id	sid	tid	token	lemma	pos
fbem-28274	1	1	frontiers	frontier	NOUN
fbem-28274	1	2	in	in	ADP
fbem-28274	1	3	business	business	NOUN
fbem-28274	1	4	,	,	PUNCT
fbem-28274	1	5	economics	economic	NOUN
fbem-28274	1	6	and	and	CCONJ
fbem-28274	1	7	management	management	NOUN
fbem-28274	1	8	issn	issn	PROPN
fbem-28274	1	9	:	:	PUNCT
fbem-28274	1	10	2766	2766	NUM
fbem-28274	1	11	-	-	PUNCT
fbem-28274	1	12	824x	824x	NUM
fbem-28274	1	13	|	|	ADJ
fbem-28274	1	14	vol	vol	NOUN
fbem-28274	1	15	.	.	PROPN
fbem-28274	1	16	17	17	NUM
fbem-28274	1	17	,	,	PUNCT
fbem-28274	1	18	no	no	INTJ
fbem-28274	1	19	.	.	NOUN
fbem-28274	1	20	3	3	NUM
fbem-28274	1	21	,	,	PUNCT
fbem-28274	1	22	2024	2024	NUM
fbem-28274	1	23	225	225	NUM
fbem-28274	1	24	high	high	ADJ
fbem-28274	1	25	government	government	NOUN
fbem-28274	1	26	leverage	leverage	NOUN
fbem-28274	1	27	and	and	CCONJ
fbem-28274	1	28	high	high	ADJ
fbem-28274	1	29	corporate	corporate	ADJ
fbem-28274	1	30	leverage	leverage	NOUN
fbem-28274	1	31	:	:	PUNCT
fbem-28274	1	32	crowding	crowd	VERB
fbem-28274	1	33	-	-	PUNCT
fbem-28274	1	34	in	in	ADP
fbem-28274	1	35	or	or	CCONJ
fbem-28274	1	36	crowding	crowd	VERB
fbem-28274	1	37	-	-	PUNCT
fbem-28274	1	38	out	out	ADP
fbem-28274	1	39	shiwen	shiwen	NOUN
fbem-28274	1	40	wang	wang	PROPN
fbem-28274	1	41	*	*	PUNCT
fbem-28274	1	42	nanjing	nanjing	PROPN
fbem-28274	1	43	university	university	PROPN
fbem-28274	1	44	of	of	ADP
fbem-28274	1	45	finance	finance	PROPN
fbem-28274	1	46	&	&	CCONJ
fbem-28274	1	47	economics	economic	NOUN
fbem-28274	1	48	,	,	PUNCT
fbem-28274	1	49	nanjing	nanjing	PROPN
fbem-28274	1	50	210000	210000	NUM
fbem-28274	1	51	,	,	PUNCT
fbem-28274	1	52	china	china	PROPN
fbem-28274	1	53	abstract	abstract	NOUN
fbem-28274	1	54	:	:	PUNCT
fbem-28274	1	55	this	this	DET
fbem-28274	1	56	paper	paper	NOUN
fbem-28274	1	57	uses	use	VERB
fbem-28274	1	58	panel	panel	NOUN
fbem-28274	1	59	data	datum	NOUN
fbem-28274	1	60	of	of	ADP
fbem-28274	1	61	non	non	ADJ
fbem-28274	1	62	-	-	ADJ
fbem-28274	1	63	financial	financial	ADJ
fbem-28274	1	64	listed	list	VERB
fbem-28274	1	65	companies	company	NOUN
fbem-28274	1	66	between	between	ADP
fbem-28274	1	67	2012	2012	NUM
fbem-28274	1	68	and	and	CCONJ
fbem-28274	1	69	2018	2018	NUM
fbem-28274	1	70	to	to	PART
fbem-28274	1	71	empirically	empirically	ADV
fbem-28274	1	72	analyze	analyze	VERB
fbem-28274	1	73	the	the	DET
fbem-28274	1	74	impact	impact	NOUN
fbem-28274	1	75	of	of	ADP
fbem-28274	1	76	local	local	ADJ
fbem-28274	1	77	government	government	NOUN
fbem-28274	1	78	debt	debt	NOUN
fbem-28274	1	79	on	on	ADP
fbem-28274	1	80	corporate	corporate	ADJ
fbem-28274	1	81	leverage	leverage	NOUN
fbem-28274	1	82	.	.	PUNCT
fbem-28274	2	1	we	we	PRON
fbem-28274	2	2	find	find	VERB
fbem-28274	2	3	that	that	SCONJ
fbem-28274	2	4	as	as	SCONJ
fbem-28274	2	5	the	the	DET
fbem-28274	2	6	scale	scale	NOUN
fbem-28274	2	7	of	of	ADP
fbem-28274	2	8	local	local	ADJ
fbem-28274	2	9	government	government	NOUN
fbem-28274	2	10	debt	debt	NOUN
fbem-28274	2	11	expands	expand	VERB
fbem-28274	2	12	,	,	PUNCT
fbem-28274	2	13	it	it	PRON
fbem-28274	2	14	has	have	VERB
fbem-28274	2	15	a	a	DET
fbem-28274	2	16	negative	negative	ADJ
fbem-28274	2	17	impact	impact	NOUN
fbem-28274	2	18	on	on	ADP
fbem-28274	2	19	corporate	corporate	ADJ
fbem-28274	2	20	leverage	leverage	NOUN
fbem-28274	2	21	.	.	PUNCT
fbem-28274	3	1	however	however	ADV
fbem-28274	3	2	,	,	PUNCT
fbem-28274	3	3	this	this	DET
fbem-28274	3	4	impact	impact	NOUN
fbem-28274	3	5	varies	vary	VERB
fbem-28274	3	6	a	a	DET
fbem-28274	3	7	lot	lot	NOUN
fbem-28274	3	8	across	across	ADP
fbem-28274	3	9	industries	industry	NOUN
fbem-28274	3	10	.	.	PUNCT
fbem-28274	4	1	for	for	ADP
fbem-28274	4	2	the	the	DET
fbem-28274	4	3	real	real	ADJ
fbem-28274	4	4	estate	estate	NOUN
fbem-28274	4	5	industry	industry	NOUN
fbem-28274	4	6	,	,	PUNCT
fbem-28274	4	7	we	we	PRON
fbem-28274	4	8	surprisingly	surprisingly	ADV
fbem-28274	4	9	found	find	VERB
fbem-28274	4	10	that	that	SCONJ
fbem-28274	4	11	it	it	PRON
fbem-28274	4	12	has	have	VERB
fbem-28274	4	13	crounding	crounde	VERB
fbem-28274	4	14	-	-	PUNCT
fbem-28274	4	15	in	in	ADP
fbem-28274	4	16	effect	effect	NOUN
fbem-28274	4	17	which	which	PRON
fbem-28274	4	18	is	be	AUX
fbem-28274	4	19	different	different	ADJ
fbem-28274	4	20	from	from	ADP
fbem-28274	4	21	others	other	NOUN
fbem-28274	4	22	industry.moreover	industry.moreover	ADV
fbem-28274	4	23	,	,	PUNCT
fbem-28274	4	24	this	this	DET
fbem-28274	4	25	impact	impact	NOUN
fbem-28274	4	26	on	on	ADP
fbem-28274	4	27	corporate	corporate	ADJ
fbem-28274	4	28	leverage	leverage	NOUN
fbem-28274	4	29	also	also	ADV
fbem-28274	4	30	varies	vary	VERB
fbem-28274	4	31	by	by	ADP
fbem-28274	4	32	enterprise	enterprise	NOUN
fbem-28274	4	33	size	size	NOUN
fbem-28274	4	34	and	and	CCONJ
fbem-28274	4	35	equity	equity	NOUN
fbem-28274	4	36	nature	nature	NOUN
fbem-28274	4	37	.	.	PUNCT
fbem-28274	5	1	the	the	DET
fbem-28274	5	2	government	government	NOUN
fbem-28274	5	3	's	's	PART
fbem-28274	5	4	local	local	ADJ
fbem-28274	5	5	debt	debt	NOUN
fbem-28274	5	6	affects	affect	VERB
fbem-28274	5	7	the	the	DET
fbem-28274	5	8	internal	internal	ADJ
fbem-28274	5	9	cash	cash	NOUN
fbem-28274	5	10	stock	stock	NOUN
fbem-28274	5	11	of	of	ADP
fbem-28274	5	12	enterprises	enterprise	NOUN
fbem-28274	5	13	,	,	PUNCT
fbem-28274	5	14	which	which	PRON
fbem-28274	5	15	in	in	ADP
fbem-28274	5	16	turn	turn	NOUN
fbem-28274	5	17	reduces	reduce	VERB
fbem-28274	5	18	the	the	DET
fbem-28274	5	19	leverage	leverage	NOUN
fbem-28274	5	20	of	of	ADP
fbem-28274	5	21	enterprises	enterprise	NOUN
fbem-28274	5	22	,	,	PUNCT
fbem-28274	5	23	verifying	verify	VERB
fbem-28274	5	24	the	the	DET
fbem-28274	5	25	channel	channel	NOUN
fbem-28274	5	26	through	through	ADP
fbem-28274	5	27	which	which	PRON
fbem-28274	5	28	the	the	DET
fbem-28274	5	29	crowding	crowd	VERB
fbem-28274	5	30	-	-	PUNCT
fbem-28274	5	31	out	out	ADP
fbem-28274	5	32	effect	effect	NOUN
fbem-28274	5	33	arises	arise	VERB
fbem-28274	5	34	.	.	PUNCT
fbem-28274	6	1	the	the	DET
fbem-28274	6	2	analysis	analysis	NOUN
fbem-28274	6	3	in	in	ADP
fbem-28274	6	4	this	this	DET
fbem-28274	6	5	paper	paper	NOUN
fbem-28274	6	6	provides	provide	VERB
fbem-28274	6	7	empirical	empirical	ADJ
fbem-28274	6	8	guidance	guidance	NOUN
fbem-28274	6	9	for	for	ADP
fbem-28274	6	10	improving	improve	VERB
fbem-28274	6	11	the	the	DET
fbem-28274	6	12	leverage	leverage	NOUN
fbem-28274	6	13	structure	structure	NOUN
fbem-28274	6	14	of	of	ADP
fbem-28274	6	15	the	the	DET
fbem-28274	6	16	chinese	chinese	ADJ
fbem-28274	6	17	economy	economy	NOUN
fbem-28274	6	18	.	.	PUNCT
fbem-28274	7	1	keywords	keyword	NOUN
fbem-28274	7	2	:	:	PUNCT
fbem-28274	7	3	local	local	ADJ
fbem-28274	7	4	debt	debt	NOUN
fbem-28274	7	5	,	,	PUNCT
fbem-28274	7	6	corporate	corporate	ADJ
fbem-28274	7	7	leverage	leverage	NOUN
fbem-28274	7	8	,	,	PUNCT
fbem-28274	7	9	crowding	crowd	VERB
fbem-28274	7	10	out	out	ADP
fbem-28274	7	11	effect	effect	NOUN
fbem-28274	7	12	.	.	PUNCT
fbem-28274	8	1	1	1	X
fbem-28274	8	2	.	.	X
fbem-28274	8	3	introduction	introduction	NOUN
fbem-28274	8	4	in	in	ADP
fbem-28274	8	5	recent	recent	ADJ
fbem-28274	8	6	years	year	NOUN
fbem-28274	8	7	,	,	PUNCT
fbem-28274	8	8	the	the	DET
fbem-28274	8	9	international	international	ADJ
fbem-28274	8	10	financial	financial	ADJ
fbem-28274	8	11	crisis	crisis	NOUN
fbem-28274	8	12	,	,	PUNCT
fbem-28274	8	13	the	the	DET
fbem-28274	8	14	increase	increase	NOUN
fbem-28274	8	15	in	in	ADP
fbem-28274	8	16	government	government	NOUN
fbem-28274	8	17	fiscal	fiscal	ADJ
fbem-28274	8	18	deficits	deficit	NOUN
fbem-28274	8	19	,	,	PUNCT
fbem-28274	8	20	and	and	CCONJ
fbem-28274	8	21	continued	continue	VERB
fbem-28274	8	22	rise	rise	NOUN
fbem-28274	8	23	in	in	ADP
fbem-28274	8	24	debt	debt	NOUN
fbem-28274	8	25	levels	level	NOUN
fbem-28274	8	26	have	have	AUX
fbem-28274	8	27	resulted	result	VERB
fbem-28274	8	28	in	in	ADP
fbem-28274	8	29	local	local	ADJ
fbem-28274	8	30	governments	government	NOUN
fbem-28274	8	31	entering	enter	VERB
fbem-28274	8	32	a	a	DET
fbem-28274	8	33	phase	phase	NOUN
fbem-28274	8	34	of	of	ADP
fbem-28274	8	35	high	high	ADJ
fbem-28274	8	36	leverage	leverage	NOUN
fbem-28274	8	37	,	,	PUNCT
fbem-28274	8	38	causing	cause	VERB
fbem-28274	8	39	widespread	widespread	ADJ
fbem-28274	8	40	concern	concern	NOUN
fbem-28274	8	41	.	.	PUNCT
fbem-28274	9	1	largescale	largescale	ADJ
fbem-28274	9	2	fiscal	fiscal	ADJ
fbem-28274	9	3	and	and	CCONJ
fbem-28274	9	4	monetary	monetary	ADJ
fbem-28274	9	5	stimulus	stimulus	ADJ
fbem-28274	9	6	programs	program	NOUN
fbem-28274	9	7	have	have	AUX
fbem-28274	9	8	also	also	ADV
fbem-28274	9	9	led	lead	VERB
fbem-28274	9	10	to	to	ADP
fbem-28274	9	11	a	a	DET
fbem-28274	9	12	sustained	sustained	ADJ
fbem-28274	9	13	increase	increase	NOUN
fbem-28274	9	14	in	in	ADP
fbem-28274	9	15	corporate	corporate	ADJ
fbem-28274	9	16	leverage	leverage	NOUN
fbem-28274	9	17	.	.	PUNCT
fbem-28274	10	1	however	however	ADV
fbem-28274	10	2	,	,	PUNCT
fbem-28274	10	3	the	the	DET
fbem-28274	10	4	impact	impact	NOUN
fbem-28274	10	5	of	of	ADP
fbem-28274	10	6	the	the	DET
fbem-28274	10	7	size	size	NOUN
fbem-28274	10	8	of	of	ADP
fbem-28274	10	9	government	government	NOUN
fbem-28274	10	10	debt	debt	NOUN
fbem-28274	10	11	on	on	ADP
fbem-28274	10	12	corporate	corporate	ADJ
fbem-28274	10	13	leverage	leverage	NOUN
fbem-28274	10	14	has	have	AUX
fbem-28274	10	15	not	not	PART
fbem-28274	10	16	been	be	AUX
fbem-28274	10	17	thoroughly	thoroughly	ADV
fbem-28274	10	18	analyzed	analyze	VERB
fbem-28274	10	19	.	.	PUNCT
fbem-28274	11	1	the	the	DET
fbem-28274	11	2	level	level	NOUN
fbem-28274	11	3	of	of	ADP
fbem-28274	11	4	corporate	corporate	ADJ
fbem-28274	11	5	indebtedness	indebtedness	NOUN
fbem-28274	11	6	is	be	AUX
fbem-28274	11	7	measured	measure	VERB
fbem-28274	11	8	using	use	VERB
fbem-28274	11	9	total	total	ADJ
fbem-28274	11	10	liabilities	liability	NOUN
fbem-28274	11	11	to	to	PART
fbem-28274	11	12	total	total	VERB
fbem-28274	11	13	assets	asset	NOUN
fbem-28274	11	14	to	to	PART
fbem-28274	11	15	measure	measure	VERB
fbem-28274	11	16	the	the	DET
fbem-28274	11	17	level	level	NOUN
fbem-28274	11	18	of	of	ADP
fbem-28274	11	19	leverage	leverage	NOUN
fbem-28274	11	20	of	of	ADP
fbem-28274	11	21	a	a	DET
fbem-28274	11	22	firm	firm	NOUN
fbem-28274	11	23	(	(	PUNCT
fbem-28274	11	24	graham	graham	PROPN
fbem-28274	11	25	,	,	PUNCT
fbem-28274	11	26	2014	2014	NUM
fbem-28274	11	27	;	;	PUNCT
fbem-28274	11	28	greenwood	greenwood	PROPN
fbem-28274	11	29	)	)	PUNCT
fbem-28274	11	30	.	.	PUNCT
fbem-28274	12	1	while	while	SCONJ
fbem-28274	12	2	a	a	DET
fbem-28274	12	3	firm	firm	NOUN
fbem-28274	12	4	reaps	reap	VERB
fbem-28274	12	5	the	the	DET
fbem-28274	12	6	benefits	benefit	NOUN
fbem-28274	12	7	of	of	ADP
fbem-28274	12	8	leverage	leverage	NOUN
fbem-28274	12	9	,	,	PUNCT
fbem-28274	12	10	it	it	PRON
fbem-28274	12	11	brings	bring	VERB
fbem-28274	12	12	with	with	ADP
fbem-28274	12	13	it	it	PRON
fbem-28274	12	14	a	a	DET
fbem-28274	12	15	certain	certain	ADJ
fbem-28274	12	16	amount	amount	NOUN
fbem-28274	12	17	of	of	ADP
fbem-28274	12	18	financial	financial	ADJ
fbem-28274	12	19	risk	risk	NOUN
fbem-28274	12	20	.	.	PUNCT
fbem-28274	13	1	corporate	corporate	ADJ
fbem-28274	13	2	leverage	leverage	NOUN
fbem-28274	13	3	affects	affect	VERB
fbem-28274	13	4	the	the	DET
fbem-28274	13	5	development	development	NOUN
fbem-28274	13	6	of	of	ADP
fbem-28274	13	7	enterprises	enterprise	NOUN
fbem-28274	13	8	in	in	ADP
fbem-28274	13	9	a	a	DET
fbem-28274	13	10	proportional	proportional	ADJ
fbem-28274	13	11	relationship	relationship	NOUN
fbem-28274	13	12	;	;	PUNCT
fbem-28274	13	13	the	the	PRON
fbem-28274	13	14	higher	high	ADJ
fbem-28274	13	15	the	the	DET
fbem-28274	13	16	corporate	corporate	ADJ
fbem-28274	13	17	leverage	leverage	NOUN
fbem-28274	13	18	,	,	PUNCT
fbem-28274	13	19	the	the	PRON
fbem-28274	13	20	greater	great	ADJ
fbem-28274	13	21	the	the	DET
fbem-28274	13	22	financial	financial	ADJ
fbem-28274	13	23	risk	risk	NOUN
fbem-28274	13	24	of	of	ADP
fbem-28274	13	25	the	the	DET
fbem-28274	13	26	enterprise	enterprise	NOUN
fbem-28274	13	27	and	and	CCONJ
fbem-28274	13	28	the	the	DET
fbem-28274	13	29	more	more	ADV
fbem-28274	13	30	detrimental	detrimental	ADJ
fbem-28274	13	31	to	to	ADP
fbem-28274	13	32	the	the	DET
fbem-28274	13	33	long	long	ADJ
fbem-28274	13	34	-	-	PUNCT
fbem-28274	13	35	term	term	NOUN
fbem-28274	13	36	development	development	NOUN
fbem-28274	13	37	of	of	ADP
fbem-28274	13	38	the	the	DET
fbem-28274	13	39	enterprise	enterprise	NOUN
fbem-28274	13	40	.	.	PUNCT
fbem-28274	14	1	if	if	SCONJ
fbem-28274	14	2	corporate	corporate	ADJ
fbem-28274	14	3	leverage	leverage	NOUN
fbem-28274	14	4	is	be	AUX
fbem-28274	14	5	used	use	VERB
fbem-28274	14	6	correctly	correctly	ADV
fbem-28274	14	7	,	,	PUNCT
fbem-28274	14	8	it	it	PRON
fbem-28274	14	9	is	be	AUX
fbem-28274	14	10	conducive	conducive	ADJ
fbem-28274	14	11	to	to	ADP
fbem-28274	14	12	improving	improve	VERB
fbem-28274	14	13	the	the	DET
fbem-28274	14	14	efficiency	efficiency	NOUN
fbem-28274	14	15	of	of	ADP
fbem-28274	14	16	capital	capital	NOUN
fbem-28274	14	17	allocation	allocation	NOUN
fbem-28274	14	18	and	and	CCONJ
fbem-28274	14	19	promoting	promote	VERB
fbem-28274	14	20	stable	stable	ADJ
fbem-28274	14	21	and	and	CCONJ
fbem-28274	14	22	faster	fast	ADJ
fbem-28274	14	23	economic	economic	ADJ
fbem-28274	14	24	development	development	NOUN
fbem-28274	14	25	.	.	PUNCT
fbem-28274	15	1	conversely	conversely	ADV
fbem-28274	15	2	,	,	PUNCT
fbem-28274	15	3	if	if	SCONJ
fbem-28274	15	4	leverage	leverage	NOUN
fbem-28274	15	5	is	be	AUX
fbem-28274	15	6	used	use	VERB
fbem-28274	15	7	excessively	excessively	ADV
fbem-28274	15	8	,	,	PUNCT
fbem-28274	15	9	it	it	PRON
fbem-28274	15	10	may	may	AUX
fbem-28274	15	11	lead	lead	VERB
fbem-28274	15	12	to	to	ADP
fbem-28274	15	13	economic	economic	ADJ
fbem-28274	15	14	overheating	overheating	ADJ
fbem-28274	15	15	,	,	PUNCT
fbem-28274	15	16	bubble	bubble	NOUN
fbem-28274	15	17	accumulation	accumulation	NOUN
fbem-28274	15	18	debt	debt	NOUN
fbem-28274	15	19	risk	risk	NOUN
fbem-28274	15	20	increases	increase	NOUN
fbem-28274	15	21	and	and	CCONJ
fbem-28274	15	22	other	other	ADJ
fbem-28274	15	23	problems	problem	NOUN
fbem-28274	15	24	.	.	PUNCT
fbem-28274	16	1	this	this	DET
fbem-28274	16	2	paper	paper	NOUN
fbem-28274	16	3	uses	use	VERB
fbem-28274	16	4	the	the	DET
fbem-28274	16	5	panel	panel	NOUN
fbem-28274	16	6	data	datum	NOUN
fbem-28274	16	7	of	of	ADP
fbem-28274	16	8	prefecture	prefecture	NOUN
fbem-28274	16	9	-	-	PUNCT
fbem-28274	16	10	level	level	NOUN
fbem-28274	16	11	cities	city	NOUN
fbem-28274	16	12	and	and	CCONJ
fbem-28274	16	13	enterprises	enterprise	NOUN
fbem-28274	16	14	,	,	PUNCT
fbem-28274	16	15	and	and	CCONJ
fbem-28274	16	16	finds	find	VERB
fbem-28274	16	17	that	that	PRON
fbem-28274	16	18	:	:	PUNCT
fbem-28274	16	19	in	in	ADP
fbem-28274	16	20	general	general	ADJ
fbem-28274	16	21	,	,	PUNCT
fbem-28274	16	22	there	there	PRON
fbem-28274	16	23	is	be	VERB
fbem-28274	16	24	a	a	DET
fbem-28274	16	25	negative	negative	ADJ
fbem-28274	16	26	correlation	correlation	NOUN
fbem-28274	16	27	between	between	ADP
fbem-28274	16	28	local	local	ADJ
fbem-28274	16	29	governments	government	NOUN
fbem-28274	16	30	and	and	CCONJ
fbem-28274	16	31	corporate	corporate	ADJ
fbem-28274	16	32	leverage	leverage	NOUN
fbem-28274	16	33	,	,	PUNCT
fbem-28274	16	34	that	that	ADV
fbem-28274	16	35	is	is	ADV
fbem-28274	16	36	,	,	PUNCT
fbem-28274	16	37	local	local	ADJ
fbem-28274	16	38	governments	government	NOUN
fbem-28274	16	39	can	can	AUX
fbem-28274	16	40	squeeze	squeeze	VERB
fbem-28274	16	41	out	out	ADP
fbem-28274	16	42	corporate	corporate	ADJ
fbem-28274	16	43	leverage	leverage	NOUN
fbem-28274	16	44	,	,	PUNCT
fbem-28274	16	45	the	the	PRON
fbem-28274	16	46	higher	high	ADJ
fbem-28274	16	47	the	the	DET
fbem-28274	16	48	local	local	ADJ
fbem-28274	16	49	debt	debt	NOUN
fbem-28274	16	50	level	level	NOUN
fbem-28274	16	51	,	,	PUNCT
fbem-28274	16	52	and	and	CCONJ
fbem-28274	16	53	the	the	DET
fbem-28274	16	54	lower	low	ADJ
fbem-28274	16	55	corporate	corporate	ADJ
fbem-28274	16	56	leverage	leverage	NOUN
fbem-28274	16	57	.	.	PUNCT
fbem-28274	17	1	however	however	ADV
fbem-28274	17	2	,	,	PUNCT
fbem-28274	17	3	from	from	ADP
fbem-28274	17	4	the	the	DET
fbem-28274	17	5	perspective	perspective	NOUN
fbem-28274	17	6	of	of	ADP
fbem-28274	17	7	different	different	ADJ
fbem-28274	17	8	industries	industry	NOUN
fbem-28274	17	9	alone	alone	ADV
fbem-28274	17	10	,	,	PUNCT
fbem-28274	17	11	local	local	ADJ
fbem-28274	17	12	government	government	NOUN
fbem-28274	17	13	debt	debt	NOUN
fbem-28274	17	14	has	have	VERB
fbem-28274	17	15	a	a	DET
fbem-28274	17	16	completely	completely	ADV
fbem-28274	17	17	opposite	opposite	ADJ
fbem-28274	17	18	crowding	crowding	ADJ
fbem-28274	17	19	effect	effect	NOUN
fbem-28274	17	20	on	on	ADP
fbem-28274	17	21	real	real	ADJ
fbem-28274	17	22	estate	estate	NOUN
fbem-28274	17	23	enterprises	enterprise	NOUN
fbem-28274	17	24	,	,	PUNCT
fbem-28274	17	25	which	which	PRON
fbem-28274	17	26	is	be	AUX
fbem-28274	17	27	also	also	ADV
fbem-28274	17	28	an	an	DET
fbem-28274	17	29	innovation	innovation	NOUN
fbem-28274	17	30	point	point	NOUN
fbem-28274	17	31	found	find	VERB
fbem-28274	17	32	in	in	ADP
fbem-28274	17	33	this	this	DET
fbem-28274	17	34	paper	paper	NOUN
fbem-28274	17	35	.	.	PUNCT
fbem-28274	18	1	under	under	ADP
fbem-28274	18	2	the	the	DET
fbem-28274	18	3	crowding	crowd	VERB
fbem-28274	18	4	out	out	ADP
fbem-28274	18	5	effect	effect	NOUN
fbem-28274	18	6	of	of	ADP
fbem-28274	18	7	local	local	ADJ
fbem-28274	18	8	government	government	NOUN
fbem-28274	18	9	debt	debt	NOUN
fbem-28274	18	10	on	on	ADP
fbem-28274	18	11	the	the	DET
fbem-28274	18	12	overall	overall	ADJ
fbem-28274	18	13	market	market	NOUN
fbem-28274	18	14	,	,	PUNCT
fbem-28274	18	15	the	the	DET
fbem-28274	18	16	real	real	ADJ
fbem-28274	18	17	estate	estate	NOUN
fbem-28274	18	18	industry	industry	NOUN
fbem-28274	18	19	alone	alone	ADV
fbem-28274	18	20	presents	present	VERB
fbem-28274	18	21	the	the	DET
fbem-28274	18	22	crowding	crowding	NOUN
fbem-28274	18	23	in	in	ADP
fbem-28274	18	24	effect	effect	NOUN
fbem-28274	18	25	.	.	PUNCT
fbem-28274	19	1	moreover	moreover	ADV
fbem-28274	19	2	,	,	PUNCT
fbem-28274	19	3	this	this	DET
fbem-28274	19	4	paper	paper	NOUN
fbem-28274	19	5	will	will	AUX
fbem-28274	19	6	also	also	ADV
fbem-28274	19	7	study	study	VERB
fbem-28274	19	8	their	their	PRON
fbem-28274	19	9	effects	effect	NOUN
fbem-28274	19	10	on	on	ADP
fbem-28274	19	11	different	different	ADJ
fbem-28274	19	12	properties	property	NOUN
fbem-28274	19	13	,	,	PUNCT
fbem-28274	19	14	different	different	ADJ
fbem-28274	19	15	scales	scale	NOUN
fbem-28274	19	16	and	and	CCONJ
fbem-28274	19	17	whether	whether	SCONJ
fbem-28274	19	18	there	there	PRON
fbem-28274	19	19	is	be	VERB
fbem-28274	19	20	foreign	foreign	ADJ
fbem-28274	19	21	investment	investment	NOUN
fbem-28274	19	22	.	.	PUNCT
fbem-28274	20	1	the	the	DET
fbem-28274	20	2	current	current	ADJ
fbem-28274	20	3	leverage	leverage	NOUN
fbem-28274	20	4	ratio	ratio	NOUN
fbem-28274	20	5	of	of	ADP
fbem-28274	20	6	non	non	ADJ
fbem-28274	20	7	-	-	ADJ
fbem-28274	20	8	financial	financial	ADJ
fbem-28274	20	9	enterprises	enterprise	NOUN
fbem-28274	20	10	in	in	ADP
fbem-28274	20	11	china	china	PROPN
fbem-28274	20	12	is	be	AUX
fbem-28274	20	13	extremely	extremely	ADV
fbem-28274	20	14	high	high	ADJ
fbem-28274	20	15	,	,	PUNCT
fbem-28274	20	16	and	and	CCONJ
fbem-28274	20	17	the	the	DET
fbem-28274	20	18	level	level	NOUN
fbem-28274	20	19	of	of	ADP
fbem-28274	20	20	corporate	corporate	ADJ
fbem-28274	20	21	debt	debt	NOUN
fbem-28274	20	22	will	will	AUX
fbem-28274	20	23	affect	affect	VERB
fbem-28274	20	24	financial	financial	ADJ
fbem-28274	20	25	risk	risk	NOUN
fbem-28274	20	26	,	,	PUNCT
fbem-28274	20	27	and	and	CCONJ
fbem-28274	20	28	at	at	ADP
fbem-28274	20	29	the	the	DET
fbem-28274	20	30	same	same	ADJ
fbem-28274	20	31	time	time	NOUN
fbem-28274	20	32	,	,	PUNCT
fbem-28274	20	33	as	as	SCONJ
fbem-28274	20	34	the	the	DET
fbem-28274	20	35	external	external	ADJ
fbem-28274	20	36	environment	environment	NOUN
fbem-28274	20	37	undergoes	undergo	VERB
fbem-28274	20	38	adverse	adverse	ADJ
fbem-28274	20	39	changes	change	NOUN
fbem-28274	20	40	,	,	PUNCT
fbem-28274	20	41	corporate	corporate	ADJ
fbem-28274	20	42	operating	operating	NOUN
fbem-28274	20	43	risk	risk	NOUN
fbem-28274	20	44	and	and	CCONJ
fbem-28274	20	45	credit	credit	NOUN
fbem-28274	20	46	risk	risk	NOUN
fbem-28274	20	47	will	will	AUX
fbem-28274	20	48	increase	increase	VERB
fbem-28274	20	49	,	,	PUNCT
fbem-28274	20	50	which	which	PRON
fbem-28274	20	51	may	may	AUX
fbem-28274	20	52	lead	lead	VERB
fbem-28274	20	53	to	to	ADP
fbem-28274	20	54	financial	financial	ADJ
fbem-28274	20	55	crisis	crisis	NOUN
fbem-28274	20	56	.	.	PUNCT
fbem-28274	21	1	china	china	PROPN
fbem-28274	21	2	's	's	PART
fbem-28274	21	3	corporate	corporate	ADJ
fbem-28274	21	4	leverage	leverage	NOUN
fbem-28274	21	5	alert	alert	NOUN
fbem-28274	21	6	line	line	NOUN
fbem-28274	21	7	of	of	ADP
fbem-28274	21	8	90	90	NUM
fbem-28274	21	9	%	%	NOUN
fbem-28274	21	10	,	,	PUNCT
fbem-28274	21	11	according	accord	VERB
fbem-28274	21	12	to	to	ADP
fbem-28274	21	13	the	the	DET
fbem-28274	21	14	data	datum	NOUN
fbem-28274	21	15	,	,	PUNCT
fbem-28274	21	16	which	which	PRON
fbem-28274	21	17	is	be	AUX
fbem-28274	21	18	pointed	point	VERB
fbem-28274	21	19	out	out	ADP
fbem-28274	21	20	in	in	ADP
fbem-28274	21	21	china	china	PROPN
fbem-28274	21	22	financial	financial	PROPN
fbem-28274	21	23	,	,	PUNCT
fbem-28274	21	24	china	china	PROPN
fbem-28274	21	25	's	's	PART
fbem-28274	21	26	non	non	ADJ
fbem-28274	21	27	-	-	ADJ
fbem-28274	21	28	financial	financial	ADJ
fbem-28274	21	29	enterprises	enterprise	NOUN
fbem-28274	21	30	of	of	ADP
fbem-28274	21	31	china	china	PROPN
fbem-28274	21	32	's	's	PART
fbem-28274	21	33	non	non	ADJ
fbem-28274	21	34	-	-	ADJ
fbem-28274	21	35	financial	financial	ADJ
fbem-28274	21	36	corporate	corporate	ADJ
fbem-28274	21	37	leverage	leverage	NOUN
fbem-28274	21	38	ratio	ratio	NOUN
fbem-28274	21	39	of	of	ADP
fbem-28274	21	40	152.9	152.9	NUM
fbem-28274	21	41	%	%	NOUN
fbem-28274	21	42	,	,	PUNCT
fbem-28274	21	43	has	have	AUX
fbem-28274	21	44	exceeded	exceed	VERB
fbem-28274	21	45	the	the	DET
fbem-28274	21	46	alert	alert	ADJ
fbem-28274	21	47	line	line	NOUN
fbem-28274	21	48	by	by	ADP
fbem-28274	21	49	62.9	62.9	NUM
fbem-28274	21	50	percentage	percentage	NOUN
fbem-28274	21	51	points	point	NOUN
fbem-28274	21	52	.	.	PUNCT
fbem-28274	22	1	it	it	PRON
fbem-28274	22	2	is	be	AUX
fbem-28274	22	3	now	now	ADV
fbem-28274	22	4	a	a	DET
fbem-28274	22	5	rapid	rapid	ADJ
fbem-28274	22	6	economic	economic	ADJ
fbem-28274	22	7	recovery	recovery	NOUN
fbem-28274	22	8	in	in	ADP
fbem-28274	22	9	the	the	DET
fbem-28274	22	10	post	post	ADJ
fbem-28274	22	11	-	-	ADJ
fbem-28274	22	12	epidemic	epidemic	ADJ
fbem-28274	22	13	period	period	NOUN
fbem-28274	22	14	,	,	PUNCT
fbem-28274	22	15	the	the	DET
fbem-28274	22	16	overall	overall	ADJ
fbem-28274	22	17	economic	economic	ADJ
fbem-28274	22	18	recovery	recovery	NOUN
fbem-28274	22	19	is	be	AUX
fbem-28274	22	20	slow	slow	ADJ
fbem-28274	22	21	,	,	PUNCT
fbem-28274	22	22	and	and	CCONJ
fbem-28274	22	23	in	in	ADP
fbem-28274	22	24	the	the	DET
fbem-28274	22	25	context	context	NOUN
fbem-28274	22	26	of	of	ADP
fbem-28274	22	27	china	china	PROPN
fbem-28274	22	28	's	's	PART
fbem-28274	22	29	economic	economic	ADJ
fbem-28274	22	30	restructuring	restructuring	NOUN
fbem-28274	22	31	,	,	PUNCT
fbem-28274	22	32	there	there	PRON
fbem-28274	22	33	is	be	VERB
fbem-28274	22	34	still	still	ADV
fbem-28274	22	35	some	some	DET
fbem-28274	22	36	downward	downward	ADJ
fbem-28274	22	37	pressure	pressure	NOUN
fbem-28274	22	38	on	on	ADP
fbem-28274	22	39	china	china	PROPN
fbem-28274	22	40	's	's	PART
fbem-28274	22	41	economy	economy	NOUN
fbem-28274	22	42	,	,	PUNCT
fbem-28274	22	43	and	and	CCONJ
fbem-28274	22	44	enterprises	enterprise	NOUN
fbem-28274	22	45	are	be	AUX
fbem-28274	22	46	facing	face	VERB
fbem-28274	22	47	a	a	DET
fbem-28274	22	48	more	more	ADV
fbem-28274	22	49	unfavorable	unfavorable	ADJ
fbem-28274	22	50	external	external	ADJ
fbem-28274	22	51	environment	environment	NOUN
fbem-28274	22	52	for	for	ADP
fbem-28274	22	53	production	production	NOUN
fbem-28274	22	54	and	and	CCONJ
fbem-28274	22	55	operation	operation	NOUN
fbem-28274	22	56	.	.	PUNCT
fbem-28274	23	1	in	in	ADP
fbem-28274	23	2	addition	addition	NOUN
fbem-28274	23	3	,	,	PUNCT
fbem-28274	23	4	the	the	DET
fbem-28274	23	5	fiscal	fiscal	ADJ
fbem-28274	23	6	decentralization	decentralization	NOUN
fbem-28274	23	7	system	system	NOUN
fbem-28274	23	8	and	and	CCONJ
fbem-28274	23	9	the	the	DET
fbem-28274	23	10	budget	budget	NOUN
fbem-28274	23	11	law	law	NOUN
fbem-28274	23	12	limit	limit	VERB
fbem-28274	23	13	local	local	ADJ
fbem-28274	23	14	government	government	NOUN
fbem-28274	23	15	tax	tax	NOUN
fbem-28274	23	16	revenues	revenue	NOUN
fbem-28274	23	17	.	.	PUNCT
fbem-28274	24	1	local	local	ADJ
fbem-28274	24	2	government	government	NOUN
fbem-28274	24	3	financing	financing	NOUN
fbem-28274	24	4	platforms	platform	NOUN
fbem-28274	24	5	,	,	PUNCT
fbem-28274	24	6	which	which	PRON
fbem-28274	24	7	is	be	AUX
fbem-28274	24	8	referred	refer	VERB
fbem-28274	24	9	local	local	ADJ
fbem-28274	24	10	governments	government	NOUN
fbem-28274	24	11	initiated	initiate	VERB
fbem-28274	24	12	the	the	DET
fbem-28274	24	13	establishment	establishment	NOUN
fbem-28274	24	14	,	,	PUNCT
fbem-28274	24	15	through	through	ADP
fbem-28274	24	16	allocating	allocate	VERB
fbem-28274	24	17	land	land	NOUN
fbem-28274	24	18	,	,	PUNCT
fbem-28274	24	19	equity	equity	NOUN
fbem-28274	24	20	,	,	PUNCT
fbem-28274	24	21	fees	fee	NOUN
fbem-28274	24	22	,	,	PUNCT
fbem-28274	24	23	national	national	ADJ
fbem-28274	24	24	bonds	bond	NOUN
fbem-28274	24	25	and	and	CCONJ
fbem-28274	24	26	other	other	ADJ
fbem-28274	24	27	assets	asset	NOUN
fbem-28274	24	28	,	,	PUNCT
fbem-28274	24	29	quickly	quickly	ADV
fbem-28274	24	30	packaged	package	VERB
fbem-28274	24	31	a	a	DET
fbem-28274	24	32	company	company	NOUN
fbem-28274	24	33	whose	whose	DET
fbem-28274	24	34	assets	asset	NOUN
fbem-28274	24	35	and	and	CCONJ
fbem-28274	24	36	cash	cash	NOUN
fbem-28274	24	37	flow	flow	NOUN
fbem-28274	24	38	can	can	AUX
fbem-28274	24	39	meet	meet	VERB
fbem-28274	24	40	the	the	DET
fbem-28274	24	41	financing	financing	NOUN
fbem-28274	24	42	standards	standard	NOUN
fbem-28274	24	43	bear	bear	VERB
fbem-28274	24	44	the	the	DET
fbem-28274	24	45	burden	burden	NOUN
fbem-28274	24	46	of	of	ADP
fbem-28274	24	47	financing	finance	VERB
fbem-28274	24	48	public	public	ADJ
fbem-28274	24	49	projects	project	NOUN
fbem-28274	24	50	;	;	PUNCT
fbem-28274	24	51	therefore	therefore	ADV
fbem-28274	24	52	,	,	PUNCT
fbem-28274	24	53	the	the	DET
fbem-28274	24	54	security	security	NOUN
fbem-28274	24	55	and	and	CCONJ
fbem-28274	24	56	liquidity	liquidity	NOUN
fbem-28274	24	57	of	of	ADP
fbem-28274	24	58	local	local	ADJ
fbem-28274	24	59	government	government	NOUN
fbem-28274	24	60	obligations	obligation	NOUN
fbem-28274	24	61	are	be	AUX
fbem-28274	24	62	closely	closely	ADV
fbem-28274	24	63	linked	link	VERB
fbem-28274	24	64	to	to	ADP
fbem-28274	24	65	local	local	ADJ
fbem-28274	24	66	government	government	NOUN
fbem-28274	24	67	fiscal	fiscal	ADJ
fbem-28274	24	68	policies	policy	NOUN
fbem-28274	24	69	and	and	CCONJ
fbem-28274	24	70	conditions	condition	NOUN
fbem-28274	24	71	(	(	PUNCT
fbem-28274	24	72	ang	ang	INTJ
fbem-28274	24	73	et	et	PROPN
fbem-28274	24	74	al	al	PROPN
fbem-28274	24	75	.	.	PROPN
fbem-28274	24	76	,	,	PUNCT
fbem-28274	24	77	2018	2018	NUM
fbem-28274	24	78	)	)	PUNCT
fbem-28274	24	79	.	.	PUNCT
fbem-28274	25	1	with	with	ADP
fbem-28274	25	2	a	a	DET
fbem-28274	25	3	high	high	ADJ
fbem-28274	25	4	government	government	NOUN
fbem-28274	25	5	leverage	leverage	NOUN
fbem-28274	25	6	ratio	ratio	NOUN
fbem-28274	25	7	,	,	PUNCT
fbem-28274	25	8	maintaining	maintain	VERB
fbem-28274	25	9	stable	stable	ADJ
fbem-28274	25	10	economic	economic	ADJ
fbem-28274	25	11	growth	growth	NOUN
fbem-28274	25	12	is	be	AUX
fbem-28274	25	13	crucial	crucial	ADJ
fbem-28274	25	14	to	to	PART
fbem-28274	25	15	not	not	PART
fbem-28274	25	16	incur	incur	VERB
fbem-28274	25	17	systemic	systemic	ADJ
fbem-28274	25	18	risks	risk	NOUN
fbem-28274	25	19	.	.	PUNCT
fbem-28274	26	1	therefore	therefore	ADV
fbem-28274	26	2	,	,	PUNCT
fbem-28274	26	3	studying	study	VERB
fbem-28274	26	4	the	the	DET
fbem-28274	26	5	impact	impact	NOUN
fbem-28274	26	6	of	of	ADP
fbem-28274	26	7	local	local	ADJ
fbem-28274	26	8	debt	debt	NOUN
fbem-28274	26	9	level	level	NOUN
fbem-28274	26	10	on	on	ADP
fbem-28274	26	11	corporate	corporate	ADJ
fbem-28274	26	12	leverage	leverage	NOUN
fbem-28274	26	13	is	be	AUX
fbem-28274	26	14	of	of	ADP
fbem-28274	26	15	great	great	ADJ
fbem-28274	26	16	significance	significance	NOUN
fbem-28274	26	17	to	to	PART
fbem-28274	26	18	solve	solve	VERB
fbem-28274	26	19	the	the	DET
fbem-28274	26	20	current	current	ADJ
fbem-28274	26	21	problem	problem	NOUN
fbem-28274	26	22	.	.	PUNCT
fbem-28274	27	1	the	the	DET
fbem-28274	27	2	remaining	remain	VERB
fbem-28274	27	3	sections	section	NOUN
fbem-28274	27	4	of	of	ADP
fbem-28274	27	5	the	the	DET
fbem-28274	27	6	paper	paper	NOUN
fbem-28274	27	7	are	be	AUX
fbem-28274	27	8	structured	structure	VERB
fbem-28274	27	9	as	as	SCONJ
fbem-28274	27	10	follows	follow	VERB
fbem-28274	27	11	.	.	PUNCT
fbem-28274	28	1	section	section	NOUN
fbem-28274	28	2	2	2	NUM
fbem-28274	28	3	critically	critically	ADV
fbem-28274	28	4	analyzes	analyze	VERB
fbem-28274	28	5	the	the	DET
fbem-28274	28	6	extensive	extensive	ADJ
fbem-28274	28	7	current	current	ADJ
fbem-28274	28	8	literature	literature	NOUN
fbem-28274	28	9	and	and	CCONJ
fbem-28274	28	10	formulates	formulate	VERB
fbem-28274	28	11	the	the	DET
fbem-28274	28	12	corresponding	correspond	VERB
fbem-28274	28	13	hypotheses	hypothesis	NOUN
fbem-28274	28	14	.	.	PUNCT
fbem-28274	29	1	section	section	NOUN
fbem-28274	29	2	iii	iii	PROPN
fbem-28274	29	3	describes	describe	VERB
fbem-28274	29	4	the	the	DET
fbem-28274	29	5	sample	sample	NOUN
fbem-28274	29	6	,	,	PUNCT
fbem-28274	29	7	data	data	NOUN
fbem-28274	29	8	collection	collection	NOUN
fbem-28274	29	9	,	,	PUNCT
fbem-28274	29	10	and	and	CCONJ
fbem-28274	29	11	research	research	NOUN
fbem-28274	29	12	methodology	methodology	NOUN
fbem-28274	29	13	used	use	VERB
fbem-28274	29	14	in	in	ADP
fbem-28274	29	15	this	this	DET
fbem-28274	29	16	paper	paper	NOUN
fbem-28274	29	17	.	.	PUNCT
fbem-28274	30	1	section	section	NOUN
fbem-28274	30	2	iv	iv	NUM
fbem-28274	30	3	reports	report	VERB
fbem-28274	30	4	the	the	DET
fbem-28274	30	5	analysis	analysis	NOUN
fbem-28274	30	6	of	of	ADP
fbem-28274	30	7	the	the	DET
fbem-28274	30	8	empirical	empirical	ADJ
fbem-28274	30	9	results	result	NOUN
fbem-28274	30	10	of	of	ADP
fbem-28274	30	11	the	the	DET
fbem-28274	30	12	fixed	fix	VERB
fbem-28274	30	13	effects	effect	NOUN
fbem-28274	30	14	model	model	NOUN
fbem-28274	30	15	,	,	PUNCT
fbem-28274	30	16	including	include	VERB
fbem-28274	30	17	the	the	DET
fbem-28274	30	18	underlying	underlie	VERB
fbem-28274	30	19	regression	regression	NOUN
fbem-28274	30	20	results	result	NOUN
fbem-28274	30	21	,	,	PUNCT
fbem-28274	30	22	robustness	robustness	NOUN
fbem-28274	30	23	tests	test	NOUN
fbem-28274	30	24	,	,	PUNCT
fbem-28274	30	25	heterogeneity	heterogeneity	NOUN
fbem-28274	30	26	analysis	analysis	NOUN
fbem-28274	30	27	,	,	PUNCT
fbem-28274	30	28	and	and	CCONJ
fbem-28274	30	29	mechanism	mechanism	NOUN
fbem-28274	30	30	effects	effect	NOUN
fbem-28274	30	31	.	.	PUNCT
fbem-28274	31	1	section	section	NOUN
fbem-28274	31	2	v	v	PROPN
fbem-28274	31	3	reports	report	VERB
fbem-28274	31	4	the	the	DET
fbem-28274	31	5	regression	regression	NOUN
fbem-28274	31	6	results	result	NOUN
fbem-28274	31	7	of	of	ADP
fbem-28274	31	8	the	the	DET
fbem-28274	31	9	pvar	pvar	NOUN
fbem-28274	31	10	model	model	NOUN
fbem-28274	31	11	,	,	PUNCT
fbem-28274	31	12	including	include	VERB
fbem-28274	31	13	the	the	DET
fbem-28274	31	14	unit	unit	NOUN
fbem-28274	31	15	root	root	NOUN
fbem-28274	31	16	test	test	NOUN
fbem-28274	31	17	,	,	PUNCT
fbem-28274	31	18	cointegration	cointegration	NOUN
fbem-28274	31	19	test	test	NOUN
fbem-28274	31	20	,	,	PUNCT
fbem-28274	31	21	determination	determination	NOUN
fbem-28274	31	22	of	of	ADP
fbem-28274	31	23	the	the	DET
fbem-28274	31	24	lagged	lag	VERB
fbem-28274	31	25	optimal	optimal	ADJ
fbem-28274	31	26	order	order	NOUN
fbem-28274	31	27	,	,	PUNCT
fbem-28274	31	28	impulse	impulse	ADJ
fbem-28274	31	29	analysis	analysis	NOUN
fbem-28274	31	30	,	,	PUNCT
fbem-28274	31	31	and	and	CCONJ
fbem-28274	31	32	variance	variance	NOUN
fbem-28274	31	33	decomposition	decomposition	NOUN
fbem-28274	31	34	.	.	PUNCT
fbem-28274	32	1	section	section	NOUN
fbem-28274	32	2	6	6	NUM
fbem-28274	32	3	reports	report	NOUN
fbem-28274	32	4	the	the	DET
fbem-28274	32	5	conclude	conclude	NOUN
fbem-28274	32	6	.	.	PUNCT
fbem-28274	33	1	2	2	X
fbem-28274	33	2	.	.	X
fbem-28274	33	3	background	background	NOUN
fbem-28274	33	4	to	to	PART
fbem-28274	33	5	"	"	PUNCT
fbem-28274	33	6	improve	improve	VERB
fbem-28274	33	7	the	the	DET
fbem-28274	33	8	financial	financial	ADJ
fbem-28274	33	9	supervision	supervision	NOUN
fbem-28274	33	10	system	system	NOUN
fbem-28274	33	11	and	and	CCONJ
fbem-28274	33	12	guard	guard	VERB
fbem-28274	33	13	the	the	DET
fbem-28274	33	14	bottom	bottom	ADJ
fbem-28274	33	15	line	line	NOUN
fbem-28274	33	16	of	of	ADP
fbem-28274	33	17	no	no	DET
fbem-28274	33	18	systemic	systemic	ADJ
fbem-28274	33	19	financial	financial	ADJ
fbem-28274	33	20	risks	risk	NOUN
fbem-28274	33	21	"	"	PUNCT
fbem-28274	33	22	,	,	PUNCT
fbem-28274	33	23	which	which	PRON
fbem-28274	33	24	is	be	AUX
fbem-28274	33	25	the	the	DET
fbem-28274	33	26	economic	economic	ADJ
fbem-28274	33	27	and	and	CCONJ
fbem-28274	33	28	financial	financial	ADJ
fbem-28274	33	29	development	development	NOUN
fbem-28274	33	30	goal	goal	NOUN
fbem-28274	33	31	proposed	propose	VERB
fbem-28274	33	32	by	by	ADP
fbem-28274	33	33	china	china	PROPN
fbem-28274	33	34	226	226	NUM
fbem-28274	33	35	in	in	ADP
fbem-28274	33	36	the	the	DET
fbem-28274	33	37	national	national	PROPN
fbem-28274	33	38	development	development	PROPN
fbem-28274	33	39	and	and	CCONJ
fbem-28274	33	40	reform	reform	PROPN
fbem-28274	33	41	commission	commission	PROPN
fbem-28274	33	42	,	,	PUNCT
fbem-28274	33	43	the	the	DET
fbem-28274	33	44	key	key	ADJ
fbem-28274	33	45	issue	issue	NOUN
fbem-28274	33	46	to	to	PART
fbem-28274	33	47	be	be	AUX
fbem-28274	33	48	addressed	address	VERB
fbem-28274	33	49	in	in	ADP
fbem-28274	33	50	the	the	DET
fbem-28274	33	51	current	current	ADJ
fbem-28274	33	52	economic	economic	ADJ
fbem-28274	33	53	development	development	NOUN
fbem-28274	33	54	is	be	AUX
fbem-28274	33	55	to	to	PART
fbem-28274	33	56	actively	actively	ADV
fbem-28274	33	57	deal	deal	VERB
fbem-28274	33	58	with	with	ADP
fbem-28274	33	59	the	the	DET
fbem-28274	33	60	risk	risk	NOUN
fbem-28274	33	61	of	of	ADP
fbem-28274	33	62	local	local	ADJ
fbem-28274	33	63	government	government	NOUN
fbem-28274	33	64	debt	debt	NOUN
fbem-28274	33	65	and	and	CCONJ
fbem-28274	33	66	solve	solve	VERB
fbem-28274	33	67	the	the	DET
fbem-28274	33	68	fiscal	fiscal	ADJ
fbem-28274	33	69	deficit	deficit	NOUN
fbem-28274	33	70	problem	problem	NOUN
fbem-28274	33	71	.	.	PUNCT
fbem-28274	34	1	currently	currently	ADV
fbem-28274	34	2	,	,	PUNCT
fbem-28274	34	3	with	with	ADP
fbem-28274	34	4	the	the	DET
fbem-28274	34	5	economic	economic	ADJ
fbem-28274	34	6	development	development	NOUN
fbem-28274	34	7	coupled	couple	VERB
fbem-28274	34	8	with	with	ADP
fbem-28274	34	9	the	the	DET
fbem-28274	34	10	impact	impact	NOUN
fbem-28274	34	11	of	of	ADP
fbem-28274	34	12	the	the	DET
fbem-28274	34	13	three	three	NUM
fbem-28274	34	14	-	-	PUNCT
fbem-28274	34	15	year	year	NOUN
fbem-28274	34	16	covid-19	covid-19	PROPN
fbem-28274	34	17	,	,	PUNCT
fbem-28274	34	18	china	china	PROPN
fbem-28274	34	19	's	's	PART
fbem-28274	34	20	economy	economy	NOUN
fbem-28274	34	21	is	be	AUX
fbem-28274	34	22	facing	face	VERB
fbem-28274	34	23	the	the	DET
fbem-28274	34	24	problem	problem	NOUN
fbem-28274	34	25	of	of	ADP
fbem-28274	34	26	large	large	ADJ
fbem-28274	34	27	local	local	ADJ
fbem-28274	34	28	government	government	NOUN
fbem-28274	34	29	debt	debt	NOUN
fbem-28274	34	30	,	,	PUNCT
fbem-28274	34	31	which	which	PRON
fbem-28274	34	32	is	be	AUX
fbem-28274	34	33	a	a	DET
fbem-28274	34	34	long	long	ADJ
fbem-28274	34	35	-	-	PUNCT
fbem-28274	34	36	term	term	NOUN
fbem-28274	34	37	and	and	CCONJ
fbem-28274	34	38	structural	structural	ADJ
fbem-28274	34	39	problem	problem	NOUN
fbem-28274	34	40	faced	face	VERB
fbem-28274	34	41	in	in	ADP
fbem-28274	34	42	the	the	DET
fbem-28274	34	43	country	country	NOUN
fbem-28274	34	44	's	's	PART
fbem-28274	34	45	economic	economic	ADJ
fbem-28274	34	46	operation	operation	NOUN
fbem-28274	34	47	.	.	PUNCT
fbem-28274	35	1	local	local	ADJ
fbem-28274	35	2	governments	government	NOUN
fbem-28274	35	3	announced	announce	VERB
fbem-28274	35	4	a	a	DET
fbem-28274	35	5	rmb	rmb	NOUN
fbem-28274	35	6	4	4	NUM
fbem-28274	35	7	trillion	trillion	NUM
fbem-28274	35	8	stimulus	stimulus	ADJ
fbem-28274	35	9	package	package	NOUN
fbem-28274	35	10	in	in	ADP
fbem-28274	35	11	2008	2008	NUM
fbem-28274	35	12	,	,	PUNCT
fbem-28274	35	13	which	which	PRON
fbem-28274	35	14	led	lead	VERB
fbem-28274	35	15	to	to	ADP
fbem-28274	35	16	a	a	DET
fbem-28274	35	17	rapid	rapid	ADJ
fbem-28274	35	18	increase	increase	NOUN
fbem-28274	35	19	in	in	ADP
fbem-28274	35	20	bond	bond	NOUN
fbem-28274	35	21	issuance	issuance	NOUN
fbem-28274	35	22	by	by	ADP
fbem-28274	35	23	local	local	ADJ
fbem-28274	35	24	government	government	NOUN
fbem-28274	35	25	financing	financing	NOUN
fbem-28274	35	26	platforms	platform	NOUN
fbem-28274	35	27	.	.	PUNCT
fbem-28274	36	1	local	local	ADJ
fbem-28274	36	2	governments	government	NOUN
fbem-28274	36	3	absorbed	absorb	VERB
fbem-28274	36	4	three	three	NUM
fbem-28274	36	5	-	-	PUNCT
fbem-28274	36	6	quarters	quarter	NOUN
fbem-28274	36	7	of	of	ADP
fbem-28274	36	8	the	the	DET
fbem-28274	36	9	total	total	ADJ
fbem-28274	36	10	funds	fund	NOUN
fbem-28274	36	11	,	,	PUNCT
fbem-28274	36	12	most	most	ADJ
fbem-28274	36	13	of	of	ADP
fbem-28274	36	14	which	which	PRON
fbem-28274	36	15	were	be	AUX
fbem-28274	36	16	raised	raise	VERB
fbem-28274	36	17	by	by	ADP
fbem-28274	36	18	local	local	ADJ
fbem-28274	36	19	government	government	NOUN
fbem-28274	36	20	financing	financing	NOUN
fbem-28274	36	21	platforms	platform	NOUN
fbem-28274	36	22	.	.	PUNCT
fbem-28274	37	1	since	since	SCONJ
fbem-28274	37	2	2015	2015	NUM
fbem-28274	37	3	,	,	PUNCT
fbem-28274	37	4	the	the	DET
fbem-28274	37	5	government	government	NOUN
fbem-28274	37	6	has	have	AUX
fbem-28274	37	7	systematically	systematically	ADV
fbem-28274	37	8	opened	open	VERB
fbem-28274	37	9	up	up	ADP
fbem-28274	37	10	the	the	DET
fbem-28274	37	11	local	local	ADJ
fbem-28274	37	12	government	government	NOUN
fbem-28274	37	13	's	's	PART
fbem-28274	37	14	right	right	NOUN
fbem-28274	37	15	to	to	PART
fbem-28274	37	16	issue	issue	VERB
fbem-28274	37	17	debt	debt	NOUN
fbem-28274	37	18	financing	financing	NOUN
fbem-28274	37	19	,	,	PUNCT
fbem-28274	37	20	and	and	CCONJ
fbem-28274	37	21	debt	debt	NOUN
fbem-28274	37	22	governance	governance	NOUN
fbem-28274	37	23	has	have	AUX
fbem-28274	37	24	begun	begin	VERB
fbem-28274	37	25	to	to	PART
fbem-28274	37	26	step	step	VERB
fbem-28274	37	27	into	into	ADP
fbem-28274	37	28	the	the	DET
fbem-28274	37	29	stage	stage	NOUN
fbem-28274	37	30	of	of	ADP
fbem-28274	37	31	standardization	standardization	NOUN
fbem-28274	37	32	,	,	PUNCT
fbem-28274	37	33	transparency	transparency	NOUN
fbem-28274	37	34	and	and	CCONJ
fbem-28274	37	35	institutionalization	institutionalization	NOUN
fbem-28274	37	36	,	,	PUNCT
fbem-28274	37	37	and	and	CCONJ
fbem-28274	37	38	the	the	DET
fbem-28274	37	39	local	local	ADJ
fbem-28274	37	40	government	government	NOUN
fbem-28274	37	41	debt	debt	NOUN
fbem-28274	37	42	governance	governance	NOUN
fbem-28274	37	43	model	model	NOUN
fbem-28274	37	44	has	have	AUX
fbem-28274	37	45	been	be	AUX
fbem-28274	37	46	transformed	transform	VERB
fbem-28274	37	47	.	.	PUNCT
fbem-28274	38	1	local	local	ADJ
fbem-28274	38	2	government	government	NOUN
fbem-28274	38	3	debt	debt	NOUN
fbem-28274	38	4	-	-	PUNCT
fbem-28274	38	5	related	relate	VERB
fbem-28274	38	6	issues	issue	NOUN
fbem-28274	38	7	have	have	AUX
fbem-28274	38	8	received	receive	VERB
fbem-28274	38	9	widespread	widespread	ADJ
fbem-28274	38	10	attention	attention	NOUN
fbem-28274	38	11	(	(	PUNCT
fbem-28274	38	12	zhang	zhang	PROPN
fbem-28274	38	13	,	,	PUNCT
fbem-28274	38	14	202	202	NUM
fbem-28274	38	15	;	;	PUNCT
fbem-28274	38	16	graeve	graeve	X
fbem-28274	38	17	,	,	PUNCT
fbem-28274	38	18	2023	2023	NUM
fbem-28274	38	19	;	;	PUNCT
fbem-28274	38	20	bo	bo	PROPN
fbem-28274	38	21	,	,	PUNCT
fbem-28274	38	22	2018	2018	NUM
fbem-28274	38	23	)	)	PUNCT
fbem-28274	38	24	,	,	PUNCT
fbem-28274	38	25	however	however	ADV
fbem-28274	38	26	,	,	PUNCT
fbem-28274	38	27	the	the	DET
fbem-28274	38	28	impact	impact	NOUN
fbem-28274	38	29	of	of	ADP
fbem-28274	38	30	government	government	NOUN
fbem-28274	38	31	debt	debt	NOUN
fbem-28274	38	32	on	on	ADP
fbem-28274	38	33	corporate	corporate	ADJ
fbem-28274	38	34	leverage	leverage	NOUN
fbem-28274	38	35	has	have	AUX
fbem-28274	38	36	not	not	PART
fbem-28274	38	37	been	be	AUX
fbem-28274	38	38	studied	study	VERB
fbem-28274	38	39	in	in	ADP
fbem-28274	38	40	depth	depth	NOUN
fbem-28274	38	41	.	.	PUNCT
fbem-28274	39	1	this	this	DET
fbem-28274	39	2	paper	paper	NOUN
fbem-28274	39	3	investigates	investigate	VERB
fbem-28274	39	4	whether	whether	SCONJ
fbem-28274	39	5	local	local	ADJ
fbem-28274	39	6	debt	debt	NOUN
fbem-28274	39	7	has	have	VERB
fbem-28274	39	8	a	a	DET
fbem-28274	39	9	crowding	crowd	VERB
fbem-28274	39	10	-	-	PUNCT
fbem-28274	39	11	out	out	ADP
fbem-28274	39	12	effect	effect	NOUN
fbem-28274	39	13	on	on	ADP
fbem-28274	39	14	corporate	corporate	ADJ
fbem-28274	39	15	leverage	leverage	NOUN
fbem-28274	39	16	.	.	PUNCT
fbem-28274	40	1	the	the	DET
fbem-28274	40	2	overall	overall	ADJ
fbem-28274	40	3	leverage	leverage	NOUN
fbem-28274	40	4	ratio	ratio	NOUN
fbem-28274	40	5	(	(	PUNCT
fbem-28274	40	6	government	government	NOUN
fbem-28274	40	7	debt	debt	NOUN
fbem-28274	40	8	/	/	SYM
fbem-28274	40	9	gdp	gdp	NOUN
fbem-28274	40	10	)	)	PUNCT
fbem-28274	40	11	of	of	ADP
fbem-28274	40	12	the	the	DET
fbem-28274	40	13	chinese	chinese	ADJ
fbem-28274	40	14	government	government	NOUN
fbem-28274	40	15	has	have	VERB
fbem-28274	40	16	a	a	DET
fbem-28274	40	17	fluctuating	fluctuate	VERB
fbem-28274	40	18	upward	upward	ADJ
fbem-28274	40	19	trend	trend	NOUN
fbem-28274	40	20	,	,	PUNCT
fbem-28274	40	21	as	as	SCONJ
fbem-28274	40	22	shown	show	VERB
fbem-28274	40	23	in	in	ADP
fbem-28274	40	24	figure	figure	NOUN
fbem-28274	40	25	1	1	NUM
fbem-28274	40	26	below	below	ADV
fbem-28274	40	27	,	,	PUNCT
fbem-28274	40	28	which	which	PRON
fbem-28274	40	29	shows	show	VERB
fbem-28274	40	30	the	the	DET
fbem-28274	40	31	level	level	NOUN
fbem-28274	40	32	of	of	ADP
fbem-28274	40	33	urban	urban	ADJ
fbem-28274	40	34	debt	debt	NOUN
fbem-28274	40	35	as	as	ADV
fbem-28274	40	36	well	well	ADV
fbem-28274	40	37	as	as	ADP
fbem-28274	40	38	the	the	DET
fbem-28274	40	39	level	level	NOUN
fbem-28274	40	40	of	of	ADP
fbem-28274	40	41	urban	urban	ADJ
fbem-28274	40	42	gdp	gdp	NOUN
fbem-28274	40	43	from	from	ADP
fbem-28274	40	44	2012	2012	NUM
fbem-28274	40	45	to	to	ADP
fbem-28274	40	46	2018	2018	NUM
fbem-28274	40	47	,	,	PUNCT
fbem-28274	40	48	and	and	CCONJ
fbem-28274	40	49	it	it	PRON
fbem-28274	40	50	is	be	AUX
fbem-28274	40	51	obvious	obvious	ADJ
fbem-28274	40	52	from	from	ADP
fbem-28274	40	53	the	the	DET
fbem-28274	40	54	figure	figure	NOUN
fbem-28274	40	55	that	that	SCONJ
fbem-28274	40	56	the	the	DET
fbem-28274	40	57	two	two	NUM
fbem-28274	40	58	are	be	AUX
fbem-28274	40	59	positively	positively	ADV
fbem-28274	40	60	correlated	correlate	VERB
fbem-28274	40	61	in	in	ADP
fbem-28274	40	62	the	the	DET
fbem-28274	40	63	direction	direction	NOUN
fbem-28274	40	64	of	of	ADP
fbem-28274	40	65	development	development	NOUN
fbem-28274	40	66	,	,	PUNCT
fbem-28274	40	67	with	with	ADP
fbem-28274	40	68	the	the	DET
fbem-28274	40	69	level	level	NOUN
fbem-28274	40	70	of	of	ADP
fbem-28274	40	71	urban	urban	ADJ
fbem-28274	40	72	debt	debt	NOUN
fbem-28274	40	73	and	and	CCONJ
fbem-28274	40	74	gdp	gdp	NOUN
fbem-28274	40	75	increasing	increase	VERB
fbem-28274	40	76	year	year	NOUN
fbem-28274	40	77	by	by	ADP
fbem-28274	40	78	year	year	NOUN
fbem-28274	40	79	,	,	PUNCT
fbem-28274	40	80	and	and	CCONJ
fbem-28274	40	81	from	from	ADP
fbem-28274	40	82	the	the	DET
fbem-28274	40	83	actual	actual	ADJ
fbem-28274	40	84	situation	situation	NOUN
fbem-28274	40	85	,	,	PUNCT
fbem-28274	40	86	the	the	DET
fbem-28274	40	87	overall	overall	ADJ
fbem-28274	40	88	leverage	leverage	NOUN
fbem-28274	40	89	ratio	ratio	NOUN
fbem-28274	40	90	of	of	ADP
fbem-28274	40	91	the	the	DET
fbem-28274	40	92	chinese	chinese	ADJ
fbem-28274	40	93	economy	economy	NOUN
fbem-28274	40	94	is	be	AUX
fbem-28274	40	95	moderate	moderate	ADJ
fbem-28274	40	96	and	and	CCONJ
fbem-28274	40	97	manageable	manageable	ADJ
fbem-28274	40	98	of	of	ADP
fbem-28274	40	99	the	the	DET
fbem-28274	40	100	chinese	chinese	ADJ
fbem-28274	40	101	economy	economy	NOUN
fbem-28274	40	102	,	,	PUNCT
fbem-28274	40	103	but	but	CCONJ
fbem-28274	40	104	the	the	DET
fbem-28274	40	105	leverage	leverage	NOUN
fbem-28274	40	106	structure	structure	NOUN
fbem-28274	40	107	of	of	ADP
fbem-28274	40	108	the	the	DET
fbem-28274	40	109	chinese	chinese	ADJ
fbem-28274	40	110	economy	economy	NOUN
fbem-28274	40	111	is	be	AUX
fbem-28274	40	112	extremely	extremely	ADV
fbem-28274	40	113	unreasonable	unreasonable	ADJ
fbem-28274	40	114	,	,	PUNCT
fbem-28274	40	115	and	and	CCONJ
fbem-28274	40	116	the	the	DET
fbem-28274	40	117	impact	impact	NOUN
fbem-28274	40	118	of	of	ADP
fbem-28274	40	119	government	government	NOUN
fbem-28274	40	120	debt	debt	NOUN
fbem-28274	40	121	on	on	ADP
fbem-28274	40	122	corporate	corporate	ADJ
fbem-28274	40	123	leverage	leverage	NOUN
fbem-28274	40	124	is	be	AUX
fbem-28274	40	125	a	a	DET
fbem-28274	40	126	crowding	crowd	VERB
fbem-28274	40	127	-	-	PUNCT
fbem-28274	40	128	in	in	ADP
fbem-28274	40	129	or	or	CCONJ
fbem-28274	40	130	crowding	crowd	VERB
fbem-28274	40	131	-	-	PUNCT
fbem-28274	40	132	out	out	ADP
fbem-28274	40	133	effect	effect	NOUN
fbem-28274	40	134	that	that	PRON
fbem-28274	40	135	requires	require	VERB
fbem-28274	40	136	in	in	ADP
fbem-28274	40	137	-	-	PUNCT
fbem-28274	40	138	depth	depth	NOUN
fbem-28274	40	139	analysis	analysis	NOUN
fbem-28274	40	140	.	.	PUNCT
fbem-28274	41	1	figure	figure	NOUN
fbem-28274	41	2	2	2	NUM
fbem-28274	41	3	is	be	AUX
fbem-28274	41	4	a	a	DET
fbem-28274	41	5	line	line	NOUN
fbem-28274	41	6	graph	graph	NOUN
fbem-28274	41	7	of	of	ADP
fbem-28274	41	8	the	the	DET
fbem-28274	41	9	overall	overall	ADJ
fbem-28274	41	10	debt	debt	NOUN
fbem-28274	41	11	level	level	NOUN
fbem-28274	41	12	and	and	CCONJ
fbem-28274	41	13	overall	overall	ADJ
fbem-28274	41	14	gdp	gdp	NOUN
fbem-28274	41	15	of	of	ADP
fbem-28274	41	16	the	the	DET
fbem-28274	41	17	country	country	NOUN
fbem-28274	41	18	,	,	PUNCT
fbem-28274	41	19	from	from	ADP
fbem-28274	41	20	which	which	PRON
fbem-28274	41	21	it	it	PRON
fbem-28274	41	22	can	can	AUX
fbem-28274	41	23	be	be	AUX
fbem-28274	41	24	seen	see	VERB
fbem-28274	41	25	that	that	SCONJ
fbem-28274	41	26	the	the	DET
fbem-28274	41	27	overall	overall	ADJ
fbem-28274	41	28	government	government	NOUN
fbem-28274	41	29	debt	debt	NOUN
fbem-28274	41	30	and	and	CCONJ
fbem-28274	41	31	gdp	gdp	NOUN
fbem-28274	41	32	of	of	ADP
fbem-28274	41	33	the	the	DET
fbem-28274	41	34	country	country	NOUN
fbem-28274	41	35	are	be	AUX
fbem-28274	41	36	growing	grow	VERB
fbem-28274	41	37	year	year	NOUN
fbem-28274	41	38	by	by	ADP
fbem-28274	41	39	year	year	NOUN
fbem-28274	41	40	,	,	PUNCT
fbem-28274	41	41	and	and	CCONJ
fbem-28274	41	42	the	the	DET
fbem-28274	41	43	growth	growth	NOUN
fbem-28274	41	44	rate	rate	NOUN
fbem-28274	41	45	of	of	ADP
fbem-28274	41	46	gdp	gdp	NOUN
fbem-28274	41	47	has	have	AUX
fbem-28274	41	48	accelerated	accelerate	VERB
fbem-28274	41	49	after	after	ADP
fbem-28274	41	50	2016	2016	NUM
fbem-28274	41	51	,	,	PUNCT
fbem-28274	41	52	which	which	PRON
fbem-28274	41	53	is	be	AUX
fbem-28274	41	54	in	in	ADP
fbem-28274	41	55	line	line	NOUN
fbem-28274	41	56	with	with	ADP
fbem-28274	41	57	the	the	DET
fbem-28274	41	58	general	general	ADJ
fbem-28274	41	59	trend	trend	NOUN
fbem-28274	41	60	of	of	ADP
fbem-28274	41	61	china	china	PROPN
fbem-28274	41	62	's	's	PART
fbem-28274	41	63	economy	economy	NOUN
fbem-28274	41	64	continuing	continue	VERB
fbem-28274	41	65	to	to	PART
fbem-28274	41	66	improve	improve	VERB
fbem-28274	41	67	and	and	CCONJ
fbem-28274	41	68	the	the	DET
fbem-28274	41	69	scale	scale	NOUN
fbem-28274	41	70	of	of	ADP
fbem-28274	41	71	government	government	NOUN
fbem-28274	41	72	debt	debt	NOUN
fbem-28274	41	73	increasing	increase	VERB
fbem-28274	41	74	year	year	NOUN
fbem-28274	41	75	by	by	ADP
fbem-28274	41	76	year	year	NOUN
fbem-28274	41	77	.	.	PUNCT
fbem-28274	42	1	figure	figure	NOUN
fbem-28274	42	2	1	1	NUM
fbem-28274	42	3	.	.	PUNCT
fbem-28274	42	4	trend	trend	NOUN
fbem-28274	42	5	chart	chart	NOUN
fbem-28274	42	6	of	of	ADP
fbem-28274	42	7	local	local	ADJ
fbem-28274	42	8	debt	debt	NOUN
fbem-28274	42	9	figure	figure	NOUN
fbem-28274	42	10	1	1	NUM
fbem-28274	42	11	.	.	PUNCT
fbem-28274	42	12	trend	trend	NOUN
fbem-28274	42	13	chart	chart	NOUN
fbem-28274	42	14	of	of	ADP
fbem-28274	42	15	local	local	ADJ
fbem-28274	42	16	debt	debt	NOUN
fbem-28274	42	17	3	3	NUM
fbem-28274	42	18	.	.	X
fbem-28274	42	19	literate	literate	ADJ
fbem-28274	42	20	review	review	NOUN
fbem-28274	42	21	and	and	CCONJ
fbem-28274	42	22	hypothesis	hypothesis	NOUN
fbem-28274	42	23	first	first	ADV
fbem-28274	42	24	,	,	PUNCT
fbem-28274	42	25	our	our	PRON
fbem-28274	42	26	paper	paper	NOUN
fbem-28274	42	27	adds	add	VERB
fbem-28274	42	28	to	to	ADP
fbem-28274	42	29	the	the	DET
fbem-28274	42	30	literature	literature	NOUN
fbem-28274	42	31	that	that	PRON
fbem-28274	42	32	xiao	xiao	PROPN
fbem-28274	42	33	et	et	PROPN
fbem-28274	42	34	al	al	PROPN
fbem-28274	42	35	.	.	PROPN
fbem-28274	43	1	(	(	PUNCT
fbem-28274	43	2	2022	2022	NUM
fbem-28274	43	3	)	)	PUNCT
fbem-28274	43	4	suggest	suggest	VERB
fbem-28274	43	5	that	that	SCONJ
fbem-28274	43	6	the	the	DET
fbem-28274	43	7	trend	trend	NOUN
fbem-28274	43	8	of	of	ADP
fbem-28274	43	9	corporate	corporate	ADJ
fbem-28274	43	10	leverage	leverage	NOUN
fbem-28274	43	11	and	and	CCONJ
fbem-28274	43	12	macro	macro	ADJ
fbem-28274	43	13	leverage	leverage	NOUN
fbem-28274	43	14	(	(	PUNCT
fbem-28274	43	15	which	which	PRON
fbem-28274	43	16	can	can	AUX
fbem-28274	43	17	be	be	AUX
fbem-28274	43	18	interpreted	interpret	VERB
fbem-28274	43	19	as	as	ADP
fbem-28274	43	20	the	the	DET
fbem-28274	43	21	level	level	NOUN
fbem-28274	43	22	of	of	ADP
fbem-28274	43	23	government	government	NOUN
fbem-28274	43	24	debt	debt	NOUN
fbem-28274	43	25	)	)	PUNCT
fbem-28274	43	26	is	be	AUX
fbem-28274	43	27	the	the	DET
fbem-28274	43	28	same	same	ADJ
fbem-28274	43	29	before	before	ADP
fbem-28274	43	30	the	the	DET
fbem-28274	43	31	current	current	ADJ
fbem-28274	43	32	actual	actual	ADJ
fbem-28274	43	33	national	national	ADJ
fbem-28274	43	34	situation	situation	NOUN
fbem-28274	43	35	in	in	ADP
fbem-28274	43	36	china	china	PROPN
fbem-28274	43	37	,	,	PUNCT
fbem-28274	43	38	the	the	DET
fbem-28274	43	39	level	level	NOUN
fbem-28274	43	40	of	of	ADP
fbem-28274	43	41	both	both	DET
fbem-28274	43	42	government	government	NOUN
fbem-28274	43	43	leverage	leverage	NOUN
fbem-28274	43	44	and	and	CCONJ
fbem-28274	43	45	corporate	corporate	ADJ
fbem-28274	43	46	leverage	leverage	NOUN
fbem-28274	43	47	is	be	AUX
fbem-28274	43	48	relatively	relatively	ADV
fbem-28274	43	49	high	high	ADJ
fbem-28274	43	50	and	and	CCONJ
fbem-28274	43	51	shows	show	VERB
fbem-28274	43	52	an	an	DET
fbem-28274	43	53	upward	upward	ADJ
fbem-28274	43	54	trend	trend	NOUN
fbem-28274	43	55	.	.	PUNCT
fbem-28274	44	1	corporate	corporate	ADJ
fbem-28274	44	2	financing	financing	NOUN
fbem-28274	44	3	and	and	CCONJ
fbem-28274	44	4	borrowing	borrowing	NOUN
fbem-28274	44	5	can	can	AUX
fbem-28274	44	6	cause	cause	VERB
fbem-28274	44	7	changes	change	NOUN
fbem-28274	44	8	in	in	ADP
fbem-28274	44	9	corporate	corporate	ADJ
fbem-28274	44	10	leverage	leverage	NOUN
fbem-28274	44	11	,	,	PUNCT
fbem-28274	44	12	which	which	PRON
fbem-28274	44	13	is	be	AUX
fbem-28274	44	14	affected	affect	VERB
fbem-28274	44	15	by	by	ADP
fbem-28274	44	16	various	various	ADJ
fbem-28274	44	17	factors	factor	NOUN
fbem-28274	44	18	.	.	PUNCT
fbem-28274	45	1	liu	liu	PROPN
fbem-28274	45	2	(	(	PUNCT
fbem-28274	45	3	2023	2023	NUM
fbem-28274	45	4	)	)	PUNCT
fbem-28274	45	5	argues	argue	VERB
fbem-28274	45	6	that	that	SCONJ
fbem-28274	45	7	corporate	corporate	ADJ
fbem-28274	45	8	financing	financing	NOUN
fbem-28274	45	9	is	be	AUX
fbem-28274	45	10	affected	affect	VERB
fbem-28274	45	11	by	by	ADP
fbem-28274	45	12	its	its	PRON
fbem-28274	45	13	own	own	ADJ
fbem-28274	45	14	financial	financial	ADJ
fbem-28274	45	15	characteristics	characteristic	NOUN
fbem-28274	45	16	,	,	PUNCT
fbem-28274	45	17	such	such	ADJ
fbem-28274	45	18	as	as	ADP
fbem-28274	45	19	solvency	solvency	NOUN
fbem-28274	45	20	and	and	CCONJ
fbem-28274	45	21	profitability	profitability	NOUN
fbem-28274	45	22	,	,	PUNCT
fbem-28274	45	23	and	and	CCONJ
fbem-28274	45	24	also	also	ADV
fbem-28274	45	25	by	by	ADP
fbem-28274	45	26	macro	macro	ADJ
fbem-28274	45	27	-	-	NOUN
fbem-28274	45	28	level	level	NOUN
fbem-28274	45	29	effects	effect	NOUN
fbem-28274	45	30	,	,	PUNCT
fbem-28274	45	31	such	such	ADJ
fbem-28274	45	32	as	as	ADP
fbem-28274	45	33	government	government	NOUN
fbem-28274	45	34	financing	financing	NOUN
fbem-28274	45	35	behavior	behavior	NOUN
fbem-28274	45	36	and	and	CCONJ
fbem-28274	45	37	economic	economic	ADJ
fbem-28274	45	38	growth	growth	NOUN
fbem-28274	45	39	conditions	condition	NOUN
fbem-28274	45	40	.	.	PUNCT
fbem-28274	46	1	narayan	narayan	PROPN
fbem-28274	46	2	et	et	PROPN
fbem-28274	46	3	al	al	PROPN
fbem-28274	46	4	.	.	PROPN
fbem-28274	46	5	(	(	PUNCT
fbem-28274	46	6	2021	2021	NUM
fbem-28274	46	7	)	)	PUNCT
fbem-28274	46	8	,	,	PUNCT
fbem-28274	46	9	by	by	ADP
fbem-28274	46	10	studying	study	VERB
fbem-28274	46	11	the	the	DET
fbem-28274	46	12	actual	actual	ADJ
fbem-28274	46	13	situation	situation	NOUN
fbem-28274	46	14	of	of	ADP
fbem-28274	46	15	corporate	corporate	ADJ
fbem-28274	46	16	leverage	leverage	NOUN
fbem-28274	46	17	in	in	ADP
fbem-28274	46	18	the	the	DET
fbem-28274	46	19	u.s	u.s	PROPN
fbem-28274	46	20	.	.	PROPN
fbem-28274	46	21	,	,	PUNCT
fbem-28274	46	22	point	point	VERB
fbem-28274	46	23	out	out	ADP
fbem-28274	46	24	that	that	SCONJ
fbem-28274	46	25	macroeconomic	macroeconomic	ADJ
fbem-28274	46	26	influences	influence	NOUN
fbem-28274	46	27	on	on	ADP
fbem-28274	46	28	corporate	corporate	ADJ
fbem-28274	46	29	leverage	leverage	NOUN
fbem-28274	46	30	are	be	AUX
fbem-28274	46	31	important	important	ADJ
fbem-28274	46	32	.	.	PUNCT
fbem-28274	47	1	leverage	leverage	NOUN
fbem-28274	47	2	in	in	ADP
fbem-28274	47	3	real	real	ADJ
fbem-28274	47	4	terms	term	NOUN
fbem-28274	47	5	,	,	PUNCT
fbem-28274	47	6	pointing	point	VERB
fbem-28274	47	7	out	out	ADP
fbem-28274	47	8	that	that	SCONJ
fbem-28274	47	9	macroeconomics	macroeconomic	NOUN
fbem-28274	47	10	affects	affect	VERB
fbem-28274	47	11	important	important	ADJ
fbem-28274	47	12	factors	factor	NOUN
fbem-28274	47	13	of	of	ADP
fbem-28274	47	14	corporate	corporate	ADJ
fbem-28274	47	15	leverage	leverage	NOUN
fbem-28274	47	16	,	,	PUNCT
fbem-28274	47	17	with	with	ADP
fbem-28274	47	18	positive	positive	ADJ
fbem-28274	47	19	correlation	correlation	NOUN
fbem-28274	47	20	between	between	ADP
fbem-28274	47	21	shortterm	shortterm	PROPN
fbem-28274	47	22	leverage	leverage	NOUN
fbem-28274	47	23	and	and	CCONJ
fbem-28274	47	24	interest	interest	NOUN
fbem-28274	47	25	rates	rate	NOUN
fbem-28274	47	26	and	and	CCONJ
fbem-28274	47	27	negative	negative	ADJ
fbem-28274	47	28	correlation	correlation	NOUN
fbem-28274	47	29	between	between	ADP
fbem-28274	47	30	long	long	ADJ
fbem-28274	47	31	-	-	PUNCT
fbem-28274	47	32	term	term	NOUN
fbem-28274	47	33	leverage	leverage	NOUN
fbem-28274	47	34	and	and	CCONJ
fbem-28274	47	35	inflation	inflation	NOUN
fbem-28274	47	36	,	,	PUNCT
fbem-28274	47	37	while	while	SCONJ
fbem-28274	47	38	the	the	DET
fbem-28274	47	39	impact	impact	NOUN
fbem-28274	47	40	varies	vary	VERB
fbem-28274	47	41	across	across	ADP
fbem-28274	47	42	periods	period	NOUN
fbem-28274	47	43	of	of	ADP
fbem-28274	47	44	economic	economic	ADJ
fbem-28274	47	45	development	development	NOUN
fbem-28274	47	46	.	.	PUNCT
fbem-28274	48	1	jaffe	jaffe	PROPN
fbem-28274	48	2	(	(	PUNCT
fbem-28274	48	3	1978	1978	NUM
fbem-28274	48	4	)	)	PUNCT
fbem-28274	48	5	shows	show	VERB
fbem-28274	48	6	that	that	SCONJ
fbem-28274	48	7	inflation	inflation	NOUN
fbem-28274	48	8	affects	affect	VERB
fbem-28274	48	9	corporate	corporate	ADJ
fbem-28274	48	10	leverage	leverage	NOUN
fbem-28274	48	11	by	by	ADP
fbem-28274	48	12	influencing	influence	VERB
fbem-28274	48	13	interest	interest	NOUN
fbem-28274	48	14	rates	rate	NOUN
fbem-28274	48	15	and	and	CCONJ
fbem-28274	48	16	thus	thus	ADV
fbem-28274	48	17	corporate	corporate	ADJ
fbem-28274	48	18	leverage	leverage	NOUN
fbem-28274	48	19	.	.	PUNCT
fbem-28274	49	1	demirci	demirci	VERB
fbem-28274	49	2	et	et	PROPN
fbem-28274	49	3	al	al	PROPN
fbem-28274	49	4	.	.	PROPN
fbem-28274	50	1	(	(	PUNCT
fbem-28274	50	2	2019	2019	NUM
fbem-28274	50	3	)	)	PUNCT
fbem-28274	50	4	point	point	VERB
fbem-28274	50	5	out	out	ADP
fbem-28274	50	6	that	that	SCONJ
fbem-28274	50	7	when	when	SCONJ
fbem-28274	50	8	firms	firm	NOUN
fbem-28274	50	9	are	be	AUX
fbem-28274	50	10	financed	finance	VERB
fbem-28274	50	11	through	through	ADP
fbem-28274	50	12	debt	debt	NOUN
fbem-28274	50	13	financing	financing	NOUN
fbem-28274	50	14	,	,	PUNCT
fbem-28274	50	15	there	there	PRON
fbem-28274	50	16	is	be	VERB
fbem-28274	50	17	often	often	ADV
fbem-28274	50	18	a	a	DET
fbem-28274	50	19	tendency	tendency	NOUN
fbem-28274	50	20	to	to	PART
fbem-28274	50	21	hold	hold	VERB
fbem-28274	50	22	relatively	relatively	ADV
fbem-28274	50	23	stable	stable	ADJ
fbem-28274	50	24	bond	bond	NOUN
fbem-28274	50	25	investments	investment	NOUN
fbem-28274	50	26	,	,	PUNCT
fbem-28274	50	27	so	so	SCONJ
fbem-28274	50	28	an	an	DET
fbem-28274	50	29	increase	increase	NOUN
fbem-28274	50	30	in	in	ADP
fbem-28274	50	31	government	government	NOUN
fbem-28274	50	32	debt	debt	NOUN
fbem-28274	50	33	increases	increase	VERB
fbem-28274	50	34	the	the	DET
fbem-28274	50	35	return	return	NOUN
fbem-28274	50	36	to	to	ADP
fbem-28274	50	37	financiers	financier	NOUN
fbem-28274	50	38	on	on	ADP
fbem-28274	50	39	alternative	alternative	ADJ
fbem-28274	50	40	bonds	bond	NOUN
fbem-28274	50	41	,	,	PUNCT
fbem-28274	50	42	thereby	thereby	ADV
fbem-28274	50	43	increasing	increase	VERB
fbem-28274	50	44	the	the	DET
fbem-28274	50	45	cost	cost	NOUN
fbem-28274	50	46	of	of	ADP
fbem-28274	50	47	financing	financing	NOUN
fbem-28274	50	48	.	.	PUNCT
fbem-28274	51	1	this	this	PRON
fbem-28274	51	2	informs	inform	VERB
fbem-28274	51	3	our	our	PRON
fbem-28274	51	4	discussion	discussion	NOUN
fbem-28274	51	5	of	of	ADP
fbem-28274	51	6	control	control	NOUN
fbem-28274	51	7	variables	variable	NOUN
fbem-28274	51	8	when	when	SCONJ
fbem-28274	51	9	examining	examine	VERB
fbem-28274	51	10	the	the	DET
fbem-28274	51	11	benchmark	benchmark	NOUN
fbem-28274	51	12	model	model	NOUN
fbem-28274	51	13	.	.	PUNCT
fbem-28274	52	1	second	second	ADJ
fbem-28274	52	2	,	,	PUNCT
fbem-28274	52	3	many	many	ADJ
fbem-28274	52	4	scholars	scholar	NOUN
fbem-28274	52	5	have	have	AUX
fbem-28274	52	6	studied	study	VERB
fbem-28274	52	7	the	the	DET
fbem-28274	52	8	relationship	relationship	NOUN
fbem-28274	52	9	between	between	ADP
fbem-28274	52	10	government	government	NOUN
fbem-28274	52	11	borrowing	borrowing	NOUN
fbem-28274	52	12	and	and	CCONJ
fbem-28274	52	13	corporate	corporate	ADJ
fbem-28274	52	14	leverage	leverage	NOUN
fbem-28274	52	15	in	in	ADP
fbem-28274	52	16	the	the	DET
fbem-28274	52	17	past	past	NOUN
fbem-28274	52	18	,	,	PUNCT
fbem-28274	52	19	and	and	CCONJ
fbem-28274	52	20	their	their	PRON
fbem-28274	52	21	conclusions	conclusion	NOUN
fbem-28274	52	22	have	have	VERB
fbem-28274	52	23	similarities	similarity	NOUN
fbem-28274	52	24	and	and	CCONJ
fbem-28274	52	25	different	different	ADJ
fbem-28274	52	26	aspects	aspect	NOUN
fbem-28274	52	27	of	of	ADP
fbem-28274	52	28	the	the	DET
fbem-28274	52	29	findings	finding	NOUN
fbem-28274	52	30	.	.	PUNCT
fbem-28274	53	1	we	we	PRON
fbem-28274	53	2	enrich	enrich	VERB
fbem-28274	53	3	the	the	DET
fbem-28274	53	4	theory	theory	NOUN
fbem-28274	53	5	and	and	CCONJ
fbem-28274	53	6	propose	propose	VERB
fbem-28274	53	7	our	our	PRON
fbem-28274	53	8	own	own	ADJ
fbem-28274	53	9	hypothesis	hypothesis	NOUN
fbem-28274	53	10	based	base	VERB
fbem-28274	53	11	on	on	ADP
fbem-28274	53	12	the	the	DET
fbem-28274	53	13	theories	theory	NOUN
fbem-28274	53	14	of	of	ADP
fbem-28274	53	15	previous	previous	ADJ
fbem-28274	53	16	studies	study	NOUN
fbem-28274	53	17	.	.	PUNCT
fbem-28274	54	1	local	local	ADJ
fbem-28274	54	2	governments	government	NOUN
fbem-28274	54	3	have	have	VERB
fbem-28274	54	4	their	their	PRON
fbem-28274	54	5	own	own	ADJ
fbem-28274	54	6	financing	financing	NOUN
fbem-28274	54	7	platforms	platform	NOUN
fbem-28274	54	8	,	,	PUNCT
fbem-28274	54	9	companies	company	NOUN
fbem-28274	54	10	that	that	PRON
fbem-28274	54	11	are	be	AUX
fbem-28274	54	12	capitalized	capitalize	VERB
fbem-28274	54	13	by	by	ADP
fbem-28274	54	14	local	local	ADJ
fbem-28274	54	15	governments	government	NOUN
fbem-28274	54	16	,	,	PUNCT
fbem-28274	54	17	with	with	ADP
fbem-28274	54	18	the	the	DET
fbem-28274	54	19	purpose	purpose	NOUN
fbem-28274	54	20	of	of	ADP
fbem-28274	54	21	financing	financing	NOUN
fbem-28274	54	22	not	not	PART
fbem-28274	54	23	for	for	ADP
fbem-28274	54	24	profit	profit	NOUN
fbem-28274	54	25	but	but	CCONJ
fbem-28274	54	26	for	for	ADP
fbem-28274	54	27	building	build	VERB
fbem-28274	54	28	infrastructure	infrastructure	NOUN
fbem-28274	54	29	and	and	CCONJ
fbem-28274	54	30	participating	participate	VERB
fbem-28274	54	31	in	in	ADP
fbem-28274	54	32	public	public	ADJ
fbem-28274	54	33	construction	construction	NOUN
fbem-28274	54	34	(	(	PUNCT
fbem-28274	54	35	clarke	clarke	PROPN
fbem-28274	54	36	and	and	CCONJ
fbem-28274	54	37	lu	lu	PROPN
fbem-28274	54	38	,	,	PUNCT
fbem-28274	54	39	2017	2017	NUM
fbem-28274	54	40	)	)	PUNCT
fbem-28274	54	41	.	.	PUNCT
fbem-28274	55	1	eberhardt	eberhardt	PROPN
fbem-28274	55	2	and	and	CCONJ
fbem-28274	55	3	predbitero	predbitero	PROPN
fbem-28274	55	4	(	(	PUNCT
fbem-28274	55	5	2015	2015	NUM
fbem-28274	55	6	)	)	PUNCT
fbem-28274	55	7	examine	examine	VERB
fbem-28274	55	8	the	the	DET
fbem-28274	55	9	relationship	relationship	NOUN
fbem-28274	55	10	between	between	ADP
fbem-28274	55	11	government	government	NOUN
fbem-28274	55	12	debt	debt	NOUN
fbem-28274	55	13	problems	problem	NOUN
fbem-28274	55	14	and	and	CCONJ
fbem-28274	55	15	economic	economic	ADJ
fbem-28274	55	16	growth	growth	NOUN
fbem-28274	55	17	and	and	CCONJ
fbem-28274	55	18	find	find	VERB
fbem-28274	55	19	that	that	SCONJ
fbem-28274	55	20	there	there	PRON
fbem-28274	55	21	is	be	VERB
fbem-28274	55	22	a	a	DET
fbem-28274	55	23	threshold	threshold	NOUN
fbem-28274	55	24	for	for	ADP
fbem-28274	55	25	the	the	DET
fbem-28274	55	26	positive	positive	ADJ
fbem-28274	55	27	effects	effect	NOUN
fbem-28274	55	28	of	of	ADP
fbem-28274	55	29	government	government	NOUN
fbem-28274	55	30	debt	debt	NOUN
fbem-28274	55	31	.	.	PUNCT
fbem-28274	56	1	zhang	zhang	PROPN
fbem-28274	56	2	et	et	PROPN
fbem-28274	56	3	al	al	PROPN
fbem-28274	56	4	.	.	PROPN
fbem-28274	57	1	(	(	PUNCT
fbem-28274	57	2	2014	2014	NUM
fbem-28274	57	3	)	)	PUNCT
fbem-28274	57	4	study	study	NOUN
fbem-28274	57	5	that	that	SCONJ
fbem-28274	57	6	local	local	ADJ
fbem-28274	57	7	government	government	NOUN
fbem-28274	57	8	debt	debt	NOUN
fbem-28274	57	9	was	be	AUX
fbem-28274	57	10	one	one	NUM
fbem-28274	57	11	of	of	ADP
fbem-28274	57	12	the	the	DET
fbem-28274	57	13	most	most	ADV
fbem-28274	57	14	important	important	ADJ
fbem-28274	57	15	forces	force	NOUN
fbem-28274	57	16	driving	drive	VERB
fbem-28274	57	17	the	the	DET
fbem-28274	57	18	leverage	leverage	NOUN
fbem-28274	57	19	boom	boom	NOUN
fbem-28274	57	20	and	and	CCONJ
fbem-28274	57	21	the	the	DET
fbem-28274	57	22	surge	surge	NOUN
fbem-28274	57	23	in	in	ADP
fbem-28274	57	24	the	the	DET
fbem-28274	57	25	shadow	shadow	NOUN
fbem-28274	57	26	banking	banking	NOUN
fbem-28274	57	27	sector	sector	NOUN
fbem-28274	57	28	in	in	ADP
fbem-28274	57	29	china	china	PROPN
fbem-28274	57	30	during	during	ADP
fbem-28274	57	31	the	the	DET
fbem-28274	57	32	decade	decade	NOUN
fbem-28274	57	33	.	.	PUNCT
fbem-28274	58	1	on	on	ADP
fbem-28274	58	2	the	the	DET
fbem-28274	58	3	one	one	NUM
fbem-28274	58	4	hand	hand	NOUN
fbem-28274	58	5	,	,	PUNCT
fbem-28274	58	6	expanding	expand	VERB
fbem-28274	58	7	local	local	ADJ
fbem-28274	58	8	government	government	NOUN
fbem-28274	58	9	debt	debt	NOUN
fbem-28274	58	10	levels	level	NOUN
fbem-28274	58	11	and	and	CCONJ
fbem-28274	58	12	increasing	increase	VERB
fbem-28274	58	13	government	government	NOUN
fbem-28274	58	14	leverage	leverage	NOUN
fbem-28274	58	15	allow	allow	VERB
fbem-28274	58	16	the	the	DET
fbem-28274	58	17	government	government	NOUN
fbem-28274	58	18	to	to	PART
fbem-28274	58	19	have	have	VERB
fbem-28274	58	20	more	more	ADJ
fbem-28274	58	21	funds	fund	NOUN
fbem-28274	58	22	to	to	PART
fbem-28274	58	23	invest	invest	VERB
fbem-28274	58	24	in	in	ADP
fbem-28274	58	25	infrastructure	infrastructure	NOUN
fbem-28274	58	26	development	development	NOUN
fbem-28274	58	27	,	,	PUNCT
fbem-28274	58	28	boost	boost	VERB
fbem-28274	58	29	the	the	DET
fbem-28274	58	30	227	227	NUM
fbem-28274	58	31	economy	economy	NOUN
fbem-28274	58	32	,	,	PUNCT
fbem-28274	58	33	and	and	CCONJ
fbem-28274	58	34	improve	improve	VERB
fbem-28274	58	35	social	social	ADJ
fbem-28274	58	36	development	development	NOUN
fbem-28274	58	37	.	.	PUNCT
fbem-28274	59	1	local	local	ADJ
fbem-28274	59	2	governments	government	NOUN
fbem-28274	59	3	tend	tend	VERB
fbem-28274	59	4	to	to	PART
fbem-28274	59	5	use	use	VERB
fbem-28274	59	6	increased	increase	VERB
fbem-28274	59	7	local	local	ADJ
fbem-28274	59	8	spending	spending	NOUN
fbem-28274	59	9	to	to	PART
fbem-28274	59	10	increase	increase	VERB
fbem-28274	59	11	gdp	gdp	NOUN
fbem-28274	59	12	growth	growth	NOUN
fbem-28274	59	13	as	as	ADP
fbem-28274	59	14	a	a	DET
fbem-28274	59	15	criterion	criterion	NOUN
fbem-28274	59	16	for	for	ADP
fbem-28274	59	17	performance	performance	NOUN
fbem-28274	59	18	assessment	assessment	NOUN
fbem-28274	59	19	(	(	PUNCT
fbem-28274	59	20	mo	mo	PROPN
fbem-28274	59	21	,	,	PUNCT
fbem-28274	59	22	2018	2018	NUM
fbem-28274	59	23	)	)	PUNCT
fbem-28274	59	24	.	.	PUNCT
fbem-28274	60	1	the	the	DET
fbem-28274	60	2	first	first	ADJ
fbem-28274	60	3	reflection	reflection	NOUN
fbem-28274	60	4	of	of	ADP
fbem-28274	60	5	chinese	chinese	ADJ
fbem-28274	60	6	enterprises	enterprise	NOUN
fbem-28274	60	7	in	in	ADP
fbem-28274	60	8	financing	financing	NOUN
fbem-28274	60	9	will	will	AUX
fbem-28274	60	10	choose	choose	VERB
fbem-28274	60	11	bank	bank	NOUN
fbem-28274	60	12	loans	loan	NOUN
fbem-28274	60	13	,	,	PUNCT
fbem-28274	60	14	and	and	CCONJ
fbem-28274	60	15	the	the	DET
fbem-28274	60	16	choice	choice	NOUN
fbem-28274	60	17	between	between	ADP
fbem-28274	60	18	the	the	DET
fbem-28274	60	19	interests	interest	NOUN
fbem-28274	60	20	of	of	ADP
fbem-28274	60	21	banks	bank	NOUN
fbem-28274	60	22	,	,	PUNCT
fbem-28274	60	23	government	government	NOUN
fbem-28274	60	24	and	and	CCONJ
fbem-28274	60	25	enterprises	enterprise	NOUN
fbem-28274	60	26	will	will	AUX
fbem-28274	60	27	lead	lead	VERB
fbem-28274	60	28	to	to	ADP
fbem-28274	60	29	that	that	PRON
fbem-28274	60	30	local	local	ADJ
fbem-28274	60	31	governments	government	NOUN
fbem-28274	60	32	will	will	AUX
fbem-28274	60	33	make	make	VERB
fbem-28274	60	34	the	the	DET
fbem-28274	60	35	enterprise	enterprise	NOUN
fbem-28274	60	36	debt	debt	NOUN
fbem-28274	60	37	to	to	PART
fbem-28274	60	38	be	be	AUX
fbem-28274	60	39	squeezed	squeeze	VERB
fbem-28274	60	40	out	out	ADP
fbem-28274	60	41	through	through	ADP
fbem-28274	60	42	the	the	DET
fbem-28274	60	43	constraints	constraint	NOUN
fbem-28274	60	44	of	of	ADP
fbem-28274	60	45	enterprise	enterprise	NOUN
fbem-28274	60	46	loans	loan	NOUN
fbem-28274	60	47	(	(	PUNCT
fbem-28274	60	48	badoer	badoer	NOUN
fbem-28274	60	49	et	et	NOUN
fbem-28274	60	50	al,2016	al,2016	PROPN
fbem-28274	60	51	)	)	PUNCT
fbem-28274	60	52	.	.	PUNCT
fbem-28274	61	1	in	in	ADP
fbem-28274	61	2	the	the	DET
fbem-28274	61	3	short	short	ADJ
fbem-28274	61	4	term	term	NOUN
fbem-28274	61	5	,	,	PUNCT
fbem-28274	61	6	local	local	ADJ
fbem-28274	61	7	issuance	issuance	NOUN
fbem-28274	61	8	of	of	ADP
fbem-28274	61	9	debt	debt	NOUN
fbem-28274	61	10	is	be	AUX
fbem-28274	61	11	a	a	DET
fbem-28274	61	12	response	response	NOUN
fbem-28274	61	13	to	to	ADP
fbem-28274	61	14	the	the	DET
fbem-28274	61	15	economic	economic	ADJ
fbem-28274	61	16	crisis	crisis	NOUN
fbem-28274	61	17	,	,	PUNCT
fbem-28274	61	18	and	and	CCONJ
fbem-28274	61	19	in	in	ADP
fbem-28274	61	20	the	the	DET
fbem-28274	61	21	long	long	ADJ
fbem-28274	61	22	term	term	NOUN
fbem-28274	61	23	,	,	PUNCT
fbem-28274	61	24	it	it	PRON
fbem-28274	61	25	can	can	AUX
fbem-28274	61	26	cause	cause	VERB
fbem-28274	61	27	crowding	crowd	VERB
fbem-28274	61	28	out	out	ADP
fbem-28274	61	29	private	private	ADJ
fbem-28274	61	30	investment	investment	NOUN
fbem-28274	61	31	.	.	PUNCT
fbem-28274	62	1	local	local	ADJ
fbem-28274	62	2	government	government	NOUN
fbem-28274	62	3	borrowing	borrowing	NOUN
fbem-28274	62	4	has	have	VERB
fbem-28274	62	5	an	an	DET
fbem-28274	62	6	impact	impact	NOUN
fbem-28274	62	7	on	on	ADP
fbem-28274	62	8	corporate	corporate	ADJ
fbem-28274	62	9	financing	financing	NOUN
fbem-28274	62	10	in	in	ADP
fbem-28274	62	11	the	the	DET
fbem-28274	62	12	case	case	NOUN
fbem-28274	62	13	of	of	ADP
fbem-28274	62	14	increasing	increase	VERB
fbem-28274	62	15	their	their	PRON
fbem-28274	62	16	own	own	ADJ
fbem-28274	62	17	government	government	NOUN
fbem-28274	62	18	leverage	leverage	NOUN
fbem-28274	62	19	,	,	PUNCT
fbem-28274	62	20	which	which	PRON
fbem-28274	62	21	affects	affect	VERB
fbem-28274	62	22	corporate	corporate	ADJ
fbem-28274	62	23	leverage	leverage	NOUN
fbem-28274	62	24	(	(	PUNCT
fbem-28274	62	25	jong	jong	PROPN
fbem-28274	62	26	et	et	PROPN
fbem-28274	62	27	al	al	PROPN
fbem-28274	62	28	.	.	PROPN
fbem-28274	62	29	2008	2008	NUM
fbem-28274	62	30	and	and	CCONJ
fbem-28274	62	31	fan	fan	NOUN
fbem-28274	62	32	et	et	PROPN
fbem-28274	62	33	al	al	PROPN
fbem-28274	62	34	.	.	PROPN
fbem-28274	62	35	2012	2012	NUM
fbem-28274	62	36	)	)	PUNCT
fbem-28274	62	37	.	.	PUNCT
fbem-28274	63	1	krishnamurthy	krishnamurthy	PROPN
fbem-28274	63	2	et.al	et.al	PROPN
fbem-28274	63	3	(	(	PUNCT
fbem-28274	63	4	2012	2012	NUM
fbem-28274	63	5	)	)	PUNCT
fbem-28274	63	6	point	point	VERB
fbem-28274	63	7	out	out	ADP
fbem-28274	63	8	that	that	SCONJ
fbem-28274	63	9	there	there	PRON
fbem-28274	63	10	is	be	VERB
fbem-28274	63	11	a	a	DET
fbem-28274	63	12	substitution	substitution	NOUN
fbem-28274	63	13	relationship	relationship	NOUN
fbem-28274	63	14	between	between	ADP
fbem-28274	63	15	government	government	NOUN
fbem-28274	63	16	debt	debt	NOUN
fbem-28274	63	17	and	and	CCONJ
fbem-28274	63	18	corporate	corporate	ADJ
fbem-28274	63	19	leverage	leverage	NOUN
fbem-28274	63	20	.	.	PUNCT
fbem-28274	64	1	becker	becker	PROPN
fbem-28274	64	2	and	and	CCONJ
fbem-28274	64	3	ivashina	ivashina	PROPN
fbem-28274	64	4	(	(	PUNCT
fbem-28274	64	5	2018	2018	NUM
fbem-28274	64	6	)	)	PUNCT
fbem-28274	64	7	also	also	ADV
fbem-28274	64	8	concluded	conclude	VERB
fbem-28274	64	9	by	by	ADP
fbem-28274	64	10	studying	study	VERB
fbem-28274	64	11	the	the	DET
fbem-28274	64	12	period	period	NOUN
fbem-28274	64	13	of	of	ADP
fbem-28274	64	14	european	european	ADJ
fbem-28274	64	15	debt	debt	NOUN
fbem-28274	64	16	crisis	crisis	NOUN
fbem-28274	64	17	that	that	SCONJ
fbem-28274	64	18	government	government	NOUN
fbem-28274	64	19	issuance	issuance	NOUN
fbem-28274	64	20	of	of	ADP
fbem-28274	64	21	debt	debt	NOUN
fbem-28274	64	22	obligations	obligation	NOUN
fbem-28274	64	23	led	lead	VERB
fbem-28274	64	24	to	to	ADP
fbem-28274	64	25	a	a	DET
fbem-28274	64	26	reduction	reduction	NOUN
fbem-28274	64	27	in	in	ADP
fbem-28274	64	28	corporate	corporate	ADJ
fbem-28274	64	29	debt	debt	NOUN
fbem-28274	64	30	,	,	PUNCT
fbem-28274	64	31	which	which	PRON
fbem-28274	64	32	resulted	result	VERB
fbem-28274	64	33	in	in	ADP
fbem-28274	64	34	a	a	DET
fbem-28274	64	35	crowding	crowd	VERB
fbem-28274	64	36	out	out	ADP
fbem-28274	64	37	effect	effect	NOUN
fbem-28274	64	38	.	.	PUNCT
fbem-28274	65	1	there	there	PRON
fbem-28274	65	2	is	be	VERB
fbem-28274	65	3	a	a	DET
fbem-28274	65	4	slight	slight	ADJ
fbem-28274	65	5	difference	difference	NOUN
fbem-28274	65	6	in	in	ADP
fbem-28274	65	7	the	the	DET
fbem-28274	65	8	expected	expect	VERB
fbem-28274	65	9	reporting	reporting	NOUN
fbem-28274	65	10	of	of	ADP
fbem-28274	65	11	government	government	NOUN
fbem-28274	65	12	debt	debt	NOUN
fbem-28274	65	13	in	in	ADP
fbem-28274	65	14	the	the	DET
fbem-28274	65	15	short	short	ADJ
fbem-28274	65	16	and	and	CCONJ
fbem-28274	65	17	long	long	ADJ
fbem-28274	65	18	term	term	NOUN
fbem-28274	65	19	,	,	PUNCT
fbem-28274	65	20	and	and	CCONJ
fbem-28274	65	21	firms	firm	NOUN
fbem-28274	65	22	respond	respond	VERB
fbem-28274	65	23	in	in	ADP
fbem-28274	65	24	an	an	DET
fbem-28274	65	25	elastic	elastic	ADJ
fbem-28274	65	26	manner	manner	NOUN
fbem-28274	65	27	,	,	PUNCT
fbem-28274	65	28	suggesting	suggest	VERB
fbem-28274	65	29	that	that	SCONJ
fbem-28274	65	30	government	government	NOUN
fbem-28274	65	31	debt	debt	NOUN
fbem-28274	65	32	influences	influence	VERB
fbem-28274	65	33	firm	firm	ADJ
fbem-28274	65	34	debt	debt	NOUN
fbem-28274	65	35	choices	choice	NOUN
fbem-28274	65	36	(	(	PUNCT
fbem-28274	65	37	greenwood	greenwood	PROPN
fbem-28274	65	38	et	et	PROPN
fbem-28274	65	39	al	al	PROPN
fbem-28274	65	40	.	.	PROPN
fbem-28274	65	41	,	,	PUNCT
fbem-28274	65	42	2010	2010	NUM
fbem-28274	65	43	)	)	PUNCT
fbem-28274	65	44	.	.	PUNCT
fbem-28274	66	1	firms	firm	NOUN
fbem-28274	66	2	with	with	ADP
fbem-28274	66	3	relatively	relatively	ADV
fbem-28274	66	4	unconstrained	unconstrained	ADJ
fbem-28274	66	5	investment	investment	NOUN
fbem-28274	66	6	behavior	behavior	NOUN
fbem-28274	66	7	bear	bear	VERB
fbem-28274	66	8	higher	high	ADJ
fbem-28274	66	9	interest	interest	NOUN
fbem-28274	66	10	rates	rate	NOUN
fbem-28274	66	11	and	and	CCONJ
fbem-28274	66	12	generate	generate	VERB
fbem-28274	66	13	more	more	ADV
fbem-28274	66	14	pronounced	pronounced	ADJ
fbem-28274	66	15	crowding	crowd	VERB
fbem-28274	66	16	-	-	PUNCT
fbem-28274	66	17	out	out	ADP
fbem-28274	66	18	effects	effect	NOUN
fbem-28274	66	19	.	.	PUNCT
fbem-28274	67	1	liang	liang	PROPN
fbem-28274	67	2	et	et	PROPN
fbem-28274	67	3	al	al	PROPN
fbem-28274	67	4	.	.	PROPN
fbem-28274	68	1	(	(	PUNCT
fbem-28274	68	2	2017	2017	NUM
fbem-28274	68	3	)	)	PUNCT
fbem-28274	68	4	conducted	conduct	VERB
fbem-28274	68	5	an	an	DET
fbem-28274	68	6	empirical	empirical	ADJ
fbem-28274	68	7	study	study	NOUN
fbem-28274	68	8	on	on	ADP
fbem-28274	68	9	the	the	DET
fbem-28274	68	10	impact	impact	NOUN
fbem-28274	68	11	of	of	ADP
fbem-28274	68	12	local	local	ADJ
fbem-28274	68	13	government	government	NOUN
fbem-28274	68	14	debt	debt	NOUN
fbem-28274	68	15	on	on	ADP
fbem-28274	68	16	corporate	corporate	ADJ
fbem-28274	68	17	indebtedness	indebtedness	NOUN
fbem-28274	68	18	using	use	VERB
fbem-28274	68	19	provincial	provincial	ADJ
fbem-28274	68	20	and	and	CCONJ
fbem-28274	68	21	municipal	municipal	ADJ
fbem-28274	68	22	-	-	PUNCT
fbem-28274	68	23	level	level	NOUN
fbem-28274	68	24	data	datum	NOUN
fbem-28274	68	25	in	in	ADP
fbem-28274	68	26	china	china	PROPN
fbem-28274	68	27	and	and	CCONJ
fbem-28274	68	28	found	find	VERB
fbem-28274	68	29	that	that	SCONJ
fbem-28274	68	30	local	local	ADJ
fbem-28274	68	31	governments	government	NOUN
fbem-28274	68	32	'	'	PART
fbem-28274	68	33	preferential	preferential	ADJ
fbem-28274	68	34	access	access	NOUN
fbem-28274	68	35	to	to	ADP
fbem-28274	68	36	capital	capital	NOUN
fbem-28274	68	37	market	market	NOUN
fbem-28274	68	38	financing	financing	NOUN
fbem-28274	68	39	worsens	worsen	VERB
fbem-28274	68	40	the	the	DET
fbem-28274	68	41	allocative	allocative	ADJ
fbem-28274	68	42	efficiency	efficiency	NOUN
fbem-28274	68	43	of	of	ADP
fbem-28274	68	44	capital	capital	NOUN
fbem-28274	68	45	markets	market	NOUN
fbem-28274	68	46	and	and	CCONJ
fbem-28274	68	47	crowds	crowd	NOUN
fbem-28274	68	48	out	out	ADP
fbem-28274	68	49	corporate	corporate	ADJ
fbem-28274	68	50	debt	debt	NOUN
fbem-28274	68	51	.	.	PUNCT
fbem-28274	69	1	hubbard	hubbard	PROPN
fbem-28274	69	2	(	(	PUNCT
fbem-28274	69	3	2012	2012	NUM
fbem-28274	69	4	)	)	PUNCT
fbem-28274	69	5	demonstrates	demonstrate	VERB
fbem-28274	69	6	the	the	DET
fbem-28274	69	7	impact	impact	NOUN
fbem-28274	69	8	of	of	ADP
fbem-28274	69	9	government	government	NOUN
fbem-28274	69	10	debt	debt	NOUN
fbem-28274	69	11	on	on	ADP
fbem-28274	69	12	corporate	corporate	ADJ
fbem-28274	69	13	finance	finance	NOUN
fbem-28274	69	14	by	by	ADP
fbem-28274	69	15	constructing	construct	VERB
fbem-28274	69	16	a	a	DET
fbem-28274	69	17	mathematical	mathematical	ADJ
fbem-28274	69	18	model	model	NOUN
fbem-28274	69	19	in	in	ADP
fbem-28274	69	20	which	which	PRON
fbem-28274	69	21	the	the	DET
fbem-28274	69	22	continued	continue	VERB
fbem-28274	69	23	expansion	expansion	NOUN
fbem-28274	69	24	of	of	ADP
fbem-28274	69	25	government	government	NOUN
fbem-28274	69	26	debt	debt	NOUN
fbem-28274	69	27	raises	raise	VERB
fbem-28274	69	28	the	the	DET
fbem-28274	69	29	market	market	NOUN
fbem-28274	69	30	interest	interest	NOUN
fbem-28274	69	31	rate	rate	NOUN
fbem-28274	69	32	,	,	PUNCT
fbem-28274	69	33	which	which	PRON
fbem-28274	69	34	in	in	ADP
fbem-28274	69	35	turn	turn	NOUN
fbem-28274	69	36	discourages	discourage	VERB
fbem-28274	69	37	corporate	corporate	ADJ
fbem-28274	69	38	investment	investment	NOUN
fbem-28274	69	39	and	and	CCONJ
fbem-28274	69	40	thus	thus	ADV
fbem-28274	69	41	reduces	reduce	VERB
fbem-28274	69	42	the	the	DET
fbem-28274	69	43	level	level	NOUN
fbem-28274	69	44	of	of	ADP
fbem-28274	69	45	corporate	corporate	ADJ
fbem-28274	69	46	debt	debt	NOUN
fbem-28274	69	47	.	.	PUNCT
fbem-28274	70	1	not	not	PART
fbem-28274	70	2	only	only	ADV
fbem-28274	70	3	that	that	PRON
fbem-28274	70	4	,	,	PUNCT
fbem-28274	70	5	the	the	DET
fbem-28274	70	6	increase	increase	NOUN
fbem-28274	70	7	in	in	ADP
fbem-28274	70	8	government	government	NOUN
fbem-28274	70	9	bond	bond	NOUN
fbem-28274	70	10	holdings	holding	NOUN
fbem-28274	70	11	leads	lead	VERB
fbem-28274	70	12	to	to	ADP
fbem-28274	70	13	a	a	DET
fbem-28274	70	14	more	more	ADV
fbem-28274	70	15	pronounced	pronounce	VERB
fbem-28274	70	16	crowding	crowd	VERB
fbem-28274	70	17	out	out	ADP
fbem-28274	70	18	effect	effect	NOUN
fbem-28274	70	19	on	on	ADP
fbem-28274	70	20	corporate	corporate	ADJ
fbem-28274	70	21	lending	lending	NOUN
fbem-28274	70	22	,	,	PUNCT
fbem-28274	70	23	and	and	CCONJ
fbem-28274	70	24	studies	study	NOUN
fbem-28274	70	25	have	have	AUX
fbem-28274	70	26	found	find	VERB
fbem-28274	70	27	that	that	SCONJ
fbem-28274	70	28	an	an	DET
fbem-28274	70	29	increase	increase	NOUN
fbem-28274	70	30	in	in	ADP
fbem-28274	70	31	government	government	NOUN
fbem-28274	70	32	bond	bond	NOUN
fbem-28274	70	33	holdings	holding	NOUN
fbem-28274	70	34	has	have	VERB
fbem-28274	70	35	a	a	DET
fbem-28274	70	36	negative	negative	ADJ
fbem-28274	70	37	impact	impact	NOUN
fbem-28274	70	38	on	on	ADP
fbem-28274	70	39	private	private	ADJ
fbem-28274	70	40	capital	capital	NOUN
fbem-28274	70	41	as	as	ADP
fbem-28274	70	42	a	a	DET
fbem-28274	70	43	type	type	NOUN
fbem-28274	70	44	of	of	ADP
fbem-28274	70	45	business	business	NOUN
fbem-28274	70	46	(	(	PUNCT
fbem-28274	70	47	becker	becker	PROPN
fbem-28274	70	48	and	and	CCONJ
fbem-28274	70	49	ivashina	ivashina	PROPN
fbem-28274	70	50	,	,	PUNCT
fbem-28274	70	51	2017	2017	NUM
fbem-28274	70	52	)	)	PUNCT
fbem-28274	70	53	.	.	PUNCT
fbem-28274	71	1	friedman	friedman	PROPN
fbem-28274	71	2	(	(	PUNCT
fbem-28274	71	3	1978	1978	NUM
fbem-28274	71	4	)	)	PUNCT
fbem-28274	71	5	argues	argue	VERB
fbem-28274	71	6	that	that	SCONJ
fbem-28274	71	7	in	in	ADP
fbem-28274	71	8	terms	term	NOUN
fbem-28274	71	9	of	of	ADP
fbem-28274	71	10	the	the	DET
fbem-28274	71	11	riskiness	riskiness	NOUN
fbem-28274	71	12	of	of	ADP
fbem-28274	71	13	investments	investment	NOUN
fbem-28274	71	14	,	,	PUNCT
fbem-28274	71	15	the	the	DET
fbem-28274	71	16	government	government	NOUN
fbem-28274	71	17	issues	issue	NOUN
fbem-28274	71	18	bonds	bond	NOUN
fbem-28274	71	19	,	,	PUNCT
fbem-28274	71	20	which	which	PRON
fbem-28274	71	21	are	be	AUX
fbem-28274	71	22	risk	risk	NOUN
fbem-28274	71	23	is	be	AUX
fbem-28274	71	24	less	less	ADJ
fbem-28274	71	25	than	than	ADP
fbem-28274	71	26	that	that	PRON
fbem-28274	71	27	of	of	ADP
fbem-28274	71	28	corporate	corporate	ADJ
fbem-28274	71	29	bonds	bond	NOUN
fbem-28274	71	30	,	,	PUNCT
fbem-28274	71	31	and	and	CCONJ
fbem-28274	71	32	the	the	DET
fbem-28274	71	33	two	two	NUM
fbem-28274	71	34	become	become	NOUN
fbem-28274	71	35	substitution	substitution	NOUN
fbem-28274	71	36	,	,	PUNCT
fbem-28274	71	37	investors	investor	NOUN
fbem-28274	71	38	buying	buy	VERB
fbem-28274	71	39	government	government	NOUN
fbem-28274	71	40	bonds	bond	NOUN
fbem-28274	71	41	will	will	AUX
fbem-28274	71	42	reduce	reduce	VERB
fbem-28274	71	43	the	the	DET
fbem-28274	71	44	purchase	purchase	NOUN
fbem-28274	71	45	of	of	ADP
fbem-28274	71	46	corporate	corporate	ADJ
fbem-28274	71	47	bonds	bond	NOUN
fbem-28274	71	48	,	,	PUNCT
fbem-28274	71	49	making	make	VERB
fbem-28274	71	50	corporate	corporate	ADJ
fbem-28274	71	51	capital	capital	NOUN
fbem-28274	71	52	investment	investment	NOUN
fbem-28274	71	53	decrease	decrease	NOUN
fbem-28274	71	54	and	and	CCONJ
fbem-28274	71	55	creating	create	VERB
fbem-28274	71	56	a	a	DET
fbem-28274	71	57	crowding	crowd	VERB
fbem-28274	71	58	-	-	PUNCT
fbem-28274	71	59	out	out	ADP
fbem-28274	71	60	effect	effect	NOUN
fbem-28274	71	61	.	.	PUNCT
fbem-28274	72	1	the	the	DET
fbem-28274	72	2	increase	increase	NOUN
fbem-28274	72	3	in	in	ADP
fbem-28274	72	4	local	local	ADJ
fbem-28274	72	5	government	government	NOUN
fbem-28274	72	6	debt	debt	NOUN
fbem-28274	72	7	also	also	ADV
fbem-28274	72	8	makes	make	VERB
fbem-28274	72	9	the	the	DET
fbem-28274	72	10	cost	cost	NOUN
fbem-28274	72	11	of	of	ADP
fbem-28274	72	12	financing	financing	NOUN
fbem-28274	72	13	and	and	CCONJ
fbem-28274	72	14	the	the	DET
fbem-28274	72	15	cost	cost	NOUN
fbem-28274	72	16	of	of	ADP
fbem-28274	72	17	debt	debt	NOUN
fbem-28274	72	18	taxation	taxation	NOUN
fbem-28274	72	19	increase	increase	NOUN
fbem-28274	72	20	,	,	PUNCT
fbem-28274	72	21	which	which	PRON
fbem-28274	72	22	leads	lead	VERB
fbem-28274	72	23	to	to	ADP
fbem-28274	72	24	a	a	DET
fbem-28274	72	25	decrease	decrease	NOUN
fbem-28274	72	26	in	in	ADP
fbem-28274	72	27	corporate	corporate	ADJ
fbem-28274	72	28	debt	debt	NOUN
fbem-28274	72	29	(	(	PUNCT
fbem-28274	72	30	mcdonal	mcdonal	ADJ
fbem-28274	72	31	,	,	PUNCT
fbem-28274	72	32	1983	1983	NUM
fbem-28274	72	33	)	)	PUNCT
fbem-28274	72	34	.	.	PUNCT
fbem-28274	73	1	taxes	taxis	NOUN
fbem-28274	73	2	are	be	AUX
fbem-28274	73	3	the	the	DET
fbem-28274	73	4	main	main	ADJ
fbem-28274	73	5	melody	melody	NOUN
fbem-28274	73	6	of	of	ADP
fbem-28274	73	7	current	current	ADJ
fbem-28274	73	8	life	life	NOUN
fbem-28274	73	9	and	and	CCONJ
fbem-28274	73	10	investors	investor	NOUN
fbem-28274	73	11	must	must	AUX
fbem-28274	73	12	consider	consider	VERB
fbem-28274	73	13	the	the	DET
fbem-28274	73	14	tax	tax	NOUN
fbem-28274	73	15	situation	situation	NOUN
fbem-28274	73	16	,	,	PUNCT
fbem-28274	73	17	high	high	ADJ
fbem-28274	73	18	tax	tax	NOUN
fbem-28274	73	19	investors	investor	NOUN
fbem-28274	73	20	represent	represent	VERB
fbem-28274	73	21	a	a	DET
fbem-28274	73	22	higher	high	ADJ
fbem-28274	73	23	level	level	NOUN
fbem-28274	73	24	of	of	ADP
fbem-28274	73	25	wealth	wealth	NOUN
fbem-28274	73	26	and	and	CCONJ
fbem-28274	73	27	tend	tend	VERB
fbem-28274	73	28	to	to	PART
fbem-28274	73	29	hold	hold	VERB
fbem-28274	73	30	equity	equity	NOUN
fbem-28274	73	31	,	,	PUNCT
fbem-28274	73	32	the	the	DET
fbem-28274	73	33	increase	increase	NOUN
fbem-28274	73	34	in	in	ADP
fbem-28274	73	35	taxable	taxable	ADJ
fbem-28274	73	36	income	income	NOUN
fbem-28274	73	37	and	and	CCONJ
fbem-28274	73	38	equity	equity	NOUN
fbem-28274	73	39	causes	cause	VERB
fbem-28274	73	40	an	an	DET
fbem-28274	73	41	increase	increase	NOUN
fbem-28274	73	42	in	in	ADP
fbem-28274	73	43	tax	tax	NOUN
fbem-28274	73	44	costs	cost	NOUN
fbem-28274	73	45	,	,	PUNCT
fbem-28274	73	46	which	which	PRON
fbem-28274	73	47	leads	lead	VERB
fbem-28274	73	48	to	to	ADP
fbem-28274	73	49	a	a	DET
fbem-28274	73	50	decrease	decrease	NOUN
fbem-28274	73	51	in	in	ADP
fbem-28274	73	52	corporate	corporate	ADJ
fbem-28274	73	53	debt	debt	NOUN
fbem-28274	73	54	.	.	PUNCT
fbem-28274	74	1	wu	wu	PROPN
fbem-28274	74	2	et	et	PROPN
fbem-28274	74	3	al	al	PROPN
fbem-28274	74	4	.	.	PROPN
fbem-28274	75	1	(	(	PUNCT
fbem-28274	75	2	2015	2015	NUM
fbem-28274	75	3	)	)	PUNCT
fbem-28274	75	4	state	state	NOUN
fbem-28274	75	5	that	that	SCONJ
fbem-28274	75	6	local	local	ADJ
fbem-28274	75	7	governments	government	NOUN
fbem-28274	75	8	also	also	ADV
fbem-28274	75	9	indebtedness	indebtedness	VERB
fbem-28274	75	10	land	land	NOUN
fbem-28274	75	11	supply	supply	NOUN
fbem-28274	75	12	,	,	PUNCT
fbem-28274	75	13	which	which	PRON
fbem-28274	75	14	results	result	VERB
fbem-28274	75	15	in	in	ADP
fbem-28274	75	16	land	land	NOUN
fbem-28274	75	17	revenue	revenue	NOUN
fbem-28274	75	18	.	.	PUNCT
fbem-28274	76	1	under	under	ADP
fbem-28274	76	2	special	special	ADJ
fbem-28274	76	3	circumstances	circumstance	NOUN
fbem-28274	76	4	,	,	PUNCT
fbem-28274	76	5	the	the	DET
fbem-28274	76	6	government	government	NOUN
fbem-28274	76	7	will	will	AUX
fbem-28274	76	8	provide	provide	VERB
fbem-28274	76	9	land	land	NOUN
fbem-28274	76	10	at	at	ADP
fbem-28274	76	11	low	low	ADJ
fbem-28274	76	12	prices	price	NOUN
fbem-28274	76	13	,	,	PUNCT
fbem-28274	76	14	offer	offer	VERB
fbem-28274	76	15	tax	tax	NOUN
fbem-28274	76	16	incentives	incentive	NOUN
fbem-28274	76	17	to	to	ADP
fbem-28274	76	18	enterprises	enterprise	NOUN
fbem-28274	76	19	,	,	PUNCT
fbem-28274	76	20	create	create	VERB
fbem-28274	76	21	a	a	DET
fbem-28274	76	22	favorable	favorable	ADJ
fbem-28274	76	23	financing	financing	NOUN
fbem-28274	76	24	environment	environment	NOUN
fbem-28274	76	25	,	,	PUNCT
fbem-28274	76	26	and	and	CCONJ
fbem-28274	76	27	enterprises	enterprise	NOUN
fbem-28274	76	28	receive	receive	VERB
fbem-28274	76	29	incentives	incentive	NOUN
fbem-28274	76	30	that	that	PRON
fbem-28274	76	31	reduce	reduce	VERB
fbem-28274	76	32	the	the	DET
fbem-28274	76	33	financing	financing	NOUN
fbem-28274	76	34	costs	cost	NOUN
fbem-28274	76	35	they	they	PRON
fbem-28274	76	36	need	need	VERB
fbem-28274	76	37	to	to	PART
fbem-28274	76	38	pay	pay	VERB
fbem-28274	76	39	to	to	PART
fbem-28274	76	40	purchase	purchase	VERB
fbem-28274	76	41	land	land	NOUN
fbem-28274	76	42	.	.	PUNCT
fbem-28274	77	1	man	man	NOUN
fbem-28274	77	2	zhang	zhang	PROPN
fbem-28274	77	3	(	(	PUNCT
fbem-28274	77	4	2022	2022	NUM
fbem-28274	77	5	)	)	PUNCT
fbem-28274	77	6	presents	present	NOUN
fbem-28274	77	7	in	in	ADP
fbem-28274	77	8	more	more	ADJ
fbem-28274	77	9	detail	detail	NOUN
fbem-28274	77	10	that	that	SCONJ
fbem-28274	77	11	central	central	ADJ
fbem-28274	77	12	government	government	NOUN
fbem-28274	77	13	debt	debt	NOUN
fbem-28274	77	14	has	have	VERB
fbem-28274	77	15	a	a	DET
fbem-28274	77	16	security	security	NOUN
fbem-28274	77	17	crowding	crowd	VERB
fbem-28274	77	18	out	out	ADP
fbem-28274	77	19	effect	effect	NOUN
fbem-28274	77	20	on	on	ADP
fbem-28274	77	21	enterprise	enterprise	NOUN
fbem-28274	77	22	debt	debt	NOUN
fbem-28274	77	23	and	and	CCONJ
fbem-28274	77	24	local	local	ADJ
fbem-28274	77	25	governments	government	NOUN
fbem-28274	77	26	have	have	VERB
fbem-28274	77	27	a	a	DET
fbem-28274	77	28	financial	financial	ADJ
fbem-28274	77	29	base	base	NOUN
fbem-28274	77	30	effect	effect	NOUN
fbem-28274	77	31	on	on	ADP
fbem-28274	77	32	enterprise	enterprise	NOUN
fbem-28274	77	33	debt	debt	NOUN
fbem-28274	77	34	,	,	PUNCT
fbem-28274	77	35	in	in	ADP
fbem-28274	77	36	the	the	DET
fbem-28274	77	37	original	original	ADJ
fbem-28274	77	38	greenwood	greenwood	PROPN
fbem-28274	77	39	et	et	PROPN
fbem-28274	77	40	al	al	PROPN
fbem-28274	77	41	.	.	PROPN
fbem-28274	78	1	(	(	PUNCT
fbem-28274	78	2	2010	2010	NUM
fbem-28274	78	3	)	)	PUNCT
fbem-28274	78	4	conclude	conclude	VERB
fbem-28274	78	5	that	that	SCONJ
fbem-28274	78	6	there	there	PRON
fbem-28274	78	7	is	be	VERB
fbem-28274	78	8	a	a	DET
fbem-28274	78	9	negative	negative	ADJ
fbem-28274	78	10	relationship	relationship	NOUN
fbem-28274	78	11	between	between	ADP
fbem-28274	78	12	government	government	NOUN
fbem-28274	78	13	debt	debt	NOUN
fbem-28274	78	14	and	and	CCONJ
fbem-28274	78	15	firm	firm	ADJ
fbem-28274	78	16	debt	debt	NOUN
fbem-28274	78	17	maturity	maturity	NOUN
fbem-28274	78	18	by	by	ADP
fbem-28274	78	19	studying	study	VERB
fbem-28274	78	20	the	the	DET
fbem-28274	78	21	relationship	relationship	NOUN
fbem-28274	78	22	between	between	ADP
fbem-28274	78	23	government	government	NOUN
fbem-28274	78	24	debt	debt	NOUN
fbem-28274	78	25	maturity	maturity	NOUN
fbem-28274	78	26	and	and	CCONJ
fbem-28274	78	27	firm	firm	ADJ
fbem-28274	78	28	debt	debt	NOUN
fbem-28274	78	29	maturity	maturity	NOUN
fbem-28274	78	30	.	.	PUNCT
fbem-28274	79	1	the	the	DET
fbem-28274	79	2	capital	capital	NOUN
fbem-28274	79	3	structure	structure	NOUN
fbem-28274	79	4	of	of	ADP
fbem-28274	79	5	firms	firm	NOUN
fbem-28274	79	6	also	also	ADV
fbem-28274	79	7	makes	make	VERB
fbem-28274	79	8	the	the	DET
fbem-28274	79	9	effect	effect	NOUN
fbem-28274	79	10	of	of	ADP
fbem-28274	79	11	local	local	ADJ
fbem-28274	79	12	government	government	NOUN
fbem-28274	79	13	debt	debt	NOUN
fbem-28274	79	14	on	on	ADP
fbem-28274	79	15	firm	firm	ADJ
fbem-28274	79	16	leverage	leverage	NOUN
fbem-28274	79	17	different	different	ADJ
fbem-28274	79	18	,	,	PUNCT
fbem-28274	79	19	with	with	ADP
fbem-28274	79	20	the	the	DET
fbem-28274	79	21	crowding	crowd	VERB
fbem-28274	79	22	-	-	PUNCT
fbem-28274	79	23	out	out	ADP
fbem-28274	79	24	effect	effect	NOUN
fbem-28274	79	25	of	of	ADP
fbem-28274	79	26	local	local	ADJ
fbem-28274	79	27	government	government	NOUN
fbem-28274	79	28	debt	debt	NOUN
fbem-28274	79	29	on	on	ADP
fbem-28274	79	30	firms	firm	NOUN
fbem-28274	79	31	being	be	AUX
fbem-28274	79	32	more	more	ADV
fbem-28274	79	33	pronounced	pronounce	VERB
fbem-28274	79	34	in	in	ADP
fbem-28274	79	35	countries	country	NOUN
fbem-28274	79	36	with	with	ADP
fbem-28274	79	37	larger	large	ADJ
fbem-28274	79	38	and	and	CCONJ
fbem-28274	79	39	more	more	ADV
fbem-28274	79	40	liquid	liquid	ADJ
fbem-28274	79	41	stock	stock	NOUN
fbem-28274	79	42	markets	market	NOUN
fbem-28274	79	43	,	,	PUNCT
fbem-28274	79	44	where	where	SCONJ
fbem-28274	79	45	firms	firm	NOUN
fbem-28274	79	46	rely	rely	VERB
fbem-28274	79	47	more	more	ADV
fbem-28274	79	48	on	on	ADP
fbem-28274	79	49	markets	market	NOUN
fbem-28274	79	50	and	and	CCONJ
fbem-28274	79	51	less	less	ADJ
fbem-28274	79	52	on	on	ADP
fbem-28274	79	53	banks	bank	NOUN
fbem-28274	79	54	for	for	ADP
fbem-28274	79	55	their	their	PRON
fbem-28274	79	56	financing	financing	NOUN
fbem-28274	79	57	sources	source	NOUN
fbem-28274	79	58	,	,	PUNCT
fbem-28274	79	59	and	and	CCONJ
fbem-28274	79	60	thus	thus	ADV
fbem-28274	79	61	have	have	VERB
fbem-28274	79	62	more	more	ADJ
fbem-28274	79	63	flexibility	flexibility	NOUN
fbem-28274	79	64	to	to	PART
fbem-28274	79	65	adjust	adjust	VERB
fbem-28274	79	66	their	their	PRON
fbem-28274	79	67	capital	capital	NOUN
fbem-28274	79	68	structure	structure	NOUN
fbem-28274	79	69	and	and	CCONJ
fbem-28274	79	70	thus	thus	ADV
fbem-28274	79	71	have	have	VERB
fbem-28274	79	72	a	a	DET
fbem-28274	79	73	more	more	ADV
fbem-28274	79	74	pronounced	pronounced	ADJ
fbem-28274	79	75	crowding	crowd	VERB
fbem-28274	79	76	-	-	PUNCT
fbem-28274	79	77	out	out	ADP
fbem-28274	79	78	effect	effect	NOUN
fbem-28274	79	79	(	(	PUNCT
fbem-28274	79	80	demirci	demirci	VERB
fbem-28274	79	81	et	et	PROPN
fbem-28274	79	82	al	al	PROPN
fbem-28274	79	83	.	.	PROPN
fbem-28274	79	84	,	,	PUNCT
fbem-28274	79	85	2019	2019	NUM
fbem-28274	79	86	)	)	PUNCT
fbem-28274	79	87	.	.	PUNCT
fbem-28274	80	1	in	in	ADP
fbem-28274	80	2	summary	summary	NOUN
fbem-28274	80	3	,	,	PUNCT
fbem-28274	80	4	the	the	DET
fbem-28274	80	5	above	above	ADJ
fbem-28274	80	6	study	study	NOUN
fbem-28274	80	7	forms	form	VERB
fbem-28274	80	8	the	the	DET
fbem-28274	80	9	main	main	ADJ
fbem-28274	80	10	research	research	NOUN
fbem-28274	80	11	hypothesis	hypothesis	NOUN
fbem-28274	80	12	of	of	ADP
fbem-28274	80	13	this	this	DET
fbem-28274	80	14	paper	paper	NOUN
fbem-28274	80	15	:	:	PUNCT
fbem-28274	80	16	under	under	ADP
fbem-28274	80	17	high	high	ADJ
fbem-28274	80	18	local	local	ADJ
fbem-28274	80	19	government	government	NOUN
fbem-28274	80	20	leverage	leverage	NOUN
fbem-28274	80	21	and	and	CCONJ
fbem-28274	80	22	high	high	ADJ
fbem-28274	80	23	corporate	corporate	ADJ
fbem-28274	80	24	leverage	leverage	NOUN
fbem-28274	80	25	,	,	PUNCT
fbem-28274	80	26	local	local	ADJ
fbem-28274	80	27	government	government	NOUN
fbem-28274	80	28	debt	debt	NOUN
fbem-28274	80	29	raising	raising	NOUN
fbem-28274	80	30	causes	cause	VERB
fbem-28274	80	31	a	a	DET
fbem-28274	80	32	crowdingout	crowdingout	NOUN
fbem-28274	80	33	effect	effect	NOUN
fbem-28274	80	34	on	on	ADP
fbem-28274	80	35	corporate	corporate	ADJ
fbem-28274	80	36	leverage	leverage	NOUN
fbem-28274	80	37	.	.	PUNCT
fbem-28274	81	1	in	in	ADP
fbem-28274	81	2	contrast	contrast	NOUN
fbem-28274	81	3	,	,	PUNCT
fbem-28274	81	4	soes	soe	NOUN
fbem-28274	81	5	have	have	VERB
fbem-28274	81	6	easier	easy	ADJ
fbem-28274	81	7	access	access	NOUN
fbem-28274	81	8	to	to	ADP
fbem-28274	81	9	development	development	NOUN
fbem-28274	81	10	funds	fund	NOUN
fbem-28274	81	11	,	,	PUNCT
fbem-28274	81	12	i.e.	i.e.	X
fbem-28274	81	13	,	,	PUNCT
fbem-28274	81	14	credit	credit	NOUN
fbem-28274	81	15	resources	resource	NOUN
fbem-28274	81	16	are	be	AUX
fbem-28274	81	17	disproportionately	disproportionately	ADV
fbem-28274	81	18	allocated	allocate	VERB
fbem-28274	81	19	to	to	ADP
fbem-28274	81	20	operationally	operationally	ADV
fbem-28274	81	21	inefficient	inefficient	ADJ
fbem-28274	81	22	firms	firm	NOUN
fbem-28274	81	23	,	,	PUNCT
fbem-28274	81	24	a	a	DET
fbem-28274	81	25	phenomenon	phenomenon	NOUN
fbem-28274	81	26	this	this	PRON
fbem-28274	81	27	explains	explain	VERB
fbem-28274	81	28	to	to	ADP
fbem-28274	81	29	some	some	DET
fbem-28274	81	30	extent	extent	NOUN
fbem-28274	81	31	the	the	DET
fbem-28274	81	32	resource	resource	NOUN
fbem-28274	81	33	distortion	distortion	NOUN
fbem-28274	81	34	effect	effect	NOUN
fbem-28274	81	35	of	of	ADP
fbem-28274	81	36	land	land	NOUN
fbem-28274	81	37	finance	finance	NOUN
fbem-28274	81	38	(	(	PUNCT
fbem-28274	81	39	hu	hu	PROPN
fbem-28274	81	40	and	and	CCONJ
fbem-28274	81	41	qian	qian	PROPN
fbem-28274	81	42	,	,	PUNCT
fbem-28274	81	43	2017	2017	NUM
fbem-28274	81	44	)	)	PUNCT
fbem-28274	81	45	.	.	PUNCT
fbem-28274	82	1	this	this	PRON
fbem-28274	82	2	is	be	AUX
fbem-28274	82	3	because	because	SCONJ
fbem-28274	82	4	soes	soe	NOUN
fbem-28274	82	5	often	often	ADV
fbem-28274	82	6	act	act	VERB
fbem-28274	82	7	as	as	ADP
fbem-28274	82	8	instruments	instrument	NOUN
fbem-28274	82	9	for	for	ADP
fbem-28274	82	10	local	local	ADJ
fbem-28274	82	11	governments	government	NOUN
fbem-28274	82	12	to	to	PART
fbem-28274	82	13	implement	implement	VERB
fbem-28274	82	14	policies	policy	NOUN
fbem-28274	82	15	and	and	CCONJ
fbem-28274	82	16	they	they	PRON
fbem-28274	82	17	operate	operate	AUX
fbem-28274	82	18	not	not	PART
fbem-28274	82	19	following	follow	VERB
fbem-28274	82	20	market	market	NOUN
fbem-28274	82	21	laws	law	NOUN
fbem-28274	82	22	but	but	CCONJ
fbem-28274	82	23	policy	policy	NOUN
fbem-28274	82	24	guidelines	guideline	NOUN
fbem-28274	82	25	(	(	PUNCT
fbem-28274	82	26	tang	tang	NOUN
fbem-28274	82	27	et	et	PROPN
fbem-28274	82	28	al	al	PROPN
fbem-28274	82	29	.	.	PROPN
fbem-28274	82	30	,	,	PUNCT
fbem-28274	82	31	2019	2019	NUM
fbem-28274	82	32	)	)	PUNCT
fbem-28274	82	33	.	.	PUNCT
fbem-28274	83	1	ayturk	ayturk	NOUN
fbem-28274	83	2	(	(	PUNCT
fbem-28274	83	3	2017	2017	NUM
fbem-28274	83	4	)	)	PUNCT
fbem-28274	83	5	argues	argue	VERB
fbem-28274	83	6	that	that	SCONJ
fbem-28274	83	7	large	large	ADJ
fbem-28274	83	8	reputable	reputable	ADJ
fbem-28274	83	9	and	and	CCONJ
fbem-28274	83	10	financially	financially	ADV
fbem-28274	83	11	sound	sound	ADJ
fbem-28274	83	12	firms	firm	NOUN
fbem-28274	83	13	are	be	AUX
fbem-28274	83	14	more	more	ADV
fbem-28274	83	15	sensitive	sensitive	ADJ
fbem-28274	83	16	to	to	ADP
fbem-28274	83	17	local	local	ADJ
fbem-28274	83	18	government	government	NOUN
fbem-28274	83	19	debt	debt	NOUN
fbem-28274	83	20	than	than	ADP
fbem-28274	83	21	smaller	small	ADJ
fbem-28274	83	22	firms	firm	NOUN
fbem-28274	83	23	with	with	ADP
fbem-28274	83	24	poorer	poor	ADJ
fbem-28274	83	25	finances	finance	NOUN
fbem-28274	83	26	.	.	PUNCT
fbem-28274	84	1	the	the	PRON
fbem-28274	84	2	larger	large	ADJ
fbem-28274	84	3	the	the	DET
fbem-28274	84	4	size	size	NOUN
fbem-28274	84	5	of	of	ADP
fbem-28274	84	6	the	the	DET
fbem-28274	84	7	firm	firm	NOUN
fbem-28274	84	8	,	,	PUNCT
fbem-28274	84	9	the	the	PRON
fbem-28274	84	10	greater	great	ADJ
fbem-28274	84	11	the	the	DET
fbem-28274	84	12	ability	ability	NOUN
fbem-28274	84	13	of	of	ADP
fbem-28274	84	14	the	the	DET
fbem-28274	84	15	firm	firm	NOUN
fbem-28274	84	16	to	to	PART
fbem-28274	84	17	finance	finance	VERB
fbem-28274	84	18	itself	itself	PRON
fbem-28274	84	19	in	in	ADP
fbem-28274	84	20	general	general	ADJ
fbem-28274	84	21	,	,	PUNCT
fbem-28274	84	22	producing	produce	VERB
fbem-28274	84	23	a	a	DET
fbem-28274	84	24	more	more	ADV
fbem-28274	84	25	pronounced	pronounced	ADJ
fbem-28274	84	26	crowding	crowd	VERB
fbem-28274	84	27	-	-	PUNCT
fbem-28274	84	28	out	out	ADP
fbem-28274	84	29	effect	effect	NOUN
fbem-28274	84	30	(	(	PUNCT
fbem-28274	84	31	demiric	demiric	NOUN
fbem-28274	84	32	et	et	PROPN
fbem-28274	84	33	al	al	PROPN
fbem-28274	84	34	.	.	PROPN
fbem-28274	84	35	,	,	PUNCT
fbem-28274	84	36	2019	2019	NUM
fbem-28274	84	37	)	)	PUNCT
fbem-28274	84	38	.	.	PUNCT
fbem-28274	85	1	the	the	DET
fbem-28274	85	2	degree	degree	NOUN
fbem-28274	85	3	of	of	ADP
fbem-28274	85	4	financial	financial	ADJ
fbem-28274	85	5	openness	openness	NOUN
fbem-28274	85	6	also	also	ADV
fbem-28274	85	7	affects	affect	VERB
fbem-28274	85	8	the	the	DET
fbem-28274	85	9	crowding	crowd	VERB
fbem-28274	85	10	out	out	ADP
fbem-28274	85	11	effect	effect	NOUN
fbem-28274	85	12	of	of	ADP
fbem-28274	85	13	local	local	ADJ
fbem-28274	85	14	government	government	NOUN
fbem-28274	85	15	debt	debt	NOUN
fbem-28274	85	16	on	on	ADP
fbem-28274	85	17	firm	firm	ADJ
fbem-28274	85	18	leverage	leverage	NOUN
fbem-28274	85	19	,	,	PUNCT
fbem-28274	85	20	and	and	CCONJ
fbem-28274	85	21	foreigners	foreigner	NOUN
fbem-28274	85	22	financing	financing	NOUN
fbem-28274	85	23	firms	firm	NOUN
fbem-28274	85	24	will	will	AUX
fbem-28274	85	25	,	,	PUNCT
fbem-28274	85	26	to	to	ADP
fbem-28274	85	27	some	some	DET
fbem-28274	85	28	extent	extent	NOUN
fbem-28274	85	29	,	,	PUNCT
fbem-28274	85	30	reduce	reduce	VERB
fbem-28274	85	31	firms	firm	NOUN
fbem-28274	85	32	'	'	PART
fbem-28274	85	33	reliance	reliance	NOUN
fbem-28274	85	34	on	on	ADP
fbem-28274	85	35	the	the	DET
fbem-28274	85	36	local	local	ADJ
fbem-28274	85	37	interest	interest	NOUN
fbem-28274	85	38	rate	rate	NOUN
fbem-28274	85	39	sector	sector	NOUN
fbem-28274	85	40	,	,	PUNCT
fbem-28274	85	41	thus	thus	ADV
fbem-28274	85	42	mitigating	mitigate	VERB
fbem-28274	85	43	the	the	DET
fbem-28274	85	44	crowding	crowd	VERB
fbem-28274	85	45	out	out	ADP
fbem-28274	85	46	effect	effect	NOUN
fbem-28274	85	47	(	(	PUNCT
fbem-28274	85	48	demirci	demirci	VERB
fbem-28274	85	49	et	et	PROPN
fbem-28274	85	50	al	al	PROPN
fbem-28274	85	51	.	.	PROPN
fbem-28274	85	52	,	,	PUNCT
fbem-28274	85	53	2019	2019	NUM
fbem-28274	85	54	)	)	PUNCT
fbem-28274	85	55	firms	firm	NOUN
fbem-28274	85	56	are	be	AUX
fbem-28274	85	57	affected	affect	VERB
fbem-28274	85	58	differently	differently	ADV
fbem-28274	85	59	by	by	ADP
fbem-28274	85	60	local	local	ADJ
fbem-28274	85	61	government	government	NOUN
fbem-28274	85	62	debt	debt	NOUN
fbem-28274	85	63	depending	depend	VERB
fbem-28274	85	64	on	on	ADP
fbem-28274	85	65	their	their	PRON
fbem-28274	85	66	ownership	ownership	NOUN
fbem-28274	85	67	structure	structure	NOUN
fbem-28274	85	68	,	,	PUNCT
fbem-28274	85	69	their	their	PRON
fbem-28274	85	70	size	size	NOUN
fbem-28274	85	71	and	and	CCONJ
fbem-28274	85	72	the	the	DET
fbem-28274	85	73	industry	industry	NOUN
fbem-28274	85	74	they	they	PRON
fbem-28274	85	75	are	be	AUX
fbem-28274	85	76	in	in	ADP
fbem-28274	85	77	.	.	PUNCT
fbem-28274	86	1	differences	difference	NOUN
fbem-28274	86	2	in	in	ADP
fbem-28274	86	3	gdp	gdp	NOUN
fbem-28274	86	4	growth	growth	NOUN
fbem-28274	86	5	have	have	VERB
fbem-28274	86	6	a	a	DET
fbem-28274	86	7	significant	significant	ADJ
fbem-28274	86	8	differential	differential	ADJ
fbem-28274	86	9	impact	impact	NOUN
fbem-28274	86	10	on	on	ADP
fbem-28274	86	11	local	local	ADJ
fbem-28274	86	12	government	government	NOUN
fbem-28274	86	13	debt	debt	NOUN
fbem-28274	86	14	across	across	ADP
fbem-28274	86	15	regions	region	NOUN
fbem-28274	86	16	,	,	PUNCT
fbem-28274	86	17	with	with	ADP
fbem-28274	86	18	local	local	ADJ
fbem-28274	86	19	governments	government	NOUN
fbem-28274	86	20	tending	tend	VERB
fbem-28274	86	21	to	to	PART
fbem-28274	86	22	issue	issue	VERB
fbem-28274	86	23	more	more	ADJ
fbem-28274	86	24	local	local	ADJ
fbem-28274	86	25	debt	debt	NOUN
fbem-28274	86	26	in	in	ADP
fbem-28274	86	27	regions	region	NOUN
fbem-28274	86	28	with	with	ADP
fbem-28274	86	29	gdp	gdp	NOUN
fbem-28274	86	30	growth	growth	NOUN
fbem-28274	86	31	compared	compare	VERB
fbem-28274	86	32	to	to	ADP
fbem-28274	86	33	other	other	ADJ
fbem-28274	86	34	regions	region	NOUN
fbem-28274	86	35	(	(	PUNCT
fbem-28274	86	36	qu	qu	X
fbem-28274	86	37	et	et	PROPN
fbem-28274	86	38	al	al	PROPN
fbem-28274	86	39	.	.	PROPN
fbem-28274	86	40	,	,	PUNCT
fbem-28274	86	41	2023	2023	NUM
fbem-28274	86	42	)	)	PUNCT
fbem-28274	86	43	.	.	PUNCT
fbem-28274	87	1	thus	thus	ADV
fbem-28274	87	2	,	,	PUNCT
fbem-28274	87	3	government	government	NOUN
fbem-28274	87	4	leverage	leverage	NOUN
fbem-28274	87	5	tends	tend	VERB
fbem-28274	87	6	to	to	PART
fbem-28274	87	7	be	be	AUX
fbem-28274	87	8	higher	high	ADJ
fbem-28274	87	9	in	in	ADP
fbem-28274	87	10	lagging	lag	VERB
fbem-28274	87	11	regions	region	NOUN
fbem-28274	87	12	and	and	CCONJ
fbem-28274	87	13	the	the	DET
fbem-28274	87	14	crowding	crowd	VERB
fbem-28274	87	15	out	out	ADP
fbem-28274	87	16	effect	effect	NOUN
fbem-28274	87	17	on	on	ADP
fbem-28274	87	18	firm	firm	ADJ
fbem-28274	87	19	leverage	leverage	NOUN
fbem-28274	87	20	is	be	AUX
fbem-28274	87	21	more	more	ADV
fbem-28274	87	22	pronounced	pronounced	ADJ
fbem-28274	87	23	.	.	PUNCT
fbem-28274	88	1	finally	finally	ADV
fbem-28274	88	2	,	,	PUNCT
fbem-28274	88	3	referring	refer	VERB
fbem-28274	88	4	to	to	ADP
fbem-28274	88	5	the	the	DET
fbem-28274	88	6	above	above	ADJ
fbem-28274	88	7	literature	literature	NOUN
fbem-28274	88	8	,	,	PUNCT
fbem-28274	88	9	the	the	DET
fbem-28274	88	10	research	research	NOUN
fbem-28274	88	11	contribution	contribution	NOUN
fbem-28274	88	12	of	of	ADP
fbem-28274	88	13	this	this	DET
fbem-28274	88	14	paper	paper	NOUN
fbem-28274	88	15	lies	lie	VERB
fbem-28274	88	16	in	in	ADP
fbem-28274	88	17	we	we	PRON
fbem-28274	88	18	refer	refer	VERB
fbem-28274	88	19	to	to	ADP
fbem-28274	88	20	this	this	DET
fbem-28274	88	21	literature	literature	NOUN
fbem-28274	88	22	and	and	CCONJ
fbem-28274	88	23	put	put	VERB
fbem-28274	88	24	heterogeneity	heterogeneity	NOUN
fbem-28274	88	25	analysis	analysis	NOUN
fbem-28274	88	26	in	in	ADP
fbem-28274	88	27	this	this	DET
fbem-28274	88	28	paper	paper	NOUN
fbem-28274	88	29	's	's	PART
fbem-28274	88	30	study	study	NOUN
fbem-28274	88	31	,	,	PUNCT
fbem-28274	88	32	classifying	classify	VERB
fbem-28274	88	33	firms	firm	NOUN
fbem-28274	88	34	according	accord	VERB
fbem-28274	88	35	to	to	ADP
fbem-28274	88	36	ownership	ownership	NOUN
fbem-28274	88	37	,	,	PUNCT
fbem-28274	88	38	firm	firm	ADJ
fbem-28274	88	39	size	size	NOUN
fbem-28274	88	40	,	,	PUNCT
fbem-28274	88	41	and	and	CCONJ
fbem-28274	88	42	the	the	DET
fbem-28274	88	43	presence	presence	NOUN
fbem-28274	88	44	of	of	ADP
fbem-28274	88	45	foreign	foreign	ADJ
fbem-28274	88	46	investment	investment	NOUN
fbem-28274	88	47	input	input	NOUN
fbem-28274	88	48	or	or	CCONJ
fbem-28274	88	49	not	not	PART
fbem-28274	88	50	,	,	PUNCT
fbem-28274	88	51	and	and	CCONJ
fbem-28274	88	52	then	then	ADV
fbem-28274	88	53	derive	derive	VERB
fbem-28274	88	54	the	the	DET
fbem-28274	88	55	corresponding	corresponding	ADJ
fbem-28274	88	56	results	result	NOUN
fbem-28274	88	57	as	as	ADP
fbem-28274	88	58	an	an	DET
fbem-28274	88	59	extension	extension	NOUN
fbem-28274	88	60	to	to	PART
fbem-28274	88	61	enrich	enrich	VERB
fbem-28274	88	62	the	the	DET
fbem-28274	88	63	impact	impact	NOUN
fbem-28274	88	64	of	of	ADP
fbem-28274	88	65	local	local	ADJ
fbem-28274	88	66	debt	debt	NOUN
fbem-28274	88	67	on	on	ADP
fbem-28274	88	68	different	different	ADJ
fbem-28274	88	69	firms	firm	NOUN
fbem-28274	88	70	.	.	PUNCT
fbem-28274	89	1	and	and	CCONJ
fbem-28274	89	2	furthermore	furthermore	ADV
fbem-28274	89	3	,	,	PUNCT
fbem-28274	89	4	we	we	PRON
fbem-28274	89	5	classify	classify	VERB
fbem-28274	89	6	the	the	DET
fbem-28274	89	7	firms	firm	NOUN
fbem-28274	89	8	according	accord	VERB
fbem-28274	89	9	to	to	ADP
fbem-28274	89	10	the	the	DET
fbem-28274	89	11	type	type	NOUN
fbem-28274	89	12	of	of	ADP
fbem-28274	89	13	industry	industry	NOUN
fbem-28274	89	14	they	they	PRON
fbem-28274	89	15	are	be	AUX
fbem-28274	89	16	in	in	ADP
fbem-28274	89	17	,	,	PUNCT
fbem-28274	89	18	trying	try	VERB
fbem-28274	89	19	to	to	PART
fbem-28274	89	20	see	see	VERB
fbem-28274	89	21	if	if	SCONJ
fbem-28274	89	22	the	the	DET
fbem-28274	89	23	level	level	NOUN
fbem-28274	89	24	of	of	ADP
fbem-28274	89	25	local	local	ADJ
fbem-28274	89	26	government	government	NOUN
fbem-28274	89	27	debt	debt	NOUN
fbem-28274	89	28	differs	differ	VERB
fbem-28274	89	29	across	across	ADP
fbem-28274	89	30	industries	industry	NOUN
fbem-28274	89	31	for	for	ADP
fbem-28274	89	32	firms	firm	NOUN
fbem-28274	89	33	in	in	ADP
fbem-28274	89	34	different	different	ADJ
fbem-28274	89	35	industries	industry	NOUN
fbem-28274	89	36	.	.	PUNCT
fbem-28274	90	1	4	4	X
fbem-28274	90	2	.	.	X
fbem-28274	90	3	data	datum	NOUN
fbem-28274	90	4	and	and	CCONJ
fbem-28274	90	5	empirical	empirical	ADJ
fbem-28274	90	6	strategy	strategy	NOUN
fbem-28274	90	7	4.1	4.1	NUM
fbem-28274	90	8	.	.	PUNCT
fbem-28274	90	9	data	datum	NOUN
fbem-28274	90	10	in	in	ADP
fbem-28274	90	11	this	this	DET
fbem-28274	90	12	paper	paper	NOUN
fbem-28274	90	13	,	,	PUNCT
fbem-28274	90	14	1288	1288	NUM
fbem-28274	90	15	a	a	DET
fbem-28274	90	16	-	-	PUNCT
fbem-28274	90	17	share	share	NOUN
fbem-28274	90	18	listed	list	VERB
fbem-28274	90	19	non	non	ADJ
fbem-28274	90	20	-	-	ADJ
fbem-28274	90	21	financial	financial	ADJ
fbem-28274	90	22	enterprises	enterprise	NOUN
fbem-28274	90	23	from	from	ADP
fbem-28274	90	24	2012	2012	NUM
fbem-28274	90	25	-	-	SYM
fbem-28274	90	26	2018	2018	NUM
fbem-28274	90	27	are	be	AUX
fbem-28274	90	28	selected	select	VERB
fbem-28274	90	29	because	because	SCONJ
fbem-28274	90	30	listed	list	VERB
fbem-28274	90	31	non	non	ADJ
fbem-28274	90	32	-	-	ADJ
fbem-28274	90	33	financial	financial	ADJ
fbem-28274	90	34	enterprises	enterprise	NOUN
fbem-28274	90	35	can	can	AUX
fbem-28274	90	36	better	well	ADV
fbem-28274	90	37	reflect	reflect	VERB
fbem-28274	90	38	the	the	DET
fbem-28274	90	39	current	current	ADJ
fbem-28274	90	40	leverage	leverage	NOUN
fbem-28274	90	41	problem	problem	NOUN
fbem-28274	90	42	of	of	ADP
fbem-28274	90	43	chinese	chinese	ADJ
fbem-28274	90	44	non	non	ADJ
fbem-28274	90	45	-	-	ADJ
fbem-28274	90	46	financial	financial	ADJ
fbem-28274	90	47	enterprises	enterprise	NOUN
fbem-28274	90	48	as	as	ADP
fbem-28274	90	49	a	a	DET
fbem-28274	90	50	whole	whole	NOUN
fbem-28274	90	51	,	,	PUNCT
fbem-28274	90	52	while	while	SCONJ
fbem-28274	90	53	we	we	PRON
fbem-28274	90	54	identify	identify	VERB
fbem-28274	90	55	128	128	NUM
fbem-28274	90	56	prefecture	prefecture	NOUN
fbem-28274	90	57	-	-	PUNCT
fbem-28274	90	58	level	level	NOUN
fbem-28274	90	59	cities	city	NOUN
fbem-28274	90	60	with	with	ADP
fbem-28274	90	61	a	a	DET
fbem-28274	90	62	total	total	NOUN
fbem-28274	90	63	of	of	ADP
fbem-28274	90	64	9016	9016	NUM
fbem-28274	90	65	observations	observation	NOUN
fbem-28274	90	66	in	in	ADP
fbem-28274	90	67	this	this	DET
fbem-28274	90	68	dataset	dataset	NOUN
fbem-28274	90	69	.	.	PUNCT
fbem-28274	91	1	the	the	DET
fbem-28274	91	2	main	main	ADJ
fbem-28274	91	3	corporate	corporate	ADJ
fbem-28274	91	4	data	datum	NOUN
fbem-28274	91	5	are	be	AUX
fbem-28274	91	6	228	228	NUM
fbem-28274	91	7	obtained	obtain	VERB
fbem-28274	91	8	from	from	ADP
fbem-28274	91	9	csmar	csmar	PROPN
fbem-28274	91	10	,	,	PUNCT
fbem-28274	91	11	and	and	CCONJ
fbem-28274	91	12	government	government	NOUN
fbem-28274	91	13	debt	debt	NOUN
fbem-28274	91	14	balances	balance	NOUN
fbem-28274	91	15	and	and	CCONJ
fbem-28274	91	16	municipal	municipal	ADJ
fbem-28274	91	17	investment	investment	NOUN
fbem-28274	91	18	debt	debt	NOUN
fbem-28274	91	19	balances	balance	NOUN
fbem-28274	91	20	are	be	AUX
fbem-28274	91	21	obtained	obtain	VERB
fbem-28274	91	22	from	from	ADP
fbem-28274	91	23	wind	wind	NOUN
fbem-28274	91	24	information	information	NOUN
fbem-28274	91	25	financial	financial	ADJ
fbem-28274	91	26	database	database	NOUN
fbem-28274	91	27	and	and	CCONJ
fbem-28274	91	28	the	the	DET
fbem-28274	91	29	national	national	PROPN
fbem-28274	91	30	bureau	bureau	PROPN
fbem-28274	91	31	of	of	ADP
fbem-28274	91	32	statistics	statistic	NOUN
fbem-28274	91	33	.	.	PUNCT
fbem-28274	92	1	according	accord	VERB
fbem-28274	92	2	to	to	ADP
fbem-28274	92	3	the	the	DET
fbem-28274	92	4	availability	availability	NOUN
fbem-28274	92	5	and	and	CCONJ
fbem-28274	92	6	completeness	completeness	NOUN
fbem-28274	92	7	of	of	ADP
fbem-28274	92	8	the	the	DET
fbem-28274	92	9	data	datum	NOUN
fbem-28274	92	10	,	,	PUNCT
fbem-28274	92	11	the	the	DET
fbem-28274	92	12	sample	sample	NOUN
fbem-28274	92	13	is	be	AUX
fbem-28274	92	14	processed	process	VERB
fbem-28274	92	15	as	as	SCONJ
fbem-28274	92	16	follows	follow	VERB
fbem-28274	92	17	:	:	PUNCT
fbem-28274	92	18	firstly	firstly	ADV
fbem-28274	92	19	,	,	PUNCT
fbem-28274	92	20	the	the	DET
fbem-28274	92	21	enterprises	enterprise	NOUN
fbem-28274	92	22	with	with	ADP
fbem-28274	92	23	financial	financial	ADJ
fbem-28274	92	24	category	category	NOUN
fbem-28274	92	25	,	,	PUNCT
fbem-28274	92	26	abnormal	abnormal	ADJ
fbem-28274	92	27	financial	financial	ADJ
fbem-28274	92	28	data	datum	NOUN
fbem-28274	92	29	and	and	CCONJ
fbem-28274	92	30	serious	serious	ADJ
fbem-28274	92	31	missing	missing	ADJ
fbem-28274	92	32	data	datum	NOUN
fbem-28274	92	33	are	be	AUX
fbem-28274	92	34	excluded	exclude	VERB
fbem-28274	92	35	;	;	PUNCT
fbem-28274	92	36	secondly	secondly	ADV
fbem-28274	92	37	,	,	PUNCT
fbem-28274	92	38	the	the	DET
fbem-28274	92	39	listed	list	VERB
fbem-28274	92	40	enterprises	enterprise	NOUN
fbem-28274	92	41	with	with	ADP
fbem-28274	92	42	special	special	ADJ
fbem-28274	92	43	treatment	treatment	NOUN
fbem-28274	92	44	of	of	ADP
fbem-28274	92	45	st	st	PROPN
fbem-28274	92	46	and	and	CCONJ
fbem-28274	92	47	*	*	PROPN
fbem-28274	92	48	st	st	PROPN
fbem-28274	92	49	are	be	AUX
fbem-28274	92	50	excluded	exclude	VERB
fbem-28274	92	51	.	.	PUNCT
fbem-28274	93	1	4.2	4.2	NUM
fbem-28274	93	2	.	.	PUNCT
fbem-28274	93	3	empirical	empirical	ADJ
fbem-28274	93	4	strategy	strategy	NOUN
fbem-28274	93	5	in	in	ADP
fbem-28274	93	6	this	this	DET
fbem-28274	93	7	paper	paper	NOUN
fbem-28274	93	8	,	,	PUNCT
fbem-28274	93	9	with	with	ADP
fbem-28274	93	10	reference	reference	NOUN
fbem-28274	93	11	to	to	ADP
fbem-28274	93	12	demiric	demiric	ADJ
fbem-28274	93	13	(	(	PUNCT
fbem-28274	93	14	2019	2019	NUM
fbem-28274	93	15	)	)	PUNCT
fbem-28274	93	16	,	,	PUNCT
fbem-28274	93	17	we	we	PRON
fbem-28274	93	18	want	want	VERB
fbem-28274	93	19	to	to	PART
fbem-28274	93	20	study	study	VERB
fbem-28274	93	21	whether	whether	SCONJ
fbem-28274	93	22	local	local	ADJ
fbem-28274	93	23	government	government	NOUN
fbem-28274	93	24	debt	debt	NOUN
fbem-28274	93	25	will	will	AUX
fbem-28274	93	26	have	have	VERB
fbem-28274	93	27	a	a	DET
fbem-28274	93	28	crowding	crowd	VERB
fbem-28274	93	29	-	-	PUNCT
fbem-28274	93	30	in	in	ADP
fbem-28274	93	31	or	or	CCONJ
fbem-28274	93	32	crowding	crowd	VERB
fbem-28274	93	33	-	-	PUNCT
fbem-28274	93	34	out	out	ADP
fbem-28274	93	35	effect	effect	NOUN
fbem-28274	93	36	on	on	ADP
fbem-28274	93	37	corporate	corporate	ADJ
fbem-28274	93	38	leverage	leverage	NOUN
fbem-28274	93	39	output	output	NOUN
fbem-28274	93	40	in	in	ADP
fbem-28274	93	41	the	the	DET
fbem-28274	93	42	current	current	ADJ
fbem-28274	93	43	economic	economic	ADJ
fbem-28274	93	44	context	context	NOUN
fbem-28274	93	45	of	of	ADP
fbem-28274	93	46	china	china	PROPN
fbem-28274	93	47	,	,	PUNCT
fbem-28274	93	48	with	with	ADP
fbem-28274	93	49	high	high	ADJ
fbem-28274	93	50	local	local	ADJ
fbem-28274	93	51	government	government	NOUN
fbem-28274	93	52	leverage	leverage	NOUN
fbem-28274	93	53	and	and	CCONJ
fbem-28274	93	54	high	high	ADJ
fbem-28274	93	55	corporate	corporate	ADJ
fbem-28274	93	56	leverage	leverage	NOUN
fbem-28274	93	57	,	,	PUNCT
fbem-28274	93	58	and	and	CCONJ
fbem-28274	93	59	set	set	VERB
fbem-28274	93	60	up	up	ADP
fbem-28274	93	61	the	the	DET
fbem-28274	93	62	model	model	NOUN
fbem-28274	93	63	of	of	ADP
fbem-28274	93	64	equation	equation	NOUN
fbem-28274	93	65	(	(	PUNCT
fbem-28274	93	66	1	1	NUM
fbem-28274	93	67	)	)	PUNCT
fbem-28274	93	68	and	and	CCONJ
fbem-28274	93	69	use	use	VERB
fbem-28274	93	70	it	it	PRON
fbem-28274	93	71	for	for	ADP
fbem-28274	93	72	the	the	DET
fbem-28274	93	73	benchmark	benchmark	NOUN
fbem-28274	93	74	regression	regression	NOUN
fbem-28274	93	75	.	.	PUNCT
fbem-28274	94	1	the	the	DET
fbem-28274	94	2	hausman	hausman	PROPN
fbem-28274	94	3	test	test	NOUN
fbem-28274	94	4	is	be	AUX
fbem-28274	94	5	conducted	conduct	VERB
fbem-28274	94	6	and	and	CCONJ
fbem-28274	94	7	the	the	DET
fbem-28274	94	8	original	original	ADJ
fbem-28274	94	9	hypothesis	hypothesis	NOUN
fbem-28274	94	10	of	of	ADP
fbem-28274	94	11	a	a	DET
fbem-28274	94	12	random	random	ADJ
fbem-28274	94	13	effect	effect	NOUN
fbem-28274	94	14	is	be	AUX
fbem-28274	94	15	rejected	reject	VERB
fbem-28274	94	16	at	at	ADP
fbem-28274	94	17	the	the	DET
fbem-28274	94	18	1	1	NUM
fbem-28274	94	19	%	%	NOUN
fbem-28274	94	20	significance	significance	NOUN
fbem-28274	94	21	level	level	NOUN
fbem-28274	94	22	.	.	PUNCT
fbem-28274	95	1	the	the	DET
fbem-28274	95	2	following	follow	VERB
fbem-28274	95	3	fixed	fix	VERB
fbem-28274	95	4	effects	effect	NOUN
fbem-28274	95	5	model	model	NOUN
fbem-28274	95	6	is	be	AUX
fbem-28274	95	7	developed	develop	VERB
fbem-28274	95	8	in	in	ADP
fbem-28274	95	9	this	this	DET
fbem-28274	95	10	paper	paper	NOUN
fbem-28274	95	11	:	:	PUNCT
fbem-28274	95	12	leveragei	leveragei	ADJ
fbem-28274	95	13	,	,	PUNCT
fbem-28274	95	14	t	t	NOUN
fbem-28274	95	15	=	=	SYM
fbem-28274	95	16	α0	α0	PROPN
fbem-28274	96	1	+	+	CCONJ
fbem-28274	97	1	β0gov	β0gov	NUM
fbem-28274	97	2	_	_	PUNCT
fbem-28274	97	3	d	d	X
fbem-28274	97	4	ebtc	ebtc	NOUN
fbem-28274	97	5	,	,	PUNCT
fbem-28274	97	6	t−1	t−1	PROPN
fbem-28274	97	7	+	+	CCONJ
fbem-28274	97	8	β1xi	β1xi	PUNCT
fbem-28274	97	9	,	,	PUNCT
fbem-28274	97	10	t−1	t−1	PROPN
fbem-28274	97	11	+	+	CCONJ
fbem-28274	97	12	β2yi	β2yi	NOUN
fbem-28274	97	13	,	,	PUNCT
fbem-28274	97	14	t−1	t−1	PROPN
fbem-28274	97	15	+	+	PUNCT
fbem-28274	97	16	ηi	ηi	NOUN
fbem-28274	97	17	+	+	NUM
fbem-28274	97	18	δt	δt	X
fbem-28274	97	19	+	+	CCONJ
fbem-28274	97	20	εi	εi	VERB
fbem-28274	97	21	,	,	PUNCT
fbem-28274	97	22	t	t	PROPN
fbem-28274	97	23	(	(	PUNCT
fbem-28274	97	24	1	1	NUM
fbem-28274	97	25	)	)	PUNCT
fbem-28274	97	26	in	in	ADP
fbem-28274	97	27	equation	equation	NOUN
fbem-28274	97	28	(	(	PUNCT
fbem-28274	97	29	1	1	NUM
fbem-28274	97	30	)	)	PUNCT
fbem-28274	97	31	,	,	PUNCT
fbem-28274	97	32	leverage	leverage	NOUN
fbem-28274	97	33	is	be	AUX
fbem-28274	97	34	firm	firm	ADJ
fbem-28274	97	35	leverage	leverage	NOUN
fbem-28274	97	36	,	,	PUNCT
fbem-28274	97	37	gov_debt	gov_debt	NOUN
fbem-28274	97	38	is	be	AUX
fbem-28274	97	39	the	the	DET
fbem-28274	97	40	size	size	NOUN
fbem-28274	97	41	of	of	ADP
fbem-28274	97	42	local	local	ADJ
fbem-28274	97	43	government	government	NOUN
fbem-28274	97	44	liabilities	liability	NOUN
fbem-28274	97	45	,	,	PUNCT
fbem-28274	97	46	which	which	PRON
fbem-28274	97	47	we	we	PRON
fbem-28274	97	48	follow	follow	VERB
fbem-28274	97	49	admati	admati	PROPN
fbem-28274	97	50	et	et	PROPN
fbem-28274	97	51	al	al	PROPN
fbem-28274	97	52	(	(	PUNCT
fbem-28274	97	53	2012	2012	NUM
fbem-28274	97	54	)	)	PUNCT
fbem-28274	97	55	and	and	CCONJ
fbem-28274	97	56	badoer	badoer	NOUN
fbem-28274	97	57	and	and	CCONJ
fbem-28274	97	58	james	james	PROPN
fbem-28274	97	59	(	(	PUNCT
fbem-28274	97	60	2016	2016	NUM
fbem-28274	97	61	)	)	PUNCT
fbem-28274	97	62	and	and	CCONJ
fbem-28274	97	63	lag	lag	VERB
fbem-28274	97	64	all	all	PRON
fbem-28274	97	65	independent	independent	ADJ
fbem-28274	97	66	to	to	PART
fbem-28274	97	67	safeguard	safeguard	VERB
fbem-28274	97	68	against	against	ADP
fbem-28274	97	69	endogeneity	endogeneity	NOUN
fbem-28274	97	70	,	,	PUNCT
fbem-28274	97	71	x	x	X
fbem-28274	97	72	is	be	AUX
fbem-28274	97	73	the	the	DET
fbem-28274	97	74	firmlevel	firmlevel	ADJ
fbem-28274	97	75	control	control	NOUN
fbem-28274	97	76	variable	variable	NOUN
fbem-28274	97	77	,	,	PUNCT
fbem-28274	97	78	which	which	PRON
fbem-28274	97	79	includes	include	VERB
fbem-28274	97	80	firm	firm	ADJ
fbem-28274	97	81	size	size	NOUN
fbem-28274	97	82	(	(	PUNCT
fbem-28274	97	83	size	size	NOUN
fbem-28274	97	84	)	)	PUNCT
fbem-28274	97	85	,	,	PUNCT
fbem-28274	97	86	firm	firm	ADJ
fbem-28274	97	87	profitability	profitability	NOUN
fbem-28274	97	88	(	(	PUNCT
fbem-28274	97	89	net_pro	net_pro	NOUN
fbem-28274	97	90	)	)	PUNCT
fbem-28274	97	91	,	,	PUNCT
fbem-28274	97	92	and	and	CCONJ
fbem-28274	97	93	firm	firm	NOUN
fbem-28274	97	94	's	's	PART
fbem-28274	97	95	guarantee	guarantee	NOUN
fbem-28274	97	96	capacity(tangibility	capacity(tangibility	PROPN
fbem-28274	97	97	)	)	PUNCT
fbem-28274	97	98	,	,	PUNCT
fbem-28274	97	99	y	y	PROPN
fbem-28274	97	100	is	be	AUX
fbem-28274	97	101	the	the	DET
fbem-28274	97	102	government	government	NOUN
fbem-28274	97	103	-	-	PUNCT
fbem-28274	97	104	level	level	NOUN
fbem-28274	97	105	control	control	NOUN
fbem-28274	97	106	variable	variable	NOUN
fbem-28274	97	107	,	,	PUNCT
fbem-28274	97	108	which	which	PRON
fbem-28274	97	109	includes	include	VERB
fbem-28274	97	110	per	per	ADP
fbem-28274	97	111	capita	capita	X
fbem-28274	97	112	gross	gross	ADJ
fbem-28274	97	113	domestic	domestic	ADJ
fbem-28274	97	114	product	product	NOUN
fbem-28274	97	115	(	(	PUNCT
fbem-28274	97	116	per_gdp	per_gdp	NOUN
fbem-28274	97	117	)	)	PUNCT
fbem-28274	97	118	,	,	PUNCT
fbem-28274	97	119	consumer	consumer	NOUN
fbem-28274	97	120	price	price	NOUN
fbem-28274	97	121	index	index	NOUN
fbem-28274	97	122	(	(	PUNCT
fbem-28274	97	123	cpi	cpi	PROPN
fbem-28274	97	124	)	)	PUNCT
fbem-28274	97	125	,	,	PUNCT
fbem-28274	97	126	and	and	CCONJ
fbem-28274	97	127	unemployment	unemployment	NOUN
fbem-28274	97	128	rate	rate	NOUN
fbem-28274	97	129	(	(	PUNCT
fbem-28274	97	130	unemployment	unemployment	NOUN
fbem-28274	97	131	)	)	PUNCT
fbem-28274	97	132	.	.	PUNCT
fbem-28274	98	1	i	i	PRON
fbem-28274	98	2	and	and	CCONJ
fbem-28274	98	3	t	t	PROPN
fbem-28274	98	4	denote	denote	VERB
fbem-28274	98	5	firm	firm	ADJ
fbem-28274	98	6	and	and	CCONJ
fbem-28274	98	7	year	year	NOUN
fbem-28274	98	8	,	,	PUNCT
fbem-28274	98	9	respectively	respectively	ADV
fbem-28274	98	10	,	,	PUNCT
fbem-28274	98	11	and	and	CCONJ
fbem-28274	98	12	t-1	t-1	PROPN
fbem-28274	98	13	denotes	denote	VERB
fbem-28274	98	14	a	a	DET
fbem-28274	98	15	lagged	lag	VERB
fbem-28274	98	16	period	period	NOUN
fbem-28274	98	17	.	.	PUNCT
fbem-28274	99	1	we	we	PRON
fbem-28274	99	2	choose	choose	VERB
fbem-28274	99	3	a	a	DET
fbem-28274	99	4	lagged	lag	VERB
fbem-28274	99	5	period	period	NOUN
fbem-28274	99	6	to	to	PART
fbem-28274	99	7	enter	enter	VERB
fbem-28274	99	8	the	the	DET
fbem-28274	99	9	regression	regression	NOUN
fbem-28274	99	10	equation	equation	NOUN
fbem-28274	99	11	is	be	AUX
fbem-28274	99	12	mainly	mainly	ADV
fbem-28274	99	13	because	because	SCONJ
fbem-28274	99	14	the	the	DET
fbem-28274	99	15	business	business	NOUN
fbem-28274	99	16	activities	activity	NOUN
fbem-28274	99	17	of	of	ADP
fbem-28274	99	18	firms	firm	NOUN
fbem-28274	99	19	have	have	VERB
fbem-28274	99	20	a	a	DET
fbem-28274	99	21	certain	certain	ADJ
fbem-28274	99	22	lag	lag	NOUN
fbem-28274	99	23	in	in	ADP
fbem-28274	99	24	response	response	NOUN
fbem-28274	99	25	to	to	ADP
fbem-28274	99	26	government	government	NOUN
fbem-28274	99	27	policies	policy	NOUN
fbem-28274	99	28	,	,	PUNCT
fbem-28274	99	29	and	and	CCONJ
fbem-28274	99	30	the	the	DET
fbem-28274	99	31	setting	setting	NOUN
fbem-28274	99	32	of	of	ADP
fbem-28274	99	33	lagged	lag	VERB
fbem-28274	99	34	variables	variable	NOUN
fbem-28274	99	35	can	can	AUX
fbem-28274	99	36	address	address	VERB
fbem-28274	99	37	certain	certain	ADJ
fbem-28274	99	38	endogeneity	endogeneity	NOUN
fbem-28274	99	39	(	(	PUNCT
fbem-28274	99	40	irem	irem	PROPN
fbem-28274	99	41	demirci	demirci	PROPN
fbem-28274	99	42	,	,	PUNCT
fbem-28274	99	43	et	et	NOUN
fbem-28274	99	44	,	,	PUNCT
fbem-28274	99	45	2019	2019	NUM
fbem-28274	99	46	)	)	PUNCT
fbem-28274	99	47	.	.	PUNCT
fbem-28274	100	1	and	and	CCONJ
fbem-28274	100	2	represent	represent	VERB
fbem-28274	100	3	city	city	NOUN
fbem-28274	100	4	and	and	CCONJ
fbem-28274	100	5	time	time	NOUN
fbem-28274	100	6	fixed	fix	VERB
fbem-28274	100	7	effects	effect	NOUN
fbem-28274	100	8	,	,	PUNCT
fbem-28274	100	9	respectively	respectively	ADV
fbem-28274	100	10	.	.	PUNCT
fbem-28274	101	1	is	be	AUX
fbem-28274	101	2	the	the	DET
fbem-28274	101	3	error	error	NOUN
fbem-28274	101	4	term	term	NOUN
fbem-28274	101	5	.	.	PUNCT
fbem-28274	102	1	in	in	ADP
fbem-28274	102	2	addition	addition	NOUN
fbem-28274	102	3	,	,	PUNCT
fbem-28274	102	4	according	accord	VERB
fbem-28274	102	5	to	to	ADP
fbem-28274	102	6	the	the	DET
fbem-28274	102	7	previous	previous	ADJ
fbem-28274	102	8	theoretical	theoretical	ADJ
fbem-28274	102	9	analysis	analysis	NOUN
fbem-28274	102	10	,	,	PUNCT
fbem-28274	102	11	local	local	ADJ
fbem-28274	102	12	government	government	NOUN
fbem-28274	102	13	debt	debt	NOUN
fbem-28274	102	14	will	will	AUX
fbem-28274	102	15	affect	affect	VERB
fbem-28274	102	16	corporate	corporate	ADJ
fbem-28274	102	17	government	government	NOUN
fbem-28274	102	18	debt	debt	NOUN
fbem-28274	102	19	through	through	ADP
fbem-28274	102	20	the	the	DET
fbem-28274	102	21	balance	balance	NOUN
fbem-28274	102	22	of	of	ADP
fbem-28274	102	23	cash	cash	NOUN
fbem-28274	102	24	equivalents	equivalent	NOUN
fbem-28274	102	25	at	at	ADP
fbem-28274	102	26	the	the	DET
fbem-28274	102	27	end	end	NOUN
fbem-28274	102	28	of	of	ADP
fbem-28274	102	29	the	the	DET
fbem-28274	102	30	period	period	NOUN
fbem-28274	102	31	cash	cash	NOUN
fbem-28274	102	32	thus	thus	ADV
fbem-28274	102	33	affecting	affect	VERB
fbem-28274	102	34	corporate	corporate	ADJ
fbem-28274	102	35	leverage	leverage	NOUN
fbem-28274	102	36	,	,	PUNCT
fbem-28274	102	37	corporate	corporate	ADJ
fbem-28274	102	38	funds	fund	NOUN
fbem-28274	102	39	are	be	AUX
fbem-28274	102	40	represented	represent	VERB
fbem-28274	102	41	by	by	ADP
fbem-28274	102	42	cash	cash	NOUN
fbem-28274	102	43	,	,	PUNCT
fbem-28274	102	44	the	the	DET
fbem-28274	102	45	level	level	NOUN
fbem-28274	102	46	of	of	ADP
fbem-28274	102	47	cash	cash	NOUN
fbem-28274	102	48	holdings	holding	NOUN
fbem-28274	102	49	is	be	AUX
fbem-28274	102	50	equal	equal	ADJ
fbem-28274	102	51	to	to	ADP
fbem-28274	102	52	money	money	NOUN
fbem-28274	102	53	funds	fund	NOUN
fbem-28274	102	54	/	/	SYM
fbem-28274	102	55	total	total	ADJ
fbem-28274	102	56	assets	asset	NOUN
fbem-28274	102	57	,	,	PUNCT
fbem-28274	102	58	the	the	PRON
fbem-28274	102	59	greater	great	ADJ
fbem-28274	102	60	the	the	DET
fbem-28274	102	61	amount	amount	NOUN
fbem-28274	102	62	of	of	ADP
fbem-28274	102	63	cash	cash	NOUN
fbem-28274	102	64	,	,	PUNCT
fbem-28274	102	65	indicating	indicate	VERB
fbem-28274	102	66	that	that	SCONJ
fbem-28274	102	67	the	the	DET
fbem-28274	102	68	internal	internal	ADJ
fbem-28274	102	69	funds	fund	NOUN
fbem-28274	102	70	of	of	ADP
fbem-28274	102	71	the	the	DET
fbem-28274	102	72	firm	firm	NOUN
fbem-28274	102	73	are	be	AUX
fbem-28274	102	74	sufficient	sufficient	ADJ
fbem-28274	102	75	and	and	CCONJ
fbem-28274	102	76	more	more	ADV
fbem-28274	102	77	secure	secure	ADJ
fbem-28274	102	78	debt	debt	NOUN
fbem-28274	102	79	service	service	NOUN
fbem-28274	102	80	(	(	PUNCT
fbem-28274	102	81	xiao	xiao	PROPN
fbem-28274	102	82	et	et	PROPN
fbem-28274	102	83	al	al	PROPN
fbem-28274	102	84	.	.	PROPN
fbem-28274	102	85	,	,	PUNCT
fbem-28274	102	86	2022	2022	NUM
fbem-28274	102	87	)	)	PUNCT
fbem-28274	102	88	.	.	PUNCT
fbem-28274	103	1	therefore	therefore	ADV
fbem-28274	103	2	,	,	PUNCT
fbem-28274	103	3	we	we	PRON
fbem-28274	103	4	introduce	introduce	VERB
fbem-28274	103	5	intermediation	intermediation	NOUN
fbem-28274	103	6	effects	effect	NOUN
fbem-28274	103	7	to	to	PART
fbem-28274	103	8	test	test	VERB
fbem-28274	103	9	the	the	DET
fbem-28274	103	10	mechanism	mechanism	NOUN
fbem-28274	103	11	according	accord	VERB
fbem-28274	103	12	to	to	ADP
fbem-28274	103	13	the	the	DET
fbem-28274	103	14	way	way	NOUN
fbem-28274	103	15	proposed	propose	VERB
fbem-28274	103	16	by	by	ADP
fbem-28274	103	17	baron	baron	NOUN
fbem-28274	103	18	and	and	CCONJ
fbem-28274	103	19	kenny	kenny	PROPN
fbem-28274	103	20	(	(	PUNCT
fbem-28274	103	21	1986	1986	NUM
fbem-28274	103	22	)	)	PUNCT
fbem-28274	103	23	.	.	PUNCT
fbem-28274	104	1	cashi	cashi	PROPN
fbem-28274	104	2	,	,	PUNCT
fbem-28274	104	3	t	t	PROPN
fbem-28274	104	4	=	=	SYM
fbem-28274	104	5	α0	α0	PROPN
fbem-28274	104	6	+	+	CCONJ
fbem-28274	105	1	β0gov	β0gov	NUM
fbem-28274	105	2	_	_	PUNCT
fbem-28274	106	1	d	d	NOUN
fbem-28274	106	2	ebti	ebti	NOUN
fbem-28274	106	3	,	,	PUNCT
fbem-28274	106	4	t-1	t-1	PROPN
fbem-28274	106	5	+	+	X
fbem-28274	106	6	β1xi	β1xi	SYM
fbem-28274	106	7	,	,	PUNCT
fbem-28274	106	8	t−1	t−1	PROPN
fbem-28274	106	9	+	+	CCONJ
fbem-28274	106	10	β2yi	β2yi	NOUN
fbem-28274	106	11	,	,	PUNCT
fbem-28274	106	12	t−1	t−1	PROPN
fbem-28274	106	13	+	+	PUNCT
fbem-28274	106	14	ηi	ηi	NOUN
fbem-28274	106	15	+	+	NUM
fbem-28274	106	16	δt	δt	X
fbem-28274	106	17	+	+	CCONJ
fbem-28274	106	18	εi	εi	VERB
fbem-28274	106	19	,	,	PUNCT
fbem-28274	106	20	t	t	PROPN
fbem-28274	106	21	(	(	PUNCT
fbem-28274	106	22	2	2	NUM
fbem-28274	106	23	)	)	PUNCT
fbem-28274	106	24	leveragei	leveragei	ADJ
fbem-28274	106	25	,	,	PUNCT
fbem-28274	106	26	t	t	NOUN
fbem-28274	106	27	=	=	SYM
fbem-28274	106	28	α0	α0	PROPN
fbem-28274	106	29	+	+	CCONJ
fbem-28274	106	30	β0gov	β0gov	NUM
fbem-28274	106	31	_	_	PUNCT
fbem-28274	107	1	d	d	NOUN
fbem-28274	107	2	ebti	ebti	NOUN
fbem-28274	107	3	,	,	PUNCT
fbem-28274	107	4	t-1	t-1	PROPN
fbem-28274	107	5	+	+	CCONJ
fbem-28274	107	6	β1casℎi	β1casℎi	PROPN
fbem-28274	107	7	,	,	PUNCT
fbem-28274	107	8	t−1	t−1	PROPN
fbem-28274	107	9	+	+	CCONJ
fbem-28274	107	10	β2xi	β2xi	X
fbem-28274	107	11	,	,	PUNCT
fbem-28274	107	12	t−1	t−1	PROPN
fbem-28274	107	13	+	+	NUM
fbem-28274	107	14	β3yi	β3yi	PUNCT
fbem-28274	107	15	,	,	PUNCT
fbem-28274	107	16	t−1	t−1	PROPN
fbem-28274	107	17	+	+	PUNCT
fbem-28274	107	18	ηi	ηi	NOUN
fbem-28274	107	19	+	+	NUM
fbem-28274	107	20	δt	δt	X
fbem-28274	107	21	+	+	CCONJ
fbem-28274	107	22	εi	εi	VERB
fbem-28274	107	23	,	,	PUNCT
fbem-28274	107	24	t	t	PROPN
fbem-28274	107	25	(	(	PUNCT
fbem-28274	107	26	3	3	NUM
fbem-28274	107	27	)	)	PUNCT
fbem-28274	107	28	4.3	4.3	NUM
fbem-28274	107	29	.	.	PUNCT
fbem-28274	108	1	variable	variable	ADJ
fbem-28274	108	2	selection	selection	NOUN
fbem-28274	108	3	regarding	regard	VERB
fbem-28274	108	4	the	the	DET
fbem-28274	108	5	dependent	dependent	ADJ
fbem-28274	108	6	variable	variable	NOUN
fbem-28274	108	7	:	:	PUNCT
fbem-28274	108	8	leverage	leverage	NOUN
fbem-28274	108	9	is	be	AUX
fbem-28274	108	10	corporate	corporate	ADJ
fbem-28274	108	11	leverage	leverage	NOUN
fbem-28274	108	12	,	,	PUNCT
fbem-28274	108	13	according	accord	VERB
fbem-28274	108	14	to	to	ADP
fbem-28274	108	15	most	most	ADJ
fbem-28274	108	16	scholars	scholar	NOUN
fbem-28274	108	17	(	(	PUNCT
fbem-28274	108	18	irem	irem	PROPN
fbem-28274	108	19	demirci	demirci	PROPN
fbem-28274	108	20	,	,	PUNCT
fbem-28274	108	21	et	et	NOUN
fbem-28274	108	22	,	,	PUNCT
fbem-28274	108	23	2019	2019	NUM
fbem-28274	108	24	;	;	PUNCT
fbem-28274	108	25	yusuf	yusuf	PROPN
fbem-28274	108	26	ayturk	ayturk	NOUN
fbem-28274	108	27	,	,	PUNCT
fbem-28274	108	28	2017	2017	NUM
fbem-28274	108	29	)	)	PUNCT
fbem-28274	108	30	,	,	PUNCT
fbem-28274	108	31	corporate	corporate	ADJ
fbem-28274	108	32	leverage	leverage	NOUN
fbem-28274	108	33	is	be	AUX
fbem-28274	108	34	usually	usually	ADV
fbem-28274	108	35	measured	measure	VERB
fbem-28274	108	36	using	use	VERB
fbem-28274	108	37	the	the	DET
fbem-28274	108	38	corporate	corporate	ADJ
fbem-28274	108	39	gearing	gearing	NOUN
fbem-28274	108	40	ratio	ratio	NOUN
fbem-28274	108	41	,	,	PUNCT
fbem-28274	108	42	i.e.	i.e.	X
fbem-28274	108	43	,	,	PUNCT
fbem-28274	108	44	gearing	gear	VERB
fbem-28274	108	45	ratio	ratio	NOUN
fbem-28274	108	46	=	=	SYM
fbem-28274	108	47	total	total	ADJ
fbem-28274	108	48	liabilities	liability	NOUN
fbem-28274	108	49	/	/	SYM
fbem-28274	108	50	total	total	ADJ
fbem-28274	108	51	assets	asset	NOUN
fbem-28274	108	52	,	,	PUNCT
fbem-28274	108	53	and	and	CCONJ
fbem-28274	108	54	we	we	PRON
fbem-28274	108	55	also	also	ADV
fbem-28274	108	56	use	use	VERB
fbem-28274	108	57	this	this	DET
fbem-28274	108	58	measure	measure	NOUN
fbem-28274	108	59	in	in	ADP
fbem-28274	108	60	this	this	DET
fbem-28274	108	61	paper	paper	NOUN
fbem-28274	108	62	for	for	ADP
fbem-28274	108	63	the	the	DET
fbem-28274	108	64	benchmark	benchmark	NOUN
fbem-28274	108	65	regression	regression	NOUN
fbem-28274	108	66	,	,	PUNCT
fbem-28274	108	67	which	which	PRON
fbem-28274	108	68	is	be	AUX
fbem-28274	108	69	the	the	DET
fbem-28274	108	70	traditional	traditional	ADJ
fbem-28274	108	71	way	way	NOUN
fbem-28274	108	72	of	of	ADP
fbem-28274	108	73	measuring	measure	VERB
fbem-28274	108	74	corporate	corporate	ADJ
fbem-28274	108	75	leverage	leverage	NOUN
fbem-28274	108	76	.	.	PUNCT
fbem-28274	109	1	regarding	regard	VERB
fbem-28274	109	2	the	the	DET
fbem-28274	109	3	independent	independent	ADJ
fbem-28274	109	4	variable	variable	NOUN
fbem-28274	109	5	:	:	PUNCT
fbem-28274	109	6	gov_debt	gov_debt	NOUN
fbem-28274	109	7	is	be	AUX
fbem-28274	109	8	the	the	DET
fbem-28274	109	9	size	size	NOUN
fbem-28274	109	10	of	of	ADP
fbem-28274	109	11	local	local	ADJ
fbem-28274	109	12	government	government	NOUN
fbem-28274	109	13	debt	debt	NOUN
fbem-28274	109	14	and	and	CCONJ
fbem-28274	109	15	is	be	AUX
fbem-28274	109	16	measured	measure	VERB
fbem-28274	109	17	using	use	VERB
fbem-28274	109	18	local	local	ADJ
fbem-28274	109	19	government	government	NOUN
fbem-28274	109	20	debt	debt	NOUN
fbem-28274	109	21	/	/	SYM
fbem-28274	109	22	gdp	gdp	NOUN
fbem-28274	109	23	(	(	PUNCT
fbem-28274	109	24	rangarajan	rangarajan	PROPN
fbem-28274	109	25	&	&	CCONJ
fbem-28274	109	26	srivastava	srivastava	PROPN
fbem-28274	109	27	,	,	PUNCT
fbem-28274	109	28	2005	2005	NUM
fbem-28274	109	29	)	)	PUNCT
fbem-28274	109	30	.	.	PUNCT
fbem-28274	110	1	a	a	DET
fbem-28274	110	2	possible	possible	ADJ
fbem-28274	110	3	concern	concern	NOUN
fbem-28274	110	4	with	with	ADP
fbem-28274	110	5	using	use	VERB
fbem-28274	110	6	the	the	DET
fbem-28274	110	7	government	government	NOUN
fbem-28274	110	8	debt	debt	NOUN
fbem-28274	110	9	/	/	SYM
fbem-28274	110	10	gdp	gdp	NOUN
fbem-28274	110	11	ratio	ratio	NOUN
fbem-28274	110	12	to	to	PART
fbem-28274	110	13	measure	measure	VERB
fbem-28274	110	14	the	the	DET
fbem-28274	110	15	size	size	NOUN
fbem-28274	110	16	of	of	ADP
fbem-28274	110	17	local	local	ADJ
fbem-28274	110	18	government	government	NOUN
fbem-28274	110	19	debt	debt	NOUN
fbem-28274	110	20	is	be	AUX
fbem-28274	110	21	that	that	SCONJ
fbem-28274	110	22	the	the	DET
fbem-28274	110	23	relationship	relationship	NOUN
fbem-28274	110	24	between	between	ADP
fbem-28274	110	25	corporate	corporate	ADJ
fbem-28274	110	26	leverage	leverage	NOUN
fbem-28274	110	27	and	and	CCONJ
fbem-28274	110	28	government	government	NOUN
fbem-28274	110	29	debt	debt	NOUN
fbem-28274	110	30	may	may	AUX
fbem-28274	110	31	be	be	AUX
fbem-28274	110	32	driven	drive	VERB
fbem-28274	110	33	by	by	ADP
fbem-28274	110	34	changes	change	NOUN
fbem-28274	110	35	in	in	ADP
fbem-28274	110	36	gdp	gdp	NOUN
fbem-28274	110	37	rather	rather	ADV
fbem-28274	110	38	than	than	ADP
fbem-28274	110	39	changes	change	NOUN
fbem-28274	110	40	in	in	ADP
fbem-28274	110	41	outstanding	outstanding	ADJ
fbem-28274	110	42	government	government	NOUN
fbem-28274	110	43	debt	debt	NOUN
fbem-28274	110	44	.	.	PUNCT
fbem-28274	111	1	regarding	regard	VERB
fbem-28274	111	2	the	the	DET
fbem-28274	111	3	control	control	NOUN
fbem-28274	111	4	variables	variable	NOUN
fbem-28274	111	5	:	:	PUNCT
fbem-28274	111	6	the	the	DET
fbem-28274	111	7	control	control	NOUN
fbem-28274	111	8	variables	variable	VERB
fbem-28274	111	9	in	in	ADP
fbem-28274	111	10	the	the	DET
fbem-28274	111	11	paper	paper	NOUN
fbem-28274	111	12	include	include	VERB
fbem-28274	111	13	government	government	NOUN
fbem-28274	111	14	level	level	NOUN
fbem-28274	111	15	and	and	CCONJ
fbem-28274	111	16	firm	firm	ADJ
fbem-28274	111	17	level	level	NOUN
fbem-28274	111	18	.	.	PUNCT
fbem-28274	112	1	for	for	ADP
fbem-28274	112	2	the	the	DET
fbem-28274	112	3	selection	selection	NOUN
fbem-28274	112	4	of	of	ADP
fbem-28274	112	5	macro	macro	ADJ
fbem-28274	112	6	-	-	NOUN
fbem-28274	112	7	level	level	NOUN
fbem-28274	112	8	control	control	NOUN
fbem-28274	112	9	variables	variable	NOUN
fbem-28274	112	10	,	,	PUNCT
fbem-28274	112	11	we	we	PRON
fbem-28274	112	12	mainly	mainly	ADV
fbem-28274	112	13	refer	refer	VERB
fbem-28274	112	14	to	to	ADP
fbem-28274	112	15	relevant	relevant	ADJ
fbem-28274	112	16	studies	study	NOUN
fbem-28274	112	17	by	by	ADP
fbem-28274	112	18	narayan	narayan	NOUN
fbem-28274	112	19	(	(	PUNCT
fbem-28274	112	20	2021	2021	NUM
fbem-28274	112	21	)	)	PUNCT
fbem-28274	112	22	,	,	PUNCT
fbem-28274	112	23	including	include	VERB
fbem-28274	112	24	per_gdp	per_gdp	NOUN
fbem-28274	112	25	(	(	PUNCT
fbem-28274	112	26	per	per	ADP
fbem-28274	112	27	capita	capita	X
fbem-28274	112	28	gross	gross	ADJ
fbem-28274	112	29	regional	regional	ADJ
fbem-28274	112	30	product	product	NOUN
fbem-28274	112	31	)	)	PUNCT
fbem-28274	112	32	which	which	PRON
fbem-28274	112	33	using	use	VERB
fbem-28274	112	34	is	be	AUX
fbem-28274	112	35	used	use	VERB
fbem-28274	112	36	logarithmic	logarithmic	ADJ
fbem-28274	112	37	form	form	NOUN
fbem-28274	112	38	in	in	ADP
fbem-28274	112	39	the	the	DET
fbem-28274	112	40	text	text	NOUN
fbem-28274	112	41	,	,	PUNCT
fbem-28274	112	42	inflation	inflation	NOUN
fbem-28274	112	43	is	be	AUX
fbem-28274	112	44	measured	measure	VERB
fbem-28274	112	45	by	by	ADP
fbem-28274	112	46	the	the	DET
fbem-28274	112	47	consumer	consumer	NOUN
fbem-28274	112	48	price	price	NOUN
fbem-28274	112	49	index	index	NOUN
fbem-28274	112	50	(	(	PUNCT
fbem-28274	112	51	cpi	cpi	PROPN
fbem-28274	112	52	)	)	PUNCT
fbem-28274	112	53	,	,	PUNCT
fbem-28274	112	54	and	and	CCONJ
fbem-28274	112	55	unemployment	unemployment	NOUN
fbem-28274	112	56	is	be	AUX
fbem-28274	112	57	derived	derive	VERB
fbem-28274	112	58	from	from	ADP
fbem-28274	112	59	the	the	DET
fbem-28274	112	60	unemployment	unemployment	NOUN
fbem-28274	112	61	registration	registration	NOUN
fbem-28274	112	62	rate	rate	NOUN
fbem-28274	112	63	of	of	ADP
fbem-28274	112	64	urban	urban	ADJ
fbem-28274	112	65	residents	resident	NOUN
fbem-28274	112	66	.	.	PUNCT
fbem-28274	113	1	the	the	DET
fbem-28274	113	2	micro	micro	ADJ
fbem-28274	113	3	-	-	NOUN
fbem-28274	113	4	level	level	ADJ
fbem-28274	113	5	control	control	NOUN
fbem-28274	113	6	variables	variable	NOUN
fbem-28274	113	7	refer	refer	VERB
fbem-28274	113	8	to	to	ADP
fbem-28274	113	9	relevant	relevant	ADJ
fbem-28274	113	10	studies	study	NOUN
fbem-28274	113	11	by	by	ADP
fbem-28274	113	12	baker	baker	PROPN
fbem-28274	113	13	and	and	CCONJ
fbem-28274	113	14	wurgler	wurgler	NOUN
fbem-28274	113	15	,	,	PUNCT
fbem-28274	113	16	2002	2002	NUM
fbem-28274	113	17	;	;	PUNCT
fbem-28274	113	18	frank	frank	PROPN
fbem-28274	113	19	and	and	CCONJ
fbem-28274	113	20	goyal	goyal	PROPN
fbem-28274	113	21	,	,	PUNCT
fbem-28274	113	22	2003	2003	NUM
fbem-28274	113	23	;	;	PUNCT
fbem-28274	114	1	lemmon	lemmon	PROPN
fbem-28274	114	2	et	et	PROPN
fbem-28274	114	3	al	al	PROPN
fbem-28274	114	4	.	.	PROPN
fbem-28274	114	5	,	,	PUNCT
fbem-28274	114	6	2008	2008	NUM
fbem-28274	114	7	and	and	CCONJ
fbem-28274	114	8	others	other	NOUN
fbem-28274	114	9	are	be	AUX
fbem-28274	114	10	including	include	VERB
fbem-28274	114	11	firm	firm	NOUN
fbem-28274	114	12	's	's	PART
fbem-28274	114	13	guarantee	guarantee	NOUN
fbem-28274	114	14	capacity	capacity	NOUN
fbem-28274	114	15	(	(	PUNCT
fbem-28274	114	16	tangibility	tangibility	NOUN
fbem-28274	114	17	)	)	PUNCT
fbem-28274	114	18	,	,	PUNCT
fbem-28274	114	19	which	which	PRON
fbem-28274	114	20	is	be	AUX
fbem-28274	114	21	used	use	VERB
fbem-28274	114	22	to	to	PART
fbem-28274	114	23	guarantee	guarantee	VERB
fbem-28274	114	24	the	the	DET
fbem-28274	114	25	firm	firm	NOUN
fbem-28274	114	26	's	's	PART
fbem-28274	114	27	ability	ability	NOUN
fbem-28274	114	28	to	to	PART
fbem-28274	114	29	secure	secure	VERB
fbem-28274	114	30	itself	itself	PRON
fbem-28274	114	31	after	after	ADP
fbem-28274	114	32	borrowing	borrow	VERB
fbem-28274	114	33	,	,	PUNCT
fbem-28274	114	34	using	use	VERB
fbem-28274	114	35	the	the	DET
fbem-28274	114	36	net	net	ADJ
fbem-28274	114	37	value	value	NOUN
fbem-28274	114	38	of	of	ADP
fbem-28274	114	39	firm	firm	NOUN
fbem-28274	114	40	's	's	PART
fbem-28274	114	41	fixed	fix	VERB
fbem-28274	114	42	assets	asset	NOUN
fbem-28274	114	43	over	over	ADP
fbem-28274	114	44	total	total	ADJ
fbem-28274	114	45	assets	asset	NOUN
fbem-28274	114	46	;	;	PUNCT
fbem-28274	114	47	firm	firm	NOUN
fbem-28274	114	48	's	's	PART
fbem-28274	114	49	size	size	NOUN
fbem-28274	114	50	(	(	PUNCT
fbem-28274	114	51	size	size	NOUN
fbem-28274	114	52	)	)	PUNCT
fbem-28274	114	53	,	,	PUNCT
fbem-28274	114	54	which	which	PRON
fbem-28274	114	55	is	be	AUX
fbem-28274	114	56	expressed	express	VERB
fbem-28274	114	57	in	in	ADP
fbem-28274	114	58	terms	term	NOUN
fbem-28274	114	59	of	of	ADP
fbem-28274	114	60	the	the	DET
fbem-28274	114	61	firm	firm	NOUN
fbem-28274	114	62	's	's	PART
fbem-28274	114	63	total	total	ADJ
fbem-28274	114	64	assets	asset	NOUN
fbem-28274	114	65	;	;	PUNCT
fbem-28274	114	66	and	and	CCONJ
fbem-28274	114	67	the	the	DET
fbem-28274	114	68	firm	firm	NOUN
fbem-28274	114	69	's	's	PART
fbem-28274	114	70	profitability	profitability	NOUN
fbem-28274	114	71	,	,	PUNCT
fbem-28274	114	72	which	which	PRON
fbem-28274	114	73	we	we	PRON
fbem-28274	114	74	use	use	VERB
fbem-28274	114	75	the	the	DET
fbem-28274	114	76	gross	gross	ADJ
fbem-28274	114	77	operating	operate	VERB
fbem-28274	114	78	margin	margin	NOUN
fbem-28274	114	79	to	to	PART
fbem-28274	114	80	express	express	VERB
fbem-28274	114	81	.	.	PUNCT
fbem-28274	115	1	table	table	NOUN
fbem-28274	115	2	1	1	NUM
fbem-28274	115	3	.	.	PUNCT
fbem-28274	115	4	variable	variable	ADJ
fbem-28274	115	5	definition	definition	NOUN
fbem-28274	115	6	variables	variable	VERB
fbem-28274	115	7	symbol	symbol	NOUN
fbem-28274	115	8	definition	definition	NOUN
fbem-28274	115	9	corporate	corporate	ADJ
fbem-28274	115	10	leverage	leverage	NOUN
fbem-28274	115	11	leverage	leverage	NOUN
fbem-28274	115	12	total	total	ADJ
fbem-28274	115	13	debt	debt	NOUN
fbem-28274	115	14	/	/	SYM
fbem-28274	115	15	total	total	ADJ
fbem-28274	115	16	asset	asset	NOUN
fbem-28274	115	17	government	government	NOUN
fbem-28274	115	18	debt	debt	NOUN
fbem-28274	115	19	gov_debt	gov_debt	NOUN
fbem-28274	115	20	government	government	NOUN
fbem-28274	115	21	debt	debt	NOUN
fbem-28274	115	22	/	/	SYM
fbem-28274	115	23	gdp	gdp	NOUN
fbem-28274	115	24	corporate	corporate	ADJ
fbem-28274	115	25	size	size	NOUN
fbem-28274	115	26	size	size	NOUN
fbem-28274	115	27	corporate	corporate	ADJ
fbem-28274	115	28	asset	asset	NOUN
fbem-28274	115	29	tangible	tangible	ADJ
fbem-28274	115	30	asset	asset	NOUN
fbem-28274	115	31	tangibility	tangibility	NOUN
fbem-28274	115	32	net	net	ADJ
fbem-28274	115	33	fixed	fix	VERB
fbem-28274	115	34	assets	asset	NOUN
fbem-28274	115	35	/	/	SYM
fbem-28274	115	36	total	total	ADJ
fbem-28274	115	37	assets	asset	NOUN
fbem-28274	115	38	return	return	VERB
fbem-28274	115	39	on	on	ADP
fbem-28274	115	40	asset	asset	NOUN
fbem-28274	115	41	net_pro	net_pro	ADJ
fbem-28274	115	42	profit	profit	NOUN
fbem-28274	115	43	/	/	SYM
fbem-28274	115	44	sales	sale	NOUN
fbem-28274	115	45	revenue	revenue	NOUN
fbem-28274	115	46	inflation	inflation	NOUN
fbem-28274	115	47	cpi	cpi	PROPN
fbem-28274	115	48	resident	resident	PROPN
fbem-28274	115	49	consumption	consumption	NOUN
fbem-28274	115	50	index	index	NOUN
fbem-28274	115	51	unemployment	unemployment	NOUN
fbem-28274	115	52	unemployment	unemployment	NOUN
fbem-28274	115	53	unemployment	unemployment	NOUN
fbem-28274	115	54	rate	rate	NOUN
fbem-28274	115	55	gdp	gdp	NOUN
fbem-28274	115	56	per	per	ADP
fbem-28274	115	57	capita	capita	X
fbem-28274	115	58	lnper_gdp	lnper_gdp	NOUN
fbem-28274	115	59	gdp	gdp	PROPN
fbem-28274	115	60	/	/	SYM
fbem-28274	115	61	total	total	ADJ
fbem-28274	115	62	population	population	NOUN
fbem-28274	115	63	note	note	NOUN
fbem-28274	115	64	:	:	PUNCT
fbem-28274	115	65	standard	standard	ADJ
fbem-28274	115	66	errors	error	NOUN
fbem-28274	115	67	in	in	ADP
fbem-28274	115	68	parentheses	parenthesis	NOUN
fbem-28274	115	69	.	.	PUNCT
fbem-28274	116	1	*	*	PUNCT
fbem-28274	116	2	,	,	PUNCT
fbem-28274	116	3	*	*	PUNCT
fbem-28274	116	4	*	*	PUNCT
fbem-28274	116	5	,	,	PUNCT
fbem-28274	116	6	*	*	PUNCT
fbem-28274	116	7	*	*	PUNCT
fbem-28274	116	8	*	*	NOUN
fbem-28274	116	9	.	.	PUNCT
fbem-28274	117	1	4.4	4.4	NUM
fbem-28274	117	2	.	.	PUNCT
fbem-28274	118	1	descriptive	descriptive	ADJ
fbem-28274	118	2	statistics	statistic	NOUN
fbem-28274	118	3	table	table	NOUN
fbem-28274	118	4	2	2	NUM
fbem-28274	118	5	.	.	PUNCT
fbem-28274	118	6	descriptive	descriptive	ADJ
fbem-28274	118	7	statistics	statistic	NOUN
fbem-28274	118	8	.	.	PUNCT
fbem-28274	119	1	(	(	PUNCT
fbem-28274	119	2	1	1	X
fbem-28274	119	3	)	)	PUNCT
fbem-28274	119	4	(	(	PUNCT
fbem-28274	119	5	2	2	NUM
fbem-28274	119	6	)	)	PUNCT
fbem-28274	119	7	(	(	PUNCT
fbem-28274	119	8	3	3	X
fbem-28274	119	9	)	)	PUNCT
fbem-28274	119	10	(	(	PUNCT
fbem-28274	119	11	4	4	NUM
fbem-28274	119	12	)	)	PUNCT
fbem-28274	119	13	(	(	PUNCT
fbem-28274	119	14	5	5	X
fbem-28274	119	15	)	)	PUNCT
fbem-28274	119	16	variables	variable	NOUN
fbem-28274	119	17	obs	obs	PROPN
fbem-28274	119	18	.	.	PUNCT
fbem-28274	120	1	mean	mean	PROPN
fbem-28274	120	2	s.d	s.d	PROPN
fbem-28274	120	3	.	.	PROPN
fbem-28274	120	4	min	min	PROPN
fbem-28274	120	5	max	max	PROPN
fbem-28274	120	6	leverage	leverage	NOUN
fbem-28274	120	7	9,016	9,016	NUM
fbem-28274	120	8	0.448	0.448	NUM
fbem-28274	120	9	0.301	0.301	NUM
fbem-28274	120	10	-0.19000	-0.19000	PROPN
fbem-28274	120	11	11.51	11.51	NUM
fbem-28274	120	12	0	0	NUM
fbem-28274	120	13	gov_debt	gov_debt	X
fbem-28274	120	14	9,016	9,016	NUM
fbem-28274	120	15	0.137	0.137	NUM
fbem-28274	120	16	0.109	0.109	NUM
fbem-28274	120	17	0.00530	0.00530	NUM
fbem-28274	120	18	0.734	0.734	NUM
fbem-28274	120	19	size	size	NOUN
fbem-28274	120	20	9,016	9,016	NUM
fbem-28274	120	21	2.470	2.470	NUM
fbem-28274	120	22	9.562	9.562	NUM
fbem-28274	120	23	0.00100	0.00100	NUM
fbem-28274	120	24	230.7	230.7	NUM
fbem-28274	120	25	tangibility	tangibility	NOUN
fbem-28274	120	26	9,016	9,016	NUM
fbem-28274	120	27	0.210	0.210	NUM
fbem-28274	120	28	0.168	0.168	NUM
fbem-28274	120	29	0.00001	0.00001	NUM
fbem-28274	120	30	0.948	0.948	NUM
fbem-28274	120	31	net_pro	net_pro	ADJ
fbem-28274	120	32	9,016	9,016	NUM
fbem-28274	120	33	0.278	0.278	NUM
fbem-28274	120	34	0.180	0.180	NUM
fbem-28274	120	35	-1.01100	-1.01100	NOUN
fbem-28274	120	36	1.154	1.154	NUM
fbem-28274	120	37	cpi	cpi	NOUN
fbem-28274	120	38	9,016	9,016	NUM
fbem-28274	120	39	102.3	102.3	NUM
fbem-28274	120	40	00	00	NUM
fbem-28274	120	41	0.987	0.987	NUM
fbem-28274	120	42	95.00000	95.00000	NUM
fbem-28274	120	43	113.3	113.3	NUM
fbem-28274	120	44	unemploym	unemploym	ADJ
fbem-28274	120	45	ent	ent	NOUN
fbem-28274	120	46	9,016	9,016	NUM
fbem-28274	120	47	2.782	2.782	NUM
fbem-28274	120	48	0.770	0.770	NUM
fbem-28274	120	49	0.90000	0.90000	NUM
fbem-28274	120	50	4.900	4.900	NUM
fbem-28274	120	51	lnper_gdp	lnper_gdp	NOUN
fbem-28274	120	52	9,016	9,016	NUM
fbem-28274	120	53	2.168	2.168	NUM
fbem-28274	120	54	0.579	0.579	NUM
fbem-28274	120	55	0.00896	0.00896	NUM
fbem-28274	120	56	3.845	3.845	NUM
fbem-28274	120	57	table	table	NOUN
fbem-28274	120	58	2	2	NUM
fbem-28274	120	59	below	below	ADP
fbem-28274	120	60	displays	display	VERB
fbem-28274	120	61	the	the	DET
fbem-28274	120	62	descriptive	descriptive	ADJ
fbem-28274	120	63	statistics	statistic	NOUN
fbem-28274	120	64	.	.	PUNCT
fbem-28274	121	1	the	the	DET
fbem-28274	121	2	total	total	ADJ
fbem-28274	121	3	sample	sample	NOUN
fbem-28274	121	4	size	size	NOUN
fbem-28274	121	5	is	be	AUX
fbem-28274	121	6	9016.the	9016.the	DET
fbem-28274	121	7	average	average	ADJ
fbem-28274	121	8	ration	ration	NOUN
fbem-28274	121	9	leverage	leverage	NOUN
fbem-28274	121	10	in	in	ADP
fbem-28274	121	11	our	our	PRON
fbem-28274	121	12	sample	sample	NOUN
fbem-28274	121	13	is	be	AUX
fbem-28274	121	14	0.448	0.448	NUM
fbem-28274	121	15	,	,	PUNCT
fbem-28274	121	16	standard	standard	ADJ
fbem-28274	121	17	deviation	deviation	NOUN
fbem-28274	121	18	of	of	ADP
fbem-28274	121	19	leverage	leverage	NOUN
fbem-28274	121	20	is	be	AUX
fbem-28274	121	21	0.301	0.301	NUM
fbem-28274	121	22	,	,	PUNCT
fbem-28274	121	23	and	and	CCONJ
fbem-28274	121	24	the	the	DET
fbem-28274	121	25	maximum	maximum	ADJ
fbem-28274	121	26	value	value	NOUN
fbem-28274	121	27	is	be	AUX
fbem-28274	121	28	11.51	11.51	NUM
fbem-28274	121	29	,	,	PUNCT
fbem-28274	121	30	which	which	PRON
fbem-28274	121	31	the	the	DET
fbem-28274	121	32	minimum	minimum	ADJ
fbem-28274	121	33	value	value	NOUN
fbem-28274	121	34	is	be	AUX
fbem-28274	121	35	-0.19	-0.19	NOUN
fbem-28274	121	36	.	.	PUNCT
fbem-28274	122	1	the	the	DET
fbem-28274	122	2	average	average	ADJ
fbem-28274	122	3	gov_debt	gov_debt	NOUN
fbem-28274	122	4	each	each	DET
fbem-28274	122	5	city	city	NOUN
fbem-28274	122	6	is	be	AUX
fbem-28274	122	7	0.137	0.137	NUM
fbem-28274	122	8	,	,	PUNCT
fbem-28274	122	9	which	which	PRON
fbem-28274	122	10	standard	standard	ADJ
fbem-28274	122	11	229	229	NUM
fbem-28274	122	12	deviation	deviation	NOUN
fbem-28274	122	13	is	be	AUX
fbem-28274	122	14	0.109	0.109	NUM
fbem-28274	122	15	.	.	PUNCT
fbem-28274	123	1	the	the	DET
fbem-28274	123	2	maximum	maximum	ADJ
fbem-28274	123	3	value	value	NOUN
fbem-28274	123	4	is	be	AUX
fbem-28274	123	5	0.734	0.734	NUM
fbem-28274	123	6	,	,	PUNCT
fbem-28274	123	7	and	and	CCONJ
fbem-28274	123	8	the	the	DET
fbem-28274	123	9	minimum	minimum	ADJ
fbem-28274	123	10	value	value	NOUN
fbem-28274	123	11	is	be	AUX
fbem-28274	123	12	0.0053	0.0053	NUM
fbem-28274	123	13	.	.	PUNCT
fbem-28274	124	1	on	on	ADP
fbem-28274	124	2	average	average	ADJ
fbem-28274	124	3	,	,	PUNCT
fbem-28274	124	4	the	the	DET
fbem-28274	124	5	size	size	NOUN
fbem-28274	124	6	of	of	ADP
fbem-28274	124	7	each	each	DET
fbem-28274	124	8	company	company	NOUN
fbem-28274	124	9	is	be	AUX
fbem-28274	124	10	2.47	2.47	NUM
fbem-28274	124	11	billion	billion	NUM
fbem-28274	124	12	.	.	PUNCT
fbem-28274	125	1	the	the	DET
fbem-28274	125	2	standard	standard	ADJ
fbem-28274	125	3	deviation	deviation	NOUN
fbem-28274	125	4	of	of	ADP
fbem-28274	125	5	size	size	NOUN
fbem-28274	125	6	is	be	AUX
fbem-28274	125	7	9.562	9.562	NUM
fbem-28274	125	8	.	.	PUNCT
fbem-28274	126	1	the	the	DET
fbem-28274	126	2	maximum	maximum	ADJ
fbem-28274	126	3	value	value	NOUN
fbem-28274	126	4	is	be	AUX
fbem-28274	126	5	230.7	230.7	NUM
fbem-28274	126	6	billion	billion	NUM
fbem-28274	126	7	.	.	PUNCT
fbem-28274	127	1	the	the	DET
fbem-28274	127	2	minimum	minimum	ADJ
fbem-28274	127	3	value	value	NOUN
fbem-28274	127	4	is	be	AUX
fbem-28274	127	5	0.001	0.001	NUM
fbem-28274	127	6	billion	billion	NUM
fbem-28274	127	7	.	.	PUNCT
fbem-28274	128	1	the	the	DET
fbem-28274	128	2	average	average	ADJ
fbem-28274	128	3	tangibility	tangibility	NOUN
fbem-28274	128	4	is	be	AUX
fbem-28274	128	5	0.21	0.21	NUM
fbem-28274	128	6	,	,	PUNCT
fbem-28274	128	7	the	the	DET
fbem-28274	128	8	standard	standard	ADJ
fbem-28274	128	9	deviation	deviation	NOUN
fbem-28274	128	10	of	of	ADP
fbem-28274	128	11	tangibility	tangibility	NOUN
fbem-28274	128	12	is	be	AUX
fbem-28274	128	13	0.168	0.168	NUM
fbem-28274	128	14	.	.	PUNCT
fbem-28274	129	1	and	and	CCONJ
fbem-28274	129	2	the	the	DET
fbem-28274	129	3	maximum	maximum	ADJ
fbem-28274	129	4	tangibility	tangibility	NOUN
fbem-28274	129	5	value	value	NOUN
fbem-28274	129	6	is	be	AUX
fbem-28274	129	7	0.948	0.948	NUM
fbem-28274	129	8	,	,	PUNCT
fbem-28274	129	9	which	which	PRON
fbem-28274	129	10	the	the	DET
fbem-28274	129	11	minimum	minimum	ADJ
fbem-28274	129	12	value	value	NOUN
fbem-28274	129	13	is	be	AUX
fbem-28274	129	14	0.00001	0.00001	NUM
fbem-28274	129	15	.	.	PUNCT
fbem-28274	130	1	the	the	DET
fbem-28274	130	2	average	average	ADJ
fbem-28274	130	3	net_pro	net_pro	NOUN
fbem-28274	130	4	is	be	AUX
fbem-28274	130	5	0.278	0.278	NUM
fbem-28274	130	6	.	.	PUNCT
fbem-28274	131	1	the	the	DET
fbem-28274	131	2	standard	standard	ADJ
fbem-28274	131	3	deviation	deviation	NOUN
fbem-28274	131	4	of	of	ADP
fbem-28274	131	5	net_pro	net_pro	ADJ
fbem-28274	131	6	is	be	AUX
fbem-28274	131	7	0.18.the	0.18.the	DET
fbem-28274	131	8	maximum	maximum	ADJ
fbem-28274	131	9	value	value	NOUN
fbem-28274	131	10	of	of	ADP
fbem-28274	131	11	net_pro	net_pro	ADJ
fbem-28274	131	12	is	be	AUX
fbem-28274	131	13	1.154,and	1.154,and	NUM
fbem-28274	131	14	the	the	DET
fbem-28274	131	15	minimum	minimum	ADJ
fbem-28274	131	16	value	value	NOUN
fbem-28274	131	17	is	be	AUX
fbem-28274	131	18	-1.011	-1.011	NOUN
fbem-28274	131	19	.	.	PUNCT
fbem-28274	132	1	the	the	DET
fbem-28274	132	2	average	average	ADJ
fbem-28274	132	3	level	level	NOUN
fbem-28274	132	4	of	of	ADP
fbem-28274	132	5	cpi	cpi	NOUN
fbem-28274	132	6	is	be	AUX
fbem-28274	132	7	102.3,which	102.3,which	PROPN
fbem-28274	132	8	the	the	DET
fbem-28274	132	9	standard	standard	ADJ
fbem-28274	132	10	deviation	deviation	NOUN
fbem-28274	132	11	is	be	AUX
fbem-28274	132	12	0.987.the	0.987.the	DET
fbem-28274	132	13	maximum	maximum	ADJ
fbem-28274	132	14	value	value	NOUN
fbem-28274	132	15	of	of	ADP
fbem-28274	132	16	cpi	cpi	PROPN
fbem-28274	132	17	is	be	AUX
fbem-28274	132	18	113.3,and	113.3,and	NUM
fbem-28274	132	19	the	the	DET
fbem-28274	132	20	minimum	minimum	ADJ
fbem-28274	132	21	value	value	NOUN
fbem-28274	132	22	of	of	ADP
fbem-28274	132	23	it	it	PRON
fbem-28274	132	24	is	be	AUX
fbem-28274	132	25	95.moreover	95.moreover	NUM
fbem-28274	132	26	,	,	PUNCT
fbem-28274	132	27	the	the	DET
fbem-28274	132	28	average	average	NOUN
fbem-28274	132	29	of	of	ADP
fbem-28274	132	30	unemployment	unemployment	NOUN
fbem-28274	132	31	is	be	AUX
fbem-28274	132	32	2.782.the	2.782.the	DET
fbem-28274	132	33	standard	standard	ADJ
fbem-28274	132	34	deviation	deviation	NOUN
fbem-28274	132	35	of	of	ADP
fbem-28274	132	36	the	the	DET
fbem-28274	132	37	unemployment	unemployment	NOUN
fbem-28274	132	38	is	be	AUX
fbem-28274	132	39	0.77,which	0.77,which	ADP
fbem-28274	132	40	the	the	DET
fbem-28274	132	41	maximum	maximum	ADJ
fbem-28274	132	42	value	value	NOUN
fbem-28274	132	43	is	be	AUX
fbem-28274	132	44	4.9	4.9	NUM
fbem-28274	132	45	and	and	CCONJ
fbem-28274	132	46	the	the	DET
fbem-28274	132	47	minimum	minimum	ADJ
fbem-28274	132	48	value	value	NOUN
fbem-28274	132	49	is	be	AUX
fbem-28274	132	50	0.9.finally	0.9.finally	ADV
fbem-28274	132	51	,	,	PUNCT
fbem-28274	132	52	the	the	DET
fbem-28274	132	53	average	average	ADJ
fbem-28274	132	54	lnper_gdp	lnper_gdp	NUM
fbem-28274	132	55	is	be	AUX
fbem-28274	132	56	2.168.the	2.168.the	NUM
fbem-28274	132	57	standard	standard	ADJ
fbem-28274	132	58	deviation	deviation	NOUN
fbem-28274	132	59	of	of	ADP
fbem-28274	132	60	it	it	PRON
fbem-28274	132	61	is	be	AUX
fbem-28274	132	62	0.579.the	0.579.the	DET
fbem-28274	132	63	maximum	maximum	ADJ
fbem-28274	132	64	value	value	NOUN
fbem-28274	132	65	of	of	ADP
fbem-28274	132	66	lnper_gdp	lnper_gdp	PROPN
fbem-28274	132	67	is	be	AUX
fbem-28274	132	68	3.845,and	3.845,and	NUM
fbem-28274	132	69	the	the	DET
fbem-28274	132	70	minimum	minimum	ADJ
fbem-28274	132	71	value	value	NOUN
fbem-28274	132	72	is	be	AUX
fbem-28274	132	73	0.00896	0.00896	NUM
fbem-28274	132	74	.	.	PUNCT
fbem-28274	133	1	5	5	NUM
fbem-28274	133	2	.	.	PUNCT
fbem-28274	133	3	empirical	empirical	ADJ
fbem-28274	133	4	results	result	NOUN
fbem-28274	133	5	5.1	5.1	NUM
fbem-28274	133	6	.	.	PUNCT
fbem-28274	134	1	main	main	ADJ
fbem-28274	134	2	results	result	NOUN
fbem-28274	134	3	in	in	ADP
fbem-28274	134	4	this	this	DET
fbem-28274	134	5	paper	paper	NOUN
fbem-28274	134	6	,	,	PUNCT
fbem-28274	134	7	we	we	PRON
fbem-28274	134	8	want	want	VERB
fbem-28274	134	9	to	to	PART
fbem-28274	134	10	study	study	VERB
fbem-28274	134	11	the	the	DET
fbem-28274	134	12	impact	impact	NOUN
fbem-28274	134	13	effect	effect	NOUN
fbem-28274	134	14	of	of	ADP
fbem-28274	134	15	high	high	ADJ
fbem-28274	134	16	government	government	NOUN
fbem-28274	134	17	leverage	leverage	NOUN
fbem-28274	134	18	and	and	CCONJ
fbem-28274	134	19	high	high	ADJ
fbem-28274	134	20	corporate	corporate	ADJ
fbem-28274	134	21	leverage	leverage	NOUN
fbem-28274	134	22	,	,	PUNCT
fbem-28274	134	23	and	and	CCONJ
fbem-28274	134	24	use	use	VERB
fbem-28274	134	25	a	a	DET
fbem-28274	134	26	double	double	ADJ
fbem-28274	134	27	fixed	fix	VERB
fbem-28274	134	28	effects	effect	NOUN
fbem-28274	134	29	template	template	NOUN
fbem-28274	134	30	for	for	ADP
fbem-28274	134	31	regression	regression	NOUN
fbem-28274	134	32	estimation	estimation	NOUN
fbem-28274	134	33	according	accord	VERB
fbem-28274	134	34	to	to	ADP
fbem-28274	134	35	equation	equation	NOUN
fbem-28274	134	36	1	1	NUM
fbem-28274	134	37	,	,	PUNCT
fbem-28274	134	38	and	and	CCONJ
fbem-28274	134	39	analyze	analyze	VERB
fbem-28274	134	40	the	the	DET
fbem-28274	134	41	regression	regression	NOUN
fbem-28274	134	42	results	result	NOUN
fbem-28274	134	43	by	by	ADP
fbem-28274	134	44	observing	observe	VERB
fbem-28274	134	45	corporate	corporate	ADJ
fbem-28274	134	46	leverage	leverage	NOUN
fbem-28274	134	47	to	to	PART
fbem-28274	134	48	determine	determine	VERB
fbem-28274	134	49	whether	whether	SCONJ
fbem-28274	134	50	there	there	PRON
fbem-28274	134	51	is	be	VERB
fbem-28274	134	52	a	a	DET
fbem-28274	134	53	crowding	crowd	VERB
fbem-28274	134	54	-	-	PUNCT
fbem-28274	134	55	in	in	ADP
fbem-28274	134	56	or	or	CCONJ
fbem-28274	134	57	crowding	crowd	VERB
fbem-28274	134	58	-	-	PUNCT
fbem-28274	134	59	out	out	ADP
fbem-28274	134	60	effect	effect	NOUN
fbem-28274	134	61	between	between	ADP
fbem-28274	134	62	high	high	ADJ
fbem-28274	134	63	government	government	NOUN
fbem-28274	134	64	leverage	leverage	NOUN
fbem-28274	134	65	and	and	CCONJ
fbem-28274	134	66	high	high	ADJ
fbem-28274	134	67	corporate	corporate	ADJ
fbem-28274	134	68	leverage	leverage	NOUN
fbem-28274	134	69	.	.	PUNCT
fbem-28274	135	1	table	table	NOUN
fbem-28274	135	2	3	3	NUM
fbem-28274	135	3	.	.	PUNCT
fbem-28274	135	4	benchmark	benchmark	NOUN
fbem-28274	135	5	results	result	NOUN
fbem-28274	135	6	(	(	PUNCT
fbem-28274	135	7	1	1	NUM
fbem-28274	135	8	)	)	PUNCT
fbem-28274	135	9	(	(	PUNCT
fbem-28274	135	10	2	2	NUM
fbem-28274	135	11	)	)	PUNCT
fbem-28274	135	12	(	(	PUNCT
fbem-28274	135	13	3	3	X
fbem-28274	135	14	)	)	PUNCT
fbem-28274	135	15	leverage	leverage	NOUN
fbem-28274	135	16	leverage	leverage	NOUN
fbem-28274	135	17	leverage	leverage	NOUN
fbem-28274	135	18	gov_debt	gov_debt	X
fbem-28274	135	19	(	(	PUNCT
fbem-28274	135	20	t-1	t-1	PROPN
fbem-28274	135	21	)	)	PUNCT
fbem-28274	135	22	-0.136	-0.136	PUNCT
fbem-28274	136	1	*	*	PUNCT
fbem-28274	136	2	*	*	PUNCT
fbem-28274	136	3	-0.149	-0.149	PUNCT
fbem-28274	136	4	*	*	PUNCT
fbem-28274	136	5	*	*	PUNCT
fbem-28274	136	6	*	*	PUNCT
fbem-28274	136	7	-0.150	-0.150	PUNCT
fbem-28274	137	1	*	*	PUNCT
fbem-28274	137	2	*	*	PUNCT
fbem-28274	137	3	*	*	PUNCT
fbem-28274	137	4	(	(	PUNCT
fbem-28274	137	5	0.056	0.056	NUM
fbem-28274	137	6	)	)	PUNCT
fbem-28274	137	7	(	(	PUNCT
fbem-28274	137	8	0.053	0.053	NUM
fbem-28274	137	9	)	)	PUNCT
fbem-28274	137	10	(	(	PUNCT
fbem-28274	137	11	0.054	0.054	NUM
fbem-28274	137	12	)	)	PUNCT
fbem-28274	137	13	tangibility	tangibility	NOUN
fbem-28274	137	14	(	(	PUNCT
fbem-28274	137	15	t-1	t-1	PROPN
fbem-28274	137	16	)	)	PUNCT
fbem-28274	137	17	-0.113	-0.113	NOUN
fbem-28274	137	18	*	*	PUNCT
fbem-28274	137	19	*	*	PUNCT
fbem-28274	137	20	*	*	PUNCT
fbem-28274	137	21	-0.113	-0.113	NOUN
fbem-28274	137	22	*	*	PUNCT
fbem-28274	137	23	*	*	PUNCT
fbem-28274	137	24	*	*	PUNCT
fbem-28274	137	25	(	(	PUNCT
fbem-28274	137	26	0.016	0.016	NUM
fbem-28274	137	27	)	)	PUNCT
fbem-28274	137	28	(	(	PUNCT
fbem-28274	137	29	0.016	0.016	NUM
fbem-28274	137	30	)	)	PUNCT
fbem-28274	137	31	size	size	NOUN
fbem-28274	137	32	(	(	PUNCT
fbem-28274	137	33	t-1	t-1	PROPN
fbem-28274	137	34	)	)	PUNCT
fbem-28274	137	35	0.004	0.004	NUM
fbem-28274	137	36	*	*	PUNCT
fbem-28274	137	37	*	*	PUNCT
fbem-28274	137	38	*	*	PUNCT
fbem-28274	137	39	0.004	0.004	NUM
fbem-28274	137	40	*	*	PUNCT
fbem-28274	137	41	*	*	PUNCT
fbem-28274	137	42	*	*	PUNCT
fbem-28274	137	43	(	(	PUNCT
fbem-28274	137	44	0.000	0.000	NUM
fbem-28274	137	45	)	)	PUNCT
fbem-28274	137	46	(	(	PUNCT
fbem-28274	137	47	0.000	0.000	X
fbem-28274	137	48	)	)	PUNCT
fbem-28274	137	49	net_pro	net_pro	PROPN
fbem-28274	137	50	(	(	PUNCT
fbem-28274	137	51	t-1	t-1	PROPN
fbem-28274	137	52	)	)	PUNCT
fbem-28274	137	53	-0.418	-0.418	NOUN
fbem-28274	137	54	*	*	PUNCT
fbem-28274	137	55	*	*	PUNCT
fbem-28274	137	56	*	*	PUNCT
fbem-28274	137	57	-0.418	-0.418	NOUN
fbem-28274	137	58	*	*	PUNCT
fbem-28274	137	59	*	*	PUNCT
fbem-28274	137	60	*	*	PUNCT
fbem-28274	137	61	(	(	PUNCT
fbem-28274	137	62	0.015	0.015	NUM
fbem-28274	137	63	)	)	PUNCT
fbem-28274	137	64	(	(	PUNCT
fbem-28274	137	65	0.015	0.015	NUM
fbem-28274	137	66	)	)	PUNCT
fbem-28274	137	67	lnper_gdp	lnper_gdp	PROPN
fbem-28274	137	68	(	(	PUNCT
fbem-28274	137	69	t-1	t-1	PROPN
fbem-28274	137	70	)	)	PUNCT
fbem-28274	137	71	-0.002	-0.002	PUNCT
fbem-28274	137	72	(	(	PUNCT
fbem-28274	137	73	0.012	0.012	NUM
fbem-28274	137	74	)	)	PUNCT
fbem-28274	137	75	unemployment	unemployment	NOUN
fbem-28274	137	76	(	(	PUNCT
fbem-28274	137	77	t-1	t-1	PROPN
fbem-28274	137	78	)	)	PUNCT
fbem-28274	137	79	-0.004	-0.004	PUNCT
fbem-28274	137	80	(	(	PUNCT
fbem-28274	137	81	0.009	0.009	NUM
fbem-28274	137	82	)	)	PUNCT
fbem-28274	137	83	cpi	cpi	PROPN
fbem-28274	137	84	(	(	PUNCT
fbem-28274	137	85	t-1	t-1	PROPN
fbem-28274	137	86	)	)	PUNCT
fbem-28274	137	87	-0.002	-0.002	PUNCT
fbem-28274	137	88	(	(	PUNCT
fbem-28274	137	89	0.002	0.002	NUM
fbem-28274	137	90	)	)	PUNCT
fbem-28274	138	1	_	_	NOUN
fbem-28274	138	2	cons	con	NOUN
fbem-28274	138	3	0.461	0.461	NOUN
fbem-28274	138	4	*	*	PUNCT
fbem-28274	138	5	*	*	PUNCT
fbem-28274	138	6	*	*	PUNCT
fbem-28274	138	7	0.593	0.593	NUM
fbem-28274	138	8	*	*	PUNCT
fbem-28274	138	9	*	*	PUNCT
fbem-28274	138	10	*	*	PUNCT
fbem-28274	138	11	0.794	0.794	NUM
fbem-28274	138	12	*	*	PUNCT
fbem-28274	138	13	*	*	PUNCT
fbem-28274	138	14	*	*	PUNCT
fbem-28274	138	15	(	(	PUNCT
fbem-28274	138	16	0.007	0.007	NUM
fbem-28274	138	17	)	)	PUNCT
fbem-28274	138	18	(	(	PUNCT
fbem-28274	138	19	0.009	0.009	NUM
fbem-28274	138	20	)	)	PUNCT
fbem-28274	138	21	(	(	PUNCT
fbem-28274	138	22	0.251	0.251	NUM
fbem-28274	138	23	)	)	PUNCT
fbem-28274	138	24	individual	individual	ADJ
fbem-28274	138	25	fe	fe	INTJ
fbem-28274	139	1	yes	yes	INTJ
fbem-28274	139	2	yes	yes	INTJ
fbem-28274	139	3	yes	yes	INTJ
fbem-28274	139	4	time	time	NOUN
fbem-28274	139	5	fe	fe	INTJ
fbem-28274	140	1	yes	yes	INTJ
fbem-28274	140	2	yes	yes	INTJ
fbem-28274	141	1	yes	yes	INTJ
fbem-28274	142	1	n	n	ADV
fbem-28274	142	2	7728	7728	NUM
fbem-28274	142	3	7728	7728	NUM
fbem-28274	142	4	7728	7728	NUM
fbem-28274	142	5	r2	r2	NOUN
fbem-28274	143	1	0.101	0.101	NUM
fbem-28274	143	2	0.245	0.245	NUM
fbem-28274	143	3	0.245	0.245	NUM
fbem-28274	143	4	f	f	PROPN
fbem-28274	143	5	5.850	5.850	NUM
fbem-28274	143	6	258.065	258.065	NUM
fbem-28274	143	7	150.503	150.503	NUM
fbem-28274	143	8	note	note	NOUN
fbem-28274	143	9	:	:	PUNCT
fbem-28274	143	10	standard	standard	ADJ
fbem-28274	143	11	errors	error	NOUN
fbem-28274	143	12	in	in	ADP
fbem-28274	143	13	parentheses	parenthesis	NOUN
fbem-28274	143	14	.	.	PUNCT
fbem-28274	144	1	*	*	PUNCT
fbem-28274	144	2	,	,	PUNCT
fbem-28274	144	3	*	*	PUNCT
fbem-28274	144	4	*	*	PUNCT
fbem-28274	144	5	,	,	PUNCT
fbem-28274	144	6	*	*	PUNCT
fbem-28274	144	7	*	*	PUNCT
fbem-28274	144	8	*	*	NOUN
fbem-28274	144	9	.	.	PUNCT
fbem-28274	144	10	table	table	NOUN
fbem-28274	144	11	3	3	NUM
fbem-28274	144	12	reports	report	VERB
fbem-28274	144	13	the	the	DET
fbem-28274	144	14	regression	regression	NOUN
fbem-28274	144	15	results	result	NOUN
fbem-28274	144	16	of	of	ADP
fbem-28274	144	17	the	the	DET
fbem-28274	144	18	data	datum	NOUN
fbem-28274	144	19	on	on	ADP
fbem-28274	144	20	the	the	DET
fbem-28274	144	21	effect	effect	NOUN
fbem-28274	144	22	of	of	ADP
fbem-28274	144	23	local	local	ADJ
fbem-28274	144	24	government	government	NOUN
fbem-28274	144	25	debt	debt	NOUN
fbem-28274	144	26	on	on	ADP
fbem-28274	144	27	corporate	corporate	ADJ
fbem-28274	144	28	leverage	leverage	NOUN
fbem-28274	144	29	:	:	PUNCT
fbem-28274	144	30	column	column	NOUN
fbem-28274	144	31	1	1	NUM
fbem-28274	144	32	is	be	AUX
fbem-28274	144	33	the	the	DET
fbem-28274	144	34	regression	regression	NOUN
fbem-28274	144	35	result	result	NOUN
fbem-28274	144	36	without	without	ADP
fbem-28274	144	37	adding	add	VERB
fbem-28274	144	38	control	control	NOUN
fbem-28274	144	39	variables	variable	NOUN
fbem-28274	144	40	,	,	PUNCT
fbem-28274	144	41	and	and	CCONJ
fbem-28274	144	42	we	we	PRON
fbem-28274	144	43	can	can	AUX
fbem-28274	144	44	see	see	VERB
fbem-28274	144	45	that	that	SCONJ
fbem-28274	144	46	the	the	DET
fbem-28274	144	47	coefficient	coefficient	NOUN
fbem-28274	144	48	-0.136	-0.136	PUNCT
fbem-28274	144	49	is	be	AUX
fbem-28274	144	50	significant	significant	ADJ
fbem-28274	144	51	at	at	ADP
fbem-28274	144	52	the	the	DET
fbem-28274	144	53	5	5	NUM
fbem-28274	144	54	%	%	NOUN
fbem-28274	144	55	level	level	NOUN
fbem-28274	144	56	,	,	PUNCT
fbem-28274	144	57	concluding	conclude	VERB
fbem-28274	144	58	that	that	SCONJ
fbem-28274	144	59	the	the	DET
fbem-28274	144	60	relationship	relationship	NOUN
fbem-28274	144	61	between	between	ADP
fbem-28274	144	62	local	local	ADJ
fbem-28274	144	63	government	government	NOUN
fbem-28274	144	64	debt	debt	NOUN
fbem-28274	144	65	and	and	CCONJ
fbem-28274	144	66	corporate	corporate	ADJ
fbem-28274	144	67	leverage	leverage	NOUN
fbem-28274	144	68	is	be	AUX
fbem-28274	144	69	negative	negative	ADJ
fbem-28274	144	70	and	and	CCONJ
fbem-28274	144	71	generates	generate	VERB
fbem-28274	144	72	a	a	DET
fbem-28274	144	73	crowding	crowd	VERB
fbem-28274	144	74	-	-	PUNCT
fbem-28274	144	75	out	out	ADP
fbem-28274	144	76	effect	effect	NOUN
fbem-28274	144	77	,	,	PUNCT
fbem-28274	144	78	with	with	ADP
fbem-28274	144	79	each	each	DET
fbem-28274	144	80	percentage	percentage	NOUN
fbem-28274	144	81	point	point	NOUN
fbem-28274	144	82	increase	increase	NOUN
fbem-28274	144	83	in	in	ADP
fbem-28274	144	84	local	local	ADJ
fbem-28274	144	85	government	government	NOUN
fbem-28274	144	86	debt	debt	NOUN
fbem-28274	144	87	decreasing	decrease	VERB
fbem-28274	144	88	corporate	corporate	ADJ
fbem-28274	144	89	leverage	leverage	NOUN
fbem-28274	144	90	by	by	ADP
fbem-28274	144	91	13.6	13.6	NUM
fbem-28274	144	92	%	%	NOUN
fbem-28274	144	93	.	.	PUNCT
fbem-28274	145	1	column	column	NOUN
fbem-28274	145	2	2	2	NUM
fbem-28274	145	3	adds	add	VERB
fbem-28274	145	4	micro	micro	ADJ
fbem-28274	145	5	firm	firm	ADJ
fbem-28274	145	6	-	-	PUNCT
fbem-28274	145	7	level	level	NOUN
fbem-28274	145	8	control	control	NOUN
fbem-28274	145	9	variables	variable	NOUN
fbem-28274	145	10	,	,	PUNCT
fbem-28274	145	11	and	and	CCONJ
fbem-28274	145	12	the	the	DET
fbem-28274	145	13	final	final	ADJ
fbem-28274	145	14	regression	regression	NOUN
fbem-28274	145	15	comes	come	VERB
fbem-28274	145	16	out	out	ADP
fbem-28274	145	17	to	to	PART
fbem-28274	145	18	be	be	AUX
fbem-28274	145	19	significant	significant	ADJ
fbem-28274	145	20	at	at	ADP
fbem-28274	145	21	1	1	NUM
fbem-28274	145	22	%	%	NOUN
fbem-28274	145	23	with	with	ADP
fbem-28274	145	24	a	a	DET
fbem-28274	145	25	coefficient	coefficient	NOUN
fbem-28274	145	26	of	of	ADP
fbem-28274	145	27	-0.149	-0.149	PROPN
fbem-28274	145	28	,	,	PUNCT
fbem-28274	145	29	where	where	SCONJ
fbem-28274	145	30	each	each	DET
fbem-28274	145	31	percentage	percentage	NOUN
fbem-28274	145	32	point	point	NOUN
fbem-28274	145	33	increase	increase	NOUN
fbem-28274	145	34	in	in	ADP
fbem-28274	145	35	local	local	ADJ
fbem-28274	145	36	government	government	NOUN
fbem-28274	145	37	debt	debt	NOUN
fbem-28274	145	38	decreases	decrease	VERB
fbem-28274	145	39	firm	firm	ADJ
fbem-28274	145	40	leverage	leverage	NOUN
fbem-28274	145	41	by	by	ADP
fbem-28274	145	42	14.9	14.9	NUM
fbem-28274	145	43	%	%	NOUN
fbem-28274	145	44	,	,	PUNCT
fbem-28274	145	45	and	and	CCONJ
fbem-28274	145	46	the	the	DET
fbem-28274	145	47	crowding	crowd	VERB
fbem-28274	145	48	out	out	ADP
fbem-28274	145	49	effect	effect	NOUN
fbem-28274	145	50	is	be	AUX
fbem-28274	145	51	even	even	ADV
fbem-28274	145	52	more	more	ADV
fbem-28274	145	53	pronounced	pronounced	ADJ
fbem-28274	145	54	.	.	PUNCT
fbem-28274	146	1	column	column	NOUN
fbem-28274	146	2	3	3	NUM
fbem-28274	146	3	adds	add	VERB
fbem-28274	146	4	the	the	DET
fbem-28274	146	5	macrolevel	macrolevel	NOUN
fbem-28274	146	6	control	control	NOUN
fbem-28274	146	7	variables	variable	NOUN
fbem-28274	146	8	and	and	CCONJ
fbem-28274	146	9	the	the	DET
fbem-28274	146	10	estimated	estimate	VERB
fbem-28274	146	11	coefficient	coefficient	NOUN
fbem-28274	146	12	is	be	AUX
fbem-28274	146	13	15	15	NUM
fbem-28274	146	14	%	%	NOUN
fbem-28274	146	15	,	,	PUNCT
fbem-28274	146	16	again	again	ADV
fbem-28274	146	17	significant	significant	ADJ
fbem-28274	146	18	at	at	ADP
fbem-28274	146	19	the	the	DET
fbem-28274	146	20	1	1	NUM
fbem-28274	146	21	%	%	NOUN
fbem-28274	146	22	level	level	NOUN
fbem-28274	146	23	,	,	PUNCT
fbem-28274	146	24	and	and	CCONJ
fbem-28274	146	25	for	for	ADP
fbem-28274	146	26	every	every	DET
fbem-28274	146	27	one	one	NUM
fbem-28274	146	28	percentage	percentage	NOUN
fbem-28274	146	29	point	point	NOUN
fbem-28274	146	30	increase	increase	NOUN
fbem-28274	146	31	,	,	PUNCT
fbem-28274	146	32	the	the	DET
fbem-28274	146	33	corporate	corporate	ADJ
fbem-28274	146	34	market	market	NOUN
fbem-28274	146	35	leverage	leverage	NOUN
fbem-28274	146	36	decreases	decrease	VERB
fbem-28274	146	37	by	by	ADP
fbem-28274	146	38	15	15	NUM
fbem-28274	146	39	%	%	NOUN
fbem-28274	146	40	.	.	PUNCT
fbem-28274	147	1	this	this	PRON
fbem-28274	147	2	indicates	indicate	VERB
fbem-28274	147	3	that	that	SCONJ
fbem-28274	147	4	the	the	PRON
fbem-28274	147	5	larger	large	ADJ
fbem-28274	147	6	the	the	DET
fbem-28274	147	7	size	size	NOUN
fbem-28274	147	8	of	of	ADP
fbem-28274	147	9	government	government	NOUN
fbem-28274	147	10	debt	debt	NOUN
fbem-28274	147	11	,	,	PUNCT
fbem-28274	147	12	the	the	PRON
fbem-28274	147	13	lower	low	ADJ
fbem-28274	147	14	the	the	DET
fbem-28274	147	15	market	market	NOUN
fbem-28274	147	16	leverage	leverage	NOUN
fbem-28274	147	17	of	of	ADP
fbem-28274	147	18	firms	firm	NOUN
fbem-28274	147	19	,	,	PUNCT
fbem-28274	147	20	i.e.	i.e.	X
fbem-28274	147	21	,	,	PUNCT
fbem-28274	147	22	government	government	NOUN
fbem-28274	147	23	debt	debt	NOUN
fbem-28274	147	24	has	have	AUX
fbem-28274	147	25	crowding	crowd	VERB
fbem-28274	147	26	-	-	PUNCT
fbem-28274	147	27	out	out	ADP
fbem-28274	147	28	effect	effect	NOUN
fbem-28274	147	29	on	on	ADP
fbem-28274	147	30	the	the	DET
fbem-28274	147	31	market	market	NOUN
fbem-28274	147	32	leverage	leverage	NOUN
fbem-28274	147	33	of	of	ADP
fbem-28274	147	34	firms	firm	NOUN
fbem-28274	147	35	,	,	PUNCT
fbem-28274	147	36	validating	validate	VERB
fbem-28274	147	37	the	the	DET
fbem-28274	147	38	previous	previous	ADJ
fbem-28274	147	39	hypothesis	hypothesis	NOUN
fbem-28274	147	40	.	.	PUNCT
fbem-28274	148	1	moreever	moreever	PROPN
fbem-28274	148	2	,	,	PUNCT
fbem-28274	148	3	different	different	ADJ
fbem-28274	148	4	industries	industry	NOUN
fbem-28274	148	5	are	be	AUX
fbem-28274	148	6	affected	affect	VERB
fbem-28274	148	7	by	by	ADP
fbem-28274	148	8	government	government	NOUN
fbem-28274	148	9	debt	debt	NOUN
fbem-28274	148	10	raising	raise	VERB
fbem-28274	148	11	differently	differently	ADV
fbem-28274	148	12	depending	depend	VERB
fbem-28274	148	13	on	on	ADP
fbem-28274	148	14	the	the	DET
fbem-28274	148	15	nature	nature	NOUN
fbem-28274	148	16	of	of	ADP
fbem-28274	148	17	the	the	DET
fbem-28274	148	18	environment	environment	NOUN
fbem-28274	148	19	they	they	PRON
fbem-28274	148	20	are	be	AUX
fbem-28274	148	21	in	in	ADP
fbem-28274	148	22	,	,	PUNCT
fbem-28274	148	23	policies	policy	NOUN
fbem-28274	148	24	,	,	PUNCT
fbem-28274	148	25	and	and	CCONJ
fbem-28274	148	26	industry	industry	NOUN
fbem-28274	148	27	characteristics	characteristic	NOUN
fbem-28274	148	28	.	.	PUNCT
fbem-28274	149	1	we	we	PRON
fbem-28274	149	2	divide	divide	VERB
fbem-28274	149	3	the	the	DET
fbem-28274	149	4	industries	industry	NOUN
fbem-28274	149	5	in	in	ADP
fbem-28274	149	6	which	which	PRON
fbem-28274	149	7	the	the	DET
fbem-28274	149	8	enterprises	enterprise	NOUN
fbem-28274	149	9	are	be	AUX
fbem-28274	149	10	located	locate	VERB
fbem-28274	149	11	according	accord	VERB
fbem-28274	149	12	to	to	ADP
fbem-28274	149	13	2012	2012	NUM
fbem-28274	149	14	edition	edition	NOUN
fbem-28274	149	15	sec	sec	PROPN
fbem-28274	149	16	industry	industry	NOUN
fbem-28274	149	17	classification	classification	NOUN
fbem-28274	149	18	in	in	ADP
fbem-28274	149	19	csmar	csmar	PROPN
fbem-28274	149	20	,	,	PUNCT
fbem-28274	149	21	excluding	exclude	VERB
fbem-28274	149	22	financial	financial	ADJ
fbem-28274	149	23	enterprises	enterprise	NOUN
fbem-28274	149	24	in	in	ADP
fbem-28274	149	25	the	the	DET
fbem-28274	149	26	sample	sample	NOUN
fbem-28274	149	27	screening	screening	NOUN
fbem-28274	149	28	,	,	PUNCT
fbem-28274	149	29	so	so	CCONJ
fbem-28274	149	30	the	the	DET
fbem-28274	149	31	industries	industry	NOUN
fbem-28274	149	32	involved	involve	VERB
fbem-28274	149	33	in	in	ADP
fbem-28274	149	34	the	the	DET
fbem-28274	149	35	sample	sample	NOUN
fbem-28274	149	36	are	be	AUX
fbem-28274	149	37	the	the	DET
fbem-28274	149	38	public	public	ADJ
fbem-28274	149	39	utilities	utility	NOUN
fbem-28274	149	40	sector	sector	NOUN
fbem-28274	149	41	,	,	PUNCT
fbem-28274	149	42	the	the	DET
fbem-28274	149	43	real	real	ADJ
fbem-28274	149	44	estate	estate	NOUN
fbem-28274	149	45	sector	sector	NOUN
fbem-28274	149	46	,	,	PUNCT
fbem-28274	149	47	the	the	DET
fbem-28274	149	48	industrial	industrial	ADJ
fbem-28274	149	49	sector	sector	NOUN
fbem-28274	149	50	,	,	PUNCT
fbem-28274	149	51	the	the	DET
fbem-28274	149	52	commercial	commercial	ADJ
fbem-28274	149	53	sector	sector	NOUN
fbem-28274	149	54	,	,	PUNCT
fbem-28274	149	55	and	and	CCONJ
fbem-28274	149	56	the	the	DET
fbem-28274	149	57	conglomerates	conglomerate	NOUN
fbem-28274	149	58	sector	sector	NOUN
fbem-28274	149	59	,	,	PUNCT
fbem-28274	149	60	and	and	CCONJ
fbem-28274	149	61	we	we	PRON
fbem-28274	149	62	divide	divide	VERB
fbem-28274	149	63	the	the	DET
fbem-28274	149	64	sample	sample	NOUN
fbem-28274	149	65	into	into	ADP
fbem-28274	149	66	five	five	NUM
fbem-28274	149	67	groups	group	NOUN
fbem-28274	149	68	to	to	PART
fbem-28274	149	69	conduct	conduct	VERB
fbem-28274	149	70	regressions	regression	NOUN
fbem-28274	149	71	separately	separately	ADV
fbem-28274	149	72	to	to	PART
fbem-28274	149	73	obtain	obtain	VERB
fbem-28274	149	74	table	table	NOUN
fbem-28274	149	75	4	4	NUM
fbem-28274	149	76	.	.	PUNCT
fbem-28274	149	77	table	table	NOUN
fbem-28274	149	78	4	4	NUM
fbem-28274	149	79	column	column	NOUN
fbem-28274	149	80	1	1	NUM
fbem-28274	149	81	in	in	ADP
fbem-28274	149	82	order	order	NOUN
fbem-28274	149	83	is	be	AUX
fbem-28274	149	84	public	public	ADJ
fbem-28274	149	85	utilities	utility	NOUN
fbem-28274	149	86	,	,	PUNCT
fbem-28274	149	87	column	column	NOUN
fbem-28274	149	88	2	2	NUM
fbem-28274	149	89	is	be	AUX
fbem-28274	149	90	real	real	ADJ
fbem-28274	149	91	estate	estate	NOUN
fbem-28274	149	92	,	,	PUNCT
fbem-28274	149	93	column	column	NOUN
fbem-28274	149	94	3	3	NUM
fbem-28274	149	95	is	be	AUX
fbem-28274	149	96	comprehensive	comprehensive	ADJ
fbem-28274	149	97	industry	industry	NOUN
fbem-28274	149	98	,	,	PUNCT
fbem-28274	149	99	column	column	NOUN
fbem-28274	149	100	4	4	NUM
fbem-28274	149	101	is	be	AUX
fbem-28274	149	102	industrial	industrial	ADJ
fbem-28274	149	103	sector	sector	NOUN
fbem-28274	149	104	,	,	PUNCT
fbem-28274	149	105	and	and	CCONJ
fbem-28274	149	106	column	column	NOUN
fbem-28274	149	107	5	5	NUM
fbem-28274	149	108	is	be	AUX
fbem-28274	149	109	business2	business2	X
fbem-28274	149	110	regression	regression	NOUN
fbem-28274	149	111	results	result	NOUN
fbem-28274	149	112	.	.	PUNCT
fbem-28274	150	1	the	the	DET
fbem-28274	150	2	results	result	NOUN
fbem-28274	150	3	reported	report	VERB
fbem-28274	150	4	that	that	SCONJ
fbem-28274	150	5	:	:	PUNCT
fbem-28274	150	6	the	the	DET
fbem-28274	150	7	local	local	ADJ
fbem-28274	150	8	government	government	NOUN
fbem-28274	150	9	debt	debt	NOUN
fbem-28274	150	10	has	have	VERB
fbem-28274	150	11	the	the	DET
fbem-28274	150	12	most	most	ADV
fbem-28274	150	13	significant	significant	ADJ
fbem-28274	150	14	crowding	crowd	VERB
fbem-28274	150	15	out	out	ADP
fbem-28274	150	16	effect	effect	NOUN
fbem-28274	150	17	on	on	ADP
fbem-28274	150	18	the	the	DET
fbem-28274	150	19	enterprises	enterprise	NOUN
fbem-28274	150	20	in	in	ADP
fbem-28274	150	21	the	the	DET
fbem-28274	150	22	industrial	industrial	ADJ
fbem-28274	150	23	sector	sector	NOUN
fbem-28274	150	24	,	,	PUNCT
fbem-28274	150	25	the	the	DET
fbem-28274	150	26	reason	reason	NOUN
fbem-28274	150	27	is	be	AUX
fbem-28274	150	28	that	that	SCONJ
fbem-28274	150	29	industrial	industrial	ADJ
fbem-28274	150	30	enterprises	enterprise	NOUN
fbem-28274	150	31	will	will	AUX
fbem-28274	150	32	undertake	undertake	VERB
fbem-28274	150	33	more	more	ADJ
fbem-28274	150	34	research	research	NOUN
fbem-28274	150	35	and	and	CCONJ
fbem-28274	150	36	development	development	NOUN
fbem-28274	150	37	,	,	PUNCT
fbem-28274	150	38	the	the	DET
fbem-28274	150	39	most	most	ADV
fbem-28274	150	40	important	important	ADJ
fbem-28274	150	41	material	material	NOUN
fbem-28274	150	42	production	production	NOUN
fbem-28274	150	43	sector	sector	NOUN
fbem-28274	150	44	,	,	PUNCT
fbem-28274	150	45	providing	provide	VERB
fbem-28274	150	46	material	material	NOUN
fbem-28274	150	47	products	product	NOUN
fbem-28274	150	48	for	for	ADP
fbem-28274	150	49	the	the	DET
fbem-28274	150	50	life	life	NOUN
fbem-28274	150	51	of	of	ADP
fbem-28274	150	52	the	the	DET
fbem-28274	150	53	population	population	NOUN
fbem-28274	150	54	and	and	CCONJ
fbem-28274	150	55	economic	economic	ADJ
fbem-28274	150	56	activities	activity	NOUN
fbem-28274	150	57	of	of	ADP
fbem-28274	150	58	various	various	ADJ
fbem-28274	150	59	industries	industry	NOUN
fbem-28274	150	60	,	,	PUNCT
fbem-28274	150	61	this	this	DET
fbem-28274	150	62	important	important	ADJ
fbem-28274	150	63	role	role	NOUN
fbem-28274	150	64	is	be	AUX
fbem-28274	150	65	irreplaceable	irreplaceable	ADJ
fbem-28274	150	66	by	by	ADP
fbem-28274	150	67	any	any	DET
fbem-28274	150	68	other	other	ADJ
fbem-28274	150	69	industrial	industrial	ADJ
fbem-28274	150	70	sector	sector	NOUN
fbem-28274	150	71	.	.	PUNCT
fbem-28274	151	1	industry	industry	NOUN
fbem-28274	151	2	is	be	AUX
fbem-28274	151	3	the	the	DET
fbem-28274	151	4	industrial	industrial	ADJ
fbem-28274	151	5	sector	sector	NOUN
fbem-28274	151	6	with	with	ADP
fbem-28274	151	7	the	the	DET
fbem-28274	151	8	most	most	ADJ
fbem-28274	151	9	r&d	r&d	NOUN
fbem-28274	151	10	investment	investment	NOUN
fbem-28274	151	11	,	,	PUNCT
fbem-28274	151	12	the	the	DET
fbem-28274	151	13	most	most	ADV
fbem-28274	151	14	active	active	ADJ
fbem-28274	151	15	technological	technological	ADJ
fbem-28274	151	16	innovation	innovation	NOUN
fbem-28274	151	17	,	,	PUNCT
fbem-28274	151	18	and	and	CCONJ
fbem-28274	151	19	the	the	DET
fbem-28274	151	20	strongest	strong	ADJ
fbem-28274	151	21	radiation	radiation	NOUN
fbem-28274	151	22	drive	drive	NOUN
fbem-28274	151	23	,	,	PUNCT
fbem-28274	151	24	so	so	SCONJ
fbem-28274	151	25	the	the	DET
fbem-28274	151	26	relationship	relationship	NOUN
fbem-28274	151	27	between	between	ADP
fbem-28274	151	28	enterprises	enterprise	NOUN
fbem-28274	151	29	in	in	ADP
fbem-28274	151	30	the	the	DET
fbem-28274	151	31	industrial	industrial	ADJ
fbem-28274	151	32	sector	sector	NOUN
fbem-28274	151	33	and	and	CCONJ
fbem-28274	151	34	government	government	NOUN
fbem-28274	151	35	debt	debt	NOUN
fbem-28274	151	36	is	be	AUX
fbem-28274	151	37	the	the	DET
fbem-28274	151	38	closest	close	ADJ
fbem-28274	151	39	,	,	PUNCT
fbem-28274	151	40	and	and	CCONJ
fbem-28274	151	41	the	the	DET
fbem-28274	151	42	issuance	issuance	NOUN
fbem-28274	151	43	of	of	ADP
fbem-28274	151	44	government	government	NOUN
fbem-28274	151	45	debt	debt	NOUN
fbem-28274	151	46	will	will	AUX
fbem-28274	151	47	often	often	ADV
fbem-28274	151	48	become	become	VERB
fbem-28274	151	49	the	the	DET
fbem-28274	151	50	main	main	ADJ
fbem-28274	151	51	influence	influence	NOUN
fbem-28274	151	52	of	of	ADP
fbem-28274	151	53	the	the	DET
fbem-28274	151	54	industrial	industrial	ADJ
fbem-28274	151	55	sector	sector	NOUN
fbem-28274	151	56	,	,	PUNCT
fbem-28274	151	57	so	so	CCONJ
fbem-28274	151	58	the	the	DET
fbem-28274	151	59	crowding	crowd	VERB
fbem-28274	151	60	out	out	ADP
fbem-28274	151	61	effect	effect	NOUN
fbem-28274	151	62	is	be	AUX
fbem-28274	151	63	the	the	DET
fbem-28274	151	64	most	most	ADV
fbem-28274	151	65	obvious	obvious	ADJ
fbem-28274	151	66	.	.	PUNCT
fbem-28274	152	1	the	the	DET
fbem-28274	152	2	regression	regression	NOUN
fbem-28274	152	3	results	result	VERB
fbem-28274	152	4	for	for	ADP
fbem-28274	152	5	the	the	DET
fbem-28274	152	6	real	real	ADJ
fbem-28274	152	7	estate	estate	NOUN
fbem-28274	152	8	sector	sector	NOUN
fbem-28274	152	9	appear	appear	VERB
fbem-28274	152	10	in	in	ADP
fbem-28274	152	11	column	column	NOUN
fbem-28274	152	12	2	2	NUM
fbem-28274	152	13	of	of	ADP
fbem-28274	152	14	table	table	NOUN
fbem-28274	152	15	4	4	NUM
fbem-28274	152	16	are	be	AUX
fbem-28274	152	17	opposite	opposite	ADJ
fbem-28274	152	18	to	to	ADP
fbem-28274	152	19	those	those	PRON
fbem-28274	152	20	for	for	ADP
fbem-28274	152	21	other	other	ADJ
fbem-28274	152	22	industry	industry	NOUN
fbem-28274	152	23	types	type	NOUN
fbem-28274	152	24	.	.	PUNCT
fbem-28274	153	1	we	we	PRON
fbem-28274	153	2	believe	believe	VERB
fbem-28274	153	3	the	the	DET
fbem-28274	153	4	reason	reason	NOUN
fbem-28274	153	5	for	for	ADP
fbem-28274	153	6	this	this	PRON
fbem-28274	153	7	is	be	AUX
fbem-28274	153	8	that	that	SCONJ
fbem-28274	153	9	:	:	PUNCT
fbem-28274	153	10	this	this	PRON
fbem-28274	153	11	in	in	ADP
fbem-28274	153	12	turn	turn	NOUN
fbem-28274	153	13	may	may	AUX
fbem-28274	153	14	trigger	trigger	VERB
fbem-28274	153	15	potential	potential	ADJ
fbem-28274	153	16	risks	risk	NOUN
fbem-28274	153	17	such	such	ADJ
fbem-28274	153	18	as	as	ADP
fbem-28274	153	19	market	market	NOUN
fbem-28274	153	20	volatility	volatility	NOUN
fbem-28274	153	21	and	and	CCONJ
fbem-28274	153	22	credit	credit	NOUN
fbem-28274	153	23	rating	rating	NOUN
fbem-28274	153	24	downgrades	downgrade	NOUN
fbem-28274	153	25	,	,	PUNCT
fbem-28274	153	26	curbing	curb	VERB
fbem-28274	153	27	financing	financing	NOUN
fbem-28274	153	28	channels	channel	NOUN
fbem-28274	153	29	and	and	CCONJ
fbem-28274	153	30	raising	raise	VERB
fbem-28274	153	31	funding	funding	NOUN
fbem-28274	153	32	costs	cost	NOUN
fbem-28274	153	33	for	for	ADP
fbem-28274	153	34	local	local	ADJ
fbem-28274	153	35	governments	government	NOUN
fbem-28274	153	36	and	and	CCONJ
fbem-28274	153	37	real	real	ADJ
fbem-28274	153	38	estate	estate	NOUN
fbem-28274	153	39	enterprises	enterprise	NOUN
fbem-28274	153	40	,	,	PUNCT
fbem-28274	153	41	thereby	thereby	ADV
fbem-28274	153	42	exacerbating	exacerbate	VERB
fbem-28274	153	43	the	the	DET
fbem-28274	153	44	latter	latter	ADJ
fbem-28274	153	45	's	's	PART
fbem-28274	153	46	leverage	leverage	NOUN
fbem-28274	153	47	levels	level	NOUN
fbem-28274	153	48	.	.	PUNCT
fbem-28274	154	1	additionally	additionally	ADV
fbem-28274	154	2	,	,	PUNCT
fbem-28274	154	3	the	the	DET
fbem-28274	154	4	larger	large	ADJ
fbem-28274	154	5	debt	debt	NOUN
fbem-28274	154	6	issuance	issuance	NOUN
fbem-28274	154	7	may	may	AUX
fbem-28274	154	8	also	also	ADV
fbem-28274	154	9	shift	shift	VERB
fbem-28274	154	10	the	the	DET
fbem-28274	154	11	investment	investment	NOUN
fbem-28274	154	12	focus	focus	NOUN
fbem-28274	154	13	of	of	ADP
fbem-28274	154	14	banks	bank	NOUN
fbem-28274	154	15	and	and	CCONJ
fbem-28274	154	16	other	other	ADJ
fbem-28274	154	17	financial	financial	ADJ
fbem-28274	154	18	institutions	institution	NOUN
fbem-28274	154	19	towards	towards	ADP
fbem-28274	154	20	real	real	ADJ
fbem-28274	154	21	estate	estate	NOUN
fbem-28274	154	22	and	and	CCONJ
fbem-28274	154	23	property	property	NOUN
fbem-28274	154	24	developers	developer	NOUN
fbem-28274	154	25	as	as	ADP
fbem-28274	154	26	their	their	PRON
fbem-28274	154	27	preferred	preferred	ADJ
fbem-28274	154	28	lending	lending	NOUN
fbem-28274	154	29	targets	target	NOUN
fbem-28274	154	30	,	,	PUNCT
fbem-28274	154	31	potentially	potentially	ADV
fbem-28274	154	32	lifting	lift	VERB
fbem-28274	154	33	the	the	DET
fbem-28274	154	34	leverage	leverage	NOUN
fbem-28274	154	35	ratio	ratio	NOUN
fbem-28274	154	36	of	of	ADP
fbem-28274	154	37	the	the	DET
fbem-28274	154	38	real	real	ADJ
fbem-28274	154	39	estate	estate	NOUN
fbem-28274	154	40	industry	industry	NOUN
fbem-28274	154	41	.	.	PUNCT
fbem-28274	155	1	230	230	NUM
fbem-28274	155	2	table	table	NOUN
fbem-28274	155	3	4	4	NUM
fbem-28274	155	4	.	.	PUNCT
fbem-28274	155	5	benchmark	benchmark	NOUN
fbem-28274	155	6	resultⅱ	resultⅱ	PROPN
fbem-28274	155	7	public	public	ADJ
fbem-28274	155	8	utilities	utility	NOUN
fbem-28274	155	9	sector	sector	VERB
fbem-28274	155	10	real	real	ADJ
fbem-28274	155	11	estate	estate	NOUN
fbem-28274	155	12	sector	sector	NOUN
fbem-28274	155	13	comprehensive	comprehensive	ADJ
fbem-28274	155	14	sector	sector	NOUN
fbem-28274	155	15	industrial	industrial	ADJ
fbem-28274	155	16	sector	sector	NOUN
fbem-28274	155	17	business	business	NOUN
fbem-28274	155	18	gov_debt	gov_debt	NOUN
fbem-28274	155	19	(	(	PUNCT
fbem-28274	155	20	t-1	t-1	PROPN
fbem-28274	155	21	)	)	PUNCT
fbem-28274	155	22	-0.075	-0.075	VERB
fbem-28274	155	23	2.878	2.878	NUM
fbem-28274	155	24	*	*	PUNCT
fbem-28274	155	25	*	*	PUNCT
fbem-28274	155	26	*	*	X
fbem-28274	155	27	0.676	0.676	NUM
fbem-28274	155	28	-0.423	-0.423	NOUN
fbem-28274	155	29	*	*	PUNCT
fbem-28274	155	30	*	*	NOUN
fbem-28274	155	31	-0.196	-0.196	PROPN
fbem-28274	155	32	(	(	PUNCT
fbem-28274	155	33	0.174	0.174	NUM
fbem-28274	155	34	)	)	PUNCT
fbem-28274	155	35	(	(	PUNCT
fbem-28274	155	36	0.975	0.975	NUM
fbem-28274	155	37	)	)	PUNCT
fbem-28274	155	38	(	(	PUNCT
fbem-28274	155	39	0.477	0.477	NUM
fbem-28274	155	40	)	)	PUNCT
fbem-28274	155	41	(	(	PUNCT
fbem-28274	155	42	0.193	0.193	NUM
fbem-28274	155	43	)	)	PUNCT
fbem-28274	155	44	(	(	PUNCT
fbem-28274	155	45	0.409	0.409	NUM
fbem-28274	155	46	)	)	PUNCT
fbem-28274	155	47	tangibility	tangibility	NOUN
fbem-28274	155	48	(	(	PUNCT
fbem-28274	155	49	t-1	t-1	PROPN
fbem-28274	155	50	)	)	PUNCT
fbem-28274	155	51	-0.355	-0.355	PROPN
fbem-28274	155	52	*	*	PUNCT
fbem-28274	156	1	0.166	0.166	NUM
fbem-28274	156	2	-0.333	-0.333	NOUN
fbem-28274	156	3	*	*	PUNCT
fbem-28274	156	4	*	*	PUNCT
fbem-28274	156	5	*	*	PUNCT
fbem-28274	156	6	-0.254	-0.254	PUNCT
fbem-28274	156	7	*	*	PUNCT
fbem-28274	156	8	*	*	PUNCT
fbem-28274	156	9	*	*	PUNCT
fbem-28274	156	10	-0.124	-0.124	INTJ
fbem-28274	156	11	(	(	PUNCT
fbem-28274	156	12	0.191	0.191	NUM
fbem-28274	156	13	)	)	PUNCT
fbem-28274	156	14	(	(	PUNCT
fbem-28274	156	15	0.251	0.251	NUM
fbem-28274	156	16	)	)	PUNCT
fbem-28274	156	17	(	(	PUNCT
fbem-28274	156	18	0.104	0.104	NUM
fbem-28274	156	19	)	)	PUNCT
fbem-28274	156	20	(	(	PUNCT
fbem-28274	156	21	0.069	0.069	NUM
fbem-28274	156	22	)	)	PUNCT
fbem-28274	156	23	(	(	PUNCT
fbem-28274	156	24	0.172	0.172	NUM
fbem-28274	156	25	)	)	PUNCT
fbem-28274	156	26	size	size	NOUN
fbem-28274	156	27	(	(	PUNCT
fbem-28274	156	28	t-1	t-1	PROPN
fbem-28274	156	29	)	)	PUNCT
fbem-28274	156	30	0.002	0.002	NUM
fbem-28274	156	31	0.239	0.239	NUM
fbem-28274	156	32	*	*	PUNCT
fbem-28274	156	33	*	*	PUNCT
fbem-28274	156	34	*	*	PUNCT
fbem-28274	156	35	0.108	0.108	NUM
fbem-28274	156	36	*	*	PUNCT
fbem-28274	156	37	0.002	0.002	NUM
fbem-28274	156	38	*	*	PUNCT
fbem-28274	156	39	*	*	PUNCT
fbem-28274	156	40	*	*	PUNCT
fbem-28274	156	41	0.000	0.000	NUM
fbem-28274	156	42	(	(	PUNCT
fbem-28274	156	43	0.002	0.002	NUM
fbem-28274	156	44	)	)	PUNCT
fbem-28274	156	45	(	(	PUNCT
fbem-28274	156	46	0.062	0.062	NUM
fbem-28274	156	47	)	)	PUNCT
fbem-28274	156	48	(	(	PUNCT
fbem-28274	156	49	0.056	0.056	NUM
fbem-28274	156	50	)	)	PUNCT
fbem-28274	156	51	(	(	PUNCT
fbem-28274	156	52	0.001	0.001	NUM
fbem-28274	156	53	)	)	PUNCT
fbem-28274	156	54	(	(	PUNCT
fbem-28274	156	55	0.005	0.005	NUM
fbem-28274	156	56	)	)	PUNCT
fbem-28274	156	57	net_pro	net_pro	PROPN
fbem-28274	156	58	(	(	PUNCT
fbem-28274	156	59	t-1	t-1	PROPN
fbem-28274	156	60	)	)	PUNCT
fbem-28274	156	61	-0.409	-0.409	NUM
fbem-28274	156	62	*	*	PUNCT
fbem-28274	156	63	*	*	PUNCT
fbem-28274	156	64	*	*	PUNCT
fbem-28274	156	65	-2.593	-2.593	PUNCT
fbem-28274	156	66	*	*	PUNCT
fbem-28274	156	67	*	*	PUNCT
fbem-28274	156	68	*	*	PUNCT
fbem-28274	156	69	-0.313	-0.313	PUNCT
fbem-28274	156	70	*	*	PUNCT
fbem-28274	156	71	*	*	PUNCT
fbem-28274	156	72	*	*	PUNCT
fbem-28274	156	73	-0.551	-0.551	PUNCT
fbem-28274	156	74	*	*	PUNCT
fbem-28274	156	75	*	*	PUNCT
fbem-28274	156	76	*	*	PUNCT
fbem-28274	156	77	-0.478	-0.478	PROPN
fbem-28274	156	78	*	*	PUNCT
fbem-28274	156	79	*	*	PUNCT
fbem-28274	156	80	*	*	PUNCT
fbem-28274	156	81	(	(	PUNCT
fbem-28274	156	82	0.100	0.100	NUM
fbem-28274	156	83	)	)	PUNCT
fbem-28274	156	84	(	(	PUNCT
fbem-28274	156	85	0.413	0.413	NUM
fbem-28274	156	86	)	)	PUNCT
fbem-28274	156	87	(	(	PUNCT
fbem-28274	156	88	0.065	0.065	NUM
fbem-28274	156	89	)	)	PUNCT
fbem-28274	156	90	(	(	PUNCT
fbem-28274	156	91	0.078	0.078	NUM
fbem-28274	156	92	)	)	PUNCT
fbem-28274	156	93	(	(	PUNCT
fbem-28274	156	94	0.125	0.125	NUM
fbem-28274	156	95	)	)	PUNCT
fbem-28274	156	96	lnper_gdp	lnper_gdp	PROPN
fbem-28274	156	97	(	(	PUNCT
fbem-28274	156	98	t-1	t-1	PROPN
fbem-28274	156	99	)	)	PUNCT
fbem-28274	156	100	-0.008	-0.008	NOUN
fbem-28274	157	1	-0.016	-0.016	ADP
fbem-28274	157	2	0.010	0.010	NUM
fbem-28274	157	3	0.023	0.023	NUM
fbem-28274	157	4	0.036	0.036	NUM
fbem-28274	157	5	(	(	PUNCT
fbem-28274	157	6	0.065	0.065	NUM
fbem-28274	157	7	)	)	PUNCT
fbem-28274	157	8	(	(	PUNCT
fbem-28274	157	9	0.131	0.131	NUM
fbem-28274	157	10	)	)	PUNCT
fbem-28274	157	11	(	(	PUNCT
fbem-28274	157	12	0.082	0.082	NUM
fbem-28274	157	13	)	)	PUNCT
fbem-28274	157	14	(	(	PUNCT
fbem-28274	157	15	0.036	0.036	NUM
fbem-28274	157	16	)	)	PUNCT
fbem-28274	157	17	(	(	PUNCT
fbem-28274	157	18	0.056	0.056	NUM
fbem-28274	157	19	)	)	PUNCT
fbem-28274	157	20	unemployment	unemployment	NOUN
fbem-28274	157	21	(	(	PUNCT
fbem-28274	157	22	t-1	t-1	PROPN
fbem-28274	157	23	)	)	PUNCT
fbem-28274	157	24	-0.079	-0.079	PUNCT
fbem-28274	158	1	-0.869	-0.869	PUNCT
fbem-28274	159	1	*	*	PUNCT
fbem-28274	159	2	*	*	PUNCT
fbem-28274	159	3	*	*	PUNCT
fbem-28274	159	4	-0.239	-0.239	PUNCT
fbem-28274	159	5	*	*	PUNCT
fbem-28274	159	6	-0.091	-0.091	PROPN
fbem-28274	159	7	*	*	PUNCT
fbem-28274	159	8	*	*	PUNCT
fbem-28274	159	9	*	*	PUNCT
fbem-28274	159	10	-0.086	-0.086	PUNCT
fbem-28274	159	11	(	(	PUNCT
fbem-28274	159	12	0.049	0.049	NUM
fbem-28274	159	13	)	)	PUNCT
fbem-28274	159	14	(	(	PUNCT
fbem-28274	159	15	0.285	0.285	NUM
fbem-28274	159	16	)	)	PUNCT
fbem-28274	159	17	(	(	PUNCT
fbem-28274	159	18	0.135	0.135	NUM
fbem-28274	159	19	)	)	PUNCT
fbem-28274	159	20	(	(	PUNCT
fbem-28274	159	21	0.035	0.035	NUM
fbem-28274	159	22	)	)	PUNCT
fbem-28274	159	23	(	(	PUNCT
fbem-28274	159	24	0.099	0.099	NUM
fbem-28274	159	25	)	)	PUNCT
fbem-28274	159	26	cpi	cpi	PROPN
fbem-28274	159	27	(	(	PUNCT
fbem-28274	159	28	t-1	t-1	PROPN
fbem-28274	159	29	)	)	PUNCT
fbem-28274	159	30	0.012	0.012	NUM
fbem-28274	159	31	0.007	0.007	NUM
fbem-28274	159	32	0.005	0.005	NUM
fbem-28274	159	33	-0.008	-0.008	NOUN
fbem-28274	159	34	-0.040	-0.040	NUM
fbem-28274	159	35	(	(	PUNCT
fbem-28274	159	36	0.011	0.011	NUM
fbem-28274	159	37	)	)	PUNCT
fbem-28274	159	38	(	(	PUNCT
fbem-28274	159	39	0.010	0.010	NUM
fbem-28274	159	40	)	)	PUNCT
fbem-28274	159	41	(	(	PUNCT
fbem-28274	159	42	0.013	0.013	NUM
fbem-28274	159	43	)	)	PUNCT
fbem-28274	159	44	(	(	PUNCT
fbem-28274	159	45	0.008	0.008	NUM
fbem-28274	159	46	)	)	PUNCT
fbem-28274	159	47	(	(	PUNCT
fbem-28274	159	48	0.024	0.024	NUM
fbem-28274	159	49	)	)	PUNCT
fbem-28274	159	50	_	_	NOUN
fbem-28274	159	51	cons	con	NOUN
fbem-28274	159	52	-0.303	-0.303	PRON
fbem-28274	159	53	2.253	2.253	NUM
fbem-28274	159	54	*	*	PUNCT
fbem-28274	159	55	0.530	0.530	NUM
fbem-28274	159	56	1.759	1.759	NUM
fbem-28274	159	57	*	*	SYM
fbem-28274	159	58	*	*	X
fbem-28274	159	59	4.804	4.804	NUM
fbem-28274	159	60	*	*	SYM
fbem-28274	159	61	(	(	PUNCT
fbem-28274	159	62	1.147	1.147	NUM
fbem-28274	159	63	)	)	PUNCT
fbem-28274	159	64	(	(	PUNCT
fbem-28274	159	65	1.088	1.088	NUM
fbem-28274	159	66	)	)	PUNCT
fbem-28274	159	67	(	(	PUNCT
fbem-28274	159	68	1.253	1.253	NUM
fbem-28274	159	69	)	)	PUNCT
fbem-28274	159	70	(	(	PUNCT
fbem-28274	159	71	0.876	0.876	NUM
fbem-28274	159	72	)	)	PUNCT
fbem-28274	159	73	(	(	PUNCT
fbem-28274	159	74	2.477	2.477	NUM
fbem-28274	160	1	)	)	PUNCT
fbem-28274	160	2	individual	individual	ADJ
fbem-28274	160	3	fe	fe	INTJ
fbem-28274	161	1	yes	yes	INTJ
fbem-28274	161	2	yes	yes	INTJ
fbem-28274	162	1	yes	yes	INTJ
fbem-28274	163	1	yes	yes	INTJ
fbem-28274	164	1	yes	yes	INTJ
fbem-28274	164	2	time	time	NOUN
fbem-28274	165	1	fe	fe	INTJ
fbem-28274	166	1	yes	yes	INTJ
fbem-28274	166	2	yes	yes	INTJ
fbem-28274	167	1	yes	yes	INTJ
fbem-28274	168	1	yes	yes	INTJ
fbem-28274	169	1	yes	yes	INTJ
fbem-28274	170	1	n	n	ADV
fbem-28274	170	2	144	144	NUM
fbem-28274	171	1	36	36	NUM
fbem-28274	171	2	78	78	NUM
fbem-28274	171	3	612	612	NUM
fbem-28274	171	4	66	66	NUM
fbem-28274	171	5	r2	r2	NOUN
fbem-28274	171	6	0.674	0.674	NUM
fbem-28274	171	7	0.719	0.719	NUM
fbem-28274	171	8	0.650	0.650	NUM
fbem-28274	171	9	0.333	0.333	NUM
fbem-28274	171	10	0.911	0.911	NUM
fbem-28274	171	11	f	f	PROPN
fbem-28274	171	12	4.223	4.223	NUM
fbem-28274	171	13	12.347	12.347	NUM
fbem-28274	171	14	5.657	5.657	NUM
fbem-28274	171	15	20.770	20.770	NUM
fbem-28274	171	16	3.674	3.674	NUM
fbem-28274	171	17	note	note	NOUN
fbem-28274	171	18	:	:	PUNCT
fbem-28274	171	19	standard	standard	ADJ
fbem-28274	171	20	errors	error	NOUN
fbem-28274	171	21	in	in	ADP
fbem-28274	171	22	parentheses	parenthesis	NOUN
fbem-28274	171	23	.	.	PUNCT
fbem-28274	172	1	*	*	PUNCT
fbem-28274	172	2	,	,	PUNCT
fbem-28274	172	3	*	*	PUNCT
fbem-28274	172	4	*	*	PUNCT
fbem-28274	172	5	,	,	PUNCT
fbem-28274	172	6	*	*	PUNCT
fbem-28274	172	7	*	*	PUNCT
fbem-28274	172	8	*	*	NOUN
fbem-28274	172	9	.	.	PUNCT
fbem-28274	173	1	5.2	5.2	NUM
fbem-28274	173	2	.	.	PUNCT
fbem-28274	174	1	heterogeneity	heterogeneity	NOUN
fbem-28274	174	2	analysis	analysis	NOUN
fbem-28274	174	3	5.2.1	5.2.1	NUM
fbem-28274	174	4	.	.	PUNCT
fbem-28274	174	5	corporate	corporate	ADJ
fbem-28274	174	6	ownership	ownership	NOUN
fbem-28274	174	7	structure	structure	NOUN
fbem-28274	174	8	table	table	NOUN
fbem-28274	174	9	5	5	NUM
fbem-28274	174	10	.	.	PUNCT
fbem-28274	175	1	heterogeneity	heterogeneity	NOUN
fbem-28274	175	2	:	:	PUNCT
fbem-28274	175	3	corporate	corporate	ADJ
fbem-28274	175	4	ownership	ownership	NOUN
fbem-28274	175	5	structure	structure	NOUN
fbem-28274	175	6	non	non	PROPN
fbem-28274	175	7	—	—	PROPN
fbem-28274	175	8	soe	soe	PROPN
fbem-28274	175	9	soe	soe	PROPN
fbem-28274	175	10	non	non	PROPN
fbem-28274	175	11	—	—	PUNCT
fbem-28274	175	12	fc	fc	PROPN
fbem-28274	175	13	fc	fc	PROPN
fbem-28274	175	14	leverage	leverage	NOUN
fbem-28274	175	15	leverage	leverage	NOUN
fbem-28274	175	16	leverage	leverage	NOUN
fbem-28274	175	17	leverage	leverage	NOUN
fbem-28274	175	18	gov_debt	gov_debt	X
fbem-28274	175	19	(	(	PUNCT
fbem-28274	175	20	t-1	t-1	PROPN
fbem-28274	175	21	)	)	PUNCT
fbem-28274	175	22	-0.189	-0.189	PUNCT
fbem-28274	176	1	*	*	PUNCT
fbem-28274	176	2	*	*	PUNCT
fbem-28274	176	3	-0.056	-0.056	PUNCT
fbem-28274	176	4	-0.153	-0.153	NOUN
fbem-28274	176	5	*	*	PUNCT
fbem-28274	176	6	*	*	PUNCT
fbem-28274	176	7	*	*	X
fbem-28274	176	8	0.020	0.020	NUM
fbem-28274	176	9	(	(	PUNCT
fbem-28274	176	10	0.075	0.075	NUM
fbem-28274	176	11	)	)	PUNCT
fbem-28274	176	12	(	(	PUNCT
fbem-28274	176	13	0.076	0.076	NUM
fbem-28274	176	14	)	)	PUNCT
fbem-28274	176	15	(	(	PUNCT
fbem-28274	176	16	0.055	0.055	NUM
fbem-28274	176	17	)	)	PUNCT
fbem-28274	176	18	(	(	PUNCT
fbem-28274	176	19	0.262	0.262	NUM
fbem-28274	176	20	)	)	PUNCT
fbem-28274	176	21	tangibility	tangibility	NOUN
fbem-28274	176	22	(	(	PUNCT
fbem-28274	176	23	t-1	t-1	PROPN
fbem-28274	176	24	)	)	PUNCT
fbem-28274	176	25	-0.094	-0.094	PUNCT
fbem-28274	176	26	*	*	PUNCT
fbem-28274	176	27	*	*	PUNCT
fbem-28274	176	28	*	*	PUNCT
fbem-28274	176	29	-0.146	-0.146	PUNCT
fbem-28274	176	30	*	*	PUNCT
fbem-28274	176	31	*	*	PUNCT
fbem-28274	176	32	*	*	PUNCT
fbem-28274	176	33	-0.116	-0.116	PUNCT
fbem-28274	176	34	*	*	PUNCT
fbem-28274	176	35	*	*	PUNCT
fbem-28274	176	36	*	*	ADJ
fbem-28274	176	37	-0.072	-0.072	NOUN
fbem-28274	176	38	(	(	PUNCT
fbem-28274	176	39	0.023	0.023	NUM
fbem-28274	176	40	)	)	PUNCT
fbem-28274	176	41	(	(	PUNCT
fbem-28274	176	42	0.022	0.022	NUM
fbem-28274	176	43	)	)	PUNCT
fbem-28274	176	44	(	(	PUNCT
fbem-28274	176	45	0.016	0.016	NUM
fbem-28274	176	46	)	)	PUNCT
fbem-28274	176	47	(	(	PUNCT
fbem-28274	176	48	0.066	0.066	NUM
fbem-28274	176	49	)	)	PUNCT
fbem-28274	176	50	size	size	NOUN
fbem-28274	176	51	(	(	PUNCT
fbem-28274	176	52	t-1	t-1	PROPN
fbem-28274	176	53	)	)	PUNCT
fbem-28274	176	54	0.007	0.007	NUM
fbem-28274	176	55	*	*	PUNCT
fbem-28274	176	56	*	*	PUNCT
fbem-28274	176	57	*	*	PUNCT
fbem-28274	176	58	0.003	0.003	NUM
fbem-28274	176	59	*	*	PUNCT
fbem-28274	176	60	*	*	PUNCT
fbem-28274	176	61	*	*	PUNCT
fbem-28274	176	62	0.004	0.004	NUM
fbem-28274	176	63	*	*	PUNCT
fbem-28274	176	64	*	*	PUNCT
fbem-28274	176	65	*	*	PUNCT
fbem-28274	176	66	0.003	0.003	NUM
fbem-28274	176	67	*	*	PUNCT
fbem-28274	176	68	*	*	PUNCT
fbem-28274	176	69	*	*	PUNCT
fbem-28274	176	70	(	(	PUNCT
fbem-28274	176	71	0.001	0.001	NUM
fbem-28274	176	72	)	)	PUNCT
fbem-28274	176	73	(	(	PUNCT
fbem-28274	176	74	0.000	0.000	NUM
fbem-28274	176	75	)	)	PUNCT
fbem-28274	176	76	(	(	PUNCT
fbem-28274	176	77	0.000	0.000	NUM
fbem-28274	176	78	)	)	PUNCT
fbem-28274	176	79	(	(	PUNCT
fbem-28274	176	80	0.001	0.001	NUM
fbem-28274	176	81	)	)	PUNCT
fbem-28274	176	82	net_pro	net_pro	PROPN
fbem-28274	176	83	(	(	PUNCT
fbem-28274	176	84	t-1	t-1	PROPN
fbem-28274	176	85	)	)	PUNCT
fbem-28274	176	86	-0.382	-0.382	PUNCT
fbem-28274	177	1	*	*	PUNCT
fbem-28274	177	2	*	*	PUNCT
fbem-28274	177	3	*	*	PUNCT
fbem-28274	178	1	-0.396	-0.396	PUNCT
fbem-28274	178	2	*	*	PUNCT
fbem-28274	178	3	*	*	PUNCT
fbem-28274	178	4	*	*	PUNCT
fbem-28274	178	5	-0.420	-0.420	PUNCT
fbem-28274	179	1	*	*	PUNCT
fbem-28274	179	2	*	*	PUNCT
fbem-28274	179	3	*	*	PUNCT
fbem-28274	179	4	-0.384	-0.384	PUNCT
fbem-28274	179	5	*	*	PUNCT
fbem-28274	179	6	*	*	PUNCT
fbem-28274	179	7	*	*	PUNCT
fbem-28274	179	8	(	(	PUNCT
fbem-28274	179	9	0.019	0.019	NUM
fbem-28274	179	10	)	)	PUNCT
fbem-28274	179	11	(	(	PUNCT
fbem-28274	179	12	0.028	0.028	NUM
fbem-28274	179	13	)	)	PUNCT
fbem-28274	179	14	(	(	PUNCT
fbem-28274	179	15	0.016	0.016	NUM
fbem-28274	179	16	)	)	PUNCT
fbem-28274	179	17	(	(	PUNCT
fbem-28274	179	18	0.056	0.056	NUM
fbem-28274	179	19	)	)	PUNCT
fbem-28274	179	20	lnper_gdp	lnper_gdp	PROPN
fbem-28274	179	21	(	(	PUNCT
fbem-28274	179	22	t-1	t-1	PROPN
fbem-28274	179	23	)	)	PUNCT
fbem-28274	179	24	0.001	0.001	NUM
fbem-28274	179	25	-0.001	-0.001	NOUN
fbem-28274	179	26	-0.004	-0.004	PUNCT
fbem-28274	179	27	0.043	0.043	NUM
fbem-28274	179	28	(	(	PUNCT
fbem-28274	179	29	0.014	0.014	NUM
fbem-28274	179	30	)	)	PUNCT
fbem-28274	179	31	(	(	PUNCT
fbem-28274	179	32	0.023	0.023	NUM
fbem-28274	179	33	)	)	PUNCT
fbem-28274	179	34	(	(	PUNCT
fbem-28274	179	35	0.013	0.013	NUM
fbem-28274	179	36	)	)	PUNCT
fbem-28274	179	37	(	(	PUNCT
fbem-28274	179	38	0.045	0.045	NUM
fbem-28274	179	39	)	)	PUNCT
fbem-28274	179	40	unemployment	unemployment	NOUN
fbem-28274	179	41	(	(	PUNCT
fbem-28274	179	42	t-1	t-1	PROPN
fbem-28274	179	43	)	)	PUNCT
fbem-28274	179	44	-0.008	-0.008	NOUN
fbem-28274	179	45	0.004	0.004	NUM
fbem-28274	179	46	-0.004	-0.004	PUNCT
fbem-28274	179	47	-0.010	-0.010	PUNCT
fbem-28274	179	48	(	(	PUNCT
fbem-28274	179	49	0.012	0.012	NUM
fbem-28274	179	50	)	)	PUNCT
fbem-28274	179	51	(	(	PUNCT
fbem-28274	179	52	0.012	0.012	NUM
fbem-28274	179	53	)	)	PUNCT
fbem-28274	179	54	(	(	PUNCT
fbem-28274	179	55	0.009	0.009	NUM
fbem-28274	179	56	)	)	PUNCT
fbem-28274	179	57	(	(	PUNCT
fbem-28274	179	58	0.039	0.039	NUM
fbem-28274	179	59	)	)	PUNCT
fbem-28274	179	60	cpi	cpi	PROPN
fbem-28274	179	61	(	(	PUNCT
fbem-28274	179	62	t-1	t-1	PROPN
fbem-28274	179	63	)	)	PUNCT
fbem-28274	179	64	-0.002	-0.002	PUNCT
fbem-28274	179	65	-0.002	-0.002	PUNCT
fbem-28274	179	66	-0.002	-0.002	PUNCT
fbem-28274	179	67	0.004	0.004	NUM
fbem-28274	179	68	(	(	PUNCT
fbem-28274	179	69	0.003	0.003	NUM
fbem-28274	179	70	)	)	PUNCT
fbem-28274	179	71	(	(	PUNCT
fbem-28274	179	72	0.003	0.003	NUM
fbem-28274	179	73	)	)	PUNCT
fbem-28274	179	74	(	(	PUNCT
fbem-28274	179	75	0.002	0.002	NUM
fbem-28274	179	76	)	)	PUNCT
fbem-28274	179	77	(	(	PUNCT
fbem-28274	179	78	0.009	0.009	NUM
fbem-28274	179	79	)	)	PUNCT
fbem-28274	179	80	_	_	NOUN
fbem-28274	179	81	cons	con	NOUN
fbem-28274	179	82	0.749	0.749	NOUN
fbem-28274	179	83	*	*	PUNCT
fbem-28274	179	84	*	*	PUNCT
fbem-28274	179	85	0.862	0.862	NUM
fbem-28274	179	86	*	*	SYM
fbem-28274	179	87	*	*	NOUN
fbem-28274	179	88	0.831	0.831	NUM
fbem-28274	179	89	*	*	PUNCT
fbem-28274	179	90	*	*	PUNCT
fbem-28274	179	91	*	*	X
fbem-28274	179	92	0.023	0.023	NUM
fbem-28274	179	93	(	(	PUNCT
fbem-28274	179	94	0.343	0.343	NUM
fbem-28274	179	95	)	)	PUNCT
fbem-28274	179	96	(	(	PUNCT
fbem-28274	179	97	0.346	0.346	NUM
fbem-28274	179	98	)	)	PUNCT
fbem-28274	179	99	(	(	PUNCT
fbem-28274	179	100	0.256	0.256	NUM
fbem-28274	179	101	)	)	PUNCT
fbem-28274	179	102	(	(	PUNCT
fbem-28274	179	103	0.958	0.958	NUM
fbem-28274	180	1	)	)	PUNCT
fbem-28274	180	2	individual	individual	ADJ
fbem-28274	180	3	fe	fe	INTJ
fbem-28274	181	1	yes	yes	INTJ
fbem-28274	181	2	yes	yes	INTJ
fbem-28274	182	1	yes	yes	INTJ
fbem-28274	183	1	yes	yes	INTJ
fbem-28274	183	2	time	time	NOUN
fbem-28274	184	1	fe	fe	INTJ
fbem-28274	185	1	yes	yes	INTJ
fbem-28274	185	2	yes	yes	INTJ
fbem-28274	186	1	yes	yes	INTJ
fbem-28274	187	1	yes	yes	INTJ
fbem-28274	188	1	n	n	CCONJ
fbem-28274	188	2	4920	4920	NUM
fbem-28274	188	3	2808	2808	NUM
fbem-28274	188	4	7212	7212	NUM
fbem-28274	188	5	516	516	NUM
fbem-28274	188	6	r2	r2	NOUN
fbem-28274	188	7	0.257	0.257	NUM
fbem-28274	188	8	0.263	0.263	NUM
fbem-28274	188	9	0.246	0.246	NUM
fbem-28274	188	10	0.385	0.385	NUM
fbem-28274	188	11	f	f	NOUN
fbem-28274	188	12	75.860	75.860	NUM
fbem-28274	188	13	46.533	46.533	NUM
fbem-28274	188	14	136.792	136.792	NUM
fbem-28274	188	15	16.250	16.250	NUM
fbem-28274	188	16	note	note	NOUN
fbem-28274	188	17	:	:	PUNCT
fbem-28274	188	18	standard	standard	ADJ
fbem-28274	188	19	errors	error	NOUN
fbem-28274	188	20	in	in	ADP
fbem-28274	188	21	parentheses	parenthesis	NOUN
fbem-28274	188	22	.	.	PUNCT
fbem-28274	189	1	*	*	PUNCT
fbem-28274	189	2	,	,	PUNCT
fbem-28274	189	3	*	*	PUNCT
fbem-28274	189	4	*	*	PUNCT
fbem-28274	189	5	,	,	PUNCT
fbem-28274	189	6	*	*	PUNCT
fbem-28274	189	7	*	*	PUNCT
fbem-28274	189	8	*	*	NOUN
fbem-28274	189	9	.	.	PUNCT
fbem-28274	190	1	ownership	ownership	NOUN
fbem-28274	190	2	attributes	attribute	NOUN
fbem-28274	190	3	are	be	AUX
fbem-28274	190	4	actually	actually	ADV
fbem-28274	190	5	a	a	DET
fbem-28274	190	6	standard	standard	ADJ
fbem-28274	190	7	,	,	PUNCT
fbem-28274	190	8	exogenous	exogenous	ADJ
fbem-28274	190	9	division	division	NOUN
fbem-28274	190	10	based	base	VERB
fbem-28274	190	11	on	on	ADP
fbem-28274	190	12	financing	financing	NOUN
fbem-28274	190	13	constraints	constraint	NOUN
fbem-28274	190	14	.	.	PUNCT
fbem-28274	191	1	we	we	PRON
fbem-28274	191	2	classify	classify	VERB
fbem-28274	191	3	firms	firm	NOUN
fbem-28274	191	4	into	into	ADP
fbem-28274	191	5	state	state	NOUN
fbem-28274	191	6	-	-	PUNCT
fbem-28274	191	7	owned	own	VERB
fbem-28274	191	8	and	and	CCONJ
fbem-28274	191	9	non	non	ADJ
fbem-28274	191	10	-	-	ADJ
fbem-28274	191	11	state	state	NOUN
fbem-28274	191	12	-	-	PUNCT
fbem-28274	191	13	owned	own	VERB
fbem-28274	191	14	enterprises	enterprise	NOUN
fbem-28274	191	15	based	base	VERB
fbem-28274	191	16	on	on	ADP
fbem-28274	191	17	their	their	PRON
fbem-28274	191	18	ownership	ownership	NOUN
fbem-28274	191	19	structure	structure	NOUN
fbem-28274	191	20	,	,	PUNCT
fbem-28274	191	21	making	make	VERB
fbem-28274	191	22	state	state	NOUN
fbem-28274	191	23	-	-	PUNCT
fbem-28274	191	24	owned	own	VERB
fbem-28274	191	25	enterprises	enterprise	NOUN
fbem-28274	191	26	1	1	NUM
fbem-28274	191	27	and	and	CCONJ
fbem-28274	191	28	non	non	ADJ
fbem-28274	191	29	-	-	ADJ
fbem-28274	191	30	state	state	NOUN
fbem-28274	191	31	-	-	PUNCT
fbem-28274	191	32	owned	own	VERB
fbem-28274	191	33	enterprises	enterprise	NOUN
fbem-28274	191	34	0	0	NUM
fbem-28274	191	35	.	.	PUNCT
fbem-28274	192	1	we	we	PRON
fbem-28274	192	2	conduct	conduct	VERB
fbem-28274	192	3	a	a	DET
fbem-28274	192	4	heterogeneity	heterogeneity	NOUN
fbem-28274	192	5	analysis	analysis	NOUN
fbem-28274	192	6	of	of	ADP
fbem-28274	192	7	firm	firm	ADJ
fbem-28274	192	8	ownership	ownership	NOUN
fbem-28274	192	9	,	,	PUNCT
fbem-28274	192	10	as	as	SCONJ
fbem-28274	192	11	shown	show	VERB
fbem-28274	192	12	in	in	ADP
fbem-28274	192	13	table	table	NOUN
fbem-28274	192	14	5	5	NUM
fbem-28274	192	15	,	,	PUNCT
fbem-28274	192	16	column	column	NOUN
fbem-28274	192	17	1	1	NUM
fbem-28274	192	18	,	,	PUNCT
fbem-28274	192	19	column	column	NOUN
fbem-28274	192	20	2	2	NUM
fbem-28274	192	21	.	.	PUNCT
fbem-28274	193	1	according	accord	VERB
fbem-28274	193	2	to	to	ADP
fbem-28274	193	3	the	the	DET
fbem-28274	193	4	results	result	NOUN
fbem-28274	193	5	reported	report	VERB
fbem-28274	193	6	in	in	ADP
fbem-28274	193	7	table	table	NOUN
fbem-28274	193	8	5	5	NUM
fbem-28274	193	9	,	,	PUNCT
fbem-28274	193	10	column	column	NOUN
fbem-28274	193	11	1	1	NUM
fbem-28274	193	12	,	,	PUNCT
fbem-28274	193	13	column	column	NOUN
fbem-28274	193	14	2	2	NUM
fbem-28274	193	15	,	,	PUNCT
fbem-28274	193	16	the	the	DET
fbem-28274	193	17	estimated	estimate	VERB
fbem-28274	193	18	coefficient	coefficient	NOUN
fbem-28274	193	19	of	of	ADP
fbem-28274	193	20	non	non	ADJ
fbem-28274	193	21	-	-	ADJ
fbem-28274	193	22	stateowned	stateowned	ADJ
fbem-28274	193	23	enterprises	enterprise	NOUN
fbem-28274	193	24	is	be	AUX
fbem-28274	193	25	-0.189	-0.189	PRON
fbem-28274	193	26	,	,	PUNCT
fbem-28274	193	27	which	which	PRON
fbem-28274	193	28	is	be	AUX
fbem-28274	193	29	significant	significant	ADJ
fbem-28274	193	30	at	at	ADP
fbem-28274	193	31	the	the	DET
fbem-28274	193	32	5	5	NUM
fbem-28274	193	33	%	%	NOUN
fbem-28274	193	34	level	level	NOUN
fbem-28274	193	35	,	,	PUNCT
fbem-28274	193	36	while	while	SCONJ
fbem-28274	193	37	the	the	DET
fbem-28274	193	38	estimated	estimate	VERB
fbem-28274	193	39	coefficient	coefficient	NOUN
fbem-28274	193	40	of	of	ADP
fbem-28274	193	41	state	state	NOUN
fbem-28274	193	42	-	-	PUNCT
fbem-28274	193	43	owned	own	VERB
fbem-28274	193	44	enterprises	enterprise	NOUN
fbem-28274	193	45	is	be	AUX
fbem-28274	193	46	-0.056	-0.056	NUM
fbem-28274	193	47	,	,	PUNCT
fbem-28274	193	48	and	and	CCONJ
fbem-28274	193	49	the	the	DET
fbem-28274	193	50	crowding	crowd	VERB
fbem-28274	193	51	out	out	ADP
fbem-28274	193	52	of	of	ADP
fbem-28274	193	53	non	non	ADJ
fbem-28274	193	54	-	-	ADJ
fbem-28274	193	55	stateowned	stateowned	ADJ
fbem-28274	193	56	enterprises	enterprise	NOUN
fbem-28274	193	57	the	the	DET
fbem-28274	193	58	crowding	crowd	VERB
fbem-28274	193	59	out	out	ADP
fbem-28274	193	60	effect	effect	NOUN
fbem-28274	193	61	of	of	ADP
fbem-28274	193	62	non	non	NOUN
fbem-28274	193	63	-	-	NOUN
fbem-28274	193	64	soes	soe	NOUN
fbem-28274	193	65	is	be	AUX
fbem-28274	193	66	more	more	ADV
fbem-28274	193	67	significant	significant	ADJ
fbem-28274	193	68	than	than	ADP
fbem-28274	193	69	that	that	PRON
fbem-28274	193	70	of	of	ADP
fbem-28274	193	71	soes	soe	NOUN
fbem-28274	193	72	.	.	PUNCT
fbem-28274	194	1	the	the	DET
fbem-28274	194	2	reason	reason	NOUN
fbem-28274	194	3	is	be	AUX
fbem-28274	194	4	that	that	SCONJ
fbem-28274	194	5	,	,	PUNCT
fbem-28274	194	6	on	on	ADP
fbem-28274	194	7	the	the	DET
fbem-28274	194	8	one	one	NUM
fbem-28274	194	9	hand	hand	NOUN
fbem-28274	194	10	,	,	PUNCT
fbem-28274	194	11	the	the	DET
fbem-28274	194	12	main	main	ADJ
fbem-28274	194	13	shareholder	shareholder	NOUN
fbem-28274	194	14	of	of	ADP
fbem-28274	194	15	soes	soe	NOUN
fbem-28274	194	16	is	be	AUX
fbem-28274	194	17	the	the	DET
fbem-28274	194	18	government	government	NOUN
fbem-28274	194	19	,	,	PUNCT
fbem-28274	194	20	and	and	CCONJ
fbem-28274	194	21	government	government	NOUN
fbem-28274	194	22	intervention	intervention	NOUN
fbem-28274	194	23	makes	make	VERB
fbem-28274	194	24	soes	soe	NOUN
fbem-28274	194	25	have	have	VERB
fbem-28274	194	26	policy	policy	NOUN
fbem-28274	194	27	advantages	advantage	NOUN
fbem-28274	194	28	in	in	ADP
fbem-28274	194	29	terms	term	NOUN
fbem-28274	194	30	of	of	ADP
fbem-28274	194	31	credit	credit	NOUN
fbem-28274	194	32	,	,	PUNCT
fbem-28274	194	33	and	and	CCONJ
fbem-28274	194	34	high	high	ADJ
fbem-28274	194	35	-	-	PUNCT
fbem-28274	194	36	quality	quality	NOUN
fbem-28274	194	37	resource	resource	NOUN
fbem-28274	194	38	factors	factor	NOUN
fbem-28274	194	39	tend	tend	VERB
fbem-28274	194	40	to	to	PART
fbem-28274	194	41	flow	flow	VERB
fbem-28274	194	42	to	to	ADP
fbem-28274	194	43	soes	soe	NOUN
fbem-28274	194	44	,	,	PUNCT
fbem-28274	194	45	forming	form	VERB
fbem-28274	194	46	a	a	DET
fbem-28274	194	47	soft	soft	ADJ
fbem-28274	194	48	budget	budget	NOUN
fbem-28274	194	49	constraint	constraint	NOUN
fbem-28274	194	50	,	,	PUNCT
fbem-28274	194	51	231	231	NUM
fbem-28274	194	52	resulting	result	VERB
fbem-28274	194	53	in	in	ADP
fbem-28274	194	54	a	a	DET
fbem-28274	194	55	significantly	significantly	ADV
fbem-28274	194	56	weaker	weak	ADJ
fbem-28274	194	57	financing	financing	NOUN
fbem-28274	194	58	constraint	constraint	NOUN
fbem-28274	194	59	for	for	ADP
fbem-28274	194	60	soes	soe	NOUN
fbem-28274	194	61	than	than	ADP
fbem-28274	194	62	for	for	ADP
fbem-28274	194	63	non	non	ADJ
fbem-28274	194	64	-	-	NOUN
fbem-28274	194	65	soes	soe	NOUN
fbem-28274	194	66	,	,	PUNCT
fbem-28274	194	67	and	and	CCONJ
fbem-28274	194	68	the	the	DET
fbem-28274	194	69	crowding	crowd	VERB
fbem-28274	194	70	-	-	PUNCT
fbem-28274	194	71	out	out	ADP
fbem-28274	194	72	effect	effect	NOUN
fbem-28274	194	73	is	be	AUX
fbem-28274	194	74	less	less	ADV
fbem-28274	194	75	pronounced	pronounced	ADJ
fbem-28274	194	76	.	.	PUNCT
fbem-28274	195	1	on	on	ADP
fbem-28274	195	2	the	the	DET
fbem-28274	195	3	other	other	ADJ
fbem-28274	195	4	hand	hand	NOUN
fbem-28274	195	5	,	,	PUNCT
fbem-28274	195	6	non	non	ADJ
fbem-28274	195	7	-	-	ADJ
fbem-28274	195	8	state	state	NOUN
fbem-28274	195	9	-	-	PUNCT
fbem-28274	195	10	owned	own	VERB
fbem-28274	195	11	enterprises	enterprise	NOUN
fbem-28274	195	12	are	be	AUX
fbem-28274	195	13	mainly	mainly	ADV
fbem-28274	195	14	subject	subject	ADJ
fbem-28274	195	15	to	to	ADP
fbem-28274	195	16	market	market	NOUN
fbem-28274	195	17	allocation	allocation	NOUN
fbem-28274	195	18	of	of	ADP
fbem-28274	195	19	resources	resource	NOUN
fbem-28274	195	20	,	,	PUNCT
fbem-28274	195	21	and	and	CCONJ
fbem-28274	195	22	their	their	PRON
fbem-28274	195	23	operating	operating	NOUN
fbem-28274	195	24	conditions	condition	NOUN
fbem-28274	195	25	are	be	AUX
fbem-28274	195	26	influenced	influence	VERB
fbem-28274	195	27	by	by	ADP
fbem-28274	195	28	the	the	DET
fbem-28274	195	29	market	market	NOUN
fbem-28274	195	30	.	.	PUNCT
fbem-28274	196	1	they	they	PRON
fbem-28274	196	2	tend	tend	VERB
fbem-28274	196	3	to	to	PART
fbem-28274	196	4	choose	choose	VERB
fbem-28274	196	5	their	their	PRON
fbem-28274	196	6	financing	financing	NOUN
fbem-28274	196	7	structure	structure	NOUN
fbem-28274	196	8	according	accord	VERB
fbem-28274	196	9	to	to	ADP
fbem-28274	196	10	the	the	DET
fbem-28274	196	11	local	local	ADJ
fbem-28274	196	12	government	government	NOUN
fbem-28274	196	13	's	's	PART
fbem-28274	196	14	debt	debt	NOUN
fbem-28274	196	15	raising	raising	NOUN
fbem-28274	196	16	,	,	PUNCT
fbem-28274	196	17	and	and	CCONJ
fbem-28274	196	18	when	when	SCONJ
fbem-28274	196	19	the	the	DET
fbem-28274	196	20	government	government	NOUN
fbem-28274	196	21	's	's	PART
fbem-28274	196	22	debt	debt	NOUN
fbem-28274	196	23	raising	raising	NOUN
fbem-28274	196	24	scale	scale	NOUN
fbem-28274	196	25	is	be	AUX
fbem-28274	196	26	larger	large	ADJ
fbem-28274	196	27	,	,	PUNCT
fbem-28274	196	28	the	the	DET
fbem-28274	196	29	interest	interest	NOUN
fbem-28274	196	30	rate	rate	NOUN
fbem-28274	196	31	rises	rise	NOUN
fbem-28274	196	32	,	,	PUNCT
fbem-28274	196	33	and	and	CCONJ
fbem-28274	196	34	the	the	DET
fbem-28274	196	35	enterprise	enterprise	NOUN
fbem-28274	196	36	's	's	PART
fbem-28274	196	37	comprehensive	comprehensive	ADJ
fbem-28274	196	38	financing	financing	NOUN
fbem-28274	196	39	cost	cost	NOUN
fbem-28274	196	40	and	and	CCONJ
fbem-28274	196	41	return	return	VERB
fbem-28274	196	42	risk	risk	NOUN
fbem-28274	196	43	,	,	PUNCT
fbem-28274	196	44	etc	etc	X
fbem-28274	196	45	.	.	X
fbem-28274	196	46	will	will	AUX
fbem-28274	196	47	reduce	reduce	VERB
fbem-28274	196	48	the	the	DET
fbem-28274	196	49	enterprise	enterprise	NOUN
fbem-28274	196	50	's	's	PART
fbem-28274	196	51	debt	debt	NOUN
fbem-28274	196	52	and	and	CCONJ
fbem-28274	196	53	lower	lower	VERB
fbem-28274	196	54	the	the	DET
fbem-28274	196	55	enterprise	enterprise	NOUN
fbem-28274	196	56	's	's	PART
fbem-28274	196	57	leverage	leverage	NOUN
fbem-28274	196	58	,	,	PUNCT
fbem-28274	196	59	so	so	CCONJ
fbem-28274	196	60	the	the	DET
fbem-28274	196	61	crowding	crowd	VERB
fbem-28274	196	62	out	out	ADP
fbem-28274	196	63	effect	effect	NOUN
fbem-28274	196	64	is	be	AUX
fbem-28274	196	65	more	more	ADV
fbem-28274	196	66	obvious	obvious	ADJ
fbem-28274	196	67	.	.	PUNCT
fbem-28274	197	1	in	in	ADP
fbem-28274	197	2	the	the	DET
fbem-28274	197	3	enterprise	enterprise	NOUN
fbem-28274	197	4	ownership	ownership	NOUN
fbem-28274	197	5	structure	structure	NOUN
fbem-28274	197	6	,	,	PUNCT
fbem-28274	197	7	we	we	PRON
fbem-28274	197	8	also	also	ADV
fbem-28274	197	9	divided	divide	VERB
fbem-28274	197	10	the	the	DET
fbem-28274	197	11	enterprises	enterprise	NOUN
fbem-28274	197	12	with	with	ADP
fbem-28274	197	13	foreign	foreign	ADJ
fbem-28274	197	14	investment	investment	NOUN
fbem-28274	197	15	and	and	CCONJ
fbem-28274	197	16	without	without	ADP
fbem-28274	197	17	foreign	foreign	ADJ
fbem-28274	197	18	investment	investment	NOUN
fbem-28274	197	19	,	,	PUNCT
fbem-28274	197	20	as	as	SCONJ
fbem-28274	197	21	shown	show	VERB
fbem-28274	197	22	in	in	ADP
fbem-28274	197	23	table	table	NOUN
fbem-28274	197	24	5	5	NUM
fbem-28274	197	25	column	column	NOUN
fbem-28274	197	26	3	3	NUM
fbem-28274	197	27	and	and	CCONJ
fbem-28274	197	28	column	column	NOUN
fbem-28274	197	29	4	4	NUM
fbem-28274	197	30	.	.	PUNCT
fbem-28274	197	31	when	when	SCONJ
fbem-28274	197	32	foreign	foreign	ADJ
fbem-28274	197	33	participation	participation	NOUN
fbem-28274	197	34	in	in	ADP
fbem-28274	197	35	enterprise	enterprise	NOUN
fbem-28274	197	36	investment	investment	NOUN
fbem-28274	197	37	,	,	PUNCT
fbem-28274	197	38	no	no	DET
fbem-28274	197	39	foreign	foreign	ADJ
fbem-28274	197	40	participation	participation	NOUN
fbem-28274	197	41	in	in	ADP
fbem-28274	197	42	investment	investment	NOUN
fbem-28274	197	43	enterprises	enterprise	NOUN
fbem-28274	197	44	with	with	ADP
fbem-28274	197	45	financial	financial	ADJ
fbem-28274	197	46	openness	openness	NOUN
fbem-28274	197	47	than	than	ADP
fbem-28274	197	48	with	with	ADP
fbem-28274	197	49	foreign	foreign	ADJ
fbem-28274	197	50	participation	participation	NOUN
fbem-28274	197	51	will	will	AUX
fbem-28274	197	52	be	be	AUX
fbem-28274	197	53	lower	low	ADJ
fbem-28274	197	54	,	,	PUNCT
fbem-28274	197	55	more	more	ADV
fbem-28274	197	56	dependent	dependent	ADJ
fbem-28274	197	57	on	on	ADP
fbem-28274	197	58	local	local	ADJ
fbem-28274	197	59	government	government	NOUN
fbem-28274	197	60	debt	debt	NOUN
fbem-28274	197	61	,	,	PUNCT
fbem-28274	197	62	that	that	ADV
fbem-28274	197	63	is	is	ADV
fbem-28274	197	64	,	,	PUNCT
fbem-28274	197	65	more	more	ADV
fbem-28274	197	66	significantly	significantly	ADV
fbem-28274	197	67	affected	affect	VERB
fbem-28274	197	68	by	by	ADP
fbem-28274	197	69	the	the	DET
fbem-28274	197	70	negative	negative	ADJ
fbem-28274	197	71	impact	impact	NOUN
fbem-28274	197	72	of	of	ADP
fbem-28274	197	73	local	local	ADJ
fbem-28274	197	74	government	government	NOUN
fbem-28274	197	75	debt	debt	NOUN
fbem-28274	197	76	,	,	PUNCT
fbem-28274	197	77	that	that	ADV
fbem-28274	197	78	is	is	ADV
fbem-28274	197	79	,	,	PUNCT
fbem-28274	197	80	column	column	NOUN
fbem-28274	197	81	3	3	NUM
fbem-28274	197	82	is	be	AUX
fbem-28274	197	83	more	more	ADV
fbem-28274	197	84	significant	significant	ADJ
fbem-28274	197	85	,	,	PUNCT
fbem-28274	197	86	the	the	DET
fbem-28274	197	87	crowding	crowd	VERB
fbem-28274	197	88	out	out	ADP
fbem-28274	197	89	effect	effect	NOUN
fbem-28274	197	90	is	be	AUX
fbem-28274	197	91	more	more	ADV
fbem-28274	197	92	obvious	obvious	ADJ
fbem-28274	197	93	.	.	PUNCT
fbem-28274	198	1	5.2.2	5.2.2	NUM
fbem-28274	198	2	.	.	PUNCT
fbem-28274	198	3	firm	firm	ADJ
fbem-28274	198	4	size	size	NOUN
fbem-28274	198	5	table	table	NOUN
fbem-28274	198	6	6	6	NUM
fbem-28274	198	7	.	.	PUNCT
fbem-28274	199	1	heterogeneity	heterogeneity	NOUN
fbem-28274	199	2	:	:	PUNCT
fbem-28274	199	3	firm	firm	ADJ
fbem-28274	199	4	size	size	NOUN
fbem-28274	199	5	s	s	PART
fbem-28274	199	6	m	m	NOUN
fbem-28274	199	7	l	l	NOUN
fbem-28274	199	8	leverage	leverage	NOUN
fbem-28274	199	9	leverage	leverage	NOUN
fbem-28274	199	10	leverage	leverage	NOUN
fbem-28274	199	11	gov_debt	gov_debt	X
fbem-28274	199	12	(	(	PUNCT
fbem-28274	199	13	t-1	t-1	PROPN
fbem-28274	199	14	)	)	PUNCT
fbem-28274	199	15	-0.153	-0.153	NOUN
fbem-28274	199	16	*	*	PUNCT
fbem-28274	199	17	-0.186	-0.186	PUNCT
fbem-28274	199	18	*	*	PUNCT
fbem-28274	199	19	*	*	PUNCT
fbem-28274	199	20	-0.117	-0.117	PUNCT
fbem-28274	199	21	(	(	PUNCT
fbem-28274	199	22	0.079	0.079	NUM
fbem-28274	199	23	)	)	PUNCT
fbem-28274	199	24	(	(	PUNCT
fbem-28274	199	25	0.088	0.088	NUM
fbem-28274	199	26	)	)	PUNCT
fbem-28274	199	27	(	(	PUNCT
fbem-28274	199	28	0.078	0.078	NUM
fbem-28274	199	29	)	)	PUNCT
fbem-28274	199	30	tangibility	tangibility	NOUN
fbem-28274	199	31	(	(	PUNCT
fbem-28274	199	32	t-1	t-1	PROPN
fbem-28274	199	33	)	)	PUNCT
fbem-28274	199	34	0.054	0.054	NUM
fbem-28274	199	35	*	*	PUNCT
fbem-28274	199	36	*	*	PUNCT
fbem-28274	199	37	-0.087	-0.087	PUNCT
fbem-28274	199	38	*	*	PUNCT
fbem-28274	199	39	*	*	PUNCT
fbem-28274	199	40	-0.231	-0.231	PUNCT
fbem-28274	199	41	*	*	PUNCT
fbem-28274	199	42	*	*	PUNCT
fbem-28274	199	43	*	*	PUNCT
fbem-28274	199	44	(	(	PUNCT
fbem-28274	199	45	0.025	0.025	NUM
fbem-28274	199	46	)	)	PUNCT
fbem-28274	199	47	(	(	PUNCT
fbem-28274	199	48	0.038	0.038	NUM
fbem-28274	199	49	)	)	PUNCT
fbem-28274	199	50	(	(	PUNCT
fbem-28274	199	51	0.022	0.022	NUM
fbem-28274	199	52	)	)	PUNCT
fbem-28274	199	53	size	size	NOUN
fbem-28274	199	54	(	(	PUNCT
fbem-28274	199	55	t-1	t-1	PROPN
fbem-28274	199	56	)	)	PUNCT
fbem-28274	199	57	0.043	0.043	NUM
fbem-28274	199	58	*	*	PUNCT
fbem-28274	199	59	*	*	PUNCT
fbem-28274	199	60	*	*	PUNCT
fbem-28274	199	61	0.014	0.014	NUM
fbem-28274	199	62	*	*	PUNCT
fbem-28274	199	63	*	*	PUNCT
fbem-28274	199	64	*	*	PUNCT
fbem-28274	199	65	0.002	0.002	NUM
fbem-28274	199	66	*	*	PUNCT
fbem-28274	199	67	*	*	PUNCT
fbem-28274	199	68	*	*	PUNCT
fbem-28274	199	69	(	(	PUNCT
fbem-28274	199	70	0.008	0.008	NUM
fbem-28274	199	71	)	)	PUNCT
fbem-28274	199	72	(	(	PUNCT
fbem-28274	199	73	0.004	0.004	NUM
fbem-28274	199	74	)	)	PUNCT
fbem-28274	199	75	(	(	PUNCT
fbem-28274	199	76	0.000	0.000	X
fbem-28274	199	77	)	)	PUNCT
fbem-28274	199	78	net_pro	net_pro	PROPN
fbem-28274	199	79	(	(	PUNCT
fbem-28274	199	80	t-1	t-1	PROPN
fbem-28274	199	81	)	)	PUNCT
fbem-28274	199	82	-0.399	-0.399	PROPN
fbem-28274	199	83	*	*	PUNCT
fbem-28274	199	84	*	*	PUNCT
fbem-28274	199	85	*	*	PUNCT
fbem-28274	200	1	-0.355	-0.355	PUNCT
fbem-28274	200	2	*	*	PUNCT
fbem-28274	200	3	*	*	PUNCT
fbem-28274	200	4	*	*	PUNCT
fbem-28274	201	1	-0.362	-0.362	PUNCT
fbem-28274	201	2	*	*	PUNCT
fbem-28274	201	3	*	*	PUNCT
fbem-28274	201	4	*	*	PUNCT
fbem-28274	201	5	(	(	PUNCT
fbem-28274	201	6	0.019	0.019	NUM
fbem-28274	201	7	)	)	PUNCT
fbem-28274	201	8	(	(	PUNCT
fbem-28274	201	9	0.031	0.031	NUM
fbem-28274	201	10	)	)	PUNCT
fbem-28274	201	11	(	(	PUNCT
fbem-28274	201	12	0.032	0.032	NUM
fbem-28274	201	13	)	)	PUNCT
fbem-28274	201	14	lnper_gdp	lnper_gdp	PROPN
fbem-28274	201	15	(	(	PUNCT
fbem-28274	201	16	t-1	t-1	PROPN
fbem-28274	201	17	)	)	PUNCT
fbem-28274	201	18	-0.000	-0.000	PRON
fbem-28274	201	19	-0.001	-0.001	NUM
fbem-28274	201	20	-0.005	-0.005	PUNCT
fbem-28274	201	21	(	(	PUNCT
fbem-28274	201	22	0.019	0.019	NUM
fbem-28274	201	23	)	)	PUNCT
fbem-28274	201	24	(	(	PUNCT
fbem-28274	201	25	0.020	0.020	NUM
fbem-28274	201	26	)	)	PUNCT
fbem-28274	201	27	(	(	PUNCT
fbem-28274	202	1	0.018	0.018	NUM
fbem-28274	202	2	)	)	PUNCT
fbem-28274	202	3	unemployment	unemployment	NOUN
fbem-28274	202	4	(	(	PUNCT
fbem-28274	202	5	t-1	t-1	PROPN
fbem-28274	202	6	)	)	PUNCT
fbem-28274	202	7	0.006	0.006	NUM
fbem-28274	202	8	-0.010	-0.010	PUNCT
fbem-28274	202	9	-0.015	-0.015	PUNCT
fbem-28274	202	10	(	(	PUNCT
fbem-28274	202	11	0.012	0.012	NUM
fbem-28274	202	12	)	)	PUNCT
fbem-28274	202	13	(	(	PUNCT
fbem-28274	202	14	0.015	0.015	NUM
fbem-28274	202	15	)	)	PUNCT
fbem-28274	202	16	(	(	PUNCT
fbem-28274	202	17	0.014	0.014	NUM
fbem-28274	202	18	)	)	PUNCT
fbem-28274	202	19	cpi	cpi	PROPN
fbem-28274	202	20	(	(	PUNCT
fbem-28274	202	21	t-1	t-1	PROPN
fbem-28274	202	22	)	)	PUNCT
fbem-28274	202	23	-0.001	-0.001	X
fbem-28274	202	24	-0.005	-0.005	X
fbem-28274	202	25	-0.001	-0.001	PUNCT
fbem-28274	202	26	(	(	PUNCT
fbem-28274	202	27	0.004	0.004	NUM
fbem-28274	202	28	)	)	PUNCT
fbem-28274	202	29	(	(	PUNCT
fbem-28274	202	30	0.004	0.004	NUM
fbem-28274	202	31	)	)	PUNCT
fbem-28274	202	32	(	(	PUNCT
fbem-28274	202	33	0.003	0.003	NUM
fbem-28274	202	34	)	)	PUNCT
fbem-28274	202	35	_	_	NOUN
fbem-28274	202	36	cons	con	NOUN
fbem-28274	202	37	0.580	0.580	NUM
fbem-28274	202	38	1.107	1.107	NUM
fbem-28274	202	39	*	*	PUNCT
fbem-28274	202	40	*	*	PUNCT
fbem-28274	202	41	0.822	0.822	NUM
fbem-28274	202	42	*	*	PUNCT
fbem-28274	202	43	*	*	PUNCT
fbem-28274	202	44	*	*	PUNCT
fbem-28274	202	45	(	(	PUNCT
fbem-28274	202	46	0.366	0.366	NUM
fbem-28274	202	47	)	)	PUNCT
fbem-28274	202	48	(	(	PUNCT
fbem-28274	202	49	0.454	0.454	NUM
fbem-28274	202	50	)	)	PUNCT
fbem-28274	202	51	(	(	PUNCT
fbem-28274	202	52	0.303	0.303	NUM
fbem-28274	202	53	)	)	PUNCT
fbem-28274	202	54	n	n	PROPN
fbem-28274	202	55	3348	3348	NUM
fbem-28274	202	56	1650	1650	NUM
fbem-28274	202	57	2730	2730	NUM
fbem-28274	202	58	r2	r2	NOUN
fbem-28274	202	59	0.259	0.259	NUM
fbem-28274	202	60	0.264	0.264	NUM
fbem-28274	202	61	0.293	0.293	NUM
fbem-28274	202	62	f	f	PROPN
fbem-28274	202	63	79.189	79.189	NUM
fbem-28274	202	64	27.133	27.133	NUM
fbem-28274	202	65	49.957	49.957	NUM
fbem-28274	202	66	note	note	NOUN
fbem-28274	202	67	:	:	PUNCT
fbem-28274	202	68	standard	standard	ADJ
fbem-28274	202	69	errors	error	NOUN
fbem-28274	202	70	in	in	ADP
fbem-28274	202	71	parentheses	parenthesis	NOUN
fbem-28274	202	72	.	.	PUNCT
fbem-28274	203	1	*	*	PUNCT
fbem-28274	203	2	,	,	PUNCT
fbem-28274	203	3	*	*	PUNCT
fbem-28274	203	4	*	*	PUNCT
fbem-28274	203	5	,	,	PUNCT
fbem-28274	203	6	*	*	PUNCT
fbem-28274	203	7	*	*	PUNCT
fbem-28274	203	8	*	*	NOUN
fbem-28274	203	9	.	.	PUNCT
fbem-28274	204	1	the	the	DET
fbem-28274	204	2	total	total	ADJ
fbem-28274	204	3	sample	sample	NOUN
fbem-28274	204	4	was	be	AUX
fbem-28274	204	5	divided	divide	VERB
fbem-28274	204	6	into	into	ADP
fbem-28274	204	7	three	three	NUM
fbem-28274	204	8	subsamples	subsample	NOUN
fbem-28274	204	9	and	and	CCONJ
fbem-28274	204	10	regressed	regress	VERB
fbem-28274	204	11	separately	separately	ADV
fbem-28274	204	12	.	.	PUNCT
fbem-28274	205	1	the	the	DET
fbem-28274	205	2	classification	classification	NOUN
fbem-28274	205	3	criteria	criterion	NOUN
fbem-28274	205	4	were	be	AUX
fbem-28274	205	5	as	as	SCONJ
fbem-28274	205	6	follows	follow	VERB
fbem-28274	205	7	:	:	PUNCT
fbem-28274	205	8	according	accord	VERB
fbem-28274	205	9	to	to	ADP
fbem-28274	205	10	the	the	DET
fbem-28274	205	11	total	total	ADJ
fbem-28274	205	12	assets	asset	NOUN
fbem-28274	205	13	of	of	ADP
fbem-28274	205	14	enterprises	enterprise	NOUN
fbem-28274	205	15	in	in	ADP
fbem-28274	205	16	2018	2018	NUM
fbem-28274	205	17	,	,	PUNCT
fbem-28274	205	18	enterprises	enterprise	NOUN
fbem-28274	205	19	with	with	ADP
fbem-28274	205	20	total	total	ADJ
fbem-28274	205	21	assets	asset	NOUN
fbem-28274	205	22	less	less	ADJ
fbem-28274	205	23	than	than	ADP
fbem-28274	205	24	500	500	NUM
fbem-28274	205	25	million	million	NUM
fbem-28274	205	26	yuan	yuan	NOUN
fbem-28274	205	27	were	be	AUX
fbem-28274	205	28	classified	classify	VERB
fbem-28274	205	29	as	as	ADP
fbem-28274	205	30	small	small	ADJ
fbem-28274	205	31	-	-	PUNCT
fbem-28274	205	32	scale	scale	NOUN
fbem-28274	205	33	enterprises	enterprise	NOUN
fbem-28274	205	34	,	,	PUNCT
fbem-28274	205	35	enterprises	enterprise	NOUN
fbem-28274	205	36	with	with	ADP
fbem-28274	205	37	total	total	ADJ
fbem-28274	205	38	assets	asset	NOUN
fbem-28274	205	39	greater	great	ADJ
fbem-28274	205	40	than	than	ADP
fbem-28274	205	41	1	1	NUM
fbem-28274	205	42	billion	billion	NUM
fbem-28274	205	43	yuan	yuan	NOUN
fbem-28274	205	44	were	be	AUX
fbem-28274	205	45	classified	classify	VERB
fbem-28274	205	46	as	as	ADP
fbem-28274	205	47	large	large	ADJ
fbem-28274	205	48	-	-	PUNCT
fbem-28274	205	49	scale	scale	NOUN
fbem-28274	205	50	enterprises	enterprise	NOUN
fbem-28274	205	51	,	,	PUNCT
fbem-28274	205	52	and	and	CCONJ
fbem-28274	205	53	the	the	DET
fbem-28274	205	54	rest	rest	NOUN
fbem-28274	205	55	were	be	AUX
fbem-28274	205	56	classified	classify	VERB
fbem-28274	205	57	as	as	ADP
fbem-28274	205	58	medium	medium	ADJ
fbem-28274	205	59	-	-	PUNCT
fbem-28274	205	60	sized	sized	ADJ
fbem-28274	205	61	enterprises	enterprise	NOUN
fbem-28274	205	62	.	.	PUNCT
fbem-28274	206	1	according	accord	VERB
fbem-28274	206	2	to	to	ADP
fbem-28274	206	3	the	the	DET
fbem-28274	206	4	size	size	NOUN
fbem-28274	206	5	of	of	ADP
fbem-28274	206	6	enterprises	enterprise	NOUN
fbem-28274	206	7	,	,	PUNCT
fbem-28274	206	8	the	the	DET
fbem-28274	206	9	regressions	regression	NOUN
fbem-28274	206	10	were	be	AUX
fbem-28274	206	11	grouped	group	VERB
fbem-28274	206	12	for	for	ADP
fbem-28274	206	13	the	the	DET
fbem-28274	206	14	sample	sample	NOUN
fbem-28274	206	15	of	of	ADP
fbem-28274	206	16	enterprises	enterprise	NOUN
fbem-28274	206	17	,	,	PUNCT
fbem-28274	206	18	and	and	CCONJ
fbem-28274	206	19	the	the	DET
fbem-28274	206	20	results	result	NOUN
fbem-28274	206	21	are	be	AUX
fbem-28274	206	22	shown	show	VERB
fbem-28274	206	23	in	in	ADP
fbem-28274	206	24	table	table	NOUN
fbem-28274	206	25	6	6	NUM
fbem-28274	206	26	columns	column	NOUN
fbem-28274	206	27	1	1	NUM
fbem-28274	206	28	to	to	PART
fbem-28274	206	29	3	3	NUM
fbem-28274	206	30	are	be	AUX
fbem-28274	206	31	small	small	ADJ
fbem-28274	206	32	,	,	PUNCT
fbem-28274	206	33	medium	medium	ADJ
fbem-28274	206	34	and	and	CCONJ
fbem-28274	206	35	large	large	ADJ
fbem-28274	206	36	enterprises	enterprise	NOUN
fbem-28274	206	37	,	,	PUNCT
fbem-28274	206	38	respectively	respectively	ADV
fbem-28274	206	39	,	,	PUNCT
fbem-28274	206	40	and	and	CCONJ
fbem-28274	206	41	it	it	PRON
fbem-28274	206	42	can	can	AUX
fbem-28274	206	43	be	be	AUX
fbem-28274	206	44	concluded	conclude	VERB
fbem-28274	206	45	that	that	SCONJ
fbem-28274	206	46	the	the	DET
fbem-28274	206	47	crowding	crowd	VERB
fbem-28274	206	48	-	-	PUNCT
fbem-28274	206	49	out	out	ADP
fbem-28274	206	50	effect	effect	NOUN
fbem-28274	206	51	is	be	AUX
fbem-28274	206	52	most	most	ADV
fbem-28274	206	53	obvious	obvious	ADJ
fbem-28274	206	54	for	for	ADP
fbem-28274	206	55	small	small	ADJ
fbem-28274	206	56	and	and	CCONJ
fbem-28274	206	57	medium	medium	ADJ
fbem-28274	206	58	enterprises	enterprise	NOUN
fbem-28274	206	59	,	,	PUNCT
fbem-28274	206	60	while	while	SCONJ
fbem-28274	206	61	large	large	ADJ
fbem-28274	206	62	enterprises	enterprise	NOUN
fbem-28274	206	63	are	be	AUX
fbem-28274	206	64	not	not	PART
fbem-28274	206	65	significant	significant	ADJ
fbem-28274	206	66	instead	instead	ADV
fbem-28274	206	67	.	.	PUNCT
fbem-28274	207	1	the	the	DET
fbem-28274	207	2	reasons	reason	NOUN
fbem-28274	207	3	are	be	AUX
fbem-28274	207	4	:	:	PUNCT
fbem-28274	207	5	first	first	ADJ
fbem-28274	207	6	,	,	PUNCT
fbem-28274	207	7	large	large	ADJ
fbem-28274	207	8	enterprises	enterprise	NOUN
fbem-28274	207	9	have	have	VERB
fbem-28274	207	10	more	more	ADJ
fbem-28274	207	11	financing	financing	NOUN
fbem-28274	207	12	options	option	NOUN
fbem-28274	207	13	compared	compare	VERB
fbem-28274	207	14	to	to	ADP
fbem-28274	207	15	small	small	ADJ
fbem-28274	207	16	-	-	PUNCT
fbem-28274	207	17	scale	scale	NOUN
fbem-28274	207	18	enterprises	enterprise	NOUN
fbem-28274	207	19	,	,	PUNCT
fbem-28274	207	20	and	and	CCONJ
fbem-28274	207	21	these	these	DET
fbem-28274	207	22	enterprises	enterprise	NOUN
fbem-28274	207	23	rely	rely	VERB
fbem-28274	207	24	on	on	ADP
fbem-28274	207	25	their	their	PRON
fbem-28274	207	26	own	own	ADJ
fbem-28274	207	27	strength	strength	NOUN
fbem-28274	207	28	tend	tend	VERB
fbem-28274	207	29	to	to	PART
fbem-28274	207	30	issue	issue	VERB
fbem-28274	207	31	their	their	PRON
fbem-28274	207	32	own	own	ADJ
fbem-28274	207	33	bonds	bond	NOUN
fbem-28274	207	34	for	for	ADP
fbem-28274	207	35	financing	financing	NOUN
fbem-28274	207	36	,	,	PUNCT
fbem-28274	207	37	so	so	CCONJ
fbem-28274	207	38	the	the	DET
fbem-28274	207	39	default	default	NOUN
fbem-28274	207	40	cost	cost	NOUN
fbem-28274	207	41	is	be	AUX
fbem-28274	207	42	lower	low	ADJ
fbem-28274	207	43	and	and	CCONJ
fbem-28274	207	44	they	they	PRON
fbem-28274	207	45	are	be	AUX
fbem-28274	207	46	less	less	ADV
fbem-28274	207	47	likely	likely	ADJ
fbem-28274	207	48	to	to	PART
fbem-28274	207	49	be	be	AUX
fbem-28274	207	50	replaced	replace	VERB
fbem-28274	207	51	by	by	ADP
fbem-28274	207	52	government	government	NOUN
fbem-28274	207	53	bonds	bond	NOUN
fbem-28274	207	54	.	.	PUNCT
fbem-28274	208	1	secondly	secondly	ADV
fbem-28274	208	2	,	,	PUNCT
fbem-28274	208	3	the	the	DET
fbem-28274	208	4	financing	financing	NOUN
fbem-28274	208	5	structure	structure	NOUN
fbem-28274	208	6	of	of	ADP
fbem-28274	208	7	large	large	ADJ
fbem-28274	208	8	enterprises	enterprise	NOUN
fbem-28274	208	9	will	will	AUX
fbem-28274	208	10	be	be	AUX
fbem-28274	208	11	more	more	ADV
fbem-28274	208	12	complex	complex	ADJ
fbem-28274	208	13	than	than	ADP
fbem-28274	208	14	that	that	PRON
fbem-28274	208	15	of	of	ADP
fbem-28274	208	16	small	small	ADJ
fbem-28274	208	17	and	and	CCONJ
fbem-28274	208	18	medium	medium	ADJ
fbem-28274	208	19	-	-	PUNCT
fbem-28274	208	20	sized	sized	ADJ
fbem-28274	208	21	enterprises	enterprise	NOUN
fbem-28274	208	22	,	,	PUNCT
fbem-28274	208	23	with	with	ADP
fbem-28274	208	24	their	their	PRON
fbem-28274	208	25	own	own	ADJ
fbem-28274	208	26	financial	financial	ADJ
fbem-28274	208	27	strength	strength	NOUN
fbem-28274	208	28	,	,	PUNCT
fbem-28274	208	29	they	they	PRON
fbem-28274	208	30	will	will	AUX
fbem-28274	208	31	consider	consider	VERB
fbem-28274	208	32	using	use	VERB
fbem-28274	208	33	internal	internal	ADJ
fbem-28274	208	34	funds	fund	NOUN
fbem-28274	208	35	first	first	ADV
fbem-28274	208	36	before	before	ADP
fbem-28274	208	37	using	use	VERB
fbem-28274	208	38	external	external	ADJ
fbem-28274	208	39	funds	fund	NOUN
fbem-28274	208	40	.	.	PUNCT
fbem-28274	209	1	considering	consider	VERB
fbem-28274	209	2	the	the	DET
fbem-28274	209	3	high	high	ADJ
fbem-28274	209	4	cost	cost	NOUN
fbem-28274	209	5	of	of	ADP
fbem-28274	209	6	external	external	ADJ
fbem-28274	209	7	financing	financing	NOUN
fbem-28274	209	8	,	,	PUNCT
fbem-28274	209	9	large	large	ADJ
fbem-28274	209	10	enterprises	enterprise	NOUN
fbem-28274	209	11	tend	tend	VERB
fbem-28274	209	12	to	to	PART
fbem-28274	209	13	consider	consider	VERB
fbem-28274	209	14	internal	internal	ADJ
fbem-28274	209	15	financing	financing	NOUN
fbem-28274	209	16	first	first	ADV
fbem-28274	209	17	,	,	PUNCT
fbem-28274	209	18	so	so	CCONJ
fbem-28274	209	19	large	large	ADJ
fbem-28274	209	20	enterprises	enterprise	NOUN
fbem-28274	209	21	are	be	AUX
fbem-28274	209	22	less	less	ADV
fbem-28274	209	23	sensitive	sensitive	ADJ
fbem-28274	209	24	to	to	ADP
fbem-28274	209	25	the	the	DET
fbem-28274	209	26	expansion	expansion	NOUN
fbem-28274	209	27	of	of	ADP
fbem-28274	209	28	government	government	NOUN
fbem-28274	209	29	debt	debt	NOUN
fbem-28274	209	30	scale	scale	NOUN
fbem-28274	209	31	.	.	PUNCT
fbem-28274	210	1	in	in	ADP
fbem-28274	210	2	summary	summary	NOUN
fbem-28274	210	3	,	,	PUNCT
fbem-28274	210	4	the	the	DET
fbem-28274	210	5	crowding	crowd	VERB
fbem-28274	210	6	-	-	PUNCT
fbem-28274	210	7	out	out	ADP
fbem-28274	210	8	effect	effect	NOUN
fbem-28274	210	9	is	be	AUX
fbem-28274	210	10	more	more	ADV
fbem-28274	210	11	significant	significant	ADJ
fbem-28274	210	12	for	for	ADP
fbem-28274	210	13	small	small	ADJ
fbem-28274	210	14	and	and	CCONJ
fbem-28274	210	15	medium	medium	ADJ
fbem-28274	210	16	-	-	PUNCT
fbem-28274	210	17	sized	sized	ADJ
fbem-28274	210	18	enterprises	enterprise	NOUN
fbem-28274	210	19	than	than	ADP
fbem-28274	210	20	for	for	ADP
fbem-28274	210	21	large	large	ADJ
fbem-28274	210	22	-	-	PUNCT
fbem-28274	210	23	scale	scale	NOUN
fbem-28274	210	24	enterprises	enterprise	NOUN
fbem-28274	210	25	.	.	PUNCT
fbem-28274	211	1	6	6	X
fbem-28274	211	2	.	.	X
fbem-28274	211	3	robustness	robustness	NOUN
fbem-28274	211	4	checks	check	NOUN
fbem-28274	211	5	although	although	SCONJ
fbem-28274	211	6	we	we	PRON
fbem-28274	211	7	include	include	VERB
fbem-28274	211	8	explanatory	explanatory	ADJ
fbem-28274	211	9	variables	variable	NOUN
fbem-28274	211	10	,	,	PUNCT
fbem-28274	211	11	explained	explain	VERB
fbem-28274	211	12	variables	variable	NOUN
fbem-28274	211	13	,	,	PUNCT
fbem-28274	211	14	and	and	CCONJ
fbem-28274	211	15	six	six	NUM
fbem-28274	211	16	microand	microand	NOUN
fbem-28274	211	17	macro	macro	ADJ
fbem-28274	211	18	-	-	NOUN
fbem-28274	211	19	level	level	NOUN
fbem-28274	211	20	control	control	NOUN
fbem-28274	211	21	variables	variable	NOUN
fbem-28274	211	22	in	in	ADP
fbem-28274	211	23	our	our	PRON
fbem-28274	211	24	baseline	baseline	NOUN
fbem-28274	211	25	regression	regression	NOUN
fbem-28274	211	26	model	model	NOUN
fbem-28274	211	27	,	,	PUNCT
fbem-28274	211	28	the	the	DET
fbem-28274	211	29	estimation	estimation	NOUN
fbem-28274	211	30	results	result	NOUN
fbem-28274	211	31	of	of	ADP
fbem-28274	211	32	the	the	DET
fbem-28274	211	33	model	model	NOUN
fbem-28274	211	34	may	may	AUX
fbem-28274	211	35	still	still	ADV
fbem-28274	211	36	be	be	AUX
fbem-28274	211	37	affected	affect	VERB
fbem-28274	211	38	by	by	ADP
fbem-28274	211	39	model	model	NOUN
fbem-28274	211	40	setup	setup	NOUN
fbem-28274	211	41	,	,	PUNCT
fbem-28274	211	42	omitted	omit	VERB
fbem-28274	211	43	variables	variable	NOUN
fbem-28274	211	44	,	,	PUNCT
fbem-28274	211	45	and	and	CCONJ
fbem-28274	211	46	differences	difference	NOUN
fbem-28274	211	47	in	in	ADP
fbem-28274	211	48	sample	sample	NOUN
fbem-28274	211	49	background	background	NOUN
fbem-28274	211	50	,	,	PUNCT
fbem-28274	211	51	making	make	VERB
fbem-28274	211	52	the	the	DET
fbem-28274	211	53	results	result	NOUN
fbem-28274	211	54	unconvincing	unconvincing	ADJ
fbem-28274	211	55	and	and	CCONJ
fbem-28274	211	56	robust	robust	ADJ
fbem-28274	211	57	.	.	PUNCT
fbem-28274	212	1	therefore	therefore	ADV
fbem-28274	212	2	,	,	PUNCT
fbem-28274	212	3	we	we	PRON
fbem-28274	212	4	include	include	VERB
fbem-28274	212	5	robustness	robustness	NOUN
fbem-28274	212	6	tests	test	NOUN
fbem-28274	212	7	to	to	PART
fbem-28274	212	8	remove	remove	VERB
fbem-28274	212	9	the	the	DET
fbem-28274	212	10	interference	interference	NOUN
fbem-28274	212	11	of	of	ADP
fbem-28274	212	12	other	other	ADJ
fbem-28274	212	13	factors	factor	NOUN
fbem-28274	212	14	to	to	ADP
fbem-28274	212	15	the	the	DET
fbem-28274	212	16	model	model	NOUN
fbem-28274	212	17	as	as	ADV
fbem-28274	212	18	much	much	ADV
fbem-28274	212	19	as	as	ADP
fbem-28274	212	20	possible	possible	ADJ
fbem-28274	212	21	through	through	ADP
fbem-28274	212	22	various	various	ADJ
fbem-28274	212	23	ways	way	NOUN
fbem-28274	212	24	.	.	PUNCT
fbem-28274	213	1	table	table	NOUN
fbem-28274	213	2	7	7	NUM
fbem-28274	213	3	.	.	PUNCT
fbem-28274	214	1	robustness	robustness	NOUN
fbem-28274	214	2	checks	check	NOUN
fbem-28274	214	3	(	(	PUNCT
fbem-28274	214	4	1	1	NUM
fbem-28274	214	5	)	)	PUNCT
fbem-28274	214	6	(	(	PUNCT
fbem-28274	214	7	2	2	NUM
fbem-28274	214	8	)	)	PUNCT
fbem-28274	214	9	(	(	PUNCT
fbem-28274	214	10	3	3	X
fbem-28274	214	11	)	)	PUNCT
fbem-28274	214	12	province_debt	province_debt	PROPN
fbem-28274	214	13	(	(	PUNCT
fbem-28274	214	14	t-1	t-1	PROPN
fbem-28274	214	15	)	)	PUNCT
fbem-28274	214	16	-0.154	-0.154	VERB
fbem-28274	214	17	*	*	PUNCT
fbem-28274	214	18	*	*	PUNCT
fbem-28274	214	19	*	*	PUNCT
fbem-28274	214	20	(	(	PUNCT
fbem-28274	214	21	0.055	0.055	NUM
fbem-28274	214	22	)	)	PUNCT
fbem-28274	214	23	gov_debt	gov_debt	X
fbem-28274	214	24	(	(	PUNCT
fbem-28274	214	25	t-1	t-1	PROPN
fbem-28274	214	26	)	)	PUNCT
fbem-28274	214	27	-0.153	-0.153	NOUN
fbem-28274	215	1	*	*	PUNCT
fbem-28274	215	2	*	*	PUNCT
fbem-28274	215	3	*	*	PUNCT
fbem-28274	215	4	-6.123	-6.123	PUNCT
fbem-28274	215	5	*	*	PUNCT
fbem-28274	215	6	*	*	PUNCT
fbem-28274	215	7	(	(	PUNCT
fbem-28274	215	8	0.057	0.057	NUM
fbem-28274	215	9	)	)	PUNCT
fbem-28274	215	10	(	(	PUNCT
fbem-28274	215	11	2.745	2.745	NUM
fbem-28274	215	12	)	)	PUNCT
fbem-28274	215	13	tangibility	tangibility	NOUN
fbem-28274	215	14	(	(	PUNCT
fbem-28274	215	15	t-1	t-1	PROPN
fbem-28274	215	16	)	)	PUNCT
fbem-28274	215	17	-0.113	-0.113	NOUN
fbem-28274	215	18	*	*	PUNCT
fbem-28274	215	19	*	*	PUNCT
fbem-28274	215	20	*	*	PUNCT
fbem-28274	215	21	-0.091	-0.091	PUNCT
fbem-28274	215	22	*	*	PUNCT
fbem-28274	215	23	*	*	PUNCT
fbem-28274	215	24	*	*	PUNCT
fbem-28274	215	25	-8.139	-8.139	PUNCT
fbem-28274	215	26	*	*	PUNCT
fbem-28274	215	27	*	*	PUNCT
fbem-28274	215	28	*	*	PUNCT
fbem-28274	215	29	(	(	PUNCT
fbem-28274	215	30	0.016	0.016	NUM
fbem-28274	215	31	)	)	PUNCT
fbem-28274	215	32	(	(	PUNCT
fbem-28274	215	33	0.018	0.018	NUM
fbem-28274	215	34	)	)	PUNCT
fbem-28274	215	35	(	(	PUNCT
fbem-28274	215	36	0.753	0.753	NUM
fbem-28274	215	37	)	)	PUNCT
fbem-28274	215	38	size	size	NOUN
fbem-28274	215	39	(	(	PUNCT
fbem-28274	215	40	t-1	t-1	PROPN
fbem-28274	215	41	)	)	PUNCT
fbem-28274	215	42	0.004	0.004	NUM
fbem-28274	215	43	*	*	PUNCT
fbem-28274	215	44	*	*	PUNCT
fbem-28274	215	45	*	*	PUNCT
fbem-28274	215	46	0.008	0.008	NUM
fbem-28274	215	47	*	*	PUNCT
fbem-28274	215	48	*	*	PUNCT
fbem-28274	215	49	*	*	PUNCT
fbem-28274	215	50	0.365	0.365	NUM
fbem-28274	215	51	*	*	PUNCT
fbem-28274	215	52	*	*	PUNCT
fbem-28274	215	53	*	*	PUNCT
fbem-28274	215	54	(	(	PUNCT
fbem-28274	215	55	0.000	0.000	NUM
fbem-28274	215	56	)	)	PUNCT
fbem-28274	215	57	(	(	PUNCT
fbem-28274	215	58	0.001	0.001	NUM
fbem-28274	215	59	)	)	PUNCT
fbem-28274	215	60	(	(	PUNCT
fbem-28274	215	61	0.043	0.043	NUM
fbem-28274	215	62	)	)	PUNCT
fbem-28274	215	63	net_pro	net_pro	PROPN
fbem-28274	215	64	(	(	PUNCT
fbem-28274	215	65	t-1	t-1	PROPN
fbem-28274	215	66	)	)	PUNCT
fbem-28274	215	67	-0.418	-0.418	NOUN
fbem-28274	216	1	*	*	PUNCT
fbem-28274	216	2	*	*	PUNCT
fbem-28274	216	3	*	*	PUNCT
fbem-28274	216	4	-0.425	-0.425	PUNCT
fbem-28274	216	5	*	*	PUNCT
fbem-28274	216	6	*	*	PUNCT
fbem-28274	216	7	*	*	PUNCT
fbem-28274	216	8	-6.597	-6.597	NOUN
fbem-28274	216	9	*	*	PUNCT
fbem-28274	216	10	*	*	PUNCT
fbem-28274	216	11	*	*	PUNCT
fbem-28274	216	12	(	(	PUNCT
fbem-28274	216	13	0.015	0.015	NUM
fbem-28274	216	14	)	)	PUNCT
fbem-28274	216	15	(	(	PUNCT
fbem-28274	216	16	0.015	0.015	NUM
fbem-28274	216	17	)	)	PUNCT
fbem-28274	216	18	(	(	PUNCT
fbem-28274	216	19	0.558	0.558	NUM
fbem-28274	216	20	)	)	PUNCT
fbem-28274	216	21	lnper_gdp	lnper_gdp	PROPN
fbem-28274	216	22	(	(	PUNCT
fbem-28274	216	23	t-1	t-1	PROPN
fbem-28274	216	24	)	)	PUNCT
fbem-28274	216	25	-0.002	-0.002	PUNCT
fbem-28274	216	26	0.001	0.001	NUM
fbem-28274	216	27	-0.161	-0.161	PUNCT
fbem-28274	216	28	(	(	PUNCT
fbem-28274	216	29	0.012	0.012	NUM
fbem-28274	216	30	)	)	PUNCT
fbem-28274	216	31	(	(	PUNCT
fbem-28274	216	32	0.013	0.013	NUM
fbem-28274	216	33	)	)	PUNCT
fbem-28274	216	34	(	(	PUNCT
fbem-28274	216	35	0.416	0.416	NUM
fbem-28274	216	36	)	)	PUNCT
fbem-28274	216	37	unemployment	unemployment	NOUN
fbem-28274	216	38	(	(	PUNCT
fbem-28274	216	39	t-1	t-1	PROPN
fbem-28274	216	40	)	)	PUNCT
fbem-28274	216	41	-0.004	-0.004	PUNCT
fbem-28274	216	42	-0.005	-0.005	PUNCT
fbem-28274	216	43	0.076	0.076	NUM
fbem-28274	216	44	(	(	PUNCT
fbem-28274	216	45	0.009	0.009	NUM
fbem-28274	216	46	)	)	PUNCT
fbem-28274	216	47	(	(	PUNCT
fbem-28274	216	48	0.009	0.009	NUM
fbem-28274	216	49	)	)	PUNCT
fbem-28274	216	50	(	(	PUNCT
fbem-28274	216	51	0.265	0.265	NUM
fbem-28274	216	52	)	)	PUNCT
fbem-28274	216	53	cpi	cpi	NOUN
fbem-28274	216	54	-0.002	-0.002	PUNCT
fbem-28274	216	55	-0.003	-0.003	NOUN
fbem-28274	216	56	-0.083	-0.083	INTJ
fbem-28274	216	57	(	(	PUNCT
fbem-28274	216	58	0.002	0.002	NUM
fbem-28274	216	59	)	)	PUNCT
fbem-28274	216	60	(	(	PUNCT
fbem-28274	216	61	0.002	0.002	NUM
fbem-28274	216	62	)	)	PUNCT
fbem-28274	216	63	(	(	PUNCT
fbem-28274	216	64	0.099	0.099	NUM
fbem-28274	216	65	)	)	PUNCT
fbem-28274	216	66	_	_	NOUN
fbem-28274	216	67	cons	con	NOUN
fbem-28274	216	68	0.794	0.794	PRON
fbem-28274	216	69	*	*	PUNCT
fbem-28274	216	70	*	*	PUNCT
fbem-28274	216	71	*	*	PUNCT
fbem-28274	216	72	0.889	0.889	NUM
fbem-28274	216	73	*	*	PUNCT
fbem-28274	216	74	*	*	PUNCT
fbem-28274	216	75	*	*	PUNCT
fbem-28274	216	76	17.638	17.638	NUM
fbem-28274	216	77	*	*	PUNCT
fbem-28274	216	78	(	(	PUNCT
fbem-28274	216	79	0.251	0.251	NUM
fbem-28274	216	80	)	)	PUNCT
fbem-28274	216	81	(	(	PUNCT
fbem-28274	216	82	0.257	0.257	NUM
fbem-28274	216	83	)	)	PUNCT
fbem-28274	216	84	(	(	PUNCT
fbem-28274	216	85	10.085	10.085	NUM
fbem-28274	216	86	)	)	PUNCT
fbem-28274	216	87	individual	individual	ADJ
fbem-28274	216	88	fe	fe	INTJ
fbem-28274	217	1	yes	yes	INTJ
fbem-28274	217	2	yes	yes	INTJ
fbem-28274	217	3	yes	yes	INTJ
fbem-28274	217	4	time	time	NOUN
fbem-28274	217	5	fe	fe	INTJ
fbem-28274	218	1	yes	yes	INTJ
fbem-28274	218	2	yes	yes	INTJ
fbem-28274	219	1	yes	yes	INTJ
fbem-28274	219	2	n	n	CCONJ
fbem-28274	219	3	7728	7728	NUM
fbem-28274	219	4	6174	6174	NUM
fbem-28274	219	5	7728	7728	NUM
fbem-28274	219	6	r2	r2	NOUN
fbem-28274	219	7	0.245	0.245	NUM
fbem-28274	219	8	0.273	0.273	NUM
fbem-28274	219	9	0.238	0.238	NUM
fbem-28274	219	10	f	f	PROPN
fbem-28274	219	11	150.547	150.547	NUM
fbem-28274	219	12	129.694	129.694	NUM
fbem-28274	219	13	43.032	43.032	NUM
fbem-28274	219	14	note	note	NOUN
fbem-28274	219	15	:	:	PUNCT
fbem-28274	219	16	standard	standard	ADJ
fbem-28274	219	17	errors	error	NOUN
fbem-28274	219	18	in	in	ADP
fbem-28274	219	19	parentheses	parenthesis	NOUN
fbem-28274	219	20	.	.	PUNCT
fbem-28274	220	1	*	*	PUNCT
fbem-28274	220	2	,	,	PUNCT
fbem-28274	220	3	*	*	PUNCT
fbem-28274	220	4	*	*	PUNCT
fbem-28274	220	5	,	,	PUNCT
fbem-28274	220	6	*	*	PUNCT
fbem-28274	220	7	*	*	PUNCT
fbem-28274	220	8	*	*	NOUN
fbem-28274	220	9	.	.	PUNCT
fbem-28274	221	1	in	in	ADP
fbem-28274	221	2	the	the	DET
fbem-28274	221	3	baseline	baseline	PROPN
fbem-28274	221	4	regression	regression	NOUN
fbem-28274	221	5	model	model	NOUN
fbem-28274	221	6	of	of	ADP
fbem-28274	221	7	equation	equation	NOUN
fbem-28274	221	8	1	1	NUM
fbem-28274	221	9	,	,	PUNCT
fbem-28274	221	10	we	we	PRON
fbem-28274	221	11	use	use	VERB
fbem-28274	221	12	local	local	ADJ
fbem-28274	221	13	debt	debt	NOUN
fbem-28274	221	14	data	datum	NOUN
fbem-28274	221	15	of	of	ADP
fbem-28274	221	16	prefecture	prefecture	NOUN
fbem-28274	221	17	-	-	PUNCT
fbem-28274	221	18	level	level	NOUN
fbem-28274	221	19	municipalities	municipality	NOUN
fbem-28274	221	20	for	for	ADP
fbem-28274	221	21	our	our	PRON
fbem-28274	221	22	sample	sample	NOUN
fbem-28274	221	23	data	datum	NOUN
fbem-28274	221	24	,	,	PUNCT
fbem-28274	221	25	and	and	CCONJ
fbem-28274	221	26	to	to	PART
fbem-28274	221	27	test	test	VERB
fbem-28274	221	28	the	the	DET
fbem-28274	221	29	robustness	robustness	NOUN
fbem-28274	221	30	of	of	ADP
fbem-28274	221	31	the	the	DET
fbem-28274	221	32	regression	regression	NOUN
fbem-28274	221	33	results	result	NOUN
fbem-28274	221	34	,	,	PUNCT
fbem-28274	221	35	we	we	PRON
fbem-28274	221	36	use	use	VERB
fbem-28274	221	37	provincial	provincial	ADJ
fbem-28274	221	38	-	-	PUNCT
fbem-28274	221	39	level	level	NOUN
fbem-28274	221	40	debt	debt	NOUN
fbem-28274	221	41	data	datum	NOUN
fbem-28274	221	42	for	for	ADP
fbem-28274	221	43	the	the	DET
fbem-28274	221	44	regression	regression	NOUN
fbem-28274	221	45	.	.	PUNCT
fbem-28274	222	1	the	the	DET
fbem-28274	222	2	relevant	relevant	ADJ
fbem-28274	222	3	estimates	estimate	NOUN
fbem-28274	222	4	are	be	AUX
fbem-28274	222	5	shown	show	VERB
fbem-28274	222	6	in	in	ADP
fbem-28274	222	7	column	column	NOUN
fbem-28274	222	8	1	1	NUM
fbem-28274	222	9	of	of	ADP
fbem-28274	222	10	table	table	NOUN
fbem-28274	222	11	7	7	NUM
fbem-28274	222	12	.	.	PUNCT
fbem-28274	223	1	the	the	DET
fbem-28274	223	2	regression	regression	NOUN
fbem-28274	223	3	results	result	VERB
fbem-28274	223	4	using	use	VERB
fbem-28274	223	5	the	the	DET
fbem-28274	223	6	provincial	provincial	ADJ
fbem-28274	223	7	sample	sample	NOUN
fbem-28274	223	8	can	can	AUX
fbem-28274	223	9	be	be	AUX
fbem-28274	223	10	found	find	VERB
fbem-28274	223	11	:	:	PUNCT
fbem-28274	223	12	the	the	DET
fbem-28274	223	13	coefficients	coefficient	NOUN
fbem-28274	223	14	are	be	AUX
fbem-28274	223	15	very	very	ADV
fbem-28274	223	16	similar	similar	ADJ
fbem-28274	223	17	to	to	ADP
fbem-28274	223	18	the	the	DET
fbem-28274	223	19	baseline	baseline	NOUN
fbem-28274	223	20	regression	regression	NOUN
fbem-28274	223	21	results	result	NOUN
fbem-28274	223	22	;	;	PUNCT
fbem-28274	223	23	the	the	DET
fbem-28274	223	24	estimated	estimate	VERB
fbem-28274	223	25	coefficients	coefficient	NOUN
fbem-28274	223	26	differ	differ	VERB
fbem-28274	223	27	by	by	ADP
fbem-28274	223	28	0.003	0.003	NUM
fbem-28274	223	29	,	,	PUNCT
fbem-28274	223	30	the	the	DET
fbem-28274	223	31	results	result	NOUN
fbem-28274	223	32	are	be	AUX
fbem-28274	223	33	very	very	ADV
fbem-28274	223	34	small	small	ADJ
fbem-28274	223	35	,	,	PUNCT
fbem-28274	223	36	and	and	CCONJ
fbem-28274	223	37	the	the	DET
fbem-28274	223	38	robust	robust	ADJ
fbem-28274	223	39	standard	standard	ADJ
fbem-28274	223	40	errors	error	NOUN
fbem-28274	223	41	are	be	AUX
fbem-28274	223	42	also	also	ADV
fbem-28274	223	43	very	very	ADV
fbem-28274	223	44	close	close	ADJ
fbem-28274	223	45	,	,	PUNCT
fbem-28274	223	46	indicating	indicate	VERB
fbem-28274	223	47	the	the	DET
fbem-28274	223	48	robustness	robustness	NOUN
fbem-28274	223	49	of	of	ADP
fbem-28274	223	50	the	the	DET
fbem-28274	223	51	estimation	estimation	NOUN
fbem-28274	223	52	results	result	NOUN
fbem-28274	223	53	in	in	ADP
fbem-28274	223	54	this	this	DET
fbem-28274	223	55	paper	paper	NOUN
fbem-28274	223	56	.	.	PUNCT
fbem-28274	224	1	due	due	ADP
fbem-28274	224	2	to	to	ADP
fbem-28274	224	3	the	the	DET
fbem-28274	224	4	special	special	ADJ
fbem-28274	224	5	political	political	ADJ
fbem-28274	224	6	and	and	CCONJ
fbem-28274	224	7	economic	economic	ADJ
fbem-28274	224	8	factors	factor	NOUN
fbem-28274	224	9	of	of	ADP
fbem-28274	224	10	directadministered	directadministere	VERB
fbem-28274	224	11	municipalities	municipality	NOUN
fbem-28274	224	12	of	of	ADP
fbem-28274	224	13	china	china	PROPN
fbem-28274	224	14	,	,	PUNCT
fbem-28274	224	15	local	local	ADJ
fbem-28274	224	16	government	government	NOUN
fbem-28274	224	17	debt	debt	NOUN
fbem-28274	224	18	232	232	NUM
fbem-28274	224	19	tends	tend	VERB
fbem-28274	224	20	to	to	PART
fbem-28274	224	21	be	be	AUX
fbem-28274	224	22	different	different	ADJ
fbem-28274	224	23	from	from	ADP
fbem-28274	224	24	that	that	PRON
fbem-28274	224	25	of	of	ADP
fbem-28274	224	26	ordinary	ordinary	ADJ
fbem-28274	224	27	prefecture	prefecture	NOUN
fbem-28274	224	28	-	-	PUNCT
fbem-28274	224	29	level	level	NOUN
fbem-28274	224	30	cities	city	NOUN
fbem-28274	224	31	,	,	PUNCT
fbem-28274	224	32	which	which	PRON
fbem-28274	224	33	will	will	AUX
fbem-28274	224	34	have	have	VERB
fbem-28274	224	35	an	an	DET
fbem-28274	224	36	impact	impact	NOUN
fbem-28274	224	37	on	on	ADP
fbem-28274	224	38	the	the	DET
fbem-28274	224	39	results	result	NOUN
fbem-28274	224	40	when	when	SCONJ
fbem-28274	224	41	considered	consider	VERB
fbem-28274	224	42	.	.	PUNCT
fbem-28274	225	1	to	to	PART
fbem-28274	225	2	test	test	VERB
fbem-28274	225	3	the	the	DET
fbem-28274	225	4	robustness	robustness	NOUN
fbem-28274	225	5	of	of	ADP
fbem-28274	225	6	the	the	DET
fbem-28274	225	7	regression	regression	NOUN
fbem-28274	225	8	results	result	NOUN
fbem-28274	225	9	,	,	PUNCT
fbem-28274	225	10	we	we	PRON
fbem-28274	225	11	exclude	exclude	VERB
fbem-28274	225	12	the	the	DET
fbem-28274	225	13	data	datum	NOUN
fbem-28274	225	14	of	of	ADP
fbem-28274	225	15	municipalities	municipality	NOUN
fbem-28274	225	16	directly	directly	ADV
fbem-28274	225	17	under	under	ADP
fbem-28274	225	18	the	the	DET
fbem-28274	225	19	central	central	ADJ
fbem-28274	225	20	government	government	NOUN
fbem-28274	225	21	and	and	CCONJ
fbem-28274	225	22	use	use	VERB
fbem-28274	225	23	the	the	DET
fbem-28274	225	24	data	datum	NOUN
fbem-28274	225	25	of	of	ADP
fbem-28274	225	26	the	the	DET
fbem-28274	225	27	remaining	remain	VERB
fbem-28274	225	28	prefecture	prefecture	NOUN
fbem-28274	225	29	-	-	PUNCT
fbem-28274	225	30	level	level	NOUN
fbem-28274	225	31	cities	city	NOUN
fbem-28274	225	32	for	for	ADP
fbem-28274	225	33	the	the	DET
fbem-28274	225	34	regression	regression	NOUN
fbem-28274	225	35	.	.	PUNCT
fbem-28274	226	1	the	the	DET
fbem-28274	226	2	results	result	NOUN
fbem-28274	226	3	in	in	ADP
fbem-28274	226	4	column	column	NOUN
fbem-28274	226	5	2	2	NUM
fbem-28274	226	6	of	of	ADP
fbem-28274	226	7	table	table	NOUN
fbem-28274	226	8	7	7	NUM
fbem-28274	226	9	show	show	NOUN
fbem-28274	226	10	that	that	SCONJ
fbem-28274	226	11	the	the	DET
fbem-28274	226	12	estimated	estimate	VERB
fbem-28274	226	13	coefficients	coefficient	NOUN
fbem-28274	226	14	and	and	CCONJ
fbem-28274	226	15	robust	robust	ADJ
fbem-28274	226	16	standard	standard	ADJ
fbem-28274	226	17	errors	error	NOUN
fbem-28274	226	18	are	be	AUX
fbem-28274	226	19	very	very	ADV
fbem-28274	226	20	similar	similar	ADJ
fbem-28274	226	21	.	.	PUNCT
fbem-28274	227	1	therefore	therefore	ADV
fbem-28274	227	2	,	,	PUNCT
fbem-28274	227	3	the	the	DET
fbem-28274	227	4	results	result	NOUN
fbem-28274	227	5	of	of	ADP
fbem-28274	227	6	the	the	DET
fbem-28274	227	7	benchmark	benchmark	NOUN
fbem-28274	227	8	regression	regression	NOUN
fbem-28274	227	9	model	model	NOUN
fbem-28274	227	10	are	be	AUX
fbem-28274	227	11	still	still	ADV
fbem-28274	227	12	significant	significant	ADJ
fbem-28274	227	13	and	and	CCONJ
fbem-28274	227	14	robust	robust	ADJ
fbem-28274	227	15	in	in	ADP
fbem-28274	227	16	terms	term	NOUN
fbem-28274	227	17	of	of	ADP
fbem-28274	227	18	robustness	robustness	NOUN
fbem-28274	227	19	tests	test	NOUN
fbem-28274	227	20	.	.	PUNCT
fbem-28274	228	1	in	in	ADP
fbem-28274	228	2	the	the	DET
fbem-28274	228	3	benchmark	benchmark	NOUN
fbem-28274	228	4	regression	regression	NOUN
fbem-28274	228	5	model	model	NOUN
fbem-28274	228	6	,	,	PUNCT
fbem-28274	228	7	we	we	PRON
fbem-28274	228	8	use	use	VERB
fbem-28274	228	9	total	total	ADJ
fbem-28274	228	10	liabilities	liability	NOUN
fbem-28274	228	11	/	/	SYM
fbem-28274	228	12	total	total	ADJ
fbem-28274	228	13	assets	asset	NOUN
fbem-28274	228	14	(	(	PUNCT
fbem-28274	228	15	gearing	gear	VERB
fbem-28274	228	16	ratio	ratio	NOUN
fbem-28274	228	17	)	)	PUNCT
fbem-28274	228	18	to	to	PART
fbem-28274	228	19	measure	measure	VERB
fbem-28274	228	20	firm	firm	ADJ
fbem-28274	228	21	leverage	leverage	NOUN
fbem-28274	228	22	,	,	PUNCT
fbem-28274	228	23	and	and	CCONJ
fbem-28274	228	24	based	base	VERB
fbem-28274	228	25	on	on	ADP
fbem-28274	228	26	the	the	DET
fbem-28274	228	27	related	relate	VERB
fbem-28274	228	28	literature	literature	NOUN
fbem-28274	228	29	by	by	ADP
fbem-28274	228	30	greenwood	greenwood	PROPN
fbem-28274	228	31	(	(	PUNCT
fbem-28274	228	32	2015	2015	NUM
fbem-28274	228	33	)	)	PUNCT
fbem-28274	228	34	,	,	PUNCT
fbem-28274	228	35	irem	irem	PROPN
fbem-28274	228	36	demirci	demirci	PROPN
fbem-28274	228	37	(	(	PUNCT
fbem-28274	228	38	2019	2019	NUM
fbem-28274	228	39	)	)	PUNCT
fbem-28274	228	40	,	,	PUNCT
fbem-28274	228	41	we	we	PRON
fbem-28274	228	42	use	use	VERB
fbem-28274	228	43	the	the	DET
fbem-28274	228	44	market	market	NOUN
fbem-28274	228	45	leverage	leverage	NOUN
fbem-28274	228	46	ratio	ratio	NOUN
fbem-28274	228	47	of	of	ADP
fbem-28274	228	48	liabilities	liability	NOUN
fbem-28274	228	49	/	/	SYM
fbem-28274	228	50	market	market	NOUN
fbem-28274	228	51	value	value	NOUN
fbem-28274	228	52	added	add	VERB
fbem-28274	228	53	instead	instead	ADV
fbem-28274	228	54	of	of	ADP
fbem-28274	228	55	the	the	DET
fbem-28274	228	56	original	original	ADJ
fbem-28274	228	57	indicator	indicator	NOUN
fbem-28274	228	58	of	of	ADP
fbem-28274	228	59	firm	firm	ADJ
fbem-28274	228	60	leverage	leverage	NOUN
fbem-28274	228	61	,	,	PUNCT
fbem-28274	228	62	and	and	CCONJ
fbem-28274	228	63	the	the	DET
fbem-28274	228	64	results	result	NOUN
fbem-28274	228	65	are	be	AUX
fbem-28274	228	66	presented	present	VERB
fbem-28274	228	67	in	in	ADP
fbem-28274	228	68	column	column	NOUN
fbem-28274	228	69	3	3	NUM
fbem-28274	228	70	of	of	ADP
fbem-28274	228	71	table	table	NOUN
fbem-28274	228	72	7.although	7.although	NUM
fbem-28274	228	73	the	the	DET
fbem-28274	228	74	estimated	estimate	VERB
fbem-28274	228	75	coefficients	coefficient	NOUN
fbem-28274	228	76	and	and	CCONJ
fbem-28274	228	77	robustness	robustness	NOUN
fbem-28274	228	78	criteria	criterion	NOUN
fbem-28274	228	79	are	be	AUX
fbem-28274	228	80	in	in	ADP
fbem-28274	228	81	error	error	NOUN
fbem-28274	228	82	with	with	ADP
fbem-28274	228	83	the	the	DET
fbem-28274	228	84	coefficients	coefficient	NOUN
fbem-28274	228	85	in	in	ADP
fbem-28274	228	86	table	table	NOUN
fbem-28274	228	87	3	3	NUM
fbem-28274	228	88	,	,	PUNCT
fbem-28274	228	89	the	the	DET
fbem-28274	228	90	results	result	NOUN
fbem-28274	228	91	are	be	AUX
fbem-28274	228	92	still	still	ADV
fbem-28274	228	93	significant	significant	ADJ
fbem-28274	228	94	,	,	PUNCT
fbem-28274	228	95	implying	imply	VERB
fbem-28274	228	96	that	that	SCONJ
fbem-28274	228	97	to	to	ADP
fbem-28274	228	98	some	some	DET
fbem-28274	228	99	extent	extent	NOUN
fbem-28274	228	100	,	,	PUNCT
fbem-28274	228	101	the	the	DET
fbem-28274	228	102	results	result	NOUN
fbem-28274	228	103	of	of	ADP
fbem-28274	228	104	the	the	DET
fbem-28274	228	105	benchmark	benchmark	NOUN
fbem-28274	228	106	regression	regression	NOUN
fbem-28274	228	107	model	model	NOUN
fbem-28274	228	108	are	be	AUX
fbem-28274	228	109	still	still	ADV
fbem-28274	228	110	robust	robust	ADJ
fbem-28274	228	111	and	and	CCONJ
fbem-28274	228	112	local	local	ADJ
fbem-28274	228	113	government	government	NOUN
fbem-28274	228	114	debt	debt	NOUN
fbem-28274	228	115	still	still	ADV
fbem-28274	228	116	has	have	VERB
fbem-28274	228	117	a	a	DET
fbem-28274	228	118	crowding	crowd	VERB
fbem-28274	228	119	-	-	PUNCT
fbem-28274	228	120	out	out	ADP
fbem-28274	228	121	effect	effect	NOUN
fbem-28274	228	122	on	on	ADP
fbem-28274	228	123	corporate	corporate	ADJ
fbem-28274	228	124	leverage	leverage	NOUN
fbem-28274	228	125	.	.	PUNCT
fbem-28274	229	1	table	table	NOUN
fbem-28274	229	2	8	8	NUM
fbem-28274	229	3	.	.	PUNCT
fbem-28274	230	1	robustness	robustness	NOUN
fbem-28274	230	2	checks	check	NOUN
fbem-28274	230	3	:	:	PUNCT
fbem-28274	230	4	endogeneity	endogeneity	NOUN
fbem-28274	230	5	basic	basic	ADJ
fbem-28274	230	6	iv	iv	NUM
fbem-28274	230	7	leverage	leverage	NOUN
fbem-28274	230	8	leverage	leverage	NOUN
fbem-28274	230	9	gov_debt	gov_debt	X
fbem-28274	230	10	(	(	PUNCT
fbem-28274	230	11	t-1	t-1	PROPN
fbem-28274	230	12	)	)	PUNCT
fbem-28274	230	13	-0.150	-0.150	PROPN
fbem-28274	231	1	*	*	PUNCT
fbem-28274	231	2	*	*	PUNCT
fbem-28274	231	3	*	*	PUNCT
fbem-28274	231	4	-0.685	-0.685	PUNCT
fbem-28274	231	5	*	*	PUNCT
fbem-28274	231	6	*	*	PUNCT
fbem-28274	231	7	*	*	PUNCT
fbem-28274	231	8	(	(	PUNCT
fbem-28274	231	9	0.054	0.054	NUM
fbem-28274	231	10	)	)	PUNCT
fbem-28274	231	11	(	(	PUNCT
fbem-28274	231	12	0.235	0.235	NUM
fbem-28274	231	13	)	)	PUNCT
fbem-28274	231	14	tangibility	tangibility	NOUN
fbem-28274	231	15	(	(	PUNCT
fbem-28274	231	16	t-1	t-1	PROPN
fbem-28274	231	17	)	)	PUNCT
fbem-28274	231	18	-0.113	-0.113	NOUN
fbem-28274	231	19	*	*	PUNCT
fbem-28274	232	1	*	*	PUNCT
fbem-28274	232	2	*	*	PUNCT
fbem-28274	232	3	0.046	0.046	NUM
fbem-28274	232	4	*	*	PUNCT
fbem-28274	232	5	*	*	PUNCT
fbem-28274	232	6	(	(	PUNCT
fbem-28274	232	7	0.016	0.016	NUM
fbem-28274	232	8	)	)	PUNCT
fbem-28274	232	9	(	(	PUNCT
fbem-28274	232	10	0.021	0.021	NUM
fbem-28274	232	11	)	)	PUNCT
fbem-28274	232	12	size	size	NOUN
fbem-28274	232	13	(	(	PUNCT
fbem-28274	232	14	t-1	t-1	PROPN
fbem-28274	232	15	)	)	PUNCT
fbem-28274	232	16	0.004	0.004	NUM
fbem-28274	232	17	*	*	PUNCT
fbem-28274	232	18	*	*	PUNCT
fbem-28274	232	19	*	*	PUNCT
fbem-28274	232	20	0.002	0.002	NUM
fbem-28274	232	21	*	*	PUNCT
fbem-28274	232	22	*	*	PUNCT
fbem-28274	232	23	*	*	PUNCT
fbem-28274	232	24	(	(	PUNCT
fbem-28274	232	25	0.000	0.000	NUM
fbem-28274	232	26	)	)	PUNCT
fbem-28274	232	27	(	(	PUNCT
fbem-28274	232	28	0.000	0.000	X
fbem-28274	232	29	)	)	PUNCT
fbem-28274	232	30	net_pro	net_pro	PROPN
fbem-28274	232	31	(	(	PUNCT
fbem-28274	232	32	t-1	t-1	PROPN
fbem-28274	232	33	)	)	PUNCT
fbem-28274	232	34	-0.418	-0.418	NOUN
fbem-28274	233	1	*	*	PUNCT
fbem-28274	233	2	*	*	PUNCT
fbem-28274	233	3	*	*	PUNCT
fbem-28274	234	1	-0.212	-0.212	PROPN
fbem-28274	234	2	*	*	PUNCT
fbem-28274	234	3	*	*	PUNCT
fbem-28274	234	4	*	*	PUNCT
fbem-28274	234	5	(	(	PUNCT
fbem-28274	234	6	0.015	0.015	NUM
fbem-28274	234	7	)	)	PUNCT
fbem-28274	234	8	(	(	PUNCT
fbem-28274	234	9	0.018	0.018	NUM
fbem-28274	234	10	)	)	PUNCT
fbem-28274	234	11	lnper_gdp	lnper_gdp	PROPN
fbem-28274	234	12	(	(	PUNCT
fbem-28274	234	13	t-1	t-1	PROPN
fbem-28274	234	14	)	)	PUNCT
fbem-28274	234	15	-0.002	-0.002	PUNCT
fbem-28274	234	16	0.020	0.020	NUM
fbem-28274	234	17	(	(	PUNCT
fbem-28274	234	18	0.012	0.012	NUM
fbem-28274	234	19	)	)	PUNCT
fbem-28274	234	20	(	(	PUNCT
fbem-28274	234	21	0.013	0.013	NUM
fbem-28274	234	22	)	)	PUNCT
fbem-28274	234	23	unemployment	unemployment	NOUN
fbem-28274	234	24	(	(	PUNCT
fbem-28274	234	25	t-1	t-1	PROPN
fbem-28274	234	26	)	)	PUNCT
fbem-28274	234	27	-0.004	-0.004	PUNCT
fbem-28274	234	28	-0.007	-0.007	X
fbem-28274	234	29	(	(	PUNCT
fbem-28274	234	30	0.009	0.009	NUM
fbem-28274	234	31	)	)	PUNCT
fbem-28274	234	32	(	(	PUNCT
fbem-28274	234	33	0.005	0.005	NUM
fbem-28274	234	34	)	)	PUNCT
fbem-28274	234	35	cpi	cpi	NOUN
fbem-28274	234	36	(	(	PUNCT
fbem-28274	234	37	t-1	t-1	PROPN
fbem-28274	234	38	)	)	PUNCT
fbem-28274	234	39	-0.002	-0.002	PUNCT
fbem-28274	234	40	-0.003	-0.003	PUNCT
fbem-28274	234	41	*	*	PUNCT
fbem-28274	234	42	*	*	PUNCT
fbem-28274	234	43	(	(	PUNCT
fbem-28274	234	44	0.002	0.002	NUM
fbem-28274	234	45	)	)	PUNCT
fbem-28274	234	46	(	(	PUNCT
fbem-28274	234	47	0.002	0.002	NUM
fbem-28274	234	48	)	)	PUNCT
fbem-28274	235	1	_	_	NOUN
fbem-28274	235	2	cons	con	NOUN
fbem-28274	235	3	0.794	0.794	PRON
fbem-28274	235	4	*	*	PUNCT
fbem-28274	235	5	*	*	PUNCT
fbem-28274	235	6	*	*	PUNCT
fbem-28274	235	7	0.819	0.819	NUM
fbem-28274	235	8	*	*	PUNCT
fbem-28274	235	9	*	*	PUNCT
fbem-28274	235	10	*	*	PUNCT
fbem-28274	235	11	(	(	PUNCT
fbem-28274	235	12	0.251	0.251	NUM
fbem-28274	235	13	)	)	PUNCT
fbem-28274	235	14	(	(	PUNCT
fbem-28274	235	15	0.159	0.159	NUM
fbem-28274	235	16	)	)	PUNCT
fbem-28274	235	17	individual	individual	ADJ
fbem-28274	235	18	fe	fe	INTJ
fbem-28274	236	1	yes	yes	INTJ
fbem-28274	236	2	yes	yes	INTJ
fbem-28274	236	3	time	time	NOUN
fbem-28274	236	4	fe	fe	INTJ
fbem-28274	237	1	yes	yes	INTJ
fbem-28274	237	2	yes	yes	INTJ
fbem-28274	238	1	n	n	CCONJ
fbem-28274	238	2	7728	7728	NUM
fbem-28274	238	3	7728	7728	NUM
fbem-28274	238	4	r2	r2	NOUN
fbem-28274	238	5	0.245	0.245	NUM
fbem-28274	238	6	f	f	PROPN
fbem-28274	238	7	150.503	150.503	NUM
fbem-28274	238	8	underidentification	underidentification	NOUN
fbem-28274	238	9	test	test	NOUN
fbem-28274	238	10	490.713	490.713	NUM
fbem-28274	238	11	weak	weak	ADJ
fbem-28274	238	12	identification	identification	NOUN
fbem-28274	238	13	test	test	NOUN
fbem-28274	238	14	530.611	530.611	NUM
fbem-28274	238	15	sargan	sargan	NOUN
fbem-28274	238	16	statistic	statistic	NOUN
fbem-28274	238	17	0.000	0.000	NUM
fbem-28274	238	18	note	note	NOUN
fbem-28274	238	19	:	:	PUNCT
fbem-28274	238	20	standard	standard	ADJ
fbem-28274	238	21	errors	error	NOUN
fbem-28274	238	22	in	in	ADP
fbem-28274	238	23	parentheses	parenthesis	NOUN
fbem-28274	238	24	.	.	PUNCT
fbem-28274	239	1	*	*	PUNCT
fbem-28274	239	2	,	,	PUNCT
fbem-28274	239	3	*	*	PUNCT
fbem-28274	239	4	*	*	PUNCT
fbem-28274	239	5	,	,	PUNCT
fbem-28274	239	6	*	*	PUNCT
fbem-28274	239	7	*	*	PUNCT
fbem-28274	239	8	*	*	NOUN
fbem-28274	239	9	.	.	PUNCT
fbem-28274	240	1	we	we	PRON
fbem-28274	240	2	next	next	ADV
fbem-28274	240	3	use	use	VERB
fbem-28274	240	4	the	the	DET
fbem-28274	240	5	instrumental	instrumental	ADJ
fbem-28274	240	6	variable	variable	ADJ
fbem-28274	240	7	approach	approach	NOUN
fbem-28274	240	8	to	to	PART
fbem-28274	240	9	deal	deal	VERB
fbem-28274	240	10	with	with	ADP
fbem-28274	240	11	endogeneity	endogeneity	NOUN
fbem-28274	240	12	,	,	PUNCT
fbem-28274	240	13	referring	refer	VERB
fbem-28274	240	14	to	to	ADP
fbem-28274	240	15	irem	irem	PROPN
fbem-28274	240	16	demiric	demiric	PROPN
fbem-28274	240	17	et	et	PROPN
fbem-28274	240	18	al	al	PROPN
fbem-28274	240	19	.	.	PROPN
fbem-28274	241	1	(	(	PUNCT
fbem-28274	241	2	2019	2019	NUM
fbem-28274	241	3	)	)	PUNCT
fbem-28274	241	4	who	who	PRON
fbem-28274	241	5	use	use	VERB
fbem-28274	241	6	defense	defense	NOUN
fbem-28274	241	7	spending	spending	NOUN
fbem-28274	241	8	as	as	ADP
fbem-28274	241	9	an	an	DET
fbem-28274	241	10	instrumental	instrumental	ADJ
fbem-28274	241	11	variable	variable	NOUN
fbem-28274	241	12	for	for	ADP
fbem-28274	241	13	local	local	ADJ
fbem-28274	241	14	government	government	NOUN
fbem-28274	241	15	debt	debt	NOUN
fbem-28274	241	16	,	,	PUNCT
fbem-28274	241	17	and	and	CCONJ
fbem-28274	241	18	in	in	ADP
fbem-28274	241	19	this	this	DET
fbem-28274	241	20	paper	paper	NOUN
fbem-28274	241	21	,	,	PUNCT
fbem-28274	241	22	we	we	PRON
fbem-28274	241	23	use	use	VERB
fbem-28274	241	24	the	the	DET
fbem-28274	241	25	sum	sum	NOUN
fbem-28274	241	26	of	of	ADP
fbem-28274	241	27	defense	defense	NOUN
fbem-28274	241	28	spending	spending	NOUN
fbem-28274	241	29	and	and	CCONJ
fbem-28274	241	30	health	health	NOUN
fbem-28274	241	31	spending	spending	NOUN
fbem-28274	241	32	.	.	PUNCT
fbem-28274	242	1	in	in	ADP
fbem-28274	242	2	terms	term	NOUN
fbem-28274	242	3	of	of	ADP
fbem-28274	242	4	the	the	DET
fbem-28274	242	5	choice	choice	NOUN
fbem-28274	242	6	of	of	ADP
fbem-28274	242	7	instrumental	instrumental	ADJ
fbem-28274	242	8	variables	variable	NOUN
fbem-28274	242	9	,	,	PUNCT
fbem-28274	242	10	defense	defense	NOUN
fbem-28274	242	11	spending	spending	NOUN
fbem-28274	242	12	and	and	CCONJ
fbem-28274	242	13	health	health	NOUN
fbem-28274	242	14	care	care	NOUN
fbem-28274	242	15	spending	spending	NOUN
fbem-28274	242	16	are	be	AUX
fbem-28274	242	17	closely	closely	ADV
fbem-28274	242	18	related	relate	VERB
fbem-28274	242	19	to	to	ADP
fbem-28274	242	20	local	local	ADJ
fbem-28274	242	21	fiscal	fiscal	ADJ
fbem-28274	242	22	spending	spending	NOUN
fbem-28274	242	23	,	,	PUNCT
fbem-28274	242	24	and	and	CCONJ
fbem-28274	242	25	defense	defense	NOUN
fbem-28274	242	26	spending	spending	NOUN
fbem-28274	242	27	and	and	CCONJ
fbem-28274	242	28	health	health	NOUN
fbem-28274	242	29	care	care	NOUN
fbem-28274	242	30	spending	spending	NOUN
fbem-28274	242	31	are	be	AUX
fbem-28274	242	32	basic	basic	ADJ
fbem-28274	242	33	livelihood	livelihood	NOUN
fbem-28274	242	34	spending	spending	NOUN
fbem-28274	242	35	,	,	PUNCT
fbem-28274	242	36	which	which	PRON
fbem-28274	242	37	are	be	AUX
fbem-28274	242	38	less	less	ADV
fbem-28274	242	39	affected	affect	VERB
fbem-28274	242	40	by	by	ADP
fbem-28274	242	41	macroeconomic	macroeconomic	ADJ
fbem-28274	242	42	influences	influence	NOUN
fbem-28274	242	43	and	and	CCONJ
fbem-28274	242	44	are	be	AUX
fbem-28274	242	45	relatively	relatively	ADV
fbem-28274	242	46	fixed	fix	VERB
fbem-28274	242	47	expenditures	expenditure	NOUN
fbem-28274	242	48	in	in	ADP
fbem-28274	242	49	government	government	NOUN
fbem-28274	242	50	finance	finance	NOUN
fbem-28274	242	51	,	,	PUNCT
fbem-28274	242	52	and	and	CCONJ
fbem-28274	242	53	can	can	AUX
fbem-28274	242	54	be	be	AUX
fbem-28274	242	55	considered	consider	VERB
fbem-28274	242	56	as	as	ADP
fbem-28274	242	57	exogenous	exogenous	ADJ
fbem-28274	242	58	variables	variable	NOUN
fbem-28274	242	59	with	with	ADP
fbem-28274	242	60	weak	weak	ADJ
fbem-28274	242	61	correlation	correlation	NOUN
fbem-28274	242	62	with	with	ADP
fbem-28274	242	63	the	the	DET
fbem-28274	242	64	economic	economic	ADJ
fbem-28274	242	65	influences	influence	NOUN
fbem-28274	242	66	on	on	ADP
fbem-28274	242	67	corporate	corporate	ADJ
fbem-28274	242	68	leverage	leverage	NOUN
fbem-28274	242	69	.	.	PUNCT
fbem-28274	243	1	we	we	PRON
fbem-28274	243	2	use	use	VERB
fbem-28274	243	3	iv	iv	NUM
fbem-28274	243	4	estimation	estimation	NOUN
fbem-28274	243	5	method	method	NOUN
fbem-28274	243	6	for	for	ADP
fbem-28274	243	7	regression	regression	NOUN
fbem-28274	243	8	,	,	PUNCT
fbem-28274	243	9	as	as	SCONJ
fbem-28274	243	10	shown	show	VERB
fbem-28274	243	11	in	in	ADP
fbem-28274	243	12	column	column	NOUN
fbem-28274	243	13	2	2	NUM
fbem-28274	243	14	of	of	ADP
fbem-28274	243	15	table	table	NOUN
fbem-28274	243	16	8	8	NUM
fbem-28274	243	17	,	,	PUNCT
fbem-28274	243	18	and	and	CCONJ
fbem-28274	243	19	the	the	DET
fbem-28274	243	20	results	result	NOUN
fbem-28274	243	21	show	show	VERB
fbem-28274	243	22	that	that	SCONJ
fbem-28274	243	23	the	the	DET
fbem-28274	243	24	results	result	NOUN
fbem-28274	243	25	are	be	AUX
fbem-28274	243	26	significant	significant	ADJ
fbem-28274	243	27	at	at	ADP
fbem-28274	243	28	1	1	NUM
fbem-28274	243	29	%	%	NOUN
fbem-28274	243	30	,	,	PUNCT
fbem-28274	243	31	indicating	indicate	VERB
fbem-28274	243	32	that	that	SCONJ
fbem-28274	243	33	the	the	DET
fbem-28274	243	34	instrumental	instrumental	ADJ
fbem-28274	243	35	variables	variable	NOUN
fbem-28274	243	36	are	be	AUX
fbem-28274	243	37	valid	valid	ADJ
fbem-28274	243	38	,	,	PUNCT
fbem-28274	243	39	and	and	CCONJ
fbem-28274	243	40	we	we	PRON
fbem-28274	243	41	conduct	conduct	VERB
fbem-28274	243	42	underidentification	underidentification	NOUN
fbem-28274	243	43	test	test	NOUN
fbem-28274	243	44	,	,	PUNCT
fbem-28274	243	45	weak	weak	ADJ
fbem-28274	243	46	identification	identification	NOUN
fbem-28274	243	47	test	test	NOUN
fbem-28274	243	48	,	,	PUNCT
fbem-28274	243	49	and	and	CCONJ
fbem-28274	243	50	sargan	sargan	VERB
fbem-28274	243	51	statistic	statistic	NOUN
fbem-28274	243	52	,	,	PUNCT
fbem-28274	243	53	and	and	CCONJ
fbem-28274	243	54	the	the	DET
fbem-28274	243	55	results	result	NOUN
fbem-28274	243	56	are	be	AUX
fbem-28274	243	57	490.713	490.713	NUM
fbem-28274	243	58	,	,	PUNCT
fbem-28274	243	59	530.611	530.611	NUM
fbem-28274	243	60	and	and	CCONJ
fbem-28274	243	61	0.000	0.000	NUM
fbem-28274	243	62	,	,	PUNCT
fbem-28274	243	63	from	from	ADP
fbem-28274	243	64	which	which	PRON
fbem-28274	243	65	we	we	PRON
fbem-28274	243	66	can	can	AUX
fbem-28274	243	67	conclude	conclude	VERB
fbem-28274	243	68	that	that	SCONJ
fbem-28274	243	69	there	there	PRON
fbem-28274	243	70	is	be	VERB
fbem-28274	243	71	and	and	CCONJ
fbem-28274	243	72	our	our	PRON
fbem-28274	243	73	baseline	baseline	NOUN
fbem-28274	243	74	regression	regression	NOUN
fbem-28274	243	75	results	result	NOUN
fbem-28274	243	76	are	be	AUX
fbem-28274	243	77	robust	robust	ADJ
fbem-28274	243	78	between	between	ADP
fbem-28274	243	79	corporate	corporate	ADJ
fbem-28274	243	80	leverage	leverage	NOUN
fbem-28274	243	81	and	and	CCONJ
fbem-28274	243	82	instrumental	instrumental	ADJ
fbem-28274	243	83	government	government	NOUN
fbem-28274	243	84	debt	debt	NOUN
fbem-28274	243	85	.	.	PUNCT
fbem-28274	244	1	the	the	DET
fbem-28274	244	2	trend	trend	NOUN
fbem-28274	244	3	of	of	ADP
fbem-28274	244	4	mass	mass	ADJ
fbem-28274	244	5	data	datum	NOUN
fbem-28274	244	6	in	in	ADP
fbem-28274	244	7	power	power	NOUN
fbem-28274	244	8	system	system	NOUN
fbem-28274	244	9	provides	provide	VERB
fbem-28274	244	10	a	a	DET
fbem-28274	244	11	basis	basis	NOUN
fbem-28274	244	12	for	for	ADP
fbem-28274	244	13	load	load	NOUN
fbem-28274	244	14	characteristic	characteristic	ADJ
fbem-28274	244	15	analysis	analysis	NOUN
fbem-28274	244	16	and	and	CCONJ
fbem-28274	244	17	prediction	prediction	NOUN
fbem-28274	244	18	model	model	NOUN
fbem-28274	244	19	establishment	establishment	NOUN
fbem-28274	244	20	,	,	PUNCT
fbem-28274	244	21	but	but	CCONJ
fbem-28274	244	22	the	the	DET
fbem-28274	244	23	classical	classical	ADJ
fbem-28274	244	24	load	load	NOUN
fbem-28274	244	25	forecasting	forecasting	NOUN
fbem-28274	244	26	method	method	NOUN
fbem-28274	244	27	can	can	AUX
fbem-28274	244	28	not	not	PART
fbem-28274	244	29	afford	afford	VERB
fbem-28274	244	30	such	such	DET
fbem-28274	244	31	a	a	DET
fbem-28274	244	32	huge	huge	ADJ
fbem-28274	244	33	time	time	NOUN
fbem-28274	244	34	and	and	CCONJ
fbem-28274	244	35	computing	compute	VERB
fbem-28274	244	36	resource	resource	NOUN
fbem-28274	244	37	consumption	consumption	NOUN
fbem-28274	244	38	.	.	PUNCT
fbem-28274	245	1	the	the	DET
fbem-28274	245	2	problem	problem	NOUN
fbem-28274	245	3	of	of	ADP
fbem-28274	245	4	over	over	ADP
fbem-28274	245	5	fitting	fitting	ADJ
fbem-28274	245	6	in	in	ADP
fbem-28274	245	7	large	large	ADJ
fbem-28274	245	8	sample	sample	NOUN
fbem-28274	245	9	set	set	NOUN
fbem-28274	245	10	will	will	AUX
fbem-28274	245	11	affect	affect	VERB
fbem-28274	245	12	the	the	DET
fbem-28274	245	13	prediction	prediction	NOUN
fbem-28274	245	14	accuracy	accuracy	NOUN
fbem-28274	245	15	.	.	PUNCT
fbem-28274	246	1	in	in	ADP
fbem-28274	246	2	this	this	DET
fbem-28274	246	3	paper	paper	NOUN
fbem-28274	246	4	,	,	PUNCT
fbem-28274	246	5	a	a	DET
fbem-28274	246	6	power	power	NOUN
fbem-28274	246	7	load	load	NOUN
fbem-28274	246	8	forecasting	forecasting	NOUN
fbem-28274	246	9	model	model	NOUN
fbem-28274	246	10	is	be	AUX
fbem-28274	246	11	built	build	VERB
fbem-28274	246	12	by	by	ADP
fbem-28274	246	13	using	use	VERB
fbem-28274	246	14	the	the	DET
fbem-28274	246	15	bp	bp	PROPN
fbem-28274	246	16	neural	neural	PROPN
fbem-28274	246	17	network	network	PROPN
fbem-28274	246	18	model	model	NOUN
fbem-28274	246	19	,	,	PUNCT
fbem-28274	246	20	making	make	VERB
fbem-28274	246	21	full	full	ADJ
fbem-28274	246	22	use	use	NOUN
fbem-28274	246	23	of	of	ADP
fbem-28274	246	24	the	the	DET
fbem-28274	246	25	powerful	powerful	ADJ
fbem-28274	246	26	data	data	NOUN
fbem-28274	246	27	processing	processing	NOUN
fbem-28274	246	28	function	function	NOUN
fbem-28274	246	29	of	of	ADP
fbem-28274	246	30	clementine	clementine	NOUN
fbem-28274	246	31	and	and	CCONJ
fbem-28274	246	32	preventing	prevent	VERB
fbem-28274	246	33	the	the	DET
fbem-28274	246	34	over	over	ADP
fbem-28274	246	35	fitting	fitting	ADJ
fbem-28274	246	36	function	function	NOUN
fbem-28274	246	37	.	.	PUNCT
fbem-28274	247	1	the	the	DET
fbem-28274	247	2	experimental	experimental	ADJ
fbem-28274	247	3	results	result	NOUN
fbem-28274	247	4	show	show	VERB
fbem-28274	247	5	that	that	SCONJ
fbem-28274	247	6	the	the	DET
fbem-28274	247	7	bp	bp	PROPN
fbem-28274	247	8	neural	neural	PROPN
fbem-28274	247	9	network	network	NOUN
fbem-28274	247	10	model	model	NOUN
fbem-28274	247	11	has	have	VERB
fbem-28274	247	12	good	good	ADJ
fbem-28274	247	13	predictability	predictability	NOUN
fbem-28274	247	14	and	and	CCONJ
fbem-28274	247	15	robustness	robustness	NOUN
fbem-28274	247	16	,	,	PUNCT
fbem-28274	247	17	and	and	CCONJ
fbem-28274	247	18	has	have	VERB
fbem-28274	247	19	a	a	DET
fbem-28274	247	20	certain	certain	ADJ
fbem-28274	247	21	practical	practical	ADJ
fbem-28274	247	22	application	application	NOUN
fbem-28274	247	23	value	value	NOUN
fbem-28274	247	24	.	.	PUNCT
fbem-28274	248	1	acknowledgment	acknowledgment	NOUN
fbem-28274	248	2	project	project	NOUN
fbem-28274	248	3	fund	fund	PROPN
fbem-28274	248	4	:	:	PUNCT
fbem-28274	248	5	“	"	PUNCT
fbem-28274	248	6	postgraduate	postgraduate	VERB
fbem-28274	248	7	research	research	NOUN
fbem-28274	248	8	&	&	CCONJ
fbem-28274	248	9	practice	practice	PROPN
fbem-28274	248	10	innovation	innovation	NOUN
fbem-28274	248	11	program	program	NOUN
fbem-28274	248	12	of	of	ADP
fbem-28274	248	13	jiangsu	jiangsu	PROPN
fbem-28274	248	14	province	province	PROPN
fbem-28274	248	15	”	"	PUNCT
fbem-28274	248	16	project	project	NOUN
fbem-28274	248	17	coding	code	VERB
fbem-28274	248	18	<	<	X
fbem-28274	248	19	kycx23_1877	kycx23_1877	X
fbem-28274	248	20	>	>	X
fbem-28274	248	21	references	reference	NOUN
fbem-28274	248	22	[	[	X
fbem-28274	248	23	1	1	NUM
fbem-28274	248	24	]	]	PUNCT
fbem-28274	248	25	admati	admati	PROPN
fbem-28274	248	26	,	,	PUNCT
fbem-28274	248	27	a.r	a.r	PROPN
fbem-28274	248	28	.	.	PROPN
fbem-28274	248	29	,	,	PUNCT
fbem-28274	248	30	demarzo	demarzo	NOUN
fbem-28274	248	31	,	,	PUNCT
fbem-28274	248	32	p.m.	p.m.	NOUN
fbem-28274	249	1	hellwig	hellwig	PROPN
fbem-28274	249	2	,	,	PUNCT
fbem-28274	249	3	m.f	m.f	PROPN
fbem-28274	249	4	.	.	PROPN
fbem-28274	249	5	&	&	CCONJ
fbem-28274	249	6	pfleiderer	pfleiderer	PROPN
fbem-28274	249	7	,	,	PUNCT
fbem-28274	249	8	p.c	p.c	PROPN
fbem-28274	249	9	.	.	PROPN
fbem-28274	249	10	,	,	PUNCT
fbem-28274	249	11	2012	2012	NUM
fbem-28274	249	12	.	.	PUNCT
fbem-28274	250	1	debt	debt	NOUN
fbem-28274	250	2	overhang	overhang	NOUN
fbem-28274	250	3	and	and	CCONJ
fbem-28274	250	4	capital	capital	NOUN
fbem-28274	250	5	regulation	regulation	NOUN
fbem-28274	250	6	.	.	PUNCT
fbem-28274	250	7	,	,	PUNCT
fbem-28274	250	8	rock	rock	NOUN
fbem-28274	250	9	center	center	NOUN
fbem-28274	250	10	for	for	ADP
fbem-28274	250	11	corporate	corporate	ADJ
fbem-28274	250	12	governance	governance	NOUN
fbem-28274	250	13	at	at	ADP
fbem-28274	250	14	stanford	stanford	PROPN
fbem-28274	250	15	university	university	PROPN
fbem-28274	250	16	,	,	PUNCT
fbem-28274	250	17	working	working	NOUN
fbem-28274	250	18	paper	paper	NOUN
fbem-28274	250	19	,	,	PUNCT
fbem-28274	250	20	no	no	INTJ
fbem-28274	250	21	.	.	NOUN
fbem-28274	250	22	114	114	NUM
fbem-28274	250	23	.	.	PUNCT
fbem-28274	251	1	[	[	X
fbem-28274	251	2	2	2	NUM
fbem-28274	251	3	]	]	SYM
fbem-28274	251	4	ang	ang	PROPN
fbem-28274	251	5	,	,	PUNCT
fbem-28274	251	6	a.	a.	PROPN
fbem-28274	251	7	,	,	PUNCT
fbem-28274	251	8	bai	bai	PROPN
fbem-28274	251	9	,	,	PUNCT
fbem-28274	251	10	j.	j.	PROPN
fbem-28274	251	11	,	,	PUNCT
fbem-28274	251	12	&	&	CCONJ
fbem-28274	251	13	zhou	zhou	PROPN
fbem-28274	251	14	,	,	PUNCT
fbem-28274	251	15	h.	h.	PROPN
fbem-28274	251	16	,	,	PUNCT
fbem-28274	251	17	2018	2018	NUM
fbem-28274	251	18	.	.	PUNCT
fbem-28274	252	1	the	the	DET
fbem-28274	252	2	great	great	ADJ
fbem-28274	252	3	wall	wall	NOUN
fbem-28274	252	4	of	of	ADP
fbem-28274	252	5	debt	debt	NOUN
fbem-28274	252	6	:	:	PUNCT
fbem-28274	252	7	real	real	ADJ
fbem-28274	252	8	estate	estate	NOUN
fbem-28274	252	9	,	,	PUNCT
fbem-28274	252	10	political	political	ADJ
fbem-28274	252	11	risk	risk	NOUN
fbem-28274	252	12	,	,	PUNCT
fbem-28274	252	13	and	and	CCONJ
fbem-28274	252	14	chinese	chinese	ADJ
fbem-28274	252	15	local	local	ADJ
fbem-28274	252	16	government	government	NOUN
fbem-28274	252	17	financing	financing	NOUN
fbem-28274	252	18	cost	cost	NOUN
fbem-28274	252	19	,	,	PUNCT
fbem-28274	252	20	georgetown	georgetown	PROPN
fbem-28274	252	21	mcdonough	mcdonough	PROPN
fbem-28274	252	22	school	school	PROPN
fbem-28274	252	23	of	of	ADP
fbem-28274	252	24	business	business	NOUN
fbem-28274	252	25	research	research	NOUN
fbem-28274	252	26	paper	paper	NOUN
fbem-28274	252	27	,	,	PUNCT
fbem-28274	252	28	pbcsf	pbcsf	NOUN
fbem-28274	252	29	-	-	PUNCT
fbem-28274	252	30	nifr	nifr	NOUN
fbem-28274	252	31	research	research	NOUN
fbem-28274	252	32	paper	paper	NOUN
fbem-28274	253	1	no	no	INTJ
fbem-28274	253	2	.	.	PUNCT
fbem-28274	253	3	15−	15−	PROPN
fbem-28274	253	4	02	02	NUM
fbem-28274	253	5	.	.	PUNCT
fbem-28274	254	1	[	[	X
fbem-28274	254	2	3	3	NUM
fbem-28274	254	3	]	]	X
fbem-28274	254	4	badoer	badoer	NOUN
fbem-28274	254	5	,	,	PUNCT
fbem-28274	254	6	d.c	d.c	PROPN
fbem-28274	254	7	.	.	PROPN
fbem-28274	254	8	,	,	PUNCT
fbem-28274	254	9	james	james	PROPN
fbem-28274	254	10	,	,	PUNCT
fbem-28274	254	11	c.m	c.m	PROPN
fbem-28274	254	12	.	.	PROPN
fbem-28274	254	13	,	,	PUNCT
fbem-28274	254	14	2016	2016	NUM
fbem-28274	254	15	.	.	PUNCT
fbem-28274	255	1	the	the	DET
fbem-28274	255	2	determinants	determinant	NOUN
fbem-28274	255	3	of	of	ADP
fbem-28274	255	4	longterm	longterm	ADJ
fbem-28274	255	5	corporate	corporate	ADJ
fbem-28274	255	6	debt	debt	NOUN
fbem-28274	255	7	issuances	issuance	NOUN
fbem-28274	255	8	,	,	PUNCT
fbem-28274	255	9	journal	journal	NOUN
fbem-28274	255	10	of	of	ADP
fbem-28274	255	11	finance	finance	NOUN
fbem-28274	255	12	,	,	PUNCT
fbem-28274	255	13	71	71	NUM
fbem-28274	255	14	(	(	PUNCT
fbem-28274	255	15	1	1	NUM
fbem-28274	255	16	)	)	PUNCT
fbem-28274	255	17	,	,	PUNCT
fbem-28274	255	18	457	457	NUM
fbem-28274	255	19	–	–	PUNCT
fbem-28274	255	20	492	492	NUM
fbem-28274	255	21	.	.	PUNCT
fbem-28274	256	1	[	[	X
fbem-28274	256	2	4	4	NUM
fbem-28274	256	3	]	]	X
fbem-28274	256	4	baker	baker	NOUN
fbem-28274	256	5	,	,	PUNCT
fbem-28274	256	6	m.	m.	NOUN
fbem-28274	256	7	,	,	PUNCT
fbem-28274	256	8	wurgler	wurgler	NOUN
fbem-28274	256	9	,	,	PUNCT
fbem-28274	256	10	j.	j.	PROPN
fbem-28274	256	11	,	,	PUNCT
fbem-28274	256	12	2002	2002	NUM
fbem-28274	256	13	.	.	PUNCT
fbem-28274	257	1	market	market	NOUN
fbem-28274	257	2	timing	timing	NOUN
fbem-28274	257	3	and	and	CCONJ
fbem-28274	257	4	capital	capital	NOUN
fbem-28274	257	5	structure	structure	NOUN
fbem-28274	257	6	.	.	PUNCT
fbem-28274	258	1	journal	journal	PROPN
fbem-28274	258	2	of	of	ADP
fbem-28274	258	3	finance	finance	NOUN
fbem-28274	258	4	,	,	PUNCT
fbem-28274	258	5	57	57	NUM
fbem-28274	258	6	,	,	PUNCT
fbem-28274	258	7	1–32	1–32	NUM
fbem-28274	258	8	.	.	PUNCT
fbem-28274	259	1	[	[	X
fbem-28274	259	2	5	5	X
fbem-28274	259	3	]	]	X
fbem-28274	259	4	baron	baron	NOUN
fbem-28274	259	5	r	r	NOUN
fbem-28274	259	6	m	m	PROPN
fbem-28274	259	7	,	,	PUNCT
fbem-28274	259	8	kenny	kenny	PROPN
fbem-28274	259	9	d	d	PROPN
fbem-28274	259	10	a.	a.	PROPN
fbem-28274	259	11	,	,	PUNCT
fbem-28274	259	12	1986	1986	NUM
fbem-28274	259	13	.	.	PUNCT
fbem-28274	260	1	the	the	DET
fbem-28274	260	2	moderator	moderator	NOUN
fbem-28274	260	3	-	-	PUNCT
fbem-28274	260	4	mediator	mediator	NOUN
fbem-28274	260	5	variable	variable	ADJ
fbem-28274	260	6	distinction	distinction	NOUN
fbem-28274	260	7	in	in	ADP
fbem-28274	260	8	social	social	ADJ
fbem-28274	260	9	psychological	psychological	ADJ
fbem-28274	260	10	research	research	NOUN
fbem-28274	260	11	:	:	PUNCT
fbem-28274	260	12	conceptual	conceptual	ADJ
fbem-28274	260	13	,	,	PUNCT
fbem-28274	260	14	strategic	strategic	ADJ
fbem-28274	260	15	,	,	PUNCT
fbem-28274	260	16	and	and	CCONJ
fbem-28274	260	17	statistical	statistical	ADJ
fbem-28274	260	18	considerations	consideration	NOUN
fbem-28274	260	19	.	.	PUNCT
fbem-28274	261	1	journal	journal	NOUN
fbem-28274	261	2	of	of	ADP
fbem-28274	261	3	personality	personality	NOUN
fbem-28274	261	4	and	and	CCONJ
fbem-28274	261	5	social	social	ADJ
fbem-28274	261	6	psychology	psychology	NOUN
fbem-28274	261	7	,	,	PUNCT
fbem-28274	261	8	51(6	51(6	NOUN
fbem-28274	261	9	)	)	PUNCT
fbem-28274	261	10	.	.	PUNCT
fbem-28274	262	1	[	[	X
fbem-28274	262	2	6	6	NUM
fbem-28274	262	3	]	]	PUNCT
fbem-28274	262	4	bo	bo	PROPN
fbem-28274	262	5	becker	becker	PROPN
fbem-28274	262	6	,	,	PUNCT
fbem-28274	262	7	victoria	victoria	PROPN
fbem-28274	262	8	ivashina	ivashina	PROPN
fbem-28274	262	9	,	,	PUNCT
fbem-28274	262	10	2018	2018	NUM
fbem-28274	262	11	.	.	PUNCT
fbem-28274	263	1	financial	financial	ADJ
fbem-28274	263	2	repression	repression	NOUN
fbem-28274	263	3	in	in	ADP
fbem-28274	263	4	the	the	DET
fbem-28274	263	5	european	european	ADJ
fbem-28274	263	6	sovereign	sovereign	ADJ
fbem-28274	263	7	debt	debt	NOUN
fbem-28274	263	8	crisis	crisis	NOUN
fbem-28274	263	9	.	.	PUNCT
fbem-28274	264	1	review	review	NOUN
fbem-28274	264	2	of	of	ADP
fbem-28274	264	3	finance	finance	NOUN
fbem-28274	264	4	,	,	PUNCT
fbem-28274	264	5	83	83	NUM
fbem-28274	264	6	–	–	PUNCT
fbem-28274	264	7	115	115	NUM
fbem-28274	264	8	[	[	X
fbem-28274	264	9	7	7	NUM
fbem-28274	264	10	]	]	X
fbem-28274	264	11	clarke	clarke	PROPN
fbem-28274	264	12	,	,	PUNCT
fbem-28274	264	13	d.	d.	PROPN
fbem-28274	264	14	,	,	PUNCT
fbem-28274	264	15	lu	lu	PROPN
fbem-28274	264	16	,	,	PUNCT
fbem-28274	264	17	f.	f.	PROPN
fbem-28274	264	18	,	,	PUNCT
fbem-28274	264	19	2017	2017	NUM
fbem-28274	264	20	.	.	PUNCT
fbem-28274	265	1	the	the	DET
fbem-28274	265	2	law	law	NOUN
fbem-28274	265	3	of	of	ADP
fbem-28274	265	4	china	china	PROPN
fbem-28274	265	5	’s	’s	PART
fbem-28274	265	6	local	local	ADJ
fbem-28274	265	7	government	government	NOUN
fbem-28274	265	8	debt	debt	NOUN
fbem-28274	265	9	:	:	PUNCT
fbem-28274	265	10	local	local	ADJ
fbem-28274	265	11	government	government	NOUN
fbem-28274	265	12	financing	financing	NOUN
fbem-28274	265	13	vehicles	vehicle	NOUN
fbem-28274	265	14	and	and	CCONJ
fbem-28274	265	15	their	their	PRON
fbem-28274	265	16	bonds	bond	NOUN
fbem-28274	265	17	.	.	PUNCT
fbem-28274	266	1	am	be	AUX
fbem-28274	266	2	.	.	PUNCT
fbem-28274	267	1	j.	j.	PROPN
fbem-28274	267	2	comp	comp	PROPN
fbem-28274	267	3	.	.	PUNCT
fbem-28274	268	1	law	law	NOUN
fbem-28274	268	2	65	65	NUM
fbem-28274	268	3	(	(	PUNCT
fbem-28274	268	4	4	4	NUM
fbem-28274	268	5	)	)	PUNCT
fbem-28274	268	6	,	,	PUNCT
fbem-28274	268	7	751–798	751–798	NUM
fbem-28274	268	8	.	.	PUNCT
fbem-28274	269	1	[	[	X
fbem-28274	269	2	8	8	NUM
fbem-28274	269	3	]	]	X
fbem-28274	269	4	de	de	PROPN
fbem-28274	269	5	jong	jong	PROPN
fbem-28274	269	6	,	,	PUNCT
fbem-28274	269	7	a.	a.	PROPN
fbem-28274	269	8	,	,	PUNCT
fbem-28274	269	9	kabir	kabir	PROPN
fbem-28274	269	10	,	,	PUNCT
fbem-28274	269	11	r.	r.	PROPN
fbem-28274	269	12	&	&	CCONJ
fbem-28274	269	13	nguyen	nguyen	PROPN
fbem-28274	269	14	,	,	PUNCT
fbem-28274	269	15	t.t	t.t	PROPN
fbem-28274	269	16	.	.	PROPN
fbem-28274	269	17	,	,	PUNCT
fbem-28274	269	18	2008	2008	NUM
fbem-28274	269	19	.	.	PUNCT
fbem-28274	270	1	capital	capital	NOUN
fbem-28274	270	2	structure	structure	NOUN
fbem-28274	270	3	around	around	ADP
fbem-28274	270	4	the	the	DET
fbem-28274	270	5	world	world	NOUN
fbem-28274	270	6	:	:	PUNCT
fbem-28274	270	7	the	the	DET
fbem-28274	270	8	roles	role	NOUN
fbem-28274	270	9	of	of	ADP
fbem-28274	270	10	firm	firm	ADJ
fbem-28274	270	11	-	-	PUNCT
fbem-28274	270	12	and	and	CCONJ
fbem-28274	270	13	country	country	NOUN
fbem-28274	270	14	-	-	PUNCT
fbem-28274	270	15	specific	specific	ADJ
fbem-28274	270	16	determinants	determinant	NOUN
fbem-28274	270	17	.	.	PUNCT
fbem-28274	271	1	j.	j.	PROPN
fbem-28274	271	2	bank	bank	PROPN
fbem-28274	271	3	.	.	PUNCT
fbem-28274	272	1	finance	finance	NOUN
fbem-28274	272	2	32	32	NUM
fbem-28274	272	3	(	(	PUNCT
fbem-28274	272	4	9	9	NUM
fbem-28274	272	5	)	)	PUNCT
fbem-28274	272	6	,	,	PUNCT
fbem-28274	272	7	1954–1969	1954–1969	NUM
fbem-28274	272	8	.	.	PUNCT
fbem-28274	273	1	[	[	X
fbem-28274	273	2	9	9	NUM
fbem-28274	273	3	]	]	PUNCT
fbem-28274	273	4	demirci	demirci	NOUN
fbem-28274	273	5	,	,	PUNCT
fbem-28274	273	6	i.	i.	PROPN
fbem-28274	273	7	,	,	PUNCT
fbem-28274	273	8	huang	huang	PROPN
fbem-28274	273	9	,	,	PUNCT
fbem-28274	273	10	j.	j.	PROPN
fbem-28274	273	11	&	&	CCONJ
fbem-28274	273	12	sialm	sialm	PROPN
fbem-28274	273	13	,	,	PUNCT
fbem-28274	273	14	c.	c.	NOUN
fbem-28274	273	15	,	,	PUNCT
fbem-28274	273	16	2019	2019	NUM
fbem-28274	273	17	.	.	PUNCT
fbem-28274	274	1	government	government	NOUN
fbem-28274	274	2	debt	debt	NOUN
fbem-28274	274	3	and	and	CCONJ
fbem-28274	274	4	corporate	corporate	ADJ
fbem-28274	274	5	leverage	leverage	NOUN
fbem-28274	274	6	:	:	PUNCT
fbem-28274	274	7	international	international	ADJ
fbem-28274	274	8	evidence	evidence	NOUN
fbem-28274	274	9	,	,	PUNCT
fbem-28274	274	10	journal	journal	NOUN
fbem-28274	274	11	of	of	ADP
fbem-28274	274	12	financial	financial	ADJ
fbem-28274	274	13	economic	economic	ADJ
fbem-28274	274	14	,	,	PUNCT
fbem-28274	274	15	133(2	133(2	NUM
fbem-28274	274	16	)	)	PUNCT
fbem-28274	274	17	,	,	PUNCT
fbem-28274	274	18	337	337	NUM
fbem-28274	274	19	-	-	SYM
fbem-28274	274	20	356	356	NUM
fbem-28274	274	21	.	.	PUNCT
fbem-28274	275	1	[	[	X
fbem-28274	275	2	10	10	NUM
fbem-28274	275	3	]	]	X
fbem-28274	275	4	eberhardt	eberhardt	PROPN
fbem-28274	275	5	,	,	PUNCT
fbem-28274	275	6	m.	m.	NOUN
fbem-28274	275	7	,	,	PUNCT
fbem-28274	275	8	a.f	a.f	PROPN
fbem-28274	275	9	.	.	PROPN
fbem-28274	275	10	2015	2015	NUM
fbem-28274	275	11	.	.	PUNCT
fbem-28274	276	1	presbitero	presbitero	NOUN
fbem-28274	276	2	,	,	PUNCT
fbem-28274	276	3	public	public	ADJ
fbem-28274	276	4	debt	debt	NOUN
fbem-28274	276	5	and	and	CCONJ
fbem-28274	276	6	growth	growth	NOUN
fbem-28274	276	7	:	:	PUNCT
fbem-28274	276	8	heterogeneity	heterogeneity	NOUN
fbem-28274	276	9	and	and	CCONJ
fbem-28274	276	10	non-linearity.journal	non-linearity.journal	ADJ
fbem-28274	276	11	of	of	ADP
fbem-28274	276	12	international	international	ADJ
fbem-28274	276	13	economics	economic	NOUN
fbem-28274	276	14	,	,	PUNCT
fbem-28274	276	15	97(1):45—58	97(1):45—58	NOUN
fbem-28274	276	16	.	.	PUNCT
fbem-28274	277	1	[	[	X
fbem-28274	277	2	11	11	NUM
fbem-28274	277	3	]	]	SYM
fbem-28274	277	4	fan	fan	PROPN
fbem-28274	277	5	,	,	PUNCT
fbem-28274	277	6	j.p	j.p	PROPN
fbem-28274	277	7	.	.	PROPN
fbem-28274	277	8	,	,	PUNCT
fbem-28274	277	9	titman	titman	PROPN
fbem-28274	277	10	,	,	PUNCT
fbem-28274	277	11	s.	s.	PROPN
fbem-28274	277	12	,	,	PUNCT
fbem-28274	277	13	&	&	CCONJ
fbem-28274	277	14	twite	twite	NOUN
fbem-28274	277	15	,	,	PUNCT
fbem-28274	277	16	g.	g.	PROPN
fbem-28274	277	17	,	,	PUNCT
fbem-28274	277	18	2012	2012	NUM
fbem-28274	277	19	.	.	PUNCT
fbem-28274	278	1	an	an	DET
fbem-28274	278	2	international	international	ADJ
fbem-28274	278	3	comparison	comparison	NOUN
fbem-28274	278	4	of	of	ADP
fbem-28274	278	5	capital	capital	NOUN
fbem-28274	278	6	structure	structure	NOUN
fbem-28274	278	7	and	and	CCONJ
fbem-28274	278	8	debt	debt	NOUN
fbem-28274	278	9	maturity	maturity	NOUN
fbem-28274	278	10	choices	choice	NOUN
fbem-28274	278	11	.	.	PUNCT
fbem-28274	279	1	journal	journal	NOUN
fbem-28274	279	2	of	of	ADP
fbem-28274	279	3	financial	financial	ADJ
fbem-28274	279	4	and	and	CCONJ
fbem-28274	279	5	quantitative	quantitative	ADJ
fbem-28274	279	6	analysis	analysis	NOUN
fbem-28274	279	7	47	47	NUM
fbem-28274	279	8	(	(	PUNCT
fbem-28274	279	9	01	01	NUM
fbem-28274	279	10	)	)	PUNCT
fbem-28274	279	11	,	,	PUNCT
fbem-28274	279	12	23–56	23–56	NUM
fbem-28274	279	13	.	.	PUNCT
fbem-28274	279	14	233	233	NUM
fbem-28274	280	1	[	[	X
fbem-28274	280	2	12	12	NUM
fbem-28274	280	3	]	]	X
fbem-28274	280	4	ferre	ferre	PROPN
fbem-28274	280	5	de	de	X
fbem-28274	280	6	graeve	graeve	PROPN
fbem-28274	280	7	,	,	PUNCT
fbem-28274	280	8	giulio	giulio	PROPN
fbem-28274	280	9	mazzolini	mazzolini	PROPN
fbem-28274	280	10	,	,	PUNCT
fbem-28274	280	11	2023	2023	NUM
fbem-28274	280	12	.	.	PUNCT
fbem-28274	281	1	the	the	DET
fbem-28274	281	2	maturity	maturity	NOUN
fbem-28274	281	3	composition	composition	NOUN
fbem-28274	281	4	of	of	ADP
fbem-28274	281	5	government	government	NOUN
fbem-28274	281	6	debt	debt	NOUN
fbem-28274	281	7	:	:	PUNCT
fbem-28274	281	8	a	a	DET
fbem-28274	281	9	comprehensive	comprehensive	ADJ
fbem-28274	281	10	database	database	NOUN
fbem-28274	281	11	,	,	PUNCT
fbem-28274	281	12	european	european	PROPN
fbem-28274	281	13	economic	economic	PROPN
fbem-28274	281	14	review	review	PROPN
fbem-28274	281	15	,	,	PUNCT
fbem-28274	281	16	volume	volume	NOUN
fbem-28274	281	17	154	154	NUM
fbem-28274	281	18	.	.	PUNCT
fbem-28274	282	1	[	[	X
fbem-28274	282	2	13	13	NUM
fbem-28274	282	3	]	]	X
fbem-28274	282	4	frank	frank	PROPN
fbem-28274	282	5	,	,	PUNCT
fbem-28274	282	6	m.z	m.z	PROPN
fbem-28274	282	7	.	.	PROPN
fbem-28274	282	8	,	,	PUNCT
fbem-28274	282	9	goyal	goyal	PROPN
fbem-28274	282	10	,	,	PUNCT
fbem-28274	282	11	v.k	v.k	PROPN
fbem-28274	282	12	.	.	PROPN
fbem-28274	282	13	,	,	PUNCT
fbem-28274	282	14	2003	2003	NUM
fbem-28274	282	15	.	.	PUNCT
fbem-28274	283	1	testing	test	VERB
fbem-28274	283	2	the	the	DET
fbem-28274	283	3	pecking	pecking	NOUN
fbem-28274	283	4	order	order	NOUN
fbem-28274	283	5	theory	theory	NOUN
fbem-28274	283	6	of	of	ADP
fbem-28274	283	7	capital	capital	NOUN
fbem-28274	283	8	structure	structure	NOUN
fbem-28274	283	9	.	.	PUNCT
fbem-28274	284	1	journal	journal	NOUN
fbem-28274	284	2	of	of	ADP
fbem-28274	284	3	financial	financial	ADJ
fbem-28274	284	4	economics	economic	NOUN
fbem-28274	284	5	.	.	PUNCT
fbem-28274	285	1	67	67	NUM
fbem-28274	285	2	,	,	PUNCT
fbem-28274	285	3	217–248	217–248	NUM
fbem-28274	285	4	[	[	X
fbem-28274	285	5	14	14	NUM
fbem-28274	285	6	]	]	X
fbem-28274	285	7	friedman	friedman	PROPN
fbem-28274	285	8	,	,	PUNCT
fbem-28274	285	9	b.	b.	PROPN
fbem-28274	285	10	m.	m.	PROPN
fbem-28274	285	11	,1978	,1978	PROPN
fbem-28274	285	12	.	.	PUNCT
fbem-28274	286	1	crowding	crowd	VERB
fbem-28274	286	2	out	out	ADP
fbem-28274	286	3	or	or	CCONJ
fbem-28274	286	4	crowding	crowd	VERB
fbem-28274	286	5	in	in	ADP
fbem-28274	286	6	:	:	PUNCT
fbem-28274	286	7	economic	economic	ADJ
fbem-28274	286	8	consequences	consequence	NOUN
fbem-28274	286	9	of	of	ADP
fbem-28274	286	10	financing	financing	NOUN
fbem-28274	286	11	[	[	X
fbem-28274	286	12	15	15	NUM
fbem-28274	286	13	]	]	PUNCT
fbem-28274	286	14	government	government	NOUN
fbem-28274	286	15	deficit	deficit	NOUN
fbem-28274	286	16	,	,	PUNCT
fbem-28274	286	17	brookings	brookings	PROPN
fbem-28274	286	18	papers	paper	NOUN
fbem-28274	286	19	on	on	ADP
fbem-28274	286	20	economic	economic	ADJ
fbem-28274	286	21	activity	activity	NOUN
fbem-28274	286	22	,	,	PUNCT
fbem-28274	286	23	9(3	9(3	NUM
fbem-28274	286	24	)	)	PUNCT
fbem-28274	286	25	,	,	PUNCT
fbem-28274	286	26	593	593	NUM
fbem-28274	286	27	-	-	SYM
fbem-28274	286	28	641	641	NUM
fbem-28274	286	29	.	.	PUNCT
fbem-28274	287	1	[	[	X
fbem-28274	287	2	16	16	NUM
fbem-28274	287	3	]	]	X
fbem-28274	287	4	graham	graham	PROPN
fbem-28274	287	5	,	,	PUNCT
fbem-28274	287	6	m.t	m.t	PROPN
fbem-28274	287	7	.	.	PROPN
fbem-28274	287	8	leary	leary	PROPN
fbem-28274	287	9	,	,	PUNCT
fbem-28274	287	10	m.r	m.r	PROPN
fbem-28274	287	11	.	.	PROPN
fbem-28274	287	12	roberts	roberts	PROPN
fbem-28274	287	13	.	.	PROPN
fbem-28274	287	14	,	,	PUNCT
fbem-28274	287	15	2014	2014	NUM
fbem-28274	287	16	.	.	PUNCT
fbem-28274	288	1	how	how	SCONJ
fbem-28274	288	2	does	do	AUX
fbem-28274	288	3	government	government	NOUN
fbem-28274	288	4	borrowing	borrowing	NOUN
fbem-28274	288	5	affect	affect	VERB
fbem-28274	288	6	corporate	corporate	ADJ
fbem-28274	288	7	financing	financing	NOUN
fbem-28274	288	8	and	and	CCONJ
fbem-28274	288	9	investment	investment	NOUN
fbem-28274	288	10	?	?	PUNCT
fbem-28274	289	1	j.	j.	PROPN
fbem-28274	289	2	r.	r.	PROPN
fbem-28274	290	1	[	[	X
fbem-28274	290	2	17	17	NUM
fbem-28274	290	3	]	]	X
fbem-28274	290	4	greenwood	greenwood	PROPN
fbem-28274	290	5	,	,	PUNCT
fbem-28274	290	6	s.	s.	PROPN
fbem-28274	290	7	hanson	hanson	PROPN
fbem-28274	290	8	,	,	PUNCT
fbem-28274	290	9	j.c	j.c	PROPN
fbem-28274	290	10	.	.	PROPN
fbem-28274	290	11	stein	stein	PROPN
fbem-28274	290	12	.	.	PROPN
fbem-28274	290	13	,	,	PUNCT
fbem-28274	290	14	2010	2010	NUM
fbem-28274	290	15	.	.	PUNCT
fbem-28274	291	1	a	a	DET
fbem-28274	291	2	gap	gap	NOUN
fbem-28274	291	3	-	-	PUNCT
fbem-28274	291	4	filling	fill	VERB
fbem-28274	291	5	theory	theory	NOUN
fbem-28274	291	6	of	of	ADP
fbem-28274	291	7	corporate	corporate	ADJ
fbem-28274	291	8	debt	debt	NOUN
fbem-28274	291	9	maturity	maturity	NOUN
fbem-28274	291	10	choice	choice	NOUN
fbem-28274	291	11	.	.	PUNCT
fbem-28274	292	1	the	the	DET
fbem-28274	292	2	journal	journal	PROPN
fbem-28274	292	3	of	of	ADP
fbem-28274	292	4	finance	finance	NOUN
fbem-28274	292	5	,	,	PUNCT
fbem-28274	292	6	65	65	NUM
fbem-28274	292	7	(	(	PUNCT
fbem-28274	292	8	3	3	NUM
fbem-28274	292	9	)	)	PUNCT
fbem-28274	292	10	,	,	PUNCT
fbem-28274	292	11	993	993	NUM
fbem-28274	292	12	-	-	SYM
fbem-28274	292	13	1028	1028	NUM
fbem-28274	292	14	.	.	PUNCT
fbem-28274	293	1	[	[	X
fbem-28274	293	2	18	18	NUM
fbem-28274	293	3	]	]	X
fbem-28274	293	4	hailian	hailian	PROPN
fbem-28274	293	5	xiao	xiao	PROPN
fbem-28274	293	6	,	,	PUNCT
fbem-28274	293	7	ying	ying	PROPN
fbem-28274	293	8	zhao	zhao	PROPN
fbem-28274	293	9	,	,	PUNCT
fbem-28274	293	10	&	&	CCONJ
fbem-28274	293	11	meihua	meihua	PROPN
fbem-28274	293	12	zhou	zhou	PROPN
fbem-28274	293	13	,	,	PUNCT
fbem-28274	293	14	can	can	AUX
fbem-28274	293	15	financial	financial	ADJ
fbem-28274	293	16	factors	factor	NOUN
fbem-28274	293	17	affect	affect	VERB
fbem-28274	293	18	corporate	corporate	ADJ
fbem-28274	293	19	debt	debt	NOUN
fbem-28274	293	20	leverage	leverage	NOUN
fbem-28274	293	21	convergence	convergence	NOUN
fbem-28274	293	22	?	?	PUNCT
fbem-28274	294	1	pacific	pacific	ADJ
fbem-28274	294	2	-	-	PUNCT
fbem-28274	294	3	basin	basin	NOUN
fbem-28274	294	4	finance	finance	NOUN
fbem-28274	294	5	journal	journal	NOUN
fbem-28274	294	6	,	,	PUNCT
fbem-28274	294	7	72	72	NUM
fbem-28274	294	8	(	(	PUNCT
fbem-28274	294	9	2022	2022	NUM
fbem-28274	294	10	)	)	PUNCT
fbem-28274	294	11	101728	101728	NUM
fbem-28274	294	12	.	.	PUNCT
fbem-28274	295	1	[	[	X
fbem-28274	295	2	19	19	NUM
fbem-28274	295	3	]	]	X
fbem-28274	295	4	jaffe	jaffe	PROPN
fbem-28274	295	5	,	,	PUNCT
fbem-28274	295	6	j.f	j.f	PROPN
fbem-28274	295	7	,	,	PUNCT
fbem-28274	295	8	1978	1978	NUM
fbem-28274	295	9	.	.	PUNCT
fbem-28274	296	1	a	a	DET
fbem-28274	296	2	note	note	NOUN
fbem-28274	296	3	on	on	ADP
fbem-28274	296	4	taxation	taxation	NOUN
fbem-28274	296	5	and	and	CCONJ
fbem-28274	296	6	investment	investment	NOUN
fbem-28274	296	7	.	.	PUNCT
fbem-28274	297	1	journal	journal	PROPN
fbem-28274	297	2	of	of	ADP
fbem-28274	297	3	finance	finance	NOUN
fbem-28274	297	4	,	,	PUNCT
fbem-28274	297	5	33	33	NUM
fbem-28274	297	6	,	,	PUNCT
fbem-28274	297	7	1439	1439	NUM
fbem-28274	297	8	-	-	SYM
fbem-28274	297	9	1445	1445	NUM
fbem-28274	297	10	.	.	PUNCT
fbem-28274	298	1	[	[	X
fbem-28274	298	2	20	20	NUM
fbem-28274	298	3	]	]	X
fbem-28274	298	4	keefe	keefe	PROPN
fbem-28274	298	5	,	,	PUNCT
fbem-28274	298	6	m.o.c	m.o.c	NOUN
fbem-28274	298	7	.	.	PROPN
fbem-28274	298	8	,	,	PUNCT
fbem-28274	298	9	yaghoubi	yaghoubi	NOUN
fbem-28274	298	10	,	,	PUNCT
fbem-28274	298	11	m.	m.	NOUN
fbem-28274	298	12	,	,	PUNCT
fbem-28274	298	13	2016	2016	NUM
fbem-28274	298	14	.	.	PUNCT
fbem-28274	299	1	the	the	DET
fbem-28274	299	2	influence	influence	NOUN
fbem-28274	299	3	of	of	ADP
fbem-28274	299	4	cash	cash	NOUN
fbem-28274	299	5	flow	flow	NOUN
fbem-28274	299	6	volatility	volatility	NOUN
fbem-28274	299	7	on	on	ADP
fbem-28274	299	8	capital	capital	NOUN
fbem-28274	299	9	structure	structure	NOUN
fbem-28274	299	10	and	and	CCONJ
fbem-28274	299	11	the	the	DET
fbem-28274	299	12	use	use	NOUN
fbem-28274	299	13	of	of	ADP
fbem-28274	299	14	debt	debt	NOUN
fbem-28274	299	15	of	of	ADP
fbem-28274	299	16	different	different	ADJ
fbem-28274	299	17	maturities	maturity	NOUN
fbem-28274	299	18	.	.	PUNCT
fbem-28274	300	1	journal	journal	NOUN
fbem-28274	300	2	of	of	ADP
fbem-28274	300	3	corporate	corporate	ADJ
fbem-28274	300	4	finance	finance	NOUN
fbem-28274	300	5	,	,	PUNCT
fbem-28274	300	6	38	38	NUM
fbem-28274	300	7	,	,	PUNCT
fbem-28274	300	8	18–36	18–36	NUM
fbem-28274	300	9	.	.	PUNCT
fbem-28274	301	1	[	[	X
fbem-28274	301	2	21	21	NUM
fbem-28274	301	3	]	]	X
fbem-28274	301	4	krishnamurthy	krishnamurthy	PROPN
fbem-28274	301	5	,	,	PUNCT
fbem-28274	301	6	vissing	vissing	NOUN
fbem-28274	301	7	-	-	PUNCT
fbem-28274	301	8	jorgensen	jorgensen	PROPN
fbem-28274	301	9	.	.	PROPN
fbem-28274	301	10	,	,	PUNCT
fbem-28274	301	11	2012	2012	NUM
fbem-28274	301	12	.	.	PUNCT
fbem-28274	302	1	the	the	DET
fbem-28274	302	2	aggregate	aggregate	ADJ
fbem-28274	302	3	demand	demand	NOUN
fbem-28274	302	4	for	for	ADP
fbem-28274	302	5	treasury	treasury	NOUN
fbem-28274	302	6	debt	debt	NOUN
fbem-28274	302	7	.	.	PUNCT
fbem-28274	303	1	journal	journal	NOUN
fbem-28274	303	2	of	of	ADP
fbem-28274	303	3	political	political	ADJ
fbem-28274	303	4	economy	economy	NOUN
fbem-28274	303	5	,	,	PUNCT
fbem-28274	303	6	20	20	NUM
fbem-28274	303	7	(	(	PUNCT
fbem-28274	303	8	2	2	NUM
fbem-28274	303	9	):	):	PUNCT
fbem-28274	303	10	233	233	NUM
fbem-28274	303	11	-	-	SYM
fbem-28274	303	12	267	267	NUM
fbem-28274	303	13	.	.	PUNCT
fbem-28274	304	1	[	[	X
fbem-28274	304	2	22	22	NUM
fbem-28274	304	3	]	]	X
fbem-28274	304	4	lemmon	lemmon	PROPN
fbem-28274	304	5	,	,	PUNCT
fbem-28274	304	6	m.l	m.l	PROPN
fbem-28274	304	7	.	.	PROPN
fbem-28274	304	8	,	,	PUNCT
fbem-28274	304	9	roberts	roberts	PROPN
fbem-28274	304	10	,	,	PUNCT
fbem-28274	304	11	m.r	m.r	PROPN
fbem-28274	304	12	.	.	PROPN
fbem-28274	304	13	&	&	CCONJ
fbem-28274	304	14	zender	zender	PROPN
fbem-28274	304	15	,	,	PUNCT
fbem-28274	304	16	j.f	j.f	PROPN
fbem-28274	304	17	.	.	PROPN
fbem-28274	304	18	,	,	PUNCT
fbem-28274	304	19	2008	2008	NUM
fbem-28274	304	20	.	.	PUNCT
fbem-28274	305	1	back	back	ADV
fbem-28274	305	2	to	to	ADP
fbem-28274	305	3	the	the	DET
fbem-28274	305	4	beginning	beginning	NOUN
fbem-28274	305	5	:	:	PUNCT
fbem-28274	305	6	persistence	persistence	NOUN
fbem-28274	305	7	and	and	CCONJ
fbem-28274	305	8	the	the	DET
fbem-28274	305	9	cross	cross	NOUN
fbem-28274	305	10	-	-	NOUN
fbem-28274	305	11	section	section	NOUN
fbem-28274	305	12	of	of	ADP
fbem-28274	305	13	corporate	corporate	ADJ
fbem-28274	305	14	capital	capital	NOUN
fbem-28274	305	15	structure	structure	NOUN
fbem-28274	305	16	.	.	PUNCT
fbem-28274	306	1	journal	journal	PROPN
fbem-28274	306	2	of	of	ADP
fbem-28274	306	3	finance	finance	NOUN
fbem-28274	306	4	,	,	PUNCT
fbem-28274	306	5	63	63	NUM
fbem-28274	306	6	,	,	PUNCT
fbem-28274	306	7	1575–1608	1575–1608	NUM
fbem-28274	306	8	.	.	PUNCT
fbem-28274	307	1	[	[	X
fbem-28274	307	2	23	23	NUM
fbem-28274	307	3	]	]	X
fbem-28274	307	4	liang	liang	PROPN
fbem-28274	307	5	,	,	PUNCT
fbem-28274	307	6	y	y	PROPN
fbem-28274	307	7	,	,	PUNCT
fbem-28274	307	8	k.	k.	PROPN
fbem-28274	307	9	shi	shi	PROPN
fbem-28274	307	10	&	&	CCONJ
fbem-28274	307	11	l.	l.	PROPN
fbem-28274	307	12	wang	wang	PROPN
fbem-28274	307	13	,	,	PUNCT
fbem-28274	307	14	2017	2017	NUM
fbem-28274	307	15	.	.	PUNCT
fbem-28274	308	1	local	local	ADJ
fbem-28274	308	2	government	government	NOUN
fbem-28274	308	3	debt	debt	NOUN
fbem-28274	308	4	and	and	CCONJ
fbem-28274	308	5	firm	firm	ADJ
fbem-28274	308	6	leverage	leverage	NOUN
fbem-28274	308	7	:	:	PUNCT
fbem-28274	308	8	evident	evident	ADJ
fbem-28274	308	9	from	from	ADP
fbem-28274	308	10	china	china	PROPN
fbem-28274	308	11	.	.	PUNCT
fbem-28274	309	1	asian	asian	ADJ
fbem-28274	309	2	economic	economic	ADJ
fbem-28274	309	3	policy	policy	NOUN
fbem-28274	309	4	review	review	NOUN
fbem-28274	309	5	,	,	PUNCT
fbem-28274	309	6	12(2):210—232	12(2):210—232	PROPN
fbem-28274	310	1	[	[	X
fbem-28274	310	2	24	24	NUM
fbem-28274	310	3	]	]	X
fbem-28274	310	4	man	man	NOUN
fbem-28274	310	5	zhang	zhang	PROPN
fbem-28274	310	6	,	,	PUNCT
fbem-28274	310	7	oscar	oscar	PROPN
fbem-28274	310	8	t.	t.	PROPN
fbem-28274	310	9	brookins	brookins	PROPN
fbem-28274	310	10	&	&	CCONJ
fbem-28274	310	11	xiaowei	xiaowei	PROPN
fbem-28274	310	12	huang	huang	PROPN
fbem-28274	310	13	,	,	PUNCT
fbem-28274	310	14	2022	2022	NUM
fbem-28274	310	15	.	.	PUNCT
fbem-28274	311	1	the	the	DET
fbem-28274	311	2	crowding	crowd	VERB
fbem-28274	311	3	out	out	ADP
fbem-28274	311	4	effect	effect	NOUN
fbem-28274	311	5	of	of	ADP
fbem-28274	311	6	central	central	ADJ
fbem-28274	311	7	versus	versus	ADP
fbem-28274	311	8	local	local	ADJ
fbem-28274	311	9	government	government	NOUN
fbem-28274	311	10	debt	debt	NOUN
fbem-28274	311	11	:	:	PUNCT
fbem-28274	311	12	evidence	evidence	NOUN
fbem-28274	311	13	from	from	ADP
fbem-28274	311	14	china	china	PROPN
fbem-28274	311	15	.	.	PUNCT
fbem-28274	312	1	pacific	pacific	ADJ
fbem-28274	312	2	-	-	PUNCT
fbem-28274	312	3	basin	basin	NOUN
fbem-28274	312	4	finance	finance	NOUN
fbem-28274	312	5	journal	journal	NOUN
fbem-28274	312	6	,	,	PUNCT
fbem-28274	312	7	72.101707	72.101707	NUM
fbem-28274	312	8	.	.	PUNCT
fbem-28274	313	1	[	[	X
fbem-28274	313	2	25	25	NUM
fbem-28274	313	3	]	]	X
fbem-28274	313	4	mcdonald	mcdonald	PROPN
fbem-28274	313	5	,	,	PUNCT
fbem-28274	313	6	r.	r.	PROPN
fbem-28274	313	7	l.	l.	PROPN
fbem-28274	313	8	1983	1983	NUM
fbem-28274	313	9	.	.	PUNCT
fbem-28274	314	1	government	government	NOUN
fbem-28274	314	2	debt	debt	NOUN
fbem-28274	314	3	and	and	CCONJ
fbem-28274	314	4	private	private	ADJ
fbem-28274	314	5	leverage	leverage	NOUN
fbem-28274	314	6	:	:	PUNCT
fbem-28274	314	7	an	an	DET
fbem-28274	314	8	extension	extension	NOUN
fbem-28274	314	9	of	of	ADP
fbem-28274	314	10	the	the	DET
fbem-28274	314	11	miller	miller	NOUN
fbem-28274	315	1	[	[	X
fbem-28274	315	2	26	26	NUM
fbem-28274	315	3	]	]	PUNCT
fbem-28274	315	4	theorem	theorem	ADJ
fbem-28274	315	5	.	.	PROPN
fbem-28274	315	6	journal	journal	PROPN
fbem-28274	315	7	of	of	ADP
fbem-28274	315	8	public	public	ADJ
fbem-28274	315	9	economics	economic	NOUN
fbem-28274	315	10	,	,	PUNCT
fbem-28274	315	11	22(3	22(3	NUM
fbem-28274	315	12	)	)	PUNCT
fbem-28274	315	13	,	,	PUNCT
fbem-28274	315	14	303	303	NUM
fbem-28274	315	15	-	-	SYM
fbem-28274	315	16	325	325	NUM
fbem-28274	315	17	.	.	PUNCT
fbem-28274	316	1	[	[	X
fbem-28274	316	2	27	27	NUM
fbem-28274	316	3	]	]	X
fbem-28274	316	4	mengtao	mengtao	PROPN
fbem-28274	316	5	zhang	zhang	PROPN
fbem-28274	316	6	,	,	PUNCT
fbem-28274	316	7	wenchuan	wenchuan	PROPN
fbem-28274	316	8	chen	chen	PROPN
fbem-28274	316	9	,	,	PUNCT
fbem-28274	316	10	aidi	aidi	PROPN
fbem-28274	316	11	kou	kou	PROPN
fbem-28274	316	12	&	&	CCONJ
fbem-28274	316	13	yanjun	yanjun	PROPN
fbem-28274	316	14	wu	wu	PROPN
fbem-28274	316	15	,	,	PUNCT
fbem-28274	316	16	2023	2023	NUM
fbem-28274	316	17	.	.	PUNCT
fbem-28274	317	1	promotion	promotion	NOUN
fbem-28274	317	2	incentives	incentive	NOUN
fbem-28274	317	3	,	,	PUNCT
fbem-28274	317	4	tenure	tenure	NOUN
fbem-28274	317	5	uncertainty	uncertainty	NOUN
fbem-28274	317	6	,	,	PUNCT
fbem-28274	317	7	and	and	CCONJ
fbem-28274	317	8	local	local	ADJ
fbem-28274	317	9	government	government	NOUN
fbem-28274	317	10	debt	debt	NOUN
fbem-28274	317	11	risk	risk	NOUN
fbem-28274	317	12	,	,	PUNCT
fbem-28274	317	13	finance	finance	NOUN
fbem-28274	317	14	research	research	NOUN
fbem-28274	317	15	letters	letter	NOUN
fbem-28274	317	16	,	,	PUNCT
fbem-28274	317	17	volume	volume	NOUN
fbem-28274	317	18	56.104136	56.104136	NUM
fbem-28274	317	19	.	.	PUNCT
fbem-28274	318	1	[	[	X
fbem-28274	318	2	28	28	NUM
fbem-28274	318	3	]	]	X
fbem-28274	318	4	mo	mo	PROPN
fbem-28274	318	5	,	,	PUNCT
fbem-28274	318	6	j.	j.	PROPN
fbem-28274	318	7	,	,	PUNCT
fbem-28274	318	8	2018	2018	NUM
fbem-28274	318	9	.	.	PUNCT
fbem-28274	318	10	land	land	NOUN
fbem-28274	318	11	financing	financing	NOUN
fbem-28274	318	12	and	and	CCONJ
fbem-28274	318	13	economic	economic	ADJ
fbem-28274	318	14	growth	growth	NOUN
fbem-28274	318	15	:	:	PUNCT
fbem-28274	318	16	evidence	evidence	NOUN
fbem-28274	318	17	from	from	ADP
fbem-28274	318	18	chinese	chinese	ADJ
fbem-28274	318	19	counties	county	NOUN
fbem-28274	318	20	,	,	PUNCT
fbem-28274	318	21	china	china	PROPN
fbem-28274	318	22	economic	economic	PROPN
fbem-28274	318	23	review	review	PROPN
fbem-28274	318	24	,	,	PUNCT
fbem-28274	318	25	50	50	NUM
fbem-28274	318	26	,	,	PUNCT
fbem-28274	318	27	218	218	NUM
fbem-28274	318	28	-	-	SYM
fbem-28274	318	29	239	239	NUM
fbem-28274	318	30	.	.	PUNCT
fbem-28274	319	1	[	[	X
fbem-28274	319	2	29	29	NUM
fbem-28274	319	3	]	]	X
fbem-28274	319	4	qiongzhi	qiongzhi	PROPN
fbem-28274	319	5	liu	liu	PROPN
fbem-28274	319	6	,	,	PUNCT
fbem-28274	319	7	yun	yun	PROPN
fbem-28274	319	8	bai	bai	PROPN
fbem-28274	319	9	,	,	PUNCT
fbem-28274	319	10	hexin	hexin	NOUN
fbem-28274	319	11	song	song	NOUN
fbem-28274	319	12	.	.	PUNCT
fbem-28274	319	13	,	,	PUNCT
fbem-28274	319	14	2023	2023	NUM
fbem-28274	319	15	.	.	PUNCT
fbem-28274	320	1	the	the	DET
fbem-28274	320	2	crowding	crowd	VERB
fbem-28274	320	3	out	out	ADP
fbem-28274	320	4	effect	effect	NOUN
fbem-28274	320	5	of	of	ADP
fbem-28274	320	6	government	government	NOUN
fbem-28274	320	7	debt	debt	NOUN
fbem-28274	320	8	on	on	ADP
fbem-28274	320	9	corporate	corporate	ADJ
fbem-28274	320	10	financing	financing	NOUN
fbem-28274	320	11	:	:	PUNCT
fbem-28274	320	12	firm	firm	ADJ
fbem-28274	320	13	-	-	PUNCT
fbem-28274	320	14	level	level	NOUN
fbem-28274	320	15	evidence	evidence	NOUN
fbem-28274	320	16	from	from	ADP
fbem-28274	320	17	china	china	PROPN
fbem-28274	320	18	,	,	PUNCT
fbem-28274	320	19	structural	structural	ADJ
fbem-28274	320	20	change	change	NOUN
fbem-28274	320	21	and	and	CCONJ
fbem-28274	320	22	economic	economic	ADJ
fbem-28274	320	23	dynamics	dynamic	NOUN
fbem-28274	320	24	.	.	PUNCT
fbem-28274	321	1	[	[	X
fbem-28274	321	2	30	30	NUM
fbem-28274	321	3	]	]	PUNCT
fbem-28274	321	4	rangarajan	rangarajan	NOUN
fbem-28274	321	5	c	c	PROPN
fbem-28274	321	6	,	,	PUNCT
fbem-28274	321	7	srivastava	srivastava	PROPN
fbem-28274	321	8	d	d	PROPN
fbem-28274	321	9	k.	k.	PROPN
fbem-28274	321	10	,	,	PUNCT
fbem-28274	321	11	2005	2005	NUM
fbem-28274	321	12	.	.	PUNCT
fbem-28274	322	1	fiscal	fiscal	ADJ
fbem-28274	322	2	deficits	deficit	NOUN
fbem-28274	322	3	and	and	CCONJ
fbem-28274	322	4	government	government	NOUN
fbem-28274	322	5	debt	debt	NOUN
fbem-28274	322	6	:	:	PUNCT
fbem-28274	322	7	implications	implication	NOUN
fbem-28274	322	8	for	for	ADP
fbem-28274	322	9	growth	growth	NOUN
fbem-28274	322	10	and	and	CCONJ
fbem-28274	322	11	stabilisation	stabilisation	NOUN
fbem-28274	322	12	.	.	PUNCT
fbem-28274	323	1	economic	economic	ADJ
fbem-28274	323	2	&	&	CCONJ
fbem-28274	323	3	political	political	ADJ
fbem-28274	323	4	weekly	weekly	NOUN
fbem-28274	323	5	,	,	PUNCT
fbem-28274	323	6	40(27):2919	40(27):2919	NOUN
fbem-28274	323	7	-	-	NOUN
fbem-28274	323	8	2934	2934	NUM
fbem-28274	323	9	[	[	X
fbem-28274	323	10	31	31	NUM
fbem-28274	323	11	]	]	PUNCT
fbem-28274	323	12	robin	robin	PROPN
fbem-28274	323	13	greenwood	greenwood	PROPN
fbem-28274	323	14	,	,	PUNCT
fbem-28274	323	15	samuel	samuel	PROPN
fbem-28274	323	16	hanson	hanson	PROPN
fbem-28274	323	17	,	,	PUNCT
fbem-28274	323	18	&	&	CCONJ
fbem-28274	323	19	jeremy	jeremy	PROPN
fbem-28274	323	20	c.	c.	PROPN
fbem-28274	323	21	stein	stein	PROPN
fbem-28274	323	22	,	,	PUNCT
fbem-28274	323	23	2010	2010	NUM
fbem-28274	323	24	.	.	PUNCT
fbem-28274	324	1	a	a	DET
fbem-28274	324	2	gap	gap	NOUN
fbem-28274	324	3	-	-	PUNCT
fbem-28274	324	4	filling	fill	VERB
fbem-28274	324	5	theory	theory	NOUN
fbem-28274	324	6	of	of	ADP
fbem-28274	324	7	corporate	corporate	ADJ
fbem-28274	324	8	debt	debt	NOUN
fbem-28274	324	9	maturity	maturity	NOUN
fbem-28274	324	10	choice	choice	NOUN
fbem-28274	324	11	.	.	PUNCT
fbem-28274	325	1	the	the	DET
fbem-28274	325	2	journal	journal	NOUN
fbem-28274	325	3	of	of	ADP
fbem-28274	325	4	finance	finance	NOUN
fbem-28274	325	5	.	.	PUNCT
fbem-28274	326	1	volume	volume	NOUN
fbem-28274	326	2	60	60	NUM
fbem-28274	326	3	,	,	PUNCT
fbem-28274	326	4	no	no	INTJ
fbem-28274	326	5	.	.	NOUN
fbem-28274	327	1	3	3	X
fbem-28274	327	2	.	.	PUNCT
fbem-28274	328	1	[	[	X
fbem-28274	328	2	32	32	NUM
fbem-28274	328	3	]	]	PUNCT
fbem-28274	328	4	seema	seema	PROPN
fbem-28274	328	5	narayan	narayan	PROPN
fbem-28274	328	6	,	,	PUNCT
fbem-28274	328	7	minh	minh	PROPN
fbem-28274	328	8	ngoc	ngoc	PROPN
fbem-28274	328	9	thi	thi	PROPN
fbem-28274	328	10	bui	bui	PROPN
fbem-28274	328	11	,	,	PUNCT
fbem-28274	328	12	yishuai	yishuai	PROPN
fbem-28274	328	13	ren	ren	PROPN
fbem-28274	328	14	&	&	CCONJ
fbem-28274	328	15	chaoqun	chaoqun	PROPN
fbem-28274	328	16	ma	ma	PROPN
fbem-28274	328	17	.	.	PROPN
fbem-28274	328	18	,	,	PUNCT
fbem-28274	328	19	2021	2021	NUM
fbem-28274	328	20	.	.	PUNCT
fbem-28274	329	1	macroeconomic	macroeconomic	ADJ
fbem-28274	329	2	determinants	determinant	NOUN
fbem-28274	329	3	of	of	ADP
fbem-28274	329	4	us	we	PRON
fbem-28274	329	5	corporate	corporate	ADJ
fbem-28274	329	6	leverage	leverage	NOUN
fbem-28274	329	7	,	,	PUNCT
fbem-28274	329	8	economic	economic	ADJ
fbem-28274	329	9	modelling	modelling	NOUN
fbem-28274	329	10	,	,	PUNCT
fbem-28274	329	11	104	104	NUM
fbem-28274	329	12	105646	105646	NUM
fbem-28274	329	13	.	.	PUNCT
fbem-28274	330	1	[	[	X
fbem-28274	330	2	33	33	NUM
fbem-28274	330	3	]	]	PUNCT
fbem-28274	330	4	tang	tang	PROPN
fbem-28274	330	5	,	,	PUNCT
fbem-28274	330	6	p.	p.	PROPN
fbem-28274	330	7	,	,	PUNCT
fbem-28274	330	8	shi	shi	PROPN
fbem-28274	330	9	,	,	PUNCT
fbem-28274	330	10	x.	x.	PROPN
fbem-28274	330	11	,	,	PUNCT
fbem-28274	330	12	gao	gao	PROPN
fbem-28274	330	13	,	,	PUNCT
fbem-28274	330	14	j.	j.	PROPN
fbem-28274	330	15	feng	feng	PROPN
fbem-28274	330	16	,	,	PUNCT
fbem-28274	330	17	s.	s.	PROPN
fbem-28274	330	18	&	&	CCONJ
fbem-28274	330	19	qu	qu	PROPN
fbem-28274	330	20	,	,	PUNCT
fbem-28274	330	21	f.	f.	PROPN
fbem-28274	330	22	,	,	PUNCT
fbem-28274	330	23	2019	2019	NUM
fbem-28274	330	24	.	.	PUNCT
fbem-28274	331	1	demystifying	demystify	VERB
fbem-28274	331	2	the	the	DET
fbem-28274	331	3	key	key	NOUN
fbem-28274	331	4	for	for	ADP
fbem-28274	331	5	intoxicating	intoxicate	VERB
fbem-28274	331	6	land	land	NOUN
fbem-28274	331	7	finance	finance	NOUN
fbem-28274	331	8	in	in	ADP
fbem-28274	331	9	china	china	PROPN
fbem-28274	331	10	:	:	PUNCT
fbem-28274	331	11	an	an	DET
fbem-28274	331	12	empirical	empirical	ADJ
fbem-28274	331	13	study	study	NOUN
fbem-28274	331	14	through	through	ADP
fbem-28274	331	15	the	the	DET
fbem-28274	331	16	lens	lens	NOUN
fbem-28274	331	17	of	of	ADP
fbem-28274	331	18	government	government	NOUN
fbem-28274	331	19	expenditure	expenditure	NOUN
fbem-28274	331	20	,	,	PUNCT
fbem-28274	331	21	land	land	NOUN
fbem-28274	331	22	use	use	NOUN
fbem-28274	331	23	policy	policy	NOUN
fbem-28274	331	24	,	,	PUNCT
fbem-28274	331	25	85	85	NUM
fbem-28274	331	26	,	,	PUNCT
fbem-28274	331	27	302	302	NUM
fbem-28274	331	28	-	-	SYM
fbem-28274	331	29	209	209	NUM
fbem-28274	331	30	.	.	PUNCT
fbem-28274	332	1	[	[	X
fbem-28274	332	2	34	34	NUM
fbem-28274	332	3	]	]	SYM
fbem-28274	332	4	wu	wu	PROPN
fbem-28274	332	5	,	,	PUNCT
fbem-28274	332	6	q.	q.	PROPN
fbem-28274	332	7	,	,	PUNCT
fbem-28274	332	8	li	li	PROPN
fbem-28274	332	9	,	,	PUNCT
fbem-28274	332	10	y.	y.	PROPN
fbem-28274	332	11	,	,	PUNCT
fbem-28274	332	12	&	&	CCONJ
fbem-28274	332	13	yan	yan	PROPN
fbem-28274	332	14	,	,	PUNCT
fbem-28274	332	15	s.	s.	PROPN
fbem-28274	332	16	2015	2015	NUM
fbem-28274	332	17	.	.	PUNCT
fbem-28274	333	1	the	the	DET
fbem-28274	333	2	incentives	incentive	NOUN
fbem-28274	333	3	of	of	ADP
fbem-28274	333	4	china	china	PROPN
fbem-28274	333	5	's	's	PART
fbem-28274	333	6	urban	urban	ADJ
fbem-28274	333	7	land	land	NOUN
fbem-28274	333	8	finance	finance	NOUN
fbem-28274	333	9	,	,	PUNCT
fbem-28274	333	10	land	land	NOUN
fbem-28274	333	11	use	use	NOUN
fbem-28274	333	12	policy	policy	NOUN
fbem-28274	333	13	,	,	PUNCT
fbem-28274	333	14	42	42	NUM
fbem-28274	333	15	,	,	PUNCT
fbem-28274	333	16	432	432	NUM
fbem-28274	333	17	-	-	SYM
fbem-28274	333	18	442	442	NUM
fbem-28274	333	19	.	.	PUNCT
fbem-28274	334	1	[	[	X
fbem-28274	334	2	35	35	NUM
fbem-28274	334	3	]	]	SYM
fbem-28274	334	4	xi	xi	X
fbem-28274	334	5	qu	qu	PROPN
fbem-28274	334	6	,	,	PUNCT
fbem-28274	334	7	zhiwei	zhiwei	PROPN
fbem-28274	334	8	xu	xu	PROPN
fbem-28274	334	9	,	,	PUNCT
fbem-28274	334	10	jinxiang	jinxiang	PROPN
fbem-28274	334	11	yu	yu	PROPN
fbem-28274	334	12	&	&	CCONJ
fbem-28274	334	13	jun	jun	PROPN
fbem-28274	334	14	zhu	zhu	PROPN
fbem-28274	334	15	,	,	PUNCT
fbem-28274	334	16	2023	2023	NUM
fbem-28274	334	17	.	.	PUNCT
fbem-28274	335	1	understanding	understand	VERB
fbem-28274	335	2	local	local	ADJ
fbem-28274	335	3	government	government	NOUN
fbem-28274	335	4	debt	debt	NOUN
fbem-28274	335	5	in	in	ADP
fbem-28274	335	6	china	china	PROPN
fbem-28274	335	7	:	:	PUNCT
fbem-28274	335	8	a	a	DET
fbem-28274	335	9	regional	regional	ADJ
fbem-28274	335	10	competition	competition	NOUN
fbem-28274	335	11	perspective	perspective	NOUN
fbem-28274	335	12	,	,	PUNCT
fbem-28274	335	13	regional	regional	ADJ
fbem-28274	335	14	science	science	NOUN
fbem-28274	335	15	and	and	CCONJ
fbem-28274	335	16	urban	urban	ADJ
fbem-28274	335	17	economics	economic	NOUN
fbem-28274	335	18	,	,	PUNCT
fbem-28274	335	19	volume98	volume98	NOUN
fbem-28274	335	20	,	,	PUNCT
fbem-28274	335	21	103859	103859	NUM
fbem-28274	335	22	.	.	PUNCT
fbem-28274	336	1	[	[	X
fbem-28274	336	2	36	36	NUM
fbem-28274	336	3	]	]	X
fbem-28274	336	4	yusuf	yusuf	PROPN
fbem-28274	336	5	ayturk	ayturk	NOUN
fbem-28274	336	6	.	.	PUNCT
fbem-28274	337	1	2017	2017	NUM
fbem-28274	337	2	.	.	PUNCT
fbem-28274	338	1	the	the	DET
fbem-28274	338	2	effects	effect	NOUN
fbem-28274	338	3	of	of	ADP
fbem-28274	338	4	government	government	NOUN
fbem-28274	338	5	borrowing	borrowing	NOUN
fbem-28274	338	6	on	on	ADP
fbem-28274	338	7	corporate	corporate	ADJ
fbem-28274	338	8	financing	financing	NOUN
fbem-28274	338	9	:	:	PUNCT
fbem-28274	338	10	evidence	evidence	NOUN
fbem-28274	338	11	from	from	ADP
fbem-28274	338	12	europe	europe	PROPN
fbem-28274	338	13	,	,	PUNCT
fbem-28274	338	14	finance	finance	NOUN
fbem-28274	338	15	research	research	NOUN
fbem-28274	338	16	letters	letter	NOUN
fbem-28274	338	17	20	20	NUM
fbem-28274	338	18	(	(	PUNCT
fbem-28274	338	19	2017	2017	NUM
fbem-28274	338	20	)	)	PUNCT
fbem-28274	338	21	96–103	96–103	NUM
fbem-28274	338	22	[	[	SYM
fbem-28274	338	23	37	37	NUM
fbem-28274	338	24	]	]	X
fbem-28274	338	25	zhang	zhang	PROPN
fbem-28274	338	26	,	,	PUNCT
fbem-28274	338	27	yuanyan	yuanyan	PROPN
fbem-28274	338	28	sophia	sophia	PROPN
fbem-28274	338	29	&	&	CCONJ
fbem-28274	338	30	barnett	barnett	PROPN
fbem-28274	338	31	,	,	PUNCT
fbem-28274	338	32	steven	steven	PROPN
fbem-28274	338	33	,	,	PUNCT
fbem-28274	338	34	2014	2014	NUM
fbem-28274	338	35	.	.	PUNCT
fbem-28274	339	1	fiscal	fiscal	ADJ
fbem-28274	339	2	vulnerabilities	vulnerability	NOUN
fbem-28274	339	3	and	and	CCONJ
fbem-28274	339	4	risks	risk	NOUN
fbem-28274	339	5	from	from	ADP
fbem-28274	339	6	local	local	ADJ
fbem-28274	339	7	government	government	NOUN
fbem-28274	339	8	finance	finance	NOUN
fbem-28274	339	9	in	in	ADP
fbem-28274	339	10	china	china	PROPN
fbem-28274	339	11	,	,	PUNCT
fbem-28274	339	12	imf	imf	PROPN
fbem-28274	339	13	working	working	PROPN
fbem-28274	339	14	paper	paper	NOUN
fbem-28274	339	15	.	.	PUNCT