## figure3-7 (dataset overview)

## Source details

**Canonical URL:** [figure3-7 (dataset overview)](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv.json)

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### Dataset description
- Worksheet name: csv
- Row count: 95
- Column count: 22
- Title string (column header as provided): "Figure 3.7. Instantaneous Quasi-Correlation of House Price Gaps Shows Financial Cycle Properties (Median Shown)"
- Source line (as provided): "Source: IMF staff estimates. "
- Note (as provided): "Note: Higher quasi-correlation values imply that the house price gaps of both countries (cities) are simultaneously above or below their respective historical averages. See Annex 3.2 for methodology for quasi-correlation computations. Shaded areas correspond to U.S. recessions."

### Structure and variables
- Panels (as structured across columns):
  - "1. Country Pairs: Within Advanced Economies"
  - "2. Major City Pairs: Within Advanced Economies"
  - "3. Country Pairs: Within Emerging Market Economies"
  - "4. Major City Pairs: Within Emerging Market Economies"
  - "5. Country Pairs: Between Advanced and Emerging Market Economies"
  - "6. Major City Pairs: Between Advanced and Emerging Market Economies"
- Variable label repeated for each panel: "Instantaneous quasi correlation"
- Time frequency/format in sample rows: quarterly (e.g., "1995:Q1", "95:Q2", "95:Q3", "95:Q4")

### Sample data points (exact values from the file)
- 1995:Q1
  - Panel 1 ("Country Pairs: Within Advanced Economies"): 0.0040128
  - Panel 3 ("Country Pairs: Within Emerging Market Economies"): 0.5449545
  - Panel 5 ("Country Pairs: Between Advanced and Emerging Market Economies"): -0.0989757
  - Panel 2 ("Major City Pairs: Within Advanced Economies"): 0.0104642
  - Panel 4 ("Major City Pairs: Within Emerging Market Economies"): -0.0157277
  - Panel 6 ("Major City Pairs: Between Advanced and Emerging Market Economies"): -0.0647711
- 95:Q2
  - Panel 1: 0.0043539
  - Panel 3: 0.7249039
  - Panel 5: -0.3196892
  - Panel 2: 0.1784347
  - Panel 4: -0.0118075
  - Panel 6: -0.0592938
- 95:Q3
  - Panel 1: 0.0733299
  - Panel 3: 0.6355904
  - Panel 5: -0.3529305
  - Panel 2: 0.3335593
  - Panel 4: -0.0177754
  - Panel 6: 0.0006235
- 95:Q4
  - Panel 1: 0.1824443
  - Panel 3: 0.7717068
  - Panel 5: -0.4542754
  - Panel 2: 0.4184157
  - Panel 4: -0.0128689
  - Panel 6: 0.0205181

### Analytical notes (from dataset content)
- The dataset reports instantaneous quasi-correlation values for house price gaps across multiple pairings of countries and major cities.
- Interpretation guidance (as provided): Higher quasi-correlation values imply simultaneous deviations of house price gaps of both countries (cities) above or below their respective historical averages.
- Methodology reference (as provided): "See Annex 3.2 for methodology for quasi-correlation computations."
- Visual context note (as provided): "Shaded areas correspond to U.S. recessions."

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv_