id	sid	tid	token	lemma	pos
fbem-1290	1	1	frontiers	frontier	NOUN
fbem-1290	1	2	in	in	ADP
fbem-1290	1	3	business	business	NOUN
fbem-1290	1	4	,	,	PUNCT
fbem-1290	1	5	economics	economic	NOUN
fbem-1290	1	6	and	and	CCONJ
fbem-1290	1	7	management	management	NOUN
fbem-1290	1	8	issn	issn	PROPN
fbem-1290	1	9	:	:	PUNCT
fbem-1290	1	10	2766	2766	NUM
fbem-1290	1	11	-	-	PUNCT
fbem-1290	1	12	824x	824x	NUM
fbem-1290	1	13	|	|	ADJ
fbem-1290	1	14	vol	vol	NOUN
fbem-1290	1	15	.	.	PROPN
fbem-1290	2	1	4	4	NUM
fbem-1290	2	2	,	,	PUNCT
fbem-1290	2	3	no	no	INTJ
fbem-1290	2	4	.	.	NOUN
fbem-1290	2	5	3	3	NUM
fbem-1290	2	6	,	,	PUNCT
fbem-1290	2	7	2022	2022	NUM
fbem-1290	2	8	174	174	NUM
fbem-1290	2	9	how	how	SCONJ
fbem-1290	2	10	does	do	AUX
fbem-1290	2	11	the	the	DET
fbem-1290	2	12	policy	policy	NOUN
fbem-1290	2	13	leverage	leverage	NOUN
fbem-1290	2	14	the	the	DET
fbem-1290	2	15	"	"	PUNCT
fbem-1290	2	16	resident	resident	ADJ
fbem-1290	2	17	leverage	leverage	NOUN
fbem-1290	2	18	ratio	ratio	NOUN
fbem-1290	2	19	"	"	PUNCT
fbem-1290	2	20	?	?	PUNCT
fbem-1290	3	1	-empirical	-empirical	ADJ
fbem-1290	3	2	evidence	evidence	NOUN
fbem-1290	3	3	based	base	VERB
fbem-1290	3	4	on	on	ADP
fbem-1290	3	5	provincial	provincial	ADJ
fbem-1290	3	6	panel	panel	NOUN
fbem-1290	3	7	data	datum	NOUN
fbem-1290	3	8	in	in	ADP
fbem-1290	3	9	the	the	DET
fbem-1290	3	10	past	past	ADJ
fbem-1290	3	11	decade	decade	NOUN
fbem-1290	3	12	xin	xin	PROPN
fbem-1290	3	13	song1	song1	PROPN
fbem-1290	3	14	,	,	PUNCT
fbem-1290	3	15	*	*	PROPN
fbem-1290	3	16	,	,	PUNCT
fbem-1290	3	17	xuejie	xuejie	PROPN
fbem-1290	3	18	yang2	yang2	PROPN
fbem-1290	3	19	,	,	PUNCT
fbem-1290	3	20	tao	tao	PROPN
fbem-1290	3	21	li3	li3	PROPN
fbem-1290	3	22	,	,	PUNCT
fbem-1290	3	23	yuntao	yuntao	PROPN
fbem-1290	3	24	qiang4	qiang4	NOUN
fbem-1290	4	1	1school	1school	NUM
fbem-1290	4	2	of	of	ADP
fbem-1290	4	3	international	international	ADJ
fbem-1290	4	4	economics	economic	NOUN
fbem-1290	4	5	and	and	CCONJ
fbem-1290	4	6	trade	trade	NOUN
fbem-1290	4	7	,	,	PUNCT
fbem-1290	4	8	anhui	anhui	PROPN
fbem-1290	4	9	university	university	PROPN
fbem-1290	4	10	of	of	ADP
fbem-1290	4	11	finance	finance	NOUN
fbem-1290	4	12	and	and	CCONJ
fbem-1290	4	13	economics	economic	NOUN
fbem-1290	4	14	,	,	PUNCT
fbem-1290	4	15	bengbu	bengbu	NOUN
fbem-1290	4	16	233000	233000	NUM
fbem-1290	4	17	,	,	PUNCT
fbem-1290	4	18	china	china	PROPN
fbem-1290	4	19	2school	2school	NUM
fbem-1290	4	20	of	of	ADP
fbem-1290	4	21	economics	economic	NOUN
fbem-1290	4	22	,	,	PUNCT
fbem-1290	4	23	anhui	anhui	PROPN
fbem-1290	4	24	university	university	PROPN
fbem-1290	4	25	of	of	ADP
fbem-1290	4	26	finance	finance	NOUN
fbem-1290	4	27	and	and	CCONJ
fbem-1290	4	28	economics	economic	NOUN
fbem-1290	4	29	,	,	PUNCT
fbem-1290	4	30	bengbu	bengbu	NOUN
fbem-1290	4	31	233000	233000	NUM
fbem-1290	4	32	,	,	PUNCT
fbem-1290	4	33	china	china	PROPN
fbem-1290	4	34	3school	3school	NUM
fbem-1290	4	35	of	of	ADP
fbem-1290	4	36	business	business	PROPN
fbem-1290	4	37	administration	administration	PROPN
fbem-1290	4	38	,	,	PUNCT
fbem-1290	4	39	anhui	anhui	PROPN
fbem-1290	4	40	university	university	PROPN
fbem-1290	4	41	of	of	ADP
fbem-1290	4	42	finance	finance	NOUN
fbem-1290	4	43	and	and	CCONJ
fbem-1290	4	44	economics	economic	NOUN
fbem-1290	4	45	,	,	PUNCT
fbem-1290	4	46	bengbu	bengbu	NOUN
fbem-1290	4	47	233000	233000	NUM
fbem-1290	4	48	,	,	PUNCT
fbem-1290	4	49	china	china	PROPN
fbem-1290	4	50	4school	4school	NUM
fbem-1290	4	51	of	of	ADP
fbem-1290	4	52	management	management	NOUN
fbem-1290	4	53	engineering	engineering	NOUN
fbem-1290	4	54	and	and	CCONJ
fbem-1290	4	55	science	science	NOUN
fbem-1290	4	56	,	,	PUNCT
fbem-1290	4	57	anhui	anhui	PROPN
fbem-1290	4	58	university	university	PROPN
fbem-1290	4	59	of	of	ADP
fbem-1290	4	60	finance	finance	NOUN
fbem-1290	4	61	and	and	CCONJ
fbem-1290	4	62	economics	economic	NOUN
fbem-1290	4	63	,	,	PUNCT
fbem-1290	4	64	bengbu	bengbu	NOUN
fbem-1290	4	65	233000	233000	NUM
fbem-1290	4	66	,	,	PUNCT
fbem-1290	4	67	china	china	PROPN
fbem-1290	4	68	abstract	abstract	NOUN
fbem-1290	4	69	:	:	PUNCT
fbem-1290	4	70	under	under	ADP
fbem-1290	4	71	the	the	DET
fbem-1290	4	72	background	background	NOUN
fbem-1290	4	73	that	that	PRON
fbem-1290	4	74	the	the	DET
fbem-1290	4	75	international	international	ADJ
fbem-1290	4	76	economy	economy	NOUN
fbem-1290	4	77	is	be	AUX
fbem-1290	4	78	in	in	ADP
fbem-1290	4	79	great	great	ADJ
fbem-1290	4	80	recession	recession	NOUN
fbem-1290	4	81	and	and	CCONJ
fbem-1290	4	82	the	the	DET
fbem-1290	4	83	new	new	ADJ
fbem-1290	4	84	development	development	NOUN
fbem-1290	4	85	pattern	pattern	NOUN
fbem-1290	4	86	of	of	ADP
fbem-1290	4	87	domestic	domestic	ADJ
fbem-1290	4	88	and	and	CCONJ
fbem-1290	4	89	international	international	ADJ
fbem-1290	4	90	double	double	ADJ
fbem-1290	4	91	circulation	circulation	NOUN
fbem-1290	4	92	has	have	AUX
fbem-1290	4	93	gradually	gradually	ADV
fbem-1290	4	94	become	become	VERB
fbem-1290	4	95	a	a	DET
fbem-1290	4	96	consensus	consensus	NOUN
fbem-1290	4	97	macro	macro	NOUN
fbem-1290	4	98	-	-	NOUN
fbem-1290	4	99	economy	economy	NOUN
fbem-1290	4	100	new	new	ADJ
fbem-1290	4	101	normal	normal	ADJ
fbem-1290	4	102	,	,	PUNCT
fbem-1290	4	103	this	this	DET
fbem-1290	4	104	paper	paper	NOUN
fbem-1290	4	105	investigates	investigate	VERB
fbem-1290	4	106	31	31	NUM
fbem-1290	4	107	provinces	province	NOUN
fbem-1290	4	108	and	and	CCONJ
fbem-1290	4	109	cities	city	NOUN
fbem-1290	4	110	'	'	PART
fbem-1290	4	111	policies	policy	NOUN
fbem-1290	4	112	and	and	CCONJ
fbem-1290	4	113	residents	resident	NOUN
fbem-1290	4	114	'	'	PART
fbem-1290	4	115	leverage	leverage	NOUN
fbem-1290	4	116	ratio	ratio	NOUN
fbem-1290	4	117	in	in	ADP
fbem-1290	4	118	recent	recent	ADJ
fbem-1290	4	119	ten	ten	NUM
fbem-1290	4	120	years	year	NOUN
fbem-1290	4	121	,	,	PUNCT
fbem-1290	4	122	and	and	CCONJ
fbem-1290	4	123	analyzes	analyze	VERB
fbem-1290	4	124	the	the	DET
fbem-1290	4	125	direction	direction	NOUN
fbem-1290	4	126	and	and	CCONJ
fbem-1290	4	127	extent	extent	NOUN
fbem-1290	4	128	of	of	ADP
fbem-1290	4	129	industrial	industrial	ADJ
fbem-1290	4	130	policy	policy	NOUN
fbem-1290	4	131	,	,	PUNCT
fbem-1290	4	132	fiscal	fiscal	ADJ
fbem-1290	4	133	policy	policy	NOUN
fbem-1290	4	134	and	and	CCONJ
fbem-1290	4	135	monetary	monetary	ADJ
fbem-1290	4	136	policy	policy	NOUN
fbem-1290	4	137	on	on	ADP
fbem-1290	4	138	residents	resident	NOUN
fbem-1290	4	139	'	'	PART
fbem-1290	4	140	leverage	leverage	NOUN
fbem-1290	4	141	ratio	ratio	NOUN
fbem-1290	4	142	by	by	ADP
fbem-1290	4	143	using	use	VERB
fbem-1290	4	144	stata	stata	PROPN
fbem-1290	4	145	,	,	PUNCT
fbem-1290	4	146	matlab	matlab	PROPN
fbem-1290	4	147	and	and	CCONJ
fbem-1290	4	148	other	other	ADJ
fbem-1290	4	149	software	software	NOUN
fbem-1290	4	150	.	.	PUNCT
fbem-1290	5	1	the	the	DET
fbem-1290	5	2	quantitative	quantitative	ADJ
fbem-1290	5	3	indicators	indicator	NOUN
fbem-1290	5	4	of	of	ADP
fbem-1290	5	5	panel	panel	NOUN
fbem-1290	5	6	data	datum	NOUN
fbem-1290	5	7	are	be	AUX
fbem-1290	5	8	used	use	VERB
fbem-1290	5	9	to	to	PART
fbem-1290	5	10	simulate	simulate	VERB
fbem-1290	5	11	dynamic	dynamic	ADJ
fbem-1290	5	12	and	and	CCONJ
fbem-1290	5	13	static	static	ADJ
fbem-1290	5	14	models	model	NOUN
fbem-1290	5	15	,	,	PUNCT
fbem-1290	5	16	respectively	respectively	ADV
fbem-1290	5	17	,	,	PUNCT
fbem-1290	5	18	to	to	PART
fbem-1290	5	19	solve	solve	VERB
fbem-1290	5	20	the	the	DET
fbem-1290	5	21	problems	problem	NOUN
fbem-1290	5	22	of	of	ADP
fbem-1290	5	23	internal	internal	ADJ
fbem-1290	5	24	lag	lag	NOUN
fbem-1290	5	25	and	and	CCONJ
fbem-1290	5	26	endogenous	endogenous	ADJ
fbem-1290	5	27	variables	variable	NOUN
fbem-1290	5	28	,	,	PUNCT
fbem-1290	5	29	and	and	CCONJ
fbem-1290	5	30	to	to	ADP
fbem-1290	5	31	some	some	DET
fbem-1290	5	32	extent	extent	NOUN
fbem-1290	5	33	reflect	reflect	VERB
fbem-1290	5	34	the	the	DET
fbem-1290	5	35	impact	impact	NOUN
fbem-1290	5	36	of	of	ADP
fbem-1290	5	37	household	household	NOUN
fbem-1290	5	38	leverage	leverage	NOUN
fbem-1290	5	39	ratio	ratio	NOUN
fbem-1290	5	40	on	on	ADP
fbem-1290	5	41	the	the	DET
fbem-1290	5	42	domestic	domestic	ADJ
fbem-1290	5	43	doublecycle	doublecycle	NOUN
fbem-1290	5	44	situation	situation	NOUN
fbem-1290	5	45	.	.	PUNCT
fbem-1290	6	1	finally	finally	ADV
fbem-1290	6	2	,	,	PUNCT
fbem-1290	6	3	it	it	PRON
fbem-1290	6	4	is	be	AUX
fbem-1290	6	5	concluded	conclude	VERB
fbem-1290	6	6	that	that	SCONJ
fbem-1290	6	7	the	the	DET
fbem-1290	6	8	completion	completion	NOUN
fbem-1290	6	9	of	of	ADP
fbem-1290	6	10	real	real	ADJ
fbem-1290	6	11	estate	estate	NOUN
fbem-1290	6	12	development	development	NOUN
fbem-1290	6	13	investment	investment	NOUN
fbem-1290	6	14	and	and	CCONJ
fbem-1290	6	15	the	the	DET
fbem-1290	6	16	sales	sale	NOUN
fbem-1290	6	17	area	area	NOUN
fbem-1290	6	18	of	of	ADP
fbem-1290	6	19	residential	residential	ADJ
fbem-1290	6	20	commercial	commercial	ADJ
fbem-1290	6	21	housing	housing	NOUN
fbem-1290	6	22	are	be	AUX
fbem-1290	6	23	the	the	DET
fbem-1290	6	24	main	main	ADJ
fbem-1290	6	25	indicators	indicator	NOUN
fbem-1290	6	26	that	that	PRON
fbem-1290	6	27	affect	affect	VERB
fbem-1290	6	28	household	household	NOUN
fbem-1290	6	29	leverage	leverage	NOUN
fbem-1290	6	30	ratio	ratio	NOUN
fbem-1290	6	31	.	.	PUNCT
fbem-1290	7	1	the	the	DET
fbem-1290	7	2	added	add	VERB
fbem-1290	7	3	value	value	NOUN
fbem-1290	7	4	of	of	ADP
fbem-1290	7	5	financial	financial	ADJ
fbem-1290	7	6	industry	industry	NOUN
fbem-1290	7	7	,	,	PUNCT
fbem-1290	7	8	land	land	NOUN
fbem-1290	7	9	policy	policy	NOUN
fbem-1290	7	10	and	and	CCONJ
fbem-1290	7	11	per	per	ADP
fbem-1290	7	12	capita	capita	X
fbem-1290	7	13	income	income	NOUN
fbem-1290	7	14	of	of	ADP
fbem-1290	7	15	residents	resident	NOUN
fbem-1290	7	16	have	have	VERB
fbem-1290	7	17	a	a	DET
fbem-1290	7	18	certain	certain	ADJ
fbem-1290	7	19	positive	positive	ADJ
fbem-1290	7	20	impact	impact	NOUN
fbem-1290	7	21	on	on	ADP
fbem-1290	7	22	the	the	DET
fbem-1290	7	23	leverage	leverage	NOUN
fbem-1290	7	24	ratio	ratio	NOUN
fbem-1290	7	25	.	.	PUNCT
fbem-1290	8	1	population	population	NOUN
fbem-1290	8	2	age	age	NOUN
fbem-1290	8	3	structure	structure	NOUN
fbem-1290	8	4	,	,	PUNCT
fbem-1290	8	5	interest	interest	NOUN
fbem-1290	8	6	rates	rate	NOUN
fbem-1290	8	7	and	and	CCONJ
fbem-1290	8	8	other	other	ADJ
fbem-1290	8	9	factors	factor	NOUN
fbem-1290	8	10	have	have	VERB
fbem-1290	8	11	a	a	DET
fbem-1290	8	12	weak	weak	ADJ
fbem-1290	8	13	impact	impact	NOUN
fbem-1290	8	14	on	on	ADP
fbem-1290	8	15	the	the	DET
fbem-1290	8	16	leverage	leverage	NOUN
fbem-1290	8	17	ratio	ratio	NOUN
fbem-1290	8	18	.	.	PUNCT
fbem-1290	9	1	at	at	ADP
fbem-1290	9	2	the	the	DET
fbem-1290	9	3	end	end	NOUN
fbem-1290	9	4	of	of	ADP
fbem-1290	9	5	the	the	DET
fbem-1290	9	6	article	article	NOUN
fbem-1290	9	7	,	,	PUNCT
fbem-1290	9	8	the	the	DET
fbem-1290	9	9	author	author	NOUN
fbem-1290	9	10	puts	put	VERB
fbem-1290	9	11	forward	forward	ADV
fbem-1290	9	12	some	some	DET
fbem-1290	9	13	policy	policy	NOUN
fbem-1290	9	14	suggestions	suggestion	NOUN
fbem-1290	9	15	,	,	PUNCT
fbem-1290	9	16	such	such	ADJ
fbem-1290	9	17	as	as	ADP
fbem-1290	9	18	correctly	correctly	ADV
fbem-1290	9	19	guiding	guide	VERB
fbem-1290	9	20	the	the	DET
fbem-1290	9	21	supply	supply	NOUN
fbem-1290	9	22	and	and	CCONJ
fbem-1290	9	23	demand	demand	NOUN
fbem-1290	9	24	relationship	relationship	NOUN
fbem-1290	9	25	in	in	ADP
fbem-1290	9	26	the	the	DET
fbem-1290	9	27	real	real	ADJ
fbem-1290	9	28	estate	estate	NOUN
fbem-1290	9	29	market	market	NOUN
fbem-1290	9	30	,	,	PUNCT
fbem-1290	9	31	improving	improve	VERB
fbem-1290	9	32	the	the	DET
fbem-1290	9	33	land	land	NOUN
fbem-1290	9	34	fiscal	fiscal	ADJ
fbem-1290	9	35	policy	policy	NOUN
fbem-1290	9	36	,	,	PUNCT
fbem-1290	9	37	and	and	CCONJ
fbem-1290	9	38	reasonably	reasonably	ADV
fbem-1290	9	39	regulating	regulate	VERB
fbem-1290	9	40	the	the	DET
fbem-1290	9	41	monetary	monetary	ADJ
fbem-1290	9	42	structure	structure	NOUN
fbem-1290	9	43	,	,	PUNCT
fbem-1290	9	44	which	which	PRON
fbem-1290	9	45	has	have	VERB
fbem-1290	9	46	certain	certain	ADJ
fbem-1290	9	47	reference	reference	NOUN
fbem-1290	9	48	significance	significance	NOUN
fbem-1290	9	49	for	for	ADP
fbem-1290	9	50	the	the	DET
fbem-1290	9	51	research	research	NOUN
fbem-1290	9	52	on	on	ADP
fbem-1290	9	53	the	the	DET
fbem-1290	9	54	doublecycle	doublecycle	PROPN
fbem-1290	9	55	development	development	NOUN
fbem-1290	9	56	pattern	pattern	NOUN
fbem-1290	9	57	at	at	ADP
fbem-1290	9	58	home	home	NOUN
fbem-1290	9	59	and	and	CCONJ
fbem-1290	9	60	abroad	abroad	ADV
fbem-1290	9	61	.	.	PUNCT
fbem-1290	10	1	keywords	keyword	NOUN
fbem-1290	10	2	:	:	PUNCT
fbem-1290	10	3	household	household	NOUN
fbem-1290	10	4	leverage	leverage	NOUN
fbem-1290	10	5	ratio	ratio	NOUN
fbem-1290	10	6	,	,	PUNCT
fbem-1290	10	7	industrial	industrial	ADJ
fbem-1290	10	8	policy	policy	NOUN
fbem-1290	10	9	,	,	PUNCT
fbem-1290	10	10	fiscal	fiscal	ADJ
fbem-1290	10	11	policy	policy	NOUN
fbem-1290	10	12	,	,	PUNCT
fbem-1290	10	13	monetary	monetary	ADJ
fbem-1290	10	14	policy	policy	NOUN
fbem-1290	10	15	,	,	PUNCT
fbem-1290	10	16	empirical	empirical	ADJ
fbem-1290	10	17	research	research	NOUN
fbem-1290	10	18	.	.	PUNCT
fbem-1290	11	1	1	1	X
fbem-1290	11	2	.	.	X
fbem-1290	11	3	introduction	introduction	NOUN
fbem-1290	11	4	under	under	ADP
fbem-1290	11	5	the	the	DET
fbem-1290	11	6	new	new	ADJ
fbem-1290	11	7	macro	macro	ADJ
fbem-1290	11	8	-	-	ADJ
fbem-1290	11	9	economic	economic	ADJ
fbem-1290	11	10	normal	normal	ADJ
fbem-1290	11	11	,	,	PUNCT
fbem-1290	11	12	china	china	PROPN
fbem-1290	11	13	's	's	PART
fbem-1290	11	14	economy	economy	NOUN
fbem-1290	11	15	is	be	AUX
fbem-1290	11	16	in	in	ADP
fbem-1290	11	17	a	a	DET
fbem-1290	11	18	critical	critical	ADJ
fbem-1290	11	19	period	period	NOUN
fbem-1290	11	20	of	of	ADP
fbem-1290	11	21	optimization	optimization	NOUN
fbem-1290	11	22	and	and	CCONJ
fbem-1290	11	23	transformation	transformation	NOUN
fbem-1290	11	24	.	.	PUNCT
fbem-1290	12	1	in	in	ADP
fbem-1290	12	2	this	this	DET
fbem-1290	12	3	regard	regard	NOUN
fbem-1290	12	4	,	,	PUNCT
fbem-1290	12	5	domestic	domestic	ADJ
fbem-1290	12	6	research	research	NOUN
fbem-1290	12	7	and	and	CCONJ
fbem-1290	12	8	solutions	solution	NOUN
fbem-1290	12	9	are	be	AUX
fbem-1290	12	10	mainly	mainly	ADV
fbem-1290	12	11	carried	carry	VERB
fbem-1290	12	12	out	out	ADP
fbem-1290	12	13	from	from	ADP
fbem-1290	12	14	three	three	NUM
fbem-1290	12	15	aspects	aspect	NOUN
fbem-1290	12	16	:	:	PUNCT
fbem-1290	12	17	growth	growth	NOUN
fbem-1290	12	18	impetus	impetus	NOUN
fbem-1290	12	19	,	,	PUNCT
fbem-1290	12	20	development	development	NOUN
fbem-1290	12	21	mode	mode	NOUN
fbem-1290	12	22	and	and	CCONJ
fbem-1290	12	23	economic	economic	ADJ
fbem-1290	12	24	structure	structure	NOUN
fbem-1290	12	25	,	,	PUNCT
fbem-1290	12	26	in	in	ADP
fbem-1290	12	27	order	order	NOUN
fbem-1290	12	28	to	to	PART
fbem-1290	12	29	seek	seek	VERB
fbem-1290	12	30	further	further	ADJ
fbem-1290	12	31	economic	economic	ADJ
fbem-1290	12	32	development	development	NOUN
fbem-1290	12	33	.	.	PUNCT
fbem-1290	13	1	in	in	ADP
fbem-1290	13	2	the	the	DET
fbem-1290	13	3	combination	combination	NOUN
fbem-1290	13	4	of	of	ADP
fbem-1290	13	5	theoretical	theoretical	ADJ
fbem-1290	13	6	exploration	exploration	NOUN
fbem-1290	13	7	and	and	CCONJ
fbem-1290	13	8	concrete	concrete	ADJ
fbem-1290	13	9	practice	practice	NOUN
fbem-1290	13	10	,	,	PUNCT
fbem-1290	13	11	the	the	DET
fbem-1290	13	12	idea	idea	NOUN
fbem-1290	13	13	of	of	ADP
fbem-1290	13	14	accelerating	accelerate	VERB
fbem-1290	13	15	the	the	DET
fbem-1290	13	16	formation	formation	NOUN
fbem-1290	13	17	of	of	ADP
fbem-1290	13	18	a	a	DET
fbem-1290	13	19	new	new	ADJ
fbem-1290	13	20	development	development	NOUN
fbem-1290	13	21	pattern	pattern	NOUN
fbem-1290	13	22	with	with	ADP
fbem-1290	13	23	domestic	domestic	ADJ
fbem-1290	13	24	big	big	ADJ
fbem-1290	13	25	circulation	circulation	NOUN
fbem-1290	13	26	as	as	SCONJ
fbem-1290	13	27	the	the	DET
fbem-1290	13	28	main	main	ADJ
fbem-1290	13	29	body	body	NOUN
fbem-1290	13	30	and	and	CCONJ
fbem-1290	13	31	domestic	domestic	ADJ
fbem-1290	13	32	and	and	CCONJ
fbem-1290	13	33	international	international	ADJ
fbem-1290	13	34	double	double	ADJ
fbem-1290	13	35	circulation	circulation	NOUN
fbem-1290	13	36	promoting	promote	VERB
fbem-1290	13	37	each	each	DET
fbem-1290	13	38	other	other	ADJ
fbem-1290	13	39	has	have	AUX
fbem-1290	13	40	gradually	gradually	ADV
fbem-1290	13	41	become	become	VERB
fbem-1290	13	42	the	the	DET
fbem-1290	13	43	consensus	consensus	NOUN
fbem-1290	13	44	of	of	ADP
fbem-1290	13	45	people	people	NOUN
fbem-1290	13	46	on	on	ADP
fbem-1290	13	47	economic	economic	ADJ
fbem-1290	13	48	development	development	NOUN
fbem-1290	13	49	strategies	strategy	NOUN
fbem-1290	13	50	.	.	PUNCT
fbem-1290	14	1	as	as	SCONJ
fbem-1290	14	2	we	we	PRON
fbem-1290	14	3	all	all	PRON
fbem-1290	14	4	know	know	VERB
fbem-1290	14	5	,	,	PUNCT
fbem-1290	14	6	consumption	consumption	NOUN
fbem-1290	14	7	is	be	AUX
fbem-1290	14	8	the	the	DET
fbem-1290	14	9	driving	drive	VERB
fbem-1290	14	10	force	force	NOUN
fbem-1290	14	11	of	of	ADP
fbem-1290	14	12	a	a	DET
fbem-1290	14	13	country	country	NOUN
fbem-1290	14	14	's	's	PART
fbem-1290	14	15	economy	economy	NOUN
fbem-1290	14	16	.	.	PUNCT
fbem-1290	15	1	promoting	promote	VERB
fbem-1290	15	2	the	the	DET
fbem-1290	15	3	improvement	improvement	NOUN
fbem-1290	15	4	of	of	ADP
fbem-1290	15	5	consumption	consumption	NOUN
fbem-1290	15	6	level	level	NOUN
fbem-1290	15	7	plays	play	VERB
fbem-1290	15	8	an	an	DET
fbem-1290	15	9	indispensable	indispensable	ADJ
fbem-1290	15	10	role	role	NOUN
fbem-1290	15	11	in	in	ADP
fbem-1290	15	12	the	the	DET
fbem-1290	15	13	current	current	ADJ
fbem-1290	15	14	development	development	NOUN
fbem-1290	15	15	strategy	strategy	NOUN
fbem-1290	15	16	of	of	ADP
fbem-1290	15	17	constructing	construct	VERB
fbem-1290	15	18	a	a	DET
fbem-1290	15	19	new	new	ADJ
fbem-1290	15	20	development	development	NOUN
fbem-1290	15	21	pattern	pattern	NOUN
fbem-1290	15	22	.	.	PUNCT
fbem-1290	16	1	as	as	ADP
fbem-1290	16	2	a	a	DET
fbem-1290	16	3	scientific	scientific	ADJ
fbem-1290	16	4	ratio	ratio	NOUN
fbem-1290	16	5	between	between	ADP
fbem-1290	16	6	residents	resident	NOUN
fbem-1290	16	7	and	and	CCONJ
fbem-1290	16	8	gdp	gdp	NOUN
fbem-1290	16	9	,	,	PUNCT
fbem-1290	16	10	residents	resident	NOUN
fbem-1290	16	11	'	'	PART
fbem-1290	16	12	leverage	leverage	NOUN
fbem-1290	16	13	ratio	ratio	NOUN
fbem-1290	16	14	can	can	AUX
fbem-1290	16	15	be	be	AUX
fbem-1290	16	16	used	use	VERB
fbem-1290	16	17	as	as	ADP
fbem-1290	16	18	a	a	DET
fbem-1290	16	19	visual	visual	ADJ
fbem-1290	16	20	indicator	indicator	NOUN
fbem-1290	16	21	to	to	PART
fbem-1290	16	22	reflect	reflect	VERB
fbem-1290	16	23	residents	resident	NOUN
fbem-1290	16	24	'	'	PART
fbem-1290	16	25	solvency	solvency	NOUN
fbem-1290	16	26	and	and	CCONJ
fbem-1290	16	27	consumption	consumption	NOUN
fbem-1290	16	28	potential	potential	NOUN
fbem-1290	16	29	to	to	ADP
fbem-1290	16	30	a	a	DET
fbem-1290	16	31	certain	certain	ADJ
fbem-1290	16	32	extent	extent	NOUN
fbem-1290	16	33	.	.	PUNCT
fbem-1290	17	1	combining	combine	VERB
fbem-1290	17	2	this	this	DET
fbem-1290	17	3	formula	formula	NOUN
fbem-1290	17	4	with	with	ADP
fbem-1290	17	5	the	the	DET
fbem-1290	17	6	academic	academic	ADJ
fbem-1290	17	7	point	point	NOUN
fbem-1290	17	8	of	of	ADP
fbem-1290	17	9	view	view	NOUN
fbem-1290	17	10	,	,	PUNCT
fbem-1290	17	11	higher	high	ADJ
fbem-1290	17	12	leverage	leverage	NOUN
fbem-1290	17	13	ratio	ratio	NOUN
fbem-1290	17	14	even	even	ADV
fbem-1290	17	15	has	have	VERB
fbem-1290	17	16	certain	certain	ADJ
fbem-1290	17	17	crowding	crowd	VERB
fbem-1290	17	18	-	-	PUNCT
fbem-1290	17	19	out	out	ADP
fbem-1290	17	20	effect	effect	NOUN
fbem-1290	17	21	on	on	ADP
fbem-1290	17	22	consumption	consumption	NOUN
fbem-1290	17	23	,	,	PUNCT
fbem-1290	17	24	which	which	PRON
fbem-1290	17	25	is	be	AUX
fbem-1290	17	26	not	not	PART
fbem-1290	17	27	conducive	conducive	ADJ
fbem-1290	17	28	to	to	ADP
fbem-1290	17	29	the	the	DET
fbem-1290	17	30	construction	construction	NOUN
fbem-1290	17	31	of	of	ADP
fbem-1290	17	32	the	the	DET
fbem-1290	17	33	new	new	ADJ
fbem-1290	17	34	development	development	NOUN
fbem-1290	17	35	pattern	pattern	NOUN
fbem-1290	17	36	of	of	ADP
fbem-1290	17	37	double	double	ADJ
fbem-1290	17	38	circulation	circulation	NOUN
fbem-1290	17	39	in	in	ADP
fbem-1290	17	40	china	china	PROPN
fbem-1290	17	41	.	.	PUNCT
fbem-1290	18	1	therefore	therefore	ADV
fbem-1290	18	2	,	,	PUNCT
fbem-1290	18	3	it	it	PRON
fbem-1290	18	4	is	be	AUX
fbem-1290	18	5	of	of	ADP
fbem-1290	18	6	great	great	ADJ
fbem-1290	18	7	significance	significance	NOUN
fbem-1290	18	8	to	to	PART
fbem-1290	18	9	study	study	VERB
fbem-1290	18	10	the	the	DET
fbem-1290	18	11	regulation	regulation	NOUN
fbem-1290	18	12	mechanism	mechanism	NOUN
fbem-1290	18	13	of	of	ADP
fbem-1290	18	14	residents	resident	NOUN
fbem-1290	18	15	'	'	PART
fbem-1290	18	16	leverage	leverage	NOUN
fbem-1290	18	17	ratio	ratio	NOUN
fbem-1290	18	18	for	for	ADP
fbem-1290	18	19	china	china	PROPN
fbem-1290	18	20	to	to	PART
fbem-1290	18	21	construct	construct	VERB
fbem-1290	18	22	a	a	DET
fbem-1290	18	23	new	new	ADJ
fbem-1290	18	24	development	development	NOUN
fbem-1290	18	25	pattern	pattern	NOUN
fbem-1290	18	26	of	of	ADP
fbem-1290	18	27	double	double	ADJ
fbem-1290	18	28	circulation	circulation	NOUN
fbem-1290	18	29	at	at	ADP
fbem-1290	18	30	home	home	NOUN
fbem-1290	18	31	and	and	CCONJ
fbem-1290	18	32	abroad	abroad	ADV
fbem-1290	18	33	.	.	PUNCT
fbem-1290	19	1	industrial	industrial	ADJ
fbem-1290	19	2	policy	policy	NOUN
fbem-1290	19	3	,	,	PUNCT
fbem-1290	19	4	fiscal	fiscal	ADJ
fbem-1290	19	5	policy	policy	NOUN
fbem-1290	19	6	and	and	CCONJ
fbem-1290	19	7	monetary	monetary	ADJ
fbem-1290	19	8	policy	policy	NOUN
fbem-1290	19	9	,	,	PUNCT
fbem-1290	19	10	as	as	SCONJ
fbem-1290	19	11	the	the	DET
fbem-1290	19	12	most	most	ADV
fbem-1290	19	13	important	important	ADJ
fbem-1290	19	14	means	mean	NOUN
fbem-1290	19	15	to	to	PART
fbem-1290	19	16	adjust	adjust	VERB
fbem-1290	19	17	the	the	DET
fbem-1290	19	18	three	three	NUM
fbem-1290	19	19	types	type	NOUN
fbem-1290	19	20	of	of	ADP
fbem-1290	19	21	national	national	ADJ
fbem-1290	19	22	economy	economy	NOUN
fbem-1290	19	23	,	,	PUNCT
fbem-1290	19	24	to	to	ADP
fbem-1290	19	25	a	a	DET
fbem-1290	19	26	large	large	ADJ
fbem-1290	19	27	extent	extent	NOUN
fbem-1290	19	28	affect	affect	VERB
fbem-1290	19	29	the	the	DET
fbem-1290	19	30	changes	change	NOUN
fbem-1290	19	31	in	in	ADP
fbem-1290	19	32	the	the	DET
fbem-1290	19	33	residents	resident	NOUN
fbem-1290	19	34	'	'	PART
fbem-1290	19	35	leverage	leverage	NOUN
fbem-1290	19	36	ratio	ratio	NOUN
fbem-1290	19	37	.	.	PUNCT
fbem-1290	20	1	under	under	ADP
fbem-1290	20	2	the	the	DET
fbem-1290	20	3	background	background	NOUN
fbem-1290	20	4	of	of	ADP
fbem-1290	20	5	building	build	VERB
fbem-1290	20	6	a	a	DET
fbem-1290	20	7	new	new	ADJ
fbem-1290	20	8	development	development	NOUN
fbem-1290	20	9	pattern	pattern	NOUN
fbem-1290	20	10	of	of	ADP
fbem-1290	20	11	double	double	ADJ
fbem-1290	20	12	circulation	circulation	NOUN
fbem-1290	20	13	in	in	ADP
fbem-1290	20	14	our	our	PRON
fbem-1290	20	15	country	country	NOUN
fbem-1290	20	16	,	,	PUNCT
fbem-1290	20	17	it	it	PRON
fbem-1290	20	18	is	be	AUX
fbem-1290	20	19	of	of	ADP
fbem-1290	20	20	great	great	ADJ
fbem-1290	20	21	significance	significance	NOUN
fbem-1290	20	22	to	to	PART
fbem-1290	20	23	analyze	analyze	VERB
fbem-1290	20	24	the	the	DET
fbem-1290	20	25	direction	direction	NOUN
fbem-1290	20	26	and	and	CCONJ
fbem-1290	20	27	degree	degree	NOUN
fbem-1290	20	28	of	of	ADP
fbem-1290	20	29	regulation	regulation	NOUN
fbem-1290	20	30	of	of	ADP
fbem-1290	20	31	the	the	DET
fbem-1290	20	32	three	three	NUM
fbem-1290	20	33	policies	policy	NOUN
fbem-1290	20	34	on	on	ADP
fbem-1290	20	35	the	the	DET
fbem-1290	20	36	residents	resident	NOUN
fbem-1290	20	37	'	'	PART
fbem-1290	20	38	leverage	leverage	NOUN
fbem-1290	20	39	ratio	ratio	NOUN
fbem-1290	20	40	and	and	CCONJ
fbem-1290	20	41	put	put	VERB
fbem-1290	20	42	forward	forward	ADV
fbem-1290	20	43	policy	policy	NOUN
fbem-1290	20	44	suggestions	suggestion	NOUN
fbem-1290	20	45	for	for	ADP
fbem-1290	20	46	the	the	DET
fbem-1290	20	47	realistic	realistic	ADJ
fbem-1290	20	48	economic	economic	ADJ
fbem-1290	20	49	development	development	NOUN
fbem-1290	20	50	.	.	PUNCT
fbem-1290	21	1	based	base	VERB
fbem-1290	21	2	on	on	ADP
fbem-1290	21	3	the	the	DET
fbem-1290	21	4	panel	panel	NOUN
fbem-1290	21	5	data	datum	NOUN
fbem-1290	21	6	of	of	ADP
fbem-1290	21	7	31	31	NUM
fbem-1290	21	8	provinces	province	NOUN
fbem-1290	21	9	and	and	CCONJ
fbem-1290	21	10	cities	city	NOUN
fbem-1290	21	11	in	in	ADP
fbem-1290	21	12	china	china	PROPN
fbem-1290	21	13	from	from	ADP
fbem-1290	21	14	2009	2009	NUM
fbem-1290	21	15	to	to	ADP
fbem-1290	21	16	2019	2019	NUM
fbem-1290	21	17	,	,	PUNCT
fbem-1290	21	18	this	this	DET
fbem-1290	21	19	paper	paper	NOUN
fbem-1290	21	20	makes	make	VERB
fbem-1290	21	21	a	a	DET
fbem-1290	21	22	comprehensive	comprehensive	ADJ
fbem-1290	21	23	analysis	analysis	NOUN
fbem-1290	21	24	of	of	ADP
fbem-1290	21	25	household	household	NOUN
fbem-1290	21	26	leverage	leverage	NOUN
fbem-1290	21	27	ratio	ratio	NOUN
fbem-1290	21	28	and	and	CCONJ
fbem-1290	21	29	interest	interest	NOUN
fbem-1290	21	30	rate	rate	NOUN
fbem-1290	21	31	policy	policy	NOUN
fbem-1290	21	32	,	,	PUNCT
fbem-1290	21	33	fiscal	fiscal	ADJ
fbem-1290	21	34	policy	policy	NOUN
fbem-1290	21	35	and	and	CCONJ
fbem-1290	21	36	industrial	industrial	ADJ
fbem-1290	21	37	policy	policy	NOUN
fbem-1290	21	38	.	.	PUNCT
fbem-1290	22	1	from	from	ADP
fbem-1290	22	2	this	this	PRON
fbem-1290	22	3	,	,	PUNCT
fbem-1290	22	4	we	we	PRON
fbem-1290	22	5	can	can	AUX
fbem-1290	22	6	see	see	VERB
fbem-1290	22	7	that	that	PRON
fbem-1290	22	8	:	:	PUNCT
fbem-1290	22	9	in	in	ADP
fbem-1290	22	10	terms	term	NOUN
fbem-1290	22	11	of	of	ADP
fbem-1290	22	12	monetary	monetary	ADJ
fbem-1290	22	13	policy	policy	NOUN
fbem-1290	22	14	,	,	PUNCT
fbem-1290	22	15	interest	interest	NOUN
fbem-1290	22	16	rate	rate	NOUN
fbem-1290	22	17	has	have	VERB
fbem-1290	22	18	almost	almost	ADV
fbem-1290	22	19	no	no	PRON
fbem-1290	22	20	direct	direct	ADJ
fbem-1290	22	21	impact	impact	NOUN
fbem-1290	22	22	on	on	ADP
fbem-1290	22	23	the	the	DET
fbem-1290	22	24	change	change	NOUN
fbem-1290	22	25	of	of	ADP
fbem-1290	22	26	residents	resident	NOUN
fbem-1290	22	27	'	'	PART
fbem-1290	22	28	leverage	leverage	NOUN
fbem-1290	22	29	ratio	ratio	NOUN
fbem-1290	22	30	;	;	PUNCT
fbem-1290	22	31	in	in	ADP
fbem-1290	22	32	terms	term	NOUN
fbem-1290	22	33	of	of	ADP
fbem-1290	22	34	fiscal	fiscal	ADJ
fbem-1290	22	35	policy	policy	NOUN
fbem-1290	22	36	,	,	PUNCT
fbem-1290	22	37	fiscal	fiscal	ADJ
fbem-1290	22	38	policy	policy	NOUN
fbem-1290	22	39	has	have	VERB
fbem-1290	22	40	a	a	DET
fbem-1290	22	41	certain	certain	ADJ
fbem-1290	22	42	positive	positive	ADJ
fbem-1290	22	43	impact	impact	NOUN
fbem-1290	22	44	on	on	ADP
fbem-1290	22	45	residents	resident	NOUN
fbem-1290	22	46	'	'	PART
fbem-1290	22	47	leverage	leverage	NOUN
fbem-1290	22	48	ratio	ratio	NOUN
fbem-1290	22	49	;	;	PUNCT
fbem-1290	22	50	in	in	ADP
fbem-1290	22	51	terms	term	NOUN
fbem-1290	22	52	of	of	ADP
fbem-1290	22	53	industrial	industrial	ADJ
fbem-1290	22	54	policies	policy	NOUN
fbem-1290	22	55	,	,	PUNCT
fbem-1290	22	56	the	the	DET
fbem-1290	22	57	leverage	leverage	NOUN
fbem-1290	22	58	ratio	ratio	NOUN
fbem-1290	22	59	of	of	ADP
fbem-1290	22	60	residents	resident	NOUN
fbem-1290	22	61	has	have	AUX
fbem-1290	22	62	been	be	AUX
fbem-1290	22	63	adversely	adversely	ADV
fbem-1290	22	64	affected	affect	VERB
fbem-1290	22	65	by	by	ADP
fbem-1290	22	66	policies	policy	NOUN
fbem-1290	22	67	such	such	ADJ
fbem-1290	22	68	as	as	ADP
fbem-1290	22	69	increasing	increase	VERB
fbem-1290	22	70	investment	investment	NOUN
fbem-1290	22	71	in	in	ADP
fbem-1290	22	72	real	real	ADJ
fbem-1290	22	73	estate	estate	NOUN
fbem-1290	22	74	development	development	NOUN
fbem-1290	22	75	and	and	CCONJ
fbem-1290	22	76	curbing	curb	VERB
fbem-1290	22	77	sales	sale	NOUN
fbem-1290	22	78	of	of	ADP
fbem-1290	22	79	residential	residential	ADJ
fbem-1290	22	80	commercial	commercial	ADJ
fbem-1290	22	81	housing	housing	NOUN
fbem-1290	22	82	with	with	ADP
fbem-1290	22	83	the	the	DET
fbem-1290	22	84	property	property	NOUN
fbem-1290	22	85	of	of	ADP
fbem-1290	22	86	real	real	ADJ
fbem-1290	22	87	estate	estate	NOUN
fbem-1290	22	88	speculation	speculation	NOUN
fbem-1290	22	89	.	.	PUNCT
fbem-1290	23	1	at	at	ADP
fbem-1290	23	2	the	the	DET
fbem-1290	23	3	end	end	NOUN
fbem-1290	23	4	of	of	ADP
fbem-1290	23	5	the	the	DET
fbem-1290	23	6	paper	paper	NOUN
fbem-1290	23	7	,	,	PUNCT
fbem-1290	23	8	based	base	VERB
fbem-1290	23	9	on	on	ADP
fbem-1290	23	10	the	the	DET
fbem-1290	23	11	results	result	NOUN
fbem-1290	23	12	of	of	ADP
fbem-1290	23	13	the	the	DET
fbem-1290	23	14	previous	previous	ADJ
fbem-1290	23	15	empirical	empirical	ADJ
fbem-1290	23	16	research	research	NOUN
fbem-1290	23	17	,	,	PUNCT
fbem-1290	23	18	four	four	NUM
fbem-1290	23	19	policy	policy	NOUN
fbem-1290	23	20	recommendations	recommendation	NOUN
fbem-1290	23	21	are	be	AUX
fbem-1290	23	22	put	put	VERB
fbem-1290	23	23	forward	forward	ADV
fbem-1290	23	24	to	to	PART
fbem-1290	23	25	effectively	effectively	ADV
fbem-1290	23	26	regulate	regulate	VERB
fbem-1290	23	27	the	the	DET
fbem-1290	23	28	residents	resident	NOUN
fbem-1290	23	29	'	'	PART
fbem-1290	23	30	leverage	leverage	NOUN
fbem-1290	23	31	ratio	ratio	NOUN
fbem-1290	23	32	from	from	ADP
fbem-1290	23	33	three	three	NUM
fbem-1290	23	34	policy	policy	NOUN
fbem-1290	23	35	perspectives	perspective	NOUN
fbem-1290	23	36	.	.	PUNCT
fbem-1290	24	1	the	the	DET
fbem-1290	24	2	second	second	ADJ
fbem-1290	24	3	part	part	NOUN
fbem-1290	24	4	of	of	ADP
fbem-1290	24	5	this	this	DET
fbem-1290	24	6	paper	paper	NOUN
fbem-1290	24	7	gives	give	VERB
fbem-1290	24	8	an	an	DET
fbem-1290	24	9	overall	overall	ADJ
fbem-1290	24	10	overview	overview	NOUN
fbem-1290	24	11	and	and	CCONJ
fbem-1290	24	12	quantitative	quantitative	ADJ
fbem-1290	24	13	analysis	analysis	NOUN
fbem-1290	24	14	of	of	ADP
fbem-1290	24	15	the	the	DET
fbem-1290	24	16	current	current	ADJ
fbem-1290	24	17	situation	situation	NOUN
fbem-1290	24	18	of	of	ADP
fbem-1290	24	19	china	china	PROPN
fbem-1290	24	20	's	's	PART
fbem-1290	24	21	residents	resident	NOUN
fbem-1290	24	22	'	'	PART
fbem-1290	24	23	leverage	leverage	NOUN
fbem-1290	24	24	ratio	ratio	NOUN
fbem-1290	24	25	,	,	PUNCT
fbem-1290	24	26	the	the	DET
fbem-1290	24	27	third	third	ADJ
fbem-1290	24	28	part	part	NOUN
fbem-1290	24	29	is	be	AUX
fbem-1290	24	30	a	a	DET
fbem-1290	24	31	literature	literature	NOUN
fbem-1290	24	32	review	review	NOUN
fbem-1290	24	33	,	,	PUNCT
fbem-1290	24	34	the	the	DET
fbem-1290	24	35	fourth	fourth	ADJ
fbem-1290	24	36	part	part	NOUN
fbem-1290	24	37	is	be	AUX
fbem-1290	24	38	an	an	DET
fbem-1290	24	39	empirical	empirical	ADJ
fbem-1290	24	40	study	study	NOUN
fbem-1290	24	41	,	,	PUNCT
fbem-1290	24	42	and	and	CCONJ
fbem-1290	24	43	the	the	DET
fbem-1290	24	44	fifth	fifth	ADJ
fbem-1290	24	45	part	part	NOUN
fbem-1290	24	46	is	be	AUX
fbem-1290	24	47	conclusions	conclusion	NOUN
fbem-1290	24	48	and	and	CCONJ
fbem-1290	24	49	policy	policy	NOUN
fbem-1290	24	50	recommendations	recommendation	NOUN
fbem-1290	24	51	.	.	PUNCT
fbem-1290	25	1	175	175	NUM
fbem-1290	25	2	2	2	NUM
fbem-1290	25	3	.	.	PUNCT
fbem-1290	25	4	literature	literature	NOUN
fbem-1290	25	5	review	review	VERB
fbem-1290	25	6	2.1	2.1	NUM
fbem-1290	25	7	.	.	PUNCT
fbem-1290	26	1	household	household	NOUN
fbem-1290	26	2	household	household	NOUN
fbem-1290	26	3	debt	debt	NOUN
fbem-1290	26	4	microtheoretical	microtheoretical	ADJ
fbem-1290	26	5	basis	basis	NOUN
fbem-1290	26	6	household	household	NOUN
fbem-1290	26	7	household	household	NOUN
fbem-1290	26	8	debt	debt	NOUN
fbem-1290	26	9	is	be	AUX
fbem-1290	26	10	a	a	DET
fbem-1290	26	11	micro	micro	NOUN
fbem-1290	26	12	-	-	NOUN
fbem-1290	26	13	performance	performance	NOUN
fbem-1290	26	14	of	of	ADP
fbem-1290	26	15	household	household	NOUN
fbem-1290	26	16	leverage	leverage	NOUN
fbem-1290	26	17	ratio	ratio	NOUN
fbem-1290	26	18	.	.	PUNCT
fbem-1290	27	1	therefore	therefore	ADV
fbem-1290	27	2	,	,	PUNCT
fbem-1290	27	3	by	by	ADP
fbem-1290	27	4	analyzing	analyze	VERB
fbem-1290	27	5	the	the	DET
fbem-1290	27	6	microeconomic	microeconomic	ADJ
fbem-1290	27	7	basis	basis	NOUN
fbem-1290	27	8	of	of	ADP
fbem-1290	27	9	household	household	NOUN
fbem-1290	27	10	household	household	NOUN
fbem-1290	27	11	debt	debt	NOUN
fbem-1290	27	12	in	in	ADP
fbem-1290	27	13	advance	advance	NOUN
fbem-1290	27	14	,	,	PUNCT
fbem-1290	27	15	it	it	PRON
fbem-1290	27	16	is	be	AUX
fbem-1290	27	17	of	of	ADP
fbem-1290	27	18	great	great	ADJ
fbem-1290	27	19	significance	significance	NOUN
fbem-1290	27	20	to	to	PART
fbem-1290	27	21	examine	examine	VERB
fbem-1290	27	22	the	the	DET
fbem-1290	27	23	factors	factor	NOUN
fbem-1290	27	24	that	that	PRON
fbem-1290	27	25	play	play	VERB
fbem-1290	27	26	a	a	DET
fbem-1290	27	27	regulatory	regulatory	ADJ
fbem-1290	27	28	role	role	NOUN
fbem-1290	27	29	in	in	ADP
fbem-1290	27	30	household	household	NOUN
fbem-1290	27	31	leverage	leverage	NOUN
fbem-1290	27	32	ratio	ratio	NOUN
fbem-1290	27	33	.	.	PUNCT
fbem-1290	28	1	this	this	DET
fbem-1290	28	2	theoretical	theoretical	ADJ
fbem-1290	28	3	basis	basis	NOUN
fbem-1290	28	4	is	be	AUX
fbem-1290	28	5	mainly	mainly	ADV
fbem-1290	28	6	based	base	VERB
fbem-1290	28	7	on	on	ADP
fbem-1290	28	8	the	the	DET
fbem-1290	28	9	following	follow	VERB
fbem-1290	28	10	two	two	NUM
fbem-1290	28	11	theories	theory	NOUN
fbem-1290	28	12	.	.	PUNCT
fbem-1290	29	1	modigliani	modigliani	PROPN
fbem-1290	29	2	's	's	PART
fbem-1290	29	3	life	life	NOUN
fbem-1290	29	4	cycle	cycle	NOUN
fbem-1290	29	5	theory	theory	NOUN
fbem-1290	29	6	in	in	ADP
fbem-1290	29	7	1963	1963	NUM
fbem-1290	29	8	believed	believe	VERB
fbem-1290	29	9	that	that	SCONJ
fbem-1290	29	10	the	the	DET
fbem-1290	29	11	consumption	consumption	NOUN
fbem-1290	29	12	of	of	ADP
fbem-1290	29	13	consumers	consumer	NOUN
fbem-1290	29	14	at	at	ADP
fbem-1290	29	15	a	a	DET
fbem-1290	29	16	certain	certain	ADJ
fbem-1290	29	17	point	point	NOUN
fbem-1290	29	18	in	in	ADP
fbem-1290	29	19	time	time	NOUN
fbem-1290	29	20	does	do	AUX
fbem-1290	29	21	not	not	PART
fbem-1290	29	22	depend	depend	VERB
fbem-1290	29	23	on	on	ADP
fbem-1290	29	24	the	the	DET
fbem-1290	29	25	current	current	ADJ
fbem-1290	29	26	income	income	NOUN
fbem-1290	29	27	,	,	PUNCT
fbem-1290	29	28	but	but	CCONJ
fbem-1290	29	29	depends	depend	VERB
fbem-1290	29	30	on	on	ADP
fbem-1290	29	31	the	the	DET
fbem-1290	29	32	expectation	expectation	NOUN
fbem-1290	29	33	of	of	ADP
fbem-1290	29	34	lifetime	lifetime	NOUN
fbem-1290	29	35	income	income	NOUN
fbem-1290	29	36	.	.	PUNCT
fbem-1290	30	1	subsequently	subsequently	ADV
fbem-1290	30	2	,	,	PUNCT
fbem-1290	30	3	tobin,1971	tobin,1971	ADJ
fbem-1290	30	4	)	)	PUNCT
fbem-1290	30	5	first	first	ADV
fbem-1290	30	6	proposed	propose	VERB
fbem-1290	30	7	the	the	DET
fbem-1290	30	8	concept	concept	NOUN
fbem-1290	30	9	of	of	ADP
fbem-1290	30	10	liquidity	liquidity	NOUN
fbem-1290	30	11	constraint	constraint	NOUN
fbem-1290	30	12	,	,	PUNCT
fbem-1290	30	13	which	which	PRON
fbem-1290	30	14	means	mean	VERB
fbem-1290	30	15	that	that	SCONJ
fbem-1290	30	16	consumers	consumer	NOUN
fbem-1290	30	17	are	be	AUX
fbem-1290	30	18	restricted	restrict	VERB
fbem-1290	30	19	when	when	SCONJ
fbem-1290	30	20	they	they	PRON
fbem-1290	30	21	borrow	borrow	VERB
fbem-1290	30	22	from	from	ADP
fbem-1290	30	23	financial	financial	ADJ
fbem-1290	30	24	institutions	institution	NOUN
fbem-1290	30	25	or	or	CCONJ
fbem-1290	30	26	informal	informal	ADJ
fbem-1290	30	27	financial	financial	ADJ
fbem-1290	30	28	institutions	institution	NOUN
fbem-1290	30	29	.	.	PUNCT
fbem-1290	31	1	as	as	ADP
fbem-1290	31	2	the	the	DET
fbem-1290	31	3	foundation	foundation	NOUN
fbem-1290	31	4	of	of	ADP
fbem-1290	31	5	microeconomics	microeconomics	PROPN
fbem-1290	31	6	,	,	PUNCT
fbem-1290	31	7	these	these	DET
fbem-1290	31	8	two	two	NUM
fbem-1290	31	9	theories	theory	NOUN
fbem-1290	31	10	are	be	AUX
fbem-1290	31	11	of	of	ADP
fbem-1290	31	12	great	great	ADJ
fbem-1290	31	13	significance	significance	NOUN
fbem-1290	31	14	to	to	PART
fbem-1290	31	15	analyze	analyze	VERB
fbem-1290	31	16	the	the	DET
fbem-1290	31	17	regulation	regulation	NOUN
fbem-1290	31	18	of	of	ADP
fbem-1290	31	19	household	household	NOUN
fbem-1290	31	20	leverage	leverage	NOUN
fbem-1290	31	21	ratio	ratio	NOUN
fbem-1290	31	22	and	and	CCONJ
fbem-1290	31	23	find	find	VERB
fbem-1290	31	24	out	out	ADP
fbem-1290	31	25	the	the	DET
fbem-1290	31	26	influencing	influence	VERB
fbem-1290	31	27	factors	factor	NOUN
fbem-1290	31	28	.	.	PUNCT
fbem-1290	32	1	2.2	2.2	NUM
fbem-1290	32	2	.	.	PUNCT
fbem-1290	33	1	the	the	DET
fbem-1290	33	2	impact	impact	NOUN
fbem-1290	33	3	of	of	ADP
fbem-1290	33	4	monetary	monetary	ADJ
fbem-1290	33	5	policy	policy	NOUN
fbem-1290	33	6	on	on	ADP
fbem-1290	33	7	the	the	DET
fbem-1290	33	8	leverage	leverage	NOUN
fbem-1290	33	9	ratio	ratio	NOUN
fbem-1290	33	10	of	of	ADP
fbem-1290	33	11	residents	resident	NOUN
fbem-1290	33	12	the	the	DET
fbem-1290	33	13	continued	continue	VERB
fbem-1290	33	14	rise	rise	NOUN
fbem-1290	33	15	in	in	ADP
fbem-1290	33	16	house	house	NOUN
fbem-1290	33	17	prices	price	NOUN
fbem-1290	33	18	has	have	AUX
fbem-1290	33	19	led	lead	VERB
fbem-1290	33	20	to	to	ADP
fbem-1290	33	21	a	a	DET
fbem-1290	33	22	shift	shift	NOUN
fbem-1290	33	23	to	to	ADP
fbem-1290	33	24	normalisation	normalisation	NOUN
fbem-1290	33	25	of	of	ADP
fbem-1290	33	26	loans	loan	NOUN
fbem-1290	33	27	for	for	ADP
fbem-1290	33	28	home	home	NOUN
fbem-1290	33	29	purchases	purchase	NOUN
fbem-1290	33	30	(	(	PUNCT
fbem-1290	33	31	sinaiand	sinaiand	NOUN
fbem-1290	33	32	souleles,2005	souleles,2005	PROPN
fbem-1290	33	33	)	)	PUNCT
fbem-1290	33	34	.	.	PUNCT
fbem-1290	34	1	at	at	ADP
fbem-1290	34	2	the	the	DET
fbem-1290	34	3	same	same	ADJ
fbem-1290	34	4	time	time	NOUN
fbem-1290	34	5	,	,	PUNCT
fbem-1290	34	6	it	it	PRON
fbem-1290	34	7	also	also	ADV
fbem-1290	34	8	brings	bring	VERB
fbem-1290	34	9	a	a	DET
fbem-1290	34	10	large	large	ADJ
fbem-1290	34	11	number	number	NOUN
fbem-1290	34	12	of	of	ADP
fbem-1290	34	13	residents	resident	NOUN
fbem-1290	34	14	'	'	PART
fbem-1290	34	15	investment	investment	NOUN
fbem-1290	34	16	demand	demand	NOUN
fbem-1290	34	17	.	.	PUNCT
fbem-1290	35	1	on	on	ADP
fbem-1290	35	2	the	the	DET
fbem-1290	35	3	one	one	NUM
fbem-1290	35	4	hand	hand	NOUN
fbem-1290	35	5	,	,	PUNCT
fbem-1290	35	6	the	the	DET
fbem-1290	35	7	investment	investment	NOUN
fbem-1290	35	8	channels	channel	NOUN
fbem-1290	35	9	of	of	ADP
fbem-1290	35	10	chinese	chinese	ADJ
fbem-1290	35	11	residents	resident	NOUN
fbem-1290	35	12	are	be	AUX
fbem-1290	35	13	restricted	restrict	VERB
fbem-1290	35	14	by	by	ADP
fbem-1290	35	15	the	the	DET
fbem-1290	35	16	lack	lack	NOUN
fbem-1290	35	17	of	of	ADP
fbem-1290	35	18	domestic	domestic	ADJ
fbem-1290	35	19	market	market	NOUN
fbem-1290	35	20	development	development	NOUN
fbem-1290	35	21	.	.	PUNCT
fbem-1290	36	1	real	real	ADJ
fbem-1290	36	2	estate	estate	NOUN
fbem-1290	36	3	has	have	AUX
fbem-1290	36	4	become	become	VERB
fbem-1290	36	5	an	an	DET
fbem-1290	36	6	important	important	ADJ
fbem-1290	36	7	means	mean	NOUN
fbem-1290	36	8	for	for	SCONJ
fbem-1290	36	9	residents	resident	NOUN
fbem-1290	36	10	to	to	PART
fbem-1290	36	11	allocate	allocate	VERB
fbem-1290	36	12	assets	asset	NOUN
fbem-1290	36	13	(	(	PUNCT
fbem-1290	36	14	li	li	PROPN
fbem-1290	36	15	yang	yang	PROPN
fbem-1290	36	16	et	et	PROPN
fbem-1290	36	17	al	al	PROPN
fbem-1290	36	18	.	.	PROPN
fbem-1290	36	19	,	,	PUNCT
fbem-1290	36	20	2015	2015	NUM
fbem-1290	36	21	)	)	PUNCT
fbem-1290	36	22	.	.	PUNCT
fbem-1290	37	1	on	on	ADP
fbem-1290	37	2	the	the	DET
fbem-1290	37	3	other	other	ADJ
fbem-1290	37	4	hand	hand	NOUN
fbem-1290	37	5	,	,	PUNCT
fbem-1290	37	6	the	the	DET
fbem-1290	37	7	continuous	continuous	ADJ
fbem-1290	37	8	appreciation	appreciation	NOUN
fbem-1290	37	9	of	of	ADP
fbem-1290	37	10	real	real	ADJ
fbem-1290	37	11	estate	estate	NOUN
fbem-1290	37	12	in	in	ADP
fbem-1290	37	13	our	our	PRON
fbem-1290	37	14	country	country	NOUN
fbem-1290	37	15	has	have	AUX
fbem-1290	37	16	led	lead	VERB
fbem-1290	37	17	to	to	ADP
fbem-1290	37	18	a	a	DET
fbem-1290	37	19	very	very	ADV
fbem-1290	37	20	high	high	ADJ
fbem-1290	37	21	psychological	psychological	ADJ
fbem-1290	37	22	expectation	expectation	NOUN
fbem-1290	37	23	of	of	ADP
fbem-1290	37	24	the	the	DET
fbem-1290	37	25	residents	resident	NOUN
fbem-1290	37	26	for	for	ADP
fbem-1290	37	27	the	the	DET
fbem-1290	37	28	increase	increase	NOUN
fbem-1290	37	29	in	in	ADP
fbem-1290	37	30	assets	asset	NOUN
fbem-1290	37	31	acquired	acquire	VERB
fbem-1290	37	32	by	by	ADP
fbem-1290	37	33	virtue	virtue	NOUN
fbem-1290	37	34	of	of	ADP
fbem-1290	37	35	real	real	ADJ
fbem-1290	37	36	estate	estate	NOUN
fbem-1290	37	37	.	.	PUNCT
fbem-1290	38	1	many	many	ADJ
fbem-1290	38	2	people	people	NOUN
fbem-1290	38	3	choose	choose	VERB
fbem-1290	38	4	to	to	PART
fbem-1290	38	5	borrow	borrow	VERB
fbem-1290	38	6	or	or	CCONJ
fbem-1290	38	7	even	even	ADV
fbem-1290	38	8	over	over	ADV
fbem-1290	38	9	-	-	PUNCT
fbem-1290	38	10	borrow	borrow	VERB
fbem-1290	38	11	to	to	PART
fbem-1290	38	12	realize	realize	VERB
fbem-1290	38	13	the	the	DET
fbem-1290	38	14	investment	investment	NOUN
fbem-1290	38	15	of	of	ADP
fbem-1290	38	16	buying	buy	VERB
fbem-1290	38	17	a	a	DET
fbem-1290	38	18	house	house	NOUN
fbem-1290	38	19	.	.	PUNCT
fbem-1290	39	1	considering	consider	VERB
fbem-1290	39	2	that	that	SCONJ
fbem-1290	39	3	the	the	DET
fbem-1290	39	4	medium	medium	ADJ
fbem-1290	39	5	and	and	CCONJ
fbem-1290	39	6	long	long	ADJ
fbem-1290	39	7	term	term	NOUN
fbem-1290	39	8	loan	loan	NOUN
fbem-1290	39	9	interest	interest	NOUN
fbem-1290	39	10	rate	rate	NOUN
fbem-1290	39	11	(	(	PUNCT
fbem-1290	39	12	over	over	ADP
fbem-1290	39	13	5	5	NUM
fbem-1290	39	14	years	year	NOUN
fbem-1290	39	15	)	)	PUNCT
fbem-1290	39	16	is	be	AUX
fbem-1290	39	17	the	the	DET
fbem-1290	39	18	core	core	ADJ
fbem-1290	39	19	indicator	indicator	NOUN
fbem-1290	39	20	of	of	ADP
fbem-1290	39	21	the	the	DET
fbem-1290	39	22	loan	loan	NOUN
fbem-1290	39	23	.	.	PUNCT
fbem-1290	40	1	therefore	therefore	ADV
fbem-1290	40	2	,	,	PUNCT
fbem-1290	40	3	in	in	ADP
fbem-1290	40	4	the	the	DET
fbem-1290	40	5	subsequent	subsequent	ADJ
fbem-1290	40	6	analysis	analysis	NOUN
fbem-1290	40	7	,	,	PUNCT
fbem-1290	40	8	the	the	DET
fbem-1290	40	9	author	author	NOUN
fbem-1290	40	10	also	also	ADV
fbem-1290	40	11	regards	regard	VERB
fbem-1290	40	12	it	it	PRON
fbem-1290	40	13	as	as	ADP
fbem-1290	40	14	an	an	DET
fbem-1290	40	15	indicator	indicator	NOUN
fbem-1290	40	16	of	of	ADP
fbem-1290	40	17	the	the	DET
fbem-1290	40	18	impact	impact	NOUN
fbem-1290	40	19	of	of	ADP
fbem-1290	40	20	monetary	monetary	ADJ
fbem-1290	40	21	policy	policy	NOUN
fbem-1290	40	22	on	on	ADP
fbem-1290	40	23	the	the	DET
fbem-1290	40	24	leverage	leverage	NOUN
fbem-1290	40	25	ratio	ratio	NOUN
fbem-1290	40	26	of	of	ADP
fbem-1290	40	27	residents	resident	NOUN
fbem-1290	40	28	.	.	PUNCT
fbem-1290	41	1	2.3	2.3	NUM
fbem-1290	41	2	.	.	PUNCT
fbem-1290	42	1	the	the	DET
fbem-1290	42	2	impact	impact	NOUN
fbem-1290	42	3	of	of	ADP
fbem-1290	42	4	industrial	industrial	ADJ
fbem-1290	42	5	policies	policy	NOUN
fbem-1290	42	6	on	on	ADP
fbem-1290	42	7	the	the	DET
fbem-1290	42	8	leverage	leverage	NOUN
fbem-1290	42	9	ratio	ratio	NOUN
fbem-1290	42	10	of	of	ADP
fbem-1290	42	11	residents	resident	NOUN
fbem-1290	42	12	based	base	VERB
fbem-1290	42	13	on	on	ADP
fbem-1290	42	14	the	the	DET
fbem-1290	42	15	life	life	NOUN
fbem-1290	42	16	cycle	cycle	NOUN
fbem-1290	42	17	-	-	PUNCT
fbem-1290	42	18	lasting	last	VERB
fbem-1290	42	19	income	income	NOUN
fbem-1290	42	20	hypothesis	hypothesis	NOUN
fbem-1290	42	21	,	,	PUNCT
fbem-1290	42	22	there	there	PRON
fbem-1290	42	23	are	be	VERB
fbem-1290	42	24	two	two	NUM
fbem-1290	42	25	main	main	ADJ
fbem-1290	42	26	channels	channel	NOUN
fbem-1290	42	27	to	to	PART
fbem-1290	42	28	analyze	analyze	VERB
fbem-1290	42	29	the	the	DET
fbem-1290	42	30	effect	effect	NOUN
fbem-1290	42	31	of	of	ADP
fbem-1290	42	32	changes	change	NOUN
fbem-1290	42	33	in	in	ADP
fbem-1290	42	34	real	real	ADJ
fbem-1290	42	35	estate	estate	NOUN
fbem-1290	42	36	industry	industry	NOUN
fbem-1290	42	37	-	-	PUNCT
fbem-1290	42	38	related	relate	VERB
fbem-1290	42	39	data	datum	NOUN
fbem-1290	42	40	on	on	ADP
fbem-1290	42	41	changes	change	NOUN
fbem-1290	42	42	in	in	ADP
fbem-1290	42	43	household	household	NOUN
fbem-1290	42	44	debt	debt	NOUN
fbem-1290	42	45	.	.	PUNCT
fbem-1290	43	1	one	one	NUM
fbem-1290	43	2	is	be	AUX
fbem-1290	43	3	the	the	DET
fbem-1290	43	4	channel	channel	NOUN
fbem-1290	43	5	of	of	ADP
fbem-1290	43	6	mortgage	mortgage	NOUN
fbem-1290	43	7	effect	effect	NOUN
fbem-1290	43	8	(	(	PUNCT
fbem-1290	43	9	bernard	bernard	PROPN
fbem-1290	43	10	et	et	PROPN
fbem-1290	43	11	al	al	PROPN
fbem-1290	43	12	,	,	PUNCT
fbem-1290	43	13	1996	1996	NUM
fbem-1290	43	14	)	)	PUNCT
fbem-1290	43	15	,	,	PUNCT
fbem-1290	43	16	which	which	PRON
fbem-1290	43	17	holds	hold	VERB
fbem-1290	43	18	that	that	SCONJ
fbem-1290	43	19	the	the	DET
fbem-1290	43	20	price	price	NOUN
fbem-1290	43	21	of	of	ADP
fbem-1290	43	22	the	the	DET
fbem-1290	43	23	house	house	NOUN
fbem-1290	43	24	property	property	NOUN
fbem-1290	43	25	held	hold	VERB
fbem-1290	43	26	by	by	ADP
fbem-1290	43	27	the	the	DET
fbem-1290	43	28	family	family	NOUN
fbem-1290	43	29	,	,	PUNCT
fbem-1290	43	30	i.e.	i.e.	X
fbem-1290	43	31	the	the	DET
fbem-1290	43	32	value	value	NOUN
fbem-1290	43	33	of	of	ADP
fbem-1290	43	34	the	the	DET
fbem-1290	43	35	house	house	NOUN
fbem-1290	43	36	property	property	NOUN
fbem-1290	43	37	as	as	ADP
fbem-1290	43	38	collateral	collateral	NOUN
fbem-1290	43	39	,	,	PUNCT
fbem-1290	43	40	will	will	AUX
fbem-1290	43	41	increase	increase	VERB
fbem-1290	43	42	,	,	PUNCT
fbem-1290	43	43	and	and	CCONJ
fbem-1290	43	44	the	the	DET
fbem-1290	43	45	family	family	NOUN
fbem-1290	43	46	's	's	PART
fbem-1290	43	47	borrowing	borrowing	NOUN
fbem-1290	43	48	ability	ability	NOUN
fbem-1290	43	49	will	will	AUX
fbem-1290	43	50	also	also	ADV
fbem-1290	43	51	increase	increase	VERB
fbem-1290	43	52	.	.	PUNCT
fbem-1290	44	1	the	the	DET
fbem-1290	44	2	second	second	ADJ
fbem-1290	44	3	is	be	AUX
fbem-1290	44	4	the	the	DET
fbem-1290	44	5	wealth	wealth	NOUN
fbem-1290	44	6	effect	effect	NOUN
fbem-1290	44	7	channel	channel	NOUN
fbem-1290	44	8	.	.	PUNCT
fbem-1290	45	1	the	the	DET
fbem-1290	45	2	theory	theory	NOUN
fbem-1290	45	3	holds	hold	VERB
fbem-1290	45	4	that	that	SCONJ
fbem-1290	45	5	households	household	NOUN
fbem-1290	45	6	expect	expect	VERB
fbem-1290	45	7	wealth	wealth	NOUN
fbem-1290	45	8	to	to	PART
fbem-1290	45	9	rise	rise	VERB
fbem-1290	45	10	with	with	ADP
fbem-1290	45	11	the	the	DET
fbem-1290	45	12	rise	rise	NOUN
fbem-1290	45	13	of	of	ADP
fbem-1290	45	14	house	house	NOUN
fbem-1290	45	15	prices	price	NOUN
fbem-1290	45	16	.	.	PUNCT
fbem-1290	46	1	the	the	DET
fbem-1290	46	2	increase	increase	NOUN
fbem-1290	46	3	in	in	ADP
fbem-1290	46	4	wealth	wealth	NOUN
fbem-1290	46	5	will	will	AUX
fbem-1290	46	6	lead	lead	VERB
fbem-1290	46	7	to	to	ADP
fbem-1290	46	8	an	an	DET
fbem-1290	46	9	increase	increase	NOUN
fbem-1290	46	10	in	in	ADP
fbem-1290	46	11	household	household	NOUN
fbem-1290	46	12	consumption	consumption	NOUN
fbem-1290	46	13	,	,	PUNCT
fbem-1290	46	14	which	which	PRON
fbem-1290	46	15	will	will	AUX
fbem-1290	46	16	eventually	eventually	ADV
fbem-1290	46	17	expand	expand	VERB
fbem-1290	46	18	credit	credit	NOUN
fbem-1290	46	19	demand	demand	NOUN
fbem-1290	46	20	(	(	PUNCT
fbem-1290	46	21	oikarinen,2009	oikarinen,2009	ADJ
fbem-1290	46	22	)	)	PUNCT
fbem-1290	46	23	.	.	PUNCT
fbem-1290	47	1	according	accord	VERB
fbem-1290	47	2	to	to	ADP
fbem-1290	47	3	the	the	DET
fbem-1290	47	4	results	result	NOUN
fbem-1290	47	5	of	of	ADP
fbem-1290	47	6	the	the	DET
fbem-1290	47	7	data	datum	NOUN
fbem-1290	47	8	analysis	analysis	NOUN
fbem-1290	47	9	in	in	ADP
fbem-1290	47	10	the	the	DET
fbem-1290	47	11	second	second	ADJ
fbem-1290	47	12	paragraph	paragraph	NOUN
fbem-1290	47	13	of	of	ADP
fbem-1290	47	14	the	the	DET
fbem-1290	47	15	article	article	NOUN
fbem-1290	47	16	,	,	PUNCT
fbem-1290	47	17	the	the	DET
fbem-1290	47	18	housing	housing	NOUN
fbem-1290	47	19	mortgage	mortgage	NOUN
fbem-1290	47	20	loan	loan	NOUN
fbem-1290	47	21	is	be	AUX
fbem-1290	47	22	the	the	DET
fbem-1290	47	23	most	most	ADV
fbem-1290	47	24	important	important	ADJ
fbem-1290	47	25	component	component	NOUN
fbem-1290	47	26	of	of	ADP
fbem-1290	47	27	the	the	DET
fbem-1290	47	28	residents	resident	NOUN
fbem-1290	47	29	'	'	PART
fbem-1290	47	30	debt	debt	NOUN
fbem-1290	47	31	,	,	PUNCT
fbem-1290	47	32	so	so	ADV
fbem-1290	47	33	the	the	DET
fbem-1290	47	34	relevant	relevant	ADJ
fbem-1290	47	35	data	datum	NOUN
fbem-1290	47	36	of	of	ADP
fbem-1290	47	37	the	the	DET
fbem-1290	47	38	real	real	ADJ
fbem-1290	47	39	estate	estate	NOUN
fbem-1290	47	40	industry	industry	NOUN
fbem-1290	47	41	have	have	VERB
fbem-1290	47	42	the	the	DET
fbem-1290	47	43	greatest	great	ADJ
fbem-1290	47	44	impact	impact	NOUN
fbem-1290	47	45	on	on	ADP
fbem-1290	47	46	the	the	DET
fbem-1290	47	47	residents	resident	NOUN
fbem-1290	47	48	'	'	PART
fbem-1290	47	49	leverage	leverage	NOUN
fbem-1290	47	50	ratio	ratio	NOUN
fbem-1290	47	51	.	.	PUNCT
fbem-1290	48	1	based	base	VERB
fbem-1290	48	2	on	on	ADP
fbem-1290	48	3	the	the	DET
fbem-1290	48	4	actual	actual	ADJ
fbem-1290	48	5	situation	situation	NOUN
fbem-1290	48	6	of	of	ADP
fbem-1290	48	7	our	our	PRON
fbem-1290	48	8	country	country	NOUN
fbem-1290	48	9	,	,	PUNCT
fbem-1290	48	10	the	the	DET
fbem-1290	48	11	paper	paper	NOUN
fbem-1290	48	12	takes	take	VERB
fbem-1290	48	13	the	the	DET
fbem-1290	48	14	sales	sale	NOUN
fbem-1290	48	15	area	area	NOUN
fbem-1290	48	16	of	of	ADP
fbem-1290	48	17	residential	residential	ADJ
fbem-1290	48	18	commercial	commercial	ADJ
fbem-1290	48	19	housing	housing	NOUN
fbem-1290	48	20	and	and	CCONJ
fbem-1290	48	21	the	the	DET
fbem-1290	48	22	investment	investment	NOUN
fbem-1290	48	23	completed	complete	VERB
fbem-1290	48	24	in	in	ADP
fbem-1290	48	25	real	real	ADJ
fbem-1290	48	26	estate	estate	NOUN
fbem-1290	48	27	development	development	NOUN
fbem-1290	48	28	as	as	ADP
fbem-1290	48	29	the	the	DET
fbem-1290	48	30	only	only	ADJ
fbem-1290	48	31	two	two	NUM
fbem-1290	48	32	indicators	indicator	NOUN
fbem-1290	48	33	to	to	PART
fbem-1290	48	34	study	study	VERB
fbem-1290	48	35	the	the	DET
fbem-1290	48	36	relationship	relationship	NOUN
fbem-1290	48	37	between	between	ADP
fbem-1290	48	38	industrial	industrial	ADJ
fbem-1290	48	39	policies	policy	NOUN
fbem-1290	48	40	and	and	CCONJ
fbem-1290	48	41	residents	resident	NOUN
fbem-1290	48	42	'	'	PART
fbem-1290	48	43	leverage	leverage	NOUN
fbem-1290	48	44	ratio	ratio	NOUN
fbem-1290	48	45	,	,	PUNCT
fbem-1290	48	46	which	which	PRON
fbem-1290	48	47	can	can	AUX
fbem-1290	48	48	better	well	ADV
fbem-1290	48	49	reflect	reflect	VERB
fbem-1290	48	50	the	the	DET
fbem-1290	48	51	impact	impact	NOUN
fbem-1290	48	52	of	of	ADP
fbem-1290	48	53	industrial	industrial	ADJ
fbem-1290	48	54	policies	policy	NOUN
fbem-1290	48	55	.	.	PUNCT
fbem-1290	49	1	2.4	2.4	NUM
fbem-1290	49	2	.	.	PUNCT
fbem-1290	50	1	the	the	DET
fbem-1290	50	2	impact	impact	NOUN
fbem-1290	50	3	of	of	ADP
fbem-1290	50	4	fiscal	fiscal	ADJ
fbem-1290	50	5	policy	policy	NOUN
fbem-1290	50	6	on	on	ADP
fbem-1290	50	7	the	the	DET
fbem-1290	50	8	leverage	leverage	NOUN
fbem-1290	50	9	ratio	ratio	NOUN
fbem-1290	50	10	of	of	ADP
fbem-1290	50	11	residents	resident	NOUN
fbem-1290	50	12	the	the	DET
fbem-1290	50	13	fiscal	fiscal	ADJ
fbem-1290	50	14	policy	policy	NOUN
fbem-1290	50	15	stimulates	stimulate	VERB
fbem-1290	50	16	national	national	ADJ
fbem-1290	50	17	aggregate	aggregate	ADJ
fbem-1290	50	18	demand	demand	NOUN
fbem-1290	50	19	through	through	ADP
fbem-1290	50	20	taxation	taxation	NOUN
fbem-1290	50	21	and	and	CCONJ
fbem-1290	50	22	other	other	ADJ
fbem-1290	50	23	means	mean	NOUN
fbem-1290	50	24	.	.	PUNCT
fbem-1290	51	1	(	(	PUNCT
fbem-1290	51	2	finance	finance	NOUN
fbem-1290	51	3	,	,	PUNCT
fbem-1290	51	4	li	li	PROPN
fbem-1290	51	5	gong	gong	PROPN
fbem-1290	51	6	)	)	PUNCT
fbem-1290	51	7	considering	consider	VERB
fbem-1290	51	8	the	the	DET
