## Figure 2.3. Procyclicality: Regulatory Tools, Outcomes, and IMF Technical Assistance

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**Canonical URL:** [Figure 2.3. Procyclicality: Regulatory Tools, Outcomes, and IMF Technical Assistance](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-3.pdf)

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### Summary findings
- Despite positive credit gaps in many countries, countercyclical capital buffers have been triggered infrequently.
- Most countries have seen declining procyclicality of their bank credit since the crisis.
- A variety of sectoral countercyclical tools have taken hold.
- A fundamental IMF role in the reform agenda has been through its technical assistance activities.

### Panel 1 — Total Credit-to-GDP Gap in BCBS Members and CCyB Rates
(Percentage points; deviation from credit-to-GDP trend)
- Left scale (Credit gap): –4, –3, –2, –1, 0, 1, 2
- Right scale (CCyB rate, percent): –60, –40, –20, 0, 20, 40
- CCyB label: "CCyB rate (percent, right scale)"
- Countries shown (order as listed in figure):
  - Hong Kong SAR
  - China
  - Singapore
  - Canada
  - Switzerland
  - Japan
  - Indonesia
  - Turkey
  - Argentina
  - Saudi Arabia
  - France
  - Korea
  - Germany
  - South Africa
  - Brazil
  - Russia
  - United States
  - India
  - Australia
  - Belgium
  - Sweden
  - United Kingdom
  - Italy
  - Netherlands
  - Luxembourg
  - Spain
- Note: "In panel 1, credit-to-GDP gap is calculated as of 2017:Q3."

### Panel 2 — Credit Procyclicality
(Regression coefficient)
- Each point represents the country-level regression coefficient of real quarterly banking system credit growth on quarterly real GDP growth, both detrended.
- Horizontal axis: coefficient estimated for the precrisis period (2000–07).
- Vertical axis: coefficient for the postcrisis period (2010–15).
- Axis tick labels shown in figure: –4, –2, 0, 2, 4, 6, 8, 10
- Caption summary: "Most countries have seen declining procyclicality of their bank credit since the crisis ..."

### Panel 3 — Household Sector Tools
(Number of countries, 2017)
- Tool categories (as labeled in figure):
  - Other measures to mitigate systemic risks
  - Fiscal measures to contain systemic risks
  - Exposure caps on household credit
  - Household sector capital requirements
  - Cap on credit growth to the household sector
  - Loan restrictions or borrower eligibility criteria
  - Other
  - Restrictions on unsecured loans
  - Limit on amortization periods
  - Cap on debt-service-to-income ratio
  - Cap on loan-to-income ratio
  - Cap on loan-to-value ratio
- Time axis tick labels shown in figure: 2011, 12, 13, 14, 15, 16, 17, 18, 19
- Vertical axis tick labels shown in figure: 0, 5, 10, 15, 20
- Caption summary: "... as a variety of sectoral countercyclical tools have taken hold."

### Panel 4 — Basel, IFRS, and Stress-Testing Missions
(Percent of banking supervision missions)
- Labels in figure: Basel implementation, IFRS, Stress testing
- Caption summary: "A fundamental IMF role in the reform agenda has been through its technical assistance activities."

### Notes and data sources
- Sources: Bank for International Settlements; Fitch Connect; IMF, 2017 Macroprudential Policy Survey; IMF, Financial Sector Assessment Program; and IMF staff calculations.
- Additional note in figure: "BCBS = Basel Committee for Banking Supervision; CCyB = countercyclical capital buffer; IFRS = International Financial Reporting Standards."
- Panel-specific note: "In panel 1, credit-to-GDP gap is calculated as of 2017:Q3. In panel 2, each point represents the country-level regression coefficient of real quarterly banking system credit growth on quarterly real GDP growth, both detrended. The horizontal axis shows the coefficient estimated for the precrisis period (2000–07), and the vertical axis shows the coefficient for the postcrisis period (2010–15)."

*Figure 2.3. Procyclicality: Regulatory Tools, Outcomes, and IMF Technical Assistance (source: figure2-3).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-3.pdf_