Fig. 6
From: Identifying Algeria’s de facto exchange rate regime: a wavelet-based approach
Wavelet Local Multiple Correlation for log first difference of the dinar (DZD/SDR), dollar (USD/SDR) and Euro (EURO/SDR) against the special drawing rights. “Level 1”, “Level 2”, “Level 3”, “Level 4” and “Level 5” represent five different wavelet scales that capture dynamics with five different periods in the range of 2–4, 4–8, 8–16, 16–32 and 32–64 months, respectively. The red lines correspond to the upper and lower bounds of the 95% confidence interval