Figure 2
The horizontal axis of the line graph ranges from 12 to 24 in increments of 1 unit. The vertical axis shows two scales with the upper series ranging from negative 15 to 5 in increments of 5 units and the lower series ranging from negative 30 to 20 in increments of 10 units. The graph is divided by vertical reference lines into three labeled phases: “Normal period” (between 12 and 19), “COVID-19” (20 and 21), and “Economic crisis” (between 22 and 24). A legend at the bottom identifies the lines as “R A S P I” and “R S N P”. The “R A S P I” line fluctuates narrowly around zero during the normal period, then becomes more volatile during the COVID-19 phase with several sharp downward spikes reaching negative 15, and continues with slightly lesser variability into the economic crisis period. The “R S N P” line stays close to zero during the normal period, then shows increased volatility during the COVID-19 phase with deep negative spikes reaching near negative 22, and remains volatile with frequent oscillations in the economic crisis period. Note: All numerical values are rounded off and approximated.Return volatility