id	sid	tid	token	lemma	pos
fbem-26230	1	1	frontiers	frontier	NOUN
fbem-26230	1	2	in	in	ADP
fbem-26230	1	3	business	business	NOUN
fbem-26230	1	4	,	,	PUNCT
fbem-26230	1	5	economics	economic	NOUN
fbem-26230	1	6	and	and	CCONJ
fbem-26230	1	7	management	management	NOUN
fbem-26230	1	8	issn	issn	PROPN
fbem-26230	1	9	:	:	PUNCT
fbem-26230	1	10	2766	2766	NUM
fbem-26230	1	11	-	-	PUNCT
fbem-26230	1	12	824x	824x	NUM
fbem-26230	1	13	|	|	ADJ
fbem-26230	1	14	vol	vol	NOUN
fbem-26230	1	15	.	.	PUNCT
fbem-26230	2	1	16	16	NUM
fbem-26230	2	2	,	,	PUNCT
fbem-26230	2	3	no	no	INTJ
fbem-26230	2	4	.	.	NOUN
fbem-26230	2	5	3	3	NUM
fbem-26230	2	6	,	,	PUNCT
fbem-26230	2	7	2024	2024	NUM
fbem-26230	2	8	164	164	NUM
fbem-26230	2	9	economic	economic	ADJ
fbem-26230	2	10	development	development	NOUN
fbem-26230	2	11	and	and	CCONJ
fbem-26230	2	12	the	the	DET
fbem-26230	2	13	development	development	NOUN
fbem-26230	2	14	of	of	ADP
fbem-26230	2	15	the	the	DET
fbem-26230	2	16	securities	security	NOUN
fbem-26230	2	17	market	market	NOUN
fbem-26230	2	18	:	:	PUNCT
fbem-26230	2	19	a	a	DET
fbem-26230	2	20	study	study	NOUN
fbem-26230	2	21	of	of	ADP
fbem-26230	2	22	china	china	PROPN
fbem-26230	2	23	's	's	PART
fbem-26230	2	24	csi	csi	ADJ
fbem-26230	2	25	300	300	NUM
fbem-26230	2	26	index	index	NOUN
fbem-26230	2	27	aiping	aipe	VERB
fbem-26230	2	28	luo	luo	PROPN
fbem-26230	2	29	1	1	NUM
fbem-26230	2	30	,	,	PUNCT
fbem-26230	2	31	shuoyan	shuoyan	PROPN
fbem-26230	2	32	lin	lin	PROPN
fbem-26230	2	33	2	2	NUM
fbem-26230	2	34	,	,	PUNCT
fbem-26230	2	35	*	*	PUNCT
fbem-26230	2	36	,	,	PUNCT
fbem-26230	2	37	beibei	beibei	PROPN
fbem-26230	2	38	hong	hong	NOUN
fbem-26230	2	39	2	2	NUM
fbem-26230	2	40	1	1	NUM
fbem-26230	2	41	guangzhou	guangzhou	PROPN
fbem-26230	2	42	beijing	beijing	PROPN
fbem-26230	2	43	road	road	PROPN
fbem-26230	2	44	branch	branch	PROPN
fbem-26230	2	45	,	,	PUNCT
fbem-26230	2	46	industrial	industrial	ADJ
fbem-26230	2	47	and	and	CCONJ
fbem-26230	2	48	commercial	commercial	ADJ
fbem-26230	2	49	bank	bank	PROPN
fbem-26230	2	50	of	of	ADP
fbem-26230	2	51	china	china	PROPN
fbem-26230	2	52	,	,	PUNCT
fbem-26230	2	53	guangzhou	guangzhou	PROPN
fbem-26230	2	54	,	,	PUNCT
fbem-26230	2	55	510000	510000	NUM
fbem-26230	2	56	,	,	PUNCT
fbem-26230	2	57	china	china	PROPN
fbem-26230	2	58	2	2	NUM
fbem-26230	2	59	school	school	NOUN
fbem-26230	2	60	of	of	ADP
fbem-26230	2	61	economics	economic	NOUN
fbem-26230	2	62	,	,	PUNCT
fbem-26230	2	63	guangzhou	guangzhou	PROPN
fbem-26230	2	64	college	college	PROPN
fbem-26230	2	65	of	of	ADP
fbem-26230	2	66	commerce	commerce	PROPN
fbem-26230	2	67	,	,	PUNCT
fbem-26230	2	68	guangzhou	guangzhou	PROPN
fbem-26230	2	69	,	,	PUNCT
fbem-26230	2	70	510000	510000	NUM
fbem-26230	2	71	,	,	PUNCT
fbem-26230	2	72	china	china	PROPN
fbem-26230	2	73	abstract	abstract	NOUN
fbem-26230	2	74	:	:	PUNCT
fbem-26230	2	75	the	the	DET
fbem-26230	2	76	chinese	chinese	ADJ
fbem-26230	2	77	securities	security	NOUN
fbem-26230	2	78	market	market	NOUN
fbem-26230	2	79	has	have	AUX
fbem-26230	2	80	experienced	experience	VERB
fbem-26230	2	81	over	over	ADP
fbem-26230	2	82	two	two	NUM
fbem-26230	2	83	decades	decade	NOUN
fbem-26230	2	84	of	of	ADP
fbem-26230	2	85	development	development	NOUN
fbem-26230	2	86	and	and	CCONJ
fbem-26230	2	87	has	have	AUX
fbem-26230	2	88	emerged	emerge	VERB
fbem-26230	2	89	as	as	ADP
fbem-26230	2	90	a	a	DET
fbem-26230	2	91	significant	significant	ADJ
fbem-26230	2	92	global	global	ADJ
fbem-26230	2	93	investment	investment	NOUN
fbem-26230	2	94	market	market	NOUN
fbem-26230	2	95	.	.	PUNCT
fbem-26230	3	1	however	however	ADV
fbem-26230	3	2	,	,	PUNCT
fbem-26230	3	3	compared	compare	VERB
fbem-26230	3	4	to	to	ADP
fbem-26230	3	5	other	other	ADJ
fbem-26230	3	6	developed	develop	VERB
fbem-26230	3	7	securities	security	NOUN
fbem-26230	3	8	markets	market	NOUN
fbem-26230	3	9	,	,	PUNCT
fbem-26230	3	10	it	it	PRON
fbem-26230	3	11	still	still	ADV
fbem-26230	3	12	faces	face	VERB
fbem-26230	3	13	issues	issue	NOUN
fbem-26230	3	14	such	such	ADJ
fbem-26230	3	15	as	as	ADP
fbem-26230	3	16	an	an	DET
fbem-26230	3	17	inadequate	inadequate	ADJ
fbem-26230	3	18	institutional	institutional	ADJ
fbem-26230	3	19	framework	framework	NOUN
fbem-26230	3	20	,	,	PUNCT
fbem-26230	3	21	irrational	irrational	ADJ
fbem-26230	3	22	investor	investor	NOUN
fbem-26230	3	23	behavior	behavior	NOUN
fbem-26230	3	24	,	,	PUNCT
fbem-26230	3	25	and	and	CCONJ
fbem-26230	3	26	imperfect	imperfect	ADJ
fbem-26230	3	27	mechanisms	mechanism	NOUN
fbem-26230	3	28	.	.	PUNCT
fbem-26230	4	1	to	to	PART
fbem-26230	4	2	explore	explore	VERB
fbem-26230	4	3	the	the	DET
fbem-26230	4	4	relationship	relationship	NOUN
fbem-26230	4	5	between	between	ADP
fbem-26230	4	6	china	china	PROPN
fbem-26230	4	7	's	's	PART
fbem-26230	4	8	economic	economic	ADJ
fbem-26230	4	9	development	development	NOUN
fbem-26230	4	10	and	and	CCONJ
fbem-26230	4	11	its	its	PRON
fbem-26230	4	12	securities	security	NOUN
fbem-26230	4	13	market	market	NOUN
fbem-26230	4	14	,	,	PUNCT
fbem-26230	4	15	this	this	DET
fbem-26230	4	16	paper	paper	NOUN
fbem-26230	4	17	employs	employ	VERB
fbem-26230	4	18	eviews	eviews	PROPN
fbem-26230	4	19	time	time	NOUN
fbem-26230	4	20	series	series	NOUN
fbem-26230	4	21	analysis	analysis	NOUN
fbem-26230	4	22	and	and	CCONJ
fbem-26230	4	23	var	var	NOUN
fbem-26230	4	24	modeling	modeling	NOUN
fbem-26230	4	25	for	for	ADP
fbem-26230	4	26	empirical	empirical	ADJ
fbem-26230	4	27	research	research	NOUN
fbem-26230	4	28	,	,	PUNCT
fbem-26230	4	29	aiming	aim	VERB
fbem-26230	4	30	to	to	PART
fbem-26230	4	31	uncover	uncover	VERB
fbem-26230	4	32	the	the	DET
fbem-26230	4	33	relationship	relationship	NOUN
fbem-26230	4	34	and	and	CCONJ
fbem-26230	4	35	operational	operational	ADJ
fbem-26230	4	36	mechanisms	mechanism	NOUN
fbem-26230	4	37	between	between	ADP
fbem-26230	4	38	the	the	DET
fbem-26230	4	39	two	two	NUM
fbem-26230	4	40	.	.	PUNCT
fbem-26230	5	1	the	the	DET
fbem-26230	5	2	findings	finding	NOUN
fbem-26230	5	3	indicate	indicate	VERB
fbem-26230	5	4	a	a	DET
fbem-26230	5	5	certain	certain	ADJ
fbem-26230	5	6	correlation	correlation	NOUN
fbem-26230	5	7	between	between	ADP
fbem-26230	5	8	economic	economic	ADJ
fbem-26230	5	9	development	development	NOUN
fbem-26230	5	10	and	and	CCONJ
fbem-26230	5	11	securities	security	NOUN
fbem-26230	5	12	market	market	NOUN
fbem-26230	5	13	development	development	NOUN
fbem-26230	5	14	in	in	ADP
fbem-26230	5	15	china	china	PROPN
fbem-26230	5	16	.	.	PUNCT
fbem-26230	6	1	the	the	DET
fbem-26230	6	2	variance	variance	NOUN
fbem-26230	6	3	decomposition	decomposition	NOUN
fbem-26230	6	4	reveals	reveal	VERB
fbem-26230	6	5	that	that	SCONJ
fbem-26230	6	6	the	the	DET
fbem-26230	6	7	contribution	contribution	NOUN
fbem-26230	6	8	of	of	ADP
fbem-26230	6	9	economic	economic	ADJ
fbem-26230	6	10	development	development	NOUN
fbem-26230	6	11	to	to	ADP
fbem-26230	6	12	the	the	DET
fbem-26230	6	13	securities	security	NOUN
fbem-26230	6	14	market	market	NOUN
fbem-26230	6	15	is	be	AUX
fbem-26230	6	16	relatively	relatively	ADV
fbem-26230	6	17	low	low	ADJ
fbem-26230	6	18	,	,	PUNCT
fbem-26230	6	19	highlighting	highlight	VERB
fbem-26230	6	20	a	a	DET
fbem-26230	6	21	major	major	ADJ
fbem-26230	6	22	issue	issue	NOUN
fbem-26230	6	23	within	within	ADP
fbem-26230	6	24	the	the	DET
fbem-26230	6	25	chinese	chinese	ADJ
fbem-26230	6	26	securities	security	NOUN
fbem-26230	6	27	market	market	NOUN
fbem-26230	6	28	.	.	PUNCT
fbem-26230	7	1	consequently	consequently	ADV
fbem-26230	7	2	,	,	PUNCT
fbem-26230	7	3	this	this	DET
fbem-26230	7	4	paper	paper	NOUN
fbem-26230	7	5	proposes	propose	VERB
fbem-26230	7	6	reform	reform	NOUN
fbem-26230	7	7	suggestions	suggestion	NOUN
fbem-26230	7	8	from	from	ADP
fbem-26230	7	9	various	various	ADJ
fbem-26230	7	10	perspectives	perspective	NOUN
fbem-26230	7	11	,	,	PUNCT
fbem-26230	7	12	including	include	VERB
fbem-26230	7	13	institutional	institutional	ADJ
fbem-26230	7	14	,	,	PUNCT
fbem-26230	7	15	investor	investor	NOUN
fbem-26230	7	16	,	,	PUNCT
fbem-26230	7	17	and	and	CCONJ
fbem-26230	7	18	listed	list	VERB
fbem-26230	7	19	company	company	NOUN
fbem-26230	7	20	aspects	aspect	NOUN
fbem-26230	7	21	,	,	PUNCT
fbem-26230	7	22	to	to	PART
fbem-26230	7	23	guide	guide	VERB
fbem-26230	7	24	the	the	DET
fbem-26230	7	25	healthy	healthy	ADJ
fbem-26230	7	26	growth	growth	NOUN
fbem-26230	7	27	of	of	ADP
fbem-26230	7	28	the	the	DET
fbem-26230	7	29	chinese	chinese	ADJ
fbem-26230	7	30	securities	security	NOUN
fbem-26230	7	31	market	market	NOUN
fbem-26230	7	32	and	and	CCONJ
fbem-26230	7	33	create	create	VERB
fbem-26230	7	34	a	a	DET
fbem-26230	7	35	favorable	favorable	ADJ
fbem-26230	7	36	environment	environment	NOUN
fbem-26230	7	37	for	for	ADP
fbem-26230	7	38	economic	economic	ADJ
fbem-26230	7	39	development	development	NOUN
fbem-26230	7	40	.	.	PUNCT
fbem-26230	8	1	keywords	keyword	NOUN
fbem-26230	8	2	:	:	PUNCT
fbem-26230	8	3	securities	security	NOUN
fbem-26230	8	4	market	market	NOUN
fbem-26230	8	5	,	,	PUNCT
fbem-26230	8	6	broad	broad	ADJ
fbem-26230	8	7	money	money	NOUN
fbem-26230	8	8	supply	supply	NOUN
fbem-26230	8	9	,	,	PUNCT
fbem-26230	8	10	time	time	NOUN
fbem-26230	8	11	series	series	NOUN
fbem-26230	8	12	,	,	PUNCT
fbem-26230	8	13	var	var	PROPN
fbem-26230	8	14	model	model	NOUN
fbem-26230	8	15	.	.	PUNCT
fbem-26230	9	1	1	1	X
fbem-26230	9	2	.	.	X
fbem-26230	9	3	introduction	introduction	NOUN
fbem-26230	9	4	the	the	DET
fbem-26230	9	5	securities	security	NOUN
fbem-26230	9	6	markets	market	NOUN
fbem-26230	9	7	in	in	ADP
fbem-26230	9	8	developed	develop	VERB
fbem-26230	9	9	european	european	ADJ
fbem-26230	9	10	and	and	CCONJ
fbem-26230	9	11	american	american	ADJ
fbem-26230	9	12	countries	country	NOUN
fbem-26230	9	13	began	begin	VERB
fbem-26230	9	14	earlier	early	ADV
fbem-26230	9	15	,	,	PUNCT
fbem-26230	9	16	with	with	ADP
fbem-26230	9	17	the	the	DET
fbem-26230	9	18	establishment	establishment	NOUN
fbem-26230	9	19	of	of	ADP
fbem-26230	9	20	the	the	DET
fbem-26230	9	21	world	world	NOUN
fbem-26230	9	22	's	's	PART
fbem-26230	9	23	first	first	ADJ
fbem-26230	9	24	stock	stock	NOUN
fbem-26230	9	25	exchange	exchange	NOUN
fbem-26230	9	26	in	in	ADP
fbem-26230	9	27	the	the	DET
fbem-26230	9	28	early	early	ADJ
fbem-26230	9	29	17th	17th	ADJ
fbem-26230	9	30	century	century	NOUN
fbem-26230	9	31	in	in	ADP
fbem-26230	9	32	the	the	DET
fbem-26230	9	33	netherlands	netherlands	PROPN
fbem-26230	9	34	,	,	PUNCT
fbem-26230	9	35	the	the	DET
fbem-26230	9	36	founding	founding	NOUN
fbem-26230	9	37	of	of	ADP
fbem-26230	9	38	the	the	DET
fbem-26230	9	39	london	london	PROPN
fbem-26230	9	40	stock	stock	NOUN
fbem-26230	9	41	exchange	exchange	NOUN
fbem-26230	9	42	in	in	ADP
fbem-26230	9	43	the	the	DET
fbem-26230	9	44	1870s	1870	NOUN
fbem-26230	9	45	,	,	PUNCT
fbem-26230	9	46	and	and	CCONJ
fbem-26230	9	47	the	the	DET
fbem-26230	9	48	creation	creation	NOUN
fbem-26230	9	49	of	of	ADP
fbem-26230	9	50	the	the	DET
fbem-26230	9	51	new	new	PROPN
fbem-26230	9	52	york	york	PROPN
fbem-26230	9	53	stock	stock	PROPN
fbem-26230	9	54	exchange	exchange	PROPN
fbem-26230	9	55	in	in	ADP
fbem-26230	9	56	the	the	DET
fbem-26230	9	57	1920s	1920s	NUM
fbem-26230	9	58	.	.	PUNCT
fbem-26230	10	1	in	in	ADP
fbem-26230	10	2	contrast	contrast	NOUN
fbem-26230	10	3	,	,	PUNCT
fbem-26230	10	4	china	china	PROPN
fbem-26230	10	5	's	's	PART
fbem-26230	10	6	securities	security	NOUN
fbem-26230	10	7	market	market	NOUN
fbem-26230	10	8	started	start	VERB
fbem-26230	10	9	later	later	ADV
fbem-26230	10	10	,	,	PUNCT
fbem-26230	10	11	launching	launch	VERB
fbem-26230	10	12	pilot	pilot	NOUN
fbem-26230	10	13	operations	operation	NOUN
fbem-26230	10	14	in	in	ADP
fbem-26230	10	15	the	the	DET
fbem-26230	10	16	1990s	1990	NOUN
fbem-26230	10	17	with	with	ADP
fbem-26230	10	18	the	the	DET
fbem-26230	10	19	establishment	establishment	NOUN
fbem-26230	10	20	of	of	ADP
fbem-26230	10	21	the	the	DET
fbem-26230	10	22	shenzhen	shenzhen	PROPN
fbem-26230	10	23	stock	stock	PROPN
fbem-26230	10	24	exchange	exchange	PROPN
fbem-26230	10	25	and	and	CCONJ
fbem-26230	10	26	the	the	DET
fbem-26230	10	27	shanghai	shanghai	PROPN
fbem-26230	10	28	stock	stock	PROPN
fbem-26230	10	29	exchange	exchange	PROPN
fbem-26230	10	30	.	.	PUNCT
fbem-26230	11	1	despite	despite	SCONJ
fbem-26230	11	2	its	its	PRON
fbem-26230	11	3	relatively	relatively	ADV
fbem-26230	11	4	short	short	ADJ
fbem-26230	11	5	history	history	NOUN
fbem-26230	11	6	of	of	ADP
fbem-26230	11	7	just	just	ADV
fbem-26230	11	8	over	over	ADP
fbem-26230	11	9	thirty	thirty	NUM
fbem-26230	11	10	years	year	NOUN
fbem-26230	11	11	,	,	PUNCT
fbem-26230	11	12	it	it	PRON
fbem-26230	11	13	has	have	AUX
fbem-26230	11	14	achieved	achieve	VERB
fbem-26230	11	15	remarkable	remarkable	ADJ
fbem-26230	11	16	milestones	milestone	NOUN
fbem-26230	11	17	.	.	PUNCT
fbem-26230	12	1	according	accord	VERB
fbem-26230	12	2	to	to	ADP
fbem-26230	12	3	statistics	statistic	NOUN
fbem-26230	12	4	from	from	ADP
fbem-26230	12	5	the	the	DET
fbem-26230	12	6	china	china	PROPN
fbem-26230	12	7	securities	securities	PROPN
fbem-26230	12	8	depository	depository	PROPN
fbem-26230	12	9	and	and	CCONJ
fbem-26230	12	10	clearing	clearing	NOUN
fbem-26230	12	11	corporation	corporation	NOUN
fbem-26230	12	12	,	,	PUNCT
fbem-26230	12	13	by	by	ADP
fbem-26230	12	14	february	february	PROPN
fbem-26230	12	15	2021	2021	NUM
fbem-26230	12	16	,	,	PUNCT
fbem-26230	12	17	the	the	DET
fbem-26230	12	18	number	number	NOUN
fbem-26230	12	19	of	of	ADP
fbem-26230	12	20	investors	investor	NOUN
fbem-26230	12	21	in	in	ADP
fbem-26230	12	22	china	china	PROPN
fbem-26230	12	23	reached	reach	VERB
fbem-26230	12	24	180	180	NUM
fbem-26230	12	25	million	million	NUM
fbem-26230	12	26	.	.	PUNCT
fbem-26230	13	1	as	as	ADP
fbem-26230	13	2	of	of	ADP
fbem-26230	13	3	march	march	PROPN
fbem-26230	13	4	2021	2021	NUM
fbem-26230	13	5	,	,	PUNCT
fbem-26230	13	6	the	the	DET
fbem-26230	13	7	total	total	ADJ
fbem-26230	13	8	market	market	NOUN
fbem-26230	13	9	capitalization	capitalization	NOUN
fbem-26230	13	10	of	of	ADP
fbem-26230	13	11	stocks	stock	NOUN
fbem-26230	13	12	on	on	ADP
fbem-26230	13	13	the	the	DET
fbem-26230	13	14	shanghai	shanghai	PROPN
fbem-26230	13	15	and	and	CCONJ
fbem-26230	13	16	shenzhen	shenzhen	PROPN
fbem-26230	13	17	exchanges	exchange	NOUN
fbem-26230	13	18	exceeded	exceed	VERB
fbem-26230	13	19	78	78	NUM
fbem-26230	13	20	trillion	trillion	NUM
fbem-26230	13	21	yuan	yuan	NOUN
fbem-26230	13	22	,	,	PUNCT
fbem-26230	13	23	with	with	ADP
fbem-26230	13	24	a	a	DET
fbem-26230	13	25	circulating	circulate	VERB
fbem-26230	13	26	market	market	NOUN
fbem-26230	13	27	value	value	NOUN
fbem-26230	13	28	exceeding	exceed	VERB
fbem-26230	13	29	64	64	NUM
fbem-26230	13	30	trillion	trillion	NUM
fbem-26230	13	31	yuan	yuan	NOUN
fbem-26230	13	32	,	,	PUNCT
fbem-26230	13	33	and	and	CCONJ
fbem-26230	13	34	a	a	DET
fbem-26230	13	35	total	total	NOUN
fbem-26230	13	36	of	of	ADP
fbem-26230	13	37	4,248	4,248	NUM
fbem-26230	13	38	listed	list	VERB
fbem-26230	13	39	companies	company	NOUN
fbem-26230	13	40	,	,	PUNCT
fbem-26230	13	41	indicating	indicate	VERB
fbem-26230	13	42	strong	strong	ADJ
fbem-26230	13	43	financing	financing	NOUN
fbem-26230	13	44	capabilities	capability	NOUN
fbem-26230	13	45	.	.	PUNCT
fbem-26230	14	1	the	the	DET
fbem-26230	14	2	achievements	achievement	NOUN
fbem-26230	14	3	of	of	ADP
fbem-26230	14	4	the	the	DET
fbem-26230	14	5	chinese	chinese	ADJ
fbem-26230	14	6	securities	security	NOUN
fbem-26230	14	7	market	market	NOUN
fbem-26230	14	8	place	place	NOUN
fbem-26230	14	9	it	it	PRON
fbem-26230	14	10	in	in	ADP
fbem-26230	14	11	a	a	DET
fbem-26230	14	12	leading	lead	VERB
fbem-26230	14	13	position	position	NOUN
fbem-26230	14	14	globally	globally	ADV
fbem-26230	14	15	.	.	PUNCT
fbem-26230	15	1	in	in	ADP
fbem-26230	15	2	1991	1991	NUM
fbem-26230	15	3	,	,	PUNCT
fbem-26230	15	4	the	the	DET
fbem-26230	15	5	initial	initial	ADJ
fbem-26230	15	6	market	market	NOUN
fbem-26230	15	7	capitalization	capitalization	NOUN
fbem-26230	15	8	was	be	AUX
fbem-26230	15	9	only	only	ADV
fbem-26230	15	10	10.919	10.919	NUM
fbem-26230	15	11	billion	billion	NUM
fbem-26230	15	12	yuan	yuan	NOUN
fbem-26230	15	13	,	,	PUNCT
fbem-26230	15	14	but	but	CCONJ
fbem-26230	15	15	it	it	PRON
fbem-26230	15	16	has	have	AUX
fbem-26230	15	17	attracted	attract	VERB
fbem-26230	15	18	attention	attention	NOUN
fbem-26230	15	19	from	from	ADP
fbem-26230	15	20	global	global	ADJ
fbem-26230	15	21	investors	investor	NOUN
fbem-26230	15	22	over	over	ADP
fbem-26230	15	23	the	the	DET
fbem-26230	15	24	past	past	ADJ
fbem-26230	15	25	thirty	thirty	NUM
fbem-26230	15	26	years	year	NOUN
fbem-26230	15	27	.	.	PUNCT
fbem-26230	16	1	analysis	analysis	NOUN
fbem-26230	16	2	of	of	ADP
fbem-26230	16	3	the	the	DET
fbem-26230	16	4	investor	investor	NOUN
fbem-26230	16	5	composition	composition	NOUN
fbem-26230	16	6	in	in	ADP
fbem-26230	16	7	the	the	DET
fbem-26230	16	8	chinese	chinese	ADJ
fbem-26230	16	9	securities	security	NOUN
fbem-26230	16	10	market	market	NOUN
fbem-26230	16	11	reveals	reveal	VERB
fbem-26230	16	12	a	a	DET
fbem-26230	16	13	yearly	yearly	ADJ
fbem-26230	16	14	increase	increase	NOUN
fbem-26230	16	15	in	in	ADP
fbem-26230	16	16	the	the	DET
fbem-26230	16	17	proportion	proportion	NOUN
fbem-26230	16	18	of	of	ADP
fbem-26230	16	19	foreign	foreign	ADJ
fbem-26230	16	20	and	and	CCONJ
fbem-26230	16	21	institutional	institutional	ADJ
fbem-26230	16	22	investors	investor	NOUN
fbem-26230	16	23	,	,	PUNCT
fbem-26230	16	24	indicating	indicate	VERB
fbem-26230	16	25	a	a	DET
fbem-26230	16	26	trend	trend	NOUN
fbem-26230	16	27	toward	toward	ADP
fbem-26230	16	28	more	more	ADJ
fbem-26230	16	29	rational	rational	ADJ
fbem-26230	16	30	investor	investor	NOUN
fbem-26230	16	31	behavior	behavior	NOUN
fbem-26230	16	32	focused	focus	VERB
fbem-26230	16	33	on	on	ADP
fbem-26230	16	34	value	value	NOUN
fbem-26230	16	35	investment	investment	NOUN
fbem-26230	16	36	,	,	PUNCT
fbem-26230	16	37	with	with	ADP
fbem-26230	16	38	a	a	DET
fbem-26230	16	39	growing	grow	VERB
fbem-26230	16	40	internationalization	internationalization	NOUN
fbem-26230	16	41	of	of	ADP
fbem-26230	16	42	the	the	DET
fbem-26230	16	43	investor	investor	NOUN
fbem-26230	16	44	base	base	NOUN
fbem-26230	16	45	.	.	PUNCT
fbem-26230	17	1	the	the	DET
fbem-26230	17	2	market	market	NOUN
fbem-26230	17	3	is	be	AUX
fbem-26230	17	4	gradually	gradually	ADV
fbem-26230	17	5	maturing	mature	VERB
fbem-26230	17	6	,	,	PUNCT
fbem-26230	17	7	with	with	ADP
fbem-26230	17	8	the	the	DET
fbem-26230	17	9	issuance	issuance	NOUN
fbem-26230	17	10	system	system	NOUN
fbem-26230	17	11	transitioning	transition	VERB
fbem-26230	17	12	from	from	ADP
fbem-26230	17	13	an	an	DET
fbem-26230	17	14	approval	approval	NOUN
fbem-26230	17	15	-	-	PUNCT
fbem-26230	17	16	based	base	VERB
fbem-26230	17	17	to	to	ADP
fbem-26230	17	18	an	an	DET
fbem-26230	17	19	approval	approval	NOUN
fbem-26230	17	20	-	-	PUNCT
fbem-26230	17	21	in	in	ADP
fbem-26230	17	22	-	-	PUNCT
fbem-26230	17	23	principle	principle	NOUN
fbem-26230	17	24	system	system	NOUN
fbem-26230	17	25	,	,	PUNCT
fbem-26230	17	26	and	and	CCONJ
fbem-26230	17	27	the	the	DET
fbem-26230	17	28	gradual	gradual	ADJ
fbem-26230	17	29	advancement	advancement	NOUN
fbem-26230	17	30	toward	toward	ADP
fbem-26230	17	31	a	a	DET
fbem-26230	17	32	registration	registration	NOUN
fbem-26230	17	33	system	system	NOUN
fbem-26230	17	34	.	.	PUNCT
fbem-26230	18	1	however	however	ADV
fbem-26230	18	2	,	,	PUNCT
fbem-26230	18	3	it	it	PRON
fbem-26230	18	4	is	be	AUX
fbem-26230	18	5	undeniable	undeniable	ADJ
fbem-26230	18	6	that	that	SCONJ
fbem-26230	18	7	due	due	ADP
fbem-26230	18	8	to	to	ADP
fbem-26230	18	9	its	its	PRON
fbem-26230	18	10	late	late	ADJ
fbem-26230	18	11	start	start	NOUN
fbem-26230	18	12	,	,	PUNCT
fbem-26230	18	13	the	the	DET
fbem-26230	18	14	chinese	chinese	ADJ
fbem-26230	18	15	securities	security	NOUN
fbem-26230	18	16	market	market	NOUN
fbem-26230	18	17	still	still	ADV
fbem-26230	18	18	lags	lag	VERB
fbem-26230	18	19	behind	behind	ADP
fbem-26230	18	20	its	its	PRON
fbem-26230	18	21	developed	develop	VERB
fbem-26230	18	22	western	western	ADJ
fbem-26230	18	23	counterparts	counterpart	NOUN
fbem-26230	18	24	,	,	PUNCT
fbem-26230	18	25	facing	face	VERB
fbem-26230	18	26	challenges	challenge	NOUN
fbem-26230	18	27	such	such	ADJ
fbem-26230	18	28	as	as	ADP
fbem-26230	18	29	the	the	DET
fbem-26230	18	30	singular	singular	ADJ
fbem-26230	18	31	function	function	NOUN
fbem-26230	18	32	of	of	ADP
fbem-26230	18	33	securities	security	NOUN
fbem-26230	18	34	firms	firm	NOUN
fbem-26230	18	35	,	,	PUNCT
fbem-26230	18	36	a	a	DET
fbem-26230	18	37	relatively	relatively	ADV
fbem-26230	18	38	small	small	ADJ
fbem-26230	18	39	scale	scale	NOUN
fbem-26230	18	40	of	of	ADP
fbem-26230	18	41	the	the	DET
fbem-26230	18	42	securities	security	NOUN
fbem-26230	18	43	industry	industry	NOUN
fbem-26230	18	44	,	,	PUNCT
fbem-26230	18	45	insufficient	insufficient	ADJ
fbem-26230	18	46	capital	capital	NOUN
fbem-26230	18	47	market	market	NOUN
fbem-26230	18	48	functionality	functionality	NOUN
fbem-26230	18	49	,	,	PUNCT
fbem-26230	18	50	and	and	CCONJ
fbem-26230	18	51	imperfect	imperfect	ADJ
fbem-26230	18	52	regulations	regulation	NOUN
fbem-26230	18	53	.	.	PUNCT
fbem-26230	19	1	the	the	DET
fbem-26230	19	2	relationship	relationship	NOUN
fbem-26230	19	3	between	between	ADP
fbem-26230	19	4	the	the	DET
fbem-26230	19	5	securities	security	NOUN
fbem-26230	19	6	market	market	NOUN
fbem-26230	19	7	and	and	CCONJ
fbem-26230	19	8	economic	economic	ADJ
fbem-26230	19	9	development	development	NOUN
fbem-26230	19	10	is	be	AUX
fbem-26230	19	11	a	a	DET
fbem-26230	19	12	popular	popular	ADJ
fbem-26230	19	13	research	research	NOUN
fbem-26230	19	14	topic	topic	NOUN
fbem-26230	19	15	among	among	ADP
fbem-26230	19	16	economists	economist	NOUN
fbem-26230	19	17	both	both	CCONJ
fbem-26230	19	18	domestically	domestically	ADV
fbem-26230	19	19	and	and	CCONJ
fbem-26230	19	20	internationally	internationally	ADV
fbem-26230	19	21	.	.	PUNCT
fbem-26230	20	1	in	in	ADP
fbem-26230	20	2	developed	develop	VERB
fbem-26230	20	3	economies	economy	NOUN
fbem-26230	20	4	with	with	ADP
fbem-26230	20	5	mature	mature	ADJ
fbem-26230	20	6	securities	security	NOUN
fbem-26230	20	7	markets	market	NOUN
fbem-26230	20	8	,	,	PUNCT
fbem-26230	20	9	the	the	DET
fbem-26230	20	10	relationship	relationship	NOUN
fbem-26230	20	11	between	between	ADP
fbem-26230	20	12	the	the	DET
fbem-26230	20	13	two	two	NUM
fbem-26230	20	14	has	have	AUX
fbem-26230	20	15	not	not	PART
fbem-26230	20	16	yet	yet	ADV
fbem-26230	20	17	reached	reach	VERB
fbem-26230	20	18	a	a	DET
fbem-26230	20	19	unified	unified	ADJ
fbem-26230	20	20	conclusion	conclusion	NOUN
fbem-26230	20	21	,	,	PUNCT
fbem-26230	20	22	and	and	CCONJ
fbem-26230	20	23	the	the	DET
fbem-26230	20	24	situation	situation	NOUN
fbem-26230	20	25	is	be	AUX
fbem-26230	20	26	even	even	ADV
fbem-26230	20	27	less	less	ADV
fbem-26230	20	28	clear	clear	ADJ
fbem-26230	20	29	in	in	ADP
fbem-26230	20	30	china	china	PROPN
fbem-26230	20	31	.	.	PUNCT
fbem-26230	21	1	therefore	therefore	ADV
fbem-26230	21	2	,	,	PUNCT
fbem-26230	21	3	there	there	PRON
fbem-26230	21	4	is	be	VERB
fbem-26230	21	5	a	a	DET
fbem-26230	21	6	pressing	press	VERB
fbem-26230	21	7	need	need	NOUN
fbem-26230	21	8	to	to	PART
fbem-26230	21	9	study	study	VERB
fbem-26230	21	10	the	the	DET
fbem-26230	21	11	relationship	relationship	NOUN
fbem-26230	21	12	between	between	ADP
fbem-26230	21	13	the	the	DET
fbem-26230	21	14	emerging	emerge	VERB
fbem-26230	21	15	chinese	chinese	ADJ
fbem-26230	21	16	securities	security	NOUN
fbem-26230	21	17	market	market	NOUN
fbem-26230	21	18	and	and	CCONJ
fbem-26230	21	19	economic	economic	ADJ
fbem-26230	21	20	development	development	NOUN
fbem-26230	21	21	.	.	PUNCT
fbem-26230	22	1	researching	research	VERB
fbem-26230	22	2	whether	whether	SCONJ
fbem-26230	22	3	a	a	DET
fbem-26230	22	4	correlation	correlation	NOUN
fbem-26230	22	5	exists	exist	VERB
fbem-26230	22	6	and	and	CCONJ
fbem-26230	22	7	analyzing	analyze	VERB
fbem-26230	22	8	the	the	DET
fbem-26230	22	9	mechanisms	mechanism	NOUN
fbem-26230	22	10	of	of	ADP
fbem-26230	22	11	influence	influence	NOUN
fbem-26230	22	12	can	can	AUX
fbem-26230	22	13	facilitate	facilitate	VERB
fbem-26230	22	14	improvements	improvement	NOUN
fbem-26230	22	15	in	in	ADP
fbem-26230	22	16	the	the	DET
fbem-26230	22	17	chinese	chinese	ADJ
fbem-26230	22	18	securities	security	NOUN
fbem-26230	22	19	market	market	NOUN
fbem-26230	22	20	and	and	CCONJ
fbem-26230	22	21	promote	promote	VERB
fbem-26230	22	22	the	the	DET
fbem-26230	22	23	functioning	functioning	NOUN
fbem-26230	22	24	of	of	ADP
fbem-26230	22	25	the	the	DET
fbem-26230	22	26	macroeconomy	macroeconomy	NOUN
fbem-26230	22	27	.	.	PUNCT
fbem-26230	23	1	ultimately	ultimately	ADV
fbem-26230	23	2	,	,	PUNCT
fbem-26230	23	3	this	this	DET
fbem-26230	23	4	research	research	NOUN
fbem-26230	23	5	aims	aim	VERB
fbem-26230	23	6	to	to	PART
fbem-26230	23	7	provide	provide	VERB
fbem-26230	23	8	a	a	DET
fbem-26230	23	9	theoretical	theoretical	ADJ
fbem-26230	23	10	foundation	foundation	NOUN
fbem-26230	23	11	for	for	ADP
fbem-26230	23	12	china	china	PROPN
fbem-26230	23	13	's	's	PART
fbem-26230	23	14	future	future	ADJ
fbem-26230	23	15	economic	economic	ADJ
fbem-26230	23	16	development	development	NOUN
fbem-26230	23	17	.	.	PUNCT
fbem-26230	24	1	2	2	X
fbem-26230	24	2	.	.	X
fbem-26230	24	3	literature	literature	PROPN
fbem-26230	24	4	review	review	PROPN
fbem-26230	24	5	mukherjee	mukherjee	PROPN
fbem-26230	24	6	t.k	t.k	PROPN
fbem-26230	24	7	.	.	PROPN
fbem-26230	24	8	et	et	PROPN
fbem-26230	24	9	al	al	PROPN
fbem-26230	24	10	.	.	PROPN
fbem-26230	24	11	(	(	PUNCT
fbem-26230	24	12	1995	1995	NUM
fbem-26230	24	13	)	)	PUNCT
fbem-26230	24	14	conducted	conduct	VERB
fbem-26230	24	15	a	a	DET
fbem-26230	24	16	co	co	NOUN
fbem-26230	24	17	-	-	NOUN
fbem-26230	24	18	integration	integration	NOUN
fbem-26230	24	19	analysis	analysis	NOUN
fbem-26230	24	20	of	of	ADP
fbem-26230	24	21	the	the	DET
fbem-26230	24	22	tokyo	tokyo	PROPN
fbem-26230	24	23	stock	stock	NOUN
fbem-26230	24	24	exchange	exchange	NOUN
fbem-26230	24	25	index	index	NOUN
fbem-26230	24	26	with	with	ADP
fbem-26230	24	27	macroeconomic	macroeconomic	ADJ
fbem-26230	24	28	data	datum	NOUN
fbem-26230	24	29	such	such	ADJ
fbem-26230	24	30	as	as	ADP
fbem-26230	24	31	gdp	gdp	NOUN
fbem-26230	24	32	and	and	CCONJ
fbem-26230	24	33	cpi	cpi	PROPN
fbem-26230	24	34	,	,	PUNCT
fbem-26230	24	35	concluding	conclude	VERB
fbem-26230	24	36	that	that	SCONJ
fbem-26230	24	37	there	there	PRON
fbem-26230	24	38	exists	exist	VERB
fbem-26230	24	39	a	a	DET
fbem-26230	24	40	correlation	correlation	NOUN
fbem-26230	24	41	between	between	ADP
fbem-26230	24	42	japan	japan	PROPN
fbem-26230	24	43	's	's	PART
fbem-26230	24	44	macroeconomy	macroeconomy	NOUN
fbem-26230	24	45	and	and	CCONJ
fbem-26230	24	46	its	its	PRON
fbem-26230	24	47	stock	stock	NOUN
fbem-26230	24	48	market	market	NOUN
fbem-26230	24	49	,	,	PUNCT
fbem-26230	24	50	indicating	indicate	VERB
fbem-26230	24	51	that	that	SCONJ
fbem-26230	24	52	stock	stock	NOUN
fbem-26230	24	53	market	market	NOUN
fbem-26230	24	54	fluctuations	fluctuation	NOUN
fbem-26230	24	55	can	can	AUX
fbem-26230	24	56	partially	partially	ADV
fbem-26230	24	57	explain	explain	VERB
fbem-26230	24	58	macroeconomic	macroeconomic	ADJ
fbem-26230	24	59	operations	operation	NOUN
fbem-26230	24	60	.	.	PUNCT
fbem-26230	25	1	adamopoulos	adamopoulos	PROPN
fbem-26230	25	2	antonios	antonios	PROPN
fbem-26230	25	3	(	(	PUNCT
fbem-26230	25	4	2010	2010	NUM
fbem-26230	25	5	)	)	PUNCT
fbem-26230	25	6	studied	study	VERB
fbem-26230	25	7	the	the	DET
fbem-26230	25	8	relationship	relationship	NOUN
fbem-26230	25	9	between	between	ADP
fbem-26230	25	10	the	the	DET
fbem-26230	25	11	german	german	ADJ
fbem-26230	25	12	stock	stock	NOUN
fbem-26230	25	13	market	market	NOUN
fbem-26230	25	14	and	and	CCONJ
fbem-26230	25	15	economic	economic	ADJ
fbem-26230	25	16	development	development	NOUN
fbem-26230	25	17	from	from	ADP
fbem-26230	25	18	1986	1986	NUM
fbem-26230	25	19	to	to	ADP
fbem-26230	25	20	2007	2007	NUM
fbem-26230	25	21	,	,	PUNCT
fbem-26230	25	22	using	use	VERB
fbem-26230	25	23	johansen	johansen	PROPN
fbem-26230	25	24	co	co	NOUN
fbem-26230	25	25	-	-	NOUN
fbem-26230	25	26	integration	integration	NOUN
fbem-26230	25	27	analysis	analysis	NOUN
fbem-26230	25	28	,	,	PUNCT
fbem-26230	25	29	which	which	PRON
fbem-26230	25	30	revealed	reveal	VERB
fbem-26230	25	31	a	a	DET
fbem-26230	25	32	oneway	oneway	ADJ
fbem-26230	25	33	causal	causal	NOUN
fbem-26230	25	34	relationship	relationship	NOUN
fbem-26230	25	35	where	where	SCONJ
fbem-26230	25	36	stock	stock	NOUN
fbem-26230	25	37	market	market	NOUN
fbem-26230	25	38	development	development	NOUN
fbem-26230	25	39	granger	granger	NOUN
fbem-26230	25	40	-	-	PUNCT
fbem-26230	25	41	causes	cause	VERB
fbem-26230	25	42	german	german	ADJ
fbem-26230	25	43	economic	economic	ADJ
fbem-26230	25	44	growth	growth	NOUN
fbem-26230	25	45	.	.	PUNCT
fbem-26230	26	1	sheilla	sheilla	PROPN
fbem-26230	26	2	nyasha	nyasha	PROPN
fbem-26230	26	3	and	and	CCONJ
fbem-26230	26	4	n.m	n.m	PROPN
fbem-26230	26	5	.	.	PROPN
fbem-26230	26	6	odhiambo	odhiambo	PROPN
fbem-26230	26	7	(	(	PUNCT
fbem-26230	26	8	2015	2015	NUM
fbem-26230	26	9	)	)	PUNCT
fbem-26230	26	10	explored	explore	VERB
fbem-26230	26	11	the	the	DET
fbem-26230	26	12	causal	causal	ADJ
fbem-26230	26	13	relationship	relationship	NOUN
fbem-26230	26	14	between	between	ADP
fbem-26230	26	15	financial	financial	ADJ
fbem-26230	26	16	development	development	NOUN
fbem-26230	26	17	and	and	CCONJ
fbem-26230	26	18	economic	economic	ADJ
fbem-26230	26	19	growth	growth	NOUN
fbem-26230	26	20	in	in	ADP
fbem-26230	26	21	both	both	CCONJ
fbem-26230	26	22	developed	developed	ADJ
fbem-26230	26	23	and	and	CCONJ
fbem-26230	26	24	developing	develop	VERB
fbem-26230	26	25	countries	country	NOUN
fbem-26230	26	26	,	,	PUNCT
fbem-26230	26	27	finding	find	VERB
fbem-26230	26	28	that	that	SCONJ
fbem-26230	26	29	the	the	DET
fbem-26230	26	30	nature	nature	NOUN
fbem-26230	26	31	of	of	ADP
fbem-26230	26	32	the	the	DET
fbem-26230	26	33	causality	causality	NOUN
fbem-26230	26	34	varies	vary	VERB
fbem-26230	26	35	significantly	significantly	ADV
fbem-26230	26	36	across	across	ADP
fbem-26230	26	37	nations	nation	NOUN
fbem-26230	26	38	.	.	PUNCT
fbem-26230	27	1	overall	overall	ADV
fbem-26230	27	2	,	,	PUNCT
fbem-26230	27	3	the	the	DET
fbem-26230	27	4	varying	vary	VERB
fbem-26230	27	5	levels	level	NOUN
fbem-26230	27	6	of	of	ADP
fbem-26230	27	7	economic	economic	ADJ
fbem-26230	27	8	development	development	NOUN
fbem-26230	27	9	in	in	ADP
fbem-26230	27	10	different	different	ADJ
fbem-26230	27	11	countries	country	NOUN
fbem-26230	27	12	influence	influence	VERB
fbem-26230	27	13	the	the	DET
fbem-26230	27	14	degree	degree	NOUN
fbem-26230	27	15	of	of	ADP
fbem-26230	27	16	stock	stock	NOUN
fbem-26230	27	17	market	market	NOUN
fbem-26230	27	18	maturity	maturity	NOUN
fbem-26230	27	19	;	;	PUNCT
fbem-26230	27	20	in	in	ADP
fbem-26230	27	21	developed	develop	VERB
fbem-26230	27	22	economies	economy	NOUN
fbem-26230	27	23	,	,	PUNCT
fbem-26230	27	24	the	the	DET
fbem-26230	27	25	stock	stock	NOUN
fbem-26230	27	26	market	market	NOUN
fbem-26230	27	27	effectively	effectively	ADV
fbem-26230	27	28	reflects	reflect	VERB
fbem-26230	27	29	macroeconomic	macroeconomic	ADJ
fbem-26230	27	30	performance	performance	NOUN
fbem-26230	27	31	,	,	PUNCT
fbem-26230	27	32	whereas	whereas	SCONJ
fbem-26230	27	33	in	in	ADP
fbem-26230	27	34	less	less	ADJ
fbem-26230	27	35	developed	developed	ADJ
fbem-26230	27	36	regions	region	NOUN
fbem-26230	27	37	,	,	PUNCT
fbem-26230	27	38	the	the	DET
fbem-26230	27	39	relatively	relatively	ADV
fbem-26230	27	40	recent	recent	ADJ
fbem-26230	27	41	establishment	establishment	NOUN
fbem-26230	27	42	of	of	ADP
fbem-26230	27	43	stock	stock	NOUN
fbem-26230	27	44	markets	market	NOUN
fbem-26230	27	45	165	165	NUM
fbem-26230	27	46	limits	limit	NOUN
fbem-26230	27	47	their	their	PRON
fbem-26230	27	48	economic	economic	ADJ
fbem-26230	27	49	impact	impact	NOUN
fbem-26230	27	50	.	.	PUNCT
fbem-26230	28	1	tan	tan	PROPN
fbem-26230	28	2	ruyong	ruyong	NOUN
fbem-26230	28	3	(	(	PUNCT
fbem-26230	28	4	1999	1999	NUM
fbem-26230	28	5	)	)	PUNCT
fbem-26230	28	6	investigated	investigate	VERB
fbem-26230	28	7	the	the	DET
fbem-26230	28	8	relationship	relationship	NOUN
fbem-26230	28	9	between	between	ADP
fbem-26230	28	10	financial	financial	ADJ
fbem-26230	28	11	development	development	NOUN
fbem-26230	28	12	and	and	CCONJ
fbem-26230	28	13	economic	economic	ADJ
fbem-26230	28	14	growth	growth	NOUN
fbem-26230	28	15	in	in	ADP
fbem-26230	28	16	china	china	PROPN
fbem-26230	28	17	,	,	PUNCT
fbem-26230	28	18	using	use	VERB
fbem-26230	28	19	data	datum	NOUN
fbem-26230	28	20	from	from	ADP
fbem-26230	28	21	1993	1993	NUM
fbem-26230	28	22	to	to	ADP
fbem-26230	28	23	1998	1998	NUM
fbem-26230	28	24	to	to	PART
fbem-26230	28	25	analyze	analyze	VERB
fbem-26230	28	26	the	the	DET
fbem-26230	28	27	regression	regression	NOUN
fbem-26230	28	28	of	of	ADP
fbem-26230	28	29	stock	stock	NOUN
fbem-26230	28	30	market	market	NOUN
fbem-26230	28	31	capitalization	capitalization	NOUN
fbem-26230	28	32	on	on	ADP
fbem-26230	28	33	gdp	gdp	NOUN
fbem-26230	28	34	and	and	CCONJ
fbem-26230	28	35	transaction	transaction	NOUN
fbem-26230	28	36	volumes	volume	NOUN
fbem-26230	28	37	,	,	PUNCT
fbem-26230	28	38	concluding	conclude	VERB
fbem-26230	28	39	that	that	SCONJ
fbem-26230	28	40	there	there	PRON
fbem-26230	28	41	is	be	VERB
fbem-26230	28	42	a	a	DET
fbem-26230	28	43	significant	significant	ADJ
fbem-26230	28	44	positive	positive	ADJ
fbem-26230	28	45	correlation	correlation	NOUN
fbem-26230	28	46	between	between	ADP
fbem-26230	28	47	the	the	DET
fbem-26230	28	48	development	development	NOUN
fbem-26230	28	49	of	of	ADP
fbem-26230	28	50	financial	financial	ADJ
fbem-26230	28	51	intermediaries	intermediary	NOUN
fbem-26230	28	52	and	and	CCONJ
fbem-26230	28	53	economic	economic	ADJ
