## boxfigure2-1-1

## Source details

**Canonical URL:** [boxfigure2-1-1](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-1-1.pdf)

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### 1. Measures, sample, and panels
- Measure: HaR = house prices at risk (instantaneous quasi-correlation of downside risk of housing prices).
- Countries: 22 advanced economies and 10 emerging market economies.
- Panel descriptions:
  - Panel 1: global median of the instantaneous quasi-correlation of HaR within all countries.
  - Panel 2: global median of the instantaneous quasi-correlation of HaR among different country groups (advanced economy pairs; emerging market economy pairs; advanced and emerging market economy pairs).
  - Panel 3: global median of the instantaneous quasi-correlation of HaR within pairs with different levels of financial openness. Definition: open pairs are those in which foreign assets plus foreign liabilities/GDP for both countries in the pair are higher than the median in a given quarter; otherwise, they are grouped as closed pairs.
  - Panel 4: global median of the instantaneous quasi-correlation of HaR within pairs with different levels of strictness in capital controls over the real estate sector. Definition: restricted pairs are those in which both countries in the pair have stricter restrictions in capital flows related to the real estate sector than the average; otherwise, they are grouped as unrestricted pairs.
- Source: IMF staff calculations.

### 2. Key findings and patterns (from figure annotations)
- Short-term comovement of downside risks increases sharply around global recessions.
- The increase in synchronization of HaR is mostly among advanced economies.
- The degree of financial openness may partly contribute to synchronization of downside risks.
- Capital flow management measures can help mitigate the synchronization of downside risks around recessions.

### 3. Figure numeric ranges and labels (as shown)
- Axis and tick labels appearing in the figure include: 1994, 95, 96, 97, 98, 99, 2000, 01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14, 15, 16, 17.
- Example numeric axis ticks shown: –0.10, 0.30; –0.05, 0.0, 0.05, 0.10, 0.15, 0.20, 0.25; –1.5, 1.0; –1.0, –0.5, 0.0, 0.5; –0.2, 1.0, 0.0, 0.2, 0.4, 0.6, 0.8; –0.4, 1.0, –0.2, 0.0, 0.2, 0.4, 0.6, 0.8.

*Source: IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-1-1.pdf_