## Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities

## Source details

**Canonical URL:** [Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv.json)

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### Dataset description
- Title: Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities
- Worksheet name: csv
- Row count: 114
- Column count: 1
- Measure: Synch1 measure capturing the negative of the absolute difference between the house price gaps between two countries (closer to zero denotes higher synchronization).
- Source note: IMF staff estimates.
- Methodology note: See Annex 3.2 for methodology.
- Presentation note: Shaded areas correspond to U.S. recession periods.

### Structure and variables
- Single-column CSV where the column header is: "Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities "
- Rows include period labels and Synch1 values for:
  - Within Advanced Economies — Country pairs and Major city pairs
  - Within Emerging Market Economies — Country pairs and Major city pairs
  - Between Advanced and Emerging Market Economies — Country pairs and Major city pairs

### Sample period values (exact figures from dataset)
- For 1991Q1 (Within Advanced Economies):
  - Country pairs: -0.114407182
  - Major city pairs: -0.1484647
- For 1995Q1 (Within Emerging Market Economies):
  - Country pairs: -0.091184154
  - Major city pairs: -0.1315572
- For 1995Q1 (Between Advanced and Emerging Market Economies):
  - Country pairs: -0.1056586
  - Major city pairs: -0.1896392

### Key interpretive points extracted from the dataset text
- The Synch1 measure is constructed as the negative of the absolute difference between house price gaps; values closer to zero denote higher synchronization.
- The dataset provides synchronization comparisons across:
  - Country pairs and major city pairs within Advanced Economies,
  - Country pairs and major city pairs within Emerging Market Economies,
  - Country pairs and major city pairs between Advanced and Emerging Market Economies.
- Temporal coverage includes at least 1991Q1 and 1995Q1 as sample periods; the full worksheet contains 114 rows.

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv_