id	sid	tid	token	lemma	pos
fbem-27772	1	1	frontiers	frontier	NOUN
fbem-27772	1	2	in	in	ADP
fbem-27772	1	3	business	business	NOUN
fbem-27772	1	4	,	,	PUNCT
fbem-27772	1	5	economics	economic	NOUN
fbem-27772	1	6	and	and	CCONJ
fbem-27772	1	7	management	management	NOUN
fbem-27772	1	8	issn	issn	PROPN
fbem-27772	1	9	:	:	PUNCT
fbem-27772	1	10	2766	2766	NUM
fbem-27772	1	11	-	-	PUNCT
fbem-27772	1	12	824x	824x	NUM
fbem-27772	1	13	|	|	ADJ
fbem-27772	1	14	vol	vol	NOUN
fbem-27772	1	15	.	.	PROPN
fbem-27772	1	16	17	17	NUM
fbem-27772	1	17	,	,	PUNCT
fbem-27772	1	18	no	no	INTJ
fbem-27772	1	19	.	.	NOUN
fbem-27772	1	20	2	2	NUM
fbem-27772	1	21	,	,	PUNCT
fbem-27772	1	22	2024	2024	NUM
fbem-27772	1	23	418	418	NUM
fbem-27772	1	24	analysis	analysis	NOUN
fbem-27772	1	25	of	of	ADP
fbem-27772	1	26	foreign	foreign	ADJ
fbem-27772	1	27	exchange	exchange	NOUN
fbem-27772	1	28	rate	rate	NOUN
fbem-27772	1	29	volatility	volatility	NOUN
fbem-27772	1	30	based	base	VERB
fbem-27772	1	31	on	on	ADP
fbem-27772	1	32	the	the	DET
fbem-27772	1	33	garch	garch	NOUN
fbem-27772	1	34	model	model	NOUN
fbem-27772	1	35	weiyu	weiyu	PROPN
fbem-27772	1	36	chen	chen	PROPN
fbem-27772	2	1	*	*	PUNCT
fbem-27772	2	2	school	school	NOUN
fbem-27772	2	3	of	of	ADP
fbem-27772	2	4	economics	economic	NOUN
fbem-27772	2	5	and	and	CCONJ
fbem-27772	2	6	management	management	NOUN
fbem-27772	2	7	,	,	PUNCT
fbem-27772	2	8	nanjing	nanjing	PROPN
fbem-27772	2	9	forestry	forestry	PROPN
fbem-27772	2	10	university	university	PROPN
fbem-27772	2	11	,	,	PUNCT
fbem-27772	2	12	jurong	jurong	PROPN
fbem-27772	2	13	,	,	PUNCT
fbem-27772	2	14	china	china	PROPN
fbem-27772	2	15	*	*	PUNCT
fbem-27772	2	16	corresponding	correspond	VERB
fbem-27772	2	17	author	author	NOUN
fbem-27772	2	18	:	:	PUNCT
fbem-27772	2	19	weiyu	weiyu	PROPN
fbem-27772	2	20	chen	chen	PROPN
fbem-27772	2	21	(	(	PUNCT
fbem-27772	2	22	email	email	NOUN
fbem-27772	2	23	:	:	PUNCT
fbem-27772	2	24	19552392968@163.com	19552392968@163.com	NUM
fbem-27772	2	25	)	)	PUNCT
fbem-27772	2	26	abstract	abstract	NOUN
fbem-27772	2	27	:	:	PUNCT
fbem-27772	2	28	at	at	ADP
fbem-27772	2	29	present	present	ADJ
fbem-27772	2	30	,	,	PUNCT
fbem-27772	2	31	the	the	DET
fbem-27772	2	32	foreign	foreign	ADJ
fbem-27772	2	33	exchange	exchange	NOUN
fbem-27772	2	34	rate	rate	NOUN
fbem-27772	2	35	is	be	AUX
fbem-27772	2	36	still	still	ADV
fbem-27772	2	37	an	an	DET
fbem-27772	2	38	important	important	ADJ
fbem-27772	2	39	factor	factor	NOUN
fbem-27772	2	40	affecting	affect	VERB
fbem-27772	2	41	international	international	ADJ
fbem-27772	2	42	trade	trade	NOUN
fbem-27772	2	43	transactions	transaction	NOUN
fbem-27772	2	44	.	.	PUNCT
fbem-27772	3	1	since	since	SCONJ
fbem-27772	3	2	1990	1990	NUM
fbem-27772	3	3	,	,	PUNCT
fbem-27772	3	4	when	when	SCONJ
fbem-27772	3	5	the	the	DET
fbem-27772	3	6	yen	yen	NOUN
fbem-27772	3	7	first	first	ADV
fbem-27772	3	8	broke	break	VERB
fbem-27772	3	9	through	through	ADP
fbem-27772	3	10	the	the	DET
fbem-27772	3	11	150	150	NUM
fbem-27772	3	12	yen	yen	NOUN
fbem-27772	3	13	mark	mark	NOUN
fbem-27772	3	14	,	,	PUNCT
fbem-27772	3	15	the	the	DET
fbem-27772	3	16	yen	yen	NOUN
fbem-27772	3	17	has	have	AUX
fbem-27772	3	18	been	be	AUX
fbem-27772	3	19	depreciating	depreciate	VERB
fbem-27772	3	20	continuously	continuously	ADV
fbem-27772	3	21	.	.	PUNCT
fbem-27772	4	1	at	at	ADP
fbem-27772	4	2	the	the	DET
fbem-27772	4	3	end	end	NOUN
fbem-27772	4	4	of	of	ADP
fbem-27772	4	5	april	april	PROPN
fbem-27772	4	6	2024	2024	NUM
fbem-27772	4	7	,	,	PUNCT
fbem-27772	4	8	the	the	DET
fbem-27772	4	9	yen	yen	NOUN
fbem-27772	4	10	fell	fall	VERB
fbem-27772	4	11	to	to	ADP
fbem-27772	4	12	158	158	NUM
fbem-27772	4	13	yen	yen	NOUN
fbem-27772	4	14	to	to	ADP
fbem-27772	4	15	a	a	DET
fbem-27772	4	16	dollar	dollar	NOUN
fbem-27772	4	17	.	.	PUNCT
fbem-27772	5	1	according	accord	VERB
fbem-27772	5	2	to	to	ADP
fbem-27772	5	3	research	research	NOUN
fbem-27772	5	4	,	,	PUNCT
fbem-27772	5	5	the	the	DET
fbem-27772	5	6	fed	fed	PROPN
fbem-27772	5	7	's	's	PART
fbem-27772	5	8	interest	interest	NOUN
fbem-27772	5	9	rate	rate	NOUN
fbem-27772	5	10	hike	hike	NOUN
fbem-27772	5	11	policy	policy	NOUN
fbem-27772	5	12	has	have	AUX
fbem-27772	5	13	impacted	impact	VERB
fbem-27772	5	14	the	the	DET
fbem-27772	5	15	yen	yen	NOUN
fbem-27772	5	16	's	's	PART
fbem-27772	5	17	plunge	plunge	NOUN
fbem-27772	5	18	.	.	PUNCT
fbem-27772	6	1	this	this	DET
fbem-27772	6	2	paper	paper	NOUN
fbem-27772	6	3	takes	take	VERB
fbem-27772	6	4	this	this	DET
fbem-27772	6	5	event	event	NOUN
fbem-27772	6	6	as	as	ADP
fbem-27772	6	7	the	the	DET
fbem-27772	6	8	starting	starting	NOUN
fbem-27772	6	9	point	point	NOUN
fbem-27772	6	10	.	.	PUNCT
fbem-27772	7	1	it	it	PRON
fbem-27772	7	2	uses	use	VERB
fbem-27772	7	3	the	the	DET
fbem-27772	7	4	garch	garch	NOUN
fbem-27772	7	5	model	model	NOUN
fbem-27772	7	6	to	to	PART
fbem-27772	7	7	analyze	analyze	VERB
fbem-27772	7	8	the	the	DET
fbem-27772	7	9	financial	financial	ADJ
fbem-27772	7	10	time	time	NOUN
fbem-27772	7	11	series	series	NOUN
fbem-27772	7	12	of	of	ADP
fbem-27772	7	13	the	the	DET
fbem-27772	7	14	dollar	dollar	NOUN
fbem-27772	7	15	-	-	PUNCT
fbem-27772	7	16	yen	yen	NOUN
fbem-27772	7	17	exchange	exchange	NOUN
fbem-27772	7	18	rate	rate	NOUN
fbem-27772	7	19	,	,	PUNCT
fbem-27772	7	20	to	to	PART
fbem-27772	7	21	explore	explore	VERB
fbem-27772	7	22	its	its	PRON
fbem-27772	7	23	volatility	volatility	NOUN
fbem-27772	7	24	law	law	NOUN
fbem-27772	7	25	,	,	PUNCT
fbem-27772	7	26	to	to	PART
fbem-27772	7	27	bring	bring	VERB
fbem-27772	7	28	certain	certain	ADJ
fbem-27772	7	29	reference	reference	NOUN
fbem-27772	7	30	significance	significance	NOUN
fbem-27772	7	31	to	to	ADP
fbem-27772	7	32	china	china	PROPN
fbem-27772	7	33	's	's	PART
fbem-27772	7	34	monetary	monetary	ADJ
fbem-27772	7	35	policymakers	policymaker	NOUN
fbem-27772	7	36	.	.	PUNCT
fbem-27772	8	1	according	accord	VERB
fbem-27772	8	2	to	to	ADP
fbem-27772	8	3	the	the	DET
fbem-27772	8	4	empirical	empirical	ADJ
fbem-27772	8	5	analysis	analysis	NOUN
fbem-27772	8	6	,	,	PUNCT
fbem-27772	8	7	this	this	DET
fbem-27772	8	8	paper	paper	NOUN
fbem-27772	8	9	concludes	conclude	VERB
fbem-27772	8	10	that	that	SCONJ
fbem-27772	8	11	the	the	DET
fbem-27772	8	12	garch	garch	NOUN
fbem-27772	8	13	(	(	PUNCT
fbem-27772	8	14	1,1	1,1	NUM
fbem-27772	8	15	)	)	PUNCT
fbem-27772	8	16	model	model	NOUN
fbem-27772	8	17	can	can	AUX
fbem-27772	8	18	better	well	ADV
fbem-27772	8	19	capture	capture	VERB
fbem-27772	8	20	the	the	DET
fbem-27772	8	21	volatility	volatility	NOUN
fbem-27772	8	22	characteristics	characteristic	NOUN
fbem-27772	8	23	of	of	ADP
fbem-27772	8	24	this	this	DET
fbem-27772	8	25	sequence	sequence	NOUN
fbem-27772	8	26	.	.	PUNCT
fbem-27772	9	1	keywords	keyword	NOUN
fbem-27772	9	2	:	:	PUNCT
fbem-27772	9	3	yen	yen	NOUN
fbem-27772	9	4	exchange	exchange	NOUN
fbem-27772	9	5	rate	rate	NOUN
fbem-27772	9	6	,	,	PUNCT
fbem-27772	9	7	federal	federal	PROPN
fbem-27772	9	8	reserve	reserve	PROPN
fbem-27772	9	9	interest	interest	PROPN
fbem-27772	9	10	rate	rate	NOUN
fbem-27772	9	11	hike	hike	NOUN
fbem-27772	9	12	,	,	PUNCT
fbem-27772	9	13	financial	financial	ADJ
fbem-27772	9	14	time	time	NOUN
fbem-27772	9	15	series	series	NOUN
fbem-27772	9	16	,	,	PUNCT
fbem-27772	9	17	volatility	volatility	NOUN
fbem-27772	9	18	.	.	PUNCT
fbem-27772	10	1	1	1	X
fbem-27772	10	2	.	.	X
fbem-27772	10	3	introduction	introduction	NOUN
fbem-27772	10	4	in	in	ADP
fbem-27772	10	5	the	the	DET
fbem-27772	10	6	era	era	NOUN
fbem-27772	10	7	of	of	ADP
fbem-27772	10	8	economic	economic	ADJ
fbem-27772	10	9	globalization	globalization	NOUN
fbem-27772	10	10	,	,	PUNCT
fbem-27772	10	11	the	the	DET
fbem-27772	10	12	exchange	exchange	NOUN
fbem-27772	10	13	rate	rate	NOUN
fbem-27772	10	14	is	be	AUX
fbem-27772	10	15	an	an	DET
fbem-27772	10	16	important	important	ADJ
fbem-27772	10	17	bridge	bridge	NOUN
fbem-27772	10	18	connecting	connect	VERB
fbem-27772	10	19	the	the	DET
fbem-27772	10	20	economies	economy	NOUN
fbem-27772	10	21	of	of	ADP
fbem-27772	10	22	various	various	ADJ
fbem-27772	10	23	countries	country	NOUN
fbem-27772	10	24	,	,	PUNCT
fbem-27772	10	25	its	its	PRON
fbem-27772	10	26	volatility	volatility	NOUN
fbem-27772	10	27	pulls	pull	VERB
fbem-27772	10	28	the	the	DET
fbem-27772	10	29	lifeblood	lifeblood	NOUN
fbem-27772	10	30	of	of	ADP
fbem-27772	10	31	each	each	DET
fbem-27772	10	32	country	country	NOUN
fbem-27772	10	33	and	and	CCONJ
fbem-27772	10	34	international	international	ADJ
fbem-27772	10	35	trade	trade	NOUN
fbem-27772	10	36	transactions	transaction	NOUN
fbem-27772	10	37	.	.	PUNCT
fbem-27772	11	1	if	if	SCONJ
fbem-27772	11	2	we	we	PRON
fbem-27772	11	3	can	can	AUX
fbem-27772	11	4	grasp	grasp	VERB
fbem-27772	11	5	the	the	DET
fbem-27772	11	6	pattern	pattern	NOUN
fbem-27772	11	7	of	of	ADP
fbem-27772	11	8	exchange	exchange	NOUN
fbem-27772	11	9	rate	rate	NOUN
fbem-27772	11	10	fluctuations	fluctuation	NOUN
fbem-27772	11	11	and	and	CCONJ
fbem-27772	11	12	make	make	VERB
fbem-27772	11	13	forecasts	forecast	NOUN
fbem-27772	11	14	for	for	ADP
fbem-27772	11	15	the	the	DET
fbem-27772	11	16	future	future	NOUN
fbem-27772	11	17	based	base	VERB
fbem-27772	11	18	on	on	ADP
fbem-27772	11	19	historical	historical	ADJ
fbem-27772	11	20	data	datum	NOUN
fbem-27772	11	21	,	,	PUNCT
fbem-27772	11	22	it	it	PRON
fbem-27772	11	23	is	be	AUX
fbem-27772	11	24	of	of	ADP
fbem-27772	11	25	great	great	ADJ
fbem-27772	11	26	significance	significance	NOUN
fbem-27772	11	27	for	for	SCONJ
fbem-27772	11	28	countries	country	NOUN
fbem-27772	11	29	to	to	PART
fbem-27772	11	30	grasp	grasp	VERB
fbem-27772	11	31	the	the	DET
fbem-27772	11	32	exchange	exchange	NOUN
fbem-27772	11	33	rate	rate	NOUN
fbem-27772	11	34	market	market	NOUN
fbem-27772	11	35	and	and	CCONJ
fbem-27772	11	36	formulate	formulate	VERB
fbem-27772	11	37	monetary	monetary	ADJ
fbem-27772	11	38	policies	policy	NOUN
fbem-27772	11	39	.	.	PUNCT
fbem-27772	12	1	exchange	exchange	NOUN
fbem-27772	12	2	rate	rate	NOUN
fbem-27772	12	3	data	datum	NOUN
fbem-27772	12	4	has	have	VERB
fbem-27772	12	5	a	a	DET
fbem-27772	12	6	strong	strong	ADJ
fbem-27772	12	7	time	time	NOUN
fbem-27772	12	8	,	,	PUNCT
fbem-27772	12	9	and	and	CCONJ
fbem-27772	12	10	before	before	ADP
fbem-27772	12	11	and	and	CCONJ
fbem-27772	12	12	after	after	ADP
fbem-27772	12	13	the	the	DET
fbem-27772	12	14	strong	strong	ADJ
fbem-27772	12	15	interdependence	interdependence	NOUN
fbem-27772	12	16	of	of	ADP
fbem-27772	12	17	data	datum	NOUN
fbem-27772	12	18	,	,	PUNCT
fbem-27772	12	19	so	so	SCONJ
fbem-27772	12	20	it	it	PRON
fbem-27772	12	21	is	be	AUX
fbem-27772	12	22	a	a	DET
fbem-27772	12	23	financial	financial	ADJ
fbem-27772	12	24	time	time	NOUN
fbem-27772	12	25	series	series	NOUN
fbem-27772	12	26	.	.	PUNCT
fbem-27772	13	1	in	in	ADP
fbem-27772	13	2	the	the	DET
fbem-27772	13	3	financial	financial	ADJ
fbem-27772	13	4	field	field	NOUN
fbem-27772	13	5	,	,	PUNCT
fbem-27772	13	6	time	time	NOUN
fbem-27772	13	7	series	series	NOUN
fbem-27772	13	8	as	as	ADP
fbem-27772	13	9	an	an	DET
fbem-27772	13	10	important	important	ADJ
fbem-27772	13	11	type	type	NOUN
fbem-27772	13	12	of	of	ADP
fbem-27772	13	13	data	datum	NOUN
fbem-27772	13	14	,	,	PUNCT
fbem-27772	13	15	since	since	SCONJ
fbem-27772	13	16	1960	1960	NUM
fbem-27772	13	17	has	have	AUX
fbem-27772	13	18	been	be	AUX
fbem-27772	13	19	widely	widely	ADV
fbem-27772	13	20	studied	study	VERB
fbem-27772	13	21	,	,	PUNCT
fbem-27772	13	22	such	such	ADJ
fbem-27772	13	23	as	as	ADP
fbem-27772	13	24	the	the	DET
fbem-27772	13	25	use	use	NOUN
fbem-27772	13	26	of	of	ADP
fbem-27772	13	27	the	the	DET
fbem-27772	13	28	arma	arma	PROPN
fbem-27772	13	29	linear	linear	PROPN
fbem-27772	13	30	model	model	NOUN
fbem-27772	13	31	to	to	PART
fbem-27772	13	32	capture	capture	VERB
fbem-27772	13	33	the	the	DET
fbem-27772	13	34	autocorrelation	autocorrelation	NOUN
fbem-27772	13	35	characteristics	characteristic	NOUN
fbem-27772	13	36	of	of	ADP
fbem-27772	13	37	the	the	DET
fbem-27772	13	38	generation	generation	NOUN
fbem-27772	13	39	of	of	ADP
fbem-27772	13	40	smooth	smooth	ADJ
fbem-27772	13	41	time	time	NOUN
fbem-27772	13	42	series	series	NOUN
fbem-27772	13	43	,	,	PUNCT
fbem-27772	13	44	but	but	CCONJ
fbem-27772	13	45	some	some	PRON
fbem-27772	13	46	of	of	ADP
fbem-27772	13	47	the	the	DET
fbem-27772	13	48	time	time	NOUN
fbem-27772	13	49	series	series	PROPN
fbem-27772	13	50	itself	itself	PRON
fbem-27772	13	51	is	be	AUX
fbem-27772	13	52	not	not	PART
fbem-27772	13	53	smooth	smooth	ADJ
fbem-27772	13	54	when	when	SCONJ
fbem-27772	13	55	we	we	PRON
fbem-27772	13	56	have	have	VERB
fbem-27772	13	57	to	to	PART
fbem-27772	13	58	use	use	VERB
fbem-27772	13	59	the	the	DET
fbem-27772	13	60	arima	arima	PROPN
fbem-27772	13	61	model	model	NOUN
fbem-27772	13	62	.	.	PUNCT
fbem-27772	14	1	for	for	ADP
fbem-27772	14	2	the	the	DET
fbem-27772	14	3	study	study	NOUN
fbem-27772	14	4	of	of	ADP
fbem-27772	14	5	volatility	volatility	NOUN
fbem-27772	14	6	as	as	ADP
fbem-27772	14	7	a	a	DET
fbem-27772	14	8	feature	feature	NOUN
fbem-27772	14	9	,	,	PUNCT
fbem-27772	14	10	the	the	DET
fbem-27772	14	11	most	most	ADV
fbem-27772	14	12	common	common	ADJ
fbem-27772	14	13	are	be	AUX
fbem-27772	14	14	arch	arch	ADJ
fbem-27772	14	15	and	and	CCONJ
fbem-27772	14	16	garch	garch	NOUN
fbem-27772	14	17	models	model	NOUN
fbem-27772	14	18	.	.	PUNCT
fbem-27772	15	1	at	at	ADP
fbem-27772	15	2	present	present	ADJ
fbem-27772	15	3	,	,	PUNCT
fbem-27772	15	4	many	many	ADJ
fbem-27772	15	5	scholars	scholar	NOUN
fbem-27772	15	6	recognize	recognize	VERB
fbem-27772	15	7	the	the	DET
fbem-27772	15	8	importance	importance	NOUN
fbem-27772	15	9	of	of	ADP
fbem-27772	15	10	the	the	DET
fbem-27772	15	11	exchange	exchange	NOUN
fbem-27772	15	12	rate	rate	NOUN
fbem-27772	15	13	and	and	CCONJ
fbem-27772	15	14	have	have	AUX
fbem-27772	15	15	carried	carry	VERB
fbem-27772	15	16	out	out	ADP
fbem-27772	15	17	rich	rich	ADJ
fbem-27772	15	18	research	research	NOUN
fbem-27772	15	19	on	on	ADP
fbem-27772	15	20	this	this	PRON
fbem-27772	15	21	.	.	PUNCT
fbem-27772	16	1	some	some	DET
fbem-27772	16	2	scholars	scholar	NOUN
fbem-27772	16	3	have	have	AUX
fbem-27772	16	4	studied	study	VERB
fbem-27772	16	5	the	the	DET
fbem-27772	16	6	spillover	spillover	ADJ
fbem-27772	16	7	effect	effect	NOUN
fbem-27772	16	8	of	of	ADP
fbem-27772	16	9	the	the	DET
fbem-27772	16	10	fed	fed	PROPN
fbem-27772	16	11	's	's	PART
fbem-27772	16	12	interest	interest	NOUN
fbem-27772	16	13	rate	rate	NOUN
fbem-27772	16	14	hike	hike	PROPN
fbem-27772	16	15	on	on	ADP
fbem-27772	16	16	china	china	PROPN
fbem-27772	16	17	's	's	PART
fbem-27772	16	18	output	output	NOUN
fbem-27772	16	19	since	since	SCONJ
fbem-27772	16	20	2015	2015	NUM
fbem-27772	16	21	and	and	CCONJ
fbem-27772	16	22	concluded	conclude	VERB
fbem-27772	16	23	that	that	SCONJ
fbem-27772	16	24	the	the	DET
fbem-27772	16	25	spillover	spillover	ADJ
fbem-27772	16	26	effect	effect	NOUN
fbem-27772	16	27	of	of	ADP
fbem-27772	16	28	the	the	DET
fbem-27772	16	29	exchange	exchange	NOUN
fbem-27772	16	30	rate	rate	NOUN
fbem-27772	16	31	and	and	CCONJ
fbem-27772	16	32	interest	interest	NOUN
fbem-27772	16	33	rate	rate	NOUN
fbem-27772	16	34	is	be	AUX
fbem-27772	16	35	relatively	relatively	ADV
fbem-27772	16	36	small	small	ADJ
fbem-27772	16	37	,	,	PUNCT
fbem-27772	16	38	proving	prove	VERB
fbem-27772	16	39	that	that	SCONJ
fbem-27772	16	40	china	china	PROPN
fbem-27772	16	41	's	's	PART
fbem-27772	16	42	ability	ability	NOUN
fbem-27772	16	43	to	to	PART
fbem-27772	16	44	resist	resist	VERB
fbem-27772	16	45	external	external	ADJ
fbem-27772	16	46	risks	risk	NOUN
fbem-27772	16	47	has	have	AUX
fbem-27772	16	48	improved	improve	VERB
fbem-27772	16	49	in	in	ADP
fbem-27772	16	50	recent	recent	ADJ
fbem-27772	16	51	years	year	NOUN
fbem-27772	17	1	[	[	X
fbem-27772	17	2	1	1	NUM
fbem-27772	17	3	]	]	PUNCT
fbem-27772	17	4	.	.	PUNCT
fbem-27772	18	1	there	there	PRON
fbem-27772	18	2	are	be	VERB
fbem-27772	18	3	also	also	ADV
fbem-27772	18	4	scholars	scholar	NOUN
fbem-27772	18	5	on	on	ADP
fbem-27772	18	6	the	the	DET
fbem-27772	18	7	financial	financial	ADJ
fbem-27772	18	8	crisis	crisis	NOUN
fbem-27772	18	9	since	since	SCONJ
fbem-27772	18	10	japan	japan	PROPN
fbem-27772	18	11	's	's	PART
fbem-27772	18	12	easing	easing	NOUN
fbem-27772	18	13	of	of	ADP
fbem-27772	18	14	monetary	monetary	ADJ
fbem-27772	18	15	policy	policy	NOUN
fbem-27772	18	16	on	on	ADP
fbem-27772	18	17	the	the	DET
fbem-27772	18	18	yen	yen	NOUN
fbem-27772	18	19	exchange	exchange	NOUN
fbem-27772	18	20	rate	rate	NOUN
fbem-27772	18	21	research	research	NOUN
fbem-27772	18	22	,	,	PUNCT
fbem-27772	18	23	research	research	NOUN
fbem-27772	18	24	shows	show	VERB
fbem-27772	18	25	that	that	SCONJ
fbem-27772	18	26	this	this	DET
fbem-27772	18	27	loose	loose	ADJ
fbem-27772	18	28	policy	policy	NOUN
fbem-27772	18	29	made	make	VERB
fbem-27772	18	30	the	the	DET
fbem-27772	18	31	yen	yen	NOUN
fbem-27772	18	32	in	in	ADP
fbem-27772	18	33	the	the	DET
fbem-27772	18	34	short	short	ADJ
fbem-27772	18	35	term	term	NOUN
fbem-27772	18	36	depreciation	depreciation	NOUN
fbem-27772	18	37	,	,	PUNCT
fbem-27772	18	38	but	but	CCONJ
fbem-27772	18	39	in	in	ADP
fbem-27772	18	40	the	the	DET
fbem-27772	18	41	long	long	ADJ
fbem-27772	18	42	term	term	NOUN
fbem-27772	18	43	,	,	PUNCT
fbem-27772	18	44	the	the	DET
fbem-27772	18	45	yen	yen	NOUN
fbem-27772	18	46	depreciation	depreciation	NOUN
fbem-27772	18	47	is	be	AUX
fbem-27772	18	48	japan	japan	PROPN
fbem-27772	18	49	's	's	PART
fbem-27772	18	50	solution	solution	NOUN
fbem-27772	18	51	to	to	ADP
fbem-27772	18	52	the	the	DET
fbem-27772	18	53	economic	economic	ADJ
fbem-27772	18	54	problems	problem	NOUN
fbem-27772	18	55	of	of	ADP
fbem-27772	18	56	the	the	DET
fbem-27772	18	57	most	most	ADV
fbem-27772	18	58	effective	effective	ADJ
fbem-27772	18	59	means	mean	NOUN
fbem-27772	18	60	,	,	PUNCT
fbem-27772	18	61	but	but	CCONJ
fbem-27772	18	62	the	the	DET
fbem-27772	18	63	depreciation	depreciation	NOUN
fbem-27772	18	64	of	of	ADP
fbem-27772	18	65	the	the	DET
fbem-27772	18	66	space	space	NOUN
fbem-27772	18	67	will	will	AUX
fbem-27772	18	68	be	be	AUX
fbem-27772	18	69	affected	affect	VERB
fbem-27772	18	70	by	by	ADP
fbem-27772	18	71	the	the	DET
fbem-27772	18	72	u.s	u.s	PROPN
fbem-27772	18	73	.	.	PROPN
fbem-27772	18	74	policy[2	policy[2	PROPN
fbem-27772	18	75	]	]	PUNCT
fbem-27772	18	76	.	.	PUNCT
fbem-27772	19	1	it	it	PRON
fbem-27772	19	2	can	can	AUX
fbem-27772	19	3	be	be	AUX
fbem-27772	19	4	seen	see	VERB
fbem-27772	19	5	that	that	SCONJ
fbem-27772	19	6	the	the	DET
fbem-27772	19	7	u.s	u.s	PROPN
fbem-27772	19	8	.	.	PROPN
fbem-27772	19	9	dollar	dollar	NOUN
fbem-27772	19	10	as	as	ADP
fbem-27772	19	11	an	an	DET
fbem-27772	19	12	important	important	ADJ
fbem-27772	19	13	reserve	reserve	NOUN
fbem-27772	19	14	currency	currency	NOUN
fbem-27772	19	15	in	in	ADP
fbem-27772	19	16	the	the	DET
fbem-27772	19	17	international	international	ADJ
fbem-27772	19	18	market	market	NOUN
fbem-27772	19	19	,	,	PUNCT
fbem-27772	19	20	its	its	PRON
fbem-27772	19	21	position	position	NOUN
fbem-27772	19	22	is	be	AUX
fbem-27772	19	23	significant	significant	ADJ
fbem-27772	19	24	,	,	PUNCT
fbem-27772	19	25	and	and	CCONJ
fbem-27772	19	26	the	the	DET
fbem-27772	19	27	adjustment	adjustment	NOUN
fbem-27772	19	28	of	of	ADP
fbem-27772	19	29	u.s	u.s	PROPN
fbem-27772	19	30	.	.	PROPN
fbem-27772	19	31	monetary	monetary	ADJ
fbem-27772	19	32	policy	policy	NOUN
fbem-27772	19	33	affects	affect	VERB
fbem-27772	19	34	the	the	DET
fbem-27772	19	35	dollar	dollar	NOUN
fbem-27772	19	36	exchange	exchange	NOUN
fbem-27772	19	37	rate	rate	NOUN
fbem-27772	19	38	,	,	PUNCT
fbem-27772	19	39	thus	thus	ADV
fbem-27772	19	40	affecting	affect	VERB
fbem-27772	19	41	the	the	DET
fbem-27772	19	42	global	global	ADJ
fbem-27772	19	43	economic	economic	ADJ
fbem-27772	19	44	situation	situation	NOUN
fbem-27772	19	45	.	.	PUNCT
fbem-27772	20	1	the	the	DET
fbem-27772	20	2	volatility	volatility	NOUN
fbem-27772	20	3	of	of	ADP
fbem-27772	20	4	financial	financial	ADJ
fbem-27772	20	5	time	time	NOUN
fbem-27772	20	6	series	series	NOUN
fbem-27772	20	7	is	be	AUX
fbem-27772	20	8	an	an	DET
fbem-27772	20	9	important	important	ADJ
fbem-27772	20	10	feature	feature	NOUN
fbem-27772	20	11	,	,	PUNCT
fbem-27772	20	12	which	which	PRON
fbem-27772	20	13	refers	refer	VERB
fbem-27772	20	14	to	to	ADP
fbem-27772	20	15	the	the	DET
fbem-27772	20	16	fluctuation	fluctuation	NOUN
fbem-27772	20	17	of	of	ADP
fbem-27772	20	18	data	datum	NOUN
fbem-27772	20	19	in	in	ADP
fbem-27772	20	20	shorter	short	ADJ
fbem-27772	20	21	time	time	NOUN
fbem-27772	20	22	scales	scale	NOUN
fbem-27772	20	23	,	,	PUNCT
fbem-27772	20	24	high	high	ADJ
fbem-27772	20	25	fluctuations	fluctuation	NOUN
fbem-27772	20	26	tend	tend	VERB
fbem-27772	20	27	to	to	PART
fbem-27772	20	28	be	be	AUX
fbem-27772	20	29	accompanied	accompany	VERB
fbem-27772	20	30	by	by	ADP
fbem-27772	20	31	high	high	ADJ
fbem-27772	20	32	fluctuations	fluctuation	NOUN
fbem-27772	20	33	,	,	PUNCT
fbem-27772	20	34	and	and	CCONJ
fbem-27772	20	35	low	low	ADJ
fbem-27772	20	36	fluctuations	fluctuation	NOUN
fbem-27772	20	37	follow	follow	VERB
fbem-27772	20	38	low	low	ADJ
fbem-27772	20	39	fluctuations	fluctuation	NOUN
fbem-27772	20	40	,	,	PUNCT
fbem-27772	20	41	thus	thus	ADV
fbem-27772	20	42	forming	form	VERB
fbem-27772	20	43	peaks	peak	NOUN
fbem-27772	20	44	and	and	CCONJ
fbem-27772	20	45	troughs	trough	NOUN
fbem-27772	20	46	.	.	PUNCT
fbem-27772	21	1	volatility	volatility	NOUN
fbem-27772	21	2	characteristics	characteristic	NOUN
fbem-27772	21	3	in	in	ADP
fbem-27772	21	4	recent	recent	ADJ
fbem-27772	21	5	years	year	NOUN
fbem-27772	21	6	have	have	AUX
fbem-27772	21	7	helped	help	VERB
fbem-27772	21	8	investors	investor	NOUN
fbem-27772	21	9	to	to	PART
fbem-27772	21	10	better	well	ADV
fbem-27772	21	11	assess	assess	VERB
fbem-27772	21	12	the	the	DET
fbem-27772	21	13	risk	risk	NOUN
fbem-27772	21	14	of	of	ADP
fbem-27772	21	15	their	their	PRON
fbem-27772	21	16	portfolios	portfolio	NOUN
fbem-27772	21	17	and	and	CCONJ
fbem-27772	21	18	capture	capture	VERB
fbem-27772	21	19	changes	change	NOUN
fbem-27772	21	20	in	in	ADP
fbem-27772	21	21	the	the	DET
fbem-27772	21	22	market	market	NOUN
fbem-27772	21	23	ahead	ahead	ADV
fbem-27772	21	24	of	of	ADP
fbem-27772	21	25	time	time	NOUN
fbem-27772	21	26	so	so	SCONJ
fbem-27772	21	27	that	that	SCONJ
fbem-27772	21	28	they	they	PRON
fbem-27772	21	29	can	can	AUX
fbem-27772	21	30	formulate	formulate	VERB
fbem-27772	21	31	effective	effective	ADJ
fbem-27772	21	32	management	management	NOUN
fbem-27772	21	33	policies	policy	NOUN
fbem-27772	21	34	.	.	PUNCT
fbem-27772	22	1	at	at	ADP
fbem-27772	22	2	the	the	DET
fbem-27772	22	3	end	end	NOUN
fbem-27772	22	4	of	of	ADP
fbem-27772	22	5	april	april	PROPN
fbem-27772	22	6	2024	2024	NUM
fbem-27772	22	7	,	,	PUNCT
fbem-27772	22	8	the	the	DET
fbem-27772	22	9	yen	yen	NOUN
fbem-27772	22	10	burst	burst	VERB
fbem-27772	22	11	into	into	ADP
fbem-27772	22	12	the	the	DET
fbem-27772	22	13	cold	cold	NOUN
fbem-27772	22	14	for	for	ADP
fbem-27772	22	15	a	a	DET
fbem-27772	22	16	while	while	NOUN
fbem-27772	22	17	,	,	PUNCT
fbem-27772	22	18	causing	cause	VERB
fbem-27772	22	19	concern	concern	NOUN
fbem-27772	22	20	in	in	ADP
fbem-27772	22	21	the	the	DET
fbem-27772	22	22	market	market	NOUN
fbem-27772	22	23	.	.	PUNCT
fbem-27772	23	1	according	accord	VERB
fbem-27772	23	2	to	to	ADP
fbem-27772	23	3	the	the	DET
fbem-27772	23	4	analysis	analysis	NOUN
fbem-27772	23	5	,	,	PUNCT
fbem-27772	23	6	as	as	SCONJ
fbem-27772	23	7	the	the	DET
fbem-27772	23	8	yen	yen	NOUN
fbem-27772	23	9	interest	interest	NOUN
fbem-27772	23	10	rate	rate	NOUN
fbem-27772	23	11	has	have	AUX
fbem-27772	23	12	been	be	AUX
fbem-27772	23	13	kept	keep	VERB
fbem-27772	23	14	at	at	ADP
fbem-27772	23	15	nearly	nearly	ADV
fbem-27772	23	16	zero	zero	NUM
fbem-27772	23	17	level	level	NOUN
fbem-27772	23	18	,	,	PUNCT
fbem-27772	23	19	and	and	CCONJ
fbem-27772	23	20	the	the	DET
fbem-27772	23	21	fed	fed	PROPN
fbem-27772	23	22	's	's	PART
fbem-27772	23	23	aggressive	aggressive	ADJ
fbem-27772	23	24	interest	interest	NOUN
fbem-27772	23	25	rate	rate	NOUN
fbem-27772	23	26	hiking	hiking	NOUN
fbem-27772	23	27	policy	policy	NOUN
fbem-27772	23	28	eventually	eventually	ADV
fbem-27772	23	29	contributed	contribute	VERB
fbem-27772	23	30	to	to	ADP
fbem-27772	23	31	the	the	DET
fbem-27772	23	32	current	current	ADJ
fbem-27772	23	33	situation	situation	NOUN
fbem-27772	23	34	of	of	ADP
fbem-27772	23	35	the	the	DET
fbem-27772	23	36	yen	yen	NOUN
fbem-27772	23	37	's	's	PART
fbem-27772	23	38	plunge	plunge	NOUN
fbem-27772	23	39	.	.	PUNCT
fbem-27772	24	1	at	at	ADP
fbem-27772	24	2	present	present	ADJ
fbem-27772	24	3	,	,	PUNCT
fbem-27772	24	4	china	china	PROPN
fbem-27772	24	5	's	's	PART
fbem-27772	24	6	research	research	NOUN
fbem-27772	24	7	on	on	ADP
fbem-27772	24	8	foreign	foreign	ADJ
fbem-27772	24	9	exchange	exchange	NOUN
fbem-27772	24	10	is	be	AUX
fbem-27772	24	11	mainly	mainly	ADV
fbem-27772	24	12	focused	focus	VERB
fbem-27772	24	13	on	on	ADP
fbem-27772	24	14	the	the	DET
fbem-27772	24	15	rmb	rmb	PROPN
fbem-27772	24	16	exchange	exchange	NOUN
fbem-27772	24	17	rate	rate	NOUN
fbem-27772	24	18	,	,	PUNCT
fbem-27772	24	19	the	the	DET
fbem-27772	24	20	study	study	NOUN
fbem-27772	24	21	of	of	ADP
fbem-27772	24	22	the	the	DET
fbem-27772	24	23	dollar	dollar	NOUN
fbem-27772	24	24	-	-	PUNCT
fbem-27772	24	25	yen	yen	NOUN
fbem-27772	24	26	exchange	exchange	NOUN
fbem-27772	24	27	rate	rate	NOUN
fbem-27772	24	28	mostly	mostly	ADV
fbem-27772	24	29	stays	stay	VERB
fbem-27772	24	30	at	at	ADP
fbem-27772	24	31	the	the	DET
fbem-27772	24	32	theoretical	theoretical	ADJ
fbem-27772	24	33	level	level	NOUN
fbem-27772	24	34	,	,	PUNCT
fbem-27772	24	35	a	a	DET
fbem-27772	24	36	few	few	ADJ
fbem-27772	24	37	uses	use	VERB
fbem-27772	24	38	empirical	empirical	ADJ
fbem-27772	24	39	analysis	analysis	NOUN
fbem-27772	24	40	of	of	ADP
fbem-27772	24	41	the	the	DET
fbem-27772	24	42	literature	literature	NOUN
fbem-27772	24	43	data	datum	NOUN
fbem-27772	24	44	using	use	VERB
fbem-27772	24	45	a	a	DET
fbem-27772	24	46	distance	distance	NOUN
fbem-27772	24	47	from	from	ADP
fbem-27772	24	48	the	the	DET
fbem-27772	24	49	present	present	ADJ
fbem-27772	24	50	day	day	NOUN
fbem-27772	24	51	,	,	PUNCT
fbem-27772	24	52	for	for	ADP
fbem-27772	24	53	the	the	DET
fbem-27772	24	54	fast	fast	ADV
fbem-27772	24	55	-	-	PUNCT
fbem-27772	24	56	changing	change	VERB
fbem-27772	24	57	foreign	foreign	ADJ
fbem-27772	24	58	exchange	exchange	NOUN
fbem-27772	24	59	market	market	NOUN
fbem-27772	24	60	for	for	ADP
fbem-27772	24	61	the	the	DET
fbem-27772	24	62	lack	lack	NOUN
fbem-27772	24	63	of	of	ADP
fbem-27772	24	64	effective	effective	ADJ
fbem-27772	24	65	proof	proof	NOUN
fbem-27772	24	66	.	.	PUNCT
fbem-27772	25	1	therefore	therefore	ADV
fbem-27772	25	2	,	,	PUNCT
fbem-27772	25	3	this	this	DET
fbem-27772	25	4	paper	paper	NOUN
fbem-27772	25	5	will	will	AUX
fbem-27772	25	6	borrow	borrow	VERB
fbem-27772	25	7	the	the	DET
fbem-27772	25	8	yen	yen	NOUN
fbem-27772	25	9	plunge	plunge	NOUN
fbem-27772	25	10	this	this	DET
fbem-27772	25	11	hot	hot	ADJ
fbem-27772	25	12	financial	financial	ADJ
fbem-27772	25	13	event	event	NOUN
fbem-27772	25	14	,	,	PUNCT
fbem-27772	25	15	the	the	DET
fbem-27772	25	16	use	use	NOUN
fbem-27772	25	17	of	of	ADP
fbem-27772	25	18	garch	garch	NOUN
fbem-27772	25	19	model	model	NOUN
fbem-27772	25	20	on	on	ADP
fbem-27772	25	21	the	the	DET
fbem-27772	25	22	dollar	dollar	NOUN
fbem-27772	25	23	against	against	ADP
fbem-27772	25	24	the	the	DET
fbem-27772	25	25	yen	yen	NOUN
fbem-27772	25	26	exchange	exchange	NOUN
fbem-27772	25	27	rate	rate	NOUN
fbem-27772	25	28	to	to	PART
fbem-27772	25	29	carry	carry	VERB
fbem-27772	25	30	out	out	ADP
fbem-27772	25	31	in	in	ADP
fbem-27772	25	32	-	-	PUNCT
fbem-27772	25	33	depth	depth	NOUN
fbem-27772	25	34	research	research	NOUN
fbem-27772	25	35	,	,	PUNCT
fbem-27772	25	36	to	to	PART
fbem-27772	25	37	capture	capture	VERB
fbem-27772	25	38	its	its	PRON
fbem-27772	25	39	volatility	volatility	NOUN
fbem-27772	25	40	characteristics	characteristic	NOUN
fbem-27772	25	41	and	and	CCONJ
fbem-27772	25	42	its	its	PRON
fbem-27772	25	43	changes	change	NOUN
fbem-27772	25	44	,	,	PUNCT
fbem-27772	25	45	for	for	SCONJ
fbem-27772	25	46	china	china	PROPN
fbem-27772	25	47	's	's	PART
fbem-27772	25	48	foreign	foreign	ADJ
fbem-27772	25	49	exchange	exchange	NOUN
fbem-27772	25	50	market	market	NOUN
fbem-27772	25	51	to	to	PART
fbem-27772	25	52	provide	provide	VERB
fbem-27772	25	53	empirical	empirical	ADJ
fbem-27772	25	54	evidence	evidence	NOUN
fbem-27772	25	55	basis	basis	NOUN
fbem-27772	25	56	.	.	PUNCT
fbem-27772	26	1	2	2	X
fbem-27772	26	2	.	.	X
fbem-27772	26	3	literature	literature	NOUN
fbem-27772	26	4	review	review	NOUN
fbem-27772	26	5	this	this	DET
fbem-27772	26	6	study	study	NOUN
fbem-27772	26	7	is	be	AUX
fbem-27772	26	8	a	a	DET
fbem-27772	26	9	study	study	NOUN
fbem-27772	26	10	of	of	ADP
fbem-27772	26	11	exchange	exchange	NOUN
fbem-27772	26	12	rate	rate	NOUN
fbem-27772	26	13	volatility	volatility	NOUN
fbem-27772	26	14	between	between	ADP
fbem-27772	26	15	the	the	DET
fbem-27772	26	16	u.s	u.s	PROPN
fbem-27772	26	17	.	.	PROPN
fbem-27772	26	18	dollar	dollar	NOUN
fbem-27772	26	19	and	and	CCONJ
fbem-27772	26	20	the	the	DET
fbem-27772	26	21	japanese	japanese	ADJ
fbem-27772	26	22	yen	yen	NOUN
fbem-27772	26	23	using	use	VERB
fbem-27772	26	24	a	a	DET
fbem-27772	26	25	garch	garch	NOUN
fbem-27772	26	26	-	-	PUNCT
fbem-27772	26	27	like	like	ADJ
fbem-27772	26	28	model	model	NOUN
fbem-27772	26	29	against	against	ADP
fbem-27772	26	30	the	the	DET
fbem-27772	26	31	background	background	NOUN
fbem-27772	26	32	of	of	ADP
fbem-27772	26	33	the	the	DET
fbem-27772	26	34	current	current	ADJ
fbem-27772	26	35	interest	interest	NOUN
fbem-27772	26	36	rate	rate	NOUN
fbem-27772	26	37	hike	hike	NOUN
fbem-27772	26	38	of	of	ADP
fbem-27772	26	39	the	the	DET
fbem-27772	26	40	u.s	u.s	PROPN
fbem-27772	26	41	.	.	PROPN
fbem-27772	26	42	dollar	dollar	NOUN
fbem-27772	26	43	and	and	CCONJ
fbem-27772	26	44	the	the	DET
fbem-27772	26	45	continued	continue	VERB
fbem-27772	26	46	depreciation	depreciation	NOUN
fbem-27772	26	47	of	of	ADP
fbem-27772	26	48	the	the	DET
fbem-27772	26	49	japanese	japanese	ADJ
fbem-27772	26	50	yen	yen	NOUN
fbem-27772	26	51	,	,	PUNCT
fbem-27772	26	52	and	and	CCONJ
fbem-27772	26	53	the	the	DET
fbem-27772	26	54	related	related	ADJ
fbem-27772	26	55	literature	literature	NOUN
fbem-27772	26	56	is	be	AUX
fbem-27772	26	57	synthesized	synthesize	VERB
fbem-27772	26	58	from	from	ADP
fbem-27772	26	59	the	the	DET
fbem-27772	26	60	following	follow	VERB
fbem-27772	26	61	aspects	aspect	NOUN
fbem-27772	26	62	.	.	PUNCT
fbem-27772	27	1	first	first	ADV
fbem-27772	27	2	,	,	PUNCT
fbem-27772	27	3	from	from	ADP
fbem-27772	27	4	the	the	DET
fbem-27772	27	5	application	application	NOUN
fbem-27772	27	6	level	level	NOUN
fbem-27772	27	7	,	,	PUNCT
fbem-27772	27	8	the	the	DET
fbem-27772	27	9	us	us	PROPN
fbem-27772	27	10	dollar	dollar	NOUN
fbem-27772	27	11	is	be	AUX
fbem-27772	27	12	the	the	DET
fbem-27772	27	13	most	most	ADV
fbem-27772	27	14	widely	widely	ADV
fbem-27772	27	15	circulated	circulate	VERB
fbem-27772	27	16	currency	currency	NOUN
fbem-27772	27	17	in	in	ADP
fbem-27772	27	18	the	the	DET
fbem-27772	27	19	global	global	ADJ
fbem-27772	27	20	currency	currency	NOUN
fbem-27772	27	21	market	market	NOUN
fbem-27772	27	22	,	,	PUNCT
fbem-27772	27	23	while	while	SCONJ
fbem-27772	27	24	the	the	DET
fbem-27772	27	25	japanese	japanese	ADJ
fbem-27772	27	26	yen	yen	NOUN
fbem-27772	27	27	is	be	AUX
fbem-27772	27	28	one	one	NUM
fbem-27772	27	29	of	of	ADP
fbem-27772	27	30	the	the	DET
fbem-27772	27	31	three	three	NUM
fbem-27772	27	32	internationally	internationally	ADV
fbem-27772	27	33	recognized	recognize	VERB
fbem-27772	27	34	safe	safe	ADJ
fbem-27772	27	35	-	-	PUNCT
fbem-27772	27	36	haven	haven	NOUN
fbem-27772	27	37	currencies	currency	NOUN
fbem-27772	27	38	,	,	PUNCT
fbem-27772	27	39	and	and	CCONJ
fbem-27772	27	40	its	its	PRON
fbem-27772	27	41	value	value	NOUN
fbem-27772	27	42	is	be	AUX
fbem-27772	27	43	usually	usually	ADV
fbem-27772	27	44	more	more	ADV
fbem-27772	27	45	stable	stable	ADJ
fbem-27772	27	46	.	.	PUNCT
fbem-27772	28	1	yanhong	yanhong	PROPN
fbem-27772	28	2	zhang	zhang	PROPN
fbem-27772	28	3	used	use	VERB
fbem-27772	28	4	the	the	DET
fbem-27772	28	5	vix	vix	PROPN
fbem-27772	28	6	index	index	NOUN
fbem-27772	28	7	as	as	ADP
fbem-27772	28	8	a	a	DET
fbem-27772	28	9	risk	risk	NOUN
fbem-27772	28	10	indicator	indicator	NOUN
fbem-27772	28	11	to	to	PART
fbem-27772	28	12	empirically	empirically	ADV
fbem-27772	28	13	analyze	analyze	VERB
fbem-27772	28	14	the	the	DET
fbem-27772	28	15	yen	yen	NOUN
fbem-27772	28	16	as	as	ADP
fbem-27772	28	17	a	a	DET
fbem-27772	28	18	safe	safe	ADJ
fbem-27772	28	19	-	-	PUNCT
fbem-27772	28	20	haven	haven	NOUN
fbem-27772	28	21	currency	currency	NOUN
fbem-27772	28	22	and	and	CCONJ
fbem-27772	28	23	proved	prove	VERB
fbem-27772	28	24	that	that	SCONJ
fbem-27772	28	25	the	the	DET
fbem-27772	28	26	vix	vix	PROPN
fbem-27772	28	27	index	index	NOUN
fbem-27772	28	28	is	be	AUX
fbem-27772	28	29	negatively	negatively	ADV
fbem-27772	28	30	correlated	correlate	VERB
fbem-27772	28	31	with	with	ADP
fbem-27772	28	32	the	the	DET
fbem-27772	28	33	us	us	PROPN
fbem-27772	28	34	dollar	dollar	NOUN
fbem-27772	28	35	-	-	PUNCT
fbem-27772	28	36	yen	yen	NOUN
fbem-27772	28	37	exchange	exchange	NOUN
fbem-27772	28	38	rate	rate	NOUN
fbem-27772	28	39	through	through	ADP
fbem-27772	28	40	the	the	DET
fbem-27772	28	41	establishment	establishment	NOUN
fbem-27772	28	42	of	of	ADP
fbem-27772	28	43	an	an	DET
fbem-27772	28	44	error	error	NOUN
fbem-27772	28	45	-	-	PUNCT
fbem-27772	28	46	correction	correction	NOUN
fbem-27772	28	47	model	model	NOUN
fbem-27772	28	48	,	,	PUNCT
fbem-27772	28	49	while	while	SCONJ
fbem-27772	28	50	the	the	DET
fbem-27772	28	51	impulse	impulse	ADJ
fbem-27772	28	52	response	response	NOUN
fbem-27772	28	53	analysis	analysis	NOUN
fbem-27772	28	54	further	far	ADV
fbem-27772	28	55	proved	prove	VERB
fbem-27772	28	56	that	that	SCONJ
fbem-27772	28	57	the	the	DET
fbem-27772	28	58	yen	yen	NOUN
fbem-27772	28	59	is	be	AUX
fbem-27772	28	60	a	a	DET
fbem-27772	28	61	better	well	ADJ
fbem-27772	28	62	safehaven	safehaven	ADJ
fbem-27772	28	63	currency	currency	NOUN
fbem-27772	28	64	than	than	ADP
fbem-27772	28	65	the	the	DET
fbem-27772	28	66	us	us	PROPN
fbem-27772	28	67	dollar	dollar	NOUN
fbem-27772	28	68	,	,	PUNCT
fbem-27772	28	69	thus	thus	ADV
fbem-27772	28	70	indicating	indicate	VERB
fbem-27772	28	71	that	that	SCONJ
fbem-27772	28	72	the	the	DET
fbem-27772	28	73	yen	yen	NOUN
fbem-27772	28	74	exchange	exchange	NOUN
fbem-27772	28	75	rate	rate	NOUN
fbem-27772	28	76	fluctuations	fluctuation	NOUN
fbem-27772	28	77	have	have	VERB
fbem-27772	28	78	an	an	DET
fbem-27772	28	79	important	important	ADJ
fbem-27772	28	80	influence	influence	NOUN
fbem-27772	28	81	on	on	ADP
fbem-27772	28	82	the	the	DET
fbem-27772	28	83	419	419	NUM
fbem-27772	28	84	significance	significance	NOUN
fbem-27772	28	85	of	of	ADP
fbem-27772	28	86	the	the	DET
fbem-27772	28	87	exchange	exchange	NOUN
fbem-27772	28	88	rate	rate	NOUN
fbem-27772	28	89	fluctuations	fluctuation	NOUN
fbem-27772	28	90	for	for	ADP
fbem-27772	28	91	policymakers	policymaker	NOUN
fbem-27772	28	92	[	[	X
fbem-27772	28	93	3	3	NUM
fbem-27772	28	94	]	]	PUNCT
fbem-27772	28	95	.	.	PUNCT
fbem-27772	29	1	yan	yan	PROPN
fbem-27772	30	1	shumeng	shumeng	PROPN
fbem-27772	30	2	pointed	point	VERB
fbem-27772	30	3	out	out	ADP
fbem-27772	30	4	after	after	ADP
fbem-27772	30	5	analyzing	analyze	VERB
fbem-27772	30	6	the	the	DET
fbem-27772	30	7	historical	historical	ADJ
fbem-27772	30	8	data	datum	NOUN
fbem-27772	30	9	that	that	PRON
fbem-27772	30	10	the	the	DET
fbem-27772	30	11	international	international	ADJ
fbem-27772	30	12	status	status	NOUN
fbem-27772	30	13	of	of	ADP
fbem-27772	30	14	the	the	DET
fbem-27772	30	15	dollar	dollar	NOUN
fbem-27772	30	16	and	and	CCONJ
fbem-27772	30	17	the	the	DET
fbem-27772	30	18	dollar	dollar	NOUN
fbem-27772	30	19	exchange	exchange	NOUN
fbem-27772	30	20	rate	rate	NOUN
fbem-27772	30	21	trend	trend	NOUN
fbem-27772	30	22	into	into	ADP
fbem-27772	30	23	a	a	DET
fbem-27772	30	24	positive	positive	ADJ
fbem-27772	30	25	correlation	correlation	NOUN
fbem-27772	30	26	,	,	PUNCT
fbem-27772	30	27	that	that	ADV
fbem-27772	30	28	is	is	ADV
fbem-27772	30	29	,	,	PUNCT
fbem-27772	30	30	if	if	SCONJ
fbem-27772	30	31	the	the	DET
fbem-27772	30	32	dollar	dollar	NOUN
fbem-27772	30	33	exchange	exchange	NOUN
fbem-27772	30	34	rate	rate	NOUN
fbem-27772	30	35	continues	continue	VERB
fbem-27772	30	36	to	to	PART
fbem-27772	30	37	rise	rise	VERB
fbem-27772	30	38	,	,	PUNCT
fbem-27772	30	39	the	the	DET
fbem-27772	30	40	international	international	ADJ
fbem-27772	30	41	status	status	NOUN
fbem-27772	30	42	of	of	ADP
fbem-27772	30	43	the	the	DET
fbem-27772	30	44	dollar	dollar	NOUN
fbem-27772	30	45	will	will	AUX
fbem-27772	30	46	be	be	AUX
fbem-27772	30	47	enhanced	enhance	VERB
fbem-27772	30	48	,	,	PUNCT
fbem-27772	30	49	and	and	CCONJ
fbem-27772	30	50	vice	vice	PROPN
fbem-27772	30	51	versa	versa	PROPN
fbem-27772	30	52	will	will	AUX
fbem-27772	30	53	decline	decline	VERB
fbem-27772	30	54	;	;	PUNCT
fbem-27772	30	55	she	she	PRON
fbem-27772	30	56	also	also	ADV
fbem-27772	30	57	used	use	VERB
fbem-27772	30	58	the	the	DET
fbem-27772	30	59	yen	yen	NOUN
fbem-27772	30	60	in	in	ADP
fbem-27772	30	61	the	the	DET
fbem-27772	30	62	foreign	foreign	ADJ
fbem-27772	30	63	exchange	exchange	NOUN
fbem-27772	30	64	reserves	reserve	NOUN
fbem-27772	30	65	between	between	ADP
fbem-27772	30	66	1971	1971	NUM
fbem-27772	30	67	and	and	CCONJ
fbem-27772	30	68	2020	2020	NUM
fbem-27772	30	69	in	in	ADP
fbem-27772	30	70	the	the	DET
fbem-27772	30	71	ratio	ratio	NOUN
fbem-27772	30	72	of	of	ADP
fbem-27772	30	73	the	the	DET
fbem-27772	30	74	data	datum	NOUN
fbem-27772	30	75	to	to	PART
fbem-27772	30	76	measure	measure	VERB
fbem-27772	30	77	the	the	DET
fbem-27772	30	78	internationalization	internationalization	NOUN
fbem-27772	30	79	of	of	ADP
fbem-27772	30	80	the	the	DET
fbem-27772	30	81	yen	yen	NOUN
fbem-27772	30	82	,	,	PUNCT
fbem-27772	30	83	the	the	DET
fbem-27772	30	84	internationalization	internationalization	NOUN
fbem-27772	30	85	of	of	ADP
fbem-27772	30	86	its	its	PRON
fbem-27772	30	87	internationalization	internationalization	NOUN
fbem-27772	30	88	process	process	NOUN
fbem-27772	30	89	is	be	AUX
fbem-27772	30	90	divided	divide	VERB
fbem-27772	30	91	into	into	ADP
fbem-27772	30	92	four	four	NUM
fbem-27772	30	93	phases	phase	NOUN
fbem-27772	30	94	,	,	PUNCT
fbem-27772	30	95	respectively	respectively	ADV
fbem-27772	30	96	,	,	PUNCT
fbem-27772	30	97	analyze	analyze	VERB
fbem-27772	30	98	and	and	CCONJ
fbem-27772	30	99	obtain	obtain	VERB
fbem-27772	30	100	yen	yen	NOUN
fbem-27772	30	101	appreciation	appreciation	NOUN
fbem-27772	30	102	,	,	PUNCT
fbem-27772	30	103	exchange	exchange	NOUN
fbem-27772	30	104	rate	rate	NOUN
fbem-27772	30	105	volatility	volatility	NOUN
fbem-27772	30	106	,	,	PUNCT
fbem-27772	30	107	and	and	CCONJ
fbem-27772	30	108	the	the	DET
fbem-27772	30	109	level	level	NOUN
fbem-27772	30	110	of	of	ADP
fbem-27772	30	111	internationalization	internationalization	NOUN
fbem-27772	30	112	showing	show	VERB
fbem-27772	30	113	simultaneous	simultaneous	ADJ
fbem-27772	30	114	fluctuations	fluctuation	NOUN
fbem-27772	30	115	[	[	X
fbem-27772	30	116	4	4	NUM
fbem-27772	30	117	]	]	PUNCT
fbem-27772	30	118	.	.	PUNCT
fbem-27772	31	1	ali	ali	PROPN
fbem-27772	31	2	,	,	PUNCT
fbem-27772	31	3	faek	faek	NOUN
fbem-27772	31	4	menla	menla	NOUN
fbem-27772	31	5	et	et	PROPN
fbem-27772	31	6	al	al	PROPN
fbem-27772	31	7	.	.	PROPN
fbem-27772	31	8	used	use	VERB
fbem-27772	31	9	data	datum	NOUN
fbem-27772	31	10	on	on	ADP
fbem-27772	31	11	the	the	DET
fbem-27772	31	12	us	us	PROPN
fbem-27772	31	13	dollar	dollar	NOUN
fbem-27772	31	14	-	-	PUNCT
fbem-27772	31	15	yen	yen	NOUN
fbem-27772	31	16	exchange	exchange	NOUN
fbem-27772	31	17	rate	rate	NOUN
fbem-27772	31	18	for	for	ADP
fbem-27772	31	19	the	the	DET
fbem-27772	31	20	period	period	NOUN
fbem-27772	31	21	january	january	PROPN
fbem-27772	31	22	1998	1998	NUM
fbem-27772	31	23	-	-	SYM
fbem-27772	31	24	april	april	PROPN
fbem-27772	31	25	2011	2011	NUM
fbem-27772	31	26	to	to	PART
fbem-27772	31	27	explore	explore	VERB
fbem-27772	31	28	the	the	DET
fbem-27772	31	29	impact	impact	NOUN
fbem-27772	31	30	of	of	ADP
fbem-27772	31	31	portfolio	portfolio	NOUN
fbem-27772	31	32	flows	flow	VERB
fbem-27772	31	33	on	on	ADP
fbem-27772	31	34	this	this	DET
fbem-27772	31	35	exchange	exchange	NOUN
fbem-27772	31	36	rate	rate	NOUN
fbem-27772	31	37	,	,	PUNCT
fbem-27772	31	38	concluding	conclude	VERB
fbem-27772	31	39	that	that	SCONJ
fbem-27772	31	40	the	the	DET
fbem-27772	31	41	impact	impact	NOUN
fbem-27772	31	42	of	of	ADP
fbem-27772	31	43	portfolio	portfolio	NOUN
fbem-27772	31	44	flows	flow	VERB
fbem-27772	31	45	on	on	ADP
fbem-27772	31	46	the	the	DET
fbem-27772	31	47	exchange	exchange	NOUN
fbem-27772	31	48	rate	rate	NOUN
fbem-27772	31	49	is	be	AUX
fbem-27772	31	50	country	country	NOUN
fbem-27772	31	51	-	-	PUNCT
fbem-27772	31	52	dependent	dependent	ADJ
fbem-27772	31	53	,	,	PUNCT
fbem-27772	31	54	and	and	CCONJ
fbem-27772	31	55	that	that	SCONJ
fbem-27772	31	56	portfolio	portfolio	NOUN
fbem-27772	31	57	flows	flow	VERB
fbem-27772	31	58	from	from	ADP
fbem-27772	31	59	japan	japan	PROPN
fbem-27772	31	60	to	to	ADP
fbem-27772	31	61	the	the	DET
fbem-27772	31	62	united	united	PROPN
fbem-27772	31	63	states	states	PROPN
fbem-27772	31	64	,	,	PUNCT
fbem-27772	31	65	reinforcing	reinforce	VERB
fbem-27772	31	66	the	the	DET
fbem-27772	31	67	possibility	possibility	NOUN
fbem-27772	31	68	of	of	ADP
fbem-27772	31	69	maintaining	maintain	VERB
fbem-27772	31	70	an	an	DET
fbem-27772	31	71	appreciating	appreciate	VERB
fbem-27772	31	72	state	state	NOUN
fbem-27772	31	73	of	of	ADP
fbem-27772	31	74	the	the	DET
fbem-27772	31	75	dollar	dollar	NOUN
fbem-27772	31	76	-	-	PUNCT
fbem-27772	31	77	yen	yen	NOUN
fbem-27772	31	78	exchange	exchange	NOUN
fbem-27772	31	79	rate	rate	NOUN
fbem-27772	32	1	[	[	X
fbem-27772	32	2	5	5	NUM
fbem-27772	32	3	]	]	PUNCT
fbem-27772	32	4	.	.	PUNCT
fbem-27772	33	1	ishizaki	ishizaki	PROPN
fbem-27772	33	2	,	,	PUNCT
fbem-27772	33	3	ryuji	ryuji	PROPN
fbem-27772	33	4	et	et	PROPN
fbem-27772	33	5	al	al	PROPN
fbem-27772	33	6	.	.	PROPN
fbem-27772	33	7	used	use	VERB
fbem-27772	33	8	the	the	DET
fbem-27772	33	9	theory	theory	NOUN
fbem-27772	33	10	of	of	ADP
fbem-27772	33	11	entropy	entropy	NOUN
fbem-27772	33	12	of	of	ADP
fbem-27772	33	13	timevarying	timevarye	VERB
fbem-27772	33	14	patterns	pattern	NOUN
fbem-27772	33	15	to	to	PART
fbem-27772	33	16	analyze	analyze	VERB
fbem-27772	33	17	the	the	DET
fbem-27772	33	18	instability	instability	NOUN
fbem-27772	33	19	of	of	ADP
fbem-27772	33	20	day	day	NOUN
fbem-27772	33	21	-	-	PUNCT
fbem-27772	33	22	to	to	ADP
fbem-27772	33	23	-	-	PUNCT
fbem-27772	33	24	day	day	NOUN
fbem-27772	33	25	changes	change	NOUN
fbem-27772	33	26	in	in	ADP
fbem-27772	33	27	the	the	DET
fbem-27772	33	28	foreign	foreign	ADJ
fbem-27772	33	29	exchange	exchange	NOUN
fbem-27772	33	30	rate	rate	NOUN
fbem-27772	33	31	,	,	PUNCT
fbem-27772	33	32	using	use	VERB
fbem-27772	33	33	the	the	DET
fbem-27772	33	34	dollar	dollar	NOUN
fbem-27772	33	35	-	-	PUNCT
fbem-27772	33	36	yen	yen	NOUN
fbem-27772	33	37	exchange	exchange	NOUN
fbem-27772	33	38	rate	rate	NOUN
fbem-27772	33	39	for	for	ADP
fbem-27772	33	40	the	the	DET
fbem-27772	33	41	period	period	NOUN
fbem-27772	33	42	from	from	ADP
fbem-27772	33	43	1	1	NUM
fbem-27772	33	44	january	january	NOUN
fbem-27772	33	45	1990	1990	NUM
fbem-27772	33	46	to	to	ADP
fbem-27772	33	47	16	16	NUM
fbem-27772	33	48	april	april	PROPN
fbem-27772	33	49	2012	2012	NUM
fbem-27772	33	50	as	as	ADP
fbem-27772	33	51	the	the	DET
fbem-27772	33	52	data	datum	NOUN
fbem-27772	33	53	,	,	PUNCT
fbem-27772	33	54	and	and	CCONJ
fbem-27772	33	55	concluded	conclude	VERB
fbem-27772	33	56	that	that	SCONJ
fbem-27772	33	57	the	the	DET
fbem-27772	33	58	dollar	dollar	NOUN
fbem-27772	33	59	-	-	PUNCT
fbem-27772	33	60	yen	yen	NOUN
fbem-27772	33	61	exchange	exchange	NOUN
fbem-27772	33	62	rate	rate	NOUN
fbem-27772	33	63	before	before	ADP
fbem-27772	33	64	and	and	CCONJ
fbem-27772	33	65	after	after	ADP
fbem-27772	33	66	the	the	DET
fbem-27772	33	67	yen	yen	NOUN
fbem-27772	33	68	's	's	PART
fbem-27772	33	69	inflection	inflection	NOUN
fbem-27772	33	70	points	point	NOUN
fbem-27772	33	71	of	of	ADP
fbem-27772	33	72	strength	strength	NOUN
fbem-27772	33	73	-	-	PUNCT
fbem-27772	33	74	toweakness	toweakness	NOUN
fbem-27772	33	75	and	and	CCONJ
fbem-27772	33	76	weakness	weakness	NOUN
fbem-27772	33	77	-	-	PUNCT
fbem-27772	33	78	to	to	ADP
fbem-27772	33	79	-	-	PUNCT
fbem-27772	33	80	strength	strength	NOUN
fbem-27772	33	81	and	and	CCONJ
fbem-27772	33	82	the	the	DET
fbem-27772	33	83	conclusion	conclusion	NOUN
fbem-27772	33	84	that	that	SCONJ
fbem-27772	33	85	the	the	DET
fbem-27772	33	86	entropy	entropy	NOUN
fbem-27772	33	87	of	of	ADP
fbem-27772	33	88	the	the	DET
fbem-27772	33	89	time	time	NOUN
fbem-27772	33	90	-	-	PUNCT
fbem-27772	33	91	varying	vary	VERB
fbem-27772	33	92	pattern	pattern	NOUN
fbem-27772	33	93	of	of	ADP
fbem-27772	33	94	usd	usd	NOUN
fbem-27772	33	95	/	/	SYM
fbem-27772	33	96	jpy	jpy	NOUN
fbem-27772	33	97	is	be	AUX
fbem-27772	33	98	higher	high	ADJ
fbem-27772	33	99	after	after	ADP
fbem-27772	33	100	the	the	DET
fbem-27772	33	101	lehman	lehman	PROPN
fbem-27772	33	102	crisis[6	crisis[6	PROPN
fbem-27772	33	103	]	]	X
fbem-27772	33	104	.	.	PUNCT
fbem-27772	34	1	the	the	DET
fbem-27772	34	2	research	research	NOUN
fbem-27772	34	3	of	of	ADP
fbem-27772	34	4	the	the	DET
fbem-27772	34	5	above	above	ADJ
fbem-27772	34	6	scholars	scholar	NOUN
fbem-27772	34	7	shows	show	VERB
fbem-27772	34	8	that	that	SCONJ
fbem-27772	34	9	the	the	DET
fbem-27772	34	10	dollar	dollar	NOUN
fbem-27772	34	11	-	-	PUNCT
fbem-27772	34	12	yen	yen	NOUN
fbem-27772	34	13	exchange	exchange	NOUN
fbem-27772	34	14	rate	rate	NOUN
fbem-27772	34	15	in	in	ADP
fbem-27772	34	16	the	the	DET
fbem-27772	34	17	entire	entire	ADJ
fbem-27772	34	18	foreign	foreign	ADJ
fbem-27772	34	19	exchange	exchange	NOUN
fbem-27772	34	20	market	market	NOUN
fbem-27772	34	21	has	have	VERB
fbem-27772	34	22	a	a	DET
fbem-27772	34	23	strong	strong	ADJ
fbem-27772	34	24	research	research	NOUN
fbem-27772	34	25	value	value	NOUN
fbem-27772	34	26	,	,	PUNCT
fbem-27772	34	27	and	and	CCONJ
fbem-27772	34	28	exchange	exchange	NOUN
fbem-27772	34	29	rate	rate	NOUN
fbem-27772	34	30	fluctuations	fluctuation	NOUN
fbem-27772	34	31	are	be	AUX
fbem-27772	34	32	closely	closely	ADV
fbem-27772	34	33	linked	link	VERB
fbem-27772	34	34	to	to	ADP
fbem-27772	34	35	the	the	DET
fbem-27772	34	36	financial	financial	ADJ
fbem-27772	34	37	market	market	NOUN
fbem-27772	34	38	situation	situation	NOUN
fbem-27772	34	39	,	,	PUNCT
fbem-27772	34	40	so	so	SCONJ
fbem-27772	34	41	it	it	PRON
fbem-27772	34	42	is	be	AUX
fbem-27772	34	43	important	important	ADJ
fbem-27772	34	44	to	to	PART
fbem-27772	34	45	explore	explore	VERB
fbem-27772	34	46	this	this	DET
fbem-27772	34	47	currency	currency	NOUN
fbem-27772	34	48	pair	pair	NOUN
fbem-27772	34	49	for	for	ADP
fbem-27772	34	50	insight	insight	NOUN
fbem-27772	34	51	into	into	ADP
fbem-27772	34	52	the	the	DET
fbem-27772	34	53	market	market	NOUN
fbem-27772	34	54	situation	situation	NOUN
fbem-27772	34	55	,	,	PUNCT
fbem-27772	34	56	and	and	CCONJ
fbem-27772	34	57	the	the	DET
fbem-27772	34	58	formulation	formulation	NOUN
fbem-27772	34	59	of	of	ADP
fbem-27772	34	60	macro	macro	ADJ
fbem-27772	34	61	policy	policy	NOUN
fbem-27772	34	62	.	.	PUNCT
fbem-27772	35	1	secondly	secondly	ADV
fbem-27772	35	2	,	,	PUNCT
fbem-27772	35	3	from	from	ADP
fbem-27772	35	4	the	the	DET
fbem-27772	35	5	level	level	NOUN
fbem-27772	35	6	of	of	ADP
fbem-27772	35	7	research	research	NOUN
fbem-27772	35	8	methodology	methodology	NOUN
fbem-27772	35	9	,	,	PUNCT
fbem-27772	35	10	financial	financial	ADJ
fbem-27772	35	11	time	time	NOUN
fbem-27772	35	12	series	series	PROPN
fbem-27772	35	13	have	have	VERB
fbem-27772	35	14	heteroskedasticity	heteroskedasticity	NOUN
fbem-27772	35	15	characteristics	characteristic	NOUN
fbem-27772	35	16	,	,	PUNCT
