## Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness

## Source details

**Canonical URL:** [Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv.json)

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### Dataset overview
- Worksheet name: csv
- Row count: 28
- Column count: 1
- Column heading: "Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness"
- Purpose: Reports R-squared values from the housing return forecasting equation mapped against capital account openness.

### Note on the measure
- "The y-axis is the R2 from the housing return forecasting equation which measures the proportion of variance in the future housing return nine years ahead explained by the current price-to-rent ratio."

### Sources
- "Chinn and Ito 2006; and IMF staff estimates."

### Key statistics (Capital account openness → R-squared)
- 1.08018 → 0.0587841
- 1.6392408 → 0.1653807
- 2.3744187 → 0.030466

*Source: IMF staff dataset (csv worksheet). The y-axis is the R2 from the housing return forecasting equation, which measures the proportion of variance in the future housing return nine years ahead explained by the current price-to-rent ratio. Sources: Chinn and Ito 2006; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv_