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« /03 C.9 Balance Sheets September 28,1992 Flow of Funds j Balance Sheets For the U.S. Economy 1960-91 Board of Governors of the Federal Reserve System, Washington, D.C. 20551 BALANCE SHEETS FOR THE U.S. ECONOMY 1960 through 1991 This release provides estimates for tangible and financial assets, liabilities, and net worth for the private sectors of the economy (households, business, and private financial institutions). The tables begin in 1960; tables for earlier years will be published after data from the benchmark revision in the national income and product accounts are available from the Bureau of Economic Analvsis (BEA). This issue incorporates changes in financial assets and liabilities that were made in the Flow of Funds Accounts, of which these tables are an extension, as part of the regular annual revision. Information about the changes can be found in the introduction to the second-quarter Flow of Funds publication (Z.l release) dated September 28, 1992. The tables have been numbered using a system similar to that used in the Z.l release. In addition to the changes made to the Flow of Funds Accounts, the tables incorporate revisions in the various series for reproducible tangible assets, which are produced by BEA. BEA calculations for equipment and residential and nonresidential structures are based on a perpetual- inventory procedure that consists of accumulating aggregate purchases over a long period of years and deducting estimate^ of depreciation and retirements according to various schedules. The assets are shown at current cost net of straight-line depreciation. 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 statistical discontinuities, and changes in 1. U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible Wealth in the United States. 1925-85 (Washington: U.S. Government Printing Office, June 1987). See also John C. Musgrave, "Fixed Reproducible Tangible Wealth in the United States, 1986-89, Revised Estimates," Survey of Current Business, vol. 72 (January 1992), pp. 106-135, and "Fixed Reproducible Tangible Wealth in the United Sates, 1988-91," vol. 72 (August 1992), pp. 37- ii land values; neither of these items appears in the quarterly Flow of Funds saving and investment statements. Margins of uncertainty and discrepancies. The estimates in the balance sheets are subject to uncertainties resulting from incompatibilities among source data, potential revisions in both financial and nonfinancial series, and incomplete data. In particular, original source data are often not available for the most recent time periods, and preliminary estimates must be made that are revised when additional data are received. Caution must thus be used when drawing conclusions from data for these time periods. In some instances the time series in the tables contain discrepancies where the change in amounts outstanding between two time periods is not equal to the flows. Unlike flow data, figures on outstandings in this release contain breaks in series that could affect analysis of specific relationships over time. Outstandings in the balance sheets are related to the flows published in our other releases in the following way: Outstanding^ = Outstanding^. + Flow^ + Discrepancy^ where t is the time period. For most series, the discrepancy is zero for nearly all time periods. However, in a few instances, it can be quite large, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. 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 outstandings) is $25.00. The C.9 release, Balance Sheets for the U.S. Economy, which appears twice a year, usually in March and September, is $5.00 per year. Subscription inquiries 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 Data from the quarterly Flow of Funds Accounts are now available on diskettes from the Publications Services address shown above. Further information about the diskettes appears in the introduction to the second-quarter Z.l release dated September 28, 1992. The diskettes do not include data from the balance sheet tables. Data from the balance sheets are expected to be included in future diskettes. iii BALANCE SHEETS FOR THE U.S. ECONOMY Title Table Page BALANCE SHEET TABLES Domestic wealth B . 11 2-5 U.S. net foreign assets B . 109 6-9 Tangible asset holdings B . 12 10-13 Households B .100 14-17 Farm business B,. 102 18-21 Nonfarm noncorporate business B,. 103 18-21 Nonfinancial corporate business B,, 104 22-25 Private financial institutions B.,131 26-29 Domestic wealth R. 11 30-33 U.S. net foreign assets R. 109 34-37 Tangible asset holdings R. 12 38-41 Households R. 100 42-45 Farm business R. 102 46-49 Nonfarm noncorporate business R. 103 46 - 49 Nonfinancial corporate business R. 104 50-53 Private financial institutions R. 131 54-57 STOCK-FLOW RECONCILIATION TABLES (This page intentionally left blank.) 1 S e p t e m b e r 2 8 . 1992 Domestic Wealth Domestic Wealth B.ll D o m e s t i c W e a l t h with T a n g i b l e A s s e t s at C u r r e n t C o s t Year-End O u t s t a n d i n g s Year-End Outstandings 1619..5 1677..9 1747..7 1825..3 1920,.5 2044..4 2215..2 2369..9 1 1598,.3 1178 .7 4 2 6 .0 4 2 3 .5 135 .5 193 .7 4 1 9 .6 1655..8 1212..2 442..4 435..7 137 .2 196..8 443 .7 1724..7 1260..0 460..4 453,.4 143 .8 2 0 2 .3 4 6 4 .7 1801..8 1309..3 474..1 472.,9 149..5 212..8 492..5 1897..0 1385..2 5 0 5 .6 500..4 155,.4 2 2 3 .7 511..8 2018..9 1479,.8 532,.5 542,.3 169,.0 236,.1 5 3 9 .1 2189..4 1620..2 576..9 598..7 186 • 2 2 5 8 .5 569..2 2342..9 1738.,7 608.,7 649..4 197..4 283..2 604..2 2 3 4 5 6 7 8 21 .2 22,.1 2 3 .0 2 3 .4 2 3 .5 2 5 .5 25 .8 26,.9 9 D o m e s t i c net w o r t h , by sector ( 4 ) ( 5 ) 1619. 5 1677. 9 1747. 7 1825. 3 1920. 5 2044. 4 2215. 2 2369.,9 10 P r i v a t e sector net w o r t h , consolidated (6) 1894. 1 1964. 2 2043. 4 2125. 2 2232..9 2365. 5 2544. 4 2722..4 11 1173..2 2142. 9 374..9 488..7 106..0 1236..1 2280..3 387..8 535..7 120..8 1304..2 2449. 5 409..0 600..5 135. 8 1402.,7 2520..8 433..0 540..9 144..2 1516.,4 2810.,3 452. 6 676..3 165..0 12 13 14 15 16 1 Domestic wealth (1) 2 3 4 5 6 7 8 Total t a n g i b l e a s s e t s ( 2 ) R e p r o d u c i b l e a s s e t s (3) Residential structures N o n r e s . plant & e q u i p . Inventories Consumer durables Land at m a r k e t value 9 • U.S. m o n e t a r y gold & S D R s 11 12 13 14 15 16 H o u s e h o l d net assets S e c t o r net w o r t h - 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 1031.,3 1833.,6 347..2 378. 4 76. 7 1076..5 1998..6 355..6 477..9 88. 6 1120. 1 1994. 9 365. 0 416. 2 93. 6 17 18 19 20 N o n f i n a n . b u s i n e s s net w o r t h Nonfarm noncorp. business Farm business Nonfinanclal corps. 772..1 192..0 161..3 418..8 792..5 196..2 166..1 430..2 8 1 6 ..3 201. 5 170. 7 444.,1 841. 3 206..0 176. 8 458. 5 878..4 213..5 182..8 482,.1 938..1 222..4 196..0 519..7 1006..2 239..3 203..6 563..3 1070. 5 249..5 213..8 607..2 17 18 19 20 21 22 23 24 P v t . f l n a n . I n s t , net a s s e t s S e c t o r net w o r t h ^ P e n s i o n fund r e s e r v e s - C o r p . e q u i t i e s held ( 7 ) ( 8 ) .8 .3 .7 .2 95..2 67 .9 88,.6 61,.4 107.,0 71..2 93..6 57,.9 110,.6 75,.2 106..0 70..6 118,.4 8 1 .1 120..8 8 3 .4 123,.1 86,.0 135 .8 98 .7 135..5 85..6 144,.2 94 .3 135,.6 92 .6 165 .0 122 .1 21 22 23 24 - 2 5 4 .6 - 4 1 .9 - 2 1 3 .6 0 .8 0 .1 - 2 6 2 .7 - 4 5 .7 - 2 1 8 .0 0 .8 0 .1 - 2 6 8 ,.7 - 4 8 ,.8 - 2 2 0 ,.9 0 .9 0 .1 - 2 7 2 ,.5 - 5 1 .5 - 2 2 2 .1 0 .9 0 .1 - 2 7 9 .1 - 5 4 .5 - 2 2 5 .8 1 .0 0 .1 - 2 8 0 .0 - 5 7 .0 - 2 2 4 .3 1 .1 0 .1 - 2 8 6 .0 - 6 0 .9 - 2 2 6 .5 1 .2 0 .1 - 2 9 6 .5 - 6 6 .0 - 2 3 2 .1 1 .4 0 .2 25 26 27 28 29 25 P u b l i c sector net a s s e t s 26 S t a t e and local g o v e r n m e n t s 27 U.S. g o v e r n m e n t 28 Sponsored credit agencies 29 Monetary authority 90 60 76 46 Less; Net U.S. f i n a n c i a l c l a i m s on foreigners (9) F g n . a s s e t s of U.S. r e s i d e n t s - T o t a l U.S. a s s e t s held by foreigners, excluding 32 equities 34 .0 63 .5 37 .9 69 .6 4 0 .4 74 .1 43 .3 8 0 .4 5 0 .2 91 .5 56 .1 98 .8 5 9 .9 106 .0 63 .6 30 115 .9 31 29 .6 31 .7 33 .7 37 .2 41 .3 4 2 .7 46 .1 52 .3 32 33 U n a l l o c a t e d 13 .9 14 .4 13 .3 15 .8 17 .0 15 .1 16 .7 7 .6 33 30 31 finan.assets (10) (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 t a n g i b l e assets of f e d e r a l , s t a t e , and local g o v e r n m e n t s ; e x c l u d e s land holdings of F e d e r a l R e s e r v e B a n k s and f e d e r a l l y sponsored credit a g e n c i e s : e x c l u d e s i n v e s t m e n t s in i n t a n g i b l e assets such as p a t e n t s . (3) At current c o s t . (4) N a t i o n a l net w o r t h e q u a l s d o m e s t i c net worth plus U.S. net c l a i m s on f o r e i g n e r s (lines 10 • 30). (5) E q u a l s net c o n s o l i d a t e d t a n g i b l e and f i n a n c i a l a s s e t s of p u b l i c and p r i v a t e s e c t o r s , less net U.S. f i n a n c i a l c l a i m s on f o r e i g n e r s , plus u n a l l o c a t e d f i n a n c i a l a s s e t s (lines 11 • 25 - 3 0 + 33). (6) L i n e s 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of f o r e i g n e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of f o r e i g n e q u i t i e s and foreign h o l d i n g s of U.S. e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s b e t w e e n l i a b i l i t i e s for and h o l d i n g s of i n d i v i d u a l f i n a n c i a l i n s t r u m e n t s ; arises from timing and r e p o r t i n g d i f f e r e n c e s . Data are In b i l l i o n s of d o l l a r s . S e p t e m b e r 2 8 , 1992 D o m e s t i c Wealth Domestic Wealth B.11 D o m e s t i c W e a l t h w i t h T a n g i b l e A s s e t s at C u r r e n t C o s t 3 Year-End Outstandings Year-End Outstandings 1 2616 • 8 2 8 5 8 .1 3064 .5 3341 .3 3 7 5 7 .4 4 3 2 5 .8 5 0 0 5 .2 5 5 4 4 ..7 7 Domestic wealth 2 3 4 5 6 7 8 2 5 8 8 .6 1929 .1 683 .9 719 .3 211 .7 314 .2 659 .5 2 8 3 0 .9 2 1 2 4 .4 752 .0 796 .3 2 3 2 .4 343 .7 706 .5 3035 2286 795 878 240 372 749 .7 .5 .0 .8 .3 .4 .2 3311 .3 2 5 0 6 .1 8 8 6 .8 967 .7 2 5 7 .8 393 .7 8 0 5 .2 3 7 2 5 .3 2 8 2 0 .8 1034 .0 1076 .4 2 8 5 .6 4 2 4 .7 904 .5 4 2 9 2 .3 3231 .4 1185 .2 1223 .1 3 5 2 .6 4 7 0 .5 1060 .9 4971 .5 3761 .8 1334 .8 1459 .5 423 .3 5 4 4 .2 1209 .7 5511 4126 1463 1638 428 595 1385 9 2 8 .1 2 7 .2 2 8 .8 30 .0 32 .1 33 .5 33 .7 33 .6 10 2 6 1 6 .8 2 8 5 8 .1 3 0 6 4 .5 3341 .3 3 7 5 7 .4 4 3 2 5 .8 5 0 0 5 .2 5 5 4 4 .7 D o m e s t i c net w o r t h , by s e c t o r ( 4 ) ( 5 ) 11 2 9 8 0 .8 3 2 2 5 .5 3 4 5 3 .2 3753 .1 4201..4 4 7 8 0 .6 5 5 0 8 .0 6161 .4 P r i v a t e sector n e t w o r t h , consolidated (6) 12 13 14 15 16 1673 3153 487 806 185 .4 .4 .6 .9 .4 1802..6 3211 .1 5 1 4 .7 699,.1 194..6 1924 .3 3358..2 538..0 682..7 213..3 2085 3695 584 778 247 .6 .2 .1 .0 .5 2312..4 4128..4 656..1 862..0 297..9 2561 .5 4 3 1 5 .9 788..4 663..6 302..5 2 8 7 6 .6 4 5 1 0 .6 866..7 460,.2 307..1 3195 .1 5 1 4 6 .2 948 .4 6 0 0 .5 402..2 H o u s e h o l d net a s s e t s S e c t o r net w o r t h - 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 17 18 19 20 1164..9 274..3 224. 8 665. 8 1263..7 293..8 233..2 736..7 1354. 6 311..4 239. 3 803. 9 1489..8 340..6 257..4 891..8 1684, 4 379.,7 292, 4 1012. 3 1961..5 438. 4 369..2 1153.,9 2322..1 480..6 407..9 1433..6 2604..5 516..6 457..5 1630..4 N o n f i n a n . b u s i n e s s net w o r t h 17 Nonfarm noncorp. business 18 Farm business 19 Nonfinancial corps. 20 21 22 23 24 142,,4 101. 9 185. 4 144. 9 159.,2 105. 0 194. 6 140. 5 174. 3 110. 5 213. 3 149. 5 177,.8 125. 2 247. 5 195. 0 204. 6 143. 8 297. 9 237. 1 257. 6 159. 5 302. 5 204. 3 309.,4 159. 9 307. 1 157. 6 361. 8 175..2 402.,2 215. 6 25 26 27 28 29 -307. 0 -70. 5 -238. 3 1. 7 0. 2 -310. 0 -78. 2 -233. 9 2. 0 0. 2 -328. 7 -87. 3 -243. 9 2. 3 0. 2 -357. 0 -96. 2 -263. 7 2. 6 0. 2 -371. 1 -95. 1 -279.2 2. 9 0. 3 -371. 7 -90. 6 -285. 5 4. 1 0. 3 -384. 2 -94. 3 -296. 5 6. 2 0. 4 -464. 6 -99.8 -373. 2 7. 9 0. 5 .1 .0 .4 .0 .8 .7 .1 (1) Total tangible assets (2) R e p r o d u c i b l e a s s e t s (3) Residential structures Nonres. plant 8 equip. Inventories Consumer durables Land at m a r k e t value + U . S . m o n e t a r y gold 8 S D R s 11 P v t . f i n a n . I n s t , net a s s e t s S e c t o r net w o r t h • P e n s i o n fund r e s e r v e s - C o r p . e q u i t i e s held ( 7 X 8 ) S t a t e and local g o v e r n m e n t s U.S. g o v e r n m e n t Sponsored credit agencies Monetary authority 12 13 14 15 16 21 22 23 24 25 26 27 28 29 Less: 30 31 126.0 67.2 134.5 68.7 140.5 54.9 151.5 32 58.3 67.3 71.8 96.6 112.8 125.3 150.6 N e t U . S . f i n a n c i a l c l a i m s on f o r e i g n e r s (9) 30 F g n . a s s e t s of U . S . r e s i d e n t s 31 - T o t a l U.S. a s s e t s held by foreigners, excluding 153.1 equities 32 33 10.6 9.7 8.6 0.1 -22.6 -28.1 -62.7 - 7 0 . 7 Unallocated 67.7 50.3 163.1 54.9 180.2 56.0 206.6 81.4 234.5 finan.assets (10) (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 t a n g i b l e a s s e t s of f e d e r a l , s t a t e , and local g o v e r n m e n t s ; e x c l u d e s land h o l d i n g s of F e d e r a l R e s e r v e B a n k s and f e d e r a l l y sponsored credit agencies; excludes investments in I n t a n g i b l e a s s e t s such as p a t e n t s . (3) At current cost. (4) N a t i o n a l net w o r t h e q u a l s d o m e s t i c net w o r t h plus U.S. net c l a i m s on f o r e i g n e r s (lines 10 + 30). (5) E q u a l s net c o n s o l i d a t e d t a n g i b l e and f i n a n c i a l a s s e t s of p u b l i c and p r i v a t e s e c t o r s , less net U.S. f i n a n c i a l c l a i m s on f o r e i g n e r s , plus u n a l l o c a t e d f i n a n c i a l a s s e t s (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) I n c l u d e s h o l d i n g s of f o r e i g n e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of f o r e i g n e q u i t i e s and foreign h o l d i n g s of U.S. e q u i t i e s . (10) Statistical discrepancy. E q u a l s the sum of d i f f e r e n c e s b e t w e e n l i a b i l i t i e s for and h o l d i n g s of i n d i v i d u a l f i n a n c i a l i n s t r u m e n t s ; a r i s e s from timing and r e p o r t i n g d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 33 S e p t e m b e r 2 8 , 1992 Domestic Wealth D o m e s t i c Wealth B.ll D o m e s t i c W e a l t h w i t h T a n g i b l e A s s e t s at C u r r e n t C o s t Year-End Outstandings Year-End Outstandings 1 Domestic wealth 6169.,7 (1) 2 3 4 5 6 7 8 Total tangible assets (2) Reproducible assets (3) Residential structures N o n r e s . plant 8 e q u i p . Inventories Consumer durables Land at m a r k e t value 9 • 10 U.S. m o n e t a r y gold 8 S D R s 6965.3 1978 1979 8 0 6 9 ..9 9370. 7 10649, 9 11652. 0 12211. 8 12785 .5 1 11617. 5 8 3 3 5 .2 3049.,6 3363..3 8 3 6 ..1 1086..2 3282. 3 12176,.1 8688,.1 3148. 3 3589..0 817..1 1133..7 3488,.0 12750..0 9008..4 3279..9 3707 .1 827..6 1193 .8 3741..6 2 3 4 5 6 7 8 34..5 35 .7 35 .4 9 6136,.0 4531,.4 1630..9 1784..5 463..3 652..8 1604..6 6931.5 5103.8 1891.2 1981.4 505.7 725.5 1827.7 8037, 4 5882,,4 2211..2 2250..8 605. 3 815,.2 2154.,9 9337..6 6759,.7 2547..1 2585 6 702, 6 924, 4 2577 9 10616, 9 7612, 8 2 8 4 0 .0 2974,.2 784,.2 1014,.3 3004,.1 33 .7 33.8 52.,6 33,.1 33,.0 9370.7 10649.9 D o m e s t i c net w o r t h . by sector ( 4 ) ( 5 ) P r i v a t e s e c t o r net w o r t h . c o n s o l i d a t e d (6) 11 12211.8 6850.,9 7696,,9 8 8 6 0 ,.6 10242,.5 11665..0 12769..1 13469 6 14220..9 11 12 13 14 15 16 H o u s e h o l d net assets S e c t o r net w o r t h - 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 3551..8 5790. 3 1060..8 716..7 461 .0 3985.,1 6341, 9 1180, 8 6 6 8 .5 507..5 4 5 3 5 .7 7200,,6 1399,.2 663,.9 601..7 5190,.1 8 3 3 4 ,.8 1633,.1 812..2 699..4 5828..4 9644..3 1865 .0 1111,.3 8 3 9 .6 6357. 4 10337..3 2017..9 1051..2 910,.7 6 7 7 4 .0 11102 ,4 2018..6 1128 .4 1181 .3 7259..5 12001, 5 2065, 4 1267,.8 1408..8 12 13 14 15 16 17 18 19 20 N o n f i n a n . b u s i n e s s net w o r t h Nonfarm noncorp. business Farm business N o n f i n a n c i a l corps. 2 8 8 5 .6 5 6 4 .9 528..0 1792 .7 3224,.2 641..1 576,.6 2006..5 3745..0 744 .7 701..0 2 2 9 9 .4 4372..8 8 8 2 .5 805. 3 2 6 8 5 .1 5 0 1 8 .2 1036..2 888..9 3093..1 5509 4 1199..5 877..8 3 4 3 2 .1 5620,.4 1234 .5 8 4 0 .5 3 5 4 5 .4 5 7 5 8 .2 1276..6 845..6 3635 .9 17 18 19 20 21 22 23 24 P v t . f i n a n . I n s t , net a s s e t s S e c t o r net w o r t h • P e n s i o n fund r e s e r v e s - C o r p . e q u i t i e s held ( 7 ) ( 8 ) 413,.5 2 0 2 .1 461 .0 2 4 9 .6 4 8 7 .6 221..9 5 0 7 .5 241 .8 579 254 601 276 .8 .6 .7 .6 679 299 699 319 .5 .2 .4 .1 818 375 839 396 .4 .1 .6 .4 902 380 910 389 .4 .7 .7 .0 1075 409 1181 516 .2 .9 .3 .0 1203 .2 451 .8 1408,.8 657..4 21 22 23 24 - 5 2 5 .2 - 1 0 2 .0 - 4 3 3 .2 9 .5 0 .5 - 5 6 7 .5 - 8 9 .7 - 4 8 8 .2 9 .9 0..6 -599 -84 -525 10 0 .2 .8 .9 .9 .7 -613 -79 -547 12 0 .9 .3 .3 .0 ,7 -675 -81 -607 12 0 .7 .6 .5 .5 .8 -761 -92 -683 13 0 .2 .3 .5 .7 .9 - 9 0 8 .4 - 9 5 .6 - 8 2 9 .0 15 .2 1 .0 - 1 0 9 4 ,.5 -89,.4 -1022..4 16..2 1..1 25 26 27 28 29 165.1 359.2 164.1 407.2 291.1 708.8 293.2 728.4 2 5 P u b l i c sector net a s s e t s S t a t e and l o c a l g o v e r n m e n t s 26 U.S. g o v e r n m e n t 27 Sponsored credit agencies 28 Monetary authority 29 Less: Net U.S. f i n a n c i a l c l a i m s on foreigners (9) F g n . a s s e t s of U.S. r e s i d e n t s - T o t a l U.S. a s s e t s held by foreigners, excluding 32 equities 30 31 33 U n a l l o c a t e d finan.assets (10) 224.7 570.5 260.6 654.9 2 4 8 . 2 30 728.3 31 194.2 308.7 345.8 394.3 417.7 435.2 480.1 32 9.1 -7.6 -33.2 -78.8 -64.7 -56.1 - 9 2 . 7 33 (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 t a n g i b l e a s s e t s of f e d e r a l , s t a t e , and local g o v e r n m e n t s ; e x c l u d e s land h o l d i n g s of F e d e r a l R e s e r v e B a n k s and f e d e r a l l y sponsored credit agencies; excludes investments in i n t a n g i b l e assets such as p a t e n t s . (3) At c u r r e n t c o s t . (4) N a t i o n a l net w o r t h e q u a l s d o m e s t i c net w o r t h plus U.S. n e t claims on f o r e i g n e r s (lines 10 • 30). (5) E q u a l s net c o n s o l i d a t e d t a n g i b l e and f i n a n c i a l a s s e t s of p u b l i c and p r i v a t e s e c t o r s , less net U.S. f i n a n c i a l claims on f o r e i g n e r s , plus u n a l l o c a t e d f i n a n c i a l a s s e t s (lines 11 • 2 5 - 3 0 + 33). (6) L i n e s 1 2 + 1 7 + 21. (7) I n c l u d e s h o l d i n g s of f o r e i g n e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of f o r e i g n e q u i t i e s and f o r e i g n h o l d i n g s of U . S . e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s b e t w e e n l i a b i l i t i e s for and h o l d i n g s of i n d i v i d u a l f i n a n c i a l i n s t r u m e n t s ; a r i s e s from timing and r e p o r t i n g d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 183.9 492.6 September 28, 1992 Domestic Wealth Domestic Wealth 5 B.ll Domestic Wealth with Tangible Assets at Current Cost Year-End Outstandings Year-End Outstandings 1986 1987 1988 1989 1990 1991 1 13600,.3 14372..6 15167 .1 16161..0 17127,.6 18255,.7 18247,.4 18369 .8 Domestic wealth 2 3 4 5 6 7 8 13564..2 9528,.3 3448,.6 3899,.4 898..8 1281..5 4035..9 14334,,9 10047.,2 3639..1 4112..7 904..3 1391..1 4287..8 15128 .4 10639..6 3902 .1 4322,.2 8 8 7 .8 1527,.5 4488..7 16120,.3 11339,.2 4213..2 4515,.9 950..6 1659,,5 4781..1 17087..6 11940..5 4298,.0 4810,.3 1023..8 1808..4 5147,.1 18215,.4 12661,.1 4566,.1 5084..2 1081..1 1929,.6 5554..3 18206..0 13266,.3 4795,.9 5334,.2 1105..6 2030,,7 4939..7 18328,.2 13616,.0 4973..4 5438..2 1081,.8 2122,.7 4712..2 9 36.,0 37..7 38,.8 40. 7 40..0 40.,3 41..3 41..6 10 13600 .3 14372 .6 15167 .1 16161 .0 17127 .6 18255 .7 18247 .4 18369 .8 Domestic net worth, by sector (4 ) (5 ) 11 15171 .6 16055,.4 17035..3 18122,.4 19212 .5 20SZ9,.C 20750,.1 211 OS,. 1 Private sector net worth, consolidotrd (6 > 12 13 14 15 16 7936,.1 12802..2 2033..3 1264,.5 1568,.3 8558,.5 14072..3 2059,.3 1611..4 1843 . 1 9214 .4 15231 .6 2121..8 1750 .7 2144 .7 9964 .2 16099,.7 2253..1 1600,.3 2282..1 10560 .1 17199,.1 2373 .1 1718 .9 2546 .9 11406..6 18917,.2 2524,.9 2004 .1 2981..6 11495,.9 18839,.3 2449..4 1841 .5 3052..5 12066..7 20428..2 2372,.6 2382 .7 3606..3 17 18 19 20 5796..6 1336..1 745.,9 3714..5 5893,.5 1425,.7 676,.0 3791,.9 6006..4 1513,. 3 646,.0 3847..1 6220,.9 1597,.9 701..4 3921..6 6502..8 1687,.9 731,.3 4083,.5 6800,.8 1813,.3 758..7 4228.,8 6698,.7 1731,.7 768,.5 4198..5 6378.. 1 1656,.4 758.,3 3963,.4 Nonfinan. business net worth Nonfarm noncorp. business 18 Farm business 19 Nonfinancial corps. 20 21 22 23 24 1438..9 531..2 1568..3 660..7 1603..5 607.,1 1843..1 846..7 1814..5 697..3 2144..7 1027..5 1937..3 744.,2 2282..1 1089..0 2149..4 824..1 2546..9 1221..6 2331..6 905..0 2981,.6 1555..0 2555..7 937.,1 3052. 5 1433. 9 2663..3 998..4 3606..3 1941..3 Pvt. finan. inst. net assets 21 Sector net worth 22 •Pension fund reserves 23 - C o r p . equities held (7)(8) 25 26 27 28 29 -1268..9 -84..0 -1204..6 18..6 1..1 -1459..7 -68. 4 -1410. 5 18..0 1..2 -1685,.3 -60,.7 -1644..4 18,.5 1..3 -1883..1 -78..3 -1826.,4 20.,3 1. 4 -2078..5 -84,.1 -2019..1 23..1 1..5 -2285.,3 -119.,0 -2193, 8 25..9 1.,6 -2518..7 -162..7 -2386.,7 29.,0 1. 6 (1) Total tangible assets (2) Reproducible assets (3) Residential structures Nonres. plant & equip. Inventories Consumer durables Land at market value • U.S. monetary gold 8 SDRs Household net assets Sector 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 -2797..3 Public sector net assets -203. 5 State and local governments U.S. government -2627..6 32..2 Sponsored credit agencies Monetary authority 1..7 25 26 27 28 29 Less: 32 571.8 675.7 852.0 1000.9 1168.6 1342.7 1461.1 Net U.S. financial claims on foreigners (9) 30 Fgn.assets of U.S. residents 31 - T o t a l U.S. assets held by foreigners, excluding 1498.1 equities 32 33 -163.7 -167.7 -246.1 -230.0 -286.9 -383.6 -391.5 - 3 9 8 . 6 Unallocated finan.assets (10) 30 31 138.8 710.6 55.4 731.1 -63.2 788.8 -151.8 849.1 -280.8 887.8 -385.7 957.0 -407.3 1053.8 -457.6 1040.5 (1) Located within U.S. geographical boundaries. (2) Excludes tangible assets of federal, state, and local governments; excludes land holdings of Federal Reserve Banks and federally sponsored credit agencies; excludes investments in intangible assets such as patents. (3) At current cost. (4) National net worth equals domestic net worth plus U.S. net claims on foreigners (lines 10 + 30). (5) Equals net consolidated tangible and financial assets of public and private sectors, less net U.S. financial claims on foreigners, plus unallocated financial assets (lines 11 • 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes holdings of foreign equities. (8) Excludes mutual fund shares. (9) Excludes U.S. holdings of foreign equities and foreign holdings of U.S. equities. (10) Statistical discrepancy. Equals the sum of differences between liabilities for and holdings of Individual financial instruments; arises from timing and reporting differences. Data are in billions of dollars. 33 S e p t e m b e r 28. 1992 Net F o r e i g n A s s e t s Net Foreign Assets 6 B . 1 0 9 Net F o r e i g n A s s e t s Held by U . S . R e s i d e n t s Year-End Outstandings Yeer-End Outstandings 1 U.S. net foreign assets 2 (1) F o r e i g n a s s e t s owned by U.S. r e s i d e n t s 1961 1962 1963 1964 1965 1966 1967 1 1 1960 37 .9 40 .4 43 .3 5 0 .2 56 .1 59 .9 63 .6 I 63.5 69 .6 74 .1 8 0 .4 91 .5 98 .8 106,.0 115,.9 2 1.6 0.1 23.2 5.8 3.0 0.9 0.8 1.4 1 .8 0,.2 25 .5 6,.2 3,.7 1..0 1.,0 1..7 1 .2 0 .8 27,.5 7 .2 4 .2 1..0 1,.2 1..9 1..2 0..7 30,.8 8 .2 4,.8 0,.9 1,.4 2..5 1 .2 1,.1 35 .0 8 .7 6 .5 0..9 2..0 3..6 1 .6 0 .8 37 .5 9. 1 7 .1 1,. 1 2,.1 3,.9 1,.6 0,.9 39,.5 9 .9 7 .1 1,.0 2,.2 3..8 1.2 13.2 .8 13..7 1..8 14..4 2..2 15..6 2..6 17.,2 2..5 18..7 2..5 20..0 3 4 5 6 7 8 9 10 11 3..0 12 22..5 13 0.1 1.6 0..1 1..7 0..1 2..2 0..1 2..6 0..1 2..9 0..3 14 3.,4 15 5 4 5 6 7 8 9 10 11 12 13 U.S. o f f i c i a l fgn. e x c h a n g e 8 net IMF position U.S. p r i v a t e deposits Credit market instruments C o r p o r a t e bonds (2) B a n k loans n . e . c . To f o r e i g n o f f i c i a l To foreign banks To other foreign 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. g o v e r n m e n t loans 14 15 S e c u r i t y debt T r a d e debt 16 17 18 19 20 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 d e p o s i t s U.S. d i r . i n v . a b r o a d ( 2 X 3 ) Other 36.9 0.8 2.9 31.9 1.3 40..3 1..0 3,.2 34..7 1.,4 42..3 1..1 3.,4 37,.3 0..5 45..7 1..2 3,.9 40.,7 .1 51..5 1..2 3..9 44..5 1..9 56,.3 1,.3 3..9 55..2 —4..1 61.,0 1..3 4..2 58..3 - 2 .,7 65.. 1 16 1..4 17 4.,0 18 64..4 19 -4..6 20 21 U . S . a s s e t s owned by f o r e i g n e r s 29.6 31..7 33..7 37..2 41..3 42..7 46..1 52,.3 21 2.1 2.9 3.0 3 .1 2 .9 3..1 3..2 3.,4 3..0 3..5 4,.3 3..2 4 .5 5 .5 3..7 5..0 6,,4 6,.7 5 .3 22 7 .7 23 7 .3 24 14..8 12..7 10..3 2..5 0..7 15..9 13..7 11..1 2..6 0..8 16..9 14 . ,3 11,.5 2..8 1,.0 17..2 14,.4 11 .4 3 .0 0 .8 16..5 12. 9 9,.9 3..0 1,.4 0., 1 1..8 0.. 1 2..6 2,.8 1,. 1 43 .3 11 .1 6 .7 1,.0 1 .8 3..9 22 23 24 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 25 26 27 28 29 30 31 32 Security RPs Credit market instruments U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Private holdings U.S. c o r p o r a t e bonds (2) L o a n s to U . S . n o n b a n k borr. O p e n - m a r k e t paper 1.3 1 .4 1..4 1 .4 , 1,.6 2 .0 2..2 25 26 27 28 29 30 31 2 .2 32 33 34 Security credit T r a d e credit 0.1 0.8 0 .1 1 .0 0,. 1 1,.1 0..1 1..5 0,.1 1 .8 0 .2 2 .1 0,.2 2 .7 0 .3 33 3 .3 34 35 36 37 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 , in U.S. (3) Other 8.1 6.9 1.2 8 .3 7 .4 0 .9 8 .1 7 .6 0 .5 8 .7 7 .9 0,.7 8 .7 8 .4 0 .4 8 .8 8 .8 8 .7 9 .1 .4 - 12.6 10.7 8.6 2.0 0.7 13 11 8 2 0 .1 .0 .8 .2 .7 4..6 6.. 1 3,.8 * 18,.9 15,.3 12 .2 3 .2 1 .3 9 .6 35 9 .9 36 .4 37 (1) E x c l u d e s U.S. holdings of f o r e i g n e q u i t i e s and foreign h o l d i n g s of U.S. e q u i t i e s . (2) C o r p o r a t e bonds include net i s s u e s by N e t h e r l a n d s A n t l l l e a n f i n a n c i a l s u b s i d i a r i e s ; U.S. direct i n v e s t m e n t abroad e x c l u d e s net i n f l o w s from those bond i s u e s . (3) D i r e c t i n v e s t m e n t is valued on a c u r r e n t - c o s t basis 38 39 Memo: 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 Foreign corporate equities held by U.S. r e s i d e n t s Data are in b i l l i o n s of d o l l a r s . 9.3 11 .8 10 .3 12 .5 13 .8 14 .6 12 .6 25 .5 38 4.0 4 .9 4 .7 5 .1 5 .3 5 .0 4 .3 5 .2 39 S e p t e m b e r 28. 1992 Net F o r e i g n A s s e t s Net Foreign Assets 7 B . 1 0 9 N e t F o r e i g n A s s e t s H e l d by U . S . R e s i d e n t s Year-End Outstandings Year-End Outstandings 1971 1972 1974 50.3 8 1 . 4 U.S. net f o r e i g n a s s e t s 180.2 3 4 5 6 7 8 4.8 1.6 46.1 12.2 6.3 0.8 5.1 1.2 49.2 13.2 6.0 0.8 2.6 0.8 52.1 14.1 5.8 0.6 2.0 0.9 1.2 0.7 2.2 0.6 2.4 4.1 10.4 1.0 3.5 5.9 3.3 67.4 17.0 13.1 1.4 5.1 6.5 4.3 30.0 3.2 31.5 4.2 33.2 0.4 56.6 15.0 7.3 0.8 61.1 16.0 1.9 3.6 2.1 13 2.9 24.7 3.2 26.9 28.2 14 15 0.5 3.8 0.3 4.6 0.3 5.6 0.3 16 17 18 19 20 69.2 1.5 3.9 70.3 -6.5 74.1 1.7 3.8 78.7 86.4 -10.1 79.2 1.9 3.8 89.1 -15.7 -20.6 58.3 67.3 5.9 7.4 9.4 6.2 16.8 6.7 7.1 10.5 6.5 7.5 5.8 10.6 19.3 15.0 11.4 3.6 1.5 18.8 29.8 2.0 18.5 4.3 2.7 56.5 49.4 45.0 4.3 3.0 65.1 58.0 53.8 4.2 3.1 58.4 55.0 3.5 3.1 2.8 3.8 4.3 4.1 4.1 4.4 0.6 0.4 5.8 0.3 7.4 0.3 7.2 0.4 8.2 10.2 10.5 10.0 -1.3 13.3 -3.3 12.7 13.9 -1.2 13.5 14.9 -1.4 9 10 11 12 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 4.8 10.9 10.8 0.1 3.2 8.8 12.9 9.0 3.9 11.8 3.2 4.0 6.1 2.2 3.6 101.2 1975 0.2 234.5 1.9 4.9 81.2 19.4 17.8 1.7 8.2 7.8 0.2 11.2 32.7 0.2 2.3 5.8 95.6 26.5 21.6 2.0 9.3 10.3 0.6 11.1 35.7 0.3 6.6 8.5 11.5 12.2 92.2 2.5 3.5 126.4 -40.2 100.2 2.8 106.8 4.1 145.4 -52.1 118.4 4.1 -66.6 8.3 11.2 14.0 3.4 3.5 166.4 2.0 191.1 -78.8 (1) F o r e i g n a s s e t s owned by U.S. r e s i d e n t s 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 3 U.S. p r i v a t e d e p o s i t s 4 Credit market instruments 5 C o r p o r a t e b o n d s (2) 6 Bank loans n . e . c . 7 To foreign o f f i c i a l 8 To foreign banks 9 T o other f o r e i g n 10 C o m m e r c i a l paper 11 A c c e p t a n c e l i a b s . to b a n k s 12 U.S. g o v e r n m e n t loans 13 S e c u r i t y debt T r a d e debt 14 15 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, etc. U.S. g o v e r n m e n t d e p o s i t s U.S. d i r . i n v . a b r o a d ( 2 ) ( 3 ) Other 16 17 18 19 20 153.1 U . S . a s s e t s owned by f o r e i g n e r s 22.8 6.8 13.4 1.6 0.5 66.0 21.1 13.7 22.6 0.4 -9.5 0.5 71.9 0.5 80.7 70.5 62.8 60.1 2.8 66.2 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 c l a i m s 22 Security RPs Credit market instruments U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Private holdings U.S. c o r p o r a t e bonds (2) 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 25 26 27 28 29 30 31 32 33 34 23 24 4.0 0.3 4.8 4.2 4.6 0.3 5.3 0.3 0.3 12.4 0.4 14.8 Security credit Trade credit 22.1 30.1 25.1 5.0 30.0 27.7 2.4 M i s c e l l a n e o u s fgn. assets 35 D i r e c t i n v e s t , in U.S. (3) 36 Other 37 20.6 1.6 C I ) E x c l u d e s U.S. h o l d i n g s of foreign e q u i t i e s and f o r e i g n h o l d i n g s of U.S. e q u i t i e s . C 2 ) C o r p o r a t e b o n d s I n c l u d e net Issues by N e t h e r l a n d s A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s ; U.S. direct i n v e s t m e n t abroad e x c l u d e s net i n f l o w s from those bond lsues. < 3 ) D i r e c t i n v e s t m e n t is valued on a c u r r e n t - c o s t b a s i s . 38 29.5 26.8 27.2 30.8 39.1 33.5 39 6.5 7.0 6.6 7.6 10.5 10.0 Data are in b i l l i o n s of d o l l a r s . 23.9 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 Foreign corporate equities held by U.S. r e s i d e n t s 38 39 S e p t e m b e r 2 8 , 1992 Net F o r e i g n A s s e t s Net Foreign Assets 8 B.109 Net F o r e i g n A s s e t s Held by U.S. R e s i d e n t s Year-End Outstandings Year-End Outstandings 1 U.S. net f o r e i g n a s s e t s 2 (1) F o r e i g n a s s e t s owned by U.S. r e s i d e n t s 3 4 5 6 7 8 9 10 11 12 13 U.S. o f f i c i a l fgn. e x c h a n g e & net IMF p o s i t i o n U.S. p r i v a t e d e p o s i t s Credit market instruments C o r p o r a t e b o n d s (2) Bank l o a n s n . e . c . To f o r e i g n official To foreign banks To other f o r e i g n 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 14 15 S e c u r i t y debt T r a d e debt 16 17 18 19 20 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, etc. U.S. g o v e r n m e n t d e p o s i t s U.S. d i r . i n v . a b r o a d ( 2 ) ( 3 ) Other 21 U . S . a s s e t s owned 1976 1977 1978 1979 1980 1981 1982 1983 165. 1 164.,1 183. 9 224. 7 260. 6 291.,1 293. 2 248.,2 1 359. 2 407..2 492. 6 570. 5 654. 9 708. 8 728. 4 728. 3 2 4. 8 7.,4 115. 7 34.,7 28.,4 2.,9 13..5 12.,0 1..3 12,.4 38 .9 5,,0 8,.8 128..6 39..3 31..4 2..9 16 .2 12 .3 1 .8 14..2 41 .8 5. 4 17..1 155..7 42.,1 49..9 5.,2 25,.7 19..1 2..9 15..0 45..7 5..1 26. 9 167..1 42.,0 53..0 7..3 21..6 24., 1 4..6 18..6 48..9 13..0 31. 4 191. 7 43. 5 64. 8 11..9 26..3 26..6 7..0 22..7 53..8 14, 8 41..8 212..0 45. 8 67.,8 12..6 21..8 33..3 10..8 29,.6 57..9 17..6 46..3 206.,0 56.,7 33. 8 5. 4 15..1 13..3 15,.1 38..2 62..3 17. 6 47. 6 221..1 57. 5 37. 4 8. 5 14,,2 14. 8 21..5 38..0 66..6 3 4 5 6 7 8 9 10 11 12 13 12,.5 13 .0 18..0 20,.2 25..6 26,.3 22,.4 218,.9 5,.2 0,.9 212,.7 0,.1 251 .8 6 .0 0 .8 2 5 5 .1 - 1 0 .0 296..3 6..6 0..9 293..5 - 4 .7 351,.2 7 .5 0,.9 348..2 - 5 ,.5 393..2 8..3 1..8 404..2 - 2 1 ..1 413 .9 9 .3 1 .6 4 2 6 .4 -23..3 436..2 10..6 1..8 419..8 4..0 420..7 11..3 1..8 410..0 -2..4 194..2 2 4 3 .0 308..7 345..8 394 .3 4 1 7 .7 435,.2 480,.1 21 16..9 20..7 - 1 5 ,.4 19 .3 21..0 — 16 .4 19..0 22..2 - 1 0 ,.0 23..4 24..6 9..5 23 .5 2 5 .8 - 1 7 ..1 19 .7 2 8 .1 - 5 5 .0 16 .0 34 .9 - 8 7 .9 17..5 22 35,.4 23 - 7 5 .5 24 4,.1 161..0 121 .9 106,.6 15 .3 2 7 .7 2 .9 8 .4 4 .4 186 .2 135 .8 118 .2 17 .6 36 .9 4 .2 9 .3 4 214 145 125 20 47 13 8 .4 .4 .3 .1 .2 .9 .1 .0 6 .0 2 5 0 .2 160 .3 132..6 27 .7 68 .0 15 .6 6 .3 6 .5 273..7 173 .2 137 .0 36 .2 75 .1 18 .3 7 .1 - by f o r e i g n e r s 14 21.,4 15 16 17 18 19 20 22 23 24 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 c l a i m s 25 26 27 28 29 30 31 32 Security RPs Credit market instruments U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Private holdings U.S. c o r p o r a t e bonds (2) 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 0,.4 94 .4 82..9 75 .8 7 .0 5 .5 0 .5 5 .6 0 .3 142 .1 113 .3 105 .4 8 .0 22 .1 0 .6 6 .0 2,.4 170..5 138..4 128..5 9..9 24 .7 0,.9 6 .5 33 34 S e c u r i t y credit T r a d e credit 18 .9 20 .8 24,.9 25..2 2 8 .6 2 8 .4 2 8 .5 33 27..1 34 35 36 37 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 , in U.S. (3) Other 5 8 .4 48 .9 9 .5 56 .0 56 .7 .7 79 .7 69 .6 10..1 98 .1 8 8 .3 9 .8 142 .9 125 .9 16 .9 177 .6 159 .9 17 .7 187 .6 176 .9 10 .7 195 .4 35 184 .4 36 11 .0 37 48.3 64.6 64.4 76.3 96.4 38 14.8 19.2 17.4 18.6 25.9 39 - 25 26 27 28 29 30 31 32 (1) E x c l u d e s U.S. h o l d i n g s of f o r e i g n equities and foreign h o l d i n g s of U.S. e q u i t i e s . (2) C o r p o r a t e b o n d s include 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 a n f i n a n c i a l s u b s i d i a r i e s ; U.S. direct i n v e s t m e n t abroad e x c l u d e s net i n f l o w s from those bond i s u e s . (3) D i r e c t i n v e s t m e n t is valued on a c u r r e n t - c o s t b a s i s . 38 39 Memo: 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 Foreign corporate equities held by U.S. r e s i d e n t s Data are in b i l l i o n s of d o l l a r s . 39.1 39.8 42.1 9.5 10.1 11.2 S e p t e m b e r 2 8 , 1992 Net F o r e i g n A s s e t s Net Foreign Assets 9 B . 1 0 9 Net F o r e i g n A s s e t s H e l d by U.S. R e s i d e n t s Year-End Outstandings Year-End Outstandings 55.4 18.2 -63. 2 -151.8 -280.8 -385. 7 - 4 0 7 .,3 - 4 5 7 . 6 U.S. net f o r e i g n a s s e t s 788. 8 849. 1 887. 8 957.,0 1053. 8 1040. 5 24..4 45.,9 238..3 76..2 23..3 5..3 7..8 10..2 41,.2 27..3 70..3 27..1 42.,8 244..6 83.,1 21..5 4..8 7,.8 8..9 4 9 .9 2 4 .9 65 .2 53..6 43..9 254..8 88.,0 21, 4 3.,4 8..6 9 .4 63..0 19,.6 62..8 61..3 56..6 278..6 109..4 18,.5 2,.8 5..9 9,.8 75..3 16..3 5 9 .1 55. 4 58..0 292..7 124.,2 21..6 2..4 6..9 12..3 81..8 12..0 53..2 2 8 .3 17 .0 20..0 .4 .7 .7 .0 .0 640 .4 22,.0 0 .8 635 .7 - 1 8 .2 614..2 23..5 1 . .8 668..5 - 7 9 ..6 13 27.7 39.0 70.0 33.9 31.6 71.3 29. 1 46. 9 232. 1 68. 8 26. 9 6. 2 10.,7 10..0 37..4 26..3 72..7 14 15 19.8 19.6 17..4 18 .0 19 .4 401.4 12.9 418.2 14.4 403.6 -17.2 -22.8 4 6 3 .3 15,.9 1 , .0 454..8 - 8 .5 5 2 2 .4 17 .2 1 .1 5 2 3 .2 - 1 9 .0 5 5 3 .9 19 .6 0 .8 5 3 8 .2 — 4 .7 3 4 5 6 7 8 9 10 11 12 16 17 18 19 20 22 23 24 25 26 27 28 29 30 31 32 41.8 229.4 61.9 30.8 7.6 11.0 12.2 24.8 37.9 230.6 65.7 27.9 6.2 9.7 12.1 - 2.1 19.5 40.0 -73.2 6.6 341.8 210.3 144.7 65.6 91.9 31.3 8.3 2.0 424.7 1000 .9 1168 .6 1342..7 1461,.1 23 .8 41..0 - 4 5 .9 2 2 .4 4 2 .0 - 1 .8 21 .9 4 5 .0 5 .1 2 2 .0 4 3 .1 - 2 .5 21,.7 42..6 2 2 .0 20,.3 42,.1 3,.5 7.3 409.6 241.4 145.1 96.4 127.1 32.9 10 .7 5 1 0 .7 2 9 1 .9 178 .9 113 .0 168 .9 4 0 .8 9 .2 .9 .5 .5 .5 .9 .9 .7 .5 12 .8 653 .2 387 .6 2 6 0 .9 126 .6 201 .8 53 .8 10 .0 17 .0 734 .2 4 3 9 .7 2 6 5 .7 174 .0 2 1 5 .5 66 .6 12 .3 16 .5 792 .4 4 7 2 .7 297 .0 175 .8 221 .1 8 8 .0 10 .5 16 .5 848..8 526..6 318..0 208..6 239..5 71,.5 11..2 30 .7 31 .6 33 .7 36 .2 4 2 .2 40,.2 281 .0 2 6 5 .8 15 .1 3 3 0 .3 313 .5 16 .8 396 .9 3 7 4 .3 2 2 .6 4 9 2 .6 4 3 3 .2 5 9 .5 5 2 3 .7 4 6 6 .5 5 7 .2 526 .7 4 8 7 .0 39,.7 43.7 -58.6 8.1 208.5 211.2 -2.7 223.5 231.3 -7.8 12 563 323 220 102 187 42 9 F o r e i g n a s s e t s owned by U.S. r e s i d e n t s 1 2 U.S. o f f i c i a l fgn. exchange & net IMF p o s i t i o n U.S. private deposits Credit market instruments C o r p o r a t e b o n d s (2) 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 T o other f o r e i g n 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 3 4 5 6 7 8 9 10 11 12 13 S e c u r i t y debt T r a d e debt 14 15 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 d e p o s i t s U.S. d i r . i n v . a b r o a d ( 2 ) ( 3 ) Other 16 17 18 19 20 1498..1 U . S . a s s e t s owned by f o r e i g n e r s 21 852..0 21.1 33 34 35 36 37 576 20 0 570 -15 (1) 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 22 23 24 Security RPs Credit market instruments U.S. government securities Official holdings Private holdings U.S. c o r p o r a t e bonds (2) L o a n s to U . S . n o n b a n k borr. O p e n - m a r k e t paper 25 26 27 28 29 30 31 32 Security credit Trade credit 33 34 M i s c e l l a n e o u s fgn. a s s e t s 35 D i r e c t i n v e s t , in U.S. (3) 36 Other 37 ( 1 ) E x c l u d e s U.S. h o l d i n g s <af f o r e i g n e q u i t i e s and f o r e i g n h o l d i n g s of U.S. e q u i t i e s . ( 2 ) C o r p o r a t e bonds include 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 a n f i n a n c i a l 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 e x c l u d e s net i n f l o w s from those bond i s u e s . (3) D i r e c t i n v e s t m e n t is valued on a c u r r e n t - c o s t b a s i s . 38 96.1 125.6 168.9 175.6 201.0 260.6 231.2 39 27.0 39.3 50.0 54.7 62.7 91.7 92.4 Data are in b i l l i o n s of d o l l a r s . 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 Foreign corporate equities held by U.S. r e s i d e n t s 38 39 S e p t e m b e r 26, 1992 Tangible Asset Holdings 10 T a n g i b l e Asset Holdings B. 12 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 S e c t o r Year-End Outstandings Year-End Outstandings 1 T o t a l h o l d i n g s of t a n g i b l e s 2 HouseholdsSnonprofit insts. 5 Farm business 4 Nonfarm noncorp. business 5 Nonfinancial corporations 6 Financial institutions 1598 .5 730 .0 178 .4 2 0 3 .5 4 7 6 .8 9 .7 1655 .8 761 .2 185 .0 2 0 8 .8 4 9 0 .5 10 .3 1724 .7 794 .5 192 .2 2 1 6 .8 5 0 9 .9 11 .3 7 P l a n t and e q u i p m e n t (1) 8 Nonprofit institutions 9 Farm business 10 Nonfarm noncorp. business 11 Nonfinancial corporations 12 Financial Institutions 423 28 28 51 307 7 .5 .1 .2 .6 .8 .7 4 5 5 .7 30 .4 2 8 .8 53 .1 515,.2 8 .2 455 33 29 55 526 9 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 R e a l estate i n v e s t . t r u s t s 426..0 305..6 6.,2 19..2 91. 7 3.,2 4 4 2 .4 518,.8 6..6 19..2 94..2 5..6 20 Inventories (2) 21 Farm business 22 Nonfarm noncorp. business 25 Nonfinancial corporations 135. 5 25. 5 16. 6 95. 6 157..2 25. 8 15..6 97. 8 24 C o n s u m e r d u r a b l e s (households) 25 Land at m a r k e t value 26 HouseholdsSnonprofit insts. 27 Farm business 28 Nonfarm noncorp. business 29 Nonfinancial corporations 30 Financial institutions .4 .0 .9 .4 1965 1964 1801 .8 8 3 3 .0 201 .5 2 2 5 .8 531 .5 12 .1 1897 .0 8 7 4 .9 2 1 0 .0 2 3 6 .2 5 6 2 .1 13 .8 2 0 1 8 .9 919 .2 226,.8 2 5 0 .9 606 .5 15 .5 2189 .4 991 .8 i-'37.e 271 .8 670 .4 17 .6 2342 .9 1059 .4 2 5 0 .6 2 8 8 .4 725 .1 19 .5 1 2 3 4 5 6 .0 4 7 2 .9 35 .8 31 .4 5 8 .1 5 5 7 .9 9 .7 500 38 33 61 555 11 .4 .8 .0 .9 .8 .0 5 4 2 .3 42,.8 35,.5 67,.8 383 .6 12..5 598 47 38 75 422 14 .7 .5 .7 .3 .9 .2 649 .4 7 5 0 .9 8 41 .6 9 81 .0 10 460 .0 11 15 .9 12 460,.4 552..5 7..1 19..1 97..6 4..5 4 7 4 .1 342 .4 7 .5 18..8 100..3 5..1 505..6 565..1 8..5 19..2 107..1 6..0 532..5 385..0 9..0 19.,2 112..3 6. 9 576,.9 417,.7 10.,0 20..1 121..2 7.,9 608,.7 13 441 ..8 14 10..7 15 20. 6 16 127., 1 17 8. 6 18 19 145. 8 25. 2 15. 8 102. 8 149..5 25..7 15.,1 108. 7 155. 4 24. 5 15. 1 115. 8 169. 0 28. 0 15. 8 125. 2 186. 2 27. 4 16. 4 142..3 197. 4 27. 9 17. 1 152. 4 20 21 22 23 195. 7 196. 8 202. 5 212..8 225. 7 236. 1 258. 5 283. 2 24 419. 6 196. 5 107. 7 43. 4 70. 2 2. 0 445. 7 208. 7 113.,1 46. 0 73. 8 2. 1 464. 7 219. 7 118. 0 48. 0 76. 7 2. 3 492. 5 234. 5 125. 5 50. 3 79. 8 2. 3 511. 8 259. 1 133. 3 52. 1 84. 5 2. 9 539. 1 246. 5 144. 0 54. 9 90. 8 3. 0 569..2 258.,2 151..6 58. 8 97..2 3. 4 604..2 272..9 160..5 63,.2 104..0 3..5 25 26 27 28 29 30 1076.6 533.2 139.7 161.9 234.8 7.0 1125.6 561.1 145.8 168.5 242.6 7.6 1174.9 588.6 151.5 175.9 250.5 8.4 1226.8 1292.3 647.2 168.7 194.0 272.2 10.5 1369.6 678.9 1472.2 728.7 190.7 223.6 316.6 12.6 1562.0 771.1 201.4 237.2 338.9 13.3 31 32 33 34 35 36 Memo: 31 Total real e s t a t e 32 Households&nonprofit insts. 55 Farm business 54 Nonfarm noncorp. business 55 Nonfarm nonfin. corporations 56 Private finan. institutions (1) At c u r r e n t c o s t . ( 2 ) At y e a r - e n d p r i c e s . Data are in b i l l i o n s of d o l l a r s . 616.4 159.7 182.9 258.8 9.0 180.8 206.2 292.5 11.2 S e p t e m b e r 2 8 , 1992 Tangible Asset Holdings Tangible Asset Holdings B . 1 2 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 S e c t o r 11 Year-End Outstandings 1968 1 2 3 4 5 6 2588 1182 262 322 798 23 .6 .0 .7 .5 .1 .2 Year-End Outstandings 1969 2830 1286 273 356 886 27 .9 .8 .2 .5 .6 .9 1970 3035 1368 281 385 968 31 .7 .4 .3 .5 .8 .7 1971 3311 1483 303 430 1057 36 1972 1973 .3 .4 .4 .3 .3 .8 3 7 2 5 .3 1673 .5 3 4 3 .2 496,.9 1168,.6 43..1 4292 1894 428 574 1342 53 .3 .3 .7 .0 .2 .0 1974 4971 2154 475 652 1621 67 1975 .5 .0 .7 .7 .5 .6 5511 2399 534 706 1789 81 .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 & n o n p r o f i t insts. .1 Farm business .2 Nonfarm noncorp. business .2 .6 Nonfinancial corporations .9 Financial institutions .0 P l a n t and e q u i p m e n t (1) Nonprofit institutions .7 Farm business .1 Nonfarm noncorp. business .1 Nonfinancial corporations .1 Financial institutions .1 1 2 3 4 5 6 7 8 9 10 11 12 719,.3 5 7 .2 4 5 .2 8 9 .1 5 0 8 .8 19 .0 796 .3 64 .4 49 .4 98 .8 561 .9 21..8 8 7 8 .8 71,.5 53,.3 109,.2 620..1 24..7 9 6 7 .7 8 0 .8 5 8 .0 121,.1 679,.1 28,.8 1076..4 90,.9 64,.2 134,.6 753,.3 33,.4 1223,.1 102,.5 72,.4 154,.0 853,.4 40,.9 1459 .5 116 .2 8 7 .6 179 .5 1024 .3 51,.9 1638 125 97 196 1167 62 13 14 15 16 17 18 19 683 .9 496,.2 12,.0 22..2 143..0 10..4 0,.1 752,.0 544..3 13..2 23 .5 158..5 12..4 0..2 795..0 5 7 4 .4 13..7 24.,2 168 .6 13,.9 0,.3 886,.8 640..4 14..9 25..7 189..1 16..3 0..4 1034..0 745..7 17..5 28..3 224. 3 17. 6 0.,7 1185..2 856..9 20..1 30. 8 257..8 18. 8 0..9 1334..8 968..9 22..3 34..2 288..4 19..7 1..3 1463..4 R e s i d e n t i a l s t r u c t u r e s (1) 1066..9 Households: owner-occupants Nonprofit institutions 24..6 36..8 Farm business 313..1 Nonfarm noncorp. business 19..8 Nonfinancial corporations R e a l e s t a t e i n v e s t , trusts 2..2 20 21 22 23 211,.7 29,.1 17,.6 165,.0 232,.4 31,,8 18,.3 182,.3 240..3 31..1 19..1 190..1 257.,8 35..4 21.,7 200..7 285. 6 44. 3 24. 0 217. 3 352..6 65..5 27..3 259. 8 423..3 62.,4 29.,6 331.,3 24 314,.2 343,.7 372,.4 393..7 424..7 470. 5 544..2 25 26 27 28 29 30 659,.5 302,.4 166,.2 72,.8 114,.0 4 .2 706,.5 321..2 168..5 80..9 130..0 5 .9 749,.2 336,.4 172 .8 8 8 .6 144 .7 6 .8 805..2 353..7 184,.4 98,.4 161..2 7,.7 904. 5 394. 7 206. 4 114..0 180..4 9.,0 1060..9 444..4 260..1 135.,0 210..3 11..1 1209..7 502..4 291..5 155..3 246..2 14.,4 1385..1 Land at m a r k e t v a l u e 586..2 H o u s e h o l d s & n o n p r o f i t insts. 335..9 Farm business 169..7 Nonfarm noncorp. business 275..5 Nonfinancial corporations 17..7 Financial institutions 25 26 27 28 29 30 31 32 33 34 35 36 1731..7 862..4 211..0 268..0 374 .6 15.,7 1892..9 937..3 2 1 7 .1 2 9 8 .4 421 .0 19..2 2026,.2 989 .8 2 2 4 .5 3 2 2 .8 467,.3 21,.7 2 2 3 3 .5 1083,.2 2 4 0 .9 362,.1 522,.4 24,.9 2556..0 1242..0 268..7 423..3 593..0 29..0 2955..6 1416..4 329..2 491..5 684..6 33..9 3367..4 1600. 9 369. 5 556..7 799..7 40..7 3754..3 T o t a l r e a l e s t a t e 1793..6 H o u s e h o l d s & n o n p r o f i t insts. 421..0 Farm business 605. 5 Nonfarm noncorp. business 886..0 Nonfarm nonfin. corporations 48..2 Private finan. institutions 31 32 33 34 35 36 428..8 I n v e n t o r i e s ( 2 ) 64..3 Farm business Nonfarm noncorp. business 27..3 337..2 Nonfinancial corporations 595.,7 C o n s u m e r d u r a b l e s 13 14 15 16 17 18 19 20 21 22 23 (households) 24 ( 1 ) At c u r r e n t c o s t . ( 2 ) At y e a r - e n d p r i c e s . Data are in b i l l i o n s of d o l l a r s . 7 8 9 10 11 12 September 28, 1992 Tangible Asset Holdings Tangible Asset Holdings 1 2 Year-End B.12 Distribution of T a n g i b l e A s s e t s by S e c t o r Outstandings Year-End 1976 1977 1978 1979 6 1 3 6 ,.0 2 6 9 2 ,.5 614,.9 771..9 1 9 6 1 ,.9 94,.9 6 9 3 1 ..5 3 0 9 8 ..0 677..5 8 6 9 ..0 2 1 8 2 ..3 104..6 8 0 3 7 ..4 3 6 1 2 ..3 8 1 7 ..4 1006, 5 2485. 4 115..7 9 3 3 7 ..6 4 1 9 1 ,.0 945,.5 1199..4 2 8 6 3 ,.9 137,.8 1 0 6 1 6 .9 4 7 1 9 .4 1043,.4 1 4 1 1 .1 3 2 7 8 ..7 1 6 4 .2 1 1 6 1 7 ,.5 5 1 1 5 ,.9 1047,.1 1 5 8 7 ,.9 3 6 7 4 ..5 192..1 7 P l a n t and e q u i p m e n t ( 1 ) 8 Nonprofit institutions 9 Farm business 10 Nonfarm noncorp. business 11 Nonfinanclal corporations 12 Financial institutions 1784,.5 134,.3 107..4 2 0 9 ..3 1261.,2 72..2 1981..4 147..2 120..6 2 3 2 ,.5 1401..5 79..7 2 2 5 0 ..8 167..1 136..6 2 6 7 ..3 1590..6 8 9 ..2 2 5 8 5 ..6 190,.9 1 5 6 .9 3 1 0 ,.5 1819..8 107,.5 2 9 7 4 .2 2 1 5 .6 174,.5 3 5 9 .7 2 0 9 5 ..2 1 2 9 .2 3 3 6 3 ..3 2 3 7 .,8 186..9 4 1 5 ..3 2 3 7 0 ..4 152..9 3589 256 188 444 2526 172 13 R e s i d e n t i a l s t r u c t u r e s C I ) 14 Households: owner-occupants 15 Nonprofit institutions 16 Farm business 17 Nonfarm noncorp. business 18 Nonfinanclal corporations 19 Real estate invest, trusts 1630,.9 1 1 9 7 ,.2 27,.1 39,.7 343,.7 20,.4 2,.7 1891,.2 1398, 4 31,.0 44..5 392..3 22,.3 2,.7 2 2 1 1 ,.2 1644,.3 35 .7 5 0 .0 4 5 3 .8 26,.1 1,.3 2 5 4 7 ,.1 1872,.8 41..2 5 5 .0 5 4 7 ,.8 2 8 .9 1,.3 2 8 4 0 .0 2 0 6 2 .1 4 6 .5 6 0 .3 6 3 8 .4 31 .5 1 .2 3 0 4 9 ..6 2 1 9 3 ..3 50..0 63..4 708,.7 33..0 1..2 3 1 4 8 .3 2 2 6 5 .7 51 .6 6 4 .3 731,.8 3 3 .7 1 .2 3279,.9 2 3 6 8 ,.3 53..3 64 .5 758,.1 34..5 1 -1 13 14 15 16 17 18 19 4 6 3 ,.3 60,.2 27..9 375,.2 5 0 5 ..7 59,.3 29,.5 4 1 6 ,.9 6 0 5 .3 9 2 .1 3 2 .6 4 8 0 ,.6 7 0 2 .6 9 7 .9 35 .5 5 6 9 ,.2 8 3 6 ..1 101..4 34,.8 699..9 8 1 7 ,.1 103,.6 34 .1 679,.4 8 2 7 ,.6 103 .2 34 .4 690,.0 20 21 22 23 1 T o t a l h o l d i n g s of t a n g i b l e s 2 Households&nonprofit insts. 3 Farm business 4 Nonfarm noncorp. business 5 Nonfinanclal corporations 6 Financial institutions 20 21 22 23 Inventories (2) Farm business Nonfarm noncorp. business Nonfinanclal corporations 24 Consumer durables (households) 2 5 L a n d at m a r k e t v a l u e 26 Households&nonprofit insts. 27 Farm business 28 Nonfarm noncorp. business 29 Nonfinanclal corporations 30 Financial institutions 1980 784 104 35 644 .2 .9 .3 .0 1981 1982 Outstandings 1 2 1 7 6 .1 5 3 7 8 ,.7 1 0 1 5 .6 1 7 0 3 .3 3 8 6 0 .4 2 1 8 .2 .0 .0 .4 .9 .9 .8 1985 12750 5693 1022 1812 3979 241 .0 .8 .6 .3 .7 .6 1 2 3 4 5 6 3 7 0 7 .1 7 2 7 3 .4 8 1 8 7 .3 9 4 5 9 .6 10 2 5 9 5 .7 11 191,•1 12 652..8 725,.5 8 1 5 .2 924,.4 1 0 1 4 .3 1 0 8 6 ,.2 1133,.7 1 1 9 3 .8 2 4 1604.,6 681..2 4 0 7 ..6 190..9 305,.0 20,.0 1827,.7 795,.9 4 5 3 ,.2 2 1 4 ,.8 341,.6 22,.2 2 1 5 4 ,.9 950,.1 5 3 8 ,.7 2 5 2 ,.7 3 8 8 .2 25..2 2 5 7 7 ,.9 1161.,6 635..7 305..6 4 4 6 ..0 29..0 3 0 0 4 ,.1 1380,.8 7 0 3 .8 377..7 5 0 8 ,.0 33,.8 3 2 8 2 ,.3 1548..7 695..4 4 2 9 ..1 5 7 1 ,.2 38..0 3 4 8 8 ,.0 1671..7 659..3 4 9 2 .5 620..4 44..1 3741,.6 1805..0 6 6 7 .6 560,.2 6 5 9 .4 49,.4 25 26 27 28 29 30 4 2 1 3 ..1 2 0 2 9 ,.4 4 9 9 ,.8 6 6 4 .6 9 6 5 .9 53,.5 4 7 9 8 ..1 2 3 6 1 ..3 5 5 6 ..5 751..0 1070.,9 58..4 5 5 9 0 ..6 2 7 8 3 ..5 656..0 8 7 1 ..0 1218,-7 61..6 6 5 3 0 ..7 3 2 4 9 ..8 767..8 1041 ..0 1 4 0 0 .,6 71..5 7 4 5 6 ,.8 3 6 8 4 ,.4 8 5 0 ,. 1 1 2 3 4 ,.3 1 6 0 4 ,.5 8 3 ,.5 8 1 5 3 ..5 4 0 0 5 ..2 8 5 1 .,7 1390. 5 1 8 0 9 ..7 96..5 8 5 8 5 .8 4 2 1 7 ..2 8 1 9 ,.1 1495,.3 1942,.1 112,.0 9 0 3 8 .6 4 4 6 9 .5 8 2 9 ,.3 1595..6 2 0 1 9 ..2 124..9 31 32 33 34 35 36 Memo: 31 T o t a l r e a l e s t a t e 32 HouseholdsSnonprofit insts. 33 Farm business 34 Nonfarm noncorp. business 35 Nonfarm nonfin. corporations 36 Private finan. institutions (1) At c u r r e n t c o s t . (2) At year-end prices. Data are in billions of dollars. S e p t e m b e r 2 8 , 1992 Tangible Asset Holdings Tangible Asset Holdings 13 B . 1 2 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 S e c t o r Year-End Outstandings Year-End Outstandings 1984 1 1 2 3 4 5 6 13564. 2 6181. 3 920. 6 1973, 6 4215, 7 273..0 14334. 9 6625. 8 830. 6 2170. 5 4399. 3 308. 7 15128. 4 7121. 8 774. 9 2329. 0 4547. 3 355. 5 16120. 3 7677. 7 816.8 2472. 0 4751. 4 402. 5 17087. 6 8126. 4 840. 9 2605. 7 5056. 6 458. 0 18215. 4 8731. 9 864. 6 2776. 0 5335. 0 507. 8 18206. 0 8747. 4 870. 8 2724. 0 5333. 8 530. 0 18328. 2 9256. 2 858. 8 2625. 4 5049. 9 538. 0 7 8 9 10 11 12 3899. 4 290. 9 184.,0 490..2 2717..7 216..6 4112. 7 308. 1 178. 5 528. 3 2853. 6 244..1 4322. 2 327. 8 174.,2 565. 5 2975..4 279. 3 4515. 9 349. 9 170.,7 600. 8 3080. 6 313. 9 4810. 3 376. 9 167. 9 649. 2 3260.,2 356..1 5084. 2 403. 6 169. 1 692. 2 3419. 9 399. 4 5334..2 426.,6 168. 3 724..1 3577. 8 437..4 5438..2 443..1 163. 8 729..6 3640.,2 461..4 13 14 15 16 17 18 19 3448..6 2 4 9 6 .8 5 5 .5 65..0 794 .6 35 .5 1 .3 3639..1 2634..1 58,.4 65 .5 842..6 36 .8 1 .7 3902..1 2840..6 61..9 66..8 8 9 2 .3 38 .4 2 .0 4213..2 3081..8 66..3 69 .3 953 .0 4 0 .3 2 .6 4298..0 3156..5 66 .9 68 .1 963 .5 39 .9 3 .0 4566..1 3370.,3 70..2 70 .2 1010..7 41..7 3 .1 4795..9 3560..1 72 .9 72 .4 1044 .5 42 .0 4 .0 4973..4 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 3710..9 Nonprofit institutions 74 .5 Farm business 73 .9 Nonfarm noncorp. business 1067 .3 Nonfinancial corporations 4 2 .1 Real estate invest, trusts 4.6 1081 96 48 936 1105 94 49 961 1081 90 49 942 20 21 22 23 898 100 37 760 .8 .9 .4 .5 904 96 39 768 .8 .5 .4 .9 950 90 42 817 .6 .9 .0 .7 1023 95 45 883 .8 .4 .3 .1 .1 .3 .8 .0 .6 .6 .4 .6 .8 .5 .3 .0 2 Nonprofit institutions Farm business Nonfarm noncorp. business Nonfinancial corporations Financial institutions 8 1808 .4 1929 .6 2 0 3 0 .7 2 1 2 2 .7 C o n s u m e r d u r a b l e s .8 .0 .1 .9 .8 .9 4 4 8 8 .7 2 3 6 4 .1 4 4 3 .4 8 3 2 .7 774 .5 74 .1 4781 2520 485 876 812 86 .1 .2 .9 .3 .7 .0 5 1 4 7 .1 2 7 1 7 .6 5 0 9 .4 947 .8 8 7 3 .3 98 .9 5 5 5 4 .3 2 9 5 8 .2 5 2 9 .0 1024 .4 937 .4 105 .4 4 9 3 9 .7 2 6 5 7 .2 535 .5 906 .0 752 .4 8 8 .6 4 7 1 2 .2 Land at m a r k e t v a l u e Households&nonprofit insts. 2 9 0 4 .9 Farm business 5 3 0 .5 Nonfarm noncorp. business 779 .3 NonfInancial corporations 4 2 5 .5 Financial institutions 72 .0 10184,.8 5197,.7 657 .0 1920,.8 2 2 4 8 .4 161 .0 10741..4 5552..7 613..0 2062..7 2327,.6 185 .4 11453,.8 5 9 7 1 .0 658 .6 2 1 8 8 .9 2 4 2 3 .8 211 .5 12077..9 6264..2 682..2 2300..5 2592..5 238..5 12902.,3 6741..1 703..9 2450..0 2746..3 261..0 12626.,0 6647. 6 711.,4 2383.,9 2622..2 260..8 24 1281 .5 4035 2056 570 651 701 55 4287 2234 490 759 740 62 31 32 33 34 35 36 9615..6 4 8 6 6 .3 735 .0 1740 .5 2 1 3 3 .4 140 .4 12635 7058 705 2284 2332 255 .8 .5 .6 .1 .0 .7 9 10 11 12 13 14 15 16 17 18 19 21 22 23 ( h o u s e h o l d s ) 24 otal real estate Households&nonprofit insts. Farm business Nonfarm noncorp. business Nonfarm nonfin. corporations Private finan. Institutions (1) At c u r r e n t c o s t . ( 2 ) At y e a r - e n d p r i c e s . Data are In b i l l i o n s of d o l l a r s . 6 20 Farm business Nonfarm noncorp. business Nonfinancial corporations 1659 .5 25 26 27 28 29 30 3 4 5 7 1527 .5 1391 .1 .9 .7 .8 .5 .9 .1 887 90 38 758 .3 .6 .6 .1 HouseholdsSnonprofit insts. Farm business Nonfarm noncorp. business Nonfinancial corporations Financial institutions 25 26 27 28 29 30 31 32 33 34 35 36 S e p t e m b e r 2 8 , 1992 Household Sector Household Sector 14 B . 1 0 0 B a l a n c e S h e e t of the H o u s e h o l d S e c t o r CI) Year-End Outstandings Year-End Outstandings 1 Total a s s e t s 1960 1961 2053.5 2235.8 2253.2 2429.0 2594.6 2793.7 2887.4 3201.6 1 2 Tangible assets 730.0 761.2 794.5 833.0 874.9 919.2 991.8 1059.4 2 3 4 5 6 7 8 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions N o n p r o f i t plant 8 e q u i p . Consumer durables 533.7 311.9 305.6 6.2 28.1 193.7 552.6 325.4 318.8 6.6 30.4 196.8 574.7 339.4 332.3 7.1 33.0 202.3 598.5 349.9 342.4 7.5 35.8 212.8 635.9 373.4 365.1 8.3 38.8 223.7 672.9 394.0 385.0 9.0 42.8 236.1 733.7 427.7 417.7 10.0 47.5 258.5 786.5 452.4 441.8 10.7 50.9 283.2 3 4 5 6 7 8 Land O w n e r - o c c u p i e d (2) Nonprofit institutions 196.3 182.6 13.8 208.7 193.7 15.0 219.7 203.7 16.0 234.5 216.8 17.7 239.1 219.6 19.5 246.3 224.6 21.8 258.2 234.2 24.0 272.9 9 246.4 10 26.5 11 1323.5 1474.6 1458.7 1596.1 1719.7 1874.5 1895.5 2 1 4 2 . 2 12 390.4 73.2 164.8 410.9 71.8 182.9 439.1 71.3 208.7 471.8 75.8 234.2 510.1 82.0 259.8 549.8 88.6 287.0 591.2 91.0 305.2 9 10 11 12 Total f i n a n c i a l assets 13 14 15 16 17 D e p o s i t s 8 cr. m k t . i n s t r . Checkable deposits 8 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 L a r g e time d e p o s i t s 0.2 0.6 1.3 2.0 2.6 3.6 642.7 101.2 339.7 4.3 18 19 20 21 22 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 Treasury issues A g e n c y issues 152.5 73.7 45.6 27.0 1.0 156.0 73.0 46.4 25.9 0.6 158.6 74.4 47.0 27.2 0.2 160.5 73.4 48.1 25.3 -.1 166.4 74.4 49.1 25.1 0.2 171.5 76.4 49.7 25.6 1.1 191.4 85.4 50.2 29.3 5.9 197.5 85.7 51.2 28.2 6.3 18 19 20 21 22 23 24 25 26 Tax-exempt securities C o r p o r a t e 8 fgn. b o n d s Mortgages O p e n - m a r k e t paper 31.0 11.6 33.4 2.8 32.5 11.4 36.7 2.5 32.1 10.2 38.8 3.2 32.1 10.2 40.3 4.5 34.9 9.9 41.7 5.5 36.5 9.9 42.2 6.5 41.2 12.0 44.2 8.6 38.2 16.9 46.0 10.6 23 24 25 26 17.0 378.4 22.9 477.9 20.9 416.2 24.8 488.7 28.4 535.7 34.4 600.5 33.9 540.9 43.0 2 7 676.3 28 85.2 90.8 88.6 103.7 92.4 109.6 96.6 123.2 101.1 139.2 105.9 155.5 110.6 165.1 115.5 29 187.3 30 347.2 355.6 365.0 374.9 387.8 409.0 433.0 452.6 31 1.1 13.3 1.2 13.8 1.2 14.3 1.2 14.8 1.7 15.7 2.5 17.0 2.7 18.2 4.9 32 19.8 33 27 28 M u t u a l fund shares Corporate equities 29 30 Life insurance reserves P e n s i o n fund r e s e r v e s 31 E q u i t y in n o n c o r p . bus. 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 (3) 13 14 15 16 17 34 Total l i a b i l i t i e s 220.0 237.2 258.2 286.2 314.3 344.2 366.6 391.3 34 35 36 37 38 39 40 211.7 133.9 8.4 227.6 145.6 9.3 248.5 159.0 10.3 274.4 174.6 11.3 302.5 190.8 12.3 331.4 207.0 13.4 353.1 219.5 14.6 45.1 16.2 46.0 17.4 51.0 18.4 57.8 20.0 65.6 21.8 73.9 23.6 79.3 24.1 373.9 231.9 15.6 83.1 25.4 1.9 6.3 2.2 7.0 2.1 7.7 2.3 8.4 2.9 9.2 3.6 10.0 3.7 11.9 4.5 41 13.3 42 3.6 2.3 4.6 2.5 4.5 2.6 6.0 2.9 5.5 3.2 5.9 3.6 5.8 4.0 8 . 9 43 4.6 44 2.4 2.5 2.7 2.9 3.0 3.3 3.7 3.9 45 1833.6 1998.6 1994.9 2142.9 2280.3 2449.5 2520.8 2810.3 46 41 42 43 44 45 Credit market instruments Home mortgages Other m o r t g a g e s T a x - e x e m p t debt Installment cons, c r e d i t O t h e r consumer credit Bank loans n.e.c. Other l o a n s 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 46 Net w o r t h (2) Includes vacant land. b r o k e r s and d e a l e r s . 47 Total o w n e r - o c c . real e s t a t e Home m o r t g a g e s as percent of o w n e r - o c c . real estate 48 4 9 Total n o n p r o f i t real e s t a t e Data are in b i l l i o n s of d o l l a r s . 35 36 37 38 39 40 inprof it o r g a n i z a t i o n s . orate ty 488.2 512.5 535.9 559.2 584.6 609.6 651.9 688.2 47 27.4% 28.4% 29.6% 31.2% 32.6% 33.9% 33.6% 33.7% 48 45.0 48.6 52.7 57.2 62.6 69.3 76.8 8 3 . 0 49 September 2 8 , 1992 H o u s e h o l d Sector H o u s e h o l d Sector B . 1 0 0 B a l a n c e S h e e t of the H o u s e h o l d S e c t o r (1) 1 3 Year-End O u t s t a n d i n g s Year-End Outstandings 1 3578 .5 3664 .3 3831 .7 4 2 1 5 .7 4711 .8 4966.9 5209.2 5 8 9 3 .8 2 1182 .0 1286 .8 1368 .4 1483 .4 1673 .5 1894.3 2154.0 2 3 9 9 .1 3 4 5 6 7 8 8 7 9 .7 5 0 8 .3 4 9 6 .2 12 .0 5 7 .2 314 .2 965 557 544 13 64 343 1032 588 574 13 71 372 .0 .1 .4 .7 .5 .4 1129 .8 655 .3 640 .4 14 .9 8 0 .8 393 .7 1278 .8 763 .2 745 .7 17 .5 90 .9 4 2 4 .7 1449.9 876.9 856.9 20.1 102.5 470.5 1651.6 991.2 968.9 22.3 116.2 544.2 1812 .9 1091 .5 1066 .9 2 4 .6 125 .7 5 9 5 .7 9 10 11 302 .4 2 7 2 .5 2 9 .9 321 .2 286 .4 34,.8 336 .4 2 9 7 .6 38 .8 353 .7 310 .6 4 3 .1 394 .7 345 .6 49 .1 444.4 384.6 59.8 502.4 433.5 68.9 586 .2 5 1 3 .2 73 .0 .5 .4 .3 .2 .4 .7 Reproducible 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 Land O w n e r - o c c u p i e d (2) Nonprofit institutions 3 4 5 6 7 8 9 10 11 12 2396 .5 2377,.5 2463,.3 2 7 3 2 .3 3 0 3 8 .3 3072.6 3055.2 3494, .6 T o t a l f i n a n c i a l a s s e t s 3494.6 13 14 15 16 17 694 .4 110,.5 366,.3 744..0 109..3 380 .7 796,.0 116..6 410,.7 8 6 8 .7 129 .9 4 7 8 .5 952 .3 141 .7 5 4 7 .6 1048.7 150.2 587.2 8,.6 3..2 15,.3 13,.6 16,.7 39.1 1152.1 156.0 624.4 2.4 56.5 1251,.4 161,.5 721..0 3..7 37..2 18 19 20 21 22 209,.0 88,.4 51,.9 30..4 6,.1 250,.8 105..1 51..8 42..0 11..3 253,.3 99,.4 52..1 31,.4 15..9 246,.7 8 9 .4 54 .4 20,.4 14 .6 246,.2 86,.6 5 7 .7 20,.1 8,.9 272.2 96.7 60.4 28.0 8.3 312.7 108.9 63.3 31.9 13.7 328..0 121..1 67.,4 45. 8 7. 9 23 24 25 26 36..5 22,.9 48,.4 12..8 47..2 2 8 .8 50,.7 19..0 47..1 38 .4 51..5 16,.8 .0 .4 .9 .0 4 7 .7 52,.4 49,.8 9,.7 55.1 57.2 48.8 14.4 62.2 67.1 52.1 22.5 67.,2 75..9 55..3 8..5 27 28 49,.5 806..9 45,.6 699,.1 44..5 682..7 53 .0 778 .0 56,.4 862..0 43.7 663.6 31.8 460.2 38.,7 600.,5 M u t u a l fund s h a r e s Corporate equities 27 28 29 30 120..3 209..1 125..4 219..8 130..7 240..8 137,.1 277,.9 143..9 331..3 151.3 338.0 158.4 345.3 166. 5 444.,1 Life insurance reserves P e n s i o n fund r e s e r v e s 29 30 E q u i t y in n o n c o r p . bus. 46 48 48 14 D e p o s i t s 8 cr. m k t . instr. Checkable deposits 8 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 shares L a r g e time d e p o s i t s Credit market instruments U.S. g o v t . s e c u r i t i e s Savings bonds O t h e r T r e a s u r y issues Agency issues Tax-exempt securities C o r p o r a t e 8 fgn. bonds Mortgages O p e n - m a r k e t paper 31 487..6 514..7 538..0 584..1 656..1 788.4 866.7 948. 4 32 33 7..0 21..6 5..2 23..8 4 .4 26..3 4..9 28..7 5..0 31..3 4.9 34.1 3.9 36.8 4. 5 40. 6 34 425..1 453..2 473..5 520,.5 583..4 651.1 698.6 747. 'o t a l l i a b i l i t i e s 747.5 T 35 36 37 38 39 40 404..2 247..0 16..7 434. 5 262..3 17. 9 455..1 273..6 19. 0 498..3 296. 5 20..3 556..1 331..9 21..5 91..7 27. 6 101. 2 28. 1 105. 5 28. 3 118..3 31. 2 133..2 35..3 626.8 370.7 22.6 0.4 155.1 37.8 674.1 401.7 23.7 1.3 164.6 37.7 719. 9 439. 2 24. 8 2. 7 168. 7 38. 8 41 42 5. 9 15. 3 6. 8 18. 3 7. 7 20. 9 9. 9 22. 3 10. 7 23. 6 14.1 26.2 15.6 29.4 14. 1 31. 5 43 44 11. 5 5. 2 8. 2 5. 8 6. 9 6. 5 9. 5 7.,3 13. 1 8. 2 8.9 8.9 7.4 10.1 8. 3 11. 6 45 4. 3 4. 7 5. 1 5. 4 6. 0 6.4 7.1 7. 7 46 3153. 4 3211. 1 3358. 2 3695. 2 4128. 4 4315.9 4510.6 768. 7 830. 7 872. 0 950. 9 32.IX 31.5* 31.3% 31.1% Data are in b i l l i o n s of d o l l a r s . 1091..4 1241.5 1402.4 29.8% 28.6% Credit market instruments Home mortgages Other mortgages T a x - e x e m p t debt I n s t a l l m e n t c o n s . credit O t h e r c o n s u m e r credit Bank loans n . e . c . O t h e r 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 insurance premiums 18 19 20 21 22 23 24 25 26 31 32 33 35 36 37 38 39 40 41 42 43 44 5146. 2 1 C D H o u s e h o l d s , p e r s o n a l trustsi (2) Includes vacant land (3) N o n c o r p o r a t e farms. n o n f a r m b u s i n e s s » and u n i n c o r p o r a t e d b r o k e r s and d e a l e r s . 47 (3) Security credit Miscellaneous assets 13 14 15 16 17 si 1580.,2 ' T o t a l o w n e r - o c c . real estate Home m o r t g a g e s as percent of 27.7% o w n e r - o c c . real estate 47 2 1 3 . 5 T o t a l n o n p r o f i t real e s t a t e 49 48 S e p t e m b e r 2 8 , 1992 Household Sector 16 B . 1 0 0 B a l a n c e S h e e t of the H o u s e h o l d S e c t o r (1) Year-End Outstandings Year-End Outstandings 1976 1977 1978 1979 1980 1981 1982 1983 1 Total assets 6 6 3 2 .6 7325 .4 8 3 5 1 .7 9 6 5 5 .0 11109 .9 11921 .8 12771 .9 13848 . 1 1 2 Tangible assets 2 6 9 2 .5 3 0 9 8 .0 3 6 1 2 .3 4 1 9 1 .0 4 7 1 9 .4 5 1 1 5 .9 5 3 7 8 .7 5693 .8 2 3 4 5 6 7 8 2011 1224 1197 27 134 652 .4 .3 .2 .1 .3 .8 2 3 0 2 .1 1429 .4 1398 .4 31 .0 147 .2 725 .5 2662 1680 1644 35 167 815 .2 .0 .3 .7 .1 .2 3 0 2 9 .4 1914 .1 1872 .8 41 .2 190 .9 924 .4 3338 2108 2062 46 215 1014 3567 2243 2193 50 237 1086 .3 .3 .3 .0 .8 .2 3 7 0 7 .0 2 3 1 7 .3 2 2 6 5 .7 51 .6 256 .0 1133 .7 3888 .7 2421 .6 2368 .3 53 .3 273 .4 1193 .8 3 4 5 6 7 8 681 .2 6 0 2 .0 79 .2 795 .9 706 .0 8 9 .9 950 .1 8 4 4 .9 105 .2 1161 .6 1036 .7 124 .9 1380 .8 1243 .8 137 .1 1548 .7 1398 .8 149 .9 1671 .7 1512 .9 158 .8 1805 .0 9 1636 .6 10 168 .5 11 12 T o t a l f i n a n c i a l a s s e t s 3 9 4 0 .0 4 2 2 7 .4 4 7 3 9 .4 5 4 6 4 .0 6 3 9 0 .5 6 8 0 5 .8 7393 .3 8 1 5 4 .3 12 13 14 15 16 17 D e p o s i t s 8 cr. m k t . i n s t r . C h e c k a b l e d e p o s i t s 8 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 L a r g e time d e p o s i t s 1386 .7 175 .1 8 3 7 .2 3 .7 2 6 .7 1533 .9 192 .2 932 .7 3 .4 34 .5 1709 216 998 9 64 .6 .8 .4 .4 .9 1923 249 1058 40 72 .1 .5 .2 .0 .5 2139 260 1140 64 111 .9 .4 .7 .9 .9 2366 294 1188 155 126 .4 .4 .2 .6 .0 2562 316 1322 189 84 2 8 3 8 .1 342 .0 1532 .6 158 .4 56 .2 18 19 20 21 22 Credit market instruments U.S. g o v t , s e c u r i t i e s Savings bonds Other Treasury issues Agency issues 343 .9 123 .8 72 .0 39 .9 11,.9 371 .1 133 .1 76 .8 45,.2 11,.2 4 2 0 .1 148 .6 8 0 .7 4 7 .3 20,.6 502 208 79 91 37 .9 .0 .9 .1 .0 562 240 72 121 46 .0 .7 .5 .6 .6 602 261 68 144 48 .2 .2 .2 .7 .3 649,.4 2 7 2 .2 68 .3 170,.9 33,.0 748 321 71 213 35 .9 .0 .5 .6 .9 18 19 20 21 22 73..7 8 4 .1 59..7 2..7 79, 8 75..2 66. 5 16. 5 94,.0 70,.2 76 .0 31..4 102 64 89 38 .0 .5 .4 .9 102,.4 69..3 107,.0 42..6 122,.8 68..5 117,.3 32..3 153..2 63..6 126..1 34..3 192 .1 53,.1 127 .1 55 .7 23 24 25 26 9 10 11 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions N o n p r o f i t plant 8 e q u i p . Consumer durables Land O w n e r - o c c u p i e d (2) Nonprofit institutions 23 24 25 26 Tax-exempt securities C o r p o r a t e 8 fgn. b o n d s Mortgages O p e n - m a r k e t paper .6 .7 .1 .5 .6 .3 .2 .1 .5 .4 .8 13 14 15 16 17 27 28 M u t u a l fund s h a r e s Corporate equities 41. 4 716. 7 40. 4 668. 5 41..1 663..9 44,.8 812,.2 52..1 1111..3 52,.6 1051..2 66..7 1128..4 98 .0 2 7 1267,.8 2 8 29 30 Life insurance reserves P e n s i o n fund r e s e r v e s 175..3 507.,5 184. 8 560. 3 196..0 661..5 206,.7 767..1 216..4 916..1 225..6 996..9 232..8 1279..3 240..8 29 1520,.8 30 31 E q u i t y in n o n c o r p . bus. 1060..8 1180. 8 1399.,2 1633..1 1865..0 2017..9 2018. 6 2065, 4 31 32 33 Security credit Miscellaneous assets 5.,7 46..0 5. 7 52. 9 8. 5 59. 5 10,.4 66..7 16.,2 73..5 14.,7 80. 4 17. 8 87. 4 20..6 32 102..9 33 (3) 34 T o t a l l i a b i l i t i e s 842,.3 983. 5 1151.,1 1320.,2 1465. 6 1584. 5 1669..6 1846. 6 34 35 36 37 38 39 40 808. 5 499..5 25.. 6 4.,7 188. 7 41. 7 945. 3 590. 0 26. 7 8. 1 223. 7 43. 5 1107. 0 696. 4 28. 1 10. 7 264. 7 47. 6 1272.,1 808. 6 29. 6 13. 6 300..3 52.,4 1405. 8 918. 0 31. 5 16. 7 302.,1 53. 3 1521. 7 992. 8 33. 8 21. 1 315. 5 56. 8 1600..3 1033. 7 36. 4 29. 6 330. 4 58. 3 1766.,0 1130.,1 38. 9 41..0 374. 5 63..2 14. 9 33. 4 17. 6 35. 7 20. 1 39. 5 21. 7 45. 9 29. 5 54. 7 35. 9 65. 8 38. 6 73. 2 41. 8 41 76.,5 4 2 12. 5 12. 9 14. 5 14. 4 17. 1 16. 6 17. 5 18.,9 24. 7 22. 1 23. 0 25. 1 25. 8 27. 9 34.,2 43 30. 3 44 8. 4 9. 3 10. 3 11. 7 12. 9 14. 7 15. 5 16.,1 45 5790. 3 6341. 9 7200. 6 8334. 8 9644. 3 10337. 3 11102. 4 12001. 5 46 41 42 43 44 45 Credit market instruments Home mortgages Other mortgages T a x - e x e m p t debt I n s t a l l m e n t cons, c r e d i t O t h e r c o n s u m e r credit Bank l o a n s n . e . c . Other loans Security credit T r a d e credit D e f e r r e d and unpaid life insurance premiums 46 Net w o r t h 35 36 37 38 39 40 (1) 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 . (2) Includes vacant land. (3) N o n c o r p o r a t e farms• n o n f a r m n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d s e c u r i t y b r o k e r s and d e a l e r s . Memo: 4 7 Total o w n e r - o c c . real e s t a t e H o m e m o r t g a g e s as p e r c e n t of 48 o w n e r - o c c . r e a l estate 4 9 Total n o n p r o f i t real estate Data are in b i l l i o n s of d o l l a r s . 1799. 2 2104. 4 2489. 3 2909. 5 3305. 9 3592. 1 3778. 6 4004. 9 47 27.7% 28.0% 27.9% 27.7% 27.7% 27.6% 27.3% 2 8 . 2 % 48 230. 2 256. 9 294. 2 340. 3 378. 5 413. 2 438. 6 464. 6 49 S e p t e m b e r 2 8 , 1992 H o u s e h o l d Sector Household Sector B . 1 0 0 B a l a n c e S h e e t of the H o u s e h o l d Sector CI) 1 7 Year-End Outstandings Year-End Outstandings 1 14875 .6 16445 .1 1 7 9 2 5 .6 19060 .4 2 0 4 8 2 .7 22535.7 22731.5 2 4 5 0 1 .1 1 2 6181 .3 6625 .8 7121 .8 7 6 7 7 .7 8 1 2 6 .4 8731.9 8747.4 9256 .2 2 3 4 5 6 7 8 4 1 2 4 .6 2 5 5 2 .2 2 4 9 6 .8 5 5 .5 2 9 0 .9 1281 .5 4391 .7 2 6 9 2 .5 2 6 3 4 .1 5 8 .4 3 0 8 .1 1391 .1 4 7 5 7 .8 2 9 0 2 .5 2 8 4 0 .6 61 .9 3 2 7 .8 1527 .5 5157 3148 3081 66 349 1659 .5 .1 .8 .3 .9 .5 5 4 0 8 .7 3 2 2 3 .4 3 1 5 6 .5 66 .9 376 .9 1808 .4 5773.7 3440.5 3370.3 70.2 403.6 1929.6 6090.2 3633.0 3560.1 72.9 426.6 2030.7 6351 .2 3 7 8 5 .5 3710 .9 74 .5 4 4 3 .1 2 1 2 2 .7 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions Nonprofit plant 8 equip. Consumer durables 9 10 11 2056 .7 1873 .8 182 .8 2 2 3 4 .0 2 0 3 8 .5 195 .5 2 3 6 4 .1 2 1 5 9 .0 2 0 5 .0 2 5 2 0 .2 2 3 0 8 .7 2 1 1 .4 2 7 1 7 .6 2 4 8 6 .6 231 .0 2958.2 2711.6 246.6 2657.2 2444.9 212.2 2 9 0 4 .9 2 7 5 7 .6 147 .3 Land Owner-occupied (2) Nonprofit Institutions 12 8 6 9 4 .4 9819 .4 10803 .8 11382 .7 12356 .3 13803.7 13984.1 13 14 15 16 17 3208 .8 358 .4 1685 .7 2 0 2 .4 108 .5 3525 .6 380 .2 1829 .6 211..1 72 .1 3792 475 1945 250 49 .1 .4 .7 .7 .5 4138 481 2005 278 99 .3 .4 .3 .8 .1 4533 479 2137 302 129 .5 .4 .2 .4 .4 4959.0 493.6 2225.4 388.3 141.5 5218.7 516.0 2279.0 432.5 108.9 5214 566 2289 461 37 .8 .8 .1 .0 .1 1860 684 138 226 319 .8 .1 .1 .8 .1 3 4 5 6 7 8 9 10 11 15244 .9 T o t a l f i n a n c i a l a s s e t s 15244.9 D e p o s i t s 8 cr. m k t . l n s t r . C h e c k a b l e d e p o s i t s 8 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 L a r g e time d e p o s i t s 13 14 15 16 17 18 19 20 21 22 853 390 74 257 57 .8 .0 .5 .7 .8 1032 .6 427..1 79..8 260..3 87..0 1070 .9 386 .4 93 .3 223,.0 70..1 1273 454 101 226 126 .6 .2 .1 .4 .7 1485 584 109 271 203 .1 .0 .6 .1 .3 1710.1 680.3 117.7 274.8 287.8 1882.3 770.9 126.2 314.6 330.1 23 24 25 26 223 50 127 61 .6 .7 .8 .6 302. 8 53..1 127..4 122..1 304..2 103..3 141..2 135..7 397 118 164 138 .3 .4 .9 .8 464 81 181 173 .8 .0 .8 .5 527.2 116.2 213.1 173.4 557.5 150.9 214.8 188.2 579,.4 198,.1 233..4 165,.7 27 28 117 .7 1264 .5 206..9 1611..4 356..9 1750..7 4 0 6 .3 1600 .3 4 1 8 .0 1718,.9 491.6 2004.1 514.5 1841.5 678..2 2382..7 M u t u a l fund s h a r e s Corporate equities 27 28 29 30 2 4 6 .0 1698 .3 256..7 1991..9 274..2 2314..3 3 0 0 .3 2 4 7 0 .5 325..5 2755,.0 354.3 3210.5 380.0 3303.0 402..0 3882..3 Life insurance reserves P e n s i o n fund r e s e r v e s 29 30 31 2033,.3 2059.,3 2121..8 2 2 5 3 .1 2373..1 2524.9 2449.4 2372. 2 3 7 2 ..6 6 32 33 21..6 104..2 35..1 132. 5 44..0 149..8 39,.1 174,.9 40. 9 191. 3 53.2 206.2 62.4 214.6 87. 0 225. 4 34 2073. 4 2372. 9 2694..1 2960..7 3283. 6 3618.5 3892.2 4072. 9 35 36 37 38 39 40 1993..3 1265..1 41. 4 51, 2 449. 5 69. 8 2271. 0 1416. 2 43. 8 81. 3 526. 2 75. 3 2584. 0 1659. 6 49. 9 79. 1 581. 1 78. 0 2861,.3 1875, 0 82. 2 78. 2 618. 5 73. 5 3177. 3 2109. 6 109. 2 79. 5 673. 3 68. 8 3508.2 2360.5 122.6 81.9 728.9 62.9 3780.6 2598.7 133.5 86.0 748.5 60.7 3938. 6 2735. 8 144. 1 94. 8 742. 1 54. 7 41 42 37. 0 79. 4 43. 9 84. 3 46. 9 89. 4 41. 6 92. 4 40. 5 96. 5 52.8 98.6 43.3 109.8 47. 3 119. 9 43 44 31. 8 33. 1 50. 7 36. 0 57. 4 38. 7 41.8 42. 5 43. 5 47. 2 42.5 51.4 38.8 56.3 55. 1 61. 0 45 15. 1 15. 2 13. 9 15. 1 15. 5 16.4 16.5 18. 2 46 12802. 2 14072. 3 15231. 6 16099. 7 17199. 1 18917.2 18839.3 Credit market Instruments U.S. g o v t , s e c u r i t i e s Savings bonds Other Treasury issues Agency Issues Tax-exempt securities C o r p o r a t e 8 fgn. b o n d s Mortgages O p e n - m a r k e t paper E q u i t y in n o n c o r p . b u s . (3) 18 19 20 21 22 23 24 25 26 31 Security credit Miscellaneous assets 32 33 Credit market Instruments Home mortgages Other mortgages T a x - e x e m p t debt Installment cons, credit Other consumer credit 35 36 37 38 39 40 Bank loans n.e.c. Other loans Security credit Trade credit D e f e r r e d and unpaid life insurance premiums 41 42 43 44 20428. 2 1 C I ) H o u s e h o l d s , personal t r u s t s , C 2 ) Includes vacant land C3) N o n c o r p o r a t e farms. n o n f a r m b u s i n e s s , and unincorporated1 Si b r o k e r s and dealers. 47 4370. 6 4672. 6 495.7 525.0 Data are in b i l l i o n s of d o l l a r s . 4999. 6 5390. 5 5643. 1 6081.9 659.2 6005.1 6468. 6 ' H o m e m o r t g a g e s as p e r c e n t of 42.2% owner-occ. real estate 47 589.9 Total nonprofit real estate 49 48 S e p t e m b e r 2 8 , 1992 F a r m and N o n f a r m N o n c o r p o r a t e B u s i n e s s 18 F a r m and N o n f a r m N o n c o r p o r a t e Business B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c l a l B u s i n e s s Year-End Outstandings Y e a r - E n d Outstandings 1960 1961 1962 1963 B.102 Farm Business 1964 1965 1966 1967 (1) 1 Total assets 186 .1 192 .8 2 0 0 .1 2 0 9 .3 2 1 8 .1 2 3 5 .2 246 .5 259 .7 1 2 Tangible assets 178 .4 185 .0 192 .2 201 .5 2 1 0 .0 2 2 6 .8 2 3 7 .8 2 5 0 .6 2 .7 .2 .2 .3 71,.8 19..2 28,.8 23,.8 74 .2 19 .1 2 9 .9 2 5 .2 75 .9 18 .8 31 .4 2 5 .7 .2 .1 .7 .4 90..1 20,.6 41 .6 27 .9 3 4 5 6 107 .7 113..1 118 .0 7 .7 7. 8 7 .8 5 .8 1,.8 1..6 0,.2 5..9 1..9 1, 7 0..2 5 .9 2,.0 1..7 0.,2 3 4 5 6 Reproducible assets Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories 7 Land 8 Total f i n a n c i a l assets 9 10 11 12 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 receivables E q u i t y in spons. ags. C 2 ) 70 19 28 23 76 19 33 24 .6 .2 .0 .5 8 2 .8 19 .2 35 .5 2 8 .0 125 .5 133 .3 144 .0 151,.6 160 .5 7 7 .9 8 .2 8 .5 8 .7 9 .1 8 5,.7 2,.1 1,.9 0..3 5..8 2..3 2..0 0..3 6,.0 2..5 2..2 0..3 6..0 2..7 2..3 0. 4 6,.1 9 3,.0 10 2,.6 11 0..4 12 86 20 38 27 13 T o t a l l i a b i l i t i e s 24 .8 26. 6 29.,4 32..5 35.,3 39..2 42. 8 45.,9 13 14 15 16 17 18 19 Credit market instruments Mortgages B a n k l o a n s n.e.c. O t h e r loans U.S. g o v e r n m e n t F e d . Inter. C r e d i t B a n k s 20,.0 12. 8 5 .1 2. 0..6 1..5 21. 6 13. 9 5. 3 2. 3 0. 7 1. 7 23..9 15..2 6..1 2. 6 0..7 1. 8 26..4 16. 8 6. 7 2. 9 0. 8 2. 1 29. 0 18. 9 7. 0 3.,1 0. 9 2..2 32..3 21..2 7.,7 3.,5 0. 9 2. 5 35. 5 23.,1 8. 6 3. 9 0. 9 2. 9 38. 8 25. 0 9.• 3 4. 5 1.,1 3.,4 20 T r a d e debt 4 .8 5. 1 5..5 6..1 6.,3 6.,9 7.,3 7,.0 2 0 161,.3 155,.4 5,.9 166. 1 159. 7 6. 4 170..7 163..8 7..0 176. 8 169..2 7..6 182. 8 174. 7 8. 1 196. 0 186.,9 9.,1 203. 6 194. 0 9. 6 213..8 21 203..5 2 2 10..3 23 145. 8 151..5 159. 7 168. 7 180. 8 190. 7 201. 4 24 21 Net w o r t h Noncorporate 22 23 Corporate 14 15 16 17 18 19 CI) C o r p o r a t e and n o n c o r p o r a t e f a r m s . (2) S h a r e s in F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s and F e d e r a l Land B a n k s . Memo: 2 4 Total real estate 139 .7 B.103 Nonfarm Noncorporate Business 1 Total a s s e t s 230.5 236.6 244.4 251.4 264.4 279.5 301.2 318.7 2 Tangible assets 203.3 208.8 216.8 223.8 236.2 250.9 271.8 288.4 159.9 91.7 51.6 168.8 97.6 55.4 15.8 173.5 100.3 58.1 15.1 184.1 107.1 61.9 121.2 225.2 127.1 15.1 196.0 112.3 67.8 15.8 212.9 16.6 162.9 94.2 53.1 15.6 43.4 46.0 48.0 50.3 52.1 54.9 58.8 63.2 7 27.2 27.8 27.6 27.6 28.2 28.6 29.4 30.4 8 12.4 12.5 12.5 12.5 12.5 12.5 12.5 12.5 9 10 0 . 1 11 3.9 12 13 9.0 14 3 4 5 6 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories 7 Land 8 T o t a l f i n a n c i a l assets 9 10 11 12 13 14 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. g o v e r n m e n t s e c u r i t i e s Consumer credit Mortgages Trade credit 15 16 17 18 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. ags. Other (3) 75.3 16.4 81.0 17.1 3.2 3.1 3.3 3.6 3.8 4.0 4.0 8.6 8.9 8.5 8.0 8.1 7.9 8.5 3.2 3.1 3.3 3.3 3.5 3.5 3.8 3.7 4.1 4.0 4.4 4.3 0.1 4 . 8 15 4 . 7 16 0.1 17 18 3.0 3.0 0.1 0.1 0.1 0.1 0.1 19 T o t a l l i a b i l i t i e s 38.5 40.4 42.9 45.4 50.9 57.1 61.9 69.3 19 20 21 22 23 24 27.1 14.4 3.5 14.4 -3.4 29.6 16.4 3.9 16.7 -4.2 32.7 4.4 19.3 -4.9 37.0 21.4 4.9 43.2 25.9 5.5 50.3 30.8 56.6 34.8 -5.6 -5.8 29.4 -4.7 32.2 -4.0 63.9 40.9 7.2 35.4 -1.7 4.0 8.7 4.3 8.9 4.7 9.2 5.3 10.3 11.6 12.8 13.8 8 . 8 25 14.2 26 11.2 10.6 10.0 8.2 7.5 6.6 5.1 27 5.2 28 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 29 25 26 Credit market instruments Mortgages Home m o r t g a g e s Multifamlly Commercial Bank l o a n s n.e.c. Other loans 27 28 Taxes payable T r a d e debt 29 Miscellaneous liabilities 30 Net w o r t h (3) S h a r e s in B a n k s for C o o p e r a t i v e s . Memo: 31 Total real e s t a t e Data are in b i l l i o n s of d o l l a r s . 18.8 22.1 26.2 5.8 6.1 6.7 6.6 8.1 20 21 22 23 24 2 4 9 . 5 30 S e p t e m b e r 2 8 . 1992 Farm and N o n f a r m N o n c o r p o r a t e B u s i n e s s F a r m and N o n f a r m N o n c o r p o r a t e B u s i n e s s B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n e n c l a l B u s i n e s s 1 9 Year-End Outstandings 1968 Year-End Outstandings 1969 1970 1971 B.102 Farm Business 1972 1973 1974 1975 CI) 1 2 7 2 .3 2 8 3 .3 2 9 2 .1 3 1 4 .9 355 .7 4 4 2 .0 4 8 9 .5 5 4 8 .9 otal a s s e t s i 2 2 6 2 .7 273 .2 281 .3 3 0 3 .4 343 .2 4 2 8 .7 4 7 5 .7 5 3 4 .2 anglble assets 2 104 23 49 31 108 24 53 31 119 25 58 35 136 28 64 44 168 30 72 65 184 34 87 62 198 36 97 64 3 4 5 6 96 22 45 29 .5 .2 .2 .1 .7 .5 .4 .8 .5 .2 .3 .1 .1 .7 .0 .4 .8 .3 .2 .3 .6 .8 .4 .5 .2 .2 .6 .4 .3 .8 .1 .3 7 166 .2 168 .5 172 .8 184 .4 2 0 6 .4 2 6 0 .1 291 .5 335 .9 8 9 .6 10,.2 10 .8 11 .5 12 ,5 13,.3 13,.8 14..8 9 10 11 12 6 .3 3 .3 2 .8 0..5 6 4 3 .8 3,.2 0.,6 6 .5 4 .3 3..6 0..6 6,.7 4..8 4 .1 0..7 6 .9 5 .5 4 .7 0.,8 7..1 6..2 5..2 0..9 6 .9 6..9 5..8 1..1 6..9 7..8 6..5 1..4 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories Land 3 4 5 6 7 otal f i n a n c i a l a s s e t s 8 Checkable dep. 8 currency Miscellaneous assets Insurance receivables E q u i t y In s p o n s . ags. (2) 9 10 11 12 13 4 7 .6 50..2 52,.8 57..5 63.,3 72, 9 81. 7 9 1.5 Total liabilities 91, 13 14 15 16 17 18 19 41..6 27..2 9..7 4..7 1..0 3..7 44. 6 29..0 10. 3 5.,3 1..0 4.,3 47. 6 30..5 11..2 5 .9 1,.0 5 .0 51. 6 32..4 12..5 6 .7 1..0 5..7 56..8 35. 4 14..3 7.,1 1..1 6..1 65. 4 39. 8 17..2 8. 4 1..2 7..2 73. 3 44, 9 18, 2 10.,2 1..3 8. 8 82. 1 49, 9 20.,2 12.,1 2.,1 10..0 Credit market instruments Mortgages Bank loans n.e.c. O t h e r loans U.S. government F e d . Inter. C r e d i t B a n k s 14 15 16 17 18 19 20 6 .0 5. 5 5 .2 5 .9 6,.5 7..5 8..3 9..3 T r a d e debt 20 21 22 23 224. 8 213. 5 11..2 233..2 221.,2 12..0 239. 3 226..8 12,.5 257. 4 2 4 3 .9 13..5 292,.4 276. 8 15,.5 369..2 349..0 20..1 407..9 384..7 23.,2 457. 5 430.,0 27. 5 et w o r t h Noncorporate Corporate 21 22 23 ( 1 ) C o r p o r a t e and n o n c o r p o r a t e f a r m s . (2) S h a r e s in F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s and F e d e r a l Land B a n k s . 24 211.0 217.1 224.5 240.9 268.7 329.2 369.5 421.0 Total real estate 721.9 777.3 Total assets B.103 Nonfarm Noncorporate Business 1 352.2 417.9 469.9 2 322.5 356.5 385.5 430.3 496.9 574.0 652.7 706.2 Tangible assets 3 4 5 249.7 143.0 89.1 17.6 275.7 158.5 98.8 18.3 296.9 331.9 189.1 121.1 21.7 382.9 224.3 134.6 24.0 439.1 257.8 154.0 27.3 497.4 288.4 179.5 29.6 536.5 313.1 196.1 27.3 Reproducible assets Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories 169.7 Land 6 168.6 109.2 19.1 7 72.8 80.9 88.6 98.4 114.0 135.0 155.3 8 29.6 31.1 32.4 39.6 46.1 64.3 69.2 71.1 T o t a l f i n a n c i a l a s s e t s 9 12.5 12.5 0.5 3.7 0.3 12.5 3.0 0.9 3.7 1.9 12.5 4.6 17.3 7.8 17.8 0.3 3.9 12.5 1.4 0.7 3.8 0.7 16.9 11 8.1 8.8 18.6 3.9 3.3 4.0 3.4 20.4 6.7 6.5 9.5 7.3 12.5 8.3 14.2 9.2 15.1 10 12 13 14 8.1 6.0 6.6 15 16 17 18 5.3 5.2 77.8 93.8 106.5 129.3 20 73.4 47.8 8.7 38.3 88.4 57.6 101.5 70.0 12.9 48.8 8.3 121.6 88.3 15.8 58.0 14.5 9.9 15.7 12.1 18.7 11.7 19.7 12.6 20.7 4.2 5.2 4.8 4.4 0.2 0.3 0.3 21 22 23 24 25 26 0.1 0.8 5.8 0.2 10.8 42.5 4.3 0.2 27 28 0.2 2.0 1.0 1.1 3.6 3.0 0.2 4.0 6.2 1.2 0.2 1.2 10.2 0.2 21.2 9 10 11 12 13 14 15.4 11.5 0.3 3.7 Miscellaneous assets Insurance receivables E q u i t y in s p o n s . ags. Other 15 16 17 18 1.3 4.0 3.3 4.7 163.3 199.9 241.3 260.7 Total liabilities 151.4 114.5 19.7 70.6 24.3 172.3 116.4 23.6 208.1 80.6 87.4 26.9 225.0 152.4 28.5 87.8 36.0 13.7 23.2 28.6 27.3 36.0 31.2 37.7 35.0 2.5 5.1 4.0 17.7 20.1 12.1 438.4 26.6 5.5 7 8 Checkable dep. 8 currency Time d e p o s i t s U.S. g o v e r n m e n t s e c u r i t i e s Consumer credit Mortgages Trade credit 8.1 4.7 140.9 3 4 5 6 (3) Credit market instruments Mortgages Home mortgages Multifamily Commercial Bank loans n.e.c. Other loans 6.6 Taxes payable Trade debt 8.5 Miscellaneous liabilities 20.6 516.6 Net worth 20 21 22 23 24 25 26 27 28 30 (3) S h a r e s in B a n k s for C o o p e r a t i v e s . 31 268.0 298.4 Data are in b i l l i o n s of d o l l a r s . 322.8 Memo: 605.5 Total real estate 31 S e p t e m b e r 2 8 , 1992 F a r m and N o n f a r m N o n c o r p o r a t e B u s i n e s s 20 F a r m and N o n f a r m N o n c o r p o r a t e Business B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c l a l B u s i n e s s Year-End Outstandings Year-End Outstandings B . 1 0 2 Farm B u s i n e s s 1 Total assets 1982 1983 (1) 8 3 7 .5 967.8 1067 .6 1073 .2 1043 .6 1052 .1 1 2 Tangible assets 614.9 677.5 8 1 7 .4 945.5 1043 .4 1047 .1 1015 .6 1022 .6 2 3 4 5 6 Reproducible assets Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories 207.3 39.7 107.4 224.3 44.5 278 50 136 92 .7 .0 .6 .1 309.9 55.0 156.9 97.9 339 60 174 104 .7 .3 .5 .9 351 .7 63 .4 186 .9 101 .4 356 .3 64 .3 188 .4 103 .6 355 64 187 103 7 Land 407.6 453.2 5 3 8 .7 635.7 703 .8 695 .4 659 .3 667 .6 7 16.3 18.1 2 0 .2 22.2 24 .2 2 6 .1 28 .0 29,.4 8 6.9 9.3 7.7 1.6 7.0 11.1 9.2 1.9 7 13 10 2 7.3 14.9 12.4 2.5 7 16 13 3 7 .6 18 .5 14 .8 3 .7 7 .8 20,.2 16 .1 4 .1 8 .1 9 21 .3 10 17,.1 11 4 .2 12 103.2 118.9 136 .6 8 9 10 11 12 Total financial assets Checkable dep. 8 currency M i s c e l l a n e o u s assets Insurance receivables E q u i t y in s p o n s . ags. ( 2 ) 13 T o t a l l i a b i l i t i e s 60.2 120.6 59.3 .1 .0 .9 .1 3 4 5 6 162.5 178 .7 195 .4 203,.1 206..5 13 145.7 86.8 31.0 27.9 10.4 17.5 161,.5 97..5 31..6 32..4 13..0 19. 4 177..8 107..2 32..9 37.,6 16. 4 21. 2 184..5 111..3 36..1 37..0 16. 7 20. 4 188. 4 113.,7 38. 9 35. 7 16. 7 19. 0 14. 4 16.8 17. 2 17. 6 18, 6 18. 1 2 0 701. 0 653. 4 47. 5 805.3 749.1 56.2 888. 9 825. 8 63. 1 877. 8 815. 1 62. 7 840. 5 780. 4 60. 1 8 4 5 . 6 21 784. 6 22 61. 0 23 656. 0 767.8 850. 1 851. 7 819. 1 8 2 9 . 3 24 14 15 16 17 18 19 Credit market instruments Mortgages Bank l o a n s n . e . c . Other loans U.S. g o v e r n m e n t F e d . Inter. C r e d i t B a n k s 92.2 55.4 23.2 13.5 2.2 105.9 63.9 25.7 16.3 3.5 11.3 12.8 122..2 72,.8 28..2 21..2 7..0 14..2 20 T r a d e debt 11.0 13.0 528.0 494.6 33.4 576.6 539.0 37.6 21 Net w o r t h 22 Noncorporate 23 Corporate .4 .8 .7 .1 .0 .5 .3 .2 . 14 15 16 17 18 19 ( 1 ) C o r p o r a t e and n o n c o r p o r a t e f a r m s . (2) S h a r e s in F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s and F e d e r a l L a n d B a n k s . 24 T o t a l r e a l e s t a t e B.103 Nonfarm Noncorporate Business 1 Total assets 965.6 1123 .7 1338 .3 1558 .9 1780 .1 1901 .1 2 0 4 2 .9 1 2 Tangible assets 771.9 869.0 1006 .5 1199 .4 1411 .1 1587 .9 1703 .3 1812 .3 2 3 4 5 6 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 581.0 343.7 209.3 27.9 654.3 392.3 232.5 29.5 753 453 267 32 1033 638 359 35 .4 .4 .7 .3 1158 .8 708 .7 4 1 5 .3 34 .8 1210 .8 731 .8 4 4 4 .9 34 .1 1252 .1 758 . 1 4 5 9 .6 34 .4 3 4 5 6 Land 190.9 214.8 2 5 2 .7 305 .6 3 7 7 .7 4 2 9 .1 4 9 2 .5 5 6 0 .2 7 79.9 96.6 117 .2 138 .9 147 .8 192 .2 197 .8 2 3 0 .6 8 19.8 9.5 1.5 4.3 4.2 22.4 12.1 2.4 4.1 5.5 26.2 2 5 .6 15 .5 3 .2 4 .3 8 .1 31 .5 28 21 2 4 11 34 .1 .2 .6 .4 .2 .5 33 .3 34 .7 3 .3 4 .4 2 0 .3 4 0 .9 36 .8 38 .1 3 .2 4 .5 25,.0 48,.5 45 .0 51 .7 6 .0 5 .1 29 .3 55 .3 9 10 11 12 13 14 18.6 23.9 16.0 0.4 7.4 29,.1 18,.9 0..5 9..6 36,.1 21..8 0..6 13..7 36 .8 24,.3 0..8 11,.7 55 .3 26,.3 0,.8 28,.1 .8 41 , 28..4 0..9 12. 5 38.. 1 23 .8 0,.8 13..5 15 16 17 18 7 8 Total financial assets 9 10 11 12 13 14 Checkable dep. 8 currency Time deposits U.S. g o v e r n m e n t s e c u r i t i e s Consumer credit Mortgages Trade credit 22.0 15 16 17 18 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 s p o n s . ags. Other 13.5 0.4 4.8 (3) .8 .8 .3 .6 893 547 310 35 .8 .8 .5 .5 .3 .3 .8 .5 .0 .9 31 24 2 4 12 36 19 Total l i a b i l i t i e s 286.9 324.5 379..0 455..8 522..7 580..5 666. 6 766..2 19 20 246.5 164.1 30.5 92.7 40.9 278.6 180.8 33.1 100.9 46.8 326..5 205..0 36..5 111. 8 56.,7 392..0 247..2 42. 0 121. 4 83. 7 4 4 7 .8 292,.8 49..4 128..7 114. 8 492..2 316..1 55..5 128..2 132.,4 562..0 391. 1 65, 6 131. 5 194. 0 645. 8 464. 1 94. 6 145. 0 224. 4 40.4 42.1 46.4 51.4 59. 6 61. 9 72. 8 72. 0 75. 3 79. 7 85. 5 90. 6 76. 0 94. 9 75. 5 25 106. 3 26 7.8 22.3 8.9 23.8 10. 0 25. 6 12. 8 31. 7 15.,3 36. 4 13. 7 41. 6 15. 2 45. 3 17. 1 27 45. 8 28 13.3 17. 0 19. 3 23. 1 33. 1 44. 0 57. 5 29 641.1 744. 7 882. 5 1036. 2 1199. 5 1234. 5 1276. 6 30 751.0 871. 0 1041. 0 1234. 3 1390. 5 1495. 3 1595. 6 31 21 22 23 24 25 26 Credit market instruments Mortgages Home mortgages Multifamily Commercial Bank l o a n s n . e . c . Other loans 27 28 Taxes payable T r a d e debt 29 Miscellaneous liabilities 30 Net w o r t h 20 21 22 23 24 (3) S h a r e s in B a n k s for C o o p e r a t i v e s . Memo: 31 Total real e s t a t e D a t a are in b i l l i o n s of d o l l a r s . September 28. 1992 Farm and N o n f a r m N o n c o r p o r a t e B u s i n e s s F a r m and N o n f a r m N o n c o r p o r a t e B u s i n e s s B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c i a l B u s i n e s s 2 1 Year-End Outstandings 1984 Year-End Outstandings 1985 1986 1987 B.102 Farm Business 1988 1989 1990 1991 (1) 909.2 Total assets 1 920.6 830.6 774.9 816.8 840.9 864.6 870.8 858.8 Tangible assets 2 349.9 65.0 184.0 100.9 340.6 65.5 178.5 96.6 331.5 330.9 69.3 170.7 90.9 331.4 174.2 90.5 167.9 95.4 335.7 70.2 169.1 96.3 335.4 72.4 168.3 94.6 328.2 73.9 163.8 90.5 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 3 4 5 6 570.8 490.1 443.4 485.9 509.4 529.0 535.5 530.5 Land 29.7 33.3 37.6 39.5 42.8 44.9 48.3 50.5 Total financial assets 8.3 21.4 17.1 4.3 9.0 24.3 20.4 4.0 10.1 9.9 29.6 26.7 3.0 10.4 32.4 29.4 3.0 10.4 34.5 32.4 10.8 27.6 24.2 3.4 37.5 35.5 11.0 39.5 37.3 2.2 204.4 188.0 166.5 154.9 152.4 150.8 150.6 151.0 T o t a l l i a b i l i t i e s 187.9 112.4 39.9 35.6 17.8 17.8 173.4 105.9 35.5 32.1 156.6 95.8 31.2 29.6 137.6 11.6 13.3 7.6 139.2 85.3 30.8 23.1 13.6 9.5 140.5 84.0 32.9 23.6 13.8 9.8 138.8 83.2 34.6 13.9 145.5 88.9 29.1 27.6 17.7 9.9 11.2 Credit market instruments Mortgages Bank loans n.e.c. O t h e r loans U.S. government Fed. Inter. Credit Banks 16.5 14.6 9.9 9.4 14.8 11.6 10.2 12.2 T r a d e debt 745.9 693.1 52.8 676.0 627.7 48.2 646.0 599.3 46.7 701.4 648.7 52.7 731.3 675.5 55.7 758.7 699.9 58.8 768.5 707.9 60.6 883.7 9 10 11 12 14 15 16 17 18 19 21 22 23 18.2 66.8 18.0 68.1 86.8 29.8 21.0 2.2 2.0 21.1 9.8 7 8 Checkable dep. & currency Miscellaneous assets Insurance receivables E q u i t y in s p o n s . ags. ( 2 ) 758.3 Net worth 703.0 Noncorporate 55.3 Corporate 9 10 11 12 14 15 16 17 18 19 21 22 23 C I ) C o r p o r a t e and n o n c o r p o r a t e f a r m s . 1 2 ) S h a r e s In F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s and F e d e r a l L a n d B a n k s . 613.0 658.6 Memo: 705.6 Total real estate 682.2 B.103 Nonfarm Noncorporate Business 1 2252.1 2488.8 2686.3 2843.5 3017.9 3215.5 3173.8 3085.0 Total assets 1 2 1973.6 2170.5 2329.0 2472.0 2605.7 2776.0 2724.0 2625.4 Tangible assets 2 3 4 5 6 1322.2 794.6 490.2 37.4 1410.5 842.6 528.3 39.6 1496.2 892.3 565.5 38.4 1595.8 953.0 600.8 42.0 1658.0 963.5 649.2 45.3 1751.6 1010.7 692.2 48.8 1818.0 1044.5 724.1 49.4 1846.2 1067.3 729.6 49.3 Reproducible assets Residential structures Nonres. plant & equipment Inventories 7 651.5 759.9 832.7 876.3 947.8 1024.4 906.0 779.5 8 278.5 318.3 357.4 371.5 412.1 439.5 449.8 459.6 Total financial assets 9 10 11 12 13 14 49.8 65.1 5.5 5.5 39.3 61.8 61.3 76.6 5.8 5.9 44.0 65.9 67.3 87.8 6.9 6.2 46.7 72.2 69.8 86.0 6.5 6.5 41.1 80.5 77.5 95.3 7.0 6.9 43.3 92.3 81.8 103.9 8.4 6.9 41.1 99.9 81.3 104.7 9.4 7.1 38.5 104.8 82.3 104.1 10.8 7.2 35.3 110.4 C h e c k a b l e dep. 8 c u r r e n c y Time deposits U.S. government securities Consumer credit Mortgages Trade credit 9 10 11 12 13 14 15 16 17 18 51.6 34.8 0.9 15.9 59.0 39.6 0.8 18.5 70.3 45.0 0.8 24.5 81.0 51.7 0.7 28.5 89.8 56.6 0.7 32.5 97.5 60.4 104.0 63.5 109.7 66.1 36.3 40.0 Miscellaneous assets Insurance receivables E q u i t y in s p o n s . ags. Other 15 16 17 18 0.8 0.6 0.6 43.0 Land 3 4 5 6 19 916.0 1063.1 1173.0 1245.6 1329.9 1402.2 1442.0 1428.6 T o t a l l i a b i l i t i e s 20 21 22 23 24 769.0 552.3 102.2 169.3 280.8 899.0 663.3 112.5 197.9 352.8 999.7 739.6 119.4 230.5 389.7 1061.2 776.5 126.1 253.6 396.9 1127.1 814.6 132.5 269.6 412.5 1177.5 850.2 138.7 286.7 424.9 1204.2 865.7 144.7 287.4 433.6 1180.6 857.3 149.3 285.0 423.0 25 26 92.4 124.4 98.5 137.2 110.5 149.7 116.6 168.1 121.0 191.5 123.6 203.7 126.5 212.0 112.2 211.1 27 28 18.2 51.5 21.6 56.9 23.3 61.1 23.9 68.6 26.8 72.8 31.4 79.8 32.0 83.0 32.4 85.1 29 77.4 85.7 88.9 91.9 103.3 113.6 122.9 130.6 30 1336.1 1425.7 1513.3 1597.9 1687.9 1813.3 1731.7 7 8 (3) Credit market instruments Mortgages Home mortgages Multifamily Commercial B a n k loans n . e . c . O t h e r loans 19 20 21 22 23 24 25 26 Taxes payable T r a d e debt 27 28 Miscellaneous liabilities 29 1656.4 N e t w o r t h 30 ( 3 ) Share: i in B a n k s for C o o p e r a t i v e s . 31 1740.5 1920.8 Data are in b i l l i o n s of d o l l a r s 2062.7 2188.9 2300.5 2450.0 2383.9 Memo: 2 2 8 4 . 1 T o t a l real e s t a t e 31 S e p t e m b e r 2 8 , 1992 Nonfarm Nonflnancial Corporate Business Nonfarm Nonflnancial Corporate Business B . 1 0 4 B a l a n c e S h e e t of N o n f a r m N o n f l n a n c i a l C o r p o r a t e B u s i n e s s 2 3 Year-End Outstandings Vear-End Outstandings 1968 1972 1 1127 .1 1250 .1 1354 .2 1484 .5 1664 .7 1916 .8 2 798 .1 8 8 6 .6 9 6 8 .8 1057 .3 1168 .6 1342 .2 1621.5 1789.6 T a n g i b l e a s s e t s 3 4 5 6 684 .1 10 .4 5 0 8 .8 165 .0 756 .5 12 .4 561 .9 182 .3 8 2 4 .1 13 .9 620..1 190 .1 9 8 8 .2 17 .6 7 5 3 .3 2 1 7 .3 1132 .0 18 .8 8 5 3 .4 2 5 9 .8 1375.3 19.7 1024.3 331.3 1514.1 19.8 1157.1 337.2 896 16 679 200 .1 .3 .1 .7 2 4 1 6 . 5 Tot.al a s s e t s % (current c o s t ) Reproducible assets Residential structures N o n r e s . p l a n t 8 equipment Inventories 2 3 4 5 6 7 114 .0 130 .0 144..7 161 .2 180 .4 2 1 0 .3 246.2 275.5 8 328 .9 363 .5 385..4 4 2 7 .2 4 9 6 .1 5 7 4 .6 576.5 6 2 6 . 9 Total f i n a n c i a l a s s e t s 9 10 11 12 13 14 15 16 17 68 .6 37 .5 9 .1 69..0 43.,1 3..7 69..5 44..1 5..3 78 .8 42,.6 9..5 8 8 .0 4 4 .9 11 .9 101..0 46 .3 16,.6 105.4 47.8 20.5 1 .1 .6 10,.4 3 .8 5 .1 3..3 .2 7..3 2, 8 7,.6 7, 5 2.,2 9. 4 .1 .2 10.,0 3..2 11..3 2 .7 2 .2 7 .9 4 .2 14,.2 11..3 3..3 4,.5 4..0 14,.9 5.5 4.9 5.6 4.7 16.5 125.2 53.9 22.4 4.7 5.8 14.3 4.5 19.6 Liquid assets Checkable dep. 8 currency Time deposits M o n e y m a r k e t fund s h a r e s S e c u r i t y RPs Foreign deposits U.S. g o v e r n m e n t s e c u r i t i e s Tax-exempt securities O p e n - m a r k e t paper 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 13..8 0..8 160..1 85..6 67..4 8..8 .2 9.,2 13..9 .7 183..0 96..8 75 .4 9 .9 .2 11..2 14. 5 6 191. 6 109.,2 85. 4 10. 8 ,3 12..6 17.,0 7 204.,1 126. 6 96..9 11..9 .4 17..5 17,.7 .7 230,.5 159,.2 121,.4 13,.7 4 23..7 18..7 .8 269..8 184..4 139.,5 15..7 0..4 28,.8 19.4 19.8 0.9 252.5 228.6 182.6 20.0 0.4 25.5 Consumer credit M u t u a l fund s h a r e s Trade credit Miscellaneous assets F o r e i g n d i r e c t i n v e s t . (1) Insurance receivables E q u i t y in s p o n s . a g e n c i e s Other 18 19 20 21 22 23 24 25 26 461..3 513..4 550..2 592. 7 27 28 29 30 31 32 33 305..7 338..0 369. 0 396. 135.,0 69. 5 6. 4 8..2 54. 9 147.,0 72..0 7..2 8. 9 55.,9 166. 8 75. 4 7. 8 9. 6 57, 9 34 35 36 37 38 39 85.,4 98. 8 4.,2 6 8.,2 7 1. 1. 5. 4 2. 3 10. 7 8 40 41 42 43 44 14. 3 132. 6 8. 6 8. 6 45 665. 8 1. 0, 1. 0. 0. 0..2 0.,8 0. 0. 1. 1. 0. 0. 0. 0. 0. 0.8 246.4 204.4 159.3 17.8 0.4 26.9 Land 7 8 652..4 762..9 764.3 7 8 6 . 2 Total l i a b i l i t i e s 26 185. 6 79, 7 8. 6 10. 4 60. 7 430..4 .6 197,.8 85. 4 8..8 10..6 66..0 493..5 2..4 206..9 115..7 9..0 10..7 96..0 547.5 4.1 563.2 6.7 253.8 117.4 9.2 11.0 97.2 27 28 29 30 31 32 33 103. 6 107. 7 120..5 137..1 1. 7. 1 3. 1 10. 9 2. 6. 2 3. 6 11. 6 6 7..0 3..7 13..7 .8 8.,4 4..7 16..2 2..1 12. 6 153. 9. 7 9. 7 10. 0 160. 2 11. 1 11. 1 13..1 172.,1 11. 5 11, 5 15..5 194..4 12.,1 12..1 19.,3 232.,7 17.,3 17. 3 736. 7 803. 9 891. 8 1012..3 1153. 9 1 1 - 1 0..1 1. 0. 1. - 226.6 115.1 9.1 10.9 95.1 159.4 0.3 12.5 7.2 18.6 3.7 24.5 170.5 21.8 21.8 - C r e d i t m a r k e t debt T a x - e x e m p t debt (2) C o r p o r a t e b o n d s (1) Mortgages Home mortgages Multifamily Commercial 143.5 0.3 9.6 7.6 20.4 3.9 Bank loans n.e.c. L o a n s from f o r e i g n 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 . to banks N o n b a n k f i n a n c e loans U.S. g o v e r n m e n t loans 34 35 36 37 38 39 22.3 176.7 23.9 23.9 - Taxes payable T r a d e debt Miscellaneous liabilities F o r e i g n d i r e c t inv. in US P e n . fund c o n t r . payable 40 41 42 43 44 1630.4 N e t w o r t h 45 CI) C o r p o r a t e bonds 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 a n s u b s i d i a r i e s , and U.S. f o r e i g n d i r e c t i n v e s t m e n t is before s u b t r a c t i n g r e 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 a n subsidiaries' foreign financing. ( 2 ) Industrial r e v e n u e b o n d s . Issued by state and l o c a l g o v e r n m e n t s to f i n a n c e p r i v a t e i n v e s t m e n t and secured in interest and p r i n c i p a l by the i n d u s t r i a l user of the funds. Memo: 684.6 736.5 48 49 45.9% 41.5% 45.8% 52.2% 45.8% 56.8% 87.7% 799.7 8 8 6 . 0 Total c o r p . real estate 499.1 684.3 44.4% 52.1% 42.5% 50.3% 42.7% 72.7% 38.1% 109.6% 85.1% 84.4% 58.7% 34.8% M a r k e t value of e q u i t i e s , i n c l u d i n g c o r p . f a r m equities 3 4 . 5 % D e b t - n e t w o r t h ratio ( 2 7 / 4 5 ) 82.3% Debt-equities ratio (27/47) R a t i o of m a r k e t value 41.9% to net w o r t h ( 4 7 / 4 5 ) 48 49 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 - c o s t basis: 51 978,,3 1076.,0 1146 .4 1235..0 1375,.0 1554,.4 1682..7 1794 .6 otal a s s e t s 52 649,.4 712..5 761,.0 807..7 878..9 979,.8 1106,.2 1167 .6 angible assets 53 54 55 56 630 .0 8 .6 455,.4 166,.0 690..1 10..0 493,.7 186..4 735 11 531 193 780..7 12 .9 567..5 200,.4 849,.5 12,.7 611,.1 225..7 945,.8 12..7 669..2 263..9 1069,.3 12..5 737 .3 319,.5 1129..2 11 .7 801..6 315 .9 .6 .3 .0 .3 57 19,.4 22..4 25..4 27,.0 2 9 .4 34..0 36..9 38 .4 58 517..0 562..6 596..2 642..2 722..7 791,.5 918..3 1008..4 (3) 51 52 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories Land 53 54 55 56 57 58 (3) Lines 8 + 52. ( 4 ) L i n e s 51 - 2 6 . 59 220.1 238.9 258.8 277.6 297.6 324.4 353.7 380.1 T o t a l r e a l e s t a t e 60 59.1% 60.0% 61.8% 61.6% 59.5% 62.3% 59.6% 55.8% Debt-net worth ratio Data are in b i l l i o n s of d o l l a r s . 59 (27/58) 60 1 S e p t e m b e r 2 8 , 1992 Nonfarm Nonfinancial Corporate Business 24 Nonfarm Nonfinancial Corporate Business B . 1 0 4 B a l a n c e S h e e t of N o n f a r m 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 Year-End Outstandings Year-End Outstandings 1 Total assets 2 Tangible assets (current c o s t ) 3 4 5 6 Reproducible assets Residential structures Nonres. plant & equipment Inventories 7 Land 8 Total financial assets 1979 1980 1981 1982 198$ 3393. 3 3927.,0 4 4 6 9 .9 4968.,6 5182..6 5402..6 1 2485..4 2863..9 3278..7 3674..5 3860..4 3979.,7 2 2 4 1 7 .8 28 9 1819. 8 569..2 2 7 7 0 .7 31 .5 2095..2 644 .0 3103..3 33..0 2370..4 699..9 3239..9 33.,7 2526.,9 679.,4 3320..3 34..5 2595..7 690..0 3 4 5 6 1976 1977 1978 2650,.6 2962..1 1961 .9 2182, 3 1656 ,8 20,.4 1261 .2 375,.2 1840..8 22..3 1401..5 416..9 2 0 9 7 .2 26..1 1590..6 480..6 305,.0 341..6 388..2 446.,0 508..0 571..2 620..4 659..4 7 688,.7 779 .8 907..9 1063..1 1191 .2 1294..1 1322..2 1422..9 8 162..3 5 7 .7 31..2 0..6 16..2 16 .7 11..5 3..7 2 4 .8 170..8 50..3 33..4 3..0 18 .8 21..8 13,.1 3 .7 26,.7 196,.5 5 7 .1 37 .9 7 .0 2 8 .4 2 4 .6 18 .7 3 .5 19 .4 220..4 47.,4 47,.8 18,.4 33 .4 23,.0 20,.2 3,.5 26,.8 266..8 53..3 59,.0 19..0 42..1 22..6 30,.5 3,.5 36,.7 301..9 61..9 70..6 11..2 48..4 25..7 38 .5 4 .2 41,.4 9 10 11 12 13 14 15 16 17 30,.2 4,.5 542,.8 543..5 382,.0 53,.5 0,.7 107,.3 18 19 20 21 22 23 24 25 9 10 11 12 13 14 15 16 17 Liquid assets Checkable dep. 8 currency Time deposits M o n e y m a r k e t fund s h a r e s Security RPs Foreign deposits U.S. government securities Tax-exempt securities O p e n - m a r k e t paper 139,.8 5 6 .4 2 4 .4 .0 .4 .4 .4 .7 143..6 59 .2 2 9 .2 0 .2 8 .3 8 .7 10 .0 3 .5 2 4 .5 18 19 20 21 22 23 24 25 Consumer credit M u t u a l fund s h a r e s Trade credit Miscellaneous assets Foreign direct invest. (1) Insurance receivables E q u i t y in s p o n s . a g e n c i e s Other 21 .7 1 .0 271 .3 2 5 5 .1 2 0 2 .4 23,.4 0,.5 28,.8 2 2 .2 0 .8 308 .0 305 .1 2 4 2 .5 2 7 .8 0 .5 34..3 23,.6 0,.6 364,.4 356,.9 2 7 9 .0 33,.4 0,.6 43,.9 24,.7 1,.1 4 3 4 .3 432,.2 331..2 38..9 0..6 61.,4 2 5 .2 1 .5 4 8 2 .3 4 8 5 .7 384 .3 4 3 .6 0 .6 57,.2 25,.9 1,.6 506,.6 539,.5 402,.9 47,.3 0..6 88,.7 26,.3 3,.1 491..1 534..9 393..8 50..0 0..7 90..4 857..9 955 .6 1093..9 1242..0 1376,.8 1536,.5 1637,.1 1766,.7 26 600,.1 9 .2 2 7 6 .6 123,.7 9,.4 11,.2 103,.1 667,.8 17..4 299,.5 135 .6 9 .7 11..4 114..5 737..4 25..0 320.,6 147..4 9 .9 11..7 125..7 811. 8 35..0 3 3 7 .9 144..2 10..3 12..1 121..7 875,.0 4 5 .9 365 .6 131 .2 10 .7 12 .5 108 .0 980,.0 5 9 .3 3 8 8 .3 133,.9 11 .1 12 .8 110 .0 1029,.0 74 .5 407,.0 93,.7 11,.5 13,.3 69 .0 1111,.9 8 3 .9 423,.0 112 .8 12,.0 13 .8 87,.1 27 28 29 30 31 32 33 26 Total liabilities 27 28 29 30 31 32 33 C r e d i t m a r k e t debt T a x - e x e m p t debt (2) C o r p o r a t e b o n d s (1) Mortgages Home mortgages Multifamily Commercial 7 7 16 3 24 34 35 36 37 38 39 Bank loans n.e.c. L o a n s from f o r e i g n C o m m e r c i a l paper A c c e p t a n c e liab. to b a n k s N o n b a n k f i n a n c e loans U.S. g o v e r n m e n t loans 140,.1 0,.5 11..0 10,.2 24,.7 4,,1 154..9 0..6 12.,8 11..4 31..5 4..0 175.,1 0..9 15..5 9..9 37 .2 5 .7 204..3 2..9 24,.5 13,.8 42,.3 6..9 230 4 28 17 44 8 .3 .2 .0 .1 .3 .4 261 .7 13 .1 4 2 .7 21,.4 4 9 .9 9 .6 318,.5 15 .6 37 .6 2 0 .7 5 0 .5 10 .9 340,.9 18,.3 36 .8 27,.6 58 .2 10 .4 34 35 36 37 38 39 40 41 42 43 44 Taxes payable T r a d e debt Miscellaneous liabilities F o r e i g n direct inv. in U S P e n . fund c o n t r . p a y a b l e 2 7 .8 185,.6 4 4 .4 44 .4 29,.1 207,.1 51..5 51 ,5 34 258 63 63 41,.0 309 .8 79 .4 79 .4 43 347 110 110 .9 .7 .2 .2 39 376 140 140 35,.6 381 .3 191 .3 153 .3 3 8 .0 38 418 197 158 39 40 41 42 43 44 4 5 Net w o r t h - - 1792 .7 2 0 0 6 .5 .1 .9 .5 .5 - 2 2 9 9 .4 - 2 6 8 5 .1 - 3 0 9 3 .1 .9 .4 .2 .2 - .6 .3 .8 .3 .5 3 4 3 2 .1 3 5 4 5 .4 3635 .9 45 28.5% 29.0% 74.4% 30.5% 48 67.8% 49 (1) 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 a n s u b s i d i a r i e s , and U.S. f o r e i g n d i r e c t i n v e s t m e n t is b e f o r e s u b t r a c t i n g r e 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 a n s u b s i d i a r i e s ' foreign f i n a n c i n g . (2) I n d u s t r i a l r e v e n u e b o n d s . Issued by s t a t e and local g o v e r n m e n t s to finance p r i v a t e i n v e s t m e n t and secured in i n t e r e s t and p r i n c i p a l by the i n d u s t r i a l user of the f u n d s . 4 6 T o t a l corp. real estate M a r k e t value of e q u i t i e s , 47 including corp.farm equities 48 Debt-net worth ratio (27/45) 4 9 D e b t - e q u i t i e s ratio ( 2 7 / 4 7 ) R a t i o of m a r k e t value 50 to net w o r t h ( 4 7 / 4 5 ) 1218.7 787.8 748.0 33.4% 76.1% 33.2% 89.2% 32.0% 95.3% 30.2% 86.9% 1293.1 28.2% 37.2% 33.6% 34.7% 41.8% 67.6% 80.6% 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 - c o s t b a s i s : 51 T o t a l a s s e t s (3) 1958,.0 2179,.8 2 4 8 7 .7 2863,.0 3183..1 3505..3 3686 .5 3943,.2 51 52 Tangible assets 1269,.2 1400,.0 1579 .8 1799 .8 1991..9 2211..2 2364,.3 2520,.3 52 53 54 55 56 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 1228,.4 11,.3 874,.6 342,.5 1357 .0 11,.5 968,.6 376 .9 1532 .9 12 .8 1088,.5 431 .6 1748,.7 13,.2 1230,.4 505,.1 1936..1 13..6 1379..5 543..0 2147,.9 13..8 1550..1 584,.0 2296,.5 14,.1 1703,.4 579..0 2 4 4 8 .8 14,.8 1830,.6 603 .4 57 Land 5 8 Net w o r t h (4) 53 54 55 56 4 0 .8 43 .0 4 6 .9 51,.2 55..7 63,.2 67 .8 71,.5 57 1100,.1 1224 .2 1393 .8 1621,.0 1806..3 1968,.8 2049..3 2176,.5 58 409.9 443.8 494.2 557.1 630.0 721.2 811.6 8 7 9 . 1 59 54.5% 54.5% 52.9% 50.0% 48.4% 49.7% 50.2% 5 1 . 0 % 60 (3) L i n e s 8 + 5 2 . ( 4 ) L i n e s 51 - 2 6 . Memo: 59 Total real estate 60 D e b t - n e t w o r t h r a t i o (27/58) Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 2 8 , 1992 Nonfarm Nonfinancial Corporate Business Nonfarm Nonfinancial Corporate Business B . 1 0 4 B a l a n c e S h e e t of N o n f a r m 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 2 5 Year-End Outstandings Year-End Outstandings 1986 1987 1988 1989 1990 1991 1 5 7 2 2 .1 6000 .0 6313 . 1 6663 .0 7 1 3 0 .6 7524.9 7644 .5 7428 .8 2 4 2 1 5 .7 4 3 9 9 .3 4 5 4 7 .3 4751 .4 5 0 5 6 .6 5335.0 5 3 3 3 .8 5 0 4 9 ..9 9 Tangible assets 3 4 5 6 3513 35 2717 760 3658 .5 36 .8 2 8 5 3 .6 768 .1 3 7 7 2 .8 38 .4 2 9 7 5 .4 758 .9 3 9 3 8 .7 4 0 .3 3 0 8 0 .6 8 1 7 .7 4 1 8 3 .2 39 .9 3 2 6 0 .2 8 8 3 .1 4397.6 41.7 3419.9 936.0 4581 .4 4 2 .0 3 5 7 7 .8 961 .6 4624 42 3640 942 .7 .5 .7 .5 7 701 .9 740 .8 774 .5 8 1 2 .7 8 7 3 .3 937.4 752 .4 8 1506 .5 1600 .7 1765 .9 1911 .6 2 0 7 4 .0 2189.9 2 3 1 0 .7 .4 .1 .2 .0 4 2 5 .5 (current c o s t ) Reproducible assets Residential structures Nonres. plant & equipment Inventories Land 2 5 4 5 6 7 2 3 7 9 ..0 0 Total financial assets 8 9 10 11 12 13 14 15 16 17 326 74 74 16 48 20 42 4 44 .0 .6 .4 .1 .8 .6 .7 .1 .8 355 .3 94 .0 8 0 .3 14 .5 5 8 .3 18 .8 39 .0 4..9 45..3 4 1 6 .1 112 .8 8 7 .5 18 . 1 70 .5 2 4 .8 53..5 8..0 40..9 440 120 91 18 71 24 57 10 46 .8 .4 .6 .9 .3 .3 .0 .5 .6 4 6 4 .7 137 .4 105 .6 15 .6 79 .5 13 .1 54 .3 12 .0 4 7 .0 470.4 133.6 103.4 16.2 75.5 17.6 60.4 11.4 52.4 4 8 7 .9 131 .7 99 .3 26 .3 73 .6 2 9 .5 64 .3 9 .5 5 3 .8 532 142 103 31 69 36 84 11 53 18 19 20 21 22 23 24 25 32 .9 7 .2 590..3 5 5 0 .1 373..9 5 8 .6 0..7 116. 9 36..7 10..8 629,.9 568..1 394,.0 62..8 0,.8 110,.5 40,.9 15,.7 655,.2 638..0 419,.6 81..6 0..9 135..8 4 7 .5 12 .8 7 0 0 .9 709 .7 4 7 9 .1 92 .4 1,.3 136,.9 5 4 .0 10 .6 793 751 .6 4 8 6 .9 102 .5 1..3 160..8 56.2 11.7 837.6 814.0 514.9 117.2 1.3 180.7 59 .4 9 .7 8 4 8 .9 904 .7 576 .7 131..5 1,.3 195..2 5 8 .6 15 .4 837,.3 935 .4 604..8 145..5 1..8 183..3 26 2007.,6 2208..1 2466.,0 2741,.4 3047..1 3296.1 3446..0 3465. 3 4 6 5 ..4 4 Total liabilities 27 28 29 30 31 32 33 1292..6 104.,4 469..1 121..3 12..6 14. 4 94.,3 1439..8 127..0 543..2 109..8 13..3 15,.0 81..5 1650..0 117..1 670..4 141..6 14..0 15..8 111..9 1827..8 116..2 749,.1 200,.8 14,.7 16,.5 169,.7 2 0 1 6 .9 116..4 852,.2 207,.1 15,.4 17,.1 174..6 2195.3 115.5 926.1 228.9 16.0 17.8 195.1 2273. 4 115..2 973..2 225..3 16. 6 18. 3 190. 4 2273. 2 2 7 3 .,8 8 114.,0 1051. 8 217..0 17..0 18. 8 181. 2 34 35 36 37 38 39 391.,1 31.,3 58. 5 30. 4 74. 8 11. 6 424..1 32. 9 72. 2 28.,3 88.,1 14. 2 473..7 40. 8 62.,9 28.,1 100. 6 14. 8 482..4 42,.7 73,.8 32..6 118..8 11..5 519..3 53. 8 85. 7 32, 6 139.,9 9. 9 553.5 66.6 107.1 35.8 152.2 9.6 555. 4 88. 0 116. 9 29. 2 161. 6 8. 8 530. 5 71. 5 98. 5 23. 3 159. 3 7. 9 Bank l o a n s n . e . c . L o a n s from f o r e i g n 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 . to b a n k s N o n b a n k f i n a n c e loans U . S . g o v e r n m e n t loans 34 35 36 37 38 39 40 41 42 43 44 42. 2 452. 0 220. 9 179. 2 41. 7 39. 0 486. 0 243. 3 195. 9 47. 3 42. 8 499. 7 273. 5 222. 8 50. 8 47..9 539. 6 326..2 275. 4 50. 8 49. 6 598. 7 381. 8 327. 7 54. 1 46.5 629.3 425.1 367.5 57.6 45. 5 669. 6 457. 6 399. 6 58. 0 35. 5 680. 3 475. 8 413. 4 62. 4 Taxes payable T r a d e debt Miscellaneous liabilities F o r e i g n d i r e c t inv. in US P e n . fund c o n t r . payable 40 41 42 43 44 45 3714. 5 3791. 9 3847. 1 3921. 6 4083. 5 4228.8 4198. 5 3963. 4 .3 .1 .0 .5 .7 .4 .8 .3 .4 Liquid assets Checkable dep. 8 currency Time d e p o s i t s M o n e y m a r k e t fund s h a r e s S e c u r i t y RPs Foreign deposits U.S. g o v e r n m e n t s e c u r i t i e s Tax-exempt securities O p e n - m a r k e t paper 9 10 11 12 13 14 15 16 17 Consumer credit 18 M u t u a l fund s h a r e s 19 T r a d e credit 20 Miscellaneous assets 21 F o r e i g n d i r e c t i n v e s t . ( 1 ) 22 Insurance receivables 23 E q u i t y in s p o n s . a g e n c i e s 24 Other 25 C r e d i t m a r k e t debt T a x - e x e m p t debt (2) C o r p o r a t e b o n d s (1) Mortgages Home mortgages Multifamily Commercial 27 28 29 30 31 32 33 CI) C o r p o r a t e b o n d s include net i s s u e s by N e t h e r l a n d s A n t l l l e a n s u b s i d i a r i e s , and U.S. foreign d i r e c t i n v e s t m e n t is b e f o r e s u b t r a c t i n g r e 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 l l l e a n s u b s i d i a r i e s ' foreign f i n a n c i n g . ( 2 ) Industrial r e v e n u e bonds. Issued by s t a t e and local g o v e r n m e n t s to finance p r i v a t e i n v e s t m e n t and secured in interest and p r i n c i p a l by the i n d u s t r i a l user of the funds. Memo: 2746.3 2622.2 2332.0 Total corp. real estate 3900.7 48 49 34.7% 79.8% 37.9% 71.1% 42.8% 70.7% 46.6% 77.9% 53.3% 49.3% 78.2% 51.9% 68.3% 54.1% 75.6% 63.0% M a r k e t v a l u e of e q u i t i e s , including corp.farm equities 57.3% Debt-net worth ratio (27/45) 58.2% Debt-equities ratio (27/47) R a t i o of m a r k e t value 98.4% to net w o r t h ( 4 7 / 4 5 ) 47 48 49 50 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 - c o s t basis: 51 4243,.7 4 5 2 4 .0 4829,.2 5143,.9 5 5 1 0 .6 5 7 8 7 .5 6077,.9 6267..7 T o t a l a s s e t s 52 2737..2 2923,.3 3063..4 3232,.3 3436 .5 3597 .6 3767,.2 3888..8 T a n g i b l e a s s e t s 52 53 54 55 56 2661,.9 15,.4 1989,.5 656,.9 2838,.9 16..1 2156..8 666..0 2974,.4 16,.9 2284..8 672..7 3135,.6 17,.5 2392,.2 725..9 3330,.7 18..0 2507..3 805, 4 3 4 8 7 .6 18 .9 2634..3 8 3 4 .5 3652..9 18..8 2765..1 869.,0 3769..7 18. 5 2866.,1 885.,0 53 54 55 56 57 75..4 84.,4 89..0 96..7 1U5,,9 110..0 114.,3 58 2236..1 2315. 9 2363..2 2402..5 2463..5 2491..5 2631. 9 119.,1 (3) 51 Reproducible assets Residential structures N o n r e s . plant 8 equipment Inventories Land 2802. 3 Net w o r t h 57 (4) 58 (3) L i n e s 8 + 5 2 . (4) L i n e s 51 - 2 6 . 59 959.2 1052.5 1117.1 1175.1 1239.8 1304.4 1371.5 60 57.8% 62.1% 69.8% 76.0% 81.8% 88.1% 86.3% Data are In b i l l i o n s of d o l l a r s . 1428.8 T o t a l r e a l e s t a t e 8 1 . 1 % D e b t - n e t w o r t h ratio 59 (27/58) 60 S e p t e m b e r 2 8 . 1992 Private Financial Institutions 2 6 P r i v a t e F i n a n c i a l Institutions B.131 B a l a n c e S h e e t of P r i v a t e F i n a n c i a l Institutions Year-End Outstandings 1 Total assets 2 Tangible assets 5 Residential structures N o n r e s . plant 8 e q u i p m e n t 4 5 Land 6 Total f i n a n c i a l a s s e t s Year-End Outstandings 1960 1961 1962 1965 1964 1965 1966 1967 608..3 669..0 719 .2 785 .9 8 6 2 .2 944 .7 993.5 1098,.0 1 9 .2 9..8 10 .8 11 .6 13 .3 14 .9 16.8 18,.6 7..2 2..0 7,.7 2.,1 8 .5 2..3 9 .2 2 .3 10 .4 2 .9 11 .9 3 .0 13.4 3.4 15,.0 3..5 2 3 4 5 599,.1 659.,1 708,.4 774 .3 8 4 8 .9 929 .8 976.7 1079,.4 6 9,.1 0,,7 10. 2 0. 9 11,.1 1,.0 11,.2 1,.0 11 .5 1 .1 11 .9 1 .1 11.5 1.0 11..9 1..1 0,.7 0. 9 1..0 1,.0 1 .1 1 .1 1.3 7 8 9 10 11 12 C h e c k a b l e dep. 8 c u r r e n c y 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 L a r g e time d e p o s i t s F e d . funds 8 s e c u r i t y R P s Foreign deposits 13 14 15 16 17 18 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 Federal agency securities State 8 local securitiesat Corporate 8 foreign bonds 46..2 497. 7 92.,8 5. 5 34. 8 79. 5 61. 4 537. 1 99. 1 6. 4 38. 7 84. 9 58..1 584..8 100. 5 8..2 44..4 90..8 70..8 634..4 97..1 8.,7 48. 8 96..8 83..9 692..4 98.,4 9..5 52.>4 103.,9 99,.1 754,.5 94..3 10..4 57..1 111..6 94.8 802.5 91.1 11.8 59.7 120.8 122. 8 865.,7 95.,3 15..0 70..2 133. 2 13 14 15 16 17 18 19 20 21 22 23 24 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 . l i a b . on a c c e p t a n c e s 161..3 48,.4 58..3 1..6 13 .4 2 .0 177. 3 50. 7 60. 9 2. 4 14..1 2. 7 197..9 55..6 67. 2..8 14,.8 2,.7 223. 6 63..0 74..3 2.,7 16..6 2,.9 249..2 71..3 82..6 3..0 18,.7 3,.4 274.,7 80,.2 98..7 2..8 21..2 3,.4 292.6 86.0 109.6 3.5 23.7 3.6 310. 7 91. 0 117. 0 4. 6 24. 3 4.,3 19 20 21 22 23 24 25 26 27 28 S e c u r i t y credit V a u l t cash 8 comm. bank res. Trade credit Miscellaneous finan. assets 9 .6 2 0 .4 1 .9 12,.6 11..8 21..1 2..0 13..9 12..4 22..0 2 .2 IS .9 15 .1 21,.3 2,.3 17,.2 15,.0 22..4 2 .5 19 .1 15 .3 23,.3 2,.6 20..8 15.8 25.2 2.9 21.6 20.,5 27.,0 3..2 25. 4 25 26 27 28 29 Total l i a b i l i t i e s 5 4 8 .0 601..0 648 .0 710..7 781,.1 8 5 8 .7 907.9 1005. 4 29 30 31 32 33 34 Checkable deposits 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 L a r g e time d e p o s i t s F e d . funds 8 s e c u r i t y R P s 125 .0 165 .8 130..1 184..1 134 .7 2 0 9 .9 136,.9 235,.5 143,.6 261,.2 149..0 2 8 8 .4 150.8 306.4 11 .1 - 2 .1 13..6 -2..1 16 .4 - 2 .1 20,.4 - 2 ,.6 25,.1 - 2 ..3 31 .0 - 1 .5 33.4 -1.5 162.,9 30 341.,1 31 32 39..3 33 -2..2 34 35 36 37 Life insurance reserves P e n s i o n fund r e s e r v e s Interbank c l a i m s , net 78 .8 76 .7 5 .8 82..1 88..6 7..0 8 5 .8 93 .6 6 .8 89,.9 106..0 6,.8 94..2 120,.8 6..9 98 .9 135 .8 6 .8 103.5 144.2 10.6 108..3 35 165..0 36 11,.0 37 38 39 40 41 42 43 44 M u t u a l fund s h a r e s Credit market instruments Corporate bonds Mortgages Bank loans n . e . c . O p e n - m a r k e t paper Other loans 17 .0 2 4 .4 9 .8 22..9 26..0 10,.1 21 .3 2 8 .9 9 .8 25,.2 34..6 .1 29..1 40..2 13..6 35 .2 4 6 .8 15 .9 34.8 52.5 16.9 6 .9 5 .8 2,.0 6..9 6..3 2..7 8 .2 7 .5 3,.5 9,.9 8..7 4,.8 10..6 10..7 5..3 13 .0 11..9 6..0 13.0 15.7 6.9 44,.3 38 53,.2 39 18..3 40 41 12..1 42 18..4 43 4..4 44 45 46 47 48 S e c u r i t y debt T r a d e debt Taxes payable Miscellaneous liabilities - - - - 7 8 9 1..9 10 11 12 7,.2 8. 4 9,.2 10.,3 11..2 12.,0 12.8 2,.4 35 .8 1.,4 38. 9 1,.9 41,.4 1. 5 46..0 1.,8 49,.3 1..8 54..6 1.7 58.9 16..6 45 46 1..5 47 64..3 48 4 9 Net w o r t h 50 C o r p o r a t e and stock N o n c o r p o r a t e and m u t u a l 51 60..3 43,.9 16,,4 67. 9 49. 6 18. 3 71..2 51..5 19..7 75. 2 53. 6 21. 6 81..1 58..2 22. 9 86..0 61..2 24..8 85.6 60.8 24.8 92..6 49 64.,7 50 27..9 51 Memo: 5 2 M a r k e t value of e q u i t i e s 53 Total real estate 75..9 7..0 117. 9 7. 6 90..5 8. 4 110. 6 9. 0 118.,2 10..3 155,.0 11..2 139.3 12.6 167.,0 52 13..3 53 Data are in b i l l i o n s of d o l l a r s . September 2 8 , 1992 Private Financial Institutions Private Financial B . 1 5 1 B a l a n c e S h e e t of P r i v a t e F i n a n c i a l Institutions Year-End O u t s t a n d i n g s Year-End Outstandings 1 1209.8 1269.5 1372.9 1552.2 1790.4 1951.6 2072.2 2 3 4 5 22.0 0.1 17.8 4.2 26.3 0.2 20.2 5.9 29.7 0.3 22.7 6.8 34.6 0.4 26.5 7.7 40.6 0.7 30.9 9.0 49.3 0.9 37.3 11.1 62.0 1.3 46.4 14.4 6 1187.8 1243.2 1343.2 1517.6 1749.8 1902.3 2010.2 7 12.5 12.1 12.8 1.0 13.8 1.5 15.7 1.8 16.5 1.6 17.1 1.9 19.0 2.1 2.5 0.4 4.3 1.2 6.1 1.7 7.1 3.7 12.7 6.1 21.9 5.1 8 9 1.1 - Institutions 2 7 0.8 2321.4 Total assets 1 74.8 Tangible assets 2.2 Residential structures 55.0 N o n r e s . plant & e q u i p m e n t 17.7 Land 2 3 4 5 2246.6 Total financial assets — 6 C h e c k a b l e dep. 8 c u r r e n c y 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 L a r g e time d e p o s i t s Fed. funds 8 security RPs Foreign deposits 7 8 9 1,0 11 12 10 2.1 1.8 11 12 0.1 - 0.3 — 13 14 15 16 17 18 145.8 940.3 98.0 17.8 79.7 142.3 141.7 999.2 84.5 19.4 81.2 150.7 151.2 1077.1 91.5 26.2 93.8 165.3 196.7 1185.6 90.8 34.3 110.4 180.3 238.9 1339.2 93.7 44.9 122.1 197.4 206.5 1510.9 83.8 57.4 131.5 208.3 160.1 1651.2 81.7 65.5 138.6 223.9 219.0 1782.1 123.9 76.9 146.3 255.9 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 Federal agency securities S t a t e 8 local s e c u r i t i e s a t C o r p o r a t e 8 f o r e i g n bonds 13 14 15 16 17 18 19 20 21 22 23 24 333.4 101.7 130.4 4.9 27.8 4.4 355.1 111.6 148.3 7.6 35.3 5.5 375.4 115.5 154.8 9.6 37.9 7.1 416.4 128.7 166.0 10.6 40.2 7.9 476.7 147.1 191.8 13.2 45.4 6.9 542.3 170.3 239.8 16.1 52.5 8.9 580.3 178.9 281.5 22.3 60.0 18.5 614.3 183.7 265.8 31.2 65.3 18.7 Mortgages Consumer credit Bank loans n . e . c . O p e n - m a r k e t paper O t h e r loans C u s t . llab. on a c c e p t a n c e s 19 20 21 22 23 24 25 26 27 28 24.7 29.1 3.5 28.8 20.0 29.4 3.9 33.9 20.2 31.2 4.4 42.4 23.5 35.3 4.7 51.1 32.1 34.3 5.8 74.2 24.3 37.7 6.5 87.5 21.7 37.5 7.0 94.9 23.6 38.3 7.7 127.8 Security credit V a u l t cash 8 c o m m . bank res. T r a d e credit Miscellaneous finan. assets 25 26 27 28 29 1108.0 1164.5 1262.4 1427.0 1646.6 1792.1 1912.3 30 31 32 33 34 176.2 367.7 — 46.0 -1.5 180.9 381.7 — 30.5 4.7 190.2 412.2 203.4 480.5 223.2 550.0 236.1 589.2 54.7 1.1 68.1 5.0 86.9 6.7 126.0 23.1 236.1 626.8 2.4 167.1 25.4 244.0 724.7 3.7 158.2 29.1 Checkable deposits 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 L a r g e time d e p o s i t s Fed. funds 8 security RPs 30 31 32 33 34 35 36 37 113.1 185.4 15.0 118.1 194.6 22.2 123.3 213.3 17.3 129.6 247.5 11.9 136.3 297.9 10.7 143.5 302.5 4.9 150.5 307.1 4.6 158.5 402.2 -7.9 Life insurance reserves P e n s i o n fuhd r e s e r v e s Interbank c l a i m s , net 35 36 37 38 39 40 41 42 43 44 51.2 59.6 19.5 0.2 13.2 21.4 5.3 47.6 78.1 21.4 0.4 14.3 32.8 9.3 46.8 84.5 25.5 0.5 14.8 33.1 10.6 55.4 89.6 31.1 0.7 16.1 33.8 7.9 58.9 105.2 39.1 1.2 22.3 34.7 8.0 46.6 132.7 44.6 1.5 29.8 41.7 15.1 35.2 162.0 48.9 1.6 34.5 55.1 21.8 43.0 161.0 56.1 2.0 28.6 56.4 17.8 M u t u a l fund s h a r e s C r e d i t market i n s t r u m e n t s Corporate 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 45 46 47 48 20.3 17.2 17.7 19.0 24.0 20.4 18.3 19.9 1.7 73.2 1.9 87.0 2.5 98.7 2.4 114.4 2.5 144.2 2.6 164.4 2.7 174.3 2.4 207.6 S e c u r i t y debt T r a d e debt T a x e s payable Miscellaneous liabilities 45 46 47 48 49 50 51 101.9 71.6 30.3 105.0 74.8 30.2 110.5 78.7 31.8 125.2 87.7 37.6 143.8 100.4 43.4 159.5 114.2 45.2 159.9 115.9 44.0 175.2 Net w o r t h 123.3 C o r p o r a t e and stock 51.8 N o n c o r p o r a t e and m u t u a l 52 53 238.4 15.7 213.2 19.2 204.3 21.7 237.2 24.9 272.4 29.0 213.0 33.9 133.6 40.7 Memo: 155.6 M a r k e t value of e q u i t i e s 4 8 . 2 T o t a l real e s t a t e Data are in b i l l i o n s of d o l l a r s . 2146.2 Total liabilities 29 49 50 51 , 52 53 I S e p t e m b e r 2 8 , 1992 P r i v a t e F i n a n c i a l Institutions 28 Private Financial B.131 B a l a n c e S h e e t of P r i v a t e F i n a n c i a l Year-End Outstandings Year-End Outstandings 6 T o t a l f i n a n c i a l assets 2596 .5 2 8 9 6 .1 3309 .0 3 7 3 8 .2 .8 4 6 9 4 .6 5 2 8 3 .8 5 9 3 2 .1 1 .4 .7 .7 .0 95 .9 2 .7 71 .0 2 2 .2 106 .2 1 .3 79 .7 2 5 .2 127 .4 1 .3 97 .1 2 9 .0 153 .2 1 .2 118 .2 33 .8 180 .0 1 .2 140 .8 38 .0 2 0 5 .5 1 .2 160 .1 44 .1 2 2 8 .8 1 .1 178 .3 49 .4 2 3 4 5 2 5 1 0 .1 2 8 0 0 .2 3 2 0 2 .8 3 6 1 0 .8 4 0 8 6 .5 5703 .3 6 2 0 .0 2 .1 21 .4 2 .5 0 .2 2 4 .5 8 .2 24 .7 1 .8 0 .8 35 .3 9 .5 0 .5 86 2 63 20 4 5 1 4 .7 5 0 7 8 .4 27 2 2 48 14 5 .5 .1 .2 .1 .4 .1 30 2 4 61 18 6 .5 .9 .5 .6 .7 .8 32 .6 3 .2 12 .1 8 4 .0 33 .8 18 .8 39 .4 5 .7 11 .4 118 .7 4 4 .3 23 .8 325 2855 161 146 229 382 .0 .3 .5 .9 .0 .2 404 3164 198 179 252 423 .6 .7 .6 .8 .5 .3 394 .6 34 98 .8 2 4 3 .8 2 2 3 .5 2 6 4 .9 4 4 7 .7 523 3769 335 296 287 482 .1 .3 .5 .0 .3 .0 667 .1 4 1 7 7 .1 414 .9 363 .4 301,.5 527,.9 13 14 15 16 17 18 978 .9 323 .6 410..8 70,.6 119 .4 32,.5 1064 .1 325 .8 4 5 8 .5 92..2 130,.1 39,.8 1118,.1 341 .9 512,.2 147,.2 148,.6 51,.1 1115 358 532 149 154 58 .9 .0 .8 .0 .0 .8 1218,.0 402,.3 564,.2 148..8 170..6 65,.7 19 20 21 22 23 24 38 .2 46,.7 11,.7 208,.4 37..6 4 8 .3 13..6 231..6 45,.7 47..3 15,.6 283..8 49..2 43,.9 18..1 325,.3 52 .0 46 .0 20,.2 424,.4 62..8 42,.4 22..2 479..2 25 26 27 28 7 8 9 10 11 12 Checkable dep. 8 currency S m a l l time 8 s a v i n g s d e p . M o n e y m a r k e t fund s h a r e s L a r g e time d e p o s i t s Fed. funds 8 security RPs Foreign deposits 13 14 15 16 17 18 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 Federal agency securities State 8 local securitiesat C o r p o r a t e 8 foreign b o n d s 19 20 21 22 23 24 Mortgages Consumer credit Bank l o a n s n . e . c . O p e n - m a r k e t paper Other loans C u s t . l i a b . on a c c e p t a n c e s 6 7 7 .2 2 0 4 .5 2 7 2 .9 40,.5 75 .3 2 2 .5 773 .2 2 4 0 .8 301 .8 41 .4 90 .5 25,.7 8 8 0 .5 2 8 4 .3 3 6 0 .4 4 4 .7 104,.6 24,.9 25 26 27 28 Security credit V a u l t cash 8 comm. bank r e s . Trade credit Miscellaneous flnan. assets 34..2 37,.3 8..9 142,.9 38 .4 40,.8 10 .2 166 .0 29 Total liabilities 1 i 1 Total assets 2 Tangible assets Residential structures 3 Nonres. plant 8 equipment 4 5 Land Institutions Institutions 2 0 .0 5 .5 " 253 1985 162 86 159 284 .7 .5 .3 .1 .4 .9 246 2241 165 102 182 318 .1 .7 .4 .0 .4 .5 280 2544 159 122 208 354 .9 .6 .2 .5 .7 .8 39 .7 7 7 .3 8 9 .9 9 120 .1 10 53 .6 11 21 .9 12 2 3 9 4 .4 2 6 7 4 .2 3054..4 3439..0 3864..6 4313..9 4 8 7 4 .0 5480..3 29 30 31 32 33 34 Checkable deposits S m a l l time 8 s a v i n g s d e p . M o n e y m a r k e t fund s h a r e s L a r g e time d e p o s i t s Fed. funds 8 security RPs 258,.3 846,.1 3,.7 144,.3 45..1 283 .7 940,.6 3,.9 172,.6 52,.3 310..1 1005..5 10..8 227..6 76..1 337..7 1065..1 45..2 256..9 92. 7 350..2 1147. 8 76. 4 316. 8 116..2 367..3 1195..6 186..2 378..1 144..6 394,.8 1334 .3 219,.8 395,.5 176,.7 422..2 1550..9 179..4 382. 4 188. 6 35 36 37 Life Insurance reserves P e n s i o n fund r e s e r v e s I n t e r b a n k c l a i m s , net 167..1 461..0 - 1 6 ..0 176,.4 507..5 - 1 9 ..2 187..3 601. 7 - 8 ..3 197. 7 699.,4 9. 4 207. 4 839. 6 -22. 5 216..3 910..7 -68. 9 223..3 1181..3 - 1 0 2 ..6 231..1 35 1408. 8 36 - 1 0 0 . 4 37 38 39 40 41 42 43 44 M u t u a l fund s h a r e s Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. O p e n - m a r k e t paper Other loans 46..5 169. 8 63. 1 2. 4 26. 0 62. 5 15. 9 45. 5 200. 3 76. 9 2. 4 25. 7 75. 1 20. 2 46. 0 238. 0 86. 9 2. 0 27. 4 89. 1 32. 7 51. 8 282. 3 94. 5 2. 0 28. 0 115. 9 41. 8 61. 8 327. 2 120. 4 1. 9 27. 1 128. 8 49. 0 59. 8 387. 0 130.,0 1. 9 28. 4 161. 5 65..2 76. 9 421..9 149..9 2..0 29..8 174.,2 66..0 45 46 47 48 Security debt T r a d e debt Taxes payable Miscellaneous liabilities 27. 4 29. 6 29.,5 30. 5 37. 2 40. 9 44.,1 3. 0 238. 2 3. 9 277. 2 4. 8 325. 2 5..0 365. 3 4. 0 402. 6 2. 7 493. 6 4 9 Net w o r t h 50 C o r p o r a t e and stock N o n c o r p o r a t e and m u t u a l 51 202. 1 143. 7 58. 4 221. 9 154. 9 66. 9 254. 6 175. 7 78. 9 299. 2 209. 2 90. 0 375. 1 275. 5 99. 6 Memo: 5 2 M a r k e t value of equities 53 T o t a l r e a l e s t a t e 208. 2 53. 5 191. 9 58. 4 198. 2 61. 6 231. 3 71. 5 260. 0 83. 5 Data are in b i l l i o n s of d o l l a r s . 30 31 32 33 34 112. % 461. 7 175. 6 2.,1 29. 6 195. 5 59. 0 38 39 40 41 42 43 44 2. 9 505.,2 49.,2 1, 0 2. 6 590. 6 45 46 47 48 380. 7 280. 4 100. 3 409. 9 307. 5 102. 3 451. 8 49 341. 2 5 0 110. 6 51 272. 5 96. 5 319. 4 112. 0 357. 0 52 124. 9 53 S e p t e m b e r 2 8 , 1992 Private Financial Institutions Private Financial B . 1 3 1 B a l a n c e S h e e t of P r i v a t e F i n a n c i a l Institutions Institutions 2 9 Year-End Outstandings Year-End Outstandings 1984 1985 1986 1987 1988 1989 1990 1 6741.8 7730.1 8916.3 9597.2 10477.8 11606 .5 11952 .8 2 5 4 5 258.2 1.3 201.8 55.1 292.7 1.7 228.1 62.9 338.2 2.0 262.0 74.1 383.4 2.6 294.8 86.0 436.6 3.0 334.7 98.9 4 8 4 .1 3 .1 375 .7 105 .4 5 0 4 .7 4 .0 4 1 2 .1 8 8 .6 1991 12964 .5 T o t a l a s s e t s 511 .8 T a n g i b l e a s s e t s 4 .6 Residential structures 4 3 5 .2 Nonres. plant 8 equipment 72 .0 Land l 2 3 4 5 6 6483.6 7437.4 8578.2 9213.8 10041.2 11122 .4 11448 .1 7 8 9 10 11 12 41.3 6.9 15.1 130.7 71.6 21.2 53.0 9.6 18.2 151.5 80.1 19.0 60.4 12.9 23.3 168.2 86.6 56.9 12.9 18.3 169.9 92.1 63.8 11.6 19.9 177.5 99.2 29.7 65 .5 9 .8 2 3 .7 190 .2 119 .4 2 6 .4 8 0 .1 8 .7 39 .6 168 .3 126 .2 27 .1 13 14 15 16 17 18 672.5 4792.3 498.3 416.8 327.7 609.8 869.3 5360.8 571.2 461.7 427.4 689.9 1068.4 6154.4 696.0 634.2 469.9 825.8 1130.0 6677.4 713.3 766.9 457.2 917.4 1271.3 7238.4 687.9 846.1 452.9 1067.6 1617 .9 7823 .6 781 .0 902 .1 4 5 4 .0 1174 .2 1511 .8 8 2 4 3 .4 903 .9 1007 .1 474 .3 1238 .8 2060 8589 1162 1119 495 1328 19 20 21 22 23 24 1372.5 480.9 622.5 190.3 204.0 69.4 1514.0 559.1 664.2 182.9 230.5 60.0 1679.9 612.1 727.8 199.0 255.3 54.4 1862.7 638.0 727.8 243.0 291.2 59.8 2061.1 681.2 767.7 282.5 334.0 57.5 2208 728 819 337 361 55 2277 742 815 353 384 45 .7 .7 .1 .5 .7 .5 2 2 1 8 .8 731 .0 788 .0 324 .8 384 .9 35..3 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 . l i a b . on a c c e p t a n c e s 19 20 21 22 23 24 25 26 27 28 66.3 46.1 25.0 594.6 96.1 54.2 27.2 698.4 97.1 73.8 32.1 779.1 76.2 66.6 35.7 856.2 77.4 66.9 42.5 942.9 8 0 .7 64 .2 45..3 1055,.9 75 .0 71,.2 47,.2 1049,.5 101,.9 63..0 49..1 1124..8 Security credit V a u l t cash & c o m m . bank res. Trade credit Miscellaneous finan. assets 25 26 27 28 29 6210.6 7123.0 8219.0 8853.0 9653.7 10701,.5 11015..8 30 31 32 33 34 459.3 1701.6 233.6 469.8 229.0 526.2 1842.7 243.8 487.7 257.5 640.8 1962.6 292.1 492.7 304.7 628.2 2031.7 316.1 543.3 299.2 653.3 2169.2 338.0 596.9 325.0 649,.5 2265..4 428..1 615..4 403..2 668..5 2325..3 498..4 548..7 379,.7 715..0 2342..0 539..6 487..9 363. 4 Checkable deposits 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 L a r g e time d e p o s i t s F e d . funds 8 s e c u r i t y R P s 30 31 32 33 34 35 36 37 236.1 1568.3 -91.6 246.5 1843.1 -72.9 263.7 2144.7 -67.6 289.5 2282.1 -25.2 314.4 2546.9 -20.0 342..8 2981.,6 -31.8 368..1 3052..5 - 7 ..3 390..0 3606. 3 0. 6 Life insurance reserves P e n s i o n fund r e s e r v e s Interbank c l a i m s , net 35 36 37 38 39 40 41 42 43 44 136.7 549.4 221.4 2.5 31.4 219.5 74.6 240.2 639.4 261.2 2.7 34.3 252.4 88.8 413.5 793.4 358.8 2.7 38.6 284.6 108.6 460.1 892.4 398.3 3.1 35.0 322.9 133.1 478.3 984.6 415.1 3.4 35.6 377.7 152.8 566..2 1083,,7 491. 9 3. 4 37. 5 409. 1 141. 8 602,,1 1105, 8 528, 2 4, 2 38, 6 417, 7 117. 1 812. 4 1101. 6 590. 2 4. 8 41. 8 385. 7 79. 1 M u t u a l fund s h a r e s Credit market instruments Corporate bonds Mortgages Bank leans n.e.c. O p e n - m a r k e t paper Other loans 38 39 40 41 42 43 44 45 46 47 48 56.0 1.5 2.4 658.5 80.5 2.3 2.8 783.1 83.6 3.4 3.0 888.3 73.5 3.2 2.8 1056.1 74.8 7.5 3.5 1181.4 91. 4 13. 8 3. 9 1288. 3 98. 6 15. 3 3. 9 1356. 1 133. 8 10. 0 4. 3 1459. 2 S e c u r i t y debt T r a d e debt Taxes payable Miscellaneous liabilities 45 46 47 48 49 50 51 531.2 420.7 110.6 607.1 483.7 123.4 697.3 558.5 138.8 744.2 618.3 125.9 824.1 659.4 164.7 905. 0 729. 9 175. 1 937. 1 764. 4 172. 7 998. 4 Net w o r t h 798. 7 C o r p o r a t e and stock 199. 7 N o n c o r p o r a t e and m u t u a l 49 50 51 52 53 376.5 140.4 521.8 161.0 564.5 185.4 466.2 211.5 502.2 238.5 516. 5 261. 0 409. 5 260.8 Memo: 5 7 8 . 9 M a r k e t v a l u e of e q u i t i e s 2 5 5 . 7 Total r e a l e s t a t e 52 53 Data are in b i l l i o n s of d o l l a r s . 22.2 21.6 .8 .7 .6 .9 .9 .4 12452 .7 T o t a l f i n a n c i a l a s s e t s 74 .2 9 .4 4 7 .1 189 .9 122 .4 21 .6 .2 .2 .5 .5 .9 .6 Checkable dep. 8 currency 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 L a r g e time d e p o s i t s Fed. funds 8 security RPs Foreign deposits 6 7 8 9 10 11 12 Corporate equities 13 Credit market instruments 14 U.S. T r e a s u r y s e c u r i t i e s 15 Federal agency securities 16 S t a t e 8 l o c a l s e c u r i t i e s a t 17 C o r p o r a t e 8 f o r e i g n bonds 18 11966.,1 T o t a l l i a b i l i t i e s 29 S e p t e m b e r 2 8 , 1992 Domestic Wealth Domestic Wealth 3 0 — 1 2 ^ R.ll 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 D o m e s t i c W e a l t h ! Annual Flows 1960 1964 D o m e s t i c i n v e s t m e n t 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 a Net capital formation 4 122.2 82.5 39.7 + Net acq. of gold 8 S D R s 7 8 9 = C h a n g e in d o m e s t i c w e a l t h 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 : 10 T o t a l , all s e c t o r s 134.9 87.7 47.2 145.2 91.2 54.0 158.6 95.6 63.0 1.7 • 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 - A d j u s t m e n t of capital 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 • R e v a l . of SDR h o l d i n g s 5 6 119.8 85.1 34.7 -2.3 13.9 181.4 100.6 80.8 198.9 107.5 91.4 198.6 116.8 81.8 49.0 30.1 36.7 35.0 1.7 -1.2 24.0 0.6 21.1 -4.6 27.8 12.9 19.3 * 53.0 13.8 27.3 0.3 -.3 123.9 170.8 domestic (1) 11 P r i v a t e s e c t o r s , c o n s o l . (2) 12 S e c t o r b a s i s , total 13 Households 14 Farm business 15 Nonfarm noncorp. business 16 Nonfinancial corporations 17 Private finan. institutions 53.0 58.4 69.8 77.6 95.3 123.9 170.8 154.7 10 54.7 52.4 42.2 70.1 193.1 165.1 4.8 4.1 11.4 7.7 79.2 23.4 -3.7 4.6 5.4 13.9 3.3 81.8 177.0 147.9 107.7 180.4 137.5 4.4 14.5 4.0 7.5 23.6 5.9 132.5 233.8 169.1 13.2 8.9 37.6 4.9 179.0 139.0 71.3 7.6 16.9 43.5 -.4 178.0 360.9 289.5 10.2 10.2 44.0 7.1 8.4 9.4 -3.2 12.6 9.9 — 3.0 12.9 12.9 -5.4 — 61.7 -2.7 -59.0 72.5 -3.0 75.5 1.0 1. 3. 3.8 4. 18 - C h a n g e in e q . i n n o n c o r p . b u s . 19 P r o p r i e t o r s ' net i n v e s t . 20 Revaluation -3.9 5.6 21 - C h a n g e in H H corp. e q u i t i e s 22 Net p u r c h a s e s 23 Revaluation -7.7 -1.4 -6.3 24 - Change/fin.Inst.corp.shares 25 Net p u r c h a s e s 26 Revaluation 3.6 3.4 1.8 27 28 29 30 31 • C h a n g e In net assets of public sectors State 8 local governments 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 32 - C h a n g e in net foreign a s s e t s of U.S. r e s i d e n t s -2.0 10.4 99.5 -1.1 100.6 15.1 4.1 6.1 6.0 18.2 47.0 -2.1 49.1 21.2 24.0 — 3.6 24.9 -2.2 26.2 19.6 18 - 4 . 1 19 23.7 20 64.8 -4.8 69.6 -59.6 -3.5 -56.1 135.4 21 - 5 . 7 22 141.1 23 -10.2 -4.4 5.9 27.8 24 8 . 8 25 19.1 26 11.1 -3.5 4.2 -7.7 12.7 3.9 8.9 12.8 0.2 4.4 8.5 15.2 5.9 9.3 2.5 -3.4 5.9 -3.8 -4.4 -8.1 -6.0 -3.8 -2.7 -6.6 -3.0 -3.7 -.9 -2.5 1.5 -6.0 -3.1 -3.0 0.1 -1.2 0.1 11 12 13 14 15 16 17 0.1 -3.9 -2.2 0.1 -10.5 -5.0 -5.7 0.2 * 27 28 29 30 31 Other adjustments: 33 + N o n f i n a n c i a l d i s c r e p a n c y 34 • U n a l l o c a t e d financial f l o w s 35 • U n a l l o c a t e d r e v a l u a t i o n s CI) L i n e s 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + C 2 ) L i n e s 12 - 18 - 21 - 2 4 . 36 Memorandum items: D o m e s t i c net w o r t h o u t s t a n d i n g at y e a r - e n d 37 G r o s s D o m e s t i c P r o d u c t Data are in b i l l i o n s of d o l l a r s . 1.2 1.9 0.4 0.7 -.5 -.4 1.0 0.9 -1.3 -1.4 -2.7 -3.2 7.5 - . 8 33 - 4 . 5 34 - 3 . 9 35 1677.9 1747.7 1825.3 1920.5 2044.4 2215.2 2369.9 36 531.7 571.6 603.1 648.1 702.6 769.7 8 1 4 . 3 37 3.2 -4.6 -.3 2.3 -3.0 1619.5 513.4 1.2 -2.6 1.0 35. S e p t e m b e r 2 8 , 1992 Domestic Wealth Domestic Wealth 31 R.11 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 D o m e s t i c W e a l t h Annual F l o w s Annual Flows 1968 1969 1970 1971 1972 1973 1974 1975 220.9 241.4 141.5 99.9 235.7 154.6 272.8 169.4 103.4 316.4 186.3 130.1 367.2 203.8 163.4 368.8 234.1 134.7 360.4 P u r c h a s e s of p h y s i c a l assets 272.2 - Capital consumption 8 8 . 2 = Net c a p i t a l f o r m a t i o n Domestic investment 128.0 92.9 81.1 0.2 97.5 55.3 95.4 46.9 81.0 116.2 42.7 56.0 184.6 99.3 247.3 156.3 0.1 0.9 1.4 276.8 416.2 568.4 395.7 148.8 flows: 0.1 + Net acq. of gold 8 S D R s 1 2 3 4 • 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 276.0 tangible assets 175.4 + C h a n g e in land v a l u e s - 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 - . 2 + R e v a l . of SDR h o l d i n g s 7 8 5 3 9 . 5 = C h a n g e in d o m e s t i c w e a l t h 9 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 : 5 6 domestic 10 246.9 241 .3 206 .4 276,.8 416,.2 5 6 8 .4 679,.4 5 3 9 . 5 T o t a l , all s e c t o r s 11 12 13 14 15 16 17 258.4 446.7 343.1 11.0 24.9 58.6 9.2 244 .7 159 .6 57 .7 8 .4 19 .5 70 .9 3 .1 2 2 7 .7 2 4 3 .5 147 .1 6 .1 17,.6 67,.2 5 .5 299,,9 486,.8 337,.0 18,.1 29,.2 8 7 .8 14 .7 4 4 8 .3 646,.4 433,.3 34 .9 39,.1 120,.6 18 .6 5 7 9 .1 480,.2 187,.5 76,.8 58,.7 141,.6 15,.7 727,.5 555,.7 194,.7 38 .7 42,.2 279,.7 0 .4 6 5 3 . 3 P r i v a t e s e c t o r s , c o n s o l . (2) 933.3 S e c t o r b a s i s , total 635.7 Households 49.6 Farm b u s i n e s s 36.0 Nonfarm noncorp. business 196.8 Nonfinancial corporations 15.3 P r i v a t e finan. i n s t i t u t i o n s 18 19 20 34.9 -2.7 37.7 27 .2 - 7 .7 34 .9 23 .2 - 7 .4 30,.6 46..2 - 7 .3 53 .5 72 .0 - 1 7 .4 8 9 .4 132,.3 1,.0 131,.3 78 .3 - 3 5 .5 113,.8 8 1 . 7 - C h a n g e in eq.in n o n c o r p . b u s . 18 -22.0 P r o p r i e t o r s ' net i n v e s t . 19 103.7 Revaluation 20 21 22 23 130.6 -10.7 141.3 - 1 0 7 .8 - 7 .3 -100,.5 - 1 6 .5 -2,.8 - 1 3 .7 95,.3 - 5 .4 100..7 8 4 .0 - 8 .8 92 .8 - 1 9 8 ,.4 - 3 ,.2 — 195 .2 -203,.4 .7 - 2 0 2 .7 140.4 - C h a n g e in H H c o r p . e q u i t i e s -4.7 Net p u r c h a s e s 145.0 Revaluation 21 22 23 24 25 26 22.8 10.7 12.1 - 4 .4 12 .0 -16,.4 9 .0 10 .8 - 1 .8 45 .5 19..4 26..1 4 2 .1 21,.4 2 0 .7 - 3 2 ,.7 12,.0 - 4 4 ,.7 —46,.7 5 .6 - 5 2 ,.4 57.9 - Change/fin.inst.corp.shares 11.2 Net p u r c h a s e s 46.8 Revaluation 24 25 26 27 28 29 30 31 -10.5 -4.6 -6.2 0.3 -3..0 - 7 .7 4 .4 0,.3 - 1 8 ,.7 - 9 ,.0 - 1 0 ,.0 0,.3 - 2 8 .3 -8..9 - 1 9 ..8 0,.3 - 1 4 ,.1 1,.1 - 1 5 ..6 0..3 .6 4,.5 -6..3 1..1 0..1 -12..5 - 3 ,.7 - 1 1 ,.1 2..1 0..1 + C h a n g e in net a s s e t s of p u b l i c -80.4 sectors -5.5 S t a t e 8 local g o v e r n m e n t s -76.7 U.S. g o v e r n m e n t 1.7 Sponsored credit agencies 0.1 Monetary authority 27 28 29 30 31 32 4.0 .5 1..5 - 1 3 ..7 - 4 ,.6 4..6 1. 0 (1) - C h a n g e in net f o r e i g n a s s e t s 25.4 of U.S. r e s i d e n t s 10 11 12 13 14 15 16 17 32 Other adjustments; 33 34 35 * 2.3 0.8 2,,6 7..4 -10..9 - 1 ..0 9. 5 - 9 ..6 - 4 ..2 0..2 -4. 6 -1. 4 0. 9 - 2 2 ..1 0..4 7. 6 -13. 5 0. 6 12. 7 - 4 7 ..7 - 6 . 0 + Nonfinancial discrepancy 11.9 + U n a l l o c a t e d f i n a n c i a l flows - 1 3 . 9 + Unallocated revaluations CI) L i n e s 11 + 2 7 (2) L i n e s 12 - 18 32 + 33 • 21 - 2 4 . 33 34 35 34 • 35. 36 2616.8 2858.1 3064.5 3341.3 3757.4 4325.8 5005.2 Memorandum items: D o m e s t i c net w o r t h o u t s t a n d i n g 5544.7 at y e a r - e n d 36 37 889.3 959.4 1010.7 1097.2 1207.0 1349.6 1458.6 1585.9 G r o s s D o m e s t i c P r o d u c t 37 Data are in billions of d o l l a r s . September 28, 1992 Domestic Wealth Domestic Wealth 3 2 R.ll Factors Accounting for Change in Domestic Wealth Annual Flows Annual Flows Domestic investment flows: 1 Purchases of physical assets 2 - Capital consumption 3 = Net capital formation 498.1 181.9 680.1 786.5 563.6 222.9 739.9 613.1 126.7 821.7 642.8 178.8 1 2 3 618.6 670.7 426.2 496.8 278.1 225.4 205.7 134.5 253.6 5 6 -.3 0.1 -.4 -.5 -.4 -.1 -2.8 -.2 -.7 -7.0 -.3 7 8 446.4 301.4 145.0 540.9 336.4 204.5 636.3 380.2 256.1 694.5 436.2 258.2 260.4 219.5 367.9 223.0 522.3 327.3 423.0 4 + Net acq. of gold 8 SDRs • 5 6 + 7 8 + Revaluations of reproducible tangible assets Change in land values Adjustment of capital consumption to Balance Sheet basis Reval. of SDR holdings 0.1 9 = Change in domestic wealth -.2 795.6 Change in consolidated domestic net worth: 10 Total• all sectors (1) 625.0 795.6 1104.6 1300.8 1279.2 1002.2 559.7 11 Private sectors, consol. (2) 12 Sector basis, total 13 Households 14 Farm business 15 Nonfarm noncorp. business 16 Nonfinancial corporations 17 Private finan. institutions 689.5 952.1 644.0 70.5 48.3 162.3 27.0 846.0 910.0 551.6 48.7 76.2 213.8 19.7 1163.7 1412.3 858.7 124.3 103.6 292.9 32.8 1381.9 1806.5 1134.2 104.3 137.7 385.7 44.6 1422.6 2030.9 1309.5 83.6 153.8 408.0 75.9 1104.1 1189.6 692.9 700.4 905.3 765.1 -37.3 34.9 113.4 29.2 18 - Change in eq.in noncorp.bus. 19 Proprietors' net invest. 20 Revaluation 112.3 -25.9 138.2 120.1 -21.4 141.4 218.4 -51.8 250.1 233.9 -52.9 286.7 231.9 -61.2 293.1 153.0 -45.7 198.7 0.7 -81.9 82.6 46.8 18 -87.8 19 134.6 20 21 - Change in HH corp. equities 22 Net purchases 23 Revaluation 116.2 3.5 112.7 -48.2 -7.2 -41.0 -4.6 -12.3 7.7 148.3 -24.0 172.3 299.2 -12.3 311.5 -60.1 77.2 -23.2 100.4 139.3 21 -30.1 22 169.5 23 Change/fin.inst.corp.shares Net purchases Revaluation 34.1 8.7 25.3 34.8 12.7 22.1 42.5 18.7 23.8 77.3 23.0 54.3 -7.3 -19.0 -35.4 127.0 27.8 99.2 141.4 24 51.5 25 89.9 26 -42.2 12.3 -55.1 0.4 -31.7 4.9 -37.7 -14.7 5.5 -21.3 -85.5 -10.7 -76.0 -147.2 -3.3 -145.5 1.5 -186.1 27 -60.2 0.1 -193.3 29 1.0 30 * 31 -10.3 12.7 77.5 -10.8 2.6 -7.6 -5.8 5.8 6169.7 6965.3 1768.4 1974.1 24 25 26 27 28 29 30 31 + Change in net assets of public sectors State 8 local governments U.S. government Sponsored credit agencies Monetary authority 32 - Change in net foreign assets of U.S. residents -60.6 -2.3 -60.0 1.6 0.1 -7.9 11.2 0.1 1.1 -11.1 163.3 339.0 5.6 -43.5 -16.6 28.1 573.7 10 751.3 1078.8 899.1 5.1 42.2 90.5 42.0 11 12 13 14 15 16 17 6.2 28 0.5 0.1 1.2 0.1 -20.1 9.5 -14.8 -7.3 -23.5 -11.9 59.8 -33.9 7.4 15.2 -14.0 - 1 0 . 2 33 -22.9 34 - 3 . 4 35 8069.9 9370.7 10649.9 11652.0 12211.8 12785.5 36 2232.7 2488.7 2708.0 3030.6 3149.6 3405.1 37 1.0 0.1 0.1 83.7 Other adjustments: 33 + Nonfinancial discrepancy 34 + Unallocated financial flows 35 + Unallocated revaluations (1) Lines 11 + 27 (2) Lines 12 - 18 36 -15.0 32 • 33 • 34 • 35. 21 - 24. Memorandum items: Domestic net worth outstanding at year-end 37 Gross Domestic Product Data are in billions of dollars. -1.0 S e p t e m b e r 2 8 , 1992 D o m e s t i c Wealth Domestic Wealth R.11 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 D o m e s t i c W e a l t h Annual Flows Annual Flows 1984 1985 1986 1987 1988 1989 1990 1991 1 2 3 1036 .8 669 .4 367 .4 1067.5 711.6 355.9 1107.2 756.8 350.4 1153 .0 8 0 3 .0 350 .0 1230.7 858.5 372.2 1291 .6 930 .4 361 .2 1263 .8 982 .0 281 .8 4 1 .0 0.9 0.2 0 .5 -.1 0 .5 0 .2 Domestic investment 5 6 149 .3 294 .3 163.0 251.8 7 8 - 3 .2 - .4 * * 0.7 9 8 1 4 .8 772.3 242.0 201.0 1 1 6 7 . 2 P u r c h a s e s of p h y s i c a l a s s e t s 1030.6 - C a p i t a l c o n s u m p t i o n 136.7 = Net c a p i t a l f o r m a t i o n 1 2 3 0 . 2 + Net acq. of gold 8 S D R s 4 353 .5 4 0 7 .2 315 .5 - 6 1 4 .7 -.5 - 5 .8 - .2 - 8 .0 0 .8 • 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 212.6 tangible assets - 2 2 7 . 5 • C h a n g e in land v a l u e s - A d j u s t m e n t of capital c o n s u m p t i o n -.4 to B a l a n c e S h e e t basis 0.1 + R e v a l . of SDR h o l d i n g s 966.6 1128 .1 - 8 .4 122.5 = C h a n g e in d o m e s t i c w e a l t h 349 .6 2 9 2 .4 229.1 366.0 0.8 1 .4 794.5 993 .9 * 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 : 10 8 1 4 .8 772.3 794.5 11 12 13 14 15 16 17 950 .7 918 .6 800,.7 - 9 9 .7 5 9 .5 78 .6 79 .4 883.8 1442.8 1270.0 -70.0 89.5 77.4 75.9 979.9 1362.4 1159.3 -30.0 87.7 55.2 90.2 18 19 20 - 3 2 ,.1 - 8 2 ,.9 50,.7 26.0 -65.8 91.8 21 22 23 - 3 ,.3 - 7 1 ..3 68,.0 24 25 26 993 .9 1087 1129 868 55 84 74 46 flows: 966.6 .1 .5 .1 .4 .6 .5 .9 1089.9 1461.2 1099.4 29.9 90.0 161.9 80.0 62.5 -34.7 97.2 131,.4 - 6 0 ..9 192..3 346.9 -126.5 473.4 139.3 -136.3 275.6 3..3 2..7 0. 5 186.0 54.9 131.1 27 28 29 30 31 - 1 7 4 .,3 5. 4 - 1 8 2 .,2 2. 4 32 -109. 4 1128 .1 1326 2097 1718 27 125 145 80 - 8 .4 122.5 T o t a l , all s e c t o r s 5 6 7 8 9 domestic (1) 10 .7 .0 .1 .4 .3 .3 .9 211 .3 - 1 4 7 .9 - 7 7 .8 9 .8 - 8 1 .5 - 3 0 ..3 32,.1 120.0 -31.2 151.1 151 .8 -32..5 184,.3 - 7 5 ,.5 - 3 9 ,.3 - 3 6 ..2 - 1 5 0 ..4 - 1 0 3 ..9 — 4 6 <.5 118.7 -122.0 240.6 285,.1 - 1 3 9 ,.1 424,.2 -162. 5 - 2 7 ..2 -135. 4 5 4 1 . 1 - C h a n g e in H H c o r p . e q u i t i e s -68.7 Net p u r c h a s e s 609.8 Revaluation 21 22 23 180.7 46.8 134.0 61..5 25..2 36..3 132.7 -2.1 134.8 333,.4 27..9 305. 5 - 1 2 1 .,1 - 4 ,.1 -117. 0 507.4 - Change/fin.Inst.corp.shares 106.9 Net p u r c h a s e s 400.5 Revaluation 24 25 26 -190.8 15.6 -205.9 -.6 0.1 -225.6 7.7 -233.9 0.5 0.1 -197.8 -17. 6 -182. 0 1. 7 0. 1 -195.4 -5.7 -192.7 2.9 0.1 -206.8 -34. 9 -174.8 2. 8 0.,1 -233. 3 -43. 7 -192.8 3. 1 • C h a n g e in net a s s e t s of public -278.6 sectors -40.9 S t a t e 8 local g o v e r n m e n t s -240.9 U.S. g o v e r n m e n t 3.1 Sponsored credit agencies * Monetary authority 27 28 29 30 31 -83.3 -118.7 -88.5 -129.0 - 1 0 4 .,9 -21. 6 " 357.8 Private sectors, consol. (2) 1329.5 S e c t o r b a s i s , total 1588.8 Households -10.2 Farm business -75.4 Nonfarm noncorp. business -235.1 Nonfinancial corporations 61.3 P r i v a t e finan. i n s t i t u t i o n s 11 12 13 14 15 16 17 - 7 6 . 8 - C h a n g e in eq.in n o n c o r p . b u s . 18 -1.3 P r o p r i e t o r s ' net i n v e s t . 19 -75.5 Revaluation 20 - C h a n g e in net f o r e i g n a s s e t s -50.4 of U . S . r e s i d e n t s 32 Other adjustments: 33 34 35 9. 2 -5. 1 -75. 1 13.9 7.7 -25.6 -1.3 -53.7 -23.5 24. 8 -16. 7 8. 0 28.5 -20.6 -64.8 9 -68! 3 -27.5 -5.5 -13.2 10. 8 (i: (2: 36 13600. 3 14372.6 15167.1 16161. 0 17127.6 18255. 7 18247. 4 37 3777. 2 4038.8 4268.7 4540. 0 4900.4 5250.8 5522. 2 Data are in b i l l i o n s of d o l l a r s . -21.9 + Nonfinancial discrepancy 2 5 . 9 + U n a l l o c a t e d f i n a n c i a l flows -11.1 • Unallocated revaluations ines 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + i n e s 12 - 18 - 21 - 24. 33 34 35 35. M e m o r a n d u m items: D o m e s t i c net w o r t h o u t s t a n d i n g 18369.8 at y e a r - e n d 5677.5 Gross Domestic Product 36 37 S e p t e m b e r 2 8 , 1992 U.S. Net Foreign Assets U.S. Net F o r e i g n Assets 34 R.109 Factors Accounting for C h a n g e In U . S . N e t F o r e i g n A s s e t s Annual Flows Annual F l o w s 1962 1 U.S. net f o r e i g n i n v e s t m e n t 2 Net U.S. acq. of fgn. a s s e t s 3 - N e t f g n . acq. of U.S. a s s e t s 1.8 2.3 0.5 2.8 4.5 1.7 2.3 3.3 1.0 4.1 6.7 2.6 5.9 9.3 3.4 5.0 3.9 -1.1 3.7 6.1 2.4 2.4 1 8.0 2 5.6 3 4 + U . S . n e t s a l e s of gold & S D R s 5 = U.S.net fgn.investment» 6 7 8 • R e v a l u a t i o n of f o r e i g n 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 -.4 0.3 0.7 - 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 C h a n g e in value -Net purchases -.3 -.1 0.2 2.5 0.3 12 • R e v a l . of U . S . d i r . l n v . a b r o a d 13 C h a n g e in value 14 -Direct investment CI) -.9 2.0 2.9 2.9 2.7 15 - R e v a l . o f f g n . d i r . l n v . I n U . S . 16 C h a n g e in value 17 -Direct investment CI) * 0.3 0.3 0.2 0.5 0.3 -.4 -.4 0.3 0.3 21 • O t h e r r e v a l u a t i o n s 3.5 4.0 0.8 2.0 3.5 -1.2 2.1 13.4 21 22 = C h a n g e in U . S . n e t f g n . a s s e t s 2.6 4.0 2.5 2.8 7.0 5.9 3.8 3.7 2 2 9 10 11 18 19 20 adj. • R e v a l u a t i o n of 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 C h a n g e in value - N e t i n c r e a s e in fgn. l i a b . -1.7 1965 CI) Excludes capital gains. Memo: 23 Net f o r e i g n a s s e t s o u t s t a n d i n g Data are in b i l l i o n s of d o l l a r s . -.5 0.1 34.0 0.2 0.9 0.8 2.2 0.2 -1.2 -.2 1.0 -1.6 -.7 0.4 1.1 -.6 0.1 0.7 -1.7 -1.2 4 3.3 1.2 5 -. 4 0.9 1.3 6 7 8 -1.0 -.2 0.8 1.9 1.6 0.2 1.4 -.3 -.4 2.6 3.5 3.5 3.7 3.8 5.9 10.7 4.8 -.1 0.2 0.1 0.3 0.3 0.2 -.6 0.1 -1.5 0.1 2.1 -.3 2.9 -.6 1.2 0.8 0.1 0.4 0.3 0.4 0.4 -1.4 -.7 0.7 -1.7 -2.0 -.3 -1.8 1 . 8 12 3.0 4.8 6.1 13 4.4 14 -.2 0.2 15 0.9 16 0.7 17 0.3 0.4 * 18 1.1 19 1.1 20 0.4 0.4 0.1 12.2 9 12.9 10 0.7 11 S e p t e m b e r 2 8 , 1992 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign Assets 35 R . 1 0 9 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 U.S. N e t F o r e i g n A s s e t s Annual Flows Annual Flows 1969 1.1 7.5 6.4 -1.1 11.2 1972 12.3 3.0 6.3 3.3 1.0 -1.6 1.4 -.4 1.2 1.6 9 10 11 1.9 4.0 12 2.8 2.1 -1.0 0.5 1.5 -4.3 -2.8 1.6 15 14 5.9 3.2 3.4 8.4 4.9 15 16 17 0.1 -. 3 0.8 1.3 18 0.9 1.0 -10.5 9.8 20.3 -.2 2.8 3.7 10.5 6.8 4.5 17.0 12.5 -1.1 1.1 0.4 0.7 10.2 17.2 -11.6 -1.5 -.4 1.1 -7.0 1.1 3.6 0.8 5.6 12.1 6.5 0.3 -1.5 24.2 25.7 -.2 - . 1 + U . S . n e t sales of gold 8 S D K s 4 2 4 . 0 = U . S . n e t f g n . i n v e s t m e n t , adj. 5 6 7 8 2.3 2.9 -1.2 -.5 -1.0 -.5 • R e v a l u a t i o n of f o r e i g n e q u i t i e s 1.5 held by U . S . r e s i d e n t s 0.6 C h a n g e in v a l u e -.9 -Net purchases 5.8 -8.3 -5.5 2.4 2.8 -9.8 -9.6 0.2 - R e v a l u a t i o n of U.S. c o r p o r a t e 6.4 e q u i t i e s held by f o r e i g n e r s 9 9.5 C h a n g e in value 10 3.1 -Net purchases 11 19.5 25.2 5.7 8.9 19.0 12.0 21.0 8.9 2.9 5.7 0.6 8.2 -.5 0.7 10.1 0.4 0.9 2.8 -.2 4.6 4.8 - . 1 - R e v a l . o f f g n . d i r . i n v . i n U.S. 15 2.5 C h a n g e in value 16 2.6 - D i r e c t investment CI) 17 -2.5 -2.5 -1.7 -1.7 -.2 -.2 -.1 -.1 " 1.3 1.3 • R e v a l u a t i o n of U . S . o f f i c i a l fgn. -.3 e x c h a n g e 8 net IMF p o s i t i o n 18 0.4 C h a n g e in v a l u e 19 0.8 - N e t I n c r e a s e in f g n . liab. 2 0 1.0 0.1 3.7 -2.4 -4.7 -12.3 -13.0 -18.8 22 4.0 1.5 -13.7 -4.6 4.6 1.0 0.2 12 13 14 0.6 21 2.0 10.6 • R e v a l . of U . S . d i r . i n v . a b r o a d 24.6 C h a n g e in value 14.0 - D i r e c t i n v e s t m e n t CI) 1.5 1.5 2.1 20 1 2 3 -1.7 19 0.3 2 4 . 0 U . S . net f o r e i g n i n v e s t m e n t 28.8 Net U.S. acq. of fgn. assets 4.8 - N e t f g n . acq. of U.S. a s s e t s - 3 . 9 + Other revaluations 21 2 5 . 4 = C h a n g e in U . S . n e t f g n . a s s e t s 2 2 CI) Excludes capital gains. 23 67.2 Data are in b i l l i o n s of d o l l a r s . Memo: 8 1 . 4 Net f o r e i g n a s s e t s o u t s t a n d i n g 2 3 S e p t e m b e r 2 8 . 1992 U.S. N e t F o r e i g n A s s e t s U.S. N e t F o r e i g n A s s e t s 36 R . 109 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 U . S . N e t F o r e i g n A s s e t s Annual Flows A n n u a l Flows 1977 1 U.S. net f o r e i g n i n v e s t m e n t 2 N e t U.S. acq. of fgn. a s s e t s 3 - N e t fgn. acq. of U.S. a s s e t s 4 + U . S . n e t s a l e s of gold 8 S D R s 5 * U.S.net fgn.investment# adj. 14.8 40.2 25.4 -3.3 57.3 60.6 27.2 58.1 31.0 -.1 1.3 14.7 -2.0 • R e v a l u a t i o n of f o r e i g n e q u i t i e s held by U . S . r e s i d e n t s 6 7 C h a n g e in v a l u e 8 -Net purchases -.5 -.1 0.4 - 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 C h a n g e in v a l u e -Net purchases 4.9 5.7 0.9 12 + R e v a l . of U . S . d i r . i n v . a b r o a d 13 C h a n g e in v a l u e 14 -Direct investment CI) 10.0 21.7 11.6 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 v a l u e 17 -Direct investment CI) 9 10 11 18 19 20 + R e v a l u a t i o n of U.S. o f f i c i a l f g n . e x c h a n g e 8 net IMF p o s i t i o n C h a n g e in v a l u e - N e t i n c r e a s e in fgn. l i a b . -16.5 24.3 40.8 1981 0.2 0.7 0.4 1.5 1.1 25.7 52.4 26.7 31.6 51.3 19.7 29.9 32.3 2.4 -1.1 -1.8 -1.4 26.1 29.8 28.5 2.6 3.6 2.0 -2.0 -1.8 0.2 —. 4 1.0 4.3 2.4 -.7 1.0 5.2 2.3 1.3 6.2 1.0 12.0 1.3 30.8 42.3 11.5 22.4 38.5 27.6 54.7 27.1 30.9 56.0 25.1 16.9 21.2 4.3 4.1 7.8 3.7 5.0 12.9 7.9 6.9 20.7 37.6 16.9 34.0 25.2 » 2.5 2.5 0.1 0.2 0.1 0.5 0.5 0.6 16.1 1982 18.8 11.9 -.3 -.4 -.1 -5.0 -.2 1.2 1.4 8.6 -24.5 31.5 56.0 -24.6 5 3.6 7.3 3.7 6 7 8 14.1 9 11.9 3.3 20.1 10 -19.5 — 6.6 12.9 - 2 0 . 9 12 - 9 . 9 13 11.1 14 8.8 3.2 16.9 13.8 - 4 . 4 15 7.5 16 11.9 17 -.2 -1.5 1.8 3.4 -.9 2.7 3.6 - 1 . 1 18 8.1 16.3 4.2 7.9 -.2 4.8 7.1 22.1 15.0 6.0 11 " 19 1.1 20 21 • O t h e r r e v a l u a t i o n s 81.2 3.9 -3.1 10.4 0.9 5.8 7.6 21 2 2 = C h a n g e in U . S . n e t f g n . a s s e t s 83.7 19.8 40.8 36.0 30.5 2.1 - 4 5 . 0 22 (1) E x c l u d e s c a p i t a l g a i n s . 2 3 Net foreign assets outstanding Data are in b i l l i o n s of d o l l a r s . 165.1 260.6 293.2 S e p t e m b e r 2 8 . 1992 U.S. Net F o r e i g n A s s e t s U.S. Net Foreign Assets 37 R . 1 0 9 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 U.S. Net F o r e i g n A s s e t s Annual Flows 1 2 3 Annual Flows 1984 1985 —72.8 13.4 86.2 —96.9 10.2 107.1 1986 1987 1988 -132.1 28.4 160.5 -167.6 15.2 182.7 —126.8 39.3 166.1 1989 1990 -98.7 87.4 186.1 -43.1 71.1 114.1 1991 - 4 . 8 U.S. net f o r e i g n i n v e s t m e n t 45.7 Net U.S. acq. of fgn. a s s e t s 50.5 - N e t f g n . a c q . of U.S. a s s e t s 4 -1.0 -.9 -.2 -.5 0.1 -.5 -.2 5 -73.8 -97.8 -132.4 -168.1 -126.7 -99.3 -43.3 6 7 8 0.2 1.2 0.9 8.6 12.3 3.7 9.6 10.7 1.2 6.8 4.7 -2.1 7.2 8.1 0.9 11.7 29.0 17.2 -6.7 0.7 7.4 ' 10 11 1*0 -.3 -1.3 25.2 29.5 4.3 26.2 43.4 17.2 -8.9 6.7 15.6 25.8 25.3 -.5 52.7 59.6 7.0 -14.9 -29.4 -14.5 12 13 14 -21.0 -6.4 14.6 11.8 21.1 9.2 18.0 30.2 12.2 45.0 68.4 23.4 4.9 15.0 10.1 7.8 31.8 24.0 38.1 65.7 27.6 15 16 17 1.4 26.8 25.4 0.1 20.1 20.0 -1.1 34.5 35.6 -10.6 47.6 58.2 3.6 60.9 57.3 -9.1 58.8 67.9 -11.8 33.4 45.1 9 . 0 - R e v a l . o f f g n . d l r . I n v . I n U . S . 15 20.5 C h a n g e in v a l u e 16 11.5 - D i r e c t i n v e s t m e n t CI) 17 18 19 20 -1.6 0.6 2.2 3.7 6.6 3.0 4.8 4.3 -.6 5.0 -4.6 -9.7 -1.4 2.7 4.0 1.7 26.5 24.8 5.7 7.7 2.0 • R e v a l u a t i o n of U . S . o f f i c i a l fgn. 0.1 e x c h a n g e 8 net IMF p o s i t i o n 18 -5.8 C h a n g e in v a l u e 19 -5.9 - N e t i n c r e a s e in fgn. l i a b . 2 0 21 —10.9 15.7 6.4 3.3 16.4 16.7 -42.1 22 -109.4 -83.3 -118.7 -88.5 -129.0 -104.9 -21.6 - . 2 • U . S . n e t s a l e s of gold 8 S D R s 1 2 3 - 4 . 9 = U.S.net fgn.investment» 4 adj. 5 • R e v a l u a t i o n of f o r e i g n e q u i t i e s 28.0 held by U . S . r e s i d e n t s 58.1 C h a n g e in v a l u e 30.2 -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 64.8 e q u i t i e s held by f o r e i g n e r s 9 74.9 C h a n g e in v a l u e 10 10.1 -Net purchases 11 4 . 5 • R e v a l . of U . S . d i r . i n v . a b r o a d 32.8 C h a n g e in v a l u e 23.3 - D i r e c t i n v e s t m e n t CI) —4.3 • Other revaluations 12 13 14 21 - 5 0 . 4 = C h a n g e in U . S . n e t f g n . a s s e t s 22 (1) Excludes capital gains. 23 138.8 55.4 D a t a are in b i l l i o n s of d o l l a r s . -63.2 -151.8 -280.8 -385.7 -407.3 Memo: - 4 5 7 . 6 Net f o r e i g n a s s e t s o u t s t a n d i n g 23 S e p t e m b e r 28, 1992 Tangible Asset Holdings T a n g i b l e Asset Holdings 38 ; 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 Flows Annual Flows 1961 196: 1963 1964 1965 1966 1967 122.2 71.2 4.5 7.9 37.6 1.0 119 .8 69 .2 5 .0 8 .1 36 .5 1 .0 134,,9 76..9 4. 9 9. 5 42..2 1..3 145 .2 8 4 .4 5 .3 10..0 44 .4 1..1 158 .6 91 .7 3,.8 11 .4 49 .8 1,.8 181 .4 98 .8 6 .4 13 .3 60 .8 2 .0 198 .9 102 .2 5 .7 14 .5 74 .5 2 .0 198.6 104.3 7.5 13.4 71.2 2.2 7 Capital consumption 8 Households 9 Farm business 10 Nonfarm noncorp. business 11 N o n f i n a n c i a l corp. bus. 12 Financial institutions 82.5 44.8 3.9 8.0 25.1 0.7 8 5 .1 46 .5 3 .9 8 .2 25 .8 0 .7 87. 7 47. 9 4. 0 8. 4 26. 8 0. 7 91,.2 49,.8 4..0 8.,6 27. 9 0. 8 95,.6 52,.2 4,.2 9.,1 29..3 0.,9 100 .6 54 .4 4 .3 9 .6 31 .3 1 .0 107 .5 5 7 .4 4 .6 10,.3 34 .1 1,.1 116.8 7 62.2 8 4.9 9 11.1 10 37.3 11 1.3 12 13 Net c a p i t a l f o r m a t i o n 14 Households 15 Farm business 16 Nonfarm noncorp. business 17 N o n f i n a n c i a l c o r p . bus. 18 Financial institutions 39.7 26.5 0.6 -.2 12.5 0.4 34 .7 22 .7 1 .0 .1 10 .7 0 .3 47. 2 29. 0 1. 0 1. 1 15, 5 0. 6 54. 0 34. 6 1. 3 1. 3 16. 4 0. 3 63. 0 39. 6 3 2. 4 20. 5 0. 9 8 0 .8 44 .4 2 .1 3,.7 29 .5 .1 91,.4 44..8 1..1 4..2 40.,4 0. 9 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 business 4 Nonfarm noncorp. business 5 N o n f i n a n c i a l corp. bus. 6 Financial institutions 19 Net f o r e i g n 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 Nonfarm noncorp. business N o n f i n a n c i a l corp. bus. Private finan. Insts. 20 21 22 23 24 25 1.8 2 .8 2. 3 4. 1 5. 9 5 .0 3..7 13 .4 15 .3 - 1 .1 0 .1 - 4 .4 3 .5 11. 0 15. 4 -1. 0 -1. 1 -5. 6 3. 3 6. 1 14. 5 -1. 4 - 1 ..3 -6.8 1.,1 12. 7 21. 5 0. 3 -2. 4 -8. 3 1. 5 6 .0 23,.6 -2..0 -3,.7 - 1 2 ,.8 0 .8 11.,3 37. 6 - 1 ..0 - 4 ..2 - 1 9 .,8 - 1 ..4 23.3 42.1 -2.6 -2.3 -14.9 1.0 20 21 22 23 24 25 - 3 ..0 - 2 .,7 4 - 6 .,3 - 3 ,,0 - 3 .,3 0 .3 - 2 .5 2 .8 -4. 4 - 3 ..9 .5 -16.4 -5.0 -11.4 * - 26 27 28 29 30 ,5 - 1 .3 -3. 2 - 4 . 5 31 - 4 ..6 - 1 0 ,.8 0,.4 3..4 2.. 1 0,,1 0,.4 12.,9 -2. 2 1.,1 8. 2 5. 0 5 0..3 13 .8 - 7 .5 4 .1 8 .1 7 .4 - 1 .2 0 .5 49..0 16..0 2..4 12. 8 15..0 - 2 ..1 0.,8 36.7 10.7 1.2 9.9 12.5 -1.6 0.8 32 33 34 35 36 37 38 13 .8 6 .1 11 .6 4 .0 - 7 .9 49..0 26..6 19,.7 3,.5 .7 36.7 14.9 17.6 0.7 3.5 39 40 41 42 43 27 .3 7 .3 10 .7 2 .9 6 .4 0. 1 30..1 11..8 7..6 3,.9 6,.4 0..4 35.0 14.7 8.9 4.4 6.8 0.2 44 45 46 47 48 49 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 Sponsored credit agencies Monetary authority 1.5 -3.4 4.9 * - 7 .6 - 3 .8 - 3 .9 - 6 .,2 - 3 ., 1 - 3 ..2 31 Unallocated -4.6 - 3 .0 - 2 ..6 32 R e v a l . of p h y s i c a l a s s e t s 33 Households 34 Farm business 35 Nonfarm noncorp. business 36 N o n f i n a n c i a l corp. bus. 37 - I n v e n t o r y v a l u a t i o n adj. 38 Financial institutions -2.3 -5.0 0.9 2.9 -1.3 -.2 0.1 - 1 .2 - 3 .8 0 .1 3 .0 .4 0 .3 0 .2 0. 6 - 6 ..9 1..4 4..8 1.,0 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 P l a n t and e q u i p m e n t 42 Inventories 43 Consumer durables -2.3 1.8 -2.0 0.6 -2.6 - 1 .2 1 .4 - 4 ,.6 - 6 ,.3 3,.1 - 1 .2 - 1 .3 0. 6 0. 8 2.,4 0.,5 - 3 .,1 - 1 ,.4 12..9 10..0 6,.2 0..9 - 4 ..2 44 C h a n g e in land v a l u e s 45 Households 46 Farm business 47 Nonfarm noncorp. business 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. 13.9 9.4 1.0 1.4 2.0 0.1 24 .0 12 .3 5 .4 2 .6 3 .6 0 .2 21..1 11.,1 4. 9 2.,0 2. 9 0. 1 27..8 14. 8 7. 5 2.,3 3..1 0. 1 19..3 4..6 7. 8 1. 8 4. 6 0..5 5 0 A d j . to c a p i t a l c o n s u m p t i o n 51 Households 52 Farm business 53 Nonfarm noncorp. business 54 Nonfinancial corp. business 55 56 57 58 59 60 61 62 63 64 65 66 - * * * * * K 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 128.6 Private sectors 127.0 Households 83.4 Farm business 3.9 Nonfarm noncorp. business 8.0 Nonfinancial corp.business 27.6 Private finan.Institutions 4.1 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 (1) L i n e s 2 0 + 2 6 + 31. Data are in b i l l i o n s of d o l l a r s . 13 14 15 16 17 18 4.8 12.1 -.6 0.2 -10.0 3.1 26 27 28 29 30 f i n a n c i a l flows 81.8 42.1 2.6 2.3 33.9 0.9 1 2 3 4 5 6 1.6 -3.4 4.9 0.1 * 0..3 1..0 - * * » * - * * * .1 " * * 2.4 19 * * 50 51 * * 53 54 125 .6 133 .2 8 4 .5 3 .9 8 .2 32 .1 4 .5 139. 7 145. 9 92. 3 4. 0 8. 4 36. 6 4. 6 148. 3 151. 3 98. 9 3. 9 8. 6 37. 6 2. 2 165. 1 171. 2 113. 3 4. 1 9. 1 41. 5 3. 2 187 .7 187 .3 122 .4 4,.4 9 .6 48..1 2..7 205,.7 210.,0 139. 8 4..7 10. 3 54. 7 0. 5 205.5 221.7 146.4 4.9 11.1 56.3 3.0 55 56 57 58 59 60 61 - 7 .6 - 3 .8 - 3 .9 0 .1 -6. 1 -3. 1 -3.2 0. 1 -3. 0 -2. 7 4 0. 1 -6.2 -3.0 -3.3 0. 1 0,.4 - 2 ,.5 2 .8 0,.1 -4. 3 -3. 9 5 0.,1 -16.2 -5.0 -11.4 0.2 * 62 63 64 65 66 S e p t e m b e r 28. 1992 Tangible Asset H o l d i n g s Tangible Asset Holdings 39 R . 1 2 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 A n n u a l Flows 1968 1969 1970 1971 197: 1973 1974 2 2 0 .9 117 .4 7 .8 17 . 1 75 .5 3 .1 241 .4 124 .9 6 .8 21 .0 8 5 .4 3 .3 2 3 5 .7 123 .0 6 .6 21 , .1 81,.7 3..3 2 7 2 .8 147 .0 9 .4 2 4 .9 8 7 .5 4 .0 316 173 8 30 99 4 .4 .0 .8 .8 .5 .4 367 .2 191 .9 12 .2 35 .2 122 .1 5 .8 368.8 184.3 10.0 30.3 137.2 7.0 360.4 P u r c h a s e s of p h y s i c a l a s s e t s 196.0 Households 16.8 Farm b u s i n e s s 23.8 Nonfarm noncorp. business 116.0 N o n f i n a n c i a l corp. bus. 7.7 Financial institutions 7 8 9 10 11 12 128 .0 68 .1 5 .2 12 .0 41 .1 1 .5 141,.5 75,.9 5 .7 13,.2 45,.0 1,,7 154,.6 83..0 6..1 14..3 49.,4 1.,8 169 .4 90 .9 6 .5 15 .7 54,.2 2 .1 186 98 7 17 60 a .3 .7 .2 .4 .5 .5 203 .8 108,.1 7 .9 19,.3 65 .6 2,.9 234.1 122.1 9.1 22.2 76.8 3.8 272.2 Capital consumption 138.7 Households 10.7 Farm b u s i n e s s 25.6 Nonfarm noncorp. business 92.2 N o n f i n a n c i a l corp. bus. 4.9 Financial institutions 13 14 15 16 17 18 92 .9 49 .3 2 .5 5 .1 34 .4 1 .6 99,.9 48,.9 1..1 7..8 40,.4 1..7 81.,1 40. 0 0. 5 6. 8 32.,3 1. 5 103,.4 56,.1 3..0 9,.2 33,.2 1..9 130,.1 74,.2 1,.5 13..4 39,.0 1..9 163..4 83..8 4..3 15. 9 . 56.5 2..9 134.7 62.1 0.9 8.0 60.4 3.2 8 8 . 2 Net c a p i t a l f o r m a t i o n 57.3 Households 6.1 Farm business -1.8 Nonfarm noncorp. business 23.8 N o n f i n a n c i a l c o r p . bus. 2.8 Financial institutions 2 4 . 0 Net f o r e i g n 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 : 92.3 Private sectors 97.1 Households -5.6 Farm b u s i n e s s 1.8 Nonfarm noncorp. business 9.7 N o n f i n a n c i a l corp. bus. -10.7 P r i v a t e finan. i n s t s . 1 2 3 4 5 6 19 1. 1 20 21 22 23 24 25 9 .6 33,.1 -2..5 -5,. 1 - 1 7 .8 2 .0 26 27 28 29 30 -10..8 -4..6 - 6 .2 31 -1., 1 3.,0 - 1 0 ..5 - 7 ..0 4. 5 -1.5 -4. 6 32..9 -1..0 -7..8 - 2 4 .,3 -4..4 14..3 51..1 .5 —6, 8 -24. 3 -5. 2 19..9 47..2 - 3 ..0 - 9 ..2 - 1 8 ..4 3,.2 8..7 46..8 - 1 ..4 - 1 3 ..4 - 2 1 ..5 - 1 ..8 - 2 .,0 73.,1 - 3 ..7 - 1 5 ..9 —56..1 0. 7 -1.2 60.1 -.7 -8.0 -46.5 -6.0 -4..0 -7..7 3..8 .1 -20. 7 -9. 0 -11. 6 ,1 - 3 0 ,.6 - 8 .9 - 2 1 ,.7 0,.1 - 1 6 ,.6 1,.1 - 1 7 ..8 0.. 1 - 1 .,1 4. 5 -5..7 0..1 -13.0 -3.7 -9.6 0.3 -80.1 -5.5 -74.9 0.2 - 2 .3 7. 4 9. 5 0,.2 0..9 7. 6 12.7 11.9 32 33 34 35 36 37 38 97,.5 43..9 3,.9 19,.5 25..0 -3.,7 1..5 95. 4 36.,9 7.,1 18..1 26. 1 -5. 9 1. 3 81. 0 26. 5 3.,3 14. 4 28. 7 -6. 6 1. 5 116..2 41..7 7..5 25..8 34..3 - 4 ,.6 2.,4 184..6 74..8 16,.2 37,.6 46. 4 - 6 ..6 3..0 247..3 87..3 27. 5 40..3 67..3 - 2 0 ..1 4. 8 395.7 139.5 14.7 . 50.3 143.5 -39.5 8.2 39 40 41 42 43 97..5 53..2 35..0 5..2 4.,1 95. 4 44. 4 36. 6 11. 0 3. 3 81. 0 22. 2 44. 0 5. 7 9. 1 116..2 58.,6 52. 2 9.,5 —4.,1 184..6 103..7 66.,4 17. 9 - 3 .,4 247. 3 105. 0 87.8 49. 3 5. 2 44 45 46 47 48 49 55.,3 29. 5 5. 7 9. 6 10. 0 0. 6 46. 9 18. 9 2. 3 8. 1 16. 0 1. 7 42. 7 15. 1 4. 3 7. 7 14. 7 0. 9 56. 0 17. 3 11 .6 9. 8 16. 5 0. 9 99. 3 41. 0 22. 0 15. 6 19. 3 1. 4 156. 3 49. 7 53. 7 21. 0 29. 8 2. 1 50 51 52 53 54 • . * 219.7 231.6 150.5 5.3 62 63 64 65 66 -11.9 -4.6 -7.6 0.3 12.0 59.0 4.8 232.9 236.6 157.8 5.8 13.2 61.2 -1.3 2 2 9 .2 250,.0 174,.1 6 .1 14,.3 57,.7 •.2 262.,1 293..0 194..2 6. 5 15. 7 69.,7 6. 9 308 .6 325 .8 2 1 9 .8 7 .4 17 .4 78 .9 2 .3 364 .1 368 .1 265 .0 8 .5 19 .3 69 .1 6 .2 -3.7 -7.7 3.7 - 2 0 ..8 -9..0 - 1 1 ,.9 .2 - 3 1 .0 -8. 9 -22. 5 0.,3 - 1 7 .2 1 .1 - 1 8 .7 0 .3 - 4 .0 4 .5 - 8 .8 0 .3 0.2 * * 9 10 11 12 13 14 15 16 17 18 20 21 22 23 24 25 26 Public sectors S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Sponsored credit agencies Monetary authority 28 Unallocated 31 f i n a n c i a l flows 27 29 30 32 33 34 35 36 37 38 395.7 117.0 177.7 56.4 44.6 2 7 6 . 0 R e v a l u a t i o n s by type of asset 102.7 Residential structures 137.9 Plant and equipment 11.2 Inventories 24.2 Consumer durables 39 40 41 42 43 148.8 58.0 31.4 20.3 35.9 3.2 175.4 C h a n g e in land v a l u e s 83.8 Households 44.4 Farm b u s i n e s s 14.5 Nonfarm noncorp. business 29.4 N o n f i n a n c i a l corp. b u s i n e s s 3.3 P r i v a t e finan. i n s t s . 44 45 46 47 48 49 * * * A d j . to capital c o n s u m p t i o n Households Farm b u s i n e s s Nonfarm noncorp. business Nonfinancial corp. business 50 51 52 53 54 354..6 373..8 244.,4 9..3 22..2 97..2 0..6 372,.6 453..5 293..1 11..3 25..6 127..1 - 3 ,.6 F l o w of F u n d s b a s i s Private sectors Households Farm b u s i n e s s Nonfarm noncorp. business Nonfinancial corp.business Private finan.institutions 55 56 57 58 59 60 61 - 1 9 ., 1 - 3 ..7 - 1 6 ..1 0..6 0..1 - 8 0 ..9 - 5 ,.5 - 7 6 ..2 0..7 0.,1 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 Sponsored credit agencies Monetary authority 62 63 64 65 66 (1) L i n e s 2 0 + 2 6 + Data are in billions of d o l l a r s . 7 8 2 7 6 . 0 R e v a l . of p h y s i c a l a s s e t s 104.0 Households 7.9 Farm b u s i n e s s 40.8 Nonfarm noncorp. business 104.0 N o n f i n a n c i a l corp. bus. - 1 1 . 0 - Inventory v a l u a t i o n adj. 8.3 Financial institutions * * 55 56 57 58 59 60 61 . 1 2 3 4 5 6 31. S e p t e m b e r 2 8 , 1992 Tangible Asset Holdings 40 T a n g i b l e Asset Holdings R . 1 2 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 Flows Annual Flows 1978 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 business 4 Nonfarm noncorp. business 5 N o n f i n a n c i a l corp. b u s . 6 Financial institutions 446.4 241.6 14.3 27.3 154.9 8.5 5 4 0 .9 2 8 9 .9 2 2 .5 35 .8 182 .8 9 .9 636..3 331,.4 21,.0 47,.5 221,.1 15 .3 694 348 24 60 240 20 7 Capital consumption 8 Households 9 Farm business 10 Nonfarm noncorp. business 11 N o n f i n a n c i a l corp. b u s . 12 Financial institutions 301.4 153.3 11.8 27.8 102.5 5.9 336 .4 170 .6 13 .2 30 .9 114,.8 6 .9 380 .2 191,.1 14,.9 35 .4 131..1 7 .7 13 Net c a p i t a l f o r m a t i o n 14 Households 15 Farm business 16 Nonfarm noncorp. business 17 N o n f i n a n c i a l corp. b u s . 18 Financial institutions 145.0 88.3 2.5 -. 6 52.3 2.5 204..5 119,.3 9 .3 4 .9 67,.9 3 .1 256.. 1 140..3 6..1 12..1 90..0 7,.6 19 Net f o r e i g n 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 Nonfarm noncorp. business N o n f i n a n c i a l corp. bus. Private finan. insts. 14.8 - 1 6 .5 63.5 79.6 -2.0 0.6 — 16.4 1.8 29,.3 73..4 - 9 ..0 - 4 ,,9 - 3 4 ..4 4.,2 - 6 1 .4 -2.3 -59.4 0.3 680..1 329,.0 13..7 63..4 250..8 23..1 786 350 27 73 308 27 4 3 6 .2 216 .8 17 .0 41 .8 151,.6 9 .1 498..1 246., 1 19.,5 48.,7 173..2 10. 6 2 5 8 .2 131 .2 7 .7 18,.6 8 9 .3 11,.4 181. 9 82. 9 -5.8 14. 7 77. 6 12. 6 - 3 ..3 27,.2 25. 7 31.,6 29..9 36..0 63..0 - 5 ..2 - 1 2 .,1 -27. 0 17. 3 64,.3 81..8 - 6 ,,8 - 1 8 ..6 -6. 5 14..3 96. 7 130. 6 6. 3 -14. 7 -33.5 8. 1 58..3 155,.2 - 5 ..3 - 1 6 ,.3 - 4 7.,2 - 2 8 .,2 170..6 202..8 3..8 -6. 4 -21. 5 - 8 ..2 182..7 181,.7 25..8 - 5 ..1 - 1 0 .,6 - 9 ..0 20 21 22 23 24 25 -44.8 10. 8 -55.8 0. 3 -33.5 4. 9 -38. 7 0. 2 - 1 7 .,0 5. 5 -22. 7 0. 2 -63. 7 -2.2 - 6 1 .5 -86. 5 -10. 7 -75. 9 0., 1 - 1 5 5 ..9 - 3 ..3 -153, 4 0..9 - 1 8 4 ..3 6.,2 -191 . .3 0. 8 26 27 28 29 30 12.7 -1. 0 - 5 .8 -20. 1 -7.3 59. 8 15. 2 32 R e v a l . of p h y s i c a l a s s e t s 33 Households 34 Farm business 35 Nonfarm noncorp. business 36 N o n f i n a n c i a l c o r p . bus. 37 - I n v e n t o r y v a l u a t i o n adj. 38 Financial institutions 260.4 110.2 6.6 45.0 75.6 -14.9 8.1 367.9 171.4 7.7 68.4 99.3 -16.7 4.4 522.3 219.8 48.3 87.5 141.1 -25.1 0.5 618.6 236.0 23.4 121.5 189.3 -41.6 6.9 670.7 226.3 35.6 124.9 231.8 -43.0 9.1 496.8 145.1 6.5 109.2 201.3 -25.7 9.0 225.4 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 P l a n t and e q u i p m e n t 42 Inventories 43 Consumer durables 260.4 125.7 101.3 17.8 15.6 367.9 197.0 131.9 17.7 21.3 522.3 244.3 173.5 71.7 32.8 258.3 216.9 84.5 58.9 670.7 241.7 274.2 91.1 63.7 44 C h a n g e in land v a l u e s 45 Households 46 Farm business 47 Nonfarm noncorp. business 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 f i n a n . insts. 219.5 94.9 71.7 21.2 29.5 2.3 223.0 114.8 45.6 23.8 36.6 327.3 154.2 85.5 37.9 46.6 3.0 423.0 211.5 97.0 52.9 57.9 3.8 426.2 219.2 -.3 525,.4 571,.6 363,.3 13..5 30..9 150..8 13..1 - 4 6 ..2 10..8 - 5 8 ..3 1..3 0..1 20 21 22 23 24 25 26 27 28 29 30 Public sectors S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Sponsored credit agencies Monetary authority 31 Unallocated financial flows 50 A d j . to c a p i t a l 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 55 56 57 58 59 60 61 62 63 64 65 66 (1) L i n e s 2 0 + 2 6 + 31. Data are in b i l l i o n s of d o l l a r s . .5 .9 .1 .0 .1 .4 739 .9 344 .4 19 .6 69 .5 277 .6 2 8 .8 821 .7 428 .5 - 1 .9 70 .4 292 .3 32 .4 5 6 3 .6 2 6 7 .3 21 .6 56 .7 2 0 5 .3 12..6 613 .1 285 .0 22 .9 63 . 1 227..5 14 .6 642 298 23 65 240 15 2 2 2 .9 83,.6 5,.5 16,.3 102..8 14,.7 126..7 59 .5 - 3 .3 6 .4 50..0 14,.2 178 .8 130 .2 - 2 5 .2 5. 1 52,.2 16..5 2.2 * - 13 14 15 16 17 18 -24..5 19 - 2 2 . 9 31 45.7 75.9 -10.0 5.7 134.5 51.5 23.9 36.1 12.7 -8.5 1.7 32 33 34 35 36 37 38 496.8 166.7 259.0 26.5 44.5 225.4 77.6 125.7 -3.0 25.1 134.5 67.2 41.8 16.1 9.5 39 40 41 42 43 72.1 61.9 4.8 278.1 167.8 -8.4 51.3 63.2 4.1 205.7 123.0 -36.2 63.4 49.3 253.6 133.3 8.4 67.7 38.9 5.2 44 45 46 47 48 49 -.4 —. 4 -2.8 -.7 -7.0 * * -7.0 50 51 52 53 54 6 3 8 .7 673,.3 394,.4 15..8 35..4 196..0 31..7 741 .7 762 .4 429..9 17..9 41..8 239..2 33..7 713..0 780..5 459..6 20..0 48..7 222..2 30..0 758..3 8 4 8 .2 506..1 21,.8 56..7 265,.8 - 2 ..2 754..5 916..7 547..2 23..4 63..1 263..8 19..2 - 3 4 ..6 4.,9 - 4 0 ..7 .1 0..1 - 2 0 ..7 5..5 - 2 7 .5 1..2 0,.1 - 6 7 ..5 - 2 ..2 — 66 .5 1..2 0..1 - 8 9 ..9 - 1 0 ,.7 - 8 0 ..7 1..4 0,.1 - 1 6 2 ..2 - 3 ..3 - 1 6 1 .,2 2..2 0..1 618.6 68.1 80.2 8.0 6.2 * * - 6 4 .8 - 2 ..3 - 6 3 .,4 0.,8 0..1 1 2 3 4 5 6 .8 7 .3 8 .3 9 .2 10 .1 11 .9 12 ' M e m o : Total g r o s s d o m e s t i c i n v e s t m e n t F l o w of F u n d s b a s i s 4 4 8 .5 Private sectors 513,.4 Households 321 .2 Farm business 12 .2 Nonfarm noncorp. business 27,.8 Nonfinancial corp.business 142,.4 Private finan.institutions 9 .7 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 .5 .0 .7 .3 .9 .5 8 2 0 . 1 55 1010 . 1 56 610..2 57 23 .9 58 65..2 59 289..5 60 21..3 61 -190..0 6..2 -199..1 2. 8 0..1 62 63 64 65 66 S e p t e m b e r 2 8 , 1992 T a n g i b l e Asset H o l d i n g s Tangible Asset Holdings 41 R . 1 2 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 Flows Annual Flows 1984 1985 1986 1 2 3 4 5 6 1036 .8 4 9 7 .2 19 .5 8 8 .2 390 .6 41 .3 1067 .5 5 3 7 .2 17 .7 96 .8 370 .5 45 .3 1 1 0 7 .2 6 0 3 .8 9 .3 9 7 .8 3 4 4 .8 51 .5 7 8 9 10 11 12 669 .4 313 .5 23 .4 68 .4 246 .1 18 .1 711 .6 339 .8 23 .0 72 .7 256 .0 2 0 .2 13 14 15 16 17 18 367 .4 183 .8 - 3 .8 19 .8 144 . 5 23 .3 19 20 21 22 23 24 25 26 27 28 29 30 r 1987 1988 1989 1990 1153 .0 6 3 0 .4 6 .7 98 .3 3 6 2 .1 5 5 .5 1230 .7 675 .2 1 .9 101 .8 391 .1 60 .6 1291 .6 699 .4 16 .8 105 .7 403 .6 66 .1 1263 .8 691 .5 18 .7 97 .0 391 .6 65 .0 756 .8 3 6 4 .5 2 2 .7 77 .1 2 6 9 .2 23 .3 8 0 3 .0 393 .2 2 2 .2 8 1 .5 2 7 9 .2 2 6 .9 8 5 8 .5 4 2 3 .5 21 .8 8 7 .2 2 9 5 .1 30 .9 930 .4 463 .1 22 .0 94 .6 315 .1 35 .6 982 .0 4 9 4 .9 21 .7 98 .8 327 .0 39 .7 355 .9 197 .4 - 5 .3 24 .2 114 .5 25 .1 3 5 0 .4 2 3 9 .3 - 1 3 .4 2 0 .8 75 .5 2 8 .2 350 .0 2 3 7 .2 - 1 5 .5 16 .8 8 3 .0 2 8 .5 372 .2 251 .7 - 1 9 .8 14 .6 96 .1 2 9 .6 361 .2 236 .3 - 5 .2 11 .1 8 8 .5 30 .5 281 .8 196 .6 - 3 .0 - 1 .8 64 .7 25 .4 - 7 2 .8 - 9 6 .9 - 1 3 2 .1 - 1 6 7 .6 117 .9 2 0 0 .0 4 .5 - 1 9 .8 - 5 3 .0 - 1 3 .8 98 .4 162 .8 6 .1 - 2 4 .2 - 3 0 .9 - 1 5 .4 157 .8 198 .2 14 .0 - 2 0 .8 - 2 8 .8 - 4 .9 -185 5 -191 0 .6 .4 .5 .5 -203 15 -216 -1 36 101 16 -16 -56 -7 1991 1167 .2 P u r c h a s e s of p h y s i c a l a s s e t s 6 5 5 .6 Households Farm business 11 .7 76 .6 Nonfarm noncorp. business 361 .1 N o n f i n a n c i a l c o r p . bus. 62 .2 Financial institutions 1030 .6 C a p i t a l c o n s u m p t i o n 5 2 6 .0 Households 21 .4 Farm business 101 .7 Nonfarm noncorp. business 3 3 8 .5 N o n f i n a n c i a l c o r p . bus. 4 2 .9 Financial institutions 136 129 -9 -25 22 19 13 14 15 16 17 18 - 4 .8 Net f o r e i g n 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 : .8 Private sectors .6 Households .3 Farm business .1 Nonfarm noncorp. business .6 N o n f i n a n c i a l c o r p . bus. .7 P r i v a t e f i n a n . insts. 20 21 22 23 24 25 - 1 2 6 .8 - 9 8 .7 - 4 3 .1 8 9 .3 127 .9 21 .2 - 1 4 .6 - 2 4 .6 -20..6 190 .5 2 1 8 .4 7 .1 - 1 1 .1 - 2 6 .1 2 .3 195 .1 2 1 8 .8 5 .2 1 .8 - 1 6 .6 - 1 4 .1 271 209 11 25 36 -10 -302 -40 -263 2 - 2 3 6 .2 7 .7 - 2 4 3 .3 .7 - 1 8 7 .4 - 1 7 .6 - 1 6 9 .8 0..1 - 1 9 5 .5 - 5 ,.7 - 1 9 0 ,.4 0,.7 - 2 2 0 .9 - 3 4 .9 - 1 8 6 .6 0,.6 - 2 2 4 .9 - 4 3 .7 - 1 8 2 .7 1 .5 7 8 9 10 11 12 .7 N e t c a p i t a l f o r m a t i o n .6 Households .8 Farm business .1 Nonfarm noncorp. business .7 N o n f i n a n c i a l corp. bus. .3 Financial institutions .5 .3 .4 .8 .4 .9 .0 .6 .8 .7 1 2 3 4 5 6 .5 .9 .8 .2 19 Public sectors State 8 local governments 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 26 27 28 29 30 Unallocated 31 31 - 5 .1 7 .7 - 5 3 .7 - 1 6 ,.7 - 2 0 ..6 - 6 8 ,.3 - 1 3 ,.2 32 33 34 35 36 37 38 149 .3 5 2 .1 - 1 .3 50,.3 41,,7 —4,.1 2. 4 163 .0 69 .7 -4,.0 64 .2 30 .5 0,.3 2,.8 2 4 2 .0 126,.7 4 .3 64,.9 48..5 9,.8 7..4 349 .6 162..6 14..8 82,.7 68,.4 - 1 4 ..5 6..6 229..1 .5 20. 4 47..6 121..2 - 2 7 ..3 13. 0 353..5 126..1 9..5 81..2 106..4 - 1 7 ..5 12..9 315,.5 116,.9 2,.8 65 .9 102,.2 - 1 4 ,.2 13..6 212..6 R e v a l . of p h y s i c a l assets 133..3 Households Farm business 2,.7 52..3 Nonfarm noncorp. business 22..0 N o n f i n a n c i a l corp. bus. 3..1 - Inventory v a l u a t i o n adj. 5..4 Financial institutions 32 33 34 35 36 37 38 39 40 41 42 43 149,.3 80..8 62,.5 0..1 5..9 163..0 101..0 67..3 - 1 9 .,1 13..8 242..0 146..8 95..4 - 2 5 ..2 25..0 349..6 192..8 91. 1 36. 5 29.,1 229. 1 - 3 3 .,3 169. 57. 0 36. 3 353.,5 163.,1 154. 5 24.,0 11 .9 315,.5 141.,4 140..0 18..1 16..0 212..6 R e v a l u a t i o n s by type of asset 125..6 Residential structures 50..2 P l a n t and e q u i p m e n t - 1 3 ..6 Inventories 50. 4 Consumer durables 39 40 41 42 43 44 45 46 47 48 49 294..3 251..6 - 9 6 ..9 91.,3 42. 5 5. 7 251.,8 177.,3 -80. 7 108. 5 38. 9 7. 8 201..0 130. 1 -46. 7 72. 8 33. 6 11. 2 292. 4 156. 42. 6 43. 6 38. 3 11. 9 366. 0 197. 5 23. 5 71. 5 60. 6 12. 9 407. 2 240. 6 19. 5 76. 6 64. 0 6. 4 - 6 1 4 ..7 - 3 0 1 ..1 6. 5 - 1 1 8 .,4 - 1 8 4 .,9 - 1 6 ..7 - 2 2 7 . 5 C h a n g e in land v a l u e s 247. 8 Households -4. 9 Farm business - 1 2 6 ..7 Nonfarm noncorp. business -327. 0 N o n f i n a n c i a l corp. b u s i n e s s -16. 6 Private finan. insts. 44 45 46 47 48 49 50 51 52 53 54 -3.2 - * -5.8 -2. 6 -3.2 * " -1. 4 -1. 9 -8. 0 -3. 1 0. 1 -2. 3 -2.8 4 A d j . to c a p i t a l c o n s u m p t i o n Households 1. 9 0.,1 Farm b u s i n e s s -1. O Nonfarm noncorp. business -1. 4 Nonfinancial corp. business 50 51 52 53 54 55 56 57 58 59 60 61 969. 1 1159. 3 697. 2 24. 0 68. 4 345. 5 24. 1 963. 0 1166. 9 700. 0 23. 9 72. 7 344. 0 26. 4 1028. 8 1268. 3 802. 1 23. 3 77. 1 323. 2 42. 7 1002. 2 1188. 6 731. 7 23. 1 81. 5 308. 7 43. 7 1124. 5 1319. 803. 1 23. 1 87. 2 369. 8 35. 8 1261. 2 1480. 0 917. 8 23. 9 94. 6 379. 9 63. 9 1234. 0 1458. 2 910. 3 23. 9 98. 8 378. 5 46. 8 62 63 64 65 66 -190.2 5. 4 -199.4 3. 7 0. 1 -203. 9 15. 6 -221.2 1. 6 0. 1 -239.5 7. 7 -250.5 3. 1 0. 2 -186.4 -17. 6 - 1 7 2 .8 3. 8 0. 2 -194.6 -5.7 -193. 7 4. 7 0. 2 -218. 9 -34.9 -189. 0 4. 9 0. 2 —224. 3 -43. 7 -186.2 5. 4 0. 2 " . * 25,.9 financial flows M e m o : T o t a l gross d o m e s t i c i n v e s t m e n t . 1136. 6 F l o w of F u n d s b a s i s 1437. 6 Private sectors 865. 2 Households 23. 0 Farm business 101. 7 Nonfarm noncorp. business 400. 4 Nonfinancial corp.business 47. 3 Private finan.institutions -301. 0 -40. 9 -266. 6 6. 2 0. 2 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 (1 ) L i n e s 2 0 + 2 6 + 3 1 . Data are in b i l l i o n s of d o l l a r s . 55 56 57 58 59 60 61 62 63 64 65 66 S e p t e m b e r 2 8 , 1992 Household Sector 4 2 Household Sector 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 R . 1 0 0 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 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 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 83.4 84.5 92.3 98.9 113.3 122.4 139.8 71.2 76.9 15.4 36.5 21.1 84.4 14.5 42.5 27.9 91.7 21.5 49.7 28.2 98.8 23.6 53.6 29.9 102.2 28.9 16.7 69.2 15.3 32.5 17.2 37.6 59.6 22.0 104.3 42.1 66.9 24.9 44.8 46.5 47.9 49.8 52.2 54.4 57.4 62.2 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 -Cap. consump. allow., NIPA 44.8 44.8 46.5 46.5 47.9 47.9 49.8 49.8 52.2 52.2 54.4 54.4 57.4 57.4 8 * 62.2 9 62.2 10 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 value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , F O F basis -5.0 21.5 44.8 71.2 -3.8 18.9 46.5 69.2 -6.9 -10.8 47.9 76.9 23.8 49.8 84.4 -2.2 37.4 52.2 91.7 -7.5 37.0 54.4 98.8 15 16 17 18 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 Consumer durables -5.0 -3.8 -1.4 -4.2 -7.5 -.9 1.3 -7.9 16.0 0.3 -1.3 -10.8 -10.0 0.6 -2.2 -.3 — 6.9 -4.2 0.4 -3.1 19 C h a n g e in the value of land h o l d i n g s 2 3 4 5 Capital expenditures Net financial investment Net acq. of f i n a n . a s s e t s - N e t incr. in l i a b i l i t i e s 6 - Capital consump. allow.,NIPA 12.1 Net i n v e s t m e n t f l o w , Balance Sheet basis 20 21 22 • R e v a l . of c o r p o r a t e e q u i t i e s & m u t u a l fund s h a r e s C h a n g e in value -Net purchases 23 24 25 • R e v a l . of life i n s u r a n c e 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 26 • R e v a l . of n o n c o r p . e q u i t y 27 C h a n g e in value 28 - N e t inv. in n o n c o r p . bus. -2.1 -2.6 -6.6 102.2 14.7 2.1 -.7 10.7 52.8 62.2 104.3 11 12 13 14 10.7 6.3 1.0 3.5 15 16 17 18 104.2 105.3 -62.4 -63.7 -1.4 77.9 76.4 -1.5 50.9 50.6 -.2 72.3 70.8 -1.5 -60.1 -60.1 147.7 20 144.5 21 - 3 . 1 22 0.1 11.6 4.2 16.3 4.1 21.1 17.0 -5.0 14.3 19.3 8 . 4 23 2 7 . 2 24 18.8 25 1.1 11.5 12.1 -3.3 9.8 13.0 3.9 17.8 13.9 4.1 20.4 16.4 5.6 10.4 8.4 -2.0 12.6 9.4 -3.2 12.9 9.9 -3.0 12.9 -5.4 1.8 -3.9 1998.6 376.3 24.9 26.2 24.0 — 3.6 -2.2 2 3 . 7 26 19.6 27 - 4 . 1 28 2449.5 491.0 2520.8 530.7 2810.3 31 5 6 8 . 7 32 21.2 137.5 165.1 1833.6 360.6 18.2 0.8 -.3 30 = C h a n g e in net w o r t h Data are in b i l l i o n s of d o l l a r s . 1.4 0.6 16.0 60.8 57.4 — 6.5 29 + Other revaluations Memo: 31 Net 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 income -2.8 22.2 1994.9 398.7 2142.9 418.3 2280.3 454.7 S e p t e m b e r 2 8 , 1992 Household Sector Household Sector 43 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 N o r t h Annual Flows* Annual F l o w s 1968 1969 1970 1971 1972 1973 1974 1975 R . 1 0 0 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 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 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 1 150. 5 157. 8 174. 1 194. 2 219. 8 265.,0 244,.4 293..1 2 3 4 5 117, 4 33. 1 66. 7 33. 6 124. 9 32. 9 61. 0 28. 0 123. 0 51. 1 71. 0 19. 9 147. 0 47. 2 91, 9 44, 7 173.,0 46. 8 109.,9 63.,0 191, 9 73.,1 139. 7 66.,6 184,.3 60,.1 107,.9 47,.7 196,.0 97,.1 149..0 51,.9 6 68. 1 75. 9 83. 0 90, 9 98. 7 108..1 122,.1 138..7 - C a p i t a l c o n s u m p . a l l o w . , N I P A 6 122,.3 = Net Investment flow, 154,.4 Balance Sheet basis 7 7 82. 4 81. 9 91. 1 - 103. 3 121..1 * 156. 8 - 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 f i n a n . a s s e t s - N e t incr. in l i a b i l i t i e s - 8 9 10 68.,1 68.,1 75. 9 75. 9 83. 0 83. 0 90. 9 90. 9 98. 7 98.,7 108. 1 108. 1 122,.1 122..1 11 12 13 14 43. 9 93.,1 68.,1 117.,4 36. 9 85. 9 75. 9 124. 9 26. 5 66. 5 83.,0 123..0 41. 7 97. 7 90. 9 147.,0 74. 8 149..0 98. 7 173,,0 87..3 171. 1 108. 1 191. 9 139.,5 201..7 122..1 184..3 15 16 17 18 43..9 36.,0 3. 8 4..1 36..9 29..3 4..4 3..3 26. 5 13..0 4..3 9 .1 41. 7 39. 4 6. 4 - 4 .,1 74..8 71..2 7..0 - 3 ..4 87.,3 73. 5 8. 6 5.,2 139..5 83..8 11,.1 44.,6 104,.0 72,,2 7.-7 24,.2 19 29..5 18,.9 15..1 17..3 41..0 49..7 5 8 .0 83..8 138,,7 138,.7 D e p r e c i a t i o n v a l u a t i o n adj. 8 Depreciation charges 9 - C a p . c o n s u m p . a l l o w . , N I P A 10 .,104,,0 + R e v a l . of p h y s i c a l a s s e t s 161..3 C h a n g e in value Depreciation charges 138..7 - G r o s s p u r c h a s e s , FOF b a s i s 196..0 11 12 13 14 R e v a l u a t i o n by type of asset Residential structure? Nonres. plant 8 equipment Consumer durables 15 16 17 18 + C h a n g e in the v a l u e of land h o l d i n g s • R e v a l . of c o r p o r a t e e q u i t i e s 152.,3 8 m u t u a l fund s h a r e s C h a n g e in value 147..3 -Net purchases - 5 ,.0 20 21 22 143,.3 137,.2 -6,.1 - 1 0 9 ,.7 - 1 1 1 .8 -2,.1 - 1 7 ,.0 - 1 7 ,.5 - •.5 108..2 103,.8 - 4 .4 96..5 87,.4 - 9 .1 - 2 0 6 .,7 - 2 1 1 ..1 - 4 .,4 - 2 1 3 ..6 - 2 1 5 ,.3 -1..7 23 24 25 6 .6 26,.5 19 .9 - 6 .1 15 .8 21 .8 2 .2 26 .4 24 .2 15,.5 43,.4 28,.0 11,.8 60..3 48,.5 - 2 5 ..9 14..0 39,.9 - 2 9 ..2 14,.5 43..7 34..9 106..8 71..9 26 27 28 37 .7 34,.9 - 2 .7 34 .9 27 .2 - 7 .7 30 .6 2 3 .2 - 7 .4 53 .5 46 .2 - 7 .3 8 9 .4 72 .0 - 1 7 .4 131..3 132,.3 1..0 113,.8 78,.3 -35..5 103..7 • R e v a l . of n o n c o r p . e q u i t y 81..7 C h a n g e in value' - N e t inv. in n o n c o r p . bus. - 2 2 ..0 29 .2 1 .0 - 1 .5 - 2 .4 - 1 .4 - 5 .2 3,.8 30 343 .1 5 7 .7 147 .1 337 .0 4 3 3 .3 187,.5 194,.7 31 32 3153 .4 617 .8 3211 .1 663 .8 3 3 5 8 .2 722 .0 3695 .2 784 .8 4 1 2 8 .4 8 4 8 .5 4315,.9 958 .1 4 5 1 0 .6 1046 .6 Data are in b i l l i o n s of d o l l a r s . 1 2 3 4 5 + R e v a l . of life i n s u r a n c e 8 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 2 .6 • O t h e r r e v a l u a t i o n s 635..7 = C h a n g e in net w o r t h Memo: 5146..2 N e t w o r t h o u t s t a n d i n g 1150..9 D i s p o s a b l e p e r s o n a l income 19 20 21 22 23 24 25 26 27 28 29 30 31 32 S e p t e m b e r 28* 1992 Household Sector Household Sector 44 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 N e t W o r t h Annual Flows Annual F l o w s 1977 1978 1979 1980 1981 R . 100 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 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 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 1 321.2 363.3 2 3 4 5 241.6 79.6 172.7 93.1 289.9 73.4 214.6 141.2 331.4 63.0 232.3 169.3 348.0 81.8 250.4 168.5 329.0 130.6 253.4 122.8 350.9 155.2 269.4 114.2 344.4 202.8 295.1 92.3 428.5 181.7 378.7 197.0 6 - Capital consump. allow..NIPA 153.3 170.6 191.1 216.8 246.1 267.3 285.0 298.3 * Net investment flow, 7 Balance Sheet basis 203.2 213.1 213.5 238.7 262.3 311.9 Capital expenditures Net financial Investment N e t acq. of finan. 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 610.2 1 167.9 192.7 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 . consump. allow., NIPA 153.3 153.3 170.6 170.6 191.1 191.1 216.8 216.8 246.1 246.1 267.3 267.3 285.0 285.0 8 * 298.3 9 2 9 8 . 3 10 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 110.2 198.5 153.3 241.6 171.4 290.7 170.6 289.9 219.8 360.1 191.1 331.4 236.0 367.2 216.8 348.0 226.3 309.2 246.1 329.0 145.1 228.7 267.3 350.9 80.2 139.7 285.0 344.4 298.3 13 4 2 8 . 5 14 15 16 17 18 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 Consumer durables 110.2 88.1 6.5 15.6 171.4 139.4 10.8 21.3 219.8 172.0 15.0 32.8 236.0 158.9 18.2 58.9 226.3 143.3 19.3 63.7 145.1 84.1 16.5 44.5 80.2 44.0 11.1 25.1 19 C h a n g e in the value of land h o l d i n g s 94.9 114.8 154.2 211.5 219.2 167.8 123.0 133.3 19 117.6 118.8 1.2 -42.9 -49.3 -6.4 7.9 -3.9 -11.8 176.8 152.0 -24.8 317.0 306.4 -10.6 -22.5 -59.5 -37.0 106.9 91.3 -15.6 174.7 2 0 170.6 21 -4.1 22 15.6 72.2 56.6 -16.2 62.4 78.6 17.4 112.4 95.0 14.4 116.3 101.8 40.2 158.7 118.5 -27.8 90.1 117.9 136.0 289.5 153.5 68.8 23 249.6 24 180.7 25 138.2 112.3 -25.9 141.4 120.1 -21.4 250.1 218.4 -31.8 286.7 233.9 -52.9 293.1 231.9 -61.2 198.7 153.0 -45.7 82.6 0.7 -81.9 134.6 26 46.8 2 7 - 8 7 . 8 28 • R e v a l . of c o r p o r a t e e q u i t i e s 20 8 m u t u a l fund s h a r e s 21 C h a n g e in v a l u e 22 -Net purchases 23 24 25 • R e v a l . of l i f e I n s u r a n c e 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 2 6 * R e v a l . of n o n c o r p . e q u i t y 27 C h a n g e in v a l u e 28 - N e t i n v . in n o n c o r p . bus. 29 • Other revaluations 3 0 = C h a n g e in net w o r t h Memo: 31 Net 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 b i l l i o n s of d o l l a r s . -.4 -9.6 6.0 -4.3 0.2 -7.1 -25.8 644.0 551.6 858.7 1134.2 1309.5 692.9 765.1 5790.3 1264.0 6341.9 1391.3 7200.6 1567.8 8334.8 1753.0 9644.3 1953.0 10337.3 2174.5 11102.4 2319.6 7 5 1 . 5 11 181.8 12 51.5 33.1 9.0 9.5 15 16 17 18 12001.5 31 2 4 9 3 . 7 32 S e p t e m b e r 2 8 , 1992 H o u s e h o l d Sector Household Sector Factors Accounting 45 for C h a n g e in Net W o r t h Annual Flows Annual Flows R . 1 0 0 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 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 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 1 697.2 7 0 0 .0 802.1 731 .7 803.1 917.8 9 1 0 .3 8 6 5 .2 2 3 4 5 497.2 200.0 432.1 232.1 5 3 7 .2 162 .8 4 6 9 .5 306 .7 603.8 198.2 525.8 327.6 6 3 0 .4 101 .3 386 .4 2 8 5 .1 675.2 127.9 453.4 325.5 699.4 218.4 528.0 309.6 691 218 474 255 655 .6 2 0 9 .6 388 .1 178 .5 6 313.5 339 .8 364.5 393 .2 423.5 463.1 4 9 4 .9 5 2 6 .0 - C a p i t a l c o n s u m p . a l l o w . , N I P A 6 454.7 4 1 5 .4 = Net investment flow, 339 .1 Balance Sheet basis 7 - 3 .1 491 .8 4 9 4 .9 1 .9 5 2 7 .9 526 .0 Depreciation charges -Cap. consump. allow., NIPA 7 383.7 360 .2 437.6 338 .4 379.6 .5 .8 .3 .5 Capital expenditures Net financial investment Net acq. 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 1 2 3 4 5 8 9 10 313.5 313.5 339 .8 339 .8 364.5 364.5 393 .2 393 .2 423.5 423.5 -2.6 460.5 463.1 11 12 13 14 52.1 235.9 313.5 497.2 69 267 339 537 .7 .1 .8 .2 126.7 366.0 364.5 603.8 162 399 393 630 .6 .7 .2 .4 -.5 251.3 423.5 675.2 126.1 365.0 460.5 699.4 116 316 491 691 .9 .5 .8 .5 133 261 527 655 .3 .0 .9 .6 11 C h a n g e in v a l u e 12 Depreciation charges 13 - G r o s s p u r c h a s e s , F O F b a s i s 14 15 16 17 18 52.1 37.1 9.1 5.9 69 46 9 13 .7 .7 .3 .8 126.7 90.6 11.1 25.0 162 122 11 29 .6 .3 .2 .1 -.5 -51.2 14.5 36.3 126.1 101.0 13.1 11.9 116 92 8 16 .9 .1 .8 .0 133 79 3 50 .3 .7 .2 .4 R e v a l u a t i o n by type of asset 15 Residential structures 16 N o n r e s . plant 8 e q u i p m e n t 17 Consumer durables 18 19 251.6 177 .3 130.1 156 .1 197.5 240.6 - 3 0 1 ..1 247,.8 » R 644,.3 8 m u t u a l fund s h a r e s 704,.9 C h a n g e in v a l u e 60..5 -Net purchases * * * * * + C h a n g e in the value of land h o l d i n g s 10 19 20 21 22 65.8 16.4 -49.4 489,.0 436,.1 - 5 2 ,.9 284.2 289.3 5.2 - 6 9 .0 -101 , .1 - 3 2 ,.1 250.1 130.4 -119.7 455.9 358.7 -97.2 - 1 6 3 ..2 - 1 3 9 .,7 23..6 23 24 25 -.3 182.7 183.0 8 6 .4 304,.3 217..9 90.9 339.9 249.0 51.,8 182.,3 130.,5 90.8 309.7 218.9 234.2 484.3 250.1 - 9 4 ..2 118..2 212. 4 311..2 601..3 290.,1 26 27 28 50.7 -32.1 -82.9 91,.8 26..0 - 6 5 ..8 97.2 62.5 -34.7 192. 3 131. 4 -60. 9 151.1 120.0 -31.2 184.3 151.8 -32.5 -36. 2 -75. 5 -39. 3 - 7 5 ..5 -76. 8 -1. 3 29 -3.0 - 4 ..5 -7.3 36. 0 30.7 19.8 -18. 3 -9. 5 29 30 800.7 1270.,0 1159.3 868. 1 1099.4 1718.1 - 7 7 .8 1588. 8 30 31 32 12802.2 2759.5 14072. 3 2943. 0 15231.6 3131.5 16099. 7 3289. 6 17199.1 3548.2 18917.2 3787.0 18839. 3 4042. 9 20428. 2 4209. 6 31 32 Data are in b i l l i o n s of d o l l a r s . + 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 v a l u e -Net acquisitions C h a n g e in value - N e t i n v . in n o n c o r p . bus. 20 21 22 23 24 25 26 27 28 S e p t e m b e r 2 8 , 1992 Farm and N o n c o r p o r a t e B u s i n e s s F a r m and N o n c o r p o r a t e Business 46 Factors Accounting for C h a n g e In Net W o r t h Annual Flows Annual Flows 1960 1961 1962 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 1964 1963 R.102 Farm Business 1965 1966 1967 CI) 3.9 3.9 4.0 3.9 4.1 4.4 4.7 4.9 1 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 4.5 —. 6 -.3 0.3 5.0 -1.1 0.1 1.2 4.9 -1.0 5.3 -1.4 3.8 0.3 0.3 1.4 5.7 -1.0 0.2 1.2 7.5 -2.6 0.4 3.0 2 1.0 6.4 -2.0 0.3 2.3 6 • P r o p r i e t o r s ' net I n v e s t m e n t -.9 —. 6 -1.7 -1.7 -2.9 -1.6 -2.4 3.9 3.9 4.0 4.0 4.2 4.3 4.6 -1.0 -. 6 -1.7 -1.8 -2.9 -1.6 -2.3 1 7 - Capital consump.allow., NIPA 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 3 4 5 * 6 4.9 7 * 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 D e p r e c i a t i o n charges 11 - C a p . c o n s u m p . allow.* NIPA 3.9 3.9 3.9 3.9 4.0 4.0 4.0 4.0 4.2 4.2 4.3 4.3 4.6 4.6 9 4.9 10 4.9 11 12 + R e v a l . of p h y s i c a l a s s e t s 1$ C h a n g e in value 14 Depreciation charges 15 - G r o s s p u r c h a s e s , FOF basis 0.9 1.5 3.9 4.5 0.1 1.1 3.9 5.0 1.4 2.4 4.0 4.9 0.4 1.7 4.0 5.3 1.1 0.7 4.2 3.8 4.1 6.1 4.3 6.4 2.4 3.4 4.6 5.7 1.2 3.9 4.9 7.5 16 17 18 19 0.9 0.1 0.2 0.6 0.1 0.1 0.4 -.4 1.4 0.1 0.5 0.8 0.4 -.1 0.6 1.1 0.5 0.6 4.1 0.2 1.1 2.7 2.4 0.9 1.5 -.1 1.2 16 0.6 17 1.0 18 - . 4 19 1.0 5.4 4.9 7.5 7.8 10.7 7.6 8 . 9 20 - - - - - - - 1.0 4.8 4.6 6.1 6.0 13.2 7.6 10.2 2 2 161.3 166.1 170.7 176.8 182.8 196.0 203.6 213.8 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 & 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 r e v a l u a t i o n s 2 2 = C h a n g e in net w o r t h - 12 13 14 15 21 (1) C o r p o r a t e and n o n c o r p o r a t e f a r m s . Memo: 23 Net w o r t h o u t s t a n d i n g R . 103 N o n f a r m N o n c o r p o r a t e B u s i n e s s 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 8.0 8.2 8.4 8.6 9.1 9.6 10.3 11.1 1 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 7.9 0.2 -.1 -.2 8.1 0.1 0.5 0.5 9.5 -1.1 -.1 1.0 10.0 -1.3 1.3 11.4 -2.4 0.6 3.0 13.3 -3.7 0.4 4.1 14.5 -4.2 0.9 5.1 13.4 -2.3 0.9 3.2 2 3 4 5 6 + P r o p r i e t o r s ' net I n v e s t m e n t -3.0 -1.4 -1.4 -1.2 -2.5 -2.1 0.3 -4.1 6 8.0 8.2 8.4 8.6 9.1 9.6 10.3 11.1 7 -3.0 -1.4 -1.4 -1.2 -2.5 -2.1 0.3 -4.1 8 10.3 10.3 * 9 11.1 10 11.1 11 9.9 12.2 11.1 13.4 1 7 - Capital consump.allow., NIPA 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 9 - D e p r e c i a t i o n valuation adj. 10 Depreciation charges 11 - C a p . consump. allow., NIPA 8.1 8.0 8.2 8.2 8.4 8.4 8.7 8.6 9.1 9.1 -.1 9.6 9.6 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 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 , F O F basis 2.9 2.7 8.1 7.9 3.0 3.0 8.2 8.1 4.8 5.9 8.4 9.5 3.4 4.7 8.7 10.0 8.2 10.6 9.1 11.4 8.1 11.9 9.6 13.3 12.8 17.0 10.3 14.5 16 17 18 19 2.9 3.7 -.2 -.7 3.0 4.0 0.3 -1.3 4.8 4.8 0.6 —. 6 3.4 3.8 0.9 -1.3 8.2 7.9 1.0 -.8 8.1 6.6 1.7 -.3 12.8 10.6 3.1 -.9 9.9 16 7.8 17 2.3 18 - . 3 19 1.4 2.6 2.0 2.3 1.8 2.9 3.9 4.4 20 " - " " - " • 22 = C h a n g e In net worth 1.3 4.1 5.4 4.4 7.5 8.9 16.9 10.2 22 Memo: 23 Net w o r t h o u t s t a n d i n g 192.0 196.2 201.5 206.0 213.5 222.4 239.3 249.5 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 r e v a l u a t i o n s D a t a are In b i l l i o n s of d o l l a r s . * 12 13 14 15 21 S e p t e m b e r 2 8 , 1992 Farm and N o n c o r p o r a t e B u s i n e s s F a r m and N o n c o r p o r a t e B u s i n e s s Factors Accounting 47 for C h a n g e in Net N o r t h Annual Flows Annual Flows 1968 R.102 Farm Business (1) 5.5 5.8 6.1 6.5 7.4 8.5 9.3 7.8 -2.5 6.8 6.6 9.4 -3.0 0.7 3.7 8.8 12.2 10.0 -1.4 -3.7 0.8 -.7 0.5 2.3 4.5 1.2 -3.5 -5.0 -7.6 7.2 7.9 9.1 0.6 3.0 -1.0 0.5 1.6 -.5 0.6 1.1 1.3 -1.0 -1.2 5.2 5.7 6.1 -1.8 1.0 11.3 16.8 -5.6 1.0 6.6 11 12 13 14 15 16 17 18 19 5.2 5.2 3.9 6.5 5.2 7.8 3.9 1.7 2.4 -.2 20 1 2 3 4 5 6 10.7 - C a p i t a l c o n s u m p . a l l o w . , NIPA 7 = Net i n v e s t m e n t f l o w , Balance Sheet basis 8 5.7 5.7 6.1 6.5 6.5 7.2 7.2 7.9 7.9 9.1 9.1 - D e p r e c i a t i o n v a l u a t i o n adj. 10.7 Depreciation charges 10.7 - C a p . consump. allow., NIPA 9 10 11 8.2 7.1 3.3 3.8 16.2 6.8 6.6 7.5 10.5 6.5 9.4 17.8 7.2 27.5 31.8 7.9 14.7 15.6 9.1 10.0 7.9 + R e v a l . of p h y s i c a l a s s e t s 14.0 C h a n g e in v a l u e 10.7 Depreciation charges 16.8 - G r o s s p u r c h a s e s , FOF b a s i s 12 13 14 15 7.5 1.7 3.2 16.2 27.5 14.7 3.1 11.9 -.3 7.9 2.6 6.7 -1.5 16 17 18 19 6.1 5.7 6.1 7.1 1.5 2.9 2.7 3.3 2.3 21 22 Capital expenditures Net f i n a n c i a l i n v e s t m e n t Net 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 - 3 . 2 + P r o p r i e t o r s ' net i n v e s t m e n t -2.7 9 10 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 11.0 0.8 2.3 0.2 2.6 4.3 11.6 -.4 0.7 6.1 18.1 8.8 2.7 4.9 8.6 12.2 2.8 5.0 19.7 44.4 * 34.9 76.8 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 • C h a n g e in the v a l u e of land h o l d i n g s 20 • Other 21 revaluations 4 9 . 6 = C h a n g e in net w o r t h 22 (1) C o r p o r a t e and n o n c o r p o r a t e farms. Memo; 457.5 Net worth outstanding R.103 Nonfarm Noncorporate Business G r o s s i n v e s t m e n t of nonfarm noncorporate business sector, 25.6 from F l o w of F u n d s A c c o u n t s 1 4.9 12.9 23.8 1.8 1.9 0.1 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. assets - N e t incr. in l i a b i l i t i e s 2 3 4 5 5.3 -28.4 -19.3 • P r o p r i e t o r s ' net i n v e s t m e n t 19.3 22.2 12.0 13.2 14.3 15.7 17.4 19.3 22.2 17.1 -5.1 -.7 4.4 21.0 — 7.8 1.5 9.3 21.1 -6.8 30.8 -13.4 6.5 19.9 35.2 -15.9 30.3 -8.0 8.1 24.9 -9.2 7.2 16.4 22.1 -4.1 -6.7 -6.5 -5.8 -14.1 12.0 13.2 14.3 15.7 17.4 1.3 6.2 25.6 - Capital consump.allow., NIPA -19.3 9 10 11 12 12.0 12.0 19.5 24.6 13.2 13.2 14.3 14.3 15.7 15.7 17.4 17.4 19.3 19.3 22.2 18.1 14.4 21.3 14.3 37.6 51.0 17.4 30.8 40.3 56.2 19.3 35.2 50.3 58.4 37.6 28.3 7.9 1.4 40.3 27.3 11.3 1.7 50.3 17.1 21.0 21.1 25.8 35.0 15.7 24.9 19.5 14.8 4.9 -.2 18.1 14.4 25.8 0.5 7.3 1.9 20 7.7 9.8 21.0 21 1.9 -.6 -7.8 22 17.6 29.2 58.7 13 14 15 16 17 18 19 12.0 25.9 13.2 13.0 5.2 -.2 8.0 6.0 16.6 22.2 22.2 30.3 28.8 20.7 0.9 = Net i n v e s t m e n t f l o w , B a l a n c e Sheet b a s i s * - D e p r e c i a t i o n v a l u a t i o n adj. 25.6 Depreciation charges 25.6 - C a p . consump. allow., NIPA 8 9 10 11 4 0 . 8 • R e v a l . of p h y s i c a l a s s e t s 12 39.0 C h a n g e in value 13 25.6 Depreciation charges 14 23.8 - G r o s s p u r c h a s e s , F O F basis 15 40.8 27.5 15.0 -1.6 14.5 * R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories + C h a n g e in the v a l u e of land h o l d i n g s + Other revaluations 36.0 = C h a n g e in net w o r t h Memo: 5 1 6 . 6 Net w o r t h o u t s t a n d i n g Data are in b i l l i o n s of d o l l a r s . 6 7 16 17 18 19 20 21 22 September 2 8 , 1992 Perm and N o n c o r p o r a t e B u s i n e s s 48 F a r m and N o n c o r p o r a t e Business Factors Accounting for C h a n g e in Net W o r t h Annual Flows Annual Flows 1977 R . 102 F a r m 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 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 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 i n c r . in l i a b i l i t i e s 6 + P r o p r i e t o r s ' net i n v e s t m e n t 7 - Capital consump.allow., NIPA 8 12.2 13.5 15.8 17.9 20.0 21.8 23.4 14.3 22.5 -9.0 21.0 24.7 2.1 27.1 -5.3 1.9 7.2 19.6 3.8 1.9 -1.9 -1.9 25.8 1.4 -24.4 -9.6 -27.8 1.5 3.5 10.8 7.2 8.9 13.7 6.3 1.9 -4.3 -8.2 -5.0 -10.4 -17.0 -20.6 -9.5 11.8 13.2 14.9 17.0 19.5 21.6 11.8 11.8 13.2 13.2 14.9 14.9 17.0 17.0 19.5 19.5 21.6 21.6 7.7 17.0 13.2 22.5 48.3 54.4 14.9 23.4 31.1 17.0 24.7 35.6 29.8 19.5 13.7 12.0 21.6 7.7 4.4 48.3 5.3 11.6 31.4 23.4 5.5 15.6 35.6 5.2 17.3 13.1 6.5 3.7 15.1 -12.3 -2.0 1.8 -5.2 2.1 -6.8 23.3 = N e t i n v e s t m e n t flow, B a l a n c e S h e e t basis 9 - Depreciation valuation adj. 10 Depreciation charges 11 - C a p . consump. allow., NIPA 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 value 14 Depreciation charges 15 - G r o s s purchases, FOF basis 16 17 18 19 (1) 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 6.6 9.1 11.8 14.3 6.6 3.0 6.9 -3.3 + C h a n g e in the value of 20 land h o l d i n g s 21 + O t h e r 8.8 -5.4 21.0 2.2 6.5 27.1 22.9 22.9 8.0 23.9 12 - 1 . 3 13 23.3 14 - 1 . 9 15 8.0 23.9 1.5 7.4 15.0 4.7 22.9 19.6 1.8 9.7 -3.6 16 17 18 19 8.4 20 97.0 45.6 9 23.3 10 23.3 11 - revaluations 21 5.1 22 2 2 = C h a n g e in net w o r t h (1) C o r p o r a t e and n o n c o r p o r a t e farms. Memo: 2 3 Net w o r t h o u t s t a n d i n g R.103 Nonfarm Noncorporate Business 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, from F l o w of F u n d s A c c o u n t s 27.8 30.9 35.4 41.8 48.7 56.7 63.1 65.2 47.5 60.3 73.0 -16.3 4.4 69.5 -6.4 5.6 70.4 -5.1 32.8 37.9 -12.1 -18.6 20.7 32.8 21.7 40.2 63.4 -14.7 8.9 23.6 -16.3 -21.7 -36.6 -42.1 -37.5 -74.6 27.8 30.9 35.4 41.8 48.7 56.7 63.1 9 - D e p r e c i a t i o n valuation adj. 10 Depreciation charges 11 - C a p . consump. allow., NIPA 27.8 27.8 30.9 30.9 35.4 35.4 41.8 41.8 48.7 48.7 56.7 56.7 63.2 63.1 65.2 10 65.2 11 12 + R e v a l . of physical a s s e t s 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 b a s i s 45.0 44.5 27.8 27.3 68.4 73.3 30.9 35.8 87.5 99.5 35.4 47.5 121.5 140.0 41.8 60.3 124.9 139.6 48.7 63.4 109.2 125.4 56.7 73.0 45.7 52.0 63.2 69.5 36.1 41.3 65.2 70.4 16 17 18 19 45.0 33.7 68.4 51.0 17.1 87.5 62.9 23.1 1.5 121.5 90.8 28.4 2.3 124.9 90.2 34.7 -.1 109.2 76.9 33.5 -1.3 45.7 30.6 14.6 0.4 36.1 16 31.7 17 4.7 18 - . 2 19 67.7 20 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 27.3 0.6 8.8 8.2 35.8 -4.9 16.4 21.3 6 + P r o p r i e t o r s ' net i n v e s t m e n t -18.0 7 - Capital consump.allow., NIPA 20.6 12.0 = Net i n v e s t m e n t flow, 8 B a l a n c e S h e e t basis 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 20 land h o l d i n g s 12.0 -.6 0.2 12 13 14 15 23.8 52.9 72.1 51.3 63.4 0.3 -.1 -1.1 40.3 0.5 0.5 21 2 2 = C h a n g e in net worth 76.2 137.7 153.8 163.3 34.9 4 2 . 2 22 Memo: 23 Net worth o u t s t a n d i n g 641.1 21 + O t h e r r e v a l u a t i o n s Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 2 8 , 1992 F a r m and N o n c o r p o r a t e B u s i n e s s F a r m and N o n c o r p o r a t e B u s i n e s s 49 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 1984 R.102 Farm Business CI) 23.9 23.3 23.1 23.1 23.9 23.9 23.0 19.5 4.5 0.3 -4.2 17.7 6.7 16.4 1.9 16.8 3.6 -2.5 9.3 14.0 4.3 -9.7 -14.5 3.3 -17.9 18.7 5.2 3.4 -4.9 -1.8 11.7 11.3 2.2 -9.2 -2.2 13.9 11.2 -3.4 -15.4 -3.4 -3.0 - 9 . 5 • P r o p r i e t o r s ' net i n v e s t m e n t 6 23.4 23.0 22.7 22.2 21.8 22.0 21.7 21.4 - Capital consump.allow., NIPA 7 6.1 1.8 21.2 7.1 2.1 -1.5 9 10 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 24.0 11 23.4 23.4 23.0 23.0 22.7 22.7 22.2 22.2 12 13 11 15 -1.3 -5.1 23.4 19.5 -4.0 -9.3 23.0 17.7 4.3 -9.1 22.7 9.3 -. 6 22.2 16 17 18 19 -1.3 4.3 2.4 -8.0 -4.0 1.7 4.3 20 14.8 6.7 1.9 9.5 4.3 22.1 16.8 21.7 2.8 -.3 21.8 18.7 42.6 6.5 -4.9 0.6 0.5 1.3 -30.0 55.4 9.8 21 0.1 22 -99.7 -4.7 6.8 20.4 -.3 4.9 15.8 9.5 2.5 7.6 -.6 1 2 3 4 5 8 9 10 11 2 . 7 + R e v a l . of p h y s i c a l assets 12 -7.1 C h a n g e in v a l u e 13 21.5 Depreciation charges 14 11.7 - G r o s s p u r c h a s e s , F O F b a s i s 15 2.7 3.5 3.3 -4.2 -46.7 -10.1 0.6 22.0 = Net i n v e s t m e n t f l o w , Balance Sheet basis 0.1 - D e p r e c i a t i o n v a l u a t i o n adj. 21.5 Depreciation charges 21.4 - C a p . consump. allow., NIPA 5.4 -4.8 -96.9 1.6 20.4 21.8 22.1 0.1 21.8 2.8 2.2 6.6 14.8 3.0 5.0 5.1 21.8 21.8 -7.9 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 f i n a n . 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 16 Residential structures 17 Nonres. plant 8 equipment 18 Inventories 19 • C h a n g e in the v a l u e of land h o l d i n g s 20 + Other revaluations 21 - 1 0 . 2 = C h a n g e in net w o r t h 22 (1) C o r p o r a t e and n o n c o r p o r a t e f a r m s . Memo: 758.3 Net worth outstanding 758.7 R.103 Nonfarm Noncorporate Business 68.4 72.7 -19.8 48.0 67.7 88.2 96.8 -24.2 39.8 63.9 -82.5 -83.0 72.7 -83.0 68.4 9 10 11 * 77.1 81.5 87.2 94.6 98.8 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, 101.7 from F l o w of F u n d s A c c o u n t s 105.7 76.6 25.1 9.8 -15.3 98.3 101.8 14.1 30.9 — 14.6 40.6 55.2 -11.1 27.4 38.5 97.0 1.8 10.4 8.6 - 5 1 .0 - 5 1 .1 - 2 2 .5 - 3 3 .0 - 3 1 .1 - 1 .9 + P r o p r i e t o r s ' net i n v e s t m e n t 6 77 .1 8 1 .5 8 7 .2 94 .6 98 .8 101 .7 - Capital consump.allow., NIPA 7 - 5 1 ,.0 - 5 1 .1 - 2 2 .5 - 3 3 .0 - 3 1 .1 - 1 .9 - 1 .4 93 .2 94 .6 - 2 .3 96 .5 98,.8 - 1 ,.0 100,.8 101..7 - 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 + R e v a l . of p h y s i c a l assets C h a n g e in v a l u e Depreciation charges - G r o s s p u r c h a s e s , FOF b a s i s 12 13 14 15 R e v a l u a t i o n by type of asset Residential structures Nonres. plant & equipment Inventories 16 17 18 19 + C h a n g e in the v a l u e of land h o l d i n g s 20 + Other 21 97.8 -20.8 39.1 59.8 -16.8 * * 68.4 68.4 72.7 72.7 77 .1 77 .1 8 1 .5 8 1 .5 50.3 70.0 68.4 64.2 88.4 72.7 96.8 64 .9 85..7 77 .1 97 .8 82 99 81 98 .7 .5 .5 .3 47 62 87 101 .6 .2 .2 .8 81..2 93..6 93,.2 105,.7 65..9 66..4 96, 5 97.,0 52..3 28..2 100..8 76.,6 16 17 18 19 50.3 41.1 9.3 -.1 64.2 51.5 11.4 1.3 64 .9 52,.6 14 ,1 - 1 ..7 8 2 .7 66 .0 14 .7 2 .0 47 18 26 2 .6 .8 .9 .0 81..2 57..9 21..3 2..0 65..9 46..6 18..8 0..4 52..3 41..8 10,.1 0.,3 20 91.3 108.5 72..8 4 3 .6 71..5 76.,6 - 1 1 8 .,4 - 1 2 6 .,7 21 0.4 -.2 1..0 9 .4 - 6 ..5 9 ,2 0..1 22 59.5 12 13 14 15 88.2 1336.1 Data are in b i l l i o n s of d o l l a r s . 8 7 .2 8 7 .2 -75.4 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 . assets - N e t incr. in l i a b i l i t i e s = Net i n v e s t m e n t f l o w , Balance Sheet basis revaluations = C h a n g e in net w o r t h Memo: 1656.4 Net w o r t h o u t s t a n d i n g 8 September 28, 1992 Nonfinancial Corporate Business Nonfinancial Corporate Business 50 Annual Factors Accounting for C h a n g e in N e t Worth Flows Annual Flows 1961 R.104 Nonfinancial Corporate 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 business sector, f r o m 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 financial investment Net acq. 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 • Corporate equity 7 - Min. rights from 8 - Capital consump.allow., NIPA 9 - Inventory valuation adj. 10 = Net Investment Balance Sheet 11 12 13 Farms 27.6 32.1 36.6 37.6 41.5 48.1 37.6 42.2 -5.6 12.3 17.9 44.4 -6.8 15.5 22.3 49.8 -8.3 14.7 23.0 60.8 3.8 13.8 36.5 -4.4 14.1 18.5 1.4 2.1 0.4 -.3 1.1 25.1 -.2 25.8 0.3 26.8 27.9 0.1 29.3 -.5 -1.2 -2.1 -1.6 27.9 27.9 29.3 29.3 31.3 31.3 34.1 34.1 » 37.3 37.3 11 12 13 14 15 16 17 -10.0 issues U.S. govt. Business, Excluding flow, basis -12.8 21.6 34.4 31.3 54.7 74.5 -19.8 16.5 36.3 71.2 -14.9 16.2 31.1 1.3 2.4 34.1 37.3 10.2 Depreciation valuation adj. Depreciation charges -Cap. consump. allow., NIPA 25.1 25.1 25.8 25.8 14 + R e v a l . of p h y s i c a l a s s e t s 15 C h a n g e in v a l u e 16 Depreciation charges 17 - G r o s s purchases CI) -1.3 11.3 25.1 37.7 — .4 1.0 25.8 36.2 16.5 26.7 42.2 18.5 27.9 44.3 5.0 25.9 29.3 50.3 7.4 38.1 31.3 62.1 15.0 57.5 34.1 76.6 12.5 47.9 37.3 72.7 18 19 20 21 -1.3 0.1 -1.8 0.4 1.0 2.1 5.0 7.4 3.6 1.2 6.9 0.3 15.0 0.4 12.3 2.3 1 2 . 5 18 0 . 3 19 12.4 2 0 0.3 0.7 1.4 1.8 23 5.9 24 4.1 25 R e v a l u a t i o n b y t y p e of a s s e t Residential structures Nonres. plant & equipment Inventories CI) • 22 C h a n g e In t h e v a l u e land h o l d i n g s 23 24 25 • 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 26 27 28 29 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 • Other In n e t Memo: 31 N e t w o r t h Tangibles • 33 34 35 36 • 37 0.1 -1.1 0.7 26.8 0.1 0.6 2.1 0.2 0.1 -.2 21 of Invest. C2) In U . S . C2) 0.2 2.7 2.5 .3 2.4 2.7 3.3 3.3 3.6 3.6 5.9 10.5 4.6 -1.8 2.8 0.2 0.2 0.3 0.3 0.3 0.3 0.2 0.2 0.3 0.3 0.4 0.5 0.4 0.4 -.9 1.9 worth 2.8 4.6 0.1 26 0.2 -.2 revaluations 30 = Change 32 = Net 10.1 26.7 11.4 13.9 8.2 10.2 0.8 27 0.7 28 0.1 29 23.6 44.0 30 0.5 48.7 28.4 76.6 0.9 42.8 30.9 72.7 33 34 35 36 -5.7 28.4 34.1 - 6 . 4 38 3 0 . 9 39 37.3 40 outstanding and net worth investment on historical flow 4.1 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 C3) C h a n g e in v a l u e Depreciation charges - G r o s s purchases CI) C h a n g e in t h e v a l u e land holdings cost basis: 0.2 1.0 18.9 19.0 37.7 20.2 -6.1 —5.6 17.0 36.2 0.5 21.3 21.4 42.2 1.4 22.9 -5.3 21.4 —5.1 22.8 44.3 1.1 27.1 24.3 50.3 0.7 36.6 26.2 62.1 of 38 - D e p r e c i a t i o n v a l u a t i o n adj. 39 Depreciation charges 40 -Cap. consump. allow., NIPA 19.0 20.2 25.8 26.8 22.8 27.9 -5.0 24.3 29.3 -5.1 26.2 31.3 • Reval. of fgn. dir. invest. 1.8 41 42 - Reval. of dir. inv. in 0.1 4 2 41 43 + Other 44 = Change U.S. 0.6 revaluations in n e t w o r t h 10.0 16.6 0.2 16.9 CI) Before inventory valuation adjustment. C2) Excludes capital gains. C 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 i t e m s in B E A c a p i t a l a c c o u n t s f r o m t h e 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 l 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 . Memo: 45 Net worth Data are in outstanding billions of d o l l a r s . 312.1 345.6 0.5 17.4 -.2 20.8 4.0 0.3 - 1 . 0 43 35.7 30.7 32.9 44 S e p t e m b e r 2 8 , 1992 Nonfinancial Corporate Business Nonfinancial Corporate Business 51 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 1971 1974 R.104 Nonfinancial Corporate Business. Excluding Farms 59.0 61.2 57.7 69.7 78 .9 69 .1 76.8 -17.8 30.5 48.3 85.5 -24.3 31.3 55.6 82.0 -24.3 18.3 42.5 88.2 -18.4 36.1 54.5 100,.4 - 2 1 .5 4 9 .4 70,.9 125 .2 - 5 6 .1 69 .8 126,.0 -.2 1.3 3.4 5.7 0.3 11.4 0.7 10,.9 0..9 41.1 -3.7 45.0 -5.9 49.4 -6.6 54.2 -4.6 20.3 97 .2 143 -46 51 97 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 127 .1 .7 .5 .3 .9 117 .4 9 .7 39 .7 30 .0 7,.9 3,.2 4 .1 6 .5 9 .9 1 .3 60,.5 - 6 ..6 65,,6 - 2 0 ,.1 76 .8 - 3 9 ,.5 92 .2 - 1 1 ,.0 35..0 28..3 57,.4 54,.4 11 12 13 41.1 41.1 45.0 45.0 49.4 49.4 54.2 54.2 60,.5 60, 5 65.,6 65.,6 76..8 76. 8 92,.2 92,.2 14 15 16 17 25.0 63.1 41.1 79.2 26.1 28.7 67.5 49.4 34.3 72.1 54.2 92.1 46. 4 92..0 60. 5 106..1 67.,3 143..8 65..6 142..1 143..5 243.,3 76..8 176..6 104,.0 138..8 92..2 127,.0 18 19 25.0 26.1 22.8 28.7 0.4 29.9 34.3 22.4 1.9 46..4 1..5 43..6 1..3 67 .3 1,.3 5 8 .1 7 .8 143..5 1,.3 125,.8 16,.4 104 0 100 3 19..3 29,.8 35 .9 2 9 .4 19..5 24..5 5..0 8,.9 18..1 9..2 12,.0 19 .8 7 .8 0.1 .3 0. 6 0,.9 2,.7 5..2 2..5 .1 4 .5 4,.6 20 21 23 24 25 26 27 28 0.8 2.8 5.6 2.8 0.8 0.8 72.4 45.0 91.3 0.6 2.6 3.4 88.2 -1.6 3.7 1.0 33.0 0.3 4.5 6.3 5.6 11.5 5.9 1.1 1.4 1.4 0.4 0.3 8.0 1.2 10.0 29 0.8 -.1 -.1 30 58.6 70.9 67.2 0.8 87.8 + - 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 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 C o r p o r a t e e q u i t y issues M i n . r i g h t s from U.S. govt. 6 7 C a p i t a l c o n s u m p . a l l o w . , NIPA I n v e n t o r y v a l u a t i o n adj. 8 9 = Net i n v e s t m e n t f l o w , Balance Sheet basis 10 - D e p r e c i a t i o n v a l u a t i o n adj. 11 Depreciation charges 12 - C a p . c o n s u m p . a l l o w . , NIPA 13 • R e v a l . of p h y s i c a l 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 (1) .0 .4 .2 .3 14 15 16 17 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 & e q u i p m e n t 20 Inventories CI) 21 + C h a n g e in the value of land h o l d i n g s 22 10..6 2 3 .2 12 .6 + 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 .1 2 .1 2 .2 - 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 0..1 10..1 30..7 120. 6 141. 6 279. 7 196. 8 = C h a n g e in net w o r t h 30 1012. 3 1153. 9 1433. 6 Memo: 1630. 4 Net w o r t h o u t s t a n d i n g 31 - 1 ..7 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 b a s i s : 57.4 33 34 35 36 45.8 33.4 79.2 0.1 55.0 36.3 91.3 -.9 47.9 39.4 88.2 -2.7 46.9 42.5 92.1 -.4 59.4 46.3 106.1 0.8 92.7 50.2 142.1 8.1 129.6 55.1 176.6 5 4 . 4 = Net I n v e s t m e n t 1.5 38 39 40 -7.8 33.4 41.1 -8.7 36.3 45.0 -9.9 39.4 49.4 -11.8 flow + V a l u a t i o n a d j u s t m e n t on 4.1 p h y s i c a l a s s e t s (3) 70.8 C h a n g e in v a l u e 60.4 Depreciation charges 127.0 - G r o s s p u r c h a s e s (1) • C h a n g e in the value of land h o l d i n g s 42.5 54.2 -14.2 46.3 60.5 -15.4 50.2 65.6 -21.7 55.1 76.8 41 5.6 19.5 8.9 12.0 10.6 • R e v a l . of fgn. dir. i n v e s t . 42 0.1 -.3 2.7 -.1 - . 1 - R e v a l . of dir. inv. in U.S. 43 2.4 5.0 -2.5 -1.0 9.5 13.7 24.6 44 34.0 45.6 33.6 46.0 80.4 68.9 126.8 Data are in b i l l i o n s of d o l l a r s . 791.5 918.3 37 - 3 1 . 9 - D e p r e c i a t i o n v a l u a t i o n adj. 38 60.4 Depreciation charges 39 92.2 - C a p . c o n s u m p . a l l o w . , NIPA 4 0 - 1 2 . 5 • Other 90.1 revaluations = C h a n g e in net w o r t h (1) B e f o r e i n v e n t o r y 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 c a p i t a l g a i n s . (3) Effect 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 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 f l o w s ; 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 . 722.7 33 34 35 36 Memo: 1008.4 N e t w o r t h o u t s t a n d i n g 41 42 43 44 S e p t e m b e r 2 8 , 1992 Nonfinancial Corporate Business Nonfinancial Corporate Business 52 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 R.104 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 business sector. from F l o w of F u n d s A c c o u n t s 142.4 150.8 196.0 239.2 222.2 265.8 263.8 289.5 1 2 3 4 5 Capital expenditures Net financial investment N e t acq. of finan. 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 158.8 -16.4 51.7 68.1 185.2 -34.4 60.3 94.7 223.1 -27.0 105.7 132.7 245.6 -6.5 127.6 134.0 255.8 -33.5 97.1 130.6 313.0 -47.2 95.9 143.1 285.3 -21.5 47.6 69.1 300.1 -10.6 120.4 131.0 2 3 4 5 6 + Corporate equity issues 7 - M i n . r i g h t s from U.S. g o v t . 10.5 4.0 2.7 2.5 -.1 2.0 -7.8 4.7 10.4 5.0 -13.5 4.8 1.9 7.8 20.0 7.8 6 7 102.5 -14.9 114.8 -16.7 131.1 -25.1 151.6 -41.6 173.2 -43.0 205.3 -25.7 227.5 -10.0 240.1 -8.5 8 9 8 - Capital consump.allow., NIPA 9 - I n v e n t o r y v a l u a t i o n adj. 10 = N e t i n v e s t m e n t flow. Balance Sheet basis 61.3 52.9 87.9 116.6 97.4 67.9 40.4 70.0 10 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 . consump. allow., NIPA * 102.5 102.5 * 114.8 114.8 -.3 130.8 131.1 -.4 151.1 151.6 -.4 172.8 173.2 -2.8 202.5 205.3 -.7 226.8 227.5 - 7 . 0 11 233.1 12 240.1 13 14 + R e v a l . of p h y s i c a l a s s e t s 15 C h a n g e in v a l u e 16 Depreciation charges 17 - G r o s s p u r c h a s e s CI) 75.6 142.8 102.5 169.8 99.3 183.9 114.8 199.4 141.1 256.5 130.8 246.1 189.3 320.6 151.1 282.5 231.8 352.9 172.8 293.8 201.3 332.6 202.5 333.8 75.9 136.6 226.8 287.5 12.7 80.3 233.1 300.8 14 15 16 17 75.6 1.0 67.9 6.7 99.3 2.2 90.9 6.2 141.1 4.1 123.3 13.7 189.3 3.0 147.8 38.4 231.8 3.0 193.8 35.0 201.3 2.1 184.9 14.3 75.9 1.2 84.5 -9.8 12.7 1.0 18.9 -7.2 18 19 20 21 23 + R e v a l . of fgn. dir. i n v e s t . 24 C h a n g e in value 25 - D i r e c t i n v e s t m e n t (2) 10.0 30.8 40.0 9.2 22.4 36.5 14.1 27.6 52.2 24.6 30.9 53.1 7.1 19.9 9.8 18.6 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 investment (2) 16.9 20.4 3.5 4.0 7.2 3.2 12.0 5.0 6.9 15.9 9.1 17.6 30.8 13.2 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 8 e q u i p m e n t I n v e n t o r i e s (1) + C h a n g e in the value of land h o l d i n g s 7.0 -1.8 29 + Other revaluations 30 = C h a n g e in net worth 213.8 22.2 -19.8 -9.0 11.5 10.8 - 1 9 . 9 23 - 1 1 . 8 24 8 . 2 25 20.6 9.4 30.0 3.6 13.0 9.5 - 4 . 4 26 5.0 27 9.5 28 0.8 3.1 6.1 -29.5 - 2 2 . 7 29 385.7 408.0 339.0 113.4 90.5 30 14.7 203.0 94.2 282.5 200.1 106.6 12.9 5.7 219.0 -16.9 134.9 135.7 287.5 -12.7 137.9 150.2 300.8 31 Net w o r t h o u t s t a n d i n g 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 : 32 = Net i n v e s t m e n t 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 p h y s i c a l a s s e t s (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) 61.3 52.9 3.1 106.7 6.7 132.6 73.5 199.4 66.1 169.8 11.1 174.4 82.8 246.1 120.6 293.8 333.8 33 34 35 36 + C h a n g e in the value of 37 land h o l d i n g s -41.4 73.5 114.8 -48.2 82.8 -84.7 131.1 -57.4 94.2 151.6 -66.6 102.5 173.2 205.3 -91.8 135.7 227.5 - 9 0 . 0 38 150.2 39 240.1 40 41 + R e v a l . of fgn. dir. i n v e s t . 10.0 30.8 22.4 27.6 30.9 7.1 -19.8 - 1 9 . 9 41 4 2 - R e v a l . of dir. inv. in U . S . 16.9 4.0 5.0 6.9 17.6 9.4 3.6 - 4 . 4 42 -5.8 1.0 13.6 -9.5 -1.1 -15.9 - 8 . 3 43 124.1 169.6 227.2 185.3 162.5 80.6 127.2 44 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 . consump. allow.. NIPA -36.4 66.1 43 + O t h e r r e v a l u a t i o n s 44 = C h a n g e in net worth 91.7 (1) B e f o r e i n v e n t o r y 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 c a p i t a l 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 the N I P A 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 f l o w s ; 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 . Memo: 45 Net w o r t h o u t s t a n d i n g Data are in b i l l i o n s of d o l l a r s . 106.6 120.6 S e p t e m b e r 2 8 , 1992 Nonfinanclal Corporate Business Nonfinanclal Corporate Business 53 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 N e t N o r t h Annual Flows Annual Flows 1984 1985 1986 1987 1988 1989 1990 1991 R. 104 N o n f i n a n c l 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 F a r m s 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 l 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 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 acq. 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 4 5 Corporate equity issues M i n . r i g h t s from U.S. govt. 6 7 Capital consump.allow., NIPA I n v e n t o r y v a l u a t i o n adj. 8 9 400.4 106..2 132..3 87..3 103..9 363.9 36.6 64 .0 27,.5 - 1 2 9 .5 3 .3 - 1 2 4 ..2 2..4 - 6 3 ..0 3,.5 18 .3 2 .8 2 7 9 .2 - 1 4 .5 295 .1 - 2 7 .3 315 .1 - 1 7 ..5 327..0 - 1 4 ..2 338 .5 3 .1 - 3 4 .5 - 3 0 .8 - 4 4 ,.2 - •.8 74 .3 -2,.8 324,.2 327 .0 - 1 .4 337 .0 338 .5 - 2 9 5 .1 2 9 5 .1 - 1 ,.9 313,.2 315,.1 D e p r e c i a t i o n v a l u a t i o n adj. 11 Depreciation charges 12 - C a p . c o n s u m p . a l l o w . , N I P A 13 68 .4 165 .9 279..1 376,.6 121 .2 2 4 4 .6 2 9 5 .1 418,.4 106,.4 214,.4 313..2 421..1 102 .2 183 .8 324,.2 405,.8 22 43 337 358 .0 .0 .0 .0 + 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 Depreciation charges - G r o s s p u r c h a s e s (1) 4 8 .5 1 .3 5 6 .3 - 9 .0 68,.4 1,.6 53,.7 13,.2 121,.2 .5 109..8 11..9 106..4 1..7 99..6 5..1 102..2 0..5 93. 4 8..3 22..0 0..5 28..2 -6..7 38,.9 33 .6 38 .3 60..6 64..0 - 1 8 4 ..9 - 3 2 7 ,.0 - 2 0 .1 -8..2 12 .0 11 .3 20,.1 8,.7 13 .6 2 5 .7 12 .1 37..6 5 9 .5 21,.9 2..1 7,.8 5..8 7..0 28..0 21..0 34..2 61,.9 27,.7 1,.4 28,.0 26,.7 26 27 28 1,.6 20,.9 19 .3 - 2 ,.1 16,.7 18 .8 -1,.7 2 6 .8 2 8 .5 0,.5 52,.6 52,.2 1..5 52,.3 50..9 - 1 2 ..2 39..7 51..9 - 8 ,.6 32..1 40..7 10,.2 13..8 3,.6 29 - 3 .8 - 4 ,.3 5 .8 - 3 4 ..9 10..3 - 2 ..1 7 .6 30 78 .6 77,.4 5 5 .2 74..5 161,.9 145..3 - 3 0 ,.3 150 .4 179 .2 365.1 -56.4 108,.4 164 .8 394.4 -24.6 159 .8 184 .4 - 8 4 .5 4,,4 - 8 5 .0 7 .2 - 7 5 .5 2 .9 2 4 6 .1 - 4 .1 256..0 0..3 2 6 9 .2 9 .8 10 16 .6 -1..1 - 4 8 .0 11 12 13 -3,.2 2 4 2 .9 2 4 6 .1 256.,0 256..0 2 6 9 .2 2 6 9 .2 2 7 9 .1 2 7 9 .2 14 15 16 17 41,.7 193 .5 242..9 394,.7 30..5 144,.7 256,.0 370,.3 48 114 269 335 .5 .3 .2 .0 18 19 20 21 41..7 1..0 36..6 4 .1 30,.5 1..1 39,.5 - 1 0 ..2 22 42,.5 23 24 25 4 5 398.5 -53.0 103,.8 156,.8 374.9 -30.9 83..0 113..9 6 7 - 7 9 .0 7 .9 8 9 351.9 -28.8 * * * 406.0 -26.1 395.1 -16.6 2,.9 + - = Net i n v e s t m e n t f l o w , Balance Sheet basis 10 14 15 16 17 R e v a l u a t i o n by type of asset 18 Residential structures 19 Nonres. plant 8 equipment 20 Inventories CI) 21 + C h a n g e in the v a l u e of land h o l d i n g s 22 + R e v a l . of fgn. dir. i n v e s t . C h a n g e in v a l u e - D i r e c t i n v e s t m e n t (2) 23 24 25 R e v a l . of dir. i n v . in U.S. C h a n g e in v a l u e - D i r e c t i n v e s t m e n t (2) 26 27 28 Other revaluations 29 - 2 3 5 ,.1 = C h a n g e in net w o r t h 30 Memo: 3 9 6 3 . 4 Net w o r t h o u t s t a n d i n g 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 b a s i s : -.8 33 34 35 36 -7.2 222.2 165.3 394.7 -10.4 179.5 126.2 370.3 198.4 335.0 182.6 -6.8 158.1 211.7 376.6 -15.2 178.8 224.5 418.4 -5.5 176.7 238.9 421.1 -9.4 147.6 248.8 405.8 -80.8 41 -20.1 42 1.6 43 -12.8 44 59.5 165.3 246.1 • 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 a s s e t s (3) 99.8 198.1 C h a n g e in v a l u e 259.7 Depreciation charges 358.0 - G r o s s p u r c h a s e s (1) 4.8 7.8 38 39 40 74.3 = Net i n v e s t m e n t flow -70.6 224.5 295.1 11.3 13.6 37.6 2.1 7.0 34.2 1.4 • R e v a l . of f g n . d i r . I n v e s t . 41 -2.1 -1.7 0.5 1.5 -12.2 -8.6 10.2 - R e v a l . of d i r . inv. in U.S. 42 -6.8 15.0 -31.8 26.6 -21.8 79.8 47.3 39.3 61.0 28.0 182.6 140.4 - 7 8 . 5 + Other revaluations 43 170.4 = C h a n g e in net w o r t h 44 (1) B e f o r e i n v e n t o r y 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 c a p i t a l g a i n s . (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 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 f l o w s ; also reflect? 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 . 2631.9 D a t a are in b i l l i o n s of d o l l a r s . 37 - 7 8 . 7 - D e p r e c i a t i o n v a l u a t i o n adj. 38 259.7 Depreciation charges 39 338.5 - C a p . consump. allow., NIPA 40 -67.4 211.7 279.2 256.0 -78.2 248.8 327.0 33 34 35 36 -70.8 198.4 269.2 -73.4 -76.2 238.9 315.1 • C h a n g e in the value of land h o l d i n g s 32 Memo: 2 8 0 2 . 3 Net w o r t h o u t s t a n d i n g S e p t e m b e r 2 8 . 1992 Private Financial Institutions P r i v a t e F i n a n c i a l Institutions 54 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 N e t W o r t h Annual Flows Annual Flows I960 1961 1962 1963 R.131 Private Financial 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 F l o w of F u n d s A c c o u n t s 2 3 4 5 6 Capital expenditures Net financial investment N e t acq. 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 • Corporate equity issues 1964 1965 1966 1967 Institutions 4.1 4.5 4.6 2.2 3.2 2.7 0.5 1.0 3.1 38.5 35.4 1.0 3.5 49.2 45.7 1.2 3.3 57.1 53.8 1.1 1.1 57.6 56.5 1.7 1.5 66.3 64.7 1.9 0.8 71.5 70.7 1.9 -1.4 57.4 58.8 2.0 i n 83.4 82.4 2 3 4 5 0.2 0.4 0.2 0.3 0.2 » o.l 0.1 6 0.6 0.6 0.7 0.7 0.8 0.9 1.0 1.2 7 3.7 4.3 4.1 1.8 2.6 1.8 -.5 1.9 8 0.1 10.6 10.5 4.2 15.3 11.1 -3.3 8.6 11.9 3.9 16.5 12.6 4.1 19.1 15.0 4.1 19.6 15.5 -5.0 13.0 18.0 8.4 9 25.8 10 17.4 11 12 - R e v a l . of m u t u a l fund s h a r e s w C h a n g e in value 14 - S h a r e s Issued -.2 1.2 1.4 3.6 5.8 2.2 -3.3 -1.6 1.7 2.5 3.9 1.5 1.8 3.9 2.1 2.8 6.1 3.3 -4.1 -.4 3.8 6 8 12 9.5 13 2 . 7 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 C h a n g e in v a l u e " 17 Depreciation charges 18 - G r o s s purchases. FOF basis 0.1 0.4 0.6 1.0 0.1 0.5 0.6 1.0 0.2 0.8 0.7 1.2 0.3 0.7 0.7 1.1 0.3 1.2 0.8 1.7 0.5 1.5 0.9 1.9 0.7 1.5 1.0 1.9 7 - Capital consump. allowances 8 * Net I n v e s t m e n t f l o w . Balance Sheet basis - R e v e l . of life l n s u r . and p e n s i o n fund r e s e r v e s 9 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 v a l u e of land h o l d i n g s 0 7 K6 1.2 2.0 15 16 17 18 0.1 0.2 0.1 0.1 0.5 0.1 0.4 0.2 19 2 0 • R e v a l . of c o r p . e q u i t i e s held 21 C h a n g e in v a l u e 22 -Net purchases 0.2 3.6 3.4 11.1 15.1 4.1 -7.7 -3.3 4.4 8.9 12.7 3.9 8.5 13.0 4.6 9.3 15.3 6.0 -10.3 -4.3 6.0 19.2 2 0 28.0 21 8 . 8 22 23 • Other revaluations -.1 -.2 -.2 -.7 -.2 0.1 0.2 0.2 23 2 4 = C h a n g e in net w o r t h 4.1 7.7 5.3 4.0 5.9 4.9 -.4 7.1 24 Memo: 2 5 Net w o r t h o u t s t a n d i n g 60.3 67.9 71.2 75.2 81.1 86.0 85.6 92.6 25 Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 2 8 , 1992 Private Financial Institutions Private Financial Institutions 55 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 1973 R.131 Private Financial 1 4. 8 Institutions -1. 3 -2.2 6. 9 2. 3 6. 2 0. 6 -3.6 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 3. 7 3. 2 148. 3 145. 1 4. 1 -1,8 211. 9 213. 7 5. 5 0, 7 197. 7 197. 0 6. 7 -6. 0 160. 7 166. 8 7.2 -10.7 184.1 194.9 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 f i n a n . a s s e t s - N e t incr. in l i a b i l i t i e s 2 3 4 5 2 3 4 5 2. 8 2. 0 96. 6 94. 6 3. 1 -4.4 72. 6 76. 9 3. 0 -5.2 102. 1 107. 3 6 0. 6 1. 3 2. 0 2..2 3. 5 3. 0 1. 6 0.6 + C o r p o r a t e e q u i t y i s s u e s 6 7 1,,4 1. 5 1. 7 1. 9 2. 3 2. 6 3.,4 4.2 - Capital consump. allowances 7 = Net investment flow, -7.3 Balance Sheet basis 8 8 4..0 -1.5 -1. 9 7..2 3. 6 6. 6 -1. 1 9 10 11 6 .6 25..2 18,.6 -6. 1 14..2 20..3 2. 2 23. 9 21. 7 15..5 40..5 25..1 11..8 57..1 45..3 -25. 9 11. 7 37. 6 -29. 2 11. 6 40. 9 12 13 14 2 .0 6 .9 4,.9 - 9 .5 - 3 ..6 5 .8 - 3 ..5 8 2..7 7 .8 8 .6 0 .8 3 .8 3 .5 .3 - 1 2 .,2 - 1 2 .,3 ,1 -11. 9 -11. 5 0. 5 15 16 17 18 1 .4 2 .8 1 .4 2 .8 1..1 2 .6 1 .5 3 .1 1..2 2 .5 1 .7 3 .0 2 .2 3 .9 1 .9 3 .7 2 4 2 4 .8 .7 .3 .1 3,.7 6 .6 2 .6 5 .5 6 .2 9..5 3 .4 6 .7 6.6 + 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 9.5 C h a n g e in v a l u e 4.2 Depreciation charges 7.2 - G r o s s purchases, FOF basis 19 0 .6 1 .7 0 .9 0 .9 1 .4 2 .1 3 .2 3.3 20 21 22 12 .1 2 2 .9 10 .8 - 1 6 .6 - 4 .0 12 .6 - 1 .9 9 .4 11 .4 2 6 .3 4 5 .5 19 .2 2 0 .8 4 2 .2 21 .4 - 4 5 .2 - 3 2 .4 12 .8 - 5 3 .1 — 4 6 .4 6 .8 10 .4 4 .1 8.1 • Other revaluations 23 15 .7 0 .4 15.3 = C h a n g e in net w o r t h 24 159 .5 159 .9 175.2 N e t w o r t h o u t s t a n d i n g 25 23 - .4 3 .0 6 .0 1 .4 5 .7 24 9 .2 3 .1 5 .5 14 .7 18 .6 25 101 .9 105 .0 110 .5 125 .2 143 .8 Data are in b i l l i o n s of d o l l a r s . ' 34.9 103.0 68.1 - R e v a l . of life i n s u r . and 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 - N e t c l a i m s issued 9 10 11 7.9 - R e v a l . of m u t u a l fund s h a r e s 12 7.9 C h a n g e in v a l u e 13 * - S h a r e s issued 14 + C h a n g e in the v a l u e of land h o l d i n g s 15 16 17 18 19 4 7 . 2 • R e v a l . of c o r p . e q u i t i e s held 2 0 58.8 C h a n g e in v a l u e 21 11.6 -Net purchases 22 S e p t e m b e r 2 8 . 1992 Private Financial Institutions P r i v a t e F i n a n c i a l Institutions 56 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 N e t N o r t h Annual Flows Annual Flows 1976 1980 R . 131 P r i v a t e F i n a n c i a l Institutions 1 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 9.7 13.1 31.7 33.7 30.0 -2.2 19.2 2 3 4 5 Capital expenditures Net financial investment N e t acq. of finan. 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 7.9 1.8 238.9 237.1 8.9 4.2 308.5 304.3 14.4 17.3 383.9 366.7 19.5 14.3 388.4 374.1 21.9 26.0 27.3 376.9 368.8 8.1 -28.2 459.0 487.2 -8.2 459.9 468.0 30.4 -9.0 536.3 545.3 6 • Corporate equity Issues 2.2 2.2 2.2 2.5 2.1 2.7 4.7 3.6 7 - Capital consump. allowances 5.1 5.9 6.6 7.9 9.3 11.2 13.1 14.4 136.0 277.6 141.6 68.8 9 2 3 5 . 3 10 166.5 11 7.6 17.0 9.4 35.3 13 2 9 . 3 14 8 * Net investment flow, Balance Sheet basis 6.8 22.8 - R e v a l . of l i f e i n s u r . and p e n s i o n fund r e s e r v e s 9 10 C h a n g e in v a l u e 11 - N e t c l a i m s issued 15.6 67.5 51.9 -16.2 55.7 71.9 17.4 105.2 87.8 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 v a l u e 14 - S h a r e s issued 5.3 3.5 -1.9 -2.0 0.7 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 v a l u e 17 Depreciation charges 18 - G r o s s purchases, FOF basis 6.5 9.3 5.1 7.9 • C h a n g e in the v a l u e of 19 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 21 C h a n g e in v a l u e 22 -Net purchases 23 • Other revaluations -1.0 1.0 0.6 -.1 —. 6 -27.8 5.2 5.7 10.0 6.5 —6.4 3.5 4.4 0.6 14.4 5.9 17.4 7.9 19.5 -19.2 -7.6 11.5 22.5 34.8 12.3 24.4 44.1 19.7 55.1 79.6 24.5 1.8 44.6 7.2 6.6 8.4 21.0 9.3 21.9 80.0 107.9 -2.0 7.8 11.2 26.0 5.1 19.3 13.1 27.3 -35.8 100.0 22.6 2.3 25.6 34.8 9.2 6.0 12 2 . 2 15 18.1 16 14.4 17 30.4 18 5 . 2 19 6.7 4.8 — 1.6 27.0 19.7 32.8 Memo: 25 Net worth outstanding 202.1 40.2 149.9 109.7 4.3 7.2 5.9 8.9 2 4 « C h a n g e in net w o r t h D a t a a r e in b i l l i o n s of d o l l a r s . 14.4 93.7 108.1 -10.0 90.5 2 0 144.0 21 53.5 22 25.8 128.5 28.5 31.4 6.0 50.8 8 . 4 23 75.9 5.6 29.2 42.0 24 S e p t e m b e r 2 8 . 1992 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 5 7 Annual Flows Annual F l o w s 1984 1985 1986 1987 R.131 Private Financial 1988 1989 1990 26. 4 42..7 43,.7 .0 .8 .1 .9 41..8 - 1 5 ..4 825..1 840. 6 47..6 -4. 9 1013..5 1018. 4 51..6 - 7 .9 5 9 5 .4 603..3 6 8 .2 13. 6 11.,5 14,.5 4.,1 2,.7 9 .8 7 16 .4 18. 5 21..4 24,.7 28. 4 32,.8 36 .7 2 3 4 5 8 2 4 .1 38 -13 750 763 15 .9 32..8 21. 5 33,.4 .8 63 .9 56..4 - 2 0 ..6 665..1 685..7 61,.6 2 .3 781..0 778,.7 ss 1 1991 Institutions 11. 4 33..9 4 6 .8 60 -14 423 437 .8 .1 .7 .8 19 .8 4 7 .3 58 -10 585 595 • - .0 .7 .1 .8 G r o s s i n v e s t m e n t of private 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 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 acq. of f l n a n . assets - N e t i n c r . in l i a b i l i t i e s 2 3 4 5 .1 • C o r p o r a t e e q u i t y i s s u e s 39 .7 - C a p i t a l c o n s u m p . a l l o w a n c e s = Net investment flow, Balance Sheet basis 7 .5 6 7 8 9 10 11 .3 164 .5 164 .8 86. 4 285..2 198..8 90. 9 318..8 227. 9 51..8 163 .1 111..3 90..8 289. 8 199..0 234..2 463..1 229..0 - 9 4 .2 96..2 190..4 - R e v a l . of life i n s u r . and p e n s i o n fund r e s e r v e s 311,.2 C h a n g e in v a l u e 575,.7 - N e t c l a i m s issued 264,.5 12 13 14 - 2 .7 24,.6 27,.3 14. 9 103..6 88..7 12..3 173..2 160.,9 - 2 3 ,.6 46,.7 70,.2 12..0 18..1 6..1 49..4 87.,9 38. 5 -32..0 35..9 67,,9 59..8 - R e v a l . of m u t u a l fund s h a r e s 12 C h a n g e in v a l u e 210..3 13 150..5 - S h a r e s issued 14 15 16 17 18 2,.2 23,.7 16,.4 38..0 3. 3 26..7 18..5 41. 8 8..1 34 .3 21..4 4 7 .6 6,.5 33 .3 24..7 51 .6 12..3 40..3 28. 4 56..4 12..2 41..1 32..8 61..6 13.,2 37..3 36..7 60..8 19 5 .7 7 .8 11,.2 11 .9 12..9 6.,4 - 1 6 .7 20 21 22 0 .1 5 .4 5 .3 130..4 196,.8 66. 4 136 .6 199 .1 62 .5 35 .4 61 .7 2 6 .2 136..8 141,.2 4,.4 320..5 346..6 26..1 - 1 2 0 ..5 - 1 0 6 ,.1 14..4 23 52 5 14,.1 4 .8 - 1 2 .1 9,.3 - 8 .5 10..0 13,.1 • O t h e r r e v a l u a t i o n s 23 24 79 .4 75 .9 90,.2 4 6 .9 8 0 .0 8 0 .9 32..1 61..3 = C h a n g e in net w o r t h 24 937 .1 Memo; 998..4 Net w o r t h o u t s t a n d i n g 25 25 531 .2 607 .1 . Data are In b i l l i o n s of d o l l a r s . 697..3 7 4 4 .2 8 2 4 .1 905 .0 9 10 11 5..4 + 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 C h a n g e in v a l u e 23..7 Depreciation charges 39..7 G r o s s purchases, FOF basis 58..0 15 16 17 18 • C h a n g e in the v a l u e of land h o l d i n g s 19 - 1 6 ..6 422..9 • R e v a l . of c o r p . e q u i t i e s held 2 0 548..3 C h a n g e in v a l u e 21 -Net purchases 125..5 22
@FedFRASER