id	sid	tid	token	lemma	pos
fbem-25599	1	1	frontiers	frontier	NOUN
fbem-25599	1	2	in	in	ADP
fbem-25599	1	3	business	business	NOUN
fbem-25599	1	4	,	,	PUNCT
fbem-25599	1	5	economics	economic	NOUN
fbem-25599	1	6	and	and	CCONJ
fbem-25599	1	7	management	management	NOUN
fbem-25599	1	8	issn	issn	PROPN
fbem-25599	1	9	:	:	PUNCT
fbem-25599	1	10	2766	2766	NUM
fbem-25599	1	11	-	-	PUNCT
fbem-25599	1	12	824x	824x	NUM
fbem-25599	1	13	|	|	ADJ
fbem-25599	1	14	vol	vol	NOUN
fbem-25599	1	15	.	.	PUNCT
fbem-25599	2	1	16	16	NUM
fbem-25599	2	2	,	,	PUNCT
fbem-25599	2	3	no	no	INTJ
fbem-25599	2	4	.	.	NOUN
fbem-25599	2	5	2	2	NUM
fbem-25599	2	6	,	,	PUNCT
fbem-25599	2	7	2024	2024	NUM
fbem-25599	2	8	223	223	NUM
fbem-25599	2	9	analysis	analysis	NOUN
fbem-25599	2	10	of	of	ADP
fbem-25599	2	11	the	the	DET
fbem-25599	2	12	mechanisms	mechanism	NOUN
fbem-25599	2	13	behind	behind	ADP
fbem-25599	2	14	the	the	DET
fbem-25599	2	15	"	"	PUNCT
fbem-25599	2	16	china	china	PROPN
fbem-25599	2	17	money	money	NOUN
fbem-25599	2	18	mystery	mystery	NOUN
fbem-25599	2	19	"	"	PUNCT
fbem-25599	2	20	jun	jun	PROPN
fbem-25599	2	21	cheng	cheng	PROPN
fbem-25599	2	22	1	1	NUM
fbem-25599	2	23	,	,	PUNCT
fbem-25599	2	24	*	*	PUNCT
fbem-25599	2	25	,	,	PUNCT
fbem-25599	2	26	guangyi	guangyi	PROPN
fbem-25599	2	27	miao	miao	NOUN
fbem-25599	2	28	2	2	NUM
fbem-25599	2	29	,	,	PUNCT
fbem-25599	2	30	jing	je	VERB
fbem-25599	2	31	kang	kang	PROPN
fbem-25599	2	32	3	3	NUM
fbem-25599	2	33	1	1	NUM
fbem-25599	2	34	international	international	ADJ
fbem-25599	2	35	college	college	NOUN
fbem-25599	2	36	,	,	PUNCT
fbem-25599	2	37	national	national	ADJ
fbem-25599	2	38	institution	institution	NOUN
fbem-25599	2	39	development	development	NOUN
fbem-25599	2	40	and	and	CCONJ
fbem-25599	2	41	administration	administration	PROPN
fbem-25599	2	42	,	,	PUNCT
fbem-25599	2	43	bangkok	bangkok	PROPN
fbem-25599	2	44	,	,	PUNCT
fbem-25599	2	45	thailand	thailand	PROPN
fbem-25599	2	46	2	2	NUM
fbem-25599	2	47	beijing	beijing	PROPN
fbem-25599	2	48	institute	institute	PROPN
fbem-25599	2	49	of	of	ADP
fbem-25599	2	50	fashion	fashion	NOUN
fbem-25599	2	51	technology	technology	NOUN
fbem-25599	2	52	,	,	PUNCT
fbem-25599	2	53	beijing	beijing	PROPN
fbem-25599	2	54	,	,	PUNCT
fbem-25599	2	55	china	china	PROPN
fbem-25599	2	56	3	3	NUM
fbem-25599	2	57	graduate	graduate	NOUN
fbem-25599	2	58	school	school	NOUN
fbem-25599	2	59	of	of	ADP
fbem-25599	2	60	business	business	NOUN
fbem-25599	2	61	and	and	CCONJ
fbem-25599	2	62	advanced	advanced	ADJ
fbem-25599	2	63	technology	technology	NOUN
fbem-25599	2	64	management	management	NOUN
fbem-25599	2	65	,	,	PUNCT
fbem-25599	2	66	assumption	assumption	NOUN
fbem-25599	2	67	university	university	PROPN
fbem-25599	2	68	,	,	PUNCT
fbem-25599	2	69	bangkok	bangkok	PROPN
fbem-25599	2	70	,	,	PUNCT
fbem-25599	2	71	thailand	thailand	PROPN
fbem-25599	2	72	*	*	PUNCT
fbem-25599	2	73	corresponding	correspond	VERB
fbem-25599	2	74	author	author	NOUN
fbem-25599	2	75	:	:	PUNCT
fbem-25599	2	76	jun	jun	PROPN
fbem-25599	2	77	cheng	cheng	PROPN
fbem-25599	2	78	abstract	abstract	PROPN
fbem-25599	2	79	:	:	PUNCT
fbem-25599	2	80	the	the	DET
fbem-25599	2	81	growth	growth	NOUN
fbem-25599	2	82	rate	rate	NOUN
fbem-25599	2	83	of	of	ADP
fbem-25599	2	84	china	china	PROPN
fbem-25599	2	85	's	's	PART
fbem-25599	2	86	broad	broad	ADJ
fbem-25599	2	87	money	money	NOUN
fbem-25599	2	88	supply	supply	NOUN
fbem-25599	2	89	(	(	PUNCT
fbem-25599	2	90	m2	m2	PROPN
fbem-25599	2	91	)	)	PUNCT
fbem-25599	2	92	significantly	significantly	ADV
fbem-25599	2	93	exceeds	exceed	VERB
fbem-25599	2	94	the	the	DET
fbem-25599	2	95	combined	combined	ADJ
fbem-25599	2	96	rates	rate	NOUN
fbem-25599	2	97	of	of	ADP
fbem-25599	2	98	economic	economic	ADJ
fbem-25599	2	99	growth	growth	NOUN
fbem-25599	2	100	and	and	CCONJ
fbem-25599	2	101	inflation	inflation	NOUN
fbem-25599	2	102	,	,	PUNCT
fbem-25599	2	103	leading	lead	VERB
fbem-25599	2	104	to	to	ADP
fbem-25599	2	105	a	a	DET
fbem-25599	2	106	continuous	continuous	ADJ
fbem-25599	2	107	rise	rise	NOUN
fbem-25599	2	108	in	in	ADP
fbem-25599	2	109	the	the	DET
fbem-25599	2	110	ratio	ratio	NOUN
fbem-25599	2	111	of	of	ADP
fbem-25599	2	112	m2	m2	PROPN
fbem-25599	2	113	to	to	ADP
fbem-25599	2	114	gdp	gdp	PROPN
fbem-25599	2	115	.	.	PUNCT
fbem-25599	3	1	this	this	DET
fbem-25599	3	2	phenomenon	phenomenon	NOUN
fbem-25599	3	3	is	be	AUX
fbem-25599	3	4	referred	refer	VERB
fbem-25599	3	5	to	to	ADP
fbem-25599	3	6	as	as	ADP
fbem-25599	3	7	the	the	DET
fbem-25599	3	8	"	"	PUNCT
fbem-25599	3	9	china	china	PROPN
fbem-25599	3	10	money	money	NOUN
fbem-25599	3	11	mystery	mystery	NOUN
fbem-25599	3	12	.	.	PUNCT
fbem-25599	3	13	"	"	PUNCT
fbem-25599	4	1	the	the	DET
fbem-25599	4	2	explanation	explanation	NOUN
fbem-25599	4	3	for	for	ADP
fbem-25599	4	4	this	this	DET
fbem-25599	4	5	phenomenon	phenomenon	NOUN
fbem-25599	4	6	involves	involve	VERB
fbem-25599	4	7	several	several	ADJ
fbem-25599	4	8	factors	factor	NOUN
fbem-25599	4	9	.	.	PUNCT
fbem-25599	5	1	firstly	firstly	ADV
fbem-25599	5	2	,	,	PUNCT
fbem-25599	5	3	interest	interest	NOUN
fbem-25599	5	4	rate	rate	NOUN
fbem-25599	5	5	and	and	CCONJ
fbem-25599	5	6	exchange	exchange	NOUN
fbem-25599	5	7	rate	rate	NOUN
fbem-25599	5	8	controls	control	NOUN
fbem-25599	5	9	in	in	ADP
fbem-25599	5	10	the	the	DET
fbem-25599	5	11	financial	financial	ADJ
fbem-25599	5	12	market	market	NOUN
fbem-25599	5	13	lead	lead	NOUN
fbem-25599	5	14	to	to	ADP
fbem-25599	5	15	excessive	excessive	ADJ
fbem-25599	5	16	increases	increase	NOUN
fbem-25599	5	17	in	in	ADP
fbem-25599	5	18	money	money	NOUN
fbem-25599	5	19	demand	demand	NOUN
fbem-25599	5	20	.	.	PUNCT
fbem-25599	6	1	secondly	secondly	ADV
fbem-25599	6	2	,	,	PUNCT
fbem-25599	6	3	financial	financial	ADJ
fbem-25599	6	4	repression	repression	NOUN
fbem-25599	6	5	results	result	NOUN
fbem-25599	6	6	in	in	ADP
fbem-25599	6	7	excessive	excessive	ADJ
fbem-25599	6	8	use	use	NOUN
fbem-25599	6	9	of	of	ADP
fbem-25599	6	10	indirect	indirect	ADJ
fbem-25599	6	11	financing	financing	NOUN
fbem-25599	6	12	and	and	CCONJ
fbem-25599	6	13	a	a	DET
fbem-25599	6	14	lack	lack	NOUN
fbem-25599	6	15	of	of	ADP
fbem-25599	6	16	investment	investment	NOUN
fbem-25599	6	17	channels	channel	NOUN
fbem-25599	6	18	,	,	PUNCT
fbem-25599	6	19	further	far	ADV
fbem-25599	6	20	distorting	distort	VERB
fbem-25599	6	21	money	money	NOUN
fbem-25599	6	22	supply	supply	NOUN
fbem-25599	6	23	.	.	PUNCT
fbem-25599	7	1	thirdly	thirdly	ADV
fbem-25599	7	2	,	,	PUNCT
fbem-25599	7	3	the	the	DET
fbem-25599	7	4	financial	financial	ADJ
fbem-25599	7	5	hoarding	hoarding	NOUN
fbem-25599	7	6	theory	theory	NOUN
fbem-25599	7	7	suggests	suggest	VERB
fbem-25599	7	8	that	that	SCONJ
fbem-25599	7	9	a	a	DET
fbem-25599	7	10	large	large	ADJ
fbem-25599	7	11	amount	amount	NOUN
fbem-25599	7	12	of	of	ADP
fbem-25599	7	13	money	money	NOUN
fbem-25599	7	14	flows	flow	VERB
fbem-25599	7	15	in	in	ADP
fbem-25599	7	16	the	the	DET
fbem-25599	7	17	virtual	virtual	ADJ
fbem-25599	7	18	economy	economy	NOUN
fbem-25599	7	19	rather	rather	ADV
fbem-25599	7	20	than	than	ADP
fbem-25599	7	21	being	be	AUX
fbem-25599	7	22	invested	invest	VERB
fbem-25599	7	23	in	in	ADP
fbem-25599	7	24	the	the	DET
fbem-25599	7	25	real	real	ADJ
fbem-25599	7	26	economy	economy	NOUN
fbem-25599	7	27	,	,	PUNCT
fbem-25599	7	28	thus	thus	ADV
fbem-25599	7	29	failing	fail	VERB
fbem-25599	7	30	to	to	PART
fbem-25599	7	31	induce	induce	VERB
fbem-25599	7	32	noticeable	noticeable	ADJ
fbem-25599	7	33	inflation	inflation	NOUN
fbem-25599	7	34	.	.	PUNCT
fbem-25599	8	1	finally	finally	ADV
fbem-25599	8	2	,	,	PUNCT
fbem-25599	8	3	the	the	DET
fbem-25599	8	4	applicability	applicability	NOUN
fbem-25599	8	5	of	of	ADP
fbem-25599	8	6	traditional	traditional	ADJ
fbem-25599	8	7	quantity	quantity	NOUN
fbem-25599	8	8	theory	theory	NOUN
fbem-25599	8	9	of	of	ADP
fbem-25599	8	10	money	money	NOUN
fbem-25599	8	11	in	in	ADP
fbem-25599	8	12	the	the	DET
fbem-25599	8	13	modern	modern	ADJ
fbem-25599	8	14	credit	credit	NOUN
fbem-25599	8	15	money	money	NOUN
fbem-25599	8	16	system	system	NOUN
fbem-25599	8	17	is	be	AUX
fbem-25599	8	18	gradually	gradually	ADV
fbem-25599	8	19	diminishing	diminish	VERB
fbem-25599	8	20	,	,	PUNCT
fbem-25599	8	21	failing	fail	VERB
fbem-25599	8	22	to	to	PART
fbem-25599	8	23	explain	explain	VERB
fbem-25599	8	24	the	the	DET
fbem-25599	8	25	relationship	relationship	NOUN
fbem-25599	8	26	between	between	ADP
fbem-25599	8	27	money	money	NOUN
fbem-25599	8	28	supply	supply	NOUN
fbem-25599	8	29	and	and	CCONJ
fbem-25599	8	30	prices	price	NOUN
fbem-25599	8	31	.	.	PUNCT
fbem-25599	9	1	by	by	ADP
fbem-25599	9	2	integrating	integrate	VERB
fbem-25599	9	3	these	these	DET
fbem-25599	9	4	factors	factor	NOUN
fbem-25599	9	5	,	,	PUNCT
fbem-25599	9	6	a	a	DET
fbem-25599	9	7	better	well	ADJ
fbem-25599	9	8	understanding	understanding	NOUN
fbem-25599	9	9	of	of	ADP
fbem-25599	9	10	the	the	DET
fbem-25599	9	11	abnormal	abnormal	ADJ
fbem-25599	9	12	monetary	monetary	ADJ
fbem-25599	9	13	supply	supply	NOUN
fbem-25599	9	14	phenomenon	phenomenon	NOUN
fbem-25599	9	15	in	in	ADP
fbem-25599	9	16	china	china	PROPN
fbem-25599	9	17	and	and	CCONJ
fbem-25599	9	18	its	its	PRON
fbem-25599	9	19	implications	implication	NOUN
fbem-25599	9	20	can	can	AUX
fbem-25599	9	21	be	be	AUX
fbem-25599	9	22	achieved	achieve	VERB
fbem-25599	9	23	.	.	PUNCT
fbem-25599	10	1	keywords	keyword	NOUN
fbem-25599	10	2	:	:	PUNCT
fbem-25599	10	3	money	money	NOUN
fbem-25599	10	4	supply	supply	NOUN
fbem-25599	10	5	,	,	PUNCT
fbem-25599	10	6	financial	financial	ADJ
fbem-25599	10	7	repression	repression	NOUN
fbem-25599	10	8	,	,	PUNCT
fbem-25599	10	9	financial	financial	ADJ
fbem-25599	10	10	hoarding	hoarding	NOUN
fbem-25599	10	11	,	,	PUNCT
fbem-25599	10	12	interest	interest	NOUN
fbem-25599	10	13	rate	rate	NOUN
fbem-25599	10	14	and	and	CCONJ
fbem-25599	10	15	exchange	exchange	NOUN
fbem-25599	10	16	rate	rate	NOUN
fbem-25599	10	17	controls	control	NOUN
fbem-25599	10	18	,	,	PUNCT
fbem-25599	10	19	quantity	quantity	NOUN
fbem-25599	10	20	theory	theory	NOUN
fbem-25599	10	21	of	of	ADP
fbem-25599	10	22	money	money	NOUN
fbem-25599	10	23	.	.	PUNCT
fbem-25599	11	1	1	1	X
fbem-25599	11	2	.	.	X
fbem-25599	11	3	introduction	introduction	NOUN
fbem-25599	11	4	for	for	ADP
fbem-25599	11	5	a	a	DET
fbem-25599	11	6	long	long	ADJ
fbem-25599	11	7	time	time	NOUN
fbem-25599	11	8	,	,	PUNCT
fbem-25599	11	9	china	china	PROPN
fbem-25599	11	10	's	's	PART
fbem-25599	11	11	money	money	NOUN
fbem-25599	11	12	supply	supply	NOUN
fbem-25599	11	13	growth	growth	NOUN
fbem-25599	11	14	rate	rate	NOUN
fbem-25599	11	15	has	have	AUX
fbem-25599	11	16	been	be	AUX
fbem-25599	11	17	significantly	significantly	ADV
fbem-25599	11	18	higher	high	ADJ
fbem-25599	11	19	than	than	ADP
fbem-25599	11	20	the	the	DET
fbem-25599	11	21	combined	combine	VERB
fbem-25599	11	22	rate	rate	NOUN
fbem-25599	11	23	of	of	ADP
fbem-25599	11	24	economic	economic	ADJ
fbem-25599	11	25	growth	growth	NOUN
fbem-25599	11	26	and	and	CCONJ
fbem-25599	11	27	inflation	inflation	NOUN
fbem-25599	11	28	,	,	PUNCT
fbem-25599	11	29	leading	lead	VERB
fbem-25599	11	30	to	to	ADP
fbem-25599	11	31	a	a	DET
fbem-25599	11	32	continual	continual	ADJ
fbem-25599	11	33	increase	increase	NOUN
fbem-25599	11	34	in	in	ADP
fbem-25599	11	35	the	the	DET
fbem-25599	11	36	ratio	ratio	NOUN
fbem-25599	11	37	of	of	ADP
fbem-25599	11	38	m2	m2	PROPN
fbem-25599	11	39	money	money	NOUN
fbem-25599	11	40	supply	supply	NOUN
fbem-25599	11	41	to	to	ADP
fbem-25599	11	42	gross	gross	ADJ
fbem-25599	11	43	domestic	domestic	ADJ
fbem-25599	11	44	product	product	NOUN
fbem-25599	11	45	(	(	PUNCT
fbem-25599	11	46	gdp	gdp	NOUN
fbem-25599	11	47	)	)	PUNCT
fbem-25599	11	48	.	.	PUNCT
fbem-25599	12	1	this	this	DET
fbem-25599	12	2	phenomenon	phenomenon	NOUN
fbem-25599	12	3	,	,	PUNCT
fbem-25599	12	4	referred	refer	VERB
fbem-25599	12	5	to	to	ADP
fbem-25599	12	6	by	by	ADP
fbem-25599	12	7	mckinnon	mckinnon	PROPN
fbem-25599	12	8	as	as	ADP
fbem-25599	12	9	the	the	DET
fbem-25599	12	10	"	"	PUNCT
fbem-25599	12	11	china	china	PROPN
fbem-25599	12	12	money	money	NOUN
fbem-25599	12	13	mystery	mystery	NOUN
fbem-25599	12	14	,	,	PUNCT
fbem-25599	12	15	"	"	PUNCT
fbem-25599	12	16	arises	arise	VERB
fbem-25599	12	17	because	because	SCONJ
fbem-25599	12	18	persistent	persistent	ADJ
fbem-25599	12	19	monetary	monetary	ADJ
fbem-25599	12	20	overexpansion	overexpansion	NOUN
fbem-25599	12	21	has	have	AUX
fbem-25599	12	22	not	not	PART
fbem-25599	12	23	led	lead	VERB
fbem-25599	12	24	to	to	ADP
fbem-25599	12	25	sustained	sustain	VERB
fbem-25599	12	26	high	high	ADJ
fbem-25599	12	27	inflation	inflation	NOUN
fbem-25599	12	28	.	.	PUNCT
fbem-25599	13	1	this	this	DET
fbem-25599	13	2	situation	situation	NOUN
fbem-25599	13	3	is	be	AUX
fbem-25599	13	4	mainly	mainly	ADV
fbem-25599	13	5	reflected	reflect	VERB
fbem-25599	13	6	in	in	ADP
fbem-25599	13	7	the	the	DET
fbem-25599	13	8	inconsistency	inconsistency	NOUN
fbem-25599	13	9	between	between	ADP
fbem-25599	13	10	the	the	DET
fbem-25599	13	11	growth	growth	NOUN
fbem-25599	13	12	of	of	ADP
fbem-25599	13	13	m2	m2	PROPN
fbem-25599	13	14	and	and	CCONJ
fbem-25599	13	15	price	price	NOUN
fbem-25599	13	16	indices	index	NOUN
fbem-25599	13	17	(	(	PUNCT
fbem-25599	13	18	such	such	ADJ
fbem-25599	13	19	as	as	ADP
fbem-25599	13	20	consumer	consumer	NOUN
fbem-25599	13	21	price	price	NOUN
fbem-25599	13	22	index	index	NOUN
fbem-25599	13	23	(	(	PUNCT
fbem-25599	13	24	cpi	cpi	PROPN
fbem-25599	13	25	)	)	PUNCT
fbem-25599	13	26	and	and	CCONJ
fbem-25599	13	27	producer	producer	NOUN
fbem-25599	13	28	price	price	NOUN
fbem-25599	13	29	index	index	NOUN
fbem-25599	13	30	(	(	PUNCT
fbem-25599	13	31	ppi	ppi	NOUN
fbem-25599	13	32	)	)	PUNCT
fbem-25599	13	33	,	,	PUNCT
fbem-25599	13	34	sometimes	sometimes	ADV
fbem-25599	13	35	even	even	ADV
fbem-25599	13	36	showing	show	VERB
fbem-25599	13	37	a	a	DET
fbem-25599	13	38	decline	decline	NOUN
fbem-25599	13	39	in	in	ADP
fbem-25599	13	40	price	price	NOUN
fbem-25599	13	41	indices	index	NOUN
fbem-25599	13	42	despite	despite	SCONJ
fbem-25599	13	43	an	an	DET
fbem-25599	13	44	increase	increase	NOUN
fbem-25599	13	45	in	in	ADP
fbem-25599	13	46	m2	m2	PROPN
fbem-25599	13	47	.	.	PROPN
fbem-25599	14	1	from	from	ADP
fbem-25599	14	2	a	a	DET
fbem-25599	14	3	horizontal	horizontal	ADJ
fbem-25599	14	4	comparison	comparison	NOUN
fbem-25599	14	5	,	,	PUNCT
fbem-25599	14	6	china	china	PROPN
fbem-25599	14	7	's	's	PART
fbem-25599	14	8	ratio	ratio	NOUN
fbem-25599	14	9	of	of	ADP
fbem-25599	14	10	money	money	NOUN
fbem-25599	14	11	supply	supply	NOUN
fbem-25599	14	12	to	to	ADP
fbem-25599	14	13	gdp	gdp	NOUN
fbem-25599	14	14	(	(	PUNCT
fbem-25599	14	15	m2	m2	PROPN
fbem-25599	14	16	/	/	SYM
fbem-25599	14	17	gdp	gdp	PROPN
fbem-25599	14	18	)	)	PUNCT
fbem-25599	14	19	has	have	AUX
fbem-25599	14	20	consistently	consistently	ADV
fbem-25599	14	21	remained	remain	VERB
fbem-25599	14	22	at	at	ADP
fbem-25599	14	23	a	a	DET
fbem-25599	14	24	high	high	ADJ
fbem-25599	14	25	level	level	NOUN
fbem-25599	14	26	.	.	PUNCT
fbem-25599	15	1	2	2	X
fbem-25599	15	2	.	.	X
fbem-25599	15	3	causes	cause	NOUN
fbem-25599	15	4	of	of	ADP
fbem-25599	15	5	the	the	DET
fbem-25599	15	6	china	china	PROPN
fbem-25599	15	7	money	money	PROPN
fbem-25599	15	8	mystery	mystery	NOUN
fbem-25599	15	9	2.1	2.1	NUM
fbem-25599	15	10	.	.	PUNCT
fbem-25599	16	1	financial	financial	ADJ
fbem-25599	16	2	market	market	NOUN
fbem-25599	16	3	prices	price	NOUN
fbem-25599	16	4	:	:	PUNCT
fbem-25599	16	5	interest	interest	NOUN
fbem-25599	16	6	rates	rate	NOUN
fbem-25599	16	7	and	and	CCONJ
fbem-25599	16	8	exchange	exchange	NOUN
fbem-25599	16	9	rates	rate	NOUN
fbem-25599	16	10	in	in	ADP
fbem-25599	16	11	financial	financial	ADJ
fbem-25599	16	12	markets	market	NOUN
fbem-25599	16	13	,	,	PUNCT
fbem-25599	16	14	interest	interest	NOUN
fbem-25599	16	15	rates	rate	NOUN
fbem-25599	16	16	and	and	CCONJ
fbem-25599	16	17	exchange	exchange	NOUN
fbem-25599	16	18	rates	rate	NOUN
fbem-25599	16	19	are	be	AUX
fbem-25599	16	20	two	two	NUM
fbem-25599	16	21	core	core	NOUN
fbem-25599	16	22	price	price	NOUN
fbem-25599	16	23	indicators	indicator	NOUN
fbem-25599	16	24	.	.	PUNCT
fbem-25599	17	1	for	for	ADP
fbem-25599	17	2	china	china	PROPN
fbem-25599	17	3	,	,	PUNCT
fbem-25599	17	4	which	which	PRON
fbem-25599	17	5	is	be	AUX
fbem-25599	17	6	in	in	ADP
fbem-25599	17	7	a	a	DET
fbem-25599	17	8	transitional	transitional	ADJ
fbem-25599	17	9	phase	phase	NOUN
fbem-25599	17	10	,	,	PUNCT
fbem-25599	17	11	a	a	DET
fbem-25599	17	12	notable	notable	ADJ
fbem-25599	17	13	feature	feature	NOUN
fbem-25599	17	14	of	of	ADP
fbem-25599	17	15	its	its	PRON
fbem-25599	17	16	financial	financial	ADJ
fbem-25599	17	17	sector	sector	NOUN
fbem-25599	17	18	is	be	AUX
fbem-25599	17	19	the	the	DET
fbem-25599	17	20	regulation	regulation	NOUN
fbem-25599	17	21	of	of	ADP
fbem-25599	17	22	these	these	DET
fbem-25599	17	23	two	two	NUM
fbem-25599	17	24	indicators	indicator	NOUN
fbem-25599	17	25	.	.	PUNCT
fbem-25599	18	1	although	although	SCONJ
fbem-25599	18	2	china	china	PROPN
fbem-25599	18	3	has	have	AUX
fbem-25599	18	4	promoted	promote	VERB
fbem-25599	18	5	market	market	NOUN
fbem-25599	18	6	-	-	PUNCT
fbem-25599	18	7	based	base	VERB
fbem-25599	18	8	interest	interest	NOUN
fbem-25599	18	9	rates	rate	NOUN
fbem-25599	18	10	and	and	CCONJ
fbem-25599	18	11	exchange	exchange	NOUN
fbem-25599	18	12	rates	rate	NOUN
fbem-25599	18	13	,	,	PUNCT
fbem-25599	18	14	existing	exist	VERB
fbem-25599	18	15	regulatory	regulatory	ADJ
fbem-25599	18	16	policies	policy	NOUN
fbem-25599	18	17	have	have	AUX
fbem-25599	18	18	effectively	effectively	ADV
fbem-25599	18	19	led	lead	VERB
fbem-25599	18	20	to	to	ADP
fbem-25599	18	21	the	the	DET
fbem-25599	18	22	undervaluation	undervaluation	NOUN
fbem-25599	18	23	of	of	ADP
fbem-25599	18	24	these	these	DET
fbem-25599	18	25	indicators	indicator	NOUN
fbem-25599	18	26	,	,	PUNCT
fbem-25599	18	27	affecting	affect	VERB
fbem-25599	18	28	money	money	NOUN
fbem-25599	18	29	demand	demand	NOUN
fbem-25599	18	30	.	.	PUNCT
fbem-25599	19	1	on	on	ADP
fbem-25599	19	2	one	one	NUM
fbem-25599	19	3	hand	hand	NOUN
fbem-25599	19	4	,	,	PUNCT
fbem-25599	19	5	the	the	DET
fbem-25599	19	6	undervaluation	undervaluation	NOUN
fbem-25599	19	7	of	of	ADP
fbem-25599	19	8	interest	interest	NOUN
fbem-25599	19	9	rates	rate	NOUN
fbem-25599	19	10	reduces	reduce	VERB
fbem-25599	19	11	the	the	DET
fbem-25599	19	12	cost	cost	NOUN
fbem-25599	19	13	of	of	ADP
fbem-25599	19	14	holding	hold	VERB
fbem-25599	19	15	money	money	NOUN
fbem-25599	19	16	,	,	PUNCT
fbem-25599	19	17	promoting	promote	VERB
fbem-25599	19	18	an	an	DET
fbem-25599	19	19	increase	increase	NOUN
fbem-25599	19	20	in	in	ADP
fbem-25599	19	21	money	money	NOUN
fbem-25599	19	22	demand	demand	NOUN
fbem-25599	19	23	and	and	CCONJ
fbem-25599	19	24	investment	investment	NOUN
fbem-25599	19	25	,	,	PUNCT
fbem-25599	19	26	and	and	CCONJ
fbem-25599	19	27	indirectly	indirectly	ADV
fbem-25599	19	28	affecting	affect	VERB
fbem-25599	19	29	money	money	NOUN
fbem-25599	19	30	holding	hold	VERB
fbem-25599	19	31	behavior	behavior	NOUN
fbem-25599	19	32	.	.	PUNCT
fbem-25599	20	1	on	on	ADP
fbem-25599	20	2	the	the	DET
fbem-25599	20	3	other	other	ADJ
fbem-25599	20	4	hand	hand	NOUN
fbem-25599	20	5	,	,	PUNCT
fbem-25599	20	6	the	the	DET
fbem-25599	20	7	undervaluation	undervaluation	NOUN
fbem-25599	20	8	of	of	ADP
fbem-25599	20	9	exchange	exchange	NOUN
fbem-25599	20	10	rates	rate	NOUN
fbem-25599	20	11	encourages	encourage	VERB
fbem-25599	20	12	expectations	expectation	NOUN
fbem-25599	20	13	of	of	ADP
fbem-25599	20	14	currency	currency	NOUN
fbem-25599	20	15	appreciation	appreciation	NOUN
fbem-25599	20	16	,	,	PUNCT
fbem-25599	20	17	increasing	increase	VERB
fbem-25599	20	18	the	the	DET
fbem-25599	20	19	amount	amount	NOUN
fbem-25599	20	20	of	of	ADP
fbem-25599	20	21	money	money	NOUN
fbem-25599	20	22	held	hold	VERB
fbem-25599	20	23	.	.	PUNCT
fbem-25599	21	1	the	the	DET
fbem-25599	21	2	control	control	NOUN
fbem-25599	21	3	over	over	ADP
fbem-25599	21	4	these	these	DET
fbem-25599	21	5	price	price	NOUN
fbem-25599	21	6	indicators	indicator	NOUN
fbem-25599	21	7	directly	directly	ADV
fbem-25599	21	8	impacts	impact	VERB
fbem-25599	21	9	monetary	monetary	ADJ
fbem-25599	21	10	policy	policy	NOUN
fbem-25599	21	11	,	,	PUNCT
fbem-25599	21	12	leading	lead	VERB
fbem-25599	21	13	to	to	ADP
fbem-25599	21	14	a	a	DET
fbem-25599	21	15	normalization	normalization	NOUN
fbem-25599	21	16	of	of	ADP
fbem-25599	21	17	monetary	monetary	ADJ
fbem-25599	21	18	overexpansion	overexpansion	NOUN
fbem-25599	21	19	,	,	PUNCT
fbem-25599	21	20	and	and	CCONJ
fbem-25599	21	21	thus	thus	ADV
fbem-25599	21	22	maintaining	maintain	VERB
fbem-25599	21	23	a	a	DET
fbem-25599	21	24	high	high	ADJ
fbem-25599	21	25	m2	m2	PROPN
fbem-25599	21	26	to	to	ADP
fbem-25599	21	27	gdp	gdp	NOUN
fbem-25599	21	28	ratio	ratio	NOUN
fbem-25599	21	29	.	.	PUNCT
fbem-25599	22	1	the	the	DET
fbem-25599	22	2	impact	impact	NOUN
fbem-25599	22	3	of	of	ADP
fbem-25599	22	4	interest	interest	NOUN
fbem-25599	22	5	rate	rate	NOUN
fbem-25599	22	6	regulation	regulation	NOUN
fbem-25599	22	7	on	on	ADP
fbem-25599	22	8	money	money	NOUN
fbem-25599	22	9	demand	demand	NOUN
fbem-25599	22	10	can	can	AUX
fbem-25599	22	11	be	be	AUX
fbem-25599	22	12	realized	realize	VERB
fbem-25599	22	13	through	through	ADP
fbem-25599	22	14	two	two	NUM
fbem-25599	22	15	paths	path	NOUN
fbem-25599	22	16	.	.	PUNCT
fbem-25599	23	1	first	first	ADV
fbem-25599	23	2	,	,	PUNCT
fbem-25599	23	3	interest	interest	NOUN
fbem-25599	23	4	rate	rate	NOUN
fbem-25599	23	5	regulation	regulation	NOUN
fbem-25599	23	6	leads	lead	VERB
fbem-25599	23	7	to	to	ADP
fbem-25599	23	8	an	an	DET
fbem-25599	23	9	undervaluation	undervaluation	NOUN
fbem-25599	23	10	of	of	ADP
fbem-25599	23	11	interest	interest	NOUN
fbem-25599	23	12	rates	rate	NOUN
fbem-25599	23	13	,	,	PUNCT
fbem-25599	23	14	directly	directly	ADV
fbem-25599	23	15	reducing	reduce	VERB
fbem-25599	23	16	the	the	DET
fbem-25599	23	17	cost	cost	NOUN
fbem-25599	23	18	of	of	ADP
fbem-25599	23	19	holding	hold	VERB
fbem-25599	23	20	money	money	NOUN
fbem-25599	23	21	,	,	PUNCT
fbem-25599	23	22	making	make	VERB
fbem-25599	23	23	individuals	individual	NOUN
fbem-25599	23	24	more	more	ADV
fbem-25599	23	25	willing	willing	ADJ
fbem-25599	23	26	to	to	PART
fbem-25599	23	27	hold	hold	VERB
fbem-25599	23	28	more	more	ADJ
fbem-25599	23	29	money	money	NOUN
fbem-25599	23	30	.	.	PUNCT
fbem-25599	24	1	interest	interest	NOUN
fbem-25599	24	2	rates	rate	NOUN
fbem-25599	24	3	are	be	AUX
fbem-25599	24	4	the	the	DET
fbem-25599	24	5	most	most	ADV
fbem-25599	24	6	direct	direct	ADJ
fbem-25599	24	7	indicator	indicator	NOUN
fbem-25599	24	8	of	of	ADP
fbem-25599	24	9	the	the	DET
fbem-25599	24	10	cost	cost	NOUN
fbem-25599	24	11	of	of	ADP
fbem-25599	24	12	holding	hold	VERB
fbem-25599	24	13	money	money	NOUN
fbem-25599	24	14	;	;	PUNCT
fbem-25599	24	15	an	an	DET
fbem-25599	24	16	increase	increase	NOUN
fbem-25599	24	17	in	in	ADP
fbem-25599	24	18	nominal	nominal	ADJ
fbem-25599	24	19	interest	interest	NOUN
fbem-25599	24	20	rates	rate	NOUN
fbem-25599	24	21	would	would	AUX
fbem-25599	24	22	encourage	encourage	VERB
fbem-25599	24	23	individuals	individual	NOUN
fbem-25599	24	24	to	to	PART
fbem-25599	24	25	use	use	VERB
fbem-25599	24	26	their	their	PRON
fbem-25599	24	27	money	money	NOUN
fbem-25599	24	28	for	for	ADP
fbem-25599	24	29	transactions	transaction	NOUN
fbem-25599	24	30	rather	rather	ADV
fbem-25599	24	31	than	than	ADP
fbem-25599	24	32	holding	hold	VERB
fbem-25599	24	33	it	it	PRON
fbem-25599	24	34	,	,	PUNCT
fbem-25599	24	35	keeping	keep	VERB
fbem-25599	24	36	the	the	DET
fbem-25599	24	37	velocity	velocity	NOUN
fbem-25599	24	38	of	of	ADP
fbem-25599	24	39	money	money	NOUN
fbem-25599	24	40	unchanged	unchanged	ADJ
fbem-25599	24	41	.	.	PUNCT
fbem-25599	25	1	however	however	ADV
fbem-25599	25	2	,	,	PUNCT
fbem-25599	25	3	if	if	SCONJ
fbem-25599	25	4	interest	interest	NOUN
fbem-25599	25	5	rates	rate	NOUN
fbem-25599	25	6	are	be	AUX
fbem-25599	25	7	regulated	regulate	VERB
fbem-25599	25	8	below	below	ADP
fbem-25599	25	9	competitive	competitive	ADJ
fbem-25599	25	10	market	market	NOUN
fbem-25599	25	11	equilibrium	equilibrium	NOUN
fbem-25599	25	12	levels	level	NOUN
fbem-25599	25	13	,	,	PUNCT
fbem-25599	25	14	the	the	DET
