id sid tid token lemma pos cord-265023-lq5259yr 1 1 key key JJ cord-265023-lq5259yr 2 1 : : : cord-265023-lq5259yr 2 2 cord-265023-lq5259yr cord-265023-lq5259yr CD cord-265023-lq5259yr 2 3 authors author NNS cord-265023-lq5259yr 2 4 : : : cord-265023-lq5259yr 3 1 Venter Venter NNP cord-265023-lq5259yr 3 2 , , , cord-265023-lq5259yr 3 3 Zoë Zoë NNP cord-265023-lq5259yr 3 4 title title NN cord-265023-lq5259yr 3 5 : : : cord-265023-lq5259yr 3 6 The the DT cord-265023-lq5259yr 3 7 Interaction Interaction NNP cord-265023-lq5259yr 3 8 Between between IN cord-265023-lq5259yr 3 9 Conventional Conventional NNP cord-265023-lq5259yr 3 10 Monetary Monetary NNP cord-265023-lq5259yr 3 11 Policy Policy NNP cord-265023-lq5259yr 3 12 and and CC cord-265023-lq5259yr 3 13 Financial Financial NNP cord-265023-lq5259yr 3 14 Stability Stability NNP cord-265023-lq5259yr 3 15 : : : cord-265023-lq5259yr 3 16 Chile Chile NNP cord-265023-lq5259yr 3 17 , , , cord-265023-lq5259yr 3 18 Colombia Colombia NNP cord-265023-lq5259yr 3 19 , , , cord-265023-lq5259yr 3 20 Japan Japan NNP cord-265023-lq5259yr 3 21 , , , cord-265023-lq5259yr 3 22 Portugal Portugal NNP cord-265023-lq5259yr 3 23 and and CC cord-265023-lq5259yr 3 24 the the DT cord-265023-lq5259yr 3 25 UK UK NNP cord-265023-lq5259yr 3 26 date date NN cord-265023-lq5259yr 3 27 : : : cord-265023-lq5259yr 3 28 2020 2020 CD cord-265023-lq5259yr 3 29 - - HYPH cord-265023-lq5259yr 3 30 08 08 CD cord-265023-lq5259yr 3 31 - - HYPH cord-265023-lq5259yr 3 32 03 03 CD cord-265023-lq5259yr 3 33 journal journal NN cord-265023-lq5259yr 3 34 : : : cord-265023-lq5259yr 3 35 Comp Comp NNP cord-265023-lq5259yr 3 36 Econ Econ NNP cord-265023-lq5259yr 3 37 Stud Stud NNP cord-265023-lq5259yr 3 38 DOI doi NN cord-265023-lq5259yr 3 39 : : : cord-265023-lq5259yr 4 1 10.1057 10.1057 CD cord-265023-lq5259yr 4 2 / / SYM cord-265023-lq5259yr 4 3 s41294 s41294 CD cord-265023-lq5259yr 4 4 - - HYPH cord-265023-lq5259yr 4 5 020 020 CD cord-265023-lq5259yr 4 6 - - HYPH cord-265023-lq5259yr 4 7 00129-w 00129-w CD cord-265023-lq5259yr 4 8 sha sha NNP cord-265023-lq5259yr 4 9 : : : cord-265023-lq5259yr 5 1 ef1127ab9243a58bad4a0039cbb2a63a285e3a0c ef1127ab9243a58bad4a0039cbb2a63a285e3a0c UH cord-265023-lq5259yr 5 2 doc_id doc_id CD cord-265023-lq5259yr 6 1 : : : cord-265023-lq5259yr 6 2 265023 265023 CD cord-265023-lq5259yr 6 3 cord_uid cord_uid NNS cord-265023-lq5259yr 6 4 : : : cord-265023-lq5259yr 6 5 lq5259yr lq5259yr NNP cord-265023-lq5259yr 7 1 The the DT cord-265023-lq5259yr 7 2 relationship relationship NN cord-265023-lq5259yr 7 3 between between IN cord-265023-lq5259yr 7 4 monetary monetary JJ cord-265023-lq5259yr 7 5 policy policy NN cord-265023-lq5259yr 7 6 and and CC cord-265023-lq5259yr 7 7 financial financial JJ cord-265023-lq5259yr 7 8 stability stability NN cord-265023-lq5259yr 7 9 has have VBZ cord-265023-lq5259yr 7 10 gained gain VBN cord-265023-lq5259yr 7 11 importance importance NN cord-265023-lq5259yr 7 12 in in IN cord-265023-lq5259yr 7 13 recent recent JJ cord-265023-lq5259yr 7 14 years year NNS cord-265023-lq5259yr 7 15 as as IN cord-265023-lq5259yr 7 16 Central Central NNP cord-265023-lq5259yr 7 17 Bank Bank NNP cord-265023-lq5259yr 7 18 policy policy NN cord-265023-lq5259yr 7 19 rates rate NNS cord-265023-lq5259yr 7 20 neared near VBD cord-265023-lq5259yr 7 21 the the DT cord-265023-lq5259yr 7 22 zero zero CD cord-265023-lq5259yr 7 23 - - HYPH cord-265023-lq5259yr 7 24 lower lower NN cord-265023-lq5259yr 7 25 bound bind VBN cord-265023-lq5259yr 7 26 . . . cord-265023-lq5259yr 8 1 We -PRON- PRP cord-265023-lq5259yr 8 2 use use VBP cord-265023-lq5259yr 8 3 an an DT cord-265023-lq5259yr 8 4 SVAR SVAR NNP cord-265023-lq5259yr 8 5 model model NN cord-265023-lq5259yr 8 6 to to TO cord-265023-lq5259yr 8 7 study study VB cord-265023-lq5259yr 8 8 the the DT cord-265023-lq5259yr 8 9 impact impact NN cord-265023-lq5259yr 8 10 of of IN cord-265023-lq5259yr 8 11 monetary monetary JJ cord-265023-lq5259yr 8 12 policy policy NN cord-265023-lq5259yr 8 13 shocks shock NNS cord-265023-lq5259yr 8 14 on on IN cord-265023-lq5259yr 8 15 three three CD cord-265023-lq5259yr 8 16 proxies proxy NNS cord-265023-lq5259yr 8 17 for for IN cord-265023-lq5259yr 8 18 financial financial JJ cord-265023-lq5259yr 8 19 stability stability NN cord-265023-lq5259yr 8 20 as as RB cord-265023-lq5259yr 8 21 well well RB cord-265023-lq5259yr 8 22 as as IN cord-265023-lq5259yr 8 23 a a DT cord-265023-lq5259yr 8 24 proxy proxy NN cord-265023-lq5259yr 8 25 for for IN cord-265023-lq5259yr 8 26 economic economic JJ cord-265023-lq5259yr 8 27 growth growth NN cord-265023-lq5259yr 8 28 . . . cord-265023-lq5259yr 9 1 Monetary monetary JJ cord-265023-lq5259yr 9 2 policy policy NN cord-265023-lq5259yr 9 3 is be VBZ cord-265023-lq5259yr 9 4 represented represent VBN cord-265023-lq5259yr 9 5 by by IN cord-265023-lq5259yr 9 6 policy policy NN cord-265023-lq5259yr 9 7 rates rate NNS cord-265023-lq5259yr 9 8 for for IN cord-265023-lq5259yr 9 9 the the DT cord-265023-lq5259yr 9 10 emerging emerge VBG cord-265023-lq5259yr 9 11 market market NN cord-265023-lq5259yr 9 12 economies economy NNS cord-265023-lq5259yr 9 13 and and CC cord-265023-lq5259yr 9 14 shadow shadow NN cord-265023-lq5259yr 9 15 rates rate NNS cord-265023-lq5259yr 9 16 for for IN cord-265023-lq5259yr 9 17 the the DT cord-265023-lq5259yr 9 18 advanced advanced JJ cord-265023-lq5259yr 9 19 economies economy NNS cord-265023-lq5259yr 9 20 in in IN cord-265023-lq5259yr 9 21 our -PRON- PRP$ cord-265023-lq5259yr 9 22 paper paper NN cord-265023-lq5259yr 9 23 . . . cord-265023-lq5259yr 10 1 Our -PRON- PRP$ cord-265023-lq5259yr 10 2 main main JJ cord-265023-lq5259yr 10 3 results result NNS cord-265023-lq5259yr 10 4 show show VBP cord-265023-lq5259yr 10 5 that that IN cord-265023-lq5259yr 10 6 monetary monetary JJ cord-265023-lq5259yr 10 7 policy policy NN cord-265023-lq5259yr 10 8 may may MD cord-265023-lq5259yr 10 9 be be VB cord-265023-lq5259yr 10 10 used use VBN cord-265023-lq5259yr 10 11 to to TO cord-265023-lq5259yr 10 12 correct correct VB cord-265023-lq5259yr 10 13 asset asset NN cord-265023-lq5259yr 10 14 mispricing mispricing NN cord-265023-lq5259yr 10 15 , , , cord-265023-lq5259yr 10 16 to to TO cord-265023-lq5259yr 10 17 control control VB cord-265023-lq5259yr 10 18 fluctuations fluctuation NNS cord-265023-lq5259yr 10 19 in in IN cord-265023-lq5259yr 10 20 the the DT cord-265023-lq5259yr 10 21 real real JJ cord-265023-lq5259yr 10 22 business business NN cord-265023-lq5259yr 10 23 cycle cycle NN cord-265023-lq5259yr 10 24 and and CC cord-265023-lq5259yr 10 25 also also RB cord-265023-lq5259yr 10 26 to to TO cord-265023-lq5259yr 10 27 tame tame VB cord-265023-lq5259yr 10 28 credit credit NN cord-265023-lq5259yr 10 29 cycles cycle NNS cord-265023-lq5259yr 10 30 in in IN cord-265023-lq5259yr 10 31 the the DT cord-265023-lq5259yr 10 32 majority majority NN cord-265023-lq5259yr 10 33 of of IN cord-265023-lq5259yr 10 34 cases case NNS cord-265023-lq5259yr 10 35 . . . cord-265023-lq5259yr 11 1 Our -PRON- PRP$ cord-265023-lq5259yr 11 2 results result NNS cord-265023-lq5259yr 11 3 also also RB cord-265023-lq5259yr 11 4 show show VBP cord-265023-lq5259yr 11 5 that that IN cord-265023-lq5259yr 11 6 for for IN cord-265023-lq5259yr 11 7 the the DT cord-265023-lq5259yr 11 8 majority majority NN cord-265023-lq5259yr 11 9 of of IN cord-265023-lq5259yr 11 10 cases case NNS cord-265023-lq5259yr 11 11 , , , cord-265023-lq5259yr 11 12 in in IN cord-265023-lq5259yr 11 13 line line NN cord-265023-lq5259yr 11 14 with with IN cord-265023-lq5259yr 11 15 conventional conventional JJ cord-265023-lq5259yr 11 16 wisdom wisdom NN cord-265023-lq5259yr 11 17 , , , cord-265023-lq5259yr 11 18 local local JJ cord-265023-lq5259yr 11 19 currencies currency NNS cord-265023-lq5259yr 11 20 appreciate appreciate VBP cord-265023-lq5259yr 11 21 following follow VBG cord-265023-lq5259yr 11 22 a a DT cord-265023-lq5259yr 11 23 positive positive JJ cord-265023-lq5259yr 11 24 monetary monetary JJ cord-265023-lq5259yr 11 25 policy policy NN cord-265023-lq5259yr 11 26 shock shock NN cord-265023-lq5259yr 11 27 . . . cord-265023-lq5259yr 12 1 Monetary monetary JJ cord-265023-lq5259yr 12 2 policy policy NN cord-265023-lq5259yr 12 3 intervention intervention NN cord-265023-lq5259yr 12 4 may may MD cord-265023-lq5259yr 12 5 indeed indeed RB cord-265023-lq5259yr 12 6 be be VB cord-265023-lq5259yr 12 7 successful successful JJ cord-265023-lq5259yr 12 8 in in IN cord-265023-lq5259yr 12 9 contributing contribute VBG cord-265023-lq5259yr 12 10 to to IN cord-265023-lq5259yr 12 11 or or CC cord-265023-lq5259yr 12 12 achieving achieve VBG cord-265023-lq5259yr 12 13 financial financial JJ cord-265023-lq5259yr 12 14 stability stability NN cord-265023-lq5259yr 12 15 . . . cord-265023-lq5259yr 13 1 The the DT cord-265023-lq5259yr 13 2 results result NNS cord-265023-lq5259yr 13 3 , , , cord-265023-lq5259yr 13 4 however however RB cord-265023-lq5259yr 13 5 , , , cord-265023-lq5259yr 13 6 show show VBP cord-265023-lq5259yr 13 7 that that IN cord-265023-lq5259yr 13 8 monetary monetary JJ cord-265023-lq5259yr 13 9 policy policy NN cord-265023-lq5259yr 13 10 may may MD cord-265023-lq5259yr 13 11 not not RB cord-265023-lq5259yr 13 12 have have VB cord-265023-lq5259yr 13 13 the the DT cord-265023-lq5259yr 13 14 ability ability NN cord-265023-lq5259yr 13 15 to to TO cord-265023-lq5259yr 13 16 maintain maintain VB cord-265023-lq5259yr 13 17 or or CC cord-265023-lq5259yr 13 18 re re VB cord-265023-lq5259yr 13 19 - - VB cord-265023-lq5259yr 13 20 establish establish VB cord-265023-lq5259yr 13 21 financial financial JJ cord-265023-lq5259yr 13 22 stability stability NN cord-265023-lq5259yr 13 23 in in IN cord-265023-lq5259yr 13 24 all all DT cord-265023-lq5259yr 13 25 cases case NNS cord-265023-lq5259yr 13 26 . . . cord-265023-lq5259yr 14 1 Alternative alternative JJ cord-265023-lq5259yr 14 2 policy policy NN cord-265023-lq5259yr 14 3 choices choice NNS cord-265023-lq5259yr 14 4 such such JJ cord-265023-lq5259yr 14 5 as as IN cord-265023-lq5259yr 14 6 macroprudential macroprudential JJ cord-265023-lq5259yr 14 7 policy policy NN cord-265023-lq5259yr 14 8 tool tool NN cord-265023-lq5259yr 14 9 frameworks framework NNS cord-265023-lq5259yr 14 10 which which WDT cord-265023-lq5259yr 14 11 are be VBP cord-265023-lq5259yr 14 12 aimed aim VBN cord-265023-lq5259yr 14 13 at at IN cord-265023-lq5259yr 14 14 targeting target VBG cord-265023-lq5259yr 14 15 the the DT cord-265023-lq5259yr 14 16 financial financial JJ cord-265023-lq5259yr 14 17 system system NN cord-265023-lq5259yr 14 18 as as IN cord-265023-lq5259yr 14 19 a a DT cord-265023-lq5259yr 14 20 whole whole NN cord-265023-lq5259yr 14 21 may may MD cord-265023-lq5259yr 14 22 be be VB cord-265023-lq5259yr 14 23 implemented implement VBN cord-265023-lq5259yr 14 24 as as IN cord-265023-lq5259yr 14 25 a a DT cord-265023-lq5259yr 14 26 means means NN cord-265023-lq5259yr 14 27 of of IN cord-265023-lq5259yr 14 28 fortifying fortify VBG cord-265023-lq5259yr 14 29 the the DT cord-265023-lq5259yr 14 30 economy economy NN cord-265023-lq5259yr 14 31 . . . cord-265023-lq5259yr 15 1 The the DT cord-265023-lq5259yr 15 2 relationship relationship NN cord-265023-lq5259yr 15 3 between between IN cord-265023-lq5259yr 15 4 monetary monetary JJ cord-265023-lq5259yr 15 5 policy policy NN cord-265023-lq5259yr 15 6 and and CC cord-265023-lq5259yr 15 7 financial financial JJ cord-265023-lq5259yr 15 8 stability stability NN cord-265023-lq5259yr 15 9 became become VBD cord-265023-lq5259yr 15 10 an an DT cord-265023-lq5259yr 15 11 important important JJ cord-265023-lq5259yr 15 12 topic topic NN cord-265023-lq5259yr 15 13 in in IN cord-265023-lq5259yr 15 14 the the DT cord-265023-lq5259yr 15 15 aftermath aftermath NN cord-265023-lq5259yr 15 16 of of IN cord-265023-lq5259yr 15 17 the the DT cord-265023-lq5259yr 15 18 2008 2008 CD cord-265023-lq5259yr 15 19 - - SYM cord-265023-lq5259yr 15 20 2009 2009 CD cord-265023-lq5259yr 15 21 global global JJ cord-265023-lq5259yr 15 22 financial financial JJ cord-265023-lq5259yr 15 23 crisis crisis NN cord-265023-lq5259yr 15 24 ( ( -LRB- cord-265023-lq5259yr 15 25 GFC GFC NNP cord-265023-lq5259yr 15 26 ) ) -RRB- cord-265023-lq5259yr 15 27 as as IN cord-265023-lq5259yr 15 28 Central Central NNP cord-265023-lq5259yr 15 29 Banks Banks NNPS cord-265023-lq5259yr 15 30 lowered lower VBD cord-265023-lq5259yr 15 31 their -PRON- PRP$ cord-265023-lq5259yr 15 32 policy policy NN cord-265023-lq5259yr 15 33 rates rate NNS cord-265023-lq5259yr 15 34 in in IN cord-265023-lq5259yr 15 35 an an DT cord-265023-lq5259yr 15 36 effort effort NN cord-265023-lq5259yr 15 37 to to TO cord-265023-lq5259yr 15 38 revive revive VB cord-265023-lq5259yr 15 39 the the DT cord-265023-lq5259yr 15 40 economy economy NN cord-265023-lq5259yr 15 41 and and CC cord-265023-lq5259yr 15 42 the the DT cord-265023-lq5259yr 15 43 zerolower zerolower NN cord-265023-lq5259yr 15 44 bound bind VBN cord-265023-lq5259yr 15 45 loomed loom VBD cord-265023-lq5259yr 15 46 . . . cord-265023-lq5259yr 16 1 1 1 LS cord-265023-lq5259yr 17 1 Traditionally traditionally RB cord-265023-lq5259yr 17 2 , , , cord-265023-lq5259yr 17 3 price price NN cord-265023-lq5259yr 17 4 stability stability NN cord-265023-lq5259yr 17 5 has have VBZ cord-265023-lq5259yr 17 6 been be VBN cord-265023-lq5259yr 17 7 the the DT cord-265023-lq5259yr 17 8 main main JJ cord-265023-lq5259yr 17 9 objective objective NN cord-265023-lq5259yr 17 10 of of IN cord-265023-lq5259yr 17 11 Central Central NNP cord-265023-lq5259yr 17 12 Banks Banks NNPS cord-265023-lq5259yr 17 13 and and CC cord-265023-lq5259yr 17 14 therefore therefore RB cord-265023-lq5259yr 17 15 of of IN cord-265023-lq5259yr 17 16 monetary monetary JJ cord-265023-lq5259yr 17 17 policy policy NN cord-265023-lq5259yr 17 18 . . . cord-265023-lq5259yr 18 1 However however RB cord-265023-lq5259yr 18 2 , , , cord-265023-lq5259yr 18 3 the the DT cord-265023-lq5259yr 18 4 crisis crisis NN cord-265023-lq5259yr 18 5 emphasized emphasize VBD cord-265023-lq5259yr 18 6 the the DT cord-265023-lq5259yr 18 7 need need NN cord-265023-lq5259yr 18 8 to to TO cord-265023-lq5259yr 18 9 implement implement VB cord-265023-lq5259yr 18 10 alternative alternative JJ cord-265023-lq5259yr 18 11 measures measure NNS cord-265023-lq5259yr 18 12 and and CC cord-265023-lq5259yr 18 13 to to TO cord-265023-lq5259yr 18 14 expand expand VB cord-265023-lq5259yr 18 15 the the DT cord-265023-lq5259yr 18 16 scope scope NN cord-265023-lq5259yr 18 17 of of IN cord-265023-lq5259yr 18 18 monetary monetary JJ cord-265023-lq5259yr 18 19 policy policy NN cord-265023-lq5259yr 18 20 to to TO cord-265023-lq5259yr 18 21 include include VB cord-265023-lq5259yr 18 22 a a DT cord-265023-lq5259yr 18 23 focus focus NN cord-265023-lq5259yr 18 24 on on IN cord-265023-lq5259yr 18 25 the the DT cord-265023-lq5259yr 18 26 maintenance maintenance NN cord-265023-lq5259yr 18 27 of of IN cord-265023-lq5259yr 18 28 financial financial JJ cord-265023-lq5259yr 18 29 stability stability NN cord-265023-lq5259yr 18 30 while while IN cord-265023-lq5259yr 18 31 maintaining maintain VBG cord-265023-lq5259yr 18 32 the the DT cord-265023-lq5259yr 18 33 primary primary JJ cord-265023-lq5259yr 18 34 objective objective NN cord-265023-lq5259yr 18 35 of of IN cord-265023-lq5259yr 18 36 achieving achieve VBG cord-265023-lq5259yr 18 37 price price NN cord-265023-lq5259yr 18 38 stability stability NN cord-265023-lq5259yr 18 39 . . . cord-265023-lq5259yr 19 1 Kryvstov Kryvstov NNP cord-265023-lq5259yr 19 2 et et NNP cord-265023-lq5259yr 19 3 al al NNP cord-265023-lq5259yr 19 4 . . . cord-265023-lq5259yr 20 1 ( ( -LRB- cord-265023-lq5259yr 20 2 2015 2015 CD cord-265023-lq5259yr 20 3 ) ) -RRB- cord-265023-lq5259yr 20 4 discuss discuss VB cord-265023-lq5259yr 20 5 the the DT cord-265023-lq5259yr 20 6 relationship relationship NN cord-265023-lq5259yr 20 7 between between IN cord-265023-lq5259yr 20 8 financial financial JJ cord-265023-lq5259yr 20 9 and and CC cord-265023-lq5259yr 20 10 macroeconomic macroeconomic JJ cord-265023-lq5259yr 20 11 conditions condition NNS cord-265023-lq5259yr 20 12 . . . cord-265023-lq5259yr 21 1 They -PRON- PRP cord-265023-lq5259yr 21 2 note note VBP cord-265023-lq5259yr 21 3 that that IN cord-265023-lq5259yr 21 4 financial financial JJ cord-265023-lq5259yr 21 5 stability stability NN cord-265023-lq5259yr 21 6 conditions condition NNS cord-265023-lq5259yr 21 7 are be VBP cord-265023-lq5259yr 21 8 an an DT cord-265023-lq5259yr 21 9 important important JJ cord-265023-lq5259yr 21 10 part part NN cord-265023-lq5259yr 21 11 of of IN cord-265023-lq5259yr 21 12 monetary monetary JJ cord-265023-lq5259yr 21 13 policy policy NN cord-265023-lq5259yr 21 14 implementation implementation NN cord-265023-lq5259yr 21 15 as as IN cord-265023-lq5259yr 21 16 financial financial JJ cord-265023-lq5259yr 21 17 stability stability NN cord-265023-lq5259yr 21 18 is be VBZ cord-265023-lq5259yr 21 19 a a DT cord-265023-lq5259yr 21 20 precondition precondition NN cord-265023-lq5259yr 21 21 for for IN cord-265023-lq5259yr 21 22 a a DT cord-265023-lq5259yr 21 23 well well RB cord-265023-lq5259yr 21 24 - - HYPH cord-265023-lq5259yr 21 25 functioning function VBG cord-265023-lq5259yr 21 26 financial financial JJ cord-265023-lq5259yr 21 27 system system NN cord-265023-lq5259yr 21 28 . . . cord-265023-lq5259yr 22 1 The the DT cord-265023-lq5259yr 22 2 purpose purpose NN cord-265023-lq5259yr 22 3 of of IN cord-265023-lq5259yr 22 4 this this DT cord-265023-lq5259yr 22 5 paper paper NN cord-265023-lq5259yr 22 6 is be VBZ cord-265023-lq5259yr 22 7 to to TO cord-265023-lq5259yr 22 8 study study VB cord-265023-lq5259yr 22 9 the the DT cord-265023-lq5259yr 22 10 impact impact NN cord-265023-lq5259yr 22 11 of of IN cord-265023-lq5259yr 22 12 monetary monetary JJ cord-265023-lq5259yr 22 13 policy policy NN cord-265023-lq5259yr 22 14 shocks shock NNS cord-265023-lq5259yr 22 15 on on IN cord-265023-lq5259yr 22 16 financial financial JJ cord-265023-lq5259yr 22 17 stability stability NN cord-265023-lq5259yr 22 18 for for IN cord-265023-lq5259yr 22 19 the the DT cord-265023-lq5259yr 22 20 cases case NNS cord-265023-lq5259yr 22 21 of of IN cord-265023-lq5259yr 22 22 Chile Chile NNP cord-265023-lq5259yr 22 23 , , , cord-265023-lq5259yr 22 24 Colombia Colombia NNP cord-265023-lq5259yr 22 25 , , , cord-265023-lq5259yr 22 26 Japan Japan NNP cord-265023-lq5259yr 22 27 , , , cord-265023-lq5259yr 22 28 Portugal Portugal NNP cord-265023-lq5259yr 22 29 and and CC cord-265023-lq5259yr 22 30 the the DT cord-265023-lq5259yr 22 31 UK UK NNP cord-265023-lq5259yr 22 32 . . . cord-265023-lq5259yr 23 1 Monetary monetary JJ cord-265023-lq5259yr 23 2 policy policy NN cord-265023-lq5259yr 23 3 influences influence VBZ cord-265023-lq5259yr 23 4 the the DT cord-265023-lq5259yr 23 5 amount amount NN cord-265023-lq5259yr 23 6 of of IN cord-265023-lq5259yr 23 7 money money NN cord-265023-lq5259yr 23 8 in in IN cord-265023-lq5259yr 23 9 circulation circulation NN cord-265023-lq5259yr 23 10 in in IN cord-265023-lq5259yr 23 11 the the DT cord-265023-lq5259yr 23 12 economy economy NN cord-265023-lq5259yr 23 13 as as RB cord-265023-lq5259yr 23 14 well well RB cord-265023-lq5259yr 23 15 as as IN cord-265023-lq5259yr 23 16 the the DT cord-265023-lq5259yr 23 17 borrowing borrowing NN cord-265023-lq5259yr 23 18 cost cost NN cord-265023-lq5259yr 23 19 of of IN cord-265023-lq5259yr 23 20 money money NN cord-265023-lq5259yr 23 21 . . . cord-265023-lq5259yr 24 1 The the DT cord-265023-lq5259yr 24 2 countries country NNS cord-265023-lq5259yr 24 3 chosen choose VBN cord-265023-lq5259yr 24 4 have have VBP cord-265023-lq5259yr 24 5 autonomous autonomous JJ cord-265023-lq5259yr 24 6 , , , cord-265023-lq5259yr 24 7 inflation inflation NN cord-265023-lq5259yr 24 8 - - HYPH cord-265023-lq5259yr 24 9 targeting target VBG cord-265023-lq5259yr 24 10 Central Central NNP cord-265023-lq5259yr 24 11 Banks Banks NNPS cord-265023-lq5259yr 24 12 , , , cord-265023-lq5259yr 24 13 which which WDT cord-265023-lq5259yr 24 14 provides provide VBZ cord-265023-lq5259yr 24 15 the the DT cord-265023-lq5259yr 24 16 opportunity opportunity NN cord-265023-lq5259yr 24 17 for for IN cord-265023-lq5259yr 24 18 more more JJR cord-265023-lq5259yr 24 19 independent independent JJ cord-265023-lq5259yr 24 20 monetary monetary JJ cord-265023-lq5259yr 24 21 policy policy NN cord-265023-lq5259yr 24 22 decisions decision NNS cord-265023-lq5259yr 24 23 . . . cord-265023-lq5259yr 25 1 In in IN cord-265023-lq5259yr 25 2 the the DT cord-265023-lq5259yr 25 3 case case NN cord-265023-lq5259yr 25 4 of of IN cord-265023-lq5259yr 25 5 Colombia Colombia NNP cord-265023-lq5259yr 25 6 and and CC cord-265023-lq5259yr 25 7 Chile Chile NNP cord-265023-lq5259yr 25 8 , , , cord-265023-lq5259yr 25 9 this this DT cord-265023-lq5259yr 25 10 combined combine VBN cord-265023-lq5259yr 25 11 with with IN cord-265023-lq5259yr 25 12 a a DT cord-265023-lq5259yr 25 13 lack lack NN cord-265023-lq5259yr 25 14 of of IN cord-265023-lq5259yr 25 15 empirical empirical JJ cord-265023-lq5259yr 25 16 studies study NNS cord-265023-lq5259yr 25 17 due due JJ cord-265023-lq5259yr 25 18 to to IN cord-265023-lq5259yr 25 19 limited limited JJ cord-265023-lq5259yr 25 20 data datum NNS cord-265023-lq5259yr 25 21 availability availability NN cord-265023-lq5259yr 25 22 makes make VBZ cord-265023-lq5259yr 25 23 for for IN cord-265023-lq5259yr 25 24 an an DT cord-265023-lq5259yr 25 25 interesting interesting JJ cord-265023-lq5259yr 25 26 case case NN cord-265023-lq5259yr 25 27 study study NN cord-265023-lq5259yr 25 28 . . . cord-265023-lq5259yr 26 1 The the DT cord-265023-lq5259yr 26 2 UK UK NNP cord-265023-lq5259yr 26 3 dilemma dilemma NN cord-265023-lq5259yr 26 4 following follow VBG cord-265023-lq5259yr 26 5 a a DT cord-265023-lq5259yr 26 6 tumultuous tumultuous JJ cord-265023-lq5259yr 26 7 period period NN cord-265023-lq5259yr 26 8 of of IN cord-265023-lq5259yr 26 9 Brexit Brexit NNP cord-265023-lq5259yr 26 10 negotiations negotiation NNS cord-265023-lq5259yr 26 11 and and CC cord-265023-lq5259yr 26 12 uncertainty uncertainty NN cord-265023-lq5259yr 26 13 topped top VBD cord-265023-lq5259yr 26 14 off off RP cord-265023-lq5259yr 26 15 by by IN cord-265023-lq5259yr 26 16 growing grow VBG cord-265023-lq5259yr 26 17 economic economic JJ cord-265023-lq5259yr 26 18 and and CC cord-265023-lq5259yr 26 19 social social JJ cord-265023-lq5259yr 26 20 uncertainty uncertainty NN cord-265023-lq5259yr 26 21 and and CC cord-265023-lq5259yr 26 22 loss loss NN cord-265023-lq5259yr 26 23 in in IN cord-265023-lq5259yr 26 24 the the DT cord-265023-lq5259yr 26 25 midst midst NN cord-265023-lq5259yr 26 26 of of IN cord-265023-lq5259yr 26 27 the the DT cord-265023-lq5259yr 26 28 current current JJ cord-265023-lq5259yr 26 29 COVID-19 covid-19 JJ cord-265023-lq5259yr 26 30 pandemic pandemic NN cord-265023-lq5259yr 26 31 and and CC cord-265023-lq5259yr 26 32 Japan Japan NNP cord-265023-lq5259yr 26 33 's 's POS cord-265023-lq5259yr 26 34 unending unending JJ cord-265023-lq5259yr 26 35 battle battle NN cord-265023-lq5259yr 26 36 with with IN cord-265023-lq5259yr 26 37 deflation deflation NN cord-265023-lq5259yr 26 38 and and CC cord-265023-lq5259yr 26 39 sluggish sluggish JJ cord-265023-lq5259yr 26 40 growth growth NN cord-265023-lq5259yr 26 41 justifies justify VBZ cord-265023-lq5259yr 26 42 the the DT cord-265023-lq5259yr 26 43 study study NN cord-265023-lq5259yr 26 44 of of IN cord-265023-lq5259yr 26 45 the the DT cord-265023-lq5259yr 26 46 UK UK NNP cord-265023-lq5259yr 26 47 and and CC cord-265023-lq5259yr 26 48 Japan Japan NNP cord-265023-lq5259yr 26 49 . . . cord-265023-lq5259yr 27 1 Lastly lastly RB cord-265023-lq5259yr 27 2 , , , cord-265023-lq5259yr 27 3 although although IN cord-265023-lq5259yr 27 4 Portuguese portuguese JJ cord-265023-lq5259yr 27 5 monetary monetary JJ cord-265023-lq5259yr 27 6 policy policy NN cord-265023-lq5259yr 27 7 is be VBZ cord-265023-lq5259yr 27 8 determined determine VBN cord-265023-lq5259yr 27 9 by by IN cord-265023-lq5259yr 27 10 the the DT cord-265023-lq5259yr 27 11 objectives objective NNS cord-265023-lq5259yr 27 12 of of IN cord-265023-lq5259yr 27 13 the the DT cord-265023-lq5259yr 27 14 European European NNP cord-265023-lq5259yr 27 15 Central Central NNP cord-265023-lq5259yr 27 16 Bank Bank NNP cord-265023-lq5259yr 27 17 , , , cord-265023-lq5259yr 27 18 the the DT cord-265023-lq5259yr 27 19 effect effect NN cord-265023-lq5259yr 27 20 on on IN cord-265023-lq5259yr 27 21 credit credit NN cord-265023-lq5259yr 27 22 growth growth NN cord-265023-lq5259yr 27 23 in in IN cord-265023-lq5259yr 27 24 Portugal Portugal NNP cord-265023-lq5259yr 27 25 is be VBZ cord-265023-lq5259yr 27 26 noteworthy noteworthy JJ cord-265023-lq5259yr 27 27 considering consider VBG cord-265023-lq5259yr 27 28 Portugal Portugal NNP cord-265023-lq5259yr 27 29 's 's POS cord-265023-lq5259yr 27 30 recent recent JJ cord-265023-lq5259yr 27 31 economic economic JJ cord-265023-lq5259yr 27 32 recovery recovery NN cord-265023-lq5259yr 27 33 following follow VBG cord-265023-lq5259yr 27 34 a a DT cord-265023-lq5259yr 27 35 bailout bailout NN cord-265023-lq5259yr 27 36 from from IN cord-265023-lq5259yr 27 37 the the DT cord-265023-lq5259yr 27 38 troika troika NN cord-265023-lq5259yr 27 39 formed form VBN cord-265023-lq5259yr 27 40 by by IN cord-265023-lq5259yr 27 41 the the DT cord-265023-lq5259yr 27 42 European European NNP cord-265023-lq5259yr 27 43 Commission Commission NNP cord-265023-lq5259yr 27 44 , , , cord-265023-lq5259yr 27 45 European European NNP cord-265023-lq5259yr 27 46 Central Central NNP cord-265023-lq5259yr 27 47 Bank Bank NNP cord-265023-lq5259yr 27 48 and and CC cord-265023-lq5259yr 27 49 the the DT cord-265023-lq5259yr 27 50 International International NNP cord-265023-lq5259yr 27 51 Monetary Monetary NNP cord-265023-lq5259yr 27 52 Fund Fund NNP cord-265023-lq5259yr 27 53 . . . cord-265023-lq5259yr 28 1 The the DT cord-265023-lq5259yr 28 2 potential potential JJ cord-265023-lq5259yr 28 3 impact impact NN cord-265023-lq5259yr 28 4 of of IN cord-265023-lq5259yr 28 5 the the DT cord-265023-lq5259yr 28 6 current current JJ cord-265023-lq5259yr 28 7 global global JJ cord-265023-lq5259yr 28 8 pandemic pandemic NN cord-265023-lq5259yr 28 9 on on IN cord-265023-lq5259yr 28 10 the the DT cord-265023-lq5259yr 28 11 newly newly RB cord-265023-lq5259yr 28 12 recovered recover VBN cord-265023-lq5259yr 28 13 Portuguese portuguese JJ cord-265023-lq5259yr 28 14 economy economy NN cord-265023-lq5259yr 28 15 solidifies solidify VBZ cord-265023-lq5259yr 28 16 the the DT cord-265023-lq5259yr 28 17 need need NN cord-265023-lq5259yr 28 18 to to TO cord-265023-lq5259yr 28 19 study study VB cord-265023-lq5259yr 28 20 the the DT cord-265023-lq5259yr 28 21 case case NN cord-265023-lq5259yr 28 22 of of IN cord-265023-lq5259yr 28 23 Portugal Portugal NNP cord-265023-lq5259yr 28 24 . . . cord-265023-lq5259yr 29 1 The the DT cord-265023-lq5259yr 29 2 five five CD cord-265023-lq5259yr 29 3 countries country NNS cord-265023-lq5259yr 29 4 are be VBP cord-265023-lq5259yr 29 5 looked look VBN cord-265023-lq5259yr 29 6 at at IN cord-265023-lq5259yr 29 7 on on IN cord-265023-lq5259yr 29 8 a a DT cord-265023-lq5259yr 29 9 case case NN cord-265023-lq5259yr 29 10 - - HYPH cord-265023-lq5259yr 29 11 by by IN cord-265023-lq5259yr 29 12 - - HYPH cord-265023-lq5259yr 29 13 case case NN cord-265023-lq5259yr 29 14 basis basis NN cord-265023-lq5259yr 29 15 with with IN cord-265023-lq5259yr 29 16 the the DT cord-265023-lq5259yr 29 17 impact impact NN cord-265023-lq5259yr 29 18 of of IN cord-265023-lq5259yr 29 19 monetary monetary JJ cord-265023-lq5259yr 29 20 policy policy NN cord-265023-lq5259yr 29 21 shocks shock NNS cord-265023-lq5259yr 29 22 on on IN cord-265023-lq5259yr 29 23 financial financial JJ cord-265023-lq5259yr 29 24 stability stability NN cord-265023-lq5259yr 29 25 being be VBG cord-265023-lq5259yr 29 26 studied study VBN cord-265023-lq5259yr 29 27 for for IN cord-265023-lq5259yr 29 28 each each DT cord-265023-lq5259yr 29 29 individual individual JJ cord-265023-lq5259yr 29 30 country country NN cord-265023-lq5259yr 29 31 case case NN cord-265023-lq5259yr 29 32 . . . cord-265023-lq5259yr 30 1 A a DT cord-265023-lq5259yr 30 2 decade decade NN cord-265023-lq5259yr 30 3 after after IN cord-265023-lq5259yr 30 4 the the DT cord-265023-lq5259yr 30 5 GFC GFC NNP cord-265023-lq5259yr 30 6 , , , cord-265023-lq5259yr 30 7 financial financial JJ cord-265023-lq5259yr 30 8 stability stability NN cord-265023-lq5259yr 30 9 and and CC cord-265023-lq5259yr 30 10 the the DT cord-265023-lq5259yr 30 11 effective effective JJ cord-265023-lq5259yr 30 12 implementation implementation NN cord-265023-lq5259yr 30 13 of of IN cord-265023-lq5259yr 30 14 monetary monetary JJ cord-265023-lq5259yr 30 15 policy policy NN cord-265023-lq5259yr 30 16 remains remain VBZ cord-265023-lq5259yr 30 17 a a DT cord-265023-lq5259yr 30 18 priority priority NN cord-265023-lq5259yr 30 19 for for IN cord-265023-lq5259yr 30 20 many many JJ cord-265023-lq5259yr 30 21 Central Central NNP cord-265023-lq5259yr 30 22 Banks Banks NNPS cord-265023-lq5259yr 30 23 . . . cord-265023-lq5259yr 31 1 Studying study VBG cord-265023-lq5259yr 31 2 the the DT cord-265023-lq5259yr 31 3 relationship relationship NN cord-265023-lq5259yr 31 4 between between IN cord-265023-lq5259yr 31 5 monetary monetary JJ cord-265023-lq5259yr 31 6 policy policy NN cord-265023-lq5259yr 31 7 and and CC cord-265023-lq5259yr 31 8 financial financial JJ cord-265023-lq5259yr 31 9 stability stability NN cord-265023-lq5259yr 31 10 , , , cord-265023-lq5259yr 31 11 in in IN cord-265023-lq5259yr 31 12 particular particular JJ cord-265023-lq5259yr 31 13 , , , cord-265023-lq5259yr 31 14 the the DT cord-265023-lq5259yr 31 15 effect effect NN cord-265023-lq5259yr 31 16 on on IN cord-265023-lq5259yr 31 17 different different JJ cord-265023-lq5259yr 31 18 areas area NNS cord-265023-lq5259yr 31 19 of of IN cord-265023-lq5259yr 31 20 potential potential JJ cord-265023-lq5259yr 31 21 vulnerability vulnerability NN cord-265023-lq5259yr 31 22 may may MD cord-265023-lq5259yr 31 23 play play VB cord-265023-lq5259yr 31 24 an an DT cord-265023-lq5259yr 31 25 important important JJ cord-265023-lq5259yr 31 26 role role NN cord-265023-lq5259yr 31 27 in in IN cord-265023-lq5259yr 31 28 future future JJ cord-265023-lq5259yr 31 29 targeted target VBN cord-265023-lq5259yr 31 30 policy policy NN cord-265023-lq5259yr 31 31 decisions decision NNS cord-265023-lq5259yr 31 32 . . . cord-265023-lq5259yr 32 1 A a DT cord-265023-lq5259yr 32 2 number number NN cord-265023-lq5259yr 32 3 of of IN cord-265023-lq5259yr 32 4 structural structural JJ cord-265023-lq5259yr 32 5 vector vector NN cord-265023-lq5259yr 32 6 autoregressive autoregressive NN cord-265023-lq5259yr 32 7 ( ( -LRB- cord-265023-lq5259yr 32 8 SVAR SVAR NNP cord-265023-lq5259yr 32 9 ) ) -RRB- cord-265023-lq5259yr 32 10 analyses analysis NNS cord-265023-lq5259yr 32 11 have have VBP cord-265023-lq5259yr 32 12 been be VBN cord-265023-lq5259yr 32 13 conducted conduct VBN cord-265023-lq5259yr 32 14 on on IN cord-265023-lq5259yr 32 15 the the DT cord-265023-lq5259yr 32 16 US US NNP cord-265023-lq5259yr 32 17 Economy Economy NNP cord-265023-lq5259yr 32 18 as as RB cord-265023-lq5259yr 32 19 well well RB cord-265023-lq5259yr 32 20 as as IN cord-265023-lq5259yr 32 21 other other JJ cord-265023-lq5259yr 32 22 advanced advanced JJ cord-265023-lq5259yr 32 23 economies economy NNS cord-265023-lq5259yr 32 24 . . . cord-265023-lq5259yr 33 1 However however RB cord-265023-lq5259yr 33 2 , , , cord-265023-lq5259yr 33 3 due due IN cord-265023-lq5259yr 33 4 to to IN cord-265023-lq5259yr 33 5 shorter short JJR cord-265023-lq5259yr 33 6 time time NN cord-265023-lq5259yr 33 7 series series NN cord-265023-lq5259yr 33 8 caused cause VBN cord-265023-lq5259yr 33 9 by by IN cord-265023-lq5259yr 33 10 limited limited JJ cord-265023-lq5259yr 33 11 data datum NNS cord-265023-lq5259yr 33 12 availability availability NN cord-265023-lq5259yr 33 13 as as RB cord-265023-lq5259yr 33 14 well well RB cord-265023-lq5259yr 33 15 as as IN cord-265023-lq5259yr 33 16 structural structural JJ cord-265023-lq5259yr 33 17 reforms reform NNS cord-265023-lq5259yr 33 18 in in IN cord-265023-lq5259yr 33 19 Latin latin JJ cord-265023-lq5259yr 33 20 American american JJ cord-265023-lq5259yr 33 21 countries country NNS cord-265023-lq5259yr 33 22 , , , cord-265023-lq5259yr 33 23 SVARs svar NNS cord-265023-lq5259yr 33 24 have have VBP cord-265023-lq5259yr 33 25 not not RB cord-265023-lq5259yr 33 26 been be VBN cord-265023-lq5259yr 33 27 used use VBN cord-265023-lq5259yr 33 28 frequently frequently RB cord-265023-lq5259yr 33 29 in in IN cord-265023-lq5259yr 33 30 econometric econometric JJ cord-265023-lq5259yr 33 31 studies study NNS cord-265023-lq5259yr 33 32 . . . cord-265023-lq5259yr 34 1 SVAR SVAR NNP cord-265023-lq5259yr 34 2 models model NNS cord-265023-lq5259yr 34 3 based base VBN cord-265023-lq5259yr 34 4 on on IN cord-265023-lq5259yr 34 5 the the DT cord-265023-lq5259yr 34 6 VAR var NN cord-265023-lq5259yr 34 7 approach approach NN cord-265023-lq5259yr 34 8 suggested suggest VBN cord-265023-lq5259yr 34 9 by by IN cord-265023-lq5259yr 34 10 Sims sim NNS cord-265023-lq5259yr 34 11 ( ( -LRB- cord-265023-lq5259yr 34 12 1980 1980 CD cord-265023-lq5259yr 34 13 ) ) -RRB- cord-265023-lq5259yr 34 14 have have VBP cord-265023-lq5259yr 34 15 been be VBN cord-265023-lq5259yr 34 16 used use VBN cord-265023-lq5259yr 34 17 frequently frequently RB cord-265023-lq5259yr 34 18 in in IN cord-265023-lq5259yr 34 19 Japan Japan NNP cord-265023-lq5259yr 34 20 , , , cord-265023-lq5259yr 34 21 Portugal Portugal NNP cord-265023-lq5259yr 34 22 and and CC cord-265023-lq5259yr 34 23 the the DT cord-265023-lq5259yr 34 24 UK UK NNP cord-265023-lq5259yr 34 25 with with IN cord-265023-lq5259yr 34 26 four four CD cord-265023-lq5259yr 34 27 available available JJ cord-265023-lq5259yr 34 28 examples example NNS cord-265023-lq5259yr 34 29 being be VBG cord-265023-lq5259yr 34 30 Nakahira Nakahira NNP cord-265023-lq5259yr 34 31 ( ( -LRB- cord-265023-lq5259yr 34 32 2009 2009 CD cord-265023-lq5259yr 34 33 ) ) -RRB- cord-265023-lq5259yr 34 34 , , . cord-265023-lq5259yr 35 1 Sousa Sousa NNP cord-265023-lq5259yr 35 2 ( ( -LRB- cord-265023-lq5259yr 35 3 2011 2011 CD cord-265023-lq5259yr 35 4 , , , cord-265023-lq5259yr 35 5 2012 2012 CD cord-265023-lq5259yr 35 6 ) ) -RRB- cord-265023-lq5259yr 35 7 and and CC cord-265023-lq5259yr 35 8 Elbourne Elbourne NNP cord-265023-lq5259yr 35 9 ( ( -LRB- cord-265023-lq5259yr 35 10 2008 2008 CD cord-265023-lq5259yr 35 11 ) ) -RRB- cord-265023-lq5259yr 35 12 , , , cord-265023-lq5259yr 35 13 respectively respectively RB cord-265023-lq5259yr 35 14 . . . cord-265023-lq5259yr 36 1 In in IN cord-265023-lq5259yr 36 2 this this DT cord-265023-lq5259yr 36 3 paper paper NN cord-265023-lq5259yr 36 4 , , , cord-265023-lq5259yr 36 5 an an DT cord-265023-lq5259yr 36 6 SVAR SVAR NNP cord-265023-lq5259yr 36 7 is be VBZ cord-265023-lq5259yr 36 8 employed employ VBN cord-265023-lq5259yr 36 9 and and CC cord-265023-lq5259yr 36 10 impulse impulse NN cord-265023-lq5259yr 36 11 response response NN cord-265023-lq5259yr 36 12 functions function NNS cord-265023-lq5259yr 36 13 are be VBP cord-265023-lq5259yr 36 14 used use VBN cord-265023-lq5259yr 36 15 in in IN cord-265023-lq5259yr 36 16 an an DT cord-265023-lq5259yr 36 17 effort effort NN cord-265023-lq5259yr 36 18 to to TO cord-265023-lq5259yr 36 19 test test VB cord-265023-lq5259yr 36 20 the the DT cord-265023-lq5259yr 36 21 impact impact NN cord-265023-lq5259yr 36 22 of of IN cord-265023-lq5259yr 36 23 monetary monetary JJ cord-265023-lq5259yr 36 24 policy policy NN cord-265023-lq5259yr 36 25 on on IN cord-265023-lq5259yr 36 26 financial financial JJ cord-265023-lq5259yr 36 27 stability stability NN cord-265023-lq5259yr 36 28 . . . cord-265023-lq5259yr 37 1 As as IN cord-265023-lq5259yr 37 2 in in IN cord-265023-lq5259yr 37 3 Cocriş Cocriş NNP cord-265023-lq5259yr 37 4 and and CC cord-265023-lq5259yr 37 5 Nucu Nucu NNP cord-265023-lq5259yr 37 6 ( ( -LRB- cord-265023-lq5259yr 37 7 2013 2013 CD cord-265023-lq5259yr 37 8 ) ) -RRB- cord-265023-lq5259yr 37 9 , , , cord-265023-lq5259yr 37 10 the the DT cord-265023-lq5259yr 37 11 impact impact NN