Figure 1
The image contains five line graphs showing the performance of various macroeconomic indicators and the JSE Financial 15 index over time from 2004 to 2024. The graphs are labeled as JSE15, INT, CPI, GDP, and EXR. The JSE15 graph shows the performance of the JSE Financial 15 Index, with values ranging from 0 to 25000. The INT graph represents interest rates, with values ranging from 0 to 14. The CPI graph illustrates the consumer price index, with values ranging from 0 to 120. The GDP graph depicts the gross domestic product, with values ranging from 0 to 8000000. The EXR graph shows the exchange rate, with values ranging from 0 to 20. Some graphs indicate rising trends, while others show notable fluctuations with visible breaks around 2008 quarter four, 2020 quarter one, and 2020 quarter three. The JSE15 and EXR graphs exhibit an upward trend but with notable fluctuations, while the CPI and GDP graphs exhibit a relatively smooth upward trend, with GDP showing a noticeable decline occuring around 2020. INT graph shows fluctuations with generally a decline over parts of the sample. All values are approximated.Variables' performance overtime. Source: Authors’ own