graph_Graph 3_9490C687

Seasonal effects in cross-border credit¹

Quarterly changes, in billions of US dollars

Graph 3

A. Credit to all countries

B. Credit to AEs

C. Credit to EMDEs

¹ Quarterly changes are adjusted for breaks in series and exchange rate fluctuations. The seasonal adjustment uses the Arima X13 with the additive decomposition method. The sample consists of quarterly data from Q1 2015. Seasonally adjusted series are based on the reported cross-border credit to the AE and EMDE regions (panels B and C), by reporting country. The adjusted series are then aggregated to produce the total adjusted cross-border credit vis-à-vis each region. The series in panel A are calculated from the data in panels B and C.

Sources: BIS locational banking statistics; BIS calculations.