## figure1-3

## Source details

**Canonical URL:** [figure1-3](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-3.pdf)

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- [Markdown version](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-3.pdf.md)
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### 1. Credit-to-GDP Ratio (Percent)
- Vertical axis ticks/labels as shown: 0 20 40 60 80 100 120 140 160 180 200 220
- Horizontal axis ticks/labels as shown: 197075808590952000051015
- Country labels plotted (ISO country codes as in panel):
  - ZAF, USA, TUR, THA, SWE, RUS, PRT, POL, NOR, NLD, MYSKOR, JPN, IRL, IND, HUN, GBR, FRA, FIN, ESPDNK, COL, CHN, CHL, CHE, CAN, BRA, BEL, AUT, AUS, MEX, ITA, ISR, IDN, GRC, DEU, CZE
- Groupings indicated:
  - Emerging market economies (excluding China)
  - Advanced economies without a crisis in 2007–08
  - Advanced economies hit by a crisis in 2007–08
  - China

### 2. House Price Growth and Credit, 2017:Q3
- Vertical axis ticks/labels as shown: 5 0 5 10 10 0 5 0 100150200250300
- Horizontal axis label: Credit-to-GDP ratio (percent)
- Vertical axis label: Real house price growth (percent, year over year)
- Countries plotted (ISO codes, same as panel 1): ZAF, USA, TUR, THA, SWE, RUS, PRT, POL, NOR, NLD, MYSKOR, JPN, IRL, IND, HUN, GBR, FRA, FIN, ESPDNK, COL, CHN, CHL, CHE, CAN, BRA, BEL, AUT, AUS, MEX, ITA, ISR, IDN, GRC, DEU, CZE
- Data timing: Panel 2 shows data for 2017:Q3 or latest available figures, if earlier.
- House price growth measure: calculated over the past three years (annualized).

### Key data sources and notes
- Sources: Bank for International Settlements (BIS); Haver Analytics; IMF, World Economic Outlook database; and IMF staff calculations.
- Credit-to-GDP data: from the BIS; for some countries these data include inter- and intra-company loans, which can be significant.
- Median classification: Countries with gray dots have a credit-to-GDP ratio above the median historical ratio for advanced or emerging market economies. The median is calculated using annual data from 1970 (or first available date, if later) for a pooled sample of 27 advanced economies and 16 emerging market economies.
- Dot colors: Green dots are countries with a credit-to-GDP ratio below the median.
- Data labels: use International Organization for Standardization (ISO) country codes.

*Figure 1.3. Nonfinancial Private Sector Debt*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-3.pdf_