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C.9 March 1991 Balance Sheets Flow of Funds Balance Sheets For the U.S. Economy 1945-90 Board of Governors of the Federal Reserve System, Washington, D.C. 20551 Table of Contents Pages Balance sheet tables: 1-6 National Net Worth 7-12 Net Foreign Assets 13-18 Tangible Asset Holdings 19-24 Households 25-30 Farm and Nonfarm Noncorporate Business 31-36 Nonfinancial Corporate Business 37-42 Private Financial Institutions Stock-flow reconciliation tables: 43-48 National Net Worth 49-54 U.S. Net Foreign Assets 55-60 Tangible Asset Holdings 61-66 Households 67-72 Farm and Nonfarm Noncorporate Business 73-78 Nonfinancial Corporate Business 79-84 Private Financial Institutions BALANCE SHEETS FOR THE U.S. ECONOMY ^ 1945 through 1990 The attached tables show data for tangible and financial assets, liabilities, and net worth for the private sectors of the economy (households, business, and private financial institutions). The tables were last published in October 1990. This issue incorporates data for 1990 from the National Income and Product Accounts published y the Bureau of Economic Analysis (BEA) and from the financial assets and liabilities that appear in the Flow of Funds Accounts. There have been revisions in some of the financial data for 1989, but not for earlier years. The tangible assets have not been revised for earlier years. The figures shown on the tables for equipment, residential and nonresidential structures, and inventories are from tabulations published by BEA.1 The BEA calculation is a perpetual inventory procedure that consists of accumulating purchases over a long period o years and deducting depreciation and retirements according to various schedules. It is entirely independent statistically of published business balance sheet measures of fixed assets, even for historica cost data. Reproducible assets are shown at current cost net of straight-line depreciation. The values for land are Federal Reserve estimates based mainly on data from quinquennial Censuses of Governments on real estate assessments. The figures for net worth,calculated as total tangible and financial assets less total liabilities, reflect these current-cost values. For nonfinancial corporations the balance sheet statement also includes data for tangible assets valued at historical cost, the amount actually paid for the items when they were bought, and the net worth amounts that result. The historical-cost estimates for reproducible assets come from the same BEA calculation as the one that produces the current-cost estimates, and they are consistent with each other in definition. Along with the balance sheets is a set of reconciliation tables that relate changes in the net worth totals to the gross investment flows that are published in the quarterly Flow of Funds Accounts. Changes in net worth result from gross investment, less depreciation, and inflows from equity issues. Other factors that affect net worth include revaluations in tangible and financial assets due to price changes and statististical discontinuities, and changes in land values, neither of these items appears in the quarterly Flow of Funds savings and investment statements. "Fixed Reproducible Tangible Wealth in the United States, 1986 89, Survey of Current Business, vol. 70 (August 1990), pp. 99 1 . Subscription information. The Federal Reserve Board charges nominal amounts for subscriptions to all public releases. The annual charge for the Z.7 release, Flow of Funds Summary Statistics, is $5.00; the full Z.l release (flows and annual outstandings) is $15.00. The C.9 release, Balance Sheets for the U.S. Economy, which appears twice a year, usually in April and October, is $5.00 per year. There is no charge for subscriptions sent to academic or governmental addresses. Subscription requests for these releases should be directed to: Publications Services, Stop 138 Board of Governors of the Federal Reserve System 20th and Constitution Avenue NW Washington, D.C. 20551 (202) 452-3245 Two historical volumes of annual data are available: Flow of Funds Accounts, 1946-1969, published in December 1986, and Flow of Funds Accounts, 197Q—1987, published in December 1988, at $5.00 each. The theory and structure of the accounts is explained in Introduction to Flow of Funds, published in June 1980, which costs $1.50. These may also be ordered from Publications Services. Checks for all orders should be made payable to Board of Governors of the Federal Reserve System. Sample copies of the releases mentioned above, or quarterly or annual historical data for specific sectors of the accounts, in reasonable scope, are available in printed form from the Flow of Funds Section on request. Computer tapes and diskettes for the entire quarterly data base for the accounts may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, Virginia 22161. Tape and diskette prices are determined by NTIS. (The telephone number at NTIS is (703) 487-4808.) Requests and inquiries about data and historical tabulations should be addressed to the Flow of Funds Section, Stop 95, at the Federal Reserve street address given above for the Publications Section. The telephone number of the Flow of Funds Section is (202) 452-3482. March 1991 National Net Worth . N a t i o n a l Net Worth C o n s o l i d a t e d N a t i o n a l Net A s s e t s with T a n g i b l e s at Current Cost ^ Year-End O u t s t a n d i n g s 1945 1 2 3 4 5 6 7 463 403 346 •557 135,>966 114 511 49 8 7 0 46 210 116 >846 8 9 10 15 ,844 7 ,227 942 11 7 ,675 Year-End Outstandings 1946 553 287 423 i 181 160 • 323 140,• 749 68, 938 53, 171 130 ,106 648 649 506 >771 190,>528 171 >237 79 ,877 65 ,129 141 ,878 714 8 6 8 564, 304 210, 672 192,>256 85,.122 76 >254 150 ,564 745 438 590, 674 223, 263 203,,761 77, 084 86, 566 154,,764 856 , 988 680,469 249,242 226-903 96-135 108,189 176,519 952-609 758,085 273-009 251-838 108,823 124-415 194-524 18 ,271 7 ,227 1 ,001 24 ,879 8 ,366 972 27 >769 9 ,625 944 28,,843 10, 700 708 32,608 11,788 1-175 33,335 12,979 1,390 10 ,043 15 ,541 17 ,200 17 ,435 19,645 18,966 1000-334 D o m e s t i c net w o r t h (1 )(2) 797,219 R e p r o d u c i b l e assets (3) 288,153 Residential structures 267,074 N o n r e s . plant & e q u i p . 108-003 Inventories 133,989 C o n s u m e r durables 203,115 Land at market value + F o r e i g n assets owned by U.S. 35,786 residents 14,721 U.S. dir. invest, abroad 1,459 F g n . corporate e q u i t i e s Other financial claims 19,606 owned by U.S. r e s i d e n t s - 12 13 14 16 ,321 2 ,507 2 ,700 15 ,111 ,503 2,,690 13 ,665 2 ,603 2 ,480 14 ,268 2 ,787 2 ,305 14 ,655 2 ,941 2 ,490 17-377 3,391 2,925 18,605 3,658 3,450 1 2 3 4 5 6 7 19,782 3-945 3,705 U.S. assets owned by foreigners F g n . dir. invest, in U.S. U.S. corporate equities Other financial claims owned by fgn. r e s i d e n t s 8 9 10 11 12 13 14 15 11 ,114 9 ,918 8 ,582 9 ,176 9 ,224 11,061 11,497 12,132 16 20 ,083 20 ,706 22 ,868 24 ,399 24 ,563 22,820 22-872 2 3 , 2 5 2 + U.S. m o n e t a r y gold & SDRs 16 17 483 ,009 577 , 153 682 ,731 752 ,768 784 ,189 895,039 990,211 1039,590 = Total c o n s o l i d a t e d net assets (4) 17 18 483, 009 577, 153 682,,731 752,,768 784 ,189 8 9 5 ,039 990 ,211 N a t i o n a l net w o r t h , by sector (4): 1039 >590 T o t a l , all sectors (5) 1084,,511 1179,,618 1240 ,133 P r i v a t e net worth, c o n s o l . 570 1050 306 152 20 607 ,629 1107 >915 309,>604 166 >498 24,, 184 15 19 703 ,222 793 >438 885, CO national 946,>625 980,,553 20 21 22 23 24 354 >412 662 ,972 188 >942 110,,266 9 ,352 ,684 391 , 721,-868 217,,850 102 >090 10 ,244 428 782 241 99 11 ,946 >448 ,991 ,837 ,674 457, 008 822, 018 253, 082 98, 621 13, 307 479,,264 854,,563 253 ,832 106 >375 15,,092 524 >762 957 • 733 285 141 130, 319 17,,511 25 26 27 113,469 76,738 132,902 126,925 92-473 154,586 143,020 100-643 183,236 152,282 102,497 202,397 155,910 99,549 212,679 167,565 119,586 235-804 177,160 131,785 259,926 180-655 131,294 275,827 28 29 30 31 25,701 21,119 9,352 4,770 27-770 22-449 10,244 4,923 29,970 23,567 11,674 5,271 32,441 24,693 13,307 5,559 33,151 26,124 15,092 8,065 36-794 28-695 17,511 9,412 40,365 30-255 20,367 10,257 44,728 32-410 24,184 11,866 32 942 1,001 972 944 708 1,175 1,390 1,459 3,450 - F o r e i g n holdings of U.S. 3,705 c o r p o r a t e stock 33 - 2 0 4 • 641 Public sector net assets - 1 0 ,536 State and local g o v e r n m e n t s - 1 9 4 ,533 U.S. government 360 S p o n s o r e d credit agencies Monetary authority 68 34 35 36 37 38 33 2,700 2,690 2,480 2,305 2,490 34 35 36 37 38 -223, 845 -799 -223, 320 232 42 -221,911 -565 -221,637 247 44 - 2 0 7 ,>621 -510 -207,>427 269 47 - 1 9 9 , 114 -656 - 1 9 8 , 783 277 48 -202,916 -890 -202,356 284 46 39 5, 390 7,315 6,,045 6, 618 8,334 2,925 - 1 9 8 • 661 -3,>909 - 1 9 5 ,• 118 311 55 10, 939 ,382 ,260 ,699 812 ,367 - 1 9 4 • 295 -5 ,033 - 1 8 9 • 659 334 63 6,, 948 N o n f a r m n o n c o r p . business Farm b u s i n e s s N o n f i n a n c i a l corps. 25 26 27 P v t . finan, inst. net assets Sector net worth ^Pension fund reserves - C o r p . e q u i t i e s held C 7 H 8 ) 28 29 30 31 + F o r e i g n corporate stock included in lines 23 8 31 6 ,344 U n a l l o c a t e d f i n a n c i a l assets (1) Located w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) Excludes tangible assets of federal and state and local g o v e r n m e n t s . (3) At current cost. (4) Owned by U.S. r e s i d e n t s . (5) Lines 19 + 32 - 33 + 34 + 39. (6) Lines 2 0 + 2 5 + 26 + 27 + 2 8 . (7) Includes h o l d i n g s of foreign shares(8) E x c l u d e s m u t u a l fund s h a r e s . Data are in m i l l i o n s of d o l l a r s . (6) H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7 ) (8) - P e n s i o n fund r e s e r v e s 32 March 1991 N a t i o n a l Net Worth National Net Worth 2 C o n s o l i d a t e d N a t i o n a l Net A s s e t s with T a n g i b l e s at C u r r e n t Cost Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1953 1 Domestic net worth (1)(2) R e p r o d u c i b l e assets (3) 2 3 Residential structures N o n r e s . plant & e q u i p . 4 Inventori es 5 Consumer durables 6 Land at market value 7 • 8 9 10 11 - 1044 833 300 280 109 142 210 F o r e i g n assets owned by U.S. residents U.S. dir. i n v e s t . abroad Fgn. corporate equities Other f i n a n c i a l claims owned by U.S. r e s i d e n t s 15 U.S. assets owned by foreigners Fgn. dir. invest, in U.S. U.S. c o r p o r a t e e q u i t i e s Other financial claims owned by fgn. r e s i d e n t s 16 U.S. m o n e t a r y gold 8 SDRs 12 13 14 = 17 Total c o n s o l i d a t e d net assets (4) 19 P r i v a t e net w o r t h , c o n s o l . (6) 20 21 22 23 24 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7)(8) - P e n s i o n fund r e s e r v e s 25 26 27 Nonfarm noncorp. business Farm b u s i n e s s Nonfinancial corps. 28 29 30 31 Pvt. finan. Inst, net assets Sector net worth •Pension fund reserves - C o r p . e q u i t i e s i^ld ( 7 ) ( 8 ) 32 F o r e i g n c o r p o r a t e stock included in lines 23 8 31 33 F o r e i g n holdings of U.S. corporate stock 34 Public sector net assets State and local g o v e r n m e n t s 35 U.S. government 36 Sponsored credit a g e n c i e s 37 Monetary authority 38 39 Unallocated 1090 864 317 293 106 147 225 1176 933 342 319 113 157 243 ,832 ,685 ,427 ,968 ,975 ,315 ,147 financial assets Data are in m i l l i o n s of d o l l a r s . 1956 1283 1012 361 355 122 171 271 ,638 ,198 ,660 ,916 ,745 ,877 ,440 1957 1351 1058 375 380 126 176 293 ,782 ,638 455 ,667 ,341 ,175 ,144 1958 1408 1091 390 392 126 181 316 ,252 ,827 • 946 ,660 ,259 ,962 ,425 1959 1476 1139 409 409 131 189 336 ,172 ,426 ,688 ,015 ,714 ,009 ,746 1960 1533, 8 7 6 1175 508 4 2 5 962 4 2 0 382 135 ,508 193,,656 358 ,368 1 2 3 4 5 6 7 38 ,021 16 ,253 1 ,329 40 ,283 17 ,631 ,868 43 ,049 19 ,395 2 ,439 49 ,005 2 2 ,505 2 ,625 53 ,608 25 ,394 2 ,233 58 ,383 27 .409 3 ,095 62 ,606 29 ,827 3 ,689 67 514 8 31,,865 9 3 ,984 10 20 ,439 20 ,784 21 ,215 23 ,875 25 ,981 27 ,879 29 ,090 31,,665 11 20 ,811 4 ,251 3 ,650 23 929 4 ,633 5 ,254 25 ,907 5 ,076 6 ,575 28 ,608 5 ,459 6 ,961 28 ,734 5 ,710 6 ,091 32 ,392 6 ,115 8 ,305 36 ,930 6 ,604 9 ,363 38 ,855 12 6 ,910 13 9 ,302 14 12 ,910 14 ,042 14 ,256 16 ,188 16 ,933 17 ,972 20 ,963 22 ,643 15 22 ,091 21 ,793 21,,753 22 ,058 2 2 ,857 20 ,582 19,,507 17,,804 16 1083 ,633 1128 ,829 1215:,727 1326,,093 1399 ,513 1454 ,825 1521 ,355 1580, 339 17 (4) 1083 ,633 1128 ,829 1215 ,727 1326,,093 1399 ,513 1454,,825 1521 ,355 1580,,339 18 1292 ,497 1346 ,924 1431, 500 1542, 106 1618 ,119 1691 ,,495 1764 ,199 1825, 739 19 637 1135 311 158 28 666 1245 317 228 33 708 127 1355,,034 327 954 278,• 455 40,,498 759,,599 1446,,893 345,,574 296,,041 45 679 790 ,220 1459 ,050 358 ,830 258,,668 51 ,332 8 2 8 .701 1623,,433 374 226 360 • 070 60,,436 866 1704 382 386 69 906- 742 1749, 332 387-.431 378. 431 76,,728 196,,037 134, 745 333,, 025 206,,966 141,,838 368,,061 213,,861 148,,606 392,,802 220 ,501 157,.846 408 ,152 ,437 947 704 ,268 ,538 184 ,565 129 ,540 291 018 49 ,937 34 ,340 28 538 12:,941 ,597 • 860 058 ,910 ,295 188 ,096 131 ,561 305 ,851 ,819 ,252 ,295 ,728 59,-566 43, 2 1 2 40, 498 24, 144 65,.642 45,, 909 45, 679 25, 946 1 ,868 2, 439 2,,625 54 39 33 17 1 ,329 3 ,650 72, 630 46, 8 2 8 51 ,.332 25,,530 2,,233 76 • 295 52,,220 60,,436 36 ,361 3,,095 • 710 151 022 ,173 ,246 225 ,008 161 ,500 428 ,586 82 55 69 42 ,395 ,783 ,246 ,634 3 ,689 6, 575 6,,961 6, 091 8,,305 9 ,363 - 2 1 4 ,547 - 1 4 ,026 - 2 0 0 ,964 370 73 - 2 2 3 • 841 -17 855 -206,,437 377 74 -223- 404 - 2 1 ,095 - 2 0 2 , 784 394 81 - 2 2 2 , 066 - 2 4 , 072 -198, 500 410 96 - 2 2 5 ,,218 - 2 8 , 734 - 1 9 7 , 042 444 114 -241, 840 -34, 242 - 2 0 8 ,.190 473 119 -249,,060 -38,,410 -211, 271 496 125 8 ,004 9 ,132 11, 767 10, 389 10,,470 10, 380 11,,890 5 ,254 (1) L o c a t e d w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal and state and local g o v e r n m e n t s . (3) At current erst. (4) Owned by U.S. r e s i d e n t s . (5) L i n e s 1 9 + 3 2 - 3 3 + 3 4 + 39. (6) L i n e s 20 + 2S + 2 6 + 2 7 + 28. C7) Includes h o l o i n g s of foreign s h a r e s . (8) E x c l u d e s m u t u a l fund s h a r e s . ,682 ,745 ,852 ,079 ,734 ,080 ,937 1955 national N a t i o n a l net worth- by sector 18 Total, all sectors (5) + ,332 ,530 • 579 • 890 ,088 ,973 ,802 1954 20 21 22 23 24 229 ,810 25 162 .441 26 436,,957 27 89, 789 59, 300 76, 728 46, 239 28 29 30 31 3, 984 32 9, 302 33 - 2 5 0 , 649 - 4 1 , 724 - 2 0 9 , 573 517 131 34 35 36 37 38 10, 567 39 March 1991 National Net Worth N a t i o n a l Net Worth C o n s o l i d a t e d N a t i o n a l Net A s s e t s with T a n g i b l e s at Current Cost g Year-End O u t s t a n d i n g s 1961 Year-End Outstandings 1962 1963 1964 1 2 3 4 5 6 7 1585 ,530 1207 779 441 ,560 432 ,260 137 ,164 196 ,795 377 ,751 8 9 10 74 ,517 34 ,717 4 ,902 78 ,836 37 ,276 4 ,714 8 5 ,556 40 .736 5 ,145 96 ,791 44 ,480 5 ,270 11 34 ,898 36 ,846 39 ,675 47 ,041 1647 1254 459 449 143 202 392 ,147 ,747 ,106 ,563 ,761 ,317 ,400 1711 1302 471 468 149 212 408 ,224 ,401 ,540 ,552 ,508 ,801 ,823 1806 1376 502 494 155 223 430 • 433 ,073 ,050 ,943 ,367 ,713 ,360 1965 1920 1466 526 535 169 236 453 ,660 ,972 ,165 ,711 ,035 ,061 ,688 1966 2096 1602 567 590 185 258 494 1967 ,101 ,086 ,478 ,951 ,170 ,487 ,015 2 2 2 8 ,827 1717 ,644 596 ,380 640 ,677 197 ,377 283 ,210 511 ,183 103 ,882 49 ,283 5 ,048 110 ,319 51 ,007 4 ,324 121 ,158 55 ,329 5 ,238 49 ,551 54 ,988 60 ,591 1968 2438 1903 667 709 211 314 535 ,517 D o m e s t i c net worth ( 1 ) ( 2 ) ,027 R e p r o d u c i b l e assets (3) ,831 Residential structures ,247 N o n r e s . plant & e q u i p . ,732 Inventories ,217 C o n s u m e r durables ,490 Land at market value • F o r e i g n assets owned by U.S. 132 ,420 residents 58 ,547 U.S. dir. invest, abroad 6 ,452 F g n . corporate e q u i t i e s Other financial claims 67 ,421 owned by U.S. r e s i d e n t s 15 U.S. m o n e t a r y gold 8 S D R s 16 = Total c o n s o l i d a t e d net assets (4) 17 44 ,043 7 ,612 10 ,336 49 ,625 7 ,944 12 ,485 55 ,125 8 ,363 13 ,835 5 7 ,313 8 ,797 14 ,599 58 ,690 9 ,054 12 ,643 77 ,761 9 ,923 25 ,511 8 7 ,740 10 ,815 29 ,517 15 24 ,276 26 ,095 29 ,196 32 ,927 33 ,917 36 ,993 42 ,327 47 ,408 16 16 ,947 16 ,057 15 ,596 15 ,471 14 ,065 13 ,235 12 ,065 10 ,892 17 1633 ,518 1697 ,997 1762 ,751 1863 ,570 1981 ,294 2 1 6 0 ,965 2 2 8 4 ,289 2 4 9 4 ,089 18 1633 ,518 1697 ,997 1762 ,751 1863 ,570 1981,,294 2160,,965 2 2 8 4 ,289 N a t i o n a l net w o r t h , by sector (4): 2 4 9 4 ,089 T o t a l , all sectors (5) 19 1888 ,597 1961 ,079 2 0 2 8 ,672 2 1 3 5 ,599 2255,,333 2437,,435 2590,,870 2 8 1 0 ,294 P r i v a t e 20 21 942 1906 397 477 88 ,679 ,434 ,178 ,928 ,649 978,,351 1896, 8 5 0 408,,677 416,.183 93,,639 1017 ,160 2031 , ,571 419,,676 4 8 8 .694 106,,041 1077,,674 2168,,983 434,,798 535,,690 120,,821 1140, 715 2333, 456 456, 4 7 8 600, 493 135, 770 1241, 299 2410, 213 483, 8 4 4 540, 920 144, 150 1340, 549 2682, 274 500, 386 676, 319 165, 020 1477 ,816 3000 . 144 529,,963 806,,938 185, 427 25 26 27 235 ,101 167,•371 449,,934 241 ,974 172, 483 463,,479 247,,720 178, 255 477,,482 257, 237 184, 354 500, 389 266, 495 197, 608 529, 950 286, 779 205, 2 2 4 569, 589 293, 973 215, 274 606, 673 28 29 30 31 93- 5 1 2 66, 248 88, 649 61, 385 104, 792 69, 048 93, 639 57, 8 9 5 108, 055 72,,642 106, 041 70, 628 115, 945 78, 569 120, 821 83, 445 120, 565 83, 451 135, 770 98, 656 134, 544 84, 655 144, 150 94, 261 32 4, 902 4, 714 5, 145 5, 2 7 0 5, 048 4, 324 12 13 14 national net w o r t h , c o n s o l . 18 (6) 19 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . equities held (7)(8) - P e n s i o n fund r e s e r v e s 20 21 22 23 24 313, 455 226, 190 652, 784 Nonfarm noncorp. business Farm b u s i n e s s Nonfinancial corps. 25 26 27 134, 401 91, 489 165, 020 122, 108 140, 049 99, 519 185, 4 2 7 144- 8 9 7 P v t . finan. inst. net assets Sector net worth •Pension fund reserves - C o r p . equities held (7)(8) 28 29 30 31 5, 238 6, 4 5 2 F o r e i g n corporate stock included in lines 23 8 31 32 • 33 11, 8 0 8 10, 336 12, 485 13, 8 3 5 14, 599 12, 643 25, 511 34 35 36 37 38 - 2 6 0 , 101 - 4 5 , 517 - 2 1 5 , 279 559 136 - 2 6 7 , 740 - 4 8 , 273 - 2 2 0 , 214 611 136 - 2 7 1 , 913 - 5 0 ,838 -221,882 670 137 - 2 7 8 , 646 - 5 3 , 698 - 2 2 5 , 801 716 137 -281, 557 - 5 6 , 151 - 2 2 6 , 314 768 140 - 2 8 7 , 799 - 5 9 , 987 - 2 2 8 , 777 817 148 - 3 0 6 , 187 - 6 4 , 909 - 2 4 2 , 304 871 155 39 11, 928 10, 280 13, 332 15, 182 17, 069 19, 648 19, 8 7 9 29, 5 1 7 F o r e i g n h o l d i n g s of U.S. corporate stock - 3 1 9 , 604 Public sector net assets - 6 8 , 942 State and local g o v e r n m e n t s - 2 5 1 , 728 U.S. government 900 Sponsored credit agencies 166 Monetary authority 26, 464 Unallocated financial assets CI) Located w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal and state and local g o v e r n m e n t s . C3) At current c o s t . (4) Owned by U.S. r e s i d e n t s . (5) L i n e s 1 9 + 3 2 - 3 3 + 3 4 + 39. (6) L i n e s 2 0 + 2 5 + 2 6 + 2 7 + 28. (7) Includes h o l d i n g s of foreign s h a r e s . (8) E x c l u d e s m u t u a l fund s h a r e s . 11 + 43 ,476 7 ,392 11 ,808 Data are in m i l l i o n s of d o l l a r s . 8 9 10 U.S. assets owned by foreigners F g n . dir. invest, in U.S. U.S. c o r p o r a t e e q u i t i e s Other f i n a n c i a l claims owned by fgn. r e s i d e n t s 12 13 14 23 24 1 2 3 4 5 6 7 33 34 35 36 37 38 39 March 1991 N a t i o n a l Net Worth National Net Worth 4 C o n s o l i d a t e d National Net A s s e t s with T a n g i b l e s at Current Cost Year-End Outstandings Year-End O u t s t a n d i n g s 1969 1 Domestic net worth C1) (2 ) R e p r o d u c i b l e assets (3) 2 3 Residential structures 4 N o n r e s . plant 8 equip. 5 Inventories 6 Consumer durables 7 Land at market value + 8 9 10 11 - Foreign assets owned by U.S. residents U.S. dir. i n v e s t . abroad Fgn. corporate equities Other f i n a n c i a l claims owned by U.S. r e s i d e n t s ,588 ,814 ,905 ,783 ,396 ,730 ,774 2828 2250 772 865 240 372 578 728 ,089 ,214 ,131 ,310 • 434 ,639 1971 3079 2462 860 950 257 393 617 ,755 ,515 ,459 ,521 • 804 ,731 ,240 1972 3396 2707 964 1033 285 424 688 ,240 ,998 ,656 ,065 ,593 ,684 ,242 3907 3090 1109 1157 352 470 817 ,803 ,676 ,890 ,661 ,625 ,500 ,127 1974 4580 3652 1262 1422 423 544 928 ,678 ,281 • 175 ,612 ,315 ,179 ,397 1975 4982 3959 1363 1570 428 595 1023 ,303 ,006 ,500 ,979 ,828 ,699 ,297 1976 5558 4358 1532 1709 463 652 1199 ,191 ,239 ,333 ,871 ,282 ,753 ,952 1 2 3 4 5 6 7 141 ,475 63 ,704 6 ,953 147 ,041 70 ,269 6 ,573 159 ,171 76 ,388 7 ,641 173 ,666 81 ,503 10 ,537 190 ,262 91 ,715 10 ,026 2 1 5 ,596 100 ,364 9 ,011 244 ,084 114 • 140 9 ,585 8 283 ,919 9 126 ,583 9 ,453 10 70 ,818 70 ,199 75 ,142 81 ,626 8 8 ,521 106 ,221 120 ,359 147 ,883 11 94 ,084 11 ,818 26 ,761 98 ,968 13 ,270 27 ,209 127 ,372 13 ,914 30 ,811 151 ,585 14 8 6 8 39 ,059 157 ,966 20 .556 33 ,516 172 ,778 25 ,144 24 ,221 183 ,820 2 7 ,662 35 ,313 211 ,913 12 30 ,770 13 42 ,949 14 55 ,505 58 ,489 8 2 ,647 97 ,658 103 ,894 123 ,413 120 ,845 138 ,194 15 + U.S. m o n e t a r y 11 ,859 11 ,923 11 ,400 12 ,445 13 ,818 14 ,026 13 ,934 13 ,993 16 = Total c o n s o l i d a t e d net assets (4 ) 2711 ,838 2888 ,724 3122,,954 3430 ,766 3953 ,917 4 6 3 7 ,522 5056,,501 5644 ,190 17 2711,,838 2888 ,724 3122, 954 3430 ,766 3953 917 4 6 3 7 ,522 5056,.501 5644 ,190 18 3022,,367 3219 ,261 3486, 687 3817 ,485 4337,,527 5 0 5 3 ,232 5559, 989 6210, 793 19 1589,.463 3037, 233 554 ,• 036 699, 111 194, 623 1699,, 146 3168 ,307 573,,218 682, 652 213 291 1852, 502 3494, 515 616, 529 777, 960 247, 524 2019 ,085 3859 • 952 680,,933 861 ,,986 297,,948 2242,,214 4025, 356 817, 098 663,• 561 302,.483 2 5 2 8 ,711 4 2 0 4 • 078 908,,414 459 ,864 307,,089 2759, 360 4751 ,365 991 ,231 598, 611 402,.163 3077,• 187 5371 ,427 1120, 322 712,,879 461 ,,039 462,.206 371 ,930 1019, 035 516,,241 411 379 1303, 891 552,.671 461, 531 1450,• 766 616, 224 25 532, 8 3 5 26 1601 ,.901 27 293, 010 143 5 4 7 307, 089 157, 626 335 =661 149, 059 402, 163 215, 561 15 17 gold 8 S D R s national N a t i o n a l net w o r t h , by sector 18 Total, all sectors (5) 19 P r i v a t e net w o r t h , c o n s o l . (4) (6) 20 21 22 23 24 Household net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7 ) (8 ) - P e n s i o n fund reserves 25 26 27 Nonfarm noncorp. business Farm business Nonfi nanci al corps . 329, 910 234, 529 712, 919 343, 463 240, 644 767, 009 369, 108 259, 344 836, 8 1 2 400,,412 294, 290 911, 5 1 2 28 29 30 31 Pvt. f i n a n . inst. net assets Sector net worth •Pension fund reserves - C o r p . e q u i t i e s held (7 ) (8 ) 155, 546 101 ,404 194, 623 140, 481 168, 999 105,• 220 213, 291 149, 512 168, 921 116, 367 247, 524 194, 970 192, 186 131 ,330 297, 948 237, 092 7, 641 10, 5 3 7 + Foreign c o r p o r a t e stock included in lines 23 8 31 - Foreign h o l d i n g s of U.S. c o r p o r a t e stock 32 33 1973 U.S. assets owned by foreigners F g n . dir. invest. in U.S. U.S. c o r p o r a t e e q u i t i e s Other financial claims owned by fgn. r e s i d e n t s 12 13 14 16 2652 2092 731 784 232 343 559 1970 34 Public sector net assets 35 State and local g o v e r n m e n t s 36 U.S. government 37 Sponsored credit agencies 38 Monetary authority 39 Unallocated financial assets 6, 953 6, 573 10, 026 9,• 011 9, 585 26, 761 27, 209 30, 811 39, 059 33, 516 24, 221 35, 313 - 3 2 0 . 663 - 7 6 , 250 - 2 4 5 , 542 950 179 - 3 4 1 , 316 - 8 5 , 173 - 2 5 7 , 352 1, 010 199 - 3 7 3 , 065 - 9 3 , 851 -280, 587 1, 133 240 - 3 8 9 , 058 - 9 2 , 036 -298, 597 1 ,307 268 - 3 9 0 , 628 — 8 6 , 881 - 3 0 5 - 715 1, 654 314 - 4 0 4 , 911 - 8 9 , 923 -317,846 2, 4 6 2 396 - 4 8 6 , 480 - 9 5 , 250 - 3 9 4 , 530 2, 8 4 7 453 29, 942 31, 415 32, 502 30, 861 30, 508 4, 411 8, 720 (1) Located w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal and state and local g o v e r n m e n t s . (3) At current cost. (4) Owned by U.S. r e s i d e n t s , (5) L i n e s 19 * 32 - 33 • 34 + 39. (6) Lines 2 0 + 2 5 + 2 6 + 2 7 + 2 8 . (7) Includes holdings of foreign s h a r e s . (8) E x c l u d e s m u t u a l fund s h a r e s . Data are in m i l l i o n s of d o l l a r s . 242,• 142 144, 008 302, 483 204, 349 382, 646 171. 232 461 ,039 249, 625 20 21 22 23 24 28 29 30 31 9, 453 32 42, 949 33 - 5 4 6 , 922 - 9 5 , 682 - 4 5 4 , 988 3, 230 518 34 35 36 37 38 13, 8 1 5 39 March 1991 National Net Worth C o n s o l i d a t e d N a t i o n a l Net A s s e t s with T a n g i b l e s at Current Cost ^ Year-End Outstandings Year-End O u t s t a n d i n g s 1977 1 2 3 4 5 6 7 6319, 728 4912, 132 1785 • 154 18*5. 798 505 , 683 725 4 9 7 1407 ,596 1978 7404 5703 2095 2199 588 820 1701 ,909 .492 .090 ,699 ,241 ,462 ,417 1979 8497 6466 2407 2459 674 925 2030 .439 637 ,398 108 ,837 ,294 ,802 1980 9578, 943 7243 113 2676,• 405 2807..427 739, 312 1019,,969 2335,,830 1981 10604• 750 7989, 046 2928 1454 3175, 130 788, 988 1096, 474 2615, 704 1982 10824 8155 2893 3548 771 1141 2669 .436 .359 .937 ,274 ,459 , ,689 ,077 1983 11415 8 1 3 8557, 227 3112 749 3450 -406 787 • 190 1206 ,882 2858 ,586 8 9 10 305 .473 135 ,382 10 ,110 371 ,780 151 ,761 11 ,236 428 ,439 178 ,240 14 ,834 492,,367 208 .467 19,,166 538,,318 224, 8 2 6 17,,360 554 ,281 213 ,347 18 ,568 575 ,132 215 ,934 25 ,864 11 159 ,981 208 ,783 235,,365 264,,734 296,,132 322 ,366 333 ,334 1984 12013 9082 3308 3630 858 1285 2951 ,857 Domestic net worth (1) (2 ) R e p r o d u c i b l e assets (3) • 676 Residential structures ,357 N o n r e s . plant & e q u i p . • 176 Inventories ,166 C o n s u m e r durables ,977 Land at market value , 181 + F o r e i g n assets owned by U.S. residents 569 ,952 U.S. dir. invest, abroad 221 ,941 F g n . corporate e q u i t i e s 27 ,017 Other financial claims owned by U.S. residents 320 ,994 - 12 13 14 2 4 7 ,877 34 ,595 39 ,779 310,, 186 42 ,471 42 ,097 346 298 54 4 6 2 48,,318 401 ,,034 8 3 • 046 63,• 444 413,,363 108, 714 63,,266 432 ,295 124 ,677 75 , 154 499 ,607 137,,059 95,,232 589 762 164 .581 94 ,931 15 173 ,503 225,,618 243, 518 254 544 241, 383 232 464 267 .316 330 ,250 16 14 ,348 13 ,229 13 ,896 13,,770 15 246 16,,398 16 . 146 16 ,737 U.S. assets owned by foreigners F g n . dir. invest. in U.S. U.S. c o r p o r a t e equities Other financial claims owned by fgn. r e s i d e n t s 16 17 national 9684 ,04 6 10744 .951 10962 ,820 11507 ,484 12010 ,784 18 6391 ,672 7479 ,732 8 5 9 3 ,476 9684,,046 10744, 951 10962,,820 11507 ,484 N a t i o n a l net w o r t h , by sector (4): 12010 ,784 Total, all sectors (5) 19 7004 ,384 8 1 3 4 ,364 9301 ,037 10475,,481 11626,,148 12004,,296 12777,,473 13505 ,260 P r i v a t e net w o r t h , c o n s o l . 20 21 22 23 24 3475,,252 5927, 291 1276,• 117 ,470 668 , 507,,452 3974 245 6762,,379 1522, 524 663 ,873 601 ,,737 4 4 7 5 ,974 7772 055 1784 ,529 8 1 2 , 156 699,,396 4946 • 840 8 9 3 6 • 149 2037,,217 1112,-450 8 3 9 ,642 5461 ,,482 9685 760 2261 ,. 186 1052,,356 910, 736 5654 10142 2232 1174 1081 6183 11089 2301 1324 1280 6673 11669 2272 1322 1402 25 26 27 726, 682 582,• 611 1768 .486 875, 600 687,• 199 2059 ,056 1038 ,275 794,,000 2365,,502 1216, 648 8 7 3 950 2708,,821 1454,,397 858,,930 3037, 291 28 29 30 31 451,,353 185 662 507, 4 5 2 241 ,• 761 ,264 ,093 ,737 ,566 627,,286 246,,950 699,,396 319,,060 729,,222 285,,952 8 3 9 642 396,,372 8 1 4 ,048 292,,350 910,,736 3T9, 038 32 10, 110 11 ,236 14,,834 19,,166 17,,360 33 34 35 36 37 38 39 39,,779 -589 -81 -511 3 ,401 ,979 ,684 ,677 585 6 ,358 538 213 601 276 48,,318 42 ,097 ,795 ,652 ,395 ,571 681 - 6 4 4 ,,487 -69, 703 - 5 8 0 ,,902 5 .405 713 1 ,024 -29,,590 -624 -76 -553 4 63,,444 - 6 9 8 ,630 -71,• 999 - 6 3 3 ,,626 6,,179 816 - 4 8 ,527 ,062 ,891 ,334 463 ,032 1589 ,108 722 ,324 3335 ,652 839 ,773 ,287 , ,221 1006 ,093 328 ,332 1280,,082 602,,321 1185 386 1402 603 18, 568 25,,864 915 305 1081 471 63,,266 75, 154 95, 232 - 7 8 4 , 286 - 8 1 ,265 - 7 1 1 ,038 7, 095 922 -937,,241 -86, 020 -860, 593 8,,376 996 - 1 1 2 2 ,,363 -82,.059 - 1 0 5 0 ,,125 8,,773 1,,048 -51,,005 - 4 7 ,649 -78,,258 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . equities held ( 7 X 8 ) - P e n s i o n fund reserves 20 21 22 23 24 Nonfarm noncorp. business Farm business N o n f i n a n c i a l corps. 25 26 27 + F o r e i g n corporate stock included in lines 23 8 31 32 - F o r e i g n h o l d i n g s of U.S. c o r p o r a t e stock 33 27 ,017 - 1 2 9 8 ,828 P u b l i c sector net assets State and local g o v e r n m e n t s - 7 4 ,750 U.S. government - 1 2 3 4 ,653 S p o n s o r e d credit agencies 9 ,436 Monetary authority 1 ,139 - 1 2 7 ,734 U n a l l o c a t e d f i n a n c i a l assets (1J Located within U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal and state and local g o v e r n m e n t s . (3) At current cost. (4) Owned by U.S. r e s i d e n t s . (5) Lines 1 9 + 3 2 - 3 3 + 3 4 + 39. (6) L i n e s 2 0 + 2 5 + 2 6 + 2 7 + 28. (7) Includes holdings of foreign s h a r e s . (8) E x c l u d e s m u t u a l fund s h a r e s . Data are in m i l l i o n s of d o l l a r s . 18 (6) 19 P v t . finan. inst. net assets 28 Sector net worth 29 •Pension fund reserves 30 - C o r p . e q u i t i e s held (7 ) (8 ) 31 ,114 ,919 ,032 ,837 94 ,931 15 Total c o n s o l i d a t e d net assets (4) 8 5 9 3 ,476 1532 ,083 8 1 7 ,463 3238 ,507 12 13 14 = 7479 ,732 1469 ,118 811 ,712 3153 ,560 11 U.S. m o n e t a r y gold S SDRs 6391 ,672 ,327 ,055 ,629 ,017 ,082 8 9 10 • 17 067 ,499 ,783 ,362 ,287 1 3 4 5 6 7 34 35 36 37 38 39 March 1991 N a t i o n a l Net Worth N a t i o n a l Net Worth Consolidated N a t i o n a l Net Assets with Tangibles at Current Cost Year-End O u t s t a n d i n g s Year-End Outstandings 1987 1988 12529,545 9515,842 3482,951 3771,680 863,542 1397,669 3013,703 13253,048 10024,157 3686,952 3949,846 853,268 1534,091 3228,891 14241,283 10782,206 4050,130 4149,450 918,887 1663,739 3459,077 15054,407 11414,239 4234,832 4377,287 996,497 1805,623 3640,168 16017,250 12163,669 4546,042 4633,006 1050,812 1933,809 3853,581 16241,637 12501,260 4603,871 4810,996 1062,741 2023,652 3740,377 586,918 237,671 39,292 650,699 262,353 50,013 695,109 313,012 54,670 746,279 329,478 62,733 852,497 363,304 95,840 940,978 408,913 90,492 9 10 724,562 184,613 124,453 944,436 220,412 167,815 1097,153 271,788 17< 518 1296,021 328,851 199,848 1522,591 400,817 257,449 1635,453 434,221 218,366 12 13 14 415,496 556,209 651 ,847 767,322 864,325 982,866 15 18,383 19,459 21,361 21,040 21,010 22,047 16 12410,284 12978,770 13860,600 14525,705 15368,166 15569,209 (4): 12410,,284 12978,,770 13860,,600 14525 ,705 15368,,166 15569,,209 net worth, consol. (6) 14111,,254 14966,,893 16063,,010 17015,,003 18104,,516 18573,,055 20 21 22 23 24 H o u s e h o l d net assets S e c t o r net worth - E q u i t y in noncorp. bus. - C o r p . equities held (7) (8) - P e n s i o n fund reserves 7146,,214 12726,,546 2245,,791 1681 ,,480 1653,,061 7790,,286 13796,,422 2298 ,363 1845 ,548 1862,,225 8516,,620 14636,,945 2414,,953 1691 ,,928 2013,,444 9133,,206 15715,,603 2492,,752 1815,,259 2274,,386 9899,,251 17291,,118 2633 ,542 2139,,205 2619,,120 10019,,642 17206,,080 2634,, 145 1857,,745 2694 ,548 20 21 22 23 24 25 26 27 N o n f a r m n o n c o r p . business Farm b u s i n e s s N o n f i n a n c i a l corps. 1633 ,090 645 ,525 3385 ,703 1707,,711 620 • 014 3446 ,551 1811 ,797 638 ,487 3583,,685 1840 ,294 688 ,260 3683 ,724 1949 ,235 720,,410 3778 ,433 1918,,964 758,,216 3870,,786 25 26 27 28 29 30 31 P v t . finan. inst. net assets S e c t o r net worth •Pension fund reserves - C o r p . equities held (7)(8) 1300 ,722 425,,437 1653,,061 777,,776 1402 ,331 473,,856 1862,,225 933,,750 1512,,421 497,,411 2013,,444 998,,434 1669 521 2274 1126 ,519 ,586 ,386 ,453 1757,,187 565,,222 2619,,120 1427,,155 2005,,447 650,,671 2694,,548 1339,,772 29 30 31 39,,292 50,,013 54,,670 62 ,733 95,,840 90,,492 + F o r e i g n assets owned by U.S. residents U.S. dir. invest. abroad F g n . c o r p o r a t e equities Other financial claims 11 owned by U.S. residents 8 9 10 12 13 14 15 U.S. assets owned by foreigners Fgn. dir. invest, in U.S. U.S. corporate equities Other financial claims owned by fgn. residents 16 + U.S. m o n e t a r y gold 8 SDRs = Total consolidated 17 net assets (4) national N a t i o n a l net worth, by sector 18 T o t a l , all sectors (5) 19 P r i v a t e 32 • F o r e i g n corporate stock included in lines 23 8 31 33 - F o r e i g n holdings of U.S. c o r p o r a t e stock 34 Public sector net assets State and local governments 35 U.S. government 36 S p o n s o r e d credit agencies 37 M o n e t a r y authority 38 39 U n a l l o c a t e d financial assets 124,,453 167 ,815 174,,518 - 1 4 9 7 ,671 ,394 -1445:,989 7 ,577 1,135 - 1 7 2 7 ,102 - 5 2 ,430 — 1683,,058 7 ,165 1,,221 -1911,,533 -60,,206 -1860,,076 ,456 1,,293 - 1 1 8 ,138 - 1 4 3 ,219 -171 ,029 (1) L o c a t e d w i t h i n U.S. geographical boundaries. (2) E x c l u d e s tangible assets of federal and state and local g o v e r n m e n t s . (3) At current cost. (4) Owned by U.S. r e s i d e n t s . (5) L i n e s 1 9 + 3 2 - 3 3 + 3 4 + 39. (6) L i n e s 2 0 + 2 5 + 2 6 + 2 7 + 2 8 . (7) Includes holdings of foreign shares. (8) E x c l u d e s mutual fund shares. Data are in m i l l i o n s of dollars. 7 199 ,848 257,,449 218,,366 ,886 ,797 ,229 ,701 1 ,439 -2323,,473 - 9 9 ,932 -2234,,655 9 ,546 1 ,568 -2616,,525 -137,,780 -2489,,131 8,,776 1,,610 -2124 -78 -2056 8 - 2 2 7 ,297 -251 00 1 D o m e s t i c net worth C1)(2) 2 R e p r o d u c i b l e assets (3) 3 R e s i d e n t i a l structures 4 N o n r e s . plant 8 equip. Inventories 5 6 C o n s u m e r durables Land at market value 7 -259,,447 8 34 35 36 37 38 March 1991 Net Foreign Assets Net Foreign Assets 7 U.S. and Foreign A s s e t s O u t s t a n d i n g Year-End O u t s t a n d i n g s 1945 Year-End O u t s t a n d i n g s 1946 1947 1948 1949 1950 1951 1952 U.S. Net F o r e i g n A s s e t s 1 -477 3,160 13,501 14,188 15,231 14,730 16*004 U.S. net 2 15844 18,271 27,769 28,843 32,608 33,335 35,786 foreign assets Foreign assets owned U.S. r e s i d e n t s 1 by 2 U.S. official fgn. exchange & net IMF position U.S. private deposits 3 4 F o r e i g n corporate equities Credit market instruments C o r p o r a t e bonds 5 6 7 3 4 33 -248 68 937 51 1,293 10 1,462 10 1,446 57 1,426 91 1,462 75 5 6 7 942 5,032 2,913 1,001 7,995 2,821 972 12,289 2,800 944 13,712 2,880 708 13,919 2,871 1,175 14,038 3,122 1,390 14-679 3,399 1,459 15,140 3,426 8 9 10 11 489 36 147 306 822 49 490 283 992 100 385 507 1,232 92 587 553 946 80 328 538 664 160 302 202 817 326 355 136 855 279 279 297 12 13 14 20 1,610 36 4,316 74 8,423 69 9,531 58 10,044 119 10,133 177 10-286 157 10,702 15 16 36 363 32 324 27 406 24 428 26 423 32 413 35 455 36 482 17 18 19 20 21 9,438 635 402 7,227 1,174 9,099 635 212 7,227 1,025 10,197 635 324 8,366 872 11,358 635 227 9,625 871 12,295 635 287 10,700 673 15,447 635 322 11,788 2,702 15,259 635 336 12,979 1,309 17,132 635 337 14,721 1,439 19,782 U . S . a s s e t s owned by f o r e i g n e r s 22 22 16,321 15,111 14,268 14,655 17,377 18,605 23 24 25 2,677 1,578 422 2,280 1,582 241 1,718 1,564 334 2,199 1,585 513 1,988 1,727 848 2,035 1,954 1,073 1,700 1,666 1,676 1,950 1,807 1,758 26 27 28 29 30 31 32 33 34 — 2,700 3,119 2,574 2,574 — 2,690 2,387 2,100 2,100 2,480 3,044 2,700 2,700 2,305 3,145 2,800 2,800 2,490 3,371 2-900 2,900 2,925 4,819 4,300 4,300 3,450 4,894 4,278 4,278 3,705 5,136 4,468 4,468 503 42 229 280 232 317 317 323 359 58 64 113 144 202 293 35 36 104 409 109 405 92 399 70 365 73 321 87 352 37 38 39 5,312 2,507 2,805 5,417 2,503 2,914 4,034 2,603 1,431 4,086 2,787 1,299 3-837 2,941 896 4,132 3,391 741 Bank To To To loans n.e.c. foreign official foreign banks other foreign C o m m e r c i a l paper 12 A c c e p t a n c e liabs. to banks 13 U.S. government loans 14 S e c u r i t y debt Trade debt 15 16 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD- etc. U.S. government deposits U.S. dir. inv. abroad (1) Other 17 18 19 20 21 U.S. checkable dep. U.S. time deposits Net interbank claims 23 24 25 309 S e c u r i t y RPs U.S. c o r p o r a t e equities Credit market instruments U.S. government s e c u r i t i e s O f f i c i a l holdings P r i v a t e holdings U.S. corporate bonds (1) L o a n s to U.S.nonbank borr. Open market paper 26 27 28 29 30 31 32 33 34 84 376 82 417 S e c u r i t y credit Trade credit 35 36 4-759 3-658 1,101 4,927 3,945 982 M i s c e l l a n e o u s fgn. assets Direct investment in U.S. Other 37 38 39 (1) C o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U.S. direct investment abroad is before s u b t r a c t i n g net inflows of capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s . Data are in m i l l i o n s of d o l l a r s . 8 9 10 11 March 1991 Net F o r e i g n A s s e t s Net Foreign Assets U.S. and F o r e i g n A s s e t s O u t s t a n d i n g g Year-End Outstandings Year-End O u t s t a n d i n g s 1953 1954 1955 1956 1957 1958 1959 1960 U.S. Net F o r e i g n A s s e t s 1 U.S. net 2 foreign assets F o r e i g n assets owned U.S. r e s i d e n t s 16 ,354 17 ,142 20 ,397 24 ,874 2 5 ,991 25 ,676 28 ,659 1 38 ,021 40 ,283 43 ,049 49 ,005 53 ,608 58 383 62 ,606 67 ,514 2 1 ,367 114 1 ,185 158 1 ,044 129 1 ,608 138 1 ,975 131 1 ,958 149 1 ,997 132 1 ,555 148 3 4 1 ,329 16 ,268 3 ,314 1 ,868 16 ,554 3 ,264 2 ,439 16 ,579 3 ,071 2 ,625 17 ,446 3 ,381 2 ,233 18 ,763 3 ,816 3 ,095 20 ,765 4 ,734 3 ,689 21 ,43b 5 ,207 3 ,984 23 ,215 5 ,784 5 6 7 727 223 266 238 1 ,196 422 449 325 1 ,413 427 458 528 1 ,789 500 579 710 2 ,106 678 569 859 2 ,647 892 656 1 ,099 2 ,861 888 722 1 ,251 3 ,010 8 861 9 765 10 1 ,384 11 197 12 ,030 271 11 ,823 310 11 ,785 477 11 ,799 688 12 ,153 612 12 ,772 558 12 ,810 12 1 ,193 13 13 ,228 14 36 463 66 532 66 586 60 728 60 816 77 794 87 877 84 15 1 ,641 16 18 ,444 635 305 16 ,253 1,,251 19 ,920 635 412 17 ,631 1 ,242 2 2 ,206 635 723 19 ,395 1 ,453 26 ,400 670 1 ,266 22 ,505 11,959 29 ,630 670 1 ,845 25 ,394 1 ,721 31 , ,545 670 2 ,139 27 ,409 1 ,327 34 ,388 670 ,382 2, 29 i,827 1,,509 36 ,887 824 2,,910 31,,865 1,,288 201,811 23 ,929 25 .907 28,,608 28 ,734 32,,392 36, 930 38 ,855 22 1 498 2 ,408 1.,682 1 ,708 • 2 ,900 1 ,729 : 1 , 532 2i ,799 1,,846 1,.753 2, 657 2, 196 2,,102 ,533 2 ! 1 ,959 : 2 .006 3,.414 2,,111 2,,140 2 575 2,,132 2 ,122 23 2 ,859 24 ,960 25 3,.650 5 810 5, 035 5, 035 5 !254 6, 4 3 0 5 466 5, 466 6 575 6, 676 5 i8 0 3 5, 8 0 3 6: 961 7, 261 6, 089 6 =089 8, 305 7 =523 6, 035 4 •429 1 606 (,45 9,,363 11, 706 10, 360 7, 954 2,.406 589 by 3 4 U.S. official fgn. exchange 8 net IMF position U.S. private d e p o s i t s 5 6 7 F o r e i g n corporate e q u i t i e s Credit market i n s t r u m e n t s C o r p o r a t e bonds 8 9 10 11 Bank To To To loans n . e . c . foreign official foreign banks other foreign 12 13 14 C o m m e r c i a l paper A c c e p t a n c e liabs. to banks U.S. government loans 15 16 S e c u r i t y debt Trade debt 17 18 19 20 21 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD. etc. U.S. government d e p o s i t s U.S. dir. inv. abroad (1) Other 22 U . S . a s s e t s owned 17 ,210 by f o r e i g n e r s 23 24 25 U.S. checkable dep. U.S. time deposits Net interbank claims 26 27 28 29 30 31 32 33 34 S e c u r i t y RPs U.S. c o r p o r a t e equities Credit market i n s t r u m e n t s U.S. government s e c u r i t i e s Official holdings P r i v a t e holdings U.S. corporate bonds (1) L o a n s to U.S.nonbank b o r r . Open market paper 35 36 S e c u r i t y credit Trade credit 37 38 39 M i s c e l l a n e o u s fgn. assets Direct investment in U.S. Other 2 374 380 434 501 6,.091 7, 475 5,.930 5, 124 806 591 401 584 439 671 954 843 757 26 27 28 29 30 31 32 33 1, 291 34 76 367 101 329 84 374 86 481 92 566 119 500 107 664 112 35 787 36 5, 320 4, 251 1, 069 5, 478 4, 633 845 6, 021 5, 076 945 7, 213 5, 459 1, 754 7, 916 5, 710 2, 206 8- 414 6, 115 2, 299 8, 243 6, 604 1, 639 8, 103 37 6, 910 38 193 39 (1) C o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U.S. direct investment abroad is before subtracting net inflows of capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s . Data are in m i l l i o n s of d o l l a r s . 17 18 19 20 21 9 ,302 12,,610 10 651 8, 609 2, 042 668 March 1991 Net Foreign A s s e t s Net F o r e i g n A s s e t s U.S. and F o r e i g n A s s e t s O u t s t a n d i n g Year-End Outstandings Year-End O u t s t a n d i n g s U.S. Net F o r e i g n A s s e t s 4 4 , 6 8 0 U.S. net foreign assets 132,420 3 4 1,806 1,163 790 1,247 731 1,201 236 1,097 1,644 781 1,647 885 2-765 1,055 4,818 1,587 5 6 7 4,902 25-456 6,221 4,714 27,544 7,215 5,145 30,794 8,208 5,270 34,995 8,675 5,048 37,452 9,135 4,324 39,454 9,870 5,238 43,337 11,086 6,452 46,063 12,170 4,153 1,033 1,246 1,874 4,785 914 1,412 2,459 6,512 939 1,968 3,605 7,101 1,064 3,919 7,051 960 2,249 3,842 6,695 975 1,847 3,873 6,296 774 1,907 3,615 2,225 15,576 17,187 2,501 18,715 2,540 19,993 3,013 22,543 2,854 24,743 F o r e i g n assets owned by U.S. r e s i d e n t s U.S. o f f i c i a l fgn. exchange 8 net IMF p o s i t i o n U.S. private d e p o s i t s 3 4 Foreign corporate equities Credit market i n s t r u m e n t s C o r p o r a t e bonds 5 6 7 Bank To To To loans n.e.c. foreign o f f i c i a l foreign banks other foreign 8 9 10 11 8 9 10 11 3,740 988 1 ,013 1,739 12 13 14 1,788 13,707 15 16 121 1,710 85 2,219 108 1,841 2,606 91 119 ,550 128 2,883 298 3,398 508 3,797 17 40,286 995 3,171 34,717 1,403 42,321 1,117 3-416 37,276 512 45,690 1,179 3,863 40,736 -88 51,531 1,229 3,882 44,480 1,940 288 290 898 49,283 1,817 60,998 1,290 4,163 51,007 4,538 65,067 1-373 3,953 55,329 4,412 69,195 1,510 3,890 58,547 5,248 43,476 44,043 49,625 55,125 57,313 58,690 77,761 8 7 , 7 4 0 U . S . a s s e t s owned by f o r e i g n e r s 22 3,098 2.911 3,087 3,233 3,409 2,981 3,499 4,260 3,233 4,458 5,515 3,717 4,583 6,081 3,830 4,963 6,413 6,693 5,290 7,679 7,259 5,851 7,409 9,404 26 _7 28 29 30 31 32 23 34 11,808 13-064 11-035 8-842 2-193 669 _ 1,360 10,336 14-796 12-715 10,251 2,464 694 13,835 16-908 14,329 11,498 2,831 959 14,599 17,194 14,400 11,357 3,043 812 12,643 16-476 12,832 9,830 3,002 1,432 25,511 18,806 15,255 12,091 3,164 1,304 29,517 19,246 14,929 11,322 3,607 1,491 1,387 12,485 15-893 13,705 11,066 2,639 751 1,437 1,620 1,982 2,212 2,247 35 36 149 1,036 112 1,078 109 1,470 116 1,841 158 2,082 175 2,668 311 3,332 37 38 39 8-323 7-392 931 8-098 7,612 486 8,676 7,944 732 8,735 8,363 372 8,786 8,797 -11 8,659 9,054 -395 9,573 9,923 -350 10,888 10,815 73 18 19 20 21 _ 2,621 2,118 C o m m e r c i a l paper 12 A c c e p t a n c e liabs. to banks 13 U.S. g o v e r n m e n t loans 14 S e c u r i t y debt Trade debt 15 16 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD, etc. U.S. g o v e r n m e n t deposits U.S. dir. inv. abroad (1) Other 17 18 19 20 21 U.S. c h e c k a b l e dep. U.S. time d e p o s i t s Net i n t e r b a n k claims 23 24 25 2,826 Security RPs U.S. c o r p o r a t e equities Credit m a r k e t i n s t r u m e n t s U.S. government s e c u r i t i e s O f f i c i a l holdings Private holdings U.S. c o r p o r a t e bonds CI) L o a n s to U . S . n o n b a n k borr. Open m a r k e t paper 26 27 28 29 30 31 32 33 34 636 4,789 S e c u r i t y credit Trade credit 35 36 M i s c e l l a n e o u s fgn. assets Direct investment in U.S. Other 37 38 39 CI) C o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U.S. direct investment abroad is before s u b t r a c t i n g net inflows of capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s . Data are in m i l l i o n s of d o l l a r s . March 1991 Net F o r e i g n A s s e t s Net Foreign A s s e t s U.S. and F o r e i g n A s s e t s O u t s t a n d i n g 10 Year-End O u t s t a n d i n g s Year-End Outstandings 1969 1970 1971 1972 1973 1974 1975 1976 U.S. Net F o r e i g n A s s e t s 1 U.S. net 2 foreign assets F o r e i g n assets owned U.S. r e s i d e n t s 48 ,073 31 ,799 2 2 ,081 32 ,296 42 ,818 60,,264 72 ,006 1 141 ,475 147 ,041 159 ,171 173 ,666 190 ,262 215 ,596 244 ,084 283 ,919 2 5 ,105 1 ,173 2 ,564 798 865 1 ,234 706 2 ,172 560 3 ,329 1 ,857 4 ,946 2 ,292 5 ,772 4 ,754 7 ,441 3 4 6 ,953 49 ,245 13 ,198 6 ,573 52 ,051 14 ,072 7 ,641 56 ,573 15 ,012 10 ,537 61 ,120 16 ,042 10 ,026 67 ,416 - 17 ,000 9 ,011 81 ,234 19 ,372 9 ,585 95 ,555 26 ,540 9 -453 116 ,022 35 ,070 5 6 7 6 ,029 765 2 ,095 3 ,169 5 ,824 623 2 ,031 3 ,170 7 ,291 806 2 ,372 4 ,113 10 ,389 1 ,002 3 ,528 5 ,859 13 ,104 1 ,440 5 ,128 6 ,536 17 ,760 1 ,705 8 ,244 7 ,811 21 ,619 1 ,964 9 ,335 10 ,320 28 2 13 12 3 ,169 26 ,849 3 ,968 28 ,187 4 ,270 30 ,000 3 ,226 31 ,463 4 ,156 33 ,156 181 11,,237 32,,684 559 11 ,147 35 ,690 1 ,282 12 12 ,358 13 38 ,917 14 278 4 ,618 279 5 ,581 314 6 ,107 405 6 ,574 231 8 ,451 193 11,,537 319 12,,202 15 12 ,519 16 ,152 ,451 ,469 ,503 ,729 100 ,249 2,,799 4 ,072 91,,715 1,,663 106,,818 3- 4 4 5 3,.531 100- 364 -522 118,,359 4 119 1,,995 114,. 