## Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Diffusion Index of House Price Growth and Global Financial Conditions)

## Source details

**Canonical URL:** [Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Diffusion Index of House Price Growth and Global Financial Conditions)](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv.json)

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### Dataset description
- Type: dataset (CSV)
- Worksheet name: csv
- Row count: 131
- Column count: 18
- Source line present in dataset: "Source: IMF staff calculations."
- Note in dataset describing index construction:
  - "Note: Diffusion index is based on year-over-year growth rates of real house prices. This index measures the share of positive"
  - "house price growth observations in each quarter. FCI = financial conditions index."

### Structure and panel layout
- The worksheet is organized into four panels presented side-by-side (as column groups):
  1. "1. Advanced Economies: Country Level"
  2. "2. Advanced Economies: City Level"
  3. "3. Emerging Market Economies: Country Level"
  4. "4. Emerging Market Economies: City Level"
- Each panel includes the following header variables (as shown in the header row):
  - date_Q
  - Diffusion index
  - US FCI (right scale) or World FCI (right scale) depending on panel

### Sample rows (exact values preserved)
- Header rows and initial rows:
  - Row: "Source: IMF staff calculations."
  - Row: "Note: Diffusion index is based on year-over-year growth rates of real house prices. This index measures the share of positive"
  - Row: "house price growth observations in each quarter. FCI = financial conditions index.,,,,,,,,,,,,,,,,,"
- Panel titles row:
  - "1. Advanced Economies: Country Level", "", "", "", "", "2. Advanced Economies: City Level", "", "", "", "", "3. Emerging Market Economies: Country Level", "", "", "", "", "4. Emerging Market Economies: City Level", "", ""
- Column header row (exact):
  - "date_Q", "Diffusion index", "US FCI (right scale)", "", "", "date_Q", "Diffusion index", "US FCI (right scale)", "", "", "date_Q", "Diffusion index", "World FCI (right scale)", "", "", "date_Q", "Diffusion index", "World FCI (right scale)"
- Example quarterly observations (exact values from sample rows):
  - 1986Q1 row (Advanced Economies: Country Level / US FCI):
    - "1986Q1", "", "-0.44432196", "", ""
  - 1986Q1 row (Advanced Economies: City Level / US FCI):
    - "1986Q1", "", "-0.44432196", "", ""
  - 1996Q1 row (Emerging Market Economies: Country Level / World FCI):
    - "1996Q1", "", "-0.30526", "", ""
  - 1996Q1 row (Emerging Market Economies: City Level / World FCI):
    - "1996Q1", "", "-0.30526"
  - 1986Q2 row examples:
    - "1986Q2", "", "-0.02204204", "", ""
    - "1986Q2", "", "-0.02204204", "", ""
    - "1996Q2", "", "-0.1972059", "", ""
    - "1996Q2", "", "-0.1972059"
  - 1986Q3 row examples:
    - "1986Q3", "", "0.23247747", "", ""
    - "1986Q3", "", "0.23247747", "", ""
    - "1996Q3", "", "-0.1674239", "", ""
    - "1996Q3", "", "-0.1674239"
  - 1986Q4 row examples:
    - "1986Q4", "", "0.13927357", "", ""
    - "1986Q4", "", "0.13927357", "", ""
    - "1996Q4", "", "-0.2625154", "", ""
    - "1996Q4", "", "-0.2625154"

### Definitions and measurement notes
- Diffusion index:
  - "based on year-over-year growth rates of real house prices"
  - "measures the share of positive house price growth observations in each quarter"
- FCI label:
  - "FCI = financial conditions index."
- Right-scale series:
  - Panels for advanced economies reference "US FCI (right scale)"
  - Panels for emerging market economies reference "World FCI (right scale)"

*Source: IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv_