## Figure 2.3.1. Impact of a One Standard Deviation Factor Shock on House Prices at Risk across China’s Provinces

## Source details

**Canonical URL:** [Figure 2.3.1. Impact of a One Standard Deviation Factor Shock on House Prices at Risk across China’s Provinces](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-3-1.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-3-1.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-3-1.pdf.json)

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### Overview
- Scope: Effects of a one standard deviation factor shock on house prices at risk (HaR) across China’s provinces.
- Horizon label present: "Horizon (number of years ahead)".
- Vertical axis label: "Impact on HaR" with tick values exactly: –3, 2, –2, –1, 0, 1.
- Determinants included in the analysis:
  - House-price-to-income ratio
  - Financial conditions index
  - Residential investments
  - Credit boom
  - Foreign direct investment
  - Portfolio inflows
  - (Note in the figure text: House-prices-at-risk determinants include province-level house price growth, price-to-income ratio, real GDP growth, credit boom, financial conditions index, foreign direct investment, and portfolio investments.)

### Key findings (as represented in the figure)
- The figure presents estimated impacts (in units of HaR) for horizons measured in "number of years ahead".
- Impacts range across the axis values shown: –3, 2, –2, –1, 0, 1.
- Significance indicator: Colored circles denote estimates significant at 10 percent level (exact phrasing: "Colored circles = significant at 10 percent level").
- HaR abbreviation: "HaR = house prices at risk."

### Data sources and notes
- Sources: Haver Analytics; IMF, World Economic Outlook database; and IMF staff calculations.
- Note: Determinants list reiterated: province-level house price growth, price-to-income ratio, real GDP growth, credit boom, financial conditions index, foreign direct investment, and portfolio investments.

*Source: Figure 2.3.1 from the provided PDF content.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/boxfigure2-3-1.pdf_