fbem-25599	25	15	cost	cost	NOUN
fbem-25599	25	16	of	of	ADP
fbem-25599	25	17	holding	hold	VERB
fbem-25599	25	18	money	money	NOUN
fbem-25599	25	19	decreases	decrease	VERB
fbem-25599	25	20	,	,	PUNCT
fbem-25599	25	21	and	and	CCONJ
fbem-25599	25	22	people	people	NOUN
fbem-25599	25	23	are	be	AUX
fbem-25599	25	24	more	more	ADV
fbem-25599	25	25	willing	willing	ADJ
fbem-25599	25	26	to	to	PART
fbem-25599	25	27	hold	hold	VERB
fbem-25599	25	28	more	more	ADJ
fbem-25599	25	29	money	money	NOUN
fbem-25599	25	30	,	,	PUNCT
fbem-25599	25	31	even	even	ADV
fbem-25599	25	32	if	if	SCONJ
fbem-25599	25	33	it	it	PRON
fbem-25599	25	34	remains	remain	VERB
fbem-25599	25	35	idle	idle	ADJ
fbem-25599	25	36	,	,	PUNCT
fbem-25599	25	37	without	without	ADP
fbem-25599	25	38	incurring	incur	VERB
fbem-25599	25	39	losses	loss	NOUN
fbem-25599	25	40	.	.	PUNCT
fbem-25599	26	1	increased	increase	VERB
fbem-25599	26	2	money	money	NOUN
fbem-25599	26	3	demand	demand	NOUN
fbem-25599	26	4	slows	slow	VERB
fbem-25599	26	5	down	down	ADP
fbem-25599	26	6	its	its	PRON
fbem-25599	26	7	circulation	circulation	NOUN
fbem-25599	26	8	.	.	PUNCT
fbem-25599	27	1	additionally	additionally	ADV
fbem-25599	27	2	,	,	PUNCT
fbem-25599	27	3	lower	low	ADJ
fbem-25599	27	4	interest	interest	NOUN
fbem-25599	27	5	rates	rate	NOUN
fbem-25599	27	6	lead	lead	VERB
fbem-25599	27	7	to	to	ADP
fbem-25599	27	8	significant	significant	ADJ
fbem-25599	27	9	investment	investment	NOUN
fbem-25599	27	10	,	,	PUNCT
fbem-25599	27	11	indirectly	indirectly	ADV
fbem-25599	27	12	affecting	affect	VERB
fbem-25599	27	13	corporate	corporate	ADJ
fbem-25599	27	14	and	and	CCONJ
fbem-25599	27	15	household	household	NOUN
fbem-25599	27	16	money	money	NOUN
fbem-25599	27	17	holding	hold	VERB
fbem-25599	27	18	habits	habit	NOUN
fbem-25599	27	19	.	.	PUNCT
fbem-25599	28	1	due	due	ADP
fbem-25599	28	2	to	to	ADP
fbem-25599	28	3	the	the	DET
fbem-25599	28	4	undervaluation	undervaluation	NOUN
fbem-25599	28	5	of	of	ADP
fbem-25599	28	6	interest	interest	NOUN
fbem-25599	28	7	rates	rate	NOUN
fbem-25599	28	8	,	,	PUNCT
fbem-25599	28	9	the	the	DET
fbem-25599	28	10	impact	impact	NOUN
fbem-25599	28	11	on	on	ADP
fbem-25599	28	12	money	money	NOUN
fbem-25599	28	13	demand	demand	NOUN
fbem-25599	28	14	has	have	VERB
fbem-25599	28	15	more	more	ADV
fbem-25599	28	16	significant	significant	ADJ
fbem-25599	28	17	indirect	indirect	ADJ
fbem-25599	28	18	effects	effect	NOUN
fbem-25599	28	19	in	in	ADP
fbem-25599	28	20	china	china	PROPN
fbem-25599	28	21	,	,	PUNCT
fbem-25599	28	22	defined	define	VERB
fbem-25599	28	23	here	here	ADV
fbem-25599	28	24	as	as	ADP
fbem-25599	28	25	the	the	DET
fbem-25599	28	26	direct	direct	ADJ
fbem-25599	28	27	and	and	CCONJ
fbem-25599	28	28	indirect	indirect	ADJ
fbem-25599	28	29	effects	effect	NOUN
fbem-25599	28	30	of	of	ADP
fbem-25599	28	31	interest	interest	NOUN
fbem-25599	28	32	rate	rate	NOUN
fbem-25599	28	33	undervaluation	undervaluation	NOUN
fbem-25599	28	34	.	.	PUNCT
fbem-25599	29	1	the	the	DET
fbem-25599	29	2	direct	direct	ADJ
fbem-25599	29	3	effect	effect	NOUN
fbem-25599	29	4	manifests	manifest	VERB
fbem-25599	29	5	as	as	ADP
fbem-25599	29	6	asset	asset	NOUN
fbem-25599	29	7	substitution	substitution	NOUN
fbem-25599	29	8	behavior	behavior	NOUN
fbem-25599	29	9	,	,	PUNCT
fbem-25599	29	10	while	while	SCONJ
fbem-25599	29	11	the	the	DET
fbem-25599	29	12	indirect	indirect	ADJ
fbem-25599	29	13	effect	effect	NOUN
fbem-25599	29	14	further	further	ADJ
fbem-25599	29	15	impacts	impact	VERB
fbem-25599	29	16	the	the	DET
fbem-25599	29	17	scale	scale	NOUN
fbem-25599	29	18	of	of	ADP
fbem-25599	29	19	money	money	NOUN
fbem-25599	29	20	demand	demand	NOUN
fbem-25599	29	21	through	through	ADP
fbem-25599	29	22	its	its	PRON
fbem-25599	29	23	influence	influence	NOUN
fbem-25599	29	24	on	on	ADP
fbem-25599	29	25	the	the	DET
fbem-25599	29	26	real	real	ADJ
fbem-25599	29	27	economy	economy	NOUN
fbem-25599	29	28	.	.	PUNCT
fbem-25599	30	1	similarly	similarly	ADV
fbem-25599	30	2	,	,	PUNCT
fbem-25599	30	3	the	the	DET
fbem-25599	30	4	effects	effect	NOUN
fbem-25599	30	5	of	of	ADP
fbem-25599	30	6	exchange	exchange	NOUN
fbem-25599	30	7	rate	rate	NOUN
fbem-25599	30	8	regulation	regulation	NOUN
fbem-25599	30	9	include	include	VERB
fbem-25599	30	10	direct	direct	ADJ
fbem-25599	30	11	and	and	CCONJ
fbem-25599	30	12	indirect	indirect	ADJ
fbem-25599	30	13	effects	effect	NOUN
fbem-25599	30	14	.	.	PUNCT
fbem-25599	31	1	the	the	DET
fbem-25599	31	2	direct	direct	ADJ
fbem-25599	31	3	effect	effect	NOUN
fbem-25599	31	4	is	be	AUX
fbem-25599	31	5	that	that	SCONJ
fbem-25599	31	6	the	the	DET
fbem-25599	31	7	undervalued	undervalued	ADJ
fbem-25599	31	8	renminbi	renminbi	NOUN
fbem-25599	31	9	leads	lead	VERB
fbem-25599	31	10	people	people	NOUN
fbem-25599	31	11	to	to	PART
fbem-25599	31	12	expect	expect	VERB
fbem-25599	31	13	future	future	ADJ
fbem-25599	31	14	appreciation	appreciation	NOUN
fbem-25599	31	15	,	,	PUNCT
fbem-25599	31	16	thus	thus	ADV
fbem-25599	31	17	increasing	increase	VERB
fbem-25599	31	18	the	the	DET
fbem-25599	31	19	holding	holding	NOUN
fbem-25599	31	20	of	of	ADP
fbem-25599	31	21	money	money	NOUN
fbem-25599	31	22	for	for	ADP
fbem-25599	31	23	preservation	preservation	NOUN
fbem-25599	31	24	and	and	CCONJ
fbem-25599	31	25	appreciation	appreciation	NOUN
fbem-25599	31	26	.	.	PUNCT
fbem-25599	32	1	the	the	DET
fbem-25599	32	2	indirect	indirect	ADJ
fbem-25599	32	3	effect	effect	NOUN
fbem-25599	32	4	is	be	AUX
fbem-25599	32	5	that	that	SCONJ
fbem-25599	32	6	the	the	DET
fbem-25599	32	7	undervalued	undervalued	ADJ
fbem-25599	32	8	exchange	exchange	NOUN
fbem-25599	32	9	rate	rate	NOUN
fbem-25599	32	10	boosts	boost	VERB
fbem-25599	32	11	china	china	PROPN
fbem-25599	32	12	's	's	PART
fbem-25599	32	13	import	import	NOUN
fbem-25599	32	14	and	and	CCONJ
fbem-25599	32	15	export	export	NOUN
fbem-25599	32	16	trade	trade	NOUN
fbem-25599	32	17	,	,	PUNCT
fbem-25599	32	18	increasing	increase	VERB
fbem-25599	32	19	dependency	dependency	NOUN
fbem-25599	32	20	on	on	ADP
fbem-25599	32	21	foreign	foreign	ADJ
fbem-25599	32	22	trade	trade	NOUN
fbem-25599	32	23	,	,	PUNCT
fbem-25599	32	24	which	which	PRON
fbem-25599	32	25	requires	require	VERB
fbem-25599	32	26	a	a	DET
fbem-25599	32	27	substantial	substantial	ADJ
fbem-25599	32	28	amount	amount	NOUN
fbem-25599	32	29	of	of	ADP
fbem-25599	32	30	money	money	NOUN
fbem-25599	32	31	to	to	PART
fbem-25599	32	32	sustain	sustain	VERB
fbem-25599	32	33	its	its	PRON
fbem-25599	32	34	operations	operation	NOUN
fbem-25599	32	35	.	.	PUNCT
fbem-25599	33	1	2.2	2.2	NUM
fbem-25599	33	2	.	.	PUNCT
fbem-25599	34	1	financial	financial	ADJ
fbem-25599	34	2	repression	repression	NOUN
fbem-25599	34	3	financial	financial	ADJ
fbem-25599	34	4	repression	repression	NOUN
fbem-25599	34	5	essentially	essentially	ADV
fbem-25599	34	6	refers	refer	VERB
fbem-25599	34	7	to	to	ADP
fbem-25599	34	8	the	the	DET
fbem-25599	34	9	failure	failure	NOUN
fbem-25599	34	10	of	of	ADP
fbem-25599	34	11	financial	financial	ADJ
fbem-25599	34	12	elements	element	NOUN
fbem-25599	34	13	to	to	PART
fbem-25599	34	14	perform	perform	VERB
fbem-25599	34	15	their	their	PRON
fbem-25599	34	16	intended	intend	VERB
fbem-25599	34	17	functions	function	NOUN
fbem-25599	34	18	and	and	CCONJ
fbem-25599	34	19	224	224	NUM
fbem-25599	34	20	effects	effect	NOUN
fbem-25599	34	21	.	.	PUNCT
fbem-25599	35	1	it	it	PRON
fbem-25599	35	2	is	be	AUX
fbem-25599	35	3	characterized	characterize	VERB
fbem-25599	35	4	by	by	ADP
fbem-25599	35	5	an	an	DET
fbem-25599	35	6	excessive	excessive	ADJ
fbem-25599	35	7	proportion	proportion	NOUN
fbem-25599	35	8	of	of	ADP
fbem-25599	35	9	indirect	indirect	ADJ
fbem-25599	35	10	financing	financing	NOUN
fbem-25599	35	11	,	,	PUNCT
fbem-25599	35	12	credit	credit	NOUN
fbem-25599	35	13	discrimination	discrimination	NOUN
fbem-25599	35	14	among	among	ADP
fbem-25599	35	15	different	different	ADJ
fbem-25599	35	16	enterprises	enterprise	NOUN
fbem-25599	35	17	,	,	PUNCT
fbem-25599	35	18	deposit	deposit	NOUN
fbem-25599	35	19	and	and	CCONJ
fbem-25599	35	20	loan	loan	NOUN
fbem-25599	35	21	interest	interest	NOUN
fbem-25599	35	22	rate	rate	NOUN
fbem-25599	35	23	regulation	regulation	NOUN
fbem-25599	35	24	,	,	PUNCT
fbem-25599	35	25	and	and	CCONJ
fbem-25599	35	26	capital	capital	NOUN
fbem-25599	35	27	account	account	NOUN
fbem-25599	35	28	restrictions	restriction	NOUN
fbem-25599	35	29	,	,	PUNCT
fbem-25599	35	30	all	all	PRON
fbem-25599	35	31	of	of	ADP
fbem-25599	35	32	which	which	PRON
fbem-25599	35	33	distort	distort	VERB
fbem-25599	35	34	money	money	NOUN
fbem-25599	35	35	costs	cost	NOUN
fbem-25599	35	36	and	and	CCONJ
fbem-25599	35	37	affect	affect	VERB
fbem-25599	35	38	money	money	NOUN
fbem-25599	35	39	supply	supply	NOUN
fbem-25599	35	40	.	.	PUNCT
fbem-25599	36	1	in	in	ADP
fbem-25599	36	2	china	china	PROPN
fbem-25599	36	3	,	,	PUNCT
fbem-25599	36	4	due	due	ADP
fbem-25599	36	5	to	to	ADP
fbem-25599	36	6	the	the	DET
fbem-25599	36	7	imperfection	imperfection	NOUN
fbem-25599	36	8	of	of	ADP
fbem-25599	36	9	the	the	DET
fbem-25599	36	10	financial	financial	ADJ
fbem-25599	36	11	market	market	NOUN
fbem-25599	36	12	and	and	CCONJ
fbem-25599	36	13	the	the	DET
fbem-25599	36	14	inadequacy	inadequacy	NOUN
fbem-25599	36	15	of	of	ADP
fbem-25599	36	16	the	the	DET
fbem-25599	36	17	credit	credit	NOUN
fbem-25599	36	18	system	system	NOUN
fbem-25599	36	19	,	,	PUNCT
fbem-25599	36	20	enterprises	enterprise	NOUN
fbem-25599	36	21	prefer	prefer	VERB
fbem-25599	36	22	indirect	indirect	ADJ
fbem-25599	36	23	financing	financing	NOUN
fbem-25599	36	24	(	(	PUNCT
fbem-25599	36	25	such	such	ADJ
fbem-25599	36	26	as	as	ADP
fbem-25599	36	27	bank	bank	NOUN
fbem-25599	36	28	loans	loan	NOUN
fbem-25599	36	29	)	)	PUNCT
fbem-25599	36	30	over	over	ADP
fbem-25599	36	31	direct	direct	ADJ
fbem-25599	36	32	financing	financing	NOUN
fbem-25599	36	33	(	(	PUNCT
fbem-25599	36	34	such	such	ADJ
fbem-25599	36	35	as	as	ADP
fbem-25599	36	36	issuing	issue	VERB
fbem-25599	36	37	bonds	bond	NOUN
fbem-25599	36	38	or	or	CCONJ
fbem-25599	36	39	stocks	stock	NOUN
fbem-25599	36	40	)	)	PUNCT
fbem-25599	36	41	.	.	PUNCT
fbem-25599	37	1	this	this	DET
fbem-25599	37	2	results	result	VERB
fbem-25599	37	3	in	in	ADP
fbem-25599	37	4	an	an	DET
fbem-25599	37	5	excessive	excessive	ADJ
fbem-25599	37	6	proportion	proportion	NOUN
fbem-25599	37	7	of	of	ADP
fbem-25599	37	8	indirect	indirect	ADJ
fbem-25599	37	9	financing	financing	NOUN
fbem-25599	37	10	,	,	PUNCT
fbem-25599	37	11	limiting	limit	VERB
fbem-25599	37	12	the	the	DET
fbem-25599	37	13	development	development	NOUN
fbem-25599	37	14	of	of	ADP
fbem-25599	37	15	financial	financial	ADJ
fbem-25599	37	16	markets	market	NOUN
fbem-25599	37	17	.	.	PUNCT
fbem-25599	38	1	additionally	additionally	ADV
fbem-25599	38	2	,	,	PUNCT
fbem-25599	38	3	banks	bank	NOUN
fbem-25599	38	4	often	often	ADV
fbem-25599	38	5	allocate	allocate	VERB
fbem-25599	38	6	credit	credit	NOUN
fbem-25599	38	7	to	to	ADP
fbem-25599	38	8	state	state	NOUN
fbem-25599	38	9	-	-	PUNCT
fbem-25599	38	10	owned	own	VERB
fbem-25599	38	11	enterprises	enterprise	NOUN
fbem-25599	38	12	or	or	CCONJ
fbem-25599	38	13	government	government	NOUN
fbem-25599	38	14	projects	project	NOUN
fbem-25599	38	15	rather	rather	ADV
fbem-25599	38	16	than	than	ADP
fbem-25599	38	17	to	to	ADP
fbem-25599	38	18	private	private	ADJ
fbem-25599	38	19	or	or	CCONJ
fbem-25599	38	20	small	small	ADJ
fbem-25599	38	21	and	and	CCONJ
fbem-25599	38	22	medium	medium	ADJ
fbem-25599	38	23	-	-	PUNCT
fbem-25599	38	24	sized	sized	ADJ
fbem-25599	38	25	enterprises	enterprise	NOUN
fbem-25599	38	26	,	,	PUNCT
fbem-25599	38	27	leading	lead	VERB
fbem-25599	38	28	to	to	ADP
fbem-25599	38	29	a	a	DET
fbem-25599	38	30	lack	lack	NOUN
fbem-25599	38	31	of	of	ADP
fbem-25599	38	32	investment	investment	NOUN
fbem-25599	38	33	channels	channel	NOUN
fbem-25599	38	34	and	and	CCONJ
fbem-25599	38	35	exacerbating	exacerbate	VERB
fbem-25599	38	36	financial	financial	ADJ
fbem-25599	38	37	repression	repression	NOUN
fbem-25599	38	38	.	.	PUNCT
fbem-25599	39	1	furthermore	furthermore	ADV
fbem-25599	39	2	,	,	PUNCT
fbem-25599	39	3	deposit	deposit	NOUN
fbem-25599	39	4	and	and	CCONJ
fbem-25599	39	5	loan	loan	NOUN
fbem-25599	39	6	interest	interest	NOUN
fbem-25599	39	7	rate	rate	NOUN
fbem-25599	39	8	regulation	regulation	NOUN
fbem-25599	39	9	,	,	PUNCT
fbem-25599	39	10	and	and	CCONJ
fbem-25599	39	11	higher	high	ADJ
fbem-25599	39	12	savings	saving	NOUN
fbem-25599	39	13	rates	rate	NOUN
fbem-25599	39	14	:	:	PUNCT
fbem-25599	39	15	in	in	ADP
fbem-25599	39	16	china	china	PROPN
fbem-25599	39	17	,	,	PUNCT
fbem-25599	39	18	deposit	deposit	NOUN
fbem-25599	39	19	and	and	CCONJ
fbem-25599	39	20	loan	loan	NOUN
fbem-25599	39	21	interest	interest	NOUN
fbem-25599	39	22	rates	rate	NOUN
fbem-25599	39	23	are	be	AUX
fbem-25599	39	24	controlled	control	VERB
fbem-25599	39	25	by	by	ADP
fbem-25599	39	26	the	the	DET
fbem-25599	39	27	government	government	NOUN
fbem-25599	39	28	,	,	PUNCT
fbem-25599	39	29	with	with	ADP
fbem-25599	39	30	lower	low	ADJ
fbem-25599	39	31	deposit	deposit	NOUN
fbem-25599	39	32	rates	rate	NOUN
fbem-25599	39	33	and	and	CCONJ
fbem-25599	39	34	higher	high	ADJ
fbem-25599	39	35	loan	loan	NOUN
fbem-25599	39	36	rates	rate	NOUN
fbem-25599	39	37	.	.	PUNCT
fbem-25599	40	1	this	this	DET
fbem-25599	40	2	results	result	NOUN
fbem-25599	40	3	in	in	ADP
fbem-25599	40	4	higher	high	ADJ
fbem-25599	40	5	savings	saving	NOUN
fbem-25599	40	6	rates	rate	NOUN
fbem-25599	40	7	because	because	SCONJ
fbem-25599	40	8	people	people	NOUN
fbem-25599	40	9	can	can	AUX
fbem-25599	40	10	not	not	PART
fbem-25599	40	11	get	get	VERB
fbem-25599	40	12	high	high	ADJ
fbem-25599	40	13	returns	return	NOUN
fbem-25599	40	14	on	on	ADP
fbem-25599	40	15	savings	saving	NOUN
fbem-25599	40	16	and	and	CCONJ
fbem-25599	40	17	are	be	AUX
fbem-25599	40	18	more	more	ADV
fbem-25599	40	19	inclined	inclined	ADJ
fbem-25599	40	20	to	to	PART
fbem-25599	40	21	deposit	deposit	VERB
fbem-25599	40	22	funds	fund	NOUN
fbem-25599	40	23	in	in	ADP
fbem-25599	40	24	banks	bank	NOUN
fbem-25599	40	25	rather	rather	ADV
fbem-25599	40	26	than	than	ADP
fbem-25599	40	27	invest	invest	VERB
fbem-25599	40	28	them	they	PRON
fbem-25599	40	29	.	.	PUNCT
fbem-25599	41	1	this	this	PRON
fbem-25599	41	2	further	far	ADV
fbem-25599	41	3	exacerbates	exacerbate	VERB
fbem-25599	41	4	financial	financial	ADJ
fbem-25599	41	5	repression	repression	NOUN
fbem-25599	41	6	.	.	PUNCT
fbem-25599	42	1	lastly	lastly	ADV
fbem-25599	42	2	,	,	PUNCT
fbem-25599	42	3	capital	capital	NOUN
fbem-25599	42	4	account	account	NOUN
fbem-25599	42	5	restrictions	restriction	NOUN
fbem-25599	42	6	limit	limit	VERB
fbem-25599	42	7	the	the	DET
fbem-25599	42	8	free	free	ADJ
fbem-25599	42	9	flow	flow	NOUN
fbem-25599	42	10	of	of	ADP
fbem-25599	42	11	funds	fund	NOUN
fbem-25599	42	12	and	and	CCONJ
fbem-25599	42	13	cross	cross	ADJ
fbem-25599	42	14	-	-	ADJ
fbem-25599	42	15	border	border	ADJ
fbem-25599	42	16	investment	investment	NOUN
fbem-25599	42	17	,	,	PUNCT
fbem-25599	42	18	restricting	restrict	VERB
fbem-25599	42	19	the	the	DET
fbem-25599	42	20	development	development	NOUN
fbem-25599	42	21	of	of	ADP
fbem-25599	42	22	financial	financial	ADJ
fbem-25599	42	23	markets	market	NOUN
fbem-25599	42	24	and	and	CCONJ
fbem-25599	42	25	preventing	prevent	VERB
fbem-25599	42	26	them	they	PRON
fbem-25599	42	27	from	from	ADP
fbem-25599	42	28	performing	perform	VERB
fbem-25599	42	29	their	their	PRON
fbem-25599	42	30	intended	intend	VERB
fbem-25599	42	31	functions	function	NOUN
fbem-25599	42	32	and	and	CCONJ
fbem-25599	42	33	effects	effect	NOUN
fbem-25599	42	34	.	.	PUNCT
fbem-25599	43	1	research	research	NOUN
fbem-25599	43	2	shows	show	VERB
fbem-25599	43	3	that	that	SCONJ
fbem-25599	43	4	financial	financial	ADJ
fbem-25599	43	5	repression	repression	NOUN
fbem-25599	43	6	leads	lead	VERB
fbem-25599	43	7	to	to	ADP
fbem-25599	43	8	a	a	DET
fbem-25599	43	9	persistent	persistent	ADJ
fbem-25599	43	10	increase	increase	NOUN
fbem-25599	43	11	in	in	ADP
fbem-25599	43	12	the	the	DET
fbem-25599	43	13	m2	m2	PROPN
fbem-25599	43	14	/	/	SYM
fbem-25599	43	15	gdp	gdp	NOUN
fbem-25599	43	16	ratio	ratio	NOUN
fbem-25599	43	17	by	by	ADP
fbem-25599	43	18	limiting	limit	VERB
fbem-25599	43	19	financing	financing	NOUN
fbem-25599	43	20	channels	channel	NOUN
fbem-25599	43	21	and	and	CCONJ
fbem-25599	43	22	investment	investment	NOUN
fbem-25599	43	23	opportunities	opportunity	NOUN
fbem-25599	43	24	.	.	PUNCT
fbem-25599	44	1	in	in	ADP
fbem-25599	44	2	this	this	DET
fbem-25599	44	3	process	process	NOUN
fbem-25599	44	4	,	,	PUNCT
fbem-25599	44	5	financing	financing	NOUN
fbem-25599	44	6	restrictions	restriction	NOUN
fbem-25599	44	7	increase	increase	VERB
fbem-25599	44	8	the	the	DET
fbem-25599	44	9	demand	demand	NOUN
fbem-25599	44	10	for	for	ADP
fbem-25599	44	11	asset	asset	NOUN
fbem-25599	44	12	-	-	PUNCT
fbem-25599	44	13	based	base	VERB
fbem-25599	44	14	money	money	NOUN
fbem-25599	44	15	,	,	PUNCT
fbem-25599	44	16	and	and	CCONJ
fbem-25599	44	17	the	the	DET
fbem-25599	44	18	lack	lack	NOUN
fbem-25599	44	19	of	of	ADP
fbem-25599	44	20	investment	investment	NOUN
fbem-25599	44	21	channels	channel	NOUN
fbem-25599	44	22	heightens	heighten	VERB
fbem-25599	44	23	the	the	DET
fbem-25599	44	24	demand	demand	NOUN
fbem-25599	44	25	for	for	ADP
fbem-25599	44	26	asset	asset	NOUN
fbem-25599	44	27	-	-	PUNCT
fbem-25599	44	28	based	base	VERB
fbem-25599	44	29	money	money	NOUN
fbem-25599	44	30	among	among	ADP
fbem-25599	44	31	wealth	wealth	NOUN
fbem-25599	44	32	holders	holder	NOUN
fbem-25599	44	33	.	.	PUNCT
fbem-25599	45	1	consequently	consequently	ADV
fbem-25599	45	2	,	,	PUNCT
fbem-25599	45	3	residents	resident	NOUN
fbem-25599	45	4	often	often	ADV
fbem-25599	45	5	retain	retain	VERB
fbem-25599	45	6	new	new	ADJ
fbem-25599	45	7	savings	saving	NOUN
fbem-25599	45	8	in	in	ADP
fbem-25599	45	9	the	the	DET
fbem-25599	45	10	form	form	NOUN
fbem-25599	45	11	of	of	ADP
fbem-25599	45	12	bank	bank	NOUN
fbem-25599	45	13	deposits	deposit	NOUN
fbem-25599	45	14	.	.	PUNCT
fbem-25599	46	1	this	this	PRON
fbem-25599	46	2	demonstrates	demonstrate	VERB
fbem-25599	46	3	a	a	DET
fbem-25599	46	4	close	close	ADJ
fbem-25599	46	5	internal	internal	ADJ
fbem-25599	46	6	connection	connection	NOUN
fbem-25599	46	7	between	between	ADP
fbem-25599	46	8	china	china	PROPN
fbem-25599	46	9	's	's	PART
fbem-25599	46	10	persistently	persistently	ADV
fbem-25599	46	11	high	high	ADJ
fbem-25599	46	12	savings	saving	NOUN
fbem-25599	46	13	rate	rate	NOUN
fbem-25599	46	14	and	and	CCONJ
fbem-25599	46	15	financial	financial	ADJ
fbem-25599	46	16	repression	repression	NOUN
fbem-25599	46	17	,	,	PUNCT
fbem-25599	46	18	with	with	ADP
fbem-25599	46	19	financial	financial	ADJ
fbem-25599	46	20	repression	repression	NOUN
fbem-25599	46	21	being	be	AUX
fbem-25599	46	22	an	an	DET
fbem-25599	46	23	external	external	ADJ
fbem-25599	46	24	factor	factor	NOUN
fbem-25599	46	25	influencing	influence	VERB
fbem-25599	46	26	the	the	DET
fbem-25599	46	27	money	money	NOUN
fbem-25599	46	28	demand	demand	NOUN
fbem-25599	46	29	of	of	ADP
fbem-25599	46	30	economic	economic	ADJ
fbem-25599	46	31	entities	entity	NOUN
fbem-25599	46	32	.	.	PUNCT
fbem-25599	47	1	financial	financial	ADJ
fbem-25599	47	2	repression	repression	NOUN
fbem-25599	47	3	distorts	distort	VERB
fbem-25599	47	4	money	money	NOUN
fbem-25599	47	5	costs	cost	NOUN
fbem-25599	47	6	,	,	PUNCT
fbem-25599	47	7	making	make	VERB
fbem-25599	47	8	money	money	NOUN
fbem-25599	47	9	supply	supply	NOUN
fbem-25599	47	10	unable	unable	ADJ
fbem-25599	47	11	to	to	PART
fbem-25599	47	12	effectively	effectively	ADV
fbem-25599	47	13	meet	meet	VERB
fbem-25599	47	14	economic	economic	ADJ
fbem-25599	47	15	demand	demand	NOUN
fbem-25599	47	16	.	.	PUNCT
fbem-25599	48	1	due	due	ADP
fbem-25599	48	2	to	to	ADP
fbem-25599	48	3	the	the	DET
fbem-25599	48	4	imperfection	imperfection	NOUN
fbem-25599	48	5	of	of	ADP
fbem-25599	48	6	the	the	DET
fbem-25599	48	7	financial	financial	ADJ
fbem-25599	48	8	market	market	NOUN
fbem-25599	48	9	and	and	CCONJ
fbem-25599	48	10	the	the	DET
fbem-25599	48	11	inadequacy	inadequacy	NOUN
fbem-25599	48	12	of	of	ADP
fbem-25599	48	13	the	the	DET
fbem-25599	48	14	credit	credit	NOUN
fbem-25599	48	15	system	system	NOUN
fbem-25599	48	16	,	,	PUNCT
fbem-25599	48	17	enterprises	enterprise	NOUN
fbem-25599	48	18	are	be	AUX
fbem-25599	48	19	more	more	ADV
fbem-25599	48	20	inclined	inclined	ADJ
fbem-25599	48	21	towards	towards	ADP
fbem-25599	48	22	indirect	indirect	ADJ
fbem-25599	48	23	financing	financing	NOUN
fbem-25599	48	24	,	,	PUNCT
fbem-25599	48	25	resulting	result	VERB
fbem-25599	48	26	in	in	ADP
fbem-25599	48	27	an	an	DET
fbem-25599	48	28	excessive	excessive	ADJ
fbem-25599	48	29	proportion	proportion	NOUN
fbem-25599	48	30	of	of	ADP
fbem-25599	48	31	indirect	indirect	ADJ
fbem-25599	48	32	financing	financing	NOUN
fbem-25599	48	33	and	and	CCONJ
fbem-25599	48	34	further	far	ADV
fbem-25599	48	35	distorting	distort	VERB
fbem-25599	48	36	money	money	NOUN
fbem-25599	48	37	supply	supply	NOUN
fbem-25599	48	38	.	.	PUNCT
fbem-25599	49	1	simultaneously	simultaneously	ADV
fbem-25599	49	2	,	,	PUNCT
fbem-25599	49	3	the	the	DET
fbem-25599	49	4	lack	lack	NOUN
fbem-25599	49	5	of	of	ADP
fbem-25599	49	6	investment	investment	NOUN
fbem-25599	49	7	channels	channel	NOUN
fbem-25599	49	8	and	and	CCONJ
fbem-25599	49	9	deposit	deposit	NOUN
fbem-25599	49	10	and	and	CCONJ
fbem-25599	49	11	loan	loan	NOUN
fbem-25599	49	12	interest	interest	NOUN
fbem-25599	49	13	rate	rate	NOUN
fbem-25599	49	14	regulation	regulation	NOUN
fbem-25599	49	15	mean	mean	VERB
fbem-25599	49	16	that	that	SCONJ
fbem-25599	49	17	a	a	DET
fbem-25599	49	18	substantial	substantial	ADJ
fbem-25599	49	19	amount	amount	NOUN
fbem-25599	49	20	of	of	ADP
fbem-25599	49	21	deposits	deposit	NOUN
fbem-25599	49	22	can	can	AUX
fbem-25599	49	23	not	not	PART
fbem-25599	49	24	be	be	AUX
fbem-25599	49	25	converted	convert	VERB
fbem-25599	49	26	into	into	ADP
fbem-25599	49	27	investments	investment	NOUN
fbem-25599	49	28	,	,	PUNCT
fbem-25599	49	29	aggravating	aggravate	VERB
fbem-25599	49	30	the	the	DET
fbem-25599	49	31	inadequacy	inadequacy	NOUN
fbem-25599	49	32	of	of	ADP
fbem-25599	49	33	money	money	NOUN
fbem-25599	49	34	supply	supply	NOUN
fbem-25599	49	35	.	.	PUNCT
fbem-25599	50	1	2.3	2.3	NUM
fbem-25599	50	2	.	.	PUNCT
fbem-25599	51	1	financial	financial	ADJ
fbem-25599	51	2	hoarding	hoarding	NOUN
fbem-25599	51	3	in	in	ADP
fbem-25599	51	4	1997	1997	NUM
fbem-25599	51	5	,	,	PUNCT
fbem-25599	51	6	binswanger	binswanger	NOUN
fbem-25599	51	7	introduced	introduce	VERB
fbem-25599	51	8	the	the	DET
fbem-25599	51	9	theory	theory	NOUN
fbem-25599	51	10	of	of	ADP
fbem-25599	51	11	financial	financial	ADJ
fbem-25599	51	12	hoarding	hoarding	NOUN
fbem-25599	51	13	in	in	ADP
fbem-25599	51	14	a	a	DET
fbem-25599	51	15	paper	paper	NOUN
fbem-25599	51	16	on	on	ADP
fbem-25599	51	17	the	the	DET
fbem-25599	51	18	new	new	ADJ
fbem-25599	51	19	interpretation	interpretation	NOUN
fbem-25599	51	20	of	of	ADP
fbem-25599	51	21	financial	financial	ADJ
fbem-25599	51	22	accumulation	accumulation	NOUN
fbem-25599	51	23	.	.	PUNCT
fbem-25599	52	1	this	this	DET
fbem-25599	52	2	theory	theory	NOUN
fbem-25599	52	3	explains	explain	VERB
fbem-25599	52	4	the	the	DET
fbem-25599	52	5	phenomenon	phenomenon	NOUN
fbem-25599	52	6	of	of	ADP
fbem-25599	52	7	financial	financial	ADJ
fbem-25599	52	8	hoarding	hoarding	NOUN
fbem-25599	52	9	,	,	PUNCT
fbem-25599	52	10	where	where	SCONJ
fbem-25599	52	11	funds	fund	NOUN
fbem-25599	52	12	invested	invest	VERB
fbem-25599	52	13	in	in	ADP
fbem-25599	52	14	financial	financial	ADJ
fbem-25599	52	15	assets	asset	NOUN
fbem-25599	52	16	are	be	AUX
fbem-25599	52	17	not	not	PART
fbem-25599	52	18	used	use	VERB
fbem-25599	52	19	for	for	ADP
fbem-25599	52	20	real	real	ADJ
fbem-25599	52	21	economy	economy	NOUN
fbem-25599	52	22	financing	financing	NOUN
fbem-25599	52	23	.	.	PUNCT
fbem-25599	53	1	in	in	ADP
fbem-25599	53	2	market	market	NOUN
fbem-25599	53	3	economies	economy	NOUN
fbem-25599	53	4	and	and	CCONJ
fbem-25599	53	5	modern	modern	ADJ
fbem-25599	53	6	credit	credit	NOUN
fbem-25599	53	7	systems	system	NOUN
fbem-25599	53	8	,	,	PUNCT
fbem-25599	53	9	such	such	ADJ
fbem-25599	53	10	funds	fund	NOUN
fbem-25599	53	11	circulate	circulate	VERB
fbem-25599	53	12	only	only	ADV
fbem-25599	53	13	within	within	ADP
fbem-25599	53	14	the	the	DET
fbem-25599	53	15	financial	financial	ADJ
fbem-25599	53	16	sector	sector	NOUN
fbem-25599	53	17	,	,	PUNCT
fbem-25599	53	18	leading	lead	VERB
fbem-25599	53	19	to	to	ADP
fbem-25599	53	20	a	a	DET
fbem-25599	53	21	separation	separation	NOUN
fbem-25599	53	22	between	between	ADP
fbem-25599	53	23	the	the	DET
fbem-25599	53	24	virtual	virtual	ADJ
fbem-25599	53	25	economy	economy	NOUN
fbem-25599	53	26	and	and	CCONJ
fbem-25599	53	27	the	the	DET
fbem-25599	53	28	real	real	ADJ
fbem-25599	53	29	economy	economy	NOUN
fbem-25599	53	30	.	.	PUNCT
fbem-25599	54	1	by	by	ADP
fbem-25599	54	2	the	the	DET
fbem-25599	54	3	end	end	NOUN
fbem-25599	54	4	of	of	ADP
fbem-25599	54	5	2014	2014	NUM
fbem-25599	54	6	,	,	PUNCT
fbem-25599	54	7	the	the	DET
fbem-25599	54	8	scale	scale	NOUN
fbem-25599	54	9	of	of	ADP
fbem-25599	54	10	financial	financial	ADJ
fbem-25599	54	11	hoarding	hoarding	NOUN
fbem-25599	54	12	in	in	ADP
fbem-25599	54	13	china	china	PROPN
fbem-25599	54	14	reached	reach	VERB
fbem-25599	54	15	90.6	90.6	NUM
fbem-25599	54	16	trillion	trillion	NUM
fbem-25599	54	17	yuan	yuan	NOUN
fbem-25599	54	18	,	,	PUNCT
fbem-25599	54	19	accounting	account	VERB
fbem-25599	54	20	for	for	ADP
fbem-25599	54	21	74	74	NUM
fbem-25599	54	22	%	%	NOUN
fbem-25599	54	23	of	of	ADP
fbem-25599	54	24	m2	m2	PROPN
fbem-25599	54	25	,	,	PUNCT
fbem-25599	54	26	and	and	CCONJ
fbem-25599	54	27	has	have	AUX
fbem-25599	54	28	been	be	AUX
fbem-25599	54	29	on	on	ADP
fbem-25599	54	30	the	the	DET
fbem-25599	54	31	rise	rise	NOUN
fbem-25599	54	32	.	.	PUNCT
fbem-25599	55	1	this	this	PRON
fbem-25599	55	2	indicates	indicate	VERB
fbem-25599	55	3	that	that	SCONJ
fbem-25599	55	4	a	a	DET
fbem-25599	55	5	large	large	ADJ
fbem-25599	55	6	amount	amount	NOUN
fbem-25599	55	7	of	of	ADP
fbem-25599	55	8	broad	broad	ADJ
fbem-25599	55	9	money	money	NOUN
fbem-25599	55	10	has	have	AUX
fbem-25599	55	11	been	be	AUX
fbem-25599	55	12	converted	convert	VERB
fbem-25599	55	13	into	into	ADP
fbem-25599	55	14	near	near	ADJ
fbem-25599	55	15	-	-	PUNCT
fbem-25599	55	16	money	money	NOUN
fbem-25599	55	17	,	,	PUNCT
fbem-25599	55	18	with	with	ADP
fbem-25599	55	19	excess	excess	ADJ
fbem-25599	55	20	liquidity	liquidity	NOUN
fbem-25599	55	21	stored	store	VERB
fbem-25599	55	22	in	in	ADP
fbem-25599	55	23	the	the	DET
fbem-25599	55	24	virtual	virtual	ADJ
fbem-25599	55	25	economy	economy	NOUN
fbem-25599	55	26	rather	rather	ADV
fbem-25599	55	27	than	than	ADP
fbem-25599	55	28	being	be	AUX
fbem-25599	55	29	invested	invest	VERB
fbem-25599	55	30	in	in	ADP
fbem-25599	55	31	the	the	DET
fbem-25599	55	32	real	real	ADJ
fbem-25599	55	33	economy	economy	NOUN
fbem-25599	55	34	,	,	PUNCT
fbem-25599	55	35	hence	hence	ADV
fbem-25599	55	36	the	the	DET
fbem-25599	55	37	lack	lack	NOUN
fbem-25599	55	38	of	of	ADP
fbem-25599	55	39	significant	significant	ADJ
fbem-25599	55	40	inflation	inflation	NOUN
fbem-25599	55	41	.	.	PUNCT
fbem-25599	56	1	researchers	researcher	NOUN
fbem-25599	56	2	have	have	AUX
fbem-25599	56	3	delved	delve	VERB
fbem-25599	56	4	into	into	ADP
fbem-25599	56	5	this	this	DET
fbem-25599	56	6	view	view	NOUN
fbem-25599	56	7	and	and	CCONJ
fbem-25599	56	8	proposed	propose	VERB
fbem-25599	56	9	theories	theory	NOUN
fbem-25599	56	10	on	on	ADP
fbem-25599	56	11	the	the	DET
fbem-25599	56	12	concentration	concentration	NOUN
fbem-25599	56	13	of	of	ADP
fbem-25599	56	14	money	money	NOUN
fbem-25599	56	15	in	in	ADP
fbem-25599	56	16	the	the	DET
fbem-25599	56	17	virtual	virtual	ADJ
fbem-25599	56	18	economy	economy	NOUN
fbem-25599	56	19	.	.	PUNCT
fbem-25599	57	1	they	they	PRON
fbem-25599	57	2	point	point	VERB
fbem-25599	57	3	out	out	ADP
fbem-25599	57	4	that	that	SCONJ
fbem-25599	57	5	as	as	SCONJ
fbem-25599	57	6	the	the	DET
fbem-25599	57	7	virtual	virtual	ADJ
fbem-25599	57	8	economy	economy	NOUN
fbem-25599	57	9	centered	center	VERB
fbem-25599	57	10	around	around	ADP
fbem-25599	57	11	financial	financial	ADJ
fbem-25599	57	12	activities	activity	NOUN
fbem-25599	57	13	becomes	become	VERB
fbem-25599	57	14	the	the	DET
fbem-25599	57	15	core	core	NOUN
fbem-25599	57	16	of	of	ADP
fbem-25599	57	17	the	the	DET
fbem-25599	57	18	modern	modern	ADJ
fbem-25599	57	19	economy	economy	NOUN
fbem-25599	57	20	,	,	PUNCT
fbem-25599	57	21	more	more	ADJ
fbem-25599	57	22	money	money	NOUN
fbem-25599	57	23	flows	flow	VERB
fbem-25599	57	24	from	from	ADP
fbem-25599	57	25	the	the	DET
fbem-25599	57	26	real	real	ADJ
fbem-25599	57	27	economy	economy	NOUN
fbem-25599	57	28	into	into	ADP
fbem-25599	57	29	the	the	DET
fbem-25599	57	30	virtual	virtual	ADJ
fbem-25599	57	31	economy	economy	NOUN
fbem-25599	57	32	and	and	CCONJ
fbem-25599	57	33	serves	serve	VERB
fbem-25599	57	34	as	as	ADP
fbem-25599	57	35	the	the	DET
fbem-25599	57	36	main	main	ADJ
fbem-25599	57	37	trading	trading	NOUN
fbem-25599	57	38	tool	tool	NOUN
fbem-25599	57	39	for	for	ADP
fbem-25599	57	40	virtual	virtual	ADJ
fbem-25599	57	41	assets	asset	NOUN
fbem-25599	57	42	.	.	PUNCT
fbem-25599	58	1	this	this	DET
fbem-25599	58	2	transition	transition	NOUN
fbem-25599	58	3	leads	lead	VERB
fbem-25599	58	4	to	to	ADP
fbem-25599	58	5	rising	rise	VERB
fbem-25599	58	6	asset	asset	NOUN
fbem-25599	58	7	prices	price	NOUN
fbem-25599	58	8	and	and	CCONJ
fbem-25599	58	9	an	an	DET
fbem-25599	58	10	imbalance	imbalance	NOUN
fbem-25599	58	11	in	in	ADP
fbem-25599	58	12	the	the	DET
fbem-25599	58	13	money	money	NOUN
fbem-25599	58	14	structure	structure	NOUN
fbem-25599	58	15	,	,	PUNCT
fbem-25599	58	16	distorting	distort	VERB
fbem-25599	58	17	the	the	DET
fbem-25599	58	18	relationship	relationship	NOUN
fbem-25599	58	19	between	between	ADP
fbem-25599	58	20	money	money	NOUN
fbem-25599	58	21	supply	supply	NOUN
fbem-25599	58	22	and	and	CCONJ
fbem-25599	58	23	prices	price	NOUN
fbem-25599	58	24	.	.	PUNCT
fbem-25599	59	1	the	the	DET
fbem-25599	59	2	financial	financial	ADJ
fbem-25599	59	3	sector	sector	NOUN
fbem-25599	59	4	does	do	AUX
fbem-25599	59	5	not	not	PART
fbem-25599	59	6	channel	channel	VERB
fbem-25599	59	7	all	all	DET
fbem-25599	59	8	the	the	DET
fbem-25599	59	9	money	money	NOUN
fbem-25599	59	10	it	it	PRON
fbem-25599	59	11	absorbs	absorb	VERB
fbem-25599	59	12	from	from	ADP
fbem-25599	59	13	the	the	DET
fbem-25599	59	14	market	market	NOUN
fbem-25599	59	15	into	into	ADP
fbem-25599	59	16	household	household	NOUN
fbem-25599	59	17	and	and	CCONJ
fbem-25599	59	18	non	non	ADJ
fbem-25599	59	19	-	-	ADJ
fbem-25599	59	20	financial	financial	ADJ
fbem-25599	59	21	sector	sector	NOUN
fbem-25599	59	22	real	real	ADJ
fbem-25599	59	23	economy	economy	NOUN
fbem-25599	59	24	investments	investment	NOUN
fbem-25599	59	25	but	but	CCONJ
fbem-25599	59	26	retains	retain	VERB
fbem-25599	59	27	some	some	PRON
fbem-25599	59	28	of	of	ADP
fbem-25599	59	29	it	it	PRON
fbem-25599	59	30	within	within	ADP
fbem-25599	59	31	the	the	DET
fbem-25599	59	32	financial	financial	ADJ
fbem-25599	59	33	market	market	NOUN
fbem-25599	59	34	for	for	ADP
fbem-25599	59	35	transactions	transaction	NOUN
fbem-25599	59	36	involving	involve	VERB
fbem-25599	59	37	financial	financial	ADJ
fbem-25599	59	38	assets	asset	NOUN
fbem-25599	59	39	among	among	ADP
fbem-25599	59	40	various	various	ADJ
fbem-25599	59	41	financial	financial	ADJ
fbem-25599	59	42	institutions	institution	NOUN
fbem-25599	59	43	.	.	PUNCT
fbem-25599	60	1	this	this	DET
fbem-25599	60	2	portion	portion	NOUN
fbem-25599	60	3	of	of	ADP
fbem-25599	60	4	money	money	NOUN
fbem-25599	60	5	effectively	effectively	ADV
fbem-25599	60	6	exits	exit	VERB
fbem-25599	60	7	the	the	DET
fbem-25599	60	8	money	money	NOUN
fbem-25599	60	9	circulation	circulation	NOUN
fbem-25599	60	10	system	system	NOUN
fbem-25599	60	11	,	,	PUNCT
fbem-25599	60	12	creating	create	VERB
fbem-25599	60	13	financial	financial	ADJ
fbem-25599	60	14	hoarding	hoarding	NOUN
fbem-25599	60	15	.	.	PUNCT
fbem-25599	61	1	furthermore	furthermore	ADV
fbem-25599	61	2	,	,	PUNCT
fbem-25599	61	3	these	these	DET
fbem-25599	61	4	hoarded	hoard	VERB
fbem-25599	61	5	funds	fund	NOUN
fbem-25599	61	6	are	be	AUX
fbem-25599	61	7	intentionally	intentionally	ADV
fbem-25599	61	8	guided	guide	VERB
fbem-25599	61	9	towards	towards	ADP
fbem-25599	61	10	areas	area	NOUN
fbem-25599	61	11	prone	prone	ADJ
fbem-25599	61	12	to	to	ADP
fbem-25599	61	13	bubbles	bubble	NOUN
fbem-25599	61	14	in	in	ADP
fbem-25599	61	15	pursuit	pursuit	NOUN
fbem-25599	61	16	of	of	ADP
fbem-25599	61	17	excessive	excessive	ADJ
fbem-25599	61	18	returns	return	NOUN
fbem-25599	61	19	.	.	PUNCT
fbem-25599	62	1	2.4	2.4	NUM
fbem-25599	62	2	.	.	PUNCT
fbem-25599	62	3	neglect	neglect	NOUN
fbem-25599	62	4	of	of	ADP
fbem-25599	62	5	the	the	DET
fbem-25599	62	6	value	value	NOUN
fbem-25599	62	7	storage	storage	NOUN
fbem-25599	62	8	function	function	NOUN
fbem-25599	62	9	of	of	ADP
fbem-25599	62	10	money	money	NOUN
fbem-25599	62	11	existing	exist	VERB
fbem-25599	62	12	research	research	NOUN
fbem-25599	62	13	largely	largely	ADV
fbem-25599	62	14	relies	rely	VERB
fbem-25599	62	15	on	on	ADP
fbem-25599	62	16	traditional	traditional	ADJ
fbem-25599	62	17	western	western	ADJ
fbem-25599	62	18	economic	economic	ADJ
fbem-25599	62	19	quantity	quantity	NOUN
fbem-25599	62	20	theory	theory	NOUN
fbem-25599	62	21	of	of	ADP
fbem-25599	62	22	money	money	NOUN
fbem-25599	62	23	,	,	PUNCT
fbem-25599	62	24	which	which	PRON
fbem-25599	62	25	mainly	mainly	ADV
fbem-25599	62	26	follows	follow	VERB
fbem-25599	62	27	two	two	NUM
fbem-25599	62	28	paths	path	NOUN
fbem-25599	62	29	:	:	PUNCT
fbem-25599	62	30	one	one	NUM
fbem-25599	62	31	is	be	AUX
fbem-25599	62	32	to	to	PART
fbem-25599	62	33	slightly	slightly	ADV
fbem-25599	62	34	modify	modify	VERB
fbem-25599	62	35	variables	variable	NOUN
fbem-25599	62	36	in	in	ADP
fbem-25599	62	37	the	the	DET
fbem-25599	62	38	traditional	traditional	ADJ
fbem-25599	62	39	quantity	quantity	NOUN
fbem-25599	62	40	theory	theory	NOUN
fbem-25599	62	41	of	of	ADP
fbem-25599	62	42	money	money	NOUN
fbem-25599	62	43	or	or	CCONJ
fbem-25599	62	44	introduce	introduce	VERB
fbem-25599	62	45	new	new	ADJ
fbem-25599	62	46	variables	variable	NOUN
fbem-25599	62	47	;	;	PUNCT
fbem-25599	62	48	the	the	DET
fbem-25599	62	49	other	other	ADJ
fbem-25599	62	50	is	be	AUX
fbem-25599	62	51	to	to	PART
fbem-25599	62	52	innovate	innovate	VERB
fbem-25599	62	53	traditional	traditional	ADJ
fbem-25599	62	54	monetary	monetary	ADJ
fbem-25599	62	55	theory	theory	NOUN
fbem-25599	62	56	by	by	ADP
fbem-25599	62	57	modifying	modify	VERB
fbem-25599	62	58	its	its	PRON
fbem-25599	62	59	theoretical	theoretical	ADJ
fbem-25599	62	60	assumptions	assumption	NOUN
fbem-25599	62	61	to	to	PART
fbem-25599	62	62	incorporate	incorporate	VERB
fbem-25599	62	63	new	new	ADJ
fbem-25599	62	64	sectors	sector	NOUN
fbem-25599	62	65	like	like	ADP
fbem-25599	62	66	the	the	DET
fbem-25599	62	67	virtual	virtual	ADJ
fbem-25599	62	68	economy	economy	NOUN
fbem-25599	62	69	.	.	PUNCT
fbem-25599	63	1	however	however	ADV
fbem-25599	63	2	,	,	PUNCT
fbem-25599	63	3	the	the	DET
fbem-25599	63	4	key	key	NOUN
fbem-25599	63	5	to	to	ADP
fbem-25599	63	6	explaining	explain	VERB
fbem-25599	63	7	the	the	DET
fbem-25599	63	8	"	"	PUNCT
fbem-25599	63	9	china	china	PROPN
fbem-25599	63	10	money	money	NOUN
fbem-25599	63	11	mystery	mystery	NOUN
fbem-25599	63	12	"	"	PUNCT
fbem-25599	63	13	is	be	AUX
fbem-25599	63	14	to	to	PART
fbem-25599	63	15	clarify	clarify	VERB
fbem-25599	63	16	whether	whether	SCONJ
fbem-25599	63	17	there	there	PRON
fbem-25599	63	18	is	be	VERB
fbem-25599	63	19	an	an	DET
fbem-25599	63	20	inevitable	inevitable	ADJ
fbem-25599	63	21	direct	direct	ADJ
fbem-25599	63	22	relationship	relationship	NOUN
fbem-25599	63	23	between	between	ADP
fbem-25599	63	24	money	money	NOUN
fbem-25599	63	25	supply	supply	NOUN
fbem-25599	63	26	and	and	CCONJ
fbem-25599	63	27	prices	price	NOUN
fbem-25599	63	28	,	,	PUNCT
fbem-25599	63	29	whereas	whereas	SCONJ
fbem-25599	63	30	traditional	traditional	ADJ
fbem-25599	63	31	western	western	ADJ
fbem-25599	63	32	economic	economic	ADJ
fbem-25599	63	33	quantity	quantity	NOUN
fbem-25599	63	34	theory	theory	NOUN
fbem-25599	63	35	directly	directly	ADV
