## Dataset: ch2data — GFSR Chapter 2 (April 2026)

## Source details

**Canonical URL:** [Dataset: ch2data — GFSR Chapter 2 (April 2026)](https://www.imf.org/-/media/files/publications/gfsr/2026/april/data/ch2data.xlsx)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2026/april/data/ch2data.xlsx.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2026/april/data/ch2data.xlsx.json)

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### Dataset scope and structure
- Workbook contains multiple worksheets corresponding to figures and panels used in Chapter 2 of the Global Financial Stability Report.
- Notable worksheet names (sample): "GFSR Chapter 2 Apr. 2026", "Table of Contents", "Figure 2.1.", "Figure 2.2.", "Figure 2.3.", "Figure 2.4.", "Figure 2.5.", "Figure 2.6.", "Figure 2.7.", "Figure 2.8.", "Figure 2.9.", "Figure 2.10.", "Figure 2.11.", "Figure 2.12.", "Figure 2.1.1", "Figure 2.2.1".
- Row and column counts vary by worksheet (examples: "Figure 2.5." rowCount 2,940, columnCount 48; "Figure 2.4." rowCount 1,569, columnCount 36).
- Several figures contain time series, cross-sectional, and panel data; some panels note proprietary data that cannot be displayed.

### Major themes and data content (by figure)
- Figure 2.1 — Cross-Border Investment by Nonbank Financial Investors in Emerging Markets
  - Panels include: 1. Cumulative Nonresident Portfolio and Banking Flows; 2. Current Account Deficit and Portfolio Flows; 3. External Portfolio Debt Liabilities; 4. External Portfolio Equity Liabilities; 5. Share of the Nonresident Nonbank Financial Intermediary Sector in Portfolio Debt and Equity Investment; 6. Share of Nonresident Investment Funds in Portfolio Debt and Equity Investment, 2024.
  - Units and labels present: "(Trillions of dollars)"; "(Billions of dollars)"; "(Percent of GDP, interquartile range, median)"; "(Percent of stock market capitalization)"; "(Percent)".
  - Sample time series entries:
    - "2000q1": Banking -0.0007788800285197794; Portfolio debt 0.015461492352187634; Portfolio equity 0.00401312904432416.
    - Year panels: 2000 current account deficit -87.26978; net portfolio flows 7.86787; gross portfolio flows 12.86376.
    - Regional/stock entries: "Africa and \nthe Middle East" share 0.062198735773563385; 2024 sample values 46.467056 and 70.939362.

- Figure 2.2 — Portfolio and Bank Liability Flows to Emerging Markets in Stress Episodes (Taper Tantrum panel shown)
  - Flow observations relative to timing t-1, t, t+1, t+2, t+3.
  - Exact values (taper tantrum panel):
    - t-1: Banking 0; Portfolio investment, overall 0; Investment funds 0; Hedge funds 0.
    - t: Banking 1.4455742331305146; Portfolio investment, overall 3.4039195049348194; Investment funds -6.426834951437073; Hedge funds -16.578802260493404.
    - t+1: Banking 3.2572530074883304; Portfolio investment, overall 7.164999711358718; Investment funds -14.970537862544745; Hedge funds -34.12406370875971.
    - t+2: Banking 8.409913725220619; Portfolio investment, overall 10.971776921638181; Investment funds -23.03840295713063; Hedge funds -42.8601559717056.
    - t+3: Banking 15.88652684927716; Portfolio investment, overall 14.392726114258679; Investment funds -33.306831280492204; Hedge funds -48.0854621737874.

- Figure 2.3 — Key Channels for Transmission of Global Financial Shocks through the NBFI Sector
  - Figure title and channel mapping provided; detailed panel values present in worksheet (sample rows not shown in overview).

- Figure 2.4 — Passive Investment Strategies
  - Panels include: 1. Investment Funds’ Portfolio Debt Allocation to Emerging Markets by Strategy; 2. Investment Funds’ Portfolio Equity Allocation to Emerging Markets by Strategy; 3. Excess Stock Returns Following Inclusion in the MSCI Emerging Market Index.
  - Units: "(Trillions of dollars, left scale; percent, right scale)"; "(Percent)".
  - Sample percentile/average panel (excess returns around inclusion):
    - t-5 p25 -0.8204625; Average -0.6513073; p75 0.28284045.
    - t-4 p25 -1.0531354249999998; Average -0.4327259333333333; p75 0.561556725.
    - t-3 p25 -1.058263625; Average -0.3057131833333333; p75 0.5120918.
    - t-2 p25 -1.2431850500000001; Average -0.6947753666666666; p75 0.37076794999999996.

- Figure 2.5 — Holdings of Emerging Market Securities by Nonbank Financial Investors
  - Panels include holdings by investor type and hedge funds’ ownership share 2010–25.
  - Units: "(Billions of dollars; number of investors)"; "(Percent, relative to market value)".
  - Sample holdings (date-stamped):
    - "2010-01-01T00:00:00.000Z": Hedge fund 21.20211189879; Insurance company 97.65708648731; Pension fund 129.12218242765; Sovereign wealth fund 81.33054705327; Number investors 574.
    - "2010-04-01T00:00:00.000Z": Hedge fund 18.48034383425; Insurance company 104.87470618112; Pension fund 123.08891429664; Sovereign wealth fund 79.06281768606; Number investors 588.

- Figure 2.6 — Holdings of Crypto-Related Assets by Institutional Investors
  - Units: "(Percent; billions of dollars)".
  - Sample quarterly entries:
    - "2010-01-01T00:00:00.000Z": Portfolio share 0.00904077175221342; Holdings 0.62793967545.
    - "2010-04-01T00:00:00.000Z": Portfolio share 0.00861034923990216; Holdings 0.53876917738.
    - "2011-04-01T00:00:00.000Z": Portfolio share 0.0140564036677889; Holdings 1.15321172455.

- Figure 2.7 — Global Risk Sensitivity of Cross-Border Portfolio and Bank Liability Flows to Emerging Markets
  - Panel: response to an increase in the VIX (Relative to GDP, standard deviations).
  - Sample regime-split estimates:
    - Before 2009:Q2 — Banking -0.3264088036063838; Portfolio debt, overall -0.2131333999497284; Portfolio equity, overall -0.1971380368235765.
    - After 2009:Q2 — Banking -0.2296496992286076; Portfolio debt, overall -0.3298275225150602; Portfolio equity, overall -0.1132421281535106.

- Figure 2.8 — Sensitivity of Institutional Investors’ Emerging Market Holdings to the VIX
  - Panel: Change in Nonresident Investments after an Increase in the VIX (Percentage points, relative to resident investments).
  - Sample values:
    - Emerging market economies -0.612865539263686.
    - Advanced economies -0.232702414421067.

- Figure 2.9 — Sensitivity of Funds’ End Investors to the VIX
  - Sample estimated coefficients:
    - Investment strategy: Passive (vs. Active) -0.0177645284939646.
    - Vehicle structure: ETFs (vs. Mutual funds) -0.0535066525664979.
    - Investor base: Institutional (vs. Retail) -0.1191409128446.

- Figure 2.10 — Sensitivity of Emerging Market Holdings of Mutual Funds and Exchange-Traded Funds to the VIX
  - Panel 1: Share of Nonresident Emerging Market Holdings in Synthetically Leveraged or Hedged Funds, Third Quarter of 2025 (Percent).
  - Sample third-quarter-2025 shares (by asset type and vehicle/strategy):
    - Equity: Active-leveraged 18.2803569230801; ETF-leveraged 6.4192671628014; Passive-leveraged 2.90835817199093; Hedged 0.204222074904213.
    - Sovereign: Active-leveraged 9.39471643091623; ETF-leveraged 2.00600459031536; Passive-leveraged 1.05910770791902; Hedged 1.26683524864904.
    - Corporate: Active-leveraged 12.464787242616; ETF-leveraged 1.94426881436478; Passive-leveraged 0.937579350034673; Hedged 0.597587511070222.

- Figure 2.11 — Greater Reliance on Investors Sensitive to Global Risk and Implications for Emerging Market Bond Markets
  - Panel: Volume and spreads of bond issuance by issuers with higher ex ante reliance on flighty investors.
  - Sample values:
    - Volume of bond issuance: Sovereign -27.580120000000008; Corporate -45.253800000000055.
    - Bond spreads at issuance: Sovereign 29.43008; Corporate 121.1769.

- Figure 2.12 — Pricing of Geopolitical Risk in Options Markets around Russia’s 2022 Invasion of Ukraine
  - Panel includes confidence intervals and estimates by bin (1–7).
  - Sample rows:
    - Bin 1: Confidence intervals 4.608947818677276; Estimate -5.873239460594727.
    - Bin 2: Confidence intervals 3.0998510407365716; Estimate -3.1433600630454444.
    - Bin 3: Confidence intervals 1.9288103550439621; Estimate -1.9241074579054263.
    - Bin 4: Confidence intervals 1.4476377612429332; Estimate -0.38072905017574843.
    - Bin 7: Confidence intervals 1.6041163756604455; Estimate -0.49935092512862694.

- Figure 2.1.1 and Figure 2.2.1
  - Both contain the note: "Data for this figure is proprietary and cannot be displayed."

### Key data types and measurement units present
- Dates/time series: quarterly (e.g., "2000q1"), monthly (e.g., "2006m1"), and ISO timestamps (e.g., "2010-01-01T00:00:00.000Z").
- Monetary units: Trillions of dollars; Billions of dollars; specific numeric holdings (e.g., 21.20211189879).
- Percentages and shares with high numeric precision (examples preserved exactly above).
- Statistical estimates and coefficients with many decimal places (examples preserved exactly above).
- Regime and event windows indexed as t-1, t, t+1, etc.

### Usage notes and limitations (as implied by dataset)
- Some panels explicitly reference proprietary data that cannot be displayed; those panels are flagged in the workbook.
- The workbook is organized to reproduce figure panels and associated numerical data used in Chapter 2 analyses (nonbank financial investors, passive strategies, VIX sensitivity, crypto holdings, bond issuance, geopolitical risk pricing).

*Source: ch2data (GFSR Chapter 2 data workbook).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2026/april/data/ch2data.xlsx_