## Dataset overview (ch1data)

## Source details

**Canonical URL:** [Dataset overview (ch1data)](https://www.imf.org/-/media/files/publications/gfsr/2024/october/data/ch1data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2024/october/data/ch1data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2024/october/data/ch1data.xlsx.json)

---

### Dataset contents
- Workbook contains worksheets corresponding to figures labeled:
  - Figure 1.1 through Figure 1.31, and Figure 1.1.1 through Figure 1.1.4.
- Worksheets with populated sample rows and numerical data in the provided extract include:
  - Figure 1.15 — "1. Portfolio Flow Tracking: Local Currency Bonds and Equities" (Billions of US dollars)
  - Figure 1.22 — "2. Distance to Insolvency in the United States and Europe" (Index)
  - Figure 1.23 — "1. Share of Debt Issued by Firms with Cash Buffers to Interest Expense Ratio below 1.5" (Percent of total debt, average across countries)
  - Figure 1.25 — "1. Real Growth in House Prices by Region" (Percent)
  - Figure 1.27 — multiple panels including "1. Commercial Real Estate and Office Concentrations", "2. Tier 1 Capital Ratios Before and After Severe Stress", "3. One-Year Changes in Bank's Stock Prices" (Percent and other numeric measures)
  - Figure 1.29 — "2. Distribution of Monthly Fund Flows-at-Risk Among US Bond Funds" (Median and Interquartile range, percent of assets under management)
  - Figure 1.31 — "1. Share of Defined Contributions in Total Pension Assets by Country" (Percent)
- Several worksheets show zero rowCount/columnCount or no sampleRows in the extract; other worksheets contain large row counts (e.g., Figure 1.27 with rowCount 201, Figure 1.22 with rowCount 232).

### Key statistics and time series (exact values as provided)
- Figure 1.15 (Portfolio Flow Tracking — sample monthly rows)
  - Date 2023-01-31: Local currency bonds, EM. ex. China = 15.65996502041115; Equities, Korea and Taiwan POC = 12.480559999999999; Equities, EM ex. China = -1.8670889999999993; Local currency bonds, China = -13.055440506478872; Equities, China = 20.87552794340181.
  - Date 2023-02-28: Local currency bonds, EM. ex. China = -1.2941123616447316; Equities, Korea and Taiwan POC = 2.02573; Equities, EM ex. China = -2.847116; Local currency bonds, China = -11.97802039730147; Equities, China = 1.3983139370035913.
- Figure 1.22 (Distance to Insolvency — latest sample rows)
  - Date 2024-09-30: 25th Percentile = 1.0904381608841236; 50th Percentile = 1.7139669075643331; 75th Percentile = 2.369929131518304; Highly vulnerable = 1.
  - Date 2024-08-30: 25th Percentile = 1.1354043651092678; 50th Percentile = 1.7130694513255145; 75th Percentile = 2.438368074435826; Highly vulnerable = 1.
  - Date 2024-07-31: 25th Percentile = 1.1039575320910233; 50th Percentile = 1.7317125082721612; 75th Percentile = 2.395974572875665; Highly vulnerable = 1.
  - Date 2024-06-28: 25th Percentile = 1.1404250045539472; 50th Percentile = 1.7220771651089455; 75th Percentile = 2.4003546428973905; Highly vulnerable = 1.
- Figure 1.23 (Share of Debt Issued by Firms with Cash Buffers to Interest Expense Ratio below 1.5)
  - Panel labels: "AEs", "AEs excl. Japan"
  - Small and medium firms:
    - 2019:Q4 = 20.71116864681244
    - 22:Q4 = 22.94773906469345
    - 23:Q4 = 25.103166699409485
    - AEs excl. Japan 2019:Q4 = 33.174532651901245
    - AEs excl. Japan 22:Q4 = 36.20893061161041
    - AEs excl. Japan 23:Q4 = 40.62872529029846
  - Large firms:
    - 2019:Q4 = 31.60323202610016
    - 22:Q4 = 33.5419237613678
    - 23:Q4 = 34.705549478530884
    - AEs excl. Japan 2019:Q4 = 37.86197602748871
    - AEs excl. Japan 22:Q4 = 39.51551616191864
    - AEs excl. Japan 23:Q4 = 39.58248198032379
- Figure 1.25 (Real Growth in House Prices by Region)
  - North America: Since before pandemic = 19.875965719757083; Latest (year on year) = 1.6508378932898509
  - Latin America: Since before pandemic = 2.1760309508797895; Latest = 1.8891324727698147
  - Asia: Since before pandemic = -5.373704509978121; Latest = -3.303757245821998
  - Euro area: Since before pandemic = -0.1848230131054618; Latest = -2.9482794979232896
  - EU non-euro area: Since before pandemic = 3.859913571618868; Latest = 5.194738288942575
- Figure 1.27 (Commercial Real Estate and Bank Metrics — selected values)
  - United States CRE to Tier 1 capital = 911.1162808985819; CRE Office to Tier 1 capital (right scale) = 44.06046030040106
  - Alternate US CRE to Tier 1 values in sample rows: 772.2986483394044 (CRE to Tier1) and 71.12818454312522 (CRE Office to Tier1)
  - Tier 1 capital ratio (US sample) = 12.255621890547264
  - Tier 1 capital ratio after severe stress = 11.304447408130276
  - One sample change in bank's stock prices (Median percent) = 0.2819517 (US) and 28.1383 (Europe) in one row; other median values include 33.73397 and 6.710101; additional median percent values include -2.336696, 18.47596, 31.57366, 34.89284 in sample rows.
- Figure 1.29 (Distribution of Monthly Fund Flows-at-Risk Among US Bond Funds)
  - Panel numbers for quantiles: 0.75, 0.5, 0.25 indicated in sheet.
  - MFs Retail: Median and IQR values include 0.75 quantile = 8.54309; 0.5 (median) = 4.089572; 0.25 = 2.460697.
  - MFs Institutional: 0.75 = 9.681734; 0.5 = 5.14484; 0.25 = 2.778847.
  - ETFs: 0.5 = 13.766328; 0.75 = 4.983667; 0.25 = 0.367499 (panel ordering in sheet).
- Figure 1.31 (Share of Defined Contributions in Total Pension Assets by Country)
  - Countries listed in sample rows: Australia, United States, Canada, United Kingdom, Netherlands, The, Japan.
  - 2017 values: Australia = 87; United States = 60; Canada = 39; United Kingdom = 19; Netherlands, The = 6; Japan = 4.
  - 2023 values: Australia = 87.9; United States = 67.4; Canada = 43.7; United Kingdom = 25.5; Netherlands, The = 6; Japan = 5.2.

### Analytical observations implied by dataset structure
- The workbook aggregates time-series and cross-sectional indicators across multiple financial stability themes: portfolio flows to EM local bonds and equities (Figure 1.15), corporate solvency distances (Figure 1.22), firm-level debt vulnerability by cash buffer (Figure 1.23), regional house price dynamics (Figure 1.25), commercial real estate exposures and bank capital stress (Figure 1.27), fund flows-at-risk for US bond funds (Figure 1.29), and pension system compositional change (Figure 1.31).
- Several panels provide percentile-based distributions and vulnerability flags (e.g., "Highly vulnerable" = 1 in Figure 1.22), consistent with stress and tail-risk analysis.
- Multiple worksheets include high-frequency date-indexed series (monthly dates in Figure 1.15 and Figure 1.22) enabling time-series tracking of risks.

### Potential dataset uses (based on included variables)
- Monitor cross-border portfolio allocations and volatility in EM local-currency assets using the monthly flows in Figure 1.15.
- Assess corporate solvency dynamics and identify cohorts at heightened insolvency risk using the distance-to-insolvency percentiles in Figure 1.22.
- Quantify the share of corporate debt held by firms with low cash-to-interest buffers (Figure 1.23) to evaluate refinancing vulnerability.
- Compare regional house price performance since before the pandemic and recent year-on-year changes (Figure 1.25).
- Evaluate banking-sector exposure to commercial real estate and the impact of severe stress on Tier 1 capital ratios (Figure 1.27).
- Estimate liquidity risk and potential redemption pressure across retail, institutional, and ETF US bond fund types via fund flows-at-risk distributions (Figure 1.29).
- Track structural shifts in pension systems toward defined contribution schemes across selected countries (Figure 1.31).

*Dataset: ch1data (worksheets and sample values as provided in the workbook) — canonical URL provided with the dataset.*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2024/october/data/ch1data.xlsx_