## Figure 1.9. Corporate Leverage and the Credit Cycle

## Source details

**Canonical URL:** [Figure 1.9. Corporate Leverage and the Credit Cycle](https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv.json)

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### Dataset description
- Type: dataset (CSV worksheet).
- Worksheet name: "csv".
- Row count: 211.
- Column count: 17.
- Title row present: "Figure 1.9. Corporate Leverage and the Credit Cycle".
- Dataset organized into multiple panels: (1) Asset Valuations, Balance Sheet Fundamentals, and Credit Conditions; (3) Net Leverage of S&P 500 Companies; (4) Net Leverage by Sector.

### Variables and panel structure
- Panel 1 headings (as presented): "Fundamentals", "Valuation", "Credit conditions".
  - Values in Panel 1 are time-indexed (sample dates shown: "1/31/2000", "2/29/2000", "3/31/2000", "4/30/2000").
- Panel 3 title and units: "3. Net Leverage of S&P 500 Companies" — "(Ratio of net debt to EBITDA)".
  - Columns under Panel 3 in sample rows: "Median (all firms)", "Mean (all firms)", "Median (excluding energy)".
- Panel 4 title and units: "4. Net Leverage by Sector" — "(Ratio of net debt to EBITA)".
  - Columns under Panel 4 in sample rows: sector labels and two period columns: "2004-06" and "2016".

### Sample observations (exact values preserved)
- Time series panel (Panel 1 sample rows):
  - 1/31/2000: Fundamentals = -0.644, Valuation = -1.762, Credit conditions = -0.389.
  - 2/29/2000: Fundamentals = -0.642, Valuation = -1.673, Credit conditions = -0.381.
  - 3/31/2000: Fundamentals = -0.663, Valuation = -1.539, Credit conditions = -0.406.
  - 4/30/2000: Fundamentals = -0.792, Valuation = -1.377, Credit conditions = -0.461.
- Panel 3 cross-section sample rows (year labels and leverage statistics):
  - 1980: Median (all firms) = 0.939, Mean (all firms) = 1.008.
  - 1981: Median (all firms) = 0.868, Mean (all firms) = 1.091, Median (excluding energy) = 0.534.
  - 1982: Median (all firms) = 0.873, Mean (all firms) = 1.21, Median (excluding energy) = 0.523.
  - 1983: Median (all firms) = 0.688, Mean (all firms) = 0.944, Median (excluding energy) = 0.299.
- Panel 4 sector leverage sample comparisons (2004-06 vs 2016):
  - Overall: 2004-06 = 1.639, 2016 = 2.229.
  - Energy: 2004-06 = 0.478, 2016 = 4.286.
  - Real estate: 2004-06 = 6.248, 2016 = 5.862.
  - Utilities: 2004-06 = 3.832, 2016 = 4.551.

### Usage notes and content characteristics
- Numeric precision: all numeric values are presented with the exact precision shown in the source (negative signs, three-decimal precision, and integer year labels preserved).
- Panel units to observe when analyzing or merging:
  - Panel 1 values are normalized percentile-rank measures (label: "Unweighted average in percentile rank, normalized to zero").
  - Panel 3 uses "Ratio of net debt to EBITDA".
  - Panel 4 uses "Ratio of net debt to EBITA".
- Time coverage and completeness: worksheet has 211 rows; sample rows show the dataset includes monthly dates (at least for early 2000) and annual/year-label cross-sections for earlier decades and sector comparisons for 2004-06 and 2016.

*Dataset: Figure 1.9. Corporate Leverage and the Credit Cycle (worksheet "csv").*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv_