## Dataset overview (ch2data)

## Source details

**Canonical URL:** [Dataset overview (ch2data)](https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch2data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2023/april/data/ch2data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2023/april/data/ch2data.xlsx.json)

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### Dataset contents and structure
- Workbook contains multiple worksheets corresponding to figures in Chapter 2:
  - "Figure 2.1." (rowCount: 85, columnCount: 36) — "Figure 2.1. Financial Leverage of Nonbank Financial Intermediaries"
  - "Figure 2.2." (rowCount: 2367, columnCount: 43) — "Figure 2.2. Risks for the Nonbank Financial Intermediary Sector are on the Rise"
  - "Figure 2.3." (rowCount: 943, columnCount: 34) — "Figure 2.3. Financial Linkages of Nonbank Financial Institutions"
  - "Figure 2.4." (rowCount: 34, columnCount: 29) — "Figure 2.4. Pension Funds and Financial Stability"
  - "Figure 2.5." (rowCount: 5898, columnCount: 35) — "Figure 2.5. Recent Financial Stress in Local Debt Markets in Korea"
  - "Figure 2.6." (rowCount: 14, columnCount: 30) — "Figure 2.6. Financial Structure of Commodity-Trading Firms"
  - "Figure 2.7." (rowCount: 34, columnCount: 37) — "Figure 2.7. Private Credit Markets"

### Major themes and variables (by figure)
- Figure 2.1. — Hedge funds: cash borrowings including repo; borrowing from securities lending; financial leverage; gross derivative notional exposure relative to net asset value by strategy (Relative value, Macro, Multistrategy, Equity, Event driven, All Hedge Fund).
- Figure 2.2. — Asset-level vulnerability across asset types (Corporate bonds; High-yield corporate bonds; High-yield sovereign bonds; EM equities; EM bonds; Small-cap equities); median bid-ask spreads for government bonds by country (Germany, Japan, United Kingdom, United States); similarity of global fixed-income fund portfolios (Quarter; Issuer; Asset Class).
- Figure 2.3. — Aggregate sources of domestic funding by OFIs (From banks; From insurers; From OFIs; From pension funds) expressed as "(Percent of OFI assets)"; banks' cross-border linkages with OFIs (Claims, Liabilities and Claims (% of total cross border, RHS), Liabilities (% of total cross border, RHS)).
- Figure 2.4. — Pension funds: financial leverage of selected pension funds (Percent); 2021 survey of one-year-ahead asset allocation plans of European pension funds (Increase exposure, Decrease exposure, Net) by asset categories (e.g., LDI, Growth-oriented fixed income, Real assets, Defensive fixed income).
- Figure 2.5. — Korea local debt markets: three-month money market spreads (Basis points; relative to the Bank of Korea's monetary stabilization bonds); certificate of deposits; commercial paper; financial institutions' exposure to real estate project finance loans (Percent of own capital).
- Figure 2.6. — Commodity-trading firms: Inventory/total assets (Percent) and Short-term debt/total liabilities (Percent) for listed firms (Trafigura, Wilmar, GrainCorp, COFCO, Olam, CMOC, Louis Dreyfus, Bunge, Cargill, ADM, Glencore).
- Figure 2.7. — Private credit markets: share of private credit capital raised by type (Venture debt, Real estate debt, Mezzanine, etc.) across years (Year labels include 2007, "08", "09", 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22).

### Selected numeric sample values (preserved exactly as in the dataset samples)
- Figure 2.1. sample dates and hedge-fund series:
  - "2014-01-01T00:00:00.000Z": Cash borrowings, including repo = 1.9; Borrowing from securities lending = 1.9; Financial leverage = 1.7.
  - "2014-12-31T00:00:00.000Z": Relative value = 15.9; Macro = 15.9; Multistrategy = 5.5; Equity = 2.9; Event driven = 2.2; All Hedge Fund = 8.309462550028586.
  - "2016-01-01T00:00:00.000Z": Cash borrowings, including repo = 2.5; Borrowing from securities lending = 2.5; Financial leverage = 1.8.
  - "2015-03-31T00:00:00.000Z": Relative value = 15.7; Macro = 15.7; Multistrategy = 5.6; Equity = 3.2; Event driven = 2.2; All Hedge Fund = 8.351861381106664.
  - "2018-01-01T00:00:00.000Z": Cash borrowings, including repo = 3.59; Borrowing from securities lending = 3.5; Financial leverage = 1.9.
  - "2015-06-30T00:00:00.000Z": Relative value = 13.4; Macro = 15.8; Multistrategy = 7.7; Equity = 3.2; Event driven = 2.3; All Hedge Fund = 8.10414522584334.
  - "2020-01-01T00:00:00.000Z": Cash borrowings, including repo = 3.8; Borrowing from securities lending = 3.56; Financial leverage = 1.82.
  - "2015-09-30T00:00:00.000Z": Relative value = 15.3; Macro = 17.3; Multistrategy = 7.3; Equity = 3.1; Event driven = 2.2; All Hedge Fund = 8.667527476018043.

- Figure 2.2. sample values:
  - "2013-10-01T00:00:00.000Z": Corporate bonds = 0.44464313983917236; High-yield corporate bonds = 0.8036335706710815; High-yield sovereign bonds = 0.7760790586471558; EM equities = 0.42531657218933105; EM bonds = 0.6346102356910706; Small-cap equities = 0.40589553117752075.
  - "2014-01-01T00:00:00.000Z": Germany (median bid-ask) = 0.04638156294822693; Japan = 0.16334986686706543; United Kingdom = 0.33938395977020264; United States = 0.03692132979631424.
  - "2015q1" issuer metric sample: Quarter = "2015q1"; Issuer = 0.1206892; Asset Class = 0.2840834.

- Figure 2.3. sample values:
  - Year 2007: From banks = 8.16814758301144; From insurers = 7.854917826187835; From OFIs = 5.478344394606021; From pension funds = 9.754375520010422.
  - Year 2017: From banks = 4.867331190603343; From insurers = 4.982790523618553; From OFIs = 3.781854803566606; From pension funds = 9.89664881685878.
  - Year 2021: From banks = 4.195875720999846; From insurers = 4.133347540272435; From OFIs = 6.089817365165885; From pension funds = 9.372047575174443.
  - "2015-Q1" (cross-border sample): Claims = 4.678056002; Liabilities = 3.745942796; Claims (% of total cross border, RHS) = 16.85473939080338; Liabilities (% of total cross border, RHS) = 14.74868778872676.

- Figure 2.4. pension funds sample:
  - Asset allocation survey net responses (2021 vs prior): LDI — Increase exposure = 30; Decrease exposure = -5; Net = 25.
  - Growth-oriented fixed income — Increase exposure = 25; Decrease exposure = -9; Net = 16.
  - Real assets — Increase exposure = 24; Decrease exposure = -8; Net = 16.
  - Defensive fixed income — Increase exposure = 27; Decrease exposure = -15; Net = 12.
  - Financial leverage sample values: 2011 = 77.22598925981836; 2021 = 0.6741935543684442 (note: values appear in dataset sample rows as provided).

- Figure 2.5. Korea market samples:
  - "2007-01-01T00:00:00.000Z": Certificate of deposits = 16.000000000000014; Commercial paper = 26.999999999999957.
  - "2007-01-02T00:00:00.000Z": Certificate of deposits = 15.000000000000036; Commercial paper = 27.000000000000046.
  - End-of-period exposures sample (panel for real estate project finance): "Bank" exposure values: End of 2010 = 37.4; End of 2013 = 15.1; End of June 2022 = 12.9.

- Figure 2.6. commodity-trading firms sample:
  - Inventory/total assets for listed firms:
    - Trafigura = 32.92429859535873
    - Wilmar = 19.905523002656434
    - GrainCorp = 43.46765061887471
    - COFCO = 31.707342452035142
    - Olam = 26.390211057546402
    - CMOC = 17.40410047992851
    - Louis Dreyfus = 32.011343435198505
    - Bunge = 38.22531821000037
    - Cargill = 20.67546660522071
    - ADM = 23.42789674581096
    - Glencore = 21.58693865885463
  - Short-term debt/total liabilities for listed firms:
    - Trafigura = 87.37098425523672
    - Wilmar = 62.7376072756771
    - GrainCorp = 59.39969687127855
    - COFCO = 37.56044409031972
    - Olam = 36.528828309840364
    - CMOC = 32.757946388570375
    - Louis Dreyfus = 28.908181768229024
    - Bunge = 28.838301918451815
    - Cargill = 16.52874721162841
    - ADM = 13.036805686438168
    - Glencore = 12.15132350477467

- Figure 2.7. private credit sample (selected series by year label):
  - Venture debt (years 2007 through 2022 sample): 1.0452275649910332; 0.05567184669765084; 0.35387128652673716; 0.6088660103619811; 1.6344050569169946; 2.415355771327182; 1.4445405910892886; 0.20740258016621496; 1.0005636565943852; 0.5049275874811882; 0.4643300808870838; 0.532175336767141; 1.4249108257964; 0.7107119155171218; 0.9874422048062464; 0.9011347531701026.
  - Real estate debt (years 2007 through 2022 sample): 2.9472109461693705; 12.477484823073986; 7.770571113018988; 24.23016052616974; 20.486771870209626; 9.29844124510823; 12.149862780776896; 26.378602972102343; 11.56294603228236; 15.575017487528664; 19.422155515349644; 16.662844814902318; 7.4141341216621175; 9.906501094175004; 10.823138609384888; 11.634887198409418.
  - Mezzanine (years 2007 through 2022 sample): 31.23373083071358; 17.88200400559367; 39.99687718812432; 15.742444294807925; 21.164692212976394; 26.12579964745962; 19.512014460770157; 10.358687212796008; 14.310319627285148; 25.593804783653155; 10.763710597676269; 14.757581990722777; 7.571766461142067; 13.618850598730628; 6.916678419669204; 18.710105522037306.

### Potential analytical uses (as represented by dataset fields)
- Time-series analysis of nonbank financial intermediary leverage and funding sources across years and quarters.
- Cross-sectional comparison of asset liquidity indicators (bid-ask spreads) and portfolio similarity metrics for fixed-income funds.
- Examination of cross-border bank linkages to nonbank financial intermediaries (claims, liabilities, shares of total cross-border).
- Assessment of pension fund intended asset allocation shifts (net intentions by asset category) and selected pension fund leverage metrics.
- Monitoring short-term money market spreads and issuance (certificate of deposits, commercial paper) for Korea.
- Firm-level balance-sheet composition for major commodity-trading firms (Inventory/total assets; Short-term debt/total liabilities).
- Historical composition of private credit capital raised by type (Venture debt, Real estate debt, Mezzanine) across years.

*Dataset: ch2data (Chapter 2 figures) — original worksheet samples and numeric values preserved exactly as provided.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch2data.xlsx_