fbem-25599	63	36	acknowledges	acknowledge	VERB
fbem-25599	63	37	this	this	DET
fbem-25599	63	38	implicit	implicit	ADJ
fbem-25599	63	39	premise	premise	NOUN
fbem-25599	63	40	.	.	PUNCT
fbem-25599	64	1	according	accord	VERB
fbem-25599	64	2	to	to	ADP
fbem-25599	64	3	traditional	traditional	ADJ
fbem-25599	64	4	quantity	quantity	NOUN
fbem-25599	64	5	theory	theory	NOUN
fbem-25599	64	6	of	of	ADP
fbem-25599	64	7	money	money	NOUN
fbem-25599	64	8	,	,	PUNCT
fbem-25599	64	9	there	there	PRON
fbem-25599	64	10	is	be	VERB
fbem-25599	64	11	a	a	DET
fbem-25599	64	12	direct	direct	ADJ
fbem-25599	64	13	relationship	relationship	NOUN
fbem-25599	64	14	between	between	ADP
fbem-25599	64	15	money	money	NOUN
fbem-25599	64	16	supply	supply	NOUN
fbem-25599	64	17	and	and	CCONJ
fbem-25599	64	18	prices	price	NOUN
fbem-25599	64	19	,	,	PUNCT
fbem-25599	64	20	i.e.	i.e.	X
fbem-25599	64	21	,	,	PUNCT
fbem-25599	64	22	an	an	DET
fbem-25599	64	23	increase	increase	NOUN
fbem-25599	64	24	in	in	ADP
fbem-25599	64	25	money	money	NOUN
fbem-25599	64	26	supply	supply	NOUN
fbem-25599	64	27	leads	lead	VERB
fbem-25599	64	28	to	to	ADP
fbem-25599	64	29	price	price	NOUN
fbem-25599	64	30	increases	increase	NOUN
fbem-25599	64	31	both	both	CCONJ
fbem-25599	64	32	in	in	ADP
fbem-25599	64	33	the	the	DET
fbem-25599	64	34	long	long	ADJ
fbem-25599	64	35	and	and	CCONJ
fbem-25599	64	36	short	short	ADJ
fbem-25599	64	37	term	term	NOUN
fbem-25599	64	38	.	.	PUNCT
fbem-25599	65	1	in	in	ADP
fbem-25599	65	2	the	the	DET
fbem-25599	65	3	early	early	ADJ
fbem-25599	65	4	1960s	1960	NOUN
fbem-25599	65	5	,	,	PUNCT
fbem-25599	65	6	scholars	scholar	NOUN
fbem-25599	65	7	began	begin	VERB
fbem-25599	65	8	empirical	empirical	ADJ
fbem-25599	65	9	analysis	analysis	NOUN
fbem-25599	65	10	to	to	PART
fbem-25599	65	11	study	study	VERB
fbem-25599	65	12	the	the	DET
fbem-25599	65	13	relationship	relationship	NOUN
fbem-25599	65	14	between	between	ADP
fbem-25599	65	15	commodity	commodity	NOUN
fbem-25599	65	16	movement	movement	NOUN
fbem-25599	65	17	and	and	CCONJ
fbem-25599	65	18	money	money	NOUN
fbem-25599	65	19	movement	movement	NOUN
fbem-25599	65	20	,	,	PUNCT
fbem-25599	65	21	deriving	derive	VERB
fbem-25599	65	22	the	the	DET
fbem-25599	65	23	formula	formula	NOUN
fbem-25599	65	24	money	money	NOUN
fbem-25599	65	25	supply	supply	NOUN
fbem-25599	65	26	:	:	PUNCT
fbem-25599	65	27	prices	price	NOUN
fbem-25599	65	28	=	=	PRON
fbem-25599	65	29	1:8	1:8	NUM
fbem-25599	65	30	to	to	PART
fbem-25599	65	31	assess	assess	VERB
fbem-25599	65	32	whether	whether	SCONJ
fbem-25599	65	33	china	china	PROPN
fbem-25599	65	34	's	's	PART
fbem-25599	65	35	money	money	NOUN
fbem-25599	65	36	supply	supply	NOUN
fbem-25599	65	37	was	be	AUX
fbem-25599	65	38	adequate	adequate	ADJ
fbem-25599	65	39	.	.	PUNCT
fbem-25599	66	1	this	this	DET
fbem-25599	66	2	empirical	empirical	ADJ
fbem-25599	66	3	formula	formula	NOUN
fbem-25599	66	4	has	have	AUX
fbem-25599	66	5	been	be	AUX
fbem-25599	66	6	followed	follow	VERB
fbem-25599	66	7	for	for	ADP
fbem-25599	66	8	a	a	DET
fbem-25599	66	9	long	long	ADJ
fbem-25599	66	10	time	time	NOUN
fbem-25599	66	11	,	,	PUNCT
fbem-25599	66	12	but	but	CCONJ
fbem-25599	66	13	as	as	SCONJ
fbem-25599	66	14	economic	economic	ADJ
fbem-25599	66	15	and	and	CCONJ
fbem-25599	66	16	financial	financial	ADJ
fbem-25599	66	17	conditions	condition	NOUN
fbem-25599	66	18	have	have	AUX
fbem-25599	66	19	changed	change	VERB
fbem-25599	66	20	,	,	PUNCT
fbem-25599	66	21	this	this	DET
fbem-25599	66	22	formula	formula	NOUN
fbem-25599	66	23	has	have	AUX
fbem-25599	66	24	become	become	VERB
fbem-25599	66	25	invalid	invalid	ADJ
fbem-25599	66	26	.	.	PUNCT
fbem-25599	67	1	consequently	consequently	ADV
fbem-25599	67	2	,	,	PUNCT
fbem-25599	67	3	scholars	scholar	NOUN
fbem-25599	67	4	proposed	propose	VERB
fbem-25599	67	5	an	an	DET
fbem-25599	67	6	alternative	alternative	ADJ
fbem-25599	67	7	money	money	NOUN
fbem-25599	67	8	supply	supply	NOUN
fbem-25599	67	9	formula	formula	NOUN
fbem-25599	67	10	,	,	PUNCT
fbem-25599	67	11	but	but	CCONJ
fbem-25599	67	12	the	the	DET
fbem-25599	67	13	calculated	calculate	VERB
fbem-25599	67	14	money	money	NOUN
fbem-25599	67	15	amount	amount	NOUN
fbem-25599	67	16	still	still	ADV
fbem-25599	67	17	differed	differ	VERB
fbem-25599	67	18	significantly	significantly	ADV
fbem-25599	67	19	from	from	ADP
fbem-25599	67	20	the	the	DET
fbem-25599	67	21	actual	actual	ADJ
fbem-25599	67	22	money	money	NOUN
fbem-25599	67	23	amount	amount	NOUN
fbem-25599	67	24	,	,	PUNCT
fbem-25599	67	25	leading	lead	VERB
fbem-25599	67	26	to	to	ADP
fbem-25599	67	27	the	the	DET
fbem-25599	67	28	conclusion	conclusion	NOUN
fbem-25599	67	29	that	that	SCONJ
fbem-25599	67	30	china	china	PROPN
fbem-25599	67	31	's	's	PART
fbem-25599	67	32	money	money	NOUN
fbem-25599	67	33	supply	supply	NOUN
fbem-25599	67	34	was	be	AUX
fbem-25599	67	35	excessively	excessively	ADV
fbem-25599	67	36	high	high	ADJ
fbem-25599	67	37	,	,	PUNCT
fbem-25599	67	38	causing	cause	VERB
fbem-25599	67	39	severe	severe	ADJ
fbem-25599	67	40	inflationary	inflationary	ADJ
fbem-25599	67	41	pressure	pressure	NOUN
fbem-25599	67	42	.	.	PUNCT
fbem-25599	68	1	however	however	ADV
fbem-25599	68	2	,	,	PUNCT
fbem-25599	68	3	based	base	VERB
fbem-25599	68	4	on	on	ADP
fbem-25599	68	5	this	this	DET
fbem-25599	68	6	method	method	NOUN
fbem-25599	68	7	,	,	PUNCT
fbem-25599	68	8	excess	excess	ADJ
fbem-25599	68	9	money	money	NOUN
fbem-25599	68	10	supply	supply	NOUN
fbem-25599	68	11	has	have	AUX
fbem-25599	68	12	persisted	persist	VERB
fbem-25599	68	13	since	since	SCONJ
fbem-25599	68	14	the	the	DET
fbem-25599	68	15	reform	reform	NOUN
fbem-25599	68	16	and	and	CCONJ
fbem-25599	68	17	opening	opening	NOUN
fbem-25599	68	18	up	up	ADP
fbem-25599	68	19	but	but	CCONJ
fbem-25599	68	20	has	have	AUX
fbem-25599	68	21	not	not	PART
fbem-25599	68	22	led	lead	VERB
fbem-25599	68	23	to	to	ADP
fbem-25599	68	24	severe	severe	ADJ
fbem-25599	68	25	inflation	inflation	NOUN
fbem-25599	68	26	,	,	PUNCT
fbem-25599	68	27	instead	instead	ADV
fbem-25599	68	28	showing	show	VERB
fbem-25599	68	29	a	a	DET
fbem-25599	68	30	trend	trend	NOUN
fbem-25599	68	31	towards	towards	ADP
fbem-25599	68	32	deflation	deflation	NOUN
fbem-25599	68	33	.	.	PUNCT
fbem-25599	69	1	in	in	ADP
fbem-25599	69	2	friedman	friedman	PROPN
fbem-25599	69	3	’s	’s	PART
fbem-25599	69	4	classic	classic	ADJ
fbem-25599	69	5	monetary	monetary	ADJ
fbem-25599	69	6	theory	theory	NOUN
fbem-25599	69	7	equation	equation	NOUN
fbem-25599	69	8	mv	mv	PROPN
fbem-25599	69	9	=	=	NOUN
fbem-25599	69	10	py	py	PROPN
fbem-25599	69	11	,	,	PUNCT
fbem-25599	69	12	if	if	SCONJ
fbem-25599	69	13	the	the	DET
fbem-25599	69	14	velocity	velocity	NOUN
fbem-25599	69	15	of	of	ADP
fbem-25599	69	16	money	money	NOUN
fbem-25599	69	17	(	(	PUNCT
fbem-25599	69	18	v	v	NOUN
fbem-25599	69	19	)	)	PUNCT
fbem-25599	69	20	is	be	AUX
fbem-25599	69	21	a	a	DET
fbem-25599	69	22	constant	constant	ADJ
fbem-25599	69	23	or	or	CCONJ
fbem-25599	69	24	a	a	DET
fbem-25599	69	25	stable	stable	ADJ
fbem-25599	69	26	function	function	NOUN
fbem-25599	69	27	,	,	PUNCT
fbem-25599	69	28	then	then	ADV
fbem-25599	69	29	there	there	PRON
fbem-25599	69	30	is	be	VERB
fbem-25599	69	31	a	a	DET
fbem-25599	69	32	one	one	NUM
fbem-25599	69	33	-	-	PUNCT
fbem-25599	69	34	to	to	ADP
fbem-25599	69	35	-	-	PUNCT
fbem-25599	69	36	one	one	NUM
fbem-25599	69	37	correspondence	correspondence	NOUN
fbem-25599	69	38	between	between	ADP
fbem-25599	69	39	the	the	DET
fbem-25599	69	40	growth	growth	NOUN
fbem-25599	69	41	rate	rate	NOUN
fbem-25599	69	42	of	of	ADP
fbem-25599	69	43	money	money	NOUN
fbem-25599	69	44	supply	supply	NOUN
fbem-25599	69	45	(	(	PUNCT
fbem-25599	69	46	m	m	NOUN
fbem-25599	69	47	)	)	PUNCT
fbem-25599	69	48	and	and	CCONJ
fbem-25599	69	49	the	the	DET
fbem-25599	69	50	nominal	nominal	ADJ
fbem-25599	69	51	gdp	gdp	NOUN
fbem-25599	69	52	growth	growth	NOUN
fbem-25599	69	53	rate	rate	NOUN
fbem-25599	69	54	(	(	PUNCT
fbem-25599	69	55	py	py	PROPN
fbem-25599	69	56	)	)	PUNCT
fbem-25599	69	57	.	.	PUNCT
fbem-25599	70	1	as	as	SCONJ
fbem-25599	70	2	shown	show	VERB
fbem-25599	70	3	in	in	ADP
fbem-25599	70	4	figure	figure	NOUN
fbem-25599	70	5	1	1	NUM
fbem-25599	70	6	,	,	PUNCT
fbem-25599	70	7	when	when	SCONJ
fbem-25599	70	8	the	the	DET
fbem-25599	70	9	broad	broad	ADJ
fbem-25599	70	10	money	money	NOUN
fbem-25599	70	11	supply	supply	NOUN
fbem-25599	70	12	m2	m2	PROPN
fbem-25599	70	13	grows	grow	VERB
fbem-25599	70	14	rapidly	rapidly	ADV
fbem-25599	70	15	,	,	PUNCT
fbem-25599	70	16	it	it	PRON
fbem-25599	70	17	does	do	AUX
fbem-25599	70	18	not	not	PART
fbem-25599	70	19	correspondingly	correspondingly	ADV
fbem-25599	70	20	drive	drive	VERB
fbem-25599	70	21	economic	economic	ADJ
fbem-25599	70	22	growth	growth	NOUN
fbem-25599	70	23	.	.	PUNCT
fbem-25599	71	1	it	it	PRON
fbem-25599	71	2	must	must	AUX
fbem-25599	71	3	be	be	AUX
fbem-25599	71	4	acknowledged	acknowledge	VERB
fbem-25599	71	5	that	that	SCONJ
fbem-25599	71	6	the	the	DET
fbem-25599	71	7	applicability	applicability	NOUN
fbem-25599	71	8	of	of	ADP
fbem-25599	71	9	this	this	DET
fbem-25599	71	10	relationship	relationship	NOUN
fbem-25599	71	11	in	in	ADP
fbem-25599	71	12	the	the	DET
fbem-25599	71	13	modern	modern	ADJ
fbem-25599	71	14	credit	credit	NOUN
fbem-25599	71	15	money	money	NOUN
fbem-25599	71	16	era	era	NOUN
fbem-25599	71	17	is	be	AUX
fbem-25599	71	18	gradually	gradually	ADV
fbem-25599	71	19	declining	decline	VERB
fbem-25599	71	20	,	,	PUNCT
fbem-25599	71	21	and	and	CCONJ
fbem-25599	71	22	over	over	ADP
fbem-25599	71	23	-	-	PUNCT
fbem-25599	71	24	reliance	reliance	NOUN
fbem-25599	71	25	on	on	ADP
fbem-25599	71	26	it	it	PRON
fbem-25599	71	27	can	can	AUX
fbem-25599	71	28	mislead	mislead	VERB
fbem-25599	71	29	our	our	PRON
fbem-25599	71	30	understanding	understanding	NOUN
fbem-25599	71	31	of	of	ADP
fbem-25599	71	32	practice	practice	NOUN
fbem-25599	71	33	and	and	CCONJ
fbem-25599	71	34	future	future	ADJ
fbem-25599	71	35	trends	trend	NOUN
fbem-25599	71	36	.	.	PUNCT
fbem-25599	72	1	in	in	ADP
fbem-25599	72	2	the	the	DET
fbem-25599	72	3	modern	modern	ADJ
fbem-25599	72	4	credit	credit	NOUN
fbem-25599	72	5	money	money	NOUN
fbem-25599	72	6	system	system	NOUN
fbem-25599	72	7	,	,	PUNCT
fbem-25599	72	8	the	the	DET
fbem-25599	72	9	traditional	traditional	ADJ
fbem-25599	72	10	monetary	monetary	ADJ
fbem-25599	72	11	exchange	exchange	NOUN
fbem-25599	72	12	rate	rate	NOUN
fbem-25599	72	13	formula	formula	NOUN
fbem-25599	72	14	is	be	AUX
fbem-25599	72	15	no	no	ADV
fbem-25599	72	16	longer	long	ADV
fbem-25599	72	17	applicable	applicable	ADJ
fbem-25599	72	18	,	,	PUNCT
fbem-25599	72	19	and	and	CCONJ
fbem-25599	72	20	the	the	DET
fbem-25599	72	21	m2	m2	PROPN
fbem-25599	72	22	/	/	SYM
fbem-25599	72	23	gdp	gdp	NOUN
fbem-25599	72	24	ratio	ratio	NOUN
fbem-25599	72	25	gradually	gradually	ADV
fbem-25599	72	26	loses	lose	VERB
fbem-25599	72	27	its	its	PRON
fbem-25599	72	28	validity	validity	NOUN
fbem-25599	72	29	.	.	PUNCT
fbem-25599	73	1	first	first	ADV
fbem-25599	73	2	,	,	PUNCT
fbem-25599	73	3	m	m	VERB
fbem-25599	73	4	is	be	AUX
fbem-25599	73	5	no	no	ADV
fbem-25599	73	6	longer	long	ADV
fbem-25599	73	7	limited	limit	VERB
fbem-25599	73	8	to	to	ADP
fbem-25599	73	9	transaction	transaction	NOUN
fbem-25599	73	10	money	money	NOUN
fbem-25599	73	11	.	.	PUNCT
fbem-25599	74	1	according	accord	VERB
fbem-25599	74	2	to	to	ADP
fbem-25599	74	3	keynesian	keynesian	ADJ
fbem-25599	74	4	money	money	NOUN
fbem-25599	74	5	demand	demand	NOUN
fbem-25599	74	6	theory	theory	NOUN
fbem-25599	74	7	,	,	PUNCT
fbem-25599	74	8	money	money	NOUN
fbem-25599	74	9	demand	demand	NOUN
fbem-25599	74	10	includes	include	VERB
fbem-25599	74	11	transaction	transaction	NOUN
fbem-25599	74	12	225	225	NUM
fbem-25599	74	13	demand	demand	NOUN
fbem-25599	74	14	,	,	PUNCT
fbem-25599	74	15	precautionary	precautionary	ADJ
fbem-25599	74	16	demand	demand	NOUN
fbem-25599	74	17	,	,	PUNCT
fbem-25599	74	18	and	and	CCONJ
fbem-25599	74	19	speculative	speculative	ADJ
fbem-25599	74	20	demand	demand	NOUN
fbem-25599	74	21	,	,	PUNCT
fbem-25599	74	22	with	with	ADP
fbem-25599	74	23	precautionary	precautionary	ADJ
fbem-25599	74	24	and	and	CCONJ
fbem-25599	74	25	investment	investment	NOUN
fbem-25599	74	26	(	(	PUNCT
fbem-25599	74	27	or	or	CCONJ
fbem-25599	74	28	speculative	speculative	ADJ
fbem-25599	74	29	)	)	PUNCT
fbem-25599	74	30	demands	demand	NOUN
fbem-25599	74	31	occupying	occupy	VERB
fbem-25599	74	32	a	a	DET
fbem-25599	74	33	significant	significant	ADJ
fbem-25599	74	34	portion	portion	NOUN
fbem-25599	74	35	of	of	ADP
fbem-25599	74	36	public	public	ADJ
fbem-25599	74	37	money	money	NOUN
fbem-25599	74	38	demand	demand	NOUN
fbem-25599	74	39	.	.	PUNCT
fbem-25599	75	1	second	second	ADJ
fbem-25599	75	2	,	,	PUNCT
fbem-25599	75	3	the	the	DET
fbem-25599	75	4	velocity	velocity	NOUN
fbem-25599	75	5	of	of	ADP
fbem-25599	75	6	money	money	NOUN
fbem-25599	75	7	v	v	NOUN
fbem-25599	75	8	is	be	AUX
fbem-25599	75	9	no	no	ADV
fbem-25599	75	10	longer	long	ADV
fbem-25599	75	11	constant	constant	ADJ
fbem-25599	75	12	but	but	CCONJ
fbem-25599	75	13	shows	show	VERB
fbem-25599	75	14	a	a	DET
fbem-25599	75	15	decreasing	decrease	VERB
fbem-25599	75	16	trend	trend	NOUN
fbem-25599	75	17	over	over	ADP
fbem-25599	75	18	the	the	DET
fbem-25599	75	19	years	year	NOUN
fbem-25599	75	20	.	.	PUNCT
fbem-25599	76	1	it	it	PRON
fbem-25599	76	2	should	should	AUX
fbem-25599	76	3	be	be	AUX
fbem-25599	76	4	noted	note	VERB
fbem-25599	76	5	that	that	SCONJ
fbem-25599	76	6	some	some	DET
fbem-25599	76	7	scholars	scholar	NOUN
fbem-25599	76	8	use	use	VERB
fbem-25599	76	9	the	the	DET
fbem-25599	76	10	decline	decline	NOUN
fbem-25599	76	11	in	in	ADP
fbem-25599	76	12	money	money	NOUN
fbem-25599	76	13	turnover	turnover	NOUN
fbem-25599	76	14	to	to	PART
fbem-25599	76	15	explain	explain	VERB
fbem-25599	76	16	the	the	DET
fbem-25599	76	17	high	high	ADJ
fbem-25599	76	18	m2	m2	PROPN
fbem-25599	76	19	/	/	SYM
fbem-25599	76	20	gdp	gdp	NOUN
fbem-25599	76	21	ratio	ratio	NOUN
fbem-25599	76	22	in	in	ADP
fbem-25599	76	23	china	china	PROPN
fbem-25599	76	24	,	,	PUNCT
fbem-25599	76	25	which	which	PRON
fbem-25599	76	26	has	have	VERB
fbem-25599	76	27	an	an	DET
fbem-25599	76	28	unavoidable	unavoidable	ADJ
fbem-25599	76	29	suspicion	suspicion	NOUN
fbem-25599	76	30	of	of	ADP
fbem-25599	76	31	using	use	VERB
fbem-25599	76	32	a	a	PRON
fbem-25599	76	33	to	to	PART
fbem-25599	76	34	prove	prove	VERB
fbem-25599	76	35	a.	a.	NOUN
fbem-25599	76	36	therefore	therefore	ADV
fbem-25599	76	37	,	,	PUNCT
fbem-25599	76	38	using	use	VERB
fbem-25599	76	39	money	money	NOUN
fbem-25599	76	40	turnover	turnover	NOUN
fbem-25599	76	41	to	to	PART
fbem-25599	76	42	explain	explain	VERB
fbem-25599	76	43	the	the	DET
fbem-25599	76	44	high	high	ADJ
fbem-25599	76	45	money	money	NOUN
fbem-25599	76	46	supply	supply	NOUN
fbem-25599	76	47	mystery	mystery	NOUN
fbem-25599	76	48	in	in	ADP
fbem-25599	76	49	china	china	PROPN
fbem-25599	76	50	is	be	AUX
fbem-25599	76	51	unreasonable	unreasonable	ADJ
fbem-25599	76	52	.	.	PUNCT
fbem-25599	77	1	moreover	moreover	ADV
fbem-25599	77	2	,	,	PUNCT
fbem-25599	77	3	py	py	INTJ
fbem-25599	77	4	no	no	ADV
fbem-25599	77	5	longer	long	ADV
fbem-25599	77	6	refers	refer	VERB
fbem-25599	77	7	solely	solely	ADV
fbem-25599	77	8	to	to	ADP
fbem-25599	77	9	the	the	DET
fbem-25599	77	10	production	production	NOUN
fbem-25599	77	11	sector	sector	NOUN
fbem-25599	77	12	;	;	PUNCT
fbem-25599	77	13	it	it	PRON
fbem-25599	77	14	includes	include	VERB
fbem-25599	77	15	both	both	CCONJ
fbem-25599	77	16	the	the	DET
fbem-25599	77	17	production	production	NOUN
fbem-25599	77	18	and	and	CCONJ
fbem-25599	77	19	non	non	ADJ
fbem-25599	77	20	-	-	ADJ
fbem-25599	77	21	production	production	ADJ
fbem-25599	77	22	sectors	sector	NOUN
fbem-25599	77	23	(	(	PUNCT
fbem-25599	77	24	real	real	ADJ
fbem-25599	77	25	and	and	CCONJ
fbem-25599	77	26	virtual	virtual	ADJ
fbem-25599	77	27	)	)	PUNCT
fbem-25599	77	28	.	.	PUNCT
fbem-25599	78	1	3	3	X
fbem-25599	78	2	.	.	X
fbem-25599	78	3	conclusion	conclusion	NOUN
fbem-25599	78	4	and	and	CCONJ
fbem-25599	78	5	outlook	outlook	NOUN
fbem-25599	78	6	3.1	3.1	NUM
fbem-25599	78	7	.	.	PUNCT
fbem-25599	79	1	conclusion	conclusion	PROPN
fbem-25599	79	2	china	china	PROPN
fbem-25599	79	3	's	's	PART
fbem-25599	79	4	persistent	persistent	ADJ
fbem-25599	79	5	high	high	ADJ
fbem-25599	79	6	m2	m2	PROPN
fbem-25599	79	7	/	/	SYM
fbem-25599	79	8	gdp	gdp	NOUN
fbem-25599	79	9	ratio	ratio	NOUN
fbem-25599	79	10	,	,	PUNCT
fbem-25599	79	11	despite	despite	SCONJ
fbem-25599	79	12	substantial	substantial	ADJ
fbem-25599	79	13	monetary	monetary	ADJ
fbem-25599	79	14	expansion	expansion	NOUN
fbem-25599	79	15	,	,	PUNCT
fbem-25599	79	16	highlights	highlight	VERB
fbem-25599	79	17	the	the	DET
fbem-25599	79	18	complex	complex	ADJ
fbem-25599	79	19	interplay	interplay	NOUN
fbem-25599	79	20	between	between	ADP
fbem-25599	79	21	monetary	monetary	ADJ
fbem-25599	79	22	policy	policy	NOUN
fbem-25599	79	23	and	and	CCONJ
fbem-25599	79	24	economic	economic	ADJ
fbem-25599	79	25	conditions	condition	NOUN
fbem-25599	79	26	.	.	PUNCT
fbem-25599	80	1	factors	factor	NOUN
fbem-25599	80	2	such	such	ADJ
fbem-25599	80	3	as	as	ADP
fbem-25599	80	4	interest	interest	NOUN
fbem-25599	80	5	rate	rate	NOUN
fbem-25599	80	6	and	and	CCONJ
fbem-25599	80	7	exchange	exchange	NOUN
fbem-25599	80	8	rate	rate	NOUN
fbem-25599	80	9	undervaluation	undervaluation	NOUN
fbem-25599	80	10	,	,	PUNCT
fbem-25599	80	11	financial	financial	ADJ
fbem-25599	80	12	repression	repression	NOUN
fbem-25599	80	13	,	,	PUNCT
fbem-25599	80	14	financial	financial	ADJ
fbem-25599	80	15	hoarding	hoarding	NOUN
fbem-25599	80	16	,	,	PUNCT
fbem-25599	80	17	and	and	CCONJ
fbem-25599	80	18	the	the	DET
fbem-25599	80	19	neglect	neglect	NOUN
fbem-25599	80	20	of	of	ADP
fbem-25599	80	21	money	money	NOUN
fbem-25599	80	22	's	's	PART
fbem-25599	80	23	value	value	NOUN
fbem-25599	80	24	storage	storage	NOUN
fbem-25599	80	25	function	function	NOUN
fbem-25599	80	26	contribute	contribute	VERB
fbem-25599	80	27	to	to	ADP
fbem-25599	80	28	the	the	DET
fbem-25599	80	29	"	"	PUNCT
fbem-25599	80	30	china	china	PROPN
fbem-25599	80	31	money	money	NOUN
fbem-25599	80	32	mystery	mystery	NOUN
fbem-25599	80	33	.	.	PUNCT
fbem-25599	80	34	"	"	PUNCT
fbem-25599	81	1	the	the	DET
fbem-25599	81	2	low	low	ADJ
fbem-25599	81	3	cost	cost	NOUN
fbem-25599	81	4	of	of	ADP
fbem-25599	81	5	holding	hold	VERB
fbem-25599	81	6	money	money	NOUN
fbem-25599	81	7	due	due	ADP
fbem-25599	81	8	to	to	ADP
fbem-25599	81	9	interest	interest	NOUN
fbem-25599	81	10	rate	rate	NOUN
fbem-25599	81	11	regulation	regulation	NOUN
fbem-25599	81	12	and	and	CCONJ
fbem-25599	81	13	the	the	DET
fbem-25599	81	14	undervaluation	undervaluation	NOUN
fbem-25599	81	15	of	of	ADP
fbem-25599	81	16	the	the	DET
fbem-25599	81	17	renminbi	renminbi	NOUN
fbem-25599	81	18	encourage	encourage	VERB
fbem-25599	81	19	excess	excess	ADJ
fbem-25599	81	20	money	money	NOUN
fbem-25599	81	21	holding	hold	VERB
fbem-25599	81	22	and	and	CCONJ
fbem-25599	81	23	financial	financial	ADJ
fbem-25599	81	24	hoarding	hoarding	NOUN
fbem-25599	81	25	.	.	PUNCT
fbem-25599	82	1	financial	financial	ADJ
fbem-25599	82	2	repression	repression	NOUN
fbem-25599	82	3	distorts	distort	VERB
fbem-25599	82	4	money	money	NOUN
fbem-25599	82	5	supply	supply	NOUN
fbem-25599	82	6	by	by	ADP
fbem-25599	82	7	favoring	favor	VERB
fbem-25599	82	8	indirect	indirect	ADJ
fbem-25599	82	9	financing	financing	NOUN
fbem-25599	82	10	and	and	CCONJ
fbem-25599	82	11	limiting	limit	VERB
fbem-25599	82	12	investment	investment	NOUN
fbem-25599	82	13	channels	channel	NOUN
fbem-25599	82	14	.	.	PUNCT
fbem-25599	83	1	additionally	additionally	ADV
fbem-25599	83	2	,	,	PUNCT
fbem-25599	83	3	the	the	DET
fbem-25599	83	4	traditional	traditional	ADJ
fbem-25599	83	5	quantity	quantity	NOUN
fbem-25599	83	6	theory	theory	NOUN
fbem-25599	83	7	of	of	ADP
fbem-25599	83	8	money	money	NOUN
fbem-25599	83	9	fails	fail	VERB
fbem-25599	83	10	to	to	PART
fbem-25599	83	11	account	account	VERB
fbem-25599	83	12	for	for	ADP
fbem-25599	83	13	the	the	DET
fbem-25599	83	14	modern	modern	ADJ
fbem-25599	83	15	dynamics	dynamic	NOUN
fbem-25599	83	16	of	of	ADP
fbem-25599	83	17	credit	credit	NOUN
fbem-25599	83	18	money	money	NOUN
fbem-25599	83	19	and	and	CCONJ
fbem-25599	83	20	virtual	virtual	ADJ
fbem-25599	83	21	economies	economy	NOUN
fbem-25599	83	22	.	.	PUNCT
fbem-25599	84	1	these	these	DET
fbem-25599	84	2	elements	element	NOUN
fbem-25599	84	3	together	together	ADV
fbem-25599	84	4	create	create	VERB
fbem-25599	84	5	a	a	DET
fbem-25599	84	6	situation	situation	NOUN
fbem-25599	84	7	where	where	SCONJ
fbem-25599	84	8	high	high	ADJ
fbem-25599	84	9	money	money	NOUN
fbem-25599	84	10	supply	supply	NOUN
fbem-25599	84	11	does	do	AUX
fbem-25599	84	12	not	not	PART
fbem-25599	84	13	directly	directly	ADV
fbem-25599	84	14	translate	translate	VERB
fbem-25599	84	15	into	into	ADP
fbem-25599	84	16	inflation	inflation	NOUN
fbem-25599	84	17	,	,	PUNCT
fbem-25599	84	18	as	as	SCONJ
fbem-25599	84	19	seen	see	VERB
fbem-25599	84	20	in	in	ADP
fbem-25599	84	21	the	the	DET
fbem-25599	84	22	relatively	relatively	ADV
fbem-25599	84	23	stable	stable	ADJ
fbem-25599	84	24	inflation	inflation	NOUN
fbem-25599	84	25	rates	rate	NOUN
fbem-25599	84	26	despite	despite	SCONJ
fbem-25599	84	27	significant	significant	ADJ
fbem-25599	84	28	monetary	monetary	ADJ
fbem-25599	84	29	growth	growth	NOUN
fbem-25599	84	30	.	.	PUNCT
fbem-25599	85	1	3.2	3.2	NUM
fbem-25599	85	2	.	.	X
fbem-25599	85	3	outlook	outlook	NOUN
fbem-25599	85	4	during	during	ADP
fbem-25599	85	5	the	the	DET
fbem-25599	85	6	process	process	NOUN
fbem-25599	85	7	of	of	ADP
fbem-25599	85	8	the	the	DET
fbem-25599	85	9	digital	digital	ADJ
fbem-25599	85	10	economy	economy	NOUN
fbem-25599	85	11	empowering	empower	VERB
fbem-25599	85	12	hi	hi	INTJ
fbem-25599	85	13	future	future	ADJ
fbem-25599	85	14	research	research	NOUN
fbem-25599	85	15	should	should	AUX
fbem-25599	85	16	delve	delve	VERB
fbem-25599	85	17	deeper	deeply	ADV
fbem-25599	85	18	into	into	ADP
fbem-25599	85	19	the	the	DET
fbem-25599	85	20	modern	modern	ADJ
fbem-25599	85	21	credit	credit	NOUN
fbem-25599	85	22	money	money	NOUN
fbem-25599	85	23	system	system	NOUN
fbem-25599	85	24	and	and	CCONJ
fbem-25599	85	25	its	its	PRON
fbem-25599	85	26	interactions	interaction	NOUN
fbem-25599	85	27	with	with	ADP
fbem-25599	85	28	virtual	virtual	ADJ
fbem-25599	85	29	economies	economy	NOUN
fbem-25599	85	30	to	to	PART
fbem-25599	85	31	better	well	ADV
fbem-25599	85	32	understand	understand	VERB
fbem-25599	85	33	the	the	DET
fbem-25599	85	34	implications	implication	NOUN
fbem-25599	85	35	for	for	ADP
fbem-25599	85	36	monetary	monetary	ADJ
fbem-25599	85	37	policy	policy	NOUN
fbem-25599	85	38	.	.	PUNCT
fbem-25599	86	1	the	the	DET
fbem-25599	86	2	role	role	NOUN
fbem-25599	86	3	of	of	ADP
fbem-25599	86	4	financial	financial	ADJ
fbem-25599	86	5	innovation	innovation	NOUN
fbem-25599	86	6	and	and	CCONJ
fbem-25599	86	7	evolving	evolve	VERB
fbem-25599	86	8	economic	economic	ADJ
fbem-25599	86	9	structures	structure	NOUN
fbem-25599	86	10	should	should	AUX
fbem-25599	86	11	be	be	AUX
fbem-25599	86	12	incorporated	incorporate	VERB
fbem-25599	86	13	into	into	ADP
fbem-25599	86	14	theoretical	theoretical	ADJ
fbem-25599	86	15	frameworks	framework	NOUN
fbem-25599	86	16	to	to	PART
fbem-25599	86	17	address	address	VERB
fbem-25599	86	18	the	the	DET
fbem-25599	86	19	limitations	limitation	NOUN
fbem-25599	86	20	of	of	ADP
fbem-25599	86	21	traditional	traditional	ADJ
fbem-25599	86	22	monetary	monetary	ADJ
fbem-25599	86	23	theories	theory	NOUN
fbem-25599	86	24	.	.	PUNCT
fbem-25599	87	1	policymakers	policymaker	NOUN
fbem-25599	87	2	need	need	VERB
fbem-25599	87	3	to	to	PART
fbem-25599	87	4	consider	consider	VERB
fbem-25599	87	5	the	the	DET
fbem-25599	87	6	impact	impact	NOUN
fbem-25599	87	7	of	of	ADP
fbem-25599	87	8	financial	financial	ADJ
fbem-25599	87	9	market	market	NOUN
fbem-25599	87	10	reforms	reform	NOUN
fbem-25599	87	11	on	on	ADP
fbem-25599	87	12	money	money	NOUN
fbem-25599	87	13	supply	supply	NOUN
fbem-25599	87	14	and	and	CCONJ
fbem-25599	87	15	inflation	inflation	NOUN
fbem-25599	87	16	,	,	PUNCT
fbem-25599	87	17	focusing	focus	VERB
fbem-25599	87	18	on	on	ADP
fbem-25599	87	19	reducing	reduce	VERB