cord-265023-lq5259yr 37 12 of of IN cord-265023-lq5259yr 37 13 short short JJ cord-265023-lq5259yr 37 14 - - HYPH cord-265023-lq5259yr 37 15 term term NN cord-265023-lq5259yr 37 16 interest interest NN cord-265023-lq5259yr 37 17 rates rate NNS cord-265023-lq5259yr 37 18 on on IN cord-265023-lq5259yr 37 19 three three CD cord-265023-lq5259yr 37 20 proxies proxy NNS cord-265023-lq5259yr 37 21 for for IN cord-265023-lq5259yr 37 22 financial financial JJ cord-265023-lq5259yr 37 23 stability stability NN cord-265023-lq5259yr 37 24 , , , cord-265023-lq5259yr 37 25 namely namely RB cord-265023-lq5259yr 37 26 credit credit NN cord-265023-lq5259yr 37 27 growth growth NN cord-265023-lq5259yr 37 28 , , , cord-265023-lq5259yr 37 29 stock stock NN cord-265023-lq5259yr 37 30 prices price NNS cord-265023-lq5259yr 37 31 and and CC cord-265023-lq5259yr 37 32 the the DT cord-265023-lq5259yr 37 33 exchange exchange NN cord-265023-lq5259yr 37 34 rate rate NN cord-265023-lq5259yr 37 35 , , , cord-265023-lq5259yr 37 36 is be VBZ cord-265023-lq5259yr 37 37 studied study VBN cord-265023-lq5259yr 37 38 . . . cord-265023-lq5259yr 38 1 Industrial industrial JJ cord-265023-lq5259yr 38 2 production production NN cord-265023-lq5259yr 38 3 is be VBZ cord-265023-lq5259yr 38 4 included include VBN cord-265023-lq5259yr 38 5 as as IN cord-265023-lq5259yr 38 6 a a DT cord-265023-lq5259yr 38 7 proxy proxy NN cord-265023-lq5259yr 38 8 for for IN cord-265023-lq5259yr 38 9 the the DT cord-265023-lq5259yr 38 10 real real JJ cord-265023-lq5259yr 38 11 sector sector NN cord-265023-lq5259yr 38 12 and and CC cord-265023-lq5259yr 38 13 hence hence RB cord-265023-lq5259yr 38 14 , , , cord-265023-lq5259yr 38 15 for for IN cord-265023-lq5259yr 38 16 economic economic JJ cord-265023-lq5259yr 38 17 growth growth NN cord-265023-lq5259yr 38 18 . . . cord-265023-lq5259yr 39 1 In in IN cord-265023-lq5259yr 39 2 line line NN cord-265023-lq5259yr 39 3 with with IN cord-265023-lq5259yr 39 4 Cocriş Cocriş NNP cord-265023-lq5259yr 39 5 and and CC cord-265023-lq5259yr 39 6 Nucu Nucu NNP cord-265023-lq5259yr 39 7 ( ( -LRB- cord-265023-lq5259yr 39 8 2013 2013 CD cord-265023-lq5259yr 39 9 ) ) -RRB- cord-265023-lq5259yr 39 10 , , , cord-265023-lq5259yr 39 11 policy policy NN cord-265023-lq5259yr 39 12 rates rate NNS cord-265023-lq5259yr 39 13 are be VBP cord-265023-lq5259yr 39 14 used use VBN cord-265023-lq5259yr 39 15 to to TO cord-265023-lq5259yr 39 16 represent represent VB cord-265023-lq5259yr 39 17 monetary monetary JJ cord-265023-lq5259yr 39 18 policy policy NN cord-265023-lq5259yr 39 19 choices choice NNS cord-265023-lq5259yr 39 20 in in IN cord-265023-lq5259yr 39 21 emerging emerge VBG cord-265023-lq5259yr 39 22 economies economy NNS cord-265023-lq5259yr 39 23 . . . cord-265023-lq5259yr 40 1 Shadow shadow NN cord-265023-lq5259yr 40 2 rates rate NNS cord-265023-lq5259yr 40 3 are be VBP cord-265023-lq5259yr 40 4 used use VBN cord-265023-lq5259yr 40 5 to to TO cord-265023-lq5259yr 40 6 represent represent VB cord-265023-lq5259yr 40 7 monetary monetary JJ cord-265023-lq5259yr 40 8 policy policy NN cord-265023-lq5259yr 40 9 intervention intervention NN cord-265023-lq5259yr 40 10 in in IN cord-265023-lq5259yr 40 11 advanced advanced JJ cord-265023-lq5259yr 40 12 economies economy NNS cord-265023-lq5259yr 40 13 . . . cord-265023-lq5259yr 41 1 Our -PRON- PRP$ cord-265023-lq5259yr 41 2 main main JJ cord-265023-lq5259yr 41 3 results result NNS cord-265023-lq5259yr 41 4 show show VBP cord-265023-lq5259yr 41 5 that that IN cord-265023-lq5259yr 41 6 monetary monetary JJ cord-265023-lq5259yr 41 7 policy policy NN cord-265023-lq5259yr 41 8 may may MD cord-265023-lq5259yr 41 9 be be VB cord-265023-lq5259yr 41 10 used use VBN cord-265023-lq5259yr 41 11 to to TO cord-265023-lq5259yr 41 12 correct correct VB cord-265023-lq5259yr 41 13 asset asset NN cord-265023-lq5259yr 41 14 mispricing mispricing NN cord-265023-lq5259yr 41 15 due due IN cord-265023-lq5259yr 41 16 to to IN cord-265023-lq5259yr 41 17 the the DT cord-265023-lq5259yr 41 18 inverse inverse JJ cord-265023-lq5259yr 41 19 relationship relationship NN cord-265023-lq5259yr 41 20 between between IN cord-265023-lq5259yr 41 21 monetary monetary JJ cord-265023-lq5259yr 41 22 policy policy NN cord-265023-lq5259yr 41 23 intervention intervention NN cord-265023-lq5259yr 41 24 and and CC cord-265023-lq5259yr 41 25 the the DT cord-265023-lq5259yr 41 26 stock stock NN cord-265023-lq5259yr 41 27 market market NN cord-265023-lq5259yr 41 28 index index NN cord-265023-lq5259yr 41 29 for for IN cord-265023-lq5259yr 41 30 four four CD cord-265023-lq5259yr 41 31 of of IN cord-265023-lq5259yr 41 32 the the DT cord-265023-lq5259yr 41 33 five five CD cord-265023-lq5259yr 41 34 cases case NNS cord-265023-lq5259yr 41 35 , , , cord-265023-lq5259yr 41 36 namely namely RB cord-265023-lq5259yr 41 37 the the DT cord-265023-lq5259yr 41 38 cases case NNS cord-265023-lq5259yr 41 39 of of IN cord-265023-lq5259yr 41 40 Colombia Colombia NNP cord-265023-lq5259yr 41 41 , , , cord-265023-lq5259yr 41 42 Japan Japan NNP cord-265023-lq5259yr 41 43 , , , cord-265023-lq5259yr 41 44 Portugal Portugal NNP cord-265023-lq5259yr 41 45 and and CC cord-265023-lq5259yr 41 46 the the DT cord-265023-lq5259yr 41 47 UK UK NNP cord-265023-lq5259yr 41 48 . . . cord-265023-lq5259yr 42 1 Conventional conventional JJ cord-265023-lq5259yr 42 2 wisdom wisdom NN cord-265023-lq5259yr 42 3 2 2 CD cord-265023-lq5259yr 42 4 suggest suggest VBP cord-265023-lq5259yr 42 5 that that IN cord-265023-lq5259yr 42 6 contractionary contractionary JJ cord-265023-lq5259yr 42 7 monetary monetary JJ cord-265023-lq5259yr 42 8 policy policy NN cord-265023-lq5259yr 42 9 would would MD cord-265023-lq5259yr 42 10 result result VB cord-265023-lq5259yr 42 11 in in IN cord-265023-lq5259yr 42 12 a a DT cord-265023-lq5259yr 42 13 currency currency NN cord-265023-lq5259yr 42 14 appreciation appreciation NN cord-265023-lq5259yr 42 15 in in IN cord-265023-lq5259yr 42 16 countries country NNS cord-265023-lq5259yr 42 17 with with IN cord-265023-lq5259yr 42 18 a a DT cord-265023-lq5259yr 42 19 floating float VBG cord-265023-lq5259yr 42 20 exchange exchange NN cord-265023-lq5259yr 42 21 rate rate NN cord-265023-lq5259yr 42 22 regime regime NN cord-265023-lq5259yr 42 23 as as IN cord-265023-lq5259yr 42 24 foreign foreign JJ cord-265023-lq5259yr 42 25 investment investment NN cord-265023-lq5259yr 42 26 is be VBZ cord-265023-lq5259yr 42 27 attracted attract VBN cord-265023-lq5259yr 42 28 . . . cord-265023-lq5259yr 43 1 The the DT cord-265023-lq5259yr 43 2 results result NNS cord-265023-lq5259yr 43 3 show show VBP cord-265023-lq5259yr 43 4 that that IN cord-265023-lq5259yr 43 5 the the DT cord-265023-lq5259yr 43 6 exchange exchange NN cord-265023-lq5259yr 43 7 rate rate NN cord-265023-lq5259yr 43 8 appreciates appreciate VBZ cord-265023-lq5259yr 43 9 following follow VBG cord-265023-lq5259yr 43 10 a a DT cord-265023-lq5259yr 43 11 monetary monetary JJ cord-265023-lq5259yr 43 12 policy policy NN cord-265023-lq5259yr 43 13 shock shock NN cord-265023-lq5259yr 43 14 for for IN cord-265023-lq5259yr 43 15 the the DT cord-265023-lq5259yr 43 16 cases case NNS cord-265023-lq5259yr 43 17 of of IN cord-265023-lq5259yr 43 18 Chile Chile NNP cord-265023-lq5259yr 43 19 , , , cord-265023-lq5259yr 43 20 Japan Japan NNP cord-265023-lq5259yr 43 21 and and CC cord-265023-lq5259yr 43 22 Portugal Portugal NNP cord-265023-lq5259yr 43 23 while while IN cord-265023-lq5259yr 43 24 the the DT cord-265023-lq5259yr 43 25 currency currency NN cord-265023-lq5259yr 43 26 depreciates depreciate VBZ cord-265023-lq5259yr 43 27 for for IN cord-265023-lq5259yr 43 28 the the DT cord-265023-lq5259yr 43 29 cases case NNS cord-265023-lq5259yr 43 30 of of IN cord-265023-lq5259yr 43 31 Colombia Colombia NNP cord-265023-lq5259yr 43 32 and and CC cord-265023-lq5259yr 43 33 the the DT cord-265023-lq5259yr 43 34 UK UK NNP cord-265023-lq5259yr 43 35 . . . cord-265023-lq5259yr 44 1 The the DT cord-265023-lq5259yr 44 2 currency currency NN cord-265023-lq5259yr 44 3 depreciation depreciation NN cord-265023-lq5259yr 44 4 in in IN cord-265023-lq5259yr 44 5 the the DT cord-265023-lq5259yr 44 6 case case NN cord-265023-lq5259yr 44 7 of of IN cord-265023-lq5259yr 44 8 Colombia Colombia NNP cord-265023-lq5259yr 44 9 could could MD cord-265023-lq5259yr 44 10 be be VB cord-265023-lq5259yr 44 11 attributed attribute VBN cord-265023-lq5259yr 44 12 to to IN cord-265023-lq5259yr 44 13 the the DT cord-265023-lq5259yr 44 14 country country NN cord-265023-lq5259yr 44 15 's 's POS cord-265023-lq5259yr 44 16 reliance reliance NN cord-265023-lq5259yr 44 17 on on IN cord-265023-lq5259yr 44 18 exports export NNS cord-265023-lq5259yr 44 19 as as IN cord-265023-lq5259yr 44 20 Colombia Colombia NNP cord-265023-lq5259yr 44 21 relies rely VBZ cord-265023-lq5259yr 44 22 heavily heavily RB cord-265023-lq5259yr 44 23 on on IN cord-265023-lq5259yr 44 24 commodity commodity NN cord-265023-lq5259yr 44 25 exportation exportation NN cord-265023-lq5259yr 44 26 while while IN cord-265023-lq5259yr 44 27 , , , cord-265023-lq5259yr 44 28 in in IN cord-265023-lq5259yr 44 29 the the DT cord-265023-lq5259yr 44 30 case case NN cord-265023-lq5259yr 44 31 of of IN cord-265023-lq5259yr 44 32 the the DT cord-265023-lq5259yr 44 33 UK UK NNP cord-265023-lq5259yr 44 34 , , , cord-265023-lq5259yr 44 35 this this DT cord-265023-lq5259yr 44 36 depreciation depreciation NN cord-265023-lq5259yr 44 37 is be VBZ cord-265023-lq5259yr 44 38 attributed attribute VBN cord-265023-lq5259yr 44 39 to to IN cord-265023-lq5259yr 44 40 uncertainty uncertainty NN cord-265023-lq5259yr 44 41 in in IN cord-265023-lq5259yr 44 42 the the DT cord-265023-lq5259yr 44 43 local local JJ cord-265023-lq5259yr 44 44 market market NN cord-265023-lq5259yr 44 45 . . . cord-265023-lq5259yr 45 1 The the DT cord-265023-lq5259yr 45 2 results result NNS cord-265023-lq5259yr 45 3 also also RB cord-265023-lq5259yr 45 4 show show VBP cord-265023-lq5259yr 45 5 that that IN cord-265023-lq5259yr 45 6 monetary monetary JJ cord-265023-lq5259yr 45 7 policy policy NN cord-265023-lq5259yr 45 8 may may MD cord-265023-lq5259yr 45 9 be be VB cord-265023-lq5259yr 45 10 used use VBN cord-265023-lq5259yr 45 11 to to TO cord-265023-lq5259yr 45 12 limit limit VB cord-265023-lq5259yr 45 13 fluctuations fluctuation NNS cord-265023-lq5259yr 45 14 in in IN cord-265023-lq5259yr 45 15 the the DT cord-265023-lq5259yr 45 16 real real JJ cord-265023-lq5259yr 45 17 business business NN cord-265023-lq5259yr 45 18 cycle cycle NN cord-265023-lq5259yr 45 19 as as IN cord-265023-lq5259yr 45 20 can can MD cord-265023-lq5259yr 45 21 be be VB cord-265023-lq5259yr 45 22 seen see VBN cord-265023-lq5259yr 45 23 by by IN cord-265023-lq5259yr 45 24 the the DT cord-265023-lq5259yr 45 25 inverse inverse JJ cord-265023-lq5259yr 45 26 relationship relationship NN cord-265023-lq5259yr 45 27 between between IN cord-265023-lq5259yr 45 28 the the DT cord-265023-lq5259yr 45 29 industrial industrial JJ cord-265023-lq5259yr 45 30 production production NN cord-265023-lq5259yr 45 31 index index NN cord-265023-lq5259yr 45 32 and and CC cord-265023-lq5259yr 45 33 monetary monetary JJ cord-265023-lq5259yr 45 34 policy policy NN cord-265023-lq5259yr 45 35 intervention intervention NN cord-265023-lq5259yr 45 36 in in IN cord-265023-lq5259yr 45 37 the the DT cord-265023-lq5259yr 45 38 majority majority NN cord-265023-lq5259yr 45 39 of of IN cord-265023-lq5259yr 45 40 cases case NNS cord-265023-lq5259yr 45 41 , , , cord-265023-lq5259yr 45 42 namely namely RB cord-265023-lq5259yr 45 43 , , , cord-265023-lq5259yr 45 44 for for IN cord-265023-lq5259yr 45 45 the the DT cord-265023-lq5259yr 45 46 cases case NNS cord-265023-lq5259yr 45 47 of of IN cord-265023-lq5259yr 45 48 Colombia Colombia NNP cord-265023-lq5259yr 45 49 , , , cord-265023-lq5259yr 45 50 Japan Japan NNP cord-265023-lq5259yr 45 51 and and CC cord-265023-lq5259yr 45 52 Portugal Portugal NNP cord-265023-lq5259yr 45 53 . . . cord-265023-lq5259yr 46 1 Credit credit NN cord-265023-lq5259yr 46 2 growth growth NN cord-265023-lq5259yr 46 3 also also RB cord-265023-lq5259yr 46 4 has have VBZ cord-265023-lq5259yr 46 5 an an DT cord-265023-lq5259yr 46 6 inverse inverse JJ cord-265023-lq5259yr 46 7 relationship relationship NN cord-265023-lq5259yr 46 8 with with IN cord-265023-lq5259yr 46 9 monetary monetary JJ cord-265023-lq5259yr 46 10 policy policy NN cord-265023-lq5259yr 46 11 intervention intervention NN cord-265023-lq5259yr 46 12 in in IN cord-265023-lq5259yr 46 13 the the DT cord-265023-lq5259yr 46 14 cases case NNS cord-265023-lq5259yr 46 15 of of IN cord-265023-lq5259yr 46 16 Chile Chile NNP cord-265023-lq5259yr 46 17 and and CC cord-265023-lq5259yr 46 18 the the DT cord-265023-lq5259yr 46 19 UK UK NNP cord-265023-lq5259yr 46 20 . . . cord-265023-lq5259yr 47 1 Ergo ergo UH cord-265023-lq5259yr 47 2 , , , cord-265023-lq5259yr 47 3 monetary monetary JJ cord-265023-lq5259yr 47 4 policy policy NN cord-265023-lq5259yr 47 5 may may MD cord-265023-lq5259yr 47 6 be be VB cord-265023-lq5259yr 47 7 used use VBN cord-265023-lq5259yr 47 8 to to TO cord-265023-lq5259yr 47 9 tame tame VB cord-265023-lq5259yr 47 10 credit credit NN cord-265023-lq5259yr 47 11 cycles cycle NNS cord-265023-lq5259yr 47 12 . . . cord-265023-lq5259yr 48 1 In in IN cord-265023-lq5259yr 48 2 the the DT cord-265023-lq5259yr 48 3 cases case NNS cord-265023-lq5259yr 48 4 of of IN cord-265023-lq5259yr 48 5 Colombia Colombia NNP cord-265023-lq5259yr 48 6 , , , cord-265023-lq5259yr 48 7 Japan Japan NNP cord-265023-lq5259yr 48 8 and and CC cord-265023-lq5259yr 48 9 Portugal Portugal NNP cord-265023-lq5259yr 48 10 , , , cord-265023-lq5259yr 48 11 credit credit NN cord-265023-lq5259yr 48 12 moves move NNS cord-265023-lq5259yr 48 13 in in IN cord-265023-lq5259yr 48 14 the the DT cord-265023-lq5259yr 48 15 same same JJ cord-265023-lq5259yr 48 16 direction direction NN cord-265023-lq5259yr 48 17 as as IN cord-265023-lq5259yr 48 18 monetary monetary JJ cord-265023-lq5259yr 48 19 policy policy NN cord-265023-lq5259yr 48 20 intervention intervention NN cord-265023-lq5259yr 48 21 . . . cord-265023-lq5259yr 49 1 Thus thus RB cord-265023-lq5259yr 49 2 , , , cord-265023-lq5259yr 49 3 positive positive JJ cord-265023-lq5259yr 49 4 monetary monetary JJ cord-265023-lq5259yr 49 5 policy policy NN cord-265023-lq5259yr 49 6 shock shock NN cord-265023-lq5259yr 49 7 results result VBZ cord-265023-lq5259yr 49 8 in in IN cord-265023-lq5259yr 49 9 an an DT cord-265023-lq5259yr 49 10 increase increase NN cord-265023-lq5259yr 49 11 in in IN cord-265023-lq5259yr 49 12 credit credit NN cord-265023-lq5259yr 49 13 . . . cord-265023-lq5259yr 50 1 The the DT cord-265023-lq5259yr 50 2 results result NNS cord-265023-lq5259yr 50 3 show show VBP cord-265023-lq5259yr 50 4 that that IN cord-265023-lq5259yr 50 5 monetary monetary JJ cord-265023-lq5259yr 50 6 policy policy NN cord-265023-lq5259yr 50 7 intervention intervention NN cord-265023-lq5259yr 50 8 as as IN cord-265023-lq5259yr 50 9 represented represent VBN cord-265023-lq5259yr 50 10 by by IN cord-265023-lq5259yr 50 11 policy policy NN cord-265023-lq5259yr 50 12 rates rate NNS cord-265023-lq5259yr 50 13 and and CC cord-265023-lq5259yr 50 14 shadow shadow NN cord-265023-lq5259yr 50 15 rates rate NNS cord-265023-lq5259yr 50 16 may may MD cord-265023-lq5259yr 50 17 indeed indeed RB cord-265023-lq5259yr 50 18 be be VB cord-265023-lq5259yr 50 19 able able JJ cord-265023-lq5259yr 50 20 to to TO cord-265023-lq5259yr 50 21 contribute contribute VB cord-265023-lq5259yr 50 22 to to IN cord-265023-lq5259yr 50 23 financial financial JJ cord-265023-lq5259yr 50 24 stability stability NN cord-265023-lq5259yr 50 25 . . . cord-265023-lq5259yr 51 1 The the DT cord-265023-lq5259yr 51 2 results result NNS cord-265023-lq5259yr 51 3 show show VBP cord-265023-lq5259yr 51 4 that that IN cord-265023-lq5259yr 51 5 monetary monetary JJ cord-265023-lq5259yr 51 6 policy policy NN cord-265023-lq5259yr 51 7 may may MD cord-265023-lq5259yr 51 8 not not RB cord-265023-lq5259yr 51 9 have have VB cord-265023-lq5259yr 51 10 the the DT cord-265023-lq5259yr 51 11 ability ability NN cord-265023-lq5259yr 51 12 to to TO cord-265023-lq5259yr 51 13 maintain maintain VB cord-265023-lq5259yr 51 14 or or CC cord-265023-lq5259yr 51 15 re re VB cord-265023-lq5259yr 51 16 - - VB cord-265023-lq5259yr 51 17 establish establish VB cord-265023-lq5259yr 51 18 financial financial JJ cord-265023-lq5259yr 51 19 stability stability NN cord-265023-lq5259yr 51 20 in in IN cord-265023-lq5259yr 51 21 all all DT cord-265023-lq5259yr 51 22 cases case NNS cord-265023-lq5259yr 51 23 . . . cord-265023-lq5259yr 52 1 Alternative alternative JJ cord-265023-lq5259yr 52 2 policy policy NN cord-265023-lq5259yr 52 3 choices choice NNS cord-265023-lq5259yr 52 4 such such JJ cord-265023-lq5259yr 52 5 as as IN cord-265023-lq5259yr 52 6 macroprudential macroprudential JJ cord-265023-lq5259yr 52 7 policy policy NN cord-265023-lq5259yr 52 8 tools tool NNS cord-265023-lq5259yr 52 9 aimed aim VBN cord-265023-lq5259yr 52 10 at at IN cord-265023-lq5259yr 52 11 targeting target VBG cord-265023-lq5259yr 52 12 the the DT cord-265023-lq5259yr 52 13 financial financial JJ cord-265023-lq5259yr 52 14 system system NN cord-265023-lq5259yr 52 15 as as IN cord-265023-lq5259yr 52 16 a a DT cord-265023-lq5259yr 52 17 whole whole NN cord-265023-lq5259yr 52 18 may may MD cord-265023-lq5259yr 52 19 be be VB cord-265023-lq5259yr 52 20 useful useful JJ cord-265023-lq5259yr 52 21 to to TO cord-265023-lq5259yr 52 22 reinforce reinforce VB cord-265023-lq5259yr 52 23 the the DT cord-265023-lq5259yr 52 24 monetary monetary JJ cord-265023-lq5259yr 52 25 policy policy NN cord-265023-lq5259yr 52 26 framework framework NN cord-265023-lq5259yr 52 27 . . . cord-265023-lq5259yr 53 1 The the DT cord-265023-lq5259yr 53 2 rest rest NN cord-265023-lq5259yr 53 3 of of IN cord-265023-lq5259yr 53 4 the the DT cord-265023-lq5259yr 53 5 paper paper NN cord-265023-lq5259yr 53 6 is be VBZ cord-265023-lq5259yr 53 7 as as IN cord-265023-lq5259yr 53 8 follows follow VBZ cord-265023-lq5259yr 53 9 : : : cord-265023-lq5259yr 54 1 Literature Literature NNP cord-265023-lq5259yr 54 2 Review Review NNP cord-265023-lq5259yr 54 3 " " '' cord-265023-lq5259yr 54 4 section section NN cord-265023-lq5259yr 54 5 surveys survey NNS cord-265023-lq5259yr 54 6 existing exist VBG cord-265023-lq5259yr 54 7 literature literature NN cord-265023-lq5259yr 54 8 ; ; : cord-265023-lq5259yr 54 9 " " `` cord-265023-lq5259yr 54 10 Methodology Methodology NNP cord-265023-lq5259yr 54 11 and and CC cord-265023-lq5259yr 54 12 Data Data NNP cord-265023-lq5259yr 54 13 " " '' cord-265023-lq5259yr 54 14 section section NN cord-265023-lq5259yr 54 15 discusses discuss VBZ cord-265023-lq5259yr 54 16 the the DT cord-265023-lq5259yr 54 17 methodology methodology NN cord-265023-lq5259yr 54 18 and and CC cord-265023-lq5259yr 54 19 the the DT cord-265023-lq5259yr 54 20 data datum NNS cord-265023-lq5259yr 54 21 used use VBN cord-265023-lq5259yr 54 22 ; ; : cord-265023-lq5259yr 54 23 " " `` cord-265023-lq5259yr 54 24 Empirical empirical JJ cord-265023-lq5259yr 54 25 Results result NNS cord-265023-lq5259yr 54 26 " " '' cord-265023-lq5259yr 54 27 section section NN cord-265023-lq5259yr 54 28 discusses discuss VBZ cord-265023-lq5259yr 54 29 the the DT cord-265023-lq5259yr 54 30 empirical empirical JJ cord-265023-lq5259yr 54 31 results result NNS cord-265023-lq5259yr 54 32 ; ; : cord-265023-lq5259yr 54 33 and and CC cord-265023-lq5259yr 54 34 " " `` cord-265023-lq5259yr 54 35 Conclusion conclusion NN cord-265023-lq5259yr 54 36 " " '' cord-265023-lq5259yr 54 37 section section NN cord-265023-lq5259yr 54 38 concludes conclude VBZ cord-265023-lq5259yr 54 39 . . . cord-265023-lq5259yr 55 1 Financial financial JJ cord-265023-lq5259yr 55 2 instability instability NN cord-265023-lq5259yr 55 3 is be VBZ cord-265023-lq5259yr 55 4 defined define VBN cord-265023-lq5259yr 55 5 as as IN cord-265023-lq5259yr 55 6 a a DT cord-265023-lq5259yr 55 7 situation situation NN cord-265023-lq5259yr 55 8 in in IN cord-265023-lq5259yr 55 9 which which WDT cord-265023-lq5259yr 55 10 the the DT cord-265023-lq5259yr 55 11 economic economic JJ cord-265023-lq5259yr 55 12 performance performance NN cord-265023-lq5259yr 55 13 of of IN cord-265023-lq5259yr 55 14 an an DT cord-265023-lq5259yr 55 15 economy economy NN cord-265023-lq5259yr 55 16 is be VBZ cord-265023-lq5259yr 55 17 potentially potentially RB cord-265023-lq5259yr 55 18 affected affect VBN cord-265023-lq5259yr 55 19 by by IN cord-265023-lq5259yr 55 20 price price NN cord-265023-lq5259yr 55 21 fluctuations fluctuation NNS cord-265023-lq5259yr 55 22 of of IN cord-265023-lq5259yr 55 23 financial financial JJ cord-265023-lq5259yr 55 24 assets asset NNS cord-265023-lq5259yr 55 25 ( ( -LRB- cord-265023-lq5259yr 55 26 Crockett Crockett NNP cord-265023-lq5259yr 55 27 1997 1997 CD cord-265023-lq5259yr 55 28 ) ) -RRB- cord-265023-lq5259yr 55 29 . . . cord-265023-lq5259yr 56 1 In in IN cord-265023-lq5259yr 56 2 this this DT cord-265023-lq5259yr 56 3 paper paper NN cord-265023-lq5259yr 56 4 , , , cord-265023-lq5259yr 56 5 three three CD cord-265023-lq5259yr 56 6 proxies proxy NNS cord-265023-lq5259yr 56 7 for for IN cord-265023-lq5259yr 56 8 financial financial JJ cord-265023-lq5259yr 56 9 stability stability NN cord-265023-lq5259yr 56 10 are be VBP cord-265023-lq5259yr 56 11 included include VBN cord-265023-lq5259yr 56 12 , , , cord-265023-lq5259yr 56 13 the the DT cord-265023-lq5259yr 56 14 first first JJ cord-265023-lq5259yr 56 15 being be VBG cord-265023-lq5259yr 56 16 credit credit NN cord-265023-lq5259yr 56 17 growth growth NN cord-265023-lq5259yr 56 18 which which WDT cord-265023-lq5259yr 56 19 is be VBZ cord-265023-lq5259yr 56 20 looked look VBN cord-265023-lq5259yr 56 21 at at IN cord-265023-lq5259yr 56 22 in in IN cord-265023-lq5259yr 56 23 existing exist VBG cord-265023-lq5259yr 56 24 literature literature NN cord-265023-lq5259yr 56 25 . . . cord-265023-lq5259yr 57 1 For for IN cord-265023-lq5259yr 57 2 example example NN cord-265023-lq5259yr 57 3 , , , cord-265023-lq5259yr 57 4 Jiménez Jiménez NNP cord-265023-lq5259yr 57 5 et et NNP cord-265023-lq5259yr 57 6 al al NNP cord-265023-lq5259yr 57 7 . . . cord-265023-lq5259yr 58 1 ( ( -LRB- cord-265023-lq5259yr 58 2 2012 2012 CD cord-265023-lq5259yr 58 3 ) ) -RRB- cord-265023-lq5259yr 58 4 look look VB cord-265023-lq5259yr 58 5 at at IN cord-265023-lq5259yr 58 6 the the DT cord-265023-lq5259yr 58 7 impact impact NN cord-265023-lq5259yr 58 8 of of IN cord-265023-lq5259yr 58 9 monetary monetary JJ cord-265023-lq5259yr 58 10 policy policy NN cord-265023-lq5259yr 58 11 on on IN cord-265023-lq5259yr 58 12 the the DT cord-265023-lq5259yr 58 13 supply supply NN cord-265023-lq5259yr 58 14 of of IN cord-265023-lq5259yr 58 15 credit credit NN cord-265023-lq5259yr 58 16 . . . cord-265023-lq5259yr 59 1 They -PRON- PRP cord-265023-lq5259yr 59 2 show show VBP cord-265023-lq5259yr 59 3 that that IN cord-265023-lq5259yr 59 4 tighter tight JJR cord-265023-lq5259yr 59 5 monetary monetary JJ cord-265023-lq5259yr 59 6 policy policy NN cord-265023-lq5259yr 59 7 and and CC cord-265023-lq5259yr 59 8 weaker weak JJR cord-265023-lq5259yr 59 9 economic economic JJ cord-265023-lq5259yr 59 10 conditions condition NNS cord-265023-lq5259yr 59 11 substantially substantially RB cord-265023-lq5259yr 59 12 reduce reduce VBP cord-265023-lq5259yr 59 13 loan loan NN cord-265023-lq5259yr 59 14 granting granting NN cord-265023-lq5259yr 59 15 , , , cord-265023-lq5259yr 59 16 in in IN cord-265023-lq5259yr 59 17 particular particular JJ cord-265023-lq5259yr 59 18 loan loan NN cord-265023-lq5259yr 59 19 granting grant VBG cord-265023-lq5259yr 59 20 by by IN cord-265023-lq5259yr 59 21 banks bank NNS cord-265023-lq5259yr 59 22 with with IN cord-265023-lq5259yr 59 23 lower low JJR cord-265023-lq5259yr 59 24 capital capital NN cord-265023-lq5259yr 59 25 or or CC cord-265023-lq5259yr 59 26 liquidity liquidity NN cord-265023-lq5259yr 59 27 ratios ratio NNS cord-265023-lq5259yr 59 28 . . . cord-265023-lq5259yr 60 1 In in IN cord-265023-lq5259yr 60 2 this this DT cord-265023-lq5259yr 60 3 paper paper NN cord-265023-lq5259yr 60 4 , , , cord-265023-lq5259yr 60 5 we -PRON- PRP cord-265023-lq5259yr 60 6 find find VBP cord-265023-lq5259yr 60 7 that that IN cord-265023-lq5259yr 60 8 tighter tight JJR cord-265023-lq5259yr 60 9 monetary monetary JJ cord-265023-lq5259yr 60 10 policy policy NN cord-265023-lq5259yr 60 11 results result NNS cord-265023-lq5259yr 60 12 in in IN cord-265023-lq5259yr 60 13 reduced reduce VBN cord-265023-lq5259yr 60 14 credit credit NN cord-265023-lq5259yr 60 15 growth growth NN cord-265023-lq5259yr 60 16 in in IN cord-265023-lq5259yr 60 17 Chile Chile NNP cord-265023-lq5259yr 60 18 and and CC cord-265023-lq5259yr 60 19 the the DT cord-265023-lq5259yr 60 20 UK UK NNP cord-265023-lq5259yr 60 21 and and CC cord-265023-lq5259yr 60 22 increased increase VBN cord-265023-lq5259yr 60 23 credit credit NN cord-265023-lq5259yr 60 24 growth growth NN cord-265023-lq5259yr 60 25 in in IN cord-265023-lq5259yr 60 26 Colombia Colombia NNP cord-265023-lq5259yr 60 27 , , , cord-265023-lq5259yr 60 28 Japan Japan NNP cord-265023-lq5259yr 60 29 and and CC cord-265023-lq5259yr 60 30 Portugal Portugal NNP cord-265023-lq5259yr 60 31 . . . cord-265023-lq5259yr 61 1 Jiménez Jiménez NNP cord-265023-lq5259yr 61 2 et et NNP cord-265023-lq5259yr 61 3 al al NNP cord-265023-lq5259yr 61 4 . . . cord-265023-lq5259yr 62 1 ( ( -LRB- cord-265023-lq5259yr 62 2 2012 2012 CD cord-265023-lq5259yr 62 3 ) ) -RRB- cord-265023-lq5259yr 62 4 also also RB cord-265023-lq5259yr 62 5 note note VBP cord-265023-lq5259yr 62 6 that that IN cord-265023-lq5259yr 62 7 the the DT cord-265023-lq5259yr 62 8 GFC GFC NNP cord-265023-lq5259yr 62 9 showed show VBD cord-265023-lq5259yr 62 10 that that IN cord-265023-lq5259yr 62 11 the the DT cord-265023-lq5259yr 62 12 use use NN cord-265023-lq5259yr 62 13 of of IN cord-265023-lq5259yr 62 14 monetary monetary JJ cord-265023-lq5259yr 62 15 policy policy NN cord-265023-lq5259yr 62 16 rates rate NNS cord-265023-lq5259yr 62 17 as as IN cord-265023-lq5259yr 62 18 a a DT cord-265023-lq5259yr 62 19 means means NN cord-265023-lq5259yr 62 20 of of IN cord-265023-lq5259yr 62 21 supporting support VBG cord-265023-lq5259yr 62 22 credit credit NN cord-265023-lq5259yr 62 23 growth growth NN cord-265023-lq5259yr 62 24 seems seem VBZ cord-265023-lq5259yr 62 25 advisable advisable JJ cord-265023-lq5259yr 62 26 . . . cord-265023-lq5259yr 63 1 Further further RB cord-265023-lq5259yr 63 2 , , , cord-265023-lq5259yr 63 3 Allen Allen NNP cord-265023-lq5259yr 63 4 and and CC cord-265023-lq5259yr 63 5 Gale Gale NNP cord-265023-lq5259yr 63 6 ( ( -LRB- cord-265023-lq5259yr 63 7 2007 2007 CD cord-265023-lq5259yr 63 8 ) ) -RRB- cord-265023-lq5259yr 63 9 , , , cord-265023-lq5259yr 63 10 Schularick Schularick NNP cord-265023-lq5259yr 63 11 and and CC cord-265023-lq5259yr 63 12 Taylor Taylor NNP cord-265023-lq5259yr 63 13 ( ( -LRB- cord-265023-lq5259yr 63 14 2012 2012 CD cord-265023-lq5259yr 63 15 ) ) -RRB- cord-265023-lq5259yr 63 16 , , , cord-265023-lq5259yr 63 17 Gourinchas Gourinchas NNP cord-265023-lq5259yr 63 18 and and CC cord-265023-lq5259yr 63 19 Obstfeld Obstfeld NNP cord-265023-lq5259yr 63 20 ( ( -LRB- cord-265023-lq5259yr 63 21 2012 2012 CD cord-265023-lq5259yr 63 22 ) ) -RRB- cord-265023-lq5259yr 63 23 and and CC cord-265023-lq5259yr 63 24 Borio Borio NNP cord-265023-lq5259yr 63 25 ( ( -LRB- cord-265023-lq5259yr 63 26 2014 2014 CD cord-265023-lq5259yr 63 27 ) ) -RRB- cord-265023-lq5259yr 63 28 find find VB cord-265023-lq5259yr 63 29 that that IN cord-265023-lq5259yr 63 30 credit credit NN cord-265023-lq5259yr 63 31 growth growth NN cord-265023-lq5259yr 63 32 fluctuations fluctuation NNS cord-265023-lq5259yr 63 33 are be VBP cord-265023-lq5259yr 63 34 a a DT cord-265023-lq5259yr 63 35 common common JJ cord-265023-lq5259yr 63 36 forerunner forerunner NN cord-265023-lq5259yr 63 37 of of IN cord-265023-lq5259yr 63 38 financial financial JJ cord-265023-lq5259yr 63 39 crises crisis NNS cord-265023-lq5259yr 63 40 . . . cord-265023-lq5259yr 64 1 3 3 LS cord-265023-lq5259yr 65 1 Also also RB cord-265023-lq5259yr 65 2 , , , cord-265023-lq5259yr 65 3 Jordà Jordà NNP cord-265023-lq5259yr 65 4 et et NNP cord-265023-lq5259yr 65 5 al al NNP cord-265023-lq5259yr 65 6 . . . cord-265023-lq5259yr 66 1 ( ( -LRB- cord-265023-lq5259yr 66 2 2013 2013 CD cord-265023-lq5259yr 66 3 ) ) -RRB- cord-265023-lq5259yr 66 4 show show VBP cord-265023-lq5259yr 66 5 that that IN cord-265023-lq5259yr 66 6 excess excess JJ cord-265023-lq5259yr 66 7 credit credit NN cord-265023-lq5259yr 66 8 growth growth NN cord-265023-lq5259yr 66 9 in in IN cord-265023-lq5259yr 66 10 the the DT cord-265023-lq5259yr 66 11 period period NN cord-265023-lq5259yr 66 12 prior prior RB cord-265023-lq5259yr 66 13 to to IN cord-265023-lq5259yr 66 14 a a DT cord-265023-lq5259yr 66 15 peak peak NN cord-265023-lq5259yr 66 16 is be VBZ cord-265023-lq5259yr 66 17 usually usually RB cord-265023-lq5259yr 66 18 associated associate VBN cord-265023-lq5259yr 66 19 with with IN cord-265023-lq5259yr 66 20 a a DT cord-265023-lq5259yr 66 21 more more RBR cord-265023-lq5259yr 66 22 severe severe JJ cord-265023-lq5259yr 66 23 recession recession NN cord-265023-lq5259yr 66 24 and and CC cord-265023-lq5259yr 66 25 Bernanke Bernanke NNP cord-265023-lq5259yr 66 26 and and CC cord-265023-lq5259yr 66 27 Lown Lown NNP cord-265023-lq5259yr 66 28 ( ( -LRB- cord-265023-lq5259yr 66 29 1991 1991 CD cord-265023-lq5259yr 66 30 ) ) -RRB- cord-265023-lq5259yr 66 31 and and CC cord-265023-lq5259yr 66 32 Calvo Calvo NNP cord-265023-lq5259yr 66 33 and and CC cord-265023-lq5259yr 66 34 Reinhart Reinhart NNP cord-265023-lq5259yr 66 35 ( ( -LRB- cord-265023-lq5259yr 66 36 2000 2000 CD cord-265023-lq5259yr 66 37 ) ) -RRB- cord-265023-lq5259yr 66 38 note note NN cord-265023-lq5259yr 66 39 that that IN cord-265023-lq5259yr 66 40 crises crisis NNS cord-265023-lq5259yr 66 41 are be VBP cord-265023-lq5259yr 66 42 often often RB cord-265023-lq5259yr 66 43 accompanied accompany VBN cord-265023-lq5259yr 66 44 by by IN cord-265023-lq5259yr 66 45 bank bank NN cord-265023-lq5259yr 66 46 credit credit NN cord-265023-lq5259yr 66 47 crunches crunch NNS cord-265023-lq5259yr 66 48 and and CC cord-265023-lq5259yr 66 49 halting halt VBG cord-265023-lq5259yr 66 50 foreign foreign JJ cord-265023-lq5259yr 66 51 capital capital NN cord-265023-lq5259yr 66 52 flows flow NNS cord-265023-lq5259yr 66 53 . . . cord-265023-lq5259yr 67 1 Given give VBN cord-265023-lq5259yr 67 2 the the DT cord-265023-lq5259yr 67 3 importance importance NN cord-265023-lq5259yr 67 4 of of IN cord-265023-lq5259yr 67 5 credit credit NN cord-265023-lq5259yr 67 6 growth growth NN cord-265023-lq5259yr 67 7 as as IN cord-265023-lq5259yr 67 8 a a DT cord-265023-lq5259yr 67 9 harbinger harbinger NN cord-265023-lq5259yr 67 10 of of IN cord-265023-lq5259yr 67 11 crises crisis NNS cord-265023-lq5259yr 67 12 as as RB cord-265023-lq5259yr 67 13 well well RB cord-265023-lq5259yr 67 14 as as IN cord-265023-lq5259yr 67 15 an an DT cord-265023-lq5259yr 67 16 indicator indicator NN cord-265023-lq5259yr 67 17 of of IN cord-265023-lq5259yr 67 18 the the DT cord-265023-lq5259yr 67 19 magnitude magnitude NN cord-265023-lq5259yr 67 20 of of IN cord-265023-lq5259yr 67 21 crises crisis NNS cord-265023-lq5259yr 67 22 , , , cord-265023-lq5259yr 67 23 the the DT cord-265023-lq5259yr 67 24 study study NN cord-265023-lq5259yr 67 25 of of IN cord-265023-lq5259yr 67 26 the the DT cord-265023-lq5259yr 67 27 relationship relationship NN cord-265023-lq5259yr 67 28 between between IN cord-265023-lq5259yr 67 29 credit credit NN cord-265023-lq5259yr 67 30 growth growth NN cord-265023-lq5259yr 67 31 and and CC cord-265023-lq5259yr 67 32 monetary monetary JJ cord-265023-lq5259yr 67 33 policy policy NN cord-265023-lq5259yr 67 34 intervention intervention NN cord-265023-lq5259yr 67 35 as as IN cord-265023-lq5259yr 67 36 represented represent VBN cord-265023-lq5259yr 67 37 by by IN cord-265023-lq5259yr 67 38 policy policy NN cord-265023-lq5259yr 67 39 rates rate NNS cord-265023-lq5259yr 67 40 for for IN cord-265023-lq5259yr 67 41 emerging emerge VBG cord-265023-lq5259yr 67 42 economies economy NNS cord-265023-lq5259yr 67 43 and and CC cord-265023-lq5259yr 67 44 shadow shadow NN cord-265023-lq5259yr 67 45 rates rate NNS cord-265023-lq5259yr 67 46 for for IN cord-265023-lq5259yr 67 47 advanced advanced JJ cord-265023-lq5259yr 67 48 economies economy NNS cord-265023-lq5259yr 67 49 is be VBZ cord-265023-lq5259yr 67 50 of of IN cord-265023-lq5259yr 67 51 importance importance NN cord-265023-lq5259yr 67 52 . . . cord-265023-lq5259yr 68 1 Our -PRON- PRP$ cord-265023-lq5259yr 68 2 second second JJ cord-265023-lq5259yr 68 3 proxy proxy NN cord-265023-lq5259yr 68 4 for for IN cord-265023-lq5259yr 68 5 financial financial JJ cord-265023-lq5259yr 68 6 stability stability NN cord-265023-lq5259yr 68 7 is be VBZ cord-265023-lq5259yr 68 8 the the DT cord-265023-lq5259yr 68 9 exchange exchange NN cord-265023-lq5259yr 68 10 rate rate NN cord-265023-lq5259yr 68 11 , , , cord-265023-lq5259yr 68 12 the the DT cord-265023-lq5259yr 68 13 inclusion inclusion NN cord-265023-lq5259yr 68 14 of of IN cord-265023-lq5259yr 68 15 which which WDT cord-265023-lq5259yr 68 16 is be VBZ cord-265023-lq5259yr 68 17 substantiated substantiate VBN cord-265023-lq5259yr 68 18 by by IN cord-265023-lq5259yr 68 19 existing exist VBG cord-265023-lq5259yr 68 20 literature literature NN cord-265023-lq5259yr 68 21 . . . cord-265023-lq5259yr 69 1 For for IN cord-265023-lq5259yr 69 2 example example NN cord-265023-lq5259yr 69 3 , , , cord-265023-lq5259yr 69 4 exchange exchange NN cord-265023-lq5259yr 69 5 rate rate NN cord-265023-lq5259yr 69 6 depreciation depreciation NN cord-265023-lq5259yr 69 7 is be VBZ cord-265023-lq5259yr 69 8 used use VBN cord-265023-lq5259yr 69 9 as as IN cord-265023-lq5259yr 69 10 a a DT cord-265023-lq5259yr 69 11 proxy proxy NN cord-265023-lq5259yr 69 12 for for IN cord-265023-lq5259yr 69 13 financial financial JJ cord-265023-lq5259yr 69 14 vulnerability vulnerability NN cord-265023-lq5259yr 69 15 in in IN cord-265023-lq5259yr 69 16 both both CC cord-265023-lq5259yr 69 17 Eichengreen Eichengreen NNP cord-265023-lq5259yr 69 18 and and CC cord-265023-lq5259yr 69 19 Gupta Gupta NNP cord-265023-lq5259yr 69 20 ( ( -LRB- cord-265023-lq5259yr 69 21 2015 2015 CD cord-265023-lq5259yr 69 22 ) ) -RRB- cord-265023-lq5259yr 69 23 and and CC cord-265023-lq5259yr 69 24 Park Park NNP cord-265023-lq5259yr 69 25 et et FW cord-265023-lq5259yr 69 26 al al NNP cord-265023-lq5259yr 69 27 . . . cord-265023-lq5259yr 70 1 ( ( -LRB- cord-265023-lq5259yr 70 2 2016 2016 CD cord-265023-lq5259yr 70 3 ) ) -RRB- cord-265023-lq5259yr 70 4 . . . cord-265023-lq5259yr 71 1 Further further RB cord-265023-lq5259yr 71 2 , , , cord-265023-lq5259yr 71 3 Eichenbaum Eichenbaum NNP cord-265023-lq5259yr 71 4 and and CC cord-265023-lq5259yr 71 5 Evans Evans NNP cord-265023-lq5259yr 71 6 ( ( -LRB- cord-265023-lq5259yr 71 7 1995 1995 CD cord-265023-lq5259yr 71 8 ) ) -RRB- cord-265023-lq5259yr 71 9 make make VBP cord-265023-lq5259yr 71 10 use use NN cord-265023-lq5259yr 71 11 of of IN cord-265023-lq5259yr 71 12 a a DT cord-265023-lq5259yr 71 13 VAR var NN cord-265023-lq5259yr 71 14 analysis analysis NN cord-265023-lq5259yr 71 15 to to TO cord-265023-lq5259yr 71 16 investigate investigate VB cord-265023-lq5259yr 71 17 the the DT cord-265023-lq5259yr 71 18 effect effect NN cord-265023-lq5259yr 71 19 of of IN cord-265023-lq5259yr 71 20 shocks shock NNS cord-265023-lq5259yr 71 21 ( ( -LRB- cord-265023-lq5259yr 71 22 in in IN cord-265023-lq5259yr 71 23 monetary monetary JJ cord-265023-lq5259yr 71 24 policy policy NN cord-265023-lq5259yr 71 25 ) ) -RRB- cord-265023-lq5259yr 71 26 on on IN cord-265023-lq5259yr 71 27 exchange exchange NN cord-265023-lq5259yr 71 28 rates rate NNS cord-265023-lq5259yr 71 29 in in IN cord-265023-lq5259yr 71 30 the the DT cord-265023-lq5259yr 71 31 USA USA NNP cord-265023-lq5259yr 71 32 and and CC cord-265023-lq5259yr 71 33 find find VB cord-265023-lq5259yr 71 34 that that IN cord-265023-lq5259yr 71 35 contractionary contractionary JJ cord-265023-lq5259yr 71 36 monetary monetary JJ cord-265023-lq5259yr 71 37 policy policy NN cord-265023-lq5259yr 71 38 results result NNS cord-265023-lq5259yr 71 39 in in IN cord-265023-lq5259yr 71 40 a a DT cord-265023-lq5259yr 71 41 long long RB cord-265023-lq5259yr 71 42 - - HYPH cord-265023-lq5259yr 71 43 lasting last VBG cord-265023-lq5259yr 71 44 appreciation appreciation NN cord-265023-lq5259yr 71 45 in in IN cord-265023-lq5259yr 71 46 the the DT cord-265023-lq5259yr 71 47 exchange exchange NN cord-265023-lq5259yr 71 48 rate rate NN cord-265023-lq5259yr 71 49 . . . cord-265023-lq5259yr 72 1 Our -PRON- PRP$ cord-265023-lq5259yr 72 2 results result NNS cord-265023-lq5259yr 72 3 show show VBP cord-265023-lq5259yr 72 4 that that IN cord-265023-lq5259yr 72 5 tighter tight JJR cord-265023-lq5259yr 72 6 monetary monetary JJ cord-265023-lq5259yr 72 7 policy policy NN cord-265023-lq5259yr 72 8 results result NNS cord-265023-lq5259yr 72 9 in in IN cord-265023-lq5259yr 72 10 an an DT cord-265023-lq5259yr 72 11 appreciation appreciation NN cord-265023-lq5259yr 72 12 of of IN cord-265023-lq5259yr 72 13 the the DT cord-265023-lq5259yr 72 14 local local JJ cord-265023-lq5259yr 72 15 currency currency NN cord-265023-lq5259yr 72 16 in in IN cord-265023-lq5259yr 72 17 Chile Chile NNP cord-265023-lq5259yr 72 18 , , , cord-265023-lq5259yr 72 19 Japan Japan NNP cord-265023-lq5259yr 72 20 and and CC cord-265023-lq5259yr 72 21 Portugal Portugal NNP cord-265023-lq5259yr 72 22 . . . cord-265023-lq5259yr 73 1 The the DT cord-265023-lq5259yr 73 2 local local JJ cord-265023-lq5259yr 73 3 currency currency NN cord-265023-lq5259yr 73 4 in in IN cord-265023-lq5259yr 73 5 the the DT cord-265023-lq5259yr 73 6 UK UK NNP cord-265023-lq5259yr 73 7 and and CC cord-265023-lq5259yr 73 8 Colombia Colombia NNP cord-265023-lq5259yr 73 9 , , , cord-265023-lq5259yr 73 10 however however RB cord-265023-lq5259yr 73 11 , , , cord-265023-lq5259yr 73 12 depreciates depreciate VBZ cord-265023-lq5259yr 73 13 . . . cord-265023-lq5259yr 74 1 Dhrymes dhryme NNS cord-265023-lq5259yr 74 2 ( ( -LRB- cord-265023-lq5259yr 74 3 1997 1997 CD cord-265023-lq5259yr 74 4 ) ) -RRB- cord-265023-lq5259yr 74 5 look look VB cord-265023-lq5259yr 74 6 at at IN cord-265023-lq5259yr 74 7 more more RBR cord-265023-lq5259yr 74 8 economically economically RB cord-265023-lq5259yr 74 9 compatible compatible JJ cord-265023-lq5259yr 74 10 SVAR SVAR NNP cord-265023-lq5259yr 74 11 models model NNS cord-265023-lq5259yr 74 12 , , , cord-265023-lq5259yr 74 13 they -PRON- PRP cord-265023-lq5259yr 74 14 find find VBP cord-265023-lq5259yr 74 15 that that IN cord-265023-lq5259yr 74 16 foreign foreign JJ cord-265023-lq5259yr 74 17 interest interest NN cord-265023-lq5259yr 74 18 rates rate NNS cord-265023-lq5259yr 74 19 and and CC cord-265023-lq5259yr 74 20 the the DT cord-265023-lq5259yr 74 21 real real JJ cord-265023-lq5259yr 74 22 exchange exchange NN cord-265023-lq5259yr 74 23 rate rate NN cord-265023-lq5259yr 74 24 are be VBP cord-265023-lq5259yr 74 25 determinants determinant NNS cord-265023-lq5259yr 74 26 of of IN cord-265023-lq5259yr 74 27 real real JJ cord-265023-lq5259yr 74 28 output output NN cord-265023-lq5259yr 74 29 . . . cord-265023-lq5259yr 75 1 Lastly lastly RB cord-265023-lq5259yr 75 2 , , , cord-265023-lq5259yr 75 3 Cavallari Cavallari NNP cord-265023-lq5259yr 75 4 ( ( -LRB- cord-265023-lq5259yr 75 5 2001 2001 CD cord-265023-lq5259yr 75 6 ) ) -RRB- cord-265023-lq5259yr 75 7 finds find VBZ cord-265023-lq5259yr 75 8 that that IN cord-265023-lq5259yr 75 9 monetary monetary JJ cord-265023-lq5259yr 75 10 shocks shock NNS cord-265023-lq5259yr 75 11 have have VBP cord-265023-lq5259yr 75 12 no no DT cord-265023-lq5259yr 75 13 effect effect NN cord-265023-lq5259yr 75 14 on on IN cord-265023-lq5259yr 75 15 real real JJ cord-265023-lq5259yr 75 16 variables variable NNS cord-265023-lq5259yr 75 17 in in IN cord-265023-lq5259yr 75 18 the the DT cord-265023-lq5259yr 75 19 long long JJ cord-265023-lq5259yr 75 20 run run NN cord-265023-lq5259yr 75 21 when when WRB cord-265023-lq5259yr 75 22 considering consider VBG cord-265023-lq5259yr 75 23 a a DT cord-265023-lq5259yr 75 24 SVAR SVAR NNP cord-265023-lq5259yr 75 25 . . . cord-265023-lq5259yr 76 1 In in IN cord-265023-lq5259yr 76 2 contrast contrast NN cord-265023-lq5259yr 76 3 , , , cord-265023-lq5259yr 76 4 Lee Lee NNP cord-265023-lq5259yr 76 5 and and CC cord-265023-lq5259yr 76 6 Chinn Chinn NNP cord-265023-lq5259yr 76 7 ( ( -LRB- cord-265023-lq5259yr 76 8 2002 2002 CD cord-265023-lq5259yr 76 9 ) ) -RRB- cord-265023-lq5259yr 76 10 extended extend VBD cord-265023-lq5259yr 76 11 this this DT cord-265023-lq5259yr 76 12 model model NN cord-265023-lq5259yr 76 13 to to TO cord-265023-lq5259yr 76 14 include include VB cord-265023-lq5259yr 76 15 exchange exchange NN cord-265023-lq5259yr 76 16 rate rate NN cord-265023-lq5259yr 76 17 data datum NNS cord-265023-lq5259yr 76 18 and and CC cord-265023-lq5259yr 76 19 found find VBD cord-265023-lq5259yr 76 20 that that IN cord-265023-lq5259yr 76 21 monetary monetary JJ cord-265023-lq5259yr 76 22 policy policy NN cord-265023-lq5259yr 76 23 does do VBZ cord-265023-lq5259yr 76 24 indeed indeed RB cord-265023-lq5259yr 76 25 influence influence VB cord-265023-lq5259yr 76 26 exchange exchange NN cord-265023-lq5259yr 76 27 rates rate NNS cord-265023-lq5259yr 76 28 . . . cord-265023-lq5259yr 77 1 Our -PRON- PRP$ cord-265023-lq5259yr 77 2 final final JJ cord-265023-lq5259yr 77 3 proxy proxy NN cord-265023-lq5259yr 77 4 for for IN cord-265023-lq5259yr 77 5 financial financial JJ cord-265023-lq5259yr 77 6 stability stability NN cord-265023-lq5259yr 77 7 is be VBZ cord-265023-lq5259yr 77 8 the the DT cord-265023-lq5259yr 77 9 growth growth NN cord-265023-lq5259yr 77 10 in in IN cord-265023-lq5259yr 77 11 the the DT cord-265023-lq5259yr 77 12 stock stock NN cord-265023-lq5259yr 77 13 market market NN cord-265023-lq5259yr 77 14 which which WDT cord-265023-lq5259yr 77 15 is be VBZ cord-265023-lq5259yr 77 16 looked look VBN cord-265023-lq5259yr 77 17 at at IN cord-265023-lq5259yr 77 18 in in IN cord-265023-lq5259yr 77 19 earlier early JJR cord-265023-lq5259yr 77 20 literature literature NN cord-265023-lq5259yr 77 21 . . . cord-265023-lq5259yr 78 1 Granville Granville NNP cord-265023-lq5259yr 78 2 and and CC cord-265023-lq5259yr 78 3 Mallick Mallick NNP cord-265023-lq5259yr 78 4 ( ( -LRB- cord-265023-lq5259yr 78 5 2009 2009 CD cord-265023-lq5259yr 78 6 ) ) -RRB- cord-265023-lq5259yr 78 7 use use VBP cord-265023-lq5259yr 78 8 stock stock NN cord-265023-lq5259yr 78 9 prices price NNS cord-265023-lq5259yr 78 10 , , , cord-265023-lq5259yr 78 11 exchange exchange NN cord-265023-lq5259yr 78 12 rates rate NNS cord-265023-lq5259yr 78 13 and and CC cord-265023-lq5259yr 78 14 loan loan NN cord-265023-lq5259yr 78 15 - - HYPH cord-265023-lq5259yr 78 16 to to IN cord-265023-lq5259yr 78 17 - - HYPH cord-265023-lq5259yr 78 18 deposit deposit NN cord-265023-lq5259yr 78 19 ratios ratio NNS cord-265023-lq5259yr 78 20 as as IN cord-265023-lq5259yr 78 21 proxies proxy NNS cord-265023-lq5259yr 78 22 for for IN cord-265023-lq5259yr 78 23 financial financial JJ cord-265023-lq5259yr 78 24 stability stability NN cord-265023-lq5259yr 78 25 and and CC cord-265023-lq5259yr 78 26 define define VB cord-265023-lq5259yr 78 27 financial financial JJ cord-265023-lq5259yr 78 28 stability stability NN cord-265023-lq5259yr 78 29 in in IN cord-265023-lq5259yr 78 30 terms term NNS cord-265023-lq5259yr 78 31 of of IN cord-265023-lq5259yr 78 32 changes change NNS cord-265023-lq5259yr 78 33 in in IN cord-265023-lq5259yr 78 34 stock stock NN cord-265023-lq5259yr 78 35 prices price NNS cord-265023-lq5259yr 78 36 . . . cord-265023-lq5259yr 79 1 4 4 LS cord-265023-lq5259yr 80 1 Asiriyan Asiriyan NNP cord-265023-lq5259yr 80 2 et et NNP cord-265023-lq5259yr 80 3 al al NNP cord-265023-lq5259yr 80 4 . . . cord-265023-lq5259yr 81 1 ( ( -LRB- cord-265023-lq5259yr 81 2 2019 2019 CD cord-265023-lq5259yr 81 3 ) ) -RRB- cord-265023-lq5259yr 81 4 consider consider VB cord-265023-lq5259yr 81 5 monetary monetary JJ cord-265023-lq5259yr 81 6 policy policy NN cord-265023-lq5259yr 81 7 in in IN cord-265023-lq5259yr 81 8 a a DT cord-265023-lq5259yr 81 9 bubbly bubbly JJ cord-265023-lq5259yr 81 10 world world NN cord-265023-lq5259yr 81 11 where where WRB cord-265023-lq5259yr 81 12 low low JJ cord-265023-lq5259yr 81 13 interest interest NN cord-265023-lq5259yr 81 14 rates rate NNS cord-265023-lq5259yr 81 15 result result VBP cord-265023-lq5259yr 81 16 in in IN cord-265023-lq5259yr 81 17 frequent frequent JJ cord-265023-lq5259yr 81 18 booms boom NNS cord-265023-lq5259yr 81 19 and and CC cord-265023-lq5259yr 81 20 busts bust NNS cord-265023-lq5259yr 81 21 in in IN cord-265023-lq5259yr 81 22 asset asset NN cord-265023-lq5259yr 81 23 prices price NNS cord-265023-lq5259yr 81 24 . . . cord-265023-lq5259yr 82 1 Both both DT cord-265023-lq5259yr 82 2 monetary monetary JJ cord-265023-lq5259yr 82 3 policy policy NN cord-265023-lq5259yr 82 4 and and CC cord-265023-lq5259yr 82 5 bubbles bubble NNS cord-265023-lq5259yr 82 6 have have VBP cord-265023-lq5259yr 82 7 expansionary expansionary JJ cord-265023-lq5259yr 82 8 effects effect NNS cord-265023-lq5259yr 82 9 on on IN cord-265023-lq5259yr 82 10 the the DT cord-265023-lq5259yr 82 11 economy economy NN cord-265023-lq5259yr 82 12 with with IN cord-265023-lq5259yr 82 13 bubbles bubble NNS cord-265023-lq5259yr 82 14 having have VBG cord-265023-lq5259yr 82 15 both both CC cord-265023-lq5259yr 82 16 an an DT cord-265023-lq5259yr 82 17 overhang overhang NN cord-265023-lq5259yr 82 18 effect effect NN cord-265023-lq5259yr 82 19 and and CC cord-265023-lq5259yr 82 20 a a DT cord-265023-lq5259yr 82 21 wealth wealth NN cord-265023-lq5259yr 82 22 effect effect NN cord-265023-lq5259yr 82 23 . . . cord-265023-lq5259yr 83 1 5 5 LS cord-265023-lq5259yr 84 1 In in IN cord-265023-lq5259yr 84 2 line line NN cord-265023-lq5259yr 84 3 with with IN cord-265023-lq5259yr 84 4 Asiriyan Asiriyan NNP cord-265023-lq5259yr 84 5 et et NNP cord-265023-lq5259yr 84 6 al al NNP cord-265023-lq5259yr 84 7 . . . cord-265023-lq5259yr 85 1 ( ( -LRB- cord-265023-lq5259yr 85 2 2019 2019 CD cord-265023-lq5259yr 85 3 ) ) -RRB- cord-265023-lq5259yr 85 4 , , , cord-265023-lq5259yr 85 5 we -PRON- PRP cord-265023-lq5259yr 85 6 find find VBP cord-265023-lq5259yr 85 7 that that IN cord-265023-lq5259yr 85 8 tighter tight JJR cord-265023-lq5259yr 85 9 monetary monetary JJ cord-265023-lq5259yr 85 10 policy policy NN cord-265023-lq5259yr 85 11 results result NNS cord-265023-lq5259yr 85 12 in in IN cord-265023-lq5259yr 85 13 lower low JJR cord-265023-lq5259yr 85 14 stock stock NN cord-265023-lq5259yr 85 15 prices price NNS cord-265023-lq5259yr 85 16 except except IN cord-265023-lq5259yr 85 17 in in IN cord-265023-lq5259yr 85 18 the the DT cord-265023-lq5259yr 85 19 case case NN cord-265023-lq5259yr 85 20 of of IN cord-265023-lq5259yr 85 21 Chile Chile NNP cord-265023-lq5259yr 85 22 . . . cord-265023-lq5259yr 86 1 Both both DT cord-265023-lq5259yr 86 2 Granville Granville NNP cord-265023-lq5259yr 86 3 and and CC cord-265023-lq5259yr 86 4 Mallick Mallick NNP cord-265023-lq5259yr 86 5 ( ( -LRB- cord-265023-lq5259yr 86 6 2009 2009 CD cord-265023-lq5259yr 86 7 ) ) -RRB- cord-265023-lq5259yr 86 8 and and CC cord-265023-lq5259yr 86 9 Cocriş Cocriş NNP cord-265023-lq5259yr 86 10 and and CC cord-265023-lq5259yr 86 11 Nucu Nucu NNP cord-265023-lq5259yr 86 12 ( ( -LRB- cord-265023-lq5259yr 86 13 2013 2013 CD cord-265023-lq5259yr 86 14 ) ) -RRB- cord-265023-lq5259yr 86 15 define define VB cord-265023-lq5259yr 86 16 financial financial JJ cord-265023-lq5259yr 86 17 stability stability NN cord-265023-lq5259yr 86 18 in in IN cord-265023-lq5259yr 86 19 terms term NNS cord-265023-lq5259yr 86 20 of of IN cord-265023-lq5259yr 86 21 the the DT cord-265023-lq5259yr 86 22 change change NN cord-265023-lq5259yr 86 23 in in IN cord-265023-lq5259yr 86 24 the the DT cord-265023-lq5259yr 86 25 share share NN cord-265023-lq5259yr 86 26 price price NN cord-265023-lq5259yr 86 27 , , , cord-265023-lq5259yr 86 28 the the DT cord-265023-lq5259yr 86 29 exchange exchange NN cord-265023-lq5259yr 86 30 rate rate NN cord-265023-lq5259yr 86 31 as as IN cord-265023-lq5259yr 86 32 the the DT cord-265023-lq5259yr 86 33 units unit NNS cord-265023-lq5259yr 86 34 of of IN cord-265023-lq5259yr 86 35 local local JJ cord-265023-lq5259yr 86 36 currency currency NN cord-265023-lq5259yr 86 37 per per IN cord-265023-lq5259yr 86 38 unit unit NN cord-265023-lq5259yr 86 39 of of IN cord-265023-lq5259yr 86 40 Euro Euro NNP cord-265023-lq5259yr 86 41 and and CC cord-265023-lq5259yr 86 42 the the DT cord-265023-lq5259yr 86 43 loan loan NN cord-265023-lq5259yr 86 44 - - HYPH cord-265023-lq5259yr 86 45 to to IN cord-265023-lq5259yr 86 46 - - HYPH cord-265023-lq5259yr 86 47 deposit deposit NN cord-265023-lq5259yr 86 48 ratio ratio NN cord-265023-lq5259yr 86 49 . . . cord-265023-lq5259yr 87 1 Cocriş Cocriş NNP cord-265023-lq5259yr 87 2 and and CC cord-265023-lq5259yr 87 3 Nucu Nucu NNP cord-265023-lq5259yr 87 4 ( ( -LRB- cord-265023-lq5259yr 87 5 2013 2013 CD cord-265023-lq5259yr 87 6 ) ) -RRB- cord-265023-lq5259yr 87 7 find find VBP cord-265023-lq5259yr 87 8 that that IN cord-265023-lq5259yr 87 9 in in IN cord-265023-lq5259yr 87 10 countries country NNS cord-265023-lq5259yr 87 11 with with IN cord-265023-lq5259yr 87 12 inflation inflation NN cord-265023-lq5259yr 87 13 - - HYPH cord-265023-lq5259yr 87 14 targeting target VBG cord-265023-lq5259yr 87 15 schemes scheme NNS cord-265023-lq5259yr 87 16 , , , cord-265023-lq5259yr 87 17 the the DT cord-265023-lq5259yr 87 18 interest interest NN cord-265023-lq5259yr 87 19 rate rate NN cord-265023-lq5259yr 87 20 instrument instrument NN cord-265023-lq5259yr 87 21 facilitates facilitate VBZ cord-265023-lq5259yr 87 22 financial financial JJ cord-265023-lq5259yr 87 23 stability stability NN cord-265023-lq5259yr 87 24 while while IN cord-265023-lq5259yr 87 25 , , , cord-265023-lq5259yr 87 26 in in IN cord-265023-lq5259yr 87 27 countries country NNS cord-265023-lq5259yr 87 28 with with IN cord-265023-lq5259yr 87 29 fixed fix VBN cord-265023-lq5259yr 87 30 exchange exchange NN cord-265023-lq5259yr 87 31 rates rate NNS cord-265023-lq5259yr 87 32 , , , cord-265023-lq5259yr 87 33 monetary monetary JJ cord-265023-lq5259yr 87 34 policy policy NN cord-265023-lq5259yr 87 35 does do VBZ cord-265023-lq5259yr 87 36 not not RB cord-265023-lq5259yr 87 37 encourage encourage VB cord-265023-lq5259yr 87 38 financial financial JJ cord-265023-lq5259yr 87 39 stability stability NN cord-265023-lq5259yr 87 40 except except IN cord-265023-lq5259yr 87 41 in in IN cord-265023-lq5259yr 87 42 the the DT cord-265023-lq5259yr 87 43 case case NN cord-265023-lq5259yr 87 44 of of IN cord-265023-lq5259yr 87 45 Bulgaria Bulgaria NNP cord-265023-lq5259yr 87 46 . . . cord-265023-lq5259yr 88 1 Lastly lastly RB cord-265023-lq5259yr 88 2 , , , cord-265023-lq5259yr 88 3 we -PRON- PRP cord-265023-lq5259yr 88 4 include include VBP cord-265023-lq5259yr 88 5 industrial industrial JJ cord-265023-lq5259yr 88 6 production production NN cord-265023-lq5259yr 88 7 as as IN cord-265023-lq5259yr 88 8 a a DT cord-265023-lq5259yr 88 9 proxy proxy NN cord-265023-lq5259yr 88 10 for for IN cord-265023-lq5259yr 88 11 the the DT cord-265023-lq5259yr 88 12 real real JJ cord-265023-lq5259yr 88 13 business business NN cord-265023-lq5259yr 88 14 cycle cycle NN cord-265023-lq5259yr 88 15 in in IN cord-265023-lq5259yr 88 16 line line NN cord-265023-lq5259yr 88 17 with with IN cord-265023-lq5259yr 88 18 Cocriş Cocriş NNP cord-265023-lq5259yr 88 19 and and CC cord-265023-lq5259yr 88 20 Nucu Nucu NNP cord-265023-lq5259yr 88 21 ( ( -LRB- cord-265023-lq5259yr 88 22 2013 2013 CD cord-265023-lq5259yr 88 23 ) ) -RRB- cord-265023-lq5259yr 88 24 , , , cord-265023-lq5259yr 88 25 Grilli Grilli NNP cord-265023-lq5259yr 88 26 and and CC cord-265023-lq5259yr 88 27 Roubini Roubini NNP cord-265023-lq5259yr 88 28 ( ( -LRB- cord-265023-lq5259yr 88 29 1996 1996 CD cord-265023-lq5259yr 88 30 ) ) -RRB- cord-265023-lq5259yr 88 31 , , , cord-265023-lq5259yr 88 32 Kim Kim NNP cord-265023-lq5259yr 88 33 ( ( -LRB- cord-265023-lq5259yr 88 34 2001 2001 CD cord-265023-lq5259yr 88 35 ) ) -RRB- cord-265023-lq5259yr 88 36 and and CC cord-265023-lq5259yr 88 37 Kim Kim NNP cord-265023-lq5259yr 88 38 and and CC cord-265023-lq5259yr 88 39 Roubini Roubini NNP cord-265023-lq5259yr 88 40 ( ( -LRB- cord-265023-lq5259yr 88 41 2000 2000 CD cord-265023-lq5259yr 88 42 ) ) -RRB- cord-265023-lq5259yr 88 43 . . . cord-265023-lq5259yr 89 1 Today today NN cord-265023-lq5259yr 89 2 , , , cord-265023-lq5259yr 89 3 the the DT cord-265023-lq5259yr 89 4 Chilean Chilean NNP cord-265023-lq5259yr 89 5 Central Central NNP cord-265023-lq5259yr 89 6 Bank Bank NNP cord-265023-lq5259yr 89 7 maintains maintain VBZ cord-265023-lq5259yr 89 8 one one CD cord-265023-lq5259yr 89 9 of of IN cord-265023-lq5259yr 89 10 the the DT cord-265023-lq5259yr 89 11 highest high JJS cord-265023-lq5259yr 89 12 levels level NNS cord-265023-lq5259yr 89 13 of of IN cord-265023-lq5259yr 89 14 Central Central NNP cord-265023-lq5259yr 89 15 Bank Bank NNP cord-265023-lq5259yr 89 16 independence independence NN cord-265023-lq5259yr 89 17 globally globally RB cord-265023-lq5259yr 89 18 and and CC cord-265023-lq5259yr 89 19 maintains maintain VBZ cord-265023-lq5259yr 89 20 a a DT cord-265023-lq5259yr 89 21 successful successful JJ cord-265023-lq5259yr 89 22 inflation inflation NN cord-265023-lq5259yr 89 23 - - HYPH cord-265023-lq5259yr 89 24 targeting target VBG cord-265023-lq5259yr 89 25 framework framework NN cord-265023-lq5259yr 89 26 . . . cord-265023-lq5259yr 90 1 Colombia Colombia NNP cord-265023-lq5259yr 90 2 is be VBZ cord-265023-lq5259yr 90 3 currently currently RB cord-265023-lq5259yr 90 4 Latin Latin NNP cord-265023-lq5259yr 90 5 America America NNP cord-265023-lq5259yr 90 6 's 's POS cord-265023-lq5259yr 90 7 second second RB cord-265023-lq5259yr 90 8 largest large JJS cord-265023-lq5259yr 90 9 economy economy NN cord-265023-lq5259yr 90 10 , , , cord-265023-lq5259yr 90 11 has have VBZ cord-265023-lq5259yr 90 12 a a DT cord-265023-lq5259yr 90 13 stable stable JJ cord-265023-lq5259yr 90 14 currency currency NN cord-265023-lq5259yr 90 15 , , , cord-265023-lq5259yr 90 16 an an DT cord-265023-lq5259yr 90 17 abundance abundance NN cord-265023-lq5259yr 90 18 of of IN cord-265023-lq5259yr 90 19 natural natural JJ cord-265023-lq5259yr 90 20 resources resource NNS cord-265023-lq5259yr 90 21 , , , cord-265023-lq5259yr 90 22 a a DT cord-265023-lq5259yr 90 23 somewhat somewhat RB cord-265023-lq5259yr 90 24 stable stable JJ cord-265023-lq5259yr 90 25 political political JJ cord-265023-lq5259yr 90 26 system system NN cord-265023-lq5259yr 90 27 and and CC cord-265023-lq5259yr 90 28 is be VBZ cord-265023-lq5259yr 90 29 seen see VBN cord-265023-lq5259yr 90 30 as as IN cord-265023-lq5259yr 90 31 one one CD cord-265023-lq5259yr 90 32 of of IN cord-265023-lq5259yr 90 33 the the DT cord-265023-lq5259yr 90 34 greatest great JJS cord-265023-lq5259yr 90 35 success success NN cord-265023-lq5259yr 90 36 stories story NNS cord-265023-lq5259yr 90 37 globally globally RB cord-265023-lq5259yr 90 38 over over IN cord-265023-lq5259yr 90 39 the the DT cord-265023-lq5259yr 90 40 past past JJ cord-265023-lq5259yr 90 41 three three CD cord-265023-lq5259yr 90 42 decades decade NNS cord-265023-lq5259yr 90 43 . . . cord-265023-lq5259yr 91 1 Chile Chile NNP cord-265023-lq5259yr 91 2 is be VBZ cord-265023-lq5259yr 91 3 the the DT cord-265023-lq5259yr 91 4 largest large JJS cord-265023-lq5259yr 91 5 producer producer NN cord-265023-lq5259yr 91 6 of of IN cord-265023-lq5259yr 91 7 copper copper NN cord-265023-lq5259yr 91 8 globally globally RB cord-265023-lq5259yr 91 9 and and CC cord-265023-lq5259yr 91 10 Colombia Colombia NNP cord-265023-lq5259yr 91 11 's 's POS cord-265023-lq5259yr 91 12 biggest big JJS cord-265023-lq5259yr 91 13 export export NN cord-265023-lq5259yr 91 14 is be VBZ cord-265023-lq5259yr 91 15 oil oil NN cord-265023-lq5259yr 91 16 ; ; : cord-265023-lq5259yr 91 17 the the DT cord-265023-lq5259yr 91 18 currently currently RB cord-265023-lq5259yr 91 19 decreased decrease VBN cord-265023-lq5259yr 91 20 demand demand NN cord-265023-lq5259yr 91 21 as as RB cord-265023-lq5259yr 91 22 well well RB cord-265023-lq5259yr 91 23 as as IN cord-265023-lq5259yr 91 24 plummeting plummet VBG cord-265023-lq5259yr 91 25 prices price NNS cord-265023-lq5259yr 91 26 in in IN cord-265023-lq5259yr 91 27 the the DT cord-265023-lq5259yr 91 28 midst midst NN cord-265023-lq5259yr 91 29 of of IN cord-265023-lq5259yr 91 30 the the DT cord-265023-lq5259yr 91 31 COVID-19 COVID-19 NNP cord-265023-lq5259yr 91 32 pandemic pandemic NN cord-265023-lq5259yr 91 33 poses pose VBZ cord-265023-lq5259yr 91 34 a a DT cord-265023-lq5259yr 91 35 significant significant JJ cord-265023-lq5259yr 91 36 risk risk NN cord-265023-lq5259yr 91 37 to to IN cord-265023-lq5259yr 91 38 both both DT cord-265023-lq5259yr 91 39 economies economy NNS cord-265023-lq5259yr 91 40 . . . cord-265023-lq5259yr 92 1 These these DT cord-265023-lq5259yr 92 2 two two CD cord-265023-lq5259yr 92 3 countries country NNS cord-265023-lq5259yr 92 4 have have VBP cord-265023-lq5259yr 92 5 been be VBN cord-265023-lq5259yr 92 6 overlooked overlook VBN cord-265023-lq5259yr 92 7 in in IN cord-265023-lq5259yr 92 8 empirical empirical JJ cord-265023-lq5259yr 92 9 research research NN cord-265023-lq5259yr 92 10 , , , cord-265023-lq5259yr 92 11 much much RB cord-265023-lq5259yr 92 12 like like IN cord-265023-lq5259yr 92 13 other other JJ cord-265023-lq5259yr 92 14 Latin latin JJ cord-265023-lq5259yr 92 15 American american JJ cord-265023-lq5259yr 92 16 countries country NNS cord-265023-lq5259yr 92 17 , , , cord-265023-lq5259yr 92 18 for for IN cord-265023-lq5259yr 92 19 a a DT cord-265023-lq5259yr 92 20 multitude multitude NN cord-265023-lq5259yr 92 21 of of IN cord-265023-lq5259yr 92 22 reasons reason NNS cord-265023-lq5259yr 92 23 including include VBG cord-265023-lq5259yr 92 24 the the DT cord-265023-lq5259yr 92 25 lack lack NN cord-265023-lq5259yr 92 26 of of IN cord-265023-lq5259yr 92 27 data datum NNS cord-265023-lq5259yr 92 28 availability availability NN cord-265023-lq5259yr 92 29 . . . cord-265023-lq5259yr 93 1 The the DT cord-265023-lq5259yr 93 2 adoption adoption NN cord-265023-lq5259yr 93 3 of of IN cord-265023-lq5259yr 93 4 inflation inflation NN cord-265023-lq5259yr 93 5 - - HYPH cord-265023-lq5259yr 93 6 targeting target VBG cord-265023-lq5259yr 93 7 regimes regime NNS cord-265023-lq5259yr 93 8 in in IN cord-265023-lq5259yr 93 9 the the DT cord-265023-lq5259yr 93 10 late late JJ cord-265023-lq5259yr 93 11 1990s 1990 NNS cord-265023-lq5259yr 93 12 has have VBZ cord-265023-lq5259yr 93 13 , , , cord-265023-lq5259yr 93 14 however however RB cord-265023-lq5259yr 93 15 , , , cord-265023-lq5259yr 93 16 sparked spark VBD cord-265023-lq5259yr 93 17 an an DT cord-265023-lq5259yr 93 18 interest interest NN cord-265023-lq5259yr 93 19 in in IN cord-265023-lq5259yr 93 20 the the DT cord-265023-lq5259yr 93 21 monetary monetary JJ cord-265023-lq5259yr 93 22 policy policy NN cord-265023-lq5259yr 93 23 mechanism mechanism NN cord-265023-lq5259yr 93 24 . . . cord-265023-lq5259yr 94 1 SVAR SVAR NNP cord-265023-lq5259yr 94 2 models model NNS cord-265023-lq5259yr 94 3 have have VBP cord-265023-lq5259yr 94 4 been be VBN cord-265023-lq5259yr 94 5 used use VBN cord-265023-lq5259yr 94 6 to to TO cord-265023-lq5259yr 94 7 study study VB cord-265023-lq5259yr 94 8 both both DT cord-265023-lq5259yr 94 9 monetary monetary JJ cord-265023-lq5259yr 94 10 policy policy NN cord-265023-lq5259yr 94 11 ( ( -LRB- cord-265023-lq5259yr 94 12 Catão Catão NNP cord-265023-lq5259yr 94 13 and and CC cord-265023-lq5259yr 94 14 Pagan Pagan NNP cord-265023-lq5259yr 94 15 2011 2011 CD cord-265023-lq5259yr 94 16 ; ; : cord-265023-lq5259yr 94 17 Parrado Parrado NNP cord-265023-lq5259yr 94 18 2001 2001 CD cord-265023-lq5259yr 94 19 ) ) -RRB- cord-265023-lq5259yr 94 20 and and CC cord-265023-lq5259yr 94 21 fiscal fiscal JJ cord-265023-lq5259yr 94 22 policy policy NN cord-265023-lq5259yr 94 23 ( ( -LRB- cord-265023-lq5259yr 94 24 Restrepo Restrepo NNP cord-265023-lq5259yr 94 25 and and CC cord-265023-lq5259yr 94 26 Rincon Rincon NNP cord-265023-lq5259yr 94 27 2006 2006 CD cord-265023-lq5259yr 94 28 ) ) -RRB- cord-265023-lq5259yr 94 29 in in IN cord-265023-lq5259yr 94 30 Chile Chile NNP cord-265023-lq5259yr 94 31 and and CC cord-265023-lq5259yr 94 32 Colombia Colombia NNP cord-265023-lq5259yr 94 33 . . . cord-265023-lq5259yr 95 1 The the DT cord-265023-lq5259yr 95 2 number number NN cord-265023-lq5259yr 95 3 of of IN cord-265023-lq5259yr 95 4 papers paper NNS cord-265023-lq5259yr 95 5 implementing implement VBG cord-265023-lq5259yr 95 6 this this DT cord-265023-lq5259yr 95 7 methodology methodology NN cord-265023-lq5259yr 95 8 and and CC cord-265023-lq5259yr 95 9 focusing focus VBG cord-265023-lq5259yr 95 10 on on IN cord-265023-lq5259yr 95 11 the the DT cord-265023-lq5259yr 95 12 relationship relationship NN cord-265023-lq5259yr 95 13 between between IN cord-265023-lq5259yr 95 14 monetary monetary JJ cord-265023-lq5259yr 95 15 policy policy NN cord-265023-lq5259yr 95 16 and and CC cord-265023-lq5259yr 95 17 financial financial JJ cord-265023-lq5259yr 95 18 stability stability NN cord-265023-lq5259yr 95 19 is be VBZ cord-265023-lq5259yr 95 20 , , , cord-265023-lq5259yr 95 21 however however RB cord-265023-lq5259yr 95 22 , , , cord-265023-lq5259yr 95 23 still still RB cord-265023-lq5259yr 95 24 somewhat somewhat RB cord-265023-lq5259yr 95 25 limited limited JJ cord-265023-lq5259yr 95 26 . . . cord-265023-lq5259yr 96 1 Japan Japan NNP cord-265023-lq5259yr 96 2 , , , cord-265023-lq5259yr 96 3 the the DT cord-265023-lq5259yr 96 4 world world NN cord-265023-lq5259yr 96 5 's 's POS cord-265023-lq5259yr 96 6 third third RB cord-265023-lq5259yr 96 7 largest large JJS cord-265023-lq5259yr 96 8 economy economy NN cord-265023-lq5259yr 96 9 , , , cord-265023-lq5259yr 96 10 is be VBZ cord-265023-lq5259yr 96 11 still still RB cord-265023-lq5259yr 96 12 toiling toil VBG cord-265023-lq5259yr 96 13 against against IN cord-265023-lq5259yr 96 14 lifelong lifelong JJ cord-265023-lq5259yr 96 15 employment employment NN cord-265023-lq5259yr 96 16 , , , cord-265023-lq5259yr 96 17 declining decline VBG cord-265023-lq5259yr 96 18 exports export NNS cord-265023-lq5259yr 96 19 , , , cord-265023-lq5259yr 96 20 strict strict JJ cord-265023-lq5259yr 96 21 immigration immigration NN cord-265023-lq5259yr 96 22 policies policy NNS cord-265023-lq5259yr 96 23 and and CC cord-265023-lq5259yr 96 24 stagflation stagflation NN cord-265023-lq5259yr 96 25 all all DT cord-265023-lq5259yr 96 26 of of IN cord-265023-lq5259yr 96 27 which which WDT cord-265023-lq5259yr 96 28 has have VBZ cord-265023-lq5259yr 96 29 been be VBN cord-265023-lq5259yr 96 30 further further RB cord-265023-lq5259yr 96 31 amplified amplify VBN cord-265023-lq5259yr 96 32 by by IN cord-265023-lq5259yr 96 33 the the DT cord-265023-lq5259yr 96 34 current current JJ cord-265023-lq5259yr 96 35 global global JJ cord-265023-lq5259yr 96 36 pandemic pandemic NN cord-265023-lq5259yr 96 37 ; ; : cord-265023-lq5259yr 96 38 this this DT cord-265023-lq5259yr 96 39 recently recently RB cord-265023-lq5259yr 96 40 resulted result VBD cord-265023-lq5259yr 96 41 in in IN cord-265023-lq5259yr 96 42 the the DT cord-265023-lq5259yr 96 43 country country NN cord-265023-lq5259yr 96 44 slipping slip VBG cord-265023-lq5259yr 96 45 into into IN cord-265023-lq5259yr 96 46 a a DT cord-265023-lq5259yr 96 47 recession recession NN cord-265023-lq5259yr 96 48 . . . cord-265023-lq5259yr 97 1 Earlier early JJR cord-265023-lq5259yr 97 2 literature literature NN cord-265023-lq5259yr 97 3 studying study VBG cord-265023-lq5259yr 97 4 Japanese japanese JJ cord-265023-lq5259yr 97 5 monetary monetary JJ cord-265023-lq5259yr 97 6 policy policy NN cord-265023-lq5259yr 97 7 using use VBG cord-265023-lq5259yr 97 8 an an DT cord-265023-lq5259yr 97 9 SVAR SVAR NNP cord-265023-lq5259yr 97 10 model model NN cord-265023-lq5259yr 97 11 includes include VBZ cord-265023-lq5259yr 97 12 Nakahira Nakahira NNP cord-265023-lq5259yr 97 13 ( ( -LRB- cord-265023-lq5259yr 97 14 2009 2009 CD cord-265023-lq5259yr 97 15 ) ) -RRB- cord-265023-lq5259yr 97 16 , , , cord-265023-lq5259yr 97 17 Schenkelberg Schenkelberg NNP cord-265023-lq5259yr 97 18 and and CC cord-265023-lq5259yr 97 19 Watzka Watzka NNP cord-265023-lq5259yr 97 20 ( ( -LRB- cord-265023-lq5259yr 97 21 2013 2013 CD cord-265023-lq5259yr 97 22 ) ) -RRB- cord-265023-lq5259yr 97 23 and and CC cord-265023-lq5259yr 97 24 Yanoy Yanoy NNP cord-265023-lq5259yr 97 25 and and CC cord-265023-lq5259yr 97 26 Yoshinoz Yoshinoz NNP cord-265023-lq5259yr 97 27 ( ( -LRB- cord-265023-lq5259yr 97 28 2009 2009 CD cord-265023-lq5259yr 97 29 ) ) -RRB- cord-265023-lq5259yr 97 30 . . . cord-265023-lq5259yr 98 1 The the DT cord-265023-lq5259yr 98 2 Portuguese portuguese JJ cord-265023-lq5259yr 98 3 recovery recovery NN cord-265023-lq5259yr 98 4 in in IN cord-265023-lq5259yr 98 5 the the DT cord-265023-lq5259yr 98 6 aftermath aftermath NN cord-265023-lq5259yr 98 7 of of IN cord-265023-lq5259yr 98 8 the the DT cord-265023-lq5259yr 98 9 Sovereign Sovereign NNP cord-265023-lq5259yr 98 10 Debt Debt NNP cord-265023-lq5259yr 98 11 Crisis Crisis NNP cord-265023-lq5259yr 98 12 is be VBZ cord-265023-lq5259yr 98 13 arguably arguably RB cord-265023-lq5259yr 98 14 the the DT cord-265023-lq5259yr 98 15 greatest great JJS cord-265023-lq5259yr 98 16 success success NN cord-265023-lq5259yr 98 17 story story NN cord-265023-lq5259yr 98 18 in in IN cord-265023-lq5259yr 98 19 Southern Southern NNP cord-265023-lq5259yr 98 20 Europe Europe NNP cord-265023-lq5259yr 98 21 to to IN cord-265023-lq5259yr 98 22 date date NN cord-265023-lq5259yr 98 23 . . . cord-265023-lq5259yr 99 1 Economically economically RB cord-265023-lq5259yr 99 2 , , , cord-265023-lq5259yr 99 3 Brexit Brexit NNP cord-265023-lq5259yr 99 4 has have VBZ cord-265023-lq5259yr 99 5 worsened worsen VBN cord-265023-lq5259yr 99 6 investor investor NN cord-265023-lq5259yr 99 7 confidence confidence NN cord-265023-lq5259yr 99 8 , , , cord-265023-lq5259yr 99 9 resulted result VBD cord-265023-lq5259yr 99 10 in in IN cord-265023-lq5259yr 99 11 weakened weaken VBN cord-265023-lq5259yr 99 12 economic economic JJ cord-265023-lq5259yr 99 13 growth growth NN cord-265023-lq5259yr 99 14 , , , cord-265023-lq5259yr 99 15 higher high JJR cord-265023-lq5259yr 99 16 debt debt NN cord-265023-lq5259yr 99 17 levels level NNS cord-265023-lq5259yr 99 18 and and CC cord-265023-lq5259yr 99 19 lower low JJR cord-265023-lq5259yr 99 20 living living NN cord-265023-lq5259yr 99 21 standards standard NNS cord-265023-lq5259yr 99 22 . . . cord-265023-lq5259yr 100 1 Politically politically RB cord-265023-lq5259yr 100 2 , , , cord-265023-lq5259yr 100 3 the the DT cord-265023-lq5259yr 100 4 UK UK NNP cord-265023-lq5259yr 100 5 has have VBZ cord-265023-lq5259yr 100 6 had have VBN cord-265023-lq5259yr 100 7 three three CD cord-265023-lq5259yr 100 8 prime prime JJ cord-265023-lq5259yr 100 9 ministers minister NNS cord-265023-lq5259yr 100 10 in in IN cord-265023-lq5259yr 100 11 as as RB cord-265023-lq5259yr 100 12 many many JJ cord-265023-lq5259yr 100 13 years year NNS cord-265023-lq5259yr 100 14 which which WDT cord-265023-lq5259yr 100 15 has have VBZ cord-265023-lq5259yr 100 16 resulted result VBN cord-265023-lq5259yr 100 17 in in IN cord-265023-lq5259yr 100 18 stop stop NN cord-265023-lq5259yr 100 19 - - HYPH cord-265023-lq5259yr 100 20 and and CC cord-265023-lq5259yr 100 21 - - HYPH cord-265023-lq5259yr 100 22 start start NN cord-265023-lq5259yr 100 23 Brexit Brexit NNP cord-265023-lq5259yr 100 24 negotiations negotiation NNS cord-265023-lq5259yr 100 25 and and CC cord-265023-lq5259yr 100 26 political political JJ cord-265023-lq5259yr 100 27 disquietude disquietude NN cord-265023-lq5259yr 100 28 . . . cord-265023-lq5259yr 101 1 The the DT cord-265023-lq5259yr 101 2 uncommonly uncommonly RB cord-265023-lq5259yr 101 3 restricted restricted JJ cord-265023-lq5259yr 101 4 economic economic JJ cord-265023-lq5259yr 101 5 activity activity NN cord-265023-lq5259yr 101 6 in in IN cord-265023-lq5259yr 101 7 the the DT cord-265023-lq5259yr 101 8 midst midst NN cord-265023-lq5259yr 101 9 of of IN cord-265023-lq5259yr 101 10 the the DT cord-265023-lq5259yr 101 11 current current JJ cord-265023-lq5259yr 101 12 COVID-19 COVID-19 NNP cord-265023-lq5259yr 101 13 pandemic pandemic NN cord-265023-lq5259yr 101 14 , , , cord-265023-lq5259yr 101 15 the the DT cord-265023-lq5259yr 101 16 unbridled unbridled JJ cord-265023-lq5259yr 101 17 pressure pressure NN cord-265023-lq5259yr 101 18 on on IN cord-265023-lq5259yr 101 19 financial financial JJ cord-265023-lq5259yr 101 20 resources resource NNS cord-265023-lq5259yr 101 21 and and CC cord-265023-lq5259yr 101 22 the the DT cord-265023-lq5259yr 101 23 excessive excessive JJ cord-265023-lq5259yr 101 24 strain strain NN cord-265023-lq5259yr 101 25 on on IN cord-265023-lq5259yr 101 26 governmental governmental JJ cord-265023-lq5259yr 101 27 infrastructure infrastructure NN cord-265023-lq5259yr 101 28 will will MD cord-265023-lq5259yr 101 29 no no RB cord-265023-lq5259yr 101 30 doubt doubt RB cord-265023-lq5259yr 101 31 have have VB cord-265023-lq5259yr 101 32 a a DT cord-265023-lq5259yr 101 33 disastrously disastrously RB cord-265023-lq5259yr 101 34 significant significant JJ cord-265023-lq5259yr 101 35 impact impact NN cord-265023-lq5259yr 101 36 on on IN cord-265023-lq5259yr 101 37 the the DT cord-265023-lq5259yr 101 38 global global JJ cord-265023-lq5259yr 101 39 economy economy NN cord-265023-lq5259yr 101 40 and and CC cord-265023-lq5259yr 101 41 in in IN cord-265023-lq5259yr 101 42 particular particular JJ cord-265023-lq5259yr 101 43 , , , cord-265023-lq5259yr 101 44 on on IN cord-265023-lq5259yr 101 45 both both CC cord-265023-lq5259yr 101 46 the the DT cord-265023-lq5259yr 101 47 Portuguese Portuguese NNP cord-265023-lq5259yr 101 48 and and CC cord-265023-lq5259yr 101 49 the the DT cord-265023-lq5259yr 101 50 UK UK NNP cord-265023-lq5259yr 101 51 economies economy NNS cord-265023-lq5259yr 101 52 . . . cord-265023-lq5259yr 102 1 SVAR SVAR NNP cord-265023-lq5259yr 102 2 models model NNS cord-265023-lq5259yr 102 3 have have VBP cord-265023-lq5259yr 102 4 been be VBN cord-265023-lq5259yr 102 5 used use VBN cord-265023-lq5259yr 102 6 to to TO cord-265023-lq5259yr 102 7 study study VB cord-265023-lq5259yr 102 8 monetary monetary JJ cord-265023-lq5259yr 102 9 policy policy NN cord-265023-lq5259yr 102 10 in in IN cord-265023-lq5259yr 102 11 earlier early JJR cord-265023-lq5259yr 102 12 research research NN cord-265023-lq5259yr 102 13 focusing focus VBG cord-265023-lq5259yr 102 14 on on IN cord-265023-lq5259yr 102 15 the the DT cord-265023-lq5259yr 102 16 UK UK NNP cord-265023-lq5259yr 102 17 ( ( -LRB- cord-265023-lq5259yr 102 18 Elbourne Elbourne NNP cord-265023-lq5259yr 102 19 2008 2008 CD cord-265023-lq5259yr 102 20 ; ; : cord-265023-lq5259yr 102 21 Caglayan Caglayan NNP cord-265023-lq5259yr 102 22 et et NNP cord-265023-lq5259yr 102 23 al al NNP cord-265023-lq5259yr 102 24 . . NNP cord-265023-lq5259yr 102 25 2011 2011 CD cord-265023-lq5259yr 102 26 ) ) -RRB- cord-265023-lq5259yr 103 1 Hurwicz Hurwicz NNP cord-265023-lq5259yr 103 2 ( ( -LRB- cord-265023-lq5259yr 103 3 1962 1962 CD cord-265023-lq5259yr 103 4 ) ) -RRB- cord-265023-lq5259yr 103 5 explains explain VBZ cord-265023-lq5259yr 103 6 that that IN cord-265023-lq5259yr 103 7 a a DT cord-265023-lq5259yr 103 8 structural structural JJ cord-265023-lq5259yr 103 9 model model NN cord-265023-lq5259yr 103 10 is be VBZ cord-265023-lq5259yr 103 11 one one CD cord-265023-lq5259yr 103 12 in in IN cord-265023-lq5259yr 103 13 which which WDT cord-265023-lq5259yr 103 14 the the DT cord-265023-lq5259yr 103 15 impact impact NN cord-265023-lq5259yr 103 16 of of IN cord-265023-lq5259yr 103 17 ' ' `` cord-265023-lq5259yr 103 18 interventions intervention NNS cord-265023-lq5259yr 103 19 ' ' POS cord-265023-lq5259yr 103 20 6 6 CD cord-265023-lq5259yr 103 21 is be VBZ cord-265023-lq5259yr 103 22 predicted predict VBN cord-265023-lq5259yr 103 23 . . . cord-265023-lq5259yr 104 1 This this DT cord-265023-lq5259yr 104 2 paper paper NN cord-265023-lq5259yr 104 3 makes make VBZ cord-265023-lq5259yr 104 4 use use NN cord-265023-lq5259yr 104 5 of of IN cord-265023-lq5259yr 104 6 a a DT cord-265023-lq5259yr 104 7 SVAR SVAR NNP cord-265023-lq5259yr 104 8 model model NN cord-265023-lq5259yr 104 9 to to TO cord-265023-lq5259yr 104 10 identify identify VB cord-265023-lq5259yr 104 11 the the DT cord-265023-lq5259yr 104 12 impact impact NN cord-265023-lq5259yr 104 13 of of IN cord-265023-lq5259yr 104 14 interest interest NN cord-265023-lq5259yr 104 15 rate rate NN cord-265023-lq5259yr 104 16 policy policy NN cord-265023-lq5259yr 104 17 on on IN cord-265023-lq5259yr 104 18 financial financial JJ cord-265023-lq5259yr 104 19 stability stability NN cord-265023-lq5259yr 104 20 . . . cord-265023-lq5259yr 105 1 I -PRON- PRP cord-265023-lq5259yr 105 2 apply apply VBP cord-265023-lq5259yr 105 3 this this DT cord-265023-lq5259yr 105 4 methodology methodology NN cord-265023-lq5259yr 105 5 to to IN cord-265023-lq5259yr 105 6 the the DT cord-265023-lq5259yr 105 7 cases case NNS cord-265023-lq5259yr 105 8 of of IN cord-265023-lq5259yr 105 9 Chile Chile NNP cord-265023-lq5259yr 105 10 , , , cord-265023-lq5259yr 105 11 Colombia Colombia NNP cord-265023-lq5259yr 105 12 , , , cord-265023-lq5259yr 105 13 Japan Japan NNP cord-265023-lq5259yr 105 14 , , , cord-265023-lq5259yr 105 15 Portugal Portugal NNP cord-265023-lq5259yr 105 16 and and CC cord-265023-lq5259yr 105 17 the the DT cord-265023-lq5259yr 105 18 UK UK NNP cord-265023-lq5259yr 105 19 . . . cord-265023-lq5259yr 106 1 Our -PRON- PRP$ cord-265023-lq5259yr 106 2 starting starting NN cord-265023-lq5259yr 106 3 point point NN cord-265023-lq5259yr 106 4 for for IN cord-265023-lq5259yr 106 5 the the DT cord-265023-lq5259yr 106 6 analysis analysis NN cord-265023-lq5259yr 106 7 is be VBZ cord-265023-lq5259yr 106 8 an an DT cord-265023-lq5259yr 106 9 SVAR SVAR NNP cord-265023-lq5259yr 106 10 model model NN cord-265023-lq5259yr 106 11 of of IN cord-265023-lq5259yr 106 12 order order NN cord-265023-lq5259yr 106 13 p p NN cord-265023-lq5259yr 106 14 ( ( -LRB- cord-265023-lq5259yr 106 15 SVAR(p svar(p NN cord-265023-lq5259yr 106 16 ) ) -RRB- cord-265023-lq5259yr 106 17 ) ) -RRB- cord-265023-lq5259yr 106 18 . . . cord-265023-lq5259yr 107 1 The the DT cord-265023-lq5259yr 107 2 SVAR SVAR NNP cord-265023-lq5259yr 107 3 model model NN cord-265023-lq5259yr 107 4 is be VBZ cord-265023-lq5259yr 107 5 as as IN cord-265023-lq5259yr 107 6 follows follow VBZ cord-265023-lq5259yr 107 7 : : : cord-265023-lq5259yr 107 8 U U NNP cord-265023-lq5259yr 107 9 t t NNP cord-265023-lq5259yr 107 10 is be VBZ cord-265023-lq5259yr 107 11 a a DT cord-265023-lq5259yr 107 12 multivariate multivariate JJ cord-265023-lq5259yr 107 13 white white JJ cord-265023-lq5259yr 107 14 noise noise NN cord-265023-lq5259yr 107 15 process process NN cord-265023-lq5259yr 107 16 with with IN cord-265023-lq5259yr 107 17 variance variance NN cord-265023-lq5259yr 107 18 / / SYM cord-265023-lq5259yr 107 19 covariance covariance NN cord-265023-lq5259yr 107 20 matrix matrix NN cord-265023-lq5259yr 107 21 D D NNP cord-265023-lq5259yr 107 22 and and CC cord-265023-lq5259yr 107 23 represents represent VBZ cord-265023-lq5259yr 107 24 the the DT cord-265023-lq5259yr 107 25 structural structural JJ cord-265023-lq5259yr 107 26 innovations innovation NNS cord-265023-lq5259yr 107 27 , , , cord-265023-lq5259yr 107 28 B B NNP cord-265023-lq5259yr 107 29 i i PRP cord-265023-lq5259yr 107 30 and and CC cord-265023-lq5259yr 107 31 D D NNP cord-265023-lq5259yr 107 32 are be VBP cord-265023-lq5259yr 107 33 ( ( -LRB- cord-265023-lq5259yr 107 34 K K NNP cord-265023-lq5259yr 107 35 × × NNP cord-265023-lq5259yr 107 36 K K NNP cord-265023-lq5259yr 107 37 ) ) -RRB- cord-265023-lq5259yr 107 38 matrices matrix NNS cord-265023-lq5259yr 107 39 , , , cord-265023-lq5259yr 107 40 c c NNP cord-265023-lq5259yr 107 41 contains contain VBZ cord-265023-lq5259yr 107 42 K K NNP cord-265023-lq5259yr 107 43 elements element NNS cord-265023-lq5259yr 107 44 where where WRB cord-265023-lq5259yr 107 45 K K NNP cord-265023-lq5259yr 107 46 is be VBZ cord-265023-lq5259yr 107 47 the the DT cord-265023-lq5259yr 107 48 number number NN cord-265023-lq5259yr 107 49 of of IN cord-265023-lq5259yr 107 50 variables variable NNS cord-265023-lq5259yr 107 51 with with IN cord-265023-lq5259yr 107 52 i i NN cord-265023-lq5259yr 107 53 = = SYM cord-265023-lq5259yr 107 54 0 0 CD cord-265023-lq5259yr 107 55 , , , cord-265023-lq5259yr 107 56 … … NFP cord-265023-lq5259yr 107 57 , , , cord-265023-lq5259yr 108 1 p. p. NN cord-265023-lq5259yr 109 1 There there EX cord-265023-lq5259yr 109 2 are be VBP cord-265023-lq5259yr 109 3 K(K K(K NNP cord-265023-lq5259yr 109 4 − − NNP cord-265023-lq5259yr 109 5 1)/2 1)/2 CD cord-265023-lq5259yr 109 6 restrictions restriction NNS cord-265023-lq5259yr 109 7 on on IN cord-265023-lq5259yr 109 8 B b NN cord-265023-lq5259yr 109 9 0 0 CD cord-265023-lq5259yr 109 10 and and CC cord-265023-lq5259yr 109 11 in in IN cord-265023-lq5259yr 109 12 the the DT cord-265023-lq5259yr 109 13 case case NN cord-265023-lq5259yr 109 14 where where WRB cord-265023-lq5259yr 109 15 B b NN cord-265023-lq5259yr 109 16 0 0 CD cord-265023-lq5259yr 109 17 is be VBZ cord-265023-lq5259yr 109 18 being be VBG cord-265023-lq5259yr 109 19 lower low JJR cord-265023-lq5259yr 109 20 triangular triangular JJ cord-265023-lq5259yr 109 21 , , , cord-265023-lq5259yr 109 22 there there EX cord-265023-lq5259yr 109 23 are be VBP cord-265023-lq5259yr 109 24 K(K K(K NNP cord-265023-lq5259yr 109 25 + + SYM cord-265023-lq5259yr 109 26 1)/2 1)/2 CD cord-265023-lq5259yr 109 27 unknowns unknown NNS cord-265023-lq5259yr 109 28 in in IN cord-265023-lq5259yr 109 29 the the DT cord-265023-lq5259yr 109 30 matrix matrix NN cord-265023-lq5259yr 109 31 . . . cord-265023-lq5259yr 110 1 When when WRB cord-265023-lq5259yr 110 2 B b NN cord-265023-lq5259yr 110 3 0 0 NFP cord-265023-lq5259yr 110 4 is be VBZ cord-265023-lq5259yr 110 5 invertible invertible JJ cord-265023-lq5259yr 110 6 , , , cord-265023-lq5259yr 110 7 Eq Eq NNP cord-265023-lq5259yr 110 8 . . . cord-265023-lq5259yr 111 1 ( ( -LRB- cord-265023-lq5259yr 111 2 1 1 LS cord-265023-lq5259yr 111 3 ) ) -RRB- cord-265023-lq5259yr 111 4 is be VBZ cord-265023-lq5259yr 111 5 equivalent equivalent JJ cord-265023-lq5259yr 111 6 to to IN cord-265023-lq5259yr 111 7 Eq Eq NNP cord-265023-lq5259yr 111 8 . . . cord-265023-lq5259yr 112 1 ( ( -LRB- cord-265023-lq5259yr 112 2 2 2 LS cord-265023-lq5259yr 112 3 ) ) -RRB- cord-265023-lq5259yr 112 4 which which WDT cord-265023-lq5259yr 112 5 represents represent VBZ cord-265023-lq5259yr 112 6 a a DT cord-265023-lq5259yr 112 7 reducedform reducedform NNP cord-265023-lq5259yr 112 8 VAR(p var(p NN cord-265023-lq5259yr 112 9 ) ) -RRB- cord-265023-lq5259yr 112 10 : : : cord-265023-lq5259yr 113 1 where where WRB cord-265023-lq5259yr 113 2 X X NNP cord-265023-lq5259yr 113 3 t t NN cord-265023-lq5259yr 113 4 is be VBZ cord-265023-lq5259yr 113 5 a a DT cord-265023-lq5259yr 113 6 ( ( -LRB- cord-265023-lq5259yr 113 7 K K NNP cord-265023-lq5259yr 113 8 × × NNP cord-265023-lq5259yr 113 9 1 1 CD cord-265023-lq5259yr 113 10 ) ) -RRB- cord-265023-lq5259yr 113 11 vector vector NN cord-265023-lq5259yr 113 12 of of IN cord-265023-lq5259yr 113 13 endogenous endogenous JJ cord-265023-lq5259yr 113 14 variables variable NNS cord-265023-lq5259yr 113 15 , , , cord-265023-lq5259yr 113 16 0 0 NFP cord-265023-lq5259yr 113 17 is be VBZ cord-265023-lq5259yr 113 18 a a DT cord-265023-lq5259yr 113 19 ( ( -LRB- cord-265023-lq5259yr 113 20 K K NNP cord-265023-lq5259yr 113 21 × × NNP cord-265023-lq5259yr 113 22 1 1 CD cord-265023-lq5259yr 113 23 ) ) -RRB- cord-265023-lq5259yr 113 24 vector vector NN cord-265023-lq5259yr 113 25 of of IN cord-265023-lq5259yr 113 26 intercepts intercept NNS cord-265023-lq5259yr 113 27 , , , cord-265023-lq5259yr 114 1 l l NNP cord-265023-lq5259yr 114 2 are be VBP cord-265023-lq5259yr 114 3 ( ( -LRB- cord-265023-lq5259yr 114 4 K K NNP cord-265023-lq5259yr 114 5 × × NNP cord-265023-lq5259yr 114 6 K K NNP cord-265023-lq5259yr 114 7 ) ) -RRB- cord-265023-lq5259yr 114 8 coefficient coefficient NN cord-265023-lq5259yr 114 9 matrices matrix NNS cord-265023-lq5259yr 114 10 and and CC cord-265023-lq5259yr 114 11 t t NN cord-265023-lq5259yr 114 12 = = SYM cord-265023-lq5259yr 114 13 1 1 CD cord-265023-lq5259yr 114 14 t t NN cord-265023-lq5259yr 114 15 , , , cord-265023-lq5259yr 114 16 2 2 CD cord-265023-lq5259yr 114 17 t t NN cord-265023-lq5259yr 114 18 , , , cord-265023-lq5259yr 114 19 … … NFP cord-265023-lq5259yr 114 20 , , , cord-265023-lq5259yr 114 21 Kt Kt NNP cord-265023-lq5259yr 114 22 � � NNP cord-265023-lq5259yr 114 23 is be VBZ cord-265023-lq5259yr 114 24 an an DT cord-265023-lq5259yr 114 25 unobservable unobservable JJ cord-265023-lq5259yr 114 26 error error NN cord-265023-lq5259yr 114 27 term term NN cord-265023-lq5259yr 114 28 representing represent VBG cord-265023-lq5259yr 114 29 the the DT cord-265023-lq5259yr 114 30 reduced reduce VBN cord-265023-lq5259yr 114 31 - - HYPH cord-265023-lq5259yr 114 32 form form NN cord-265023-lq5259yr 114 33 innovations innovation NNS cord-265023-lq5259yr 114 34 with with IN cord-265023-lq5259yr 114 35 the the DT cord-265023-lq5259yr 114 36 following follow VBG cord-265023-lq5259yr 114 37 properties property NNS cord-265023-lq5259yr 114 38 : : : cord-265023-lq5259yr 114 39 ( ( -LRB- cord-265023-lq5259yr 114 40 1 1 LS cord-265023-lq5259yr 114 41 ) ) -RRB- cord-265023-lq5259yr 114 42 6 6 CD cord-265023-lq5259yr 114 43 " " `` cord-265023-lq5259yr 114 44 Deliberate deliberate JJ cord-265023-lq5259yr 114 45 policy policy NN cord-265023-lq5259yr 114 46 actions action NNS cord-265023-lq5259yr 114 47 , , , cord-265023-lq5259yr 114 48 or or CC cord-265023-lq5259yr 114 49 changes change NNS cord-265023-lq5259yr 114 50 in in IN cord-265023-lq5259yr 114 51 the the DT cord-265023-lq5259yr 114 52 economy economy NN cord-265023-lq5259yr 114 53 or or CC cord-265023-lq5259yr 114 54 in in IN cord-265023-lq5259yr 114 55 the the DT cord-265023-lq5259yr 114 56 nature nature NN cord-265023-lq5259yr 114 57 of of IN cord-265023-lq5259yr 114 58 known know VBN cord-265023-lq5259yr 114 59 types type NNS cord-265023-lq5259yr 114 60 " " '' cord-265023-lq5259yr 114 61 ( ( -LRB- cord-265023-lq5259yr 114 62 Sims Sims NNP cord-265023-lq5259yr 114 63 2002 2002 CD cord-265023-lq5259yr 114 64 ) ) -RRB- cord-265023-lq5259yr 114 65 . . . cord-265023-lq5259yr 115 1 and and CC cord-265023-lq5259yr 115 2 where where WRB cord-265023-lq5259yr 115 3 Eq Eq NNP cord-265023-lq5259yr 115 4 . . . cord-265023-lq5259yr 116 1 ( ( -LRB- cord-265023-lq5259yr 116 2 5 5 LS cord-265023-lq5259yr 116 3 ) ) -RRB- cord-265023-lq5259yr 116 4 represents represent VBZ cord-265023-lq5259yr 116 5 the the DT cord-265023-lq5259yr 116 6 relationship relationship NN cord-265023-lq5259yr 116 7 between between IN cord-265023-lq5259yr 116 8 the the DT cord-265023-lq5259yr 116 9 reduced reduce VBN cord-265023-lq5259yr 116 10 - - HYPH cord-265023-lq5259yr 116 11 form form NN cord-265023-lq5259yr 116 12 shocks shock NNS cord-265023-lq5259yr 116 13 and and CC cord-265023-lq5259yr 116 14 structural structural JJ cord-265023-lq5259yr 116 15 shocks shock NNS cord-265023-lq5259yr 116 16 where where WRB cord-265023-lq5259yr 116 17 t t NNP cord-265023-lq5259yr 116 18 spans span VBZ cord-265023-lq5259yr 116 19 the the DT cord-265023-lq5259yr 116 20 space space NN cord-265023-lq5259yr 116 21 of of IN cord-265023-lq5259yr 116 22 the the DT cord-265023-lq5259yr 116 23 structural structural JJ cord-265023-lq5259yr 116 24 shocks shock NNS cord-265023-lq5259yr 116 25 U U NNP cord-265023-lq5259yr 116 26 t t NN cord-265023-lq5259yr 116 27 . . . cord-265023-lq5259yr 117 1 An an DT cord-265023-lq5259yr 117 2 SVAR SVAR NNP cord-265023-lq5259yr 117 3 model model NN cord-265023-lq5259yr 117 4 allows allow VBZ cord-265023-lq5259yr 117 5 for for IN cord-265023-lq5259yr 117 6 contemporaneous contemporaneous JJ cord-265023-lq5259yr 117 7 relationships relationship NNS cord-265023-lq5259yr 117 8 between between IN cord-265023-lq5259yr 117 9 the the DT cord-265023-lq5259yr 117 10 variables variable NNS cord-265023-lq5259yr 117 11 and and CC cord-265023-lq5259yr 117 12 also also RB cord-265023-lq5259yr 117 13 allows allow VBZ cord-265023-lq5259yr 117 14 us -PRON- PRP cord-265023-lq5259yr 117 15 to to TO cord-265023-lq5259yr 117 16 study study VB cord-265023-lq5259yr 117 17 the the DT cord-265023-lq5259yr 117 18 effect effect NN cord-265023-lq5259yr 117 19 of of IN cord-265023-lq5259yr 117 20 a a DT cord-265023-lq5259yr 117 21 shock shock NN cord-265023-lq5259yr 117 22 to to IN cord-265023-lq5259yr 117 23 one one CD cord-265023-lq5259yr 117 24 equation equation NN cord-265023-lq5259yr 117 25 while while IN cord-265023-lq5259yr 117 26 other other JJ cord-265023-lq5259yr 117 27 shocks shock NNS cord-265023-lq5259yr 117 28 remain remain VBP cord-265023-lq5259yr 117 29 constant constant JJ cord-265023-lq5259yr 117 30 . . . cord-265023-lq5259yr 118 1 This this DT cord-265023-lq5259yr 118 2 makes make VBZ cord-265023-lq5259yr 118 3 the the DT cord-265023-lq5259yr 118 4 SVAR SVAR NNP cord-265023-lq5259yr 118 5 model model NN cord-265023-lq5259yr 118 6 more more RBR cord-265023-lq5259yr 118 7 appropriate appropriate JJ cord-265023-lq5259yr 118 8 than than IN cord-265023-lq5259yr 118 9 a a DT cord-265023-lq5259yr 118 10 reducedform reducedform JJ cord-265023-lq5259yr 118 11 VAR var NN cord-265023-lq5259yr 118 12 model model NN cord-265023-lq5259yr 118 13 in in IN cord-265023-lq5259yr 118 14 which which WDT cord-265023-lq5259yr 118 15 error error NN cord-265023-lq5259yr 118 16 terms term NNS cord-265023-lq5259yr 118 17 are be VBP cord-265023-lq5259yr 118 18 correlated correlate VBN cord-265023-lq5259yr 118 19 , , , cord-265023-lq5259yr 118 20 and and CC cord-265023-lq5259yr 118 21 hence hence RB cord-265023-lq5259yr 118 22 , , , cord-265023-lq5259yr 118 23 error error NN cord-265023-lq5259yr 118 24 terms term NNS cord-265023-lq5259yr 118 25 can can MD cord-265023-lq5259yr 118 26 not not RB cord-265023-lq5259yr 118 27 be be VB cord-265023-lq5259yr 118 28 decomposed decompose VBN cord-265023-lq5259yr 118 29 into into IN cord-265023-lq5259yr 118 30 mutually mutually RB cord-265023-lq5259yr 118 31 orthogonal orthogonal JJ cord-265023-lq5259yr 118 32 shocks shock NNS cord-265023-lq5259yr 118 33 ( ( -LRB- cord-265023-lq5259yr 118 34 Schenck Schenck NNP cord-265023-lq5259yr 118 35 2016 2016 CD cord-265023-lq5259yr 118 36 ) ) -RRB- cord-265023-lq5259yr 118 37 . . . cord-265023-lq5259yr 119 1 This this DT cord-265023-lq5259yr 119 2 follows follow VBZ cord-265023-lq5259yr 119 3 since since IN cord-265023-lq5259yr 119 4 , , , cord-265023-lq5259yr 120 1 Following follow VBG cord-265023-lq5259yr 120 2 that that DT cord-265023-lq5259yr 120 3 B b NN cord-265023-lq5259yr 120 4 0 0 NFP cord-265023-lq5259yr 120 5 is be VBZ cord-265023-lq5259yr 120 6 lower low JJR cord-265023-lq5259yr 120 7 triangular triangular JJ cord-265023-lq5259yr 120 8 , , , cord-265023-lq5259yr 120 9 the the DT cord-265023-lq5259yr 120 10 Cholesky Cholesky NNP cord-265023-lq5259yr 120 11 decomposition decomposition NN cord-265023-lq5259yr 120 12 is be VBZ cord-265023-lq5259yr 120 13 used use VBN cord-265023-lq5259yr 120 14 to to TO cord-265023-lq5259yr 120 15 construct construct VB cord-265023-lq5259yr 120 16 the the DT cord-265023-lq5259yr 120 17 impulse impulse NN cord-265023-lq5259yr 120 18 responses response NNS cord-265023-lq5259yr 120 19 to to IN cord-265023-lq5259yr 120 20 orthogonal orthogonal JJ cord-265023-lq5259yr 120 21 / / SYM cord-265023-lq5259yr 120 22 structural structural JJ cord-265023-lq5259yr 120 23 form form NN cord-265023-lq5259yr 120 24 shocks shock NNS cord-265023-lq5259yr 120 25 . . . cord-265023-lq5259yr 121 1 These these DT cord-265023-lq5259yr 121 2 impulse impulse NN cord-265023-lq5259yr 121 3 response response NN cord-265023-lq5259yr 121 4 functions function NNS cord-265023-lq5259yr 121 5 are be VBP cord-265023-lq5259yr 121 6 generated generate VBN cord-265023-lq5259yr 121 7 in in IN cord-265023-lq5259yr 121 8 EViews EViews NNP cord-265023-lq5259yr 121 9 and and CC cord-265023-lq5259yr 121 10 confidence confidence NN cord-265023-lq5259yr 121 11 intervals interval NNS cord-265023-lq5259yr 121 12 of of IN cord-265023-lq5259yr 121 13 2 2 CD cord-265023-lq5259yr 121 14 standard standard JJ cord-265023-lq5259yr 121 15 deviations deviation NNS cord-265023-lq5259yr 121 16 based base VBN cord-265023-lq5259yr 121 17 on on IN cord-265023-lq5259yr 121 18 1000 1000 CD cord-265023-lq5259yr 121 19 replications replication NNS cord-265023-lq5259yr 121 20 are be VBP cord-265023-lq5259yr 121 21 included include VBN cord-265023-lq5259yr 121 22 in in IN cord-265023-lq5259yr 121 23 each each DT cord-265023-lq5259yr 121 24 generated generate VBN cord-265023-lq5259yr 121 25 impulse impulse NN cord-265023-lq5259yr 121 26 response response NN cord-265023-lq5259yr 121 27 function function NN cord-265023-lq5259yr 121 28 . . . cord-265023-lq5259yr 122 1 The the DT cord-265023-lq5259yr 122 2 significance significance NN cord-265023-lq5259yr 122 3 of of IN cord-265023-lq5259yr 122 4 shocks shock NNS cord-265023-lq5259yr 122 5 is be VBZ cord-265023-lq5259yr 122 6 interpreted interpret VBN cord-265023-lq5259yr 122 7 at at IN cord-265023-lq5259yr 122 8 a a DT cord-265023-lq5259yr 122 9 5 5 CD cord-265023-lq5259yr 122 10 % % NN cord-265023-lq5259yr 122 11 level level NN cord-265023-lq5259yr 122 12 of of IN cord-265023-lq5259yr 122 13 significance significance NN cord-265023-lq5259yr 122 14 as as IN cord-265023-lq5259yr 122 15 each each DT cord-265023-lq5259yr 122 16 impulse impulse NN cord-265023-lq5259yr 122 17 response response NN cord-265023-lq5259yr 122 18 function function NN cord-265023-lq5259yr 122 19 includes include VBZ cord-265023-lq5259yr 122 20 a a DT cord-265023-lq5259yr 122 21 95 95 CD cord-265023-lq5259yr 122 22 % % NN cord-265023-lq5259yr 122 23 confidence confidence NN cord-265023-lq5259yr 122 24 interval interval NN cord-265023-lq5259yr 122 25 . . . cord-265023-lq5259yr 123 1 Shocks shock NNS cord-265023-lq5259yr 123 2 are be VBP cord-265023-lq5259yr 123 3 statistical statistical JJ cord-265023-lq5259yr 123 4 significant significant JJ cord-265023-lq5259yr 123 5 when when WRB cord-265023-lq5259yr 123 6 the the DT cord-265023-lq5259yr 123 7 confidence confidence NN cord-265023-lq5259yr 123 8 interval interval NN cord-265023-lq5259yr 123 9 does do VBZ cord-265023-lq5259yr 123 10 not not RB cord-265023-lq5259yr 123 11 contain contain VB cord-265023-lq5259yr 123 12 zero zero CD cord-265023-lq5259yr 123 13 . . . cord-265023-lq5259yr 124 1 7 7 CD cord-265023-lq5259yr 125 1 The the DT cord-265023-lq5259yr 125 2 order order NN cord-265023-lq5259yr 125 3 of of IN cord-265023-lq5259yr 125 4 the the DT cord-265023-lq5259yr 125 5 variables variable NNS cord-265023-lq5259yr 125 6 may may MD cord-265023-lq5259yr 125 7 be be VB cord-265023-lq5259yr 125 8 switched switch VBN cord-265023-lq5259yr 125 9 in in IN cord-265023-lq5259yr 125 10 multiple multiple JJ cord-265023-lq5259yr 125 11 ways way NNS cord-265023-lq5259yr 125 12 ; ; : cord-265023-lq5259yr 125 13 however however RB cord-265023-lq5259yr 125 14 , , , cord-265023-lq5259yr 125 15 existing exist VBG cord-265023-lq5259yr 125 16 literature literature NN cord-265023-lq5259yr 125 17 justifies justify VBZ cord-265023-lq5259yr 125 18 the the DT cord-265023-lq5259yr 125 19 ordering ordering NN cord-265023-lq5259yr 125 20 of of IN cord-265023-lq5259yr 125 21 the the DT cord-265023-lq5259yr 125 22 variables variable NNS cord-265023-lq5259yr 125 23 used use VBN cord-265023-lq5259yr 125 24 in in IN cord-265023-lq5259yr 125 25 this this DT cord-265023-lq5259yr 125 26 paper paper NN cord-265023-lq5259yr 125 27 . . . cord-265023-lq5259yr 126 1 The the DT cord-265023-lq5259yr 126 2 ordering ordering NN cord-265023-lq5259yr 126 3 of of IN cord-265023-lq5259yr 126 4 the the DT cord-265023-lq5259yr 126 5 variables variable NNS cord-265023-lq5259yr 126 6 is be VBZ cord-265023-lq5259yr 126 7 in in IN cord-265023-lq5259yr 126 8 line line NN cord-265023-lq5259yr 126 9 with with IN cord-265023-lq5259yr 126 10 the the DT cord-265023-lq5259yr 126 11 ordering ordering NN cord-265023-lq5259yr 126 12 used use VBN cord-265023-lq5259yr 126 13 by by IN cord-265023-lq5259yr 126 14 Cocriş Cocriş NNP cord-265023-lq5259yr 126 15 and and CC cord-265023-lq5259yr 126 16 Nucu Nucu NNP cord-265023-lq5259yr 126 17 ( ( -LRB- cord-265023-lq5259yr 126 18 2013 2013 CD cord-265023-lq5259yr 126 19 ) ) -RRB- cord-265023-lq5259yr 126 20 with with IN cord-265023-lq5259yr 126 21 the the DT cord-265023-lq5259yr 126 22 authors author NNS cord-265023-lq5259yr 126 23 assuming assume VBG cord-265023-lq5259yr 126 24 that that IN cord-265023-lq5259yr 126 25 a a DT cord-265023-lq5259yr 126 26 recursive recursive JJ cord-265023-lq5259yr 126 27 transmission transmission NN cord-265023-lq5259yr 126 28 scheme scheme NN cord-265023-lq5259yr 126 29 exists exist VBZ cord-265023-lq5259yr 126 30 under under IN cord-265023-lq5259yr 126 31 the the DT cord-265023-lq5259yr 126 32 assumptions assumption NNS cord-265023-lq5259yr 126 33 that that WDT cord-265023-lq5259yr 126 34 firstly firstly RB cord-265023-lq5259yr 126 35 , , , cord-265023-lq5259yr 126 36 industrial industrial JJ cord-265023-lq5259yr 126 37 production production NN cord-265023-lq5259yr 126 38 is be VBZ cord-265023-lq5259yr 126 39 not not RB cord-265023-lq5259yr 126 40 immediately immediately RB cord-265023-lq5259yr 126 41 affected affect VBN cord-265023-lq5259yr 126 42 by by IN cord-265023-lq5259yr 126 43 monetary monetary JJ cord-265023-lq5259yr 126 44 policy policy NN cord-265023-lq5259yr 126 45 shocks shock NNS cord-265023-lq5259yr 126 46 and and CC cord-265023-lq5259yr 126 47 secondly secondly RB cord-265023-lq5259yr 126 48 , , , cord-265023-lq5259yr 126 49 loan loan NN cord-265023-lq5259yr 126 50 - - HYPH cord-265023-lq5259yr 126 51 to to IN cord-265023-lq5259yr 126 52 - - HYPH cord-265023-lq5259yr 126 53 deposit deposit NN cord-265023-lq5259yr 126 54 ratios ratio NNS cord-265023-lq5259yr 126 55 ( ( -LRB- cord-265023-lq5259yr 126 56 credit credit NN cord-265023-lq5259yr 126 57 growth growth NN cord-265023-lq5259yr 126 58 in in IN cord-265023-lq5259yr 126 59 this this DT cord-265023-lq5259yr 126 60 paper paper NN cord-265023-lq5259yr 126 61 ) ) -RRB- cord-265023-lq5259yr 126 62 , , , cord-265023-lq5259yr 126 63 stock stock NN cord-265023-lq5259yr 126 64 indices index NNS cord-265023-lq5259yr 126 65 and and CC cord-265023-lq5259yr 126 66 the the DT cord-265023-lq5259yr 126 67 exchange exchange NN cord-265023-lq5259yr 126 68 rate rate NN cord-265023-lq5259yr 126 69 may may MD cord-265023-lq5259yr 126 70 be be VB cord-265023-lq5259yr 126 71 affected affect VBN cord-265023-lq5259yr 126 72 immediately immediately RB cord-265023-lq5259yr 126 73 by by IN cord-265023-lq5259yr 126 74 monetary monetary JJ cord-265023-lq5259yr 126 75 policy policy NN cord-265023-lq5259yr 126 76 shocks shock NNS cord-265023-lq5259yr 126 77 . . . cord-265023-lq5259yr 127 1 The the DT cord-265023-lq5259yr 127 2 variables variable NNS cord-265023-lq5259yr 127 3 are be VBP cord-265023-lq5259yr 127 4 ordered order VBN cord-265023-lq5259yr 127 5 as as IN cord-265023-lq5259yr 127 6 above above IN cord-265023-lq5259yr 127 7 due due IN cord-265023-lq5259yr 127 8 to to IN cord-265023-lq5259yr 127 9 the the DT cord-265023-lq5259yr 127 10 assumption assumption NN cord-265023-lq5259yr 127 11 that that IN cord-265023-lq5259yr 127 12 industrial industrial JJ cord-265023-lq5259yr 127 13 production production NN cord-265023-lq5259yr 127 14 affects affect VBZ cord-265023-lq5259yr 127 15 all all DT cord-265023-lq5259yr 127 16 other other JJ cord-265023-lq5259yr 127 17 variables variable NNS cord-265023-lq5259yr 127 18 contemporaneously contemporaneously RB cord-265023-lq5259yr 127 19 . . . cord-265023-lq5259yr 128 1 Geske Geske NNP cord-265023-lq5259yr 128 2 and and CC cord-265023-lq5259yr 128 3 Roll Roll NNP cord-265023-lq5259yr 128 4 ( ( -LRB- cord-265023-lq5259yr 128 5 1983 1983 CD cord-265023-lq5259yr 128 6 ) ) -RRB- cord-265023-lq5259yr 128 7 find find VBP cord-265023-lq5259yr 128 8 that that IN cord-265023-lq5259yr 128 9 changes change NNS cord-265023-lq5259yr 128 10 in in IN cord-265023-lq5259yr 128 11 real real JJ cord-265023-lq5259yr 128 12 activity activity NN cord-265023-lq5259yr 128 13 , , , cord-265023-lq5259yr 128 14 in in IN cord-265023-lq5259yr 128 15 our -PRON- PRP$ cord-265023-lq5259yr 128 16 case case NN cord-265023-lq5259yr 128 17 growth growth NN cord-265023-lq5259yr 128 18 in in IN cord-265023-lq5259yr 128 19 industrial industrial JJ cord-265023-lq5259yr 128 20 production production NN cord-265023-lq5259yr 128 21 , , , cord-265023-lq5259yr 128 22 lead lead VBP cord-265023-lq5259yr 128 23 to to IN cord-265023-lq5259yr 128 24 changes change NNS cord-265023-lq5259yr 128 25 in in IN cord-265023-lq5259yr 128 26 money money NN cord-265023-lq5259yr 128 27 supply supply NN cord-265023-lq5259yr 128 28 , , , cord-265023-lq5259yr 128 29 in in IN cord-265023-lq5259yr 128 30 our -PRON- PRP$ cord-265023-lq5259yr 128 31 case case NN cord-265023-lq5259yr 128 32 interest interest NN cord-265023-lq5259yr 128 33 rate rate NN cord-265023-lq5259yr 128 34 changes change NNS cord-265023-lq5259yr 128 35 , , , cord-265023-lq5259yr 128 36 and and CC cord-265023-lq5259yr 128 37 in in IN cord-265023-lq5259yr 128 38 turn turn NN cord-265023-lq5259yr 128 39 , , , cord-265023-lq5259yr 128 40 changes change NNS cord-265023-lq5259yr 128 41 in in IN cord-265023-lq5259yr 128 42 the the DT cord-265023-lq5259yr 128 43 stock stock NN cord-265023-lq5259yr 128 44 market market NN cord-265023-lq5259yr 128 45 . . . cord-265023-lq5259yr 129 1 8 8 CD cord-265023-lq5259yr 130 1 The the DT cord-265023-lq5259yr 130 2 ordering ordering NN cord-265023-lq5259yr 130 3 of of IN cord-265023-lq5259yr 130 4 our -PRON- PRP$ cord-265023-lq5259yr 130 5 variables variable NNS cord-265023-lq5259yr 130 6 assumes assume VBZ cord-265023-lq5259yr 130 7 that that IN cord-265023-lq5259yr 130 8 the the DT cord-265023-lq5259yr 130 9 exchange exchange NN cord-265023-lq5259yr 130 10 rate rate NN cord-265023-lq5259yr 130 11 is be VBZ cord-265023-lq5259yr 130 12 affected affect VBN cord-265023-lq5259yr 130 13 contemporaneously contemporaneously RB cord-265023-lq5259yr 130 14 by by IN cord-265023-lq5259yr 130 15 industrial industrial JJ cord-265023-lq5259yr 130 16 production production NN cord-265023-lq5259yr 130 17 , , , cord-265023-lq5259yr 130 18 interest interest NN cord-265023-lq5259yr 130 19 rates rate NNS cord-265023-lq5259yr 130 20 , , , cord-265023-lq5259yr 130 21 credit credit NN cord-265023-lq5259yr 130 22 growth growth NN cord-265023-lq5259yr 130 23 and and CC cord-265023-lq5259yr 130 24 the the DT cord-265023-lq5259yr 130 25 stock stock NN cord-265023-lq5259yr 130 26 market market NN cord-265023-lq5259yr 130 27 which which WDT cord-265023-lq5259yr 130 28 is be VBZ cord-265023-lq5259yr 130 29 in in IN cord-265023-lq5259yr 130 30 line line NN cord-265023-lq5259yr 130 31 with with IN cord-265023-lq5259yr 130 32 Hacker Hacker NNP cord-265023-lq5259yr 130 33 et et NNP cord-265023-lq5259yr 130 34 al al NNP cord-265023-lq5259yr 130 35 . . . cord-265023-lq5259yr 131 1 ( ( -LRB- cord-265023-lq5259yr 131 2 2012 2012 CD cord-265023-lq5259yr 131 3 ) ) -RRB- cord-265023-lq5259yr 131 4 who who WP cord-265023-lq5259yr 131 5 find find VBP cord-265023-lq5259yr 131 6 evidence evidence NN cord-265023-lq5259yr 131 7 that that IN cord-265023-lq5259yr 131 8 the the DT cord-265023-lq5259yr 131 9 exchange exchange NN cord-265023-lq5259yr 131 10 rate rate NN cord-265023-lq5259yr 131 11 is be VBZ cord-265023-lq5259yr 131 12 granger granger NNP cord-265023-lq5259yr 131 13 caused cause VBN cord-265023-lq5259yr 131 14 by by IN cord-265023-lq5259yr 131 15 the the DT cord-265023-lq5259yr 131 16 nominal nominal JJ cord-265023-lq5259yr 131 17 interest interest NN cord-265023-lq5259yr 131 18 rate rate NN cord-265023-lq5259yr 131 19 differential differential NN cord-265023-lq5259yr 131 20 . . . cord-265023-lq5259yr 132 1 Robinson Robinson NNP cord-265023-lq5259yr 132 2 ( ( -LRB- cord-265023-lq5259yr 132 3 1952 1952 CD cord-265023-lq5259yr 132 4 ) ) -RRB- cord-265023-lq5259yr 132 5 _SP cord-265023-lq5259yr 133 1 Industrial industrial JJ cord-265023-lq5259yr 133 2 production production NN cord-265023-lq5259yr 133 3 innovation innovation NN cord-265023-lq5259yr 133 4 Short short JJ cord-265023-lq5259yr 133 5 term term NN cord-265023-lq5259yr 133 6 policy policy NN cord-265023-lq5259yr 133 7 rates rate NNS cord-265023-lq5259yr 133 8 innovation innovation VBP cord-265023-lq5259yr 133 9 Credit Credit NNP cord-265023-lq5259yr 133 10 growth growth NN cord-265023-lq5259yr 133 11 innovation innovation NN cord-265023-lq5259yr 133 12 Stock Stock NNP cord-265023-lq5259yr 133 13 price price NN cord-265023-lq5259yr 133 14 innovation innovation NN cord-265023-lq5259yr 133 15 Exchange Exchange NNP cord-265023-lq5259yr 133 16 rate rate NN cord-265023-lq5259yr 133 17 innovation innovation NN cord-265023-lq5259yr 133 18 7 7 CD cord-265023-lq5259yr 134 1 I -PRON- PRP cord-265023-lq5259yr 134 2 also also RB cord-265023-lq5259yr 134 3 conclude conclude VBP cord-265023-lq5259yr 134 4 statistical statistical JJ cord-265023-lq5259yr 134 5 significance significance NN cord-265023-lq5259yr 134 6 in in IN cord-265023-lq5259yr 134 7 the the DT cord-265023-lq5259yr 134 8 cases case NNS cord-265023-lq5259yr 134 9 where where WRB cord-265023-lq5259yr 134 10 the the DT cord-265023-lq5259yr 134 11 confidence confidence NN cord-265023-lq5259yr 134 12 interval interval NN cord-265023-lq5259yr 134 13 does do VBZ cord-265023-lq5259yr 134 14 not not RB cord-265023-lq5259yr 134 15 contain contain VB cord-265023-lq5259yr 134 16 zero zero CD cord-265023-lq5259yr 134 17 for for IN cord-265023-lq5259yr 134 18 the the DT cord-265023-lq5259yr 134 19 majority majority NN cord-265023-lq5259yr 134 20 of of IN cord-265023-lq5259yr 134 21 periods period NNS cord-265023-lq5259yr 134 22 included include VBN cord-265023-lq5259yr 134 23 and and CC cord-265023-lq5259yr 134 24 also also RB cord-265023-lq5259yr 134 25 where where WRB cord-265023-lq5259yr 134 26 a a DT cord-265023-lq5259yr 134 27 single single JJ cord-265023-lq5259yr 134 28 band band NN cord-265023-lq5259yr 134 29 of of IN cord-265023-lq5259yr 134 30 the the DT cord-265023-lq5259yr 134 31 confidence confidence NN cord-265023-lq5259yr 134 32 interval interval NN cord-265023-lq5259yr 134 33 is be VBZ cord-265023-lq5259yr 134 34 only only RB cord-265023-lq5259yr 134 35 marginally marginally RB cord-265023-lq5259yr 134 36 above above IN cord-265023-lq5259yr 134 37 or or CC cord-265023-lq5259yr 134 38 below below IN cord-265023-lq5259yr 134 39 zero zero CD cord-265023-lq5259yr 134 40 . . . cord-265023-lq5259yr 135 1 8 8 CD cord-265023-lq5259yr 135 2 Kim Kim NNP cord-265023-lq5259yr 135 3 ( ( -LRB- cord-265023-lq5259yr 135 4 2003 2003 CD cord-265023-lq5259yr 135 5 ) ) -RRB- cord-265023-lq5259yr 135 6 also also RB cord-265023-lq5259yr 135 7 finds find VBZ cord-265023-lq5259yr 135 8 that that IN cord-265023-lq5259yr 135 9 stock stock NN cord-265023-lq5259yr 135 10 price price NN cord-265023-lq5259yr 135 11 movements movement NNS cord-265023-lq5259yr 135 12 are be VBP cord-265023-lq5259yr 135 13 driven drive VBN cord-265023-lq5259yr 135 14 , , , cord-265023-lq5259yr 135 15 to to IN cord-265023-lq5259yr 135 16 some some DT cord-265023-lq5259yr 135 17 extent extent NN cord-265023-lq5259yr 135 18 , , , cord-265023-lq5259yr 135 19 by by IN cord-265023-lq5259yr 135 20 interest interest NN cord-265023-lq5259yr 135 21 rate rate NN cord-265023-lq5259yr 135 22 movements movement NNS cord-265023-lq5259yr 135 23 . . . cord-265023-lq5259yr 136 1 Fama Fama NNP cord-265023-lq5259yr 136 2 ( ( -LRB- cord-265023-lq5259yr 136 3 1981 1981 CD cord-265023-lq5259yr 136 4 ) ) -RRB- cord-265023-lq5259yr 136 5 and and CC cord-265023-lq5259yr 136 6 Najand Najand NNP cord-265023-lq5259yr 136 7 and and CC cord-265023-lq5259yr 136 8 Noronha Noronha NNP cord-265023-lq5259yr 136 9 ( ( -LRB- cord-265023-lq5259yr 136 10 1998 1998 CD cord-265023-lq5259yr 136 11 ) ) -RRB- cord-265023-lq5259yr 136 12 show show VBP cord-265023-lq5259yr 136 13 that that IN cord-265023-lq5259yr 136 14 industrial industrial JJ cord-265023-lq5259yr 136 15 production production NN cord-265023-lq5259yr 136 16 is be VBZ cord-265023-lq5259yr 136 17 affected affect VBN cord-265023-lq5259yr 136 18 by by IN cord-265023-lq5259yr 136 19 both both DT cord-265023-lq5259yr 136 20 interest interest NN cord-265023-lq5259yr 136 21 rates rate NNS cord-265023-lq5259yr 136 22 and and CC cord-265023-lq5259yr 136 23 inflation inflation NN cord-265023-lq5259yr 136 24 at at IN cord-265023-lq5259yr 136 25 a a DT cord-265023-lq5259yr 136 26 lag lag NN cord-265023-lq5259yr 136 27 and and CC cord-265023-lq5259yr 136 28 , , , cord-265023-lq5259yr 136 29 hence hence RB cord-265023-lq5259yr 136 30 , , , cord-265023-lq5259yr 136 31 not not RB cord-265023-lq5259yr 136 32 contemporaneously contemporaneously RB cord-265023-lq5259yr 136 33 . . . cord-265023-lq5259yr 137 1 argues argue VBZ cord-265023-lq5259yr 137 2 that that IN cord-265023-lq5259yr 137 3 financial financial JJ cord-265023-lq5259yr 137 4 development development NN cord-265023-lq5259yr 137 5 follows follow VBZ cord-265023-lq5259yr 137 6 economic economic JJ cord-265023-lq5259yr 137 7 growth growth NN cord-265023-lq5259yr 137 8 . . . cord-265023-lq5259yr 138 1 In in IN cord-265023-lq5259yr 138 2 our -PRON- PRP$ cord-265023-lq5259yr 138 3 case case NN cord-265023-lq5259yr 138 4 , , , cord-265023-lq5259yr 138 5 growth growth NN cord-265023-lq5259yr 138 6 in in IN cord-265023-lq5259yr 138 7 industrial industrial JJ cord-265023-lq5259yr 138 8 production production NN cord-265023-lq5259yr 138 9 has have VBZ cord-265023-lq5259yr 138 10 a a DT cord-265023-lq5259yr 138 11 contemporaneous contemporaneous JJ cord-265023-lq5259yr 138 12 effect effect NN cord-265023-lq5259yr 138 13 on on IN cord-265023-lq5259yr 138 14 credit credit NN cord-265023-lq5259yr 138 15 growth growth NN cord-265023-lq5259yr 138 16 . . . cord-265023-lq5259yr 139 1 Bartov Bartov NNP cord-265023-lq5259yr 139 2 and and CC cord-265023-lq5259yr 139 3 Bodnar Bodnar NNP cord-265023-lq5259yr 139 4 ( ( -LRB- cord-265023-lq5259yr 139 5 1994a 1994a CD cord-265023-lq5259yr 139 6 , , , cord-265023-lq5259yr 139 7 b b LS cord-265023-lq5259yr 139 8 ) ) -RRB- cord-265023-lq5259yr 139 9 show show VB cord-265023-lq5259yr 139 10 that that IN cord-265023-lq5259yr 139 11 changes change NNS cord-265023-lq5259yr 139 12 in in IN cord-265023-lq5259yr 139 13 the the DT cord-265023-lq5259yr 139 14 dollar dollar NN cord-265023-lq5259yr 139 15 affect affect VB cord-265023-lq5259yr 139 16 current current JJ cord-265023-lq5259yr 139 17 abnormal abnormal JJ cord-265023-lq5259yr 139 18 firm firm NN cord-265023-lq5259yr 139 19 returns return NNS cord-265023-lq5259yr 139 20 with with IN cord-265023-lq5259yr 139 21 a a DT cord-265023-lq5259yr 139 22 lag lag NN cord-265023-lq5259yr 139 23 , , , cord-265023-lq5259yr 139 24 this this DT cord-265023-lq5259yr 139 25 is be VBZ cord-265023-lq5259yr 139 26 in in IN cord-265023-lq5259yr 139 27 line line NN cord-265023-lq5259yr 139 28 with with IN cord-265023-lq5259yr 139 29 Angelos Angelos NNP cord-265023-lq5259yr 139 30 ( ( -LRB- cord-265023-lq5259yr 139 31 2010 2010 CD cord-265023-lq5259yr 139 32 ) ) -RRB- cord-265023-lq5259yr 139 33 who who WP cord-265023-lq5259yr 139 34 finds find VBZ cord-265023-lq5259yr 139 35 that that IN cord-265023-lq5259yr 139 36 the the DT cord-265023-lq5259yr 139 37 volatility volatility NN cord-265023-lq5259yr 139 38 of of IN cord-265023-lq5259yr 139 39 the the DT cord-265023-lq5259yr 139 40 exchange exchange NN cord-265023-lq5259yr 139 41 rate rate NN cord-265023-lq5259yr 139 42 in in IN cord-265023-lq5259yr 139 43 the the DT cord-265023-lq5259yr 139 44 US US NNP cord-265023-lq5259yr 139 45 , , , cord-265023-lq5259yr 139 46 the the DT cord-265023-lq5259yr 139 47 UK UK NNP cord-265023-lq5259yr 139 48 and and CC cord-265023-lq5259yr 139 49 Japan Japan NNP cord-265023-lq5259yr 139 50 is be VBZ cord-265023-lq5259yr 139 51 largely largely RB cord-265023-lq5259yr 139 52 determined determine VBN cord-265023-lq5259yr 139 53 by by IN cord-265023-lq5259yr 139 54 the the DT cord-265023-lq5259yr 