Figure 5
The figure shows nine graphs arranged in three rows and three columns. Each graph has a horizontal axis labeled “Date” and ranges from 2019 to 2023 in increments of 1 year. The vertical axis is labeled “T C I” in all the graphs. Each graph contains a solid line, a dotted line, and a shaded region. A legend below each graph labels the solid line as “Long-term,” the dotted line as “Short-term,” and the shaded region as “Overall.” The first graph at the top left is labeled “R W equals 63, Method equals Pearson.” The vertical axis ranges from 0 to 75 in increments of 25 units. The “Long-term” solid line stays consistently high between 65 and 80 throughout the period, the “Short-term” dotted line fluctuates between 30 and 50 with visible ups and downs, and the shaded “Overall” region shows a rise until 2020, followed by a gradual decline through 2023. The second graph at the top center is labeled “R W equals 63, Method equals Spearman.” The vertical axis ranges from 0 to 75 in increments of 25 units. The “Long-term” solid line remains between 65 and 80, the “Short-term” dotted line fluctuates around 35 to 50, and the shaded “Overall” region shows moderate variation, increasing before 2020 and then gradually declining through 2023. The third graph at the top right is labeled “R W equals 63, Method equals Kendall.” The vertical axis ranges from 0 to 75 in increments of 25 units. The “Long-term” solid line stays close to the upper range between 65 and 80, the “Short-term” dotted line fluctuates between 35 and 50, and the shaded “Overall” region shows a slight rise before 2020 and then declines steadily toward 2023. The fourth graph in the middle left is labeled “R W equals 189, Method equals Pearson.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line remains elevated between 50 and 70, the “Short-term” dotted line fluctuates between 25 and 40, and the shaded “Overall” region shows a rise around 2020 and then gradually decreases toward 2023. The fifth graph in the middle center is labeled “R W equals 189, Method equals Spearman.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line stays around 50 to 70, the “Short-term” dotted line fluctuates near 30 to 40, and the shaded “Overall” region shows variation with an increase around 2020 and a slow decline thereafter. The sixth graph in the middle right is labeled “R W equals 189, Method equals Kendall.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line remains stable between 50 and 70, the “Short-term” dotted line moves between 30 and 40, and the shaded “Overall” region shows a small peak around 2020, followed by a gradual decrease to 2023. The seventh graph at the bottom left is labeled “R W equals 252, Method equals Pearson.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line stays above 60, the “Short-term” dotted line fluctuates between 30 and 40, and the shaded “Overall” region shows a rise until 2020 and then a gradual decline. The eighth graph at the bottom center is labeled “R W equals 252, Method equals Spearman.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line remains steady between 50 and 70, the “Short-term” dotted line fluctuates between 30 and 40, and the shaded “Overall” region shows moderate variation with an increase around 2020 and a decline toward 2023. The ninth graph at the bottom right is labeled “R W equals 252, Method equals Kendall.” The vertical axis ranges from 0 to 60 in increments of 20 units. The “Long-term” solid line stays between 50 and 70, the “Short-term” dotted line remains between 30 and 40, and the shaded “Overall” region rises until 2020 before gradually declining through 2023. Note: All numerical data values are approximated.Robustness test results. Notes: Results are based on wavelet-based model. RW = Rolling window. Source: Figure by authors