Figure 3
Four scatterplots share a time x-axis from 2019 to 2025 and a period y-axis in days. Top left scatterplot: RWQQGC: LINK causes FSI; data points scattered, significant at p < 1 percent. Top right scatterplot: RWQQGC: FSI causes LINK; data points scattered, significant at p < 1 percent. Bottom left scatterplot: RWQQGC: LINK causes FSI; data points scattered, significant at p < 1 percent. Bottom right scatterplot: RWQQGC: FSI causes LINK; data points scattered, significant at p < 1 percent.Time-frequency-quantile causal associations between FSI and DeFi. The window size is 250 and the step size is 10