## Figure 3.15. Global Financial Conditions, as Proxied by Global Liquidity, Have Different Associations with House Price Synchronization Across Countries and Cities (standard deviations)

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**Canonical URL:** [Figure 3.15. Global Financial Conditions, as Proxied by Global Liquidity, Have Different Associations with House Price Synchronization Across Countries and Cities (standard deviations)](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-15.csv)

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### Notes and methodology
- Source: IMF staff estimates.
- Synchronicity is measured by the quasi-correlation of gaps.
- Solid bars denote joint significance of the F-test at or above 90�percent.
- Patterned bars denote interaction terms that are statistically significant.
- Coefficients are standardized.
- For city-level 4th, 6th and 8th bars correspond to city-pairs that reside either in country-pairs that are AEs, country-pairs that are EMEs, or�country-pairs that are AE-EMEs, respectively.
- Standard deviation of the country-level dependent variable is approximately 0.85 and standard deviation of the city?level dependent variable is approximately 0.97.
- See Annex 3.2 for methodology and Annex Table 3.2.2 for detailed results.
- AEs = advanced economies; EMEs = emerging market economies; FX = foreign exchange rate.

### Key statistics (coefficients, standardized)
- Column headings:
  - Baseline
  - Country pairs are AEs
  - Country pairs are EMEs
  - Country pairs are AE�EMEs
  - Capital account openness is high
  - FX regimes are very flexible

- Country level:
  - Baseline: 0.075
  - Country pairs are AEs: 0.048
  - Country pairs are EMEs: 0.047
  - Country pairs are AE�EMEs: 0.048
  - Capital account openness is high: 0.059
  - FX regimes are very flexible: 0.058

- City level:
  - Baseline: 0.086
  - Country pairs are AEs: 0.097
  - Country pairs are EMEs: 0.082
  - Country pairs are AE�EMEs: 0.065
  - Capital account openness is high: 0.096
  - FX regimes are very flexible: 0.055

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-15.csv_