# Credit-to-GDP Gap (Financial Stability) API > How far each country's private-sector credit has run above or below its long-run trend — the single best early-warning indicator for banking crises — read live from the Bank for International Settlements' open statistics, no key, nothing stored. The credit-to-GDP gap is the difference between the credit-to-GDP ratio and its long-term trend, and the Basel Committee uses it to set the countercyclical capital buffer: a gap above roughly 10 points has historically preceded credit busts, while a deeply negative gap means an economy is still deleveraging. The latest endpoint returns every covered country's most recent gap together with its actual credit-to-GDP ratio and a risk band; the country endpoint returns one country's gap, the underlying ratio and trend and a risk label; the history endpoint returns the quarterly gap time series. This is the credit-gap / financial-stability macro cut — distinct from the euro-area credit-growth (lending volumes), the bank-rate, money-supply, central-bank policy-rate and FX APIs in the catalogue. It measures the build-up of financial-stability risk, not the level of rates. A country is a BIS reference area (US, GB, DE, JP …) given as an ISO-2 code or a common name; data is quarterly with the usual statistical lag. ## Authentication All requests require your oanor API key in the `x-oanor-key` header. Get one at https://www.oanor.com/developer/keys. ```bash curl -H "x-oanor-key: oanor_live_…" "https://api.oanor.com/creditgap-api/..." ``` ## Pricing - **Free** (Free) — 700 calls/Mo, 2 req/s - **Starter** ($9/Mo) — 17,500 calls/Mo, 6 req/s - **Pro** ($27/Mo) — 88,000 calls/Mo, 16 req/s - **Business** ($64/Mo) — 450,000 calls/Mo, 40 req/s ## Endpoints ### Credit Gap #### `GET /v1/country` — One country's gap, ratio, trend & risk **Parameters:** - `country` (query, required, string) — ISO-2 code or common name Example: `US` **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/creditgap-api/v1/country?country=US" ``` **Response:** ```json { "data": { "note": "credit_to_gdp_gap = ratio minus trend (percentage points), the Basel early-warning indicator. Above ~10 has historically preceded banking crises; below 0 means deleveraging.", "risk": "deep deleveraging", "trend": 152.5, "period": "2025-Q3", "source": "BIS", "country": "US", "credit_to_gdp_gap": -12.1, "credit_to_gdp_ratio": 140.4 }, "meta": { "timestamp": "2026-06-12T10:35:41.252Z", "request_id": "9d19c023-1d30-4737-8986-130674bc50e7" }, "status": "ok", "message": "Country retrieved successfully", "success": true } ``` #### `GET /v1/history` — One country's quarterly gap history **Parameters:** - `country` (query, required, string) — ISO-2 code or common name Example: `US` - `quarters` (query, optional, string) — Number of recent quarters (2-240, default 40) Example: `40` **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/creditgap-api/v1/history?country=US&quarters=40" ``` **Response:** ```json { "data": { "count": 40, "source": "BIS", "country": "US", "history": [ { "gap": -12.7, "period": "2015-Q4" }, { "gap": -11.7, "period": "2016-Q1" }, { "gap": -10.6, "period": "2016-Q2" }, { "gap": -9.5, "period": "2016-Q3" }, { "gap": -9.6, "period": "2016-Q4" }, { "gap": -9, "period": "2017-Q1" }, { "gap": -8.1, "period": "2017-Q2" }, { "gap": -7.8, "period": "2017-Q3" }, { "gap": -6.8, "period": "2017-Q4" }, { "gap": -7.5, "period": "2018-Q1" }, { "gap": -6.6, "period": "2018-Q2" }, { "gap": -6.8, "period": "2018-Q3" }, { "gap": -6.5, "period": "2018-Q4" }, { "gap": -6.3, "period": "2019-Q1" }, { "gap": -5.9, "period": "2019- …(truncated, see openapi.json for full schema) ``` #### `GET /v1/latest` — Every country's latest credit-to-GDP gap **Parameters:** - `sort` (query, optional, string) — Sort order: gap (default), ratio or country Example: `gap` **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/creditgap-api/v1/latest?sort=gap" ``` **Response:** ```json { "data": { "note": "gap = credit-to-GDP ratio minus its long-run trend (percentage points). A gap above ~10 is the Basel banking-crisis warning zone; negative means credit is below trend. Sort by gap (default), ratio or country.", "count": 44, "source": "BIS", "countries": [ { "gap": 7.6, "risk": "building (credit above trend)", "period": "2025-Q3", "country": "SA", "credit_to_gdp_ratio": 77.4 }, { "gap": 5.1, "risk": "building (credit above trend)", "period": "2025-Q3", "country": "JP", "credit_to_gdp_ratio": 172.8 }, { "gap": 3.1, "risk": "building (credit above trend)", "period": "2025-Q3", "country": "AR", "credit_to_gdp_ratio": 26.7 }, { "gap": 1.8, "risk": "neutral (near trend)", "period": "2025-Q3", "country": "IL", "credit_to_gdp_ratio": 114 }, { "gap": -0.1, "risk": "neutral (near trend)", "period": "2025-Q3", "country": "BR", "credit_to_gdp_ratio": 90.6 }, { "gap": -1.3, "risk …(truncated, see openapi.json for full schema) ``` ### Meta #### `GET /v1/meta` — Spec **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/creditgap-api/v1/meta" ``` **Response:** ```json { "data": { "note": "country is an ISO-2 code (US, DE, GB, JP) or a common name. Series cover the private non-financial sector. history quarters is 2-240 (default 40). Quarterly data with the usual statistical lag; briefly cached to protect the shared upstream.", "source": "BIS Data Portal (stats.bis.org/api/v2, WS_CREDIT_GAP, quarterly, live)", "service": "creditgap-api", "countries": 44, "endpoints": { "GET /v1/meta": "This document.", "GET /v1/latest": "Every country's latest credit-to-GDP gap, ratio and risk band, sortable (sort=gap|ratio|country).", "GET /v1/country": "One country's gap, credit-to-GDP ratio, trend and risk (country=US).", "GET /v1/history": "One country's quarterly credit-to-GDP gap series (country=US, quarters=40)." }, "description": "Credit-to-GDP gap — the Basel early-warning indicator for banking crises, from the BIS open statistics (no key, nothing stored). The gap is the credit-to-GDP ratio minus its long-run trend; a gap above ~10 points has historically preceded credit busts. latest returns every country's most recent gap with its credit-to-GDP ratio and a risk band; country returns one country's gap, ratio, trend and risk; history returns the quarterly gap series. The credit-gap / financial-stability macro cut — distinct from the euro-area credit-growth (lending volumes), bank-rate, money-supply and FX APIs.", "upstream_status" …(truncated, see openapi.json for full schema) ``` --- Marketplace page: https://www.oanor.com/api/creditgap-api OpenAPI spec: https://www.oanor.com/api/creditgap-api/openapi.json