Figure 1
The line chart shows two side-by-side panels. The left panel has a horizontal axis with years from 1996 to 2022 in increments of 2 years and a vertical axis ranging from negative 16 to 16 in increments of 4 units, and includes a legend labeled “C U S U M” and “5 percent Significance”. The line representing “C U S U M” starts with the point (96, negative 1), passes through (06, 1), (16, negative 3), and ends at (22, negative 3). The upper 5 percent significance line starts from (96, 5) and ends at (22, 15), showing the positive slope, and the lower 5 percent significance line starts from (96, negative 5) and ends at (22, negative 15), showing the negative slope. The right panel has a horizontal axis with years from 1996 to 2022 in increments of 2 years and a vertical axis ranging from negative 0.4 to 1.4 in increments of 0.2 units, and includes a legend labeled “C U S U M of Squares” and “5 percent Significance”. The line representing “C U S U M of Squares” starts with the point (96, 0.1), passes through (06, 0.5), and (16, 0.9), and ends at (22, 1.0). The upper 5 percent significance line starts from (96, 0.3) and ends at (22, 1.3) showing the positive slope, and the lower 5 percent significance line starts from (96, negative 0.2) and ends at (22, 0.7) showing the positive slope. Note: All numerical data values are approximated.Plot of cumulative sum of recursive residuals and sum of squares of recursive residuals: basic model. Source(s): Authors’ work