## Dataset overview

## Source details

**Canonical URL:** [Dataset overview](https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch3data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2023/april/data/ch3data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2023/april/data/ch3data.xlsx.json)

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### Dataset description
- Publication type: dataset (XLSX or CSV)
- Canonical source URL: https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch3data.xlsx
- Worksheets included (name, rowCount, columnCount):
  - "GFSR Chapter 3 Apr. 2023" — rowCount: 32, columnCount: 10
  - "Table of Contents" — rowCount: 26, columnCount: 12
  - "Figure 3.1." — rowCount: 400, columnCount: 29
  - "Figure 3.2." — rowCount: 115, columnCount: 36
  - "Figure 3.3." — rowCount: 233, columnCount: 36
  - "Figure 3.4." — rowCount: 1568, columnCount: 32
  - "Figure 3.5." — rowCount: 2938, columnCount: 35
  - "Figure 3.6." — rowCount: 1090, columnCount: 31
  - "Figure 3.7." — rowCount: 128, columnCount: 46
  - "Figure 3.8." — rowCount: 64, columnCount: 33
  - "Figure 3.9." — rowCount: 115, columnCount: 31
  - "Figure 3.10." — rowCount: 117, columnCount: 38
  - "Figure 3.1.1" — rowCount: 117, columnCount: 36
  - "Figure 3.2.1" — rowCount: 118, columnCount: 41

### High-level contents and chapter linkages
- The workbook is tied to "Chapter 3. Geopolitics and Financial Fragmentation: Implications for Macro-Financial Stability" as referenced in the "Table of Contents" worksheet formula results.
- Multiple worksheets correspond to figures in Chapter 3 and provide numerical data underlying those figures (for example, Figures 3.1 through 3.10, and subfigures 3.1.1 and 3.2.1).