139 55 volatility volatility NN cord-265023-lq5259yr 139 56 of of IN cord-265023-lq5259yr 139 57 home home NN cord-265023-lq5259yr 139 58 stock stock NN cord-265023-lq5259yr 139 59 returns return NNS cord-265023-lq5259yr 139 60 . . . cord-265023-lq5259yr 140 1 9 9 CD cord-265023-lq5259yr 141 1 The the DT cord-265023-lq5259yr 141 2 order order NN cord-265023-lq5259yr 141 3 of of IN cord-265023-lq5259yr 141 4 the the DT cord-265023-lq5259yr 141 5 variables variable NNS cord-265023-lq5259yr 141 6 is be VBZ cord-265023-lq5259yr 141 7 switched switch VBN cord-265023-lq5259yr 141 8 in in IN cord-265023-lq5259yr 141 9 two two CD cord-265023-lq5259yr 141 10 robustness robustness NN cord-265023-lq5259yr 141 11 checks check NNS cord-265023-lq5259yr 141 12 to to TO cord-265023-lq5259yr 141 13 confirm confirm VB cord-265023-lq5259yr 141 14 the the DT cord-265023-lq5259yr 141 15 ordering ordering NN cord-265023-lq5259yr 141 16 of of IN cord-265023-lq5259yr 141 17 the the DT cord-265023-lq5259yr 141 18 primary primary JJ cord-265023-lq5259yr 141 19 matrix matrix NN cord-265023-lq5259yr 141 20 . . . cord-265023-lq5259yr 142 1 The the DT cord-265023-lq5259yr 142 2 impulse impulse NN cord-265023-lq5259yr 142 3 response response NN cord-265023-lq5259yr 142 4 functions function NNS cord-265023-lq5259yr 142 5 are be VBP cord-265023-lq5259yr 142 6 not not RB cord-265023-lq5259yr 142 7 affected affect VBN cord-265023-lq5259yr 142 8 by by IN cord-265023-lq5259yr 142 9 the the DT cord-265023-lq5259yr 142 10 relevant relevant JJ cord-265023-lq5259yr 142 11 changes change NNS cord-265023-lq5259yr 142 12 in in IN cord-265023-lq5259yr 142 13 the the DT cord-265023-lq5259yr 142 14 ordering ordering NN cord-265023-lq5259yr 142 15 of of IN cord-265023-lq5259yr 142 16 the the DT cord-265023-lq5259yr 142 17 variables variable NNS cord-265023-lq5259yr 142 18 in in IN cord-265023-lq5259yr 142 19 any any DT cord-265023-lq5259yr 142 20 cases case NNS cord-265023-lq5259yr 142 21 . . . cord-265023-lq5259yr 143 1 Three three CD cord-265023-lq5259yr 143 2 unit unit NN cord-265023-lq5259yr 143 3 root root NN cord-265023-lq5259yr 143 4 analyses analysis NNS cord-265023-lq5259yr 143 5 are be VBP cord-265023-lq5259yr 143 6 conducted conduct VBN cord-265023-lq5259yr 143 7 , , , cord-265023-lq5259yr 143 8 namely namely RB cord-265023-lq5259yr 143 9 the the DT cord-265023-lq5259yr 143 10 Augmented Augmented NNP cord-265023-lq5259yr 143 11 Dickey Dickey NNP cord-265023-lq5259yr 143 12 - - HYPH cord-265023-lq5259yr 143 13 Fuller Fuller NNP cord-265023-lq5259yr 143 14 ( ( -LRB- cord-265023-lq5259yr 143 15 ADF ADF NNP cord-265023-lq5259yr 143 16 ) ) -RRB- cord-265023-lq5259yr 143 17 test test NN cord-265023-lq5259yr 143 18 , , , cord-265023-lq5259yr 143 19 the the DT cord-265023-lq5259yr 143 20 Phillips Phillips NNP cord-265023-lq5259yr 143 21 - - HYPH cord-265023-lq5259yr 143 22 Perron Perron NNP cord-265023-lq5259yr 143 23 ( ( -LRB- cord-265023-lq5259yr 143 24 PP PP NNP cord-265023-lq5259yr 143 25 ) ) -RRB- cord-265023-lq5259yr 143 26 unit unit NN cord-265023-lq5259yr 143 27 root root NN cord-265023-lq5259yr 143 28 test test NN cord-265023-lq5259yr 143 29 and and CC cord-265023-lq5259yr 143 30 the the DT cord-265023-lq5259yr 143 31 Hylleberg Hylleberg NNP cord-265023-lq5259yr 143 32 , , , cord-265023-lq5259yr 143 33 Engle Engle NNP cord-265023-lq5259yr 143 34 , , , cord-265023-lq5259yr 143 35 Granger Granger NNP cord-265023-lq5259yr 143 36 and and CC cord-265023-lq5259yr 143 37 Yoo Yoo NNP cord-265023-lq5259yr 143 38 ( ( -LRB- cord-265023-lq5259yr 143 39 HEGY HEGY NNP cord-265023-lq5259yr 143 40 ) ) -RRB- cord-265023-lq5259yr 143 41 . . . cord-265023-lq5259yr 144 1 Both both DT cord-265023-lq5259yr 144 2 the the DT cord-265023-lq5259yr 144 3 PP PP NNP cord-265023-lq5259yr 144 4 test test NN cord-265023-lq5259yr 144 5 and and CC cord-265023-lq5259yr 144 6 the the DT cord-265023-lq5259yr 144 7 ADF ADF NNP cord-265023-lq5259yr 144 8 test test NN cord-265023-lq5259yr 144 9 show show VBP cord-265023-lq5259yr 144 10 that that IN cord-265023-lq5259yr 144 11 the the DT cord-265023-lq5259yr 144 12 year year NN cord-265023-lq5259yr 144 13 - - HYPH cord-265023-lq5259yr 144 14 on on IN cord-265023-lq5259yr 144 15 - - HYPH cord-265023-lq5259yr 144 16 year year NN cord-265023-lq5259yr 144 17 growth growth NN cord-265023-lq5259yr 144 18 rates rate NNS cord-265023-lq5259yr 144 19 of of IN cord-265023-lq5259yr 144 20 all all DT cord-265023-lq5259yr 144 21 but but IN cord-265023-lq5259yr 144 22 two two CD cord-265023-lq5259yr 144 23 cases case NNS cord-265023-lq5259yr 144 24 have have VBP cord-265023-lq5259yr 144 25 an an DT cord-265023-lq5259yr 144 26 order order NN cord-265023-lq5259yr 144 27 of of IN cord-265023-lq5259yr 144 28 integration integration NN cord-265023-lq5259yr 144 29 of of IN cord-265023-lq5259yr 144 30 I(0 I(0 NNP cord-265023-lq5259yr 144 31 ) ) -RRB- cord-265023-lq5259yr 144 32 , , , cord-265023-lq5259yr 144 33 and and CC cord-265023-lq5259yr 144 34 hence hence RB cord-265023-lq5259yr 144 35 , , , cord-265023-lq5259yr 144 36 the the DT cord-265023-lq5259yr 144 37 growth growth NN cord-265023-lq5259yr 144 38 rates rate NNS cord-265023-lq5259yr 144 39 are be VBP cord-265023-lq5259yr 144 40 stationary stationary JJ cord-265023-lq5259yr 144 41 . . . cord-265023-lq5259yr 145 1 10 10 CD cord-265023-lq5259yr 146 1 The the DT cord-265023-lq5259yr 146 2 third third JJ cord-265023-lq5259yr 146 3 unit unit NN cord-265023-lq5259yr 146 4 root root NN cord-265023-lq5259yr 146 5 test test NN cord-265023-lq5259yr 146 6 , , , cord-265023-lq5259yr 146 7 the the DT cord-265023-lq5259yr 146 8 HEGY HEGY NNP cord-265023-lq5259yr 146 9 test test NN cord-265023-lq5259yr 146 10 , , , cord-265023-lq5259yr 146 11 is be VBZ cord-265023-lq5259yr 146 12 included include VBN cord-265023-lq5259yr 146 13 to to TO cord-265023-lq5259yr 146 14 account account VB cord-265023-lq5259yr 146 15 for for IN cord-265023-lq5259yr 146 16 the the DT cord-265023-lq5259yr 146 17 seasonally seasonally RB cord-265023-lq5259yr 146 18 unadjusted unadjusted JJ cord-265023-lq5259yr 146 19 data datum NNS cord-265023-lq5259yr 146 20 and and CC cord-265023-lq5259yr 146 21 the the DT cord-265023-lq5259yr 146 22 annual annual JJ cord-265023-lq5259yr 146 23 differencing differencing NN cord-265023-lq5259yr 146 24 used use VBN cord-265023-lq5259yr 146 25 . . . cord-265023-lq5259yr 147 1 When when WRB cord-265023-lq5259yr 147 2 looking look VBG cord-265023-lq5259yr 147 3 at at IN cord-265023-lq5259yr 147 4 the the DT cord-265023-lq5259yr 147 5 test test NN cord-265023-lq5259yr 147 6 statistics statistic NNS cord-265023-lq5259yr 147 7 for for IN cord-265023-lq5259yr 147 8 frequency frequency NN cord-265023-lq5259yr 147 9 0 0 NFP cord-265023-lq5259yr 147 10 , , , cord-265023-lq5259yr 147 11 we -PRON- PRP cord-265023-lq5259yr 147 12 fail fail VBP cord-265023-lq5259yr 147 13 to to TO cord-265023-lq5259yr 147 14 reject reject VB cord-265023-lq5259yr 147 15 the the DT cord-265023-lq5259yr 147 16 null null JJ cord-265023-lq5259yr 147 17 hypothesis hypothesis NN cord-265023-lq5259yr 147 18 of of IN cord-265023-lq5259yr 147 19 the the DT cord-265023-lq5259yr 147 20 presence presence NN cord-265023-lq5259yr 147 21 of of IN cord-265023-lq5259yr 147 22 a a DT cord-265023-lq5259yr 147 23 unit unit NN cord-265023-lq5259yr 147 24 root root NN cord-265023-lq5259yr 147 25 for for IN cord-265023-lq5259yr 147 26 the the DT cord-265023-lq5259yr 147 27 case case NN cord-265023-lq5259yr 147 28 of of IN cord-265023-lq5259yr 147 29 the the DT cord-265023-lq5259yr 147 30 stock stock NN cord-265023-lq5259yr 147 31 market market NN cord-265023-lq5259yr 147 32 in in IN cord-265023-lq5259yr 147 33 Colombia Colombia NNP cord-265023-lq5259yr 147 34 , , , cord-265023-lq5259yr 147 35 credit credit NN cord-265023-lq5259yr 147 36 in in IN cord-265023-lq5259yr 147 37 Portugal Portugal NNP cord-265023-lq5259yr 147 38 and and CC cord-265023-lq5259yr 147 39 the the DT cord-265023-lq5259yr 147 40 exchange exchange NN cord-265023-lq5259yr 147 41 rate rate NN cord-265023-lq5259yr 147 42 in in IN cord-265023-lq5259yr 147 43 Portugal Portugal NNP cord-265023-lq5259yr 147 44 . . . cord-265023-lq5259yr 148 1 When when WRB cord-265023-lq5259yr 148 2 considering consider VBG cord-265023-lq5259yr 148 3 the the DT cord-265023-lq5259yr 148 4 semi semi JJ cord-265023-lq5259yr 148 5 - - JJ cord-265023-lq5259yr 148 6 annual annual JJ cord-265023-lq5259yr 148 7 frequency frequency NN cord-265023-lq5259yr 148 8 , , , cord-265023-lq5259yr 148 9 annual annual JJ cord-265023-lq5259yr 148 10 frequency frequency NN cord-265023-lq5259yr 148 11 as as RB cord-265023-lq5259yr 148 12 well well RB cord-265023-lq5259yr 148 13 as as IN cord-265023-lq5259yr 148 14 the the DT cord-265023-lq5259yr 148 15 joint joint JJ cord-265023-lq5259yr 148 16 significance significance NN cord-265023-lq5259yr 148 17 of of IN cord-265023-lq5259yr 148 18 the the DT cord-265023-lq5259yr 148 19 full full JJ cord-265023-lq5259yr 148 20 set set NN cord-265023-lq5259yr 148 21 of of IN cord-265023-lq5259yr 148 22 unit unit NN cord-265023-lq5259yr 148 23 roots root NNS cord-265023-lq5259yr 148 24 ( ( -LRB- cord-265023-lq5259yr 148 25 seasonal seasonal JJ cord-265023-lq5259yr 148 26 and and CC cord-265023-lq5259yr 148 27 non non JJ cord-265023-lq5259yr 148 28 - - JJ cord-265023-lq5259yr 148 29 seasonal seasonal JJ cord-265023-lq5259yr 148 30 frequencies frequency NNS cord-265023-lq5259yr 148 31 ) ) -RRB- cord-265023-lq5259yr 148 32 , , , cord-265023-lq5259yr 148 33 the the DT cord-265023-lq5259yr 148 34 null null JJ cord-265023-lq5259yr 148 35 hypothesis hypothesis NN cord-265023-lq5259yr 148 36 is be VBZ cord-265023-lq5259yr 148 37 rejected reject VBN cord-265023-lq5259yr 148 38 in in IN cord-265023-lq5259yr 148 39 all all DT cord-265023-lq5259yr 148 40 cases case NNS cord-265023-lq5259yr 148 41 , , , cord-265023-lq5259yr 148 42 and and CC cord-265023-lq5259yr 148 43 therefore therefore RB cord-265023-lq5259yr 148 44 , , , cord-265023-lq5259yr 148 45 no no DT cord-265023-lq5259yr 148 46 unit unit NN cord-265023-lq5259yr 148 47 roots root NNS cord-265023-lq5259yr 148 48 are be VBP cord-265023-lq5259yr 148 49 present present JJ cord-265023-lq5259yr 148 50 . . . cord-265023-lq5259yr 149 1 In in IN cord-265023-lq5259yr 149 2 the the DT cord-265023-lq5259yr 149 3 case case NN cord-265023-lq5259yr 149 4 of of IN cord-265023-lq5259yr 149 5 the the DT cord-265023-lq5259yr 149 6 Colombian colombian JJ cord-265023-lq5259yr 149 7 stock stock NN cord-265023-lq5259yr 149 8 market market NN cord-265023-lq5259yr 149 9 and and CC cord-265023-lq5259yr 149 10 the the DT cord-265023-lq5259yr 149 11 Portuguese portuguese JJ cord-265023-lq5259yr 149 12 exchange exchange NN cord-265023-lq5259yr 149 13 rate rate NN cord-265023-lq5259yr 149 14 , , , cord-265023-lq5259yr 149 15 the the DT cord-265023-lq5259yr 149 16 presence presence NN cord-265023-lq5259yr 149 17 of of IN cord-265023-lq5259yr 149 18 the the DT cord-265023-lq5259yr 149 19 unit unit NN cord-265023-lq5259yr 149 20 root root NN cord-265023-lq5259yr 149 21 may may MD cord-265023-lq5259yr 149 22 be be VB cord-265023-lq5259yr 149 23 a a DT cord-265023-lq5259yr 149 24 small small JJ cord-265023-lq5259yr 149 25 sample sample NN cord-265023-lq5259yr 149 26 effect effect NN cord-265023-lq5259yr 149 27 . . . cord-265023-lq5259yr 150 1 The the DT cord-265023-lq5259yr 150 2 joint joint JJ cord-265023-lq5259yr 150 3 significance significance NN cord-265023-lq5259yr 150 4 of of IN cord-265023-lq5259yr 150 5 the the DT cord-265023-lq5259yr 150 6 full full JJ cord-265023-lq5259yr 150 7 set set NN cord-265023-lq5259yr 150 8 of of IN cord-265023-lq5259yr 150 9 unit unit NN cord-265023-lq5259yr 150 10 roots root NNS cord-265023-lq5259yr 150 11 is be VBZ cord-265023-lq5259yr 150 12 , , , cord-265023-lq5259yr 150 13 however however RB cord-265023-lq5259yr 150 14 , , , cord-265023-lq5259yr 150 15 rejected reject VBD cord-265023-lq5259yr 150 16 . . . cord-265023-lq5259yr 151 1 The the DT cord-265023-lq5259yr 151 2 presence presence NN cord-265023-lq5259yr 151 3 of of IN cord-265023-lq5259yr 151 4 unit unit NN cord-265023-lq5259yr 151 5 roots root NNS cord-265023-lq5259yr 151 6 should should MD cord-265023-lq5259yr 151 7 therefore therefore RB cord-265023-lq5259yr 151 8 , , , cord-265023-lq5259yr 151 9 not not RB cord-265023-lq5259yr 151 10 be be VB cord-265023-lq5259yr 151 11 an an DT cord-265023-lq5259yr 151 12 issue issue NN cord-265023-lq5259yr 151 13 in in IN cord-265023-lq5259yr 151 14 our -PRON- PRP$ cord-265023-lq5259yr 151 15 sample sample NN cord-265023-lq5259yr 151 16 . . . cord-265023-lq5259yr 152 1 The the DT cord-265023-lq5259yr 152 2 GFC GFC NNP cord-265023-lq5259yr 152 3 emphasized emphasize VBD cord-265023-lq5259yr 152 4 the the DT cord-265023-lq5259yr 152 5 need need NN cord-265023-lq5259yr 152 6 to to TO cord-265023-lq5259yr 152 7 focus focus VB cord-265023-lq5259yr 152 8 on on IN cord-265023-lq5259yr 152 9 both both DT cord-265023-lq5259yr 152 10 financial financial JJ cord-265023-lq5259yr 152 11 stability stability NN cord-265023-lq5259yr 152 12 and and CC cord-265023-lq5259yr 152 13 price price NN cord-265023-lq5259yr 152 14 stability stability NN cord-265023-lq5259yr 152 15 as as IN cord-265023-lq5259yr 152 16 the the DT cord-265023-lq5259yr 152 17 primary primary JJ cord-265023-lq5259yr 152 18 objective objective NN cord-265023-lq5259yr 152 19 of of IN cord-265023-lq5259yr 152 20 Central Central NNP cord-265023-lq5259yr 152 21 Banks Banks NNPS cord-265023-lq5259yr 152 22 prior prior RB cord-265023-lq5259yr 152 23 to to IN cord-265023-lq5259yr 152 24 the the DT cord-265023-lq5259yr 152 25 GFC GFC NNP cord-265023-lq5259yr 152 26 had have VBD cord-265023-lq5259yr 152 27 been be VBN cord-265023-lq5259yr 152 28 the the DT cord-265023-lq5259yr 152 29 maintenance maintenance NN cord-265023-lq5259yr 152 30 of of IN cord-265023-lq5259yr 152 31 price price NN cord-265023-lq5259yr 152 32 stability stability NN cord-265023-lq5259yr 152 33 . . . cord-265023-lq5259yr 153 1 Three three CD cord-265023-lq5259yr 153 2 proxies proxy NNS cord-265023-lq5259yr 153 3 for for IN cord-265023-lq5259yr 153 4 financial financial JJ cord-265023-lq5259yr 153 5 stability stability NN cord-265023-lq5259yr 153 6 together together RB cord-265023-lq5259yr 153 7 with with IN cord-265023-lq5259yr 153 8 IPI IPI NNP cord-265023-lq5259yr 153 9 to to TO cord-265023-lq5259yr 153 10 account account VB cord-265023-lq5259yr 153 11 for for IN cord-265023-lq5259yr 153 12 economic economic JJ cord-265023-lq5259yr 153 13 growth growth NN cord-265023-lq5259yr 153 14 are be VBP cord-265023-lq5259yr 153 15 included include VBN cord-265023-lq5259yr 153 16 in in IN cord-265023-lq5259yr 153 17 the the DT cord-265023-lq5259yr 153 18 analysis analysis NN cord-265023-lq5259yr 153 19 with with IN cord-265023-lq5259yr 153 20 each each DT cord-265023-lq5259yr 153 21 proxy proxy NN cord-265023-lq5259yr 153 22 representing represent VBG cord-265023-lq5259yr 153 23 a a DT cord-265023-lq5259yr 153 24 sector sector NN cord-265023-lq5259yr 153 25 of of IN cord-265023-lq5259yr 153 26 the the DT cord-265023-lq5259yr 153 27 economy economy NN cord-265023-lq5259yr 153 28 which which WDT cord-265023-lq5259yr 153 29 could could MD cord-265023-lq5259yr 153 30 potentially potentially RB cord-265023-lq5259yr 153 31 conceal conceal VB cord-265023-lq5259yr 153 32 financial financial JJ cord-265023-lq5259yr 153 33 stability stability NN cord-265023-lq5259yr 153 34 risks risk NNS cord-265023-lq5259yr 153 35 ( ( -LRB- cord-265023-lq5259yr 153 36 Cocriş Cocriş NNP cord-265023-lq5259yr 153 37 and and CC cord-265023-lq5259yr 153 38 Nucu Nucu NNP cord-265023-lq5259yr 153 39 2013 2013 CD cord-265023-lq5259yr 153 40 ) ) -RRB- cord-265023-lq5259yr 153 41 . . . cord-265023-lq5259yr 154 1 Monetary monetary JJ cord-265023-lq5259yr 154 2 policy policy NN cord-265023-lq5259yr 154 3 is be VBZ cord-265023-lq5259yr 154 4 represented represent VBN cord-265023-lq5259yr 154 5 by by IN cord-265023-lq5259yr 154 6 the the DT cord-265023-lq5259yr 154 7 short short JJ cord-265023-lq5259yr 154 8 - - HYPH cord-265023-lq5259yr 154 9 term term NN cord-265023-lq5259yr 154 10 interest interest NN cord-265023-lq5259yr 154 11 rate rate NN cord-265023-lq5259yr 154 12 and and CC cord-265023-lq5259yr 154 13 the the DT cord-265023-lq5259yr 154 14 shadow shadow NN cord-265023-lq5259yr 154 15 rate rate NN cord-265023-lq5259yr 154 16 in in IN cord-265023-lq5259yr 154 17 this this DT cord-265023-lq5259yr 154 18 paper paper NN cord-265023-lq5259yr 154 19 , , , cord-265023-lq5259yr 154 20 short short JJ cord-265023-lq5259yr 154 21 - - HYPH cord-265023-lq5259yr 154 22 term term NN cord-265023-lq5259yr 154 23 interest interest NN cord-265023-lq5259yr 154 24 rates rate NNS cord-265023-lq5259yr 154 25 are be VBP cord-265023-lq5259yr 154 26 available available JJ cord-265023-lq5259yr 154 27 from from IN cord-265023-lq5259yr 154 28 the the DT cord-265023-lq5259yr 154 29 IFS IFS NNP cord-265023-lq5259yr 154 30 ( ( -LRB- cord-265023-lq5259yr 154 31 for for IN cord-265023-lq5259yr 154 32 Chile Chile NNP cord-265023-lq5259yr 154 33 ) ) -RRB- cord-265023-lq5259yr 154 34 and and CC cord-265023-lq5259yr 154 35 the the DT cord-265023-lq5259yr 154 36 FRED FRED NNP cord-265023-lq5259yr 154 37 ( ( -LRB- cord-265023-lq5259yr 154 38 Colombia Colombia NNP cord-265023-lq5259yr 154 39 ) ) -RRB- cord-265023-lq5259yr 154 40 . . . cord-265023-lq5259yr 155 1 In in IN cord-265023-lq5259yr 155 2 the the DT cord-265023-lq5259yr 155 3 case case NN cord-265023-lq5259yr 155 4 of of IN cord-265023-lq5259yr 155 5 the the DT cord-265023-lq5259yr 155 6 advanced advanced JJ cord-265023-lq5259yr 155 7 economies economy NNS cord-265023-lq5259yr 155 8 , , , cord-265023-lq5259yr 155 9 the the DT cord-265023-lq5259yr 155 10 shadow shadow NN cord-265023-lq5259yr 155 11 rate rate NN cord-265023-lq5259yr 155 12 [ [ -LRB- cord-265023-lq5259yr 155 13 Krippner Krippner NNP cord-265023-lq5259yr 155 14 ( ( -LRB- cord-265023-lq5259yr 155 15 2013 2013 CD cord-265023-lq5259yr 155 16 [ [ -LRB- cord-265023-lq5259yr 155 17 Krippner Krippner NNP cord-265023-lq5259yr 155 18 ( ( -LRB- cord-265023-lq5259yr 155 19 , , , cord-265023-lq5259yr 155 20 2015 2015 CD cord-265023-lq5259yr 155 21 shadow shadow NN cord-265023-lq5259yr 155 22 / / SYM cord-265023-lq5259yr 155 23 lower low JJR cord-265023-lq5259yr 155 24 bound bind VBN cord-265023-lq5259yr 155 25 framework framework NN cord-265023-lq5259yr 155 26 ] ] -RRB- cord-265023-lq5259yr 155 27 is be VBZ cord-265023-lq5259yr 155 28 used use VBN cord-265023-lq5259yr 155 29 as as IN cord-265023-lq5259yr 155 30 a a DT cord-265023-lq5259yr 155 31 measure measure NN cord-265023-lq5259yr 155 32 of of IN cord-265023-lq5259yr 155 33 monetary monetary JJ cord-265023-lq5259yr 155 34 policy policy NN cord-265023-lq5259yr 155 35 intervention intervention NN cord-265023-lq5259yr 155 36 . . . cord-265023-lq5259yr 156 1 The the DT cord-265023-lq5259yr 156 2 shadow shadow NN cord-265023-lq5259yr 156 3 rate rate NN cord-265023-lq5259yr 156 4 is be VBZ cord-265023-lq5259yr 156 5 used use VBN cord-265023-lq5259yr 156 6 in in IN cord-265023-lq5259yr 156 7 the the DT cord-265023-lq5259yr 156 8 case case NN cord-265023-lq5259yr 156 9 of of IN cord-265023-lq5259yr 156 10 the the DT cord-265023-lq5259yr 156 11 advanced advanced JJ cord-265023-lq5259yr 156 12 economies economy NNS cord-265023-lq5259yr 156 13 due due JJ cord-265023-lq5259yr 156 14 to to IN cord-265023-lq5259yr 156 15 the the DT cord-265023-lq5259yr 156 16 inability inability NN cord-265023-lq5259yr 156 17 of of IN cord-265023-lq5259yr 156 18 policy policy NN cord-265023-lq5259yr 156 19 rates rate NNS cord-265023-lq5259yr 156 20 to to TO cord-265023-lq5259yr 156 21 fully fully RB cord-265023-lq5259yr 156 22 capture capture VB cord-265023-lq5259yr 156 23 the the DT cord-265023-lq5259yr 156 24 9 9 CD cord-265023-lq5259yr 156 25 Yang Yang NNP cord-265023-lq5259yr 156 26 and and CC cord-265023-lq5259yr 156 27 Doong Doong NNP cord-265023-lq5259yr 156 28 ( ( -LRB- cord-265023-lq5259yr 156 29 2004 2004 CD cord-265023-lq5259yr 156 30 ) ) -RRB- cord-265023-lq5259yr 156 31 note note VBP cord-265023-lq5259yr 156 32 that that IN cord-265023-lq5259yr 156 33 empirical empirical JJ cord-265023-lq5259yr 156 34 evidence evidence NN cord-265023-lq5259yr 156 35 shows show VBZ cord-265023-lq5259yr 156 36 that that IN cord-265023-lq5259yr 156 37 changes change NNS cord-265023-lq5259yr 156 38 in in IN cord-265023-lq5259yr 156 39 stock stock NN cord-265023-lq5259yr 156 40 prices price NNS cord-265023-lq5259yr 156 41 affect affect VBP cord-265023-lq5259yr 156 42 exchange exchange NN cord-265023-lq5259yr 156 43 rate rate NN cord-265023-lq5259yr 156 44 movements movement NNS cord-265023-lq5259yr 156 45 ; ; : cord-265023-lq5259yr 156 46 however however RB cord-265023-lq5259yr 156 47 , , , cord-265023-lq5259yr 156 48 the the DT cord-265023-lq5259yr 156 49 impact impact NN cord-265023-lq5259yr 156 50 of of IN cord-265023-lq5259yr 156 51 changes change NNS cord-265023-lq5259yr 156 52 in in IN cord-265023-lq5259yr 156 53 the the DT cord-265023-lq5259yr 156 54 exchange exchange NN cord-265023-lq5259yr 156 55 rate rate NN cord-265023-lq5259yr 156 56 on on IN cord-265023-lq5259yr 156 57 stock stock NN cord-265023-lq5259yr 156 58 market market NN cord-265023-lq5259yr 156 59 prices price NNS cord-265023-lq5259yr 156 60 is be VBZ cord-265023-lq5259yr 156 61 less less RBR cord-265023-lq5259yr 156 62 significant significant JJ cord-265023-lq5259yr 156 63 . . . cord-265023-lq5259yr 157 1 It -PRON- PRP cord-265023-lq5259yr 157 2 is be VBZ cord-265023-lq5259yr 157 3 thought think VBN cord-265023-lq5259yr 157 4 that that IN cord-265023-lq5259yr 157 5 stock stock NN cord-265023-lq5259yr 157 6 markets market NNS cord-265023-lq5259yr 157 7 have have VBP cord-265023-lq5259yr 157 8 a a DT cord-265023-lq5259yr 157 9 more more RBR cord-265023-lq5259yr 157 10 noticeable noticeable JJ cord-265023-lq5259yr 157 11 effect effect NN cord-265023-lq5259yr 157 12 on on IN cord-265023-lq5259yr 157 13 exchange exchange NN cord-265023-lq5259yr 157 14 rates rate NNS cord-265023-lq5259yr 157 15 due due JJ cord-265023-lq5259yr 157 16 to to IN cord-265023-lq5259yr 157 17 the the DT cord-265023-lq5259yr 157 18 deregulation deregulation NN cord-265023-lq5259yr 157 19 of of IN cord-265023-lq5259yr 157 20 financial financial JJ cord-265023-lq5259yr 157 21 markets market NNS cord-265023-lq5259yr 157 22 which which WDT cord-265023-lq5259yr 157 23 has have VBZ cord-265023-lq5259yr 157 24 decreased decrease VBN cord-265023-lq5259yr 157 25 the the DT cord-265023-lq5259yr 157 26 difficulty difficulty NN cord-265023-lq5259yr 157 27 of of IN cord-265023-lq5259yr 157 28 and and CC cord-265023-lq5259yr 157 29 stimulated stimulate VBN cord-265023-lq5259yr 157 30 capital capital NN cord-265023-lq5259yr 157 31 flows flow NNS cord-265023-lq5259yr 157 32 across across IN cord-265023-lq5259yr 157 33 borders border NNS cord-265023-lq5259yr 157 34 . . . cord-265023-lq5259yr 158 1 10 10 CD cord-265023-lq5259yr 158 2 Results result NNS cord-265023-lq5259yr 158 3 available available JJ cord-265023-lq5259yr 158 4 on on IN cord-265023-lq5259yr 158 5 request request NN cord-265023-lq5259yr 158 6 . . . cord-265023-lq5259yr 159 1 extent extent NN cord-265023-lq5259yr 159 2 of of IN cord-265023-lq5259yr 159 3 monetary monetary JJ cord-265023-lq5259yr 159 4 policy policy NN cord-265023-lq5259yr 159 5 intervention intervention NN cord-265023-lq5259yr 159 6 in in IN cord-265023-lq5259yr 159 7 the the DT cord-265023-lq5259yr 159 8 presence presence NN cord-265023-lq5259yr 159 9 of of IN cord-265023-lq5259yr 159 10 quantitative quantitative JJ cord-265023-lq5259yr 159 11 easing easing NN cord-265023-lq5259yr 159 12 and and CC cord-265023-lq5259yr 159 13 other other JJ cord-265023-lq5259yr 159 14 unconventional unconventional JJ cord-265023-lq5259yr 159 15 monetary monetary JJ cord-265023-lq5259yr 159 16 policy policy NN cord-265023-lq5259yr 159 17 tools tool NNS cord-265023-lq5259yr 159 18 . . . cord-265023-lq5259yr 160 1 The the DT cord-265023-lq5259yr 160 2 use use NN cord-265023-lq5259yr 160 3 of of IN cord-265023-lq5259yr 160 4 the the DT cord-265023-lq5259yr 160 5 shadow shadow NN cord-265023-lq5259yr 160 6 rate rate NN cord-265023-lq5259yr 160 7 allows allow VBZ cord-265023-lq5259yr 160 8 one one PRP cord-265023-lq5259yr 160 9 to to TO cord-265023-lq5259yr 160 10 see see VB cord-265023-lq5259yr 160 11 the the DT cord-265023-lq5259yr 160 12 effect effect NN cord-265023-lq5259yr 160 13 of of IN cord-265023-lq5259yr 160 14 monetary monetary JJ cord-265023-lq5259yr 160 15 policy policy NN cord-265023-lq5259yr 160 16 tools tool NNS cord-265023-lq5259yr 160 17 on on IN cord-265023-lq5259yr 160 18 factors factor NNS cord-265023-lq5259yr 160 19 such such JJ cord-265023-lq5259yr 160 20 as as IN cord-265023-lq5259yr 160 21 the the DT cord-265023-lq5259yr 160 22 unemployment unemployment NN cord-265023-lq5259yr 160 23 rate rate NN cord-265023-lq5259yr 160 24 and and CC cord-265023-lq5259yr 160 25 industrial industrial JJ cord-265023-lq5259yr 160 26 production production NN cord-265023-lq5259yr 160 27 without without IN cord-265023-lq5259yr 160 28 the the DT cord-265023-lq5259yr 160 29 limitation limitation NN cord-265023-lq5259yr 160 30 of of IN cord-265023-lq5259yr 160 31 the the DT cord-265023-lq5259yr 160 32 zero zero CD cord-265023-lq5259yr 160 33 - - HYPH cord-265023-lq5259yr 160 34 lower lower NN cord-265023-lq5259yr 160 35 bound bind VBN cord-265023-lq5259yr 160 36 on on IN cord-265023-lq5259yr 160 37 policy policy NN cord-265023-lq5259yr 160 38 rates rate NNS cord-265023-lq5259yr 160 39 . . . cord-265023-lq5259yr 161 1 The the DT cord-265023-lq5259yr 161 2 relevant relevant JJ cord-265023-lq5259yr 161 3 variables variable NNS cord-265023-lq5259yr 161 4 are be VBP cord-265023-lq5259yr 161 5 as as IN cord-265023-lq5259yr 161 6 follows follow VBZ cord-265023-lq5259yr 161 7 : : : cord-265023-lq5259yr 162 1 • • NNP cord-265023-lq5259yr 162 2 Credit credit NN cord-265023-lq5259yr 162 3 growth growth NN cord-265023-lq5259yr 162 4 as as IN cord-265023-lq5259yr 162 5 a a DT cord-265023-lq5259yr 162 6 proxy proxy NN cord-265023-lq5259yr 162 7 for for IN cord-265023-lq5259yr 162 8 the the DT cord-265023-lq5259yr 162 9 banking banking NN cord-265023-lq5259yr 162 10 system system NN cord-265023-lq5259yr 162 11 ( ( -LRB- cord-265023-lq5259yr 162 12 BIS BIS NNP cord-265023-lq5259yr 162 13 total total JJ cord-265023-lq5259yr 162 14 credit credit NN cord-265023-lq5259yr 162 15 statistics statistic NNS cord-265023-lq5259yr 162 16 ) ) -RRB- cord-265023-lq5259yr 163 1 ; ; : cord-265023-lq5259yr 163 2 • • NNP cord-265023-lq5259yr 163 3 Stock Stock NNP cord-265023-lq5259yr 163 4 index index NN cord-265023-lq5259yr 163 5 as as IN cord-265023-lq5259yr 163 6 a a DT cord-265023-lq5259yr 163 7 proxy proxy NN cord-265023-lq5259yr 163 8 for for IN cord-265023-lq5259yr 163 9 the the DT cord-265023-lq5259yr 163 10 capital capital NN cord-265023-lq5259yr 163 11 market market NN cord-265023-lq5259yr 163 12 ( ( -LRB- cord-265023-lq5259yr 163 13 Federal Federal NNP cord-265023-lq5259yr 163 14 Reserve Reserve NNP cord-265023-lq5259yr 163 15 Economic Economic NNP cord-265023-lq5259yr 163 16 Data Data NNP cord-265023-lq5259yr 163 17 ) ) -RRB- cord-265023-lq5259yr 163 18 ; ; : cord-265023-lq5259yr 164 1 • • NNP cord-265023-lq5259yr 165 1 The the DT cord-265023-lq5259yr 165 2 exchange exchange NN cord-265023-lq5259yr 165 3 rate rate NN cord-265023-lq5259yr 165 4 measured measure VBN cord-265023-lq5259yr 165 5 as as IN cord-265023-lq5259yr 165 6 local local JJ cord-265023-lq5259yr 165 7 currency currency NN cord-265023-lq5259yr 165 8 units unit NNS cord-265023-lq5259yr 165 9 per per IN cord-265023-lq5259yr 165 10 unit unit NN cord-265023-lq5259yr 165 11 of of IN cord-265023-lq5259yr 165 12 US US NNP cord-265023-lq5259yr 165 13 dollar dollar NN cord-265023-lq5259yr 165 14 as as IN cord-265023-lq5259yr 165 15 a a DT cord-265023-lq5259yr 165 16 proxy proxy NN cord-265023-lq5259yr 165 17 for for IN cord-265023-lq5259yr 165 18 the the DT cord-265023-lq5259yr 165 19 foreign foreign JJ cord-265023-lq5259yr 165 20 exchange exchange NN cord-265023-lq5259yr 165 21 market market NN cord-265023-lq5259yr 165 22 ( ( -LRB- cord-265023-lq5259yr 165 23 Federal Federal NNP cord-265023-lq5259yr 165 24 Reserve Reserve NNP cord-265023-lq5259yr 165 25 Economic Economic NNP cord-265023-lq5259yr 165 26 Data Data NNP cord-265023-lq5259yr 165 27 ) ) -RRB- cord-265023-lq5259yr 165 28 , , , cord-265023-lq5259yr 165 29 exchange exchange NN cord-265023-lq5259yr 165 30 rates rate NNS cord-265023-lq5259yr 165 31 quoted quote VBN cord-265023-lq5259yr 165 32 as as IN cord-265023-lq5259yr 165 33 US US NNP cord-265023-lq5259yr 165 34 dollar dollar NN cord-265023-lq5259yr 165 35 units unit NNS cord-265023-lq5259yr 165 36 per per IN cord-265023-lq5259yr 165 37 unit unit NN cord-265023-lq5259yr 165 38 of of IN cord-265023-lq5259yr 165 39 local local JJ cord-265023-lq5259yr 165 40 currency currency NN cord-265023-lq5259yr 165 41 are be VBP cord-265023-lq5259yr 165 42 converted convert VBN cord-265023-lq5259yr 166 1 ; ; : cord-265023-lq5259yr 166 2 • • NNP cord-265023-lq5259yr 166 3 Industrial industrial JJ cord-265023-lq5259yr 166 4 production production NN cord-265023-lq5259yr 166 5 as as IN cord-265023-lq5259yr 166 6 a a DT cord-265023-lq5259yr 166 7 proxy proxy NN cord-265023-lq5259yr 166 8 for for IN cord-265023-lq5259yr 166 9 economic economic JJ cord-265023-lq5259yr 166 10 growth growth NN cord-265023-lq5259yr 166 11 ( ( -LRB- cord-265023-lq5259yr 166 12 Federal Federal NNP cord-265023-lq5259yr 166 13 Reserve Reserve NNP cord-265023-lq5259yr 166 14 Economic Economic NNP cord-265023-lq5259yr 166 15 Data Data NNP cord-265023-lq5259yr 166 16 ) ) -RRB- cord-265023-lq5259yr 166 17 . . . cord-265023-lq5259yr 167 1 ( ( -LRB- cord-265023-lq5259yr 167 2 2001 2001 CD cord-265023-lq5259yr 167 3 ) ) -RRB- cord-265023-lq5259yr 167 4 suggest suggest VBP cord-265023-lq5259yr 167 5 that that IN cord-265023-lq5259yr 167 6 the the DT cord-265023-lq5259yr 167 7 Akaike Akaike NNP cord-265023-lq5259yr 167 8 Information Information NNP cord-265023-lq5259yr 167 9 Criterion Criterion NNP cord-265023-lq5259yr 167 10 ( ( -LRB- cord-265023-lq5259yr 167 11 AIC AIC NNP cord-265023-lq5259yr 167 12 ) ) -RRB- cord-265023-lq5259yr 167 13 is be VBZ cord-265023-lq5259yr 167 14 appropriate appropriate JJ cord-265023-lq5259yr 167 15 when when WRB cord-265023-lq5259yr 167 16 considering consider VBG cord-265023-lq5259yr 167 17 monthly monthly JJ cord-265023-lq5259yr 167 18 data datum NNS cord-265023-lq5259yr 167 19 , , , cord-265023-lq5259yr 167 20 the the DT cord-265023-lq5259yr 167 21 Hannan Hannan NNP cord-265023-lq5259yr 167 22 - - HYPH cord-265023-lq5259yr 167 23 Quinn Quinn NNP cord-265023-lq5259yr 167 24 Information Information NNP cord-265023-lq5259yr 167 25 Criterion Criterion NNP cord-265023-lq5259yr 167 26 ( ( -LRB- cord-265023-lq5259yr 167 27 HQIC HQIC NNP cord-265023-lq5259yr 167 28 ) ) -RRB- cord-265023-lq5259yr 167 29 is be VBZ cord-265023-lq5259yr 167 30 appropriate appropriate JJ cord-265023-lq5259yr 167 31 when when WRB cord-265023-lq5259yr 167 32 considering consider VBG cord-265023-lq5259yr 167 33 quarterly quarterly JJ cord-265023-lq5259yr 167 34 data datum NNS cord-265023-lq5259yr 167 35 with with IN cord-265023-lq5259yr 167 36 a a DT cord-265023-lq5259yr 167 37 sample sample NN cord-265023-lq5259yr 167 38 size size NN cord-265023-lq5259yr 167 39 larger large JJR cord-265023-lq5259yr 167 40 than than IN cord-265023-lq5259yr 167 41 120 120 CD cord-265023-lq5259yr 167 42 observations observation NNS cord-265023-lq5259yr 167 43 and and CC cord-265023-lq5259yr 167 44 the the DT cord-265023-lq5259yr 167 45 Schwarz Schwarz NNP cord-265023-lq5259yr 167 46 Bayesian Bayesian NNP cord-265023-lq5259yr 167 47 Information Information NNP cord-265023-lq5259yr 167 48 Criterion Criterion NNP cord-265023-lq5259yr 167 49 ( ( -LRB- cord-265023-lq5259yr 167 50 SBIC SBIC NNP cord-265023-lq5259yr 167 51 ) ) -RRB- cord-265023-lq5259yr 168 1 is be VBZ cord-265023-lq5259yr 168 2 appropriate appropriate JJ cord-265023-lq5259yr 168 3 when when WRB cord-265023-lq5259yr 168 4 considering consider VBG cord-265023-lq5259yr 168 5 quarterly quarterly JJ cord-265023-lq5259yr 168 6 data datum NNS cord-265023-lq5259yr 168 7 with with IN cord-265023-lq5259yr 168 8 any any DT cord-265023-lq5259yr 168 9 sample sample NN cord-265023-lq5259yr 168 10 size size NN cord-265023-lq5259yr 168 11 . . . cord-265023-lq5259yr 169 1 The the DT cord-265023-lq5259yr 169 2 SBIC SBIC NNP cord-265023-lq5259yr 169 3 suggests suggest VBZ cord-265023-lq5259yr 169 4 that that IN cord-265023-lq5259yr 169 5 2 2 CD cord-265023-lq5259yr 169 6 lags lag NNS cord-265023-lq5259yr 169 7 be be VB cord-265023-lq5259yr 169 8 used use VBN cord-265023-lq5259yr 169 9 for for IN cord-265023-lq5259yr 169 10 the the DT cord-265023-lq5259yr 169 11 case case NN cord-265023-lq5259yr 169 12 of of IN cord-265023-lq5259yr 169 13 Chile Chile NNP cord-265023-lq5259yr 169 14 while while IN cord-265023-lq5259yr 169 15 1 1 CD cord-265023-lq5259yr 169 16 lag lag NN cord-265023-lq5259yr 169 17 is be VBZ cord-265023-lq5259yr 169 18 suggested suggest VBN cord-265023-lq5259yr 169 19 for for IN cord-265023-lq5259yr 169 20 the the DT cord-265023-lq5259yr 169 21 case case NN cord-265023-lq5259yr 169 22 of of IN cord-265023-lq5259yr 169 23 Portugal Portugal NNP cord-265023-lq5259yr 169 24 . . . cord-265023-lq5259yr 170 1 All all DT cord-265023-lq5259yr 170 2 three three CD cord-265023-lq5259yr 170 3 information information NN cord-265023-lq5259yr 170 4 criteria criterion NNS cord-265023-lq5259yr 170 5 suggest suggest VBP cord-265023-lq5259yr 170 6 that that IN cord-265023-lq5259yr 170 7 2 2 CD cord-265023-lq5259yr 170 8 lags lag NNS cord-265023-lq5259yr 170 9 be be VB cord-265023-lq5259yr 170 10 used use VBN cord-265023-lq5259yr 170 11 for for IN cord-265023-lq5259yr 170 12 the the DT cord-265023-lq5259yr 170 13 case case NN cord-265023-lq5259yr 170 14 of of IN cord-265023-lq5259yr 170 15 Colombia Colombia NNP cord-265023-lq5259yr 170 16 while while IN cord-265023-lq5259yr 170 17 1 1 CD cord-265023-lq5259yr 170 18 lag lag NN cord-265023-lq5259yr 170 19 is be VBZ cord-265023-lq5259yr 170 20 suggested suggest VBN cord-265023-lq5259yr 170 21 for for IN cord-265023-lq5259yr 170 22 the the DT cord-265023-lq5259yr 170 23 case case NN cord-265023-lq5259yr 170 24 of of IN cord-265023-lq5259yr 170 25 Japan Japan NNP cord-265023-lq5259yr 170 26 . . . cord-265023-lq5259yr 171 1 Lastly lastly RB cord-265023-lq5259yr 171 2 , , , cord-265023-lq5259yr 171 3 the the DT cord-265023-lq5259yr 171 4 HQIC HQIC NNP cord-265023-lq5259yr 171 5 and and CC cord-265023-lq5259yr 171 6 the the DT cord-265023-lq5259yr 171 7 SBIC SBIC NNP cord-265023-lq5259yr 171 8 suggest suggest VBP cord-265023-lq5259yr 171 9 1 1 CD cord-265023-lq5259yr 171 10 lag lag VBP cord-265023-lq5259yr 171 11 for for IN cord-265023-lq5259yr 171 12 the the DT cord-265023-lq5259yr 171 13 case case NN cord-265023-lq5259yr 171 14 of of IN cord-265023-lq5259yr 171 15 the the DT cord-265023-lq5259yr 171 16 UK UK NNP cord-265023-lq5259yr 171 17 . . . cord-265023-lq5259yr 172 1 The the DT cord-265023-lq5259yr 172 2 dataset dataset NN cord-265023-lq5259yr 172 3 created create VBD cord-265023-lq5259yr 172 4 contains contain VBZ cord-265023-lq5259yr 172 5 data datum NNS cord-265023-lq5259yr 172 6 for for IN cord-265023-lq5259yr 172 7 Chile Chile NNP cord-265023-lq5259yr 172 8 between between IN cord-265023-lq5259yr 172 9 2004Q3 2004q3 CD cord-265023-lq5259yr 172 10 and and CC cord-265023-lq5259yr 172 11 2018Q4 2018q4 CD cord-265023-lq5259yr 172 12 , , , cord-265023-lq5259yr 172 13 Colombia Colombia NNP cord-265023-lq5259yr 172 14 between between IN cord-265023-lq5259yr 172 15 2003Q1 2003q1 CD cord-265023-lq5259yr 172 16 and and CC cord-265023-lq5259yr 172 17 2016Q1 2016q1 CD cord-265023-lq5259yr 172 18 , , , cord-265023-lq5259yr 172 19 Japan Japan NNP cord-265023-lq5259yr 172 20 between between IN cord-265023-lq5259yr 172 21 1996Q2 1996q2 CD cord-265023-lq5259yr 172 22 and and CC cord-265023-lq5259yr 172 23 2018Q2 2018q2 CD cord-265023-lq5259yr 172 24 , , , cord-265023-lq5259yr 172 25 Portugal Portugal NNP cord-265023-lq5259yr 172 26 between between IN cord-265023-lq5259yr 172 27 2000Q2 2000q2 CD cord-265023-lq5259yr 172 28 and and CC cord-265023-lq5259yr 172 29 2018Q2 2018q2 CD cord-265023-lq5259yr 172 30 and and CC cord-265023-lq5259yr 172 31 the the DT cord-265023-lq5259yr 172 32 UK UK NNP cord-265023-lq5259yr 172 33 between between IN cord-265023-lq5259yr 172 34 1996Q2 1996q2 CD cord-265023-lq5259yr 172 35 and and CC cord-265023-lq5259yr 172 36 2018Q2 2018q2 CD cord-265023-lq5259yr 172 37 . . . cord-265023-lq5259yr 173 1 Breaks break NNS cord-265023-lq5259yr 173 2 exist exist VBP cord-265023-lq5259yr 173 3 in in IN cord-265023-lq5259yr 173 4 the the DT cord-265023-lq5259yr 173 5 dataset dataset NN cord-265023-lq5259yr 173 6 , , , cord-265023-lq5259yr 173 7 the the DT cord-265023-lq5259yr 173 8 number number NN cord-265023-lq5259yr 173 9 of of IN cord-265023-lq5259yr 173 10 observations observation NNS cord-265023-lq5259yr 173 11 quoted quote VBN cord-265023-lq5259yr 173 12 below below RB cord-265023-lq5259yr 173 13 is be VBZ cord-265023-lq5259yr 173 14 based base VBN cord-265023-lq5259yr 173 15 on on IN cord-265023-lq5259yr 173 16 a a DT cord-265023-lq5259yr 173 17 balanced balanced JJ cord-265023-lq5259yr 173 18 SVAR SVAR NNP cord-265023-lq5259yr 173 19 estimation estimation NN cord-265023-lq5259yr 173 20 with with IN cord-265023-lq5259yr 173 21 the the DT cord-265023-lq5259yr 173 22 suggested suggest VBN cord-265023-lq5259yr 173 23 number number NN cord-265023-lq5259yr 173 24 of of IN cord-265023-lq5259yr 173 25 lags lag NNS cord-265023-lq5259yr 173 26 . . . cord-265023-lq5259yr 174 1 The the DT cord-265023-lq5259yr 174 2 SVAR SVAR NNP cord-265023-lq5259yr 174 3 and and CC cord-265023-lq5259yr 174 4 the the DT cord-265023-lq5259yr 174 5 resulting result VBG cord-265023-lq5259yr 174 6 impulse impulse NN cord-265023-lq5259yr 174 7 response response NN cord-265023-lq5259yr 174 8 functions function NNS cord-265023-lq5259yr 174 9 therefore therefore RB cord-265023-lq5259yr 174 10 have have VBP cord-265023-lq5259yr 174 11 the the DT cord-265023-lq5259yr 174 12 following following JJ cord-265023-lq5259yr 174 13 number number NN cord-265023-lq5259yr 174 14 of of IN cord-265023-lq5259yr 174 15 observations observation NNS cord-265023-lq5259yr 174 16 . . . cord-265023-lq5259yr 175 1 Chile Chile NNP cord-265023-lq5259yr 175 2 has have VBZ cord-265023-lq5259yr 175 3 58 58 CD cord-265023-lq5259yr 175 4 observations observation NNS cord-265023-lq5259yr 175 5 , , , cord-265023-lq5259yr 175 6 Colombia Colombia NNP cord-265023-lq5259yr 175 7 has have VBZ cord-265023-lq5259yr 175 8 53 53 CD cord-265023-lq5259yr 175 9 observations observation NNS cord-265023-lq5259yr 175 10 , , , cord-265023-lq5259yr 175 11 Japan Japan NNP cord-265023-lq5259yr 175 12 has have VBZ cord-265023-lq5259yr 175 13 82 82 CD cord-265023-lq5259yr 175 14 observations observation NNS cord-265023-lq5259yr 175 15 , , , cord-265023-lq5259yr 175 16 Portugal Portugal NNP cord-265023-lq5259yr 175 17 has have VBZ cord-265023-lq5259yr 175 18 75 75 CD cord-265023-lq5259yr 175 19 observations observation NNS cord-265023-lq5259yr 175 20 and and CC cord-265023-lq5259yr 175 21 the the DT cord-265023-lq5259yr 175 22 UK UK NNP cord-265023-lq5259yr 175 23 has have VBZ cord-265023-lq5259yr 175 24 91 91 CD cord-265023-lq5259yr 175 25 observations observation NNS cord-265023-lq5259yr 175 26 . . . cord-265023-lq5259yr 176 1 To to TO cord-265023-lq5259yr 176 2 assess assess VB cord-265023-lq5259yr 176 3 the the DT cord-265023-lq5259yr 176 4 extent extent NN cord-265023-lq5259yr 176 5 to to TO cord-265023-lq5259yr 176 6 which which WDT cord-265023-lq5259yr 176 7 the the DT cord-265023-lq5259yr 176 8 differing differ VBG cord-265023-lq5259yr 176 9 sample sample NN cord-265023-lq5259yr 176 10 periods period NNS cord-265023-lq5259yr 176 11 may may MD cord-265023-lq5259yr 176 12 affect affect VB cord-265023-lq5259yr 176 13 the the DT cord-265023-lq5259yr 176 14 results result NNS cord-265023-lq5259yr 176 15 , , , cord-265023-lq5259yr 176 16 a a DT cord-265023-lq5259yr 176 17 robustness robustness NN cord-265023-lq5259yr 176 18 check check NN cord-265023-lq5259yr 176 19 , , , cord-265023-lq5259yr 176 20 the the DT cord-265023-lq5259yr 176 21 results result NNS cord-265023-lq5259yr 176 22 of of IN cord-265023-lq5259yr 176 23 which which WDT cord-265023-lq5259yr 176 24 are be VBP cord-265023-lq5259yr 176 25 not not RB cord-265023-lq5259yr 176 26 statistically statistically RB cord-265023-lq5259yr 176 27 significantly significantly RB cord-265023-lq5259yr 176 28 different different JJ cord-265023-lq5259yr 176 29 , , , cord-265023-lq5259yr 176 30 limiting limit VBG cord-265023-lq5259yr 176 31 the the DT cord-265023-lq5259yr 176 32 sample sample NN cord-265023-lq5259yr 176 33 period period NN cord-265023-lq5259yr 176 34 to to IN cord-265023-lq5259yr 176 35 the the DT cord-265023-lq5259yr 176 36 period period NN cord-265023-lq5259yr 176 37 between between IN cord-265023-lq5259yr 176 38 2004 2004 CD cord-265023-lq5259yr 176 39 : : : cord-265023-lq5259yr 176 40 Q3 q3 NN cord-265023-lq5259yr 176 41 and and CC cord-265023-lq5259yr 176 42 2016 2016 CD cord-265023-lq5259yr 176 43 : : : cord-265023-lq5259yr 176 44 Q1 Q1 NNP cord-265023-lq5259yr 176 45 is be VBZ cord-265023-lq5259yr 176 46 conducted conduct VBN cord-265023-lq5259yr 176 47 . . . cord-265023-lq5259yr 177 1 Figure figure NN cord-265023-lq5259yr 177 2 1 1 CD cord-265023-lq5259yr 177 3 plots plot NNS cord-265023-lq5259yr 177 4 the the DT cord-265023-lq5259yr 177 5 quarterly quarterly JJ cord-265023-lq5259yr 177 6 Central Central NNP cord-265023-lq5259yr 177 7 Bank Bank NNP cord-265023-lq5259yr 177 8 policy policy NN cord-265023-lq5259yr 177 9 rate rate NN cord-265023-lq5259yr 177 10 for for IN cord-265023-lq5259yr 177 11 the the DT cord-265023-lq5259yr 177 12 five five CD cord-265023-lq5259yr 177 13 countries country NNS cord-265023-lq5259yr 177 14 as as RB cord-265023-lq5259yr 177 15 well well RB cord-265023-lq5259yr 177 16 as as IN cord-265023-lq5259yr 177 17 the the DT cord-265023-lq5259yr 177 18 shadow shadow NN cord-265023-lq5259yr 177 19 rates rate NNS cord-265023-lq5259yr 177 20 for for IN cord-265023-lq5259yr 177 21 Japan Japan NNP cord-265023-lq5259yr 177 22 , , , cord-265023-lq5259yr 177 23 Portugal Portugal NNP cord-265023-lq5259yr 177 24 and and CC cord-265023-lq5259yr 177 25 the the DT cord-265023-lq5259yr 177 26 UK UK NNP cord-265023-lq5259yr 177 27 over over IN cord-265023-lq5259yr 177 28 the the DT cord-265023-lq5259yr 177 29 period period NN cord-265023-lq5259yr 177 30 between between IN cord-265023-lq5259yr 177 31 1960 1960 CD cord-265023-lq5259yr 177 32 and and CC cord-265023-lq5259yr 177 33 2019 2019 CD cord-265023-lq5259yr 177 34 . . . cord-265023-lq5259yr 178 1 Table table NN cord-265023-lq5259yr 178 2 1 1 CD cord-265023-lq5259yr 178 3 summarizes summarize VBZ cord-265023-lq5259yr 178 4 the the DT cord-265023-lq5259yr 178 5 responses response NNS cord-265023-lq5259yr 178 6 of of IN cord-265023-lq5259yr 178 7 the the DT cord-265023-lq5259yr 178 8 individual individual JJ cord-265023-lq5259yr 178 9 variables variable NNS cord-265023-lq5259yr 178 10 to to IN cord-265023-lq5259yr 178 11 shocks shock NNS cord-265023-lq5259yr 178 12 in in IN cord-265023-lq5259yr 178 13 the the DT cord-265023-lq5259yr 178 14 Central Central NNP cord-265023-lq5259yr 178 15 Bank Bank NNP cord-265023-lq5259yr 178 16 policy policy NN cord-265023-lq5259yr 178 17 rate rate NN cord-265023-lq5259yr 178 18 ( ( -LRB- cord-265023-lq5259yr 178 19 Chile Chile NNP cord-265023-lq5259yr 178 20 and and CC cord-265023-lq5259yr 178 21 Colombia Colombia NNP cord-265023-lq5259yr 178 22 ) ) -RRB- cord-265023-lq5259yr 178 23 and and CC cord-265023-lq5259yr 178 24 the the DT cord-265023-lq5259yr 178 25 shadow shadow NN cord-265023-lq5259yr 178 26 rate rate NN cord-265023-lq5259yr 178 27 ( ( -LRB- cord-265023-lq5259yr 178 28 Japan Japan NNP cord-265023-lq5259yr 178 29 , , , cord-265023-lq5259yr 178 30 Portugal Portugal NNP cord-265023-lq5259yr 178 31 and and CC cord-265023-lq5259yr 178 32 the the DT cord-265023-lq5259yr 178 33 UK UK NNP cord-265023-lq5259yr 178 34 ) ) -RRB- cord-265023-lq5259yr 178 35 . . . cord-265023-lq5259yr 179 1 In in IN cord-265023-lq5259yr 179 2 three three CD cord-265023-lq5259yr 179 3 of of IN cord-265023-lq5259yr 179 4 the the DT cord-265023-lq5259yr 179 5 five five CD cord-265023-lq5259yr 179 6 cases case NNS cord-265023-lq5259yr 179 7 ( ( -LRB- cord-265023-lq5259yr 179 8 Colombia Colombia NNP cord-265023-lq5259yr 179 9 , , , cord-265023-lq5259yr 179 10 Japan Japan NNP cord-265023-lq5259yr 179 11 and and CC cord-265023-lq5259yr 179 12 Portugal Portugal NNP cord-265023-lq5259yr 179 13 ) ) -RRB- cord-265023-lq5259yr 179 14 , , , cord-265023-lq5259yr 179 15 industrial industrial JJ cord-265023-lq5259yr 179 16 production production NN cord-265023-lq5259yr 179 17 declines decline VBZ cord-265023-lq5259yr 179 18 following follow VBG cord-265023-lq5259yr 179 19 a a DT cord-265023-lq5259yr 179 20 monetary monetary JJ cord-265023-lq5259yr 179 21 policy policy NN cord-265023-lq5259yr 179 22 shock shock NN cord-265023-lq5259yr 179 23 while while IN cord-265023-lq5259yr 179 24 , , , cord-265023-lq5259yr 179 25 for for IN cord-265023-lq5259yr 179 26 Chile Chile NNP cord-265023-lq5259yr 179 27 and and CC cord-265023-lq5259yr 179 28 the the DT cord-265023-lq5259yr 179 29 UK UK NNP cord-265023-lq5259yr 179 30 , , , cord-265023-lq5259yr 179 31 industrial industrial JJ cord-265023-lq5259yr 179 32 production production NN cord-265023-lq5259yr 179 33 increases increase NNS cord-265023-lq5259yr 179 34 . . . cord-265023-lq5259yr 180 1 This this DT cord-265023-lq5259yr 180 2 result result NN cord-265023-lq5259yr 180 3 is be VBZ cord-265023-lq5259yr 180 4 statistically statistically RB cord-265023-lq5259yr 180 5 significant significant JJ cord-265023-lq5259yr 180 6 for for IN cord-265023-lq5259yr 180 7 the the DT cord-265023-lq5259yr 180 8 case case NN cord-265023-lq5259yr 180 9 of of IN cord-265023-lq5259yr 180 10 Chile Chile NNP cord-265023-lq5259yr 180 11 . . . cord-265023-lq5259yr 181 1 Similarly similarly RB cord-265023-lq5259yr 181 2 , , , cord-265023-lq5259yr 181 3 the the DT cord-265023-lq5259yr 181 4 former former JJ cord-265023-lq5259yr 181 5 three three CD cord-265023-lq5259yr 181 6 cases case NNS cord-265023-lq5259yr 181 7 experience experience VBP cord-265023-lq5259yr 181 8 an an DT cord-265023-lq5259yr 181 9 increase increase NN cord-265023-lq5259yr 181 10 in in IN cord-265023-lq5259yr 181 11 credit credit NN cord-265023-lq5259yr 181 12 growth growth NN cord-265023-lq5259yr 181 13 following follow VBG cord-265023-lq5259yr 181 14 a a DT cord-265023-lq5259yr 181 15 monetary monetary JJ cord-265023-lq5259yr 181 16 policy policy NN cord-265023-lq5259yr 181 17 shock shock NN cord-265023-lq5259yr 181 18 while while IN cord-265023-lq5259yr 181 19 the the DT cord-265023-lq5259yr 181 20 latter latter JJ cord-265023-lq5259yr 181 21 experiences experience VBZ cord-265023-lq5259yr 181 22 a a DT cord-265023-lq5259yr 181 23 decline decline NN cord-265023-lq5259yr 181 24 . . . cord-265023-lq5259yr 182 1 These these DT cord-265023-lq5259yr 182 2 results result NNS cord-265023-lq5259yr 182 3 are be VBP cord-265023-lq5259yr 182 4 statistically statistically RB cord-265023-lq5259yr 182 5 significant significant JJ cord-265023-lq5259yr 182 6 in in IN cord-265023-lq5259yr 182 7 the the DT cord-265023-lq5259yr 182 8 case case NN cord-265023-lq5259yr 182 9 of of IN cord-265023-lq5259yr 182 10 Colombia Colombia NNP cord-265023-lq5259yr 182 11 in in IN cord-265023-lq5259yr 182 12 the the DT cord-265023-lq5259yr 182 13 short short JJ cord-265023-lq5259yr 182 14 run run NN cord-265023-lq5259yr 182 15 and and CC cord-265023-lq5259yr 182 16 the the DT cord-265023-lq5259yr 182 17 cases case NNS cord-265023-lq5259yr 182 18 of of IN cord-265023-lq5259yr 182 19 Chile Chile NNP cord-265023-lq5259yr 182 20 , , , cord-265023-lq5259yr 182 21 Colombia Colombia NNP cord-265023-lq5259yr 182 22 and and CC cord-265023-lq5259yr 182 23 Portugal Portugal NNP cord-265023-lq5259yr 182 24 in in IN cord-265023-lq5259yr 182 25 the the DT cord-265023-lq5259yr 182 26 long long JJ cord-265023-lq5259yr 182 27 run run NN cord-265023-lq5259yr 182 28 . . . cord-265023-lq5259yr 183 1 The the DT cord-265023-lq5259yr 183 2 level level NN cord-265023-lq5259yr 183 3 of of IN cord-265023-lq5259yr 183 4 the the DT cord-265023-lq5259yr 183 5 stock stock NN cord-265023-lq5259yr 183 6 market market NN cord-265023-lq5259yr 183 7 index index NN cord-265023-lq5259yr 183 8 declines decline VBZ cord-265023-lq5259yr 183 9 in in IN cord-265023-lq5259yr 183 10 four four CD cord-265023-lq5259yr 183 11 of of IN cord-265023-lq5259yr 183 12 the the DT cord-265023-lq5259yr 183 13 five five CD cord-265023-lq5259yr 183 14 cases case NNS cord-265023-lq5259yr 183 15 with with IN cord-265023-lq5259yr 183 16 the the DT cord-265023-lq5259yr 183 17 level level NN cord-265023-lq5259yr 183 18 decreasing decrease VBG cord-265023-lq5259yr 183 19 in in IN cord-265023-lq5259yr 183 20 the the DT cord-265023-lq5259yr 183 21 case case NN cord-265023-lq5259yr 183 22 of of IN cord-265023-lq5259yr 183 23 Chile Chile NNP cord-265023-lq5259yr 183 24 . . . cord-265023-lq5259yr 184 1 These these DT cord-265023-lq5259yr 184 2 _SP cord-265023-lq5259yr 184 3 A a DT cord-265023-lq5259yr 184 4 number number NN cord-265023-lq5259yr 184 5 of of IN cord-265023-lq5259yr 184 6 robustness robustness NN cord-265023-lq5259yr 184 7 checks check NNS cord-265023-lq5259yr 184 8 are be VBP cord-265023-lq5259yr 184 9 conducted conduct VBN cord-265023-lq5259yr 184 10 in in IN cord-265023-lq5259yr 184 11 an an DT cord-265023-lq5259yr 184 12 effort effort NN cord-265023-lq5259yr 184 13 to to TO cord-265023-lq5259yr 184 14 validate validate VB cord-265023-lq5259yr 184 15 the the DT cord-265023-lq5259yr 184 16 results result NNS cord-265023-lq5259yr 184 17 . . . cord-265023-lq5259yr 185 1 A a DT cord-265023-lq5259yr 185 2 robustness robustness NN cord-265023-lq5259yr 185 3 check check NN cord-265023-lq5259yr 185 4 using use VBG cord-265023-lq5259yr 185 5 monthly monthly JJ cord-265023-lq5259yr 185 6 data datum NNS cord-265023-lq5259yr 185 7 ( ( -LRB- cord-265023-lq5259yr 185 8 Table table NN cord-265023-lq5259yr 185 9 2 2 CD cord-265023-lq5259yr 185 10 ) ) -RRB- cord-265023-lq5259yr 185 11 is be VBZ cord-265023-lq5259yr 185 12 included include VBN cord-265023-lq5259yr 185 13 as as IN cord-265023-lq5259yr 185 14 the the DT cord-265023-lq5259yr 185 15 accuracy accuracy NN cord-265023-lq5259yr 185 16 of of IN cord-265023-lq5259yr 185 17 an an DT cord-265023-lq5259yr 185 18 SVAR SVAR NNP cord-265023-lq5259yr 185 19 model model NN cord-265023-lq5259yr 185 20 increases increase VBZ cord-265023-lq5259yr 185 21 as as IN cord-265023-lq5259yr 185 22 the the DT cord-265023-lq5259yr 185 23 number number NN cord-265023-lq5259yr 185 24 of of IN cord-265023-lq5259yr 185 25 observations observation NNS cord-265023-lq5259yr 185 26 increases increase NNS cord-265023-lq5259yr 185 27 . . . cord-265023-lq5259yr 186 1 The the DT cord-265023-lq5259yr 186 2 results result NNS cord-265023-lq5259yr 186 3 show show VBP cord-265023-lq5259yr 186 4 that that IN cord-265023-lq5259yr 186 5 there there EX cord-265023-lq5259yr 186 6 is be VBZ cord-265023-lq5259yr 186 7 a a DT cord-265023-lq5259yr 186 8 sign sign NN cord-265023-lq5259yr 186 9 change change NN cord-265023-lq5259yr 186 10 for for IN cord-265023-lq5259yr 186 11 the the DT cord-265023-lq5259yr 186 12 case case NN cord-265023-lq5259yr 186 13 of of IN cord-265023-lq5259yr 186 14 industrial industrial JJ cord-265023-lq5259yr 186 15 production production NN cord-265023-lq5259yr 186 16 for for IN cord-265023-lq5259yr 186 17 Chile Chile NNP cord-265023-lq5259yr 186 18 with with IN cord-265023-lq5259yr 186 19 the the DT cord-265023-lq5259yr 186 20 sign sign NN cord-265023-lq5259yr 186 21 being be VBG cord-265023-lq5259yr 186 22 positive positive JJ cord-265023-lq5259yr 186 23 and and CC cord-265023-lq5259yr 186 24 statistically statistically RB cord-265023-lq5259yr 186 25 significant significant JJ cord-265023-lq5259yr 186 26 when when WRB cord-265023-lq5259yr 186 27 considering consider VBG cord-265023-lq5259yr 186 28 quarterly quarterly JJ cord-265023-lq5259yr 186 29 data datum NNS cord-265023-lq5259yr 186 30 and and CC cord-265023-lq5259yr 186 31 the the DT cord-265023-lq5259yr 186 32 sign sign NN cord-265023-lq5259yr 186 33 becoming become VBG cord-265023-lq5259yr 186 34 negative negative JJ cord-265023-lq5259yr 186 35 without without IN cord-265023-lq5259yr 186 36 statistical statistical JJ cord-265023-lq5259yr 186 37 significance significance NN cord-265023-lq5259yr 186 38 when when WRB cord-265023-lq5259yr 186 39 considering consider VBG cord-265023-lq5259yr 186 40 monthly monthly JJ cord-265023-lq5259yr 186 41 data datum NNS cord-265023-lq5259yr 186 42 . . . cord-265023-lq5259yr 187 1 Both both DT cord-265023-lq5259yr 187 2 industrial industrial JJ cord-265023-lq5259yr 187 3 production production NN cord-265023-lq5259yr 187 4 and and CC cord-265023-lq5259yr 187 5 the the DT cord-265023-lq5259yr 187 6 stock stock NN cord-265023-lq5259yr 187 7 market market NN cord-265023-lq5259yr 187 8 have have VBP cord-265023-lq5259yr 187 9 a a DT cord-265023-lq5259yr 187 10 sign sign NN cord-265023-lq5259yr 187 11 change change NN cord-265023-lq5259yr 187 12 for for IN cord-265023-lq5259yr 187 13 the the DT cord-265023-lq5259yr 187 14 case case NN cord-265023-lq5259yr 187 15 of of IN cord-265023-lq5259yr 187 16 Japan Japan NNP cord-265023-lq5259yr 187 17 , , , cord-265023-lq5259yr 187 18 credit credit NN cord-265023-lq5259yr 187 19 has have VBZ cord-265023-lq5259yr 187 20 a a DT cord-265023-lq5259yr 187 21 sign sign NN cord-265023-lq5259yr 187 22 change change NN cord-265023-lq5259yr 187 23 for for IN cord-265023-lq5259yr 187 24 the the DT cord-265023-lq5259yr 187 25 case case NN cord-265023-lq5259yr 187 26 of of IN cord-265023-lq5259yr 187 27 Portugal Portugal NNP cord-265023-lq5259yr 187 28 and and CC cord-265023-lq5259yr 187 29 both both CC cord-265023-lq5259yr 187 30 the the DT cord-265023-lq5259yr 187 31 exchange exchange NN cord-265023-lq5259yr 187 32 rate rate NN cord-265023-lq5259yr 187 33 and and CC cord-265023-lq5259yr 187 34 credit credit NN cord-265023-lq5259yr 188 1 have have VB cord-265023-lq5259yr 188 2 a a DT cord-265023-lq5259yr 188 3 sign sign NN cord-265023-lq5259yr 188 4 change change NN cord-265023-lq5259yr 188 5 for for IN cord-265023-lq5259yr 188 6 the the DT cord-265023-lq5259yr 188 7 UK UK NNP cord-265023-lq5259yr 188 8 . . . cord-265023-lq5259yr 189 1 Neither neither CC cord-265023-lq5259yr 189 2 the the DT cord-265023-lq5259yr 189 3 results result NNS cord-265023-lq5259yr 189 4 for for IN cord-265023-lq5259yr 189 5 these these DT cord-265023-lq5259yr 189 6 cases case NNS cord-265023-lq5259yr 189 7 in in IN cord-265023-lq5259yr 189 8 the the DT cord-265023-lq5259yr 189 9 original original JJ cord-265023-lq5259yr 189 10 sample sample NN cord-265023-lq5259yr 189 11 nor nor CC cord-265023-lq5259yr 189 12 the the DT cord-265023-lq5259yr 189 13 results result NNS cord-265023-lq5259yr 189 14 for for IN cord-265023-lq5259yr 189 15 these these DT cord-265023-lq5259yr 189 16 cases case NNS cord-265023-lq5259yr 189 17 in in IN cord-265023-lq5259yr 189 18 the the DT cord-265023-lq5259yr 189 19 monthly monthly JJ cord-265023-lq5259yr 189 20 dataset dataset NN cord-265023-lq5259yr 189 21 are be VBP cord-265023-lq5259yr 189 22 statistically statistically RB cord-265023-lq5259yr 189 23 significant significant JJ cord-265023-lq5259yr 189 24 . . . cord-265023-lq5259yr 190 1 Lastly lastly RB cord-265023-lq5259yr 190 2 , , , cord-265023-lq5259yr 190 3 there there EX cord-265023-lq5259yr 190 4 is be VBZ cord-265023-lq5259yr 190 5 a a DT cord-265023-lq5259yr 190 6 sign sign NN cord-265023-lq5259yr 190 7 change change NN cord-265023-lq5259yr 190 8 for for IN cord-265023-lq5259yr 190 9 credit credit NN cord-265023-lq5259yr 190 10 in in IN cord-265023-lq5259yr 190 11 Japan Japan NNP cord-265023-lq5259yr 190 12 with with IN cord-265023-lq5259yr 190 13 the the DT cord-265023-lq5259yr 190 14 sign sign NN cord-265023-lq5259yr 190 15 changing change VBG cord-265023-lq5259yr 190 16 from from IN cord-265023-lq5259yr 190 17 positive positive JJ cord-265023-lq5259yr 190 18 to to IN cord-265023-lq5259yr 190 19 statistically statistically RB cord-265023-lq5259yr 190 20 significant significant JJ cord-265023-lq5259yr 190 21 and and CC cord-265023-lq5259yr 190 22 negative negative JJ cord-265023-lq5259yr 190 23 . . . cord-265023-lq5259yr 191 1 A a DT cord-265023-lq5259yr 191 2 second second JJ cord-265023-lq5259yr 191 3 robustness robustness NN cord-265023-lq5259yr 191 4 check check NN cord-265023-lq5259yr 191 5 ( ( -LRB- cord-265023-lq5259yr 191 6 Table table NN cord-265023-lq5259yr 191 7 3 3 CD cord-265023-lq5259yr 191 8 ) ) -RRB- cord-265023-lq5259yr 191 9 using use VBG cord-265023-lq5259yr 191 10 monthly monthly JJ cord-265023-lq5259yr 191 11 log log NN cord-265023-lq5259yr 191 12 data datum NNS cord-265023-lq5259yr 191 13 shows show VBZ cord-265023-lq5259yr 191 14 that that IN cord-265023-lq5259yr 191 15 the the DT cord-265023-lq5259yr 191 16 exchange exchange NN cord-265023-lq5259yr 191 17 rate rate NN cord-265023-lq5259yr 191 18 depreciated depreciate VBN cord-265023-lq5259yr 191 19 after after IN cord-265023-lq5259yr 191 20 an an DT cord-265023-lq5259yr 191 21 interest interest NN cord-265023-lq5259yr 191 22 rate rate NN cord-265023-lq5259yr 191 23 shock shock NN cord-265023-lq5259yr 191 24 in in IN cord-265023-lq5259yr 191 25 the the DT cord-265023-lq5259yr 191 26 case case NN cord-265023-lq5259yr 191 27 of of IN cord-265023-lq5259yr 191 28 Chile Chile NNP cord-265023-lq5259yr 191 29 and and CC cord-265023-lq5259yr 191 30 Colombia Colombia NNP cord-265023-lq5259yr 191 31 while while IN cord-265023-lq5259yr 191 32 the the DT cord-265023-lq5259yr 191 33 exchange exchange NN cord-265023-lq5259yr 191 34 rate rate NN cord-265023-lq5259yr 191 35 appreciates appreciate VBZ cord-265023-lq5259yr 191 36 in in IN cord-265023-lq5259yr 191 37 the the DT cord-265023-lq5259yr 191 38 case case NN cord-265023-lq5259yr 191 39 of of IN cord-265023-lq5259yr 191 40 Japan Japan NNP cord-265023-lq5259yr 191 41 , , , cord-265023-lq5259yr 191 42 Portugal Portugal NNP cord-265023-lq5259yr 191 43 and and CC cord-265023-lq5259yr 191 44 the the DT cord-265023-lq5259yr 191 45 UK UK NNP cord-265023-lq5259yr 191 46 in in IN cord-265023-lq5259yr 191 47 line line NN cord-265023-lq5259yr 191 48 with with IN cord-265023-lq5259yr 191 49 conventional conventional JJ cord-265023-lq5259yr 191 50 wisdom wisdom NN cord-265023-lq5259yr 191 51 . . . cord-265023-lq5259yr 192 1 ( ( -LRB- cord-265023-lq5259yr 192 2 Table table NN cord-265023-lq5259yr 192 3 4 4 CD cord-265023-lq5259yr 192 4 ) ) -RRB- cord-265023-lq5259yr 192 5 using use VBG cord-265023-lq5259yr 192 6 quarterly quarterly JJ cord-265023-lq5259yr 192 7 data datum NNS cord-265023-lq5259yr 192 8 , , , cord-265023-lq5259yr 192 9 however however RB cord-265023-lq5259yr 192 10 , , , cord-265023-lq5259yr 192 11 adjusting adjust VBG cord-265023-lq5259yr 192 12 the the DT cord-265023-lq5259yr 192 13 start start NN cord-265023-lq5259yr 192 14 date date NN cord-265023-lq5259yr 192 15 and and CC cord-265023-lq5259yr 192 16 end end VB cord-265023-lq5259yr 192 17 date date NN cord-265023-lq5259yr 192 18 of of IN cord-265023-lq5259yr 192 19 the the DT cord-265023-lq5259yr 192 20 data datum NNS cord-265023-lq5259yr 192 21 to to TO cord-265023-lq5259yr 192 22 ensure ensure VB cord-265023-lq5259yr 192 23 that that IN cord-265023-lq5259yr 192 24 the the DT cord-265023-lq5259yr 192 25 period period NN cord-265023-lq5259yr 192 26 studied study VBD cord-265023-lq5259yr 192 27 remains remain VBZ cord-265023-lq5259yr 192 28 constant constant JJ cord-265023-lq5259yr 192 29 for for IN cord-265023-lq5259yr 192 30 all all DT cord-265023-lq5259yr 192 31 cases case NNS cord-265023-lq5259yr 192 32 is be VBZ cord-265023-lq5259yr 192 33 included include VBN cord-265023-lq5259yr 192 34 . . . cord-265023-lq5259yr 193 1 This this DT cord-265023-lq5259yr 193 2 robustness robustness NN cord-265023-lq5259yr 193 3 check check VBP cord-265023-lq5259yr 193 4 studies study NNS cord-265023-lq5259yr 193 5 the the DT cord-265023-lq5259yr 193 6 period period NN cord-265023-lq5259yr 193 7 between between IN cord-265023-lq5259yr 193 8 2004 2004 CD cord-265023-lq5259yr 193 9 : : : cord-265023-lq5259yr 194 1 Q3 Q3 NNP cord-265023-lq5259yr 194 2 and and CC cord-265023-lq5259yr 194 3 2016 2016 CD cord-265023-lq5259yr 194 4 : : : cord-265023-lq5259yr 194 5 Q1 Q1 NNP cord-265023-lq5259yr 194 6 . . . cord-265023-lq5259yr 195 1 The the DT cord-265023-lq5259yr 195 2 results result NNS cord-265023-lq5259yr 195 3 show show VBP cord-265023-lq5259yr 195 4 that that IN cord-265023-lq5259yr 195 5 there there EX cord-265023-lq5259yr 195 6 is be VBZ cord-265023-lq5259yr 195 7 a a DT cord-265023-lq5259yr 195 8 sign sign NN cord-265023-lq5259yr 195 9 change change NN cord-265023-lq5259yr 195 10 for for IN cord-265023-lq5259yr 195 11 the the DT cord-265023-lq5259yr 195 12 UK UK NNP cord-265023-lq5259yr 195 13 for for IN cord-265023-lq5259yr 195 14 industrial industrial JJ cord-265023-lq5259yr 195 15 production production NN cord-265023-lq5259yr 195 16 when when WRB cord-265023-lq5259yr 195 17 limiting limit VBG cord-265023-lq5259yr 195 18 the the DT cord-265023-lq5259yr 195 19 time time NN cord-265023-lq5259yr 195 20 period period NN cord-265023-lq5259yr 195 21 and and CC cord-265023-lq5259yr 195 22 there there EX cord-265023-lq5259yr 195 23 is be VBZ cord-265023-lq5259yr 195 24 no no DT cord-265023-lq5259yr 195 25 sign sign NN cord-265023-lq5259yr 195 26 change change NN cord-265023-lq5259yr 195 27 for for IN cord-265023-lq5259yr 195 28 credit credit NN cord-265023-lq5259yr 195 29 growth growth NN cord-265023-lq5259yr 195 30 in in IN cord-265023-lq5259yr 195 31 any any DT cord-265023-lq5259yr 195 32 of of IN cord-265023-lq5259yr 195 33 the the DT cord-265023-lq5259yr 195 34 cases case NNS cord-265023-lq5259yr 195 35 . . . cord-265023-lq5259yr 196 1 The the DT cord-265023-lq5259yr 196 2 results result NNS cord-265023-lq5259yr 196 3 also also RB cord-265023-lq5259yr 196 4 show show VBP cord-265023-lq5259yr 196 5 that that IN cord-265023-lq5259yr 196 6 there there EX cord-265023-lq5259yr 196 7 is be VBZ cord-265023-lq5259yr 196 8 a a DT cord-265023-lq5259yr 196 9 sign sign NN cord-265023-lq5259yr 196 10 change change NN cord-265023-lq5259yr 196 11 for for IN cord-265023-lq5259yr 196 12 Japan Japan NNP cord-265023-lq5259yr 196 13 for for IN cord-265023-lq5259yr 196 14 the the DT cord-265023-lq5259yr 196 15 stock stock NN cord-265023-lq5259yr 196 16 market market NN cord-265023-lq5259yr 196 17 as as RB cord-265023-lq5259yr 196 18 well well RB cord-265023-lq5259yr 196 19 as as IN cord-265023-lq5259yr 196 20 a a DT cord-265023-lq5259yr 196 21 sign sign NN cord-265023-lq5259yr 196 22 change change NN cord-265023-lq5259yr 196 23 for for IN cord-265023-lq5259yr 196 24 Japan Japan NNP cord-265023-lq5259yr 196 25 and and CC cord-265023-lq5259yr 196 26 the the DT cord-265023-lq5259yr 196 27 UK UK NNP cord-265023-lq5259yr 196 28 for for IN cord-265023-lq5259yr 196 29 the the DT cord-265023-lq5259yr 196 30 exchange exchange NN cord-265023-lq5259yr 196 31 rate rate NN cord-265023-lq5259yr 196 32 . . . cord-265023-lq5259yr 197 1 Similarly similarly RB cord-265023-lq5259yr 197 2 to to IN cord-265023-lq5259yr 197 3 the the DT cord-265023-lq5259yr 197 4 first first JJ cord-265023-lq5259yr 197 5 robustness robustness NN cord-265023-lq5259yr 197 6 check check NN cord-265023-lq5259yr 197 7 , , , cord-265023-lq5259yr 197 8 neither neither CC cord-265023-lq5259yr 197 9 the the DT cord-265023-lq5259yr 197 10 results result NNS cord-265023-lq5259yr 197 11 for for IN cord-265023-lq5259yr 197 12 these these DT cord-265023-lq5259yr 197 13 cases case NNS cord-265023-lq5259yr 197 14 in in IN cord-265023-lq5259yr 197 15 the the DT cord-265023-lq5259yr 197 16 original original JJ cord-265023-lq5259yr 197 17 sample sample NN cord-265023-lq5259yr 197 18 nor nor CC cord-265023-lq5259yr 197 19 the the DT cord-265023-lq5259yr 197 20 results result NNS cord-265023-lq5259yr 197 21 for for IN cord-265023-lq5259yr 197 22 these these DT cord-265023-lq5259yr 197 23 cases case NNS cord-265023-lq5259yr 197 24 in in IN cord-265023-lq5259yr 197 25 the the DT cord-265023-lq5259yr 197 26 limited limited JJ cord-265023-lq5259yr 197 27 sample sample NN cord-265023-lq5259yr 197 28 are be VBP cord-265023-lq5259yr 197 29 statistically statistically RB cord-265023-lq5259yr 197 30 significant significant JJ cord-265023-lq5259yr 197 31 . . . cord-265023-lq5259yr 198 1 One one CD cord-265023-lq5259yr 198 2 may may MD cord-265023-lq5259yr 198 3 therefore therefore RB cord-265023-lq5259yr 198 4 conclude conclude VB cord-265023-lq5259yr 198 5 that that IN cord-265023-lq5259yr 198 6 the the DT cord-265023-lq5259yr 198 7 difference difference NN cord-265023-lq5259yr 198 8 in in IN cord-265023-lq5259yr 198 9 sample sample NN cord-265023-lq5259yr 198 10 periods period NNS cord-265023-lq5259yr 198 11 across across IN cord-265023-lq5259yr 198 12 countries country NNS cord-265023-lq5259yr 198 13 does do VBZ cord-265023-lq5259yr 198 14 not not RB cord-265023-lq5259yr 198 15 affect affect VB cord-265023-lq5259yr 198 16 the the DT cord-265023-lq5259yr 198 17 results result NNS cord-265023-lq5259yr 198 18 in in IN cord-265023-lq5259yr 198 19 a a DT cord-265023-lq5259yr 198 20 statistically statistically RB cord-265023-lq5259yr 198 21 significant significant JJ cord-265023-lq5259yr 198 22 way way NN cord-265023-lq5259yr 198 23 . . . cord-265023-lq5259yr 199 1 Further further RB cord-265023-lq5259yr 199 2 , , , cord-265023-lq5259yr 199 3 two two CD cord-265023-lq5259yr 199 4 robustness robustness NN cord-265023-lq5259yr 199 5 checks check NNS cord-265023-lq5259yr 199 6 ( ( -LRB- cord-265023-lq5259yr 199 7 Tables table NNS cord-265023-lq5259yr 199 8 5 5 CD cord-265023-lq5259yr 199 9 , , , cord-265023-lq5259yr 199 10 6 6 CD cord-265023-lq5259yr 199 11 ) ) -RRB- cord-265023-lq5259yr 199 12 using use VBG cord-265023-lq5259yr 199 13 a a DT cord-265023-lq5259yr 199 14 different different JJ cord-265023-lq5259yr 199 15 ordering ordering NN cord-265023-lq5259yr 199 16 of of IN cord-265023-lq5259yr 199 17 variables variable NNS cord-265023-lq5259yr 199 18 and and CC cord-265023-lq5259yr 199 19 quarterly quarterly JJ cord-265023-lq5259yr 199 20 data datum NNS cord-265023-lq5259yr 199 21 are be VBP cord-265023-lq5259yr 199 22 included include VBN cord-265023-lq5259yr 199 23 to to TO cord-265023-lq5259yr 199 24 check check VB cord-265023-lq5259yr 199 25 whether whether IN cord-265023-lq5259yr 199 26 a a DT cord-265023-lq5259yr 199 27 change change NN cord-265023-lq5259yr 199 28 in in IN cord-265023-lq5259yr 199 29 the the DT cord-265023-lq5259yr 199 30 ordering ordering NN cord-265023-lq5259yr 199 31 of of IN cord-265023-lq5259yr 199 32 the the DT cord-265023-lq5259yr 199 33 variables variable NNS cord-265023-lq5259yr 199 34 leads lead VBZ cord-265023-lq5259yr 199 35 to to IN cord-265023-lq5259yr 199 36 a a DT cord-265023-lq5259yr 199 37 change change NN cord-265023-lq5259yr 199 38 in in IN cord-265023-lq5259yr 199 39 the the DT cord-265023-lq5259yr 199 40 results result NNS cord-265023-lq5259yr 199 41 . . . cord-265023-lq5259yr 200 1 Table table NN cord-265023-lq5259yr 200 2 5 5 CD cord-265023-lq5259yr 200 3 presents present VBZ cord-265023-lq5259yr 200 4 the the DT cord-265023-lq5259yr 200 5 results result NNS cord-265023-lq5259yr 200 6 of of IN cord-265023-lq5259yr 200 7 the the DT cord-265023-lq5259yr 200 8 case case NN cord-265023-lq5259yr 200 9 where where WRB cord-265023-lq5259yr 200 10 the the DT cord-265023-lq5259yr 200 11 position position NN cord-265023-lq5259yr 200 12 of of IN cord-265023-lq5259yr 200 13 the the DT cord-265023-lq5259yr 200 14 short short JJ cord-265023-lq5259yr 200 15 - - HYPH cord-265023-lq5259yr 200 16 term term NN cord-265023-lq5259yr 200 17 policy policy NN cord-265023-lq5259yr 200 18 rates rate NNS cord-265023-lq5259yr 200 19 innovation innovation NN cord-265023-lq5259yr 200 20 and and CC cord-265023-lq5259yr 200 21 the the DT cord-265023-lq5259yr 200 22 industrial industrial JJ cord-265023-lq5259yr 200 23 production production NN cord-265023-lq5259yr 200 24 innovation innovation NN cord-265023-lq5259yr 200 25 are be VBP cord-265023-lq5259yr 200 26 switched switch VBN cord-265023-lq5259yr 200 27 , , , cord-265023-lq5259yr 200 28 while while IN cord-265023-lq5259yr 200 29 Table Table NNP cord-265023-lq5259yr 200 30 6 6 CD cord-265023-lq5259yr 200 31 presents present VBZ cord-265023-lq5259yr 200 32 the the DT cord-265023-lq5259yr 200 33 results result NNS cord-265023-lq5259yr 200 34 of of IN cord-265023-lq5259yr 200 35 the the DT cord-265023-lq5259yr 200 36 case case NN cord-265023-lq5259yr 200 37 where where WRB cord-265023-lq5259yr 200 38 the the DT cord-265023-lq5259yr 200 39 position position NN cord-265023-lq5259yr 200 40 of of IN cord-265023-lq5259yr 200 41 the the DT cord-265023-lq5259yr 200 42 stock stock NN cord-265023-lq5259yr 200 43 price price NN cord-265023-lq5259yr 200 44 innovation innovation NN cord-265023-lq5259yr 200 45 and and CC cord-265023-lq5259yr 200 46 the the DT cord-265023-lq5259yr 200 47 exchange exchange NN cord-265023-lq5259yr 200 48 rate rate NN cord-265023-lq5259yr 200 49 innovation innovation NN cord-265023-lq5259yr 200 50 are be VBP cord-265023-lq5259yr 200 51 switched switch VBN cord-265023-lq5259yr 200 52 . . . cord-265023-lq5259yr 201 1 There there EX cord-265023-lq5259yr 201 2 are be VBP cord-265023-lq5259yr 201 3 no no DT cord-265023-lq5259yr 201 4 sign sign NN cord-265023-lq5259yr 201 5 changes change NNS cord-265023-lq5259yr 201 6 resulting result VBG cord-265023-lq5259yr 201 7 from from IN cord-265023-lq5259yr 201 8 the the DT cord-265023-lq5259yr 201 9 change change NN cord-265023-lq5259yr 201 10 in in IN cord-265023-lq5259yr 201 11 variable variable JJ cord-265023-lq5259yr 201 12 ordering ordering NN cord-265023-lq5259yr 201 13 . . . cord-265023-lq5259yr 202 1 Finally finally RB cord-265023-lq5259yr 202 2 , , , cord-265023-lq5259yr 202 3 to to TO cord-265023-lq5259yr 202 4 add add VB cord-265023-lq5259yr 202 5 to to IN cord-265023-lq5259yr 202 6 the the DT cord-265023-lq5259yr 202 7 robustness robustness NN cord-265023-lq5259yr 202 8 of of IN cord-265023-lq5259yr 202 9 the the DT cord-265023-lq5259yr 202 10 results result NNS cord-265023-lq5259yr 202 11 , , , cord-265023-lq5259yr 202 12 a a DT cord-265023-lq5259yr 202 13 sixth sixth JJ cord-265023-lq5259yr 202 14 robustness robustness NN cord-265023-lq5259yr 202 15 check check NN cord-265023-lq5259yr 202 16 ( ( -LRB- cord-265023-lq5259yr 202 17 Table table NN cord-265023-lq5259yr 202 18 7 7 CD cord-265023-lq5259yr 202 19 ) ) -RRB- cord-265023-lq5259yr 202 20 using use VBG cord-265023-lq5259yr 202 21 quarterly quarterly JJ cord-265023-lq5259yr 202 22 data datum NNS cord-265023-lq5259yr 202 23 and and CC cord-265023-lq5259yr 202 24 a a DT cord-265023-lq5259yr 202 25 BVAR BVAR NNP cord-265023-lq5259yr 202 26 model model NN cord-265023-lq5259yr 202 27 is be VBZ cord-265023-lq5259yr 202 28 employed employ VBN cord-265023-lq5259yr 202 29 . . . cord-265023-lq5259yr 203 1 The the DT cord-265023-lq5259yr 203 2 BVAR BVAR NNP cord-265023-lq5259yr 203 3 model model NN cord-265023-lq5259yr 203 4 is be VBZ cord-265023-lq5259yr 203 5 used use VBN cord-265023-lq5259yr 203 6 as as IN cord-265023-lq5259yr 203 7 a a DT cord-265023-lq5259yr 203 8 robustness robustness NN cord-265023-lq5259yr 203 9 check check NN cord-265023-lq5259yr 203 10 to to TO cord-265023-lq5259yr 203 11 address address VB cord-265023-lq5259yr 203 12 the the DT cord-265023-lq5259yr 203 13 concern concern NN cord-265023-lq5259yr 203 14 arising arise VBG cord-265023-lq5259yr 203 15 from from IN cord-265023-lq5259yr 203 16 the the DT cord-265023-lq5259yr 203 17 small small JJ cord-265023-lq5259yr 203 18 sample sample NN cord-265023-lq5259yr 203 19 size size NN cord-265023-lq5259yr 203 20 as as IN cord-265023-lq5259yr 203 21 BVAR BVAR NNP cord-265023-lq5259yr 203 22 models model NNS cord-265023-lq5259yr 203 23 have have VBP cord-265023-lq5259yr 203 24 a a DT cord-265023-lq5259yr 203 25 shrinkage shrinkage NN cord-265023-lq5259yr 203 26 estimator estimator NN cord-265023-lq5259yr 203 27 , , , cord-265023-lq5259yr 203 28 which which WDT cord-265023-lq5259yr 203 29 adjusts adjust VBZ cord-265023-lq5259yr 203 30 coefficients coefficient NNS cord-265023-lq5259yr 203 31 to to TO cord-265023-lq5259yr 203 32 match match VB cord-265023-lq5259yr 203 33 the the DT cord-265023-lq5259yr 203 34 ( ( -LRB- cord-265023-lq5259yr 203 35 1979 1979 CD cord-265023-lq5259yr 203 36 ) ) -RRB- cord-265023-lq5259yr 203 37 is be VBZ cord-265023-lq5259yr 203 38 used use VBN cord-265023-lq5259yr 203 39 . . . cord-265023-lq5259yr 204 1 The the DT cord-265023-lq5259yr 204 2 use use NN cord-265023-lq5259yr 204 3 of of IN cord-265023-lq5259yr 204 4 the the DT cord-265023-lq5259yr 204 5 Minessota Minessota NNP cord-265023-lq5259yr 204 6 prior prior RB cord-265023-lq5259yr 204 7 and and CC cord-265023-lq5259yr 204 8 hence hence RB cord-265023-lq5259yr 204 9 a a DT cord-265023-lq5259yr 204 10 random random JJ cord-265023-lq5259yr 204 11 walk walk NN cord-265023-lq5259yr 204 12 prior prior RB cord-265023-lq5259yr 204 13 is be VBZ cord-265023-lq5259yr 204 14 appropriate appropriate JJ cord-265023-lq5259yr 204 15 in in IN cord-265023-lq5259yr 204 16 this this DT cord-265023-lq5259yr 204 17 analysis analysis NN cord-265023-lq5259yr 204 18 ( ( -LRB- cord-265023-lq5259yr 204 19 Litterman Litterman NNP cord-265023-lq5259yr 204 20 1979 1979 CD cord-265023-lq5259yr 204 21 ) ) -RRB- cord-265023-lq5259yr 204 22 . . . cord-265023-lq5259yr 205 1 This this DT cord-265023-lq5259yr 205 2 is be VBZ cord-265023-lq5259yr 205 3 due due JJ cord-265023-lq5259yr 205 4 to to IN cord-265023-lq5259yr 205 5 the the DT cord-265023-lq5259yr 205 6 random random JJ cord-265023-lq5259yr 205 7 behavior behavior NN cord-265023-lq5259yr 205 8 of of IN cord-265023-lq5259yr 205 9 macroeconomic macroeconomic JJ cord-265023-lq5259yr 205 10 time time NN cord-265023-lq5259yr 205 11 series series NN cord-265023-lq5259yr 205 12 as as RB cord-265023-lq5259yr 205 13 well well RB cord-265023-lq5259yr 205 14 as as IN cord-265023-lq5259yr 205 15 the the DT cord-265023-lq5259yr 205 16 flexibility flexibility NN cord-265023-lq5259yr 205 17 of of IN cord-265023-lq5259yr 205 18 the the DT cord-265023-lq5259yr 205 19 restrictions restriction NNS cord-265023-lq5259yr 205 20 imposed impose VBN cord-265023-lq5259yr 205 21 . . . cord-265023-lq5259yr 206 1 The the DT cord-265023-lq5259yr 206 2 results result NNS cord-265023-lq5259yr 206 3 are be VBP cord-265023-lq5259yr 206 4 similar similar JJ cord-265023-lq5259yr 206 5 to to IN cord-265023-lq5259yr 206 6 those those DT cord-265023-lq5259yr 206 7 of of IN cord-265023-lq5259yr 206 8 the the DT cord-265023-lq5259yr 206 9 main main JJ cord-265023-lq5259yr 206 10 results result NNS cord-265023-lq5259yr 206 11 of of IN cord-265023-lq5259yr 206 12 this this DT cord-265023-lq5259yr 206 13 paper paper NN cord-265023-lq5259yr 206 14 , , , cord-265023-lq5259yr 206 15 with with IN cord-265023-lq5259yr 206 16 the the DT cord-265023-lq5259yr 206 17 sign sign NN cord-265023-lq5259yr 206 18 of of IN cord-265023-lq5259yr 206 19 the the DT cord-265023-lq5259yr 206 20 change change NN cord-265023-lq5259yr 206 21 staying stay VBG cord-265023-lq5259yr 206 22 the the DT cord-265023-lq5259yr 206 23 same same JJ cord-265023-lq5259yr 206 24 for for IN cord-265023-lq5259yr 206 25 the the DT cord-265023-lq5259yr 206 26 majority majority NN cord-265023-lq5259yr 206 27 of of IN cord-265023-lq5259yr 206 28 cases case NNS cord-265023-lq5259yr 206 29 with with IN cord-265023-lq5259yr 206 30 the the DT cord-265023-lq5259yr 206 31 exception exception NN cord-265023-lq5259yr 206 32 of of IN cord-265023-lq5259yr 206 33 industrial industrial JJ cord-265023-lq5259yr 206 34 production production NN cord-265023-lq5259yr 206 35 for for IN cord-265023-lq5259yr 206 36 Japan Japan NNP cord-265023-lq5259yr 206 37 and and CC cord-265023-lq5259yr 206 38 the the DT cord-265023-lq5259yr 206 39 UK UK NNP cord-265023-lq5259yr 206 40 and and CC cord-265023-lq5259yr 206 41 the the DT cord-265023-lq5259yr 206 42 exchange exchange NN cord-265023-lq5259yr 206 43 rate rate NN cord-265023-lq5259yr 206 44 for for IN cord-265023-lq5259yr 206 45 the the DT cord-265023-lq5259yr 206 46 UK UK NNP cord-265023-lq5259yr 206 47 . . . cord-265023-lq5259yr 207 1 In in IN cord-265023-lq5259yr 207 2 the the DT cord-265023-lq5259yr 207 3 remaining remain VBG cord-265023-lq5259yr 207 4 cases case NNS cord-265023-lq5259yr 207 5 , , , cord-265023-lq5259yr 207 6 the the DT cord-265023-lq5259yr 207 7 magnitude magnitude NN cord-265023-lq5259yr 207 8 of of IN cord-265023-lq5259yr 207 9 the the DT cord-265023-lq5259yr 207 10 effect effect NN cord-265023-lq5259yr 207 11 of of IN cord-265023-lq5259yr 207 12 the the DT cord-265023-lq5259yr 207 13 shock shock NN cord-265023-lq5259yr 207 14 becomes become VBZ cord-265023-lq5259yr 207 15 slightly slightly RB cord-265023-lq5259yr 207 16 smaller small JJR cord-265023-lq5259yr 207 17 . . . cord-265023-lq5259yr 208 1 The the DT cord-265023-lq5259yr 208 2 financial financial JJ cord-265023-lq5259yr 208 3 turmoil turmoil NN cord-265023-lq5259yr 208 4 caused cause VBN cord-265023-lq5259yr 208 5 by by IN cord-265023-lq5259yr 208 6 the the DT cord-265023-lq5259yr 208 7 GFC GFC NNP cord-265023-lq5259yr 208 8 highlighted highlight VBD cord-265023-lq5259yr 208 9 the the DT cord-265023-lq5259yr 208 10 importance importance NN cord-265023-lq5259yr 208 11 of of IN cord-265023-lq5259yr 208 12 financial financial JJ cord-265023-lq5259yr 208 13 stability stability NN cord-265023-lq5259yr 208 14 and and CC cord-265023-lq5259yr 208 15 resulted result VBD cord-265023-lq5259yr 208 16 in in IN cord-265023-lq5259yr 208 17 the the DT cord-265023-lq5259yr 208 18 relationship relationship NN cord-265023-lq5259yr 208 19 between between IN cord-265023-lq5259yr 208 20 financial financial JJ cord-265023-lq5259yr 208 21 stability stability NN cord-265023-lq5259yr 208 22 and and CC cord-265023-lq5259yr 208 23 monetary monetary JJ cord-265023-lq5259yr 208 24 policy policy NN cord-265023-lq5259yr 208 25 becoming become VBG cord-265023-lq5259yr 208 26 an an DT cord-265023-lq5259yr 208 27 important important JJ cord-265023-lq5259yr 208 28 element element NN cord-265023-lq5259yr 208 29 when when WRB cord-265023-lq5259yr 208 30 policy policy NN cord-265023-lq5259yr 208 31 mandates mandate NNS cord-265023-lq5259yr 208 32 were be VBD cord-265023-lq5259yr 208 33 updated update VBN cord-265023-lq5259yr 208 34 in in IN cord-265023-lq5259yr 208 35 the the DT cord-265023-lq5259yr 208 36 period period NN cord-265023-lq5259yr 208 37 after after IN cord-265023-lq5259yr 208 38 the the DT cord-265023-lq5259yr 208 39 crisis crisis NN cord-265023-lq5259yr 208 40 . . . cord-265023-lq5259yr 209 1 In in IN cord-265023-lq5259yr 209 2 this this DT cord-265023-lq5259yr 209 3 paper paper NN cord-265023-lq5259yr 209 4 , , , cord-265023-lq5259yr 209 5 the the DT cord-265023-lq5259yr 209 6 impact impact NN cord-265023-lq5259yr 209 7 of of IN cord-265023-lq5259yr 209 8 monetary monetary JJ cord-265023-lq5259yr 209 9 policy policy NN cord-265023-lq5259yr 209 10 shocks shock NNS cord-265023-lq5259yr 209 11 on on IN cord-265023-lq5259yr 209 12 financial financial JJ cord-265023-lq5259yr 209 13 stability stability NN cord-265023-lq5259yr 209 14 for for IN cord-265023-lq5259yr 209 15 the the DT cord-265023-lq5259yr 209 16 cases case NNS cord-265023-lq5259yr 209 17 of of IN cord-265023-lq5259yr 209 18 Chile Chile NNP cord-265023-lq5259yr 209 19 , , , cord-265023-lq5259yr 209 20 Colombia Colombia NNP cord-265023-lq5259yr 209 21 , , , cord-265023-lq5259yr 209 22 Japan Japan NNP cord-265023-lq5259yr 209 23 , , , cord-265023-lq5259yr 209 24 Portugal Portugal NNP cord-265023-lq5259yr 209 25 and and CC cord-265023-lq5259yr 209 26 the the DT cord-265023-lq5259yr 209 27 UK UK NNP cord-265023-lq5259yr 209 28 is be VBZ cord-265023-lq5259yr 209 29 analyzed analyze VBN cord-265023-lq5259yr 209 30 . . . cord-265023-lq5259yr 210 1 The the DT cord-265023-lq5259yr 210 2 five five CD cord-265023-lq5259yr 210 3 countries country NNS cord-265023-lq5259yr 210 4 chosen choose VBN cord-265023-lq5259yr 210 5 have have VBP cord-265023-lq5259yr 210 6 autonomous autonomous JJ cord-265023-lq5259yr 210 7 , , , cord-265023-lq5259yr 210 8 inflation inflation NN cord-265023-lq5259yr 210 9 - - HYPH cord-265023-lq5259yr 210 10 targeting target VBG cord-265023-lq5259yr 210 11 Central Central NNP cord-265023-lq5259yr 210 12 Banks Banks NNPS cord-265023-lq5259yr 210 13 with with IN cord-265023-lq5259yr 210 14 floating float VBG cord-265023-lq5259yr 210 15 exchange exchange NN cord-265023-lq5259yr 210 16 rate rate NN cord-265023-lq5259yr 210 17 regimes regime NNS cord-265023-lq5259yr 210 18 in in IN cord-265023-lq5259yr 210 19 place place NN cord-265023-lq5259yr 210 20 , , , cord-265023-lq5259yr 210 21 which which WDT cord-265023-lq5259yr 210 22 allows allow VBZ cord-265023-lq5259yr 210 23 us -PRON- PRP cord-265023-lq5259yr 210 24 to to TO cord-265023-lq5259yr 210 25 analyze analyze VB cord-265023-lq5259yr 210 26 the the DT cord-265023-lq5259yr 210 27 impact impact NN cord-265023-lq5259yr 210 28 of of IN cord-265023-lq5259yr 210 29 monetary monetary JJ cord-265023-lq5259yr 210 30 policy policy NN cord-265023-lq5259yr 210 31 shocks shock NNS cord-265023-lq5259yr 210 32 on on IN cord-265023-lq5259yr 210 33 five five CD cord-265023-lq5259yr 210 34 countries country NNS cord-265023-lq5259yr 210 35 with with IN cord-265023-lq5259yr 210 36 similar similar JJ cord-265023-lq5259yr 210 37 policy policy NN cord-265023-lq5259yr 210 38 mandates mandate NNS cord-265023-lq5259yr 210 39 . . . cord-265023-lq5259yr 211 1 The the DT cord-265023-lq5259yr 211 2 set set NN cord-265023-lq5259yr 211 3 of of IN cord-265023-lq5259yr 211 4 countries country NNS cord-265023-lq5259yr 211 5 presents present VBZ cord-265023-lq5259yr 211 6 an an DT cord-265023-lq5259yr 211 7 interesting interesting JJ cord-265023-lq5259yr 211 8 case case NN cord-265023-lq5259yr 211 9 with with IN cord-265023-lq5259yr 211 10 Colombia Colombia NNP cord-265023-lq5259yr 211 11 and and CC cord-265023-lq5259yr 211 12 Chile Chile NNP cord-265023-lq5259yr 211 13 being be VBG cord-265023-lq5259yr 211 14 categorized categorize VBN cord-265023-lq5259yr 211 15 as as IN cord-265023-lq5259yr 211 16 emerging emerge VBG cord-265023-lq5259yr 211 17 economies economy NNS cord-265023-lq5259yr 211 18 with with IN cord-265023-lq5259yr 211 19 a a DT cord-265023-lq5259yr 211 20 history history NN cord-265023-lq5259yr 211 21 of of IN cord-265023-lq5259yr 211 22 limited limited JJ cord-265023-lq5259yr 211 23 availability availability NN cord-265023-lq5259yr 211 24 of of IN cord-265023-lq5259yr 211 25 data datum NNS cord-265023-lq5259yr 211 26 , , , cord-265023-lq5259yr 211 27 the the DT cord-265023-lq5259yr 211 28 UK UK NNP cord-265023-lq5259yr 211 29 and and CC cord-265023-lq5259yr 211 30 Japan Japan NNP cord-265023-lq5259yr 211 31 facing face VBG cord-265023-lq5259yr 211 32 political political JJ cord-265023-lq5259yr 211 33 uncertainty uncertainty NN cord-265023-lq5259yr 211 34 and and CC cord-265023-lq5259yr 211 35 economic economic JJ cord-265023-lq5259yr 211 36 uncertainty uncertainty NN cord-265023-lq5259yr 211 37 , , , cord-265023-lq5259yr 211 38 respectively respectively RB cord-265023-lq5259yr 211 39 , , , cord-265023-lq5259yr 211 40 and and CC cord-265023-lq5259yr 211 41 finally finally RB cord-265023-lq5259yr 211 42 , , , cord-265023-lq5259yr 211 43 Portugal Portugal NNP cord-265023-lq5259yr 211 44 which which WDT cord-265023-lq5259yr 211 45 experienced experience VBD cord-265023-lq5259yr 211 46 the the DT cord-265023-lq5259yr 211 47 most most RBS cord-265023-lq5259yr 211 48 profound profound JJ cord-265023-lq5259yr 211 49 economic economic JJ cord-265023-lq5259yr 211 50 growth growth NN cord-265023-lq5259yr 211 51 in in IN cord-265023-lq5259yr 211 52 the the DT cord-265023-lq5259yr 211 53 group group NN cord-265023-lq5259yr 211 54 of of IN cord-265023-lq5259yr 211 55 countries country NNS cord-265023-lq5259yr 211 56 that that WDT cord-265023-lq5259yr 211 57 received receive VBD cord-265023-lq5259yr 211 58 an an DT cord-265023-lq5259yr 211 59 injection injection NN cord-265023-lq5259yr 211 60 of of IN cord-265023-lq5259yr 211 61 European european JJ cord-265023-lq5259yr 211 62 funding funding NN cord-265023-lq5259yr 211 63 . . . cord-265023-lq5259yr 211 64 _SP cord-265023-lq5259yr 212 1 An an DT cord-265023-lq5259yr 212 2 SVAR SVAR NNP cord-265023-lq5259yr 212 3 model model NN cord-265023-lq5259yr 212 4 is be VBZ cord-265023-lq5259yr 212 5 employed employ VBN cord-265023-lq5259yr 212 6 and and CC cord-265023-lq5259yr 212 7 impulse impulse NN cord-265023-lq5259yr 212 8 response response NN cord-265023-lq5259yr 212 9 functions function NNS cord-265023-lq5259yr 212 10 are be VBP cord-265023-lq5259yr 212 11 used use VBN cord-265023-lq5259yr 212 12 in in IN cord-265023-lq5259yr 212 13 an an DT cord-265023-lq5259yr 212 14 effort effort NN cord-265023-lq5259yr 212 15 to to TO cord-265023-lq5259yr 212 16 test test VB cord-265023-lq5259yr 212 17 the the DT cord-265023-lq5259yr 212 18 impact impact NN cord-265023-lq5259yr 212 19 of of IN cord-265023-lq5259yr 212 20 monetary monetary JJ cord-265023-lq5259yr 212 21 policy policy NN cord-265023-lq5259yr 212 22 on on IN cord-265023-lq5259yr 212 23 financial financial JJ cord-265023-lq5259yr 212 24 stability stability NN cord-265023-lq5259yr 212 25 . . . cord-265023-lq5259yr 213 1 Credit credit NN cord-265023-lq5259yr 213 2 growth growth NN cord-265023-lq5259yr 213 3 , , , cord-265023-lq5259yr 213 4 the the DT cord-265023-lq5259yr 213 5 stock stock NN cord-265023-lq5259yr 213 6 market market NN cord-265023-lq5259yr 213 7 index index NN cord-265023-lq5259yr 213 8 growth growth NN cord-265023-lq5259yr 213 9 and and CC cord-265023-lq5259yr 213 10 the the DT cord-265023-lq5259yr 213 11 exchange exchange NN cord-265023-lq5259yr 213 12 rate rate NN cord-265023-lq5259yr 213 13 growth growth NN cord-265023-lq5259yr 213 14 are be VBP cord-265023-lq5259yr 213 15 included include VBN cord-265023-lq5259yr 213 16 as as IN cord-265023-lq5259yr 213 17 proxies proxy NNS cord-265023-lq5259yr 213 18 for for IN cord-265023-lq5259yr 213 19 financial financial JJ cord-265023-lq5259yr 213 20 stability stability NN cord-265023-lq5259yr 213 21 while while IN cord-265023-lq5259yr 213 22 industrial industrial JJ cord-265023-lq5259yr 213 23 production production NN cord-265023-lq5259yr 213 24 growth growth NN cord-265023-lq5259yr 213 25 is be VBZ cord-265023-lq5259yr 213 26 included include VBN cord-265023-lq5259yr 213 27 as as IN cord-265023-lq5259yr 213 28 a a DT cord-265023-lq5259yr 213 29 proxy proxy NN cord-265023-lq5259yr 213 30 for for IN cord-265023-lq5259yr 213 31 the the DT cord-265023-lq5259yr 213 32 business business NN cord-265023-lq5259yr 213 33 cycle cycle NN cord-265023-lq5259yr 213 34 . . . cord-265023-lq5259yr 214 1 As as IN cord-265023-lq5259yr 214 2 in in IN cord-265023-lq5259yr 214 3 Cocriş Cocriş NNP cord-265023-lq5259yr 214 4 and and CC cord-265023-lq5259yr 214 5 Nucu Nucu NNP cord-265023-lq5259yr 214 6 ( ( -LRB- cord-265023-lq5259yr 214 7 2013 2013 CD cord-265023-lq5259yr 214 8 ) ) -RRB- cord-265023-lq5259yr 214 9 , , , cord-265023-lq5259yr 214 10 the the DT cord-265023-lq5259yr 214 11 impact impact NN cord-265023-lq5259yr 214 12 of of IN cord-265023-lq5259yr 214 13 short short JJ cord-265023-lq5259yr 214 14 - - HYPH cord-265023-lq5259yr 214 15 term term NN cord-265023-lq5259yr 214 16 interest interest NN cord-265023-lq5259yr 214 17 rates rate NNS cord-265023-lq5259yr 214 18 and and CC cord-265023-lq5259yr 214 19 shadow shadow NN cord-265023-lq5259yr 214 20 rates rate NNS cord-265023-lq5259yr 214 21 on on IN cord-265023-lq5259yr 214 22 three three CD cord-265023-lq5259yr 214 23 proxies proxy NNS cord-265023-lq5259yr 214 24 for for IN cord-265023-lq5259yr 214 25 financial financial JJ cord-265023-lq5259yr 214 26 stability stability NN cord-265023-lq5259yr 214 27 , , , cord-265023-lq5259yr 214 28 namely namely RB cord-265023-lq5259yr 214 29 credit credit NN cord-265023-lq5259yr 214 30 growth growth NN cord-265023-lq5259yr 214 31 , , , cord-265023-lq5259yr 214 32 stock stock NN cord-265023-lq5259yr 214 33 prices price NNS cord-265023-lq5259yr 214 34 and and CC cord-265023-lq5259yr 214 35 the the DT cord-265023-lq5259yr 214 36 exchange exchange NN cord-265023-lq5259yr 214 37 rate rate NN cord-265023-lq5259yr 214 38 , , , cord-265023-lq5259yr 214 39 is be VBZ cord-265023-lq5259yr 214 40 studied study VBN cord-265023-lq5259yr 214 41 . . . cord-265023-lq5259yr 215 1 Industrial industrial JJ cord-265023-lq5259yr 215 2 production production NN cord-265023-lq5259yr 215 3 is be VBZ cord-265023-lq5259yr 215 4 included include VBN cord-265023-lq5259yr 215 5 as as IN cord-265023-lq5259yr 215 6 a a DT cord-265023-lq5259yr 215 7 proxy proxy NN cord-265023-lq5259yr 215 8 for for IN cord-265023-lq5259yr 215 9 the the DT cord-265023-lq5259yr 215 10 real real JJ cord-265023-lq5259yr 215 11 sector sector NN cord-265023-lq5259yr 215 12 and and CC cord-265023-lq5259yr 215 13 hence hence RB cord-265023-lq5259yr 215 14 for for IN cord-265023-lq5259yr 215 15 economic economic JJ cord-265023-lq5259yr 215 16 growth growth NN cord-265023-lq5259yr 215 17 . . . cord-265023-lq5259yr 216 1 In in IN cord-265023-lq5259yr 216 2 line line NN cord-265023-lq5259yr 216 3 with with IN cord-265023-lq5259yr 216 4 Cocriş Cocriş NNP cord-265023-lq5259yr 216 5 and and CC cord-265023-lq5259yr 216 6 Nucu Nucu NNP cord-265023-lq5259yr 216 7 ( ( -LRB- cord-265023-lq5259yr 216 8 2013 2013 CD cord-265023-lq5259yr 216 9 ) ) -RRB- cord-265023-lq5259yr 216 10 , , , cord-265023-lq5259yr 216 11 policy policy NN cord-265023-lq5259yr 216 12 rates rate NNS cord-265023-lq5259yr 216 13 are be VBP cord-265023-lq5259yr 216 14 used use VBN cord-265023-lq5259yr 216 15 to to TO cord-265023-lq5259yr 216 16 represent represent VB cord-265023-lq5259yr 216 17 monetary monetary JJ cord-265023-lq5259yr 216 18 policy policy NN cord-265023-lq5259yr 216 19 choices choice NNS cord-265023-lq5259yr 216 20 in in IN cord-265023-lq5259yr 216 21 emerging emerge VBG cord-265023-lq5259yr 216 22 economies economy NNS cord-265023-lq5259yr 216 23 . . . cord-265023-lq5259yr 217 1 Shadow shadow NN cord-265023-lq5259yr 217 2 rates rate NNS cord-265023-lq5259yr 217 3 are be VBP cord-265023-lq5259yr 217 4 used use VBN cord-265023-lq5259yr 217 5 to to TO cord-265023-lq5259yr 217 6 represent represent VB cord-265023-lq5259yr 217 7 monetary monetary JJ cord-265023-lq5259yr 217 8 policy policy NN cord-265023-lq5259yr 217 9 intervention intervention NN cord-265023-lq5259yr 217 10 in in IN cord-265023-lq5259yr 217 11 advanced advanced JJ cord-265023-lq5259yr 217 12 economies economy NNS cord-265023-lq5259yr 217 13 . . . cord-265023-lq5259yr 218 1 Our -PRON- PRP$ cord-265023-lq5259yr 218 2 main main JJ cord-265023-lq5259yr 218 3 results result NNS cord-265023-lq5259yr 218 4 show show VBP cord-265023-lq5259yr 218 5 that that IN cord-265023-lq5259yr 218 6 monetary monetary JJ cord-265023-lq5259yr 218 7 policy policy NN cord-265023-lq5259yr 218 8 may may MD cord-265023-lq5259yr 218 9 be be VB cord-265023-lq5259yr 218 10 used use VBN cord-265023-lq5259yr 218 11 to to TO cord-265023-lq5259yr 218 12 correct correct VB cord-265023-lq5259yr 218 13 asset asset NN cord-265023-lq5259yr 218 14 mispricing mispricing NN cord-265023-lq5259yr 218 15 due due IN cord-265023-lq5259yr 218 16 to to IN cord-265023-lq5259yr 218 17 the the DT cord-265023-lq5259yr 218 18 inverse inverse JJ cord-265023-lq5259yr 218 19 relationship relationship NN cord-265023-lq5259yr 218 20 between between IN cord-265023-lq5259yr 218 21 the the DT cord-265023-lq5259yr 218 22 policy policy NN cord-265023-lq5259yr 218 23 rate rate NN cord-265023-lq5259yr 218 24 and and CC cord-265023-lq5259yr 218 25 the the DT cord-265023-lq5259yr 218 26 stock stock NN cord-265023-lq5259yr 218 27 market market NN cord-265023-lq5259yr 218 28 index index NN cord-265023-lq5259yr 218 29 for for IN cord-265023-lq5259yr 218 30 the the DT cord-265023-lq5259yr 218 31 majority majority NN cord-265023-lq5259yr 218 32 of of IN cord-265023-lq5259yr 218 33 cases case NNS cord-265023-lq5259yr 218 34 namely namely RB cord-265023-lq5259yr 218 35 , , , cord-265023-lq5259yr 218 36 Colombia Colombia NNP cord-265023-lq5259yr 218 37 , , , cord-265023-lq5259yr 218 38 Japan Japan NNP cord-265023-lq5259yr 218 39 , , , cord-265023-lq5259yr 218 40 Portugal Portugal NNP cord-265023-lq5259yr 218 41 and and CC cord-265023-lq5259yr 218 42 the the DT cord-265023-lq5259yr 218 43 UK UK NNP cord-265023-lq5259yr 218 44 . . . cord-265023-lq5259yr 219 1 Conventional conventional JJ cord-265023-lq5259yr 219 2 wisdom wisdom NN cord-265023-lq5259yr 219 3 suggests suggest VBZ cord-265023-lq5259yr 219 4 that that IN cord-265023-lq5259yr 219 5 a a DT cord-265023-lq5259yr 219 6 positive positive JJ cord-265023-lq5259yr 219 7 monetary monetary JJ cord-265023-lq5259yr 219 8 policy policy NN cord-265023-lq5259yr 219 9 shock shock NN cord-265023-lq5259yr 219 10 would would MD cord-265023-lq5259yr 219 11 result result VB cord-265023-lq5259yr 219 12 in in IN cord-265023-lq5259yr 219 13 a a DT cord-265023-lq5259yr 219 14 currency currency NN cord-265023-lq5259yr 219 15 appreciation appreciation NN cord-265023-lq5259yr 219 16 in in IN cord-265023-lq5259yr 219 17 countries country NNS cord-265023-lq5259yr 219 18 with with IN cord-265023-lq5259yr 219 19 a a DT cord-265023-lq5259yr 219 20 floating float VBG cord-265023-lq5259yr 219 21 exchange exchange NN cord-265023-lq5259yr 219 22 rate rate NN cord-265023-lq5259yr 219 23 regime regime NN cord-265023-lq5259yr 219 24 as as IN cord-265023-lq5259yr 219 25 foreign foreign JJ cord-265023-lq5259yr 219 26 investment investment NN cord-265023-lq5259yr 219 27 is be VBZ cord-265023-lq5259yr 219 28 attracted attract VBN cord-265023-lq5259yr 219 29 . . . cord-265023-lq5259yr 220 1 The the DT cord-265023-lq5259yr 220 2 results result NNS cord-265023-lq5259yr 220 3 show show VBP cord-265023-lq5259yr 220 4 that that IN cord-265023-lq5259yr 220 5 the the DT cord-265023-lq5259yr 220 6 exchange exchange NN cord-265023-lq5259yr 220 7 rate rate NN cord-265023-lq5259yr 220 8 appreciates appreciate VBZ cord-265023-lq5259yr 220 9 in in IN cord-265023-lq5259yr 220 10 both both CC cord-265023-lq5259yr 220 11 the the DT cord-265023-lq5259yr 220 12 short short JJ cord-265023-lq5259yr 220 13 run run NN cord-265023-lq5259yr 220 14 and and CC cord-265023-lq5259yr 220 15 the the DT cord-265023-lq5259yr 220 16 long long JJ cord-265023-lq5259yr 220 17 run run NN cord-265023-lq5259yr 220 18 following follow VBG cord-265023-lq5259yr 220 19 a a DT cord-265023-lq5259yr 220 20 monetary monetary JJ cord-265023-lq5259yr 220 21 policy policy NN cord-265023-lq5259yr 220 22 shock shock NN cord-265023-lq5259yr 220 23 for for IN cord-265023-lq5259yr 220 24 three three CD cord-265023-lq5259yr 220 25 of of IN cord-265023-lq5259yr 220 26 the the DT cord-265023-lq5259yr 220 27 five five CD cord-265023-lq5259yr 220 28 cases case NNS cord-265023-lq5259yr 220 29 , , , cord-265023-lq5259yr 220 30 namely namely RB cord-265023-lq5259yr 220 31 the the DT cord-265023-lq5259yr 220 32 cases case NNS cord-265023-lq5259yr 220 33 of of IN cord-265023-lq5259yr 220 34 Chile Chile NNP cord-265023-lq5259yr 220 35 , , , cord-265023-lq5259yr 220 36 Japan Japan NNP cord-265023-lq5259yr 220 37 and and CC cord-265023-lq5259yr 220 38 Portugal Portugal NNP cord-265023-lq5259yr 220 39 while while IN cord-265023-lq5259yr 220 40 the the DT cord-265023-lq5259yr 220 41 currency currency NN cord-265023-lq5259yr 220 42 depreciates depreciate VBZ cord-265023-lq5259yr 220 43 for for IN cord-265023-lq5259yr 220 44 the the DT cord-265023-lq5259yr 220 45 cases case NNS cord-265023-lq5259yr 220 46 of of IN cord-265023-lq5259yr 220 47 Colombia Colombia NNP cord-265023-lq5259yr 220 48 and and CC cord-265023-lq5259yr 220 49 the the DT cord-265023-lq5259yr 220 50 UK UK NNP cord-265023-lq5259yr 220 51 . . . cord-265023-lq5259yr 221 1 The the DT cord-265023-lq5259yr 221 2 currency currency NN cord-265023-lq5259yr 221 3 depreciation depreciation NN cord-265023-lq5259yr 221 4 in in IN cord-265023-lq5259yr 221 5 the the DT cord-265023-lq5259yr 221 6 case case NN cord-265023-lq5259yr 221 7 of of IN cord-265023-lq5259yr 221 8 Colombia Colombia NNP cord-265023-lq5259yr 221 9 could could MD cord-265023-lq5259yr 221 10 be be VB cord-265023-lq5259yr 221 11 attributed attribute VBN cord-265023-lq5259yr 221 12 to to IN cord-265023-lq5259yr 221 13 Colombia Colombia NNP cord-265023-lq5259yr 221 14 's 's POS cord-265023-lq5259yr 221 15 reliance reliance NN cord-265023-lq5259yr 221 16 on on IN cord-265023-lq5259yr 221 17 commodity commodity NN cord-265023-lq5259yr 221 18 exports export NNS cord-265023-lq5259yr 221 19 . . . cord-265023-lq5259yr 222 1 The the DT cord-265023-lq5259yr 222 2 currency currency NN cord-265023-lq5259yr 222 3 depreciation depreciation NN cord-265023-lq5259yr 222 4 in in IN cord-265023-lq5259yr 222 5 the the DT cord-265023-lq5259yr 222 6 case case NN cord-265023-lq5259yr 222 7 of of IN cord-265023-lq5259yr 222 8 the the DT cord-265023-lq5259yr 222 9 UK UK NNP cord-265023-lq5259yr 222 10 is be VBZ cord-265023-lq5259yr 222 11 in in IN cord-265023-lq5259yr 222 12 line line NN cord-265023-lq5259yr 222 13 with with IN cord-265023-lq5259yr 222 14 earlier early JJR cord-265023-lq5259yr 222 15 literature literature NN cord-265023-lq5259yr 222 16 including include VBG cord-265023-lq5259yr 222 17 Caglayan Caglayan NNP cord-265023-lq5259yr 222 18 et et NNP cord-265023-lq5259yr 222 19 al al NNP cord-265023-lq5259yr 222 20 . . . cord-265023-lq5259yr 223 1 ( ( -LRB- cord-265023-lq5259yr 223 2 2011 2011 CD cord-265023-lq5259yr 223 3 ) ) -RRB- cord-265023-lq5259yr 224 1 and and CC cord-265023-lq5259yr 224 2 is be VBZ cord-265023-lq5259yr 224 3 attributed attribute VBN cord-265023-lq5259yr 224 4 to to IN cord-265023-lq5259yr 224 5 uncertainty uncertainty NN cord-265023-lq5259yr 224 6 in in IN cord-265023-lq5259yr 224 7 the the DT cord-265023-lq5259yr 224 8 local local JJ cord-265023-lq5259yr 224 9 market market NN cord-265023-lq5259yr 224 10 . . . cord-265023-lq5259yr 225 1 The the DT cord-265023-lq5259yr 225 2 results result NNS cord-265023-lq5259yr 225 3 also also RB cord-265023-lq5259yr 225 4 show show VBP cord-265023-lq5259yr 225 5 that that IN cord-265023-lq5259yr 225 6 monetary monetary JJ cord-265023-lq5259yr 225 7 policy policy NN cord-265023-lq5259yr 225 8 may may MD cord-265023-lq5259yr 225 9 be be VB cord-265023-lq5259yr 225 10 used use VBN cord-265023-lq5259yr 225 11 to to TO cord-265023-lq5259yr 225 12 control control VB cord-265023-lq5259yr 225 13 fluctuations fluctuation NNS cord-265023-lq5259yr 225 14 in in IN cord-265023-lq5259yr 225 15 the the DT cord-265023-lq5259yr 225 16 real real JJ cord-265023-lq5259yr 225 17 business business NN cord-265023-lq5259yr 225 18 cycle cycle NN cord-265023-lq5259yr 225 19 as as IN cord-265023-lq5259yr 225 20 can can MD cord-265023-lq5259yr 225 21 be be VB cord-265023-lq5259yr 225 22 seen see VBN cord-265023-lq5259yr 225 23 by by IN cord-265023-lq5259yr 225 24 the the DT cord-265023-lq5259yr 225 25 inverse inverse JJ cord-265023-lq5259yr 225 26 relationship relationship NN cord-265023-lq5259yr 225 27 between between IN cord-265023-lq5259yr 225 28 the the DT cord-265023-lq5259yr 225 29 industrial industrial JJ cord-265023-lq5259yr 225 30 production production NN cord-265023-lq5259yr 225 31 index index NN cord-265023-lq5259yr 225 32 and and CC cord-265023-lq5259yr 225 33 monetary monetary JJ cord-265023-lq5259yr 225 34 policy policy NN cord-265023-lq5259yr 225 35 shocks shock NNS cord-265023-lq5259yr 225 36 for for IN cord-265023-lq5259yr 225 37 the the DT cord-265023-lq5259yr 225 38 cases case NNS cord-265023-lq5259yr 225 39 of of IN cord-265023-lq5259yr 225 40 Colombia Colombia NNP cord-265023-lq5259yr 225 41 , , , cord-265023-lq5259yr 225 42 Japan Japan NNP cord-265023-lq5259yr 225 43 and and CC cord-265023-lq5259yr 225 44 Portugal Portugal NNP cord-265023-lq5259yr 225 45 . . . cord-265023-lq5259yr 226 1 Credit credit NN cord-265023-lq5259yr 226 2 growth growth NN cord-265023-lq5259yr 226 3 also also RB cord-265023-lq5259yr 226 4 has have VBZ cord-265023-lq5259yr 226 5 an an DT cord-265023-lq5259yr 226 6 inverse inverse JJ cord-265023-lq5259yr 226 7 relationship relationship NN cord-265023-lq5259yr 226 8 with with IN cord-265023-lq5259yr 226 9 monetary monetary JJ cord-265023-lq5259yr 226 10 policy policy NN cord-265023-lq5259yr 226 11 shocks shock NNS cord-265023-lq5259yr 226 12 for for IN cord-265023-lq5259yr 226 13 the the DT cord-265023-lq5259yr 226 14 cases case NNS cord-265023-lq5259yr 226 15 of of IN cord-265023-lq5259yr 226 16 Chile Chile NNP cord-265023-lq5259yr 226 17 and and CC cord-265023-lq5259yr 226 18 the the DT cord-265023-lq5259yr 226 19 UK UK NNP cord-265023-lq5259yr 226 20 . . . cord-265023-lq5259yr 227 1 Consequently consequently RB cord-265023-lq5259yr 227 2 , , , cord-265023-lq5259yr 227 3 monetary monetary JJ cord-265023-lq5259yr 227 4 policy policy NN cord-265023-lq5259yr 227 5 may may MD cord-265023-lq5259yr 227 6 be be VB cord-265023-lq5259yr 227 7 used use VBN cord-265023-lq5259yr 227 8 to to TO cord-265023-lq5259yr 227 9 tame tame VB cord-265023-lq5259yr 227 10 credit credit NN cord-265023-lq5259yr 227 11 cycles cycle NNS cord-265023-lq5259yr 227 12 in in IN cord-265023-lq5259yr 227 13 some some DT cord-265023-lq5259yr 227 14 cases case NNS cord-265023-lq5259yr 227 15 . . . cord-265023-lq5259yr 228 1 However however RB cord-265023-lq5259yr 228 2 , , , cord-265023-lq5259yr 228 3 in in IN cord-265023-lq5259yr 228 4 the the DT cord-265023-lq5259yr 228 5 majority majority NN cord-265023-lq5259yr 228 6 of of IN cord-265023-lq5259yr 228 7 cases case NNS cord-265023-lq5259yr 228 8 , , , cord-265023-lq5259yr 228 9 namely namely RB cord-265023-lq5259yr 228 10 Colombia Colombia NNP cord-265023-lq5259yr 228 11 , , , cord-265023-lq5259yr 228 12 Japan Japan NNP cord-265023-lq5259yr 228 13 and and CC cord-265023-lq5259yr 228 14 Portugal Portugal NNP cord-265023-lq5259yr 228 15 , , , cord-265023-lq5259yr 228 16 there there EX cord-265023-lq5259yr 228 17 is be VBZ cord-265023-lq5259yr 228 18 a a DT cord-265023-lq5259yr 228 19 positive positive JJ cord-265023-lq5259yr 228 20 relationship relationship NN cord-265023-lq5259yr 228 21 between between IN cord-265023-lq5259yr 228 22 credit credit NN cord-265023-lq5259yr 228 23 and and CC cord-265023-lq5259yr 228 24 monetary monetary JJ cord-265023-lq5259yr 228 25 policy policy NN cord-265023-lq5259yr 228 26 shocks shock NNS cord-265023-lq5259yr 228 27 . . . cord-265023-lq5259yr 229 1 Monetary monetary JJ cord-265023-lq5259yr 229 2 policy policy NN cord-265023-lq5259yr 229 3 intervention intervention NN cord-265023-lq5259yr 229 4 , , , cord-265023-lq5259yr 229 5 as as IN cord-265023-lq5259yr 229 6 represented represent VBN cord-265023-lq5259yr 229 7 by by IN cord-265023-lq5259yr 229 8 policy policy NN cord-265023-lq5259yr 229 9 rates rate NNS cord-265023-lq5259yr 229 10 in in IN cord-265023-lq5259yr 229 11 the the DT cord-265023-lq5259yr 229 12 cases case NNS cord-265023-lq5259yr 229 13 of of IN cord-265023-lq5259yr 229 14 emerging emerge VBG cord-265023-lq5259yr 229 15 market market NN cord-265023-lq5259yr 229 16 economies economy NNS cord-265023-lq5259yr 229 17 and and CC cord-265023-lq5259yr 229 18 shadow shadow NN cord-265023-lq5259yr 229 19 rates rate NNS cord-265023-lq5259yr 229 20 in in IN cord-265023-lq5259yr 229 21 the the DT cord-265023-lq5259yr 229 22 cases case NNS cord-265023-lq5259yr 229 23 of of IN cord-265023-lq5259yr 229 24 advanced advanced JJ cord-265023-lq5259yr 229 25 economies economy NNS cord-265023-lq5259yr 229 26 , , , cord-265023-lq5259yr 229 27 may may MD cord-265023-lq5259yr 229 28 indeed indeed RB cord-265023-lq5259yr 229 29 be be VB cord-265023-lq5259yr 229 30 successful successful JJ cord-265023-lq5259yr 229 31 at at IN cord-265023-lq5259yr 229 32 contributing contribute VBG cord-265023-lq5259yr 229 33 to to IN cord-265023-lq5259yr 229 34 or or CC cord-265023-lq5259yr 229 35 achieving achieve VBG cord-265023-lq5259yr 229 36 financial financial JJ cord-265023-lq5259yr 229 37 stability stability NN cord-265023-lq5259yr 229 38 . . . cord-265023-lq5259yr 230 1 However however RB cord-265023-lq5259yr 230 2 , , , cord-265023-lq5259yr 230 3 our -PRON- PRP$ cord-265023-lq5259yr 230 4 results result NNS cord-265023-lq5259yr 230 5 show show VBP cord-265023-lq5259yr 230 6 that that IN cord-265023-lq5259yr 230 7 monetary monetary JJ cord-265023-lq5259yr 230 8 policy policy NN cord-265023-lq5259yr 230 9 may may MD cord-265023-lq5259yr 230 10 not not RB cord-265023-lq5259yr 230 11 have have VB cord-265023-lq5259yr 230 12 the the DT cord-265023-lq5259yr 230 13 ability ability NN cord-265023-lq5259yr 230 14 to to TO cord-265023-lq5259yr 230 15 maintain maintain VB cord-265023-lq5259yr 230 16 or or CC cord-265023-lq5259yr 230 17 re re VB cord-265023-lq5259yr 230 18 - - VB cord-265023-lq5259yr 230 19 establish establish VB cord-265023-lq5259yr 230 20 financial financial JJ cord-265023-lq5259yr 230 21 stability stability NN cord-265023-lq5259yr 230 22 in in IN cord-265023-lq5259yr 230 23 all all DT cord-265023-lq5259yr 230 24 cases case NNS cord-265023-lq5259yr 230 25 . . . cord-265023-lq5259yr 231 1 Alternative alternative JJ cord-265023-lq5259yr 231 2 policy policy NN cord-265023-lq5259yr 231 3 choices choice NNS cord-265023-lq5259yr 231 4 such such JJ cord-265023-lq5259yr 231 5 as as IN cord-265023-lq5259yr 231 6 macroprudential macroprudential JJ cord-265023-lq5259yr 231 7 policy policy NN cord-265023-lq5259yr 231 8 tool tool NN cord-265023-lq5259yr 231 9 frameworks framework NNS cord-265023-lq5259yr 231 10 which which WDT cord-265023-lq5259yr 231 11 are be VBP cord-265023-lq5259yr 231 12 aimed aim VBN cord-265023-lq5259yr 231 13 at at IN cord-265023-lq5259yr 231 14 targeting target VBG cord-265023-lq5259yr 231 15 the the DT cord-265023-lq5259yr 231 16 financial financial JJ cord-265023-lq5259yr 231 17 system system NN cord-265023-lq5259yr 231 18 as as IN cord-265023-lq5259yr 231 19 a a DT cord-265023-lq5259yr 231 20 whole whole NN cord-265023-lq5259yr 231 21 may may MD cord-265023-lq5259yr 231 22 be be VB cord-265023-lq5259yr 231 23 implemented implement VBN cord-265023-lq5259yr 231 24 to to TO cord-265023-lq5259yr 231 25 buttress buttress VB cord-265023-lq5259yr 231 26 the the DT cord-265023-lq5259yr 231 27 economy economy NN cord-265023-lq5259yr 231 28 . . . cord-265023-lq5259yr 231 29 _SP cord-265023-lq5259yr 232 1 See see VB cord-265023-lq5259yr 232 2 Fig Fig NNP cord-265023-lq5259yr 232 3 . . . cord-265023-lq5259yr 233 1 4 4 LS cord-265023-lq5259yr 233 2 . . . cord-265023-lq5259yr 233 3 _SP cord-265023-lq5259yr 234 1 See see VB cord-265023-lq5259yr 234 2 Fig Fig NNP cord-265023-lq5259yr 234 3 . . . cord-265023-lq5259yr 235 1 8 8 CD cord-265023-lq5259yr 235 2 . . . cord-265023-lq5259yr 235 3 _SP cord-265023-lq5259yr 236 1 See see VB cord-265023-lq5259yr 236 2 Fig Fig NNP cord-265023-lq5259yr 236 3 . . . cord-265023-lq5259yr 237 1 10 10 CD cord-265023-lq5259yr 237 2 . . . cord-265023-lq5259yr 238 1 See see VB cord-265023-lq5259yr 238 2 Fig Fig NNP cord-265023-lq5259yr 238 3 . . . cord-265023-lq5259yr 239 1 11 11 CD cord-265023-lq5259yr 239 2 . . . cord-265023-lq5259yr 240 1 Fig Fig NNP cord-265023-lq5259yr 240 2 . . . cord-265023-lq5259yr 241 1 11 11 CD cord-265023-lq5259yr 242 1 Long long RB cord-265023-lq5259yr 242 2 run run VB cord-265023-lq5259yr 242 3 structural structural JJ cord-265023-lq5259yr 242 4 impulse impulse NN cord-265023-lq5259yr 242 5 response response NN cord-265023-lq5259yr 242 6 function function NN cord-265023-lq5259yr 242 7 : : : cord-265023-lq5259yr 243 1 The the DT cord-265023-lq5259yr 243 2 UK UK NNP cord-265023-lq5259yr 243 3 . . . cord-265023-lq5259yr 244 1 Responses response NNS cord-265023-lq5259yr 244 2 of of IN cord-265023-lq5259yr 244 3 industrial industrial JJ cord-265023-lq5259yr 244 4 production production NN cord-265023-lq5259yr 244 5 , , , cord-265023-lq5259yr 244 6 the the DT cord-265023-lq5259yr 244 7 shadow shadow NN cord-265023-lq5259yr 244 8 rate rate NN cord-265023-lq5259yr 244 9 , , , cord-265023-lq5259yr 244 10 credit credit NN cord-265023-lq5259yr 244 11 , , , cord-265023-lq5259yr 244 12 stock stock NN cord-265023-lq5259yr 244 13 market market NN cord-265023-lq5259yr 244 14 and and CC cord-265023-lq5259yr 244 15 the the DT cord-265023-lq5259yr 244 16 exchange exchange NN cord-265023-lq5259yr 244 17 rate rate NN cord-265023-lq5259yr 244 18 in in IN cord-265023-lq5259yr 244 19 the the DT cord-265023-lq5259yr 244 20 UK UK NNP cord-265023-lq5259yr 244 21 to to IN cord-265023-lq5259yr 244 22 a a DT cord-265023-lq5259yr 244 23 shadow shadow NN cord-265023-lq5259yr 244 24 rate rate NN cord-265023-lq5259yr 244 25 shock shock NN cord-265023-lq5259yr 244 26 . . . cord-265023-lq5259yr 245 1 A a DT cord-265023-lq5259yr 245 2 confidence confidence NN cord-265023-lq5259yr 245 3 interval interval NN cord-265023-lq5259yr 245 4 of of IN cord-265023-lq5259yr 245 5 2 2 CD cord-265023-lq5259yr 245 6 standard standard JJ cord-265023-lq5259yr 245 7 deviations deviation NNS cord-265023-lq5259yr 245 8 based base VBN cord-265023-lq5259yr 245 9 on on IN cord-265023-lq5259yr 245 10 1000 1000 CD cord-265023-lq5259yr 245 11 replications replication NNS cord-265023-lq5259yr 245 12 is be VBZ cord-265023-lq5259yr 245 13 included include VBN cord-265023-lq5259yr 245 14 . . . cord-265023-lq5259yr 246 1 Vertical vertical JJ cord-265023-lq5259yr 246 2 axes axis NNS cord-265023-lq5259yr 246 3 - - : cord-265023-lq5259yr 246 4 the the DT cord-265023-lq5259yr 246 5 deviation deviation NN cord-265023-lq5259yr 246 6 from from IN cord-265023-lq5259yr 246 7 the the DT cord-265023-lq5259yr 246 8 baseline baseline JJ cord-265023-lq5259yr 246 9 level level NN cord-265023-lq5259yr 246 10 . . . cord-265023-lq5259yr 247 1 Horizontal horizontal JJ cord-265023-lq5259yr 247 2 axes axis NNS cord-265023-lq5259yr 247 3 - - : cord-265023-lq5259yr 247 4 the the DT cord-265023-lq5259yr 247 5 number number NN cord-265023-lq5259yr 247 6 of of IN cord-265023-lq5259yr 247 7 quarters quarter NNS cord-265023-lq5259yr 247 8 after after IN cord-265023-lq5259yr 247 9 the the DT cord-265023-lq5259yr 247 10 shock shock NN cord-265023-lq5259yr 247 11 . . . cord-265023-lq5259yr 248 1 Source source NN cord-265023-lq5259yr 248 2 Author Author NNP cord-265023-lq5259yr 248 3 's 's POS cord-265023-lq5259yr 248 4 estimates estimate NNS cord-265023-lq5259yr 248 5 based base VBN cord-265023-lq5259yr 248 6 on on IN cord-265023-lq5259yr 248 7 datastream datastream NN cord-265023-lq5259yr 248 8 and and CC cord-265023-lq5259yr 248 9 BIS BIS NNP cord-265023-lq5259yr 248 10 statistics statistic NNS cord-265023-lq5259yr 248 11 , , , cord-265023-lq5259yr 248 12 IRFs irfs NN cord-265023-lq5259yr 248 13 generated generate VBN cord-265023-lq5259yr 248 14 in in IN cord-265023-lq5259yr 248 15 EViews EViews NNP cord-265023-lq5259yr 248 16 _SP cord-265023-lq5259yr 248 17 See see VB cord-265023-lq5259yr 248 18 Table Table NNP cord-265023-lq5259yr 248 19 9 9 CD cord-265023-lq5259yr 248 20 . . . cord-265023-lq5259yr 248 21 _SP cord-265023-lq5259yr 249 1 See see VB cord-265023-lq5259yr 249 2 Table Table NNP cord-265023-lq5259yr 249 3 10 10 CD cord-265023-lq5259yr 249 4 . . . cord-265023-lq5259yr 249 5 _SP cord-265023-lq5259yr 250 1 Effects effect NNS cord-265023-lq5259yr 250 2 of of IN cord-265023-lq5259yr 250 3 Euro Euro NNP cord-265023-lq5259yr 250 4 Area Area NNP cord-265023-lq5259yr 250 5 Monetary Monetary NNP cord-265023-lq5259yr 250 6 Policy Policy NNP cord-265023-lq5259yr 250 7 on on IN cord-265023-lq5259yr 250 8 Institutional Institutional NNP cord-265023-lq5259yr 250 9 Sectors Sectors NNP cord-265023-lq5259yr 250 10 : : : cord-265023-lq5259yr 251 1 The the DT cord-265023-lq5259yr 251 2 Case Case NNP cord-265023-lq5259yr 251 3 of of IN cord-265023-lq5259yr 251 4 Portugal Portugal NNP cord-265023-lq5259yr 251 5 The the DT cord-265023-lq5259yr 251 6 Macroeconomic Macroeconomic NNP cord-265023-lq5259yr 251 7 Effects Effects NNPS cord-265023-lq5259yr 251 8 of of IN cord-265023-lq5259yr 251 9 Fiscal fiscal JJ cord-265023-lq5259yr 251 10 Policy Policy NNP cord-265023-lq5259yr 251 11 in in IN cord-265023-lq5259yr 251 12 Portugal Portugal NNP cord-265023-lq5259yr 251 13 : : : cord-265023-lq5259yr 251 14 A a DT cord-265023-lq5259yr 251 15 Bayesian Bayesian NNP cord-265023-lq5259yr 251 16 SVAR SVAR NNP cord-265023-lq5259yr 251 17 Analysis Analysis NNP cord-265023-lq5259yr 252 1 The the DT cord-265023-lq5259yr 252 2 Macroeconomic Macroeconomic NNP cord-265023-lq5259yr 252 3 Effects Effects NNPS cord-265023-lq5259yr 252 4 of of IN cord-265023-lq5259yr 252 5 Fiscal fiscal JJ cord-265023-lq5259yr 252 6 Policy policy NN cord-265023-lq5259yr 252 7 An an DT cord-265023-lq5259yr 252 8 Introduction introduction NN cord-265023-lq5259yr 252 9 to to IN cord-265023-lq5259yr 252 10 Financial financial JJ cord-265023-lq5259yr 252 11 Crises crisis NNS cord-265023-lq5259yr 253 1 A a DT cord-265023-lq5259yr 253 2 note note NN cord-265023-lq5259yr 253 3 on on IN cord-265023-lq5259yr 253 4 the the DT cord-265023-lq5259yr 253 5 relation relation NN cord-265023-lq5259yr 253 6 between between IN cord-265023-lq5259yr 253 7 the the DT cord-265023-lq5259yr 253 8 equity equity NN cord-265023-lq5259yr 253 9 risk risk NN cord-265023-lq5259yr 253 10 premium premium NN cord-265023-lq5259yr 253 11 and and CC cord-265023-lq5259yr 253 12 the the DT cord-265023-lq5259yr 253 13 term term NN cord-265023-lq5259yr 253 14 structure structure NN cord-265023-lq5259yr 253 15 Firm firm JJ cord-265023-lq5259yr 253 16 valuation valuation NN cord-265023-lq5259yr 253 17 , , , cord-265023-lq5259yr 253 18 earnings earning NNS cord-265023-lq5259yr 253 19 expectations expectation NNS cord-265023-lq5259yr 253 20 , , , cord-265023-lq5259yr 253 21 and and CC cord-265023-lq5259yr 253 22 the the DT cord-265023-lq5259yr 253 23 exchange exchange NN cord-265023-lq5259yr 253 24 rate rate NN cord-265023-lq5259yr 253 25 exposure exposure NN cord-265023-lq5259yr 253 26 effect effect NN cord-265023-lq5259yr 253 27 Firm firm JJ cord-265023-lq5259yr 253 28 valuation valuation NN cord-265023-lq5259yr 253 29 , , , cord-265023-lq5259yr 253 30 earnings earning NNS cord-265023-lq5259yr 253 31 expectations expectation NNS cord-265023-lq5259yr 253 32 and and CC cord-265023-lq5259yr 253 33 the the DT cord-265023-lq5259yr 253 34 exchange exchange NN cord-265023-lq5259yr 253 35 rate rate NN cord-265023-lq5259yr 253 36 exposure exposure NN cord-265023-lq5259yr 253 37 effect effect NN cord-265023-lq5259yr 254 1 The the DT cord-265023-lq5259yr 254 2 credit credit NN cord-265023-lq5259yr 254 3 crunch crunch NN cord-265023-lq5259yr 254 4 Monetary monetary JJ cord-265023-lq5259yr 254 5 policy policy NN cord-265023-lq5259yr 254 6 and and CC cord-265023-lq5259yr 254 7 financial financial JJ cord-265023-lq5259yr 254 8 stability stability NN cord-265023-lq5259yr 254 9 : : : cord-265023-lq5259yr 255 1 What what WDT cord-265023-lq5259yr 255 2 role role NN cord-265023-lq5259yr 255 3 in in IN cord-265023-lq5259yr 255 4 prevention prevention NN cord-265023-lq5259yr 255 5 and and CC cord-265023-lq5259yr 255 6 recovery recovery NN cord-265023-lq5259yr 255 7 Monetary monetary JJ cord-265023-lq5259yr 255 8 policy policy NN cord-265023-lq5259yr 255 9 effects effect NNS cord-265023-lq5259yr 255 10 on on IN cord-265023-lq5259yr 255 11 output output NN cord-265023-lq5259yr 255 12 and and CC cord-265023-lq5259yr 255 13 exchange exchange NN cord-265023-lq5259yr 255 14 rates rate NNS cord-265023-lq5259yr 255 15 : : : cord-265023-lq5259yr 255 16 Results result NNS cord-265023-lq5259yr 255 17 from from IN cord-265023-lq5259yr 255 18 US US NNP cord-265023-lq5259yr 255 19 , , , cord-265023-lq5259yr 255 20 UK UK NNP cord-265023-lq5259yr 255 21 and and CC cord-265023-lq5259yr 255 22 Japan Japan NNP cord-265023-lq5259yr 256 1 When when WRB cord-265023-lq5259yr 256 2 capital capital NN cord-265023-lq5259yr 256 3 inflows inflow NNS cord-265023-lq5259yr 256 4 come come VBP cord-265023-lq5259yr 256 5 to to IN cord-265023-lq5259yr 256 6 a a DT cord-265023-lq5259yr 256 7 sudden sudden JJ cord-265023-lq5259yr 256 8 stop stop NN cord-265023-lq5259yr 256 9 : : : cord-265023-lq5259yr 256 10 Consequences consequence NNS cord-265023-lq5259yr 256 11 and and CC cord-265023-lq5259yr 256 12 policy policy NN cord-265023-lq5259yr 256 13 options option NNS cord-265023-lq5259yr 256 14 The the DT cord-265023-lq5259yr 256 15 credit credit NN cord-265023-lq5259yr 256 16 channel channel NN cord-265023-lq5259yr 256 17 and and CC cord-265023-lq5259yr 256 18 monetary monetary JJ cord-265023-lq5259yr 256 19 transmission transmission NN cord-265023-lq5259yr 256 20 in in IN cord-265023-lq5259yr 256 21 Brazil Brazil NNP cord-265023-lq5259yr 256 22 and and CC cord-265023-lq5259yr 256 23 Chile Chile NNP cord-265023-lq5259yr 256 24 : : : cord-265023-lq5259yr 257 1 A a DT cord-265023-lq5259yr 257 2 structural structural JJ cord-265023-lq5259yr 257 3 VAR var NN cord-265023-lq5259yr 257 4 approach approach NN cord-265023-lq5259yr 257 5 . . . cord-265023-lq5259yr 258 1 Working Working NNP cord-265023-lq5259yr 258 2 Papers Papers NNP cord-265023-lq5259yr 258 3 Central Central NNP cord-265023-lq5259yr 258 4 Bank Bank NNP cord-265023-lq5259yr 258 5 of of IN cord-265023-lq5259yr 258 6 Chile Chile NNP cord-265023-lq5259yr 258 7 579 579 CD cord-265023-lq5259yr 258 8 Current current JJ cord-265023-lq5259yr 258 9 account account NN cord-265023-lq5259yr 258 10 and and CC cord-265023-lq5259yr 258 11 exchange exchange NN cord-265023-lq5259yr 258 12 rate rate NN cord-265023-lq5259yr 258 13 dynamics dynamic NNS cord-265023-lq5259yr 258 14 Monetary monetary JJ cord-265023-lq5259yr 258 15 policy policy NN cord-265023-lq5259yr 258 16 and and CC cord-265023-lq5259yr 258 17 financial financial JJ cord-265023-lq5259yr 258 18 stability stability NN cord-265023-lq5259yr 258 19 : : : cord-265023-lq5259yr 258 20 empirical empirical JJ cord-265023-lq5259yr 258 21 evidence evidence NN cord-265023-lq5259yr 258 22 from from IN cord-265023-lq5259yr 258 23 Central central JJ cord-265023-lq5259yr 258 24 and and CC cord-265023-lq5259yr 258 25 Eastern eastern JJ cord-265023-lq5259yr 258 26 European european JJ cord-265023-lq5259yr 258 27 countries country NNS cord-265023-lq5259yr 258 28 Sources source NNS cord-265023-lq5259yr 258 29 of of IN cord-265023-lq5259yr 258 30 real real JJ cord-265023-lq5259yr 258 31 exchange exchange NN cord-265023-lq5259yr 258 32 rate rate NN cord-265023-lq5259yr 258 33 fluctuations fluctuation NNS cord-265023-lq5259yr 259 1 : : : cord-265023-lq5259yr 259 2 How how WRB cord-265023-lq5259yr 259 3 important important JJ cord-265023-lq5259yr 259 4 are be VBP cord-265023-lq5259yr 259 5 nominal nominal JJ cord-265023-lq5259yr 259 6 shocks shock NNS cord-265023-lq5259yr 259 7 ? ? . cord-265023-lq5259yr 260 1 Why why WRB cord-265023-lq5259yr 260 2 is be VBZ cord-265023-lq5259yr 260 3 financial financial JJ cord-265023-lq5259yr 260 4 stability stability NN cord-265023-lq5259yr 260 5 a a DT cord-265023-lq5259yr 260 6 goal goal NN cord-265023-lq5259yr 260 7 of of IN cord-265023-lq5259yr 260 8 public public JJ cord-265023-lq5259yr 260 9 policy policy NN cord-265023-lq5259yr 260 10 Structural structural JJ cord-265023-lq5259yr 260 11 VAR var NN cord-265023-lq5259yr 260 12 , , , cord-265023-lq5259yr 260 13 MARMA MARMA NNP cord-265023-lq5259yr 260 14 and and CC cord-265023-lq5259yr 260 15 Open Open NNP cord-265023-lq5259yr 260 16 Economy Economy NNP cord-265023-lq5259yr 260 17 Models Models NNPS cord-265023-lq5259yr 260 18 . . . cord-265023-lq5259yr 261 1 Columbia Columbia NNP cord-265023-lq5259yr 261 2 University University NNP cord-265023-lq5259yr 261 3 Discussion Discussion NNP cord-265023-lq5259yr 261 4 Paper Paper NNP cord-265023-lq5259yr 261 5 9798 9798 CD cord-265023-lq5259yr 261 6 - - HYPH cord-265023-lq5259yr 261 7 07 07 CD cord-265023-lq5259yr 262 1 Anchoring anchor VBG cord-265023-lq5259yr 262 2 countercyclical countercyclical JJ cord-265023-lq5259yr 262 3 capital capital NN cord-265023-lq5259yr 262 4 buffers buffer NNS cord-265023-lq5259yr 262 5 : : : cord-265023-lq5259yr 263 1 The the DT cord-265023-lq5259yr 263 2 role role NN cord-265023-lq5259yr 263 3 of of IN cord-265023-lq5259yr 263 4 credit credit NN cord-265023-lq5259yr 263 5 aggregates aggregate NNS cord-265023-lq5259yr 263 6 Some some DT cord-265023-lq5259yr 263 7 empirical empirical JJ cord-265023-lq5259yr 263 8 evidence evidence NN cord-265023-lq5259yr 263 9 on on IN cord-265023-lq5259yr 263 10 the the DT cord-265023-lq5259yr 263 11 effects effect NNS cord-265023-lq5259yr 263 12 of of IN cord-265023-lq5259yr 263 13 monetary monetary JJ cord-265023-lq5259yr 263 14 policy policy NN cord-265023-lq5259yr 263 15 shocks shock NNS cord-265023-lq5259yr 263 16 on on IN cord-265023-lq5259yr 263 17 exchange exchange NN cord-265023-lq5259yr 263 18 rates rate NNS cord-265023-lq5259yr 263 19 Tapering taper VBG cord-265023-lq5259yr 263 20 talk talk NN cord-265023-lq5259yr 263 21 : : : cord-265023-lq5259yr 263 22 The the DT cord-265023-lq5259yr 263 23 impact impact NN cord-265023-lq5259yr 263 24 of of IN cord-265023-lq5259yr 263 25 expectations expectation NNS cord-265023-lq5259yr 263 26 of of IN cord-265023-lq5259yr 263 27 reduced reduce VBN cord-265023-lq5259yr 263 28 Federal Federal NNP cord-265023-lq5259yr 263 29 Reserve Reserve NNP cord-265023-lq5259yr 263 30 security security NN cord-265023-lq5259yr 263 31 purchases purchase NNS cord-265023-lq5259yr 263 32 on on IN cord-265023-lq5259yr 263 33 emerging emerge VBG cord-265023-lq5259yr 263 34 markets market NNS cord-265023-lq5259yr 264 1 The the DT cord-265023-lq5259yr 264 2 UK UK NNP cord-265023-lq5259yr 264 3 housing housing NN cord-265023-lq5259yr 264 4 market market NN cord-265023-lq5259yr 264 5 and and CC cord-265023-lq5259yr 264 6 the the DT cord-265023-lq5259yr 264 7 monetary monetary JJ cord-265023-lq5259yr 264 8 policy policy NN cord-265023-lq5259yr 264 9 transmission transmission NN cord-265023-lq5259yr 264 10 mechanism mechanism NN cord-265023-lq5259yr 264 11 : : : cord-265023-lq5259yr 265 1 An an DT cord-265023-lq5259yr 265 2 SVAR SVAR NNP cord-265023-lq5259yr 265 3 approach approach NN cord-265023-lq5259yr 265 4 Stock Stock NNP cord-265023-lq5259yr 265 5 returns return NNS cord-265023-lq5259yr 265 6 , , , cord-265023-lq5259yr 265 7 real real JJ cord-265023-lq5259yr 265 8 activity activity NN cord-265023-lq5259yr 265 9 , , , cord-265023-lq5259yr 265 10 inflation inflation NN cord-265023-lq5259yr 265 11 , , , cord-265023-lq5259yr 265 12 and and CC cord-265023-lq5259yr 265 13 money money NN cord-265023-lq5259yr 265 14 Monetary monetary JJ cord-265023-lq5259yr 265 15 policy policy NN cord-265023-lq5259yr 265 16 's 's POS cord-265023-lq5259yr 265 17 role role NN cord-265023-lq5259yr 265 18 in in IN cord-265023-lq5259yr 265 19 exchange exchange NN cord-265023-lq5259yr 265 20 rate rate NN cord-265023-lq5259yr 265 21 behaviour behaviour NN cord-265023-lq5259yr 266 1 The the DT cord-265023-lq5259yr 266 2 fiscal fiscal JJ cord-265023-lq5259yr 266 3 and and CC cord-265023-lq5259yr 266 4 monetary monetary JJ cord-265023-lq5259yr 266 5 linkage linkage NN cord-265023-lq5259yr 266 6 between between IN cord-265023-lq5259yr 266 7 stock stock NN cord-265023-lq5259yr 266 8 returns return NNS cord-265023-lq5259yr 266 9 and and CC cord-265023-lq5259yr 266 10 inflation inflation NN cord-265023-lq5259yr 266 11 Stories story NNS cord-265023-lq5259yr 266 12 of of IN cord-265023-lq5259yr 266 13 the the DT cord-265023-lq5259yr 266 14 twentieth twentieth JJ cord-265023-lq5259yr 266 15 century century NN cord-265023-lq5259yr 266 16 for for IN cord-265023-lq5259yr 266 17 the the DT cord-265023-lq5259yr 266 18 twenty twenty CD cord-265023-lq5259yr 266 19 - - HYPH cord-265023-lq5259yr 266 20 first first JJ cord-265023-lq5259yr 266 21 Monetary monetary JJ cord-265023-lq5259yr 266 22 and and CC cord-265023-lq5259yr 266 23 financial financial JJ cord-265023-lq5259yr 266 24 stability stability NN cord-265023-lq5259yr 266 25 in in IN cord-265023-lq5259yr 266 26 the the DT cord-265023-lq5259yr 266 27 euro euro NNP cord-265023-lq5259yr 266 28 area area NN cord-265023-lq5259yr 266 29 : : : cord-265023-lq5259yr 266 30 Pro pro JJ cord-265023-lq5259yr 266 31 cyclicality cyclicality NN cord-265023-lq5259yr 266 32 versus versus IN cord-265023-lq5259yr 266 33 trade trade NN cord-265023-lq5259yr 266 34 - - HYPH cord-265023-lq5259yr 266 35 off off RP cord-265023-lq5259yr 266 36 Liquidity liquidity NN cord-265023-lq5259yr 266 37 models model NNS cord-265023-lq5259yr 266 38 in in IN cord-265023-lq5259yr 266 39 open open JJ cord-265023-lq5259yr 266 40 economies economy NNS cord-265023-lq5259yr 266 41 : : : cord-265023-lq5259yr 267 1 Theory theory NN cord-265023-lq5259yr 267 2 and and CC cord-265023-lq5259yr 267 3 empirical empirical JJ cord-265023-lq5259yr 267 4 evidence evidence NN cord-265023-lq5259yr 268 1 The the DT cord-265023-lq5259yr 268 2 relationship relationship NN cord-265023-lq5259yr 268 3 between between IN cord-265023-lq5259yr 268 4 exchange exchange NN cord-265023-lq5259yr 268 5 rates rate NNS cord-265023-lq5259yr 268 6 and and CC cord-265023-lq5259yr 268 7 interest interest NN cord-265023-lq5259yr 268 8 rate rate NN cord-265023-lq5259yr 268 9 differentials differential NNS cord-265023-lq5259yr 268 10 : : : cord-265023-lq5259yr 268 11 A a DT cord-265023-lq5259yr 268 12 wavelet wavelet JJ cord-265023-lq5259yr 268 13 approach approach NN cord-265023-lq5259yr 268 14 On on IN cord-265023-lq5259yr 268 15 the the DT cord-265023-lq5259yr 268 16 structural structural JJ cord-265023-lq5259yr 268 17 form form NN cord-265023-lq5259yr 268 18 of of IN cord-265023-lq5259yr 268 19 interdependent interdependent JJ cord-265023-lq5259yr 268 20 systems system NNS cord-265023-lq5259yr 269 1 The the DT cord-265023-lq5259yr 269 2 effects effect NNS cord-265023-lq5259yr 269 3 of of IN cord-265023-lq5259yr 269 4 conventional conventional JJ cord-265023-lq5259yr 269 5 and and CC cord-265023-lq5259yr 269 6 unconventional unconventional JJ cord-265023-lq5259yr 269 7 monetary monetary JJ cord-265023-lq5259yr 269 8 policy policy NN cord-265023-lq5259yr 269 9 on on IN cord-265023-lq5259yr 269 10 exchange exchange NN cord-265023-lq5259yr 269 11 rates rate NNS cord-265023-lq5259yr 269 12 A a DT cord-265023-lq5259yr 269 13 practioner practioner NN cord-265023-lq5259yr 269 14 's 's POS cord-265023-lq5259yr 269 15 guide guide NN cord-265023-lq5259yr 269 16 to to IN cord-265023-lq5259yr 269 17 lag lag VB cord-265023-lq5259yr 269 18 - - HYPH cord-265023-lq5259yr 269 19 order order NN cord-265023-lq5259yr 269 20 selection selection NN cord-265023-lq5259yr 269 21 for for IN cord-265023-lq5259yr 269 22 vector vector NN cord-265023-lq5259yr 269 23 autorgressions autorgression NNS cord-265023-lq5259yr 269 24 . . . cord-265023-lq5259yr 270 1 CEPR CEPR NNP cord-265023-lq5259yr 271 1 Discussion Discussion NNP cord-265023-lq5259yr 271 2 Papers paper NNS cord-265023-lq5259yr 271 3 2685 2685 CD cord-265023-lq5259yr 271 4 Credit Credit NNP cord-265023-lq5259yr 271 5 supply supply NN cord-265023-lq5259yr 271 6 and and CC cord-265023-lq5259yr 271 7 monetary monetary JJ cord-265023-lq5259yr 271 8 policy policy NN cord-265023-lq5259yr 271 9 : : : cord-265023-lq5259yr 272 1 Identifying identify VBG cord-265023-lq5259yr 272 2 the the DT cord-265023-lq5259yr 272 3 bank bank NN cord-265023-lq5259yr 272 4 balance balance NN cord-265023-lq5259yr 272 5 - - HYPH cord-265023-lq5259yr 272 6 sheet sheet NN cord-265023-lq5259yr 272 7 channel channel NN cord-265023-lq5259yr 272 8 with with IN cord-265023-lq5259yr 272 9 loan loan NN cord-265023-lq5259yr 272 10 applications application NNS cord-265023-lq5259yr 272 11 Financial financial JJ cord-265023-lq5259yr 272 12 crises crisis NNS cord-265023-lq5259yr 272 13 , , , cord-265023-lq5259yr 272 14 credit credit NN cord-265023-lq5259yr 272 15 booms boom NNS cord-265023-lq5259yr 272 16 , , , cord-265023-lq5259yr 272 17 and and CC cord-265023-lq5259yr 272 18 external external JJ cord-265023-lq5259yr 272 19 imbalances imbalance NNS cord-265023-lq5259yr 272 20 : : : cord-265023-lq5259yr 272 21 140 140 CD cord-265023-lq5259yr 272 22 years year NNS cord-265023-lq5259yr 272 23 of of IN cord-265023-lq5259yr 272 24 lessons lesson NNS cord-265023-lq5259yr 272 25 When when WRB cord-265023-lq5259yr 272 26 credit credit NN cord-265023-lq5259yr 272 27 bites bite NNS cord-265023-lq5259yr 272 28 back back VBP cord-265023-lq5259yr 272 29 International international JJ cord-265023-lq5259yr 272 30 transmission transmission NN cord-265023-lq5259yr 272 31 of of IN cord-265023-lq5259yr 272 32 US US NNP cord-265023-lq5259yr 272 33 monetary monetary JJ cord-265023-lq5259yr 272 34 policy policy NN cord-265023-lq5259yr 272 35 shocks shock NNS cord-265023-lq5259yr 272 36 : : : cord-265023-lq5259yr 272 37 Evidence evidence NN cord-265023-lq5259yr 272 38 from from IN cord-265023-lq5259yr 272 39 VAR VAR NNP cord-265023-lq5259yr 272 40 's 's POS cord-265023-lq5259yr 272 41 Dollar Dollar NNP cord-265023-lq5259yr 272 42 exchange exchange NN cord-265023-lq5259yr 272 43 rate rate NN cord-265023-lq5259yr 272 44 and and CC cord-265023-lq5259yr 272 45 stock stock NN cord-265023-lq5259yr 272 46 price price NN cord-265023-lq5259yr 273 1 : : : cord-265023-lq5259yr 273 2 Evidence evidence NN cord-265023-lq5259yr 273 3 from from IN cord-265023-lq5259yr 273 4 multivariate multivariate JJ cord-265023-lq5259yr 273 5 cointegration cointegration NN cord-265023-lq5259yr 273 6 and and CC cord-265023-lq5259yr 273 7 error error NN cord-265023-lq5259yr 273 8 correction correction NN cord-265023-lq5259yr 273 9 model model NN cord-265023-lq5259yr 273 10 Exchange exchange NN cord-265023-lq5259yr 273 11 rate rate NN cord-265023-lq5259yr 273 12 anomalies anomaly NNS cord-265023-lq5259yr 273 13 in in IN cord-265023-lq5259yr 273 14 the the DT cord-265023-lq5259yr 273 15 industrial industrial JJ cord-265023-lq5259yr 273 16 countries country NNS cord-265023-lq5259yr 273 17 : : : cord-265023-lq5259yr 273 18 A a DT cord-265023-lq5259yr 273 19 solution solution NN cord-265023-lq5259yr 273 20 with with IN cord-265023-lq5259yr 273 21 a a DT cord-265023-lq5259yr 273 22 structural structural JJ cord-265023-lq5259yr 273 23 VAR var NN cord-265023-lq5259yr 273 24 approach approach NN cord-265023-lq5259yr 273 25 Measuring measure VBG cord-265023-lq5259yr 273 26 the the DT cord-265023-lq5259yr 273 27 stance stance NN cord-265023-lq5259yr 273 28 of of IN cord-265023-lq5259yr 273 29 monetary monetary JJ cord-265023-lq5259yr 273 30 policy policy NN cord-265023-lq5259yr 273 31 in in IN cord-265023-lq5259yr 273 32 zero zero CD cord-265023-lq5259yr 273 33 lower lower RBR cord-265023-lq5259yr 273 34 bound bind VBN cord-265023-lq5259yr 273 35 environments environment NNS cord-265023-lq5259yr 273 36 Zero zero CD cord-265023-lq5259yr 273 37 lower lower RBR cord-265023-lq5259yr 273 38 bound bind VBN cord-265023-lq5259yr 273 39 term term NN cord-265023-lq5259yr 273 40 structure structure NN cord-265023-lq5259yr 273 41 modelling modelling NN cord-265023-lq5259yr 273 42 : : : cord-265023-lq5259yr 273 43 A a DT cord-265023-lq5259yr 273 44 practitioner practitioner NN cord-265023-lq5259yr 273 45 's 's POS cord-265023-lq5259yr 273 46 guide guide NN cord-265023-lq5259yr 273 47 On on IN cord-265023-lq5259yr 273 48 the the DT cord-265023-lq5259yr 273 49 nexus nexus NN cord-265023-lq5259yr 273 50 of of IN cord-265023-lq5259yr 273 51 monetary monetary JJ cord-265023-lq5259yr 273 52 policy policy NN cord-265023-lq5259yr 273 53 and and CC cord-265023-lq5259yr 273 54 financial financial JJ cord-265023-lq5259yr 273 55 stability stability NN cord-265023-lq5259yr 273 56 : : : cord-265023-lq5259yr 273 57 Recent recent JJ cord-265023-lq5259yr 273 58 developments development NNS cord-265023-lq5259yr 273 59 and and CC cord-265023-lq5259yr 273 60 research research NN cord-265023-lq5259yr 273 61 . . . cord-265023-lq5259yr 274 1 Bank Bank NNP cord-265023-lq5259yr 274 2 of of IN cord-265023-lq5259yr 274 3 Canada Canada NNP cord-265023-lq5259yr 274 4 Discussion Discussion NNP cord-265023-lq5259yr 274 5 Paper Paper NNP cord-265023-lq5259yr 274 6 Current Current NNP cord-265023-lq5259yr 274 7 account account NN cord-265023-lq5259yr 274 8 and and CC cord-265023-lq5259yr 274 9 the the DT cord-265023-lq5259yr 274 10 real real JJ cord-265023-lq5259yr 274 11 exchange exchange NN cord-265023-lq5259yr 274 12 rate rate NN cord-265023-lq5259yr 274 13 dynamics dynamic NNS cord-265023-lq5259yr 274 14 in in IN cord-265023-lq5259yr 274 15 the the DT cord-265023-lq5259yr 274 16 G-7 G-7 NNP cord-265023-lq5259yr 274 17 countries country NNS cord-265023-lq5259yr 274 18 Techniques technique NNS cord-265023-lq5259yr 274 19 of of IN cord-265023-lq5259yr 274 20 forecasting forecasting NN cord-265023-lq5259yr 274 21 using use VBG cord-265023-lq5259yr 274 22 vector vector NN cord-265023-lq5259yr 274 23 autoregressions autoregression NNS cord-265023-lq5259yr 274 24 . . . cord-265023-lq5259yr 275 1 Federal Federal NNP cord-265023-lq5259yr 275 2 Reserve Reserve NNP cord-265023-lq5259yr 275 3 Bank Bank NNP cord-265023-lq5259yr 275 4 of of IN cord-265023-lq5259yr 275 5 Minneapolis Minneapolis NNP cord-265023-lq5259yr 275 6 Working Working NNP cord-265023-lq5259yr 275 7 Paper Paper NNP cord-265023-lq5259yr 275 8 115 115 CD cord-265023-lq5259yr 275 9 Causal Causal NNP cord-265023-lq5259yr 275 10 relations relation NNS cord-265023-lq5259yr 275 11 among among IN cord-265023-lq5259yr 275 12 stock stock NN cord-265023-lq5259yr 275 13 returns return NNS cord-265023-lq5259yr 275 14 , , , cord-265023-lq5259yr 275 15 inflation inflation NN cord-265023-lq5259yr 275 16 , , , cord-265023-lq5259yr 275 17 real real JJ cord-265023-lq5259yr 275 18 activity activity NN cord-265023-lq5259yr 275 19 , , , cord-265023-lq5259yr 275 20 and and CC cord-265023-lq5259yr 275 21 interest interest NN cord-265023-lq5259yr 275 22 rates rate NNS cord-265023-lq5259yr 275 23 : : : cord-265023-lq5259yr 275 24 Evidence evidence NN cord-265023-lq5259yr 275 25 from from IN cord-265023-lq5259yr 275 26 Japan Japan NNP cord-265023-lq5259yr 276 1 A a DT cord-265023-lq5259yr 276 2 structural structural JJ cord-265023-lq5259yr 276 3 VAR var NN cord-265023-lq5259yr 276 4 analysis analysis NN cord-265023-lq5259yr 276 5 of of IN cord-265023-lq5259yr 276 6 the the DT cord-265023-lq5259yr 276 7 monetary monetary JJ cord-265023-lq5259yr 276 8 policy policy NN cord-265023-lq5259yr 276 9 stance stance NN cord-265023-lq5259yr 276 10 in in IN cord-265023-lq5259yr 276 11 Japan Japan NNP cord-265023-lq5259yr 276 12 Determinants Determinants NNP cord-265023-lq5259yr 276 13 of of IN cord-265023-lq5259yr 276 14 non non JJ cord-265023-lq5259yr 276 15 - - JJ cord-265023-lq5259yr 276 16 performing performing JJ cord-265023-lq5259yr 276 17 loans loan NNS cord-265023-lq5259yr 276 18 in in IN cord-265023-lq5259yr 276 19 the the DT cord-265023-lq5259yr 276 20 southern southern JJ cord-265023-lq5259yr 276 21 mediterranean mediterranean NNP cord-265023-lq5259yr 276 22 countries country NNS cord-265023-lq5259yr 276 23 Capital Capital NNP cord-265023-lq5259yr 276 24 flows flow NNS cord-265023-lq5259yr 276 25 during during IN cord-265023-lq5259yr 276 26 quantitative quantitative JJ cord-265023-lq5259yr 276 27 easing easing NN cord-265023-lq5259yr 276 28 and and CC cord-265023-lq5259yr 276 29 aftermath aftermath NN cord-265023-lq5259yr 276 30 : : : cord-265023-lq5259yr 276 31 Experiences experience NNS cord-265023-lq5259yr 276 32 of of IN cord-265023-lq5259yr 276 33 Asian asian JJ cord-265023-lq5259yr 276 34 countries country NNS cord-265023-lq5259yr 276 35 Effects effect NNS cord-265023-lq5259yr 276 36 of of IN cord-265023-lq5259yr 276 37 foreign foreign JJ cord-265023-lq5259yr 276 38 and and CC cord-265023-lq5259yr 276 39 domestic domestic JJ cord-265023-lq5259yr 276 40 monetary monetary JJ cord-265023-lq5259yr 276 41 policy policy NN cord-265023-lq5259yr 276 42 in in IN cord-265023-lq5259yr 276 43 a a DT cord-265023-lq5259yr 276 44 small small JJ cord-265023-lq5259yr 276 45 open open JJ cord-265023-lq5259yr 276 46 economy economy NN cord-265023-lq5259yr 276 47 : : : cord-265023-lq5259yr 276 48 The the DT cord-265023-lq5259yr 276 49 Case Case NNP cord-265023-lq5259yr 276 50 of of IN cord-265023-lq5259yr 276 51 Chile Chile NNP cord-265023-lq5259yr 276 52 . . . cord-265023-lq5259yr 277 1 Central Central NNP cord-265023-lq5259yr 277 2 Bank Bank NNP cord-265023-lq5259yr 277 3 of of IN cord-265023-lq5259yr 277 4 Chile Chile NNP cord-265023-lq5259yr 277 5 Working Working NNP cord-265023-lq5259yr 277 6 Papers Papers NNPS cord-265023-lq5259yr 277 7 Identifying identify VBG cord-265023-lq5259yr 277 8 fiscal fiscal JJ cord-265023-lq5259yr 277 9 policy policy NN cord-265023-lq5259yr 277 10 shocks shock NNS cord-265023-lq5259yr 277 11 in in IN cord-265023-lq5259yr 277 12 Chile Chile NNP cord-265023-lq5259yr 277 13 and and CC cord-265023-lq5259yr 277 14 Colombia Colombia NNP cord-265023-lq5259yr 278 1 The the DT cord-265023-lq5259yr 278 2 generalisation generalisation NN cord-265023-lq5259yr 278 3 of of IN cord-265023-lq5259yr 278 4 the the DT cord-265023-lq5259yr 278 5 general general JJ cord-265023-lq5259yr 278 6 theory theory NN cord-265023-lq5259yr 278 7 Structural structural JJ cord-265023-lq5259yr 278 8 vector vector NN cord-265023-lq5259yr 278 9 autoregression autoregression NN cord-265023-lq5259yr 278 10 models model NNS cord-265023-lq5259yr 278 11 . . . cord-265023-lq5259yr 279 1 The the DT cord-265023-lq5259yr 279 2 STATA STATA NNP cord-265023-lq5259yr 279 3 Blog Blog NNP cord-265023-lq5259yr 279 4 Real real JJ cord-265023-lq5259yr 279 5 effects effect NNS cord-265023-lq5259yr 279 6 of of IN cord-265023-lq5259yr 279 7 quantitative quantitative JJ cord-265023-lq5259yr 279 8 easing easing NN cord-265023-lq5259yr 279 9 at at IN cord-265023-lq5259yr 279 10 the the DT cord-265023-lq5259yr 279 11 zero zero CD cord-265023-lq5259yr 279 12 lower lower RBR cord-265023-lq5259yr 279 13 bound bind VBN cord-265023-lq5259yr 279 14 : : : cord-265023-lq5259yr 280 1 Structural structural JJ cord-265023-lq5259yr 280 2 VAR var NN cord-265023-lq5259yr 280 3 - - HYPH cord-265023-lq5259yr 280 4 based base VBN cord-265023-lq5259yr 280 5 evidence evidence NN cord-265023-lq5259yr 280 6 from from IN cord-265023-lq5259yr 280 7 Japan Japan NNP cord-265023-lq5259yr 280 8 Credit Credit NNP cord-265023-lq5259yr 280 9 booms boom NNS cord-265023-lq5259yr 280 10 gone go VBN cord-265023-lq5259yr 280 11 bust bust RB cord-265023-lq5259yr 280 12 : : : cord-265023-lq5259yr 280 13 Monetary monetary JJ cord-265023-lq5259yr 280 14 policy policy NN cord-265023-lq5259yr 280 15 , , , cord-265023-lq5259yr 280 16 leverage leverage NN cord-265023-lq5259yr 280 17 cycles cycle NNS cord-265023-lq5259yr 280 18 , , , cord-265023-lq5259yr 280 19 and and CC cord-265023-lq5259yr 280 20 financial financial JJ cord-265023-lq5259yr 280 21 crises crisis NNS cord-265023-lq5259yr 280 22 Macroeconomics macroeconomic NNS cord-265023-lq5259yr 280 23 and and CC cord-265023-lq5259yr 280 24 reality reality NN cord-265023-lq5259yr 280 25 Structural structural JJ cord-265023-lq5259yr 280 26 VAR VAR NNP cord-265023-lq5259yr 280 27 's 's POS cord-265023-lq5259yr 280 28 . . . cord-265023-lq5259yr 281 1 Econ Econ NNP cord-265023-lq5259yr 282 1 The the DT cord-265023-lq5259yr 282 2 effects effect NNS cord-265023-lq5259yr 282 3 of of IN cord-265023-lq5259yr 282 4 monetary monetary JJ cord-265023-lq5259yr 282 5 policy policy NN cord-265023-lq5259yr 282 6 in in IN cord-265023-lq5259yr 282 7 a a DT cord-265023-lq5259yr 282 8 small small JJ cord-265023-lq5259yr 282 9 open open JJ cord-265023-lq5259yr 282 10 economy economy NN cord-265023-lq5259yr 282 11 : : : cord-265023-lq5259yr 282 12 the the DT cord-265023-lq5259yr 282 13 case case NN cord-265023-lq5259yr 282 14 of of IN cord-265023-lq5259yr 282 15 Portugal Portugal NNP cord-265023-lq5259yr 282 16 Price Price NNP cord-265023-lq5259yr 282 17 and and CC cord-265023-lq5259yr 282 18 volatility volatility NN cord-265023-lq5259yr 282 19 spillovers spillover NNS cord-265023-lq5259yr 282 20 between between IN cord-265023-lq5259yr 282 21 stock stock NN cord-265023-lq5259yr 282 22 prices price NNS cord-265023-lq5259yr 282 23 and and CC cord-265023-lq5259yr 282 24 exchange exchange NN cord-265023-lq5259yr 282 25 rates rate NNS cord-265023-lq5259yr 282 26 : : : cord-265023-lq5259yr 282 27 Empirical empirical JJ cord-265023-lq5259yr 282 28 evidence evidence NN cord-265023-lq5259yr 282 29 from from IN cord-265023-lq5259yr 282 30 the the DT cord-265023-lq5259yr 282 31 G-7 G-7 NNP cord-265023-lq5259yr 282 32 countries country NNS cord-265023-lq5259yr 282 33 Japanese japanese JJ cord-265023-lq5259yr 282 34 monetary monetary JJ cord-265023-lq5259yr 282 35 policy policy NN cord-265023-lq5259yr 282 36 reaction reaction NN cord-265023-lq5259yr 282 37 function function NN cord-265023-lq5259yr 282 38 and and CC cord-265023-lq5259yr 282 39 time time NN cord-265023-lq5259yr 282 40 varying vary VBG cord-265023-lq5259yr 282 41 structural structural JJ cord-265023-lq5259yr 282 42 vector vector NN cord-265023-lq5259yr 282 43 autoregressions autoregression NNS cord-265023-lq5259yr 282 44 : : : cord-265023-lq5259yr 283 1 A a DT cord-265023-lq5259yr 283 2 Monte Monte NNP cord-265023-lq5259yr 283 3 Carlo Carlo NNP cord-265023-lq5259yr 283 4 particle particle NN cord-265023-lq5259yr 283 5 filtering filtering NN cord-265023-lq5259yr 283 6 approach approach NN cord-265023-lq5259yr 284 1 Acknowledgements acknowledgement NNS cord-265023-lq5259yr 284 2 I -PRON- PRP cord-265023-lq5259yr 284 3 am be VBP cord-265023-lq5259yr 284 4 grateful grateful JJ cord-265023-lq5259yr 284 5 to to IN cord-265023-lq5259yr 284 6 Nuno Nuno NNP cord-265023-lq5259yr 284 7 Sobreira Sobreira NNP cord-265023-lq5259yr 284 8 and and CC cord-265023-lq5259yr 284 9 Harald Harald NNP cord-265023-lq5259yr 284 10 Badinger Badinger NNP cord-265023-lq5259yr 284 11 for for IN cord-265023-lq5259yr 284 12 their -PRON- PRP$ cord-265023-lq5259yr 284 13 useful useful JJ cord-265023-lq5259yr 284 14 comments comment NNS cord-265023-lq5259yr 284 15 at at IN cord-265023-lq5259yr 284 16 the the DT cord-265023-lq5259yr 284 17 INFER INFER NNP cord-265023-lq5259yr 284 18 Workshop Workshop NNP cord-265023-lq5259yr 284 19 on on IN cord-265023-lq5259yr 284 20 New New NNP cord-265023-lq5259yr 284 21 Challenges Challenges NNPS cord-265023-lq5259yr 284 22 for for IN cord-265023-lq5259yr 284 23 Fiscal Fiscal NNP cord-265023-lq5259yr 284 24 Policy Policy NNP cord-265023-lq5259yr 284 25 on on IN cord-265023-lq5259yr 284 26 an an DT cord-265023-lq5259yr 284 27 earlier early JJR cord-265023-lq5259yr 284 28 version version NN cord-265023-lq5259yr 284 29 of of IN cord-265023-lq5259yr 284 30 this this DT cord-265023-lq5259yr 284 31 paper paper NN cord-265023-lq5259yr 284 32 . . . cord-265023-lq5259yr 285 1 I -PRON- PRP cord-265023-lq5259yr 285 2 am be VBP cord-265023-lq5259yr 285 3 also also RB cord-265023-lq5259yr 285 4 grateful grateful JJ cord-265023-lq5259yr 285 5 to to IN cord-265023-lq5259yr 285 6 both both DT cord-265023-lq5259yr 285 7 anonymous anonymous JJ cord-265023-lq5259yr 285 8 reviewers reviewer NNS cord-265023-lq5259yr 285 9 at at IN cord-265023-lq5259yr 285 10 the the DT cord-265023-lq5259yr 285 11 Journal Journal NNP cord-265023-lq5259yr 285 12 of of IN cord-265023-lq5259yr 285 13 Comparative Comparative NNP cord-265023-lq5259yr 285 14 Economic Economic NNP cord-265023-lq5259yr 285 15 Studies Studies NNPS cord-265023-lq5259yr 285 16 and and CC cord-265023-lq5259yr 285 17 to to IN cord-265023-lq5259yr 285 18 André André NNP cord-265023-lq5259yr 285 19 Teixeira Teixeira NNP cord-265023-lq5259yr 285 20 for for IN cord-265023-lq5259yr 285 21 the the DT cord-265023-lq5259yr 285 22 useful useful JJ cord-265023-lq5259yr 285 23 comments comment NNS cord-265023-lq5259yr 285 24 . . . cord-265023-lq5259yr 286 1 Lastly lastly RB cord-265023-lq5259yr 286 2 , , , cord-265023-lq5259yr 286 3 I -PRON- PRP cord-265023-lq5259yr 286 4 am be VBP cord-265023-lq5259yr 286 5 also also RB cord-265023-lq5259yr 286 6 grateful grateful JJ cord-265023-lq5259yr 286 7 to to IN cord-265023-lq5259yr 286 8 António António NNP cord-265023-lq5259yr 286 9 Afonso Afonso NNP cord-265023-lq5259yr 286 10 for for IN cord-265023-lq5259yr 286 11 his -PRON- PRP$ cord-265023-lq5259yr 286 12 useful useful JJ cord-265023-lq5259yr 286 13 comments comment NNS cord-265023-lq5259yr 286 14 . . .