Figure 3
The x-axis ranges from 1 to 15, and the y-axis measures the multiplier from -0.08 to 0.12. The solid line represents the positive multiplier for LECI(+), starting at about -0.04, peaking at about 0.08 around 9, and then declining to about 0.04. The dashed line represents the negative multiplier for LECI(-), following a similar pattern but with slightly lower values. The red dashed lines indicate the confidence interval, showing the range of uncertainty around the multipliers. Multiplier paths show adjustment toward long-run associations, not causal sectoral effects.Dynamic multiplier of diversification measured by ECI index