## Figure 3-5

## Source details

**Canonical URL:** [Figure 3-5](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-5.pdf)

## Other formats

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

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### Key finding
- Synchronization has steadily increased across countries and cities (Median synchronization; closer to zero denotes higher synchronization).

### Quantitative indicators (median synchronization ranges shown in figure)
- Within Advanced Economies: –0.25, –0.05
- Within Emerging Market Economies: –0.15, 0.00
- Between Advanced and Emerging Market Economies: –0.25, –0.05
- Y-axis ticks shown: –0.20, –0.15, –0.10, –0.05

### Timespan / x-axis (quarterly labels shown on figure)
- 1991:Q1 92:Q3 94:Q1 95:Q3 97:Q1 98:Q3 2000:Q1 01:Q3 03:Q1 04:Q3 05:Q1 06:Q3 07:Q1 09:Q1 10:Q3 12:Q1 13:Q3 15:Q1 16:Q2 96:Q2 96:Q2 97:Q3 98:Q4 2000:Q1 01:Q2 02:Q3 03:Q4 05:Q1 06:Q2 07:Q3 08:Q4 10:Q1 11:Q2 12:Q3 13:Q4 15:Q1

### Methodology note
- The Synch1 measure capturing the negative of the absolute difference between two countries’ house price gaps is used. See Annex 3.2 for methodology.

### Visual annotations
- Country pairs and major city pairs are plotted; a linear trend (country pairs) is shown.
- Shaded areas correspond to US recessions.
- Labels on the figure indicate "Higher synchronization" at the upper part of each panel.

*Source: IMF staff estimates.*

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