### Representative series and sample values (preserve exact values as in source)
- Worksheet "GFSR Chapter 3 Apr. 2023" contains timestamp cells with value "2023-04-01T00:00:00.000Z".
- Figure 3.1. sample rows:
  - Period labels: "2010", "2011", "2012", "2013", "2014"
  - Regional counts for 2010 row: Europe: 0, Middle East: 2, Asia: 1, Africa: 4, America: 1
  - Median series: "2010-14" value 1.4269712 and "Share of countries with increasing military expenditure to GDP (right scale)" value 0.23606522000000002 for "2010-14"
  - For "2015-19" median 1.4279351999999998 and share 0.31793586
  - For "2020-21" median 1.5367375 and share 0.46568955
- Figure 3.2. sample values (2009–21 averages, relative to world portfolio):
  - Direct Investment, "Less distant": 0.9327326358150091
  - Portfolio Investment, "Less distant": 0.6779903492174466
  - Banking Claims, "Less distant": 0.23385236844495016
  - Direct Investment, "Somewhat distant": -0.0053190530900899535; Portfolio: -0.15583857625832565; Banking: -0.08238966589779775
  - Direct Investment, "More distant": -0.49812708028286046; Portfolio: -0.30877416154890547; Banking: -0.06998639417252453
- Figure 3.4. sample rows:
  - Global External Financial Assets and Liabilities, 1970: Global 38.857209999999995, AEs 43.155857674524164, EMDEs 24.91441335446641
  - Cross-Border Liability Flows, 1980: Global liquidity flows 4.136298101452117; Liquidity flows to AEs 4.51133; Liquidity flows to EMDEs 2.807572
  - Capital Account Restrictiveness index, periods: "1995-99" 0.39570734; "2000-04" 0.35937282000000004; "2005-09" 0.36205398000000005
- Figure 3.5. Herfindahl–Hirschman Index samples (2000–14 bins):
  - Direct Investment, "2000-04": World 0.1428297535378932; G7 0.10146600304158145; EMDEs 0.17263098144142303
  - Cross-Border Banking Claims, "2000-04": World 0.1521377182331472; G7 0.11610898695073861; EMDEs 0.18194997455826
  - Direct Investment, "2005-09": World 0.12633200448321177; G7 0.10291064449710947; EMDEs 0.15830936943428722
  - Banking Claims, "2005-09": World 0.1420328779721684; G7 0.1293508486102494; EMDEs 0.1678559860506774
- Figure 3.6. label indicates US investment funds’ portfolio investment flows to China, 2017–22, with units "(Millions of US dollars)" (data rows are present but not shown in sample).
- Figure 3.7. sample numeric outcomes (percent changes and frequencies):
  - Change in cross-border portfolio equity for "Investment funds": -25.08104768
  - Change in cross-border portfolio bond for "Investment funds": -24.50828337
  - Change in cross-border claims for "Banks": -16.007255190000002
  - Change in cross-border portfolio "Overall": -13.535325010000001
  - Frequency bin "[-13,-11]" count 2; bin "[-11,-9]" count 2; bin "[-9,-7]" count 1; bin "[-7,-5]" count 1; bin "[-5,-3]" count 5
- Figure 3.8. sample aggregate capital flow effects (percentage point changes):
  - Net Capital Flows to GDP, "AEs": -1.977529896
  - Net Capital Flows to GDP, "EMs": -2.881718536
  - Portfolio flows to GDP, "AEs" net flows: -0.6570883869999999; liability flows 0.23022610784
  - Portfolio flows to GDP, "EMs" net flows: -0.9216471659999999; liability flows -0.7007456120000001
- Figure 3.9. banks’ performance sample values:
  - Effect on banks’ cost of funding (Percentage points), "AEs" at mean geopolitical distance: 0.1258233824; at high geopolitical distance: 0.1936339348
  - Effect on banks’ profitability (Percent), "AEs" at mean geopolitical distance: -10.880628559999998; at high geopolitical distance: -9.4109702
  - Effect on banks’ lending (Percent), "AEs" at mean geopolitical distance: 3.40341936; at high geopolitical distance: 4.15114028
  - EMDEs cost of funding: 0.5286350249999999 (mean), 0.415859553 (high)
  - EMDEs profitability: -11.65346544 (mean), -12.07637346 (high)
  - EMDEs lending: -6.27313563 (mean), -12.94568439 (high)
- Figure 3.10. sample impulse-response and portfolio concentration values:
  - Cumulative impulse response for Emerging Market Economies with "More Concentrated Foreign Portfolios", step 1: -0.84140407703508 with 95% confidence bands -1.6128753215575 and -0.0699328325126586
  - For "Less Concentrated Foreign Portfolios", step 1: -0.590066915770297 with 95% confidence bands -1.12596562670657 and -0.0541682048340202
  - Total net inflows over GDP: "All" 5.458713; "AEs" 2.885098; "EMs" 6.490667
- Figure 3.1.1 (Remittances) sample values:
  - Change in cross-border remittance costs, "2013-19" Global average: -3.2963235005497755; Europe and Central Asia: -1.32206575402793; Range by region: -4.584416732196511
  - Cumulative abnormal change in remittance costs after sanctions, percentiles and t-statistic samples: "t" -0.46942222118377686, 0.18835043907165527, -0.1993180513381958
  - 2020 row: Global average -7.42257169501479; Europe and Central Asia -7.718029620078449; Range -17.990209785895118
  - 2021 row: Global average -6.810713430241466; Europe and Central Asia 1.1277566098069514; Range -15.560818996483782
  - Cumulative abnormal growth of remittance volume after sanctions median values include -0.7985025644302368, -4.361805438995361, -11.512470245361328 for various cells
- Figure 3.2.1 (G7 macro-financial volatility) sample values:
  - Increase in macro-financial volatility (Full integration = 100), "Output" Moderate: 101.37828351045238; "Output" Extreme: 103.022482669711
  - Loss of diversification benefit under fragmentation (Percent relative to the loss under autarky), "Output" Moderate: -20.342903187223044; "Output" Extreme: -51.65042637240112
  - "Consumption" Moderate: 102.91123632437431 and loss -18.657631036007274

### Notes on worksheet structure and text cells
- Some worksheet cells contain formulas referencing other sheets, for example Table of Contents entries using "'GFSR Chapter 3 Apr. 2023'!B23:J23" and resulting text "Chapter 3. Geopolitics and Financial Fragmentation:\nImplications for Macro-Financial Stability".
- Several cells include units and descriptors verbatim such as "(Index)", "(Percent of GDP)", "(Percentage points; relative to world portfolio)", "(Millions of US dollars)", and textual figure titles like "Figure 3.1. Rise in Global Geopolitical Tensions".

*Dataset: ch3data (GFSR Chapter 3 Apr. 2023) — numerical tables and figure data as presented in the workbook*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch3data.xlsx_