## Figure 3.10. Interconnectedness among Cities’ House Prices Varies

## Source details

**Canonical URL:** [Figure 3.10. Interconnectedness among Cities’ House Prices Varies](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-10.pdf)

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### Data and methodology
- Sample spans 2004:Q1 to 2017:Q2.
- Based on a vector autoregression of city-level house price growth rates (quarter over quarter), controlling for global factors.
- Only links above the 66th percentile are considered.
- Figure layout is based on the algorithm by Fruchterman and Reingold (1991) and plotted using the “qgraph” R package.
- For methodology details, see Chapter 2 of the April 2016 Global Financial Stability Report.
- City selection criteria are conditional on data availability (see Annex Table 3.1.2, note 1).
- Following Morgan Stanley Capital International markets classification criteria and the IMF’s World Economic Outlook country classification in 1990, Korea (and thus Seoul) is classified as an emerging market economy.

### Network visualization and legend
- Node size is based on the city’s total outward spillovers.
- Arrow thickness is based on link distribution.
- Pink nodes represent advanced economies.
- Blue nodes represent emerging market economies.

### City abbreviations shown in the figure
- Ack = Auckland
- Ams = Amsterdam
- Bgt = Bogotá
- Brl = Berlin
- Brs = Brussels
- Dbl = Dublin
- Dub = Dubai
- HKG = Hong Kong SAR
- Hls = Helsinki
- Jkr = Jakarta
- Lim = Lima
- Lnd = London
- Mdr = Madrid
- Mmb = Mumbai
- Mnl = Manila
- Msc = Moscow
- MxC = Mexico City
- NYC = New York City
- Osl = Oslo
- Prs = Paris
- Rom = Rome
- Sel = Seoul
- SGP = Singapore
- Shn = Shanghai
- Snt = Santiago
- Stc = Stockholm
- Syd = Sydney
- Tky = Tokyo
- Trn = Toronto
- Vnn = Vienna

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-10.pdf_