fbem-1290	51	9	actual	actual	ADJ
fbem-1290	51	10	situation	situation	NOUN
fbem-1290	51	11	of	of	ADP
fbem-1290	51	12	china	china	PROPN
fbem-1290	51	13	's	's	PART
fbem-1290	51	14	residents	resident	NOUN
fbem-1290	51	15	'	'	PART
fbem-1290	51	16	debts	debt	NOUN
fbem-1290	51	17	,	,	PUNCT
fbem-1290	51	18	the	the	DET
fbem-1290	51	19	most	most	ADV
fbem-1290	51	20	important	important	ADJ
fbem-1290	51	21	component	component	NOUN
fbem-1290	51	22	of	of	ADP
fbem-1290	51	23	the	the	DET
fbem-1290	51	24	residents	resident	NOUN
fbem-1290	51	25	'	'	PART
fbem-1290	51	26	debts	debt	NOUN
fbem-1290	51	27	is	be	AUX
fbem-1290	51	28	the	the	DET
fbem-1290	51	29	housing	housing	NOUN
fbem-1290	51	30	mortgage	mortgage	NOUN
fbem-1290	51	31	loan	loan	NOUN
fbem-1290	51	32	,	,	PUNCT
fbem-1290	51	33	so	so	CCONJ
fbem-1290	51	34	the	the	DET
fbem-1290	51	35	article	article	NOUN
fbem-1290	51	36	adopts	adopt	VERB
fbem-1290	51	37	the	the	DET
fbem-1290	51	38	proportion	proportion	NOUN
fbem-1290	51	39	of	of	ADP
fbem-1290	51	40	the	the	DET
fbem-1290	51	41	state	state	NOUN
fbem-1290	51	42	-	-	PUNCT
fbem-1290	51	43	owned	own	VERB
fbem-1290	51	44	land	land	NOUN
fbem-1290	51	45	use	use	VERB
fbem-1290	51	46	right	right	ADJ
fbem-1290	51	47	transfer	transfer	NOUN
fbem-1290	51	48	fund	fund	NOUN
fbem-1290	51	49	in	in	ADP
fbem-1290	51	50	the	the	DET
fbem-1290	51	51	public	public	ADJ
fbem-1290	51	52	finance	finance	NOUN
fbem-1290	51	53	income	income	NOUN
fbem-1290	51	54	to	to	PART
fbem-1290	51	55	reflect	reflect	VERB
fbem-1290	51	56	the	the	DET
fbem-1290	51	57	impact	impact	NOUN
fbem-1290	51	58	rate	rate	NOUN
fbem-1290	51	59	of	of	ADP
fbem-1290	51	60	the	the	DET
fbem-1290	51	61	financial	financial	ADJ
fbem-1290	51	62	policy	policy	NOUN
fbem-1290	51	63	on	on	ADP
fbem-1290	51	64	the	the	DET
fbem-1290	51	65	residents	resident	NOUN
fbem-1290	51	66	.	.	PUNCT
fbem-1290	52	1	3	3	X
fbem-1290	52	2	.	.	X
fbem-1290	52	3	empirical	empirical	ADJ
fbem-1290	52	4	analysis	analysis	NOUN
fbem-1290	52	5	on	on	ADP
fbem-1290	52	6	the	the	DET
fbem-1290	52	7	impact	impact	NOUN
fbem-1290	52	8	of	of	ADP
fbem-1290	52	9	residents	resident	NOUN
fbem-1290	52	10	'	'	PART
fbem-1290	52	11	leverage	leverage	NOUN
fbem-1290	52	12	ratio	ratio	NOUN
fbem-1290	52	13	in	in	ADP
fbem-1290	52	14	the	the	DET
fbem-1290	52	15	process	process	NOUN
fbem-1290	52	16	of	of	ADP
fbem-1290	52	17	studying	study	VERB
fbem-1290	52	18	the	the	DET
fbem-1290	52	19	existing	exist	VERB
fbem-1290	52	20	literature	literature	NOUN
fbem-1290	52	21	on	on	ADP
fbem-1290	52	22	the	the	DET
fbem-1290	52	23	leverage	leverage	NOUN
fbem-1290	52	24	ratio	ratio	NOUN
fbem-1290	52	25	of	of	ADP
fbem-1290	52	26	residents	resident	NOUN
fbem-1290	52	27	,	,	PUNCT
fbem-1290	52	28	we	we	PRON
fbem-1290	52	29	found	find	VERB
fbem-1290	52	30	that	that	SCONJ
fbem-1290	52	31	most	most	ADJ
fbem-1290	52	32	of	of	ADP
fbem-1290	52	33	the	the	DET
fbem-1290	52	34	literature	literature	NOUN
fbem-1290	52	35	is	be	AUX
fbem-1290	52	36	mainly	mainly	ADV
fbem-1290	52	37	based	base	VERB
fbem-1290	52	38	on	on	ADP
fbem-1290	52	39	the	the	DET
fbem-1290	52	40	time	time	NOUN
fbem-1290	52	41	series	series	PROPN
fbem-1290	52	42	data	datum	NOUN
fbem-1290	52	43	of	of	ADP
fbem-1290	52	44	the	the	DET
fbem-1290	52	45	whole	whole	ADJ
fbem-1290	52	46	country	country	NOUN
fbem-1290	52	47	,	,	PUNCT
fbem-1290	52	48	with	with	ADP
fbem-1290	52	49	fixed	fix	VERB
fbem-1290	52	50	indicators	indicator	NOUN
fbem-1290	52	51	as	as	ADP
fbem-1290	52	52	the	the	DET
fbem-1290	52	53	analysis	analysis	NOUN
fbem-1290	52	54	object	object	NOUN
fbem-1290	52	55	.	.	PUNCT
fbem-1290	53	1	based	base	VERB
fbem-1290	53	2	on	on	ADP
fbem-1290	53	3	this	this	PRON
fbem-1290	53	4	,	,	PUNCT
fbem-1290	53	5	this	this	DET
fbem-1290	53	6	paper	paper	NOUN
fbem-1290	53	7	takes	take	VERB
fbem-1290	53	8	the	the	DET
fbem-1290	53	9	analysis	analysis	NOUN
fbem-1290	53	10	of	of	ADP
fbem-1290	53	11	policy	policy	NOUN
fbem-1290	53	12	impact	impact	NOUN
fbem-1290	53	13	as	as	ADP
fbem-1290	53	14	the	the	DET
fbem-1290	53	15	goal	goal	NOUN
fbem-1290	53	16	,	,	PUNCT
fbem-1290	53	17	uses	use	VERB
fbem-1290	53	18	the	the	DET
fbem-1290	53	19	household	household	NOUN
fbem-1290	53	20	sector	sector	NOUN
fbem-1290	53	21	loans	loan	NOUN
fbem-1290	53	22	of	of	ADP
fbem-1290	53	23	31	31	NUM
fbem-1290	53	24	provinces	province	NOUN
fbem-1290	53	25	(	(	PUNCT
fbem-1290	53	26	municipalities	municipality	NOUN
fbem-1290	53	27	directly	directly	ADV
fbem-1290	53	28	under	under	ADP
fbem-1290	53	29	the	the	DET
fbem-1290	53	30	central	central	ADJ
fbem-1290	53	31	government	government	NOUN
fbem-1290	53	32	)	)	PUNCT
fbem-1290	53	33	and	and	CCONJ
fbem-1290	53	34	the	the	DET
fbem-1290	53	35	nominal	nominal	ADJ
fbem-1290	53	36	gdp	gdp	NOUN
fbem-1290	53	37	of	of	ADP
fbem-1290	53	38	31	31	NUM
fbem-1290	53	39	provinces	province	NOUN
fbem-1290	53	40	(	(	PUNCT
fbem-1290	53	41	municipalities	municipality	NOUN
fbem-1290	53	42	directly	directly	ADV
fbem-1290	53	43	under	under	ADP
fbem-1290	53	44	the	the	DET
fbem-1290	53	45	central	central	ADJ
fbem-1290	53	46	government	government	NOUN
fbem-1290	53	47	)	)	PUNCT
fbem-1290	53	48	to	to	PART
fbem-1290	53	49	calculate	calculate	VERB
fbem-1290	53	50	the	the	DET
fbem-1290	53	51	household	household	NOUN
fbem-1290	53	52	leverage	leverage	NOUN
fbem-1290	53	53	ratio	ratio	NOUN
fbem-1290	53	54	of	of	ADP
fbem-1290	53	55	each	each	DET
fbem-1290	53	56	province	province	NOUN
fbem-1290	53	57	.	.	PUNCT
fbem-1290	54	1	from	from	ADP
fbem-1290	54	2	the	the	DET
fbem-1290	54	3	perspective	perspective	NOUN
fbem-1290	54	4	of	of	ADP
fbem-1290	54	5	national	national	ADJ
fbem-1290	54	6	policy	policy	NOUN
fbem-1290	54	7	,	,	PUNCT
fbem-1290	54	8	this	this	DET
fbem-1290	54	9	paper	paper	NOUN
fbem-1290	54	10	uses	use	VERB
fbem-1290	54	11	panel	panel	NOUN
fbem-1290	54	12	data	datum	NOUN
fbem-1290	54	13	model	model	NOUN
fbem-1290	54	14	to	to	PART
fbem-1290	54	15	conduct	conduct	VERB
fbem-1290	54	16	an	an	DET
fbem-1290	54	17	empirical	empirical	ADJ
fbem-1290	54	18	study	study	NOUN
fbem-1290	54	19	on	on	ADP
fbem-1290	54	20	the	the	DET
fbem-1290	54	21	impact	impact	NOUN
fbem-1290	54	22	of	of	ADP
fbem-1290	54	23	the	the	DET
fbem-1290	54	24	main	main	ADJ
fbem-1290	54	25	incentives	incentive	NOUN
fbem-1290	54	26	of	of	ADP
fbem-1290	54	27	real	real	ADJ
fbem-1290	54	28	estate	estate	NOUN
fbem-1290	54	29	policy	policy	NOUN
fbem-1290	54	30	and	and	CCONJ
fbem-1290	54	31	other	other	ADJ
fbem-1290	54	32	relevant	relevant	ADJ
fbem-1290	54	33	control	control	NOUN
fbem-1290	54	34	variables	variable	NOUN
fbem-1290	54	35	on	on	ADP
fbem-1290	54	36	the	the	DET
fbem-1290	54	37	household	household	NOUN
fbem-1290	54	38	leverage	leverage	NOUN
fbem-1290	54	39	ratio	ratio	NOUN
fbem-1290	54	40	.	.	PUNCT
fbem-1290	55	1	3.1	3.1	NUM
fbem-1290	55	2	.	.	PUNCT
fbem-1290	55	3	panel	panel	NOUN
fbem-1290	55	4	data	data	PROPN
fbem-1290	55	5	model	model	NOUN
fbem-1290	55	6	settings	setting	VERB
fbem-1290	55	7	the	the	DET
fbem-1290	55	8	main	main	ADJ
fbem-1290	55	9	influencing	influence	VERB
fbem-1290	55	10	factors	factor	NOUN
fbem-1290	55	11	of	of	ADP
fbem-1290	55	12	household	household	NOUN
fbem-1290	55	13	leverage	leverage	NOUN
fbem-1290	55	14	ratio	ratio	NOUN
fbem-1290	55	15	are	be	AUX
fbem-1290	55	16	household	household	NOUN
fbem-1290	55	17	sector	sector	NOUN
fbem-1290	55	18	loans	loan	NOUN
fbem-1290	55	19	and	and	CCONJ
fbem-1290	55	20	the	the	DET
fbem-1290	55	21	nominal	nominal	ADJ
fbem-1290	55	22	gdp	gdp	NOUN
fbem-1290	55	23	of	of	ADP
fbem-1290	55	24	each	each	DET
fbem-1290	55	25	province	province	NOUN
fbem-1290	55	26	.	.	PUNCT
fbem-1290	56	1	observation	observation	NOUN
fbem-1290	56	2	of	of	ADP
fbem-1290	56	3	the	the	DET
fbem-1290	56	4	available	available	ADJ
fbem-1290	56	5	data	datum	NOUN
fbem-1290	56	6	shows	show	VERB
fbem-1290	56	7	that	that	SCONJ
fbem-1290	56	8	the	the	DET
fbem-1290	56	9	increase	increase	NOUN
fbem-1290	56	10	in	in	ADP
fbem-1290	56	11	household	household	NOUN
fbem-1290	56	12	leverage	leverage	NOUN
fbem-1290	56	13	ratio	ratio	NOUN
fbem-1290	56	14	is	be	AUX
fbem-1290	56	15	due	due	ADJ
fbem-1290	56	16	to	to	ADP
fbem-1290	56	17	the	the	DET
fbem-1290	56	18	significant	significant	ADJ
fbem-1290	56	19	increase	increase	NOUN
fbem-1290	56	20	in	in	ADP
fbem-1290	56	21	household	household	NOUN
fbem-1290	56	22	sector	sector	NOUN
fbem-1290	56	23	loans	loan	NOUN
fbem-1290	56	24	,	,	PUNCT
fbem-1290	56	25	while	while	SCONJ
fbem-1290	56	26	nominal	nominal	ADJ
fbem-1290	56	27	gdp	gdp	NOUN
fbem-1290	56	28	generally	generally	ADV
fbem-1290	56	29	increases	increase	VERB
fbem-1290	56	30	year	year	NOUN
fbem-1290	56	31	by	by	ADP
fbem-1290	56	32	year	year	NOUN
fbem-1290	56	33	.	.	PUNCT
fbem-1290	57	1	from	from	ADP
fbem-1290	57	2	the	the	DET
fbem-1290	57	3	perspective	perspective	NOUN
fbem-1290	57	4	of	of	ADP
fbem-1290	57	5	national	national	ADJ
fbem-1290	57	6	policies	policy	NOUN
fbem-1290	57	7	,	,	PUNCT
fbem-1290	57	8	the	the	DET
fbem-1290	57	9	increase	increase	NOUN
fbem-1290	57	10	in	in	ADP
fbem-1290	57	11	loans	loan	NOUN
fbem-1290	57	12	from	from	ADP
fbem-1290	57	13	the	the	DET
fbem-1290	57	14	household	household	NOUN
fbem-1290	57	15	sector	sector	NOUN
fbem-1290	57	16	indicates	indicate	VERB
fbem-1290	57	17	the	the	DET
fbem-1290	57	18	rapid	rapid	ADJ
fbem-1290	57	19	increase	increase	NOUN
fbem-1290	57	20	in	in	ADP
fbem-1290	57	21	house	house	NOUN
fbem-1290	57	22	prices	price	NOUN
fbem-1290	57	23	.	.	PUNCT
fbem-1290	58	1	the	the	DET
fbem-1290	58	2	mitigation	mitigation	NOUN
fbem-1290	58	3	effect	effect	NOUN
fbem-1290	58	4	of	of	ADP
fbem-1290	58	5	china	china	PROPN
fbem-1290	58	6	's	's	PART
fbem-1290	58	7	current	current	ADJ
fbem-1290	58	8	real	real	ADJ
fbem-1290	58	9	estate	estate	NOUN
fbem-1290	58	10	policy	policy	NOUN
fbem-1290	58	11	on	on	ADP
fbem-1290	58	12	the	the	DET
fbem-1290	58	13	increase	increase	NOUN
fbem-1290	58	14	in	in	ADP
fbem-1290	58	15	house	house	NOUN
fbem-1290	58	16	prices	price	NOUN
fbem-1290	58	17	remains	remain	VERB
fbem-1290	58	18	to	to	PART
fbem-1290	58	19	be	be	AUX
fbem-1290	58	20	investigated	investigate	VERB
fbem-1290	58	21	.	.	PUNCT
fbem-1290	59	1	therefore	therefore	ADV
fbem-1290	59	2	,	,	PUNCT
fbem-1290	59	3	based	base	VERB
fbem-1290	59	4	on	on	ADP
fbem-1290	59	5	the	the	DET
fbem-1290	59	6	direct	direct	ADJ
fbem-1290	59	7	or	or	CCONJ
fbem-1290	59	8	indirect	indirect	ADJ
fbem-1290	59	9	impact	impact	NOUN
fbem-1290	59	10	of	of	ADP
fbem-1290	59	11	real	real	ADJ
fbem-1290	59	12	estate	estate	NOUN
fbem-1290	59	13	policy	policy	NOUN
fbem-1290	59	14	,	,	PUNCT
fbem-1290	59	15	monetary	monetary	ADJ
fbem-1290	59	16	policy	policy	NOUN
fbem-1290	59	17	and	and	CCONJ
fbem-1290	59	18	fiscal	fiscal	ADJ
fbem-1290	59	19	policy	policy	NOUN
fbem-1290	59	20	on	on	ADP
fbem-1290	59	21	the	the	DET
fbem-1290	59	22	leverage	leverage	NOUN
fbem-1290	59	23	ratio	ratio	NOUN
fbem-1290	59	24	of	of	ADP
fbem-1290	59	25	residents	resident	NOUN
fbem-1290	59	26	,	,	PUNCT
fbem-1290	59	27	this	this	DET
fbem-1290	59	28	paper	paper	NOUN
fbem-1290	59	29	selects	select	VERB
fbem-1290	59	30	several	several	ADJ
fbem-1290	59	31	important	important	ADJ
fbem-1290	59	32	measurement	measurement	NOUN
fbem-1290	59	33	indicators	indicator	NOUN
fbem-1290	59	34	,	,	PUNCT
fbem-1290	59	35	such	such	ADJ
fbem-1290	59	36	as	as	ADP
fbem-1290	59	37	investment	investment	NOUN
fbem-1290	59	38	completion	completion	NOUN
fbem-1290	59	39	in	in	ADP
fbem-1290	59	40	real	real	ADJ
fbem-1290	59	41	estate	estate	NOUN
fbem-1290	59	42	development	development	NOUN
fbem-1290	59	43	(	(	PUNCT
fbem-1290	59	44	idd	idd	X
fbem-1290	59	45	)	)	PUNCT
fbem-1290	59	46	and	and	CCONJ
fbem-1290	59	47	interest	interest	NOUN
fbem-1290	59	48	rate	rate	NOUN
fbem-1290	59	49	(	(	PUNCT
fbem-1290	59	50	r	r	NOUN
fbem-1290	59	51	)	)	PUNCT
fbem-1290	59	52	.	.	PUNCT
fbem-1290	60	1	in	in	ADP
fbem-1290	60	2	addition	addition	NOUN
fbem-1290	60	3	,	,	PUNCT
fbem-1290	60	4	as	as	SCONJ
fbem-1290	60	5	the	the	DET
fbem-1290	60	6	development	development	NOUN
fbem-1290	60	7	of	of	ADP
fbem-1290	60	8	the	the	DET
fbem-1290	60	9	real	real	ADJ
fbem-1290	60	10	estate	estate	NOUN
fbem-1290	60	11	industry	industry	NOUN
fbem-1290	60	12	can	can	AUX
fbem-1290	60	13	not	not	PART
fbem-1290	60	14	be	be	AUX
fbem-1290	60	15	separated	separate	VERB
fbem-1290	60	16	from	from	ADP
fbem-1290	60	17	the	the	DET
fbem-1290	60	18	economic	economic	ADJ
fbem-1290	60	19	development	development	NOUN
fbem-1290	60	20	and	and	CCONJ
fbem-1290	60	21	the	the	DET
fbem-1290	60	22	support	support	NOUN
fbem-1290	60	23	of	of	ADP
fbem-1290	60	24	the	the	DET
fbem-1290	60	25	financial	financial	ADJ
fbem-1290	60	26	industry	industry	NOUN
fbem-1290	60	27	,	,	PUNCT
fbem-1290	60	28	considering	consider	VERB
fbem-1290	60	29	the	the	DET
fbem-1290	60	30	completeness	completeness	NOUN
fbem-1290	60	31	of	of	ADP
fbem-1290	60	32	the	the	DET
fbem-1290	60	33	model	model	NOUN
fbem-1290	60	34	construction	construction	NOUN
fbem-1290	60	35	,	,	PUNCT
fbem-1290	60	36	this	this	DET
fbem-1290	60	37	paper	paper	NOUN
fbem-1290	60	38	introduces	introduce	VERB
fbem-1290	60	39	other	other	ADJ
fbem-1290	60	40	control	control	NOUN
fbem-1290	60	41	variables	variable	NOUN
fbem-1290	60	42	and	and	CCONJ
fbem-1290	60	43	constructs	construct	VERB
fbem-1290	60	44	the	the	DET
fbem-1290	60	45	following	follow	VERB
fbem-1290	60	46	regression	regression	NOUN
fbem-1290	60	47	model	model	NOUN
fbem-1290	60	48	:	:	PUNCT
fbem-1290	60	49	hl	hl	NOUN
fbem-1290	60	50	a	a	DET
fbem-1290	60	51	β	β	X
fbem-1290	60	52	x	x	SYM
fbem-1290	60	53	φ	φ	PROPN
fbem-1290	60	54	y	y	PROPN
fbem-1290	60	55	ε	ε	PROPN
fbem-1290	60	56	among	among	ADP
fbem-1290	60	57	them	they	PRON
fbem-1290	60	58	,	,	PUNCT
fbem-1290	60	59	representing	represent	VERB
fbem-1290	60	60	the	the	DET
fbem-1290	60	61	resident	resident	ADJ
fbem-1290	60	62	leverage	leverage	NOUN
fbem-1290	60	63	ratio	ratio	NOUN
fbem-1290	60	64	,	,	PUNCT
fbem-1290	60	65	is	be	AUX
fbem-1290	60	66	the	the	DET
fbem-1290	60	67	explanatory	explanatory	ADJ
fbem-1290	60	68	variable	variable	NOUN
fbem-1290	60	69	of	of	ADP
fbem-1290	60	70	the	the	DET
fbem-1290	60	71	equation	equation	NOUN
fbem-1290	60	72	;	;	PUNCT
fbem-1290	60	73	is	be	AUX
fbem-1290	60	74	a	a	DET
fbem-1290	60	75	constant	constant	ADJ
fbem-1290	60	76	term	term	NOUN
fbem-1290	60	77	;	;	PUNCT
fbem-1290	60	78	impact	impact	NOUN
fbem-1290	60	79	indicators	indicator	NOUN
fbem-1290	60	80	representing	represent	VERB
fbem-1290	60	81	key	key	ADJ
fbem-1290	60	82	policy	policy	NOUN
fbem-1290	60	83	factors	factor	NOUN
fbem-1290	60	84	(	(	PUNCT
fbem-1290	60	85	here	here	ADV
fbem-1290	60	86	real	real	ADJ
fbem-1290	60	87	estate	estate	NOUN
fbem-1290	60	88	factors	factor	NOUN
fbem-1290	60	89	)	)	PUNCT
fbem-1290	60	90	;	;	PUNCT
fbem-1290	60	91	indirect	indirect	ADJ
fbem-1290	60	92	factors	factor	NOUN
fbem-1290	60	93	other	other	ADJ
fbem-1290	60	94	than	than	ADP
fbem-1290	60	95	real	real	ADJ
fbem-1290	60	96	estate	estate	NOUN
fbem-1290	60	97	factors	factor	NOUN
fbem-1290	60	98	,	,	PUNCT
fbem-1290	60	99	such	such	ADJ
fbem-1290	60	100	as	as	ADP
fbem-1290	60	101	financial	financial	ADJ
fbem-1290	60	102	development	development	NOUN
fbem-1290	60	103	factors	factor	NOUN
fbem-1290	60	104	and	and	CCONJ
fbem-1290	60	105	demographic	demographic	ADJ
fbem-1290	60	106	factors	factor	NOUN
fbem-1290	60	107	;	;	PUNCT
fbem-1290	60	108	are	be	AUX
fbem-1290	60	109	independent	independent	ADJ
fbem-1290	60	110	variable	variable	ADJ
fbem-1290	60	111	coefficients	coefficient	NOUN
fbem-1290	60	112	;	;	PUNCT
fbem-1290	60	113	it	it	PRON
fbem-1290	60	114	is	be	AUX
fbem-1290	60	115	a	a	DET
fbem-1290	60	116	random	random	ADJ
fbem-1290	60	117	interference	interference	NOUN
fbem-1290	60	118	term	term	NOUN
fbem-1290	60	119	and	and	CCONJ
fbem-1290	60	120	satisfies	satisfy	VERB
fbem-1290	60	121	the	the	DET
fbem-1290	60	122	assumptions	assumption	NOUN
fbem-1290	60	123	of	of	ADP
fbem-1290	60	124	independence	independence	NOUN
fbem-1290	60	125	,	,	PUNCT
fbem-1290	60	126	mean	mean	ADJ
fbem-1290	60	127	value	value	NOUN
fbem-1290	60	128	of	of	ADP
fbem-1290	60	129	0	0	NUM
fbem-1290	60	130	and	and	CCONJ
fbem-1290	60	131	variance	variance	NOUN
fbem-1290	60	132	of.hl	of.hl	VERB
fbem-1290	60	133	a	a	DET
fbem-1290	60	134	x	x	X
fbem-1290	60	135	y	y	PROPN
fbem-1290	60	136	β	β	PROPN
fbem-1290	60	137	,	,	PUNCT
fbem-1290	60	138	φ	φ	PROPN
fbem-1290	60	139	x	x	X
fbem-1290	60	140	,	,	PUNCT
fbem-1290	60	141	y	y	PROPN
fbem-1290	60	142	ε	ε	PROPN
fbem-1290	60	143	σ	σ	PROPN
fbem-1290	60	144	176	176	NUM
fbem-1290	60	145	3.2	3.2	NUM
fbem-1290	60	146	.	.	PUNCT
fbem-1290	61	1	variable	variable	ADJ
fbem-1290	61	2	selection	selection	NOUN
fbem-1290	61	3	and	and	CCONJ
fbem-1290	61	4	data	datum	NOUN
fbem-1290	61	5	sources	source	NOUN
fbem-1290	61	6	interpreted	interpret	VERB
fbem-1290	61	7	variable	variable	ADJ
fbem-1290	61	8	:	:	PUNCT
fbem-1290	61	9	this	this	DET
fbem-1290	61	10	paper	paper	NOUN
fbem-1290	61	11	studies	study	VERB
fbem-1290	61	12	the	the	DET
fbem-1290	61	13	operation	operation	NOUN
fbem-1290	61	14	mechanism	mechanism	NOUN
fbem-1290	61	15	of	of	ADP
fbem-1290	61	16	the	the	DET
fbem-1290	61	17	resident	resident	NOUN
fbem-1290	61	18	leverage	leverage	NOUN
fbem-1290	61	19	ratio	ratio	NOUN
fbem-1290	61	20	under	under	ADP
fbem-1290	61	21	the	the	DET
fbem-1290	61	22	premise	premise	NOUN
fbem-1290	61	23	of	of	ADP
fbem-1290	61	24	building	build	VERB
fbem-1290	61	25	a	a	DET
fbem-1290	61	26	domestic	domestic	ADJ
fbem-1290	61	27	double	double	ADJ
fbem-1290	61	28	-	-	PUNCT
fbem-1290	61	29	cycle	cycle	NOUN
fbem-1290	61	30	and	and	CCONJ
fbem-1290	61	31	new	new	ADJ
fbem-1290	61	32	development	development	NOUN
fbem-1290	61	33	pattern	pattern	NOUN
fbem-1290	61	34	,	,	PUNCT
fbem-1290	61	35	and	and	CCONJ
fbem-1290	61	36	explores	explore	VERB
fbem-1290	61	37	how	how	SCONJ
fbem-1290	61	38	the	the	DET
fbem-1290	61	39	policy	policy	NOUN
fbem-1290	61	40	"	"	PUNCT
fbem-1290	61	41	leverages	leverage	NOUN
fbem-1290	61	42	"	"	PUNCT
fbem-1290	61	43	the	the	DET
fbem-1290	61	44	resident	resident	ADJ
fbem-1290	61	45	leverage	leverage	NOUN
fbem-1290	61	46	ratio	ratio	NOUN
fbem-1290	61	47	from	from	ADP
fbem-1290	61	48	the	the	DET
fbem-1290	61	49	perspective	perspective	NOUN
fbem-1290	61	50	of	of	ADP
fbem-1290	61	51	national	national	ADJ
fbem-1290	61	52	policies	policy	NOUN
fbem-1290	61	53	.	.	PUNCT
fbem-1290	62	1	due	due	ADP
fbem-1290	62	2	to	to	ADP
fbem-1290	62	3	the	the	DET
fbem-1290	62	4	partial	partial	ADJ
fbem-1290	62	5	lack	lack	NOUN
fbem-1290	62	6	of	of	ADP
fbem-1290	62	7	data	datum	NOUN
fbem-1290	62	8	,	,	PUNCT
fbem-1290	62	9	we	we	PRON
fbem-1290	62	10	use	use	VERB
fbem-1290	62	11	the	the	DET
fbem-1290	62	12	ratio	ratio	NOUN
fbem-1290	62	13	of	of	ADP
fbem-1290	62	14	household	household	NOUN
fbem-1290	62	15	sector	sector	NOUN
fbem-1290	62	16	debt	debt	NOUN
fbem-1290	62	17	to	to	ADP
fbem-1290	62	18	nominal	nominal	ADJ
fbem-1290	62	19	gdp	gdp	NOUN
fbem-1290	62	20	of	of	ADP
fbem-1290	62	21	each	each	DET
fbem-1290	62	22	province	province	NOUN
fbem-1290	62	23	to	to	PART
fbem-1290	62	24	approximate	approximate	VERB
fbem-1290	62	25	the	the	DET
fbem-1290	62	26	household	household	NOUN
fbem-1290	62	27	leverage	leverage	NOUN
fbem-1290	62	28	ratio	ratio	NOUN
fbem-1290	62	29	.	.	PUNCT
fbem-1290	63	1	key	key	ADJ
fbem-1290	63	2	explanatory	explanatory	ADJ
fbem-1290	63	3	variables	variable	NOUN
fbem-1290	63	4	:	:	PUNCT
fbem-1290	63	5	1	1	X
fbem-1290	63	6	.	.	X
fbem-1290	63	7	completion	completion	NOUN
fbem-1290	63	8	of	of	ADP
fbem-1290	63	9	investment	investment	NOUN
fbem-1290	63	10	in	in	ADP
fbem-1290	63	11	real	real	ADJ
fbem-1290	63	12	estate	estate	NOUN
fbem-1290	63	13	development	development	NOUN
fbem-1290	63	14	.	.	PUNCT
fbem-1290	64	1	that	that	PRON
fbem-1290	64	2	is	be	AUX
fbem-1290	64	3	,	,	PUNCT
fbem-1290	64	4	the	the	DET
fbem-1290	64	5	sum	sum	NOUN
fbem-1290	64	6	of	of	ADP
fbem-1290	64	7	all	all	DET
fbem-1290	64	8	the	the	DET
fbem-1290	64	9	expenses	expense	NOUN
fbem-1290	64	10	incurred	incur	VERB
fbem-1290	64	11	by	by	ADP
fbem-1290	64	12	real	real	ADJ
fbem-1290	64	13	estate	estate	NOUN
fbem-1290	64	14	development	development	NOUN
fbem-1290	64	15	enterprises	enterprise	NOUN
fbem-1290	64	16	(	(	PUNCT
fbem-1290	64	17	units	unit	NOUN
fbem-1290	64	18	)	)	PUNCT
fbem-1290	64	19	in	in	ADP
fbem-1290	64	20	building	build	VERB
fbem-1290	64	21	and	and	CCONJ
fbem-1290	64	22	developing	develop	VERB
fbem-1290	64	23	houses	house	NOUN
fbem-1290	64	24	within	within	ADP
fbem-1290	64	25	a	a	DET
fbem-1290	64	26	certain	certain	ADJ
fbem-1290	64	27	period	period	NOUN
fbem-1290	64	28	of	of	ADP
fbem-1290	64	29	time	time	NOUN
fbem-1290	64	30	.	.	PUNCT
fbem-1290	65	1	this	this	DET
fbem-1290	65	2	indicator	indicator	NOUN
fbem-1290	65	3	can	can	AUX
fbem-1290	65	4	accurately	accurately	ADV
fbem-1290	65	5	reflect	reflect	VERB
fbem-1290	65	6	the	the	DET
fbem-1290	65	7	current	current	ADJ
fbem-1290	65	8	situation	situation	NOUN
fbem-1290	65	9	of	of	ADP
fbem-1290	65	10	real	real	ADJ
fbem-1290	65	11	estate	estate	NOUN
fbem-1290	65	12	development	development	NOUN
fbem-1290	65	13	in	in	ADP
fbem-1290	65	14	china	china	PROPN
fbem-1290	65	15	and	and	CCONJ
fbem-1290	65	16	the	the	DET
fbem-1290	65	17	constraint	constraint	NOUN
fbem-1290	65	18	of	of	ADP
fbem-1290	65	19	real	real	ADJ
fbem-1290	65	20	estate	estate	NOUN
fbem-1290	65	21	policy	policy	NOUN
fbem-1290	65	22	on	on	ADP
fbem-1290	65	23	real	real	ADJ
fbem-1290	65	24	estate	estate	NOUN
fbem-1290	65	25	investment	investment	NOUN
fbem-1290	65	26	.	.	PUNCT
fbem-1290	66	1	2	2	X
fbem-1290	66	2	.	.	X
fbem-1290	66	3	sales	sale	NOUN
fbem-1290	66	4	area	area	NOUN
fbem-1290	66	5	of	of	ADP
fbem-1290	66	6	residential	residential	ADJ
fbem-1290	66	7	commercial	commercial	ADJ
fbem-1290	66	8	housing	housing	NOUN
fbem-1290	66	9	.	.	PUNCT
fbem-1290	67	1	also	also	ADV
fbem-1290	67	2	known	know	VERB
fbem-1290	67	3	as	as	ADP
fbem-1290	67	4	housing	housing	NOUN
fbem-1290	67	5	construction	construction	NOUN
fbem-1290	67	6	area	area	NOUN
fbem-1290	67	7	,	,	PUNCT
fbem-1290	67	8	similarly	similarly	ADV
fbem-1290	67	9	,	,	PUNCT
fbem-1290	67	10	from	from	ADP
fbem-1290	67	11	the	the	DET
fbem-1290	67	12	perspective	perspective	NOUN
fbem-1290	67	13	of	of	ADP
fbem-1290	67	14	real	real	ADJ
fbem-1290	67	15	estate	estate	NOUN
fbem-1290	67	16	policy	policy	NOUN
fbem-1290	67	17	,	,	PUNCT
fbem-1290	67	18	this	this	DET
fbem-1290	67	19	indicator	indicator	NOUN
fbem-1290	67	20	can	can	AUX
fbem-1290	67	21	accurately	accurately	ADV
fbem-1290	67	22	reflect	reflect	VERB
fbem-1290	67	23	the	the	DET
fbem-1290	67	24	market	market	NOUN
fbem-1290	67	25	denomination	denomination	NOUN
fbem-1290	67	26	of	of	ADP
fbem-1290	67	27	our	our	PRON
fbem-1290	67	28	current	current	ADJ
fbem-1290	67	29	real	real	ADJ
fbem-1290	67	30	estate	estate	NOUN
fbem-1290	67	31	industry	industry	NOUN
fbem-1290	67	32	and	and	CCONJ
fbem-1290	67	33	the	the	DET
fbem-1290	67	34	implicit	implicit	ADJ
fbem-1290	67	35	impact	impact	NOUN
fbem-1290	67	36	of	of	ADP
fbem-1290	67	37	real	real	ADJ
fbem-1290	67	38	estate	estate	NOUN
fbem-1290	67	39	policy	policy	NOUN
fbem-1290	67	40	on	on	ADP
fbem-1290	67	41	the	the	DET
fbem-1290	67	42	market	market	NOUN
fbem-1290	67	43	.	.	PUNCT
fbem-1290	68	1	3	3	X
fbem-1290	68	2	.	.	X
fbem-1290	68	3	medium	medium	ADJ
fbem-1290	68	4	and	and	CCONJ
fbem-1290	68	5	long	long	ADJ
fbem-1290	68	6	-	-	PUNCT
fbem-1290	68	7	term	term	NOUN
fbem-1290	68	8	(	(	PUNCT
fbem-1290	68	9	more	more	ADJ
fbem-1290	68	10	than	than	ADP
fbem-1290	68	11	five	five	NUM
fbem-1290	68	12	years	year	NOUN
fbem-1290	68	13	)	)	PUNCT
fbem-1290	68	14	loan	loan	NOUN
fbem-1290	68	15	interest	interest	NOUN
fbem-1290	68	16	rates	rate	NOUN
fbem-1290	68	17	.	.	PUNCT
fbem-1290	69	1	from	from	ADP
fbem-1290	69	2	the	the	DET
fbem-1290	69	3	perspective	perspective	NOUN
fbem-1290	69	4	of	of	ADP
fbem-1290	69	5	monetary	monetary	ADJ
fbem-1290	69	6	policy	policy	NOUN
fbem-1290	69	7	,	,	PUNCT
fbem-1290	69	8	interest	interest	NOUN
fbem-1290	69	9	rate	rate	NOUN
fbem-1290	69	10	is	be	AUX
fbem-1290	69	11	the	the	DET
fbem-1290	69	12	most	most	ADV
fbem-1290	69	13	important	important	ADJ
fbem-1290	69	14	regulatory	regulatory	ADJ
fbem-1290	69	15	tool	tool	NOUN
fbem-1290	69	16	of	of	ADP
fbem-1290	69	17	monetary	monetary	ADJ
fbem-1290	69	18	policy	policy	NOUN
fbem-1290	69	19	.	.	PUNCT
fbem-1290	70	1	it	it	PRON
fbem-1290	70	2	affects	affect	VERB
fbem-1290	70	3	the	the	DET
fbem-1290	70	4	national	national	ADJ
fbem-1290	70	5	gdp	gdp	NOUN
fbem-1290	70	6	and	and	CCONJ
fbem-1290	70	7	financial	financial	ADJ
fbem-1290	70	8	borrowing	borrowing	NOUN
fbem-1290	70	9	by	by	ADP
fbem-1290	70	10	influencing	influence	VERB
fbem-1290	70	11	the	the	DET
fbem-1290	70	12	speculative	speculative	ADJ
fbem-1290	70	13	motives	motive	NOUN
fbem-1290	70	14	of	of	ADP
fbem-1290	70	15	residents	resident	NOUN
fbem-1290	70	16	.	.	PUNCT
fbem-1290	71	1	4	4	X
fbem-1290	71	2	.	.	X
fbem-1290	71	3	financial	financial	ADJ
fbem-1290	71	4	policy	policy	NOUN
fbem-1290	71	5	-	-	PUNCT
fbem-1290	71	6	related	relate	VERB
fbem-1290	71	7	variables	variable	NOUN
fbem-1290	71	8	(	(	PUNCT
fbem-1290	71	9	fpr	fpr	NOUN
fbem-1290	71	10	)	)	PUNCT
fbem-1290	71	11	.	.	PUNCT
fbem-1290	72	1	from	from	ADP
fbem-1290	72	2	the	the	DET
fbem-1290	72	3	perspective	perspective	NOUN
fbem-1290	72	4	of	of	ADP
fbem-1290	72	5	macroeconomics	macroeconomic	NOUN
fbem-1290	72	6	,	,	PUNCT
fbem-1290	72	7	fiscal	fiscal	ADJ
fbem-1290	72	8	policy	policy	NOUN
fbem-1290	72	9	is	be	AUX
fbem-1290	72	10	an	an	DET
fbem-1290	72	11	important	important	ADJ
fbem-1290	72	12	means	mean	NOUN
fbem-1290	72	13	to	to	PART
fbem-1290	72	14	achieve	achieve	VERB
fbem-1290	72	15	fiscal	fiscal	ADJ
fbem-1290	72	16	and	and	CCONJ
fbem-1290	72	17	economic	economic	ADJ
fbem-1290	72	18	stability	stability	NOUN
fbem-1290	72	19	in	in	ADP
fbem-1290	72	20	china	china	PROPN
fbem-1290	72	21	.	.	PUNCT
fbem-1290	73	1	its	its	PRON
fbem-1290	73	2	contents	content	NOUN
fbem-1290	73	3	include	include	VERB
fbem-1290	73	4	income	income	NOUN
fbem-1290	73	5	policy	policy	NOUN
fbem-1290	73	6	instruments	instrument	NOUN
fbem-1290	73	7	and	and	CCONJ
fbem-1290	73	8	expenditure	expenditure	NOUN
fbem-1290	73	9	policy	policy	NOUN
fbem-1290	73	10	instruments	instrument	NOUN
fbem-1290	73	11	,	,	PUNCT
fbem-1290	73	12	which	which	PRON
fbem-1290	73	13	have	have	VERB
fbem-1290	73	14	an	an	DET
fbem-1290	73	15	important	important	ADJ
fbem-1290	73	16	impact	impact	NOUN
fbem-1290	73	17	on	on	ADP
fbem-1290	73	18	china	china	PROPN
fbem-1290	73	19	's	's	PART
fbem-1290	73	20	per	per	ADP
fbem-1290	73	21	capita	capita	X
fbem-1290	73	22	gdp	gdp	NOUN
fbem-1290	73	23	and	and	CCONJ
fbem-1290	73	24	residents	resident	NOUN
fbem-1290	73	25	'	'	PART
fbem-1290	73	26	storage	storage	NOUN
fbem-1290	73	27	.	.	PUNCT
fbem-1290	74	1	combined	combine	VERB
fbem-1290	74	2	with	with	ADP
fbem-1290	74	3	the	the	DET
fbem-1290	74	4	requirements	requirement	NOUN
fbem-1290	74	5	of	of	ADP
fbem-1290	74	6	policy	policy	NOUN
fbem-1290	74	7	quantitative	quantitative	ADJ
fbem-1290	74	8	indicators	indicator	NOUN
fbem-1290	74	9	,	,	PUNCT
fbem-1290	74	10	the	the	DET
fbem-1290	74	11	ratio	ratio	NOUN
fbem-1290	74	12	of	of	ADP
fbem-1290	74	13	the	the	DET
fbem-1290	74	14	state	state	NOUN
fbem-1290	74	15	-	-	PUNCT
fbem-1290	74	16	owned	own	VERB
fbem-1290	74	17	land	land	NOUN
fbem-1290	74	18	use	use	VERB
fbem-1290	74	19	right	right	ADJ
fbem-1290	74	20	transfer	transfer	NOUN
fbem-1290	74	21	fee	fee	NOUN
fbem-1290	74	22	to	to	ADP
fbem-1290	74	23	the	the	DET
fbem-1290	74	24	national	national	ADJ
fbem-1290	74	25	public	public	ADJ
fbem-1290	74	26	finance	finance	NOUN
fbem-1290	74	27	income	income	NOUN
fbem-1290	74	28	can	can	AUX
fbem-1290	74	29	well	well	ADV
fbem-1290	74	30	reflect	reflect	VERB
fbem-1290	74	31	the	the	DET
fbem-1290	74	32	current	current	ADJ
fbem-1290	74	33	land	land	NOUN
fbem-1290	74	34	policy	policy	NOUN
fbem-1290	74	35	situation	situation	NOUN
fbem-1290	74	36	and	and	CCONJ
fbem-1290	74	37	its	its	PRON
fbem-1290	74	38	policy	policy	NOUN
fbem-1290	74	39	effect	effect	NOUN
fbem-1290	74	40	in	in	ADP
fbem-1290	74	41	china	china	PROPN
fbem-1290	74	42	,	,	PUNCT
fbem-1290	74	43	and	and	CCONJ
fbem-1290	74	44	also	also	ADV
fbem-1290	74	45	reflect	reflect	VERB
fbem-1290	74	46	the	the	DET
fbem-1290	74	47	impact	impact	NOUN
fbem-1290	74	48	of	of	ADP
fbem-1290	74	49	financial	financial	ADJ
fbem-1290	74	50	policies	policy	NOUN
fbem-1290	74	51	on	on	ADP
fbem-1290	74	52	the	the	DET
fbem-1290	74	53	leverage	leverage	NOUN
fbem-1290	74	54	ratio	ratio	NOUN
fbem-1290	74	55	of	of	ADP
fbem-1290	74	56	residents	resident	NOUN
fbem-1290	74	57	in	in	ADP
fbem-1290	74	58	some	some	DET
fbem-1290	74	59	aspects	aspect	NOUN
fbem-1290	74	60	.	.	PUNCT
fbem-1290	75	1	key	key	ADJ
fbem-1290	75	2	control	control	NOUN
fbem-1290	75	3	variables	variable	NOUN
fbem-1290	75	4	:	:	PUNCT
fbem-1290	75	5	1	1	X
fbem-1290	75	6	.	.	PUNCT
fbem-1290	75	7	financial	financial	ADJ
fbem-1290	75	8	development	development	NOUN
fbem-1290	75	9	.	.	PUNCT
fbem-1290	76	1	the	the	DET
fbem-1290	76	2	liquidity	liquidity	NOUN
fbem-1290	76	3	of	of	ADP
fbem-1290	76	4	financial	financial	ADJ
fbem-1290	76	5	credit	credit	NOUN
fbem-1290	76	6	is	be	AUX
fbem-1290	76	7	restricted	restrict	VERB
fbem-1290	76	8	by	by	ADP
fbem-1290	76	9	the	the	DET
fbem-1290	76	10	basic	basic	ADJ
fbem-1290	76	11	functions	function	NOUN
fbem-1290	76	12	of	of	ADP
fbem-1290	76	13	financial	financial	ADJ
fbem-1290	76	14	instruments	instrument	NOUN
fbem-1290	76	15	,	,	PUNCT
fbem-1290	76	16	the	the	DET
fbem-1290	76	17	operating	operating	NOUN
fbem-1290	76	18	characteristics	characteristic	NOUN
fbem-1290	76	19	of	of	ADP
fbem-1290	76	20	financial	financial	ADJ
fbem-1290	76	21	markets	market	NOUN
fbem-1290	76	22	,	,	PUNCT
fbem-1290	76	23	and	and	CCONJ
fbem-1290	76	24	the	the	DET
fbem-1290	76	25	size	size	NOUN
fbem-1290	76	26	and	and	CCONJ
fbem-1290	76	27	growth	growth	NOUN
fbem-1290	76	28	range	range	NOUN
fbem-1290	76	29	of	of	ADP
fbem-1290	76	30	financial	financial	ADJ
fbem-1290	76	31	output	output	NOUN
fbem-1290	76	32	value	value	NOUN
fbem-1290	76	33	.	.	PUNCT
fbem-1290	77	1	the	the	DET
fbem-1290	77	2	liquidity	liquidity	NOUN
fbem-1290	77	3	and	and	CCONJ
fbem-1290	77	4	availability	availability	NOUN
fbem-1290	77	5	of	of	ADP
fbem-1290	77	6	credit	credit	NOUN
fbem-1290	77	7	are	be	AUX
fbem-1290	77	8	one	one	NUM
fbem-1290	77	9	of	of	ADP
fbem-1290	77	10	the	the	DET
fbem-1290	77	11	important	important	ADJ
fbem-1290	77	12	factors	factor	NOUN
fbem-1290	77	13	that	that	PRON
fbem-1290	77	14	affect	affect	VERB
fbem-1290	77	15	the	the	DET
fbem-1290	77	16	borrowing	borrowing	NOUN
fbem-1290	77	17	of	of	ADP
fbem-1290	77	18	residents	resident	NOUN
fbem-1290	77	19	.	.	PUNCT
fbem-1290	78	1	with	with	ADP
fbem-1290	78	2	the	the	DET
fbem-1290	78	3	development	development	NOUN
fbem-1290	78	4	of	of	ADP
fbem-1290	78	5	financial	financial	ADJ
fbem-1290	78	6	industry	industry	NOUN
fbem-1290	78	7	,	,	PUNCT
fbem-1290	78	8	china	china	PROPN
fbem-1290	78	9	's	's	PART
fbem-1290	78	10	residents	resident	NOUN
fbem-1290	78	11	'	'	PART
fbem-1290	78	12	debts	debt	NOUN
fbem-1290	78	13	will	will	AUX
fbem-1290	78	14	increase	increase	VERB
fbem-1290	78	15	.	.	PUNCT
fbem-1290	79	1	we	we	PRON
fbem-1290	79	2	measure	measure	VERB
fbem-1290	79	3	the	the	DET
fbem-1290	79	4	level	level	NOUN
fbem-1290	79	5	of	of	ADP
fbem-1290	79	6	financial	financial	ADJ
fbem-1290	79	7	development	development	NOUN
fbem-1290	79	8	by	by	ADP
fbem-1290	79	9	the	the	DET
fbem-1290	79	10	ratio	ratio	NOUN
fbem-1290	79	11	of	of	ADP
fbem-1290	79	12	financial	financial	ADJ
fbem-1290	79	13	sector	sector	NOUN
fbem-1290	79	14	added	add	VERB
fbem-1290	79	15	value	value	NOUN
fbem-1290	79	16	to	to	ADP
fbem-1290	79	17	nominal	nominal	PROPN
fbem-1290	79	18	gdp	gdp	PROPN
fbem-1290	79	19	.	.	PROPN
fbem-1290	80	1	2	2	NUM
fbem-1290	80	2	.	.	X
fbem-1290	80	3	income	income	NOUN
fbem-1290	80	4	levels	level	NOUN
fbem-1290	80	5	.	.	PUNCT
fbem-1290	81	1	the	the	DET
fbem-1290	81	2	living	live	VERB
fbem-1290	81	3	standard	standard	NOUN
fbem-1290	81	4	,	,	PUNCT
fbem-1290	81	5	investable	investable	ADJ
fbem-1290	81	6	ability	ability	NOUN
fbem-1290	81	7	and	and	CCONJ
fbem-1290	81	8	debt	debt	NOUN
fbem-1290	81	9	ability	ability	NOUN
fbem-1290	81	10	of	of	ADP
fbem-1290	81	11	residents	resident	NOUN
fbem-1290	81	12	in	in	ADP
fbem-1290	81	13	a	a	DET
fbem-1290	81	14	region	region	NOUN
fbem-1290	81	15	are	be	AUX
fbem-1290	81	16	affected	affect	VERB
fbem-1290	81	17	by	by	ADP
fbem-1290	81	18	the	the	DET
fbem-1290	81	19	income	income	NOUN
fbem-1290	81	20	level	level	NOUN
fbem-1290	81	21	in	in	ADP
fbem-1290	81	22	the	the	DET
fbem-1290	81	23	region	region	NOUN
fbem-1290	81	24	.	.	PUNCT
fbem-1290	82	1	the	the	PRON
fbem-1290	82	2	higher	high	ADJ
fbem-1290	82	3	the	the	DET
fbem-1290	82	4	income	income	NOUN
fbem-1290	82	5	,	,	PUNCT
fbem-1290	82	6	the	the	PRON
fbem-1290	82	7	stronger	strong	ADJ
fbem-1290	82	8	the	the	DET
fbem-1290	82	9	debt	debt	NOUN
fbem-1290	82	10	tendency	tendency	NOUN
fbem-1290	82	11	and	and	CCONJ
fbem-1290	82	12	debt	debt	NOUN
fbem-1290	82	13	ability	ability	NOUN
fbem-1290	82	14	will	will	AUX
fbem-1290	82	15	be	be	AUX
fbem-1290	82	16	,	,	PUNCT
fbem-1290	82	17	which	which	PRON
fbem-1290	82	18	will	will	AUX
fbem-1290	82	19	directly	directly	ADV
fbem-1290	82	20	affect	affect	VERB
fbem-1290	82	21	the	the	DET
fbem-1290	82	22	current	current	ADJ
fbem-1290	82	23	area	area	NOUN
fbem-1290	82	24	of	of	ADP
fbem-1290	82	25	loans	loan	NOUN
fbem-1290	82	26	from	from	ADP
fbem-1290	82	27	residents	resident	NOUN
fbem-1290	82	28	.	.	PUNCT
fbem-1290	83	1	the	the	PRON
fbem-1290	83	2	higher	high	ADJ
fbem-1290	83	3	the	the	DET
fbem-1290	83	4	level	level	NOUN
fbem-1290	83	5	of	of	ADP
fbem-1290	83	6	economic	economic	ADJ
fbem-1290	83	7	development	development	NOUN
fbem-1290	83	8	in	in	ADP
fbem-1290	83	9	a	a	DET
fbem-1290	83	10	region	region	NOUN
fbem-1290	83	11	,	,	PUNCT
fbem-1290	83	12	the	the	PRON
fbem-1290	83	13	higher	high	ADJ
fbem-1290	83	14	the	the	DET
fbem-1290	83	15	gdp	gdp	NOUN
fbem-1290	83	16	,	,	PUNCT
fbem-1290	83	17	the	the	PRON
fbem-1290	83	18	higher	high	ADJ
fbem-1290	83	19	the	the	DET
fbem-1290	83	20	income	income	NOUN
fbem-1290	83	21	of	of	ADP
fbem-1290	83	22	the	the	DET
fbem-1290	83	23	region	region	NOUN
fbem-1290	83	24	,	,	PUNCT
fbem-1290	83	25	but	but	CCONJ
fbem-1290	83	26	the	the	DET
fbem-1290	83	27	strong	strong	ADJ
fbem-1290	83	28	liquidity	liquidity	NOUN
fbem-1290	83	29	of	of	ADP
fbem-1290	83	30	loans	loan	NOUN
fbem-1290	83	31	,	,	PUNCT
fbem-1290	83	32	resulting	result	VERB
fbem-1290	83	33	in	in	ADP
fbem-1290	83	34	changes	change	NOUN
fbem-1290	83	35	in	in	ADP
fbem-1290	83	36	the	the	DET
fbem-1290	83	37	leverage	leverage	NOUN
fbem-1290	83	38	ratio	ratio	NOUN
fbem-1290	83	39	of	of	ADP
fbem-1290	83	40	residents	resident	NOUN
fbem-1290	83	41	.	.	PUNCT
fbem-1290	84	1	therefore	therefore	ADV
fbem-1290	84	2	,	,	PUNCT
fbem-1290	84	3	we	we	PRON
fbem-1290	84	4	measure	measure	VERB
fbem-1290	84	5	the	the	DET
fbem-1290	84	6	income	income	NOUN
fbem-1290	84	7	level	level	NOUN
fbem-1290	84	8	of	of	ADP
fbem-1290	84	9	residents	resident	NOUN
fbem-1290	84	10	with	with	ADP
fbem-1290	84	11	the	the	DET
fbem-1290	84	12	gdp	gdp	NOUN
fbem-1290	84	13	per	per	ADP
fbem-1290	84	14	capita	capita	NOUN
fbem-1290	84	15	of	of	ADP
fbem-1290	84	16	31	31	NUM
fbem-1290	84	17	provinces	province	NOUN
fbem-1290	84	18	.	.	PUNCT
fbem-1290	85	1	3	3	X
fbem-1290	85	2	.	.	X
fbem-1290	85	3	age	age	NOUN
fbem-1290	85	4	structure	structure	NOUN
fbem-1290	85	5	of	of	ADP
fbem-1290	85	6	the	the	DET
fbem-1290	85	7	population	population	NOUN
fbem-1290	85	8	.	.	PUNCT
fbem-1290	86	1	the	the	DET
fbem-1290	86	2	age	age	NOUN
fbem-1290	86	3	structure	structure	NOUN
fbem-1290	86	4	of	of	ADP
fbem-1290	86	5	the	the	DET
fbem-1290	86	6	population	population	NOUN
fbem-1290	86	7	has	have	VERB
fbem-1290	86	8	a	a	DET
fbem-1290	86	9	direct	direct	ADJ
fbem-1290	86	10	impact	impact	NOUN
fbem-1290	86	11	on	on	ADP
fbem-1290	86	12	the	the	DET
fbem-1290	86	13	debt	debt	NOUN
fbem-1290	86	14	capacity	capacity	NOUN
fbem-1290	86	15	and	and	CCONJ
fbem-1290	86	16	level	level	NOUN
fbem-1290	86	17	of	of	ADP
fbem-1290	86	18	the	the	DET
fbem-1290	86	19	residential	residential	ADJ
fbem-1290	86	20	sector	sector	NOUN
fbem-1290	86	21	.	.	PUNCT
fbem-1290	87	1	at	at	ADP
fbem-1290	87	2	the	the	DET
fbem-1290	87	3	same	same	ADJ
fbem-1290	87	4	time	time	NOUN
fbem-1290	87	5	,	,	PUNCT
fbem-1290	87	6	the	the	PRON
fbem-1290	87	7	greater	great	ADJ
fbem-1290	87	8	the	the	DET
fbem-1290	87	9	proportion	proportion	NOUN
fbem-1290	87	10	of	of	ADP
fbem-1290	87	11	juvenile	juvenile	ADJ
fbem-1290	87	12	population	population	NOUN
fbem-1290	87	13	,	,	PUNCT
fbem-1290	87	14	indicating	indicate	VERB
fbem-1290	87	15	that	that	SCONJ
fbem-1290	87	16	the	the	DET
fbem-1290	87	17	development	development	NOUN
fbem-1290	87	18	potential	potential	NOUN
fbem-1290	87	19	of	of	ADP
fbem-1290	87	20	the	the	DET
fbem-1290	87	21	region	region	NOUN
fbem-1290	87	22	is	be	AUX
fbem-1290	87	23	higher	high	ADJ
fbem-1290	87	24	at	at	ADP
fbem-1290	87	25	the	the	DET
fbem-1290	87	26	same	same	ADJ
fbem-1290	87	27	level	level	NOUN
fbem-1290	87	28	,	,	PUNCT
fbem-1290	87	29	which	which	PRON
fbem-1290	87	30	indirectly	indirectly	ADV
fbem-1290	87	31	affects	affect	VERB
fbem-1290	87	32	the	the	DET
fbem-1290	87	33	economic	economic	ADJ
fbem-1290	87	34	and	and	CCONJ
fbem-1290	87	35	financial	financial	ADJ
fbem-1290	87	36	development	development	NOUN
fbem-1290	87	37	of	of	ADP
fbem-1290	87	38	the	the	DET
fbem-1290	87	39	region	region	NOUN
fbem-1290	87	40	.	.	PUNCT
fbem-1290	88	1	the	the	DET
fbem-1290	88	2	proportion	proportion	NOUN
fbem-1290	88	3	of	of	ADP
fbem-1290	88	4	elderly	elderly	ADJ
fbem-1290	88	5	population	population	NOUN
fbem-1290	88	6	affects	affect	VERB
fbem-1290	88	7	the	the	DET
fbem-1290	88	8	labor	labor	NOUN
fbem-1290	88	9	structure	structure	NOUN
fbem-1290	88	10	and	and	CCONJ
fbem-1290	88	11	level	level	NOUN
fbem-1290	88	12	of	of	ADP
fbem-1290	88	13	the	the	DET
fbem-1290	88	14	region	region	NOUN
fbem-1290	88	15	,	,	PUNCT
fbem-1290	88	16	and	and	CCONJ
fbem-1290	88	17	also	also	ADV
fbem-1290	88	18	has	have	VERB
fbem-1290	88	19	certain	certain	ADJ
fbem-1290	88	20	impact	impact	NOUN
fbem-1290	88	21	on	on	ADP
fbem-1290	88	22	the	the	DET
fbem-1290	88	23	economic	economic	ADJ
fbem-1290	88	24	development	development	NOUN
fbem-1290	88	25	of	of	ADP
fbem-1290	88	26	the	the	DET
fbem-1290	88	27	region	region	NOUN
fbem-1290	88	28	.	.	PUNCT
fbem-1290	89	1	specific	specific	ADJ
fbem-1290	89	2	sources	source	NOUN
fbem-1290	89	3	of	of	ADP
fbem-1290	89	4	data	datum	NOUN
fbem-1290	89	5	and	and	CCONJ
fbem-1290	89	6	calculation	calculation	NOUN
fbem-1290	89	7	method	method	NOUN
fbem-1290	89	8	are	be	AUX
fbem-1290	89	9	shown	show	VERB
fbem-1290	89	10	in	in	ADP
fbem-1290	89	11	the	the	DET
fbem-1290	89	12	following	follow	VERB
fbem-1290	89	13	table	table	NOUN
fbem-1290	89	14	:	:	PUNCT
fbem-1290	89	15	table	table	NOUN
fbem-1290	89	16	1	1	NUM
fbem-1290	89	17	.	.	X
fbem-1290	89	18	calculation	calculation	NOUN
fbem-1290	89	19	of	of	ADP
fbem-1290	89	20	variable	variable	ADJ
fbem-1290	89	21	data	datum	NOUN
fbem-1290	89	22	and	and	CCONJ
fbem-1290	89	23	data	datum	NOUN
fbem-1290	89	24	sources	source	NOUN
fbem-1290	89	25	select	select	VERB
fbem-1290	89	26	variable	variable	ADJ
fbem-1290	89	27	calculation	calculation	NOUN
fbem-1290	89	28	(	(	PUNCT
fbem-1290	89	29	measurement	measurement	NOUN
fbem-1290	89	30	)	)	PUNCT
fbem-1290	89	31	method	method	NOUN
fbem-1290	89	32	data	datum	NOUN
fbem-1290	89	33	source	source	NOUN
fbem-1290	89	34	interpreted	interpret	VERB
fbem-1290	89	35	variable	variable	ADJ
fbem-1290	89	36	resident	resident	NOUN
fbem-1290	89	37	leverage	leverage	NOUN
fbem-1290	89	38	ratio	ratio	NOUN
fbem-1290	89	39	:	:	PUNCT
fbem-1290	89	40	hl	hl	NOUN
fbem-1290	89	41	use	use	NOUN
fbem-1290	89	42	of	of	ADP
fbem-1290	89	43	residential	residential	ADJ
fbem-1290	89	44	sector	sector	NOUN
fbem-1290	89	45	loans	loan	NOUN
fbem-1290	89	46	/	/	SYM
fbem-1290	89	47	nominal	nominal	NOUN
fbem-1290	89	48	gdp	gdp	NOUN
fbem-1290	89	49	as	as	ADP
fbem-1290	89	50	an	an	DET
fbem-1290	89	51	approximate	approximate	ADJ
fbem-1290	89	52	indicator	indicator	NOUN
fbem-1290	89	53	of	of	ADP
fbem-1290	89	54	household	household	NOUN
fbem-1290	89	55	leverage	leverage	NOUN
fbem-1290	89	56	ratio	ratio	NOUN
fbem-1290	89	57	national	national	ADJ
fbem-1290	89	58	statistical	statistical	ADJ
fbem-1290	89	59	yearbook	yearbook	NOUN
fbem-1290	89	60	;	;	PUNCT
fbem-1290	89	61	people	people	NOUN
fbem-1290	89	62	's	's	PART
fbem-1290	89	63	bank	bank	PROPN
fbem-1290	89	64	of	of	ADP
fbem-1290	89	65	china	china	PROPN
fbem-1290	89	66	key	key	PROPN
fbem-1290	89	67	explanatory	explanatory	ADJ
fbem-1290	89	68	variables	variable	NOUN
fbem-1290	89	69	completed	complete	VERB
fbem-1290	89	70	investment	investment	NOUN
fbem-1290	89	71	in	in	ADP
fbem-1290	89	72	real	real	ADJ
fbem-1290	89	73	estate	estate	NOUN
fbem-1290	89	74	development	development	NOUN
fbem-1290	89	75	:	:	PUNCT
fbem-1290	89	76	idd	idd	VERB
fbem-1290	89	77	the	the	DET
fbem-1290	89	78	sum	sum	NOUN
fbem-1290	89	79	of	of	ADP
fbem-1290	89	80	the	the	DET
fbem-1290	89	81	relevant	relevant	ADJ
fbem-1290	89	82	expenses	expense	NOUN
fbem-1290	89	83	for	for	ADP
fbem-1290	89	84	the	the	DET
fbem-1290	89	85	construction	construction	NOUN
fbem-1290	89	86	of	of	ADP
fbem-1290	89	87	houses	house	NOUN
fbem-1290	89	88	and	and	CCONJ
fbem-1290	89	89	the	the	DET
fbem-1290	89	90	development	development	NOUN
fbem-1290	89	91	of	of	ADP
fbem-1290	89	92	real	real	ADJ
fbem-1290	89	93	estate	estate	NOUN
fbem-1290	89	94	in	in	ADP
fbem-1290	89	95	the	the	DET
fbem-1290	89	96	area	area	NOUN
fbem-1290	89	97	over	over	ADP
fbem-1290	89	98	a	a	DET
fbem-1290	89	99	period	period	NOUN
fbem-1290	89	100	of	of	ADP
fbem-1290	89	101	time	time	NOUN
fbem-1290	89	102	,	,	PUNCT
fbem-1290	89	103	the	the	DET
fbem-1290	89	104	unit	unit	NOUN
fbem-1290	89	105	is	be	AUX
fbem-1290	89	106	ten	ten	NUM
fbem-1290	89	107	thousand	thousand	NUM
fbem-1290	89	108	yuan	yuan	NOUN
fbem-1290	89	109	national	national	ADJ
fbem-1290	89	110	statistical	statistical	ADJ
fbem-1290	89	111	yearbook	yearbook	NOUN
fbem-1290	89	112	sales	sale	NOUN
fbem-1290	89	113	area	area	NOUN
fbem-1290	89	114	of	of	ADP
fbem-1290	89	115	residential	residential	ADJ
fbem-1290	89	116	commercial	commercial	ADJ
fbem-1290	89	117	housing	housing	NOUN
fbem-1290	89	118	:	:	PUNCT
fbem-1290	89	119	srh	srh	PROPN
fbem-1290	89	120	commercial	commercial	ADJ
fbem-1290	89	121	housing	housing	PROPN
fbem-1290	89	122	sales	sale	NOUN
fbem-1290	89	123	area	area	NOUN
fbem-1290	89	124	,	,	PUNCT
fbem-1290	89	125	unit	unit	NOUN
fbem-1290	89	126	is	be	AUX
fbem-1290	89	127	ten	ten	NUM
fbem-1290	89	128	thousand	thousand	NUM
fbem-1290	89	129	square	square	ADJ
fbem-1290	89	130	meters	meter	NOUN
fbem-1290	89	131	national	national	ADJ
fbem-1290	89	132	statistical	statistical	ADJ
fbem-1290	89	133	yearbook	yearbook	NOUN
fbem-1290	89	134	interest	interest	NOUN
fbem-1290	89	135	rate	rate	NOUN
fbem-1290	89	136	:	:	PUNCT
fbem-1290	89	137	r	r	PROPN
fbem-1290	89	138	china	china	PROPN
fbem-1290	89	139	's	's	PART
fbem-1290	89	140	medium	medium	ADJ
fbem-1290	89	141	and	and	CCONJ
fbem-1290	89	142	long	long	ADJ
fbem-1290	89	143	-	-	PUNCT
fbem-1290	89	144	term	term	NOUN
fbem-1290	89	145	loan	loan	NOUN
fbem-1290	89	146	interest	interest	NOUN
fbem-1290	89	147	rates	rate	NOUN
fbem-1290	89	148	(	(	PUNCT
fbem-1290	89	149	more	more	ADJ
fbem-1290	89	150	than	than	ADP
fbem-1290	89	151	five	five	NUM
fbem-1290	89	152	years	year	NOUN
fbem-1290	89	153	)	)	PUNCT
fbem-1290	89	154	,	,	PUNCT
fbem-1290	89	155	due	due	ADP
fbem-1290	89	156	to	to	ADP
fbem-1290	89	157	the	the	DET
fbem-1290	89	158	national	national	ADJ
fbem-1290	89	159	unity	unity	NOUN
fbem-1290	89	160	of	of	ADP
fbem-1290	89	161	interest	interest	NOUN
fbem-1290	89	162	rates	rate	NOUN
fbem-1290	89	163	,	,	PUNCT
fbem-1290	89	164	the	the	DET
fbem-1290	89	165	national	national	ADJ
fbem-1290	89	166	data	datum	NOUN
fbem-1290	89	167	instead	instead	ADV
fbem-1290	89	168	of	of	ADP
fbem-1290	89	169	the	the	DET
fbem-1290	89	170	provincial	provincial	ADJ
fbem-1290	89	171	data	datum	NOUN
fbem-1290	89	172	people	people	NOUN
fbem-1290	89	173	's	's	PART
fbem-1290	89	174	bank	bank	PROPN
fbem-1290	89	175	of	of	ADP
fbem-1290	89	176	china	china	PROPN
fbem-1290	89	177	fiscal	fiscal	ADJ
fbem-1290	89	178	policy	policy	NOUN
fbem-1290	89	179	variable	variable	NOUN
fbem-1290	89	180	:	:	PUNCT
fbem-1290	89	181	fpr	fpr	VERB
fbem-1290	89	182	the	the	DET
fbem-1290	89	183	ratio	ratio	NOUN
fbem-1290	89	184	of	of	ADP
fbem-1290	89	185	state	state	NOUN
fbem-1290	89	186	-	-	PUNCT
fbem-1290	89	187	owned	own	VERB
fbem-1290	89	188	land	land	NOUN
fbem-1290	89	189	use	use	VERB
fbem-1290	89	190	right	right	ADJ
fbem-1290	89	191	transfer	transfer	NOUN
fbem-1290	89	192	fee	fee	NOUN
fbem-1290	89	193	to	to	ADP
fbem-1290	89	194	public	public	ADJ
fbem-1290	89	195	finance	finance	NOUN
fbem-1290	89	196	income	income	NOUN
fbem-1290	89	197	is	be	AUX
fbem-1290	89	198	replaced	replace	VERB
fbem-1290	89	199	by	by	ADP
fbem-1290	89	200	national	national	ADJ
fbem-1290	89	201	data	datum	NOUN
fbem-1290	89	202	instead	instead	ADV
fbem-1290	89	203	of	of	ADP
fbem-1290	89	204	provincial	provincial	ADJ
fbem-1290	89	205	data	datum	NOUN
fbem-1290	89	206	to	to	PART
fbem-1290	89	207	fill	fill	VERB
fbem-1290	89	208	in	in	ADP
fbem-1290	89	209	the	the	DET
fbem-1290	89	210	missing	miss	VERB
fbem-1290	89	211	data	datum	NOUN
fbem-1290	89	212	.	.	PUNCT
fbem-1290	90	1	wind	wind	NOUN
fbem-1290	90	2	database	database	NOUN
fbem-1290	90	3	control	control	PROPN
fbem-1290	90	4	variable	variable	ADJ
fbem-1290	90	5	financial	financial	ADJ
fbem-1290	90	6	development	development	NOUN
fbem-1290	90	7	:	:	PUNCT
fbem-1290	90	8	fd	fd	PROPN
fbem-1290	90	9	financial	financial	ADJ
fbem-1290	90	10	industry	industry	NOUN
fbem-1290	90	11	added	add	VERB
fbem-1290	90	12	value	value	NOUN
fbem-1290	90	13	as	as	ADP
fbem-1290	90	14	a	a	DET
fbem-1290	90	15	percentage	percentage	NOUN
fbem-1290	90	16	of	of	ADP
fbem-1290	90	17	nominal	nominal	ADJ
fbem-1290	90	18	gdp	gdp	NOUN
fbem-1290	90	19	in%	in%	NUM
fbem-1290	90	20	national	national	ADJ
fbem-1290	90	21	statistical	statistical	ADJ
fbem-1290	90	22	yearbook	yearbook	NOUN
fbem-1290	90	23	income	income	NOUN
fbem-1290	90	24	level	level	NOUN
fbem-1290	90	25	:	:	PUNCT
fbem-1290	90	26	pgdp	pgdp	NOUN
fbem-1290	90	27	per	per	ADP
fbem-1290	90	28	capita	capita	X
fbem-1290	90	29	gdp	gdp	NOUN
fbem-1290	90	30	of	of	ADP
fbem-1290	90	31	each	each	DET
fbem-1290	90	32	region	region	NOUN
fbem-1290	90	33	,	,	PUNCT
fbem-1290	90	34	in	in	ADP
fbem-1290	90	35	yuan	yuan	PROPN
fbem-1290	90	36	national	national	ADJ
fbem-1290	90	37	statistical	statistical	ADJ
fbem-1290	90	38	yearbook	yearbook	NOUN
fbem-1290	90	39	population	population	NOUN
fbem-1290	90	40	age	age	NOUN
fbem-1290	90	41	structure	structure	NOUN
fbem-1290	90	42	:	:	PUNCT
fbem-1290	90	43	acp	acp	PROPN
fbem-1290	90	44	dependency	dependency	NOUN
fbem-1290	90	45	ratio	ratio	NOUN
fbem-1290	90	46	of	of	ADP
fbem-1290	90	47	juvenile	juvenile	ADJ
fbem-1290	90	48	population	population	NOUN
fbem-1290	90	49	:	:	PUNCT
fbem-1290	90	50	juvenile	juvenile	ADJ
fbem-1290	90	51	population	population	NOUN
fbem-1290	90	52	aged	age	VERB
fbem-1290	90	53	0	0	NUM
fbem-1290	90	54	-	-	SYM
fbem-1290	90	55	15	15	NUM
fbem-1290	90	56	/	/	SYM
fbem-1290	90	57	working	work	VERB
fbem-1290	90	58	age	age	NOUN
fbem-1290	90	59	population	population	NOUN
fbem-1290	90	60	,	,	PUNCT
fbem-1290	90	61	unit	unit	NOUN
fbem-1290	90	62	:	:	PUNCT
fbem-1290	90	63	dependency	dependency	NOUN
fbem-1290	90	64	ratio	ratio	NOUN
fbem-1290	90	65	of	of	ADP
fbem-1290	90	66	elderly	elderly	ADJ
fbem-1290	90	67	population	population	NOUN
fbem-1290	90	68	:	:	PUNCT
fbem-1290	90	69	population	population	NOUN
fbem-1290	90	70	over	over	ADP
fbem-1290	90	71	65	65	NUM
fbem-1290	90	72	years	year	NOUN
fbem-1290	90	73	old	old	ADJ
fbem-1290	90	74	/	/	SYM
fbem-1290	90	75	population	population	NOUN
fbem-1290	90	76	of	of	ADP
fbem-1290	90	77	working	work	VERB
fbem-1290	90	78	age	age	NOUN
fbem-1290	90	79	,	,	PUNCT
fbem-1290	90	80	unit	unit	NOUN
fbem-1290	90	81	is%	is%	PROPN
fbem-1290	90	82	national	national	PROPN
fbem-1290	90	83	statistical	statistical	ADJ
fbem-1290	90	84	yearbook	yearbook	NOUN
fbem-1290	90	85	177	177	NUM
fbem-1290	90	86	3.3	3.3	NUM
fbem-1290	90	87	.	.	PUNCT
fbem-1290	91	1	descriptive	descriptive	ADJ
fbem-1290	91	2	statistical	statistical	ADJ
fbem-1290	91	3	analysis	analysis	NOUN
fbem-1290	91	4	of	of	ADP
fbem-1290	91	5	data	datum	NOUN
fbem-1290	91	6	the	the	DET
fbem-1290	91	7	data	datum	NOUN
fbem-1290	91	8	used	use	VERB
fbem-1290	91	9	in	in	ADP
fbem-1290	91	10	this	this	DET
fbem-1290	91	11	paper	paper	NOUN
fbem-1290	91	12	are	be	AUX
fbem-1290	91	13	panel	panel	NOUN
fbem-1290	91	14	data	datum	NOUN
fbem-1290	91	15	covering	cover	VERB
fbem-1290	91	16	8	8	NUM
fbem-1290	91	17	relevant	relevant	ADJ
fbem-1290	91	18	variables	variable	NOUN
fbem-1290	91	19	and	and	CCONJ
fbem-1290	91	20	indicators	indicator	NOUN
fbem-1290	91	21	of	of	ADP
fbem-1290	91	22	31	31	NUM
fbem-1290	91	23	provinces	province	NOUN
fbem-1290	91	24	from	from	ADP
fbem-1290	91	25	2009	2009	NUM
fbem-1290	91	26	to	to	ADP
fbem-1290	91	27	2019	2019	NUM
fbem-1290	91	28	.	.	PUNCT
fbem-1290	92	1	firstly	firstly	ADV
fbem-1290	92	2	,	,	PUNCT
fbem-1290	92	3	pretreatment	pretreatment	NOUN
fbem-1290	92	4	is	be	AUX
fbem-1290	92	5	adopted	adopt	VERB
fbem-1290	92	6	to	to	PART
fbem-1290	92	7	eliminate	eliminate	VERB
fbem-1290	92	8	the	the	DET
fbem-1290	92	9	influence	influence	NOUN
fbem-1290	92	10	of	of	ADP
fbem-1290	92	11	different	different	ADJ
fbem-1290	92	12	interval	interval	NOUN
fbem-1290	92	13	differences	difference	NOUN
fbem-1290	92	14	of	of	ADP
fbem-1290	92	15	data	datum	NOUN
fbem-1290	92	16	,	,	PUNCT
fbem-1290	92	17	i.e.	i.e.	X
fbem-1290	92	18	logarithmic	logarithmic	ADJ
fbem-1290	92	19	processing	processing	NOUN
fbem-1290	92	20	is	be	AUX
fbem-1290	92	21	carried	carry	VERB
fbem-1290	92	22	out	out	ADP
fbem-1290	92	23	on	on	ADP
fbem-1290	92	24	some	some	DET
fbem-1290	92	25	abnormal	abnormal	ADJ
fbem-1290	92	26	data	datum	NOUN
fbem-1290	92	27	.	.	PUNCT
fbem-1290	93	1	secondly	secondly	ADV
fbem-1290	93	2	,	,	PUNCT
fbem-1290	93	3	descriptive	descriptive	ADJ
fbem-1290	93	4	statistical	statistical	ADJ
fbem-1290	93	5	analysis	analysis	NOUN
fbem-1290	93	6	of	of	ADP
fbem-1290	93	7	relevant	relevant	ADJ
fbem-1290	93	8	variables	variable	NOUN
fbem-1290	93	9	is	be	AUX
fbem-1290	93	10	carried	carry	VERB
fbem-1290	93	11	out	out	ADP
fbem-1290	93	12	on	on	ADP
fbem-1290	93	13	panel	panel	NOUN
fbem-1290	93	14	data	datum	NOUN
fbem-1290	93	15	containing	contain	VERB
fbem-1290	93	16	341	341	NUM
fbem-1290	93	17	samples	sample	NOUN
fbem-1290	93	18	by	by	ADP
fbem-1290	93	19	using	use	VERB
fbem-1290	93	20	stata15	stata15	NOUN
fbem-1290	93	21	software	software	NOUN
fbem-1290	93	22	.	.	PUNCT
fbem-1290	94	1	the	the	DET
fbem-1290	94	2	obtained	obtain	VERB
fbem-1290	94	3	results	result	NOUN
fbem-1290	94	4	are	be	AUX
fbem-1290	94	5	sorted	sort	VERB
fbem-1290	94	6	as	as	SCONJ
fbem-1290	94	7	follows	follow	VERB
fbem-1290	94	8	:	:	PUNCT
fbem-1290	94	9	table	table	NOUN
fbem-1290	94	10	2	2	NUM
fbem-1290	94	11	.	.	PUNCT
fbem-1290	94	12	descriptive	descriptive	ADJ
fbem-1290	94	13	statistical	statistical	ADJ
fbem-1290	94	14	analysis	analysis	NOUN
fbem-1290	94	15	of	of	ADP
fbem-1290	94	16	8	8	NUM
fbem-1290	94	17	indicators	indicator	NOUN
fbem-1290	94	18	in	in	ADP
fbem-1290	94	19	31	31	NUM
fbem-1290	94	20	economies	economy	NOUN
fbem-1290	94	21	variable	variable	ADJ
fbem-1290	94	22	name	name	NOUN
fbem-1290	94	23	unit	unit	NOUN
fbem-1290	94	24	number	number	NOUN
fbem-1290	94	25	of	of	ADP
fbem-1290	94	26	observations	observation	NOUN
fbem-1290	94	27	average	average	ADJ
fbem-1290	94	28	/	/	SYM
fbem-1290	94	29	mean	mean	NOUN
fbem-1290	94	30	value	value	NOUN
fbem-1290	94	31	maximum	maximum	ADJ
fbem-1290	94	32	minimum	minimum	NOUN
fbem-1290	94	33	value	value	NOUN
fbem-1290	94	34	standard	standard	ADJ
fbem-1290	94	35	deviation	deviation	NOUN
fbem-1290	94	36	interpreted	interpret	VERB
fbem-1290	94	37	variable	variable	ADJ
fbem-1290	94	38	hl	hl	NOUN
fbem-1290	94	39	%	%	NOUN
fbem-1290	94	40	34	34	NUM
fbem-1290	95	1	one	one	NUM
fbem-1290	95	2	33.46	33.46	NUM
fbem-1290	95	3	80.1	80.1	NUM
fbem-1290	95	4	15	15	NUM
fbem-1290	95	5	13.31	13.31	NUM
fbem-1290	95	6	key	key	ADJ
fbem-1290	95	7	explanatory	explanatory	ADJ
fbem-1290	95	8	variables	variable	NOUN
fbem-1290	95	9	ln	ln	ADJ
fbem-1290	95	10	(	(	PUNCT
fbem-1290	95	11	idd	idd	X
fbem-1290	95	12	)	)	PUNCT
fbem-1290	95	13	\	\	PROPN
fbem-1290	96	1	34	34	NUM
fbem-1290	96	2	one	one	NUM
fbem-1290	96	3	7.49	7.49	NUM
fbem-1290	96	4	9.67	9.67	NUM
fbem-1290	96	5	1.64	1.64	NUM
fbem-1290	96	6	1.21	1.21	NUM
fbem-1290	96	7	ln	ln	NOUN
fbem-1290	96	8	(	(	PUNCT
fbem-1290	96	9	srh	srh	PROPN
fbem-1290	96	10	)	)	PUNCT
fbem-1290	96	11	\	\	PROPN
fbem-1290	97	1	34	34	NUM
fbem-1290	97	2	one	one	NUM
fbem-1290	97	3	7.81	7.81	NUM
fbem-1290	97	4	9.51	9.51	NUM
fbem-1290	97	5	2.85	2.85	NUM
fbem-1290	97	6	1.13	1.13	NUM
fbem-1290	97	7	r	r	NOUN
fbem-1290	97	8	%	%	NOUN
fbem-1290	97	9	34	34	NUM
fbem-1290	97	10	one	one	NUM
fbem-1290	97	11	5.76	5.76	NUM
fbem-1290	97	12	6.8	6.8	NUM
fbem-1290	97	13	4.9	4.9	NUM
fbem-1290	97	14	0.75	0.75	NUM
fbem-1290	97	15	jin	jin	NOUN
fbem-1290	97	16	fpr	fpr	PRON
fbem-1290	97	17	%	%	NOUN
fbem-1290	97	18	34	34	NUM
fbem-1290	97	19	one	one	NUM
fbem-1290	97	20	0.55	0.55	NUM
fbem-1290	97	21	jin	jin	NOUN
fbem-1290	97	22	0.72	0.72	NUM
fbem-1290	97	23	jin	jin	NOUN
fbem-1290	97	24	0.37	0.37	NUM
fbem-1290	97	25	jin	jin	NOUN
fbem-1290	97	26	0.10	0.10	NUM
fbem-1290	97	27	jin	jin	NOUN
fbem-1290	97	28	control	control	PROPN
fbem-1290	97	29	variable	variable	PROPN
fbem-1290	97	30	ln	ln	PROPN
fbem-1290	97	31	(	(	PUNCT
fbem-1290	97	32	fd	fd	PROPN
fbem-1290	97	33	)	)	PUNCT
fbem-1290	97	34	%	%	NOUN
fbem-1290	98	1	34	34	NUM
fbem-1290	98	2	one	one	NUM
fbem-1290	98	3	6.75	6.75	NUM
fbem-1290	98	4	9.09	9.09	NUM
fbem-1290	98	5	3.12	3.12	NUM
fbem-1290	98	6	1.13	1.13	NUM
fbem-1290	98	7	ln	ln	ADJ
fbem-1290	98	8	(	(	PUNCT
fbem-1290	98	9	pgdp	pgdp	NOUN
fbem-1290	98	10	)	)	PUNCT
fbem-1290	98	11	yuan	yuan	NOUN
fbem-1290	98	12	dynasty	dynasty	NOUN
fbem-1290	98	13	(	(	PUNCT
fbem-1290	98	14	1206	1206	NUM
fbem-1290	98	15	-	-	SYM
fbem-1290	98	16	1368	1368	NUM
fbem-1290	98	17	)	)	PUNCT
fbem-1290	98	18	34	34	NUM
fbem-1290	98	19	one	one	NUM
fbem-1290	98	20	10.63	10.63	NUM
fbem-1290	98	21	11.99	11.99	NUM
fbem-1290	98	22	9.29	9.29	NUM
fbem-1290	98	23	0.49	0.49	NUM
fbem-1290	98	24	jin	jin	PROPN
fbem-1290	98	25	acp	acp	PROPN
fbem-1290	98	26	%	%	NOUN
fbem-1290	98	27	34	34	NUM
fbem-1290	98	28	one	one	NUM
fbem-1290	98	29	36.41	36.41	NUM
fbem-1290	98	30	51.12	51.12	NUM
fbem-1290	98	31	19.27	19.27	NUM
fbem-1290	98	32	6.66	6.66	NUM
fbem-1290	98	33	state	state	NOUN
fbem-1290	98	34	\	\	PROPN
fbem-1290	98	35	34	34	NUM
fbem-1290	98	36	one	one	NUM
fbem-1290	98	37	16	16	NUM
fbem-1290	98	38	one	one	NUM
fbem-1290	98	39	31	31	NUM
fbem-1290	98	40	8.95	8.95	NUM
fbem-1290	98	41	year	year	NOUN
fbem-1290	98	42	\	\	PROPN
fbem-1290	98	43	34	34	NUM
fbem-1290	98	44	one	one	NUM
fbem-1290	98	45	20	20	NUM
fbem-1290	98	46	14	14	NUM
fbem-1290	98	47	20	20	NUM
fbem-1290	98	48	09	09	NUM
fbem-1290	98	49	20	20	NUM
fbem-1290	98	50	19	19	NUM
fbem-1290	98	51	3.16	3.16	NUM
fbem-1290	98	52	3.4	3.4	NUM
fbem-1290	98	53	.	.	PUNCT
fbem-1290	99	1	empirical	empirical	ADJ
fbem-1290	99	2	regression	regression	NOUN
fbem-1290	99	3	model	model	NOUN
fbem-1290	99	4	1	1	NUM
fbem-1290	99	5	.	.	PUNCT
fbem-1290	99	6	static	static	ADJ
fbem-1290	99	7	regression	regression	NOUN
fbem-1290	99	8	model	model	NOUN
fbem-1290	99	9	the	the	DET
fbem-1290	99	10	general	general	ADJ
fbem-1290	99	11	static	static	ADJ
fbem-1290	99	12	panel	panel	NOUN
fbem-1290	99	13	data	datum	NOUN
fbem-1290	99	14	model	model	NOUN
fbem-1290	99	15	means	mean	VERB
fbem-1290	99	16	that	that	SCONJ
fbem-1290	99	17	the	the	DET
fbem-1290	99	18	lag	lag	NOUN
fbem-1290	99	19	term	term	NOUN
fbem-1290	99	20	of	of	ADP
fbem-1290	99	21	the	the	DET
fbem-1290	99	22	explained	explain	VERB
fbem-1290	99	23	variable	variable	NOUN
fbem-1290	99	24	is	be	AUX
fbem-1290	99	25	not	not	PART
fbem-1290	99	26	considered	consider	VERB
fbem-1290	99	27	in	in	ADP
fbem-1290	99	28	the	the	DET
fbem-1290	99	29	explained	explain	VERB
fbem-1290	99	30	variable	variable	NOUN
fbem-1290	99	31	,	,	PUNCT
fbem-1290	99	32	but	but	CCONJ
fbem-1290	99	33	the	the	DET
fbem-1290	99	34	influence	influence	NOUN
fbem-1290	99	35	of	of	ADP
fbem-1290	99	36	the	the	DET
fbem-1290	99	37	lag	lag	NOUN
fbem-1290	99	38	term	term	NOUN
fbem-1290	99	39	is	be	AUX
fbem-1290	99	40	explained	explain	VERB
fbem-1290	99	41	by	by	ADP
fbem-1290	99	42	a	a	DET
fbem-1290	99	43	separate	separate	ADJ
fbem-1290	99	44	dynamic	dynamic	ADJ
fbem-1290	99	45	model	model	NOUN
fbem-1290	99	46	.	.	PUNCT
fbem-1290	100	1	the	the	DET
fbem-1290	100	2	model	model	NOUN
fbem-1290	100	3	considered	consider	VERB
fbem-1290	100	4	at	at	ADP
fbem-1290	100	5	this	this	DET
fbem-1290	100	6	time	time	NOUN
fbem-1290	100	7	is	be	AUX
fbem-1290	100	8	the	the	DET
fbem-1290	100	9	original	original	ADJ
fbem-1290	100	10	model	model	NOUN
fbem-1290	100	11	:	:	PUNCT
fbem-1290	100	12	hl	hl	NOUN
fbem-1290	100	13	a	a	PRON
fbem-1290	100	14	β	β	X
fbem-1290	100	15	x	x	SYM
fbem-1290	100	16	φ	φ	PROPN
fbem-1290	100	17	y	y	PROPN
fbem-1290	100	18	ε	ε	PROPN
fbem-1290	100	19	in	in	ADP
fbem-1290	100	20	this	this	DET
fbem-1290	100	21	paper	paper	NOUN
fbem-1290	100	22	,	,	PUNCT
fbem-1290	100	23	the	the	DET
fbem-1290	100	24	model	model	NOUN
fbem-1290	100	25	is	be	AUX
fbem-1290	100	26	subjected	subject	VERB
fbem-1290	100	27	to	to	ADP
fbem-1290	100	28	four	four	NUM
fbem-1290	100	29	static	static	ADJ
fbem-1290	100	30	regressions	regression	NOUN
fbem-1290	100	31	.	.	PUNCT
fbem-1290	101	1	firstly	firstly	ADV
fbem-1290	101	2	,	,	PUNCT
fbem-1290	101	3	to	to	PART
fbem-1290	101	4	ensure	ensure	VERB
fbem-1290	101	5	the	the	DET
fbem-1290	101	6	robustness	robustness	NOUN
fbem-1290	101	7	of	of	ADP
fbem-1290	101	8	the	the	DET
fbem-1290	101	9	model	model	NOUN
fbem-1290	101	10	,	,	PUNCT
fbem-1290	101	11	the	the	DET
fbem-1290	101	12	panel	panel	NOUN
fbem-1290	101	13	data	datum	NOUN
fbem-1290	101	14	is	be	AUX
fbem-1290	101	15	tested	test	VERB
fbem-1290	101	16	for	for	ADP
fbem-1290	101	17	adf	adf	PROPN
fbem-1290	101	18	stationarity	stationarity	NOUN
fbem-1290	101	19	(	(	PUNCT
fbem-1290	101	20	unit	unit	NOUN
fbem-1290	101	21	root	root	NOUN
fbem-1290	101	22	)	)	PUNCT
fbem-1290	101	23	using	use	VERB
fbem-1290	101	24	llc	llc	PROPN
fbem-1290	101	25	test	test	NOUN
fbem-1290	101	26	syntax	syntax	NOUN
fbem-1290	101	27	,	,	PUNCT
fbem-1290	101	28	and	and	CCONJ
fbem-1290	101	29	then	then	ADV
fbem-1290	101	30	the	the	DET
fbem-1290	101	31	model	model	NOUN
fbem-1290	101	32	used	use	VERB
fbem-1290	101	33	is	be	AUX
fbem-1290	101	34	determined	determine	VERB
fbem-1290	101	35	using	use	VERB
fbem-1290	101	36	hausman	hausman	ADJ
fbem-1290	101	37	test	test	NOUN
fbem-1290	101	38	.	.	PUNCT
fbem-1290	102	1	the	the	DET
fbem-1290	102	2	results	result	NOUN
fbem-1290	102	3	of	of	ADP
fbem-1290	102	4	hausman	hausman	ADJ
fbem-1290	102	5	test	test	NOUN
fbem-1290	102	6	are	be	AUX
fbem-1290	102	7	shown	show	VERB
fbem-1290	102	8	in	in	ADP
fbem-1290	102	9	table	table	NOUN
fbem-1290	102	10	3	3	NUM
fbem-1290	102	11	,	,	PUNCT
fbem-1290	102	12	and	and	CCONJ
fbem-1290	102	13	the	the	DET
fbem-1290	102	14	display	display	NOUN
fbem-1290	102	15	card	card	NOUN
fbem-1290	102	16	square	square	ADJ
fbem-1290	102	17	value	value	NOUN
fbem-1290	102	18	in	in	ADP
fbem-1290	102	19	table	table	NOUN
fbem-1290	102	20	3	3	NUM
fbem-1290	102	21	is	be	AUX
fbem-1290	102	22	39.12	39.12	NUM
fbem-1290	102	23	,	,	PUNCT
fbem-1290	102	24	which	which	PRON
fbem-1290	102	25	is	be	AUX
fbem-1290	102	26	far	far	ADV
fbem-1290	102	27	greater	great	ADJ
fbem-1290	102	28	than	than	ADP
fbem-1290	102	29	the	the	DET
fbem-1290	102	30	chi	chi	ADJ
fbem-1290	102	31	-	-	PUNCT
fbem-1290	102	32	square	square	ADJ
fbem-1290	102	33	value	value	NOUN
fbem-1290	102	34	of	of	ADP
fbem-1290	102	35	the	the	DET
fbem-1290	102	36	model	model	NOUN
fbem-1290	102	37	at	at	ADP
fbem-1290	102	38	a	a	DET
fbem-1290	102	39	significant	significant	ADJ
fbem-1290	102	40	level	level	NOUN
fbem-1290	102	41	,	,	PUNCT
fbem-1290	102	42	i.e.	i.e.	X
fbem-1290	102	43	the	the	DET
fbem-1290	102	44	original	original	ADJ
fbem-1290	102	45	model	model	NOUN
fbem-1290	102	46	species	specie	NOUN
fbem-1290	102	47	has	have	AUX
fbem-1290	102	48	fixed	fix	VERB
fbem-1290	102	49	effect	effect	NOUN
fbem-1290	102	50	,	,	PUNCT
fbem-1290	102	51	and	and	CCONJ
fbem-1290	102	52	the	the	DET
fbem-1290	102	53	fixed	fix	VERB
fbem-1290	102	54	effect	effect	NOUN
fbem-1290	102	55	model	model	NOUN
fbem-1290	102	56	should	should	AUX
fbem-1290	102	57	be	be	AUX
fbem-1290	102	58	used	use	VERB
fbem-1290	102	59	.	.	PUNCT
fbem-1290	103	1	table	table	NOUN
fbem-1290	103	2	3	3	NUM
fbem-1290	103	3	.	.	PUNCT
fbem-1290	103	4	hausman	hausman	PROPN
fbem-1290	103	5	test	test	NOUN
fbem-1290	103	6	results	result	VERB
fbem-1290	103	7	variable	variable	ADJ
fbem-1290	103	8	(	(	PUNCT
fbem-1290	103	9	b)fe	b)fe	PROPN
fbem-1290	103	10	(	(	PUNCT
fbem-1290	103	11	b)re	b)re	PROPN
fbem-1290	103	12	(	(	PUNCT
fbem-1290	103	13	b	b	X
fbem-1290	103	14	-	-	PUNCT
fbem-1290	103	15	b)difference	b)difference	NOUN
fbem-1290	103	16	sqrt(diag(v_b	sqrt(diag(v_b	NOUN
fbem-1290	103	17	-	-	PUNCT
fbem-1290	103	18	v_b))s.e	v_b))s.e	NOUN
fbem-1290	103	19	.	.	PUNCT
fbem-1290	104	1	ln	ln	INTJ
fbem-1290	104	2	(	(	PUNCT
fbem-1290	104	3	idd	idd	X
fbem-1290	104	4	)	)	PUNCT
fbem-1290	104	5	2.52	2.52	NUM
fbem-1290	104	6	1.27	1.27	NUM
fbem-1290	104	7	1.25	1.25	NUM
fbem-1290	104	8	0.0000	0.0000	NUM
fbem-1290	104	9	jin	jin	NOUN
fbem-1290	104	10	ln(srh	ln(srh	PROPN
fbem-1290	104	11	)	)	PUNCT
fbem-1290	104	12	1.23	1.23	NUM
fbem-1290	104	13	3.72	3.72	NUM
fbem-1290	104	14	-2.49	-2.49	NUM
fbem-1290	104	15	1.2392	1.2392	NUM
fbem-1290	104	16	r	r	NOUN
fbem-1290	104	17	-0.044	-0.044	PROPN
fbem-1290	104	18	-0.09	-0.09	PROPN
fbem-1290	104	19	0.046	0.046	NUM
fbem-1290	104	20	jin	jin	NOUN
fbem-1290	104	21	0.0447	0.0447	NUM
fbem-1290	104	22	jin	jin	NOUN
fbem-1290	104	23	fpr	fpr	VERB
fbem-1290	104	24	0.21	0.21	NUM
fbem-1290	104	25	jin	jin	NOUN
fbem-1290	104	26	1.22	1.22	NUM
fbem-1290	104	27	-1.01	-1.01	NUM
fbem-1290	104	28	0.2119	0.2119	NUM
fbem-1290	104	29	jin	jin	NOUN
fbem-1290	104	30	ln(fd	ln(fd	NOUN
fbem-1290	104	31	)	)	PUNCT
fbem-1290	104	32	-0.42	-0.42	NUM
fbem-1290	104	33	-0.29	-0.29	NUM
fbem-1290	104	34	-0.13	-0.13	NUM
fbem-1290	104	35	0.0042	0.0042	NUM
fbem-1290	104	36	jin	jin	NOUN
fbem-1290	104	37	ln(pgdp	ln(pgdp	PROPN
fbem-1290	104	38	)	)	PUNCT
fbem-1290	104	39	-1.26	-1.26	PROPN
fbem-1290	104	40	-4.93	-4.93	NUM
fbem-1290	104	41	3.67	3.67	NUM
fbem-1290	104	42	1.2623	1.2623	NUM
fbem-1290	104	43	acp	acp	PROPN
fbem-1290	104	44	-0.009	-0.009	X
fbem-1290	104	45	-0.073	-0.073	PUNCT
fbem-1290	104	46	0.064	0.064	NUM
fbem-1290	104	47	jin	jin	NOUN
fbem-1290	104	48	0.0092	0.0092	NUM
fbem-1290	104	49	jin	jin	PROPN
fbem-1290	104	50	chi2(7	chi2(7	PROPN
fbem-1290	104	51	)	)	PUNCT
fbem-1290	104	52	=	=	PUNCT
fbem-1290	105	1	(	(	PUNCT
fbem-1290	105	2	b	b	X
fbem-1290	105	3	-	-	PUNCT
fbem-1290	105	4	b)'[(v_b	b)'[(v_b	NOUN
fbem-1290	105	5	-	-	PUNCT
fbem-1290	105	6	v_b)^(-1)](b	v_b)^(-1)](b	NOUN
fbem-1290	105	7	-	-	PUNCT
fbem-1290	105	8	b)=	b)=	PROPN
fbem-1290	105	9	39.12	39.12	NUM
fbem-1290	105	10	prob	prob	NOUN
fbem-1290	105	11	>	>	X
fbem-1290	105	12	chi2	chi2	PROPN
fbem-1290	105	13	=	=	NOUN
fbem-1290	105	14	0.0000	0.0000	NUM
fbem-1290	106	1	the	the	DET
fbem-1290	106	2	above	above	ADJ
fbem-1290	106	3	test	test	NOUN
fbem-1290	106	4	results	result	NOUN
fbem-1290	106	5	indicate	indicate	VERB
fbem-1290	106	6	that	that	SCONJ
fbem-1290	106	7	the	the	DET
fbem-1290	106	8	fixed	fix	VERB
fbem-1290	106	9	effect	effect	NOUN
fbem-1290	106	10	model	model	NOUN
fbem-1290	106	11	should	should	AUX
fbem-1290	106	12	be	be	AUX
fbem-1290	106	13	used	use	VERB
fbem-1290	106	14	to	to	PART
fbem-1290	106	15	reflect	reflect	VERB
fbem-1290	106	16	the	the	DET
fbem-1290	106	17	individual	individual	ADJ
fbem-1290	106	18	differences	difference	NOUN
fbem-1290	106	19	of	of	ADP
fbem-1290	106	20	the	the	DET
fbem-1290	106	21	main	main	ADJ
fbem-1290	106	22	explanatory	explanatory	ADJ
fbem-1290	106	23	variables	variable	NOUN
fbem-1290	106	24	among	among	ADP
fbem-1290	106	25	individuals	individual	NOUN
fbem-1290	106	26	.	.	PUNCT
fbem-1290	107	1	now	now	ADV
fbem-1290	107	2	,	,	PUNCT
fbem-1290	107	3	the	the	DET
fbem-1290	107	4	descriptions	description	NOUN
fbem-1290	107	5	of	of	ADP
fbem-1290	107	6	regression	regression	NOUN
fbem-1290	107	7	1	1	NUM
fbem-1290	107	8	to	to	PART
fbem-1290	107	9	regression	regression	VERB
fbem-1290	107	10	4	4	NUM
fbem-1290	107	11	are	be	AUX
fbem-1290	107	12	shown	show	VERB
fbem-1290	107	13	in	in	ADP
fbem-1290	107	14	table	table	NOUN
fbem-1290	107	15	4	4	NUM
fbem-1290	107	16	:	:	PUNCT
fbem-1290	107	17	table	table	NOUN
fbem-1290	107	18	4	4	NUM
fbem-1290	107	19	.	.	PUNCT
fbem-1290	107	20	regression	regression	NOUN
fbem-1290	107	21	model	model	NOUN
fbem-1290	107	22	return	return	NOUN
fbem-1290	107	23	model	model	NOUN
fbem-1290	107	24	name	name	NOUN
fbem-1290	107	25	return	return	NOUN
fbem-1290	107	26	purpose	purpose	NOUN
fbem-1290	107	27	regression	regression	NOUN
fbem-1290	107	28	1	1	NUM
fbem-1290	107	29	fixed	fix	VERB
fbem-1290	107	30	effects	effect	NOUN
fbem-1290	107	31	model	model	NOUN
fbem-1290	107	32	reflect	reflect	VERB
fbem-1290	107	33	the	the	DET
fbem-1290	107	34	individual	individual	ADJ
fbem-1290	107	35	differences	difference	NOUN
fbem-1290	107	36	of	of	ADP
fbem-1290	107	37	the	the	DET
fbem-1290	107	38	main	main	ADJ
fbem-1290	107	39	explanatory	explanatory	ADJ
fbem-1290	107	40	variables	variable	NOUN
fbem-1290	107	41	.	.	PUNCT
fbem-1290	108	1	regression	regression	NOUN
fbem-1290	108	2	2	2	NUM
fbem-1290	108	3	ordinary	ordinary	ADJ
fbem-1290	108	4	least	least	ADJ
fbem-1290	108	5	squares	square	NOUN
fbem-1290	108	6	model	model	NOUN
fbem-1290	108	7	(	(	PUNCT
fbem-1290	108	8	ols	ols	PROPN
fbem-1290	108	9	)	)	PUNCT
fbem-1290	108	10	excluding	exclude	VERB
fbem-1290	108	11	the	the	DET
fbem-1290	108	12	correlation	correlation	NOUN
fbem-1290	108	13	between	between	ADP
fbem-1290	108	14	the	the	DET
fbem-1290	108	15	two	two	NUM
fbem-1290	108	16	main	main	ADJ
fbem-1290	108	17	explanatory	explanatory	ADJ
fbem-1290	108	18	variables	variable	NOUN
fbem-1290	108	19	and	and	CCONJ
fbem-1290	108	20	avoiding	avoid	VERB
fbem-1290	108	21	the	the	DET
fbem-1290	108	22	complexity	complexity	NOUN
fbem-1290	108	23	of	of	ADP
fbem-1290	108	24	panel	panel	NOUN
fbem-1290	108	25	data	datum	NOUN
fbem-1290	108	26	correlation	correlation	NOUN
fbem-1290	108	27	analysis	analysis	NOUN
fbem-1290	108	28	,	,	PUNCT
fbem-1290	108	29	the	the	DET
fbem-1290	108	30	idd	idd	PROPN
fbem-1290	108	31	is	be	AUX
fbem-1290	108	32	separated	separate	VERB
fbem-1290	108	33	into	into	ADP
fbem-1290	108	34	srh	srh	PROPN
fbem-1290	108	35	.	.	PUNCT
fbem-1290	109	1	regression	regression	NOUN
fbem-1290	109	2	3	3	NUM
fbem-1290	109	3	ordinary	ordinary	ADJ
fbem-1290	109	4	least	least	ADJ
fbem-1290	109	5	squares	square	NOUN
fbem-1290	109	6	model	model	NOUN
fbem-1290	109	7	(	(	PUNCT
fbem-1290	109	8	ols	ol	NOUN
fbem-1290	109	9	)	)	PUNCT
fbem-1290	109	10	regression	regression	VERB
fbem-1290	109	11	4	4	NUM
fbem-1290	109	12	weighted	weight	VERB
fbem-1290	109	13	least	least	ADJ
fbem-1290	109	14	squares	square	NOUN
fbem-1290	109	15	estimation	estimation	NOUN
fbem-1290	109	16	model	model	NOUN
fbem-1290	109	17	(	(	PUNCT
fbem-1290	109	18	wls	wls	PROPN
fbem-1290	109	19	)	)	PUNCT
fbem-1290	109	20	avoiding	avoid	VERB
fbem-1290	109	21	heteroscedasticity	heteroscedasticity	NOUN
fbem-1290	109	22	of	of	ADP
fbem-1290	109	23	error	error	NOUN
fbem-1290	109	24	terms	term	NOUN
fbem-1290	109	25	between	between	ADP
fbem-1290	109	26	regression	regression	NOUN
fbem-1290	109	27	equations	equation	NOUN
fbem-1290	109	28	.	.	PUNCT
fbem-1290	110	1	2	2	X
fbem-1290	110	2	.	.	X
fbem-1290	110	3	dynamic	dynamic	ADJ
fbem-1290	110	4	regression	regression	NOUN
fbem-1290	110	5	model	model	NOUN
fbem-1290	110	6	according	accord	VERB
fbem-1290	110	7	to	to	ADP
fbem-1290	110	8	the	the	DET
fbem-1290	110	9	low	low	ADJ
fbem-1290	110	10	unity	unity	NOUN
fbem-1290	110	11	of	of	ADP
fbem-1290	110	12	the	the	DET
fbem-1290	110	13	regression	regression	NOUN
fbem-1290	110	14	coefficients	coefficient	NOUN
fbem-1290	110	15	of	of	ADP
fbem-1290	110	16	the	the	DET
fbem-1290	110	17	variables	variable	NOUN
fbem-1290	110	18	such	such	ADJ
fbem-1290	110	19	as	as	ADP
fbem-1290	110	20	pgdp	pgdp	NOUN
fbem-1290	110	21	and	and	CCONJ
fbem-1290	110	22	fd	fd	X
fbem-1290	110	23	in	in	ADP
fbem-1290	110	24	table	table	NOUN
fbem-1290	110	25	4	4	NUM
fbem-1290	110	26	,	,	PUNCT
fbem-1290	110	27	the	the	DET
fbem-1290	110	28	endogenous	endogenous	ADJ
fbem-1290	110	29	problem	problem	NOUN
fbem-1290	110	30	of	of	ADP
fbem-1290	110	31	the	the	DET
fbem-1290	110	32	model	model	NOUN
fbem-1290	110	33	and	and	CCONJ
fbem-1290	110	34	the	the	DET
fbem-1290	110	35	influence	influence	NOUN
fbem-1290	110	36	of	of	ADP
fbem-1290	110	37	the	the	DET
fbem-1290	110	38	178	178	NUM
fbem-1290	110	39	lagging	lag	VERB
fbem-1290	110	40	dependent	dependent	ADJ
fbem-1290	110	41	variable	variable	NOUN
fbem-1290	110	42	are	be	AUX
fbem-1290	110	43	still	still	ADV
fbem-1290	110	44	not	not	PART
fbem-1290	110	45	solved	solve	VERB
fbem-1290	110	46	.	.	PUNCT
fbem-1290	111	1	at	at	ADP
fbem-1290	111	2	this	this	DET
fbem-1290	111	3	time	time	NOUN
fbem-1290	111	4	,	,	PUNCT
fbem-1290	111	5	we	we	PRON
fbem-1290	111	6	use	use	VERB
fbem-1290	111	7	the	the	DET
fbem-1290	111	8	lagging	lag	VERB
fbem-1290	111	9	phase	phase	NOUN
fbem-1290	111	10	i	i	PRON
fbem-1290	111	11	of	of	ADP
fbem-1290	111	12	the	the	DET
fbem-1290	111	13	endogenous	endogenous	ADJ
fbem-1290	111	14	variable	variable	NOUN
fbem-1290	111	15	as	as	ADP
fbem-1290	111	16	the	the	DET
fbem-1290	111	17	variable	variable	NOUN
fbem-1290	111	18	for	for	ADP
fbem-1290	111	19	regression	regression	NOUN
fbem-1290	111	20	,	,	PUNCT
fbem-1290	111	21	and	and	CCONJ
fbem-1290	111	22	the	the	DET
fbem-1290	111	23	introduction	introduction	NOUN
fbem-1290	111	24	of	of	ADP
fbem-1290	111	25	the	the	DET
fbem-1290	111	26	lagging	lag	VERB
fbem-1290	111	27	variable	variable	NOUN
fbem-1290	111	28	for	for	ADP
fbem-1290	111	29	regression	regression	NOUN
fbem-1290	111	30	can	can	AUX
fbem-1290	111	31	more	more	ADV
fbem-1290	111	32	objectively	objectively	ADV
fbem-1290	111	33	analyze	analyze	VERB
fbem-1290	111	34	and	and	CCONJ
fbem-1290	111	35	explain	explain	VERB
fbem-1290	111	36	the	the	DET
fbem-1290	111	37	influence	influence	NOUN
fbem-1290	111	38	of	of	ADP
fbem-1290	111	39	the	the	DET
fbem-1290	111	40	variable	variable	NOUN
fbem-1290	111	41	on	on	ADP
fbem-1290	111	42	the	the	DET
fbem-1290	111	43	leverage	leverage	NOUN
fbem-1290	111	44	ratio	ratio	NOUN
fbem-1290	111	45	of	of	ADP
fbem-1290	111	46	the	the	DET
fbem-1290	111	47	residents	resident	NOUN
fbem-1290	111	48	.	.	PUNCT
fbem-1290	112	1	the	the	DET
fbem-1290	112	2	model	model	NOUN
fbem-1290	112	3	with	with	ADP
fbem-1290	112	4	hysteresis	hysteresis	NOUN
fbem-1290	112	5	variables	variable	NOUN
fbem-1290	112	6	is	be	AUX
fbem-1290	112	7	:	:	PUNCT
fbem-1290	112	8	hl	hl	X
fbem-1290	112	9	a	a	DET
fbem-1290	112	10	hl	hl	NOUN
fbem-1290	112	11	β	β	X
fbem-1290	112	12	x	x	PROPN
fbem-1290	112	13	φ	φ	PROPN
fbem-1290	112	14	y	y	PROPN
fbem-1290	112	15	ε	ε	PROPN
fbem-1290	112	16	before	before	ADP
fbem-1290	112	17	regression	regression	NOUN
fbem-1290	112	18	,	,	PUNCT
fbem-1290	112	19	we	we	PRON
fbem-1290	112	20	assume	assume	VERB
fbem-1290	112	21	that	that	SCONJ
fbem-1290	112	22	all	all	DET
fbem-1290	112	23	the	the	DET
fbem-1290	112	24	relevant	relevant	ADJ
fbem-1290	112	25	variables	variable	NOUN
fbem-1290	112	26	are	be	AUX
fbem-1290	112	27	uncorrelated	uncorrelate	VERB
fbem-1290	112	28	.	.	PUNCT
fbem-1290	113	1	hansen	hansen	PROPN
fbem-1290	113	2	test	test	PROPN
fbem-1290	113	3	is	be	AUX
fbem-1290	113	4	used	use	VERB
fbem-1290	113	5	to	to	PART
fbem-1290	113	6	test	test	VERB
fbem-1290	113	7	the	the	DET
fbem-1290	113	8	effectiveness	effectiveness	NOUN
fbem-1290	113	9	of	of	ADP
fbem-1290	113	10	the	the	DET
fbem-1290	113	11	tool	tool	NOUN
fbem-1290	113	12	variables	variable	NOUN
fbem-1290	113	13	used	use	VERB
fbem-1290	113	14	,	,	PUNCT
fbem-1290	113	15	and	and	CCONJ
fbem-1290	113	16	then	then	ADV
fbem-1290	113	17	a	a	DET
fbem-1290	113	18	-	-	PUNCT
fbem-1290	113	19	b	b	NOUN
fbem-1290	113	20	self	self	NOUN
fbem-1290	113	21	-	-	PUNCT
fbem-1290	113	22	test	test	NOUN
fbem-1290	113	23	is	be	AUX
fbem-1290	113	24	used	use	VERB
fbem-1290	113	25	to	to	PART
fbem-1290	113	26	test	test	VERB
fbem-1290	113	27	the	the	DET
fbem-1290	113	28	second	second	ADJ
fbem-1290	113	29	-	-	PUNCT
fbem-1290	113	30	order	order	NOUN
fbem-1290	113	31	sequence	sequence	NOUN
fbem-1290	113	32	correlation	correlation	NOUN
fbem-1290	113	33	of	of	ADP
fbem-1290	113	34	the	the	DET
fbem-1290	113	35	random	random	ADJ
fbem-1290	113	36	error	error	NOUN
fbem-1290	113	37	terms	term	NOUN
fbem-1290	113	38	.	.	PUNCT
fbem-1290	114	1	the	the	DET
fbem-1290	114	2	results	result	NOUN
fbem-1290	114	3	show	show	VERB
fbem-1290	114	4	that	that	SCONJ
fbem-1290	114	5	the	the	DET
fbem-1290	114	6	tool	tool	NOUN
fbem-1290	114	7	variables	variable	NOUN
fbem-1290	114	8	are	be	AUX
fbem-1290	114	9	valid	valid	ADJ
fbem-1290	114	10	,	,	PUNCT
fbem-1290	114	11	and	and	CCONJ
fbem-1290	114	12	the	the	DET
fbem-1290	114	13	regression	regression	NOUN
fbem-1290	114	14	can	can	AUX
fbem-1290	114	15	be	be	AUX
fbem-1290	114	16	completed	complete	VERB
fbem-1290	114	17	by	by	ADP
fbem-1290	114	18	using	use	VERB
fbem-1290	114	19	the	the	DET
fbem-1290	114	20	tool	tool	NOUN
fbem-1290	114	21	variable	variable	ADJ
fbem-1290	114	22	method	method	NOUN
fbem-1290	114	23	.	.	PUNCT
fbem-1290	115	1	at	at	ADP
fbem-1290	115	2	the	the	DET
fbem-1290	115	3	same	same	ADJ
fbem-1290	115	4	time	time	NOUN
fbem-1290	115	5	,	,	PUNCT
fbem-1290	115	6	it	it	PRON
fbem-1290	115	7	is	be	AUX
fbem-1290	115	8	known	know	VERB
fbem-1290	115	9	from	from	ADP
fbem-1290	115	10	the	the	DET
fbem-1290	115	11	test	test	NOUN
fbem-1290	115	12	results	result	NOUN
fbem-1290	115	13	that	that	SCONJ
fbem-1290	115	14	the	the	DET
fbem-1290	115	15	above	above	ADJ
fbem-1290	115	16	static	static	ADJ
fbem-1290	115	17	regression	regression	NOUN
fbem-1290	115	18	model	model	NOUN
fbem-1290	115	19	is	be	AUX
fbem-1290	115	20	set	set	VERB
fbem-1290	115	21	correctly	correctly	ADV
fbem-1290	115	22	.	.	PUNCT
fbem-1290	116	1	therefore	therefore	ADV
fbem-1290	116	2	,	,	PUNCT
fbem-1290	116	3	this	this	DET
fbem-1290	116	4	paper	paper	NOUN
fbem-1290	116	5	uses	use	VERB
fbem-1290	116	6	two	two	NUM
fbem-1290	116	7	-	-	PUNCT
fbem-1290	116	8	stage	stage	NOUN
fbem-1290	116	9	least	least	ADJ
fbem-1290	116	10	squares	square	NOUN
fbem-1290	116	11	(	(	PUNCT
fbem-1290	116	12	2sls	2sls	NOUN
fbem-1290	116	13	)	)	PUNCT
fbem-1290	116	14	,	,	PUNCT
fbem-1290	116	15	difference	difference	NOUN
fbem-1290	116	16	gmm	gmm	PROPN
fbem-1290	116	17	and	and	CCONJ
fbem-1290	116	18	systematic	systematic	ADJ
fbem-1290	116	19	gmm	gmm	PROPN
fbem-1290	116	20	to	to	PART
fbem-1290	116	21	perform	perform	VERB
fbem-1290	116	22	regression	regression	NOUN
fbem-1290	116	23	5	5	NUM
fbem-1290	116	24	,	,	PUNCT
fbem-1290	116	25	regression	regression	NOUN
fbem-1290	116	26	6	6	NUM
fbem-1290	116	27	and	and	CCONJ
fbem-1290	116	28	regression	regression	VERB
fbem-1290	116	29	7	7	NUM
fbem-1290	116	30	respectively	respectively	ADV
fbem-1290	116	31	.	.	PUNCT
fbem-1290	117	1	3.5	3.5	NUM
fbem-1290	117	2	.	.	PUNCT
fbem-1290	118	1	regression	regression	NOUN
fbem-1290	118	2	model	model	NOUN
fbem-1290	118	3	results	result	VERB
fbem-1290	118	4	the	the	DET
fbem-1290	118	5	regression	regression	NOUN
fbem-1290	118	6	results	result	NOUN
fbem-1290	118	7	are	be	AUX
fbem-1290	118	8	shown	show	VERB
fbem-1290	118	9	in	in	ADP
fbem-1290	118	10	table	table	NOUN
fbem-1290	118	11	5	5	NUM
fbem-1290	118	12	.	.	PUNCT
fbem-1290	118	13	except	except	SCONJ
fbem-1290	118	14	for	for	ADP
fbem-1290	118	15	the	the	DET
fbem-1290	118	16	final	final	ADJ
fbem-1290	118	17	gmm	gmm	NOUN
fbem-1290	118	18	regression	regression	NOUN
fbem-1290	118	19	,	,	PUNCT
fbem-1290	118	20	the	the	DET
fbem-1290	118	21	r2	r2	NOUN
fbem-1290	118	22	of	of	ADP
fbem-1290	118	23	the	the	DET
fbem-1290	118	24	other	other	ADJ
fbem-1290	118	25	five	five	NUM
fbem-1290	118	26	models	model	NOUN
fbem-1290	118	27	after	after	ADP
fbem-1290	118	28	adjustment	adjustment	NOUN
fbem-1290	118	29	is	be	AUX
fbem-1290	118	30	basically	basically	ADV
fbem-1290	118	31	greater	great	ADJ
fbem-1290	118	32	than	than	ADP
fbem-1290	118	33	or	or	CCONJ
fbem-1290	118	34	equal	equal	ADJ
fbem-1290	118	35	to	to	ADP
fbem-1290	118	36	0.9	0.9	NUM
fbem-1290	118	37	,	,	PUNCT
fbem-1290	118	38	indicating	indicate	VERB
fbem-1290	118	39	that	that	SCONJ
fbem-1290	118	40	the	the	DET
fbem-1290	118	41	regression	regression	NOUN
fbem-1290	118	42	model	model	NOUN
fbem-1290	118	43	is	be	AUX
fbem-1290	118	44	more	more	ADV
fbem-1290	118	45	accurate	accurate	ADJ
fbem-1290	118	46	and	and	CCONJ
fbem-1290	118	47	can	can	AUX
fbem-1290	118	48	be	be	AUX
fbem-1290	118	49	analyzed	analyze	VERB
fbem-1290	118	50	based	base	VERB
fbem-1290	118	51	on	on	ADP
fbem-1290	118	52	the	the	DET
fbem-1290	118	53	obtained	obtain	VERB
fbem-1290	118	54	data	datum	NOUN
fbem-1290	118	55	.	.	PUNCT
fbem-1290	119	1	observing	observe	VERB
fbem-1290	119	2	the	the	DET
fbem-1290	119	3	regression	regression	NOUN
fbem-1290	119	4	of	of	ADP
fbem-1290	119	5	the	the	DET
fbem-1290	119	6	static	static	ADJ
fbem-1290	119	7	regression	regression	NOUN
fbem-1290	119	8	model	model	NOUN
fbem-1290	119	9	,	,	PUNCT
fbem-1290	119	10	the	the	DET
fbem-1290	119	11	completed	complete	VERB
fbem-1290	119	12	investment	investment	NOUN
fbem-1290	119	13	in	in	ADP
fbem-1290	119	14	real	real	ADJ
fbem-1290	119	15	estate	estate	NOUN
fbem-1290	119	16	development	development	NOUN
fbem-1290	119	17	(	(	PUNCT
fbem-1290	119	18	idd	idd	X
fbem-1290	119	19	)	)	PUNCT
fbem-1290	119	20	and	and	CCONJ
fbem-1290	119	21	the	the	DET
fbem-1290	119	22	sales	sale	NOUN
fbem-1290	119	23	area	area	NOUN
fbem-1290	119	24	of	of	ADP
fbem-1290	119	25	residential	residential	ADJ
fbem-1290	119	26	commercial	commercial	ADJ
fbem-1290	119	27	housing	housing	NOUN
fbem-1290	119	28	(	(	PUNCT
fbem-1290	119	29	srh	srh	PROPN
fbem-1290	119	30	)	)	PUNCT
fbem-1290	119	31	have	have	VERB
fbem-1290	119	32	significant	significant	ADJ
fbem-1290	119	33	impact	impact	NOUN
fbem-1290	119	34	on	on	ADP
fbem-1290	119	35	the	the	DET
fbem-1290	119	36	leverage	leverage	NOUN
fbem-1290	119	37	ratio	ratio	NOUN
fbem-1290	119	38	of	of	ADP
fbem-1290	119	39	residents	resident	NOUN
fbem-1290	119	40	with	with	ADP
fbem-1290	119	41	positive	positive	ADJ
fbem-1290	119	42	coefficients	coefficient	NOUN
fbem-1290	119	43	,	,	PUNCT
fbem-1290	119	44	especially	especially	ADV
fbem-1290	119	45	the	the	DET
fbem-1290	119	46	positive	positive	ADJ
fbem-1290	119	47	coefficient	coefficient	NOUN
fbem-1290	119	48	of	of	ADP
fbem-1290	119	49	completed	complete	VERB
fbem-1290	119	50	investment	investment	NOUN
fbem-1290	119	51	in	in	ADP
fbem-1290	119	52	real	real	ADJ
fbem-1290	119	53	estate	estate	NOUN
fbem-1290	119	54	development	development	NOUN
fbem-1290	119	55	is	be	AUX
fbem-1290	119	56	the	the	DET
fbem-1290	119	57	largest	large	ADJ
fbem-1290	119	58	,	,	PUNCT
fbem-1290	119	59	ranging	range	VERB
fbem-1290	119	60	from	from	ADP
fbem-1290	119	61	0.79	0.79	NUM
fbem-1290	119	62	to	to	ADP
fbem-1290	119	63	2.52	2.52	NUM
fbem-1290	119	64	.	.	PUNCT
fbem-1290	120	1	meanwhile	meanwhile	ADV
fbem-1290	120	2	,	,	PUNCT
fbem-1290	120	3	the	the	DET
fbem-1290	120	4	regression	regression	NOUN
fbem-1290	120	5	coefficient	coefficient	NOUN
fbem-1290	120	6	of	of	ADP
fbem-1290	120	7	financial	financial	ADJ
fbem-1290	120	8	development	development	NOUN
fbem-1290	120	9	ranges	range	VERB
fbem-1290	120	10	from	from	ADP
fbem-1290	120	11	0.28	0.28	NUM
fbem-1290	120	12	to	to	ADP
fbem-1290	120	13	0.88	0.88	NUM
fbem-1290	120	14	,	,	PUNCT
fbem-1290	120	15	which	which	PRON
fbem-1290	120	16	has	have	VERB
fbem-1290	120	17	a	a	DET
fbem-1290	120	18	certain	certain	ADJ
fbem-1290	120	19	positive	positive	ADJ
fbem-1290	120	20	impact	impact	NOUN
fbem-1290	120	21	on	on	ADP
fbem-1290	120	22	the	the	DET
fbem-1290	120	23	leverage	leverage	NOUN
fbem-1290	120	24	ratio	ratio	NOUN
fbem-1290	120	25	of	of	ADP
fbem-1290	120	26	residents	resident	NOUN
fbem-1290	120	27	and	and	CCONJ
fbem-1290	120	28	fully	fully	ADV
fbem-1290	120	29	reflects	reflect	VERB
fbem-1290	120	30	the	the	DET
fbem-1290	120	31	individual	individual	ADJ
fbem-1290	120	32	effect	effect	NOUN
fbem-1290	120	33	of	of	ADP
fbem-1290	120	34	variables	variable	NOUN
fbem-1290	120	35	.	.	PUNCT
fbem-1290	121	1	the	the	DET
fbem-1290	121	2	coefficients	coefficient	NOUN
fbem-1290	121	3	of	of	ADP
fbem-1290	121	4	interest	interest	NOUN
fbem-1290	121	5	rate	rate	NOUN
fbem-1290	121	6	,	,	PUNCT
fbem-1290	121	7	financial	financial	ADJ
fbem-1290	121	8	policy	policy	NOUN
fbem-1290	121	9	indicator	indicator	NOUN
fbem-1290	121	10	(	(	PUNCT
fbem-1290	121	11	fpr	fpr	NOUN
fbem-1290	121	12	)	)	PUNCT
fbem-1290	121	13	,	,	PUNCT
fbem-1290	121	14	gdp	gdp	NOUN
fbem-1290	121	15	per	per	ADP
fbem-1290	121	16	capita	capita	NOUN
fbem-1290	121	17	and	and	CCONJ
fbem-1290	121	18	population	population	NOUN
fbem-1290	121	19	age	age	NOUN
fbem-1290	121	20	structure	structure	NOUN
fbem-1290	121	21	are	be	AUX
fbem-1290	121	22	positive	positive	ADJ
fbem-1290	121	23	and	and	CCONJ
fbem-1290	121	24	negative	negative	ADJ
fbem-1290	121	25	,	,	PUNCT
fbem-1290	121	26	but	but	CCONJ
fbem-1290	121	27	the	the	DET
fbem-1290	121	28	impact	impact	NOUN
fbem-1290	121	29	on	on	ADP
fbem-1290	121	30	leverage	leverage	NOUN
fbem-1290	121	31	ratio	ratio	NOUN
fbem-1290	121	32	is	be	AUX
fbem-1290	121	33	not	not	PART
fbem-1290	121	34	clear	clear	ADJ
fbem-1290	121	35	yet	yet	ADV
fbem-1290	121	36	.	.	PUNCT
fbem-1290	122	1	it	it	PRON
fbem-1290	122	2	is	be	AUX
fbem-1290	122	3	speculated	speculate	VERB
fbem-1290	122	4	that	that	SCONJ
fbem-1290	122	5	the	the	DET
fbem-1290	122	6	model	model	NOUN
fbem-1290	122	7	is	be	AUX
fbem-1290	122	8	not	not	PART
fbem-1290	122	9	sensitive	sensitive	ADJ
fbem-1290	122	10	due	due	ADJ
fbem-1290	122	11	to	to	ADP
fbem-1290	122	12	endogenous	endogenous	ADJ
fbem-1290	122	13	and	and	CCONJ
fbem-1290	122	14	lagging	lag	VERB
fbem-1290	122	15	variables	variable	NOUN
fbem-1290	122	16	.	.	PUNCT
fbem-1290	123	1	after	after	ADP
fbem-1290	123	2	observing	observe	VERB
fbem-1290	123	3	the	the	DET
fbem-1290	123	4	dynamic	dynamic	ADJ
fbem-1290	123	5	regression	regression	NOUN
fbem-1290	123	6	model	model	NOUN
fbem-1290	123	7	,	,	PUNCT
fbem-1290	123	8	these	these	DET
fbem-1290	123	9	three	three	NUM
fbem-1290	123	10	regressions	regression	NOUN
fbem-1290	123	11	have	have	AUX
fbem-1290	123	12	solved	solve	VERB
fbem-1290	123	13	the	the	DET
fbem-1290	123	14	problems	problem	NOUN
fbem-1290	123	15	of	of	ADP
fbem-1290	123	16	endogeneity	endogeneity	NOUN
fbem-1290	123	17	and	and	CCONJ
fbem-1290	123	18	hysteresis	hysteresis	NOUN
fbem-1290	123	19	to	to	ADP
fbem-1290	123	20	a	a	DET
fbem-1290	123	21	certain	certain	ADJ
fbem-1290	123	22	extent	extent	NOUN
fbem-1290	123	23	.	.	PUNCT
fbem-1290	124	1	it	it	PRON
fbem-1290	124	2	can	can	AUX
fbem-1290	124	3	be	be	AUX
fbem-1290	124	4	seen	see	VERB
fbem-1290	124	5	that	that	SCONJ
fbem-1290	124	6	the	the	DET
fbem-1290	124	7	coefficients	coefficient	NOUN
fbem-1290	124	8	of	of	ADP
fbem-1290	124	9	the	the	DET
fbem-1290	124	10	financial	financial	ADJ
fbem-1290	124	11	policy	policy	NOUN
fbem-1290	124	12	indicators	indicator	NOUN
fbem-1290	124	13	in	in	ADP
fbem-1290	124	14	regression	regression	NOUN
fbem-1290	124	15	5	5	NUM
fbem-1290	124	16	,	,	PUNCT
fbem-1290	124	17	regression	regression	NOUN
fbem-1290	124	18	6	6	NUM
fbem-1290	124	19	and	and	CCONJ
fbem-1290	124	20	regression	regression	NOUN
fbem-1290	124	21	7	7	NUM
fbem-1290	124	22	are	be	AUX
fbem-1290	124	23	basically	basically	ADV
fbem-1290	124	24	stable	stable	ADJ
fbem-1290	124	25	and	and	CCONJ
fbem-1290	124	26	positive	positive	ADJ
fbem-1290	124	27	.	.	PUNCT
fbem-1290	125	1	according	accord	VERB
fbem-1290	125	2	to	to	ADP
fbem-1290	125	3	the	the	DET
fbem-1290	125	4	robustness	robustness	NOUN
fbem-1290	125	5	of	of	ADP
fbem-1290	125	6	the	the	DET
fbem-1290	125	7	model	model	NOUN
fbem-1290	125	8	,	,	PUNCT
fbem-1290	125	9	we	we	PRON
fbem-1290	125	10	speculate	speculate	VERB
fbem-1290	125	11	that	that	SCONJ
fbem-1290	125	12	the	the	DET
fbem-1290	125	13	financial	financial	ADJ
fbem-1290	125	14	policy	policy	NOUN
fbem-1290	125	15	indicators	indicator	NOUN
fbem-1290	125	16	have	have	VERB
fbem-1290	125	17	a	a	DET
fbem-1290	125	18	positive	positive	ADJ
fbem-1290	125	19	impact	impact	NOUN
fbem-1290	125	20	on	on	ADP
fbem-1290	125	21	the	the	DET
fbem-1290	125	22	household	household	NOUN
fbem-1290	125	23	leverage	leverage	NOUN
fbem-1290	125	24	ratio	ratio	NOUN
fbem-1290	125	25	,	,	PUNCT
fbem-1290	125	26	i.e.	i.e.	X
fbem-1290	125	27	the	the	DET
fbem-1290	125	28	household	household	NOUN
fbem-1290	125	29	leverage	leverage	NOUN
fbem-1290	125	30	ratio	ratio	NOUN
fbem-1290	125	31	is	be	AUX
fbem-1290	125	32	highly	highly	ADV
fbem-1290	125	33	dependent	dependent	ADJ
fbem-1290	125	34	on	on	ADP
fbem-1290	125	35	the	the	DET
fbem-1290	125	36	land	land	NOUN
fbem-1290	125	37	finance	finance	NOUN
fbem-1290	125	38	,	,	PUNCT
fbem-1290	125	39	resulting	result	VERB
fbem-1290	125	40	in	in	ADP
fbem-1290	125	41	a	a	DET
fbem-1290	125	42	significant	significant	ADJ
fbem-1290	125	43	positive	positive	ADJ
fbem-1290	125	44	impact	impact	NOUN
fbem-1290	125	45	.	.	PUNCT
fbem-1290	126	1	at	at	ADP
fbem-1290	126	2	the	the	DET
fbem-1290	126	3	same	same	ADJ
fbem-1290	126	4	time	time	NOUN
fbem-1290	126	5	,	,	PUNCT
fbem-1290	126	6	gdp	gdp	NOUN
fbem-1290	126	7	per	per	ADP
fbem-1290	126	8	capita	capita	NOUN
fbem-1290	126	9	has	have	VERB
fbem-1290	126	10	a	a	DET
fbem-1290	126	11	positive	positive	ADJ
fbem-1290	126	12	impact	impact	NOUN
fbem-1290	126	13	on	on	ADP
fbem-1290	126	14	the	the	DET
fbem-1290	126	15	household	household	NOUN
fbem-1290	126	16	leverage	leverage	NOUN
fbem-1290	126	17	ratio	ratio	NOUN
fbem-1290	126	18	,	,	PUNCT
fbem-1290	126	19	with	with	ADP
fbem-1290	126	20	the	the	DET
fbem-1290	126	21	maximum	maximum	ADJ
fbem-1290	126	22	regression	regression	NOUN
fbem-1290	126	23	coefficient	coefficient	NOUN
fbem-1290	126	24	of	of	ADP
fbem-1290	126	25	1.88	1.88	NUM
fbem-1290	126	26	.	.	PUNCT
fbem-1290	127	1	the	the	DET
fbem-1290	127	2	high	high	ADJ
fbem-1290	127	3	liquidity	liquidity	NOUN
fbem-1290	127	4	of	of	ADP
fbem-1290	127	5	household	household	NOUN
fbem-1290	127	6	consumption	consumption	NOUN
fbem-1290	127	7	loans	loan	NOUN
fbem-1290	127	8	indirectly	indirectly	ADV
fbem-1290	127	9	affects	affect	VERB
fbem-1290	127	10	the	the	DET
fbem-1290	127	11	household	household	NOUN
fbem-1290	127	12	leverage	leverage	NOUN
fbem-1290	127	13	ratio	ratio	NOUN
fbem-1290	127	14	.	.	PUNCT
fbem-1290	128	1	up	up	ADP
fbem-1290	128	2	to	to	ADP
fbem-1290	128	3	now	now	ADV
fbem-1290	128	4	,	,	PUNCT
fbem-1290	128	5	the	the	DET
fbem-1290	128	6	impact	impact	NOUN
fbem-1290	128	7	of	of	ADP
fbem-1290	128	8	interest	interest	NOUN
fbem-1290	128	9	rate	rate	NOUN
fbem-1290	128	10	and	and	CCONJ
fbem-1290	128	11	population	population	NOUN
fbem-1290	128	12	age	age	NOUN
fbem-1290	128	13	structure	structure	NOUN
fbem-1290	128	14	can	can	AUX
fbem-1290	128	15	not	not	PART
fbem-1290	128	16	be	be	AUX
fbem-1290	128	17	directly	directly	ADV
fbem-1290	128	18	analyzed	analyze	VERB
fbem-1290	128	19	through	through	ADP
fbem-1290	128	20	regression	regression	NOUN
fbem-1290	128	21	conclusion	conclusion	NOUN
fbem-1290	128	22	.	.	PUNCT
fbem-1290	129	1	as	as	SCONJ
fbem-1290	129	2	interest	interest	NOUN
fbem-1290	129	3	rate	rate	NOUN
fbem-1290	129	4	is	be	AUX
fbem-1290	129	5	a	a	DET
fbem-1290	129	6	national	national	ADJ
fbem-1290	129	7	unified	unified	ADJ
fbem-1290	129	8	index	index	NOUN
fbem-1290	129	9	issued	issue	VERB
fbem-1290	129	10	by	by	ADP
fbem-1290	129	11	the	the	DET
fbem-1290	129	12	people	people	NOUN
fbem-1290	129	13	's	's	PART
fbem-1290	129	14	bank	bank	PROPN
fbem-1290	129	15	of	of	ADP
fbem-1290	129	16	china	china	PROPN
fbem-1290	129	17	,	,	PUNCT
fbem-1290	129	18	its	its	PRON
fbem-1290	129	19	data	data	NOUN
fbem-1290	129	20	type	type	NOUN
fbem-1290	129	21	and	and	CCONJ
fbem-1290	129	22	structure	structure	NOUN
fbem-1290	129	23	have	have	VERB
fbem-1290	129	24	certain	certain	ADJ
fbem-1290	129	25	errors	error	NOUN
fbem-1290	129	26	,	,	PUNCT
fbem-1290	129	27	and	and	CCONJ
fbem-1290	129	28	the	the	DET
fbem-1290	129	29	coefficient	coefficient	NOUN
fbem-1290	129	30	is	be	AUX
fbem-1290	129	31	positive	positive	ADJ
fbem-1290	129	32	or	or	CCONJ
fbem-1290	129	33	negative	negative	ADJ
fbem-1290	129	34	after	after	ADP
fbem-1290	129	35	dynamic	dynamic	ADJ
fbem-1290	129	36	regression	regression	NOUN
fbem-1290	129	37	,	,	PUNCT
fbem-1290	129	38	we	we	PRON
fbem-1290	129	39	think	think	VERB
fbem-1290	129	40	that	that	SCONJ
fbem-1290	129	41	the	the	DET
fbem-1290	129	42	impact	impact	NOUN
fbem-1290	129	43	of	of	ADP
fbem-1290	129	44	interest	interest	NOUN
fbem-1290	129	45	rate	rate	NOUN
fbem-1290	129	46	on	on	ADP
fbem-1290	129	47	residents	resident	NOUN
fbem-1290	129	48	'	'	PART
fbem-1290	129	49	leverage	leverage	NOUN
fbem-1290	129	50	ratio	ratio	NOUN
fbem-1290	129	51	is	be	AUX
fbem-1290	129	52	extremely	extremely	ADV
fbem-1290	129	53	low	low	ADJ
fbem-1290	129	54	;	;	PUNCT
fbem-1290	129	55	at	at	ADP
fbem-1290	129	56	the	the	DET
fbem-1290	129	57	same	same	ADJ
fbem-1290	129	58	time	time	NOUN
fbem-1290	129	59	,	,	PUNCT
fbem-1290	129	60	for	for	ADP
fbem-1290	129	61	the	the	DET
fbem-1290	129	62	variable	variable	ADJ
fbem-1290	129	63	analysis	analysis	NOUN
fbem-1290	129	64	of	of	ADP
fbem-1290	129	65	the	the	DET
fbem-1290	129	66	population	population	NOUN
fbem-1290	129	67	age	age	NOUN
fbem-1290	129	68	structure	structure	NOUN
fbem-1290	129	69	,	,	PUNCT
fbem-1290	129	70	the	the	DET
fbem-1290	129	71	regression	regression	NOUN
fbem-1290	129	72	using	use	VERB
fbem-1290	129	73	the	the	DET
fbem-1290	129	74	sum	sum	NOUN
fbem-1290	129	75	of	of	ADP
fbem-1290	129	76	the	the	DET
fbem-1290	129	77	two	two	NUM
fbem-1290	129	78	data	datum	NOUN
fbem-1290	129	79	may	may	AUX
fbem-1290	129	80	be	be	AUX
fbem-1290	129	81	inaccurate	inaccurate	ADJ
fbem-1290	129	82	.	.	PUNCT
fbem-1290	130	1	subsequently	subsequently	ADV
fbem-1290	130	2	,	,	PUNCT
fbem-1290	130	3	we	we	PRON
fbem-1290	130	4	separately	separately	ADV
fbem-1290	130	5	carry	carry	VERB
fbem-1290	130	6	out	out	ADP
fbem-1290	130	7	the	the	DET
fbem-1290	130	8	least	least	ADJ
fbem-1290	130	9	square	square	ADJ
fbem-1290	130	10	estimation	estimation	NOUN
fbem-1290	130	11	on	on	ADP
fbem-1290	130	12	the	the	DET
fbem-1290	130	13	dependency	dependency	NOUN
fbem-1290	130	14	ratio	ratio	NOUN
fbem-1290	130	15	of	of	ADP
fbem-1290	130	16	the	the	DET
fbem-1290	130	17	elderly	elderly	ADJ
fbem-1290	130	18	population	population	NOUN
fbem-1290	130	19	and	and	CCONJ
fbem-1290	130	20	the	the	DET
fbem-1290	130	21	dependency	dependency	NOUN
fbem-1290	130	22	ratio	ratio	NOUN
fbem-1290	130	23	of	of	ADP
fbem-1290	130	24	the	the	DET
fbem-1290	130	25	juvenile	juvenile	ADJ
fbem-1290	130	26	population	population	NOUN
fbem-1290	130	27	,	,	PUNCT
fbem-1290	130	28	which	which	PRON
fbem-1290	130	29	can	can	AUX
fbem-1290	130	30	determine	determine	VERB
fbem-1290	130	31	that	that	SCONJ
fbem-1290	130	32	the	the	DET
fbem-1290	130	33	dependency	dependency	NOUN
fbem-1290	130	34	ratio	ratio	NOUN
fbem-1290	130	35	of	of	ADP
fbem-1290	130	36	the	the	DET
fbem-1290	130	37	elderly	elderly	ADJ
fbem-1290	130	38	population	population	NOUN
fbem-1290	130	39	has	have	VERB
fbem-1290	130	40	a	a	DET
fbem-1290	130	41	negative	negative	ADJ
fbem-1290	130	42	impact	impact	NOUN
fbem-1290	130	43	on	on	ADP
fbem-1290	130	44	the	the	DET
fbem-1290	130	45	leverage	leverage	NOUN
fbem-1290	130	46	ratio	ratio	NOUN
fbem-1290	130	47	of	of	ADP
fbem-1290	130	48	the	the	DET
fbem-1290	130	49	residents	resident	NOUN
fbem-1290	130	50	,	,	PUNCT
fbem-1290	130	51	and	and	CCONJ
fbem-1290	130	52	the	the	DET
fbem-1290	130	53	dependency	dependency	NOUN
fbem-1290	130	54	ratio	ratio	NOUN
fbem-1290	130	55	of	of	ADP
fbem-1290	130	56	the	the	DET
fbem-1290	130	57	juvenile	juvenile	ADJ
fbem-1290	130	58	population	population	NOUN
fbem-1290	130	59	has	have	VERB
fbem-1290	130	60	a	a	DET
fbem-1290	130	61	positive	positive	ADJ
fbem-1290	130	62	impact	impact	NOUN
fbem-1290	130	63	on	on	ADP
fbem-1290	130	64	it	it	PRON
fbem-1290	130	65	.	.	PUNCT
fbem-1290	131	1	table	table	NOUN
fbem-1290	131	2	5	5	NUM
fbem-1290	131	3	.	.	PUNCT
fbem-1290	132	1	regression	regression	NOUN
fbem-1290	132	2	model	model	NOUN
fbem-1290	132	3	results	result	VERB
fbem-1290	132	4	static	static	ADJ
fbem-1290	132	5	regression	regression	NOUN
fbem-1290	132	6	model	model	NOUN
fbem-1290	132	7	dynamic	dynamic	ADJ
fbem-1290	132	8	regression	regression	NOUN
fbem-1290	132	9	model	model	NOUN
fbem-1290	132	10	explanatory	explanatory	ADJ
fbem-1290	132	11	variable	variable	ADJ
fbem-1290	132	12	regression	regression	NOUN
fbem-1290	132	13	1	1	NUM
fbem-1290	132	14	regression	regression	NOUN
fbem-1290	132	15	2	2	NUM
fbem-1290	132	16	regression	regression	NOUN
fbem-1290	132	17	3	3	NUM
fbem-1290	132	18	regression	regression	NOUN
fbem-1290	132	19	4	4	NUM
fbem-1290	132	20	regression	regression	NOUN
fbem-1290	132	21	5	5	NUM
fbem-1290	132	22	regression	regression	NOUN
fbem-1290	132	23	6	6	NUM
fbem-1290	132	24	regression	regression	NOUN
fbem-1290	132	25	7	7	NUM
fbem-1290	132	26	hl(-1	hl(-1	ADJ
fbem-1290	132	27	)	)	PUNCT
fbem-1290	132	28	\	\	NOUN
fbem-1290	132	29	\	\	NOUN
fbem-1290	132	30	\	\	X
fbem-1290	132	31	\	\	PROPN
fbem-1290	133	1	0.94	0.94	NUM
fbem-1290	133	2	*	*	PUNCT
fbem-1290	133	3	*	*	PUNCT
fbem-1290	133	4	*	*	PUNCT
fbem-1290	133	5	(	(	PUNCT
fbem-1290	133	6	22.94	22.94	NUM
fbem-1290	133	7	)	)	PUNCT
fbem-1290	133	8	0.68	0.68	NUM
fbem-1290	133	9	*	*	PUNCT
fbem-1290	133	10	*	*	PUNCT
fbem-1290	133	11	(	(	PUNCT
fbem-1290	133	12	42.77	42.77	NUM
fbem-1290	133	13	)	)	PUNCT
fbem-1290	133	14	0.75	0.75	NUM
fbem-1290	133	15	*	*	PUNCT
fbem-1290	133	16	*	*	PUNCT
fbem-1290	133	17	*	*	PUNCT
fbem-1290	133	18	(	(	PUNCT
fbem-1290	133	19	25.83	25.83	NUM
fbem-1290	133	20	)	)	PUNCT
fbem-1290	133	21	principal	principal	NOUN
fbem-1290	133	22	explained	explain	VERB
fbem-1290	133	23	variable	variable	ADJ
fbem-1290	133	24	ln(idd	ln(idd	NOUN
fbem-1290	133	25	)	)	PUNCT
fbem-1290	133	26	2.52	2.52	NUM
fbem-1290	133	27	*	*	PUNCT
fbem-1290	133	28	*	*	PUNCT
fbem-1290	133	29	*	*	PUNCT
fbem-1290	133	30	(	(	PUNCT
fbem-1290	133	31	7.88	7.88	NUM
fbem-1290	133	32	)	)	PUNCT
fbem-1290	133	33	\	\	NOUN
fbem-1290	134	1	1.32	1.32	NUM
fbem-1290	134	2	*	*	SYM
fbem-1290	134	3	*	*	PUNCT
fbem-1290	134	4	(	(	PUNCT
fbem-1290	134	5	7.34	7.34	NUM
fbem-1290	134	6	)	)	PUNCT
fbem-1290	134	7	0.79	0.79	NUM
fbem-1290	134	8	*	*	PUNCT
fbem-1290	134	9	*	*	PUNCT
fbem-1290	134	10	*	*	PUNCT
fbem-1290	134	11	(	(	PUNCT
fbem-1290	134	12	6.28	6.28	NUM
fbem-1290	134	13	)	)	PUNCT
fbem-1290	134	14	2.11	2.11	NUM
fbem-1290	134	15	*	*	NOUN
fbem-1290	134	16	*	*	PUNCT
fbem-1290	134	17	(	(	PUNCT
fbem-1290	134	18	11.55	11.55	NUM
fbem-1290	134	19	)	)	PUNCT
fbem-1290	134	20	1.27	1.27	NUM
fbem-1290	134	21	*	*	SYM
fbem-1290	134	22	*	*	PUNCT
fbem-1290	134	23	(	(	PUNCT
fbem-1290	134	24	4.89	4.89	NUM
fbem-1290	134	25	)	)	PUNCT
fbem-1290	134	26	0.28	0.28	NUM
fbem-1290	134	27	*	*	NOUN
fbem-1290	134	28	*	*	PUNCT
fbem-1290	134	29	(	(	PUNCT
fbem-1290	134	30	9.93	9.93	NUM
fbem-1290	134	31	)	)	PUNCT
fbem-1290	134	32	ln(srh	ln(srh	PROPN
fbem-1290	134	33	)	)	PUNCT
fbem-1290	134	34	1.23**(7.89	1.23**(7.89	NUM
fbem-1290	134	35	)	)	PUNCT
fbem-1290	134	36	0.72	0.72	NUM
fbem-1290	134	37	*	*	PUNCT
fbem-1290	134	38	*	*	PUNCT
fbem-1290	134	39	*	*	PUNCT
fbem-1290	134	40	(	(	PUNCT
fbem-1290	134	41	6.35	6.35	NUM
fbem-1290	134	42	)	)	PUNCT
fbem-1290	134	43	\	\	NOUN
fbem-1290	134	44	0.55	0.55	NUM
fbem-1290	134	45	*	*	PUNCT
fbem-1290	134	46	*	*	PUNCT
fbem-1290	134	47	*	*	PUNCT
fbem-1290	134	48	(	(	PUNCT
fbem-1290	134	49	8.23	8.23	NUM
fbem-1290	134	50	)	)	PUNCT
fbem-1290	134	51	0.67	0.67	NUM
fbem-1290	134	52	*	*	PUNCT
fbem-1290	134	53	*	*	PUNCT
fbem-1290	134	54	(	(	PUNCT
fbem-1290	134	55	5.36	5.36	NUM
fbem-1290	134	56	)	)	PUNCT
fbem-1290	134	57	0.73	0.73	NUM
fbem-1290	134	58	*	*	PUNCT
fbem-1290	134	59	*	*	PUNCT
fbem-1290	134	60	*	*	PUNCT
fbem-1290	134	61	(	(	PUNCT
fbem-1290	134	62	9.23	9.23	NUM
fbem-1290	134	63	)	)	PUNCT
fbem-1290	134	64	1.64	1.64	NUM
fbem-1290	134	65	*	*	PUNCT
fbem-1290	134	66	*	*	PUNCT
fbem-1290	134	67	(	(	PUNCT
fbem-1290	134	68	12.93	12.93	NUM
fbem-1290	134	69	)	)	PUNCT
fbem-1290	134	70	r	r	NOUN
fbem-1290	134	71	-0.044	-0.044	PROPN
fbem-1290	134	72	*	*	PUNCT
fbem-1290	134	73	(	(	PUNCT
fbem-1290	134	74	2.66	2.66	NUM
fbem-1290	134	75	)	)	PUNCT
fbem-1290	134	76	0.019	0.019	NUM
fbem-1290	134	77	*	*	PUNCT
fbem-1290	134	78	*	*	PUNCT
fbem-1290	134	79	(	(	PUNCT
fbem-1290	134	80	0.95	0.95	NUM
fbem-1290	134	81	)	)	PUNCT
fbem-1290	134	82	-0.023	-0.023	NOUN
fbem-1290	134	83	*	*	PUNCT
fbem-1290	134	84	*	*	PUNCT
fbem-1290	134	85	(	(	PUNCT
fbem-1290	134	86	2.77	2.77	NUM
fbem-1290	134	87	)	)	PUNCT
fbem-1290	134	88	0.037	0.037	NUM
fbem-1290	134	89	*	*	SYM
fbem-1290	134	90	(	(	PUNCT
fbem-1290	134	91	0.93	0.93	NUM
fbem-1290	134	92	)	)	PUNCT
fbem-1290	134	93	0.046	0.046	NUM
fbem-1290	134	94	*	*	PUNCT
fbem-1290	134	95	*	*	PUNCT
fbem-1290	134	96	(	(	PUNCT
fbem-1290	134	97	0.94	0.94	NUM
fbem-1290	134	98	)	)	PUNCT
fbem-1290	134	99	-0.026	-0.026	X
fbem-1290	134	100	*	*	PUNCT
fbem-1290	134	101	*	*	PUNCT
fbem-1290	134	102	*	*	PUNCT
fbem-1290	134	103	(	(	PUNCT
fbem-1290	134	104	3.65	3.65	NUM
fbem-1290	134	105	)	)	PUNCT
fbem-1290	134	106	0.029	0.029	NUM
fbem-1290	134	107	*	*	PUNCT
fbem-1290	134	108	*	*	PUNCT
fbem-1290	134	109	(	(	PUNCT
fbem-1290	134	110	2.56	2.56	NUM
fbem-1290	134	111	)	)	PUNCT
fbem-1290	134	112	fpr	fpr	VERB
fbem-1290	134	113	0.21	0.21	NUM
fbem-1290	134	114	*	*	NOUN
fbem-1290	134	115	*	*	PUNCT
fbem-1290	134	116	*	*	PUNCT
fbem-1290	134	117	(	(	PUNCT
fbem-1290	134	118	13.24	13.24	NUM
fbem-1290	134	119	)	)	PUNCT
fbem-1290	134	120	0.015	0.015	NUM
fbem-1290	134	121	*	*	PUNCT
fbem-1290	134	122	*	*	PUNCT
fbem-1290	134	123	(	(	PUNCT
fbem-1290	134	124	11.87	11.87	NUM
fbem-1290	134	125	)	)	PUNCT
fbem-1290	134	126	0.022	0.022	NUM
fbem-1290	134	127	*	*	PUNCT
fbem-1290	134	128	*	*	PUNCT
fbem-1290	134	129	(	(	PUNCT
fbem-1290	134	130	8.99	8.99	NUM
fbem-1290	134	131	)	)	PUNCT
fbem-1290	134	132	-0.08	-0.08	NOUN
fbem-1290	134	133	*	*	PUNCT
fbem-1290	134	134	(	(	PUNCT
fbem-1290	134	135	2.56	2.56	NUM
fbem-1290	134	136	)	)	PUNCT
fbem-1290	134	137	0.092	0.092	NUM
fbem-1290	134	138	*	*	PUNCT
fbem-1290	134	139	(	(	PUNCT
fbem-1290	134	140	11.73	11.73	NUM
fbem-1290	134	141	)	)	PUNCT
fbem-1290	134	142	0.034	0.034	NUM
fbem-1290	134	143	*	*	PUNCT
fbem-1290	134	144	*	*	PUNCT
fbem-1290	134	145	*	*	PUNCT
fbem-1290	134	146	(	(	PUNCT
fbem-1290	134	147	4.97	4.97	NUM
fbem-1290	134	148	)	)	PUNCT
fbem-1290	134	149	0.18	0.18	NUM
fbem-1290	134	150	*	*	PUNCT
fbem-1290	134	151	*	*	PUNCT
fbem-1290	134	152	(	(	PUNCT
fbem-1290	134	153	6.27	6.27	NUM
fbem-1290	134	154	)	)	PUNCT
fbem-1290	134	155	control	control	NOUN
fbem-1290	134	156	variable	variable	NOUN
fbem-1290	134	157	ln(fd	ln(fd	NOUN
fbem-1290	134	158	)	)	PUNCT
fbem-1290	134	159	-0.42	-0.42	NOUN
fbem-1290	134	160	*	*	NOUN
fbem-1290	134	161	*	*	PUNCT
fbem-1290	134	162	*	*	PUNCT
fbem-1290	134	163	(	(	PUNCT
fbem-1290	134	164	0.77	0.77	NUM
fbem-1290	134	165	)	)	PUNCT
fbem-1290	134	166	0.48	0.48	NUM
fbem-1290	134	167	*	*	PUNCT
fbem-1290	134	168	*	*	PUNCT
fbem-1290	134	169	(	(	PUNCT
fbem-1290	134	170	4.27	4.27	NUM
fbem-1290	134	171	)	)	PUNCT
fbem-1290	134	172	0.39	0.39	NUM
fbem-1290	134	173	*	*	PUNCT
fbem-1290	134	174	*	*	PUNCT
fbem-1290	134	175	(	(	PUNCT
fbem-1290	134	176	9.82	9.82	NUM
fbem-1290	134	177	)	)	PUNCT
fbem-1290	134	178	0.77	0.77	NUM
fbem-1290	134	179	*	*	PUNCT
fbem-1290	134	180	*	*	PUNCT
fbem-1290	134	181	*	*	PUNCT
fbem-1290	134	182	(	(	PUNCT
fbem-1290	134	183	11.23	11.23	NUM
fbem-1290	134	184	)	)	PUNCT
fbem-1290	134	185	0.28	0.28	NUM
fbem-1290	134	186	*	*	NOUN
fbem-1290	134	187	*	*	PUNCT
fbem-1290	134	188	(	(	PUNCT
fbem-1290	134	189	8.34	8.34	NUM
fbem-1290	134	190	)	)	PUNCT
fbem-1290	134	191	0.47	0.47	NUM
fbem-1290	134	192	*	*	PUNCT
fbem-1290	134	193	*	*	PUNCT
fbem-1290	134	194	(	(	PUNCT
fbem-1290	134	195	1.78	1.78	NUM
fbem-1290	134	196	)	)	PUNCT
fbem-1290	134	197	0.88	0.88	NUM
fbem-1290	134	198	*	*	PUNCT
fbem-1290	134	199	*	*	PUNCT
fbem-1290	134	200	(	(	PUNCT
fbem-1290	134	201	0.84	0.84	NUM
fbem-1290	134	202	)	)	PUNCT
fbem-1290	134	203	ln(pgdp	ln(pgdp	NOUN
fbem-1290	134	204	)	)	PUNCT
fbem-1290	134	205	-1.26*(7.74	-1.26*(7.74	NOUN
fbem-1290	134	206	)	)	PUNCT
fbem-1290	134	207	0.798**(9.27	0.798**(9.27	NOUN
fbem-1290	134	208	)	)	PUNCT
fbem-1290	134	209	1.46	1.46	NUM
fbem-1290	134	210	*	*	PUNCT
fbem-1290	134	211	*	*	PUNCT
fbem-1290	134	212	(	(	PUNCT
fbem-1290	134	213	2.95	2.95	NUM
fbem-1290	134	214	)	)	PUNCT
fbem-1290	134	215	-1.424	-1.424	PUNCT
fbem-1290	134	216	*	*	NOUN
fbem-1290	134	217	*	*	PUNCT
fbem-1290	134	218	(	(	PUNCT
fbem-1290	134	219	14.55	14.55	NUM
fbem-1290	134	220	)	)	PUNCT
fbem-1290	134	221	1.43	1.43	NUM
fbem-1290	134	222	*	*	PUNCT
fbem-1290	134	223	*	*	PUNCT
fbem-1290	134	224	(	(	PUNCT
fbem-1290	134	225	2.95	2.95	NUM
fbem-1290	134	226	)	)	PUNCT
fbem-1290	134	227	1.88**(9.35	1.88**(9.35	NUM
fbem-1290	134	228	)	)	PUNCT
fbem-1290	134	229	0.69***(7.63	0.69***(7.63	NUM
fbem-1290	134	230	)	)	PUNCT
fbem-1290	134	231	acp	acp	PROPN
fbem-1290	134	232	-0.009	-0.009	PROPN
fbem-1290	134	233	*	*	PUNCT
fbem-1290	134	234	*	*	PUNCT
fbem-1290	134	235	*	*	PUNCT
fbem-1290	134	236	(	(	PUNCT
fbem-1290	134	237	27.44	27.44	NUM
fbem-1290	134	238	)	)	PUNCT
fbem-1290	134	239	-0.56	-0.56	NOUN
fbem-1290	134	240	*	*	NOUN
fbem-1290	134	241	*	*	PUNCT
fbem-1290	134	242	(	(	PUNCT
fbem-1290	134	243	6.92	6.92	NUM
fbem-1290	134	244	)	)	PUNCT
fbem-1290	134	245	1.15	1.15	NUM
fbem-1290	134	246	*	*	PUNCT
fbem-1290	134	247	*	*	PUNCT
fbem-1290	134	248	(	(	PUNCT
fbem-1290	134	249	2.78	2.78	NUM
fbem-1290	134	250	)	)	PUNCT
fbem-1290	134	251	-0.66	-0.66	NOUN
fbem-1290	134	252	*	*	NOUN
fbem-1290	134	253	*	*	PUNCT
fbem-1290	134	254	(	(	PUNCT
fbem-1290	134	255	10.44	10.44	NUM
fbem-1290	134	256	)	)	PUNCT
fbem-1290	134	257	0.52	0.52	NUM
fbem-1290	134	258	*	*	PUNCT
fbem-1290	134	259	*	*	PUNCT
fbem-1290	134	260	*	*	PUNCT
fbem-1290	134	261	(	(	PUNCT
fbem-1290	134	262	6.39	6.39	NUM
fbem-1290	134	263	)	)	PUNCT
fbem-1290	134	264	-0.069	-0.069	NOUN
fbem-1290	134	265	*	*	PUNCT
fbem-1290	134	266	*	*	PUNCT
fbem-1290	134	267	(	(	PUNCT
fbem-1290	134	268	15.87	15.87	NUM
fbem-1290	134	269	)	)	PUNCT
fbem-1290	134	270	1.91	1.91	NUM
fbem-1290	134	271	*	*	PUNCT
fbem-1290	134	272	*	*	PUNCT
fbem-1290	134	273	*	*	PUNCT
fbem-1290	134	274	(	(	PUNCT
fbem-1290	134	275	11.98	11.98	NUM
fbem-1290	134	276	)	)	PUNCT
fbem-1290	134	277	other	other	ADJ
fbem-1290	134	278	items	item	NOUN
fbem-1290	134	279	constant	constant	ADJ
fbem-1290	134	280	term	term	NOUN
fbem-1290	134	281	-213.2	-213.2	PROPN
fbem-1290	134	282	*	*	PUNCT
fbem-1290	134	283	*	*	PUNCT
fbem-1290	134	284	(	(	PUNCT
fbem-1290	134	285	9.36	9.36	NUM
fbem-1290	134	286	)	)	PUNCT
fbem-1290	134	287	-89.72	-89.72	PROPN
fbem-1290	134	288	*	*	X
fbem-1290	134	289	(	(	PUNCT
fbem-1290	134	290	8.33	8.33	NUM
fbem-1290	134	291	)	)	PUNCT
fbem-1290	134	292	-192.23	-192.23	NOUN
fbem-1290	134	293	*	*	PUNCT
fbem-1290	134	294	(	(	PUNCT
fbem-1290	134	295	16.83	16.83	NUM
fbem-1290	134	296	)	)	PUNCT
fbem-1290	134	297	147.28	147.28	NUM
fbem-1290	134	298	*	*	SYM
fbem-1290	134	299	*	*	PUNCT
fbem-1290	134	300	(	(	PUNCT
fbem-1290	134	301	10.74	10.74	NUM
fbem-1290	134	302	)	)	PUNCT
fbem-1290	134	303	-133.8	-133.8	PROPN
fbem-1290	134	304	*	*	PUNCT
fbem-1290	134	305	*	*	PUNCT
fbem-1290	134	306	(	(	PUNCT
fbem-1290	134	307	12.37	12.37	NUM
fbem-1290	134	308	)	)	PUNCT
fbem-1290	134	309	166.34	166.34	NUM
fbem-1290	134	310	*	*	PUNCT
fbem-1290	134	311	*	*	PUNCT
fbem-1290	134	312	(	(	PUNCT
fbem-1290	134	313	7.93	7.93	NUM
fbem-1290	134	314	)	)	PUNCT
fbem-1290	134	315	-423.93	-423.93	PROPN
fbem-1290	134	316	*	*	PUNCT
fbem-1290	134	317	*	*	PUNCT
fbem-1290	134	318	*	*	PUNCT
fbem-1290	134	319	(	(	PUNCT
fbem-1290	134	320	27.31	27.31	NUM
fbem-1290	134	321	)	)	PUNCT
fbem-1290	134	322	observed	observed	ADJ
fbem-1290	134	323	value	value	NOUN
fbem-1290	134	324	34	34	NUM
fbem-1290	134	325	one	one	NUM
fbem-1290	134	326	34	34	NUM
fbem-1290	134	327	one	one	NUM
fbem-1290	134	328	34	34	NUM
fbem-1290	134	329	one	one	NUM
fbem-1290	134	330	34	34	NUM
fbem-1290	134	331	one	one	NUM
fbem-1290	134	332	310	310	NUM
fbem-1290	134	333	27	27	NUM
fbem-1290	134	334	nine	nine	NUM
fbem-1290	134	335	310	310	NUM
fbem-1290	134	336	estimation	estimation	NOUN
fbem-1290	134	337	method	method	NOUN
fbem-1290	134	338	ols	ols	PROPN
fbem-1290	134	339	ols	ols	PROPN
fbem-1290	134	340	ols	ols	PROPN
fbem-1290	134	341	wls	wls	PROPN
fbem-1290	134	342	2sls	2sls	PROPN
fbem-1290	134	343	differential	differential	NOUN
fbem-1290	134	344	gmm	gmm	NOUN
fbem-1290	134	345	system	system	NOUN
fbem-1290	134	346	gmm	gmm	PROPN
fbem-1290	134	347	adjusted	adjust	VERB
fbem-1290	134	348	r2	r2	PROPN
fbem-1290	134	349	0.88	0.88	NUM
fbem-1290	134	350	jin	jin	NOUN
fbem-1290	134	351	0.92	0.92	NUM
fbem-1290	134	352	jin	jin	NOUN
fbem-1290	134	353	0.89	0.89	NUM
fbem-1290	134	354	jin	jin	NOUN
fbem-1290	134	355	0.92	0.92	NUM
fbem-1290	134	356	jin	jin	NOUN
fbem-1290	134	357	0.94	0.94	NUM
fbem-1290	135	1	jin	jin	NOUN
fbem-1290	135	2	\	\	X
fbem-1290	135	3	\	\	PROPN
fbem-1290	135	4	f	f	PROPN
fbem-1290	135	5	test	test	NOUN
fbem-1290	135	6	968.54	968.54	NUM
fbem-1290	135	7	127.86	127.86	NUM
fbem-1290	135	8	82.94	82.94	NUM
fbem-1290	135	9	118.29	118.29	NUM
fbem-1290	135	10	55.82	55.82	NUM
fbem-1290	135	11	\	\	NOUN
fbem-1290	135	12	\	\	PROPN
fbem-1290	135	13	hansen	hansen	PROPN
fbem-1290	135	14	\	\	PROPN
fbem-1290	135	15	\	\	X
fbem-1290	135	16	\	\	X
fbem-1290	135	17	\	\	X
fbem-1290	135	18	\	\	PROPN
fbem-1290	136	1	22.56	22.56	NUM
fbem-1290	136	2	31.28	31.28	NUM
fbem-1290	136	3	179	179	NUM
fbem-1290	136	4	note	note	NOUN
fbem-1290	136	5	:	:	PUNCT
fbem-1290	136	6	the	the	DET
fbem-1290	136	7	data	datum	NOUN
fbem-1290	136	8	in	in	ADP
fbem-1290	136	9	brackets	bracket	NOUN
fbem-1290	136	10	are	be	AUX
fbem-1290	136	11	standard	standard	ADJ
fbem-1290	136	12	errors	error	NOUN
fbem-1290	136	13	,	,	PUNCT
fbem-1290	136	14	*	*	PUNCT
fbem-1290	136	15	,	,	PUNCT
fbem-1290	136	16	*	*	PUNCT
fbem-1290	136	17	*	*	PUNCT
fbem-1290	136	18	,	,	PUNCT
fbem-1290	136	19	*	*	PUNCT
fbem-1290	137	1	*	*	PUNCT
fbem-1290	137	2	*	*	PUNCT
fbem-1290	137	3	are	be	AUX
fbem-1290	137	4	significant	significant	ADJ
fbem-1290	137	5	at	at	ADP
fbem-1290	137	6	10	10	NUM
fbem-1290	137	7	%	%	NOUN
fbem-1290	137	8	,	,	PUNCT
fbem-1290	137	9	5	5	NUM
fbem-1290	137	10	%	%	NOUN
fbem-1290	137	11	and	and	CCONJ
fbem-1290	137	12	1	1	NUM
fbem-1290	137	13	%	%	NOUN
fbem-1290	137	14	,	,	PUNCT
fbem-1290	137	15	respectively	respectively	ADV
fbem-1290	137	16	.	.	PUNCT
fbem-1290	138	1	through	through	ADP
fbem-1290	138	2	the	the	DET
fbem-1290	138	3	above	above	ADJ
fbem-1290	138	4	research	research	NOUN
fbem-1290	138	5	and	and	CCONJ
fbem-1290	138	6	analysis	analysis	NOUN
fbem-1290	138	7	,	,	PUNCT
fbem-1290	138	8	the	the	DET
fbem-1290	138	9	following	follow	VERB
fbem-1290	138	10	conclusions	conclusion	NOUN
fbem-1290	138	11	can	can	AUX
fbem-1290	138	12	be	be	AUX
fbem-1290	138	13	drawn	draw	VERB
fbem-1290	138	14	:	:	PUNCT
fbem-1290	138	15	1	1	X
fbem-1290	138	16	.	.	X
fbem-1290	138	17	interest	interest	NOUN
fbem-1290	138	18	rate	rate	NOUN
fbem-1290	138	19	has	have	VERB
fbem-1290	138	20	no	no	DET
fbem-1290	138	21	impact	impact	NOUN
fbem-1290	138	22	or	or	CCONJ
fbem-1290	138	23	unstable	unstable	ADJ
fbem-1290	138	24	impact	impact	NOUN
fbem-1290	138	25	on	on	ADP
fbem-1290	138	26	the	the	DET
fbem-1290	138	27	leverage	leverage	NOUN
fbem-1290	138	28	ratio	ratio	NOUN
fbem-1290	138	29	of	of	ADP
fbem-1290	138	30	residents	resident	NOUN
fbem-1290	138	31	,	,	PUNCT
fbem-1290	138	32	and	and	CCONJ
fbem-1290	138	33	the	the	DET
fbem-1290	138	34	impact	impact	NOUN
fbem-1290	138	35	scope	scope	NOUN
fbem-1290	138	36	is	be	AUX
fbem-1290	138	37	small	small	ADJ
fbem-1290	138	38	.	.	PUNCT
fbem-1290	139	1	interest	interest	NOUN
fbem-1290	139	2	rate	rate	NOUN
fbem-1290	139	3	is	be	AUX
fbem-1290	139	4	the	the	DET
fbem-1290	139	5	most	most	ADV
fbem-1290	139	6	important	important	ADJ
fbem-1290	139	7	regulation	regulation	NOUN
fbem-1290	139	8	tool	tool	NOUN
fbem-1290	139	9	of	of	ADP
fbem-1290	139	10	monetary	monetary	ADJ
fbem-1290	139	11	policy	policy	NOUN
fbem-1290	139	12	because	because	SCONJ
fbem-1290	139	13	of	of	ADP
fbem-1290	139	14	its	its	PRON
fbem-1290	139	15	obvious	obvious	ADJ
fbem-1290	139	16	effect	effect	NOUN
fbem-1290	139	17	and	and	CCONJ
fbem-1290	139	18	strong	strong	ADJ
fbem-1290	139	19	controllability	controllability	NOUN
fbem-1290	139	20	,	,	PUNCT
fbem-1290	139	21	and	and	CCONJ
fbem-1290	139	22	it	it	PRON
fbem-1290	139	23	has	have	VERB
fbem-1290	139	24	certain	certain	ADJ
fbem-1290	139	25	leading	leading	ADJ
fbem-1290	139	26	and	and	CCONJ
fbem-1290	139	27	high	high	ADJ
fbem-1290	139	28	efficiency	efficiency	NOUN
fbem-1290	139	29	.	.	PUNCT
fbem-1290	140	1	the	the	DET
fbem-1290	140	2	national	national	PROPN
fbem-1290	140	3	monetary	monetary	ADJ
fbem-1290	140	4	authority	authority	NOUN
fbem-1290	140	5	can	can	AUX
fbem-1290	140	6	directly	directly	ADV
fbem-1290	140	7	affect	affect	VERB
fbem-1290	140	8	the	the	DET
fbem-1290	140	9	investment	investment	NOUN
fbem-1290	140	10	motivation	motivation	NOUN
fbem-1290	140	11	(	(	PUNCT
fbem-1290	140	12	l(i	l(i	NOUN
fbem-1290	140	13	)	)	PUNCT
fbem-1290	140	14	)	)	PUNCT
fbem-1290	140	15	and	and	CCONJ
fbem-1290	140	16	the	the	DET
fbem-1290	140	17	consumption	consumption	NOUN
fbem-1290	140	18	expenditure	expenditure	NOUN
fbem-1290	140	19	(	(	PUNCT
fbem-1290	140	20	c(i	c(i	NOUN
fbem-1290	140	21	)	)	PUNCT
fbem-1290	140	22	)	)	PUNCT
fbem-1290	140	23	through	through	ADP
fbem-1290	140	24	the	the	DET
fbem-1290	140	25	interest	interest	NOUN
fbem-1290	140	26	rate	rate	NOUN
fbem-1290	140	27	,	,	PUNCT
fbem-1290	140	28	and	and	CCONJ
fbem-1290	140	29	fundamentally	fundamentally	ADV
fbem-1290	140	30	adjust	adjust	VERB
fbem-1290	140	31	the	the	DET
fbem-1290	140	32	total	total	ADJ
fbem-1290	140	33	social	social	ADJ
fbem-1290	140	34	supply	supply	NOUN
fbem-1290	140	35	and	and	CCONJ
fbem-1290	140	36	demand	demand	NOUN
fbem-1290	140	37	from	from	ADP
fbem-1290	140	38	the	the	DET
fbem-1290	140	39	social	social	ADJ
fbem-1290	140	40	capital	capital	NOUN
fbem-1290	140	41	flow	flow	VERB
fbem-1290	140	42	macroscopically	macroscopically	ADV
fbem-1290	140	43	.	.	PUNCT
fbem-1290	141	1	at	at	ADP
fbem-1290	141	2	the	the	DET
fbem-1290	141	3	same	same	ADJ
fbem-1290	141	4	time	time	NOUN
fbem-1290	141	5	,	,	PUNCT
fbem-1290	141	6	the	the	DET
fbem-1290	141	7	central	central	ADJ
fbem-1290	141	8	bank	bank	NOUN
fbem-1290	141	9	of	of	ADP
fbem-1290	141	10	our	our	PRON
fbem-1290	141	11	country	country	NOUN
fbem-1290	141	12	can	can	AUX
fbem-1290	141	13	observe	observe	VERB
fbem-1290	141	14	the	the	DET
fbem-1290	141	15	level	level	NOUN
fbem-1290	141	16	and	and	CCONJ
fbem-1290	141	17	structure	structure	NOUN
fbem-1290	141	18	of	of	ADP
fbem-1290	141	19	the	the	DET
fbem-1290	141	20	market	market	NOUN
fbem-1290	141	21	interest	interest	NOUN
fbem-1290	141	22	rate	rate	NOUN
fbem-1290	141	23	and	and	CCONJ
fbem-1290	141	24	adjust	adjust	VERB
fbem-1290	141	25	the	the	DET
fbem-1290	141	26	market	market	NOUN
fbem-1290	141	27	interest	interest	NOUN
fbem-1290	141	28	rate	rate	NOUN
fbem-1290	141	29	at	at	ADP
fbem-1290	141	30	any	any	DET
fbem-1290	141	31	time	time	NOUN
fbem-1290	141	32	.	.	PUNCT
fbem-1290	142	1	it	it	PRON
fbem-1290	142	2	can	can	AUX
fbem-1290	142	3	be	be	AUX
fbem-1290	142	4	observed	observe	VERB
fbem-1290	142	5	from	from	ADP
fbem-1290	142	6	the	the	DET
fbem-1290	142	7	above	above	ADJ
fbem-1290	142	8	panel	panel	NOUN
fbem-1290	142	9	data	datum	NOUN
fbem-1290	142	10	that	that	SCONJ
fbem-1290	142	11	interest	interest	NOUN
fbem-1290	142	12	rates	rate	NOUN
fbem-1290	142	13	are	be	AUX
fbem-1290	142	14	national	national	ADJ
fbem-1290	142	15	-	-	PUNCT
fbem-1290	142	16	level	level	NOUN
fbem-1290	142	17	data	datum	NOUN
fbem-1290	142	18	.	.	PUNCT
fbem-1290	143	1	the	the	DET
fbem-1290	143	2	country	country	NOUN
fbem-1290	143	3	adjusted	adjust	VERB
fbem-1290	143	4	interest	interest	NOUN
fbem-1290	143	5	rates	rate	NOUN
fbem-1290	143	6	several	several	ADJ
fbem-1290	143	7	times	time	NOUN
fbem-1290	143	8	from	from	ADP
fbem-1290	143	9	2009	2009	NUM
fbem-1290	143	10	to	to	ADP
fbem-1290	143	11	2019	2019	NUM
fbem-1290	143	12	,	,	PUNCT
fbem-1290	143	13	with	with	ADP
fbem-1290	143	14	the	the	DET
fbem-1290	143	15	range	range	NOUN
fbem-1290	143	16	of	of	ADP
fbem-1290	143	17	change	change	NOUN
fbem-1290	143	18	ranging	range	VERB
fbem-1290	143	19	from	from	ADP
fbem-1290	143	20	0.15	0.15	NUM
fbem-1290	143	21	to	to	ADP
fbem-1290	143	22	0.75	0.75	NUM
fbem-1290	143	23	.	.	PUNCT
fbem-1290	144	1	taking	take	VERB
fbem-1290	144	2	each	each	DET
fbem-1290	144	3	province	province	NOUN
fbem-1290	144	4	as	as	ADP
fbem-1290	144	5	an	an	DET
fbem-1290	144	6	independent	independent	ADJ
fbem-1290	144	7	analysis	analysis	NOUN
fbem-1290	144	8	object	object	NOUN
fbem-1290	144	9	,	,	PUNCT
fbem-1290	144	10	small	small	ADJ
fbem-1290	144	11	changes	change	NOUN
fbem-1290	144	12	in	in	ADP
fbem-1290	144	13	interest	interest	NOUN
fbem-1290	144	14	rates	rate	NOUN
fbem-1290	144	15	cause	cause	VERB
fbem-1290	144	16	changes	change	NOUN
fbem-1290	144	17	in	in	ADP
fbem-1290	144	18	market	market	NOUN
fbem-1290	144	19	factors	factor	NOUN
fbem-1290	144	20	such	such	ADJ
fbem-1290	144	21	as	as	ADP
fbem-1290	144	22	financial	financial	ADJ
fbem-1290	144	23	development	development	NOUN
fbem-1290	144	24	(	(	PUNCT
fbem-1290	144	25	fd	fd	PROPN
fbem-1290	144	26	)	)	PUNCT
fbem-1290	144	27	,	,	PUNCT
fbem-1290	144	28	real	real	ADJ
fbem-1290	144	29	estate	estate	NOUN
fbem-1290	144	30	gross	gross	ADJ
fbem-1290	144	31	domestic	domestic	ADJ
fbem-1290	144	32	product	product	NOUN
fbem-1290	144	33	(	(	PUNCT
fbem-1290	144	34	idd	idd	X
fbem-1290	144	35	)	)	PUNCT
fbem-1290	144	36	and	and	CCONJ
fbem-1290	144	37	related	related	ADJ
fbem-1290	144	38	policy	policy	NOUN
fbem-1290	144	39	indicators	indicator	NOUN
fbem-1290	144	40	.	.	PUNCT
fbem-1290	145	1	this	this	DET
fbem-1290	145	2	paper	paper	NOUN
fbem-1290	145	3	analyzes	analyze	VERB
fbem-1290	145	4	the	the	DET
fbem-1290	145	5	relationship	relationship	NOUN
fbem-1290	145	6	between	between	ADP
fbem-1290	145	7	interest	interest	NOUN
fbem-1290	145	8	rate	rate	NOUN
fbem-1290	145	9	and	and	CCONJ
fbem-1290	145	10	household	household	NOUN
fbem-1290	145	11	leverage	leverage	NOUN
fbem-1290	145	12	ratio	ratio	NOUN
fbem-1290	145	13	from	from	ADP
fbem-1290	145	14	the	the	DET
fbem-1290	145	15	perspective	perspective	NOUN
fbem-1290	145	16	of	of	ADP
fbem-1290	145	17	macroeconomic	macroeconomic	ADJ
fbem-1290	145	18	monetary	monetary	ADJ
fbem-1290	145	19	policy	policy	NOUN
fbem-1290	145	20	,	,	PUNCT
fbem-1290	145	21	which	which	PRON
fbem-1290	145	22	may	may	AUX
fbem-1290	145	23	be	be	AUX
fbem-1290	145	24	due	due	ADJ
fbem-1290	145	25	to	to	ADP
fbem-1290	145	26	the	the	DET
fbem-1290	145	27	nature	nature	NOUN
fbem-1290	145	28	of	of	ADP
fbem-1290	145	29	interest	interest	NOUN
fbem-1290	145	30	rate	rate	NOUN
fbem-1290	145	31	"	"	PUNCT
fbem-1290	145	32	pulling	pull	VERB
fbem-1290	145	33	the	the	DET
fbem-1290	145	34	trigger	trigger	NOUN
fbem-1290	145	35	and	and	CCONJ
fbem-1290	145	36	moving	move	VERB
fbem-1290	145	37	the	the	DET
fbem-1290	145	38	whole	whole	ADJ
fbem-1290	145	39	body	body	NOUN
fbem-1290	145	40	"	"	PUNCT
fbem-1290	145	41	.	.	PUNCT
fbem-1290	146	1	from	from	ADP
fbem-1290	146	2	the	the	DET
fbem-1290	146	3	data	datum	NOUN
fbem-1290	146	4	analysis	analysis	NOUN
fbem-1290	146	5	in	in	ADP
fbem-1290	146	6	this	this	DET
fbem-1290	146	7	paper	paper	NOUN
fbem-1290	146	8	,	,	PUNCT
fbem-1290	146	9	it	it	PRON
fbem-1290	146	10	is	be	AUX
fbem-1290	146	11	inferred	infer	VERB
fbem-1290	146	12	that	that	SCONJ
fbem-1290	146	13	except	except	SCONJ
fbem-1290	146	14	for	for	ADP
fbem-1290	146	15	the	the	DET
fbem-1290	146	16	small	small	ADJ
fbem-1290	146	17	impact	impact	NOUN
fbem-1290	146	18	of	of	ADP
fbem-1290	146	19	interest	interest	NOUN
fbem-1290	146	20	rate	rate	NOUN
fbem-1290	146	21	on	on	ADP
fbem-1290	146	22	leverage	leverage	NOUN
fbem-1290	146	23	ratio	ratio	NOUN
fbem-1290	146	24	,	,	PUNCT
fbem-1290	146	25	this	this	DET
fbem-1290	146	26	indirect	indirect	ADJ
fbem-1290	146	27	impact	impact	NOUN
fbem-1290	146	28	may	may	AUX
fbem-1290	146	29	be	be	AUX
fbem-1290	146	30	implicit	implicit	ADJ
fbem-1290	146	31	.	.	PUNCT
fbem-1290	147	1	2	2	X
fbem-1290	147	2	.	.	X
fbem-1290	147	3	completion	completion	NOUN
fbem-1290	147	4	of	of	ADP
fbem-1290	147	5	investment	investment	NOUN
fbem-1290	147	6	in	in	ADP
fbem-1290	147	7	real	real	ADJ
fbem-1290	147	8	estate	estate	NOUN
fbem-1290	147	9	development	development	NOUN
fbem-1290	147	10	and	and	CCONJ
fbem-1290	147	11	sales	sale	NOUN
fbem-1290	147	12	area	area	NOUN
fbem-1290	147	13	of	of	ADP
fbem-1290	147	14	residential	residential	ADJ
fbem-1290	147	15	commercial	commercial	ADJ
fbem-1290	147	16	housing	housing	NOUN
fbem-1290	147	17	are	be	AUX
fbem-1290	147	18	the	the	DET
fbem-1290	147	19	indicators	indicator	NOUN
fbem-1290	147	20	that	that	PRON
fbem-1290	147	21	mainly	mainly	ADV
fbem-1290	147	22	affect	affect	VERB
fbem-1290	147	23	the	the	DET
fbem-1290	147	24	leverage	leverage	NOUN
fbem-1290	147	25	ratio	ratio	NOUN
fbem-1290	147	26	of	of	ADP
fbem-1290	147	27	residents	resident	NOUN
fbem-1290	147	28	.	.	PUNCT
fbem-1290	148	1	housing	housing	NOUN
fbem-1290	148	2	sales	sale	NOUN
fbem-1290	148	3	area	area	NOUN
fbem-1290	148	4	is	be	AUX
fbem-1290	148	5	the	the	DET
fbem-1290	148	6	only	only	ADV
fbem-1290	148	7	two	two	NUM
fbem-1290	148	8	indicators	indicator	NOUN
fbem-1290	148	9	with	with	ADP
fbem-1290	148	10	positive	positive	ADJ
fbem-1290	148	11	coefficients	coefficient	NOUN
fbem-1290	148	12	in	in	ADP
fbem-1290	148	13	the	the	DET
fbem-1290	148	14	seven	seven	NUM
fbem-1290	148	15	regressions	regression	NOUN
fbem-1290	148	16	.	.	PUNCT
fbem-1290	149	1	it	it	PRON
fbem-1290	149	2	is	be	AUX
fbem-1290	149	3	also	also	ADV
fbem-1290	149	4	an	an	DET
fbem-1290	149	5	important	important	ADJ
fbem-1290	149	6	performance	performance	NOUN
fbem-1290	149	7	indicator	indicator	NOUN
fbem-1290	149	8	of	of	ADP
fbem-1290	149	9	the	the	DET
fbem-1290	149	10	real	real	ADJ
fbem-1290	149	11	estate	estate	NOUN
fbem-1290	149	12	policy	policy	NOUN
fbem-1290	149	13	,	,	PUNCT
fbem-1290	149	14	i.e.	i.e.	X
fbem-1290	149	15	any	any	DET
fbem-1290	149	16	"	"	PUNCT
fbem-1290	149	17	trouble	trouble	NOUN
fbem-1290	149	18	"	"	PUNCT
fbem-1290	149	19	in	in	ADP
fbem-1290	149	20	the	the	DET
fbem-1290	149	21	real	real	ADJ
fbem-1290	149	22	estate	estate	NOUN
fbem-1290	149	23	industry	industry	NOUN
fbem-1290	149	24	can	can	AUX
fbem-1290	149	25	cause	cause	VERB
fbem-1290	149	26	changes	change	NOUN
fbem-1290	149	27	in	in	ADP
fbem-1290	149	28	the	the	DET
fbem-1290	149	29	leverage	leverage	NOUN
fbem-1290	149	30	ratio	ratio	NOUN
fbem-1290	149	31	of	of	ADP
fbem-1290	149	32	residents	resident	NOUN
fbem-1290	149	33	,	,	PUNCT
fbem-1290	149	34	further	far	ADV
fbem-1290	149	35	affecting	affect	VERB
fbem-1290	149	36	the	the	DET
fbem-1290	149	37	expansion	expansion	NOUN
fbem-1290	149	38	of	of	ADP
fbem-1290	149	39	the	the	DET
fbem-1290	149	40	industry	industry	NOUN
fbem-1290	149	41	and	and	CCONJ
fbem-1290	149	42	economic	economic	ADJ
fbem-1290	149	43	development	development	NOUN
fbem-1290	149	44	.	.	PUNCT
fbem-1290	150	1	among	among	ADP
fbem-1290	150	2	them	they	PRON
fbem-1290	150	3	,	,	PUNCT
fbem-1290	150	4	real	real	ADJ
fbem-1290	150	5	estate	estate	NOUN
fbem-1290	150	6	investment	investment	NOUN
fbem-1290	150	7	and	and	CCONJ
fbem-1290	150	8	housing	housing	NOUN
fbem-1290	150	9	sales	sale	NOUN
fbem-1290	150	10	increase	increase	VERB
fbem-1290	150	11	market	market	NOUN
fbem-1290	150	12	supply	supply	NOUN
fbem-1290	150	13	,	,	PUNCT
fbem-1290	150	14	reduce	reduce	VERB
fbem-1290	150	15	household	household	NOUN
fbem-1290	150	16	sector	sector	NOUN
fbem-1290	150	17	savings	saving	NOUN
fbem-1290	150	18	,	,	PUNCT
fbem-1290	150	19	increase	increase	VERB
fbem-1290	150	20	consumption	consumption	NOUN
fbem-1290	150	21	motivation	motivation	NOUN
fbem-1290	150	22	to	to	PART
fbem-1290	150	23	improve	improve	VERB
fbem-1290	150	24	lending	lending	NOUN
fbem-1290	150	25	liquidity	liquidity	NOUN
fbem-1290	150	26	,	,	PUNCT
fbem-1290	150	27	thus	thus	ADV
fbem-1290	150	28	affecting	affect	VERB
fbem-1290	150	29	household	household	NOUN
fbem-1290	150	30	leverage	leverage	NOUN
fbem-1290	150	31	ratio	ratio	NOUN
fbem-1290	150	32	.	.	PUNCT
fbem-1290	151	1	the	the	DET
fbem-1290	151	2	observed	observe	VERB
fbem-1290	151	3	data	datum	NOUN
fbem-1290	151	4	show	show	VERB
fbem-1290	151	5	that	that	SCONJ
fbem-1290	151	6	beijing	beijing	PROPN
fbem-1290	151	7	,	,	PUNCT
fbem-1290	151	8	shanghai	shanghai	PROPN
fbem-1290	151	9	,	,	PUNCT
fbem-1290	151	10	guangzhou	guangzhou	PROPN
fbem-1290	151	11	and	and	CCONJ
fbem-1290	151	12	other	other	ADJ
fbem-1290	151	13	first	first	ADJ
fbem-1290	151	14	-	-	PUNCT
fbem-1290	151	15	tier	tier	NOUN
fbem-1290	151	16	cities	city	NOUN
fbem-1290	151	17	with	with	ADP
fbem-1290	151	18	economic	economic	ADJ
fbem-1290	151	19	development	development	NOUN
fbem-1290	151	20	far	far	ADV
fbem-1290	151	21	exceeding	exceed	VERB
fbem-1290	151	22	the	the	DET
fbem-1290	151	23	normal	normal	ADJ
fbem-1290	151	24	level	level	NOUN
fbem-1290	151	25	have	have	VERB
fbem-1290	151	26	high	high	ADJ
fbem-1290	151	27	starting	starting	NOUN
fbem-1290	151	28	point	point	NOUN
fbem-1290	151	29	,	,	PUNCT
fbem-1290	151	30	rapid	rapid	ADJ
fbem-1290	151	31	change	change	NOUN
fbem-1290	151	32	and	and	CCONJ
fbem-1290	151	33	high	high	ADJ
fbem-1290	151	34	ending	ending	NOUN
fbem-1290	151	35	point	point	NOUN
fbem-1290	151	36	of	of	ADP
fbem-1290	151	37	the	the	DET
fbem-1290	151	38	residents	resident	NOUN
fbem-1290	151	39	'	'	PART
fbem-1290	151	40	leverage	leverage	NOUN
fbem-1290	151	41	ratio	ratio	NOUN
fbem-1290	151	42	,	,	PUNCT
fbem-1290	151	43	especially	especially	ADV
fbem-1290	151	44	in	in	ADP
fbem-1290	151	45	beijing	beijing	PROPN
fbem-1290	151	46	,	,	PUNCT
fbem-1290	151	47	where	where	SCONJ
fbem-1290	151	48	the	the	DET
fbem-1290	151	49	residents	resident	NOUN
fbem-1290	151	50	'	'	PART
fbem-1290	151	51	leverage	leverage	NOUN
fbem-1290	151	52	ratio	ratio	NOUN
fbem-1290	151	53	soared	soar	VERB
fbem-1290	151	54	from	from	ADP
fbem-1290	151	55	35.4	35.4	NUM
fbem-1290	151	56	%	%	NOUN
fbem-1290	151	57	in	in	ADP
fbem-1290	151	58	2009	2009	NUM
fbem-1290	151	59	to	to	ADP
fbem-1290	151	60	59.3	59.3	NUM
fbem-1290	151	61	%	%	NOUN
fbem-1290	151	62	in	in	ADP
fbem-1290	151	63	2019	2019	NUM
fbem-1290	151	64	.	.	PUNCT
fbem-1290	152	1	however	however	ADV
fbem-1290	152	2	,	,	PUNCT
fbem-1290	152	3	the	the	DET
fbem-1290	152	4	sales	sale	NOUN
fbem-1290	152	5	area	area	NOUN
fbem-1290	152	6	of	of	ADP
fbem-1290	152	7	houses	house	NOUN
fbem-1290	152	8	in	in	ADP
fbem-1290	152	9	these	these	DET
fbem-1290	152	10	provinces	province	NOUN
fbem-1290	152	11	gradually	gradually	ADV
fbem-1290	152	12	decreased	decrease	VERB
fbem-1290	152	13	,	,	PUNCT
fbem-1290	152	14	from	from	ADP
fbem-1290	152	15	1880.45	1880.45	NUM
fbem-1290	152	16	to	to	ADP
fbem-1290	152	17	789.02	789.02	NUM
fbem-1290	152	18	in	in	ADP
fbem-1290	152	19	beijing	beijing	PROPN
fbem-1290	152	20	,	,	PUNCT
fbem-1290	152	21	which	which	PRON
fbem-1290	152	22	is	be	AUX
fbem-1290	152	23	not	not	PART
fbem-1290	152	24	in	in	ADP
fbem-1290	152	25	contradiction	contradiction	NOUN
fbem-1290	152	26	with	with	ADP
fbem-1290	152	27	the	the	DET
fbem-1290	152	28	conclusion	conclusion	NOUN
fbem-1290	152	29	of	of	ADP
fbem-1290	152	30	this	this	DET
fbem-1290	152	31	paper	paper	NOUN
fbem-1290	152	32	.	.	PUNCT
fbem-1290	153	1	they	they	PRON
fbem-1290	153	2	are	be	AUX
fbem-1290	153	3	the	the	DET
fbem-1290	153	4	relationship	relationship	NOUN
fbem-1290	153	5	between	between	ADP
fbem-1290	153	6	universality	universality	NOUN
fbem-1290	153	7	and	and	CCONJ
fbem-1290	153	8	particularity	particularity	NOUN
fbem-1290	153	9	.	.	PUNCT
fbem-1290	154	1	3	3	X
fbem-1290	154	2	.	.	X
fbem-1290	154	3	financial	financial	ADJ
fbem-1290	154	4	policy	policy	NOUN
fbem-1290	154	5	indicators	indicator	NOUN
fbem-1290	154	6	,	,	PUNCT
fbem-1290	154	7	financial	financial	ADJ
fbem-1290	154	8	development	development	NOUN
fbem-1290	154	9	and	and	CCONJ
fbem-1290	154	10	gdp	gdp	NOUN
fbem-1290	154	11	per	per	ADP
fbem-1290	154	12	capita	capita	X
fbem-1290	154	13	have	have	VERB
fbem-1290	154	14	a	a	DET
fbem-1290	154	15	slight	slight	ADJ
fbem-1290	154	16	positive	positive	ADJ
fbem-1290	154	17	impact	impact	NOUN
fbem-1290	154	18	on	on	ADP
fbem-1290	154	19	household	household	NOUN
fbem-1290	154	20	leverage	leverage	NOUN
fbem-1290	154	21	ratio	ratio	NOUN
fbem-1290	154	22	.	.	PUNCT
fbem-1290	155	1	from	from	ADP
fbem-1290	155	2	the	the	DET
fbem-1290	155	3	observed	observed	ADJ
fbem-1290	155	4	data	datum	NOUN
fbem-1290	155	5	,	,	PUNCT
fbem-1290	155	6	it	it	PRON
fbem-1290	155	7	can	can	AUX
fbem-1290	155	8	be	be	AUX
fbem-1290	155	9	clearly	clearly	ADV
fbem-1290	155	10	found	find	VERB
fbem-1290	155	11	that	that	SCONJ
fbem-1290	155	12	the	the	DET
fbem-1290	155	13	residents	resident	NOUN
fbem-1290	155	14	'	'	PART
fbem-1290	155	15	leverage	leverage	NOUN
fbem-1290	155	16	ratio	ratio	NOUN
fbem-1290	155	17	changed	change	VERB
fbem-1290	155	18	only	only	ADV
fbem-1290	155	19	slightly	slightly	ADV
fbem-1290	155	20	from	from	ADP
fbem-1290	155	21	2009	2009	NUM
fbem-1290	155	22	to	to	ADP
fbem-1290	155	23	2014	2014	NUM
fbem-1290	155	24	,	,	PUNCT
fbem-1290	155	25	when	when	SCONJ
fbem-1290	155	26	the	the	DET
fbem-1290	155	27	provincial	provincial	ADJ
fbem-1290	155	28	gdp	gdp	NOUN
fbem-1290	155	29	increased	increase	VERB
fbem-1290	155	30	significantly	significantly	ADV
fbem-1290	155	31	.	.	PUNCT
fbem-1290	156	1	after	after	ADP
fbem-1290	156	2	2014	2014	NUM
fbem-1290	156	3	,	,	PUNCT
fbem-1290	156	4	the	the	DET
fbem-1290	156	5	change	change	NOUN
fbem-1290	156	6	of	of	ADP
fbem-1290	156	7	gdp	gdp	NOUN
fbem-1290	156	8	in	in	ADP
fbem-1290	156	9	each	each	DET
fbem-1290	156	10	province	province	NOUN
fbem-1290	156	11	gradually	gradually	ADV
fbem-1290	156	12	narrowed	narrow	VERB
fbem-1290	156	13	,	,	PUNCT
fbem-1290	156	14	while	while	SCONJ
fbem-1290	156	15	the	the	DET
fbem-1290	156	16	household	household	NOUN
fbem-1290	156	17	leverage	leverage	NOUN
fbem-1290	156	18	ratio	ratio	NOUN
fbem-1290	156	19	increased	increase	VERB
fbem-1290	156	20	by	by	ADP
fbem-1290	156	21	leaps	leap	NOUN
fbem-1290	156	22	and	and	CCONJ
fbem-1290	156	23	bounds	bound	NOUN
fbem-1290	156	24	.	.	PUNCT
fbem-1290	157	1	at	at	ADP
fbem-1290	157	2	the	the	DET
fbem-1290	157	3	same	same	ADJ
fbem-1290	157	4	time	time	NOUN
fbem-1290	157	5	,	,	PUNCT
fbem-1290	157	6	the	the	DET
fbem-1290	157	7	financial	financial	ADJ
fbem-1290	157	8	policy	policy	NOUN
fbem-1290	157	9	indicator	indicator	NOUN
fbem-1290	157	10	is	be	AUX
fbem-1290	157	11	the	the	DET
fbem-1290	157	12	ratio	ratio	NOUN
fbem-1290	157	13	of	of	ADP
fbem-1290	157	14	the	the	DET
fbem-1290	157	15	state	state	NOUN
fbem-1290	157	16	-	-	PUNCT
fbem-1290	157	17	owned	own	VERB
fbem-1290	157	18	land	land	NOUN
fbem-1290	157	19	use	use	VERB
fbem-1290	157	20	right	right	ADJ
fbem-1290	157	21	transfer	transfer	NOUN
fbem-1290	157	22	fund	fund	NOUN
fbem-1290	157	23	to	to	ADP
fbem-1290	157	24	the	the	DET
fbem-1290	157	25	public	public	ADJ
fbem-1290	157	26	finance	finance	NOUN
fbem-1290	157	27	income	income	NOUN
fbem-1290	157	28	,	,	PUNCT
fbem-1290	157	29	which	which	PRON
fbem-1290	157	30	mainly	mainly	ADV
fbem-1290	157	31	affects	affect	VERB
fbem-1290	157	32	the	the	DET
fbem-1290	157	33	land	land	NOUN
fbem-1290	157	34	financial	financial	ADJ
fbem-1290	157	35	policy	policy	NOUN
fbem-1290	157	36	.	.	PUNCT
fbem-1290	158	1	the	the	DET
fbem-1290	158	2	land	land	NOUN
fbem-1290	158	3	finance	finance	NOUN
fbem-1290	158	4	affects	affect	VERB
fbem-1290	158	5	the	the	DET
fbem-1290	158	6	building	building	NOUN
fbem-1290	158	7	cost	cost	NOUN
fbem-1290	158	8	of	of	ADP
fbem-1290	158	9	the	the	DET
fbem-1290	158	10	real	real	ADJ
fbem-1290	158	11	estate	estate	NOUN
fbem-1290	158	12	industry	industry	NOUN
fbem-1290	158	13	,	,	PUNCT
fbem-1290	158	14	and	and	CCONJ
fbem-1290	158	15	the	the	DET
fbem-1290	158	16	residents	resident	NOUN
fbem-1290	158	17	'	'	PART
fbem-1290	158	18	leverage	leverage	NOUN
fbem-1290	158	19	ratio	ratio	NOUN
fbem-1290	158	20	has	have	VERB
fbem-1290	158	21	a	a	DET
fbem-1290	158	22	greater	great	ADJ
fbem-1290	158	23	dependence	dependence	NOUN
fbem-1290	158	24	on	on	ADP
fbem-1290	158	25	the	the	DET
fbem-1290	158	26	land	land	NOUN
fbem-1290	158	27	finance	finance	NOUN
fbem-1290	158	28	.	.	PUNCT
fbem-1290	159	1	both	both	PRON
fbem-1290	159	2	financial	financial	ADJ
fbem-1290	159	3	development	development	NOUN
fbem-1290	159	4	and	and	CCONJ
fbem-1290	159	5	gdp	gdp	NOUN
fbem-1290	159	6	per	per	ADP
fbem-1290	159	7	capita	capita	NOUN
fbem-1290	159	8	affect	affect	VERB
fbem-1290	159	9	the	the	DET
fbem-1290	159	10	leverage	leverage	NOUN
fbem-1290	159	11	ratio	ratio	NOUN
fbem-1290	159	12	of	of	ADP
fbem-1290	159	13	residents	resident	NOUN
fbem-1290	159	14	by	by	ADP
fbem-1290	159	15	increasing	increase	VERB
fbem-1290	159	16	social	social	ADJ
fbem-1290	159	17	and	and	CCONJ
fbem-1290	159	18	monetary	monetary	ADJ
fbem-1290	159	19	liquidity	liquidity	NOUN
fbem-1290	159	20	.	.	PUNCT
fbem-1290	160	1	4	4	X
fbem-1290	160	2	.	.	X
fbem-1290	160	3	policy	policy	NOUN
fbem-1290	160	4	recommendations	recommendation	NOUN
fbem-1290	160	5	based	base	VERB
fbem-1290	160	6	on	on	ADP
fbem-1290	160	7	the	the	DET
fbem-1290	160	8	results	result	NOUN
fbem-1290	160	9	of	of	ADP
fbem-1290	160	10	model	model	NOUN
fbem-1290	160	11	analysis	analysis	NOUN
fbem-1290	160	12	on	on	ADP
fbem-1290	160	13	the	the	DET
fbem-1290	160	14	current	current	ADJ
fbem-1290	160	15	situation	situation	NOUN
fbem-1290	160	16	of	of	ADP
fbem-1290	160	17	china	china	PROPN
fbem-1290	160	18	's	's	PART
fbem-1290	160	19	residents	resident	NOUN
fbem-1290	160	20	'	'	PART
fbem-1290	160	21	leverage	leverage	NOUN
fbem-1290	160	22	ratio	ratio	NOUN
fbem-1290	160	23	and	and	CCONJ
fbem-1290	160	24	provincial	provincial	ADJ
fbem-1290	160	25	panel	panel	NOUN
fbem-1290	160	26	data	datum	NOUN
fbem-1290	160	27	,	,	PUNCT
fbem-1290	160	28	the	the	DET
fbem-1290	160	29	following	follow	VERB
fbem-1290	160	30	policy	policy	NOUN
fbem-1290	160	31	recommendations	recommendation	NOUN
fbem-1290	160	32	are	be	AUX
fbem-1290	160	33	put	put	VERB
fbem-1290	160	34	forward	forward	ADV
fbem-1290	160	35	for	for	ADP
fbem-1290	160	36	the	the	DET
fbem-1290	160	37	realistic	realistic	ADJ
fbem-1290	160	38	regulation	regulation	NOUN
fbem-1290	160	39	of	of	ADP
fbem-1290	160	40	china	china	PROPN
fbem-1290	160	41	's	's	PART
fbem-1290	160	42	residents	resident	NOUN
fbem-1290	160	43	'	'	PART
fbem-1290	160	44	leverage	leverage	NOUN
fbem-1290	160	45	ratio	ratio	NOUN
fbem-1290	160	46	:	:	PUNCT
fbem-1290	160	47	first	first	ADV
fbem-1290	160	48	,	,	PUNCT
fbem-1290	160	49	since	since	SCONJ
fbem-1290	160	50	interest	interest	NOUN
fbem-1290	160	51	rates	rate	NOUN
fbem-1290	160	52	have	have	VERB
fbem-1290	160	53	an	an	DET
fbem-1290	160	54	indirect	indirect	ADJ
fbem-1290	160	55	and	and	CCONJ
fbem-1290	160	56	weak	weak	ADJ
fbem-1290	160	57	impact	impact	NOUN
fbem-1290	160	58	on	on	ADP
fbem-1290	160	59	the	the	DET
fbem-1290	160	60	leverage	leverage	NOUN
fbem-1290	160	61	ratio	ratio	NOUN
fbem-1290	160	62	of	of	ADP
fbem-1290	160	63	residents	resident	NOUN
fbem-1290	160	64	,	,	PUNCT
fbem-1290	160	65	the	the	DET
fbem-1290	160	66	government	government	NOUN
fbem-1290	160	67	should	should	AUX
fbem-1290	160	68	maintain	maintain	VERB
fbem-1290	160	69	a	a	DET
fbem-1290	160	70	relatively	relatively	ADV
fbem-1290	160	71	sound	sound	ADJ
fbem-1290	160	72	monetary	monetary	ADJ
fbem-1290	160	73	policy	policy	NOUN
fbem-1290	160	74	.	.	PUNCT
fbem-1290	161	1	at	at	ADP
fbem-1290	161	2	the	the	DET
fbem-1290	161	3	same	same	ADJ
fbem-1290	161	4	time	time	NOUN
fbem-1290	161	5	,	,	PUNCT
fbem-1290	161	6	the	the	DET
fbem-1290	161	7	central	central	ADJ
fbem-1290	161	8	bank	bank	NOUN
fbem-1290	161	9	should	should	AUX
fbem-1290	161	10	be	be	AUX
fbem-1290	161	11	more	more	ADV
fbem-1290	161	12	alert	alert	ADJ
fbem-1290	161	13	to	to	ADP
fbem-1290	161	14	the	the	DET
fbem-1290	161	15	money	money	NOUN
fbem-1290	161	16	supply	supply	NOUN
fbem-1290	161	17	and	and	CCONJ
fbem-1290	161	18	control	control	VERB
fbem-1290	161	19	it	it	PRON
fbem-1290	161	20	reasonably	reasonably	ADV
fbem-1290	161	21	.	.	PUNCT
fbem-1290	162	1	it	it	PRON
fbem-1290	162	2	should	should	AUX
fbem-1290	162	3	not	not	PART
fbem-1290	162	4	only	only	ADV
fbem-1290	162	5	ensure	ensure	VERB
fbem-1290	162	6	the	the	DET
fbem-1290	162	7	normal	normal	ADJ
fbem-1290	162	8	development	development	NOUN
fbem-1290	162	9	of	of	ADP
fbem-1290	162	10	social	social	ADJ
fbem-1290	162	11	economy	economy	NOUN
fbem-1290	162	12	,	,	PUNCT
fbem-1290	162	13	but	but	CCONJ
fbem-1290	162	14	also	also	ADV
fbem-1290	162	15	prevent	prevent	VERB
fbem-1290	162	16	the	the	DET
fbem-1290	162	17	money	money	NOUN
fbem-1290	162	18	supply	supply	NOUN
fbem-1290	162	19	from	from	ADP
fbem-1290	162	20	being	be	AUX
fbem-1290	162	21	too	too	ADV
fbem-1290	162	22	large	large	ADJ
fbem-1290	162	23	.	.	PUNCT
fbem-1290	163	1	in	in	ADP
fbem-1290	163	2	addition	addition	NOUN
fbem-1290	163	3	,	,	PUNCT
fbem-1290	163	4	the	the	DET
fbem-1290	163	5	monetary	monetary	ADJ
fbem-1290	163	6	structure	structure	NOUN
fbem-1290	163	7	and	and	CCONJ
fbem-1290	163	8	scale	scale	NOUN
fbem-1290	163	9	of	of	ADP
fbem-1290	163	10	real	real	ADJ
fbem-1290	163	11	estate	estate	NOUN
fbem-1290	163	12	should	should	AUX
fbem-1290	163	13	be	be	AUX
fbem-1290	163	14	reasonably	reasonably	ADV
fbem-1290	163	15	controlled	control	VERB
fbem-1290	163	16	to	to	PART
fbem-1290	163	17	reduce	reduce	VERB
fbem-1290	163	18	the	the	DET
fbem-1290	163	19	debt	debt	NOUN
fbem-1290	163	20	pressure	pressure	NOUN
fbem-1290	163	21	of	of	ADP
fbem-1290	163	22	residents	resident	NOUN
fbem-1290	163	23	.	.	PUNCT
fbem-1290	164	1	second	second	ADJ
fbem-1290	164	2	,	,	PUNCT
fbem-1290	164	3	as	as	SCONJ
fbem-1290	164	4	the	the	DET
fbem-1290	164	5	completion	completion	NOUN
fbem-1290	164	6	of	of	ADP
fbem-1290	164	7	real	real	ADJ
fbem-1290	164	8	estate	estate	NOUN
fbem-1290	164	9	investment	investment	NOUN
fbem-1290	164	10	and	and	CCONJ
fbem-1290	164	11	the	the	DET
fbem-1290	164	12	sales	sale	NOUN
fbem-1290	164	13	area	area	NOUN
fbem-1290	164	14	of	of	ADP
fbem-1290	164	15	residential	residential	ADJ
fbem-1290	164	16	commercial	commercial	ADJ
fbem-1290	164	17	housing	housing	NOUN
fbem-1290	164	18	have	have	VERB
fbem-1290	164	19	a	a	DET
fbem-1290	164	20	direct	direct	ADJ
fbem-1290	164	21	impact	impact	NOUN
fbem-1290	164	22	on	on	ADP
fbem-1290	164	23	the	the	DET
fbem-1290	164	24	leverage	leverage	NOUN
fbem-1290	164	25	ratio	ratio	NOUN
fbem-1290	164	26	of	of	ADP
fbem-1290	164	27	residents	resident	NOUN
fbem-1290	164	28	and	and	CCONJ
fbem-1290	164	29	play	play	VERB
fbem-1290	164	30	a	a	DET
fbem-1290	164	31	major	major	ADJ
fbem-1290	164	32	role	role	NOUN
fbem-1290	164	33	.	.	PUNCT
fbem-1290	165	1	in	in	ADP
fbem-1290	165	2	view	view	NOUN
fbem-1290	165	3	of	of	ADP
fbem-1290	165	4	the	the	DET
fbem-1290	165	5	objective	objective	ADJ
fbem-1290	165	6	fact	fact	NOUN
fbem-1290	165	7	that	that	SCONJ
fbem-1290	165	8	the	the	DET
fbem-1290	165	9	real	real	ADJ
fbem-1290	165	10	estate	estate	NOUN
fbem-1290	165	11	market	market	NOUN
fbem-1290	165	12	is	be	AUX
fbem-1290	165	13	in	in	ADP
fbem-1290	165	14	short	short	ADJ
fbem-1290	165	15	supply	supply	NOUN
fbem-1290	165	16	and	and	CCONJ
fbem-1290	165	17	property	property	NOUN
fbem-1290	165	18	buyers	buyer	NOUN
fbem-1290	165	19	are	be	AUX
fbem-1290	165	20	relatively	relatively	ADV
fbem-1290	165	21	weak	weak	ADJ
fbem-1290	165	22	,	,	PUNCT
fbem-1290	165	23	the	the	DET
fbem-1290	165	24	government	government	NOUN
fbem-1290	165	25	should	should	AUX
fbem-1290	165	26	increase	increase	VERB
fbem-1290	165	27	the	the	DET
fbem-1290	165	28	investment	investment	NOUN
fbem-1290	165	29	in	in	ADP
fbem-1290	165	30	ordinary	ordinary	ADJ
fbem-1290	165	31	housing	housing	NOUN
fbem-1290	165	32	in	in	ADP
fbem-1290	165	33	real	real	ADJ
fbem-1290	165	34	estate	estate	NOUN
fbem-1290	165	35	development	development	NOUN
fbem-1290	165	36	,	,	PUNCT
fbem-1290	165	37	reduce	reduce	VERB
fbem-1290	165	38	the	the	DET
fbem-1290	165	39	investment	investment	NOUN
fbem-1290	165	40	in	in	ADP
fbem-1290	165	41	high	high	ADJ
fbem-1290	165	42	-	-	PUNCT
fbem-1290	165	43	end	end	NOUN
fbem-1290	165	44	housing	housing	NOUN
fbem-1290	165	45	,	,	PUNCT
fbem-1290	165	46	and	and	CCONJ
fbem-1290	165	47	let	let	VERB
fbem-1290	165	48	ordinary	ordinary	ADJ
fbem-1290	165	49	people	people	NOUN
fbem-1290	165	50	have	have	VERB
fbem-1290	165	51	money	money	NOUN
fbem-1290	165	52	to	to	PART
fbem-1290	165	53	buy	buy	VERB
fbem-1290	165	54	and	and	CCONJ
fbem-1290	165	55	live	live	VERB
fbem-1290	165	56	.	.	PUNCT
fbem-1290	166	1	in	in	ADP
fbem-1290	166	2	addition	addition	NOUN
fbem-1290	166	3	,	,	PUNCT
fbem-1290	166	4	the	the	DET
fbem-1290	166	5	government	government	NOUN
fbem-1290	166	6	should	should	AUX
fbem-1290	166	7	correctly	correctly	ADV
fbem-1290	166	8	guide	guide	VERB
fbem-1290	166	9	the	the	DET
fbem-1290	166	10	relationship	relationship	NOUN
fbem-1290	166	11	between	between	ADP
fbem-1290	166	12	supply	supply	NOUN
fbem-1290	166	13	and	and	CCONJ
fbem-1290	166	14	demand	demand	NOUN
fbem-1290	166	15	in	in	ADP
fbem-1290	166	16	the	the	DET
fbem-1290	166	17	market	market	NOUN
fbem-1290	166	18	and	and	CCONJ
fbem-1290	166	19	give	give	VERB
fbem-1290	166	20	corresponding	corresponding	ADJ
fbem-1290	166	21	countermeasures	countermeasure	NOUN
fbem-1290	166	22	in	in	ADP
fbem-1290	166	23	time	time	NOUN
fbem-1290	166	24	to	to	PART
fbem-1290	166	25	prevent	prevent	VERB
fbem-1290	166	26	the	the	DET
fbem-1290	166	27	fluctuation	fluctuation	NOUN
fbem-1290	166	28	of	of	ADP
fbem-1290	166	29	house	house	NOUN
fbem-1290	166	30	prices	price	NOUN
fbem-1290	166	31	from	from	ADP
fbem-1290	166	32	exceeding	exceed	VERB
fbem-1290	166	33	the	the	DET
fbem-1290	166	34	limit	limit	NOUN
fbem-1290	166	35	,	,	PUNCT
fbem-1290	166	36	so	so	SCONJ
fbem-1290	166	37	as	as	SCONJ
fbem-1290	166	38	to	to	PART
fbem-1290	166	39	stimulate	stimulate	VERB
fbem-1290	166	40	consumption	consumption	NOUN
fbem-1290	166	41	and	and	CCONJ
fbem-1290	166	42	help	help	VERB
fbem-1290	166	43	the	the	DET
fbem-1290	166	44	construction	construction	NOUN
fbem-1290	166	45	of	of	ADP
fbem-1290	166	46	"	"	PUNCT
fbem-1290	166	47	internal	internal	ADJ
fbem-1290	166	48	circulation	circulation	NOUN
fbem-1290	166	49	"	"	PUNCT
fbem-1290	166	50	.	.	PUNCT
fbem-1290	167	1	third	third	ADJ
fbem-1290	167	2	,	,	PUNCT
fbem-1290	167	3	financial	financial	ADJ
fbem-1290	167	4	development	development	NOUN
fbem-1290	167	5	and	and	CCONJ
fbem-1290	167	6	gdp	gdp	NOUN
fbem-1290	167	7	per	per	ADP
fbem-1290	167	8	capita	capita	X
fbem-1290	167	9	have	have	VERB
fbem-1290	167	10	a	a	DET
fbem-1290	167	11	slight	slight	ADJ
fbem-1290	167	12	positive	positive	ADJ
fbem-1290	167	13	impact	impact	NOUN
fbem-1290	167	14	on	on	ADP
fbem-1290	167	15	the	the	DET
fbem-1290	167	16	household	household	NOUN
fbem-1290	167	17	leverage	leverage	NOUN
fbem-1290	167	18	ratio	ratio	NOUN
fbem-1290	167	19	.	.	PUNCT
fbem-1290	168	1	in	in	ADP
fbem-1290	168	2	view	view	NOUN
fbem-1290	168	3	of	of	ADP
fbem-1290	168	4	the	the	DET
fbem-1290	168	5	fiscal	fiscal	ADJ
fbem-1290	168	6	policy	policy	NOUN
fbem-1290	168	7	,	,	PUNCT
fbem-1290	168	8	the	the	DET
fbem-1290	168	9	government	government	NOUN
fbem-1290	168	10	should	should	AUX
fbem-1290	168	11	strengthen	strengthen	VERB
fbem-1290	168	12	the	the	DET
fbem-1290	168	13	deepening	deepening	NOUN
fbem-1290	168	14	of	of	ADP
fbem-1290	168	15	the	the	DET
fbem-1290	168	16	reform	reform	NOUN
fbem-1290	168	17	of	of	ADP
fbem-1290	168	18	the	the	DET
fbem-1290	168	19	fiscal	fiscal	ADJ
fbem-1290	168	20	system	system	NOUN
fbem-1290	168	21	,	,	PUNCT
fbem-1290	168	22	reduce	reduce	VERB
fbem-1290	168	23	the	the	DET
fbem-1290	168	24	dependence	dependence	NOUN
fbem-1290	168	25	of	of	ADP
fbem-1290	168	26	the	the	DET
fbem-1290	168	27	local	local	ADJ
fbem-1290	168	28	government	government	NOUN
fbem-1290	168	29	on	on	ADP
fbem-1290	168	30	the	the	DET
fbem-1290	168	31	land	land	NOUN
fbem-1290	168	32	leasing	leasing	NOUN
fbem-1290	168	33	fees	fee	NOUN
fbem-1290	168	34	,	,	PUNCT
fbem-1290	168	35	and	and	CCONJ
fbem-1290	168	36	improve	improve	VERB
fbem-1290	168	37	the	the	DET
fbem-1290	168	38	land	land	NOUN
fbem-1290	168	39	fiscal	fiscal	ADJ
fbem-1290	168	40	policy	policy	NOUN
fbem-1290	168	41	and	and	CCONJ
fbem-1290	168	42	the	the	DET
fbem-1290	168	43	related	relate	VERB
fbem-1290	168	44	tax	tax	NOUN
fbem-1290	168	45	sharing	sharing	NOUN
fbem-1290	168	46	system	system	NOUN
fbem-1290	168	47	,	,	PUNCT
fbem-1290	168	48	so	so	SCONJ
fbem-1290	168	49	as	as	SCONJ
fbem-1290	168	50	to	to	PART
fbem-1290	168	51	reduce	reduce	VERB
fbem-1290	168	52	the	the	DET
fbem-1290	168	53	cost	cost	NOUN
fbem-1290	168	54	of	of	ADP
fbem-1290	168	55	housing	housing	NOUN
fbem-1290	168	56	development	development	NOUN
fbem-1290	168	57	to	to	ADP
fbem-1290	168	58	a	a	DET
fbem-1290	168	59	certain	certain	ADJ
fbem-1290	168	60	extent	extent	NOUN
fbem-1290	168	61	,	,	PUNCT
fbem-1290	168	62	which	which	PRON
fbem-1290	168	63	is	be	AUX
fbem-1290	168	64	beneficial	beneficial	ADJ
fbem-1290	168	65	to	to	PART
fbem-1290	168	66	suppress	suppress	VERB
fbem-1290	168	67	the	the	DET
fbem-1290	168	68	long	long	ADJ
fbem-1290	168	69	-	-	PUNCT
fbem-1290	168	70	term	term	NOUN
fbem-1290	168	71	high	high	ADJ
fbem-1290	168	72	house	house	NOUN
fbem-1290	168	73	prices	price	NOUN
fbem-1290	168	74	in	in	ADP
fbem-1290	168	75	our	our	PRON
fbem-1290	168	76	country	country	NOUN
fbem-1290	168	77	.	.	PUNCT
fbem-1290	169	1	fourthly	fourthly	ADV
fbem-1290	169	2	,	,	PUNCT
fbem-1290	169	3	there	there	PRON
fbem-1290	169	4	is	be	VERB
fbem-1290	169	5	a	a	DET
fbem-1290	169	6	regional	regional	ADJ
fbem-1290	169	7	imbalance	imbalance	NOUN
fbem-1290	169	8	in	in	ADP
fbem-1290	169	9	the	the	DET
fbem-1290	169	10	leverage	leverage	NOUN
fbem-1290	169	11	ratio	ratio	NOUN
fbem-1290	169	12	of	of	ADP
fbem-1290	169	13	chinese	chinese	ADJ
fbem-1290	169	14	residents	resident	NOUN
fbem-1290	169	15	.	.	PUNCT
fbem-1290	170	1	therefore	therefore	ADV
fbem-1290	170	2	,	,	PUNCT
fbem-1290	170	3	the	the	DET
fbem-1290	170	4	government	government	NOUN
fbem-1290	170	5	can	can	AUX
fbem-1290	170	6	implement	implement	VERB
fbem-1290	170	7	the	the	DET
fbem-1290	170	8	"	"	PUNCT
fbem-1290	170	9	one	one	NUM
fbem-1290	170	10	city	city	NOUN
fbem-1290	170	11	,	,	PUNCT
fbem-1290	170	12	one	one	NUM
fbem-1290	170	13	policy	policy	NOUN
fbem-1290	170	14	"	"	PUNCT
fbem-1290	170	15	or	or	CCONJ
fbem-1290	170	16	the	the	DET
fbem-1290	170	17	"	"	PUNCT
fbem-1290	170	18	three	three	NUM
fbem-1290	170	19	parts	part	NOUN
fbem-1290	170	20	,	,	PUNCT
fbem-1290	170	21	one	one	NUM
fbem-1290	170	22	policy	policy	NOUN
fbem-1290	170	23	"	"	PUNCT
fbem-1290	170	24	in	in	ADP
fbem-1290	170	25	the	the	DET
fbem-1290	170	26	eastern	eastern	ADJ
fbem-1290	170	27	,	,	PUNCT
fbem-1290	170	28	central	central	ADJ
fbem-1290	170	29	and	and	CCONJ
fbem-1290	170	30	western	western	ADJ
fbem-1290	170	31	regions	region	NOUN
fbem-1290	170	32	,	,	PUNCT
fbem-1290	170	33	and	and	CCONJ
fbem-1290	170	34	implement	implement	VERB
fbem-1290	170	35	measures	measure	NOUN
fbem-1290	170	36	to	to	PART
fbem-1290	170	37	stabilize	stabilize	VERB
fbem-1290	170	38	the	the	DET
fbem-1290	170	39	leverage	leverage	NOUN
fbem-1290	170	40	ratio	ratio	NOUN
fbem-1290	170	41	of	of	ADP
fbem-1290	170	42	residents	resident	NOUN
fbem-1290	170	43	by	by	ADP
fbem-1290	170	44	cities	city	NOUN
fbem-1290	170	45	or	or	CCONJ
fbem-1290	170	46	regions	region	NOUN
fbem-1290	170	47	.	.	PUNCT
fbem-1290	171	1	in	in	ADP
fbem-1290	171	2	addition	addition	NOUN
fbem-1290	171	3	,	,	PUNCT
fbem-1290	171	4	effective	effective	ADJ
fbem-1290	171	5	reduction	reduction	NOUN
fbem-1290	171	6	should	should	AUX
fbem-1290	171	7	be	be	AUX
fbem-1290	171	8	made	make	VERB
fbem-1290	171	9	for	for	ADP
fbem-1290	171	10	regions	region	NOUN
fbem-1290	171	11	where	where	SCONJ
fbem-1290	171	12	=	=	PUNCT
fbem-1290	171	13	residents	resident	NOUN
fbem-1290	171	14	'	'	PART
fbem-1290	171	15	leverage	leverage	NOUN
fbem-1290	171	16	ratio	ratio	NOUN
fbem-1290	171	17	is	be	AUX
fbem-1290	171	18	too	too	ADV
fbem-1290	171	19	high	high	ADJ
fbem-1290	171	20	,	,	PUNCT
fbem-1290	171	21	and	and	CCONJ
fbem-1290	171	22	regions	region	NOUN
fbem-1290	171	23	beyond	beyond	ADP
fbem-1290	171	24	the	the	DET
fbem-1290	171	25	safety	safety	NOUN
fbem-1290	171	26	line	line	NOUN
fbem-1290	171	27	should	should	AUX
fbem-1290	171	28	reduce	reduce	VERB
fbem-1290	171	29	residents	resident	NOUN
fbem-1290	171	30	'	'	PART
fbem-1290	171	31	liabilities	liability	NOUN
fbem-1290	171	32	so	so	SCONJ
fbem-1290	171	33	that	that	SCONJ
fbem-1290	171	34	residents	resident	NOUN
fbem-1290	171	35	can	can	AUX
fbem-1290	171	36	benefit	benefit	VERB
fbem-1290	171	37	from	from	ADP
fbem-1290	171	38	it	it	PRON
fbem-1290	171	39	.	.	PUNCT
fbem-1290	172	1	references	reference	NOUN
fbem-1290	172	2	[	[	X
fbem-1290	172	3	1	1	NUM
fbem-1290	172	4	]	]	X
fbem-1290	172	5	cheng	cheng	PROPN
fbem-1290	172	6	xuejun	xuejun	PROPN
fbem-1290	172	7	,	,	PUNCT
fbem-1290	172	8	li	li	PROPN
fbem-1290	172	9	xinhe	xinhe	PROPN
fbem-1290	172	10	.	.	PUNCT
fbem-1290	173	1	the	the	DET
fbem-1290	173	2	development	development	NOUN
fbem-1290	173	3	,	,	PUNCT
fbem-1290	173	4	risk	risk	NOUN
fbem-1290	173	5	and	and	CCONJ
fbem-1290	173	6	countermeasures	countermeasure	NOUN
fbem-1290	173	7	of	of	ADP
fbem-1290	173	8	household	household	NOUN
fbem-1290	173	9	leverage	leverage	NOUN
fbem-1290	173	10	ratio	ratio	NOUN
fbem-1290	173	11	:	:	PUNCT
fbem-1290	173	12	based	base	VERB
fbem-1290	173	13	on	on	ADP
fbem-1290	173	14	the	the	DET
fbem-1290	173	15	perspective	perspective	NOUN
fbem-1290	173	16	of	of	ADP
fbem-1290	173	17	legal	legal	ADJ
fbem-1290	173	18	finance	finance	NOUN
fbem-1290	173	19	research	research	NOUN
fbem-1290	173	20	[	[	X
fbem-1290	173	21	j	j	X
fbem-1290	173	22	/	/	SYM
fbem-1290	173	23	ol	ol	PROPN
fbem-1290	173	24	]	]	PUNCT
fbem-1290	173	25	.	.	PUNCT
fbem-1290	174	1	southwest	southwest	PROPN
fbem-1290	174	2	finance	finance	NOUN
fbem-1290	174	3	:	:	PUNCT
fbem-1290	174	4	1	1	NUM
fbem-1290	174	5	-	-	SYM
fbem-1290	174	6	12[2021	12[2021	NUM
fbem-1290	174	7	-	-	PUNCT
fbem-1290	174	8	10	10	NUM
fbem-1290	174	9	-	-	NUM
fbem-1290	174	10	21	21	NUM
fbem-1290	174	11	]	]	PUNCT
fbem-1290	174	12	.	.	PUNCT
fbem-1290	175	1	180	180	NUM
fbem-1290	176	1	[	[	SYM
fbem-1290	176	2	2	2	NUM
fbem-1290	176	3	]	]	X
fbem-1290	176	4	ma	ma	PROPN
fbem-1290	176	5	ling	ling	PROPN
fbem-1290	176	6	.	.	PUNCT
fbem-1290	177	1	experts	expert	NOUN
fbem-1290	177	2	:	:	PUNCT
fbem-1290	177	3	total	total	ADJ
fbem-1290	177	4	debt	debt	NOUN
fbem-1290	177	5	matches	match	VERB
fbem-1290	177	6	economic	economic	ADJ
fbem-1290	177	7	growth	growth	NOUN
fbem-1290	177	8	and	and	CCONJ
fbem-1290	177	9	macroeconomic	macroeconomic	ADJ
fbem-1290	177	10	leverage	leverage	NOUN
fbem-1290	177	11	ratio	ratio	NOUN
fbem-1290	177	12	is	be	AUX
fbem-1290	177	13	expected	expect	VERB
fbem-1290	177	14	to	to	PART
fbem-1290	177	15	remain	remain	VERB
fbem-1290	177	16	basically	basically	ADV
fbem-1290	177	17	stable	stable	ADJ
fbem-1290	177	18	in	in	ADP
fbem-1290	177	19	the	the	DET
fbem-1290	177	20	second	second	ADJ
fbem-1290	177	21	half	half	NOUN
fbem-1290	177	22	of	of	ADP
fbem-1290	177	23	the	the	DET
fbem-1290	177	24	year	year	NOUN
fbem-1290	177	25	[	[	X
fbem-1290	177	26	n	n	X
fbem-1290	177	27	]	]	PUNCT
fbem-1290	177	28	.	.	PUNCT
fbem-1290	178	1	financial	financial	ADJ
fbem-1290	178	2	times	time	NOUN
fbem-1290	178	3	,	,	PUNCT
fbem-1290	178	4	2021	2021	NUM
fbem-1290	178	5	-	-	SYM
fbem-1290	178	6	09	09	NUM
fbem-1290	178	7	-	-	PUNCT
fbem-1290	178	8	10(002	10(002	NOUN
fbem-1290	178	9	)	)	PUNCT
fbem-1290	178	10	.	.	PUNCT
fbem-1290	179	1	[	[	X
fbem-1290	179	2	3	3	X
fbem-1290	179	3	]	]	PUNCT
fbem-1290	179	4	research	research	NOUN
fbem-1290	179	5	group	group	NOUN
fbem-1290	179	6	on	on	ADP
fbem-1290	179	7	leverage	leverage	NOUN
fbem-1290	179	8	ratio	ratio	NOUN
fbem-1290	179	9	of	of	ADP
fbem-1290	179	10	the	the	DET
fbem-1290	179	11	survey	survey	NOUN
fbem-1290	179	12	and	and	CCONJ
fbem-1290	179	13	statistics	statistic	NOUN
fbem-1290	179	14	department	department	PROPN
fbem-1290	179	15	of	of	ADP
fbem-1290	179	16	the	the	DET
fbem-1290	179	17	people	people	NOUN
fbem-1290	179	18	's	's	PART
fbem-1290	179	19	bank	bank	PROPN
fbem-1290	179	20	of	of	ADP
fbem-1290	179	21	china	china	PROPN
fbem-1290	179	22	.	.	PUNCT
fbem-1290	180	1	measurement	measurement	NOUN
fbem-1290	180	2	and	and	CCONJ
fbem-1290	180	3	analysis	analysis	NOUN
fbem-1290	180	4	of	of	ADP
fbem-1290	180	5	macroeconomic	macroeconomic	ADJ
fbem-1290	180	6	leverage	leverage	NOUN
fbem-1290	180	7	ratio	ratio	NOUN
fbem-1290	181	1	[	[	X
fbem-1290	181	2	j	j	X
fbem-1290	181	3	]	]	X
fbem-1290	181	4	.	.	PUNCT
fbem-1290	182	1	china	china	PROPN
fbem-1290	182	2	finance	finance	PROPN
fbem-1290	182	3	,	,	PUNCT
fbem-1290	182	4	2021(17):64	2021(17):64	NUM
fbem-1290	182	5	-	-	SYM
fbem-1290	182	6	65	65	NUM
fbem-1290	182	7	.	.	PUNCT
fbem-1290	183	1	[	[	X
fbem-1290	183	2	4	4	X
fbem-1290	183	3	]	]	X
fbem-1290	183	4	wang	wang	PROPN
fbem-1290	183	5	liping	liping	PROPN
fbem-1290	183	6	,	,	PUNCT
fbem-1290	183	7	sui	sui	PROPN
fbem-1290	183	8	jie	jie	PROPN
fbem-1290	183	9	.	.	PUNCT
fbem-1290	184	1	research	research	NOUN
fbem-1290	184	2	on	on	ADP
fbem-1290	184	3	the	the	DET
fbem-1290	184	4	influencing	influence	VERB
fbem-1290	184	5	factors	factor	NOUN
fbem-1290	184	6	and	and	CCONJ
fbem-1290	184	7	optimization	optimization	NOUN
fbem-1290	184	8	mechanism	mechanism	NOUN
fbem-1290	184	9	of	of	ADP
fbem-1290	184	10	china	china	PROPN
fbem-1290	184	11	's	's	PART
fbem-1290	184	12	residents	resident	NOUN
fbem-1290	184	13	'	'	PART
fbem-1290	184	14	leverage	leverage	NOUN
fbem-1290	184	15	ratio	ratio	NOUN
fbem-1290	184	16	:	:	PUNCT
fbem-1290	184	17	based	base	VERB
fbem-1290	184	18	on	on	ADP
fbem-1290	184	19	inclusive	inclusive	ADJ
fbem-1290	184	20	finance	finance	NOUN
fbem-1290	184	21	's	's	PART
fbem-1290	184	22	perspective	perspective	NOUN
fbem-1290	185	1	[	[	X
fbem-1290	185	2	j	j	X
fbem-1290	185	3	]	]	X
fbem-1290	185	4	.	.	PUNCT
fbem-1290	186	1	journal	journal	PROPN
fbem-1290	186	2	of	of	ADP
fbem-1290	186	3	tianjin	tianjin	PROPN
fbem-1290	186	4	polytechnic	polytechnic	PROPN
fbem-1290	186	5	normal	normal	ADJ
fbem-1290	186	6	university	university	NOUN
fbem-1290	186	7	,	,	PUNCT
fbem-1290	186	8	2021,31	2021,31	NUM
fbem-1290	186	9	(	(	PUNCT
fbem-1290	186	10	02	02	NUM
fbem-1290	186	11	):	):	PUNCT
fbem-1290	186	12	47	47	NUM
fbem-1290	186	13	-	-	SYM
fbem-1290	186	14	52	52	NUM
fbem-1290	186	15	.	.	PUNCT
fbem-1290	187	1	[	[	X
fbem-1290	187	2	5	5	X
fbem-1290	187	3	]	]	PUNCT
fbem-1290	187	4	wang	wang	PROPN
fbem-1290	187	5	zhenxia	zhenxia	PROPN
fbem-1290	187	6	,	,	PUNCT
fbem-1290	187	7	zhang	zhang	PROPN
fbem-1290	187	8	hao	hao	PROPN
fbem-1290	187	9	.	.	PUNCT
fbem-1290	188	1	over	over	ADP
fbem-1290	188	2	-	-	PUNCT
fbem-1290	188	3	the	the	DET
fbem-1290	188	4	-	-	PUNCT
fbem-1290	188	5	counter	counter	NOUN
fbem-1290	188	6	funding	funding	NOUN
fbem-1290	188	7	,	,	PUNCT
fbem-1290	188	8	leverage	leverage	NOUN
fbem-1290	188	9	ratio	ratio	NOUN
fbem-1290	188	10	and	and	CCONJ
fbem-1290	188	11	real	real	ADJ
fbem-1290	188	12	estate	estate	NOUN
fbem-1290	188	13	market	market	NOUN
fbem-1290	188	14	risk	risk	NOUN
fbem-1290	188	15	:	:	PUNCT
fbem-1290	188	16	micro	micro	NOUN
fbem-1290	188	17	-	-	NOUN
fbem-1290	188	18	evidence	evidence	NOUN
fbem-1290	188	19	based	base	VERB
fbem-1290	188	20	on	on	ADP
fbem-1290	188	21	"	"	PUNCT
fbem-1290	188	22	people	people	NOUN
fbem-1290	188	23	-	-	PUNCT
fbem-1290	188	24	to	to	ADP
fbem-1290	188	25	-	-	PUNCT
fbem-1290	188	26	people	people	NOUN
fbem-1290	188	27	loan	loan	NOUN
fbem-1290	188	28	"	"	PUNCT
fbem-1290	188	29	data	datum	NOUN
fbem-1290	188	30	[	[	X
fbem-1290	188	31	j	j	X
fbem-1290	188	32	]	]	X
fbem-1290	188	33	.	.	PUNCT
fbem-1290	189	1	learning	learning	NOUN
fbem-1290	189	2	and	and	CCONJ
fbem-1290	189	3	exploration	exploration	NOUN
fbem-1290	189	4	,	,	PUNCT
fbem-1290	189	5	2021(06):116	2021(06):116	PROPN
fbem-1290	189	6	-	-	SYM
fbem-1290	189	7	127	127	NUM
fbem-1290	189	8	.	.	PUNCT
fbem-1290	190	1	[	[	X
fbem-1290	190	2	6	6	NUM
fbem-1290	190	3	]	]	PUNCT
fbem-1290	190	4	wang	wang	PROPN
fbem-1290	190	5	li	li	PROPN
fbem-1290	190	6	.	.	PROPN
fbem-1290	190	7	research	research	NOUN
fbem-1290	190	8	on	on	ADP
fbem-1290	190	9	the	the	DET
fbem-1290	190	10	impact	impact	NOUN
fbem-1290	190	11	of	of	ADP
fbem-1290	190	12	household	household	NOUN
fbem-1290	190	13	sector	sector	NOUN
fbem-1290	190	14	leverage	leverage	NOUN
fbem-1290	190	15	ratio	ratio	NOUN
fbem-1290	190	16	on	on	ADP
fbem-1290	190	17	urban	urban	ADJ
fbem-1290	190	18	residents	resident	NOUN
fbem-1290	190	19	'	'	PART
fbem-1290	190	20	consumption	consumption	NOUN
fbem-1290	190	21	:	:	PUNCT
fbem-1290	190	22	based	base	VERB
fbem-1290	190	23	on	on	ADP
fbem-1290	190	24	the	the	DET
fbem-1290	190	25	perspective	perspective	NOUN
fbem-1290	190	26	of	of	ADP
fbem-1290	190	27	income	income	NOUN
fbem-1290	190	28	stratification	stratification	NOUN
fbem-1290	191	1	[	[	X
fbem-1290	191	2	j	j	X
fbem-1290	191	3	]	]	X
fbem-1290	191	4	.	.	PUNCT
fbem-1290	192	1	financial	financial	ADJ
fbem-1290	192	2	development	development	PROPN
fbem-1290	192	3	review	review	PROPN
fbem-1290	192	4	,	,	PUNCT
fbem-1290	192	5	2021(04):68	2021(04):68	NUM
fbem-1290	192	6	-	-	SYM
fbem-1290	192	7	81	81	NUM
fbem-1290	192	8	.	.	PUNCT
fbem-1290	193	1	[	[	X
fbem-1290	193	2	7	7	X
fbem-1290	193	3	]	]	X
fbem-1290	193	4	the	the	DET
fbem-1290	193	5	idea	idea	NOUN
fbem-1290	193	6	of	of	ADP
fbem-1290	193	7	regulating	regulate	VERB
fbem-1290	193	8	the	the	DET
fbem-1290	193	9	property	property	NOUN
fbem-1290	193	10	market	market	NOUN
fbem-1290	193	11	is	be	AUX
fbem-1290	193	12	gradually	gradually	ADV
fbem-1290	193	13	clear	clear	ADJ
fbem-1290	193	14	,	,	PUNCT
fbem-1290	193	15	and	and	CCONJ
fbem-1290	193	16	it	it	PRON
fbem-1290	193	17	is	be	AUX
fbem-1290	193	18	the	the	DET
fbem-1290	193	19	general	general	ADJ
fbem-1290	193	20	trend	trend	NOUN
fbem-1290	193	21	to	to	PART
fbem-1290	193	22	strictly	strictly	ADV
fbem-1290	193	23	control	control	VERB
fbem-1290	193	24	the	the	DET
fbem-1290	193	25	increase	increase	NOUN
fbem-1290	193	26	in	in	ADP
fbem-1290	193	27	the	the	DET
fbem-1290	193	28	leverage	leverage	NOUN
fbem-1290	193	29	ratio	ratio	NOUN
fbem-1290	193	30	of	of	ADP
fbem-1290	193	31	residents	resident	NOUN
fbem-1290	193	32	[	[	X
fbem-1290	193	33	n	n	X
fbem-1290	193	34	]	]	PUNCT
fbem-1290	193	35	.	.	PUNCT
fbem-1290	194	1	china	china	PROPN
fbem-1290	194	2	business	business	PROPN
fbem-1290	194	3	news	news	PROPN
fbem-1290	194	4	,	,	PUNCT
fbem-1290	194	5	2021	2021	NUM
fbem-1290	194	6	-	-	SYM
fbem-1290	194	7	0719(a01	0719(a01	NOUN
fbem-1290	194	8	)	)	PUNCT
fbem-1290	194	9	.	.	PUNCT