## Figure 3.13. Greater Financial Openness Is Associated with Higher House Price Synchronization

## Source details

**Canonical URL:** [Figure 3.13. Greater Financial Openness Is Associated with Higher House Price Synchronization](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-13.pdf)

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### Measurement and scope
- Synchronicity is measured by the share of the variation in house price growth from 2002 to 2016 explained by a common global factor in the dynamic factor model.
- See Annexes 3.2 and 3.3 for more details on methodologies.
- Sources: Chinn and Ito (2006); and IMF staff estimates.

### Key variables shown
- House price synchronicity (percent): 0, 5, 10, 15, 20, 25, 30, 35, 40, 45
- Capital account openness categories:
  - Less than 0
  - 0 to 2
  - More than 2

### Main finding
- Greater capital account openness is associated with higher house price synchronization as measured over 2002 to 2016.

*Sources: Chinn and Ito (2006); and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-13.pdf_