fbem-27772	35	17	researchers	researcher	NOUN
fbem-27772	35	18	have	have	AUX
fbem-27772	35	19	found	find	VERB
fbem-27772	35	20	that	that	SCONJ
fbem-27772	35	21	the	the	DET
fbem-27772	35	22	variance	variance	NOUN
fbem-27772	35	23	of	of	ADP
fbem-27772	35	24	the	the	DET
fbem-27772	35	25	error	error	NOUN
fbem-27772	35	26	in	in	ADP
fbem-27772	35	27	forecasting	forecasting	NOUN
fbem-27772	35	28	and	and	CCONJ
fbem-27772	35	29	correlation	correlation	NOUN
fbem-27772	35	30	,	,	PUNCT
fbem-27772	35	31	so	so	ADV
fbem-27772	35	32	to	to	PART
fbem-27772	35	33	portray	portray	VERB
fbem-27772	35	34	this	this	DET
fbem-27772	35	35	correlation	correlation	NOUN
fbem-27772	35	36	,	,	PUNCT
fbem-27772	35	37	engel	engel	PROPN
fbem-27772	35	38	proposed	propose	VERB
fbem-27772	35	39	the	the	DET
fbem-27772	35	40	arch	arch	ADJ
fbem-27772	35	41	model	model	NOUN
fbem-27772	35	42	,	,	PUNCT
fbem-27772	35	43	but	but	CCONJ
fbem-27772	35	44	due	due	ADP
fbem-27772	35	45	to	to	ADP
fbem-27772	35	46	the	the	DET
fbem-27772	35	47	need	need	NOUN
fbem-27772	35	48	to	to	PART
fbem-27772	35	49	estimate	estimate	VERB
fbem-27772	35	50	the	the	DET
fbem-27772	35	51	parameters	parameter	NOUN
fbem-27772	35	52	of	of	ADP
fbem-27772	35	53	the	the	DET
fbem-27772	35	54	higher	high	ADJ
fbem-27772	35	55	-	-	PUNCT
fbem-27772	35	56	order	order	NOUN
fbem-27772	35	57	arch	arch	NOUN
fbem-27772	35	58	model	model	NOUN
fbem-27772	35	59	is	be	AUX
fbem-27772	35	60	too	too	ADV
fbem-27772	35	61	much	much	ADJ
fbem-27772	35	62	to	to	PART
fbem-27772	35	63	affect	affect	VERB
fbem-27772	35	64	the	the	DET
fbem-27772	35	65	accuracy	accuracy	NOUN
fbem-27772	35	66	,	,	PUNCT
fbem-27772	35	67	pollerslev	pollerslev	NOUN
fbem-27772	35	68	proposed	propose	VERB
fbem-27772	35	69	the	the	DET
fbem-27772	35	70	garch	garch	NOUN
fbem-27772	35	71	model	model	NOUN
fbem-27772	35	72	.	.	PUNCT
fbem-27772	36	1	zou	zou	PROPN
fbem-27772	36	2	et	et	PROPN
fbem-27772	36	3	al	al	PROPN
fbem-27772	36	4	.	.	PROPN
fbem-27772	36	5	,	,	PUNCT
fbem-27772	36	6	in	in	ADP
fbem-27772	36	7	response	response	NOUN
fbem-27772	36	8	to	to	ADP
fbem-27772	36	9	the	the	DET
fbem-27772	36	10	problem	problem	NOUN
fbem-27772	36	11	that	that	SCONJ
fbem-27772	36	12	financial	financial	ADJ
fbem-27772	36	13	risk	risk	NOUN
fbem-27772	36	14	management	management	NOUN
fbem-27772	36	15	tools	tool	NOUN
fbem-27772	36	16	are	be	AUX
fbem-27772	36	17	still	still	ADV
fbem-27772	36	18	qualitative	qualitative	ADJ
fbem-27772	36	19	,	,	PUNCT
fbem-27772	36	20	use	use	VERB
fbem-27772	36	21	the	the	DET
fbem-27772	36	22	data	datum	NOUN
fbem-27772	36	23	of	of	ADP
fbem-27772	36	24	daily	daily	ADJ
fbem-27772	36	25	closing	closing	NOUN
fbem-27772	36	26	prices	price	NOUN
fbem-27772	36	27	of	of	ADP
fbem-27772	36	28	shanghai	shanghai	PROPN
fbem-27772	36	29	stock	stock	PROPN
fbem-27772	36	30	exchange	exchange	PROPN
fbem-27772	36	31	indexes	index	NOUN
fbem-27772	36	32	from	from	ADP
fbem-27772	36	33	27	27	NUM
fbem-27772	36	34	october	october	NOUN
fbem-27772	36	35	1997	1997	NUM
fbem-27772	36	36	to	to	ADP
fbem-27772	36	37	8	8	NUM
fbem-27772	36	38	february	february	NOUN
fbem-27772	36	39	2001	2001	NUM
fbem-27772	36	40	,	,	PUNCT
fbem-27772	36	41	and	and	CCONJ
fbem-27772	36	42	use	use	VERB
fbem-27772	36	43	the	the	DET
fbem-27772	36	44	garch	garch	NOUN
fbem-27772	36	45	(	(	PUNCT
fbem-27772	36	46	1	1	NUM
fbem-27772	36	47	,	,	PUNCT
fbem-27772	36	48	1	1	X
fbem-27772	36	49	)	)	PUNCT
fbem-27772	36	50	model	model	NOUN
fbem-27772	36	51	,	,	PUNCT
fbem-27772	36	52	riskmetrics	riskmetric	NOUN
fbem-27772	36	53	and	and	CCONJ
fbem-27772	36	54	moving	move	VERB
fbem-27772	36	55	average	average	ADJ
fbem-27772	36	56	method	method	NOUN
fbem-27772	36	57	to	to	PART
fbem-27772	36	58	calculate	calculate	VERB
fbem-27772	36	59	the	the	DET
fbem-27772	36	60	daily	daily	ADJ
fbem-27772	36	61	var	var	NOUN
fbem-27772	36	62	of	of	ADP
fbem-27772	36	63	shanghai	shanghai	PROPN
fbem-27772	36	64	indexes	index	NOUN
fbem-27772	36	65	and	and	CCONJ
fbem-27772	36	66	the	the	DET
fbem-27772	36	67	corresponding	corresponding	ADJ
fbem-27772	36	68	daily	daily	ADJ
fbem-27772	36	69	return	return	NOUN
fbem-27772	36	70	of	of	ADP
fbem-27772	36	71	the	the	DET
fbem-27772	36	72	same	same	ADJ
fbem-27772	36	73	day	day	NOUN
fbem-27772	36	74	,	,	PUNCT
fbem-27772	36	75	respectively	respectively	ADV
fbem-27772	36	76	,	,	PUNCT
fbem-27772	36	77	and	and	CCONJ
fbem-27772	36	78	come	come	VERB
fbem-27772	36	79	up	up	ADP
fbem-27772	36	80	with	with	ADP
fbem-27772	36	81	the	the	DET
fbem-27772	36	82	garch	garch	NOUN
fbem-27772	36	83	(	(	PUNCT
fbem-27772	36	84	1	1	NUM
fbem-27772	36	85	,	,	PUNCT
fbem-27772	36	86	1	1	X
fbem-27772	36	87	)	)	PUNCT
fbem-27772	36	88	model	model	NOUN
fbem-27772	36	89	predicts	predict	VERB
fbem-27772	36	90	the	the	DET
fbem-27772	36	91	volatility	volatility	NOUN
fbem-27772	36	92	of	of	ADP
fbem-27772	36	93	shanghai	shanghai	PROPN
fbem-27772	36	94	market	market	NOUN
fbem-27772	36	95	returns	return	NOUN
fbem-27772	36	96	better	well	ADV
fbem-27772	36	97	than	than	ADP
fbem-27772	36	98	riskmetrics	riskmetric	NOUN
fbem-27772	37	1	[	[	X
fbem-27772	37	2	7	7	NUM
fbem-27772	37	3	]	]	PUNCT
fbem-27772	37	4	.	.	PUNCT
fbem-27772	38	1	wang	wang	PROPN
fbem-27772	38	2	yiliu	yiliu	PROPN
fbem-27772	38	3	,	,	PUNCT
fbem-27772	38	4	to	to	PART
fbem-27772	38	5	explore	explore	VERB
fbem-27772	38	6	the	the	DET
fbem-27772	38	7	change	change	NOUN
fbem-27772	38	8	rule	rule	NOUN
fbem-27772	38	9	of	of	ADP
fbem-27772	38	10	exchange	exchange	NOUN
fbem-27772	38	11	rate	rate	NOUN
fbem-27772	38	12	volatility	volatility	NOUN
fbem-27772	38	13	since	since	SCONJ
fbem-27772	38	14	the	the	DET
fbem-27772	38	15	rmb	rmb	NOUN
fbem-27772	38	16	joined	join	VERB
fbem-27772	38	17	the	the	DET
fbem-27772	38	18	sdr	sdr	PROPN
fbem-27772	38	19	,	,	PUNCT
fbem-27772	38	20	chose	choose	VERB
fbem-27772	38	21	the	the	DET
fbem-27772	38	22	daily	daily	ADJ
fbem-27772	38	23	sequence	sequence	NOUN
fbem-27772	38	24	of	of	ADP
fbem-27772	38	25	rmb	rmb	NOUN
fbem-27772	38	26	against	against	ADP
fbem-27772	38	27	usd	usd	NOUN
fbem-27772	38	28	from	from	ADP
fbem-27772	38	29	10	10	NUM
fbem-27772	38	30	october	october	PROPN
fbem-27772	38	31	2016	2016	NUM
fbem-27772	38	32	to	to	PART
fbem-27772	38	33	10	10	NUM
fbem-27772	38	34	october	october	PROPN
fbem-27772	38	35	2020	2020	NUM
fbem-27772	38	36	as	as	ADP
fbem-27772	38	37	the	the	DET
fbem-27772	38	38	research	research	NOUN
fbem-27772	38	39	data	datum	NOUN
fbem-27772	38	40	,	,	PUNCT
fbem-27772	38	41	and	and	CCONJ
fbem-27772	38	42	used	use	VERB
fbem-27772	38	43	the	the	DET
fbem-27772	38	44	arima	arima	NOUN
fbem-27772	38	45	-	-	PUNCT
fbem-27772	38	46	garch	garch	NOUN
fbem-27772	38	47	model	model	NOUN
fbem-27772	38	48	to	to	PART
fbem-27772	38	49	make	make	VERB
fbem-27772	38	50	a	a	DET
fbem-27772	38	51	prediction	prediction	NOUN
fbem-27772	38	52	,	,	PUNCT
fbem-27772	38	53	and	and	CCONJ
fbem-27772	38	54	compared	compare	VERB
fbem-27772	38	55	the	the	DET
fbem-27772	38	56	prediction	prediction	NOUN
fbem-27772	38	57	results	result	VERB
fbem-27772	38	58	with	with	ADP
fbem-27772	38	59	a	a	DET
fbem-27772	38	60	single	single	ADJ
fbem-27772	38	61	arima	arima	NOUN
fbem-27772	38	62	model	model	NOUN
fbem-27772	38	63	,	,	PUNCT
fbem-27772	38	64	and	and	CCONJ
fbem-27772	38	65	came	come	VERB
fbem-27772	38	66	to	to	ADP
fbem-27772	38	67	the	the	DET
fbem-27772	38	68	conclusion	conclusion	NOUN
fbem-27772	38	69	that	that	SCONJ
fbem-27772	38	70	the	the	DET
fbem-27772	38	71	combined	combined	ADJ
fbem-27772	38	72	model	model	NOUN
fbem-27772	38	73	could	could	AUX
fbem-27772	38	74	better	well	ADV
fbem-27772	38	75	capture	capture	VERB
fbem-27772	38	76	the	the	DET
fbem-27772	38	77	time	time	NOUN
fbem-27772	38	78	series	series	PROPN
fbem-27772	38	79	characteristics	characteristic	NOUN
fbem-27772	38	80	and	and	CCONJ
fbem-27772	38	81	higher	high	ADJ
fbem-27772	38	82	accuracy	accuracy	NOUN
fbem-27772	39	1	[	[	X
fbem-27772	39	2	8	8	NUM
fbem-27772	39	3	]	]	PUNCT
fbem-27772	39	4	.	.	PUNCT
fbem-27772	40	1	kamaruzzaman	kamaruzzaman	PROPN
fbem-27772	40	2	,	,	PUNCT
fbem-27772	40	3	zetty	zetty	PROPN
fbem-27772	40	4	ain	ain	PROPN
fbem-27772	40	5	et	et	PROPN
fbem-27772	40	6	al	al	PROPN
fbem-27772	40	7	.	.	PROPN
fbem-27772	40	8	applied	apply	VERB
fbem-27772	40	9	the	the	DET
fbem-27772	40	10	garch	garch	NOUN
fbem-27772	40	11	(	(	PUNCT
fbem-27772	40	12	1	1	NUM
fbem-27772	40	13	,	,	PUNCT
fbem-27772	40	14	1	1	X
fbem-27772	40	15	)	)	PUNCT
fbem-27772	40	16	model	model	NOUN
fbem-27772	40	17	to	to	ADP
fbem-27772	40	18	the	the	DET
fbem-27772	40	19	malaysian	malaysian	ADJ
fbem-27772	40	20	weekly	weekly	ADJ
fbem-27772	40	21	stock	stock	NOUN
fbem-27772	40	22	return	return	NOUN
fbem-27772	40	23	series	series	NOUN
fbem-27772	40	24	and	and	CCONJ
fbem-27772	40	25	demonstrated	demonstrate	VERB
fbem-27772	40	26	that	that	SCONJ
fbem-27772	40	27	the	the	DET
fbem-27772	40	28	twocomponent	twocomponent	NOUN
fbem-27772	40	29	normal	normal	ADJ
fbem-27772	40	30	mixed	mixed	ADJ
fbem-27772	40	31	garch	garch	NOUN
fbem-27772	40	32	(	(	PUNCT
fbem-27772	40	33	1	1	NUM
fbem-27772	40	34	,	,	PUNCT
fbem-27772	40	35	1	1	X
fbem-27772	40	36	)	)	PUNCT
fbem-27772	40	37	model	model	NOUN
fbem-27772	40	38	performs	perform	VERB
fbem-27772	40	39	better	well	ADJ
fbem-27772	40	40	than	than	ADP
fbem-27772	40	41	the	the	DET
fbem-27772	40	42	normal	normal	ADJ
fbem-27772	40	43	,	,	PUNCT
fbem-27772	40	44	symmetric	symmetric	ADJ
fbem-27772	40	45	,	,	PUNCT
fbem-27772	40	46	and	and	CCONJ
fbem-27772	40	47	skewed	skewed	ADJ
fbem-27772	40	48	student	student	NOUN
fbem-27772	40	49	's	's	PART
fbem-27772	40	50	garch	garch	NOUN
fbem-27772	40	51	model	model	NOUN
fbem-27772	40	52	performs	perform	VERB
fbem-27772	40	53	better	well	ADV
fbem-27772	41	1	[	[	X
fbem-27772	41	2	9	9	NUM
fbem-27772	41	3	]	]	PUNCT
fbem-27772	41	4	.	.	PUNCT
fbem-27772	42	1	from	from	ADP
fbem-27772	42	2	this	this	PRON
fbem-27772	42	3	,	,	PUNCT
fbem-27772	42	4	we	we	PRON
fbem-27772	42	5	can	can	AUX
fbem-27772	42	6	see	see	VERB
fbem-27772	42	7	that	that	DET
fbem-27772	42	8	garch	garch	NOUN
fbem-27772	42	9	models	model	NOUN
fbem-27772	42	10	are	be	AUX
fbem-27772	42	11	widely	widely	ADV
fbem-27772	42	12	used	use	VERB
fbem-27772	42	13	and	and	CCONJ
fbem-27772	42	14	mature	mature	ADJ
fbem-27772	42	15	in	in	ADP
fbem-27772	42	16	financial	financial	ADJ
fbem-27772	42	17	time	time	NOUN
fbem-27772	42	18	series	series	NOUN
fbem-27772	42	19	such	such	ADJ
fbem-27772	42	20	as	as	ADP
fbem-27772	42	21	stock	stock	NOUN
fbem-27772	42	22	returns	return	NOUN
fbem-27772	42	23	and	and	CCONJ
fbem-27772	42	24	exchange	exchange	NOUN
fbem-27772	42	25	rates	rate	NOUN
fbem-27772	42	26	.	.	PUNCT
fbem-27772	43	1	taken	take	VERB
fbem-27772	43	2	together	together	ADV
fbem-27772	43	3	,	,	PUNCT
fbem-27772	43	4	the	the	DET
fbem-27772	43	5	current	current	ADJ
fbem-27772	43	6	research	research	NOUN
fbem-27772	43	7	on	on	ADP
fbem-27772	43	8	the	the	DET
fbem-27772	43	9	dollar	dollar	NOUN
fbem-27772	43	10	-	-	PUNCT
fbem-27772	43	11	yen	yen	NOUN
fbem-27772	43	12	exchange	exchange	NOUN
fbem-27772	43	13	rate	rate	NOUN
fbem-27772	43	14	mainly	mainly	ADV
fbem-27772	43	15	focuses	focus	VERB
fbem-27772	43	16	on	on	ADP
fbem-27772	43	17	the	the	DET
fbem-27772	43	18	external	external	ADJ
fbem-27772	43	19	environmental	environmental	ADJ
fbem-27772	43	20	factors	factor	NOUN
fbem-27772	43	21	as	as	ADP
fbem-27772	43	22	factors	factor	NOUN
fbem-27772	43	23	affecting	affect	VERB
fbem-27772	43	24	the	the	DET
fbem-27772	43	25	exchange	exchange	NOUN
fbem-27772	43	26	rate	rate	NOUN
fbem-27772	43	27	,	,	PUNCT
fbem-27772	43	28	while	while	SCONJ
fbem-27772	43	29	most	most	ADJ
fbem-27772	43	30	of	of	ADP
fbem-27772	43	31	the	the	DET
fbem-27772	43	32	research	research	NOUN
fbem-27772	43	33	on	on	ADP
fbem-27772	43	34	the	the	DET
fbem-27772	43	35	internal	internal	ADJ
fbem-27772	43	36	relationship	relationship	NOUN
fbem-27772	43	37	between	between	ADP
fbem-27772	43	38	the	the	DET
fbem-27772	43	39	two	two	NUM
fbem-27772	43	40	stays	stay	NOUN
fbem-27772	43	41	at	at	ADP
fbem-27772	43	42	the	the	DET
fbem-27772	43	43	qualitative	qualitative	ADJ
fbem-27772	43	44	level	level	NOUN
fbem-27772	43	45	,	,	PUNCT
fbem-27772	43	46	so	so	CCONJ
fbem-27772	43	47	it	it	PRON
fbem-27772	43	48	is	be	AUX
fbem-27772	43	49	necessary	necessary	ADJ
fbem-27772	43	50	to	to	PART
fbem-27772	43	51	use	use	VERB
fbem-27772	43	52	the	the	DET
fbem-27772	43	53	model	model	NOUN
fbem-27772	43	54	to	to	PART
fbem-27772	43	55	further	far	ADV
fbem-27772	43	56	capture	capture	VERB
fbem-27772	43	57	the	the	DET
fbem-27772	43	58	characteristics	characteristic	NOUN
fbem-27772	43	59	of	of	ADP
fbem-27772	43	60	the	the	DET
fbem-27772	43	61	exchange	exchange	NOUN
fbem-27772	43	62	rate	rate	NOUN
fbem-27772	43	63	fluctuations	fluctuation	NOUN
fbem-27772	43	64	,	,	PUNCT
fbem-27772	43	65	to	to	PART
fbem-27772	43	66	prove	prove	VERB
fbem-27772	43	67	the	the	DET
fbem-27772	43	68	role	role	NOUN
fbem-27772	43	69	of	of	ADP
fbem-27772	43	70	the	the	DET
fbem-27772	43	71	influencing	influence	VERB
fbem-27772	43	72	factors	factor	NOUN
fbem-27772	43	73	in	in	ADP
fbem-27772	43	74	a	a	DET
fbem-27772	43	75	more	more	ADV
fbem-27772	43	76	powerful	powerful	ADJ
fbem-27772	43	77	way	way	NOUN
fbem-27772	43	78	.	.	PUNCT
fbem-27772	44	1	3	3	X
fbem-27772	44	2	.	.	X
fbem-27772	44	3	methods	method	NOUN
fbem-27772	44	4	3.1	3.1	NUM
fbem-27772	44	5	.	.	PUNCT
fbem-27772	45	1	introduction	introduction	NOUN
fbem-27772	45	2	to	to	ADP
fbem-27772	45	3	the	the	DET
fbem-27772	45	4	model	model	NOUN
fbem-27772	45	5	the	the	DET
fbem-27772	45	6	garch	garch	NOUN
fbem-27772	45	7	model	model	NOUN
fbem-27772	45	8	(	(	PUNCT
fbem-27772	45	9	conditional	conditional	ADJ
fbem-27772	45	10	heteroskedasticity	heteroskedasticity	NOUN
fbem-27772	45	11	model	model	NOUN
fbem-27772	45	12	)	)	PUNCT
fbem-27772	45	13	was	be	AUX
fbem-27772	45	14	established	establish	VERB
fbem-27772	45	15	by	by	ADP
fbem-27772	45	16	bollerslev	bollerslev	NOUN
fbem-27772	45	17	in	in	ADP
fbem-27772	45	18	1986	1986	NUM
fbem-27772	45	19	,	,	PUNCT
fbem-27772	45	20	which	which	PRON
fbem-27772	45	21	was	be	AUX
fbem-27772	45	22	designed	design	VERB
fbem-27772	45	23	to	to	PART
fbem-27772	45	24	solve	solve	VERB
fbem-27772	45	25	the	the	DET
fbem-27772	45	26	problem	problem	NOUN
fbem-27772	45	27	that	that	SCONJ
fbem-27772	45	28	the	the	DET
fbem-27772	45	29	order	order	NOUN
fbem-27772	45	30	q	q	NOUN
fbem-27772	45	31	of	of	ADP
fbem-27772	45	32	the	the	DET
fbem-27772	45	33	arch	arch	ADJ
fbem-27772	45	34	model	model	NOUN
fbem-27772	45	35	is	be	AUX
fbem-27772	45	36	too	too	ADV
fbem-27772	45	37	large	large	ADJ
fbem-27772	45	38	in	in	ADP
fbem-27772	45	39	describing	describe	VERB
fbem-27772	45	40	the	the	DET
fbem-27772	45	41	variance	variance	NOUN
fbem-27772	45	42	clustering	cluster	VERB
fbem-27772	45	43	characteristics	characteristic	NOUN
fbem-27772	45	44	of	of	ADP
fbem-27772	45	45	the	the	DET
fbem-27772	45	46	variables	variable	NOUN
fbem-27772	45	47	,	,	PUNCT
fbem-27772	45	48	which	which	PRON
fbem-27772	45	49	leads	lead	VERB
fbem-27772	45	50	to	to	ADP
fbem-27772	45	51	the	the	DET
fbem-27772	45	52	decrease	decrease	NOUN
fbem-27772	45	53	of	of	ADP
fbem-27772	45	54	accuracy	accuracy	NOUN
fbem-27772	45	55	due	due	ADP
fbem-27772	45	56	to	to	ADP
fbem-27772	45	57	the	the	DET
fbem-27772	45	58	excessive	excessive	ADJ
fbem-27772	45	59	number	number	NOUN
fbem-27772	45	60	of	of	ADP
fbem-27772	45	61	parameters	parameter	NOUN
fbem-27772	45	62	that	that	PRON
fbem-27772	45	63	need	need	VERB
fbem-27772	45	64	to	to	PART
fbem-27772	45	65	be	be	AUX
fbem-27772	45	66	estimated	estimate	VERB
fbem-27772	45	67	.	.	PUNCT
fbem-27772	46	1	the	the	DET
fbem-27772	46	2	basic	basic	ADJ
fbem-27772	46	3	expression	expression	NOUN
fbem-27772	46	4	of	of	ADP
fbem-27772	46	5	the	the	DET
fbem-27772	46	6	garch	garch	NOUN
fbem-27772	46	7	(	(	PUNCT
fbem-27772	46	8	p	p	X
fbem-27772	46	9	,	,	PUNCT
fbem-27772	46	10	q	q	NOUN
fbem-27772	46	11	)	)	PUNCT
fbem-27772	46	12	model	model	NOUN
fbem-27772	46	13	is	be	AUX
fbem-27772	46	14	:	:	PUNCT
fbem-27772	46	15	𝜎𝑡	𝜎𝑡	ADP
fbem-27772	46	16	2	2	NUM
fbem-27772	46	17	=	=	SYM
fbem-27772	46	18	𝛼0	𝛼0	PROPN
fbem-27772	47	1	+	+	CCONJ
fbem-27772	47	2	∑	∑	PROPN
fbem-27772	47	3	𝛼𝑖𝐸𝑡−𝑖	𝛼𝑖𝐸𝑡−𝑖	PROPN
fbem-27772	47	4	2	2	NUM
fbem-27772	47	5	+	+	CCONJ
fbem-27772	47	6	∑	∑	ADP
fbem-27772	47	7	𝛽𝑗𝜎𝑡−𝑗	𝛽𝑗𝜎𝑡−𝑗	NUM
fbem-27772	47	8	2𝑞	2𝑞	NOUN
fbem-27772	47	9	𝑗=1	𝑗=1	PROPN
fbem-27772	47	10	𝑝	𝑝	ADP
fbem-27772	47	11	𝑖=1	𝑖=1	PROPN
fbem-27772	47	12	(	(	PUNCT
fbem-27772	47	13	1	1	X
fbem-27772	47	14	)	)	PUNCT
fbem-27772	48	1	𝐸𝑡	𝐸𝑡	NOUN
fbem-27772	48	2	=	=	SYM
fbem-27772	48	3	𝜎𝑡𝑊𝑡	𝜎𝑡𝑊𝑡	NOUN
fbem-27772	48	4	(	(	PUNCT
fbem-27772	48	5	2	2	NUM
fbem-27772	48	6	)	)	PUNCT
fbem-27772	48	7	where	where	SCONJ
fbem-27772	48	8	𝐸𝑡	𝐸𝑡	NOUN
fbem-27772	48	9	is	be	AUX
fbem-27772	48	10	the	the	DET
fbem-27772	48	11	residual	residual	ADJ
fbem-27772	48	12	term	term	NOUN
fbem-27772	48	13	in	in	ADP
fbem-27772	48	14	period	period	NOUN
fbem-27772	48	15	t	t	NOUN
fbem-27772	48	16	,	,	PUNCT
fbem-27772	48	17	𝑊𝑡	𝑊𝑡	PROPN
fbem-27772	48	18	is	be	AUX
fbem-27772	48	19	white	white	ADJ
fbem-27772	48	20	noise	noise	NOUN
fbem-27772	48	21	with	with	ADP
fbem-27772	48	22	mean	mean	PROPN
fbem-27772	48	23	0	0	NUM
fbem-27772	48	24	and	and	CCONJ
fbem-27772	48	25	variance	variance	NOUN
fbem-27772	48	26	1	1	NUM
fbem-27772	48	27	,	,	PUNCT
fbem-27772	48	28	𝜎𝑡	𝜎𝑡	ADV
fbem-27772	48	29	2	2	NUM
fbem-27772	48	30	is	be	AUX
fbem-27772	48	31	the	the	DET
fbem-27772	48	32	variance	variance	NOUN
fbem-27772	48	33	in	in	ADP
fbem-27772	48	34	period	period	NOUN
fbem-27772	48	35	t	t	PROPN
fbem-27772	48	36	,	,	PUNCT
fbem-27772	48	37	𝐸𝑡−𝑖	𝐸𝑡−𝑖	PROPN
fbem-27772	48	38	2	2	NUM
fbem-27772	48	39	is	be	AUX
fbem-27772	48	40	the	the	DET
fbem-27772	48	41	square	square	NOUN
fbem-27772	48	42	of	of	ADP
fbem-27772	48	43	the	the	DET
fbem-27772	48	44	residual	residual	ADJ
fbem-27772	48	45	term	term	NOUN
fbem-27772	48	46	in	in	ADP
fbem-27772	48	47	period	period	NOUN
fbem-27772	48	48	t	t	PROPN
fbem-27772	48	49	-	-	PUNCT
fbem-27772	48	50	i	i	PROPN
fbem-27772	48	51	,	,	PUNCT
fbem-27772	48	52	α	α	PROPN
fbem-27772	48	53	,	,	PUNCT
fbem-27772	48	54	β	β	X
fbem-27772	48	55	are	be	AUX
fbem-27772	48	56	constants	constant	NOUN
fbem-27772	48	57	.	.	PUNCT
fbem-27772	49	1	3.2	3.2	NUM
fbem-27772	49	2	.	.	PUNCT
fbem-27772	50	1	data	datum	NOUN
fbem-27772	50	2	sources	source	NOUN
fbem-27772	50	3	the	the	DET
fbem-27772	50	4	empirical	empirical	ADJ
fbem-27772	50	5	object	object	NOUN
fbem-27772	50	6	of	of	ADP
fbem-27772	50	7	this	this	DET
fbem-27772	50	8	paper	paper	NOUN
fbem-27772	50	9	is	be	AUX
fbem-27772	50	10	the	the	DET
fbem-27772	50	11	exchange	exchange	NOUN
fbem-27772	50	12	rate	rate	NOUN
fbem-27772	50	13	of	of	ADP
fbem-27772	50	14	the	the	DET
fbem-27772	50	15	us	us	PROPN
fbem-27772	50	16	dollar	dollar	NOUN
fbem-27772	50	17	against	against	ADP
fbem-27772	50	18	the	the	DET
fbem-27772	50	19	japanese	japanese	ADJ
fbem-27772	50	20	yen	yen	NOUN
fbem-27772	50	21	,	,	PUNCT
fbem-27772	50	22	calculated	calculate	VERB
fbem-27772	50	23	using	use	VERB
fbem-27772	50	24	the	the	DET
fbem-27772	50	25	chinese	chinese	PROPN
fbem-27772	50	26	yuan	yuan	PROPN
fbem-27772	50	27	as	as	ADP
fbem-27772	50	28	the	the	DET
fbem-27772	50	29	median	median	ADJ
fbem-27772	50	30	price	price	NOUN
fbem-27772	50	31	,	,	PUNCT
fbem-27772	50	32	hereinafter	hereinafter	NOUN
fbem-27772	50	33	referred	refer	VERB
fbem-27772	50	34	to	to	ADP
fbem-27772	50	35	as	as	ADP
fbem-27772	50	36	the	the	DET
fbem-27772	50	37	‘	'	PUNCT
fbem-27772	50	38	exchange	exchange	NOUN
fbem-27772	50	39	rate	rate	NOUN
fbem-27772	50	40	’	'	PUNCT
fbem-27772	50	41	.	.	PUNCT
fbem-27772	51	1	in	in	ADP
fbem-27772	51	2	order	order	NOUN
fbem-27772	51	3	to	to	PART
fbem-27772	51	4	avoid	avoid	VERB
fbem-27772	51	5	the	the	DET
fbem-27772	51	6	data	datum	NOUN
fbem-27772	51	7	too	too	ADV
fbem-27772	51	8	far	far	ADV
fbem-27772	51	9	back	back	ADV
fbem-27772	51	10	to	to	PART
fbem-27772	51	11	affect	affect	VERB
fbem-27772	51	12	the	the	DET
fbem-27772	51	13	accuracy	accuracy	NOUN
fbem-27772	51	14	of	of	ADP
fbem-27772	51	15	the	the	DET
fbem-27772	51	16	prediction	prediction	NOUN
fbem-27772	51	17	,	,	PUNCT
fbem-27772	51	18	this	this	DET
fbem-27772	51	19	paper	paper	NOUN
fbem-27772	51	20	selects	select	VERB
fbem-27772	51	21	the	the	DET
fbem-27772	51	22	dollar	dollar	NOUN
fbem-27772	51	23	-	-	PUNCT
fbem-27772	51	24	yen	yen	NOUN
fbem-27772	51	25	exchange	exchange	NOUN
fbem-27772	51	26	rate	rate	NOUN
fbem-27772	51	27	from	from	ADP
fbem-27772	51	28	2015	2015	NUM
fbem-27772	51	29	to	to	ADP
fbem-27772	51	30	31	31	NUM
fbem-27772	51	31	may	may	PROPN
fbem-27772	51	32	2024	2024	NUM
fbem-27772	51	33	,	,	PUNCT
fbem-27772	51	34	including	include	VERB
fbem-27772	51	35	two	two	NUM
fbem-27772	51	36	fed	fed	PROPN
fbem-27772	51	37	rate	rate	NOUN
fbem-27772	51	38	hike	hike	NOUN
fbem-27772	51	39	cycles	cycle	NOUN
fbem-27772	51	40	as	as	ADP
fbem-27772	51	41	the	the	DET
fbem-27772	51	42	observation	observation	NOUN
fbem-27772	51	43	series	series	NOUN
fbem-27772	51	44	,	,	PUNCT
fbem-27772	51	45	a	a	DET
fbem-27772	51	46	total	total	NOUN
fbem-27772	51	47	of	of	ADP
fbem-27772	51	48	2067	2067	NUM
fbem-27772	51	49	exchange	exchange	NOUN
fbem-27772	51	50	rate	rate	NOUN
fbem-27772	51	51	data	datum	NOUN
fbem-27772	51	52	,	,	PUNCT
fbem-27772	51	53	data	datum	NOUN
fbem-27772	51	54	from	from	ADP
fbem-27772	51	55	the	the	DET
fbem-27772	51	56	state	state	NOUN
fbem-27772	51	57	administration	administration	NOUN
fbem-27772	51	58	of	of	ADP
fbem-27772	51	59	foreign	foreign	ADJ
fbem-27772	51	60	exchange	exchange	NOUN
fbem-27772	51	61	(	(	PUNCT
fbem-27772	51	62	safe	safe	ADJ
fbem-27772	51	63	)	)	PUNCT
fbem-27772	51	64	.	.	PUNCT
fbem-27772	52	1	3.3	3.3	NUM
fbem-27772	52	2	.	.	PUNCT
fbem-27772	53	1	data	datum	NOUN
fbem-27772	53	2	processing	processing	NOUN
fbem-27772	53	3	based	base	VERB
fbem-27772	53	4	on	on	ADP
fbem-27772	53	5	the	the	DET
fbem-27772	53	6	analysis	analysis	NOUN
fbem-27772	53	7	of	of	ADP
fbem-27772	53	8	the	the	DET
fbem-27772	53	9	returns	return	NOUN
fbem-27772	53	10	graph	graph	NOUN
fbem-27772	53	11	in	in	ADP
fbem-27772	53	12	figure	figure	NOUN
fbem-27772	53	13	1	1	NUM
fbem-27772	53	14	,	,	PUNCT
fbem-27772	53	15	it	it	PRON
fbem-27772	53	16	can	can	AUX
fbem-27772	53	17	be	be	AUX
fbem-27772	53	18	seen	see	VERB
fbem-27772	53	19	that	that	SCONJ
fbem-27772	53	20	the	the	DET
fbem-27772	53	21	exchange	exchange	NOUN
fbem-27772	53	22	rate	rate	NOUN
fbem-27772	53	23	has	have	VERB
fbem-27772	53	24	a	a	DET
fbem-27772	53	25	huge	huge	ADJ
fbem-27772	53	26	change	change	NOUN
fbem-27772	53	27	before	before	ADP
fbem-27772	53	28	and	and	CCONJ
fbem-27772	53	29	after	after	ADP
fbem-27772	53	30	21	21	NUM
fbem-27772	53	31	years	year	NOUN
fbem-27772	53	32	,	,	PUNCT
fbem-27772	53	33	and	and	CCONJ
fbem-27772	53	34	the	the	DET
fbem-27772	53	35	exchange	exchange	NOUN
fbem-27772	53	36	rate	rate	NOUN
fbem-27772	53	37	stays	stay	VERB
fbem-27772	53	38	between	between	ADP
fbem-27772	53	39	100120	100120	NUM
fbem-27772	53	40	before	before	ADP
fbem-27772	53	41	21	21	NUM
fbem-27772	53	42	years	year	NOUN
fbem-27772	53	43	,	,	PUNCT
fbem-27772	53	44	while	while	SCONJ
fbem-27772	53	45	the	the	DET
fbem-27772	53	46	exchange	exchange	NOUN
fbem-27772	53	47	rate	rate	NOUN
fbem-27772	53	48	undergoes	undergo	VERB
fbem-27772	53	49	a	a	DET
fbem-27772	53	50	significant	significant	ADJ
fbem-27772	53	51	increase	increase	NOUN
fbem-27772	53	52	after	after	ADP
fbem-27772	53	53	21	21	NUM
fbem-27772	53	54	years	year	NOUN
fbem-27772	53	55	.	.	PUNCT
fbem-27772	54	1	therefore	therefore	ADV
fbem-27772	54	2	,	,	PUNCT
fbem-27772	54	3	it	it	PRON
fbem-27772	54	4	can	can	AUX
fbem-27772	54	5	be	be	AUX
fbem-27772	54	6	inferred	infer	VERB
fbem-27772	54	7	that	that	SCONJ
fbem-27772	54	8	there	there	PRON
fbem-27772	54	9	is	be	VERB
fbem-27772	54	10	a	a	DET
fbem-27772	54	11	large	large	ADJ
fbem-27772	54	12	fluctuation	fluctuation	NOUN
fbem-27772	54	13	in	in	ADP
fbem-27772	54	14	the	the	DET
fbem-27772	54	15	exchange	exchange	NOUN
fbem-27772	54	16	rate	rate	NOUN
fbem-27772	54	17	of	of	ADP
fbem-27772	54	18	usd	usd	PROPN
fbem-27772	54	19	/	/	SYM
fbem-27772	54	20	jpy	jpy	PROPN
fbem-27772	54	21	and	and	CCONJ
fbem-27772	54	22	the	the	DET
fbem-27772	54	23	time	time	NOUN
fbem-27772	54	24	series	series	PROPN
fbem-27772	54	25	may	may	AUX
fbem-27772	54	26	be	be	AUX
fbem-27772	54	27	unstable	unstable	ADJ
fbem-27772	54	28	.	.	PUNCT
fbem-27772	55	1	figure	figure	NOUN
fbem-27772	55	2	1	1	NUM
fbem-27772	55	3	.	.	NOUN
fbem-27772	55	4	time	time	PROPN
fbem-27772	55	5	series	series	PROPN
fbem-27772	55	6	chart	chart	PROPN
fbem-27772	55	7	of	of	ADP
fbem-27772	55	8	usd	usd	PROPN
fbem-27772	55	9	/	/	SYM
fbem-27772	55	10	jpy	jpy	PROPN
fbem-27772	55	11	exchange	exchange	NOUN
fbem-27772	55	12	rate	rate	NOUN
fbem-27772	55	13	420	420	NUM
fbem-27772	55	14	figure	figure	NOUN
fbem-27772	55	15	2	2	NUM
fbem-27772	55	16	.	.	PUNCT
fbem-27772	55	17	usd	usd	ADJ
fbem-27772	55	18	/	/	SYM
fbem-27772	55	19	jpy	jpy	NOUN
fbem-27772	55	20	logarithmic	logarithmic	ADJ
fbem-27772	55	21	yield	yield	NOUN
fbem-27772	55	22	series	series	NOUN
fbem-27772	55	23	since	since	SCONJ
fbem-27772	55	24	financial	financial	ADJ
fbem-27772	55	25	time	time	NOUN
fbem-27772	55	26	series	series	NOUN
fbem-27772	55	27	such	such	ADJ
fbem-27772	55	28	as	as	ADP
fbem-27772	55	29	exchange	exchange	NOUN
fbem-27772	55	30	rates	rate	NOUN
fbem-27772	55	31	generally	generally	ADV
fbem-27772	55	32	show	show	VERB
fbem-27772	55	33	an	an	DET
fbem-27772	55	34	inherent	inherent	ADJ
fbem-27772	55	35	exponential	exponential	ADJ
fbem-27772	55	36	growth	growth	NOUN
fbem-27772	55	37	trend	trend	NOUN
fbem-27772	55	38	,	,	PUNCT
fbem-27772	55	39	revealing	reveal	VERB
fbem-27772	55	40	sharp	sharp	ADJ
fbem-27772	55	41	fluctuations	fluctuation	NOUN
fbem-27772	55	42	that	that	PRON
fbem-27772	55	43	are	be	AUX
fbem-27772	55	44	not	not	PART
fbem-27772	55	45	easy	easy	ADJ
fbem-27772	55	46	to	to	PART
fbem-27772	55	47	analyze	analyze	VERB
fbem-27772	55	48	,	,	PUNCT
fbem-27772	55	49	the	the	DET
fbem-27772	55	50	series	series	NOUN
fbem-27772	55	51	is	be	AUX
fbem-27772	55	52	usually	usually	ADV
fbem-27772	55	53	smoothed	smooth	VERB
fbem-27772	55	54	by	by	ADP
fbem-27772	55	55	taking	take	VERB
fbem-27772	55	56	the	the	DET
fbem-27772	55	57	logarithmic	logarithmic	ADJ
fbem-27772	55	58	form	form	NOUN
fbem-27772	55	59	,	,	PUNCT
fbem-27772	55	60	which	which	PRON
fbem-27772	55	61	facilitates	facilitate	VERB
fbem-27772	55	62	subsequent	subsequent	ADJ
fbem-27772	55	63	statistics	statistic	NOUN
fbem-27772	55	64	and	and	CCONJ
fbem-27772	55	65	analysis	analysis	NOUN
fbem-27772	55	66	.	.	PUNCT
fbem-27772	56	1	figure	figure	NOUN
fbem-27772	56	2	2	2	NUM
fbem-27772	56	3	illustrates	illustrate	VERB
fbem-27772	56	4	the	the	DET
fbem-27772	56	5	time	time	NOUN
fbem-27772	56	6	series	series	NOUN
fbem-27772	56	7	of	of	ADP
fbem-27772	56	8	the	the	DET
fbem-27772	56	9	logarithmic	logarithmic	ADJ
fbem-27772	56	10	return	return	NOUN
fbem-27772	56	11	of	of	ADP
fbem-27772	56	12	the	the	DET
fbem-27772	56	13	united	united	PROPN
fbem-27772	56	14	states	states	PROPN
fbem-27772	56	15	dollar	dollar	NOUN
fbem-27772	56	16	against	against	ADP
fbem-27772	56	17	the	the	DET
fbem-27772	56	18	japanese	japanese	ADJ
fbem-27772	56	19	yen	yen	NOUN
fbem-27772	56	20	.	.	PUNCT
fbem-27772	57	1	3.4	3.4	NUM
fbem-27772	57	2	.	.	PUNCT
fbem-27772	57	3	descriptive	descriptive	ADJ
fbem-27772	57	4	statistics	statistic	NOUN
fbem-27772	57	5	to	to	PART
fbem-27772	57	6	verify	verify	VERB
fbem-27772	57	7	the	the	DET
fbem-27772	57	8	smoothness	smoothness	NOUN
fbem-27772	57	9	of	of	ADP
fbem-27772	57	10	the	the	DET
fbem-27772	57	11	logarithmised	logarithmise	VERB
fbem-27772	57	12	time	time	NOUN
fbem-27772	57	13	series	series	NOUN
fbem-27772	57	14	,	,	PUNCT
fbem-27772	57	15	the	the	DET
fbem-27772	57	16	adf	adf	PROPN
fbem-27772	57	17	test	test	NOUN
fbem-27772	57	18	is	be	AUX
fbem-27772	57	19	used	use	VERB
fbem-27772	57	20	here	here	ADV
fbem-27772	57	21	.	.	PUNCT
fbem-27772	58	1	the	the	DET
fbem-27772	58	2	original	original	ADJ
fbem-27772	58	3	assumption	assumption	NOUN
fbem-27772	58	4	of	of	ADP
fbem-27772	58	5	its	its	PRON
fbem-27772	58	6	method	method	NOUN
fbem-27772	58	7	is	be	AUX
fbem-27772	58	8	that	that	SCONJ
fbem-27772	58	9	the	the	DET
fbem-27772	58	10	series	series	NOUN
fbem-27772	58	11	has	have	VERB
fbem-27772	58	12	a	a	DET
fbem-27772	58	13	unit	unit	NOUN
fbem-27772	58	14	root	root	NOUN
fbem-27772	58	15	,	,	PUNCT
fbem-27772	58	16	i.e.	i.e.	X
fbem-27772	58	17	,	,	PUNCT
fbem-27772	58	18	the	the	DET
fbem-27772	58	19	series	series	NOUN
fbem-27772	58	20	is	be	AUX
fbem-27772	58	21	nonsmooth	nonsmooth	ADJ
fbem-27772	58	22	,	,	PUNCT
fbem-27772	58	23	and	and	CCONJ
fbem-27772	58	24	if	if	SCONJ
fbem-27772	58	25	the	the	DET
fbem-27772	58	26	original	original	ADJ
fbem-27772	58	27	assumption	assumption	NOUN
fbem-27772	58	28	is	be	AUX
fbem-27772	58	29	rejected	reject	VERB
fbem-27772	58	30	,	,	PUNCT
fbem-27772	58	31	the	the	DET
fbem-27772	58	32	series	series	NOUN
fbem-27772	58	33	is	be	AUX
fbem-27772	58	34	shown	show	VERB
fbem-27772	58	35	to	to	PART
fbem-27772	58	36	be	be	AUX
fbem-27772	58	37	smooth	smooth	ADJ
fbem-27772	58	38	.	.	PUNCT
fbem-27772	59	1	a	a	DET
fbem-27772	59	2	unit	unit	NOUN
fbem-27772	59	3	root	root	NOUN
fbem-27772	59	4	is	be	AUX
fbem-27772	59	5	a	a	DET
fbem-27772	59	6	time	time	NOUN
fbem-27772	59	7	series	series	NOUN
fbem-27772	59	8	in	in	ADP
fbem-27772	59	9	which	which	PRON
fbem-27772	59	10	the	the	DET
fbem-27772	59	11	trend	trend	NOUN
fbem-27772	59	12	over	over	ADP
fbem-27772	59	13	time	time	NOUN
fbem-27772	59	14	is	be	AUX
fbem-27772	59	15	continuous	continuous	ADJ
fbem-27772	59	16	in	in	ADP
fbem-27772	59	17	the	the	DET
fbem-27772	59	18	long	long	ADJ
fbem-27772	59	19	run	run	NOUN
fbem-27772	59	20	and	and	CCONJ
fbem-27772	59	21	does	do	AUX
fbem-27772	59	22	not	not	PART
fbem-27772	59	23	converge	converge	VERB
fbem-27772	59	24	to	to	ADP
fbem-27772	59	25	a	a	DET
fbem-27772	59	26	stable	stable	ADJ
fbem-27772	59	27	mean	mean	NOUN
fbem-27772	59	28	.	.	PUNCT
fbem-27772	60	1	table	table	NOUN
fbem-27772	60	2	1	1	NUM
fbem-27772	60	3	.	.	PUNCT
fbem-27772	61	1	stationarity	stationarity	NOUN
fbem-27772	61	2	test	test	NOUN
fbem-27772	61	3	variable	variable	PROPN
fbem-27772	61	4	adf	adf	PROPN
fbem-27772	61	5	statistic	statistic	NOUN
fbem-27772	61	6	1	1	NUM
fbem-27772	61	7	%	%	NOUN
fbem-27772	61	8	critical	critical	ADJ
fbem-27772	61	9	value	value	NOUN
fbem-27772	61	10	5	5	NUM
fbem-27772	61	11	%	%	NOUN
fbem-27772	61	12	critical	critical	ADJ
fbem-27772	61	13	value	value	NOUN
fbem-27772	61	14	result	result	NOUN
fbem-27772	61	15	r	r	NOUN
fbem-27772	61	16	-1.736302057	-1.736302057	NOUN
fbem-27772	61	17	-3.962489343	-3.962489343	PROPN
fbem-27772	61	18	-3.411984337	-3.411984337	PROPN
fbem-27772	61	19	unsteady	unsteady	ADJ
fbem-27772	61	20	0.734867417	0.734867417	NUM
fbem-27772	61	21	-0.01	-0.01	NUM
fbem-27772	61	22	-0.05	-0.05	PROPN
fbem-27772	61	23	dr	dr	PROPN
fbem-27772	61	24	-45.23688568	-45.23688568	PUNCT
fbem-27772	61	25	-3.962491502	-3.962491502	PROPN
fbem-27772	61	26	-3.411985395	-3.411985395	PROPN
fbem-27772	62	1	steady	steady	ADJ
fbem-27772	62	2	0.000	0.000	NUM
fbem-27772	62	3	-0.01	-0.01	NUM
fbem-27772	62	4	-0.05	-0.05	NUM
fbem-27772	62	5	according	accord	VERB
fbem-27772	62	6	to	to	ADP
fbem-27772	62	7	the	the	DET
fbem-27772	62	8	results	result	NOUN
fbem-27772	62	9	of	of	ADP
fbem-27772	62	10	the	the	DET
fbem-27772	62	11	test	test	NOUN
fbem-27772	62	12	in	in	ADP
fbem-27772	62	13	table	table	NOUN
fbem-27772	62	14	1	1	NUM
fbem-27772	62	15	,	,	PUNCT
fbem-27772	62	16	it	it	PRON
fbem-27772	62	17	can	can	AUX
fbem-27772	62	18	be	be	AUX
fbem-27772	62	19	seen	see	VERB
fbem-27772	62	20	that	that	SCONJ
fbem-27772	62	21	based	base	VERB
fbem-27772	62	22	on	on	ADP
fbem-27772	62	23	the	the	DET
fbem-27772	62	24	variable	variable	ADJ
fbem-27772	62	25	r	r	NOUN
fbem-27772	62	26	,	,	PUNCT
fbem-27772	62	27	which	which	PRON
fbem-27772	62	28	is	be	AUX
fbem-27772	62	29	the	the	DET
fbem-27772	62	30	original	original	ADJ
fbem-27772	62	31	time	time	NOUN
fbem-27772	62	32	series	series	PROPN
fbem-27772	62	33	chart	chart	NOUN
fbem-27772	62	34	of	of	ADP
fbem-27772	62	35	the	the	DET
fbem-27772	62	36	exchange	exchange	NOUN
fbem-27772	62	37	rate	rate	NOUN
fbem-27772	62	38	,	,	PUNCT
fbem-27772	62	39	the	the	DET
fbem-27772	62	40	significance	significance	NOUN
fbem-27772	62	41	p	p	NOUN
fbem-27772	62	42	-	-	PUNCT
fbem-27772	62	43	value	value	NOUN
fbem-27772	62	44	is	be	AUX
fbem-27772	62	45	0.734867417	0.734867417	NUM
fbem-27772	62	46	,	,	PUNCT
fbem-27772	62	47	which	which	PRON
fbem-27772	62	48	is	be	AUX
fbem-27772	62	49	not	not	PART
fbem-27772	62	50	significant	significant	ADJ
fbem-27772	62	51	,	,	PUNCT
fbem-27772	62	52	thus	thus	ADV
fbem-27772	62	53	accepting	accept	VERB
fbem-27772	62	54	the	the	DET
fbem-27772	62	55	original	original	ADJ
fbem-27772	62	56	hypothesis	hypothesis	NOUN
fbem-27772	62	57	;	;	PUNCT
fbem-27772	62	58	and	and	CCONJ
fbem-27772	62	59	then	then	ADV
fbem-27772	62	60	the	the	DET
fbem-27772	62	61	p	p	NOUN
fbem-27772	62	62	-	-	PUNCT
fbem-27772	62	63	value	value	NOUN
fbem-27772	62	64	of	of	ADP
fbem-27772	62	65	the	the	DET
fbem-27772	62	66	first	first	ADJ
fbem-27772	62	67	-	-	PUNCT
fbem-27772	62	68	order	order	NOUN
fbem-27772	62	69	differencing	differencing	NOUN
fbem-27772	62	70	is	be	AUX
fbem-27772	62	71	0.000	0.000	NUM
fbem-27772	62	72	,	,	PUNCT
fbem-27772	62	73	which	which	PRON
fbem-27772	62	74	rejects	reject	VERB
fbem-27772	62	75	the	the	DET
fbem-27772	62	76	original	original	ADJ
fbem-27772	62	77	hypothesis	hypothesis	NOUN
fbem-27772	62	78	,	,	PUNCT
fbem-27772	62	79	and	and	CCONJ
fbem-27772	62	80	then	then	ADV
fbem-27772	62	81	the	the	DET
fbem-27772	62	82	series	series	NOUN
fbem-27772	62	83	is	be	AUX
fbem-27772	62	84	a	a	DET
fbem-27772	62	85	smooth	smooth	ADJ
fbem-27772	62	86	time	time	NOUN
fbem-27772	62	87	series	series	NOUN
fbem-27772	62	88	.	.	PUNCT
fbem-27772	63	1	3.5	3.5	NUM
fbem-27772	63	2	.	.	PUNCT
fbem-27772	63	3	establish	establish	VERB
fbem-27772	63	4	the	the	DET
fbem-27772	63	5	mean	mean	ADJ
fbem-27772	63	6	value	value	NOUN
fbem-27772	63	7	equation	equation	NOUN
fbem-27772	63	8	the	the	DET
fbem-27772	63	9	test	test	NOUN
fbem-27772	63	10	of	of	ADP
fbem-27772	63	11	autocorrelation	autocorrelation	NOUN
fbem-27772	63	12	will	will	AUX
fbem-27772	63	13	be	be	AUX
fbem-27772	63	14	carried	carry	VERB
fbem-27772	63	15	out	out	ADP
fbem-27772	63	16	on	on	ADP
fbem-27772	63	17	the	the	DET
fbem-27772	63	18	premise	premise	NOUN
fbem-27772	63	19	that	that	SCONJ
fbem-27772	63	20	the	the	DET
fbem-27772	63	21	series	series	NOUN
fbem-27772	63	22	is	be	AUX
fbem-27772	63	23	smooth	smooth	ADJ
fbem-27772	63	24	and	and	CCONJ
fbem-27772	63	25	the	the	DET
fbem-27772	63	26	results	result	NOUN
fbem-27772	63	27	of	of	ADP
fbem-27772	63	28	the	the	DET
fbem-27772	63	29	test	test	NOUN
fbem-27772	63	30	are	be	AUX
fbem-27772	63	31	all	all	ADV
fbem-27772	63	32	significant	significant	ADJ
fbem-27772	63	33	.	.	PUNCT
fbem-27772	64	1	after	after	ADP
fbem-27772	64	2	that	that	PRON
fbem-27772	64	3	,	,	PUNCT
fbem-27772	64	4	the	the	DET
fbem-27772	64	5	lag	lag	NOUN
fbem-27772	64	6	order	order	NOUN
fbem-27772	64	7	is	be	AUX
fbem-27772	64	8	determined	determine	VERB
fbem-27772	64	9	and	and	CCONJ
fbem-27772	64	10	according	accord	VERB
fbem-27772	64	11	to	to	ADP
fbem-27772	64	12	the	the	DET
fbem-27772	64	13	statistics	statistic	NOUN
fbem-27772	64	14	of	of	ADP
fbem-27772	64	15	eviews	eviews	PROPN
fbem-27772	64	16	software	software	NOUN
fbem-27772	64	17	,	,	PUNCT
fbem-27772	64	18	it	it	PRON
fbem-27772	64	19	is	be	AUX
fbem-27772	64	20	significant	significant	ADJ
fbem-27772	64	21	at	at	ADP
fbem-27772	64	22	lag	lag	NOUN
fbem-27772	64	23	one	one	NUM
fbem-27772	64	24	.	.	PUNCT
fbem-27772	65	1	table	table	NOUN
fbem-27772	65	2	2	2	NUM
fbem-27772	65	3	.	.	PUNCT
fbem-27772	65	4	parameter	parameter	NOUN
fbem-27772	65	5	determination	determination	NOUN
fbem-27772	65	6	parametric	parametric	NOUN
fbem-27772	65	7	factor	factor	NOUN
fbem-27772	65	8	estimate	estimate	VERB
fbem-27772	65	9	t	t	NOUN
fbem-27772	65	10	-	-	PUNCT
fbem-27772	65	11	value	value	NOUN
fbem-27772	65	12	p	p	NOUN
fbem-27772	65	13	-	-	PUNCT
fbem-27772	65	14	value	value	NOUN
fbem-27772	65	15	ar1	ar1	PROPN
fbem-27772	65	16	0.999826502	0.999826502	NUM
fbem-27772	66	1	1667.050896	1667.050896	NUM
fbem-27772	66	2	0.000	0.000	NUM
fbem-27772	66	3	c	c	NOUN
fbem-27772	66	4	-0.090179178	-0.090179178	NOUN
fbem-27772	66	5	-0.840903923	-0.840903923	VERB
fbem-27772	66	6	0.40040176	0.40040176	NUM
fbem-27772	66	7	the	the	DET
fbem-27772	66	8	final	final	ADJ
fbem-27772	66	9	expression	expression	NOUN
fbem-27772	66	10	for	for	ADP
fbem-27772	66	11	the	the	DET
fbem-27772	66	12	mean	mean	ADJ
fbem-27772	66	13	equation	equation	NOUN
fbem-27772	66	14	is	be	AUX
fbem-27772	66	15	obtained	obtain	VERB
fbem-27772	66	16	as	as	ADP
fbem-27772	66	17	:	:	PUNCT
fbem-27772	66	18	𝑟𝑡=0.999𝛼𝑡−1	𝑟𝑡=0.999𝛼𝑡−1	NOUN
fbem-27772	66	19	-	-	PUNCT
fbem-27772	66	20	0.090	0.090	NUM
fbem-27772	66	21	3.6	3.6	NUM
fbem-27772	66	22	.	.	PUNCT
fbem-27772	67	1	arch	arch	ADJ
fbem-27772	67	2	effect	effect	NOUN
fbem-27772	67	3	test	test	NOUN
fbem-27772	67	4	in	in	ADP
fbem-27772	67	5	analyzing	analyze	VERB
fbem-27772	67	6	the	the	DET
fbem-27772	67	7	movement	movement	NOUN
fbem-27772	67	8	of	of	ADP
fbem-27772	67	9	this	this	DET
fbem-27772	67	10	time	time	NOUN
fbem-27772	67	11	series	series	NOUN
fbem-27772	67	12	of	of	ADP
fbem-27772	67	13	the	the	DET
fbem-27772	67	14	usd	usd	PROPN
fbem-27772	67	15	/	/	SYM
fbem-27772	67	16	jpy	jpy	PROPN
fbem-27772	67	17	exchange	exchange	NOUN
fbem-27772	67	18	rate	rate	NOUN
fbem-27772	68	1	,	,	PUNCT
fbem-27772	68	2	it	it	PRON
fbem-27772	68	3	was	be	AUX
fbem-27772	68	4	found	find	VERB
fbem-27772	68	5	that	that	SCONJ
fbem-27772	68	6	there	there	PRON
fbem-27772	68	7	was	be	VERB
fbem-27772	68	8	a	a	DET
fbem-27772	68	9	volatility	volatility	NOUN
fbem-27772	68	10	clustering	cluster	VERB
fbem-27772	68	11	effect	effect	NOUN
fbem-27772	68	12	in	in	ADP
fbem-27772	68	13	the	the	DET
fbem-27772	68	14	series	series	NOUN
fbem-27772	68	15	,	,	PUNCT
fbem-27772	68	16	thus	thus	ADV
fbem-27772	68	17	suggesting	suggest	VERB
fbem-27772	68	18	that	that	SCONJ
fbem-27772	68	19	the	the	DET
fbem-27772	68	20	return	return	NOUN
fbem-27772	68	21	series	series	NOUN
fbem-27772	68	22	may	may	AUX
fbem-27772	68	23	have	have	VERB
fbem-27772	68	24	conditional	conditional	ADJ
fbem-27772	68	25	heteroskedasticity	heteroskedasticity	NOUN
fbem-27772	68	26	,	,	PUNCT
fbem-27772	68	27	and	and	CCONJ
fbem-27772	68	28	hence	hence	ADV
fbem-27772	68	29	the	the	DET
fbem-27772	68	30	need	need	NOUN
fbem-27772	68	31	for	for	ADP
fbem-27772	68	32	an	an	DET
fbem-27772	68	33	arch	arch	ADJ
fbem-27772	68	34	model	model	NOUN
fbem-27772	68	35	to	to	PART
fbem-27772	68	36	capture	capture	VERB
fbem-27772	68	37	this	this	DET
fbem-27772	68	38	property	property	NOUN
fbem-27772	68	39	.	.	PUNCT
fbem-27772	69	1	the	the	DET
fbem-27772	69	2	f	f	NOUN
fbem-27772	69	3	-	-	PUNCT
fbem-27772	69	4	test	test	NOUN
fbem-27772	69	5	and	and	CCONJ
fbem-27772	69	6	obs*r	obs*r	NOUN
fbem-27772	69	7	-	-	PUNCT
fbem-27772	69	8	squared	square	VERB
fbem-27772	69	9	statistic	statistic	NOUN
fbem-27772	69	10	are	be	AUX
fbem-27772	69	11	used	use	VERB
fbem-27772	69	12	in	in	ADP
fbem-27772	69	13	eviews	eviews	PROPN
fbem-27772	69	14	software	software	NOUN
fbem-27772	69	15	,	,	PUNCT
fbem-27772	69	16	which	which	PRON
fbem-27772	69	17	are	be	AUX
fbem-27772	69	18	used	use	VERB
fbem-27772	69	19	to	to	PART
fbem-27772	69	20	measure	measure	VERB
fbem-27772	69	21	the	the	DET
fbem-27772	69	22	strength	strength	NOUN
fbem-27772	69	23	of	of	ADP
fbem-27772	69	24	the	the	DET
fbem-27772	69	25	linear	linear	ADJ
fbem-27772	69	26	relationship	relationship	NOUN
fbem-27772	69	27	between	between	ADP
fbem-27772	69	28	the	the	DET
fbem-27772	69	29	independent	independent	ADJ
fbem-27772	69	30	and	and	CCONJ
fbem-27772	69	31	dependent	dependent	ADJ
fbem-27772	69	32	variables	variable	NOUN
fbem-27772	69	33	in	in	ADP
fbem-27772	69	34	the	the	DET
fbem-27772	69	35	model	model	NOUN
fbem-27772	69	36	and	and	CCONJ
fbem-27772	69	37	to	to	PART
fbem-27772	69	38	assess	assess	VERB
fbem-27772	69	39	the	the	DET
fbem-27772	69	40	goodness	goodness	NOUN
fbem-27772	69	41	of	of	ADP
fbem-27772	69	42	fit	fit	NOUN
fbem-27772	69	43	of	of	ADP
fbem-27772	69	44	the	the	DET
fbem-27772	69	45	model	model	NOUN
fbem-27772	69	46	by	by	ADP
fbem-27772	69	47	testing	test	VERB
fbem-27772	69	48	for	for	ADP
fbem-27772	69	49	autocorrelation	autocorrelation	NOUN
fbem-27772	69	50	.	.	PUNCT
fbem-27772	70	1	table	table	NOUN
fbem-27772	70	2	3	3	NUM
fbem-27772	70	3	.	.	PUNCT
fbem-27772	70	4	arch	arch	ADJ
fbem-27772	70	5	effect	effect	NOUN
fbem-27772	70	6	test	test	NOUN
fbem-27772	70	7	f	f	X
fbem-27772	70	8	-	-	PUNCT
fbem-27772	70	9	statistic	statistic	ADJ
fbem-27772	70	10	10.43861832	10.43861832	NUM
fbem-27772	70	11	prob	prob	NOUN
fbem-27772	70	12	.	.	PUNCT
fbem-27772	71	1	f	f	PROPN
fbem-27772	71	2	(	(	PUNCT
fbem-27772	71	3	10,2046	10,2046	NUM
fbem-27772	71	4	)	)	PUNCT
fbem-27772	71	5	0.0000	0.0000	NUM
fbem-27772	71	6	obs*rsquared	obs*rsquare	VERB
fbem-27772	71	7	99.85293831	99.85293831	NUM
fbem-27772	71	8	prob	prob	NOUN
fbem-27772	71	9	.	.	PUNCT
fbem-27772	72	1	chi	chi	ADJ
fbem-27772	72	2	-	-	PUNCT
fbem-27772	72	3	square	square	ADJ
fbem-27772	72	4	(	(	PUNCT
fbem-27772	72	5	10	10	NUM
fbem-27772	72	6	)	)	PUNCT
fbem-27772	72	7	0.0000	0.0000	NUM
fbem-27772	72	8	through	through	ADP
fbem-27772	72	9	the	the	DET
fbem-27772	72	10	results	result	NOUN
fbem-27772	72	11	in	in	ADP
fbem-27772	72	12	table	table	NOUN
fbem-27772	72	13	3	3	NUM
fbem-27772	72	14	,	,	PUNCT
fbem-27772	72	15	we	we	PRON
fbem-27772	72	16	can	can	AUX
fbem-27772	72	17	see	see	VERB
fbem-27772	72	18	that	that	SCONJ
fbem-27772	72	19	the	the	DET
fbem-27772	72	20	p	p	NOUN
fbem-27772	72	21	-	-	PUNCT
fbem-27772	72	22	values	value	NOUN
fbem-27772	72	23	in	in	ADP
fbem-27772	72	24	the	the	DET
fbem-27772	72	25	arch	arch	ADJ
fbem-27772	72	26	effect	effect	NOUN
fbem-27772	72	27	test	test	NOUN
fbem-27772	72	28	are	be	AUX
fbem-27772	72	29	all	all	ADV
fbem-27772	72	30	less	less	ADJ
fbem-27772	72	31	than	than	ADP
fbem-27772	72	32	0.05	0.05	NUM
fbem-27772	72	33	,	,	PUNCT
fbem-27772	72	34	which	which	PRON
fbem-27772	72	35	means	mean	VERB
fbem-27772	72	36	that	that	SCONJ
fbem-27772	72	37	the	the	DET
fbem-27772	72	38	originally	originally	ADV
fbem-27772	72	39	set	set	VERB
fbem-27772	72	40	assumptions	assumption	NOUN
fbem-27772	72	41	can	can	AUX
fbem-27772	72	42	be	be	AUX
fbem-27772	72	43	rejected	reject	VERB
fbem-27772	72	44	,	,	PUNCT
fbem-27772	72	45	and	and	CCONJ
fbem-27772	72	46	there	there	PRON
fbem-27772	72	47	is	be	VERB
fbem-27772	72	48	an	an	DET
fbem-27772	72	49	arch	arch	ADJ
fbem-27772	72	50	effect	effect	NOUN
fbem-27772	72	51	in	in	ADP
fbem-27772	72	52	the	the	DET
fbem-27772	72	53	equation	equation	NOUN
fbem-27772	72	54	,	,	PUNCT
fbem-27772	72	55	which	which	PRON
fbem-27772	72	56	allows	allow	VERB
fbem-27772	72	57	for	for	ADP
fbem-27772	72	58	the	the	DET
fbem-27772	72	59	establishment	establishment	NOUN
fbem-27772	72	60	of	of	ADP
fbem-27772	72	61	a	a	DET
fbem-27772	72	62	garch	garch	NOUN
fbem-27772	72	63	model	model	NOUN
fbem-27772	72	64	.	.	PUNCT
fbem-27772	73	1	3.7	3.7	NUM
fbem-27772	73	2	.	.	PUNCT
fbem-27772	74	1	garch	garch	NOUN
fbem-27772	74	2	modeling	modeling	NOUN
fbem-27772	74	3	in	in	ADP
fbem-27772	74	4	this	this	DET
fbem-27772	74	5	paper	paper	NOUN
fbem-27772	74	6	,	,	PUNCT
fbem-27772	74	7	the	the	DET
fbem-27772	74	8	variance	variance	NOUN
fbem-27772	74	9	equation	equation	NOUN
fbem-27772	74	10	is	be	AUX
fbem-27772	74	11	first	first	ADV
fbem-27772	74	12	fitted	fit	VERB
fbem-27772	74	13	from	from	ADP
fbem-27772	74	14	a	a	DET
fbem-27772	74	15	loworder	loword	ADJ
fbem-27772	74	16	garch	garch	NOUN
fbem-27772	74	17	model	model	NOUN
fbem-27772	74	18	,	,	PUNCT
fbem-27772	74	19	including	include	VERB
fbem-27772	74	20	garch	garch	NOUN
fbem-27772	74	21	(	(	PUNCT
fbem-27772	74	22	1	1	NUM
fbem-27772	74	23	,	,	PUNCT
fbem-27772	74	24	1	1	NUM
fbem-27772	74	25	)	)	PUNCT
fbem-27772	74	26	,	,	PUNCT
fbem-27772	74	27	garch	garch	NOUN
fbem-27772	74	28	(	(	PUNCT
fbem-27772	74	29	1	1	NUM
fbem-27772	74	30	,	,	PUNCT
fbem-27772	74	31	2	2	NUM
fbem-27772	74	32	)	)	PUNCT
fbem-27772	74	33	and	and	CCONJ
fbem-27772	74	34	garch	garch	NOUN
fbem-27772	74	35	(	(	PUNCT
fbem-27772	74	36	2	2	NUM
fbem-27772	74	37	,	,	PUNCT
fbem-27772	74	38	1	1	NUM
fbem-27772	74	39	)	)	PUNCT
fbem-27772	74	40	,	,	PUNCT
fbem-27772	74	41	and	and	CCONJ
fbem-27772	74	42	the	the	DET
fbem-27772	74	43	p	p	NOUN
fbem-27772	74	44	and	and	CCONJ
fbem-27772	74	45	q	q	PROPN
fbem-27772	74	46	values	value	NOUN
fbem-27772	74	47	are	be	AUX
fbem-27772	74	48	determined	determine	VERB
fbem-27772	74	49	according	accord	VERB
fbem-27772	74	50	to	to	ADP
fbem-27772	74	51	the	the	DET
fbem-27772	74	52	significance	significance	NOUN
fbem-27772	74	53	.	.	PUNCT
fbem-27772	75	1	the	the	DET
fbem-27772	75	2	results	result	NOUN
fbem-27772	75	3	found	find	VERB
fbem-27772	75	4	that	that	SCONJ
fbem-27772	75	5	the	the	DET
fbem-27772	75	6	garch	garch	NOUN
fbem-27772	75	7	(	(	PUNCT
fbem-27772	75	8	1	1	NUM
fbem-27772	75	9	,	,	PUNCT
fbem-27772	75	10	1	1	X
fbem-27772	75	11	)	)	PUNCT
fbem-27772	75	12	model	model	NOUN
fbem-27772	75	13	is	be	AUX
fbem-27772	75	14	the	the	DET
fbem-27772	75	15	most	most	ADV
fbem-27772	75	16	significant	significant	ADJ
fbem-27772	75	17	,	,	PUNCT
fbem-27772	75	18	indicating	indicate	VERB
fbem-27772	75	19	that	that	SCONJ
fbem-27772	75	20	the	the	DET
fbem-27772	75	21	garch	garch	NOUN
fbem-27772	75	22	(	(	PUNCT
fbem-27772	75	23	1	1	NUM
fbem-27772	75	24	,	,	PUNCT
fbem-27772	75	25	1	1	X
fbem-27772	75	26	)	)	PUNCT
fbem-27772	75	27	model	model	NOUN
fbem-27772	75	28	is	be	AUX
fbem-27772	75	29	the	the	DET
fbem-27772	75	30	most	most	ADV
fbem-27772	75	31	suitable	suitable	ADJ
fbem-27772	75	32	for	for	ADP
fbem-27772	75	33	characterizing	characterize	VERB
fbem-27772	75	34	the	the	DET
fbem-27772	75	35	volatility	volatility	NOUN
fbem-27772	75	36	of	of	ADP
fbem-27772	75	37	the	the	DET
fbem-27772	75	38	return	return	NOUN
fbem-27772	75	39	series	series	NOUN
fbem-27772	75	40	.	.	PUNCT
fbem-27772	76	1	therefore	therefore	ADV
fbem-27772	76	2	,	,	PUNCT
fbem-27772	76	3	the	the	DET
fbem-27772	76	4	article	article	NOUN
fbem-27772	76	5	uses	use	VERB
fbem-27772	76	6	this	this	DET
fbem-27772	76	7	model	model	NOUN
fbem-27772	76	8	to	to	PART
fbem-27772	76	9	fit	fit	VERB
fbem-27772	76	10	the	the	DET
fbem-27772	76	11	logarithmic	logarithmic	ADJ
fbem-27772	76	12	yield	yield	NOUN
fbem-27772	76	13	series	series	NOUN
fbem-27772	76	14	and	and	CCONJ
fbem-27772	76	15	the	the	DET
fbem-27772	76	16	fitting	fitting	ADJ
fbem-27772	76	17	results	result	NOUN
fbem-27772	76	18	are	be	AUX
fbem-27772	76	19	shown	show	VERB
fbem-27772	76	20	in	in	ADP
fbem-27772	76	21	table	table	NOUN
fbem-27772	76	22	4	4	NUM
fbem-27772	76	23	.	.	PUNCT
fbem-27772	76	24	table	table	NOUN
fbem-27772	76	25	4	4	NUM
fbem-27772	77	1	.	.	PUNCT
fbem-27772	77	2	garch	garch	NOUN
fbem-27772	77	3	(	(	PUNCT
fbem-27772	77	4	1	1	NUM
fbem-27772	77	5	,	,	PUNCT
fbem-27772	77	6	1	1	X
fbem-27772	77	7	)	)	PUNCT
fbem-27772	77	8	model	model	NOUN
fbem-27772	77	9	fitting	fitting	ADJ
fbem-27772	77	10	results	result	NOUN
fbem-27772	77	11	parametric	parametric	ADJ
fbem-27772	77	12	factor	factor	NOUN
fbem-27772	77	13	estimate	estimate	VERB
fbem-27772	77	14	t	t	NOUN
fbem-27772	77	15	-	-	PUNCT
fbem-27772	77	16	value	value	NOUN
fbem-27772	77	17	p	p	NOUN
fbem-27772	77	18	-	-	PUNCT
fbem-27772	77	19	value	value	NOUN
fbem-27772	77	20	ar1	ar1	PROPN
fbem-27772	77	21	1.000952405	1.000952405	NUM
fbem-27772	77	22	1066.146034	1066.146034	NUM
fbem-27772	77	23	0	0	NUM
fbem-27772	77	24	omega	omega	NOUN
fbem-27772	77	25	-0.090179178	-0.090179178	NOUN
fbem-27772	77	26	-0.840903923	-0.840903923	VERB
fbem-27772	77	27	0.40040176	0.40040176	NUM
fbem-27772	77	28	alpha1	alpha1	NOUN
fbem-27772	77	29	0.064321255	0.064321255	NUM
fbem-27772	77	30	10.87712443	10.87712443	NUM
fbem-27772	77	31	0	0	NUM
fbem-27772	77	32	beta1	beta1	NOUN
fbem-27772	77	33	0.92961687	0.92961687	NUM
fbem-27772	77	34	155.499413	155.499413	NUM
fbem-27772	77	35	0	0	NUM
fbem-27772	77	36	shape	shape	NOUN
fbem-27772	77	37	0.003653751	0.003653751	NUM
fbem-27772	77	38	4.696913761	4.696913761	NUM
fbem-27772	77	39	0	0	NUM
fbem-27772	77	40	modelling	model	VERB
fbem-27772	77	41	the	the	DET
fbem-27772	77	42	variance	variance	NOUN
fbem-27772	77	43	from	from	ADP
fbem-27772	77	44	the	the	DET
fbem-27772	77	45	above	above	ADJ
fbem-27772	77	46	graph	graph	NOUN
fbem-27772	77	47	:	:	PUNCT
fbem-27772	77	48	𝜎𝑡	𝜎𝑡	ADV
fbem-27772	77	49	2	2	NUM
fbem-27772	77	50	=	=	SYM
fbem-27772	77	51	0.003	0.003	NUM
fbem-27772	77	52	+	+	CCONJ
fbem-27772	77	53	0.064𝛼𝑡−1	0.064𝛼𝑡−1	NUM
fbem-27772	77	54	2	2	NUM
fbem-27772	77	55	+	+	CCONJ
fbem-27772	77	56	0.929𝜎𝑡−1	0.929𝜎𝑡−1	NUM
fbem-27772	77	57	2	2	NUM
fbem-27772	77	58	the	the	DET
fbem-27772	77	59	fitting	fitting	ADJ
fbem-27772	77	60	results	result	NOUN
fbem-27772	77	61	in	in	ADP
fbem-27772	77	62	table	table	NOUN
fbem-27772	77	63	4	4	NUM
fbem-27772	77	64	reflect	reflect	VERB
fbem-27772	77	65	that	that	SCONJ
fbem-27772	77	66	all	all	DET
fbem-27772	77	67	parameters	parameter	NOUN
fbem-27772	77	68	are	be	AUX
fbem-27772	77	69	significant	significant	ADJ
fbem-27772	77	70	except	except	SCONJ
fbem-27772	77	71	for	for	ADP
fbem-27772	77	72	the	the	DET
fbem-27772	77	73	omega	omega	NOUN
fbem-27772	77	74	coefficient	coefficient	NOUN
fbem-27772	77	75	of	of	ADP
fbem-27772	77	76	the	the	DET
fbem-27772	77	77	constant	constant	ADJ
fbem-27772	77	78	term	term	NOUN
fbem-27772	77	79	of	of	ADP
fbem-27772	77	80	the	the	DET
fbem-27772	77	81	variance	variance	NOUN
fbem-27772	77	82	equation	equation	NOUN
fbem-27772	77	83	,	,	PUNCT
fbem-27772	77	84	which	which	PRON
fbem-27772	77	85	is	be	AUX
fbem-27772	77	86	not	not	PART
fbem-27772	77	87	a	a	DET
fbem-27772	77	88	significant	significant	ADJ
fbem-27772	77	89	observed	observed	ADJ
fbem-27772	77	90	coefficient	coefficient	NOUN
fbem-27772	77	91	in	in	ADP
fbem-27772	77	92	the	the	DET
fbem-27772	77	93	conditional	conditional	ADJ
fbem-27772	77	94	heteroskedasticity	heteroskedasticity	NOUN
fbem-27772	77	95	analysis	analysis	NOUN
fbem-27772	77	96	,	,	PUNCT
fbem-27772	77	97	and	and	CCONJ
fbem-27772	77	98	thus	thus	ADV
fbem-27772	77	99	it	it	PRON
fbem-27772	77	100	can	can	AUX
fbem-27772	77	101	be	be	AUX
fbem-27772	77	102	concluded	conclude	VERB
fbem-27772	77	103	that	that	SCONJ
fbem-27772	77	104	garch	garch	NOUN
fbem-27772	77	105	(	(	PUNCT
fbem-27772	77	106	1	1	NUM
fbem-27772	77	107	,	,	PUNCT
fbem-27772	77	108	1	1	NUM
fbem-27772	77	109	)	)	PUNCT
fbem-27772	77	110	fits	fit	VERB
fbem-27772	77	111	these	these	DET
fbem-27772	77	112	data	datum	NOUN
fbem-27772	77	113	well	well	ADV
fbem-27772	77	114	.	.	PUNCT
fbem-27772	78	1	3.8	3.8	NUM
fbem-27772	78	2	.	.	PUNCT
fbem-27772	78	3	residual	residual	ADJ
fbem-27772	78	4	test	test	NOUN
fbem-27772	78	5	after	after	ADP
fbem-27772	78	6	garch	garch	NOUN
fbem-27772	78	7	modelling	modelling	NOUN
fbem-27772	78	8	,	,	PUNCT
fbem-27772	78	9	in	in	ADP
fbem-27772	78	10	order	order	NOUN
fbem-27772	78	11	to	to	PART
fbem-27772	78	12	test	test	VERB
fbem-27772	78	13	whether	whether	SCONJ
fbem-27772	78	14	there	there	PRON
fbem-27772	78	15	is	be	VERB
fbem-27772	78	16	still	still	ADV
fbem-27772	78	17	conditional	conditional	ADJ
fbem-27772	78	18	heteroskedasticity	heteroskedasticity	NOUN
fbem-27772	78	19	in	in	ADP
fbem-27772	78	20	the	the	DET
fbem-27772	78	21	residuals	residual	NOUN
fbem-27772	78	22	,	,	PUNCT
fbem-27772	78	23	it	it	PRON
fbem-27772	78	24	is	be	AUX
fbem-27772	78	25	necessary	necessary	ADJ
fbem-27772	78	26	to	to	PART
fbem-27772	78	27	carry	carry	VERB
fbem-27772	78	28	out	out	ADP
fbem-27772	78	29	the	the	DET
fbem-27772	78	30	arch	arch	ADJ
fbem-27772	78	31	effect	effect	NOUN
fbem-27772	78	32	test	test	VERB
fbem-27772	78	33	again	again	ADV
fbem-27772	78	34	.	.	PUNCT
fbem-27772	79	1	if	if	SCONJ
fbem-27772	79	2	the	the	DET
fbem-27772	79	3	fitted	fit	VERB
fbem-27772	79	4	garch	garch	NOUN
fbem-27772	79	5	model	model	NOUN
fbem-27772	79	6	can	can	AUX
fbem-27772	79	7	significantly	significantly	ADV
fbem-27772	79	8	reduce	reduce	VERB
fbem-27772	79	9	or	or	CCONJ
fbem-27772	79	10	eliminate	eliminate	VERB
fbem-27772	79	11	the	the	DET
fbem-27772	79	12	421	421	NUM
fbem-27772	79	13	arch	arch	ADJ
fbem-27772	79	14	effect	effect	NOUN
fbem-27772	79	15	,	,	PUNCT
fbem-27772	79	16	it	it	PRON
fbem-27772	79	17	means	mean	VERB
fbem-27772	79	18	that	that	SCONJ
fbem-27772	79	19	the	the	DET
fbem-27772	79	20	model	model	NOUN
fbem-27772	79	21	fits	fit	VERB
fbem-27772	79	22	the	the	DET
fbem-27772	79	23	data	datum	NOUN
fbem-27772	79	24	better	well	ADV
fbem-27772	79	25	and	and	CCONJ
fbem-27772	79	26	captures	capture	VERB
fbem-27772	79	27	the	the	DET
fbem-27772	79	28	volatility	volatility	NOUN
fbem-27772	79	29	characteristics	characteristic	NOUN
fbem-27772	79	30	in	in	ADP
fbem-27772	79	31	the	the	DET
fbem-27772	79	32	data	datum	NOUN
fbem-27772	79	33	well	well	ADV
fbem-27772	79	34	.	.	PUNCT
fbem-27772	80	1	table	table	NOUN
fbem-27772	80	2	5	5	NUM
fbem-27772	80	3	.	.	PUNCT
fbem-27772	80	4	arch	arch	ADJ
fbem-27772	80	5	test	test	NOUN
fbem-27772	80	6	of	of	ADP
fbem-27772	80	7	residuals	residual	NOUN
fbem-27772	80	8	f	f	NOUN
fbem-27772	80	9	-	-	PUNCT
fbem-27772	80	10	statistic	statistic	ADJ
fbem-27772	80	11	0.577394355	0.577394355	NUM
fbem-27772	80	12	prob	prob	NOUN
fbem-27772	80	13	.	.	PUNCT
fbem-27772	81	1	f	f	PROPN
fbem-27772	81	2	(	(	PUNCT
fbem-27772	81	3	10,2045	10,2045	NUM
fbem-27772	81	4	)	)	PUNCT
fbem-27772	81	5	0.833631518	0.833631518	NUM
fbem-27772	81	6	obs*rsquared	obs*rsquare	VERB
fbem-27772	81	7	5.788657485	5.788657485	NUM
fbem-27772	81	8	prob	prob	NOUN
fbem-27772	81	9	.	.	PUNCT
fbem-27772	82	1	chisquare	chisquare	PROPN
fbem-27772	82	2	(	(	PUNCT
fbem-27772	82	3	10	10	NUM
fbem-27772	82	4	)	)	PUNCT
fbem-27772	82	5	0.832695701	0.832695701	NUM
fbem-27772	82	6	according	accord	VERB
fbem-27772	82	7	to	to	ADP
fbem-27772	82	8	the	the	DET
fbem-27772	82	9	results	result	NOUN
fbem-27772	82	10	in	in	ADP
fbem-27772	82	11	table	table	NOUN
fbem-27772	82	12	5	5	NUM
fbem-27772	82	13	,	,	PUNCT
fbem-27772	82	14	the	the	DET
fbem-27772	82	15	p	p	NOUN
fbem-27772	82	16	-	-	PUNCT
fbem-27772	82	17	values	value	NOUN
fbem-27772	82	18	are	be	AUX
fbem-27772	82	19	all	all	ADV
fbem-27772	82	20	greater	great	ADJ
fbem-27772	82	21	than	than	ADP
fbem-27772	82	22	0.05	0.05	NUM
fbem-27772	82	23	,	,	PUNCT
fbem-27772	82	24	which	which	PRON
fbem-27772	82	25	indicates	indicate	VERB
fbem-27772	82	26	that	that	SCONJ
fbem-27772	82	27	the	the	DET
fbem-27772	82	28	originally	originally	ADV
fbem-27772	82	29	set	set	VERB
fbem-27772	82	30	hypothesis	hypothesis	NOUN
fbem-27772	82	31	can	can	AUX
fbem-27772	82	32	not	not	PART
fbem-27772	82	33	be	be	AUX
fbem-27772	82	34	rejected	reject	VERB
fbem-27772	82	35	,	,	PUNCT
fbem-27772	82	36	i.e.	i.e.	X
fbem-27772	82	37	the	the	DET
fbem-27772	82	38	model	model	NOUN
fbem-27772	82	39	eliminates	eliminate	VERB
fbem-27772	82	40	the	the	DET
fbem-27772	82	41	arch	arch	ADJ
fbem-27772	82	42	effect	effect	NOUN
fbem-27772	82	43	in	in	ADP
fbem-27772	82	44	the	the	DET
fbem-27772	82	45	data	datum	NOUN
fbem-27772	82	46	.	.	PUNCT
fbem-27772	83	1	therefore	therefore	ADV
fbem-27772	83	2	,	,	PUNCT
fbem-27772	83	3	the	the	DET
fbem-27772	83	4	garch	garch	NOUN
fbem-27772	83	5	model	model	NOUN
fbem-27772	83	6	was	be	AUX
fbem-27772	83	7	successfully	successfully	ADV
fbem-27772	83	8	established	establish	VERB
fbem-27772	83	9	.	.	PUNCT
fbem-27772	84	1	3.9	3.9	NUM
fbem-27772	84	2	.	.	PUNCT
fbem-27772	84	3	model	model	NOUN
fbem-27772	84	4	predictions	prediction	NOUN
fbem-27772	84	5	after	after	ADP
fbem-27772	84	6	arriving	arrive	VERB
fbem-27772	84	7	at	at	ADP
fbem-27772	84	8	the	the	DET
fbem-27772	84	9	best	good	ADJ
fbem-27772	84	10	garch	garch	NOUN
fbem-27772	84	11	model	model	NOUN
fbem-27772	84	12	,	,	PUNCT
fbem-27772	84	13	in	in	ADP
fbem-27772	84	14	order	order	NOUN
fbem-27772	84	15	to	to	PART
fbem-27772	84	16	determine	determine	VERB
fbem-27772	84	17	whether	whether	SCONJ
fbem-27772	84	18	the	the	DET
fbem-27772	84	19	model	model	NOUN
fbem-27772	84	20	can	can	AUX
fbem-27772	84	21	effectively	effectively	ADV
fbem-27772	84	22	predict	predict	VERB
fbem-27772	84	23	the	the	DET
fbem-27772	84	24	future	future	ADJ
fbem-27772	84	25	movement	movement	NOUN
fbem-27772	84	26	of	of	ADP
fbem-27772	84	27	the	the	DET
fbem-27772	84	28	usd	usd	PROPN
fbem-27772	84	29	/	/	SYM
fbem-27772	84	30	jpy	jpy	PROPN
fbem-27772	84	31	exchange	exchange	NOUN
fbem-27772	84	32	rate	rate	NOUN
fbem-27772	84	33	and	and	CCONJ
fbem-27772	84	34	provide	provide	VERB
fbem-27772	84	35	timely	timely	ADJ
fbem-27772	84	36	and	and	CCONJ
fbem-27772	84	37	forward	forward	ADV
fbem-27772	84	38	-	-	PUNCT
fbem-27772	84	39	looking	look	VERB
fbem-27772	84	40	advice	advice	NOUN
fbem-27772	84	41	to	to	ADP
fbem-27772	84	42	monetary	monetary	ADJ
fbem-27772	84	43	policymakers	policymaker	NOUN
fbem-27772	84	44	,	,	PUNCT
fbem-27772	84	45	the	the	DET
fbem-27772	84	46	model	model	NOUN
fbem-27772	84	47	is	be	AUX
fbem-27772	84	48	used	use	VERB
fbem-27772	84	49	to	to	PART
fbem-27772	84	50	continue	continue	VERB
fbem-27772	84	51	to	to	PART
fbem-27772	84	52	forecast	forecast	VERB
fbem-27772	84	53	the	the	DET
fbem-27772	84	54	data	datum	NOUN
fbem-27772	84	55	backward	backward	ADV
fbem-27772	84	56	to	to	ADP
fbem-27772	84	57	1	1	NUM
fbem-27772	84	58	august	august	PROPN
fbem-27772	84	59	2024	2024	NUM
fbem-27772	84	60	and	and	CCONJ
fbem-27772	84	61	compare	compare	VERB
fbem-27772	84	62	it	it	PRON
fbem-27772	84	63	with	with	ADP
fbem-27772	84	64	the	the	DET
fbem-27772	84	65	real	real	ADJ
fbem-27772	84	66	data	datum	NOUN
fbem-27772	84	67	to	to	PART
fbem-27772	84	68	reflect	reflect	VERB
fbem-27772	84	69	the	the	DET
fbem-27772	84	70	forecasting	forecasting	NOUN
fbem-27772	84	71	effect	effect	NOUN
fbem-27772	84	72	.	.	PUNCT
fbem-27772	85	1	figure	figure	VERB
fbem-27772	85	2	3	3	NUM
fbem-27772	85	3	.	.	PUNCT
fbem-27772	85	4	forecast	forecast	PROPN
fbem-27772	85	5	comparison	comparison	NOUN
fbem-27772	85	6	chart	chart	VERB
fbem-27772	85	7	the	the	DET
fbem-27772	85	8	results	result	NOUN
fbem-27772	85	9	in	in	ADP
fbem-27772	85	10	fig.3	fig.3	PROPN
fbem-27772	85	11	show	show	NOUN
fbem-27772	85	12	that	that	SCONJ
fbem-27772	85	13	the	the	DET
fbem-27772	85	14	predicted	predict	VERB
fbem-27772	85	15	value	value	NOUN
fbem-27772	85	16	and	and	CCONJ
fbem-27772	85	17	the	the	DET
fbem-27772	85	18	true	true	ADJ
fbem-27772	85	19	value	value	NOUN
fbem-27772	85	20	remain	remain	VERB
fbem-27772	85	21	relatively	relatively	ADV
fbem-27772	85	22	close	close	ADJ
fbem-27772	85	23	to	to	ADP
fbem-27772	85	24	each	each	DET
fbem-27772	85	25	other	other	ADJ
fbem-27772	85	26	around	around	ADP
fbem-27772	85	27	7	7	NUM
fbem-27772	85	28	june	june	PROPN
fbem-27772	85	29	to	to	ADP
fbem-27772	85	30	10	10	NUM
fbem-27772	85	31	july	july	PROPN
fbem-27772	85	32	,	,	PUNCT
fbem-27772	85	33	after	after	ADP
fbem-27772	85	34	which	which	PRON
fbem-27772	85	35	the	the	DET
fbem-27772	85	36	true	true	ADJ
fbem-27772	85	37	value	value	NOUN
fbem-27772	85	38	maintains	maintain	VERB
fbem-27772	85	39	a	a	DET
fbem-27772	85	40	downward	downward	ADJ
fbem-27772	85	41	trend	trend	NOUN
fbem-27772	85	42	while	while	SCONJ
fbem-27772	85	43	the	the	DET
fbem-27772	85	44	predicted	predict	VERB
fbem-27772	85	45	value	value	NOUN
fbem-27772	85	46	continues	continue	VERB
fbem-27772	85	47	to	to	PART
fbem-27772	85	48	rise	rise	VERB
fbem-27772	85	49	.	.	PUNCT
fbem-27772	86	1	4	4	X
fbem-27772	86	2	.	.	X
fbem-27772	86	3	conclusion	conclusion	NOUN
fbem-27772	86	4	based	base	VERB
fbem-27772	86	5	on	on	ADP
fbem-27772	86	6	the	the	DET
fbem-27772	86	7	empirical	empirical	ADJ
fbem-27772	86	8	analyses	analysis	NOUN
fbem-27772	86	9	in	in	ADP
fbem-27772	86	10	the	the	DET
fbem-27772	86	11	article	article	NOUN
fbem-27772	86	12	,	,	PUNCT
fbem-27772	86	13	the	the	DET
fbem-27772	86	14	following	follow	VERB
fbem-27772	86	15	conclusions	conclusion	NOUN
fbem-27772	86	16	are	be	AUX
fbem-27772	86	17	drawn	draw	VERB
fbem-27772	86	18	:	:	PUNCT
fbem-27772	86	19	(	(	PUNCT
fbem-27772	86	20	1	1	X
fbem-27772	86	21	)	)	PUNCT
fbem-27772	86	22	the	the	DET
fbem-27772	86	23	usd	usd	NOUN
fbem-27772	86	24	/	/	SYM
fbem-27772	86	25	jpy	jpy	NOUN
fbem-27772	86	26	log	log	NOUN
fbem-27772	86	27	return	return	NOUN
fbem-27772	86	28	series	series	NOUN
fbem-27772	86	29	is	be	AUX
fbem-27772	86	30	a	a	DET
fbem-27772	86	31	smooth	smooth	ADJ
fbem-27772	86	32	time	time	NOUN
fbem-27772	86	33	series	series	NOUN
fbem-27772	86	34	with	with	ADP
fbem-27772	86	35	the	the	DET
fbem-27772	86	36	characteristic	characteristic	NOUN
fbem-27772	86	37	of	of	ADP
fbem-27772	86	38	volatility	volatility	NOUN
fbem-27772	86	39	aggregation	aggregation	NOUN
fbem-27772	86	40	.	.	PUNCT
fbem-27772	87	1	(	(	PUNCT
fbem-27772	87	2	2	2	X
fbem-27772	87	3	)	)	PUNCT
fbem-27772	87	4	the	the	DET
fbem-27772	87	5	garch	garch	NOUN
fbem-27772	87	6	(	(	PUNCT
fbem-27772	87	7	1	1	NUM
fbem-27772	87	8	,	,	PUNCT
fbem-27772	87	9	1	1	X
fbem-27772	87	10	)	)	PUNCT
fbem-27772	87	11	model	model	NOUN
fbem-27772	87	12	captures	capture	VERB
fbem-27772	87	13	the	the	DET
fbem-27772	87	14	volatility	volatility	NOUN
fbem-27772	87	15	characteristics	characteristic	NOUN
fbem-27772	87	16	of	of	ADP
fbem-27772	87	17	the	the	DET
fbem-27772	87	18	logarithmic	logarithmic	ADJ
fbem-27772	87	19	yield	yield	NOUN
fbem-27772	87	20	series	series	NOUN
fbem-27772	87	21	well	well	ADV
fbem-27772	87	22	and	and	CCONJ
fbem-27772	87	23	maintains	maintain	VERB
fbem-27772	87	24	a	a	DET
fbem-27772	87	25	relatively	relatively	ADV
fbem-27772	87	26	good	good	ADJ
fbem-27772	87	27	accuracy	accuracy	NOUN
fbem-27772	87	28	in	in	ADP
fbem-27772	87	29	the	the	DET
fbem-27772	87	30	forecasts	forecast	NOUN
fbem-27772	87	31	in	in	ADP
fbem-27772	87	32	the	the	DET
fbem-27772	87	33	following	follow	VERB
fbem-27772	87	34	two	two	NUM
fbem-27772	87	35	months	month	NOUN
fbem-27772	87	36	.	.	PUNCT
fbem-27772	88	1	(	(	PUNCT
fbem-27772	88	2	3	3	X
fbem-27772	88	3	)	)	PUNCT
fbem-27772	88	4	according	accord	VERB
fbem-27772	88	5	to	to	ADP
fbem-27772	88	6	the	the	DET
fbem-27772	88	7	data	datum	NOUN
fbem-27772	88	8	in	in	ADP
fbem-27772	88	9	the	the	DET
fbem-27772	88	10	latter	latter	ADJ
fbem-27772	88	11	section	section	NOUN
fbem-27772	88	12	of	of	ADP
fbem-27772	88	13	the	the	DET
fbem-27772	88	14	forecast	forecast	PROPN
fbem-27772	88	15	comparison	comparison	NOUN
fbem-27772	88	16	chart	chart	NOUN
fbem-27772	88	17	,	,	PUNCT
fbem-27772	88	18	we	we	PRON
fbem-27772	88	19	can	can	AUX
fbem-27772	88	20	conclude	conclude	VERB
fbem-27772	88	21	that	that	SCONJ
fbem-27772	88	22	there	there	PRON
fbem-27772	88	23	is	be	VERB
fbem-27772	88	24	a	a	DET
fbem-27772	88	25	large	large	ADJ
fbem-27772	88	26	discrepancy	discrepancy	NOUN
fbem-27772	88	27	between	between	ADP
fbem-27772	88	28	the	the	DET
fbem-27772	88	29	fitted	fit	VERB
fbem-27772	88	30	value	value	NOUN
fbem-27772	88	31	and	and	CCONJ
fbem-27772	88	32	the	the	DET
fbem-27772	88	33	true	true	ADJ
fbem-27772	88	34	value	value	NOUN
fbem-27772	88	35	,	,	PUNCT
fbem-27772	88	36	which	which	PRON
fbem-27772	88	37	may	may	AUX
fbem-27772	88	38	be	be	AUX
fbem-27772	88	39	since	since	SCONJ
fbem-27772	88	40	the	the	DET
fbem-27772	88	41	selected	select	VERB
fbem-27772	88	42	data	data	NOUN
fbem-27772	88	43	contains	contain	VERB
fbem-27772	88	44	the	the	DET
fbem-27772	88	45	process	process	NOUN
fbem-27772	88	46	of	of	ADP
fbem-27772	88	47	interspersing	intersperse	VERB
fbem-27772	88	48	the	the	DET
fbem-27772	88	49	fed	fed	PROPN
fbem-27772	88	50	's	's	PART
fbem-27772	88	51	rate	rate	NOUN
fbem-27772	88	52	hikes	hike	NOUN
fbem-27772	88	53	and	and	CCONJ
fbem-27772	88	54	rate	rate	NOUN
fbem-27772	88	55	cuts	cut	NOUN
fbem-27772	88	56	,	,	PUNCT
fbem-27772	88	57	and	and	CCONJ
fbem-27772	88	58	the	the	DET
fbem-27772	88	59	forecasted	forecast	VERB
fbem-27772	88	60	period	period	NOUN
fbem-27772	88	61	is	be	AUX
fbem-27772	88	62	in	in	ADP
fbem-27772	88	63	the	the	DET
fbem-27772	88	64	cycle	cycle	NOUN
fbem-27772	88	65	of	of	ADP
fbem-27772	88	66	rate	rate	NOUN
fbem-27772	88	67	hikes	hike	NOUN
fbem-27772	88	68	,	,	PUNCT
fbem-27772	88	69	and	and	CCONJ
fbem-27772	88	70	the	the	DET
fbem-27772	88	71	fed	fed	PROPN
fbem-27772	88	72	has	have	AUX
fbem-27772	88	73	been	be	AUX
fbem-27772	88	74	keeping	keep	VERB
fbem-27772	88	75	the	the	DET
fbem-27772	88	76	interest	interest	NOUN
fbem-27772	88	77	rate	rate	NOUN
fbem-27772	88	78	stable	stable	ADJ
fbem-27772	88	79	during	during	ADP
fbem-27772	88	80	the	the	DET
fbem-27772	88	81	period	period	NOUN
fbem-27772	88	82	,	,	PUNCT
fbem-27772	88	83	hence	hence	ADV
fbem-27772	88	84	the	the	DET
fbem-27772	88	85	discrepancy	discrepancy	NOUN
fbem-27772	88	86	in	in	ADP
fbem-27772	88	87	the	the	DET
fbem-27772	88	88	period	period	NOUN
fbem-27772	88	89	.	.	PUNCT
fbem-27772	89	1	based	base	VERB
fbem-27772	89	2	on	on	ADP
fbem-27772	89	3	the	the	DET
fbem-27772	89	4	above	above	ADJ
fbem-27772	89	5	research	research	NOUN
fbem-27772	89	6	,	,	PUNCT
fbem-27772	89	7	the	the	DET
fbem-27772	89	8	following	follow	VERB
fbem-27772	89	9	recommendations	recommendation	NOUN
fbem-27772	89	10	are	be	AUX
fbem-27772	89	11	made	make	VERB
fbem-27772	89	12	:	:	PUNCT
fbem-27772	89	13	many	many	ADJ
fbem-27772	89	14	factors	factor	NOUN
fbem-27772	89	15	determine	determine	VERB
fbem-27772	89	16	the	the	DET
fbem-27772	89	17	fed	fed	PROPN
fbem-27772	89	18	to	to	PART
fbem-27772	89	19	change	change	VERB
fbem-27772	89	20	interest	interest	NOUN
fbem-27772	89	21	rates	rate	NOUN
fbem-27772	89	22	,	,	PUNCT
fbem-27772	89	23	including	include	VERB
fbem-27772	89	24	labor	labor	NOUN
fbem-27772	89	25	market	market	NOUN
fbem-27772	89	26	conditions	condition	NOUN
fbem-27772	89	27	,	,	PUNCT
fbem-27772	89	28	domestic	domestic	ADJ
fbem-27772	89	29	and	and	CCONJ
fbem-27772	89	30	international	international	ADJ
fbem-27772	89	31	economic	economic	ADJ
fbem-27772	89	32	growth	growth	NOUN
fbem-27772	89	33	,	,	PUNCT
fbem-27772	89	34	and	and	CCONJ
fbem-27772	89	35	so	so	ADV
fbem-27772	89	36	on	on	ADV
fbem-27772	89	37	.	.	PUNCT
fbem-27772	90	1	when	when	SCONJ
fbem-27772	90	2	faced	face	VERB
fbem-27772	90	3	with	with	ADP
fbem-27772	90	4	a	a	DET
fbem-27772	90	5	huge	huge	ADJ
fbem-27772	90	6	change	change	NOUN
fbem-27772	90	7	in	in	ADP
fbem-27772	90	8	the	the	DET
fbem-27772	90	9	international	international	ADJ
fbem-27772	90	10	market	market	NOUN
fbem-27772	90	11	,	,	PUNCT
fbem-27772	90	12	the	the	DET
fbem-27772	90	13	chinese	chinese	ADJ
fbem-27772	90	14	government	government	NOUN
fbem-27772	90	15	should	should	AUX
fbem-27772	90	16	turn	turn	VERB
fbem-27772	90	17	passive	passive	ADJ
fbem-27772	90	18	into	into	ADP
fbem-27772	90	19	active	active	ADJ
fbem-27772	90	20	and	and	CCONJ
fbem-27772	90	21	actively	actively	ADV
fbem-27772	90	22	intervene	intervene	VERB
fbem-27772	90	23	in	in	ADP
fbem-27772	90	24	the	the	DET
fbem-27772	90	25	exchange	exchange	NOUN
fbem-27772	90	26	rate	rate	NOUN
fbem-27772	90	27	;	;	PUNCT
fbem-27772	90	28	at	at	ADP
fbem-27772	90	29	the	the	DET
fbem-27772	90	30	same	same	ADJ
fbem-27772	90	31	time	time	NOUN
fbem-27772	90	32	,	,	PUNCT
fbem-27772	90	33	china	china	PROPN
fbem-27772	90	34	's	's	PART
fbem-27772	90	35	high	high	ADJ
fbem-27772	90	36	level	level	NOUN
fbem-27772	90	37	of	of	ADP
fbem-27772	90	38	foreign	foreign	ADJ
fbem-27772	90	39	exchange	exchange	NOUN
fbem-27772	90	40	reserves	reserve	NOUN
fbem-27772	90	41	will	will	AUX
fbem-27772	90	42	affect	affect	VERB
fbem-27772	90	43	the	the	DET
fbem-27772	90	44	stability	stability	NOUN
fbem-27772	90	45	of	of	ADP
fbem-27772	90	46	the	the	DET
fbem-27772	90	47	national	national	ADJ
fbem-27772	90	48	currency	currency	NOUN
fbem-27772	90	49	,	,	PUNCT
fbem-27772	90	50	so	so	SCONJ
fbem-27772	90	51	the	the	DET
fbem-27772	90	52	government	government	NOUN
fbem-27772	90	53	should	should	AUX
fbem-27772	90	54	control	control	VERB
fbem-27772	90	55	the	the	DET
fbem-27772	90	56	balance	balance	NOUN
fbem-27772	90	57	of	of	ADP
fbem-27772	90	58	payments	payment	NOUN
fbem-27772	90	59	and	and	CCONJ
fbem-27772	90	60	accelerate	accelerate	VERB
fbem-27772	90	61	the	the	DET
fbem-27772	90	62	transformation	transformation	NOUN
fbem-27772	90	63	of	of	ADP
fbem-27772	90	64	the	the	DET
fbem-27772	90	65	mode	mode	NOUN
fbem-27772	90	66	of	of	ADP
fbem-27772	90	67	economic	economic	ADJ
fbem-27772	90	68	development	development	NOUN
fbem-27772	90	69	to	to	PART
fbem-27772	90	70	cope	cope	VERB
fbem-27772	90	71	with	with	ADP
fbem-27772	90	72	the	the	DET
fbem-27772	90	73	challenges	challenge	NOUN
fbem-27772	90	74	in	in	ADP
fbem-27772	90	75	the	the	DET
fbem-27772	90	76	time	time	NOUN
fbem-27772	90	77	of	of	ADP
fbem-27772	90	78	change	change	NOUN
fbem-27772	90	79	in	in	ADP
fbem-27772	90	80	the	the	DET
fbem-27772	90	81	foreign	foreign	ADJ
fbem-27772	90	82	exchange	exchange	NOUN
fbem-27772	90	83	market	market	NOUN
fbem-27772	90	84	.	.	PUNCT
fbem-27772	91	1	references	reference	NOUN
fbem-27772	91	2	[	[	X
fbem-27772	91	3	1	1	NUM
fbem-27772	91	4	]	]	X
fbem-27772	91	5	wang	wang	PROPN
fbem-27772	91	6	,	,	PUNCT
fbem-27772	91	7	k.	k.	PROPN
fbem-27772	91	8	(	(	PUNCT
fbem-27772	91	9	2023	2023	NUM
fbem-27772	91	10	)	)	PUNCT
fbem-27772	91	11	.	.	PUNCT
fbem-27772	92	1	spillover	spillover	VERB
fbem-27772	92	2	effects	effect	NOUN
fbem-27772	92	3	of	of	ADP
fbem-27772	92	4	fed	fed	PROPN
fbem-27772	92	5	interest	interest	NOUN
fbem-27772	92	6	rate	rate	NOUN
fbem-27772	92	7	hikes	hike	NOUN
fbem-27772	92	8	on	on	ADP
fbem-27772	92	9	chinese	chinese	PROPN
fbem-27772	92	10	output	output	PROPN
fbem-27772	92	11	m.s	m.s	PROPN
fbem-27772	92	12	.	.	PUNCT
fbem-27772	92	13	thesis	thesis	NOUN
fbem-27772	92	14	of	of	ADP
fbem-27772	92	15	northeast	northeast	ADJ
fbem-27772	92	16	university	university	NOUN
fbem-27772	92	17	of	of	ADP
fbem-27772	92	18	finance	finance	NOUN
fbem-27772	92	19	and	and	CCONJ
fbem-27772	92	20	economics	economic	NOUN
fbem-27772	92	21	.	.	PUNCT
fbem-27772	93	1	[	[	X
fbem-27772	93	2	2	2	NUM
fbem-27772	93	3	]	]	SYM
fbem-27772	93	4	li	li	PROPN
fbem-27772	93	5	,	,	PUNCT
fbem-27772	93	6	b.	b.	PROPN
fbem-27772	93	7	,	,	PUNCT
fbem-27772	93	8	deng	deng	PROPN
fbem-27772	93	9	,	,	PUNCT
fbem-27772	93	10	m.	m.	NOUN
fbem-27772	93	11	(	(	PUNCT
fbem-27772	93	12	2015	2015	NUM
fbem-27772	93	13	)	)	PUNCT
fbem-27772	93	14	.	.	PUNCT
fbem-27772	94	1	the	the	DET
fbem-27772	94	2	effect	effect	NOUN
fbem-27772	94	3	of	of	ADP
fbem-27772	94	4	japan	japan	PROPN
fbem-27772	94	5	's	's	PART
fbem-27772	94	6	ultra	ultra	ADJ
fbem-27772	94	7	-	-	ADJ
fbem-27772	94	8	quantitative	quantitative	ADJ
fbem-27772	94	9	easing	ease	VERB
fbem-27772	94	10	monetary	monetary	ADJ
fbem-27772	94	11	policy	policy	NOUN
fbem-27772	94	12	under	under	ADP
fbem-27772	94	13	the	the	DET
fbem-27772	94	14	exchange	exchange	NOUN
fbem-27772	94	15	rate	rate	NOUN
fbem-27772	94	16	transmission	transmission	NOUN
fbem-27772	94	17	mechanism	mechanism	NOUN
fbem-27772	94	18	.	.	PUNCT
fbem-27772	95	1	japan	japan	PROPN
fbem-27772	95	2	studies	studies	PROPN
fbem-27772	95	3	,	,	PUNCT
fbem-27772	95	4	(	(	PUNCT
fbem-27772	95	5	06	06	NUM
fbem-27772	95	6	)	)	PUNCT
fbem-27772	95	7	,	,	PUNCT
fbem-27772	95	8	7	7	NUM
fbem-27772	95	9	-	-	SYM
fbem-27772	95	10	17	17	NUM
fbem-27772	95	11	.	.	PUNCT
fbem-27772	96	1	[	[	X
fbem-27772	96	2	3	3	NUM
fbem-27772	96	3	]	]	X
fbem-27772	96	4	zhang	zhang	PROPN
fbem-27772	96	5	,	,	PUNCT
fbem-27772	96	6	y.	y.	PROPN
fbem-27772	96	7	(	(	PUNCT
fbem-27772	96	8	2020	2020	NUM
fbem-27772	96	9	)	)	PUNCT
fbem-27772	96	10	.	.	PUNCT
fbem-27772	97	1	research	research	NOUN
fbem-27772	97	2	on	on	ADP
fbem-27772	97	3	the	the	DET
fbem-27772	97	4	internationalization	internationalization	NOUN
fbem-27772	97	5	characteristics	characteristic	NOUN
fbem-27772	97	6	of	of	ADP
fbem-27772	97	7	the	the	DET
fbem-27772	97	8	yen	yen	NOUN
fbem-27772	97	9	under	under	ADP
fbem-27772	97	10	the	the	DET
fbem-27772	97	11	dollar	dollar	NOUN
fbem-27772	97	12	standard	standard	ADJ
fbem-27772	97	13	system	system	NOUN
fbem-27772	97	14	.	.	PUNCT
fbem-27772	98	1	thesis	thesis	NOUN
fbem-27772	98	2	of	of	ADP
fbem-27772	98	3	east	east	PROPN
fbem-27772	98	4	china	china	PROPN
fbem-27772	98	5	normal	normal	ADJ
fbem-27772	98	6	university	university	NOUN
fbem-27772	98	7	.	.	PUNCT
fbem-27772	99	1	[	[	X
fbem-27772	99	2	4	4	NUM
fbem-27772	99	3	]	]	X
fbem-27772	99	4	yan	yan	PROPN
fbem-27772	99	5	,	,	PUNCT
fbem-27772	99	6	s.	s.	PROPN
fbem-27772	99	7	(	(	PUNCT
fbem-27772	99	8	2020	2020	NUM
fbem-27772	99	9	)	)	PUNCT
fbem-27772	99	10	.	.	PUNCT
fbem-27772	100	1	the	the	DET
fbem-27772	100	2	impact	impact	NOUN
fbem-27772	100	3	of	of	ADP
fbem-27772	100	4	exchange	exchange	NOUN
fbem-27772	100	5	rate	rate	NOUN
fbem-27772	100	6	fluctuation	fluctuation	NOUN
fbem-27772	100	7	on	on	ADP
fbem-27772	100	8	rmb	rmb	NOUN
fbem-27772	100	9	internationalisation	internationalisation	NOUN
fbem-27772	100	10	.	.	PUNCT
fbem-27772	101	1	thesis	thesis	NOUN
fbem-27772	101	2	of	of	ADP
fbem-27772	101	3	jiangsu	jiangsu	PROPN
fbem-27772	101	4	university	university	PROPN
fbem-27772	101	5	.	.	PUNCT
fbem-27772	102	1	[	[	X
fbem-27772	102	2	5	5	NUM
fbem-27772	102	3	]	]	X
fbem-27772	102	4	menla	menla	NOUN
fbem-27772	102	5	ali	ali	PROPN
fbem-27772	102	6	,	,	PUNCT
fbem-27772	102	7	f.	f.	PROPN
fbem-27772	102	8	,	,	PUNCT
fbem-27772	102	9	spagnolo	spagnolo	PROPN
fbem-27772	102	10	,	,	PUNCT
fbem-27772	102	11	f.	f.	PROPN
fbem-27772	102	12	,	,	PUNCT
fbem-27772	102	13	&	&	CCONJ
fbem-27772	102	14	spagnolo	spagnolo	PROPN
fbem-27772	102	15	,	,	PUNCT
fbem-27772	102	16	n.	n.	NOUN
fbem-27772	102	17	(	(	PUNCT
fbem-27772	102	18	2017	2017	NUM
fbem-27772	102	19	)	)	PUNCT
fbem-27772	102	20	.	.	PUNCT
fbem-27772	103	1	portfolio	portfolio	NOUN
fbem-27772	103	2	flows	flow	NOUN
fbem-27772	103	3	and	and	CCONJ
fbem-27772	103	4	the	the	DET
fbem-27772	103	5	us	us	PROPN
fbem-27772	103	6	dollar	dollar	NOUN
fbem-27772	103	7	-	-	PUNCT
fbem-27772	103	8	yen	yen	NOUN
fbem-27772	103	9	exchange	exchange	NOUN
fbem-27772	103	10	rate	rate	NOUN
fbem-27772	103	11	.	.	PUNCT
fbem-27772	104	1	empirical	empirical	ADJ
fbem-27772	104	2	economics	economic	NOUN
fbem-27772	104	3	,	,	PUNCT
fbem-27772	104	4	52(1	52(1	NOUN
fbem-27772	104	5	)	)	PUNCT
fbem-27772	104	6	,	,	PUNCT
fbem-27772	104	7	179	179	NUM
fbem-27772	104	8	-	-	SYM
fbem-27772	104	9	189	189	NUM
fbem-27772	104	10	.	.	PUNCT
fbem-27772	105	1	[	[	X
fbem-27772	105	2	6	6	NUM
fbem-27772	105	3	]	]	X
fbem-27772	105	4	ryuji	ryuji	PROPN
fbem-27772	105	5	,	,	PUNCT
fbem-27772	105	6	ishizaki	ishizaki	PROPN
fbem-27772	105	7	,	,	PUNCT
fbem-27772	105	8	masayoshi	masayoshi	PROPN
fbem-27772	105	9	,	,	PUNCT
fbem-27772	105	10	inoue	inoue	PROPN
fbem-27772	105	11	.	.	PUNCT
fbem-27772	106	1	(	(	PUNCT
fbem-27772	106	2	2013	2013	NUM
fbem-27772	106	3	)	)	PUNCT
fbem-27772	106	4	.	.	PUNCT
fbem-27772	107	1	time	time	NOUN
fbem-27772	107	2	-	-	PUNCT
fbem-27772	107	3	series	series	NOUN
fbem-27772	107	4	analysis	analysis	NOUN
fbem-27772	107	5	of	of	ADP
fbem-27772	107	6	foreign	foreign	ADJ
fbem-27772	107	7	exchange	exchange	NOUN
fbem-27772	107	8	rates	rate	NOUN
fbem-27772	107	9	using	use	VERB
fbem-27772	107	10	time	time	NOUN
fbem-27772	107	11	-	-	PUNCT
fbem-27772	107	12	dependent	dependent	ADJ
fbem-27772	107	13	pattern	pattern	NOUN
fbem-27772	107	14	entropy	entropy	NOUN
fbem-27772	107	15	.	.	PUNCT
fbem-27772	108	1	physica	physica	VERB
fbem-27772	108	2	a	a	DET
fbem-27772	108	3	statistical	statistical	ADJ
fbem-27772	108	4	mechanics	mechanic	NOUN
fbem-27772	108	5	&	&	CCONJ
fbem-27772	108	6	its	its	PRON
fbem-27772	108	7	applications	application	NOUN
fbem-27772	108	8	.	.	PUNCT
fbem-27772	109	1	[	[	X
fbem-27772	109	2	7	7	NUM
fbem-27772	109	3	]	]	X
fbem-27772	109	4	zou	zou	PROPN
fbem-27772	109	5	,	,	PUNCT
fbem-27772	109	6	j.	j.	PROPN
fbem-27772	109	7	,	,	PUNCT
fbem-27772	109	8	zhang	zhang	PROPN
fbem-27772	109	9	,	,	PUNCT
fbem-27772	109	10	z.	z.	PROPN
fbem-27772	109	11	,	,	PUNCT
fbem-27772	109	12	qin	qin	PROPN
fbem-27772	109	13	,	,	PUNCT
fbem-27772	109	14	j.	j.	PROPN
fbem-27772	109	15	(	(	PUNCT
fbem-27772	109	16	2003	2003	NUM
fbem-27772	109	17	)	)	PUNCT
fbem-27772	109	18	.	.	PUNCT
fbem-27772	110	1	a	a	DET
fbem-27772	110	2	study	study	NOUN
fbem-27772	110	3	on	on	ADP
fbem-27772	110	4	the	the	DET
fbem-27772	110	5	application	application	NOUN
fbem-27772	110	6	of	of	ADP
fbem-27772	110	7	the	the	DET
fbem-27772	110	8	garch	garch	NOUN
fbem-27772	110	9	model	model	NOUN
fbem-27772	110	10	in	in	ADP
fbem-27772	110	11	calculating	calculate	VERB
fbem-27772	110	12	the	the	DET
fbem-27772	110	13	value	value	NOUN
fbem-27772	110	14	-	-	PUNCT
fbem-27772	110	15	at	at	ADP
fbem-27772	110	16	-	-	PUNCT
fbem-27772	110	17	risk	risk	NOUN
fbem-27772	110	18	of	of	ADP
fbem-27772	110	19	china	china	PROPN
fbem-27772	110	20	's	's	PART
fbem-27772	110	21	stock	stock	NOUN
fbem-27772	110	22	market	market	NOUN
fbem-27772	110	23	.	.	PUNCT
fbem-27772	111	1	systems	system	NOUN
fbem-27772	111	2	engineering	engineering	NOUN
fbem-27772	111	3	theory	theory	NOUN
fbem-27772	111	4	and	and	CCONJ
fbem-27772	111	5	practice	practice	NOUN
fbem-27772	111	6	,	,	PUNCT
fbem-27772	111	7	(	(	PUNCT
fbem-27772	111	8	05),20	05),20	NUM
fbem-27772	111	9	-	-	SYM
fbem-27772	111	10	25	25	NUM
fbem-27772	111	11	+	+	NOUN
fbem-27772	111	12	135	135	NUM
fbem-27772	111	13	.	.	PUNCT
fbem-27772	112	1	[	[	X
fbem-27772	112	2	8	8	NUM
fbem-27772	112	3	]	]	X
fbem-27772	112	4	wang	wang	PROPN
fbem-27772	112	5	,	,	PUNCT
fbem-27772	112	6	y.	y.	PROPN
fbem-27772	112	7	(	(	PUNCT
fbem-27772	112	8	2024	2024	NUM
fbem-27772	112	9	)	)	PUNCT
fbem-27772	112	10	.	.	PUNCT
fbem-27772	113	1	a	a	DET
fbem-27772	113	2	study	study	NOUN
fbem-27772	113	3	on	on	ADP
fbem-27772	113	4	rmb	rmb	PROPN
fbem-27772	113	5	exchange	exchange	NOUN
fbem-27772	113	6	rate	rate	NOUN
fbem-27772	113	7	volatility	volatility	NOUN
fbem-27772	113	8	based	base	VERB
fbem-27772	113	9	on	on	ADP
fbem-27772	113	10	the	the	DET
fbem-27772	113	11	arima	arima	NOUN
fbem-27772	113	12	-	-	PUNCT
fbem-27772	113	13	garch	garch	NOUN
fbem-27772	113	14	model	model	NOUN
fbem-27772	113	15	.	.	PUNCT
fbem-27772	114	1	china	china	PROPN
fbem-27772	114	2	business	business	PROPN
fbem-27772	114	3	journal	journal	PROPN
fbem-27772	114	4	,	,	PUNCT
fbem-27772	114	5	(	(	PUNCT
fbem-27772	114	6	11),9	11),9	NUM
fbem-27772	114	7	-	-	SYM
fbem-27772	114	8	12	12	NUM
fbem-27772	114	9	.	.	PUNCT
fbem-27772	115	1	[	[	X
fbem-27772	115	2	9	9	NUM
fbem-27772	115	3	]	]	SYM
fbem-27772	115	4	kamaruzzaman	kamaruzzaman	NOUN
fbem-27772	115	5	,	,	PUNCT
fbem-27772	115	6	z.	z.	PROPN
fbem-27772	115	7	a.	a.	PROPN
fbem-27772	115	8	,	,	PUNCT
fbem-27772	115	9	isa	isa	PROPN
fbem-27772	115	10	,	,	PUNCT
fbem-27772	115	11	z.	z.	PROPN
fbem-27772	115	12	(	(	PUNCT
fbem-27772	115	13	2014	2014	NUM
fbem-27772	115	14	)	)	PUNCT
fbem-27772	115	15	.	.	PUNCT
fbem-27772	116	1	empirical	empirical	ADJ
fbem-27772	116	2	application	application	NOUN
fbem-27772	116	3	of	of	ADP
fbem-27772	116	4	normal	normal	ADJ
fbem-27772	116	5	mixture	mixture	NOUN
fbem-27772	116	6	garch	garch	NOUN
fbem-27772	116	7	and	and	CCONJ
fbem-27772	116	8	value	value	NOUN
fbem-27772	116	9	-	-	PUNCT
fbem-27772	116	10	at	at	ADP
fbem-27772	116	11	-	-	PUNCT
fbem-27772	116	12	risk	risk	NOUN
fbem-27772	116	13	estimation	estimation	NOUN
fbem-27772	116	14	.	.	PUNCT
fbem-27772	117	1	aip	aip	PROPN
fbem-27772	117	2	conference	conference	NOUN
fbem-27772	117	3	proceedings	proceeding	NOUN
fbem-27772	117	4	,	,	PUNCT
fbem-27772	117	5	1602(1	1602(1	NUM
fbem-27772	117	6	)	)	PUNCT
fbem-27772	117	7	,	,	PUNCT
fbem-27772	117	8	453	453	NUM
fbem-27772	117	9	-	-	SYM
fbem-27772	117	10	459	459	NUM
fbem-27772	117	11	.	.	PUNCT
fbem-27772	118	1	140	140	NUM
fbem-27772	118	2	145	145	NUM
fbem-27772	118	3	150	150	NUM
fbem-27772	118	4	155	155	NUM
fbem-27772	118	5	160	160	NUM
fbem-27772	118	6	165	165	NUM
fbem-27772	118	7	预测值	预测值	NOUN
fbem-27772	118	8	真实值	真实值	NOUN