Figure 2
The image shows ten line graphs arranged in five rows and two columns. Each pair of line graphs is labeled for a specific country. For each country, the left graph shows the line for “CUSUM” and the right graph shows the line for “CUSUM of squares,” along with 5 percent significance. The legend is shown at the bottom of each graph. The details of the graphs are as follows: The graphs in the first row are for “Indonesia.” The horizontal axis for both graphs ranges from 2014 to 2019 in increments of 1 year. The vertical axis of the left graph ranges from negative 8 to 8 in increments of 2. The “CUSUM” line starts at (2014, negative 0.63), rises to (2016, 1.5), remains level, and ends at (2019, 1.62). The line for the upper 5 percent significance starts at (2014, 2.5), increases with a positive slope, and ends at (2019, 7.17). The line for the lower 5 percent significance starts at (2014, negative 2.28), decreases with a negative slope, and ends at (2019, negative 6.62). The vertical axis for the right graph ranges from negative 0.4 to 1.6 in increments of 0.4. The line for “CUSUM of Squares” starts at (2014, 0.20), increases to (2016, 0.90), and rises slightly to end at (2019, 1.016). The line for the upper 5 percent significance starts at (2014, 0.56), increases with a positive slope, and ends at (2019, 1.40). The line for the lower 5 percent significance starts at (2014, negative 0.19), increases with a positive slope, and ends at (2019, 0.65). The graphs in the second row are for “Malaysia.” The horizontal axis for both graphs ranges from 1998 to 2018 in increments of 2 year. The vertical axis of the left graph ranges from negative 15 to 15 in increments of 5. The “CUSUM” line starts at (1997, negative 1.16), fluctuates mostly in negative values, reaches a low at (2005, negative 3.22), rises to (2009, negative 0.98), and ends at (2019, 0.047). The line for the upper 5 percent significance starts at (1997, 4.72), increases with a positive slope, and ends at (2019, 13.78). The line for the lower 5 percent significance starts at (1997, negative 4.15), decreases with a negative slope, and ends at (2019, negative 13.22). The vertical axis for the right graph ranges from negative 0.2 to 1.4 in increments of 0.2. The line for “CUSUM of Squares” starts at (1998, 0.097), increases in steps to (2014, 0.77), and ends at (2018, 1.00). The line for the upper 5 percent significance starts at (1998, 0.38), increases with a positive slope, and ends at (2018, 1.32). The line for the lower 5 percent significance starts at (1997, negative 0.22), increases with a positive slope, and ends at (2019, 0.73). The graphs in the third row are for “Philippines.” The horizontal axis for both graphs ranges from 2012 to 2019 in increments of 1 year. The vertical axis of the left graph ranges from negative 10 to 10 in increments of 2. The “CUSUM” line starts at (2012, negative 1.17), rises to (2015, 1.81), fluctuates, and ends at (2019, 2.81). The line for the upper 5 percent significance starts at (2012, 2.82), increases with a positive slope, and ends at (2019, 8.15). The line for the lower 5 percent significance starts at (2012, negative 2.31), decreases with a negative slope, and ends at (2019, negative 7.71). The vertical axis for the right graph ranges from negative 0.4 to 1.6 in increments of 0.4. The line for “CUSUM of Squares” starts at (2012, 0.24), increases in steps to (2016, 0.70), and ends at (2019, 1.02). The line for the upper 5 percent significance starts at (2012, 0.52), increases with a positive slope, and ends at (2019, 1.39). The line for the lower 5 percent significance starts at (2012, negative 0.23), increases with a positive slope, and ends at (2019, 0.66). The graphs in the fourth row are for “Singapore.” The horizontal axis for both graphs ranges from 1994 to 2018 in increments of 2 years. The vertical axis of the left graph ranges from negative 15 to 15 in increments of 5. The “CUSUM” line starts at (1994, 2.25), drops to (2009, negative 3.77), rises slightly, and ends at (2019, negative 3.36). The upper 5 percent significance line starts at (1994, 5.51), increases with a positive slope and ends at (2019, 14.90). The lower 5 percent significance line starts at (1994, negative 4.28), decreases with a negative slope and ends at (2019, negative 13.98). The vertical axis for the right graph ranges from negative 0.2 to 1.4 in increments of 0.2. The line for “CUSUM of Squares” starts at (1994, 0.14), increases in steps to (2009, 0.76), and ends at (2018, 1.01). The upper 5 percent significance line starts at (1994, 0.33), increases with a positive slope, and ends at (2018, 1.30). The lower 5 percent significance line starts at (1994, negative 0.20), increases with a positive slope and ends at (2018, 0.74). The graphs in the fifth row are for “Thailand.” The horizontal axis for both graphs ranges from 2005 to 2019 in increments of 1 year. The vertical axis of the left graph ranges from negative 12 to 12 in increments of 4. The “CUSUM” line starts at (2005, 0.33), peaks at (2007, 1.70), drops to (2011, negative 3.33), and ends at (2019, negative 4.06). The upper 5 percent significance line starts at (2005, 3.60), increases with a positive slope and ends at (2019, 11.09). The lower 5 percent significance line starts at (2005, negative 3.51), decreases with a negative slope and ends at (2019, negative 10.55). The vertical axis for the right graph ranges from negative 0.4 to 1.6 in increments of 0.4. The line for “CUSUM of Squares” starts at (2005, 0.073), increases to (2009, 0.65), and ends at (2019, 0.99). The upper 5 percent significance line starts at (2005, 0.42), increases with a positive slope, and ends at (2019, 1.34). The lower 5 percent significance line starts at (2005, negative 0.22), increases with a positive slope and ends at (2019, 0.68). Note: All numerical values are approximated.CUSUM and CUSUMSQ graphs. Source(s): The authors