRON
fbem-12160	167	2	makes	make	VERB
fbem-12160	167	3	it	it	PRON
fbem-12160	167	4	more	more	ADV
fbem-12160	167	5	attractive	attractive	ADJ
fbem-12160	167	6	for	for	SCONJ
fbem-12160	167	7	foreign	foreign	ADJ
fbem-12160	167	8	capital	capital	NOUN
fbem-12160	167	9	to	to	PART
fbem-12160	167	10	invest	invest	VERB
fbem-12160	167	11	in	in	ADP
fbem-12160	167	12	the	the	DET
fbem-12160	167	13	country	country	NOUN
fbem-12160	167	14	,	,	PUNCT
fbem-12160	167	15	leading	lead	VERB
fbem-12160	167	16	to	to	ADP
fbem-12160	167	17	an	an	DET
fbem-12160	167	18	increase	increase	NOUN
fbem-12160	167	19	in	in	ADP
fbem-12160	167	20	inward	inward	ADV
fbem-12160	167	21	foreign	foreign	ADJ
fbem-12160	167	22	direct	direct	ADJ
fbem-12160	167	23	investment.in	investment.in	X
fbem-12160	167	24	simpler	simple	ADJ
fbem-12160	167	25	terms	term	NOUN
fbem-12160	167	26	,	,	PUNCT
fbem-12160	167	27	when	when	SCONJ
fbem-12160	167	28	the	the	DET
fbem-12160	167	29	investing	investing	NOUN
fbem-12160	167	30	country	country	NOUN
fbem-12160	167	31	's	's	PART
fbem-12160	167	32	currency	currency	NOUN
fbem-12160	167	33	strengthens	strengthen	VERB
fbem-12160	167	34	,	,	PUNCT
fbem-12160	167	35	its	its	PRON
fbem-12160	167	36	investors	investor	NOUN
fbem-12160	167	37	have	have	VERB
fbem-12160	167	38	greater	great	ADJ
fbem-12160	167	39	purchasing	purchasing	NOUN
fbem-12160	167	40	power	power	NOUN
fbem-12160	167	41	abroad	abroad	ADV
fbem-12160	167	42	,	,	PUNCT
fbem-12160	167	43	encouraging	encourage	VERB
fbem-12160	167	44	them	they	PRON
fbem-12160	167	45	to	to	PART
fbem-12160	167	46	invest	invest	VERB
fbem-12160	167	47	overseas	overseas	ADV
fbem-12160	167	48	.	.	PUNCT
fbem-12160	168	1	conversely	conversely	ADV
fbem-12160	168	2	,	,	PUNCT
fbem-12160	168	3	when	when	SCONJ
fbem-12160	168	4	the	the	DET
fbem-12160	168	5	currency	currency	NOUN
fbem-12160	168	6	weakens	weaken	VERB
fbem-12160	168	7	,	,	PUNCT
fbem-12160	168	8	foreign	foreign	ADJ
fbem-12160	168	9	investors	investor	NOUN
fbem-12160	168	10	find	find	VERB
fbem-12160	168	11	domestic	domestic	ADJ
fbem-12160	168	12	assets	asset	NOUN
fbem-12160	168	13	more	more	ADV
fbem-12160	168	14	attractive	attractive	ADJ
fbem-12160	168	15	,	,	PUNCT
fbem-12160	168	16	leading	lead	VERB
fbem-12160	168	17	to	to	ADP
fbem-12160	168	18	increased	increase	VERB
fbem-12160	168	19	foreign	foreign	ADJ
fbem-12160	168	20	investment	investment	NOUN
fbem-12160	168	21	inflows.this	inflows.this	PRON
fbem-12160	168	22	effect	effect	NOUN
fbem-12160	168	23	highlights	highlight	NOUN
fbem-12160	168	24	how	how	SCONJ
fbem-12160	168	25	exchange	exchange	NOUN
fbem-12160	168	26	rate	rate	NOUN
fbem-12160	168	27	movements	movement	NOUN
fbem-12160	168	28	can	can	AUX
fbem-12160	168	29	influence	influence	VERB
fbem-12160	168	30	investment	investment	NOUN
fbem-12160	168	31	decisions	decision	NOUN
fbem-12160	168	32	and	and	CCONJ
fbem-12160	168	33	capital	capital	NOUN
fbem-12160	168	34	flows	flow	NOUN
fbem-12160	168	35	between	between	ADP
fbem-12160	168	36	countries	country	NOUN
fbem-12160	168	37	,	,	PUNCT
fbem-12160	168	38	especially	especially	ADV
fbem-12160	168	39	when	when	SCONJ
fbem-12160	168	40	market	market	NOUN
fbem-12160	168	41	imperfections	imperfection	NOUN
fbem-12160	168	42	are	be	AUX
fbem-12160	168	43	present	present	ADJ
fbem-12160	168	44	.	.	PUNCT
fbem-12160	169	1	exchange	exchange	NOUN
fbem-12160	169	2	rate	rate	NOUN
fbem-12160	169	3	reforms	reform	NOUN
fbem-12160	169	4	are	be	AUX
fbem-12160	169	5	crucial	crucial	ADJ
fbem-12160	169	6	for	for	ADP
fbem-12160	169	7	aligning	align	VERB
fbem-12160	169	8	china	china	PROPN
fbem-12160	169	9	's	's	PART
fbem-12160	169	10	"	"	PUNCT
fbem-12160	169	11	going	go	VERB
fbem-12160	169	12	global	global	ADJ
fbem-12160	169	13	"	"	PUNCT
fbem-12160	169	14	strategy	strategy	NOUN
fbem-12160	169	15	and	and	CCONJ
fbem-12160	169	16	related	related	ADJ
fbem-12160	169	17	exchange	exchange	NOUN
fbem-12160	169	18	rate	rate	NOUN
fbem-12160	169	19	arrangements	arrangement	NOUN
fbem-12160	169	20	.	.	PUNCT
fbem-12160	170	1	while	while	SCONJ
fbem-12160	170	2	the	the	DET
fbem-12160	170	3	long	long	ADJ
fbem-12160	170	4	-	-	PUNCT
fbem-12160	170	5	term	term	NOUN
fbem-12160	170	6	appreciation	appreciation	NOUN
fbem-12160	170	7	of	of	ADP
fbem-12160	170	8	the	the	DET
fbem-12160	170	9	renminbi	renminbi	NOUN
fbem-12160	170	10	may	may	AUX
fbem-12160	170	11	pose	pose	VERB
fbem-12160	170	12	some	some	DET
fbem-12160	170	13	challenges	challenge	NOUN
fbem-12160	170	14	to	to	ADP
fbem-12160	170	15	china	china	PROPN
fbem-12160	170	16	's	's	PART
fbem-12160	170	17	current	current	ADJ
fbem-12160	170	18	trade	trade	NOUN
fbem-12160	170	19	and	and	CCONJ
fbem-12160	170	20	import	import	NOUN
fbem-12160	170	21	situation	situation	NOUN
fbem-12160	170	22	,	,	PUNCT
fbem-12160	170	23	it	it	PRON
fbem-12160	170	24	offers	offer	VERB
fbem-12160	170	25	benefits	benefit	NOUN
fbem-12160	170	26	by	by	ADP
fbem-12160	170	27	promoting	promote	VERB
fbem-12160	170	28	direct	direct	ADJ
fbem-12160	170	29	investment	investment	NOUN
fbem-12160	170	30	by	by	ADP
fbem-12160	170	31	enterprises	enterprise	NOUN
fbem-12160	170	32	and	and	CCONJ
fbem-12160	170	33	china	china	PROPN
fbem-12160	170	34	's	's	PART
fbem-12160	170	35	integration	integration	NOUN
fbem-12160	170	36	into	into	ADP
fbem-12160	170	37	the	the	DET
fbem-12160	170	38	global	global	ADJ
fbem-12160	170	39	economy	economy	NOUN
fbem-12160	170	40	.	.	PUNCT
fbem-12160	171	1	this	this	DET
fbem-12160	171	2	higher	high	ADJ
fbem-12160	171	3	level	level	NOUN
fbem-12160	171	4	of	of	ADP
fbem-12160	171	5	integration	integration	NOUN
fbem-12160	171	6	enhances	enhance	VERB
fbem-12160	171	7	china	china	PROPN
fbem-12160	171	8	's	's	PART
fbem-12160	171	9	ability	ability	NOUN
fbem-12160	171	10	to	to	PART
fbem-12160	171	11	coordinate	coordinate	VERB
fbem-12160	171	12	the	the	DET
fbem-12160	171	13	use	use	NOUN
fbem-12160	171	14	of	of	ADP
fbem-12160	171	15	various	various	ADJ
fbem-12160	171	16	domestic	domestic	ADJ
fbem-12160	171	17	and	and	CCONJ
fbem-12160	171	18	foreign	foreign	ADJ
fbem-12160	171	19	resources.the	resources.the	DET
fbem-12160	171	20	development	development	NOUN
fbem-12160	171	21	of	of	ADP
fbem-12160	171	22	foreign	foreign	ADJ
fbem-12160	171	23	exchange	exchange	NOUN
fbem-12160	171	24	systems	system	NOUN
fbem-12160	171	25	under	under	ADP
fbem-12160	171	26	a	a	DET
fbem-12160	171	27	floating	float	VERB
fbem-12160	171	28	exchange	exchange	NOUN
fbem-12160	171	29	rate	rate	NOUN
fbem-12160	171	30	regime	regime	NOUN
fbem-12160	171	31	suggests	suggest	VERB
fbem-12160	171	32	that	that	SCONJ
fbem-12160	171	33	flexibility	flexibility	NOUN
fbem-12160	171	34	in	in	ADP
fbem-12160	171	35	commercial	commercial	ADJ
fbem-12160	171	36	marketing	marketing	NOUN
fbem-12160	171	37	and	and	CCONJ
fbem-12160	171	38	exchange	exchange	NOUN
fbem-12160	171	39	rate	rate	NOUN
fbem-12160	171	40	formation	formation	NOUN
fbem-12160	171	41	is	be	AUX
fbem-12160	171	42	gradually	gradually	ADV
fbem-12160	171	43	increasing	increase	VERB
fbem-12160	171	44	.	.	PUNCT
fbem-12160	172	1	there	there	PRON
fbem-12160	172	2	is	be	VERB
fbem-12160	172	3	also	also	ADV
fbem-12160	172	4	a	a	DET
fbem-12160	172	5	growing	grow	VERB
fbem-12160	172	6	trend	trend	NOUN
fbem-12160	172	7	towards	towards	ADP
fbem-12160	172	8	internationalization	internationalization	NOUN
fbem-12160	172	9	of	of	ADP
fbem-12160	172	10	the	the	DET
fbem-12160	172	11	renminbi	renminbi	NOUN
fbem-12160	172	12	.	.	PUNCT
fbem-12160	173	1	looking	look	VERB
fbem-12160	173	2	ahead	ahead	ADV
fbem-12160	173	3	,	,	PUNCT
fbem-12160	173	4	it	it	PRON
fbem-12160	173	5	is	be	AUX
fbem-12160	173	6	important	important	ADJ
fbem-12160	173	7	to	to	PART
fbem-12160	173	8	consider	consider	VERB
fbem-12160	173	9	formulating	formulate	VERB
fbem-12160	173	10	and	and	CCONJ
fbem-12160	173	11	modifying	modify	VERB
fbem-12160	173	12	renminbi	renminbi	NOUN
fbem-12160	173	13	exchange	exchange	NOUN
fbem-12160	173	14	rate	rate	NOUN
