## Figure 3.8. Relative Contribution of the Global Factor Varies across Regions

## Source details

**Canonical URL:** [Figure 3.8. Relative Contribution of the Global Factor Varies across Regions](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-8.pdf)

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### Summary
- The figure reports the share of the variation in house price growth from 2002 to 2016 explained by a common global factor in the dynamic factor model.
- Two panels are shown: "Country Level" and "City Level".
- Axis tick values shown: 0, 10, 20, 30, 40 (Percent).

### Country Level (panel)
- Horizontal axis range and ticks: 0, 40 (Percent) and intermediate ticks implied by structure.
- Regional grouping labeled: "Europe and other".
- Note on composition: "Europe and other" comprises European countries, South Africa, and Israel.

### City Level (panel)
- Horizontal axis ticks explicitly shown: 0, 10, 20, 30, 40 (Percent).
- Regional groupings labeled:
  - Advanced economies
  - Emerging market economies
  - Europe and other
  - Asia
  - North and South America

### Methodology and notes
- Measure: share of variation in house price growth explained by a common global factor from a dynamic factor model.
- Time period: 2002 to 2016.
- See Annexes 3.2 and 3.3 for methodology.

*Source: IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-8.pdf_