## Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased

## Source details

**Canonical URL:** [Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-11.pdf)

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### Summary finding
- The figure shows that average country-level housing market spillovers increased in the 2007–16 sample relative to the 1990–2006 sample.
- Spillovers are measured as the share of the house price variance in a country that can be accounted for by changes in another single country.

### Measurement and scope
- Sample periods: 1990–2006 and 2007–16.
- House price series: country-level house price growth rates (quarter over quarter).
- Estimation method: vector autoregression of country-level house price growth rates, controlling for global factors.
- Spillover definition: the share of the house price variance in a country that can be accounted for by changes in another single country.
- For methodology, see Chapter 2 of the April 2016 Global Financial Stability Report.
- AEs = advanced economies; EMEs = emerging market economies.

### Categories shown
- Total
- AEs to AEs
- EMEs to EMEs
- AEs to EMEs
- EMEs to AEs

### Axis and scale indicators (as presented in the figure)
- Vertical scale annotated from 0.0 to 3.0 (percentage points).
- Tick marks noted at 0.5, 1.0, 1.5, 2.0, 2.5.

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-11.pdf_