## Figure 1.9. Tracking the Corporate Credit Cycle: United States versus Europe

## Source details

**Canonical URL:** [Figure 1.9. Tracking the Corporate Credit Cycle: United States versus Europe](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-9.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-9.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-9.csv.json)

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### Dataset overview
- Type: dataset (CSV)
- Worksheet name: csv
- Row count: 394
- Column count: 12
- Title (first column header): Figure 1.9. Tracking the Corporate Credit Cycle: United States versus Europe

### Structure and variables
- The sheet combines two panels:
  - Panel 1: US Business and Corporate Credit Cycles
  - Panel 2: European Business and Corporate Credit Cycles
- Variable labels (as they appear in the sheet):
  - Business cycle (Percentile rank, rescaled)
  - Corporate credit cycle (Percentile rank, rescaled)
  - Total credit to the nonfinancial sector (percent of GDP)
  - Recessions (indicator)
- Date values are presented in mm/dd/yyyy format (example rows use 1/31/1987 and 1/31/2000).

### Sample records (exact values as in the file)
- Row example for the United States:
  - Date: 1/31/1987
  - Business cycle: 0.420
  - Corporate credit cycle: 0.599
  - Total credit to the nonfinancial sector (percent of GDP): 175.9
  - Recessions indicator: 0
- Row example for Europe:
  - Date: 1/31/2000
  - Business cycle: 0.722
  - Corporate credit cycle: 0.073
  - Total credit to the nonfinancial sector (percent of GDP): 195.0
  - Recessions indicator: 0

### Key statistics and formatting notes
- The worksheet includes header rows showing: "1. US Business and Corporate Credit Cycles" and "2. European Business and Corporate Credit Cycles".
- The label row explicitly states: "(Percentile rank, rescaled; percent of GDP)" for both panels.
- Empty cells and repeated empty header columns are present in the sheet (multiple blank columns in the first rows).
- The data rows align US panel values in early columns and European panel values in later columns on the same row (as shown in the sample).

*Source: figure1-9 CSV worksheet (worksheet name: csv; rowCount: 394; columnCount: 12).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-9.csv_