## Dataset overview — chapter1-data (GFSR Chapter 1, Apr. 2021)

## Source details

**Canonical URL:** [Dataset overview — chapter1-data (GFSR Chapter 1, Apr. 2021)](https://www.imf.org/-/media/files/publications/gfsr/2021/april/data/chapter1-data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2021/april/data/chapter1-data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2021/april/data/chapter1-data.xlsx.json)

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### Contents and structure
- Workbook contains multiple worksheets matching figures and boxes from Chapter 1 of the Global Financial Stability Report (Apr. 2021).
- Representative worksheet names include: "GFSR Chapter 1 Apr. 2021", "Table of Contents", "Figure 1.1.", "Figure 1.2.", "Figure 1.3.", "Figure 1.4.", "Figure 1.5.", "Figure 1.6.", "Figure 1.7.", "Figure 1.8.", "Figure 1.9.", "Figure 1.10.", "Figure 1.11.", "Figure 1.12.", "Figure 1.13.", "Figure 1.14.", "Figure 1.15.", "Box 1.1.", "Box 1.2." (worksheets count and row/column counts provided in metadata).

### Key figures and indicators (selected sample values preserved exactly as in the dataset)
- Figure 1.2. — Financial Conditions and Asset Valuations:
  - Date sample: "2007-03-30T00:00:00.000Z" with United States index value -0.5551209911340296.
  - Date sample: "2007-06-29T00:00:00.000Z" with United States driver Index 2.193870699876426, Interest rates 0.1581609012106736, House prices 0.0057260646649681625, Corporate valuations 2.0299837340007842, US equity market misalignment value -6.918569345963185 (50th percentile marked as 90 in sample row).
- Figure 1.3. — Pension allocations and insurers:
  - Cash & Equivalents (Wtd. Avg.) by year: 2007 = 2.177275953913558; 2008 = 2.408686509479491; 2009 = 2.593307509066972; 2018/9 = 3.508426465331716.
  - Alternative Assets (Wtd. Avg.) by year: 2007 = 5.57230286719202; 2008 = 7.099955475381347; 2009 = 8.922175460226695; 2018/9 = 25.34271993895849.
  - Alternative Assets: Interquartile Range (lower) 2018/9 = 13.798428920073214; (upper) 2018/9 = 35.2431272498251.
- Figure 1.5. — Emerging Markets, government debt (percent of GDP):
  - Series entry for "2008-01-04T00:00:00.000Z": US 2y ahead 4.4715; median 5.0756499999999996; Interquartile 7.1101; Government debt (percent of GDP) 2008 = 40.07397813838779; 2009 = 44.731857505149144; 2010 = 43.38712519629161; 2020 = 63.9236797848208; 2021 = 61.04020142512145.
- Figure 1.6. — EM portfolio flows and holdings:
  - Sample values: Equity VIX sensitivities -0.15609 and -0.07027000000000001.
  - Vaccine factor sample: 0.127611; other coefficients include 0.065428 and 0.18979400000000002.
  - Cumulative holdings sample ("2020-01-01T00:00:00.000Z"): Total 11.37081526147609; Banks 5.436456846181527; Foreign 8.174967391027462; CB 6.1473881567950945; Other 10.620312948858915.
- Figure 1.7. — EM local currency bond term premia:
  - Date sample "2005-01-31T00:00:00.000Z": US term premium 1.1604; EM term premium median 2.0609024264571647; 25% - 75% percentile 0.9430100102313458 and 2.7882749589012596.
  - Date "2006-01-31T00:00:00.000Z": US term premium 3.50414060575737; Median 1.7785393059609262; 25% - 75% percentile 3.5144671594397083.
- Figure 1.8. — Frontier market spreads and debt:
  - Bond spreads sample "2021-03-25T00:00:00.000Z": DSSI 645.6139670242045; non-DSSI 571.5964830383894.
  - Public and Publicly Guaranteed External Debt Outstanding, 2019: Frontiers (Jan. 2020) = 440.76; Domestic = 277.7566183475503.
- Figure 1.9. — China debt and risk pricing:
  - Increase in debt by leverage buckets (sample): "0–5" = 1.0799122211087404; "5–10" = 0.8220892955058972; "10–15" = 0.5490414202708394; ">15 or <0" = 2.967435144429375.
  - Credit spread samples by quintile for "2014-03-01T00:00:00.000Z": First (largest) 7.9657543429545505; Fifth (smallest) 37.30056884564556.
  - Credit spread size buckets: "<50" = 58474.01510695; "50–100" = 2178641.15527451; "100–150" = 3731042.34236574 (sample rows).
- Figure 1.10. — Corporate funding and liquidity:
  - Global High-Yield Bond Issuance by region, sample year 2001: North America 45.53729858; Europe 11.772047619; North Asia 2.761180337; Other 13.77353894.
  - Global Equity Issuance by region, sample year 2001: North America 239.76856; Europe 168.25126999999998; North Asia 36.97583; Other 46.36076000000003; Volume of US-listed SPACs (right scale) = 0 (2001).
- Figure 1.11. — Corporate leverage and defaults:
  - Sample: US Middle Market Loan issuance and BDC assets (2008) Sold to institutional investors 3.53; Retained by banks 4.51; Total 8.04.
  - Global speculative-grade corporate defaults sample (2008): United States 95; Emerging markets 16; Europe 9; Other developed 6.
- Figure 1.12. — SME solvency risks (Baseline Scenario):
  - Share of Debt with ICR < 1 by region (Percent of total debt): Euro area Pre-COVID 12.675764739513397; 2020 24.677252928415935; 2021 45.71697155634562.
  - Share of Debt with Equity < 0 by region: Euro area Pre-COVID 7.80276878674825; 2020 11.623511552810669; 2021 23.8181410630544.
  - Sector example — Accommodation & food Pre-COVID 20.943925857543945; 2020 56.01079559326172; 2021 88.4848403930664.
- Figure 1.13. — Viability by sector and firm size:
  - Advanced economies, Large firms: High liquidity risk, low viability risk = 0.008204970883720075; High liquidity risk, high viability risk = 0.004953608366762947.
  - Advanced economies, Small firms: High liquidity risk, low viability risk = 0.294453406208832; High liquidity risk, high viability risk = 0.19665252384535356.
  - Emerging market economies, Large firms: 0.009953358315669453 and 0.013240505516680828.
- Figure 1.14. — Bank buffers, loan growth, and lending market conditions:
  - Loan-Loss Reserves/Risk-Weighted Assets (Total) by quarter: 4Q2018 = 3.091651448187656; 1Q2020 = 4.086795721498515; 2Q2020 = 4.146766697241296; 3Q2020 = 4.230014279830312.
  - Annual loan growth (2020:Q2 to 2020:Q4) samples: Corporate QoQ/HoH markers included; Developing regions sample values across banks and countries included in worksheet rows (e.g., USA SME Lending Standards 0.7766502517451452; GBR 0.6119104617469764).
- Box 1.1. — Global Financial Vulnerabilities (comparison Oct. 2020 GFSR, Apr 2021 GFSR, Global Financial Crisis):
  - Sovereign: Oct. 2020 GFSR 76.9940375657098; Apr 2021 GFSR 79.4430871558199; Global Financial Crisis 22.60885424142984.
  - Companies: Oct. 2020 GFSR 87.2638394745831; Apr 2021 GFSR 61.46841091758236; Global Financial Crisis 47.14920520996813.
  - Households: Oct. 2020 GFSR 40.31821684528279; Apr 2021 GFSR 43.235522580289135; Global Financial Crisis 53.53518414627446.
  - Banks: Oct. 2020 GFSR 51.550442085669246; Apr 2021 GFSR 46.74547632711299; Global Financial Crisis 76.02953655594918.
  - Insurers: Oct. 2020 GFSR 65.83224123182468; Apr 2021 GFSR 74.22822878801234; Global Financial Crisis 74.82075252296518.
  - Asset managers: Oct. 2020 GFSR 70.92560269884369; Apr 2021 GFSR 71.60092064327628; Global Financial Crisis 64.65095982352614.
  - OFIs: Oct. 2020 GFSR 72.65585264580814; Apr 2021 GFSR 62.769737378903045; Global Financial Crisis 86.53262766595574.
- Box 1.2. — Retail market share proxy and call option activity:
  - Market share of off-exchange trading (Percent of total US equity trading volume) sample years: 2008 = 29.827418515753994; 2009 = 34.09791728560745; 2010 = 33.97524396143816.
  - Number of call options in US stocks (moving averages): "2021-03-05T00:00:00.000Z" Open 30111.08; 10 week moving average 28030.889000000003.

### Data types and temporal coverage (as seen in sample rows)
- Dates formatted as ISO timestamps (e.g., "2007-03-30T00:00:00.000Z", "2021-03-05T00:00:00.000Z").
- Numeric series include: indices, percent (fractions and percents presented as raw numeric values where applicable), basis points, billions of US dollars, trillions of renminbi, ratios, medians, interquartile ranges, probability density function values, and counts.
- Time coverage spans multi-decade series in samples (e.g., 1990 indicated in one sample, sequences from 2001 through 2021, and dated monthly/quarterly observations).

### Notes for users of the dataset
- Worksheet-level metadata includes rowCount and columnCount for each worksheet — several large worksheets (e.g., "Figure 1.5." rowCount 1,038,587; "Box 1.1." rowCount 2,781) indicating dense, high-resolution series and panel data.
- Numeric precision in the file is high; consumers should preserve numeric precision exactly when extracting or transforming (values provided include many long decimals and exact integers).
- Many worksheets contain multi-panel figure data (subfigure headings such as "1.", "2.", "3.", etc.) and mixed units across columns — inspect worksheet headers carefully when mapping series and units.

*Data derived from chapter1-data (GFSR Chapter 1 Apr. 2021) workbook sample rows as provided.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2021/april/data/chapter1-data.xlsx_