## Figure 2.4.1 and Figure 2.4.2

## Source details

**Canonical URL:** [Figure 2.4.1 and Figure 2.4.2](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure-241-and-242.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure-241-and-242.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure-241-and-242.pdf.json)

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### Figure 2.4.1 — Panel Vector Autoregression Dynamic Analysis (Percentage points)
- Subpanels / Responses shown:
  1. Shocks to Household Debt Ratio: Effect on Real Output
  2. Shocks to House Prices: Effect on Real Output
  3. Shocks to Household Debt Ratio: Effect on House Prices
  4. Shocks to House Prices: Effect on Household Debt Ratio
- Displayed numeric axis values and quarter markers exactly as shown in the figure:
  - –0.8
  - –0.4
  - 0.0
  - 0.4
  - 0.8
  - 04812162024
  - –0.5
  - 0.0
  - 0.5
  - 04812162024
  - –2.0
  - –1.5
  - –1.0
  - –0.5
  - 0.0
  - 0.5
  - 1.0
  - 1.5
  - 04812162024
  - –0.3
  - 0.0
  - 0.3
  - 0.5
  - 0.8
  - 1.0
  - 04812162024

### Figure 2.4.2 — Consumption Response to House Prices (Percent)
- Countries and sample periods:
  - Korea: regression coefficients from regressing the percentage change in consumption on changes in the local house price index between 2008 and 2014.
  - Australia: regression coefficients from regressing the percentage change in consumption on changes in the local house price index between 2012 and 2015.
- Controls included in both analyses:
  - percentage change in household income
  - percentage change in household debt
  - other demographic information
  - state-level changes in income over the same period
- Sample restrictions: samples of households in both countries are restricted to those tracked over the period covered.
- Leverage definitions:
  - Low leverage corresponds to a debt-to-income ratio of 2.
  - High leverage corresponds to a debt-to-income ratio of 4.
- Standard errors: clustered at the state or province level.
- Displayed numeric axis values and group labels exactly as shown:
  - –0.1
  - 0
  - 0.1
  - 0.2
  - 0.3
  - 0.4
  - HomeownerNon–homeowner
  - 0
  - 0.1
  - 0.2
  - 0.3
  - Debt-to-income
  - ratio = 2
  - Debt-to-income
  - ratio = 4

*Source: IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure-241-and-242.pdf_