fbem-12160	173	15	policies	policy	NOUN
fbem-12160	173	16	to	to	PART
fbem-12160	173	17	align	align	VERB
fbem-12160	173	18	with	with	ADP
fbem-12160	173	19	external	external	ADJ
fbem-12160	173	20	strategies	strategy	NOUN
fbem-12160	173	21	such	such	ADJ
fbem-12160	173	22	as	as	ADP
fbem-12160	173	23	"	"	PUNCT
fbem-12160	173	24	globalism	globalism	NOUN
fbem-12160	173	25	"	"	PUNCT
fbem-12160	173	26	in	in	ADP
fbem-12160	173	27	a	a	DET
fbem-12160	173	28	coordinated	coordinated	ADJ
fbem-12160	173	29	manner	manner	NOUN
fbem-12160	173	30	.	.	PUNCT
fbem-12160	174	1	care	care	NOUN
fbem-12160	174	2	should	should	AUX
fbem-12160	174	3	be	be	AUX
fbem-12160	174	4	taken	take	VERB
fbem-12160	174	5	to	to	PART
fbem-12160	174	6	control	control	VERB
fbem-12160	174	7	the	the	DET
fbem-12160	174	8	speed	speed	NOUN
fbem-12160	174	9	and	and	CCONJ
fbem-12160	174	10	range	range	NOUN
fbem-12160	174	11	of	of	ADP
fbem-12160	174	12	exchange	exchange	NOUN
fbem-12160	174	13	rate	rate	NOUN
fbem-12160	174	14	changes	change	NOUN
fbem-12160	174	15	to	to	PART
fbem-12160	174	16	avoid	avoid	VERB
fbem-12160	174	17	undue	undue	ADJ
fbem-12160	174	18	impact	impact	NOUN
fbem-12160	174	19	on	on	ADP
fbem-12160	174	20	companies	company	NOUN
fbem-12160	174	21	engaged	engage	VERB
fbem-12160	174	22	in	in	ADP
fbem-12160	174	23	foreign	foreign	ADJ
fbem-12160	174	24	direct	direct	ADJ
fbem-12160	174	25	investment	investment	NOUN
fbem-12160	174	26	and	and	CCONJ
fbem-12160	174	27	to	to	PART
fbem-12160	174	28	prevent	prevent	VERB
fbem-12160	174	29	disruption.the	disruption.the	DET
fbem-12160	174	30	gradual	gradual	ADJ
fbem-12160	174	31	appreciation	appreciation	NOUN
fbem-12160	174	32	of	of	ADP
fbem-12160	174	33	the	the	DET
fbem-12160	174	34	renminbi	renminbi	NOUN
fbem-12160	174	35	is	be	AUX
fbem-12160	174	36	a	a	DET
fbem-12160	174	37	historical	historical	ADJ
fbem-12160	174	38	phase	phase	NOUN
fbem-12160	174	39	that	that	PRON
fbem-12160	174	40	has	have	AUX
fbem-12160	174	41	already	already	ADV
fbem-12160	174	42	occurred	occur	VERB
fbem-12160	174	43	in	in	ADP
fbem-12160	174	44	china	china	PROPN
fbem-12160	174	45	's	's	PART
fbem-12160	174	46	industrialization	industrialization	NOUN
fbem-12160	174	47	process	process	NOUN
fbem-12160	174	48	and	and	CCONJ
fbem-12160	174	49	is	be	AUX
fbem-12160	174	50	likely	likely	ADJ
fbem-12160	174	51	to	to	PART
fbem-12160	174	52	continue	continue	VERB
fbem-12160	174	53	in	in	ADP
fbem-12160	174	54	the	the	DET
fbem-12160	174	55	future	future	NOUN
fbem-12160	174	56	.	.	PUNCT
fbem-12160	175	1	china	china	PROPN
fbem-12160	175	2	should	should	AUX
fbem-12160	175	3	seize	seize	VERB
fbem-12160	175	4	this	this	DET
fbem-12160	175	5	opportunity	opportunity	NOUN
fbem-12160	175	6	to	to	PART
fbem-12160	175	7	accelerate	accelerate	VERB
fbem-12160	175	8	its	its	PRON
fbem-12160	175	9	transition	transition	NOUN
fbem-12160	175	10	to	to	ADP
fbem-12160	175	11	globalization	globalization	NOUN
fbem-12160	175	12	.	.	PUNCT
fbem-12160	176	1	based	base	VERB
fbem-12160	176	2	on	on	ADP
fbem-12160	176	3	the	the	DET
fbem-12160	176	4	conclusions	conclusion	NOUN
fbem-12160	176	5	mentioned	mention	VERB
fbem-12160	176	6	,	,	PUNCT
fbem-12160	176	7	this	this	DET
fbem-12160	176	8	paper	paper	NOUN
fbem-12160	176	9	proposes	propose	VERB
fbem-12160	176	10	the	the	DET
fbem-12160	176	11	following	follow	VERB
fbem-12160	176	12	recommendations	recommendation	NOUN
fbem-12160	176	13	:	:	PUNCT
fbem-12160	176	14	deepen	deepen	VERB
fbem-12160	176	15	foreign	foreign	ADJ
fbem-12160	176	16	exchange	exchange	NOUN
fbem-12160	176	17	system	system	NOUN
fbem-12160	176	18	reform	reform	NOUN
fbem-12160	176	19	:	:	PUNCT
fbem-12160	176	20	accelerate	accelerate	VERB
fbem-12160	176	21	the	the	DET
fbem-12160	176	22	"	"	PUNCT
fbem-12160	176	23	going	go	VERB
fbem-12160	176	24	global	global	ADJ
fbem-12160	176	25	"	"	PUNCT
fbem-12160	176	26	strategy	strategy	NOUN
fbem-12160	176	27	and	and	CCONJ
fbem-12160	176	28	advance	advance	VERB
fbem-12160	176	29	the	the	DET
fbem-12160	176	30	process	process	NOUN
fbem-12160	176	31	of	of	ADP
fbem-12160	176	32	exchange	exchange	NOUN
fbem-12160	176	33	rate	rate	NOUN
fbem-12160	176	34	marketization	marketization	NOUN
fbem-12160	176	35	.	.	PUNCT
fbem-12160	177	1	while	while	SCONJ
fbem-12160	177	2	the	the	DET
fbem-12160	177	3	current	current	ADJ
fbem-12160	177	4	account	account	NOUN
fbem-12160	177	5	is	be	AUX
fbem-12160	177	6	fully	fully	ADV
fbem-12160	177	7	convertible	convertible	ADJ
fbem-12160	177	8	,	,	PUNCT
fbem-12160	177	9	further	further	ADJ
fbem-12160	177	10	relaxation	relaxation	NOUN
fbem-12160	177	11	of	of	ADP
fbem-12160	177	12	restrictions	restriction	NOUN
fbem-12160	177	13	on	on	ADP
fbem-12160	177	14	the	the	DET
fbem-12160	177	15	use	use	NOUN
fbem-12160	177	16	of	of	ADP
fbem-12160	177	17	foreign	foreign	ADJ
fbem-12160	177	18	exchange	exchange	NOUN
fbem-12160	177	19	and	and	CCONJ
fbem-12160	177	20	investments	investment	NOUN
fbem-12160	177	21	is	be	AUX
fbem-12160	177	22	needed	need	VERB
fbem-12160	177	23	.	.	PUNCT
fbem-12160	178	1	china	china	PROPN
fbem-12160	178	2	should	should	AUX
fbem-12160	178	3	ease	ease	VERB
fbem-12160	178	4	restrictions	restriction	NOUN
fbem-12160	178	5	on	on	ADP
fbem-12160	178	6	both	both	DET
fbem-12160	178	7	enterprises	enterprise	NOUN
fbem-12160	178	8	and	and	CCONJ
fbem-12160	178	9	individuals	individual	NOUN
fbem-12160	178	10	,	,	PUNCT
fbem-12160	178	11	enabling	enable	VERB
fbem-12160	178	12	capital	capital	NOUN
fbem-12160	178	13	to	to	PART
fbem-12160	178	14	flow	flow	VERB
fbem-12160	178	15	freely	freely	ADV
fbem-12160	178	16	for	for	ADP
fbem-12160	178	17	various	various	ADJ
fbem-12160	178	18	investment	investment	NOUN
fbem-12160	178	19	activities	activity	NOUN
fbem-12160	178	20	between	between	ADP
fbem-12160	178	21	countries	country	NOUN
fbem-12160	178	22	.	.	PUNCT
fbem-12160	179	1	strengthening	strengthen	VERB
fbem-12160	179	2	the	the	DET
fbem-12160	179	3	flow	flow	NOUN
fbem-12160	179	4	of	of	ADP
fbem-12160	179	5	domestic	domestic	ADJ
fbem-12160	179	6	capital	capital	NOUN
fbem-12160	179	7	in	in	ADP
fbem-12160	179	8	the	the	DET
fbem-12160	179	9	international	international	ADJ
fbem-12160	179	10	market	market	NOUN
fbem-12160	179	11	will	will	AUX
fbem-12160	179	12	allow	allow	VERB
fbem-12160	179	13	china	china	PROPN
fbem-12160	179	14	to	to	PART
fbem-12160	179	15	gain	gain	VERB
fbem-12160	179	16	greater	great	ADJ
fbem-12160	179	17	control	control	NOUN
fbem-12160	179	18	over	over	ADP
fbem-12160	179	19	global	global	ADJ
fbem-12160	179	20	financial	financial	ADJ
fbem-12160	179	21	markets	market	NOUN
fbem-12160	179	22	while	while	SCONJ
fbem-12160	179	23	also	also	ADV
fbem-12160	179	24	reducing	reduce	VERB
fbem-12160	179	25	risks	risk	NOUN
fbem-12160	179	26	.	.	PUNCT
fbem-12160	180	1	a	a	DET
fbem-12160	180	2	balanced	balanced	ADJ
fbem-12160	180	3	supply	supply	NOUN
fbem-12160	180	4	and	and	CCONJ
fbem-12160	180	5	demand	demand	NOUN
fbem-12160	180	6	in	in	ADP
fbem-12160	180	7	the	the	DET
fbem-12160	180	8	foreign	foreign	ADJ
fbem-12160	180	9	exchange	exchange	NOUN
fbem-12160	180	10	market	market	NOUN
fbem-12160	180	11	can	can	AUX
fbem-12160	180	12	help	help	VERB
fbem-12160	180	13	maintain	maintain	VERB
fbem-12160	180	14	the	the	DET
fbem-12160	180	15	renminbi	renminbi	NOUN
fbem-12160	180	16	exchange	exchange	NOUN
fbem-12160	180	17	rate	rate	NOUN
fbem-12160	180	18	at	at	ADP
fbem-12160	180	19	a	a	DET
fbem-12160	180	20	reasonable	reasonable	ADJ
fbem-12160	180	21	and	and	CCONJ
fbem-12160	180	22	balanced	balanced	ADJ
fbem-12160	180	23	level	level	NOUN
fbem-12160	180	24	.	.	PUNCT
fbem-12160	181	1	monitor	monitor	NOUN
fbem-12160	181	2	exchange	exchange	NOUN
fbem-12160	181	3	rate	rate	NOUN
fbem-12160	181	4	changes	change	NOUN
fbem-12160	181	5	:	:	PUNCT
fbem-12160	181	6	in	in	ADP
fbem-12160	181	7	the	the	DET
fbem-12160	181	8	commercialization	commercialization	NOUN
fbem-12160	181	9	of	of	ADP
fbem-12160	181	10	exchange	exchange	NOUN
fbem-12160	181	11	rate	rate	NOUN
fbem-12160	181	12	changes	change	NOUN
fbem-12160	181	13	,	,	PUNCT
fbem-12160	181	14	chinese	chinese	ADJ
fbem-12160	181	15	monetary	monetary	ADJ
fbem-12160	181	16	authorities	authority	NOUN
fbem-12160	181	17	should	should	AUX
fbem-12160	181	18	pay	pay	VERB
fbem-12160	181	19	attention	attention	NOUN
fbem-12160	181	20	to	to	ADP
fbem-12160	181	21	the	the	DET
fbem-12160	181	22	frequency	frequency	NOUN
fbem-12160	181	23	and	and	CCONJ
fbem-12160	181	24	breadth	breadth	NOUN
fbem-12160	181	25	of	of	ADP
fbem-12160	181	26	these	these	DET
fbem-12160	181	27	48	48	NUM
fbem-12160	181	28	changes	change	NOUN
fbem-12160	181	29	.	.	PUNCT
fbem-12160	182	1	excessive	excessive	ADJ
fbem-12160	182	2	exchange	exchange	NOUN
fbem-12160	182	3	rate	rate	NOUN
fbem-12160	182	4	volatility	volatility	NOUN
fbem-12160	182	5	and	and	CCONJ
fbem-12160	182	6	a	a	DET
fbem-12160	182	7	loss	loss	NOUN
fbem-12160	182	8	of	of	ADP
fbem-12160	182	9	investor	investor	NOUN
fbem-12160	182	10	enthusiasm	enthusiasm	NOUN
fbem-12160	182	11	are	be	AUX
fbem-12160	182	12	not	not	PART
fbem-12160	182	13	conducive	conducive	ADJ
fbem-12160	182	14	to	to	ADP
fbem-12160	182	15	financial	financial	ADJ
fbem-12160	182	16	security	security	NOUN
fbem-12160	182	17	,	,	PUNCT
fbem-12160	182	18	stability	stability	NOUN
fbem-12160	182	19	,	,	PUNCT
fbem-12160	182	20	or	or	CCONJ
fbem-12160	182	21	foreign	foreign	ADJ
fbem-12160	182	22	direct	direct	ADJ
fbem-12160	182	23	investment	investment	NOUN
fbem-12160	182	24	.	.	PUNCT
fbem-12160	183	1	therefore	therefore	ADV
fbem-12160	183	2	,	,	PUNCT
fbem-12160	183	3	at	at	ADP
fbem-12160	183	4	this	this	DET
fbem-12160	183	5	stage	stage	NOUN
fbem-12160	183	6	,	,	PUNCT
fbem-12160	183	7	china	china	PROPN
fbem-12160	183	8	can	can	AUX
fbem-12160	183	9	maintain	maintain	VERB
fbem-12160	183	10	exchange	exchange	NOUN
fbem-12160	183	11	rate	rate	NOUN
fbem-12160	183	12	fluctuations	fluctuation	NOUN
fbem-12160	183	13	within	within	ADP
fbem-12160	183	14	a	a	DET
fbem-12160	183	15	2	2	NUM
fbem-12160	183	16	%	%	NOUN
fbem-12160	183	17	range	range	NOUN
fbem-12160	183	18	.	.	PUNCT
fbem-12160	184	1	there	there	PRON
fbem-12160	184	2	is	be	VERB
fbem-12160	184	3	no	no	DET
fbem-12160	184	4	need	need	NOUN
fbem-12160	184	5	to	to	PART
fbem-12160	184	6	increase	increase	VERB
fbem-12160	184	7	the	the	DET
fbem-12160	184	8	flexibility	flexibility	NOUN
fbem-12160	184	9	of	of	ADP
fbem-12160	184	10	exchange	exchange	NOUN
fbem-12160	184	11	rate	rate	NOUN
fbem-12160	184	12	fluctuations	fluctuation	NOUN
fbem-12160	184	13	before	before	ADP
fbem-12160	184	14	fully	fully	ADV
fbem-12160	184	15	opening	open	VERB
fbem-12160	184	16	the	the	DET
fbem-12160	184	17	capital	capital	NOUN
fbem-12160	184	18	account	account	NOUN
fbem-12160	184	19	to	to	PART
fbem-12160	184	20	prevent	prevent	VERB
fbem-12160	184	21	instability	instability	NOUN
fbem-12160	184	22	and	and	CCONJ
fbem-12160	184	23	negative	negative	ADJ
fbem-12160	184	24	impacts	impact	NOUN
fbem-12160	184	25	on	on	ADP
fbem-12160	184	26	foreign	foreign	ADJ
fbem-12160	184	27	direct	direct	ADJ
fbem-12160	184	28	investment	investment	NOUN
fbem-12160	184	29	.	.	PUNCT
fbem-12160	185	1	develop	develop	VERB
fbem-12160	185	2	derivative	derivative	ADJ
fbem-12160	185	3	markets	market	NOUN
fbem-12160	185	4	:	:	PUNCT
fbem-12160	185	5	to	to	PART
fbem-12160	185	6	mitigate	mitigate	VERB
fbem-12160	185	7	market	market	NOUN
fbem-12160	185	8	risks	risk	NOUN
fbem-12160	185	9	,	,	PUNCT
fbem-12160	185	10	it	it	PRON
fbem-12160	185	11	is	be	AUX
fbem-12160	185	12	necessary	necessary	ADJ
fbem-12160	185	13	to	to	PART
fbem-12160	185	14	establish	establish	VERB
fbem-12160	185	15	an	an	DET
fbem-12160	185	16	exchange	exchange	NOUN
fbem-12160	185	17	rate	rate	NOUN
fbem-12160	185	18	derivative	derivative	ADJ
fbem-12160	185	19	market	market	NOUN
fbem-12160	185	20	based	base	VERB
fbem-12160	185	21	on	on	ADP
fbem-12160	185	22	market	market	NOUN
fbem-12160	185	23	supply	supply	NOUN
fbem-12160	185	24	and	and	CCONJ
fbem-12160	185	25	demand	demand	NOUN
fbem-12160	185	26	.	.	PUNCT
fbem-12160	186	1	these	these	DET
fbem-12160	186	2	financial	financial	ADJ
fbem-12160	186	3	products	product	NOUN
fbem-12160	186	4	not	not	PART
fbem-12160	186	5	only	only	ADV
fbem-12160	186	6	help	help	VERB
fbem-12160	186	7	reduce	reduce	VERB
fbem-12160	186	8	speculative	speculative	ADJ
fbem-12160	186	9	impacts	impact	NOUN
fbem-12160	186	10	on	on	ADP
fbem-12160	186	11	stock	stock	NOUN
fbem-12160	186	12	and	and	CCONJ
fbem-12160	186	13	housing	housing	NOUN
fbem-12160	186	14	markets	market	NOUN
fbem-12160	186	15	but	but	CCONJ
fbem-12160	186	16	also	also	ADV
fbem-12160	186	17	allow	allow	VERB
fbem-12160	186	18	businesses	business	NOUN
fbem-12160	186	19	to	to	PART
fbem-12160	186	20	manage	manage	VERB
fbem-12160	186	21	risk	risk	NOUN
fbem-12160	186	22	through	through	ADP
fbem-12160	186	23	portfolio	portfolio	NOUN
fbem-12160	186	24	investments	investment	NOUN
fbem-12160	186	25	,	,	PUNCT
fbem-12160	186	26	preventing	prevent	VERB
fbem-12160	186	27	excessive	excessive	ADJ
fbem-12160	186	28	shortterm	shortterm	NOUN
fbem-12160	186	29	speculative	speculative	ADJ
fbem-12160	186	30	capital	capital	NOUN
fbem-12160	186	31	inflows	inflow	NOUN
fbem-12160	186	32	.	.	PUNCT
fbem-12160	187	1	this	this	PRON
fbem-12160	187	2	will	will	AUX
fbem-12160	187	3	further	far	ADV
fbem-12160	187	4	improve	improve	VERB
fbem-12160	187	5	china	china	PROPN
fbem-12160	187	6	's	's	PART
fbem-12160	187	7	external	external	ADJ
fbem-12160	187	8	investment	investment	NOUN
fbem-12160	187	9	market	market	NOUN
fbem-12160	187	10	environment	environment	NOUN
fbem-12160	187	11	and	and	CCONJ
fbem-12160	187	12	enhance	enhance	VERB
fbem-12160	187	13	its	its	PRON
fbem-12160	187	14	financial	financial	ADJ
fbem-12160	187	15	market	market	NOUN
fbem-12160	187	16	infrastructure	infrastructure	NOUN
fbem-12160	187	17	,	,	PUNCT
fbem-12160	187	18	contributing	contribute	VERB
fbem-12160	187	19	to	to	ADP
fbem-12160	187	20	the	the	DET
fbem-12160	187	21	development	development	NOUN
fbem-12160	187	22	of	of	ADP
fbem-12160	187	23	china	china	PROPN
fbem-12160	187	24	's	's	PART
fbem-12160	187	25	financial	financial	ADJ
fbem-12160	187	26	markets	market	NOUN
fbem-12160	187	27	.	.	PUNCT
fbem-12160	188	1	references	reference	NOUN
fbem-12160	188	2	[	[	X
fbem-12160	188	3	1	1	X
fbem-12160	188	4	]	]	PUNCT
fbem-12160	188	5	campa	campa	PROPN
fbem-12160	188	6	j	j	PROPN
fbem-12160	188	7	m.	m.	PROPN
fbem-12160	188	8	entry	entry	NOUN
fbem-12160	188	9	by	by	ADP
fbem-12160	188	10	foreign	foreign	ADJ
fbem-12160	188	11	firms	firm	NOUN
fbem-12160	188	12	in	in	ADP
fbem-12160	188	13	the	the	DET
fbem-12160	188	14	united	united	PROPN
fbem-12160	188	15	states	states	PROPN
fbem-12160	188	16	under	under	ADP
fbem-12160	188	17	exchange	exchange	NOUN
fbem-12160	188	18	rate	rate	NOUN
fbem-12160	188	19	uncertainty[j	uncertainty[j	NOUN
fbem-12160	188	20	]	]	PUNCT
fbem-12160	188	21	.	.	PUNCT
fbem-12160	189	1	the	the	DET
fbem-12160	189	2	review	review	NOUN
fbem-12160	189	3	of	of	ADP
fbem-12160	189	4	economics	economic	NOUN
fbem-12160	189	5	and	and	CCONJ
fbem-12160	189	6	statistics	statistic	NOUN
fbem-12160	189	7	,	,	PUNCT
fbem-12160	189	8	1993	1993	NUM
fbem-12160	189	9	:	:	PUNCT
fbem-12160	189	10	614	614	NUM
fbem-12160	189	11	-	-	SYM
fbem-12160	189	12	622	622	NUM
fbem-12160	189	13	.	.	PUNCT
fbem-12160	190	1	[	[	X
fbem-12160	190	2	2	2	X
fbem-12160	190	3	]	]	PUNCT
fbem-12160	190	4	cushman	cushman	NOUN
fbem-12160	190	5	d	d	PROPN
fbem-12160	190	6	o.	o.	PROPN
fbem-12160	190	7	exchange	exchange	NOUN
fbem-12160	190	8	-	-	PUNCT
fbem-12160	190	9	rate	rate	NOUN
fbem-12160	190	10	uncertainty	uncertainty	NOUN
fbem-12160	190	11	and	and	CCONJ
fbem-12160	190	12	foreign	foreign	ADJ
fbem-12160	190	13	direct	direct	ADJ
fbem-12160	190	14	investment	investment	NOUN
fbem-12160	190	15	in	in	ADP
fbem-12160	190	16	the	the	DET
fbem-12160	190	17	united	united	PROPN
fbem-12160	190	18	states[j	states[j	PROPN
fbem-12160	190	19	]	]	PUNCT
fbem-12160	190	20	.	.	PUNCT
fbem-12160	191	1	weltwirtschaftliches	weltwirtschaftliches	PROPN
fbem-12160	191	2	archiv	archiv	PROPN
fbem-12160	191	3	,	,	PUNCT
fbem-12160	191	4	1988	1988	NUM
fbem-12160	191	5	,	,	PUNCT
fbem-12160	191	6	124(2	124(2	NUM
fbem-12160	191	7	):	):	PUNCT
fbem-12160	191	8	322	322	NUM
fbem-12160	191	9	-	-	SYM
fbem-12160	191	10	336	336	NUM
fbem-12160	191	11	.	.	PUNCT
fbem-12160	192	1	[	[	X
fbem-12160	192	2	3	3	X
fbem-12160	192	3	]	]	X
fbem-12160	192	4	froot	froot	NOUN
fbem-12160	192	5	k	k	NOUN
fbem-12160	192	6	a	a	X
fbem-12160	192	7	,	,	PUNCT
fbem-12160	192	8	stein	stein	PROPN
fbem-12160	192	9	j	j	PROPN
fbem-12160	192	10	c.	c.	PROPN
fbem-12160	192	11	exchange	exchange	PROPN
fbem-12160	192	12	rates	rate	NOUN
fbem-12160	192	13	and	and	CCONJ
fbem-12160	192	14	foreign	foreign	ADJ
fbem-12160	192	15	direct	direct	ADJ
fbem-12160	192	16	investment	investment	NOUN
fbem-12160	192	17	:	:	PUNCT
fbem-12160	192	18	an	an	DET
fbem-12160	192	19	imperfect	imperfect	ADJ
fbem-12160	192	20	capital	capital	NOUN
fbem-12160	192	21	markets	market	NOUN
fbem-12160	192	22	approach[j	approach[j	PROPN
fbem-12160	192	23	]	]	X
fbem-12160	192	24	.	.	PUNCT
fbem-12160	193	1	the	the	DET
fbem-12160	193	2	quarterly	quarterly	ADJ
fbem-12160	193	3	journal	journal	NOUN
fbem-12160	193	4	of	of	ADP
fbem-12160	193	5	economics	economic	NOUN
fbem-12160	193	6	,	,	PUNCT
fbem-12160	193	7	1991	1991	NUM
fbem-12160	193	8	,	,	PUNCT
fbem-12160	193	9	106(4	106(4	NUM
fbem-12160	193	10	):	):	PUNCT
fbem-12160	193	11	1191	1191	NUM
fbem-12160	193	12	-	-	SYM
fbem-12160	193	13	1217	1217	NUM
fbem-12160	193	14	.	.	PUNCT
fbem-12160	194	1	[	[	X
fbem-12160	194	2	4	4	X
fbem-12160	194	3	]	]	X
fbem-12160	194	4	liu	liu	PROPN
fbem-12160	194	5	h	h	PROPN
fbem-12160	194	6	y	y	PROPN
fbem-12160	194	7	,	,	PUNCT
fbem-12160	194	8	deseatnicov	deseatnicov	PROPN
fbem-12160	194	9	i.	i.	PROPN
fbem-12160	194	10	exchange	exchange	PROPN
fbem-12160	194	11	rate	rate	NOUN
fbem-12160	194	12	and	and	CCONJ
fbem-12160	194	13	chinese	chinese	NOUN
fbem-12160	194	14	outward	outward	VERB
fbem-12160	194	15	fdi[j	fdi[j	NOUN
fbem-12160	194	16	]	]	PUNCT
fbem-12160	194	17	.	.	PUNCT
fbem-12160	195	1	applied	apply	VERB
fbem-12160	195	2	economics	economic	NOUN
fbem-12160	195	3	,	,	PUNCT
fbem-12160	195	4	2016	2016	NUM
fbem-12160	195	5	,	,	PUNCT
fbem-12160	195	6	48(51	48(51	NUM
fbem-12160	195	7	):	):	PUNCT
fbem-12160	195	8	4961	4961	NUM
fbem-12160	195	9	-	-	SYM
fbem-12160	195	10	4976	4976	NUM
fbem-12160	195	11	.	.	PUNCT
fbem-12160	196	1	[	[	X
fbem-12160	196	2	5	5	X
fbem-12160	196	3	]	]	PUNCT
fbem-12160	196	4	schmidt	schmidt	PROPN
fbem-12160	196	5	c	c	PROPN
fbem-12160	196	6	w	w	PROPN
fbem-12160	196	7	,	,	PUNCT
fbem-12160	196	8	broll	broll	PROPN
fbem-12160	196	9	u.	u.	PROPN
fbem-12160	196	10	real	real	ADJ
fbem-12160	196	11	exchange	exchange	NOUN
fbem-12160	196	12	-	-	PUNCT
fbem-12160	196	13	rate	rate	NOUN
fbem-12160	196	14	uncertainty	uncertainty	NOUN
fbem-12160	196	15	and	and	CCONJ
fbem-12160	196	16	us	we	PRON
fbem-12160	196	17	foreign	foreign	ADJ
fbem-12160	196	18	direct	direct	ADJ
fbem-12160	196	19	investment	investment	NOUN
fbem-12160	196	20	:	:	PUNCT
fbem-12160	196	21	an	an	DET
fbem-12160	196	22	empirical	empirical	ADJ
fbem-12160	196	23	analysis[j	analysis[j	NOUN
fbem-12160	196	24	]	]	PUNCT
fbem-12160	196	25	.	.	PUNCT
fbem-12160	197	1	review	review	NOUN
fbem-12160	197	2	of	of	ADP
fbem-12160	197	3	world	world	NOUN
fbem-12160	197	4	economics	economic	NOUN
fbem-12160	197	5	,	,	PUNCT
fbem-12160	197	6	2009	2009	NUM
fbem-12160	197	7	,	,	PUNCT
fbem-12160	197	8	145	145	NUM
fbem-12160	197	9	:	:	PUNCT
fbem-12160	197	10	513	513	NUM
fbem-12160	197	11	-	-	SYM
fbem-12160	197	12	530	530	NUM
fbem-12160	197	13	.	.	PUNCT
fbem-12160	198	1	[	[	X
fbem-12160	198	2	6	6	NUM
fbem-12160	198	3	]	]	SYM
fbem-12160	198	4	deng	deng	PROPN
fbem-12160	198	5	,	,	PUNCT
fbem-12160	198	6	fuhua	fuhua	PROPN
fbem-12160	198	7	,	,	PUNCT
fbem-12160	198	8	huo	huo	PROPN
