id	sid	tid	token	lemma	pos
6h440r9858f	1	1	over	over	ADP
6h440r9858f	1	2	the	the	DET
6h440r9858f	1	3	last	last	ADJ
6h440r9858f	1	4	thirty	thirty	NUM
6h440r9858f	1	5	years	year	NOUN
6h440r9858f	1	6	cross	cross	ADJ
6h440r9858f	1	7	-	-	ADJ
6h440r9858f	1	8	border	border	ADJ
6h440r9858f	1	9	holdings	holding	NOUN
6h440r9858f	1	10	of	of	ADP
6h440r9858f	1	11	financial	financial	ADJ
6h440r9858f	1	12	assets	asset	NOUN
6h440r9858f	1	13	have	have	AUX
6h440r9858f	1	14	increased	increase	VERB
6h440r9858f	1	15	dramatically	dramatically	ADV
6h440r9858f	1	16	.	.	PUNCT
6h440r9858f	2	1	historically	historically	ADV
6h440r9858f	2	2	economists	economist	NOUN
6h440r9858f	2	3	have	have	AUX
6h440r9858f	2	4	regarded	regard	VERB
6h440r9858f	2	5	changes	change	NOUN
6h440r9858f	2	6	in	in	ADP
6h440r9858f	2	7	these	these	DET
6h440r9858f	2	8	positions	position	NOUN
6h440r9858f	2	9	as	as	ADP
6h440r9858f	2	10	being	be	AUX
6h440r9858f	2	11	due	due	ADJ
6h440r9858f	2	12	to	to	ADP
6h440r9858f	2	13	cross	cross	ADJ
6h440r9858f	2	14	-	-	ADJ
6h440r9858f	2	15	border	border	ADJ
6h440r9858f	2	16	trade	trade	NOUN
6h440r9858f	2	17	in	in	ADP
6h440r9858f	2	18	goods	good	NOUN
6h440r9858f	2	19	and	and	CCONJ
6h440r9858f	2	20	services	service	NOUN
6h440r9858f	2	21	.	.	PUNCT
6h440r9858f	3	1	yet	yet	ADV
6h440r9858f	3	2	,	,	PUNCT
6h440r9858f	3	3	this	this	DET
6h440r9858f	3	4	explanation	explanation	NOUN
6h440r9858f	3	5	does	do	AUX
6h440r9858f	3	6	not	not	PART
6h440r9858f	3	7	hold	hold	VERB
6h440r9858f	3	8	in	in	ADP
6h440r9858f	3	9	this	this	DET
6h440r9858f	3	10	latest	late	ADJ
6h440r9858f	3	11	period	period	NOUN
6h440r9858f	3	12	of	of	ADP
6h440r9858f	3	13	financial	financial	ADJ
6h440r9858f	3	14	globalization	globalization	NOUN
6h440r9858f	3	15	as	as	ADP
6h440r9858f	3	16	financial	financial	ADJ
6h440r9858f	3	17	asset	asset	NOUN
6h440r9858f	3	18	-	-	PUNCT
6h440r9858f	3	19	to	to	ADP
6h440r9858f	3	20	-	-	PUNCT
6h440r9858f	3	21	asset	asset	NOUN
6h440r9858f	3	22	trading	trading	NOUN
6h440r9858f	3	23	has	have	AUX
6h440r9858f	3	24	become	become	VERB
6h440r9858f	3	25	a	a	DET
6h440r9858f	3	26	much	much	ADV
6h440r9858f	3	27	larger	large	ADJ
6h440r9858f	3	28	contributor	contributor	NOUN
6h440r9858f	3	29	to	to	ADP
6h440r9858f	3	30	changes	change	NOUN
6h440r9858f	3	31	in	in	ADP
6h440r9858f	3	32	cross	cross	ADJ
6h440r9858f	3	33	-	-	ADJ
6h440r9858f	3	34	border	border	ADJ
6h440r9858f	3	35	financial	financial	ADJ
6h440r9858f	3	36	asset	asset	NOUN
6h440r9858f	3	37	positions	position	NOUN
6h440r9858f	3	38	.	.	PUNCT
6h440r9858f	4	1	the	the	DET
6h440r9858f	4	2	literature	literature	NOUN
6h440r9858f	4	3	has	have	AUX
6h440r9858f	4	4	also	also	ADV
6h440r9858f	4	5	generally	generally	ADV
6h440r9858f	4	6	subtracted	subtract	VERB
6h440r9858f	4	7	foreign	foreign	ADJ
6h440r9858f	4	8	claims	claim	NOUN
6h440r9858f	4	9	on	on	ADP
6h440r9858f	4	10	domestic	domestic	ADJ
6h440r9858f	4	11	agents	agent	NOUN
6h440r9858f	4	12	from	from	ADP
6h440r9858f	4	13	domestic	domestic	ADJ
6h440r9858f	4	14	claims	claim	NOUN
6h440r9858f	4	15	on	on	ADP
6h440r9858f	4	16	foreign	foreign	ADJ
6h440r9858f	4	17	agents	agent	NOUN
6h440r9858f	4	18	before	before	ADP
6h440r9858f	4	19	analyzing	analyze	VERB
6h440r9858f	4	20	cross	cross	ADJ
6h440r9858f	4	21	-	-	ADJ
6h440r9858f	4	22	border	border	ADJ
6h440r9858f	4	23	positions	position	NOUN
6h440r9858f	4	24	.	.	PUNCT
6h440r9858f	5	1	however	however	ADV
6h440r9858f	5	2	,	,	PUNCT
6h440r9858f	5	3	events	event	NOUN
6h440r9858f	5	4	during	during	ADP
6h440r9858f	5	5	the	the	DET
6h440r9858f	5	6	2008	2008	NUM
6h440r9858f	5	7	financial	financial	ADJ
6h440r9858f	5	8	crisis	crisis	NOUN
6h440r9858f	5	9	showed	show	VERB
6h440r9858f	5	10	that	that	SCONJ
6h440r9858f	5	11	the	the	DET
6h440r9858f	5	12	evolution	evolution	NOUN
6h440r9858f	5	13	of	of	ADP
6h440r9858f	5	14	gross	gross	ADJ
6h440r9858f	5	15	positions	position	NOUN
6h440r9858f	5	16	are	be	AUX
6h440r9858f	5	17	critically	critically	ADV
6h440r9858f	5	18	important	important	ADJ
6h440r9858f	5	19	to	to	PART
6h440r9858f	5	20	study	study	VERB
6h440r9858f	5	21	as	as	ADV
6h440r9858f	5	22	well	well	ADV
6h440r9858f	5	23	.	.	PUNCT
6h440r9858f	6	1	this	this	DET
6h440r9858f	6	2	dissertation	dissertation	NOUN
6h440r9858f	6	3	is	be	AUX
6h440r9858f	6	4	comprised	comprise	VERB
6h440r9858f	6	5	of	of	ADP
6h440r9858f	6	6	three	three	NUM
6h440r9858f	6	7	papers	paper	NOUN
6h440r9858f	6	8	that	that	PRON
6h440r9858f	6	9	consider	consider	VERB
6h440r9858f	6	10	causes	cause	NOUN
6h440r9858f	6	11	and	and	CCONJ
6h440r9858f	6	12	consequences	consequence	NOUN
6h440r9858f	6	13	of	of	ADP
6h440r9858f	6	14	gross	gross	ADJ
6h440r9858f	6	15	cross	cross	ADJ
6h440r9858f	6	16	-	-	ADJ
6h440r9858f	6	17	border	border	ADJ
6h440r9858f	6	18	financial	financial	ADJ
6h440r9858f	6	19	asset	asset	NOUN
6h440r9858f	6	20	linkages	linkage	NOUN
6h440r9858f	6	21	and	and	CCONJ
6h440r9858f	6	22	their	their	PRON
6h440r9858f	6	23	dramatic	dramatic	ADJ
6h440r9858f	6	24	growth	growth	NOUN
6h440r9858f	6	25	over	over	ADP
6h440r9858f	6	26	the	the	DET
6h440r9858f	6	27	last	last	ADJ
6h440r9858f	6	28	two	two	NUM
6h440r9858f	6	29	decades	decade	NOUN
6h440r9858f	6	30	,	,	PUNCT
6h440r9858f	6	31	defined	define	VERB
6h440r9858f	6	32	as	as	ADP
6h440r9858f	6	33	financial	financial	ADJ
6h440r9858f	6	34	globalization	globalization	NOUN
6h440r9858f	6	35	.	.	PUNCT
6h440r9858f	7	1	chapter	chapter	NOUN
6h440r9858f	7	2	one	one	NOUN
6h440r9858f	7	3	provides	provide	VERB
6h440r9858f	7	4	a	a	DET
6h440r9858f	7	5	new	new	ADJ
6h440r9858f	7	6	explanation	explanation	NOUN
6h440r9858f	7	7	for	for	ADP
6h440r9858f	7	8	the	the	DET
6h440r9858f	7	9	long	long	ADV
6h440r9858f	7	10	-	-	PUNCT
6h440r9858f	7	11	run	run	NOUN
6h440r9858f	7	12	build	build	NOUN
6h440r9858f	7	13	-	-	PUNCT
6h440r9858f	7	14	up	up	NOUN
6h440r9858f	7	15	of	of	ADP
6h440r9858f	7	16	total	total	ADJ
6h440r9858f	7	17	foreign	foreign	ADJ
6h440r9858f	7	18	borrowing	borrowing	NOUN
6h440r9858f	7	19	by	by	ADP
6h440r9858f	7	20	the	the	DET
6h440r9858f	7	21	united	united	PROPN
6h440r9858f	7	22	states	states	PROPN
6h440r9858f	7	23	from	from	ADP
6h440r9858f	7	24	1970	1970	NUM
6h440r9858f	7	25	to	to	ADP
6h440r9858f	7	26	2007	2007	NUM
6h440r9858f	7	27	.	.	PUNCT
6h440r9858f	8	1	in	in	ADP
6h440r9858f	8	2	this	this	DET
6h440r9858f	8	3	chapter	chapter	NOUN
6h440r9858f	8	4	i	i	PRON
6h440r9858f	8	5	present	present	VERB
6h440r9858f	8	6	empirical	empirical	ADJ
6h440r9858f	8	7	evidence	evidence	NOUN
6h440r9858f	8	8	that	that	PRON
6h440r9858f	8	9	suggests	suggest	VERB
6h440r9858f	8	10	that	that	SCONJ
6h440r9858f	8	11	shadow	shadow	NOUN
6h440r9858f	8	12	banking	banking	NOUN
6h440r9858f	8	13	in	in	ADP
6h440r9858f	8	14	the	the	DET
6h440r9858f	8	15	form	form	NOUN
6h440r9858f	8	16	of	of	ADP
6h440r9858f	8	17	asset	asset	NOUN
6h440r9858f	8	18	backed	back	VERB
6h440r9858f	8	19	securities	security	NOUN
6h440r9858f	8	20	was	be	AUX
6h440r9858f	8	21	a	a	DET
6h440r9858f	8	22	meaningful	meaningful	ADJ
6h440r9858f	8	23	driver	driver	NOUN
6h440r9858f	8	24	of	of	ADP
6h440r9858f	8	25	the	the	DET
6h440r9858f	8	26	long	long	ADV
6h440r9858f	8	27	-	-	PUNCT
6h440r9858f	8	28	run	run	NOUN
6h440r9858f	8	29	increase	increase	NOUN
6h440r9858f	8	30	in	in	ADP
6h440r9858f	8	31	total	total	ADJ
6h440r9858f	8	32	external	external	ADJ
6h440r9858f	8	33	debt	debt	NOUN
6h440r9858f	8	34	.	.	PUNCT
6h440r9858f	9	1	i	i	PRON
6h440r9858f	9	2	then	then	ADV
6h440r9858f	9	3	develop	develop	VERB
6h440r9858f	9	4	an	an	DET
6h440r9858f	9	5	open	open	ADJ
6h440r9858f	9	6	economy	economy	NOUN
6h440r9858f	9	7	model	model	NOUN
6h440r9858f	9	8	that	that	PRON
6h440r9858f	9	9	shows	show	VERB
6h440r9858f	9	10	how	how	SCONJ
6h440r9858f	9	11	asset	asset	NOUN
6h440r9858f	9	12	backed	back	VERB
6h440r9858f	9	13	securities	security	NOUN
6h440r9858f	9	14	can	can	AUX
6h440r9858f	9	15	cause	cause	VERB
6h440r9858f	9	16	long	long	ADJ
6h440r9858f	9	17	-	-	PUNCT
6h440r9858f	9	18	run	run	NOUN
6h440r9858f	9	19	increases	increase	NOUN
6h440r9858f	9	20	in	in	ADP
6h440r9858f	9	21	investment	investment	NOUN
6h440r9858f	9	22	,	,	PUNCT
6h440r9858f	9	23	consumption	consumption	NOUN
6h440r9858f	9	24	,	,	PUNCT
6h440r9858f	9	25	total	total	ADJ
6h440r9858f	9	26	secured	secured	ADJ
6h440r9858f	9	27	borrowing	borrowing	NOUN
6h440r9858f	9	28	,	,	PUNCT
6h440r9858f	9	29	and	and	CCONJ
6h440r9858f	9	30	total	total	ADJ
6h440r9858f	9	31	external	external	ADJ
6h440r9858f	9	32	borrowing	borrowing	NOUN
6h440r9858f	9	33	.	.	PUNCT
6h440r9858f	10	1	applying	apply	VERB
6h440r9858f	10	2	the	the	DET
6h440r9858f	10	3	model	model	NOUN
6h440r9858f	10	4	to	to	ADP
6h440r9858f	10	5	the	the	DET
6h440r9858f	10	6	u.s	u.s	PROPN
6h440r9858f	10	7	.	.	PROPN
6h440r9858f	10	8	data	data	PROPN
6h440r9858f	10	9	i	i	PRON
6h440r9858f	10	10	am	be	AUX
6h440r9858f	10	11	able	able	ADJ
6h440r9858f	10	12	to	to	PART
6h440r9858f	10	13	qualitatively	qualitatively	ADV
6h440r9858f	10	14	replicate	replicate	VERB
6h440r9858f	10	15	the	the	DET
6h440r9858f	10	16	long	long	ADV
6h440r9858f	10	17	-	-	PUNCT
6h440r9858f	10	18	run	run	NOUN
6h440r9858f	10	19	trends	trend	NOUN
6h440r9858f	10	20	in	in	ADP
6h440r9858f	10	21	key	key	ADJ
6h440r9858f	10	22	macro	macro	ADJ
6h440r9858f	10	23	aggregates	aggregate	NOUN
6h440r9858f	10	24	.	.	PUNCT
6h440r9858f	11	1	counterfactual	counterfactual	ADJ
6h440r9858f	11	2	experiments	experiment	NOUN
6h440r9858f	11	3	show	show	VERB
6h440r9858f	11	4	that	that	SCONJ
6h440r9858f	11	5	while	while	SCONJ
6h440r9858f	11	6	declining	decline	VERB
6h440r9858f	11	7	and	and	CCONJ
6h440r9858f	11	8	low	low	ADJ
6h440r9858f	11	9	interest	interest	NOUN
6h440r9858f	11	10	rates	rate	NOUN
6h440r9858f	11	11	did	do	AUX
6h440r9858f	11	12	cause	cause	VERB
6h440r9858f	11	13	long	long	ADJ
6h440r9858f	11	14	-	-	PUNCT
6h440r9858f	11	15	run	run	NOUN
6h440r9858f	11	16	increases	increase	NOUN
6h440r9858f	11	17	in	in	ADP
6h440r9858f	11	18	external	external	ADJ
6h440r9858f	11	19	borrowing	borrowing	NOUN
6h440r9858f	11	20	(	(	PUNCT
6h440r9858f	11	21	consistent	consistent	ADJ
6h440r9858f	11	22	with	with	ADP
6h440r9858f	11	23	the	the	DET
6h440r9858f	11	24	literature	literature	NOUN
6h440r9858f	11	25	)	)	PUNCT
6h440r9858f	11	26	,	,	PUNCT
6h440r9858f	11	27	the	the	DET
6h440r9858f	11	28	effect	effect	NOUN
6h440r9858f	11	29	of	of	ADP
6h440r9858f	11	30	financial	financial	ADJ
6h440r9858f	11	31	innovation	innovation	NOUN
6h440r9858f	11	32	in	in	ADP
6h440r9858f	11	33	the	the	DET
6h440r9858f	11	34	form	form	NOUN
6h440r9858f	11	35	of	of	ADP
6h440r9858f	11	36	asset	asset	NOUN
6h440r9858f	11	37	backed	back	VERB
6h440r9858f	11	38	securities	security	NOUN
6h440r9858f	11	39	had	have	VERB
6h440r9858f	11	40	at	at	ADV
6h440r9858f	11	41	least	least	ADJ
6h440r9858f	11	42	as	as	ADP
6h440r9858f	11	43	great	great	ADJ
6h440r9858f	11	44	of	of	ADP
6h440r9858f	11	45	an	an	DET
6h440r9858f	11	46	impact	impact	NOUN
6h440r9858f	11	47	.	.	PUNCT
6h440r9858f	12	1	chapter	chapter	NOUN
6h440r9858f	12	2	two	two	NUM
6h440r9858f	12	3	empirically	empirically	ADV
6h440r9858f	12	4	shows	show	VERB
6h440r9858f	12	5	that	that	SCONJ
6h440r9858f	12	6	different	different	ADJ
6h440r9858f	12	7	types	type	NOUN
6h440r9858f	12	8	of	of	ADP
6h440r9858f	12	9	capital	capital	NOUN
6h440r9858f	12	10	inflows	inflow	NOUN
6h440r9858f	12	11	have	have	VERB
6h440r9858f	12	12	different	different	ADJ
6h440r9858f	12	13	abilities	ability	NOUN
6h440r9858f	12	14	to	to	PART
6h440r9858f	12	15	predict	predict	VERB
6h440r9858f	12	16	banking	banking	NOUN
6h440r9858f	12	17	crises	crisis	NOUN
6h440r9858f	12	18	in	in	ADP
6h440r9858f	12	19	developing	develop	VERB
6h440r9858f	12	20	and	and	CCONJ
6h440r9858f	12	21	emerging	emerge	VERB
6h440r9858f	12	22	economies	economy	NOUN
6h440r9858f	12	23	,	,	PUNCT
6h440r9858f	12	24	and	and	CCONJ
6h440r9858f	12	25	that	that	SCONJ
6h440r9858f	12	26	the	the	DET
6h440r9858f	12	27	relationship	relationship	NOUN
6h440r9858f	12	28	between	between	ADP
6h440r9858f	12	29	banking	banking	NOUN
6h440r9858f	12	30	crises	crisis	NOUN
6h440r9858f	12	31	and	and	CCONJ
6h440r9858f	12	32	capital	capital	NOUN
6h440r9858f	12	33	inflows	inflow	NOUN
6h440r9858f	12	34	has	have	AUX
6h440r9858f	12	35	changed	change	VERB
6h440r9858f	12	36	over	over	ADP
6h440r9858f	12	37	time	time	NOUN
6h440r9858f	12	38	.	.	PUNCT
6h440r9858f	13	1	in	in	ADP
6h440r9858f	13	2	a	a	DET
6h440r9858f	13	3	sample	sample	NOUN
6h440r9858f	13	4	of	of	ADP
6h440r9858f	13	5	29	29	NUM
6h440r9858f	13	6	developing	develop	VERB
6h440r9858f	13	7	and	and	CCONJ
6h440r9858f	13	8	emerging	emerge	VERB
6h440r9858f	13	9	economies	economy	NOUN
6h440r9858f	13	10	over	over	ADP
6h440r9858f	13	11	the	the	DET
6h440r9858f	13	12	period	period	NOUN
6h440r9858f	13	13	1976	1976	NUM
6h440r9858f	13	14	-	-	SYM
6h440r9858f	13	15	1991	1991	NUM
6h440r9858f	13	16	increases	increase	NOUN
6h440r9858f	13	17	in	in	ADP
6h440r9858f	13	18	short	short	ADJ
6h440r9858f	13	19	-	-	PUNCT
6h440r9858f	13	20	term	term	NOUN
6h440r9858f	13	21	debt	debt	NOUN
6h440r9858f	13	22	inflows	inflow	NOUN
6h440r9858f	13	23	raised	raise	VERB
6h440r9858f	13	24	the	the	DET
6h440r9858f	13	25	probability	probability	NOUN
6h440r9858f	13	26	of	of	ADP
6h440r9858f	13	27	a	a	DET
6h440r9858f	13	28	banking	banking	NOUN
6h440r9858f	13	29	crisis	crisis	NOUN
6h440r9858f	13	30	while	while	SCONJ
6h440r9858f	13	31	increases	increase	NOUN
6h440r9858f	13	32	in	in	ADP
6h440r9858f	13	33	inflows	inflow	NOUN
6h440r9858f	13	34	due	due	ADJ
6h440r9858f	13	35	to	to	ADP
6h440r9858f	13	36	long	long	ADJ
6h440r9858f	13	37	-	-	PUNCT
6h440r9858f	13	38	term	term	NOUN
6h440r9858f	13	39	borrowing	borrowing	NOUN
6h440r9858f	13	40	by	by	ADP
6h440r9858f	13	41	the	the	DET
6h440r9858f	13	42	private	private	ADJ
6h440r9858f	13	43	sector	sector	NOUN
6h440r9858f	13	44	had	have	VERB
6h440r9858f	13	45	the	the	DET
6h440r9858f	13	46	opposite	opposite	ADJ
6h440r9858f	13	47	effect	effect	NOUN
6h440r9858f	13	48	.	.	PUNCT
6h440r9858f	14	1	conversely	conversely	ADV
6h440r9858f	14	2	,	,	PUNCT
6h440r9858f	14	3	over	over	ADP
6h440r9858f	14	4	the	the	DET
6h440r9858f	14	5	period	period	NOUN
6h440r9858f	14	6	1992	1992	NUM
6h440r9858f	14	7	-	-	SYM
6h440r9858f	14	8	2007	2007	NUM
6h440r9858f	14	9	increases	increase	NOUN
6h440r9858f	14	10	in	in	ADP
6h440r9858f	14	11	inflows	inflow	NOUN
6h440r9858f	14	12	due	due	ADJ
6h440r9858f	14	13	to	to	ADP
6h440r9858f	14	14	long	long	ADJ
6h440r9858f	14	15	-	-	PUNCT
6h440r9858f	14	16	term	term	NOUN
6h440r9858f	14	17	borrowing	borrowing	NOUN
6h440r9858f	14	18	by	by	ADP
6h440r9858f	14	19	the	the	DET
6h440r9858f	14	20	private	private	ADJ
6h440r9858f	14	21	sector	sector	NOUN
6h440r9858f	14	22	increased	increase	VERB
6h440r9858f	14	23	the	the	DET
6h440r9858f	14	24	probability	probability	NOUN
6h440r9858f	14	25	of	of	ADP
6h440r9858f	14	26	a	a	DET
6h440r9858f	14	27	banking	banking	NOUN
6h440r9858f	14	28	crisis	crisis	NOUN
6h440r9858f	14	29	.	.	PUNCT
6h440r9858f	15	1	the	the	DET
6h440r9858f	15	2	findings	finding	NOUN
6h440r9858f	15	3	suggest	suggest	VERB
6h440r9858f	15	4	distinct	distinct	ADJ
6h440r9858f	15	5	optimal	optimal	ADJ
6h440r9858f	15	6	capital	capital	NOUN
6h440r9858f	15	7	account	account	NOUN
6h440r9858f	15	8	liberalization	liberalization	NOUN
6h440r9858f	15	9	policies	policy	NOUN
6h440r9858f	15	10	between	between	ADP
6h440r9858f	15	11	the	the	DET
6h440r9858f	15	12	two	two	NUM
6h440r9858f	15	13	periods	period	NOUN
6h440r9858f	15	14	.	.	PUNCT
6h440r9858f	16	1	chapter	chapter	NOUN
6h440r9858f	16	2	three	three	NUM
6h440r9858f	16	3	empirically	empirically	ADV
6h440r9858f	16	4	shows	show	VERB
6h440r9858f	16	5	that	that	SCONJ
6h440r9858f	16	6	central	central	ADJ
6h440r9858f	16	7	governments	government	NOUN
6h440r9858f	16	8	in	in	ADP
6h440r9858f	16	9	developing	develop	VERB
6h440r9858f	16	10	and	and	CCONJ
6h440r9858f	16	11	emerging	emerge	VERB
6h440r9858f	16	12	economies	economy	NOUN
6h440r9858f	16	13	meaningfully	meaningfully	ADV
6h440r9858f	16	14	increase	increase	VERB
6h440r9858f	16	15	their	their	PRON
6h440r9858f	16	16	borrowing	borrowing	NOUN
6h440r9858f	16	17	in	in	ADP
6h440r9858f	16	18	domestic	domestic	ADJ
6h440r9858f	16	19	credit	credit	NOUN
6h440r9858f	16	20	markets	market	NOUN
6h440r9858f	16	21	while	while	SCONJ
6h440r9858f	16	22	they	they	PRON
6h440r9858f	16	23	are	be	AUX
6h440r9858f	16	24	in	in	ADP
6h440r9858f	16	25	default	default	NOUN
6h440r9858f	16	26	of	of	ADP
6h440r9858f	16	27	their	their	PRON
6h440r9858f	16	28	debt	debt	NOUN
6h440r9858f	16	29	owed	owe	VERB
6h440r9858f	16	30	to	to	ADP
6h440r9858f	16	31	foreign	foreign	ADJ
6h440r9858f	16	32	investors	investor	NOUN
6h440r9858f	16	33	.	.	PUNCT
6h440r9858f	17	1	typically	typically	ADV
6h440r9858f	17	2	,	,	PUNCT
6h440r9858f	17	3	the	the	DET
6h440r9858f	17	4	only	only	ADJ
6h440r9858f	17	5	recourse	recourse	NOUN
6h440r9858f	17	6	that	that	SCONJ
6h440r9858f	17	7	international	international	ADJ
6h440r9858f	17	8	lenders	lender	NOUN
6h440r9858f	17	9	have	have	VERB
6h440r9858f	17	10	after	after	ADP
6h440r9858f	17	11	a	a	DET
6h440r9858f	17	12	sovereign	sovereign	ADJ
6h440r9858f	17	13	debt	debt	NOUN
6h440r9858f	17	14	default	default	NOUN
6h440r9858f	17	15	is	be	AUX
6h440r9858f	17	16	exclusion	exclusion	NOUN
6h440r9858f	17	17	from	from	ADP
6h440r9858f	17	18	international	international	ADJ
6h440r9858f	17	19	credit	credit	NOUN
6h440r9858f	17	20	markets	market	NOUN
6h440r9858f	17	21	.	.	PUNCT
6h440r9858f	18	1	access	access	NOUN
6h440r9858f	18	2	to	to	ADP
6h440r9858f	18	3	domestic	domestic	ADJ
6h440r9858f	18	4	credit	credit	NOUN
6h440r9858f	18	5	markets	market	NOUN
6h440r9858f	18	6	reduces	reduce	VERB
6h440r9858f	18	7	this	this	DET
6h440r9858f	18	8	cost	cost	NOUN
6h440r9858f	18	9	of	of	ADP
6h440r9858f	18	10	external	external	ADJ
6h440r9858f	18	11	debt	debt	NOUN
6h440r9858f	18	12	defaults	default	NOUN
6h440r9858f	18	13	.	.	PUNCT
6h440r9858f	19	1	the	the	DET
6h440r9858f	19	2	findings	finding	NOUN
6h440r9858f	19	3	in	in	ADP
6h440r9858f	19	4	this	this	DET
6h440r9858f	19	5	chapter	chapter	NOUN
6h440r9858f	19	6	inform	inform	VERB
6h440r9858f	19	7	the	the	DET
6h440r9858f	19	8	theoretical	theoretical	ADJ
6h440r9858f	19	9	literature	literature	NOUN
6h440r9858f	19	10	on	on	ADP
6h440r9858f	19	11	sovereign	sovereign	ADJ
6h440r9858f	19	12	debt	debt	NOUN
6h440r9858f	19	13	defaults	default	NOUN
6h440r9858f	19	14	in	in	ADP
6h440r9858f	19	15	that	that	DET
6h440r9858f	19	16	future	future	ADJ
6h440r9858f	19	17	work	work	NOUN
6h440r9858f	19	18	should	should	AUX
6h440r9858f	19	19	consider	consider	VERB
6h440r9858f	19	20	the	the	DET
6h440r9858f	19	21	effect	effect	NOUN
6h440r9858f	19	22	of	of	ADP
6h440r9858f	19	23	domestic	domestic	ADJ
6h440r9858f	19	24	credit	credit	NOUN
6h440r9858f	19	25	markets	market	NOUN
6h440r9858f	19	26	on	on	ADP
6h440r9858f	19	27	sovereign	sovereign	ADJ
6h440r9858f	19	28	debt	debt	NOUN
6h440r9858f	19	29	default	default	NOUN
6h440r9858f	19	30	probabilities	probability	NOUN
6h440r9858f	19	31	and	and	CCONJ
6h440r9858f	19	32	the	the	DET
6h440r9858f	19	33	time	time	NOUN
6h440r9858f	19	34	it	it	PRON
6h440r9858f	19	35	takes	take	VERB
6h440r9858f	19	36	to	to	PART
6h440r9858f	19	37	resolve	resolve	VERB
6h440r9858f	19	38	such	such	DET
6h440r9858f	19	39	a	a	DET
6h440r9858f	19	40	default	default	NOUN
6h440r9858f	19	41	.	.	PUNCT