## Figure 1.6. Asset Price Misalignment

## Source details

**Canonical URL:** [Figure 1.6. Asset Price Misalignment](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-6.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-6.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-6.csv.json)

---

### Dataset scope and structure
- Worksheet name: "csv"
- Row count: 169
- Column count: 73
- High-level subject: Asset price misalignment across equity markets, contributions to valuation changes, residual market risk premiums for corporate bonds, estimated 10-year term premium, and capitalization rates for selected economies.
- Time coverage (column headings): 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017

### Section 1 — US Equity Market: Prices and Fundamentals-Based Valuations
- Primary series label: (S&P 500 index price in logs)
- Key variables (column headings present):
  - Actual
  - Model's prediction
  - Misalignment
- Misalignment interpretation: Positive values indicate overvaluation; reported as "percent of prices"

### Section 2 — US Equity Market: Changes in Prices and Contributions to Valuations
- Aggregate measurement unit: (Percent and percent contributions; cumulative)
- Change decomposition variables (column headings present):
  - Changes in actual prices
  - Contribution of mean earnings forecasts
  - Contribution of dispersion in earnings forecasts
  - Contribution of interest rates
  - Changes in the extent of misalignment

### Section 3 — Global Equity Markets: Price Misalignments
- Countries/regions represented (column headings present):
  - United States
  - Euro area
  - Germany
  - United Kingdom
  - Japan
  - China
  - Brazil
  - India
- Misalignment measure label: "(Positive values indicate overvaluation; percent of prices)"

### Section 4 — Residual Market Risk Premiums for US Dollar-Denominated Corporate Bonds
- Series label: "(Difference between corporate spread and default risk component; percent)"
- Bond groupings (column headings present):
  - Developed market high-yield bonds
  - US investment-grade corporate bonds
  - EM corporate dollar bonds

### Section 5 — Estimated 10-Year Term Premium
- Unit label: "(Percent)"
- Country coverage (column headings present):
  - United States
  - United Kingdom
  - France
  - Canada
  - Germany
  - Japan
  - Italy

### Section 6 — Capitalization Rates for Selected Economies
- Unit label: "(Percent)"
- Country coverage (column headings present):
  - United States
  - United Kingdom
  - France
  - Canada
  - Germany
  - Japan
  - Italy

### Data layout notes for users
- The file contains multi-panel figure data organized horizontally across many columns; panel titles include:
  - "1. US Equity Market: Prices and Fundamentals-Based Valuations"
  - "2. US Equity Market: Changes in Prices and Contributions to Valuations"
  - "3. Global Equity Markets: Price Misalignments"
  - "4. Residual Market Risk Premiums for US Dollar-Denominated Corporate Bonds"
  - "5. Estimated 10-Year Term Premium"
  - "6. Capitalization Rates for Selected Economies"
- Headers explicitly record units and interpretation for each panel (for example, "(S&P 500 index price in logs)", "(Percent and percent contributions; cumulative)", "(Difference between corporate spread and default risk component; percent)")
- Year columns run from 2001 through 2017 and align with the capitalization-rate panel

*Dataset: figure1-6 (csv worksheet) — Figure 1.6. Asset Price Misalignment*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-6.csv_