## Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016

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**Canonical URL:** [Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-5.pdf)

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### Figure description
- The figure compares two measures of riskiness of credit allocation across selected economies: a leverage-based measure and an expected default frequency–based measure.
- The panels show the simple two-year moving average for each measure.
- Shaded areas indicate periods of growth below the 15th percentile of the growth distribution.

### Countries shown (panel ordering)
- 1. United States
- 2. Japan
- 3. Spain
- 4. Germany
- 5. India
- 6. China
- 7. Korea
- 8. United Kingdom

### Panel axis values and year ticks (as presented in the figure)
- Panel 1 (United States): 1.0; –1.0; 0.0; –0.5; 0.5; 1995; 96979899; 2000; 01020304050607080910111213141516
- Panel 2 (Japan): 1.0; –1.0; 0.0; –0.5; 0.5
- Panel 3 (Spain): 2.5; 1.5; –2.5; –1.5; –0.5; 0.5; 1995; 96979899; 2000; 01020304050607080910111213141516
- Panel 4 (Germany): 1.0; –1.0; 0.0; –0.5; 0.5
- Panel 5 (India): 1.2; 0.8; –1.2; –0.8; –0.4; 0.4; 0.0; 1995; 96979899; 2000; 01020304050607080910111213141516
- Panel 6 (China): 1.2; –1.2; 0.0; 0.4; –0.8; –0.4; 0.8; 1995; 96979899; 2000; 01020304050607080910111213141516
- Panel 7 (Korea): 2.5; 1.5; –2.5; –1.5; –0.5; 0.5; 1995; 96979899; 2000; 01020304050607080910111213141516
- Panel 8 (United Kingdom): 1.0; –1.0; 0.0; –0.5; 0.5; 1995; 96979899; 2000; 01020304050607080910111213141516

### Notes and data sources
- Sources: Worldscope; and IMF staff estimates.
- See Box 2.1 for details on the construction of the measures.

*Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (Index)*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-5.pdf_