id	sid	tid	token	lemma	pos
fbem-18364	1	1	frontiers	frontier	NOUN
fbem-18364	1	2	in	in	ADP
fbem-18364	1	3	business	business	NOUN
fbem-18364	1	4	,	,	PUNCT
fbem-18364	1	5	economics	economic	NOUN
fbem-18364	1	6	and	and	CCONJ
fbem-18364	1	7	management	management	NOUN
fbem-18364	1	8	issn	issn	PROPN
fbem-18364	1	9	:	:	PUNCT
fbem-18364	1	10	2766	2766	NUM
fbem-18364	1	11	-	-	PUNCT
fbem-18364	1	12	824x	824x	NUM
fbem-18364	1	13	|	|	ADJ
fbem-18364	1	14	vol	vol	NOUN
fbem-18364	1	15	.	.	PROPN
fbem-18364	1	16	13	13	NUM
fbem-18364	1	17	,	,	PUNCT
fbem-18364	1	18	no	no	INTJ
fbem-18364	1	19	.	.	NOUN
fbem-18364	1	20	3	3	NUM
fbem-18364	1	21	,	,	PUNCT
fbem-18364	1	22	2024	2024	NUM
fbem-18364	1	23	338	338	NUM
fbem-18364	1	24	digital	digital	ADJ
fbem-18364	1	25	inclusive	inclusive	ADJ
fbem-18364	1	26	finance	finance	NOUN
fbem-18364	1	27	,	,	PUNCT
fbem-18364	1	28	household	household	NOUN
fbem-18364	1	29	leverage	leverage	NOUN
fbem-18364	1	30	ratio	ratio	NOUN
fbem-18364	1	31	and	and	CCONJ
fbem-18364	1	32	economic	economic	ADJ
fbem-18364	1	33	growth	growth	NOUN
fbem-18364	1	34	fucong	fucong	PROPN
fbem-18364	1	35	bi1	bi1	PROPN
fbem-18364	1	36	,	,	PUNCT
fbem-18364	1	37	a	a	DET
fbem-18364	1	38	1shanghai	1shanghai	NUM
fbem-18364	1	39	university	university	NOUN
fbem-18364	1	40	,	,	PUNCT
fbem-18364	1	41	shanghai	shanghai	PROPN
fbem-18364	1	42	,	,	PUNCT
fbem-18364	1	43	china	china	PROPN
fbem-18364	1	44	abi_15632892805_bi@163.com	abi_15632892805_bi@163.com	PROPN
fbem-18364	2	1	abstract	abstract	PROPN
fbem-18364	2	2	:	:	PUNCT
fbem-18364	2	3	in	in	ADP
fbem-18364	2	4	this	this	DET
fbem-18364	2	5	paper	paper	NOUN
fbem-18364	2	6	,	,	PUNCT
fbem-18364	2	7	from	from	ADP
fbem-18364	2	8	2011	2011	NUM
fbem-18364	2	9	to	to	ADP
fbem-18364	2	10	2020	2020	NUM
fbem-18364	2	11	part	part	NOUN
fbem-18364	2	12	of	of	ADP
fbem-18364	2	13	the	the	DET
fbem-18364	2	14	provincial	provincial	ADJ
fbem-18364	2	15	panel	panel	NOUN
fbem-18364	2	16	data	datum	NOUN
fbem-18364	2	17	in	in	ADP
fbem-18364	2	18	china	china	PROPN
fbem-18364	2	19	as	as	ADP
fbem-18364	2	20	a	a	DET
fbem-18364	2	21	research	research	NOUN
fbem-18364	2	22	sample	sample	NOUN
fbem-18364	2	23	,	,	PUNCT
fbem-18364	2	24	using	use	VERB
fbem-18364	2	25	the	the	DET
fbem-18364	2	26	system	system	NOUN
fbem-18364	2	27	gmm	gmm	PROPN
fbem-18364	2	28	model	model	NOUN
fbem-18364	2	29	discusses	discuss	VERB
fbem-18364	2	30	the	the	DET
fbem-18364	2	31	digital	digital	ADJ
fbem-18364	2	32	inclusive	inclusive	ADJ
fbem-18364	2	33	finance	finance	NOUN
fbem-18364	2	34	,	,	PUNCT
fbem-18364	2	35	residents	resident	NOUN
fbem-18364	2	36	leverage	leverage	NOUN
fbem-18364	2	37	and	and	CCONJ
fbem-18364	2	38	the	the	DET
fbem-18364	2	39	relationship	relationship	NOUN
fbem-18364	2	40	between	between	ADP
fbem-18364	2	41	the	the	DET
fbem-18364	2	42	economic	economic	ADJ
fbem-18364	2	43	growth	growth	NOUN
fbem-18364	2	44	.	.	PUNCT
fbem-18364	3	1	through	through	ADP
fbem-18364	3	2	the	the	DET
fbem-18364	3	3	research	research	NOUN
fbem-18364	3	4	found	find	VERB
fbem-18364	3	5	:	:	PUNCT
fbem-18364	3	6	digital	digital	ADJ
fbem-18364	3	7	universal	universal	ADJ
fbem-18364	3	8	financial	financial	ADJ
fbem-18364	3	9	and	and	CCONJ
fbem-18364	3	10	economic	economic	ADJ
fbem-18364	3	11	growth	growth	NOUN
fbem-18364	3	12	between	between	ADP
fbem-18364	3	13	a	a	DET
fbem-18364	3	14	"	"	PUNCT
fbem-18364	3	15	u	u	NOUN
fbem-18364	3	16	"	"	PUNCT
fbem-18364	3	17	type	type	NOUN
fbem-18364	3	18	of	of	ADP
fbem-18364	3	19	nonlinear	nonlinear	ADJ
fbem-18364	3	20	relationship	relationship	NOUN
fbem-18364	3	21	,	,	PUNCT
fbem-18364	3	22	residents	resident	NOUN
fbem-18364	3	23	between	between	ADP
fbem-18364	3	24	leverage	leverage	NOUN
fbem-18364	3	25	and	and	CCONJ
fbem-18364	3	26	economic	economic	ADJ
fbem-18364	3	27	growth	growth	NOUN
fbem-18364	3	28	presents	present	VERB
fbem-18364	3	29	a	a	DET
fbem-18364	3	30	"	"	PUNCT
fbem-18364	3	31	inverted	inverted	ADJ
fbem-18364	3	32	u	u	NOUN
fbem-18364	3	33	"	"	PUNCT
fbem-18364	3	34	nonlinear	nonlinear	ADJ
fbem-18364	3	35	relationship	relationship	NOUN
fbem-18364	3	36	.	.	PUNCT
fbem-18364	4	1	in	in	ADP
fbem-18364	4	2	the	the	DET
fbem-18364	4	3	background	background	NOUN
fbem-18364	4	4	of	of	ADP
fbem-18364	4	5	the	the	DET
fbem-18364	4	6	rapid	rapid	ADJ
fbem-18364	4	7	development	development	NOUN
fbem-18364	4	8	of	of	ADP
fbem-18364	4	9	digital	digital	ADJ
fbem-18364	4	10	informatization	informatization	NOUN
fbem-18364	4	11	,	,	PUNCT
fbem-18364	4	12	it	it	PRON
fbem-18364	4	13	is	be	AUX
fbem-18364	4	14	necessary	necessary	ADJ
fbem-18364	4	15	to	to	PART
fbem-18364	4	16	strengthen	strengthen	VERB
fbem-18364	4	17	digital	digital	ADJ
fbem-18364	4	18	financial	financial	ADJ
fbem-18364	4	19	supervision	supervision	NOUN
fbem-18364	4	20	,	,	PUNCT
fbem-18364	4	21	strictly	strictly	ADV
fbem-18364	4	22	control	control	VERB
fbem-18364	4	23	the	the	DET
fbem-18364	4	24	leverage	leverage	NOUN
fbem-18364	4	25	of	of	ADP
fbem-18364	4	26	the	the	DET
fbem-18364	4	27	household	household	NOUN
fbem-18364	4	28	sector	sector	NOUN
fbem-18364	4	29	and	and	CCONJ
fbem-18364	4	30	stabilize	stabilize	VERB
fbem-18364	4	31	the	the	DET
fbem-18364	4	32	expectations	expectation	NOUN
fbem-18364	4	33	of	of	ADP
fbem-18364	4	34	the	the	DET
fbem-18364	4	35	real	real	ADJ
fbem-18364	4	36	estate	estate	NOUN
fbem-18364	4	37	market	market	NOUN
fbem-18364	4	38	,	,	PUNCT
fbem-18364	4	39	coordinate	coordinate	VERB
fbem-18364	4	40	the	the	DET
fbem-18364	4	41	development	development	NOUN
fbem-18364	4	42	of	of	ADP
fbem-18364	4	43	digital	digital	ADJ
fbem-18364	4	44	finance	finance	NOUN
fbem-18364	4	45	in	in	ADP
fbem-18364	4	46	the	the	DET
fbem-18364	4	47	region	region	NOUN
fbem-18364	4	48	,	,	PUNCT
fbem-18364	4	49	and	and	CCONJ
fbem-18364	4	50	promote	promote	VERB
fbem-18364	4	51	steady	steady	ADJ
fbem-18364	4	52	economic	economic	ADJ
fbem-18364	4	53	growth	growth	NOUN
fbem-18364	4	54	.	.	PUNCT
fbem-18364	5	1	keywords	keyword	NOUN
fbem-18364	5	2	:	:	PUNCT
fbem-18364	5	3	digital	digital	ADJ
fbem-18364	5	4	inclusive	inclusive	ADJ
fbem-18364	5	5	finance	finance	NOUN
fbem-18364	5	6	;	;	PUNCT
fbem-18364	5	7	resident	resident	NOUN
fbem-18364	5	8	leverage	leverage	NOUN
fbem-18364	5	9	ratio	ratio	NOUN
fbem-18364	5	10	;	;	PUNCT
fbem-18364	5	11	economic	economic	ADJ
fbem-18364	5	12	growth	growth	NOUN
fbem-18364	5	13	.	.	PUNCT
fbem-18364	6	1	1	1	X
fbem-18364	6	2	.	.	X
fbem-18364	6	3	foreword	foreword	NOUN
fbem-18364	6	4	according	accord	VERB
fbem-18364	6	5	to	to	ADP
fbem-18364	6	6	data	datum	NOUN
fbem-18364	6	7	released	release	VERB
fbem-18364	6	8	by	by	ADP
fbem-18364	6	9	the	the	DET
fbem-18364	6	10	people	people	NOUN
fbem-18364	6	11	's	's	PART
fbem-18364	6	12	bank	bank	PROPN
fbem-18364	6	13	of	of	ADP
fbem-18364	6	14	china	china	PROPN
fbem-18364	6	15	,	,	PUNCT
fbem-18364	6	16	by	by	ADP
fbem-18364	6	17	the	the	DET
fbem-18364	6	18	end	end	NOUN
fbem-18364	6	19	of	of	ADP
fbem-18364	6	20	2023	2023	NUM
fbem-18364	6	21	,	,	PUNCT
fbem-18364	6	22	the	the	DET
fbem-18364	6	23	balance	balance	NOUN
fbem-18364	6	24	of	of	ADP
fbem-18364	6	25	inclusive	inclusive	PROPN
fbem-18364	6	26	micro	micro	PROPN
fbem-18364	6	27	loans	loan	NOUN
fbem-18364	6	28	was	be	AUX
fbem-18364	6	29	29.4	29.4	NUM
fbem-18364	6	30	trillion	trillion	NUM
fbem-18364	6	31	yuan	yuan	NOUN
fbem-18364	6	32	,	,	PUNCT
fbem-18364	6	33	up	up	ADV
fbem-18364	6	34	23.5	23.5	NUM
fbem-18364	6	35	%	%	NOUN
fbem-18364	6	36	year	year	NOUN
fbem-18364	6	37	on	on	ADP
fbem-18364	6	38	year	year	NOUN
fbem-18364	6	39	,	,	PUNCT
fbem-18364	6	40	or	or	CCONJ
fbem-18364	6	41	5.61	5.61	NUM
fbem-18364	6	42	trillion	trillion	NUM
fbem-18364	6	43	yuan	yuan	NOUN
fbem-18364	6	44	,	,	PUNCT
fbem-18364	6	45	up	up	ADV
fbem-18364	6	46	1.03	1.03	NUM
fbem-18364	6	47	trillion	trillion	NUM
fbem-18364	6	48	yuan	yuan	NOUN
fbem-18364	6	49	year	year	NOUN
fbem-18364	6	50	on	on	ADP
fbem-18364	6	51	year	year	NOUN
fbem-18364	6	52	.	.	PUNCT
fbem-18364	7	1	inclusive	inclusive	ADJ
fbem-18364	7	2	finance	finance	NOUN
fbem-18364	7	3	has	have	AUX
fbem-18364	7	4	played	play	VERB
fbem-18364	7	5	an	an	DET
fbem-18364	7	6	indispensable	indispensable	ADJ
fbem-18364	7	7	role	role	NOUN
fbem-18364	7	8	in	in	ADP
fbem-18364	7	9	solving	solve	VERB
fbem-18364	7	10	the	the	DET
fbem-18364	7	11	"	"	PUNCT
fbem-18364	7	12	short	short	ADJ
fbem-18364	7	13	,	,	PUNCT
fbem-18364	7	14	small	small	ADJ
fbem-18364	7	15	,	,	PUNCT
fbem-18364	7	16	urgent	urgent	ADJ
fbem-18364	7	17	and	and	CCONJ
fbem-18364	7	18	frequent	frequent	ADJ
fbem-18364	7	19	"	"	PUNCT
fbem-18364	7	20	loan	loan	NOUN
fbem-18364	7	21	needs	need	NOUN
fbem-18364	7	22	,	,	PUNCT
fbem-18364	7	23	supporting	support	VERB
fbem-18364	7	24	the	the	DET
fbem-18364	7	25	sustainable	sustainable	ADJ
fbem-18364	7	26	development	development	NOUN
fbem-18364	7	27	of	of	ADP
fbem-18364	7	28	small	small	ADJ
fbem-18364	7	29	and	and	CCONJ
fbem-18364	7	30	micro	micro	ADJ
fbem-18364	7	31	economies	economy	NOUN
fbem-18364	7	32	,	,	PUNCT
fbem-18364	7	33	helping	help	VERB
fbem-18364	7	34	poverty	poverty	NOUN
fbem-18364	7	35	alleviation	alleviation	NOUN
fbem-18364	7	36	and	and	CCONJ
fbem-18364	7	37	realizing	realize	VERB
fbem-18364	7	38	the	the	DET
fbem-18364	7	39	rural	rural	ADJ
fbem-18364	7	40	revitalization	revitalization	NOUN
fbem-18364	7	41	strategy	strategy	NOUN
fbem-18364	7	42	.	.	PUNCT
fbem-18364	8	1	2	2	X
fbem-18364	8	2	.	.	X
fbem-18364	8	3	literature	literature	NOUN
fbem-18364	8	4	review	review	NOUN
fbem-18364	8	5	first	first	ADV
fbem-18364	8	6	of	of	ADP
fbem-18364	8	7	all	all	PRON
fbem-18364	8	8	,	,	PUNCT
fbem-18364	8	9	there	there	PRON
fbem-18364	8	10	are	be	VERB
fbem-18364	8	11	mainly	mainly	ADV
fbem-18364	8	12	three	three	NUM
fbem-18364	8	13	different	different	ADJ
fbem-18364	8	14	theories	theory	NOUN
fbem-18364	8	15	on	on	ADP
fbem-18364	8	16	the	the	DET
fbem-18364	8	17	influence	influence	NOUN
fbem-18364	8	18	of	of	ADP
fbem-18364	8	19	household	household	NOUN
fbem-18364	8	20	leverage	leverage	NOUN
fbem-18364	8	21	ratio	ratio	NOUN
fbem-18364	8	22	on	on	ADP
fbem-18364	8	23	economic	economic	ADJ
fbem-18364	8	24	growth	growth	NOUN
fbem-18364	8	25	,	,	PUNCT
fbem-18364	8	26	namely	namely	ADV
fbem-18364	8	27	,	,	PUNCT
fbem-18364	8	28	positive	positive	ADJ
fbem-18364	8	29	effect	effect	NOUN
fbem-18364	8	30	theory	theory	NOUN
fbem-18364	8	31	,	,	PUNCT
fbem-18364	8	32	negative	negative	ADJ
fbem-18364	8	33	effect	effect	NOUN
fbem-18364	8	34	theory	theory	NOUN
fbem-18364	8	35	and	and	CCONJ
fbem-18364	8	36	threshold	threshold	NOUN
fbem-18364	8	37	theory	theory	NOUN
fbem-18364	8	38	.	.	PUNCT
fbem-18364	9	1	liu	liu	PROPN
fbem-18364	9	2	ziwei	ziwei	PROPN
fbem-18364	9	3	,	,	PUNCT
fbem-18364	9	4	li	li	PROPN
fbem-18364	9	5	xuelian	xuelian	PROPN
fbem-18364	9	6	,	,	PUNCT
fbem-18364	9	7	and	and	CCONJ
fbem-18364	9	8	xue	xue	PROPN
fbem-18364	9	9	lei	lei	PROPN
fbem-18364	9	10	(	(	PUNCT
fbem-18364	9	11	2021	2021	NUM
fbem-18364	9	12	)	)	PUNCT
fbem-18364	9	13	believe	believe	VERB
fbem-18364	9	14	that	that	SCONJ
fbem-18364	9	15	an	an	DET
fbem-18364	9	16	appropriate	appropriate	ADJ
fbem-18364	9	17	increase	increase	NOUN
fbem-18364	9	18	in	in	ADP
fbem-18364	9	19	household	household	NOUN
fbem-18364	9	20	debt	debt	NOUN
fbem-18364	9	21	can	can	AUX
fbem-18364	9	22	promote	promote	VERB
fbem-18364	9	23	economic	economic	ADJ
fbem-18364	9	24	development	development	NOUN
fbem-18364	9	25	without	without	ADP
fbem-18364	9	26	increasing	increase	VERB
fbem-18364	9	27	the	the	DET
fbem-18364	9	28	internal	internal	ADJ
fbem-18364	9	29	vulnerability	vulnerability	NOUN
fbem-18364	9	30	of	of	ADP
fbem-18364	9	31	the	the	DET
fbem-18364	9	32	economy	economy	NOUN
fbem-18364	9	33	.	.	PUNCT
fbem-18364	10	1	according	accord	VERB
fbem-18364	10	2	to	to	ADP
fbem-18364	10	3	the	the	DET
fbem-18364	10	4	pest	pest	NOUN
fbem-18364	10	5	analysis	analysis	NOUN
fbem-18364	10	6	method	method	NOUN
fbem-18364	10	7	,	,	PUNCT
fbem-18364	10	8	cheng	cheng	PROPN
fbem-18364	10	9	xuejun	xuejun	PROPN
fbem-18364	10	10	and	and	CCONJ
fbem-18364	10	11	li	li	PROPN
fbem-18364	10	12	xinhe	xinhe	PROPN
fbem-18364	10	13	(	(	PUNCT
fbem-18364	10	14	2021	2021	NUM
fbem-18364	10	15	)	)	PUNCT
fbem-18364	10	16	concluded	conclude	VERB
fbem-18364	10	17	that	that	SCONJ
fbem-18364	10	18	excessive	excessive	ADJ
fbem-18364	10	19	debt	debt	NOUN
fbem-18364	10	20	overdraws	overdraw	NOUN
fbem-18364	10	21	the	the	DET
fbem-18364	10	22	consumption	consumption	NOUN
fbem-18364	10	23	potential	potential	NOUN
fbem-18364	10	24	and	and	CCONJ
fbem-18364	10	25	has	have	VERB
fbem-18364	10	26	adverse	adverse	ADJ
fbem-18364	10	27	effects	effect	NOUN
fbem-18364	10	28	on	on	ADP
fbem-18364	10	29	economic	economic	ADJ
fbem-18364	10	30	development	development	NOUN
fbem-18364	10	31	.	.	PUNCT
fbem-18364	11	1	second	second	ADJ
fbem-18364	11	2	,	,	PUNCT
fbem-18364	11	3	the	the	DET
fbem-18364	11	4	existing	exist	VERB
fbem-18364	11	5	literature	literature	NOUN
fbem-18364	11	6	disagrees	disagree	VERB
fbem-18364	11	7	on	on	ADP
fbem-18364	11	8	the	the	DET
fbem-18364	11	9	role	role	NOUN
fbem-18364	11	10	of	of	ADP
fbem-18364	11	11	digital	digital	ADJ
fbem-18364	11	12	finance	finance	NOUN
fbem-18364	11	13	in	in	ADP
fbem-18364	11	14	promoting	promote	VERB
fbem-18364	11	15	economic	economic	ADJ
fbem-18364	11	16	development	development	NOUN
fbem-18364	11	17	.	.	PUNCT
fbem-18364	12	1	yang	yang	PROPN
fbem-18364	12	2	gang	gang	PROPN
fbem-18364	12	3	and	and	CCONJ
fbem-18364	12	4	zhang	zhang	PROPN
fbem-18364	12	5	hengyi	hengyi	PROPN
fbem-18364	12	6	(	(	PUNCT
fbem-18364	12	7	2022	2022	NUM
fbem-18364	12	8	)	)	PUNCT
fbem-18364	12	9	believe	believe	VERB
fbem-18364	12	10	that	that	SCONJ
fbem-18364	12	11	digital	digital	ADJ
fbem-18364	12	12	inclusive	inclusive	ADJ
fbem-18364	12	13	finance	finance	NOUN
fbem-18364	12	14	and	and	CCONJ
fbem-18364	12	15	regional	regional	ADJ
fbem-18364	12	16	innovation	innovation	NOUN
fbem-18364	12	17	can	can	AUX
fbem-18364	12	18	significantly	significantly	ADV
fbem-18364	12	19	promote	promote	VERB
fbem-18364	12	20	economic	economic	ADJ
fbem-18364	12	21	growth	growth	NOUN
fbem-18364	12	22	.	.	PUNCT
fbem-18364	13	1	the	the	DET
fbem-18364	13	2	research	research	NOUN
fbem-18364	13	3	results	result	NOUN
fbem-18364	13	4	of	of	ADP
fbem-18364	13	5	li	li	PROPN
fbem-18364	13	6	tao	tao	PROPN
fbem-18364	13	7	(	(	PUNCT
fbem-18364	13	8	2016	2016	NUM
fbem-18364	13	9	)	)	PUNCT
fbem-18364	13	10	show	show	VERB
fbem-18364	13	11	that	that	SCONJ
fbem-18364	13	12	with	with	ADP
fbem-18364	13	13	the	the	DET
fbem-18364	13	14	deepening	deepening	NOUN
fbem-18364	13	15	of	of	ADP
fbem-18364	13	16	china	china	PROPN
fbem-18364	13	17	's	's	PART
fbem-18364	13	18	economic	economic	ADJ
fbem-18364	13	19	and	and	CCONJ
fbem-18364	13	20	financial	financial	ADJ
fbem-18364	13	21	development	development	NOUN
fbem-18364	13	22	,	,	PUNCT
fbem-18364	13	23	the	the	DET
fbem-18364	13	24	development	development	NOUN
fbem-18364	13	25	of	of	ADP
fbem-18364	13	26	digital	digital	ADJ
fbem-18364	13	27	inclusive	inclusive	ADJ
fbem-18364	13	28	finance	finance	NOUN
fbem-18364	13	29	will	will	AUX
fbem-18364	13	30	make	make	VERB
fbem-18364	13	31	its	its	PRON
fbem-18364	13	32	marginal	marginal	ADJ
fbem-18364	13	33	cost	cost	NOUN
fbem-18364	13	34	greater	great	ADJ
fbem-18364	13	35	than	than	ADP
fbem-18364	13	36	its	its	PRON
fbem-18364	13	37	marginal	marginal	ADJ
fbem-18364	13	38	income	income	NOUN
fbem-18364	13	39	,	,	PUNCT
fbem-18364	13	40	which	which	PRON
fbem-18364	13	41	will	will	AUX
fbem-18364	13	42	have	have	VERB
fbem-18364	13	43	a	a	DET
fbem-18364	13	44	negative	negative	ADJ
fbem-18364	13	45	impact	impact	NOUN
fbem-18364	13	46	on	on	ADP
fbem-18364	13	47	china	china	PROPN
fbem-18364	13	48	's	's	PART
fbem-18364	13	49	economic	economic	ADJ
fbem-18364	13	50	development	development	NOUN
fbem-18364	13	51	.	.	PUNCT
fbem-18364	14	1	according	accord	VERB
fbem-18364	14	2	to	to	ADP
fbem-18364	14	3	the	the	DET
fbem-18364	14	4	study	study	NOUN
fbem-18364	14	5	of	of	ADP
fbem-18364	14	6	past	past	PROPN
fbem-18364	14	7	literature	literature	NOUN
fbem-18364	14	8	,	,	PUNCT
fbem-18364	14	9	there	there	PRON
fbem-18364	14	10	is	be	VERB
fbem-18364	14	11	no	no	DET
fbem-18364	14	12	consensus	consensus	NOUN
fbem-18364	14	13	on	on	ADP
fbem-18364	14	14	these	these	DET
fbem-18364	14	15	two	two	NUM
fbem-18364	14	16	issues	issue	NOUN
fbem-18364	14	17	.	.	PUNCT
fbem-18364	15	1	therefore	therefore	ADV
fbem-18364	15	2	,	,	PUNCT
fbem-18364	15	3	it	it	PRON
fbem-18364	15	4	is	be	AUX
fbem-18364	15	5	of	of	ADP
fbem-18364	15	6	great	great	ADJ
fbem-18364	15	7	significance	significance	NOUN
fbem-18364	15	8	to	to	PART
fbem-18364	15	9	further	far	ADV
fbem-18364	15	10	explore	explore	VERB
fbem-18364	15	11	the	the	DET
fbem-18364	15	12	internal	internal	ADJ
fbem-18364	15	13	relationship	relationship	NOUN
fbem-18364	15	14	between	between	ADP
fbem-18364	15	15	these	these	DET
fbem-18364	15	16	three	three	NUM
fbem-18364	15	17	to	to	PART
fbem-18364	15	18	provide	provide	VERB
fbem-18364	15	19	decision	decision	NOUN
fbem-18364	15	20	-	-	PUNCT
fbem-18364	15	21	making	make	VERB
fbem-18364	15	22	reference	reference	NOUN
fbem-18364	15	23	for	for	ADP
fbem-18364	15	24	promoting	promote	VERB
fbem-18364	15	25	stable	stable	ADJ
fbem-18364	15	26	economic	economic	ADJ
fbem-18364	15	27	growth	growth	NOUN
fbem-18364	15	28	.	.	PUNCT
fbem-18364	16	1	3	3	X
fbem-18364	16	2	.	.	X
fbem-18364	16	3	research	research	NOUN
fbem-18364	16	4	hypothesis	hypothesis	NOUN
fbem-18364	16	5	based	base	VERB
fbem-18364	16	6	on	on	ADP
fbem-18364	16	7	the	the	DET
fbem-18364	16	8	above	above	ADJ
fbem-18364	16	9	analysis	analysis	NOUN
fbem-18364	16	10	of	of	ADP
fbem-18364	16	11	the	the	DET
fbem-18364	16	12	existing	exist	VERB
fbem-18364	16	13	literature	literature	NOUN
fbem-18364	16	14	,	,	PUNCT
fbem-18364	16	15	the	the	DET
fbem-18364	16	16	following	follow	VERB
fbem-18364	16	17	assumptions	assumption	NOUN
fbem-18364	16	18	are	be	AUX
fbem-18364	16	19	made	make	VERB
fbem-18364	16	20	:	:	PUNCT
fbem-18364	16	21	hypothesis	hypothesis	NOUN
fbem-18364	16	22	1	1	NUM
fbem-18364	16	23	:	:	PUNCT
fbem-18364	16	24	there	there	PRON
fbem-18364	16	25	is	be	VERB
fbem-18364	16	26	a	a	DET
fbem-18364	16	27	"	"	PUNCT
fbem-18364	16	28	inverted	inverted	ADJ
fbem-18364	16	29	"	"	PUNCT
fbem-18364	16	30	non	non	ADJ
fbem-18364	16	31	-	-	ADJ
fbem-18364	16	32	linear	linear	ADJ
fbem-18364	16	33	relationship	relationship	NOUN
fbem-18364	16	34	between	between	ADP
fbem-18364	16	35	the	the	DET
fbem-18364	16	36	u	u	NOUN
fbem-18364	16	37	-	-	ADJ
fbem-18364	16	38	shaped	shape	VERB
fbem-18364	16	39	leverage	leverage	NOUN
fbem-18364	16	40	ratio	ratio	NOUN
fbem-18364	16	41	and	and	CCONJ
fbem-18364	16	42	economic	economic	ADJ
fbem-18364	16	43	growth	growth	NOUN
fbem-18364	16	44	;	;	PUNCT
fbem-18364	16	45	hypothesis	hypothesis	NOUN
fbem-18364	16	46	2	2	NUM
fbem-18364	16	47	:	:	PUNCT
fbem-18364	16	48	there	there	PRON
fbem-18364	16	49	is	be	VERB
fbem-18364	16	50	a	a	DET
fbem-18364	16	51	"	"	PUNCT
fbem-18364	16	52	u	u	NOUN
fbem-18364	16	53	"	"	PUNCT
fbem-18364	16	54	-shaped	-shaped	ADJ
fbem-18364	16	55	nonlinear	nonlinear	ADJ
fbem-18364	16	56	relationship	relationship	NOUN
fbem-18364	16	57	between	between	ADP
fbem-18364	16	58	digital	digital	ADJ
fbem-18364	16	59	inclusive	inclusive	ADJ
fbem-18364	16	60	finance	finance	NOUN
fbem-18364	16	61	and	and	CCONJ
fbem-18364	16	62	economic	economic	ADJ
fbem-18364	16	63	growth	growth	NOUN
fbem-18364	16	64	.	.	PUNCT
fbem-18364	17	1	4	4	X
fbem-18364	17	2	.	.	X
fbem-18364	17	3	empirical	empirical	ADJ
fbem-18364	17	4	study	study	NOUN
fbem-18364	17	5	(	(	PUNCT
fbem-18364	17	6	1	1	X
fbem-18364	17	7	)	)	PUNCT
fbem-18364	17	8	description	description	NOUN
fbem-18364	17	9	of	of	ADP
fbem-18364	17	10	the	the	DET
fbem-18364	17	11	samples	sample	NOUN
fbem-18364	17	12	and	and	CCONJ
fbem-18364	17	13	the	the	DET
fbem-18364	17	14	variables	variable	NOUN
fbem-18364	17	15	based	base	VERB
fbem-18364	17	16	on	on	ADP
fbem-18364	17	17	the	the	DET
fbem-18364	17	18	availability	availability	NOUN
fbem-18364	17	19	of	of	ADP
fbem-18364	17	20	real	real	ADJ
fbem-18364	17	21	data	datum	NOUN
fbem-18364	17	22	,	,	PUNCT
fbem-18364	17	23	the	the	DET
fbem-18364	17	24	empirical	empirical	ADJ
fbem-18364	17	25	analysis	analysis	NOUN
fbem-18364	17	26	sample	sample	NOUN
fbem-18364	17	27	used	use	VERB
fbem-18364	17	28	in	in	ADP
fbem-18364	17	29	this	this	DET
fbem-18364	17	30	paper	paper	NOUN
fbem-18364	17	31	includes	include	VERB
fbem-18364	17	32	interprovincial	interprovincial	ADJ
fbem-18364	17	33	panel	panel	NOUN
fbem-18364	17	34	data	datum	NOUN
fbem-18364	17	35	from	from	ADP
fbem-18364	17	36	29	29	NUM
fbem-18364	17	37	provinces	province	NOUN
fbem-18364	17	38	from	from	ADP
fbem-18364	17	39	2011	2011	NUM
fbem-18364	17	40	to	to	ADP
fbem-18364	17	41	2020	2020	NUM
fbem-18364	17	42	.	.	PUNCT
fbem-18364	18	1	table	table	NOUN
fbem-18364	18	2	1	1	NUM
fbem-18364	18	3	shows	show	VERB
fbem-18364	18	4	the	the	DET
fbem-18364	18	5	names	name	NOUN
fbem-18364	18	6	,	,	PUNCT
fbem-18364	18	7	symbolic	symbolic	ADJ
fbem-18364	18	8	representations	representation	NOUN
fbem-18364	18	9	,	,	PUNCT
fbem-18364	18	10	economic	economic	ADJ
fbem-18364	18	11	implications	implication	NOUN
fbem-18364	18	12	,	,	PUNCT
fbem-18364	18	13	and	and	CCONJ
fbem-18364	18	14	data	datum	NOUN
fbem-18364	18	15	sources	source	NOUN
fbem-18364	18	16	of	of	ADP
fbem-18364	18	17	each	each	DET
fbem-18364	18	18	regressor	regressor	NOUN
fbem-18364	18	19	.	.	PUNCT
fbem-18364	19	1	in	in	ADP
fbem-18364	19	2	addition	addition	NOUN
fbem-18364	19	3	,	,	PUNCT
fbem-18364	19	4	instrumental	instrumental	ADJ
fbem-18364	19	5	variables	variable	NOUN
fbem-18364	19	6	are	be	AUX
fbem-18364	19	7	cited	cite	VERB
fbem-18364	19	8	to	to	PART
fbem-18364	19	9	control	control	VERB
fbem-18364	19	10	the	the	DET
fbem-18364	19	11	possible	possible	ADJ
fbem-18364	19	12	endogeneity	endogeneity	NOUN
fbem-18364	19	13	problems	problem	NOUN
fbem-18364	19	14	in	in	ADP
fbem-18364	19	15	economometric	economometric	ADJ
fbem-18364	19	16	models	model	NOUN
fbem-18364	19	17	.	.	PUNCT
fbem-18364	20	1	referring	refer	VERB
fbem-18364	20	2	to	to	ADP
fbem-18364	20	3	the	the	DET
fbem-18364	20	4	research	research	NOUN
fbem-18364	20	5	,	,	PUNCT
fbem-18364	20	6	this	this	DET
fbem-18364	20	7	paper	paper	NOUN
fbem-18364	20	8	uses	use	VERB
fbem-18364	20	9	mobile	mobile	ADJ
fbem-18364	20	10	phone	phone	NOUN
fbem-18364	20	11	popularity	popularity	NOUN
fbem-18364	20	12	(	(	PUNCT
fbem-18364	20	13	lin	lin	PROPN
fbem-18364	20	14	lin	lin	PROPN
fbem-18364	20	15	west	west	PROPN
fbem-18364	20	16	,	,	PUNCT
fbem-18364	20	17	2022	2022	NUM
fbem-18364	20	18	)	)	PUNCT
fbem-18364	20	19	and	and	CCONJ
fbem-18364	20	20	the	the	DET
fbem-18364	20	21	first	first	ADJ
fbem-18364	20	22	-	-	PUNCT
fbem-18364	20	23	order	order	NOUN
fbem-18364	20	24	lag	lag	NOUN
fbem-18364	20	25	item	item	NOUN
fbem-18364	20	26	of	of	ADP
fbem-18364	20	27	digital	digital	ADJ
fbem-18364	20	28	financial	financial	ADJ
fbem-18364	20	29	inclusion	inclusion	NOUN
fbem-18364	20	30	index	index	NOUN
fbem-18364	20	31	as	as	ADP
fbem-18364	20	32	instrumental	instrumental	ADJ
fbem-18364	20	33	variables	variable	NOUN
fbem-18364	20	34	.	.	PUNCT
fbem-18364	21	1	(	(	PUNCT
fbem-18364	21	2	2	2	X
fbem-18364	21	3	)	)	PUNCT
fbem-18364	21	4	estimation	estimation	NOUN
fbem-18364	21	5	method	method	NOUN
fbem-18364	21	6	this	this	DET
fbem-18364	21	7	paper	paper	NOUN
fbem-18364	21	8	uses	use	VERB
fbem-18364	21	9	the	the	DET
fbem-18364	21	10	systematic	systematic	ADJ
fbem-18364	21	11	generalized	generalized	ADJ
fbem-18364	21	12	moment	moment	NOUN
fbem-18364	21	13	estimation	estimation	NOUN
fbem-18364	21	14	method	method	NOUN
fbem-18364	21	15	(	(	PUNCT
fbem-18364	21	16	system	system	NOUN
fbem-18364	21	17	gmm	gmm	NOUN
fbem-18364	21	18	)	)	PUNCT
fbem-18364	21	19	proposed	propose	VERB
fbem-18364	21	20	by	by	ADP
fbem-18364	21	21	arellano	arellano	PROPN
fbem-18364	21	22	&	&	CCONJ
fbem-18364	21	23	bover	bover	PROPN
fbem-18364	21	24	et	et	PROPN
fbem-18364	21	25	al	al	PROPN
fbem-18364	21	26	.	.	PROPN
fbem-18364	22	1	in	in	ADP
fbem-18364	22	2	1995	1995	NUM
fbem-18364	22	3	,	,	PUNCT
fbem-18364	22	4	as	as	SCONJ
fbem-18364	22	5	follows	follow	VERB
fbem-18364	22	6	:	:	PUNCT
fbem-18364	22	7	y	y	NOUN
fbem-18364	22	8	,	,	PUNCT
fbem-18364	22	9	=	=	PRON
fbem-18364	22	10	αy	αy	NOUN
fbem-18364	22	11	,	,	PUNCT
fbem-18364	22	12	+	+	NOUN
fbem-18364	22	13	βx	βx	NOUN
fbem-18364	22	14	,	,	PUNCT
fbem-18364	22	15	+	+	NOUN
fbem-18364	22	16	μ	μ	PROPN
fbem-18364	22	17	+	+	PROPN
fbem-18364	22	18	ε	ε	PROPN
fbem-18364	22	19	,	,	PUNCT
fbem-18364	22	20	as	as	SCONJ
fbem-18364	22	21	shown	show	VERB
fbem-18364	22	22	in	in	ADP
fbem-18364	22	23	the	the	DET
fbem-18364	22	24	formula	formula	NOUN
fbem-18364	22	25	,	,	PUNCT
fbem-18364	22	26	the	the	DET
fbem-18364	22	27	variable	variable	ADJ
fbem-18364	22	28	y	y	PROPN
fbem-18364	22	29	,	,	PUNCT
fbem-18364	22	30	represents	represent	VERB
fbem-18364	22	31	the	the	DET
fbem-18364	22	32	time	time	NOUN
fbem-18364	22	33	delay	delay	NOUN
fbem-18364	22	34	of	of	ADP
fbem-18364	22	35	y	y	PROPN
fbem-18364	22	36	,	,	PUNCT
fbem-18364	22	37	,	,	PUNCT
fbem-18364	22	38	and	and	CCONJ
fbem-18364	22	39	x	x	INTJ
fbem-18364	22	40	,	,	PUNCT
fbem-18364	22	41	represents	represent	VERB
fbem-18364	22	42	the	the	DET
fbem-18364	22	43	core	core	ADJ
fbem-18364	22	44	explanatory	explanatory	ADJ
fbem-18364	22	45	variables	variable	NOUN
fbem-18364	22	46	.	.	PUNCT
fbem-18364	23	1	β	β	X
fbem-18364	23	2	is	be	AUX
fbem-18364	23	3	the	the	DET
fbem-18364	23	4	coefficient	coefficient	NOUN
fbem-18364	23	5	to	to	PART
fbem-18364	23	6	be	be	AUX
fbem-18364	23	7	estimated	estimate	VERB
fbem-18364	23	8	for	for	ADP
fbem-18364	23	9	each	each	DET
fbem-18364	23	10	variable	variable	NOUN
fbem-18364	23	11	.	.	PUNCT
fbem-18364	24	1	based	base	VERB
fbem-18364	24	2	on	on	ADP
fbem-18364	24	3	previous	previous	ADJ
fbem-18364	24	4	literature	literature	NOUN
fbem-18364	24	5	(	(	PUNCT
fbem-18364	24	6	ma	ma	PROPN
fbem-18364	24	7	yong	yong	PROPN
fbem-18364	24	8	and	and	CCONJ
fbem-18364	24	9	chen	chen	PROPN
fbem-18364	24	10	yulu	yulu	VERB
fbem-18364	24	11	,	,	PUNCT
fbem-18364	24	12	2017	2017	NUM
fbem-18364	24	13	)	)	PUNCT
fbem-18364	24	14	,	,	PUNCT
fbem-18364	24	15	in	in	ADP
fbem-18364	24	16	order	order	NOUN
fbem-18364	24	17	to	to	PART
fbem-18364	24	18	avoid	avoid	VERB
fbem-18364	24	19	the	the	DET
fbem-18364	24	20	endogeneity	endogeneity	NOUN
fbem-18364	24	21	between	between	ADP
fbem-18364	24	22	variables	variable	NOUN
fbem-18364	24	23	and	and	CCONJ
fbem-18364	24	24	between	between	ADP
fbem-18364	24	25	variables	variable	NOUN
fbem-18364	24	26	and	and	CCONJ
fbem-18364	24	27	residues	residue	NOUN
fbem-18364	24	28	,	,	PUNCT
fbem-18364	24	29	a	a	DET
fbem-18364	24	30	two	two	NUM
fbem-18364	24	31	-	-	PUNCT
fbem-18364	24	32	step	step	NOUN
fbem-18364	24	33	system	system	NOUN
fbem-18364	24	34	generalized	generalize	VERB
fbem-18364	24	35	moment	moment	NOUN
fbem-18364	24	36	method	method	NOUN
fbem-18364	24	37	is	be	AUX
fbem-18364	24	38	used	use	VERB
fbem-18364	24	39	to	to	PART
fbem-18364	24	40	estimate	estimate	VERB
fbem-18364	24	41	the	the	DET
fbem-18364	24	42	model	model	NOUN
fbem-18364	24	43	.	.	PUNCT
fbem-18364	25	1	in	in	ADP
fbem-18364	25	2	addition	addition	NOUN
fbem-18364	25	3	,	,	PUNCT
fbem-18364	25	4	based	base	VERB
fbem-18364	25	5	on	on	ADP
fbem-18364	25	6	the	the	DET
fbem-18364	25	7	existing	exist	VERB
fbem-18364	25	8	research	research	NOUN
fbem-18364	25	9	results	result	NOUN
fbem-18364	25	10	,	,	PUNCT
fbem-18364	25	11	this	this	DET
fbem-18364	25	12	paper	paper	NOUN
fbem-18364	25	13	conducts	conduct	VERB
fbem-18364	25	14	two	two	NUM
fbem-18364	25	15	tests	test	NOUN
fbem-18364	25	16	on	on	ADP
fbem-18364	25	17	the	the	DET
fbem-18364	25	18	estimation	estimation	NOUN
fbem-18364	25	19	results	result	NOUN
fbem-18364	25	20	of	of	ADP
fbem-18364	25	21	gmm	gmm	NOUN
fbem-18364	25	22	:	:	PUNCT
fbem-18364	25	23	first	first	ADV
fbem-18364	25	24	,	,	PUNCT
fbem-18364	25	25	hansen	hansen	PROPN
fbem-18364	25	26	test	test	PROPN
fbem-18364	25	27	,	,	PUNCT
fbem-18364	25	28	which	which	PRON
fbem-18364	25	29	is	be	AUX
fbem-18364	25	30	mainly	mainly	ADV
fbem-18364	25	31	used	use	VERB
fbem-18364	25	32	to	to	PART
fbem-18364	25	33	test	test	VERB
fbem-18364	25	34	the	the	DET
fbem-18364	25	35	validity	validity	NOUN
fbem-18364	25	36	of	of	ADP
fbem-18364	25	37	the	the	DET
fbem-18364	25	38	instrumental	instrumental	ADJ
fbem-18364	25	39	variables	variable	NOUN
fbem-18364	25	40	;	;	PUNCT
fbem-18364	25	41	second	second	ADJ
fbem-18364	25	42	,	,	PUNCT
fbem-18364	25	43	second	second	ADJ
fbem-18364	25	44	-	-	PUNCT
fbem-18364	25	45	order	order	NOUN
fbem-18364	25	46	sequence	sequence	NOUN
fbem-18364	25	47	correlation	correlation	NOUN
fbem-18364	25	48	test	test	NOUN
fbem-18364	25	49	(	(	PUNCT
fbem-18364	25	50	ar	ar	PROPN
fbem-18364	25	51	(	(	PUNCT
fbem-18364	25	52	2	2	NUM
fbem-18364	25	53	)	)	PUNCT
fbem-18364	25	54	test	test	NOUN
fbem-18364	25	55	)	)	PUNCT
fbem-18364	25	56	,	,	PUNCT
fbem-18364	25	57	which	which	PRON
fbem-18364	25	58	is	be	AUX
fbem-18364	25	59	mainly	mainly	ADV
fbem-18364	25	60	used	use	VERB
fbem-18364	25	61	to	to	PART
fbem-18364	25	62	test	test	VERB
fbem-18364	25	63	whether	whether	SCONJ
fbem-18364	25	64	the	the	DET
fbem-18364	25	65	residual	residual	ADJ
fbem-18364	25	66	items	item	NOUN
fbem-18364	25	67	have	have	VERB
fbem-18364	25	68	a	a	DET
fbem-18364	25	69	second	second	ADJ
fbem-18364	25	70	-	-	PUNCT
fbem-18364	25	71	order	order	NOUN
fbem-18364	25	72	sequence	sequence	NOUN
fbem-18364	25	73	correlation	correlation	NOUN
fbem-18364	25	74	.	.	PUNCT
fbem-18364	26	1	(	(	PUNCT
fbem-18364	26	2	3	3	X
fbem-18364	26	3	)	)	PUNCT
fbem-18364	26	4	empirical	empirical	ADJ
fbem-18364	26	5	analysis	analysis	NOUN
fbem-18364	26	6	and	and	CCONJ
fbem-18364	26	7	robust	robust	ADJ
fbem-18364	26	8	test	test	NOUN
fbem-18364	26	9	as	as	SCONJ
fbem-18364	26	10	shown	show	VERB
fbem-18364	26	11	in	in	ADP
fbem-18364	26	12	table	table	NOUN
fbem-18364	26	13	2	2	NUM
fbem-18364	26	14	,	,	PUNCT
fbem-18364	26	15	models	model	NOUN
fbem-18364	26	16	(	(	PUNCT
fbem-18364	26	17	1	1	NUM
fbem-18364	26	18	)	)	PUNCT
fbem-18364	26	19	,	,	PUNCT
fbem-18364	26	20	(	(	PUNCT
fbem-18364	26	21	2	2	X
fbem-18364	26	22	)	)	PUNCT
fbem-18364	26	23	and	and	CCONJ
fbem-18364	26	24	(	(	PUNCT
fbem-18364	26	25	3	3	X
fbem-18364	26	26	)	)	PUNCT
fbem-18364	26	27	are	be	AUX
fbem-18364	26	28	the	the	DET
fbem-18364	26	29	regression	regression	NOUN
fbem-18364	26	30	results	result	NOUN
fbem-18364	26	31	before	before	ADP
fbem-18364	26	32	the	the	DET
fbem-18364	26	33	addition	addition	NOUN
fbem-18364	26	34	of	of	ADP
fbem-18364	26	35	the	the	DET
fbem-18364	26	36	instrumental	instrumental	ADJ
fbem-18364	26	37	339	339	NUM
fbem-18364	26	38	variable	variable	NOUN
fbem-18364	26	39	(	(	PUNCT
fbem-18364	26	40	mobile	mobile	ADJ
fbem-18364	26	41	phone	phone	NOUN
fbem-18364	26	42	penetration	penetration	NOUN
fbem-18364	26	43	)	)	PUNCT
fbem-18364	26	44	,	,	PUNCT
fbem-18364	26	45	and	and	CCONJ
fbem-18364	26	46	models	model	NOUN
fbem-18364	26	47	(	(	PUNCT
fbem-18364	26	48	4	4	NUM
fbem-18364	26	49	)	)	PUNCT
fbem-18364	26	50	,	,	PUNCT
fbem-18364	26	51	(	(	PUNCT
fbem-18364	26	52	5	5	NUM
fbem-18364	26	53	)	)	PUNCT
fbem-18364	26	54	and	and	CCONJ
fbem-18364	26	55	(	(	PUNCT
fbem-18364	26	56	6	6	NUM
fbem-18364	26	57	)	)	PUNCT
fbem-18364	26	58	are	be	AUX
fbem-18364	26	59	the	the	DET
fbem-18364	26	60	regression	regression	NOUN
fbem-18364	26	61	results	result	NOUN
fbem-18364	26	62	after	after	ADP
fbem-18364	26	63	the	the	DET
fbem-18364	26	64	addition	addition	NOUN
fbem-18364	26	65	of	of	ADP
fbem-18364	26	66	the	the	DET
fbem-18364	26	67	instrumental	instrumental	ADJ
fbem-18364	26	68	variables	variable	NOUN
fbem-18364	26	69	.	.	PUNCT
fbem-18364	27	1	it	it	PRON
fbem-18364	27	2	can	can	AUX
fbem-18364	27	3	be	be	AUX
fbem-18364	27	4	seen	see	VERB
fbem-18364	27	5	that	that	SCONJ
fbem-18364	27	6	the	the	DET
fbem-18364	27	7	coefficients	coefficient	NOUN
fbem-18364	27	8	of	of	ADP
fbem-18364	27	9	the	the	DET
fbem-18364	27	10	core	core	NOUN
fbem-18364	27	11	explanatory	explanatory	ADJ
fbem-18364	27	12	variables	variable	NOUN
fbem-18364	27	13	before	before	ADV
fbem-18364	27	14	and	and	CCONJ
fbem-18364	27	15	after	after	ADP
fbem-18364	27	16	the	the	DET
fbem-18364	27	17	addition	addition	NOUN
fbem-18364	27	18	of	of	ADP
fbem-18364	27	19	the	the	DET
fbem-18364	27	20	instrumental	instrumental	ADJ
fbem-18364	27	21	variables	variable	NOUN
fbem-18364	27	22	are	be	AUX
fbem-18364	27	23	consistent	consistent	ADJ
fbem-18364	27	24	.	.	PUNCT
fbem-18364	28	1	table	table	NOUN
fbem-18364	28	2	1	1	NUM
fbem-18364	28	3	.	.	PUNCT
fbem-18364	29	1	regression	regression	NOUN
fbem-18364	29	2	variables	variable	NOUN
fbem-18364	29	3	and	and	CCONJ
fbem-18364	29	4	data	datum	NOUN
fbem-18364	29	5	sources	source	NOUN
fbem-18364	29	6	variable	variable	ADJ
fbem-18364	29	7	name	name	NOUN
fbem-18364	29	8	symbol	symbol	NOUN
fbem-18364	29	9	economic	economic	ADJ
fbem-18364	29	10	meaning	meaning	NOUN
fbem-18364	29	11	data	datum	NOUN
fbem-18364	29	12	sources	source	NOUN
fbem-18364	29	13	economic	economic	ADJ
fbem-18364	29	14	growth	growth	NOUN
fbem-18364	29	15	level	level	NOUN
fbem-18364	29	16	lngdp	lngdp	NOUN
fbem-18364	29	17	amount	amount	NOUN
fbem-18364	29	18	of	of	ADP
fbem-18364	29	19	gross	gross	ADJ
fbem-18364	29	20	real	real	ADJ
fbem-18364	29	21	national	national	ADJ
fbem-18364	29	22	income	income	NOUN
fbem-18364	29	23	the	the	DET
fbem-18364	29	24	log	log	NOUN
fbem-18364	29	25	of	of	ADP
fbem-18364	29	26	the	the	DET
fbem-18364	29	27	(	(	PUNCT
fbem-18364	29	28	100	100	NUM
fbem-18364	29	29	million	million	NUM
fbem-18364	29	30	yuan	yuan	NOUN
fbem-18364	29	31	)	)	PUNCT
fbem-18364	29	32	national	national	PROPN
fbem-18364	29	33	bureau	bureau	PROPN
fbem-18364	29	34	of	of	ADP
fbem-18364	29	35	statistics	statistic	NOUN
fbem-18364	29	36	of	of	ADP
fbem-18364	29	37	china（nbs	china（nbs	NOUN
fbem-18364	29	38	）	）	SYM
fbem-18364	29	39	residential	residential	ADJ
fbem-18364	29	40	leverage	leverage	NOUN
fbem-18364	29	41	ratio	ratio	NOUN
fbem-18364	29	42	debt	debt	NOUN
fbem-18364	29	43	household	household	NOUN
fbem-18364	29	44	sector	sector	NOUN
fbem-18364	29	45	loans	loan	NOUN
fbem-18364	29	46	/	/	SYM
fbem-18364	29	47	gdp	gdp	NOUN
fbem-18364	29	48	nbs	nbs	PROPN
fbem-18364	29	49	,	,	PUNCT
fbem-18364	29	50	provincial	provincial	ADJ
fbem-18364	29	51	bureau	bureau	NOUN
fbem-18364	29	52	of	of	ADP
fbem-18364	29	53	statistics	statistic	NOUN
fbem-18364	29	54	,	,	PUNCT
fbem-18364	29	55	the	the	DET
fbem-18364	29	56	people	people	NOUN
fbem-18364	29	57	's	's	PART
fbem-18364	29	58	bank	bank	PROPN
fbem-18364	29	59	of	of	ADP
fbem-18364	29	60	china	china	PROPN
fbem-18364	29	61	the	the	DET
fbem-18364	29	62	square	square	ADJ
fbem-18364	29	63	side	side	NOUN
fbem-18364	29	64	of	of	ADP
fbem-18364	29	65	the	the	DET
fbem-18364	29	66	resident	resident	ADJ
fbem-18364	29	67	leverage	leverage	NOUN
fbem-18364	29	68	ratio	ratio	NOUN
fbem-18364	29	69	debt2	debt2	NOUN
fbem-18364	29	70	household	household	NOUN
fbem-18364	29	71	sector	sector	NOUN
fbem-18364	29	72	loans	loan	NOUN
fbem-18364	29	73	/	/	SYM
fbem-18364	29	74	gdp	gdp	NOUN
fbem-18364	29	75	square	square	VERB
fbem-18364	29	76	the	the	DET
fbem-18364	29	77	development	development	NOUN
fbem-18364	29	78	level	level	NOUN
fbem-18364	29	79	of	of	ADP
fbem-18364	29	80	digital	digital	ADJ
fbem-18364	29	81	inclusive	inclusive	ADJ
fbem-18364	29	82	finance	finance	NOUN
fbem-18364	29	83	fina	fina	PROPN
fbem-18364	29	84	digital	digital	PROPN
fbem-18364	29	85	financial	financial	PROPN
fbem-18364	29	86	inclusion	inclusion	PROPN
fbem-18364	29	87	general	general	PROPN
fbem-18364	29	88	index	index	PROPN
fbem-18364	29	89	institute	institute	PROPN
fbem-18364	29	90	of	of	ADP
fbem-18364	29	91	digital	digital	PROPN
fbem-18364	29	92	finance	finance	NOUN
fbem-18364	29	93	,	,	PUNCT
fbem-18364	29	94	peking	peking	NOUN
fbem-18364	29	95	university	university	NOUN
fbem-18364	29	96	corporate	corporate	ADJ
fbem-18364	29	97	leverage	leverage	NOUN
fbem-18364	29	98	ratio	ratio	NOUN
fbem-18364	29	99	tdr	tdr	PROPN
fbem-18364	29	100	non	non	ADJ
fbem-18364	29	101	-	-	ADJ
fbem-18364	29	102	financial	financial	ADJ
fbem-18364	29	103	corporate	corporate	ADJ
fbem-18364	29	104	equity	equity	NOUN
fbem-18364	29	105	capital	capital	NOUN
fbem-18364	29	106	/	/	SYM
fbem-18364	29	107	assets	asset	NOUN
fbem-18364	29	108	nbs	nbs	PROPN
fbem-18364	29	109	and	and	CCONJ
fbem-18364	29	110	the	the	DET
fbem-18364	29	111	wind	wind	NOUN
fbem-18364	29	112	database	database	NOUN
fbem-18364	29	113	housing	housing	NOUN
fbem-18364	29	114	prices	price	NOUN
fbem-18364	29	115	hp	hp	VERB
fbem-18364	29	116	average	average	ADJ
fbem-18364	29	117	sales	sale	NOUN
fbem-18364	29	118	price	price	NOUN
fbem-18364	29	119	of	of	ADP
fbem-18364	29	120	commercial	commercial	ADJ
fbem-18364	29	121	housing	housing	NOUN
fbem-18364	29	122	(	(	PUNCT
fbem-18364	29	123	yuan	yuan	NOUN
fbem-18364	29	124	/	/	SYM
fbem-18364	29	125	m	m	PROPN
fbem-18364	29	126	2	2	NUM
fbem-18364	29	127	)	)	PUNCT
fbem-18364	29	128	nbs	nbs	PROPN
fbem-18364	29	129	housing	housing	PROPN
fbem-18364	29	130	sales	sale	NOUN
fbem-18364	30	1	hs	hs	PROPN
fbem-18364	30	2	commercial	commercial	ADJ
fbem-18364	30	3	housing	housing	PROPN
fbem-18364	30	4	sales	sale	NOUN
fbem-18364	30	5	area	area	NOUN
fbem-18364	30	6	(	(	PUNCT
fbem-18364	30	7	ten	ten	NUM
fbem-18364	30	8	thousand	thousand	NUM
fbem-18364	30	9	square	square	ADJ
fbem-18364	30	10	meters	meter	NOUN
fbem-18364	30	11	)	)	PUNCT
fbem-18364	30	12	nbs	nbs	PROPN
fbem-18364	30	13	financial	financial	PROPN
fbem-18364	30	14	development	development	PROPN
fbem-18364	30	15	level	level	NOUN
fbem-18364	30	16	fd	fd	X
fbem-18364	30	17	financial	financial	ADJ
fbem-18364	30	18	sector	sector	NOUN
fbem-18364	30	19	value	value	NOUN
fbem-18364	30	20	added	add	VERB
fbem-18364	30	21	value	value	NOUN
fbem-18364	30	22	/	/	SYM
fbem-18364	30	23	gdp	gdp	NOUN
fbem-18364	30	24	wind	wind	NOUN
fbem-18364	30	25	database	database	NOUN
fbem-18364	30	26	degree	degree	NOUN
fbem-18364	30	27	of	of	ADP
fbem-18364	30	28	industrialization	industrialization	NOUN
fbem-18364	30	29	ind	ind	NOUN
fbem-18364	30	30	industrial	industrial	ADJ
fbem-18364	30	31	added	add	VERB
fbem-18364	30	32	value	value	NOUN
fbem-18364	30	33	/	/	SYM
fbem-18364	30	34	gdp	gdp	NOUN
fbem-18364	30	35	wind	wind	NOUN
fbem-18364	30	36	database	database	PROPN
fbem-18364	30	37	urbanization	urbanization	NOUN
fbem-18364	30	38	level	level	NOUN
fbem-18364	30	39	urban	urban	ADJ
fbem-18364	30	40	urban	urban	ADJ
fbem-18364	30	41	population	population	NOUN
fbem-18364	30	42	/	/	SYM
fbem-18364	30	43	permanent	permanent	ADJ
fbem-18364	30	44	resident	resident	ADJ
fbem-18364	30	45	population	population	NOUN
fbem-18364	30	46	at	at	ADP
fbem-18364	30	47	the	the	DET
fbem-18364	30	48	end	end	NOUN
fbem-18364	30	49	of	of	ADP
fbem-18364	30	50	the	the	DET
fbem-18364	30	51	year	year	NOUN
fbem-18364	30	52	nbs	nbs	PROPN
fbem-18364	30	53	per	per	ADP
fbem-18364	30	54	capita	capita	X
fbem-18364	30	55	disposable	disposable	ADJ
fbem-18364	30	56	income	income	NOUN
fbem-18364	30	57	dip	dip	NOUN
fbem-18364	30	58	per	per	ADP
fbem-18364	30	59	capita	capita	X
fbem-18364	30	60	disposable	disposable	ADJ
fbem-18364	30	61	income	income	NOUN
fbem-18364	30	62	of	of	ADP
fbem-18364	30	63	all	all	DET
fbem-18364	30	64	provinces	province	NOUN
fbem-18364	30	65	and	and	CCONJ
fbem-18364	30	66	cities	city	NOUN
fbem-18364	30	67	(	(	PUNCT
fbem-18364	30	68	yuan	yuan	NOUN
fbem-18364	30	69	)	)	PUNCT
fbem-18364	30	70	nbs	nbs	PROPN
fbem-18364	30	71	per	per	ADP
fbem-18364	30	72	capita	capita	X
fbem-18364	30	73	available	available	ADJ
fbem-18364	30	74	consumption	consumption	NOUN
fbem-18364	30	75	expenditure	expenditure	NOUN
fbem-18364	30	76	hcp	hcp	NOUN
fbem-18364	30	77	per	per	ADP
fbem-18364	30	78	capita	capita	X
fbem-18364	30	79	consumption	consumption	NOUN
fbem-18364	30	80	expenditure	expenditure	NOUN
fbem-18364	30	81	of	of	ADP
fbem-18364	30	82	all	all	DET
fbem-18364	30	83	provinces	province	NOUN
fbem-18364	30	84	and	and	CCONJ
fbem-18364	30	85	cities	city	NOUN
fbem-18364	30	86	(	(	PUNCT
fbem-18364	30	87	yuan	yuan	NOUN
fbem-18364	30	88	)	)	PUNCT
fbem-18364	30	89	nbs	nbs	PROPN
fbem-18364	30	90	through	through	ADP
fbem-18364	30	91	the	the	DET
fbem-18364	30	92	analysis	analysis	NOUN
fbem-18364	30	93	of	of	ADP
fbem-18364	30	94	the	the	DET
fbem-18364	30	95	empirical	empirical	ADJ
fbem-18364	30	96	results	result	NOUN
fbem-18364	30	97	,	,	PUNCT
fbem-18364	30	98	the	the	DET
fbem-18364	30	99	following	follow	VERB
fbem-18364	30	100	conclusions	conclusion	NOUN
fbem-18364	30	101	can	can	AUX
fbem-18364	30	102	be	be	AUX
fbem-18364	30	103	drawn	draw	VERB
fbem-18364	30	104	:	:	PUNCT
fbem-18364	30	105	digital	digital	ADJ
fbem-18364	30	106	inclusive	inclusive	ADJ
fbem-18364	30	107	finance	finance	NOUN
fbem-18364	30	108	and	and	CCONJ
fbem-18364	30	109	economic	economic	ADJ
fbem-18364	30	110	growth	growth	NOUN
fbem-18364	30	111	show	show	VERB
fbem-18364	30	112	a	a	DET
fbem-18364	30	113	"	"	PUNCT
fbem-18364	30	114	u	u	NOUN
fbem-18364	30	115	"	"	PUNCT
fbem-18364	30	116	-shaped	-shaped	ADJ
fbem-18364	30	117	non	non	ADJ
fbem-18364	30	118	-	-	ADJ
fbem-18364	30	119	linear	linear	ADJ
fbem-18364	30	120	relationship	relationship	NOUN
fbem-18364	30	121	,	,	PUNCT
fbem-18364	30	122	that	that	ADV
fbem-18364	30	123	is	is	ADV
fbem-18364	30	124	,	,	PUNCT
fbem-18364	30	125	with	with	ADP
fbem-18364	30	126	the	the	DET
fbem-18364	30	127	improvement	improvement	NOUN
fbem-18364	30	128	of	of	ADP
fbem-18364	30	129	the	the	DET
fbem-18364	30	130	former	former	ADJ
fbem-18364	30	131	level	level	NOUN
fbem-18364	30	132	,	,	PUNCT
fbem-18364	30	133	the	the	DET
fbem-18364	30	134	latter	latter	NOUN
fbem-18364	30	135	shows	show	VERB
fbem-18364	30	136	a	a	DET
fbem-18364	30	137	trend	trend	NOUN
fbem-18364	30	138	of	of	ADP
fbem-18364	30	139	first	first	ADJ
fbem-18364	30	140	decline	decline	NOUN
fbem-18364	30	141	and	and	CCONJ
fbem-18364	30	142	then	then	ADV
fbem-18364	30	143	increase	increase	VERB
fbem-18364	30	144	.	.	PUNCT
fbem-18364	31	1	hypothesis	hypothesis	NOUN
fbem-18364	31	2	1	1	NUM
fbem-18364	31	3	is	be	AUX
fbem-18364	31	4	established	establish	VERB
fbem-18364	31	5	;	;	PUNCT
fbem-18364	31	6	the	the	DET
fbem-18364	31	7	non	non	ADJ
fbem-18364	31	8	-	-	ADJ
fbem-18364	31	9	linear	linear	ADJ
fbem-18364	31	10	relationship	relationship	NOUN
fbem-18364	31	11	between	between	ADP
fbem-18364	31	12	the	the	DET
fbem-18364	31	13	leverage	leverage	NOUN
fbem-18364	31	14	level	level	NOUN
fbem-18364	31	15	of	of	ADP
fbem-18364	31	16	chinese	chinese	ADJ
fbem-18364	31	17	residents	resident	NOUN
fbem-18364	31	18	and	and	CCONJ
fbem-18364	31	19	economic	economic	ADJ
fbem-18364	31	20	growth	growth	NOUN
fbem-18364	31	21	is	be	AUX
fbem-18364	31	22	established	establish	VERB
fbem-18364	31	23	.	.	PUNCT
fbem-18364	32	1	that	that	PRON
fbem-18364	32	2	is	be	AUX
fbem-18364	32	3	to	to	PART
fbem-18364	32	4	say	say	VERB
fbem-18364	32	5	,	,	PUNCT
fbem-18364	32	6	there	there	PRON
fbem-18364	32	7	is	be	VERB
fbem-18364	32	8	a	a	DET
fbem-18364	32	9	resident	resident	ADJ
fbem-18364	32	10	leverage	leverage	NOUN
fbem-18364	32	11	level	level	NOUN
fbem-18364	32	12	.	.	PUNCT
fbem-18364	33	1	before	before	ADP
fbem-18364	33	2	this	this	DET
fbem-18364	33	3	level	level	NOUN
fbem-18364	33	4	,	,	PUNCT
fbem-18364	33	5	it	it	PRON
fbem-18364	33	6	has	have	VERB
fbem-18364	33	7	a	a	DET
fbem-18364	33	8	positive	positive	ADJ
fbem-18364	33	9	impact	impact	NOUN
fbem-18364	33	10	on	on	ADP
fbem-18364	33	11	economic	economic	ADJ
fbem-18364	33	12	development	development	NOUN
fbem-18364	33	13	.	.	PUNCT
fbem-18364	34	1	hypothesis	hypothesis	NOUN
fbem-18364	34	2	2	2	NUM
fbem-18364	34	3	is	be	AUX
fbem-18364	34	4	established	establish	VERB
fbem-18364	34	5	.	.	PUNCT
fbem-18364	35	1	table	table	NOUN
fbem-18364	35	2	2	2	NUM
fbem-18364	35	3	.	.	PUNCT
fbem-18364	35	4	systematic	systematic	PROPN
fbem-18364	35	5	gmm	gmm	PROPN
fbem-18364	35	6	estimation	estimation	NOUN
fbem-18364	35	7	results	result	VERB
fbem-18364	35	8	mobel(1	mobel(1	NOUN
fbem-18364	35	9	)	)	PUNCT
fbem-18364	35	10	mobel(2	mobel(2	PROPN
fbem-18364	35	11	)	)	PUNCT
fbem-18364	35	12	mobel(3	mobel(3	PROPN
fbem-18364	35	13	)	)	PUNCT
fbem-18364	35	14	mobel(4	mobel(4	ADJ
fbem-18364	35	15	)	)	PUNCT
fbem-18364	35	16	mobel(5	mobel(5	ADJ
fbem-18364	35	17	)	)	PUNCT
fbem-18364	35	18	mobel(6	mobel(6	NOUN
fbem-18364	35	19	)	)	PUNCT
fbem-18364	36	1	_	_	NOUN
fbem-18364	36	2	cons	con	NOUN
fbem-18364	36	3	2789.2	2789.2	NUM
fbem-18364	36	4	*	*	PUNCT
fbem-18364	36	5	*	*	PUNCT
fbem-18364	36	6	*	*	PUNCT
fbem-18364	36	7	(	(	PUNCT
fbem-18364	36	8	7.56	7.56	NUM
fbem-18364	36	9	)	)	PUNCT
fbem-18364	36	10	2813.2	2813.2	NUM
fbem-18364	36	11	*	*	PUNCT
fbem-18364	36	12	*	*	PUNCT
fbem-18364	36	13	*	*	PUNCT
fbem-18364	36	14	(	(	PUNCT
fbem-18364	36	15	7.63	7.63	NUM
fbem-18364	36	16	)	)	PUNCT
fbem-18364	36	17	2695.0	2695.0	NUM
fbem-18364	36	18	*	*	PUNCT
fbem-18364	36	19	*	*	PUNCT
fbem-18364	36	20	*	*	PUNCT
fbem-18364	36	21	(	(	PUNCT
fbem-18364	36	22	7.27	7.27	NUM
fbem-18364	36	23	)	)	PUNCT
fbem-18364	36	24	2652.9	2652.9	NUM
fbem-18364	36	25	*	*	PUNCT
fbem-18364	36	26	*	*	PUNCT
fbem-18364	36	27	*	*	PUNCT
fbem-18364	36	28	(	(	PUNCT
fbem-18364	36	29	6.84	6.84	NUM
fbem-18364	36	30	)	)	PUNCT
fbem-18364	36	31	2683.8	2683.8	NUM
fbem-18364	36	32	*	*	PUNCT
fbem-18364	36	33	*	*	PUNCT
fbem-18364	36	34	*	*	PUNCT
fbem-18364	36	35	(	(	PUNCT
fbem-18364	36	36	6.92	6.92	NUM
fbem-18364	36	37	)	)	PUNCT
fbem-18364	36	38	2548.8	2548.8	NUM
fbem-18364	36	39	*	*	PUNCT
fbem-18364	36	40	*	*	PUNCT
fbem-18364	36	41	*	*	PUNCT
fbem-18364	36	42	(	(	PUNCT
fbem-18364	36	43	6.55	6.55	NUM
fbem-18364	36	44	)	)	PUNCT
fbem-18364	36	45	l.lngdpp	l.lngdpp	NOUN
fbem-18364	36	46	0.986	0.986	NUM
fbem-18364	36	47	*	*	PUNCT
fbem-18364	36	48	*	*	PUNCT
fbem-18364	36	49	*	*	PUNCT
fbem-18364	36	50	(	(	PUNCT
fbem-18364	36	51	218.24	218.24	NUM
fbem-18364	36	52	)	)	PUNCT
fbem-18364	36	53	0.985	0.985	NUM
fbem-18364	36	54	*	*	PUNCT
fbem-18364	36	55	*	*	PUNCT
fbem-18364	36	56	*	*	PUNCT
fbem-18364	36	57	(	(	PUNCT
fbem-18364	36	58	219.94	219.94	NUM
fbem-18364	36	59	)	)	PUNCT
fbem-18364	36	60	0.984	0.984	NUM
fbem-18364	36	61	*	*	PUNCT
fbem-18364	36	62	*	*	PUNCT
fbem-18364	36	63	*	*	PUNCT
fbem-18364	36	64	(	(	PUNCT
fbem-18364	36	65	211.50	211.50	NUM
fbem-18364	36	66	)	)	PUNCT
fbem-18364	36	67	0.986	0.986	NUM
fbem-18364	36	68	*	*	PUNCT
fbem-18364	36	69	*	*	PUNCT
fbem-18364	36	70	*	*	PUNCT
fbem-18364	36	71	(	(	PUNCT
fbem-18364	36	72	217.50	217.50	NUM
fbem-18364	36	73	)	)	PUNCT
fbem-18364	36	74	0.985	0.985	NUM
fbem-18364	36	75	*	*	PUNCT
fbem-18364	36	76	*	*	PUNCT
fbem-18364	36	77	*	*	PUNCT
fbem-18364	36	78	(	(	PUNCT
fbem-18364	36	79	219.31	219.31	NUM
fbem-18364	36	80	)	)	PUNCT
fbem-18364	36	81	0.984	0.984	NUM
fbem-18364	36	82	*	*	PUNCT
fbem-18364	36	83	*	*	PUNCT
fbem-18364	36	84	*	*	PUNCT
fbem-18364	36	85	(	(	PUNCT
fbem-18364	36	86	211.34	211.34	NUM
fbem-18364	36	87	)	)	PUNCT
fbem-18364	36	88	fina	fina	NOUN
fbem-18364	36	89	-1.076	-1.076	PROPN
fbem-18364	36	90	*	*	PUNCT
fbem-18364	36	91	*	*	PUNCT
fbem-18364	36	92	(	(	PUNCT
fbem-18364	36	93	-2.73	-2.73	NUM
fbem-18364	36	94	)	)	PUNCT
fbem-18364	36	95	-1.290	-1.290	PUNCT
fbem-18364	37	1	*	*	PUNCT
fbem-18364	37	2	*	*	PUNCT
fbem-18364	37	3	(	(	PUNCT
fbem-18364	37	4	-2.98	-2.98	NUM
fbem-18364	37	5	)	)	PUNCT
fbem-18364	37	6	-1.125	-1.125	PUNCT
fbem-18364	38	1	*	*	PUNCT
fbem-18364	38	2	*	*	PUNCT
fbem-18364	38	3	(	(	PUNCT
fbem-18364	38	4	-2.84	-2.84	NOUN
fbem-18364	38	5	)	)	PUNCT
fbem-18364	38	6	-1.316	-1.316	PUNCT
fbem-18364	38	7	*	*	PUNCT
fbem-18364	38	8	*	*	PUNCT
fbem-18364	38	9	(	(	PUNCT
fbem-18364	38	10	-3.04	-3.04	NOUN
fbem-18364	38	11	)	)	PUNCT
fbem-18364	38	12	fina2	fina2	ADJ
fbem-18364	38	13	-0.00257	-0.00257	NOUN
fbem-18364	38	14	*	*	PUNCT
fbem-18364	38	15	*	*	PUNCT
fbem-18364	38	16	(	(	PUNCT
fbem-18364	38	17	-2.95	-2.95	NOUN
fbem-18364	38	18	)	)	PUNCT
fbem-18364	38	19	-0.00265	-0.00265	NOUN
fbem-18364	39	1	*	*	PUNCT
fbem-18364	39	2	*	*	PUNCT
fbem-18364	39	3	(	(	PUNCT
fbem-18364	39	4	-3.03	-3.03	ADJ
fbem-18364	39	5	)	)	PUNCT
fbem-18364	39	6	debt	debt	NOUN
fbem-18364	39	7	16.55	16.55	NUM
fbem-18364	39	8	*	*	SYM
fbem-18364	39	9	(	(	PUNCT
fbem-18364	39	10	2.09	2.09	NUM
fbem-18364	39	11	)	)	PUNCT
fbem-18364	39	12	16.69	16.69	NUM
fbem-18364	39	13	*	*	SYM
fbem-18364	39	14	(	(	PUNCT
fbem-18364	39	15	2.11	2.11	NUM
fbem-18364	39	16	)	)	PUNCT
fbem-18364	39	17	debt2	debt2	NOUN
fbem-18364	39	18	-17.32	-17.32	PROPN
fbem-18364	39	19	*	*	PROPN
fbem-18364	39	20	(	(	PUNCT
fbem-18364	39	21	-2.08	-2.08	NUM
fbem-18364	39	22	)	)	PUNCT
fbem-18364	39	23	-17.89	-17.89	NOUN
fbem-18364	39	24	*	*	PUNCT
fbem-18364	39	25	(	(	PUNCT
fbem-18364	39	26	-2.15	-2.15	NOUN
fbem-18364	39	27	)	)	PUNCT
fbem-18364	39	28	mob	mob	NOUN
fbem-18364	39	29	1.683	1.683	NUM
fbem-18364	39	30	(	(	PUNCT
fbem-18364	39	31	1.14	1.14	NUM
fbem-18364	39	32	)	)	PUNCT
fbem-18364	39	33	1.580	1.580	NUM
fbem-18364	39	34	(	(	PUNCT
fbem-18364	39	35	1.07	1.07	NUM
fbem-18364	39	36	)	)	PUNCT
fbem-18364	39	37	1.847	1.847	NUM
fbem-18364	39	38	(	(	PUNCT
fbem-18364	39	39	1.23	1.23	NUM
fbem-18364	39	40	)	)	PUNCT
fbem-18364	39	41	ar(2	ar(2	PROPN
fbem-18364	39	42	)	)	PUNCT
fbem-18364	39	43	statistics	statistic	NOUN
fbem-18364	39	44	-0.30	-0.30	VERB
fbem-18364	39	45	（	（	PUNCT
fbem-18364	39	46	0.765	0.765	NUM
fbem-18364	39	47	）	）	NOUN
fbem-18364	39	48	-0.52	-0.52	NUM
fbem-18364	39	49	（	（	NUM
fbem-18364	39	50	0.605	0.605	NUM
fbem-18364	39	51	）	）	NOUN
fbem-18364	40	1	0.44	0.44	NUM
fbem-18364	40	2	（	（	PUNCT
fbem-18364	40	3	0.657	0.657	NUM
fbem-18364	40	4	）	）	SYM
fbem-18364	40	5	hansen	hansen	PROPN
fbem-18364	40	6	statistics	statistics	PROPN
fbem-18364	40	7	9.23	9.23	NUM
fbem-18364	40	8	（	（	PUNCT
fbem-18364	40	9	0.161	0.161	NUM
fbem-18364	40	10	）	）	PUNCT
fbem-18364	41	1	8.59	8.59	NUM
fbem-18364	41	2	（	（	PUNCT
fbem-18364	41	3	0.284	0.284	NUM
fbem-18364	41	4	）	）	SYM
fbem-18364	41	5	11.62	11.62	NUM
fbem-18364	41	6	（	（	SYM
fbem-18364	41	7	0.169	0.169	NUM
fbem-18364	41	8	）	）	NOUN
fbem-18364	41	9	notes	note	VERB
fbem-18364	41	10	:	:	PUNCT
fbem-18364	41	11	(	(	PUNCT
fbem-18364	41	12	1	1	X
fbem-18364	41	13	)	)	PUNCT
fbem-18364	41	14	*	*	NOUN
fbem-18364	41	15	,	,	PUNCT
fbem-18364	41	16	*	*	PUNCT
fbem-18364	41	17	*	*	PUNCT
fbem-18364	41	18	and	and	CCONJ
fbem-18364	41	19	*	*	PUNCT
fbem-18364	42	1	*	*	PUNCT
fbem-18364	42	2	*	*	PUNCT
fbem-18364	42	3	indicate	indicate	VERB
fbem-18364	42	4	that	that	SCONJ
fbem-18364	42	5	the	the	DET
fbem-18364	42	6	regression	regression	NOUN
fbem-18364	42	7	coefficients	coefficient	VERB
fbem-18364	42	8	for	for	ADP
fbem-18364	42	9	each	each	DET
fbem-18364	42	10	variable	variable	NOUN
fbem-18364	42	11	are	be	AUX
fbem-18364	42	12	significant	significant	ADJ
fbem-18364	42	13	at	at	ADP
fbem-18364	42	14	the	the	DET
fbem-18364	42	15	confidence	confidence	NOUN
fbem-18364	42	16	levels	level	NOUN
fbem-18364	42	17	of	of	ADP
fbem-18364	42	18	10	10	NUM
fbem-18364	42	19	%	%	NOUN
fbem-18364	42	20	,	,	PUNCT
fbem-18364	42	21	5	5	NUM
fbem-18364	42	22	%	%	NOUN
fbem-18364	42	23	and	and	CCONJ
fbem-18364	42	24	1	1	NUM
fbem-18364	42	25	%	%	NOUN
fbem-18364	42	26	,	,	PUNCT
fbem-18364	42	27	respectively	respectively	ADV
fbem-18364	42	28	;	;	PUNCT
fbem-18364	42	29	(	(	PUNCT
fbem-18364	42	30	2	2	X
fbem-18364	42	31	)	)	PUNCT
fbem-18364	42	32	l.lngdpp	l.lngdpp	NOUN
fbem-18364	42	33	is	be	AUX
fbem-18364	42	34	the	the	DET
fbem-18364	42	35	first	first	ADJ
fbem-18364	42	36	-	-	PUNCT
fbem-18364	42	37	order	order	NOUN
fbem-18364	42	38	lag	lag	NOUN
fbem-18364	42	39	term	term	NOUN
fbem-18364	42	40	of	of	ADP
fbem-18364	42	41	the	the	DET
fbem-18364	42	42	variable	variable	ADJ
fbem-18364	42	43	lngdpp	lngdpp	NOUN
fbem-18364	42	44	;	;	PUNCT
fbem-18364	42	45	(	(	PUNCT
fbem-18364	42	46	3	3	X
fbem-18364	42	47	)	)	PUNCT
fbem-18364	42	48	the	the	DET
fbem-18364	42	49	second	second	ADJ
fbem-18364	42	50	line	line	NOUN
fbem-18364	42	51	of	of	ADP
fbem-18364	42	52	the	the	DET
fbem-18364	42	53	variable	variable	ADJ
fbem-18364	42	54	coefficient	coefficient	NOUN
fbem-18364	42	55	contains	contain	VERB
fbem-18364	42	56	the	the	DET
fbem-18364	42	57	corresponding	correspond	VERB
fbem-18364	42	58	z	z	NOUN
fbem-18364	42	59	-	-	NOUN
fbem-18364	42	60	statistic	statistic	NOUN
fbem-18364	42	61	;	;	PUNCT
fbem-18364	42	62	(	(	PUNCT
fbem-18364	42	63	4	4	X
fbem-18364	42	64	)	)	PUNCT
fbem-18364	42	65	the	the	DET
fbem-18364	42	66	first	first	ADJ
fbem-18364	42	67	line	line	NOUN
fbem-18364	42	68	of	of	ADP
fbem-18364	42	69	the	the	DET
fbem-18364	42	70	hansen	hansen	PROPN
fbem-18364	42	71	test	test	PROPN
fbem-18364	42	72	and	and	CCONJ
fbem-18364	42	73	ar	ar	PROPN
fbem-18364	42	74	(	(	PUNCT
fbem-18364	42	75	2	2	NUM
fbem-18364	42	76	)	)	PUNCT
fbem-18364	42	77	test	test	NOUN
fbem-18364	42	78	is	be	AUX
fbem-18364	42	79	the	the	DET
fbem-18364	42	80	statistics	statistic	NOUN
fbem-18364	42	81	of	of	ADP
fbem-18364	42	82	the	the	DET
fbem-18364	42	83	corresponding	corresponding	ADJ
fbem-18364	42	84	test	test	NOUN
fbem-18364	42	85	,	,	PUNCT
fbem-18364	42	86	and	and	CCONJ
fbem-18364	42	87	the	the	DET
fbem-18364	42	88	second	second	ADJ
fbem-18364	42	89	row	row	NOUN
fbem-18364	42	90	is	be	AUX
fbem-18364	42	91	the	the	DET
fbem-18364	42	92	corresponding	corresponding	ADJ
fbem-18364	42	93	p-value.similarly	p-value.similarly	ADJ
fbem-18364	42	94	hereinafter	hereinafter	NOUN
fbem-18364	42	95	;	;	PUNCT
fbem-18364	42	96	(	(	PUNCT
fbem-18364	42	97	5	5	X
fbem-18364	42	98	)	)	PUNCT
fbem-18364	42	99	data	datum	NOUN
fbem-18364	42	100	for	for	ADP
fbem-18364	42	101	control	control	NOUN
fbem-18364	42	102	variables	variable	NOUN
fbem-18364	42	103	has	have	AUX
fbem-18364	42	104	been	be	AUX
fbem-18364	42	105	omitted	omit	VERB
fbem-18364	42	106	from	from	ADP
fbem-18364	42	107	this	this	DET
fbem-18364	42	108	table	table	NOUN
fbem-18364	42	109	.	.	PUNCT
fbem-18364	43	1	as	as	SCONJ
fbem-18364	43	2	shown	show	VERB
fbem-18364	43	3	in	in	ADP
fbem-18364	43	4	table	table	NOUN
fbem-18364	43	5	2	2	NUM
fbem-18364	43	6	,	,	PUNCT
fbem-18364	43	7	the	the	DET
fbem-18364	43	8	model	model	NOUN
fbem-18364	43	9	set	set	VERB
fbem-18364	43	10	in	in	ADP
fbem-18364	43	11	this	this	DET
fbem-18364	43	12	paper	paper	NOUN
fbem-18364	43	13	has	have	AUX
fbem-18364	43	14	passed	pass	VERB
fbem-18364	43	15	the	the	DET
fbem-18364	43	16	hansen	hansen	PROPN
fbem-18364	43	17	test	test	PROPN
fbem-18364	43	18	and	and	CCONJ
fbem-18364	43	19	ar	ar	PROPN
fbem-18364	43	20	(	(	PUNCT
fbem-18364	43	21	2	2	NUM
fbem-18364	43	22	)	)	PUNCT
fbem-18364	43	23	test	test	NOUN
fbem-18364	43	24	,	,	PUNCT
fbem-18364	43	25	from	from	ADP
fbem-18364	43	26	which	which	PRON
fbem-18364	43	27	it	it	PRON
fbem-18364	43	28	can	can	AUX
fbem-18364	43	29	be	be	AUX
fbem-18364	43	30	judged	judge	VERB
fbem-18364	43	31	that	that	SCONJ
fbem-18364	43	32	the	the	DET
fbem-18364	43	33	selection	selection	NOUN
fbem-18364	43	34	of	of	ADP
fbem-18364	43	35	instrumental	instrumental	ADJ
fbem-18364	43	36	variables	variable	NOUN
fbem-18364	43	37	is	be	AUX
fbem-18364	43	38	appropriate	appropriate	ADJ
fbem-18364	43	39	in	in	ADP
fbem-18364	43	40	the	the	DET
fbem-18364	43	41	model	model	NOUN
fbem-18364	43	42	estimation	estimation	NOUN
fbem-18364	43	43	process	process	NOUN
fbem-18364	43	44	,	,	PUNCT
fbem-18364	43	45	and	and	CCONJ
fbem-18364	43	46	it	it	PRON
fbem-18364	43	47	also	also	ADV
fbem-18364	43	48	shows	show	VERB
fbem-18364	43	49	that	that	SCONJ
fbem-18364	43	50	the	the	DET
fbem-18364	43	51	model	model	NOUN
fbem-18364	43	52	estimation	estimation	NOUN
fbem-18364	43	53	results	result	NOUN
fbem-18364	43	54	will	will	AUX
fbem-18364	43	55	not	not	PART
fbem-18364	43	56	be	be	AUX
fbem-18364	43	57	affected	affect	VERB
fbem-18364	43	58	by	by	ADP
fbem-18364	43	59	the	the	DET
fbem-18364	43	60	second	second	ADJ
fbem-18364	43	61	order	order	NOUN
fbem-18364	43	62	sequence	sequence	NOUN
fbem-18364	43	63	correlation	correlation	NOUN
fbem-18364	43	64	,	,	PUNCT
fbem-18364	43	65	which	which	PRON
fbem-18364	43	66	verifies	verify	VERB
fbem-18364	43	67	the	the	DET
fbem-18364	43	68	effectiveness	effectiveness	NOUN
fbem-18364	43	69	of	of	ADP
fbem-18364	43	70	the	the	DET
fbem-18364	43	71	340	340	NUM
fbem-18364	43	72	results	result	NOUN
fbem-18364	43	73	.	.	PUNCT
fbem-18364	44	1	5	5	X
fbem-18364	44	2	.	.	X
fbem-18364	44	3	study	study	NOUN
fbem-18364	44	4	conclusions	conclusion	NOUN
fbem-18364	44	5	and	and	CCONJ
fbem-18364	44	6	policy	policy	NOUN
fbem-18364	44	7	recommendations	recommendation	NOUN
fbem-18364	44	8	(	(	PUNCT
fbem-18364	44	9	i	i	NOUN
fbem-18364	44	10	)	)	PUNCT
fbem-18364	44	11	study	study	VERB
fbem-18364	44	12	conclusions	conclusion	NOUN
fbem-18364	44	13	first	first	ADV
fbem-18364	44	14	of	of	ADP
fbem-18364	44	15	all	all	PRON
fbem-18364	44	16	,	,	PUNCT
fbem-18364	44	17	it	it	PRON
fbem-18364	44	18	can	can	AUX
fbem-18364	44	19	be	be	AUX
fbem-18364	44	20	seen	see	VERB
fbem-18364	44	21	from	from	ADP
fbem-18364	44	22	the	the	DET
fbem-18364	44	23	benchmark	benchmark	ADJ
fbem-18364	44	24	regression	regression	NOUN
fbem-18364	44	25	analysis	analysis	NOUN
fbem-18364	44	26	that	that	SCONJ
fbem-18364	44	27	the	the	DET
fbem-18364	44	28	leverage	leverage	NOUN
fbem-18364	44	29	effect	effect	NOUN
fbem-18364	44	30	of	of	ADP
fbem-18364	44	31	chinese	chinese	ADJ
fbem-18364	44	32	residents	resident	NOUN
fbem-18364	44	33	has	have	AUX
fbem-18364	44	34	played	play	VERB
fbem-18364	44	35	a	a	DET
fbem-18364	44	36	certain	certain	ADJ
fbem-18364	44	37	role	role	NOUN
fbem-18364	44	38	in	in	ADP
fbem-18364	44	39	promoting	promote	VERB
fbem-18364	44	40	the	the	DET
fbem-18364	44	41	development	development	NOUN
fbem-18364	44	42	of	of	ADP
fbem-18364	44	43	china	china	PROPN
fbem-18364	44	44	's	's	PART
fbem-18364	44	45	economy	economy	NOUN
fbem-18364	44	46	.	.	PUNCT
fbem-18364	45	1	however	however	ADV
fbem-18364	45	2	,	,	PUNCT
fbem-18364	45	3	in	in	ADP
fbem-18364	45	4	the	the	DET
fbem-18364	45	5	long	long	ADJ
fbem-18364	45	6	run	run	NOUN
fbem-18364	45	7	,	,	PUNCT
fbem-18364	45	8	the	the	DET
fbem-18364	45	9	debt	debt	NOUN
fbem-18364	45	10	ratio	ratio	NOUN
fbem-18364	45	11	of	of	ADP
fbem-18364	45	12	chinese	chinese	ADJ
fbem-18364	45	13	residents	resident	NOUN
fbem-18364	45	14	and	and	CCONJ
fbem-18364	45	15	economic	economic	ADJ
fbem-18364	45	16	growth	growth	NOUN
fbem-18364	45	17	show	show	VERB
fbem-18364	45	18	an	an	DET
fbem-18364	45	19	"	"	PUNCT
fbem-18364	45	20	inverted	invert	VERB
fbem-18364	45	21	u	u	ADJ
fbem-18364	45	22	-	-	ADJ
fbem-18364	45	23	shaped	shaped	ADJ
fbem-18364	45	24	"	"	PUNCT
fbem-18364	45	25	relationship	relationship	NOUN
fbem-18364	45	26	.	.	PUNCT
fbem-18364	46	1	secondly	secondly	ADV
fbem-18364	46	2	,	,	PUNCT
fbem-18364	46	3	from	from	ADP
fbem-18364	46	4	the	the	DET
fbem-18364	46	5	perspective	perspective	NOUN
fbem-18364	46	6	of	of	ADP
fbem-18364	46	7	benchmark	benchmark	ADJ
fbem-18364	46	8	regression	regression	NOUN
fbem-18364	46	9	,	,	PUNCT
fbem-18364	46	10	china	china	PROPN
fbem-18364	46	11	's	's	PART
fbem-18364	46	12	digital	digital	ADJ
fbem-18364	46	13	finance	finance	NOUN
fbem-18364	46	14	still	still	ADV
fbem-18364	46	15	has	have	VERB
fbem-18364	46	16	a	a	DET
fbem-18364	46	17	certain	certain	ADJ
fbem-18364	46	18	inhibitory	inhibitory	ADJ
fbem-18364	46	19	effect	effect	NOUN
fbem-18364	46	20	on	on	ADP
fbem-18364	46	21	economic	economic	ADJ
fbem-18364	46	22	growth	growth	NOUN
fbem-18364	46	23	,	,	PUNCT
fbem-18364	46	24	but	but	CCONJ
fbem-18364	46	25	in	in	ADP
fbem-18364	46	26	the	the	DET
fbem-18364	46	27	long	long	ADJ
fbem-18364	46	28	run	run	NOUN
fbem-18364	46	29	,	,	PUNCT
fbem-18364	46	30	digital	digital	ADJ
fbem-18364	46	31	inclusive	inclusive	ADJ
fbem-18364	46	32	finance	finance	NOUN
fbem-18364	46	33	and	and	CCONJ
fbem-18364	46	34	residents	resident	NOUN
fbem-18364	46	35	'	'	PART
fbem-18364	46	36	debt	debt	NOUN
fbem-18364	46	37	level	level	NOUN
fbem-18364	46	38	show	show	VERB
fbem-18364	46	39	a	a	DET
fbem-18364	46	40	"	"	PUNCT
fbem-18364	46	41	u	u	NOUN
fbem-18364	46	42	"	"	PUNCT
fbem-18364	46	43	shaped	shape	VERB
fbem-18364	46	44	nonlinear	nonlinear	ADJ
fbem-18364	46	45	relationship	relationship	NOUN
fbem-18364	46	46	.	.	PUNCT
fbem-18364	47	1	(	(	PUNCT
fbem-18364	47	2	2	2	X
fbem-18364	47	3	)	)	PUNCT
fbem-18364	47	4	policy	policy	NOUN
fbem-18364	47	5	recommendations	recommendation	NOUN
fbem-18364	47	6	as	as	ADP
fbem-18364	47	7	a	a	DET
fbem-18364	47	8	major	major	ADJ
fbem-18364	47	9	way	way	NOUN
fbem-18364	47	10	to	to	PART
fbem-18364	47	11	stimulate	stimulate	VERB
fbem-18364	47	12	domestic	domestic	ADJ
fbem-18364	47	13	demand	demand	NOUN
fbem-18364	47	14	,	,	PUNCT
fbem-18364	47	15	consumption	consumption	NOUN
fbem-18364	47	16	plays	play	VERB
fbem-18364	47	17	a	a	DET
fbem-18364	47	18	decisive	decisive	ADJ
fbem-18364	47	19	role	role	NOUN
fbem-18364	47	20	in	in	ADP
fbem-18364	47	21	promoting	promote	VERB
fbem-18364	47	22	internal	internal	ADJ
fbem-18364	47	23	circulation	circulation	NOUN
fbem-18364	47	24	.	.	PUNCT
fbem-18364	48	1	the	the	DET
fbem-18364	48	2	leverage	leverage	NOUN
fbem-18364	48	3	of	of	ADP
fbem-18364	48	4	households	household	NOUN
fbem-18364	48	5	can	can	AUX
fbem-18364	48	6	promote	promote	VERB
fbem-18364	48	7	the	the	DET
fbem-18364	48	8	expansion	expansion	NOUN
fbem-18364	48	9	of	of	ADP
fbem-18364	48	10	consumption	consumption	NOUN
fbem-18364	48	11	and	and	CCONJ
fbem-18364	48	12	promote	promote	VERB
fbem-18364	48	13	the	the	DET
fbem-18364	48	14	economy	economy	NOUN
fbem-18364	48	15	from	from	ADP
fbem-18364	48	16	external	external	ADJ
fbem-18364	48	17	demand	demand	NOUN
fbem-18364	48	18	-	-	PUNCT
fbem-18364	48	19	driven	drive	VERB
fbem-18364	48	20	growth	growth	NOUN
fbem-18364	48	21	to	to	ADP
fbem-18364	48	22	consumption	consumption	NOUN
fbem-18364	48	23	-	-	PUNCT
fbem-18364	48	24	driven	drive	VERB
fbem-18364	48	25	growth	growth	NOUN
fbem-18364	48	26	,	,	PUNCT
fbem-18364	48	27	but	but	CCONJ
fbem-18364	48	28	at	at	ADP
fbem-18364	48	29	the	the	DET
fbem-18364	48	30	same	same	ADJ
fbem-18364	48	31	time	time	NOUN
fbem-18364	48	32	,	,	PUNCT
fbem-18364	48	33	the	the	DET
fbem-18364	48	34	risk	risk	NOUN
fbem-18364	48	35	of	of	ADP
fbem-18364	48	36	household	household	NOUN
fbem-18364	48	37	debt	debt	NOUN
fbem-18364	48	38	should	should	AUX
fbem-18364	48	39	not	not	PART
fbem-18364	48	40	be	be	AUX
fbem-18364	48	41	ignored	ignore	VERB
fbem-18364	48	42	.	.	PUNCT
fbem-18364	49	1	therefore	therefore	ADV
fbem-18364	49	2	,	,	PUNCT
fbem-18364	49	3	based	base	VERB
fbem-18364	49	4	on	on	ADP
fbem-18364	49	5	the	the	DET
fbem-18364	49	6	above	above	ADJ
fbem-18364	49	7	research	research	NOUN
fbem-18364	49	8	conclusions	conclusion	NOUN
fbem-18364	49	9	,	,	PUNCT
fbem-18364	49	10	the	the	DET
fbem-18364	49	11	author	author	NOUN
fbem-18364	49	12	tries	try	VERB
fbem-18364	49	13	to	to	PART
fbem-18364	49	14	provide	provide	VERB
fbem-18364	49	15	reference	reference	NOUN
fbem-18364	49	16	opinions	opinion	NOUN
fbem-18364	49	17	for	for	ADP
fbem-18364	49	18	the	the	DET
fbem-18364	49	19	policy	policy	NOUN
fbem-18364	49	20	formulation	formulation	NOUN
fbem-18364	49	21	of	of	ADP
fbem-18364	49	22	digital	digital	ADJ
fbem-18364	49	23	inclusive	inclusive	ADJ
fbem-18364	49	24	finance	finance	NOUN
fbem-18364	49	25	in	in	ADP
fbem-18364	49	26	china	china	PROPN
fbem-18364	49	27	:	:	PUNCT
fbem-18364	49	28	first	first	ADV
fbem-18364	49	29	,	,	PUNCT
fbem-18364	49	30	strengthen	strengthen	VERB
fbem-18364	49	31	the	the	DET
fbem-18364	49	32	supervision	supervision	NOUN
fbem-18364	49	33	and	and	CCONJ
fbem-18364	49	34	management	management	NOUN
fbem-18364	49	35	of	of	ADP
fbem-18364	49	36	digital	digital	ADJ
fbem-18364	49	37	finance	finance	NOUN
fbem-18364	49	38	to	to	PART
fbem-18364	49	39	prevent	prevent	VERB
fbem-18364	49	40	major	major	ADJ
fbem-18364	49	41	financial	financial	ADJ
fbem-18364	49	42	system	system	NOUN
fbem-18364	49	43	risks	risk	NOUN
fbem-18364	49	44	.	.	PUNCT
fbem-18364	50	1	secondly	secondly	ADV
fbem-18364	50	2	,	,	PUNCT
fbem-18364	50	3	strengthen	strengthen	VERB
fbem-18364	50	4	the	the	DET
fbem-18364	50	5	control	control	NOUN
fbem-18364	50	6	of	of	ADP
fbem-18364	50	7	the	the	DET
fbem-18364	50	8	increasing	increase	VERB
fbem-18364	50	9	leverage	leverage	NOUN
fbem-18364	50	10	of	of	ADP
fbem-18364	50	11	household	household	NOUN
fbem-18364	50	12	enterprises	enterprise	NOUN
fbem-18364	50	13	,	,	PUNCT
fbem-18364	50	14	and	and	CCONJ
fbem-18364	50	15	deploy	deploy	VERB
fbem-18364	50	16	the	the	DET
fbem-18364	50	17	risk	risk	NOUN
fbem-18364	50	18	reduction	reduction	NOUN
fbem-18364	50	19	work	work	NOUN
fbem-18364	50	20	as	as	ADV
fbem-18364	50	21	early	early	ADV
fbem-18364	50	22	as	as	ADP
fbem-18364	50	23	possible	possible	ADJ
fbem-18364	50	24	.	.	PUNCT
fbem-18364	51	1	finally	finally	ADV
fbem-18364	51	2	,	,	PUNCT
fbem-18364	51	3	maintain	maintain	VERB
fbem-18364	51	4	the	the	DET
fbem-18364	51	5	policy	policy	NOUN
fbem-18364	51	6	orientation	orientation	NOUN
fbem-18364	51	7	of	of	ADP
fbem-18364	51	8	"	"	PUNCT
fbem-18364	51	9	housing	housing	NOUN
fbem-18364	51	10	not	not	PART
fbem-18364	51	11	speculation	speculation	NOUN
fbem-18364	51	12	"	"	PUNCT
fbem-18364	51	13	to	to	PART
fbem-18364	51	14	stabilize	stabilize	VERB
fbem-18364	51	15	the	the	DET
fbem-18364	51	16	expectations	expectation	NOUN
fbem-18364	51	17	of	of	ADP
fbem-18364	51	18	the	the	DET
fbem-18364	51	19	property	property	NOUN
fbem-18364	51	20	market	market	NOUN
fbem-18364	51	21	.	.	PUNCT
fbem-18364	52	1	reference	reference	NOUN
fbem-18364	52	2	documentation	documentation	NOUN
fbem-18364	52	3	[	[	X
fbem-18364	52	4	1	1	NUM
fbem-18364	52	5	]	]	X
fbem-18364	52	6	liu	liu	PROPN
fbem-18364	52	7	ziwei	ziwei	PROPN
fbem-18364	52	8	,	,	PUNCT
fbem-18364	52	9	li	li	PROPN
fbem-18364	52	10	xuelian	xuelian	PROPN
fbem-18364	52	11	,	,	PUNCT
fbem-18364	52	12	xue	xue	PROPN
fbem-18364	52	13	lei	lei	PROPN
fbem-18364	52	14	.	.	PROPN
fbem-18364	52	15	resident	resident	ADJ
fbem-18364	52	16	debt	debt	NOUN
fbem-18364	52	17	growth	growth	NOUN
fbem-18364	52	18	,	,	PUNCT
fbem-18364	52	19	financial	financial	ADJ
fbem-18364	52	20	risk	risk	NOUN
fbem-18364	52	21	and	and	CCONJ
fbem-18364	52	22	debt	debt	NOUN
fbem-18364	52	23	structure	structure	NOUN
fbem-18364	52	24	adjustment	adjustment	NOUN
fbem-18364	52	25	under	under	ADP
fbem-18364	52	26	the	the	DET
fbem-18364	52	27	high	high	ADJ
fbem-18364	52	28	leverage	leverage	NOUN
fbem-18364	52	29	rate	rate	NOUN
fbem-18364	52	30	[	[	X
fbem-18364	52	31	j	j	X
fbem-18364	52	32	]	]	X
fbem-18364	52	33	.	.	PUNCT
fbem-18364	53	1	finance	finance	NOUN
fbem-18364	53	2	and	and	CCONJ
fbem-18364	53	3	economics	economic	NOUN
fbem-18364	53	4	science	science	NOUN
fbem-18364	53	5	,	,	PUNCT
fbem-18364	53	6	2021	2021	NUM
fbem-18364	53	7	(	(	PUNCT
fbem-18364	53	8	09	09	NUM
fbem-18364	53	9	):	):	PUNCT
fbem-18364	53	10	14	14	NUM
fbem-18364	53	11	-	-	SYM
fbem-18364	53	12	28	28	NUM
fbem-18364	53	13	.	.	PUNCT
fbem-18364	54	1	[	[	X
fbem-18364	54	2	2	2	NUM
fbem-18364	54	3	]	]	X
fbem-18364	54	4	cheng	cheng	PROPN
fbem-18364	54	5	xuejun	xuejun	PROPN
fbem-18364	54	6	,	,	PUNCT
fbem-18364	54	7	li	li	PROPN
fbem-18364	54	8	xinhe	xinhe	PROPN
fbem-18364	54	9	.	.	PUNCT
fbem-18364	55	1	suggestions	suggestion	NOUN
fbem-18364	55	2	on	on	ADP
fbem-18364	55	3	the	the	DET
fbem-18364	55	4	development	development	NOUN
fbem-18364	55	5	,	,	PUNCT
fbem-18364	55	6	risk	risk	NOUN
fbem-18364	55	7	and	and	CCONJ
fbem-18364	55	8	response	response	NOUN
fbem-18364	55	9	of	of	ADP
fbem-18364	55	10	household	household	NOUN
fbem-18364	55	11	leverage	leverage	NOUN
fbem-18364	55	12	ratio	ratio	NOUN
fbem-18364	55	13	:	:	PUNCT
fbem-18364	55	14	based	base	VERB
fbem-18364	55	15	on	on	ADP
fbem-18364	55	16	the	the	DET
fbem-18364	55	17	research	research	NOUN
fbem-18364	55	18	perspective	perspective	NOUN
fbem-18364	55	19	of	of	ADP
fbem-18364	55	20	legal	legal	ADJ
fbem-18364	55	21	finance	finance	NOUN
fbem-18364	56	1	[	[	X
fbem-18364	56	2	j	j	X
fbem-18364	56	3	]	]	X
fbem-18364	56	4	.	.	PUNCT
fbem-18364	57	1	southwestern	southwestern	ADJ
fbem-18364	57	2	finance	finance	NOUN
fbem-18364	57	3	,	,	PUNCT
fbem-18364	57	4	2021	2021	NUM
fbem-18364	57	5	(	(	PUNCT
fbem-18364	57	6	10	10	NUM
fbem-18364	57	7	):	):	SYM
fbem-18364	57	8	20	20	NUM
fbem-18364	57	9	-	-	SYM
fbem-18364	57	10	31	31	NUM
fbem-18364	57	11	.	.	PUNCT
fbem-18364	58	1	[	[	X
fbem-18364	58	2	3	3	X
fbem-18364	58	3	]	]	X
fbem-18364	58	4	yang	yang	PROPN
fbem-18364	58	5	gang	gang	PROPN
fbem-18364	58	6	,	,	PUNCT
fbem-18364	58	7	zhang	zhang	PROPN
fbem-18364	58	8	hengyi	hengyi	PROPN
fbem-18364	58	9	.	.	PUNCT
fbem-18364	59	1	digital	digital	ADJ
fbem-18364	59	2	financial	financial	ADJ
fbem-18364	59	3	inclusion	inclusion	NOUN
fbem-18364	59	4	,	,	PUNCT
fbem-18364	59	5	regional	regional	ADJ
fbem-18364	59	6	innovation	innovation	NOUN
fbem-18364	59	7	,	,	PUNCT
fbem-18364	59	8	and	and	CCONJ
fbem-18364	59	9	economic	economic	ADJ
fbem-18364	59	10	growth	growth	NOUN
fbem-18364	59	11	[	[	X
fbem-18364	59	12	j	j	X
fbem-18364	59	13	]	]	X
fbem-18364	59	14	.	.	PUNCT
fbem-18364	60	1	statistics	statistic	NOUN
fbem-18364	60	2	and	and	CCONJ
fbem-18364	60	3	decision	decision	NOUN
fbem-18364	60	4	-	-	PUNCT
fbem-18364	60	5	making	making	NOUN
fbem-18364	60	6	,	,	PUNCT
fbem-18364	60	7	2022,38	2022,38	NUM
fbem-18364	60	8	(	(	PUNCT
fbem-18364	60	9	02	02	NUM
fbem-18364	60	10	):	):	PUNCT
fbem-18364	60	11	155	155	NUM
fbem-18364	60	12	-	-	SYM
fbem-18364	60	13	158	158	NUM
fbem-18364	60	14	.	.	PUNCT
fbem-18364	61	1	[	[	X
fbem-18364	61	2	4	4	NUM
fbem-18364	61	3	]	]	SYM
fbem-18364	61	4	li	li	PROPN
fbem-18364	61	5	tao	tao	PROPN
fbem-18364	61	6	,	,	PUNCT
fbem-18364	61	7	xu	xu	PROPN
fbem-18364	61	8	xiang	xiang	PROPN
fbem-18364	61	9	,	,	PUNCT
fbem-18364	61	10	sun	sun	NOUN
fbem-18364	61	11	shuo	shuo	PROPN
fbem-18364	61	12	.	.	PUNCT
fbem-18364	62	1	financial	financial	ADJ
fbem-18364	62	2	inclusion	inclusion	NOUN
fbem-18364	62	3	and	and	CCONJ
fbem-18364	62	4	economic	economic	ADJ
fbem-18364	62	5	growth	growth	NOUN
fbem-18364	63	1	[	[	X
fbem-18364	63	2	j	j	X
fbem-18364	63	3	]	]	X
fbem-18364	63	4	.	.	PUNCT
fbem-18364	64	1	financial	financial	ADJ
fbem-18364	64	2	research	research	NOUN
fbem-18364	64	3	,	,	PUNCT
fbem-18364	64	4	2016	2016	NUM
fbem-18364	64	5	(	(	PUNCT
fbem-18364	64	6	04	04	NUM
fbem-18364	64	7	):	):	PUNCT
fbem-18364	64	8	32	32	NUM
fbem-18364	64	9	-	-	SYM
fbem-18364	64	10	43	43	NUM
fbem-18364	64	11	.	.	PUNCT
fbem-18364	65	1	[	[	X
fbem-18364	65	2	5	5	X
fbem-18364	65	3	]	]	PUNCT
fbem-18364	65	4	lin	lin	PROPN
fbem-18364	65	5	lin	lin	PROPN
fbem-18364	65	6	west	west	PROPN
fbem-18364	65	7	,	,	PUNCT
fbem-18364	65	8	xiao	xiao	PROPN
fbem-18364	65	9	yubo	yubo	PROPN
fbem-18364	65	10	.	.	PUNCT
fbem-18364	66	1	digital	digital	ADJ
fbem-18364	66	2	finance	finance	NOUN
fbem-18364	66	3	,	,	PUNCT
fbem-18364	66	4	technological	technological	ADJ
fbem-18364	66	5	innovation	innovation	NOUN
fbem-18364	66	6	and	and	CCONJ
fbem-18364	66	7	regional	regional	ADJ
fbem-18364	66	8	economic	economic	ADJ
fbem-18364	66	9	growth	growth	NOUN
fbem-18364	67	1	[	[	X
fbem-18364	67	2	j	j	X
fbem-18364	67	3	]	]	X
fbem-18364	67	4	.	.	PUNCT
fbem-18364	68	1	journal	journal	PROPN
fbem-18364	68	2	of	of	ADP
fbem-18364	68	3	lanzhou	lanzhou	PROPN
fbem-18364	68	4	university	university	PROPN
fbem-18364	68	5	(	(	PUNCT
fbem-18364	68	6	social	social	ADJ
fbem-18364	68	7	science	science	NOUN
fbem-18364	68	8	edition	edition	PROPN
fbem-18364	68	9	)	)	PUNCT
fbem-18364	68	10	,	,	PUNCT
fbem-18364	68	11	2022,50	2022,50	NUM
fbem-18364	68	12	(	(	PUNCT
fbem-18364	68	13	02	02	NUM
fbem-18364	68	14	):	):	PUNCT
fbem-18364	68	15	4759	4759	NUM
fbem-18364	68	16	.	.	PUNCT
fbem-18364	69	1	[	[	X
fbem-18364	69	2	6	6	NUM
fbem-18364	69	3	]	]	PUNCT
fbem-18364	69	4	ma	ma	PROPN
fbem-18364	69	5	yong	yong	PROPN
fbem-18364	69	6	,	,	PUNCT
fbem-18364	69	7	chen	chen	PROPN
fbem-18364	69	8	yulu	yulu	PROPN
fbem-18364	69	9	.	.	PUNCT
fbem-18364	70	1	financial	financial	ADJ
fbem-18364	70	2	leverage	leverage	NOUN
fbem-18364	70	3	,	,	PUNCT
fbem-18364	70	4	leverage	leverage	NOUN
fbem-18364	70	5	volatility	volatility	NOUN
fbem-18364	70	6	and	and	CCONJ
fbem-18364	70	7	economic	economic	ADJ
fbem-18364	70	8	growth	growth	NOUN
fbem-18364	71	1	[	[	X
fbem-18364	71	2	j	j	X
fbem-18364	71	3	]	]	X
fbem-18364	71	4	.	.	PUNCT
fbem-18364	72	1	economic	economic	ADJ
fbem-18364	72	2	research	research	NOUN
fbem-18364	72	3	,	,	PUNCT
fbem-18364	72	4	2017,52	2017,52	NUM
fbem-18364	72	5	(	(	PUNCT
fbem-18364	72	6	06	06	NUM
fbem-18364	72	7	):	):	PUNCT
fbem-18364	72	8	31	31	NUM
fbem-18364	72	9	-	-	SYM
fbem-18364	72	10	45	45	NUM
fbem-18364	72	11	.	.	PUNCT