fbem-25599	87	20	distortions	distortion	NOUN
fbem-25599	87	21	and	and	CCONJ
fbem-25599	87	22	improving	improve	VERB
fbem-25599	87	23	the	the	DET
fbem-25599	87	24	effectiveness	effectiveness	NOUN
fbem-25599	87	25	of	of	ADP
fbem-25599	87	26	monetary	monetary	ADJ
fbem-25599	87	27	policy	policy	NOUN
fbem-25599	87	28	.	.	PUNCT
fbem-25599	88	1	as	as	SCONJ
fbem-25599	88	2	china	china	PROPN
fbem-25599	88	3	's	's	PART
fbem-25599	88	4	economy	economy	NOUN
fbem-25599	88	5	continues	continue	VERB
fbem-25599	88	6	to	to	PART
fbem-25599	88	7	evolve	evolve	VERB
fbem-25599	88	8	,	,	PUNCT
fbem-25599	88	9	maintaining	maintain	VERB
fbem-25599	88	10	a	a	DET
fbem-25599	88	11	balance	balance	NOUN
fbem-25599	88	12	between	between	ADP
fbem-25599	88	13	monetary	monetary	ADJ
fbem-25599	88	14	expansion	expansion	NOUN
fbem-25599	88	15	and	and	CCONJ
fbem-25599	88	16	economic	economic	ADJ
fbem-25599	88	17	stability	stability	NOUN
fbem-25599	88	18	will	will	AUX
fbem-25599	88	19	be	be	AUX
fbem-25599	88	20	c.	c.	NOUN
fbem-25599	88	21	references	reference	NOUN
fbem-25599	88	22	[	[	X
fbem-25599	88	23	1	1	NUM
fbem-25599	88	24	]	]	PUNCT
fbem-25599	88	25	pang	pang	NOUN
fbem-25599	88	26	hongze	hongze	NOUN
fbem-25599	88	27	.	.	PUNCT
fbem-25599	89	1	review	review	NOUN
fbem-25599	89	2	of	of	ADP
fbem-25599	89	3	research	research	NOUN
fbem-25599	89	4	on	on	ADP
fbem-25599	89	5	china	china	PROPN
fbem-25599	89	6	's	's	PART
fbem-25599	89	7	money	money	NOUN
fbem-25599	89	8	mystery	mystery	NOUN
fbem-25599	89	9	[	[	X
fbem-25599	89	10	j	j	X
fbem-25599	89	11	]	]	X
fbem-25599	89	12	.	.	PUNCT
fbem-25599	90	1	china	china	PROPN
fbem-25599	90	2	price	price	PROPN
fbem-25599	90	3	,	,	PUNCT
fbem-25599	90	4	2022(03	2022(03	NUM
fbem-25599	90	5	):	):	PUNCT
fbem-25599	90	6	32	32	NUM
fbem-25599	90	7	-	-	SYM
fbem-25599	90	8	35	35	NUM
fbem-25599	90	9	.	.	PUNCT
fbem-25599	91	1	(	(	PUNCT
fbem-25599	91	2	in	in	ADP
fbem-25599	91	3	chinese	chinese	PROPN
fbem-25599	91	4	)	)	PUNCT
fbem-25599	92	1	[	[	X
fbem-25599	92	2	2	2	X
fbem-25599	92	3	]	]	X
fbem-25599	92	4	lu	lu	PROPN
fbem-25599	92	5	jiang	jiang	PROPN
fbem-25599	92	6	,	,	PUNCT
fbem-25599	92	7	chen	chen	PROPN
fbem-25599	92	8	biwen	biwen	PROPN
fbem-25599	92	9	.	.	PUNCT
fbem-25599	93	1	domestic	domestic	ADJ
fbem-25599	93	2	interpretations	interpretation	NOUN
fbem-25599	93	3	and	and	CCONJ
fbem-25599	93	4	theoretical	theoretical	ADJ
fbem-25599	93	5	examination	examination	NOUN
fbem-25599	93	6	of	of	ADP
fbem-25599	93	7	the	the	DET
fbem-25599	93	8	"	"	PUNCT
fbem-25599	93	9	china	china	PROPN
fbem-25599	93	10	money	money	NOUN
fbem-25599	93	11	mystery"—a	mystery"—a	NOUN
fbem-25599	93	12	critique	critique	NOUN
fbem-25599	93	13	from	from	ADP
fbem-25599	93	14	the	the	DET
fbem-25599	93	15	perspective	perspective	NOUN
fbem-25599	93	16	of	of	ADP
fbem-25599	93	17	marxist	marxist	ADJ
fbem-25599	93	18	political	political	ADJ
fbem-25599	93	19	economy	economy	NOUN
fbem-25599	94	1	[	[	X
fbem-25599	94	2	j	j	X
fbem-25599	94	3	]	]	X
fbem-25599	94	4	.	.	PUNCT
fbem-25599	95	1	contemporary	contemporary	ADJ
fbem-25599	95	2	economic	economic	ADJ
fbem-25599	95	3	research	research	NOUN
fbem-25599	95	4	,	,	PUNCT
fbem-25599	95	5	2018(06	2018(06	NUM
fbem-25599	95	6	):	):	PUNCT
fbem-25599	95	7	87	87	NUM
fbem-25599	95	8	-	-	SYM
fbem-25599	95	9	94	94	NUM
fbem-25599	95	10	.	.	PUNCT
fbem-25599	96	1	(	(	PUNCT
fbem-25599	96	2	in	in	ADP
fbem-25599	96	3	chinese	chinese	PROPN
fbem-25599	96	4	)	)	PUNCT
fbem-25599	97	1	[	[	X
fbem-25599	97	2	3	3	NUM
fbem-25599	97	3	]	]	X
fbem-25599	97	4	fan	fan	PROPN
fbem-25599	97	5	conglai	conglai	PROPN
fbem-25599	97	6	,	,	PUNCT
fbem-25599	97	7	sheng	sheng	PROPN
fbem-25599	97	8	tianxiang	tianxiang	PROPN
fbem-25599	97	9	,	,	PUNCT
fbem-25599	97	10	wang	wang	PROPN
fbem-25599	97	11	yiwei	yiwei	PROPN
fbem-25599	97	12	.	.	PUNCT
fbem-25599	98	1	term	term	NOUN
fbem-25599	98	2	structure	structure	NOUN
fbem-25599	98	3	of	of	ADP
fbem-25599	98	4	credit	credit	NOUN
fbem-25599	98	5	quantity	quantity	NOUN
fbem-25599	98	6	economic	economic	ADJ
fbem-25599	98	7	effects	effect	NOUN
fbem-25599	98	8	[	[	X
fbem-25599	98	9	j	j	X
fbem-25599	98	10	]	]	X
fbem-25599	98	11	.	.	PUNCT
fbem-25599	99	1	economic	economic	ADJ
fbem-25599	99	2	research	research	NOUN
fbem-25599	99	3	,	,	PUNCT
fbem-25599	99	4	2012	2012	NUM
fbem-25599	99	5	,	,	PUNCT
fbem-25599	99	6	47(01	47(01	NUM
fbem-25599	99	7	):	):	PUNCT
fbem-25599	99	8	80	80	NUM
fbem-25599	99	9	-	-	SYM
fbem-25599	99	10	91	91	NUM
fbem-25599	99	11	.	.	PUNCT
fbem-25599	100	1	(	(	PUNCT
fbem-25599	100	2	in	in	ADP
fbem-25599	100	3	chinese	chinese	PROPN
fbem-25599	100	4	)	)	PUNCT
fbem-25599	101	1	[	[	X
fbem-25599	101	2	4	4	NUM
fbem-25599	101	3	]	]	X
fbem-25599	101	4	li	li	PROPN
fbem-25599	101	5	bing	bing	PROPN
fbem-25599	101	6	,	,	PUNCT
fbem-25599	101	7	yuan	yuan	PROPN
fbem-25599	101	8	wei	wei	PROPN
fbem-25599	101	9	.	.	PUNCT
fbem-25599	102	1	mechanistic	mechanistic	ADJ
fbem-25599	102	2	impact	impact	NOUN
fbem-25599	102	3	of	of	ADP
fbem-25599	102	4	monetary	monetary	ADJ
fbem-25599	102	5	credit	credit	NOUN
fbem-25599	102	6	structure	structure	NOUN
fbem-25599	102	7	on	on	ADP
fbem-25599	102	8	the	the	DET
fbem-25599	102	9	macroeconomy	macroeconomy	NOUN
fbem-25599	102	10	—	—	PUNCT
fbem-25599	102	11	a	a	DET
fbem-25599	102	12	reinterpretation	reinterpretation	NOUN
fbem-25599	102	13	of	of	ADP
fbem-25599	102	14	the	the	DET
fbem-25599	102	15	"	"	PUNCT
fbem-25599	102	16	china	china	PROPN
fbem-25599	102	17	money	money	NOUN
fbem-25599	102	18	mystery	mystery	NOUN
fbem-25599	102	19	"	"	PUNCT
fbem-25599	103	1	[	[	X
fbem-25599	103	2	j	j	X
fbem-25599	103	3	]	]	X
fbem-25599	103	4	.	.	PUNCT
fbem-25599	104	1	financial	financial	ADJ
fbem-25599	104	2	research	research	NOUN
fbem-25599	104	3	,	,	PUNCT
fbem-25599	104	4	2015(11	2015(11	NUM
fbem-25599	104	5	):	):	PUNCT
fbem-25599	104	6	3346	3346	NUM
fbem-25599	104	7	.	.	PUNCT
fbem-25599	105	1	(	(	PUNCT
fbem-25599	105	2	in	in	ADP
fbem-25599	105	3	chinese	chinese	PROPN
fbem-25599	105	4	)	)	PUNCT
fbem-25599	106	1	[	[	X
fbem-25599	106	2	5	5	X
fbem-25599	106	3	]	]	X
fbem-25599	106	4	sun	sun	PROPN
fbem-25599	106	5	jing	jing	PROPN
fbem-25599	106	6	.	.	PUNCT
fbem-25599	107	1	policy	policy	NOUN
fbem-25599	107	2	transmission	transmission	NOUN
fbem-25599	107	3	channels	channel	NOUN
fbem-25599	107	4	and	and	CCONJ
fbem-25599	107	5	their	their	PRON
fbem-25599	107	6	effects	effect	NOUN
fbem-25599	107	7	in	in	ADP
fbem-25599	107	8	china	china	PROPN
fbem-25599	107	9	's	's	PART
fbem-25599	107	10	money	money	NOUN
fbem-25599	107	11	market	market	NOUN
fbem-25599	108	1	[	[	X
fbem-25599	108	2	j	j	X
fbem-25599	108	3	]	]	X
fbem-25599	108	4	.	.	PUNCT
fbem-25599	109	1	reform	reform	NOUN
fbem-25599	109	2	,	,	PUNCT
fbem-25599	109	3	2010(11	2010(11	NUM
fbem-25599	109	4	):	):	PUNCT
fbem-25599	109	5	65	65	NUM
fbem-25599	109	6	-	-	SYM
fbem-25599	109	7	73	73	NUM
fbem-25599	109	8	.	.	PUNCT
fbem-25599	110	1	(	(	PUNCT
fbem-25599	110	2	in	in	ADP
fbem-25599	110	3	chinese	chinese	PROPN
fbem-25599	110	4	)	)	PUNCT
fbem-25599	111	1	[	[	X
fbem-25599	111	2	6	6	NUM
fbem-25599	111	3	]	]	X
fbem-25599	111	4	li	li	PROPN
fbem-25599	111	5	qiong	qiong	PROPN
fbem-25599	111	6	,	,	PUNCT
fbem-25599	111	7	wang	wang	PROPN
fbem-25599	111	8	zhiwei	zhiwei	PROPN
fbem-25599	111	9	.	.	PUNCT
fbem-25599	112	1	transmission	transmission	NOUN
fbem-25599	112	2	mechanism	mechanism	NOUN
fbem-25599	112	3	of	of	ADP
fbem-25599	112	4	monetary	monetary	ADJ
fbem-25599	112	5	policy	policy	NOUN
fbem-25599	112	6	:	:	PUNCT
fbem-25599	112	7	monetary	monetary	ADJ
fbem-25599	112	8	channel	channel	NOUN
fbem-25599	112	9	or	or	CCONJ
fbem-25599	112	10	credit	credit	NOUN
fbem-25599	112	11	channel	channel	NOUN
fbem-25599	113	1	[	[	X
fbem-25599	113	2	j	j	X
fbem-25599	113	3	]	]	X
fbem-25599	113	4	.	.	PUNCT
fbem-25599	114	1	journal	journal	PROPN
fbem-25599	114	2	of	of	ADP
fbem-25599	114	3	guangdong	guangdong	PROPN
fbem-25599	114	4	financial	financial	PROPN
fbem-25599	114	5	college	college	PROPN
fbem-25599	114	6	,	,	PUNCT
fbem-25599	114	7	2006(06	2006(06	NUM
fbem-25599	114	8	):	):	PUNCT
fbem-25599	114	9	22	22	NUM
fbem-25599	114	10	-	-	SYM
fbem-25599	114	11	28	28	NUM
fbem-25599	114	12	.	.	PUNCT
fbem-25599	115	1	(	(	PUNCT
fbem-25599	115	2	in	in	ADP
fbem-25599	115	3	chinese	chinese	PROPN
fbem-25599	115	4	)	)	PUNCT
fbem-25599	116	1	[	[	X
fbem-25599	116	2	7	7	X
fbem-25599	116	3	]	]	X
fbem-25599	116	4	fan	fan	PROPN
fbem-25599	116	5	conglai	conglai	PROPN
fbem-25599	116	6	,	,	PUNCT
fbem-25599	116	7	wang	wang	PROPN
fbem-25599	116	8	yong	yong	PROPN
fbem-25599	116	9	.	.	PUNCT
fbem-25599	117	1	china	china	PROPN
fbem-25599	117	2	's	's	PART
fbem-25599	117	3	"	"	PUNCT
fbem-25599	117	4	excessive	excessive	ADJ
fbem-25599	117	5	money	money	NOUN
fbem-25599	117	6	supply	supply	NOUN
fbem-25599	117	7	"	"	PUNCT
fbem-25599	117	8	:	:	PUNCT
fbem-25599	117	9	judging	judge	VERB
fbem-25599	117	10	criteria	criterion	NOUN
fbem-25599	117	11	,	,	PUNCT
fbem-25599	117	12	causes	cause	NOUN
fbem-25599	117	13	,	,	PUNCT
fbem-25599	117	14	and	and	CCONJ
fbem-25599	117	15	governance	governance	NOUN
fbem-25599	117	16	[	[	X
fbem-25599	117	17	j	j	X
fbem-25599	117	18	]	]	X
fbem-25599	117	19	.	.	PUNCT
fbem-25599	118	1	economic	economic	ADJ
fbem-25599	118	2	theory	theory	NOUN
fbem-25599	118	3	and	and	CCONJ
fbem-25599	118	4	economic	economic	ADJ
fbem-25599	118	5	management	management	NOUN
fbem-25599	118	6	,	,	PUNCT
fbem-25599	118	7	2014(03	2014(03	NUM
fbem-25599	118	8	):	):	PUNCT
fbem-25599	118	9	5	5	NUM
fbem-25599	118	10	-	-	SYM
fbem-25599	118	11	13	13	NUM
fbem-25599	118	12	.	.	PUNCT
fbem-25599	119	1	(	(	PUNCT
fbem-25599	119	2	in	in	ADP
fbem-25599	119	3	chinese	chinese	PROPN
fbem-25599	119	4	)	)	PUNCT
fbem-25599	120	1	[	[	X
fbem-25599	120	2	8	8	NUM
fbem-25599	120	3	]	]	X
fbem-25599	120	4	yan	yan	PROPN
fbem-25599	120	5	zhumei	zhumei	PROPN
fbem-25599	120	6	,	,	PUNCT
fbem-25599	120	7	liu	liu	PROPN
fbem-25599	120	8	yiwen	yiwen	PROPN
fbem-25599	120	9	,	,	PUNCT
fbem-25599	120	10	huang	huang	PROPN
fbem-25599	120	11	jingyin	jingyin	PROPN
fbem-25599	120	12	.	.	PUNCT
fbem-25599	121	1	international	international	ADJ
fbem-25599	121	2	comparison	comparison	NOUN
fbem-25599	121	3	of	of	ADP
fbem-25599	121	4	china	china	PROPN
fbem-25599	121	5	's	's	PART
fbem-25599	121	6	m2	m2	PROPN
fbem-25599	121	7	/	/	SYM
fbem-25599	121	8	gdp	gdp	NOUN
fbem-25599	121	9	level	level	NOUN
fbem-25599	121	10	and	and	CCONJ
fbem-25599	121	11	analysis	analysis	NOUN
fbem-25599	121	12	of	of	ADP
fbem-25599	121	13	its	its	PRON
fbem-25599	121	14	excessive	excessive	ADJ
fbem-25599	121	15	causes	cause	NOUN
fbem-25599	122	1	[	[	X
fbem-25599	122	2	j	j	X
fbem-25599	122	3	]	]	X
fbem-25599	122	4	.	.	PUNCT
fbem-25599	123	1	statistics	statistic	NOUN
fbem-25599	123	2	and	and	CCONJ
fbem-25599	123	3	decision	decision	NOUN
fbem-25599	123	4	,	,	PUNCT
fbem-25599	123	5	2009(06	2009(06	NUM
fbem-25599	123	6	):	):	PUNCT
fbem-25599	123	7	125128	125128	NUM
fbem-25599	123	8	.	.	PUNCT
fbem-25599	124	1	(	(	PUNCT
fbem-25599	124	2	in	in	ADP
fbem-25599	124	3	chinese	chinese	PROPN
fbem-25599	124	4	)	)	PUNCT
fbem-25599	125	1	[	[	X
fbem-25599	125	2	9	9	NUM
fbem-25599	125	3	]	]	PUNCT
fbem-25599	125	4	zeng	zeng	PROPN
fbem-25599	125	5	kanglin	kanglin	PROPN
fbem-25599	125	6	.	.	PUNCT
fbem-25599	126	1	discussion	discussion	NOUN
fbem-25599	126	2	on	on	ADP
fbem-25599	126	3	the	the	DET
fbem-25599	126	4	allocation	allocation	NOUN
fbem-25599	126	5	of	of	ADP
fbem-25599	126	6	financial	financial	ADJ
fbem-25599	126	7	resources	resource	NOUN
fbem-25599	126	8	in	in	ADP
fbem-25599	126	9	china	china	PROPN
fbem-25599	127	1	[	[	X
fbem-25599	127	2	j	j	X
fbem-25599	127	3	]	]	X
fbem-25599	127	4	.	.	PUNCT
fbem-25599	128	1	financial	financial	ADJ
fbem-25599	128	2	research	research	NOUN
fbem-25599	128	3	,	,	PUNCT
fbem-25599	128	4	2005(04	2005(04	NUM
fbem-25599	128	5	):	):	PUNCT
fbem-25599	128	6	12	12	NUM
fbem-25599	128	7	-	-	SYM
fbem-25599	128	8	15	15	NUM
fbem-25599	128	9	.	.	PUNCT
fbem-25599	129	1	(	(	PUNCT
fbem-25599	129	2	in	in	ADP
fbem-25599	129	3	chinese	chinese	ADJ
fbem-25599	129	4	)	)	PUNCT