## Figure 3.9. Economies Differ in Their House Price Interconnectedness

## Source details

**Canonical URL:** [Figure 3.9. Economies Differ in Their House Price Interconnectedness](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf.json)

---

### Methodology
- Based on a vector autoregression of house price growth rates (quarter over quarter), controlling for global factors.
- Sample period: 1990:Q1 to 2016:Q4.
- Only links above the 50th percentile are considered.
- For methodology details, see Chapter 2 of the April 2016 Global Financial Stability Report.
- Figure layout uses the algorithm by Fruchterman and Reingold (1991) and is plotted using the “qgraph” R package.

### Key visual encoding and measures
- Node size: based on an economy’s total outward spillovers.
- Arrow thickness: based on link distribution.
- Node labels: International Organization for Standardization (ISO) codes.
- Node color: pink nodes represent advanced economies; blue nodes represent emerging market economies.

### Economies included (ISO codes as shown)
- USA, GBR, AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, FIN, FRA, HKG, IRL, ITA, JPN, NLD, NZL, PRT, SWE, SGP, CHL, CHN, COL, ZAF, HUN, IDN, ISR, KOR, MYS, RUS, THA

### Classification note
- Following Morgan Stanley Capital International markets classification criteria and the IMF’s World Economic Outlook country classification in 1990, the beginning of the sample, Korea (KOR) is classified as an emerging market economy.

*Source: IMF staff estimates.*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf_