id	sid	tid	token	lemma	pos
z890rr20r65	1	1	emerging	emerge	VERB
z890rr20r65	1	2	economies	economy	NOUN
z890rr20r65	1	3	accumulate	accumulate	VERB
z890rr20r65	1	4	a	a	DET
z890rr20r65	1	5	significant	significant	ADJ
z890rr20r65	1	6	amount	amount	NOUN
z890rr20r65	1	7	of	of	ADP
z890rr20r65	1	8	foreign	foreign	ADJ
z890rr20r65	1	9	debt	debt	NOUN
z890rr20r65	1	10	at	at	ADP
z890rr20r65	1	11	the	the	DET
z890rr20r65	1	12	same	same	ADJ
z890rr20r65	1	13	time	time	NOUN
z890rr20r65	1	14	,	,	PUNCT
z890rr20r65	1	15	frequently	frequently	ADV
z890rr20r65	1	16	defaulting	default	VERB
z890rr20r65	1	17	on	on	ADP
z890rr20r65	1	18	their	their	PRON
z890rr20r65	1	19	external	external	ADJ
z890rr20r65	1	20	obligations	obligation	NOUN
z890rr20r65	1	21	.	.	PUNCT
z890rr20r65	2	1	however	however	ADV
z890rr20r65	2	2	,	,	PUNCT
z890rr20r65	2	3	standard	standard	ADJ
z890rr20r65	2	4	models	model	NOUN
z890rr20r65	2	5	of	of	ADP
z890rr20r65	2	6	sovereign	sovereign	ADJ
z890rr20r65	2	7	debt	debt	NOUN
z890rr20r65	2	8	can	can	AUX
z890rr20r65	2	9	not	not	PART
z890rr20r65	2	10	jointly	jointly	ADV
z890rr20r65	2	11	explain	explain	VERB
z890rr20r65	2	12	the	the	DET
z890rr20r65	2	13	debt	debt	NOUN
z890rr20r65	2	14	-	-	PUNCT
z890rr20r65	2	15	to	to	ADP
z890rr20r65	2	16	-	-	PUNCT
z890rr20r65	2	17	output	output	NOUN
z890rr20r65	2	18	ratio	ratio	NOUN
z890rr20r65	2	19	and	and	CCONJ
z890rr20r65	2	20	the	the	DET
z890rr20r65	2	21	default	default	NOUN
z890rr20r65	2	22	frequency	frequency	NOUN
z890rr20r65	2	23	observed	observe	VERB
z890rr20r65	2	24	in	in	ADP
z890rr20r65	2	25	the	the	DET
z890rr20r65	2	26	data	datum	NOUN
z890rr20r65	2	27	.	.	PUNCT
z890rr20r65	3	1	chapter	chapter	NOUN
z890rr20r65	3	2	1	1	NUM
z890rr20r65	3	3	introduces	introduce	VERB
z890rr20r65	3	4	sovereign	sovereign	ADJ
z890rr20r65	3	5	's	's	PART
z890rr20r65	3	6	recursive	recursive	ADJ
z890rr20r65	3	7	preferences	preference	NOUN
z890rr20r65	3	8	and	and	CCONJ
z890rr20r65	3	9	uncertainty	uncertainty	NOUN
z890rr20r65	3	10	on	on	ADP
z890rr20r65	3	11	default	default	NOUN
z890rr20r65	3	12	costs	cost	NOUN
z890rr20r65	3	13	to	to	ADP
z890rr20r65	3	14	a	a	DET
z890rr20r65	3	15	standard	standard	ADJ
z890rr20r65	3	16	sovereign	sovereign	ADJ
z890rr20r65	3	17	debt	debt	NOUN
z890rr20r65	3	18	model	model	NOUN
z890rr20r65	3	19	which	which	PRON
z890rr20r65	3	20	allows	allow	VERB
z890rr20r65	3	21	capturing	capture	VERB
z890rr20r65	3	22	the	the	DET
z890rr20r65	3	23	above	above	ADV
z890rr20r65	3	24	-	-	PUNCT
z890rr20r65	3	25	mentioned	mention	VERB
z890rr20r65	3	26	statistics	statistic	NOUN
z890rr20r65	3	27	.	.	PUNCT
z890rr20r65	4	1	uncertainty	uncertainty	NOUN
z890rr20r65	4	2	about	about	ADP
z890rr20r65	4	3	default	default	NOUN
z890rr20r65	4	4	costs	cost	NOUN
z890rr20r65	4	5	makes	make	VERB
z890rr20r65	4	6	risk	risk	NOUN
z890rr20r65	4	7	-	-	PUNCT
z890rr20r65	4	8	averse	averse	ADJ
z890rr20r65	4	9	agents	agent	NOUN
z890rr20r65	4	10	default	default	VERB
z890rr20r65	4	11	less	less	ADV
z890rr20r65	4	12	and	and	CCONJ
z890rr20r65	4	13	get	get	VERB
z890rr20r65	4	14	better	well	ADJ
z890rr20r65	4	15	prices	price	NOUN
z890rr20r65	4	16	on	on	ADP
z890rr20r65	4	17	bonds	bond	NOUN
z890rr20r65	4	18	from	from	ADP
z890rr20r65	4	19	competitive	competitive	ADJ
z890rr20r65	4	20	lenders	lender	NOUN
z890rr20r65	4	21	.	.	PUNCT
z890rr20r65	5	1	therefore	therefore	ADV
z890rr20r65	5	2	,	,	PUNCT
z890rr20r65	5	3	the	the	DET
z890rr20r65	5	4	sovereign	sovereign	NOUN
z890rr20r65	5	5	borrows	borrow	VERB
z890rr20r65	5	6	more	more	ADJ
z890rr20r65	5	7	,	,	PUNCT
z890rr20r65	5	8	resulting	result	VERB
z890rr20r65	5	9	in	in	ADP
z890rr20r65	5	10	the	the	DET
z890rr20r65	5	11	debt	debt	NOUN
z890rr20r65	5	12	-	-	PUNCT
z890rr20r65	5	13	to	to	ADP
z890rr20r65	5	14	-	-	PUNCT
z890rr20r65	5	15	output	output	NOUN
z890rr20r65	5	16	ratio	ratio	NOUN
z890rr20r65	5	17	and	and	CCONJ
z890rr20r65	5	18	default	default	NOUN
z890rr20r65	5	19	frequency	frequency	NOUN
z890rr20r65	5	20	observed	observe	VERB
z890rr20r65	5	21	in	in	ADP
z890rr20r65	5	22	the	the	DET
z890rr20r65	5	23	data.in	data.in	NUM
z890rr20r65	5	24	chapter	chapter	NOUN
z890rr20r65	5	25	2	2	NUM
z890rr20r65	5	26	,	,	PUNCT
z890rr20r65	5	27	we	we	PRON
z890rr20r65	5	28	explore	explore	VERB
z890rr20r65	5	29	a	a	DET
z890rr20r65	5	30	sovereign	sovereign	ADJ
z890rr20r65	5	31	debt	debt	NOUN
z890rr20r65	5	32	model	model	NOUN
z890rr20r65	5	33	where	where	SCONJ
z890rr20r65	5	34	all	all	DET
z890rr20r65	5	35	agents	agent	NOUN
z890rr20r65	5	36	have	have	VERB
z890rr20r65	5	37	recursive	recursive	ADJ
z890rr20r65	5	38	preferences	preference	NOUN
z890rr20r65	5	39	and	and	CCONJ
z890rr20r65	5	40	lenders	lender	NOUN
z890rr20r65	5	41	are	be	AUX
z890rr20r65	5	42	small	small	ADJ
z890rr20r65	5	43	in	in	ADP
z890rr20r65	5	44	the	the	DET
z890rr20r65	5	45	sense	sense	NOUN
z890rr20r65	5	46	that	that	SCONJ
z890rr20r65	5	47	the	the	DET
z890rr20r65	5	48	default	default	NOUN
z890rr20r65	5	49	events	event	NOUN
z890rr20r65	5	50	impact	impact	VERB
z890rr20r65	5	51	their	their	PRON
z890rr20r65	5	52	marginal	marginal	ADJ
z890rr20r65	5	53	utility	utility	NOUN
z890rr20r65	5	54	.	.	PUNCT
z890rr20r65	6	1	we	we	PRON
z890rr20r65	6	2	develop	develop	VERB
z890rr20r65	6	3	a	a	DET
z890rr20r65	6	4	new	new	ADJ
z890rr20r65	6	5	technique	technique	NOUN
z890rr20r65	6	6	to	to	PART
z890rr20r65	6	7	solve	solve	VERB
z890rr20r65	6	8	this	this	DET
z890rr20r65	6	9	class	class	NOUN
z890rr20r65	6	10	of	of	ADP
z890rr20r65	6	11	models	model	NOUN
z890rr20r65	6	12	by	by	ADP
z890rr20r65	6	13	iterating	iterate	VERB
z890rr20r65	6	14	on	on	ADP
z890rr20r65	6	15	an	an	DET
z890rr20r65	6	16	endogenous	endogenous	ADJ
z890rr20r65	6	17	stochastic	stochastic	ADJ
z890rr20r65	6	18	discount	discount	NOUN
z890rr20r65	6	19	factor	factor	NOUN
z890rr20r65	6	20	until	until	ADP
z890rr20r65	6	21	convergence	convergence	NOUN
z890rr20r65	6	22	.	.	PUNCT
z890rr20r65	7	1	we	we	PRON
z890rr20r65	7	2	find	find	VERB
z890rr20r65	7	3	that	that	SCONJ
z890rr20r65	7	4	model	model	NOUN
z890rr20r65	7	5	dynamics	dynamic	NOUN
z890rr20r65	7	6	differ	differ	VERB
z890rr20r65	7	7	significantly	significantly	ADV
z890rr20r65	7	8	from	from	ADP
z890rr20r65	7	9	the	the	DET
z890rr20r65	7	10	canonical	canonical	ADJ
z890rr20r65	7	11	case	case	NOUN
z890rr20r65	7	12	in	in	ADP
z890rr20r65	7	13	which	which	PRON
z890rr20r65	7	14	lenders	lender	NOUN
z890rr20r65	7	15	are	be	AUX
z890rr20r65	7	16	`	`	PUNCT
z890rr20r65	7	17	large	large	ADJ
z890rr20r65	7	18	'	'	PUNCT
z890rr20r65	7	19	relative	relative	NOUN
z890rr20r65	7	20	to	to	ADP
z890rr20r65	7	21	the	the	DET
z890rr20r65	7	22	country	country	NOUN
z890rr20r65	7	23	.	.	PUNCT
z890rr20r65	8	1	spreads	spread	NOUN
z890rr20r65	8	2	not	not	PART
z890rr20r65	8	3	only	only	ADV
z890rr20r65	8	4	price	price	NOUN
z890rr20r65	8	5	default	default	NOUN
z890rr20r65	8	6	risk	risk	NOUN
z890rr20r65	8	7	but	but	CCONJ
z890rr20r65	8	8	are	be	AUX
z890rr20r65	8	9	also	also	ADV
z890rr20r65	8	10	used	use	VERB
z890rr20r65	8	11	to	to	PART
z890rr20r65	8	12	entice	entice	VERB
z890rr20r65	8	13	lenders	lender	NOUN
z890rr20r65	8	14	to	to	PART
z890rr20r65	8	15	adjust	adjust	VERB
z890rr20r65	8	16	their	their	PRON
z890rr20r65	8	17	holdings	holding	NOUN
z890rr20r65	8	18	.	.	PUNCT
z890rr20r65	9	1	emerging	emerge	VERB
z890rr20r65	9	2	economies	economy	NOUN
z890rr20r65	9	3	'	'	PART
z890rr20r65	9	4	debt	debt	NOUN
z890rr20r65	9	5	to	to	ADP
z890rr20r65	9	6	china	china	PROPN
z890rr20r65	9	7	is	be	AUX
z890rr20r65	9	8	large	large	ADJ
z890rr20r65	9	9	,	,	PUNCT
z890rr20r65	9	10	non	non	ADJ
z890rr20r65	9	11	-	-	ADJ
z890rr20r65	9	12	marketable	marketable	ADJ
z890rr20r65	9	13	,	,	PUNCT
z890rr20r65	9	14	and	and	CCONJ
z890rr20r65	9	15	opaque	opaque	ADJ
z890rr20r65	9	16	.	.	PUNCT
z890rr20r65	10	1	we	we	PRON
z890rr20r65	10	2	study	study	VERB
z890rr20r65	10	3	the	the	DET
z890rr20r65	10	4	impact	impact	NOUN
z890rr20r65	10	5	that	that	SCONJ
z890rr20r65	10	6	such	such	ADJ
z890rr20r65	10	7	borrowing	borrowing	NOUN
z890rr20r65	10	8	from	from	ADP
z890rr20r65	10	9	china	china	PROPN
z890rr20r65	10	10	has	have	VERB
z890rr20r65	10	11	on	on	ADP
z890rr20r65	10	12	the	the	DET
z890rr20r65	10	13	equilibrium	equilibrium	NOUN
z890rr20r65	10	14	quantities	quantity	NOUN
z890rr20r65	10	15	and	and	CCONJ
z890rr20r65	10	16	prices	price	NOUN
z890rr20r65	10	17	for	for	ADP
z890rr20r65	10	18	marketable	marketable	ADJ
z890rr20r65	10	19	sovereign	sovereign	ADJ
z890rr20r65	10	20	debt	debt	NOUN
z890rr20r65	10	21	.	.	PUNCT
z890rr20r65	11	1	we	we	PRON
z890rr20r65	11	2	use	use	VERB
z890rr20r65	11	3	a	a	DET
z890rr20r65	11	4	standard	standard	ADJ
z890rr20r65	11	5	sovereign	sovereign	ADJ
z890rr20r65	11	6	debt	debt	NOUN
z890rr20r65	11	7	model	model	NOUN
z890rr20r65	11	8	with	with	ADP
z890rr20r65	11	9	long	long	ADJ
z890rr20r65	11	10	-	-	PUNCT
z890rr20r65	11	11	term	term	NOUN
z890rr20r65	11	12	debt	debt	NOUN
z890rr20r65	11	13	and	and	CCONJ
z890rr20r65	11	14	find	find	VERB
z890rr20r65	11	15	that	that	SCONJ
z890rr20r65	11	16	following	follow	VERB
z890rr20r65	11	17	a	a	DET
z890rr20r65	11	18	positive	positive	ADJ
z890rr20r65	11	19	inflow	inflow	NOUN
z890rr20r65	11	20	from	from	ADP
z890rr20r65	11	21	china	china	PROPN
z890rr20r65	11	22	our	our	PRON
z890rr20r65	11	23	model	model	NOUN
z890rr20r65	11	24	economy	economy	NOUN
z890rr20r65	11	25	chooses	choose	VERB
z890rr20r65	11	26	to	to	PART
z890rr20r65	11	27	rebalance	rebalance	VERB
z890rr20r65	11	28	its	its	PRON
z890rr20r65	11	29	debt	debt	NOUN
z890rr20r65	11	30	portfolio	portfolio	NOUN
z890rr20r65	11	31	by	by	ADP
z890rr20r65	11	32	delevering	delevere	VERB
z890rr20r65	11	33	from	from	ADP
z890rr20r65	11	34	market	market	NOUN
z890rr20r65	11	35	debt	debt	NOUN
z890rr20r65	11	36	.	.	PUNCT
z890rr20r65	12	1	in	in	ADP
z890rr20r65	12	2	the	the	DET
z890rr20r65	12	3	process	process	NOUN
z890rr20r65	12	4	,	,	PUNCT
z890rr20r65	12	5	it	it	PRON
z890rr20r65	12	6	pays	pay	VERB
z890rr20r65	12	7	lower	low	ADJ
z890rr20r65	12	8	spreads	spread	NOUN
z890rr20r65	12	9	and	and	CCONJ
z890rr20r65	12	10	faces	face	VERB
z890rr20r65	12	11	less	less	ADV
z890rr20r65	12	12	volatile	volatile	ADJ
z890rr20r65	12	13	consumption	consumption	NOUN
z890rr20r65	12	14	.	.	PUNCT
z890rr20r65	13	1	on	on	ADP
z890rr20r65	13	2	the	the	DET
z890rr20r65	13	3	other	other	ADJ
z890rr20r65	13	4	hand	hand	NOUN
z890rr20r65	13	5	,	,	PUNCT
z890rr20r65	13	6	when	when	SCONJ
z890rr20r65	13	7	facing	face	VERB
z890rr20r65	13	8	a	a	DET
z890rr20r65	13	9	capital	capital	NOUN
z890rr20r65	13	10	outflow	outflow	NOUN
z890rr20r65	13	11	from	from	ADP
z890rr20r65	13	12	china	china	PROPN
z890rr20r65	13	13	,	,	PUNCT
z890rr20r65	13	14	the	the	DET
z890rr20r65	13	15	economy	economy	NOUN
z890rr20r65	13	16	taps	tap	VERB
z890rr20r65	13	17	international	international	ADJ
z890rr20r65	13	18	debt	debt	NOUN
z890rr20r65	13	19	markets	market	NOUN
z890rr20r65	13	20	,	,	PUNCT
z890rr20r65	13	21	levers	lever	VERB
z890rr20r65	13	22	up	up	ADP
z890rr20r65	13	23	on	on	ADP
z890rr20r65	13	24	defaultable	defaultable	ADJ
z890rr20r65	13	25	debt	debt	NOUN
z890rr20r65	13	26	,	,	PUNCT
z890rr20r65	13	27	and	and	CCONJ
z890rr20r65	13	28	ends	end	VERB
z890rr20r65	13	29	up	up	ADP
z890rr20r65	13	30	paying	pay	VERB
z890rr20r65	13	31	higher	high	ADJ
z890rr20r65	13	32	and	and	CCONJ
z890rr20r65	13	33	more	more	ADV
z890rr20r65	13	34	volatile	volatile	ADJ
z890rr20r65	13	35	spreads	spread	NOUN
z890rr20r65	13	36	in	in	ADP
z890rr20r65	13	37	equilibrium	equilibrium	NOUN
z890rr20r65	13	38	.	.	PUNCT