## Global Financial Stability Report April 2018: A Bumpy Road Ahead

_Global Financial Stability Report, April 2018_

## Source details

**Canonical URL:** [Global Financial Stability Report April 2018: A Bumpy Road Ahead](https://www.imf.org/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018)

## Other formats

- [Markdown version](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/index.md)
- [Structured JSON version](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/index.json)
- [Bundle manifest](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/bundle-manifest.json)

## Bibliographic details
- Published: April 10, 2018

---

### Overview: Main findings and risks
- Short-term risks to financial stability have increased somewhat since the previous GFSR.
- Medium-term risks remain elevated as financial vulnerabilities built up during years of accommodative policies could mean a bumpy road ahead and put growth at risk.
- Higher inflation may lead central banks to respond more aggressively than currently expected, which could lead to a sharp tightening of financial conditions.
- Valuations of risky assets are still stretched; liquidity mismatches, leverage, and other factors could amplify asset price moves and their impact on the financial system.
- Emerging markets have generally improving fundamentals but could be vulnerable to sudden tightening of global financial conditions.
- Banks have strengthened their balance sheets since the crisis, but parts of the system face a structural US dollar liquidity mismatch that could be a vulnerability.
- Crypto assets have features that may improve market efficiency, but they could also pose risks if used with leverage or without appropriate safeguards.
- Policymakers and investors must remain attuned to the risks of rising interest rates and higher market volatility.

### Policy recommendations and guidance
- Central banks should continue to normalize policy gradually and communicate clearly.
- Policymakers should address vulnerabilities by deploying and developing macroprudential tools.
- Supervisors and policymakers should keep close watch on the evolution of the riskiness of corporate credit allocation.
- Consideration of macroprudential tightening can reduce the likelihood that credit expansions are associated with riskier credit allocation.
- Greater banking supervisor independence, smaller government footprint in the nonfinancial corporate sector, and stronger minority shareholder protection are associated with less risky credit allocation during credit expansions.

### Chapter 1 (A Bumpy Road Ahead): Key themes
- Examines the effect of higher inflation, central bank responses, and the potential for sharp tightening of financial conditions.
- Highlights stretched valuations of global equities and corporate bonds, liquidity mismatches, leverage, and interconnectedness as amplifiers of asset price moves.
- Documents vulnerabilities in emerging markets, low-income countries, and China.
- Discusses funding challenges of internationally active banks and a structural US dollar liquidity mismatch in parts of the system.
- Considers crypto assets under headings including "Crypto Assets: New Coin on the Block, Reach for Yield, or Asset Price Bubble?"

### Chapter 2 (The Riskiness of Credit Allocation): Findings and implications
- Focus: the extent to which riskier firms receive credit relative to less risky firms, its relationship to the size of credit expansions, and relevance to financial stability.
- Constructs four measures of the riskiness of credit allocation across advanced and emerging market economies.
- The riskiness of credit allocation is cyclical at the global and country levels and rises when financial conditions and lending standards are looser.
- Taking riskiness into account helps better predict full-blown banking crises, financial sector stress, and downside risks to growth at horizons up to three years.
- A period of credit expansion is less likely to be associated with riskier credit allocation if:
  - macroprudential policy has been tightened,
  - the banking supervisor is more independent,
  - the government has a smaller footprint in the nonfinancial corporate sector,
  - minority shareholder protection is greater.

### Chapter 3 (House Price Synchronization): Findings and implications
- Analyzes whether and how house prices move in tandem across countries and major cities (global house price synchronicity).
- Finds a striking increase in house price synchronization across countries and cities.
- Documents an increase in house price synchronization, on balance, for 40 advanced and emerging market economies and 44 major cities.
- Global financial conditions contribute to this synchronization; cities in advanced economies may be particularly exposed.
- Heightened synchronicity can signal a downside tail risk to real economic activity at short horizons.
- Macroprudential policies seem to have some ability to influence local house price developments and may reduce a country’s house price synchronization.

### Selected charts, boxes, and annexes highlighted in the report
- Figures listed include: 1.1. Global Financial Conditions; 1.2. Growth-at-Risk; 1.3. Nonfinancial Private Sector Debt; 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators; 1.7. Valuations of Global Equities; 1.8. Valuations of Corporate Bonds; 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility, and Sharpe Ratio; 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures; 1.24. Non-US Banks’ International Dollar Balance Sheets; 1.25. Non-US Banks’ International US Dollar Liquidity Ratios; among others.
- Boxes include: 1.1. The VIX Tantrum; 1.2. An Econometric Lens on What Drives Term Premiums; 1.4. Central Bank Digital Currencies; 1.5. Regulatory Reform—Stitching Up the Loose Ends.
- Online Annexes and Text subsections include: 1.1. Option-Implied Volatility: The Quantity and Price of Risk for Stocks and Bonds; 1.2. Bank International Dollar Funding Methodology.

*Source: Global Financial Stability Report April 2018: A Bumpy Road Ahead*

---

## Content in this bundle

- **Boxfigure12**
  - [Boxfigure12 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure12.csv.md){rel="alternate" type="text/markdown"}
  - [Boxfigure12 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure12.csv){rel="external" type="application/octet-stream"}
- **Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets**
  - [Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure13.csv){rel="external" type="application/octet-stream"}
- **Figure 1.1. Global Financial Conditions**
  - [Figure 1.1. Global Financial Conditions (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1. Global Financial Conditions (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-1.csv){rel="external" type="application/octet-stream"}
- **Figure 1.10.  Correlations and Interconnectedness**
  - [Figure 1.10.  Correlations and Interconnectedness (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.10.  Correlations and Interconnectedness (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-10.csv){rel="external" type="application/octet-stream"}
- **Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio**
  - [Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-13.csv){rel="external" type="application/octet-stream"}
- **Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies**
  - [Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-14.csv){rel="external" type="application/octet-stream"}
- **Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance**
  - [Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-15.csv){rel="external" type="application/octet-stream"}
- **figure1-16**
  - [figure1-16 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-16.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-16 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-16.csv){rel="external" type="application/octet-stream"}
- **figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities**
  - [figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-19.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-19.csv){rel="external" type="application/octet-stream"}
- **figure1-2**
  - [figure1-2 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-2.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-2 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-2.csv){rel="external" type="application/octet-stream"}
- **Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products**
  - [Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-20.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-20.csv){rel="external" type="application/octet-stream"}
- **Figure 1.21. Chinese Insurers**
  - [Figure 1.21. Chinese Insurers (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-21.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.21. Chinese Insurers (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-21.csv){rel="external" type="application/octet-stream"}
- **Figure 1.22. Advanced Economy Bank Health**
  - [Figure 1.22. Advanced Economy Bank Health (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-22.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.22. Advanced Economy Bank Health (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-22.csv){rel="external" type="application/octet-stream"}
- **Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures**
  - [Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-23.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-23.csv){rel="external" type="application/octet-stream"}
- **figure1-24**
  - [figure1-24 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-24.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-24 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-24.csv){rel="external" type="application/octet-stream"}
- **figure1-25**
  - [figure1-25 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-25.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-25 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-25.csv){rel="external" type="application/octet-stream"}
- **Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets**
  - [Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-26.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-26.csv){rel="external" type="application/octet-stream"}
- **figure1-3**
  - [figure1-3 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-3.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-3 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-3.csv){rel="external" type="application/octet-stream"}
- **Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators**
  - [Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-4.csv){rel="external" type="application/octet-stream"}
- **Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships**
  - [Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-6.csv){rel="external" type="application/octet-stream"}
- **Figure 1.7. Valuations of Global Equities**
  - [Figure 1.7. Valuations of Global Equities (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.7. Valuations of Global Equities (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-7.csv){rel="external" type="application/octet-stream"}
- **Figure 1.8. Valuations of Corporate Bonds**
  - [Figure 1.8. Valuations of Corporate Bonds (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.8. Valuations of Corporate Bonds (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-8.csv){rel="external" type="application/octet-stream"}
- **figure1-9**
  - [figure1-9 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-9.csv.md){rel="alternate" type="text/markdown"}
  - [figure1-9 (CSV)](/-/media/files/publications/gfsr/2018/april/ch1/csv/figure1-9.csv){rel="external" type="application/octet-stream"}
- **IMF GFSR April 2018 Assumptions and Conventions**
  - [IMF GFSR April 2018 Assumptions and Conventions (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/assumptions.pdf.md){rel="alternate" type="text/markdown"}
  - [IMF GFSR April 2018 Assumptions and Conventions (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/assumptions.pdf){rel="external" type="application/pdf"}
- **IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary**
  - [IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/board-sum.pdf.md){rel="alternate" type="text/markdown"}
  - [IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/board-sum.pdf){rel="external" type="application/pdf"}
- **Preface**
  - [Preface (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/c1.pdf.md){rel="alternate" type="text/markdown"}
  - [Preface (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/c1.pdf){rel="external" type="application/pdf"}
- **IMF Global Finanacial Stability Report April 2018 Executive Summary**
  - [IMF Global Finanacial Stability Report April 2018 Executive Summary (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/exec-sum.pdf.md){rel="alternate" type="text/markdown"}
  - [IMF Global Finanacial Stability Report April 2018 Executive Summary (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/exec-sum.pdf){rel="external" type="application/pdf"}
- **Foreword**
  - [Foreword (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/foreward.pdf.md){rel="alternate" type="text/markdown"}
  - [Foreword (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/foreward.pdf){rel="external" type="application/pdf"}
- **Further Info**
  - [Further Info (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/further-info.pdf.md){rel="alternate" type="text/markdown"}
  - [Further Info (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/further-info.pdf){rel="external" type="application/pdf"}
- **Preface**
  - [Preface (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/preface.pdf.md){rel="alternate" type="text/markdown"}
  - [Preface (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/preface.pdf){rel="external" type="application/pdf"}
- **Full Report**
  - [Full Report (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/doc/text.pdf.md){rel="alternate" type="text/markdown"}
  - [Full Report (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/doc/text.pdf){rel="external" type="application/pdf"}
- **ANNEX 1.1.  Option Implied Volatility--Edits from COM**
  - [ANNEX 1.1.  Option Implied Volatility--Edits from COM (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/annex1-1.pdf.md){rel="alternate" type="text/markdown"}
  - [ANNEX 1.1.  Option Implied Volatility--Edits from COM (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/annex1-1.pdf){rel="external" type="application/pdf"}
- **Online Annex 1.2. Bank International Dollar Funding Methodology**
  - [Online Annex 1.2. Bank International Dollar Funding Methodology (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/annex1-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Online Annex 1.2. Bank International Dollar Funding Methodology (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/annex1-2.pdf){rel="external" type="application/pdf"}
- **Figure 1.1.1. US Asset Prices**
  - [Figure 1.1.1. US Asset Prices (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-1-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1.1. US Asset Prices (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-1-1.pdf){rel="external" type="application/pdf"}
- **108929.Figure.1.2.1**
  - [108929.Figure.1.2.1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-2-1.pdf.md){rel="alternate" type="text/markdown"}
  - [108929.Figure.1.2.1 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-2-1.pdf){rel="external" type="application/pdf"}
- **Figure 1.3.1**
  - [Figure 1.3.1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-3-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3.1 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-3-1.pdf){rel="external" type="application/pdf"}
- **Figure 1.1**
  - [Figure 1.1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-1.pdf){rel="external" type="application/pdf"}
- **figure1-10**
  - [figure1-10 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-10.pdf.md){rel="alternate" type="text/markdown"}
  - [figure1-10 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-10.pdf){rel="external" type="application/pdf"}
- **Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage**
  - [Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-11.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-11.pdf){rel="external" type="application/pdf"}
- **Figure 1.12**
  - [Figure 1.12 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-12.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.12 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-12.pdf){rel="external" type="application/pdf"}
- **Figure 1.13**
  - [Figure 1.13 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-13.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.13 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-13.pdf){rel="external" type="application/pdf"}
- **Figure 1.14**
  - [Figure 1.14 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-14.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.14 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-14.pdf){rel="external" type="application/pdf"}
- **Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance**
  - [Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-15.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-15.pdf){rel="external" type="application/pdf"}
- **Figure 1.16. Creditor Base and External Financing Vulnerabilities**
  - [Figure 1.16. Creditor Base and External Financing Vulnerabilities (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-16.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.16. Creditor Base and External Financing Vulnerabilities (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-16.pdf){rel="external" type="application/pdf"}
- **Figure1 17**
  - [Figure1 17 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-17.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure1 17 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-17.pdf){rel="external" type="application/pdf"}
- **Figure 1.18**
  - [Figure 1.18 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.18 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf){rel="external" type="application/pdf"}
- **Figure 1.19**
  - [Figure 1.19 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-19.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.19 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-19.pdf){rel="external" type="application/pdf"}
- **Figure 1.2**
  - [Figure 1.2 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-2.pdf){rel="external" type="application/pdf"}
- **Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products**
  - [Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-20.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-20.pdf){rel="external" type="application/pdf"}
- **Figure 1.21. Chinese Insurers**
  - [Figure 1.21. Chinese Insurers (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-21.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.21. Chinese Insurers (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-21.pdf){rel="external" type="application/pdf"}
- **figure1-22**
  - [figure1-22 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-22.pdf.md){rel="alternate" type="text/markdown"}
  - [figure1-22 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-22.pdf){rel="external" type="application/pdf"}
- **Figure 1.23**
  - [Figure 1.23 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-23.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.23 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-23.pdf){rel="external" type="application/pdf"}
- **figure1-24**
  - [figure1-24 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-24.pdf.md){rel="alternate" type="text/markdown"}
  - [figure1-24 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-24.pdf){rel="external" type="application/pdf"}
- **Figure 1.25**
  - [Figure 1.25 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-25.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.25 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-25.pdf){rel="external" type="application/pdf"}
- **Figure 1.26**
  - [Figure 1.26 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-26.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.26 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-26.pdf){rel="external" type="application/pdf"}
- **figure1-3**
  - [figure1-3 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-3.pdf.md){rel="alternate" type="text/markdown"}
  - [figure1-3 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-3.pdf){rel="external" type="application/pdf"}
- **108929.Figure.1.4**
  - [108929.Figure.1.4 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-4.pdf.md){rel="alternate" type="text/markdown"}
  - [108929.Figure.1.4 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-4.pdf){rel="external" type="application/pdf"}
- **Figure 1.5. US Inflation Expectations and Term Premium**
  - [Figure 1.5. US Inflation Expectations and Term Premium (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-5.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.5. US Inflation Expectations and Term Premium (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-5.pdf){rel="external" type="application/pdf"}
- **Figure 1.6**
  - [Figure 1.6 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-6.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.6 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-6.pdf){rel="external" type="application/pdf"}
- **Figure 1.7**
  - [Figure 1.7 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-7.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.7 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-7.pdf){rel="external" type="application/pdf"}
- **Figure 1.8**
  - [Figure 1.8 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-8.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.8 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-8.pdf){rel="external" type="application/pdf"}
- **figure1-9**
  - [figure1-9 (Markdown version)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-9.pdf.md){rel="alternate" type="text/markdown"}
  - [figure1-9 (PDF)](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-9.pdf){rel="external" type="application/pdf"}
- **Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016**
  - [Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure221.csv.md){rel="alternate" type="text/markdown"}
  - [Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure221.csv){rel="external" type="application/octet-stream"}
- **Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions**
  - [Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure231.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure231.csv){rel="external" type="application/octet-stream"}
- **Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock**
  - [Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure241.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/boxfigure241.csv){rel="external" type="application/octet-stream"}
- **Figure 2.1. Financial conditions have been loose in recent years**
  - [Figure 2.1. Financial conditions have been loose in recent years (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure21.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1. Financial conditions have been loose in recent years (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure21.csv){rel="external" type="application/octet-stream"}
- **Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies**
  - [Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure22.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure22.csv){rel="external" type="application/octet-stream"}
- **Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016**
  - [Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure25.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure25.csv){rel="external" type="application/octet-stream"}
- **Figure28**
  - [Figure28 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure28.csv.md){rel="alternate" type="text/markdown"}
  - [Figure28 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure28.csv){rel="external" type="application/octet-stream"}
- **Figure29**
  - [Figure29 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure29.csv.md){rel="alternate" type="text/markdown"}
  - [Figure29 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-2/csv/figure29.csv){rel="external" type="application/octet-stream"}
- **C2**
  - [C2 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/doc/c2.pdf.md){rel="alternate" type="text/markdown"}
  - [C2 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/doc/c2.pdf){rel="external" type="application/pdf"}
- **The Riskiness of Credit Allocation: A Source of Financial Vulnerability?**
  - [The Riskiness of Credit Allocation: A Source of Financial Vulnerability? (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/doc/sum2.pdf.md){rel="alternate" type="text/markdown"}
  - [The Riskiness of Credit Allocation: A Source of Financial Vulnerability? (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/doc/sum2.pdf){rel="external" type="application/pdf"}
- **Boxfigure2 1 1**
  - [Boxfigure2 1 1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-1-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Boxfigure2 1 1 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-1-1.pdf){rel="external" type="application/pdf"}
- **Boxfigure2 1 2**
  - [Boxfigure2 1 2 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-1-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Boxfigure2 1 2 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-1-2.pdf){rel="external" type="application/pdf"}
