## Figure 1.20. Long-Term Drivers of the Low-Volatility Regime

## Source details

**Canonical URL:** [Figure 1.20. Long-Term Drivers of the Low-Volatility Regime](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-20.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-20.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-20.csv.json)

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### Dataset overview
- Worksheet name: csv
- Row count: 63
- Column count: 25
- Title rows captured in the file:
  - "1. Drivers of Declining Equity Volatility"
  - "2. Realized Volatility of Individual Stocks"
  - "3. Net Income"
  - "4. Dividends and Stock Repurchases"
- Measurement units and notes present in header rows:
  - "(Z-score, number of standard deviations)"
  - "(US/S&P 500 stocks, 90-day historical volatility)"
  - "(Percent of assets, four-quarter moving averages)"

### Variables and panel structure (as labeled in file)
- Panels / groups in the dataset:
  - "Macroeconomic fundamentals"
  - "Corporate performance"
  - "Funding and liquidity conditions"
  - "External spillovers"
  - "VIX index"
  - "Model-fitted VIX index"
  - "Dummy"
- Cross-sectional breakdown labels used for some panels:
  - "Top 50"
  - "Bottom 300"

### Key sample row values (preserve exact numeric precision and formatting)
- Row label: "Average,0.052423644,-0.229243359,-0.223211872,-0.152637361,,-0.552668949,-0.507530862,,,3/31/2010,20.61,21.43,,,,3/31/2010,0.68,0.46,,,,3/31/2010,0.35,0.11"
  - First numeric group (drivers, Z-scores): 0.052423644 ; -0.229243359 ; -0.223211872 ; -0.152637361
  - Missing entry preserved as blank between commas after -0.152637361
  - VIX/model-fitted VIX entries: -0.552668949 ; -0.507530862
  - Date marker: 3/31/2010
  - Realized volatility (US/S&P 500 stocks, 90-day historical volatility): 20.61 ; 21.43
  - Date marker: 3/31/2010
  - Net income (Percent of assets, four-quarter moving averages): 0.68 ; 0.46
  - Date marker: 3/31/2010
  - Dividends and stock repurchases (Percent of assets, four-quarter moving averages): 0.35 ; 0.11

### Data layout and formatting notes (observed from file)
- Several header rows contain descriptive text and measurement units; numeric data appear in comma-separated format on data rows.
- The sample provided shows one data row labeled "Average" containing multiple comma-separated numeric values and date markers.
- Blank cells are represented by empty fields between commas.

*Dataset: figure1-20 (csv worksheet) — IMF GFSR dataset overview*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-20.csv_