Fig 1.
The volatility of variables from Jan 2003 to Feb 2022.
Table 1.
The unit root test result.
Fig 2.
Note: The color bar shown on the right side of each figure suggests the color code for power that ranges from blue (low) to yellow (high). The X-axis is the study time period and Y-axis indicates frequencies.
Fig 3.
Note: The time-scale wavelet coherence levels are captured are represented by a colour spectrum, with yellow indicates high power, while blue represents low power. The arrows themselves, represent the phase difference dynamics between the time series. The right (left) pointed arrow denotes phase-in (phase-out) which can be interpreted as a positive (negative) correlation between the series.
Fig 4.
CWT between TO and GR.
Fig 5.
XWT between TO and GR.
Fig 6.
CWT between TO and IPI.
Fig 7.
XWT between TO and IPI.
Table 2.
Wavelet coherence findings summary.
Fig 8.
TO to EPU time-varying causality.
Fig 9.
TO to GR time-varying causality.
Fig 10.
TO to IPI time-varying causality.