140 -1, 8 9 5 133 ,730 5 ,207 1 ,870 126 ,583 70 by 3 4 U.S. official fgn. e x c h a n g e 8 net IMF p o s i t i o n U.S. private d e p o s i t s 5 6 7 Foreign c o r p o r a t e e q u i t i e s Credit market i n s t r u m e n t s C o r p o r a t e bonds 8 9 10 11 Bank To To To loans n . e . c . foreign o f f i c i a l foreign banks other foreign 12 13 14 C o m m e r c i a l paper A c c e p t a n c e liabs. to banks U.S. government loans 15 16 S e c u r i t y debt T r a d e debt 17 18 19 20 21 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD, etc. U.S. government d e p o s i t s U.S. dir. inv. abroad (1) Other 22 U . S . a s s e t s owned 47 ,391 by f o r e i g n e r s 23 24 25 U.S. c h e c k a b l e dep. U.S. time d e p o s i t s Net interbank claims 26 27 28 29 30 31 32 33 34 S e c u r i t y RPs U.S. c o r p o r a t e e q u i t i e s Credit market i n s t r u m e n t s U.S. government s e c u r i t i e s Official holdings Privb'e holdings U.S. corporate bonds (1) L o a n s to U . S . n o n b a n k b o r r . Open market paper 35 36 S e c u r i t y credit T r a d e credit 37 38 39 M i s c e l l a n e o u s fgn. assets Direct investment in U.S. Other - - 79 ,195 1 ,929 3 ,817 70 ,269 3,, 180 94 ,084 98 ,968 127 ,372 151,,585 157,,966 172,,778 183,,820 211,,913 22 6 ,175 8 ,789 16 ,844 6 ,696 7 ,125 10 ,456 6 ,503 7 ,454 5 ,846 8 ,270 10 ,580 6 ,787 11,,165 13 392 1,,597 13, 991 21, 123 362 13,,675 22,,579 -9,,497 16 ,870 23 20 ,680 24 - 1 5 ,447 25 26 ,761 18 ,775 12 ,928 8 ,979 3,,949 2 ,027 27 ,209 29,,749 22 ,744 18,,418 4,>326 2,,698 30,,811 56, 475 49, 337 44, 988 4,,349 2,,990 39 ,059 64 ,803 57 >656 53 458 4,,198 3,>061 3 ,820 4 ,307 4, 148 4 , ,086 500 33,,516 65, 100 57,,551 54,.099 3,,452 3,,130 32 4,,387 525 24,,221 70, 084 61 ,051 58,.271 2, 780 3, 980 253 4, 8 0 0 450 35,,313 77, 991 67,,793 63,,553 4,,240 4 ,573 325 5 ,300 375 42 ,949 91 ,156 79 ,598 72 ,572 7 ,026 5 ,463 495 5,,600 434 5 ,830 349 7,> 388 311 7, 245 366 8 ,242 333 10,,214 293 12,,360 364 14 ,827 35 18, 8 9 4 36 12, 727 13, 914 - 1 , 187 13,,478 14,,868 -1,,390 22, 149 20, 556 1, 593 29, 8 1 9 25, 144 4,,675 28 ,118 27,,662 456 36,,436 37 30, 770 38 5,,666 39 9,,996 13,,270 - 3 ,,274 ,437 ,181 ,635 ,388 ,233 92 2 3 81 4 (1) C o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U.S. direct investment abroad is before subtracting net inflows of capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s . Data are in m i l l i o n s of d o l l a r s . 17 18 19 20 21 74 ,103 1 ,694 3 ,801 63 ,704 4 ,904 10 ,476 11,,818 -1,,342 86 2 3 76 4 ,395 8 ,855 9 ,534 10 ,006 11 26 27 28 29 30 31 32 33 34 March 1991 Net Foreign A s s e t s Net Foreign A s s e t s 11 U.S. and F o r e i g n Assets O u t s t a n d i n g Year-End Outstandings Year-End O u t s t a n d i n g s 1977 1978 1979 1980 1981 1982 1983 1984 U.S. Net Foreign A s s e t s 1 57, 596 61, 5 9 4 82, 141 91, 333 124, 955 121, 986 75, 525 2 305, 473 371, 780 428, 439 492, 367 538, 318 554, 281 575, 132 - 1 9 , 8 1 0 U.S. net foreign 569- 952 3 4 4 ,969 8 ,756 5, 421 17, 131 5, 060 26, 913 12, 986 31, 392 14, 8 2 9 41,,811 17, 560 46, 312 17, 601 47, 591 18, 197 41, 806 5 6 7 10, 110 129, 4 2 2 40,.121 11, 236 157, 619 44, 098 14, 8 3 4 172, 917 47, 799 19, 166 197,,217 49, 001 17, 360 220, 655 54,,488 18, 568 210, 404 61 ,102 25, 8 6 4 227, 714 64, 182 27, 017 235, 489 67, 994 assets 1 F o r e i g n assets owned by U.S. r e s i d e n t s 2 U.S. official fgn. exchange 8 net IMF position U.S. private deposits 3 4 F o r e i g n corporate equities Credit market i n s t r u m e n t s C o r p o r a t e bonds 5 6 7 8 9 10 11 .449 31 • 2,• 937 16,,184 12,,528 49, 5, 25, 19, 940 167 707 066 52- 994 7,,307 21 ,.622 24, 065 64, 774 11 ,851 26,,300 26,,623 67, 801 12,,621 21, 8 3 7 33,,343 33, 785 5, 435 15, 055 13, 295 37, 408 8 475 14, 151 14,.782 30 ,791 7 602 11 ,004 12,, 185 Bank To To To loans n.e.c. foreign official foreign banks other foreign 8 9 10 11 12 13 14 1, 8 4 7 14,.212 41 ,793 2- 8 8 0 15,.030 45,.671 4,.553 18,,623 48 ,948 6 ,955 22 ,714 53 ,773 10 ,829 29 ,636 57 ,901 15, 054 38, 153 62, 310 21 ,540 38, 031 66, 553 27,,721 39 ,000 69 ,983 C o m m e r c i a l paper A c c e p t a n c e liabs. to banks U.S. government loans 12 13 14 15 16 13,,018 18,,045 20,,223 25 ,583 26 ,264 22,,356 21 ,413 19 ,780 17 18 19 20 21 139,,198 5 ,956 1 ,795 135,,382 -3,,935 162:,328 6 ,581 1 ,948 151 ,761 2 ,038 188 ,492 7 ,529 1 ,946 178 ,240 777 206 ,023 8 ,250 1 ,745 208 ,467 - 1 2 ,439 217 ,399 9 ,300 1 ,476 224 ,82b - 1 8 ,203 239 081 10 ,574 1 ,700 213 347 13 ,460 234 ,949 11,,261 1 ,677 215 ,934 6 ,077 227 12 2 221 -9 22 247,,877 310,,186 346 ,298 401 ,034 413 ,363 4 3 2 ,295 499 ,607 589 ,762 U . S . a s s e t s owned 23 24 25 19 270 21 ,006 - 1 6 ,367 23 ,445 24 ,607 9 ,469 23 4 6 2 25 ,821 - 1 7 ,119 19 ,677 28 ,091 - 5 4 ,954 16 ,017 34 ,904 - 8 7 ,930 17 ,494 35 ,418 - 7 5 ,461 19 ,542 39 ,978 - 7 3 ,177 U.S. checkable dep. U.S. time deposits Net interbank claims 23 24 25 26 27 28 29 30 31 32 33 34 300 39 ,779 129 ,253 113 ,349 105 ,386 7 ,963 9 ,259 645 6 ,000 2 ,426 42 ,097 156 ,992 138 ,429 128 ,511 9 ,918 11 ,197 901 6 ,465 4 ,395 63 ,444 171 ,268 135 ,750 118 ,189 17 ,561 21 ,985 4 ,199 9 ,334 4 63 196 145 125 20 30 13 8 5 ,986 75 , 154 223 ,173 160 ,253 132 ,587 27 ,666 40 ,979 15 ,612 6 ,329 6 ,468 95 ,232 244 -130 173 .176 136 ,987 36 ,189 45 ,543 18 ,290 7 ,121 6 ,567 94 ,931 310 ,248 210 ,281 144 ,665 65 ,616 60 ,357 31 ,339 8 ,271 S e c u r i t y RPs U.S. corporate equities Credit market instruments U.S. government securities O f f i c i a l holdings P r i v a t e holdings U.S. c o r p o r a t e bonds (1) L o a n s to U.S.nonbank borr. Open market paper 26 27 28 29 30 31 32 33 34 35 36 20 ,767 24 ,896 25 ,150 28 ,648 28 ,441 28 ,474 27 ,124 28 ,631 S e c u r i t y credit Trade credit 35 36 37 38 39 33 ,869 34 ,595 -726 52 ,557 42 ,471 10 ,086 64 ,129 54 4 6 2 9 ,667 101 ,115 83 ,046 18 ,069 127 ,554 108 ,714 18 ,840 136 ,517 124 ,677 11 ,840 149 ,202 137 ,059 12 ,143 163 ,042 164 ,581 - 1 ,539 M i s c e l l a n e o u s fgn. assets Direct investment in U.S. Other 37 38 39 - 19,,022 22 , 151 - 9 ,955 4 48 147 121 106 15 13 2 8 ,113 ,318 ,067 ,940 • 640 ,300 ,827 ,888 ,412 ,404 ,266 ,884 ,337 ,130 ,207 ,411 ,095 ,041 ,663 ,900 ,012 ,941 ,190 - S e c u r i t y debt Trade debt 15 16 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD, etc. U.S. government deposits U.S. dir. inv. abroad (1) Other 17 18 19 20 21 by foreigners 22 (1) C o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U.S. direct investment abroad is before s u b t r a c t i n g net inflows of capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s . Data are in m i l l i o n s of d o l l a r s . M a r c h 1991 Net F o r e i g n A s s e t s Net F o r e i g n A s s e t s 12 U . S . and F o r e i g n A s s e t s O u t s t a n d i n g Year-End Outstandings Year-End 198 7 1 988 Outstandings 1 989 U . S . Net F o r e i g n A s s e t s 1 U . S . net foreign assets F o r e i g n a s s e t s owned U.S. residents 2 -549,742 -670,094 by 3 4 U . S . o f f i c i a l fgn. e x c h a n g e 8 net IMF p o s i t i o n U.S. private deposits 5 6 7 Foreign corporate equities Credit market instruments Corporate bonds 5 8 6 ,918 6 5 0 ,699 695 ,109 746 ,279 852,497 9 4 0 ,978 2 4 ,808 37 ,871 2 9 ,058 4 6 ,940 2 4 ,439 45 ,945 2 7 ,108 4 2 ,816 53,599 43,934 61 ,293 49 ,108 3 4 39 ,292 2 3 6 ,676 71 ,787 5 0 ,013 2 3 8 ,323 74 ,905 5 4 ,670 2 4 4 ,562 8 2 ,286 62 ,733 2 5 3 ,885 8 9 ,222 95,840 261,541 94,506 90 ,492 2 8 4 ,805 115 ,605 5 6 7 8 9 10 11 Bank loans n.e.c. To f o r e i g n o f f i c i a l To f o r e i g n b a n k s To o t h e r f o r e i g n 2 7 ,945 6 , 193 ,663 1 ,089 26 ,915 6 ,178 10 ,699 10 ,038 23 ,309 5 ,266 7 ,821 10 ,222 21 ,509 4 ,764 7 ,821 8 ,924 21,367 3,351 8,568 9,448 18 ,595 2 ,811 5 ,918 9 ,866 8 9 10 11 12 13 14 C o m m e r c i a l paper A c c e p t a n c e l i a b s . to b a n k s U . S . g o v e r n m e n t loans 33 ,923 31 ,649 71 ,372 37 ,407 26 ,273 72 ,823 41 ,245 2 7 ,253 70 ,469 49 ,943 24 ,879 68 ,332 63,022 19,560 63,086 75 ,346 16 ,219 5 9 ,040 12 13 14 19 ,178 2 8 ,018 28,749 31 ,262 15 16 17 18 19 20 21 15 16 S e c u r i t y debt T r a d e debt 17 18 19 20 21 M i s c e l l a n e o u s U.S. a s s e t s U . S . eq. in IBRD, e t c . U.S. government deposits U . S . d i r . inv. abroad (1) Other 22 U.S.assets owned by f o r e i g n e r s 19 ,647 17 ,399 2 2 8 ,624 14 ,442 ,862 2 3 7 i,671 - 2 5 ,351 2 6 8 ,966 15 ,924 851 2 6 2 ,353 - 1 0 ,,162 306 ,315 17 , 159 941 313:,012 - 2 4 ,,797 331 ,719 19,,559 680 329,,478 - 1 7 ,,998 368,834 20,732 529 363,304 -15,731 4 2 4 ,018 22,,122 555 408,,913 - 7 ,,572 1097,, 153 724 5 6 2 944,,436 1296, 021 1522,591 1635,,453 23 24 25 U.S. checkable dep. U . S . time d e p o s i t s Net i n t e r b a n k c l a i m s 21, 107 43, 686 -58, 630 23, 786 41 , 027 -45, 891 22, 383 41 , 952 - 1 , 769 21 ,8 2 3 45, 006 5, 0 8 9 21,590 43,096 -2,453 21 ,,252 43, 4 6 0 43, 8 5 2 23 24 25 26 27 28 29 30 31 32 33 34 Security RPs U.S. corporate equities Credit market instruments U.S. government securities Official holdings Private holdings U.S. corporate bonds (1) L o a n s to U . S . n o n b a n k b o r r . O p e n m a r k e t paper 7, 326 124, 4 5 3 379, 5 1 6 241 ,4 4 8 145, 063 96, 385 97, 0 6 8 32, 8 8 1 8 , 119 10, 676 167, 8 1 5 4 8 2 , 757 291 ,8 7 0 178, 915 112, 955 137, 759 4 3 , 948 9, 180 12, 902 174, 5 1 8 535, 539 323, 487 220, 548 102, 939 156, 760 45, 8 4 5 9, 4 4 7 14, 0 0 0 199, 8 4 8 628, 5 4 9 387, 5 7 2 260, 934 126, 6 3 8 175, 3 3 2 56, 8 5 6 8 , 789 17,337 257,449 700,647 432,952 262,650 170,302 188,266 69,848 9,581 15, 971 2 1 8 , 366 767, 067 4 6 5 , 986 2 9 0 , 962 175, 024 2 0 3 , 179 86, 530 11, 372 26 27 28 29 30 31 32 33 34 35 36 Security credit Trade credit 2 9 , 158 33, 0 6 7 33, 2 6 5 36, 163 37,433 43,832 35 36 37 38 39 M i s c e l l a n e o u s fgn. a s s e t s D i r e c t i n v e s t m e n t in U.S. Other 177, 9 4 6 184, 613 - 6 , 667 2 3 1 , 199 220, 412 10, 787 2 7 8 , 363 271 , 788 6, 5 7 5 345, 5 4 3 328, 8 5 1 16, 6 9 2 447,492 400,817 46,675 481 , 653 4 3 4 , 221 47, 432 37 38 39 C I ) C o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ; U . S . d i r e c t i n v e s t m e n t abroad is b e f o r e s u b t r a c t i n g net i n f l o w s of c a p i t a l from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U . S . p a r e n t s . Data are in m i l l i o n s of d o l l a r s . March 1991 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s 13 D i s t r i b u t i o n of T a n g i b l e A s s e t s by Sector Year-End Outstandings Year-End O u t s t a n d i n g s 1945 1946 1947 649 996 571 660 302 120 1948 856- 988 305, 993 122, 739 165, 420 259, 005 3, 831 952 609 346, 8 4 7 136 402 175 759 289 286 4 315 256 855 536 727 129 009 203,-761 11,.291 16 ,462 26 ,796 146,,138 3,,074 226, 903 12,> 957 19, 007 30, 090 161 ,.446 3, 403 251,,838 14,,806 21 440 33,,166 178 .604 3 ,822 249, 242 150 019 4..816 17 937 71,,745 4,,725 273 168 5 18 75 4 ,009 ,748 ,029 ,854 ,397 ,981 108 24 14 69 ,823 ,908 ,215 ,700 403 257 589 218 455 884 553 167 92 121 168 2 28 7 369 887 767 284 980 648 204 100 138 201 3 7 8 9 10 11 12 114 6 7 14 83 2 511 449 037 609 814 602 140 8 9 18 102 2 749 230 003 466 366 684 171 237 10 036 11 918 884 123 608 2 791 192 10 14 25 138 3 13 14 15 16 17 18 19 135 ,966 70 ,169 3 ,343 11 ,393 48 ,088 2,,973 160, 323 85,• 075 3,.807 13,. 158 54,,867 3,,416 190, 528 104, 520 4, 304 15, 191 62, 581 3, 932 210, 672 119- 611 4: 504 16, 266 66,.072 4, 219 20 21 23 49 ,870 14 ,145 6 ,913 28 ,812 68,,938 19,• 639 8 ,889 40 ,410 79,,877 21,,038 10,,362 48 ,477 24 46 ,210 53 ,171 65 ,129 116 14 46 36 19 .846 ,086 ,014 ,608 ,856 282 130 ,106 17 ,086 51 ,087 39,,545 22 ,092 296 141 21 52 42 25 ,878 ,007 ,424 ,833 ,285 329 1951 745, 438 258,.429 101, 394 152, 5 7 2 229 5 9 2 3,,451 463 140 78 106 135 2 25 26 27 28 29 30 1950 714- 8 6 8 2 3 5 . 189 103. 332 149 067 223- 906 3 374 1 2 3 4 5 6 " 1949 223 129 4 16 67 4 ,263 ,997 ,573 ,841 ,467 ,385 85,, 122 19, 304 11 ,999 53,,819 77 16 11 49 ,084 ,664 ,033 ,387 76 ,254 86 ,566 - 150 564 23 ,965 53,226 45 ,269 27 ,739 365 - 154 26 51 47 29 ,764 ,002 ,427 ,276 ,682 377 - ~ 96 22 13 60 ,135 ,454 ,462 ,219 1952 1000, 334 Total holdings of t a n g i b l e s H o u s e h o l d s S n o n p r o f i t insts. 373, 694 Farm b u s i n e s s 136, 859 N o n f a r m n o n c o r p . business 179 962 Nonfinancial corporations 305, 321 Financial institutions 4, 498 267,.074 Plant and equipment (1) Nonprofit institutions 15- 790 Farm b u s i n e s s 22,.750 Nonfarm noncorp. business 34,. 122 Nonfinancial corporations 190 438 Financial institutions 3,,974 7 8 9 10 11 12 288 . 153 R e s i d e n t i a l s t r u c t u r e s (1) Households: owner-occupants 182 ,250 Nonprofit institutions 5 .077 Farm b u s i n e s s 19,, 121 Nonfarm noncorp. business 76 ,636 Nonfinancial corporations 5,,069 Real estate invest, trusts 13 14 15 16 17 18 19 ,003 Inventories (2) Farm business 307 N o n f a r m n o n c o r p . business ,882 Nonfinancial corporations ,814 20 21 22 23 108 23 13 70 108 ,189 124 ,415 133 ,989 C o n s u m e r 176 30 63 50 32 ,519 ,012 ,341 ,123 •615 428 194 33 71 52 36 203 36 71 55 39 ,077 ,746 ,949 ,609 ,966 ,807 612 ,556 221 ,149 98 ,687 145 ,469 144 ,164 3 ,087 ,524 ,849 ,200 ,981 ,001 493 1 2 3 4 5 6 durables ( h o u s e h o l d s ) 24 ,115 Land at market value H o u s e h o l d s S n o n p r o f i t insts. ,588 Farm business ,681 N o n f a r m n o n c o r p . business ,322 Nonfinancial corporations ,000 Financial institutions 524 25 26 27 28 29 30 Memo: 31 32 33 34 35 36 329 93 60 93 79 2 472 ,700 ,526 ,779 • 166 ,301 383 113 68 105 92 2 ,697 ,741 ,700 ,853 ,996 ,407 443 139 73 119 108 2 ,017 ,282 ,472 ,026 ,707 ,530 480 ,080 158 ,228 76,,032 125 ,802 117 ,384 2,,634 499 171 75 129 121 2 ,550 ,042 ,075 ,187 ,652 ,594 558 .96 88 137 131 2 643 ,780 Total real estate Householdsfinonprofit insts. 238 ,260 Farm business 100 ,009 N o n f a r m n o n c o r p . business 149 ,376 Nonfarm nonfin. corporations 152 ,984 P r i v a t e finan. i n s t i t u t i o n s 3 ,151 (1) At current cost. (2) At y e a r - e n d p r i c e s . Data are in m i l l i o n s of d o l l a r s . 31 32 33 34 35 36 March 1991 T a n g i b l e Asset H o l d i n g s Tangible Asset H o l d i n g s D i s t r i b u t i o n of T a n g i b l e Assets by Sector 14 Year-End O u t s t a n d i n g s Yeai—End O u t s t a n d i n g s 1959 1953 1 Total h o l d i n g s of t a n g i b l e s H o u s e h o l d s S n o n p r o f i t insts. 2 3 Farm business 4 Nonfarm noncorp. business 5 Nonfinancial corporations 6 Financial institutions 7 Plant and equipment (1) 8 Nonprofit i n s t i t u t i o n s Farm b u s i n e s s 9 10 Nonfarm n o n c o r p . b u s i n e s s 11 Nonfinancial corporations 12 Financial institutions 1044, 332 397, 8 3 7 134 ,811 184, 5 1 2 322, 329 4, 8 4 3 280 • 8 9 0 16,• 502 23 ,365 35 ,264 ,519 201 , 4 ,240 1090, 682 422, 088 137, 732 189, 980 335, 663 5, 219 293, 079 17, 577 23, 670 36, 426 210 • 906 4,.500 13 R e s i d e n t i a l s t r u c t u r e s CI) 14 Households: owner-occupants 15 Nonprofit institutions 16 Farm business 17 Nonfarm noncorp. business 18 Nonfinancial corporations 19 Real estate invest, trusts 300 194 5 19 77 5 ,579 ,135 ,099 , 151 ,081 ,113 317 209 5 19 78 5 ,852 ,632 ,193 ,342 ,479 ,206 20 Inventories (2) 21 Farm business 22 Nonfarm n o n c o r p . b u s i n e s s 23 Nonfinancial corporations 109 ,088 22 ,000 14 ,378 72 ,710 106 21 14 71 • 734 ,200 ,276 ,258 24 Consumer 142 ,973 147 ,080 durables (households) 319,.968 19, 639 24, 8 1 0 40,-303 230,,029 5 ,187 355, 916 22, 090 25- 902 44, 579 257, 416 5 929 380, 667 23, 677 26- 371 46, 993 277,,239 6,,387 392 25 26 48 285 6 .660 029 867 ,120 ,911 ,733 i 409,,015 26 594 27,,487 50 ,098 297 ,578 ,258 420, 382 28,. 148 27,• 590 51, 270 305,,685 ,689 7 8 9 10 11 12 ,946 ,396 ,801 ,437 ,562 ,750 409 291 6 19 86 6 ,688 .490 ,035 ,382 ,705 ,076 425 • 962 305 663 6 ,241 : 19 ,235 88-475 6 ,348 13 14 15 16 17 18 19 7 7 342 231 5 19 81 5 ,427 ,005 ,369 ,639 ,055 ,359 361 248 5 19 82 5 ,660 ,279 ,517 ,759 ,643 ,462 375, 455 261 ,335 5 • 626 19 .610 8 3 ,342 5 ,542 390 275 5 19 84 5 113 19 15 78 • 975 ,900 , 155 ,920 122 19 15 86 ,745 ,900 ,890 ,955 126 21 16 88 ,341 ,200 ,370 ,771 126 ,259 ,600 16 ,886 86 ,773 176 ,175 181 ,962 189 ,009 193 ,656 24 358 ,368 78 ,103 108 ,293 84 ,581 85,504 1 ,887 25 26 27 28 29 30 1012 ,184 414 ,964 139 ,693 199 ,566 251 ,107 6 ,854 31 32 33 34 35 36 157 ,315 ,147 , 120 ,082 144 ,935 866 243 47 78 64 52 31 Total real estate 32 HouseholdsSnonprofit insts. 33 Farm business 34 Nonfarm n o n c o r p . b u s i n e s s 35 Nonfarm nonfin. corporations 36 P r i v a t e finan. i n s t i t u t i o n s 669,316 253,208 98,871 152,559 161,351 3,327 707,629 273,181 102-540 157,556 170,748 3,604 764,066 301,084 108,171 165,439 185,168 4,204 1 2 3 4 5 6 1351, 782 526- 747 158, 662 219, 296 439, 428 7- 649 225 ,937 42 ,606 73 ,520 60 ,799 48 ,293 719 in m i l l i o n s of d o l l a r s . 1533- 876 611, 811 178- 418 240, 944 493, 127 9, 576 1283, 638 504. 056 150- 569 211 •8 7 2 410, 150 6, 991 210 ,802 39 , 128 70 ,295 57 ,789 42 ,98 7 603 Data are 1476, 172 581 , 117 175, 951 233, 370 476, 794 8, 940 1176, 8 3 2 460, 448 142, 431 200, 657 367, 243 6, 053 25 Land at market value 26 H o u s e h o l d s S n o n p r o f i t insts. 27 Farm business 28 Nonfarm n o n c o r p . b u s i n e s s 29 Nonfinancial corporations 30 Financial institutions (1 ) At current cost. (2) At y e a r - e n d p r i c e s . 1408- 252 551 -987 169, 340 225,. 664 453, 054 8 207 1960 171 ,877 131 ,714 22 ,100 16,881 92 ,733 271 ,440 56 ,293 8 5 ,008 68 ,760 60 ,317 1 ,062 293 ,144 59 ,934 91 ,481 72 ,591 67 ,87b 1 ,262 316 ,425 63 ,799 100 ,436 76 ,096 74 ,620 1 ,474 336 ,746 67 ,989 106 .982 79 ,686 8 0 ,407 1 ,682 830 329 116 173 205 4 877,,361 347,,998 122, 708 179, 663 221 ,,652 5 ,340 922 367 131 185 232 5 ,170 ,230 529 ,217 ,381 ,813 969, 113 389,.081 138,,360 192,,072 243 i,248 6 ,352 ,752 ,852 ,116 ,945 974 ,865 135,508 20 23 ,300 16 ,618 22 95 ,590 23 March 1991 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s D i s t r i b u t i o n of T a n g i b l e A s s e t s by Sector 15 Year-End O u t s t a n d i n g s 1961 ! Year-End Outstandings 1962 1963 2 3 4 5 6 1585 633 184 247 508 10 530 963 962 608 703 294 1647 659 192 257 526 11 • 147 496 .244 • 071 992 344 1711 684 201 265 547 12 7 8 9 10 11 12 432 30 27 52 313 8 260 • 386 • 960 717 054 , 143 449 33 28 54 323 8 • 563 032 753 996 808 ,974 468 35 29 57 335 9 13 14 15 16 17 18 19 441 ,560 318 004 6 564 19 i .186 91 ,048 6 !758 20 21 22 23 1964 1965 1966 1967 1968 224 885 468 377 • 273 221 1806 727 209 279 575 13 433 082 964 761 931 695 1920 766 226 294 617 15 ,660 ,263 ,785 810 ,310 -492 2096 844 237 319 677 17 552 774 886 649 565 ,678 494 38 31 61 353 10 943 729 107 148 063 ,896 535 42 33 66 380 12 ,711 ,782 ,313 ,192 ,952 ,472 590 47 36 72 420 14 ,951 ,686 ,105 ,705 ,288 ,167 640 51 38 77 457 15 677 ,320 600 454 ,427 ,876 709 57 41 85 505 18 .247 Plant and equipment (1) Nonprofit institutions ,599 ,838 Farm business N o n f a r m n o n c o r p . business ,050 Nonfinancial corporations ,854 ,906 Financial institutions 7 8 9 10 11 12 459 106 330 , 988 7 -129 19 ,091 94 ,537 7 ,361 471,540 339 ,884 7 ,513 18 ,795 97 ,334 8 ,014 502 361 8 19 104 8 ,050 ,593 ,303 ,129 041 ,984 526 378 9 19 109 9 ,165 ,819 ,034 179 329 • 804 567 408 10 20 118 10 ,4 78 ,411 047 011 ,118 • 891 596 ,380 429 580 10, 681 20, 5 1 7 123,.952 11,.650 667 480 12 22 139 13 ,831 R e s i d e n t i a l s t r u c t u r e s (1) Households: owner-occupants .332 Nonprofit institutions ,042 ,070 Farm business N o n f a r m n o n c o r p . business ,706 ,580 Nonfinancial corporations Real estate invest. trusts 101 13 14 15 16 17 18 19 137,• 164 23 8 0 0 15: 599 97 ,765 143 25 15 102 149 508 25,,700 15,,129 108 -679 155 24 15 115 ,367 .500 ,089 ,778 185 27 16 141 •170 ,400 ,329 ,441 211 29 17 165 732 I n v e n t o r i e s (2) Farm b u s i n e s s ,100 N o n f a r m n o n c o r p . business ,624 Nonfinancial corporations ,008 20 21 22 23 24 196, 795 202,,317 212,,801 223,,713 236, 061 258 • 487 283 .210 314 ,217 Consumer 25 26 27 28 29 30 377,,751 8 2 214 114 016 88 244 91 . 126 2,,151 392 400 86, 030 119, 200 91 ,758 93, 042 2, 370 408,,823 8 8 ,913 127,,087 95,,265 95, 015 2, 543 430, 360 94, 744 135,.228 99,,483 98,,106 2,,799 453, 688 99 •567 146 293 103 451 101 .357 3,,020 494 ,015 119 663 154, 278 111 ,8 9 4 105, 011 3,,169 511,,183 125, 098 163, 567 114,- 146 105 245 3,. 127 5 3 5 >490 Land at market value 138 • 232 H o u s e h o l d s S n o n p r o f i t insts. Farm business 169,706 N o n f a r m noncorp. business 119 ,004 Nonfinancial corporations 105 ,246 Financial institutions 3,,302 1097 458 453, 627 151 , ,495 216, 263 267, 707 8, 366 1136, 313 468, 326 159, 690 224, 556 274, 676 9, 065 1271 461 525, 906 180, 759 250, 257 303, 361 11, 178 1380, 103 581 , 116 190, 738 271 , 116 324, 913 12, 220 - ~ ,761 ,200 ,780 ,781 - 169,,035 28 ,000 15 838 125,,197 • 101 ,294 ,794 046 ,631 ,336 " 2228 899 250 332 726 19 827 • 889 ,584 ,654 ,697 ,003 2438 1002 262 361 789 22 - 197, 377 27, 900 17, 102 152,• 375 ,517 Total h o l d i n g s of tangibles H o u s e h o l d s S n o n p r o f i t insts. 422 Farm b u s i n e s s ,714 N o n f a r m n o n c o r p . business ,384 Nonfinancial corporations ,688 ,309 Financial institutions durables 1 2 3 4 5 6 C h o u s e h o l d s ) 24 25 26 27 28 29 30 Memo: 31 32 33 34 35 36 1055, 418 433, 8 0 4 145, 8 2 5 2 0 7 : 341 260 919 7, 529 1201 ,953 499, 360 168, 749 237, 636 286, 135 10,• 073 1448, 254 611 ,614 201 ,447 281 •664 340, 778 12, 751 1582, 170 Total real estate 682,,810 H o u s e h o l d s S n o n p r o f i t insts. Farm business 210, 983 307, 138 N o n f a r m n o n c o r p . business 366 540 Nonfarm nonfin. corporations P r i v a t e finan. i n s t i t u t i o n s 14, 699 (1) At current cost. (2) At y e a r - e n d p r i c e s . Data are in m i l l i o n s of d o l l a r s . 31 32 33 34 35 36 March 1991 T a n g i b l e Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s D i s t r i b u t i o n of T a n g i b l e A s s e t s by Sector 16 Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1969 1 Total h o l d i n g s of tangibles H o u s e h o l d s S n o n p r o f i t insts. 2 Farm business 3 Nonfarm n o n c o r p . business 4 Nonfinancial corporations 5 6 Financial institutions 2652 1096 273 392 865 25 ,588 ,434 • 174 ,318 - 189 ,473 1970 1971 2828 1167 281 417 934 28 ,728 ,540 ,288 ,227 ,126 ,547 3079 1278 303 458 1007 32 1972 1973 1974 3396 1411 343 517 1087 37 ,240 ,761 ,224 ,207 .014 ,034 3907 1610 428 597 1228 43 ,803 115 ,741 .266 ,528 ,153 4580 1846 475 687 1516 54 ,678 ,295 ,728 ,699 ,552 ,404 4982 1999 534 741 1643 62 • 303 • 707 , 159 ,703 ,926 • 808 5558 2253 614 822 1795 71 • 191 • 408 ,883 ,646 ,527 ,727 ,612 ,495 ,745 • 865 ,704 ,803 1570 120 90 184 1119 55 ,979 ,886 ,914 ,819 183 ,177 1709 129 101 197 1217 62 ,871 7 8 ,743 589 9 ,623 10 • 926 11 ,990 12 1363 978 23 35 299 23 2 ,500 640 ,842 ,656 ,525 ,680 ,157 1532 1106 26 38 333 24 2 ,333 ,144 691 ,804 ,078 ,884 ,732 13 14 15 16 17 18 19 463 282 60,,200 27, 910 375, 172 20 21 22 23 784 64 45 94 558 21 ,783 ,763 ,609 ,332 ,356 ,723 865 71 49 104 615 24 ,131 ,722 ,228 ,299 ,283 ,599 950 80 53 115 672 28 ,521 ,703 ,641 ,702 ,219 ,256 1033 88 59 126 726 32 .065 ,782 034 ,814 ,357 ,078 1157 98 66 143 811 37 • 661 ,473 ,380 ,735 ,430 ,643 1422 115 82 172 1003 47 13 R e s i d e n t i a l s t r u c t u r e s CI) Households: owner-occupants 14 Nonprofit i n s t i t u t i o n s 15 16 Farm business N o n f a r m noncorp. b u s i n e s s 17 Nonfinancial corporations 18 Real estate invest, trusts 19 731 524 13 23 155 15 ,905 .443 ,167 ,387 ,010 • 704 194 772 551 13 23 165 17 ,214 ,874 720 ,998 ,106 ,256 260 860 614 14 25 185 19 ,459 ,337 ,936 515 471 ,828 372 964 687 16 27 212 20 ,656 • 415 ,802 ,165 .013 ,591 670 1109 791 19 29 246 22 ,890 ,680 .450 ,703 ,015 ,152 890 1262 ,175 902 948 21 ,899 33 ,620 278 794 23 ,618 1 ,296 352 65 27 259 ,625 ,500 ,309 ,816 423 ,315 62 400 29 ,600 331,,315 Inventories (2) Farm b u s i n e s s N o n f a r m noncorp. business Nonfinancial corporations 24 Consumer durables (households) 25 Land at market value H o u s e h o l d s S n o n p r o f i t insts. 26 Farm b u s i n e s s 27 Nonfarm noncorp. business 28 29 Nonfinancial corporations 30 F i n a n c i a l institutions 232,,396 31 ,800 18 ,346 182 ,250 1976 ,755 ,091 • 422 ,444 ,242 ,556 7 Plant and equipment (1) Nonprofit i n s t i t u t i o n s 8 9 Farm business 10 N o n f a r m noncorp. business Nonfinancial corporations 11 Financial institutions 12 20 21 22 23 1975 240, 310 31 ,100 19, 134 190, 076 257 804 35, 400 21, 671 200,.733 285 ,593 44, 300 24, 014 217, 279 343 ,730 372 ,434 393,,731 424, 684 470,,500 544,,179 559 ,774 150 • 331 172 ,378 124 , ,630 108 879 3 ,556 578, 639 157, 790 176,,962 128, 688 111 ,,511 3,,688 617, 240 174, 384 188 866 135, 600 114, 462 3, 928 688, 242 194..078 212, 725 154- 366 122, 787 4, 286 817,, 127 230 012 2 6 7 158 180,,207 135,,130 4,,620 928,- 397 261 ,774 296, 963 206. 440 157, 915 5, 305 1820, 638 788, 951 224, 525 354, 8 4 3 433, 8 6 7 18, 4 5 2 2004, 313 877, 8 5 7 240 908 390, 632 473, 942 20, 974 428 ,828 64, 300 27, 281 337, 247 595, 699 1 2 3 4 5 6 652, 753 24 1023, 297 280, 640 343, 289 230- 078 163, 816 5, 474 1199, 952 338, 077 414, 290 264, 035 177, 545 6, 005 25 26 27 28 29 30 3241,,238 1394,,204 420,,987 641 -967 74 9,, 153 34,,927 3655,,121 1590,,247 499 ,785 716,,372 810,• 047 38,,670 31 32 33 34 35 36 Memo: 31 Total real estate H o u s e h o l d s & n o n p r o ' i t insts. 32 Farm b u s i n e s s 33 Nonfarm n o n c o r p . business 34 35 Nonfarm nonfin. corporations 36 Private finan. i n s t i t u t i o n s (1) At current cost. (2) At y e a r - e n d p r i c e s . Data are in m i l l i o n s of d o l l a r s . 1715,,665 746 ,934 217,,097 334,.432 400 463 16,,739 2230,,695 980, 222 268,.703 444,• 125 513, 962 23, 683 2577,,409 1132 ,182 329 ,156 515,,357 5 7 4 • 294 26,,420 2985,,631 1293, 192 369 480 592, 280 699,,236 31 ,443 March 1991 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s Distribution of Tangible Assets by Sector ^ ~j Year-End Outstandings Year-End O u t s t a n d i n g s 1977 1978 1979 1980 6319- 728 2614- 292 6/7- 486 953 ,995 1993- 945 80, 010 7404 -909 3077 .067 797: 878 1136, 511 2305- 779 87, 674 8497- 439 3505, 641 927- 298 1353- 8 8 5 2613, 313 97,,302 9578- 943 3874. 8 7 7 1022, 056 1587, 8 4 7 2983. 280 110, 8 8 3 7 8 9 10 11 12 1895 798 141 •601 114. 559 219,• 394 1349 • 279 70,,965 2199, 699 167, 725 133-• 912 260 593 1557 .408 80 061 2459,.108 175, 421 149 8 3 8 291 •8 9 6 1752, 240 89, 713 2807, 4 2 7 193, 8 4 8 167, 397 336 461 2007, 110 102,• 611 13 14 15 16 17 18 19 1785 - 154 1296 • 125 30 ,820 43 .801 384 ,099 27 ,591 2 ,718 2095 .090 1527,,137 35 ,898 49 ,624 448 ,918 32 ,111 1 ,402 2407 . 398 1734 013 41 ,359 54 .431 540 ,884 35 ,357 1 ,354 2676, 405 1902 8 6 0 46 ,487 59 241 628 290 38 190 1 ,337 1 2 3 4 5 6 23 505 59 29 416 24 725 ,497 25 26 27 28 29 30 1407 ,596 420 ,249 459 ,826 321 ,048 200 ,146 6 ,327 20 21 ,683 • 300 ,454 ,929 588 73 32 481 ,241 ,700 ,724 ,817 8 2 0 ,462 1701 ,417 525 • 845 540 ,642 394 ,276 234 ,443 6 .211 674 80 34 559 ,837 ,700 ,882 ,255 925 ,294 2 0 3 0 ,802 629 ,554 642 ,329 486 ,223 266 ,461 6 ,235 739 84 33 620 ,312 500 ,996 ,816 1981 1982 1983 1984 12013- 8 5 7 Total h o l d i n g s of t a n g i b l e s H o u s e h o l d s S n o n p r o f i t insts. 4894 •553 895, 162 Farm b u s i n e s s Nonfarm noncorp. business 2219, 481 Nonfinancial corporations 3843, 923 Financial institutions 160- 738 1 2 3 4 5 6 10824- 436 4268- 701 984. 468 1934, 297 3501 •990 134, 980 11415- 8 1 3 4614 ,510 992, 121 2061 •311 3605, 531 142, 340 3175,• 130 212-• 434 181 ,• 202 391 ,737 2 2 7 3 365 116, 392 3348 274 217, 772 181 ,865 420 209 2403, 043 125, 385 3450, 406 233, 395 184. 328 435, 059 2465, 263 132, 361 3630 176 Plant and equipment (1) Nonprofit institutions 246, 302 Farm b u s i n e s s 183, 017 Nonfarm noncorp. business 455,•239 Nonfinancial corporations 2596 • 068 Financial institutions 149, 550 7 8 9 10 11 12 2 9 2 8 454 2062- 051 50, 956 63 118 710 350 40 • 580 1 • 399 2893 .937 2017.,467 50 559 61 ,8 7 2 722 ,790 39 ,828 1 ,421 3112. 749 2187, 547 53, 263 63,• 752 765,• 267 41 587 1 ,333 , 3308 • 357 R e s i d e n t i a l s t r u c t u r e s (1) Households: owner-occupants 2316,,297 Nonprofit institutions 56, 649 Farm business 65,• 618 Nonfarm noncorp. business 824 • 875 Nonfinancial corporations 43 505 Real estate invest, trusts 1 ,413 , 13 14 15 16 17 18 19 10604, 750 4 2 5 7 , 978 1026, 434 1837- 8 1 9 3356- 918 125- 601 788 81 33 673 ,988 ,554 , ,496 ,938 771 79 33 659 ,459 ,248 , 120 ,091 787 79 33 674 ,190 ,365 • 617 ,208 858 80 36 740 ,166 I n v e n t o r i e s (2) ,860 Farm b u s i n e s s Nonfarm noncorp. business ,407 Nonfinancial corporations ,899 durables 20 21 22 23 ( h o u s e h o l d s ) 24 1019 ,969 1096 ,474 1141 ,689 1206 ,882 1285 ,977 Consumer 2335 830 711 • 713 710 ,918 589 • 100 317 ,164 6 ,935 2 6 1 5 ,704 8 3 6 .063 700 ,560 702 ,236 369 ,035 7 ,810 2669 841 661 758 400 8 ,077 ,214 ,483 ,178 ,028 ,174 2858 933 664 827 424 8 ,586 .423 ,676 ,368 .473 ,646 2931 ,181 Land at market value H o u s e h o l d s S n o n p r o f i t insts. 989 ,328 Farm b u s i n e s s 565 ,667 Nonfarm noncorp. business 902 .960 Nonfinancial corporations 463 ,451 Financial institutions 9 ,775 ,362 ,898 ,653 ,019 ,766 ,026 7300 3107 812 1744 1583 53 ,465 437 ,110 ,349 ,428 , 141 7769 3386 821 1867 1637 56 ,204 ,228 ,797 ,172 ,661 ,346 8140 3585 727 2019 1745 62 25 26 27 28 29 30 Memo: 31 32 33 34 35 36 4206 ,919 1877-585 556 ,547 837 ,209 894 ,110 41 ,468 4988 2244 655 1002 1042 42 ,241 ,477 ,968 ,718 .543 ,535 5737 2566 767 1201 1157 43 ,374 ,976 ,792 ,787 ,139 ,680 6482 2839 850 1420 1324 47 ,742 • 494 ,109 ,872 ,800 ,467 7206 3143 851 1655 1503 52 ,384 Total real estate H o u s e h o l d s S n o n p r o f i t insts. ,324 Farm b u s i n e s s .740 Nonfarm noncorp. business ,341 Nonfarm n o n f i n . c o r p o r a t i o n s • 630 Private finan. institutions ,349 CI) At current c o s t . (2) At year-end p r i c e s . Data are in m i l l i o n s of d o l l a r s . 31 32 33 34 35 36 March 1991 T a n g i b l e Asset H o l d i n g s Tangible Asset H o l d i n g s 1 8 Distribution Year-End of T a n g i b l e A s s e t s by Sector Outstandings Year-End Outstandings 1985 1 Total holdings of tangibles 2 H o u s e h o l d s S n o n p r o f i t insts. 3 Farm business 4 Nonfarm noncorp . business 5 Nonfinancial corporations 6 Financial institutions 1986 1987 1988 198 9 1990 12529 5187 800 2370 3992 178 ,545 ,431 ,930 ,320 ,822 ,042 13253,,048 5624, 8 1 3 755, 541 2514, 609 4150, 772 207 ,313 14241 ,283 6169 ,317 761 ,097 2696 ,682 4380,,424 233 ,763 15054 6559 800 2788 4634 270 ,407 ,395 ,819 ,706 ,899 -588 16017 7057 833 2940 4873 312 ,250 ,278 ,231 ,716 ,847 ,178 16241 7075 870 2920 5031 343 ,637 ,983 ,550 -293 .502 ,309 7 Plant and equipment (1) 8 Nonprofit i n s t i t u t i o n s 9 Farm business 10 Nonfarm noncorp . business 11 Nonfinancial corporations 12 Financial institutions 3771 254 175 475 2700 165 ,680 ,353 ,723 ,690 ,543 ,371 3949, 846 264- 202 170, 779 492, 282 2829, 7 95 192 , ,788 4149,450 278 ,978 168 ,221 518 ,213 2 9 6 7 ,240 216 ,798 4377 290 162 542 3129 251 ,287 ,585 ,890 ,912 ,356 ,544 4633 309 166 571 3294 290 ,006 ,489 ,511 ,581 , 622 ,803 4810 316 166 582 3426 319 ,996 , 115 ,195 , 774 ,321 ,591 13 R e s i d e n t i a l s t r u c t u r e s (1) 14 Households: owner-occupants 15 Nonprofit institutions 16 Farm business 17 Nonfarm noncorp . business 18 Nonfinancial corporations 19 Real estate invest. trusts 3482 ,951 2436 ,413 59 ,431 65 ,960 8 7 4 ,619 44 ,866 1 ,662 3686 ,952 2603 , 104 61 ,701 65- 749 908 ,664 45, 743 1 ,991 4050 , 130 2 8 7 7 ,847 67 ,126 68 • 099 985 ,833 48 ,761 2:,464 4234 ,832 3041 ,797 68 ,667 67 ,373 1005 ,163 48 ,998 2,,834 4546 3282 72 69 1067 51 2 ,042 ,492 ,888 , 127 ,064 ,552 ,919 4603 ,871 3347 ,875 72 ,521 68 •452 1061 ,337 50 ,103 3 ,583 13 14 15 16 17 18 19 8 6 3 ,542 71 ,4 78 38 ,842 753 853, 268 66 -277 37, 876 749, 115 918,,887 65,,520 41 ,,672 811 ,,695 1397 ,669 1534, 091 3013,703 1039 ,565 48 7 ,769 981 ,169 494,191 11 ,009 , 8471 ,,016 3764,-453 65 0 ,006 i 2164, 881 1821 ,547 70,• 129 20 21 23 Inventories (2 ) Farm business Nonfarm noncorp . business Nonfinancial corporations 24 Consumer durables (households) 25 Land at market value 26 H o u s e h o l d s S n o n p r o f i t insts. 27 Farm business 28 Nonfarm noncorp . business 29 Nonfinancial corporations 30 Financial institutions 996 71 45 880 77 1 2 3 4 5 6 7 8 9 10 11 12 ,497 ,422 : ,063 •012 1050 •812 ,886 48 ,014 924,,912 1062 76 48 938 ,741 ,215 ,308 ,218 20 21 1663,,739 1805,,623 1933,,809 2023 ,652 24 3228, 891 1161 •715 452, 736 1075 •787 526, 119 12, 534 3459,• 077 1281 ,,627 459,,257 1150, 964 552, 728 14,,501 3640,168 1352,,723 ,134 499 , 1 195 •568 576 •533 16,,210 3853,,581 1458,• 600 519,,707 1254,,057 602,•761 18,• 456 3740 1315 559 1227 616 20 ,377 ,820 ,688 ,874 ,860 ,135 25 26 27 28 29 30 8951 , 175 4062, 615 614 ,740 2305, 933 1888, 364 79, 523 9656, 032 4475,,145 625,• 020 2480, 292 1983, 797 91 ,778 10107,•380 4720 565 663,• 766 2559 ,• 771 2060, 803 102, 475 ,291 ,512 • 000 ,365 ,196 ,218 31 32 33 34 35 36 23 Memo: 31 Total real estate H o u s e h o l d s S n o n p r o f i t insts. 33 Farm business 34 Nonfarm noncorp . business 35 Nonfarm nonfin. c o r p o r a t i o n s 36 P r i v a t e finan. i n s t i t u t i o n s CI) At current cost. (2) At year-end prices. Data are in m i l l i o n s of dollars. 10758,,013 5088,,091 688 •037 2701 ,,585 2163,,203 117,,097 10747 5015 725 2674 2204 128 March 1991 Households Households S e c t o r B a l a n c e Sheet with Tangible Assets at Current Cost ]_ 9 Year-End O u t s t a n d i n g s 1945 Year-End Outstandings 1946 1947 1948 Households, Personal Trusts, 1 140 • 257 167, 369 204, 996 235 •. 189 2 3 4 5 6 7 126 • 171 73 ,512 70 • 169 3 343 6 .449 46 ,210 150, 283 88 ,8 8 2 85- 075 3 ;8 0 7 8 230 53, 171 183- 989 108, 8 2 4 104. 520 4 ,304 10, 036 65, 129 211 124 119 4 10 76 8 9 10 14 • 086 12 ,630 1 .456 17-• 086 15,• 313 1, 773 21 •007 18, 8 1 4 2, 193 , 224 ,115 ,611 •504 -855 ,254 23 ,965 21 ,530 2 ,435 1949 1950 1951 1952 and N o n p r o f i t O r g a n i z a t i o n s 2 5 8 .429 305, 993 346 ,847 373 ,694 T a n g i b l e .427 570 ,997 ,573 ,291 ,566 275, 981 154 ,8 3 5 150- 019 4, 816 12, 957 108, 189 312 173 168 5 14 124 337 187 182 5 15 133 26 ,002 23 ,399 2 ,603 30- 012 27- 003 3, 009 232 154 129 4 11 86 ,998 •777 •748 029 ,806 ,415 33 ,849 30 ,375 3 ,474 ,106 ,327 ,250 • 077 ,790 ,989 36 ,588 32 ,805 3 ,783 556 ,371 592- 310 623, 426 640 ,842 658 ,689 727, 396 787 ,957 831 , 153 Total 12 13 14 15 16 197 ,139 55 ,797 50 098 206, 409 59, 562 56- 423 209- 654 58- 130 59, 8 5 7 211 ,404 55 ,378 62 ,071 213 ,198 53 ,516 64 ,629 219, 626 55, 977 67, 079 229 ,199 60 ,112 71 ,896 247 , 143 62 ,130 79 , 646 157 156 ,087 428 ,935 ,306 ,813 90, 268 64 ,963 44, 151 23- 970 - 3 , 158 91 -• 462 64 ,8 7 0 46, 236 21 ,8 8 7 - 3 , 253 93 65 47 20 -3 3, 8 1 7 7, 765 13, 658 65 4 ,458 7, 063 14, 998 73 4 ,629 7 ,111 16 , 150 158 91 66 42 26 -2 22 23 24 25 3 ,869 8 .605 12 , 151 34 205 financial assets D e p o s i t s 8 cr. mkt. instr. C h e c k a b l e d e p o s i t s 8 curr. Small time 8 savings dep. M o n e y market fund shares L a r g e time d e p o s i t s 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 328 2 78 ,725 ,109 ,300 ,898 ,089 96, 292 66, 244 49, 552 19, 765 -3, 073 96 65 49 18 -2 3 ,724 6 ,824 16 ,863 205 5 465 6, 764 17, 531 288 5 ,740 6 ,973 18 ,425 420 10 957 6 ,970 19 ,089 466 Tax-exempt obligations C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 22 23 24 25 170 ,429 3 ,931 166 ,498 C o r p o r a t e equities M u t u a l fund shares Other c o r p o r a t e e q u i t i e s 26 27 28 Life i n s u r a n c e r e s e r v e s P e n s i o n fund r e s e r v e s 29 30 Equity 31 252 ,703 655 ,837 ,921 ,103 1 Land Owner-occupied Nonprofit institutions 11 17 18 19 20 21 assets R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing Nonprofit institutions N o n p r o f i t plant 8 equip. C o n s u m e r durables 94 67 49 20 -3 309 882 ,324 • 081 ,915 ,672 26 27 28 111 ,530 1 ,264 110 ,266 103- 387 1 •2 9 7 102, 090 101 ,249 1 •4 1 2 99, 8 3 7 100 ,136 1 ,515 98 ,621 109 .445 3 ,070 106 ,375 133,•663 3, 344 130, 319 156 ,293 3 ,481 152 ,812 29 30 39 .560 12 ,255 43- 360 13, 517 46 510 15, 770 49 ,353 18 ,226 52.,104 21,,051 55, 049 24, 254 57 ,777 27 ,820 370 104 67 49 20 -2 997 ,515 ,173 ,734 ,392 60 • 665 32:,595 Credit market instruments U.S. govt. s e c u r i t i e s S a v i n g s bonds Other T r e a s u r y issues A g e n c y issues 31 188 ,942 217, 8 5 0 241 ,991 253 ,082 253,,832 306 ,699 309:,604 32 33 694 6 ,251 733 7, 054 660 7,•592 654 7 ,987 702 8 ,357 971 8, 692 893 9 ,276 714 10:,003 34 696 ,628 759- 679 828, 422 8 7 6 ,031 917:,118 1033,389 1134 ,804 1204 : ,847 Total 285,• 141 in n o n c o r p . business S e c u r i t y credit M i s c e l l a n e o u s assets 35 33 ,656 37, 811 45, 974 54 ,013 62 ,555 75, 656 84 ,544 96:,932 Total 36 37 38 39 40 41 27 ,653 18 ,000 500 34, 2 4 2 21, 607 642 42- 5 8 8 26, 266 831 50 ,780 30 ,862 1 ,130 58 ,948 35: 284 1 ,515 : 71, 179 41,998 1, 978 80 • 031 48 ,622 2 ,490 92. 068 54: 8 3 4 2: 953 2 ,607 4 ,167 4 •435 5,• 286 7, 092 6,. 158 9 ,514 6 ,805 12:,232 7,, 156 15, 503 8, 4 6 2 16 ,220 9 ,149 20:• 4 7 0 10:• 073 42 43 301 2 ,078 264 2,,008 191 2,.050 287 2 ,182 380 2,,381 667 2, 571 785 2.,765 836 2,• 902 44 45 4 ,861 504 2,•195 671 1,• 831 771 1 ,547 851 1..819 884 2, 519 951 2 ,393 1 .034 2: 569 1 ,133 , 46 638 •703 784 835 904 1, 007 1 ,086 1.,162 8 2 2 ,018 854, 5 6 3 957, 733 1050 ,260 141,,141 .153, 396 177, 022 199 ,123 23.0% 23.7% 24.4% 17 18 19 20 21 32 33 assets 34 liabilities 35 Credit market i n s t r u m e n t s Home m o r t g a g e s Other m o r t g a g e s T a x - e x e m p t debt Installment cons, credit Other consumer credit Bank loans n . e . c . O t h e r loans S e c u r i t y credit Trade credit D e f e r r e d and unpaid life insurance premiums 47 662 • 972 721, 86P 782, 448 48 82 ,799 100, 388 123, 334 49 2 1.7% 2]1.5% 50 10 ,901 15,-353 15, 948 17, 087 17, 646 19, 724 22,,026 231 2 0 5 Total nonprofit 51 31 ,662 35, 723 38, 154 38, 100 37, 424 40, 156 41, 8 6 7 I n v e n t o r i e s of n o n d u r a b l e goods, 42, 178 not included in totals above 1107,,915 Net w o r t h 36 37 38 39 40 41 42 43 44 45 46 47 Memo: Data are in m i l l i o n s of d o l l a r s . 21, .2% 2]i .8% 215,,055 Total o w n e r - o c c . real estate H o m e m o r t g a g e s as percent of 25.4% o w n e r - o c c . real estate real estate 48 49 50 51 March 1991 Households Households Sector Balance Sheet with T a n g i b l e A s s e t s at C u r r e n t Cost 20 Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1953 1954 1955 1956 1957 H o u s e h o l d s . P e r s o n a l T r u s t s , and N o n p r o f i t 1 Tangible 2 3 4 5 6 7 8 9 10 Land Owner-occupied Nonprofit institutions 11 Total 12 13 14 15 16 assets R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing Nonprofit institutions N o n p r o f i t plant 8 equip. Consumer durables f i n a n c i a l assets D e p o s i t s 8 cr. mkt. instr. C h e c k a b l e d e p o s i t s 8 curr. Small time 8 savings dep. M o n e y market fund shares Large time d e p o s i t s 17 18 19 20 21 Credit market i n s t r u m e n t s U.S. govt, s e c u r i t i e s S a v i n g s bonds Other T r e a s u r y issues A g e n c y issues 22 23 24 25 Tax-exempt obligations C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 26 27 28 Corporate equities M u t u a l fund shares Other c o r p o r a t e e q u i t i e s 29 30 Life insurance reserves P e n s i o n fund reserves 31 Equity 32 33 S e c u r i t y credit M i s c e l l a n e o u s assets 34 T o i l in n o n c o r p . business assets 1958 397 ,837 422 ,088 4 6 0 ,448 504 ,056 526 ,747 551 ,987 358 199 194 5 16 142 379 482 214 ,825 209 ,632 5 ,193 17 577 147 ,080 413 236 231 5 19 157 4 4 7 ,763 253 ,796 248 ,279 5 ,517 22 • 090 171 ,877 466 266 261 5 23 176 488 281 275 5 25 181 ,709 ,234 • 135 099 ,502 ,973 39 , 128 34 ,944 4 ,184 42 ,606 37 • 734 4 ,872 328 ,374 ,005 ,369 ,639 ,315 ,813 ,961 ,335 ,626 ,677 ,175 ,188 197 ,396 .801 ,029 ,962 67 ,989 58 ,298 9 ,691 78 ,103 8 67 246 9 10 • 8 5 7 10 1330 ,527 1362 ,650 11 1037 ,588 1102 ,114 1104 ,057 1256 ,086 291 ,229 65 ,891 105 ,876 309 524 67 ,592 115 ,452 326 ,770 66 ,475 127 ,498 343 8 2 5 68 ,632 141 ,577 13 •873 7,,031 20 .081 854 1 2 3 4 5 6 7 63 ,799 55 ,079 8 ,720 946 ,070 309 ,612 ,390 ,966 ,469 ,045 611 ,811 533 .708 311 ,904 305 ,663 6 ,241 28 148 193 ,656 59 ,934 52 ,267 7 ,667 273 ,024 64 ,948 97 ,155 110 66 49 18 -2 581 ,117 513 ,128 297 ,525 291 • 490 6 ,035 26 ,594 189 ,009 56 ,293 49 ,656 6 ,637 261 ,653 63 ,229 8 7 ,899 354 1960 47 ,120 41 ,581 5 ,539 8 4 8 ,214 110 ,171 68 ,332 49,371 21 ,109 -2., 148 1959 Organizations 190 119 69 50 20 -1 ,272 ,623 ,229 ,911 ,517 1 126 71 50 22 -1 ,479 ,464 ,135 ,375 ,046 -114 132 73 48 25 ,911 ,254 ,226 • 077 -49 133 69 47 22 368 ,338 71 ,559 153 • 087 389 ,326 12 73 ,206 13 164 ,855 14 15 - 1 8 16 -280 -426 ,896 ,885 • 703 ,382 -200 144 ,118 74 ,505 45 ,907 26 ,868 1 ,730 151 ,303 73 ,965 45 ,642 27 ,289 1 ,034 17 18 19 20 21 31 ,007 10 ,899 33, 426 2, 006 22 23 24 25 15 ,964 6 ,162 21 ,214 882 19 ,174 6 ,872 22 ,476 1 ,127 21 ,900 7 ,846 24 ,059 1 ,210 23 ,851 8 ,494 25 ,997 1,,315 24 ,616 9 ,673 28 ,562 1 ,160 • 28 ,362 10 ,238 30..659 354 235 ,019 6 ,109 228 ,910 286 ,293 7 ,838 278 ,455 305 ,087 9 ,046 296 ,041 267,,382 8 ,714 258,,668 373 ,311 13,,241 360,,070 401 ,,991 15,,818 386 ,173 395 .457 26 17 ,026 27 378 , ,431 28 63, 647 37, 479 66 ,349 42 ,654 69 ,254 50,546 72 ,724 56 ,590 75 462 62,,678 78 ,535 72 ,716 81 ,956 8 2 ,410 85 , 184 29 90 ,818 30 311 ,704 317,,058 327,,954 345,,574 358,,830 374 , ,226 382 ,022 387 ,431 31 708 10, 609 1 ,020 , 10,-946 899 11 ,413 882 ,733 11 , 894 12,.041 1 .156 , 12, 317 989 12,.821 1, 137 32 13,.297 33 1246. 051 1368,158 1498, 036 1606 , 170 1630, 8 0 4 1808, 073 1911,,644 162,,414 . 146 4, 158,,268 1974, 461 34 35 Total l i a b i l i t i e s 110, 104 122, 298 143, 002 159, 2 7 7 171 ,754 184, 640 207, 493 225, 129 35 36 37 38 39 40 41 104, 606 62 ,458 3, 4 4 2 115, 528 71, 144 4, 034 135, 323 83; 305 4, 624 151 ,305 94, 538 5, 299 163- 8 8 8 103, 419 6, 041 175- 340 112, 8 8 0 6 •8 2 4 197, 787 125. 685 7, 602 24, 254 10, 382 24, 891 11, 095 30, 269 12, 706 33, 171 13, 434 35- 4 4 3 13, 801 35, 339 14, 186 41 , 123 16, 119 215, 226 36 137, 348 37 8, 432 38 39 45, 051 40 16, 222 41 940 3, 130 989 3, 375 814 3, 605 971 3, 8 9 2 829 4, 355 1 ,290 4, 821 1, 8 2 5 5, 433 1 ,921 42 6, 252 43 3, 032 1, 212 4, 131 1, 298 4, 816 1 ,381 4, 773 1, 530 4 ,365 1 ,658 5, 5 2 2 1 ,8 0 9 5, 536 1, 983 5, 398 44 2, 126 45 1 ,254 1, 341 482 1, 669 1, 8 4 3 1, 969 2, 187 2, 379 46 1135- 947 1245, 8 6 0 1355, 03'. 1446, 8 9 3 1459, 050 1623, 433 1704, 151 1749, 332 47 229, 079 247, 366 2 7 2 , 586 2 9 7 , 935 .313, 602 330, 4 75 349, 788 372, 909 48 27 .2% 281.7% 301.526 32 .9 X 34 .1% 35 .9% 36 .8% 49 24, 129 25, 8 1 5 28, 498 31, 917 34, 396 36, 755 39, 293 42, 055 50 43, 110 43, 428 4 5 , 148 4 7 , 431 48, 467 4 9 , 031 51, 268 53, 054 51 Credit market i n s t r u m e n t s Home m o r t g a g e s Other m o r t g a g e s T a x - e x e m p t debt Installment cons, credit Other consumer credit 42 43 44 45 46 Bank loans n.e.c. Other loans S e c u r i t y credit Trade credit Deferred and unpaid life insurance p r e m i u m s 47 Net worth Memo 48 Total o w n e r - o c c . real estate Home m o r t g a g e s as percent of 49 o w n e r - o c c . real estate 50 Total nonprofit 51 real estate Inventories of n o n d u r a b l e g o o d s , not included in totals above Data are in m i l l i o n s of d o l l a r s . 31 . 7% March 1991 Households 21 Sector Balance Sheet with T a n g i b l e Assets at Current Cost Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1961 1962 1963 1964 1965 1966 H o u s e h o l d s , P e r s o n a l T r u s t s , and Nonprofit 1967 1968 Organizations 1002, 422 T a n g i b l e assets 1 633, 963 659,,496 684, 8 8 5 727, 082 766,.263 844, 294 899, 2 3 4 5 6 7 551 ,749 324 • 568 318 -004 6 ,5 6 4 30: 386 196 •795 573 4 66 338 • 117 330 ,988 7 ,129 33.,032 202 -317 595, 972 347, 397 339,>884 7 513 35, 774 212,,801 632- 338 369, 8 9 6 361 ,593 8, 303 38, 729 223,• 713 666, 696 387 8 5 3 378 ,819 9 034 42, 782 236, 061 724, 631 418, 458 408- 411 10. 047 47, 686 258, 48 7 774- 791 440-• 261 429, 580 10, 681 51, 320 283, 210 864,• 190 492,,374 480, 332 12-• 042 57 599 314,•217 R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing Nonprofit institutions N o n p r o f i t plant 8 e q u i p . C o n s u m e r durables 8 9 10 8 2 • 214 69 ,961 12,,253 86 .030 72 -817 13 ,213 8 8 913 74 ,774 14, 139 94, 744 79,.550 15, 194 99 5 6 7 8 3 .340 16,,227 119. 663 102-• 105 17, 560 125, 098 107,• 395 17,• 703 138, 232 120,.083 18, 149 Land Owner-occupied Nonprofit institutions 11 1515,• 470 1501,,829 1640 4 0 2 1765, 168 1921 ,358 1943,• 902 2185 • 462 12 13 14 15 16 410 • 185 • 825 71 , 182 946 471 ,,326 75, 8 1 5 234, 216 508 573 81,.060 259, 762 5 4 9 091 8 8 ,533 287 ,032 588, 662 90, 959 305, 172 216 590 17 18 19 20 21 155, 200 73, 2 6 7 46, 445 26, 2 3 0 592 157 999 74 ,779 46 .968 27, 575 236 ,506 573 ,662 ,192 32..087 9 575 38 766 2, 792 22 23 24 25 32 10 36 2 4 3 8 • 497 • 227 71 , 208, 681 1 ,2 9 0 2- 003 160. 005 73 .996 48,• 149 25,,946 -99 165- 748 75, 138 49,• 060 25,,833 245 32, 094 9, 602 40, 250 4 .063 , 34, 8 5 4 9,,098 41 ,747 4,.911 638,• 147 100- 8 0 8 339,• 729 2436,,702 Total 692,• 209 111 • 773 366, 313 8, 568 1 f i n a n c i a l assets D e p o s i t s 8 cr. mkt. instr. C h e c k a b l e deposits 8 curr. Small time 8 savings dep. M o n e y market fund shares Large time deposits 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2,,647 3, 620 4,• 290 170 8 7 9 77 ,334 49 •695 26 ,507 1 ,132 • 188 911 86, 380 50- 249 30, 281 5, 8 5 0 193,• 320 86,• 779 51 ,• 219 29, 295 6,.265 205 555 90,• 521 51 ,,866 32 535 6,. 120 38, 208 14, 619 45, 989 7, 725 36, 490 19 8 2 5 48 .448 10,,275 Tax-exempt obligations C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 22 23 24 25 36 9 42 5 ,531 ,040 , 186 ,788 41 ,• 151 10 362 44, 191 6, 8 2 7 Credit market i n s t r u m e n t s U.S. govt. securities S a v i n g s bonds Other T r e a s u r y issues A g e n c y issues 17 18 19 20 21 26 27 28 500 .803 22 ,875 477 ,928 437,,092 20 909 416 . 183 513, 512 24 ,8 1 8 488 ,694 564, 137 28 • 447 535,,690 634 903 34 ,410 600 ,493 574, 770 33, 8 5 0 540, 920 719,•291 42,• 972 676 519 8 5 6 ,467 49,,529 806, 958 C o r p o r a t e equities M u t u a l fund shares Other corporate e q u i t i e s 26 27 28 29 30 88 ,631 103 ,655 92 ,398 109 ,638 96 635 123 ,201 101 • 051 139,,230 105,,876 155 ,494 110 570 165, 127 115,535 187,•312 120, 324 209,,055 Life insurance reserves P e n s i o n fund reserves 29 30 Equity 31 31 397 ,178 408 ,677 419,,676 434, 798 456 ,4 78 483, 8 4 4 500, 386 529, 965 32 33 1 ,192 13 ,826 1 ,226 14 ,301 1 ,222 , ,830 14 , 1 ,669 , 15, 710 2 .533 16 ,983 2, 730 18,•199 4, 943 19, 848 7,,059 21 ,645 34 2149 ,433 2161 ,325 2325, 2 8 7 2492, 250 2 6 8 7 ,621 2 788,,196 3085,• 351 in noncorp. business S e c u r i t y credit M i s c e l l a n e o u s assets 3439,, 124 Total assets 32 33 34 35 242 ,999 264 ,475 293, 716 323,,267 354,,165 377,,983 403,•077 438,,980 Total l i a b i l i t i e s 35 36 37 38 39 40 41 231 4 9 7 149 •541 9 ,301 252 ,811 163 ,301 10 ,288 279, 709 179, 8 6 4 11 , .257 309,• 040 197,,315 12, 258 338 ,733 2 1 4 ,287 13 ,396 362,• 142 228,•453 14,,562 382,• 758 240,•744 15,.626 414 ,918 257,.666 16,,701 46 ,027 17 ,434 50 ,994 18 ,368 57: 8 2 9 20, 069 65,• 572 21 ,8 0 8 73, 881 23,,628 79,• 339 24, 110 83,• 148 25,• 448 ,681 91 , 27, 675 36 37 38 39 40 41 42 43 2 ,217 6 ,977 2 • 116 7 ,744 2, 283 8 • 407 2, 932 9,• 155 3, 571 9,,970 3. 737 11 ,941 4, • 530 13,•262 5, 8 8 0 15, 515 44 45 6 ,736 2 ,254 6 ,610 2 ,387 8 567 2, 587 8, 362 2, 826 9 • 098 3, 031 9, 025 3, 157 12, 709 3, 663 -627 15 • 4,.133 46 2 ,512 2 ,667 2, 8 5 3 3, 039 3,,303 3, 659 3, 947 4, 302 47 1906 ,434 1896 ,850 2031, 571 2168, 983 2333, 456 2410, 213 2682, 274 Credit market instruments Home m o r t g a g e s Other m o r t g a g e s T a x - e x e m p t debt Installment cons, credit Other consumer credit Bank loans n.e.c. Other loans S e c u r i t y credit T r a d e credit D e f e r r e d and unpaid life i n s u r a n c e premiums 3000,. 144 Net worth 42 43 45 46 47 Memo: 600, 415 T o t a l o w n e r - o c c . real estate H o m e m o r t g a g e s as percent of 42 . 9% o w n e r - o c c . real estate 48 387,965 403 ,805 414, 658 441 , 143 462, 159 510, 514 536, 975 49 38.5% 40.4% 43.3% 44.7% 46.3% 44.7% 44.8% 50 45 ,839 49,,822 53 ,668 58, 2 1 7 63, 747 70, 602 74- 639 82, 395 Total nonprofit 79, 139 I n v e n t o r i e s of n o n d u r a b l e goods, not included in totals above 86, 692 51 54,,275 Data are in m i l l i o n s 56, 692 of dollars. 58, 990 62, 654 67, 463 73, 918 real estate 48 49 50 51 M a r c h 1991 Households Households 2 2 Sector Year-End Balance Sheet with Tangible Assets Year-End assets 1411 ,761 1 6 1 0 ,115 1 8 4 6 ,295 1999,,707 2253, 408 1 1217,,683 704,,217 687 415 16,,802 88,,782 4 2 4 ,684 1380 811 791 19 98 470 1584 924 902 21 115 544 1719,.067 1002, 4 8 2 978,,640 23. 8 4 2 120,,886 595,,699 1915, 331 1132- 8 3 5 1106,• 144 26,.691 129, 743 652, 753 2 3 4 5 6 7 157 ,790 137 ,968 19 ,822 174 ,384 153 ,584 2 0 ,800 194 0 7 8 171,,854 22, 2 2 4 2 3 0 ,012 205 837 2 4 ,175 2 6 1 ,774 2 3 4 ,76b 2 7 ,008 2 8 0 ,640 254,,446 2 6 ,194 338, 0 7 7 309, 720 28, 357 8 9 10 2 4 1 1 ,065 2 4 9 3 ,407 2 7 5 7 ,858 3055, 975 3 0 9 5 ,660 3 0 8 8 ,486 3531 , ,279 3991, 8 7 9 11 7 3 8 ,225 109 ,312 3 8 0 ,693 7 9 0 ,814 117 ,885 4 1 0 .738 8 6 1 ,876 129 ,92b 4 7 8 ,497 9 4 5 ,090 141 ,,742 547,,627 1 0 4 3 ,056 150 ,208 5 8 7 ,155 1143 155 624 2 56 1247,, 126 161, 4 0 9 721 ,0 0 8 3, 696 37,,237 1382,,752 175, 145 8 3 7 , 196 3,.686 2b 699 12 13 14 15 16 150 ,331 131 ,111 19 ,220 assets 17 18 19 20 21 Credit market instruments U.S. govt, securities Savings bonds Other Treasury issues Agency issues Organizations ,091 Land Owner-occupied Nonprofit institutions financial Nonprofit ,707 ,273 ,337 ,936 ,703 ,731 946 537 524 13 64 343 Deposits 8 cr. mkt. instr. Checkable deposits 8 curr. Small time 8 savings dep. M o n e y m a r k e t fund s h a r e s Large time deposits 12 13 14 15 16 and 1103 629 614 14 80 393 1 0 9 6 ,434 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions Nonprofit plant 8 e q u i p . Consumer durables 11 T o t a l Trusts, Outstandings CO 1 Tangible 8 9 10 Cost Outstandings Households, Personal 2 3 4 5 6 7 at C u r r e n t ,103 ,610 ,443 ,167 ,763 ,730 3 ,197 1 1 6 7 ,540 1009 565 551 13 71 372 ,750 ,594 ,874 ,720 ,722 ,434 ,103 130 ,680 450 ,473 ,500 ,521 • 847 948 ,899 ,4 95 ,179 977 ,969 ,385 ,379 ,524 15 ,282 13 ,647 16,,738 39,,125 ,909 ,794 .089 ,762 ,943 239 806 90 ,789 5 4 ,416 21,,748 14 ,625 2 3 8 ,,983 88, 3 3 6 57,,667 21, 771 8, 8 9 8 2 6 6 ,,568 100,,328 60,,354 31,,642 8,,332 3 0 4 ,720 112 ,128 63 ,338 35,,121 13,,669 323, 776 125, 0 8 8 67, 363 49, 4 5 3 8,,272 5 5 ,136 49,,917 4 8 ,838 12,,349 62,,164 5 8 ,591 52,,138 19 ,699 67,,174 68, 2 2 3 55, 301 7.,990 245 106 51 43 11 ,023 ,603 ,770 ,528 ,305 246 100 52 32 15 47 24 50 15 ,244 ,662 ,669 ,845 47 33 51 13 47, 6 8 4 46,• 2 4 7 49, 8 2 5 6,,891 17 18 19 20 21 69,,208 76 -652 59, 696 1, 723 22 23 24 25 22 23 24 25 Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 26 27 28 Corporate equities M u t u a l fund s h a r e s Other corporate equities 7 4 4 ,688 4 5 ,577 6 9 9 ,111 7 2 7 ,152 4 4 ,500 6 8 2 ,652 8 3 0 ,966 5 3 ,006 7 7 7 ,960 918,,369 56,,383 8 6 1 ,,986 707,,256 4 3 ,695 6 6 3 ,561 4 9 1 ,676 31 ,812 4 5 9 ,864 637, 3 6 0 38 749 5 9 8 ,,611 754,,315 2 6 41 ,436 2 7 7 1 2 ,879 2 8 29 30 Life insurance reserves P e n s i o n fund r e s e r v e s 125 ,362 2 1 9 ,770 130 ,703 2 4 0 ,819 137 ,055 2 7 7 ,895 143, 9 3 0 331,,312 151 ,278 3 3 7 ,982 158 ,399 3 4 5 ,327 166, 4 8 3 444,,059 175 ,268 2 9 5 0 7 ,488 30 31 Equity 5 5 4 ,036 5 7 3 ,218 6 1 6 ,529 680,,933 8 1 7 ,098 9 0 8 ,414 991,,231 1 1 2 0 ,322 31 32 33 Security credit Miscellaneous assets 5 ,221 2 3 ,763 4 ,354 2 6 ,347 4 ,886 2 8 ,651 5,,022 31,,319 4 ,866 34,,124 3 ,891 36,,802 4 ,468 40,,552 5 ,730 32 4 6 ,004 33 3 5 0 7 ,499 3 6 6 0 .947 4 0 3 5 ,949 4467, 736 4 7 0 5 ,775 4 9 3 4 ,781 5 5 3 0 ,,986 6 2 4 5 ,287 34 4 7 0 ,266 4 9 2 ,640 5 4 1 ,434 607,,784 680,,419 730,,703 779,,621 8 7 3 ,860 35 4 4 8 ,643 2 7 6 ,225 17 ,884 471 , 7 5 3 290 047 19,,042 516,,911 314,,761 20,,251 577, 635 353, 0 2 7 21, 5 4 7 101 ,161 2 8 ,280 105 ,528 2 8 ,489 118 ,255 31 ,478 133,,173 35,,596 6 5 3 ,597 3 9 6 ,811 22,,640 400 155,,108 38 ,378 7 0 3 ,972 431 4 3 3 23,,736 1,,300 164,,594 3 7 ,885 750,,408 469,,666 24,,775 2,,700 168, 703 38,,881 838 448 529,.438 25,,623 4 ,700 188,,698 41,,735 6 ,794 18 ,299 7 ,74 7 2 0 ,900 9 ,893 22,,273 10,,684 23,,608 14 ,086 2 6 ,174 15 ,640 2 9 ,384 14,,139 31,,544 14 8 6 8 4 2 33,,386 4 3 12 ,225 4 ,710 10 ,445 5 ,324 13 ,109 5 ,978 17,,537 6, 6 3 6 13 ,193 7 ,253 11 ,387 8 ,258 12,,113 9,,356 16,,511 44 10,,526 4 5 4 ,688 5 ,118 5 ,436 5,,976 6 ,376 7 ,086 7,,744 8 ,375 4 6 3 0 3 7 ,233 3 1 6 8 ,307 3 4 9 4 ,515 3 8 5 9 ,- 9 5 2 4 0 2 5 ,356 4 2 0 4 ,078 4 7 5 1 ,,365 5 3 7 1 ,427 4 7 6 5 5 ,554 6 8 9 ,842 7 6 7 ,921 8 5 9 ,,269 9 9 7 ,517 1 1 3 7 ,714 1233,,086 1 4 1 5 ,864 4 8 42.1% 42.0% 40.9% 41.0% 39.7% 37.9% 38.0% 37.3% 49 380 9 9 ,109 109 ,936 120,,953 1 5 4 ,665 1 5 5 ,478 161,,118 174 ,383 5 0 921,994 96 ,649 1 0 0 ,890 108 ,952 121 ,757 1 3 4 ,613 140, 3 1 7 1 5 2 ,061 51 in noncorp. 34 T o t a l assets 35 T o t a l liabilities 36 37 38 39 40 41 business Credit market instruments Home mortgages Other mortgages T a x - e x e m p t debt Installment cons, credit Other consumer credit 42 43 Bank loans n.e.c. Other loans 44 45 Security credit Trade credit D e f e r r e d and u n p a i d insurance premiums 46 47 Net , 144 ,827 ,543 ,601 4 5 ,970 4 3 ,225 4 8 ,873 10,,949 340, 0 2 6 132,• 7 4 7 72, 018 48,.414 12,,315 36 37 38 39 40 41 life worth Memo: 48 Total owner-occ. real estate H o m e m o r t g a g e s a s p e r c e n t of 49 owner-occ. real estate 50 Total 51 nonprofit real estate I n v e n t o r i e s of n o n d u r a b l e g o o d s , not i n c l u d e d in t o t a l s a b o v e Data are in m i l l i o n s of dollars. 91 March 1991 Households Households Sector B a l a n c e Sheet with Tangible A s s e t s at Current Cost 2 ^ Year-End O u t s t a n d i n g s 1977 Year-End O u t s t a n d i n g s 1978 1979 1980 1981 1982 1983 1984 H o u s e h o l d s , P e r s o n a l T r u s t s , and N o n p r o f i t O r g a n i z a t i o n s 1 2614 >292 3077 ,067 3505 ,641 3874 ,877 4 2 5 7 ,978 4268 ,701 4614 ,510 4 8 9 4 ,553 T a n g i b l e assets 1 2 3 4 5 6 7 2194 1326 1296 30 141 725 2551 1563 1527 35 167 820 2876 1775 1734 41 175 925 3163 1949 1902 46 193 1019 3421 2113 2062 50 212 1096 3427 2068 2017 50 217 1141 ,487 ,026 ,467 ,559 ,772 ,689 3681 ,087 2240 ,810 2187 ,547 53 ,263 233 ,395 1206,882 3905 2372 2316 56 246 1285 2 3 4 5 6 7 841 .214 786 ,812 54 ,402 933 ,423 8 7 5 ,019 58 .404 ,043 .945 , 125 ,820 ,601 ,497 ,222 ,035 ,137 ,898 ,725 .462 ,087 ,372 ,013 ,359 ,421 ,294 ,164 ,347 ,860 ,487 848 ,969 • 915 • 007 051 ,956 ,434 ,474 225 • 946 ,297 ,649 ,302 ,977 8 9 10 420 ,249 388 ,837 31 ,412 525 ,845 488 ,684 37 ,161 629 ,554 589 ,564 39 ,990 11 4 3 2 7 ,302 4868 ,242 5 6 2 4 ,627 6550 ,017 7039 ,001 7568 ,142 8 3 4 7 ,952 8 8 7 7 ,489 Total 12 13 14 IB 16 1538 ,548 192 ,181 932 ,686 3. 443 34 ,450 1715 216 998 9 64 ,194 ,799 ,397 ,436 ,898 1932 249 1058 40 72 ,294 ,544 ,176 ,032 ,496 2127 189 260,,339 1140, 680 64 ,878 111 ,935 2357 294 1188 155 125 2579 314 1322 189 100 , 148 ,867 485 ,439 ,761 2870 339 1532 158 78 .333 ,515 ,562 ,350 ,808 3262 355 1685 202 141 ,918 ,823 ,706 ,399 ,926 ,788 ,835 ,7 62 .168 ,905 425 175 80 74 21 ,664 ,824 ,691 ,066 ,067 512 235 79 118 37 ,046 ,941 ,876 ,202 ,863 651 333 68 219 45 ,596 , 144 ,346 ,475 ,323 761 405 71 288 46 ,098 ,827 ,485 274 ,068 877 496 74 343 78 ,064 843 ,515 ,426 ,902 180 32 128 38 ,689 ,633 160 ,739 Tax-exempt obligations C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 22 23 24 25 17 18 19 20 21 375 147 76 59 11 77,,384 71 468 89,,426 37,,827 22 23 24 25 65 ,895 80 ,077 66 ,534 15,,447 69 • 661 73, 8 3 5 75 , 957 30,.387 26 27 28 708 .824 40!• 354 668 .470 704, 952 41 ,079 663, 8 7 3 856, 953 44 797 812,,156 29 30 184! 8 0 2 560, 329 195, 992 661, 515 711 ,713 666 ,001 45 ,712 549 269 72 149 47 ,357 ,563 ,528 ,563 ,472 78, 578 52 ,822 106,,981 41 ,,413 8 3 6 ,063 783 ,579 52 ,484 592 291 68 173 49 ,015 ,345 , 185 • 620 ,986 ,879 ,087 ,190 ,768 ,129 989 328 926 ,519 62 809 R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing Nonprofit i n s t i t u t i o n s N o n p r o f i t plant & e q u i p . C o n s u m e r durables Land Owner-occupied Nonprofit institutions f i n a n c i a l assets D e p o s i t s 8 cr. m k t . instr. C h e c k a b l e d e p o s i t s 8 curr. Small time 8 savings dep. M o n e y market fund shares Large time d e p o s i t s Credit market i n s t r u m e n t s U.S. govt, s e c u r i t i e s S a v i n g s bonds Other T r e a s u r y issues A g e n c y issues 12 13 14 15 16 17 18 19 20 21 128 139 45 972 126, 082 18, 259 156,,264 37,,620 127,,073 34,,314 1164, 509 52,, 059 1112, 450 1104,,995 52,,639 1052,,356 1241 ,.058 66,.696 1174, 362 1421 ,,984 97, 967 1324, 017 1440 ,148 117,,685 1322,.463 C o r p o r a t e equities Mutual fund shares Other corporate equities 26 27 28 206, 692 767, 072 216,.427 916, 065 225, 627 996, 943 232, 799 1179, 220 240, 792 1392, 082 245, 994 1531,.982 Life insurance r e s e r v e s P e n s i o n fund r e s e r v e s 29 30 1784,>529 2037, 217 2261 , 186 2232, 783 2301 ,629 2272, 334 Equity 16, 236 72, 374 14, 729 78, 506 17, 8 3 8 85, 296 20, 557 100- 575 21, 573 102, 5 4 0 10424, ."94 11296, 979 11836, 8 4 3 12962, 462 117 1522, 524 5- 739 52, 943 8, 521 59, 544 34 6941 ,594 7945, 309 35 1014,,303 1182,,930 1358,,213 1488 ,745 1611 ,219 1694 ,344 1873, 407 2102,,151 T o t a l 36 37 38 39 40 41 974,,474 619 ,185 26, 730 8 100 223, 669 43,.483 1138,.333 727,,675 28, 056 10, 700 264, 712 47,.570 1310,,391 846, 8 8 0 29, 559 13, 600 300, 313 52, 448 1430 942 31 16 302 53 1549,,209 1020, 313 33,,781 21 ,• 100 315,,546 56,,750 1626 1059 36 29 330 58 ,299 ,685 ,428 ,600 ,414 ,330 1791, 947 1156, 047 38, 917 41 ,000 374, 475 63, 174 2018,,770 1290,,132 41 ,,368 51,.171 449, 499 69, 8 1 2 42 43 17,.591 35,,716 20,.096 39, 524 21, 673 45- 918 29,,469 54 ,734 35, 929 65, 790 38 ,604 73,,238 41 ,8 2 5 76, 509 37, 345 79, 443 44 45 18, 861 11, 684 21 ,047 13, 201 21, 254 14, 8 7 6 28 .492 17,,158 27, 465 19, 8 2 3 30, 310 22,,220 39, 741 25, 620 37,.336 30,,937 46 9,,284 10, 349 11 ,692 12,,939 14, 722 15, 515 16, 099 15, 108 47 5927, 291 6762, 379 7772, 055 8 9 3 6 , 149 9685, 760 10142, 499 11089, 055 48 1684, 962 2015, 821 2323, 5 7 7 2563,,861 2 8 4 5 , 630 2804, 279 3062, 566 49 36.7% 36.0% 36.4% 36.6% 35.8% 37.7% 37 .7% 50 192,.623 228, 656 243, 399 270, 633 298, 268 303, 158 323, 662 342, 508 Total nonprofit 2 6 3 , 379 I n v e n t o r i e s of n o n d u r a b l e goods, 284, 348 not included in totals above 1276 11 99,,810 53 ,526 117 ,346 ,110 31 , 32 33 31 8 9 10 10, 354 66,• 733 9130, 268 ,156 ,376 ,486 700 ,062 ,329 in n o n c o r p . business S e c u r i t y credit M i s c e l l a n e o u s assets 13772, 042 Total assets 31 32 33 34 liabilities Credit market i n s t r u m e n t s Home m o r t g a g e s Other m o r t g a g e s T a x - e x e m p t debt Installment cons, credit Other consumer credit Bank loans n.e.c. Other loans S e c u r i t y credit Trade credit D e f e r r e d and unpaid life i n s u r a n c e premiums 11669, 891 Net worth 35 36 37 38 39 40 41 42 43 44 45 46 47 Memo: 51 164, 441 182, 4 6 5 202, 3 1 4 Data are in m i l l i o n s of d o l l a r s . 218, 426 235, 405 246, 446 3242, 8 1 6 Total o w n e r - o c c . real estate Home m o r t g a g e s as percent of 39.7% o w n e r - o c c . real estate real estate 48 49 50 51 M a r c h 1991 Households Households Sector 24 Year-End Balance Sheet with Tangible 1 Tangible 1987 assets 1988 Personal Trusts, and 1989 1990 Nonprofit Organizations 5 1 8 7 .431 5 6 2 4 ,81 " 6 1 6 9 ,317 6 5 5 9 ,395 7 0 5 7 ,278 7 0 7 5 ,983 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions Nonprofit plant & equip. Consumer durables 4147 2495 2436 59 254 1397 4463 2664 2603 61 264 1534 4887 2944 2877 67 2 78 1663 5206 3110 3041 68 290 1805 5598 3355 3282 72 309 1933 5760 3420 3347 72 316 2023 Land Ownei—occupied Nonprofit institutions 1039 .565 974,565 65 • 0 0 0 1161 ,715 1093 ,304 68 ,411 1281 ,627 1 2 , 6 ,696 72 ,931 1 3 5 2 ,723 1277 -555 75 ,168 1 4 5 8 ,600 1 3 7 8 ,647 79 ,953 1 3 1 5 ,820 1 2 3 8 ,714 77 ,106 9 9 4 0 • 615 1 0 8 8 2 ,983 1 1 4 5 1 ,874 1 2 4 6 0 ,395 1 3 8 5 4 ,502 14091 ,382 11 T o t a l 12 13 14 15 16 Cost Yeai—End Households, 8 9 10 at C u r r e n t Outstandings 1986 2 3 4 5 6 7 Assets financial assets D e p o s i t s 8 cr. mkt. instr. Checkable deposits £ curr. S m a l l time 8 s a v i n g s dep. M o n e y m a r k e t fund s h a r e s Large time d e p o s i t s 17 18 19 20 21 Credit market instruments U.S. govt, s e c u r i t i e s Savings bonds Other Treasury issues Agency issues ,866 • 844 .413 .431 -353 • 669 ,098 ,805 ,104 ,701 ,202 ,091 ,690 ,973 ,847 ,126 ,978 ,739 ,672 ,464 ,797 ,667 ,585 ,623 ,678 ,380 ,492 ,888 ,489 ,809 Outstandings ,163 . 396 ,875 ,521 • 115 ,652 9 10 .925 .643 .571 122 490 3882 467 1945 250 102 ,836 ,844 ,730 ,729 ,696 4226 472 2005 278 149 ,381 ,640 ,291 ,843 ,261 4697 476 2137 302 199 ,380 ,938 ,231 ,389 ,550 5 1 5 2 ,820 4 9 7 ,804 ,760 3 8 3 ,573 2 2 0 ,864 5501 519 2287 441 179 .512 ,934 . 991 ,670 ,385 12 1043 099 569 811 79 777 3 9 0 ,035 99 ,999 1115 575 93 388 93 ,837 ,230 ,332 ,261 ,637 1320 649 101 413 135 346 472 103 188 181 1581 791 109 464 217 ,272 ,526 ,556 ,645 ,325 1822 937 117 504 314 ,819 ,098 , 725 ,987 ,386 2072 1141 126 643 371 ,532 ,669 ,213 ,995 ,461 17 18 19 20 21 197 90 148 104 ,111 ,482 ,818 ,196 255 857 114 0 3 2 169 0 8 3 131,,902 319 100 189 180 ,230 ,444 ,075 ,997 346 130 220 187 ,596 ,534 ,874 ,717 343 138 248 200 ,286 • 441 ,224 ,912 23 24 25 3579 376 1829 211 119 13 14 15 16 22 23 24 25 Tax-exempt obligations C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 2 1 8 • 786 37:,116 127 ,504 8 9 ,882 26 27 28 Corporate equities M u t u a l fund shares Other corporate equities 1 8 8 8 • 346 ,866 1681 ,,480 2 2 0 2 ,453 356 , 9 0 5 1845 ,548 2 0 9 8 , 182 ,254 1691 ,,928 2 2 3 3 ,255 4 1 7 , 996 1 8 1 5 ,259 2 6 1 5 ,391 4 7 6 , 186 2 1 3 9 ,205 2 3 5 5 ,,111 4 9 7 • 366 1857,,745 29 30 Life insurance reserves P e n s i o n fund r e s e r v e s 2 5 6 711 1801 ,,839 274 , 22b ,780 2031 , 300,,272 2 2 0 1 ,-865 325,,536 2 4 8 2 ,,438 351 ,772 2 8 4 7 ,999 3 8 8 ,339 2 9 4 5 ,,09b 31 Equity 2 2 4 5 , 791 2 2 9 8 ,,363 2 4 1 4 ,,953 2 4 9 2 ,,752 2 6 3 3 ,,542 2 6 3 4 ,,145 32 33 Security credit Miscellaneous assets 35, 051 132, 9 5 2 44,,015 149,,310 39,.103 171, 118 53, 190 199,,788 56, 0 0 0 2 1 1 , 179 1 5 1 2 8 , 046 16507, 796 1 7 6 2 1 , 191 2401, 500 2 7 1 1 ,3 7 4 2 9 8 4 ,2 4 6 3304,187 3620, 662 3961, 285 2 2 9 6 , 034 1440, 606 4 3 , 770 81 T 334 526, 468 75, 3 3 2 2596, 080 1 6 6 7 , 304 49, 8 7 4 79, 142 581 , 761 78, 0 0 5 2 8 7 9 , 137 1 8 8 7 , 789 8 2 , 180 78, 178 6 1 9 , 766 73, 474 3191 ,4 7 5 2118, 505 109 •2 1 0 79, 049 6 7 4 , 719 68, 751 3 5 0 1 ,7 5 8 2 3 5 2 , 471 122, 5 9 5 80, 712 7 2 7 , 561 62, 9 9 5 3834, 063 2 6 4 1 , 396 133, 537 85, 287 749. 852 5 9 , 111 36 37 38 39 40 41 44, 246 84, 278 50, 568 89, 426 4 5 , 361 92, 389 43, 529 97, 712 55, 070 100, 3 5 4 48, 275 116, 605 42 43 5 6 , 779 33,478 64 ,9 7 9 36, 4 3 0 5 0 , 351 39, 665 53, 459 43, 803 54, 298 4 8 , 799 5 6 , 084 54, 638 44 45 15, 2 0 9 13, 8 8 5 15, 0 9 3 15, 4 5 0 15, 8 0 7 16, 5 0 0 12726, 546 13796, 422 14636,945 1 5 7 1 5 , 603 1 7 2 9 1 , 118 17206, 080 3410,978 3696,408 4086,543 4319,352 4661,139 4586,589 42.2% 45.1% 46.1% 49.0% 50.4% 57.5% 49 353,475 366,207 388,602 401,213 426,952 428,923 50 304,362 324,958 353,107 378,038 397,383 423,278 in noncorp. 34 T o t a l assets 35 T o t a l liabilities 36 37 38 39 40 41 Credit market instruments Home mortgages Other mortgages T a x - e x e m p t debt Installment cons, credit Otner consumer credit Bank loans O t h e r loans 43 44 45 Security credit Trade credit D e f e r r e d and u n p a i d insurance premiums 46 4 7 Net 48 49 life worth Total o w n e r - o c c . real estate H o m e m o r t g a g e s as p e r c e n t of owner-occ. real estate 50 Total 51 business nonprofit real estate I n v e n t o r i e s of n o n d u r a b l e g o o d s , not i n c l u d e d i n t o t a l s a b o v e Data are in m i l l i o n s of dollars. 40,,886 188,• 148 1 9 0 1 9 , 790 2 0 9 1 1 ,• 7 8 0 26 27 28 21167, 365 48 March 1991 Farm 8 Noncorporate Business Farm 8 Noncorporate Business 25 Sector Balance Sheets with Tangible Assets at Current Cost Year-End Outstandings Year-End Outstandings Farm Business 1 78: 589 92, 887 100- 571 103, 332 101,394 122,739 136, 402 136, 859 59,398 17,937 19,007 22,454 65, 202 18- 854 21 •440 24, 908 65, 178 19, 121 22- 750 23, 307 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 2 3 4 5 Land 6 2 3 4 5 32, 575 11 .393 7 • 057 14 145 4 1 ,800 13:• 158 -003 9i .639 19 i 48, 147 15- 191 11 .918 21 ,.038 50, 106 16, 266 14-.536 19, 304 49,967 16,841 16-462 16,664 6 46 , 014 51 ,087 52,,424 53 ,226 51,427 63,341 71 ,200 71 ,681 7 5 ,328 8 ,369 8 ,459 8,035 8,068 8, 327 8, 314 7 , 185 7 200 1 . 127 1 ,005 122 7 100 8 9 10 11 4 ,600 728 548 180 6 ,400 785 645 140 7 ,500 869 753 116 7 ,500 959 844 115 7,000 1 ,035 918 117 7,000 1,068 949 119 12 83 ,917 100 ,072 108 ,940 111 ,791 109,429 130-807 144 ,729 145 ,173 7,179 7,599 8,297 9,294 9,880 11,221 12 ,944 13 ,879 9,532 6,071 2,524 937 244 693 10 • 819 6 ,651 3 ,120 1 ,048 199 849 11 ,609 7 ,236 3 ,293 1 ,080 213 867 2 ,125 2 ,270 14 15 16 17 18 19 21 22 23 6,593 4,760 1,037 796 464 332 6,956 4,897 1,292 767 391 376 7,424 5-064 1 ,593 767 283 484 8,082 5,288 i -946 848 243 605 8-474 5,579 2,049 846 228 618 586 643 873 1,212 1,406 1,689 76,738 1,265 75,473 92,473 1,548 90,925 100-643 1,672 98,971 102-497 1,697 100,800 99,549 1,627 97,922 119,586 2,010 117,576 131 • 785 2 ,246 129 ,539 1, 214 1 ,088 , 126 131 ,294 2 ,345 128 ,949 7 Checkable dep. 8 currency Miscellaneous assets Insurance receivables Equity in spons. agencies 8 9 10 11 Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Inter. Credit Banks 14 15 16 17 18 19 Trade debt 20 Corporate farms Noncorporate farms 21 22 23 100,009 Total real estate 75,075 Nonfarm Noncorporate Business 106,218 121,767 138,660 149,067 152, 572 165, 420 175, 759 179, 962 Tangible assets 105, 296 67, 467 26- 796 11, 033 115, 297 71 ,745 30, 090 13, 462 122, 778 75- 397 33, 166 14, 215 124, 640 76, 636 34- 122 13- 882 47, 276 50, 123 52, 981 55, 322 21, 595 22, 689 Total financial assets 10, 538 10, 777 10, 429 69,610 48,088 14,609 6,913 82,222 3 4 5 54,867 18,466 8,889 95,827 62,581 22,884 10,362 103,798 66,072 25,727 11,999 6 36,608 39,545 42,833 45,269 7 8 9 10 11 12 13 15,892 17,201 18,302 10,101 18,660 9,949 19, 424 10, 315 21, 197 9,726 9,737 850 1,003 1,267 1,574 1, 8 U 2, 175 2, 300 2 1674 5,553 5,864 5,934 5, 995 7, 091 6, 974 7,,838 1, 303 1, 289 14 1 =393 1, 378 15 1, 544 1 =527 17 1,,748 1 ,730 18 4,548 1 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 2 3 4 5 Land 6 7 Checkable dep. 8 currency Time deposits U.S. government securities Consumer credit Mortgages Trade credit 8 9 10 11 12 13 Miscellaneous assets Insurance receivables Equity in spons. agencies Other 14 15 16 17 14 15 16 17 768 763 5 908 902 6 1,070 1,060 10 1 ,203 1,190 13 18 122,110 138,968 156,96: 167,727 171 ,996 186 ,617 197 ,354 19 8,641 12,043 13,942 15,445 16 ,086 19 ,052 20 ,194 21 ,996 23 24 6,097 3,828 291 2,841 696 8,351 4,486 659 3,016 811 9,560 5,070 872 3,275 923 10,335 5,810 1,093 3,"13 1,004 10 ,836 6 ,361 1 ,031 4 ,297 1 ,033 12 ,792 7 ,511 1 ,428 5 ,034 1 ,049 14 ,117 8 ,167 1 ,364 5 ,705 1 ,098 15 ,452 8 ,857 1 ,587 6 ,128 1 ,142 25 26 325 1,944 965 2,900 1,322 3,168 1,066 3,459 833 3 ,642 1 ,278 4 ,003 1 ,508 ,442 1 ,721 4 ,874 Bank loans n.e.c. Other loans 25 26 5 ,250 6 ,260 6 ,077 6 ,544 Other taxes payable Trade debt 28 Miscellaneous liabilities 29 20 21 22 27 28 126,925 11 93,779 105,853 119,026 Data are irvmilliens of dollars. 125,802 . ^ 651 Total assets 202 ,651 155 ,910 167 ,565 177 ,160 180 ,655 129 ,187 137 ,609 145 ,469 149 ,376 Credit market instruments Mortgages Home mortgages Multifamily Commerci al 18 20 21 23 24 27 30 March 1991 Farm 8 N o n c o r p o r a t e B u s i n e s s F a r m 8 Noncorporate Business Sector Balance S h e e t s with T a n g i b l e A s s e t s at Current 26 Cost Year-End O u t s t a n d i n g s Year-End Outstandings Farm B u s i n e s s 1 Tangible assets 134, 811 2 3 4 5 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 64 .516 19,• 151 23, 365 .000 6 Land 70, 295 7 Total 8 9 10 11 financial assets C h e c k a b l e dep. 8 currency M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies 12 Total assets 13 Total liabilities 14 15 16 17 18 19 Credit market i n s t r u m e n t s Mortgages Bank loans n.e.c. Other loans U.S. government F e d . Inter. Credit Banks 20 Trade debt 21 Net worth 22 C o r p o r a t e farms 23 N o n c o r p o r a t e farms Memo: 24 Total real estate 8 ,291 7 ,000 1 ,291 , 1 , 159 132 143 ,102 13 ,562 137, 732 142, 431 150, 569 158, 662 169, 340 175, 951 64, 212 19, 342 23- 670 21 ,200 64 349 19 639 24, 8 1 0 19, 900 65, 561 19, 759 25, 902 19- 900 67, 181 19- 610 26- 371 21 ,200 68 904 19-.437 26,.867 22 ,,600 68, 969 19, 382 27, 487 22 100 70-125 19-235 27-590 23,300 73, 520 78 082 85 008 91 ,481 100,,436 106,,982 108-293 8, 218 8 .584 7 ,982 7,646 6 • 900 1 ,684 1 .502 182 6 ,200 1 ,782 1 ,584 198 5,800 1,846 1,635 211 8, 264 6 900 1 ,364 1 ,227 , 137 145 • 996 14 ,435 8 ,372 8 251 8 9 10 11 6 900 1 ,472 1 ,324 148 6, 700 1,,551 1 ,390 161 6 600 1,.618 1 .446 , 172 150 ,803 158 8 2 0 166 -880 177 ,924 183 ,933 16 ,058 16 982 18 ,274 2 0 r 078 22 ,433 23,623 13 18 ,934 12 101 4 ,866 1 ,967 577 1 ,390 19,965 12,838 5,062 2,065 564 1,501 14 15 16 17 18 19 3 ,499 3,658 14 • 581 9 ,835 3 ,375 1 ,371 624 747 15 ,638 10 ,397 3 ,759 1 ,482 550 932 17 .002 11 ,109 4 • 172 1 ,721 565 1 ,156 11 ,509 7 ,737 2 ,712 1 ,060 445 615 12 ,281 8 ,246 2 ,862 1 ,173 508 665 13 -723 9 -022 3 -434 1 ,267 574 693 2 ,053 2 ,154 2 ,335 2 ,401 2 ,636 129 ,540 2 ,401 127 ,139 131 ,561 2 ,599 128 ,962 134 745 2 ,828 131 ,917 141 ,838 3 ,230 138 ,608 148 ,606 3 ,637 144 ,969 157 ,846 4 , 121 153 ,725 161 ,500 4 ,486 157 ,014 98 ,871 102 ,540 108 ,171 116 ,116 122 ,708 131 ,529 138 ,360 219, 296 225, 664 233, 370 153, 684 86, 705 50- 098 16, 881 156,363 88,475 51,270 3 ,076 162-441 21 4 - 8 2 0 22 157,621 23 Nonfarm Noncorporate Business 1 Tangible 2 3 4 5 6 assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories Land 7 Total financial assets 8 9 10 11 12 13 C h e c k a b l e dep. 8 currency Time deposits U.S. government s e c u r i t i e s Consumer credit Mortgages Trade credit 14 15 16 17 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 18 Total assets 19 Total liabilities 20 21 22 23 24 Credit market i n s t r u m e n t s Mortgages Home m o r t g a g e s Multifamily Commercial 184, 512 189, 980 200, 657 211, 8 7 2 126, 723 77- 081 35, 264 14, 378 129- 181 78- 479 36, 426 14, 276 136, 513 81 ,055 40, 303 15, 155 143, 112 82, 643 44,579 15, 8 9 0 146, 705 8 3 , 342 46, 993 16, 370 149, 568 84, 562 48, 120 16, 8 8 6 57, 789 60, 799 64, 144 68, 760 72, 591 76, 096 79, 686 84,581 23, 350 24 ,018 24, 300 26, 079 26, 4 2 7 28, 8 3 7 27, 268 27,211 10,,377 10 907 11 ,200 .549 11 , 12, 356 13,• 641 12, 707 1 ,802 2• 2, 8 0 4 2, 910 3,,066 3,,107 3 ,110 • 3, 431 8 ,378 9 ,377 8, 234 16,618 415 8 9 10 3,207 11 12 8,554 13 8 ,233 8 ,174 7,907 9 ,051 1 ,938 1 ,919 19 2,,133 2,,113 20 2,,283 2 ,262 21 2.,413 2 ,392 21 2,,586 2 ,560 26 2,,709 2,,677 32 2,,896 2, 8 5 6 40 207 ,862 213 ,998 224 ,957 237 ,951 245 ,723 254 ,501 260,,638 23 ,297 25 ,902 28 ,920 30 ,985 31 ,862 34 ,000 35 ,630 38,345 19 22 ,374 12 ,276 1 ,823 8 ,422 2 ,031 24 ,880 13 ,534 1 ,938 9: ,261 2* 27,117 14,443 1,703 10,245 2,495 20 21 22 23 24 3,969 8,705 16 ,028 9 ,207 1 -547 6 ,451 1 ,209 17 ,025 9 ,923 1 ,872 6 ,726 1 ,325 18 ,860 10 ,628 2 ,016 7 ,142 1 ,470 19 ,997 10 ,865 1 ,788 7 ,432 1 , 645 20 -875 11 , 146 1 ,671 7 ,460 1 ,815 25 26 Bank loans n.e.c. Other loans 1 ,782 5 ,039 1 ,866 5 ,236 2 ,388 5 ,844 2 ,993 6 ,139 3 ,078 6 ,651 3 ,239 6 ,859 3 ,632 7 ,714 27 28 Other taxes payable T r a d e debt 7 ,269 8 ,877 10 ,060 10 ,988 10 ,987 11 ,626 10 ,750 29 Miscellaneous liabilities 3,035 14 2,987 15 48 16 17 268,155 18 - 27 - 29 11,228 28 30 Net worth 184 ,565 188 ,096 196 ,037 206 ,966 2 1 3 ,861 220 ,501 225 ,008 2 2 9 , 8 1 0 30 Memo: 31 Total real estate 152 ,559 157 ,556 165 ,439 173 ,945 179 ,663 185 ,217 192 ,07^ 199,566 31 D a t a are in m i l l i o n s of d o l l a r s . M a r c h 1991 Farm & Noncorporate Business Farm 8 N o n c o r p o r a t e B u s i n e s s 27 S e c t o r Balance S h e e t s with Tangible A s s e t s at Current Cost Year-End O u t s t a n d i n g s Year-End Outstandings Farm B u s i n e s s ' 1 2 3 4 5 184 962 70 19 27 23 946 186 960 800 192 244 73 19 28 25 201 4 68 044 091 753 200 74 18 29 25 381 795 886 700 209 964 74 19 31 24 226,,785 736 129 107 500 80,,492 19 ,179 33 ,313 28 ,000 237, 794 83 20 36 27 • 516 •011 ,105 • 400 250 ,584 87 20 38 27 ,017 ,517 '600 ,900 262 • 714 T a n g i b l e 93 22 41 29 •008 • 070 • 838 ,100 Land 6 114 016 119 200 127 087 135 228 146,,293 154 ,278 163 ,567 7 7 731 7 865 7 825 8 217 8 ,497 8 ,704 9 ,067 9 ,646 Total 8 9 10 11 5 • 800 1 ,931 1 ,704 227 5 ,900 1,,965 1 ,724 , 241 5 ,700 2 •125 1 ,869 256 5 ,900 2 ,317 2 ,038 279 6 ,000 2 • 497 2,• 178 319 6 ,000 2 ,704 2 ,339 365 6 ,100 2 • 967 2 ,553 414 6 • 300 3 ,346 2 ,830 516 12 192 ,693 13 25 ,322 14 15 16 17 18 19 21 13 5 2 200,• 109 209 • 293 218 , 181 235,,282 246,,498 259 ,651 1 2 3 4 5 6 169 ,706 assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant & equipment Inventories financial assets C h e c k a b l e dep. 8 c u r r e n c y M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies 272 ,360 Total a s s e t s 7 8 9 10 11 12 27,,626 31,,038 33 ,827 37,,674 41 , ,274 44 ,377 46 ,170 Total 558 ,917 ,305 ,336 686 1 ,650 23 856 15 ! ,193 6 • 087 2,,576 736 1,,840 26,406 16 ,822 6 • 688 2 ,896 797 2 ,099 29 ,009 18 ,942 6,,959 3,,108 861 2.,247 32,,311 21,,187 7,,667 3,,457 941 2,,516 35 23 8 3 ,504 ,052 ,600 ,852 929 2,,923 38 8 1 5 25 ,017 9 ,300 4 ,498 1 ,087 3 ,411 41 ,583 27 ,177 9,,718 4 • 688 1 •, 034 3,,654 20 3 ,764 3,•770 4 ,632 4 ,818 5,,363 5,,770 5 ,562 21 23 167 ,371 5 ,294 162 ,077 172 • 483 5 •780 166,• 703 178 ,255 6 •299 171 ,956 184 •354 6 •793 177 •561 197,• 608 7,.625 189, 983 205,• 224 8,•159 197,•065 215 ,274 8 ,861 206 ,413 226,• 190 Net worth 9 • 682 C o r p o r a t e farms 216,,508 N o n c o r p o r a t e farms 21 22 23 24 145 ,825 151,,495 159,,690 168,,749 180, 759 190,,738 201 ,447 Memo: 210,• 983 Total real estate 24 4 587 liabilities 13 Credit market i n s t r u m e n t s Mortgages Bank loans n.e.c. Other loans U.S. government F e d . Inter. Credit B a n k s 14 15 16 17 18 19 T r a d e debt 20 Nonfarm Noncorporate Business 1 247,,608 257,,071 265 ,377 279 ,761 2 9 4 ,810 2 3 4 5 159,,364 ,048 91 , 52,,717 15,,599 165,•313 94 537 54,,996 15,• 780 170 97 57 15 180,,278 104,,041 61 , • 148 15,,089 191 109 66 15 6 8 8 ,244 91 ,758 95,,265 7 27,,755 27, 624 27,,579 8 9 10 11 12 13 12,,515 12, 515 3,,135 3,,318 14 15 16 17 - 319 ,046 332 ,654 361,,384 T a n g i b l e assets 1 207 ,152 118 ,118 72 • 705 16,329 218 123 77 17 242,•380 139, 706 8 5 050 17, 624 R e p r o d u c i b l e assets Residential structures N o n r e s . plant & equipment Inventories 2 3 4 5 103 ,451 111 ,894 114 , 146 119,,004 Land 6 28,,205 28 ,572 29,,442 30 ,359 29,,654 Total f i n a n c i a l 12,,515 12, 515 12 ,515 12, 515 12 ,515 12,• 515 3,,558 3, 785 4 ,044 3,,994 100 3 ,878 300 3,• 8 5 8 ,112 ,334 ,649 ,129 - 99,,483 ,359 ,329 ,192 ,838 - - ,508 ,952 ,454 ,102 - 8 ,904 8 ,462 7 • 961 8, 106 7 ,930 , 8, 491 9 ,022 7, 655 3,,201 3 • 144 57 3,,329 3,,260 69 3 ,545 3,,463 82 3, 799 3, 704 95 4, 083 3, 975 108 4, 4 4 2 4, 325 117 4 • 844 4 ,716 128 5,,326 5,• 187 139 - ~ - " - 18 275,,363 284,,695 292,,956 307, 966 323, 382 - - 348, 488 363,,013 - 8 9 10 11 12 13 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 14 15 16 17 391, 038 Total assets 19 40 ,262 42 ,721 45 ,236 50 ,729 5 6 ,887 61,,709 69 ,040 77 ,583 Total 29 ,643 16 ,413 1 ,821 11 ,785 2 ,807 32 ,672 18 ,772 2 ,001 13 ,585 3,,186 37 ,004 21 ,424 2 ,002 15 •825 3,,597 43 ,234 25 ,877 1 ,902 19 ,095 4 ,880 50 ,257 30 ,750 1 ,997 21 ,846 6 ,907 56,,623 34,,761 1,,598 24,,245 8, 918 63 40 2 27 11 73 47 2 29 16 25 26 4 ,345 8 ,885 4 716 9,,184 5 • 308 10 ,272 5 ,806 11 ,551 6,,708 12,,799 8 079 13, 783 8 • 784 14,,190 27 28 10 ,619 7 ,495 6,,630 5, 086 29 - - - - 10 ,049 8 ,232 - - - - - - 5,,183 - ,404 ,833 ,224 ,449 ,160 9 ,866 15,,705 - 4,,179 - 7 C h e c k a b l e dep. 8 c u r r e n c y Time d e p o s i t s U.S. government s e c u r i t i e s C o n s u m e r credit Mortgages Trade credit 20 21 22 23 24 857 ,883 ,102 ,045 ,736 assets liabilities Credit m a r k e t i n s t r u m e n t s Mortgages Home m o r t g a g e s Multifamily C o m m e r c i al 18 19 20 21 22 23 24 Bank loans n . e . c . Other loans 25 26 Other taxes p a y a b l e Trade debt 27 28 Miscellaneous liabilities 29 30 235 ,101 241 ,974 2 4 7 ,720 257 ,237 266 ,495 286, 779 293,,973 313,,455 Net w o r t h 30 31 207 ,341 216 ,263 2 2 4 ,556 237,,636 250,,257 271, 116 281,,664 307,,138 Total real estate 31 Data are in m i l l i o n s of dollars. M a r c h 1991 Farm 8 Noncorporate Business 28 Farm Sector Year-End Balance Sheets with Tangible Assets at C u r r e n t Outstandings Year-End 1969 1970 1971 1972 Farm 1 Tangible assets 1973 2 7 3 ,174 281 ,288 3 0 3 ,422 3 4 3 ,224 4 2 8 ,741 Reproducible assets Residential structures N o n r e s . plant & equipment Inventories 100 23 45 31 104 23 49 31 114 25 53 35 130 27 59 44 161 29 66 65 6 Land 172 ,378 8 9 10 11 financial assets Checkable dep. 8 currency Miscellaneous assets Insurance receivables E q u i t y in s p o n s . a g e n c i e s 12 T o t a l assets 13 T o t a l liabilities , 796 ,387 ,609 ,800 Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Inter. Credit Banks 20 Trade debt • 556 ,515 ,641 ,400 1974 1975 Outstandings 1976 ,499 ,165 ,034 ,300 ,583 , 703 ,380 ,500 4 7 5 •728 5 3 4 ,159 6 1 4 ,883 1 178 33 82 62 190 35 90 64 200 38 101 60 ,593 ,804 ,589 ,200 2 3 4 5 • 765 ,620 ,745 ,400 870 , 656 .914 .300 176 ,962 188 ,866 2 1 2 ,725 2 9 6 ,963 3 4 3 ,289 4 1 4 ,290 6 10 , 182 10 ,786 11 4 7 7 12 ,413 13 ,256 IS • 8 5 0 14 ,847 16 ,273 7 6 ,400 3 ,782 3 • 211 571 6 ,515 4 ,271 3 ,649 622 6 ,900 5 ,513 4 ,731 782 7 ,100 6 ,156 5 .214 942 6 ,940 6 .910 5 .762 1 , 148 7 ,010 7 ,837 6 ,453 1 ,384 6 947 8 9 ,326 9 7 • 718 10 1 ,608 11 3 5 5 ,637 4 4 1 ,997 4 8 9 ,5 78 5 4 9 ,006 631,, 156 12 2 8 3 ,356 14 15 16 17 18 19 ,326 ,998 ,228 ,100 Business Business 2 3 4 5 7 Total 8 Noncorporate Cost 292 • 074 6 638 4 .839 4 , 147 692 314:,899 2 6 7 , 158 4 8 ,827 51 ,430 55! 5 5 5 61 70,,067 78 ,199 8 7 ,475 98 ,321 13 4 4 ,6 1 7 28 • 995 10, 3 2 8 5,,294 1 ,0 1 9 4 ,2 7 5 47 30 11 5 51 ,5 6 4 32, 381 12- 5 0 0 6, 6 8 3 1 •0 1 4 5, 6 6 9 5 6 !8 1 3 35, 361 14- 306 7,• 146 1 ,0 5 0 6, 096 65 4 1 0 39, 8 0 6 17, 165 8- 4 3 9 1 ,241 7, 198 73 3 1 9 4 4 ,,922 18, 2 3 6 10, 161 1 ,3 1 3 8, 8 4 8 8 2 ,136 49 ,853 20,,199 12, 0 8 4 2, 089 9, 995 92,• 180 55 4 1 2 23, 2 3 0 13, 5 3 8 2,,226 11, 312 14 15 16 17 18 19 6, 141 20 ,588 ,492 • 155 i,941 967 4,• 9 7 4 347 4, 2 1 0 3, 8 4 2 3, 991 4, 5 3 4 4, 6 5 7 4, 8 8 0 21 Net w o r t h Corporate farms 22 23 Noncorporate farms 234, 529 10, 4 0 3 2 2 4 , 126 240, 644 10, 8 8 9 229, 755 2 5 9 . 344 11 -923 2 4 7 , 421 294, 290 13, 769 2 8 0 ,5 2 1 371 , 9 3 0 17, 9 8 8 353, 942 4 1 1 ,379 20, 912 390- 4 6 7 461 ,531 25- 106 436, 425 532- 8 3 5 21 30, 680 5 0 2 , 155 23 Memo: 24 T o t a l 217, 097 224, 525 240, 908 2 6 8 , 703 3 2 9 , 156 369, 480 420, 987 4 9 9 , 785 2 4 68 7 ,699 741 ,703 8 2 2 ,646 1 481 278 172 29 511 299 184 27 ,625 ,525 ,819 ,281 5 5 8 ,611 3 3 3 ,078 197 623 2 7 910 2 3 4 5 real estate Nonfarm 1 Tangible assets Noncorporate 5,• 339 Business 3 9 2 ,318 4 1 7 ,227 4 5 8 ,444 2 3 4 5 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 267,688 155 ,010 94 ,332 18 ,346 288 165 104 19 322 185 115 21 6 Land 124 ,630 128 ,688 135 ,600 180 ,207 2 0 6 ,440 2 3 0 ,078 035 6 31 ,177 32 ,495 39 ,665 4 6 , 149 64 ,436 69 ,236 71 ,085 79 8 9 0 7 12 ,515 500 3 ,754 300 8 ,110 12 ,515 1 ,400 700 3,875 700 6 ,623 12 ,515 3 ,000 900 3 ,776 1 ,875 8 , 123 12 ,515 4 ,600 1 ,100 3 ,694 3 ,000 8,770 16 ,914 6 ,213 1 ,183 4 ,019 3 ,285 18 ,626 17 ,263 7 ,784 1 ,238 4 ,048 3 ,393 2 0 ,368 17 ,800 8 ,088 1 ,274 4 ,056 3 ,252 21 ,171 19 9 1 4 4 22 763 490 515 321 151 009 8 9 10 11 12 13 5 ,998 5 ,846 152 6 ,682 6,515 167 9 ,476 7 ,296 180 2 ,000 12 ,470 8 ,278 192 4 ,000 14 ,196 9 ,243 212 4 ,741 15 ,142 10 ,229 246 4 ,667 15,444 11 ,461 28 7 3,,696 18 641 13 5 1 8 360 4,,763 14 15 16 17 4 2 3 ,495 4 4 9 ,722 4 9 8 ,109 563,,356 661 ,702 756 ,935 8 1 2 ,,788 902, 5 3 6 18 93 ,585 106 ,259 129 ,001 162,,944 199 ,496 2 4 0 ,694 260,,117 286, 312 19 88, 366 57,,638 2, 0 0 8 32, 9 1 0 22 =720 101 70 2 38 29 121 5 8 7 88, 2 5 1 3,.050 4 6 ,740 38, 4 6 1 151 ,3 7 5 114, 5 2 7 3, 6 2 6 56,• 6 6 0 54,,241 172 319 116,,378 3,,226 64 •461 48,,691 208 059 140 -863 3 • 008 69,,961 67 ,894 225,.040 152, 3 7 7 3,.635 7C Go9 78, 673 24 6- 4 7 0 164, 0 6 2 5, 0 1 8 73, 9 3 7 8 5 , 107 20 21 22 23 24 11 ,696 19 ,719 12, 6 0 4 20, 7 3 2 13, 6 6 7 2 3 ,. 181 28 647 27, 2 9 4 35 ,988 31 ,,208 37, 680 34, 983 4 0 , 354 25 42, 054 26 4 ,802 1, 0 3 7 4, 3 7 7 2, 4 8 9 5, 0 8 0 3, 9 8 5 17, 6 5 3 5,.545 20, 145 6, 6 0 2 20, 5 5 9 7, 785 2 7 22, 267 28 2, 0 0 0 4, 000 5, 5 3 9 6, 9 4 5 7, 916 9, 790 29 7 Total financial assets 8 9 10 11 12 13 Checkable dep. 8 currency Time deposits U.S. government securities Consumer credit Mortgages Trade credit 14 15 16 17 Miscellaneous assets Insurance receivables E q u i t y in s p o n s . a g e n c i e s Other 18 T o t a l assets 19 T o t a l liabilities 20 21 22 23 24 Credit market instruments Mortgages Home mortgages Multi family C o m m e r c i al 25 26 Bank loans n.e.c. Other loans 27 28 Other Trade 29 Miscellaneous 30 N e t taxes debt liabilities Memo: 31 T o t a l real Data in m i l l i o n s estate of • 457 ,042 , 153 ,683 ,206 - 5, 2 1 9 worth are - 12, 0 5 4 18, 6 7 4 payable ,539 ,106 ,299 ,134 dollars. - - ,844 ,471 ,702 ,671 5 1 7 ,207 5 9 7 ,266 362 212 126 24 417 246 143 27 ,841 ,013 ,814 ,014 154 ,366 ,059 ,015 ,735 ,309 ,259 ,794 ,865 ,600 264 329, 910 343, 4 6 3 3 6 9 , 108 400, 412 462, 206 516, 241 5 5 2 , 671 616, 224 30 334, 432 354, 8 4 3 390, 632 4 4 4 , 125 515, 357 592, 280 641 ,9 4 7 716, 3 7 2 31 March 1991 Farm 8 N o n c o r p o r a t e B u s i n e s s Farm 8 N o n c o r p o r a t e B u s i n e s s Sector Balance Sheets with T a n g i b l e Assets at Current Cost 29 Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1977 1978 1979 1980 1981 1982 1983 1984 Farm B u s i n e s s 1 677 486 2 3 4 5 217 43 114 59 6 459 826 7 18 087 20 154 22 • 226 035 052 197 855 7 13 10 2 137 017 891 126 7 14 12 2 8 9 10 11 7 11 9 1 797 8 7 8 660 801 559 300 12 695 573 13 14 15 16 17 18 19 257 49 133 73 236 624 912 700 540 642 927 298 284 54 149 80 969 • 431 838 -700 642 ,329 284 942 406 536 1022 056 311 59 167 84 138 241 397 500 710 918 700 • 560 984 ,468 322 61 181 79 ,985 ,872 .865 ,248 661 ,483 992 ,121 8 9 5 ,162 T a n g i b l e assets 327 63 184 79 329 65 183 80 445 752 ,328 ,365 664 ,676 ,495 618 ,017 ,860 565 ,667 2 3 4 5 Land 6 27 ,859 29 • 126 29 ,365 Total 7 16 13 3 390 809 714 095 7 504 18 549 14 • 821 3 .728 7 ,634 20 ,225 16 • 110 4 ,115 7 ,780 21 • 346 17 ,129 4 ,217 7 ,942 21 ,423 17 , 144 4 ,279 1052 • 487 1012 ,327 1021 ,247 193 ,557 200 ,615 203 ,784 202 ,203 Total 184 111 36 37 16 20 188 113 38 35 16 19 187 112 39 35 17 17 112 962 130 8 3 3 155 524 172 .305 105 62 25 16 3 12 122 72 28 21 7 14 145 86 31 27 10 17 161 97 31 32 13 19 .477 ,487 .566 424 • 026 398 20 7 023 8 639 9 801 10 8 2 8 21 22 23 582 611 34 8 8 7 547 724 687 199 42 248 644 951 794 000 50 4 4 0 743 5 6 0 8 7 3 950 56 .791 8 1 7 159 24 556! 547 655, 968 767 ,792 8 5 0 ,109 177 107 32 37 16 21 ,791 .229 ,920 .642 • 420 •493 ,311 ,135 ,047 • 657 ,390 ,389 ,721 ,927 ,741 700 ,041 1 R e p r o d u c i b l e assets R e s i d e n t i a l structures N o n r e s . plant 8 equipment Inventories 26 ,053 1046 255 723 755 .033 -935 •391 544 -874 • 118 • 202 • 554 199 949 524 194 757 211 226 009 217 325 63 181 81 24 8 1 8 032 939 949 729 261 502 759 1026 • 434 financial assets C h e c k a b l e dep. 8 currency M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies 924 ,527 Total assets ,947 422 ,907 ,618 ,800 ,818 12 liabilities 13 Credit market i n s t r u m e n t s Mortgages Bank loans n.e.c. Other loans U.S. government F e d . Inter. Credit Banks 14 15 16 17 18 19 Trade debt 20 16 ,122 15 ,395 8 5 8 • 930 56 ,052 8 0 2 .878 811 712 53 286 758 426 8 1 7 ,463 54 030 763 ,433 722 ,324 Net worth C o r p o r a t e farms 46 ,851 N o n c o r p o r a t e farms 675 ,473 21 22 23 851 ,653 8 1 2 ,110 821 ,797 727 ,740 Total real estate 24 1934 ,297 2061 ,311 1176 722 420 33 1233 765 435 33 15 ,766 14 ,256 7 8 9 10 11 Nonfarm Noncorporate Business , 953, 995 2 3 4 5 632, 947 384,• 099 219: 394 29,• 454 742,,235 448 918 260, 593 32,,724 867 540 291 34 6 321 •, 048 394,,276 486 223 589 ,100 702 ,236 758 ,178 8 2 7 ,368 902 ,960 7 96 ,564 117 ,233 138,,892 147 ,781 192 ,179 197 ,769 230 ,555 278 ,531 Total 1136, 511 1353 ,885 ,662 884 ,896 ,882 1587 ,847 998 628 336 33 ,747 ,290 ,461 ,996 1837 ,819 1135 710 391 33 ,943 ,267 ,,059 617 45 51 6 5 29 55 55 ,301 26 ,334 836 28 ,131 41 ,772 28 ,362 865 12 ,545 38 107 23 ,801 841 13 ,465 1735,,628 2029 ,998 2132 ,066 2291 ,866 22 12 2 4 5 26 ,379 ,127 ,412 • ,127 ,509 ,156 25,,570 15 5 2 2 3, 184 4 ,308 8,,114 31 , ,478 28 332 21 ,269 2, 8 0 5 4 ,453 • 001 11 , 34, 8 9 4 ,106 31 , 24 ,231 2, 564 4 ,391 12, 217 36, 512 33 34 3 4 20 40 14 15 16 17 23 ,854 16 ,032 404 7 ,418 29 ,057 18 ,917 531 9 609 36 138 21, 8 0 5 643 13,,690 36,.760 24, 279 755 • 726 11 , 18 1050 ,559 1492,,777 ,119 ,790 ,209 , 120 36 ,794 38 ,068 3 • 244 4 ,461 24 ,961 48 ,469 8 9 10 11 12 13 1253 , 744 ,583 ,350 ,737 ,496 ,251 ,693 ,298 ,409 ,339 ,888 ,014 ,714 ,023 ,128 ,305 ,264 2219 ,481 T a n g i b l e assets 1316 824 455 36 49 65 5 5 39 61 •521 • 875 ,239 >407 ,826 ,056 •481 ,523 ,311 ,753 , 51 , ,581 34 • 8 3 8 861 15 ,882 1 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 2 3 4 5 Land 6 financial assets 7 C h e c k a b l e dep. 8 c u r r e n c y Time deposits U.S. government s e c u r i t i e s Consumer credit Mortgages Trade credit 8 9 10 11 12 13 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 14 15 16 17 2498 ,012 Total assets 19 323 ,877 378 , 144 4 5 4 ,502 518 ,980 575 ,601 662 ,948 759 ,783 908 ,904 Total 20 21 22 23 24 278 ,550 180 ,787 6 ,778 8 0 ,350 93 ,659 326 ,4 68 204 ,959 7 ,573 8 8 ,792 108 ,594 392 ,019 247 ,167 7,,035 96 ,366 143 ,766 447,,805 292,,822 7, 954 102, 515 182,,353 492 ,163 316 ,108 8 ,544 103 ,659 203,,905 563 393 15 114 264 ,987 ,095 ,056 ,005 ,034 645 ,842 464 ,070 39,,057 131,,165 293 ,848 769 ,006 552 ,272 41 ,056 157 ,802 353,,414 25 26 46 ,393 51 ,370 59 ,649 61 , ,860 72 ,815 72,,037 75, 267 79, 716 85, 4 6 7 90,,588 75, 958 94, 934 75,,504 106,,268 92,,352 124,•382 Bank loans n.e.c. Other loans 25 26 27 28 8 ,871 23 ,823 9,,951 25,555 12 ,795 31 ,737 15, 328 36, 446 13,,744 41,,560 15, 235 45 ,322 17,.081 45, 786 18, 151 51 ,,483 Other taxes payable Trade debt 27 28 29 12,,633 16,,170 17,,951 19,,401 28,,134 38 404 51,,074 70 264 Miscellaneous liabilities 29 30 726 ,682 875,,600 1038,,275 1216,,648 1454,,397 1469, 118 1532, 083 1589,, 108 Net worth 30 31 8 3 7 ,209 1002,,718 1201 ,,787 1420, 8 7 2 1655, 019 1744, 349 1867, 172 Memo: 2019, 341 T o t a l real estate 31 Data are in m i l l i o n s of d o l l a r s . liabilities 18 Credit market instruments Mortgages Home m o r t g a g e s Multi family Commercial 19 20 21 22 23 24 March 1991 Farm 8 N o n c o r p o r a t e B u s i n e s s 30 Farm 8 Noncorporate Business Sector Balance S h e e t s with T a n g i b l e A s s e t s at Current Cost Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s Farm Business 1 Tangible assets 800, 930 755, 541 761, 097 800, 819 8 3 3 , 231 870, 550 301, 8 4 0 68, 099 168, 221 65, 5 2 0 301, 685 67, 373 162, 8 9 0 71, 4 2 2 313, 524 69, 127 166, 511 77, 886 310, 8 6 2 68, 4 5 2 166, 195 76, 215 . 2 3 4 5 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 313, 161 65, 960 175, 723 71, 478 302, 8 0 5 65, 749 170, 779 66, 277 6 Land 487, 769 452, 736 459, 2 5 7 4 9 9 , 134 5 1 9 , 707 559, 688 32, 033 35, 266 37, 649 4 0 , 768 43, 524 47, 238 8, 120 23, 913 19, 918 3, 995 8, 314 26, 952 23, 536 3, 416 8, 524 29, 125 26, 173 2, 952 8 , 750 32, 018 28, 998 3, 020 8 , 992 34, 532 32, 182 2, 350 9, 234 38, 004 35, 651 2, 353 841, 5 8 7 876, 755 917, 788 7 Total f i n a n c i a l assets 8 9 10 11 C h e c k a b l e dep. 8 c u r r e n c y M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s Equity in spons. agencies 12 Total assets 83: 963 790, 8 0 7 798, 746 13 Total l i a b i l i t i e s 187, 438 170, 793 160, 259 153, 327 156, 345 159, 5 7 2 14 15 16 17 18 19 Credit market i n s t r u m e n t s Mortgages Bank loans n.e.c. Other loans U.S. government F e d . Inter. Credit Banks 173, 438 105, 850 35, 507 32, 081 18, 189 13, 8 9 2 156, 607 95, 781 31, 240 29, 586 18, 023 11, 563 145, 4 9 9 88, 8 6 9 29, 053 27, 5 7 7 17,> 650 9,,927 137, 594 86, 8 0 3 29, 8 1 7 20, 974 13, 341 7,,633 139, 238 85, 336 30, 782 23, 120 13, 600 9. 520 140, 922 84, 231 32, 918 23, 773 13, 973 9,,800 20 Trade debt 14,,000 14, 186 14,,760 15,,733 17, 107 18,,650 21 Net worth 22 C o r p o r a t e farms 23 N o n c o r p o r a t e farms 645 ,525 42 ,597 602 ,928 620, 014 42,.057 577,,957 638,,487 44 ,787 593 ,700 688 ,260 50,,366 637 ,894 720,,410 54,,625 665,,785 758,,216 59 ,070 699 , 146 Memo: 24 Total real estate 650 ,006 614 ,740 625 ,020 663 ,766 688 ,037 725 ,000 9 10 11 14 15 16 17 18 19 21 22 23 N o n f a r m N o n c o r p o r a t e Business 2370 ,320 1 T a n g i b l e assets 2 3 4 5 R e p r o d u c i b l e assets R e s i d e n t i a l structures N o n r e s . plant 8 equipment Inventories 6 Land 7 Total financial assets 2514 ,609 ,718 ,833 ,213 ,672 1389 ,151 8 7 4 ,619 475 ,690 38 ,842 1438 ,822 908 ,664 492 ,282 37 ,876 1545 985 518 41 981 ,169 1075 ,787 1150 ,964 317 ,291 355 ,842 2 7 8 8 ,706 2696 ,682 368 ,903 • 1593 1005 542 45 ,138 ,163 ,912 ,063 1195 ,568 387 ,324 2940 ,716 2920 ,293 ,659 ,064 ,581 ,014 1692 ,419 1061 ,337 582 ,774 48 ,308 2 3 4 5 1254 ,057 1227 ,874 6 406 ,411 421 ,550 7 8 9 10 11 12 13 14 15 16 17 1686 1067 571 48 8 9 10 11 12 13 C h e c k a b l e dep. 8 currency Time d e p o s i t s U.S. government s e c u r i t i e s C o n s u m e r credit Mortgages Trade credit 61 ,297 76 ,585 5 ,754 5 ,841 43 ,983 65 ,858 67 ,288 8 7 ,798 6 ,940 6 ,166 46 ,676 72 ,211 71 ,288 8 2 ,798 7 ,540 6 ,491 45 ,004 77 ,011 75 ,397 8 4 , 486 8 ,140 6 ,856 43 ,332 81 ,811 78 ,622 89 ,617 8 ,740 6 ,767 41 ,660 86 ,611 8 0 ,703 92 ,110 9 ,340 6 ,686 39 ,988 91 ,411 14 15 16 17 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s Equity in spons. agencies Other 57 ,973 ,642 833 18 ,498 68 ,763 43 ,451 771 24 ,541 78 ,771 49 ,497 733 28 ,541 8 7 ,302 54 ,077 733 32 ,492 94 ,394 57 ,339 800 36 ,255 101 ,312 60 ,388 972 39 ,952 18 Total assets 2687 ,611 2870 ,451 3065 ,585 3176 ,030 3347 ,127 3341 ,843 19 Total l i a b i l i t i e s 1054, 521 1162,,740 1253, 788 1335, 736 1397, 8 9 2 1422,879 898,,338 663,,275 44, 806 191 , ,272 427,,197 997, 5 5 4 739,,564 46,,727 224,,053 468,,784 1075,,436 789,,592 47,,642 247,. 112 494,,838 1145,,112 829,,133 47,,715 262, 8 1 0 518,,608 1195,,892 864,,769 45 ,920 279 ,599 539 ,250 1210,227 865,194 44,647 272,171 548,376 20 20 21 22 23 24 Credit market instruments Mortgages Home m o r t g a g e s Multi family Commercial 21 22 23 24 25 26 Bank loans n.e.c. Other loans 98 ,510 136 ,553 110,,207 147 ,783 120 ,869 164 ,975 128 ,927 187 ,052 133 ,144 197 ,979 212,022 133,011 25 26 27 28 Other taxes payable Trade debt 21 ,596 56 ,858 23 ,269 61 ,082 24 ,869 64 ,648 26 ,469 67 ,320 28 ,069 69 ,096 29,669 70,148 27 28 29 Miscellaneous liabilities 77 ,729 80 ,835 88 ,835 96 ,835 104 ,835 1633 ,090 1707 ,711 1811 ,797 1840 ,294 1949 ,235 30 Net worth Memo: 31 Total real estate Data are in m i l l i o n s of dollars. M a r c h 1991 Nonfinancial Corporate Business Nonfinancial Sector Year-End Balance Sheet with Tangible Assets at C u r r e n t Year-End 1946 1947 Nonfinancial 1 135 ,455 2 3 4 5 115 2 83 28 599 973 • 814 812 1948 Corporate 1949 Business, 1950 Excluding 1952 1951 168 ,284 201,302 223,906 2 2 9 ,592 2 5 9 ,005 289,286 305,321 ,192 ,416 ,366 •410 176-017 3,932 123-608 48,477 196,167 4,219 138-129 53,819 199 4 146 49 226 4 161 60 ,390 ,725 ,446 ,219 253,285 4,981 178,604 69,700 266,321 5,069 190-438 70,814 Tangible 6 19 8 5 6 2 2 ,092 25,285 27,739 2 9 ,682 32 ,615 36,001 39,000 7 69 67 ,420 76,167 81,670 8 5 ,601 1 0 2 ,421 110,491 115,957 006 assets (current Land 6 Total financial assets 33 ,594 19 ,502 900 35,155 21,434 900 36,256 21 ,861 900 39 ,260 2 2 ,903 900 4 3 ,844 2 4 ,222 900 46-437 25-859 900 46,271 26,641 900 33 18 ,5 0 8 252 68 12, 7 7 9 313 32 51 12,291 350 129 10 12,853 452 180 10 14 ,697 485 265 57 17 ,870 652 143 91 18,653 844 90 75 17-647 813 195 17 18 19 20 21 22 23 24 2 !5 2 3 2,,994 3,643 4,246 20- 0 9 2 7, 739 7, 2 2 7 418 906 7, 9 2 6 7,.227 676 28,030 9,339 8,366 956 30,259 10,909 9,625 1,192 94 23 17 92 141 197 348 382 25 204, 461 2 3 5 , 704 277,469 305,576 3 1 5 ,193 361 ,426 399,777 421,278 Total assets 26 71, 5 5 9 81 , 118 94,233 103,179 102,,514 125,,622 139,851 145,451 Total liabilities 27 28 29 30 31 32 33 43, 627 49, 667 56,974 63,294 65,,117 71,,885 80,655 87,506 23, 905 8, 636 291 2 ,081 6 ,2 6 4 24, 858 10, 2 1 5 659 2, 2 5 4 7, 3 0 2 27,671 11 ,694 872 2-512 8,310 31-971 13,074 1 ,09: 2,949 9,032 34,,874 13, 8 6 1 1,,031 3,• 5 3 2 9, 2 9 8 36, 4 9 8 15,• 135 1 ,4 2 8 4, 2 6 7 9, 4 4 0 39,792 16,179 1,364 4,937 9,878 44,497 17,215 1,587 5,353 10,275 34 35 36 37 38 39 8, 875 12, 4 6 5 15,535 16,137 14,,245 17, 9 2 3 22,120 22,909 95 134 1, 3 3 5 647 137 191 1, 3 0 8 493 172 187 1,190 525 166 190 1 ,245 511 207 275 1 ,231 616 269 313 1 ,348 634 331 335 1 ,564 655 40 41 42 10, 8 2 8 14, 5 9 7 2, 507 8, 807 20- 141 2, 5 0 3 11,264 23,392 2,603 12,118 24,980 2,787 9, 7 3 8 24, 718 2, 941 17, 2 5 2 33, 0 9 4 3, 391 21-922 33,616 3,658 18,672 35,328 3,945 43 132, 9 0 2 154, 5 8 6 183,236 202,397 212, 679 235, 804 259,926 2 7 5 , 8 2 7 Net 44 79, 166 92, 996 117,384 121 -6 5 2 131, 144,164 152,984 4 , 646 ,471 ,224 ,700 ,383 162 214 1 • , 123 638 5 ,581 6,190 7,068 39 ,593 13 ,403 11 ,788 1 ,418 42-989 14-875 12,979 1 ,548 45,849 16,769 14,721 1,666 1 2 3 4 5 38 •652 18 , 9 5 9 900 29 12 10 1 cost) Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 8 9 10 11 12 13 14 15 16 - Outstandings Farms 146 3 102 40 -910 ,385 ,138 ,387 Business 31 Outstandings 1945 Corporate Cost 7 Liquid assets Checkable dep. 8 currency Time deposits M o n e y market fund shares Security RPs Foreign deposits U.S. government securities Tax-exempt obligations Open-market paper 8 9 10 11 12 13 14 15 16 Consumer credit M u t u a l fund s h a r e s Trade credit Miscellaneous assets Foreign direct investment Insurance receivables E q u i t y in s p o n s . a g e n c i e s Other 17 18 19 20 21 22 23 24 25 26 C r e d i t m a r k e t debt T a x - e x e m p t debt Corporate bonds Mortgages Home mortgages Multifamily C o m m e r c i al 27 28 29 30 31 32 33 Bank loans n.e.c. L o a n s from foreign Commercial paper A c c e p t a n c e l i a b . tv b a n k s Nonbank finance loans U.S. government loans Profit taxes payable T r a d e debt F o r e i g n d i r e c t i n v . in U.S. worth 34 35 36 37 38 39 40 41 42 43 Memo: 45 87, 770 83, 210 84,922 83,862 92, 205 116, 647 138,250 46 1 ,2 6 5 1 ,5 4 8 1,672 1,697 627 2, 010 2,246 47 48 32!.8% 49.7% 32:.i% 59.6% 31.0% 67.0% 31.2% 75.4% 30.6% 70.6% 30.4% 61 .6% 31.0% 58.3% 31.7% 58.3% 49 66,.0% 53.8% 46.3% 41.4% 43 .3% 49'.4% 53.1% 54.3% 50 9 8 , 123 116, 290 133,604 149,148 154, 658 174, 4 3 8 196,820 210,204 51 52 53 54 90, 340 1 ,6 5 4 62, 369 26, 317 108, 017 700 6 8 , 771 37, 546 125,029 1 ,800 78,544 44,685 140,329 1 ,963 89,476 48,890 145, 645 2 , 129 98, 203 45, 313 165, 2, 107, 55, 187,192 2,422 119,918 64,852 200,837 2,519 132,216 66,102 Tangibles 131 314 716 101 Total corp. real estate M a r k e t v a l u e of e q u i t i e s , 149,941 including corp.farm equities (Net w o r t h of c o r p o r a t e f a r m s , 2,345 from farm sector t a b l e ) and net D e b t - n e t w o r t h ra :io ( 2 7 / 4 3 ) Debt-equities ratio (27/45) R a t i o of m a r k e t v n l u e to net w o r t h ( 4 5 / 4 3 ) worth on historical Tangible cost 45 46 47 48 49 basis: assets 50 Reproducible assets Residential structures N o n r e s . plant 8 equipment Inventories 51 52 53 54 Land 55 55 7, 7 8 3 8, 273 8,575 8,819 9, 0 1 3 9, 3 0 7 9,628 9,367 56 1 6 7 , 129 183, 710 209,771 230,818 240, 259 276, 859 307,311 326,161 57 95, 5 7 0 102, 5 9 2 115,538 127,639 137, 745 151, 237 167,460 180,710 Net 58 46, 468 49, 029 52,235 56,605 60, 644 64, 902 70,629 76,164 59 4 5 .6% 4 8 .4% 49.3% 49.5% 4 7 .2% 4 7 .5% 48.1% 48.4% in m i l l i o n s of Total assets 56 worth 57 Memo: Data are dollars. Total real Debt-net estate worth ratio 58 (27/57) 59 March 1991 Nonfinancial Corporate Business N o n f i n a n c i a l Corporate Business S e c t o r Balance Sheet with Tangible Assets at Current Cost 32 Year-End Outstandings Year-End O u t s t a n d i n g s 1954 1955 1956 1957 1958 1959 1960 Nonfinancial Corporate Business• Excluding Farms 1 Tangible assets (current cost) 2 3 4 5 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 6 Land 7 Total financial assets 8 9 10 11 12 13 14 15 16 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y Time deposits Money market fund shares S e c u r i t y RPs Foreign deposits U.S. government s e c u r i t i e s Tax-exempt o b l i g a t i o n s O p e n - m a r k e t paper 17 18 19 20 21 22 23 24 Consumer credit Mutual fund shares Trade credit M i s c e l l a n e o u s assets F o r e i g n direct investment Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 322,, 329 335 ,663 367,,243 410 ,150 439 ,428 453 ,054 476, 794 493,127 1 279, 342 5,• 113 201 ,519 72, 710 287 5 210 71 314 308 5, 359 230, 029 78, 920 349 5 257 86 371 5 277 88 378 5 285 86 396 .387 6 076 297,,578 92 ,733 407,623 6,348 305,685 95,590 2 3 4 5 6 ,370 ,206 ,906 ,258 ,833 ,462 ,416 ,955 ,552 ,542 ,239 ,771 • 434 ,750 911 ,773 42,,987 48 ,293 52,,935 60 ,317 67 ,876 74 ,620 8 0 ,407 85,504 119,, 052 124 ,627 142 089 147 ,210 151 ,876 163 502 178 ,716 181,736 7 48 013 26,•550 900 48 ,373 28 ,329 1 ,100 53 428 29, 282 1, 000 48 ,893 28 ,990 1 ,000 48 ,458 29 ,024 1 ,000 50 992 30,.083 1,,900 56 ,185 29 ,196 1 ,500 114 19,,240 1 •, 005 204 158 17 ,523 972 291 129 21,,581 1 ,219 217 138 17 ,118 1 ,342 305 131 16 ,389 1 ,479 435 149 16 ,692 1 ,958 ( 210 132 22,,821 1,,794 742 51,429 28,243 3,000 148 16,868 2,382 788 8 9 10 11 12 13 14 15 16 9,643 82,291 38,373 31,865 4,672 72 1,764 17 18 19 20 21 22 23 24 7 ,327 7 ,672 8 ,359 45 003 18, 709 16,,253 1 .786 , 48 ,388 20 ,194 17 ,631 1 ,866 8 ,667 63 25 22 2 8 ,848 10,,141 71, 8 1 2 ,850 31 , 27, 409 3 ,511 : 38 892 77, 363 35, 027 29,.827 4,-081 51 1,,068 670 697 assets 441 ,,381 460 ,290 509,,332 5 5 7 ,360 591 ,304 616,,556 655,,510 674,863 25 26 Total liabilities 150,,363 154 ,439 176,,307 189 ,299 198 ,502 208,,404 226..924 237,906 26 91, 8 2 7 96 ,541 104,,998 115 ,396 124 ,982 133,,378 143,.681 153,656 76,216 33,448 1,703 9,289 22,456 27 28 29 30 31 32 33 37,438 769 834 4,095 856 34 35 36 37 38 39 Credit market debt T a x - e x e m p t debt C o r p o r a t e bonds Mortgages Home m o r t g a g e s Multifamily Commercial 65 29 25 2 ,414 ,312 ,394 ,965 32 921 25 Total 27 28 29 30 31 32 33 ,789 ,861 ,505 ,393 13 950 8 ,692 57,,988 22,,314 19 395 2, 034 2 883 48 • 012 18 ,101 1 ,54 , 7 5,,670 10 ,884 51 ,547 19 ,732 1 ,872 5 ,939 11 ,921 54 ,564 ,598 21 : 2,,016 6 ,348 13,,234 58 ,040 23 ,225 1 ,788 6 ,632 14 ,805 64 ,072 24 ,857 1 ,671 6 ,855 16 ,331 69,,715 27,,714 1,,823 7,,611 18,,280 72, 794 30,,800 1,,938 8, 518 20:,344 21 ,694 25 ,577 30 ,658 31 ,866 31,,527 35 ,259 422 619 2 ,405 741 658 582 2,,430 752 15 ,971 51 ,839 5 ,710 13 ,378 55 ,533 6 ,115 15 ,817 60 ,822 6 ,604 13,615 40 63,725 41 6,910 42 392 ,802 408 ,152 428 ,586 4 3 6 , 9 5 7 43 34 35 36 37 38 39 Bank loans n.e.c. L o a n s from foreign C o m m e r c i a l paper A c c e p t a n c e liab. to banks Nonbank finance loans U.S. government loans 22,,357 402 376 1 ,626 953 531 602 1 ,629 806 362 332 1,,881 684 378 490 1 ,923 682 40 41 42 Profit taxes payable Trade debt Foreign direct inv. in U.S. 19-271 35,014 4,251 15,988 37,277 4,633 20,085 46,148 5,076 18,102 50,342 5,459 43 Net worth 315 593 3 , 141 779 44 Total corp. real estate Market value of equities, including corp.farm equities (Net worth of corporate farms, from farm sector t a b l e ) 46 45 144,776 216,033 269,173 289,169 242,470 342,082 361,299 354,114 45 2,401 2,599 2,828 3,230 3,637 4,121 4,486 4 , 8 2 0 46 31.5% 63.4% 31.5% 44.6% 31.5% 39.0% 31.3% 39.9% 31 .8% 51 .5% 32.6% 38.9% 33.5% 39.7% 35.1% 47 4 3 . 3 % 48 49.7% 70.6% 80.8% 78.5% 61.7% 83.8% 84.3% 8 1 . 0 % 49 226, 060 236 ,438 256,,302 281 ,919 302 ,897 313 ,898 335 ,052 354 ,625 50 216,,141 2, 627 145,.603 67,,911 226,,174 2, 732 157,. 140 66, 302 245, 383 2, 8 4 7 169, 571 72,.965 269 ,788 2.,959 186 ,287 8 0 542 290 3 204 82 299 ,508 3,,392 215,,807 80,,309 319 ,055 3..771 228, 835 86,,449 337 4 243 89 47 Debt-net worth ratio (27/43) 48 D e b t - e q u i t i e s ratio (27/45) Ratio of market value to net worth (45/43) 49 T a n g i b l e s and net worth 50 T a n g i b l e on h i s t o r i c a l assets 51 52 53 54 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 55 Land 56 Total assets 57 Net worth cost basis: ,021 ,107 ,323 ,591 ,109 ,104 555 ,450 51 52 53 54 9, 919 10,,264 10,,919 12 ,876 14,,390 15,,997 17,,516 55 345, 112 361 ,,065 398,,391 429 , 129 4 5 4 ,773 4 7 7 ,400 513 ,768 536 ,361 56 194, 749 206 ,626 222,,084 239 ,830 256 ,271 268,,996 286 ,844 298 ,455 57 8 3 ,136 89 ,383 96 ,053 105 ,633 115 ,003 123 ,312 131 ,497 140 ,295 58 12 ,131 Memo: 58 Total real estate 59 Debt-net worth ratio (27/57) Data are in m i l l i o n s of d o l l a r s . March 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business S e c t o r Balance Sheet with T a n g i b l e A s s e t s at C u r r e n t Cost g g Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s N o n f i n a n c i a l C o r p o r a t e B u s i n e s s , E x c l u d i n g Farms 1 508 , 703 526 ,992 547, 273 575, 931 617, 310 677, 631 726, 697 789, 688 T a n g i b l e assets 2 3 4 5 417, 5 7 7 6, 758 313, 054 97,• 765 433 ,950 7 ,361 323 ,808 102 ,781 452, 258 8,• 014 335, 565 108, 679 477, 825 8, 984 353,.063 115,.778 515,.953 9, 8 0 4 380 952 125,,197 572,• 620 10, 891 420, 288 141, 441 621- 452 11 ,650 457, 4 2 7 152,,375 684, 4 4 2 13,.580 505 8 5 4 165 008 R e p r o d u c i b l e assets R e s i d e n t i a l structures N o n r e s . plant 8 equipment Inventories 2 3 4 5 105,,246 Land 6 6 91 ,126 93 ,042 95, 015 98,,106 101,,357 105, 011 105, 245 7 194,.579 206 ,757 222, 448 237,,308 259 , 125 272, 722 289 8 9 10 11 12 13 14 15 16 54 .837 31 ,673 4 ,100 57 ,937 34 •564 5 ,000 61, 337 33- 4 2 7 5, 687 ,670 61 , 32,,738 6,,671 63 .176 33 • 053 8 ,993 61 ,326 32, 371 8 603 63,,095 34,,817 9,,682 68 ,569 37,.531 9,,056 236 15 ,344 2 ,395 1 ,089 790 13 ,582 2 ,697 1 ,304 731 16 736 3,,787 969 309 1 ,097 i 15,481 3.,680 1 ,694 593 781 13 ,786 4 ,600 1 ,370 895 885 12,,081 3,,639 2,,852 670 1 ,055 , 9,,619 3,,300 3 952 10 ,405 168 ,757 ,490 ,276 ,684 90 2 ,440 99 50 40 6 13 ,242 330 ,876 • 501 ,283 ,766 97 5 ,355 17 18 19 20 21 22 23 24 9 ,638 88 41 34 5 ,232 ,872 ,717 ,134 80 1 ,941 11 ,368 203 ,057 ,483 ,736 ,031 90 3,, 626 92 45 37 5 25 703 • 282 733 ,749 769 ,721 197 13 ,704 635 141 ,575 70 , 188 55 ,329 7 ,999 134 6 ,726 320,,072 Total financial assets 1 7 1 ,121 , 1 ,5 8 7 10.,393 3,,782 5 ,099 8 9 10 11 12 13 14 15 16 13 ,822 845 ,097 • 739 ,547 788 160 9 ,244 C o n s u m e r credit M u t u a l fund shares Trade credit M i s c e l l a n e o u s assets Foreign direct investment Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 17 18 19 20 21 22 23 24 120 61 49 6 13 .418 425 133,,247 64 • 306 51 ,007 7,,331 120 5 ,848 8 1 3 ,239 8 7 6 ,435 950 ,353 1015 ,894 1109 ,760 Total 160 76 58 8 26 253 ,348 270 ,270 2 9 2 ,239 312 ,850 346 ,485 380 ,764 409 ,221 456 ,976 Total 27 28 29 30 31 32 33 163 ,509 176 ,101 188 ,321 200 ,822 219 ,805 243 ,165 268 ,089 295 ,026 8 0 •611 37 ,442 1 ,821 10 ,363 25 ,258 8 4 • 643 42 ,084 2 ,001 11 • 413 28 ,670 8 8 >414 46 ,780 2 ,002 12:,403 32,,375 92 ,4 08 49 • 475 1 ,902 13 ,657 33 ,916 97 ,260 51 ,685 1 ,997 14,522 35 ,166 107 ,474 54 ,525 1 ,598 15 ,247 37 ,680 122 56 2 16 38 ,132 ,626 ,102 ,050 ,474 135 ,025 58 ,847 ,224 17 ,082 39 ,541 34 35 36 37 38 39 38 ,349 41 ,862 45 ,322 49,884 60 ,730 69 ,136 75 ,631 85 ,429 1 ,094 895 4 ,196 922 1 ,198 898 4 ,281 1 ,135 968 665 4 ,989 1 ,183 , 1 ,125 764 5 ,784 1 ,382 797 891 6 ,766 1 ,676 1 ,622 1 ,063 7 ,303 2 ,042 40 41 42 14 ,995 67 ,452 7 ,392 15 ,941 70 ,616 7 ,612 17 ,508 78 ,466 7,,944 20 ,169 97 ,714 8 ,797 20 ,374 108 ,171 9 ,054 43 449 ,934 463 ,479 477,,482 529 ,950 569 ,589 500 ,389 cost) Liquid assets C h e c k a b l e dep. 8 currency Time deposits Money market fund shares S e c u r i t y RPs Foreign deposits U.S. government securities Tax-exempt obligations O p e n - m a r k e t paper 12 ,303 253 107 ,600 55 ,482 44 ,480 6 ,350 91 4 ,561 18 • 007 8 5 ,658 8,363 (current assets 25 liabilities 26 Credit market debt T a x - e x e m p t debt C o r p o r a t e bonds Mortgages Home m o r t g a g e s Multi family C o m m e r c i al 27 28 29 30 31 32 33 4 ,249 1 ,574 8 ,245 1 ,657 Bank loans n.e.c. L o a n s from foreign C o m m e r c i a l paper A c c e p t a n c e liab. to banks Nonbank finance loans U.S. government loans 34 35 36 37 38 39 15 ,647 115 ,562 9 ,923 18 ,508 132 ,627 10 ,815 Profit taxes payable Trade debt F o r e i g n direct inv. in U.S. 40 41 42 606 ,673 652 ,784 Net worth 43 3 6 6 , 5 4 0 Total corp. real estate 44 3 ,034 1 ,304 7 , 129 2 ,233 45 428,294 389,171 456,076 509,516 553,720 504,223 651,678 46 5,294 5,780 6,299 6,793 7,625 8,159 8,861 47 48 36.3% 38.1% 37.9% 45.2% 39.4% 41.2% 40.1% 39.4% 41.4% 39.6% 42.6% 48.2% 44.1% 41.1% Market value of e q u i t i e s , 736,506 including corp.farm equities (Net worch of corporate farms, 9,682 from farm sector t a b l e ) 4 5 . 1 % D e b t - n e t worth ratio (27/43) 4 0 . 0 % D e b t - e q u i t i e s ratio (27/45) Ratio of market value 112.8% to net worth (45/43) T a n g i b l e s and net worth on h i s t o r i c a l cost 50 372 ,784 394 ,837 418 ,173 445 ,602 4 8 2 ,941 531 ,893 5 7 4 ,619 620,,903 T a n g i b l e assets 51 52 53 54 353 ,214 4 ,573 256 ,541 92,,100 373,,409 5 ,232 270 ,794 97 ,383 394,,887 6 ,067 285,,646 103,•174 420,,328 6 915 303,,428 109,• 985 455 ,091 7 ,717 327,,914 119,,460 501,,694 8 ,412 357,,939 135,,343 542 9 386 146 586, 239 10, 117 418, 144 157, 978 ,245 ,013 579 ,653 34,.664 45 46 47 48 49 basis: 50 R e p r o d u c i b l e assets R e s i d e n t i a l structures N o n r e s . plant 8 equipment Inventories 51 52 53 54 Land 55 55 19,,570 21 ,428 23 ,286 25,,274 27 ,850 30 ,199 32 ,374 56 567 ,363 601,,594 640,,621 682 ,910 742 ,066 804,,615 863,,816 940, 975 Total assets 56 57 314 ,015 331 , ,324 348 ,382 370,,060 395,,581 423, 851 454,,595 483, 999 Net worth 57 204,,334 218,,651 233, 756 T o t a l real estate Memo: 58 149 ,255 52.0% 158 ,019 166,,887 53.1% Data are in m i l l i o n s of d o l l a r s . 176,,865 189,,850 55.5% 6 0 . 9 % D e b t - n e t worth ratio 58 (27/57) 59 March 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Balance Sheet with T a n g i b l e A s s e t s at C u r r e n t Cost 34 Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1969 1970 1971 1972 1973 1974 1975 1976 Nonfinancial Corporate Business, Excluding Farms 1228 ,528 1516 ,552 1643 ,926 1795 ,527 1 1093 22 811 259 1358 23 1003 331 1480 23 1119 337 1617 24 1217 375 ,982 ,884 ,926 ,172 2 3 4 5 163 ,816 177 ,545 6 558 ,515 612 ,893 7 934,,126 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 756 15 558 182 8 2 2 -615 17.>256 615 >283 190 ,076 892 19 672 200 6 Land 108 ,879 111,,511 114 ,462 122 ,787 135 ,130 157 ,915 406 ,708 456 ,211 526 ,810 5 1 7 ,494 100 ,960 46 ,315 16 ,623 105 ,407 47 ,772 20 ,464 125 .170 53 ,927 22 ,351 5 ,485 4 ,946 5 ,566 4,,654 16 ,520 4 ,731 5 ,772 14 ,281 4 ,481 19,,627 139 ,778 8 9 56 ,365 24 ,413 10 11 7 ,048 12 7 ,441 13 16 ,421 14 3 ,419 15 24 ,671 16 1 T a n g i b l e assets 7 Total (current cost) financial assets 8 9 10 11 12 13 14 15 16 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y Time deposits M o n e y market fund shares S e c u r i t y RPs F o r e i g n deposits U.S. government s e c u r i t i e s Tax-exempt obligations O p e n - m a r k e t paper 17 18 19 20 21 22 23 24 C o n s u m e r credit M u t u a l fund shares Trade credit M i s c e l l a n e o u s assets Foreign direct investment Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 25 Total assets 26 Total 27 28 29 30 31 32 33 liabilities Credit market debt T a x - e x e m p t debt C o r p o r a t e bonds Mortgages Home m o r t g a g e s Multi family C o m m e r c i al ,310 , 704 356 ,250 351 ,827 69 ,008 43 , 122 3 , 652 370,• 274 69,>494 44,,059 5,,347 3 ,311 1 ,173 7 ,322 2 ,800 7 ,628 14,095 745 182 ,878 8 5 ,101 63 • 704 9 ,935 225 11 ,237 234 798 7,,492 2, 175 9,,389 14,,647 645 191 •4 0 4 94,> 084 70, 269 10, 831 336 12, 648 1007 ,242 1087 ,014 8 6 5 ,189 2 3 4 5 ,780 ,828 ,219 ,733 964 20 726 217 ,227 ,591 ,357 ,279 78 • 819 42 ,581 9 ,509 8 8 • 015 44 ,938 11 ,890 1 ,077 1 ,234 9 ,968 3 ,175 11 ,275 2,,688 2,,172 7 ,917 4 ,175 14,,235 17 ,266 690 203 ,849 106,,084 76,,388 11 ,878 359 17,,459 17,,954 732 230,,251 119,>259 81 i.503 13,,729 377 23,,650 1543,,225 11 3 4 4 14 ,398 ,152 430 ,816 ,262 ,329 ,517 ,038 ,876 19 ,180 775 269 • 293 136 ,602 91 ,715 15,,689 396 28 ,802 1755 ,338 ,637 ,618 704 ,315 19,,535 816 246, 2 6 0 145 476 100, 364 17, 8 1 6 413 26, 8 8 3 2034,• 046 1217 ,016 1304, 400 1413,,950 504,,097 537,,391 577 ,138 631 ,713 736 ,303 730,,155 324 ,014 352 ,491 147 ,000 58 ,038 2 ,008 18 ,551 37,,479 166, 756 58,,918 2,,153 19,>750 37,>015 377 ,799 86 185 ,563 61 • 4 2 2 3 ,050 21 ,672 36 ,700 409 ,186 634 197 ,750 64 ,183 3 ,626 24 ,457 36 ,100 467,,381 2,,430 206 ,909 89,,542 3,,226 26,,914 59,,402 517 4 226 85 3 28 54 ,784 ,078 ,579 ,458 ,008 ,308 , 142 103,,628 107 ,679 120 453 6 ,247 3 ,619 11 ,579 1 ,604 ,968 3 ,672 13 ,681 1 ,845 137, 050 32 8,,382 4,,736 16, 162 2,,138 159,,407 253 12,,513 7,,247 18,• 5 8 2 3,,667 16, 717 170 5 1 0 25,• 144 ,110 • 680 . 183 ,247 19,,862 890 252,,457 160,•136 114,• 140 20, 043 423 25, 530 21 ,660 964 ,269 ,222 ,583 ,424 460 28 ,755 271 179 126 23 17 18 19 20 21 22 23 24 2202,,441 2408 ,420 25 751, 675 806,,519 26 532,.767 6, 678 253,,783 86,,958 • 635 28 ,798 54,,525 570,,170 9,,163 276,,614 93,,826 5,,018 29,,950 58,,858 27 28 29 30 31 32 33 143 • 514 325 9 ,616 7,,580 20, 440 3,,873 140,,072 495 11 ,049 10 ,165 24 730 4 ,056 34 35 36 37 38 39 14, 573 176, 673 27, 662 19,,950 40 185,•629 41 30, 770 42 34 35 36 37 38 39 Bank loans n.e.c. L o a n s from foreign C o m m e r c i a l paper A c c e p t a n c e liab. to banks Nonbank finance loans U.S. government loans 98,,834 40 41 42 Profit taxes payable Trade debt F o r e i g n direct inv. in U.S. 15,,202 153, 063 11,,818 11 ,4 7 2 160, 158 13,,270 13 ,345 172 ,080 13,,914 13 ,253 194 ,406 14 ,868 15, 631 232, 735 20, 556 43 Net worth 712,,919 767, 009 8 3 6 ,812 911 ,512 1019, 035 1303, 891 1450, 766 1601, 901 43 44 Total corp. real estate 400,463 433,867 473,942 513,962 574,294 699,236 749,153 8 1 0 , 0 4 7 44 646,230 648,492 758,897 855,233 678,436 499,098 684,337 787,807 45 10,403 10,889 11 ,923 13,769 17,988 20,912 25,106 3 0 , 6 8 0 46 45.4% 50.1% 45.9% 54.3% 45.1% 49.7% 44.8% 47.8% 45.8% 68.8% 39.7% 103.7% 36.7% 77.8% 3 5 . 5 % 47 72.3% 48 90.6% 84.5% 90.6% 93.8% 66.5% 38.2% 47.1% 4 9 . 1 % 49 828,,166 919 ,113 1046 ,073 782 • 786 14,• 736 560,• 625 207,,425 869 14 612 241 Market value of e q u i t i e s , 45 including corp.farm equities (Net worth of corporate farms, 46 from farm sector t a b l e ) 5 356 2,,282 10,,730 1 ,774 , 47 Debt-net worth ratio ( 2 7 / 4 3 ) 48 D e b t - e q u i t i e s ratio ( 2 7 / 4 5 ) R a t i o of market value 49 to net worth ( 4 5 / 4 3 ) T a n g i b l e s and net worth on h i s t o r i c a l 50 T a n g i b l e assets 51 52 53 54 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 55 Land 56 Total assets 57 Net worth 58 T o t a l real estate 59 D e b t - n e t worth ratio (27/57) Data are in m i l l i o n s of d o l l a r s . 7 133 3, 090 10,• 907 2, 059 cost basis: 678 ,205 724,691 769 ,831 639,,283 11 ,623 454,,386 173,,274 684,117 13,004 488,550 182,563 727 14 521 191 ,322 ,663 ,246 ,413 ,215 ,892 ,359 , ,964 992 14 673 303 ,286 ,950 ,618 ,718 1111 ,612 1211 ,128 50 1056 •647 14,,900 730,,757 310,• 990 1154 14 794 345 649 ,917 ,641 ,091 51 52 53 54 38,,922 40,574 4 2 ,509 45,,380 49,,898 53,,787 54,,965 56,,479 55 1030, 032 1094,965 1176,,539 1284, 377 1445,,923 1563,,567 1670, 127 1824 ,021 56 525,,935 557,574 599 ,401 652, 664 709,,620 833, 4 1 2 918 4 5 2 1017 ,502 57 253,130 270,285 287,174 305,508 329,331 355,847 380,691 4 0 6 , 3 4 1 58 61.6% 63.2% 63.0% 62.6% 65.8% 62.1% 58.0% 5 6 . 0 % 59 March 1991 Nonfinancial C o r p o r a t e B u s i n e s s Nonfinancial Corporate Business S e c t o r Balance Sheet with T a n g i b l e Assets at Current Cost 35 Year-End O u t s t a n d i n g s Year-End Outstandings 1981 N o n f i n a n c i a l C o r p o r a t e B u s i n e s s , Excluding Farms 1 1993 , 945 2 5 4 5 1793 27 1549 416 .799 ,591 ,279 ,929 2 3 0 5 ,779 2071 32 1557 481 ,336 ,111 408 ,817 2615 ,515 2 9 8 3 ,280 3556 -918 2546 55 1752 559 2666 38 2007 620 2987 40 2275 675 ,852 ,357 ,240 ,255 ,116 ,190 ,110 ,816 ,883 ,580 ,365 ,938 5501 ,990 3101 39 2403 659 ,962 ,828 • 045 ,091 5605 ,531 3845 ,923 T a n g i b l e assets 5181 41 2465 674 5580 45 2596 740 ,058 ,587 ,263 ,208 ,472 ,505 ,068 ,899 (current c o s t ) 1 R e p r o d u c i b l e assets Residential structures N o n r e s . plant & equipment Inventories 2 3 4 5 Land 6 6 200 ,146 234 ,443 266 ,461 317 ,164 569 ,035 400 ,028 424 ,473 7 672 ,704 780 ,661 910 ,165 1015 ,422 1116 ,079 1141 ,754 1256 ,813 8 9 10 11 12 13 14 15 16 143 • 641 59 ,207 29 ,215 200 8 ,256 8 ,742 10 ,026 3 ,468 24 ,527 162 ,321 57 ,698 31 ,174 610 16 ,229 16 ,661 11 ,538 3 ,658 24 ,753 170 ,820 50 ,309 35 ,377 3 ,000 18 ,843 21 ,804 15 ,105 3 ,687 26 ,695 196 ,502 57 ,071 57 ,853 6 ,993 28 ,415 24 ,623 18 ,701 3 •490 19 ,556 ,445 ,573 ,758 ,416 ,422 ,965 ,214 ,470 ,825 266 ,781 53 ,252 59 ,029 19 ,031 42 ,143 22 ,553 50 ,500 3 ,536 36 ,737 501 ,914 61 ,943 70 ,645 11 ,153 48 ,387 25 ,680 58 ,498 4 ,201 41 ,407 326 ,045 74 ,625 74 ,372 16 ,062 48 ,837 20 ,593 42 ,674 4 ,066 44 ,816 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y Time d e p o s i t s M o n e y market fund shares S e c u r i t y RPs Foreign deposits U.S. government s e c u r i t i e s Tax-exempt obligations O p e n - m a r k e t paper 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 308 198 135 27 23 ,648 618 ,375 ,699 ,761 ,415 581 45 ,942 24 ,728 1 ,060 434 ,309 279 ,248 178 ,240 38 • 949 635 61 ,426 482 309 208 43 24 ,996 ,507 ,496 ,921 ,467 ,619 642 57 ,195 25 ,280 1 ,624 5 0 7 ,259 561 ,473 224 ,826 47 ,320 642 8 8 ,685 25 ,254 3 ,070 492 ,177 354 ,452 213 ,347 50 ,030 714 90 ,361 28 4 544 377 215 53 ,589 • 501 ,409 ,400 ,934 ,493 723 107 ,250 50 ,632 7 ,193 592 ,477 598 ,173 221 ,941 58 655 724 116 ,875 C o n s u m e r credit M u t u a l fund shares Trade credit M i s c e l l a n e o u s assets F o r e i g n direct investment Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 17 18 19 20 21 22 ,231 790 ,020 ,022 ,382 • 833 539 34 ,268 364 229 151 33 220 47 47 18 55 22 20 5 26 25 2666 ,649 5086,,440 3525 ,478 5998 ,702 4 4 7 2 ,997 4643 ,724 465 ,451 1354 ,520 Total financial assets 4 8 6 2 ,344 5 1 9 8 ,445 T o t a l assets 7 23 24 25 26 898 ,163 1027, 584 1157 ,976 1289,,881 1435,,706 1490,,164 1623 ,837 1862 ,791 Total l i a b i l i t i e s 26 27 28 29 30 31 32 33 638 ,630 17 577 299 491 106, 444 6, 778 31, 974 67, 692 706- 098 25, 041 520, 607 116, 102 7, 575 54, 714 75, 8 1 5 775 ,555 55 ,028 557,,915 105,,901 7,,055 57,,197 61,,669 828, 781 45, 8 9 2 565, 570 84, 977 5, 954 58, 648 40, 575 926,-605 59,,325 388,.531 80, 4 9 5 4, 544 37, 4 0 8 58, 545 970,,006 74, 466 406, 997 34, 790 5< 056 30, 766 - 1 , 052 1049 ,437 8 5 ,897 422,,980 50, 316 5 • 057 27,,597 17,,662 1225,,865 104,• 459 469, 058 52,,600 5,,056 25, 8 2 5 21,,721 27 28 29 30 51 52 55 34 35 36 37 58 59 154, 918 645 12, 808 11, 442 31, 479 4, 026 175, 120 901 15, 499 9, 908 57, 206 5, 714 204, 2 7 0 2, 8 8 8 24, 518 15, 8 4 2 42, 2 6 5 6, 908 250, 552 4, 199 28, 026 17, 076 44, 333 8, 376 261, 678 15, 095 42, 722 21, 448 49, 942 9, 571 318, 498 15, 612 37, 614 20, 666 50, 512 10, 851 540, 8 9 2 18, 290 56, 775 27, 641 58, 246 10, 400 591, 154 51. 559 58, 490 50, 452 74, 771 11, 600 Bank loans n . e . c . L o a n s from foreign C o m m e r c i a l paper A c c e p t a n c e liab. to bank. N o n b a n k finance loans U.S. g o v e r n m e n t loans 54 55 36 37 38 39 40 41 42 17, 826 207, 112 34, 595 19, 871 258, 944 42, 471 20, 2 2 4 509, 755 54, 4 6 2 50, 305 547, 749 8 5 , 046 24, 016 576, 571 108, 714 14, 196 381, 285 124, 677 19, 053 418, 288 137, 059 22, 361 451, 986 164, 581 Profit taxes payable Trade debt F o r e i g n direct inv. in U.S. 40 41 42 45 1768, 486 2059, 056 2565, 5 0 2 2 7 0 8 , 821 5057, 291 3155, 560 3258, 5 0 7 Credit market debt T a x - e x e m p t debt C o r p o r a t e bonds Mortgages Home m o r t g a g e s Multifamily Commercial 5555, 652 Net worth 43 1745,630 Total corp. real estate 45 748•002 775,143 933,575 1293,116 1214,845 1582,775 46 54,887 42,248 50,440 56,791 56,052 55,286 47 48 36.1% 85.3% 34.2% 91.3% 32.7% 82.8% 30.5% 64.0% 30.5% 76.2% 50.7% 70.1% 37.5% Market value of e q u i t i e s , 1617,735 including c o r p . f a r m e q u i t i e s (Net worth of c o r p o r a t e farms, 46,851 from farm sector t a b l e ) 52.4% 64.0% 50.6% 5 6 . 6 % Debt-net worth ratio ( 2 7 / 4 5 ) 7 5 . 6 % D e b t - e q u i t i e s ratio ( 2 7 / 4 5 ) R a t i o of market value 48.4% to net worth ( 4 5 / 4 5 ) 46 47 48 49 T a n g i b l e s and net worth on h i s t o r i c a l cost b a s i s : 50 1554 ,405 1497 ,745 1690 ,633 1879 ,552 2 0 8 6 ,898 2206,,488 2559 ,285 2561 ,120 T a n g i b l e a s s e t s 50 51 52 55 54 1274 ,988 15 ,069 876,,462 585, 4 5 7 1454 15 982 456 1625 ,581 15 ,750 1110,,506 497,,545 1805 • 510 16 ,054 1241,,496 547,,960 2005 16 1392 596 2119,,370 16,,718 1525,,175 577,,479 2 2 4 4 ,497 17 ,117 1639 ,909 587,,471 2 4 5 7 ,828 18 ,140 1789 ,575 650,,113 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 51 52 55 54 Land 55 ,108 ,548 ,063 ,697 ,222 ,505 ,792 ,125 55 59,,415 65 ,637 67,,252 75,,822 81,,676 87,,118 94,,788 56 2007,,107 2278,,406 2600,,798 2894,,754 5202,,977 5548, 2 2 2 5596,,098 5915,,640 Total assets 56 57 1108,,944 1251,,022 1442, 8 2 2 1604, 8 7 5 1767,,271 1858, 058 1972,,261 2052,,849 Net worth 57 58 434,695 469,517 519,252 575,961 645,530 714,298 767,569 59 57.5% 56.4% 55.6% 51.6% 52.4% 52.2% 55.2% 105,,292 Memo: Data are in m i l l i o n s of d o l l a r s . 8 5 5 , 4 1 0 Total real estate 5 9 . 6 % D e b t - n e t worth ratio 58 (27/57) 59 March 1991 Nonfinancial Corporate Business 36 N o n f i n a n c i a l Corporate Business Sector Balance Sheet with T a n g i b l e A s s e t s at C u r r e n t Cost Year-End Outstandings Year-End O u t s t a n d i n g s 1989 1990 N o n f i n a n c i a l C o r p o r a t e B u s i n e s s , E x c l u d i n g Farms 1 Tangible assets (current cost) 2 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 6 Land 7 Total 8 17 23 24 financial assets 3992 ,822 4150 ,772 4380 ,424 4 6 3 4 ,899 4 8 7 3 ,847 5031 ,502 3498 44 2700 753 3624 45 2829 749 3827 48 2967 811 4058 48 3129 880 4271 51 3294 924 4414 50 3426 938 ,631 ,866 ,543 ,222 ,653 ,743 ,795 ,115 ,696 ,761 ,240 ,695 ,366 ,998 ,356 ,012 ,086 ,552 ,622 ,912 .642 ,103 ,321 ,218 494 ,191 526 ,119 552 ,728 576 ,533 602 ,761 616 ,860 1444 ,400 1608 ,582 1745 ,579 1865 ,575 1984 ,617 2 0 9 7 ,262 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y Time deposits M o n e y market fund shares S e c u r i t y RPs Foreign deposits U.S. government s e c u r i t i e s Tax-exempt o b l i g a t i o n s O p e n - m a r k e t paper 355 ,299 94 , 04 3 8 0 •292 14 • 520 58 ,346 18,,844 39!.030 4,,902 45, 322 416 ,098 112 ,832 8 7 ,509 18 ,122 70,,500 24,,772 53,,494 7,,968 40,-901 440 ,819 120 ,399 91 ,591 18 ,945 71 ,329 24 ,333 57,,044 10,,532 46,,646 435 ,673 135 ,430 91 ,569 15 ,648 79 ,558 13 ,121 51 ,335 12,,029 37,,003 450 r 7 1 7 127 ,995 93 ,569 19 ,692 8 3 ,538 17 ,556 51 ,335 11 ,029 41 , ,003 474 ,410 123 ,197 105 ,033 24 ,035 81,,038 290 64 , ,335 10,,779 43,,703 Consumer credit Mutual fund shares Trade credit M i s c e l l a n e o u s assets Foreign direct investment Insurance r e c e i v a b l e s E q u i t y in spons. agencies Other 32, 302 10, 799 634, 203 411 ,797 237, 671 63, 739 831 109, 556 32,• 409 15, 676 663, 659 480,740 262, 353 83, 8 9 3 913 133, 581 35,,162 12, 8 1 7 725,,167 531 ,,614 313,,012 94, 781 1, 289 122, 532 36,,481 10,• 627 786,,684 596- 110 329, 478 105- 757 1 ,295 159, 580 35,•403 13,,787 813, 762 670, 948 363, 304 122, 5 5 7 1, 307 183, 780 35,838 13, 953 838, 8 2 7 734, 234 408, 913 139, 157 1 ,350 184, 8 1 4 6858, 464 7128, 764 25 Total assets 5 4 3 7 , 222 5759, 354 6126, 003 6500, 474 26 Total 2051 ,519 2312 ,803 2 5 4 2 ,318 2816 ,750 3080 ,031 3257 ,978 1362 127 542 33 4 21 7 1570 ,603 117 ,138 669 ,430 61 ,656 6 ,727 22 ,193 32 ,736 1724 ,620 116 ,224 748 ,796 102 ,267 7 ,642 22 ,924 71 ,701 1899 ,528 116 ,292 851 ,697 100 ,163 7 ,715 23 ,909 68 ,539 2064 115 925 111 5 24 80 2177 115 986 126 4 25 95 27 28 29 30 31 32 33 liabilities Credit market debt T a x - e x e m p t debt C o r p o r a t e bonds Mortgages Home m o r t g a g e s Multifamily Commercial ,391 ,039 ,606 ,599 ,806 ,690 ,103 ,823 ,151 ,400 ,473 ,920 ,839 ,714 ,054 ,423 ,889 ,332 ,647 ,935 ,750 8 9 10 11 12 12 14 15 16 17 18 19 20 21 27 28 29 30 31 32 33 34 35 36 37 38 39 Bank loans n.e.c. Loans from foreign C o m m e r c i a l paper A c c e p t a n c e liab. to banks N o n b a n k finance loans U.S. government loans 424, 083 32 881 72,,207 28. 323 87, 423 14 , ,230 473 ,976 43,,948 62,,865 28,, 129 98,• 711 14,,750 4 78 ,057 45,,845 73,,768 32,,575 115,,633 11,,455 510,,871 56, 856 85, 676 32- 620 135- 446 9,,907 543 ,970 69,,848 107,,112 35,,801 146, 518 9,,550 545, 964 8 6 530 116,,852 29, 616 159, 773 9, 675 34 35 36 37 38 39 40 41 42 Profit taxes payable Trade debt Foreign direct inv. in U.S. 18,.490 486, 025 184, 613 22, 073 499, 715 220, 412 26,,330 519. 580 271,,788 25, 650 562, 721 328, 851 23, 851 590, 540 400, 8 1 7 25, 978 620, 725 434, 221 40 41 42 4 3 Net worth 3385, 703 3446, 551 3583, 685 3683, 724 3778, 433 3870, 786 44 Total corp. real estate 1821,547 2022,648 2332,629 2344,029 2576,651 3211,422 2925,102 42,597 42,057 44,787 50,366 54,625 59,070 46 40.2% 67.3% 45.5% 67.3% 48.1% 73.5% 51.5% 73.7% 54.6% 64.2% 56.2% 74.4% 47 48 59.7% 67.6% Market value of equities, 45 including corp.farm equities (Net worth of corporate farms, 46 from farm sector t a b l e ) 47 Debt-net worth ratio ( 2 7 / 4 3 ) 48 D e b t - e q u i t i e s ratio ( 2 7 / 4 5 ) Ratio of market value 49 to net worth (45/43) T a n g i b l e s and net worth on h i s t o r i c a l 50 T a n g i b l e assets 51 52 53 54 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 55 Land 45 cost basis: 2 7 3 9 ,915 2 8 7 7 ,780 3057 ,959 3267 ,004 3454 ,555 3602,103 2 6 2 4 ,946 19:,159 1944 ,097 661 ,,690 2756 ,737 20 ,254 2077 ,376 659,,107 2928 ,443 21 ,386 2197,,838 709,,219 3128 22 2333 772 3306 ,272 23 ,224 2461,,823 821,,225 3443,440 23,981 2581,411 838,048 51 52 53 54 ,422 ,281 ,792 ,349 114,,969 121,,043 129,,516 138,,582 148,,283 158,663 55 56 Total assets 4184,,315 4486,,362 4803, 538 5132,,579 5439,,172 5699,365 56 57 Net worth 2132,,796 2173, 559 22611 220 2315,,829 2359, 141 912.767 969,427 1016,289 1069,914 1117,006 1169,154 58 63.8% 72.2% 76.2 % 82.0% 87.5% 89.1% 59 58 Total real estate 59 D e b t - n e t worth ratio (27/57) Data are in m i l l i o n s of d o l l a r s . 57 March 1991 Private F i n a n c i a l Institutions Private Financial Institutions g~j Sector Balance Sheet with T a n g i b l e A s s e t s at Current Cost Year-End O u t s t a n d i n g s 1945 Year-End Outstandings 194 6 1947 1948 Private Financial 1 2 3 4 5 1950 1951 1952 4 • 151 4 !331 Tangible assets Residential structures N o n r e s . plant 8 equipment 3 •8 0 7 Land 524 2, 766 2- 8 6 5 3! 003 3> • 247 3,.330 3,• 691 2 •484 282 2 !569 296 2 !674 329 2 !8 8 2 365 2, 953 377 3.•263 428 234 •.430 246 !561 257 !154 5,105 64 5, 249 56 256- 941 6 7 8 9 10 11 4, 041 68 12 13 14 15 16 17 4 ,770 199 -348 130 ,707 3 -560 6 ,250 17 ,905 4 ,729 74 271,• 639 5 !4 9 0 50 292 i•525 6.• 078 53 67 73 63 55 49 53 - - - - - - 4 200 116 3 6 20 .923 >056 043 990 • 615 ,041 5 210 108 4 7 23 .271 , 152 846 ,059 •587 ,676 26 ,167 5 ,724 16 418 4 ,510 23 21 . 154 3..401 11 ,347 , 239 4 ,631 154 .045 8 340 20 • 523 499 4 ,316 261 24 25 26 27 8 • 075 17,,784 361 ,427 2! 3 ,751 18 , 185 4 78 ,161 2! ,688 2• 20 115 578 2 ,525 18 19 20 21 1949 Institutions 5 217 99 4 8 28 ,559 ,409 704 ,920 ,628 ,481 38 ,043 10 ,499 21 ,844 485 4 .546 259 2 • 915 ,457 652 2 ,802 8 231 103 4 10 31 065 749 • 193 ,952 173 ,949 9 248 96 4 12 34 ,412 ,134 ,672 ,604 ,506 ,274 Z,,658 493 313:• 065 6 ,692 129 339, 755 Total f i n a n c i a l 6 • 894 170 128 169 - - 10 264 93 4 14 37 ,257 ,264 517 ,285 • 125 ,918 11 287 95 4 15 42 • 866 • 569 ; • 732 542 • 776 ! <8 7 4 43 ,178 12 ,931 20 , 116 499 4 ,486 272 52 ,164 16 • 209 25 750 686 4 ,875 394 59 .934 16 ,879 30 805 1 ,025 5 ,286 490 67 • 517 20 i ,801 ,719 1 ,276 , 5 ,840 492 , 658 3• 18 • 578 723 3 •277 • 4 • 453 19 ,855 740 3 ,747 4 ,132 753 850 3,,860 4 ,865 22 •703 948 4 • 571 assets 1 2 3 4 5 C h e c k a b l e dep. 8 c u r r e n c y Small time 8 savings dep. M o n e y market fund shares Large time deposits Fed. funds 8 s e c u r i t y RPs F o r e i g n deposits 6 7 8 9 10 11 Corporate equities Credit market instruments U.S. T r e a s u r y s e c u r i t i e s F e d e r a l agency s e c u r i t i e s State 8 local o b l i g a t i o n s C o r p o r a t e 8 foreign bonds 12 13 14 15 16 17 Mortgages 18 C o n s u m e r credit 19 Bank loans n.e.c. 20 O p e n - m a r k e t paper 21 Other loans C u s t . liab. on a c c e p t a n c e s 23 S e c u r i t y credit Vault cash 8 c o m m . bank res. Trade credit M i s c e l l a n e o u s finan. assets 24 25 26 27 28 239 ,707 2 3 7 ,295 249 ,564 260 ,401 274 ,969 296 ,216 317 ,216 344 086 Total assets 28 29 218 ,588 214 .846 225 ,997 235 ,708 248 ,845 267 ,521 286 ,961 311 ,676 Total liabilities 29 30 31 ,659 101 , 50 ,270 8 7 835 56 ,617 90 ,064 60 ,032 89 488 62 ,244 90 ,329 64 ,861 95 ,924 67 .322 102 ,743 72 ,303 107 ,902 80 ,167 33 34 3 ,231 • 29 3 .419 17 3 ,599 -82 3 ,930 -95 4 ,294 -82 4 576 -61 4 ,546 7 4 ,874 22 35 36 37 35 967 9 ,352 ,099 2• 38 ,602 10 ,244 1:,505 43 ,777 13 ,307 1 ,761 46 .444 15 ,092 ,133 49 ,080 17 ,511 3 ,289 51 ,635 20 .367 3 ,376 38 39 40 41 42 43 44 1 264 989 195 1 ,297 1 ,754 356 1 ,412 2 ,515 548 1 ,515 3 • 619 973 3 ,070 4 ,468 1 ,355 3 ,344 6 354 1 ,735 3 .481 6 ,953 2 ,023 3 ,931 8 ,198 2 ,280 369 205 661 436 301 942 593 432 1 ,367 770 509 1 ,735 951 427 2 • 697 1 ,112 810 2 .460 1 .559 911 3 ,139 1 ,915 864 45 46 47 48 3 ,976 2 ,366 1 ,582 , 2 ,068 2 ,588 2 ,960 2 ,681 3 ,056 443 9 ,309 457 10 ,733 348 12 ,062 495 13 ,599 708 14 ,940 868 16 ,354 1 ,098 17 ,771 1 ,434 20 , 008 49 50 51 21 ,119 - 7 7 ,211 98 ,330 22 ,449 17 ,576 4 ,873 23 ,567 18 ,297 5 ,270 24 ,693 18 ,928 5 ,765 26 ,124 19 ,810 6 ,314 28 ,695 21 ,622 7 ,073 30 ,255 ,639 7 ,616 32 ,410 Net worth 49 24 ,254 A p p r o x i m a t e share stock cos. 50 8 , 156 A p p r o x i m a t e share other cos. 51 52 53 29 ,024 2 ,301 25 ,492 2 ,407 21 • 694 2 ,530 21 ,679 2 ,634 24 ,017 2 ,594 2 4 ,834 2 ,807 26 8 7 9 3 ,087 Memo: 30 ,669 Market value of equities 3 , 151 Total real estate Data are in m i l l i o n s of d o l l a r s . 41 , 147 11 ,674 1 ,644 : 54 ,480 24 , 184 3 ,420 C h e c k a b l e deposits Small time 8 savings dep. Money market fund shares Large time deposits F e d . funds 8 security RPs 30 31 32 33 34 Life insurance reserves Pension fund reserves Interbank claims, net 35 36 37 M u t u a l fund shares Credit market i n s t r u m e n t s C o r p o r a t e bonds Mortgages Bank loans n.e.c. O p e n - m a r k e t paper Other loans 38 39 40 41 42 43 44 S e c u r i t y debt Trade debt Taxes payable Miscellaneous 45 46 47 48 liabilities 52 53 March 1991 Private F i n a n c i a l Institutions 38 P r i v a t e Financial Institutions Sector Balance Sheet with T a n g i b l e A s s e t s at C u r r e n t Cost Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1953 1954 1955 1956 Private F i n a n c i a l 1 Tangible assets 2 Residential structures 3 N o n r e s . plant 8 equipment 4 Land 5 Total financial assets 6 7 8 9 10 11 C h e c k a b l e dep. 8 c u r r e n c y Small time 8 savings dep. Money market fund shares Large time deposits Fed. funds 8 security RPs Foreign d e p o s i t s 12 13 14 15 16 17 Corporate equities Credit market i n s t r u m e n t s U.S. T r e a s u r y s e c u r i t i e s Federal agency s e c u r i t i e s State 8 local o b l i g a t i o n s C o r p o r a t e 8 foreign bonds 1957 1958 1959 1960 Institutions 4 ,668 5 ,040 5 ,850 6 ,749 7 ,367 7,918 8,612 9,230 1 4 ,065 603 4 ,321 719 4 ,984 866 5 ,687 1 ,062 6 ,105 1 ,262 6-444 1,474 6,930 1,682 7,343 1 ,887 3 4 362 ,327 394 ,172 4 2 7 447 452 ,947 476 ,870 523,307 558,695 597,309 5 7 ,220 205 7 ,573 283 7 ,911 348 7 ,978 431 8 ,202 500 8,877 668 8,636 724 9,062 721 6 7 205 283 348 431 499 721 - - 9 10 11 ~ 12 ,941 307 ,431 96 • 182 6 ,044 17 ,841 47 ,602 17 ,728 332 ,683 101 ,548 5 ,865 21 ,260 51 8 7 3 667 724 - - - - - - " 24 , 144 357 ,182 93 ,931 5 ,253 22 825 54 ,857 25 ,946 379 ,251 89 ,716 4 ,832 24 ,140 58 ,683 25 402 88 5 26 65 ,530 ,523 ,839 ,197 449 ,157 36,361 435,206 97,785 5,713 30,508 70,687 42,634 463-844 90,983 4,795 32-791 74,907 46,239 497,744 92,783 5,513 34,835 79,545 12 13 14 15 16 17 18 19 20 21 22 23 Mortgages Consumer credit Bank loans n.e.c. Open-market paper Other loans C u s t . liab. on a c c e p t a n c e s 75 ,806 24 ,507 31 545 1 ,165 6 ,166 573 86 ,499 25 ,510 31 ,723 1 . 147 6 385 873 100 ,739 31 ,706 39 .235 942 7 ,052 642 112 ,799 34 ,872 44 ,870 1 ,007 7 •365 967 121 ,385 37 ,445 46 746 1 ,319 8 ,679 1 ,307 133,645 37-567 47,263 1,797 9,047 1,194 148,301 43,670 53,879 2,468 10,899 1 ,151 161,284 48-423 57-509 2-405 13-420 2,027 18 19 20 21 22 23 24 25 26 27 S e c u r i t y credit Vault cash 8 c o m m . bank res. Trade credit M i s c e l l a n e o u s finan. assets 5 ,729 22 ,672 1 ,006 4 ,918 7 ,526 21 ,345 1 ,064 5 ,687 8 .645 21 687 1 ,156 6 ,026 8 ,023 22 ,320 1 ,291 7 ,276 7 ,726 22 ,369 1 ,451 8 ,070 9,172 21,753 1 ,599 9,004 9,414 21,186 1 ,782 9,751 9,615 20-427 1 ,934 10,846 24 25 26 27 28 Total assets 366 ,995 399 ,212 433 ,297 459 ,696 484 •237 531 ,225 567,307 606,539 28 29 Total 332 ,655 359 ,960 390 ,085 413,,787 437:• 409 479,005 511,524 547,239 29 108 i025 88 446 112 ,538 97 •808 114 • 678 106:,581 116,-493 116,• 213 115, 841 128 • 299 121 ,409 142,572 122-979 154,096 125,022 30 165,818 31 5 ,8 2 4 37 7,,011 -20 7,552 -28 11,119 33 - 2 6 2 34 liabilities 30 31 32 33 34 C h e c k a b l e deposits Small time 8 savings dep. Money market fund shares Large time deposits F e d . funds 8 security RPs 35 36 37 Life insurance reserves Pension fund reserves Interbank claims, net 38 39 40 41 42 43 44 Mutual fund shares Credit market i n s t r u m e n t s C o r p o r a t e bonds Mortgages Bank loans n.e.c. Open-market paper Other loans 45 46 47 48 S e c u r i t y debt Trade debt Taxes payable Miscellaneous liabilities 49 Net worth 50 A p p r o x i m a t e share stock 51 A p p r o x i m a t e share other 6, 489 -210 6, 701 -313 9,290 -252 60, 389 33, 295 3,• 142 63 459 40 4 98 4,,290 66, 626 45, 679 4, 655 69- 277 51 ,332 4, 159 72,294 60,436 4,264 "5,606 69,246 5, ] 44 78,758 35 76,728 36 5,780 37 4- 146 9, 8 9 9 3 •681 6, 109 10, 094 3- 604 7, 8 3 8 13, 943 4, 528 9, 046 14. 796 5, 609 8, 714 16, 376 6, 354 13,241 15-655 6,556 15,818 19,358 7,733 3, 044 2 ,2 2 2 952 3, 250 2, 373 867 5, 611 2, 387 1, 417 5, 110 2, 8 4 9 1, 228 5, 113 3. 644 1, 265 4,406 3,395 1,298 5,441 4,050 2,134 17,026 38 22,985 39 9,112 40 41 6,117 42 5,775 43 1,981 44 3 ,445 4, 450 4, 746 4, 158 4, 287 4 ,848 4,887 1, 903 2 1 , 753 1, 634 23, 510 1 ,260 26, 304 452 28, 390 1 ,635 31, 101 1,698 33,550 1,387 35,479 5,382 45 46 2,364 47 36,519 48 34 ,340 25, 477 8 •8 6 3 39, 252 29- 313 9, 939 43, 212 31, 949 11, 263 45, 909 33, 787 12, 122 46 ,8 2 8 62, 2 7 7 - 1 5 , 449 52,220 38-044 14,176 55,783 40,486 15,297 59,300 49 42,999 50 16,301 51 28, 754 3, 327 33, 991 3, 604 37- 562 4, 204 37, 154 4, 8 6 5 45, 586 5, 340 59,559 5,813 73,182 6,352 75,874 52 6 - 8 5 4 53 57, 388 28, 538 3, 251 cos. cos. Memo: 52 Market value of equities 53 Total real estate Data are in m i l l i o n s of d o l l a r s . 6 ,693 -205 March 1991 Private F i n a n c i a l Private Financial Institutions Sector Balance Sheet with T a n g i b l e Assets g g Year-End O u t s t a n d i n g s 1961 Institutions at Current Cost Year-End O u t s t a n d i n g s 1962 1963 1964 P r i v a t e Financial 1965 1966 1967 1968 Institutions 21 ,531 T a n g i b l e assets Residential structures 101 N o n r e s . plant S equipment 18, 128 Land 3- 302 1 941 10- 968 11 -8 3 5 13- 28 7 15, 027 16, 749 18, 370 3 4 7- 790 151 8, 598 2, 370 9- 292 2, 543 10, 488 2, 799 12, 007 3, 020 13, 580 3, 169 15, 243 3, 127 5 656 ,9 78 705 , 785 771, 129 845, 972 926, 8 5 4 974- 647 1076, 260 11 -491 1 •037 11 ,8 6 3 1, 133 12, 503 1 ,053 1 ,258 1 ,8 8 7 2, 096 107 11 ,876 1. , 126 1184, 251 Total 6 7 8 9 10 11 10, 212 877 11 ,141 960 11 .189 1 •023 11 • 491 1 ,118 877 959 1, 023 1 •, 118 - - 12 13 14 15 lb 17 61 •385 537- 083 99 .057 6- 364 38 ,685 84 .852 58- 08 9 584 -8 1 5 100, 540 8- 225 44 •443 90- 811 70- 821 634, 368 97 066 8 660 48. 8 2 5 96, 799 83 • 861 692 • 364 98 • 411 9 501 52.• 403 103 ,860 99, 136 754,• 524 94, 313 10- 428 57, 099 111, 594 94 •8 1 5 802- 497 91 ,083 11 •823 59 •718 120- 8 2 5 122 -8 0 8 865- 673 95, 284 15- 049 70, 160 133- 249 145, 755 940 -• 277 97- 987 17-• 796 79,• 689 142 , • 281 18 19 20 21 177- 338 50 •688 60- 584 2 • 707 14 • 125 2 ,683 197-• 8 7 3 55-. 639 6 6 •697 3• , 141 i 4 ,796 650 223 583 62 •972 73 •771 3.• 170 16 • 632 • 890 249 71 82 3 18 3 ,213 • 292 • 015 • 577 ,707 , 385 274, 728 80: 98 • 026 3.• 511 • 210 21 , 3• , 392 292- 558 86 • •037 10 7,• 803 5 , • 324 23 • •723 3.• 603 310, 681 91 ,014 114-• 157 7-• 446 24 , •316 4 , • 317 333,• J55 101 • 676 127 • 8 8 0 7 • 389 27 . ,796 24 25 26 27 11 •772 21 •• 076 1 •993 11 • , 703 12.• 423 21 : • 973 • 201 13, 15.• 083 21 308 2 , 332 13 , 982 15 • 045 382 2 • 484 16 . 109 15' 263 23 • 298 • 649 17 • 856 - 1 ,126 - - 15 25 2 19 ,824 • 244 ,898 ,583 - - 20.• 498 27.•023 3.• 176 22 ,199 CO - 24 29 3 25 •659 ,054 • 476 ,271 financial assets 1 2 3 4 5 C h e c k a b l e dep. 8 currency Small time 8 savings dep. M o n e y market fund shares Large time deposits F e d . funds 8 security RPs F o r e i g n deposits 6 7 8 9 10 11 C o r p o r a t e equities Credit market i n s t r u m e n t s U.S. T r e a s u r y s e c u r i t i e s F e d e r a l agency securities State 2 local o b l i g a t i o n s C o r p o r a t e 8 foreign bonds 12 13 14 15 16 17 Mortgages 18 Consumer credit 19 Bank loans n.e.c. 20 O p e n - m a r k e t paper 21 Other loans C u s t . liab. on acceptances 23 S e c u r i t y credit Vault cash 8 comm. bank res. Trade credit M i s c e l l a n e o u s finan. assets 24 25 26 27 28 666 919 716 • 753 782 964 859 ,259 941 • 881 991 ,396 1094 • 630 1205 • 782 Total assets 28 29 600 671 647 • 705 710 ,322 780 690 8 5 8 .430 906 ,741 1003.,141 1106 263 Total liabilities 29 30 31 130 .140 184 • 107 134 • 711 209 ,910 136 925 235 499 143 • 641 261 -152 148 • 953 288 .4 08 150 • 759 306 429 33 34 13 569 14 16 ,408 63 20 • 353 26 25 • 119 540 31 • 033 1 . 749 33 ,356 1 ,674 35 36 37 82 • 112 88 . 649 7 -010 85 • 754 93 ,639 6 -849 89 • 8 6 0 106 -041 6 ,844 94 • 172 120 .821 6 ,8o4 98 ,863 135 - 770 6 ,794 103 .450 144 • 150 10 552 38 39 40 41 42 43 44 -i ~ 875 .472 10 ,530 29 • 116 38 .847 12 ,834 35 .220 45 .267 15 , 051 34 ,829 49 .072 15 275 44 -307 47 .968 15 954 45 46 47 48 49 50 51 52 53 ~,r .271 .043 C h e c k a b l e deposits Small time 8 savings dep. M o n e y market fund shares Large time deposits F e d . funds 8 security RPs 30 31 32 33 34 Life insurance reserves Pension fund reserves Interbank claims, net 35 36 37 9 ,217 18 • 411 4 ,386 51 .232 53 . 946 16 .400 200 10 ,691 21 ,396 5 .259 Mutual fund shares Credit market instruments C o r p o r a t e bonds Mortgages Bank loans n.e.c. O p e n - m a r k e t paper Other loans 38 39 40 41 42 43 44 S e c u r i t y debt Trade debt Taxes payable Miscellaneous 45 46 47 48 162 •896 341 •129 176 • 210 367 ,734 39 ,269 1 ,659 46 .009 2 ,586 108 ,335 165 •020 11 ,000 113 .138 185 ,427 14 ,976 9 262 9 6 - 643 6 ,302 662 7 . 764 7 ,478 3 ,479 9 .417 8 - 741 4 ,784 9 . 952 10 -756 5 .325 12 .290 1 1.929 5 ,997 i 1.200 15 .662 0 .935 6 ,256 7 ,066 7 , 739 8 • 377 8 ,737 9 .576 12 745 16 ,199 1 ,392 39 6 78 1 . 947 42 .144 1 ,548 46 ,801 1 . 759 50 ,282 1 786 55 ,850 1 • 741 61 , 153 1 548 67 ,265 1 ,708 77,098 66 • 248 48 • 344 17 ,904 69 • 048 50 ,285 18 763 72 • 642 52 , 682 19 ,960 78 ,569 57 , 185 21 ,384 83 .451 60 .318 23 ,133 84 ,655 60 ,957 23 ,698 91 ,489 65 -518 25 .971 99 ,519 Net worth A p p r o x i m a t e share stock 71 ,308 A p p r o x i m a t e share other 28 ,211 118 • 184 10 ,073 154 ,980 11 ,178 139 277 12 167 12 ,751 117 .925 7 ,529 90 529 8 ,366 110 ,586 9 ,065 Data are in m i l l i o n s of d o l l a r s . liabilities Memo: 238 ,394 Market value of equities 14 ,699 Total real estate 49 cos. 50 cos. 51 52 53 March 1991 Private Financial Institutions 40 Private Financial Institutions Sector Balance Sheet with Tangible Assets at Current Cost Year-End Outstandings Year-End Outstandings Private Financial Institutions 1 Tangible assets 2 Residential structures 3 Nonres. plant 8 equipment 4 Land 5 Total financial assets 6 7 8 9 10 11 Checkable dep. 8 currency Small time 8 savings dep. Money market fund shares Large time deposits Fed. funds 8 security RPs Foreign deposits 12 13 14 15 16 17 Corporate equities Credit market instruments U.S. Treasury securities Federal agency securities State 8 local obligations Corporate 8 foreign bonds 24,436 194 20,686 3,556 27,203 260 23,255 3,688 31,123 372 26,823 3,928 35,515 670 30,559 4,286 12,063 832 12,765 1,040 13,792 1,492 15,746 1,805 1,797 336 ,526 442 4,269 1,168 6,136 1 ,667 1239,468 51 ,376 1 296 44 -775 5 ,305 1894 ,990 2003 ,697 16 ,455 1 ,611 17 ,101 1 ,895 19 -011 2 , 124 7 ,083 3 ,709 12 • 689 6 ,107 21 ,909 5 ,059 20 ,005 9 5 ,516 10 11 - 59 ,365 2 , 157 51 ,734 5 ,474 2237 ,540 - 67 ,968 2 ,732 59 -231 6 ,005 1 2 3 4 24 98 ,684 5 20 ,005 2 ,073 6 7 141,746 999,233 84,549 19,421 81,238 150,735 151,178 1077-106 91 ,535 26,177 93,798 165,305 196,720 1185,572 90,779 34,266 110-375 180,266 238-903 1339,236 93,696 44,858 122-126 197-437 206 ,514 1510 ,878 83 ,799 57 .396 131 457 208 ,255 160 , 149 1652 -327 82 ,856 65 ,526 138 595 223 ,853 218 ,956 1782 -096 125 ,304 76 -595 146 ,332 254 ,888 253 ,735 1985 -517 164 ,212 85 ,626 159 ,448 283 ,441 12 13 14 15 16 17 542 ,307 170 ,287 237 809 18 ,153 52 -523 8 ,892 580 ,302 178 ,896 2 78 ,672 25 ,118 60 ,025 18 ,484 614 ,250 183 ,666 265 31 ,760 65 ,347 18 ,727 677 ,171 204 ,452 271 ,904 41 ,446 75 ,294 ,523 18 19 20 21 20 ,546 37 ,483 7 ,020 88 ,380 23 ,634 38 ,304 ,668 118 779 34 ,166 24 37 ,279 25 8 • 8 78 26 131,,510 27 1936 , ,070 ,073 2296 •905 2566 652 28 1792- 062 1911,,526 2147, 846 2395, 420 29 236, 121 589, 205 126, 021 27, 416 236, 08 7 626, 798 2, 379 167, 087 30, 495 244 -045 724 ,657 3- 696 158, 153 32, 914 258, 265 846, 074 3- 686 144 ,277 49, 086 18 19 20 21 22 23 Mortgages Consumer credit Bank loans n.e.c. Open-market paper Other loans Cust. liab. on acceptances 355-063 111,592 145-151 10-749 35-284 5,451 375-439 115-495 151-576 12,846 37,877 7,058 416,425 128,691 163,017 13,642 40,222 7,889 476,724 147,121 189,019 15,992 45,365 6,898 24 25 26 27 Security credit Vault cash 8 comm. bank res. Trade credit Miscellaneous finan. assets 20,021 29-405 3-898 30,137 20-174 31 ,197 4,370 37,824 23-525 35,329 4,661 44,280 32,056 34,295 5,842 65,784 28 Total assets 41 ,080 890 35 ,570 4 ,620 1263,904 29 Total liabilities 30 31 32 33 34 Checkable deposits Small time 8 savings dep. Money market fund shares Large time deposits Fed. funds 8 security RPs 35 36 37 Life insurance reserves Pension fund reserveInterbank claims, net 38 39 40 41 42 43 44 Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Other loans 47 ,587 70 -807 17 430 11 >112 32 i750 9,-289 45 46 47 48 Security debt Trade debt Taxes payable Miscellaneous liabilities 13: 173 24 ,300 37 , 748 6 485 80 ,207 1- 23 30 31 32 33 34 381 ,736 412 ,241 480 ,509 30 ,485 8 -707 54 ,692 4 ,650 68 ,115 8 ,666 118 -110 194 ,623 22 ,241 123 ,345 213 ,291 17 ,277 129 ,626 247 ,524 11 ,925 136, 349 297- 948 10, 730 143- 522 302, 483 4, 887 150, 528 307, 089 4, 591 158- 474 402- 163 - 7 , 947 167, 073 35 461 ,039 36 -15, 963 37 46 76 21 811 756 • 002 546 11 ,526 33, 067 10, 615 55 ,446 81 i419 25, 906 680 13, 050 33, 847 7 =936 58- 926 96, 332 32, 953 1 ,160 19, 520 34, 720 7, 979 46, 635 123, 449 37, 393 1 ,48 0 27, 757 41 ,672 15, 147 35, 151 150- 68 6 40, 473 1 ,649 31 ,641 55, 119 21, 804 43, 034 151 ,739 47, 361 028 28, 076 56, 429 17, 845 4 6 ,510 159, 593 53, 872 2- 416 24, 985 62, 458 15, 862 14,• 153 550,,038 86 914 11 • . 159 38 39 40 41 42 43 44 15, 299 19, 502 16, 075 13, 150 16, 034 1 ,894 92 ,273 2, 479 104, 708 2- 443 121, 190 2, 450 152- 117 2, 608 173, 640 2, 693 184, 792 2- 437 218, 447 23, 385 45 46 2, 960 47 249, 435 48 49 Net worth 50 Approximate share stock cos. 51 Approximate sharp other cos. 101,404 73,729 27,675 105,220 76,817 28,403 116,367 83,984 32,383 131 ,330 94,799 36,531 144- 008 105- 475 38, 533 143, 547 104, 915 38, 632 149, 059 105, 564 43, 495 171, 232 49 122- 295 50 48, 937 51 52 Market value of equities 53 Total real estate 213,170 16,739 204,308 18,452 237,203 20,974 272,367 23,683 212,964 26,420 133,602 31,443 155,563 34,927 208,193 52 38,670 53 Data are in millions of dollars. March 1991 Private F i n a n c i a l Private Financial Institutions Institutions S e c t o r B a l a n c e Sheet with T a n g i b l e A s s e t s at Current Cost 41 Year-End Outstandings Year-End O u t s t a n d i n g s 1977 1978 1979 1980 1981 Private Financial 75, 8 9 4 2- 718 66, 849 6,.327 5 2784, 734 6 7 8 9 10 11 21, 404 2! 5 1 7 244 24 ,521 8 ,242 14 188 132, 8 8 8 1,.333 122 909 8,• 646 103- 446 1, 337 95, 174 6 935 116, 576 1- 399 107 367 7,,810 3595, 038 4030, 994 4453,,630 30, 531 2- 8 5 0 4, 491 61 ,604 18, 717 6, 769 32, 722 3. 231 12 122 84, 038 33, 8 3 3 18, 8 4 6 40 5 11 102 44 23 737 .699 367 • 771 305 759 42, 465 7 • 313 9. 8 9 0 97 525 53 •576 21,• 911 394 616 3473 .499 247,,345 2 2 2 ,604 2 6 4 ,892 444 ,887 478 3726 322 283 286 480 306 • 741 •217 ,659 • 614 ,863 611 • 974 4118 • 674 387 • 8 7 0 353 • 251 300,,553 522.• 600 1092 ,163 342 ,607 510 ,921 148 ,408 148 .588 51, 084 1084 359 531 165 153 58 958 ,029 ,483 ,114 985 819 1181 403 562 170 170 65 52 46 20 363 ,006 021 242 ,008 62 42 22 412 24 ,,695 1 ,• 766 762 35 ,280 9 ,482 470 27, 518 . 121 2 182 48, 082 14, 4 3 4 5, 109 324,.991 2855, 284 164 8 9 2 146, 076 229 •035 379 5 6 7 4914, 962 5503,.701 150,• 727 T a n g i b l e assets Residential structures 1,.413 H o n r e s . plant 8 equipment 139 • 539 Land 9 • 775 6255 ,258 Total 44 • 343 6 .940 15 093 97,,320 ,608 71 , 21 213 615,,638 4707, 8 0 4 469 487 395 .708 326,,241 597 ,012 financial assets 1 2 3 4 5 C h e c k a b l e dep. 8 currency Small time & savings dep. Money m a r k e t fund shares Large time d e p o s i t s F e d . funds 8 security RPs Foreign deposits 6 7 8 9 10 11 Corporate equities Credit market i n s t r u m e n t s U.S. T r e a s u r y s e c u r i t i e s F e d e r a l agency securities S t a t e 8 local o b l i g a t i o n s C o r p o r a t e 8 foreign bonds 12 13 14 15 16 17 246 2241 168 101 182 316 , 107 .708 . ,526 ,287 ,427 ,113 280 2544 161 122 208 353 18 19 20 21 22 23 773 240 300 42 90 25 ,240 • 794 .725 ,429 ,513 ,654 880 284 359 45 104 24 ,529 ,326 .448 663 ,557 ,938 978 ,889 323,580 409 • 711 71 ,715 119 ,354 32,,465 24 25 26 27 38 40 10 150 ,419 ,792 176 ,590 38 46 11 191 ,170 ,693 ,656 ,735 37 48 13 215 ,684 3686 ,158 4 1 3 4 ,440 4570,,206 5 0 4 0 ,072 5636 ,589 6385 ,985 Total assets 28 3055 591 3439 208 3848 ,488 4277,,856 4734 ,299 5308 ,257 5999 ,066 Total l i a b i l i t i e s 29 422 1550 179 382 194 459 1701 233 469 234 Checkable deposits Small time 8 savings dep. M o n e y market fund shares Large time deposits F e d . funds 8 s e c u r i t y RPs 30 31 32 33 34 Life i n s u r a n c e reserves ° e n s i o n fund reserves Interbank claims, net 35 36 37 Mutual fund shares Credit market i n s t r u m e n t s C o r p o r a t e bonds Mortgages Bank loans n.e.c. O p e n - m a r k e t paper Other loans 38 39 40 41 42 43 44 S e c u r i t y debt Trade debt Taxes payable Miscellaneous 45 46 47 48 2860 ,628 29 2674 ,966 ,729 ,587 ,887 ,579 ,654 310 ,131 1005,465 10 ,808 227 577 80 • 005 ,612 ,280 ,591 ,834 337,>717 1065 076 45 ,214 256 ,852 96 ,525 404, 614 3142, 948 202, 213 178 • 908 252, 498 4 2 0 529 1984 12 13 14 15 16 17 28 • 918 ,561 , ,074 008 659 ,359 125, 110 1 -421 115 • 515 8,• 174 91, 120 1, 354 8 3 531 6 ,2 3 5 8 2 496 1 •402 74 8 8 3 6 .211 3186 1983 % CO 1 2 3 4 1982 Institutions 1042 326 457 93 130 39 239 004 347 .343 ,077 ,790 45 ,661 47 • 263 15 ,575 24 9:,971 350 1147 76 316 119 ,249 774 362 ,823 ,937 49 43 18 289 367 1195 186 378 149 • 232 851 .117 : .523 ,269 ,586 ,158 ,116 ,033 394 1334 219 395 181 ,790 ,287 ,837 ,450 ,211 30 31 32 33 34 283 940 3 172 56 35 36 37 176 ,386 507 • 452 - 1 9 ,198 187 ,257 601 ,737 - 8 ,284 197 ,675 699 ,396 9, 425 2 0 7 364 8 3 9 642 - 2 2 ,544 216 308 910 ,736 - 6 8 ,927 38 39 40 41 42 43 44 45 • 490 188 ,217 65 ,837 2 ,428 24 ,645 75 ,134 20 ,173 46 ,049 223 ,825 73 ,686 1 ,960 26 ,432 89 ,077 32 ,670 51 •788 265 776 79 148 1 ,950 , 26,,926 115 • 914 41 ,,838 61 ,808 286 • 416 8 0 • 765 1 •: 910 25 939 128 839 48, 963 59 ,841 341 >774 86 • 005 1,• 930 27..126 161 •519 65, 194 45 46 47 48 25 ,297 25 ,644 26,,712 33,.405 36,.496 39 ,534 3 ,884 290 ,002 4 ,839 340 -538 4,,986 382 ,066 3. 662 4 2 7 ,590 1,,951 503,.515 49 50 51 185 »662 130 ,231 55 ,431 213 ,093 148 ,265 64 ,828 246 ,950 173 ,967 72 ,983 285 ,952 206 756 79 ,196 52 53 191 ,898 41 ,468 198 ,157 42 ,535 231 ,327 43 ,680 259 ,984 47 ,467 Data are in m i l l i o n s of d o l l a r s . 223 279 1081 ,287 - 1 0 2 ,550 76 370 99 2 28 174 66 ,851 ,437 ,715 ,04 3 • 503 ,175 ,001 • 437 •932 ,652 • 153 • 554 ,672 1328 483 621 213 204 69 494 ,156 ,035 ,192 ,047 ,432 Mortgages C o n s u m e r credit Bank loans n . e . c . O p e n - m a r k e t paper Other loans C u s t . liab. on a c c e p t a n c e s 18 19 20 21 22 23 ,838 .442 ,239 ,854 66 46 25 517 ,289 057 ,000 ,953 S e c u r i t y credit Vault cash 8 comm. bank res. Trade credit M i s c e l l a n e o u s finan. assets 24 25 26 27 ,174 855 ,393 ,439 ,133 231 ,100 1280 ,082 - 1 0 0 ,387 112 403 118 2 28 195 58 ,121 ,181 ,601 ,068 • 096 ,463 ,953 266 ,578 554 ,790 ,539 236 ,066 1402 ,032 - 9 1 ,625 136 479 152 2 29 219 74 ,679 ,046 ,950 ,479 ,506 ,490 ,621 2 ,071 517 ,815 43 ,654 1 ,023 1 ,714 606 775 50 ,526 1 ,545 1 ,406 684 ,664 292, 350 215, 529 76, 821 305 ,773 226 ,464 79 ,309 328 ,332 243 ,561 84 ,771 49 386 ,919 Net worth 305 ,00f A p p r o x i m a t e share stock cos. 50 A p p r o x i m a t e share other cos. 51 81 ,9)3 2 7 2 ,455 52, 026 319 ,396 53 ,141 356 ,976 5 6 ,346 Memo: 376 ,481 Market value of equities 62 ,3M9 Total real estate liabilities 52 53 March 1991 Private F i n a n c i a l Institutions P r i v a t e Financial Institutions Sector Balance Sheet with Tangible A s s e t s at Current Cost 42 Year-End O u t s t a n d i n g s Year-End Outstandings 1987 1988 Private F i n a n c i a l 1 T a n g i b l e assets Residential structures 2 3 N o n r e s . plant 8 equipment 4 Land 5 Total financial assets 6 7 8 9 10 11 C h e c k a b l e dep. 8 currency Small time £ savings dep. Money market fund shares Large time deposits Fed. funas £ security RPs Foreign deposits 12 13 14 15 16 17 C o r p o r a t e equities Credit market instruments U.S. Treasury s e c u r i t i e s Federal agency securities State £ local o b l i g a t i o n s C o r p o r a t e £ foreign bonds 167 ,479 1 ,662 154 ,808 11 ,009 195 ,943 1 ,991 181 ,418 12 ,534 221 ,702 2 ,464 204 ,737 14 ,501 7145 ,910 8 1 6 0 ,492 8801 ,238 57 ,408 9 ,565 18 ,160 104 .102 8 0 ,148 19 ,027 69 ,616 12 ,851 23 ,258 114 -970 8 7 ,086 22 ,168 65 ,498 12 ,931 18 ,307 127 ,463 93 ,634 21 ,612 257 2 237 16 ,009 ,834 ,965 ,210 958 7 ,114 72 11 19 137 99 29 ,116 ,606 ,916 ,191 ,28 7 ,695 Institutions 295 2 274 18 ,612 ,919 ,237 ,456 324 ,961 3 ,583 301 ,243 20 .135 10524 ,590 10914 ,307 72 ,018 9 ,776 24 ,828 132 ,252 119 ,009 26 ,378 86 ,624 9 ,164 33 ,291 107 ,461 104 ,232 26 ,818 9 10 11 6 7 8 800 5289 539 448 423 684 ,341 ,377 ,547 ,704 ,941 ,704 974 6017 650 610 466 803 ,642 ,998 ,771 ,619 .498 ,446 1039 6564 675 750 453 926 ,507 ,533 ,383 944 ,987 ,587 1 i 76.092 7128 ,600 660 ,589 826 ,913 449 ,910 1083 ,093 1492 7662 746 8 78 451 1183 ,299 ,718 ,991 .173 ,901 ,820 1408 ,326 8 1 2 3 ,455 8 2 0 ,719 985 ,265 472 ,556 128 7 ,691 12 13 14 15 16 17 ,176 ,657 ,357 ,105 ,214 ,972 1600 621 728 230 251 54 ,072 ,191 ,984 ,540 ,475 ,402 1781 651 729 249 284 59 ,945 ,58 7 ,495 ,887 ,890 ,828 1970 700 768 286 325 57 ,302 .133 ,858 ,175 , 128 ,499 2089 748 820 337 350 55 .624 ,386 -319 .670 ,473 ,361 2192 593 766 ,439 815 ,466 349 -496 38 7 ,395 45 8 3 5 18 19 20 21 76 ,174 6 6 ,642 35 ,651 679 ,286 77 66 42 725 ,410 ,908 ,499 ,794 80 64 45 795 ,723 ,230 ,277 ,082 18 19 20 21 22 23 Mortgages Consumer credit Bank loans n.e.c. O p e n - m a r k e t paper Other loans C u s t . liab. on a c c e p t a n c e s 1462 563 662 215 229 59 24 25 26 27 S e c u r i t y credit Vault cash £ comm. bank res. Trade credit M i s c e l l a n e o u s finan. assets 96 54 27 590 ,137 ,168 , 3 90 ,287 97 ,060 73 ,759 ,062 635 74 71 48 820 ,278 ,241 ,687 ,730 28 Total assets 7313 ,389 8 3 5 6 , 4 25 9022 ,940 9844 , 123 1 0820,,202 11239;,268 29 Total liabilities 10588 5 9 7 24 25 26 27 688 7 ,952 7882 • 579 8 5 2 5 ,529 9322 ,537 10254 980 30 31 32 33 34 C h e c k a b l e deposits Small time £ savings dep. Money market fund shares Large time deposits F e d . funds £ security RPs 526 ,170 1842 • 740 243 • 802 4 8 7 ,687 263, 544 640 .792 1962,,614 292,• 109 492,,700 312,• 207 628 2051 316 543 307 653 ,314 2169,,206 337,•953 596,,890 334,923 649,,545 2267,-691 428,•093 613,•151 414 ,949 668 ,212 2334 ,>988 4 98 • , 996 542 ,• 970 370,,922 30 31 32 33 34 35 36 37 Life insurance reserves Pension fund reserves Interbank claims? net 246,• 507 1653, 061 -72, 8 9 6 263,• 728 1862,,225 - 6 7 , 552 289 ,464 2013:,444 -26,,035 314,•402 2274 ,• 386 - 2 1 • 460 340, 296 2619, 120 - 3 4 ,013 376- 506 2694 ,548 8,• 157 35 36 37 38 39 40 41 42 43 44 Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Other loans 240, 230 580,• 460 204 ,495 2 , ,668 32 • 066 252-•396 88 ,8 3 5 413, 473 719, 454 287 •• 352 2, 747 36. 078 284, 632 108 ,645 478, 262 986 ,• 059 417,• 950 3,• 38 3 34 ,205 377, 740 152, 781 555, 117 1073 ,013 482 ,714 3- 428 35 .98 6 409, 088 141 -797 579- 873 1101 , 769 526- 8 1 7 4 .100 36 ,• 703 417 •050 117, 099 38 39 40 41 42 43 44 45 46 47 48 S e c u r i t y debt Trade debt Taxes payable Miscellaneous liabilities 74, 409 336 1 •8 7 7 798, 025 76, 096 3, 396 1 ,927 909, 410 64, 926 3,• 247 1,• 670 1033, 416 64, 8 3 7 7, 517 2- 350 1123, 898 79, 615 13- 78 3 3, 149 1231 ,471 74, 194 14, 500 3, 616 1319- 346 45 46 47 48 425, 437 334, 8 2 4 90- 613 473- 856 371, 218 102, 638 497, 411 398, 370 99, 041 521 -58 6 396, 558 125, 028 565, 222 4 2 5 , 607 139, 615 650, 671 514, 973 135, 6 98 49 50 51 521 ,769 70- 129 564, 471 79, 523 466, 181 91, 778 502- 176 102, 475 516, 547 117, 097 400, 289 128, 218 52 53 49 Net worth 50 Approximate 51 Approximate share stock share other cos. cos. Memo: 52 Market value of equities 53 Total real estate Data are in m i l l i o n s of d o l l a r s . , 185 ,713 ,095 ,290 ,734 460 144 858,• 236 366,,297 3,• 126 32 ,846 322,,909 133,•058 March 1991 National Net Worth N a t i o n a l Net Worth Factors Accounting for Change in C o n s o l i d a t e d N a t i o n a l Net A s s e t s Annual Flows Annual F l o w s Domestic 1 2 3 47,266 23-310 23,956 55-472 28,573 26,899 69-999 33,038 36,961 61,521 36-113 25,408 85-849 39-458 46,391 90,342 45-663 44,679 4 4,918 9,853 3,018 1,297 -2,249 656 5 28,874 36,752 39,979 26,705 44,142 45,335 52-665 13,260 56-690 11,772 8 -3 -1 20,572 8,686 - 961 4,200 43-404 21,755 -1 - 32,935 18-005 -2 322 + Net foreign investment -658 363 800 -446 1,549 - -1,105 - 11 94,144 105-578 70,037 31,421 110,850 95,172 for tangible 8 to net foreign i n v e s t m e n t : + R e v a l u a t i o n of U.S. net foreign 1,332 assets + R e v a l . of SDR holdings 4 9 , 3 7 9 = Change 94,. 144 105 ,578 70 ,037 31 ,421 110 ,850 90 i216 111 ,• 101 58, 8 9 6 15, 735 13, 456 21 •684 1 ,330 92 ,377 114 ,613 60 ,580 8 ,170 16 ,095 28 ,650 1 ,118 60 ,810 70 ,973 39 ,570 1 ,854 9 ,262 19 ,161 1 , 126 33 ,928 44 ,938 32 ,545 - 2 ,948 3 ,628 10 ,282 1 ,431 103 160 103 20 11 23 2 20 21 28, 908 2- 069 26- 839 24 , 141 846 23 ,295 11 ,091 4 ,489 6 ,602 750 513 237 Z7,480 31 ,309 3 ,829 21 ,558 1 ,285 20 ,273 23 24 25 - 8 , 176 890 - 9 , 066 ,253 903 - 3 ,156 -1 ,216 880 ,096 7 ,754 368 7 ,386 23 944 438 23 •506 22 ,493 1 -529 20 ,964 26 27 28 153 300 147 348 414 -66 288 361 -73 2 ,506 878 1 ,628 1 ,347 989 358 845 725 120 29 30 31 32 33 1 •934 234 1 ,683 15 2 8 ,507 -146 8 ,644 8 1 -3,,802 -234 -3, 573 7 -2 34 35 36 59 59 -29 -15 -14 -28 15 -43 -236 -18 •218 467 24 443 215 76 139 69 60 9 37 38 39 -10 -64 54 •210 •151 -59 •175 -144 -31 185 -21 206 435 3 432 525 120 405 255 255 40 41 42 681 2, 347 259 - 1 ,8 0 2 - 1 ,162 1 ,694 1, 249 71 •747 765 2, 010 471 •799 1, 921 1, 483 - 2 , 682 - 2 , 753 1, 444 14,• 290 55 14,• 210 22 3 4 ,255 -3 • ; 019 ,238 27 9 7 4 ,366 -1 , 124 5 ,459 23 8 in natl. net assets 49 ,379 T o t a l , all sectors 682, 731 752, 768 784, 189 895, 039 990- 211 44 212, 387 235, 236 261, 615 260, 363 288, 255 333, 406 D a t a are in millions of d al 1 a r s 11 (1) 12 13 14 15 16 17 18 19 2 ,905 - C h a n g e in eq.in n o n c o r p . b u s . 20 P r o p r i e t o r s ' net i n v e s t . -529 21 R e v a l u a t i o n of equity 3 -434 22 Change in HH corp. equities Net p u r c h a s e s Revaluation 23 24 25 1 ,609 - C h a n g e / f i n . i n s t . c o r p . s h a r e s Net p u r c h a s e s 1 ,378 Revaluation 231 26 27 28 + Change in net assets of public - 1 0 ,346 State 8 local g o v e r n m e n t s - 5 ,503 U.S. government - 4 ,874 Sponsored credit agencies 26 Monetary authority 5 29 30 31 32 33 13 ,686 922 12 ,764 - + C h a n g e in foreign equities held by U.S. r e s i d e n t s Net purchases Revaluation 34 35 36 - C h a n g e in U.S. equities held by f o r e i g n e r s Net p u r c h a s e s Revaluation 37 38 39 adjustments: -1,,764 + N o n f i n a n c i a l d i s c r e p a n c y -1, 291 • U n a l l o c a t e d financial flows 2, 451 + U n a l l o c a t e d r e v a l u a t i o n s (1 ) L i n e s (2) L i n e s 577, 153 9 10 national 60 ,515 P r i v a t e sectors, c o n s o l . (2) Sector basis, total 78 -715 Households 57 -655 Farm business -491 N o n f a r m noncorp. b u s i n e s s 3 ,495 Nonfinancial corporations 15 ,901 P r i v a t e finan. i n s t i t u t i o n s 2 ,155 Other 43 5 assets: - A d j u s t m e n t of capital c o n s u m p t i o n to Balance Sheet basis 12 95 ,107 140 ,003 92 ,527 12 -199 9 -595 24 , 122 1 ,560 4 6 7 13 14 15 16 17 18 19 95 ,172 1 2 3 + R e v a l u a t i o n s of r e p r o d u c i b l e 6,060 tangible assets 8 , 5 9 1 + Change in land values C h a n g e in consolidated net w o r t h : -958 ,558 -170 ,037 ,655 , 125 ,571 by US = Net investment flows 33,396 by domestic sectors Adjustments 9 10 flows: 8 2 - 7 8 2 P u r c h a s e s of physical assets 49,708 - Capital consumption 33,074 = Net capital formation Adjustments 6 7 investment 13 • 29 • 34 - 37 • 40 • 41 14 -• 20 - 23 - 2 6 . Memo: N a t i o n a l net worth at y e a r - e n d 1039, 5 9 0 40 41 42 • 42. outstanding 351, 624 G r o s s N a t i o n a l Product 43 44 M a r c h 1991 N a t i o n a l Net Worth Factors Annual Domestic investment + Net 5 = Net investment flows by d o m e s t i c s e c t o r s foreign Adjustments investment for tangible to net = Change in natl. net 12 T o t a l , US all sectors (1) 23 24 25 C h a n g e in H H c o r p . Net p u r c h a s e s Revaluation 26 27 28 Change/fin.inst.corp.shares Net p u r c h a s e s Revaluation equities C h a n g e in net a s s e t s of p u b l i c sectors State 8 local governments U.S. government Sponsored credit agencies Monetary authority + C h a n g e in f o r e i g n e q u i t i e s h e l d by U . S . r e s i d e n t s Net p u r c h a s e s Revaluation C h a n g e in U . S . e q u i t i e s h e l d by f o r e i g n e r s Net p u r c h a s e s Revaluation Other 40 41 42 Flows (1 ) L i n e s (2) Lines 110-741 72,918 37,823 100-673 76-260 24,413 26 1,805 4 28,315 47,967 40,864 5 2,637 15,135 20 • 998 17,210 -1*728 -260 32,531 2,052 7,687 122-980 79-780 43,200 3 5 , 166 28,293 8,614 21-704 8,775 23,281 ,773 4,883 707 - 1 ,514 ,043 110,366 73,420 55,312 110 ,366 73, 4 2 0 55,,312 - -3 4,400 20,321 -2,977 21,622 -1 -525 - 9 10 4 4 ,043 52 47 28 -1 3 15 1 , 364 ,309 ,032 ,754 • 910 >191 ,930 , 4 5 ,196 54 135 109 2 3 14 4 -427 ,210 ,913 ,021 ,531 ,833 ,912 8 6 ,898 84 151 109 3 7 27 3 ,576 433 ,174 ,184 ,941 ,174 ,960 110 147 91 7 10 35 2 66 5 3 0 58:• 984 12 ,606 ,614 ,859 • 093 • 929 ,036 ,697 7 6 -0 1 3 51 ,4 8 0 12 •• 157 6 768 6 895 24:.741 919 73 3 7 6 201 0 0 5 164 3 8 3 9,,240 6 ,640 15 3 5 0 5 ,392 13, 2 5 6 . 127 -1 , 14, 3 8 3 15,,396 75 15,.321 7 ,796 - 3 ,477 11:,273 5 • 409 20 - 2 ,.838 21 8 2 4 7 22 72 ,704 1 12 ,876 8 0 718 3 ,654 4 • 507 20 434 3,,563 61 :,540 62 ,812 4 5 , 181 941 4 -802 8 • 371 3 ,517 13 14 15 16 17 18 19 ,100 2 • -343 2 •4 4 3 5 ,354 - 2 ,225 7 ,579 10 -896 - 2 ,418 13 ,314 17 • 6 2 0 - 1 ,641 : 19:,261 - 8 ,230 634 -8 864 70 ,642 193 70 ,449 4 9 ,545 333 4 9 ,212 16,621 17:,586 965 - 3 7 , 373 388 - 3 7 , 761 101, 4 0 2 156 101 ,, 2 4 6 2 6 ,103 - 1 ,132 27 235 - 7 ,742 23 - 1 ,404 24 - 6 ,338 2 5 1 ,0 7 5 1 ,338 , -263 4 787 1 .4 9 7 3,,290 6 .416 1,,484 4 , ,932 1 :8 0 2 1 ,469 : 333 -416 2, 2 8 0 696 10, 8 3 1 2, 4 0 0 8,• 4 3 1 6 ,273 3 ,321 2,,952 3,,605 2 6 3 ,430 2 7 175 2 8 -9,906 -3,490 -6,431 10 5 -9,294 -3-829 -5,473 7 1 437 -3,240 3,653 17 7 1 ,338 -2,977 4,284 16 15 -3,152 — 4 ,662 1 ,458 34 18 -16-622 -5,508 -11,148 29 5 -7,220 -4,168 -3,081 23 6 - 1 , 5 8 9 29 - 3 , 3 1 4 30 1 , 6 9 8 31 21 32 6 33 -130 -51 -79 539 256 283 571 173 398 186 111 75 -392 35 -427 862 594 195 399 2 9 5 34 663 35 - 3 6 8 36 -55 -55 1,604 483 1,321 127 1,194 386 256 130 -870 147 -1,017 2,214 -54 2,268 1,058 351 707 -2,410 1 ,529 2,541 -2,658 2,506 -1,804 1 ,501 2,938 1,895 -5,032 1,759 1,172 -124 -967 219 -189 -120 1 -545 1 ,700 -1,735 1083,633 1128,829 1215,727 1326,093 1399,513 1454,825 1521,355 1 5 8 0 , 3 3 9 43 371,336 372,493 405,906 428,212 451,036 456,736 495,805 5 1 5 , 3 2 3 44 1,121 332 530 -61 203 -264 37 38 39 1,280 2,807 40 - 1 , 6 0 0 41 - 2 , 5 3 0 42 13 + 2 9 + 34 - 37 + 4 0 1 4 - 2 0 - 2 3 - 26. 43 N a t i o n a l net at y e a r - e n d 44 Gross National are 110,864 67,517 43,347 1 2 3 108,591 60,650 47,941 adjustments: • Nonfinancial discrepancy • Unallocated financial flows + Unallocated revaluations Data Annual national C h a n g e in e q . i n n o n c o r p . b u s . P r o p r i e t o r s ' net i n v e s t . R e v a l u a t i o n of e q u i t y - Worth foreign 20 21 22 37 38 39 National Net Assets investment: 13 P r i v a t e s e c t o r s , c o n s o l . ( 2 ) Sector basis, total 14 Households 15 Farm business 16 Nonfarm noncorp. business 17 Nonfinancial corporations 18 Private finan. institutions 19 34 35 36 Net 121-645 82-586 39,059 86-166 57-591 28,575 assets C h a n g e in c o n s o l i d a t e d net w o r t h : • National assets: foreign + R e v a l u a t i o n of U . S . net 9 assets 10 + R e v a l . of SDR h o l d i n g s 29 30 31 32 33 in C o n s o l i d a t e d 87,600 53,341 34,259 A d j u s t m e n t of c a p i t a l c o n s u m p t i o n to B a l a n c e S h e e t b a s i s Adjustments 11 by + R e v a l u a t i o n s of r e p r o d u c i b l e tangible assets + C h a n g e in land v a l u e s - Change flows: 4 8 for Flows 1 P u r c h a s e s of p h y s i c a l a s s e t s 2 - Capital consumption 3 = Net capital formation 6 7 Accounting worth Product in m i l l i o n s outstanding of dollars. March 1991 National Net Worth National Net Worth Factors Accounting for Change in Consolidated National Net Assets Annual Flows Annual Flows Domestic investment 119:017 85,200 33,817 134,670 87-799 46,871 144,905 91,280 53,625 156,473 95,666 60,807 179,610 100,628 78,982 197,135 107-489 89,646 196,314 116,768 79,546 3,661 4,053 1,051 + Net foreign investment by US = Net investment flows 91,058 by domestic sectors 93,307 57,678 flows: 218,006 Purchases of physical assets 127-999 - Capital consumption 90,007 = Net capital formation 1 2 3 4 5 Adjustments for tangible assets: -1.549 19,383 96 14,649 -5-974 16,423 12-863 21,537 11,915 23,328 45,466 40,327 36,010 17, 168 + Revaluations of reproducible 95,372 tangible assets 24,307 + Change in land values 6 7 - Adjustment of capital consumption -4 to Balance Sheet basis 8 Adjustments to net foreign investment: 9 10 -1,733 259 + Revaluation of U.S. net foreign -941 assets + Reval. of SDR holdings 828 -259 209,800 = Change in natl. net assets 179,671 9 10 11 Change in consolidated national net worth: 53 ,179 64 -479 64 ,754 117, 724 179 ,671 123 ,324 62 ,858 187 ,248 157 ,102 ,930 4, 5 .291 12 ,977 6,,948 72 ,482 18 ,746 - 9 ,584 5 ,112 6,,873 13.,545 ,800 2• 67 ,593 163 ,836 134 ,721 5 ,772 5 ,746 14,003 3 ,594 106 ,927 181 ,862 137 -412 6 ,099 9 ,517 22 ,907 5 ,927 119,• 734 221 ,428 164, 473 13, 254 9, 258 29, 561 4, 882 182 ,102 145 ,500 76 ,757 7 ,616 20 ,284 39 ,639 1 ,204 153 ,435 333 223 272 ,061 10,,050 7 ,194 i . 37,.084 6 !834 20 21 22 9 ,747 51 9 ,696 11 ,499 • 58 11 ,441 10 ,999 1 ,110 9 ,889 15 ,122 -806 15 ! ,928 21, 680 259 21, 421 27 ,366 -405 27 ,771 1 6 !542 -1,,080 17,,622 23 24 25 99 .497 -1 ,061 100 ,558 -61,,745 - 2 .714 - 5 9 ,031 72 ,511 ,995 75 ,506 46 ,996 -2..080 49 ,076 64, 803 - 4 , 772 69, 575 - 5 9 ,573 - 3 ,490 - 5 6 ,083 135,.399 -5,• 664 141 , ,063 26 27 28 15 ,146 4 ,055 11 ,091 - 3 ,490 4 ,183 - 7 ,673 12 ,733 3 ,873 8 ,860 12 i ,817 4 -367 8 ,450 15, 211 5, 930 9, 281 - 4 ,395 5 ,850 - 1 0 ,245 29 30 31 32 33 -9,452 -3,793 -5,706 42 5 -7,639 -2,756 -4,935 52 -4,173 -2,565 -1,668 59 1 -6,733 -2,860 -3,919 46 2,911 2,453 -513 52 3 34 35 36 918 762 156 -188 969 -1,157 431 1 ,105 -674 125 678 -553 37 38 39 2,506 323 2,183 -1 ,472 109 -1,581 2,149 225 1,924 40 41 42 1,209 159 -7 -67 -1,433 -148 605 3,039 -592 100 00 12 13 14 15 16 17 18 19 209 ,800 Total, all sectors (1) 12 219 ,424 Private sectors, consol. C2) 402 ,409 Sector basis, total 317 ,870 Households 10 ,916 Farm business 19 482 Nonfarm noncorp. business 46 ,111 Nonfinancial corporations 8 ,030 Private finan. institutions 13 14 15 16 17 18 19 29 ,577 - Change in eq.in noncorp.bus. 20 ,967 Proprietors' net invest. 21 32 ,544 Revaluation of equity 22 130 ,619 - Change in HH corp. equities - 10,729 Net purchases 141 ,348 Revaluation 23 24 25 2:7 847 8,,751 19,,096 22 ,789 - Change/fin.inst.corp.shares 10 ,668 Net purchases Revaluation 12 , 121 26 27 28 -6,242 -3,836 -2,463 49 8 -18,388 -4,922 -13,527 54 7 • Change in net assets of public -13-417 sectors -4,053 State 8 local governments -9,424 U.S. government 29 Sponsored credit agencies 11 Monetary authority 29 30 31 32 33 759 -981 -724 720 -1 ,444 914 1 ,308 -394 1,350 -292 1,642 764 -400 1 ,164 -1,956 -305 -1,651 12,868 1,395 544 -89 1,241 1,318 -672 -2,104 -1 ,442 6,125 376 -188 43 698 12,170 1,214 1 569 -355 + Change in foreign equities held by U.S. residents Net purchases Revaluation 34 35 36 4,006 2,097 1-909 - Change in U.S. equities held by foreigners Net purchases Revaluation 37 38 39 Other adjustments: 1,121 + Nonfinancial discrepancy 5-526 + Unallocated financial flows - 5 2 + Unallocated revaluations (1 ) Lines 13 (2) Lines 14 43 1633,518 1697,997 1762,751 1863,570 1981,294 2160,965 2284,289 44 533,815 574,643 606,898 649,774 705,099 771 ,982 816,382 Data are in millions of dollars. 29 + 34 20 - 23 3 7 + 4 0 + 4 1 + 26. 42 National net worth outstanding 2494,089 at year-end 892,652 Gross National Product 40 41 42 43 44 M a r c h 1991 National Net Worth N a t i o n a l Net 46 Factors Annual Domestic investment + Net foreign 5 investment flows domestic sectors Adjustments investment for by tangible US 239,444 141-450 97,994 234-465 154,577 79,888 Net to net foreign • R e v a l u a t i o n of U . S . net 9 assets 10 + R e v a l . of S D R h o l d i n g s = Change in natl. net -1,121 all sectors 313,207 184,349 128,858 364-616 231,333 133,283 354,920 268,788 86,132 439,142 297,791 141,351 1 2 3 2,978 4,485 -7,498 24,031 14,752 4 96,873 82,866 166,438 125,785 110,163 156,103 5 91,792 24,284 77,387 18,865 111,737 38,601 116,625 71,002 220,722 128,885 428,321 111 ,270 220,592 94,900 257,879 176,655 6 7 4,799 -2,232 -6,393 94 -2,598 889 5,721 1,382 18,192 36 -6,519 -158 -2,932 -19 9 10 217,749 176,886 -1 foreign national (1) 13 P r i v a t e s e c t o r s , c o n s o l . ( 2 ) 14 Sector basis- total 15 Households 16 Farm business 17 Nonfarm noncorp. business 18 Nonfinancial corporations 19 Private finan. institutions C h a n g e in e q . i n n o n c o r p . b u s . P r o p r i e t o r s ' net i n v e s t . R e v a l u a t i o n of e q u i t y 23 - C h a n g e in H H c o r p . 24 Net p u r c h a s e s 25 Revaluation 270,070 169,383 100,687 investment: assets C h a n g e in c o n s o l i d a t e d net w o r t h : 12 T o t a l , Worth Assets 363,507 201,554 161,953 A d j u s t m e n t of c a p i t a l c o n s u m p t i o n to B a l a n c e S h e e t b a s i s Adjustments 20 21 22 National assets: + R e v a l u a t i o n s of r e p r o d u c i b l e tangible assets + C h a n g e in l a n d v a l u e s 11 in C o n s o l i d a t e d flows: = Net by - Change Annual Flows 4 8 for Flows 1 P u r c h a s e s of p h y s i c a l a s s e t s 2 - Capital consumption 3 = Net c a p i t a l f o r m a t i o n 6 7 Accounting equities 26 - C h a n g e / f i n . i n s t . c o r p . s h a r e s 27 Net p u r c h a s e s 28 Revaluation 2 1 7 ,749 176 ,886 2 3 4 ,230 307 ,812 5 2 3 ,151 6 8 3 ,605 4 1 8 ,979 5 8 7 ,689 12 2 1 2 -073 123 ,903 37 ,089 8 ,339 16 ,455 60 ,135 1 ,885 196 208 131 6 13 54 3 267 451 326 18 25 69 11 330 521 365 34 31 74 14 520 425 165 77 61 107 12 715 556 178 39 54 284 ,705 ,601 722 ,449 ,035 856 -461 5 0 6 ,757 7 8 6 ,256 5 4 7 ,287 5 0 ,152 36 •430 146 ,875 5,512 6 5 0 ,804 928 ,227 6 2 0 ,062 71 ,304 63 ,553 151,135 22:,173 13 14 15 16 17 18 19 2 4 ,073 - 6 ,055 30 ,128 ,894 ,648 -074 ,115 ,553 ,090 ,816 ,426 -503 ,208 ,700 ,645 ,803 ,14? -798 ,350 -437 ,946 ,304 ,700 ,963 ,042 ,039 -404 ,640 ,794 ,523 ,678 19 ,182 - 4 ,408 23,,590 4 3 ,311 - 2 ,,200 4 5 ,511 64 ,404 - 8 ,662 73 ,066 136,,165 11 ,2 2 5 124, 9 4 0 91 ,3 1 6 -30, 260 121, 5 7 6 8 2 ,817 - 1 9 ,,307 102,,124 129,,091 2 0 - 2 5 ,,766 21 154,,857 2 2 - 1 6 459 765 -13, 694 95,.308 -5, 446 100, 7 5 4 8 4 ,026 - 8 ,792 92,.818 -198, 425 -3, 227 - 1 9 5 , 198 - 2 0 3 , 697 - 1 , 374 - 2 0 2 , 323 138 7 4 7 - 5 , 785 144, 5 3 2 114, 2 6 8 2 3 1,,867 2 4 112,,401 2 5 — 4 ,4 1 6 12, 0 2 4 -16, 440 9, 031 10, 8 2 0 - 1 ,789 45, 4 5 8 19, 3 8 0 26, 078 42,. 1 2 2 21,.434 20, 6 8 8 - 3 2 , 743 11 ,9 7 7 - 4 4 , 720 — 4 6 ,7 2 3 5, 6 4 2 - 5 2 , 365 57, 9 3 5 11, 172 4 6 , 763 34, 0 6 4 2 6 8. 7 4 0 2 7 25, 3 2 4 2 8 -15,993 1,815 -18,010 174 28 - 1 ,570 5,155 -7,118 347 46 -14,283 -3,042 -12,131 808 -81,569 -5,327 -76,684 385 57 1,068 - 1 0 7 ,• 8 2 7 -7, 298 -100, 529 29 30 31 32 33 + C h a n g e in net a s s e t s of p u b l i c sectors State 8 local governments U.S. government Sponsored credit agencies Monetary authority -1,059 -7,308 6,186 50 13 -20,653 -8,923 60 20 -31,749 -8,678 -23,235 123 41 34 35 36 + C h a n g e in f o r e i g n e q u i t i e s h e l d by U . S . r e s i d e n t s Net p u r c h a s e s Revaluation 501 1,549 -1,048 -380 1,076 — 1 ,456 1,113 -45 ,896 619 ,277 -511 672 -1,183 -1,015 -519 -496 574 -921 1,495 - 1 3 2 34 3 5 5 35 - 4 8 7 36 -2,756 1,565 -4,321 448 697 -249 3,602 836 2,766 8,248 2,434 5,814 -5,543 2,763 -8,306 -9,295 539 -9,834 11,092 4,667 6,425 7,636 37 2 , 7 5 3 38 4 , 8 8 3 39 3,896 6,136 -6,554 239 9,229 -7,995 -2,958 4,946 -901 1,204 2,711 -5,556 4,303 5,513 -10,169 9,730 141 -35,968 -2,490 13,321 -6,522 —3,601 40 1 4 , 3 0 3 41 - 5 , 6 0 7 42 2711,838 2888,724 3122,954 3430,766 3953,917 4637,522 5056,501 5 6 4 4 , 1 9 0 43 963,946 1015,458 1102,684 1212,760 1359,316 1472,807 1598,426 1782,792 44 37 38 39 C h a n g e in U . S . e q u i t i e s h e l d by f o r e i g n e r s Net p u r c h a s e s Revaluation Other 40 41 42 43 13 • 2 9 • 34 1 4 - 2 0 - 2 3 N a t i o n a l net at y e a r - e n d worth 44 G r o s s N a t i o n a l Data are -60,442 -432 -60,458 383 65 29 30 31 32 33 adjustments: + Nonfinancial discrepancy + Unallocated financial flows • Unallocated revaluations (1 ) L i n e s (2) L i n e s -11,810 + 40 outstanding Product in m i l l i o n s 37 26. of dollars. March 1991 N a t i o n a l Net W o r t h N a t i o n a l Net Worth Factors Accounting for C h a n g e in C o n s o l i d a t e d National Net A s s e t s ^ y Annual Flows Annual Flows 1979 1980 1981 1982 1983 1934 755 * 38 7 550,352 205,035 699,925 598553 101-372 791 ,400 622-974 168-426 1000-400 P u r c h a s e s of physical assets 652,188 - Capital consumption 3 4 8 , 2 1 2 = Net capital f o r m a t i o n 27,394 30,837 -28,349 - 7 1 , 6 9 8 + Net 140,077 = Net investment flows 276,514 by domestic sectors Domestic 528-552 332,704 195,848 622,423 376,700 245,723 673,799 430,714 243,085 656,250 491,212 165,038 25,896 31-234 268-981 196,272 232,429 132,209 investment foreign A d j u s t m e n t s for 358-044 207,644 545,636 293,821 520,058 329-385 611.437 305.028 540,896 279,874 64-954 53,373 233,469 189-509 "2 -1 -2 13 27 tangible by US assets: A d j u s t m e n t of capital c o n s u m p t i o n 11 to B a l a n c e Sheet basis A d j u s t m e n t s to net 2,365 116 investment + R e v a l u a t i o n s of r e p r o d u c i b l e 177,248 tangible assets 72,595 + Change in land values - 9 10 flows: foreign investment: -4-148 "534 -22,026 -142 7-951 -247 -32,434 -220 -18,047 -317 • R e v a l u a t i o n of U.S. net foreign -22,658 assets - 3 8 8 + R e v a l . of SDR h o l d i n g s 1113,744 1090,570 1060,905 217,869 544,664 503,300 = Change 5,284 65 in natl. net C h a n g e in c o n s o l i d a t e d net w o r t h : assets national 12 747 ,482 1088 ,060 1113 ,744 1090 570 1060 ,905 217 ,869 13 14 15 16 17 18 19 793 897 555 49 110 166 14 1129 1406 835 104 148 290 27 1166 1619 1009 106 162 306 33 1174 1804 1164 79 178 343 39 1150 .667 1307 ,208 749 611 - 1 5 • 020 237 , 749 328 .470 6,,398 378 ,148 553 ,934 456 739 — 4 7 ,218 14 ,721 116 ,269 13 •425 20 21 22 155 , 795 - 2 0 ,226 176 ,021 246 .407 - 3 1 , 927 • 334 262 005 - 6 5 .221 327 ,226 252 ,688 - 7 6 857 329 545 223-• 969 - 4 8 •360 272- 329 - 2 8 • 403 -91 • 383 62 • 980 68 ,846 - 7 9 634 148 ,480 - 2 9 ,295 - Change in eq.in n o n c o r p . b u s . 20 - 8 6 518 P r o p r i e t o r s ' net invest. 21 57 ,223 R e v a l u a t i o n of equity L~ 24 25 - 4 4 • 409 - 8 066 -36.> 343 - 4 ,597 -13.• 08 9 8 ! .492 148 •283 - 2 4 .465 172, 748 300 294 - 1 2 . 328 312- 622 -60- 094 - 4 3 •429 -16- 665 122 006 -22, 801 144 •8 0 7 149 >655 -26, 985 176, 640 -1 •554 - Change in HH corp. e q u i t i e s - 8 1 ,8 2 0 Net p u r c h a s e s 80, 266 Revaluation 23 24 25 26 27 28 - 7 ,864 11 , 158 -19,• 022 34 •8 0 5 12- 732 22,• 073 42, 494 18, 660 23- 834 77, 312 22 ,994 54, 318 - 7 •334 28, 052 - 3 5 , 386 82, 183 27 •427 54- 756 131 ,100 48, 336 8 2 764 1 ,516 - C h a n g e / f i n . I n s t . c o r p . s h a r e s 13, 270 Net p u r c h a s e s - 1 1 , 754 Revaluation 26 27 28 29 30 31 32 33 - 4 2 . 479 13, 703 -56 ; .696 447 67 -35,394 5- 327 -41 ,711 894 96 -19- 692 6. 949 - 2 7 ,507 834 32 - 5 4 . 143 - 2 , 296 - 5 2 , 724 774 103 656 - 9 , 266 - 7 7 , 412 916 106 -152- 955 — 4 -755 -149-555 1 ,281 74 - 1 8 5 , 122 3, 961 -189- 532 397 52 + C h a n g e in net assets of public - 1 7 6 , 465 7- 309 State 8 local g o v e r n m e n t s - 1 8 4 . 528 U.S. government 663 S p o n s o r e d credit agencies 91 Monetary authority 29 30 31 32 33 34 35 36 657 408 249 1,126 -351 1,477 , 3-598 1-025 2,573 4,332 2,366 1,966 -1,806 213 -2,019 1,208 1,370 -162 7,296 3,683 3,613 1,153 944 209 37 38 39 -3,170 2,675 -5,845 *-"318 2-422 -104 6,221 1,659 4,562 15-126 4,232 10,894 -178 4,829 -5,007 11 ,888 3,318 8,570 20-078 5-981 14,097 -301 -1,285 984 40 41 42 ® -3,170 -4,295 1,896 -5,038 -2,192 -164 -27,816 -2,634 -6,075 -5,874 -6,988 -5,216 42-896 -40,158 75 21,430 -18,149 -5,325 -15,230 -10,054 ,980 ,595 • 088 -588 ,918 ,570 ,431 CO ,591 ,113 ,864 ,776 ,458 ,585 ,430 ,673 -455 676 -801 • 675 446 857 • 444 ,738 ,094 ,950 ,373 ,319 •002 544 , 664 773 1122 946 5 62 84 22 • 177 .778 ,556 -751 965 ,94 7 ,559 503 ,300 T o t a l , all sectors 727 698 580 -95 57 97 58 - Change in U.S. e q u i t i e s held by f o r e i g n e r s Net p u r c h a s e s Revaluation 44 1990-504 N 7479,732 2249,677 a 8593,476 2508,170 Data are in m i l l i o n s of d o l l a r s . t i 9684,046 2731,947 o 10744-951 n 10962-820 a 11507,484 3052,632 3165-950 3405-800 13 + 29 + 3 4 - 3 7 + 4 0 + 4 1 14 - 20 - 23 - 26. l 12010,784 13 14 15 16 17 18 19 34 35 36 37 38 39 adjustments: -5,400 + Nonfinancial discrepancy 17,413 * Unallocated financial flows -61,489 + Unallocated revaluations (1) L i n e s (2) L i n e s , 6391,672 12 + Change in foreign e q u i t i e s held by U.S. r e s i d e n t s Net p u r c h a s e s Revaluation Other <3 CI) ,787 P r i v a t e s e c t o r s , c o n s o l . (2) ,454 Sector basis, total ,836 Households ,139 Farm b u s i n e s s ,025 Nonfarm n o n c o r p . b u s i n e s s , 145 Nonfinancial corporations ,587 P r i v a t e finan. i n s t i t u t i o n s net worth at y e a r - e n d + 42. outstanding 3772,200 Gross N a t i o n a l P r o d u c t 40 41 42 43 44 March 1991 N a t i o n a l Net Worth National Net North F a c t o r s Accounting for Change in C o n s o l i d a t e d N a t i o n a l Net A s s e t s Annual Flows Annual Flows 1985 Domestic investment 1986 1987 1988 1989 1990 flows: 1 P u r c h a s e s of physical assets 2 - Capital c o n s u m p t i o n 3 = Net capital formation 1015,325 691,797 323,528 1065,325 740,668 324,657 1122,825 792,300 330,525 1204,550 837,998 366,552 1245,826 895,118 350,708 1222,853 930,634 292,219 1 2 3 4 + Net -104,197 -132,594 -157,959 -136,569 -86,944 -43,690 4 219,331 192,063 172,566 229,983 263,764 248,529 5 114,471 82,522 183-130 215,188 424-792 230,186 270,222 181,091 408,091 213,413 65,586 -113,204 6 7 4,833 -528 -2,732 4,741 9,369 20,214 8 -12,740 749 -23,255 830 50-162 1,392 -11,256 -194 -32,873 -565 19,732 614 9 10 399,500 568,486 881,830 665,105 842,461 201,043 11 881 ,830 665,,105 foreign investment by US = Net investment flows 5 by domestic sectors Adjustments for tangible assets: • R e v a l u a t i o n s of r e p r o d u c i b l e 6 tangible assets 7 + Change in land values 8 - Adjustment of capital c o n s u m p t i o n to Balance Sheet basis Adjustments to net foreign i n v e s t m e n t : + R e v a l u a t i o n of U.S. net 9 assets 10 • R e v a l . of SDR holdings 11 = Change in natl. net Change in consolidated net w o r t h : 12 Total, all sectors foreign assets national (1) 13 Private sectors, consol. (2) Sector basis, total 14 Households 15 Farm business 16 Nonfarm noncorp. business 17 Nonfinancial corporations 18 19 Private finan. i n s t i t u t i o n s 399,-500 605 ,• 994 1112, 407 1056 655 -76,799 4 3 ,i 982 50,, 05 1 38,,518 568 ,486 855 1228 1069 -25 74 60 48 . 639 • 253 ,87b ,511 ,621 ,843 ,419 -543 -26 , - 8 9 162 62-.619 52.,572 - 4 6 -955 99 527 23 - Change in HH corp. equities Net purchases 24 Revaluation 25 359-.017 - 1 0 6 . 929 465,946 26 - C h a n g e / f i n . i n s t . c o r p . s h a r e s Net purchases 27 28 Revaluation 173,• 959 35,,374 138,,565 20 - Change in ea.in n o n c o r p . b u s . P r o p r i e t o r s ' net invest. 21 R e v a l u a t i o n of equity 22 29 30 31 52 33 • Change in net assets of public sectors State 8 local g o v e r n m e n t s U.S. government Sponsored credit agencies Monetary authority 34 35 36 57 38 39 951 1281 1078 49 28 100 24 • 995 , 142 ,658 ,773 .497 ,059 ,175 842,,461 201 ,,043 12 1089,,513 1854 ,951 1575,• 515 , 150 108,,941 94 , 709 43,,636 468 ,539 100,,299 - 8 5 , 058 37 ,806 - 3 0 271 92,,353 85,,449 13 14 15 16 17 18 19 603 - 6 5 ,, 142 65,,745 20 21 22 116 ,590 - 9 1 ,053 207 ,643 77 ,799 - 7 6 • 451 154 250 140,,790 - 8 5 , 474 226,,264 164 • 068 - 1 2 4 ,548 288 ,616 - 1 5 3 ,620 - 1 0 9 549 - 4 4 ,071 125 ,331 -115,,439 238,, 770 323 946 - 1 2 6 ,.036 449,,982 155 ,974 35 • 173 120 ,801 64 ,684 30 ,925 33 ,759 128,,019 -9,,415 137,,454 500.• 702 14..357 286,,345 - 2 8 1 ,460 -54,-687 ,775 23 24 25 -87,,383 20,,516 - 1 0 7 ,,899 26 27 28 -198,843 14,356 -211,336 -1,859 -4 -229,431 7,964 -237,069 -412 86 -184,431 -7,776 -177,018 291 72 -213,353 -18,591 -196,153 1,245 146 -198,597 -21,135 -178,426 845 129 -293-052 -37,843 -254,476 -770 42 29 30 31 32 33 + Change in foreign equities held by U.S. residents Net purchases Revaluation 12,275 3,689 8,586 10,721 1-155 9,568 4,657 -2,130 6,787 8,063 909 7,154 33,107 16,654 16,453 -5,348 7,248 -12,596 34 35 36 - Change in U.S. equities held by foreigners Net purchases Revaluation 29-522 4,329 25,193 43-362 17,166 26,196 6,703 15,587 -8,884 25,330 -479 25,809 57,601 6,604 50,997 -39,083 -15,495 -23,588 37 38 39 4,650 19,727 -14,781 1,775 -13,771 -13,085 10,700 -57,602 19,092 28,224 -24,882 -59,610 16,929 -4,637 -36,263 3,003 -39,125 27,943 40 41 42 12410,284 12978,770 13860,600 14525,705 15368,166 15569,209 43 4014,925 4231,650 4515,600 4873,700 5200,849 5463,652 44 Other adjustments: 40 + N o n f i n a n c i a l d i s c r e p a n c y 41 + Unallocated financial flows 42 + Unallocated r e v a l u a t i o n s (1) Lines (2) Lines 43 1096 ,117 1125 ,771 8 4 0 ,525 18 ,473 104 ,086 137,134 23 ,555 1 3 + 2 9 + 3 4 - 3 7 + 4 0 + 4 1 + 14 - 20 - 23 - 26. National net worth at year-end outstanding 44 Gross National Product Data are in m i l l i o n s of d o l l a r s . 42. March 1991 U.S. Net Foreign A s s e t s U.S. Net F o r e i g n A s s e t s Factors Accounting for C h a n g e in U.S. Net Foreign Assets 49 Annual F l o w s Annual Flows 1946 4,918 3,031 -1,887 9 10 11 3,018 1,297 1,335 38 -2,249 1,284 3,533 -1,531 -164 1,743 -380 + U.S.net sales of gold 8 SDRs 4 1,487 1,133 -506 -58 = U.S.net f g n . i n v e s t m e n t , adj. 5 + R e v a l u a t i o n of foreign e q u i t i e s 9 held by U.S. r e s i d e n t s 69 C h a n g e in value 60 -Net purchases 6 7 8 - R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s Change in value -Net purchases 9 10 11 2,188 -830 656 1,313 657 -43 -28 15 -218 -236 -18 443 467 24 139 215 76 54 -10 -64 -59 -210 -151 -31 -175 -144 206 185 -21 432 435 3 405 525 390 1,139 749 538 1,259 721 415 1,075 660 467 683 ,191 508 8 9 0 + R e v a l . of U . S . d i r . i n v . a b r o a d 1,742 Change in value 852 - D i r e c t investment (1) 12 13 14 90 15 16 17 1,088 621 120 255 255 -4 -4 100 10 150 184 34 98 154 56 370 450 80 177 267 90 155 - R e v a l . o f f g n . d i r . i n v . i n U.S. 287 Change in value 132 - D i r e c t investment (1) -248 -248 1,185 1,185 356 356 169 169 -16 -16 -20 -20 + R e v a l u a t i o n of U.S. official fgn. exchange 8 net IMF position 18 36 Change in value 19 36 - N e t increase in fgn. liab. 20 18 20 -433 18 424 -339 1,441 -1,345 3,637 8,054 2,287 687 1,043 -501 13,501 5 8 8 • Other r e v a l u a t i o n s 1,274 = Change in U.S.net 21 f g n . a s s e t s 22 Memo: 16,004 Net foreign assets o u t s t a n d i n g 23 (1) E x c l u d e s capital g a i n s . Data are in m i l l i o n s of d o l l a r s . 1 2 3 -14 -29 -15 13 14 19 322 U.S. net foreign investment 1,553 Net U.S. acq. of fgn. assets 1,231 - N e t fgn. acq. of U.S. assets 59 59 12 15 16 17 9,853 9,046 -807 March 1991 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign Assets 5 Q F a c t o r s Accounting for C h a n g e in U.S. Net F o r e i g n A s s e t s Annual F l o w s Annual Flows 1 U.S. net foreign investment 2 Net U.S. acq. of fgn. assets 3 - N e t fgn. acq. of U.S. assets -1.728 499 2,227 -260 1,245 1,505 26 1,443 1,417 -1,323 801 2,124 4-569 4,857 288 356 3,841 3,485 -1,878 2,753 4,631 1,805 5,695 3,890 1 2 3 4 + U.S.net sales of gold 8 S D R s 1,161 40 -305 1,075 1,703 4 5 = U.S.net f g n . i n v e s t m e n t , adj. -567 66 -1,628 -803 3,508 5 399 594 195 -368 295 663 6 7 8 • R e v a l u a t i o n of foreign e q u i t i e s held by U.S. r e s i d e n t s C h a n g e in value -Net purchases -79 -130 -51 283 539 256 398 571 173 75 186 111 -427 -392 35 1,121 -55 -55 1,194 1,321 127 130 386 256 -1,017 -870 147 2,268 1,604 483 2,214 -54 707 1,058 351 -264 9 -61 10 203 11 12 • R e v a l . of U . S . d i r . i n v . a b r o a d 13 Change in value 14 - D i r e c t investment (1) 797 1,532 735 711 1,378 667 941 1,764 823 1,159 3,110 1,951 447 2,889 2,442 834 2,015 1 ,181 1,046 2,418 1,372 - 9 0 2 12 ,038 13 ,940 14 15 - R e v a l . o f f g n . d i r . i n v . i n U.S. 16 C h a n g e in value 17 - D i r e c t investment (1) 148 306 158 258 382 124 246 443 197 151 383 232 96 251 155 307 405 98 251 489 238 - 9 15 306 16 315 17 -95 -95 -182 -182 -141 -141 564 564 367 367 -17 -17 39 39 18 - 4 4 2 19 - 4 4 2 20 1,203 -509 823 3,930 -234 -303 1 4 7 2 21 1,206 -856 788 3,255 4,477 1,117 -315 ,983 22 6 7 8 9 10 11 18 19 20 - R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s Change in value -Net purchases • R e v a l u a t i o n of U.S. o f f i c i a l fgn. exchange 8 net IMF p o s i t i o n C h a n g e in value - N e t increase in fgn. liab. 21 • Other 22 = Change revaluations in U.S.net fgn.assets Memo: 23 Net foreign assets o u t s t a n d i n g C1) E x c l u d e s c a p i t a l g a i n s . Data are in m i l l i o n s of d o l l a r s . 530 862 332 March 1991 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign Assets Factors Accounting for Change in U.S. Net F o r e i g n A s s e t s ^ ^ Annual Flows 1 2 3 Annual Flows 2-833 6,247 3-414 2,261 5,062 2,801 4,053 7-601 3,548 5,917 9,588 3-671 4,971 7,237 2,266 3,661 7,206 3,545 2,375 10,318 7,943 1,051 U.S. net foreign investment 9,825 Net U.S. acq. of fgn. assets 8,774 - N e t fgn. acq. of U.S. assets 1 2 3 4 857 890 461 125 1,665 571 1,170 1,173 + U.S.net sales of gold 8 SDRs 4 5 3-690 3,151 4,514 6,042 6,636 4,232 3,545 2 , 2 2 4 = U.S.net f g n . i n v e s t m e n t , adj. 5 6 7 8 156 918 762 -1,157 -188 969 -674 431 1,105 -553 125 678 -981 -222 759 -1,444 -724 720 -394 914 1-308 + R e v a l u a t i o n of foreign equities -355 held by U.S. residents 1,214 Change in value 1,569 -Net purchases 6 7 8 9 10 11 2,183 2,506 323 -1,581 -1-472 109 1,924 2,149 225 1,642 1,350 -292 1,164 764 -400 -1,651 -1,956 -305 12,170 12,868 698 12 13 14 198 2-852 2,654 -292 2,559 2,851 -23 3,460 3,483 -15 3,744 3,759 -17 4,803 4,820 -3,101 1,724 4,825 -38 4,322 4,360 15 16 17 171 482 311 -126 220 346 101 332 231 97 419 322 20 434 414 -169 257 426 171 869 698 8 4 - R e v a l . o f f g n . d i r . i n v . i n U.S. 15 892 Change in value 16 808 - D i r e c t investment (1) 17 18 19 20 1 251 250 -643 -645 1 84 83 -46 -46 3 443 440 1,118 1,117 + R e v a l u a t i o n of U.S. official fgn. 10 exchange 8 net IMF position 18 2,053 C h a n g e in value 19 2,043 - N e t increase in fgn. liab. 20 2 - 2 1 3 1 21 691 341 -655 2,000 446 3,551 995 22 2,382 3,752 1,138 5,735 4,903 5,060 -8,232 23 31,041 34,793 35,931 41,666 46,569 51,629 43,397 - R e v a l u a t i o n of U.S. corporate 1,909 e q u i t i e s held by f o r e i g n e r s 9 4,006 Change in value 10 2,097 -Net purchases 11 53 + R e v a l . of U . S . d i r . i n v . a b r o a d 3,218 Change in value 3,165 - D i r e c t investment (1) 1,344 • O t h e r r e v a l u a t i o n s 1,283 = C h a n g e in U.S.net 4 4 , 6 8 0 Net 21 f g n . a s s e t s 22 foreign assets outstanding 23 (1) E x c l u d e s capital gains. Data are in m i l l i o n s of d o l l a r s . 12 13 14 March 1991 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign A s s e t s Factors Accounting for C h a n g e in U.S. Net F o r e i g n A s s e t s Annual Flows Annual Flows 1969 1 U,.S. net foreign investment Net U.S. acq. of fgn. assets 2 -Net fgn. acq. of U.S. assets 3 - 1 ,121 9 ,294 10 ,415 1970 2,978 7,830 4,852 1971 1972 1973 1974 1975 1976 - 1 0 • 498 11 ,539 22,,037 - 6 , 964 11. 340 18, 304 4 ,485 16 ,952 12 ,467 - 7 ,498 18 ,153 25 ,651 24, 031 28,-821 4,.790 14 • 752 40,,196 25, 444 1 2 3 U.S.net sales of gold 8 SDRs -967 — 64 617 -156 9 -172 — 66 -78 4 5 = U.S.net f g n . i n v e s t m e n t , adj. — 2 ,088 2,914 - 9 ,881 - 7 ,,120 4 ,494 - 7 ,670 23,,965 14, 674 5 R e v a l u a t i o n of foreign e q u i t i e s held by U.S. r e s i d e n t s Change in value -Net purchases - 1 ,048 501 1 ,549 -1,456 -380 1,076 1 ,113 -45 1 ,068 2, 2 7 7 2, 8 9 6 619 - 1 ,183 -511 672 -496 - 1 ,015 -519 1 ,495 574 -921 -487 -132 355 6 7 8 R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s Change in value -Net purchases - 4 ,321 — 2 ,756 1 ,565 -249 448 697 2 ,766 3 ,602 836 5, 8 1 4 8, 248 2,• 434 - 8 > 306 - 5 543 2,,763 -9,,834 - 9 ,295 539 6 ,425 11 ,092 4 667 4 883 9 7,,636 10 2,,753 11 R e v a l . of U . S . d i r . i n v . a b r o a d Change in value - D i r e c t investment (1) 226 5 ,157 4 ,931 -203 6,565 6,768 -338 6 ,119 6 ,457 629 5, 115 5, 744 82 10,,212 10,,130 -287 8 ,649 8 ,936 -272 13,,776 14,,048 8 1 0 12 12,,443 13 11 ,633 14 R e v a l . o f f g n . d i r . i n v . i n U.S. C h a n g e in value - D i r e c t investment (1) -260 1 ,003 1 ,263 -12 1,452 1,464 276 644 368 6 954 948 2,,888 5 688 2,,800 -173 4,,588 4 761 -85 2, 518 2,,603 - 1 ,238 15 3 ,108 16 4 ,346 17 75 287 212 4 -2,541 -2,545 33 - 1 ,699 - 1 ,732 -7 159 •152 3 -146 -149 2 1 '297 , 1,,295 -348 435 783 - 1 8 18 2 ,462 19 2,,480 20 4 + + 6 7 8 9 10 11 12 13 14 + 15 16 17 • 18 19 20 R e v a l u a t i o n of U.S. official, fgn. exchange 8 net IMF p o s i t i o n C h a n g e in value - N e t increase in fgn. liab. 965 -838 - 3 ,001 1, 581 1,,401 8 ,966 -1,,054 408 21 fgn.assets 2 ,711 682 - 1 6 :,274 - 9 , 718 10 ,215 10 ,522 17,,446 11,,742 22 Memo: 23 Net foreign a s s e t s o u t s t a n d i n g 4 7 ,391 48,073 31 ,799 221,081 32,,296 42,,818 60,,264 72 ,006 23 Other 21 22 = revaluations C h a n g e in U.S.net CI) E x c l u d e s capital gains. Data are in m i l l i o n s of d o l l a r s . March 1991 U.S. Net F o r e i g n A s s e t s U.S. Net F o r e i g n A s s e t s Factors Accounting for Change in U.S. Net Foreign A s s e t s 53 Annual Flows 1 2 3 1977 1978 1979 1980 1981 1982 - 1 6 • 536 24 • 075 40 •611 - 2 •470 57 • 997 60 ,467 25 i896 56 435 30 -539 31 •234 55,• 321 24, 087 27 394 44 ,806 17 ,412 30, 8 3 7 29, 763 - 1 ,,074 1 , 184 .201 -1 , — 16 -1 ,723 -1,,372 -65 -979 + U.S.net sales of gold 8 SDRs 4 24,,695 31 218 25 ,671 29 >465 - 2 8 ,414 - 7 2 ,677 = U.S.net f g n . i n v e s t m e n t , adj. 5 6 7 8 4 5 Annual Flows -239 - 1 6 • 775 6 7 8 249 657 4 08 9 10 11 - 5 ,845 - 5 •170 2 , 675 12 13 14 - 2 : 709 8 799 11 508 15 16 17 97 3 ,8 2 5 3,, 728 18 19 20 79 215 136 - 1 ,286 1983 - 2 8 ,349 25 ,642 53 ,991 1984 - 7 1 ,698 U.S. net foreign investment 13 ,435 Net U.S. acq. of fgn. assets 8 5 ,133 - N e t fgn. acq. of U.S. assets 1 477 1 . 126 -351 2, 573 3- 598 1, 025 1 966 4 ,332 2,,366 - 2 ,019 - 1 ,806 213 -162 1,,208 1,,370 3 ,613 7 ,296 3 ,683 + R e v a l u a t i o n of foreign e q u i t i e s 209 held by U.S. r e s i d e n t s 1 ,153 Change in value 944 -Net purchases -104 2 , 318 2 ,422 4, 5 6 2 6, 221 1 ,659 10 ,894 15 126 4 ,232 - 5 ,007 -178 4 ,829 8 570 11 8 8 8 3• ,318 14 097 20 078 5 ,981 - R e v a l u a t i o n of U.S. corporate 984 e q u i t i e s held by f o r e i g n e r s -301 Change in value -Net purchases - 1 ,285 9 10 11 286 16 .379 16 093 -346 26 479 26, 8 2 5 6 ,671 30 227 23 556 3 ,774 16 ,359 12 ,585 -21, 674 - 1 1 • 479 10, 195 - 7 ,236 2 ,587 9 ,823 - 7 ,371 • R e v a l . of U . S . d i r . i n v . a b r o a d 6 ,007 C h a n g e in value 13 ,378 - D i r e c t investment (1) 12 13 14 24 7 ,876 7 ,852 178 11 991 11 ,813 13 ,269 28 ,584 15 ,315 372 25 ,668 25 ,296 153 15, 963 13. 8 1 0 863 12 382 ,519 11 1 ,954 - R e v a l . o f f g n . d i r . i n v . i n U.S. 27 ,522 Change in value 25 ,568 - D i r e c t investment (1) 15 16 17 452 452 -293 -361 -68 -212 7,,926 8, 138 - 1 ,510 1 ,843 3 ,353 -1 ,089 41 1,,130 • R e v a l u a t i o n of U.S. official fgn. - 1 ,555 e x c h a n g e 8 net IMF position 18 596 Change in value 19 2 ,151 - N e t i n c r e a s e in fgn. liab. 20 -6, 288 21 - 1 , 002 3 •441 ,342 -1 , 22 - 1 4 , 410 3 ,998 20, 5 4 7 23 57, 596 61 •594 82, 141 9,• 192 91 ,333 -861 2- 731 3,• 5 9 2 3,,071 986 1,,625 33,,622 - 2 , 969 —46,.461 124, 955 121, 986 75, 525 - 1 1 ,003 > Other - 9 5 ,335 = C h a n g e revaluations in U.S.net Memo: -19,,810 Net foreign 21 f g n . a s s e t s 22 assets outstanding 23 (1) E x c l u d e s capital g a i n s . Data are in m i l l i o n s of d o l l a r s . 1 2 3 March 1991 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign Assets Factors Accounting 54 for C h a n g e in U.S. Net F o r e i g n A s s e t s Annual F l o w s Annual Flows 1 U.S. net foreign investment Net U.S. acq. of fgn. assets 2 3 - N e t fgn. acq. of U.S. assets 104- 197 4, 553 108 i750 -132, 594 27,,987 160,,581 - 1 5 7 ,,959 14,,464 172, 423 - 1 3 6 , 569 33, 227 169, 796 - 8 6 ,944 96 .419 183 ,363 -43,,690 93 ,196 136,,886 4 + U.S.net sales of gold 2 S D R s -897 -246 -510 127 -535 -423 5 = U.S.net f g n . i n v e s t m e n t , adj. 105,,094 -132,,840 - 1 5 8 ,,469 - 1 3 6 , 442 -87,,479 -44 , ,113 + R e v a l u a t i o n of foreign equities held by U.S. r e s i d e n t s Change in value -Net purchases 8,.586 12,,275 3, 689 9 ,568 10 • 721 1 ,, 153 6,,787 4,,657 -2,,130 7, 154 8, 063 909 16 ,453 33 ,107 16 ,654 -12,,596 - 5 .548 7,,248 - R e v a l u a t i o n of U.S. c o r p o r a t e equities held by f o r e i g n e r s Change in value -Net purchases 25,,193 29,,522 4 ,329 26 ,196 4 3 ,362 17,,166 -8,,884 6,,703 15,,587 25- 809 25, 330 -479 50 ,997 57 ,601 6 ,604 -23,,588 - 3 9 ,,083 -15,,495 9 10 11 12 • R e v a l . of U . S . d i r . i n v . a b r o a d 13 Change in value 1M - D i r e c t investment (1) 6, 046 15,• 730 9,,684 12 >293 24 ,682 12 ,389 24 ,669 50 ,659 25,,990 3,. 144 16, 466 13, 322 10 ,132 33 ,826 23 ,694 1,,152 45 ,609 44,,457 12 13 14 15 - Reval.of f g n . d i r . i n v . i n U.S. 16 Change in value - D i r e c t investment (1) 17 -459 20,,032 20,,491 -345 35 ,799 36 ,144 4,,111 51 ,376 47,,265 •507 57, 063 57,,570 2 ,289 71,,966 69 ,677 -859 33,,404 34,,263 17 3, 651 6,,611 2,,960 4 ,809 4 ,250 -559 5,,040 - 4 ,619 -9,,659 - 1 ,372 2, 669 4, 041 1,,733 26 • 491 24 ,758 6, 729 7, 694 965 18 19 20 6 7 8 9 10 11 18 19 20 + R e v a l u a t i o n of U.S. official fgn. exchange S net IMF position Change in value - N e t increase in fgn. liab. 21 * Other 22 = Change revaluations in U.S.net Memo: 23 Net foreign 8,,893 5,. 120 -7,,905 " - 1 5 6 ,093 - 1 0 8 ,307 - 1 4 7 , 698 - 1 2 0 ,352 - 2 4 ,,381 assets o u t s t a n d i n g 137,,644 -293:,737 -402,,044 - 5 4 9 , 742 - 6 7 0 ,094 - 6 9 4 , 475 gains. are in m i l l i o n s of d o l l a r s . - 2 4 • 072 117,,834 (1) E x c l u d e s capital Data -6,,289 fgn.assets 15 16 M a r c h 1991 Tangible Asset Holdings Tangible Details of C h a n g e s in S t o c k s of T a n g i b l e Annual 1945 1946 1947 1948 1949 1950 1951 90 47 5 6 30 342 499 778 08 0 526 459 82 46 3 6 25 ,782 P u r c h a s e s of p h y s i c a l a s s e t s Households -779 Farm business ,571 Nonfarm noncorp. business -460 N o n f i n a n c i a l corp. bus. ,567 405 Financial institutions 038 08 3 817 454 418 266 36 • 113 17 8 5 3 069 4 •716 11 • 199 276 39 19 2 4 12 458 ,848 ,305 ,999 • 018 288 45 23 2 5 13 ,663 •139 • 671 695 • 830 328 49 25 2 6 14 - 7 08 C a p i t a l c o n s u m p t i o n ,582 Households • 925 Farm business , 009 Nonfarm noncorp. business N o n f i n a n c i a l corp. bus. .838 354 Financial institutions 7 8 9 10 11 12 961 140 225 275 275 46 25 • 408 2 0 -201 1 •593 • -170 3 • ! 712 72 46 27 3 3 11 ,391 ,913 •004 • : 359 • , 989 126 44 679 2 4 •360 3 ,107 385 16 ,696 131 33 ,074 N e t c a p i t a l f o r m a t i o n Households 21 ,197 64 6 Farm business Nonfarm noncorp. business 451 Nonfinancial corp. bus. 10 ,729 51 Financial institutions 13 14 15 16 17 18 472 508 611 997 069 287 b9 36 6 6 20 7 8 9 10 11 12 23 11 1 5 7 310 412 212 127 344 215 28 13 1 3 8 573 969 500 899 968 237 33 16 1 4 10 13 14 15 16 17 18 23 956 10 5 7 7 1 008 917 11 4 2 1 33 26 8 9 9 16 5 3 9 111 1 098 9 101 50 36 20 4 2 10 19 4 918 9 853 3 018 1 •297 : —2 • ,249 20 21 1 436 14 2 6 1 -943 -917 -11 996 1 031 - 3 278 907 -61 -1 0 Q 8 - 5 760 734 - 5 563 4 864 - 4 184 - 2 275 - 4 912 944 3 .004 454 - 1 •570 170 3 ,067 883 - 8 .438 3 ,848 - 2 ,971 - 3 ,359 - 7 ,673 1 ,717 10 5 9 6 - 3 .108 -385 - 8 ,772 747 26 27 28 29 30 1 135 234 881 20 14 2 9 3 55 14 ,215 23 8 510 -146 8 657 -1 - 3 ,717 -234 - 3 ,494 11 4 ,268 - 3 •019 7 ,270 17 4 ,331 - 1 , 124 5 ,448 7 31 2 . 347 223 042 729 693 312 61 38 3 4 14 ~ - 71 656 2 ,010 1 , 921 43 15 6 6 9 -4 • 404 817 •514 • 380 • 525 • 965 203 32 12 2 6 9 -1 •935 • 846 • 795 ,807 • 000 ,199 288 20:• 5 7 2 7.•262 • 192 5 • 455 7 •723 , 152 172 1 -1 1 1 1 5 2 •6 65 2 0 ,392 1 9 12 .689 292 56 2 0 •572 9 •953 9 • 188 557 894 961 3 ,696 • 2 • 811 - 4 • 963 -583 43 • 404 1 1 609 12 ,865 12 .239 6 ,691 12 13 2 4 44 45 46 47 48 49 13 2 6 0 000 5 073 937 23b 14 1 1 3 1 3 4 •200 • 2 ,037 • - 1 • 799 2.• 0 0 7 1 •, 9 4 3 12 21 ,755 • 010 11 • 9 1 4 ,847 2:,933 51 18 ,005 3 ,837 7 859 • 858 3 ,386 . 65 50 51 52 53 54 -3 126 54 -181 55 56 57 58 5* 60 61 4 9 .837 4 8 ,690 36 .250 1 .277 3 ,127 6 -7b9 1 ,267 52 13 8 1 1 13 -5 3Q 40 41 42 43 690 946 2 9 834 1 1 401 2 509 772 921 337 288 193 33 -1 153 65 -219 8 686 •958 802 • 436 2.• 4 5 4 36 167 74 -241 - 1 • 147 234 881 30 62 63 64 65 66 961 • 172 • 651 •4 1 6 •, 8 8 7 ,856 • -7 -1 170 81 •252 - 12 • 0 0 7 14 • 7 0 8 -677 -451 - 3 , 187 1 ,614 - 1 0 • 394 - 5 .503 - 4 • 919 28 - - 2 ,753 5 6 •690 17 3 2 0 6 :301 12. 2 8 8 14 • 8 2 5 -5 899 57 32 33 34 35 36 37 38 6 65 661 271 514 907 263 49 - 9:5 • 2t>3 ,364 ,447 • .861 - - 1 ,291 189 98 -289 - in m i l l i o n s of dollars. 3 4 5 6 19 20 21 23 24 25 Public sectors State £ local governments U.S. government Sponsored credit agencies Monetary authority 26 27 28 29 30 Unallocated 31 financial flows 6 ,060 R e v a l . of p h y s i c a l a s s e t s 3 ,106 Households -565 Farm business Nonf arm n o n c o r p . b u s i n e s s 1 ,110 N o n f i n a n c i al c o r p . b u s . 3 ,308 1 .000 - I n v e n t o r y v a l u a t i o n a d j . Financial institutions 101 32 33 34 35 36 37 38 • 0 6 0 R e v a l u a t i o n s by type of a s s e t Residential structures • 9o5 P l a n t and e q u i p m e n t • 1 18 ,892 Inventories Consumer durables 869 39 40 41 42 43 8 ,591 C h a n g e in l a n d v a l u e s 739 Households 481 Farm business Nonfarm noncorp. business ,341 Nonfinancial corp. business 2 ,999 Private finan. insts. 31 44 45 46 47 48 49 6 3 5 -3 - 176 87 -262 -1 Net foreign investment (1) Net financial investment: Private sectors Households Farm business Nonfarm noncorp. business N o n f i n a n c i a l corp. bus. Private finan. insts. 195 105 -301 1 6 6 •• 4 8 7 5 2 • 180 33 •4 1 5 1 •• 5 5 0 3- 8 9 9 . 309 12 • 1 •; 0 0 7 72 •9 4 6 64 •4 2 3 41 •• 0 8 7 1 .8 5 8 4 •4 5 4 15- 781 1 ,2 4 3 6 0 •8 0 8 64 ,5 1 0 38 i5 0 8 2 .0 9 2 4 -7 1 6 17- 9 78 1 -2 1 6 81 • 679 7 7 •i 3 8 8 51 ,• 6 0 9 2 •3 3 8 4 • 999 1 6 •• 334 • 108 93 ,751 89 • 395 58 • 095 2 • ! 670 5.•695 . 754 21 • 1 • 181 Memo: Total 8 4 .395 94 ,763 61 ,487 894 6 • 009 380 1 •• 9 9 3 14 , •307 55 14 •2 1 5 34 3 8- 5 2 3 •146 8 657 10 2 -3- 702 234 -3, 494 23 3 c,, •291 •019 -3 • 7.• 2 7 0 31 9 4 • 356 -1 . • 124 5 •4 4 8 24 8 - 1 0 • 368 - 5 !• 5 0 3 -4 • , 919 45 9 A d j . to c a p i t a l c o n s u m p t i o n Households Farm business Nonfarm noncorp. business Nonfinancial corp. business 50 51 52 53 54 gross domestic investment. F l o w of F u n d s b a s i s Private sectors Households Farm business Nonfarm noncorp. business N o n f i n a n c i al c o r p . b u s i n e s s Private finan.institutions 55 56 57 58 59 60 61 Public sectors State £ local governments U.S. government Sponsored credit agencies Monetary authority 62 63 64 65 66 C1 ) L i n e s are 1 • 849 ,761 ,309 358 • 007 414 55 30 1 4 18 - 1 ,162 1952 85 47 5 8 24 266 9&Q 220 044 765 248 - Flows • 521 • 054 • 662 • 546 -911 348 47 21 2 4 18 I 3 4 5 6 Data Holdings ^ ^ Annual Flows 23 24 25 Asset Assets 20 March 1991 T a n g i b l e A s s e t Holdi ngs Tangible Asset Holdings D e t a i l s of C h a n g e s in S t o c k s of T a n g i b l e A s s e t s 56 Annual Flows Annual Flows 1953 1954 1955 8 7 ,600 51 ,646 1 .445 7 ,842 26 .028 639 8 6 166 51 995 2 442 7 ,812 23 ,245 672 108 • 591 63 4 1 8 .351 9 ,526 32 .417 879 110 8 6 4 62 4 4 7 3 ,304 7 ,183 37 ,068 862 110 741 62 -090 2 ,508 9 549 35 683 911 100 .673 59 , 154 4 , 126 8 ,729 27 ,798 866 7 Capital consumption 8 Households 9 Farm b u s i n e s s 10 Nonfarm noncorp. business 1 1 N o n f i n a n c i a l corp. bus. 12 Financial institutions 53 .341 27 ,777 3 ,082 6 ,255 15 ,851 376 57 .591 30 ,763 3 ,192 6 .462 16 ,763 411 60 ,650 32 ,353 3 ,300 6 ,778 17 ,782 437 67 .517 36 ,142 3 ,485 7 ,355 2 0 ,027 508 72 918 38 ,934 3 ,599 7 ,784 ,043 558 76 ,260 40 ,980 3 ,659 7 ,986 25 .052 583 79 ,780 43 ,078 3 ,732 8 24 128 616 8 2 ,586 7 44 ,591 8 3 ,740 9 8 ,469 10 25 , 126 11 660 12 13 Net capital f o r m a t i o n 14 Households 15 Farm b u s i n e s s 16 Nonfarm noncorp. business 17 N o n f i n a n c i a l corp. bus. 18 Financial institutions 34 ,259 23 • 8 6 9 - 1 ,637 1 ,587 10 ,177 263 28 • 575 21 ,232 -750 1 350 6 ,482 261 47 ,941 31 ,065 -949 2 748 14 ,635 442 43 347 26 ,305 -181 -172 17 ,041 354 37 ,823 23 . 156 - 1 ,091 1 ,765 13 640 353 24 .413 18 174 467 743 4 ,746 283 43 ,200 26 ,316 -19 2 • 664 13 .803 436 39 ,059 24 . 768 -192 1 ,617 12 ,493 373 19 Net foreign i n v e s t m e n t CI) Net financial i n v e s t m e n t : Private sectors households Farm b u s i n e s s 23 Nonfarm noncorp. business 24 N o n f i n a n c i a l corp. bus. 25 P r i v a t e finan. insts. - 1 ,728 -260 26 - 1 ,323 4 ,569 8 ,036 10 ,499 1 ,586 - 1 ,587 - 3 ,933 1 ,471 7 751 6 ,141 737 - 1 ,350 -537 2 ,760 - 2 ,172 5 •073 916 - 2 ,748 - 6 ,920 1 ,507 2 ,778 12 ,204 138 172 - 1 1 ,128 1 ,392 7 ,815 14 ,908 1 ,040 - 1 ,765 - 7 ,330 962 - 1 1 ,293 - 3 490 - 7 • 810 7 - 9 ,291 - 3 ,829 - 5 ,466 4 - 697 - 3 ,240 3 ,937 931 - 2 ,977 3 ,916 -8 -3 - 4 ,662 ,528 12 - 1 6 ,594 - 5 508 - 1 1 113 27 1 ,529 1 ,280 1 ,501 -124 -189 32 R e v a l . of physical assets 33 Households 34 Farm b u s i n e s s 35 Nonfarm noncorp. business 36 N o n f i n a n c i a l corp. bus. 37 - Inventory v a l u a t i o n adj. 38 Financial institutions 2 ,052 ! -2:,068 1 ,087 ! 185 1 .845 , .000 -1 1 3 2 ,637 -259 564 788 1 ,245 . -300 -1 2 0 998 2 ,987 , 1 ,211 4 ,253 10 552 - 1 ,750 245 35 • 166 8 ,344 1 -532 , 6 .419 15. 8 0 8 675 388 8 ,614 - 3 888 2, 8 5 8 I ,4 5 9 6 555 - 1 ,525 105 8 ,775 3 • 423 1 ,413 • 1 ,740 • • 1 .886 -250 63 4 ,400 - 1 ,147 252 1 ,056 3,,873 -277 89 - 2 ,977 - 3 ,952 1 ,524 649 - 1 ,429 -173 58 32 33 34 35 36 37 :s 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 Plant and equipment 42 Inventories 43 Consumer d u r a b l e s 2. 052 768 1 •• 917 633 • 266 -1 , 2,,637 4 256 1 •• 952 -695 ~ 2 !876 20- 998 8 151 13, 706 1 •576 - 2 , 435 35, 166 4 ,8 7 8 20 356 4 -151 5, 781 8, 614 1. 2 2 4 8 803 2, 178 - 3 , 591 8 775 • 785 .416 1, 5 1 8 2, 056 4 400 . 1 -ex: 4,•274 -304 -612 - 2 977 905 ,991 734 - 2 625 39 40 41 42 43 44 C h a n g e in land values 45 Households 46 Farm business 47 N o n f a r m noncorp. b u s i n e s s 48 N o n f i n a n c i a l corp. b u s i n e s s 49 P r i v a t e finan. insts. 7, 687 2, 5 4 0 - 1 , 386 2- 4 6 7 3, 987 79 15 •135 3- 4 7 8 3 =225 3i .010 5 -306 116 17, 2 1 0 4: 5 1 4 4 ;5 6 2 3, 345 4, 642 147 28- 293 9, 173 6, 926 4 •616 7, 382 196 21, 704 3, 641 6 •4 7 3 3- 831 7, 559 200 23, 281 3, 8 6 5 8 955 3, 5 0 5 6, 744 212 20, 321 4, 190 6, 546 3, 590 5, 787 208 21 ,622 10 ,114 1 ,311 4 ,895 5 ,097 205 44 45 46 47 48 49 5 0 Adj. to capital c o n s u m p t i o n 51 Households 52 Farm b u s i n e s s 53 Nonfarm noncorp. business 54 N o n f i n a n c i a l corp. b u s i n e s s 198 112 •311 1 -3 200 118 -320 -1 _I 206 125 •331 -1 214 139 •352 -1 -3 218 147 •369 1 -1 1 229 168 •396 236 176 -413 1 50 51 52 53 54 M e m o : Total gross domestic investment? Flow of F u n d s basis 8 4 , 343 P r i v a t e sectors 95, 606 Households 62, 145 Farm b u s i n e s s 3, 031 Nonf arm n o n c o r p . b u s i n e s s 6, 255 Nonfinancial corp.business 095 Private finan.institutions 080 8 4 ,626 93- 8 9 2 58, 136 3, 179 6- 462 708 3, 407 107, 116 106, 388 68 •491 3, 2 6 7 6- 778 25. 4 9 7 2,355 114, 5 7 3 113, 604 74, 651 3, 4 4 2 7- 355 25- 940 2, 2 1 6 115, 4 3 4 118- 5 0 6 76, 998 3, 5 4 8 7- 784 2 8 , 353 1, 8 2 3 101, 2 1 8 117, 776 76, 065 3, 6 2 7 7, 986 27, 0 2 8 3, 0 7 0 119, 4 0 2 126, 4 7 2 79, 937 3, 695 8 , 226 31, 905 2, 709 125, 050 126, 8 3 7 82, 01.2 3- 7U5 8, 46? 29, 184 3, 467 55 56 57 58 59 60 61 - 9 , 266 — 3,8 2 9 - 5 , 466 728 - 3 , 240 3, 937 23 8 969 - 2 , 977 3, 916 14 16 — 3, 072 - 4 , 662 1, 5 2 8 37 25 -16,558 -5,508 - 1 1 , 113 49 14 - 7 , 070 - 4 , 168 - 2 , 938 23 13 - 1 , 787 - 3 , 314 1, 469 43 15 62 63 64 65 66 20 21 26 27 28 29 30 Public s e c t o r s State & local g o v e r n m e n t s U.S. g o v e r n m e n t S p o n s o r e d credit a g e n c i e s Monetary authority 31 Unallocated 55 56 57 58 59 60 61 62 63 64 65 66 financial flows Public s e c t o r s State & local g o v e r n m e n t s U.S. g o v e r n m e n t S p o n s o r e d credit a g e n c i e s Monetary authority (1 ) L i n e s 2 0 • 26 • 31. Data are in m i l l i o n s of d o l l a r s . ~ - - 1 1 -263 - 3 ,490 - 7 ,8 1 0 27 10 7 - 1957 - - 5 ,032 1958 356 17 ,139 16 ,911 499 -743 -770 2 • 240 1959 122 .980 69 ,394 3 .713 10 .890 37 ,931 1 ,052 -1 00 00 1 P u r c h a s e s of p h y s i c a l a s s e t s 2 Households 3 Farm b u s i n e s s 4 Nonfarm noncorp. business 5 N o n f i n a n c i a l corp. bus. 6 Financial institutions 1956 121 ,645 69 ,359 3 ,548 10 ,086 37 ,619 1 ,033 1 2 3 4 5 6 13 14 15 16 17 18 1 ,805 19 3 ,538 10 ,543 -18 - 2 664 - 6 • 026 1 ,703 5 ,241 12 ,653 157 - 1 .617 - 8 ,435 2 ,483 23 24 25 - 7 ,116 - 4 ,168 - 2 ,938 -10 - 1 ,836 - 3 ,314 1 ,469 9 - 26 27 28 29 30 - 157 -380 1960 1 ,700 : - 20 21 - 1 ,600 31 M a r c h 1991 Tangible Asset H o l d i n g s Tangible Asset Holdings D e t a i l s of C h a n g e s in S t o c k s of T a n g i b l e A s s e t s 5 7 Annual Flows Annual Flows 1961 1962 1963 1964 1965 1966 1967 1968 1 2 3 4 5 6 119. 017 66, 145 3 -711 11 .667 36, 5 2 0 974 134, 6 7 0 72, 481 4, 168 13, 274 43, 4 5 3 1, 2 9 4 144, 905 79, 017 4, 637 15, 352 44, 775 1, 144 156, 4 7 3 8 5 , 057 3, 985 15- 926 49, 746 1, 759 179, 6 1 0 92, 321 6, 4 5 8 17, 351 61, 4 4 4 2, 036 197, 135 97, 4 3 6 5, 8 9 7 16, 2 5 4 75, 5 5 7 1, 991 196, 3 1 4 96, 2 6 9 7, 046 17, 243 71, 559 2, 197 218, 006 P u r c h a s e s of p h y s i c a l a s s e t s Households 113, 974 Farm business 6, 351 Nonfarm noncorp. business 18, 6 2 2 Nonfinancial corp. bus* 75, 6 2 9 Financial institutions 3, 4 3 0 1 2 3 4 5 6 7 8 9 10 11 12 85, 200 46, 2 6 4 3, 734 8, 635 25, 8 7 6 691 87- 799 47, 620 3, 762 8 864 26, 8 2 3 730 91, 2 8 0 49, 5 2 2 3- 8 0 7 9, 155 27, 998 798 95, 666 51, 8 8 9 3, 8 9 3 9, 5 6 9 29, 445 870 100, 6 2 8 54, 042 4, 046 10, 101 31,.459 980 107, 4 8 9 56,,961 4, 2 8 8 10, 8 5 0 34, 2 8 4 1, 106 116, 768 61, 773 4, 5 5 2 11, 614 37, 5 6 3 1,,266 127, 999 C a p i t a l c o n s u m p t i o n Households 67, 619 Farm business 4, 8 5 2 Nonfarm noncorp. business 12, 5 8 3 N o n f i n a n c i a l corp. bus. 41 ,.427 Financial institutions 1 ,5 1 8 7 8 9 10 11 12 13 14 15 16 17 18 33 ,817 19,,881 -23 3:,032 10 644 283 46, 871 24, 861 406 4..410 16, 630 564 53, 625 29, 4 9 5 830 6, 177 16, 777 346 60- 8 0 7 33, 168 92 6, 357 20,.301 889 78 982 38, 279 2,.412 7, 2 5 0 29,,985 1,-056 79, 546 36- 496 2, 4 9 4 5, 629 33,.996 931 90,.007 Net c a p i t a l f o r m a t i o n Households 4 6 355 Farm business 1,.499 Nonfarm noncorp. business 6 039 N o n f i n a n c i a l corp. bus. 34,,202 Financial institutions 1,,912 13 14 15 16 17 18 4,,971 3 ,661 2,,375 ,777 ,394 ,366 ,250 ,780 779 10 ,655 35 ,944 ,527 - 5 .404 - 1 8 ,964 606 21 ,251 42,,506 - 2 ,453 - 5 ,629 -14,,257 1 ,084 9 ,314 33 .055 - 1 ,456 - 6 ,039 - 1 7 ,462 1 ,216 - 3 ,124 - 2 ,453 -669 -2 - 5 ,552 - 3 ,836 - 1 ,651 — 65 - 1 8 ,688 - 4 ,908 - 1 3 795 15 - 1 3 ,789 - 4 ,033 - 9 ,651 -105 89,, 646 4 0 475 1 609 5 404 41 ,273 885 1,,051 Net foreign i n v e s t m e n t (1) Net f i n a n c i a l i n v e s t m e n t : Private sectors Households Farm business N o n f a r m noncorp. b u s i n e s s N o n f i n a n c i a l corp. bus. P r i v a t e finan. insts. 19 19 2 ,833 2, 261 4, 053 5 ,917 20 21 12 ,097 17 ,026 -6 - 3 ,032 —4 • .645 2 ,754 11 .473 , 18, 318 -407 -4..410 - 4 .940 2,,912 5,,036 17, 356 -947 - 6 177 - 5 ,858 662 11 ,919 23 .449 -102 - 6 ,357 - 7 ,006 1 ,935 26 27 28 29 30 - 9 ,423 - 3 ,793 - 5 ,670 40 - 7 ,779 - 2 ,,756 - 5 ,052 29 - 4 ,022 - 2 ,565 - 1 ,507 50 - 6 546 - 2 ,860 - 3 ,710 24 31 159 - 1 ,,433 3 ,039 544 1 ,318 - 1 ,442 32 33 34 35 36 37 38 - 1 ,549 - 1 ,596 1 ,027 -461 -419 271 171 96 - 2 ,,888 1 ,884 1 ,091 -232 26 267 - 5 ,974 - 6 ,719 710 -1 853 .1 ,584 54 358 12 ,863 3 ,484 475 3 ,310 4 ,771 -494 329 11 ,915 - 3 ,613 3 ,571 3 ,294 6 ,898 - 1 ,,245 520 4 5 ,466 17 ,797 1 ,660 9 ,806 13 ,286 - 2 ,107 810 36 ,010 14 • 025 1 ,272 5 ,098 13 ,283 - 1 ,554 778 95 ,372 R e v a l . of p h y s i c a l a s s e t s Households 43 ,437 Farm business 4 ,780 Nonfarm noncorp. business 17 ,149 N o n f i n a n c i a l corp. bus. 25 ,136 - 3 651 - I n v e n t o r y v a l u a t i o n adj. Financial institutions 1 ,219 39 40 41 42 43 - 1 ,549 548 -49 -728 - 1 ,320 96 355 2 ,398 459 - 3 ,116 - 5 ,974 - 7 ,506 2 ,976 -56 - 1 ,388 12 ,863 10 ,485 6 ,094 466 - 4 , 182 11 4 11 3 -7 ,915 ,502 ,495 ,760 ,842 45 ,466 24 ,842 19 ,421 1 ,941 -738 36 • 010 13, 199 17,,394 1,,953 3,,464 95 50 34 6 4 ,372 R e v a l u a t i o n s by type of asset Residential structures ,462 P l a n t and e q u i p m e n t ,360 ,470 Inventories Consumer durables ,080 39 40 41 42 43 44 45 46 47 48 49 19 ,383 4 ,111 5 ,723 3 663 5 ,622 264 14 ,649 3 ,816 5 ,184 3 ,514 1 ,916 219 16 ,423 2 ,883 7 ,887 3 ,507 1 ,973 173 21 ,537 5 ,831 8 ,141 4 ,218 3 ,091 256 23 ,328 4 ,823 11 ,065 3 ,968 3 ,251 221 4 0 ,327 2 0 ,096 7 ,985 8 ,443 3 ,654 149 17 5 9 2 24 13 6 4 ,307 C h a n g e in land values Households ,134 Farm business ,139 Nonfarm noncorp. business ,858 N o n f i n a n c i a l corp. b u s i n e s s 1 P r i v a t e finan. insts. 175 44 45 46 47 48 49 50 51 52 53 54 -3 244 183 -430 -1 256 192 -448 -1 -3 270 203 -475 -1 -2 286 212 -499 -1 -2 308 227 -537 -2 337 245 -583 -1 361 265 -629 1 - 4 A d j . to capital c o n s u m p t i o n 393 Households 288 Farm business -684 Nonfarm noncorp. business N o n f i n a n c i a l corp. b u s i n e s s -1 50 51 52 53 54 55 56 57 58 59 60 61 121 ,691 131 ,081 8 3 ,171 3 ,705 8 ,635 31 ,875 3 ,695 138 ,364 146 ,100 90 ,799 3 ,761 8 ,864 38 ,513 4 ,163 145 ,919 149 ,905 96 ,373 3 ,690 9 ,155 38 ,917 1 ,770 161 ,846 168 ,333 108 ,506 3 ,883 9 ,569 42 ,740 3 ,635 ,263 ,316 ,715 ,092 ,101 ,664 ,744 2 0 2 ,238 2 0 7 ,712 133 ,380 4 ,370 10 ,850 56 ,593 2 ,519 198 ,877 2 1 7 .476 140 ,775 4 ,593 11 ,614 57 ,302 3 ,192 •32 63 64 65 66 - 9 ,390 - 3 ,793 - 5 ,670 62 11 - 7 ,736 - 2 .756 - 5 ,052 66 6 - 3 ,986 565 - 1 ,507 80 6 - 6 ,487 - 2 • 860 - 3 ,710 77 6 - 3 ,053 — 2 ,453 669 61 8 - 5 ,474 - 3 ,836 - 1 ,651 4 9 - 1 8 ,599 - 4 ,908 - 1 3 ,795 91 13 23 24 25 " - - - 6 27 -2 -7 -11 - - - 186 186 119 4 10 49 2 - - - -188 ,168 ,435 ,289 ,252 234 -42 5 ,526 26 27 28 29 30 U n a l l o c a t e d f i n a n c i a l flows 31 Public s e c t o r s S t a t e 8 local g o v e r n m e n t s U.S. g o v e r n m e n t S p o n s o r e d credit a g e n c i e s Monetary authority (1) L i n e s 20 • 26 Data are in m i l l i o n s of d o l l a r s . 23 24 25 Public sectors S t a t e 8 local g o v e r n m e n t s U.S. g o v e r n m e n t S p o n s o r e d credit a g e n c i e s Monetary authority M e m o : T o t a l g r o s s domestic i n v e s t m e n t , F l o w of F u n d s basis 213,531 Private sectors 2 2 8 ,513 Households 147 ,029 Farm business 4 ,895 Nonfarm noncorp. business 12 ,583 Nonfinancial corp.business 59 497 Private finan.institutions 4 ,509 - 1 4 ,982 - 4 ,033 - 1 0 ,981 22 10 20 21 32 33 34 35 36 37 38 55 56 57 58 59 60 61 62 63 64 65 66 M a r c h 1991 Tangible Asset Tangible Asset Holdings Holdings Details 58 of C h a n g e s in S t o c k s of T a n g i b l e Assets Annual Annual Flows 1969 1 P u r c h a s e s of p h y s i c a l a s s e t s Households 2 Farm business 3 Honfarm noncorp. business 4 Nonfinancial corp. bus. 5 Financial institutions 6 7 Capital consumption Households 8 Farm business 9 Nonfarm noncorp. business 10 Nonfinancial corp. bus. 11 Financial institutions 12 13 N e t c a p i t a l f o r m a t i o n Households 14 Farm business 15 Nonfarm noncorp. business 16 Nonfinancial corp. bus. 17 Financial institutions 18 19 N e t f o r e i g n i n v e s t m e n t ( 1 ) Net financial investment: Private sectors 20 Households 21 Farm business Nonfarm noncorp. business 23 N onfinancial corp. bus. 24 Private finan. insts. 25 26 27 28 29 30 Public sectors State 8 local governments U.S. government Sponsored credit agencies Monetary authority 31 Unallocated financial flows 1970 169 383 90 201 5 942 16,,426 5 4 ,,701 2 ,113 184,,349 9 7 ,377 6 ,605 17 9 8 9 59 952 2 ,426 2 0 1 ,,554 106 5 6 7 7 ,228 19 9 6 5 65, 0 2 3 2,,771 231 120 8 22 75 3 ,994 ,178 ,529 •070 ,309 ,908 79, 8 8 8 37,,086 1 ,7 5 6 8 ,724 3 0 ,770 1,,552 100 50 3 13 31 2 128 66 2 21 35 2 ,858 ,793 ,671 •150 ,452 »792 161,,953 7 6 ,829 6 854 22' 5 2 7 5 2 ,351 3 ,392 1 3 3 ,283 5 9 ,568 2. 9 0 3 10 ,254 5 6 ,435 4 ,123 8 6 ,132 5 6 ,770 7 ,115 -498 17 ,224 5 ,521 - 6 ,964 4 ,485 - 7 ,498 2 4 ,031 ,012 ,208 •681 ,254 ,254 ,007 90 ,620 101, 7 4 5 - 6 568 498 10 ,387 - 1 5 ,442 6 0 ,018 77 ,723 - 2 .355 1 • 164 - 1 7 ,062 548 20 21 22 23 24 25 - 5 9 ,,569 -432 - 5 9 ,269 132 26 27 28 29 30 97 46 1 9 39 1 - 1 ,121 2:,978 7 51 -2 -21 -16 -4 ,355 ,946 ,499 ,150 ,930 ,012 987 8 0 ,,016 - 6 ,,255 - 2 2 ,,527 - 5 0 616 369 - 1 ,257 - 7 ,308 6 ,247 -196 - 2 2 ,,104 - 8 923 - 1 2 954 -227 - 3 2 ,072 - 8 678 - 2 3 ,469 75 - 1 7 ,030 1 ,815 - 1 8 ,961 116 - 2 ,,015 5,,155 - 7 ,,009 -161 - 1 2 ,651 - 3 .042 - 9 ,544 -65 - 7 9 ,910 - 5 ,327 - 7 4 ,610 27 2 ,711 5,,513 141 13 ,321 - - 6 ,136 9,,229 ,284 ,099 ,672 ,626 ,633 254 18 ,865 7 459 4 ,584 4 ,058 2,,632 132 -1 444 320 -765 - Memo: Total gross domestic inves tment. F l o w of F u n d s b a s i s 2 2 2 ,187 Private sectors 2:3 • 319 Households 149 ,131 Farm business L> ,312 Nonfarm noncorp. business 13 8 3 1 Nonfinancial corp.business 65 5 9 4 Private finan.institutions -549 of dollars. 788 ,106 ,789 ,107 ,338 ,448 16 ,628 48 954 - 3 .,184 - 1 3 ,743 - 1 6 • 062 663 24 12 2 5 3 » 31. - 1 0 ,498 268 137 9 26 91 4 15,,853 52,,501 - 1 ,748 - 8 ,724 - 2 0 ,300 .876 -5 • 4 4 C h a n g e in l a n d v a l u e s Households 45 Farm business 46 Nonfarm noncorp. business 47 Nonfinancial corp. business 48 Private finan. insts. 49 + 26 ,687 ,672 199 ,743 ,008 ,065 ,333 ,828 ,308 ,677 995 ,525 ,000 ,628 ,468 ,070 ,110 ,980 -6 27 -1 -9 -19 -3 ,387 246 ,546 797 ,798 20 1 154,,577 82, 319 5,,631 14 971 49 798 1 ,858 77 20 43 4 8 in m i l l i o n s 4 3 9 , 142 237, 517 13,• 5 7 0 27, 3 5 0 151, 3 9 7 9,• 3 0 8 141,,450 7 5 ,325 5 251 13 8 3 1 4 5 ,351 1 ,6 9 2 ,792 871 ,761 ,870 ,290 are 354 9 2 0 193, 8 7 6 16,•904 2 5 • 609 108,•562 9 ,969 364 616 1 8 0 ,396 11 .211 3 2 931 132,,430 7 ,648 91 41 35 10 3 (1) Lines 1976 363, 5 0 7 183,• 3 9 6 14-• 0 8 2 4 2 •492 117,,374 6 ,163 39 R e v a l u a t i o n s b y t y p e of a s s e t Residential structures 40 Plant and equipment 41 Inventories 42 Consumer durables 43 Data 1975 313,,207 164 , .170 9,,276 39,,139 9 5 ,404 5 ,218 77 ,387 27,,030 2 , 123 11,,310 2 8 ,982 - 6 ,552 1, 3 9 0 Public sectors State & local governments U.S. government Sponsored credit agencies Monetary authority 1974 270-• 0 7 0 140 8 7 3 9,• 141 30,• 169 8 5 • 709 4 ,178 ,792 ,179 ,579 ,473 ,689 ,870 ,(T2 62 63 64 65 66 1973 2 3 4 •4 6 5 119,.405 7, 3 8 7 23, 695 80, 568 3,,410 91 36 6 15 26 -5 1 55 56 57 58 59 60 61 1972 239- 4 4 4 121 • 5 0 3 6,• 7 8 0 .901 84, 660 3,,600 3 2 R e v a l . of p h y s i c a l a s s e t s Households 33 Farm business 34 Nonfarm noncorp. business 35 Nonfinancial corp. bus. 36 37 - Inventory v a l u a t i o n adj. Financial institutions 38 5 0 A d j . to c a p i t a l c o n s u m p t i o n Households 51 Farm business 52 Nonfarm noncorp . business 53 Nonfinancial corp. business 54 1971 Flows - 1 ,132 - 7 ,308 6 ,203 -41 14 5 60 -2 -10 -37 -5 2 9 7 • 791 7 8 151.'657 9 10,•771 28,,514 10 101 .605 11 5 2 4 4 12 141 85 2 -1 49 4 ,351 • 860 • 799 • 164 ,792 ,064 14 ,752 ~ 4 ,946 3 4 5 6 13 14 15 16 17 18 19 14 ,303 31 32 33 34 35 36 37 38 111 ,737 4 3 ,790 7 ,404 19 6 8 2 34 5 7 3 —4 ! ,584 1 ,704 , 116 47 13 17 29 -6 1 ,625 ,731 ,693 ,880 ,383 ,610 ,328 2 2 0 ,,722 8 6 ,209 24 697 3 0 ,604 56, 797 - 2 0 ,,022 2,,393 428 145 14 53 169 -39 6 ,321 ,218 ,828 • 028 ,347 ,457 ,443 220 78 5 29 93 -10 2 , 592 ,199 ,662 771 ,294 ,952 ,714 2 5 7 ,879 1 1 0 ,877 7 ,692 46 • 907 73 •168 - 1 4 ,911 4 ,324 111 55 50 9 -4 737 ,594 ,869 ,725 ,451 116 61 41 17 -3 ,625 ,194 ,958 ,312 ,839 2 2 0 ,,722 100,,258 68 420 4 7 ,436 4,,608 428 120 209 55 43 ,321 ,037 ,249 ,255 ,780 220 75 110 11 23 ,592 ,539 ,775 ,139 ,139 257 127 98 18 14 879 ,230 .068 ,436 ,145 39 40 41 42 43 38 16 11 6 2 ,601 ,594 ,904 ,912 ,951 240 71 19 23 18 8 • 002 ,694 ,859 ,766 ,325 358 128,,885 35,,934 54,,433 2 5 ,841 12 ,343 334 111 31 29 26 22 ,270 ,762 ,805 ,233 ,785 685 94 18 46 23 5 ,900 ,866 ,326 ,638 ,901 169 176 57 71 33 13 • 655 ,437 • 001 ,957 ,729 531 44 45 46 47 48 49 -1 368 549 -918 -1 423 672 - 1 ,093 -3 - - • 626 , 182 ,827 ,957 ,426 ,364 ,608 254 287 189 5 16 70 4 - 2 2 ,,243 - 8 ,923 - 1 3 ,283 -58 21 - 3 2 ,556 - 8 ,678 - 2 4 ,186 270 38 50 51 52 53 54 ,591 ,490 ,240 ,215 .514 ,308 ,213 55 56 57 58 59 60 61 - 6 2 ,899 -432 - 6 3 ,242 710 65 62 63 64 65 66 -3 618 467 - 1 ,,087 -1 ,532 ,267 ,116 ,777 ,989 ,386 999 362,• 4 7 9 367,,294 2 6 3 ,412 7 ,827 19 ,965 6 9 ,926 6 ,164 356 375 240 8 22 101 2 ,977 589 ,604 ,530 ,677 ,666 ,112 3 6 5 ,630 4 4 6 ,284 2 9 5 ,621 10 ,336 2 6 ,107 120 .272 - 6 ,,052 439 502 315 11 28 138 9 - 1 7 ,735 1 ,815 - 1 9 ,873 293 30 — 4 ,,815 5 , 155 - 1 0 ,177 165 42 - 1 8 ,612 - 3 ,042 - 1 6 ,034 409 55 - 8 0 ,654 - 5 ,327 - 7 5 ,933 535 71 - 2 2 8 ,214 2 5 0 ,457 171,,906 5,,639 14,,971 6 0 •597 - 2 ,656 -3 473 768 - 1 ,243 -1 548 421 -967 -2 -2 505 373 -880 469 349 -817 -1 303 321 216 6 17 79 - M a r c h 1991 Tangible Asset Holdings Tangible Asset Details of C h a n g e s in S t o c k s of Holdings Tangible Assets 59 Annual Annual Flows 1977 1978 1979 1980 1981 1982 1985 699 925 354 • 980 15,,805 6 5 •212 248 • 519 17 • 6 0 9 791 • 4 0 0 456 525 4 • 146 68 4 5 4 2 6 2 • 761 19,,514 Flows 1984 1 0 0 0 • 4 0 0 P u r c h a s e s of p h y s i c a l a s s e t s Households 5 0 6 ,, 184 Farm business 20,,102 Nonfarm noncorp. business 8 1 ,674 Nonfinancial corp. bus. 361 776 Financial institutions 30 , 664 j 2 3 4 5 6 528 552 284 225 19, 0 8 8 39, 2 8 2 176, 8 0 1 9 ,156 622- 4 2 3 327 • 703 2 0 •8 7 0 47 366 215 688 10,,796 673 356 26 44 254 12 •799 • 068 • 255 ,312 ,194 ,990 656, 2 5 0 342,• 6 9 4 14 158 46 • 594 2 3 8 ,680 14 • 1 4 4 755,• 5 8 7 562 050 2 4 • 116 71 •518 2 8 1 ,455 16 ,250 7 8 9 10 11 12 332, 169, 12 311136 704 015 099 945 615 030 376 190 13 36 129 6 700 344 557 564 499 ,736 450 215 15 42 149 7 ,714 ,204 545 935 ,257 ,975 491 243 17 49 170 9 ,,212 • 658 ,591 •850 ,927 • 206 550 264 19 57 198 10 ,552 565 ,565 ,559 • 403 ,864 598 280 20 65 220 12 ,555 ,915 • 455 767 •973 .445 622 295 22 64 227 15 • 974 • 297 400 •181 745 • 351 652 509 22 67 238 14 188 C a p i t a l c o n s u m p t i o n Households 594 Farm business ,500 Nonfarm noncorp. business 585 Nonfinancial corp. bus. ,053 Financial institutions 858 7 8 9 10 11 12 13 14 15 16 17 18 195 115 6 7 63 3 ,848 • 210 989 • 337 . 186 • 126 245 137 7 10 86 4 ,723 •359 ,513 802 , 189 ,060 245 140 10 1 84 5 ,085 864 892 • 377 • 937 ,015 165 • 058 9 9 ,056 - 5 • 455 - 3 ,•256 67, 7 5 5 4 958 205 97 4 14 85 5 • 055 ,687 •753 •159 .050 ,586 101 74 -6 1 27 5 ,572 ,067 ,650 ,445 ,546 ,164 168 141 -18 4 55 6 • 426 •228 •254 •275 • 016 ,165 548 196 -2 14 125 15 ,212 N e t c a p i t a l f o r m a t i o n Households 790 Farm business 598 Nonfarm noncorp. business ,291 Nonfinancial corp. bus. ,725 Financial institutions 806 15 14 15 16 17 18 19 - 1 6 ,536 - 2 8 • 549 -71 19 20 21 30 74 -6 -7 -31 •250 ,934 ,147 • 445 • 866 ,520 174 • 6 8 0 180 • 346 18 8 5 2 - 4 •273 -9. 666 - 1 0 •559 96 184 5 -14 -50 -26 698 Net foreign investment (1) Net financial investment: Private sectors ,446 Households ,297 Farm business ,066 Nonfarm noncorp. business • 291 N o n f i n a n c i al c o r p . b u s . • 264 Private finan. insts. ,562 : 20 21 22 25 24 25 - 1 5 7 ,843 - 4 • 755 - 1 5 5 ,598 510 - 1 8 7 • 799 5,• 961 - 1 9 2 • 627 867 Public sectors State S local governments U.S. government Sponsored credit agencies Monetary authority 26 27 28 29 50 Unallocated 51 I 2 3 4 5 6 23 24 25 ,362 756 ,698 ,337 ,030 671 - 2 .,470 37 60 -6 -10 -22 15 2 5 ,896 ,041 499 ,411 •802 ,025 ,778 - 3 4 ,475 5 ,527 - 3 9 ,728 -72 51 ,254 2 7 ,594 .201 • 880 ,550 • 159 • 658 ,532 ,099 475 •977 ,377 ,651 ,547 105 • 121 1 0 2 •751 3.•920 5,,256 - 2 2 • 655 14 8 4 9 72 148 -4 -14 -59 -18 - 1 7 ,587 6 ,949 - 2 4 ,198 -158 — 66,• 0 1 5 - 2 ,• 2 9 6 - 6 5 ,• 5 5 9 -578 - 8 7 • 703 - 9 • 266 - 7 7 ,871 -566 - 2 7 ,816 -5 874 71 62 -9 -1 5 16 5 0 •837 167 185 7 -1 -11 -10 26 27 28 29 30 - 4 3 ,728 12 , 1 5 9 - 5 6 ,044 157 31 - 3 ,,170 32 33 34 35 36 37 38 358 • 044 164 ,050 10,,969 6 5 ,559 95 ,994 - 1 6 ,637 4 ,835 545 220 33 96 166 -25 3 ,656 • 464 • 290 ,815 ,051 ,298 ,720 520 184 18 122 147 -45 4 • 058 • 774 • 054 ,085 ,405 ,175 ,589 • 611 ,• 4-57 188 • 9 5 0 51 ,,021 152 • 055 2 0 8 • 581 - 4 5 ,•129 7,• 9 4 5 540 162 11 120 214 -24 8 ,896 ,094 ,555 • 074 • 529 • 189 ,457 64 -67 5 36 76 -10 3 ,954 • 582 • 441 ,509 ,585 •350 ,851 255 • 469 115 •532 22 • 8 2 0 5 2 ,292 55:,200 - 1 0 • 900 725 1 7 7 • 2 4 8 R e v a l . of p h y s i c a l a s s e t s Households 2 8 •590 Farm business 4 • 548 Nonfarm noncorp. business 66 9 6 6 Nonfinancial corp. bus. 69 • 881 - 5 ,800 - I n v e n t o r y v a l u a t i o n a d j . Financial institutions 1 ,465 39 40 41 42 43 358 190 127 21 19 ,044 ,263 ,213 ,130 ,438 545 235 220 53 36 ,656 ,076 • 457 •921 ,182 520 255 160 73 50 058 • 121 • 475 • 626 858 611 4 5 7 216, 408 2 5 9 ,,467 72,,804 62,,758 540 896 2 0 7 ,002 2 6 9 ,,087 25,,668 59,• 1 5 9 64 -57 107 7 7 • 954 • 646 •611 ,021 ,968 255 151 56 22 469 • 917 254 ,806 - ,492 177 105 88 5 -19 • 2 4 8 R e v a l u a t i o n s by t y p e of a s s e t Residential structures . 184 P l a n t and e q u i p m e n t 505 Inventories ,276 Consumer durables -717 59 40 41 42 43 44 45 46 47 48 49 207 82 45 57 22 ,644 ,172 ,536 -013 ,601 322 293 105 80 73 34 821 ,596 ,816 ,228 ,297 -116 529,,585 103,,709 1C1 6 8 7 91 ,• 9 4 7 32,,018 24 505, 028 82, 159 68, 5 8 9 102, 8 7 7 50, 705 700 2 7 9 ,,874 124,• 3 5 0 - 1 0 • 358 115,• 156 5 1 ,8 7 1 875 53 5 -59 55 30 • 575 ,151 • 077 •942 •993 364 189 • 5 0 9 92 • 2 0 9 3.,193 69 • 190 2 4 •445 472 72 55 -99 75 58 1 ,595 C h a n g e in l a n d v a l u e s Households 905 Farm business ,009 Nonfarm noncorp. business 592 Nonfinancial corp. business ,978 Private finan. insts. 129 44 45 46 47 48 49 11 A d j . to c a p i t a l c o n s u m p t i o n Households 1 242 Farm business 100 Nonfarm noncorp. business - 1 ,521 N o n f i n a n c i al c o r p . b u s i n e s s -10 50 51 52 53 54 - 50 51 52 53 54 " - 5 ,058 -1 548 891 - 1 ,440 -1 644 1 ,027 - 1 ,675 1 - 55 56 57 58 59 60 61 515 560 358 12 31 148 9 , 186 -725 • 981 ,390 ,945 ,241 ,168 62 63 64 65 66 - 4 5 ,539 12 ,159 - 5 8 ,514 759 57 - 624 660 388 14 36 195 25 ,991 ,742 ,202 ,459 ,564 ,658 ,879 - 3 5 ,751 5 ,527 - 4 1 ,701 587 56 -2 775 1,,195 - 1 ,967 -1 727 748 418 16 42 242 28 ,511 • 780 •545 258 ,955 570 ,474 - 2 1 ,269 6 ,949 - 2 8 ,945 675 50 " - 4 2 ,896 21 • 4 5 0 13 1,•115 1,,680 - 2 .,782 2 - 1 8 5 ,557 7 ,509 - 1 9 5 • 061 195 " - 1 5 •230 27 1 •, 1 6 0 106 - 1 ,259 20 - 17 •413 -1 909 ,599 - 2 ,• 5 0 8 -1 -2 1,,030 1 •, 5 7 0 - 2 ,• 6 0 5 1 695 • 558 763,• 5 8 7 4 4 6 •425 18 • 0 5 8 4 9 •850 221 • 042 28,•012 759 • 8 8 5 8 5 1 • 155 510 • 950 19,• 5 8 6 57 • 359 246 642 - 5 ,,564 709 • 332 873 469 5 5 8 •914 20,•952 65 • 7 6 7 2 4 4 •• 2 4 4 5,,592 7 7 8 ,281 9 7 2 ,365 6 1 6 •871 22,• 9 7 8 6 4 • 181 260 • 880 7 • 455 Memo: Total 911 2 8 9 1 1 0 5 • 154 690 481 2 3 ,168 67 585 5 1 9 ,414 2:,708 - 7 0 , 029 - 2 ,,296 -68 , • 556 515 90 - 9 1 ,2 6 8 - 9 ,• 2 6 6 - 8 2 ,,718 620 96 - 1 6 4 ,• 157 - 4 • 755 - 1 6 1 • 189 1 •, 681 126 - 1 9 4 ,• 0 8 2 • 961 - 2 0 0 .• 4 1 2 2,,278 91 -191 , • 865 7,• 5 0 9 - 2 0 0 ,•965 1• , 650 139 are in m i l l i o n s of dollars. flows 32 35 34 55 36 57 58 gross domestic investment, F l o w of F u n d s b a s i s Private sectors Households Farm business Nonfarm noncorp. business Nonfinancial corp.business Private finan.institutions 55 56 57 58 59 60 61 Public sectors State £ local governments U.S. government Sponsored credit agencies Monetary authority 62 65 64 65 66 C1 ) L i n e s Data financial 20 + 26 + 31 . M a r c h 1991 T a n g i b l e Asset H o l d i n g s Tangible Asset Holdings D e t a i l s of C h a n g e s in S t o c k s of T a n g i b l e A s s e t s Annual F l o w s Annual Flows 1985 1 P u r c h a s e s of p h y s i c a l assets Households 2 Farm business 3 Nonfarm noncorp. business 4 N o n f i n a n c i a l corp. bus. 5 6 Financial institutions 1986 1987 1204, 550 700,,791 4 059 70 8 5 9 375 028 53, 8 1 3 1989 1222, 8 5 3 723-• 025 9, 367 59, 4 1 0 362,,815 68, 236 1 2 3 4 5 6 1065 603 7 88 323 42 325 777 658 074 207 609 7 Capital c o n s u m p t i o n Households 8 Farm business 9 Nonf arm n o n c o r p . business 10 N o n f i n a n c i a l corp. bus. 11 Financial institutions 12 691 797 332 303 000 70 502 250 497 16,495 740 361 21 73 265 19 668 699 200 411 290 068 792,• 300 390.• 118 20-• 500 79,• 988 279,• 602 22,.092 8 3 7 • 998 412.• 092 20,• 536 8 4 ,• 696 295,•269 25 • 405 8 9 5 ,,118 432,•761 20,• 674 96,• 702 315,• 433 29, 5 4 8 930- 634 450, 735 21 ,981 9b •649 328,•130 33, 139 7 8 9 10 11 12 13 Net capital formation Households 14 Farm business 15 Nonfarm noncorp. business lb N o n f i n a n c i a l corp. bus. 17 Financial institutions 18 323 216 -14 13 86 21 528 582 639 739 329 517 324 242 -13 14 57 657 078 542 663 917 541 330,525 255,• 541 - 1 3 .• 277 - 8 ,024 71 536 24,,749 366,•552 288,,699 - 1 6 .477 -13 • 837 79 , ,759 28 ,408 350,• 708 299,128 -11 , • 342 - 3 2 ,,924 64 ,403 31,,443 2 9 2 ,• 219 272,.290 - 1 2 , 614 -37 = ,239 34, 685 35, 097 13 14 15 16 17 18 - 8 6 944 - 4 3 , 690 19 133,,886 143.,885 13,, 189 32,•924 -26 , •461 - 2 9 ,,651 251 ,678 230, 320 14, 790 37,• 239 10, 041 - 4 0 ! 712 20 21 19 Net foreign i n v e s t m e n t (1) Net financial i n v e s t m e n t : Private sectors Households Farm business Nonf arm noncorp. b u s i n e s s N o n f i n a n c i a l corp. bus. P r i v a t e finan. insts. -104 197 78 126 15 -13 -19 -29 914 722 496 739 969 596 26 27 28 29 30 Public sectors State o local g o v e r n m e n t s U.S. g o v e r n m e n t Soonsored credit a g e n c i e s Monetary authority -202 14 -214 -2 838 356 ,779 ,415 , 31 Unallocated 20 21 22 23 24 25 financial flows - 1 3 2 594 116 162 14 -14 -29 -16 - 2 3 5 456 7 964 - 2 4 2 ,,287 - 1 .,133 - 19,,727 633 821 181 663 064 642 - 1 5 7 ,,959 78,,415 8 9 • 924 14 ,206 8 • 024 - 8 767 - 2 4 ,,972 - 1 7 8 ,,772 - 7 , 776 - 1 7 0 ,,668 -328 - 1 3 6 ,569 98 ,776 153 ,284 17 ,849 13.