Figure 4.
The time series chart shows the behaviour of two regimes from June 2017 to June 2023. The horizontal axis is labelled with dates at yearly intervals. The vertical axis ranges from 0 to 1 and represents the values of the two regimes. One line corresponds to the extreme regime and the other to the calm regime. Both lines show substantial fluctuations across the entire period. The data points are tightly spaced, indicating high-frequency variation between the regimes.Probability of regime change from 2017 to 2023
Source: Authors’ own work