fbem-26230	28	54	growth	growth	NOUN
fbem-26230	28	55	,	,	PUNCT
fbem-26230	28	56	while	while	SCONJ
fbem-26230	28	57	the	the	DET
fbem-26230	28	58	relationship	relationship	NOUN
fbem-26230	28	59	between	between	ADP
fbem-26230	28	60	stock	stock	NOUN
fbem-26230	28	61	market	market	NOUN
fbem-26230	28	62	growth	growth	NOUN
fbem-26230	28	63	and	and	CCONJ
fbem-26230	28	64	economic	economic	ADJ
fbem-26230	28	65	growth	growth	NOUN
fbem-26230	28	66	is	be	AUX
fbem-26230	28	67	negative	negative	ADJ
fbem-26230	28	68	but	but	CCONJ
fbem-26230	28	69	not	not	PART
fbem-26230	28	70	significant	significant	ADJ
fbem-26230	28	71	.	.	PUNCT
fbem-26230	29	1	shi	shi	PROPN
fbem-26230	29	2	zhiheng	zhiheng	PROPN
fbem-26230	29	3	and	and	CCONJ
fbem-26230	29	4	wang	wang	PROPN
fbem-26230	29	5	yating	yating	PROPN
fbem-26230	29	6	(	(	PUNCT
fbem-26230	29	7	2004	2004	NUM
fbem-26230	29	8	)	)	PUNCT
fbem-26230	29	9	addressed	address	VERB
fbem-26230	29	10	the	the	DET
fbem-26230	29	11	divergence	divergence	NOUN
fbem-26230	29	12	between	between	ADP
fbem-26230	29	13	the	the	DET
fbem-26230	29	14	chinese	chinese	ADJ
fbem-26230	29	15	stock	stock	NOUN
fbem-26230	29	16	market	market	NOUN
fbem-26230	29	17	and	and	CCONJ
fbem-26230	29	18	economic	economic	ADJ
fbem-26230	29	19	growth	growth	NOUN
fbem-26230	29	20	,	,	PUNCT
fbem-26230	29	21	attributing	attribute	VERB
fbem-26230	29	22	this	this	PRON
fbem-26230	29	23	to	to	ADP
fbem-26230	29	24	the	the	DET
fbem-26230	29	25	costs	cost	NOUN
fbem-26230	29	26	associated	associate	VERB
fbem-26230	29	27	with	with	ADP
fbem-26230	29	28	market	market	NOUN
fbem-26230	29	29	transformation	transformation	NOUN
fbem-26230	29	30	and	and	CCONJ
fbem-26230	29	31	regulatory	regulatory	ADJ
fbem-26230	29	32	adjustments	adjustment	NOUN
fbem-26230	29	33	,	,	PUNCT
fbem-26230	29	34	suggesting	suggest	VERB
fbem-26230	29	35	a	a	DET
fbem-26230	29	36	return	return	NOUN
fbem-26230	29	37	to	to	ADP
fbem-26230	29	38	normal	normal	ADJ
fbem-26230	29	39	growth	growth	NOUN
fbem-26230	29	40	levels	level	NOUN
fbem-26230	29	41	post	post	NOUN
fbem-26230	29	42	-	-	NOUN
fbem-26230	29	43	adjustment	adjustment	NOUN
fbem-26230	29	44	.	.	PUNCT
fbem-26230	30	1	wang	wang	PROPN
fbem-26230	30	2	zhijun	zhijun	PROPN
fbem-26230	30	3	(	(	PUNCT
fbem-26230	30	4	2012	2012	NUM
fbem-26230	30	5	)	)	PUNCT
fbem-26230	30	6	empirically	empirically	ADV
fbem-26230	30	7	examined	examine	VERB
fbem-26230	30	8	the	the	DET
fbem-26230	30	9	relationship	relationship	NOUN
fbem-26230	30	10	between	between	ADP
fbem-26230	30	11	the	the	DET
fbem-26230	30	12	shanghai	shanghai	PROPN
fbem-26230	30	13	composite	composite	ADJ
fbem-26230	30	14	index	index	NOUN
fbem-26230	30	15	and	and	CCONJ
fbem-26230	30	16	china	china	PROPN
fbem-26230	30	17	's	's	PART
fbem-26230	30	18	macroeconomy	macroeconomy	NOUN
fbem-26230	30	19	,	,	PUNCT
fbem-26230	30	20	finding	find	VERB
fbem-26230	30	21	low	low	ADJ
fbem-26230	30	22	contribution	contribution	NOUN
fbem-26230	30	23	rates	rate	NOUN
fbem-26230	30	24	from	from	ADP
fbem-26230	30	25	various	various	ADJ
fbem-26230	30	26	factors	factor	NOUN
fbem-26230	30	27	affecting	affect	VERB
fbem-26230	30	28	the	the	DET
fbem-26230	30	29	index	index	NOUN
fbem-26230	30	30	,	,	PUNCT
fbem-26230	30	31	including	include	VERB
fbem-26230	30	32	a	a	DET
fbem-26230	30	33	reverse	reverse	ADJ
fbem-26230	30	34	impact	impact	NOUN
fbem-26230	30	35	of	of	ADP
fbem-26230	30	36	cpi	cpi	PROPN
fbem-26230	30	37	on	on	ADP
fbem-26230	30	38	the	the	DET
fbem-26230	30	39	index	index	NOUN
fbem-26230	30	40	.	.	PUNCT
fbem-26230	31	1	cao	cao	PROPN
fbem-26230	31	2	shuyuan	shuyuan	PROPN
fbem-26230	31	3	(	(	PUNCT
fbem-26230	31	4	2015	2015	NUM
fbem-26230	31	5	)	)	PUNCT
fbem-26230	31	6	explored	explore	VERB
fbem-26230	31	7	the	the	DET
fbem-26230	31	8	relationship	relationship	NOUN
fbem-26230	31	9	between	between	ADP
fbem-26230	31	10	stock	stock	NOUN
fbem-26230	31	11	index	index	NOUN
fbem-26230	31	12	fluctuations	fluctuation	NOUN
fbem-26230	31	13	and	and	CCONJ
fbem-26230	31	14	gdp	gdp	NOUN
fbem-26230	31	15	through	through	ADP
fbem-26230	31	16	a	a	DET
fbem-26230	31	17	var	var	NOUN
fbem-26230	31	18	time	time	NOUN
fbem-26230	31	19	-	-	PUNCT
fbem-26230	31	20	series	series	NOUN
fbem-26230	31	21	approach	approach	NOUN
fbem-26230	31	22	,	,	PUNCT
fbem-26230	31	23	concluding	conclude	VERB
fbem-26230	31	24	that	that	SCONJ
fbem-26230	31	25	there	there	PRON
fbem-26230	31	26	is	be	VERB
fbem-26230	31	27	a	a	DET
fbem-26230	31	28	long	long	ADJ
fbem-26230	31	29	-	-	PUNCT
fbem-26230	31	30	term	term	NOUN
fbem-26230	31	31	equilibrium	equilibrium	NOUN
fbem-26230	31	32	relationship	relationship	NOUN
fbem-26230	31	33	,	,	PUNCT
fbem-26230	31	34	with	with	ADP
fbem-26230	31	35	the	the	DET
fbem-26230	31	36	stock	stock	NOUN
fbem-26230	31	37	market	market	NOUN
fbem-26230	31	38	serving	serve	VERB
fbem-26230	31	39	as	as	ADP
fbem-26230	31	40	a	a	DET
fbem-26230	31	41	barometer	barometer	NOUN
fbem-26230	31	42	for	for	ADP
fbem-26230	31	43	economic	economic	ADJ
fbem-26230	31	44	development	development	NOUN
fbem-26230	31	45	.	.	PUNCT
fbem-26230	32	1	zhang	zhang	PROPN
fbem-26230	32	2	xin	xin	PROPN
fbem-26230	32	3	(	(	PUNCT
fbem-26230	32	4	2017	2017	NUM
fbem-26230	32	5	)	)	PUNCT
fbem-26230	32	6	identified	identify	VERB
fbem-26230	32	7	a	a	DET
fbem-26230	32	8	long	long	ADJ
fbem-26230	32	9	-	-	PUNCT
fbem-26230	32	10	term	term	NOUN
fbem-26230	32	11	equilibrium	equilibrium	NOUN
fbem-26230	32	12	relationship	relationship	NOUN
fbem-26230	32	13	between	between	ADP
fbem-26230	32	14	the	the	DET
fbem-26230	32	15	stock	stock	NOUN
fbem-26230	32	16	market	market	NOUN
fbem-26230	32	17	and	and	CCONJ
fbem-26230	32	18	macroeconomic	macroeconomic	ADJ
fbem-26230	32	19	development	development	NOUN
fbem-26230	32	20	in	in	ADP
fbem-26230	32	21	china	china	PROPN
fbem-26230	32	22	,	,	PUNCT
fbem-26230	32	23	noting	note	VERB
fbem-26230	32	24	that	that	SCONJ
fbem-26230	32	25	while	while	SCONJ
fbem-26230	32	26	economic	economic	ADJ
fbem-26230	32	27	factors	factor	NOUN
fbem-26230	32	28	positively	positively	ADV
fbem-26230	32	29	influence	influence	VERB
fbem-26230	32	30	the	the	DET
fbem-26230	32	31	stock	stock	NOUN
fbem-26230	32	32	market	market	NOUN
fbem-26230	32	33	,	,	PUNCT
fbem-26230	32	34	external	external	ADJ
fbem-26230	32	35	variables	variable	NOUN
fbem-26230	32	36	may	may	AUX
fbem-26230	32	37	play	play	VERB
fbem-26230	32	38	a	a	DET
fbem-26230	32	39	more	more	ADV
fbem-26230	32	40	significant	significant	ADJ
fbem-26230	32	41	role	role	NOUN
fbem-26230	32	42	.	.	PUNCT
fbem-26230	33	1	jin	jin	PROPN
fbem-26230	33	2	fang	fang	PROPN
fbem-26230	33	3	(	(	PUNCT
fbem-26230	33	4	2017	2017	NUM
fbem-26230	33	5	)	)	PUNCT
fbem-26230	33	6	examined	examine	VERB
fbem-26230	33	7	whether	whether	SCONJ
fbem-26230	33	8	the	the	DET
fbem-26230	33	9	stock	stock	NOUN
fbem-26230	33	10	market	market	NOUN
fbem-26230	33	11	serves	serve	VERB
fbem-26230	33	12	as	as	ADP
fbem-26230	33	13	a	a	DET
fbem-26230	33	14	barometer	barometer	NOUN
fbem-26230	33	15	for	for	ADP
fbem-26230	33	16	the	the	DET
fbem-26230	33	17	macroeconomy	macroeconomy	NOUN
fbem-26230	33	18	in	in	ADP
fbem-26230	33	19	china	china	PROPN
fbem-26230	33	20	and	and	CCONJ
fbem-26230	33	21	the	the	DET
fbem-26230	33	22	u.s	u.s	PROPN
fbem-26230	33	23	.	.	PROPN
fbem-26230	33	24	,	,	PUNCT
fbem-26230	33	25	finding	find	VERB
fbem-26230	33	26	that	that	SCONJ
fbem-26230	33	27	while	while	SCONJ
fbem-26230	33	28	the	the	DET
fbem-26230	33	29	u.s	u.s	PROPN
fbem-26230	33	30	.	.	PROPN
fbem-26230	33	31	stock	stock	NOUN
fbem-26230	33	32	market	market	NOUN
fbem-26230	33	33	effectively	effectively	ADV
fbem-26230	33	34	reflects	reflect	VERB
fbem-26230	33	35	economic	economic	ADJ
fbem-26230	33	36	conditions	condition	NOUN
fbem-26230	33	37	,	,	PUNCT
fbem-26230	33	38	the	the	DET
fbem-26230	33	39	effect	effect	NOUN
fbem-26230	33	40	remains	remain	VERB
fbem-26230	33	41	less	less	ADV
fbem-26230	33	42	pronounced	pronounced	ADJ
fbem-26230	33	43	in	in	ADP
fbem-26230	33	44	china	china	PROPN
fbem-26230	33	45	due	due	ADP
fbem-26230	33	46	to	to	ADP
fbem-26230	33	47	its	its	PRON
fbem-26230	33	48	underdeveloped	underdeveloped	ADJ
fbem-26230	33	49	market	market	NOUN
fbem-26230	33	50	.	.	PUNCT
fbem-26230	34	1	thus	thus	ADV
fbem-26230	34	2	,	,	PUNCT
fbem-26230	34	3	domestic	domestic	ADJ
fbem-26230	34	4	scholars	scholar	NOUN
fbem-26230	34	5	present	present	VERB
fbem-26230	34	6	divergent	divergent	ADJ
fbem-26230	34	7	views	view	NOUN
fbem-26230	34	8	:	:	PUNCT
fbem-26230	34	9	some	some	DET
fbem-26230	34	10	affirm	affirm	NOUN
fbem-26230	34	11	a	a	DET
fbem-26230	34	12	long	long	ADJ
fbem-26230	34	13	-	-	PUNCT
fbem-26230	34	14	term	term	NOUN
fbem-26230	34	15	equilibrium	equilibrium	NOUN
fbem-26230	34	16	relationship	relationship	NOUN
fbem-26230	34	17	where	where	SCONJ
fbem-26230	34	18	economic	economic	ADJ
fbem-26230	34	19	growth	growth	NOUN
fbem-26230	34	20	promotes	promote	VERB
fbem-26230	34	21	stock	stock	NOUN
fbem-26230	34	22	market	market	NOUN
fbem-26230	34	23	prosperity	prosperity	NOUN
fbem-26230	34	24	,	,	PUNCT
fbem-26230	34	25	while	while	SCONJ
fbem-26230	34	26	others	other	NOUN
fbem-26230	34	27	argue	argue	VERB
fbem-26230	34	28	that	that	SCONJ
fbem-26230	34	29	the	the	DET
fbem-26230	34	30	correlation	correlation	NOUN
fbem-26230	34	31	is	be	AUX
fbem-26230	34	32	weak	weak	ADJ
fbem-26230	34	33	and	and	CCONJ
fbem-26230	34	34	the	the	DET
fbem-26230	34	35	stock	stock	NOUN
fbem-26230	34	36	market	market	NOUN
fbem-26230	34	37	does	do	AUX
fbem-26230	34	38	not	not	PART
fbem-26230	34	39	serve	serve	VERB
fbem-26230	34	40	as	as	ADP
fbem-26230	34	41	an	an	DET
fbem-26230	34	42	economic	economic	ADJ
fbem-26230	34	43	barometer	barometer	NOUN
fbem-26230	34	44	.	.	PUNCT
fbem-26230	35	1	3	3	X
fbem-26230	35	2	.	.	X
fbem-26230	35	3	the	the	DET
fbem-26230	35	4	relationship	relationship	NOUN
fbem-26230	35	5	between	between	ADP
fbem-26230	35	6	the	the	DET
fbem-26230	35	7	securities	security	NOUN
fbem-26230	35	8	market	market	NOUN
fbem-26230	35	9	and	and	CCONJ
fbem-26230	35	10	macroeconomic	macroeconomic	ADJ
fbem-26230	35	11	variables	variable	NOUN
fbem-26230	35	12	3.1	3.1	NUM
fbem-26230	35	13	.	.	PUNCT
fbem-26230	35	14	selection	selection	NOUN
fbem-26230	35	15	of	of	ADP
fbem-26230	35	16	variables	variable	NOUN
fbem-26230	35	17	3.1.1	3.1.1	NUM
fbem-26230	35	18	.	.	PUNCT
fbem-26230	36	1	selection	selection	NOUN
fbem-26230	36	2	of	of	ADP
fbem-26230	36	3	securities	security	NOUN
fbem-26230	36	4	market	market	NOUN
fbem-26230	36	5	indicators	indicator	NOUN
fbem-26230	36	6	china	china	PROPN
fbem-26230	36	7	's	's	PART
fbem-26230	36	8	securities	security	NOUN
fbem-26230	36	9	trading	trading	NOUN
fbem-26230	36	10	venues	venue	NOUN
fbem-26230	36	11	include	include	VERB
fbem-26230	36	12	the	the	DET
fbem-26230	36	13	shenzhen	shenzhen	PROPN
fbem-26230	36	14	stock	stock	PROPN
fbem-26230	36	15	exchange	exchange	PROPN
fbem-26230	36	16	and	and	CCONJ
fbem-26230	36	17	the	the	DET
fbem-26230	36	18	shanghai	shanghai	PROPN
fbem-26230	36	19	stock	stock	PROPN
fbem-26230	36	20	exchange	exchange	PROPN
fbem-26230	36	21	,	,	PUNCT
fbem-26230	36	22	each	each	PRON
fbem-26230	36	23	with	with	ADP
fbem-26230	36	24	its	its	PRON
fbem-26230	36	25	representative	representative	ADJ
fbem-26230	36	26	indices	index	NOUN
fbem-26230	36	27	.	.	PUNCT
fbem-26230	37	1	for	for	ADP
fbem-26230	37	2	instance	instance	NOUN
fbem-26230	37	3	,	,	PUNCT
fbem-26230	37	4	the	the	DET
fbem-26230	37	5	shanghai	shanghai	PROPN
fbem-26230	37	6	stock	stock	PROPN
fbem-26230	37	7	exchange	exchange	PROPN
fbem-26230	37	8	features	feature	VERB
fbem-26230	37	9	the	the	DET
fbem-26230	37	10	sse	sse	PROPN
fbem-26230	37	11	50	50	NUM
fbem-26230	37	12	index	index	NOUN
fbem-26230	37	13	,	,	PUNCT
fbem-26230	37	14	while	while	SCONJ
fbem-26230	37	15	a	a	DET
fbem-26230	37	16	composite	composite	ADJ
fbem-26230	37	17	index	index	NOUN
fbem-26230	37	18	like	like	ADP
fbem-26230	37	19	the	the	DET
fbem-26230	37	20	csi	csi	PROPN
fbem-26230	37	21	300	300	NUM
fbem-26230	37	22	encompasses	encompass	VERB
fbem-26230	37	23	multiple	multiple	ADJ
fbem-26230	37	24	exchanges	exchange	NOUN
fbem-26230	37	25	.	.	PUNCT
fbem-26230	38	1	in	in	ADP
fbem-26230	38	2	this	this	DET
fbem-26230	38	3	study	study	NOUN
fbem-26230	38	4	,	,	PUNCT
fbem-26230	38	5	the	the	DET
fbem-26230	38	6	csi	csi	PROPN
fbem-26230	38	7	300	300	NUM
fbem-26230	38	8	is	be	AUX
fbem-26230	38	9	selected	select	VERB
fbem-26230	38	10	as	as	ADP
fbem-26230	38	11	the	the	DET
fbem-26230	38	12	key	key	ADJ
fbem-26230	38	13	variable	variable	NOUN
fbem-26230	38	14	representing	represent	VERB
fbem-26230	38	15	the	the	DET
fbem-26230	38	16	chinese	chinese	ADJ
fbem-26230	38	17	securities	security	NOUN
fbem-26230	38	18	market	market	NOUN
fbem-26230	38	19	,	,	PUNCT
fbem-26230	38	20	as	as	SCONJ
fbem-26230	38	21	it	it	PRON
fbem-26230	38	22	includes	include	VERB
fbem-26230	38	23	high	high	ADJ
fbem-26230	38	24	-	-	PUNCT
fbem-26230	38	25	quality	quality	NOUN
fbem-26230	38	26	companies	company	NOUN
fbem-26230	38	27	from	from	ADP
fbem-26230	38	28	both	both	DET
fbem-26230	38	29	major	major	ADJ
fbem-26230	38	30	exchanges	exchange	NOUN
fbem-26230	38	31	,	,	PUNCT
fbem-26230	38	32	providing	provide	VERB
fbem-26230	38	33	a	a	DET
fbem-26230	38	34	comprehensive	comprehensive	ADJ
fbem-26230	38	35	cross	cross	ADJ
fbem-26230	38	36	-	-	ADJ
fbem-26230	38	37	market	market	ADJ
fbem-26230	38	38	index	index	NOUN
fbem-26230	38	39	that	that	PRON
fbem-26230	38	40	reflects	reflect	VERB
fbem-26230	38	41	the	the	DET
fbem-26230	38	42	overall	overall	ADJ
fbem-26230	38	43	market	market	NOUN
fbem-26230	38	44	situation	situation	NOUN
fbem-26230	38	45	in	in	ADP
fbem-26230	38	46	china	china	PROPN
fbem-26230	38	47	.	.	PUNCT
fbem-26230	39	1	the	the	DET
fbem-26230	39	2	csi	csi	PROPN
fbem-26230	39	3	300	300	NUM
fbem-26230	39	4	consists	consist	NOUN
fbem-26230	39	5	of	of	ADP
fbem-26230	39	6	a	a	DET
fbem-26230	39	7	combination	combination	NOUN
fbem-26230	39	8	of	of	ADP
fbem-26230	39	9	companies	company	NOUN
fbem-26230	39	10	from	from	ADP
fbem-26230	39	11	the	the	DET
fbem-26230	39	12	shanghai	shanghai	PROPN
fbem-26230	39	13	and	and	CCONJ
fbem-26230	39	14	shenzhen	shenzhen	PROPN
fbem-26230	39	15	exchanges	exchange	NOUN
fbem-26230	39	16	,	,	PUNCT
fbem-26230	39	17	selected	select	VERB
fbem-26230	39	18	based	base	VERB
fbem-26230	39	19	on	on	ADP
fbem-26230	39	20	liquidity	liquidity	NOUN
fbem-26230	39	21	,	,	PUNCT
fbem-26230	39	22	scale	scale	NOUN
fbem-26230	39	23	,	,	PUNCT
fbem-26230	39	24	and	and	CCONJ
fbem-26230	39	25	their	their	PRON
fbem-26230	39	26	ability	ability	NOUN
fbem-26230	39	27	to	to	PART
fbem-26230	39	28	represent	represent	VERB
fbem-26230	39	29	overall	overall	ADJ
fbem-26230	39	30	market	market	NOUN
fbem-26230	39	31	fluctuations	fluctuation	NOUN
fbem-26230	39	32	.	.	PUNCT
fbem-26230	40	1	3.1.2	3.1.2	X
fbem-26230	40	2	.	.	PUNCT
fbem-26230	41	1	selection	selection	NOUN
fbem-26230	41	2	of	of	ADP
fbem-26230	41	3	macroeconomic	macroeconomic	ADJ
fbem-26230	41	4	indicators	indicator	NOUN
fbem-26230	41	5	many	many	ADJ
fbem-26230	41	6	indicators	indicator	NOUN
fbem-26230	41	7	reflect	reflect	VERB
fbem-26230	41	8	economic	economic	ADJ
fbem-26230	41	9	development	development	NOUN
fbem-26230	41	10	in	in	ADP
fbem-26230	41	11	china	china	PROPN
fbem-26230	41	12	.	.	PUNCT
fbem-26230	42	1	after	after	ADP
fbem-26230	42	2	considering	consider	VERB
fbem-26230	42	3	the	the	DET
fbem-26230	42	4	relevance	relevance	NOUN
fbem-26230	42	5	and	and	CCONJ
fbem-26230	42	6	availability	availability	NOUN
fbem-26230	42	7	of	of	ADP
fbem-26230	42	8	variables	variable	NOUN
fbem-26230	42	9	in	in	ADP
fbem-26230	42	10	relation	relation	NOUN
fbem-26230	42	11	to	to	ADP
fbem-26230	42	12	the	the	DET
fbem-26230	42	13	securities	security	NOUN
fbem-26230	42	14	market	market	NOUN
fbem-26230	42	15	,	,	PUNCT
fbem-26230	42	16	gdp	gdp	NOUN
fbem-26230	42	17	(	(	PUNCT
fbem-26230	42	18	gross	gross	ADJ
fbem-26230	42	19	domestic	domestic	ADJ
fbem-26230	42	20	product	product	NOUN
fbem-26230	42	21	)	)	PUNCT
fbem-26230	42	22	is	be	AUX
fbem-26230	42	23	chosen	choose	VERB
fbem-26230	42	24	as	as	ADP
fbem-26230	42	25	the	the	DET
fbem-26230	42	26	primary	primary	ADJ
fbem-26230	42	27	representative	representative	NOUN
fbem-26230	42	28	.	.	PUNCT
fbem-26230	43	1	additionally	additionally	ADV
fbem-26230	43	2	,	,	PUNCT
fbem-26230	43	3	to	to	PART
fbem-26230	43	4	enhance	enhance	VERB
fbem-26230	43	5	data	datum	NOUN
fbem-26230	43	6	richness	richness	NOUN
fbem-26230	43	7	,	,	PUNCT
fbem-26230	43	8	m2	m2	PROPN
fbem-26230	43	9	(	(	PUNCT
fbem-26230	43	10	broad	broad	ADJ
fbem-26230	43	11	money	money	NOUN
fbem-26230	43	12	supply	supply	NOUN
fbem-26230	43	13	)	)	PUNCT
fbem-26230	43	14	and	and	CCONJ
fbem-26230	43	15	the	the	DET
fbem-26230	43	16	interbank	interbank	NOUN
fbem-26230	43	17	lending	lending	NOUN
fbem-26230	43	18	rate	rate	NOUN
fbem-26230	43	19	are	be	AUX
fbem-26230	43	20	included	include	VERB
fbem-26230	43	21	as	as	ADP
fbem-26230	43	22	supplementary	supplementary	ADJ
fbem-26230	43	23	indicators	indicator	NOUN
fbem-26230	43	24	.	.	PUNCT
fbem-26230	44	1	gdp	gdp	NOUN
fbem-26230	44	2	represents	represent	VERB
fbem-26230	44	3	the	the	DET
fbem-26230	44	4	total	total	ADJ
fbem-26230	44	5	economic	economic	ADJ
fbem-26230	44	6	output	output	NOUN
fbem-26230	44	7	of	of	ADP
fbem-26230	44	8	china	china	PROPN
fbem-26230	44	9	,	,	PUNCT
fbem-26230	44	10	indicating	indicate	VERB
fbem-26230	44	11	its	its	PRON
fbem-26230	44	12	productive	productive	ADJ
fbem-26230	44	13	capacity	capacity	NOUN
fbem-26230	44	14	.	.	PUNCT
fbem-26230	45	1	cao	cao	PROPN
fbem-26230	45	2	shuyuan	shuyuan	PROPN
fbem-26230	45	3	(	(	PUNCT
fbem-26230	45	4	2015	2015	NUM
fbem-26230	45	5	)	)	PUNCT
fbem-26230	45	6	also	also	ADV
fbem-26230	45	7	utilized	utilize	VERB
fbem-26230	45	8	gdp	gdp	NOUN
fbem-26230	45	9	in	in	ADP
fbem-26230	45	10	his	his	PRON
fbem-26230	45	11	research	research	NOUN
fbem-26230	45	12	during	during	ADP
fbem-26230	45	13	his	his	PRON
fbem-26230	45	14	master	master	NOUN
fbem-26230	45	15	's	's	PART
fbem-26230	45	16	studies	study	NOUN
fbem-26230	45	17	.	.	PUNCT
fbem-26230	46	1	the	the	DET
fbem-26230	46	2	money	money	NOUN
fbem-26230	46	3	supply	supply	NOUN
fbem-26230	46	4	supports	support	VERB
fbem-26230	46	5	trading	trading	NOUN
fbem-26230	46	6	volumes	volume	NOUN
fbem-26230	46	7	in	in	ADP
fbem-26230	46	8	the	the	DET
fbem-26230	46	9	securities	security	NOUN
fbem-26230	46	10	market	market	NOUN
fbem-26230	46	11	;	;	PUNCT
fbem-26230	46	12	adequate	adequate	ADJ
fbem-26230	46	13	monetary	monetary	ADJ
fbem-26230	46	14	supply	supply	NOUN
fbem-26230	46	15	provides	provide	VERB
fbem-26230	46	16	the	the	DET
fbem-26230	46	17	necessary	necessary	ADJ
fbem-26230	46	18	funds	fund	NOUN
fbem-26230	46	19	for	for	ADP
fbem-26230	46	20	market	market	NOUN
fbem-26230	46	21	growth	growth	NOUN
fbem-26230	46	22	,	,	PUNCT
fbem-26230	46	23	as	as	SCONJ
fbem-26230	46	24	noted	note	VERB
fbem-26230	46	25	by	by	ADP
fbem-26230	46	26	wang	wang	PROPN
fbem-26230	46	27	zhijun	zhijun	PROPN
fbem-26230	46	28	(	(	PUNCT
fbem-26230	46	29	2012	2012	NUM
fbem-26230	46	30	)	)	PUNCT
fbem-26230	46	31	in	in	ADP
fbem-26230	46	32	his	his	PRON
fbem-26230	46	33	study	study	NOUN
fbem-26230	46	34	of	of	ADP
fbem-26230	46	35	the	the	DET
fbem-26230	46	36	relationship	relationship	NOUN
fbem-26230	46	37	between	between	ADP
fbem-26230	46	38	the	the	DET
fbem-26230	46	39	sse	sse	PROPN
fbem-26230	46	40	index	index	NOUN
fbem-26230	46	41	and	and	CCONJ
fbem-26230	46	42	macroeconomics	macroeconomic	NOUN
fbem-26230	46	43	.	.	PUNCT
fbem-26230	47	1	the	the	DET
fbem-26230	47	2	interbank	interbank	NOUN
fbem-26230	47	3	lending	lending	NOUN
fbem-26230	47	4	rate	rate	NOUN
fbem-26230	47	5	serves	serve	VERB
fbem-26230	47	6	as	as	ADP
fbem-26230	47	7	a	a	DET
fbem-26230	47	8	representative	representative	ADJ
fbem-26230	47	9	interest	interest	NOUN
fbem-26230	47	10	rate	rate	NOUN
fbem-26230	47	11	in	in	ADP
fbem-26230	47	12	the	the	DET
fbem-26230	47	13	chinese	chinese	ADJ
fbem-26230	47	14	financial	financial	ADJ
fbem-26230	47	15	market	market	NOUN
fbem-26230	47	16	,	,	PUNCT
fbem-26230	47	17	reflecting	reflect	VERB
fbem-26230	47	18	short	short	ADJ
fbem-26230	47	19	-	-	PUNCT
fbem-26230	47	20	term	term	NOUN
fbem-26230	47	21	supply	supply	NOUN
fbem-26230	47	22	and	and	CCONJ
fbem-26230	47	23	demand	demand	NOUN
fbem-26230	47	24	dynamics	dynamic	NOUN
fbem-26230	47	25	,	,	PUNCT
fbem-26230	47	26	and	and	CCONJ
fbem-26230	47	27	was	be	AUX
fbem-26230	47	28	similarly	similarly	ADV
fbem-26230	47	29	used	use	VERB
fbem-26230	47	30	by	by	ADP
fbem-26230	47	31	wang	wang	PROPN
fbem-26230	47	32	zhijun	zhijun	PROPN
fbem-26230	47	33	(	(	PUNCT
fbem-26230	47	34	2012	2012	NUM
fbem-26230	47	35	)	)	PUNCT
fbem-26230	47	36	in	in	ADP
fbem-26230	47	37	his	his	PRON
fbem-26230	47	38	analysis	analysis	NOUN
fbem-26230	47	39	of	of	ADP
fbem-26230	47	40	the	the	DET
fbem-26230	47	41	economic	economic	ADJ
fbem-26230	47	42	relationship	relationship	NOUN
fbem-26230	47	43	with	with	ADP
fbem-26230	47	44	the	the	DET
fbem-26230	47	45	stock	stock	NOUN
fbem-26230	47	46	market	market	NOUN
fbem-26230	47	47	.	.	PUNCT
fbem-26230	48	1	definitions	definition	NOUN
fbem-26230	48	2	of	of	ADP
fbem-26230	48	3	selected	select	VERB
fbem-26230	48	4	indicators	indicator	NOUN
fbem-26230	48	5	:	:	PUNCT
fbem-26230	48	6	gross	gross	ADJ
fbem-26230	48	7	domestic	domestic	ADJ
fbem-26230	48	8	product	product	NOUN
fbem-26230	48	9	(	(	PUNCT
fbem-26230	48	10	gdp	gdp	NOUN
fbem-26230	48	11	):	):	PUNCT
fbem-26230	48	12	the	the	DET
fbem-26230	48	13	final	final	ADJ
fbem-26230	48	14	result	result	NOUN
fbem-26230	48	15	of	of	ADP
fbem-26230	48	16	production	production	NOUN
fbem-26230	48	17	activities	activity	NOUN
fbem-26230	48	18	in	in	ADP
fbem-26230	48	19	a	a	DET
fbem-26230	48	20	region	region	NOUN
fbem-26230	48	21	(	(	PUNCT
fbem-26230	48	22	china	china	PROPN
fbem-26230	48	23	)	)	PUNCT
fbem-26230	48	24	over	over	ADP
fbem-26230	48	25	a	a	DET
fbem-26230	48	26	specific	specific	ADJ
fbem-26230	48	27	period	period	NOUN
fbem-26230	48	28	(	(	PUNCT
fbem-26230	48	29	one	one	NUM
fbem-26230	48	30	year	year	NOUN
fbem-26230	48	31	)	)	PUNCT
fbem-26230	48	32	,	,	PUNCT
fbem-26230	48	33	encompassing	encompass	VERB
fbem-26230	48	34	final	final	ADJ
fbem-26230	48	35	goods	good	NOUN
fbem-26230	48	36	and	and	CCONJ
fbem-26230	48	37	services	service	NOUN
fbem-26230	48	38	.	.	PUNCT
fbem-26230	49	1	broad	broad	ADJ
fbem-26230	49	2	money	money	NOUN
fbem-26230	49	3	supply	supply	NOUN
fbem-26230	49	4	(	(	PUNCT
fbem-26230	49	5	m2	m2	PROPN
fbem-26230	49	6	):	):	PUNCT
fbem-26230	49	7	this	this	PRON
fbem-26230	49	8	encompasses	encompass	VERB
fbem-26230	49	9	all	all	DET
fbem-26230	49	10	forms	form	NOUN
fbem-26230	49	11	of	of	ADP
fbem-26230	49	12	money	money	NOUN
fbem-26230	49	13	that	that	PRON
fbem-26230	49	14	indicate	indicate	VERB
fbem-26230	49	15	purchasing	purchasing	NOUN
fbem-26230	49	16	power	power	NOUN
fbem-26230	49	17	,	,	PUNCT
fbem-26230	49	18	including	include	VERB
fbem-26230	49	19	circulating	circulate	VERB
fbem-26230	49	20	cash	cash	NOUN
fbem-26230	49	21	,	,	PUNCT
fbem-26230	49	22	demand	demand	NOUN
fbem-26230	49	23	deposits	deposit	NOUN
fbem-26230	49	24	,	,	PUNCT
fbem-26230	49	25	time	time	NOUN
fbem-26230	49	26	deposits	deposit	NOUN
fbem-26230	49	27	,	,	PUNCT
fbem-26230	49	28	individual	individual	ADJ
fbem-26230	49	29	savings	saving	NOUN
fbem-26230	49	30	,	,	PUNCT
fbem-26230	49	31	and	and	CCONJ
fbem-26230	49	32	other	other	ADJ
fbem-26230	49	33	deposits	deposit	NOUN
fbem-26230	49	34	.	.	PUNCT
fbem-26230	50	1	interbank	interbank	NOUN
fbem-26230	50	2	lending	lending	NOUN
fbem-26230	50	3	rate	rate	NOUN
fbem-26230	50	4	:	:	PUNCT
fbem-26230	50	5	the	the	DET
fbem-26230	50	6	short	short	ADJ
fbem-26230	50	7	-	-	PUNCT
fbem-26230	50	8	term	term	NOUN
fbem-26230	50	9	borrowing	borrowing	NOUN
fbem-26230	50	10	rate	rate	NOUN
fbem-26230	50	11	between	between	ADP
fbem-26230	50	12	financial	financial	ADJ
fbem-26230	50	13	institutions	institution	NOUN
fbem-26230	50	14	,	,	PUNCT
fbem-26230	50	15	representing	represent	VERB
fbem-26230	50	16	the	the	DET
fbem-26230	50	17	cost	cost	NOUN
fbem-26230	50	18	of	of	ADP
fbem-26230	50	19	funds	fund	NOUN
fbem-26230	50	20	in	in	ADP
fbem-26230	50	21	the	the	DET
fbem-26230	50	22	lending	lending	NOUN
fbem-26230	50	23	market	market	NOUN
fbem-26230	50	24	(	(	PUNCT
fbem-26230	50	25	table	table	NOUN
fbem-26230	50	26	1	1	NUM
fbem-26230	50	27	)	)	PUNCT
fbem-26230	50	28	.	.	PUNCT
fbem-26230	51	1	table	table	NOUN
fbem-26230	51	2	1	1	NUM
fbem-26230	51	3	.	.	NUM
fbem-26230	51	4	selected	select	VERB
fbem-26230	51	5	indicators	indicator	NOUN
fbem-26230	51	6	and	and	CCONJ
fbem-26230	51	7	their	their	PRON
fbem-26230	51	8	corresponding	correspond	VERB
fbem-26230	51	9	symbols	symbol	NOUN
fbem-26230	51	10	indicators	indicator	NOUN
fbem-26230	51	11	hu	hu	PROPN
fbem-26230	51	12	-	-	PUNCT
fbem-26230	51	13	shen	shen	PROPN
fbem-26230	51	14	300	300	NUM
fbem-26230	51	15	index	index	NOUN
fbem-26230	51	16	gross	gross	ADJ
fbem-26230	51	17	domestic	domestic	ADJ
fbem-26230	51	18	product	product	NOUN
fbem-26230	51	19	(	(	PUNCT
fbem-26230	51	20	broad	broad	ADJ
fbem-26230	51	21	money	money	NOUN
fbem-26230	51	22	supply	supply	NOUN
fbem-26230	51	23	interbank	interbank	NOUN
fbem-26230	51	24	lending	lending	NOUN
fbem-26230	51	25	rate	rate	NOUN
fbem-26230	51	26	symbols	symbol	NOUN
fbem-26230	51	27	hs300	hs300	PROPN
fbem-26230	51	28	gdp	gdp	NOUN
fbem-26230	51	29	m2	m2	PROPN
fbem-26230	51	30	r	r	PROPN
fbem-26230	51	31	3.2	3.2	NUM
fbem-26230	51	32	.	.	PUNCT
fbem-26230	52	1	the	the	DET
fbem-26230	52	2	impact	impact	NOUN
fbem-26230	52	3	of	of	ADP
fbem-26230	52	4	macroeconomic	macroeconomic	ADJ
fbem-26230	52	5	variables	variable	NOUN
fbem-26230	52	6	on	on	ADP
fbem-26230	52	7	securities	security	NOUN
fbem-26230	52	8	market	market	NOUN
fbem-26230	52	9	development	development	NOUN
fbem-26230	52	10	gross	gross	ADJ
fbem-26230	52	11	domestic	domestic	ADJ
fbem-26230	52	12	product	product	NOUN
fbem-26230	52	13	(	(	PUNCT
fbem-26230	52	14	gdp	gdp	NOUN
fbem-26230	52	15	)	)	PUNCT
fbem-26230	52	16	is	be	AUX
fbem-26230	52	17	a	a	DET
fbem-26230	52	18	key	key	ADJ
fbem-26230	52	19	indicator	indicator	NOUN
fbem-26230	52	20	of	of	ADP
fbem-26230	52	21	china	china	PROPN
fbem-26230	52	22	's	's	PART
fbem-26230	52	23	macroeconomic	macroeconomic	ADJ
fbem-26230	52	24	performance	performance	NOUN
fbem-26230	52	25	,	,	PUNCT
fbem-26230	52	26	representing	represent	VERB
fbem-26230	52	27	the	the	DET
fbem-26230	52	28	overall	overall	ADJ
fbem-26230	52	29	level	level	NOUN
fbem-26230	52	30	of	of	ADP
fbem-26230	52	31	economic	economic	ADJ
fbem-26230	52	32	development	development	NOUN
fbem-26230	52	33	.	.	PUNCT
fbem-26230	53	1	during	during	ADP
fbem-26230	53	2	economic	economic	ADJ
fbem-26230	53	3	upturns	upturn	NOUN
fbem-26230	53	4	,	,	PUNCT
fbem-26230	53	5	consumer	consumer	NOUN
fbem-26230	53	6	demand	demand	NOUN
fbem-26230	53	7	for	for	ADP
fbem-26230	53	8	products	product	NOUN
fbem-26230	53	9	increases	increase	NOUN
fbem-26230	53	10	,	,	PUNCT
fbem-26230	53	11	prompting	prompt	VERB
fbem-26230	53	12	producers	producer	NOUN
fbem-26230	53	13	to	to	PART
fbem-26230	53	14	enhance	enhance	VERB
fbem-26230	53	15	supply	supply	NOUN
fbem-26230	53	16	,	,	PUNCT
fbem-26230	53	17	expand	expand	VERB
fbem-26230	53	18	their	their	PRON
fbem-26230	53	19	workforce	workforce	NOUN
fbem-26230	53	20	,	,	PUNCT
fbem-26230	53	21	and	and	CCONJ
fbem-26230	53	22	stimulate	stimulate	VERB
fbem-26230	53	23	both	both	DET
fbem-26230	53	24	production	production	NOUN
fbem-26230	53	25	and	and	CCONJ
fbem-26230	53	26	employment	employment	NOUN
fbem-26230	53	27	.	.	PUNCT
fbem-26230	54	1	this	this	DET
fbem-26230	54	2	strong	strong	ADJ
fbem-26230	54	3	supply	supply	NOUN
fbem-26230	54	4	-	-	PUNCT
fbem-26230	54	5	demand	demand	NOUN
fbem-26230	54	6	dynamic	dynamic	ADJ
fbem-26230	54	7	leads	lead	NOUN
fbem-26230	54	8	to	to	ADP
fbem-26230	54	9	improved	improved	ADJ
fbem-26230	54	10	living	living	NOUN
fbem-26230	54	11	standards	standard	NOUN
fbem-26230	54	12	,	,	PUNCT
fbem-26230	54	13	positive	positive	ADJ
fbem-26230	54	14	corporate	corporate	ADJ
fbem-26230	54	15	performance	performance	NOUN
fbem-26230	54	16	,	,	PUNCT
fbem-26230	54	17	and	and	CCONJ
fbem-26230	54	18	heightened	heighten	VERB
fbem-26230	54	19	investor	investor	NOUN
fbem-26230	54	20	sentiment	sentiment	NOUN
fbem-26230	54	21	,	,	PUNCT
fbem-26230	54	22	attracting	attract	VERB
fbem-26230	54	23	more	more	ADJ
fbem-26230	54	24	capital	capital	NOUN
fbem-26230	54	25	into	into	ADP
fbem-26230	54	26	the	the	DET
fbem-26230	54	27	securities	security	NOUN
fbem-26230	54	28	market	market	NOUN
fbem-26230	54	29	.	.	PUNCT
fbem-26230	55	1	this	this	DET
fbem-26230	55	2	influx	influx	NOUN
fbem-26230	55	3	results	result	NOUN
fbem-26230	55	4	in	in	ADP
fbem-26230	55	5	rising	rise	VERB
fbem-26230	55	6	stock	stock	NOUN
fbem-26230	55	7	prices	price	NOUN
fbem-26230	55	8	,	,	PUNCT
fbem-26230	55	9	encouraging	encourage	VERB
fbem-26230	55	10	small	small	ADJ
fbem-26230	55	11	and	and	CCONJ
fbem-26230	55	12	medium	medium	ADJ
fbem-26230	55	13	-	-	PUNCT
fbem-26230	55	14	sized	sized	ADJ
fbem-26230	55	15	enterprises	enterprise	NOUN
fbem-26230	55	16	to	to	PART
fbem-26230	55	17	seek	seek	VERB
fbem-26230	55	18	financing	financing	NOUN
fbem-26230	55	19	through	through	ADP
fbem-26230	55	20	the	the	DET
fbem-26230	55	21	market	market	NOUN
fbem-26230	55	22	.	.	PUNCT
fbem-26230	56	1	conversely	conversely	ADV
fbem-26230	56	2	,	,	PUNCT
fbem-26230	56	3	during	during	ADP
fbem-26230	56	4	economic	economic	ADJ
fbem-26230	56	5	downturns	downturn	NOUN
fbem-26230	56	6	,	,	PUNCT
fbem-26230	56	7	weak	weak	ADJ
fbem-26230	56	8	market	market	NOUN
fbem-26230	56	9	demand	demand	NOUN
fbem-26230	56	10	can	can	AUX
fbem-26230	56	11	lead	lead	VERB
fbem-26230	56	12	to	to	ADP
fbem-26230	56	13	oversupply	oversupply	VERB
fbem-26230	56	14	,	,	PUNCT
fbem-26230	56	15	causing	cause	VERB
fbem-26230	56	16	operational	operational	ADJ
fbem-26230	56	17	difficulties	difficulty	NOUN
fbem-26230	56	18	for	for	ADP
fbem-26230	56	19	listed	list	VERB
fbem-26230	56	20	companies	company	NOUN
fbem-26230	56	21	.	.	PUNCT
fbem-26230	57	1	when	when	SCONJ
fbem-26230	57	2	enterprises	enterprise	NOUN
fbem-26230	57	3	lack	lack	VERB
fbem-26230	57	4	investment	investment	NOUN
fbem-26230	57	5	value	value	NOUN
fbem-26230	57	6	,	,	PUNCT
fbem-26230	57	7	investors	investor	NOUN
fbem-26230	57	8	are	be	AUX
fbem-26230	57	9	likely	likely	ADJ
fbem-26230	57	10	to	to	PART
fbem-26230	57	11	exit	exit	VERB
fbem-26230	57	12	the	the	DET
fbem-26230	57	13	market	market	NOUN
fbem-26230	57	14	.	.	PUNCT
fbem-26230	58	1	the	the	DET
fbem-26230	58	2	broad	broad	ADJ
fbem-26230	58	3	money	money	NOUN
fbem-26230	58	4	supply	supply	NOUN
fbem-26230	58	5	(	(	PUNCT
fbem-26230	58	6	m2	m2	PROPN
fbem-26230	58	7	)	)	PUNCT
fbem-26230	58	8	is	be	AUX
fbem-26230	58	9	an	an	DET
fbem-26230	58	10	important	important	ADJ
fbem-26230	58	11	indicator	indicator	NOUN
fbem-26230	58	12	of	of	ADP
fbem-26230	58	13	money	money	NOUN
fbem-26230	58	14	supply	supply	NOUN
fbem-26230	58	15	in	in	ADP
fbem-26230	58	16	china	china	PROPN
fbem-26230	58	17	,	,	PUNCT
fbem-26230	58	18	encompassing	encompass	VERB
fbem-26230	58	19	all	all	DET
fbem-26230	58	20	forms	form	NOUN
fbem-26230	58	21	of	of	ADP
fbem-26230	58	22	money	money	NOUN
fbem-26230	58	23	that	that	PRON
fbem-26230	58	24	can	can	AUX
fbem-26230	58	25	be	be	AUX
fbem-26230	58	26	converted	convert	VERB
fbem-26230	58	27	into	into	ADP
fbem-26230	58	28	actual	actual	ADJ
fbem-26230	58	29	purchasing	purchasing	NOUN
fbem-26230	58	30	power	power	NOUN
fbem-26230	58	31	.	.	PUNCT
fbem-26230	59	1	when	when	SCONJ
fbem-26230	59	2	the	the	DET
fbem-26230	59	3	money	money	NOUN
fbem-26230	59	4	supply	supply	NOUN
fbem-26230	59	5	increases	increase	NOUN
fbem-26230	59	6	,	,	PUNCT
fbem-26230	59	7	investor	investor	NOUN
fbem-26230	59	8	expectations	expectation	NOUN
fbem-26230	59	9	regarding	regard	VERB
fbem-26230	59	10	future	future	ADJ
fbem-26230	59	11	returns	return	NOUN
fbem-26230	59	12	may	may	AUX
fbem-26230	59	13	decline	decline	VERB
fbem-26230	59	14	,	,	PUNCT
fbem-26230	59	15	leading	lead	VERB
fbem-26230	59	16	both	both	CCONJ
fbem-26230	59	17	individual	individual	ADJ
fbem-26230	59	18	and	and	CCONJ
fbem-26230	59	19	institutional	institutional	ADJ
fbem-26230	59	20	investors	investor	NOUN
fbem-26230	59	21	to	to	PART
fbem-26230	59	22	allocate	allocate	VERB
fbem-26230	59	23	funds	fund	NOUN
fbem-26230	59	24	to	to	ADP
fbem-26230	59	25	the	the	DET
fbem-26230	59	26	securities	security	NOUN
fbem-26230	59	27	market	market	NOUN
fbem-26230	59	28	in	in	ADP
fbem-26230	59	29	search	search	NOUN
fbem-26230	59	30	of	of	ADP
fbem-26230	59	31	higher	high	ADJ
fbem-26230	59	32	value	value	NOUN
fbem-26230	59	33	investments	investment	NOUN
fbem-26230	59	34	,	,	PUNCT
fbem-26230	59	35	which	which	PRON
fbem-26230	59	36	drives	drive	VERB
fbem-26230	59	37	stock	stock	NOUN
fbem-26230	59	38	prices	price	NOUN
fbem-26230	59	39	up	up	ADP
fbem-26230	59	40	.	.	PUNCT
fbem-26230	60	1	additionally	additionally	ADV
fbem-26230	60	2	,	,	PUNCT
fbem-26230	60	3	an	an	DET
fbem-26230	60	4	increase	increase	NOUN
fbem-26230	60	5	in	in	ADP
fbem-26230	60	6	the	the	DET
fbem-26230	60	7	overall	overall	ADJ
fbem-26230	60	8	money	money	NOUN
fbem-26230	60	9	supply	supply	NOUN
fbem-26230	60	10	indicates	indicate	VERB
fbem-26230	60	11	more	more	ADJ
fbem-26230	60	12	liquid	liquid	ADJ
fbem-26230	60	13	funds	fund	NOUN
fbem-26230	60	14	in	in	ADP
fbem-26230	60	15	the	the	DET
fbem-26230	60	16	market	market	NOUN
fbem-26230	60	17	,	,	PUNCT
fbem-26230	60	18	and	and	CCONJ
fbem-26230	60	19	the	the	DET
fbem-26230	60	20	time	time	NOUN
fbem-26230	60	21	value	value	NOUN
fbem-26230	60	22	of	of	ADP
fbem-26230	60	23	money	money	NOUN
fbem-26230	60	24	incentivizes	incentivize	VERB
fbem-26230	60	25	investors	investor	NOUN
fbem-26230	60	26	to	to	PART
fbem-26230	60	27	seek	seek	VERB
fbem-26230	60	28	higher	high	ADJ
fbem-26230	60	29	returns	return	NOUN
fbem-26230	60	30	in	in	ADP
fbem-26230	60	31	the	the	DET
fbem-26230	60	32	securities	security	NOUN
fbem-26230	60	33	market	market	NOUN
fbem-26230	60	34	,	,	PUNCT
fbem-26230	60	35	further	far	ADV
fbem-26230	60	36	elevating	elevate	VERB
fbem-26230	60	37	stock	stock	NOUN
fbem-26230	60	38	prices	price	NOUN
fbem-26230	60	39	.	.	PUNCT
fbem-26230	61	1	conversely	conversely	ADV
fbem-26230	61	2	,	,	PUNCT
fbem-26230	61	3	a	a	DET
fbem-26230	61	4	decrease	decrease	NOUN
fbem-26230	61	5	in	in	ADP
fbem-26230	61	6	m2	m2	PROPN
fbem-26230	61	7	results	result	NOUN
fbem-26230	61	8	in	in	ADP
fbem-26230	61	9	reduced	reduced	ADJ
fbem-26230	61	10	liquidity	liquidity	NOUN
fbem-26230	61	11	,	,	PUNCT
fbem-26230	61	12	leading	lead	VERB
fbem-26230	61	13	to	to	ADP
fbem-26230	61	14	higher	high	ADJ
fbem-26230	61	15	returns	return	NOUN
fbem-26230	61	16	on	on	ADP
fbem-26230	61	17	risk	risk	NOUN
fbem-26230	61	18	-	-	PUNCT
fbem-26230	61	19	free	free	ADJ
fbem-26230	61	20	investments	investment	NOUN
fbem-26230	61	21	and	and	CCONJ
fbem-26230	61	22	prompting	prompt	VERB
fbem-26230	61	23	investors	investor	NOUN
fbem-26230	61	24	to	to	PART
fbem-26230	61	25	opt	opt	VERB
fbem-26230	61	26	for	for	ADP
fbem-26230	61	27	safer	safe	ADJ
fbem-26230	61	28	,	,	PUNCT
fbem-26230	61	29	more	more	ADV
fbem-26230	61	30	stable	stable	ADJ
fbem-26230	61	31	assets	asset	NOUN
fbem-26230	61	32	rather	rather	ADV
fbem-26230	61	33	than	than	ADP
fbem-26230	61	34	equities	equity	NOUN
fbem-26230	61	35	.	.	PUNCT
fbem-26230	62	1	this	this	DET
fbem-26230	62	2	decline	decline	NOUN
fbem-26230	62	3	in	in	ADP
fbem-26230	62	4	investment	investment	NOUN
fbem-26230	62	5	volume	volume	NOUN
fbem-26230	62	6	can	can	AUX
fbem-26230	62	7	consequently	consequently	ADV
fbem-26230	62	8	result	result	VERB
fbem-26230	62	9	in	in	ADP
fbem-26230	62	10	falling	fall	VERB
fbem-26230	62	11	stock	stock	NOUN
fbem-26230	62	12	prices	price	NOUN
fbem-26230	62	13	.	.	PUNCT
fbem-26230	63	1	166	166	NUM
fbem-26230	63	2	the	the	DET
fbem-26230	63	3	interbank	interbank	NOUN
fbem-26230	63	4	lending	lending	NOUN
fbem-26230	63	5	rate	rate	NOUN
fbem-26230	63	6	represents	represent	VERB
fbem-26230	63	7	the	the	DET
fbem-26230	63	8	important	important	ADJ
fbem-26230	63	9	settlement	settlement	NOUN
fbem-26230	63	10	price	price	NOUN
fbem-26230	63	11	for	for	ADP
fbem-26230	63	12	short	short	ADJ
fbem-26230	63	13	-	-	PUNCT
fbem-26230	63	14	term	term	NOUN
fbem-26230	63	15	borrowing	borrowing	NOUN
fbem-26230	63	16	among	among	ADP
fbem-26230	63	17	financial	financial	ADJ
fbem-26230	63	18	institutions	institution	NOUN
fbem-26230	63	19	,	,	PUNCT
fbem-26230	63	20	reflecting	reflect	VERB
fbem-26230	63	21	the	the	DET
fbem-26230	63	22	cost	cost	NOUN
fbem-26230	63	23	of	of	ADP
fbem-26230	63	24	borrowed	borrow	VERB
fbem-26230	63	25	funds	fund	NOUN
fbem-26230	63	26	.	.	PUNCT
fbem-26230	64	1	this	this	DET
fbem-26230	64	2	basic	basic	ADJ
fbem-26230	64	3	borrowing	borrowing	NOUN
fbem-26230	64	4	cost	cost	NOUN
fbem-26230	64	5	is	be	AUX
fbem-26230	64	6	ultimately	ultimately	ADV
fbem-26230	64	7	passed	pass	VERB
fbem-26230	64	8	on	on	ADP
fbem-26230	64	9	to	to	ADP
fbem-26230	64	10	clients	client	NOUN
fbem-26230	64	11	who	who	PRON
fbem-26230	64	12	engage	engage	VERB
fbem-26230	64	13	in	in	ADP
fbem-26230	64	14	securities	security	NOUN
fbem-26230	64	15	transactions	transaction	NOUN
fbem-26230	64	16	.	.	PUNCT
fbem-26230	65	1	when	when	SCONJ
fbem-26230	65	2	the	the	DET
fbem-26230	65	3	cost	cost	NOUN
fbem-26230	65	4	of	of	ADP
fbem-26230	65	5	borrowing	borrowing	NOUN
fbem-26230	65	6	rises	rise	NOUN
fbem-26230	65	7	,	,	PUNCT
fbem-26230	65	8	the	the	DET
fbem-26230	65	9	efficiency	efficiency	NOUN
fbem-26230	65	10	of	of	ADP
fbem-26230	65	11	fund	fund	NOUN
fbem-26230	65	12	utilization	utilization	NOUN
fbem-26230	65	13	significantly	significantly	ADV
fbem-26230	65	14	decreases	decrease	VERB
fbem-26230	65	15	,	,	PUNCT
fbem-26230	65	16	leading	lead	VERB
fbem-26230	65	17	to	to	ADP
fbem-26230	65	18	reduced	reduce	VERB
fbem-26230	65	19	liquidity	liquidity	NOUN
fbem-26230	65	20	in	in	ADP
fbem-26230	65	21	the	the	DET
fbem-26230	65	22	securities	security	NOUN
fbem-26230	65	23	market	market	NOUN
fbem-26230	65	24	and	and	CCONJ
fbem-26230	65	25	impacting	impact	VERB
fbem-26230	65	26	stock	stock	NOUN
fbem-26230	65	27	market	market	NOUN
fbem-26230	65	28	returns	return	NOUN
fbem-26230	65	29	.	.	PUNCT
fbem-26230	66	1	conversely	conversely	ADV
fbem-26230	66	2	,	,	PUNCT
fbem-26230	66	3	a	a	DET
fbem-26230	66	4	decrease	decrease	NOUN
fbem-26230	66	5	in	in	ADP
fbem-26230	66	6	the	the	DET
fbem-26230	66	7	interbank	interbank	NOUN
fbem-26230	66	8	lending	lending	NOUN
fbem-26230	66	9	rate	rate	NOUN
fbem-26230	66	10	lowers	lower	VERB
fbem-26230	66	11	borrowing	borrowing	NOUN
fbem-26230	66	12	costs	cost	NOUN
fbem-26230	66	13	among	among	ADP
fbem-26230	66	14	institutions	institution	NOUN
fbem-26230	66	15	,	,	PUNCT
fbem-26230	66	16	enabling	enable	VERB
fbem-26230	66	17	clients	client	NOUN
fbem-26230	66	18	to	to	PART
fbem-26230	66	19	access	access	VERB
fbem-26230	66	20	funds	fund	NOUN
fbem-26230	66	21	at	at	ADP
fbem-26230	66	22	reduced	reduce	VERB
fbem-26230	66	23	rates	rate	NOUN
fbem-26230	66	24	,	,	PUNCT
fbem-26230	66	25	thus	thus	ADV
fbem-26230	66	26	encouraging	encourage	VERB
fbem-26230	66	27	more	more	ADJ
fbem-26230	66	28	capital	capital	NOUN
fbem-26230	66	29	to	to	PART
fbem-26230	66	30	flow	flow	VERB
fbem-26230	66	31	into	into	ADP
fbem-26230	66	32	the	the	DET
fbem-26230	66	33	securities	security	NOUN
fbem-26230	66	34	market	market	NOUN
fbem-26230	66	35	in	in	ADP
fbem-26230	66	36	pursuit	pursuit	NOUN
fbem-26230	66	37	of	of	ADP
fbem-26230	66	38	higher	high	ADJ
fbem-26230	66	39	returns	return	NOUN
fbem-26230	66	40	and	and	CCONJ
fbem-26230	66	41	enhancing	enhance	VERB
fbem-26230	66	42	overall	overall	ADJ
fbem-26230	66	43	market	market	NOUN
fbem-26230	66	44	liquidity	liquidity	NOUN
fbem-26230	66	45	.	.	PUNCT
fbem-26230	67	1	3.3	3.3	NUM
fbem-26230	67	2	.	.	PUNCT
fbem-26230	68	1	the	the	DET
fbem-26230	68	2	impact	impact	NOUN
fbem-26230	68	3	of	of	ADP
fbem-26230	68	4	the	the	DET
fbem-26230	68	5	securities	security	NOUN
fbem-26230	68	6	market	market	NOUN
fbem-26230	68	7	on	on	ADP
fbem-26230	68	8	macroeconomic	macroeconomic	ADJ
fbem-26230	68	9	variables	variable	NOUN
fbem-26230	68	10	the	the	DET
fbem-26230	68	11	securities	security	NOUN
fbem-26230	68	12	market	market	NOUN
fbem-26230	68	13	influences	influence	VERB
fbem-26230	68	14	china	china	PROPN
fbem-26230	68	15	's	's	PART
fbem-26230	68	16	macroeconomic	macroeconomic	ADJ
fbem-26230	68	17	landscape	landscape	NOUN
fbem-26230	68	18	primarily	primarily	ADV
fbem-26230	68	19	through	through	ADP
fbem-26230	68	20	financing	financing	NOUN
fbem-26230	68	21	.	.	PUNCT
fbem-26230	69	1	its	its	PRON
fbem-26230	69	2	primary	primary	ADJ
fbem-26230	69	3	function	function	NOUN
fbem-26230	69	4	is	be	AUX
fbem-26230	69	5	to	to	PART
fbem-26230	69	6	raise	raise	VERB
fbem-26230	69	7	capital	capital	NOUN
fbem-26230	69	8	by	by	ADP
fbem-26230	69	9	facilitating	facilitate	VERB
fbem-26230	69	10	indirect	indirect	ADJ
fbem-26230	69	11	financing	financing	NOUN
fbem-26230	69	12	through	through	ADP
fbem-26230	69	13	the	the	DET
fbem-26230	69	14	issuance	issuance	NOUN
fbem-26230	69	15	of	of	ADP
fbem-26230	69	16	stocks	stock	NOUN
fbem-26230	69	17	during	during	ADP
fbem-26230	69	18	public	public	ADJ
fbem-26230	69	19	offerings	offering	NOUN
fbem-26230	69	20	.	.	PUNCT
fbem-26230	70	1	compared	compare	VERB
fbem-26230	70	2	to	to	ADP
fbem-26230	70	3	direct	direct	ADJ
fbem-26230	70	4	financing	financing	NOUN
fbem-26230	70	5	,	,	PUNCT
fbem-26230	70	6	the	the	DET
fbem-26230	70	7	securities	security	NOUN
fbem-26230	70	8	market	market	NOUN
fbem-26230	70	9	offers	offer	VERB
fbem-26230	70	10	lower	low	ADJ
fbem-26230	70	11	transaction	transaction	NOUN
fbem-26230	70	12	costs	cost	NOUN
fbem-26230	70	13	and	and	CCONJ
fbem-26230	70	14	can	can	AUX
fbem-26230	70	15	mobilize	mobilize	VERB
fbem-26230	70	16	large	large	ADJ
fbem-26230	70	17	amounts	amount	NOUN
fbem-26230	70	18	of	of	ADP
fbem-26230	70	19	capital	capital	NOUN
fbem-26230	70	20	in	in	ADP
fbem-26230	70	21	a	a	DET
fbem-26230	70	22	short	short	ADJ
fbem-26230	70	23	time	time	NOUN
fbem-26230	70	24	.	.	PUNCT
fbem-26230	71	1	according	accord	VERB
fbem-26230	71	2	to	to	ADP
fbem-26230	71	3	tobin	tobin	PROPN
fbem-26230	71	4	's	's	PART
fbem-26230	71	5	q	q	NOUN
fbem-26230	71	6	theory	theory	NOUN
fbem-26230	71	7	,	,	PUNCT
fbem-26230	71	8	when	when	SCONJ
fbem-26230	71	9	the	the	DET
fbem-26230	71	10	securities	security	NOUN
fbem-26230	71	11	market	market	NOUN
fbem-26230	71	12	is	be	AUX
fbem-26230	71	13	thriving	thrive	VERB
fbem-26230	71	14	,	,	PUNCT
fbem-26230	71	15	stock	stock	NOUN
fbem-26230	71	16	prices	price	NOUN
fbem-26230	71	17	exceed	exceed	VERB
fbem-26230	71	18	their	their	PRON
fbem-26230	71	19	fundamental	fundamental	ADJ
fbem-26230	71	20	values	value	NOUN
fbem-26230	71	21	,	,	PUNCT
fbem-26230	71	22	motivating	motivate	VERB
fbem-26230	71	23	both	both	CCONJ
fbem-26230	71	24	individual	individual	ADJ
fbem-26230	71	25	and	and	CCONJ
fbem-26230	71	26	corporate	corporate	ADJ
fbem-26230	71	27	investors	investor	NOUN
fbem-26230	71	28	to	to	PART
fbem-26230	71	29	establish	establish	VERB
fbem-26230	71	30	new	new	ADJ
fbem-26230	71	31	enterprises	enterprise	NOUN
fbem-26230	71	32	for	for	ADP
fbem-26230	71	33	greater	great	ADJ
fbem-26230	71	34	returns	return	NOUN
fbem-26230	71	35	rather	rather	ADV
fbem-26230	71	36	than	than	ADP
fbem-26230	71	37	pursuing	pursue	VERB
fbem-26230	71	38	acquisitions	acquisition	NOUN
fbem-26230	71	39	of	of	ADP
fbem-26230	71	40	existing	exist	VERB
fbem-26230	71	41	firms	firm	NOUN
fbem-26230	71	42	at	at	ADP
fbem-26230	71	43	a	a	DET
fbem-26230	71	44	premium	premium	NOUN
fbem-26230	71	45	.	.	PUNCT
fbem-26230	72	1	as	as	ADP
fbem-26230	72	2	the	the	DET
fbem-26230	72	3	number	number	NOUN
fbem-26230	72	4	of	of	ADP
fbem-26230	72	5	firms	firm	NOUN
fbem-26230	72	6	in	in	ADP
fbem-26230	72	7	the	the	DET
fbem-26230	72	8	market	market	NOUN
fbem-26230	72	9	increases	increase	NOUN
fbem-26230	72	10	and	and	CCONJ
fbem-26230	72	11	competition	competition	NOUN
fbem-26230	72	12	intensifies	intensifie	NOUN
fbem-26230	72	13	,	,	PUNCT
fbem-26230	72	14	capital	capital	NOUN
fbem-26230	72	15	allocation	allocation	NOUN
fbem-26230	72	16	becomes	become	VERB
fbem-26230	72	17	more	more	ADV
fbem-26230	72	18	efficient	efficient	ADJ
fbem-26230	72	19	,	,	PUNCT
fbem-26230	72	20	flowing	flow	VERB
fbem-26230	72	21	into	into	ADP
fbem-26230	72	22	high	high	ADJ
fbem-26230	72	23	-	-	PUNCT
fbem-26230	72	24	quality	quality	NOUN
fbem-26230	72	25	enterprises	enterprise	NOUN
fbem-26230	72	26	and	and	CCONJ
fbem-26230	72	27	stimulating	stimulate	VERB
fbem-26230	72	28	rapid	rapid	ADJ
fbem-26230	72	29	economic	economic	ADJ
fbem-26230	72	30	growth	growth	NOUN
fbem-26230	72	31	.	.	PUNCT
fbem-26230	73	1	the	the	DET
fbem-26230	73	2	securities	security	NOUN
fbem-26230	73	3	market	market	NOUN
fbem-26230	73	4	also	also	ADV
fbem-26230	73	5	impacts	impact	VERB
fbem-26230	73	6	the	the	DET
fbem-26230	73	7	macroeconomy	macroeconomy	NOUN
fbem-26230	73	8	through	through	ADP
fbem-26230	73	9	the	the	DET
fbem-26230	73	10	wealth	wealth	NOUN
fbem-26230	73	11	effect	effect	NOUN
fbem-26230	73	12	.	.	PUNCT
fbem-26230	74	1	according	accord	VERB
fbem-26230	74	2	to	to	ADP
fbem-26230	74	3	modigliani	modigliani	PROPN
fbem-26230	74	4	's	's	PART
fbem-26230	74	5	lifecycle	lifecycle	NOUN
fbem-26230	74	6	hypothesis	hypothesis	NOUN
fbem-26230	74	7	,	,	PUNCT
fbem-26230	74	8	current	current	ADJ
fbem-26230	74	9	expenditure	expenditure	NOUN
fbem-26230	74	10	levels	level	NOUN
fbem-26230	74	11	are	be	AUX
fbem-26230	74	12	not	not	PART
fbem-26230	74	13	solely	solely	ADV
fbem-26230	74	14	determined	determine	VERB
fbem-26230	74	15	by	by	ADP
fbem-26230	74	16	present	present	ADJ
fbem-26230	74	17	income	income	NOUN
fbem-26230	74	18	but	but	CCONJ
fbem-26230	74	19	are	be	AUX
fbem-26230	74	20	influenced	influence	VERB
fbem-26230	74	21	by	by	ADP
fbem-26230	74	22	anticipated	anticipate	VERB
fbem-26230	74	23	future	future	ADJ
fbem-26230	74	24	income	income	NOUN
fbem-26230	74	25	.	.	PUNCT
fbem-26230	75	1	when	when	SCONJ
fbem-26230	75	2	the	the	DET
fbem-26230	75	3	securities	security	NOUN
fbem-26230	75	4	market	market	NOUN
fbem-26230	75	5	performs	perform	VERB
fbem-26230	75	6	well	well	ADV
fbem-26230	75	7	,	,	PUNCT
fbem-26230	75	8	the	the	DET
fbem-26230	75	9	wealth	wealth	NOUN
fbem-26230	75	10	effect	effect	NOUN
fbem-26230	75	11	becomes	become	VERB
fbem-26230	75	12	apparent	apparent	ADJ
fbem-26230	75	13	as	as	SCONJ
fbem-26230	75	14	investors	investor	NOUN
fbem-26230	75	15	experience	experience	VERB
fbem-26230	75	16	significant	significant	ADJ
fbem-26230	75	17	gains	gain	NOUN
fbem-26230	75	18	in	in	ADP
fbem-26230	75	19	their	their	PRON
fbem-26230	75	20	asset	asset	NOUN
fbem-26230	75	21	values	value	NOUN
fbem-26230	75	22	.	.	PUNCT
fbem-26230	76	1	this	this	DET
fbem-26230	76	2	positive	positive	ADJ
fbem-26230	76	3	sentiment	sentiment	NOUN
fbem-26230	76	4	can	can	AUX
fbem-26230	76	5	enhance	enhance	VERB
fbem-26230	76	6	future	future	ADJ
fbem-26230	76	7	income	income	NOUN
fbem-26230	76	8	expectations	expectation	NOUN
fbem-26230	76	9	,	,	PUNCT
fbem-26230	76	10	resulting	result	VERB
fbem-26230	76	11	in	in	ADP
fbem-26230	76	12	increased	increase	VERB
fbem-26230	76	13	personal	personal	ADJ
fbem-26230	76	14	consumption	consumption	NOUN
fbem-26230	76	15	levels	level	NOUN
fbem-26230	76	16	and	and	CCONJ
fbem-26230	76	17	quality	quality	NOUN
fbem-26230	76	18	,	,	PUNCT
fbem-26230	76	19	which	which	PRON
fbem-26230	76	20	stimulates	stimulate	VERB
fbem-26230	76	21	overall	overall	ADJ
fbem-26230	76	22	societal	societal	ADJ
fbem-26230	76	23	demand	demand	NOUN
fbem-26230	76	24	and	and	CCONJ
fbem-26230	76	25	bolsters	bolster	VERB
fbem-26230	76	26	the	the	DET
fbem-26230	76	27	consumption	consumption	NOUN
fbem-26230	76	28	component	component	NOUN
fbem-26230	76	29	of	of	ADP
fbem-26230	76	30	macroeconomic	macroeconomic	ADJ
fbem-26230	76	31	activity	activity	NOUN
fbem-26230	76	32	.	.	PUNCT
fbem-26230	77	1	furthermore	furthermore	ADV
fbem-26230	77	2	,	,	PUNCT
fbem-26230	77	3	the	the	DET
fbem-26230	77	4	securities	security	NOUN
fbem-26230	77	5	market	market	NOUN
fbem-26230	77	6	improves	improve	VERB
fbem-26230	77	7	capital	capital	NOUN
fbem-26230	77	8	allocation	allocation	NOUN
fbem-26230	77	9	efficiency	efficiency	NOUN
fbem-26230	77	10	.	.	PUNCT
fbem-26230	78	1	the	the	DET
fbem-26230	78	2	chinese	chinese	ADJ
fbem-26230	78	3	securities	security	NOUN
fbem-26230	78	4	market	market	NOUN
fbem-26230	78	5	is	be	AUX
fbem-26230	78	6	characterized	characterize	VERB
fbem-26230	78	7	by	by	ADP
fbem-26230	78	8	good	good	ADJ
fbem-26230	78	9	liquidity	liquidity	NOUN
fbem-26230	78	10	,	,	PUNCT
fbem-26230	78	11	enabling	enable	VERB
fbem-26230	78	12	investors	investor	NOUN
fbem-26230	78	13	to	to	PART
fbem-26230	78	14	adjust	adjust	VERB
fbem-26230	78	15	their	their	PRON
fbem-26230	78	16	capital	capital	NOUN
fbem-26230	78	17	portfolios	portfolio	NOUN
fbem-26230	78	18	flexibly	flexibly	ADV
fbem-26230	78	19	,	,	PUNCT
fbem-26230	78	20	thereby	thereby	ADV
fbem-26230	78	21	mitigating	mitigate	VERB
fbem-26230	78	22	risk	risk	NOUN
fbem-26230	78	23	while	while	SCONJ
fbem-26230	78	24	maximizing	maximize	VERB
fbem-26230	78	25	returns	return	NOUN
fbem-26230	78	26	and	and	CCONJ
fbem-26230	78	27	fostering	foster	VERB
fbem-26230	78	28	economic	economic	ADJ
fbem-26230	78	29	growth	growth	NOUN
fbem-26230	78	30	.	.	PUNCT
fbem-26230	79	1	additionally	additionally	ADV
fbem-26230	79	2	,	,	PUNCT
fbem-26230	79	3	the	the	DET
fbem-26230	79	4	market	market	NOUN
fbem-26230	79	5	plays	play	VERB
fbem-26230	79	6	a	a	DET
fbem-26230	79	7	crucial	crucial	ADJ
fbem-26230	79	8	role	role	NOUN
fbem-26230	79	9	in	in	ADP
fbem-26230	79	10	resource	resource	NOUN
fbem-26230	79	11	allocation	allocation	NOUN
fbem-26230	79	12	.	.	PUNCT
fbem-26230	80	1	professional	professional	ADJ
fbem-26230	80	2	investment	investment	NOUN
fbem-26230	80	3	teams	team	NOUN
fbem-26230	80	4	,	,	PUNCT
fbem-26230	80	5	such	such	ADJ
fbem-26230	80	6	as	as	ADP
fbem-26230	80	7	fund	fund	NOUN
fbem-26230	80	8	managers	manager	NOUN
fbem-26230	80	9	,	,	PUNCT
fbem-26230	80	10	identify	identify	VERB
fbem-26230	80	11	undervalued	undervalued	ADJ
fbem-26230	80	12	assets	asset	NOUN
fbem-26230	80	13	for	for	ADP
fbem-26230	80	14	investment	investment	NOUN
fbem-26230	80	15	,	,	PUNCT
fbem-26230	80	16	ensuring	ensure	VERB
fbem-26230	80	17	that	that	SCONJ
fbem-26230	80	18	funds	fund	NOUN
fbem-26230	80	19	flow	flow	VERB
fbem-26230	80	20	into	into	ADP
fbem-26230	80	21	enterprises	enterprise	NOUN
fbem-26230	80	22	that	that	PRON
fbem-26230	80	23	genuinely	genuinely	ADV
fbem-26230	80	24	need	need	VERB
fbem-26230	80	25	them	they	PRON
fbem-26230	80	26	.	.	PUNCT
fbem-26230	81	1	this	this	PRON
fbem-26230	81	2	alleviates	alleviate	VERB
fbem-26230	81	3	financing	financing	NOUN
fbem-26230	81	4	challenges	challenge	NOUN
fbem-26230	81	5	and	and	CCONJ
fbem-26230	81	6	optimizes	optimize	VERB
fbem-26230	81	7	the	the	DET
fbem-26230	81	8	utilization	utilization	NOUN
fbem-26230	81	9	of	of	ADP
fbem-26230	81	10	capital	capital	NOUN
fbem-26230	81	11	,	,	PUNCT
fbem-26230	81	12	thereby	thereby	ADV
fbem-26230	81	13	enhancing	enhance	VERB
fbem-26230	81	14	economic	economic	ADJ
fbem-26230	81	15	efficiency	efficiency	NOUN
fbem-26230	81	16	.	.	PUNCT
fbem-26230	82	1	lastly	lastly	ADV
fbem-26230	82	2	,	,	PUNCT
fbem-26230	82	3	the	the	DET
fbem-26230	82	4	securities	security	NOUN
fbem-26230	82	5	market	market	NOUN
fbem-26230	82	6	influences	influence	VERB
fbem-26230	82	7	china	china	PROPN
fbem-26230	82	8	's	's	PART
fbem-26230	82	9	macroeconomy	macroeconomy	NOUN
fbem-26230	82	10	by	by	ADP
fbem-26230	82	11	standardizing	standardize	VERB
fbem-26230	82	12	corporate	corporate	ADJ
fbem-26230	82	13	governance	governance	NOUN
fbem-26230	82	14	practices	practice	NOUN
fbem-26230	82	15	.	.	PUNCT
fbem-26230	83	1	the	the	DET
fbem-26230	83	2	stringent	stringent	ADJ
fbem-26230	83	3	regulations	regulation	NOUN
fbem-26230	83	4	imposed	impose	VERB
fbem-26230	83	5	on	on	ADP
fbem-26230	83	6	listed	list	VERB
fbem-26230	83	7	companies	company	NOUN
fbem-26230	83	8	enhance	enhance	VERB
fbem-26230	83	9	their	their	PRON
fbem-26230	83	10	reputation	reputation	NOUN
fbem-26230	83	11	and	and	CCONJ
fbem-26230	83	12	governance	governance	NOUN
fbem-26230	83	13	structures	structure	NOUN
fbem-26230	83	14	.	.	PUNCT
fbem-26230	84	1	improved	improve	VERB
fbem-26230	84	2	corporate	corporate	ADJ
fbem-26230	84	3	credibility	credibility	NOUN
fbem-26230	84	4	is	be	AUX
fbem-26230	84	5	reflected	reflect	VERB
fbem-26230	84	6	in	in	ADP
fbem-26230	84	7	stock	stock	NOUN
fbem-26230	84	8	price	price	NOUN
fbem-26230	84	9	levels	level	NOUN
fbem-26230	84	10	,	,	PUNCT
fbem-26230	84	11	thereby	thereby	ADV
fbem-26230	84	12	increasing	increase	VERB
fbem-26230	84	13	the	the	DET
fbem-26230	84	14	value	value	NOUN
fbem-26230	84	15	of	of	ADP
fbem-26230	84	16	the	the	DET
fbem-26230	84	17	assets	asset	NOUN
fbem-26230	84	18	available	available	ADJ
fbem-26230	84	19	for	for	ADP
fbem-26230	84	20	lending	lending	NOUN
fbem-26230	84	21	,	,	PUNCT
fbem-26230	84	22	expanding	expand	VERB
fbem-26230	84	23	the	the	DET
fbem-26230	84	24	scale	scale	NOUN
fbem-26230	84	25	of	of	ADP
fbem-26230	84	26	loanable	loanable	ADJ
fbem-26230	84	27	funds	fund	NOUN
fbem-26230	84	28	,	,	PUNCT
fbem-26230	84	29	and	and	CCONJ
fbem-26230	84	30	enhancing	enhance	VERB
fbem-26230	84	31	overall	overall	ADJ
fbem-26230	84	32	societal	societal	ADJ
fbem-26230	84	33	credit	credit	NOUN
fbem-26230	84	34	levels	level	NOUN
fbem-26230	84	35	.	.	PUNCT
fbem-26230	85	1	this	this	DET
fbem-26230	85	2	funding	funding	NOUN
fbem-26230	85	3	can	can	AUX
fbem-26230	85	4	then	then	ADV
fbem-26230	85	5	be	be	AUX
fbem-26230	85	6	directed	direct	VERB
fbem-26230	85	7	toward	toward	ADP
fbem-26230	85	8	social	social	ADJ
fbem-26230	85	9	investment	investment	NOUN
fbem-26230	85	10	and	and	CCONJ
fbem-26230	85	11	enterprise	enterprise	NOUN
fbem-26230	85	12	development	development	NOUN
fbem-26230	85	13	,	,	PUNCT
fbem-26230	85	14	contributing	contribute	VERB
fbem-26230	85	15	to	to	ADP
fbem-26230	85	16	an	an	DET
fbem-26230	85	17	increase	increase	NOUN
fbem-26230	85	18	in	in	ADP
fbem-26230	85	19	total	total	ADJ
fbem-26230	85	20	social	social	ADJ
fbem-26230	85	21	output	output	NOUN
fbem-26230	85	22	.	.	PUNCT
fbem-26230	86	1	4	4	X
fbem-26230	86	2	.	.	X
fbem-26230	86	3	empirical	empirical	ADJ
fbem-26230	86	4	analysis	analysis	NOUN
fbem-26230	86	5	results	result	VERB
fbem-26230	86	6	4.1	4.1	NUM
fbem-26230	86	7	.	.	PUNCT
fbem-26230	87	1	variable	variable	ADJ
fbem-26230	87	2	selection	selection	NOUN
fbem-26230	87	3	in	in	ADP
fbem-26230	87	4	this	this	DET
fbem-26230	87	5	study	study	NOUN
fbem-26230	87	6	,	,	PUNCT
fbem-26230	87	7	the	the	DET
fbem-26230	87	8	explained	explain	VERB
fbem-26230	87	9	variable	variable	NOUN
fbem-26230	87	10	,	,	PUNCT
fbem-26230	87	11	the	the	DET
fbem-26230	87	12	csi	csi	PROPN
fbem-26230	87	13	300	300	NUM
fbem-26230	87	14	index	index	NOUN
fbem-26230	87	15	,	,	PUNCT
fbem-26230	87	16	is	be	AUX
fbem-26230	87	17	denoted	denote	VERB
fbem-26230	87	18	as	as	ADP
fbem-26230	87	19	hs300	hs300	PROPN
fbem-26230	87	20	.	.	PUNCT
fbem-26230	88	1	the	the	DET
fbem-26230	88	2	explanatory	explanatory	ADJ
fbem-26230	88	3	variables	variable	NOUN
fbem-26230	88	4	include	include	VERB
fbem-26230	88	5	gross	gross	ADJ
fbem-26230	88	6	domestic	domestic	ADJ
fbem-26230	88	7	product	product	NOUN
fbem-26230	88	8	(	(	PUNCT
fbem-26230	88	9	gdp	gdp	NOUN
fbem-26230	88	10	)	)	PUNCT
fbem-26230	88	11	,	,	PUNCT
fbem-26230	88	12	represented	represent	VERB
fbem-26230	88	13	as	as	ADP
fbem-26230	88	14	gdp	gdp	NOUN
fbem-26230	88	15	;	;	PUNCT
fbem-26230	88	16	the	the	DET
fbem-26230	88	17	broad	broad	ADJ
fbem-26230	88	18	money	money	NOUN
fbem-26230	88	19	supply	supply	NOUN
fbem-26230	88	20	(	(	PUNCT
fbem-26230	88	21	m2	m2	PROPN
fbem-26230	88	22	)	)	PUNCT
fbem-26230	88	23	,	,	PUNCT
fbem-26230	88	24	denoted	denote	VERB
fbem-26230	88	25	as	as	ADP
fbem-26230	88	26	m2	m2	PROPN
fbem-26230	88	27	;	;	PUNCT
fbem-26230	88	28	and	and	CCONJ
fbem-26230	88	29	the	the	DET
fbem-26230	88	30	interbank	interbank	NOUN
fbem-26230	88	31	lending	lending	NOUN
fbem-26230	88	32	rate	rate	NOUN
fbem-26230	88	33	,	,	PUNCT
fbem-26230	88	34	represented	represent	VERB
fbem-26230	88	35	as	as	ADP
fbem-26230	88	36	r.	r.	PROPN
fbem-26230	88	37	additionally	additionally	ADV
fbem-26230	88	38	,	,	PUNCT
fbem-26230	88	39	the	the	DET
fbem-26230	88	40	data	data	NOUN
fbem-26230	88	41	is	be	AUX
fbem-26230	88	42	organized	organize	VERB
fbem-26230	88	43	chronologically	chronologically	ADV
fbem-26230	88	44	on	on	ADP
fbem-26230	88	45	a	a	DET
fbem-26230	88	46	quarterly	quarterly	ADJ
fbem-26230	88	47	basis	basis	NOUN
fbem-26230	88	48	,	,	PUNCT
fbem-26230	88	49	with	with	ADP
fbem-26230	88	50	time	time	NOUN
fbem-26230	88	51	recorded	record	VERB
fbem-26230	88	52	as	as	ADP
fbem-26230	88	53	time	time	NOUN
fbem-26230	88	54	.	.	PUNCT
fbem-26230	89	1	167	167	NUM
fbem-26230	89	2	4.2	4.2	NUM
fbem-26230	89	3	.	.	PUNCT
fbem-26230	90	1	data	datum	NOUN
fbem-26230	90	2	and	and	CCONJ
fbem-26230	90	3	basic	basic	ADJ
fbem-26230	90	4	processing	processing	NOUN
fbem-26230	90	5	4.2.1	4.2.1	NUM
fbem-26230	90	6	.	.	PUNCT
fbem-26230	90	7	data	datum	NOUN
fbem-26230	90	8	and	and	CCONJ
fbem-26230	90	9	sources	source	NOUN
fbem-26230	90	10	(	(	PUNCT
fbem-26230	90	11	table	table	NOUN
fbem-26230	90	12	2	2	NUM
fbem-26230	90	13	)	)	PUNCT
fbem-26230	90	14	table	table	NOUN
fbem-26230	90	15	2	2	NUM
fbem-26230	90	16	.	.	PUNCT
fbem-26230	90	17	study	study	NOUN
fbem-26230	90	18	data	datum	NOUN
fbem-26230	90	19	presentation	presentation	NOUN
fbem-26230	90	20	.	.	PUNCT
fbem-26230	91	1	time	time	PROPN
fbem-26230	91	2	quarterly	quarterly	PROPN
fbem-26230	91	3	gdp	gdp	NOUN
fbem-26230	91	4	(	(	PUNCT
fbem-26230	91	5	trillion	trillion	NUM
fbem-26230	91	6	)	)	PUNCT
fbem-26230	91	7	m2	m2	PROPN
fbem-26230	91	8	(	(	PUNCT
fbem-26230	91	9	trillion	trillion	NUM
fbem-26230	91	10	)	)	PUNCT
fbem-26230	91	11	csi	csi	PROPN
fbem-26230	91	12	300	300	NUM
fbem-26230	91	13	index	index	NOUN
fbem-26230	91	14	(	(	PUNCT
fbem-26230	91	15	points	point	NOUN
fbem-26230	91	16	)	)	PUNCT
fbem-26230	91	17	interbank	interbank	NOUN
fbem-26230	91	18	lending	lending	NOUN
fbem-26230	91	19	rate	rate	NOUN
fbem-26230	91	20	(	(	PUNCT
fbem-26230	91	21	%	%	INTJ
fbem-26230	91	22	)	)	PUNCT
fbem-26230	91	23	q1	q1	PROPN
fbem-26230	91	24	2011	2011	NUM
fbem-26230	91	25	10.447	10.447	NUM
fbem-26230	91	26	75.813088	75.813088	NUM
fbem-26230	91	27	3223.29	3223.29	NUM
fbem-26230	91	28	1.93	1.93	NUM
fbem-26230	91	29	q2	q2	NOUN
fbem-26230	91	30	2011	2011	NUM
fbem-26230	91	31	11.8894	11.8894	NUM
fbem-26230	91	32	78.082085	78.082085	NUM
fbem-26230	91	33	3044.09	3044.09	NUM
fbem-26230	91	34	4.56	4.56	NUM
fbem-26230	91	35	q3	q3	NOUN
fbem-26230	91	36	2011	2011	NUM
fbem-26230	91	37	12.6562	12.6562	NUM
fbem-26230	91	38	78.74062	78.74062	NUM
fbem-26230	91	39	2581.35	2581.35	NUM
fbem-26230	91	40	3.74	3.74	NUM
fbem-26230	91	41	q4	q4	PROPN
fbem-26230	91	42	2011	2011	NUM
fbem-26230	91	43	13.8012	13.8012	NUM
fbem-26230	91	44	85.15909	85.15909	NUM
fbem-26230	91	45	2345.74	2345.74	NUM
fbem-26230	91	46	3.33	3.33	NUM
fbem-26230	91	47	q1	q1	NOUN
fbem-26230	91	48	2012	2012	NUM
fbem-26230	91	49	11.7358	11.7358	NUM
fbem-26230	91	50	89.55655	89.55655	NUM
fbem-26230	91	51	2454.9	2454.9	NUM
fbem-26230	91	52	2.58	2.58	NUM
fbem-26230	91	53	q2	q2	NOUN
fbem-26230	91	54	2012	2012	NUM
fbem-26230	91	55	13.132	13.132	NUM
fbem-26230	91	56	92.49912	92.49912	NUM
fbem-26230	91	57	2461.61	2461.61	NUM
fbem-26230	91	58	2.72	2.72	NUM
fbem-26230	91	59	q3	q3	NOUN
fbem-26230	91	60	2012	2012	NUM
fbem-26230	91	61	13.809	13.809	NUM
fbem-26230	91	62	94.368875	94.368875	NUM
fbem-26230	91	63	2293.11	2293.11	NUM
fbem-26230	91	64	2.93	2.93	NUM
fbem-26230	91	65	q4	q4	PROPN
fbem-26230	91	66	2012	2012	NUM
fbem-26230	91	67	15.1812	15.1812	NUM
fbem-26230	91	68	97.415946	97.415946	NUM
fbem-26230	91	69	2522.95	2522.95	NUM
fbem-26230	91	70	2.61	2.61	NUM
fbem-26230	91	71	q1	q1	NOUN
fbem-26230	91	72	2013	2013	NUM
fbem-26230	91	73	12.945	12.945	NUM
fbem-26230	91	74	103.585837	103.585837	NUM
fbem-26230	91	75	2495.08	2495.08	NUM
fbem-26230	91	76	2.47	2.47	NUM
fbem-26230	91	77	q2	q2	NOUN
fbem-26230	91	78	2013	2013	NUM
fbem-26230	91	79	14.3518	14.3518	NUM
fbem-26230	91	80	105.440369	105.440369	NUM
fbem-26230	91	81	2200.64	2200.64	NUM
fbem-26230	91	82	6.58	6.58	NUM
fbem-26230	91	83	q3	q3	NOUN
fbem-26230	91	84	2013	2013	NUM
fbem-26230	91	85	15.2223	15.2223	NUM
fbem-26230	92	1	107.737916	107.737916	NUM
fbem-26230	92	2	2409.04	2409.04	NUM
fbem-26230	92	3	3.47	3.47	NUM
fbem-26230	92	4	q4	q4	PROPN
fbem-26230	92	5	2013	2013	NUM
fbem-26230	92	6	16.7772	16.7772	NUM
fbem-26230	93	1	110.652498	110.652498	NUM
fbem-26230	93	2	2330.03	2330.03	NUM
fbem-26230	93	3	4.16	4.16	NUM
fbem-26230	93	4	q1	q1	NOUN
fbem-26230	93	5	2014	2014	NUM
fbem-26230	93	6	14.076	14.076	NUM
fbem-26230	93	7	116.068738	116.068738	NUM
fbem-26230	93	8	2146.3	2146.3	NUM
fbem-26230	93	9	2.49	2.49	NUM
fbem-26230	93	10	q2	q2	NOUN
fbem-26230	93	11	2014	2014	NUM
fbem-26230	93	12	15.649	15.649	NUM
fbem-26230	93	13	120.95872	120.95872	NUM
fbem-26230	93	14	2165.12	2165.12	NUM
fbem-26230	93	15	2.85	2.85	NUM
fbem-26230	93	16	q3	q3	NOUN
fbem-26230	93	17	2014	2014	NUM
fbem-26230	93	18	16.5484	16.5484	NUM
fbem-26230	93	19	120.205141	120.205141	NUM
fbem-26230	93	20	2450.99	2450.99	NUM
fbem-26230	93	21	2.97	2.97	NUM
fbem-26230	93	22	q4	q4	PROPN
fbem-26230	93	23	2014	2014	NUM
fbem-26230	93	24	18.0829	18.0829	NUM
fbem-26230	93	25	122.837481	122.837481	NUM
fbem-26230	93	26	3533.7	3533.7	NUM
fbem-26230	93	27	3.49	3.49	NUM
fbem-26230	93	28	q1	q1	NOUN
fbem-26230	93	29	2015	2015	NUM
fbem-26230	93	30	15.1138	15.1138	NUM
fbem-26230	93	31	127.533278	127.533278	NUM
fbem-26230	93	32	4051.2	4051.2	NUM
fbem-26230	93	33	3.69	3.69	NUM
fbem-26230	93	34	q2	q2	NOUN
fbem-26230	93	35	2015	2015	NUM
fbem-26230	93	36	16.855	16.855	NUM
fbem-26230	93	37	133.337536	133.337536	NUM
fbem-26230	93	38	4473	4473	NUM
fbem-26230	93	39	1.44	1.44	NUM
fbem-26230	93	40	q3	q3	NOUN
fbem-26230	93	41	2015	2015	NUM
fbem-26230	93	42	17.6597	17.6597	NUM
fbem-26230	93	43	135.982406	135.982406	NUM
fbem-26230	93	44	3202.95	3202.95	NUM
fbem-26230	93	45	2.05	2.05	NUM
fbem-26230	93	46	q4	q4	PROPN
fbem-26230	93	47	2015	2015	NUM
fbem-26230	93	48	19.2573	19.2573	NUM
fbem-26230	93	49	139.227811	139.227811	NUM
fbem-26230	93	50	3731	3731	NUM
fbem-26230	93	51	1.97	1.97	NUM
fbem-26230	93	52	q1	q1	PROPN
fbem-26230	93	53	2016	2016	NUM
fbem-26230	93	54	16.241	16.241	NUM
fbem-26230	93	55	144.619803	144.619803	NUM
fbem-26230	93	56	3218.09	3218.09	NUM
fbem-26230	93	57	2.09	2.09	NUM
fbem-26230	93	58	q2	q2	NOUN
fbem-26230	93	59	2016	2016	NUM
fbem-26230	93	60	18.1408	18.1408	NUM
fbem-26230	93	61	149.049183	149.049183	NUM
fbem-26230	93	62	3153.92	3153.92	NUM
fbem-26230	93	63	2.14	2.14	NUM
fbem-26230	93	64	q3	q3	NOUN
fbem-26230	93	65	2016	2016	NUM
fbem-26230	93	66	19.1011	19.1011	NUM
fbem-26230	93	67	151.63605	151.63605	NUM
fbem-26230	93	68	3253.28	3253.28	NUM
fbem-26230	93	69	2.25	2.25	NUM
fbem-26230	93	70	q4	q4	PROPN
fbem-26230	93	71	2016	2016	NUM
fbem-26230	93	72	21.1566	21.1566	NUM
fbem-26230	93	73	155.006667	155.006667	NUM
fbem-26230	93	74	3310.08	3310.08	NUM
fbem-26230	93	75	2.33	2.33	NUM
fbem-26230	93	76	q1	q1	PROPN
fbem-26230	93	77	2017	2017	NUM
fbem-26230	93	78	18.1868	18.1868	NUM
fbem-26230	93	79	159.960957	159.960957	NUM
fbem-26230	93	80	3456.05	3456.05	NUM
fbem-26230	93	81	2.62	2.62	NUM
fbem-26230	93	82	q2	q2	NOUN
fbem-26230	93	83	2017	2017	NUM
fbem-26230	93	84	20.195	20.195	NUM
fbem-26230	93	85	163.128253	163.128253	NUM
fbem-26230	93	86	3666.8	3666.8	NUM
fbem-26230	93	87	2.94	2.94	NUM
fbem-26230	93	88	q3	q3	NOUN
fbem-26230	93	89	2017	2017	NUM
fbem-26230	93	90	21.2789	21.2789	NUM
fbem-26230	93	91	165.566207	165.566207	NUM
fbem-26230	93	92	3836.5	3836.5	NUM
fbem-26230	93	93	2.92	2.92	NUM
fbem-26230	93	94	q4	q4	PROPN
fbem-26230	93	95	2017	2017	NUM
fbem-26230	93	96	23.5429	23.5429	NUM
fbem-26230	93	97	167.676854	167.676854	NUM
fbem-26230	93	98	4030.85	4030.85	NUM
fbem-26230	93	99	2.91	2.91	NUM
fbem-26230	93	100	q1	q1	PROPN
fbem-26230	93	101	2018	2018	NUM
fbem-26230	93	102	20.2036	20.2036	NUM
fbem-26230	93	103	173.985948	173.985948	NUM
fbem-26230	93	104	3898.5	3898.5	NUM
fbem-26230	93	105	2.74	2.74	NUM
fbem-26230	93	106	q2	q2	NOUN
fbem-26230	93	107	2018	2018	NUM
fbem-26230	93	108	22.3962	22.3962	NUM
fbem-26230	93	109	177.017837	177.017837	NUM
fbem-26230	93	110	3510.98	3510.98	NUM
fbem-26230	93	111	2.73	2.73	NUM
fbem-26230	93	112	q3	q3	NOUN
fbem-26230	93	113	2018	2018	NUM
fbem-26230	93	114	23.4474	23.4474	NUM
fbem-26230	93	115	180.166558	180.166558	NUM
fbem-26230	93	116	3438.86	3438.86	NUM
fbem-26230	93	117	2.59	2.59	NUM
fbem-26230	93	118	q4	q4	PROPN
fbem-26230	93	119	2018	2018	NUM
fbem-26230	93	120	25.8809	25.8809	NUM
fbem-26230	93	121	182.674422	182.674422	NUM
fbem-26230	93	122	3010.65	3010.65	NUM
fbem-26230	93	123	2.57	2.57	NUM
fbem-26230	93	124	q1	q1	PROPN
fbem-26230	93	125	2019	2019	NUM
fbem-26230	93	126	21.7168	21.7168	NUM
fbem-26230	93	127	188.941214	188.941214	NUM
fbem-26230	93	128	3872.34	3872.34	NUM
fbem-26230	93	129	2.42	2.42	NUM
fbem-26230	93	130	q2	q2	NOUN
fbem-26230	93	131	2019	2019	NUM
fbem-26230	93	132	24.1503	24.1503	NUM
fbem-26230	93	133	192.136019	192.136019	NUM
fbem-26230	93	134	3825.59	3825.59	NUM
fbem-26230	93	135	1.7	1.7	NUM
fbem-26230	93	136	q3	q3	NOUN
fbem-26230	93	137	2019	2019	NUM
fbem-26230	93	138	25.1046	25.1046	NUM
fbem-26230	93	139	195.225049	195.225049	NUM
fbem-26230	93	140	3814.53	3814.53	NUM
fbem-26230	93	141	2.55	2.55	NUM
fbem-26230	93	142	q4	q4	PROPN
fbem-26230	93	143	2019	2019	NUM
fbem-26230	93	144	27.6498	27.6498	NUM
fbem-26230	93	145	198.648882	198.648882	NUM
fbem-26230	93	146	4096.58	4096.58	NUM
fbem-26230	93	147	2.09	2.09	NUM
fbem-26230	93	148	q1	q1	NOUN
fbem-26230	93	149	2020	2020	NUM
fbem-26230	93	150	20.5727	20.5727	NUM
fbem-26230	93	151	208.092341	208.092341	NUM
fbem-26230	93	152	3686.16	3686.16	NUM
fbem-26230	93	153	1.4	1.4	NUM
fbem-26230	93	154	q2	q2	NOUN
fbem-26230	93	155	2020	2020	NUM
fbem-26230	93	156	24.8985	24.8985	NUM
fbem-26230	93	157	213.494866	213.494866	NUM
fbem-26230	93	158	4163.96	4163.96	NUM
fbem-26230	93	159	1.85	1.85	NUM
fbem-26230	93	160	q3	q3	NOUN
fbem-26230	93	161	2020	2020	NUM
fbem-26230	93	162	26.4976	26.4976	NUM
fbem-26230	93	163	216.40848	216.40848	NUM
fbem-26230	93	164	4587.4	4587.4	NUM
fbem-26230	93	165	1.8	1.8	NUM
fbem-26230	93	166	q4	q4	PROPN
fbem-26230	93	167	2020	2020	NUM
fbem-26230	93	168	29.6298	29.6298	NUM
fbem-26230	93	169	218.679589	218.679589	NUM
fbem-26230	93	170	5211.29	5211.29	NUM
fbem-26230	93	171	1.3	1.3	NUM
fbem-26230	93	172	4.2.2	4.2.2	NUM
fbem-26230	93	173	.	.	PUNCT
fbem-26230	94	1	data	datum	NOUN
fbem-26230	94	2	preprocessing	preprocessing	NOUN
fbem-26230	94	3	based	base	VERB
fbem-26230	94	4	on	on	ADP
fbem-26230	94	5	the	the	DET
fbem-26230	94	6	data	datum	NOUN
fbem-26230	94	7	compiled	compile	VERB
fbem-26230	94	8	in	in	ADP
fbem-26230	94	9	table	table	NOUN
fbem-26230	94	10	2	2	NUM
fbem-26230	94	11	,	,	PUNCT
fbem-26230	94	12	it	it	PRON
fbem-26230	94	13	can	can	AUX
fbem-26230	94	14	be	be	AUX
fbem-26230	94	15	observed	observe	VERB
fbem-26230	94	16	that	that	SCONJ
fbem-26230	94	17	there	there	PRON
fbem-26230	94	18	are	be	VERB
fbem-26230	94	19	significant	significant	ADJ
fbem-26230	94	20	disparities	disparity	NOUN
fbem-26230	94	21	among	among	ADP
fbem-26230	94	22	the	the	DET
fbem-26230	94	23	datasets	dataset	NOUN
fbem-26230	94	24	.	.	PUNCT
fbem-26230	95	1	the	the	DET
fbem-26230	95	2	units	unit	NOUN
fbem-26230	95	3	for	for	ADP
fbem-26230	95	4	gross	gross	ADJ
fbem-26230	95	5	domestic	domestic	ADJ
fbem-26230	95	6	product	product	NOUN
fbem-26230	95	7	(	(	PUNCT
fbem-26230	95	8	gdp	gdp	NOUN
fbem-26230	95	9	)	)	PUNCT
fbem-26230	95	10	and	and	CCONJ
fbem-26230	95	11	broad	broad	ADJ
fbem-26230	95	12	money	money	NOUN
fbem-26230	95	13	supply	supply	NOUN
fbem-26230	95	14	are	be	AUX
fbem-26230	95	15	in	in	ADP
fbem-26230	95	16	trillion	trillion	NUM
fbem-26230	95	17	yuan	yuan	NOUN
fbem-26230	95	18	,	,	PUNCT
fbem-26230	95	19	while	while	SCONJ
fbem-26230	95	20	the	the	DET
fbem-26230	95	21	units	unit	NOUN
fbem-26230	95	22	for	for	ADP
fbem-26230	95	23	the	the	DET
fbem-26230	95	24	csi	csi	ADJ
fbem-26230	95	25	300	300	NUM
fbem-26230	95	26	index	index	NOUN
fbem-26230	95	27	are	be	AUX
fbem-26230	95	28	in	in	ADP
fbem-26230	95	29	points	point	NOUN
fbem-26230	95	30	,	,	PUNCT
fbem-26230	95	31	and	and	CCONJ
fbem-26230	95	32	the	the	DET
fbem-26230	95	33	interbank	interbank	NOUN
fbem-26230	95	34	lending	lending	NOUN
fbem-26230	95	35	rate	rate	NOUN
fbem-26230	95	36	is	be	AUX
fbem-26230	95	37	expressed	express	VERB
fbem-26230	95	38	in	in	ADP
fbem-26230	95	39	basis	basis	NOUN
fbem-26230	95	40	points	point	NOUN
fbem-26230	95	41	.	.	PUNCT
fbem-26230	96	1	since	since	SCONJ
fbem-26230	96	2	both	both	CCONJ
fbem-26230	96	3	the	the	DET
fbem-26230	96	4	gdp	gdp	NOUN
fbem-26230	96	5	and	and	CCONJ
fbem-26230	96	6	broad	broad	ADJ
fbem-26230	96	7	money	money	NOUN
fbem-26230	96	8	supply	supply	NOUN
fbem-26230	96	9	data	datum	NOUN
fbem-26230	96	10	are	be	AUX
fbem-26230	96	11	nominal	nominal	ADJ
fbem-26230	96	12	,	,	PUNCT
fbem-26230	96	13	to	to	PART
fbem-26230	96	14	enhance	enhance	VERB
fbem-26230	96	15	the	the	DET
fbem-26230	96	16	empirical	empirical	ADJ
fbem-26230	96	17	authenticity	authenticity	NOUN
fbem-26230	96	18	,	,	PUNCT
fbem-26230	96	19	this	this	DET
fbem-26230	96	20	study	study	NOUN
fbem-26230	96	21	incorporates	incorporate	VERB
fbem-26230	96	22	the	the	DET
fbem-26230	96	23	quarterly	quarterly	ADJ
fbem-26230	96	24	real	real	ADJ
fbem-26230	96	25	gdp	gdp	NOUN
fbem-26230	96	26	figures	figure	NOUN
fbem-26230	96	27	from	from	ADP
fbem-26230	96	28	the	the	DET
fbem-26230	96	29	national	national	PROPN
fbem-26230	96	30	bureau	bureau	PROPN
fbem-26230	96	31	of	of	ADP
fbem-26230	96	32	statistics	statistic	NOUN
fbem-26230	96	33	as	as	ADP
fbem-26230	96	34	the	the	DET
fbem-26230	96	35	actual	actual	ADJ
fbem-26230	96	36	gdp	gdp	NOUN
fbem-26230	96	37	data	datum	NOUN
fbem-26230	96	38	,	,	PUNCT
fbem-26230	96	39	as	as	ADV
fbem-26230	96	40	well	well	ADV
fbem-26230	96	41	as	as	ADP
fbem-26230	96	42	the	the	DET
fbem-26230	96	43	real	real	ADJ
fbem-26230	96	44	money	money	NOUN
fbem-26230	96	45	supply	supply	NOUN
fbem-26230	96	46	as	as	ADP
fbem-26230	96	47	actual	actual	ADJ
fbem-26230	96	48	m2	m2	PROPN
fbem-26230	96	49	.	.	PUNCT
fbem-26230	96	50	to	to	PART
fbem-26230	96	51	minimize	minimize	VERB
fbem-26230	96	52	absolute	absolute	ADJ
fbem-26230	96	53	differences	difference	NOUN
fbem-26230	96	54	in	in	ADP
fbem-26230	96	55	the	the	DET
fbem-26230	96	56	data	datum	NOUN
fbem-26230	96	57	and	and	CCONJ
fbem-26230	96	58	reduce	reduce	VERB
fbem-26230	96	59	empirical	empirical	ADJ
fbem-26230	96	60	errors	error	NOUN
fbem-26230	96	61	arising	arise	VERB
fbem-26230	96	62	from	from	ADP
fbem-26230	96	63	differing	differ	VERB
fbem-26230	96	64	units	unit	NOUN
fbem-26230	96	65	,	,	PUNCT
fbem-26230	96	66	while	while	SCONJ
fbem-26230	96	67	balancing	balance	VERB
fbem-26230	96	68	the	the	DET
fbem-26230	96	69	sensitivity	sensitivity	NOUN
fbem-26230	96	70	of	of	ADP
fbem-26230	96	71	different	different	ADJ
fbem-26230	96	72	datasets	dataset	NOUN
fbem-26230	96	73	,	,	PUNCT
fbem-26230	96	74	this	this	DET
fbem-26230	96	75	paper	paper	NOUN
fbem-26230	96	76	applies	apply	VERB
fbem-26230	96	77	a	a	DET
fbem-26230	96	78	logarithmic	logarithmic	ADJ
fbem-26230	96	79	transformation	transformation	NOUN
fbem-26230	96	80	to	to	ADP
fbem-26230	96	81	the	the	DET
fbem-26230	96	82	csi	csi	PROPN
fbem-26230	96	83	300	300	NUM
fbem-26230	96	84	,	,	PUNCT
fbem-26230	96	85	quarterly	quarterly	ADJ
fbem-26230	96	86	real	real	ADJ
fbem-26230	96	87	gdp	gdp	NOUN
fbem-26230	96	88	,	,	PUNCT
fbem-26230	96	89	and	and	CCONJ
fbem-26230	96	90	quarterly	quarterly	ADJ
fbem-26230	96	91	real	real	ADJ
fbem-26230	96	92	m2	m2	PROPN
fbem-26230	96	93	data	datum	NOUN
fbem-26230	96	94	.	.	PUNCT
fbem-26230	97	1	the	the	DET
fbem-26230	97	2	interbank	interbank	NOUN
fbem-26230	97	3	lending	lending	NOUN
fbem-26230	97	4	rate	rate	NOUN
fbem-26230	97	5	in	in	ADP
fbem-26230	97	6	china	china	PROPN
fbem-26230	97	7	,	,	PUNCT
fbem-26230	97	8	which	which	PRON
fbem-26230	97	9	is	be	AUX
fbem-26230	97	10	already	already	ADV
fbem-26230	97	11	expressed	express	VERB
fbem-26230	97	12	as	as	ADP
fbem-26230	97	13	a	a	DET
fbem-26230	97	14	percentage	percentage	NOUN
fbem-26230	97	15	,	,	PUNCT
fbem-26230	97	16	will	will	AUX
fbem-26230	97	17	not	not	PART
fbem-26230	97	18	undergo	undergo	VERB
fbem-26230	97	19	logarithmic	logarithmic	ADJ
fbem-26230	97	20	transformation	transformation	NOUN
fbem-26230	97	21	.	.	PUNCT
fbem-26230	98	1	the	the	DET
fbem-26230	98	2	selected	select	VERB
fbem-26230	98	3	logarithmic	logarithmic	ADJ
fbem-26230	98	4	data	datum	NOUN
fbem-26230	98	5	will	will	AUX
fbem-26230	98	6	contribute	contribute	VERB
fbem-26230	98	7	to	to	ADP
fbem-26230	98	8	a	a	DET
fbem-26230	98	9	more	more	ADV
fbem-26230	98	10	stable	stable	ADJ
fbem-26230	98	11	model	model	NOUN
fbem-26230	98	12	structure	structure	NOUN
fbem-26230	98	13	,	,	PUNCT
fbem-26230	98	14	thereby	thereby	ADV
fbem-26230	98	15	improving	improve	VERB
fbem-26230	98	16	collinearity	collinearity	NOUN
fbem-26230	98	17	and	and	CCONJ
fbem-26230	98	18	stability	stability	NOUN
fbem-26230	98	19	.	.	PUNCT
fbem-26230	99	1	table	table	NOUN
fbem-26230	99	2	3	3	NUM
fbem-26230	99	3	presents	present	VERB
fbem-26230	99	4	the	the	DET
fbem-26230	99	5	results	result	NOUN
fbem-26230	99	6	of	of	ADP
fbem-26230	99	7	the	the	DET
fbem-26230	99	8	logarithmic	logarithmic	ADJ
fbem-26230	99	9	transformation	transformation	NOUN
fbem-26230	99	10	applied	apply	VERB
fbem-26230	99	11	to	to	ADP
fbem-26230	99	12	the	the	DET
fbem-26230	99	13	selected	select	VERB
fbem-26230	99	14	data	datum	NOUN
fbem-26230	99	15	.	.	PUNCT
fbem-26230	100	1	168	168	NUM
fbem-26230	100	2	table	table	NOUN
fbem-26230	100	3	3	3	NUM
fbem-26230	100	4	.	.	PUNCT
fbem-26230	100	5	data	datum	NOUN
fbem-26230	100	6	processing	processing	NOUN
fbem-26230	100	7	and	and	CCONJ
fbem-26230	100	8	logarithmic	logarithmic	ADJ
fbem-26230	100	9	transformation	transformation	NOUN
fbem-26230	100	10	time	time	NOUN
fbem-26230	100	11	quarterly	quarterly	PROPN
fbem-26230	100	12	gdp	gdp	NOUN
fbem-26230	100	13	(	(	PUNCT
fbem-26230	100	14	trillion	trillion	NUM
fbem-26230	100	15	)	)	PUNCT
fbem-26230	100	16	m2	m2	PROPN
fbem-26230	100	17	(	(	PUNCT
fbem-26230	100	18	trillion	trillion	NUM
fbem-26230	100	19	)	)	PUNCT
fbem-26230	100	20	csi	csi	PROPN
fbem-26230	100	21	300	300	NUM
fbem-26230	100	22	index	index	NOUN
fbem-26230	100	23	(	(	PUNCT
fbem-26230	100	24	points	point	NOUN
fbem-26230	100	25	)	)	PUNCT
fbem-26230	100	26	interbank	interbank	NOUN
fbem-26230	100	27	lending	lending	NOUN
fbem-26230	100	28	rate	rate	NOUN
fbem-26230	100	29	(	(	PUNCT
fbem-26230	100	30	%	%	INTJ
fbem-26230	100	31	)	)	PUNCT
fbem-26230	100	32	q1	q1	PROPN
fbem-26230	100	33	2011	2011	NUM
fbem-26230	100	34	8.08	8.08	NUM
fbem-26230	100	35	2.35	2.35	NUM
fbem-26230	100	36	4.33	4.33	NUM
fbem-26230	100	37	0.66	0.66	NUM
fbem-26230	100	38	q2	q2	NOUN
fbem-26230	100	39	2011	2011	NUM
fbem-26230	100	40	8.02	8.02	NUM
fbem-26230	100	41	2.48	2.48	NUM
fbem-26230	100	42	4.36	4.36	NUM
fbem-26230	100	43	1.52	1.52	NUM
fbem-26230	100	44	q3	q3	NOUN
fbem-26230	100	45	2011	2011	NUM
fbem-26230	100	46	7.86	7.86	NUM
fbem-26230	100	47	2.54	2.54	NUM
fbem-26230	100	48	4.37	4.37	NUM
fbem-26230	100	49	1.32	1.32	NUM
fbem-26230	100	50	q4	q4	PROPN
fbem-26230	100	51	2011	2011	NUM
fbem-26230	100	52	7.76	7.76	NUM
fbem-26230	100	53	2.62	2.62	NUM
fbem-26230	100	54	4.44	4.44	NUM
fbem-26230	100	55	1.20	1.20	NUM
fbem-26230	100	56	q1	q1	NOUN
fbem-26230	100	57	2012	2012	NUM
fbem-26230	100	58	7.81	7.81	NUM
fbem-26230	100	59	2.46	2.46	NUM
fbem-26230	100	60	4.49	4.49	NUM
fbem-26230	100	61	0.95	0.95	NUM
fbem-26230	100	62	q2	q2	NOUN
fbem-26230	100	63	2012	2012	NUM
fbem-26230	101	1	7.81	7.81	NUM
fbem-26230	101	2	2.58	2.58	NUM
fbem-26230	101	3	4.53	4.53	NUM
fbem-26230	101	4	1.00	1.00	NUM
fbem-26230	101	5	q3	q3	NOUN
fbem-26230	101	6	2012	2012	NUM
fbem-26230	101	7	7.74	7.74	NUM
fbem-26230	101	8	2.63	2.63	NUM
fbem-26230	101	9	4.55	4.55	NUM
fbem-26230	101	10	1.08	1.08	NUM
fbem-26230	101	11	q4	q4	PROPN
fbem-26230	101	12	2012	2012	NUM
fbem-26230	101	13	7.83	7.83	NUM
fbem-26230	101	14	2.72	2.72	NUM
fbem-26230	101	15	4.58	4.58	NUM
fbem-26230	101	16	0.96	0.96	NUM
fbem-26230	101	17	q1	q1	NOUN
fbem-26230	101	18	2013	2013	NUM
fbem-26230	101	19	7.82	7.82	NUM
fbem-26230	101	20	2.56	2.56	NUM
fbem-26230	101	21	4.64	4.64	NUM
fbem-26230	101	22	0.90	0.90	NUM
fbem-26230	101	23	q2	q2	NOUN
fbem-26230	101	24	2013	2013	NUM
fbem-26230	101	25	7.70	7.70	NUM
fbem-26230	101	26	2.66	2.66	NUM
fbem-26230	101	27	4.66	4.66	NUM
fbem-26230	101	28	1.88	1.88	NUM
fbem-26230	101	29	q3	q3	NOUN
fbem-26230	101	30	2013	2013	NUM
fbem-26230	101	31	7.79	7.79	NUM
fbem-26230	101	32	2.72	2.72	NUM
fbem-26230	101	33	4.68	4.68	NUM
fbem-26230	101	34	1.24	1.24	NUM
fbem-26230	101	35	q4	q4	PROPN
fbem-26230	101	36	2013	2013	NUM
fbem-26230	101	37	7.75	7.75	NUM
fbem-26230	101	38	2.82	2.82	NUM
fbem-26230	101	39	4.71	4.71	NUM
fbem-26230	101	40	1.43	1.43	NUM
fbem-26230	101	41	q1	q1	NOUN
fbem-26230	101	42	2014	2014	NUM
fbem-26230	101	43	7.67	7.67	NUM
fbem-26230	101	44	2.64	2.64	NUM
fbem-26230	101	45	4.75	4.75	NUM
fbem-26230	101	46	0.91	0.91	NUM
fbem-26230	101	47	q2	q2	NOUN
fbem-26230	101	48	2014	2014	NUM
fbem-26230	101	49	7.68	7.68	NUM
fbem-26230	101	50	2.75	2.75	NUM
fbem-26230	101	51	4.80	4.80	NUM
fbem-26230	101	52	1.05	1.05	NUM
fbem-26230	101	53	q3	q3	NOUN
fbem-26230	101	54	2014	2014	NUM
fbem-26230	101	55	7.80	7.80	NUM
fbem-26230	101	56	2.81	2.81	NUM
fbem-26230	101	57	4.79	4.79	NUM
fbem-26230	101	58	1.09	1.09	NUM
fbem-26230	101	59	q4	q4	PROPN
fbem-26230	101	60	2014	2014	NUM
fbem-26230	101	61	8.17	8.17	NUM
fbem-26230	101	62	2.89	2.89	NUM
fbem-26230	101	63	4.81	4.81	NUM
fbem-26230	101	64	1.25	1.25	NUM
fbem-26230	101	65	q1	q1	NOUN
fbem-26230	101	66	2015	2015	NUM
fbem-26230	101	67	8.31	8.31	NUM
fbem-26230	101	68	2.72	2.72	NUM
fbem-26230	101	69	4.85	4.85	NUM
fbem-26230	101	70	1.31	1.31	NUM
fbem-26230	101	71	q2	q2	NOUN
fbem-26230	101	72	2015	2015	NUM
fbem-26230	101	73	8.41	8.41	NUM
fbem-26230	101	74	2.82	2.82	NUM
fbem-26230	101	75	4.89	4.89	NUM
fbem-26230	101	76	0.36	0.36	NUM
fbem-26230	101	77	q3	q3	NOUN
fbem-26230	101	78	2015	2015	NUM
fbem-26230	101	79	8.07	8.07	NUM
fbem-26230	101	80	2.87	2.87	NUM
fbem-26230	101	81	4.91	4.91	NUM
fbem-26230	101	82	0.72	0.72	NUM
fbem-26230	101	83	q4	q4	PROPN
fbem-26230	101	84	2015	2015	NUM
fbem-26230	101	85	8.22	8.22	NUM
fbem-26230	101	86	2.96	2.96	NUM
fbem-26230	101	87	4.92	4.92	NUM
fbem-26230	101	88	0.68	0.68	NUM
fbem-26230	101	89	q1	q1	PROPN
fbem-26230	101	90	2016	2016	NUM
fbem-26230	101	91	8.08	8.08	NUM
fbem-26230	101	92	2.79	2.79	NUM
fbem-26230	101	93	4.97	4.97	NUM
fbem-26230	101	94	0.74	0.74	NUM
fbem-26230	101	95	q2	q2	NOUN
fbem-26230	101	96	2016	2016	NUM
fbem-26230	101	97	8.06	8.06	NUM
fbem-26230	101	98	2.90	2.90	NUM
fbem-26230	101	99	5.00	5.00	NUM
fbem-26230	101	100	0.76	0.76	NUM
fbem-26230	101	101	q3	q3	NOUN
fbem-26230	101	102	2016	2016	NUM
fbem-26230	101	103	8.09	8.09	NUM
fbem-26230	101	104	2.95	2.95	NUM
fbem-26230	101	105	5.02	5.02	NUM
fbem-26230	101	106	0.81	0.81	NUM
fbem-26230	101	107	q4	q4	PROPN
fbem-26230	101	108	2016	2016	NUM
fbem-26230	101	109	8.10	8.10	NUM
fbem-26230	101	110	3.05	3.05	NUM
fbem-26230	101	111	5.04	5.04	NUM
fbem-26230	101	112	0.85	0.85	NUM
fbem-26230	101	113	q1	q1	NOUN
fbem-26230	101	114	2017	2017	NUM
fbem-26230	101	115	8.15	8.15	NUM
fbem-26230	101	116	2.90	2.90	NUM
fbem-26230	101	117	5.07	5.07	NUM
fbem-26230	101	118	0.96	0.96	NUM
fbem-26230	101	119	q2	q2	NOUN
fbem-26230	101	120	2017	2017	NUM
fbem-26230	101	121	8.21	8.21	NUM
fbem-26230	101	122	3.01	3.01	NUM
fbem-26230	101	123	5.09	5.09	NUM
fbem-26230	101	124	1.08	1.08	NUM
fbem-26230	101	125	q3	q3	NOUN
fbem-26230	101	126	2017	2017	NUM
fbem-26230	101	127	8.25	8.25	NUM
fbem-26230	101	128	3.06	3.06	NUM
fbem-26230	101	129	5.11	5.11	NUM
fbem-26230	101	130	1.07	1.07	NUM
fbem-26230	101	131	q4	q4	PROPN
fbem-26230	101	132	2017	2017	NUM
fbem-26230	101	133	8.30	8.30	NUM
fbem-26230	101	134	3.16	3.16	NUM
fbem-26230	101	135	5.12	5.12	NUM
fbem-26230	101	136	1.07	1.07	NUM
fbem-26230	101	137	q1	q1	PROPN
fbem-26230	101	138	2018	2018	NUM
fbem-26230	101	139	8.27	8.27	NUM
fbem-26230	101	140	3.01	3.01	NUM
fbem-26230	101	141	5.16	5.16	NUM
fbem-26230	101	142	1.01	1.01	NUM
fbem-26230	101	143	q2	q2	NOUN
fbem-26230	101	144	2018	2018	NUM
fbem-26230	101	145	8.16	8.16	NUM
fbem-26230	101	146	3.11	3.11	NUM
fbem-26230	101	147	5.18	5.18	NUM
fbem-26230	101	148	1.00	1.00	NUM
fbem-26230	101	149	q3	q3	NOUN
fbem-26230	101	150	2018	2018	NUM
fbem-26230	101	151	8.14	8.14	NUM
fbem-26230	101	152	3.15	3.15	NUM
fbem-26230	101	153	5.19	5.19	NUM
fbem-26230	101	154	0.95	0.95	NUM
fbem-26230	101	155	q4	q4	PROPN
fbem-26230	101	156	2018	2018	NUM
fbem-26230	101	157	8.01	8.01	NUM
fbem-26230	101	158	3.25	3.25	NUM
fbem-26230	101	159	5.21	5.21	NUM
fbem-26230	101	160	0.94	0.94	NUM
fbem-26230	101	161	q1	q1	PROPN
fbem-26230	101	162	2019	2019	NUM
fbem-26230	101	163	8.26	8.26	NUM
fbem-26230	101	164	3.08	3.08	NUM
fbem-26230	101	165	5.24	5.24	NUM
fbem-26230	101	166	0.88	0.88	NUM
fbem-26230	101	167	q2	q2	NOUN
fbem-26230	101	168	2019	2019	NUM
fbem-26230	101	169	8.25	8.25	NUM
fbem-26230	101	170	3.18	3.18	NUM
fbem-26230	101	171	5.26	5.26	NUM
fbem-26230	101	172	0.53	0.53	NUM
fbem-26230	101	173	q3	q3	NOUN
fbem-26230	101	174	2019	2019	NUM
fbem-26230	101	175	8.25	8.25	NUM
fbem-26230	101	176	3.22	3.22	NUM
fbem-26230	101	177	5.27	5.27	NUM
fbem-26230	101	178	0.94	0.94	NUM
fbem-26230	101	179	q4	q4	PROPN
fbem-26230	101	180	2019	2019	NUM
fbem-26230	101	181	8.32	8.32	NUM
fbem-26230	101	182	3.32	3.32	NUM
fbem-26230	101	183	5.29	5.29	NUM
fbem-26230	101	184	0.74	0.74	NUM
fbem-26230	101	185	q1	q1	NOUN
fbem-26230	101	186	2020	2020	NUM
fbem-26230	101	187	8.21	8.21	NUM
fbem-26230	101	188	3.02	3.02	NUM
fbem-26230	101	189	5.34	5.34	NUM
fbem-26230	101	190	0.34	0.34	NUM
fbem-26230	101	191	q2	q2	NOUN
fbem-26230	101	192	2020	2020	NUM
fbem-26230	101	193	8.33	8.33	NUM
fbem-26230	101	194	3.21	3.21	NUM
fbem-26230	101	195	5.36	5.36	NUM
fbem-26230	101	196	0.62	0.62	NUM
fbem-26230	101	197	q3	q3	NOUN
fbem-26230	101	198	2020	2020	NUM
fbem-26230	101	199	8.43	8.43	NUM
fbem-26230	101	200	3.28	3.28	NUM
fbem-26230	101	201	5.38	5.38	NUM
fbem-26230	101	202	0.59	0.59	NUM
fbem-26230	101	203	q4	q4	PROPN
fbem-26230	101	204	2020	2020	NUM
fbem-26230	101	205	8.56	8.56	NUM
fbem-26230	101	206	3.39	3.39	NUM
fbem-26230	101	207	5.39	5.39	NUM
fbem-26230	101	208	0.26	0.26	NUM
fbem-26230	101	209	4.2.3	4.2.3	NUM
fbem-26230	101	210	.	.	PUNCT
fbem-26230	102	1	basic	basic	ADJ
fbem-26230	102	2	data	datum	NOUN
fbem-26230	102	3	analysis	analysis	NOUN
fbem-26230	102	4	based	base	VERB
fbem-26230	102	5	on	on	ADP
fbem-26230	102	6	the	the	DET
fbem-26230	102	7	results	result	NOUN
fbem-26230	102	8	obtained	obtain	VERB
fbem-26230	102	9	from	from	ADP
fbem-26230	102	10	the	the	DET
fbem-26230	102	11	basic	basic	ADJ
fbem-26230	102	12	processing	processing	NOUN
fbem-26230	102	13	of	of	ADP
fbem-26230	102	14	the	the	DET
fbem-26230	102	15	data	datum	NOUN
fbem-26230	102	16	,	,	PUNCT
fbem-26230	102	17	the	the	DET
fbem-26230	102	18	trend	trend	NOUN
fbem-26230	102	19	chart	chart	NOUN
fbem-26230	102	20	for	for	ADP
fbem-26230	102	21	gross	gross	ADJ
fbem-26230	102	22	domestic	domestic	ADJ
fbem-26230	102	23	product	product	NOUN
fbem-26230	102	24	(	(	PUNCT
fbem-26230	102	25	gdp	gdp	NOUN
fbem-26230	102	26	)	)	PUNCT
fbem-26230	102	27	,	,	PUNCT
fbem-26230	102	28	broad	broad	ADJ
fbem-26230	102	29	money	money	NOUN
fbem-26230	102	30	supply	supply	NOUN
fbem-26230	102	31	(	(	PUNCT
fbem-26230	102	32	m2	m2	PROPN
fbem-26230	102	33	)	)	PUNCT
fbem-26230	102	34	,	,	PUNCT
fbem-26230	102	35	csi	csi	PROPN
fbem-26230	102	36	300	300	NUM
fbem-26230	102	37	(	(	PUNCT
fbem-26230	102	38	hs300	hs300	NUM
fbem-26230	102	39	)	)	PUNCT
fbem-26230	102	40	,	,	PUNCT
fbem-26230	102	41	and	and	CCONJ
fbem-26230	102	42	interbank	interbank	NOUN
fbem-26230	102	43	lending	lending	NOUN
fbem-26230	102	44	rate	rate	NOUN
fbem-26230	102	45	(	(	PUNCT
fbem-26230	102	46	r	r	NOUN
fbem-26230	102	47	)	)	PUNCT
fbem-26230	102	48	from	from	ADP
fbem-26230	102	49	quarterly	quarterly	ADJ
fbem-26230	102	50	data	datum	NOUN
fbem-26230	102	51	(	(	PUNCT
fbem-26230	102	52	2011	2011	NUM
fbem-26230	102	53	to	to	ADP
fbem-26230	102	54	2020	2020	NUM
fbem-26230	102	55	)	)	PUNCT
fbem-26230	102	56	is	be	AUX
fbem-26230	102	57	presented	present	VERB
fbem-26230	102	58	below	below	ADV
fbem-26230	102	59	:	:	PUNCT
fbem-26230	102	60	figure	figure	VERB
fbem-26230	102	61	1	1	NUM
fbem-26230	102	62	.	.	PUNCT
fbem-26230	102	63	trend	trend	NOUN
fbem-26230	102	64	chart	chart	NOUN
fbem-26230	102	65	of	of	ADP
fbem-26230	102	66	lngdp	lngdp	NOUN
fbem-26230	102	67	,	,	PUNCT
fbem-26230	102	68	lnm2	lnm2	PROPN
fbem-26230	102	69	,	,	PUNCT
fbem-26230	102	70	lnhs300	lnhs300	PROPN
fbem-26230	102	71	,	,	PUNCT
fbem-26230	102	72	and	and	CCONJ
fbem-26230	102	73	lnr	lnr	PROPN
fbem-26230	102	74	by	by	ADP
fbem-26230	102	75	quarterly	quarterly	ADV
fbem-26230	102	76	from	from	ADP
fbem-26230	102	77	the	the	DET
fbem-26230	102	78	above	above	ADJ
fbem-26230	102	79	chart	chart	NOUN
fbem-26230	102	80	,	,	PUNCT
fbem-26230	102	81	it	it	PRON
fbem-26230	102	82	can	can	AUX
fbem-26230	102	83	be	be	AUX
fbem-26230	102	84	observed	observe	VERB
fbem-26230	102	85	that	that	SCONJ
fbem-26230	102	86	within	within	ADP
fbem-26230	102	87	the	the	DET
fbem-26230	102	88	169	169	NUM
fbem-26230	102	89	selected	select	VERB
fbem-26230	102	90	time	time	NOUN
fbem-26230	102	91	frame	frame	NOUN
fbem-26230	102	92	(	(	PUNCT
fbem-26230	102	93	2011	2011	NUM
fbem-26230	102	94	-	-	SYM
fbem-26230	102	95	2020	2020	NUM
fbem-26230	102	96	)	)	PUNCT
fbem-26230	102	97	,	,	PUNCT
fbem-26230	102	98	the	the	DET
fbem-26230	102	99	data	datum	NOUN
fbem-26230	102	100	for	for	ADP
fbem-26230	102	101	gdp	gdp	NOUN
fbem-26230	102	102	,	,	PUNCT
fbem-26230	102	103	m2	m2	PROPN
fbem-26230	102	104	,	,	PUNCT
fbem-26230	102	105	and	and	CCONJ
fbem-26230	102	106	hs300	hs300	PROPN
fbem-26230	102	107	generally	generally	ADV
fbem-26230	102	108	exhibit	exhibit	VERB
fbem-26230	102	109	an	an	DET
fbem-26230	102	110	upward	upward	ADJ
fbem-26230	102	111	trend	trend	NOUN
fbem-26230	102	112	year	year	NOUN
fbem-26230	102	113	by	by	ADP
fbem-26230	102	114	year	year	NOUN
fbem-26230	102	115	,	,	PUNCT
fbem-26230	102	116	while	while	SCONJ
fbem-26230	102	117	the	the	DET
fbem-26230	102	118	selected	select	VERB
fbem-26230	102	119	data	datum	NOUN
fbem-26230	102	120	for	for	ADP
fbem-26230	102	121	r	r	NOUN
fbem-26230	102	122	shows	show	VERB
fbem-26230	102	123	a	a	DET
fbem-26230	102	124	declining	decline	VERB
fbem-26230	102	125	trend	trend	NOUN
fbem-26230	102	126	.	.	PUNCT
fbem-26230	103	1	from	from	ADP
fbem-26230	103	2	an	an	DET
fbem-26230	103	3	economic	economic	ADJ
fbem-26230	103	4	perspective	perspective	NOUN
fbem-26230	103	5	,	,	PUNCT
fbem-26230	103	6	china	china	PROPN
fbem-26230	103	7	's	's	PART
fbem-26230	103	8	interbank	interbank	NOUN
fbem-26230	103	9	lending	lending	NOUN
fbem-26230	103	10	rate	rate	NOUN
fbem-26230	103	11	represents	represent	VERB
fbem-26230	103	12	the	the	DET
fbem-26230	103	13	borrowing	borrowing	NOUN
fbem-26230	103	14	rate	rate	NOUN
fbem-26230	103	15	for	for	ADP
fbem-26230	103	16	short	short	ADJ
fbem-26230	103	17	-	-	PUNCT
fbem-26230	103	18	term	term	NOUN
fbem-26230	103	19	funds	fund	NOUN
fbem-26230	103	20	in	in	ADP
fbem-26230	103	21	the	the	DET
fbem-26230	103	22	financial	financial	ADJ
fbem-26230	103	23	market	market	NOUN
fbem-26230	103	24	,	,	PUNCT
fbem-26230	103	25	which	which	PRON
fbem-26230	103	26	indirectly	indirectly	ADV
fbem-26230	103	27	influences	influence	VERB
fbem-26230	103	28	the	the	DET
fbem-26230	103	29	choice	choice	NOUN
fbem-26230	103	30	of	of	ADP
fbem-26230	103	31	china	china	PROPN
fbem-26230	103	32	's	's	PART
fbem-26230	103	33	deposit	deposit	NOUN
fbem-26230	103	34	and	and	CCONJ
fbem-26230	103	35	loan	loan	NOUN
fbem-26230	103	36	interest	interest	NOUN
fbem-26230	103	37	rates	rate	NOUN
fbem-26230	103	38	.	.	PUNCT
fbem-26230	104	1	a	a	DET
fbem-26230	104	2	long	long	ADJ
fbem-26230	104	3	-	-	PUNCT
fbem-26230	104	4	term	term	NOUN
fbem-26230	104	5	downward	downward	ADJ
fbem-26230	104	6	fluctuation	fluctuation	NOUN
fbem-26230	104	7	in	in	ADP
fbem-26230	104	8	the	the	DET
fbem-26230	104	9	interbank	interbank	NOUN
fbem-26230	104	10	lending	lending	NOUN
fbem-26230	104	11	rate	rate	NOUN
fbem-26230	104	12	indicates	indicate	VERB
fbem-26230	104	13	a	a	DET
fbem-26230	104	14	reduction	reduction	NOUN
fbem-26230	104	15	in	in	ADP
fbem-26230	104	16	the	the	DET
fbem-26230	104	17	cost	cost	NOUN
fbem-26230	104	18	of	of	ADP
fbem-26230	104	19	capital	capital	NOUN
fbem-26230	104	20	market	market	NOUN
fbem-26230	104	21	financing	financing	NOUN
fbem-26230	104	22	,	,	PUNCT
fbem-26230	104	23	which	which	PRON
fbem-26230	104	24	is	be	AUX
fbem-26230	104	25	conducive	conducive	ADJ
fbem-26230	104	26	to	to	ADP
fbem-26230	104	27	the	the	DET
fbem-26230	104	28	upward	upward	ADJ
fbem-26230	104	29	growth	growth	NOUN
fbem-26230	104	30	of	of	ADP
fbem-26230	104	31	china	china	PROPN
fbem-26230	104	32	's	's	PART
fbem-26230	104	33	money	money	NOUN
fbem-26230	104	34	supply	supply	NOUN
fbem-26230	104	35	,	,	PUNCT
fbem-26230	104	36	gdp	gdp	NOUN
fbem-26230	104	37	,	,	PUNCT
fbem-26230	104	38	and	and	CCONJ
fbem-26230	104	39	the	the	DET
fbem-26230	104	40	stock	stock	NOUN
fbem-26230	104	41	market	market	NOUN
fbem-26230	104	42	.	.	PUNCT
fbem-26230	105	1	table	table	NOUN
fbem-26230	105	2	4	4	NUM
fbem-26230	105	3	.	.	PUNCT
fbem-26230	105	4	descriptive	descriptive	ADJ
fbem-26230	105	5	statistics	statistic	NOUN
fbem-26230	105	6	.	.	PUNCT
fbem-26230	106	1	lnhs300	lnhs300	PROPN
fbem-26230	106	2	lngdp	lngdp	NOUN
fbem-26230	106	3	lnm2	lnm2	PROPN
fbem-26230	106	4	lnr	lnr	PROPN
fbem-26230	106	5	mean	mean	VERB
fbem-26230	106	6	8.0681	8.0681	NUM
fbem-26230	107	1	2.7979	2.7979	NUM
fbem-26230	107	2	3.9782	3.9782	NUM
fbem-26230	107	3	0.9409	0.9409	NUM
fbem-26230	107	4	median	median	NOUN
fbem-26230	107	5	8.0961	8.0961	NUM
fbem-26230	107	6	2.8079	2.8079	NUM
fbem-26230	107	7	4.0828	4.0828	NUM
fbem-26230	107	8	0.9497	0.9497	NUM
fbem-26230	107	9	maximum	maximum	NOUN
fbem-26230	107	10	8.5586	8.5586	NUM
fbem-26230	107	11	3.2722	3.2722	NUM
fbem-26230	107	12	5.1253	5.1253	NUM
fbem-26230	107	13	1.8840	1.8840	NUM
fbem-26230	107	14	minimum	minimum	NOUN
fbem-26230	107	15	7.6715	7.6715	NUM
fbem-26230	107	16	2.2915	2.2915	NUM
fbem-26230	107	17	2.7738	2.7738	NUM
fbem-26230	107	18	0.2624	0.2624	NUM
fbem-26230	107	19	std.dev	std.dev	NUM
fbem-26230	107	20	.	.	PUNCT
fbem-26230	108	1	0.2377	0.2377	NUM
fbem-26230	108	2	0.2681	0.2681	NUM
fbem-26230	108	3	0.5562	0.5562	NUM
fbem-26230	108	4	0.3206	0.3206	NUM
fbem-26230	108	5	observations	observation	NOUN
fbem-26230	108	6	40	40	NUM
fbem-26230	108	7	40	40	NUM
fbem-26230	108	8	40	40	NUM
fbem-26230	108	9	40	40	NUM
fbem-26230	108	10	table	table	NOUN
fbem-26230	108	11	5	5	NUM
fbem-26230	108	12	.	.	PUNCT
fbem-26230	108	13	correlation	correlation	NOUN
fbem-26230	108	14	analysis	analysis	NOUN
fbem-26230	108	15	table	table	NOUN
fbem-26230	108	16	between	between	ADP
fbem-26230	108	17	explanatory	explanatory	ADJ
fbem-26230	108	18	and	and	CCONJ
fbem-26230	108	19	interpreted	interpret	VERB
fbem-26230	108	20	variables	variable	NOUN
fbem-26230	108	21	correlation	correlation	NOUN
fbem-26230	108	22	lnhs300	lnhs300	PROPN
fbem-26230	108	23	lngdp	lngdp	NOUN
fbem-26230	108	24	lnm2	lnm2	PROPN
fbem-26230	108	25	lnr	lnr	PROPN
fbem-26230	108	26	lnhs300	lnhs300	PROPN
fbem-26230	108	27	1	1	NUM
fbem-26230	108	28	lngdp	lngdp	NOUN
fbem-26230	108	29	0.7253	0.7253	NUM
fbem-26230	108	30	1	1	NUM
fbem-26230	108	31	lnm2	lnm2	NOUN
fbem-26230	108	32	0.7509	0.7509	NUM
fbem-26230	108	33	0.7946	0.7946	NUM
fbem-26230	108	34	1	1	NUM
fbem-26230	108	35	lnr	lnr	PROPN
fbem-26230	108	36	-0.5737	-0.5737	ADJ
fbem-26230	108	37	-0.4509	-0.4509	PROPN
fbem-26230	109	1	-0.8791	-0.8791	PROPN
fbem-26230	109	2	1	1	NUM
fbem-26230	110	1	through	through	ADP
fbem-26230	110	2	covariance	covariance	NOUN
fbem-26230	110	3	analysis	analysis	NOUN
fbem-26230	110	4	,	,	PUNCT
fbem-26230	110	5	the	the	DET
fbem-26230	110	6	correlation	correlation	NOUN
fbem-26230	110	7	coefficients	coefficient	NOUN
fbem-26230	110	8	of	of	ADP
fbem-26230	110	9	lnhs300	lnhs300	PROPN
fbem-26230	110	10	with	with	ADP
fbem-26230	110	11	lngdp	lngdp	NOUN
fbem-26230	110	12	,	,	PUNCT
fbem-26230	110	13	lnm2	lnm2	PROPN
fbem-26230	110	14	,	,	PUNCT
fbem-26230	110	15	and	and	CCONJ
fbem-26230	110	16	lnr	lnr	PROPN
fbem-26230	110	17	are	be	AUX
fbem-26230	110	18	found	find	VERB
fbem-26230	110	19	to	to	PART
fbem-26230	110	20	be	be	AUX
fbem-26230	110	21	0.7253	0.7253	NUM
fbem-26230	110	22	,	,	PUNCT
fbem-26230	110	23	0.7509	0.7509	NUM
fbem-26230	110	24	,	,	PUNCT
fbem-26230	110	25	and	and	CCONJ
fbem-26230	110	26	-0.5737	-0.5737	ADJ
fbem-26230	110	27	,	,	PUNCT
fbem-26230	110	28	respectively	respectively	ADV
fbem-26230	110	29	.	.	PUNCT
fbem-26230	111	1	this	this	PRON
fbem-26230	111	2	indicates	indicate	VERB
fbem-26230	111	3	a	a	DET
fbem-26230	111	4	positive	positive	ADJ
fbem-26230	111	5	correlation	correlation	NOUN
fbem-26230	111	6	between	between	ADP
fbem-26230	111	7	the	the	DET
fbem-26230	111	8	csi	csi	ADJ
fbem-26230	111	9	300	300	NUM
fbem-26230	111	10	and	and	CCONJ
fbem-26230	111	11	both	both	DET
fbem-26230	111	12	gdp	gdp	NOUN
fbem-26230	111	13	and	and	CCONJ
fbem-26230	111	14	broad	broad	ADJ
fbem-26230	111	15	money	money	NOUN
fbem-26230	111	16	supply	supply	NOUN
fbem-26230	111	17	,	,	PUNCT
fbem-26230	111	18	while	while	SCONJ
fbem-26230	111	19	a	a	DET
fbem-26230	111	20	negative	negative	ADJ
fbem-26230	111	21	correlation	correlation	NOUN
fbem-26230	111	22	exists	exist	VERB
fbem-26230	111	23	with	with	ADP
fbem-26230	111	24	the	the	DET
fbem-26230	111	25	interbank	interbank	NOUN
fbem-26230	111	26	lending	lending	NOUN
fbem-26230	111	27	rate	rate	NOUN
fbem-26230	111	28	.	.	PUNCT
fbem-26230	112	1	4.2.4	4.2.4	X
fbem-26230	112	2	.	.	PUNCT
fbem-26230	112	3	model	model	NOUN
fbem-26230	112	4	construction	construction	NOUN
fbem-26230	112	5	the	the	DET
fbem-26230	112	6	logarithmic	logarithmic	ADJ
fbem-26230	112	7	transformation	transformation	NOUN
fbem-26230	112	8	of	of	ADP
fbem-26230	112	9	the	the	DET
fbem-26230	112	10	data	data	NOUN
fbem-26230	112	11	facilitates	facilitate	VERB
fbem-26230	112	12	the	the	DET
fbem-26230	112	13	reduction	reduction	NOUN
fbem-26230	112	14	of	of	ADP
fbem-26230	112	15	variable	variable	ADJ
fbem-26230	112	16	scales	scale	NOUN
fbem-26230	112	17	,	,	PUNCT
fbem-26230	112	18	helping	help	VERB
fbem-26230	112	19	to	to	PART
fbem-26230	112	20	alleviate	alleviate	VERB
fbem-26230	112	21	the	the	DET
fbem-26230	112	22	impact	impact	NOUN
fbem-26230	112	23	of	of	ADP
fbem-26230	112	24	heteroscedasticity	heteroscedasticity	NOUN
fbem-26230	112	25	.	.	PUNCT
fbem-26230	113	1	thus	thus	ADV
fbem-26230	113	2	,	,	PUNCT
fbem-26230	113	3	the	the	DET
fbem-26230	113	4	following	follow	VERB
fbem-26230	113	5	logarithmic	logarithmic	ADJ
fbem-26230	113	6	model	model	NOUN
fbem-26230	113	7	is	be	AUX
fbem-26230	113	8	constructed	construct	VERB
fbem-26230	113	9	,	,	PUNCT
fbem-26230	113	10			ADJ
fbem-26230	113	11	+	+	PROPN
fbem-26230	114	1	+	+	ADJ
fbem-26230	114	2	+	+	ADJ
fbem-26230	114	3	+	+	ADJ
fbem-26230	114	4	=	=	NOUN
fbem-26230	114	5	t3t2t1	t3t2t1	PROPN
fbem-26230	114	6	t	t	PROPN
fbem-26230	114	7	n2nn300n	n2nn300n	NOUN
fbem-26230	114	8	rlmlgdplchsl	rlmlgdplchsl	NOUN
fbem-26230	114	9	where	where	SCONJ
fbem-26230	114	10	1	1	NUM
fbem-26230	114	11			PROPN
fbem-26230	114	12	,	,	PUNCT
fbem-26230	114	13	2	2	NUM
fbem-26230	114	14			NOUN
fbem-26230	114	15	and	and	CCONJ
fbem-26230	114	16	3	3	NUM
fbem-26230	114	17	the	the	DET
fbem-26230	114	18	parameters	parameter	NOUN
fbem-26230	114	19	to	to	PART
fbem-26230	114	20	be	be	AUX
fbem-26230	114	21	estimated	estimate	VERB
fbem-26230	114	22	,	,	PUNCT
fbem-26230	114	23			NUM
fbem-26230	114	24	represents	represent	VERB
fbem-26230	114	25	the	the	DET
fbem-26230	114	26	residual	residual	ADJ
fbem-26230	114	27	term	term	NOUN
fbem-26230	114	28	.	.	PUNCT
fbem-26230	115	1	4.3	4.3	NUM
fbem-26230	115	2	.	.	PUNCT
fbem-26230	116	1	empirical	empirical	ADJ
fbem-26230	116	2	analysis	analysis	NOUN
fbem-26230	116	3	4.3.1	4.3.1	NUM
fbem-26230	116	4	.	.	PUNCT
fbem-26230	116	5	unit	unit	NOUN
fbem-26230	116	6	root	root	PROPN
fbem-26230	116	7	test	test	VERB
fbem-26230	116	8	the	the	DET
fbem-26230	116	9	empirical	empirical	ADJ
fbem-26230	116	10	analysis	analysis	NOUN
fbem-26230	116	11	method	method	NOUN
fbem-26230	116	12	selected	select	VERB
fbem-26230	116	13	for	for	ADP
fbem-26230	116	14	this	this	DET
fbem-26230	116	15	study	study	NOUN
fbem-26230	116	16	combines	combine	VERB
fbem-26230	116	17	time	time	NOUN
fbem-26230	116	18	series	series	NOUN
fbem-26230	116	19	analysis	analysis	NOUN
fbem-26230	116	20	and	and	CCONJ
fbem-26230	116	21	the	the	DET
fbem-26230	116	22	var	var	PROPN
fbem-26230	116	23	model	model	PROPN
fbem-26230	116	24	.	.	PUNCT
fbem-26230	117	1	time	time	PROPN
fbem-26230	117	2	series	series	PROPN
fbem-26230	117	3	analysis	analysis	NOUN
fbem-26230	117	4	has	have	VERB
fbem-26230	117	5	several	several	ADJ
fbem-26230	117	6	assumptions	assumption	NOUN
fbem-26230	117	7	,	,	PUNCT
fbem-26230	117	8	such	such	ADJ
fbem-26230	117	9	as	as	ADP
fbem-26230	117	10	the	the	DET
fbem-26230	117	11	stationarity	stationarity	NOUN
fbem-26230	117	12	of	of	ADP
fbem-26230	117	13	the	the	DET
fbem-26230	117	14	series	series	NOUN
fbem-26230	117	15	.	.	PUNCT
fbem-26230	118	1	however	however	ADV
fbem-26230	118	2	,	,	PUNCT
fbem-26230	118	3	many	many	ADJ
fbem-26230	118	4	series	series	NOUN
fbem-26230	118	5	in	in	ADP
fbem-26230	118	6	reality	reality	NOUN
fbem-26230	118	7	are	be	AUX
fbem-26230	118	8	non	non	ADJ
fbem-26230	118	9	-	-	ADJ
fbem-26230	118	10	stationary	stationary	ADJ
fbem-26230	118	11	,	,	PUNCT
fbem-26230	118	12	leading	lead	VERB
fbem-26230	118	13	to	to	ADP
fbem-26230	118	14	adverse	adverse	ADJ
fbem-26230	118	15	empirical	empirical	ADJ
fbem-26230	118	16	outcomes	outcome	NOUN
fbem-26230	118	17	,	,	PUNCT
fbem-26230	118	18	such	such	ADJ
fbem-26230	118	19	as	as	ADP
fbem-26230	118	20	spurious	spurious	ADJ
fbem-26230	118	21	regression	regression	NOUN
fbem-26230	118	22	.	.	PUNCT
fbem-26230	119	1	therefore	therefore	ADV
fbem-26230	119	2	,	,	PUNCT
fbem-26230	119	3	it	it	PRON
fbem-26230	119	4	is	be	AUX
fbem-26230	119	5	essential	essential	ADJ
fbem-26230	119	6	to	to	PART
fbem-26230	119	7	test	test	VERB
fbem-26230	119	8	the	the	DET
fbem-26230	119	9	stationarity	stationarity	NOUN
fbem-26230	119	10	of	of	ADP
fbem-26230	119	11	each	each	DET
fbem-26230	119	12	series	series	NOUN
fbem-26230	119	13	before	before	ADP
fbem-26230	119	14	proceeding	proceed	VERB
fbem-26230	119	15	with	with	ADP
fbem-26230	119	16	time	time	NOUN
fbem-26230	119	17	series	series	PROPN
fbem-26230	119	18	analysis	analysis	NOUN
fbem-26230	119	19	.	.	PUNCT
fbem-26230	120	1	this	this	DET
fbem-26230	120	2	study	study	NOUN
fbem-26230	120	3	employs	employ	VERB
fbem-26230	120	4	the	the	DET
fbem-26230	120	5	adf	adf	PROPN
fbem-26230	120	6	test	test	NOUN
fbem-26230	120	7	to	to	PART
fbem-26230	120	8	assess	assess	VERB
fbem-26230	120	9	the	the	DET
fbem-26230	120	10	stationarity	stationarity	NOUN
fbem-26230	120	11	of	of	ADP
fbem-26230	120	12	the	the	DET
fbem-26230	120	13	time	time	NOUN
fbem-26230	120	14	series	series	NOUN
fbem-26230	120	15	.	.	PUNCT
fbem-26230	121	1	in	in	ADP
fbem-26230	121	2	the	the	DET
fbem-26230	121	3	test	test	NOUN
fbem-26230	121	4	formulation	formulation	NOUN
fbem-26230	121	5	,	,	PUNCT
fbem-26230	121	6	c	c	PROPN
fbem-26230	121	7	represents	represent	VERB
fbem-26230	121	8	the	the	DET
fbem-26230	121	9	constant	constant	ADJ
fbem-26230	121	10	term	term	NOUN
fbem-26230	121	11	,	,	PUNCT
fbem-26230	121	12	t	t	PROPN
fbem-26230	121	13	represents	represent	VERB
fbem-26230	121	14	the	the	DET
fbem-26230	121	15	trend	trend	NOUN
fbem-26230	121	16	term	term	NOUN
fbem-26230	121	17	,	,	PUNCT
fbem-26230	121	18	and	and	CCONJ
fbem-26230	121	19	k	k	PROPN
fbem-26230	121	20	represents	represent	VERB
fbem-26230	121	21	the	the	DET
fbem-26230	121	22	lag	lag	NOUN
fbem-26230	121	23	period	period	NOUN
fbem-26230	121	24	.	.	PUNCT
fbem-26230	122	1	the	the	DET
fbem-26230	122	2	choice	choice	NOUN
fbem-26230	122	3	of	of	ADP
fbem-26230	122	4	intercept	intercept	NOUN
fbem-26230	122	5	in	in	ADP
fbem-26230	122	6	the	the	DET
fbem-26230	122	7	test	test	NOUN
fbem-26230	122	8	equation	equation	NOUN
fbem-26230	122	9	is	be	AUX
fbem-26230	122	10	based	base	VERB
fbem-26230	122	11	on	on	ADP
fbem-26230	122	12	the	the	DET
fbem-26230	122	13	minimum	minimum	ADJ
fbem-26230	122	14	values	value	NOUN
fbem-26230	122	15	of	of	ADP
fbem-26230	122	16	aic	aic	PROPN
fbem-26230	122	17	,	,	PUNCT
fbem-26230	122	18	sc	sc	PROPN
fbem-26230	122	19	,	,	PUNCT
fbem-26230	122	20	and	and	CCONJ
fbem-26230	122	21	hq	hq	NOUN
fbem-26230	122	22	.	.	PUNCT
fbem-26230	123	1	if	if	SCONJ
fbem-26230	123	2	the	the	DET
fbem-26230	123	3	pvalue	pvalue	NOUN
fbem-26230	123	4	determined	determine	VERB
fbem-26230	123	5	by	by	ADP
fbem-26230	123	6	the	the	DET
fbem-26230	123	7	minimum	minimum	ADJ
fbem-26230	123	8	value	value	NOUN
fbem-26230	123	9	is	be	AUX
fbem-26230	123	10	still	still	ADV
fbem-26230	123	11	greater	great	ADJ
fbem-26230	123	12	than	than	ADP
fbem-26230	123	13	0.05	0.05	NUM
fbem-26230	123	14	,	,	PUNCT
fbem-26230	123	15	the	the	DET
fbem-26230	123	16	series	series	NOUN
fbem-26230	123	17	is	be	AUX
fbem-26230	123	18	considered	consider	VERB
fbem-26230	123	19	non	non	ADJ
fbem-26230	123	20	-	-	ADJ
fbem-26230	123	21	stationary	stationary	ADJ
fbem-26230	123	22	.	.	PUNCT
fbem-26230	124	1	if	if	SCONJ
fbem-26230	124	2	the	the	DET
fbem-26230	124	3	dependent	dependent	ADJ
fbem-26230	124	4	variable	variable	NOUN
fbem-26230	124	5	lnhs300	lnhs300	PROPN
fbem-26230	124	6	is	be	AUX
fbem-26230	124	7	non	non	ADJ
fbem-26230	124	8	-	-	ADJ
fbem-26230	124	9	stationary	stationary	ADJ
fbem-26230	124	10	,	,	PUNCT
fbem-26230	124	11	then	then	ADV
fbem-26230	124	12	the	the	DET
fbem-26230	124	13	other	other	ADJ
fbem-26230	124	14	explanatory	explanatory	ADJ
fbem-26230	124	15	variables	variable	NOUN
fbem-26230	124	16	are	be	AUX
fbem-26230	124	17	also	also	ADV
fbem-26230	124	18	deemed	deem	VERB
fbem-26230	124	19	ineffective	ineffective	ADJ
fbem-26230	124	20	.	.	PUNCT
fbem-26230	125	1	consequently	consequently	ADV
fbem-26230	125	2	,	,	PUNCT
fbem-26230	125	3	first	first	ADJ
fbem-26230	125	4	-	-	PUNCT
fbem-26230	125	5	order	order	NOUN
fbem-26230	125	6	differencing	differencing	NOUN
fbem-26230	125	7	will	will	AUX
fbem-26230	125	8	be	be	AUX
fbem-26230	125	9	used	use	VERB
fbem-26230	125	10	for	for	ADP
fbem-26230	125	11	empirical	empirical	ADJ
fbem-26230	125	12	analysis	analysis	NOUN
fbem-26230	125	13	,	,	PUNCT
fbem-26230	125	14	with	with	ADP
fbem-26230	125	15	d1	d1	PROPN
fbem-26230	125	16	indicating	indicate	VERB
fbem-26230	125	17	first	first	ADJ
fbem-26230	125	18	-	-	PUNCT
fbem-26230	125	19	order	order	NOUN
fbem-26230	125	20	differencing	differencing	NOUN
fbem-26230	125	21	and	and	CCONJ
fbem-26230	125	22	d2	d2	PROPN
fbem-26230	125	23	indicating	indicate	VERB
fbem-26230	125	24	second	second	ADJ
fbem-26230	125	25	-	-	PUNCT
fbem-26230	125	26	order	order	NOUN
fbem-26230	125	27	differencing	differencing	NOUN
fbem-26230	125	28	.	.	PUNCT
fbem-26230	126	1	table	table	NOUN
fbem-26230	126	2	6	6	NUM
fbem-26230	126	3	.	.	PUNCT
fbem-26230	127	1	adf	adf	PROPN
fbem-26230	127	2	test	test	NOUN
fbem-26230	127	3	variable	variable	ADJ
fbem-26230	127	4	test	test	NOUN
fbem-26230	127	5	form	form	NOUN
fbem-26230	127	6	adf	adf	PROPN
fbem-26230	127	7	test	test	NOUN
fbem-26230	127	8	value	value	NOUN
fbem-26230	127	9	critical	critical	ADJ
fbem-26230	127	10	value	value	NOUN
fbem-26230	127	11	(	(	PUNCT
fbem-26230	127	12	5	5	NUM
fbem-26230	127	13	%	%	NOUN
fbem-26230	127	14	)	)	PUNCT
fbem-26230	127	15	critical	critical	ADJ
fbem-26230	127	16	value	value	NOUN
fbem-26230	127	17	(	(	PUNCT
fbem-26230	127	18	10	10	NUM
fbem-26230	127	19	%	%	NOUN
fbem-26230	127	20	)	)	PUNCT
fbem-26230	127	21	p	p	X
fbem-26230	127	22	-	-	PUNCT
fbem-26230	127	23	value	value	NOUN
fbem-26230	127	24	test	test	NOUN
fbem-26230	127	25	result	result	NOUN
fbem-26230	128	1	lnhs300	lnhs300	PROPN
fbem-26230	128	2	(	(	PUNCT
fbem-26230	128	3	c	c	X
fbem-26230	128	4	,	,	PUNCT
fbem-26230	128	5	t	t	PROPN
fbem-26230	128	6	,	,	PUNCT
fbem-26230	128	7	9	9	NUM
fbem-26230	128	8	)	)	PUNCT
fbem-26230	128	9	-3.0305	-3.0305	NOUN
fbem-26230	128	10	-3.5297	-3.5297	NOUN
fbem-26230	128	11	-3.1964	-3.1964	PUNCT
fbem-26230	129	1	0.1373	0.1373	NUM
fbem-26230	129	2	non	non	ADJ
fbem-26230	129	3	-	-	ADJ
fbem-26230	129	4	stationary	stationary	ADJ
fbem-26230	129	5	lngdp	lngdp	NOUN
fbem-26230	129	6	(	(	PUNCT
fbem-26230	129	7	c	c	PROPN
fbem-26230	129	8	,	,	PUNCT
fbem-26230	129	9	t	t	PROPN
fbem-26230	129	10	,	,	PUNCT
fbem-26230	129	11	9	9	NUM
fbem-26230	129	12	)	)	PUNCT
fbem-26230	129	13	-1.8212	-1.8212	NOUN
fbem-26230	129	14	-3.5443	-3.5443	PROPN
fbem-26230	129	15	-3.2047	-3.2047	PROPN
fbem-26230	129	16	0.6728	0.6728	NUM
fbem-26230	129	17	non	non	ADJ
fbem-26230	129	18	-	-	ADJ
fbem-26230	129	19	stationary	stationary	ADJ
fbem-26230	129	20	lnm2	lnm2	NOUN
fbem-26230	129	21	(	(	PUNCT
fbem-26230	129	22	c	c	X
fbem-26230	129	23	,	,	PUNCT
fbem-26230	129	24	t	t	PROPN
fbem-26230	129	25	,	,	PUNCT
fbem-26230	129	26	9	9	NUM
fbem-26230	129	27	)	)	PUNCT
fbem-26230	129	28	-5.2542	-5.2542	NOUN
fbem-26230	129	29	-3.5297	-3.5297	NOUN
fbem-26230	129	30	-3.1964	-3.1964	PUNCT
fbem-26230	130	1	0.0006	0.0006	NUM
fbem-26230	130	2	stationary	stationary	NOUN
fbem-26230	130	3	(	(	PUNCT
fbem-26230	130	4	rejected	reject	VERB
fbem-26230	130	5	)	)	PUNCT
fbem-26230	130	6	lnr	lnr	PROPN
fbem-26230	130	7	(	(	PUNCT
fbem-26230	130	8	c	c	PROPN
fbem-26230	130	9	,	,	PUNCT
fbem-26230	130	10	t	t	PROPN
fbem-26230	130	11	,	,	PUNCT
fbem-26230	130	12	9	9	NUM
fbem-26230	130	13	)	)	PUNCT
fbem-26230	130	14	-5.3041	-5.3041	NOUN
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fbem-26230	131	1	0.0005	0.0005	NUM
fbem-26230	131	2	stationary	stationary	NOUN
fbem-26230	131	3	(	(	PUNCT
fbem-26230	131	4	rejected	reject	VERB
fbem-26230	131	5	)	)	PUNCT
fbem-26230	131	6	d	d	X
fbem-26230	131	7	(	(	PUNCT
fbem-26230	131	8	lnhs300	lnhs300	PROPN
fbem-26230	131	9	,	,	PUNCT
fbem-26230	131	10	1	1	NUM
fbem-26230	131	11	)	)	PUNCT
fbem-26230	131	12	(	(	PUNCT
fbem-26230	131	13	0	0	NUM
fbem-26230	131	14	,	,	PUNCT
fbem-26230	131	15	0	0	NUM
fbem-26230	131	16	,	,	PUNCT
fbem-26230	131	17	9	9	NUM
fbem-26230	131	18	)	)	PUNCT
fbem-26230	131	19	-6.1178	-6.1178	NOUN
fbem-26230	131	20	-1.9499	-1.9499	NOUN
fbem-26230	132	1	-1.6115	-1.6115	NOUN
fbem-26230	132	2	0.0000	0.0000	NUM
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fbem-26230	133	2	d	d	PROPN
fbem-26230	133	3	(	(	PUNCT
fbem-26230	133	4	lngdp	lngdp	NOUN
fbem-26230	133	5	,	,	PUNCT
fbem-26230	133	6	1	1	NUM
fbem-26230	133	7	)	)	PUNCT
fbem-26230	133	8	(	(	PUNCT
fbem-26230	133	9	c	c	X
fbem-26230	133	10	,	,	PUNCT
fbem-26230	133	11	0	0	NUM
fbem-26230	133	12	,	,	PUNCT
fbem-26230	133	13	9	9	NUM
fbem-26230	133	14	)	)	PUNCT
fbem-26230	133	15	-2.3625	-2.3625	NOUN
fbem-26230	133	16	-2.9484	-2.9484	NOUN
fbem-26230	133	17	-2.6129	-2.6129	PROPN
fbem-26230	134	1	0.1593	0.1593	NUM
fbem-26230	134	2	non	non	ADJ
fbem-26230	134	3	-	-	ADJ
fbem-26230	134	4	stationary	stationary	ADJ
fbem-26230	134	5	d	d	NOUN
fbem-26230	134	6	(	(	PUNCT
fbem-26230	134	7	lnm2	lnm2	PROPN
fbem-26230	134	8	,	,	PUNCT
fbem-26230	134	9	1	1	NUM
fbem-26230	134	10	)	)	PUNCT
fbem-26230	134	11	(	(	PUNCT
fbem-26230	134	12	c	c	X
fbem-26230	134	13	,	,	PUNCT
fbem-26230	134	14	t	t	PROPN
fbem-26230	134	15	,	,	PUNCT
fbem-26230	134	16	9	9	NUM
fbem-26230	134	17	)	)	PUNCT
fbem-26230	134	18	-9.8206	-9.8206	NOUN
fbem-26230	134	19	-3.5331	-3.5331	VERB
fbem-26230	134	20	-3.1983	-3.1983	NOUN
fbem-26230	135	1	0.0000	0.0000	NUM
fbem-26230	135	2	stationary	stationary	ADJ
fbem-26230	135	3	d	d	PROPN
fbem-26230	135	4	(	(	PUNCT
fbem-26230	135	5	lnr	lnr	PROPN
fbem-26230	135	6	,	,	PUNCT
fbem-26230	135	7	1	1	NUM
fbem-26230	135	8	)	)	PUNCT
fbem-26230	135	9	(	(	PUNCT
fbem-26230	135	10	c	c	X
fbem-26230	135	11	,	,	PUNCT
fbem-26230	135	12	t	t	PROPN
fbem-26230	135	13	,	,	PUNCT
fbem-26230	135	14	9	9	NUM
fbem-26230	135	15	)	)	PUNCT
fbem-26230	135	16	-10.0362	-10.0362	NUM
fbem-26230	135	17	-3.5330	-3.5330	PROPN
fbem-26230	135	18	-3.1982	-3.1982	PROPN
fbem-26230	135	19	0.0000	0.0000	NUM
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fbem-26230	135	21	d	d	PROPN
fbem-26230	135	22	(	(	PUNCT
fbem-26230	135	23	lnhs300	lnhs300	PROPN
fbem-26230	135	24	,	,	PUNCT
fbem-26230	135	25	2	2	NUM
fbem-26230	135	26	)	)	PUNCT
fbem-26230	135	27	(	(	PUNCT
fbem-26230	135	28	0	0	NUM
fbem-26230	135	29	,	,	PUNCT
fbem-26230	135	30	0	0	NUM
fbem-26230	135	31	,	,	PUNCT
fbem-26230	135	32	9	9	NUM
fbem-26230	135	33	)	)	PUNCT
fbem-26230	135	34	-11.5548	-11.5548	PUNCT
fbem-26230	135	35	-1.9501	-1.9501	VERB
fbem-26230	135	36	-1.6113	-1.6113	NOUN
fbem-26230	135	37	0.0000	0.0000	NUM
fbem-26230	135	38	stationary	stationary	NOUN
fbem-26230	135	39	(	(	PUNCT
fbem-26230	135	40	5	5	NUM
fbem-26230	135	41	%	%	NOUN
fbem-26230	135	42	)	)	PUNCT
fbem-26230	136	1	d	d	NOUN
fbem-26230	136	2	(	(	PUNCT
fbem-26230	136	3	lngdp	lngdp	NOUN
fbem-26230	136	4	,	,	PUNCT
fbem-26230	136	5	2	2	NUM
fbem-26230	136	6	)	)	PUNCT
fbem-26230	136	7	(	(	PUNCT
fbem-26230	136	8	0	0	NUM
fbem-26230	136	9	,	,	PUNCT
fbem-26230	136	10	0	0	NUM
fbem-26230	136	11	,	,	PUNCT
fbem-26230	136	12	9	9	NUM
fbem-26230	136	13	)	)	PUNCT
fbem-26230	136	14	29.8903	29.8903	NUM
fbem-26230	136	15	-1.9507	-1.9507	NOUN
fbem-26230	136	16	-1.6111	-1.6111	NOUN
fbem-26230	136	17	0.0000	0.0000	NUM
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fbem-26230	136	19	(	(	PUNCT
fbem-26230	136	20	5	5	NUM
fbem-26230	136	21	%	%	NOUN
fbem-26230	136	22	)	)	PUNCT
fbem-26230	137	1	d	d	NOUN
fbem-26230	137	2	(	(	PUNCT
fbem-26230	137	3	lnm2	lnm2	PROPN
fbem-26230	137	4	,	,	PUNCT
fbem-26230	137	5	2	2	NUM
fbem-26230	137	6	)	)	PUNCT
fbem-26230	137	7	(	(	PUNCT
fbem-26230	137	8	0	0	NUM
fbem-26230	137	9	,	,	PUNCT
fbem-26230	137	10	0	0	NUM
fbem-26230	137	11	,	,	PUNCT
fbem-26230	137	12	9	9	NUM
fbem-26230	137	13	)	)	PUNCT
fbem-26230	137	14	-4.8157	-4.8157	NOUN
fbem-26230	137	15	-1.9517	-1.9517	NOUN
fbem-26230	137	16	-1.6106	-1.6106	NOUN
fbem-26230	138	1	0.0000	0.0000	NUM
fbem-26230	138	2	stationary	stationary	ADJ
fbem-26230	138	3	(	(	PUNCT
fbem-26230	138	4	5	5	NUM
fbem-26230	138	5	%	%	NOUN
fbem-26230	138	6	)	)	PUNCT
fbem-26230	139	1	d	d	PROPN
fbem-26230	139	2	(	(	PUNCT
fbem-26230	139	3	lnr	lnr	PROPN
fbem-26230	139	4	,	,	PUNCT
fbem-26230	139	5	2	2	NUM
fbem-26230	139	6	)	)	PUNCT
fbem-26230	139	7	(	(	PUNCT
fbem-26230	139	8	0	0	NUM
fbem-26230	139	9	,	,	PUNCT
fbem-26230	139	10	0	0	NUM
fbem-26230	139	11	,	,	PUNCT
fbem-26230	139	12	9	9	NUM
fbem-26230	139	13	)	)	PUNCT
fbem-26230	139	14	-4.8527	-4.8527	NOUN
fbem-26230	139	15	-1.9517	-1.9517	PROPN
fbem-26230	139	16	-1.6105	-1.6105	VERB
fbem-26230	139	17	0.0000	0.0000	NUM
fbem-26230	139	18	stationary	stationary	NOUN
fbem-26230	139	19	(	(	PUNCT
fbem-26230	139	20	5	5	NUM
fbem-26230	139	21	%	%	NOUN
fbem-26230	139	22	)	)	PUNCT
fbem-26230	139	23	from	from	ADP
fbem-26230	139	24	the	the	DET
fbem-26230	139	25	results	result	NOUN
fbem-26230	139	26	of	of	ADP
fbem-26230	139	27	the	the	DET
fbem-26230	139	28	adf	adf	NOUN
fbem-26230	139	29	test	test	NOUN
fbem-26230	139	30	in	in	ADP
fbem-26230	139	31	the	the	DET
fbem-26230	139	32	above	above	ADJ
fbem-26230	139	33	table	table	NOUN
fbem-26230	139	34	,	,	PUNCT
fbem-26230	139	35	it	it	PRON
fbem-26230	139	36	is	be	AUX
fbem-26230	139	37	evident	evident	ADJ
fbem-26230	139	38	that	that	SCONJ
fbem-26230	139	39	only	only	ADV
fbem-26230	139	40	the	the	DET
fbem-26230	139	41	dependent	dependent	ADJ
fbem-26230	139	42	variable	variable	NOUN
fbem-26230	139	43	for	for	ADP
fbem-26230	139	44	broad	broad	ADJ
fbem-26230	139	45	money	money	NOUN
fbem-26230	139	46	supply	supply	NOUN
fbem-26230	139	47	and	and	CCONJ
fbem-26230	139	48	the	the	DET
fbem-26230	139	49	interbank	interbank	NOUN
fbem-26230	139	50	lending	lending	NOUN
fbem-26230	139	51	rate	rate	NOUN
fbem-26230	139	52	show	show	NOUN
fbem-26230	139	53	stationarity	stationarity	NOUN
fbem-26230	139	54	in	in	ADP
fbem-26230	139	55	the	the	DET
fbem-26230	139	56	original	original	ADJ
fbem-26230	139	57	series	series	NOUN
fbem-26230	139	58	,	,	PUNCT
fbem-26230	139	59	while	while	SCONJ
fbem-26230	139	60	the	the	DET
fbem-26230	139	61	original	original	ADJ
fbem-26230	139	62	series	series	NOUN
fbem-26230	139	63	for	for	ADP
fbem-26230	139	64	hs300	hs300	PROPN
fbem-26230	139	65	is	be	AUX
fbem-26230	139	66	nonstationary	nonstationary	ADJ
fbem-26230	139	67	.	.	PUNCT
fbem-26230	140	1	in	in	ADP
fbem-26230	140	2	first	first	ADJ
fbem-26230	140	3	-	-	PUNCT
fbem-26230	140	4	order	order	NOUN
fbem-26230	140	5	differencing	differencing	NOUN
fbem-26230	140	6	,	,	PUNCT
fbem-26230	140	7	hs300	hs300	ADJ
fbem-26230	140	8	,	,	PUNCT
fbem-26230	140	9	broad	broad	ADJ
fbem-26230	140	10	money	money	NOUN
fbem-26230	140	11	supply	supply	NOUN
fbem-26230	140	12	,	,	PUNCT
fbem-26230	140	13	and	and	CCONJ
fbem-26230	140	14	the	the	DET
fbem-26230	140	15	interbank	interbank	NOUN
fbem-26230	140	16	lending	lending	NOUN
fbem-26230	140	17	rate	rate	NOUN
fbem-26230	140	18	show	show	NOUN
fbem-26230	140	19	stationarity	stationarity	NOUN
fbem-26230	140	20	at	at	ADP
fbem-26230	140	21	the	the	DET
fbem-26230	140	22	5	5	NUM
fbem-26230	140	23	%	%	NOUN
fbem-26230	140	24	significance	significance	NOUN
fbem-26230	140	25	level	level	NOUN
fbem-26230	140	26	,	,	PUNCT
fbem-26230	140	27	while	while	SCONJ
fbem-26230	140	28	gdp	gdp	NOUN
fbem-26230	140	29	remains	remain	VERB
fbem-26230	140	30	non	non	ADJ
fbem-26230	140	31	-	-	ADJ
fbem-26230	140	32	stationary	stationary	ADJ
fbem-26230	140	33	.	.	PUNCT
fbem-26230	141	1	in	in	ADP
fbem-26230	141	2	second	second	ADJ
fbem-26230	141	3	-	-	PUNCT
fbem-26230	141	4	order	order	NOUN
fbem-26230	141	5	differencing	differencing	NOUN
fbem-26230	141	6	,	,	PUNCT
fbem-26230	141	7	all	all	DET
fbem-26230	141	8	variables	variable	NOUN
fbem-26230	141	9	exhibit	exhibit	VERB
fbem-26230	141	10	stationarity	stationarity	NOUN
fbem-26230	141	11	at	at	ADP
fbem-26230	141	12	the	the	DET
fbem-26230	141	13	5	5	NUM
fbem-26230	141	14	%	%	NOUN
fbem-26230	141	15	significance	significance	NOUN
fbem-26230	141	16	level	level	NOUN
fbem-26230	141	17	.	.	PUNCT
fbem-26230	142	1	next	next	ADV
fbem-26230	142	2	,	,	PUNCT
fbem-26230	142	3	a	a	DET
fbem-26230	142	4	cointegration	cointegration	NOUN
fbem-26230	142	5	test	test	NOUN
fbem-26230	142	6	will	will	AUX
fbem-26230	142	7	be	be	AUX
fbem-26230	142	8	conducted	conduct	VERB
fbem-26230	142	9	on	on	ADP
fbem-26230	142	10	the	the	DET
fbem-26230	142	11	second	second	ADJ
fbem-26230	142	12	-	-	PUNCT
fbem-26230	142	13	order	order	NOUN
fbem-26230	142	14	differenced	differenced	ADJ
fbem-26230	142	15	series	series	NOUN
fbem-26230	142	16	.	.	PUNCT
fbem-26230	143	1	4.3.2	4.3.2	X
fbem-26230	143	2	.	.	PUNCT
fbem-26230	144	1	cointegration	cointegration	NOUN
fbem-26230	144	2	test	test	NOUN
fbem-26230	144	3	cointegration	cointegration	NOUN
fbem-26230	144	4	refers	refer	VERB
fbem-26230	144	5	to	to	ADP
fbem-26230	144	6	establishing	establish	VERB
fbem-26230	144	7	a	a	DET
fbem-26230	144	8	model	model	NOUN
fbem-26230	144	9	for	for	ADP
fbem-26230	144	10	nonstationary	nonstationary	ADJ
fbem-26230	144	11	time	time	NOUN
fbem-26230	144	12	series	series	NOUN
fbem-26230	144	13	to	to	PART
fbem-26230	144	14	test	test	VERB
fbem-26230	144	15	the	the	DET
fbem-26230	144	16	long	long	ADJ
fbem-26230	144	17	-	-	PUNCT
fbem-26230	144	18	term	term	NOUN
fbem-26230	144	19	equilibrium	equilibrium	NOUN
fbem-26230	144	20	relationship	relationship	NOUN
fbem-26230	144	21	between	between	ADP
fbem-26230	144	22	variables	variable	NOUN
fbem-26230	144	23	.	.	PUNCT
fbem-26230	145	1	this	this	DET
fbem-26230	145	2	study	study	NOUN
fbem-26230	145	3	will	will	AUX
fbem-26230	145	4	employ	employ	VERB
fbem-26230	145	5	the	the	DET
fbem-26230	145	6	eg	eg	NOUN
fbem-26230	145	7	two	two	NUM
fbem-26230	145	8	-	-	PUNCT
fbem-26230	145	9	step	step	NOUN
fbem-26230	145	10	method	method	NOUN
fbem-26230	145	11	to	to	PART
fbem-26230	145	12	test	test	VERB
fbem-26230	145	13	the	the	DET
fbem-26230	145	14	residual	residual	ADJ
fbem-26230	145	15	series	series	NOUN
fbem-26230	145	16	.	.	PUNCT
fbem-26230	146	1	in	in	ADP
fbem-26230	146	2	the	the	DET
fbem-26230	146	3	first	first	ADJ
fbem-26230	146	4	step	step	NOUN
fbem-26230	146	5	,	,	PUNCT
fbem-26230	146	6	a	a	DET
fbem-26230	146	7	simple	simple	ADJ
fbem-26230	146	8	linear	linear	ADJ
fbem-26230	146	9	regression	regression	NOUN
fbem-26230	146	10	is	be	AUX
fbem-26230	146	11	performed	perform	VERB
fbem-26230	146	12	on	on	ADP
fbem-26230	146	13	all	all	DET
fbem-26230	146	14	variables	variable	NOUN
fbem-26230	146	15	,	,	PUNCT
fbem-26230	146	16	yielding	yield	VERB
fbem-26230	146	17	the	the	DET
fbem-26230	146	18	results	result	NOUN
fbem-26230	146	19	shown	show	VERB
fbem-26230	146	20	in	in	ADP
fbem-26230	146	21	figure	figure	NOUN
fbem-26230	146	22	2	2	NUM
fbem-26230	146	23	.	.	PUNCT
fbem-26230	147	1	all	all	DET
fbem-26230	147	2	regression	regression	NOUN
fbem-26230	147	3	results	result	NOUN
fbem-26230	147	4	indicate	indicate	VERB
fbem-26230	147	5	t	t	NOUN
fbem-26230	147	6	-	-	PUNCT
fbem-26230	147	7	values	value	NOUN
fbem-26230	147	8	greater	great	ADJ
fbem-26230	147	9	than	than	ADP
fbem-26230	147	10	0	0	NUM
fbem-26230	147	11	,	,	PUNCT
fbem-26230	147	12	signifying	signify	VERB
fbem-26230	147	13	significance	significance	NOUN
fbem-26230	147	14	,	,	PUNCT
fbem-26230	147	15	thus	thus	ADV
fbem-26230	147	16	no	no	DET
fbem-26230	147	17	variables	variable	NOUN
fbem-26230	147	18	need	need	VERB
fbem-26230	147	19	to	to	PART
fbem-26230	147	20	be	be	AUX
fbem-26230	147	21	excluded	exclude	VERB
fbem-26230	147	22	.	.	PUNCT
fbem-26230	148	1	the	the	DET
fbem-26230	148	2	following	follow	VERB
fbem-26230	148	3	is	be	AUX
fbem-26230	148	4	the	the	DET
fbem-26230	148	5	simple	simple	ADJ
fbem-26230	148	6	linear	linear	ADJ
fbem-26230	148	7	regression	regression	NOUN
fbem-26230	148	8	result	result	NOUN
fbem-26230	148	9	for	for	ADP
fbem-26230	148	10	secondorder	secondorder	ADJ
fbem-26230	148	11	integration	integration	NOUN
fbem-26230	148	12	:	:	PUNCT
fbem-26230	148	13	170	170	NUM
fbem-26230	148	14	ttttt	ttttt	NOUN
fbem-26230	148	15	e20005.02n22029.0n23090.06.3958300n2	e20005.02n22029.0n23090.06.3958300n2	NOUN
fbem-26230	149	1	+	+	PROPN
fbem-26230	149	2	+	+	ADJ
fbem-26230	149	3	+	+	ADJ
fbem-26230	149	4	+	+	ADJ
fbem-26230	149	5	=	=	ADJ
fbem-26230	149	6	lnrdmldgdpldhsld	lnrdmldgdpldhsld	X
fbem-26230	149	7	dependent	dependent	ADJ
fbem-26230	149	8	variable	variable	NOUN
fbem-26230	149	9	:	:	PUNCT
fbem-26230	149	10	lnhs300	lnhs300	PRON
fbem-26230	149	11	method	method	NOUN
fbem-26230	149	12	:	:	PUNCT
fbem-26230	149	13	least	least	ADJ
fbem-26230	149	14	squares	square	NOUN
fbem-26230	149	15	date	date	NOUN
fbem-26230	149	16	:	:	PUNCT
fbem-26230	149	17	04/21/21	04/21/21	NUM
fbem-26230	149	18	time	time	NOUN
fbem-26230	149	19	:	:	PUNCT
fbem-26230	149	20	20:41	20:41	NUM
fbem-26230	149	21	sample	sample	NOUN
fbem-26230	149	22	:	:	PUNCT
fbem-26230	149	23	2011q1	2011q1	NUM
fbem-26230	149	24	2020q4	2020q4	NUM
fbem-26230	149	25	included	include	VERB
fbem-26230	149	26	observations	observation	NOUN
fbem-26230	149	27	:	:	PUNCT
fbem-26230	149	28	40	40	NUM
fbem-26230	149	29	variable	variable	ADJ
fbem-26230	149	30	coefficient	coefficient	NOUN
fbem-26230	149	31	std	std	NOUN
fbem-26230	149	32	.	.	NOUN
fbem-26230	149	33	error	error	NOUN
fbem-26230	149	34	t	t	NOUN
fbem-26230	149	35	-	-	PUNCT
fbem-26230	149	36	statistic	statistic	NOUN
fbem-26230	149	37	prob	prob	NOUN
fbem-26230	149	38	.	.	PUNCT
fbem-26230	150	1	lngdp	lngdp	PROPN
fbem-26230	150	2	0.309008	0.309008	NUM
fbem-26230	150	3	0.294204	0.294204	NUM
fbem-26230	150	4	1.050319	1.050319	NUM
fbem-26230	150	5	0.3006	0.3006	NUM
fbem-26230	150	6	lnm2	lnm2	NOUN
fbem-26230	150	7	0.202928	0.202928	NUM
fbem-26230	151	1	0.265655	0.265655	NUM
fbem-26230	151	2	0.763876	0.763876	NUM
fbem-26230	151	3	0.4499	0.4499	NUM
fbem-26230	151	4	lnr	lnr	PROPN
fbem-26230	151	5	0.000504	0.000504	NUM
fbem-26230	151	6	0.313524	0.313524	NUM
fbem-26230	151	7	0.001606	0.001606	NUM
fbem-26230	151	8	0.9987	0.9987	NUM
fbem-26230	151	9	c	c	NOUN
fbem-26230	151	10	6.395785	6.395785	NUM
fbem-26230	151	11	0.661272	0.661272	NUM
fbem-26230	151	12	9.671937	9.671937	NUM
fbem-26230	151	13	0.0000	0.0000	NUM
fbem-26230	151	14	r	r	X
fbem-26230	151	15	-	-	PUNCT
fbem-26230	151	16	squared	square	VERB
fbem-26230	151	17	0.608778	0.608778	NUM
fbem-26230	151	18	mean	mean	NOUN
fbem-26230	151	19	dependent	dependent	ADJ
fbem-26230	151	20	var	var	NOUN
fbem-26230	151	21	8.068140	8.068140	NUM
fbem-26230	151	22	adjusted	adjust	VERB
fbem-26230	151	23	r	r	NOUN
fbem-26230	151	24	-	-	PUNCT
fbem-26230	151	25	squared	square	VERB
fbem-26230	151	26	0.576176	0.576176	NUM
fbem-26230	151	27	s.d	s.d	PROPN
fbem-26230	151	28	.	.	PUNCT
fbem-26230	151	29	dependent	dependent	ADJ
fbem-26230	151	30	var	var	NOUN
fbem-26230	151	31	0.237785	0.237785	NUM
fbem-26230	151	32	s.e	s.e	PROPN
fbem-26230	151	33	.	.	PROPN
fbem-26230	151	34	of	of	ADP
fbem-26230	151	35	regression	regression	NOUN
fbem-26230	151	36	0.154802	0.154802	NUM
fbem-26230	151	37	akaike	akaike	ADJ
fbem-26230	151	38	info	info	NOUN
fbem-26230	151	39	criterion	criterion	NOUN
fbem-26230	151	40	-0.798701	-0.798701	NOUN
fbem-26230	151	41	sum	sum	PROPN
fbem-26230	151	42	squared	square	VERB
fbem-26230	151	43	resid	resid	NOUN
fbem-26230	151	44	0.862691	0.862691	NUM
fbem-26230	151	45	schwarz	schwarz	NOUN
fbem-26230	151	46	criterion	criterion	NOUN
fbem-26230	151	47	-0.629813	-0.629813	PROPN
fbem-26230	151	48	log	log	PROPN
fbem-26230	151	49	likelihood	likelihood	NOUN
fbem-26230	151	50	19.97402	19.97402	NUM
fbem-26230	151	51	hannan	hannan	PROPN
fbem-26230	151	52	-	-	PUNCT
fbem-26230	151	53	quinn	quinn	PROPN
fbem-26230	151	54	criter	criter	NOUN
fbem-26230	151	55	.	.	PUNCT
fbem-26230	152	1	-0.737637	-0.737637	PROPN
fbem-26230	153	1	f	f	X
fbem-26230	153	2	-	-	PUNCT
fbem-26230	153	3	statistic	statistic	ADJ
fbem-26230	153	4	18.67313	18.67313	NUM
fbem-26230	153	5	durbin	durbin	ADJ
fbem-26230	153	6	-	-	PUNCT
fbem-26230	153	7	watson	watson	NOUN
fbem-26230	153	8	stat	stat	NOUN
fbem-26230	153	9	0.722345	0.722345	NUM
fbem-26230	153	10	prob(f	prob(f	NOUN
fbem-26230	153	11	-	-	PUNCT
fbem-26230	153	12	statistic	statistic	NOUN
fbem-26230	153	13	)	)	PUNCT
fbem-26230	153	14	0.000000	0.000000	NUM
fbem-26230	153	15	figure	figure	NOUN
fbem-26230	153	16	2	2	NUM
fbem-26230	153	17	.	.	PUNCT
fbem-26230	153	18	ols	ols	PROPN
fbem-26230	153	19	regression	regression	PROPN
fbem-26230	153	20	model	model	NOUN
fbem-26230	153	21	.	.	PUNCT
fbem-26230	154	1	in	in	ADP
fbem-26230	154	2	the	the	DET
fbem-26230	154	3	second	second	ADJ
fbem-26230	154	4	step	step	NOUN
fbem-26230	154	5	,	,	PUNCT
fbem-26230	154	6	a	a	DET
fbem-26230	154	7	unit	unit	NOUN
fbem-26230	154	8	root	root	NOUN
fbem-26230	154	9	test	test	NOUN
fbem-26230	154	10	is	be	AUX
fbem-26230	154	11	conducted	conduct	VERB
fbem-26230	154	12	on	on	ADP
fbem-26230	154	13	the	the	DET
fbem-26230	154	14	residual	residual	ADJ
fbem-26230	154	15	series	series	NOUN
fbem-26230	154	16	,	,	PUNCT
fbem-26230	154	17	choosing	choose	VERB
fbem-26230	154	18	the	the	DET
fbem-26230	154	19	unit	unit	NOUN
fbem-26230	154	20	root	root	NOUN
fbem-26230	154	21	test	test	NOUN
fbem-26230	154	22	"	"	PUNCT
fbem-26230	154	23	without	without	ADP
fbem-26230	154	24	drift	drift	NOUN
fbem-26230	154	25	and	and	CCONJ
fbem-26230	154	26	trend	trend	NOUN
fbem-26230	154	27	,	,	PUNCT
fbem-26230	154	28	"	"	PUNCT
fbem-26230	154	29	with	with	ADP
fbem-26230	154	30	the	the	DET
fbem-26230	154	31	following	follow	VERB
fbem-26230	154	32	results	result	NOUN
fbem-26230	154	33	(	(	PUNCT
fbem-26230	154	34	figure	figure	NOUN
fbem-26230	154	35	3	3	NUM
fbem-26230	154	36	)	)	PUNCT
fbem-26230	154	37	.	.	PUNCT
fbem-26230	155	1	null	null	ADJ
fbem-26230	155	2	hypothesis	hypothesis	NOUN
fbem-26230	155	3	:	:	PUNCT
fbem-26230	155	4	d(ecm,2	d(ecm,2	X
fbem-26230	155	5	)	)	PUNCT
fbem-26230	155	6	has	have	VERB
fbem-26230	155	7	a	a	DET
fbem-26230	155	8	unit	unit	NOUN
fbem-26230	155	9	root	root	NOUN
fbem-26230	155	10	exogenous	exogenous	ADJ
fbem-26230	155	11	:	:	PUNCT
fbem-26230	155	12	none	none	NOUN
fbem-26230	155	13	lag	lag	VERB
fbem-26230	155	14	length	length	NOUN
fbem-26230	155	15	:	:	PUNCT
fbem-26230	155	16	0	0	PUNCT
fbem-26230	156	1	(	(	PUNCT
fbem-26230	156	2	automatic	automatic	ADJ
fbem-26230	156	3	based	base	VERB
fbem-26230	156	4	on	on	ADP
fbem-26230	156	5	sic	sic	ADJ
fbem-26230	156	6	,	,	PUNCT
fbem-26230	156	7	maxlag=9	maxlag=9	PROPN
fbem-26230	156	8	)	)	PUNCT
fbem-26230	156	9	t	t	PROPN
fbem-26230	156	10	-	-	PUNCT
fbem-26230	156	11	statistic	statistic	NOUN
fbem-26230	156	12	prob	prob	NOUN
fbem-26230	156	13	.	.	PUNCT
fbem-26230	156	14	*	*	PUNCT
fbem-26230	156	15	augmented	augment	VERB
fbem-26230	156	16	dickey	dickey	PROPN
fbem-26230	156	17	-	-	PUNCT
fbem-26230	156	18	fuller	full	ADJ
fbem-26230	156	19	test	test	NOUN
fbem-26230	156	20	statistic	statistic	PROPN
fbem-26230	156	21	-9.662404	-9.662404	NOUN
fbem-26230	156	22	0.0000	0.0000	NUM
fbem-26230	156	23	test	test	NOUN
fbem-26230	156	24	critical	critical	ADJ
fbem-26230	156	25	values	value	NOUN
fbem-26230	156	26	:	:	PUNCT
fbem-26230	156	27	1	1	NUM
fbem-26230	156	28	%	%	NOUN
fbem-26230	156	29	level	level	NOUN
fbem-26230	156	30	-2.628961	-2.628961	NOUN
fbem-26230	156	31	5	5	NUM
fbem-26230	156	32	%	%	NOUN
fbem-26230	156	33	level	level	NOUN
fbem-26230	156	34	-1.950117	-1.950117	NOUN
fbem-26230	156	35	10	10	NUM
fbem-26230	156	36	%	%	NOUN
fbem-26230	156	37	level	level	NOUN
fbem-26230	156	38	-1.611339	-1.611339	NOUN
fbem-26230	157	1	*	*	PUNCT
fbem-26230	157	2	mackinnon	mackinnon	PROPN
fbem-26230	157	3	(	(	PUNCT
fbem-26230	157	4	1996	1996	NUM
fbem-26230	157	5	)	)	PUNCT
fbem-26230	157	6	one	one	NUM
fbem-26230	157	7	-	-	PUNCT
fbem-26230	157	8	sided	sided	ADJ
fbem-26230	157	9	p	p	NOUN
fbem-26230	157	10	-	-	PUNCT
fbem-26230	157	11	values	value	NOUN
fbem-26230	157	12	.	.	PUNCT
fbem-26230	158	1	augmented	augment	VERB
fbem-26230	158	2	dickey	dickey	PROPN
fbem-26230	158	3	-	-	PUNCT
fbem-26230	158	4	fuller	full	ADJ
fbem-26230	158	5	test	test	NOUN
fbem-26230	158	6	equation	equation	NOUN
fbem-26230	158	7	dependent	dependent	ADJ
fbem-26230	158	8	variable	variable	NOUN
fbem-26230	158	9	:	:	PUNCT
fbem-26230	158	10	d(ecm,3	d(ecm,3	ADJ
fbem-26230	158	11	)	)	PUNCT
fbem-26230	158	12	method	method	NOUN
fbem-26230	158	13	:	:	PUNCT
fbem-26230	158	14	least	least	ADJ
fbem-26230	158	15	squares	square	NOUN
fbem-26230	158	16	date	date	NOUN
fbem-26230	158	17	:	:	PUNCT
fbem-26230	159	1	04/21/21	04/21/21	NUM
fbem-26230	159	2	time	time	NOUN
fbem-26230	159	3	:	:	PUNCT
fbem-26230	159	4	20:48	20:48	NUM
fbem-26230	159	5	sample	sample	NOUN
fbem-26230	159	6	(	(	PUNCT
fbem-26230	159	7	adjusted	adjust	VERB
fbem-26230	159	8	):	):	PUNCT
fbem-26230	159	9	2011q4	2011q4	NUM
fbem-26230	159	10	2020q4	2020q4	NUM
fbem-26230	159	11	included	include	VERB
fbem-26230	159	12	observations	observation	NOUN
fbem-26230	159	13	:	:	PUNCT
fbem-26230	159	14	37	37	NUM
fbem-26230	159	15	after	after	ADP
fbem-26230	159	16	adjustments	adjustment	NOUN
fbem-26230	159	17	variable	variable	ADJ
fbem-26230	159	18	coefficient	coefficient	NOUN
fbem-26230	159	19	std	std	PROPN
fbem-26230	159	20	.	.	NOUN
fbem-26230	159	21	error	error	NOUN
fbem-26230	159	22	t	t	NOUN
fbem-26230	159	23	-	-	PUNCT
fbem-26230	159	24	statistic	statistic	NOUN
fbem-26230	159	25	prob	prob	NOUN
fbem-26230	159	26	.	.	PUNCT
fbem-26230	160	1	d(ecm(-1),2	d(ecm(-1),2	PROPN
fbem-26230	160	2	)	)	PUNCT
fbem-26230	161	1	-1.405341	-1.405341	NOUN
fbem-26230	161	2	0.145444	0.145444	NUM
fbem-26230	161	3	-9.662404	-9.662404	NOUN
fbem-26230	161	4	0.0000	0.0000	NUM
fbem-26230	161	5	r	r	NOUN
fbem-26230	161	6	-	-	PUNCT
fbem-26230	161	7	squared	square	VERB
fbem-26230	161	8	0.721557	0.721557	NUM
fbem-26230	161	9	mean	mean	NOUN
fbem-26230	161	10	dependent	dependent	ADJ
fbem-26230	161	11	var	var	NOUN
fbem-26230	161	12	0.006924	0.006924	NUM
fbem-26230	162	1	adjusted	adjust	VERB
fbem-26230	162	2	r	r	NOUN
fbem-26230	162	3	-	-	PUNCT
fbem-26230	162	4	squared	square	VERB
fbem-26230	162	5	0.721557	0.721557	NUM
fbem-26230	162	6	s.d	s.d	PROPN
fbem-26230	162	7	.	.	PUNCT
fbem-26230	162	8	dependent	dependent	ADJ
fbem-26230	162	9	var	var	NOUN
fbem-26230	162	10	0.298063	0.298063	NUM
fbem-26230	162	11	s.e	s.e	PROPN
fbem-26230	162	12	.	.	PROPN
fbem-26230	162	13	of	of	ADP
fbem-26230	162	14	regression	regression	NOUN
fbem-26230	162	15	0.157281	0.157281	NUM
fbem-26230	162	16	akaike	akaike	ADJ
fbem-26230	162	17	info	info	NOUN
fbem-26230	162	18	criterion	criterion	NOUN
fbem-26230	162	19	-0.834912	-0.834912	PROPN
fbem-26230	162	20	sum	sum	NOUN
fbem-26230	162	21	squared	square	VERB
fbem-26230	162	22	resid	resid	NOUN
fbem-26230	162	23	0.890542	0.890542	NUM
fbem-26230	162	24	schwarz	schwarz	NOUN
fbem-26230	162	25	criterion	criterion	NOUN
fbem-26230	162	26	-0.791374	-0.791374	PROPN
fbem-26230	162	27	log	log	PROPN
fbem-26230	162	28	likelihood	likelihood	NOUN
fbem-26230	162	29	16.44588	16.44588	NUM
fbem-26230	162	30	hannan	hannan	PROPN
fbem-26230	162	31	-	-	PUNCT
fbem-26230	162	32	quinn	quinn	PROPN
fbem-26230	162	33	criter	criter	NOUN
fbem-26230	162	34	.	.	PUNCT
fbem-26230	163	1	-0.819563	-0.819563	VERB
fbem-26230	164	1	durbin	durbin	ADJ
fbem-26230	164	2	-	-	PUNCT
fbem-26230	164	3	watson	watson	NOUN
fbem-26230	164	4	stat	stat	NOUN
fbem-26230	164	5	2.226354	2.226354	NUM
fbem-26230	164	6	figure	figure	NOUN
fbem-26230	164	7	3	3	NUM
fbem-26230	164	8	.	.	PUNCT
fbem-26230	164	9	unit	unit	NOUN
fbem-26230	164	10	root	root	PROPN
fbem-26230	164	11	test	test	NOUN
fbem-26230	164	12	of	of	ADP
fbem-26230	164	13	residuals	residual	NOUN
fbem-26230	164	14	the	the	DET
fbem-26230	164	15	results	result	NOUN
fbem-26230	164	16	show	show	VERB
fbem-26230	164	17	that	that	SCONJ
fbem-26230	164	18	p	p	NOUN
fbem-26230	164	19	-	-	PUNCT
fbem-26230	164	20	value	value	NOUN
fbem-26230	164	21	=	=	NOUN
fbem-26230	164	22	0	0	NUM
fbem-26230	164	23	<	<	X
fbem-26230	164	24	0.05	0.05	NUM
fbem-26230	164	25	,	,	PUNCT
fbem-26230	164	26	leading	lead	VERB
fbem-26230	164	27	to	to	ADP
fbem-26230	164	28	the	the	DET
fbem-26230	164	29	rejection	rejection	NOUN
fbem-26230	164	30	of	of	ADP
fbem-26230	164	31	the	the	DET
fbem-26230	164	32	null	null	ADJ
fbem-26230	164	33	hypothesis	hypothesis	NOUN
fbem-26230	164	34	.	.	PUNCT
fbem-26230	165	1	this	this	PRON
fbem-26230	165	2	indicates	indicate	VERB
fbem-26230	165	3	that	that	SCONJ
fbem-26230	165	4	the	the	DET
fbem-26230	165	5	residual	residual	ADJ
fbem-26230	165	6	series	series	NOUN
fbem-26230	165	7	does	do	AUX
fbem-26230	165	8	not	not	PART
fbem-26230	165	9	contain	contain	VERB
fbem-26230	165	10	a	a	DET
fbem-26230	165	11	unit	unit	NOUN
fbem-26230	165	12	root	root	NOUN
fbem-26230	165	13	and	and	CCONJ
fbem-26230	165	14	is	be	AUX
fbem-26230	165	15	stationary	stationary	ADJ
fbem-26230	165	16	.	.	PUNCT
fbem-26230	166	1	therefore	therefore	ADV
fbem-26230	166	2	,	,	PUNCT
fbem-26230	166	3	there	there	PRON
fbem-26230	166	4	exists	exist	VERB
fbem-26230	166	5	a	a	DET
fbem-26230	166	6	cointegration	cointegration	NOUN
fbem-26230	166	7	relationship	relationship	NOUN
fbem-26230	166	8	between	between	ADP
fbem-26230	166	9	hs300	hs300	PROPN
fbem-26230	166	10	and	and	CCONJ
fbem-26230	166	11	gdp	gdp	PROPN
fbem-26230	166	12	,	,	PUNCT
fbem-26230	166	13	m2	m2	PROPN
fbem-26230	166	14	,	,	PUNCT
fbem-26230	166	15	and	and	CCONJ
fbem-26230	166	16	r	r	NOUN
fbem-26230	166	17	,	,	PUNCT
fbem-26230	166	18	with	with	SCONJ
fbem-26230	166	19	the	the	DET
fbem-26230	166	20	cointegration	cointegration	NOUN
fbem-26230	166	21	equation	equation	NOUN
fbem-26230	166	22	as	as	SCONJ
fbem-26230	166	23	follows	follow	VERB
fbem-26230	166	24	:	:	PUNCT
fbem-26230	166	25	ttttt	ttttt	NOUN
fbem-26230	166	26	e20005.02n22029.0n23090.06.3958300n2	e20005.02n22029.0n23090.06.3958300n2	NOUN
fbem-26230	166	27	+	+	PROPN
fbem-26230	166	28	+	+	ADJ
fbem-26230	166	29	+	+	ADJ
fbem-26230	166	30	+	+	NOUN
fbem-26230	166	31	=	=	ADJ
fbem-26230	166	32	lnrdmldgdpldhsld	lnrdmldgdpldhsld	X
fbem-26230	167	1	4.3.3	4.3.3	NOUN
fbem-26230	167	2	.	.	PUNCT
fbem-26230	168	1	granger	granger	PROPN
fbem-26230	168	2	causality	causality	PROPN
fbem-26230	168	3	test	test	NOUN
fbem-26230	168	4	through	through	ADP
fbem-26230	168	5	the	the	DET
fbem-26230	168	6	cointegration	cointegration	NOUN
fbem-26230	168	7	test	test	NOUN
fbem-26230	168	8	,	,	PUNCT
fbem-26230	168	9	it	it	PRON
fbem-26230	168	10	can	can	AUX
fbem-26230	168	11	be	be	AUX
fbem-26230	168	12	concluded	conclude	VERB
fbem-26230	168	13	that	that	SCONJ
fbem-26230	168	14	there	there	PRON
fbem-26230	168	15	is	be	VERB
fbem-26230	168	16	a	a	DET
fbem-26230	168	17	causal	causal	ADJ
fbem-26230	168	18	relationship	relationship	NOUN
fbem-26230	168	19	between	between	ADP
fbem-26230	168	20	the	the	DET
fbem-26230	168	21	explanatory	explanatory	ADJ
fbem-26230	168	22	variables	variable	NOUN
fbem-26230	168	23	and	and	CCONJ
fbem-26230	168	24	the	the	DET
fbem-26230	168	25	dependent	dependent	ADJ
fbem-26230	168	26	variable	variable	NOUN
fbem-26230	168	27	,	,	PUNCT
fbem-26230	168	28	meaning	mean	VERB
fbem-26230	168	29	that	that	SCONJ
fbem-26230	168	30	the	the	DET
fbem-26230	168	31	lag	lag	NOUN
fbem-26230	168	32	of	of	ADP
fbem-26230	168	33	one	one	NUM
fbem-26230	168	34	variable	variable	ADJ
fbem-26230	168	35	impacts	impact	NOUN
fbem-26230	168	36	the	the	DET
fbem-26230	168	37	current	current	ADJ
fbem-26230	168	38	value	value	NOUN
fbem-26230	168	39	of	of	ADP
fbem-26230	168	40	another	another	PRON
fbem-26230	168	41	.	.	PUNCT
fbem-26230	169	1	thus	thus	ADV
fbem-26230	169	2	,	,	PUNCT
fbem-26230	169	3	a	a	DET
fbem-26230	169	4	granger	granger	PROPN
fbem-26230	169	5	causality	causality	NOUN
fbem-26230	169	6	test	test	NOUN
fbem-26230	169	7	will	will	AUX
fbem-26230	169	8	be	be	AUX
fbem-26230	169	9	conducted	conduct	VERB
fbem-26230	169	10	to	to	PART
fbem-26230	169	11	examine	examine	VERB
fbem-26230	169	12	the	the	DET
fbem-26230	169	13	relationship	relationship	NOUN
fbem-26230	169	14	between	between	ADP
fbem-26230	169	15	hs300	hs300	PROPN
fbem-26230	169	16	and	and	CCONJ
fbem-26230	169	17	broad	broad	ADJ
fbem-26230	169	18	money	money	NOUN
fbem-26230	169	19	supply	supply	NOUN
fbem-26230	169	20	,	,	PUNCT
fbem-26230	169	21	gdp	gdp	NOUN
fbem-26230	169	22	,	,	PUNCT
fbem-26230	169	23	and	and	CCONJ
fbem-26230	169	24	the	the	DET
fbem-26230	169	25	interbank	interbank	NOUN
fbem-26230	169	26	lending	lending	NOUN
fbem-26230	169	27	rate	rate	NOUN
fbem-26230	169	28	.	.	PUNCT
fbem-26230	170	1	the	the	DET
fbem-26230	170	2	results	result	NOUN
fbem-26230	170	3	will	will	AUX
fbem-26230	170	4	be	be	AUX
fbem-26230	170	5	based	base	VERB
fbem-26230	170	6	on	on	ADP
fbem-26230	170	7	the	the	DET
fbem-26230	170	8	p	p	NOUN
fbem-26230	170	9	-	-	PUNCT
fbem-26230	170	10	values	value	NOUN
fbem-26230	170	11	,	,	PUNCT
fbem-26230	170	12	with	with	ADP
fbem-26230	170	13	smaller	small	ADJ
fbem-26230	170	14	p	p	NOUN
fbem-26230	170	15	-	-	PUNCT
fbem-26230	170	16	values	value	NOUN
fbem-26230	170	17	indicating	indicate	VERB
fbem-26230	170	18	more	more	ADV
fbem-26230	170	19	significant	significant	ADJ
fbem-26230	170	20	granger	granger	NOUN
fbem-26230	170	21	causality	causality	NOUN
fbem-26230	170	22	.	.	PUNCT
fbem-26230	171	1	figure	figure	NOUN
fbem-26230	171	2	4	4	NUM
fbem-26230	171	3	displays	display	VERB
fbem-26230	171	4	the	the	DET
fbem-26230	171	5	bidirectional	bidirectional	ADJ
fbem-26230	171	6	granger	granger	PROPN
fbem-26230	171	7	causality	causality	PROPN
fbem-26230	171	8	test	test	NOUN
fbem-26230	171	9	results	result	NOUN
fbem-26230	171	10	between	between	ADP
fbem-26230	171	11	hs300	hs300	PROPN
fbem-26230	171	12	and	and	CCONJ
fbem-26230	171	13	gdp	gdp	NOUN
fbem-26230	171	14	,	,	PUNCT
fbem-26230	171	15	broad	broad	ADJ
fbem-26230	171	16	money	money	NOUN
fbem-26230	171	17	supply	supply	NOUN
fbem-26230	171	18	,	,	PUNCT
fbem-26230	171	19	and	and	CCONJ
fbem-26230	171	20	the	the	DET
fbem-26230	171	21	interbank	interbank	NOUN
fbem-26230	171	22	lending	lending	NOUN
fbem-26230	171	23	rate	rate	NOUN
fbem-26230	171	24	.	.	PUNCT
fbem-26230	172	1	in	in	ADP
fbem-26230	172	2	the	the	DET
fbem-26230	172	3	first	first	ADJ
fbem-26230	172	4	step	step	NOUN
fbem-26230	172	5	,	,	PUNCT
fbem-26230	172	6	the	the	DET
fbem-26230	172	7	optimal	optimal	ADJ
fbem-26230	172	8	lag	lag	NOUN
fbem-26230	172	9	period	period	NOUN
fbem-26230	172	10	for	for	ADP
fbem-26230	172	11	the	the	DET
fbem-26230	172	12	granger	granger	PROPN
fbem-26230	172	13	causality	causality	PROPN
fbem-26230	172	14	test	test	NOUN
fbem-26230	172	15	is	be	AUX
fbem-26230	172	16	determined	determine	VERB
fbem-26230	172	17	by	by	ADP
fbem-26230	172	18	establishing	establish	VERB
fbem-26230	172	19	a	a	DET
fbem-26230	172	20	var	var	NOUN
fbem-26230	172	21	model	model	NOUN
fbem-26230	172	22	,	,	PUNCT
fbem-26230	172	23	yielding	yield	VERB
fbem-26230	172	24	the	the	DET
fbem-26230	172	25	lag	lag	NOUN
fbem-26230	172	26	information	information	NOUN
fbem-26230	172	27	values	value	NOUN
fbem-26230	172	28	shown	show	VERB
fbem-26230	172	29	in	in	ADP
fbem-26230	172	30	figure	figure	NOUN
fbem-26230	172	31	4	4	NUM
fbem-26230	172	32	.	.	PUNCT
fbem-26230	173	1	first	first	ADV
fbem-26230	173	2	,	,	PUNCT
fbem-26230	173	3	the	the	DET
fbem-26230	173	4	aic	aic	PROPN
fbem-26230	173	5	and	and	CCONJ
fbem-26230	173	6	sc	sc	PROPN
fbem-26230	173	7	values	value	NOUN
fbem-26230	173	8	for	for	ADP
fbem-26230	173	9	the	the	DET
fbem-26230	173	10	lag	lag	NOUN
fbem-26230	173	11	order	order	NOUN
fbem-26230	173	12	are	be	AUX
fbem-26230	173	13	compared	compare	VERB
fbem-26230	173	14	,	,	PUNCT
fbem-26230	173	15	observing	observe	VERB
fbem-26230	173	16	values	value	NOUN
fbem-26230	173	17	of	of	ADP
fbem-26230	173	18	4	4	NUM
fbem-26230	173	19	and	and	CCONJ
fbem-26230	173	20	8	8	NUM
fbem-26230	173	21	,	,	PUNCT
fbem-26230	173	22	respectively	respectively	ADV
fbem-26230	173	23	.	.	PUNCT
fbem-26230	174	1	finally	finally	ADV
fbem-26230	174	2	,	,	PUNCT
fbem-26230	174	3	by	by	ADP
fbem-26230	174	4	considering	consider	VERB
fbem-26230	174	5	hq	hq	NOUN
fbem-26230	174	6	and	and	CCONJ
fbem-26230	174	7	lr	lr	NOUN
fbem-26230	174	8	values	value	NOUN
fbem-26230	174	9	,	,	PUNCT
fbem-26230	174	10	the	the	DET
fbem-26230	174	11	optimal	optimal	ADJ
fbem-26230	174	12	lag	lag	NOUN
fbem-26230	174	13	order	order	NOUN
fbem-26230	174	14	(	(	PUNCT
fbem-26230	174	15	indicated	indicate	VERB
fbem-26230	174	16	by	by	ADP
fbem-26230	174	17	an	an	DET
fbem-26230	174	18	asterisk	asterisk	NOUN
fbem-26230	174	19	)	)	PUNCT
fbem-26230	174	20	is	be	AUX
fbem-26230	174	21	confirmed	confirm	VERB
fbem-26230	174	22	to	to	PART
fbem-26230	174	23	be	be	AUX
fbem-26230	174	24	4	4	NUM
fbem-26230	174	25	periods	period	NOUN
fbem-26230	174	26	.	.	PUNCT
fbem-26230	175	1	var	var	PROPN
fbem-26230	175	2	lag	lag	PROPN
fbem-26230	175	3	order	order	NOUN
fbem-26230	175	4	selection	selection	NOUN
fbem-26230	175	5	criteria	criterion	NOUN
fbem-26230	175	6	endogenous	endogenous	ADJ
fbem-26230	175	7	variables	variable	NOUN
fbem-26230	175	8	:	:	PUNCT
fbem-26230	175	9	dlnhs300	dlnhs300	PROPN
fbem-26230	175	10	dlngdp	dlngdp	NOUN
fbem-26230	175	11	exogenous	exogenous	ADJ
fbem-26230	175	12	variables	variable	NOUN
fbem-26230	175	13	:	:	PUNCT
fbem-26230	175	14	c	c	NOUN
fbem-26230	175	15	date	date	NOUN
fbem-26230	175	16	:	:	PUNCT
fbem-26230	175	17	04/21/21	04/21/21	NUM
fbem-26230	175	18	time	time	NOUN
fbem-26230	175	19	:	:	PUNCT
fbem-26230	175	20	22:41	22:41	NUM
fbem-26230	175	21	sample	sample	NOUN
fbem-26230	175	22	:	:	PUNCT
fbem-26230	175	23	2011q1	2011q1	NUM
fbem-26230	175	24	2020q4	2020q4	NUM
fbem-26230	175	25	included	include	VERB
fbem-26230	175	26	observations	observation	NOUN
fbem-26230	175	27	:	:	PUNCT
fbem-26230	175	28	31	31	NUM
fbem-26230	175	29	lag	lag	NOUN
fbem-26230	175	30	logl	logl	NOUN
fbem-26230	175	31	lr	lr	PROPN
fbem-26230	175	32	fpe	fpe	PROPN
fbem-26230	175	33	aic	aic	PROPN
fbem-26230	175	34	sc	sc	PROPN
fbem-26230	175	35	hq	hq	PROPN
fbem-26230	175	36	0	0	NUM
fbem-26230	175	37	42.21356	42.21356	NUM
fbem-26230	175	38	na	na	ADP
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fbem-26230	176	1	1	1	NUM
fbem-26230	176	2	47.33836	47.33836	NUM
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fbem-26230	176	8	2	2	NUM
fbem-26230	176	9	49.09067	49.09067	NUM
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fbem-26230	176	11	0.000277	0.000277	NUM
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fbem-26230	176	14	-2.371190	-2.371190	NOUN
fbem-26230	177	1	3	3	NUM
fbem-26230	177	2	71.38269	71.38269	NUM
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fbem-26230	177	4	8.59e-05	8.59e-05	NUM
fbem-26230	177	5	-3.702109	-3.702109	NOUN
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fbem-26230	177	7	-3.491006	-3.491006	PROPN
fbem-26230	177	8	4	4	NUM
fbem-26230	177	9	83.30770	83.30770	NUM
fbem-26230	177	10	16.92581	16.92581	NUM
fbem-26230	177	11	*	*	SYM
fbem-26230	177	12	5.25e-05	5.25e-05	NUM
fbem-26230	177	13	-4.213400	-4.213400	NOUN
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fbem-26230	177	15	*	*	PUNCT
fbem-26230	177	16	-3.941981	-3.941981	PROPN
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fbem-26230	177	18	87.38484	87.38484	NUM
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fbem-26230	177	20	5.38e-05	5.38e-05	NUM
fbem-26230	177	21	-4.218377	-4.218377	NOUN
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fbem-26230	178	1	6	6	NUM
fbem-26230	178	2	94.70475	94.70475	NUM
fbem-26230	178	3	8.500539	8.500539	NUM
fbem-26230	178	4	4.55e-05	4.55e-05	NUM
fbem-26230	178	5	-4.432564	-4.432564	NOUN
fbem-26230	178	6	-3.229865	-3.229865	X
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fbem-26230	178	8	7	7	NUM
fbem-26230	178	9	100.0435	100.0435	NUM
fbem-26230	178	10	5.511002	5.511002	NUM
fbem-26230	178	11	4.46e-05	4.46e-05	NUM
fbem-26230	178	12	*	*	NUM
fbem-26230	178	13	-4.518937	-4.518937	PROPN
fbem-26230	178	14	*	*	PUNCT
fbem-26230	178	15	-3.131208	-3.131208	PROPN
fbem-26230	178	16	-4.066572	-4.066572	NOUN
fbem-26230	178	17	*	*	PROPN
fbem-26230	178	18	8	8	NUM
fbem-26230	178	19	103.1006	103.1006	NUM
fbem-26230	178	20	2.761204	2.761204	NUM
fbem-26230	178	21	5.21e-05	5.21e-05	NUM
fbem-26230	178	22	-4.458102	-4.458102	NOUN
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fbem-26230	178	24	-3.945421	-3.945421	NOUN
fbem-26230	178	25	*	*	PUNCT
fbem-26230	178	26	indicates	indicate	VERB
fbem-26230	178	27	lag	lag	NOUN
fbem-26230	178	28	order	order	NOUN
fbem-26230	178	29	selected	select	VERB
fbem-26230	178	30	by	by	ADP
fbem-26230	178	31	the	the	DET
fbem-26230	178	32	criterion	criterion	NOUN
fbem-26230	178	33	lr	lr	INTJ
fbem-26230	178	34	:	:	PUNCT
fbem-26230	178	35	sequential	sequential	ADJ
fbem-26230	178	36	modified	modify	VERB
fbem-26230	178	37	lr	lr	X
fbem-26230	178	38	test	test	NOUN
fbem-26230	178	39	statistic	statistic	NOUN
fbem-26230	178	40	(	(	PUNCT
fbem-26230	178	41	each	each	DET
fbem-26230	178	42	test	test	NOUN
fbem-26230	178	43	at	at	ADP
fbem-26230	178	44	5	5	NUM
fbem-26230	178	45	%	%	NOUN
fbem-26230	178	46	level	level	NOUN
fbem-26230	178	47	)	)	PUNCT
fbem-26230	178	48	fpe	fpe	NOUN
fbem-26230	178	49	:	:	PUNCT
fbem-26230	178	50	final	final	ADJ
fbem-26230	178	51	prediction	prediction	NOUN
fbem-26230	178	52	error	error	NOUN
fbem-26230	178	53	aic	aic	PROPN
fbem-26230	178	54	:	:	PUNCT
fbem-26230	178	55	akaike	akaike	ADJ
fbem-26230	178	56	information	information	NOUN
fbem-26230	178	57	criterion	criterion	PROPN
fbem-26230	178	58	sc	sc	PROPN
fbem-26230	178	59	:	:	PUNCT
fbem-26230	178	60	schwarz	schwarz	PROPN
fbem-26230	178	61	information	information	NOUN
fbem-26230	178	62	criterion	criterion	NOUN
fbem-26230	178	63	hq	hq	NOUN
fbem-26230	178	64	:	:	PUNCT
fbem-26230	178	65	hannan	hannan	PROPN
fbem-26230	178	66	-	-	PUNCT
fbem-26230	178	67	quinn	quinn	PROPN
fbem-26230	178	68	information	information	NOUN
fbem-26230	178	69	criterion	criterion	NOUN
fbem-26230	178	70	figure	figure	NOUN
fbem-26230	178	71	4	4	NUM
fbem-26230	178	72	.	.	X
fbem-26230	178	73	optimal	optimal	ADJ
fbem-26230	178	74	lag	lag	NOUN
fbem-26230	178	75	period	period	NOUN
fbem-26230	178	76	determination	determination	NOUN
fbem-26230	178	77	in	in	ADP
fbem-26230	178	78	the	the	DET
fbem-26230	178	79	second	second	ADJ
fbem-26230	178	80	step	step	NOUN
fbem-26230	178	81	,	,	PUNCT
fbem-26230	178	82	since	since	SCONJ
fbem-26230	178	83	the	the	DET
fbem-26230	178	84	regression	regression	NOUN
fbem-26230	178	85	model	model	NOUN
fbem-26230	178	86	did	do	AUX
fbem-26230	178	87	not	not	PART
fbem-26230	178	88	determine	determine	VERB
fbem-26230	178	89	a	a	DET
fbem-26230	178	90	balance	balance	NOUN
fbem-26230	178	91	relationship	relationship	NOUN
fbem-26230	178	92	between	between	ADP
fbem-26230	178	93	lngdp	lngdp	NOUN
fbem-26230	178	94	,	,	PUNCT
fbem-26230	178	95	lnm2	lnm2	PROPN
fbem-26230	178	96	,	,	PUNCT
fbem-26230	178	97	and	and	CCONJ
fbem-26230	178	98	lnhs300	lnhs300	PROPN
fbem-26230	178	99	,	,	PUNCT
fbem-26230	178	100	the	the	DET
fbem-26230	178	101	causality	causality	NOUN
fbem-26230	178	102	test	test	NOUN
fbem-26230	178	103	is	be	AUX
fbem-26230	178	104	conducted	conduct	VERB
fbem-26230	178	105	here	here	ADV
fbem-26230	178	106	.	.	PUNCT
fbem-26230	179	1	setting	set	VERB
fbem-26230	179	2	the	the	DET
fbem-26230	179	3	lag	lag	NOUN
fbem-26230	179	4	period	period	NOUN
fbem-26230	179	5	to	to	ADP
fbem-26230	179	6	4	4	NUM
fbem-26230	179	7	in	in	ADP
fbem-26230	179	8	eviews	eview	NOUN
fbem-26230	179	9	,	,	PUNCT
fbem-26230	179	10	if	if	SCONJ
fbem-26230	179	11	the	the	DET
fbem-26230	179	12	accompanying	accompanying	ADJ
fbem-26230	179	13	probability	probability	NOUN
fbem-26230	179	14	is	be	AUX
fbem-26230	179	15	greater	great	ADJ
fbem-26230	179	16	than	than	ADP
fbem-26230	179	17	0.10	0.10	NUM
fbem-26230	179	18	,	,	PUNCT
fbem-26230	179	19	the	the	DET
fbem-26230	179	20	null	null	ADJ
fbem-26230	179	21	hypothesis	hypothesis	NOUN
fbem-26230	179	22	is	be	AUX
fbem-26230	179	23	accepted	accept	VERB
fbem-26230	179	24	,	,	PUNCT
fbem-26230	179	25	indicating	indicate	VERB
fbem-26230	179	26	no	no	DET
fbem-26230	179	27	causal	causal	ADJ
fbem-26230	179	28	relationship	relationship	NOUN
fbem-26230	179	29	.	.	PUNCT
fbem-26230	180	1	conversely	conversely	ADV
fbem-26230	180	2	,	,	PUNCT
fbem-26230	180	3	the	the	DET
fbem-26230	180	4	null	null	ADJ
fbem-26230	180	5	hypothesis	hypothesis	NOUN
fbem-26230	180	6	is	be	AUX
fbem-26230	180	7	rejected	reject	VERB
fbem-26230	180	8	.	.	PUNCT
fbem-26230	181	1	171	171	NUM
fbem-26230	181	2	table	table	NOUN
fbem-26230	181	3	7	7	NUM
fbem-26230	181	4	.	.	PUNCT
fbem-26230	182	1	granger	granger	PROPN
fbem-26230	182	2	causality	causality	PROPN
fbem-26230	182	3	test	test	NOUN
fbem-26230	182	4	original	original	ADJ
fbem-26230	182	5	hypothesis	hypothesis	NOUN
fbem-26230	182	6	lag	lag	NOUN
fbem-26230	182	7	order	order	NOUN
fbem-26230	182	8	fstatistic	fstatistic	ADJ
fbem-26230	182	9	probability	probability	NOUN
fbem-26230	182	10	dlngdp	dlngdp	NOUN
fbem-26230	182	11	does	do	AUX
fbem-26230	182	12	not	not	PART
fbem-26230	182	13	grangercause	grangercause	VERB
fbem-26230	182	14	dlnhs300	dlnhs300	ADP
fbem-26230	182	15	4	4	NUM
fbem-26230	182	16	0.6965	0.6965	NUM
fbem-26230	182	17	0.6013	0.6013	NUM
fbem-26230	182	18	dlnhs300	dlnhs300	ADP
fbem-26230	182	19	does	do	AUX
fbem-26230	182	20	not	not	PART
fbem-26230	182	21	grangercause	grangercause	VERB
fbem-26230	182	22	dlngdp	dlngdp	NOUN
fbem-26230	182	23	4	4	NUM
fbem-26230	182	24	1.4146	1.4146	NUM
fbem-26230	182	25	0.2507	0.2507	NUM
fbem-26230	182	26	dlnm2	dlnm2	NOUN
fbem-26230	182	27	does	do	AUX
fbem-26230	182	28	not	not	PART
fbem-26230	182	29	grangercause	grangercause	VERB
fbem-26230	182	30	dlnhs300	dlnhs300	ADP
fbem-26230	182	31	4	4	NUM
fbem-26230	182	32	0.6118	0.6118	NUM
fbem-26230	182	33	0.6578	0.6578	NUM
fbem-26230	182	34	dlnhs300	dlnhs300	PROPN
fbem-26230	182	35	does	do	AUX
fbem-26230	182	36	not	not	PART
fbem-26230	182	37	grangercause	grangercause	VERB
fbem-26230	182	38	dlnm2	dlnm2	NOUN
fbem-26230	182	39	4	4	NUM
fbem-26230	182	40	2.2909	2.2909	NUM
fbem-26230	182	41	0.0866	0.0866	NUM
fbem-26230	182	42	dlnr	dlnr	NOUN
fbem-26230	182	43	does	do	AUX
fbem-26230	182	44	not	not	PART
fbem-26230	182	45	grangercause	grangercause	VERB
fbem-26230	182	46	dlnhs300	dlnhs300	ADP
fbem-26230	182	47	4	4	NUM
fbem-26230	182	48	0.6795	0.6795	NUM
fbem-26230	182	49	0.6124	0.6124	NUM
fbem-26230	182	50	dlnhs300	dlnhs300	PRON
fbem-26230	182	51	does	do	AUX
fbem-26230	182	52	not	not	PART
fbem-26230	182	53	grangercause	grangercause	VERB
fbem-26230	182	54	dlnr	dlnr	NOUN
fbem-26230	182	55	4	4	NUM
fbem-26230	182	56	2.1806	2.1806	NUM
fbem-26230	182	57	0.0992	0.0992	NUM
fbem-26230	182	58	it	it	PRON
fbem-26230	182	59	can	can	AUX
fbem-26230	182	60	be	be	AUX
fbem-26230	182	61	observed	observe	VERB
fbem-26230	182	62	that	that	SCONJ
fbem-26230	182	63	dlnhs300	dlnhs300	PROPN
fbem-26230	182	64	is	be	AUX
fbem-26230	182	65	a	a	DET
fbem-26230	182	66	granger	granger	NOUN
fbem-26230	182	67	cause	cause	NOUN
fbem-26230	182	68	of	of	ADP
fbem-26230	182	69	dlnm2	dlnm2	PROPN
fbem-26230	182	70	,	,	PUNCT
fbem-26230	182	71	and	and	CCONJ
fbem-26230	182	72	dlnhs300	dlnhs300	PROPN
fbem-26230	182	73	is	be	AUX
fbem-26230	182	74	a	a	DET
fbem-26230	182	75	granger	granger	NOUN
fbem-26230	182	76	cause	cause	NOUN
fbem-26230	182	77	of	of	ADP
fbem-26230	182	78	dlnr	dlnr	NOUN
fbem-26230	182	79	.	.	PUNCT
fbem-26230	183	1	however	however	ADV
fbem-26230	183	2	,	,	PUNCT
fbem-26230	183	3	dlngdp	dlngdp	NOUN
fbem-26230	183	4	and	and	CCONJ
fbem-26230	183	5	dlnhs300	dlnhs300	PROPN
fbem-26230	183	6	do	do	AUX
fbem-26230	183	7	not	not	PART
fbem-26230	183	8	exhibit	exhibit	VERB
fbem-26230	183	9	granger	granger	NOUN
fbem-26230	183	10	causality	causality	NOUN
fbem-26230	183	11	towards	towards	ADP
fbem-26230	183	12	each	each	DET
fbem-26230	183	13	other	other	ADJ
fbem-26230	183	14	.	.	PUNCT
fbem-26230	184	1	therefore	therefore	ADV
fbem-26230	184	2	,	,	PUNCT
fbem-26230	184	3	the	the	DET
fbem-26230	184	4	gdp	gdp	NOUN
fbem-26230	184	5	variable	variable	NOUN
fbem-26230	184	6	is	be	AUX
fbem-26230	184	7	deemed	deem	VERB
fbem-26230	184	8	insignificant	insignificant	ADJ
fbem-26230	184	9	,	,	PUNCT
fbem-26230	184	10	and	and	CCONJ
fbem-26230	184	11	the	the	DET
fbem-26230	184	12	variable	variable	NOUN
fbem-26230	184	13	for	for	ADP
fbem-26230	184	14	gdp	gdp	NOUN
fbem-26230	184	15	will	will	AUX
fbem-26230	184	16	be	be	AUX
fbem-26230	184	17	excluded	exclude	VERB
fbem-26230	184	18	from	from	ADP
fbem-26230	184	19	further	further	ADJ
fbem-26230	184	20	empirical	empirical	ADJ
fbem-26230	184	21	research	research	NOUN
fbem-26230	184	22	.	.	PUNCT
fbem-26230	185	1	4.4	4.4	NUM
fbem-26230	185	2	.	.	PUNCT
fbem-26230	186	1	establishing	establish	VERB
fbem-26230	186	2	the	the	DET
fbem-26230	186	3	var	var	NOUN
fbem-26230	186	4	model	model	NOUN
fbem-26230	186	5	the	the	DET
fbem-26230	186	6	var	var	PROPN
fbem-26230	186	7	model	model	NOUN
fbem-26230	186	8	,	,	PUNCT
fbem-26230	186	9	also	also	ADV
fbem-26230	186	10	known	know	VERB
fbem-26230	186	11	as	as	ADP
fbem-26230	186	12	the	the	DET
fbem-26230	186	13	vector	vector	NOUN
fbem-26230	186	14	autoregression	autoregression	NOUN
fbem-26230	186	15	model	model	NOUN
fbem-26230	186	16	,	,	PUNCT
fbem-26230	186	17	involves	involve	VERB
fbem-26230	186	18	constructing	construct	VERB
fbem-26230	186	19	multiple	multiple	ADJ
fbem-26230	186	20	regression	regression	NOUN
fbem-26230	186	21	equations	equation	NOUN
fbem-26230	186	22	and	and	CCONJ
fbem-26230	186	23	linking	link	VERB
fbem-26230	186	24	them	they	PRON
fbem-26230	186	25	to	to	PART
fbem-26230	186	26	form	form	VERB
fbem-26230	186	27	a	a	DET
fbem-26230	186	28	system	system	NOUN
fbem-26230	186	29	of	of	ADP
fbem-26230	186	30	equations	equation	NOUN
fbem-26230	186	31	.	.	PUNCT
fbem-26230	187	1	the	the	DET
fbem-26230	187	2	dependent	dependent	ADJ
fbem-26230	187	3	variables	variable	NOUN
fbem-26230	187	4	in	in	ADP
fbem-26230	187	5	each	each	DET
fbem-26230	187	6	equation	equation	NOUN
fbem-26230	187	7	are	be	AUX
fbem-26230	187	8	the	the	DET
fbem-26230	187	9	endogenous	endogenous	ADJ
fbem-26230	187	10	variables	variable	NOUN
fbem-26230	187	11	,	,	PUNCT
fbem-26230	187	12	while	while	SCONJ
fbem-26230	187	13	the	the	DET
fbem-26230	187	14	explanatory	explanatory	ADJ
fbem-26230	187	15	variables	variable	NOUN
fbem-26230	187	16	are	be	AUX
fbem-26230	187	17	the	the	DET
fbem-26230	187	18	endogenous	endogenous	ADJ
fbem-26230	187	19	lagged	lag	VERB
fbem-26230	187	20	terms	term	NOUN
fbem-26230	187	21	of	of	ADP
fbem-26230	187	22	these	these	DET
fbem-26230	187	23	dependent	dependent	ADJ
fbem-26230	187	24	variables	variable	NOUN
fbem-26230	187	25	.	.	PUNCT
fbem-26230	188	1	in	in	ADP
fbem-26230	188	2	the	the	DET
fbem-26230	188	3	first	first	ADJ
fbem-26230	188	4	step	step	NOUN
fbem-26230	188	5	,	,	PUNCT
fbem-26230	188	6	the	the	DET
fbem-26230	188	7	lag	lag	NOUN
fbem-26230	188	8	order	order	NOUN
fbem-26230	188	9	for	for	ADP
fbem-26230	188	10	the	the	DET
fbem-26230	188	11	var	var	NOUN
fbem-26230	188	12	model	model	NOUN
fbem-26230	188	13	is	be	AUX
fbem-26230	188	14	selected	select	VERB
fbem-26230	188	15	based	base	VERB
fbem-26230	188	16	on	on	ADP
fbem-26230	188	17	aic	aic	PROPN
fbem-26230	188	18	and	and	CCONJ
fbem-26230	188	19	sc	sc	PROPN
fbem-26230	188	20	information	information	NOUN
fbem-26230	188	21	criteria	criterion	NOUN
fbem-26230	188	22	,	,	PUNCT
fbem-26230	188	23	with	with	ADP
fbem-26230	188	24	smaller	small	ADJ
fbem-26230	188	25	values	value	NOUN
fbem-26230	188	26	indicating	indicate	VERB
fbem-26230	188	27	a	a	DET
fbem-26230	188	28	better	well	ADJ
fbem-26230	188	29	fit	fit	NOUN
fbem-26230	188	30	for	for	ADP
fbem-26230	188	31	the	the	DET
fbem-26230	188	32	optimal	optimal	ADJ
fbem-26230	188	33	lag	lag	NOUN
fbem-26230	188	34	order	order	NOUN
fbem-26230	188	35	.	.	PUNCT
fbem-26230	189	1	from	from	ADP
fbem-26230	189	2	the	the	DET
fbem-26230	189	3	previous	previous	ADJ
fbem-26230	189	4	granger	granger	PROPN
fbem-26230	189	5	causality	causality	PROPN
fbem-26230	189	6	test	test	NOUN
fbem-26230	189	7	,	,	PUNCT
fbem-26230	189	8	the	the	DET
fbem-26230	189	9	optimal	optimal	ADJ
fbem-26230	189	10	lag	lag	NOUN
fbem-26230	189	11	order	order	NOUN
fbem-26230	189	12	was	be	AUX
fbem-26230	189	13	determined	determine	VERB
fbem-26230	189	14	to	to	PART
fbem-26230	189	15	be	be	AUX
fbem-26230	189	16	4	4	NUM
fbem-26230	189	17	,	,	PUNCT
fbem-26230	189	18	so	so	SCONJ
fbem-26230	189	19	this	this	DET
fbem-26230	189	20	study	study	NOUN
fbem-26230	189	21	selects	select	VERB
fbem-26230	189	22	4	4	NUM
fbem-26230	189	23	as	as	ADP
fbem-26230	189	24	the	the	DET
fbem-26230	189	25	lag	lag	NOUN
fbem-26230	189	26	order	order	NOUN
fbem-26230	189	27	.	.	PUNCT
fbem-26230	190	1	in	in	ADP
fbem-26230	190	2	the	the	DET
fbem-26230	190	3	second	second	ADJ
fbem-26230	190	4	step	step	NOUN
fbem-26230	190	5	,	,	PUNCT
fbem-26230	190	6	the	the	DET
fbem-26230	190	7	csi	csi	PROPN
fbem-26230	190	8	300	300	NUM
fbem-26230	190	9	,	,	PUNCT
fbem-26230	190	10	interbank	interbank	NOUN
fbem-26230	190	11	lending	lending	NOUN
fbem-26230	190	12	rate	rate	NOUN
fbem-26230	190	13	,	,	PUNCT
fbem-26230	190	14	and	and	CCONJ
fbem-26230	190	15	broad	broad	ADJ
fbem-26230	190	16	money	money	NOUN
fbem-26230	190	17	supply	supply	NOUN
fbem-26230	190	18	are	be	AUX
fbem-26230	190	19	all	all	PRON
fbem-26230	190	20	treated	treat	VERB
fbem-26230	190	21	as	as	ADP
fbem-26230	190	22	endogenous	endogenous	ADJ
fbem-26230	190	23	variables	variable	NOUN
fbem-26230	190	24	,	,	PUNCT
fbem-26230	190	25	and	and	CCONJ
fbem-26230	190	26	the	the	DET
fbem-26230	190	27	var	var	NOUN
fbem-26230	190	28	model	model	NOUN
fbem-26230	190	29	is	be	AUX
fbem-26230	190	30	established	establish	VERB
fbem-26230	190	31	using	use	VERB
fbem-26230	190	32	eviews	eviews	PROPN
fbem-26230	190	33	software	software	NOUN
fbem-26230	190	34	with	with	ADP
fbem-26230	190	35	a	a	DET
fbem-26230	190	36	lag	lag	NOUN
fbem-26230	190	37	order	order	NOUN
fbem-26230	190	38	of	of	ADP
fbem-26230	190	39	4	4	NUM
fbem-26230	190	40	.	.	PUNCT
fbem-26230	191	1	the	the	DET
fbem-26230	191	2	stability	stability	NOUN
fbem-26230	191	3	analysis	analysis	NOUN
fbem-26230	191	4	results	result	NOUN
fbem-26230	191	5	are	be	AUX
fbem-26230	191	6	shown	show	VERB
fbem-26230	191	7	in	in	ADP
fbem-26230	191	8	figure	figure	NOUN
fbem-26230	191	9	5	5	NUM
fbem-26230	191	10	,	,	PUNCT
fbem-26230	191	11	where	where	SCONJ
fbem-26230	191	12	all	all	DET
fbem-26230	191	13	points	point	NOUN
fbem-26230	191	14	for	for	ADP
fbem-26230	191	15	lag	lag	NOUN
fbem-26230	191	16	4	4	NUM
fbem-26230	191	17	fall	fall	NOUN
fbem-26230	191	18	within	within	ADP
fbem-26230	191	19	the	the	DET
fbem-26230	191	20	unit	unit	NOUN
fbem-26230	191	21	circle	circle	NOUN
fbem-26230	191	22	,	,	PUNCT
fbem-26230	191	23	indicating	indicate	VERB
fbem-26230	191	24	a	a	DET
fbem-26230	191	25	stable	stable	ADJ
fbem-26230	191	26	model	model	NOUN
fbem-26230	191	27	.	.	PUNCT
fbem-26230	192	1	-1.5	-1.5	PRON
fbem-26230	192	2	-1.0	-1.0	PROPN
fbem-26230	192	3	-0.5	-0.5	PROPN
fbem-26230	192	4	0.0	0.0	NUM
fbem-26230	192	5	0.5	0.5	NUM
fbem-26230	192	6	1.0	1.0	NUM
fbem-26230	192	7	1.5	1.5	NUM
fbem-26230	192	8	-1.5	-1.5	SYM
fbem-26230	192	9	-1.0	-1.0	PROPN
fbem-26230	192	10	-0.5	-0.5	PROPN
fbem-26230	192	11	0.0	0.0	NUM
fbem-26230	192	12	0.5	0.5	NUM
fbem-26230	192	13	1.0	1.0	NUM
fbem-26230	192	14	1.5	1.5	NUM
fbem-26230	192	15	inverse	inverse	NOUN
fbem-26230	192	16	roots	root	NOUN
fbem-26230	192	17	of	of	ADP
fbem-26230	192	18	ar	ar	NOUN
fbem-26230	192	19	characteristic	characteristic	ADJ
fbem-26230	192	20	polynomial	polynomial	ADJ
fbem-26230	192	21	figure	figure	NOUN
fbem-26230	192	22	5	5	NUM
fbem-26230	192	23	.	.	NOUN
fbem-26230	192	24	var	var	PROPN
fbem-26230	192	25	stability	stability	NOUN
fbem-26230	192	26	analysis	analysis	NOUN
fbem-26230	192	27	once	once	SCONJ
fbem-26230	192	28	the	the	DET
fbem-26230	192	29	lag	lag	NOUN
fbem-26230	192	30	order	order	NOUN
fbem-26230	192	31	is	be	AUX
fbem-26230	192	32	determined	determine	VERB
fbem-26230	192	33	,	,	PUNCT
fbem-26230	192	34	the	the	DET
fbem-26230	192	35	constant	constant	ADJ
fbem-26230	192	36	term	term	NOUN
fbem-26230	192	37	is	be	AUX
fbem-26230	192	38	treated	treat	VERB
fbem-26230	192	39	as	as	ADP
fbem-26230	192	40	an	an	DET
fbem-26230	192	41	exogenous	exogenous	ADJ
fbem-26230	192	42	variable	variable	NOUN
fbem-26230	192	43	,	,	PUNCT
fbem-26230	192	44	yielding	yield	VERB
fbem-26230	192	45	the	the	DET
fbem-26230	192	46	var	var	NOUN
fbem-26230	192	47	estimation	estimation	NOUN
fbem-26230	192	48	results	result	NOUN
fbem-26230	192	49	as	as	SCONJ
fbem-26230	192	50	shown	show	VERB
fbem-26230	192	51	in	in	ADP
fbem-26230	192	52	figure	figure	NOUN
fbem-26230	192	53	6	6	NUM
fbem-26230	192	54	.	.	PUNCT
fbem-26230	193	1	figure	figure	VERB
fbem-26230	193	2	6	6	NUM
fbem-26230	193	3	.	.	PUNCT
fbem-26230	193	4	var	var	PROPN
fbem-26230	193	5	parameter	parameter	PROPN
fbem-26230	193	6	estimation	estimation	NOUN
fbem-26230	193	7	results	result	NOUN
fbem-26230	193	8	in	in	ADP
fbem-26230	193	9	the	the	DET
fbem-26230	193	10	third	third	ADJ
fbem-26230	193	11	step	step	NOUN
fbem-26230	193	12	,	,	PUNCT
fbem-26230	193	13	impulse	impulse	ADJ
fbem-26230	193	14	response	response	NOUN
fbem-26230	193	15	analysis	analysis	NOUN
fbem-26230	193	16	and	and	CCONJ
fbem-26230	193	17	variance	variance	NOUN
fbem-26230	193	18	decomposition	decomposition	NOUN
fbem-26230	193	19	are	be	AUX
fbem-26230	193	20	conducted	conduct	VERB
fbem-26230	193	21	on	on	ADP
fbem-26230	193	22	the	the	DET
fbem-26230	193	23	var	var	NOUN
fbem-26230	193	24	model	model	NOUN
fbem-26230	193	25	.	.	PUNCT
fbem-26230	194	1	impulse	impulse	ADJ
fbem-26230	194	2	response	response	NOUN
fbem-26230	194	3	measures	measure	VERB
fbem-26230	194	4	the	the	DET
fbem-26230	194	5	degree	degree	NOUN
fbem-26230	194	6	of	of	ADP
fbem-26230	194	7	response	response	NOUN
fbem-26230	194	8	of	of	ADP
fbem-26230	194	9	the	the	DET
fbem-26230	194	10	dependent	dependent	ADJ
fbem-26230	194	11	variable	variable	NOUN
fbem-26230	194	12	to	to	ADP
fbem-26230	194	13	an	an	DET
fbem-26230	194	14	impulse	impulse	NOUN
fbem-26230	194	15	in	in	ADP
fbem-26230	194	16	the	the	DET
fbem-26230	194	17	error	error	NOUN
fbem-26230	194	18	term	term	NOUN
fbem-26230	194	19	of	of	ADP
fbem-26230	194	20	the	the	DET
fbem-26230	194	21	time	time	NOUN
fbem-26230	194	22	series	series	NOUN
fbem-26230	194	23	.	.	PUNCT
fbem-26230	195	1	the	the	DET
fbem-26230	195	2	horizontal	horizontal	ADJ
fbem-26230	195	3	axis	axis	NOUN
fbem-26230	195	4	of	of	ADP
fbem-26230	195	5	the	the	DET
fbem-26230	195	6	impulse	impulse	ADJ
fbem-26230	195	7	response	response	NOUN
fbem-26230	195	8	chart	chart	NOUN
fbem-26230	195	9	represents	represent	VERB
fbem-26230	195	10	the	the	DET
fbem-26230	195	11	lag	lag	NOUN
fbem-26230	195	12	periods	period	NOUN
fbem-26230	195	13	(	(	PUNCT
fbem-26230	195	14	1	1	NUM
fbem-26230	195	15	-	-	SYM
fbem-26230	195	16	10	10	NUM
fbem-26230	195	17	)	)	PUNCT
fbem-26230	195	18	,	,	PUNCT
fbem-26230	195	19	indicating	indicate	VERB
fbem-26230	195	20	the	the	DET
fbem-26230	195	21	number	number	NOUN
fbem-26230	195	22	of	of	ADP
fbem-26230	195	23	lagged	lag	VERB
fbem-26230	195	24	quarters	quarter	NOUN
fbem-26230	195	25	,	,	PUNCT
fbem-26230	195	26	while	while	SCONJ
fbem-26230	195	27	the	the	DET
fbem-26230	195	28	vertical	vertical	ADJ
fbem-26230	195	29	axis	axis	NOUN
fbem-26230	195	30	represents	represent	VERB
fbem-26230	195	31	the	the	DET
fbem-26230	195	32	rate	rate	NOUN
fbem-26230	195	33	of	of	ADP
fbem-26230	195	34	change	change	NOUN
fbem-26230	195	35	of	of	ADP
fbem-26230	195	36	the	the	DET
fbem-26230	195	37	dependent	dependent	ADJ
fbem-26230	195	38	variable	variable	NOUN
fbem-26230	195	39	,	,	PUNCT
fbem-26230	195	40	with	with	ADP
fbem-26230	195	41	the	the	DET
fbem-26230	195	42	upper	upper	ADJ
fbem-26230	195	43	side	side	NOUN
fbem-26230	195	44	indicating	indicate	VERB
fbem-26230	195	45	positive	positive	ADJ
fbem-26230	195	46	correlation	correlation	NOUN
fbem-26230	195	47	and	and	CCONJ
fbem-26230	195	48	the	the	DET
fbem-26230	195	49	lower	low	ADJ
fbem-26230	195	50	side	side	ADJ
fbem-26230	195	51	negative	negative	ADJ
fbem-26230	195	52	correlation	correlation	NOUN
fbem-26230	195	53	.	.	PUNCT
fbem-26230	196	1	the	the	DET
fbem-26230	196	2	solid	solid	ADJ
fbem-26230	196	3	line	line	NOUN
fbem-26230	196	4	represents	represent	VERB
fbem-26230	196	5	the	the	DET
fbem-26230	196	6	impulse	impulse	ADJ
fbem-26230	196	7	response	response	NOUN
fbem-26230	196	8	function	function	NOUN
fbem-26230	196	9	,	,	PUNCT
fbem-26230	196	10	illustrating	illustrate	VERB
fbem-26230	196	11	the	the	DET
fbem-26230	196	12	response	response	NOUN
fbem-26230	196	13	of	of	ADP
fbem-26230	196	14	the	the	DET
fbem-26230	196	15	dependent	dependent	ADJ
fbem-26230	196	16	variable	variable	NOUN
fbem-26230	196	17	to	to	ADP
fbem-26230	196	18	the	the	DET
fbem-26230	196	19	impulse	impulse	NOUN
fbem-26230	196	20	from	from	ADP
fbem-26230	196	21	the	the	DET
fbem-26230	196	22	explanatory	explanatory	ADJ
fbem-26230	196	23	variable	variable	NOUN
fbem-26230	196	24	,	,	PUNCT
fbem-26230	196	25	while	while	SCONJ
fbem-26230	196	26	the	the	DET
fbem-26230	196	27	dashed	dash	VERB
fbem-26230	196	28	lines	line	NOUN
fbem-26230	196	29	indicate	indicate	VERB
fbem-26230	196	30	the	the	DET
fbem-26230	196	31	bands	band	NOUN
fbem-26230	196	32	of	of	ADP
fbem-26230	196	33	deviation	deviation	NOUN
fbem-26230	196	34	of	of	ADP
fbem-26230	196	35	two	two	NUM
fbem-26230	196	36	standard	standard	ADJ
fbem-26230	196	37	deviations	deviation	NOUN
fbem-26230	196	38	(	(	PUNCT
fbem-26230	196	39	figure	figure	NOUN
fbem-26230	196	40	7	7	NUM
fbem-26230	196	41	)	)	PUNCT
fbem-26230	196	42	.	.	PUNCT
fbem-26230	197	1	172	172	NUM
fbem-26230	197	2	-.05	-.05	SYM
fbem-26230	197	3	.00	.00	NUM
fbem-26230	197	4	.05	.05	NUM
fbem-26230	197	5	.10	.10	NUM
fbem-26230	197	6	1	1	NUM
fbem-26230	197	7	2	2	NUM
fbem-26230	197	8	3	3	NUM
fbem-26230	197	9	4	4	NUM
fbem-26230	197	10	5	5	NUM
fbem-26230	197	11	6	6	NUM
fbem-26230	197	12	7	7	NUM
fbem-26230	197	13	8	8	NUM
fbem-26230	197	14	9	9	NUM
fbem-26230	197	15	10	10	NUM
fbem-26230	197	16	response	response	NOUN
fbem-26230	197	17	of	of	ADP
fbem-26230	197	18	lnhs300	lnhs300	PROPN
fbem-26230	197	19	to	to	ADP
fbem-26230	197	20	lnhs300	lnhs300	NUM
fbem-26230	197	21	-.05	-.05	NOUN
fbem-26230	197	22	.00	.00	NUM
fbem-26230	197	23	.05	.05	NUM
fbem-26230	197	24	.10	.10	NUM
fbem-26230	197	25	1	1	NUM
fbem-26230	197	26	2	2	NUM
fbem-26230	197	27	3	3	NUM
fbem-26230	197	28	4	4	NUM
fbem-26230	197	29	5	5	NUM
fbem-26230	197	30	6	6	NUM
fbem-26230	197	31	7	7	NUM
fbem-26230	197	32	8	8	NUM
fbem-26230	197	33	9	9	NUM
fbem-26230	197	34	10	10	NUM
fbem-26230	197	35	response	response	NOUN
fbem-26230	197	36	of	of	ADP
fbem-26230	197	37	lnhs300	lnhs300	PROPN
fbem-26230	197	38	to	to	ADP
fbem-26230	197	39	lnm2	lnm2	PROPN
fbem-26230	197	40	-.05	-.05	PUNCT
fbem-26230	197	41	.00	.00	NUM
fbem-26230	197	42	.05	.05	NUM
fbem-26230	197	43	.10	.10	NUM
fbem-26230	197	44	1	1	NUM
fbem-26230	197	45	2	2	NUM
fbem-26230	197	46	3	3	NUM
fbem-26230	197	47	4	4	NUM
fbem-26230	197	48	5	5	NUM
fbem-26230	197	49	6	6	NUM
fbem-26230	197	50	7	7	NUM
fbem-26230	197	51	8	8	NUM
fbem-26230	197	52	9	9	NUM
fbem-26230	197	53	10	10	NUM
fbem-26230	197	54	response	response	NOUN
fbem-26230	197	55	of	of	ADP
fbem-26230	197	56	lnhs300	lnhs300	PROPN
fbem-26230	197	57	to	to	ADP
fbem-26230	197	58	lnr	lnr	PROPN
fbem-26230	197	59	.0	.0	NUM
fbem-26230	198	1	.1	.1	NUM
fbem-26230	199	1	.2	.2	NUM
fbem-26230	199	2	.3	.3	NUM
fbem-26230	199	3	1	1	NUM
fbem-26230	199	4	2	2	NUM
fbem-26230	199	5	3	3	NUM
fbem-26230	199	6	4	4	NUM
fbem-26230	199	7	5	5	NUM
fbem-26230	199	8	6	6	NUM
fbem-26230	199	9	7	7	NUM
fbem-26230	199	10	8	8	NUM
fbem-26230	199	11	9	9	NUM
fbem-26230	199	12	10	10	NUM
fbem-26230	199	13	response	response	NOUN
fbem-26230	199	14	of	of	ADP
fbem-26230	199	15	lnm2	lnm2	PROPN
fbem-26230	199	16	to	to	ADP
fbem-26230	199	17	lnhs300	lnhs300	PROPN
fbem-26230	199	18	.0	.0	NUM
fbem-26230	200	1	.1	.1	NUM
fbem-26230	201	1	.2	.2	NUM
fbem-26230	201	2	.3	.3	NUM
fbem-26230	201	3	1	1	NUM
fbem-26230	201	4	2	2	NUM
fbem-26230	201	5	3	3	NUM
fbem-26230	201	6	4	4	NUM
fbem-26230	201	7	5	5	NUM
fbem-26230	201	8	6	6	NUM
fbem-26230	201	9	7	7	NUM
fbem-26230	201	10	8	8	NUM
fbem-26230	201	11	9	9	NUM
fbem-26230	201	12	10	10	NUM
fbem-26230	201	13	response	response	NOUN
fbem-26230	201	14	of	of	ADP
fbem-26230	201	15	lnm2	lnm2	PROPN
fbem-26230	201	16	to	to	PART
fbem-26230	201	17	lnm2	lnm2	PROPN
fbem-26230	201	18	.0	.0	NUM
fbem-26230	202	1	.1	.1	NUM
fbem-26230	203	1	.2	.2	NUM
fbem-26230	203	2	.3	.3	NUM
fbem-26230	203	3	1	1	NUM
fbem-26230	203	4	2	2	NUM
fbem-26230	203	5	3	3	NUM
fbem-26230	203	6	4	4	NUM
fbem-26230	203	7	5	5	NUM
fbem-26230	203	8	6	6	NUM
fbem-26230	203	9	7	7	NUM
fbem-26230	203	10	8	8	NUM
fbem-26230	203	11	9	9	NUM
fbem-26230	203	12	10	10	NUM
fbem-26230	203	13	response	response	NOUN
fbem-26230	203	14	of	of	ADP
fbem-26230	203	15	lnm2	lnm2	PROPN
fbem-26230	203	16	to	to	ADP
fbem-26230	203	17	lnr	lnr	PROPN
fbem-26230	203	18	-.3	-.3	PROPN
fbem-26230	203	19	-.2	-.2	PROPN
fbem-26230	203	20	-.1	-.1	NUM
fbem-26230	203	21	.0	.0	NUM
fbem-26230	203	22	1	1	NUM
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fbem-26230	203	29	8	8	NUM
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fbem-26230	203	31	10	10	NUM
fbem-26230	203	32	response	response	NOUN
fbem-26230	203	33	of	of	ADP
fbem-26230	203	34	lnr	lnr	PROPN
fbem-26230	203	35	to	to	ADP
fbem-26230	203	36	lnhs300	lnhs300	PROPN
fbem-26230	203	37	-.3	-.3	PROPN
fbem-26230	203	38	-.2	-.2	PROPN
fbem-26230	203	39	-.1	-.1	NUM
fbem-26230	203	40	.0	.0	NUM
fbem-26230	203	41	1	1	NUM
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fbem-26230	203	45	5	5	NUM
fbem-26230	203	46	6	6	NUM
fbem-26230	203	47	7	7	NUM
fbem-26230	203	48	8	8	NUM
fbem-26230	203	49	9	9	NUM
fbem-26230	203	50	10	10	NUM
fbem-26230	203	51	response	response	NOUN
fbem-26230	203	52	of	of	ADP
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fbem-26230	203	55	lnm2	lnm2	PROPN
fbem-26230	203	56	-.3	-.3	PROPN
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fbem-26230	203	70	response	response	NOUN
fbem-26230	203	71	of	of	ADP
fbem-26230	203	72	lnr	lnr	PROPN
fbem-26230	203	73	to	to	ADP
fbem-26230	203	74	lnr	lnr	PROPN
fbem-26230	203	75	response	response	NOUN
fbem-26230	203	76	to	to	PART
fbem-26230	203	77	cholesky	cholesky	VERB
fbem-26230	203	78	one	one	NUM
fbem-26230	203	79	s.d	s.d	PROPN
fbem-26230	203	80	.	.	PUNCT
fbem-26230	204	1	(	(	PUNCT
fbem-26230	204	2	d.f	d.f	PROPN
fbem-26230	204	3	.	.	PROPN
fbem-26230	204	4	adjusted	adjust	VERB
fbem-26230	204	5	)	)	PUNCT
fbem-26230	204	6	innovations	innovation	NOUN
fbem-26230	204	7	?	?	PUNCT
fbem-26230	204	8	2	2	NUM
fbem-26230	204	9	s.e	s.e	PROPN
fbem-26230	204	10	.	.	PROPN
fbem-26230	204	11	figure	figure	NOUN
fbem-26230	204	12	7	7	NUM
fbem-26230	204	13	.	.	PUNCT
fbem-26230	205	1	impulse	impulse	ADJ
fbem-26230	205	2	response	response	NOUN
fbem-26230	205	3	results	result	VERB
fbem-26230	205	4	the	the	DET
fbem-26230	205	5	first	first	ADJ
fbem-26230	205	6	row	row	NOUN
fbem-26230	205	7	shows	show	VERB
fbem-26230	205	8	the	the	DET
fbem-26230	205	9	dynamic	dynamic	ADJ
fbem-26230	205	10	effects	effect	NOUN
fbem-26230	205	11	of	of	ADP
fbem-26230	205	12	the	the	DET
fbem-26230	205	13	csi	csi	ADJ
fbem-26230	205	14	300	300	NUM
fbem-26230	205	15	(	(	PUNCT
fbem-26230	205	16	lnhs300	lnhs300	PROPN
fbem-26230	205	17	)	)	PUNCT
fbem-26230	205	18	receiving	receive	VERB
fbem-26230	205	19	a	a	DET
fbem-26230	205	20	one	one	NUM
fbem-26230	205	21	standard	standard	ADJ
fbem-26230	205	22	deviation	deviation	NOUN
fbem-26230	205	23	impulse	impulse	ADJ
fbem-26230	205	24	on	on	ADP
fbem-26230	205	25	the	the	DET
fbem-26230	205	26	var	var	NOUN
fbem-26230	205	27	model	model	NOUN
fbem-26230	205	28	over	over	ADP
fbem-26230	205	29	10	10	NUM
fbem-26230	205	30	periods	period	NOUN
fbem-26230	205	31	.	.	PUNCT
fbem-26230	206	1	the	the	DET
fbem-26230	206	2	impact	impact	NOUN
fbem-26230	206	3	of	of	ADP
fbem-26230	206	4	lnhs300	lnhs300	PROPN
fbem-26230	206	5	is	be	AUX
fbem-26230	206	6	positive	positive	ADJ
fbem-26230	206	7	,	,	PUNCT
fbem-26230	206	8	gradually	gradually	ADV
fbem-26230	206	9	stabilizing	stabilize	VERB
fbem-26230	206	10	and	and	CCONJ
fbem-26230	206	11	diminishing	diminish	VERB
fbem-26230	206	12	over	over	ADP
fbem-26230	206	13	the	the	DET
fbem-26230	206	14	first	first	ADJ
fbem-26230	206	15	5	5	NUM
fbem-26230	206	16	quarters	quarter	NOUN
fbem-26230	206	17	,	,	PUNCT
fbem-26230	206	18	and	and	CCONJ
fbem-26230	206	19	approaching	approach	VERB
fbem-26230	206	20	negligible	negligible	ADJ
fbem-26230	206	21	influence	influence	NOUN
fbem-26230	206	22	after	after	ADP
fbem-26230	206	23	the	the	DET
fbem-26230	206	24	fifth	fifth	ADJ
fbem-26230	206	25	quarter	quarter	NOUN
fbem-26230	206	26	.	.	PUNCT
fbem-26230	207	1	the	the	DET
fbem-26230	207	2	impulse	impulse	NOUN
fbem-26230	207	3	from	from	ADP
fbem-26230	207	4	the	the	DET
fbem-26230	207	5	broad	broad	ADJ
fbem-26230	207	6	money	money	NOUN
fbem-26230	207	7	supply	supply	NOUN
fbem-26230	207	8	(	(	PUNCT
fbem-26230	207	9	lnm2	lnm2	PROPN
fbem-26230	207	10	)	)	PUNCT
fbem-26230	207	11	has	have	VERB
fbem-26230	207	12	a	a	DET
fbem-26230	207	13	significant	significant	ADJ
fbem-26230	207	14	effect	effect	NOUN
fbem-26230	207	15	only	only	ADV
fbem-26230	207	16	in	in	ADP
fbem-26230	207	17	the	the	DET
fbem-26230	207	18	first	first	ADJ
fbem-26230	207	19	two	two	NUM
fbem-26230	207	20	quarters	quarter	NOUN
fbem-26230	207	21	,	,	PUNCT
fbem-26230	207	22	gradually	gradually	ADV
fbem-26230	207	23	weakening	weaken	VERB
fbem-26230	207	24	from	from	ADP
fbem-26230	207	25	the	the	DET
fbem-26230	207	26	fifth	fifth	ADJ
fbem-26230	207	27	quarter	quarter	NOUN
fbem-26230	207	28	onward	onward	ADV
fbem-26230	207	29	.	.	PUNCT
fbem-26230	208	1	the	the	DET
fbem-26230	208	2	impact	impact	NOUN
fbem-26230	208	3	of	of	ADP
fbem-26230	208	4	the	the	DET
fbem-26230	208	5	interbank	interbank	NOUN
fbem-26230	208	6	lending	lending	NOUN
fbem-26230	208	7	rate	rate	NOUN
fbem-26230	208	8	(	(	PUNCT
fbem-26230	208	9	lnr	lnr	PROPN
fbem-26230	208	10	)	)	PUNCT
fbem-26230	208	11	peaks	peak	NOUN
fbem-26230	208	12	slightly	slightly	ADV
fbem-26230	208	13	in	in	ADP
fbem-26230	208	14	the	the	DET
fbem-26230	208	15	second	second	ADJ
fbem-26230	208	16	quarter	quarter	NOUN
fbem-26230	208	17	,	,	PUNCT
fbem-26230	208	18	then	then	ADV
fbem-26230	208	19	declines	decline	VERB
fbem-26230	208	20	from	from	ADP
fbem-26230	208	21	the	the	DET
fbem-26230	208	22	third	third	ADJ
fbem-26230	208	23	quarter	quarter	NOUN
fbem-26230	208	24	until	until	SCONJ
fbem-26230	208	25	it	it	PRON
fbem-26230	208	26	is	be	AUX
fbem-26230	208	27	fully	fully	ADV
fbem-26230	208	28	absorbed	absorb	VERB
fbem-26230	208	29	.	.	PUNCT
fbem-26230	209	1	overall	overall	ADV
fbem-26230	209	2	,	,	PUNCT
fbem-26230	209	3	the	the	DET
fbem-26230	209	4	csi	csi	PROPN
fbem-26230	209	5	300	300	NUM
fbem-26230	209	6	does	do	AUX
fbem-26230	209	7	not	not	PART
fbem-26230	209	8	influence	influence	VERB
fbem-26230	209	9	china	china	PROPN
fbem-26230	209	10	's	's	PART
fbem-26230	209	11	interbank	interbank	NOUN
fbem-26230	209	12	lending	lending	NOUN
fbem-26230	209	13	rate	rate	NOUN
fbem-26230	209	14	;	;	PUNCT
fbem-26230	209	15	its	its	PRON
fbem-26230	209	16	increase	increase	NOUN
fbem-26230	209	17	leads	lead	VERB
fbem-26230	209	18	to	to	ADP
fbem-26230	209	19	a	a	DET
fbem-26230	209	20	rise	rise	NOUN
fbem-26230	209	21	in	in	ADP
fbem-26230	209	22	broad	broad	ADJ
fbem-26230	209	23	money	money	NOUN
fbem-26230	209	24	supply	supply	NOUN
fbem-26230	209	25	that	that	PRON
fbem-26230	209	26	lasts	last	VERB
fbem-26230	209	27	for	for	ADP
fbem-26230	209	28	7	7	NUM
fbem-26230	209	29	quarters	quarter	NOUN
fbem-26230	209	30	before	before	ADP
fbem-26230	209	31	returning	return	VERB
fbem-26230	209	32	to	to	ADP
fbem-26230	209	33	its	its	PRON
fbem-26230	209	34	original	original	ADJ
fbem-26230	209	35	state	state	NOUN
fbem-26230	209	36	.	.	PUNCT
fbem-26230	210	1	the	the	DET
fbem-26230	210	2	second	second	ADJ
fbem-26230	210	3	row	row	NOUN
fbem-26230	210	4	illustrates	illustrate	VERB
fbem-26230	210	5	the	the	DET
fbem-26230	210	6	dynamic	dynamic	ADJ
fbem-26230	210	7	effects	effect	NOUN
fbem-26230	210	8	of	of	ADP
fbem-26230	210	9	a	a	DET
fbem-26230	210	10	one	one	NUM
fbem-26230	210	11	standard	standard	ADJ
fbem-26230	210	12	deviation	deviation	NOUN
fbem-26230	210	13	impulse	impulse	ADJ
fbem-26230	210	14	from	from	ADP
fbem-26230	210	15	broad	broad	ADJ
fbem-26230	210	16	money	money	NOUN
fbem-26230	210	17	supply	supply	NOUN
fbem-26230	210	18	(	(	PUNCT
fbem-26230	210	19	lnm2	lnm2	PROPN
fbem-26230	210	20	)	)	PUNCT
fbem-26230	210	21	on	on	ADP
fbem-26230	210	22	the	the	DET
fbem-26230	210	23	var	var	NOUN
fbem-26230	210	24	model	model	NOUN
fbem-26230	210	25	over	over	ADP
fbem-26230	210	26	10	10	NUM
fbem-26230	210	27	periods	period	NOUN
fbem-26230	210	28	.	.	PUNCT
fbem-26230	211	1	the	the	DET
fbem-26230	211	2	impact	impact	NOUN
fbem-26230	211	3	on	on	ADP
fbem-26230	211	4	the	the	DET
fbem-26230	211	5	csi	csi	ADJ
fbem-26230	211	6	300	300	NUM
fbem-26230	211	7	(	(	PUNCT
fbem-26230	211	8	lnhs300	lnhs300	PROPN
fbem-26230	211	9	)	)	PUNCT
fbem-26230	211	10	reaches	reach	VERB
fbem-26230	211	11	its	its	PRON
fbem-26230	211	12	peak	peak	NOUN
fbem-26230	211	13	in	in	ADP
fbem-26230	211	14	the	the	DET
fbem-26230	211	15	first	first	ADJ
fbem-26230	211	16	three	three	NUM
fbem-26230	211	17	quarters	quarter	NOUN
fbem-26230	211	18	,	,	PUNCT
fbem-26230	211	19	with	with	ADP
fbem-26230	211	20	subsequent	subsequent	ADJ
fbem-26230	211	21	shocks	shock	NOUN
fbem-26230	211	22	gradually	gradually	ADV
fbem-26230	211	23	being	be	AUX
fbem-26230	211	24	absorbed	absorb	VERB
fbem-26230	211	25	;	;	PUNCT
fbem-26230	211	26	the	the	DET
fbem-26230	211	27	influence	influence	NOUN
fbem-26230	211	28	of	of	ADP
fbem-26230	211	29	lnm2	lnm2	PROPN
fbem-26230	211	30	is	be	AUX
fbem-26230	211	31	significant	significant	ADJ
fbem-26230	211	32	in	in	ADP
fbem-26230	211	33	the	the	DET
fbem-26230	211	34	first	first	ADJ
fbem-26230	211	35	three	three	NUM
fbem-26230	211	36	quarters	quarter	NOUN
fbem-26230	211	37	,	,	PUNCT
fbem-26230	211	38	tapering	taper	VERB
fbem-26230	211	39	off	off	ADP
fbem-26230	211	40	by	by	ADP
fbem-26230	211	41	the	the	DET
fbem-26230	211	42	fourth	fourth	ADJ
fbem-26230	211	43	quarter	quarter	NOUN
fbem-26230	211	44	;	;	PUNCT
fbem-26230	211	45	the	the	DET
fbem-26230	211	46	interbank	interbank	NOUN
fbem-26230	211	47	lending	lending	NOUN
fbem-26230	211	48	rate	rate	NOUN
fbem-26230	211	49	(	(	PUNCT
fbem-26230	211	50	lnr	lnr	PROPN
fbem-26230	211	51	)	)	PUNCT
fbem-26230	211	52	shows	show	VERB
fbem-26230	211	53	minimal	minimal	ADJ
fbem-26230	211	54	impact	impact	NOUN
fbem-26230	211	55	throughout	throughout	ADP
fbem-26230	211	56	.	.	PUNCT
fbem-26230	212	1	thus	thus	ADV
fbem-26230	212	2	,	,	PUNCT
fbem-26230	212	3	the	the	DET
fbem-26230	212	4	increase	increase	NOUN
fbem-26230	212	5	in	in	ADP
fbem-26230	212	6	broad	broad	ADJ
fbem-26230	212	7	money	money	NOUN
fbem-26230	212	8	supply	supply	NOUN
fbem-26230	212	9	results	result	NOUN
fbem-26230	212	10	in	in	ADP
fbem-26230	212	11	a	a	DET
fbem-26230	212	12	rise	rise	NOUN
fbem-26230	212	13	in	in	ADP
fbem-26230	212	14	the	the	DET
fbem-26230	212	15	csi	csi	ADJ
fbem-26230	212	16	300	300	NUM
fbem-26230	212	17	for	for	ADP
fbem-26230	212	18	6	6	NUM
fbem-26230	212	19	quarters	quarter	NOUN
fbem-26230	212	20	,	,	PUNCT
fbem-26230	212	21	while	while	SCONJ
fbem-26230	212	22	only	only	ADV
fbem-26230	212	23	a	a	DET
fbem-26230	212	24	slight	slight	ADJ
fbem-26230	212	25	increase	increase	NOUN
fbem-26230	212	26	in	in	ADP
fbem-26230	212	27	the	the	DET
fbem-26230	212	28	interbank	interbank	NOUN
fbem-26230	212	29	lending	lending	NOUN
fbem-26230	212	30	rate	rate	NOUN
fbem-26230	212	31	occurs	occur	VERB
fbem-26230	212	32	in	in	ADP
fbem-26230	212	33	the	the	DET
fbem-26230	212	34	first	first	ADJ
fbem-26230	212	35	two	two	NUM
fbem-26230	212	36	quarters	quarter	NOUN
fbem-26230	212	37	.	.	PUNCT
fbem-26230	213	1	the	the	DET
fbem-26230	213	2	third	third	ADJ
fbem-26230	213	3	row	row	NOUN
fbem-26230	213	4	depicts	depict	VERB
fbem-26230	213	5	the	the	DET
fbem-26230	213	6	dynamic	dynamic	ADJ
fbem-26230	213	7	effects	effect	NOUN
fbem-26230	213	8	of	of	ADP
fbem-26230	213	9	a	a	DET
fbem-26230	213	10	one	one	NUM
fbem-26230	213	11	standard	standard	ADJ
fbem-26230	213	12	deviation	deviation	NOUN
fbem-26230	213	13	impulse	impulse	ADJ
fbem-26230	213	14	from	from	ADP
fbem-26230	213	15	the	the	DET
fbem-26230	213	16	interbank	interbank	NOUN
fbem-26230	213	17	lending	lending	NOUN
fbem-26230	213	18	rate	rate	NOUN
fbem-26230	213	19	(	(	PUNCT
fbem-26230	213	20	lnr	lnr	PROPN
fbem-26230	213	21	)	)	PUNCT
fbem-26230	213	22	on	on	ADP
fbem-26230	213	23	the	the	DET
fbem-26230	213	24	var	var	NOUN
fbem-26230	213	25	model	model	NOUN
fbem-26230	213	26	over	over	ADP
fbem-26230	213	27	10	10	NUM
fbem-26230	213	28	periods	period	NOUN
fbem-26230	213	29	.	.	PUNCT
fbem-26230	214	1	the	the	DET
fbem-26230	214	2	csi	csi	PROPN
fbem-26230	214	3	300	300	NUM
fbem-26230	214	4	(	(	PUNCT
fbem-26230	214	5	lnhs300	lnhs300	PROPN
fbem-26230	214	6	)	)	PUNCT
fbem-26230	214	7	experiences	experience	VERB
fbem-26230	214	8	the	the	DET
fbem-26230	214	9	greatest	great	ADJ
fbem-26230	214	10	impact	impact	NOUN
fbem-26230	214	11	in	in	ADP
fbem-26230	214	12	the	the	DET
fbem-26230	214	13	first	first	ADJ
fbem-26230	214	14	three	three	NUM
fbem-26230	214	15	quarters	quarter	NOUN
fbem-26230	214	16	,	,	PUNCT
fbem-26230	214	17	predominantly	predominantly	ADV
fbem-26230	214	18	negative	negative	ADJ
fbem-26230	214	19	,	,	PUNCT
fbem-26230	214	20	gradually	gradually	ADV
fbem-26230	214	21	dissipating	dissipate	VERB
fbem-26230	214	22	to	to	ADP
fbem-26230	214	23	negligible	negligible	ADJ
fbem-26230	214	24	effect	effect	NOUN
fbem-26230	214	25	by	by	ADP
fbem-26230	214	26	the	the	DET
fbem-26230	214	27	fourth	fourth	ADJ
fbem-26230	214	28	quarter	quarter	NOUN
fbem-26230	214	29	.	.	PUNCT
fbem-26230	215	1	the	the	DET
fbem-26230	215	2	influence	influence	NOUN
fbem-26230	215	3	of	of	ADP
fbem-26230	215	4	lnm2	lnm2	PROPN
fbem-26230	215	5	remains	remain	VERB
fbem-26230	215	6	negative	negative	ADJ
fbem-26230	215	7	for	for	ADP
fbem-26230	215	8	the	the	DET
fbem-26230	215	9	first	first	ADJ
fbem-26230	215	10	four	four	NUM
fbem-26230	215	11	quarters	quarter	NOUN
fbem-26230	215	12	before	before	ADP
fbem-26230	215	13	being	be	AUX
fbem-26230	215	14	absorbed	absorb	VERB
fbem-26230	215	15	to	to	ADP
fbem-26230	215	16	a	a	DET
fbem-26230	215	17	lower	low	ADJ
fbem-26230	215	18	level	level	NOUN
fbem-26230	215	19	;	;	PUNCT
fbem-26230	215	20	the	the	DET
fbem-26230	215	21	impact	impact	NOUN
fbem-26230	215	22	on	on	ADP
fbem-26230	215	23	lnr	lnr	PROPN
fbem-26230	215	24	is	be	AUX
fbem-26230	215	25	nearly	nearly	ADV
fbem-26230	215	26	negligible	negligible	ADJ
fbem-26230	215	27	throughout	throughout	ADP
fbem-26230	215	28	the	the	DET
fbem-26230	215	29	period	period	NOUN
fbem-26230	215	30	.	.	PUNCT
fbem-26230	216	1	therefore	therefore	ADV
fbem-26230	216	2	,	,	PUNCT
fbem-26230	216	3	a	a	DET
fbem-26230	216	4	decline	decline	NOUN
fbem-26230	216	5	in	in	ADP
fbem-26230	216	6	the	the	DET
fbem-26230	216	7	interbank	interbank	NOUN
fbem-26230	216	8	lending	lending	NOUN
fbem-26230	216	9	rate	rate	NOUN
fbem-26230	216	10	corresponds	correspond	VERB
fbem-26230	216	11	to	to	ADP
fbem-26230	216	12	a	a	DET
fbem-26230	216	13	rise	rise	NOUN
fbem-26230	216	14	in	in	ADP
fbem-26230	216	15	the	the	DET
fbem-26230	216	16	csi	csi	ADJ
fbem-26230	216	17	300	300	NUM
fbem-26230	216	18	for	for	ADP
fbem-26230	216	19	3	3	NUM
fbem-26230	216	20	quarters	quarter	NOUN
fbem-26230	216	21	and	and	CCONJ
fbem-26230	216	22	an	an	DET
fbem-26230	216	23	increase	increase	NOUN
fbem-26230	216	24	in	in	ADP
fbem-26230	216	25	broad	broad	ADJ
fbem-26230	216	26	money	money	NOUN
fbem-26230	216	27	supply	supply	NOUN
fbem-26230	216	28	for	for	ADP
fbem-26230	216	29	4	4	NUM
fbem-26230	216	30	quarters	quarter	NOUN
fbem-26230	216	31	,	,	PUNCT
fbem-26230	216	32	both	both	PRON
fbem-26230	216	33	returning	return	VERB
fbem-26230	216	34	to	to	ADP
fbem-26230	216	35	negligible	negligible	ADJ
fbem-26230	216	36	impact	impact	NOUN
fbem-26230	216	37	thereafter	thereafter	ADV
fbem-26230	216	38	.	.	PUNCT
fbem-26230	217	1	variance	variance	NOUN
fbem-26230	217	2	decomposition	decomposition	NOUN
fbem-26230	217	3	refers	refer	VERB
fbem-26230	217	4	to	to	ADP
fbem-26230	217	5	the	the	DET
fbem-26230	217	6	attribution	attribution	NOUN
fbem-26230	217	7	of	of	ADP
fbem-26230	217	8	variance	variance	NOUN
fbem-26230	217	9	in	in	ADP
fbem-26230	217	10	the	the	DET
fbem-26230	217	11	dependent	dependent	ADJ
fbem-26230	217	12	variable	variable	NOUN
fbem-26230	217	13	.	.	PUNCT
fbem-26230	218	1	table	table	NOUN
fbem-26230	218	2	8	8	NUM
fbem-26230	218	3	.	.	PUNCT
fbem-26230	218	4	variance	variance	NOUN
fbem-26230	218	5	decomposition	decomposition	NOUN
fbem-26230	218	6	results	result	NOUN
fbem-26230	218	7	for	for	ADP
fbem-26230	218	8	lnhs300	lnhs300	PROPN
fbem-26230	218	9	period	period	NOUN
fbem-26230	218	10	standard	standard	ADJ
fbem-26230	218	11	deviation	deviation	NOUN
fbem-26230	218	12	csi	csi	VERB
fbem-26230	218	13	300	300	NUM
fbem-26230	218	14	broad	broad	ADJ
fbem-26230	218	15	money	money	NOUN
fbem-26230	218	16	supply	supply	NOUN
fbem-26230	218	17	interbank	interbank	NOUN
fbem-26230	218	18	offered	offer	VERB
fbem-26230	218	19	rate	rate	NOUN
fbem-26230	218	20	1	1	NUM
fbem-26230	218	21	0.1078	0.1078	NUM
fbem-26230	218	22	100.00	100.00	NUM
fbem-26230	218	23	0.0000	0.0000	NUM
fbem-26230	218	24	0.0000	0.0000	NUM
fbem-26230	218	25	2	2	NUM
fbem-26230	218	26	0.1339	0.1339	NUM
fbem-26230	218	27	95.7840	95.7840	NUM
fbem-26230	218	28	3.2926	3.2926	NUM
fbem-26230	218	29	0.9233	0.9233	NUM
fbem-26230	218	30	3	3	NUM
fbem-26230	218	31	0.1401	0.1401	NUM
fbem-26230	218	32	95.3188	95.3188	NUM
fbem-26230	218	33	3.7025	3.7025	NUM
fbem-26230	218	34	0.9787	0.9787	NUM
fbem-26230	218	35	4	4	NUM
fbem-26230	218	36	0.1437	0.1437	NUM
fbem-26230	218	37	92.2293	92.2293	NUM
fbem-26230	219	1	6.8153	6.8153	NUM
fbem-26230	219	2	0.9554	0.9554	NUM
fbem-26230	219	3	5	5	NUM
fbem-26230	219	4	0.1457	0.1457	NUM
fbem-26230	219	5	90.3226	90.3226	NUM
fbem-26230	219	6	8.5734	8.5734	NUM
fbem-26230	219	7	1.1041	1.1041	NUM
fbem-26230	219	8	6	6	NUM
fbem-26230	219	9	0.1467	0.1467	NUM
fbem-26230	219	10	89.6898	89.6898	NUM
fbem-26230	219	11	9.0006	9.0006	NUM
fbem-26230	219	12	1.3096	1.3096	NUM
fbem-26230	219	13	7	7	NUM
fbem-26230	219	14	0.1472	0.1472	NUM
fbem-26230	219	15	89.4257	89.4257	NUM
fbem-26230	219	16	9.0565	9.0565	NUM
fbem-26230	219	17	1.5178	1.5178	NUM
fbem-26230	219	18	8	8	NUM
fbem-26230	219	19	0.1475	0.1475	NUM
fbem-26230	219	20	89.1993	89.1993	NUM
fbem-26230	219	21	9.0658	9.0658	NUM
fbem-26230	219	22	1.7350	1.7350	NUM
fbem-26230	219	23	9	9	NUM
fbem-26230	219	24	0.1478	0.1478	NUM
fbem-26230	219	25	88.9540	88.9540	NUM
fbem-26230	219	26	9.0751	9.0751	NUM
fbem-26230	219	27	1.9710	1.9710	NUM
fbem-26230	219	28	10	10	NUM
fbem-26230	219	29	0.1481	0.1481	NUM
fbem-26230	219	30	88.6989	88.6989	NUM
fbem-26230	219	31	9.0759	9.0759	NUM
fbem-26230	219	32	2.2216	2.2216	NUM
fbem-26230	219	33	according	accord	VERB
fbem-26230	219	34	to	to	ADP
fbem-26230	219	35	the	the	DET
fbem-26230	219	36	above	above	ADJ
fbem-26230	219	37	table	table	NOUN
fbem-26230	219	38	,	,	PUNCT
fbem-26230	219	39	aside	aside	ADV
fbem-26230	219	40	from	from	ADP
fbem-26230	219	41	considering	consider	VERB
fbem-26230	219	42	the	the	DET
fbem-26230	219	43	contribution	contribution	NOUN
fbem-26230	219	44	of	of	ADP
fbem-26230	219	45	the	the	DET
fbem-26230	219	46	csi	csi	ADJ
fbem-26230	219	47	300	300	NUM
fbem-26230	219	48	to	to	ADP
fbem-26230	219	49	itself	itself	PRON
fbem-26230	219	50	,	,	PUNCT
fbem-26230	219	51	the	the	DET
fbem-26230	219	52	broad	broad	ADJ
fbem-26230	219	53	money	money	NOUN
fbem-26230	219	54	supply	supply	NOUN
fbem-26230	219	55	has	have	VERB
fbem-26230	219	56	the	the	DET
fbem-26230	219	57	highest	high	ADJ
fbem-26230	219	58	contribution	contribution	NOUN
fbem-26230	219	59	to	to	ADP
fbem-26230	219	60	the	the	DET
fbem-26230	219	61	csi	csi	PROPN
fbem-26230	219	62	300	300	NUM
fbem-26230	219	63	,	,	PUNCT
fbem-26230	219	64	peaking	peak	VERB
fbem-26230	219	65	at	at	ADP
fbem-26230	219	66	9.0759	9.0759	NUM
fbem-26230	219	67	%	%	NOUN
fbem-26230	219	68	in	in	ADP
fbem-26230	219	69	the	the	DET
fbem-26230	219	70	10th	10th	ADJ
fbem-26230	219	71	period	period	NOUN
fbem-26230	219	72	,	,	PUNCT
fbem-26230	219	73	indicating	indicate	VERB
fbem-26230	219	74	significant	significant	ADJ
fbem-26230	219	75	potential	potential	NOUN
fbem-26230	219	76	for	for	ADP
fbem-26230	219	77	increased	increase	VERB
fbem-26230	219	78	contribution	contribution	NOUN
fbem-26230	219	79	in	in	ADP
fbem-26230	219	80	the	the	DET
fbem-26230	219	81	later	later	ADJ
fbem-26230	219	82	stages	stage	NOUN
fbem-26230	219	83	.	.	PUNCT
fbem-26230	220	1	conversely	conversely	ADV
fbem-26230	220	2	,	,	PUNCT
fbem-26230	220	3	the	the	DET
fbem-26230	220	4	173	173	NUM
fbem-26230	220	5	impact	impact	NOUN
fbem-26230	220	6	of	of	ADP
fbem-26230	220	7	the	the	DET
fbem-26230	220	8	interbank	interbank	NOUN
fbem-26230	220	9	lending	lending	NOUN
fbem-26230	220	10	rate	rate	NOUN
fbem-26230	220	11	on	on	ADP
fbem-26230	220	12	the	the	DET
fbem-26230	220	13	csi	csi	PROPN
fbem-26230	220	14	300	300	NUM
fbem-26230	220	15	shows	show	VERB
fbem-26230	220	16	a	a	DET
fbem-26230	220	17	slow	slow	ADJ
fbem-26230	220	18	upward	upward	ADJ
fbem-26230	220	19	trend	trend	NOUN
fbem-26230	220	20	,	,	PUNCT
fbem-26230	220	21	reaching	reach	VERB
fbem-26230	220	22	a	a	DET
fbem-26230	220	23	peak	peak	NOUN
fbem-26230	220	24	of	of	ADP
fbem-26230	220	25	2.2216	2.2216	NUM
fbem-26230	220	26	%	%	NOUN
fbem-26230	220	27	in	in	ADP
fbem-26230	220	28	the	the	DET
fbem-26230	220	29	10th	10th	ADJ
fbem-26230	220	30	period	period	NOUN
fbem-26230	220	31	.	.	PUNCT
fbem-26230	221	1	overall	overall	ADV
fbem-26230	221	2	,	,	PUNCT
fbem-26230	221	3	as	as	SCONJ
fbem-26230	221	4	time	time	NOUN
fbem-26230	221	5	progresses	progress	VERB
fbem-26230	221	6	,	,	PUNCT
fbem-26230	221	7	the	the	DET
fbem-26230	221	8	contributions	contribution	NOUN
fbem-26230	221	9	of	of	ADP
fbem-26230	221	10	explanatory	explanatory	ADJ
fbem-26230	221	11	variables	variable	NOUN
fbem-26230	221	12	to	to	ADP
fbem-26230	221	13	the	the	DET
fbem-26230	221	14	dependent	dependent	ADJ
fbem-26230	221	15	variable	variable	NOUN
fbem-26230	221	16	will	will	AUX
fbem-26230	221	17	become	become	VERB
fbem-26230	221	18	increasingly	increasingly	ADV
fbem-26230	221	19	significant	significant	ADJ
fbem-26230	221	20	.	.	PUNCT
fbem-26230	222	1	5	5	X
fbem-26230	222	2	.	.	X
fbem-26230	222	3	conclusion	conclusion	NOUN
fbem-26230	222	4	and	and	CCONJ
fbem-26230	222	5	recommendations	recommendation	NOUN
fbem-26230	222	6	(	(	PUNCT
fbem-26230	222	7	1	1	X
fbem-26230	222	8	)	)	PUNCT
fbem-26230	222	9	research	research	NOUN
fbem-26230	222	10	conclusions	conclusion	NOUN
fbem-26230	222	11	this	this	DET
fbem-26230	222	12	study	study	NOUN
fbem-26230	222	13	examined	examine	VERB
fbem-26230	222	14	the	the	DET
fbem-26230	222	15	relationship	relationship	NOUN
fbem-26230	222	16	between	between	ADP
fbem-26230	222	17	the	the	DET
fbem-26230	222	18	representative	representative	ADJ
fbem-26230	222	19	indices	index	NOUN
fbem-26230	222	20	of	of	ADP
fbem-26230	222	21	the	the	DET
fbem-26230	222	22	securities	security	NOUN
fbem-26230	222	23	market	market	NOUN
fbem-26230	222	24	and	and	CCONJ
fbem-26230	222	25	economic	economic	ADJ
fbem-26230	222	26	development	development	NOUN
fbem-26230	222	27	in	in	ADP
fbem-26230	222	28	china	china	PROPN
fbem-26230	222	29	from	from	ADP
fbem-26230	222	30	january	january	PROPN
fbem-26230	222	31	2011	2011	NUM
fbem-26230	222	32	to	to	ADP
fbem-26230	222	33	december	december	PROPN
fbem-26230	222	34	2020	2020	NUM
fbem-26230	222	35	using	use	VERB
fbem-26230	222	36	eviews	eview	NOUN
fbem-26230	222	37	econometric	econometric	ADJ
fbem-26230	222	38	models	model	NOUN
fbem-26230	222	39	.	.	PUNCT
fbem-26230	223	1	the	the	DET
fbem-26230	223	2	empirical	empirical	ADJ
fbem-26230	223	3	results	result	NOUN
fbem-26230	223	4	indicate	indicate	VERB
fbem-26230	223	5	a	a	DET
fbem-26230	223	6	long	long	ADJ
fbem-26230	223	7	-	-	PUNCT
fbem-26230	223	8	term	term	NOUN
fbem-26230	223	9	equilibrium	equilibrium	NOUN
fbem-26230	223	10	relationship	relationship	NOUN
fbem-26230	223	11	between	between	ADP
fbem-26230	223	12	the	the	DET
fbem-26230	223	13	chinese	chinese	ADJ
fbem-26230	223	14	securities	security	NOUN
fbem-26230	223	15	market	market	NOUN
fbem-26230	223	16	and	and	CCONJ
fbem-26230	223	17	economic	economic	ADJ
fbem-26230	223	18	development	development	NOUN
fbem-26230	223	19	,	,	PUNCT
fbem-26230	223	20	leading	lead	VERB
fbem-26230	223	21	to	to	ADP
fbem-26230	223	22	the	the	DET
fbem-26230	223	23	following	following	ADJ
fbem-26230	223	24	conclusions	conclusion	NOUN
fbem-26230	223	25	:	:	PUNCT
fbem-26230	223	26	the	the	DET
fbem-26230	223	27	csi	csi	PROPN
fbem-26230	223	28	300	300	NUM
fbem-26230	223	29	and	and	CCONJ
fbem-26230	223	30	broad	broad	ADJ
fbem-26230	223	31	money	money	NOUN
fbem-26230	223	32	supply	supply	NOUN
fbem-26230	223	33	exhibit	exhibit	VERB
fbem-26230	223	34	a	a	DET
fbem-26230	223	35	unidirectional	unidirectional	ADJ
fbem-26230	223	36	causal	causal	NOUN
fbem-26230	223	37	relationship	relationship	NOUN
fbem-26230	223	38	,	,	PUNCT
fbem-26230	223	39	where	where	SCONJ
fbem-26230	223	40	the	the	DET
fbem-26230	223	41	csi	csi	PROPN
fbem-26230	223	42	300	300	NUM
fbem-26230	223	43	is	be	AUX
fbem-26230	223	44	the	the	DET
fbem-26230	223	45	granger	granger	PROPN
fbem-26230	223	46	cause	cause	NOUN
fbem-26230	223	47	of	of	ADP
fbem-26230	223	48	the	the	DET
fbem-26230	223	49	broad	broad	ADJ
fbem-26230	223	50	money	money	NOUN
fbem-26230	223	51	supply	supply	NOUN
fbem-26230	223	52	.	.	PUNCT
fbem-26230	224	1	the	the	DET
fbem-26230	224	2	impulse	impulse	ADJ
fbem-26230	224	3	response	response	NOUN
fbem-26230	224	4	indicates	indicate	VERB
fbem-26230	224	5	a	a	DET
fbem-26230	224	6	positive	positive	ADJ
fbem-26230	224	7	correlation	correlation	NOUN
fbem-26230	224	8	from	from	ADP
fbem-26230	224	9	the	the	DET
fbem-26230	224	10	broad	broad	ADJ
fbem-26230	224	11	money	money	NOUN
fbem-26230	224	12	supply	supply	NOUN
fbem-26230	224	13	to	to	ADP
fbem-26230	224	14	the	the	DET
fbem-26230	224	15	csi	csi	PROPN
fbem-26230	224	16	300	300	NUM
fbem-26230	224	17	,	,	PUNCT
fbem-26230	224	18	maintaining	maintain	VERB
fbem-26230	224	19	this	this	DET
fbem-26230	224	20	positive	positive	ADJ
fbem-26230	224	21	effect	effect	NOUN
fbem-26230	224	22	after	after	ADP
fbem-26230	224	23	seven	seven	NUM
fbem-26230	224	24	periods	period	NOUN
fbem-26230	224	25	.	.	PUNCT
fbem-26230	225	1	conversely	conversely	ADV
fbem-26230	225	2	,	,	PUNCT
fbem-26230	225	3	the	the	DET
fbem-26230	225	4	csi	csi	PROPN
fbem-26230	225	5	300	300	NUM
fbem-26230	225	6	also	also	ADV
fbem-26230	225	7	shows	show	VERB
fbem-26230	225	8	a	a	DET
fbem-26230	225	9	long	long	ADJ
fbem-26230	225	10	-	-	PUNCT
fbem-26230	225	11	term	term	NOUN
fbem-26230	225	12	positive	positive	ADJ
fbem-26230	225	13	response	response	NOUN
fbem-26230	225	14	to	to	ADP
fbem-26230	225	15	changes	change	NOUN
fbem-26230	225	16	in	in	ADP
fbem-26230	225	17	the	the	DET
fbem-26230	225	18	broad	broad	ADJ
fbem-26230	225	19	money	money	NOUN
fbem-26230	225	20	supply	supply	NOUN
fbem-26230	225	21	.	.	PUNCT
fbem-26230	226	1	variance	variance	NOUN
fbem-26230	226	2	decomposition	decomposition	NOUN
fbem-26230	226	3	reveals	reveal	VERB
fbem-26230	226	4	that	that	SCONJ
fbem-26230	226	5	fluctuations	fluctuation	NOUN
fbem-26230	226	6	in	in	ADP
fbem-26230	226	7	the	the	DET
fbem-26230	226	8	broad	broad	ADJ
fbem-26230	226	9	money	money	NOUN
fbem-26230	226	10	supply	supply	NOUN
fbem-26230	226	11	significantly	significantly	ADV
fbem-26230	226	12	contribute	contribute	VERB
fbem-26230	226	13	to	to	ADP
fbem-26230	226	14	changes	change	NOUN
fbem-26230	226	15	in	in	ADP
fbem-26230	226	16	the	the	DET
fbem-26230	226	17	csi	csi	PROPN
fbem-26230	226	18	300	300	NUM
fbem-26230	226	19	,	,	PUNCT
fbem-26230	226	20	with	with	ADP
fbem-26230	226	21	increasing	increase	VERB
fbem-26230	226	22	contributions	contribution	NOUN
fbem-26230	226	23	over	over	ADP
fbem-26230	226	24	time	time	NOUN
fbem-26230	226	25	.	.	PUNCT
fbem-26230	227	1	correlation	correlation	NOUN
fbem-26230	227	2	analysis	analysis	NOUN
fbem-26230	227	3	confirms	confirm	VERB
fbem-26230	227	4	a	a	DET
fbem-26230	227	5	positive	positive	ADJ
fbem-26230	227	6	relationship	relationship	NOUN
fbem-26230	227	7	:	:	PUNCT
fbem-26230	227	8	when	when	SCONJ
fbem-26230	227	9	broad	broad	ADJ
fbem-26230	227	10	money	money	NOUN
fbem-26230	227	11	supply	supply	NOUN
fbem-26230	227	12	grows	grow	VERB
fbem-26230	227	13	,	,	PUNCT
fbem-26230	227	14	it	it	PRON
fbem-26230	227	15	contributes	contribute	VERB
fbem-26230	227	16	to	to	ADP
fbem-26230	227	17	an	an	DET
fbem-26230	227	18	upward	upward	ADJ
fbem-26230	227	19	trend	trend	NOUN
fbem-26230	227	20	in	in	ADP
fbem-26230	227	21	the	the	DET
fbem-26230	227	22	securities	security	NOUN
fbem-26230	227	23	market	market	NOUN
fbem-26230	227	24	.	.	PUNCT
fbem-26230	228	1	there	there	PRON
fbem-26230	228	2	is	be	VERB
fbem-26230	228	3	also	also	ADV
fbem-26230	228	4	a	a	DET
fbem-26230	228	5	unidirectional	unidirectional	ADJ
fbem-26230	228	6	causal	causal	NOUN
fbem-26230	228	7	relationship	relationship	NOUN
fbem-26230	228	8	between	between	ADP
fbem-26230	228	9	the	the	DET
fbem-26230	228	10	csi	csi	PROPN
fbem-26230	228	11	300	300	NUM
fbem-26230	228	12	and	and	CCONJ
fbem-26230	228	13	the	the	DET
fbem-26230	228	14	interbank	interbank	NOUN
fbem-26230	228	15	lending	lending	NOUN
fbem-26230	228	16	rate	rate	NOUN
fbem-26230	228	17	,	,	PUNCT
fbem-26230	228	18	with	with	ADP
fbem-26230	228	19	the	the	DET
fbem-26230	228	20	csi	csi	PROPN
fbem-26230	228	21	300	300	NUM
fbem-26230	228	22	being	be	AUX
fbem-26230	228	23	the	the	DET
fbem-26230	228	24	granger	granger	NOUN
fbem-26230	228	25	cause	cause	NOUN
fbem-26230	228	26	of	of	ADP
fbem-26230	228	27	the	the	DET
fbem-26230	228	28	interbank	interbank	NOUN
fbem-26230	228	29	lending	lending	NOUN
fbem-26230	228	30	rate	rate	NOUN
fbem-26230	228	31	.	.	PUNCT
fbem-26230	229	1	the	the	DET
fbem-26230	229	2	impulse	impulse	ADJ
fbem-26230	229	3	response	response	NOUN
fbem-26230	229	4	shows	show	VERB
fbem-26230	229	5	a	a	DET
fbem-26230	229	6	negative	negative	ADJ
fbem-26230	229	7	impact	impact	NOUN
fbem-26230	229	8	from	from	ADP
fbem-26230	229	9	the	the	DET
fbem-26230	229	10	interbank	interbank	NOUN
fbem-26230	229	11	lending	lending	NOUN
fbem-26230	229	12	rate	rate	NOUN
fbem-26230	229	13	on	on	ADP
fbem-26230	229	14	the	the	DET
fbem-26230	229	15	csi	csi	PROPN
fbem-26230	229	16	300	300	NUM
fbem-26230	229	17	in	in	ADP
fbem-26230	229	18	the	the	DET
fbem-26230	229	19	first	first	ADJ
fbem-26230	229	20	four	four	NUM
fbem-26230	229	21	periods	period	NOUN
fbem-26230	229	22	,	,	PUNCT
fbem-26230	229	23	followed	follow	VERB
fbem-26230	229	24	by	by	ADP
fbem-26230	229	25	a	a	DET
fbem-26230	229	26	slight	slight	ADJ
fbem-26230	229	27	positive	positive	ADJ
fbem-26230	229	28	response	response	NOUN
fbem-26230	229	29	after	after	ADP
fbem-26230	229	30	the	the	DET
fbem-26230	229	31	fifth	fifth	ADJ
fbem-26230	229	32	period	period	NOUN
fbem-26230	229	33	,	,	PUNCT
fbem-26230	229	34	warranting	warrant	VERB
fbem-26230	229	35	further	further	ADJ
fbem-26230	229	36	exploration	exploration	NOUN
fbem-26230	229	37	.	.	PUNCT
fbem-26230	230	1	in	in	ADP
fbem-26230	230	2	contrast	contrast	NOUN
fbem-26230	230	3	,	,	PUNCT
fbem-26230	230	4	the	the	DET
fbem-26230	230	5	csi	csi	PROPN
fbem-26230	230	6	300	300	NUM
fbem-26230	230	7	's	's	PART
fbem-26230	230	8	response	response	NOUN
fbem-26230	230	9	to	to	ADP
fbem-26230	230	10	the	the	DET
fbem-26230	230	11	interbank	interbank	NOUN
fbem-26230	230	12	lending	lending	NOUN
fbem-26230	230	13	rate	rate	NOUN
fbem-26230	230	14	remains	remain	VERB
fbem-26230	230	15	predominantly	predominantly	ADV
fbem-26230	230	16	negative	negative	ADJ
fbem-26230	230	17	over	over	ADP
fbem-26230	230	18	the	the	DET
fbem-26230	230	19	long	long	ADJ
fbem-26230	230	20	term	term	NOUN
fbem-26230	230	21	.	.	PUNCT
fbem-26230	231	1	variance	variance	NOUN
fbem-26230	231	2	decomposition	decomposition	NOUN
fbem-26230	231	3	shows	show	VERB
fbem-26230	231	4	that	that	SCONJ
fbem-26230	231	5	changes	change	NOUN
fbem-26230	231	6	in	in	ADP
fbem-26230	231	7	the	the	DET
fbem-26230	231	8	interbank	interbank	NOUN
fbem-26230	231	9	lending	lending	NOUN
fbem-26230	231	10	rate	rate	NOUN
fbem-26230	231	11	also	also	ADV
fbem-26230	231	12	have	have	VERB
fbem-26230	231	13	a	a	DET
fbem-26230	231	14	certain	certain	ADJ
fbem-26230	231	15	contribution	contribution	NOUN
fbem-26230	231	16	to	to	ADP
fbem-26230	231	17	the	the	DET
fbem-26230	231	18	csi	csi	PROPN
fbem-26230	231	19	300	300	NUM
fbem-26230	231	20	,	,	PUNCT
fbem-26230	231	21	increasing	increase	VERB
fbem-26230	231	22	yearly	yearly	ADV
fbem-26230	231	23	.	.	PUNCT
fbem-26230	232	1	correlation	correlation	NOUN
fbem-26230	232	2	analysis	analysis	NOUN
fbem-26230	232	3	indicates	indicate	VERB
fbem-26230	232	4	a	a	DET
fbem-26230	232	5	negative	negative	ADJ
fbem-26230	232	6	relationship	relationship	NOUN
fbem-26230	232	7	:	:	PUNCT
fbem-26230	232	8	as	as	ADP
fbem-26230	232	9	the	the	DET
fbem-26230	232	10	cost	cost	NOUN
fbem-26230	232	11	of	of	ADP
fbem-26230	232	12	interbank	interbank	NOUN
fbem-26230	232	13	lending	lending	NOUN
fbem-26230	232	14	rises	rise	NOUN
fbem-26230	232	15	,	,	PUNCT
fbem-26230	232	16	financing	financing	NOUN
fbem-26230	232	17	costs	cost	NOUN
fbem-26230	232	18	in	in	ADP
fbem-26230	232	19	the	the	DET
fbem-26230	232	20	securities	security	NOUN
fbem-26230	232	21	market	market	NOUN
fbem-26230	232	22	increase	increase	NOUN
fbem-26230	232	23	,	,	PUNCT
fbem-26230	232	24	leading	lead	VERB
fbem-26230	232	25	to	to	ADP
fbem-26230	232	26	a	a	DET
fbem-26230	232	27	decline	decline	NOUN
fbem-26230	232	28	in	in	ADP
fbem-26230	232	29	market	market	NOUN
fbem-26230	232	30	performance	performance	NOUN
fbem-26230	232	31	.	.	PUNCT
fbem-26230	233	1	the	the	DET
fbem-26230	233	2	empirical	empirical	ADJ
fbem-26230	233	3	analysis	analysis	NOUN
fbem-26230	233	4	shows	show	VERB
fbem-26230	233	5	no	no	DET
fbem-26230	233	6	causal	causal	ADJ
fbem-26230	233	7	relationship	relationship	NOUN
fbem-26230	233	8	between	between	ADP
fbem-26230	233	9	gdp	gdp	NOUN
fbem-26230	233	10	and	and	CCONJ
fbem-26230	233	11	the	the	DET
fbem-26230	233	12	csi	csi	PROPN
fbem-26230	233	13	300	300	NUM
fbem-26230	233	14	,	,	PUNCT
fbem-26230	233	15	leading	lead	VERB
fbem-26230	233	16	to	to	ADP
fbem-26230	233	17	the	the	DET
fbem-26230	233	18	exclusion	exclusion	NOUN
fbem-26230	233	19	of	of	ADP
fbem-26230	233	20	gdp	gdp	NOUN
fbem-26230	233	21	from	from	ADP
fbem-26230	233	22	the	the	DET
fbem-26230	233	23	study	study	NOUN
fbem-26230	233	24	.	.	PUNCT
fbem-26230	234	1	despite	despite	SCONJ
fbem-26230	234	2	china	china	PROPN
fbem-26230	234	3	's	's	PART
fbem-26230	234	4	economy	economy	NOUN
fbem-26230	234	5	maintaining	maintain	VERB
fbem-26230	234	6	positive	positive	ADJ
fbem-26230	234	7	growth	growth	NOUN
fbem-26230	234	8	over	over	ADP
fbem-26230	234	9	the	the	DET
fbem-26230	234	10	past	past	ADJ
fbem-26230	234	11	decade	decade	NOUN
fbem-26230	234	12	,	,	PUNCT
fbem-26230	234	13	the	the	DET
fbem-26230	234	14	stock	stock	NOUN
fbem-26230	234	15	market	market	NOUN
fbem-26230	234	16	has	have	AUX
fbem-26230	234	17	experienced	experience	VERB
fbem-26230	234	18	significant	significant	ADJ
fbem-26230	234	19	fluctuations	fluctuation	NOUN
fbem-26230	234	20	,	,	PUNCT
fbem-26230	234	21	reflecting	reflect	VERB
fbem-26230	234	22	a	a	DET
fbem-26230	234	23	large	large	ADJ
fbem-26230	234	24	disparity	disparity	NOUN
fbem-26230	234	25	between	between	ADP
fbem-26230	234	26	the	the	DET
fbem-26230	234	27	two	two	NUM
fbem-26230	234	28	.	.	PUNCT
fbem-26230	235	1	thus	thus	ADV
fbem-26230	235	2	,	,	PUNCT
fbem-26230	235	3	gdp	gdp	NOUN
fbem-26230	235	4	was	be	AUX
fbem-26230	235	5	excluded	exclude	VERB
fbem-26230	235	6	from	from	ADP
fbem-26230	235	7	the	the	DET
fbem-26230	235	8	analysis	analysis	NOUN
fbem-26230	235	9	.	.	PUNCT
fbem-26230	236	1	in	in	ADP
fbem-26230	236	2	conclusion	conclusion	NOUN
fbem-26230	236	3	,	,	PUNCT
fbem-26230	236	4	while	while	SCONJ
fbem-26230	236	5	there	there	PRON
fbem-26230	236	6	exists	exist	VERB
fbem-26230	236	7	a	a	DET
fbem-26230	236	8	granger	granger	NOUN
fbem-26230	236	9	causality	causality	NOUN
fbem-26230	236	10	between	between	ADP
fbem-26230	236	11	economic	economic	ADJ
fbem-26230	236	12	development	development	NOUN
fbem-26230	236	13	and	and	CCONJ
fbem-26230	236	14	securities	security	NOUN
fbem-26230	236	15	market	market	NOUN
fbem-26230	236	16	development	development	NOUN
fbem-26230	236	17	,	,	PUNCT
fbem-26230	236	18	the	the	DET
fbem-26230	236	19	contribution	contribution	NOUN
fbem-26230	236	20	attributed	attribute	VERB
fbem-26230	236	21	to	to	ADP
fbem-26230	236	22	economic	economic	ADJ
fbem-26230	236	23	development	development	NOUN
fbem-26230	236	24	through	through	ADP
fbem-26230	236	25	variance	variance	NOUN
fbem-26230	236	26	decomposition	decomposition	NOUN
fbem-26230	236	27	is	be	AUX
fbem-26230	236	28	relatively	relatively	ADV
fbem-26230	236	29	low	low	ADJ
fbem-26230	236	30	,	,	PUNCT
fbem-26230	236	31	with	with	ADP
fbem-26230	236	32	the	the	DET
fbem-26230	236	33	broad	broad	ADJ
fbem-26230	236	34	money	money	NOUN
fbem-26230	236	35	supply	supply	NOUN
fbem-26230	236	36	having	have	VERB
fbem-26230	236	37	the	the	DET
fbem-26230	236	38	highest	high	ADJ
fbem-26230	236	39	contribution	contribution	NOUN
fbem-26230	236	40	,	,	PUNCT
fbem-26230	236	41	which	which	PRON
fbem-26230	236	42	did	do	AUX
fbem-26230	236	43	not	not	PART
fbem-26230	236	44	exceed	exceed	VERB
fbem-26230	236	45	10	10	NUM
fbem-26230	236	46	%	%	NOUN
fbem-26230	236	47	by	by	ADP
fbem-26230	236	48	the	the	DET
fbem-26230	236	49	10th	10th	ADJ
fbem-26230	236	50	period	period	NOUN
fbem-26230	236	51	.	.	PUNCT
fbem-26230	237	1	the	the	DET
fbem-26230	237	2	csi	csi	PROPN
fbem-26230	237	3	300	300	NUM
fbem-26230	237	4	's	's	PART
fbem-26230	237	5	own	own	ADJ
fbem-26230	237	6	contribution	contribution	NOUN
fbem-26230	237	7	remains	remain	VERB
fbem-26230	237	8	significant	significant	ADJ
fbem-26230	237	9	,	,	PUNCT
fbem-26230	237	10	highlighting	highlight	VERB
fbem-26230	237	11	issues	issue	NOUN
fbem-26230	237	12	within	within	ADP
fbem-26230	237	13	the	the	DET
fbem-26230	237	14	chinese	chinese	ADJ
fbem-26230	237	15	securities	security	NOUN
fbem-26230	237	16	market	market	NOUN
fbem-26230	237	17	.	.	PUNCT
fbem-26230	238	1	research	research	NOUN
fbem-26230	238	2	recommendations	recommendation	NOUN
fbem-26230	238	3	based	base	VERB
fbem-26230	238	4	on	on	ADP
fbem-26230	238	5	the	the	DET
fbem-26230	238	6	empirical	empirical	ADJ
fbem-26230	238	7	findings	finding	NOUN
fbem-26230	238	8	and	and	CCONJ
fbem-26230	238	9	the	the	DET
fbem-26230	238	10	current	current	ADJ
fbem-26230	238	11	state	state	NOUN
fbem-26230	238	12	of	of	ADP
fbem-26230	238	13	china	china	PROPN
fbem-26230	238	14	's	's	PART
fbem-26230	238	15	economic	economic	ADJ
fbem-26230	238	16	development	development	NOUN
fbem-26230	238	17	and	and	CCONJ
fbem-26230	238	18	securities	security	NOUN
fbem-26230	238	19	market	market	NOUN
fbem-26230	238	20	,	,	PUNCT
fbem-26230	238	21	this	this	DET
fbem-26230	238	22	paper	paper	NOUN
fbem-26230	238	23	proposes	propose	VERB
fbem-26230	238	24	the	the	DET
fbem-26230	238	25	following	follow	VERB
fbem-26230	238	26	strategies	strategy	NOUN
fbem-26230	238	27	for	for	ADP
fbem-26230	238	28	reforming	reform	VERB
fbem-26230	238	29	the	the	DET
fbem-26230	238	30	securities	security	NOUN
fbem-26230	238	31	market	market	NOUN
fbem-26230	238	32	and	and	CCONJ
fbem-26230	238	33	promoting	promote	VERB
fbem-26230	238	34	macroeconomic	macroeconomic	ADJ
fbem-26230	238	35	development	development	NOUN
fbem-26230	238	36	in	in	ADP
fbem-26230	238	37	china	china	PROPN
fbem-26230	238	38	:	:	PUNCT
fbem-26230	238	39	a.	a.	NOUN
fbem-26230	238	40	accelerate	accelerate	VERB
fbem-26230	238	41	the	the	DET
fbem-26230	238	42	implementation	implementation	NOUN
fbem-26230	238	43	of	of	ADP
fbem-26230	238	44	the	the	DET
fbem-26230	238	45	registration	registration	NOUN
fbem-26230	238	46	system	system	NOUN
fbem-26230	238	47	for	for	ADP
fbem-26230	238	48	stock	stock	NOUN
fbem-26230	238	49	issuance	issuance	NOUN
fbem-26230	238	50	:	:	PUNCT
fbem-26230	238	51	listed	list	VERB
fbem-26230	238	52	companies	company	NOUN
fbem-26230	238	53	serve	serve	VERB
fbem-26230	238	54	as	as	ADP
fbem-26230	238	55	a	a	DET
fbem-26230	238	56	crucial	crucial	ADJ
fbem-26230	238	57	bridge	bridge	NOUN
fbem-26230	238	58	between	between	ADP
fbem-26230	238	59	china	china	PROPN
fbem-26230	238	60	's	's	PART
fbem-26230	238	61	securities	security	NOUN
fbem-26230	238	62	market	market	NOUN
fbem-26230	238	63	and	and	CCONJ
fbem-26230	238	64	economic	economic	ADJ
fbem-26230	238	65	development	development	NOUN
fbem-26230	238	66	.	.	PUNCT
fbem-26230	239	1	however	however	ADV
fbem-26230	239	2	,	,	PUNCT
fbem-26230	239	3	some	some	DET
fbem-26230	239	4	companies	company	NOUN
fbem-26230	239	5	pursue	pursue	VERB
fbem-26230	239	6	listing	list	VERB
fbem-26230	239	7	primarily	primarily	ADV
fbem-26230	239	8	for	for	ADP
fbem-26230	239	9	profit	profit	NOUN
fbem-26230	239	10	rather	rather	ADV
fbem-26230	239	11	than	than	ADP
fbem-26230	239	12	effective	effective	ADJ
fbem-26230	239	13	management	management	NOUN
fbem-26230	239	14	,	,	PUNCT
fbem-26230	239	15	leading	lead	VERB
fbem-26230	239	16	to	to	ADP
fbem-26230	239	17	issues	issue	NOUN
fbem-26230	239	18	such	such	ADJ
fbem-26230	239	19	as	as	ADP
fbem-26230	239	20	financial	financial	ADJ
fbem-26230	239	21	fraud	fraud	NOUN
fbem-26230	239	22	,	,	PUNCT
fbem-26230	239	23	inadequate	inadequate	ADJ
fbem-26230	239	24	profitability	profitability	NOUN
fbem-26230	239	25	,	,	PUNCT
fbem-26230	239	26	and	and	CCONJ
fbem-26230	239	27	significant	significant	ADJ
fbem-26230	239	28	stock	stock	NOUN
fbem-26230	239	29	sales	sale	NOUN
fbem-26230	239	30	by	by	ADP
fbem-26230	239	31	management	management	NOUN
fbem-26230	239	32	,	,	PUNCT
fbem-26230	239	33	which	which	PRON
fbem-26230	239	34	harm	harm	VERB
fbem-26230	239	35	small	small	ADJ
fbem-26230	239	36	investors	investor	NOUN
fbem-26230	239	37	.	.	PUNCT
fbem-26230	240	1	these	these	DET
fbem-26230	240	2	behaviors	behavior	NOUN
fbem-26230	240	3	are	be	AUX
fbem-26230	240	4	considered	consider	VERB
fbem-26230	240	5	black	black	ADJ
fbem-26230	240	6	swan	swan	NOUN
fbem-26230	240	7	events	event	NOUN
fbem-26230	240	8	in	in	ADP
fbem-26230	240	9	the	the	DET
fbem-26230	240	10	securities	security	NOUN
fbem-26230	240	11	market	market	NOUN
fbem-26230	240	12	.	.	PUNCT
fbem-26230	241	1	to	to	PART
fbem-26230	241	2	reduce	reduce	VERB
fbem-26230	241	3	their	their	PRON
fbem-26230	241	4	occurrence	occurrence	NOUN
fbem-26230	241	5	,	,	PUNCT
fbem-26230	241	6	a	a	DET
fbem-26230	241	7	stricter	strict	ADJ
fbem-26230	241	8	approval	approval	NOUN
fbem-26230	241	9	system	system	NOUN
fbem-26230	241	10	for	for	ADP
fbem-26230	241	11	company	company	NOUN
fbem-26230	241	12	listings	listing	NOUN
fbem-26230	241	13	is	be	AUX
fbem-26230	241	14	necessary	necessary	ADJ
fbem-26230	241	15	to	to	PART
fbem-26230	241	16	prevent	prevent	VERB
fbem-26230	241	17	fraud	fraud	NOUN
fbem-26230	241	18	.	.	PUNCT
fbem-26230	242	1	additionally	additionally	ADV
fbem-26230	242	2	,	,	PUNCT
fbem-26230	242	3	implementing	implement	VERB
fbem-26230	242	4	a	a	DET
fbem-26230	242	5	registration	registration	NOUN
fbem-26230	242	6	system	system	NOUN
fbem-26230	242	7	for	for	ADP
fbem-26230	242	8	stock	stock	NOUN
fbem-26230	242	9	issuance	issuance	NOUN
fbem-26230	242	10	will	will	AUX
fbem-26230	242	11	provide	provide	VERB
fbem-26230	242	12	the	the	DET
fbem-26230	242	13	securities	security	NOUN
fbem-26230	242	14	market	market	NOUN
fbem-26230	242	15	with	with	ADP
fbem-26230	242	16	more	more	ADV
fbem-26230	242	17	vibrant	vibrant	ADJ
fbem-26230	242	18	,	,	PUNCT
fbem-26230	242	19	high	high	ADJ
fbem-26230	242	20	-	-	PUNCT
fbem-26230	242	21	quality	quality	NOUN
fbem-26230	242	22	companies	company	NOUN
fbem-26230	242	23	,	,	PUNCT
fbem-26230	242	24	enhancing	enhance	VERB
fbem-26230	242	25	the	the	DET
fbem-26230	242	26	market	market	NOUN
fbem-26230	242	27	and	and	CCONJ
fbem-26230	242	28	economic	economic	ADJ
fbem-26230	242	29	development	development	NOUN
fbem-26230	242	30	.	.	PUNCT
fbem-26230	243	1	b.	b.	PROPN
fbem-26230	243	2	enhance	enhance	VERB
fbem-26230	243	3	legal	legal	ADJ
fbem-26230	243	4	regulations	regulation	NOUN
fbem-26230	243	5	in	in	ADP
fbem-26230	243	6	financial	financial	ADJ
fbem-26230	243	7	and	and	CCONJ
fbem-26230	243	8	securities	security	NOUN
fbem-26230	243	9	markets	market	NOUN
fbem-26230	243	10	and	and	CCONJ
fbem-26230	243	11	ensure	ensure	VERB
fbem-26230	243	12	strict	strict	ADJ
fbem-26230	243	13	enforcement	enforcement	NOUN
fbem-26230	243	14	:	:	PUNCT
fbem-26230	243	15	the	the	DET
fbem-26230	243	16	late	late	ADJ
fbem-26230	243	17	development	development	NOUN
fbem-26230	243	18	of	of	ADP
fbem-26230	243	19	china	china	PROPN
fbem-26230	243	20	's	's	PART
fbem-26230	243	21	securities	security	NOUN
fbem-26230	243	22	market	market	NOUN
fbem-26230	243	23	has	have	AUX
fbem-26230	243	24	resulted	result	VERB
fbem-26230	243	25	in	in	ADP
fbem-26230	243	26	an	an	DET
fbem-26230	243	27	immature	immature	ADJ
fbem-26230	243	28	legal	legal	ADJ
fbem-26230	243	29	and	and	CCONJ
fbem-26230	243	30	regulatory	regulatory	ADJ
fbem-26230	243	31	framework	framework	NOUN
fbem-26230	243	32	,	,	PUNCT
fbem-26230	243	33	compounded	compound	VERB
fbem-26230	243	34	by	by	ADP
fbem-26230	243	35	various	various	ADJ
fbem-26230	243	36	factors	factor	NOUN
fbem-26230	243	37	causing	cause	VERB
fbem-26230	243	38	market	market	NOUN
fbem-26230	243	39	volatility	volatility	NOUN
fbem-26230	243	40	and	and	CCONJ
fbem-26230	243	41	instability	instability	NOUN
fbem-26230	243	42	.	.	PUNCT
fbem-26230	244	1	issues	issue	NOUN
fbem-26230	244	2	such	such	ADJ
fbem-26230	244	3	as	as	ADP
fbem-26230	244	4	insider	insider	NOUN
fbem-26230	244	5	trading	trading	NOUN
fbem-26230	244	6	,	,	PUNCT
fbem-26230	244	7	price	price	NOUN
fbem-26230	244	8	manipulation	manipulation	NOUN
fbem-26230	244	9	,	,	PUNCT
fbem-26230	244	10	financial	financial	ADJ
fbem-26230	244	11	fraud	fraud	NOUN
fbem-26230	244	12	,	,	PUNCT
fbem-26230	244	13	and	and	CCONJ
fbem-26230	244	14	the	the	DET
fbem-26230	244	15	spread	spread	NOUN
fbem-26230	244	16	of	of	ADP
fbem-26230	244	17	false	false	ADJ
fbem-26230	244	18	information	information	NOUN
fbem-26230	244	19	threaten	threaten	VERB
fbem-26230	244	20	the	the	DET
fbem-26230	244	21	healthy	healthy	ADJ
fbem-26230	244	22	development	development	NOUN
fbem-26230	244	23	of	of	ADP
fbem-26230	244	24	the	the	DET
fbem-26230	244	25	stock	stock	NOUN
fbem-26230	244	26	market	market	NOUN
fbem-26230	244	27	.	.	PUNCT
fbem-26230	245	1	therefore	therefore	ADV
fbem-26230	245	2	,	,	PUNCT
fbem-26230	245	3	it	it	PRON
fbem-26230	245	4	is	be	AUX
fbem-26230	245	5	essential	essential	ADJ
fbem-26230	245	6	to	to	PART
fbem-26230	245	7	focus	focus	VERB
fbem-26230	245	8	on	on	ADP
fbem-26230	245	9	improving	improve	VERB
fbem-26230	245	10	legal	legal	ADJ
fbem-26230	245	11	regulations	regulation	NOUN
fbem-26230	245	12	,	,	PUNCT
fbem-26230	245	13	imposing	impose	VERB
fbem-26230	245	14	strict	strict	ADJ
fbem-26230	245	15	penalties	penalty	NOUN
fbem-26230	245	16	for	for	ADP
fbem-26230	245	17	actions	action	NOUN
fbem-26230	245	18	that	that	PRON
fbem-26230	245	19	disrupt	disrupt	VERB
fbem-26230	245	20	financial	financial	ADJ
fbem-26230	245	21	order	order	NOUN
fbem-26230	245	22	,	,	PUNCT
fbem-26230	245	23	and	and	CCONJ
fbem-26230	245	24	guiding	guide	VERB
fbem-26230	245	25	investors	investor	NOUN
fbem-26230	245	26	toward	toward	ADP
fbem-26230	245	27	value	value	NOUN
fbem-26230	245	28	investing	invest	VERB
fbem-26230	245	29	to	to	PART
fbem-26230	245	30	promote	promote	VERB
fbem-26230	245	31	healthy	healthy	ADJ
fbem-26230	245	32	market	market	NOUN
fbem-26230	245	33	growth	growth	NOUN
fbem-26230	245	34	.	.	PUNCT
fbem-26230	246	1	c.	c.	PROPN
fbem-26230	246	2	reform	reform	PROPN
fbem-26230	246	3	state	state	NOUN
fbem-26230	246	4	-	-	PUNCT
fbem-26230	246	5	owned	own	VERB
fbem-26230	246	6	enterprises	enterprise	NOUN
fbem-26230	246	7	(	(	PUNCT
fbem-26230	246	8	soes	soe	NOUN
fbem-26230	246	9	)	)	PUNCT
fbem-26230	246	10	to	to	PART
fbem-26230	246	11	integrate	integrate	VERB
fbem-26230	246	12	them	they	PRON
fbem-26230	246	13	into	into	ADP
fbem-26230	246	14	a	a	DET
fbem-26230	246	15	market	market	NOUN
fbem-26230	246	16	economy	economy	NOUN
fbem-26230	246	17	:	:	PUNCT
fbem-26230	246	18	the	the	DET
fbem-26230	246	19	current	current	ADJ
fbem-26230	246	20	state	state	NOUN
fbem-26230	246	21	of	of	ADP
fbem-26230	246	22	chinese	chinese	ADJ
fbem-26230	246	23	soes	soe	NOUN
fbem-26230	246	24	often	often	ADV
fbem-26230	246	25	relies	rely	VERB
fbem-26230	246	26	on	on	ADP
fbem-26230	246	27	government	government	NOUN
fbem-26230	246	28	support	support	NOUN
fbem-26230	246	29	in	in	ADP
fbem-26230	246	30	times	time	NOUN
fbem-26230	246	31	of	of	ADP
fbem-26230	246	32	profit	profit	NOUN
fbem-26230	246	33	or	or	CCONJ
fbem-26230	246	34	loss	loss	NOUN
fbem-26230	246	35	,	,	PUNCT
fbem-26230	246	36	creating	create	VERB
fbem-26230	246	37	an	an	DET
fbem-26230	246	38	unequal	unequal	ADJ
fbem-26230	246	39	competitive	competitive	ADJ
fbem-26230	246	40	environment	environment	NOUN
fbem-26230	246	41	compared	compare	VERB
fbem-26230	246	42	to	to	ADP
fbem-26230	246	43	small	small	ADJ
fbem-26230	246	44	and	and	CCONJ
fbem-26230	246	45	private	private	ADJ
fbem-26230	246	46	enterprises	enterprise	NOUN
fbem-26230	246	47	.	.	PUNCT
fbem-26230	247	1	it	it	PRON
fbem-26230	247	2	is	be	AUX
fbem-26230	247	3	vital	vital	ADJ
fbem-26230	247	4	to	to	PART
fbem-26230	247	5	foster	foster	VERB
fbem-26230	247	6	a	a	DET
fbem-26230	247	7	competitive	competitive	ADJ
fbem-26230	247	8	environment	environment	NOUN
fbem-26230	247	9	by	by	ADP
fbem-26230	247	10	encouraging	encourage	VERB
fbem-26230	247	11	financial	financial	ADJ
fbem-26230	247	12	institutions	institution	NOUN
fbem-26230	247	13	to	to	PART
fbem-26230	247	14	lend	lend	VERB
fbem-26230	247	15	more	more	ADJ
fbem-26230	247	16	to	to	ADP
fbem-26230	247	17	small	small	ADJ
fbem-26230	247	18	and	and	CCONJ
fbem-26230	247	19	innovative	innovative	ADJ
fbem-26230	247	20	,	,	PUNCT
fbem-26230	247	21	environmentally	environmentally	ADV
fbem-26230	247	22	-	-	PUNCT
fbem-26230	247	23	friendly	friendly	ADJ
fbem-26230	247	24	enterprises	enterprise	NOUN
fbem-26230	247	25	.	.	PUNCT
fbem-26230	248	1	this	this	DET
fbem-26230	248	2	approach	approach	NOUN
fbem-26230	248	3	will	will	AUX
fbem-26230	248	4	promote	promote	VERB
fbem-26230	248	5	entrepreneurship	entrepreneurship	NOUN
fbem-26230	248	6	and	and	CCONJ
fbem-26230	248	7	innovation	innovation	NOUN
fbem-26230	248	8	,	,	PUNCT
fbem-26230	248	9	adding	add	VERB
fbem-26230	248	10	new	new	ADJ
fbem-26230	248	11	momentum	momentum	NOUN
fbem-26230	248	12	to	to	ADP
fbem-26230	248	13	china	china	PROPN
fbem-26230	248	14	’s	’s	PART
fbem-26230	248	15	market	market	NOUN
fbem-26230	248	16	economy	economy	NOUN
fbem-26230	248	17	.	.	PUNCT
fbem-26230	249	1	d.	d.	PROPN
fbem-26230	249	2	strengthen	strengthen	VERB
fbem-26230	249	3	education	education	NOUN
fbem-26230	249	4	for	for	ADP
fbem-26230	249	5	retail	retail	ADJ
fbem-26230	249	6	investors	investor	NOUN
fbem-26230	249	7	and	and	CCONJ
fbem-26230	249	8	encourage	encourage	VERB
fbem-26230	249	9	the	the	DET
fbem-26230	249	10	establishment	establishment	NOUN
fbem-26230	249	11	of	of	ADP
fbem-26230	249	12	financial	financial	ADJ
fbem-26230	249	13	investment	investment	NOUN
fbem-26230	249	14	institutions	institution	NOUN
fbem-26230	249	15	*	*	PUNCT
fbem-26230	249	16	*	*	PUNCT
fbem-26230	249	17	:	:	PUNCT
fbem-26230	249	18	investors	investor	NOUN
fbem-26230	249	19	are	be	AUX
fbem-26230	249	20	a	a	DET
fbem-26230	249	21	vital	vital	ADJ
fbem-26230	249	22	component	component	NOUN
fbem-26230	249	23	of	of	ADP
fbem-26230	249	24	china	china	PROPN
fbem-26230	249	25	’s	’s	PART
fbem-26230	249	26	securities	security	NOUN
fbem-26230	249	27	market	market	NOUN
fbem-26230	249	28	,	,	PUNCT
fbem-26230	249	29	yet	yet	CCONJ
fbem-26230	249	30	most	most	ADJ
fbem-26230	249	31	lack	lack	VERB
fbem-26230	249	32	the	the	DET
fbem-26230	249	33	expertise	expertise	NOUN
fbem-26230	249	34	necessary	necessary	ADJ
fbem-26230	249	35	for	for	ADP
fbem-26230	249	36	professional	professional	ADJ
fbem-26230	249	37	investing	investing	NOUN
fbem-26230	249	38	,	,	PUNCT
fbem-26230	249	39	often	often	ADV
fbem-26230	249	40	leading	lead	VERB
fbem-26230	249	41	to	to	ADP
fbem-26230	249	42	subjective	subjective	ADJ
fbem-26230	249	43	decisionmaking	decisionmaking	NOUN
fbem-26230	249	44	and	and	CCONJ
fbem-26230	249	45	difficulty	difficulty	NOUN
fbem-26230	249	46	in	in	ADP
fbem-26230	249	47	identifying	identify	VERB
fbem-26230	249	48	investment	investment	NOUN
fbem-26230	249	49	risks	risk	NOUN
fbem-26230	249	50	.	.	PUNCT
fbem-26230	250	1	this	this	DET
fbem-26230	250	2	situation	situation	NOUN
fbem-26230	250	3	makes	make	VERB
fbem-26230	250	4	them	they	PRON
fbem-26230	250	5	vulnerable	vulnerable	ADJ
fbem-26230	250	6	to	to	ADP
fbem-26230	250	7	exploitation	exploitation	NOUN
fbem-26230	250	8	by	by	ADP
fbem-26230	250	9	institutional	institutional	ADJ
fbem-26230	250	10	investors	investor	NOUN
fbem-26230	250	11	.	.	PUNCT
fbem-26230	251	1	thus	thus	ADV
fbem-26230	251	2	,	,	PUNCT
fbem-26230	251	3	enhancing	enhance	VERB
fbem-26230	251	4	investor	investor	NOUN
fbem-26230	251	5	education	education	NOUN
fbem-26230	251	6	is	be	AUX
fbem-26230	251	7	crucial	crucial	ADJ
fbem-26230	251	8	to	to	PART
fbem-26230	251	9	protect	protect	VERB
fbem-26230	251	10	the	the	DET
fbem-26230	251	11	legal	legal	ADJ
fbem-26230	251	12	rights	right	NOUN
fbem-26230	251	13	of	of	ADP
fbem-26230	251	14	shareholders	shareholder	NOUN
fbem-26230	251	15	.	.	PUNCT
fbem-26230	252	1	on	on	ADP
fbem-26230	252	2	the	the	DET
fbem-26230	252	3	other	other	ADJ
fbem-26230	252	4	hand	hand	NOUN
fbem-26230	252	5	,	,	PUNCT
fbem-26230	252	6	supporting	support	VERB
fbem-26230	252	7	the	the	DET
fbem-26230	252	8	development	development	NOUN
fbem-26230	252	9	of	of	ADP
fbem-26230	252	10	institutional	institutional	ADJ
fbem-26230	252	11	investors	investor	NOUN
fbem-26230	252	12	can	can	AUX
fbem-26230	252	13	help	help	VERB
fbem-26230	252	14	by	by	ADP
fbem-26230	252	15	entrusting	entrust	VERB
fbem-26230	252	16	specialized	specialized	ADJ
fbem-26230	252	17	tasks	task	NOUN
fbem-26230	252	18	to	to	ADP
fbem-26230	252	19	professional	professional	ADJ
fbem-26230	252	20	teams	team	NOUN
fbem-26230	252	21	,	,	PUNCT
fbem-26230	252	22	improving	improve	VERB
fbem-26230	252	23	the	the	DET
fbem-26230	252	24	overall	overall	ADJ
fbem-26230	252	25	quality	quality	NOUN
fbem-26230	252	26	of	of	ADP
fbem-26230	252	27	investors	investor	NOUN
fbem-26230	252	28	in	in	ADP
fbem-26230	252	29	china	china	PROPN
fbem-26230	252	30	's	's	PART
fbem-26230	252	31	stock	stock	NOUN
fbem-26230	252	32	market	market	NOUN
fbem-26230	252	33	.	.	PUNCT
fbem-26230	253	1	over	over	ADP
fbem-26230	253	2	time	time	NOUN
fbem-26230	253	3	,	,	PUNCT
fbem-26230	253	4	this	this	PRON
fbem-26230	253	5	will	will	AUX
fbem-26230	253	6	guide	guide	VERB
fbem-26230	253	7	both	both	DET
fbem-26230	253	8	individual	individual	ADJ
fbem-26230	253	9	and	and	CCONJ
fbem-26230	253	10	institutional	institutional	ADJ
fbem-26230	253	11	investors	investor	NOUN
fbem-26230	253	12	toward	toward	ADP
fbem-26230	253	13	value	value	NOUN
fbem-26230	253	14	investing	investing	NOUN
fbem-26230	253	15	,	,	PUNCT
fbem-26230	253	16	fostering	foster	VERB
fbem-26230	253	17	healthy	healthy	ADJ
fbem-26230	253	18	development	development	NOUN
fbem-26230	253	19	in	in	ADP
fbem-26230	253	20	the	the	DET
fbem-26230	253	21	chinese	chinese	ADJ
fbem-26230	253	22	stock	stock	NOUN
fbem-26230	253	23	market	market	NOUN
fbem-26230	253	24	.	.	PUNCT
fbem-26230	254	1	references	reference	NOUN
fbem-26230	254	2	[	[	X
fbem-26230	254	3	1	1	NUM
fbem-26230	254	4	]	]	PUNCT
fbem-26230	254	5	mukherjee	mukherjee	PROPN
fbem-26230	254	6	t	t	PROPN
fbem-26230	254	7	k	k	PROPN
fbem-26230	254	8	,	,	PUNCT
fbem-26230	254	9	naka	naka	PROPN
fbem-26230	254	10	a.	a.	PROPN
fbem-26230	254	11	dynamic	dynamic	ADJ
fbem-26230	254	12	relations	relation	NOUN
fbem-26230	254	13	between	between	ADP
fbem-26230	254	14	macroeconomic	macroeconomic	ADJ
fbem-26230	254	15	variables	variable	NOUN
fbem-26230	254	16	and	and	CCONJ
fbem-26230	254	17	the	the	DET
fbem-26230	254	18	japanese	japanese	ADJ
fbem-26230	254	19	stock	stock	NOUN
fbem-26230	254	20	market	market	NOUN
fbem-26230	254	21	:	:	PUNCT
fbem-26230	254	22	an	an	DET
fbem-26230	254	23	application	application	NOUN
fbem-26230	254	24	of	of	ADP
fbem-26230	254	25	a	a	DET
fbem-26230	254	26	vector	vector	NOUN
fbem-26230	254	27	error	error	NOUN
fbem-26230	254	28	correction	correction	NOUN
fbem-26230	254	29	model	model	NOUN
fbem-26230	255	1	[	[	X
fbem-26230	255	2	j	j	X
fbem-26230	255	3	]	]	X
fbem-26230	255	4	.	.	PUNCT
fbem-26230	256	1	journal	journal	PROPN
fbem-26230	256	2	of	of	ADP
fbem-26230	256	3	financial	financial	ADJ
fbem-26230	256	4	research	research	NOUN
fbem-26230	256	5	,	,	PUNCT
fbem-26230	256	6	1995	1995	NUM
fbem-26230	256	7	,	,	PUNCT
fbem-26230	256	8	18(2	18(2	NUM
fbem-26230	256	9	):	):	PUNCT
fbem-26230	256	10	233	233	NUM
fbem-26230	256	11	-	-	SYM
fbem-26230	256	12	237	237	NUM
fbem-26230	256	13	[	[	X
fbem-26230	256	14	2	2	NUM
fbem-26230	256	15	]	]	X
fbem-26230	256	16	adamopoulos	adamopoulos	ADJ
fbem-26230	256	17	antonios	antonios	PROPN
fbem-26230	256	18	.	.	PUNCT
fbem-26230	257	1	stock	stock	NOUN
fbem-26230	257	2	market	market	NOUN
fbem-26230	257	3	and	and	CCONJ
fbem-26230	257	4	economic	economic	ADJ
fbem-26230	257	5	growth	growth	NOUN
fbem-26230	257	6	:	:	PUNCT
fbem-26230	257	7	an	an	DET
fbem-26230	257	8	empirical	empirical	ADJ
fbem-26230	257	9	analysis	analysis	NOUN
fbem-26230	257	10	for	for	ADP
fbem-26230	257	11	germany	germany	PROPN
fbem-26230	258	1	[	[	X
fbem-26230	258	2	j	j	X
fbem-26230	258	3	]	]	X
fbem-26230	258	4	.	.	PUNCT
fbem-26230	259	1	economic	economic	ADJ
fbem-26230	259	2	thought	thought	NOUN
fbem-26230	259	3	and	and	CCONJ
fbem-26230	259	4	practice	practice	NOUN
fbem-26230	259	5	,	,	PUNCT
fbem-26230	259	6	2010	2010	NUM
fbem-26230	259	7	.	.	PUNCT
fbem-26230	260	1	[	[	X
fbem-26230	260	2	3	3	X
fbem-26230	260	3	]	]	X
fbem-26230	260	4	sheilla	sheilla	NOUN
fbem-26230	260	5	nyasha	nyasha	PROPN
fbem-26230	260	6	,	,	PUNCT
fbem-26230	260	7	n.	n.	PROPN
fbem-26230	260	8	m.	m.	NOUN
fbem-26230	260	9	odhiambo	odhiambo	PROPN
fbem-26230	260	10	.	.	PUNCT
fbem-26230	261	1	economic	economic	ADJ
fbem-26230	261	2	growth	growth	NOUN
fbem-26230	261	3	and	and	CCONJ
fbem-26230	261	4	market	market	NOUN
fbem-26230	261	5	-	-	PUNCT
fbem-26230	261	6	based	base	VERB
fbem-26230	261	7	financial	financial	ADJ
fbem-26230	261	8	systems	system	NOUN
fbem-26230	261	9	:	:	PUNCT
fbem-26230	261	10	a	a	DET
fbem-26230	261	11	review	review	NOUN
fbem-26230	261	12	[	[	X
fbem-26230	261	13	j	j	X
fbem-26230	261	14	]	]	X
fbem-26230	261	15	.	.	PUNCT
fbem-26230	262	1	stydies	stydie	NOUN
fbem-26230	262	2	in	in	ADP
fbem-26230	262	3	economics	economic	NOUN
fbem-26230	262	4	and	and	CCONJ
fbem-26230	262	5	finance	finance	NOUN
fbem-26230	262	6	,	,	PUNCT
fbem-26230	262	7	2015	2015	NUM
fbem-26230	262	8	,	,	PUNCT
fbem-26230	262	9	32(2	32(2	NUM
fbem-26230	262	10	):	):	PUNCT
fbem-26230	262	11	235	235	NUM
fbem-26230	262	12	-	-	SYM
fbem-26230	262	13	255	255	NUM
fbem-26230	262	14	174	174	NUM
fbem-26230	262	15	[	[	X
fbem-26230	262	16	4	4	NUM
fbem-26230	262	17	]	]	PUNCT
fbem-26230	262	18	brown	brown	ADJ
fbem-26230	262	19	j	j	PROPN
fbem-26230	262	20	r	r	PROPN
fbem-26230	262	21	,	,	PUNCT
fbem-26230	262	22	martinssong	martinssong	NOUN
fbem-26230	262	23	,	,	PUNCT
fbem-26230	262	24	petersenbc	petersenbc	PROPN
fbem-26230	262	25	.	.	PUNCT
fbem-26230	263	1	stock	stock	NOUN
fbem-26230	263	2	market	market	NOUN
fbem-26230	263	3	,	,	PUNCT
fbem-26230	263	4	credit	credit	NOUN
fbem-26230	263	5	markets	market	NOUN
fbem-26230	263	6	,	,	PUNCT
fbem-26230	263	7	and	and	CCONJ
fbem-26230	263	8	technology	technology	NOUN
fbem-26230	263	9	-	-	PUNCT
fbem-26230	263	10	led	lead	VERB
fbem-26230	263	11	growth	growth	NOUN
fbem-26230	264	1	[	[	X
fbem-26230	264	2	j	j	X
fbem-26230	264	3	]	]	X
fbem-26230	264	4	.	.	PUNCT
fbem-26230	265	1	journal	journal	PROPN
fbem-26230	265	2	of	of	ADP
fbem-26230	265	3	financial	financial	ADJ
fbem-26230	265	4	intermediation	intermediation	NOUN
fbem-26230	265	5	,	,	PUNCT
fbem-26230	265	6	2016	2016	NUM
fbem-26230	265	7	,	,	PUNCT
fbem-26230	265	8	11(4	11(4	NUM
fbem-26230	265	9	):	):	PUNCT
fbem-26230	265	10	1	1	NUM
fbem-26230	265	11	-	-	SYM
fbem-26230	265	12	15	15	NUM
fbem-26230	265	13	.	.	PUNCT
fbem-26230	266	1	[	[	X
fbem-26230	266	2	5	5	NUM
fbem-26230	266	3	]	]	X
fbem-26230	266	4	tan	tan	PROPN
fbem-26230	266	5	,	,	PUNCT
fbem-26230	266	6	r.	r.	PROPN
fbem-26230	266	7	y.	y.	PROPN
fbem-26230	266	8	(	(	PUNCT
fbem-26230	266	9	1999	1999	NUM
fbem-26230	266	10	)	)	PUNCT
fbem-26230	266	11	.	.	PUNCT
fbem-26230	267	1	an	an	DET
fbem-26230	267	2	empirical	empirical	ADJ
fbem-26230	267	3	study	study	NOUN
fbem-26230	267	4	on	on	ADP
fbem-26230	267	5	the	the	DET
fbem-26230	267	6	relationship	relationship	NOUN
fbem-26230	267	7	between	between	ADP
fbem-26230	267	8	financial	financial	ADJ
fbem-26230	267	9	development	development	NOUN
fbem-26230	267	10	and	and	CCONJ
fbem-26230	267	11	economic	economic	ADJ
fbem-26230	267	12	growth	growth	NOUN
fbem-26230	267	13	in	in	ADP
fbem-26230	267	14	china	china	PROPN
fbem-26230	267	15	.	.	PUNCT
fbem-26230	268	1	economic	economic	ADJ
fbem-26230	268	2	research	research	NOUN
fbem-26230	268	3	,	,	PUNCT
fbem-26230	268	4	(	(	PUNCT
fbem-26230	268	5	10	10	NUM
fbem-26230	268	6	)	)	PUNCT
fbem-26230	268	7	,	,	PUNCT
fbem-26230	268	8	53	53	NUM
fbem-26230	268	9	-	-	SYM
fbem-26230	268	10	61	61	NUM
fbem-26230	268	11	.	.	PUNCT
fbem-26230	269	1	[	[	X
fbem-26230	269	2	6	6	NUM
fbem-26230	269	3	]	]	X
fbem-26230	269	4	shi	shi	PROPN
fbem-26230	269	5	,	,	PUNCT
fbem-26230	269	6	z.	z.	PROPN
fbem-26230	269	7	h.	h.	PROPN
fbem-26230	269	8	,	,	PUNCT
fbem-26230	269	9	wang	wang	PROPN
fbem-26230	269	10	,	,	PUNCT
fbem-26230	269	11	y.	y.	PROPN
fbem-26230	269	12	t.	t.	PROPN
fbem-26230	269	13	,	,	PUNCT
fbem-26230	269	14	&	&	CCONJ
fbem-26230	269	15	wang	wang	PROPN
fbem-26230	269	16	,	,	PUNCT
fbem-26230	269	17	y.	y.	PROPN
fbem-26230	269	18	(	(	PUNCT
fbem-26230	269	19	2004	2004	NUM
fbem-26230	269	20	)	)	PUNCT
fbem-26230	269	21	.	.	PUNCT
fbem-26230	270	1	an	an	DET
fbem-26230	270	2	analysis	analysis	NOUN
fbem-26230	270	3	of	of	ADP
fbem-26230	270	4	the	the	DET
fbem-26230	270	5	divergence	divergence	NOUN
fbem-26230	270	6	between	between	ADP
fbem-26230	270	7	the	the	DET
fbem-26230	270	8	chinese	chinese	ADJ
fbem-26230	270	9	stock	stock	NOUN
fbem-26230	270	10	market	market	NOUN
fbem-26230	270	11	and	and	CCONJ
fbem-26230	270	12	macroeconomy	macroeconomy	NOUN
fbem-26230	270	13	.	.	PUNCT
fbem-26230	271	1	journal	journal	PROPN
fbem-26230	271	2	of	of	ADP
fbem-26230	271	3	northwest	northwest	PROPN
fbem-26230	271	4	a&f	a&f	PROPN
fbem-26230	271	5	university	university	NOUN
fbem-26230	271	6	(	(	PUNCT
fbem-26230	271	7	social	social	ADJ
fbem-26230	271	8	science	science	NOUN
fbem-26230	271	9	edition	edition	PROPN
fbem-26230	271	10	)	)	PUNCT
fbem-26230	271	11	,	,	PUNCT
fbem-26230	271	12	(	(	PUNCT
fbem-26230	271	13	01	01	NUM
fbem-26230	271	14	)	)	PUNCT
fbem-26230	271	15	,	,	PUNCT
fbem-26230	271	16	69	69	NUM
fbem-26230	271	17	-	-	SYM
fbem-26230	271	18	72	72	NUM
fbem-26230	271	19	.	.	PUNCT
fbem-26230	272	1	[	[	X
fbem-26230	272	2	7	7	NUM
fbem-26230	272	3	]	]	X
fbem-26230	272	4	wang	wang	PROPN
fbem-26230	272	5	,	,	PUNCT
fbem-26230	272	6	z.	z.	PROPN
fbem-26230	272	7	j.	j.	PROPN
fbem-26230	272	8	(	(	PUNCT
fbem-26230	272	9	2012	2012	NUM
fbem-26230	272	10	)	)	PUNCT
fbem-26230	272	11	.	.	PUNCT
fbem-26230	273	1	an	an	DET
fbem-26230	273	2	empirical	empirical	ADJ
fbem-26230	273	3	study	study	NOUN
fbem-26230	273	4	on	on	ADP
fbem-26230	273	5	the	the	DET
fbem-26230	273	6	relationship	relationship	NOUN
fbem-26230	273	7	between	between	ADP
fbem-26230	273	8	the	the	DET
fbem-26230	273	9	shanghai	shanghai	PROPN
fbem-26230	273	10	composite	composite	ADJ
fbem-26230	273	11	index	index	NOUN
fbem-26230	273	12	and	and	CCONJ
fbem-26230	273	13	china	china	PROPN
fbem-26230	273	14	's	's	PART
fbem-26230	273	15	macroeconomy	macroeconomy	NOUN
fbem-26230	273	16	.	.	PUNCT
fbem-26230	274	1	shanxi	shanxi	PROPN
fbem-26230	274	2	university	university	PROPN
fbem-26230	274	3	of	of	ADP
fbem-26230	274	4	finance	finance	NOUN
fbem-26230	274	5	and	and	CCONJ
fbem-26230	274	6	economics	economic	NOUN
fbem-26230	274	7	.	.	PUNCT
fbem-26230	275	1	[	[	X
fbem-26230	275	2	8	8	NUM
fbem-26230	275	3	]	]	X
fbem-26230	275	4	cao	cao	PROPN
fbem-26230	275	5	,	,	PUNCT
fbem-26230	275	6	s.	s.	PROPN
fbem-26230	275	7	y.	y.	PROPN
fbem-26230	275	8	(	(	PUNCT
fbem-26230	275	9	2015	2015	NUM
fbem-26230	275	10	)	)	PUNCT
fbem-26230	275	11	.	.	PUNCT
fbem-26230	276	1	an	an	DET
fbem-26230	276	2	empirical	empirical	ADJ
fbem-26230	276	3	study	study	NOUN
fbem-26230	276	4	on	on	ADP
fbem-26230	276	5	the	the	DET
fbem-26230	276	6	relationship	relationship	NOUN
fbem-26230	276	7	between	between	ADP
fbem-26230	276	8	stock	stock	NOUN
fbem-26230	276	9	index	index	NOUN
fbem-26230	276	10	fluctuations	fluctuation	NOUN
fbem-26230	276	11	and	and	CCONJ
fbem-26230	276	12	gdp	gdp	NOUN
fbem-26230	276	13	in	in	ADP
fbem-26230	276	14	china	china	PROPN
fbem-26230	276	15	.	.	PUNCT
fbem-26230	277	1	yunnan	yunnan	PROPN
fbem-26230	277	2	university	university	PROPN
fbem-26230	277	3	of	of	ADP
fbem-26230	277	4	finance	finance	NOUN
fbem-26230	277	5	and	and	CCONJ
fbem-26230	277	6	economics	economic	NOUN
fbem-26230	277	7	.	.	PUNCT
fbem-26230	278	1	[	[	X
fbem-26230	278	2	9	9	NUM
fbem-26230	278	3	]	]	SYM
fbem-26230	278	4	gu	gu	NOUN
fbem-26230	278	5	,	,	PUNCT
fbem-26230	278	6	y.	y.	PROPN
fbem-26230	278	7	f.	f.	PROPN
fbem-26230	278	8	(	(	PUNCT
fbem-26230	278	9	2016	2016	NUM
fbem-26230	278	10	)	)	PUNCT
fbem-26230	278	11	.	.	PUNCT
fbem-26230	279	1	a	a	DET
fbem-26230	279	2	study	study	NOUN
fbem-26230	279	3	on	on	ADP
fbem-26230	279	4	the	the	DET
fbem-26230	279	5	"	"	PUNCT
fbem-26230	279	6	sunshine	sunshine	NOUN
fbem-26230	279	7	and	and	CCONJ
fbem-26230	279	8	rain	rain	NOUN
fbem-26230	279	9	"	"	PUNCT
fbem-26230	279	10	effect	effect	NOUN
fbem-26230	279	11	of	of	ADP
fbem-26230	279	12	the	the	DET
fbem-26230	279	13	chinese	chinese	ADJ
fbem-26230	279	14	stock	stock	NOUN
fbem-26230	279	15	market	market	NOUN
fbem-26230	279	16	under	under	ADP
fbem-26230	279	17	a	a	DET
fbem-26230	279	18	time	time	NOUN
fbem-26230	279	19	-	-	PUNCT
fbem-26230	279	20	varying	vary	VERB
fbem-26230	279	21	framework	framework	NOUN
fbem-26230	279	22	.	.	PUNCT
fbem-26230	280	1	university	university	NOUN
fbem-26230	280	2	of	of	ADP
fbem-26230	280	3	science	science	NOUN
fbem-26230	280	4	and	and	CCONJ
fbem-26230	280	5	technology	technology	NOUN
fbem-26230	280	6	of	of	ADP
fbem-26230	280	7	china	china	PROPN
fbem-26230	280	8	.	.	PUNCT
fbem-26230	281	1	[	[	X
fbem-26230	281	2	10	10	NUM
fbem-26230	281	3	]	]	X
fbem-26230	281	4	jin	jin	NOUN
fbem-26230	281	5	,	,	PUNCT
fbem-26230	281	6	f.	f.	PROPN
fbem-26230	281	7	(	(	PUNCT
fbem-26230	281	8	2017	2017	NUM
fbem-26230	281	9	)	)	PUNCT
fbem-26230	281	10	.	.	PUNCT
fbem-26230	282	1	is	be	AUX
fbem-26230	282	2	the	the	DET
fbem-26230	282	3	chinese	chinese	ADJ
fbem-26230	282	4	stock	stock	NOUN
fbem-26230	282	5	market	market	NOUN
fbem-26230	282	6	a	a	DET
fbem-26230	282	7	barometer	barometer	NOUN
fbem-26230	282	8	of	of	ADP
fbem-26230	282	9	the	the	DET
fbem-26230	282	10	national	national	ADJ
fbem-26230	282	11	macroeconomy	macroeconomy	PROPN
fbem-26230	282	12	?	?	PUNCT
fbem-26230	283	1	shanxi	shanxi	PROPN
fbem-26230	283	2	university	university	PROPN
fbem-26230	283	3	of	of	ADP
fbem-26230	283	4	finance	finance	NOUN
fbem-26230	283	5	and	and	CCONJ
fbem-26230	283	6	economics	economic	NOUN
fbem-26230	283	7	.	.	PUNCT
fbem-26230	284	1	[	[	X
fbem-26230	284	2	11	11	NUM
fbem-26230	284	3	]	]	X
fbem-26230	284	4	zhang	zhang	PROPN
fbem-26230	284	5	,	,	PUNCT
fbem-26230	284	6	x.	x.	NOUN
fbem-26230	284	7	(	(	PUNCT
fbem-26230	284	8	2017	2017	NUM
fbem-26230	284	9	)	)	PUNCT
fbem-26230	284	10	.	.	PUNCT
fbem-26230	285	1	an	an	DET
fbem-26230	285	2	empirical	empirical	ADJ
fbem-26230	285	3	analysis	analysis	NOUN
fbem-26230	285	4	of	of	ADP
fbem-26230	285	5	the	the	DET
fbem-26230	285	6	relationship	relationship	NOUN
fbem-26230	285	7	between	between	ADP
fbem-26230	285	8	the	the	DET
fbem-26230	285	9	chinese	chinese	ADJ
fbem-26230	285	10	stock	stock	NOUN
fbem-26230	285	11	market	market	NOUN
fbem-26230	285	12	and	and	CCONJ
fbem-26230	285	13	macroeconomic	macroeconomic	ADJ
fbem-26230	285	14	operations	operation	NOUN
fbem-26230	285	15	.	.	PUNCT
fbem-26230	286	1	university	university	NOUN
fbem-26230	286	2	of	of	ADP
fbem-26230	286	3	chinese	chinese	PROPN
fbem-26230	286	4	academy	academy	PROPN
fbem-26230	286	5	of	of	ADP
fbem-26230	286	6	sciences	sciences	PROPN
fbem-26230	286	7	(	(	PUNCT
fbem-26230	286	8	wuhan	wuhan	PROPN
fbem-26230	286	9	institute	institute	PROPN
fbem-26230	286	10	of	of	ADP
fbem-26230	286	11	physics	physics	PROPN
fbem-26230	286	12	and	and	CCONJ
fbem-26230	286	13	mathematics	mathematic	NOUN
fbem-26230	286	14	)	)	PUNCT
fbem-26230	286	15	.	.	PUNCT