fbem-12160	198	9	weidong	weidong	PROPN
fbem-12160	198	10	,	,	PUNCT
fbem-12160	198	11	and	and	CCONJ
fbem-12160	198	12	hu	hu	PROPN
fbem-12160	198	13	bing	bing	NOUN
fbem-12160	198	14	.	.	PUNCT
fbem-12160	199	1	"	"	PUNCT
fbem-12160	199	2	market	market	NOUN
fbem-12160	199	3	size	size	NOUN
fbem-12160	199	4	,	,	PUNCT
fbem-12160	199	5	financial	financial	ADJ
fbem-12160	199	6	development	development	NOUN
fbem-12160	199	7	,	,	PUNCT
fbem-12160	199	8	and	and	CCONJ
fbem-12160	199	9	rmb	rmb	PROPN
fbem-12160	199	10	settlement	settlement	NOUN
fbem-12160	199	11	in	in	ADP
fbem-12160	199	12	cross	cross	ADJ
fbem-12160	199	13	-	-	ADJ
fbem-12160	199	14	border	border	ADJ
fbem-12160	199	15	trade	trade	NOUN
fbem-12160	199	16	.	.	PUNCT
fbem-12160	199	17	"	"	PUNCT
fbem-12160	200	1	financial	financial	ADJ
fbem-12160	200	2	science	science	NOUN
fbem-12160	200	3	,	,	PUNCT
fbem-12160	200	4	2017(03	2017(03	NUM
fbem-12160	200	5	)	)	PUNCT
fbem-12160	200	6	,	,	PUNCT
fbem-12160	200	7	14	14	NUM
fbem-12160	200	8	-	-	SYM
fbem-12160	200	9	26	26	NUM
fbem-12160	200	10	.	.	PUNCT
fbem-12160	201	1	[	[	X
fbem-12160	201	2	7	7	X
fbem-12160	201	3	]	]	X
fbem-12160	201	4	liu	liu	PROPN
fbem-12160	201	5	,	,	PUNCT
fbem-12160	201	6	kai	kai	PROPN
fbem-12160	201	7	,	,	PUNCT
fbem-12160	201	8	and	and	CCONJ
fbem-12160	201	9	deng	deng	PROPN
fbem-12160	201	10	yibao	yibao	PROPN
fbem-12160	201	11	.	.	PUNCT
fbem-12160	202	1	"	"	PUNCT
fbem-12160	202	2	institutional	institutional	ADJ
fbem-12160	202	3	environment	environment	NOUN
fbem-12160	202	4	,	,	PUNCT
fbem-12160	202	5	industry	industry	NOUN
fbem-12160	202	6	differences	difference	NOUN
fbem-12160	202	7	,	,	PUNCT
fbem-12160	202	8	and	and	CCONJ
fbem-12160	202	9	location	location	NOUN
fbem-12160	202	10	choice	choice	NOUN
fbem-12160	202	11	of	of	ADP
fbem-12160	202	12	outward	outward	ADJ
fbem-12160	202	13	foreign	foreign	ADJ
fbem-12160	202	14	direct	direct	ADJ
fbem-12160	202	15	investment	investment	NOUN
fbem-12160	202	16	:	:	PUNCT
fbem-12160	202	17	empirical	empirical	ADJ
fbem-12160	202	18	evidence	evidence	NOUN
fbem-12160	202	19	from	from	ADP
fbem-12160	202	20	china	china	PROPN
fbem-12160	202	21	(	(	PUNCT
fbem-12160	202	22	2003	2003	NUM
fbem-12160	202	23	-	-	SYM
fbem-12160	202	24	2012	2012	NUM
fbem-12160	202	25	)	)	PUNCT
fbem-12160	202	26	.	.	PUNCT
fbem-12160	202	27	"	"	PUNCT
fbem-12160	203	1	world	world	NOUN
fbem-12160	203	2	economic	economic	ADJ
fbem-12160	203	3	research	research	NOUN
fbem-12160	203	4	,	,	PUNCT
fbem-12160	203	5	2014(10	2014(10	NUM
fbem-12160	203	6	)	)	PUNCT
fbem-12160	203	7	,	,	PUNCT
fbem-12160	203	8	73	73	NUM
fbem-12160	203	9	-	-	SYM
fbem-12160	203	10	79	79	NUM
fbem-12160	203	11	.	.	PUNCT
fbem-12160	204	1	[	[	X
fbem-12160	204	2	8	8	NUM
fbem-12160	204	3	]	]	X
fbem-12160	204	4	peng	peng	PROPN
fbem-12160	204	5	,	,	PUNCT
fbem-12160	204	6	hongfeng	hongfeng	PROPN
fbem-12160	204	7	,	,	PUNCT
fbem-12160	204	8	luo	luo	PROPN
fbem-12160	204	9	ningxin	ningxin	PROPN
fbem-12160	204	10	,	,	PUNCT
fbem-12160	204	11	and	and	CCONJ
fbem-12160	204	12	li	li	PROPN
fbem-12160	204	13	heran	heran	PROPN
fbem-12160	204	14	.	.	PUNCT
fbem-12160	205	1	"	"	PUNCT
fbem-12160	205	2	evaluation	evaluation	NOUN
fbem-12160	205	3	and	and	CCONJ
fbem-12160	205	4	prospect	prospect	NOUN
fbem-12160	205	5	of	of	ADP
fbem-12160	205	6	the	the	DET
fbem-12160	205	7	effect	effect	NOUN
fbem-12160	205	8	of	of	ADP
fbem-12160	205	9	rmb	rmb	ADJ
fbem-12160	205	10	central	central	ADJ
fbem-12160	205	11	parity	parity	NOUN
fbem-12160	205	12	pricing	pricing	NOUN
fbem-12160	205	13	mechanism	mechanism	NOUN
fbem-12160	205	14	reform	reform	NOUN
fbem-12160	205	15	.	.	PUNCT
fbem-12160	205	16	"	"	PUNCT
fbem-12160	206	1	world	world	NOUN
fbem-12160	206	2	economic	economic	ADJ
fbem-12160	206	3	research	research	NOUN
fbem-12160	206	4	,	,	PUNCT
fbem-12160	206	5	2018(11	2018(11	NUM
fbem-12160	206	6	)	)	PUNCT
fbem-12160	206	7	,	,	PUNCT
fbem-12160	206	8	29	29	NUM
fbem-12160	206	9	-	-	SYM
fbem-12160	206	10	43	43	NUM
fbem-12160	206	11	.	.	PUNCT