Figure 15.
A wavelet coherence plot showing the relationship between C P U index and the I 3 7 3 3 8 index from 2019 to 2024.The plot shows wavelet coherence between C P U index and the I 3 7 3 3 8 index. The horizontal axis spans January 2019 to September 2024, and the vertical axis shows a scale from 4 to 256. Strong coherence appears at larger scales from 2022 to 2024 with a prominent continuous region. Smaller isolated regions appear at mid scales between 2020 and 2022. Higher frequency regions show weaker scattered coherence. Arrows indicate varying directional relationships across time and scale.

CWT correlation of CPU and I37338 Index (2019–2024)

Note(s): The region above the cone of influence (delineated by the parabola in gray color) shows the statistically significant areas in the scalogram. I37338 index is Bloomberg Global Agg USD Sukuk Unh USD

Source: Authors’ own work; see data section for sources

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