## figure2-2

## Source details

**Canonical URL:** [figure2-2](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/figure2-2.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/figure2-2.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/figure2-2.pdf.json)

---

### Accumulation of vulnerability in the housing sector under easy financial conditions
- Easy financial conditions
- Good real economic performance
- Excessive household leverage
- Overvaluation in house prices
- Housing Sector

### Adverse shock leading to a vicious cycle
- Tight financial conditions
- Decline in real economic activity
- Deleveraging in household debt
- House price declines with fire sales
- Housing Sector

### Causal relationship highlighted
- Accumulation of vulnerability in the housing sector under easy financial conditions ...
- ... may result in a vicious cycle between the housing, financial, and real economic sectors.

*Source: IMF staff.*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch2data/charts/figure2-2.pdf_