• 8 3 7 .456 - 4 5 ,738 - 2 1 0 • 463 - 1 8 ,,591 - 1 9 1 ,745 -127 - 1245,• 8 2 6 731 ,• 8 8 9 9,,332 63, 778 379, 8 3 6 60,• 991 1990 325 885 361 241 826 012 1015 548 7 84 336 38 1122,,825 645,,659 7,,223 71,.964 351, 138 46, 841 1988 - 2 1 6 ,,193 -21 , •135 -193 , ,045 - 2 ,,013 - - 1 3 ,,771 - 5 7 ,602 - 2 4 ,,882 - 2 5 6 , 243 -37,848 -215,885 - 2 ,,510 - 23 24 25 26 27 28 29 30 - 4 ,637 - 3 9 ,. 125 31 32 Reval. of physical assets Households 33 34 Farm business 35 N o n f a r m noncorp . b u s i n e s s 36 N o n f i n a n c i a l corp. bus. 37 - Inventory valuation adj. 38 Financial institutions 114 .471 ,159 32 • -1 , • 546 57,•502 30,,128 -1,,675 - 5 ,,447 183,,130 73,,622 3, 632 33,,641 74,• 780 6 ,750 4 ,205 424 170 12 110 111 -19 ,792 • 016 ,900 ,729 • , 988 ,425 -266 270 40 16 55 123 -26 6 9 222 ,810 ,214 719 • 796 ,975 ,708 408,.091 115,,303 23,.158 113 • 642 126 ,408 - 2 1 •674 7,,901 65- 586 - 7 6 ,• 693 8, 31,• 766 94,• 206 -13- 623 - 5 , 645 32 33 34 35 36 37 38 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 Plant and equipment Inventories 42 43 Consumer durables 114 82 39 -5 -1 •471 ,290 ,260 ,949 ,130 183,• 130 8 6 952 102,,788 - 1 7 ,, 124 10,,514 424 244 133 37 8 • 792 ,962 ,591 ,344 ,895 270 66 139 51 12 ,222 • 824 ,204 ,385 ,809 4 0 8 ,091 206, 619 171 ,768 26,,040 3,,664 65, 586 - 3 7 , 544 98,• 175 16,. 129 - 1 1 ,,174 39 40 41 42 43 44 C h a n g e in land values Households 45 46 Farm business N o n f a r m noncorp. b u s i n e s s 47 N o n f i n a n c i a l corp. b u s i n e s s 48 49 P r i v a t e finan . insts. 8 2 ,522 50 ,237 - 7 7 ,898 78 ,209 30 ,740 1 ,234 2 1 5 , 188 122 ,150 - 3 5 ,033 94 ,618 31 ,928 1 ,525 2 3 0 ,186 119 ,912 6 ,521 75 177 26,609 1 ,967 181 ,091 71 ,096 39 • 8 7 7 44 ,604 23 ,805 1 ,709 213 413 105 ,877 2 0 •573 5 8 ,489 26 ,228 2:,246 - 1 1 3 ,,204 - 1 4 2 ,• 780 39,,981 - 2 6 ,• 183 ,099 14 , 1 ,679 , 44 45 46 47 48 49 50 Adj. to capital c o n s u m p t i o n Households 51 52 Farm business N o n f a r m noncorp . b u s i n e s s 53 N o n f i n a n c i a l corp. b u s i n e s s 54 4 ,833 6 ,100 149 - 1 ,389 -27 9 ,369 ,430 -23 - 1 2 ,803 -235 20,• 214 34,• 112 • 623 -1 , - 1 1 ,•233 -1 , ,042 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Memo: Total gross domestic inve stment, Flow of Funds basis 891 ,401 Private sectors 1096 ,610 Households 675 ,607 Farm business ,857 Nonfarm noncorp . b u s i n e s s 70 • 502 Nonfinancial corp.business 321 ,233 Private finan.institutions 6,411 Public sectors State £ local g o v e r n m e n t s U.S. government S p o n s o r e d credit agencies M o n e t a r y authority (1) L i n e s 20 + 26 + 51. Data are in m i l l i o n s of d o l l a r s . - 2 0 5 ,209 14 ,356 - 2 1 9 . 155 -498 88 -528 468 446 - 1 ,367 -75 - 2 ,732 965 588 — 4 ,191 -94 4 ,741 10 5 2 7 -108 - 5 ,538 -140 • 502 ,118 598 ,839 ,411 ,337 ,933 1022 ,4 68 1202 ,202 735 ,583 21 ,429 79 ,988 345 ,307 19 ,895 1092 ,863 1304 .225 8 5 4 ,075 21 ,908 8 4 -696 337 ,879 5 ,667 1163 •519 1378 • 778 8 7 5 .774 ,521 96 ,702 355 ,773 28 ,008 1218,288 1473 • 960 953 ,345 24,,157 96 ,649 376 ,339 23.,470 55 56 57 58 59 60 61 - 1 7 9 ,734 - 7 ,776 - 1 7 3 ,604 1 ,510 136 -211 .362 - 1 8 ,591 - 1 9 5 •052 ,065 216 - 2 1 5 ,259 - 2 1 ,135 - 1 9 5 443 1 ,131 188 - 2 5 5 ,672 - 3 7 ,848 - 2 1 9 .368 1 ,375 169 62 63 64 65 66 946 1187 766 21 73 301 23 - 2 4 0 .616 7 ,964 - 2 4 9 ,481 754 147 March,1991 Households Households Factors Accounting 61 for C h a n g e in Net Worth Annual Flows 1945 Annual Flows 1946 1947 Households- 1948 1949 1950 1951 1952 P e r s o n a l T r u s t s , and N o n p r o f i t O r g a n i z a t i o n s G r o s s i n v e s t m e n t of household s e c t o r , from F l o w of F u n d s A c c o u n t s 1 36 ,250 33 ,415 41 ,087 38 ,508 51 ,609 58 ,095 61 ,487 2 3 4 5 21 ,989 14 ,261 18 • 416 4 , 155 30 2 11 8 -508 -907 -070 ,163 36 ,223 4 .864 12 ,903 8 ,039 38 ,054 454 8 ,996 8 -542 4 7 ,761 3 ,848 16 ,949 13 ,101 47 499 10 596 19 484 8 ,888 46 779 14 -708 27 ,096 12 ,388 6 11 ,412 13 ,969 16 ,083 17 ,853 19 ,848 23 ,139 25 ,582 - C a p i t a l consump. a l l o w . , N I P A 6 7 Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 7 24 ,838 19 ,446 25 ,004 20 ,655 31 ,761 34 ,956 = Net i n v e s t m e n t flow. 35 ,905 B a l a n c e Sheet basis 8 9 10 126 11 ,558 11 ,412 153 14 , 122 13 • 969 167 16 • 2 5 0 16 ,083 170 18 ,023 17 ,853 176 2 0 • 024 19 ,848 189 23 ,328 23 ,139 195 25 777 25 ,582 11 12 13 14 13 ,661 24 ,112 11 ,538 21 ,989 17 ,320 33 .706 14 ,122 30 ,508 7 27 16 36 ,262 ,235 ,250 • 223 1 ,172 21 ,203 18 ,023 38 ,054 15.,817 43 ,554 •20 ,024 47 ,761 12 37 23 47 3 24 25 46 15 16 17 18 13 ,661 11 ,688 1 ,681 292 17 ,320 13 ,135 1 ,676 2 ,509 7 ,262 5 ,948 420 894 1 ,172 1 ,935 -180 -583 15 ,817 8 ,341 785 6 ,691 12 ,846 7 ,055 930 4 ,861 19 3 ,000 3 ,921 2 ,958 2 , 037 4,,010 3 ,837 20 21 22 - 9 ,315 - 8 , 143 1,,172 - 3 ,250 - 2 ,138 1 ,112 - 2 ,,089 ,113 976 8 ,614 9 ,309 695 23,,541 24, 2 1 8 677 23 24 25 5- 062 5 !062 5,,403 5,.403 5, 2 9 9 5 !299 5, 576 5, 576 6, 148 6, 148 6, 294 6, 294 26 27 28 26, 8 3 9 28, 908 2,• 069 23,,295 24,• 141 846 6, 602 11, 091 4, 489 237 750 513 27, 4 8 0 31, 309 3, 8 2 9 20, 273 21, 5 5 8 1, 2 8 5 -I • 846 >017 ,328 499 20 804 22,• 630 1,,826 29 -1 1 30 581 8 9 6 60, 5 8 0 39, 570 32, 5 4 5 103, 170 92, 5 2 7 31 32 721, 8 6 8 158, 915 782, 4 4 8 168, 779 8 2 2 , 018 188, 150 854, 563 187, 941 957, 733 2 0 7 , 475 1050, 2 6 0 227, 593 D a t a are in m i l l i o n s of d o l l a r s . - - 737 - D e p r e c i a t i o n valuation adj. 8 D e p r e c i a t i o n charges 9 - C a p . consump. a l l o w . , NIPA 10 ,106 + R e v a l . of physical assets C h a n g e in value ,108 ,777 D e p r e c i a t i o n charges ,779 - G r o s s p u r c h a s e s , FOF basis 3 • 106 2 -021 216 869 2,,739 1 2 3 4 5 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment C o n s u m e r durables + C h a n g e in the value of land h o l d i n g s 11 12 13 14 15 16 17 18 19 12, 683 + R e v a l . of corporate equities 2 0 C h a n g e in value 14, 136 21 -Net purchases 1,.453 22 7 7, 663 7, 656 • R e v a l . of life insurance 8 p e n s i o n fund reserves C h a n g e in value -Net acquisitions 3, 434 + R e v a l . of n o n c o r p . equity C h a n g e in value 2, 905 •529 -Niet inv. in noncorp. bus. - 2 4 • Other revaluations 5 7 , 655 = C h a n g e in net worth Memo: 1107, 915 Net w o r t h o u t s t a n d i n g 2 3 9 , 795 D i s p o s a b l e personal income 23 24 25 26 27 28 29 30 31 32 M a r c h 1991 Households Households 62 Factors Accounting for Change in N e t Worth Annual Flows Annual Flows 1954 1955 Households• G r o s s i n v e s t m e n t of household sector- from F l o w of F u n d s A c c o u n t s 1 Personal 1956 Trusts, 1957 and Nonprofit 1958 Organizations 62,145 58-136 6 8 ,491 74 ,651 76 ,998 76 , 0 6 5 79,937 82,012 51,646 10-499 23,671 13,172 51,995 6,141 18,335 12,194 63 5 25 20 62 12 28 16 62 14 27 12 59 16 29 12 ,154 ,911 ,797 ,886 69,394 10,543 33,239 22,696 69,359 12,653 30,289 17,636 27,777 30,763 3 2 ,353 36 , 1 4 2 3 8 ,934 4 0 ,980 43,078 44,591 34,368 27,373 36 ,138 38 ,509 38 , 0 6 4 35 ,085 36,859 8 - Depreciation valuation adj. 9 Depreciation charges 10 -Cap. consump. allow., NIPA 198 27,975 27,777 200 30,963 30,763 206 3 2 ,559 32 ,353 214 36 ,356 36 , 1 4 2 218 39 , 1 5 2 3 8 ,934 222 41 , 2 0 2 4 0 ,980 229 43,307 43,078 236 44-827 44,591 11 + R e v a l . of p h y s i c a l a s s e t s 12 C h a n g e in v a l u e 13 Depreciation charges 14 - G r o s s purchases, FOF basis -2,068 21,603 27,975 51,646 -259 20-773 30,963 51,995 2 33 32 63 8 34 36 62 ,344 -435 ,356 ,447 - 3 •888 19 ,050 3 9 ,152 62,,090 3 ,423 21 > 375 41 ,,202 5 9 ,,154 - 1 ,147 24,940 43,307 69,394 - 3 , 9 5 2 11 2 0 , 5 8 0 12 4 4 , 8 2 7 13 6 9 , 3 5 9 14 15 16 17 18 -2,068 -632 -170 -1,266 -259 2,651 -34 -2,876 2 , 987 4 ,501 921 - 2 ,>435 8,.344 1,• 4 3 9 1, 1 2 4 5, 781 - 3 !8 8 8 -419 122 - 3 , 591 3< 4 2 3 1, 6 5 9 •292 2, 056 -1,147 -418 -117 -612 -3,952 -1,067 -260 -2,625 2 3 4 5 Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 6 - Capital consump. = Net investment 7 Balance Sheet allow.,NIPA flow, basis R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Consumer durables + C h a n g e in the v a l u e land h o l d i n g s of 19 20 21 22 + R e v a l . of c o r p o r a t e C h a n g e in v a l u e -Net purchases equities 23 24 25 • R e v a l . of l i f e i n s u r a n c e p e n s i o n fund r e s e r v e s C h a n g e in v a l u e -Net acquisitions 26 27 28 + R e v a l . of n o n c o r p . e q u i t y C h a n g e in value - N e t i n v . in n o n c o r p . b u s . 29 • Other 30 = C h a n g e Data are of ,090 ,908 ,385 ,477 8 9 10 15 16 17 18 2,540 3,478 4, 5 1 4 9, 1 7 3 3, 6 4 1 3, 8 6 5 4,190 -9,057 -8,015 1,042 71,890 72,605 715 5 0 , 161 51 ,2 7 4 1, 113 16, 7 8 0 18, 7 9 4 2, 014 - 3 9 , 163 - 3 7 , 705 1, 4 5 8 104, 177 105, 929 1 ,7 5 2 28,114 28,680 566 - 6 , 5 1 3 20 - 6 , 5 3 4 21 4 7,866 7,862 53 7,877 7,824 2, 265 10, 7 9 7 8, 532 5 9,5 1 4 9, 5 0 9 662 8,826 9, 4 8 8 2 , 733 1 3 , 111 10, 378 1,246 13,115 11,869 8 8 23 11,636 24 11,548 25 2,443 2,100 -343 7,579 5,354 -2,225 13, 314 10,8 9 6 —2, 418 19, 261 17, 6 2 0 - 1 , 641 14, 383 13, 2 5 6 - 1 , 127 15, 321 15, 396 75 11,273 7,796 -3,477 8 , 2 4 7 26 5,409 27 -2,838 28 - net w o r t h in m i l l i o n s ,987 • 846 ,559 ,418 ,447 ,204 ,479 ,275 8 revaluations in ,418 ,073 -777 ,704 28,032 dollars. -% 1 1 109,913 109, 174 91,8 5 9 13*8 '55.1R 'i5!:SI - 12, 157 1B:» 1 412 164, 383 80,718 'Stiffl 'K:S8 March 1991 Households Households Factors Accounting for C h a n g e in Net Worth 63 Annual Flows A n n u a l Flows 1963 1964 1965 H o u s e h o l d s , P e r s o n a l T r u s t s . and N o n p r o f i t O r g a n i z a t i o n s 1 83 ,171 90 ,799 96 ,373 2 3 4 5 66 ,145 17 ,026 34 ,906 17 .880 72 ,481 18 ,318 39 ,794 21 ,476 79 ,017 17 ,356 46 ,600 29 ,244 85 23 53 29 6 46 ,264 47 ,620 49 ,522 51 ,889 108 ,506 ,057 ,449 ,070 ,621 119 ,715 133 ,380 ,321 ,394 ,277 ,883 97 -436 35 .944 59 ,422 23 ,478 98 42 67 25 54 ,042 56 ,961 61 , 773 92 27 58 30 140 ,775 ,269 ,506 ,739 ,233 147 ,029 113 33 68 35 ,974 • 055 ,730 ,675 G r o s s i n v e s t m e n t of h o u s e h o l d sector- from F l o w of F u n d s A c c o u n t s Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 67 6 7 ,,619 619 - Capital consump. allow.,NIPA 7 36 ,907 43 ,179 46 ,851 56 ,617 65 ,673 76 ,419 79 ,002 79 ,410 Net i n v e s t m e n t flow, B a l a n c e S h e e t basis 8 9 10, 244 46 508 46 ,264 256 47 ,876 47 ,620 270 49 ,792 49 ,522 286 52 ,175 51 ,889 308 54 ,350 54 ,042 337 57 ,298 56 ,961 361 62 ,134 61 ,773 393 68 .012 67 ,619 D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges - C a p . c o n s u m p . a l l o w . , NIPA 11 12 13 14 - 1 ,596 18 • 041 46 ,508 66 ,145 ,888 21 ,717 47 ,876 72 ,481 -6 22 49 79 ,719 ,506 792 ,017 3 -484 36 .366 52 ,175 8 5 ,057 -3 34 54 92 ,797 ,935 ,298 ,436 14 ,025 5 0 ,160 62 134 98 ,269 15 16 17 18 - 1 ,596 -580 304 -1,.320 - 2 ,888 -202 430 - 3 ,116 - 6 719 - 5 ,925 594 - 1 ,388 3 484 7 ,040 626 - 4 , 182 - 3 ,613 2 ,922 1 ,307 - 7 ,842 19 4, 111 3 ,816 ,883 2 ! 20 21 22 104- 282 105. 346 1 ,064 - 6 2 281 -63: 711 - 1 ,4 3 0 78 •007 76,-420 - 1 ,5 8 7 23 24 25 4 ,201 lb- 284 12 ,083 - 3 !2 7 4 9 ,750 13 ,024 26 27 28 9 •696 9 ,747 51 11 ,441 11 -499 58 5 831 ,613 • 358 ,350 ,321 17 57 57 97 17 ,797 16 • 4 7 0 065 -738 43 89 68 113 ,437 ,399 • 012 ,*74 14 025 9 ,538 1 ,023 3 464 43 4 3 7 35 ,525 3 ,832 4 ,080 13 ,134 4 ,823 20, 096 5,,435 5 0 • 940 50;•625 -315 72,,393 70, 766 - 1 ,627 - 5 9 •999 - 6 0 , 133 •134 147,.814 144 , •521 - 3 , 293 3 7926 17, 8 0 0 13, 8 7 4 4 .064 20- 445 16, 381 4, 103 21, 089 16, 986 - 5 , 000 14, 327 19, 327 8- 396 27, 150 18, 754 6, 590 26, 5 3 2 19, 942 9, 8 8 9 10- 999 1 ,110 15, 928 15, 122 806 21, 421 21, 680 259 27, 771 27, 366 -405 17, 622 16, 542 - 1 , 080 544 29. 5 7 7 - 2 , 967 255 679 154 834 -19 A*» 128 249 30 157, 102 - 9 , 584 134, 721 137, 4 1 2 164, 4 7 3 76, 757 2 7 2 , 061 3 1 7 ,8 7 0 31 32 1906, 434 373, 774 1896, 8 5 0 396, 167 2031 .571 415- 8 3 4 2 1 6 8 , 983 451 ,413 2333- 456 486,808 2410- 213 5 2 5 , 910 2 6 8 2 , 274 5 6 2 , 092 3000- 144 609, 5 8 2 8 9 10 R e v a l . of p h y s i c a l assets 11 C h a n g e in value 12 Depreciation charges 13 - G r o s s p u r c h a s e s , FOF basis 14 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant S equipment Consumer durables 15 • C h a n g e in the value of land h o l d i n g s 143, 397 + R e v a l . of c o r p o r a t e e q u i t i e s 137, 176 C h a n g e in value - 6 , 221 -Net purchases 29 Data are in m i l l i o n s of d o l l a r s . 6 • R e v a l . of life i n s u r a n c e £ p e n s i o n fund r e s e r v e s C h a n g e in value -Net acquisitions C h a n g e in value - N e t inv. in n o n c o r p . bus. 23 24 25 26 27 Other r e v a l u a t i o n s 31 32 M a r c h 1991 Households r Households , Factors Accounting 04 Annual G r o s s i n v e s t m e n t of household sector, from F l o w of F u n d s A c c o u n t s Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 6 - Capital consump. = Net investment Balance Sheet 7 allow..NIPA flowbasis Depreciation valuation adj. Depreciation charges -Cap. consump. allow.. NIPA 11 12 13 14 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e Depreciation charges - G r o s s purchases. FOF basis 15 16 17 18 R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant S equipment Consumer durables • 20 21 C h a n g e in the v a l u e land h o l d i n g s + R e v a l . of c o r p o r a t e C h a n g e in v a l u e -Net purchases 1970 1971 equities + R e v a l . of l i f e i n s u r a n c e p e n s i o n fund r e s e r v e s C h a n g e in v a l u e -Net acquisitions 26 27 28 + R e v a l . of n o n c o r p . e q u i t y C h a n g e in v a l u e - N e t i n v . in n o n c o r p . b u s . 29 + Other 30 = C h a n g e net in m i l l i o n s of 1973 and Nonprofit 1974 3 1 5 ,240 1 193 101 153 52 237 77 170 92 517 -723 ,329 ,606 2 3 4 5 137 ,106 151 ,657 6 119 ,776 158 .515 163 .583 7 368 121 ,196 120 8 2 8 423 137 ,529 137 ,106 473 152 130 151 ,657 8 9 10 ,209 .420 -185 • 396 145 ,218 2 0 4 ,418 121 , ,196 180,,396 78 134 137 193 >199 , 54 b ,529 ,876 110 196 152 237 877 • 264 •130 •517 11 12 13 14 .209 • 411 • 190 ,608 145 •2 1 8 86 • 493 14 ,9 4 5 43, 780 78 199 5 0 934 4 . 126 2 3 ,139 110 89 7 14 877 ,335 ,397 ,145 15 16 17 18 57,,437 19 906 189 8 2 7 119 52 74 21 405 501 408 907 140 48 95 46 325 82 319 9 0 ,201 97 ,377 106 5 6 7 1 2 0 ,828 73 8 0 6 89 58 7 99 ,626 118 ,739 156 ,845 444 75 7 6 9 75 3 2 5 469 8 2 788 8 2 319 618 107 . 185 106 ,567 36 179 81 • 9 1 3 75, 7 6 9 121 ,• 5 0 3 27 • 030 63 6 4 7 8 2 .788 119 ,405 43 93 90 140 86 162 107 183 030 864 -368 • 798 43 41 6 -4 86 74 7 4 75 36 179 2 8 461 4 .428 .290 3 • 27 13 4 8 505 90 , 706 9 0 ,201 ,790 ,957 • 706 -873 ,790 -857 384 .451 2 6 3 ,412 164 51 118 66 183 80 151 71 .170 .94 6 -521 ,575 548 97 • 9 2 5 97 ,377 4 7 ,731 113 • 9 7 6 97 .925 164 170 47 46 5 -3 •731 296 274 839 1976 2 9 5 ,621 2 1 6 ,116 2 4 0 ,604 171 .873 .954 .463 ,509 1975 Organizations 131 12 0 9 9 7,,459 - 1 0 9 551 - 1 1 1 ,779 .228 -2 • - 1 6 .807 - 1 7 ,536 -729 ,396 ,016 ,561 ,545 180 60 110 50 • 396 -208 ,673 465 16 ,594 19, 6 9 4 1 0 8 ,132 103 8 1 4 - 4 .• 3 1 8 96 • 2 0 7 8 7 .403 - 8 ,• 8 0 4 -206 854 - 2 1 1 • 113 - 4 ,259 35,,934 31 ,,762 - 2 1 3 ,4 7 6 - 2 1 5 ,.580 104 - 6 ,0 8 4 15 !753 21 •8 3 7 • 201 2 6 ,390 ::4,, 189 15 -451 43 428 2 7 ,,977 11 8 4 1 60,,292 48, 4 5 1 - 2 5 ,868 14 0 1 8 39,,886 - 2 9 ,• 2 4 3 14 4 6 6 43, 709 30. 1 2 8 2 4 i0 7 3 - 6 ,0 5 5 23 590 19.. 182 -4 , .408 45 511 4 3 ,,311 - 2 ,,200 73.,066 64 4 0 4 - 8 ,,662 124 9 4 0 136, 165 11 ,2 2 5 121 ,5 7 6 91 ,3 1 6 - 3 0 ,2 6 0 956 worth 37, 0 8 9 Memo: 31 N e t w o r t h o u t s t a n d i n g 32 D i s p o s a b l e p e r s o n a l i n c o m e are 1972 Trusts, • 8 7-6 • 745 • 764 ,019 18 ,866 151 • 8 7 4 145 ,684 - 6 190 117,,447 2 0 116, 955 21 -492 2 2 34,.895 106, 8 1 6 71, 921 15, 5 7 2 2 3 72, 2 1 4 24 56, 642 25 8 revaluations in Personal of 23 24 25 Data Worth 121 5 0 3 27 628 5 8 911 31 2 8 3 149 2 3 4 5 19 in N e t Annual Flows Households. 8 9 10 Change Flows 1969 1 for dollars. 3037, 233 656, 687 - 1 ,5 1 7 131 ,• 0 7 4 3168- 3 0 7 715, 5 9 5 . 102,, 124 82, 817 - 1 9 ,,307 154 .857 2 6 129 .091 2 7 - 2 5 . 766 2 8 - 2 , 391 - 1 ,2 9 3 3, 4 7 7 3, 2 3 7 762 29 326, 2 0 8 365,,437 165 4 0 4 178, 7 2 2 5 4 7 ,.287 6 2 C ,062 30 3494 515 776, 7 8 4 3859, 952 839, 596 4025, 356 949 769 4204, 078 1038, 372 4 751,,365 1142,,782 5 3 7 1 ,427 31 1 2 5 2 6 4 5 32 - 5 , 184 March 1991 Households Households Factors Accounting 65 for C h a n g e in Net Worth Annual Flows Annual Flows 1977 1978 1979 Households- 1 358 981 388 ,202 2 3 4 5 284 74 215 140 327 60 230 170 6 169 • 015 .225 ,756 • 199 ,443 703 .499 817 ,318 190 344 1980 1981 1982 1983 P e r s o n a l T r u s t s , and N o n p r o f i t O r g a n i z a t i o n s 4 1 8 ,543 446 425 510,.930 538 ,914 616.871 690 .481 356 62 237 174 342 103 231 128 694 731 ,763 ,032 362 050 148,.880 2 6 6 606 117,,726 354 183 274 90 436 ,525 180,,346 379 • 409 199 ,063 506 184 418 233 243 ,638 2 6 4 ,363 2 8 0 ,913 ,068 • 475 ,199 ,724 215 ,204 ,980 ,934 ,311 ,377 G r o s s investment of h o u s e h o l d s e c t o r . from F l o w of F u n d s A c c o u n t s Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s . 184 •297 • 008 ,711 309 ,394 - Capital consump. allow.-NIPA = Net i n v e s t m e n t flowB a l a n c e S h e e t basis 7 189 ,966 197 • 8 5 8 2 0 3 ,339 202 ,787 2 4 6 .567 258 ,001 321 ,574 381 ,087 8 9 10 548 169 .563 169 ,015 644 190 • 988 190, 344 773 215 ,977 215 • 2 0 4 909 244 ,547 243 ,638 1 030 265,,393 264, 363 1 ,113 2 8 2 • 026 2 8 0 ,913 1 160 29b 457 295 ,297 1 ,242 310 • 636 309 ,394 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges - C a p . c o n s u m p . a l l o w . , NIPA 11 12 13 14 164 278 169 284 • 050 • 712 ,563 ,225 220:,464 357 179 190 ,988 327 ,703 184 324 215 356 188 287 244 342 ,930 • 077 547 ,694 162 258 265 362 -094 • 751 • 393 ,050 - 6 7 ,,382 5 572 282 • 026 354 ,980 113 532 253 • 600 296 457 436,525 28 224 310 506 • 590 ,138 ,636 • 184 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s , FOF basis 15 16 17 18 164 134 10 19 ,050 -076 536 ,438 220 159 24 36 188 108 17 62 ,930 ,864 ,308 ,758 162 105 17 39 ,094 ,579 ,376 ,139 - 6 7 ,382 - 7 8 ,854 3 ,504 7 ,968 113,532 98 ,394 12 646 2 ,492 28 38 9 -19 590 ,604 ,703 ,717 124 ,350 5 ,151 92 ,209 55 •905 .774 • 865 ,977 ,068 .464 ,383 899 , 182 184 .774 126 .907 7 ,029 50 838 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Consumer durables • 19 8 2 ,172 105,• 596 103 709 20 21 22 - 3 8 , 146 - 4 5 ,491 - 7 ,345 8,,652 -3,• 8 7 2 - 1 2 ,,524 177, 4 7 4 152,,001 - 2 5 ,,473 318 ,801 307 ,556 - 1 1 ,245 - 2 1 ,845 - 5 9 ,514 - 3 7 ,669 151 ,889 136 .063 - 1 5 ,826 183 ,904 180 ,926 -2,,978 76 ,016 18 ,164 - 5 7 ,852 23 24 25 - 1 6 185 62,, 375 78 ,560 17. 354 112 376 95,.022 14- 4 2 3 116, 2 5 7 101 ,8 3 4 40,,225 158 728 118,.503 - 2 7 ,,833 90 ,078 117,,911 41 ,403 189 449 148 ,046 61 ,682 220 8 5 5 159,,173 - 1 2 ,555 145 • 102 157 ,657 26 27 28 176 .021 155 795 - 2 0 ,,226 278 334 246 407 - 3 1 ,927 , 327 226 2 6 2 005 - 6 5 •221 329 545 252,,688 -76 857 272,,329 2 2 3 969 ,360 -48 , 62 • 980 - 2 8 ,403 - 9 1 ,383 148 ,480 68 8 4 6 - 7 9 ,634 5 7 • 223 - 2 9 ,295 - 8 6 ,518 29 - 1 ,466 7,,474 -496 2,,556 - 5 021 30 555,,864 8 3 5 ,088 1009 ,676 1164,,094 31 32 5927 ,291 1379 ,341 6762,,379 1551 ,229 7772 ,055 1729 ,321 8 9 3 6 , 149 1917 ,973 . 8 2 , 159 R e v a l . of c o r p o r a t e e q u i t i e s C h a n g e in value -Net purchases • Data are in m i l l i o n s of d o l l a r s . 749,• 611 • 760 9685 2127,,584 5 ,810 26 ,335 - 4 ,188 456 ,739 946,,556 5 8 0 ,836 1014.2 • 499 ,425 2261 , 11089 • 055 2 4 2 8 100 C h a n g e in the value of land h o l d i n g s + R e v a l . of life insurance 8 p e n s i o n fund r e s e r v e s C h a n g e in value -Net acquisitions R e v a l . of n o n c o r p . equity C h a n g e in value ^ N e t inv. in noncorp. bus. Other revaluations = C h a n g e in net worth Memo: 11669 ,891 Net w o r t h o u t s t a n d i n g 2 6 6 8 ,600 D i s p o s a b l e p e r s o n a l income 23 24 25 26 27 28 M a r c h 1991 Households 66 Households Factors Accounting Annual in N e t Worth Flows Annual Flows 1985 1986 1987 Households? 1 for C h a n g e G r o s s i n v e s t m e n t of household sector- from F l o w of F u n d s A c c o u n t s 675 607 Personal 1988 Trusts, 1989 and Nonprofit 1990 Organizations 766 598 7 3 5 ,583 8 5 4 ,075 8 7 5 ,774 9 5 3 ,345 1 2 3 4 5 Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 548 885 126 355 3 0 6 633 603 162 465 302 645 89 381 291 ,659 ,924 ,269 ,345 700,791 155 ,284 4 7 5 ,801 3 2 2 ,517 731 143 435 291 723 230 498 268 ,025 ,320 ,747 ,427 2 3 4 5 6 - Capital 332 303 3 6 1 ,699 3 9 0 ,118 4 1 2 ,092 4 3 2 ,761 4 5 0 ,735 6 343 consump. = Net investment Balance Sheet 7 8 9 10 allow.-NIPA flow? basis Depreciation valuation adj. Depreciation charges -Cap. consump. allow., NIPA 11 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e 12 Depreciation charges 12 14 - G r o s s purchases- FOF basis 15 16 17 18 R e v a l u a t i o n by t y p e of a s s e t Residential structures N o n r e s p l a n t 8 equipment Consumer durables • 19 C h a n g e in the v a l u e land h o l d i n g s 2 0 + R e v a l . of c o r p o r a t e C h a n g e in v a l u e 21 -Net purchases 22 • equities 25 24 25 26 27 28 + R e v a l . of n o n c o r p . e q u i t y C h a n g e in v a l u e - N e t i n v . in n o n c o r p . b u s . + Other 30 = Change net worth Memo: 31 N e t w o r t h o u t s t a n d i n g 32 D i s p o s a b l e p e r s o n a l i n c o m e Data are in m i l l i o n s of 304 4 04 8 9 9 3 4 5 ,465 4 4 1 ,983 4 4 3 ,013 5 0 2 ,610 7 6 100 338 403 332 303 468 362 -167 361 ,699 965 391 ,083 3 9 0 ,118 10 ,527 4 2 2 ,619 4 1 2 ,092 2 2 ,430 4 5 5 ,191 4 3 2 ,761 34 ,112 4 8 4 ,847 4 5 0 ,755 8 9 10 32-• 159 2 4 2 , 641 338- 4 0 3 548, 885 7 3 ,622 315 362 -167 6 0 3 ,777 170 424 391 645 40 -810 3 1 8 ,982 ,619 7 0 0 ,791 115 392 455 731 -76 161 484 723 ,693 ,485 847 ,025 11 12 13 14 -76 -68 3 -11 ,693 ,896 • ,377 = ,174 15 16 17 18 32, 159 27, 798 5- 4 9 1 - 1 -130 73 55 7 10 , 622 ,977 ,131 ,514 ,016 ,592 ,083 659 170 0 1 6 150.• 3 4 3 10, 7 7 8 8 ,895 40-810 2 0 ,28 7 7 ,714 12 ,809 ,308 ,006 -191 ,889 1 1 5 ,308 95 • 9 5 2 15,,712 3,, 6 64 50, 237 1 2 2 , 150 119,,912 71 ,096 105 8 7 7 - 1 4 2 ,,780 19 485, 893 - 7 0 ,,202 ,271 - 3 4 ,,069 2 5 3 ,214 135 - 1 1 8 ,141 4 7 0 ,,141 -261 , ,362 - 3 7 , 695 299,094 314 , 107 15 ,013 20 21 - 8 8 ,005 1,,082 93, 8 5 4 280, 574 186, 720 7 7 ,777 2 4 7 ,456 1 6 9 ,679 32,,258 196,-131 163,,873 99 ,546 3 0 5 ,837 2 0 6 ,291 2 1 7 .070 391 . ,797 174 ,727 - 1 1 2 ,104 133,,664 2 4 5 ,,768 62, 619 — 26, 543 - 8 9 , 162 9 9 •527 52, 5 7 2 - 4 6 ,,955 207, 643 116, 5 9 0 - 9 1 , 053 154 ,250 7 7 ,799 - 7 6 • 451 2 2 6 ,,264 140, 7 9 0 - 8 5 ,,474 8 revaluations in ,889 ,885 ,080 ,195 of R e v a l . of l i f e i n s u r a n c e p e n s i o n fund r e s e r v e s C h a n g e in v a l u e -Net acquisitions 29 -777 -821 -655 ,834 dollars. 23 24 25 65,,745 603 - 6 5 ,. 142 26 27 28 - 5 , 311 - 6 , 725 36, 3 9 6 28,,286 2 0 ,,272 - 2 6 , 342 29 1056, 655 1069, 8 7 6 840, 523 1078,,658 1575, 5 1 5 - 8 5 ,,038 30 12726, 546 2 8 3 8 , 700 1 3 7 9 6 ,.422 3012, 325 14636, 945 3194, 750 15715- 6 0 3 3 4 7 9 ,,224 1 7 2 0 6 ..080 3945, 649 31 32 1 7 2 9 1 ,. 1 1 8 3725, 550 W M a r c h 1991 Farm 8 Noncorporate Business Farm 8 Noncorporate Business # Factors Accounting for C h a n g e in Net Worth 67 Annual Flows 1945 Annual Flows 1946 1947 1948 1949 1950 1951 1952 1,858 2,092 2,338 2,670 2,894 6,042 -4,184 90 4,274 3,662 - 1 ,570 -424 1,146 5,309 -2,971 33 3,004 5,778 -3,108 259 3,367 3,571 -677 -13 664 Farm Bus iness # 1,277 1,550 4 5 1 2,220 -943 1 ,857 2,800 1,611 -61 1 , 184 1,245 6 2,380 547 3,277 560 1,663 1,644 1 ,212 1 ,500 1 ,817 2,069 2,305 2,671 *. 9 -271 G r o s s i n v e s t m e n t of farm b u s i n e s s s e c t o r , from F l o w of F u n d s A c c o u n t s 1 Capital expenditures Net financial i n v e s t m e n t Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s • Proprietors' net 2 3 4 5 investment 6 7 2 , 9 2 5 - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net i n v e s t m e n t flow B a l a n c e Sheet basis 2,445 597 3,318 583 1,696 1,643 9 10 11 54 1 ,266 1,212 65 1,565 1 ,500 74 1,891 1,817 81 2,150 2,069 87 2-392 2,305 98 2,769 2,671 105 - D e p r e c i a t i o n valuation adj. Depreciation charges 3,030 2,925 - C a p . c o n s u m p . a l l o w . , NIPA 9 10 11 12 A " 15 8,271 9,225 1 ,266 2,220 6,301 6,347 1 ,565 1,611 • ii -2,192 1-959 1,891 5,042 -1,651 -139 2,150 3,662 6,514 9,431 2,392 5,309 2,795 5-804 2,769 5,778 -565 -24 3,030 3,571 12 13 14 15 19 8,271 1 ,567 1,239 5,465 6,301 1,725 1,417 3,159 -2,192 629 645 —3,466 -1,651 187 — 64 - 1 ,774 6,514 780 756 4,978 2,795 614 911 1 ,270 -565 29 1,929 -2,523 20 5,073 1,337 802 -1,799 11,914 21 23 - - " - - 7,859 -302 481 8-170 1,854 -2,948 20,037 12,199 92,473 100,643 102,497 99,549 119,586 131,785 R e v a l u a t i o n by type of asset 16 Residential structures 17 N o n r e s . plant & equipment 18 Inventories 19 • C h a n g e in the value of land h o l d i n g s 20 • Other revaluations 21 = C h a n g e in net w o r t h 22 Memo: 131,294 Net w o r t h o u t s t a n d i n g 23 - 15,735 • R e v a l . of physical assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s , FOF basis 8 -491 Nonfarm Noncorporate Business 0 4 5 • : 3,127 3,899 4,454 4,716 4,999 5,695 G r o s s i n v e s t m e n t of nonfarm noncorporate business sector, 6,009 from F l o w of Funds A c c o u n t s 1 4,044 -917 1,309 2,226 4,997 -1,098 1 ,101 2,199 6,729 -2,275 358 2,633 4 >546 170 764 594 8,358 -3,359 1773 5,132 6,080 -385 398 783 6,460 -451 1,093 1,544 2 3 4 5 6 -311 299 1,212 -47 2,166 -359 7 3,127 3,899 4,454 4,716 4,999 5,695 -311 299 1,212 -47 2,166 -359 -241 4,213 4-454 -252 4,464 4,716 -262 4,737 4,999 -289 5,406 5,695 - 3 0 1 - D e p r e c i a t i o n valuation adj. 5,708 Depreciation charges 6,009 - C a p . c o n s u m p . a l l o w . , NIPA 9 10 11 -258 + Proprietors' 6,009 - C a p i t a l -258 net i n v e s t m e n t consump.allow., NIPA = Net i n v e s t m e n t flow, B a l a n c e S h e e t basis 6 7 8 11 -181 2,946 3,127 12 13 14 15 11,514 12,612 2,946 4 ,044 12,288 13-605 3,680 4,997 5,455 7,971 4,213 6,729 1 ,416 1,498 4 ,464 4,546 6,380 10,001 4,737 8,358 6,807 7,481 5,406 6,080 1,110 + R e v a l . of physical assets 1,862 C h a n g e in value 5-708 Depreciation charges 6,460 - G r o s s p u r c h a s e s , F O F basis 12 13 14 15 ii 11-514 7 ,137 2,784 1 ,593 12,288 7,935 2,938 1 ,415 5,455 3-500 1-241 714 1 ,416 1,564 330 - 4 78 6,380 3,316 1,812 1,252 6,807 4,478 2,081 248 1,110 2,276 -918 -248 16 17 18 19 20 2,937 3 ,288 2,436 2,007 2,847 2,858 2,341 21 -865 1 -82 22 13-456 16,095 9,262 3-628 11-655 9,595 3,495 = C h a n g e in net worth 22 23 126,925 143,020 152,282 155,910 167,565 177,160 Memo: 180,655 Net w o r t h o u t s t a n d i n g 23 Data are in m i l l i o n s of d o l l a r s • • • • Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s -219 3 - 680 3,899 - - " R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventories • C h a n g e in the value of land h o l d i n g s 1 • Other r e v a l u a t i o n s 20 21 M a r c h 1991 Farm 8 Noncorporate Business Farm 8 Noncorporate Business Factors Accounting 68 for C h a n g e in N e t W o r t h Annual Flows Annual Flows 1960 Farm Business 1 G r o s s i n v e s t m e n t of farm b u s i n e s s s e c t o r , f r o m F l o w of F u n d s A c c o u n t s 3,031 3,179 3,267 3,442 3,548 3,627 3,695 3,705 1 1-445 1,586 -23 - 1 ,609 2,442 737 -27 -764 2,351 916 108 -808 3,304 138 -121 -259 2,508 1-040 -33 - 1 ,073 4 , 126 -499 366 865 3,713 -18 -602 -584 3,548 157 -336 -493 2 3 4 5 - 1 ,292 -1,637 -2,431 - 1 ,183 -2,365 -939 -2,939 -1,683 6 3,082 3, 192 3-300 3,485 3,599 3,659 3,732 3,740 7 -1,718 8 9 - D e p r e c i a t i o n v a l u a t i o n adj,. 10 Depreciation charges 11 -Cap. consump. allow., NIPA 112 3-194 3,082 118 3,310 3,192 125 3,425 3,300 139 3,624 3,485 147 3-746 3,599 157 3-816 3,659 168 3,900 3-732 176 9 3 , 9 1 6 10 3 - 7 4 0 11 12 • R e v a l . of p h y s i c a l a s s e t s 13 C h a n g e in v a l u e 14 Depreciation charges 15 - G r o s s p u r c h a s e s , FOF basis 1,087 -662 3,194 1 ,445 564 -304 3,310 2,442 1,211 1,532 137 3,425 2,351 3,624 3,304 2,858 1,620 3,746 2,508 1,413 1,723 3,816 4,126 252 65 3,900 3,713 1,524 12 1 - 1 5 6 13 3 , 9 1 6 14 3 , 5 4 8 15 16 17 18 19 1,087 -197 1 ,968 -684 564 1 ,211 1,831 1,291 219 2,507 -1,515 1 ,532 -9 1,085 456 2,858 -255 2,431 1 ,413 -243 1 ,081 575 252 -153 919 -514 in net w o r t h 3,184 7,093 outstanding 134,745 141,838 2 3 4 5 Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 6 • Proprietors' 7 - Capital 8 = Net investment Balance Sheet investment flow, basis R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Inventories • 20 21 net consump.allow., NIPA C h a n g e in the v a l u e land h o l d i n g s • Other 1,212 23 N e t w o r t h of Nonfarm Noncorporate G r o s s i n v e s t m e n t of n o n f a r m noncorporate business sector, from F l o w of F u n d s A c c o u n t s 2 3, 4 5 Capital expenditures Net f i n a n c i a l i n v e s t m e n t N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s + Proprietors' net investment 148,606 Business 6,255 6-462 6,778 7,355 7,784 7,986 8,226 8 ,469 1 7,842 - 1 ,587 662 2,249 7,812 -1,350 667 2,017 9,526 -2,748 283 3,031 7,183 172 1,779 1,607 9,549 -1,765 349 2,114 8,729 -743 2-410 3,153 10-890 -2,664 -1,568 1,096 10 0 8 6 - 1 • 617 -57 1 ,560 2 3 4 5 94 9 -588 13 -458 1,238 1 ,014 -538 - 1 ,155 6 6,255 6,462 6,778 7,355 7,784 7,986 8,226 8 ,469 7 -538 - 1 ,155 8 9 - Depreciation valuation adj. 10 Depreciation charges 11 -Cap. consump. allow., NIPa -311 5,944 6,255 -320 6,142 6,462 -331 6,447 6,778 -352 7,003 7,355 -369 7,415 7,784 -380 7,606 7,986 -396 7,830 8,226 12 + R e v a l . of p h y s i c a l a s s e t s 13 C h a n g e in v a l u e 14 Depreciation charges 15 -Gross purchases, FOF basis 185 2,083 5,944 7,842 788 2,458 6-142 7,812 4,253 7,332 6,447 9,526 6,419 6-599 7,003 7,183 1 -459 3,593 7,415 9,549 1,740 2,863 7-606 8,729 1,056 4,116 7-830 10,890 649 2,,679 8 -056 10, 086 12 13 14 15 185 1 ,702 - 1 ,757 240 788 2,135 - 1 ,447 100 4,253 3,665 6-419 3,216 2,659 544 1 ,459 1 835 -637 1,740 1,699 -365 406 1,056 1,906 -295 -555 649 1, 8 9 0 -803 -438 16 17 18 19 3-010 3,345 3,505 3,590 CO 6 16 17 18 19 revaluations 22 = Change 1 682 1,524 -157 878 803 4, 20 1 -1 1 3 3,531 7,941 6,640 4,507 8 consump.allow., NIPA = Net i n v e s t m e n t Balance Sheet 16 17 18 19 flow, basis R e v a l u a t i o n by type of a s s e t Residential structures Nonres. plant 8 equipment Inventories + C h a n g e in the v a l u e 20 land h o l d i n g s 21 • Other 23 Net worth Data are in net w o r t h outstanding in m i l l i o n s 320 261 of revaluations 22 = Change 268 -413 9 8 ,056 10 8 4 6 9 11 of d o l l a r s . !25,008 - 21 4 802 22 229, 00 7 - Capital 23 M a r c h 1991 Farm 8 Noncorporate Business Farm Factors Accounting for C h a n g e in N e t 8 Noncorporate 69 Annual Flows Annual Flows 1964 Farm 1965 1966 1967 Business 1 3, 7 0 5 3,,761 3,,690 3 ,883 4 ,092 4 ,370 4,593 4,895 2 3 4 5 3, 7 1 1 -6 85 91 4 • 168 -407 134 541 4 ,637 -947 -40 907 3 ,985 -102 392 494 6 ,458 ,366 280 2 ,646 5 ,897 - 1 ,527 207 1 ,734 7,046 -2,453 363 2,816 6-351 -1,456 579 2,035 6 -1, 608 763 - 2 :,505 - 2 ,295 - 1 ,201 - 1 ,866 -287 7 3 •7 3 4 3. 7 6 2 3. 8 0 7 3 ,893 4 ,046 4 ,288 4,552 - 1 ,637 8 Business Worth -1 - 1 ,,764 242 Gross farm Flow i n v e s t m e n t of business sector, from of F u n d s A c c o u n t s Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s + Proprietors' 4*852 - Capital investment = Net investment Balance Sheet flow, basis 2 3 4 5 6 7 - 1 ,784 -246 9 10 11 183 3 • 917 3• ! 734 192 3, 9 5 4 3,.762 203 4 010 3.- 8 0 7 212 4 ,105 3 ,893 227 4 ,273 4 ,046 245 4 ,533 4:,288 265 4,817 4,552 2 8 8 - D e p r e c i a t i o n valuation adj. 5,140 Depreciation charges 4,852 -Cap. consump. allow., NIPA 9 10 11 12 13 14 15 1,• 0 2 7 821 3 :9 1 7 3! • 711 1,,884 2 !0 9 8 3 954 4 ,168 710 1 ,337 : 4 •010 4 ,637 475 355 4 ,105 3 ,985 3 5 4 6 571 756 ,273 ,458 1 ,660 3 ,024 4 ,533 5 ,897 1-272 3-501 4,817 7,046 4,780 5*991 5,140 6,351 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e Depreciation charges - G r o s s purchases, FOF basis 12 13 14 15 16 17 18 19 1,, 0 2 7 -176 1, 0 3 9 164 1,,884 -142 1 ,246 780 710 -348 1 , 187 -129 475 256 602 -383 3 571 58 1 ,055 2 ,458 1 ,660 775 1 ,402 -517 1 ,272 440 989 -157 4-780 1,526 2,179 1,075 R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Inventories 16 17 18 19 20 5, 7 2 3 5 ,184 7 ,887 8 ,141 11 0 6 5 7 ,985 9,289 C h a n g e in the v a l u e land h o l d i n g s 20 - 2 • 622 - 2 ,305 - 1 , 155 285 net consump.allow., NIPA 1 Other 4, 9 3 0 22 5, 1 1 2 5, 7 7 2 6 ,099 13,,254 7 ,616 in Memo: 26,190 Net worth Nonfarm Noncorporate 8,864 9,155 9,569 10,101 10,850 11,614 G r o s s i n v e s t m e n t of n o n f a r m noncorporate business sector, 12,583 f r o m F l o w of F u n d s A c c o u n t s 1 11,667 -3,032 544 3,576 13,274 -4,410 -130 4,280 15,332 -6,177 -46 6,131 15,926 -6,357 625 6,982 17,351 -7,250 367 7,617 16,254 -5-404 869 6,273 17,243 -5,629 918 6,547 18,622 -6,039 -705 5,334 2 3 4 5 -3,209 1,659 1,821 3,615 1,489 1,460 1,461 -793 8,635 8,864 9,155 9,569 10,101 10,850 11,614 -430 8-205 8-635 -448 8,416 8,864 8,680 12 -461 3,001 8-205 11 ,667 -461 1,492 -359 -1,594 16 20 Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s + Proprietors' 12,583 - Capital 9 , 155 -537 9,564 10,101 -583 10,267 10,850 -629 10,985 11,614 -684 11-899 12,583 1,091 5,949 8,416 13,274 -1,853 4,799 8-680 15,332 3-310 10,166 9,070 15,926 3,294 11,081 9-564 17,351 9,806 15-793 10,267 16,254 5-098 11 ,356 10,985 17,243 1-091 1,005 -120 206 -1,853 -954 252 -1,151 3,310 3,007 993 -690 3,294 1,638 1,682 -26 9,806 6,729 2,961 116 3,514 4,218 3,968 -1 1 6,873 9,517 -475 in m i l l i o n s of dollars. investment flow, basis 6 7 8 D e p r e c i a t i o n valuation adj. Depreciation charges -Cap. consump. allow., NIPA 9 10 11 17-149 23,872 11,899 18,622 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e Depreciation charges - G r o s s purchases, FOF basis 12 13 14 15 5,098 3,741 2,234 -877 17,149 12,398 4,604 147 R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Inventories 16 17 18 19 8,443 2,252 4,858 -1 -9 8 9,258 20,284 7,194 + C h a n g e in t h e v a l u e land h o l d i n g s + Other 19,482 revaluations = Change Memo: 313,455 Net worth are net c o n s u m p .'allow. , N I P A = Net investment Balance Sheet -499 9,070 9,569 21 Data outstanding 8,635 9 10 11 17 18 19 21 net w o r t h Business -3,209 13 14 15 of revaluations Change 10,050 8 in net worth outstanding of 20 21 M a r c h 1991 Farm 6 Noncorporate Business Farm 8 Noncorporate Factors Accounting 70 Annual for C h a n g e in N e t Flows Annual Flows 1971 1972 Farm 1 G r o s s i n v e s t m e n t of farm business sector, from F l o w of F u n d s A c c o u n t s 2 3 4 5 Business Worth Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 1973 1974 1975 1976 Business 5,312 5,639 5,957 6,777 7,827 8,530 10 ,336 11 ,215 1 6,780 -1,468 536 2,004 7,387 -1,748 604 2,352 9,141 -3,184 691 3,875 9-276 -2,499 936 3,435 14,082 -6,255 843 7,098 11,211 -2-681 594 3,275 16 ,904 - 6 ,568 997 7 ,565 13 - 5 7 0 - 2 ,355 ,426 3 ,781 2 3 4 5 -653 107 -978 -2,365 - 1 ,837 -4-871 - 1 ,700 - 7 ,028 6 5,251 5,631 5,942 6,605 7,228 8,308 9 ,789 10 ,771 7 - 1 ,153 - 6 ,584 8 9 - D e p r e c i a t i o n valuation adj. 10 Depreciation charges 11 -Cap. consump. allow., NIPA 320 5,571 5,251 349 5,980 5,631 373 6,315 5,942 421 7,026 6,605 467 7,695 7,228 549 8,857 8,308 672 10 4 6 1 9 ,789 768 11 ,539 10 -771 9 10 11 12 • R e v a l . of p h y s i c a l a s s e t s 13 C h a n g e in v a l u e 14 Depreciation charges 15 -Gross purchases, FOF basis 6,579 7,788 5,571 6,780 2-123 3,530 5,980 7,387 7,404 10-230 6,315 9,141 13,693 15,943 7,026 9,276 24,697 31 ,084 7,695 14,082 14,828 17,182 8,857 11,211 5 12 10 16 7 9 11 13 ,692 12 723 13 ,539 14 ,570 15 16 17 18 19 6,579 1,353 2,625 2,123 744 2,085 -706 7,404 1,666 2,836 2,902 13,693 1,698 3,957 8,038 24,697 2,791 4,113 17,793 14,828 3,496 12,820 - 1 ,488 5 ,662 2,,021 5 ,141 - 1 ,500 , 7 3 7 -2 ,692 16 ,210 17 ,035 18 ,553 19 4,584 11,904 23,859 54,433 29,805 4 6 ,326 71 ,001 2 0 -358 728 8 215 14 -11 - 3 7 21 6,115 18,700 34,946 77,640 39,449 5 0 , 152 71,.304 2 2 4 6 1 ,5 3 1 5 3 2 ,,835 2 3 6 + Proprietors' 7 - Capital 8 net investment consump.allow., NIPA = Net investment Balance Sheet flow, basis R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Inventories • 20 C h a n g e in the v a l u e land h o l d i n g s 21 • Other 22 = Change 2,601 of revaluations in Memo: 23 Net worth net w o r t h outstanding Nonfarm Noncorporate 1 G r o s s i n v e s t m e n t of n o n f a r m noncorporate business sector. f r o m F l o w of F u n d s A c c o u n t s Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 2 3 4 5 6 • Proprietors' 7 - Capital = 8 net investment consump.allow., NIPA Net investment Balance Sheet • 662 , 105 ,461 • 904 flow, basis 13, 8 3 1 14 ,971 22,,901 -9, 070 1 •, 5 2 3 10, 5 9 3 2 3 ,695 - 8 ,724 1 ,319 10 ,043 -5, 402 - 4 ,515 - 1 ,222 13, 8 3 1 14 ,971 16,,426 16 ,426 30 -13 7 20 ,169 ,743 ,169 ,912 17 ,989 Business 19 ,965 2 2 ,,677 2 6 ,107 2 8 ,514 1 ,492 ,527 ,287 ,814 32, 931 -10, 254 4 , ,799 15, 0 5 3 2 5 ,609 498 1 ,883 1 ,385 2 7 ,350 1 ,164 8 ,812 7 ,648 2 3 4 5 - 6 ,297 12 ,112 - 2 6 ,,145 - 1 8 ,036 - 1 8 ,546 6 17 ,989 19 ,965 22, 677 26,,107 2 8 ,514 7 39 -21 6 27 ,139 ,150 ,484 ,634 42 -22 6 28 -5, 402 - 4 ,515 - 1 ,,222 - 6 ,,297 12 ,112 - 2 6 , 145 - 1 8 , 036 - 1 8 ,546 8 9 - Depreciation valuation adj. 10 Depreciation charges -Cap. consump. allow., NIPA 11 -765 13, 0 6 6 13, 8 3 1 -817 14 , 154 14 ,971 -880 15 5 4 6 16,,426 -967 17 ,022 17,,989 - 1 ,087 18 - 8 7 8 19 ,965 918 21, 759 22, 677 - 1 ,,093 25, 0 1 4 26,,107 - 1 ,2 4 3 27,,271 28 514 9 10 11 12 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e 13 Depreciation charges 14 15 - G r o s s purchases, FOF basis 15, 4 7 3 25, 308 13, 0 6 6 2 2 , 901 11 ,310 2 0 ,851 14 154 23,,695 19,,682 34, 3 0 5 15,,546 30,,169 17,,880 39,,997 17,,022 39,,139 30 54 18 42 ,604 ,218 ,878 ,492 53, 028 64, 2 0 0 21 ,7 5 9 32, 9 3 1 29,,771 30,>366 25,• 0 1 4 25,.609 46,• 9 0 7 46,,986 27 271 27, 3 5 0 12 13 14 15 R e v a l u a t i o n by t y p e of a s s e t Residential structures Nonres. plant 8 equipment Inventories 15, 4 7 3 10, 7 4 9 4, 9 2 7 203 11 ,310 5 ,207 5 ,665 4 38 19, 6 8 2 .018 11 , 6, 8 5 2 1,.812 17,.880 11, 5 1 2 5,,525 843 30 -604 2 0 ,633 9 ,101 870 53, 028 27, 683 24, 479 866 29, 771 21, 9 2 8 10, 7 8 7 -2, 944 4 6 ,,907 16 34, 3 2 8 17 12, 0 0 0 18 5 7 9 19 6,,912 18 .766 2 5 ,841 26, 233 23, 638 33,,957 2 0 -607 -12 - 7 ,850 1 -36 - 8 21 16 17 18 19 + 20 C h a n g e in the v a l u e land h o l d i n g s 21 + Other 22 = Change 23 Net Data 5, 626 revaluations worth are of in -7 1, 8 8 3 net w o r t h outstanding in m i l l i o n s 4,, 0 5 8 of 6 1 6 , 2 2 4 23 dollars. March 1991 Farm 8 N o n c o r p o r a t e B u s i n e s s Farm 8 Noncorporate Business Factors Accounting for C h a n g e in Net W o r t h 71 Annual Flows Annual F l o w s 1979 1977 1980 1981 1982 Farm B u s i n e s s G r o s s i n v e s t m e n t of farm b u s i n e s s s e c t o r , from F l o w of F u n d s A c c o u n t s 1 12,.390 14,>459 16, 2 5 8 18, 058 19 >586 20,952 22,978 23,168 2 3 4 5 19 .088 - 6 • 698 , 1 >814 8 •512 20 -6 2 8 >870 411 >067 >478 26,>235 -9,>977 2, 072 12,>049 14,,138 3,,920 1,,973 - 1 ,,947 24 >116 - 4 >530 1 >854 6 >384 13,805 7.147 1,806 -5,341 4,146 18,832 1,267 -17,565 20,102 3,066 239 -2,827 6 -6 , >129 - 9 >393 - 1 2 >621 - 1 8 ,,728 - 1 0 >797 -12,400 -20,734 - 1 , 3 0 8 + P r o p r i e t o r s ' net i n v e s t m e n t 7 12 ,099 13 >557 15 >343 17 ,591 19 >363 20,455 22-400 8 - 5 >838 - 8 >491 - 1 1 ,>706 - 1 8 ,,261 - 1 0 >574 9 10 11 891 12 >990 12 >099 1 >027 i 14 >584 13,>557 1 >193 16 >536 15 >343 1,,399 18 ,990 17,,591 1 >570 2 0 >933 19 >363 1,680 22,135 20,455 106 22,506 22,400 100 - D e p r e c i a t i o n v a l u a t i o n adj. 22,600 Depreciation charges 22,500 -Cap. consump. allow., NIPA 12 13 14 15 10 17 12 19 >969 ,067 >990 >088 33 39 14 20 >290 >576 >584 >870 18 27 16 26 16 17 18 19 10 4 8 -1 >969 >600 >350 ,981 33 5 15 12 >290 ,546 ,474 >270 18 >034 5 >363 10 >716 1,>955 20 45 >536 8 0 >816 101,>687 21 - >034 ,733 ,536 >235 -21 - 22 49 >776 104 >588 106,,801 23 5 8 2 >611 687,>199 794,• 000 Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s 2 2 , 5 0 0 - C a p i t a l c o n s u m p . a l l o w . , NIPA -640 -20,156 = Net i n v e s t m e n t flow, B a l a n c e S h e e t basis ,021 ,169 >990 >138 11 14 20 24 •553 ,736 >933 >116 5,441 -2-889 22,135 13,805 22,820 4,460 22,506 4,146 4 , 5 4 8 + R e v a l . of p h y s i c a l a s s e t s 2,050 C h a n g e in value 22,600 Depreciation charges 20,102 - G r o s s p u r c h a s e s , FOF basis 31 021 4 • 846 16,.447 9,,728 11 4 15 -8 >553 >549 >702 >698 5,441 -540 6,837 -856 22,820 3,156 12,072 7,592 4,548 2,206 7,997 -5,655 - 1 0 ,,358 -39,077 - 4 ,,071 1 79,,950 - 1 5 ,,020 -47,218 873,,950 8 5 8 930 31 26 18 14 68, 5 8 9 - 1 2 3 4 5 99,009 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories + C h a n g e in the value of land h o l d i n g s 62 + O t h e r r e v a l u a t i o n s 20 21 9 5 , 1 3 9 = C h a n g e in net w o r t h Memo: 2,324 N e t w o r t h outsta, Nonfarm Noncorporate Business 1 31 ,945 2 3 4 5 39 -7 16 23 ,282 >337 ,363 ,700 36 >564 47 -10 20 31 >366 >802 >669 >471 4 2 ,935 4 9 ,850 44 -1 21 23 46 • 594 3 ,256 8 ,888 5 >632 ,312 ,377 >659 ,036 5 7 ,359 71 -14 4 18 ,518 ,159 ,398 ,557 63 ,767 64 ,181 65 -1 5 7 68 -4 32 37 ,212 >445 >589 >034 ,454 ,273 ,786 ,059 6 - 1 3 >865 - 2 2 >796 - 5 3 >321 - 5 8 >845 - 3 8 ,064 - 8 0 ,>311 - 5 9 ,774 7 31 ,945 36,,564 4 2 >935 49, 8 5 0 57,>359 63,,767 64 ,181 G r o s s i n v e s t m e n t of n o n f a r m noncorporate business sector, 67 ,383 from F l o w of F * n d s A c c o u n t s 81 -14 47 62 ,674 ,291 ,977 ,268 2 3 4 5 - 8 6 >850 + P r o p r i e t o r s ' net i n v e s t m e n t 6 67 >383 - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net i n v e s t m e n t flow, - 8 6 >850 B a l a n c e S h e e t basis 8 - 1 3 ,865 - 2 2 ,,796 - 5 3 ,,321 - 5 8 ,,845 - 3 8 ,,064 - 8 0 , 311 9 10 11 - 1 ,440 30 ,505 31 >945 - 1 ,673 34 891 36,,564 - 1 ,,967 40,,968 4 2 ,935 — 2,,308 47, 5 4 2 49,,850 - 2 ,>603 54 >756 5 7 >359 - 2 ,,782 60,,985 63,,767 - 1 >259 62 >922 64 > 181 12 13 14 15 65 74 30 39 ,559 >336 ,505 >282 96, 8 1 3 109 ,288 34,,891 47,,366 >083 >427 >968 >312 132 ,033 131,>085 4 7 >542 4 6 >594 120 >074 136,>836 54,>756 71,,518 36, 309 40, 536 60, 985 65,,212 52 57 62 68 16 17 18 19 65 50 16 -1 >559 >760 >205 >406 96 ,813 66, 5 1 5 30,,478 -180 122,>083 98,,859 19, 191 4,,033 132 033 98, 2 7 0 31, 524 2,,239 120, 074 92,, 2 2 4 34,>925 - 7 , 075 36, 309 788 11, 972 1, 5 4 9 52,,292 48,,284 3,,361 647 66,,966 62, 551 10, 5 2 5 - 6 , 110 20 57,•013 73,»228 91,,947 102, 8 7 7 113,,136 55, 942 69,,190 75, 5 9 2 21 311 22 110,>458 148 ,918 162,,675 23 726,,682 875,,600 1038,,275 122 125 40 44 -1 - Data are in m i l l i o n s of d o l l a r s . - 5 9 >774 >292 >824 >922 >454 - 1 >321 66 • 062 67,>383 7 8 D e p r e c i a t i o n v a l u a t i o n adj. 9 Depreciation charges 10 - C a p . c o n s u m p . a l l o w . , N I P A 11 66 >966 • R e v a l . of p h y s i c a l a s s e t s 12 8 2 ,578 C h a n g e in value 13 66,,062 Depreciation charges 14 81,,674 - G r o s s p u r c h a s e s , F O F basis 15 4 0 =-000 -1 178, 373 237, 749 14, 721 62,,965 57, 025 1216, 648 1454, 397 1469, 118 1532, 083 1589, 108 - 1 Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories + C h a n g e in the value of land h o l d i n g s - 4 • Other revaluations 16 17 18 19 20 21 March 1991 Farm £ N o n c o r p o r a t e B u s i n e s s F a r m £ N o n c o r p o r a t e Business -j 2 Factors Accounting for C h a n g e in Net W o r t h Annual Flows Annual Flows 1985 1986 1987 1988 1989 1990 2 2 ,521 Farm B u s i n e s s 1 G r o s s i n v e s t m e n t of farm b u s i n e s s sector, from Flow of F u n d s A c c o u n t s 2 3 4 5 Capital expenditures Net financial investment Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s 6 + Proprietors' net investment 7 - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net investment flow. 8 B a l a n c e Sheet basis 2 2 ,857 7 ,361 15 ,496 2 ,668 - 1 2 ,828 21 ,839 7 14 3 -10 21,429 21 ,908 ,658 , 181 ,233 ,948 7,223 14,206 2,383 -11,823 4 ,059 17 ,849 3 ,119 - 1 4 ,730 24 ,157 1 9 ,332 13 , 189 2 ,756 - 1 0 ,433 9 ,367 14 ,790 3 ,714 - 1 1 ,076 2 3 4 5 1 ,937 5, 127 - 1 ,804 - 8 ,198 - 1 3 ,438 - 1 5 ,570 6 22 ,000 ,200 21 : 20,500 20 ,536 2 0 ,674 21 ,981 7 -875 - 6 ,826 2 ,794 5,,766 - 1 1 ,591 - 1 3 ,394 8 9 - D e p r e c i a t i o n valuation adj. 10 D e p r e c i a t i o n charges 11 - C a p . consump. allow., NIPA 149 , 149 22 ,000 446 21 • 64 6 21,,200 588 21,088 20,500 -108 20 • 428 20 ,536 -23 2 0 ,651 20 ,674 - 1 ,623 2 0 ,358 21 ,981 10 11 12 + R e v a l . of physical assets 13 C h a n g e in value 14 D e p r e c i a t i o n charges 15 - G r o s s p u r c h a s e s , FOF basis - 1 ,546 - 1 6 , 334 ,149 7 ,361 3- 632 - 1 0 ,• 356 2 1 .646 , 7, 658 12,900 -965 21.088 7,223 16 ,214 -155 20 ,428 4 ,059 , 23 , 158 11,,839 20,• 651 9,,332 8 ,329 ,662 20 , 358 9 • 367 12 13 14 15 - 1 ,546 1 ,404 , 3,,107 -6 i ,057 3, 632 1 ,533 5, 525 - 3 , 426 12,900 3,713 5,994 3,193 16 ,214 1 ,282 , 5 .480 9,,452 23,. 158 3-• 006 18, 688 1 ,4 6 4 8 ,329 111 • 889 11 , - 3 , 671 16 17 18 19 - 7 7 ,,898 - 3 5 , 033 6,521 39,,877 20, 573 39, 981 20 570 515 400 -13 1, 2 6 7 21 37, 8 0 6 22 758, 216 23 16 17 18 19 20 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant £ equipment Inventories + C h a n g e in the value of land h o l d i n g s 21 + Other r e v a l u a t i o n s 22 = C h a n g e Memo: 23 Net worth " in net worth - 7 6 ,,799 - 2 5 , 511 18,473 49, 773 outstanding 645 ,.525 620, 014 638,487 688, 260 32,. 150 720, 4 1 0 9 Nonfarm Noncorporate Business 1 Gross investment of nonfarm n o n c o r p o r a t e business s e c t o r , from Flow of F u n d s A c c o u n t s 73 ,411 79 ,988 8 4 ,696 Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 84,241 -13-739 38,759 52,498 8 8 ,074 -14:• 663 38 •551 53 ,214 71 ,964 , 8,,024 13,. 061 5,.037 70 13 18 4 6 • P r o p r i e t o r s ' net investment -93,119 - 5 5 ,004 - 8 6 ,,010 70,502 73 ,411 79,,988 84 ,696 - 9 3 ,119 - 5 5 ,004 - 8 6 ,010 - 7 3 ,361 2 3 4 5 7 - C a p i t a l c o n s u m p . a l l o w . , NIPA 8 = Net investment flowB a l a n c e Sheet basis 9 10 11 D e p r e c i a t i o n valuation adj. D e p r e c i a t i o n charges - C a p . consump. allow., NIPA 70,502 ,859 •837 ,422 ,595 - 7 3 • 361 96 ,702 96 • 649 1 63 ,778 32,,924 19.,087 - 1 3 ,,837 59.•410 37,,239 15,,140 - 2 2 ,,099 - 7 5 ,,994 - 4 7 ,,085 6 96,,702 96 ,649 7 2 3 4 5 - 7 5 ,994 - 4 7 ,085 8 - 5 ,538 79 , 158 8 4 ,696 - 1 2 ,803 8 3 ,899 96 ,702 - 1 1 ,233 , 8 5 ,416 96,,649 9 10 11 55 ,719 47 • 420 79 , 158 70,859 113 93 83 63 ,642 ,521 ,899 ,778 31 • 766 5 , 760 8 5 ,416 59,,410 12 13 14 15 55 ,719 44,,570 15 • 558 -4,,409 113 102 16 -4 ,642 ,319 ,297 ,974 31 ,766 , 29,,324 5 ,523 - 3 ,•081 16 17 18 19 -26 , • 183 20 - 1 ,389 69, 113 70 ,502 - 1 ,367 72 , 044 73 ,411 12 + R e v a l . of physical assets 13 C h a n g e in value 14 D e p r e c i a t i o n charges 15 - G r o s s p u r c h a s e s , FOF basis 57 72 69 84 ,502 ,630 • 113 ,241 33,,641 49 •671 72 , 044 88,,074 110 106 75 71 16 17 18 19 57 51 12 -5 ,502 ,117 ,250 ,865 33,•641 30,,645 9,,137 - 6 ,, 141 110,,729 88,,384 19 • 8 7 4 2,,471 78 ,209 94 , ,618 75,,177 44 ,604 5 8 ,489 1 -1 -1 - 4 ,,003 1 -2 21 in net worth 43,,982 74,.621 104,,086 28,,497 108,,941 - 3 0 ,,271 22 Memo: 23 Net w o r t h o u t s t a n d i n g 1633,.090 1707, 711 1811 , ,797 1840,,294 1949,,235 1918, 964 23 20 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories + C h a n g e in the value of land h o l d i n g s 21 • Other 22 = C h a n g e revaluations Data are in m i l l i o n s of d o l l a r s . - 4 ,191 75 ,797 79,988 ,729 ,896 ,797 ,964 M a r c h 1991 Nonfinancial Corporate Business Nonfinancial Factors Accounting for C h a n g e in N e t Corporate Business Worth 73 Annual Flows Annual Nonfinancia1 6 ,769 18 •765 • 640 Corporate Business? 12 ,309 15 ,781 18, 0 6 9 - 5 • 760 8 •3 5 7 14, 1 1 7 20 ~4 4 9 •693 912 , 965 ! ,877 Excluding Farms 17 ,978 16 • 3 3 4 21 14 •911 3 ,067 3 516 449 24 -7 16 24 30 , 5 2 6 - 8 772 7• ! 387 16, 159 ,007 -673 •353 ••026 G r o s s i n v e s t m e n t of n o n f i n a n c i a l corporate business sector, 754 1, 0 1 8 1, 0 9 3 1 ,0 0 0 1 -212 , 1 ,2 8 8 2 !107 7,344 -5,263 8,968 -5.899 10,418 -2-152 11,199 1 ,856 12-018 - 4 ,965 13,830 -1,199 2 2 ,380 2 5 .567 - 3 • 187 4,•576 7,,763 Capital expenditures Net financial investment N e t a c q . of f i n a n . a s s e t s - N e t i n c r . in l i a b i l i t i e s 2 3 4 5 2, 3 2 0 Corporate equity issues - Mi n. r i g h t s f r o m U . S . g o v t . 6 7 14,838 - Capital consump.allow., NIPA 1,000 - Inventory valuation adj. 8 9 Net investment Balance Sheet 11 12 13 7,342 7,344 8,968 8,968 10-418 10,418 14 15 16 17 13,907 30-593 7,342 24,028 14,825 29,825 8,968 23,968 18 19 20 21 13,907 13,539 368 11,199 11 ,199 -1 12-017 12,018 13,830 13-830 7,723 20,150 10,418 22,845 1 ,887 3-743 11,199 13,055 9-525 2 6 ,480 12,017 28-972 14,825 151 13,746 928 7,723 -124 6-710 1 ,137 1,887 10 2,732 -855 9,525 -828 9,309 1,044 2,236 3 ,193 2 ,454 1,943 -230 390 1 ,139 74 9 538 1 ,259 721 415 1,075 660 90 100 10 150 184 34 98 154 56 23 24 25 230 26 27 - 28 -4 -4 29 63 -1 81 30 1,684 28, 650 19, 161 467 1,088 621 370 450 80 33 34 35 36 - 1 ,043 17 ,677 5,308 24,028 37 490 38 39 40 41 10 , 3 3 3 10 14 ,839 14 ,838 11 12 13 9,000 26-895 13,830 31,725 3,308 13,036 14,839 24,567 • R e v a l . of p h y s i c a l a s s e t s C h a n g e in v a l u e Depreciation charges - G r o s s purchases (1) 14 15 16 17 9,000 116 9,154 -270 3-308 -361 3-790 -121 R e v a l u a t i o n by t y p e of a s s e t 18 Residential structures 19 Nonres. plant S equipment 20 Inventories (1) 21 C h a n g e in the v a l u e land h o l d i n g s of 22 683 1 ,191 508 890 1,742 852 R e v a l . of f g n . d i r . C h a n g e in v a l u e -Direct investment invest. 177 267 90 155 287 132 R e v a l . of d i r . i n v . C h a n g e in v a l u e -Direct investment in - Other 10,282 in Memo: 275,827 Net worth and net worth (2) U.S. (2) revaluations Change Tangibles 5,706 flow, basis - D e p r e c i a t i o n valuation adj. Depreciation charges - C a p . consump. allow.. NIPA 183,236 32 Flows on 29 net w o r t h 30 outstanding historical cost basis: 6,135 10-569 11 ,230 8, ,8 86 62 2 8 -997 15,300 6,548 22,845 -404 5,316 7,335 13,055 -1,370 19,486 8,116 28,972 -658 22,061 9,006 31,725 -934 13,645 9,988 24,567 302 244 19m 294 321 -261 -2,036 5,308 7,344 - 3 ,,199 5,,769 8 968 -3,870 6,548 10,418 -3,834 7,335 11,1^9 -3,902 8,116 12,018 -4,824 9,006 13,830 9,988 14,838 -230 390 538 4 lb 467 683 890 + Reval. of fgn. dir. invest. 41 90 150 98 370 177 155 - R e v a l . of dir. inv. in 42 - - -1 17 5 23 - , 187 ,012 ,769 ,968 43 63 -1 81 44 7,022 12, 946 12,101 10,106 13,492 16,223 102,592 115,558 127,659 157,745 151,237 167,460 - -2 13,250 = Net = investment flow physical assets (3) C h a n g e in v a l u e Depreciation charges - G r o s s purchases (1) C h a n g e in t h e v a l u e land h o l d i n g s 33 34 35 36 of 37 Depreciation valuation ad]. 38 Depreciation charges 39 -Cap. consump. allow., NIPA 40 + Other U.S. revaluations = Change 180,710 "!t°worth in net worth outstanding CI) Before i n v e n t o r y valuation a d j u s t m e n t . (2) Excludes capital gains. ( 3 ) E f f e c t of d i f f e r e n t t r e a t m e n t of c e r t a i n items in BEA c a p i t a l a c c o u n t s from the t h e N I P A a c c o u n t s in t h e c a l c u l a t i o n of historical-cost investment flows; also r e f l e c t s a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of a s s e t s . are in m i l l i o n s 26 27 28 8,515 42 Data 23 24 25 of dollars. 43 44 March 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business 74 Factors Accounting for Change in Net Worth Annual Flows Annual Flows 1953 1955 1957 1958 1960 Nonfinancial Corporate Business, Excluding Farms 1 2 3 4 5 Gross investment of nonfinancial corporate business sector. from Flow of Funds Accounts Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in liabilities 6 + Corporate equity issues 7 - Min. rights from U.S. govt. 8 - Capital consump.allow., NIPA 9 - Inventory valuation adj. = Net investment flow, 10 Balance Sheet basis 22,095 22,708 25,497 25,940 28 ,353 27,028 31,905 29,184 1 26,028 -3,933 2,298 6,231 23,245 -537 4-864 5,401 32-417 -6,920 16,521 23,441 37,068 -11,128 3,962 15,090 35 ,683 - 7 ,330 4 ,219 11 ,549 27,798 -770 10,792 11 ,562 37,931 -6,026 14,168 20,194 37,619 -8-435 3-922 12,357 2 3 4 5 1,766 1,583 1,719 2,250 2 ,441 1 ,968 2,078 1,365 6 7 25,126 -173 8 9 - ~ 15,851 -1,000 16,763 -300 17-782 -1,750 20,027 -2,675 -1 17,781 1 7,782 -1 20,026 20,027 1 22 ,044 22 ,043 20,026 15,808 35,525 9,010 22 ,043 - 1 ,525 23,052 -250 24,128 -277 10 ,276 6,194 10,132 5,596 10 23,052 23,052 24,128 24,128 1 11 25,127 12 25,126 13 1,886 6,882 23,052 28,048 3,873 17,953 24-128 38,208 -1,429 11,236 25,127 37,792 14 15 16 17 -1,429 239 -1,864 196 18 19 20 21 11 - Depreciation valuation adj. 12 Depreciation charges 13 - C a p . consump. allow., NIPA 15,852 15.851 16.762 16.763 14 + Reval. of physical assets 15 Change in value 16 Depreciation charges 17 - G r o s s purchases (1) 1,845 13,021 15.852 27,028 16,762 23,545 10,552 26,938 17,781 34,167 39,743 6 ,555 21,,719 22, 044 37, 208 1,845 -105 1 ,873 77 1,245 -554 1 ,603 196 10,552 -234 9,765 1,021 15,808 232 15,100 476 6, 555 63 6, 782 290 1,886 -330 1,929 287 3,873 -293 3,678 488 7, 559 6,744 23 > Reval. of fgn. dir. invest 24 Change in value 25 -Direct investment (2) 5,787 5,097 22 797 1,532 735 711 1,378 667 941 1,764 823 1,159 3,110 1,951 447 2 , 889 2 , 442 834 2,015 1,181 26 - Reval. of dir. inv. in U.S 27 Change in value 28 -Direct investment (2) 1,046 2,418 1,372 -902 23 2,038 24 2,940 25 148 306 158 258 382 124 246 443 197 151 383 232 96 251 155 307 4 05 98 251 489 238 - 9 26 306 27 315 28 100 -1 1 -1 -153 1 29 14,833 27,174 35,036 24, 741 15,350 20,-34 8,371 30 333,025 368,061 408,152 428,586 436,957 31 5 ,596 32 18 19 20 21 Revaluation by type of asset Residential structures Nonres. plant & equipment Inventories (1 ) 1,245 8,028 Change in the value of land holdings 29 • Other revaluations 30 = Change in net worth -299 15,191 Memo: 31 Net worth outstanding - Tangibles and net worth on historical cost basis: 32 Net investment flow 33 34 35 36 Valuation adjustment on physical assets (3) Change in value Depreciation charges - G r o s s purchases (1) 37 Change in the value of land holdings 38 39 40 Depreciation valuation adj. Depreciation charges - C a p . consump. allow., NIPA 9 ,010 7 ,828 11 ,184 10 ,838 10 ,276 6 ,194 10 ,132 -708 15-304 - 1 ,387 10 ,033 27 ,028 23 ,545 - 1 ,776 19 ,209 13 ,182 34 ,167 -923 24 ,405 14 39 ,743 - 1 ,275 20 ,233 15 ,700 37 ,208 ,708 9 ,487 16 -853 28 ,048 -736 19 ,547 17 ,925 38 ,208 552 345 -4, 835 11, 016 15, 851 -4, 638 12, 125 16, 763 655 - 4 • 600 13,, 182 17,,782 -611 18 ,054 19 ,127 37 ,792 33 34 35 36 1,,212 745 1 ,514 1 ,607 1,,519 37 -5,,612 14, 415 20, 027 -6, 343 15,,700 043 - 6 ,199 16 853 23, 052 - 6 203 17, 925 24, 128 -5,,999 38 19, 127 39 25, 126 40 41 Reval. of fgn. dir. invest. 797 711 941 1, 159 447 834 42 1, 046 Reval. of dir. inv. in U.S. - 9 0 2 41 148 258 246 151 96 307 251 Other revaluations - 9 42 299 - 100 -1 1 -1 153 1 43 15, 458 17, 746 16, 441 12, 725 17,848 11, 611 44 43 44 Change in net worth 14, 039 «S Net°w.rth o u t s t a n d i n , (1) Before inventory valuation adjustment. (2) Excludes capital gains. (3) Effect of different treatment of certain items in BEA capital accounts from the the NIPA accounts in the calculation of historical-cost investment flows: also reflects adjustments for intersectoral transfers of assets. Data are in millions of dollars. 11,8 7 7 2 0 6 l 6 2 6 222t „8< 2 , ^ „ 286 ,8<< March 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business Factors Accounting for C h a n g e in Net Worth 75 Annual F l o w s Annual Flows 1966 Nonfinancial Corporate Business, Excluding Farms G r o s s i n v e s t m e n t of n o n f i n a n c i a l corporate business sector, from F l o w of F u n d s A c c o u n t s 1 31,875 38,513 38 ,917 4 2 ,740 2 3 4 5 36,520 - 4 ,645 14,248 18,893 43-453 - 4 ,940 12,476 17,416 44 ,775 - 5 ,858 15 ,694 21 ,552 49 ,746 - 7 ,006 14 ,860 21 ,866 6 7 2,121 369 -341 1 ,145 8 9 25,876 271 26,823 26 2 7 ,998 54 29 ,445 -494 31 ,459 - 1 ,245 34 ,284 - 2 ,107 37 ,563 - 1 ,554 41 ,427 - 3 ,651 10 7,849 12,033 10 ,524 14 ,934 19 ,422 25 ,675 23 ,690 20 ,232 -1 2 7 ,997 27 ,998 -1 29 ,444 29 ,445 31 ,459 31 ,459 -1 34 ,283 34 ,284 1 37 ,564 37 ,563 -1 41 ,426 41 ,427 D e p r e c i a t i o n v a l u a t i o n adj. 11 D e p r e c i a t i o n charges 12 - C a p . c o n s u m p . a l l o w . , NIPA 13 4 25 29 50 6 38 31 62 13 56 34 77 13 48 37 73 25 ,136 62 ,990 41 ,426 79,,280 R e v a l . of physical a s s e t s C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s (1) R e v a l u a t i o n by type of asset 18 Residential structures 19 N o n r e s . plant 8 e q u i p m e n t 20 I n v e n t o r i e s (1) 21 4 9 , 664 61 -11 21 33 - - 56 ,593 57 ,302 444 ,780 ,808 ,588 75 ,557 - 1 8 ,964 16 ,744 35 ,708 71 ,559 - 1 4 ,257 16 ,426 30 ,683 -28 1 ,259 2 ,397 - - - 59 ,497 76 -17 30 48 ,959 -462 ,790 ,252 -159 1 ,330 11 12 13 25-876 25,876 -1 26,822 26,823 14 15 16 17 -419 9,954 25,876 36,249 -232 16,373 26,822 43,427 1 ,584 18 ,308 27 ,997 44 ,721 18 19 20 21 -419 -188 -1,204 973 -232 -306 575 -501 1 ,584 -279 585 1 ,278 • 4 ,771 182 3 544 1,,045 6 ,898 -116 6,,931 83 13,,286 868 12,,183 235 13,,283 -520 12,,370 1 ,433 < 25, 136 1,,013 22,• 526 1, 5 9 7 22 5,622 1,916 1,,973 3,,091 3,,251 3,,654 234 1 23 24 25 198 2,852 2,654 -292 2,559 2,851 -23 3,• 4 6 0 3 !4 8 3 -15 3 •744 3, 759 -17 4,,803 4,-820 -3 ! ,101 1.,724 4, 8 2 5 -38 4,,322 4, 360 26 27 28 171 482 311 -126 220 346 97 419 322 20 434 414 -169 257 426 171 869 698 101 332 231 .771 ,567 ,444 ,240 ,898 ,128 ,459 ,689 ,286 ,667 ,283 ,664 ,283 ,832 ,564 ,113 Capital expenditures Net financial i n v e s t m e n t Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s M i n . r i g h t s from U.S. govt. C a p i t a l c o n s u m p . a l l o w . , NIPA Inventory valuation adj. ' Net i n v e s t m e n t flow. B a l a n c e S h e e t basis 8 9 10 14 15 16 17 C h a n g e in the value of land h o l d i n g s 22 53 3, 2 1 8 3, 165 R e v a l . of fgn. dir. i n v e s t . C h a n g e in value - D i r e c t i n v e s t m e n t (2) 23 24 25 84 892 808 R e v a l . of dir. inv. in U.S. C h a n g e in value - D i r e c t i n v e s t m e n t (2) 26 27 28 Other revaluations 29 C h a n g e in net w o r t h 30 29 -102 -7 45 222 27 -45 87 772 30 12,977 13,545 14, 003 22, 907 29, 561 39, 639 37, 084 4 6 , 111 31 449,934 463,479 477, 482 500, 389 529, 950 569, 589 606, 673 652, 784 T a n g i b l e s and net w o r t h on h i s t o r i c a l cost basis: 23,690 33 34 35 36 211 16 ,105 2 0 ,355 36 ,249 -1,648 20,195 21,584 43,427 -277 21 ,478 2 2 ,966 4 4 ,721 -300 25 ,441 24 -499 5 0 ,240 ,562 34 ,763 26 ,364 62 ,689 37 2 ,054 1,858 1 ,858 1 ,988 2 ,576 2 ,349 38 39 40 - 5 ,,521 20,,355 25,,876 -5,239 21,584 26,823 - 5 ,032 ,966 2 7 ,998 - 4 ,946 24 ,499 29,,445 - 5 ,095 26 ,364 31,,459 - 5 ,644 28 ,640 34,,284 -2 46 28 77 ,421 ,603 ,640 ,664 -1 40 31 73 ,435 ,551 ,127 ,113 2 0 , 2 3 2 = Net i n v e s t m e n t flow -1 43 33 79 ,598 -994 ,688 ,280 + V a l u a t i o n a d j u s t m e n t on p h y s i c a l assets (3) C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s (1) 33 34 35 36 • C h a n g e in the value of land h o l d i n g s 37 2 ,175 2 ,290 - 6 ,• 436 31. 127 37,,563 - 7 ,739 33 ,688 41,,427 41 198 -292 -23 -15 -17 - 3 ,,101 -38 55 42 171 -126 101 97 20 -169 171 84 D e p r e c i a t i o n valuation adj. 38 Depreciation charges 39 - C a p . c o n s u m p . a l l o w . , NIPA 4 0 43 102 -7 45 222 27 -45 87 772 43 44 15, 5 6 0 17,309 17, 058 21, 678 25, 521 28, 2 7 0 30, 744 29, 4 0 4 44 45 314, 015 331,324 348, 382 370, 060 395, 581 4 2 3 , 851 454, 595 483, 999 C1) B e f o r e i n v e n t o r y valuation a d j u s t m e n t . (2) E x c l u d e s c a p i t a l gains. C3) E f f e c t of d i f f e r e n t treatment of c e r t a i n items in BEA c a p i t a l a c c o u n t s from the the NIPA a c c o u n t s in the c a l c u l a t i o n of h i s t o r i c a l - c o s t i n v e s t m e n t flows; also r e f l e c t s a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of a s s e t s . Data are in m i l l i o n s of d o l l a r s . M a r c h 1991 Nonfinancial Corporate Business N o n f i n a n c i al Corporate Business 76 Factors Accounting for C h a n g e in Net W o r t h Annual F l o w s Annual Flows 1971 1973 1976 Nonfinancial Corporate Business, Excluding Farms 1 2 3 4 5 G r o s s i n v e s t m e n t of n o n f i n a n c i a l corporate b u s i n e s s s e c t o r , from F l o w of F u n d s A c c o u n t s Capital expenditures Net financial i n v e s t m e n t Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 6 + C o r p o r a t e equity issues 7 - Min. rights from U.S. govt. 8 - C a p i t a l c o n s u m p . a l l o w . , NIPA 9 - Inventory valuation adj. 10 = Net investment flowB a l a n c e S h e e t basis 11 - D e p r e c i a t i o n v a l u a t i o n adj. 12 Depreciation charges 13 - C a p . c o n s u m p . a l l o w . . NIPA 65 ,594 60 ,597 70,364 79,386 69,926 101,666 120,272 138 ,308 1 ,704 ,110 ,684 ,794 8 0 ,897 - 2 0 ,300 18 ,728 39 ,028 86,426 -16,062 36,677 52,739 96,316 -16,930 50-089 67,019 120-542 -50,616 70-709 121 ,325 138,920 -37,254 52,479 89,733 109-885 10,38 7 41 ,145 30,758 155 ,370 -17 53 70 ,524 2 5 3 ,406 5 ,694 329 11 ,435 717 10,922 912 7,883 3,168 4,097 6,490 9,908 1,323 10 ,524 3 ,973 6 7 45 ,351 - 5 ,870 49 ,798 - 6 ,552 54,701 -4,584 59,952 —6,610 65,023 -20,022 75-995 -39,457 91,338 -10,952 101 ,605 -14,911 8 9 29 ,475 22 ,716 30,965 36,054 29,640 62,735 48,471 58,165 10 -1 65,022 65,023 75-995 75,995 -3 91,335 91,338 - 1 11 101 ,604 12 101 ,605 13 84 -19 31 50 54,701 54,701 -2 59,950 59,952 14 + R e v a l . of physical assets 15 C h a n g e in value 16 D e p r e c i a t i o n charges 17 - G r o s s p u r c h a s e s (1) 26 ,689 71 • 8 6 8 45 >351 90,,530 28 66 49 87 ,982 ,305 ,797 ,120 34,573 70-165 54,701 90,293 29,383 71,447 59,950 102,014 56,797 129,171 65,022 137,396 169,347 265,239 75-995 171,887 93,294 121 ,473 91,335 119,514 73 ,168 137 ,872 101 .604 166,,308 14 15 16 17 18 19 20 21 26, 689 308 22, 779 602 982 431 30, 038 -1, 487 34,573 1-053 33,093 427 29,383 1,688 25,874 1 ,821 56,797 2,423 45,623 8 , 751 169,347 2,365 150,562 16,420 93,294 656 88,007 4,631 73, 168 357 67,312 5, 499 18 19 20 21 22 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant £ e q u i p m e n t Inventories (1) + C h a n g e in the value of land h o l d i n g s CO 45 ,351 45 ,351 -1 49 ,797 49 ,798 — - 3, 633 2, 632 2,951 8,325 12,343 22,785 5,901 13, 729 22 23 + R e v a l . of fgn. dir. i n v e s t . 24 Change in value 25 - D i r e c t i n v e s t m e n t (2) 226 5 ,157 4, 931 203 6, 565 6, 768 -338 6,119 6,457 -629 5, 115 5,744 82 10,212 10,130 -287 8,649 8,936 -272 13,776 14,048 8 1 0 23 12, 443 24 11, 633 25 26 - R e v a l . of dir. inv. in U.S. 27 C h a n g e in value 28 - D i r e c t i n v e s t m e n t (2) 260 003 1, 263 -12 1 ,4 5 2 1 ,464 276 644 368 6 954 948 2,888 5,688 2,800 -173 4,588 4,761 -85 2,518 2,603 — 1 •238 26 3, 108 27 4, 346 28 29 • Other revaluations 148 -50 1 ,928 1,571 11,548 30,103 -607 4, 024 29 in net w o r t h 60, 135 5 4 , 090 69,803 74,700 107,523 284-856 146,875 151 ,135 30 31 Net worth o u t s t a n d i n g 712, 919 767, 009 836,812 911-512 1019,035 1303,891 1450,766 1601 ,901 31 58 ,165 32 30 = Change - T a n g i b l e s and net worth on h i s t o r i c a l cost basis: 32 = Net investment flow 33 34 35 36 + V a l u a t i o n a d j u s t m e n t on physical assets (3) Change in value Depreciation charges - G r o s s p u r c h a s e s (1) 37 + Change in the value of land holdings 29 ,475 22 ,716 30 ,965 36 ,054 29 ,640 62 ,735 48,471 -759 53 • 044 36 ,727 90 ,530 - 2 ,396 44 ,834 39 ,890 8 7 ,120 - 4 ,119 43 ,205 4 2 ,969 90 ,293 275 55 ,464 46 ,825 102 ,014 -207 8 6 -429 50 ,760 137 ,396 6 ,864 123 -071 55 ,680 171 ,887 5,863 64,361 61,016 119,514 - 1 ,507 98 ,002 66 ,799 166 ,308 33 34 35 36 4 ,258 1 ,652 1 ,935 2 ,871 4 ,518 - 8 ,624 36,,727 45 ,-351 - 9 ,908 39 ,890 49 ,798 - 1 1 ,732 42 ,969 5 4 ,701 - 1 3 ,127 46 ,825 59:,952 - 1 4 ,263 5 0 ,760 65 ,023 41 + R e v a l . of fgn. dir. i n v e s t . 226 -203 -338 -629 82 -287 -272 8 1 0 41 4 2 - R e v a l . of dir. inv. in U.S. 260 -12 276 6 2, 8 8 8 -173 -85 - 1 ,.238 42 38 - D e p r e c i a t i o n valuation adj. 39 Depreciation charges 40 - C a p . c o n s u m p . a low., NIPA 43 + Other r e v a l u a t i o n s 3 ,889 - 2 0 ,,315 55, 680 75,> 995 1,178 1 ,514 37 -30,322 61,016 91,338 - 3 4 ,806 38 66 ,799 39 101 ,605 40 148 -50 1, 928 1 :571 11, 5 4 8 30- 103 -607 4, 024 43 44 = C h a n g e in net worth 41 ,936 31 ,639 41 ,8 2 7 53, 2 6 3 56, 956 123, 792 85,040 99, 050 44 Memo: 45 Net worth o u t s t a n d i n g 5 2 5 , 935 557, 574 5 9 9 , 401 652, 664 709, 620 833, 412 918,452 1017, 5 0 2 45 (1) B e f o r e inventory v a l u a t i o n a d j u s t m e n t . (2) E x c l u d e s capital g a i n s . (3) Effect of different treatment of certain items in BEA capital a c c o u n t s from the the NIPA a c c o u n t s in the c a l c u l a t i o n of h i s t o r i c a l - c o s t investment flows: also r e f l e c t s a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of a s s e t s . Data are in m i l l i o n s of d o l l a r s . March 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business Factors Accounting for Change in Net Worth 77 Annual Flows Annual Flows Nonfinancial Corporate Business. Excluding Farms Gross investment of nonfinancial corporate business sector, from Flow of Funds Accounts 1 148 ,241 195 638 242 ,570 221,,042 246 ,642 244 ,244 260 ,880 319 ,414 2 3 4 5 179 -31 62 93 217 -22 107 129 ,661 ,023 667 ,690 238 ,939 3 ,631 129 ,758 126 , 127 243 ,677 • 635 98,,412 121, 04 7 286 300 - 3 9 ,658 97,,022 136,,680 256 -11 46 58 270 -9 122 131 ,546 ,666 ,080 , ,746 369 ,678 - 5 0 ,264 105 ,233 155,,497 Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in liabilities - 7 • 836 4,, 745 10, 375 4, 997 -13,-450 4,.847 1 ,900 7 ,791 20, 000 7,,785 - 7 8 975 7,,902 Corporate equity issues 170, 927 - 4 3 , 129 198 403 - 2 4 , 189 220, 973 -10, 350 227, 745 -10, 900 238, 053 -5, 8 0 0 ,271 ,030 ,565 ,595 6 7 2.,727 2 • 470 -101 1 973 8 9 113,• 615 - 1 6 637 129, 499 - 2 5 , 298 149, 257 -43,,175 ,110 ,866 • 996 ,862 NIPA Net investment flow, Balance Sheet basis 11 8 9 10 13 113,615 113,615 129,500 129.499 149.256 149.257 -1 170.926 170.927 14 15 16 17 95,994 175,817 113,615 193,438 166,051 277,537 129.500 240,986 147,403 275,516 149,256 277,369 208,381 319,264 170,926 281,809 214,529 321,767 198,404 305,642 18 19 20 21 95 ,994 827 8 7 ,287 7 ,880 166 ,051 3 ,632 145 ,886 16 ,533 147 ,403 3 ,992 118 ,948 24 ,463 208 ,381 4 ,428 186 ,245 17 ,708 214 ,529 4 ,650 192 ,627 17 ,252 76 ,385 - 1 ,040 81 ,447 - 4 , 022 33 ,200 2 ,083 27 ,450 3 ,667 69 ,881 1 ,823 58 ,817 9 ,241 Revaluation by type of asset 18 Residential structures 19 Nonres. plant £ equipment 20 Inventories (1) 22 22 ,601 34 ,297 32 ,018 50 ,703 51 ,871 30 ,993 24 ,445 38 ,978 Change in the value of land holdings 23 24 25 - 2 ,709 8 ,799 11 ,508 286 16 ,379 16 ,093 -346 26 ,479 26 ,825 6 ,671 30 ,227 23 ,556 3 ,774 16 ,359 12 ,585 -21 ,674 -11 ,479 10 ,195 - 7 ,236 2 ,587 9 ,823 - 7 ,371 6 ,007 13 ,378 Reval. of fgn. dir. invest. Change in value -Direct investment (2) 23 24 25 26 27 28 97 3 ,825 3 ,728 24 7 ,876 ,852 178 ,991 11 ,813 13 ,269 28 ,584 15 ,315 372 25 ,668 25 ,296 2 ,153 15 ,963 13 ,810 863 12 ,382 11 ,519 1 ,954 27 ,522 25 ,568 Reval. of dir. inv. in U.S. Change in value -Direct investment (2) 26 27 29 -724 598 3,,641 - 7 ,790 4 ,538 4 ,990 - 2 0 ,829 - 2 ,683 Other revaluations 29 30 166 ,585 290 ,570 306 ,446 343 ,319 328 ,470 116 ,249 84 ,947 97 ,145 Change in net worth 30 31 1768,,486 2059,,056 2365,,502 2708 ,821 3037,,291 3153 ,560 3238,,507 3335 ,652 32 51,,520 89, 363 123, 907 98,1 622 54, 131 27,.730 56, 250 284 = Net investment flow 32 33 34 35 36 904 120, 339 74, 003 193, 438 1 •145 159, 120 83, 011 240, 986 12 7 198,404 198-403 220,975 220-973 20 227,765 227,745 -10 238,043 238,053 Depreciation valuation adj. 11 Depreciation charges 12 - C a p . consump. allow., NIPA 13 76,385 114,079 220,975 258,669 33,200 79-096 227,765 273,661 69,881 199,414 238,043 367,576 Reval. of physical assets Change in value Depreciation charges - G r o s s purchases (1) 14 15 16 17 28 Tangibles and net w 6, 235 189, 273 94, 331 277, 369 6, 725 182, 129 106, 405 281, 809 13, 793 199, 712 119, 723 305, 642 - 1 0 , 675 114, 148 133, 846 258, 669 - 1 , 255 125, 127 147, 279 273, 661 7, 559 213, 331 161, 804 367, 576 8 , 504 37 2, 936 4, 222 3, 615 6, 570 7,854 5, 442 7, 670 38 39 40 -39,612 74,003 113,615 -46,488 83,011 129,499 -54,926 94,331 149,257 -64,522 106,405 170,927 -78,680 119,723 198,403 -87,127 133,846 220,973 -80,466 147,279 227,745 + Valuation adjustment on physical assets (3) Change in value Depreciation charges - G r o s s purchases (1) 33 34 35 36 • Change in the value of land holdings 57 - 7 6 , 2 4 9 - Depreciation valuation adj. 38 161,804 Depreciation charges 39 238,053 - C a p . consump. allow., NIPA 40 41 -2,709 286 -346 6*671 3,774 -21,674 -7,236 -7,371 • Reval. of fgn. dir. invest. 41 42 97 24 178 13,269 372 2,153 863 1,954 - Reval. of dir. inv. in U.S. 42 43 -724 598 5,641 -7,790 4,538 4,990 -20,829 - 2 , 6 8 3 • Other revaluations 43 44 91,442 142,078 191,800 162,051 162,398 90,787 114,203 80,588 = Change in net worth 44 1442,822 1604,873 1858,058 1972,261 2052,849 Net worth outstanding 45 45 1251,02 (1) Before inventory valuation adjustment. (2) Excludes capital gains. (3) Effect of different treatment of certain items in BEA capital accounts from the the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. Data are in millions of dollars. Morch 1991 Nnnfinancial Corporate Business N o n f i n a n c i a l Corporate B u s i n e s s y g Factors Accounting for C h a n g e in N e t Worth Annual Flows Annual F l o w s 1985 1986 1987 1988 1989 1990 Nonfinancial Corporate Business, Excluding Farms 1 G r o s s i n v e s t m e n t of n o n f i n a n c i a l corporate b u s i n e s s s e c t o r , from Flow of F u n d s A c c o u n t s 321,233 301 ,337 Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 341 ,202 -19,969 83,895 103,864 330 -29 150 179 6 + C o r o o r a t e equity issues 7 - Mir.. rights from U.S. govt. - 8 4 ,500 4,376 - 8 4 • 9 75 7 ,194 - 7 5 ,500 2 ,936 - 1 2 9 -500 3 ,307 - 1 2 4 ,150 2 ,398 8 - C a p i t a l c o n s u m p . a l l o w . , NIPA 9 - Inventory valuation adj. 250,497 - 1 ,675 265 ,290 6 ,750 2 7 9 ,602 - 1 9 ,425 2 9 5 ,269 - 2 6 ,975 -16,465 - 6 2 ,872 6 ,694 -27 250,470 250,497 -75 265 ,215 2 6 5 ,290 -94 279 ,503 279 ,602 30,128 118 , 159 250,470 338,501 74 126 265 316 ,780 , 022 ,215 ,457 111 203 279 370 30,128 1,971 23,859 4 ,298 74,780 - 1 ,203 , 76 , 790 -807 111 2 97 12 30,740 6,046 15,730 9,684 -459 20,032 20,491 2 5 4 5 10 = Net i n v e s t m e n t flow. Balance S h e e t basis 11 12 13 D e p r e c i a t i o n valuation adj. [depreciation charges - C a p . c o n s u m p . a l l o w . , NIPA 14 + R e v a l . of physical assets Change in value 15 D e p r e c i a t i o n charges 16 - G r o s s p u r c h a s e s (1) 17 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant £ equipment Inventories (1) 18 19 20 21 • C h a n g e in the value of land h o l d i n g s 23 + R e v a l . of fgn. dir. Change in value 24 - D i r e c t investment 25 invest. 26 27 28 in U.S. Reval. of dir. inv. Change in value - D i r e c t investment 29 + Other (2) revaluations 30 = Change Memo: 31 Net worth 337 ,879 355 ,773 376 ,339 1 378 -40 116 156 382 -26 106 132 366 ,298 10 ,041 112 ,806 102 ,765 2 3 4 5 - 6 3 • 000 3 ,483 6 7 315 ,433 - 2 1 ,674 328 .130 - 1 3 ,623 8 9 — 6 3 ,222 - 6 4 ,534 - 4 ,651 10 -140 295 , 129 295 ,269 -235 315 ,198 315 ,433 - 1 ,042 327 ,088 328 •130 11 12 13 ,988 ,043 ,508 ,563 123 ,796 230:,670 2 9 5 , 129 402,,003 126 212 315 401 94 ,206 143 •556 327 ,088 376,438 14 15 16 17 ,988 ,522 ,211 ,255 123,, 796 685 103., 744 19,,367 126 ,408 5 , 362 113 ,170 7,876 94 , ,206 1 ,917 • 8 3 • 051 9 .258 18 19 20 21 31,928 26 ,609 23 • 8 0 5 26 ,228 14 ,099 22 12 •293 ! 24,,682 , 38 9 12 ! 24 ,669 5 0 ,659 25 ,990 3,, 144 16,,466 13,, 322 10 ,132 33,,826 23,• 694 1 ,, 152 45,,609 44 •457 23 24 25 -345 35 , . 799 36,-144 4 ,111 51 ,376 47,265 -507 57,,063 57 5 7 0 2,,289 71 , 966 69, 677 -859 33 ,404 34, 263 26 27 28 ,074 ,767 ,507 ,274 ,335 ,456 ,308 ,764 ,234 ,461 ,223 ,684 ,408 ,720 ,198 , ,510 -884 4 ! ,299 - 2 8 ,809 ,869 11 , -1 , ,471 - 1 4 , 354 29 in net worth 50,051 60, 8 4 8 137 ,134 100, 039 94 , ,709 92, 353 30 outstanding 3385,703 3583 ,685 3683, 724 3870, 786 31 T a n g i b l e s and 32 = Net (2) 345 ,307 354 -8 112 121 ,401 • 064 ,769 ,833 net worth investment 3446,• 551 3778,• 433 on historical cost flow 33 34 35 36 + V a l u a t i o n a d j u s t m e n t on physical assets (3) Change in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s (1) 37 • Change in the value of land holdings 38 - D e p r e c i a t i o n valuation adj. 39 D e p r e c i a t i o n charges 40 - C a p . c o n s u m p . a l l o w . , NIPA -16,465 -62, 7,066 167,118 178,449 338,501 9, 478 131, 791 194,. 144 316,• 457 11,677 -72,048 178-449 250,497 6,.074 . 146 -71 , 194,• 144 265, 290 • 6 ,694 9 ,711 171 ,706 2 0 8 ,568 370,,563 - 6 3 ,• 2 2 2 — 64 , ,534 - 4 ,,651 32 21, 276 199, 979 223, 300 402, 003 16, 197 177, 8 5 0 239, 8 5 7 401 ,,510 12,,576 137, 168 251, 8 4 6 376, 4 3 8 33 34 35 36 8 ,473 9, 066 9,• 701 10,,380 37 - 7 1 ,034 208,,568 279,,602 - 7 1 , 969 223, 300 295, 269 - 7 5 ,,576 239 857 315-• 433 - 7 6 , 284 251 ,.846 328, 130 38 39 40 41 + R e v a l . of fgn. dir. invest. 6,046 12,,293 24,,669 10,,132 1,, 152 41 4L - R e v a l . of dir. inv. in U.S. -459 -345 4,,111 -507 2,,289 -859 42 43 + Other r e v a l u a t i o n s -884 4, 299 - 2 8 ,,809 11 ,8 6 9 - 1 ,,471 - 1 4 , 354 43 in net worth 79,947 40, 763 87,,661 54,,609 43,,312 82,,246 44 Memo: 45 Net worth o u t s t a n d i n g 2132,796 2173, 559 ,220 2261 , 2315, 8 2 9 2359,,141 2441 ,,387 45 44 = Change (1) Before inventory v a l u a t i o n a d j u s t m e n t . (2) E x c l u d e s capital gains. (2) Effect of different treatment of certain items in BEA capital accounts from the the NIPA accounts in the c a l c u l a t i o n of h i s t o r i c a l - c o s t i n v e s t m e n t flows; also r e f l e c t s a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of a s s e t s . Data are in m i l l i o n s of d o l l a r s . 3,. 144 March 1991 Private Financial Institutions Private Financial Factors Accounting Institutions for C h a n g e in Net W o r t h 79 Annual Flows Annual Flows 1947 1948 Private Financial 1949 1950 Institutions 1,267 1,007 1 ,243 1,216 2,108 1-181 1,993 G r o s s i n v e s t m e n t of p r i v a t e f i n a n c i a l i n s t i t u t i o n s , from F l o w of F u n d s A c c o u n t s 1 236 1,031 -2,354 -3,385 273 734 12,170 11,436 299 944 10,275 9,331 333 883 12,883 12,000 391 1,717 20-564 18,847 434 747 20-460 19,713 379 1,614 26,573 24,959 Capital expenditures Net financial i n v e s t m e n t Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 2 3 4 5 108 88 82 31 118 207 254 191 175 + C o r p o r a t e 314 340 - C a p i t a l c o n s u m p . a l l o w a n c e s 1,828 9 10 11 12 13 14 15 16 17 18 equity i s s u e s = Net i n v e s t m e n t flow, B a l a n c e S h e e t basis - R e v a l . of life insur. and 7 p e n s i o n fund r e s e r v e s 6-662 C h a n g e in value 6,655 - N e t c l a i m s issued 6 7 8 9 10 11 3,527 3,527 3,975 3,975 ,263 ,263 4,452 4,452 5,055 5,055 5,411 5,411 -249 33 -94 115 209 7 103 96 1,228 282 1 ,555 327 35 274 239 -160 137 297 - 8 1 - R e v a l . of m u t u a l fund shares 12 450 C h a n g e in value 13 531 - S h a r e s issued 14 56 85 207 236 59 105 227 273 163 3 71 265 333 194 310 275 391 275 395 314 434 110 • R e v a l . o f r e p r o d u c i b l e assets 15 149 C h a n g e in value 16 340 Depreciation charges 17 379 - G r o s s p u r c h a s e s , FOF basis 18 208 254 299 31 1 ,628 120 • C h a n g e in the value of land h o l d i n g s 19 -147 153 300 -66 348 414 -73 288 361 2,506 878 358 1,347 989 23 -10 130 — 64 34 52 -118 - 1 1 9 • Other revaluations 23 24 1,330 1,118 1,126 1,431 2,571 1,560 2 , 1 5 5 = C h a n g e in net w o r t h 24 Memo: 3 2 , 4 1 0 Net w o r t h o u t s t a n d i n g 25 20 21 Data are m i l l i o n s of d o l l a r s . 845 725 231 • R e v a l . of c o r p . e q u i t i e s held 2 0 1,609 C h a n g e in value 21 1,378 -Net purchases 22 M a r c h 1991 Private Financial Institutions Private Financial 80 Factors Accounting Institutions for C h a n g e in Net W o r t h Annual Flows Annual Flows 1953 1954 1955 1956 Private Financial 1 G r o s s i n v e s t m e n t of p r i v a t e financial i n s t i t u t i o n s , from F l o w of F u n d s A c c o u n t s 2 ,080 3 407 2 3 4 5 Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s 609 1 ,471 ,864 21 ,393 647 2 760 2 8 ,882 26 ,122 2 ,355 848 1 ,507 28 • 612 2 7 ,105 1957 1958 1959 1960 3 ,467 1 984 2 ,483 38 .603 36 , 120 2 3 4 5 Institutions 2 ,216 1 ,823 3 ,070 2 ,709 824 1 ,392 25 ,329 23 ,937 861 962 26 ,696 25 ,734 830 2 ,240 38 ,389 36 ,149 1 ,006 1 ,703 32 ,573 30 ,870 6 • C o r p o r a t e e q u i t y issues 202 334 52 329 339 202 267 201 6 7 - Capital consump. allowances 361 394 419 486 532 557 587 629 7 1 ,921 3 ,347 1 ,988 2 ,059 1 ,630 2 ,715 2 ,389 3 ,039 8 4 7 ,262 7 ,258 53 7 ,758 7 ,705 2 ,265 10 ,273 8 ,008 5 8 ,348 8 ,343 -662 8 ,304 8 ,966 2 ,733 12 ,121 9 ,388 1 ,246 12 ,122 10 ,876 88 9 10 • 634 10 10 ,546 11 12 - R e v a l . of m u t u a l fund s h a r e s 13 C h a n g e in value 14 - S h a r e s issued -193 215 408 1 ,441 1 ,963 522 949 1,,729 780 159 • 1 ,208 1,,049 - 1 ,,402 -332 1 • 070 2,,931 4 527 1,,596 879 2.,577 1 ,698 -175 12 208 13 1, 383 14 15 + R e v a l . o f r e p r o d u c i b l e a s s e t s 16 C h a n g e in value 17 Depreciation charges 18 - G r o s s purchases, FOF basis 10 258 361 609 3 256 394 647 234 663 419 848 365 703 486 824 8 = Net i n v e s t m e n t flow, B a l a n c e S h e e t basis - R e v a l . of life insur. and 9 p e n s i o n fund r e s e r v e s 10 C h a n g e in value 11 - N e t c l a i m s issued 19 • C h a n g e in the value of land h o l d i n g s 2 0 • R e v a l . of c o r p . e q u i t i e s held C h a n g e in value 21 -Net purchases 23 • O t h e r r e v a l u a t i o n s 24 = C h a n g e in net w o r t h Memo: 25 Net w o r t h o u t s t a n d i n g D a t a are in m i l l i o n s of d o l l a r s . 89 418 532 861 66 339 557 830 67 486 587 1 • 006 79 116 147 196 200 212 208 -263 1 •075 1, 338 3,,290 4 787 1,.497 4, 932 6, 4 1 6 1 •4 8 4 333 1 ,8 0 2 1' 4 6 9 - 2 , 696 416 2, 2 8 0 8, 431 10- 8 3 1 2, 4 0 0 2,,952 6,.273 3,,321 5 8 15 4 1 3 16 629 17 984 18 205 19 175 2 0 3, 605 21 3, 4 3 0 22 -6 -350 -127 -92 368 -368 72 - 4 7 23 1, 930 4, 912 3, 960 2, 697 919 5, 392 3,,563 3, 5 1 7 24 5 9 , 3 0 0 25 March 1991 Private Financial Institutions Private Financial Institutions Factors Accounting for Change in Net Worth 81 Annual Flows Annual Flows Private Financial Institutions 12 13 14 15 16 17 18 1 3,695 4,163 1,770 3,635 2,744 2 ,519 941 2,754 48,802 46,048 1,251 2,912 56-631 53,719 1,108 662 57,044 56,382 1,700 1,935 66,505 64,570 1,965 779 71,551 70,772 1,• 913 606 58,.319 57, 713 434 240 339 172 27 76 80 659 697 762 834 939 1, 056 1 ,212 1,454 - Capital consump. allowances 7 2 ,060 = Net investment flow, 3,681 Balance Sheet basis 8 1 ,539 9 10 11 3,,192 Gross investment of private financial institutions, from 4,509 Flow of Funds Accounts 4 ,201 15 ,275 11 ,074 3 ,724 5 • 849 2 ,125 165 447 659 941 11,091 15,146 4,055 2,,108 1 ,084 82 ,274 81 ,190 3,293 1,216 96,251 95,035 Capital expenditures Net financial investment Net acq. of finan. assets - N e t incr. in liabilities 626 + Corporate equity issues - Reval. of life insur. and 6,590 pension fund reserves 25,210 Change in value 18,620 - N e t claims issued 2 3 4 5 6 9 10 11 - 3 ,274 8 ,632 11 ,906 3 ,926 16 ,508 12 ,582 4,064 19,092 15,028 4.103 19-640 15,537 -5, 000 12, 967 17, 967 8 ,396 25 ,755 17 ,359 - 3 ,265 - 1 ,604 1 ,661 2 ,543 3:,943 1,,400 1,896 3,902 2,006 2,884 6.104 3,220 -4, 025 -391 3, 634 6 ,943 9 ,478 2 ,535 2,109 - Reval. of mutual fund shares 12 6,925 Change in value 13 4,816 - S h a r e s issued 14 254 808 697 1 ,251 348 694 762 1 ,108 330 1,196 834 1,700 493 1,519 939 1,965 767 1 ,663 1 ,212 2,,108 1,147 + Reval.of reproducible assets 2,986 Change in value 1,454 Depreciation charges 3,293 - G r o s s purchases, FOF basis 15 16 17 18 + Change in the value of land holdings 19 -7,682 -3,296 4,386 8,882 12,732 3,850 8,467 13,040 4,573 9.321 15,275 5,954 716 1,• 573 1,,056 1,,913 149 -42 -10 ,308 -4,,321 5 ,987 19 ,201 27 ,993 8 ,792 175 12,149 • Reval. of corp.equities held 20 22-947 Change in value 21 10,798 - N e t purchases 22 -117 -236 -687 -139 83 187 - 4 2 3 * Other revaluations 23 6,948 2,800 3,594 5,927 1,,204 6 ,834 8,030 = Change in net worth 24 91 ,489 Memo: 99,519 Net worth outstanding 84,,655 Data are in millions of dollars. March 1991 Private Financial Institutions P r i v a t e Financial 82 Institutions F a c t o r s A c c o u n t i n g for C h a n g e in Net W o r t h Annual Flows Annual Flows 1969 1970 1971 1972 Private Financial 1973 1974 1975 1976 Institutions G r o s s i n v e s t m e n t of p r i v a t e financial institutions? from Flow of F u n d s A c c o u n t s -54 9 - 2 ,656 4 ,608 999 6 ,164 2 ,112 - 6 ,052 9 ,213 1 Capital expenditures Net financial i n v e s t m e n t Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s 3 431 - 3 ,980 72 ,397 76 ,377 3 ,220 - 5 .876 101 ,252 107 ,128 3 ,945 663 146 ,060 145 ,397 5 ,011 - 4 ,012 2 1 0 ,306 214 ,318 5 ,795 369 198 ,755 198 ,386 7 ,119 - 5 ,007 161 • 514 166 ,521 9 ,390 - 1 5 ,442 181 ,606 197 ,048 8 ,665 548 236 ,488 235 ,940 2 3 4 5 • C o r p o r a t e e q u i t y issues 1 ,336 1 ,982 2 ,222 3 ,535 2 ,958 1 ,229 1 ,067 2 ,481 6 - Capital consump. allowances 1 ,609 1 ,754 2 ,006 2 ,312 2 ,618 3 ,304 4 ,171 4 ,929 7 6 ,504 37 - 9 ,156 6 ,765 8 - 2 5 ,868 11 • 708 37 ,576 - 2 9 ,243 11 ,612 4 0 ,855 34 ,895 103 ,020 68 ,125 15 ,572 9 67 .475 10 51 ,903 11 = Net i n v e s t m e n t flow. B a l a n c e Sheet basis -822 - 2 ,428 4 ,824 2 ,222 - R e v a l . of life insur. and pension fund r e s e r v e s C h a n g e in value - N e t claims issued - 6 ,084 14 ,168 2 0 ,252 2 ,201 23 ,903 21 ,702 15 ,451 4 0 ,514 25 ,063 11 ,841 57 ,147 45 ,306 - R e v a l . of m u t u a l fund s h a r e s C h a n g e in value - S h a r e s issued - 9 ,380 - 3 ,645 i 5,,735 -3:,327 -776 2,,551 7 ,720 8 ,635 915 3 ,541 3,,480 -61 - 1 2 ,.352 - 1 2 , 291 61 - 1 2 ,206 - 1 1 ,484 722 7 975 7 ,883 -92 5 ,453 12 3 ,476 13 - 1 ,977 14 + Reval.of reproducible assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s . FOF basis 829 2, 651 I,,609 3, 431 1 •169 2, 635 1, 754 3, 2 2 0 1 .741 ! 3, 680 2 •006 3, 945 1, 335 4, 034 2, 312 5, 011 2, 054 5, 231 2, 618 5, 795 51 796 9, 611 3, 304 7, 119 2,,601 7, 8 2 0 4,•171 9, 390 4,,336 15 072 16 • C h a n g e in the value of land h o l d i n g s • R e v a l . of c o r p . e q u i t i e s held C h a n g e in value -Net purchases 254 132 240 358 334 685 169 - 1 6 , 643 - 4 , 009 12, 634 - 1 , 925 9, 4 3 2 11 ,357 26, 325 45, 542 19, 2 1 7 2 0 , 797 4 2 , 183 21 ,386 - 4 5 ,224 - 3 2 , 389 12, 8 3 5 - 5 3 , 149 — 4 6 , 365 6, 784 47, 248 58, 8 0 7 11, 559 8,.665 18 531 19 25, 625 2 0 34, 779 21 9, 154 22 + Other r e v a l u a t i o n s 2, 8 0 3 5 , 742 1, 188 5 , 633 10, 790 4 , 721 7, 5 2 0 5, 941 23 = C h a n g e in net w o r t h 1, 8 8 5 3, 8 1 6 11, 147 14, 963 12, 678 461 5, 512 22, 173 24 Memo: Net w o r t h o u t s t a n d i n g 101, 4 0 4 105, 2 2 0 116, 367 131, 330 144, 008 143, 5 4 7 149, 059 171, 232 25 Data are in m i l l i o n s of d o l l a r s . March 1991 Private Financial Institutions Private Financial Institutions F a c t o r s A c c o u n t i n g for C h a n g e in Net W o r t h Annual F l o w s Annual Flows Private Financial 1 9 ,168 25 ,879 2 3 4 5 8 ,497 671 304 ,459 303 ,788 10 ,101 15 ,778 382 ,766 366 ,988 6 2 ,632 2 ,517 7 5 ,671 6 ,264 8 6 ,129 2 2 ,132 9 10 11 - 1 6 ,185 55 ,726 71 ,911 17 ,354 105 , 156 8 7 ,802 2 8 ,474 12 16 389 373 ,127 ,347 ,350 ,003 2 8 • 012 13 14 377 362 Institutions - 3 ,364 5 ,592 7 ,453 2 ,708 G r o s s i n v e s t m e n t of p r i v a t e f i n a n c i a l i n s t i t u t i o n s , from 1 l o w of F u n d s A c c o u n t s F ,070 ,362 ,080 ,442 Capital expenditures Net f i n a n c i a l investment Net acq. of finan. a s s e t s - N e t incr. in l i a b i l i t i e s ,163 ,849 ,094 ,245 14 ,968 - 1 8 ,332 4 5 8 ,495 4 7 6 ,827 2 ,665 2 ,157 2 ,689 4 ,674 3 ,649 8 ,196 • 7 ,375 8 ,466 9 ,935 11,,370 12,,303 13 ,734 - 2 3 ,764 21,,703 - 1 0 ,610 - 1 ,104 -1,,201 -2, 830 16 -10 444 455 ,112 ,520 ,636 ,156 18 -10 506 517 ,012 ,559 ,714 ,273 29 -26 713 739 B a l a n c e Sheet basis R e v a l . of life insur. and p e n s i o n fund reserves C h a n g e in value - N e t c l a i m s issued 14,,423 108, 0 7 7 93-• 654 40,,225 149,• 935 1091,710 - 2 7 ,833 8 0 038 107,,871 41, 4 0 3 177,•522 136, 119 5, 357 5 , 739 382 7 , 155 10,,020 2,,865 - 5 ,684 ,967 3,,717 8, 241 17, 010 8, 769 8, 046 35, 2 7 0 27,. 2 2 4 - 4 , 782 24, 5 5 8 29, 340 eval. of m u t u a l fund s h a r e s 12 C h a n g e in value 13 - S h a r e s issued 14 1, 374 • 16, 710 13, 734 29, 070 C h a n g e in value 16 Depreciation charges 17 - G r o s s p u r c h a s e s , FOF basis 18 61, 682 206, 616 144, 934 12 13 14 - 1 ,987 - L , 020 967 631 559 -72 15 16 17 18 4,• 778 7, 604 5 =671 8, 4 9 7 2,>881 6, 718 6, 2 6 4 10, 101 3, 8 4 8 8,>600 7, 375 12, 127 6, 929 11, 626 8, 466 13, 163 7,,222 12, 255 9,,935 14, 968 3, 4 2 8 8, 170 11, 370 16, 112 1, 5 9 7 7, 306 12, 303 18, 0 1 2 - 1 2 ,,555 126,,916 139,,471 9 10 11 • C h a n g e in the value of land h o l d i n g s 19 322 -116 24 700 875 364 472 1 ,129 20 21 22 - 1 9 ,161 - 7 ,628 11 ,533 2 2 ,540 34 ,811 12 ,271 2 4 ,373 44,,073 19,,700 5 5 ,120 79 ,623 24,,503 - 3 5 ,,751 - 9 ,,998 25,,753 55 ,582 8 3 ,690 28,,108 8 3 ,311 133 ,668 50,,357 - 1 2 ,,131 3,,664 15,,795 23 4,,190 - 2 ,021 1',628 1, 930 11,,145 4,,797 8,,108 53,,708 23 24 14,,430 2 7 ,431 33, 8 5 7 39,,002 6, 398 13,,423 22,,559 58, 5 8 7 24 25 185,,662 2 1 3 ,093 246, 950 285, 952 292, 350 305, 773 328,-332 386, 919 Data are in m i l l i o n s of d o l l a r s . C h a n g e in value -Net purchases 20 21 March 1991 Private Financial Institutions P r i v a t e F i n a n c i a l Institutions 84 Factors Accounting for C h a n g e in Net W o r t h Annual F l o w s Annual Flows 1987 1988 Private Financial 1 G r o s s i n v e s t m e n t of private financial i n s t i t u t i o n s , from Flow of F u n d s A c c o u n t s 2 3 4 5 Capital e x p e n d i t u r e s Net financial investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 6 7 6 ,411 36 -29 774 804 ,007 ,596 ,651 ,247 23 ,933 40 -16 901 918 ,575 ,642 ,838 ,480 19 ,895 44 -24 604 629 ,867 ,972 ,844 ,816 5 ,667 51 -45 621 667 •405 ,738 ,379 ,117 1989 1990 Institutions 2 8 ,008 57 -29 662 691 ,659 ,651 ,325 ,976 2 3 ,470 64 , 182 • 712 4 4 7 ,768 4 8 8 ,480 C o r p o r a t e equity issues 13 ,585 11 ,613 14 ,593 3 ,258 2 ,421 6 ,086 - Capital consump. allowances 15 ,311 17 ,790 2 0 ,695 23 ,825 27 ,594 30 ,896 = Net i n v e s t m e n t flow, B a l a n c e Sheet basis 4 ,685 17 ,756 13 ,793 - 1 4 ,900 2 ,835 - 1 ,340 - R e v a l . of life insur. and pension fund reserves C h a n g e in value - N e t claims issued 93 ,854 261 ,4 70 167 ,616 77 ,777 226 ,385 148 ,608 32 ,258 176 ,955 144 ,697 99 ,546 285 ,880 186 ,334 2 1 7 ,070 370 ,628 153 ,558 - 1 1 2 ,104 111 ,638 223,> 742 11 14 ,243 173 ,243 159 ,000 - 2 7 ,,222 46,,671 73,,893 17 ,001 18 ,118 1,,117 35,,517 76 8 5 5 41 , ,338 • 096 -42 < 24, 756 66,,852 12 15 14 -380 23,,792 20, 695 44,,867 6,,018 33,,598 23,,825 51 ,,405 6 ,292 ! 36,,357 27, 5 9 4 57,• 659 - 5 , 616 27, 670 30, 8 9 6 64,, 182 15 16 17 18 8 9 10 11 12 13 14 - R e v a l . of mutual fund shares C h a n g e in value - S h a r e s issued 19:,172 105,,551 84,,379 15 16 17 18 + R e v a l . o f r e p r o d u c i b l e assets C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s , FOF basis - 5 , 178 15, 518 15,,311 36, 007 • C h a n g e in the value of land h o l d i n g s + R e v a l . of c o r p . e q u i t i e s held C h a n g e in value -Net purchases 19 4 , 154 26 ,939 17,,790 40,,575 9 10 1, 234 1 ,525 1, 967 1, 709 2, 2 4 6 1, 679 137, 851 184 i703 46, 8 5 2 123.,446 174 , •301 50,,855 32, 8 4 7 64, 8 6 5 32, 018 139, 4 4 7 136, 5 8 5 -2,862 299, 016 316, 2 0 7 17, 191 - 1 1 4 , 093 - 8 3 , 973 30, 120 20 21 Other r e v a l u a t i o n s 12, 952 - 6 , 442 - 1 9 , 636 8, 448 - 1 4 , 166 5 0 , 619 23 C h a n g e in net worth 38, 518 48,,419 23, 5 5 5 24, 175 43, 636 85, 449 24 Memo: !5 Net worth outstanding 4 2 5 , 437 473, 8 5 6 497- 411 521 ,586 565, 222 650, 671 ?0 n 12 iz 14 = Data are in m i l l i o n s of d o l l a r s .
@FedFRASER