## Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016

## Source details

**Canonical URL:** [Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016](https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-5d.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/figure3-5d.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/figure3-5d.csv.json)

---

### Dataset description
- Frequency: Monthly observations from Jan-95 to Jun-16.
- Units: (Standard deviations).
- Variables (factor series) provided:
  - Global financial factor
  - Emerging market factor
  - Euro area factor
- File structure (from metadata):
  - Worksheets: 1 (name: "csv")
  - rowCount: 7
  - columnCount: 259

### Data structure and layout
- Column headings include month labels in the third sample row: "Jan-95", "Feb-95", "Mar-95", ..., "Jun-16".
- Each factor is provided as a contiguous series of numeric values (signed decimals) aligned with the monthly columns.
- Numeric precision is preserved in the file (values given with up to nine decimal places in many cells).

### Selected data points (exact values from the dataset)
- Global financial factor (first months and notable peaks):
  - Jan-95: -0.831405553
  - Feb-95: -0.985395361
  - Mar-95: -1.048028369
  - Notable high values present in the series: 3.765371393, 5.72035256, 5.249255205
  - Other sample values in the series: 0.36964334, 0.497981455, 0.336919346
- Emerging market factor (first months and selected values):
  - Jan-95: 0.329965685
  - Feb-95: 0.4450786
  - Mar-95: 0.673295645
  - Selected values in the series: 2.952603003, 2.946796694, -1.349265478
- Euro area factor (first months and selected values):
  - Jan-95: 0.89559393
  - Feb-95: 0.871373259
  - Mar-95: 0.863545643
  - Selected values in the series: 3.22405843, 2.524807559, -1.061101471

### Key dataset features for analysis and ingestion
- Monthly time series spanning 1995–2016 for three orthogonal factors (global, emerging market, euro area) expressed in standard deviations.
- High numeric precision across series (many values with 9 decimal places).
- Suitable for time-series analysis, factor regressions, stress-testing exercises, and replication of the Three-Factor Model based on the Financial Conditions Index.

*Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-5d.csv*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-5d.csv_