id	sid	tid	token	lemma	pos
fbem-29338	1	1	frontiers	frontier	NOUN
fbem-29338	1	2	in	in	ADP
fbem-29338	1	3	business	business	NOUN
fbem-29338	1	4	,	,	PUNCT
fbem-29338	1	5	economics	economic	NOUN
fbem-29338	1	6	and	and	CCONJ
fbem-29338	1	7	management	management	NOUN
fbem-29338	1	8	issn	issn	PROPN
fbem-29338	1	9	:	:	PUNCT
fbem-29338	1	10	2766	2766	NUM
fbem-29338	1	11	-	-	PUNCT
fbem-29338	1	12	824x	824x	NUM
fbem-29338	1	13	|	|	ADJ
fbem-29338	1	14	vol	vol	NOUN
fbem-29338	1	15	.	.	PROPN
fbem-29338	1	16	18	18	NUM
fbem-29338	1	17	,	,	PUNCT
fbem-29338	1	18	no	no	INTJ
fbem-29338	1	19	.	.	NOUN
fbem-29338	1	20	1	1	NUM
fbem-29338	1	21	,	,	PUNCT
fbem-29338	1	22	2025	2025	NUM
fbem-29338	1	23	202	202	NUM
fbem-29338	1	24	the	the	DET
fbem-29338	1	25	impact	impact	NOUN
fbem-29338	1	26	of	of	ADP
fbem-29338	1	27	the	the	DET
fbem-29338	1	28	instability	instability	NOUN
fbem-29338	1	29	of	of	ADP
fbem-29338	1	30	external	external	ADJ
fbem-29338	1	31	economic	economic	ADJ
fbem-29338	1	32	policy	policy	NOUN
fbem-29338	1	33	on	on	ADP
fbem-29338	1	34	the	the	DET
fbem-29338	1	35	exchange	exchange	NOUN
fbem-29338	1	36	rate	rate	NOUN
fbem-29338	1	37	of	of	ADP
fbem-29338	1	38	renminbi	renminbi	NOUN
fbem-29338	1	39	tong	tong	PROPN
fbem-29338	1	40	wu	wu	PROPN
fbem-29338	2	1	*	*	PUNCT
fbem-29338	2	2	school	school	PROPN
fbem-29338	2	3	of	of	ADP
fbem-29338	2	4	business	business	PROPN
fbem-29338	2	5	administration	administration	PROPN
fbem-29338	2	6	,	,	PUNCT
fbem-29338	2	7	zhongnan	zhongnan	PROPN
fbem-29338	2	8	university	university	PROPN
fbem-29338	2	9	of	of	ADP
fbem-29338	2	10	economics	economic	NOUN
fbem-29338	2	11	and	and	CCONJ
fbem-29338	2	12	law	law	NOUN
fbem-29338	2	13	,	,	PUNCT
fbem-29338	2	14	wuhan	wuhan	PROPN
fbem-29338	2	15	,	,	PUNCT
fbem-29338	2	16	430073	430073	NUM
fbem-29338	2	17	,	,	PUNCT
fbem-29338	2	18	china	china	PROPN
fbem-29338	2	19	*	*	PUNCT
fbem-29338	2	20	corresponding	correspond	VERB
fbem-29338	2	21	author	author	NOUN
fbem-29338	2	22	:	:	PUNCT
fbem-29338	2	23	tong	tong	PROPN
fbem-29338	2	24	wu	wu	PROPN
fbem-29338	2	25	(	(	PUNCT
fbem-29338	2	26	email	email	NOUN
fbem-29338	2	27	:	:	PUNCT
fbem-29338	2	28	wutong20050311@outlook.com	wutong20050311@outlook.com	X
fbem-29338	2	29	)	)	PUNCT
fbem-29338	2	30	abstract	abstract	NOUN
fbem-29338	2	31	:	:	PUNCT
fbem-29338	2	32	at	at	ADP
fbem-29338	2	33	present	present	ADJ
fbem-29338	2	34	,	,	PUNCT
fbem-29338	2	35	the	the	DET
fbem-29338	2	36	uncertainty	uncertainty	NOUN
fbem-29338	2	37	of	of	ADP
fbem-29338	2	38	the	the	DET
fbem-29338	2	39	international	international	ADJ
fbem-29338	2	40	environment	environment	NOUN
fbem-29338	2	41	has	have	AUX
fbem-29338	2	42	increased	increase	VERB
fbem-29338	2	43	significantly	significantly	ADV
fbem-29338	2	44	.	.	PUNCT
fbem-29338	3	1	it	it	PRON
fbem-29338	3	2	is	be	AUX
fbem-29338	3	3	of	of	ADP
fbem-29338	3	4	practical	practical	ADJ
fbem-29338	3	5	significance	significance	NOUN
fbem-29338	3	6	to	to	PART
fbem-29338	3	7	study	study	VERB
fbem-29338	3	8	the	the	DET
fbem-29338	3	9	exchange	exchange	NOUN
fbem-29338	3	10	rate	rate	NOUN
fbem-29338	3	11	of	of	ADP
fbem-29338	3	12	rmb	rmb	NOUN
fbem-29338	3	13	currencies	currency	NOUN
fbem-29338	3	14	from	from	ADP
fbem-29338	3	15	the	the	DET
fbem-29338	3	16	perspective	perspective	NOUN
fbem-29338	3	17	of	of	ADP
fbem-29338	3	18	external	external	ADJ
fbem-29338	3	19	economic	economic	ADJ
fbem-29338	3	20	policy	policy	NOUN
fbem-29338	3	21	uncertainty	uncertainty	NOUN
fbem-29338	3	22	to	to	PART
fbem-29338	3	23	maintain	maintain	VERB
fbem-29338	3	24	the	the	DET
fbem-29338	3	25	stability	stability	NOUN
fbem-29338	3	26	of	of	ADP
fbem-29338	3	27	the	the	DET
fbem-29338	3	28	foreign	foreign	ADJ
fbem-29338	3	29	exchange	exchange	NOUN
fbem-29338	3	30	market	market	NOUN
fbem-29338	3	31	.	.	PUNCT
fbem-29338	4	1	the	the	DET
fbem-29338	4	2	article	article	NOUN
fbem-29338	4	3	uses	use	VERB
fbem-29338	4	4	a	a	DET
fbem-29338	4	5	panel	panel	NOUN
fbem-29338	4	6	quantile	quantile	ADJ
fbem-29338	4	7	regression	regression	NOUN
fbem-29338	4	8	model	model	NOUN
fbem-29338	4	9	to	to	PART
fbem-29338	4	10	study	study	VERB
fbem-29338	4	11	the	the	DET
fbem-29338	4	12	impact	impact	NOUN
fbem-29338	4	13	of	of	ADP
fbem-29338	4	14	external	external	ADJ
fbem-29338	4	15	economic	economic	ADJ
fbem-29338	4	16	policy	policy	NOUN
fbem-29338	4	17	uncertainty	uncertainty	NOUN
fbem-29338	4	18	on	on	ADP
fbem-29338	4	19	the	the	DET
fbem-29338	4	20	exchange	exchange	NOUN
fbem-29338	4	21	rate	rate	NOUN
fbem-29338	4	22	of	of	ADP
fbem-29338	4	23	rmb	rmb	NOUN
fbem-29338	4	24	currency	currency	NOUN
fbem-29338	4	25	.	.	PUNCT
fbem-29338	5	1	the	the	DET
fbem-29338	5	2	research	research	NOUN
fbem-29338	5	3	shows	show	VERB
fbem-29338	5	4	that	that	SCONJ
fbem-29338	5	5	under	under	ADP
fbem-29338	5	6	the	the	DET
fbem-29338	5	7	high	high	ADJ
fbem-29338	5	8	quantile	quantile	NOUN
fbem-29338	5	9	,	,	PUNCT
fbem-29338	5	10	the	the	DET
fbem-29338	5	11	instability	instability	NOUN
fbem-29338	5	12	of	of	ADP
fbem-29338	5	13	external	external	ADJ
fbem-29338	5	14	economic	economic	ADJ
fbem-29338	5	15	policy	policy	NOUN
fbem-29338	5	16	has	have	VERB
fbem-29338	5	17	a	a	DET
fbem-29338	5	18	significant	significant	ADJ
fbem-29338	5	19	impact	impact	NOUN
fbem-29338	5	20	on	on	ADP
fbem-29338	5	21	the	the	DET
fbem-29338	5	22	stability	stability	NOUN
fbem-29338	5	23	of	of	ADP
fbem-29338	5	24	the	the	DET
fbem-29338	5	25	exchange	exchange	NOUN
fbem-29338	5	26	rate	rate	NOUN
fbem-29338	5	27	.	.	PUNCT
fbem-29338	6	1	in	in	ADP
fbem-29338	6	2	this	this	DET
fbem-29338	6	3	case	case	NOUN
fbem-29338	6	4	,	,	PUNCT
fbem-29338	6	5	in	in	ADP
fbem-29338	6	6	order	order	NOUN
fbem-29338	6	7	to	to	PART
fbem-29338	6	8	maintain	maintain	VERB
fbem-29338	6	9	the	the	DET
fbem-29338	6	10	relative	relative	ADJ
fbem-29338	6	11	stability	stability	NOUN
fbem-29338	6	12	of	of	ADP
fbem-29338	6	13	the	the	DET
fbem-29338	6	14	exchange	exchange	NOUN
fbem-29338	6	15	rate	rate	NOUN
fbem-29338	6	16	,	,	PUNCT
fbem-29338	6	17	the	the	DET
fbem-29338	6	18	state	state	NOUN
fbem-29338	6	19	should	should	AUX
fbem-29338	6	20	take	take	VERB
fbem-29338	6	21	into	into	ADP
fbem-29338	6	22	account	account	NOUN
fbem-29338	6	23	the	the	DET
fbem-29338	6	24	uncertainty	uncertainty	NOUN
fbem-29338	6	25	of	of	ADP
fbem-29338	6	26	external	external	ADJ
fbem-29338	6	27	economic	economic	ADJ
fbem-29338	6	28	policy	policy	NOUN
fbem-29338	6	29	in	in	ADP
fbem-29338	6	30	the	the	DET
fbem-29338	6	31	formulation	formulation	NOUN
fbem-29338	6	32	of	of	ADP
fbem-29338	6	33	corresponding	correspond	VERB
fbem-29338	6	34	policies	policy	NOUN
fbem-29338	6	35	.	.	PUNCT
fbem-29338	7	1	keywords	keyword	NOUN
fbem-29338	7	2	:	:	PUNCT
fbem-29338	7	3	rmb	rmb	NOUN
fbem-29338	7	4	rate	rate	NOUN
fbem-29338	7	5	,	,	PUNCT
fbem-29338	7	6	panel	panel	NOUN
fbem-29338	7	7	quantile	quantile	PROPN
fbem-29338	7	8	model	model	NOUN
fbem-29338	7	9	,	,	PUNCT
fbem-29338	7	10	the	the	DET
fbem-29338	7	11	uncertainty	uncertainty	NOUN
fbem-29338	7	12	of	of	ADP
fbem-29338	7	13	external	external	ADJ
fbem-29338	7	14	economic	economic	ADJ
fbem-29338	7	15	policy	policy	NOUN
fbem-29338	7	16	.	.	PUNCT
fbem-29338	8	1	1	1	X
fbem-29338	8	2	.	.	X
fbem-29338	8	3	introduction	introduction	NOUN
fbem-29338	8	4	the	the	DET
fbem-29338	8	5	main	main	ADJ
fbem-29338	8	6	goal	goal	NOUN
fbem-29338	8	7	of	of	ADP
fbem-29338	8	8	the	the	DET
fbem-29338	8	9	monetary	monetary	ADJ
fbem-29338	8	10	policy	policy	NOUN
fbem-29338	8	11	regulation	regulation	NOUN
fbem-29338	8	12	by	by	ADP
fbem-29338	8	13	our	our	PRON
fbem-29338	8	14	central	central	ADJ
fbem-29338	8	15	bank	bank	NOUN
fbem-29338	8	16	is	be	AUX
fbem-29338	8	17	to	to	PART
fbem-29338	8	18	keep	keep	VERB
fbem-29338	8	19	the	the	DET
fbem-29338	8	20	exchange	exchange	NOUN
fbem-29338	8	21	rate	rate	NOUN
fbem-29338	8	22	of	of	ADP
fbem-29338	8	23	the	the	DET
fbem-29338	8	24	rmb	rmb	NOUN
fbem-29338	8	25	at	at	ADP
fbem-29338	8	26	a	a	DET
fbem-29338	8	27	logical	logical	ADJ
fbem-29338	8	28	and	and	CCONJ
fbem-29338	8	29	balanced	balanced	ADJ
fbem-29338	8	30	level	level	NOUN
fbem-29338	8	31	.	.	PUNCT
fbem-29338	9	1	this	this	DET
fbem-29338	9	2	strategy	strategy	NOUN
fbem-29338	9	3	is	be	AUX
fbem-29338	9	4	of	of	ADP
fbem-29338	9	5	great	great	ADJ
fbem-29338	9	6	significance	significance	NOUN
fbem-29338	9	7	for	for	ADP
fbem-29338	9	8	china	china	PROPN
fbem-29338	9	9	,	,	PUNCT
fbem-29338	9	10	which	which	PRON
fbem-29338	9	11	is	be	AUX
fbem-29338	9	12	forming	form	VERB
fbem-29338	9	13	a	a	DET
fbem-29338	9	14	development	development	NOUN
fbem-29338	9	15	model	model	NOUN
fbem-29338	9	16	dominated	dominate	VERB
fbem-29338	9	17	by	by	ADP
fbem-29338	9	18	domestic	domestic	ADJ
fbem-29338	9	19	market	market	NOUN
fbem-29338	9	20	demand	demand	NOUN
fbem-29338	9	21	and	and	CCONJ
fbem-29338	9	22	promoting	promote	VERB
fbem-29338	9	23	the	the	DET
fbem-29338	9	24	synergy	synergy	NOUN
fbem-29338	9	25	,	,	PUNCT
fbem-29338	9	26	mutual	mutual	ADJ
fbem-29338	9	27	complementarity	complementarity	NOUN
fbem-29338	9	28	and	and	CCONJ
fbem-29338	9	29	common	common	ADJ
fbem-29338	9	30	development	development	NOUN
fbem-29338	9	31	between	between	ADP
fbem-29338	9	32	the	the	DET
fbem-29338	9	33	domestic	domestic	ADJ
fbem-29338	9	34	market	market	NOUN
fbem-29338	9	35	and	and	CCONJ
fbem-29338	9	36	international	international	ADJ
fbem-29338	9	37	market	market	NOUN
fbem-29338	9	38	on	on	ADP
fbem-29338	9	39	this	this	DET
fbem-29338	9	40	basis	basis	NOUN
fbem-29338	9	41	.	.	PUNCT
fbem-29338	10	1	the	the	DET
fbem-29338	10	2	fluctuation	fluctuation	NOUN
fbem-29338	10	3	of	of	ADP
fbem-29338	10	4	rmb	rmb	PROPN
fbem-29338	10	5	exchange	exchange	NOUN
fbem-29338	10	6	rate	rate	NOUN
fbem-29338	10	7	causes	cause	VERB
fbem-29338	10	8	the	the	DET
fbem-29338	10	9	fluctuation	fluctuation	NOUN
fbem-29338	10	10	of	of	ADP
fbem-29338	10	11	financial	financial	ADJ
fbem-29338	10	12	market	market	NOUN
fbem-29338	10	13	,	,	PUNCT
fbem-29338	10	14	and	and	CCONJ
fbem-29338	10	15	also	also	ADV
fbem-29338	10	16	affects	affect	VERB
fbem-29338	10	17	the	the	DET
fbem-29338	10	18	import	import	NOUN
fbem-29338	10	19	and	and	CCONJ
fbem-29338	10	20	export	export	NOUN
fbem-29338	10	21	trade	trade	NOUN
fbem-29338	10	22	,	,	PUNCT
fbem-29338	10	23	cross	cross	ADJ
fbem-29338	10	24	-	-	ADJ
fbem-29338	10	25	border	border	ADJ
fbem-29338	10	26	investment	investment	NOUN
fbem-29338	10	27	and	and	CCONJ
fbem-29338	10	28	so	so	ADV
fbem-29338	10	29	on	on	ADP
fbem-29338	10	30	[	[	X
fbem-29338	10	31	1	1	NUM
fbem-29338	10	32	]	]	PUNCT
fbem-29338	10	33	.	.	PUNCT
fbem-29338	11	1	according	accord	VERB
fbem-29338	11	2	to	to	ADP
fbem-29338	11	3	the	the	DET
fbem-29338	11	4	guiding	guide	VERB
fbem-29338	11	5	ideology	ideology	NOUN
fbem-29338	11	6	of	of	ADP
fbem-29338	11	7	the	the	DET
fbem-29338	11	8	20th	20th	ADJ
fbem-29338	11	9	national	national	ADJ
fbem-29338	11	10	congress	congress	PROPN
fbem-29338	11	11	of	of	ADP
fbem-29338	11	12	the	the	DET
fbem-29338	11	13	communist	communist	PROPN
fbem-29338	11	14	party	party	PROPN
fbem-29338	11	15	of	of	ADP
fbem-29338	11	16	china	china	PROPN
fbem-29338	11	17	,	,	PUNCT
fbem-29338	11	18	we	we	PRON
fbem-29338	11	19	should	should	AUX
fbem-29338	11	20	continue	continue	VERB
fbem-29338	11	21	to	to	PART
fbem-29338	11	22	promote	promote	VERB
fbem-29338	11	23	a	a	DET
fbem-29338	11	24	high	high	ADJ
fbem-29338	11	25	-	-	PUNCT
fbem-29338	11	26	level	level	NOUN
fbem-29338	11	27	policy	policy	NOUN
fbem-29338	11	28	of	of	ADP
fbem-29338	11	29	opening	opening	NOUN
fbem-29338	11	30	up	up	ADP
fbem-29338	11	31	to	to	ADP
fbem-29338	11	32	the	the	DET
fbem-29338	11	33	outer	outer	ADJ
fbem-29338	11	34	world	world	NOUN
fbem-29338	11	35	.	.	PUNCT
fbem-29338	12	1	with	with	ADP
fbem-29338	12	2	the	the	DET
fbem-29338	12	3	continuous	continuous	ADJ
fbem-29338	12	4	expansion	expansion	NOUN
fbem-29338	12	5	of	of	ADP
fbem-29338	12	6	china	china	PROPN
fbem-29338	12	7	's	's	PART
fbem-29338	12	8	external	external	ADJ
fbem-29338	12	9	level	level	NOUN
fbem-29338	12	10	,	,	PUNCT
fbem-29338	12	11	the	the	DET
fbem-29338	12	12	risk	risk	NOUN
fbem-29338	12	13	of	of	ADP
fbem-29338	12	14	instability	instability	NOUN
fbem-29338	12	15	of	of	ADP
fbem-29338	12	16	economic	economic	ADJ
fbem-29338	12	17	policies	policy	NOUN
fbem-29338	12	18	in	in	ADP
fbem-29338	12	19	the	the	DET
fbem-29338	12	20	world	world	NOUN
fbem-29338	12	21	market	market	NOUN
fbem-29338	12	22	due	due	ADP
fbem-29338	12	23	to	to	ADP
fbem-29338	12	24	opening	opening	NOUN
fbem-29338	12	25	up	up	ADP
fbem-29338	12	26	is	be	AUX
fbem-29338	12	27	also	also	ADV
fbem-29338	12	28	increasing	increase	VERB
fbem-29338	12	29	.	.	PUNCT
fbem-29338	13	1	with	with	ADP
fbem-29338	13	2	the	the	DET
fbem-29338	13	3	deepening	deepening	NOUN
fbem-29338	13	4	of	of	ADP
fbem-29338	13	5	financial	financial	ADJ
fbem-29338	13	6	integration	integration	NOUN
fbem-29338	13	7	and	and	CCONJ
fbem-29338	13	8	economic	economic	ADJ
fbem-29338	13	9	globalization	globalization	NOUN
fbem-29338	13	10	,	,	PUNCT
fbem-29338	13	11	the	the	DET
fbem-29338	13	12	economic	economic	ADJ
fbem-29338	13	13	ties	tie	NOUN
fbem-29338	13	14	between	between	ADP
fbem-29338	13	15	countries	country	NOUN
fbem-29338	13	16	are	be	AUX
fbem-29338	13	17	closer	close	ADJ
fbem-29338	13	18	,	,	PUNCT
fbem-29338	13	19	and	and	CCONJ
fbem-29338	13	20	the	the	DET
fbem-29338	13	21	government	government	NOUN
fbem-29338	13	22	needs	need	VERB
fbem-29338	13	23	to	to	PART
fbem-29338	13	24	take	take	VERB
fbem-29338	13	25	a	a	DET
fbem-29338	13	26	series	series	NOUN
fbem-29338	13	27	of	of	ADP
fbem-29338	13	28	measures	measure	NOUN
fbem-29338	13	29	to	to	PART
fbem-29338	13	30	adjust	adjust	VERB
fbem-29338	13	31	its	its	PRON
fbem-29338	13	32	economy	economy	NOUN
fbem-29338	13	33	.	.	PUNCT
fbem-29338	14	1	however	however	ADV
fbem-29338	14	2	,	,	PUNCT
fbem-29338	14	3	the	the	DET
fbem-29338	14	4	financial	financial	ADJ
fbem-29338	14	5	crisis	crisis	NOUN
fbem-29338	14	6	,	,	PUNCT
fbem-29338	14	7	trade	trade	NOUN
fbem-29338	14	8	barriers	barrier	NOUN
fbem-29338	14	9	,	,	PUNCT
fbem-29338	14	10	anti	anti	ADJ
fbem-29338	14	11	-	-	ADJ
fbem-29338	14	12	globalization	globalization	ADJ
fbem-29338	14	13	,	,	PUNCT
fbem-29338	14	14	hegemonism	hegemonism	NOUN
fbem-29338	14	15	and	and	CCONJ
fbem-29338	14	16	power	power	NOUN
fbem-29338	14	17	politics	politic	NOUN
fbem-29338	14	18	have	have	AUX
fbem-29338	14	19	made	make	VERB
fbem-29338	14	20	global	global	ADJ
fbem-29338	14	21	economic	economic	ADJ
fbem-29338	14	22	growth	growth	NOUN
fbem-29338	14	23	in	in	ADP
fbem-29338	14	24	a	a	DET
fbem-29338	14	25	slow	slow	ADJ
fbem-29338	14	26	state	state	NOUN
fbem-29338	14	27	.	.	PUNCT
fbem-29338	15	1	it	it	PRON
fbem-29338	15	2	is	be	AUX
fbem-29338	15	3	difficult	difficult	ADJ
fbem-29338	15	4	to	to	PART
fbem-29338	15	5	coordinate	coordinate	VERB
fbem-29338	15	6	international	international	ADJ
fbem-29338	15	7	development	development	NOUN
fbem-29338	15	8	.	.	PUNCT
fbem-29338	16	1	countries	country	NOUN
fbem-29338	16	2	are	be	AUX
fbem-29338	16	3	constantly	constantly	ADV
fbem-29338	16	4	adjusting	adjust	VERB
fbem-29338	16	5	their	their	PRON
fbem-29338	16	6	economic	economic	ADJ
fbem-29338	16	7	policies	policy	NOUN
fbem-29338	16	8	,	,	PUNCT
fbem-29338	16	9	especially	especially	ADV
fbem-29338	16	10	the	the	DET
fbem-29338	16	11	implementation	implementation	NOUN
fbem-29338	16	12	of	of	ADP
fbem-29338	16	13	the	the	DET
fbem-29338	16	14	federal	federal	PROPN
fbem-29338	16	15	reserve	reserve	PROPN
fbem-29338	16	16	's	's	PART
fbem-29338	16	17	quantitative	quantitative	ADJ
fbem-29338	16	18	easing	ease	VERB
fbem-29338	16	19	monetary	monetary	ADJ
fbem-29338	16	20	policy	policy	NOUN
fbem-29338	16	21	,	,	PUNCT
fbem-29338	16	22	which	which	PRON
fbem-29338	16	23	has	have	AUX
fbem-29338	16	24	aggravated	aggravate	VERB
fbem-29338	16	25	global	global	ADJ
fbem-29338	16	26	instability	instability	NOUN
fbem-29338	16	27	[	[	X
fbem-29338	16	28	2	2	NUM
fbem-29338	16	29	]	]	PUNCT
fbem-29338	16	30	.	.	PUNCT
fbem-29338	17	1	economic	economic	ADJ
fbem-29338	17	2	policy	policy	NOUN
fbem-29338	17	3	uncertainty	uncertainty	NOUN
fbem-29338	17	4	is	be	AUX
fbem-29338	17	5	manifested	manifest	VERB
fbem-29338	17	6	in	in	ADP
fbem-29338	17	7	the	the	DET
fbem-29338	17	8	government	government	NOUN
fbem-29338	17	9	's	's	PART
fbem-29338	17	10	unclear	unclear	ADJ
fbem-29338	17	11	expectations	expectation	NOUN
fbem-29338	17	12	of	of	ADP
fbem-29338	17	13	economic	economic	ADJ
fbem-29338	17	14	policies	policy	NOUN
fbem-29338	17	15	,	,	PUNCT
fbem-29338	17	16	as	as	ADV
fbem-29338	17	17	well	well	ADV
fbem-29338	17	18	as	as	ADP
fbem-29338	17	19	inconsistencies	inconsistency	NOUN
fbem-29338	17	20	between	between	ADP
fbem-29338	17	21	policy	policy	NOUN
fbem-29338	17	22	implementation	implementation	NOUN
fbem-29338	17	23	and	and	CCONJ
fbem-29338	17	24	shifts	shift	NOUN
fbem-29338	17	25	in	in	ADP
fbem-29338	17	26	policy	policy	NOUN
fbem-29338	17	27	positions	position	NOUN
fbem-29338	17	28	and	and	CCONJ
fbem-29338	17	29	their	their	PRON
fbem-29338	17	30	intensity	intensity	NOUN
fbem-29338	17	31	,	,	PUNCT
fbem-29338	17	32	which	which	PRON
fbem-29338	17	33	lead	lead	VERB
fbem-29338	17	34	to	to	ADP
fbem-29338	17	35	uncertainty	uncertainty	NOUN
fbem-29338	17	36	[	[	X
fbem-29338	17	37	3	3	NUM
fbem-29338	17	38	,	,	PUNCT
fbem-29338	17	39	4	4	NUM
fbem-29338	17	40	]	]	PUNCT
fbem-29338	17	41	.	.	PUNCT
fbem-29338	18	1	the	the	DET
fbem-29338	18	2	instability	instability	NOUN
fbem-29338	18	3	of	of	ADP
fbem-29338	18	4	economic	economic	ADJ
fbem-29338	18	5	policy	policy	NOUN
fbem-29338	18	6	has	have	VERB
fbem-29338	18	7	a	a	DET
fbem-29338	18	8	significant	significant	ADJ
fbem-29338	18	9	spillover	spillover	NOUN
fbem-29338	18	10	effect	effect	NOUN
fbem-29338	18	11	,	,	PUNCT
fbem-29338	18	12	which	which	PRON
fbem-29338	18	13	not	not	PART
fbem-29338	18	14	only	only	ADV
fbem-29338	18	15	affects	affect	VERB
fbem-29338	18	16	the	the	DET
fbem-29338	18	17	economy	economy	NOUN
fbem-29338	18	18	of	of	ADP
fbem-29338	18	19	the	the	DET
fbem-29338	18	20	country	country	NOUN
fbem-29338	18	21	,	,	PUNCT
fbem-29338	18	22	but	but	CCONJ
fbem-29338	18	23	also	also	ADV
fbem-29338	18	24	affects	affect	VERB
fbem-29338	18	25	the	the	DET
fbem-29338	18	26	macro	macro	ADJ
fbem-29338	18	27	economy	economy	NOUN
fbem-29338	18	28	of	of	ADP
fbem-29338	18	29	other	other	ADJ
fbem-29338	18	30	countries	country	NOUN
fbem-29338	18	31	[	[	X
fbem-29338	18	32	3	3	NUM
fbem-29338	18	33	]	]	PUNCT
fbem-29338	18	34	.	.	PUNCT
fbem-29338	19	1	under	under	ADP
fbem-29338	19	2	the	the	DET
fbem-29338	19	3	continuous	continuous	ADJ
fbem-29338	19	4	fluctuation	fluctuation	NOUN
fbem-29338	19	5	in	in	ADP
fbem-29338	19	6	the	the	DET
fbem-29338	19	7	global	global	ADJ
fbem-29338	19	8	economy	economy	NOUN
fbem-29338	19	9	,	,	PUNCT
fbem-29338	19	10	the	the	DET
fbem-29338	19	11	research	research	NOUN
fbem-29338	19	12	of	of	ADP
fbem-29338	19	13	the	the	DET
fbem-29338	19	14	influence	influence	NOUN
fbem-29338	19	15	of	of	ADP
fbem-29338	19	16	policy	policy	NOUN
fbem-29338	19	17	of	of	ADP
fbem-29338	19	18	economy	economy	NOUN
fbem-29338	19	19	instability	instability	NOUN
fbem-29338	19	20	on	on	ADP
fbem-29338	19	21	the	the	DET
fbem-29338	19	22	rmb	rmb	PROPN
fbem-29338	19	23	exchange	exchange	NOUN
fbem-29338	19	24	rate	rate	NOUN
fbem-29338	19	25	has	have	VERB
fbem-29338	19	26	certain	certain	ADJ
fbem-29338	19	27	theoretical	theoretical	ADJ
fbem-29338	19	28	significance	significance	NOUN
fbem-29338	19	29	for	for	ADP
fbem-29338	19	30	studying	study	VERB
fbem-29338	19	31	the	the	DET
fbem-29338	19	32	effect	effect	NOUN
fbem-29338	19	33	of	of	ADP
fbem-29338	19	34	outer	outer	ADJ
fbem-29338	19	35	economic	economic	ADJ
fbem-29338	19	36	policy	policy	NOUN
fbem-29338	19	37	instability	instability	NOUN
fbem-29338	19	38	on	on	ADP
fbem-29338	19	39	the	the	DET
fbem-29338	19	40	macro	macro	ADJ
fbem-29338	19	41	economy	economy	NOUN
fbem-29338	19	42	and	and	CCONJ
fbem-29338	19	43	the	the	DET
fbem-29338	19	44	impact	impact	NOUN
fbem-29338	19	45	on	on	ADP
fbem-29338	19	46	the	the	DET
fbem-29338	19	47	transmission	transmission	NOUN
fbem-29338	19	48	mechanism	mechanism	NOUN
fbem-29338	19	49	of	of	ADP
fbem-29338	19	50	the	the	DET
fbem-29338	19	51	financial	financial	ADJ
fbem-29338	19	52	market	market	NOUN
fbem-29338	19	53	.	.	PUNCT
fbem-29338	20	1	maintaining	maintain	VERB
fbem-29338	20	2	our	our	PRON
fbem-29338	20	3	country	country	NOUN
fbem-29338	20	4	's	's	PART
fbem-29338	20	5	high	high	ADJ
fbem-29338	20	6	-	-	PUNCT
fbem-29338	20	7	quality	quality	NOUN
fbem-29338	20	8	opening	opening	NOUN
fbem-29338	20	9	-	-	PUNCT
fbem-29338	20	10	up	up	ADP
fbem-29338	20	11	attitude	attitude	NOUN
fbem-29338	20	12	,	,	PUNCT
fbem-29338	20	13	ensuring	ensure	VERB
fbem-29338	20	14	the	the	DET
fbem-29338	20	15	stable	stable	ADJ
fbem-29338	20	16	operation	operation	NOUN
fbem-29338	20	17	of	of	ADP
fbem-29338	20	18	the	the	DET
fbem-29338	20	19	foreign	foreign	ADJ
fbem-29338	20	20	exchange	exchange	NOUN
fbem-29338	20	21	market	market	NOUN
fbem-29338	20	22	,	,	PUNCT
fbem-29338	20	23	and	and	CCONJ
fbem-29338	20	24	stimulating	stimulate	VERB
fbem-29338	20	25	its	its	PRON
fbem-29338	20	26	development	development	NOUN
fbem-29338	20	27	vitality	vitality	NOUN
fbem-29338	20	28	are	be	AUX
fbem-29338	20	29	crucial	crucial	ADJ
fbem-29338	20	30	for	for	ADP
fbem-29338	20	31	deepening	deepen	VERB
fbem-29338	20	32	the	the	DET
fbem-29338	20	33	formation	formation	NOUN
fbem-29338	20	34	of	of	ADP
fbem-29338	20	35	a	a	DET
fbem-29338	20	36	new	new	ADJ
fbem-29338	20	37	economic	economic	ADJ
fbem-29338	20	38	development	development	NOUN
fbem-29338	20	39	pattern	pattern	NOUN
fbem-29338	20	40	dominated	dominate	VERB
fbem-29338	20	41	by	by	ADP
fbem-29338	20	42	domestic	domestic	ADJ
fbem-29338	20	43	circulation	circulation	NOUN
fbem-29338	20	44	and	and	CCONJ
fbem-29338	20	45	complemented	complement	VERB
fbem-29338	20	46	by	by	ADP
fbem-29338	20	47	dual	dual	ADJ
fbem-29338	20	48	circulation	circulation	NOUN
fbem-29338	20	49	at	at	ADP
fbem-29338	20	50	home	home	NOUN
fbem-29338	20	51	and	and	CCONJ
fbem-29338	20	52	abroad	abroad	ADV
fbem-29338	20	53	.	.	PUNCT
fbem-29338	21	1	the	the	DET
fbem-29338	21	2	research	research	NOUN
fbem-29338	21	3	on	on	ADP
fbem-29338	21	4	exchange	exchange	NOUN
fbem-29338	21	5	rate	rate	NOUN
fbem-29338	21	6	fluctuation	fluctuation	NOUN
fbem-29338	21	7	at	at	ADP
fbem-29338	21	8	home	home	NOUN
fbem-29338	21	9	and	and	CCONJ
fbem-29338	21	10	abroad	abroad	ADV
fbem-29338	21	11	is	be	AUX
fbem-29338	21	12	mainly	mainly	ADV
fbem-29338	21	13	in	in	ADP
fbem-29338	21	14	the	the	DET
fbem-29338	21	15	following	follow	VERB
fbem-29338	21	16	aspects	aspect	NOUN
fbem-29338	21	17	:	:	PUNCT
fbem-29338	21	18	in	in	ADP
fbem-29338	21	19	the	the	DET
fbem-29338	21	20	1920	1920	NUM
fbem-29338	21	21	s	s	NOUN
fbem-29338	21	22	,	,	PUNCT
fbem-29338	21	23	keynes	keyne	NOUN
fbem-29338	21	24	put	put	VERB
fbem-29338	21	25	forward	forward	ADV
fbem-29338	21	26	that	that	SCONJ
fbem-29338	21	27	the	the	DET
fbem-29338	21	28	stability	stability	NOUN
fbem-29338	21	29	of	of	ADP
fbem-29338	21	30	exchange	exchange	NOUN
fbem-29338	21	31	rates	rate	NOUN
fbem-29338	21	32	is	be	AUX
fbem-29338	21	33	one	one	NUM
fbem-29338	21	34	of	of	ADP
fbem-29338	21	35	the	the	DET
fbem-29338	21	36	key	key	ADJ
fbem-29338	21	37	factors	factor	NOUN
fbem-29338	21	38	for	for	ADP
fbem-29338	21	39	macroeconomic	macroeconomic	ADJ
fbem-29338	21	40	stability	stability	NOUN
fbem-29338	21	41	,	,	PUNCT
fbem-29338	21	42	and	and	CCONJ
fbem-29338	21	43	the	the	DET
fbem-29338	21	44	variation	variation	NOUN
fbem-29338	21	45	of	of	ADP
fbem-29338	21	46	a	a	DET
fbem-29338	21	47	country	country	NOUN
fbem-29338	21	48	's	's	PART
fbem-29338	21	49	currency	currency	NOUN
fbem-29338	21	50	purchasing	purchasing	NOUN
fbem-29338	21	51	power	power	NOUN
fbem-29338	21	52	determines	determine	VERB
fbem-29338	21	53	the	the	DET
fbem-29338	21	54	exchange	exchange	NOUN
fbem-29338	21	55	rate	rate	NOUN
fbem-29338	21	56	volatility	volatility	NOUN
fbem-29338	21	57	.	.	PUNCT
fbem-29338	22	1	the	the	DET
fbem-29338	22	2	emergence	emergence	NOUN
fbem-29338	22	3	of	of	ADP
fbem-29338	22	4	neoclassicism	neoclassicism	PROPN
fbem-29338	22	5	makes	make	VERB
fbem-29338	22	6	scholars	scholar	NOUN
fbem-29338	22	7	begin	begin	VERB
fbem-29338	22	8	to	to	PART
fbem-29338	22	9	think	think	VERB
fbem-29338	22	10	as	as	ADP
fbem-29338	22	11	to	to	ADP
fbem-29338	22	12	the	the	DET
fbem-29338	22	13	influence	influence	NOUN
fbem-29338	22	14	of	of	ADP
fbem-29338	22	15	micro	micro	ADJ
fbem-29338	22	16	factors	factor	NOUN
fbem-29338	22	17	on	on	ADP
fbem-29338	22	18	exchange	exchange	NOUN
fbem-29338	22	19	rate	rate	NOUN
fbem-29338	22	20	fluctuations	fluctuation	NOUN
fbem-29338	22	21	.	.	PUNCT
fbem-29338	23	1	the	the	DET
fbem-29338	23	2	most	most	ADV
fbem-29338	23	3	representative	representative	NOUN
fbem-29338	23	4	is	be	AUX
fbem-29338	23	5	the	the	DET
fbem-29338	23	6	study	study	NOUN
fbem-29338	23	7	of	of	ADP
fbem-29338	23	8	obstfeld	obstfeld	PROPN
fbem-29338	23	9	and	and	CCONJ
fbem-29338	23	10	rogoff	rogoff	NOUN
fbem-29338	23	11	based	base	VERB
fbem-29338	23	12	on	on	ADP
fbem-29338	23	13	the	the	DET
fbem-29338	23	14	m	m	PROPN
fbem-29338	23	15	-	-	PUNCT
fbem-29338	23	16	f	f	PROPN
fbem-29338	23	17	-	-	PUNCT
fbem-29338	23	18	d	d	NOUN
fbem-29338	23	19	model	model	NOUN
fbem-29338	23	20	,	,	PUNCT
fbem-29338	23	21	they	they	PRON
fbem-29338	23	22	add	add	VERB
fbem-29338	23	23	intertemporal	intertemporal	ADJ
fbem-29338	23	24	rational	rational	ADJ
fbem-29338	23	25	expectations	expectation	NOUN
fbem-29338	23	26	,	,	PUNCT
fbem-29338	23	27	producers	producer	NOUN
fbem-29338	23	28	(	(	PUNCT
fbem-29338	23	29	consumers	consumer	NOUN
fbem-29338	23	30	)	)	PUNCT
fbem-29338	23	31	utility	utility	NOUN
fbem-29338	23	32	maximization	maximization	NOUN
fbem-29338	23	33	and	and	CCONJ
fbem-29338	23	34	other	other	ADJ
fbem-29338	23	35	equations	equation	NOUN
fbem-29338	23	36	to	to	PART
fbem-29338	23	37	form	form	VERB
fbem-29338	23	38	a	a	DET
fbem-29338	23	39	general	general	ADJ
fbem-29338	23	40	equilibrium	equilibrium	NOUN
fbem-29338	23	41	model	model	NOUN
fbem-29338	23	42	with	with	ADP
fbem-29338	23	43	monopolistic	monopolistic	ADJ
fbem-29338	23	44	competition	competition	NOUN
fbem-29338	23	45	dynamics	dynamic	NOUN
fbem-29338	23	46	between	between	ADP
fbem-29338	23	47	the	the	DET
fbem-29338	23	48	two	two	NUM
fbem-29338	23	49	countries	country	NOUN
fbem-29338	23	50	,	,	PUNCT
fbem-29338	23	51	referred	refer	VERB
fbem-29338	23	52	to	to	ADP
fbem-29338	23	53	as	as	ADP
fbem-29338	23	54	the	the	DET
fbem-29338	23	55	redux	redux	PROPN
fbem-29338	23	56	model	model	PROPN
fbem-29338	23	57	.	.	PUNCT
fbem-29338	24	1	in	in	ADP
fbem-29338	24	2	the	the	DET
fbem-29338	24	3	subsequent	subsequent	ADJ
fbem-29338	24	4	research	research	NOUN
fbem-29338	24	5	,	,	PUNCT
fbem-29338	24	6	kollmann	kollmann	PROPN
fbem-29338	24	7	and	and	CCONJ
fbem-29338	24	8	bergin	bergin	PROPN
fbem-29338	24	9	investigated	investigate	VERB
fbem-29338	24	10	the	the	DET
fbem-29338	24	11	impact	impact	NOUN
fbem-29338	24	12	of	of	ADP
fbem-29338	24	13	foreign	foreign	ADJ
fbem-29338	24	14	policy	policy	NOUN
fbem-29338	24	15	changes	change	NOUN
fbem-29338	24	16	on	on	ADP
fbem-29338	24	17	long	long	ADJ
fbem-29338	24	18	-	-	PUNCT
fbem-29338	24	19	term	term	NOUN
fbem-29338	24	20	exchange	exchange	NOUN
fbem-29338	24	21	rate	rate	NOUN
fbem-29338	24	22	stability	stability	NOUN
fbem-29338	24	23	and	and	CCONJ
fbem-29338	24	24	short	short	ADJ
fbem-29338	24	25	-	-	PUNCT
fbem-29338	24	26	term	term	NOUN
fbem-29338	24	27	volatility	volatility	NOUN
fbem-29338	24	28	.	.	PUNCT
fbem-29338	25	1	they	they	PRON
fbem-29338	25	2	use	use	VERB
fbem-29338	25	3	a	a	DET
fbem-29338	25	4	dynamic	dynamic	ADJ
fbem-29338	25	5	stochastic	stochastic	ADJ
fbem-29338	25	6	general	general	ADJ
fbem-29338	25	7	equilibrium	equilibrium	NOUN
fbem-29338	25	8	(	(	PUNCT
fbem-29338	25	9	dsge	dsge	NOUN
fbem-29338	25	10	)	)	PUNCT
fbem-29338	25	11	model	model	NOUN
fbem-29338	25	12	to	to	PART
fbem-29338	25	13	analyze	analyze	VERB
fbem-29338	25	14	the	the	DET
fbem-29338	25	15	response	response	NOUN
fbem-29338	25	16	characteristics	characteristic	NOUN
fbem-29338	25	17	of	of	ADP
fbem-29338	25	18	exchange	exchange	NOUN
fbem-29338	25	19	rates	rate	NOUN
fbem-29338	25	20	under	under	ADP
fbem-29338	25	21	monetary	monetary	ADJ
fbem-29338	25	22	policy	policy	NOUN
fbem-29338	25	23	shocks	shock	NOUN
fbem-29338	25	24	.	.	PUNCT
fbem-29338	26	1	dou	dou	PROPN
fbem-29338	26	2	feifei	feifei	PROPN
fbem-29338	26	3	studied	study	VERB
fbem-29338	26	4	the	the	DET
fbem-29338	26	5	effect	effect	NOUN
fbem-29338	26	6	of	of	ADP
fbem-29338	26	7	us	us	PROPN
fbem-29338	26	8	monetary	monetary	ADJ
fbem-29338	26	9	policy	policy	NOUN
fbem-29338	26	10	adjustment	adjustment	NOUN
fbem-29338	26	11	on	on	ADP
fbem-29338	26	12	the	the	DET
fbem-29338	26	13	exchange	exchange	NOUN
fbem-29338	26	14	rate	rate	NOUN
fbem-29338	26	15	of	of	ADP
fbem-29338	26	16	rmb	rmb	NOUN
fbem-29338	26	17	by	by	ADP
fbem-29338	26	18	constructing	construct	VERB
fbem-29338	26	19	an	an	DET
fbem-29338	26	20	econometric	econometric	ADJ
fbem-29338	26	21	analysis	analysis	NOUN
fbem-29338	26	22	equation	equation	NOUN
fbem-29338	26	23	determined	determine	VERB
fbem-29338	26	24	by	by	ADP
fbem-29338	26	25	the	the	DET
fbem-29338	26	26	exchange	exchange	NOUN
fbem-29338	26	27	rate	rate	NOUN
fbem-29338	26	28	.	.	PUNCT
fbem-29338	27	1	they	they	PRON
fbem-29338	27	2	believed	believe	VERB
fbem-29338	27	3	that	that	SCONJ
fbem-29338	27	4	the	the	DET
fbem-29338	27	5	us	us	PROPN
fbem-29338	27	6	withdrew	withdraw	VERB
fbem-29338	27	7	from	from	ADP
fbem-29338	27	8	the	the	DET
fbem-29338	27	9	loose	loose	ADJ
fbem-29338	27	10	monetary	monetary	ADJ
fbem-29338	27	11	policy	policy	NOUN
fbem-29338	27	12	and	and	CCONJ
fbem-29338	27	13	caused	cause	VERB
fbem-29338	27	14	arbitrage	arbitrage	NOUN
fbem-29338	27	15	capital	capital	NOUN
fbem-29338	27	16	flows	flow	VERB
fbem-29338	27	17	through	through	ADP
fbem-29338	27	18	interest	interest	NOUN
fbem-29338	27	19	spreads	spread	NOUN
fbem-29338	27	20	.	.	PUNCT
fbem-29338	28	1	this	this	DET
fbem-29338	28	2	dynamic	dynamic	NOUN
fbem-29338	28	3	has	have	AUX
fbem-29338	28	4	increased	increase	VERB
fbem-29338	28	5	the	the	DET
fbem-29338	28	6	pressure	pressure	NOUN
fbem-29338	28	7	for	for	ADP
fbem-29338	28	8	depreciation	depreciation	NOUN
fbem-29338	28	9	of	of	ADP
fbem-29338	28	10	the	the	DET
fbem-29338	28	11	chinese	chinese	PROPN
fbem-29338	28	12	yuan	yuan	PROPN
fbem-29338	28	13	to	to	ADP
fbem-29338	28	14	the	the	DET
fbem-29338	28	15	us	us	PROPN
fbem-29338	28	16	dollar	dollar	NOUN
fbem-29338	28	17	,	,	PUNCT
fbem-29338	28	18	thereby	thereby	ADV
fbem-29338	28	19	prompting	prompt	VERB
fbem-29338	28	20	an	an	DET
fbem-29338	28	21	upward	upward	ADJ
fbem-29338	28	22	trend	trend	NOUN
fbem-29338	28	23	in	in	ADP
fbem-29338	28	24	the	the	DET
fbem-29338	28	25	renminbi	renminbi	NOUN
fbem-29338	28	26	exchange	exchange	NOUN
fbem-29338	28	27	rate	rate	NOUN
fbem-29338	28	28	.	.	PUNCT
fbem-29338	29	1	in	in	ADP
fbem-29338	29	2	summary	summary	NOUN
fbem-29338	29	3	,	,	PUNCT
fbem-29338	29	4	exploring	explore	VERB
fbem-29338	29	5	how	how	SCONJ
fbem-29338	29	6	the	the	DET
fbem-29338	29	7	instability	instability	NOUN
fbem-29338	29	8	of	of	ADP
fbem-29338	29	9	external	external	ADJ
fbem-29338	29	10	economic	economic	ADJ
fbem-29338	29	11	policies	policy	NOUN
fbem-29338	29	12	affects	affect	VERB
fbem-29338	29	13	the	the	DET
fbem-29338	29	14	volatility	volatility	NOUN
fbem-29338	29	15	of	of	ADP
fbem-29338	29	16	the	the	DET
fbem-29338	29	17	renminbi	renminbi	NOUN
fbem-29338	29	18	exchange	exchange	NOUN
fbem-29338	29	19	rate	rate	NOUN
fbem-29338	29	20	is	be	AUX
fbem-29338	29	21	a	a	DET
fbem-29338	29	22	crucial	crucial	ADJ
fbem-29338	29	23	academic	academic	ADJ
fbem-29338	29	24	topic	topic	NOUN
fbem-29338	29	25	.	.	PUNCT
fbem-29338	30	1	although	although	SCONJ
fbem-29338	30	2	there	there	PRON
fbem-29338	30	3	is	be	VERB
fbem-29338	30	4	a	a	DET
fbem-29338	30	5	wealth	wealth	NOUN
fbem-29338	30	6	of	of	ADP
fbem-29338	30	7	research	research	NOUN
fbem-29338	30	8	results	result	NOUN
fbem-29338	30	9	on	on	ADP
fbem-29338	30	10	the	the	DET
fbem-29338	30	11	exchange	exchange	NOUN
fbem-29338	30	12	rate	rate	NOUN
fbem-29338	30	13	of	of	ADP
fbem-29338	30	14	the	the	DET
fbem-29338	30	15	renminbi	renminbi	NOUN
fbem-29338	30	16	,	,	PUNCT
fbem-29338	30	17	most	most	ADJ
fbem-29338	30	18	work	work	NOUN
fbem-29338	30	19	focuses	focus	VERB
fbem-29338	30	20	on	on	ADP
fbem-29338	30	21	exploring	explore	VERB
fbem-29338	30	22	the	the	DET
fbem-29338	30	23	impact	impact	NOUN
fbem-29338	30	24	of	of	ADP
fbem-29338	30	25	changes	change	NOUN
fbem-29338	30	26	in	in	ADP
fbem-29338	30	27	domestic	domestic	ADJ
fbem-29338	30	28	economic	economic	ADJ
fbem-29338	30	29	policies	policy	NOUN
fbem-29338	30	30	on	on	ADP
fbem-29338	30	31	the	the	DET
fbem-29338	30	32	renminbi	renminbi	NOUN
fbem-29338	30	33	exchange	exchange	NOUN
fbem-29338	30	34	rate	rate	NOUN
fbem-29338	30	35	.	.	PUNCT
fbem-29338	31	1	comparatively	comparatively	ADV
fbem-29338	31	2	,	,	PUNCT
fbem-29338	31	3	there	there	PRON
fbem-29338	31	4	is	be	VERB
fbem-29338	31	5	relatively	relatively	ADV
fbem-29338	31	6	less	less	ADJ
fbem-29338	31	7	research	research	NOUN
fbem-29338	31	8	203	203	NUM
fbem-29338	31	9	on	on	ADP
fbem-29338	31	10	how	how	SCONJ
fbem-29338	31	11	fluctuations	fluctuation	NOUN
fbem-29338	31	12	in	in	ADP
fbem-29338	31	13	external	external	ADJ
fbem-29338	31	14	economic	economic	ADJ
fbem-29338	31	15	policies	policy	NOUN
fbem-29338	31	16	affect	affect	VERB
fbem-29338	31	17	the	the	DET
fbem-29338	31	18	exchange	exchange	NOUN
fbem-29338	31	19	rate	rate	NOUN
fbem-29338	31	20	of	of	ADP
fbem-29338	31	21	the	the	DET
fbem-29338	31	22	renminbi	renminbi	NOUN
fbem-29338	31	23	.	.	PUNCT
fbem-29338	32	1	given	give	VERB
fbem-29338	32	2	this	this	PRON
fbem-29338	32	3	,	,	PUNCT
fbem-29338	32	4	the	the	DET
fbem-29338	32	5	objective	objective	NOUN
fbem-29338	32	6	of	of	ADP
fbem-29338	32	7	this	this	DET
fbem-29338	32	8	research	research	NOUN
fbem-29338	32	9	is	be	AUX
fbem-29338	32	10	to	to	ADP
fbem-29338	32	11	in	in	ADP
fbem-29338	32	12	-	-	PUNCT
fbem-29338	32	13	depth	depth	NOUN
fbem-29338	32	14	analyze	analyze	NOUN
fbem-29338	32	15	the	the	DET
fbem-29338	32	16	specific	specific	ADJ
fbem-29338	32	17	impact	impact	NOUN
fbem-29338	32	18	mechanism	mechanism	NOUN
fbem-29338	32	19	and	and	CCONJ
fbem-29338	32	20	effects	effect	NOUN
fbem-29338	32	21	of	of	ADP
fbem-29338	32	22	external	external	ADJ
fbem-29338	32	23	economic	economic	ADJ
fbem-29338	32	24	policy	policy	NOUN
fbem-29338	32	25	instability	instability	NOUN
fbem-29338	32	26	on	on	ADP
fbem-29338	32	27	the	the	DET
fbem-29338	32	28	exchange	exchange	NOUN
fbem-29338	32	29	rate	rate	NOUN
fbem-29338	32	30	of	of	ADP
fbem-29338	32	31	rmb	rmb	NOUN
fbem-29338	32	32	currency	currency	NOUN
fbem-29338	32	33	,	,	PUNCT
fbem-29338	32	34	providing	provide	VERB
fbem-29338	32	35	a	a	DET
fbem-29338	32	36	new	new	ADJ
fbem-29338	32	37	perspective	perspective	NOUN
fbem-29338	32	38	for	for	ADP
fbem-29338	32	39	understanding	understand	VERB
fbem-29338	32	40	the	the	DET
fbem-29338	32	41	dynamic	dynamic	ADJ
fbem-29338	32	42	adjustment	adjustment	NOUN
fbem-29338	32	43	of	of	ADP
fbem-29338	32	44	rmb	rmb	PROPN
fbem-29338	32	45	exchange	exchange	NOUN
fbem-29338	32	46	rate	rate	NOUN
fbem-29338	32	47	under	under	ADP
fbem-29338	32	48	changes	change	NOUN
fbem-29338	32	49	in	in	ADP
fbem-29338	32	50	global	global	ADJ
fbem-29338	32	51	financial	financial	ADJ
fbem-29338	32	52	environment	environment	NOUN
fbem-29338	32	53	.	.	PUNCT
fbem-29338	33	1	the	the	DET
fbem-29338	33	2	marginal	marginal	ADJ
fbem-29338	33	3	contributions	contribution	NOUN
fbem-29338	33	4	of	of	ADP
fbem-29338	33	5	this	this	DET
fbem-29338	33	6	article	article	NOUN
fbem-29338	33	7	mainly	mainly	ADV
fbem-29338	33	8	include	include	VERB
fbem-29338	33	9	:	:	PUNCT
fbem-29338	33	10	first	first	ADV
fbem-29338	33	11	,	,	PUNCT
fbem-29338	33	12	most	most	ADJ
fbem-29338	33	13	of	of	ADP
fbem-29338	33	14	the	the	DET
fbem-29338	33	15	available	available	ADJ
fbem-29338	33	16	researches	research	NOUN
fbem-29338	33	17	concentrate	concentrate	VERB
fbem-29338	33	18	on	on	ADP
fbem-29338	33	19	the	the	DET
fbem-29338	33	20	impact	impact	NOUN
fbem-29338	33	21	of	of	ADP
fbem-29338	33	22	the	the	DET
fbem-29338	33	23	instability	instability	NOUN
fbem-29338	33	24	of	of	ADP
fbem-29338	33	25	domestic	domestic	ADJ
fbem-29338	33	26	economic	economic	ADJ
fbem-29338	33	27	policies	policy	NOUN
fbem-29338	33	28	,	,	PUNCT
fbem-29338	33	29	while	while	SCONJ
fbem-29338	33	30	paying	pay	VERB
fbem-29338	33	31	less	less	ADJ
fbem-29338	33	32	attention	attention	NOUN
fbem-29338	33	33	to	to	ADP
fbem-29338	33	34	the	the	DET
fbem-29338	33	35	effects	effect	NOUN
fbem-29338	33	36	of	of	ADP
fbem-29338	33	37	significant	significant	ADJ
fbem-29338	33	38	differences	difference	NOUN
fbem-29338	33	39	between	between	ADP
fbem-29338	33	40	countries	country	NOUN
fbem-29338	33	41	in	in	ADP
fbem-29338	33	42	an	an	DET
fbem-29338	33	43	international	international	ADJ
fbem-29338	33	44	context	context	NOUN
fbem-29338	33	45	on	on	ADP
fbem-29338	33	46	the	the	DET
fbem-29338	33	47	fluctuations	fluctuation	NOUN
fbem-29338	33	48	of	of	ADP
fbem-29338	33	49	rmb	rmb	PROPN
fbem-29338	33	50	exchange	exchange	NOUN
fbem-29338	33	51	rate	rate	NOUN
fbem-29338	33	52	.	.	PUNCT
fbem-29338	34	1	due	due	ADP
fbem-29338	34	2	to	to	ADP
fbem-29338	34	3	the	the	DET
fbem-29338	34	4	large	large	ADJ
fbem-29338	34	5	heterogeneity	heterogeneity	NOUN
fbem-29338	34	6	of	of	ADP
fbem-29338	34	7	countries	country	NOUN
fbem-29338	34	8	in	in	ADP
fbem-29338	34	9	the	the	DET
fbem-29338	34	10	international	international	ADJ
fbem-29338	34	11	market	market	NOUN
fbem-29338	34	12	,	,	PUNCT
fbem-29338	34	13	there	there	PRON
fbem-29338	34	14	is	be	VERB
fbem-29338	34	15	not	not	PART
fbem-29338	34	16	much	much	ADJ
fbem-29338	34	17	research	research	NOUN
fbem-29338	34	18	on	on	ADP
fbem-29338	34	19	how	how	SCONJ
fbem-29338	34	20	uncertainty	uncertainty	NOUN
fbem-29338	34	21	in	in	ADP
fbem-29338	34	22	the	the	DET
fbem-29338	34	23	external	external	ADJ
fbem-29338	34	24	economic	economic	ADJ
fbem-29338	34	25	environment	environment	NOUN
fbem-29338	34	26	specifically	specifically	ADV
fbem-29338	34	27	affects	affect	VERB
fbem-29338	34	28	the	the	DET
fbem-29338	34	29	direction	direction	NOUN
fbem-29338	34	30	and	and	CCONJ
fbem-29338	34	31	stability	stability	NOUN
fbem-29338	34	32	of	of	ADP
fbem-29338	34	33	rmb	rmb	PROPN
fbem-29338	34	34	exchange	exchange	NOUN
fbem-29338	34	35	rate	rate	NOUN
fbem-29338	34	36	.	.	PUNCT
fbem-29338	35	1	this	this	DET
fbem-29338	35	2	article	article	NOUN
fbem-29338	35	3	aims	aim	VERB
fbem-29338	35	4	to	to	PART
fbem-29338	35	5	investigate	investigate	VERB
fbem-29338	35	6	in	in	ADP
fbem-29338	35	7	depth	depth	NOUN
fbem-29338	35	8	the	the	DET
fbem-29338	35	9	impact	impact	NOUN
fbem-29338	35	10	mechanism	mechanism	NOUN
fbem-29338	35	11	and	and	CCONJ
fbem-29338	35	12	manifestation	manifestation	NOUN
fbem-29338	35	13	of	of	ADP
fbem-29338	35	14	external	external	ADJ
fbem-29338	35	15	economic	economic	ADJ
fbem-29338	35	16	policy	policy	NOUN
fbem-29338	35	17	uncertainty	uncertainty	NOUN
fbem-29338	35	18	on	on	ADP
fbem-29338	35	19	the	the	DET
fbem-29338	35	20	fluctuation	fluctuation	NOUN
fbem-29338	35	21	of	of	ADP
fbem-29338	35	22	renminbi	renminbi	NOUN
fbem-29338	35	23	currency	currency	NOUN
fbem-29338	35	24	exchange	exchange	NOUN
fbem-29338	35	25	rate	rate	NOUN
fbem-29338	35	26	under	under	ADP
fbem-29338	35	27	external	external	ADJ
fbem-29338	35	28	environment	environment	NOUN
fbem-29338	35	29	through	through	ADP
fbem-29338	35	30	a	a	DET
fbem-29338	35	31	combination	combination	NOUN
fbem-29338	35	32	of	of	ADP
fbem-29338	35	33	theoretical	theoretical	ADJ
fbem-29338	35	34	exploration	exploration	NOUN
fbem-29338	35	35	and	and	CCONJ
fbem-29338	35	36	empirical	empirical	ADJ
fbem-29338	35	37	analysis	analysis	NOUN
fbem-29338	35	38	.	.	PUNCT
fbem-29338	36	1	third	third	ADJ
fbem-29338	36	2	,	,	PUNCT
fbem-29338	36	3	after	after	ADP
fbem-29338	36	4	explaining	explain	VERB
fbem-29338	36	5	the	the	DET
fbem-29338	36	6	effect	effect	NOUN
fbem-29338	36	7	of	of	ADP
fbem-29338	36	8	external	external	ADJ
fbem-29338	36	9	economic	economic	ADJ
fbem-29338	36	10	policy	policy	NOUN
fbem-29338	36	11	instability	instability	NOUN
fbem-29338	36	12	,	,	PUNCT
fbem-29338	36	13	it	it	PRON
fbem-29338	36	14	further	far	ADV
fbem-29338	36	15	analyzes	analyze	VERB
fbem-29338	36	16	how	how	SCONJ
fbem-29338	36	17	to	to	PART
fbem-29338	36	18	reduce	reduce	VERB
fbem-29338	36	19	the	the	DET
fbem-29338	36	20	effect	effect	NOUN
fbem-29338	36	21	of	of	ADP
fbem-29338	36	22	outer	outer	ADJ
fbem-29338	36	23	economic	economic	ADJ
fbem-29338	36	24	policy	policy	NOUN
fbem-29338	36	25	instability	instability	NOUN
fbem-29338	36	26	and	and	CCONJ
fbem-29338	36	27	what	what	PRON
fbem-29338	36	28	can	can	AUX
fbem-29338	36	29	we	we	PRON
fbem-29338	36	30	do	do	VERB
fbem-29338	36	31	to	to	PART
fbem-29338	36	32	stabilize	stabilize	VERB
fbem-29338	36	33	the	the	DET
fbem-29338	36	34	rmb	rmb	PROPN
fbem-29338	36	35	exchange	exchange	NOUN
fbem-29338	36	36	rate	rate	NOUN
fbem-29338	36	37	policy	policy	NOUN
fbem-29338	36	38	measures	measure	NOUN
fbem-29338	36	39	.	.	PUNCT
fbem-29338	37	1	the	the	DET
fbem-29338	37	2	layout	layout	NOUN
fbem-29338	37	3	of	of	ADP
fbem-29338	37	4	the	the	DET
fbem-29338	37	5	following	follow	VERB
fbem-29338	37	6	chapters	chapter	NOUN
fbem-29338	37	7	is	be	AUX
fbem-29338	37	8	as	as	SCONJ
fbem-29338	37	9	follows	follow	VERB
fbem-29338	37	10	:	:	PUNCT
fbem-29338	37	11	the	the	DET
fbem-29338	37	12	next	next	ADJ
fbem-29338	37	13	chapter	chapter	NOUN
fbem-29338	37	14	explains	explain	VERB
fbem-29338	37	15	the	the	DET
fbem-29338	37	16	theoretical	theoretical	ADJ
fbem-29338	37	17	hypothesis	hypothesis	NOUN
fbem-29338	37	18	of	of	ADP
fbem-29338	37	19	the	the	DET
fbem-29338	37	20	impact	impact	NOUN
fbem-29338	37	21	of	of	ADP
fbem-29338	37	22	outer	outer	ADJ
fbem-29338	37	23	economic	economic	ADJ
fbem-29338	37	24	policy	policy	NOUN
fbem-29338	37	25	instability	instability	NOUN
fbem-29338	37	26	on	on	ADP
fbem-29338	37	27	the	the	DET
fbem-29338	37	28	exchange	exchange	NOUN
fbem-29338	37	29	rate	rate	NOUN
fbem-29338	37	30	of	of	ADP
fbem-29338	37	31	rmb	rmb	PROPN
fbem-29338	37	32	.	.	PUNCT
fbem-29338	38	1	the	the	DET
fbem-29338	38	2	third	third	ADJ
fbem-29338	38	3	part	part	NOUN
fbem-29338	38	4	introduces	introduce	VERB
fbem-29338	38	5	the	the	DET
fbem-29338	38	6	data	datum	NOUN
fbem-29338	38	7	and	and	CCONJ
fbem-29338	38	8	variables	variable	NOUN
fbem-29338	38	9	of	of	ADP
fbem-29338	38	10	this	this	DET
fbem-29338	38	11	article	article	NOUN
fbem-29338	38	12	.	.	PUNCT
fbem-29338	39	1	the	the	DET
fbem-29338	39	2	fourth	fourth	ADJ
fbem-29338	39	3	part	part	NOUN
fbem-29338	39	4	explains	explain	VERB
fbem-29338	39	5	the	the	DET
fbem-29338	39	6	empirical	empirical	ADJ
fbem-29338	39	7	test	test	NOUN
fbem-29338	39	8	,	,	PUNCT
fbem-29338	39	9	states	state	VERB
fbem-29338	39	10	the	the	DET
fbem-29338	39	11	basic	basic	ADJ
fbem-29338	39	12	consequences	consequence	NOUN
fbem-29338	39	13	,	,	PUNCT
fbem-29338	39	14	and	and	CCONJ
fbem-29338	39	15	the	the	DET
fbem-29338	39	16	common	common	ADJ
fbem-29338	39	17	trend	trend	NOUN
fbem-29338	39	18	test	test	NOUN
fbem-29338	39	19	.	.	PUNCT
fbem-29338	40	1	the	the	DET
fbem-29338	40	2	ultimateness	ultimateness	ADJ
fbem-29338	40	3	and	and	CCONJ
fbem-29338	40	4	policy	policy	NOUN
fbem-29338	40	5	proposals	proposal	NOUN
fbem-29338	40	6	of	of	ADP
fbem-29338	40	7	the	the	DET
fbem-29338	40	8	fifth	fifth	ADJ
fbem-29338	40	9	part	part	NOUN
fbem-29338	40	10	are	be	AUX
fbem-29338	40	11	divided	divide	VERB
fbem-29338	40	12	into	into	ADP
fbem-29338	40	13	two	two	NUM
fbem-29338	40	14	sections	section	NOUN
fbem-29338	40	15	.	.	PUNCT
fbem-29338	41	1	2	2	X
fbem-29338	41	2	.	.	X
fbem-29338	41	3	theoretical	theoretical	ADJ
fbem-29338	41	4	analysis	analysis	NOUN
fbem-29338	41	5	in	in	ADP
fbem-29338	41	6	this	this	DET
fbem-29338	41	7	paper	paper	NOUN
fbem-29338	41	8	,	,	PUNCT
fbem-29338	41	9	the	the	DET
fbem-29338	41	10	instability	instability	NOUN
fbem-29338	41	11	of	of	ADP
fbem-29338	41	12	external	external	ADJ
fbem-29338	41	13	economic	economic	ADJ
fbem-29338	41	14	policy	policy	NOUN
fbem-29338	41	15	is	be	AUX
fbem-29338	41	16	mainly	mainly	ADV
fbem-29338	41	17	reflected	reflect	VERB
fbem-29338	41	18	in	in	ADP
fbem-29338	41	19	the	the	DET
fbem-29338	41	20	study	study	NOUN
fbem-29338	41	21	of	of	ADP
fbem-29338	41	22	the	the	DET
fbem-29338	41	23	unsteadiness	unsteadiness	NOUN
fbem-29338	41	24	of	of	ADP
fbem-29338	41	25	american	american	ADJ
fbem-29338	41	26	policy	policy	NOUN
fbem-29338	41	27	of	of	ADP
fbem-29338	41	28	economy	economy	NOUN
fbem-29338	41	29	.	.	PUNCT
fbem-29338	42	1	the	the	DET
fbem-29338	42	2	instability	instability	NOUN
fbem-29338	42	3	of	of	ADP
fbem-29338	42	4	american	american	ADJ
fbem-29338	42	5	economic	economic	ADJ
fbem-29338	42	6	policy	policy	NOUN
fbem-29338	42	7	is	be	AUX
fbem-29338	42	8	divided	divide	VERB
fbem-29338	42	9	into	into	ADP
fbem-29338	42	10	monetary	monetary	ADJ
fbem-29338	42	11	policy	policy	NOUN
fbem-29338	42	12	,	,	PUNCT
fbem-29338	42	13	fiscal	fiscal	ADJ
fbem-29338	42	14	policy	policy	NOUN
fbem-29338	42	15	,	,	PUNCT
fbem-29338	42	16	industrial	industrial	ADJ
fbem-29338	42	17	policy	policy	NOUN
fbem-29338	42	18	and	and	CCONJ
fbem-29338	42	19	so	so	ADV
fbem-29338	42	20	on	on	ADP
fbem-29338	42	21	[	[	X
fbem-29338	42	22	5	5	NUM
fbem-29338	42	23	]	]	PUNCT
fbem-29338	42	24	.	.	PUNCT
fbem-29338	43	1	first	first	ADV
fbem-29338	43	2	,	,	PUNCT
fbem-29338	43	3	the	the	DET
fbem-29338	43	4	effect	effect	NOUN
fbem-29338	43	5	of	of	ADP
fbem-29338	43	6	the	the	DET
fbem-29338	43	7	volatility	volatility	NOUN
fbem-29338	43	8	in	in	ADP
fbem-29338	43	9	us	we	PRON
fbem-29338	43	10	monetary	monetary	ADJ
fbem-29338	43	11	policy	policy	NOUN
fbem-29338	43	12	on	on	ADP
fbem-29338	43	13	the	the	DET
fbem-29338	43	14	exchange	exchange	NOUN
fbem-29338	43	15	rate	rate	NOUN
fbem-29338	43	16	fluctuations	fluctuation	NOUN
fbem-29338	43	17	of	of	ADP
fbem-29338	43	18	the	the	DET
fbem-29338	43	19	renminbi	renminbi	NOUN
fbem-29338	43	20	:	:	PUNCT
fbem-29338	43	21	because	because	SCONJ
fbem-29338	43	22	monetary	monetary	ADJ
fbem-29338	43	23	policy	policy	NOUN
fbem-29338	43	24	itself	itself	PRON
fbem-29338	43	25	has	have	VERB
fbem-29338	43	26	implications	implication	NOUN
fbem-29338	43	27	for	for	ADP
fbem-29338	43	28	inflation	inflation	NOUN
fbem-29338	43	29	and	and	CCONJ
fbem-29338	43	30	the	the	DET
fbem-29338	43	31	lagged	lag	VERB
fbem-29338	43	32	effects	effect	NOUN
fbem-29338	43	33	on	on	ADP
fbem-29338	43	34	the	the	DET
fbem-29338	43	35	economy	economy	NOUN
fbem-29338	43	36	,	,	PUNCT
fbem-29338	43	37	the	the	DET
fbem-29338	43	38	fed	fed	PROPN
fbem-29338	43	39	's	's	PART
fbem-29338	43	40	future	future	ADJ
fbem-29338	43	41	monetary	monetary	ADJ
fbem-29338	43	42	policy	policy	NOUN
fbem-29338	43	43	has	have	VERB
fbem-29338	43	44	great	great	ADJ
fbem-29338	43	45	uncertainty	uncertainty	NOUN
fbem-29338	43	46	.	.	PUNCT
fbem-29338	44	1	monetary	monetary	ADJ
fbem-29338	44	2	policy	policy	NOUN
fbem-29338	44	3	is	be	AUX
fbem-29338	44	4	mainly	mainly	ADV
fbem-29338	44	5	aimed	aim	VERB
fbem-29338	44	6	at	at	ADP
fbem-29338	44	7	the	the	DET
fbem-29338	44	8	interest	interest	NOUN
fbem-29338	44	9	rate	rate	NOUN
fbem-29338	44	10	level	level	NOUN
fbem-29338	44	11	.	.	PUNCT
fbem-29338	45	1	when	when	SCONJ
fbem-29338	45	2	a	a	DET
fbem-29338	45	3	country	country	NOUN
fbem-29338	45	4	implements	implement	VERB
fbem-29338	45	5	loose	loose	ADJ
fbem-29338	45	6	monetary	monetary	ADJ
fbem-29338	45	7	policy	policy	NOUN
fbem-29338	45	8	,	,	PUNCT
fbem-29338	45	9	the	the	DET
fbem-29338	45	10	country	country	NOUN
fbem-29338	45	11	directly	directly	ADV
fbem-29338	45	12	adjusts	adjust	VERB
fbem-29338	45	13	the	the	DET
fbem-29338	45	14	interest	interest	NOUN
fbem-29338	45	15	rate	rate	NOUN
fbem-29338	45	16	to	to	PART
fbem-29338	45	17	make	make	VERB
fbem-29338	45	18	more	more	ADJ
fbem-29338	45	19	liquidity	liquidity	NOUN
fbem-29338	45	20	enter	enter	VERB
fbem-29338	45	21	the	the	DET
fbem-29338	45	22	market	market	NOUN
fbem-29338	45	23	,	,	PUNCT
fbem-29338	45	24	and	and	CCONJ
fbem-29338	45	25	the	the	DET
fbem-29338	45	26	supply	supply	NOUN
fbem-29338	45	27	of	of	ADP
fbem-29338	45	28	money	money	NOUN
fbem-29338	45	29	in	in	ADP
fbem-29338	45	30	the	the	DET
fbem-29338	45	31	market	market	NOUN
fbem-29338	45	32	will	will	AUX
fbem-29338	45	33	increase	increase	VERB
fbem-29338	45	34	.	.	PUNCT
fbem-29338	46	1	if	if	SCONJ
fbem-29338	46	2	the	the	DET
fbem-29338	46	3	united	united	PROPN
fbem-29338	46	4	states	states	PROPN
fbem-29338	46	5	changes	change	VERB
fbem-29338	46	6	its	its	PRON
fbem-29338	46	7	monetary	monetary	ADJ
fbem-29338	46	8	policy	policy	NOUN
fbem-29338	46	9	,	,	PUNCT
fbem-29338	46	10	that	that	ADV
fbem-29338	46	11	is	is	ADV
fbem-29338	46	12	,	,	PUNCT
fbem-29338	46	13	assuming	assume	VERB
fbem-29338	46	14	that	that	SCONJ
fbem-29338	46	15	the	the	DET
fbem-29338	46	16	united	united	PROPN
fbem-29338	46	17	states	states	PROPN
fbem-29338	46	18	lowers	lower	VERB
fbem-29338	46	19	interest	interest	NOUN
fbem-29338	46	20	rates	rate	NOUN
fbem-29338	46	21	,	,	PUNCT
fbem-29338	46	22	then	then	ADV
fbem-29338	46	23	if	if	SCONJ
fbem-29338	46	24	it	it	PRON
fbem-29338	46	25	needs	need	VERB
fbem-29338	46	26	to	to	PART
fbem-29338	46	27	meet	meet	VERB
fbem-29338	46	28	investment	investment	NOUN
fbem-29338	46	29	demands	demand	VERB
fbem-29338	46	30	the	the	DET
fbem-29338	46	31	supply	supply	NOUN
fbem-29338	46	32	of	of	ADP
fbem-29338	46	33	money	money	NOUN
fbem-29338	46	34	in	in	ADP
fbem-29338	46	35	the	the	DET
fbem-29338	46	36	capital	capital	NOUN
fbem-29338	46	37	market	market	NOUN
fbem-29338	46	38	must	must	AUX
fbem-29338	46	39	match	match	VERB
fbem-29338	46	40	the	the	DET
fbem-29338	46	41	investment	investment	NOUN
fbem-29338	46	42	demand	demand	NOUN
fbem-29338	46	43	.	.	PUNCT
fbem-29338	47	1	the	the	DET
fbem-29338	47	2	money	money	NOUN
fbem-29338	47	3	supply	supply	NOUN
fbem-29338	47	4	in	in	ADP
fbem-29338	47	5	the	the	DET
fbem-29338	47	6	domestic	domestic	ADJ
fbem-29338	47	7	market	market	NOUN
fbem-29338	47	8	of	of	ADP
fbem-29338	47	9	the	the	DET
fbem-29338	47	10	us	us	PROPN
fbem-29338	47	11	has	have	AUX
fbem-29338	47	12	increased	increase	VERB
fbem-29338	47	13	.	.	PUNCT
fbem-29338	48	1	given	give	VERB
fbem-29338	48	2	the	the	DET
fbem-29338	48	3	reduction	reduction	NOUN
fbem-29338	48	4	of	of	ADP
fbem-29338	48	5	u.s	u.s	PROPN
fbem-29338	48	6	.	.	PROPN
fbem-29338	48	7	interest	interest	NOUN
fbem-29338	48	8	rates	rate	NOUN
fbem-29338	48	9	,	,	PUNCT
fbem-29338	48	10	part	part	NOUN
fbem-29338	48	11	of	of	ADP
fbem-29338	48	12	the	the	DET
fbem-29338	48	13	us	us	PROPN
fbem-29338	48	14	capital	capital	NOUN
fbem-29338	48	15	will	will	AUX
fbem-29338	48	16	flow	flow	VERB
fbem-29338	48	17	into	into	ADP
fbem-29338	48	18	china	china	PROPN
fbem-29338	48	19	because	because	SCONJ
fbem-29338	48	20	of	of	ADP
fbem-29338	48	21	china	china	PROPN
fbem-29338	48	22	's	's	PART
fbem-29338	48	23	relatively	relatively	ADV
fbem-29338	48	24	high	high	ADJ
fbem-29338	48	25	interest	interest	NOUN
fbem-29338	48	26	rates	rate	NOUN
fbem-29338	48	27	[	[	X
fbem-29338	48	28	6	6	NUM
fbem-29338	48	29	]	]	PUNCT
fbem-29338	48	30	.	.	PUNCT
fbem-29338	49	1	this	this	DET
fbem-29338	49	2	trend	trend	NOUN
fbem-29338	49	3	may	may	AUX
fbem-29338	49	4	lead	lead	VERB
fbem-29338	49	5	to	to	ADP
fbem-29338	49	6	a	a	DET
fbem-29338	49	7	decrease	decrease	NOUN
fbem-29338	49	8	in	in	ADP
fbem-29338	49	9	the	the	DET
fbem-29338	49	10	value	value	NOUN
fbem-29338	49	11	of	of	ADP
fbem-29338	49	12	the	the	DET
fbem-29338	49	13	us	us	PROPN
fbem-29338	49	14	dollar	dollar	NOUN
fbem-29338	49	15	,	,	PUNCT
fbem-29338	49	16	which	which	PRON
fbem-29338	49	17	in	in	ADP
fbem-29338	49	18	turn	turn	NOUN
fbem-29338	49	19	could	could	AUX
fbem-29338	49	20	have	have	VERB
fbem-29338	49	21	an	an	DET
fbem-29338	49	22	impact	impact	NOUN
fbem-29338	49	23	on	on	ADP
fbem-29338	49	24	the	the	DET
fbem-29338	49	25	exchange	exchange	NOUN
fbem-29338	49	26	rate	rate	NOUN
fbem-29338	49	27	of	of	ADP
fbem-29338	49	28	the	the	DET
fbem-29338	49	29	renminbi	renminbi	NOUN
fbem-29338	49	30	,	,	PUNCT
fbem-29338	49	31	prompting	prompt	VERB
fbem-29338	49	32	it	it	PRON
fbem-29338	49	33	to	to	PART
fbem-29338	49	34	appreciate	appreciate	VERB
fbem-29338	49	35	.	.	PUNCT
fbem-29338	50	1	not	not	PART
fbem-29338	50	2	only	only	ADV
fbem-29338	50	3	in	in	ADP
fbem-29338	50	4	this	this	DET
fbem-29338	50	5	regard	regard	NOUN
fbem-29338	50	6	,	,	PUNCT
fbem-29338	50	7	due	due	ADP
fbem-29338	50	8	to	to	ADP
fbem-29338	50	9	the	the	DET
fbem-29338	50	10	growth	growth	NOUN
fbem-29338	50	11	in	in	ADP
fbem-29338	50	12	domestic	domestic	ADJ
fbem-29338	50	13	market	market	NOUN
fbem-29338	50	14	supply	supply	NOUN
fbem-29338	50	15	,	,	PUNCT
fbem-29338	50	16	us	us	PROPN
fbem-29338	50	17	suppliers	supplier	NOUN
fbem-29338	50	18	'	'	PART
fbem-29338	50	19	lending	lending	NOUN
fbem-29338	50	20	capacity	capacity	NOUN
fbem-29338	50	21	has	have	AUX
fbem-29338	50	22	been	be	AUX
fbem-29338	50	23	strengthened	strengthen	VERB
fbem-29338	50	24	.	.	PUNCT
fbem-29338	51	1	this	this	PRON
fbem-29338	51	2	can	can	AUX
fbem-29338	51	3	not	not	PART
fbem-29338	51	4	only	only	ADV
fbem-29338	51	5	stimulate	stimulate	VERB
fbem-29338	51	6	consumption	consumption	NOUN
fbem-29338	51	7	and	and	CCONJ
fbem-29338	51	8	investment	investment	NOUN
fbem-29338	51	9	activities	activity	NOUN
fbem-29338	51	10	,	,	PUNCT
fbem-29338	51	11	but	but	CCONJ
fbem-29338	51	12	also	also	ADV
fbem-29338	51	13	lead	lead	VERB
fbem-29338	51	14	to	to	ADP
fbem-29338	51	15	the	the	DET
fbem-29338	51	16	augment	augment	NOUN
fbem-29338	51	17	in	in	ADP
fbem-29338	51	18	domestic	domestic	ADJ
fbem-29338	51	19	demand	demand	NOUN
fbem-29338	51	20	in	in	ADP
fbem-29338	51	21	the	the	DET
fbem-29338	51	22	united	united	PROPN
fbem-29338	51	23	states	states	PROPN
fbem-29338	51	24	,	,	PUNCT
fbem-29338	51	25	the	the	DET
fbem-29338	51	26	number	number	NOUN
fbem-29338	51	27	of	of	ADP
fbem-29338	51	28	imports	import	NOUN
fbem-29338	51	29	in	in	ADP
fbem-29338	51	30	the	the	DET
fbem-29338	51	31	united	united	PROPN
fbem-29338	51	32	states	states	PROPN
fbem-29338	51	33	will	will	AUX
fbem-29338	51	34	also	also	ADV
fbem-29338	51	35	increase	increase	VERB
fbem-29338	51	36	,	,	PUNCT
fbem-29338	51	37	and	and	CCONJ
fbem-29338	51	38	naturally	naturally	ADV
fbem-29338	51	39	the	the	DET
fbem-29338	51	40	number	number	NOUN
fbem-29338	51	41	of	of	ADP
fbem-29338	51	42	exports	export	NOUN
fbem-29338	51	43	in	in	ADP
fbem-29338	51	44	china	china	PROPN
fbem-29338	51	45	will	will	AUX
fbem-29338	51	46	also	also	ADV
fbem-29338	51	47	increase	increase	VERB
fbem-29338	51	48	.	.	PUNCT
fbem-29338	52	1	the	the	DET
fbem-29338	52	2	second	second	ADJ
fbem-29338	52	3	part	part	NOUN
fbem-29338	52	4	discusses	discuss	VERB
fbem-29338	52	5	how	how	SCONJ
fbem-29338	52	6	the	the	DET
fbem-29338	52	7	volatility	volatility	NOUN
fbem-29338	52	8	of	of	ADP
fbem-29338	52	9	us	we	PRON
fbem-29338	52	10	fiscal	fiscal	ADJ
fbem-29338	52	11	policy	policy	NOUN
fbem-29338	52	12	affects	affect	VERB
fbem-29338	52	13	the	the	DET
fbem-29338	52	14	dynamic	dynamic	ADJ
fbem-29338	52	15	changes	change	NOUN
fbem-29338	52	16	in	in	ADP
fbem-29338	52	17	the	the	DET
fbem-29338	52	18	renminbi	renminbi	NOUN
fbem-29338	52	19	exchange	exchange	NOUN
fbem-29338	52	20	rate	rate	NOUN
fbem-29338	52	21	:	:	PUNCT
fbem-29338	52	22	the	the	DET
fbem-29338	52	23	results	result	NOUN
fbem-29338	52	24	of	of	ADP
fbem-29338	52	25	the	the	DET
fbem-29338	52	26	november	november	PROPN
fbem-29338	52	27	2022	2022	NUM
fbem-29338	52	28	u.s	u.s	PROPN
fbem-29338	52	29	.	.	PROPN
fbem-29338	52	30	midterm	midterm	PROPN
fbem-29338	52	31	elections	election	NOUN
fbem-29338	52	32	have	have	AUX
fbem-29338	52	33	led	lead	VERB
fbem-29338	52	34	the	the	DET
fbem-29338	52	35	united	united	PROPN
fbem-29338	52	36	states	states	PROPN
fbem-29338	52	37	into	into	ADP
fbem-29338	52	38	a	a	DET
fbem-29338	52	39	period	period	NOUN
fbem-29338	52	40	of	of	ADP
fbem-29338	52	41	divisive	divisive	ADJ
fbem-29338	52	42	congress	congress	NOUN
fbem-29338	52	43	in	in	ADP
fbem-29338	52	44	the	the	DET
fbem-29338	52	45	next	next	ADJ
fbem-29338	52	46	few	few	ADJ
fbem-29338	52	47	years	year	NOUN
fbem-29338	52	48	.	.	PUNCT
fbem-29338	53	1	the	the	DET
fbem-29338	53	2	differences	difference	NOUN
fbem-29338	53	3	between	between	ADP
fbem-29338	53	4	democrats	democrats	PROPN
fbem-29338	53	5	and	and	CCONJ
fbem-29338	53	6	republicans	republicans	PROPN
fbem-29338	53	7	on	on	ADP
fbem-29338	53	8	fiscal	fiscal	ADJ
fbem-29338	53	9	policy	policy	NOUN
fbem-29338	53	10	could	could	AUX
fbem-29338	53	11	lead	lead	VERB
fbem-29338	53	12	to	to	ADP
fbem-29338	53	13	major	major	ADJ
fbem-29338	53	14	changes	change	NOUN
fbem-29338	53	15	in	in	ADP
fbem-29338	53	16	u.s	u.s	PROPN
fbem-29338	53	17	.	.	PROPN
fbem-29338	53	18	fiscal	fiscal	ADJ
fbem-29338	53	19	policy	policy	NOUN
fbem-29338	53	20	.	.	PUNCT
fbem-29338	54	1	when	when	SCONJ
fbem-29338	54	2	the	the	DET
fbem-29338	54	3	u.s	u.s	PROPN
fbem-29338	54	4	.	.	PROPN
fbem-29338	54	5	government	government	NOUN
fbem-29338	54	6	increases	increase	VERB
fbem-29338	54	7	fiscal	fiscal	ADJ
fbem-29338	54	8	expenditure	expenditure	NOUN
fbem-29338	54	9	,	,	PUNCT
fbem-29338	54	10	such	such	ADJ
fbem-29338	54	11	as	as	ADP
fbem-29338	54	12	increasing	increase	VERB
fbem-29338	54	13	government	government	NOUN
fbem-29338	54	14	purchases	purchase	NOUN
fbem-29338	54	15	and	and	CCONJ
fbem-29338	54	16	reducing	reduce	VERB
fbem-29338	54	17	taxes	taxis	NOUN
fbem-29338	54	18	,	,	PUNCT
fbem-29338	54	19	it	it	PRON
fbem-29338	54	20	usually	usually	ADV
fbem-29338	54	21	stimulates	stimulate	VERB
fbem-29338	54	22	economic	economic	ADJ
fbem-29338	54	23	growth	growth	NOUN
fbem-29338	54	24	,	,	PUNCT
fbem-29338	54	25	increases	increase	VERB
fbem-29338	54	26	domestic	domestic	ADJ
fbem-29338	54	27	demand	demand	NOUN
fbem-29338	54	28	,	,	PUNCT
fbem-29338	54	29	increases	increase	VERB
fbem-29338	54	30	the	the	DET
fbem-29338	54	31	demand	demand	NOUN
fbem-29338	54	32	for	for	ADP
fbem-29338	54	33	dollars	dollar	NOUN
fbem-29338	54	34	in	in	ADP
fbem-29338	54	35	the	the	DET
fbem-29338	54	36	international	international	ADJ
fbem-29338	54	37	market	market	NOUN
fbem-29338	54	38	,	,	PUNCT
fbem-29338	54	39	and	and	CCONJ
fbem-29338	54	40	leads	lead	VERB
fbem-29338	54	41	to	to	ADP
fbem-29338	54	42	its	its	PRON
fbem-29338	54	43	appreciation	appreciation	NOUN
fbem-29338	54	44	of	of	ADP
fbem-29338	54	45	the	the	DET
fbem-29338	54	46	dollar	dollar	NOUN
fbem-29338	54	47	.	.	PUNCT
fbem-29338	55	1	more	more	ADJ
fbem-29338	55	2	dollars	dollar	NOUN
fbem-29338	55	3	are	be	AUX
fbem-29338	55	4	used	use	VERB
fbem-29338	55	5	to	to	PART
fbem-29338	55	6	purchase	purchase	VERB
fbem-29338	55	7	goods	good	NOUN
fbem-29338	55	8	and	and	CCONJ
fbem-29338	55	9	services	service	NOUN
fbem-29338	55	10	on	on	ADP
fbem-29338	55	11	the	the	DET
fbem-29338	55	12	world	world	NOUN
fbem-29338	55	13	market	market	NOUN
fbem-29338	55	14	.	.	PUNCT
fbem-29338	56	1	because	because	SCONJ
fbem-29338	56	2	china	china	PROPN
fbem-29338	56	3	is	be	AUX
fbem-29338	56	4	a	a	DET
fbem-29338	56	5	major	major	ADJ
fbem-29338	56	6	trading	trading	NOUN
fbem-29338	56	7	nation	nation	NOUN
fbem-29338	56	8	with	with	ADP
fbem-29338	56	9	significant	significant	ADJ
fbem-29338	56	10	trade	trade	NOUN
fbem-29338	56	11	relations	relation	NOUN
fbem-29338	56	12	with	with	ADP
fbem-29338	56	13	the	the	DET
fbem-29338	56	14	united	united	PROPN
fbem-29338	56	15	states	states	PROPN
fbem-29338	56	16	,	,	PUNCT
fbem-29338	56	17	this	this	PRON
fbem-29338	56	18	has	have	AUX
fbem-29338	56	19	resulted	result	VERB
fbem-29338	56	20	in	in	ADP
fbem-29338	56	21	a	a	DET
fbem-29338	56	22	depreciation	depreciation	NOUN
fbem-29338	56	23	of	of	ADP
fbem-29338	56	24	the	the	DET
fbem-29338	56	25	chinese	chinese	PROPN
fbem-29338	56	26	yuan	yuan	PROPN
fbem-29338	56	27	exchange	exchange	NOUN
fbem-29338	56	28	rate	rate	NOUN
fbem-29338	56	29	.	.	PUNCT
fbem-29338	57	1	wit	wit	ADJ
fbem-29338	57	2	reference	reference	NOUN
fbem-29338	57	3	to	to	ADP
fbem-29338	57	4	fiscal	fiscal	ADJ
fbem-29338	57	5	policy	policy	NOUN
fbem-29338	57	6	,	,	PUNCT
fbem-29338	57	7	the	the	DET
fbem-29338	57	8	adjustment	adjustment	NOUN
fbem-29338	57	9	of	of	ADP
fbem-29338	57	10	tax	tax	NOUN
fbem-29338	57	11	rate	rate	NOUN
fbem-29338	57	12	is	be	AUX
fbem-29338	57	13	also	also	ADV
fbem-29338	57	14	an	an	DET
fbem-29338	57	15	important	important	ADJ
fbem-29338	57	16	aspect	aspect	NOUN
fbem-29338	57	17	.	.	PUNCT
fbem-29338	58	1	if	if	SCONJ
fbem-29338	58	2	the	the	DET
fbem-29338	58	3	us	us	PROPN
fbem-29338	58	4	government	government	NOUN
fbem-29338	58	5	cuts	cut	VERB
fbem-29338	58	6	taxes	taxis	NOUN
fbem-29338	58	7	,	,	PUNCT
fbem-29338	58	8	it	it	PRON
fbem-29338	58	9	will	will	AUX
fbem-29338	58	10	lead	lead	VERB
fbem-29338	58	11	to	to	ADP
fbem-29338	58	12	an	an	DET
fbem-29338	58	13	increase	increase	NOUN
fbem-29338	58	14	in	in	ADP
fbem-29338	58	15	money	money	NOUN
fbem-29338	58	16	circulation	circulation	NOUN
fbem-29338	58	17	in	in	ADP
fbem-29338	58	18	the	the	DET
fbem-29338	58	19	market	market	NOUN
fbem-29338	58	20	and	and	CCONJ
fbem-29338	58	21	drive	drive	VERB
fbem-29338	58	22	the	the	DET
fbem-29338	58	23	currency	currency	NOUN
fbem-29338	58	24	to	to	PART
fbem-29338	58	25	depreciate	depreciate	VERB
fbem-29338	58	26	.	.	PUNCT
fbem-29338	59	1	at	at	ADP
fbem-29338	59	2	this	this	DET
fbem-29338	59	3	time	time	NOUN
fbem-29338	59	4	,	,	PUNCT
fbem-29338	59	5	us	we	PRON
fbem-29338	59	6	domestic	domestic	ADJ
fbem-29338	59	7	demand	demand	NOUN
fbem-29338	59	8	will	will	AUX
fbem-29338	59	9	rise	rise	VERB
fbem-29338	59	10	,	,	PUNCT
fbem-29338	59	11	imports	import	NOUN
fbem-29338	59	12	will	will	AUX
fbem-29338	59	13	increase	increase	VERB
fbem-29338	59	14	,	,	PUNCT
fbem-29338	59	15	and	and	CCONJ
fbem-29338	59	16	the	the	DET
fbem-29338	59	17	exchange	exchange	NOUN
fbem-29338	59	18	rate	rate	NOUN
fbem-29338	59	19	of	of	ADP
fbem-29338	59	20	rmb	rmb	PROPN
fbem-29338	59	21	is	be	AUX
fbem-29338	59	22	going	go	VERB
fbem-29338	59	23	up	up	ADP
fbem-29338	59	24	.	.	PUNCT
fbem-29338	60	1	3	3	X
fbem-29338	60	2	.	.	X
fbem-29338	60	3	put	put	VERB
fbem-29338	60	4	forward	forward	ADV
fbem-29338	60	5	the	the	DET
fbem-29338	60	6	hypothesis	hypothesis	NOUN
fbem-29338	60	7	the	the	DET
fbem-29338	60	8	influence	influence	NOUN
fbem-29338	60	9	of	of	ADP
fbem-29338	60	10	policy	policy	NOUN
fbem-29338	60	11	of	of	ADP
fbem-29338	60	12	economy	economy	NOUN
fbem-29338	60	13	precarious	precarious	ADJ
fbem-29338	60	14	existence	existence	NOUN
fbem-29338	60	15	on	on	ADP
fbem-29338	60	16	the	the	DET
fbem-29338	60	17	exchange	exchange	NOUN
fbem-29338	60	18	rate	rate	NOUN
fbem-29338	60	19	of	of	ADP
fbem-29338	60	20	chinese	chinese	PROPN
fbem-29338	60	21	yuan	yuan	PROPN
fbem-29338	60	22	can	can	AUX
fbem-29338	60	23	be	be	AUX
fbem-29338	60	24	analyzed	analyze	VERB
fbem-29338	60	25	from	from	ADP
fbem-29338	60	26	the	the	DET
fbem-29338	60	27	real	real	ADJ
fbem-29338	60	28	economy	economy	NOUN
fbem-29338	60	29	.	.	PUNCT
fbem-29338	61	1	the	the	DET
fbem-29338	61	2	influence	influence	NOUN
fbem-29338	61	3	of	of	ADP
fbem-29338	61	4	unsteadiness	unsteadiness	NOUN
fbem-29338	61	5	on	on	ADP
fbem-29338	61	6	the	the	DET
fbem-29338	61	7	real	real	ADJ
fbem-29338	61	8	economy	economy	NOUN
fbem-29338	61	9	can	can	AUX
fbem-29338	61	10	be	be	AUX
fbem-29338	61	11	explained	explain	VERB
fbem-29338	61	12	by	by	ADP
fbem-29338	61	13	the	the	DET
fbem-29338	61	14	real	real	ADJ
fbem-29338	61	15	option	option	NOUN
fbem-29338	61	16	mechanism	mechanism	NOUN
fbem-29338	61	17	and	and	CCONJ
fbem-29338	61	18	the	the	DET
fbem-29338	61	19	financial	financial	ADJ
fbem-29338	61	20	friction	friction	NOUN
fbem-29338	61	21	mechanism	mechanism	NOUN
fbem-29338	61	22	.	.	PUNCT
fbem-29338	62	1	from	from	ADP
fbem-29338	62	2	the	the	DET
fbem-29338	62	3	perspective	perspective	NOUN
fbem-29338	62	4	of	of	ADP
fbem-29338	62	5	the	the	DET
fbem-29338	62	6	real	real	ADJ
fbem-29338	62	7	option	option	NOUN
fbem-29338	62	8	mechanism	mechanism	NOUN
fbem-29338	62	9	,	,	PUNCT
fbem-29338	62	10	the	the	DET
fbem-29338	62	11	company	company	NOUN
fbem-29338	62	12	's	's	PART
fbem-29338	62	13	investment	investment	NOUN
fbem-29338	62	14	and	and	CCONJ
fbem-29338	62	15	decision	decision	NOUN
fbem-29338	62	16	-	-	PUNCT
fbem-29338	62	17	making	making	NOUN
fbem-29338	62	18	is	be	AUX
fbem-29338	62	19	an	an	DET
fbem-29338	62	20	option	option	NOUN
fbem-29338	62	21	behavior	behavior	NOUN
fbem-29338	62	22	.	.	PUNCT
fbem-29338	63	1	the	the	DET
fbem-29338	63	2	option	option	NOUN
fbem-29338	63	3	value	value	NOUN
fbem-29338	63	4	of	of	ADP
fbem-29338	63	5	delayed	delay	VERB
fbem-29338	63	6	investment	investment	NOUN
fbem-29338	63	7	increases	increase	NOUN
fbem-29338	63	8	with	with	ADP
fbem-29338	63	9	the	the	DET
fbem-29338	63	10	increase	increase	NOUN
fbem-29338	63	11	of	of	ADP
fbem-29338	63	12	uncertainty	uncertainty	NOUN
fbem-29338	63	13	.	.	PUNCT
fbem-29338	64	1	when	when	SCONJ
fbem-29338	64	2	faced	face	VERB
fbem-29338	64	3	with	with	ADP
fbem-29338	64	4	the	the	DET
fbem-29338	64	5	uncertainty	uncertainty	NOUN
fbem-29338	64	6	of	of	ADP
fbem-29338	64	7	highly	highly	ADV
fbem-29338	64	8	uncertain	uncertain	ADJ
fbem-29338	64	9	economic	economic	ADJ
fbem-29338	64	10	policies	policy	NOUN
fbem-29338	64	11	,	,	PUNCT
fbem-29338	64	12	enterprises	enterprise	NOUN
fbem-29338	64	13	will	will	AUX
fbem-29338	64	14	adjust	adjust	VERB
fbem-29338	64	15	their	their	PRON
fbem-29338	64	16	investment	investment	NOUN
fbem-29338	64	17	according	accord	VERB
fbem-29338	64	18	to	to	ADP
fbem-29338	64	19	the	the	DET
fbem-29338	64	20	actual	actual	ADJ
fbem-29338	64	21	situations	situation	NOUN
fbem-29338	64	22	,	,	PUNCT
fbem-29338	64	23	which	which	PRON
fbem-29338	64	24	in	in	ADP
fbem-29338	64	25	turn	turn	NOUN
fbem-29338	64	26	will	will	AUX
fbem-29338	64	27	have	have	VERB
fbem-29338	64	28	a	a	DET
fbem-29338	64	29	certain	certain	ADJ
fbem-29338	64	30	impact	impact	NOUN
fbem-29338	64	31	on	on	ADP
fbem-29338	64	32	the	the	DET
fbem-29338	64	33	output	output	NOUN
fbem-29338	64	34	of	of	ADP
fbem-29338	64	35	the	the	DET
fbem-29338	64	36	business	business	NOUN
fbem-29338	64	37	,	,	PUNCT
fbem-29338	64	38	leading	lead	VERB
fbem-29338	64	39	to	to	ADP
fbem-29338	64	40	a	a	DET
fbem-29338	64	41	downward	downward	ADJ
fbem-29338	64	42	trend	trend	NOUN
fbem-29338	64	43	in	in	ADP
fbem-29338	64	44	return	return	NOUN
fbem-29338	64	45	on	on	ADP
fbem-29338	64	46	investments	investment	NOUN
fbem-29338	64	47	.	.	PUNCT
fbem-29338	65	1	financial	financial	ADJ
fbem-29338	65	2	friction	friction	NOUN
fbem-29338	65	3	theory	theory	NOUN
fbem-29338	65	4	is	be	AUX
fbem-29338	65	5	a	a	DET
fbem-29338	65	6	supplementary	supplementary	ADJ
fbem-29338	65	7	mechanism	mechanism	NOUN
fbem-29338	65	8	.	.	PUNCT
fbem-29338	66	1	there	there	PRON
fbem-29338	66	2	must	must	AUX
fbem-29338	66	3	be	be	AUX
fbem-29338	66	4	corresponding	corresponding	ADJ
fbem-29338	66	5	frictions	friction	NOUN
fbem-29338	66	6	in	in	ADP
fbem-29338	66	7	economic	economic	ADJ
fbem-29338	66	8	activities	activity	NOUN
fbem-29338	66	9	.	.	PUNCT
fbem-29338	67	1	the	the	DET
fbem-29338	67	2	frictions	friction	NOUN
fbem-29338	67	3	in	in	ADP
fbem-29338	67	4	economic	economic	ADJ
fbem-29338	67	5	activities	activity	NOUN
fbem-29338	67	6	can	can	AUX
fbem-29338	67	7	lead	lead	VERB
fbem-29338	67	8	to	to	ADP
fbem-29338	67	9	increased	increase	VERB
fbem-29338	67	10	investment	investment	NOUN
fbem-29338	67	11	costs	cost	NOUN
fbem-29338	67	12	for	for	ADP
fbem-29338	67	13	enterprises	enterprise	NOUN
fbem-29338	67	14	under	under	ADP
fbem-29338	67	15	the	the	DET
fbem-29338	67	16	precarious	precarious	ADJ
fbem-29338	67	17	existence	existence	NOUN
fbem-29338	67	18	of	of	ADP
fbem-29338	67	19	policies	policy	NOUN
fbem-29338	67	20	of	of	ADP
fbem-29338	67	21	economy	economy	NOUN
fbem-29338	67	22	,	,	PUNCT
fbem-29338	67	23	reduce	reduce	VERB
fbem-29338	67	24	the	the	DET
fbem-29338	67	25	supply	supply	NOUN
fbem-29338	67	26	of	of	ADP
fbem-29338	67	27	credit	credit	NOUN
fbem-29338	67	28	funds	fund	NOUN
fbem-29338	67	29	,	,	PUNCT
fbem-29338	67	30	and	and	CCONJ
fbem-29338	67	31	reduce	reduce	VERB
fbem-29338	67	32	the	the	DET
fbem-29338	67	33	allocation	allocation	NOUN
fbem-29338	67	34	efficiency	efficiency	NOUN
fbem-29338	67	35	of	of	ADP
fbem-29338	67	36	funds	fund	NOUN
fbem-29338	67	37	.	.	PUNCT
fbem-29338	68	1	then	then	ADV
fbem-29338	68	2	the	the	DET
fbem-29338	68	3	overall	overall	ADJ
fbem-29338	68	4	productivity	productivity	NOUN
fbem-29338	68	5	of	of	ADP
fbem-29338	68	6	enterprises	enterprise	NOUN
fbem-29338	68	7	will	will	AUX
fbem-29338	68	8	also	also	ADV
fbem-29338	68	9	decline	decline	VERB
fbem-29338	68	10	[	[	X
fbem-29338	68	11	4	4	NUM
fbem-29338	68	12	]	]	PUNCT
fbem-29338	68	13	.	.	PUNCT
fbem-29338	69	1	under	under	ADP
fbem-29338	69	2	such	such	ADJ
fbem-29338	69	3	mechanisms	mechanism	NOUN
fbem-29338	69	4	,	,	PUNCT
fbem-29338	69	5	the	the	DET
fbem-29338	69	6	pace	pace	NOUN
fbem-29338	69	7	of	of	ADP
fbem-29338	69	8	socio	socio	NOUN
fbem-29338	69	9	-	-	PUNCT
fbem-29338	69	10	economic	economic	ADJ
fbem-29338	69	11	development	development	NOUN
fbem-29338	69	12	slows	slow	VERB
fbem-29338	69	13	down	down	ADP
fbem-29338	69	14	,	,	PUNCT
fbem-29338	69	15	the	the	DET
fbem-29338	69	16	speed	speed	NOUN
fbem-29338	69	17	of	of	ADP
fbem-29338	69	18	level	level	NOUN
fbem-29338	69	19	improvement	improvement	NOUN
fbem-29338	69	20	decreases	decrease	NOUN
fbem-29338	69	21	,	,	PUNCT
fbem-29338	69	22	leading	lead	VERB
fbem-29338	69	23	to	to	ADP
fbem-29338	69	24	a	a	DET
fbem-29338	69	25	decrease	decrease	NOUN
fbem-29338	69	26	in	in	ADP
fbem-29338	69	27	the	the	DET
fbem-29338	69	28	value	value	NOUN
fbem-29338	69	29	of	of	ADP
fbem-29338	69	30	chinese	chinese	PROPN
fbem-29338	69	31	yuan	yuan	PROPN
fbem-29338	69	32	and	and	CCONJ
fbem-29338	69	33	a	a	DET
fbem-29338	69	34	tendency	tendency	NOUN
fbem-29338	69	35	for	for	ADP
fbem-29338	69	36	depreciation	depreciation	NOUN
fbem-29338	69	37	in	in	ADP
fbem-29338	69	38	rmb	rmb	NOUN
fbem-29338	69	39	exchange	exchange	NOUN
fbem-29338	69	40	rate	rate	NOUN
fbem-29338	69	41	.	.	PUNCT
fbem-29338	70	1	according	accord	VERB
fbem-29338	70	2	to	to	ADP
fbem-29338	70	3	the	the	DET
fbem-29338	70	4	above	above	ADJ
fbem-29338	70	5	analysis	analysis	NOUN
fbem-29338	70	6	,	,	PUNCT
fbem-29338	70	7	the	the	DET
fbem-29338	70	8	following	follow	VERB
fbem-29338	70	9	hypothesis	hypothesis	NOUN
fbem-29338	70	10	is	be	AUX
fbem-29338	70	11	proposed	propose	VERB
fbem-29338	70	12	:	:	PUNCT
fbem-29338	70	13	hypothesis	hypothesis	NOUN
fbem-29338	70	14	:	:	PUNCT
fbem-29338	70	15	under	under	ADP
fbem-29338	70	16	high	high	ADJ
fbem-29338	70	17	quantiles	quantile	NOUN
fbem-29338	70	18	,	,	PUNCT
fbem-29338	70	19	the	the	DET
fbem-29338	70	20	precarious	precarious	ADJ
fbem-29338	70	21	existence	existence	NOUN
fbem-29338	70	22	of	of	ADP
fbem-29338	70	23	outer	outer	ADJ
fbem-29338	70	24	economic	economic	ADJ
fbem-29338	70	25	policy	policy	NOUN
fbem-29338	70	26	exerts	exert	VERB
fbem-29338	70	27	a	a	DET
fbem-29338	70	28	significant	significant	ADJ
fbem-29338	70	29	influence	influence	NOUN
fbem-29338	70	30	on	on	ADP
fbem-29338	70	31	the	the	DET
fbem-29338	70	32	foreign	foreign	ADJ
fbem-29338	70	33	exchange	exchange	NOUN
fbem-29338	70	34	market	market	NOUN
fbem-29338	70	35	,	,	PUNCT
fbem-29338	70	36	especially	especially	ADV
fbem-29338	70	37	on	on	ADP
fbem-29338	70	38	the	the	DET
fbem-29338	70	39	renminbi	renminbi	NOUN
fbem-29338	70	40	exchange	exchange	NOUN
fbem-29338	70	41	rate	rate	NOUN
fbem-29338	70	42	.	.	PUNCT
fbem-29338	71	1	the	the	DET
fbem-29338	71	2	exchange	exchange	NOUN
fbem-29338	71	3	rate	rate	NOUN
fbem-29338	71	4	of	of	ADP
fbem-29338	71	5	renminbi	renminbi	NOUN
fbem-29338	71	6	as	as	ADP
fbem-29338	71	7	the	the	DET
fbem-29338	71	8	ratio	ratio	NOUN
fbem-29338	71	9	of	of	ADP
fbem-29338	71	10	chinese	chinese	PROPN
fbem-29338	71	11	yuan	yuan	PROPN
fbem-29338	71	12	to	to	ADP
fbem-29338	71	13	foreign	foreign	ADJ
fbem-29338	71	14	currency	currency	NOUN
fbem-29338	71	15	,	,	PUNCT
fbem-29338	71	16	is	be	AUX
fbem-29338	71	17	not	not	PART
fbem-29338	71	18	only	only	ADV
fbem-29338	71	19	affected	affect	VERB
fbem-29338	71	20	by	by	ADP
fbem-29338	71	21	the	the	DET
fbem-29338	71	22	instability	instability	NOUN
fbem-29338	71	23	of	of	ADP
fbem-29338	71	24	domestic	domestic	ADJ
fbem-29338	71	25	economic	economic	ADJ
fbem-29338	71	26	policy	policy	NOUN
fbem-29338	71	27	,	,	PUNCT
fbem-29338	71	28	but	but	CCONJ
fbem-29338	71	29	also	also	ADV
fbem-29338	71	30	to	to	ADP
fbem-29338	71	31	a	a	DET
fbem-29338	71	32	large	large	ADJ
fbem-29338	71	33	extent	extent	NOUN
fbem-29338	71	34	by	by	ADP
fbem-29338	71	35	the	the	DET
fbem-29338	71	36	instability	instability	NOUN
fbem-29338	71	37	of	of	ADP
fbem-29338	71	38	external	external	ADJ
fbem-29338	71	39	economic	economic	ADJ
fbem-29338	71	40	policy	policy	NOUN
fbem-29338	71	41	.	.	PUNCT
fbem-29338	72	1	although	although	SCONJ
fbem-29338	72	2	china	china	PROPN
fbem-29338	72	3	is	be	AUX
fbem-29338	72	4	a	a	DET
fbem-29338	72	5	socialist	socialist	ADJ
fbem-29338	72	6	market	market	NOUN
fbem-29338	72	7	economy	economy	NOUN
fbem-29338	72	8	,	,	PUNCT
fbem-29338	72	9	chinese	chinese	ADJ
fbem-29338	72	10	economic	economic	ADJ
fbem-29338	72	11	policy	policy	NOUN
fbem-29338	72	12	regulations	regulation	NOUN
fbem-29338	72	13	will	will	AUX
fbem-29338	72	14	be	be	AUX
fbem-29338	72	15	largely	largely	ADV
fbem-29338	72	16	controlled	control	VERB
fbem-29338	72	17	by	by	ADP
fbem-29338	72	18	the	the	DET
fbem-29338	72	19	state	state	NOUN
fbem-29338	72	20	,	,	PUNCT
fbem-29338	72	21	and	and	CCONJ
fbem-29338	72	22	the	the	DET
fbem-29338	72	23	uncertainty	uncertainty	NOUN
fbem-29338	72	24	of	of	ADP
fbem-29338	72	25	outer	outer	ADJ
fbem-29338	72	26	policy	policy	NOUN
fbem-29338	72	27	of	of	ADP
fbem-29338	72	28	economy	economy	NOUN
fbem-29338	72	29	is	be	AUX
fbem-29338	72	30	unpredictable	unpredictable	ADJ
fbem-29338	72	31	.	.	PUNCT
fbem-29338	73	1	therefore	therefore	ADV
fbem-29338	73	2	,	,	PUNCT
fbem-29338	73	3	compared	compare	VERB
fbem-29338	73	4	with	with	ADP
fbem-29338	73	5	the	the	DET
fbem-29338	73	6	instability	instability	NOUN
fbem-29338	73	7	of	of	ADP
fbem-29338	73	8	outer	outer	ADJ
fbem-29338	73	9	economic	economic	ADJ
fbem-29338	73	10	204	204	NUM
fbem-29338	73	11	policy	policy	NOUN
fbem-29338	73	12	,	,	PUNCT
fbem-29338	73	13	the	the	DET
fbem-29338	73	14	volatility	volatility	NOUN
fbem-29338	73	15	of	of	ADP
fbem-29338	73	16	china	china	PROPN
fbem-29338	73	17	's	's	PART
fbem-29338	73	18	policy	policy	NOUN
fbem-29338	73	19	of	of	ADP
fbem-29338	73	20	economy	economy	NOUN
fbem-29338	73	21	has	have	VERB
fbem-29338	73	22	a	a	DET
fbem-29338	73	23	relatively	relatively	ADV
fbem-29338	73	24	minor	minor	ADJ
fbem-29338	73	25	impact	impact	NOUN
fbem-29338	73	26	.	.	PUNCT
fbem-29338	74	1	4	4	X
fbem-29338	74	2	.	.	X
fbem-29338	74	3	variable	variable	ADJ
fbem-29338	74	4	description	description	NOUN
fbem-29338	74	5	and	and	CCONJ
fbem-29338	74	6	model	model	NOUN
fbem-29338	74	7	specification	specification	NOUN
fbem-29338	74	8	4.1	4.1	NUM
fbem-29338	74	9	.	.	PUNCT
fbem-29338	75	1	variable	variable	ADJ
fbem-29338	75	2	descriptions	description	NOUN
fbem-29338	75	3	4.1.1	4.1.1	NUM
fbem-29338	75	4	.	.	PROPN
fbem-29338	75	5	explained	explain	VERB
fbem-29338	75	6	variables	variable	NOUN
fbem-29338	75	7	changes	change	NOUN
fbem-29338	75	8	in	in	ADP
fbem-29338	75	9	the	the	DET
fbem-29338	75	10	exchange	exchange	NOUN
fbem-29338	75	11	rate	rate	NOUN
fbem-29338	75	12	of	of	ADP
fbem-29338	75	13	the	the	DET
fbem-29338	75	14	chinese	chinese	PROPN
fbem-29338	75	15	yuan	yuan	PROPN
fbem-29338	75	16	(	(	PUNCT
fbem-29338	75	17	∆	∆	PROPN
fbem-29338	75	18	ln	ln	X
fbem-29338	75	19	exr	exr	PROPN
fbem-29338	75	20	)	)	PUNCT
fbem-29338	75	21	.	.	PUNCT
fbem-29338	76	1	selecting	select	VERB
fbem-29338	76	2	the	the	DET
fbem-29338	76	3	chinese	chinese	ADJ
fbem-29338	76	4	renminbi	renminbi	NOUN
fbem-29338	76	5	to	to	ADP
fbem-29338	76	6	us	us	PROPN
fbem-29338	76	7	dollar	dollar	NOUN
fbem-29338	76	8	exchange	exchange	NOUN
fbem-29338	76	9	rate	rate	NOUN
fbem-29338	76	10	under	under	ADP
fbem-29338	76	11	the	the	DET
fbem-29338	76	12	direct	direct	ADJ
fbem-29338	76	13	quotation	quotation	NOUN
fbem-29338	76	14	method	method	NOUN
fbem-29338	76	15	as	as	ADP
fbem-29338	76	16	a	a	DET
fbem-29338	76	17	proxy	proxy	NOUN
fbem-29338	76	18	variable	variable	NOUN
fbem-29338	76	19	for	for	ADP
fbem-29338	76	20	the	the	DET
fbem-29338	76	21	renminbi	renminbi	NOUN
fbem-29338	76	22	exchange	exchange	NOUN
fbem-29338	76	23	rate	rate	NOUN
fbem-29338	76	24	,	,	PUNCT
fbem-29338	76	25	where	where	SCONJ
fbem-29338	76	26	exr	exr	PROPN
fbem-29338	76	27	means	mean	VERB
fbem-29338	76	28	the	the	DET
fbem-29338	76	29	exchange	exchange	NOUN
fbem-29338	76	30	rate	rate	NOUN
fbem-29338	76	31	of	of	ADP
fbem-29338	76	32	rmb	rmb	NOUN
fbem-29338	76	33	to	to	ADP
fbem-29338	76	34	foreign	foreign	ADJ
fbem-29338	76	35	currency	currency	NOUN
fbem-29338	76	36	under	under	ADP
fbem-29338	76	37	the	the	DET
fbem-29338	76	38	direct	direct	ADJ
fbem-29338	76	39	quotation	quotation	NOUN
fbem-29338	76	40	method	method	NOUN
fbem-29338	76	41	.	.	PUNCT
fbem-29338	77	1	taking	take	VERB
fbem-29338	77	2	log	log	NOUN
fbem-29338	77	3	and	and	CCONJ
fbem-29338	77	4	difference	difference	NOUN
fbem-29338	77	5	on	on	ADP
fbem-29338	77	6	exr	exr	PROPN
fbem-29338	77	7	represents	represent	VERB
fbem-29338	77	8	changes	change	NOUN
fbem-29338	77	9	in	in	ADP
fbem-29338	77	10	renminbi	renminbi	NOUN
fbem-29338	77	11	exchange	exchange	NOUN
fbem-29338	77	12	rates	rate	NOUN
fbem-29338	77	13	.	.	PUNCT
fbem-29338	78	1	4.1.2	4.1.2	X
fbem-29338	78	2	.	.	NOUN
fbem-29338	78	3	explanatory	explanatory	ADJ
fbem-29338	78	4	variables	variable	NOUN
fbem-29338	78	5	changes	change	NOUN
fbem-29338	78	6	in	in	ADP
fbem-29338	78	7	foreign	foreign	ADJ
fbem-29338	78	8	(	(	PUNCT
fbem-29338	78	9	regional	regional	ADJ
fbem-29338	78	10	)	)	PUNCT
fbem-29338	78	11	economic	economic	ADJ
fbem-29338	78	12	policy	policy	NOUN
fbem-29338	78	13	uncertainty	uncertainty	NOUN
fbem-29338	78	14	(	(	PUNCT
fbem-29338	78	15	δln	δln	NOUN
fbem-29338	78	16	epu	epu	PROPN
fbem-29338	78	17	)	)	PUNCT
fbem-29338	78	18	.	.	PUNCT
fbem-29338	79	1	epu	epu	PROPN
fbem-29338	79	2	represents	represent	VERB
fbem-29338	79	3	the	the	DET
fbem-29338	79	4	foreign	foreign	ADJ
fbem-29338	79	5	(	(	PUNCT
fbem-29338	79	6	regional	regional	ADJ
fbem-29338	79	7	)	)	PUNCT
fbem-29338	79	8	economic	economic	ADJ
fbem-29338	79	9	policy	policy	NOUN
fbem-29338	79	10	uncertainty	uncertainty	NOUN
fbem-29338	79	11	index	index	NOUN
fbem-29338	79	12	by	by	ADP
fbem-29338	79	13	implementing	implement	VERB
fbem-29338	79	14	logarithmic	logarithmic	ADJ
fbem-29338	79	15	transformation	transformation	NOUN
fbem-29338	79	16	and	and	CCONJ
fbem-29338	79	17	differencing	difference	VERB
fbem-29338	79	18	on	on	ADP
fbem-29338	79	19	the	the	DET
fbem-29338	79	20	economic	economic	ADJ
fbem-29338	79	21	policy	policy	NOUN
fbem-29338	79	22	uncertainty	uncertainty	NOUN
fbem-29338	79	23	index	index	NOUN
fbem-29338	79	24	(	(	PUNCT
fbem-29338	79	25	epu	epu	PROPN
fbem-29338	79	26	)	)	PUNCT
fbem-29338	79	27	,	,	PUNCT
fbem-29338	79	28	we	we	PRON
fbem-29338	79	29	aim	aim	VERB
fbem-29338	79	30	to	to	PART
fbem-29338	79	31	accurately	accurately	ADV
fbem-29338	79	32	measure	measure	VERB
fbem-29338	79	33	the	the	DET
fbem-29338	79	34	dynamic	dynamic	ADJ
fbem-29338	79	35	changes	change	NOUN
fbem-29338	79	36	in	in	ADP
fbem-29338	79	37	economic	economic	ADJ
fbem-29338	79	38	policy	policy	NOUN
fbem-29338	79	39	uncertainty	uncertainty	NOUN
fbem-29338	79	40	across	across	ADP
fbem-29338	79	41	nations	nation	NOUN
fbem-29338	79	42	and	and	CCONJ
fbem-29338	79	43	regions	region	NOUN
fbem-29338	79	44	.	.	PUNCT
fbem-29338	80	1	4.1.3	4.1.3	X
fbem-29338	80	2	.	.	PUNCT
fbem-29338	81	1	control	control	NOUN
fbem-29338	81	2	variables	variable	NOUN
fbem-29338	81	3	(	(	PUNCT
fbem-29338	81	4	1	1	X
fbem-29338	81	5	)	)	PUNCT
fbem-29338	81	6	changes	change	NOUN
fbem-29338	81	7	in	in	ADP
fbem-29338	81	8	china	china	PROPN
fbem-29338	81	9	's	's	PART
fbem-29338	81	10	policy	policy	NOUN
fbem-29338	81	11	of	of	ADP
fbem-29338	81	12	economy	economy	NOUN
fbem-29338	81	13	(	(	PUNCT
fbem-29338	81	14	△	△	PROPN
fbem-29338	81	15	𝑙𝑛	𝑙𝑛	X
fbem-29338	81	16	𝐶	𝐶	PROPN
fbem-29338	81	17	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	81	18	)	)	PUNCT
fbem-29338	81	19	.	.	PUNCT
fbem-29338	82	1	cnepu	cnepu	NOUN
fbem-29338	82	2	stands	stand	VERB
fbem-29338	82	3	for	for	ADP
fbem-29338	82	4	china	china	PROPN
fbem-29338	82	5	economic	economic	PROPN
fbem-29338	82	6	development	development	PROPN
fbem-29338	82	7	uncertainty	uncertainty	PROPN
fbem-29338	82	8	index	index	NOUN
fbem-29338	82	9	.	.	PUNCT
fbem-29338	83	1	by	by	ADP
fbem-29338	83	2	taking	take	VERB
fbem-29338	83	3	its	its	PRON
fbem-29338	83	4	natural	natural	ADJ
fbem-29338	83	5	logarithm	logarithm	NOUN
fbem-29338	83	6	and	and	CCONJ
fbem-29338	83	7	performing	perform	VERB
fbem-29338	83	8	differentiation	differentiation	NOUN
fbem-29338	83	9	,	,	PUNCT
fbem-29338	83	10	we	we	PRON
fbem-29338	83	11	can	can	AUX
fbem-29338	83	12	quantitatively	quantitatively	ADV
fbem-29338	83	13	assess	assess	VERB
fbem-29338	83	14	the	the	DET
fbem-29338	83	15	changing	change	VERB
fbem-29338	83	16	degree	degree	NOUN
fbem-29338	83	17	of	of	ADP
fbem-29338	83	18	uncertainty	uncertainty	NOUN
fbem-29338	83	19	in	in	ADP
fbem-29338	83	20	chinese	chinese	ADJ
fbem-29338	83	21	economic	economic	ADJ
fbem-29338	83	22	policy	policy	NOUN
fbem-29338	83	23	.	.	PUNCT
fbem-29338	84	1	(	(	PUNCT
fbem-29338	84	2	2	2	X
fbem-29338	84	3	)	)	PUNCT
fbem-29338	84	4	china	china	PROPN
fbem-29338	84	5	's	's	PART
fbem-29338	84	6	inflation	inflation	NOUN
fbem-29338	84	7	rate	rate	NOUN
fbem-29338	84	8	(	(	PUNCT
fbem-29338	84	9	∆	∆	PROPN
fbem-29338	84	10	ln	ln	ADJ
fbem-29338	84	11	cncpi	cncpi	NOUN
fbem-29338	84	12	)	)	PUNCT
fbem-29338	84	13	.	.	PUNCT
fbem-29338	85	1	cncpi	cncpi	PROPN
fbem-29338	85	2	,	,	PUNCT
fbem-29338	85	3	which	which	PRON
fbem-29338	85	4	stands	stand	VERB
fbem-29338	85	5	for	for	ADP
fbem-29338	85	6	china	china	PROPN
fbem-29338	85	7	's	's	PART
fbem-29338	85	8	fixed	fix	VERB
fbem-29338	85	9	-	-	PUNCT
fbem-29338	85	10	base	base	NOUN
fbem-29338	85	11	period	period	NOUN
fbem-29338	85	12	consumer	consumer	NOUN
fbem-29338	85	13	price	price	NOUN
fbem-29338	85	14	index	index	NOUN
fbem-29338	85	15	,	,	PUNCT
fbem-29338	85	16	can	can	AUX
fbem-29338	85	17	be	be	AUX
fbem-29338	85	18	quantified	quantify	VERB
fbem-29338	85	19	to	to	PART
fbem-29338	85	20	represent	represent	VERB
fbem-29338	85	21	the	the	DET
fbem-29338	85	22	inflation	inflation	NOUN
fbem-29338	85	23	rate	rate	NOUN
fbem-29338	85	24	in	in	ADP
fbem-29338	85	25	china	china	PROPN
fbem-29338	85	26	by	by	ADP
fbem-29338	85	27	taking	take	VERB
fbem-29338	85	28	its	its	PRON
fbem-29338	85	29	natural	natural	ADJ
fbem-29338	85	30	logarithm	logarithm	NOUN
fbem-29338	85	31	and	and	CCONJ
fbem-29338	85	32	performing	perform	VERB
fbem-29338	85	33	differential	differential	ADJ
fbem-29338	85	34	operations	operation	NOUN
fbem-29338	85	35	.	.	PUNCT
fbem-29338	86	1	(	(	PUNCT
fbem-29338	86	2	3	3	X
fbem-29338	86	3	)	)	PUNCT
fbem-29338	86	4	foreign	foreign	ADJ
fbem-29338	86	5	(	(	PUNCT
fbem-29338	86	6	regional	regional	ADJ
fbem-29338	86	7	)	)	PUNCT
fbem-29338	86	8	inflation	inflation	NOUN
fbem-29338	86	9	rate	rate	NOUN
fbem-29338	86	10	(	(	PUNCT
fbem-29338	86	11	∆	∆	PROPN
fbem-29338	86	12	ln	ln	PROPN
fbem-29338	86	13	cpi	cpi	PROPN
fbem-29338	86	14	)	)	PUNCT
fbem-29338	86	15	.	.	PUNCT
fbem-29338	87	1	cpi	cpi	PROPN
fbem-29338	87	2	,	,	PUNCT
fbem-29338	87	3	namely	namely	ADV
fbem-29338	87	4	the	the	DET
fbem-29338	87	5	consumer	consumer	NOUN
fbem-29338	87	6	price	price	NOUN
fbem-29338	87	7	index	index	NOUN
fbem-29338	87	8	based	base	VERB
fbem-29338	87	9	on	on	ADP
fbem-29338	87	10	a	a	DET
fbem-29338	87	11	fixed	fix	VERB
fbem-29338	87	12	base	base	NOUN
fbem-29338	87	13	period	period	NOUN
fbem-29338	87	14	for	for	ADP
fbem-29338	87	15	foreign	foreign	ADJ
fbem-29338	87	16	or	or	CCONJ
fbem-29338	87	17	regional	regional	ADJ
fbem-29338	87	18	inflation	inflation	NOUN
fbem-29338	87	19	,	,	PUNCT
fbem-29338	87	20	can	can	AUX
fbem-29338	87	21	be	be	AUX
fbem-29338	87	22	quantitatively	quantitatively	ADV
fbem-29338	87	23	analyzed	analyze	VERB
fbem-29338	87	24	by	by	ADP
fbem-29338	87	25	taking	take	VERB
fbem-29338	87	26	its	its	PRON
fbem-29338	87	27	logarithm	logarithm	NOUN
fbem-29338	87	28	and	and	CCONJ
fbem-29338	87	29	performing	perform	VERB
fbem-29338	87	30	differential	differential	ADJ
fbem-29338	87	31	operation	operation	NOUN
fbem-29338	87	32	to	to	PART
fbem-29338	87	33	measure	measure	VERB
fbem-29338	87	34	the	the	DET
fbem-29338	87	35	rate	rate	NOUN
fbem-29338	87	36	of	of	ADP
fbem-29338	87	37	inflation	inflation	NOUN
fbem-29338	87	38	change	change	NOUN
fbem-29338	87	39	in	in	ADP
fbem-29338	87	40	that	that	DET
fbem-29338	87	41	region	region	NOUN
fbem-29338	87	42	.	.	PUNCT
fbem-29338	88	1	(	(	PUNCT
fbem-29338	88	2	4	4	X
fbem-29338	88	3	)	)	PUNCT
fbem-29338	88	4	the	the	DET
fbem-29338	88	5	change	change	NOUN
fbem-29338	88	6	rate	rate	NOUN
fbem-29338	88	7	of	of	ADP
fbem-29338	88	8	external	external	ADJ
fbem-29338	88	9	spread	spread	NOUN
fbem-29338	88	10	(	(	PUNCT
fbem-29338	88	11	∆	∆	PROPN
fbem-29338	88	12	rate	rate	NOUN
fbem-29338	88	13	)	)	PUNCT
fbem-29338	88	14	.	.	PUNCT
fbem-29338	89	1	rate	rate	NOUN
fbem-29338	89	2	represents	represent	VERB
fbem-29338	89	3	the	the	DET
fbem-29338	89	4	difference	difference	NOUN
fbem-29338	89	5	between	between	ADP
fbem-29338	89	6	the	the	DET
fbem-29338	89	7	yield	yield	NOUN
fbem-29338	89	8	of	of	ADP
fbem-29338	89	9	chinese	chinese	ADJ
fbem-29338	89	10	and	and	CCONJ
fbem-29338	89	11	foreign	foreign	ADJ
fbem-29338	89	12	10	10	NUM
fbem-29338	89	13	-	-	PUNCT
fbem-29338	89	14	year	year	NOUN
fbem-29338	89	15	treasury	treasury	NOUN
fbem-29338	89	16	bonds	bond	NOUN
fbem-29338	89	17	,	,	PUNCT
fbem-29338	89	18	and	and	CCONJ
fbem-29338	89	19	the	the	DET
fbem-29338	89	20	differential	differential	ADJ
fbem-29338	89	21	treatment	treatment	NOUN
fbem-29338	89	22	of	of	ADP
fbem-29338	89	23	rate	rate	NOUN
fbem-29338	89	24	represents	represent	VERB
fbem-29338	89	25	the	the	DET
fbem-29338	89	26	change	change	NOUN
fbem-29338	89	27	rate	rate	NOUN
fbem-29338	89	28	of	of	ADP
fbem-29338	89	29	chinese	chinese	ADJ
fbem-29338	89	30	and	and	CCONJ
fbem-29338	89	31	foreign	foreign	ADJ
fbem-29338	89	32	spreads	spread	NOUN
fbem-29338	89	33	.	.	PUNCT
fbem-29338	90	1	the	the	DET
fbem-29338	90	2	sample	sample	NOUN
fbem-29338	90	3	period	period	NOUN
fbem-29338	90	4	of	of	ADP
fbem-29338	90	5	this	this	DET
fbem-29338	90	6	study	study	NOUN
fbem-29338	90	7	covers	cover	VERB
fbem-29338	90	8	the	the	DET
fbem-29338	90	9	time	time	NOUN
fbem-29338	90	10	frame	frame	NOUN
fbem-29338	90	11	from	from	ADP
fbem-29338	90	12	january	january	PROPN
fbem-29338	90	13	2015	2015	NUM
fbem-29338	90	14	to	to	ADP
fbem-29338	90	15	december	december	PROPN
fbem-29338	90	16	2021	2021	NUM
fbem-29338	90	17	.	.	PUNCT
fbem-29338	91	1	this	this	DET
fbem-29338	91	2	paper	paper	NOUN
fbem-29338	91	3	selects	select	VERB
fbem-29338	91	4	the	the	DET
fbem-29338	91	5	data	datum	NOUN
fbem-29338	91	6	of	of	ADP
fbem-29338	91	7	exchange	exchange	NOUN
fbem-29338	91	8	rate	rate	NOUN
fbem-29338	91	9	of	of	ADP
fbem-29338	91	10	china	china	PROPN
fbem-29338	91	11	,	,	PUNCT
fbem-29338	91	12	the	the	DET
fbem-29338	91	13	united	united	PROPN
fbem-29338	91	14	states	states	PROPN
fbem-29338	91	15	,	,	PUNCT
fbem-29338	91	16	the	the	DET
fbem-29338	91	17	european	european	PROPN
fbem-29338	91	18	union	union	PROPN
fbem-29338	91	19	,	,	PUNCT
fbem-29338	91	20	japan	japan	PROPN
fbem-29338	91	21	,	,	PUNCT
fbem-29338	91	22	etc	etc	X
fbem-29338	91	23	.	.	X
fbem-29338	91	24	,	,	PUNCT
fbem-29338	91	25	in	in	ADP
fbem-29338	91	26	which	which	PRON
fbem-29338	91	27	the	the	DET
fbem-29338	91	28	data	datum	NOUN
fbem-29338	91	29	of	of	ADP
fbem-29338	91	30	economic	economic	ADJ
fbem-29338	91	31	policy	policy	NOUN
fbem-29338	91	32	uncertainty	uncertainty	NOUN
fbem-29338	91	33	involved	involve	VERB
fbem-29338	91	34	in	in	ADP
fbem-29338	91	35	the	the	DET
fbem-29338	91	36	explanatory	explanatory	ADJ
fbem-29338	91	37	variables	variable	NOUN
fbem-29338	91	38	are	be	AUX
fbem-29338	91	39	derived	derive	VERB
fbem-29338	91	40	from	from	ADP
fbem-29338	91	41	the	the	DET
fbem-29338	91	42	relevant	relevant	ADJ
fbem-29338	91	43	websites	website	NOUN
fbem-29338	91	44	.	.	PUNCT
fbem-29338	92	1	the	the	DET
fbem-29338	92	2	explained	explain	VERB
fbem-29338	92	3	variables	variable	NOUN
fbem-29338	92	4	and	and	CCONJ
fbem-29338	92	5	control	control	NOUN
fbem-29338	92	6	variables	variable	NOUN
fbem-29338	92	7	are	be	AUX
fbem-29338	92	8	derived	derive	VERB
fbem-29338	92	9	from	from	ADP
fbem-29338	92	10	the	the	DET
fbem-29338	92	11	wind	wind	NOUN
fbem-29338	92	12	database	database	NOUN
fbem-29338	92	13	and	and	CCONJ
fbem-29338	92	14	the	the	DET
fbem-29338	92	15	state	state	NOUN
fbem-29338	92	16	administration	administration	NOUN
fbem-29338	92	17	of	of	ADP
fbem-29338	92	18	foreign	foreign	ADJ
fbem-29338	92	19	exchange	exchange	NOUN
fbem-29338	92	20	.	.	PUNCT
fbem-29338	93	1	4.2	4.2	NUM
fbem-29338	93	2	.	.	PUNCT
fbem-29338	93	3	model	model	NOUN
fbem-29338	93	4	selection	selection	NOUN
fbem-29338	93	5	the	the	DET
fbem-29338	93	6	quantile	quantile	ADJ
fbem-29338	93	7	regression	regression	NOUN
fbem-29338	93	8	model	model	NOUN
fbem-29338	93	9	is	be	AUX
fbem-29338	93	10	different	different	ADJ
fbem-29338	93	11	in	in	ADP
fbem-29338	93	12	different	different	ADJ
fbem-29338	93	13	quantile	quantile	ADJ
fbem-29338	93	14	regression	regression	NOUN
fbem-29338	93	15	curves	curve	NOUN
fbem-29338	93	16	,	,	PUNCT
fbem-29338	93	17	which	which	PRON
fbem-29338	93	18	is	be	AUX
fbem-29338	93	19	more	more	ADV
fbem-29338	93	20	advantageous	advantageous	ADJ
fbem-29338	93	21	than	than	ADP
fbem-29338	93	22	the	the	DET
fbem-29338	93	23	traditional	traditional	ADJ
fbem-29338	93	24	regression	regression	NOUN
fbem-29338	93	25	model	model	NOUN
fbem-29338	93	26	in	in	ADP
fbem-29338	93	27	reflecting	reflect	VERB
fbem-29338	93	28	the	the	DET
fbem-29338	93	29	complex	complex	ADJ
fbem-29338	93	30	relationship	relationship	NOUN
fbem-29338	93	31	between	between	ADP
fbem-29338	93	32	variables	variable	NOUN
fbem-29338	93	33	.	.	PUNCT
fbem-29338	94	1	therefore	therefore	ADV
fbem-29338	94	2	,	,	PUNCT
fbem-29338	94	3	this	this	DET
fbem-29338	94	4	paper	paper	NOUN
fbem-29338	94	5	selects	select	VERB
fbem-29338	94	6	the	the	DET
fbem-29338	94	7	panel	panel	NOUN
fbem-29338	94	8	quantile	quantile	ADJ
fbem-29338	94	9	regression	regression	NOUN
fbem-29338	94	10	model	model	NOUN
fbem-29338	94	11	for	for	ADP
fbem-29338	94	12	analysis	analysis	NOUN
fbem-29338	94	13	[	[	X
fbem-29338	94	14	4	4	NUM
fbem-29338	94	15	]	]	PUNCT
fbem-29338	94	16	.	.	PUNCT
fbem-29338	95	1	the	the	DET
fbem-29338	95	2	quantile	quantile	ADJ
fbem-29338	95	3	regression	regression	NOUN
fbem-29338	95	4	method	method	NOUN
fbem-29338	95	5	treats	treat	VERB
fbem-29338	95	6	the	the	DET
fbem-29338	95	7	dependent	dependent	ADJ
fbem-29338	95	8	variable	variable	NOUN
fbem-29338	95	9	as	as	ADP
fbem-29338	95	10	its	its	PRON
fbem-29338	95	11	conditional	conditional	ADJ
fbem-29338	95	12	distribution	distribution	NOUN
fbem-29338	95	13	function	function	NOUN
fbem-29338	95	14	,	,	PUNCT
fbem-29338	95	15	aiming	aim	VERB
fbem-29338	95	16	to	to	PART
fbem-29338	95	17	accurately	accurately	ADV
fbem-29338	95	18	assess	assess	VERB
fbem-29338	95	19	the	the	DET
fbem-29338	95	20	impact	impact	NOUN
fbem-29338	95	21	of	of	ADP
fbem-29338	95	22	independent	independent	ADJ
fbem-29338	95	23	variables	variable	NOUN
fbem-29338	95	24	on	on	ADP
fbem-29338	95	25	the	the	DET
fbem-29338	95	26	dependent	dependent	ADJ
fbem-29338	95	27	variable	variable	NOUN
fbem-29338	95	28	at	at	ADP
fbem-29338	95	29	specific	specific	ADJ
fbem-29338	95	30	quantiles	quantile	NOUN
fbem-29338	95	31	by	by	ADP
fbem-29338	95	32	minimizing	minimize	VERB
fbem-29338	95	33	the	the	DET
fbem-29338	95	34	absolute	absolute	ADJ
fbem-29338	95	35	sum	sum	NOUN
fbem-29338	95	36	of	of	ADP
fbem-29338	95	37	weighted	weight	VERB
fbem-29338	95	38	residuals	residual	NOUN
fbem-29338	95	39	.	.	PUNCT
fbem-29338	96	1	the	the	DET
fbem-29338	96	2	uniqueness	uniqueness	NOUN
fbem-29338	96	3	of	of	ADP
fbem-29338	96	4	this	this	DET
fbem-29338	96	5	approach	approach	NOUN
fbem-29338	96	6	lies	lie	VERB
fbem-29338	96	7	in	in	ADP
fbem-29338	96	8	its	its	PRON
fbem-29338	96	9	ability	ability	NOUN
fbem-29338	96	10	to	to	PART
fbem-29338	96	11	capture	capture	VERB
fbem-29338	96	12	the	the	DET
fbem-29338	96	13	variation	variation	NOUN
fbem-29338	96	14	patterns	pattern	NOUN
fbem-29338	96	15	of	of	ADP
fbem-29338	96	16	variable	variable	ADJ
fbem-29338	96	17	effects	effect	NOUN
fbem-29338	96	18	at	at	ADP
fbem-29338	96	19	different	different	ADJ
fbem-29338	96	20	quantile	quantile	ADJ
fbem-29338	96	21	points	point	NOUN
fbem-29338	96	22	,	,	PUNCT
fbem-29338	96	23	thus	thus	ADV
fbem-29338	96	24	revealing	reveal	VERB
fbem-29338	96	25	trends	trend	NOUN
fbem-29338	96	26	in	in	ADP
fbem-29338	96	27	the	the	DET
fbem-29338	96	28	dynamic	dynamic	ADJ
fbem-29338	96	29	impact	impact	NOUN
fbem-29338	96	30	of	of	ADP
fbem-29338	96	31	economic	economic	ADJ
fbem-29338	96	32	policy	policy	NOUN
fbem-29338	96	33	uncertainty	uncertainty	NOUN
fbem-29338	96	34	on	on	ADP
fbem-29338	96	35	the	the	DET
fbem-29338	96	36	chinese	chinese	PROPN
fbem-29338	96	37	yuan	yuan	PROPN
fbem-29338	96	38	exchange	exchange	NOUN
fbem-29338	96	39	rate	rate	NOUN
fbem-29338	96	40	.	.	PUNCT
fbem-29338	97	1	by	by	ADP
fbem-29338	97	2	analyzing	analyze	VERB
fbem-29338	97	3	the	the	DET
fbem-29338	97	4	differences	difference	NOUN
fbem-29338	97	5	in	in	ADP
fbem-29338	97	6	variable	variable	ADJ
fbem-29338	97	7	coefficients	coefficient	NOUN
fbem-29338	97	8	at	at	ADP
fbem-29338	97	9	different	different	ADJ
fbem-29338	97	10	quantiles	quantile	NOUN
fbem-29338	97	11	,	,	PUNCT
fbem-29338	97	12	we	we	PRON
fbem-29338	97	13	are	be	AUX
fbem-29338	97	14	able	able	ADJ
fbem-29338	97	15	to	to	PART
fbem-29338	97	16	gain	gain	VERB
fbem-29338	97	17	a	a	DET
fbem-29338	97	18	deeper	deep	ADJ
fbem-29338	97	19	understanding	understanding	NOUN
fbem-29338	97	20	of	of	ADP
fbem-29338	97	21	the	the	DET
fbem-29338	97	22	complexity	complexity	NOUN
fbem-29338	97	23	and	and	CCONJ
fbem-29338	97	24	evolution	evolution	NOUN
fbem-29338	97	25	path	path	NOUN
fbem-29338	97	26	of	of	ADP
fbem-29338	97	27	this	this	DET
fbem-29338	97	28	impact	impact	NOUN
fbem-29338	97	29	.	.	PUNCT
fbem-29338	98	1	the	the	DET
fbem-29338	98	2	following	follow	VERB
fbem-29338	98	3	econometric	econometric	ADJ
fbem-29338	98	4	model	model	NOUN
fbem-29338	98	5	is	be	AUX
fbem-29338	98	6	constructed	construct	VERB
fbem-29338	98	7	in	in	ADP
fbem-29338	98	8	this	this	DET
fbem-29338	98	9	article	article	NOUN
fbem-29338	98	10	:	:	PUNCT
fbem-29338	98	11	△	△	X
fbem-29338	98	12	𝑙𝑛	𝑙𝑛	X
fbem-29338	98	13	𝐸	𝐸	PROPN
fbem-29338	98	14	𝑋𝑅𝑖,𝑡	𝑋𝑅𝑖,𝑡	PROPN
fbem-29338	98	15	=	=	PROPN
fbem-29338	98	16	𝛼0	𝛼0	PROPN
fbem-29338	98	17	+	+	NUM
fbem-29338	98	18	𝛼1	𝛼1	PROPN
fbem-29338	98	19	△	△	PROPN
fbem-29338	98	20	𝑙𝑛	𝑙𝑛	X
fbem-29338	98	21	𝐸	𝐸	PROPN
fbem-29338	98	22	𝑃𝑈𝑖,𝑡	𝑃𝑈𝑖,𝑡	NOUN
fbem-29338	98	23	+	+	NUM
fbem-29338	98	24	𝛼𝑗𝑋𝑖,𝑡	𝛼𝑗𝑋𝑖,𝑡	VERB
fbem-29338	98	25	+	+	CCONJ
fbem-29338	98	26	𝑢𝑖,𝑡	𝑢𝑖,𝑡	NOUN
fbem-29338	98	27	this	this	DET
fbem-29338	98	28	model	model	NOUN
fbem-29338	98	29	aims	aim	VERB
fbem-29338	98	30	to	to	PART
fbem-29338	98	31	analyze	analyze	VERB
fbem-29338	98	32	how	how	SCONJ
fbem-29338	98	33	uncertain	uncertain	ADJ
fbem-29338	98	34	factors	factor	NOUN
fbem-29338	98	35	in	in	ADP
fbem-29338	98	36	external	external	ADJ
fbem-29338	98	37	economic	economic	ADJ
fbem-29338	98	38	policies	policy	NOUN
fbem-29338	98	39	affect	affect	VERB
fbem-29338	98	40	the	the	DET
fbem-29338	98	41	exchange	exchange	NOUN
fbem-29338	98	42	rate	rate	NOUN
fbem-29338	98	43	of	of	ADP
fbem-29338	98	44	the	the	DET
fbem-29338	98	45	rmb	rmb	NOUN
fbem-29338	98	46	.	.	PUNCT
fbem-29338	99	1	in	in	ADP
fbem-29338	99	2	the	the	DET
fbem-29338	99	3	model	model	NOUN
fbem-29338	99	4	:	:	PUNCT
fbem-29338	99	5	𝐸𝑋𝑅𝑖,𝑡	𝐸𝑋𝑅𝑖,𝑡	NOUN
fbem-29338	99	6	means	mean	VERB
fbem-29338	99	7	the	the	DET
fbem-29338	99	8	exchange	exchange	NOUN
fbem-29338	99	9	rate	rate	NOUN
fbem-29338	99	10	of	of	ADP
fbem-29338	99	11	renminbi	renminbi	NOUN
fbem-29338	99	12	,	,	PUNCT
fbem-29338	99	13	𝐸𝑃𝑈𝑖,𝑡	𝐸𝑃𝑈𝑖,𝑡	NOUN
fbem-29338	99	14	represents	represent	VERB
fbem-29338	99	15	the	the	DET
fbem-29338	99	16	index	index	NOUN
fbem-29338	99	17	of	of	ADP
fbem-29338	99	18	external	external	ADJ
fbem-29338	99	19	economic	economic	ADJ
fbem-29338	99	20	policy	policy	NOUN
fbem-29338	99	21	uncertainty	uncertainty	NOUN
fbem-29338	99	22	,	,	PUNCT
fbem-29338	99	23	and	and	CCONJ
fbem-29338	99	24	the	the	DET
fbem-29338	99	25	differences	difference	NOUN
fbem-29338	99	26	of	of	ADP
fbem-29338	99	27	these	these	DET
fbem-29338	99	28	variables	variable	NOUN
fbem-29338	99	29	after	after	ADP
fbem-29338	99	30	being	be	AUX
fbem-29338	99	31	logged	log	VERB
fbem-29338	99	32	indicate	indicate	VERB
fbem-29338	99	33	their	their	PRON
fbem-29338	99	34	changes	change	NOUN
fbem-29338	99	35	,	,	PUNCT
fbem-29338	99	36	𝑋𝑖,𝑡	𝑋𝑖,𝑡	PROPN
fbem-29338	99	37	means	mean	VERB
fbem-29338	99	38	the	the	DET
fbem-29338	99	39	variation	variation	NOUN
fbem-29338	99	40	of	of	ADP
fbem-29338	99	41	the	the	DET
fbem-29338	99	42	variable	variable	NOUN
fbem-29338	99	43	;	;	PUNCT
fbem-29338	99	44	in	in	ADP
fbem-29338	99	45	order	order	NOUN
fbem-29338	99	46	to	to	PART
fbem-29338	99	47	control	control	VERB
fbem-29338	99	48	variables	variable	NOUN
fbem-29338	99	49	,	,	PUNCT
fbem-29338	99	50	including	include	VERB
fbem-29338	99	51	china	china	PROPN
fbem-29338	99	52	's	's	PART
fbem-29338	99	53	inflation	inflation	NOUN
fbem-29338	99	54	rate	rate	NOUN
fbem-29338	99	55	△	△	PROPN
fbem-29338	99	56	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	99	57	𝐶	𝐶	PROPN
fbem-29338	99	58	𝑁𝐶𝑃𝐼𝑡	𝑁𝐶𝑃𝐼𝑡	PROPN
fbem-29338	99	59	,	,	PUNCT
fbem-29338	99	60	the	the	DET
fbem-29338	99	61	united	united	PROPN
fbem-29338	99	62	states	states	PROPN
fbem-29338	99	63	'	'	PART
fbem-29338	99	64	inflation	inflation	NOUN
fbem-29338	99	65	rate	rate	NOUN
fbem-29338	99	66	△	△	PROPN
fbem-29338	99	67	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	99	68	𝐶	𝐶	PROPN
fbem-29338	99	69	𝑃𝐼𝑖,𝑡	𝑃𝐼𝑖,𝑡	PROPN
fbem-29338	99	70	,	,	PUNCT
fbem-29338	99	71	and	and	CCONJ
fbem-29338	99	72	the	the	DET
fbem-29338	99	73	rate	rate	NOUN
fbem-29338	99	74	of	of	ADP
fbem-29338	99	75	change	change	NOUN
fbem-29338	99	76	of	of	ADP
fbem-29338	99	77	interest	interest	NOUN
fbem-29338	99	78	spreads	spread	NOUN
fbem-29338	99	79	between	between	ADP
fbem-29338	99	80	china	china	PROPN
fbem-29338	99	81	and	and	CCONJ
fbem-29338	99	82	foreign	foreign	ADJ
fbem-29338	99	83	countries	country	NOUN
fbem-29338	99	84	△	△	NOUN
fbem-29338	99	85	𝑅𝐴𝑇𝐸𝑖,𝑡	𝑅𝐴𝑇𝐸𝑖,𝑡	NOUN
fbem-29338	99	86	;	;	PUNCT
fbem-29338	99	87	𝑢𝑖,𝑡	𝑢𝑖,𝑡	X
fbem-29338	99	88	is	be	AUX
fbem-29338	99	89	the	the	DET
fbem-29338	99	90	residual	residual	ADJ
fbem-29338	99	91	value	value	NOUN
fbem-29338	99	92	;	;	PUNCT
fbem-29338	99	93	𝛼0	𝛼0	PROPN
fbem-29338	99	94	,	,	PUNCT
fbem-29338	99	95	𝛼1	𝛼1	NOUN
fbem-29338	99	96	,	,	PUNCT
fbem-29338	99	97	𝛼𝑗	𝛼𝑗	PROPN
fbem-29338	99	98	represent	represent	VERB
fbem-29338	99	99	the	the	DET
fbem-29338	99	100	coefficients	coefficient	NOUN
fbem-29338	99	101	in	in	ADP
fbem-29338	99	102	front	front	NOUN
fbem-29338	99	103	of	of	ADP
fbem-29338	99	104	each	each	DET
fbem-29338	99	105	variable	variable	NOUN
fbem-29338	99	106	in	in	ADP
fbem-29338	99	107	the	the	DET
fbem-29338	99	108	model	model	NOUN
fbem-29338	99	109	.	.	PUNCT
fbem-29338	100	1	table	table	NOUN
fbem-29338	100	2	1	1	NUM
fbem-29338	100	3	.	.	PUNCT
fbem-29338	100	4	descriptive	descriptive	ADJ
fbem-29338	100	5	statistics	statistic	NOUN
fbem-29338	100	6	of	of	ADP
fbem-29338	100	7	variables	variable	NOUN
fbem-29338	100	8	variable	variable	ADJ
fbem-29338	100	9	type	type	NOUN
fbem-29338	100	10	variable	variable	ADJ
fbem-29338	100	11	name	name	NOUN
fbem-29338	100	12	mean	mean	NOUN
fbem-29338	100	13	value	value	NOUN
fbem-29338	100	14	standard	standard	ADJ
fbem-29338	100	15	deviation	deviation	NOUN
fbem-29338	100	16	minimum	minimum	NOUN
fbem-29338	100	17	value	value	NOUN
fbem-29338	100	18	maximum	maximum	ADJ
fbem-29338	100	19	value	value	NOUN
fbem-29338	100	20	sample	sample	NOUN
fbem-29338	100	21	size	size	NOUN
fbem-29338	100	22	(	(	PUNCT
fbem-29338	100	23	number	number	NOUN
fbem-29338	100	24	)	)	PUNCT
fbem-29338	100	25	variable	variable	NOUN
fbem-29338	100	26	being	be	AUX
fbem-29338	100	27	explained	explain	VERB
fbem-29338	100	28	△	△	PROPN
fbem-29338	100	29	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	100	30	𝐸	𝐸	PROPN
fbem-29338	100	31	𝑋𝑅	𝑋𝑅	PROPN
fbem-29338	100	32	6.4814	6.4814	NUM
fbem-29338	100	33	0.0457	0.0457	NUM
fbem-29338	100	34	6.4142	6.4142	NUM
fbem-29338	100	35	6.5643	6.5643	NUM
fbem-29338	100	36	132	132	NUM
fbem-29338	100	37	explanatory	explanatory	ADJ
fbem-29338	100	38	variables	variable	NOUN
fbem-29338	100	39	△	△	PROPN
fbem-29338	100	40	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	100	41	𝐶	𝐶	PROPN
fbem-29338	100	42	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	100	43	5.4856	5.4856	PROPN
fbem-29338	100	44	0.8384	0.8384	NUM
fbem-29338	100	45	3.2636	3.2636	NUM
fbem-29338	100	46	6.8781	6.8781	NUM
fbem-29338	100	47	132	132	NUM
fbem-29338	100	48	control	control	NOUN
fbem-29338	100	49	variable	variable	NOUN
fbem-29338	100	50	△	△	PROPN
fbem-29338	100	51	𝑙𝑛	𝑙𝑛	X
fbem-29338	100	52	𝐸	𝐸	NOUN
fbem-29338	100	53	𝑃𝑈	𝑃𝑈	VERB
fbem-29338	100	54	4.9953	4.9953	NUM
fbem-29338	100	55	0.3855	0.3855	NUM
fbem-29338	100	56	4.1569	4.1569	NUM
fbem-29338	100	57	6.2225	6.2225	NUM
fbem-29338	100	58	132	132	NUM
fbem-29338	100	59	control	control	NOUN
fbem-29338	100	60	variable	variable	ADJ
fbem-29338	100	61	△	△	PROPN
fbem-29338	100	62	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	100	63	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	PROPN
fbem-29338	100	64	4.6223	4.6223	NUM
fbem-29338	100	65	0.0084	0.0084	NUM
fbem-29338	100	66	4.6051	4.6051	NUM
fbem-29338	100	67	4.6434	4.6434	NUM
fbem-29338	100	68	132	132	NUM
fbem-29338	100	69	control	control	NOUN
fbem-29338	100	70	variable	variable	NOUN
fbem-29338	100	71	△	△	PROPN
fbem-29338	100	72	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	100	73	𝐶	𝐶	PROPN
fbem-29338	100	74	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	100	75	4.6071	4.6071	NUM
fbem-29338	100	76	0.0053	0.0053	NUM
fbem-29338	100	77	4.5930	4.5930	NUM
fbem-29338	100	78	4.6210	4.6210	NUM
fbem-29338	100	79	132	132	NUM
fbem-29338	100	80	control	control	NOUN
fbem-29338	100	81	variable	variable	ADJ
fbem-29338	100	82	△	△	X
fbem-29338	100	83	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	PROPN
fbem-29338	100	84	0.0622	0.0622	NUM
fbem-29338	100	85	0.6604	0.6604	NUM
fbem-29338	100	86	-3.2189	-3.2189	NOUN
fbem-29338	100	87	0.8919	0.8919	NUM
fbem-29338	100	88	132	132	NUM
fbem-29338	100	89	205	205	NUM
fbem-29338	100	90	5	5	NUM
fbem-29338	100	91	.	.	PUNCT
fbem-29338	101	1	empirical	empirical	ADJ
fbem-29338	101	2	analysis	analysis	NOUN
fbem-29338	101	3	5.1	5.1	NUM
fbem-29338	101	4	.	.	PUNCT
fbem-29338	102	1	correlation	correlation	NOUN
fbem-29338	102	2	coefficient	coefficient	NOUN
fbem-29338	102	3	table	table	NOUN
fbem-29338	102	4	2	2	NUM
fbem-29338	102	5	.	.	PUNCT
fbem-29338	102	6	correlation	correlation	NOUN
fbem-29338	102	7	coefficient	coefficient	NOUN
fbem-29338	102	8	of	of	ADP
fbem-29338	102	9	variables	variable	NOUN
fbem-29338	102	10	variable	variable	ADJ
fbem-29338	102	11	type	type	NOUN
fbem-29338	102	12	△	△	PROPN
fbem-29338	102	13	𝑙𝑛𝐸	𝑙𝑛𝐸	NOUN
fbem-29338	102	14	𝑋𝑅	𝑋𝑅	PROPN
fbem-29338	102	15	△	△	PROPN
fbem-29338	102	16	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	102	17	𝐶	𝐶	PROPN
fbem-29338	102	18	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	102	19	△	△	PROPN
fbem-29338	102	20	𝑙𝑛	𝑙𝑛	X
fbem-29338	102	21	𝐸	𝐸	PROPN
fbem-29338	102	22	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	102	23	△	△	X
fbem-29338	102	24	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	102	25	𝐶	𝐶	PROPN
fbem-29338	102	26	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	PROPN
fbem-29338	102	27	△	△	PROPN
fbem-29338	102	28	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	102	29	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	102	30	△	△	PROPN
fbem-29338	102	31	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	PROPN
fbem-29338	102	32	△	△	PUNCT
fbem-29338	102	33	𝑙𝑛	𝑙𝑛	X
fbem-29338	102	34	𝐸	𝐸	PROPN
fbem-29338	102	35	𝑋𝑅	𝑋𝑅	PROPN
fbem-29338	102	36	1	1	NUM
fbem-29338	102	37	△	△	NOUN
fbem-29338	102	38	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	102	39	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	102	40	0.6133	0.6133	NUM
fbem-29338	102	41	1	1	NUM
fbem-29338	102	42	△	△	NOUN
fbem-29338	102	43	𝑙𝑛𝐸	𝑙𝑛𝐸	NOUN
fbem-29338	102	44	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	102	45	0.5346	0.5346	NUM
fbem-29338	102	46	0.5685	0.5685	NUM
fbem-29338	102	47	1	1	NUM
fbem-29338	102	48	△	△	NOUN
fbem-29338	102	49	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	102	50	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	NOUN
fbem-29338	103	1	0.1388	0.1388	NUM
fbem-29338	103	2	0.0326	0.0326	NUM
fbem-29338	103	3	0.0129	0.0129	NUM
fbem-29338	103	4	1	1	NUM
fbem-29338	103	5	△	△	NOUN
fbem-29338	103	6	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	103	7	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	103	8	0.0364	0.0364	NUM
fbem-29338	103	9	-0.0157	-0.0157	NOUN
fbem-29338	103	10	-0.0868	-0.0868	VERB
fbem-29338	103	11	0.1305	0.1305	NUM
fbem-29338	103	12	1	1	NUM
fbem-29338	103	13	△	△	NOUN
fbem-29338	103	14	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	NOUN
fbem-29338	103	15	-0.1509	-0.1509	NOUN
fbem-29338	104	1	0.1791	0.1791	NUM
fbem-29338	104	2	0.0183	0.0183	NUM
fbem-29338	104	3	-0.1067	-0.1067	X
fbem-29338	104	4	-0.1673	-0.1673	PROPN
fbem-29338	104	5	1	1	NUM
fbem-29338	104	6	firstly	firstly	ADV
fbem-29338	104	7	,	,	PUNCT
fbem-29338	104	8	the	the	DET
fbem-29338	104	9	correlation	correlation	NOUN
fbem-29338	104	10	between	between	ADP
fbem-29338	104	11	variables	variable	NOUN
fbem-29338	104	12	is	be	AUX
fbem-29338	104	13	investigated	investigate	VERB
fbem-29338	104	14	.	.	PUNCT
fbem-29338	105	1	table	table	NOUN
fbem-29338	105	2	2	2	NUM
fbem-29338	105	3	shows	show	VERB
fbem-29338	105	4	the	the	DET
fbem-29338	105	5	correlation	correlation	NOUN
fbem-29338	105	6	coefficients	coefficient	NOUN
fbem-29338	105	7	of	of	ADP
fbem-29338	105	8	variables	variable	NOUN
fbem-29338	105	9	such	such	ADJ
fbem-29338	105	10	as	as	ADP
fbem-29338	105	11	exchange	exchange	NOUN
fbem-29338	105	12	rate	rate	NOUN
fbem-29338	105	13	change	change	NOUN
fbem-29338	105	14	rate	rate	NOUN
fbem-29338	105	15	(	(	PUNCT
fbem-29338	105	16	△	△	X
fbem-29338	105	17	𝑙𝑛	𝑙𝑛	X
fbem-29338	105	18	𝐸	𝐸	PROPN
fbem-29338	105	19	𝑋𝑅	𝑋𝑅	PROPN
fbem-29338	105	20	)	)	PUNCT
fbem-29338	105	21	,	,	PUNCT
fbem-29338	105	22	economic	economic	ADJ
fbem-29338	105	23	policy	policy	NOUN
fbem-29338	105	24	uncertainty	uncertainty	NOUN
fbem-29338	105	25	change	change	NOUN
fbem-29338	105	26	rate	rate	NOUN
fbem-29338	105	27	(	(	PUNCT
fbem-29338	105	28	△	△	PROPN
fbem-29338	105	29	𝑙𝑛	𝑙𝑛	X
fbem-29338	105	30	𝐶	𝐶	PROPN
fbem-29338	105	31	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	105	32	,	,	PUNCT
fbem-29338	105	33	△	△	X
fbem-29338	105	34	𝑙𝑛	𝑙𝑛	X
fbem-29338	105	35	𝐸	𝐸	PROPN
fbem-29338	105	36	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	105	37	)	)	PUNCT
fbem-29338	105	38	,	,	PUNCT
fbem-29338	105	39	inflation	inflation	NOUN
fbem-29338	105	40	rate	rate	NOUN
fbem-29338	105	41	(	(	PUNCT
fbem-29338	105	42	△	△	PROPN
fbem-29338	105	43	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	105	44	𝐶	𝐶	PROPN
fbem-29338	105	45	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	PROPN
fbem-29338	105	46	,	,	PUNCT
fbem-29338	105	47	△	△	PROPN
fbem-29338	105	48	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	105	49	𝐶	𝐶	PROPN
fbem-29338	105	50	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	105	51	)	)	PUNCT
fbem-29338	105	52	and	and	CCONJ
fbem-29338	105	53	interest	interest	NOUN
fbem-29338	105	54	spread	spread	VERB
fbem-29338	105	55	change	change	NOUN
fbem-29338	105	56	rate	rate	NOUN
fbem-29338	105	57	(	(	PUNCT
fbem-29338	105	58	△	△	NOUN
fbem-29338	105	59	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	NOUN
fbem-29338	105	60	)	)	PUNCT
fbem-29338	105	61	.	.	PUNCT
fbem-29338	106	1	by	by	ADP
fbem-29338	106	2	analyzing	analyze	VERB
fbem-29338	106	3	the	the	DET
fbem-29338	106	4	correlation	correlation	NOUN
fbem-29338	106	5	coefficients	coefficient	NOUN
fbem-29338	106	6	between	between	ADP
fbem-29338	106	7	various	various	ADJ
fbem-29338	106	8	variables	variable	NOUN
fbem-29338	106	9	,	,	PUNCT
fbem-29338	106	10	we	we	PRON
fbem-29338	106	11	revealed	reveal	VERB
fbem-29338	106	12	a	a	DET
fbem-29338	106	13	significant	significant	ADJ
fbem-29338	106	14	positive	positive	ADJ
fbem-29338	106	15	relationship	relationship	NOUN
fbem-29338	106	16	between	between	ADP
fbem-29338	106	17	uncertainty	uncertainty	NOUN
fbem-29338	106	18	in	in	ADP
fbem-29338	106	19	international	international	ADJ
fbem-29338	106	20	and	and	CCONJ
fbem-29338	106	21	domestic	domestic	ADJ
fbem-29338	106	22	economic	economic	ADJ
fbem-29338	106	23	policies	policy	NOUN
fbem-29338	106	24	and	and	CCONJ
fbem-29338	106	25	exchange	exchange	NOUN
fbem-29338	106	26	rate	rate	NOUN
fbem-29338	106	27	volatility	volatility	NOUN
fbem-29338	106	28	.	.	PUNCT
fbem-29338	107	1	this	this	DET
fbem-29338	107	2	finding	finding	NOUN
fbem-29338	107	3	suggests	suggest	VERB
fbem-29338	107	4	that	that	SCONJ
fbem-29338	107	5	when	when	SCONJ
fbem-29338	107	6	the	the	DET
fbem-29338	107	7	stability	stability	NOUN
fbem-29338	107	8	of	of	ADP
fbem-29338	107	9	economic	economic	ADJ
fbem-29338	107	10	policies	policy	NOUN
fbem-29338	107	11	decreases	decrease	VERB
fbem-29338	107	12	,	,	PUNCT
fbem-29338	107	13	the	the	DET
fbem-29338	107	14	exchange	exchange	NOUN
fbem-29338	107	15	rate	rate	NOUN
fbem-29338	107	16	of	of	ADP
fbem-29338	107	17	the	the	DET
fbem-29338	107	18	renminbi	renminbi	NOUN
fbem-29338	107	19	will	will	AUX
fbem-29338	107	20	correspondingly	correspondingly	ADV
fbem-29338	107	21	show	show	VERB
fbem-29338	107	22	an	an	DET
fbem-29338	107	23	upward	upward	ADJ
fbem-29338	107	24	trend	trend	NOUN
fbem-29338	107	25	,	,	PUNCT
fbem-29338	107	26	indicating	indicate	VERB
fbem-29338	107	27	a	a	DET
fbem-29338	107	28	higher	high	ADJ
fbem-29338	107	29	likelihood	likelihood	NOUN
fbem-29338	107	30	of	of	ADP
fbem-29338	107	31	depreciation	depreciation	NOUN
fbem-29338	107	32	for	for	ADP
fbem-29338	107	33	the	the	DET
fbem-29338	107	34	currency	currency	NOUN
fbem-29338	107	35	.	.	PUNCT
fbem-29338	108	1	observing	observe	VERB
fbem-29338	108	2	the	the	DET
fbem-29338	108	3	relationship	relationship	NOUN
fbem-29338	108	4	between	between	ADP
fbem-29338	108	5	the	the	DET
fbem-29338	108	6	difference	difference	NOUN
fbem-29338	108	7	in	in	ADP
fbem-29338	108	8	yield	yield	NOUN
fbem-29338	108	9	rates	rate	NOUN
fbem-29338	108	10	of	of	ADP
fbem-29338	108	11	us	we	PRON
fbem-29338	108	12	and	and	CCONJ
fbem-29338	108	13	chinese	chinese	ADJ
fbem-29338	108	14	10	10	NUM
fbem-29338	108	15	-	-	PUNCT
fbem-29338	108	16	year	year	NOUN
fbem-29338	108	17	government	government	NOUN
fbem-29338	108	18	bonds	bond	NOUN
fbem-29338	108	19	and	and	CCONJ
fbem-29338	108	20	the	the	DET
fbem-29338	108	21	renminbi	renminbi	NOUN
fbem-29338	108	22	exchange	exchange	NOUN
fbem-29338	108	23	rate	rate	NOUN
fbem-29338	108	24	,	,	PUNCT
fbem-29338	108	25	we	we	PRON
fbem-29338	108	26	find	find	VERB
fbem-29338	108	27	a	a	DET
fbem-29338	108	28	significant	significant	ADJ
fbem-29338	108	29	negative	negative	ADJ
fbem-29338	108	30	correlation	correlation	NOUN
fbem-29338	108	31	between	between	ADP
fbem-29338	108	32	the	the	DET
fbem-29338	108	33	two	two	NUM
fbem-29338	108	34	.	.	PUNCT
fbem-29338	109	1	specifically	specifically	ADV
fbem-29338	109	2	,	,	PUNCT
fbem-29338	109	3	when	when	SCONJ
fbem-29338	109	4	the	the	DET
fbem-29338	109	5	yield	yield	NOUN
fbem-29338	109	6	spread	spread	VERB
fbem-29338	109	7	between	between	ADP
fbem-29338	109	8	us	we	PRON
fbem-29338	109	9	and	and	CCONJ
fbem-29338	109	10	chinese	chinese	ADJ
fbem-29338	109	11	10	10	NUM
fbem-29338	109	12	-	-	PUNCT
fbem-29338	109	13	year	year	NOUN
fbem-29338	109	14	government	government	NOUN
fbem-29338	109	15	bonds	bond	NOUN
fbem-29338	109	16	increases	increase	VERB
fbem-29338	109	17	,	,	PUNCT
fbem-29338	109	18	the	the	DET
fbem-29338	109	19	exchange	exchange	NOUN
fbem-29338	109	20	rate	rate	NOUN
fbem-29338	109	21	expressed	express	VERB
fbem-29338	109	22	by	by	ADP
fbem-29338	109	23	direct	direct	ADJ
fbem-29338	109	24	price	price	NOUN
fbem-29338	109	25	method	method	NOUN
fbem-29338	109	26	will	will	AUX
fbem-29338	109	27	correspondingly	correspondingly	ADV
fbem-29338	109	28	show	show	VERB
fbem-29338	109	29	a	a	DET
fbem-29338	109	30	downward	downward	ADJ
fbem-29338	109	31	trend	trend	NOUN
fbem-29338	109	32	.	.	PUNCT
fbem-29338	110	1	this	this	PRON
fbem-29338	110	2	suggests	suggest	VERB
fbem-29338	110	3	that	that	SCONJ
fbem-29338	110	4	the	the	DET
fbem-29338	110	5	relative	relative	ADJ
fbem-29338	110	6	value	value	NOUN
fbem-29338	110	7	of	of	ADP
fbem-29338	110	8	rmb	rmb	NOUN
fbem-29338	110	9	is	be	AUX
fbem-29338	110	10	strengthening	strengthen	VERB
fbem-29338	110	11	,	,	PUNCT
fbem-29338	110	12	indicating	indicate	VERB
fbem-29338	110	13	an	an	DET
fbem-29338	110	14	inclination	inclination	NOUN
fbem-29338	110	15	for	for	ADP
fbem-29338	110	16	appreciation	appreciation	NOUN
fbem-29338	110	17	of	of	ADP
fbem-29338	110	18	rmb	rmb	PROPN
fbem-29338	110	19	.	.	PUNCT
fbem-29338	111	1	the	the	DET
fbem-29338	111	2	economic	economic	ADJ
fbem-29338	111	3	logic	logic	NOUN
fbem-29338	111	4	behind	behind	ADP
fbem-29338	111	5	this	this	DET
fbem-29338	111	6	phenomenon	phenomenon	NOUN
fbem-29338	111	7	is	be	AUX
fbem-29338	111	8	that	that	SCONJ
fbem-29338	111	9	the	the	DET
fbem-29338	111	10	higher	high	ADJ
fbem-29338	111	11	interest	interest	NOUN
fbem-29338	111	12	rate	rate	NOUN
fbem-29338	111	13	differential	differential	NOUN
fbem-29338	111	14	between	between	ADP
fbem-29338	111	15	china	china	PROPN
fbem-29338	111	16	and	and	CCONJ
fbem-29338	111	17	the	the	DET
fbem-29338	111	18	united	united	PROPN
fbem-29338	111	19	states	states	PROPN
fbem-29338	111	20	usually	usually	ADV
fbem-29338	111	21	attracts	attract	VERB
fbem-29338	111	22	international	international	ADJ
fbem-29338	111	23	capital	capital	NOUN
fbem-29338	111	24	inflows	inflow	NOUN
fbem-29338	111	25	into	into	ADP
fbem-29338	111	26	china	china	PROPN
fbem-29338	111	27	to	to	PART
fbem-29338	111	28	pursue	pursue	VERB
fbem-29338	111	29	higher	high	ADJ
fbem-29338	111	30	investment	investment	NOUN
fbem-29338	111	31	returns	return	NOUN
fbem-29338	111	32	.	.	PUNCT
fbem-29338	112	1	this	this	DET
fbem-29338	112	2	influx	influx	NOUN
fbem-29338	112	3	of	of	ADP
fbem-29338	112	4	capital	capital	NOUN
fbem-29338	112	5	increases	increase	NOUN
fbem-29338	112	6	demand	demand	NOUN
fbem-29338	112	7	for	for	ADP
fbem-29338	112	8	the	the	DET
fbem-29338	112	9	renminbi	renminbi	NOUN
fbem-29338	112	10	,	,	PUNCT
fbem-29338	112	11	thereby	thereby	ADV
fbem-29338	112	12	pushing	push	VERB
fbem-29338	112	13	up	up	ADP
fbem-29338	112	14	its	its	PRON
fbem-29338	112	15	value	value	NOUN
fbem-29338	112	16	.	.	PUNCT
fbem-29338	113	1	at	at	ADP
fbem-29338	113	2	the	the	DET
fbem-29338	113	3	same	same	ADJ
fbem-29338	113	4	time	time	NOUN
fbem-29338	113	5	,	,	PUNCT
fbem-29338	113	6	capital	capital	NOUN
fbem-29338	113	7	inflows	inflow	NOUN
fbem-29338	113	8	also	also	ADV
fbem-29338	113	9	reflect	reflect	VERB
fbem-29338	113	10	increased	increase	VERB
fbem-29338	113	11	market	market	NOUN
fbem-29338	113	12	confidence	confidence	NOUN
fbem-29338	113	13	in	in	ADP
fbem-29338	113	14	china	china	PROPN
fbem-29338	113	15	's	's	PART
fbem-29338	113	16	economic	economic	ADJ
fbem-29338	113	17	growth	growth	NOUN
fbem-29338	113	18	prospects	prospect	NOUN
fbem-29338	113	19	,	,	PUNCT
fbem-29338	113	20	further	far	ADV
fbem-29338	113	21	supporting	support	VERB
fbem-29338	113	22	expectations	expectation	NOUN
fbem-29338	113	23	for	for	ADP
fbem-29338	113	24	rmb	rmb	NOUN
fbem-29338	113	25	appreciation	appreciation	NOUN
fbem-29338	113	26	.	.	PUNCT
fbem-29338	114	1	therefore	therefore	ADV
fbem-29338	114	2	,	,	PUNCT
fbem-29338	114	3	the	the	DET
fbem-29338	114	4	negative	negative	ADJ
fbem-29338	114	5	correlation	correlation	NOUN
fbem-29338	114	6	between	between	ADP
fbem-29338	114	7	the	the	DET
fbem-29338	114	8	yield	yield	NOUN
fbem-29338	114	9	spread	spread	NOUN
fbem-29338	114	10	of	of	ADP
fbem-29338	114	11	chinese	chinese	PROPN
fbem-29338	114	12	and	and	CCONJ
fbem-29338	114	13	us	we	PRON
fbem-29338	114	14	10year	10year	NUM
fbem-29338	114	15	government	government	NOUN
fbem-29338	114	16	bonds	bond	NOUN
fbem-29338	114	17	and	and	CCONJ
fbem-29338	114	18	the	the	DET
fbem-29338	114	19	exchange	exchange	NOUN
fbem-29338	114	20	rate	rate	NOUN
fbem-29338	114	21	of	of	ADP
fbem-29338	114	22	renminbi	renminbi	NOUN
fbem-29338	114	23	is	be	AUX
fbem-29338	114	24	a	a	DET
fbem-29338	114	25	result	result	NOUN
fbem-29338	114	26	of	of	ADP
fbem-29338	114	27	the	the	DET
fbem-29338	114	28	combined	combine	VERB
fbem-29338	114	29	influences	influence	NOUN
fbem-29338	114	30	of	of	ADP
fbem-29338	114	31	international	international	ADJ
fbem-29338	114	32	capital	capital	NOUN
fbem-29338	114	33	flows	flow	NOUN
fbem-29338	114	34	,	,	PUNCT
fbem-29338	114	35	market	market	NOUN
fbem-29338	114	36	risk	risk	NOUN
fbem-29338	114	37	preferences	preference	NOUN
fbem-29338	114	38	,	,	PUNCT
fbem-29338	114	39	and	and	CCONJ
fbem-29338	114	40	confidence	confidence	NOUN
fbem-29338	114	41	in	in	ADP
fbem-29338	114	42	china	china	PROPN
fbem-29338	114	43	's	's	PART
fbem-29338	114	44	economic	economic	ADJ
fbem-29338	114	45	growth	growth	NOUN
fbem-29338	114	46	.	.	PUNCT
fbem-29338	115	1	according	accord	VERB
fbem-29338	115	2	to	to	ADP
fbem-29338	115	3	the	the	DET
fbem-29338	115	4	data	datum	NOUN
fbem-29338	115	5	in	in	ADP
fbem-29338	115	6	table	table	NOUN
fbem-29338	115	7	1	1	NUM
fbem-29338	115	8	,	,	PUNCT
fbem-29338	115	9	china	china	PROPN
fbem-29338	115	10	's	's	PART
fbem-29338	115	11	average	average	ADJ
fbem-29338	115	12	inflation	inflation	NOUN
fbem-29338	115	13	rate	rate	NOUN
fbem-29338	115	14	is	be	AUX
fbem-29338	115	15	significantly	significantly	ADV
fbem-29338	115	16	higher	high	ADJ
fbem-29338	115	17	than	than	ADP
fbem-29338	115	18	the	the	DET
fbem-29338	115	19	international	international	ADJ
fbem-29338	115	20	average	average	ADJ
fbem-29338	115	21	level	level	NOUN
fbem-29338	115	22	.	.	PUNCT
fbem-29338	116	1	given	give	VERB
fbem-29338	116	2	this	this	PRON
fbem-29338	116	3	,	,	PUNCT
fbem-29338	116	4	the	the	DET
fbem-29338	116	5	central	central	ADJ
fbem-29338	116	6	bank	bank	NOUN
fbem-29338	116	7	may	may	AUX
fbem-29338	116	8	take	take	VERB
fbem-29338	116	9	tightening	tighten	VERB
fbem-29338	116	10	measures	measure	NOUN
fbem-29338	116	11	such	such	ADJ
fbem-29338	116	12	as	as	ADP
fbem-29338	116	13	raising	raise	VERB
fbem-29338	116	14	interest	interest	NOUN
fbem-29338	116	15	rates	rate	NOUN
fbem-29338	116	16	to	to	PART
fbem-29338	116	17	deal	deal	VERB
fbem-29338	116	18	with	with	ADP
fbem-29338	116	19	inflationary	inflationary	ADJ
fbem-29338	116	20	pressures	pressure	NOUN
fbem-29338	116	21	,	,	PUNCT
fbem-29338	116	22	which	which	PRON
fbem-29338	116	23	has	have	AUX
fbem-29338	116	24	led	lead	VERB
fbem-29338	116	25	to	to	ADP
fbem-29338	116	26	an	an	DET
fbem-29338	116	27	increase	increase	NOUN
fbem-29338	116	28	in	in	ADP
fbem-29338	116	29	interest	interest	NOUN
fbem-29338	116	30	rate	rate	NOUN
fbem-29338	116	31	differentials	differential	NOUN
fbem-29338	116	32	between	between	ADP
fbem-29338	116	33	domestic	domestic	ADJ
fbem-29338	116	34	and	and	CCONJ
fbem-29338	116	35	foreign	foreign	ADJ
fbem-29338	116	36	markets	market	NOUN
fbem-29338	116	37	.	.	PUNCT
fbem-29338	117	1	the	the	DET
fbem-29338	117	2	increase	increase	NOUN
fbem-29338	117	3	in	in	ADP
fbem-29338	117	4	demand	demand	NOUN
fbem-29338	117	5	for	for	ADP
fbem-29338	117	6	the	the	DET
fbem-29338	117	7	renminbi	renminbi	NOUN
fbem-29338	117	8	by	by	ADP
fbem-29338	117	9	the	the	DET
fbem-29338	117	10	market	market	NOUN
fbem-29338	117	11	has	have	AUX
fbem-29338	117	12	subsequently	subsequently	ADV
fbem-29338	117	13	driven	drive	VERB
fbem-29338	117	14	its	its	PRON
fbem-29338	117	15	appreciation	appreciation	NOUN
fbem-29338	117	16	trend	trend	NOUN
fbem-29338	117	17	.	.	PUNCT
fbem-29338	118	1	5.2	5.2	NUM
fbem-29338	118	2	.	.	PUNCT
fbem-29338	119	1	stability	stability	NOUN
fbem-29338	119	2	test	test	NOUN
fbem-29338	119	3	panel	panel	NOUN
fbem-29338	119	4	data	datum	NOUN
fbem-29338	119	5	contains	contain	VERB
fbem-29338	119	6	the	the	DET
fbem-29338	119	7	characteristics	characteristic	NOUN
fbem-29338	119	8	of	of	ADP
fbem-29338	119	9	cross	cross	ADJ
fbem-29338	119	10	-	-	ADJ
fbem-29338	119	11	sectional	sectional	ADJ
fbem-29338	119	12	data	datum	NOUN
fbem-29338	119	13	and	and	CCONJ
fbem-29338	119	14	time	time	NOUN
fbem-29338	119	15	series	series	PROPN
fbem-29338	119	16	data	data	PROPN
fbem-29338	119	17	,	,	PUNCT
fbem-29338	119	18	and	and	CCONJ
fbem-29338	119	19	the	the	DET
fbem-29338	119	20	construction	construction	NOUN
fbem-29338	119	21	of	of	ADP
fbem-29338	119	22	regression	regression	NOUN
fbem-29338	119	23	model	model	NOUN
fbem-29338	119	24	must	must	AUX
fbem-29338	119	25	ensure	ensure	VERB
fbem-29338	119	26	the	the	DET
fbem-29338	119	27	stability	stability	NOUN
fbem-29338	119	28	test	test	NOUN
fbem-29338	119	29	of	of	ADP
fbem-29338	119	30	data	datum	NOUN
fbem-29338	119	31	[	[	X
fbem-29338	119	32	4	4	NUM
fbem-29338	119	33	]	]	PUNCT
fbem-29338	119	34	.	.	PUNCT
fbem-29338	120	1	this	this	DET
fbem-29338	120	2	article	article	NOUN
fbem-29338	120	3	uses	use	VERB
fbem-29338	120	4	the	the	DET
fbem-29338	120	5	llc	llc	PROPN
fbem-29338	120	6	test	test	NOUN
fbem-29338	120	7	to	to	PART
fbem-29338	120	8	conduct	conduct	VERB
fbem-29338	120	9	unit	unit	NOUN
fbem-29338	120	10	root	root	NOUN
fbem-29338	120	11	tests	test	NOUN
fbem-29338	120	12	on	on	ADP
fbem-29338	120	13	variables	variable	NOUN
fbem-29338	120	14	,	,	PUNCT
fbem-29338	120	15	with	with	ADP
fbem-29338	120	16	results	result	NOUN
fbem-29338	120	17	shown	show	VERB
fbem-29338	120	18	in	in	ADP
fbem-29338	120	19	table	table	NOUN
fbem-29338	120	20	3	3	NUM
fbem-29338	120	21	.	.	PUNCT
fbem-29338	121	1	the	the	DET
fbem-29338	121	2	consequences	consequence	NOUN
fbem-29338	121	3	of	of	ADP
fbem-29338	121	4	the	the	DET
fbem-29338	121	5	stationarity	stationarity	NOUN
fbem-29338	121	6	test	test	NOUN
fbem-29338	121	7	show	show	VERB
fbem-29338	121	8	that	that	SCONJ
fbem-29338	121	9	all	all	DET
fbem-29338	121	10	variables	variable	NOUN
fbem-29338	121	11	are	be	AUX
fbem-29338	121	12	stationary	stationary	ADJ
fbem-29338	121	13	sequences	sequence	NOUN
fbem-29338	121	14	and	and	CCONJ
fbem-29338	121	15	can	can	AUX
fbem-29338	121	16	be	be	AUX
fbem-29338	121	17	used	use	VERB
fbem-29338	121	18	for	for	ADP
fbem-29338	121	19	subsequent	subsequent	ADJ
fbem-29338	121	20	model	model	NOUN
fbem-29338	121	21	construction	construction	NOUN
fbem-29338	121	22	.	.	PUNCT
fbem-29338	122	1	table	table	NOUN
fbem-29338	122	2	3	3	NUM
fbem-29338	122	3	.	.	X
fbem-29338	122	4	stability	stability	NOUN
fbem-29338	122	5	test	test	NOUN
fbem-29338	122	6	variable	variable	ADJ
fbem-29338	122	7	△	△	PROPN
fbem-29338	122	8	𝑙𝑛𝐸	𝑙𝑛𝐸	PROPN
fbem-29338	122	9	𝑋𝑅	𝑋𝑅	PROPN
fbem-29338	122	10	△	△	PROPN
fbem-29338	122	11	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	122	12	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	122	13	△	△	PUNCT
fbem-29338	122	14	𝑙𝑛	𝑙𝑛	X
fbem-29338	122	15	𝐸	𝐸	PROPN
fbem-29338	122	16	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	122	17	△	△	X
fbem-29338	122	18	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	123	1	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	PROPN
fbem-29338	123	2	△	△	PROPN
fbem-29338	123	3	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	123	4	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	123	5	△	△	PROPN
fbem-29338	123	6	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	PROPN
fbem-29338	123	7	llc	llc	NOUN
fbem-29338	123	8	(	(	PUNCT
fbem-29338	123	9	note	note	NOUN
fbem-29338	123	10	:	:	PUNCT
fbem-29338	123	11	the	the	DET
fbem-29338	123	12	p	p	NOUN
fbem-29338	123	13	value	value	NOUN
fbem-29338	123	14	of	of	ADP
fbem-29338	123	15	the	the	DET
fbem-29338	123	16	statistic	statistic	NOUN
fbem-29338	123	17	in	in	ADP
fbem-29338	123	18	parentheses	parenthesis	NOUN
fbem-29338	123	19	)	)	PUNCT
fbem-29338	123	20	-7.654	-7.654	PROPN
fbem-29338	123	21	(	(	PUNCT
fbem-29338	123	22	0.000	0.000	NUM
fbem-29338	123	23	)	)	PUNCT
fbem-29338	123	24	-13.775	-13.775	PROPN
fbem-29338	123	25	(	(	PUNCT
fbem-29338	123	26	0.000	0.000	NUM
fbem-29338	123	27	)	)	PUNCT
fbem-29338	123	28	-13.863	-13.863	PROPN
fbem-29338	124	1	(	(	PUNCT
fbem-29338	124	2	0.000	0.000	NUM
fbem-29338	124	3	)	)	PUNCT
fbem-29338	124	4	-7.336	-7.336	NOUN
fbem-29338	124	5	(	(	PUNCT
fbem-29338	124	6	0.000	0.000	NUM
fbem-29338	124	7	)	)	PUNCT
fbem-29338	124	8	-15.293	-15.293	PUNCT
fbem-29338	125	1	(	(	PUNCT
fbem-29338	125	2	0.000	0.000	NUM
fbem-29338	125	3	)	)	PUNCT
fbem-29338	125	4	-10.796	-10.796	NOUN
fbem-29338	126	1	(	(	PUNCT
fbem-29338	126	2	0.000	0.000	X
fbem-29338	126	3	)	)	PUNCT
fbem-29338	126	4	stationary	stationary	ADJ
fbem-29338	126	5	stationary	stationary	ADJ
fbem-29338	126	6	stationary	stationary	ADJ
fbem-29338	126	7	stationary	stationary	ADJ
fbem-29338	126	8	stationary	stationary	ADJ
fbem-29338	126	9	stationary	stationary	ADJ
fbem-29338	126	10	5.3	5.3	NUM
fbem-29338	126	11	.	.	PUNCT
fbem-29338	127	1	panel	panel	NOUN
fbem-29338	127	2	quantile	quantile	ADJ
fbem-29338	127	3	regression	regression	NOUN
fbem-29338	127	4	assessing	assess	VERB
fbem-29338	127	5	the	the	DET
fbem-29338	127	6	impact	impact	NOUN
fbem-29338	127	7	of	of	ADP
fbem-29338	127	8	uncertainty	uncertainty	NOUN
fbem-29338	127	9	in	in	ADP
fbem-29338	127	10	foreign	foreign	ADJ
fbem-29338	127	11	economic	economic	ADJ
fbem-29338	127	12	policies	policy	NOUN
fbem-29338	127	13	on	on	ADP
fbem-29338	127	14	exchange	exchange	NOUN
fbem-29338	127	15	rate	rate	NOUN
fbem-29338	127	16	fluctuations	fluctuation	NOUN
fbem-29338	127	17	by	by	ADP
fbem-29338	127	18	using	use	VERB
fbem-29338	127	19	panel	panel	NOUN
fbem-29338	127	20	quantile	quantile	ADJ
fbem-29338	127	21	regression	regression	NOUN
fbem-29338	127	22	technique	technique	NOUN
fbem-29338	127	23	for	for	ADP
fbem-29338	127	24	parameter	parameter	NOUN
fbem-29338	127	25	estimation	estimation	NOUN
fbem-29338	127	26	.	.	PUNCT
fbem-29338	128	1	among	among	ADP
fbem-29338	128	2	the	the	DET
fbem-29338	128	3	10	10	NUM
fbem-29338	128	4	%	%	NOUN
fbem-29338	128	5	-90	-90	PUNCT
fbem-29338	128	6	%	%	NOUN
fbem-29338	128	7	quantiles	quantile	NOUN
fbem-29338	128	8	,	,	PUNCT
fbem-29338	128	9	a	a	DET
fbem-29338	128	10	quantile	quantile	NOUN
fbem-29338	128	11	is	be	AUX
fbem-29338	128	12	taken	take	VERB
fbem-29338	128	13	every	every	DET
fbem-29338	128	14	10	10	NUM
fbem-29338	128	15	%	%	NOUN
fbem-29338	128	16	,	,	PUNCT
fbem-29338	128	17	and	and	CCONJ
fbem-29338	128	18	a	a	DET
fbem-29338	128	19	total	total	NOUN
fbem-29338	128	20	of	of	ADP
fbem-29338	128	21	9	9	NUM
fbem-29338	128	22	quantiles	quantile	NOUN
fbem-29338	128	23	are	be	AUX
fbem-29338	128	24	taken	take	VERB
fbem-29338	128	25	.	.	PUNCT
fbem-29338	129	1	the	the	DET
fbem-29338	129	2	quantile	quantile	ADJ
fbem-29338	129	3	regression	regression	NOUN
fbem-29338	129	4	results	result	NOUN
fbem-29338	129	5	are	be	AUX
fbem-29338	129	6	shown	show	VERB
fbem-29338	129	7	in	in	ADP
fbem-29338	129	8	table	table	NOUN
fbem-29338	129	9	4	4	NUM
fbem-29338	129	10	.	.	PUNCT
fbem-29338	130	1	on	on	ADP
fbem-29338	130	2	the	the	DET
fbem-29338	130	3	basis	basis	NOUN
fbem-29338	130	4	of	of	ADP
fbem-29338	130	5	the	the	DET
fbem-29338	130	6	estimated	estimate	VERB
fbem-29338	130	7	data	datum	NOUN
fbem-29338	130	8	of	of	ADP
fbem-29338	130	9	various	various	ADJ
fbem-29338	130	10	percentiles	percentile	NOUN
fbem-29338	130	11	in	in	ADP
fbem-29338	130	12	table	table	NOUN
fbem-29338	130	13	4	4	NUM
fbem-29338	130	14	,	,	PUNCT
fbem-29338	130	15	it	it	PRON
fbem-29338	130	16	is	be	AUX
fbem-29338	130	17	revealed	reveal	VERB
fbem-29338	130	18	that	that	SCONJ
fbem-29338	130	19	in	in	ADP
fbem-29338	130	20	lower	low	ADJ
fbem-29338	130	21	percentile	percentile	ADJ
fbem-29338	130	22	cases	case	NOUN
fbem-29338	130	23	,	,	PUNCT
fbem-29338	130	24	the	the	DET
fbem-29338	130	25	positive	positive	ADJ
fbem-29338	130	26	effects	effect	NOUN
fbem-29338	130	27	of	of	ADP
fbem-29338	130	28	foreign	foreign	ADJ
fbem-29338	130	29	economic	economic	ADJ
fbem-29338	130	30	policies	policy	NOUN
fbem-29338	130	31	on	on	ADP
fbem-29338	130	32	the	the	DET
fbem-29338	130	33	rmb	rmb	PROPN
fbem-29338	130	34	exchange	exchange	NOUN
fbem-29338	130	35	rate	rate	NOUN
fbem-29338	130	36	did	do	AUX
fbem-29338	130	37	not	not	PART
fbem-29338	130	38	show	show	VERB
fbem-29338	130	39	statistical	statistical	ADJ
fbem-29338	130	40	significance	significance	NOUN
fbem-29338	130	41	.	.	PUNCT
fbem-29338	131	1	the	the	DET
fbem-29338	131	2	increasing	increase	VERB
fbem-29338	131	3	unsteadiness	unsteadiness	NOUN
fbem-29338	131	4	in	in	ADP
fbem-29338	131	5	foreign	foreign	ADJ
fbem-29338	131	6	economic	economic	ADJ
fbem-29338	131	7	policy	policy	NOUN
fbem-29338	131	8	changes	change	NOUN
fbem-29338	131	9	has	have	VERB
fbem-29338	131	10	a	a	DET
fbem-29338	131	11	growing	grow	VERB
fbem-29338	131	12	effect	effect	NOUN
fbem-29338	131	13	on	on	ADP
fbem-29338	131	14	the	the	DET
fbem-29338	131	15	exchange	exchange	NOUN
fbem-29338	131	16	rate	rate	NOUN
fbem-29338	131	17	of	of	ADP
fbem-29338	131	18	rmb	rmb	NOUN
fbem-29338	131	19	,	,	PUNCT
fbem-29338	131	20	and	and	CCONJ
fbem-29338	131	21	this	this	DET
fbem-29338	131	22	effect	effect	NOUN
fbem-29338	131	23	is	be	AUX
fbem-29338	131	24	strengthened	strengthen	VERB
fbem-29338	131	25	with	with	ADP
fbem-29338	131	26	the	the	DET
fbem-29338	131	27	increase	increase	NOUN
fbem-29338	131	28	of	of	ADP
fbem-29338	131	29	percentiles	percentile	NOUN
fbem-29338	131	30	[	[	X
fbem-29338	131	31	6	6	NUM
fbem-29338	131	32	]	]	PUNCT
fbem-29338	131	33	.	.	PUNCT
fbem-29338	132	1	it	it	PRON
fbem-29338	132	2	shows	show	VERB
fbem-29338	132	3	that	that	SCONJ
fbem-29338	132	4	the	the	DET
fbem-29338	132	5	growth	growth	NOUN
fbem-29338	132	6	of	of	ADP
fbem-29338	132	7	foreign	foreign	ADJ
fbem-29338	132	8	(	(	PUNCT
fbem-29338	132	9	regional	regional	ADJ
fbem-29338	132	10	)	)	PUNCT
fbem-29338	132	11	policy	policy	NOUN
fbem-29338	132	12	of	of	ADP
fbem-29338	132	13	economy	economy	NOUN
fbem-29338	132	14	precarious	precarious	ADJ
fbem-29338	132	15	existence	existence	NOUN
fbem-29338	132	16	will	will	AUX
fbem-29338	132	17	push	push	VERB
fbem-29338	132	18	the	the	DET
fbem-29338	132	19	renminbi	renminbi	NOUN
fbem-29338	132	20	exchange	exchange	NOUN
fbem-29338	132	21	rate	rate	NOUN
fbem-29338	132	22	towards	towards	ADP
fbem-29338	132	23	depreciation	depreciation	NOUN
fbem-29338	132	24	,	,	PUNCT
fbem-29338	132	25	and	and	CCONJ
fbem-29338	132	26	foreign	foreign	ADJ
fbem-29338	132	27	economic	economic	ADJ
fbem-29338	132	28	policy	policy	NOUN
fbem-29338	132	29	precarious	precarious	ADJ
fbem-29338	132	30	existence	existence	NOUN
fbem-29338	132	31	has	have	VERB
fbem-29338	132	32	a	a	DET
fbem-29338	132	33	strong	strong	ADJ
fbem-29338	132	34	explanatory	explanatory	ADJ
fbem-29338	132	35	power	power	NOUN
fbem-29338	132	36	for	for	ADP
fbem-29338	132	37	the	the	DET
fbem-29338	132	38	sharp	sharp	ADJ
fbem-29338	132	39	change	change	NOUN
fbem-29338	132	40	of	of	ADP
fbem-29338	132	41	rmb	rmb	PROPN
fbem-29338	132	42	exchange	exchange	NOUN
fbem-29338	132	43	rate	rate	NOUN
fbem-29338	132	44	.	.	PUNCT
fbem-29338	133	1	this	this	DET
fbem-29338	133	2	strongly	strongly	ADV
fbem-29338	133	3	verifies	verifie	NOUN
fbem-29338	133	4	hypothesis	hypothesis	NOUN
fbem-29338	133	5	1	1	NUM
fbem-29338	133	6	.	.	PUNCT
fbem-29338	134	1	from	from	ADP
fbem-29338	134	2	the	the	DET
fbem-29338	134	3	perspective	perspective	NOUN
fbem-29338	134	4	of	of	ADP
fbem-29338	134	5	each	each	DET
fbem-29338	134	6	control	control	NOUN
fbem-29338	134	7	variable	variable	NOUN
fbem-29338	134	8	,	,	PUNCT
fbem-29338	134	9	china	china	PROPN
fbem-29338	134	10	's	's	PART
fbem-29338	134	11	economic	economic	ADJ
fbem-29338	134	12	policy	policy	NOUN
fbem-29338	134	13	instability	instability	NOUN
fbem-29338	134	14	changes	change	NOUN
fbem-29338	134	15	between	between	ADP
fbem-29338	134	16	10	10	NUM
fbem-29338	134	17	%	%	NOUN
fbem-29338	134	18	and	and	CCONJ
fbem-29338	134	19	40	40	NUM
fbem-29338	134	20	%	%	NOUN
fbem-29338	134	21	quantiles	quantile	NOUN
fbem-29338	134	22	,	,	PUNCT
fbem-29338	134	23	and	and	CCONJ
fbem-29338	134	24	the	the	DET
fbem-29338	134	25	positive	positive	ADJ
fbem-29338	134	26	impact	impact	NOUN
fbem-29338	134	27	is	be	AUX
fbem-29338	134	28	significantly	significantly	ADV
fbem-29338	134	29	increasing	increase	VERB
fbem-29338	134	30	.	.	PUNCT
fbem-29338	135	1	however	however	ADV
fbem-29338	135	2	,	,	PUNCT
fbem-29338	135	3	from	from	ADP
fbem-29338	135	4	40	40	NUM
fbem-29338	135	5	%	%	NOUN
fbem-29338	135	6	to	to	ADP
fbem-29338	135	7	90	90	NUM
fbem-29338	135	8	%	%	NOUN
fbem-29338	135	9	,	,	PUNCT
fbem-29338	135	10	the	the	DET
fbem-29338	135	11	influence	influence	NOUN
fbem-29338	135	12	of	of	ADP
fbem-29338	135	13	china	china	PROPN
fbem-29338	135	14	's	's	PART
fbem-29338	135	15	economic	economic	ADJ
fbem-29338	135	16	policy	policy	NOUN
fbem-29338	135	17	instability	instability	NOUN
fbem-29338	135	18	on	on	ADP
fbem-29338	135	19	the	the	DET
fbem-29338	135	20	remittance	remittance	NOUN
fbem-29338	135	21	of	of	ADP
fbem-29338	135	22	personal	personal	ADJ
fbem-29338	135	23	name	name	NOUN
fbem-29338	135	24	currency	currency	NOUN
fbem-29338	135	25	is	be	AUX
fbem-29338	135	26	declining	decline	VERB
fbem-29338	135	27	.	.	PUNCT
fbem-29338	136	1	it	it	PRON
fbem-29338	136	2	shows	show	VERB
fbem-29338	136	3	that	that	SCONJ
fbem-29338	136	4	the	the	DET
fbem-29338	136	5	symmetry	symmetry	NOUN
fbem-29338	136	6	of	of	ADP
fbem-29338	136	7	chinese	chinese	ADJ
fbem-29338	136	8	economic	economic	ADJ
fbem-29338	136	9	policies	policy	NOUN
fbem-29338	136	10	in	in	ADP
fbem-29338	136	11	relation	relation	NOUN
fbem-29338	136	12	to	to	ADP
fbem-29338	136	13	the	the	DET
fbem-29338	136	14	exchange	exchange	NOUN
fbem-29338	136	15	rate	rate	NOUN
fbem-29338	136	16	of	of	ADP
fbem-29338	136	17	rmb	rmb	NOUN
fbem-29338	136	18	.	.	PUNCT
fbem-29338	137	1	at	at	ADP
fbem-29338	137	2	the	the	DET
fbem-29338	137	3	50th	50th	ADJ
fbem-29338	137	4	percentile	percentile	NOUN
fbem-29338	137	5	,	,	PUNCT
fbem-29338	137	6	foreign	foreign	ADJ
fbem-29338	137	7	inflation	inflation	NOUN
fbem-29338	137	8	changes	change	NOUN
fbem-29338	137	9	exert	exert	VERB
fbem-29338	137	10	a	a	DET
fbem-29338	137	11	significant	significant	ADJ
fbem-29338	137	12	and	and	CCONJ
fbem-29338	137	13	negative	negative	ADJ
fbem-29338	137	14	correlation	correlation	NOUN
fbem-29338	137	15	with	with	ADP
fbem-29338	137	16	the	the	DET
fbem-29338	137	17	renminbi	renminbi	NOUN
fbem-29338	137	18	exchange	exchange	NOUN
fbem-29338	137	19	rate	rate	NOUN
fbem-29338	137	20	.	.	PUNCT
fbem-29338	138	1	specifically	specifically	ADV
fbem-29338	138	2	,	,	PUNCT
fbem-29338	138	3	when	when	SCONJ
fbem-29338	138	4	the	the	DET
fbem-29338	138	5	foreign	foreign	ADJ
fbem-29338	138	6	inflation	inflation	NOUN
fbem-29338	138	7	rate	rate	NOUN
fbem-29338	138	8	is	be	AUX
fbem-29338	138	9	in	in	ADP
fbem-29338	138	10	the	the	DET
fbem-29338	138	11	range	range	NOUN
fbem-29338	138	12	of	of	ADP
fbem-29338	138	13	40	40	NUM
fbem-29338	138	14	%	%	NOUN
fbem-29338	138	15	to	to	PART
fbem-29338	138	16	60	60	NUM
fbem-29338	138	17	%	%	NOUN
fbem-29338	138	18	,	,	PUNCT
fbem-29338	138	19	observed	observe	VERB
fbem-29338	138	20	phenomena	phenomenon	NOUN
fbem-29338	138	21	further	far	ADV
fbem-29338	138	22	confirm	confirm	VERB
fbem-29338	138	23	that	that	PRON
fbem-29338	138	24	to	to	ADP
fbem-29338	138	25	a	a	DET
fbem-29338	138	26	certain	certain	ADJ
fbem-29338	138	27	extent	extent	NOUN
fbem-29338	138	28	,	,	PUNCT
fbem-29338	138	29	as	as	SCONJ
fbem-29338	138	30	the	the	DET
fbem-29338	138	31	foreign	foreign	ADJ
fbem-29338	138	32	inflation	inflation	NOUN
fbem-29338	138	33	level	level	NOUN
fbem-29338	138	34	rises	rise	NOUN
fbem-29338	138	35	,	,	PUNCT
fbem-29338	138	36	the	the	DET
fbem-29338	138	37	renminbi	renminbi	NOUN
fbem-29338	138	38	exchange	exchange	NOUN
fbem-29338	138	39	rate	rate	NOUN
fbem-29338	138	40	shows	show	VERB
fbem-29338	138	41	a	a	DET
fbem-29338	138	42	clear	clear	ADJ
fbem-29338	138	43	appreciation	appreciation	NOUN
fbem-29338	138	44	trend	trend	NOUN
fbem-29338	138	45	.	.	PUNCT
fbem-29338	139	1	206	206	NUM
fbem-29338	139	2	there	there	PRON
fbem-29338	139	3	is	be	VERB
fbem-29338	139	4	a	a	DET
fbem-29338	139	5	positive	positive	ADJ
fbem-29338	139	6	correlation	correlation	NOUN
fbem-29338	139	7	between	between	ADP
fbem-29338	139	8	the	the	DET
fbem-29338	139	9	inflation	inflation	NOUN
fbem-29338	139	10	rate	rate	NOUN
fbem-29338	139	11	in	in	ADP
fbem-29338	139	12	china	china	PROPN
fbem-29338	139	13	and	and	CCONJ
fbem-29338	139	14	the	the	DET
fbem-29338	139	15	exchange	exchange	NOUN
fbem-29338	139	16	rate	rate	NOUN
fbem-29338	139	17	of	of	ADP
fbem-29338	139	18	the	the	DET
fbem-29338	139	19	rmb	rmb	NOUN
fbem-29338	139	20	:	:	PUNCT
fbem-29338	139	21	an	an	DET
fbem-29338	139	22	increase	increase	NOUN
fbem-29338	139	23	in	in	ADP
fbem-29338	139	24	the	the	DET
fbem-29338	139	25	inflation	inflation	NOUN
fbem-29338	139	26	rate	rate	NOUN
fbem-29338	139	27	leads	lead	VERB
fbem-29338	139	28	to	to	ADP
fbem-29338	139	29	a	a	DET
fbem-29338	139	30	tendency	tendency	NOUN
fbem-29338	139	31	for	for	ADP
fbem-29338	139	32	depreciation	depreciation	NOUN
fbem-29338	139	33	of	of	ADP
fbem-29338	139	34	the	the	DET
fbem-29338	139	35	rmb	rmb	PROPN
fbem-29338	139	36	exchange	exchange	NOUN
fbem-29338	139	37	rate	rate	NOUN
fbem-29338	139	38	.	.	PUNCT
fbem-29338	140	1	the	the	DET
fbem-29338	140	2	strength	strength	NOUN
fbem-29338	140	3	of	of	ADP
fbem-29338	140	4	this	this	DET
fbem-29338	140	5	effect	effect	NOUN
fbem-29338	140	6	can	can	AUX
fbem-29338	140	7	be	be	AUX
fbem-29338	140	8	measured	measure	VERB
fbem-29338	140	9	by	by	ADP
fbem-29338	140	10	the	the	DET
fbem-29338	140	11	coefficient	coefficient	NOUN
fbem-29338	140	12	value	value	NOUN
fbem-29338	140	13	in	in	ADP
fbem-29338	140	14	statistical	statistical	ADJ
fbem-29338	140	15	models	model	NOUN
fbem-29338	140	16	.	.	PUNCT
fbem-29338	141	1	when	when	SCONJ
fbem-29338	141	2	the	the	DET
fbem-29338	141	3	coefficient	coefficient	NOUN
fbem-29338	141	4	is	be	AUX
fbem-29338	141	5	positive	positive	ADJ
fbem-29338	141	6	,	,	PUNCT
fbem-29338	141	7	it	it	PRON
fbem-29338	141	8	indicates	indicate	VERB
fbem-29338	141	9	that	that	SCONJ
fbem-29338	141	10	an	an	DET
fbem-29338	141	11	increase	increase	NOUN
fbem-29338	141	12	in	in	ADP
fbem-29338	141	13	inflation	inflation	NOUN
fbem-29338	141	14	rate	rate	NOUN
fbem-29338	141	15	will	will	AUX
fbem-29338	141	16	lead	lead	VERB
fbem-29338	141	17	to	to	ADP
fbem-29338	141	18	a	a	DET
fbem-29338	141	19	decrease	decrease	NOUN
fbem-29338	141	20	in	in	ADP
fbem-29338	141	21	the	the	DET
fbem-29338	141	22	purchasing	purchase	VERB
fbem-29338	141	23	power	power	NOUN
fbem-29338	141	24	of	of	ADP
fbem-29338	141	25	renminbi	renminbi	NOUN
fbem-29338	141	26	relative	relative	ADJ
fbem-29338	141	27	to	to	ADP
fbem-29338	141	28	other	other	ADJ
fbem-29338	141	29	currencies	currency	NOUN
fbem-29338	141	30	.	.	PUNCT
fbem-29338	142	1	furthermore	furthermore	ADV
fbem-29338	142	2	,	,	PUNCT
fbem-29338	142	3	through	through	ADP
fbem-29338	142	4	analyzing	analyze	VERB
fbem-29338	142	5	the	the	DET
fbem-29338	142	6	impact	impact	NOUN
fbem-29338	142	7	at	at	ADP
fbem-29338	142	8	different	different	ADJ
fbem-29338	142	9	percentiles	percentile	NOUN
fbem-29338	142	10	,	,	PUNCT
fbem-29338	142	11	we	we	PRON
fbem-29338	142	12	found	find	VERB
fbem-29338	142	13	that	that	SCONJ
fbem-29338	142	14	this	this	DET
fbem-29338	142	15	positive	positive	ADJ
fbem-29338	142	16	correlation	correlation	NOUN
fbem-29338	142	17	gradually	gradually	ADV
fbem-29338	142	18	strengthens	strengthen	VERB
fbem-29338	142	19	with	with	ADP
fbem-29338	142	20	the	the	DET
fbem-29338	142	21	increase	increase	NOUN
fbem-29338	142	22	in	in	ADP
fbem-29338	142	23	inflation	inflation	NOUN
fbem-29338	142	24	levels	level	NOUN
fbem-29338	142	25	.	.	PUNCT
fbem-29338	143	1	this	this	PRON
fbem-29338	143	2	means	mean	VERB
fbem-29338	143	3	that	that	SCONJ
fbem-29338	143	4	,	,	PUNCT
fbem-29338	143	5	as	as	SCONJ
fbem-29338	143	6	china	china	PROPN
fbem-29338	143	7	's	's	PART
fbem-29338	143	8	inflation	inflation	NOUN
fbem-29338	143	9	rate	rate	NOUN
fbem-29338	143	10	continues	continue	VERB
fbem-29338	143	11	to	to	PART
fbem-29338	143	12	rise	rise	VERB
fbem-29338	143	13	,	,	PUNCT
fbem-29338	143	14	market	market	NOUN
fbem-29338	143	15	expectations	expectation	NOUN
fbem-29338	143	16	suggest	suggest	VERB
fbem-29338	143	17	the	the	DET
fbem-29338	143	18	possibility	possibility	NOUN
fbem-29338	143	19	of	of	ADP
fbem-29338	143	20	greater	great	ADJ
fbem-29338	143	21	depreciation	depreciation	NOUN
fbem-29338	143	22	pressure	pressure	NOUN
fbem-29338	143	23	on	on	ADP
fbem-29338	143	24	the	the	DET
fbem-29338	143	25	renminbi	renminbi	NOUN
fbem-29338	143	26	,	,	PUNCT
fbem-29338	143	27	reflecting	reflect	VERB
fbem-29338	143	28	a	a	DET
fbem-29338	143	29	dynamic	dynamic	ADJ
fbem-29338	143	30	adjustment	adjustment	NOUN
fbem-29338	143	31	process	process	NOUN
fbem-29338	143	32	between	between	ADP
fbem-29338	143	33	economic	economic	ADJ
fbem-29338	143	34	fundamentals	fundamental	NOUN
fbem-29338	143	35	and	and	CCONJ
fbem-29338	143	36	currency	currency	NOUN
fbem-29338	143	37	value	value	NOUN
fbem-29338	143	38	.	.	PUNCT
fbem-29338	144	1	t	t	PROPN
fbem-29338	144	2	the	the	DET
fbem-29338	144	3	analysis	analysis	NOUN
fbem-29338	144	4	shows	show	VERB
fbem-29338	144	5	that	that	SCONJ
fbem-29338	144	6	the	the	DET
fbem-29338	144	7	international	international	ADJ
fbem-29338	144	8	and	and	CCONJ
fbem-29338	144	9	domestic	domestic	ADJ
fbem-29338	144	10	differences	difference	NOUN
fbem-29338	144	11	in	in	ADP
fbem-29338	144	12	the	the	DET
fbem-29338	144	13	10	10	NUM
fbem-29338	144	14	-	-	PUNCT
fbem-29338	144	15	year	year	NOUN
fbem-29338	144	16	government	government	NOUN
fbem-29338	144	17	bond	bond	NOUN
fbem-29338	144	18	yield	yield	NOUN
fbem-29338	144	19	rates	rate	NOUN
fbem-29338	144	20	have	have	AUX
fbem-29338	144	21	not	not	PART
fbem-29338	144	22	significantly	significantly	ADV
fbem-29338	144	23	affected	affect	VERB
fbem-29338	144	24	the	the	DET
fbem-29338	144	25	trend	trend	NOUN
fbem-29338	144	26	of	of	ADP
fbem-29338	144	27	rmb	rmb	PROPN
fbem-29338	144	28	exchange	exchange	NOUN
fbem-29338	144	29	rate	rate	NOUN
fbem-29338	144	30	movements	movement	NOUN
fbem-29338	144	31	.	.	PUNCT
fbem-29338	145	1	starting	start	VERB
fbem-29338	145	2	at	at	ADP
fbem-29338	145	3	30	30	NUM
fbem-29338	145	4	%	%	NOUN
fbem-29338	145	5	,	,	PUNCT
fbem-29338	145	6	changes	change	NOUN
fbem-29338	145	7	in	in	ADP
fbem-29338	145	8	interest	interest	NOUN
fbem-29338	145	9	rate	rate	NOUN
fbem-29338	145	10	differentials	differential	NOUN
fbem-29338	145	11	have	have	AUX
fbem-29338	145	12	had	have	VERB
fbem-29338	145	13	a	a	DET
fbem-29338	145	14	certain	certain	ADJ
fbem-29338	145	15	impact	impact	NOUN
fbem-29338	145	16	on	on	ADP
fbem-29338	145	17	the	the	DET
fbem-29338	145	18	exchange	exchange	NOUN
fbem-29338	145	19	rate	rate	NOUN
fbem-29338	145	20	of	of	ADP
fbem-29338	145	21	rmb.as	rmb.as	PROPN
fbem-29338	145	22	the	the	DET
fbem-29338	145	23	percentile	percentile	ADJ
fbem-29338	145	24	rank	rank	NOUN
fbem-29338	145	25	increases	increase	NOUN
fbem-29338	145	26	,	,	PUNCT
fbem-29338	145	27	changes	change	NOUN
fbem-29338	145	28	in	in	ADP
fbem-29338	145	29	interest	interest	NOUN
fbem-29338	145	30	differentials	differential	NOUN
fbem-29338	145	31	have	have	VERB
fbem-29338	145	32	a	a	DET
fbem-29338	145	33	more	more	ADV
fbem-29338	145	34	consistent	consistent	ADJ
fbem-29338	145	35	effect	effect	NOUN
fbem-29338	145	36	on	on	ADP
fbem-29338	145	37	the	the	DET
fbem-29338	145	38	exchange	exchange	NOUN
fbem-29338	145	39	rate	rate	NOUN
fbem-29338	145	40	of	of	ADP
fbem-29338	145	41	the	the	DET
fbem-29338	145	42	renminbi	renminbi	NOUN
fbem-29338	145	43	.	.	PUNCT
fbem-29338	146	1	given	give	VERB
fbem-29338	146	2	that	that	SCONJ
fbem-29338	146	3	the	the	DET
fbem-29338	146	4	coefficient	coefficient	NOUN
fbem-29338	146	5	has	have	AUX
fbem-29338	146	6	a	a	DET
fbem-29338	146	7	negative	negative	ADJ
fbem-29338	146	8	value	value	NOUN
fbem-29338	146	9	,	,	PUNCT
fbem-29338	146	10	this	this	PRON
fbem-29338	146	11	indicates	indicate	VERB
fbem-29338	146	12	that	that	SCONJ
fbem-29338	146	13	as	as	SCONJ
fbem-29338	146	14	the	the	DET
fbem-29338	146	15	spread	spread	NOUN
fbem-29338	146	16	widens	widen	VERB
fbem-29338	146	17	,	,	PUNCT
fbem-29338	146	18	the	the	DET
fbem-29338	146	19	rmb	rmb	PROPN
fbem-29338	146	20	exchange	exchange	NOUN
fbem-29338	146	21	rate	rate	NOUN
fbem-29338	146	22	shows	show	VERB
fbem-29338	146	23	an	an	DET
fbem-29338	146	24	appreciation	appreciation	NOUN
fbem-29338	146	25	trend	trend	NOUN
fbem-29338	146	26	.	.	PUNCT
fbem-29338	147	1	table	table	NOUN
fbem-29338	147	2	4	4	NUM
fbem-29338	147	3	.	.	PUNCT
fbem-29338	148	1	estimates	estimate	NOUN
fbem-29338	148	2	of	of	ADP
fbem-29338	148	3	quantile	quantile	ADJ
fbem-29338	148	4	regression	regression	NOUN
fbem-29338	148	5	results	result	VERB
fbem-29338	148	6	variable	variable	ADJ
fbem-29338	148	7	10	10	NUM
fbem-29338	148	8	%	%	NOUN
fbem-29338	148	9	20	20	NUM
fbem-29338	148	10	%	%	NOUN
fbem-29338	148	11	30	30	NUM
fbem-29338	148	12	%	%	NOUN
fbem-29338	148	13	40	40	NUM
fbem-29338	148	14	%	%	NOUN
fbem-29338	148	15	50	50	NUM
fbem-29338	148	16	%	%	NOUN
fbem-29338	148	17	60	60	NUM
fbem-29338	148	18	%	%	NOUN
fbem-29338	148	19	70	70	NUM
fbem-29338	148	20	%	%	NOUN
fbem-29338	148	21	80	80	NUM
fbem-29338	148	22	%	%	NOUN
fbem-29338	148	23	90	90	NUM
fbem-29338	148	24	%	%	NOUN
fbem-29338	148	25	△	△	PROPN
fbem-29338	148	26	𝑙𝑛	𝑙𝑛	X
fbem-29338	149	1	𝐸	𝐸	PROPN
fbem-29338	149	2	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	149	3	0.0191	0.0191	NUM
fbem-29338	149	4	(	(	PUNCT
fbem-29338	149	5	0.0063	0.0063	NUM
fbem-29338	149	6	)	)	PUNCT
fbem-29338	149	7	0.0137	0.0137	NUM
fbem-29338	149	8	(	(	PUNCT
fbem-29338	149	9	0.0120	0.0120	NUM
fbem-29338	149	10	)	)	PUNCT
fbem-29338	149	11	0.0128	0.0128	NUM
fbem-29338	149	12	(	(	PUNCT
fbem-29338	149	13	0.0127	0.0127	NUM
fbem-29338	149	14	)	)	PUNCT
fbem-29338	149	15	0.0150	0.0150	NUM
fbem-29338	149	16	(	(	PUNCT
fbem-29338	149	17	0.0133	0.0133	NUM
fbem-29338	149	18	)	)	PUNCT
fbem-29338	149	19	0.0301	0.0301	NUM
fbem-29338	149	20	(	(	PUNCT
fbem-29338	149	21	0.0119	0.0119	NUM
fbem-29338	149	22	)	)	PUNCT
fbem-29338	149	23	0.0312	0.0312	NUM
fbem-29338	149	24	(	(	PUNCT
fbem-29338	149	25	0.0142	0.0142	NUM
fbem-29338	149	26	)	)	PUNCT
fbem-29338	149	27	0.0410	0.0410	NUM
fbem-29338	149	28	(	(	PUNCT
fbem-29338	149	29	0.0146	0.0146	NUM
fbem-29338	149	30	)	)	PUNCT
fbem-29338	149	31	0.0326	0.0326	NUM
fbem-29338	149	32	(	(	PUNCT
fbem-29338	149	33	0.0145	0.0145	NUM
fbem-29338	149	34	)	)	PUNCT
fbem-29338	149	35	0.0449	0.0449	NUM
fbem-29338	149	36	(	(	PUNCT
fbem-29338	149	37	0.0192	0.0192	NUM
fbem-29338	149	38	)	)	PUNCT
fbem-29338	149	39	△	△	PROPN
fbem-29338	149	40	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	149	41	𝐶	𝐶	PROPN
fbem-29338	149	42	𝑁𝐸𝑃𝑈	𝑁𝐸𝑃𝑈	PROPN
fbem-29338	149	43	0.0281	0.0281	NUM
fbem-29338	149	44	(	(	PUNCT
fbem-29338	149	45	0.0029	0.0029	NUM
fbem-29338	149	46	)	)	PUNCT
fbem-29338	149	47	0.0313	0.0313	NUM
fbem-29338	149	48	(	(	PUNCT
fbem-29338	149	49	0.0055	0.0055	NUM
fbem-29338	149	50	)	)	PUNCT
fbem-29338	149	51	0.0444	0.0444	NUM
fbem-29338	149	52	(	(	PUNCT
fbem-29338	149	53	0.0059	0.0059	NUM
fbem-29338	149	54	)	)	PUNCT
fbem-29338	149	55	0.0418	0.0418	NUM
fbem-29338	149	56	(	(	PUNCT
fbem-29338	149	57	0.0062	0.0062	NUM
fbem-29338	149	58	)	)	PUNCT
fbem-29338	149	59	0.0403	0.0403	NUM
fbem-29338	149	60	(	(	PUNCT
fbem-29338	149	61	0.0055	0.0055	NUM
fbem-29338	149	62	)	)	PUNCT
fbem-29338	149	63	0.0387	0.0387	NUM
fbem-29338	149	64	(	(	PUNCT
fbem-29338	149	65	0.0066	0.0066	NUM
fbem-29338	149	66	)	)	PUNCT
fbem-29338	149	67	0.0297	0.0297	NUM
fbem-29338	149	68	(	(	PUNCT
fbem-29338	149	69	0.0068	0.0068	NUM
fbem-29338	149	70	)	)	PUNCT
fbem-29338	149	71	0.0237	0.0237	NUM
fbem-29338	149	72	(	(	PUNCT
fbem-29338	149	73	0.0068	0.0068	NUM
fbem-29338	149	74	)	)	PUNCT
fbem-29338	149	75	0.0126	0.0126	NUM
fbem-29338	149	76	(	(	PUNCT
fbem-29338	149	77	0.0056	0.0056	NUM
fbem-29338	149	78	)	)	PUNCT
fbem-29338	149	79	△	△	PROPN
fbem-29338	149	80	𝑙𝑛	𝑙𝑛	PROPN
fbem-29338	149	81	𝐶	𝐶	PROPN
fbem-29338	149	82	𝑃𝐼	𝑃𝐼	PROPN
fbem-29338	149	83	0.3493	0.3493	NUM
fbem-29338	149	84	(	(	PUNCT
fbem-29338	149	85	0.3855	0.3855	NUM
fbem-29338	149	86	)	)	PUNCT
fbem-29338	149	87	0.0969	0.0969	NUM
fbem-29338	149	88	(	(	PUNCT
fbem-29338	149	89	0.7284	0.7284	NUM
fbem-29338	149	90	)	)	PUNCT
fbem-29338	149	91	0.1837	0.1837	NUM
fbem-29338	149	92	(	(	PUNCT
fbem-29338	149	93	0.7733	0.7733	NUM
fbem-29338	149	94	)	)	PUNCT
fbem-29338	149	95	-0.0518	-0.0518	PROPN
fbem-29338	149	96	(	(	PUNCT
fbem-29338	149	97	0.8088	0.8088	NUM
fbem-29338	149	98	)	)	PUNCT
fbem-29338	149	99	-0.6079	-0.6079	X
fbem-29338	149	100	(	(	PUNCT
fbem-29338	149	101	0.7234	0.7234	NUM
fbem-29338	149	102	)	)	PUNCT
fbem-29338	149	103	-0.3984	-0.3984	PROPN
fbem-29338	149	104	(	(	PUNCT
fbem-29338	149	105	0.8626	0.8626	NUM
fbem-29338	149	106	)	)	PUNCT
fbem-29338	149	107	0.1528	0.1528	NUM
fbem-29338	149	108	(	(	PUNCT
fbem-29338	149	109	0.8905	0.8905	NUM
fbem-29338	149	110	)	)	PUNCT
fbem-29338	149	111	0.1743	0.1743	NUM
fbem-29338	149	112	(	(	PUNCT
fbem-29338	149	113	0.8856	0.8856	NUM
fbem-29338	149	114	)	)	PUNCT
fbem-29338	149	115	-0.1668	-0.1668	NOUN
fbem-29338	149	116	(	(	PUNCT
fbem-29338	149	117	0.7246	0.7246	NUM
fbem-29338	149	118	)	)	PUNCT
fbem-29338	149	119	△	△	NOUN
fbem-29338	149	120	𝑙𝑛𝐶	𝑙𝑛𝐶	NOUN
fbem-29338	149	121	𝑁𝐶𝑃𝐼	𝑁𝐶𝑃𝐼	PROPN
fbem-29338	149	122	0.0011	0.0011	NUM
fbem-29338	149	123	(	(	PUNCT
fbem-29338	149	124	0.0010	0.0010	NUM
fbem-29338	149	125	)	)	PUNCT
fbem-29338	149	126	0.2988	0.2988	NUM
fbem-29338	149	127	(	(	PUNCT
fbem-29338	149	128	0.4527	0.4527	NUM
fbem-29338	149	129	)	)	PUNCT
fbem-29338	149	130	0.0154	0.0154	NUM
fbem-29338	149	131	(	(	PUNCT
fbem-29338	149	132	0.4805	0.4805	NUM
fbem-29338	149	133	)	)	PUNCT
fbem-29338	149	134	0.4222	0.4222	NUM
fbem-29338	149	135	(	(	PUNCT
fbem-29338	149	136	0.5026	0.5026	NUM
fbem-29338	149	137	)	)	PUNCT
fbem-29338	149	138	0.5068	0.5068	NUM
fbem-29338	149	139	(	(	PUNCT
fbem-29338	149	140	0.4495	0.4495	NUM
fbem-29338	149	141	)	)	PUNCT
fbem-29338	149	142	0.8119	0.8119	NUM
fbem-29338	149	143	(	(	PUNCT
fbem-29338	149	144	0.5360	0.5360	NUM
fbem-29338	149	145	)	)	PUNCT
fbem-29338	149	146	1.4097	1.4097	NUM
fbem-29338	149	147	(	(	PUNCT
fbem-29338	149	148	0.5534	0.5534	NUM
fbem-29338	149	149	)	)	PUNCT
fbem-29338	149	150	0.9965	0.9965	NUM
fbem-29338	149	151	(	(	PUNCT
fbem-29338	149	152	0.5503	0.5503	NUM
fbem-29338	149	153	)	)	PUNCT
fbem-29338	149	154	1.0812	1.0812	NUM
fbem-29338	149	155	(	(	PUNCT
fbem-29338	149	156	0.4503	0.4503	NUM
fbem-29338	149	157	)	)	PUNCT
fbem-29338	149	158	△	△	PUNCT
fbem-29338	149	159	𝑅𝐴𝑇𝐸	𝑅𝐴𝑇𝐸	PROPN
fbem-29338	149	160	-0.0078	-0.0078	VERB
fbem-29338	149	161	(	(	PUNCT
fbem-29338	149	162	0.0031	0.0031	NUM
fbem-29338	149	163	)	)	PUNCT
fbem-29338	149	164	-0.009	-0.009	NUM
fbem-29338	149	165	(	(	PUNCT
fbem-29338	149	166	0.0059	0.0059	NUM
fbem-29338	149	167	)	)	PUNCT
fbem-29338	149	168	-0.0232	-0.0232	NOUN
fbem-29338	149	169	(	(	PUNCT
fbem-29338	149	170	0.0063	0.0063	NUM
fbem-29338	149	171	)	)	PUNCT
fbem-29338	149	172	-0.0225	-0.0225	NOUN
fbem-29338	150	1	(	(	PUNCT
fbem-29338	150	2	0.0065	0.0065	NUM
fbem-29338	150	3	)	)	PUNCT
fbem-29338	150	4	-0.0202	-0.0202	NOUN
fbem-29338	150	5	(	(	PUNCT
fbem-29338	150	6	0.0059	0.0059	NUM
fbem-29338	150	7	)	)	PUNCT
fbem-29338	150	8	-0.0180	-0.0180	NOUN
fbem-29338	150	9	(	(	PUNCT
fbem-29338	150	10	0.0070	0.0070	NUM
fbem-29338	150	11	)	)	PUNCT
fbem-29338	150	12	-0.0240	-0.0240	NOUN
fbem-29338	150	13	(	(	PUNCT
fbem-29338	150	14	0.0073	0.0073	NUM
fbem-29338	150	15	)	)	PUNCT
fbem-29338	150	16	-0.0195	-0.0195	NOUN
fbem-29338	150	17	(	(	PUNCT
fbem-29338	150	18	0.0072	0.0072	NUM
fbem-29338	150	19	)	)	PUNCT
fbem-29338	150	20	-0.0126	-0.0126	NOUN
fbem-29338	150	21	(	(	PUNCT
fbem-29338	150	22	0.0059	0.0059	NUM
fbem-29338	150	23	)	)	PUNCT
fbem-29338	150	24	note	note	NOUN
fbem-29338	150	25	:	:	PUNCT
fbem-29338	150	26	the	the	DET
fbem-29338	150	27	standard	standard	ADJ
fbem-29338	150	28	deviation	deviation	NOUN
fbem-29338	150	29	of	of	ADP
fbem-29338	150	30	parameter	parameter	NOUN
fbem-29338	150	31	estimation	estimation	NOUN
fbem-29338	150	32	is	be	AUX
fbem-29338	150	33	in	in	ADP
fbem-29338	150	34	parentheses	parenthesis	NOUN
fbem-29338	150	35	.	.	PUNCT
fbem-29338	151	1	5.4	5.4	NUM
fbem-29338	151	2	.	.	PUNCT
fbem-29338	152	1	robustness	robustness	NOUN
fbem-29338	152	2	test	test	NOUN
fbem-29338	152	3	the	the	DET
fbem-29338	152	4	robustness	robustness	NOUN
fbem-29338	152	5	test	test	NOUN
fbem-29338	152	6	of	of	ADP
fbem-29338	152	7	this	this	DET
fbem-29338	152	8	paper	paper	NOUN
fbem-29338	152	9	is	be	AUX
fbem-29338	152	10	estimated	estimate	VERB
fbem-29338	152	11	by	by	ADP
fbem-29338	152	12	phased	phase	VERB
fbem-29338	152	13	panel	panel	NOUN
fbem-29338	152	14	quantile	quantile	ADJ
fbem-29338	152	15	regression	regression	NOUN
fbem-29338	152	16	.	.	PUNCT
fbem-29338	153	1	due	due	ADP
fbem-29338	153	2	to	to	ADP
fbem-29338	153	3	the	the	DET
fbem-29338	153	4	event	event	NOUN
fbem-29338	153	5	of	of	ADP
fbem-29338	153	6	'	'	PUNCT
fbem-29338	153	7	811	811	NUM
fbem-29338	153	8	exchange	exchange	NOUN
fbem-29338	153	9	rate	rate	NOUN
fbem-29338	153	10	reform	reform	NOUN
fbem-29338	153	11	'	'	PUNCT
fbem-29338	153	12	in	in	ADP
fbem-29338	153	13	2015	2015	NUM
fbem-29338	153	14	,	,	PUNCT
fbem-29338	153	15	the	the	DET
fbem-29338	153	16	year	year	NOUN
fbem-29338	153	17	of	of	ADP
fbem-29338	153	18	2015	2015	NUM
fbem-29338	153	19	is	be	AUX
fbem-29338	153	20	used	use	VERB
fbem-29338	153	21	as	as	ADP
fbem-29338	153	22	the	the	DET
fbem-29338	153	23	time	time	NOUN
fbem-29338	153	24	point	point	NOUN
fbem-29338	153	25	to	to	PART
fbem-29338	153	26	examine	examine	VERB
fbem-29338	153	27	the	the	DET
fbem-29338	153	28	impact	impact	NOUN
fbem-29338	153	29	of	of	ADP
fbem-29338	153	30	the	the	DET
fbem-29338	153	31	instability	instability	NOUN
fbem-29338	153	32	of	of	ADP
fbem-29338	153	33	foreign	foreign	ADJ
fbem-29338	153	34	economic	economic	ADJ
fbem-29338	153	35	policies	policy	NOUN
fbem-29338	153	36	before	before	ADP
fbem-29338	153	37	2015	2015	NUM
fbem-29338	153	38	and	and	CCONJ
fbem-29338	153	39	after	after	ADP
fbem-29338	153	40	205	205	NUM
fbem-29338	153	41	years	year	NOUN
fbem-29338	153	42	on	on	ADP
fbem-29338	153	43	the	the	DET
fbem-29338	153	44	rmb	rmb	PROPN
fbem-29338	153	45	exchange	exchange	NOUN
fbem-29338	153	46	rate	rate	NOUN
fbem-29338	153	47	[	[	X
fbem-29338	153	48	4	4	NUM
fbem-29338	153	49	]	]	PUNCT
fbem-29338	153	50	.	.	PUNCT
fbem-29338	154	1	the	the	DET
fbem-29338	154	2	regression	regression	NOUN
fbem-29338	154	3	results	result	NOUN
fbem-29338	154	4	are	be	AUX
fbem-29338	154	5	shown	show	VERB
fbem-29338	154	6	in	in	ADP
fbem-29338	154	7	the	the	DET
fbem-29338	154	8	following	follow	VERB
fbem-29338	154	9	charts	chart	NOUN
fbem-29338	154	10	.	.	PUNCT
fbem-29338	155	1	the	the	DET
fbem-29338	155	2	estimation	estimation	NOUN
fbem-29338	155	3	of	of	ADP
fbem-29338	155	4	the	the	DET
fbem-29338	155	5	panel	panel	NOUN
fbem-29338	155	6	quantile	quantile	ADJ
fbem-29338	155	7	regression	regression	NOUN
fbem-29338	155	8	results	result	NOUN
fbem-29338	155	9	in	in	ADP
fbem-29338	155	10	table	table	NOUN
fbem-29338	155	11	7	7	NUM
fbem-29338	155	12	shows	show	VERB
fbem-29338	155	13	that	that	SCONJ
fbem-29338	155	14	:	:	PUNCT
fbem-29338	155	15	(	(	PUNCT
fbem-29338	155	16	1	1	X
fbem-29338	155	17	)	)	PUNCT
fbem-29338	155	18	before	before	ADP
fbem-29338	155	19	2015	2015	NUM
fbem-29338	155	20	,	,	PUNCT
fbem-29338	155	21	the	the	DET
fbem-29338	155	22	effect	effect	NOUN
fbem-29338	155	23	of	of	ADP
fbem-29338	155	24	outer	outer	ADJ
fbem-29338	155	25	economic	economic	ADJ
fbem-29338	155	26	policy	policy	NOUN
fbem-29338	155	27	changes	change	NOUN
fbem-29338	155	28	on	on	ADP
fbem-29338	155	29	the	the	DET
fbem-29338	155	30	exchange	exchange	NOUN
fbem-29338	155	31	rate	rate	NOUN
fbem-29338	155	32	of	of	ADP
fbem-29338	155	33	rmb	rmb	PROPN
fbem-29338	155	34	began	begin	VERB
fbem-29338	155	35	to	to	PART
fbem-29338	155	36	appear	appear	VERB
fbem-29338	155	37	at	at	ADP
fbem-29338	155	38	30	30	NUM
fbem-29338	155	39	%	%	NOUN
fbem-29338	155	40	.	.	PUNCT
fbem-29338	156	1	when	when	SCONJ
fbem-29338	156	2	the	the	DET
fbem-29338	156	3	quantile	quantile	NOUN
fbem-29338	156	4	was	be	AUX
fbem-29338	156	5	30	30	NUM
fbem-29338	156	6	%	%	NOUN
fbem-29338	156	7	-60	-60	PUNCT
fbem-29338	157	1	%	%	INTJ
fbem-29338	157	2	,	,	PUNCT
fbem-29338	157	3	the	the	DET
fbem-29338	157	4	influence	influence	NOUN
fbem-29338	157	5	of	of	ADP
fbem-29338	157	6	external	external	ADJ
fbem-29338	157	7	economic	economic	ADJ
fbem-29338	157	8	policy	policy	NOUN
fbem-29338	157	9	instability	instability	NOUN
fbem-29338	157	10	on	on	ADP
fbem-29338	157	11	the	the	DET
fbem-29338	157	12	exchange	exchange	NOUN
fbem-29338	157	13	rate	rate	NOUN
fbem-29338	157	14	of	of	ADP
fbem-29338	157	15	rmb	rmb	PROPN
fbem-29338	157	16	generally	generally	ADV
fbem-29338	157	17	showed	show	VERB
fbem-29338	157	18	an	an	DET
fbem-29338	157	19	upward	upward	ADJ
fbem-29338	157	20	trend	trend	NOUN
fbem-29338	157	21	,	,	PUNCT
fbem-29338	157	22	which	which	PRON
fbem-29338	157	23	had	have	VERB
fbem-29338	157	24	a	a	DET
fbem-29338	157	25	certain	certain	ADJ
fbem-29338	157	26	explanatory	explanatory	ADJ
fbem-29338	157	27	power	power	NOUN
fbem-29338	157	28	for	for	ADP
fbem-29338	157	29	the	the	DET
fbem-29338	157	30	exchange	exchange	NOUN
fbem-29338	157	31	rate	rate	NOUN
fbem-29338	157	32	of	of	ADP
fbem-29338	157	33	personal	personal	ADJ
fbem-29338	157	34	name	name	NOUN
fbem-29338	157	35	currency	currency	NOUN
fbem-29338	157	36	.	.	PUNCT
fbem-29338	158	1	this	this	DET
fbem-29338	158	2	result	result	NOUN
fbem-29338	158	3	is	be	AUX
fbem-29338	158	4	basically	basically	ADV
fbem-29338	158	5	lined	line	VERB
fbem-29338	158	6	with	with	ADP
fbem-29338	158	7	the	the	DET
fbem-29338	158	8	conclusion	conclusion	NOUN
fbem-29338	158	9	of	of	ADP
fbem-29338	158	10	empirical	empirical	ADJ
fbem-29338	158	11	analysis	analysis	NOUN
fbem-29338	158	12	.	.	PUNCT
fbem-29338	159	1	(	(	PUNCT
fbem-29338	159	2	2	2	NUM
fbem-29338	159	3	)	)	PUNCT
fbem-29338	159	4	from	from	ADP
fbem-29338	159	5	2016	2016	NUM
fbem-29338	159	6	to	to	ADP
fbem-29338	159	7	2020	2020	NUM
fbem-29338	159	8	,	,	PUNCT
fbem-29338	159	9	according	accord	VERB
fbem-29338	159	10	to	to	ADP
fbem-29338	159	11	the	the	DET
fbem-29338	159	12	chart	chart	NOUN
fbem-29338	159	13	,	,	PUNCT
fbem-29338	159	14	the	the	DET
fbem-29338	159	15	uncertainty	uncertainty	NOUN
fbem-29338	159	16	of	of	ADP
fbem-29338	159	17	external	external	ADJ
fbem-29338	159	18	economic	economic	ADJ
fbem-29338	159	19	policies	policy	NOUN
fbem-29338	159	20	has	have	AUX
fbem-29338	159	21	not	not	PART
fbem-29338	159	22	significantly	significantly	ADV
fbem-29338	159	23	affected	affect	VERB
fbem-29338	159	24	the	the	DET
fbem-29338	159	25	exchange	exchange	NOUN
fbem-29338	159	26	rate	rate	NOUN
fbem-29338	159	27	of	of	ADP
fbem-29338	159	28	rmb	rmb	PROPN
fbem-29338	159	29	.	.	PUNCT
fbem-29338	160	1	this	this	PRON
fbem-29338	160	2	indicates	indicate	VERB
fbem-29338	160	3	that	that	SCONJ
fbem-29338	160	4	during	during	ADP
fbem-29338	160	5	this	this	DET
fbem-29338	160	6	period	period	NOUN
fbem-29338	160	7	,	,	PUNCT
fbem-29338	160	8	fluctuations	fluctuation	NOUN
fbem-29338	160	9	in	in	ADP
fbem-29338	160	10	the	the	DET
fbem-29338	160	11	rmb	rmb	PROPN
fbem-29338	160	12	exchange	exchange	NOUN
fbem-29338	160	13	rate	rate	NOUN
fbem-29338	160	14	seem	seem	VERB
fbem-29338	160	15	to	to	PART
fbem-29338	160	16	lack	lack	VERB
fbem-29338	160	17	market	market	NOUN
fbem-29338	160	18	sensitivity	sensitivity	NOUN
fbem-29338	160	19	to	to	ADP
fbem-29338	160	20	this	this	DET
fbem-29338	160	21	type	type	NOUN
fbem-29338	160	22	of	of	ADP
fbem-29338	160	23	uncertainty	uncertainty	NOUN
fbem-29338	160	24	[	[	X
fbem-29338	160	25	7	7	NUM
fbem-29338	160	26	]	]	PUNCT
fbem-29338	160	27	.	.	PUNCT
fbem-29338	161	1	in	in	ADP
fbem-29338	161	2	other	other	ADJ
fbem-29338	161	3	words	word	NOUN
fbem-29338	161	4	,	,	PUNCT
fbem-29338	161	5	the	the	DET
fbem-29338	161	6	exchange	exchange	NOUN
fbem-29338	161	7	rate	rate	NOUN
fbem-29338	161	8	market	market	NOUN
fbem-29338	161	9	has	have	AUX
fbem-29338	161	10	failed	fail	VERB
fbem-29338	161	11	to	to	PART
fbem-29338	161	12	clearly	clearly	ADV
fbem-29338	161	13	reflect	reflect	VERB
fbem-29338	161	14	the	the	DET
fbem-29338	161	15	impact	impact	NOUN
fbem-29338	161	16	of	of	ADP
fbem-29338	161	17	external	external	ADJ
fbem-29338	161	18	economic	economic	ADJ
fbem-29338	161	19	policy	policy	NOUN
fbem-29338	161	20	instability	instability	NOUN
fbem-29338	161	21	factors	factor	NOUN
fbem-29338	161	22	on	on	ADP
fbem-29338	161	23	exchange	exchange	NOUN
fbem-29338	161	24	rates	rate	NOUN
fbem-29338	161	25	,	,	PUNCT
fbem-29338	161	26	implying	imply	VERB
fbem-29338	161	27	that	that	SCONJ
fbem-29338	161	28	markets	market	NOUN
fbem-29338	161	29	may	may	AUX
fbem-29338	161	30	not	not	PART
fbem-29338	161	31	have	have	AUX
fbem-29338	161	32	fully	fully	ADV
fbem-29338	161	33	priced	price	VERB
fbem-29338	161	34	in	in	ADP
fbem-29338	161	35	or	or	CCONJ
fbem-29338	161	36	reacted	react	VERB
fbem-29338	161	37	to	to	ADP
fbem-29338	161	38	such	such	ADJ
fbem-29338	161	39	risks	risk	NOUN
fbem-29338	161	40	.	.	PUNCT
fbem-29338	162	1	table	table	NOUN
fbem-29338	162	2	5	5	NUM
fbem-29338	162	3	.	.	PUNCT
fbem-29338	162	4	phased	phase	VERB
fbem-29338	162	5	quantile	quantile	ADJ
fbem-29338	162	6	regression	regression	NOUN
fbem-29338	162	7	estimation	estimation	NOUN
fbem-29338	162	8	results	result	VERB
fbem-29338	162	9	variable	variable	ADJ
fbem-29338	162	10	10	10	NUM
fbem-29338	162	11	%	%	NOUN
fbem-29338	162	12	20	20	NUM
fbem-29338	162	13	%	%	NOUN
fbem-29338	162	14	30	30	NUM
fbem-29338	162	15	%	%	NOUN
fbem-29338	162	16	40	40	NUM
fbem-29338	162	17	%	%	NOUN
fbem-29338	162	18	50	50	NUM
fbem-29338	162	19	%	%	NOUN
fbem-29338	162	20	60	60	NUM
fbem-29338	162	21	%	%	NOUN
fbem-29338	162	22	70	70	NUM
fbem-29338	162	23	%	%	NOUN
fbem-29338	162	24	80	80	NUM
fbem-29338	162	25	%	%	NOUN
fbem-29338	162	26	90	90	NUM
fbem-29338	162	27	%	%	NOUN
fbem-29338	162	28	2010.1	2010.1	NUM
fbem-29338	162	29	-	-	SYM
fbem-29338	162	30	2015.12	2015.12	NUM
fbem-29338	162	31	△	△	NOUN
fbem-29338	162	32	𝑙𝑛	𝑙𝑛	X
fbem-29338	162	33	𝐸	𝐸	PROPN
fbem-29338	162	34	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	162	35	0.0079	0.0079	NUM
fbem-29338	162	36	(	(	PUNCT
fbem-29338	162	37	0.0045	0.0045	NUM
fbem-29338	162	38	)	)	PUNCT
fbem-29338	162	39	0.0090	0.0090	NUM
fbem-29338	162	40	(	(	PUNCT
fbem-29338	162	41	0.0081	0.0081	NUM
fbem-29338	162	42	)	)	PUNCT
fbem-29338	162	43	0.0249	0.0249	NUM
fbem-29338	162	44	(	(	PUNCT
fbem-29338	162	45	0.0092	0.0092	NUM
fbem-29338	162	46	)	)	PUNCT
fbem-29338	162	47	0.0261	0.0261	NUM
fbem-29338	162	48	(	(	PUNCT
fbem-29338	162	49	0.0121	0.0121	NUM
fbem-29338	162	50	)	)	PUNCT
fbem-29338	162	51	0.0220	0.0220	NUM
fbem-29338	162	52	(	(	PUNCT
fbem-29338	162	53	0.0188	0.0188	NUM
fbem-29338	162	54	)	)	PUNCT
fbem-29338	162	55	0.0289	0.0289	NUM
fbem-29338	162	56	(	(	PUNCT
fbem-29338	162	57	0.0224	0.0224	NUM
fbem-29338	162	58	)	)	PUNCT
fbem-29338	162	59	0.0153	0.0153	NUM
fbem-29338	162	60	(	(	PUNCT
fbem-29338	162	61	0.0278	0.0278	NUM
fbem-29338	162	62	)	)	PUNCT
fbem-29338	162	63	0.0169	0.0169	NUM
fbem-29338	162	64	(	(	PUNCT
fbem-29338	162	65	0.0257	0.0257	NUM
fbem-29338	162	66	)	)	PUNCT
fbem-29338	162	67	0.0206	0.0206	NUM
fbem-29338	162	68	(	(	PUNCT
fbem-29338	162	69	0.0241	0.0241	NUM
fbem-29338	162	70	)	)	PUNCT
fbem-29338	162	71	2016.1	2016.1	NUM
fbem-29338	162	72	-	-	SYM
fbem-29338	162	73	2020.12	2020.12	NUM
fbem-29338	162	74	△	△	PROPN
fbem-29338	162	75	𝑙𝑛	𝑙𝑛	X
fbem-29338	162	76	𝐸	𝐸	PROPN
fbem-29338	162	77	𝑃𝑈	𝑃𝑈	PROPN
fbem-29338	162	78	-0.0092	-0.0092	NOUN
fbem-29338	162	79	(	(	PUNCT
fbem-29338	162	80	0.01340	0.01340	NUM
fbem-29338	162	81	0.0019	0.0019	NUM
fbem-29338	162	82	(	(	PUNCT
fbem-29338	162	83	0.0176	0.0176	NUM
fbem-29338	162	84	)	)	PUNCT
fbem-29338	162	85	-0.0010	-0.0010	NOUN
fbem-29338	162	86	(	(	PUNCT
fbem-29338	162	87	0.0162	0.0162	NUM
fbem-29338	162	88	)	)	PUNCT
fbem-29338	162	89	-0.0021	-0.0021	NOUN
fbem-29338	162	90	(	(	PUNCT
fbem-29338	162	91	0.01610	0.01610	NUM
fbem-29338	162	92	)	)	PUNCT
fbem-29338	162	93	0.0045	0.0045	NUM
fbem-29338	162	94	(	(	PUNCT
fbem-29338	162	95	0.0130	0.0130	NUM
fbem-29338	162	96	)	)	PUNCT
fbem-29338	162	97	0.0066	0.0066	NUM
fbem-29338	162	98	(	(	PUNCT
fbem-29338	162	99	0.0133	0.0133	NUM
fbem-29338	162	100	)	)	PUNCT
fbem-29338	162	101	0.0094	0.0094	NUM
fbem-29338	162	102	(	(	PUNCT
fbem-29338	162	103	0.0084	0.0084	NUM
fbem-29338	162	104	)	)	PUNCT
fbem-29338	162	105	-0.0059	-0.0059	NOUN
fbem-29338	162	106	(	(	PUNCT
fbem-29338	162	107	0.0086	0.0086	NUM
fbem-29338	162	108	)	)	PUNCT
fbem-29338	162	109	-5.21e0.06	-5.21e0.06	ADP
fbem-29338	162	110	6	6	NUM
fbem-29338	162	111	.	.	PUNCT
fbem-29338	163	1	conclusions	conclusion	NOUN
fbem-29338	163	2	and	and	CCONJ
fbem-29338	163	3	policy	policy	NOUN
fbem-29338	163	4	recommendations	recommendation	NOUN
fbem-29338	163	5	this	this	DET
fbem-29338	163	6	study	study	NOUN
fbem-29338	163	7	conducts	conduct	VERB
fbem-29338	163	8	empirical	empirical	ADJ
fbem-29338	163	9	tests	test	NOUN
fbem-29338	163	10	using	use	VERB
fbem-29338	163	11	panel	panel	NOUN
fbem-29338	163	12	quantile	quantile	ADJ
fbem-29338	163	13	regression	regression	NOUN
fbem-29338	163	14	method	method	NOUN
fbem-29338	163	15	to	to	PART
fbem-29338	163	16	reveal	reveal	VERB
fbem-29338	163	17	how	how	SCONJ
fbem-29338	163	18	economic	economic	ADJ
fbem-29338	163	19	policy	policy	NOUN
fbem-29338	163	20	uncertainty	uncertainty	NOUN
fbem-29338	163	21	affects	affect	VERB
fbem-29338	163	22	the	the	DET
fbem-29338	163	23	exchange	exchange	NOUN
fbem-29338	163	24	rate	rate	NOUN
fbem-29338	163	25	of	of	ADP
fbem-29338	163	26	rmb	rmb	NOUN
fbem-29338	163	27	.	.	PUNCT
fbem-29338	164	1	through	through	ADP
fbem-29338	164	2	empirical	empirical	ADJ
fbem-29338	164	3	analysis	analysis	NOUN
fbem-29338	164	4	,	,	PUNCT
fbem-29338	164	5	it	it	PRON
fbem-29338	164	6	is	be	AUX
fbem-29338	164	7	found	find	VERB
fbem-29338	164	8	that	that	SCONJ
fbem-29338	164	9	the	the	DET
fbem-29338	164	10	uncertainty	uncertainty	NOUN
fbem-29338	164	11	of	of	ADP
fbem-29338	164	12	external	external	ADJ
fbem-29338	164	13	economic	economic	ADJ
fbem-29338	164	14	policies	policy	NOUN
fbem-29338	164	15	significantly	significantly	ADV
fbem-29338	164	16	affects	affect	VERB
fbem-29338	164	17	the	the	DET
fbem-29338	164	18	fluctuation	fluctuation	NOUN
fbem-29338	164	19	of	of	ADP
fbem-29338	164	20	rmb	rmb	PROPN
fbem-29338	164	21	exchange	exchange	NOUN
fbem-29338	164	22	rate	rate	NOUN
fbem-29338	164	23	,	,	PUNCT
fbem-29338	164	24	demonstrating	demonstrate	VERB
fbem-29338	164	25	strong	strong	ADJ
fbem-29338	164	26	explanatory	explanatory	ADJ
fbem-29338	164	27	power	power	NOUN
fbem-29338	164	28	.	.	PUNCT
fbem-29338	165	1	with	with	ADP
fbem-29338	165	2	the	the	DET
fbem-29338	165	3	continuous	continuous	ADJ
fbem-29338	165	4	deepening	deepening	NOUN
fbem-29338	165	5	of	of	ADP
fbem-29338	165	6	rmb	rmb	NOUN
fbem-29338	165	7	exchange	exchange	NOUN
fbem-29338	165	8	rate	rate	NOUN
fbem-29338	165	9	reform	reform	NOUN
fbem-29338	165	10	,	,	PUNCT
fbem-29338	165	11	the	the	DET
fbem-29338	165	12	market	market	NOUN
fbem-29338	165	13	orientation	orientation	NOUN
fbem-29338	165	14	of	of	ADP
fbem-29338	165	15	rmb	rmb	PROPN
fbem-29338	165	16	exchange	exchange	NOUN
fbem-29338	165	17	rate	rate	NOUN
fbem-29338	165	18	has	have	AUX
fbem-29338	165	19	significantly	significantly	ADV
fbem-29338	165	20	strengthened	strengthen	VERB
fbem-29338	165	21	.	.	PUNCT
fbem-29338	166	1	the	the	DET
fbem-29338	166	2	significant	significant	ADJ
fbem-29338	166	3	impact	impact	NOUN
fbem-29338	166	4	of	of	ADP
fbem-29338	166	5	uncertainty	uncertainty	NOUN
fbem-29338	166	6	in	in	ADP
fbem-29338	166	7	external	external	ADJ
fbem-29338	166	8	economic	economic	ADJ
fbem-29338	166	9	policies	policy	NOUN
fbem-29338	166	10	on	on	ADP
fbem-29338	166	11	the	the	DET
fbem-29338	166	12	exchange	exchange	NOUN
fbem-29338	166	13	rate	rate	NOUN
fbem-29338	166	14	of	of	ADP
fbem-29338	166	15	the	the	DET
fbem-29338	166	16	renminbi	renminbi	NOUN
fbem-29338	166	17	highlights	highlight	VERB
fbem-29338	166	18	the	the	DET
fbem-29338	166	19	need	need	NOUN
fbem-29338	166	20	for	for	ADP
fbem-29338	166	21	effective	effective	ADJ
fbem-29338	166	22	measures	measure	NOUN
fbem-29338	166	23	to	to	PART
fbem-29338	166	24	prevent	prevent	VERB
fbem-29338	166	25	drastic	drastic	ADJ
fbem-29338	166	26	fluctuations	fluctuation	NOUN
fbem-29338	166	27	caused	cause	VERB
fbem-29338	166	28	by	by	ADP
fbem-29338	166	29	such	such	ADJ
fbem-29338	166	30	uncertainties	uncertainty	NOUN
fbem-29338	166	31	.	.	PUNCT
fbem-29338	167	1	this	this	DET
fbem-29338	167	2	paper	paper	NOUN
fbem-29338	167	3	proposes	propose	VERB
fbem-29338	167	4	the	the	DET
fbem-29338	167	5	following	follow	VERB
fbem-29338	167	6	policy	policy	NOUN
fbem-29338	167	7	recommendations	recommendation	NOUN
fbem-29338	167	8	:	:	PUNCT
fbem-29338	167	9	(	(	PUNCT
fbem-29338	167	10	1	1	X
fbem-29338	167	11	)	)	PUNCT
fbem-29338	167	12	facing	face	VERB
fbem-29338	167	13	the	the	DET
fbem-29338	167	14	constantly	constantly	ADV
fbem-29338	167	15	evolving	evolve	VERB
fbem-29338	167	16	external	external	ADJ
fbem-29338	167	17	economic	economic	ADJ
fbem-29338	167	18	policy	policy	NOUN
fbem-29338	167	19	environment	environment	NOUN
fbem-29338	167	20	,	,	PUNCT
fbem-29338	167	21	the	the	DET
fbem-29338	167	22	impact	impact	NOUN
fbem-29338	167	23	on	on	ADP
fbem-29338	167	24	the	the	DET
fbem-29338	167	25	exchange	exchange	NOUN
fbem-29338	167	26	rate	rate	NOUN
fbem-29338	167	27	of	of	ADP
fbem-29338	167	28	rmb	rmb	NOUN
fbem-29338	167	29	can	can	AUX
fbem-29338	167	30	be	be	AUX
fbem-29338	167	31	mitigated	mitigate	VERB
fbem-29338	167	32	by	by	ADP
fbem-29338	167	33	adjusting	adjust	VERB
fbem-29338	167	34	our	our	PRON
fbem-29338	167	35	country	country	NOUN
fbem-29338	167	36	's	's	PART
fbem-29338	167	37	exchange	exchange	NOUN
fbem-29338	167	38	rate	rate	NOUN
fbem-29338	167	39	target	target	NOUN
fbem-29338	167	40	strategy	strategy	NOUN
fbem-29338	168	1	[	[	X
fbem-29338	168	2	6	6	NUM
fbem-29338	168	3	]	]	PUNCT
fbem-29338	168	4	.	.	PUNCT
fbem-29338	169	1	this	this	DET
fbem-29338	169	2	strategy	strategy	NOUN
fbem-29338	169	3	aims	aim	VERB
fbem-29338	169	4	to	to	PART
fbem-29338	169	5	take	take	VERB
fbem-29338	169	6	into	into	ADP
fbem-29338	169	7	account	account	NOUN
fbem-29338	169	8	the	the	DET
fbem-29338	169	9	uncertainty	uncertainty	NOUN
fbem-29338	169	10	factors	factor	NOUN
fbem-29338	169	11	of	of	ADP
fbem-29338	169	12	external	external	ADJ
fbem-29338	169	13	economic	economic	ADJ
fbem-29338	169	14	policies	policy	NOUN
fbem-29338	169	15	in	in	ADP
fbem-29338	169	16	order	order	NOUN
fbem-29338	169	17	to	to	PART
fbem-29338	169	18	enhance	enhance	VERB
fbem-29338	169	19	the	the	DET
fbem-29338	169	20	adaptability	adaptability	NOUN
fbem-29338	169	21	and	and	CCONJ
fbem-29338	169	22	stability	stability	NOUN
fbem-29338	169	23	of	of	ADP
fbem-29338	169	24	the	the	DET
fbem-29338	169	25	renminbi	renminbi	NOUN
fbem-29338	169	26	207	207	NUM
fbem-29338	169	27	exchange	exchange	NOUN
fbem-29338	169	28	rate	rate	NOUN
fbem-29338	169	29	policy	policy	NOUN
fbem-29338	169	30	.	.	PUNCT
fbem-29338	170	1	when	when	SCONJ
fbem-29338	170	2	formulating	formulate	VERB
fbem-29338	170	3	exchange	exchange	NOUN
fbem-29338	170	4	rate	rate	NOUN
fbem-29338	170	5	adjustment	adjustment	NOUN
fbem-29338	170	6	strategies	strategy	NOUN
fbem-29338	170	7	,	,	PUNCT
fbem-29338	170	8	special	special	ADJ
fbem-29338	170	9	attention	attention	NOUN
fbem-29338	170	10	should	should	AUX
fbem-29338	170	11	be	be	AUX
fbem-29338	170	12	paid	pay	VERB
fbem-29338	170	13	to	to	ADP
fbem-29338	170	14	the	the	DET
fbem-29338	170	15	potential	potential	ADJ
fbem-29338	170	16	impact	impact	NOUN
fbem-29338	170	17	of	of	ADP
fbem-29338	170	18	economic	economic	ADJ
fbem-29338	170	19	policy	policy	NOUN
fbem-29338	170	20	uncertainty	uncertainty	NOUN
fbem-29338	170	21	and	and	CCONJ
fbem-29338	170	22	targeted	target	VERB
fbem-29338	170	23	measures	measure	NOUN
fbem-29338	170	24	should	should	AUX
fbem-29338	170	25	be	be	AUX
fbem-29338	170	26	taken	take	VERB
fbem-29338	170	27	to	to	PART
fbem-29338	170	28	address	address	VERB
fbem-29338	170	29	challenges	challenge	NOUN
fbem-29338	170	30	that	that	PRON
fbem-29338	170	31	may	may	AUX
fbem-29338	170	32	arise	arise	VERB
fbem-29338	170	33	from	from	ADP
fbem-29338	170	34	external	external	ADJ
fbem-29338	170	35	economic	economic	ADJ
fbem-29338	170	36	policy	policy	NOUN
fbem-29338	170	37	changes	change	NOUN
fbem-29338	171	1	[	[	X
fbem-29338	171	2	8	8	NUM
fbem-29338	171	3	]	]	PUNCT
fbem-29338	171	4	.	.	PUNCT
fbem-29338	172	1	(	(	PUNCT
fbem-29338	172	2	2	2	X
fbem-29338	172	3	)	)	PUNCT
fbem-29338	172	4	strengthen	strengthen	VERB
fbem-29338	172	5	the	the	DET
fbem-29338	172	6	authenticity	authenticity	NOUN
fbem-29338	172	7	and	and	CCONJ
fbem-29338	172	8	timeliness	timeliness	NOUN
fbem-29338	172	9	of	of	ADP
fbem-29338	172	10	media	medium	NOUN
fbem-29338	172	11	coverage	coverage	NOUN
fbem-29338	172	12	of	of	ADP
fbem-29338	172	13	economic	economic	ADJ
fbem-29338	172	14	policies	policy	NOUN
fbem-29338	172	15	.	.	PUNCT
fbem-29338	173	1	in	in	ADP
fbem-29338	173	2	the	the	DET
fbem-29338	173	3	current	current	ADJ
fbem-29338	173	4	international	international	ADJ
fbem-29338	173	5	situation	situation	NOUN
fbem-29338	173	6	,	,	PUNCT
fbem-29338	173	7	we	we	PRON
fbem-29338	173	8	should	should	AUX
fbem-29338	173	9	strengthen	strengthen	VERB
fbem-29338	173	10	the	the	DET
fbem-29338	173	11	authenticity	authenticity	NOUN
fbem-29338	173	12	of	of	ADP
fbem-29338	173	13	self	self	NOUN
fbem-29338	173	14	-	-	PUNCT
fbem-29338	173	15	media	medium	NOUN
fbem-29338	173	16	and	and	CCONJ
fbem-29338	173	17	news	news	NOUN
fbem-29338	173	18	media	medium	NOUN
fbem-29338	173	19	reports	report	NOUN
fbem-29338	173	20	.	.	PUNCT
fbem-29338	174	1	in	in	ADP
fbem-29338	174	2	order	order	NOUN
fbem-29338	174	3	to	to	PART
fbem-29338	174	4	guide	guide	VERB
fbem-29338	174	5	consumers	consumer	NOUN
fbem-29338	174	6	to	to	PART
fbem-29338	174	7	better	well	ADV
fbem-29338	174	8	invest	invest	VERB
fbem-29338	174	9	and	and	CCONJ
fbem-29338	174	10	measure	measure	VERB
fbem-29338	174	11	risks	risk	NOUN
fbem-29338	174	12	,	,	PUNCT
fbem-29338	174	13	the	the	DET
fbem-29338	174	14	official	official	ADJ
fbem-29338	174	15	media	medium	NOUN
fbem-29338	174	16	should	should	AUX
fbem-29338	174	17	also	also	ADV
fbem-29338	174	18	provide	provide	VERB
fbem-29338	174	19	objective	objective	ADJ
fbem-29338	174	20	criteria	criterion	NOUN
fbem-29338	174	21	.	.	PUNCT
fbem-29338	175	1	references	reference	NOUN
fbem-29338	175	2	[	[	X
fbem-29338	175	3	1	1	NUM
fbem-29338	175	4	]	]	X
fbem-29338	175	5	wang	wang	PROPN
fbem-29338	175	6	,	,	PUNCT
fbem-29338	175	7	p.	p.	NOUN
fbem-29338	175	8	(	(	PUNCT
fbem-29338	175	9	2021	2021	NUM
fbem-29338	175	10	)	)	PUNCT
fbem-29338	175	11	.	.	PUNCT
fbem-29338	176	1	china	china	PROPN
fbem-29338	176	2	-	-	PUNCT
fbem-29338	176	3	us	us	PROPN
fbem-29338	176	4	trade	trade	NOUN
fbem-29338	176	5	friction	friction	NOUN
fbem-29338	176	6	,	,	PUNCT
fbem-29338	176	7	us	us	PROPN
fbem-29338	176	8	economic	economic	ADJ
fbem-29338	176	9	policy	policy	NOUN
fbem-29338	176	10	uncertainty	uncertainty	NOUN
fbem-29338	176	11	and	and	CCONJ
fbem-29338	176	12	rmb	rmb	PROPN
fbem-29338	176	13	exchange	exchange	NOUN
fbem-29338	176	14	rate	rate	NOUN
fbem-29338	176	15	volatility	volatility	NOUN
fbem-29338	176	16	.	.	PUNCT
fbem-29338	177	1	world	world	NOUN
fbem-29338	177	2	economic	economic	ADJ
fbem-29338	177	3	research	research	NOUN
fbem-29338	177	4	,	,	PUNCT
fbem-29338	177	5	07	07	NUM
fbem-29338	177	6	,	,	PUNCT
fbem-29338	177	7	75–92	75–92	NUM
fbem-29338	177	8	.	.	PUNCT
fbem-29338	178	1	[	[	X
fbem-29338	178	2	2	2	NUM
fbem-29338	178	3	]	]	X
fbem-29338	178	4	wang	wang	PROPN
fbem-29338	178	5	,	,	PUNCT
fbem-29338	178	6	h.	h.	PROPN
fbem-29338	178	7	(	(	PUNCT
fbem-29338	178	8	2024	2024	NUM
fbem-29338	178	9	)	)	PUNCT
fbem-29338	178	10	.	.	PUNCT
fbem-29338	179	1	external	external	ADJ
fbem-29338	179	2	economic	economic	ADJ
fbem-29338	179	3	policy	policy	NOUN
fbem-29338	179	4	uncertainty	uncertainty	NOUN
fbem-29338	179	5	,	,	PUNCT
fbem-29338	179	6	crossborder	crossborder	NOUN
fbem-29338	179	7	capital	capital	NOUN
fbem-29338	179	8	flows	flow	NOUN
fbem-29338	179	9	and	and	CCONJ
fbem-29338	179	10	economic	economic	ADJ
fbem-29338	179	11	fluctuations	fluctuation	NOUN
fbem-29338	179	12	.	.	PUNCT
fbem-29338	180	1	statistics	statistic	NOUN
fbem-29338	180	2	and	and	CCONJ
fbem-29338	180	3	information	information	NOUN
fbem-29338	180	4	forum	forum	PROPN
fbem-29338	180	5	,	,	PUNCT
fbem-29338	180	6	09	09	NUM
fbem-29338	180	7	,	,	PUNCT
fbem-29338	180	8	35–47	35–47	NUM
fbem-29338	180	9	.	.	PUNCT
fbem-29338	181	1	[	[	X
fbem-29338	181	2	3	3	NUM
fbem-29338	181	3	]	]	X
fbem-29338	181	4	liu	liu	PROPN
fbem-29338	181	5	,	,	PUNCT
fbem-29338	181	6	j.	j.	PROPN
fbem-29338	181	7	,	,	PUNCT
fbem-29338	181	8	&	&	CCONJ
fbem-29338	181	9	liao	liao	PROPN
fbem-29338	181	10	,	,	PUNCT
fbem-29338	181	11	w.	w.	PROPN
fbem-29338	181	12	(	(	PUNCT
fbem-29338	181	13	2019	2019	NUM
fbem-29338	181	14	)	)	PUNCT
fbem-29338	181	15	.	.	PUNCT
fbem-29338	182	1	research	research	NOUN
fbem-29338	182	2	on	on	ADP
fbem-29338	182	3	the	the	DET
fbem-29338	182	4	impact	impact	NOUN
fbem-29338	182	5	mechanism	mechanism	NOUN
fbem-29338	182	6	of	of	ADP
fbem-29338	182	7	global	global	ADJ
fbem-29338	182	8	economic	economic	ADJ
fbem-29338	182	9	policy	policy	NOUN
fbem-29338	182	10	uncertainty	uncertainty	NOUN
fbem-29338	182	11	on	on	ADP
fbem-29338	182	12	china	china	PROPN
fbem-29338	182	13	's	's	PART
fbem-29338	182	14	financial	financial	ADJ
fbem-29338	182	15	instability	instability	NOUN
fbem-29338	182	16	.	.	PUNCT
fbem-29338	183	1	financial	financial	ADJ
fbem-29338	183	2	development	development	PROPN
fbem-29338	183	3	,	,	PUNCT
fbem-29338	183	4	01	01	NUM
fbem-29338	183	5	,	,	PUNCT
fbem-29338	183	6	1–10	1–10	NOUN
fbem-29338	183	7	.	.	PUNCT
fbem-29338	184	1	[	[	X
fbem-29338	184	2	4	4	NUM
fbem-29338	184	3	]	]	X
fbem-29338	184	4	liu	liu	PROPN
fbem-29338	184	5	,	,	PUNCT
fbem-29338	184	6	q.	q.	PROPN
fbem-29338	184	7	,	,	PUNCT
fbem-29338	184	8	&	&	CCONJ
fbem-29338	184	9	tao	tao	PROPN
fbem-29338	184	10	,	,	PUNCT
fbem-29338	184	11	s.	s.	PROPN
fbem-29338	184	12	(	(	PUNCT
fbem-29338	184	13	2022	2022	NUM
fbem-29338	184	14	)	)	PUNCT
fbem-29338	184	15	.	.	PUNCT
fbem-29338	185	1	external	external	ADJ
fbem-29338	185	2	economic	economic	ADJ
fbem-29338	185	3	policy	policy	NOUN
fbem-29338	185	4	uncertainty	uncertainty	NOUN
fbem-29338	185	5	and	and	CCONJ
fbem-29338	185	6	rmb	rmb	PROPN
fbem-29338	185	7	exchange	exchange	NOUN
fbem-29338	185	8	rate	rate	NOUN
fbem-29338	185	9	stability	stability	NOUN
fbem-29338	185	10	.	.	PUNCT
fbem-29338	186	1	statistics	statistic	NOUN
fbem-29338	186	2	and	and	CCONJ
fbem-29338	186	3	decision	decision	NOUN
fbem-29338	186	4	,	,	PUNCT
fbem-29338	186	5	14	14	NUM
fbem-29338	186	6	,	,	PUNCT
fbem-29338	186	7	143–147	143–147	NUM
fbem-29338	186	8	.	.	PUNCT
fbem-29338	187	1	[	[	X
fbem-29338	187	2	5	5	NUM
fbem-29338	187	3	]	]	SYM
fbem-29338	187	4	li	li	PROPN
fbem-29338	187	5	,	,	PUNCT
fbem-29338	187	6	z.	z.	PROPN
fbem-29338	187	7	,	,	PUNCT
fbem-29338	187	8	&	&	CCONJ
fbem-29338	187	9	chen	chen	PROPN
fbem-29338	187	10	,	,	PUNCT
fbem-29338	187	11	x.	x.	PROPN
fbem-29338	187	12	(	(	PUNCT
fbem-29338	187	13	2023	2023	NUM
fbem-29338	187	14	)	)	PUNCT
fbem-29338	187	15	the	the	DET
fbem-29338	187	16	impact	impact	NOUN
fbem-29338	187	17	of	of	ADP
fbem-29338	187	18	economic	economic	ADJ
fbem-29338	187	19	policy	policy	NOUN
fbem-29338	187	20	uncertainty	uncertainty	NOUN
fbem-29338	187	21	on	on	ADP
fbem-29338	187	22	china	china	PROPN
fbem-29338	187	23	's	's	PART
fbem-29338	187	24	financial	financial	ADJ
fbem-29338	187	25	stability	stability	NOUN
fbem-29338	187	26	-	-	PUNCT
fbem-29338	187	27	empirical	empirical	ADJ
fbem-29338	187	28	analysis	analysis	NOUN
fbem-29338	187	29	based	base	VERB
fbem-29338	187	30	on	on	ADP
fbem-29338	187	31	svar	svar	PROPN
fbem-29338	187	32	model	model	PROPN
fbem-29338	187	33	.	.	PUNCT
fbem-29338	188	1	contemporary	contemporary	ADJ
fbem-29338	188	2	economic	economic	ADJ
fbem-29338	188	3	research	research	NOUN
fbem-29338	188	4	(	(	PUNCT
fbem-29338	188	5	03	03	NUM
fbem-29338	188	6	)	)	PUNCT
fbem-29338	188	7	,	,	PUNCT
fbem-29338	188	8	116–128	116–128	NUM
fbem-29338	188	9	.	.	PUNCT
fbem-29338	189	1	[	[	X
fbem-29338	189	2	6	6	NUM
fbem-29338	189	3	]	]	X
fbem-29338	189	4	lu	lu	PROPN
fbem-29338	189	5	,	,	PUNCT
fbem-29338	189	6	y.	y.	PROPN
fbem-29338	189	7	,	,	PUNCT
fbem-29338	189	8	&	&	CCONJ
fbem-29338	189	9	qin	qin	PROPN
fbem-29338	189	10	,	,	PUNCT
fbem-29338	189	11	g.	g.	PROPN
fbem-29338	189	12	(	(	PUNCT
fbem-29338	189	13	2013	2013	NUM
fbem-29338	189	14	)	)	PUNCT
fbem-29338	189	15	.	.	PUNCT
fbem-29338	189	16	research	research	NOUN
fbem-29338	189	17	on	on	ADP
fbem-29338	189	18	the	the	DET
fbem-29338	189	19	asymmetric	asymmetric	ADJ
fbem-29338	189	20	impact	impact	NOUN
fbem-29338	189	21	of	of	ADP
fbem-29338	189	22	us	us	PROPN
fbem-29338	189	23	economic	economic	ADJ
fbem-29338	189	24	policy	policy	NOUN
fbem-29338	189	25	uncertainty	uncertainty	NOUN
fbem-29338	189	26	on	on	ADP
fbem-29338	189	27	the	the	DET
fbem-29338	189	28	rmb	rmb	ADJ
fbem-29338	189	29	foreign	foreign	ADJ
fbem-29338	189	30	exchange	exchange	NOUN
fbem-29338	189	31	market	market	NOUN
fbem-29338	189	32	pressure	pressure	NOUN
fbem-29338	189	33	.	.	PUNCT
fbem-29338	190	1	financial	financial	ADJ
fbem-29338	190	2	development	development	PROPN
fbem-29338	190	3	research	research	NOUN
fbem-29338	190	4	,	,	PUNCT
fbem-29338	190	5	06	06	NUM
fbem-29338	190	6	,	,	PUNCT
fbem-29338	190	7	13–24	13–24	NUM
fbem-29338	190	8	.	.	PUNCT
fbem-29338	191	1	[	[	X
fbem-29338	191	2	7	7	NUM
fbem-29338	191	3	]	]	X
fbem-29338	191	4	chen	chen	PROPN
fbem-29338	191	5	,	,	PUNCT
fbem-29338	191	6	t.	t.	PROPN
fbem-29338	191	7	,	,	PUNCT
fbem-29338	191	8	&	&	CCONJ
fbem-29338	191	9	zhang	zhang	PROPN
fbem-29338	191	10	,	,	PUNCT
fbem-29338	191	11	x.	x.	PROPN
fbem-29338	191	12	(	(	PUNCT
fbem-29338	191	13	2024	2024	NUM
fbem-29338	191	14	)	)	PUNCT
fbem-29338	191	15	.	.	PUNCT
fbem-29338	192	1	research	research	NOUN
fbem-29338	192	2	on	on	ADP
fbem-29338	192	3	the	the	DET
fbem-29338	192	4	impact	impact	NOUN
fbem-29338	192	5	of	of	ADP
fbem-29338	192	6	sinous	sinous	ADJ
fbem-29338	192	7	economic	economic	ADJ
fbem-29338	192	8	policy	policy	NOUN
fbem-29338	192	9	uncertainty	uncertainty	NOUN
fbem-29338	192	10	on	on	ADP
fbem-29338	192	11	the	the	DET
fbem-29338	192	12	rmb	rmb	PROPN
fbem-29338	192	13	exchange	exchange	NOUN
fbem-29338	192	14	rate	rate	NOUN
fbem-29338	192	15	.	.	PUNCT
fbem-29338	193	1	china	china	PROPN
fbem-29338	193	2	commentary	commentary	PROPN
fbem-29338	193	3	,	,	PUNCT
fbem-29338	193	4	04	04	NUM
fbem-29338	193	5	,	,	PUNCT
fbem-29338	193	6	105–108	105–108	NUM
fbem-29338	193	7	.	.	PUNCT
fbem-29338	194	1	[	[	X
fbem-29338	194	2	8	8	NUM
fbem-29338	194	3	]	]	SYM
fbem-29338	194	4	yang	yang	PROPN
fbem-29338	194	5	,	,	PUNCT
fbem-29338	194	6	j.	j.	PROPN
fbem-29338	194	7	,	,	PUNCT
fbem-29338	194	8	&	&	CCONJ
fbem-29338	194	9	qiu	qiu	PROPN
fbem-29338	194	10	,	,	PUNCT
fbem-29338	194	11	y.	y.	PROPN
fbem-29338	194	12	(	(	PUNCT
fbem-29338	194	13	2024	2024	NUM
fbem-29338	194	14	)	)	PUNCT
fbem-29338	194	15	.	.	PUNCT
fbem-29338	195	1	the	the	DET
fbem-29338	195	2	impact	impact	NOUN
fbem-29338	195	3	of	of	ADP
fbem-29338	195	4	global	global	ADJ
fbem-29338	195	5	economic	economic	ADJ
fbem-29338	195	6	policy	policy	NOUN
fbem-29338	195	7	uncertainty	uncertainty	NOUN
fbem-29338	195	8	on	on	ADP
fbem-29338	195	9	abnormal	abnormal	ADJ
fbem-29338	195	10	international	international	ADJ
fbem-29338	195	11	capital	capital	NOUN
fbem-29338	195	12	flows	flow	NOUN
fbem-29338	195	13	.	.	PUNCT
fbem-29338	196	1	western	western	ADJ
fbem-29338	196	2	forum	forum	PROPN
fbem-29338	196	3	,	,	PUNCT
fbem-29338	196	4	03	03	NUM
fbem-29338	196	5	,	,	PUNCT
fbem-29338	196	6	9–23	9–23	NOUN
fbem-29338	196	7	.	.	PUNCT