## dataset overview

## Source details

**Canonical URL:** [dataset overview](https://www.imf.org/-/media/files/publications/gfsr/2021/april/data/chapter2-data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2021/april/data/chapter2-data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2021/april/data/chapter2-data.xlsx.json)

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### Dataset structure and worksheets
- Worksheet: "GFSR Chapter Apr. 2021"
  - rowCount: 32
  - columnCount: 10
  - sample rows include timestamp cells with value "2021-04-01T00:00:00.000Z" and repeated text "International Monetary Fund" and "Global Financial Stability Report".
- Worksheet: "Table of Contents"
  - rowCount: 22
  - columnCount: 12
  - sample rows reference the cell formula "'GFSR Chapter Apr. 2021'!B23:J23" with result "Chapter 2. Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability".
- Worksheet: "Figure 2.1."
  - rowCount: 172
  - columnCount: 32
  - title cell: "Figure 2.1. Nonfinancial Sector Leverage, by Country Group, 2001:Q1–20:Q3"
  - subpanel headings:
    - "1. Nonfinancial Corporate Leverage: Debt-to-GDP Ratio"
    - "2. Household Leverage: Debt-to-GDP Ratio"
    - "3. Nonfinancial Corporations: Decomposition of the Debt-to-GDP Ratio, Increase from 2019:Q4 to 2020:Q3"
    - "4. Household Sector: Decomposition of the Debt-to-GDP Ratio, Increase from 2019:Q4 to 2020:Q3"
  - example numeric entries (as extracted):
    - "Global" leverage increase: 11.5
    - Contribution of debt: 4.739043824701206
    - Contribution of GDP: 6.4280303030302965
    - "Global" household leverage increase: 5
    - Household contribution of debt: 1.3676288659793867
    - Household contribution of GDP: 3.551814516129037
    - Time series sample rows: "2000Q1" — Nonfinancial Corporations Total Debt (% of GDP): 69.8; Mature Markets: 74.3; Emerging Markets: 62.2
    - "2000Q1" — Household Total Debt (% of GDP): 44; Mature Markets: 62.1; Emerging Markets: 13.6
    - Region AE example: Nonfinancial corporate leverage increase 11.799999999999997; contributions 5.177345537757438 and 6.264285714285711
    - Region AE household example: leverage increase 5.900000000000006; contributions 2.059999999999995 and 3.733333333333333
    - Region EM household example: leverage increase 3.5; contributions 0.30000000000000027 and 3.176470588235297
- Worksheet: "Figure 2.2."
  - rowCount: 115
  - columnCount: 42
  - title cell: "Figure 2.2. Leverage, Financial Conditions, and Output Growth"
  - subpanel headings:
    - "1. Nonfinancial Corporations: Within-Country Correlation between the Financial Conditions Index and a Future Change in Leverage"
    - "2. Households: Within-Country Correlation between the Financial Conditions Index and a Future Change in Leverage"
    - "3. Nonfinancial Corporations: Within-Country Correlation between a Change in Leverage and Future Output Growth"
    - "4. Households: Within-Country Correlation between a Change in Leverage and Future Output Growth"
  - sample statistics (median, 1st-quartile, 3rd-quartile):
    - NFC, FCI vs. future change in leverage over 12 quarters, AE: median 0.3266352117061615; 1st-quartile 0.5509986877441406; 3rd-quartile 0.08968225307762623
    - HH, FCI vs. future change in leverage over 12 quarters, AE: median 0.1400860697031021; 1st-quartile 0.36603817343711853; 3rd-quartile 0.01500497106462717
    - NFC, Change in leverage over 8 quarters vs. future output growth over 8 quarters, AE: median -0.06250279396772385; 1st-quartile -0.2103508934378624; 3rd-quartile 0.017710185376927257
    - EM examples:
      - NFC, FCI vs. future change in leverage over 12 quarters, EM: median 0.46666577458381653; 1st-quartile 0.6294280290603638; 3rd-quartile 0.3600226119160652
      - NFC, Change in leverage over 8 quarters vs. future output growth over 8 quarters, EM: median -0.1768941432237625; 1st-quartile -0.2650937959551811; 3rd-quartile -0.10809162259101868
    - Global aggregated examples:
      - Change in leverage (h=12) vs Global FCI, AE: median 0.3052283525466919; 1st-quartile 0.455588236451149; 3rd-quartile 0.09533657878637314
      - Change in leverage (h=12) vs Global FCI, EM: median -0.10874380171298981; 1st-quartile 0.149499773979187; 3rd-quartile -0.18840502947568893
- Worksheet: "Figure 2.3."
  - rowCount: 169
  - columnCount: 9
  - title cell: "Figure 2.3. Leverage as an Amplifier of Shocks"
  - worksheet contains additional rows but sampleRows are empty for numeric excerpts.
- Worksheet: "Figure 2.4."
  - rowCount: 170
  - columnCount: 26
  - title cell: "Figure 2.4. Association between Easing Financial Conditions and Nonfinancial Sector Leverage"
  - panel heading example: "1. Impact of the Loosening of Financial Conditions on the Change in Nonfinancial Corporate Leverage, All Economies"
  - sample quantiles for median/upper/lower across time indices 1–16:
    - median sequence: 0.1045662, 0.4324563, 0.7601589, 1.001529, 1.395503, 1.885653, 2.461032, 3.104291, 3.645205, 4.078475, 4.317082, 4.368908, 4.422182, 4.465154, 4.529026, 4.534246
    - upper sequence: 0.3452131, 0.8162384, 1.321939, 1.665456, 2.157698, 2.751719, 3.373585, 4.030152, 4.626622, 5.120051, 5.420368, 5.540821, 5.685066, 5.771604, 5.877361, 5.886575
    - lower sequence: -0.1360807, 0.0486743, 0.1983791, 0.337602, 0.6333079, 1.019586, 1.54848, 2.17843, 2.663788, 3.0369, 3.213797, 3.196995, 3.159297, 3.158705, 3.180691, 3.181917
- Worksheet: "Figure 2.5."
  - rowCount: 2938
  - columnCount: 35
  - title cell: "Figure 2.5. Association between Easing Financial Conditions and Downside Risks to Growth"
  - panel headings:
    - "1. Effect of Easing Financial Conditions on GDP Growth at the 10th Percentile"
    - "2. Effect of Easing Financial Conditions on GDP Growth at the 10th Percentile, Two Regimes"
    - "3. Effect of an Increase in Nonfinancial Corporate Leverage on GDP Growth at the 10th Percentile"
    - "4. Effect of an Increase in Household Leverage on GDP Growth at the 10th Percentile"
  - sample table columns and coefficients for time indices 1–5 (examples):
    - Panel 1 (Credit boom): time 1 coef_FCI_A 0.8025150299072266; lower_CI_FCI_A 0.5519201159477234; upper_CI_FCI_A 1.0531100034713745
    - Panel 2 (Credit boom vs No credit boom) at time 1: coef_FCI_A 0.9693986177444458; lower_CI_FCI_A 0.5015101432800293; upper_CI_FCI_A 1.4372870922088623; coef_FCI_B 0.7462751865386963; lower_CI_FCI_B 0.6088559627532959; upper_CI_FCI_B 0.8836944103240967
    - Panel 3 (Nonfinancial corporate leverage effect) time 1: coef_FCI_A -0.1612606644630432; lower_CI_FCI_A -0.24982264637947083; upper_CI_FCI_A -0.0726986974477768
    - Panel 4 (Household leverage effect) time 1: coef_FCI_A -0.11892286688089371; lower_CI_FCI_A -0.22103740274906158; upper_CI_FCI_A -0.01680833101272583
    - Additional example for time 2 in Panel 1: coef_FCI_A 1.210357427597046; lower_CI_FCI_A 0.7028959393501282; upper_CI_FCI_A 1.7178189754486084
- Worksheet: "Figure 2.6."
  - rowCount: 115
  - columnCount: 37
  - title cell: "Figure 2.6. Macroprudential Policy Actions, by Category"
  - panel heading example: "1. Composition of Macroprudential Policy, 1990–2018， (Number of times loosened [–] or tightened [+])"
  - categorical columns sample: "Capital measure", "Foreign exchange measure", "Liquidity measure", "Borrower-based", "Credit measure", "Other", "Net tightening"
  - sample period entries:
    - "1990-1995" L row: L, 0, -2, -28, -1, -1, 0, -4
    - "1990-1995" T row: T, 2, 1, 18, 3, 2, 0, -4
    - "1996-2000" L row: L, 0, -3, -52, -3, -3, 0, -25
    - "1996-2000" T row: T, 5, 7, 22, 4, 1, 2, -25
    - "2001-2005" L row: L, -2, -2, -12, -4, -1, 0, 21
- Worksheet: "Figure 2.7."
  - rowCount: 169
  - columnCount: 36
  - title cell: "Figure 2.7. Association between Macroprudential Tightening and Change in Leverage"
  - panel heading example: "1. Response of Change in Household Leverage to Borrower-Based Measures, All Economies"
  - sample mean and confidence intervals across time indices 1–16 (Mean, Lower_CI, Upper_CI sequences include):
    - Mean (first values): -0.1262494, -0.2622314, -0.35857, -0.5218336, -0.634656, -0.6999458, -0.7784787, -0.7897616, -0.8816933, -0.6921646, -0.8015281, -0.8448889, -0.9135491, -1.091087, -1.036612, -1.143887
    - Lower_CI (first values): -0.2532672, -0.4257376, -0.5895054, -0.7989183, -0.9720469, -1.092776, -1.246133, -1.327007, -1.457073, -1.327917, -1.457276, -1.547519, -1.653538, -1.873576, -1.910358, -2.11014
    - Upper_CI (first values): 0.0007684, -0.0987251, -0.1276345, -0.2447489, -0.2972652, -0.307116, -0.3108245, -0.2525158, -0.3063134, -0.0564124, -0.1457805, -0.1422589, -0.1735598, -0.3085984, -0.1628671, -0.1776347
- Worksheet: "Figure 2.8."
  - rowCount: 170
  - columnCount: 31
  - title cell: "Figure 2.8. Macroprudential Measures and Downside Risks to Future Growth"
  - panel headings:
    - "1. Impact of Macroprudential Tightening on the 10th Percentile of GDP Growth"
    - "2. Impact of Loosening Financial Conditions on 10th Percentile of GDP Growth (with Macroprudential Tightening vs. without Macroprudential Tightening)"
  - sample coefficients (time indices 1–5):
    - With macropru, time 1 coef_FCI_A -0.010793621651828289; lower_CI_FCI_A -0.09863071888685226; upper_CI_FCI_A 0.07704347372055054
    - No macropru, time 1 coef_FCI_A 1.0580112934112549; lower_CI_FCI_A 0.6978065371513367; upper_CI_FCI_A 1.4182159900665283; coef_FCI_B 0.6860961318016052; lower_CI_FCI_B 0.4839652180671692; upper_CI_FCI_B 0.8882269859313965
    - With macropru, time 5 coef_FCI_A 0.18482671678066254; lower_CI_FCI_A 0.06499016284942627; upper_CI_FCI_A 0.3046632707118988
    - No macropru, time 5 coef_FCI_A 0.4837631285190582; lower_CI_FCI_A 0.024376848712563515; upper_CI_FCI_A 0.9431493878364563; coef_FCI_B 0.4797150194644928; lower_CI_FCI_B -0.3542466163635254; upper_CI_FCI_B 1.3136767148971558

### Key embedded themes and metrics (as present in worksheet labels and sample data)
- Focus areas in the dataset:
  - Nonfinancial corporate leverage (Debt-to-GDP Ratio)
  - Household leverage (Debt-to-GDP Ratio)
  - Decompositions of leverage changes (contributions of debt vs. contribution of GDP)
  - Correlations between Financial Conditions Index (FCI), leverage changes, and future output growth
  - Association between easing financial conditions and increases in leverage
  - Association between easing financial conditions and downside risks to GDP growth (10th percentile estimates)
  - Macroprudential policy composition (1990–2018) and its association with leverage and downside risks
- Repeated region labels and categories in samples: "Global", "AE", "EM", "NFC", "HH", "FCI", "Macropru", "Credit boom", "No credit boom"

*Dataset: chapter2-data (GFSR Chapter 2 data worksheets and sampled numeric series extracted from the XLSX file)*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2021/april/data/chapter2-data.xlsx_