- **Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016**
  - [Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-1.pdf){rel="external" type="application/pdf"}
- **Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector**
  - [Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-2.pdf){rel="external" type="application/pdf"}
- **Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions**
  - [Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-3-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-3-1.pdf){rel="external" type="application/pdf"}
- **Boxfigure2 4 1**
  - [Boxfigure2 4 1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-4-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Boxfigure2 4 1 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-4-1.pdf){rel="external" type="application/pdf"}
- **Figure 2.1. Financial Conditions Have Been Loose in Recent Years**
  - [Figure 2.1. Financial Conditions Have Been Loose in Recent Years (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1. Financial Conditions Have Been Loose in Recent Years (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-1.pdf){rel="external" type="application/pdf"}
- **figure2-10**
  - [figure2-10 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-10.pdf.md){rel="alternate" type="text/markdown"}
  - [figure2-10 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-10.pdf){rel="external" type="application/pdf"}
- **Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth**
  - [Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-11.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-11.pdf){rel="external" type="application/pdf"}
- **Figure2 12**
  - [Figure2 12 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-12.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 12 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-12.pdf){rel="external" type="application/pdf"}
- **Figure2 13**
  - [Figure2 13 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-13.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 13 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-13.pdf){rel="external" type="application/pdf"}
- **Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies**
  - [Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-2.pdf){rel="external" type="application/pdf"}
- **Figure2 3**
  - [Figure2 3 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-3.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 3 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-3.pdf){rel="external" type="application/pdf"}
- **Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level**
  - [Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-4.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-4.pdf){rel="external" type="application/pdf"}
- **Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016**
  - [Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-5.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-5.pdf){rel="external" type="application/pdf"}
- **Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger**
  - [Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-6.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-6.pdf){rel="external" type="application/pdf"}
- **Figure2 7**
  - [Figure2 7 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-7.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 7 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-7.pdf){rel="external" type="application/pdf"}
- **Figure2 8**
  - [Figure2 8 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-8.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 8 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-8.pdf){rel="external" type="application/pdf"}
- **Figure2 9**
  - [Figure2 9 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-9.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure2 9 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/figure2-9.pdf){rel="external" type="application/pdf"}
- **boxfigure3-1-1**
  - [boxfigure3-1-1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-1-1.csv.md){rel="alternate" type="text/markdown"}
  - [boxfigure3-1-1 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-1-1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2.1. Housing Return Predictability**
  - [Figure 3.2.1. Housing Return Predictability (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2.1. Housing Return Predictability (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness**
  - [Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-2-2.csv){rel="external" type="application/octet-stream"}
- **boxfigure3-4-1**
  - [boxfigure3-4-1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-4-1.csv.md){rel="alternate" type="text/markdown"}
  - [boxfigure3-4-1 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/boxfigure3-4-1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased**
  - [Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-11.csv){rel="external" type="application/octet-stream"}
- **Figure3 12**
  - [Figure3 12 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 12 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-12.csv){rel="external" type="application/octet-stream"}
- **Figure3 13**
  - [Figure3 13 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 13 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-13.csv){rel="external" type="application/octet-stream"}
- **Figure3 14**
  - [Figure3 14 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 14 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-14.csv){rel="external" type="application/octet-stream"}
- **Figure3 15**
  - [Figure3 15 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 15 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-15.csv){rel="external" type="application/octet-stream"}
- **Figure3 16**
  - [Figure3 16 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-16.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 16 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-16.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions**
  - [Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-2.csv){rel="external" type="application/octet-stream"}
- **Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities**
  - [Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-5.csv){rel="external" type="application/octet-stream"}
- **figure3-6**
  - [figure3-6 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-6.csv.md){rel="alternate" type="text/markdown"}
  - [figure3-6 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-6.csv){rel="external" type="application/octet-stream"}
- **figure3-7**
  - [figure3-7 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv.md){rel="alternate" type="text/markdown"}
  - [figure3-7 (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-7.csv){rel="external" type="application/octet-stream"}
- **Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions**
  - [Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions (CSV)](/-/media/files/publications/gfsr/2018/april/chapter-3/csv/figure3-8.csv){rel="external" type="application/octet-stream"}
- **C3**
  - [C3 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/doc/c3.pdf.md){rel="alternate" type="text/markdown"}
  - [C3 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/doc/c3.pdf){rel="external" type="application/pdf"}
- **House Price Synchronization: What Role for Financial Factors?**
  - [House Price Synchronization: What Role for Financial Factors? (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/doc/sum3.pdf.md){rel="alternate" type="text/markdown"}
  - [House Price Synchronization: What Role for Financial Factors? (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/doc/sum3.pdf){rel="external" type="application/pdf"}
- **Boxfigure3 1 1**
  - [Boxfigure3 1 1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-1-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Boxfigure3 1 1 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-1-1.pdf){rel="external" type="application/pdf"}
- **Figure 3.2.1. Housing Return Predictability**
  - [Figure 3.2.1. Housing Return Predictability (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-2-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2.1. Housing Return Predictability (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-2-1.pdf){rel="external" type="application/pdf"}
- **Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness**
  - [Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-2-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-2-2.pdf){rel="external" type="application/pdf"}
- **Boxfigure3 3 1**
  - [Boxfigure3 3 1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-3-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Boxfigure3 3 1 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-3-1.pdf){rel="external" type="application/pdf"}
- **Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity**
  - [Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-4-1.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/boxfigure3-4-1.pdf){rel="external" type="application/pdf"}
- **figure3-1**
  - [figure3-1 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-1.pdf.md){rel="alternate" type="text/markdown"}
  - [figure3-1 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-1.pdf){rel="external" type="application/pdf"}
- **Figure 3.10. Interconnectedness among Cities’ House Prices Varies**
  - [Figure 3.10. Interconnectedness among Cities’ House Prices Varies (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-10.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.10. Interconnectedness among Cities’ House Prices Varies (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-10.pdf){rel="external" type="application/pdf"}
- **Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased**
  - [Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-11.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-11.pdf){rel="external" type="application/pdf"}
- **Figure3 12**
  - [Figure3 12 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-12.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 12 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-12.pdf){rel="external" type="application/pdf"}
- **Figure3 13**
  - [Figure3 13 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-13.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 13 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-13.pdf){rel="external" type="application/pdf"}
- **Figure3 14**
  - [Figure3 14 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-14.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 14 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-14.pdf){rel="external" type="application/pdf"}
- **Figure3 15**
  - [Figure3 15 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-15.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 15 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-15.pdf){rel="external" type="application/pdf"}
- **Figure3 16**
  - [Figure3 16 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-16.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 16 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-16.pdf){rel="external" type="application/pdf"}
- **Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions**
  - [Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-2.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-2.pdf){rel="external" type="application/pdf"}
- **Figure 3.3. Institutional Investor Participation Has Been on the Rise**
  - [Figure 3.3. Institutional Investor Participation Has Been on the Rise (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-3.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.3. Institutional Investor Participation Has Been on the Rise (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-3.pdf){rel="external" type="application/pdf"}
- **Figure3 4**
  - [Figure3 4 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-4.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure3 4 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-4.pdf){rel="external" type="application/pdf"}
- **Figure 3-5**
  - [Figure 3-5 (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-5.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3-5 (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-5.pdf){rel="external" type="application/pdf"}
- **Figure 3.6. The Relative Contribution of the Global Factor Has Grown**
  - [Figure 3.6. The Relative Contribution of the Global Factor Has Grown (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-6.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.6. The Relative Contribution of the Global Factor Has Grown (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-6.pdf){rel="external" type="application/pdf"}
- **Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties**
  - [Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-7.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-7.pdf){rel="external" type="application/pdf"}
- **Figure 3.8. Relative Contribution of the Global Factor Varies across Regions**
  - [Figure 3.8. Relative Contribution of the Global Factor Varies across Regions (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-8.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.8. Relative Contribution of the Global Factor Varies across Regions (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-8.pdf){rel="external" type="application/pdf"}
- **Figure 3.9. Economies Differ in Their House Price Interconnectedness**
  - [Figure 3.9. Economies Differ in Their House Price Interconnectedness (Markdown version)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.9. Economies Differ in Their House Price Interconnectedness (PDF)](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-9.pdf){rel="external" type="application/pdf"}

---

## References

- [Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)
- [Modify your profile](https://www.imf.org/en/email-subscription/login)
- [https://www.imf.org/en/publications/weo](https://www.imf.org/en/publications/weo)
- [Global Economy in Crosscurrents of War and Technology](https://www.imf.org/en/publications/weo/issues/2026/07/08/world-economic-outlook-update-july-2026)
- [https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)
- [Global Financial Markets Confront the War in the Middle East and Amplification Risks](https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026)
- [https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)
- [Fiscal Policy under Pressure: High Debt, Rising Risks](https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026)
- [https://www.imf.org/en/publications/reo](https://www.imf.org/en/publications/reo)
- [Asia and Pacific](https://www.imf.org/en/publications/reo/apac)
- [Europe](https://www.imf.org/en/publications/reo/eu)
- [Middle East and Central Asia](https://www.imf.org/en/publications/reo/meca)
- [Sub-Saharan Africa](https://www.imf.org/en/publications/reo/ssa)
- [Western Hemisphere](https://www.imf.org/en/publications/reo/wh)
- [https://www.imf.org/en/publications/areb](https://www.imf.org/en/publications/areb)
- [Getting to Growth in an Age of Uncertainty](https://www.imf.org/en/publications/areb/issues/2025/09/24/annual-report-2025)
- [https://www.imf.org/en/publications/finance-development](https://www.imf.org/en/publications/finance-development)
- [More Publications](https://www.imf.org/en/publications)
- [Blog](https://blogs.imf.org/2018/04/18/a-bumpy-road-ahead-for-the-global-financial-system)
- [Blog](https://blogs.imf.org/2018/04/10/risky-business-reading-credit-flows-for-crisis-signals)
- [Blog](https://blogs.imf.org/2018/04/10/for-home-prices-in-london-check-the-tokyo-listings)

_Source: https://www.imf.org/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018_