## Figure 3.12. Bilateral Links Between Countries Are Associated with House Price Synchronization (standard deviations)

## Source details

**Canonical URL:** [Figure 3.12. Bilateral Links Between Countries Are Associated with House Price Synchronization (standard deviations)](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-12.csv)

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### Dataset description
- Source: IMF staff estimates.
- Dependent variable: house price synchronization measured by the synch1 gaps measure (see Annex 3.2 for computation methodology).
- Coefficients reported are statistically significant standardized coefficients calculated using coefficients in specification 4 in Annex Table 3.2.1, converted to standard deviations of the dependent variable.
- Specification controls for global financial conditions (proxied through global liquidity), country-pair fixed effects, and quadratic and linear time trends. Standard errors are clustered multiway at time, country i, and country j.
- Notation: i = country 1 and j = country 2 in the country pair.

### Key statistics (standardized coefficients and standard deviations)
- Business cycle synchronization of ij (standardized coefficient): 0.081245207
- Bilateral bank integration of ij (standardized coefficient): 0.072821016
- Standard deviation for business cycle synchronization: 0.0124
- Standard deviation for bilateral bank integration: 1.040

### Notes on interpretation
- Coefficients are presented in terms of standard deviations of the dependent variable.
- See Country-Pair Analysis section of Annex 3.2 for further details on computation and interpretation.

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-12.csv_