## Figure 1.9. Asset Valuations

## Source details

**Canonical URL:** [Figure 1.9. Asset Valuations](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/csv/figure1-9.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/oct/ch1/csv/figure1-9.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/oct/ch1/csv/figure1-9.csv.json)

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### 1. Cyclically Adjusted Price-to-Earnings Ratio (Z-score)
- Country columns present: Germany; Japan; United States; Emerging markets.
- Sample observations:
  - 1/31/1990: Germany = -0.735; Japan = 1.2436; United States = -1.3135.
  - 2/28/1990: Germany = -0.7677; Japan = 0.9666; United States = -1.3962.
- Additional quarterly sample:
  - 2000Q1: Global = -0.406; United States = -0.646; Euro area = -0.381; Other AE excluding Japan = -0.802.
  - 2000Q2: Global = -0.401; United States = -0.615; Euro area = -0.402; Other AE excluding Japan = -0.81.

### 5. Residual Market Risk Premiums for U.S. and Emerging Market Dollar-Denominated Corporate Bonds
- Label: (Difference between the corporate spread and the default risk component, percent).
- Bond categories present: US high yield; US investment grade; Emerging markets.
- Sample dated observations (monthly-style dates shown):
  - 1/1/2006: US high yield = 1; US investment grade = 0.9; Emerging markets = 1.14; US HY avg = 3.13; US IG avg = 1.65; EM avg = 2.61.
  - 2/1/2006: US high yield = 0.84; US investment grade = 0.92; Emerging markets = 1; US HY avg = 3.13; US IG avg = 1.65; EM avg = 2.61.

### 6. Housing Market Valuations
- Regional columns present for housing valuations: Global; United States; Euro area; Other AE excluding Japan.
- Sample quarterly observations (aligned with housing series):
  - 2000Q1: Global = -0.406; United States = -0.646; Euro area = -0.381; Other AE excluding Japan = -0.802.
  - 2000Q2: Global = -0.401; United States = -0.615; Euro area = -0.402; Other AE excluding Japan = -0.81.

*Dataset: figure1-9 (csv worksheet sample rows as provided)*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/csv/figure1-9.csv_