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Federal Reserve Bank of St. Louis

Guide to the
Flow of Funds Accounts

Volume 1

Board of Governors of the Federal Reserve System, Washington, D.C.

2000

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Copies of this publication can be obtained from Publica
tions Services, Board of Governors of the Federal Reserve
System, Washington, DC 20551. The price is $20.00 per
two-volume set. Please make remittances payable to the
order of the Board of Governors of the Federal Reserve
System in a form collectible at par in U.S. currency.
Stamps and coupons are not accepted.

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Contents

VOLUME 1

Foreword----------------------------- vii

Part 1

Introduction to the Guide and Description of the Flow of Funds Accounts
Introduction ____________________________
Organization of the Guide _____________________
Publication of flow of funds data ___________________

3
3
6

Overview of the Accounts _______________________ 7
Basic principle underlying the accounts _________________ 8
Matrix format __________________________ 9
Relationship to the national income and product accounts ___________ 13
Monthly debt aggregate ______________________ 16
Organization of the Accounts _____________________ 19
Sectors ____________________________ 19
Instruments __________________________ 19
Uses of the Accounts _________________________
Overview of U.S. credit flows since 1972 ________________
The rise and fall of debt _____________________
Sources of credit _________________________

23
23
24
28

Data Characteristics and Production Procedures ______________
Time series ___________________________
Flows and levels _________________________
Series breaks __________________________
Periods of coverage ________________________
Revisions ___________________________
Seasonal adjustment _______________________
Interpolation __________________________
Extrapolation __________________________
Valuation ___________________________

31
31
31
31
32
32
32
33

35
35

Guide to the Flow of Funds Accounts, Volume 1

Part2

Derivation of the Flow of Funds Accounts
Format of the Tables ________________________
Line numbering and subentries____________________
Terminology_________________________ _
Dollar values__________________________

39
39
39
39

Series Codes ____________________________ 41
Abbreviations ___________________________ 51
Sources of Data for the Accounts ____________________ 55
Publicly available materials_____________________ 55
Unpublished data________________________ _ 66
Summary Tables
F.1 Total Net Borrowing and Lending in Credit Markets__________
F.2 Credit Market Borrowing by Nonfinancial Sectors___________
F.3 Credit Market Borrowing by Financial Sectors____________
F.4 Credit Market Borrowing by All Sectors, by Instrument_________
F.5 Total Liabilities and Their Relation to Total Financial Assets_______
F.6 Distribution ofGross Domestic Product_______________
F.7 Distribution ofNational Income_________________
F.8 Gross Saving and Investment
F.9 Derivation ofMeasures ofPersonal Saving
F.10 Sector Discrepancies
F.11 Instrument Discrepancies

68
76
82
86
90
96
120
138
150
162
166

Sector Tables
F.100 Households and Nonprofit Organizations ______________
F.101 Nonfinancial Business_____________________
F.102 Nonfarm Nonfinancial Corporate Business______________
F.103 Nonfarm Noncorporate Business_________________
F.104 Farm Business_______________________
F.105 State and Local Governments, Excluding Employee Retirement Funds____
F.106 Federal Government _____________________
F.107 Rest oftheWorld____________________
F.108 Monetary Authority
F.109 Commercial Banking
F.110 U.S.-Chartered Commercial Banks
F.111 Foreign Banking Offices in the U.S.
F.112 Bank Holding Companies
F.113 Banks in U.S.-Affiliated Areas

170
204
214
264
312
320
340
366
390
400
414
448
466
478

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Contents

F.114 Savings Institutions ________,...._,,,_, !l.. --ll '-' � t.K-1 '--- ,.,.�-.,,,,c.-------_ _ _ _ _ _'-t_; _ _
F.115 Credit Unions ______________________
F.116 Bank Personal Trusts and Estates ________________
F.117 Life Insurance Companies __________________
F.118 Other Insurance Companies __________________
F.119 Private PensionFunds ____________________
F.120 State and Local Government Employee RetirementFunds ________
F.121 Money Market MutualFunds _________________
F.122 MutualFunds _____________________
F.123 Closed-EndFunds ____________________
F.124 Government-Sponsored Enterprises _______________
F.125 Federally Related Mortgage Pools _______________
F.126 Issuers of Asset-Backed Securities ________________
F.127 Finance Companies ____________________
F.128 Mortgage Companies ____________________
F.129 Real Estate Investment Trusts _________________
F.130 Security Brokers and Dealers _________________
F.131 Funding Corporations ___________________

488
514
526
534
554
564
578
590
596
602
606
624
630
638
650
654
662
676

VOLUME 2

Instrument Tables
F.200 Gold and OfficialForeign Exchange Holdings ___________
F.201 SOR Certificates and Treasury Currency
F.202 U.S. Deposits inForeign Countries
F.203 Net Interbank Transactions
F.204 Checkable Deposits and Currency
F.205 Time and Savings Deposits
F.206 Money Market MutualFund Shares
F.207 FederalFunds and Security Repurchase Agreements
F.208 Open Market Paper
F.209 Treasury Securities
F.210 Agency Securities
F.211 Municipal Securities and Loans
F.212 Corporate andForeign Bonds
F.213 Corporate Equities
F.214 MutualFund Shares
F.215 Bank Loans Not Elsewhere Classified
F.216 Other Loans and Advances
F.217 Total Mortgages
F.218 Home Mortgages
F.219 Multifamily Residential Mortgages
F.220 Commercial Mortgages
F.221 Farm Mortgages
F.222 Consumer Credit

690
696
698
702
716
732
746
752
766
778
798
818
830
850
864
870
884
900
906
928
938
954
960

Guide to the Flow of Funds Accounts, Volume I

F.223
F.224
F.225
F.226
F.227
F.228
F.229
F.230
F.231
F.232

Trade Credit
Security Credit
Life Insurance and Pension Fund Reserves
Taxes Payable by Businesses
Investment in Bank Personal Trusts and Estates
Proprietors' Equity in Noncorporate Business ____________
Total Miscellaneous Financial Claims
Identified Miscellaneous Financial Claims, Part I
Identified Miscellaneous Financial Claims, Part II
Unidentified Miscellaneous Financial Claims

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964
974
978
996
1002
1008
1010
1024
1050
1062

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Foreword

Work on the flow of funds accounts at the
Board of Governors of the Federal Reserve
System dates back to 1947. The Board's first
publication of the accounts, with annual data,
was in 1955, and the first set of accounts with
quarterly data appeared in the August 1959
Federal Reserve Bulletin. From the beginning,
the emphasis has been on providing state
ments of total sources of funds flowing to
economic sectors and the sectors' uses of
funds. The flow of funds accounts have also
been tied closely to the national income and
product accounts, published by the Bureau of
Economic Analysis in the U.S. Department of
Commerce. The structure of the flow of funds
accounts has evolved to reflect innovations in
financial instruments and the emergence of
new institutions. Some sources of information
that were used earlier are no longer available,
while new sources of data have been devel
oped to maintain the usefulness of the
accounts.
The development of the accounts and
improvements to the underlying data continue
to be important objectives of the Board of
Governors. This Guide, a thorough update of
the first Guide, which was published in 1993,
provides a snapshot of the sources and meth
ods used to produce the accounts in Decem
ber 1998. It documents in great detail the full
range of information that lies behind the sec
tor and instrument tables in the Board's flow
of funds publications. The first edition of
the Guide evidently proved to be a valuable
resource for users of the accounts within the
Federal Reserve System and around the world,
and we trust that this updated version will be
equally useful.

Elizabeth M. Fogler again coordinated the
project, developed the software and text files,
and prepared most of the contents of the
Guide. Susan Hume McIntosh, who has con
tributed significantly to the production of the
flow of funds accounts in recent years, also
contributed her expertise on the accounts to
the Guide, as did Rochelle L. Antoniewicz,
Peter J. Brady, Julia Lynn Coronado, Sarah A.
Holden, Maria G. Perozek, and Robert L.
Rewald. William M. Ampeh, Thomas 0.
Kelley, Susan E. Monroe, Jennifer M. Scher
schel, John S. Schneider, Jennifer L. Sharp,
and Mark D. Torres provided technical sup
port. Sherrell E. Varner served as principal
editor; additional editorial services were pro
vided by Gregg Forte, Gwenavere G. White,
and E. Christopher Greene. Shirley M. Brown,
Amie I. Harrison, Dorothy C. Jensik, and
Bernadette L. Watson proofread the manu
script. This volume maintains the design
features developed for the first edition by
Barry E. Huber and Anita M. Bennett, with
updates by Cynthia M. Guin. Eugene J. Nash,
Jewell A. Pradier, and Charlene M. Perkey
typeset the book. The project was carried out
under the direction of the chief of the Flow of
Funds Section, Albert M. Teplin.
Michael J. Prell, Director

Division of Research
and Statistics

January 2000
Washington, D.C.

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Part 1

Introduction to the Guide and
Description of the Row of Funds Accounts

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Introduction

This publication is an updated and revised
edition of the first Guide to the Flow of Funds
Accounts, which was published in June 1993.
Like its predecessor, this Guide explains the
principles underlying the flow of funds
accounts and describes how the accounts are
constructed. It lists each series shown in the
summary, sector, instrument, and discrepancy
flow tables in the Federal Reserve Board's
quarterly Z.1 statistical release, "Flow of
Funds Accounts of the United States," and
the procedures for deriving the series from
source material. The sources and procedures
described here are those used to produce the
December 11, 1998, Z.1 release.
Although the basic structure of the flow of
funds accounts remains stable, the accounts
are altered as sources, procedures, and termi
nology change over time. They are also modi
fied as staff members of the Flow of Funds
Section, the unit within the Federal Reserve
Board that produces the accounts, develop
ways to improve the accounts' accuracy and
their usefulness for policy and research. This
edition of the Guide incorporates numerous
changes to the accounts since the first Guide
was published, including the addition of sev
eral new sectors and the clarification of terms
to conform better to international and business
usage.
The tables in the Z.l release and in this
Guide appear in a slightly different order than
they do in the 1993 version, in some cases
because of space considerations and in others
because the view of the nature of the category
has changed (an example is the placement of
the tables for government-sponsored enter
prises and federally related mortgage pools
among financial institutions rather than with
the government sectors). Another change is

that what were formerly referred to as "trans
action" categories are now called "instru
ment" categories.
In the years since the first Guide was issued,
two flow of funds publications have been dis
continued: "Flow of Funds Summary Statis
tics" (the Z.7 release) and "Balance Sheets
for the U.S. Economy" (the C.9 release). The
tables and explanations that appeared in the
Z.7 release, however, have been incorporated
into the Z.1, as have several tables from the
C.9 release-balance sheets and reconciliation
tables for the households and nonprofit organi
zations sector and the nonfarm nonfinancial
corporate business sector.

Organization of the Guide
The Guide is in two volumes. The first volume
is in two parts: Part 1 gives a general descrip
tion of the flow of funds accounting frame
work, and part 2 gives details on the construc
tion of the summary, discrepancy, and sector
tables and data series that make up the
accounts. The second volume is a continuation
of part 2; it presents the same details for the
instrument tables in the accounts.

Part 1: Description of the accounts
An important purpose of part 1 is to explain
the concepts underlying the accounts and the
relationship of the flow of funds accounts to
the national income and product accounts
(NIPA), which are published by the Bureau
of Economic Analysis (BEA). Part 1 also
describes other aspects of the flow of funds
accounts, including the organization of the
accounts into sectors and instrument catego
ries, the characteristics and analytical uses of

Guide to the Flow of Funds Accounts, Volume I

the data, and the relationship between the
credit magnitudes in the accounts and the
domestic nonfinancial debt aggregate. 1 Also
explained in part 1 are the techniques used to
seasonally adjust the data, to create quarterly
estimates from annual data, and to extrapolate
the data when figures for the current quarter
are not yet available.

Part 2: Derivation of the accounts
Part 2 of the Guide consists of seventy-six
descriptive tables--forty-three summary, dis
crepancy, and sector tables in the first volume
and thirty-three instrument tables in the
second-that give details on nonfinancial
aggregates from the NIPA, sources and uses of
funds for sectors in the U.S. economy, and
transactions that are carried out through vari
ous types of financial instruments. Each
descriptive table corresponds to a table of
seasonally adjusted flows in the Z.l statistical
release and contains an explanation of the data
that make up the Z.1 table, showing how each
series is derived (if it is a combination of other
series) or where the data are obtained (if the
series is a direct input). Except for certain
tables-several of the summary tables at the
beginning of the release, the tables that com
bine other tables, the two tables that show
sector and instrument discrepancies, and the
table for the households and nonprofit organi
zations sector-the descriptive tables do not
refer to the other tables and so can be used
independently of them. Preceding the descrip
tive tables in part 2 are a list of the sources of
the data used in the accounts, a list of abbre
viations used in the explanations, and informa
tion on the numerical codes that identify indi
vidual data series.
In the accounts, the economy is divided into
thirty sectors, such as households and non
profit organizations, federally related mort
gage pools, and life insurance companies. In
addition, there are two "summary" sectorsI. The domestic nonfinancial debt aggregate is a
monthly series monitored by the Federal Open Market
Committee, the body of the Federal Reserve System
responsible for monetary policy. The domestic nonfinan
cial debt aggregate is published in the Federal Reserve
Board's weekly H.6 statistical release, "Money Stock and
Debt Measures."

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one for totals for the three business sectors
and another for the totals for the four commer
cial banking sectors. Tables of flows and of
levels (or outstanding values) are prepared for
each sector. Likewise, the accounts classify
financial transactions by type of instrument,
such as demand deposits, corporate bonds,
and U.S. government securities; flows and lev
els tables are also prepared for each instru
ment category. Summary tables, which vari
ously cut across the sector and instrument
accounts and provide detail on nonfinancial
aggregates, are numbered 1 through 9; sector
tables are numbered 100 through 131, and
instrument tables, 200 through 232. Tables
summarizing sector and instrument discrepan
cies are numbered 10 and 11 respectively.
Data shown in the discrepancy tables, for pro
prietors' equity in noncorporate business, and
in the summary tables that present information
derived from the NIPA exist only as flows, so
there are no corresponding levels tables for
those particular tables.
Most of the explanations for the flow tables
are also applicable to the corresponding levels
tables included in the Z.1 release. Therefore,
these volumes can also serve as a guide to
almost all the entries in the levels tables; how
ever, the flow tables contain some series that
exist only as flows or are estimated differently
from the corresponding levels series.
The tables in part 2 explain the derivation
of the flow tables that were published in the
Z.1 release dated December 11, 1998; the
dollar values in the tables are 1997 annual
data that were reported in the December 1998
release. (Although the data shown in the tables
are for the entire year of 1997, the expla
nations describe the preparation of quarterly
values for the various series because the
Z.l release is a quarterly publication.) Preced
ing each table in part 2 is a description of the
sector or type of instrument that is the subject
of that table. Most of the tables contain a
complete explanation of each data series, with
occasional references to series appearing in
other tables.
To find the derivation of a particular line in
one of the Z.1 flow tables, locate its line
number in the corresponding table in part 2. In
some instances, the name of the series in the
part 2 table matches that in the Z.l release; in

Introduction

Table F.106, line 20, as it appears in the Z.1 statistical release and in part 2 of this Guide
F.106 Federal Government
Billions of dollars

17 FA315000005
18

FA314090005

19 FA313011005
20 FA3 I 3020005
21 FA3 I 3030003

Net financial investment

1992

1993

1994

1995

1996

1997

-352.1

-292.4

-248.4

-167.0

-190.2

-55.4

-25.1

-4.2

60.S

-4.1

-2.5

-1.6

-1.7
-16.9
--0.7

1.0
20.7
--0.1

-2.7
-21.7
--0.1

6.4
--0.0
0.3

-2.9
11.0
1.4

2.5
--0.5
1.0

Net acq. of financial assets
Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits

F.106 Federal Government
Component

Code

1997 value
(billions of
dollars)

20. Change in checkable deposits and
currency held by the federal
government

313020005

-.5

Sum of lines 20a and 20b, less line 21 and less
50 percent of line l 9f.

20a. Change in the operating cash
balance held by the federal
government

313024000

-.9

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, column Account
balances, U.S. Treasury operating cash, Balance.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

20b. Change in cash and monetary
assets, other than the operating
cash balance, held by the
federal government

313026003

-.1

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, column Account
balances, Close of this month, Asset accounts,
Other cash and monetary assets. Unadjusted flow
is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as
seasonally adjusted flow in FOF reports of
seasonally adjusted data.

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others, the series name in this Guide is a
complete version of a title shortened in the
Z. l release because of space limitations. For
example, line 20 of table F.106 in the
Z.1 release, "Checkable deposits and cur
rency," also appears as line 20 of table F.106
in part 2, with the fuller description "Change

Explanation

in checkable deposits and currency held by the
federal government" (see accompanying box).
Subdivisions of a line, in this case lines 20a
and 20b, provide detailed information; line
subdivisions do not appear in the Z.1 release.
To the right of the series title is a nine-digit
mnemonic, or computer retrieval code, which

Guide to the Flow of Funds Accounts, Volume J

identifies the series for data-analysis purposes.
To the right of the code is the 1997 value for
the series, in billions of dollars. In the right
most column is information on the source of
data for the series or an explanation of the
derivation of the value, as appropriate.

Publication of flow of funds data
Besides appearing in the quarterly Z.1 statisti
cal release, flow of funds data are available
on the Federal Reserve Board's Internet site
(www.federalreserve.gov/releases/Zl), as well
as on computer diskettes that can be pur
chased from the Board's Publications Services
office.

The Z.l statistical release
The quarterly Z.l statistical release, "Flow of
Funds Accounts of the United States," is the
Federal Reserve Board's main publication of
flow of funds data. It contains both sector
and instrument tables (in both flow and levels
form). Supplementary tables present balance
sheets and reconciliation tables for the house
holds and nonprofit organizations sector and
for the nonfarm nonfinancial corporate busi
ness sector; detailed information on the finan
cial activity of nonprofit organizations, pen
sion funds, and governments; and a matrix
showing flows for all sectors and instruments
for the latest complete year. Three additional
tables, showing debt growth, borrowing, and
debt outstanding by sector, appear at the
beginning of the release.
The release presents recent quarterly data
and several years' worth of annual data. Quar
terly flow data are published as seasonally
adjusted annual rates; levels data are not sea
sonally adjusted. The release is usually pub
lished about ten weeks after the end of a
quarter; that is, data for the first quarter are
released in June, for the second quarter in
September, for the third quarter in December,
and for the fourth quarter in March of the
following year.

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The Federal Reserve's Internet site
Data published in the Z.l statistical release are
made available immediately on the Board's
web site. Tables from the latest release are
stored in Portable Document Format (PDF).
Also available on the web site are data from
previous issues of the Z.1; tables showing the
mnemonics that identify the data series; his
torical data for levels, unadjusted flows, and
seasonally adjusted flows; data for the Federal
Reserve's monthly debt aggregate; and the
supplementary tables included in the release.

Data on diskettes
Flow of funds data are also available in ASCII
files on 3 ½ inch computer diskettes. The files
on the diskettes correspond to the tables in
the release; the diskettes contain all publicly
available quarterly data, including seasonally
adjusted flows, unadjusted flows, and levels,
for the period from the first quarter of 1952 to
the most recently published quarter, along with
data from the debt tables found at the begin
ning of the Z.1, the available balance sheets,
and the supplementary tables. The diskettes
also provide a complete set of statistics on the
published monthly debt aggregate for the
period from January 1955 onward. The data
on the diskettes are identical to those on the
web site.

Publications address
Additional information on flow of funds publi
cations and diskettes and on other publications
of the Federal Reserve Board can be obtained
from the following address:
Board of Governors of the
Federal Reserve System
Publications Services
Mail Stop 127
Washington, DC 20551-0001
Telephone (202) 452-3245

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Overview of the Accounts

The flow of funds accounts perform several
functions. They measure the acquisition of
physical and financial assets throughout the
U.S. economy and the sources of funds used to
acquire the assets. In doing this, the accounts
record the net volume of transactions in finan
cial instruments; provide a means of analyzing
the development of the instruments and the
behavior of the series over time; and record
the role of financial intermediaries, such as
banks and pension funds, in transferring funds
from sectors having positive saving to those
that borrow funds. The accounts also provide
a broadly consistent set of time-series data
for financial flows in the economy. The time
series in the accounts are consistent not only
within the flow of funds accounts themselves,
but also with the NIPA.
In showing the relationship of various
financial activities to each other and to nonfi
nancial activities that generate income and
production, the flow of funds accounts provide
a broad measure of investment activities. In
theory, the accounts encompass all net changes
in financial claims or liabilities resulting from
(1) current transactions in the economy,
(2) the allocation of saving between invest
ment in physical capital and investment in
financial capital, and (3) decisions to change
the composition of financial assets and liabili
ties. Thus, the scope of the flow of funds
accounts is different from that of the NIPA,
which focus on activity related to current pro
duction and income. For example, unlike the
NIPA, the flow of funds accounts include
,financial flows among the various sectors of
the economy that arise from transfers of exist
ing physical assets as well as from shifts in the
composition of financial portfolios that may

be unrelated to, or indirectly related to, current
production.
The flow of funds accounts are a compo
nent of a system of economic accounts that
describe the U.S. economy. The other compo
nents of the system are the NIPA and the
balance of payments accounts, also published
by BEA, which measure production and
income activity and international capital flows
during a particular time period. The flow of
funds accounts and the related sector bal
ance sheets detail how current investment in
tangible and financial assets contributes to a
buildup of the stock of assets for each sector
of the economy and to the creation of national
wealth. The flow of funds accounts can be
viewed as combining data on the flows of
saving and tangible investment published in
the NIPA with additional details on borrowing
and lending for specific economic sectors.
The coordinated system of economic
accounts comprising the NIPA, the flow of
funds accounts, the balance of payments
accounts, and balance sheets is similar to the
international standard set forth in the United
Nations System of National Accounts (SNA).
The SNA framework is an integrated set of
economic accounts that estimate beginning
of-period balance sheets, current production
and income-distribution activity, tangible and
financial investment, revaluation of assets and
the volume of transactions in the assets, and
end-of-period balance sheets. The flow of
funds accounts are conceptually equivalent to
the tangible and financial investment accounts
described in the SNA, and the U.S. balance
sheets are similar to those shown in the SNA.
Differences in presentation exist, however,
between the SNA and the flow of funds

Guide to the Flow of Funds Accounts, Volume 1

accounts. In the SNA, tangible and financial
investment activity is split into a capital
account and a financial account; in contrast,
the flow of funds accounts integrate the two
types of activity into a single account akin to
a sources-and-uses framework. The integrated
presentation aids analysis by making explicit
the tradeoff between tangible and financial
investment, the funding strategies used to sup
port investment, and the overall financial
structure and economic health of specific sec
tors. The SNA framework also specifies sepa
rate accounts for revaluations of assets and for
changes in assets resulting from other factors,
whereas the flow of funds accounts do not
isolate revaluations and volume changes to the
extent suggested in the SNA. Although the
U.S. balance sheets make many adjustments
for revaluations and volume changes, they do
not present the adjustments separately in a
specific statement, as the SNA does. (How
ever, revaluation tables that identify the fac
tors contributing to changes in net worth
accompany the two sector balance sheets that
are shown in the Z.1 release.) The SNA pre
sents a somewhat different categorization of
sectors. In particular, the SNA recommends
classifying some nonprofit organizations
within the business sector, whereas the flow of
funds accounts combine such organizations
with households. Also, the SNA combines un
incorporated nonfinancial businesses with the
household sector, whereas the flow of funds
accounts place such businesses in a separate
sector that can be combined with either house
holds or the other nonfinancial businesses.
The accuracy and timeliness of the flow of
funds accounts depend on the availability of
statistical information from outside providers.
The data in the accounts are drawn from a
large number of reports and publications from
private and public sources. Information on
some groups of institutions and some types of
financial transactions is available only annu
ally or with a long lag, and in many cases data
on asset or liability categories are not reported
in sufficient detail to meet the requirements of
the accounts. In both cases, staff members of
the Federal Reserve Board estimate the value
of individual items, using techniques that are
reviewed regularly. Revisions in data from
source agencies are incorporated into the

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accounts as they become available, and struc
tural changes in the accounts are made when
ever necessary.

Basic principle underlying
the accounts
The flow of funds accounts are constructed on
the basic principle that all movements of funds
in the economy must be accounted for because
total sources of funds equal total uses of funds:
Saving equals investment in the economy, and
all funds supplied by sectors in the economy
become uses of funds by other sectors, even if
a particular use is only the hoarding of cur
rency. This basic principle-that total sources
of funds and total uses of funds in the econ
omy are equal-becomes a requirement when
the accounts are calculated.
The sources of funds for a sector are its
saving out of current income and the amounts
that it raises from outside the sector. Saving is
equal to receipts of current income less out
lays for consumption, operating expenses,
interest, and other current expenses. The value
of consumption of fixed capital (that is, depre
ciation on tangible assets) is added to net
saving to obtain gross saving. Funds raised
from outside sources constitute the sector's
net increase in liabilities; the increases in
individual liability items are shown net of
decreases in the same items. The uses of funds
for a sector are its investments in physical
assets and increases in financial assets (net of
decreases in the same assets), such as depos
its, loans, and securities.
The requirement that sources of funds equal
uses of funds applies not only to sectors but
also to individual types of transactions-total
funds borrowed through each type of financial
instrument must equal total funds lent through
that type of instrument. For the economy as a
whole, funds borrowed by all sectors must
equal funds lent by all sectors, and funds
borrowed through all types of financial instru
ments must equal funds lent through all types
of financial instruments.
These equalities in the flow of funds
accounts exist in principle but do not necessar
ily emerge from the available data, which are
not always complete or consistent with each
other. The equalities are achieved in the cal-

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Overview of the Accounts

culation of the accounts by using residuals to
balance the totals. In some cases, a particular
sector is made the residual borrower or lender
of a financial instrument item, or a particular
type of instrument is made the residual bor
rowing or lending item for a sector; in other
cases, a specific discrepancy item is calculated
as the residual. When the accounts are in
balance, the total of sector discrepancies
equals the total of instrument discrepancies.
In the Z. l statistical release, each line in a
sector flow table represents a source or use of
funds; data are shown for several time periods.
Data in each table for a sector meet the con
straint discussed above that, for each period,
total sources of funds must equal total uses of
funds. Also, data in the flow tables for each
sector fulfill the macroeconomic requirement
that gross saving equal gross investment. Both
of these equalities are achieved by calculating
the residuals. For most sectors, the residual
item is the sector discrepancy. For the farm
business and nonfarm noncorporate business
sectors, the residual item is "proprietors' net
investment," which reflects changes in the
value of ownership of the sector by the house
holds and nonprofit organizations sector.
The example in the accompanying box indi
cates the structure of a typical flow of funds
sector table and helps clarify the relationship
between sources and uses. Lines 1 and 2 show
gross saving and gross investment. Investment

Structure of a typical sector table
in the flow of funds accounts
1. Gross saving (GS)
2. Gross investment (GI)
a. Capital expenditures (CE)
b. Net financial investment (NFI)
i. Net acquisition of financial
assets (NAFA)
ii. Net increase in liabilities (NIL)
3. Discrepancy (D)
(1)
(2)
(3)
(4)

GS=GI+ D
GS=(CE+ NFl) + D
GS=CE+ (NAFA - NIL) + D
GS+ NIL=CE+ NAFA+ D
(Sources of funds)= (Uses of funds)

is separated into its two major forms, capital
expenditures (line a) and net financial invest
ment (line b). Net financial investment, in
turn, is calculated as net acquisition of finan
cial assets (line i) less the net increase in
liabilities (line ii). The discrepancy between
gross saving and gross investment, arising
from imperfections in the data, is given in
line 3.

Matrix format
The Z. l statistical release uses a time-series
format for presenting the flow of funds
accounts. An alternative format is a matrix
consisting of columns and rows, with one
matrix for each time period. Table 1 is a
detailed flow of funds matrix showing data
that appear in the sector and instrument tables
in part 2. For each sector, the matrix contains
one column for sources of funds and one
column for uses, and the two columns must
separately sum to the same total. For each
instrument category, the total of sources must
equal the total of uses across a row; some
rows contain balancing instrument discrepan
cies. Presenting the accounts in matrix form
highlights the fact that for financial transac
tions, one sector's sources of funds are other
sectors' uses, and vice versa. The total of
amounts shown in all the source or use col
umns must equal the total of amounts shown
in all the rows.
Table 2 is a simplified form of table 1,
condensed in order to highlight the matrix's
major features. The thirty sectors in the
accounts are aggregated in this table into three
groups, listed across the top of the table. Down
the left side of the table are the instrument
categories, here aggregated into seven rows
plus a row for the column totals. For each
sector, the instruments represent either sources
of funds or uses of funds. In the detailed
matrix (table 1), each instrument type is
shown separately, and source and use entries
are shown in the same row. In table 2, saving
and capital expenditures, the nonfinancial
sources and uses of funds, appear in lines 1
and 3 respectively. All the financial transac
tions of a sector are summarized as net finan
cial investment (line 4)-the excess of a sec
tor's lending to other sectors (its financial

Guide to the Flow of Funds Accounts, Volume 1

Detailed flow of funds matrix, 1997
Billions of dollars
Domestic nonfinancial sectors
Item

Households and
nonprofit
organizations

Nonfinancial
business 1

1,0 29.2
6 27.6
4 0 1.6

I. Gross saving .....................
2. Consumption of fixed capital ....
3. Net saving (I - 2)' ..............
99 4.7
999.0
673.1
2 8 2.4

7 49.1
8 2 6.1

43.6

7 1 2.9
67.4

1 2. Net financial investment (13- 1 4) ..
I3. Financial uses ....................
1 4. Financial sources .................

-4.4
39 1.1

1 6.
17.
1 8.
19.
2 0.
2 1.
2 2.
23.
2 4.
2 5.
2 6.
27.
2 8.
29.
3 0.
3 1.
32.
33.
3 4.
3 5.
3 6.
37.
3 8.
39.
4 0.
4 1.
4 2.
43.
4 4.

Gold and official foreign
exchange ..................
SOR certificates 6 ••••..•.•••.•••
Treasury currency ..............
Foreign deposits ................
Interbank claims ............... .
Checkable deposits and currency .
Federal government
Rest of the world .............
Private domestic .............
Time and savings deposits ......
Money market mutual fund
shares .....................
Federal funds and security RPs 7 •

Federal
government

13 5.6
8 1.1
5 4.6

39 5.4

4 6 4.8

59.8
-7.1

-2 2.4
3 5.4

-5 5.4
-1.6

-1 59.2
812.7

-29.5

2 8.8

1.5

-29.5
1 69.5

2 8.8
1 2.6

1.5
6.1

1 0 8.7

1 4.8
.6

47. Sector discrepancies (1- 4) ........

3 4.5

3 5 5.6
1 0.0

17.5
3.2
1 2.1
-1 6.4
8.3

8.9
1 8.1
2 6 6.2
5 2.5

9.2
1.2

7.9
3 6.8

-4.8

3.0
4 1.8

27 5.1

4.2
90.7
9 8.4
5 1.8
7 6.0
-] 1 4.4
73.4

3.6
1.3
3.6

5 6.1
57.3

53.8
-.5

2.5

97 1.9
-.5

2 5 4.9
6 2 4.2
-.4

-4.0
29.9

.3
-.5

1.0

.8
1 89.3

13.0

1 23.5
4.1

2 0.0

4.9
.0

-1.2

9.5
-4.5

1.8

-.7

-.8

-1.8

2 2.7
139.3

2 0.4

-6.9

-17.6

2 0.5

Norn. In column heads, U, use; S, source.
I. Nonfarrn nonfinancial corporate business, nonfarm noncorporate business, and farm business.
2. Excludes employee retirement funds.
3. Commercial banking, savings institutions, and credit unions.
4. Bank personal trusts and estates, money market mutual funds, mutual
funds, closed-end funds, government-sponsored enterprises, federally related
mortgage pools. issuers of asset-backed securities, finance companies, mort-

14 0.9

-.5
-.5

9.1

-3.2

1 4 0.9

7 5 6.6
67.4
23 5.4

3.6
-.3
11.3
-1 7.7
9.2
.2
-6.9

2 5 4.9

-.]

33 4.8
13.7

1,9 2 8.4
1,27 1.3
6 57.1

17 5.6

57.8

1,894.2
2,0 53.4
673.1
3 2 1.0

3 8.6

-77.0
3 87.8

-2.7
5 2.6

-6.4

7 5.0
4 0.7
1 1.7

1 53.2
17 5.6

6.3

5 2.9
29 6.8

Rest of
the world

Total

17.8
7 0.6
-5 2.8

2.5

Credit market instruments ....... -1 2 5.4
7.0
Open market paper ...........
Treasury securities ........... -2 09.7
2 8.3
Agency securities ............
2 4.3
Municipal securities ..........
27.5
Corporate and foreign bonds ..
Bank loans n.e.c.8 ••••••••••••
Other loans and advances .....
-2.9
Mortgages ...................
Consumer credit .............
j
Corporate equities .............. -49 0.2
Mutual fund shares ............. 2 2 2.9
Trade credit ....................
5 1.6
Security credit ..................

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Federal Reserve Bank of St. Louis

7.1

Life insurance reserves ..........
Pension fund reserves ...........
Taxes payable ..................
Investment in bank personal
trusts ......................
Equity in noncorporate business
Miscellaneous ..................

4 5.
4 6.

s
7 4 5.9
49 2.1
2 53.8

4. Gross investment (5 + 1 2) ..........
5. Capital expenditures ..............
6. Consumer durable goods ........
7. Residential construction .........
8. Nonresidential plant and
equipment .................
9. Change in inventories ...........
IO. Gross government investment ...
1 1. Access rights from federal
government ...............

1 5.

State and local
governments 2

23.1
23.2
-.]

-1 03.3
2 1.5
-2 1 5.3
2 1.1
3 2.8
20.6
9.5
5.4
1.2

-.9

.4
3 1.3

3 69.3
.7
1 07.4

29.9

7 69.6
13.7
23.2
-.]

7 1.4
90.7
1 07.3
6 8.7
3 4 2.1
5 2.5

3 1 2.5
19.9
139.4
49.6

5 6.9
3.7

86.8
1 6.8

46.7
8.5
-2.0

-4 8 8.9
2 29.5
4 1.1
5 1.6

-] 1 4.4

6 4.2

4 1.3

8 2.1
3 6.8

2.8
.0

1 0.2
.0

5 2.9
29 6.8
-2.6

.4
3 1.3
9.1

7 5.0
4 0.7
3 0 0.3

2 2.7
13 4.8

1 8 6.3

1 5 2.8

3 4.3

-1 1 4.0

gage companies, real estate investment trusts, security brokers and dealers, and
funding corporations.
5. Numbers in parentheses refer to numbered lines.
6. SOR, special drawing right.
7. RPs, security repurchase agreements.
8. n.e.c., not elsewhere classified.
. . . Not applicable.
Components may not sum to totals because of rounding.
• In absolute value, greater than zero and less than $5 0 million.

Overview of the Accounts

I .-Continued
Financial sectors
I

Monetary
authority

i
I

Depository

institutions 3

Insurance companies
and pension funds

institutions 4

21.3
30.6
-9.3

54.2
19.7
34.4

2.8
.3
2.5

All other financial

All
sectors

Total

147.2
104.2
43.0

69.0
53.6
15.4

1.0
.3

-12.3
16.6

82.5
31.1

26.8
63.1

98.1
111.0

16.6

31.1

6.9
56.2

6.9
104.1

Instrument
discrepanc1es
:

2,216.5
1,375.6
841.0
2,247.2
2,164.4
673.1
327.9
860.7

-30.7
52.1

67.4
235.4
.0
.7
38.8

38.1

-28.9
472.6

501.5

51.4
421.4

369.9

-36.2
1,270.8

1,307.0

-12.9
2,203.6

2,216.5

82.8
3,640.5

3,557.7

-82.8
-82.8

!
Memo:
National
saving
and

investment
2,075.6
1,375.6
700.1

I.
2.
3.

1,909.5
2,164.4
673.1
327.9
860.7

4.
5.
6.
7.
8.

67.4
235.4

9.
10.
II.

-254.9
369.3
624.2

12.
13.
14.

-1.5

15.

-.5
.6

-.5

16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

-1.6

6.1
30.1
-2.3
25.3
7.1

6.1
1.5
1.5
.2

-25.5
11.4
-.9
4.6
7.7
219.6

4.7

11.7

-.5
.6
.1
4.5
17.9

4.7
-13.8
22.1

I 1.7
30.9
12.1

17.9
17.4
34.1

2.3

1.2

87.1

-.8

38.3
.0
39.8
-1.5

336.3
-1.2
3.6
75.1
2.5
17.9
129.3
.3
112.3
-3.5

66.0
3.3

230.4
16.9
36.8
15.3
4.9
144.7

3.2
8.5

72.4
223.7
54.9

106.6

5.1

235.6
-7.8
36.3
36.8

.8
.6

23.9
3.5
35.4

-27.7

42.8

2.7

21.7

1.2

1.8

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Federal Reserve Bank of St. Louis

104.1
66.4

168.9

26.7
-61.3

43.7

.5
48.0
-.5
29.9
18.7
219.6
157.6

107.4
-19.4
41.5
-3.2
29.9
14.8
219.6
157.6

-.6
107.4
-19.9
-6.6
-2.7
-3.9

26.

29.0

28.1

31.7

115.2

55.7

115.2

656.5
127.1
18.7
53.2
31.3
75.3

578.1
163.4

1,261.5
142.7
99.0
142.0
38.7
238.0
129.3
75.9
344.5
51.3

644.3
166.7

1,470.7
184.1
23.2
212.7
71.4
345.4
129.3
l02.2
349.9
52.5

1,470.7
184.1
23.2
212.7
71.4
345.4
129.3
102.2
349.9
52.5

27.
28
29.
30.
31.
32.
33.
34.
35.
36.

-8.6
265.1
5.7
73.3

-81.8
265.1
82.9
IIO.I

-81.8
265.1
98.0
110.1

IS.I

37.
38.
39.
40

52.6
265.5
5.5
75.0

52.9
296.8
-2.6
75.0

52.9
296.8
14.6
75.0

17.2

18.0
305.8

40.7
848.3

40.7
593.4

-254.9

52.6
265.5
2.9

1.8

157.6

-19.4
41.5
-3.2
29.9
14.8
219.6
157.6

212.8
184.I
JO.I
.0
7.8
14.0
265.1
5.7
73.3

342.9
35.6
39.1
58.5

.9
75.0
229.6
42.2

18.0
91.3

361.7
49.l

212.8
207.9
13.6
35.6
7.8

-30.7

59.5

-30.7

41.
42.
43.
44.
45.
46.
166.2

47.

Guide to the Flow of Funds Accounts, Volume 1

Simplified flow of funds matrix, 1997
Billions of dollars

Item

I.
2.
3.
4.
5.
6.
7.
8.

Gross saving
Gross investment
Capital expenditures
Net financial investment ............
Net acquisition of financial assets
Net increase in liabilities .
Discrepancy 1 • • ••••••••••
Total 2 •

! Domestic non financial
I
sectors
:
1

Use

Source

. . .

1,9 28.4

1.8 94.2
2.05 3.4
-15 9.2
81 2.7
34.3
2,900.3

Use

Source

254.9

140.9

. .

9 71.9

. .

2,900.3

1. For each sector or group of sectors, the discrepancy equals
gross saving (line I) less gross investment (line 2).
2. For columns showing uses of funds, line 8 equals the sum of
rows 3, 5, and 7; for columns showing sources of funds, line 8
equals line 1 plus line 6.

uses) over its borrowing from other sectors
(its financial sources). The inclusion of a dis
crepancy row ensures that total sources and
total uses of funds for each sector are equal. In
table 1, discrepancies for individual instru
ment items appear in a separate column. The
sum of the instrument discrepancies equals the
sum of the sector discrepancies.
The matrix framework is useful in analyz
ing actual or hypothetical economic events, an
exercise that illustrates that the effects of eco
nomic events may spread widely through the
economic system. For example, one develop
ment of recent years is the growing participa
tion of households in the U.S. stock market
through investment in mutual funds. If an
analyst who prepares the accounts wanted to
trace _the likely effects of an increase in pur
chases of mutual fund shares by individuals
during a particular quarter, he or she would
enter this change in table 1 as an increase
in the value shown in line 38, mutual fund
shares-in the uses column for the households
and nonprofit organizations sector and in the
sources column for mutual funds. At this
point, the uses of funds for the households and
nonprofit organizations sector would be
greater than its sources; believing, perhaps,
that the purchase of mutual fund shares had
been financed from individuals' cash balances,
the analyst would enter a change equal in
amount but opposite in sign to the line for
checkable deposits and currency in the uses
column. After this change, although the sec
tor's sources and uses of funds would balance,
there would be an imbalance in the checkable

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Federal Reserve Bank of St. Louis

Rest of the world

254.9
6 24.2
-114.0
510.2

36 9.3
. . .

510.2

Financial sectors
Use
98.1
111.0
-1 2.9
2,20 3.6
4 9.1
2,36 3.7

Source
14 7.2

2,216.5

. .

2,36 3.7

Total
Use
2,24 7.2
2,164.4
8 2.8
3,640.5
- 30.7
5,7 74.2

Source
2,216.5

3,55 7.7
5,7 74.2

Components may not sum to totals because of rounding.
. . Not applicable.

deposits and currency instrument line because
uses would be smaller than sources. In the
flow of fund accounts, no information is
shown for checkable deposits and currency
held by mutual funds because it is assumed
that the amounts mutual funds take in from
sales of fund shares are immediately put to
work purchasing other financial assets. The
sellers of these other financial assets might
now show increases in their holdings of check
able deposits and currency, however, balanc
ing that particular instrument category. In such
an exercise, the analyst might judge what
would be the location of each successive
change and would continue to enter adjust
ments until equality was restored between the
sources and uses of funds for all the sector and
instrument categories. The analyst's decisions
about where to make the adjustments might be
based on previous econometric analysis of the
financial behavior of the various sectors, or
the analyst might use varying assumptions
about the size or location of changes in order
to see the ultimate results.
This type of analysis can be performed for
other economic events as well-for example,
when changes in interest rates induce corpora
tions to restructure their debt, or when regula
tory changes lead commercial banks to alter
the mix of their loans and security holdings.
When the economic event is hypothetical, or
when an analyst wants to determine the prob
able future effects of an actual event, the sub
sequent changes in individual "cells" of the
matrix can be estimated; the process of balanc
ing the matrix becomes an exercise in macro-

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Federal Reserve Bank of St. Louis

Overview of the Accounts

economic simulation to determine whether
there is consistency in financial markets. In
tracing the course of actual events, on the
other hand, shifts in markets and the resulting
adjustments that balance the matrix are con
stantly in process; the task of those who pre
pare the flow of funds accounts is to discover
where the changes have taken place. In such
an instance, an analyst might compare the
recorded values in the matrixes for the time
periods before and after an event and note all
the changes, using statistical techniques to
discover which of the new values were related
to the event being studied.

Relationship to the national income
and product accounts
As the financial counterpart to the NIPA, the
flow of funds accounts relate transactions in
financial markets to nonfinancial activities in
the economy by showing the uses to which
saving is applied and the means by which
tangible investment is financed. The discus
sion in the previous section noted that saving
is a nonfinancial source of funds. Each sector
in the economy has some form of current
income or receipts: Households receive per
sonal income from the sale of their labor ser
vices and from nonwage sources such as inter
est and rental payments, unincorporated pro
prietors' income, and dividends from cor
porations; businesses, including financial busi
nesses, earn revenues from the sale of goods
and services and earnings from assets, such as
security holdings; and governments receive
tax payments, fees for services, and social
insurance contributions.
Each sector likewise makes current outlays;
for example, households consume goods and
services, businesses pay wages and incur other
expenses, and governments spend for defense,
education, and other purposes, leaving (apart
from adjustments) saving as the residual com
ponent of income. In the tables in the Z.1
statistical release, each domestic-sector table
shows the sector's saving, and in some cases
total income before expenditures, as calcu
lated in the NIPA. For conceptual reasons, a
small portion of total saving in the NIPA is
reallocated among the sectors in the flow of

funds accounts. When saving is aggregated
across all sectors in the accounts, however, it
is equal to national saving as published in the
NIPA except for certain identifiable differ
ences that are discussed below. In this way,
saving as presented in the flow of funds sector
tables can be thought of as a disaggregation of
national saving.
The differences between the total of na
tional saving as presented in the flow of funds
accounts and in the NIPA are summarized in
table 3, which, like table 2, aggregates the
1997 data shown in the tables in part 2. Gross
private saving (line 1) is larger in the flow of
funds accounts than in the NIPA, by $781 bil
lion. The first element of the difference,
-$111 billion (line 2), results from a shift of
saving-credits from life insurance and pen
sion funds for government employees-from
the federal government and state and local
government sectors to the households and
nonprofit organizations sector, making it an
element of gross private saving. The federal
government component equals the change in
U.S. government liabilities for life insurance
reserves and pension fund reserves for federal
employment and railroad retirement; the state
and local government component is the
change in total liabilities (equal to the change
in total assets) of state and local government
employee retirement funds. Moving these
financial flows to the households and non
profit organizations sector results in consistent
treatment of private-sector and public-sector
insurance and retirement saving in the flow of
funds accounts; all of these reserves are finan
cial assets of the households and nonprofit
organizations sector. 1
The second element of the difference
between the total of national saving in the
flow of funds accounts and in the NIPA is the
difference in treatment of consumer durable
goods, reflected in the calculation of both
gross saving (line 4) and gross private domes
tic investment (line 5).2 In the NIPA, house
hold outlays for durable goods, $673 billion in
1. In October 1999, the allocation of pension and insur
ance reserves in the NIPA was changed and now corre
sponds closely to the allocation in the flow of funds
accounts.
2. Examples of consumer durable goods are automo
biles, furniture, computing equipment, and boats.

Guide to the Flow of Funds Accounts, Volume 1

Gross saving and investment in the flow of funds accounts and the national income and product accounts,
1997

Billions of dollars
Item
I.
2.
3.
4.

Gross private saving .......
Gross government saving ...
Capital grants to the U.S. ...
Gross saving ..............

5. Gross private domestic investment ..........
6. Gross government investment ......
7. Net foreign investment .....
8. Gross investment ............
9. Statistical discrepancy (line 4 less line 8) ....
10. Private wage accruals less disbursements ....
11. Statistical discrepancy in international
transactions ...........................

! Flow of funds
accounts
(FOF)

National
income
and product
accounts

1,9 22.2
15 3.4
.0
2, 0 7 5.61

1, 14 1.7
26 4.6
1, 4 0 6.3

7 8 0.6
-111.2
.0
6 69.4

1,9 3 6.1

1, 25 6.0

6 8 0.1

228.3

23 5.4

-7.1

-25 4.9
1,909.5

-14 0.9
1, 3 5 0.5

-114.0
5 59.0

16 6.2
3.7

5 5.8

110.3
3.7

I. Amount differs from total in table 2 by foreign sector saving.
. . . Not applicable.

1997, are classified as personal consumption
expenditures on goods that are consumed dur
ing the period in which they are purchased. In
the flow of funds accounts, in contrast, pur
chases of durable goods are considered capital
investment expenditures because durable
goods provide services for a longer period of
time than the current period and because to a
significant degree they provide services that
otherwise would be provided by businesses
through their purchases of equipment; more
over, they are often financed by debt. Conse
quently, (1) saving by households is adjusted
upward in the flow of funds accounts by the
total of durable goods purchases, and national
saving is larger in the flow of funds accounts
than in the NIPA by this amount; and (2) total
investment by the households and nonprofit
organizations sector in physical goods
includes the expenditures on durables. (No
imputation of income is made to households
from the flow of services from durable goods.)
The other differences in gross saving
between the flow of funds accounts and the
NIPA are less significant. One of these differ
ences is the treatment of the U.S. allocation of
special drawing rights (SDRs), which in the
NIPA is considered a capital transfer from
abroad but in the flow of funds accounts
appears only as an adjustment in the level of

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Difference

-114.0

Source of difference
Lines 2 and 4
Credits from government insurance
Omitted from FOF flows
Lines 3, 5, and 10
Consumer durable goods and purchases
of access rights from the federal
government
Sales of access rights by the federal
government
Lines 3 and 11
Lines 5 , 6 , and 11
Lines 10 and 11
Omitted from FOF flows
FOF line 7 is based on capital flows
rather than on current-account
balance

Calculations may not yield differences shown because of
rounding.

U.S. holdings of SDRs.3 The most recent allo
cation of SDRs occurred in 1981, and this
difference between the NIPA and the flow of
funds accounts has been zero since then.
Another item, private wage accruals less dis
bursements, is included in the NIPA but is
excluded from the flow of funds accounts
except as an element of the nonfinancial dis
crepancy series, a balancing item shown in the
detailed matrix.
Table 3 illustrates that in addition to the
differences between the NIPA and the flow of
funds accounts in the values for gross saving,
there are also differences between the two sets
of accounts in the values for gross investment.
One reason is the difference in the treatment
of consumer durable goods, discussed above.
Another reason is that measures of the contri
bution of the rest of the world sector to gross
investment in the NIPA and in the flow of
funds accounts differ by the amount of the rest
of the world sector discrepancy. This discrep
ancy is a result of two factors. First, differ-

3. SDRs are a special class of reserve asset, created by
international agreement, that can be used only by mone
tary authorities and certain international organizations to
settle international reserve transactions. SDRs are free
standing assets that do not represent a liability of any
specific foreign country or international organization.

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Overview of the Accounts

ences exist between the NIPA data and the
balance of payments data used in the flow
of funds accounts as a result of revisions
and differences in timing; second, the NIPA
exclude economic activity in U.S. possessions,
whereas the balance of payments accounts
include it.
Another difference between investment in
the NIPA and in the flow of funds accounts,
this one in the figure for gross private domes
tic investment, shown in line 5, is due to the
treatment of access rights sales by the U.S.
government (specifically, net sales of leases
on the Outer Continental Shelf lands and pro
ceeds from auctions of the broadcast fre
quency spectrum), a series that in the NIPA
is not considered investment. In the flow of
funds accounts, this item is considered a sale
4.

of a capital item by the U.S. government and
is entered as a negative capital expenditure for
the sector, -$7 billion for 1997. The same
amount is entered as a positive capital expen
diture for the nonfarm nonfinancial corporate
business sector. When capital expenditures are
added for all sectors to obtain total gross
investment, the two amounts offset each other.
Table 4 shows the allocation of components
of saving and investment in the NIPA among
flow of funds sectors. The allocation reflects,
in part, differences between the NIPA and the
flow of funds accounts in definitions of sec
tors: Saving and investment by corporate
farms are in the nonfarm nonfinancial corpo
rate business sector in the NIPA, but they are
in the farm business sector in the flow of funds
accounts; state and local governments and

Allocation of NIPA saving and investment among sectors included in the flow of funds accounts, 1997
Billions of dollars

Item

SAVING

I.
2.
3.
4.
5.

Personal saving .
+ Undistributed corporate profits .
+ Corporate inventory valuation adjustment .
+ Corporate capital consumption adjustment .
+ Private consumption of fixed capital .

6.
7.
8.
9.
I 0.
11.

+ Government consumption of fixed capital .
+ Private wage accruals less disbursements
+ Federal government surplus
+ State and local government surplus .
+ Capital grants to the U.S.
= Gross saving, NIPA basis .

12. + Consumer durable goods
13. + Federal government insurance and
pension fund reserves .
14. + State and local government
pension fund reserves
15. - Items not in FOF'
16. = Gross saving. FOF basis .
17. - Consumption of fixed consumer
durable goods capital . .
18. - Private consumption of fixed capital
19. - Government consumption of fixed capital
20. = Net saving. FOF ...
21.
22.
23.
24.
25.

INVESTMENT

Residential construction
+ Nonresidential plant and equipment
+ Change in business inventories .
+ Gross government investment .
= Gross domestic investment. NIPA basis .

26. + Consumer durable goods
27. + Access rights from federal government ...
28. = Gross domestic investment, FOF basis .

Total

121.1
213.2
6.9
76.7
720.2

Household
sector 1

121.1

123.8

Nonfinancial business
Corporate

166.0
6.9
81.6
412.6

Nonfarm
noncorporate

56.2

Farm

Government
State
and
local 2

244.9

48.2

.3
23.3

-5.3
104.2

673.1

.o
.o

31.7

134.1
667.1

56.2

Items
Financial not
in
sectors
FOF
Federal

-1.0

81.1

151.6
3.7
-21.1
134.1
.0
1,406.3

22.6

215.2

70.6

3.7

-21.1
49.5

147.2

-79.5
667.1

56.2

22.6

503.8
123.8

412.6

56.2

23.3

401.6

254.5

-.7

135.6

17.8

81.1
54.6

70.6
-52.8

147.2

1()4.2
43.0

327.9
860.7
67.4
235.4
1,491.4

282.4
43.6

2.5
613.2
59.9

36.2
74.3
3.2

25.4
4.3

326.0

675.6

113.6

29.8

175.6
175.6

59.8
59.8

111.0

673.1
.0
2.164.4

999.0

7.1
682.7

113.6

29.8

175.6

-7.1
52.6

111.0

673.1

Norn. NIPA, national income and product accounts; FOF, flow
of funds accounts.
I. Includes nonprofit organizations.
2. Excludes employee retirement funds.

.0
3.7

-31.7

79.5
3.7
2,075.6 1,029.2
503.8
720.2
151.6
700.1

6.9
104.1

3. Line 15 equals line 7 plus line 10.
Components may not sum to totals because of rounding.
Not applicable.

3.7

Guide to the Flow of Funds Accounts, Volume 1

state and local government retirement funds
constitute a single sector in the NIPA, but they
are two distinct sectors in the flow of funds
accounts. Total gross saving, flow of funds
basis (line 16), is calculated by adding expen
ditures on consumer durable goods (line 12) to
NIPA gross saving and deducting items not
included in flow of funds saving (line 15),
which in this case total about $4 billion.
Lines 13 and 14 show the reallocation of a
portion of government saving to the house
holds and nonprofit organizations sector
described earlier; the reallocation does not
affect total gross saving. Finally, the deduction
of consumption of fixed capital (lines 17, 18,
and 19) results in net saving (line 20).
The lower part of table 4 shows the alloca
tion of the components of investment from the
NIPA among flow of funds sectors. Gross
domestic investment in the NIPA differs from
that in the flow of funds accounts by the same
amount of consumer durable goods expendi
tures (line 26) that was added to saving in
line 12. The sales of access rights by the U.S.
government to nonfarm nonfinancial corpora
tions are shown in line 27. The inclusion of
government consumption of fixed capital in
line 19 and government investment in line 24
reflects recent changes in the treatment of
government expenditures by the NIPA.

Monthly debt aggregate
In 1983 the Federal Open Market Committee
(FOMC) established a monitoring range for
the growth of credit market debt of the domes
tic nonfinancial sectors. This "debt aggre
gate" replaced bank credit as part of the infor
mation that the Federal Reserve Board reports
to the Congress twice a year as required by the
Full Employment and Balanced Growth Act
of 1978 (the Humphrey-Hawkins Act).4 In
response to the decision by the FOMC, a
monthly form of the debt aggregate was devel
oped using data from the flow of funds
accounts; since then, data from the series have

4. The legislative requirement that the Federal Reserve
Board submit the semiannual monetary policy reports
expired in late 1999, but in the omnibus budget bill passed
at the end of the congressional session of that year, the
reporting requirements were extended to May 15, 2000.

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been published in the Federal Reserve Board's
weekly H.6 statistical release, "Money Stock
and Debt Measures."
The flow of funds measures reported in the
tables of outstandings in the Z.1 release are
levels at the end of a quarter or a year, whereas
the debt aggregate, like the monetary aggre
gates, is reported as an average level outstand
ing during a month or quarter. The FOMC's
monitoring range for the debt aggregate
applies to growth, from the fourth quarter of
the previous year to the fourth quarter of the
current year, in the average amount of debt
outstanding.
Construction of the debt aggregate involves
several steps. First, a month-end debt series is
prepared. Monthly data are available for sev
eral components of the total-federal debt,
consumer credit, commercial paper, municipal
debt issuance, and finance company loans to
business. Monthly data for portions of the
other components are also available; the miss
ing portions of these series are estimated.
The second step in constructing the debt
aggregate is to adjust the month-end series for
statistical discontinuities, or breaks, in the
data. A break occurs when the sample changes
or when the series is revised to incorporate
new benchmark data, is revalued to market
prices, or is redefined. Both the month-end
and quarter-end data for credit market debt of
domestic nonfinancial sectors contain such
breaks. (The chapter on data characteristics
discusses breaks in data in more detail.)
To remove a discontinuity from the month
end debt series, staff members of the Flow of
Funds Section review the reasons for the break
and work the amount of the break into the
flow data (and the levels data) gradually over
an appropriate period immediately preceding
the discontinuity period. If specific informa
tion about the pattern with which the break
should be incorporated in the series is not
available, the break amount is worked into the
series by calculating the compounded rate at
which the level would have to grow (or shrink)
over a predetermined period to reduce the
break amount to zero. The monthly levels are
then adjusted over the intervening period,
maintaining the pattern that existed by moving
the levels up (or down) gradually between the
starting and ending points up to the amount of

Overview of the Accounts

the break. Flows are then calculated as the
first differences of the newly constructed lev
els. An instance of this process occurred in
1989, when responses to a new question on a
survey regularly conducted by the Federal
Reserve Board revealed that $8 billion in secu
ritized consumer credit receivables had not
previously been reported. The series was
adjusted upward by the $8 billion in January
1989, which meant that the series contained a
break of that amount for that month. Because
consumer credit had been securitized with
regularity since 1984, the $8 billion was

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worked into the figures for 1984 through 1989,
creating a new break-adjusted month-end
series.
The final step in constructing the debt
aggregate is to prepare the month-average
series. The month-average series is calculated
as the average of consecutive months in
the series after the series has been adjusted for
breaks. For example, the debt aggregate
reported for January is the average of end-of
December and end-of-January figures. It is
this monthly series that is published in the H.6
statistical release.

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Organization of the Accounts

The richness of the flow of funds accounts
lies, in part, in their detailed presentation of
economic sectors and financial instruments.

Sectors
In the accounts, the economy is divided into
thirty sectors, such as households and non
profit organizations, federally related mort
gage pools, and life insurance companies. (As
noted, two additional summary sectors exist,
one for the total of the three business sectors
and the other for the total of the four commer
cial banking sectors.) For purposes of analy
sis, the sectors can be combined into broader
groups, as shown in diagram 1. The nonfinan
cial business group, for example, is made up
of three sectors-nonfarm nonfinancial cor
porate business, nonfarm noncorporate busi
ness, and farm business. This group, together
with two other sectors-the households and
nonprofit organizations sector and state and
local governments, excluding employee retire
ment funds-form the domestic nonfinancial
nonfederal group; the federal government is
added to obtain the domestic nonfinancial
group. The combined debt of this latter group,
discussed earlier in the section on the monthly
debt aggregate, is monitored by the Federal
Open Market Committee because it is one
indicator of the effect of monetary policy. The

rest of the world sector is added to the domes
tic nonfinancial group to form the nonfinancial
group.
The financial sectors are shown in lines 8
through 30 in diagram 1. The commercial
banking group encompasses four banking sec
tors (lines 9 through 12); savings institutions
(line 13) and credit unions (line 14) form the
thrift institutions group, which is added to the
commercial banking group to form the deposi
tory institutions group. Retirement funds
for state and local government employees
(line 19) constitute a separate sector in the
financial group, although state and local gov
ernments themselves are a nonfinancial sector.

Instruments
The large number of instrument categories in
the flow of funds accounts provides additional
detail. Instruments can also be combined
into analytically useful groups, such as those
shown in diagram 2. One group, for example,
is credit market instruments; it is important
because the transactions carried out through
these instruments are the ones besides equities
that take place in organized financial markets.
A description of each sector or instrument
category appears before its corresponding
table in part 2.

Guide to the Flow of Funds Accounts, Volume 1

Diagram 1.

Sector groupings in the flow of funds accounts

I. Households and nonprofit
organizations
2. Nonfann nonfinancial corporate
business
3. Nonfann noncorporate business
4. Fann business

Nonfinancial
business

Domestic
nonfinancial
nonfederal

Domestic
nonfinancial

Nonfinancial

5. State and local governments,
excluding employee
retirement funds
6. Federal government
7. Rest of the world
8. Monetary authority
9.
10.
II.
12.

U.S.-chartered commercial banks
Foreign banking offices in the U.S.
Bank holding companies
Banks in U.S.-affiliated areas

13. Savings institutions
14. Credit unions
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.

Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government employee
retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities
Finance companies
Mortgage companies
Real estate investment trusts
Security brokers and dealers
Funding corporations

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]

Commercial
banking

Depository
institutions

Thrift institutions

Financial

Organization of the Accounts

Diagram 2.

Financial instrument categories in the flow of funds accounts

I. Gold and official foreign exchange holdings
2. SDR certificates
3. Treasury currency
4.
5.
6.
7.
8.

Interbank transactions

Open market paper
Commercial paper
Bankers acceptances
Treasury securities
Savings bonds
Other Treasury issues
Agency securities
Issues by federal agencies
Issues by government-sponsored enterprises
Issues by federally related mortgage pools
Municipal securities and loans
Corporate and foreign bonds
Bank loans not elsewhere classified
Other loans and advances
Loans from the U.S. government
Foreign loans to U.S. corporate business
Customers' liability on acceptances
Savings institution loans to business
Policy loans on life insurance
Loans from government-sponsored enterprises
Loans held by issuers of asset-backed securities
Finance company loans to business
Total mortgages
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages
Consumer credit

38. Corporate equities
39. Mutual fund shares
40. Life insurance reserves
41. Pension fund reserves
42.
43.
44.
45.
46.
47.
48.
49.

Monetary reserves

U.S. deposits in foreign countries
Checkable deposits and currency
Time and savings deposits
Money market mutual fund shares
Federal funds and security repurchase agreements

9. Net interbank transactions
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.

]

Trade credit
Security credit
Taxes payable by businesses
Investment in bank personal trusts
Proprietors' equity in noncorporate business
Total miscellaneous financial claims
Identified miscellaneous claims I, II
Unidentified miscellaneous claims

50. Sector discrepancies
51. Instrument discrepancies

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Credit market instruments

Equity issues

Insurance and pension fund reserves

Other claims

Discrepancies

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Uses of the Accounts

Information from the flow of fur.Js accounts is
used in many ways to describe and analyze
economic and financial developments in the
United States. For example, data from the
accounts figure prominently in, Federal
Reserve Board reports to the Congress, such
as the semiannual monetary policy reports
and the 1988 study Markets for Small
Business- and Commercial-Mortgage-Related
Securities. Flow of funds data are also cited
in analytical studies reported in the monthly
Federal Reserve Bulletin and in academic
journals, newspapers, and financial market
newsletters.
The following description of several key
financial developments in the U.S. economy is
based on information from the flow of funds
accounts and illustrates the use of the accounts
in understanding the course of events. 1 Nearly
all the data in the charts and the two tables that
accompany the description are from the flow
of funds accounts. A note at the bottom of
each chart lists, for each data series in the
chart, (1) the table in which the series appears
(L preceding the table number denotes a table
containing levels data; F, a table containing
flow data; and B, a table from the sector
balance sheets; the flow tables are explained
in part 2 of this Guide), (2) the line number of
the series, and (3) the computer code for the
series. (For an explanation of the computer
codes, see the chapter on series codes in
part 2.)

I. Most of the material in this description has been
discussed elsewhere, typically in greater detail, and the
intention is not to present an alternative analysis or an
exhaustive survey. Nonetheless, this brief history offers a
perspective that may be of some interest on its own. The
material updates that in the 1993 Guide.

Overview of U.S. credit flows
since 1972
U.S. financial markets and the relationship
between financial transactions and economic
activity have changed in dramatic ways over
the past quarter-century. Economists fre
quently summarize the relationship between
production and financial activity with broad
measures; one such measure is the ratio of the
debt of the domestic nonfinancial sectors
governments, businesses, and households-to
the value of the nation's output, gross domes
tic product, expressed in nominal terms (that
is, in current prices). The ratio was relatively
stable during the period before 1982 (chart 1).
Between 1982 and 1990, however, debt
expanded at a much faster pace than the nomi
nal value of output. The explosion was espe
cially striking for nonfinancial corporations,
for which the replacement of equity by debt
I.

Domestic nonfinancial debt as a percentage
ofGDP, 1952:Ql-1998:Q2

Percent

180

160

140

1952

1962

1972

1982

1992

From the Z. I release: Table L.2, line I (series fl384 I 04005.q),
divided by table F.6, line I (fa086902005.q), multiplied by I 00.
See part 2 for an explanation of series codes.
In this and subsequent charts, shading indicates periods of
recession as defined by the National Bureau of Economic
Research.

Guide to the Flow of Funds Accounts, Volume 1

led to an unprecedented restructuring of the
capital base. Households and governments
also borrowed heavily, with individuals
increasing their mortgage and consumer-credit
indebtedness and governments issuing more
debt securities.
The slowing of debt growth that accom
panied the economic recession in 1990 was
nearly as dramatic as the rise. The effort by
borrowers during and immediately after the
recession to reduce debt-servicing burdens by
borrowing less, refinancing existing debt with
obligations that carried lower interest rates or
longer maturities, and issuing equity has been
cited as both a cause and a result of the slow
pace of economic recovery in 1991 and 1992.
The economic expansion since 1992 has
been accompanied by relatively stable debt
growth in the aggregate but divergent patterns
in economic sectors. Federal government bor
rowing slowed as the deficit shrank, and a
budget surplus in 1998 brought with it the first
yearly contraction in federal debt in nearly
thirty years. The debt of businesses and house
holds accelerated as purchases of all types of
goods and services expanded. Meanwhile, the
debt of state and local governments contracted
for several years before turning up in 1997.
The channels through which credit makes
its way to borrowers have changed substan
tially. In the 1970s, depository institutions2.

Growth of domestic nonfinancial debt and
depository credit, 1953:QJ-1998:Q2
Percent

6
+
0

1952

1962

1972

1982

1992

Debt-From the Z.1 release: Table F.2. line I (series
fa384 I 04005.q). divided by table L.2. line I (fl384 I 04005.q.
lagged one quarter), multiplied by I 00. Credit-From the Z.1
release: Sum of table F.109, line 43 (fa764004005.q), table F.114,
line 8 (fa444004005.q). and table F.115, line 7 (fa474004005.q)
divided by the sum of table L.109, line 39 (fl764004005.q, lagged
one quarter), table L.114, line 6 (fl444004005.q, lagged one quar
ter), and table L.115, line 5 (fl474004005.q, lagged one quarter),
multiplied by I 00. Data are four-quarter moving averages.

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commercial banks, savings and loan asso
ciations, mutual savings banks, and credit
unions-were the predominant lenders in the
economy, and the growth of their loan and
security portfolios approximately matched the
expansion of the debt of the nonfinancial sec
tors (chart 2). But in the 1980s, the role of
depositories began to decline in importance;
the assets of savings and loan associations, for
example, dropped nearly 40 percent between
the end of 1988 and the end of 1992 as many
institutions failed. By 1994, the growth of
credit provided by depositories again about
matched that of overall debt growth, but the
share of total credit supplied continued to be
less than that recorded in the 1970s and 1980s.
In contrast, life insurance companies, pen
sion funds, and mutual funds have become
increasingly important channels for financial
intermediation. Moreover, new types of secu
rities, backed by pools of loans (particularly
home mortgages) or receivables, have cap
tured a growing segment of the credit markets.

The rise and fall of debt
The change in total debt relative to the
nation's output is one of the more striking
macroeconomic financial developments of the
postwar period. The ratio of domestic non
financial debt to nominal GDP had fluctuated
within a relatively narrow band for most of the
period between the mid-1950s and 1982, aver
aging about 135 percent. Private-sector bor
rowing tended to move up and down in tan
dem with business activity, reflecting the use
of credit to finance purchases of consumer
durable goods, investment in equipment and
inventories, and construction activity of all
types. Federal government borrowing, on the
other hand, was largely countercyclical: Defi
cits tended to widen during recessions because
tax revenues weakened and expenditures to
support declining incomes increased; eco
nomic expansions generally strengthened
the government's budgetary position. Thus,
changes in the growth of private and public
debt had largely offset one another.
The stable ratio of debt to income prompted
some economists in the late 1970s and early
1980s to suggest that monetary policy should
target a broad credit aggregate in place of, or

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Uses of the Accounts

alongside, the monetary aggregates. As noted
in the earlier discussion of the monthly debt
aggregate, the Federal Open Market Commit
tee in 1983 began setting a monitoring range
for domestic nonfinancial debt.2 At about the
same time, this debt aggregate began rising
much more rapidly than GDP, with the ratio
approaching 200 percent by the end of the
1980s. The ratio again flattened in the early
1990s, but at the new, elevated level; since
then it has fluctuated in a narrow range around
183 percent.
No single factor appears to explain the
sharp upturn in relative debt growth in the
1980s. Most explanations that have been
offered refer to a combination of factors,
including reduced costs to businesses and
households of financial leveraging, change in
the regulatory environment for depository
institutions, a broadening of credit markets to
encompass foreign sources, and new technolo
gies that enhanced the exchange of informa
tion and spurred the development of new
instruments to control economic risk. These
factors appear to have affected the borrowing
habits of governments, businesses, and house
holds in different ways and at different times,
leading most analysts to focus on events in
individual sectors.
A major component of the growth of non
financial debt in the 1980s was the ballooning
of the deficits of the federal government
during the period of economic expansion.
Between 1972 and 1979, federal government
debt increased, but its growth was slower than
the growth of nominal GDP. Beginning in
1980, however, the step-up in the size of
federal government deficits, which reflected
unprecedented changes in tax laws, a buildup
in national defense, and growth in social wel
fare programs, pushed the federal government
debt up at double-digit rates.
At its peak at the end of 1997, federal
government debt held by the public totaled
$3.8 trillion, nearly six times the level at the
beginning of 1980 (chart 3). However, federal
deficits shrank dramatically during the last
years of the decade, and with the budget
2. From 1979 to 1982, the FOMC monitored bank
credit, which is narrower than the debt aggregate and is
composed of assets rather than forms of debt.

Federal debt and deficit, 1974-97

Billions of dollars

3,000

400

1,500

200

1985

1990

1995

Debt-From the Z. l release: Table L. I 06, line 15 (series
fl314102005.a). Deficit-Series from Monthly Treasury Statement
of Receipts and Outlays of the United States Government, table 3,
Summary of Receipts and Outlays of the U.S. Government, con
verted to annual rate, with sign reversed.

recording a surplus in 1998, federal borrowing
returned to a countercyclical mode.
The uptrend in the debt of the federal gov
ernment relative to GDP in the 1980s was not
accompanied by offsets in the nonfederal sec
tors. For example, net issues of tax-exempt
securities, most of which are offered by state
and local governments, showed no slackening.
To the contrary, net issuance was especially
strong in the middle of the decade; many
governments and related entities issued large
volumes of debt securities in anticipation of
proposed federal tax legislation that would
restrict offerings of public- and private
purpose bonds (chart 4). (Subsequently, such
restrictions were in fact enacted.)
Later in the 1980s and in the early 1990s,
growth of the debt of state and local govern4.

Net issuance of tax-exempt debt
by all borrowers, 1972-97

Billions of dollars

180
120
60
+

1984

1990

From the Z. l release: Table F.211, line I
(series fa253162005.a).

1996

Guide to the Flow of Funds Accounts, Volume 1

ments was buoyed by increasing fiscal pres
sures. Financial support from the federal gov
ernment diminished and revenue growth from
these governments' own sources slowed at the
same time demand for services such as Medi
caid, corrections, and education was rising
rapidly. With operating accounts squeezed,
state and local governments apparently funded
an increasing proportion of their capital spend
ing through borrowing.
The debt of the state and local government
sector also surged because many governments
found it advantageous to "advance refund"
obligations that had been issued at higher
interest rates. Such advance-refunding of debt
was matched by increases in financial assets,
as the funds raised were typically used to
purchase SLGS (state and local government
series), which are nonmarketable U.S. Trea
sury securities with maturities tailored to
match the first call date of the bonds that the
governments refund.
The buildup of municipal debt was partly
reversed in the mid-1990s. Over a three-year
period beginning at the end of 1993, state and
local government debt contracted by nearly
$105 billion, or 9 percent of the total outstand
ing, as securities refunded in advance of their
maturity dates were retired. By the end of the
decade, however, municipal debt was again
rising smartly as state and local governments
took advantage of favorable financial condi
tions to fund infrastructure construction and
other capital projects.
For the business sectors, debt growth has
tended to exceed the growth of nominal GDP
during the postwar period; the difference grew
with the economic expansion of the 1980s,
declined just before and during the recession
in 1990, and again strengthened over the
expansion. Borrowing by nonfinancial corpo
rations in the 1970s appears to have been
closely tied to the difference between their
capital outlays for buildings, equipment, and
inventories and their internal cash flow. This
so-called financing gap is plotted in chart 5,
along with net new borrowing of all nonfinan
cial corporations.
As chart 5 suggests, corporations altered
their financing activities in unprecedented
ways in the mid-1980s, when borrowing
greatly exceeded the financing gap. The addi-

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5. Credit market borrowing and financing gap,
nonfinancial corporations, I 972:Q l-1998:Q2
Billions of dollars

320
240
160
80
+
0
80
1973

1978

1983

1988

1993

1998

Borrowing-From the Z.l release: Table F.I 02, line 37 (series
fa104104005.q). Financing gap-From the Z.l release: Table
F. I 02, line 58 (fa I 05005305.q).

tional borrowing was associated with a large
number of mergers, acquisitions, and other
types of corporate restructurings, some of
them financed with "junk" bonds-below
investment-grade debt issues. The mirror
image of the rise in corporate borrowing
was an unprecedented retirement of equity:
Between 1984 and 1990, nonfinancial corpora
tions withdrew nearly $650 billion worth of
equity (chart 6).
By the end of the decade, businesses had
reversed the earlier buildup in financial lever
age. Indeed, the drop in borrowing was so
precipitous that the outstanding debt of the
nonfinancial corporate business sector at the
end of 1991 was actually lower than it had
been at the end of 1990. Net equity issuance
turned positive in 1991 and remained so in
1992.
With interest rates on long-term debt declin
ing, businesses also moved aggressively to
6. Net issuance of corporate equities, 1972-97
Billions of dollars

40
+
0
40
80
120
1972

1978

1984

1990

From the Z. l release: Table F. I 02, line 36
(series fa I 03164003.a).

1996

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Federal Reserve Bank of St. Louis

Uses of the Accounts

Short-term debt as a percentage of credit
market debt, and bond yields, nonfinancial
corporations, 1972:Q I-I 998:Q2

Percent

1983
1973
1978
1988
1993
1998
Short-term debt-From the Z.1 release: Table L. I 02, line 43
(series fll04!40005.q), divided by line 21 (fll04104005.q). Baa
corporate bond yield-Moody's Investors Service average yield
to maturity on selected long-term seasoned corporate bonds rated
Baa, all industries. Short-term debt comprises loans and short
term paper.

restructure their balance sheets in other ways.
By issuing bonds at a near-record pace, corpo
rations were able to reduce their debt service
through replacement of bonds that carried the
higher interest rates of the 1970s and 1980s
and to reduce obligations that had shorter
maturities, such as bank loans and commercial
paper. By the end of 1993, the ratio of these
generally shorter-term obligations to total cor
porate debt had fallen to its lowest level since
the end of 1979 (chart 7).
The growth of business debt climbed
steadily with the economic expansion of
the 1990s. The higher levels of borrowing
8.

Debt of the household sector as a percentage
of disposable personal income,
I 959:Q l-l 998:Q2

Percent

w%
m

Total
household
debt
i

80
60
40

1960

1966

1972

1978

1984

1990

1996

Total household debt-From the Z. l release: Table L. I 00, line
26 (series fl154102005.q), divided by table F. I 00, line 3
(fa!560!2005.q), multiplied by 100. Home mortgages-From the
Z. I release: Table L. I 00, line 27 (fl 153165105.q), divided by
table F.100, line 3 (fal560l2005.q), multiplied by 100.

reflected in part a widening of the financing
gap, especially in 1997 and 1998. But borrow
ing was also boosted by a flood of mergers
and acquisitions, which, along with a high
level of stock repurchases, resulted in an even
larger contraction in equity and a resurgence
of the issuance of junk bonds.
The rise of debt relative to income began
earlier for the household sector than for the
business and government sectors. The ratio of
household debt to disposable personal income
had turned up noticeably by 1977, and the rise
was interrupted only briefly by the economic
recessions of the early 1980s and then again
in 1990-91 (chart 8). Borrowing backed by
real estate, that is, mortgage loans to purchase
homes or to tap equity in homes, accounted
for the bulk of the pickup in the overall debt
of the household sector. Because the prices of
homes were rising considerably on average
from the mid-l 970s to the mid-l 980s, the
amount of mortgage debt outstanding rela
tive to the market value of owner-occupied
real estate changed little during that period
(chart 9)-no doubt reducing the perceived
risk of the added debt to both borrowers and
lenders. When the rise in home prices slowed
in the second half of the 1980s, however, the
ratio of mortgage debt to the value of real
estate increased sharply, although the absolute
amount of equity in homes continued to rise
(chart 10).
Like businesses, households cut their bor
rowing in the 1990-92 period. Consumer
credit, which is frequently used to purchase
automobiles and other consumer durable
goods, actually contracted in 1991 and
changed little in 1992. As was the case for
other sectors, however, growth of such credit
picked up as household employment and
income rose and outlays for consumer goods
and services of all types increased. Beginning
in 1993, households reacted to declining inter
est rates, especially falling mortgage interest
rates, by restructuring their debt. Refinancings
of mortgages served a number of purposes,
including lowering monthly payments and
enabling borrowers to consolidate debts by
using cash from proceeds to pay down con
sumer credit, which typically carries relatively
short maturities and higher interest rates than
those on mortgage debt. By the end of the

Guide to the Flow of Funds Accounts, Volume I

10.

Home mortgage debt as a percentage of the
value of owner-occupied real estate, 1946-97

Equity in owner-occupied homes, 1972-97

Trillions of dollars

Percent

4
40

1946

1956

1966

1976

1986

1972

1996

1984

1990

1996

From the Z.1 release: Table B.100, line 4
(series fl155035015.a), less line 34 (fl 153165105.a).

From the Z. l release: Table B.100, line 34 (series
fl153165105.a), divided by line 4 (fl l 55035015.a), multiplied
by 100.

decade, household debt as a proportion of
disposable personal income was about 98 per
cent, compared with about 85 percent in 1990.
Nonetheless, because households restructured
their debt to longer maturities and interest
rates declined, the ratio of servicing payments
to income in 1998 was at about the same level
as in 1990.

Table 5 provides a broad picture of this
evolution. Depository institutions were the
major suppliers of funds in the United States
in the 1960s and 1970s, holding nearly half
the credit market debt. With the shrinkage of
the savings and loan industry and increased
competition from other types of financial insti
tutions, the share held by depository institu
tions dropped to less than 30 percent in the
early 1990s. The slack was taken up by other
financial sectors, including entities that issue
debt securitized by individual loans. For
example, home mortgage lending increasingly
was financed by the issuance of securities
backed by a pool of loans. Although deposi
tories became major holders of these so-called
mortgage-backed securities, other lenders also
purchased them, thereby widening the market
for mortgage loans.

Sources of credit
The past twenty-five years also have seen a
significant evolution of financial intermedia
tion. The interaction of changes in regulation,
changes in tax law, international competition
in financial services, and the development
of new types of financial instruments has
changed the way saving flows are channeled
to investments.
5.

1978

Credit market funds, by type of supplier, 1960-98
Percentage of total outstanding, average during period
Supplier

1960-69

1970-79

1980-89

1990-98

Depository institutions ... . . ... .. ..
Commercial banking institutions
Thrift institutions ...... ..

43
27
16

46
29
17

38
24
14

26
19
7

Nondepository institutions
Insurance companies
....
Pension funds . . . . . .. . ... . . . . . . .
Mutual funds (including money market mutual funds)
Government-sponsored enterprises and mortgage pools .
Other financial sectors 1 ••

30
14
5
I
2
8

32
12
5
I
4
10

38
10
6
4
8
10

48
11
7
7
12
11

Nonfinancial sectors 2 •••••••••••••

I. Monetary authority, bank personal trusts and estates, issuers
of asset-backed securities, finance companies, mortgage compa
nies, real estate investment trusts, security brokers and dealers,
and funding corporations.

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2. Households and nonprofit organizations; nonfinancial business; state and local governments. excluding retirement funds;
federal government; and rest of the world.
SOURCE. Flow of funds accounts, Z.I statistical release,
table L.1.

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Uses of the Accounts

Life insurance companies and pension
funds (private funds and funds for state and
local government employees) together have
accounted for approximately the same per
centage of credit supplied over the past two
decades. Pension funds, however, have
become particularly important providers of
equity capital. In the 1990s, they have held
about 25 percent of total corporate equities,
almost double their share in the 1970s
(table 6).
6. Corporate equities, by holder, 1960-98

Percentage of total market value, average during period
Holder

I 1960-6911970-79 I 1980-89 1990-98

Households and
nonprofit
organizations ..
Rest of the world .. ·
Insurance
companies .....
Pension funds ...... 1;
Mutual funds ....... I
Other' .............

82
2
6
5
2

61
4

5
14
5
II

52
6

5
24
5
8

48
7
5
24
12
4

1. State and local governments excluding employee retirement
funds; commercial banking institutions; savings institutions; bank
personal trusts and estates; and security brokers and dealers.
SOURCE. Flow of funds accounts. Z.I statistical release,
table L.213.

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Data Characteristics and
Production Procedures
This chapter describes characteristics of the
data in the flow of funds accounts and dis
cusses procedures for seasonally adjusting and
estimating the data.

Time series
The data in the accounts are maintained as
economic time series, that is, as sets of obser
vations of economic variables collected at
regular time intervals, with one observation
for each period. All series begin in 1945.
Through 1951, only annual data are available.
Quarterly data for the accounts are available
from 1952 onward. When time series are cre
ated for new financial instruments or new sec
tors, values for periods before the start of
activity are assumed to be zero, and when a
financial instrument no longer exists (for
example, deposits in the Postal Savings Sys
tem, an item that was discontinued in 1985),
the item is carried at zero from then on to
facilitate compilation of the accounts; thus, a
complete time series exists for every item in
the accounts. Annual series corresponding to
each quarterly series also exist through the
latest complete year covered by the accounts.

Flows and levels
The flow of funds accounts are published in
both flow and levels versions; most flow tables
have a corresponding levels table. A flow vari
able is one that shows an amount of change
over a period of time. Personal income-the
amount individuals earn during a particular
period of time, such as a week, month, or
year-is a flow variable, as are the net acquisi
tion of government securities and borrowing
from banks.

A level, also referred to as a stock variable,
or an outstanding, shows a value at a particu
lar point in time. The balance in an individu
al's checking account at the end of a particular
day is a level. Holdings of equities by house
holds at the end of a quarter and commercial
mortgage debt outstanding at commercial
banks are other examples of levels.
The tables in part 2 of this Guide show the
flows reported in the accounts for 1997. Many
series exist as both flows and levels; some
series, however, exist only in flow form. In
many cases, data collected from reports or
other sources for use in the accounts are in
levels form; staff members of the Flow of
Funds Section calculate the flows from these
series, taking account of changes in value or
series breaks where appropriate.

Series breaks
Data for many flow series in the flow of funds
accounts are found by calculating changes in
levels between two periods. In some instances,
however, the change in the level does not
equal the flow; the difference between the
change in the level and the flow is called a
"series break." One reason for differences is
that some series are shown at market value
rather than at book value (that is, historical
cost). For series shown at book value, the flow
ordinarily equals the change in the level; for
series shown at market value, the change in
the level between two periods is seldom equal
to the flow. For example, corporate equities
that are held as assets are valued in the
accounts on a market-value basis, and the
level for any period differs from that for the
previous period by the flow, or net issuance,

Guide to the Flow of Funds Accounts, Volume 1

plus the change in market value, that is, the
capital gain or loss.
A second reason the change in a level may
not equal the flow is that the levels series may
contain a discontinuity. A discontinuity arises
when the group of institutions that constitute
a universe changes, when institutions change
the reports they use, when a series is restated
at another basis of valuation, or when the
series definition is changed.
Some series, such as holdings of corporate
equities, have series breaks for virtually every
period, but most series rarely have such
breaks. A series that is a sum of several others
or that is calculated as a residual will have
series breaks for the periods during which any
of their component series have them.

Periods of coverage
The levels that appear in the flow of funds
accounts are the values outstanding for the
series on the last day of the period, and the
flows are the changes from the last day of one
period to the last day of the next period. In this
respect the data in the accounts differ from
those that appear in a number of other Federal
Reserve publications, which show data as
average values during the period.
The quarterly flow of funds publications
cover the three-month periods ending in
March, June, September, and December, as do
NIPA figures. Tables of annual values out
standing give figures as of the last day of the
year, which are the same as the fourth-quarter
levels. Annual flows are the total of the four
unadjusted quarterly flows for the year; they
are equal to the sum of the four seasonally
adjusted quarterly flows at annual rates
divided by four.

flow of funds accounts when they are released.
Occasionally, data for new sectors or new
financial instruments are introduced into the
accounts as a result of developments in finan
cial markets, and the data may be included in
aggregates such as credit market debt or
broader financial instrument categories; these
totals are then revised to the extent that non
zero values exist for the new items for earlier
time periods. The introductory material in
each quarterly Z.1 release reports changes in
the structure of the accounts and significant
revisions appearing for the first time.

Seasonal adjustment
In the Z.1 release, quarterly flows are pre
sented at seasonally adjusted annual rates.
Seasonal adjustment is the application of a set
of statistical procedures to an economic time
series to remove the effect of regular variation
of data within the year. Many series show
seasonal variation. For example, individuals
regularly increase their use of consumer credit
at certain times of the year as they make
holiday or other seasonal purchases. Chart 11
illustrates the effect of seasonally adjusting
the quarterly series for consumer credit liabili
ties of households in the flow of funds
accounts for the years 1976 through 1997. The
plot of the unadjusted series shows the sharp
drop in credit use in the first quarter of each
year. When the recurring seasonal movements
are removed from the data, as shown in the
plot of seasonally adjusted data, changes in
the data that are related to nonseasonal factors,

11.

Total consumer credit borrowing, 1976-97
Billions of dollars

Revisions

Revisions to time series in the flow of funds
accounts are incorporated when they become
available. In practice, most revisions apply to
fairly recent periods, but in some cases they
cover longer spans of time. For example, each
year the NIPA are revised for the most recent
three years, but periodically a longer-term
benchmark revision is published by the BEA;
the revisions are fully incorporated into the

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Federal Reserve Bank of St. Louis

15
+
0
15
1976

1981

1986

1991

1996

From the Z. I release: Table F. I 00, line 42 (seasonally adjusted
data, series fa I 53 I 66000.q; unadjusted data, fu I 53 I 66000.q).

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Data Characteristics and Production Procedures

such as the business cycle and long-term
trends, can be seen more clearly.
Data at seasonally adjusted annual rates
are calculated by multiplying the seasonally
adjusted quarterly flow figures by 4. These
data at annual rates are an estimate of the
annual total should the series continue at the
same rate for the entire year. The use of annual
rates allows comparison of the data for a par
ticular quarter with data for entire years or
with data for other periods of different length
expressed at annual rates.
The flow of funds data are seasonally
adjusted using the X-11-ARIMA procedure
developed by Statistics Canada. 1 The proce
dure first models the data using one of several
ARIMA (autoregressive integrated moving
average) models. It then extrapolates unad
justed data one year forward and backward at
the ends of the series and seasonally adjusts
the new, longer series using the X-11 seasonal
adjustment method, which smooths the series
by sequentially calculating several kinds of
moving averages. 2 The extrapolation step in
the X-11-ARIMA results in better estimates
for current periods than those produced by the
X-11 procedure alone. An additive adjustment
is used on flow of funds series, and the output
of the procedure is a set of seasonal factors for
each series that are added to the unadjusted
flow data to obtain the seasonally adjusted
flows.
In the flow of funds accounts, levels data
are not adjusted, and not all flow series are
adjusted. The decision to seasonally adjust a
flow series is made at the time of an annual
review of the accounts and the procedures for
calculating the data. As part of this process,
staff members of the Flow of Funds Section
perform the F-test for the presence of stable
seasonality from the X-11-ARIMA procedure
on all the basic inputs in the flow of funds
database, including unpublished intermediate
series, to determine whether the data for a
series exhibit statistically significant seasonal
1. Estela Bee Dagum, The X-11-ARIMA Seasonal
Adjustment Method (Ottawa: Statistics Canada, February
1980).
2. Julius Shiskin, Allan H. Young, and John C. Mus
grave, "The X-11 Variant of Census Method II Seasonal
Adjustment," Technical Paper 15, rev. (U.S. Department
of Commerce, Bureau of the Census, 1967).

variation and whether the seasonal variation is
stable over the most recent period, usually the
past ten years. If the F-test indicates that a
series has a stable seasonal pattern over the
period in question, at a 5 percent level of
significance, the behavior of the series is fur
ther examined by an economist who regularly
follows the subject matter of the series to
determine whether the series should in fact be
adjusted.

Interpolation
Some of the information used for the flow of
funds accounts is produced or published
by the original sources only as annual data.
Before the annual data can be used in the
accounts, they must be converted to quarterly
form. Staff members of the Flow of Funds
Section do this using a variety of methods,
including the development of econometric
models for the series and judgmental analysis.
Two simple methods that are cited in the
tables in this Guide are the K-L method and
the ratio method.

K-Lmethod
The K-L method is an interpolation procedure
that creates quarterly values based on the
behavior of the series in preceding and subse
quent years. 3 The method involves the follow
ing formulas:
QUI, = (llAU,_ 1 + SAU, +1

6N, + 32)/64

QU2, = (9AU,_1 + 1AU,+ 1

ION,+ 32)/64

QU3, = (1AU,_1 + 9AU,+1

ION,+ 32)/64

QU4, = AU, - QUI, - QU2, - QU3,

where QUi is the unadjusted flow for the ith
quarter; t is the period or year in question; AU
is the annual flow to be interpolated; and N is
calculated as

3. The K-L method is named after Hyman Kaitz and
Maurice Liebenberg, former statisticians at the Depart
ment of Commerce who developed a similar method of
converting annual data to quarterly values.

Guide to the Flow of Funds Accounts, Volume I

Amounts outstanding, or levels, are calculated
as follows:
QIA,-1 = ALI-I
QLJ, = QIA,_1 + QUI,
QL21

= QLI, + QU2,

QL31 = QL21 + QU3,
QIA, = ALI

where QLi is the level for the ith quarter and
AL is the level at the end of the year in
question for the annual series to be interpo
lated. For series that have breaks resulting
from statistical discontinuities or revaluations
(see the section above on series breaks), the
breaks are retained by performing the K-L
procedure separately on the flows and on the
first differences of the levels and then chang
ing the levels by the amount of the interpo
lated first differences (but retaining the inter
polated flows). (Alternatively, the amount of
the break can be inserted manually in a par
ticular quarter so that the discrepancy affects
only that period.)
The quarterly series derived by the K-L
method display smooth intra-year movements
that are based on the earlier and subsequent
annual movements. The procedure requires no
additional information and is suitable for cal
culating values for a large number of series
at the same time. A deficiency of the K-L
method is that quarterly movements in the
created series do not necessarily reflect
changes resulting from economic conditions.

Ratio method
In the ratio method, the series is first calcu
lated as a proportion of an annual total flow or
of the year-end level for a related annual series
for which quarterly data are also available
(referred to as the "base" series); a separate
proportion, or ratio, is calculated for each year.
The quarterly values in the base series are then
multiplied by the yearly ratio to obtain quar
terly values for the series being interpolated.
Series for consumption of fixed capital pro
vide an example. Only annual data are avail-

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able for consumption of fixed nonresidential
equipment and structures capital by financial
institutions. However, quarterly data are avail
able for total private consumption of fixed
capital, which can serve as the base series.
The ratio of consumption of fixed capital in
the series in question to that in the base series
is calculated for each year, and the quarterly
values are obtained by multiplying the calcu
lated ratios by the quarterly value for total
private consumption of fixed capital.
The formulas for calculating the ratio are as
follows:
R, = A,l(BQJt + BQ2I + BQ3, + BQ41)

for a flow series

R, = A,IBQ4,

for a levels series

AQJ, = R1BQJ1
AQ2, = R1BQ21
AQ31 = R1BQ31
AQ4, = R1BQ41

or
AQ4, = A, -AQJ, -AQ2, -AQ3,

where R is the value of the ratio, A is the
annual total for the series to be interpolated,
BQi is the value of the base series for the ith
quarter, and the values for AQi are the quar
terly values that result from the procedure. For
flow series, the sum of the four values for AQi
may be slightly different from the annual flow
(A,) because of rounding errors; to eliminate
this problem, the flow value for one quarter
can be calculated as a residual. The ratio for
the preceding year is used for current quarters
when data for the entire year of the base series
are not yet available.
Data calculated using the ratio method must
be reviewed carefully when the base series
reflects economic events that might distort the
results. For example, in past years BEA has
made large adjustments to total private con
sumption of fixed capital in the NIPA because
of damage caused by hurricanes. In cases like

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Data Characteristics and Production Procedures

this, it may not be appropriate for all series
that are calculated as a proportion of the base
series to show a similarly large change.

Extrapolation
In some instances-when data are available
only with a long lag, when the publication
schedule for a source does not coincide with
that of the flow of funds accounts, or when a
temporary estimate is needed for a series value
that will arrive late-staff members of the
Flow of Funds Section estimate the data for
current quarters. For series that exhibit little
variation over a year, or whose current behav
ior is not well known, an extrapolation proce
dure is available to estimate current values.
The estimates are based on the past behavior
of the series.
The formulas for calculating seasonally
adjusted flow values by this procedure are as
follows:
fs, = (4fs,_ 4 + fs,_ 8 - 2fs,_ 12)/3
fa, = 4[(7(fa,_ 1 + fa1 _2)l
- (3(fa,_ 3 + fa,_4)) + 4)/32

Ju, = fa,14 - fs,
where fs is the seasonal factor, equal in past
time periods to the seasonally adjusted flow at

quarterly rates less the unadjusted flow; fa is
the seasonally adjusted flow; Ju is the unad
justed flow; and t is the period or quarter in
question.

Valuation
Data published in flow of funds tables are
stated in nominal, or actual, dollar amounts;
no data are presented in "real" terms (that is,
adjusted for the effects of inflation). Flows are
stated at the prices at which transactions take
place. In tables of values outstanding, corpo
rate equities are shown at market value, and
data series that include holdings of corporate
equities reflect the market valuation of the
equities components. (Examples of series with
equities components are insurance and pen
sion fund reserves, total financial assets of
sectors that hold equities, and mutual fund
shares. Table B.100.e, "Balance Sheet of
Households and Nonprofit Organizations with
Equity Detail," a supplementary table not cov
ered in this Guide that appears at the end of
the Z.1 release, shows direct and indirect hold
ings of equities by the households and non
profit organizations sector.) Almost all series
other than equities are shown at book, or his
torical, value.

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Part2

Derivation of the
How of Funds Accounts

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Format ofthe Tables

Line numbering and subentries
As noted in part 1, the tables in this part of
the Guide correspond to the flow tables in
the Federal Reserve Board's Z.l statistical
release. Each line in the Z.1-called a "main
line" or a "main series" here-appears in the
tables in this Guide in boldface type with the
same line number as in the Z.1.
Subentries to a main line ("sublines")
identified by the number of the main line plus
a letter or letters, for example, 2a-are, in
most cases, series that are components of the
main line. The explanation of the main series,
which appears in the rightmost column of the
table, lists all the component series that enter
into its calculation. If, however, a component
series also appears as a subline earlier in the
same table or as a main line elsewhere in the
table, the explanation for the main line cites
the line number of the component series, but
the component series itself does not appear as
a subline. Therefore, the sublines to a main
line do not necessarily constitute all the com
ponents of the main series.
Also, because some calculations begin with
a total and then subtract component series to
obtain the series in question, and because
some lines are calculated as percentages of
other lines, series shown as sublines are not
necessarily conceptual subcategories of the
main line under which they appear. Sublines
appear in approximately the same order as the
sector and instrument categories to which they
refer in the Z.l release-for example, sublines
for the households and nonprofit organizations
sector appear before sublines for the business
sectors.

Terminology
The terminology used in the tables to refer to a
series varies somewhat depending on the cir-

cumstances. For example, series that represent
assets of a sector may be identified as being
"assets of," "held by," "receivable by," or
"owed to" that sector. Similarly, liabilities
may be identified as "liabilities of," "debt
of," "owed by," or "payable by" the sector.
Loan borrowings are "loans to" the sector,
and other sources of funds are "funds raised
by" or "equity issuance" by the sector. For
example, "commercial mortgages held by
state and local government employee retire
ment funds" are assets of the sector. The
tables in the Guide deal with flow (rather than
levels) magnitudes, and the identification for
most series indicates the nature of the flows:
Series obtained by differencing the values out
standing at the end of successive quarters are
referred to as the "change in" the particular
item; series obtained directly as flow data are
referred to as "purchases of' or "issuance of'
the item, sometimes with further specification
for net or gross flows. All series from the
NIPA and many series from tables for interna
tional transactions of the United States are
'
however, identified by the name of the item
with no reference to a type of flow; thes;
items are flow series only and have no corre
sponding levels.

Dollar values
Data in the tables and in electronic files are
expressed in billions of dollars. An asterisk
is shown for non-zero values of less than
$50 million. An entry of ".O" indicates that
the value is exactly zero.

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Series Codes

Each data series in the flow of funds accounts
is identified by a computer retrieval code, or
mnemonic. The codes have a systematic
structure-nine digits preceded by a two-letter
prefix and followed by a period and a one
letter suffix. The tables in this part of the
Guide, and in most other printed versions of
the accounts that include the codes, show only
the nine-digit portion of the code or, in some
places, the last eight of the nine when the first
digit is zero. (The tables reproduced from the
Z.1 release at the beginning of the descriptive
tables show the "fa" prefix described below.)
The code for net acquisition of financial assets
by the households and nonprofit organizations
sector, fa154090005.q, is used as an example
in the following detailed description of the
structure of the codes.
• Prefix-Two letters indicate whether the
series is expressed as flows that are seasonally
adjusted annual rates ("fa"), flows that are not
adjusted ("fu"), or levels ("fl"). Thus, in the
example, the "fa" shows that the data in the
series are seasonally adjusted flows at annual
rates; the series for unadjusted flows for net
acquisition of financial assets by the house
holds and nonprofit organizations sector
would have the same series code, except that
it would have an "fu" prefix. Time series are
also maintained for seasonal factors ("fs")
and, for many series, breaks in individual
series ("fd"), growth rates ("fg"), and
changes in levels ("fr").
• Digits 1 and 2-The first two digits of the
series code indicate the sector to which the
series applies (see accompanying list of sector
codes). In the example, the first two digits, 15,
signify the households and nonprofit organiza
tions sector. Most codes in the household
sector tables begin with 15, but codes indicat
ing other sectors may also appear. The series

for deferred and unpaid life insurance premi
ums, fl543077003.q, for example, is both an
asset of life insurance companies (sector 54)
and a liability of the households and nonprofit
organizations sector. Rather than have two
series for the same item, the same code is used
for both sectors.
• Digits 3 through 8-The next six digits of
the series code indicate the type of transaction
in terms of a financial instrument or category
(see accompanying list of instrument codes).
For financial instruments (which have instru
ment codes beginning 2, 3, or 4), the fourth
digit of the entire series code is 0 for asset
series and 1 for liability series. Digits 3
through 8 of the example, 409000, signify
total financial assets; digits 3 through 8 in the
code for total liabilities would be 419000.
Digits 3 through 8 of the series code for total
financial assets are 409000 for all sectors.
Instrument codes beginning with 5 and higher
signify net financial investment, nonfinancial
items such as saving and investment, and sec
tor discrepancies.
• Digit 9-The final digit of the series code
indicates the seasonal-adjustment or calcula
tion status of the series. Series having codes
ending with O are seasonally adjusted by Flow
of Funds Section staff (see the section on
seasonal adjustment in part 1), and those hav
ing codes ending with 3 are either not season
ally adjusted or, for some series taken from
the NIPA, an unadjusted flow is not available
and the adjusted flow at quarterly rates is used
for the unadjusted flow. The final digit can
also indicate that the series is taken from the
NIPA or the balance of payments accounts
(many of these series have codes ending in 1)
or that the series is calculated from other
series in the flow of funds accounts, in which
case the code ends with 5.

Guide to the Flow of Funds Accounts, Volume I

• Suffix-Series codes end with a period and
a letter to indicate the frequency of the data
"a" for annual, "q" for quarterly, and "m"

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for monthly. Thus, the total financial assets
series used as the example is a quarterly
series.

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Series Codes

Sector codes
Sector codes are the first two numerical
digits of each series code; for example, in
the series code fal54090005.q, the first two
digits, 15, indicate that the series applies to
the households and nonprofit organizations
sector.
In the following list of sector codes used
in the flow of funds accounts, numbers in
parentheses give detail on the composition

of the sector groups; for example, the sec
tor group designated by 12, nonfarm busi
ness, is composed of sectors 10 and 11,
nonfarm nonfinancial corporate business
and nonfarm noncorporate business. Some
of the codes shown below are not used in
this Guide because they do not appear in
the tables that are covered here, but they
are found elsewhere in the accounts.

CODE

SECTOR OR GROUP

07
08
09
10
11

Price indexes
Elements of gross domestic product (GDP)
Corporate business
Nonfarm nonfinancial corporate business
Nonfarm noncorporate business

12
13
14
15
16

Nonfarm business (10 + 11)
Farm business
Nonfinancial business (12 + 13)
Households and nonprofit organizations
Nonprofit organizations

17
18
19
20
21

Personal sector (11 + 13 + 15)
Corporate farm business
Private domestic nonfinancial sectors, excluding state and local
governments (14 + 15)
State and local governments
State and local governments, excluding employee retirement funds

22
23
25
26
27

State and local government employee retirement funds
Noncorporate farm business
Domestic nonfinancial nonfederal sectors (19 + 21)
Rest of the world
International banking facilities

29
31
32
33
34

All nonfinancial sectors except federal government (25 + 26)
Federal government
Federal government, excluding the Federal Financing Bank
Federal-related and rest of the world (26 + 31 + 40 + 41 + 71)
Federal Financing Bank

Guide to the Flow of Funds Accounts, Volume 1

Sector codes-continued
CODE

SECTOR OR GROUP

35
36
37

Total mortgage pools
Government (20+31)
Government-related except federally related mortgage pools
(21+31+40+71)
Domestic nonfinancial sectors (25+31)
Nonfinancial sectors (26+38)

38
39
40
41
42
44
47

Government-sponsored enterprises
Federally related mortgage pools
Government-sponsored enterprises and federally related
mortgage pools (40+41)
Savings institutions
Credit unions

49
50
51
54
55

Thrift institutions (44+47)
Funding corporations
Other ( that is, property-casualty) insurance companies
Life insurance companies
Closed-end funds

57
58
60
61
62

Private pension funds and the Federal Employees Retirement System
Thrift Savings Plan
Insurance companies and pension funds (22+51+54+57)
Bank personal trusts and estates
Finance companies
Mortgage companies

63
64
65
66
67

Money market mutual funds
Real estate investment trusts
Mutual funds
Security brokers and dealers
Issuers of asset-backed securities

68
69
70
71
72

Private financial institutions not elsewhere classified
(50+55+60+61+62+63+64+65+66+67)
Private nonbank financial institutions (49+58+68)
Private depository institutions (49+76)
Monetary authority
U.S.-chartered commercial banks

73
74
75
76
77

Bank holding companies
Banks in U.S.-affiliated areas
Foreign banking offices in the U.S.
Commercial banking (72+73+74+75)
Total banking (71+76)

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Series Codes

Sector codes-continued
CODE

SECTOR OR GROUP

78
79
83
84
85

Total private finance (69 + 76)
Total finance (42 + 71 + 78)
Domestic sectors except federal government (25 + 79)
Domestic sectors excluding government-related (19 + 78)
Domestic sectors including federal government (31 + 83)

Private domestic sectors excluding federal-government-related
(25 + 78)
All domestic sectors (89 - 26)
All sectors
Instrument discrepancies
Residual discrepancies

88
89
90
91

Guide to the Flow of Funds Accounts, Volume 1

Instrument codes
Instrument codes are the third through
eighth digits of each series code; for exam
ple, in the series code fa154090005.q, the
third through eighth digits, 409000, indi
cate that the series is for total financial
assets.
Because of the large number of instru
ment codes used in the flow of funds
accounts, only selected codes (generally
those most commonly used) are included in
the following list; other instrument codes
are variations of those listed here and are
used in only a few of the series codes.

For financial instruments-those having
instrument codes that begin with 2, 3, or
4-most of the codes are listed as asset
liability pairs. The second digit of the
instrument code for assets is 0, and the
second digit of the instrument code for
liabilities is 1. For some types of instru
ments, such as small time deposits (instru
ment code 313100), only one variation is
listed because the asset (or liability) cur
rently does not have a corresponding liabil
ity (or asset) series in the accounts.

CODE

INSTRUMENT TYPE

205000
215000

Federal funds transactions and loans made under security
repurchase agreements

301100
311100

International reserves

301200
311200

Treasury currency

301300
311300

Depository institution reserves, excluding vault cash

302000
312000

Checkable deposits and currency

312260

Deposits owed to foreigners

302310
312310

U.S. government transaction deposits

302500
312500

Currency

302700
312700

Other checkable deposits

302800
312800

State and local government transaction deposits

303000
313000

Total time deposits

313100

Small time deposits

303400

Money market mutual fund share holdings

313500

Large time deposits

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Series Codes

Instrument codes-continued
CODE

INSTRUMENT TYPE

313900

Deposit liabilities of savings institutions;
also, nontransaction accounts

313970

Retail repurchase agreements

304000
314000

305000
315000
306100
316100

306110
316110

316140

Life insurance reserves
Pension fund reserves
Total U.S. government securities
Total Treasury securities, excluding U.S. savings bonds
U.S. savings bonds

306170
316170

U.S. government agency securities (issues by federal
agencies, federally sponsored credit agencies,
and federally related mortgage pools); includes
U.S. government loan participations

306200
316200

Municipal securities and loans

306300
316300

306400
316400
306410
316410

306420

306500
316500

306510
316510

306540
316540

306550
316550

306560
316560

Corporate and foreign bonds
Corporate equities and mutual fund shares
Corporate equities
Mutual fund share holdings
Total mortgages
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

Guide to the Flow of Funds Accounts, Volume 1

Instrument codes-continued
CODE

INSTRUMENT TYPE

306600
316600

Consumer credit

306700
316700

Security credit

306800
316800

Bank loans not elsewhere classified; also, foreign loans to
nonfarm nonfinancial corporate business

306910
316910

Commercial paper issued by financial firms; also,
total open market paper

306810
316810

Commercial and industrial loans

306920
316920

Loans by U.S. government and government-sponsored enterprises

306940
316940

Policy loans; also, warehousing advances held by Sallie Mae

306960
316960

Acceptances

307000
317000

Trade credit (debt)

306925
316925

306950
316950

Other loans and advances

Business loans

306970
316970

Commercial paper issued by nonfinancial firms

307600
317600

Insurance or pension fund claims

307800
317800

308000
318000

309000
319000

309100
319100
309200
319200

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Taxes receivable by governments (taxes payable by businesses)
Proprietors' investment in unincorporated business
Total miscellaneous financial claims
Private and non-official foreign deposits; also, Federal Home
Loan Bank deposits
Direct investment; also, equity claims

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Series Codes

Instrument codes-continued
CODE

INSTRUMENT TYPE

309300
319300

Unidentified miscellaneous financial claims

309400
319400
319500

309650

Equity investment in subsidiaries
Insurance reserve liabilities other than life and pension fund
Collateral repayable, supplied to back borrowed securities

400000
410000

Total deposits and currency; also, cash and investments;
also, money market mutual fund assets

400200
410200

Credit and equity market instruments

400400
410400

401000
411000
409000
419000
500000

501100

501200

501300
501900

502000

505000
508000
509000

600010

600600
600710

606000

612000

623100

630000

Credit market instruments, excluding corporate equities
Interbank items
Total financial assets (total liabilities)
Net financial investment
Consumer durable goods
Expenditures on residential construction
Expenditures on nonresidential equipment and structures
Total fixed capital expenditures
Inventory investment
Total capital expenditures
Sector net worth or equity
Gross investment
Gross saving
Net saving
Personal saving
Corporate profits
Dividends
Profit tax accruals
Consumption of fixed capital

Guide to the Flow of Funds Accounts, Volume I

Instrument codes-continued
CODE

INSTRUMENT TYPE

631000

Capital consumption adjustment

690200

Gross domestic product; also, exports

630010

Consumption of fixed capital (alternate code)

690100

Current purchases

690210

Factor income receipts from the rest of the world

690300

690310

700500

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Imports
Factor income payments to the rest of the world
Sector discrepancy

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Abbreviations

The following abbreviations are used in this Guide-and especially in the tables
later in this part-to refer to reports, publications, and organizations that provide
data for the flow of funds accounts. Italicized entries are described in the compila
tion of data sources that follows this list.

ADR

American depositary receipt

BEA
BLM

Bureau of Economic Analysis, U.S. Department of Commerce
Bureau of Land Management, U.S. Department of the Interior

CCC

Commodity Credit Corporation, U.S. Department of Agriculture

CMO

Collateralized mortgage obligation

DOD
DOL

U.S. Department of Defense
U.S. Department of Labor

EDA

Economic Development Administration, U.S. Department
of Commerce

FDIC

Federal Deposit Insurance Corporation
Federal Financing Bank
Federal Housing Administration, U.S. Department of Housing
and Urban Development
Federal Home Loan Bank
Federal Home Loan Mortgage Corporation (Freddie Mac)
Financing Corporation
Farmers Home Administration, U.S. Department of Agriculture
(now part of the Farm Service Agency)
Federal National Mortgage Association (Fannie Mae)
Financial and Operational Combined Uniform Single Report
(of security brokers and dealers)
Flow of funds
Organizational unit within the Federal Reserve Board
that produces the flow of funds accounts
Report on Finances and Operations of Government Securities
Brokers and Dealers
Federal Reserve
Board of Governors of the Federal Reserve System

FFB

FHA
FHLB
FHLMC
FICO
FmHA
FNMA
FOCUS
FOF
FOF Section

FOGS

FR
FR Board

Guide to the Flow of Funds Accounts, Volume 1

FSLIC

Federal Savings and Loan Insurance Corporation

GNMA
GSA
GSE

Government National Mortgage Association, U.S. Department
of Housing and Urban Development (Ginnie Mae)
General Services Administration
Government-sponsored enterprise

HHS
HUD

U.S. Department of Health and Human Services
U.S. Department of Housing and Urban Development

IBF
ICI
IMF
IRS

International banking facility
Investment Company Institute
International Monetary Fund
Internal Revenue Service, U.S. Department of the Treasury

K-L method

Quarterly interpolation method patterned after Kaitz-Liebenberg
procedure developed at the U.S. Department of Commerce

MBS
MMDA

Mortgage-backed security
Money market deposit account

NAIC
NAREIT
NCUA
NIPA
NYSE

National Association of Insurance Commissioners
National Association of Real Estate Investment Trusts
National Credit Union Administration
National income and product accounts
New York Stock Exchange

OTS

Office of Thrift Supervision, U.S. Department of the Treasury

PBGC

Pension Benefit Guaranty Corporation

Q
QFR

Quarter (for example, 1991 :Q4)
Quarterly Financial Report for Manufacturing, Mining,
and Trade Corporations

REFCORP
REIT
REMIC
RTC

Resolution Funding Corporation
Real estate investment trust
Real estate mortgage investment conduit
Resolution Trust Corporation

SBA
SCB
SDRs
SEC
SLGS

Small Business Administration
Survey of Current Business
Special drawing rights
Securities and Exchange Commission
State and local government series (nonmarketable U.S. Treasury
securities held by state and local governments)
Internal Revenue Service Statistics of Income publications

SOI
TIC

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Treasury International Capital Reporting System (now carried out
by the Federal Reserve Board under reimbursement by the
Treasury)

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Abbreviations

TVA

Tennessee Valley Authority

USDA
USIT

U.S. Department of Agriculture
U.S. international transactions tables published in Survey
of Current Business

U.S. Department of Veterans Affairs

X-11-ARIMA

Seasonal adjustment method developed by Dr. Estela Bee Dagum
of Statistics Canada ("ARIMA" stands for "autoregressive
integrated moving average")

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Sources ofData for the Accounts

Data for the flow of funds accounts come from
a variety of government and nongovernment
sources. Many of the data are published and
are readily available to the public; others are
not published formally but are available to the
public upon request; still others, such as data
provided by individual depository institutions
in their financial reports, are obtained from
internal databases maintained by offices within
the Federal Reserve. Some of the data used in
the preparation of the flow of funds accounts

PUBLICLY

are proprietary data purchased from private
companies; some information, from both gov
ernment and private sources, is provided to
the Federal Reserve because it is a public
agency but may not be available to the public.
Listed below are sources of the data used in
the accounts, as cited in this part of the Guide;
the names and addresses of the institutions
that compile or produce the data, and their
Internet addresses if available, are also given.
(Information is as of August 1999.)

AvAILABLE MATERIALS

Actuarial Analysis of 19:xx Operations for Life Insurance Programs Administered by the Depart
ment of Veterans Affairs. Source of information on loans on federal government life insur
ance policies. Available from the Department of Veterans Affairs, Regional Office and Insur
ance Center, Wissahickon Avenue and Manheim Street, P.O. Box 8079, Philadelphia, PA
19101. The Internet address of this Veterans Affairs office is http://www.vaphilly.com.
Agricultural Income and Finance Situation and Outlook Report. Source of information on
checkable deposits and currency held by, and trade debt owed by, the farm business sector.
Available from USDA, ERS-NASS, 5285 Port Royal Road, Springfield, VA 22161.
Summaries of articles and the full text of the report are also available on the Internet at
http://www.econ.ag.gov.
Annual Report of the Board of Governors of the Federal Reserve System. Source of information on
the fixed assets of the Federal Reserve Banks. Available from Publications Services, Board
of Governors of the Federal Reserve System, Mail Stop 127, Washington, DC 20551. The
text of the Annual Report is also available on the Board's Internet site, http://
www.federalreserve.gov (click on "Publications," then on "Reports to the Congress").
Bankers Trust Company (Deutsche Bank). See Independent Consultants Cooperative.
Banking and Monetary Statistics 1941-1970, published in September 1976 by the Board of
Governors of the Federal Reserve System. Source of information on the special adjustment
for cash items bias made to the series for demand deposit liabilities of U.S.-chartered
commercial banks from 1959:Q4 through 1973:Ql. (Volume is out of print.)
A.M. Best Company. Source of tabulations of data from quarterly and annual statements for life
and health insurance companies and property-casualty insurance companies submitted on

Guide to the Flow of Funds Accounts, Volume 1

forms specified by the National Association of Insurance Commissioners. Information on
the company is available from A.M. Best Company, Customer Service, Ambest Road,
Oldwick, NJ 08858-0700 or at http://www.ambest.com.
The Bloomberg Service, on-line data service of Bloomberg L.P. Source of information on price
indexes for government, municipal, and corporate bonds and for international equities and
of information on securitized home equity loans outstanding. Information on the company
is available from Bloomberg L.P., 499 Park Avenue, Floor 15, New York, NY 10022-1240
or at http://www.bloomberg.com.
Census, Bureau of the, Internet site. Source of information on the finances of state and local
governments. The Internet address is http://www.census.gov (click on "Government"
under "Business").
Census of Governments, conducted every five years by the Bureau of the Census (for years ending
in "2" and "7"). Source of information on the finances of state and local governments.
Available from the Superintendent of Documents, Government Printing Office, Washing
ton, DC 20402, and from the Bureau of the Census, Customer Services, P.O. Box 277943,
Atlanta, GA 30384-7943; information on Census products and publications is also available
on the Internet at http://www.census.gov.
"Closed-End Fund Underwritings and Additional Offerings," table provided monthly by ICI;
"Closed-End Fund Outstanding Assets," table provided annually by ICI. Source of data on
closed-end funds. Unpublished data provided by the Investment Company Institute, 1401
H Street NW, Suite 1200, Washington, DC 20005-2148. Year-end data on total assets of
closed-end funds are published on the ICI's Internet site, http://www.ici.org.
Commercial Mortgage Alert, published weekly by Harrison Scott Publications, Inc. Source of
information on the issuance of commercial-mortgage-backed securities. Available from
Harrison Scott Publications, Inc., 5 Marine View Plaza, Suite 301, Hoboken, NJ 070305795. The company's e-mail address is hsp@bellatlantic.net.
"Commercial paper," release published daily on the Internet by the Board of Governors of the
Federal Reserve System, Division of Research and Statistics, Capital Markets Section.
Source of information on commercial paper issued by various sectors. Compiled from data
obtained from the Depository Trust Company. Available on the Board's Internet site at
http://www.federalreserve.gov/releases/CP.
Commercial paper press release, published monthly through September 1997 by the Federal
Reserve Bank of New York, Market Reports Division. Former source of information on
issuance of commercial paper; was available from Federal Reserve Bank of New York,
Public Information Office, 33 Liberty Street, New York, NY 10045-0001. The New York
Reserve Bank's Internet address is http://www.ny.frb.org.
Comprehensive annual financial reports. Source of information on the assets and liabilities of state
and local governments. Available from the controllers' offices or accounting departments
of individual state governments. Many states make information from these reports avail
able on Internet sites; for example, reports for the State of New Jersey are available at
http://www.state.nj.us/treasury/omb.
"Consumer Credit" (G.19 statistical release), published monthly by the Board of Governors of the
Federal Reserve System, Division of Research and Statistics, Financial Institutions Section.

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Sources of Data for the Accounts

Source of information on the consumer debt of households and on consumer credit
extended by various lenders. Available from Publications Services, Board of Governors of
the Federal Reserve System, Washington, DC 20551; also appears on the Board's Internet
site at http://www.federalreserve.gov/releases/G19.
Dagum, Estela Bee, The X-11-ARIMA Seasonal Adjustment Method (Ottawa: Statistics Canada, c.
1980). Source of information on the method used for seasonal adjustment of time series in
the flow of funds accounts. A list of publications by Dr. Dagum can be found by searching
on the Statistics Canada Internet site, http://www.statcan.ca (first click on "Service cen
tres," then on "Libraries where you can access Statistics Canada information," then on
"Statistics Canada Library").
The Depository Trust Company. Source of information on the issuance of commercial paper used
in the Federal Reserve Board's daily Commercial Paper release. The company's address
is Depository Trust Company, 55 Water Street, New York, NY 10041-0056; its Internet
address is http://www.dtc.org.
"Distribution of Investments of U.S. Life Insurance Companies," published quarterly by the
American Council of Life Insurance. Source of information on life insurance companies.
Available from American Council of Life Insurance (ACLI), 1001 Pennsylvania Avenue
NW, Washington, DC 20004-2599. ACLI is a trade association representing legal reserve
life insurance companies. It maintains an Internet site available only to members at
http://www.acli.com.
Economic Indicators of the Farm Sector, "National Financial Summary," published annually

through 1993 by the U.S. Department of Agriculture, Economic Research Service. Source
of information on checkable deposits and currency held by farm businesses and on the trade
debt of farm businesses. Available from ERS-NASS, 341 Victory Drive, Herndon, VA
22070; the Internet address for NASS (National Agricultural Statistics Service) is http://
www.usda.gov/nass.

Employee-Retirement Systems of State and Local Governments. Source of information on state and

local government retirement funds. Part of 1992 Census of Governments; available from
Superintendent of Documents, Government Printing Office, Washington, DC 20402. The
GPO's Internet address is http://www.gpo.gov. Data from this report are also available on
the Bureau of the Census's Internet site, http://www.census.gov (click on "Government"
under "Business").

Fannie Mae, Investor/Analyst Report, published quarterly by Fannie Mae (annual data also
published in Fannie Mae's annual report). Source of information on the assets and liabilities
of Fannie Mae (government-sponsored enterprises sector). Available from Fannie Mae,
3900 Wisconsin Avenue NW, Washington, DC 20016-2892. Information is also available
on Fannie Mae's Internet site, http://www.fanniemae.com (click on "Stockholders").
Farm Credit System, Quarterly Information Statement, published by the Federal Farm Credit
Banks (annual data also published in the FFCB's annual report). Source of information on
the assets and liabilities of Banks for Cooperatives, Federal Land Banks, and Federal
Intermediate Credit Banks (government-sponsored enterprises sector). Available from
Federal Farm Credit Banks Funding Corporation, 10 Exchange Place, Suite 1401,
Jersey City, NJ 07302-3913. Information is also available on the funding corporation's
Internet site, http://www.farmcredit-ffcb.com.

Guide to the Flow of Funds Accounts, Volume 1

Federal Financing Bank monthly statement, from "Federal Financing Bank News," published by
the Department of the Treasury, Office of Public Affairs. Source of information on the
assets of the Federal Financing Bank. Available from Department of the Treasury, Office
of Public Affairs, Washington, DC 20220. The Treasury's Internet address is http://
www.treas.gov.
Federal Home Loan Banks, Statements of Condition, published quarterly by the Federal Housing
Finance Board. Source of information on Federal Home Loan Banks (government
sponsored enterprises sector). Available from the Federal Housing Finance Board, 1777
F Street NW, Washington, DC 20006. The FHFB's Internet address is http://www.fhfb.gov.
FHLBank System Membership Report, provided to the Federal Reserve Board by the Federal
Housing Finance Board. The FHFB's address is Federal Housing Finance Board, 1777
F Street NW, Washington, DC 20006, and its Internet address is http://www.fhfb.gov.
Federal Reserve Bulletin, published monthly by the Board of Governors of the Federal Reserve

System. Source of information on the monetary authority sector, finance companies,
mortgage loans, and U.S. international reserves. Also reproduces information published by
other sources. Available from Publications Services, Board of Governors of the Federal
Reserve System, Washington, DC 20551. A list of publications available from Publications
Services appears on the Board's Internet site at http://www.federalreserve.gov/pubs/
order.htm.

Federal Retirement Thrift Investment Board. Source of information on the assets of the Federal
Employees Retirement System Thrift Savings Plan. The board is located at 1250 H Street
NW, Washington, DC 20005-5985. Annual statements of the Thrift Savings Plan can be
obtained from the board's Internet site, http://www.tsp.gov (click on "Forms & Pubs," then
on "Other Documents," then on "Financial Statements").
"Finance Companies" (G.20 statistical release), published monthly by the Board of Governors of
the Federal Reserve System, Division of Research and Statistics, Financial Institutions
Section. Source of information on finance companies. Available from Publications Ser
vices, Board of Governors of the Federal Reserve System, Washington, DC 20551; also
available on the Board's Internet site at http://www.federalreserve.gov/releases/G20.
Finance companies, Federal Reserve Board quinquennial survey of assets and liabilities; monthly
surveys of a sample of finance companies. Surveys tabulated internally by the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Financial
Institutions Section. Sources of information on the assets and liabilities of finance compa
nies. Articles on several past quinquennial surveys have appeared in the Federal Reserve
Bulletin (the July 1997 issue contains an article on the 1996 survey); estimates of the assets
and liabilities of finance companies based on both quinquennial and monthly surveys
appear in the Federal Reserve Bulletin, table 1.51. The July 1997 article appears on the
Board's Internet site, http://www.federalreserve.gov (click on "Research and Data," then
on "Federal Reserve Bulletin Articles").
Finances of Employee-Retirement Systems of State and Local Governments, published annually

through 1991 by the U.S. Department of Commerce, Bureau of the Census (except every
fifth year, when it was replaced by a volume from the Census of Governments entitled
Employee-Retirement Systems of State and Local Governments; see above). Source of

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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

information on state and local government employee retirement funds. Available from
Superintendent of Documents, Government Printing Office, Washington, DC 20402. The
Census Bureau's Internet address is http://www.census.gov (click on "Government" under
''Business'').
"Finances of Selected Public Employee Retirement Systems," published quarterly by the U.S.
Department of Commerce, Bureau of the Census. Source of information on state and local
government employee retirement funds. Available from Superintendent of Documents,
Government Printing Office, Washington, DC 20402. Data from this report are also
available on Census Bureau's Internet site, http://www.census.gov (click on "Govern
ment" under "Business").
Financing Corporation (FICO), balance sheet, prepared annually by the Financing Corporation.
Source of information on the assets and liabilities of the Financing Corporation
(government-sponsored enterprises sector). Obtained from the Office of Finance, Federal
Home Loan Banks, 11921 Freedom Drive, Suite 1000, Reston VA 20190-5636. The Office
of Finance's Internet address is http://www.fhlb-of.com.
Fixed Reproducible Tangible Wealth in the United States, 1925-89, published approximately every
five years by the U.S. Department of Commerce, Bureau of Economic Analysis. Source of
information on investment in and consumption of fixed capital by the private sectors.
Available from Superintendent of Documents, Government Printing Office, Washington,
DC 20402. The GPO's Internet address is http://www.gpo.gov. Updates for the statistics
appearing in this publication are available from the BEA's Internet site, http://
www.bea.doc.gov (click on "Industry and wealth data" and go to "Tangible wealth").
FOCUS report (Financial and Operational Combined Uniform Single Report), submitted quarterly
to designated examining authorities (stock exchanges and the National Association of
Securities Dealers) by security brokers and dealers. Source of information on the assets and
liabilities of security brokers and dealers. Data tabulated by the Securities and Exchange
Commission, Washington, DC 20549. The SEC's Internet address is http://www.sec.gov.
FOGS report (Report on Finances and Operations of Government Securities Brokers and Dealers),
submitted quarterly to the designated examining authority (the National Association of
Securities Dealers) by security brokers and dealers. Source of information on the assets and
liabilities of security brokers and dealers. Data tabulated by the Securities and Exchange
Commission, Washington, DC 20549. The SEC's Internet address is http://www.sec.gov.
FR Y-9LP Report, Parent Company Only Financial Statements for Large Bank Holding Compa
nies, quarterly report of condition submitted to the Federal Reserve by bank holding
companies. Source of information on bank holding companies. Data tabulated by Federal
Reserve staff. Financial reports of bank holding companies are available on the Federal
Reserve Board's Internet site, http://www.federalreserve.gov (click on "Banking," then on
"Federal Reserve System-National Information Center"); information about the reporting
form is also available on the same location (click on "Reporting Forms").
FR 2416, Weekly Report of Assets and Liabilities for Large Banks, submitted to the Federal
Reserve by large commercial banks. Through 1997:Q2, source of information on commer
cial paper issued by bank holding companies. Data tabulated by Federal Reserve staff.
Information about the form is available from the Federal Reserve Board's Internet site,
http://www.federalreserve.gov (click on "Reporting Forms").

Guide to the Flow of Funds Accounts, Volume 1

Freddie Mac, Consolidated Balance Sheet, published quarterly by Freddie Mac. Source of
information on the assets and liabilities of Freddie Mac (government-sponsored enterprises
sector). Available from Freddie Mac, 8200 Jones Branch Drive, McLean, VA 22102-3110.
Data are also available from Freddie Mac's Internet site, http://www.freddiemac.com.
Government Finances, published annually through 1992 by the U.S. Department of Commerce,
Bureau of the Census, Governments Division. Source of information on state and local
governments. Available from the Superintendent of Documents, Government Printing
Office, Washington, DC 20402. Information on the finances of state and local governments
is available on the Census Bureau's Internet site, http://www.census.gov (click on "Govern
ment" under "Business").
"Gross Flow of Mortgage Loans in the United States," published quarterly by the American
Council of Life Insurance. Source of information on mortgages held by life insurance
companies. Available from American Council of Life Insurance, 1001 Pennsylvania Ave
nue NW, Washington, DC 20004-2599. ACLI maintains an Internet site available only to
members at http://www.acli.com.
JCJ Supplementary Data, published quarterly by the Investment Company Institute. Source of
information on mutual funds and money market mutual funds. Available from the Invest
ment Company Institute, 1401 H Street NW, Suite 1200, Washington, DC 20005-2148.
Statistical data on the activity of mutual funds are available on the ICI's Internet site,
http://www.ici.org.
Independent Consultants Cooperative data on the assets of employee benefit plans, obtained
quarterly from Bankers Trust Company (Bankers Trust Company was acquired in 1999 by
Deutsche Bank). Source of information for current estimates of the assets of private pension
plans. Available from Bankers Trust-Deutsche Bank, Performance Evaluation Department,
Mail Stop 3041, 100 Plaza One, Jersey City, NJ 07311. Deutsche Bank's Internet address is
http://www.deutsche-bank.com.
Inside MBS and ABS, produced weekly by Inside Mortgage Finance Publications. Source of
information on mortgage-backed securities. Available from Inside Mortgage Finance Publi
cations, P.O. Box 42387, Washington, DC 20015-0987; information on the company's
publications is available from its Internet site, http://www.imfpubs.com.
IRS/DOL/PBGC Form 5500, Annual Return/Report of Employee Benefit Plan, submitted to the
Internal Revenue Service by private pension plans. Source of information on the assets and
liabilities of private pension funds. Data provided on tape by the U.S. Department of Labor
and tabulated by the Flow of Funds Section at the Federal Reserve Board. The DOL's
Internet address is http://www.dol.gov; a copy of Form 5500 can be obtained from the
IRS's Internet site, http://www.irs.gov (click on "Forms & Pubs," then on "Forms and
Instructions," then scroll to the line for the form).
IRS Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, submitted to the Internal
Revenue Service by individuals or organizations having financial interest in, signature
authority over, or other authority over one or more financial accounts in foreign countries.
Source of information on the foreign deposit holdings of households. This form and its
associated instructions can be downloaded from the IRS Internet site, http://www.irs.gov
(click on "Forms & Pubs," then on "Forms and Instructions," then scroll to the line for the
form).

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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

Lehman Brothers, Lehman Family of Indices. Former source of information on prices of govern
ment and municipal securities. Available from Lehman Brothers, Fixed Income Research
Department, 3 World Financial Center, New York, NY 10285. Information about this
product is available from the company's Internet site, http://www.lehman.com (click on
"Research," then on "Indices," then on "Monthly Index Package").
Life Insurance Fact Book, appearing in even-numbered years, followed in odd-numbered years by
the Life Insurance Fact Book Update, both published by the American Council of Life

Insurance. Source of information on life insurance companies. Available from American
Council of Life Insurance, 1001 Pennsylvania Avenue NW, Washington, DC 20004-2599.
ACLI maintains an Internet site available only to members at http://www.acli.com.

"Loans Outstanding under Farmers Home Program," made available quarterly by the Farmers
Home Administration. Source of information through 1986 on loans to farmers. Obtained
from U.S. Department of Agriculture, Farmers Home Administration, Finance Office, 1520
Market Street, St. Louis, MO 63103-2696.
The Money Market Directory of Tax-Exempt Organizations, published by Money Market Directo

ries, Inc. (a unit of Standard & Poor's). Source of information on nonprofit organizations.
Available from Money Market Directories, Inc., 320 East Main Street, Charlottesville, VA
22902-5234. Information on the directories is available from the company's Internet site,
http://www.mmdaccess.com.

Monthly Credit Union Estimates, published by the Credit Union National Association. Source of

information on credit unions. Available from CUNA & Affiliates, P.O. Box 431, Madison,
WI 53701-0431. CUNA's Internet address is http://www.cuna.org.

Monthly Statement of the Public Debt, published by the U.S. Department of the Treasury, Bureau

of the Public Debt. Source of information on debt obligations of the U.S. government.
Available from the Superintendent of Documents, Government Printing Office, Washing
ton, DC 20402. This publication is available on the Treasury's Internet site, http://
www.treas.gov (click on "Treasury Bureaus," then on "Bureau of the Public Debt"; the
publication is listed in the section "The Public Debt"). The GPO's Internet address is
http://www.gpo.gov.

Monthly Treasury Statement of Receipts and Outlays of the United States Government (referred to

as the Monthly Treasury Statement), published by the U.S. Department of the Treasury,
Financial Management Service. Source of information on receipts and expenditures of the
U.S. government. Available from the Superintendent of Documents, Government Printing
Office, Washington, DC 20402. This publication is available on the Treasury's Internet
site at http://www.treas.gov (click on "Public Information," then on "Publications"). The
GPO's Internet address is http://www.gpo.gov.

Morgan Stanley equity price index. See The Bloomberg Service.
Muller Data Corporation. See Trepp/PSA CMO data.
MuniView (part of Muller Data Corporation, a subsidiary of Thomson Financial Services Com
pany). Source of data on retirements of municipal securities. Available from MuniView
Company, 395 Hudson Street, New York, NY 10014-7690. Information on the company is
available at http://www.muller.com/about.html.

Guide to the Flow of Funds Accounts, Volume 1

Mutual Fund Fact Book, published annually by the Investment Company Institute. Source of
information on mutual funds and money market mutual funds. Available from the Invest
ment Company Institute, 1401 H Street NW, Suite 1200, Washington, DC 20005-2148.
This publication is on ICI's Internet site, http://www.ici.org.
NAREIT Industry Statistics. Source of information on real estate investment trusts. Available from
the National Association of Real Estate Investment Trusts, 1875 I Street NW, Suite 600,
Washington, DC 20006-5413. Information on services provided by the association can be
found on its Internet site, http://www.nareit.com.
National Survey of Small Business Finances, conducted for 1987 and 1993 by the Board of
Governors of the Federal Reserve System and the U.S. Small Business Administration.
Source of information on the nonfarm noncorporate business sector. Information from the
1993 survey is available as a Federal Reserve Board staff study, OSS-2, National Survey
of Small Business Finances, on the Federal Reserve Board's Internet site at http://
www.federalreserve.gov (click on "Research and Data," then on "Surveys and Reports").
Articles related to both surveys appeared in the July 1995 and November 1996 Federal
Reserve Bulletin, available from Publications Services, Board of Governors of the Federal
Reserve System, Mail Stop 127, Washington, DC 20551-0001.
National Credit Union Share Insurance Fund, Annual Report. Source of information on the
National Credit Union Association Share Insurance Fund. Available from the National
Credit Union Association, Washington, DC 20456; also available on the NCUA's Internet
site, http://www.ncua.gov (click on "Reference Information," then on "NCUSIF Report").
New York Stock Exchange Composite Index of Common Stock Prices, published Monday through
Friday in the Wall Street Journal, "Money & Investing" section, table on Stock Market
Data Bank: Major Indexes, New York Stock Exchange, Composite. Information on the
index is available on the NYSE's Internet site, http://www.nyse.com (click on "Glossary,"
then on "NYSE Composite Index").
Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, published by the
U.S. Department of Commerce, Bureau of the Census, Economic Census and Surveys
Division. Source of information on estimates for nonfarm nonfinancial corporations.
Available from the Superintendent of Documents, Government Printing Office, Washing
ton, DC 20402. This publication is available on the Census Bureau's Internet site,
http://www.census.gov (click on "Business," then on "Companies," then on Quarterly
Financial Report under "Financial Statistics").
Quarterly Survey of the Finances of Public Employee Retirement Systems. Source of information
on state and local government employee retirement funds. Tabulations of data provided by
U.S. Department of Commerce, Bureau of the Census, Governments Division, Washington,
DC 20233. The Census Bureau's Internet site is http://www.census.gov (click on "Govern
ment"under "Business").
REITWatch, published monthly by the National Association of Real Estate Investment Trusts.
Source of information on real estate investment trusts. Available from the National
Association of Real Estate Investment Trusts, 1875 I Street NW, Suite 600, Washington,
DC 20006-5413. Information on services provided by the association can be found on its
Internet site, http://www.nareit.com.

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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

Report of Operations of the Postal Savings System. Source of information on the now-defunct
Postal Savings System. Provided as part of a letter to the House of Representatives
Committee on Post Office and Civil Service and published as a congressional document.
The report is available for 1911 through 1965, with varying titles.
Reports of condition and reports of income (for commercial banks, "Call Reports"), submitted by
depository institutions. Source of information on assets, liabilities, income, and expendi
tures of depository institutions.
Computer tapes containing Call Report data submitted by U.S.-chartered commercial banks
are available from the National Technical Information Service, 5285 Port Royal Road,
Springfield, VA 22161. The NTIS's Internet address is http://www.ntis.gov.
Tabulations of report data submitted by U.S.-chartered commercial banks and savings
institutions that report to the Federal Deposit Insurance Corporation are published on the
FDIC's Internet site, http://www.fdic.gov (click on "Bank Data"). The FDIC's address is
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429-0002.
Tabulations of report data submitted by institutions that report to the Office of Thrift
Supervision of the U.S. Department of the Treasury are published on the Treasury's Internet
site, http://www.treas.gov (click on "Treasury Bureaus," then on "Office of Thrift Super
vision," then on "Industry and Institution Data," then on "Fact Book"). The OTS's address
is Office of Thrift Supervision, 1700 G Street NW, Washington, DC 20552.
Reports submitted by credit unions are available on the National Credit Union Administra
tion's Internet site, http://www.ncua.gov.
Reports submitted by individual depository institution sectors are listed below:
U.S.-chartered commercial banks-Report quarterly to the Federal Reserve (for
member banks) or to the FDIC on the following forms, which are issued by the
Federal Financial Institutions Examination Council (FFIEC):
FFIEC 031, Consolidated Reports of Condition and Income for a Bank with
Domestic and Foreign Offices
FFIEC 032, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of $300 Million or More
FFIEC 033, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of $100 Million or More but Less Than
$300 Million
FFIEC 034, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of Less Than $100 Million
Foreign banking offices in the United States-Report quarterly to the Federal
Reserve on the following forms, which are issued by the FFIEC and the Federal
Reserve:
FFIEC 002, Report of Assets and Liabilities of US. Branches and Agencies of
Foreign Banks

Guide to the Flow of Funds Accounts, Volume I

FR 2886a, Quarterly Report of Condition for a New York State Investment Company
and Its Domestic Subsidiaries (This form was submitted by the investment compa
nies through 1996:Q2; it was discontinued after that date.)

FR 2886b, Consolidated Report of Condition for Edge and Agreement Corporations
Banks in U.S.-affiliated areas:
Banks located in U.S.-affiliated areas-Report quarterly to the Federal Reserve on
the same forms submitted by U.S.-chartered commercial banks.
Branches of U.S. banks located in U.S.-affiliated areas-Report annually to the
Federal Reserve on FFIEC 030, Foreign Branch Report of Condition, which is
issued by the FFIEC.
Thrift institutions:
Savings institutions that report to the Office of Thrift Supervision-Report quarterly
on the Thrift Financial Report.
Savings institutions that report to the Federal Deposit Insurance Corporation
Report quarterly on the same forms submitted by U.S.-chartered commercial banks.
Federally insured credit unions-Report quarterly to the National Credit Union
Administration on Form NCUA 5300, Statement of Financial Condition.
Resolution Funding Corporation, balance sheet, prepared semiannually by the Resolution Funding
Corporation. Source of information on the assets and liabilities of the Resolution Funding
Corporation (government-sponsored enterprises sector). Obtained from Federal Home
Loan Banks, Office of Finance, 11921 Freedom Drive, Suite 1000, Reston, VA 20190-5636.
The Office of Finance's Internet address is http://www.fhlb-of.com.
Sallie Mae, Infonnation Statement. Source of information on the assets and liabilities of Sallie Mae
(government-sponsored enterprises sector). Available from Sallie Mae, 11600 Sallie Mae
Drive, Reston VA 20193. Information is also available on Sallie Mae's Internet site,
http://www.salliemae.com (click on "Investors" under "Audiences," then on "Investor
Relations/Financial Information").
Securities Data Company, a subsidiary of Thomson Financial Services. Source of information on
municipal bond issuance. The company's address is Securities Data Company, Two
Gateway Center, Newark, NJ 07102-5003. Information on the company is available on its
Internet site, http://www.securitiesdata.com.
Standard & Poor's Compustat, division of McGraw-Hill Companies, Inc. Source of information on
the tangible assets of finance companies. Available from Standard & Poor's Compustat,
7400 South Alton Court, Englewood, CO 80112-2395. Information on the company is
available at http://www.compustat.com.
Statistics of Income, published annually by the Internal Revenue Service, Statistics of Income
Division. The following volumes provide data for the flow of funds accounts: Source Books
for Partnership Returns, Sole Proprietorship Returns, and Corporation Income Tax Returns;

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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

and SO/ Bulletin (the SOI Bulletin is published quarterly but contains annual data). Data
in all volumes are tabulated from tax returns. Sources of information on corporate and
noncorporate businesses and on the tax liabilities of financial institutions. Available from
the Superintendent of Documents, Government Printing Office, Washington, DC 20402.
The SOI Bulletin is also the source of information on the assets and liabilities of private
foundations and charitable organizations. Data for selected items from these publications
are available on the IRS's Internet site, http://www.irs.gov (click on "Tax Stats").
Status of Letters of Credit Issued to International Organizations, prepared monthly by the U.S.
Department of the Treasury, Financial Management Service. Source of information on U.S.
government capital subscription to international organizations. Available from the U.S.
Department of the Treasury, Financial Management Service, International Credit Section,
Hyattsville, MD 20782.
Survey of Current Business, published monthly by the U.S. Department of Commerce, Bureau of
Economic Analysis. Source of information on the U.S. national income and product
accounts, U.S. international transactions, and the U.S. international investment position.
Available from the Superintendent of Documents, Government Printing Office, Wash
ington, DC 20402. Material from the Survey is available on BEA's Internet site, http://
www.bea.doc.gov.
Survey of Mortgage Lending Activity, published quarterly by the U.S. Department of Housing and
Urban Development. Source of information on mortgage loans. Available from the U.S.
Department of Housing and Urban Development, Office of Public Affairs, Mortgage
Information Center, Washington, DC 20410. The survey is published on HUD's Internet
site, http://www.hud.gov/fha/comp/rpts/smla/smlamenu.html.
Thrift Financial Report. See Reports of condition.
Treasury Bulletin, published quarterly by the U.S. Department of the Treasury, Financial Manage
ment Service. Available from the Superintendent of Documents, Government Printing
Office, Washington, DC 20402. Source of information on U.S. government equity in
government-sponsored enterprises, participation certificates, and special federal debt issues
held by Federal Home Loan Banks. This publication is available on Treasury's Internet site,
http://www.treas.gov (click on "Public Information," then on "Publications"). The GPO's
Internet address is http://www.gpo.gov.
Treasury International Capital (TIC) Reporting System data, through September 1998 collected
monthly by the U.S. Department of the Treasury and provided to the Federal Reserve
Board. Since October 1998, the TIC function has been carried out by the Federal Reserve
Board under reimbursement from the Treasury. Source of information on capital move
ments between the U.S. and other countries. Summary tables appear in the Treasury
Bulletin, Capital Movements section, International Statistics division; summary tables also
appear in the Federal Reserve Bulletin, Financial and Business Statistics appendix, section
on International Statistics.
Trends in Mutual Fund Activity, published monthly by the Investment Company Institute,
Research Department. Source of information on mutual funds and money market mutual
funds. Available from the Investment Company Institute, 1401 H Street NW, Washington,
DC 20005-2148. Summary data from this release are available on the ICI's Internet site,
http://www.ici.org.

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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

Trepp/PSA CMO data, produced quarterly by Muller Data Corporation, a subsidiary of Thomson
Financial Services. Source of information on mortgage-backed securities held by issuers of
asset-backed securities. Available from Muller Data Corporation, 395 Hudson Street,
New York, NY 10014-7690. Information on Muller is available from its Internet site,
http://www.muller.com.
Trust Assets of Financial Institutions, published annually by the Federal Financial Institutions
Examination Council. Source of information on private pension funds and bank personal
trusts and estates. Available from the Federal Deposit Insurance Corporation, Office of
Corporate Communications, Washington, DC 20429-0002. Tables from this publication are
also available on the FDIC's Internet site, http://www.fdic.gov (click on "Bank Data," then
on "Trust Institution Information").
US. Central Credit Union Consolidated Financial Statements and Supplemental Financial Infor
mation, published quarterly by U.S. Central Credit Union. Source of information on the
assets and liabilities of the U.S. Central Credit Union. Available from U.S. Central Credit
U nion, Suite 600, 7300 College Boulevard, Overland Park, KS 66210-4032. Financial
statements for the U.S. Central Credit Union are available on its Internet site, http://
www.uscentral.org.
Wall Street Journal. Source of information on New York Stock Exchange Composite Index of
Common Stock Prices. Published weekdays by Dow Jones & Company, 200 Liberty Street,
New York, NY 10281-0083. Information on the Journal is available on its Internet site,
http://www.wsj.com.
Wilshire 5000 Equity Index. Used to estimate the market value of common stocks. Values for the
index and information on its construction can be found on the Wilshire Associates'
Internet site, http://www.wilshire.com.
X-11-ARIMA. See Dagum, Estela Bee.
UNPUBLISHED DATA

Unpublished data are provided to the Federal Reserve Board by the following organizations:
U.S. Department of Commerce
Bureau of Economic Analysis
International Investment Division and National Income and Wealth Division
Washington, DC 20230
Unpublished data on U.S. direct investment abroad, foreign direct investment in the U.S.,
and bond issues purchased by foreigners; also, unpublished data from the national income
and product accounts on undistributed profits and nonresidential investment expenditures of
farm businesses.
U.S. Department of Commerce
Bureau of the Census
Governments Division
Washington, DC 20223
Unpublished data on the assets of state and local government employee retirement funds.

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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

Federal Housing Finance Board
1777 F Street NW
Washington, DC 20006
Unpublished data on the assets of Federal Home Loan Banks.
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045-0001
Unpublished data on the deposit liabilities of Federal Reserve Banks.
Federal Retirement Thrift Investment Board
805 15th Street NW
Washington, DC 20005
Unpublished data on the assets of the Federal Employees Retirement System Thrift Savings
Plan.
Investment Company Institute
1401 H Street NW, Suite 1200
Washington, DC 20005-2148
Unpublished data on balances in institution-only money market mutual funds; assets of
variable annuity plans; and net purchases of U.S. government securities, municipal bonds,
and preferred stock by mutual funds.
U.S. Central Credit Union
Suite 600
7300 College Boulevard
Overland Park, KS 66210-4032
Unpublished data on security repurchase agreements of the U.S. Central Credit Union.
U.S. Department of the Treasury
Office of the Assistant Secretary for International Affairs and Financial Management
Service
Washington, D.C. 20220
Unpublished data on the holdings by U.S. government investment accounts of mortgages
and participation certificates; unpublished data on loans by federal agencies.
Congressional Budget Office
U.S. Congress
Washington, DC 20515
Unpublished data on Small Business Administration participation certificates.

Guide to the Flow of Funds Accounts, Volume 1

Table F.1

Total Net Borrowing and Lending in Credit Markets

Credit markets are organized or informal
arrangements that enable the transfer of funds
between suppliers and acquirers of funds. This
table shows the credit market borrowing and
lending of the sectors in the flow of funds
accounts that participate in these markets.
Credit market borrowing or lending is
defined here as the transfer of funds through
certain financial instruments: open market
paper, Treasury and agency securities, munici
pal securities, corporate and foreign bonds,
bank loans not elsewhere classified, other
loans and advances (such as loans made under
various federal programs), mortgages, and
consumer credit. Excluded from the definition
are a number of other items that are also
sources and uses of funds for the sectors
official reserves, special drawing rights certifi
cates, Treasury currency, deposits and inter
bank items, security repurchase agreements,
corporate equities, mutual fund and money
market mutual fund shares, trade credit, secu
rity credit, life insurance and pension fund
reserves, business taxes payable, investment
in bank personal trusts, proprietors' equity
in noncorporate business, and miscellaneous

F.1

items; a sector's credit market borrowing is
thus not the same as the increase in its total
liabilities.
All the sectors in the flow of funds accounts
are lenders of credit market funds except farm
business; all the sectors are borrowers of credit
market funds except the monetary authority,
banks in U.S.-affiliated areas, bank personal
trusts, other insurance companies, private pen
sion funds, state and local government retire
ment funds, money market mutual funds,
mutual funds, and closed-end funds.
For the economy as a whole, total credit
market borrowing and total credit market lend
ing are necessarily equal to each other. This is
not the case, however, for individual sectors;
in particular, financial institutions are the pri
mary suppliers of credit market funds but
obtain a large portion of their funds from
non-credit-market sources such as deposits.
For most credit market instruments it is not
possible to match borrowers and lenders-for
instance, one cannot identify which sectors
hold corporate bonds issued by other particu
lar sectors.

Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars
1992

1993

1994

1995

1996

1997

790.6

952.2

1025.9

1227.8

1359.8

1470.7

522.5

588.0

571.5

700.4

726.7

769.6

144.4

145.0

23.1

FA894104005

FA384104005

FA314102005

Federal government

304.0

256.1

155.9

Nonfederal sectors

218.5

331.9

415.6

555.9

581.7

746.4

163.3
47.1
-16.4
0.5
24.1

207.8
52.1
3.2
2.6
66.2

311.0
143.3
3.3
4.4
-46.2

343.7
236.8
23.9
2.9
-51.5

370.3
171.4
42.0
4.8
--0.8

355.6
265.0
63.5
6.4
56.1

5
6
8
9

Total net borrowing

Domestic nonfinancial sectors

FA254I04005

5
6
7
8
9

FAl 54102005
FAI04104005
FAI14102005
FAl 34I02005
FA214102005

FA264104005

Rest of the world

24.1

69.8

-14.0

71.1

76.9

56.9

FA794104005

Financial sectors

244.0

294.4

468.4

456.4

556.2

644.3

12
13
14
15

FA764104005
FA724104005
FA753169600
FA734104005

13.4
9.7
-5.1
8.8

20.1
12.5
-2.6
10.3

22.5
11.2
261.1
14.4

13.0
11.7
--0.7
2.0

46.1
29.5
-.4
19.0

12
13
14
15

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Household sector
Nonfinancial corporate business
Nonfann noncorporate business
Farm business
State and local governments

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

10.0
11.5
-3.8
2.3

Table F.l

F.1 Total Net Borrowing and Lending in Credit Markets (!)-Continued
Billions of dollars

16
17

FA444104005
FA473169203

Savings institutions
Credit unions

18
19
20
21

FA543169203
FA404102005
FA413065005
FA674190005

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

22
23
24
25
26

FA614102005
FA623168003
FA644104005
FA663163003
FA504104005

Finance companies
Mortgage companies
RE!Ts
Brokers and dealers
Funding corporations
Total net lending

1992

1993

1994

1995

1996

1997

-.0
0.0

11.3
0.2

12.8
0.2

2.6
--0.1

25.5
0.1

19.7
0.1

0.0
40.2
115.6
61.1

0.2
80.6
84.7
83.6

0.3
172.1
115.4
72.9

--0.1
105.9
98.2
141.l

I.I
90.4
141.l
153.6

0.2
98.4
114.4
204.4

18
19
20
21

-3.1
8.0
0.3
2.7
16.2

-1.4
0.0
3.4
12.0
6.3

48.7
-11.5
13.7
0.5
23.1

50.2
0.4
5.7
-5.0
34.9

45.9
12.4
I 1.0
-2.0
64.1

48.7
-1.3
24.8
8.1
80.7

22
23
24
25
26

790.6

952.2

1025.9

1227.8

1359.8

1470.7

90.5

41.6

238.0

-107.0

-10.7

-108.2

61.2
27.8
--0.1
1.7

1.0
9.1
-1.l
32.6

274.7
17.7
0.6
-55.0

-11.5
-8.8
4.7
-91.4

-11.4
20.0
4.4
-23.7

-125.4
14.8
2.7
--0.3

29
30
31
32

FA894104005

FA254004005

29
30
31
32

FA154004005
FA104004005
FAI 14004005
FA214004005

33
34

FA314002005
F A264004005

Federal government
Rest of the world

-11.9
98.4

-18.4
129.3

-27.5
132.3

--0.2
273.9

-7.7
414.7

4.9
312.5

33
34

FA794004005

Financial sectors

613.6

799.7

683.0

1061.l

963.5

1261.5

FA714002105

Monetary authority

27.9

36.2

31.5

12.7

12.3

38.3

37
38
39
41

FA764004005
FA724004005
FA754004005
FA734004005
FA744002005

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

95.3
69.5
16.5
5.6
3.7

142.2
149.6
-9.8
--0.0
2.4

163.4
148.1
11.2
0.9
3.3

265.9
186.5
75.4
--0.3
4.2

187.5
119.6
63.3
3.9
0.7

324.3
274.9
40.2
5.4
3.7

37
38
39
40
41

42
43
44

FA444004005
FA474004005
FA604004005

Savings institutions
Credit unions
Bank personal trusts and estates

-79.0
17.7
8.0

-23.3
21.7
9.5

6.7
28.1
7.1

-7.6
16.2
-8.3

19.9
25.5
-7.7

-4.7
16.8
7.6

42
43
44

45
46
47
48

FA544004005
FA514004005
FA574004005
FA224004005

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

79.5
6.7
37.5
14.4

100.9
27.7
49.5
22.7

66.7
24.9
45.5
22.3

99.2
21.5
61.3
27.5

72.5
22.5
48.3
45.9

101.0
25.2
67.6
36.6

45
46
47
48

49
50
51
52
53
54

FA634002005
FA654004005
FA554004005
FA404002005
FA413065005
FA674002005

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

4.7
126.2
20.2
68.8
115.6
57.0

20.4
159.5
20.0
87.8
84.7
81.0

30.0
-7.1
-3.7
117.8
115.4
65.8

86.5
52.5
10.5
84.7
98.2
119.3

88.8
48.9
4.7
92.0
141.1
123.4

87.5
80.9
-3.4
95.0
114.4
166.0

49
50
51
52
53
54

55
56
57
58
59

FA614002005
FA623065003
FA643065003
FA664004005
FA504004005

Finance companies
Mortgage companies
RE!Ts
Brokers and dealers
Funding corporations

0.4
0.1

-20.9
--0.0
0.6
14.8
-35.3

48.3
-24.0
4.7
-44.2
-16.2

49.9
-3.4
2.2
90.1
-17.8

18.4
8.2
2.0
-15.7
25.2

21.9
16.4
-2.0
13.7
58.6

55
56
57
58
59

Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfann noncorporate business
State and local governments

(1) Excludes corporate equities and mutual fund shares.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1.1

-1.3
12.9

Guide to the Flow of Funds Accounts, Volume 1

F.1

Total Net Borrowing and Lending in Credit Markets
Code

1997 value
(billions of
dollars)

1. Change in credit market debt
of all borrowing sectors

894104005

1,470.7

2. Change in credit market debt
of domestic nonfinancial sectors

384104005

769.6

Sum of lines 3 and 4.

3. Change in credit market debt
of the federal government

314102005

23.1

Table F.106, line 32.

4. Change in credit market debt
of domestic nonfinancial
nonfederal sectors

254104005

746.4

Sum of lines 5 through 9.

5. Change in credit market debt
of the households and nonprofit
organizations sector

154102005

355.6

Table F.100, line 40.

6. Change in credit market debt
of nonfarm nonfinancial
corporate business

104104005

265.0

Table F. I 02, line 37.

7. Change in credit market debt
of nonfarm noncorporate business

I 14102005

63.5

Table F.103, line 21.

8. Change in credit market debt
of farm business

134102005

6.4

Table F.104, line 18.

9. Change in credit market debt
of state and local governments,
excluding employee retirement
funds

214102005

56.1

Table F.105, line 32.

10. Change in credit market debt
of the rest of the world to U.S.
residents

264104005

56.9

Table F.107 line 37.

11. Change in credit market debt
of financial sectors

794104005

644.3

12. Change in credit market debt
of the commercial banking sector

764104005

46.1

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 10, and 11 ; also equal to line 27.
Excludes net issues of corporate equities and
mutual fund shares.

Sum of line 12 and lines 16 through 26.

Sum of lines 13, 14, and 15. Also found in
table F.109, line 35.

Table F.l

F.1-Continued
Code

1997 value
(billions of
dollars)

13. Change in credit market debt
of U.S.-chartered commercial
banks

724104005

29.5

Table F.110, sum of lines 40, 41, and 42.

14. Change in credit market debt
of foreign banking offices in the
U.S., equal to change in their
acceptance liabilities

753169600

-2.4

Table F.111, line 27.

15. Change in credit market debt
of bank holding companies

734104005

19.0

Table F.112, line 19.

16. Change in credit market debt
of savings institutions

444104005

19.7

Table F.114, line 26.

17. Change in credit market debt
of credit unions, equal to change
in their liabilities for loans from
Federal Home Loan Banks

473169203

Table F.115, line 21.

18. Change in credit market debt
of life insurance companies, equal
to change in their liabilities for
loans from Federal Home Loan
Banks

543169203

Table F.117, line 19.

19. Change in credit market debt
of government-sponsored
enterprises

404102005

98.4

Table F.124, line 23.

20. Change in credit market debt
of federally related mortgage
pools, equal to change in
outstanding mortgage pool
securities issued by them

413065005

114.4

Table F.125, line 5.

21. Change in credit market debt
of issuers of asset-backed
securities, equal to their net
increase in liabilities

674190005

204.4

Table F.126, line 14.

22. Change in credit market debt
of finance companies

614102005

48.7

Table F.127, line 11.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Guide to the Flow of Funds Accounts, Volume 1

F.1 Total Net Borrowing and Lending in Credit Markets-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

23. Change in credit market debt
of mortgage companies, equal to
change in loans to them held by
the commercial banking sector

623168003

-1.3

Table F.128, line 6.

24. Change in credit market debt
of real estate investment trusts

644104005

24.8

Table F.129, line 12.

25. Change in credit market debt
of security brokers and dealers,
equal to change in their corporate
bond liabilities

663163003

8.1

Table F.130, line 17.

26. Change in credit market debt
of funding corporations

504104005

80.7

Table F.131, line 10.

27. Change in credit market assets
of all sectors

894104005

1,470.7

Sum of lines 28, 33, 34, and 35; also equal to
line 1. Excludes net purchases of corporate equities
and mutual fund shares.

28. Change in credit market assets
of domestic nonfinancial
nonfederal sectors

254004005

-108.2

Sum of lines 29, 30, 31, and 32.

29. Change in credit market assets
of the households and nonprofit
organizations sector

154004005

-125.4

Table F.100, line 21.

30. Change in credit market assets
of nonfarm nonfinancial
corporate business

104004005

14.8

Table F.102, sum of lines 21 through 25.

31. Change in credit market assets
of nonfarm noncorporate business

114004005

2.7

Table F.103, sum of lines 12, 13, and 14.

32. Change in credit market assets
of state and local governments,
excluding employee retirement
funds

214004005

-.3

Table F.105, line 19.

33. Change in credit market assets
of the federal government

314002005

4.9

Table F.106, line 22.

34. Change in U.S. credit market
assets of the rest of the world

264004005

312.5

Table F.107, line 17.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table Fl

F.1-Continued
Code

1997 value
(billions of
dollars)

35. Change in credit market assets
of financial sectors

794004005

1,261.5

36. Change in credit market assets
of Federal Reserve Banks
(monetary authority sector)

714002105

38.3

37. Change in credit market assets
of the commercial banking sector

764004005

324.3

Sum of lines 38, 39, 40, and 41. Also found
in table F.109, line 43.

38. Change in credit market assets
of U.S.-chartered commercial
banks

724004005

274.9

Table F.110, line 49.

39. Change in credit market assets
of foreign banking offices in the
U.S.

754004005

40.2

Table F.111, line 33.

40. Change in credit market assets
of bank holding companies

734004005

5.4

Table F.112, line 4.

41. Change in credit market assets
of banks in U.S.-affiliated areas

744002005

3.7

Table F.l 13, line 5.

42. Change in credit market assets
of savings institutions

444004005

-4.7

Table F.114, line 8.

43. Change in credit market assets
of credit unions

474004005

16.8

Table F.115, line 7.

44. Change in credit market assets
of bank personal trusts and
estates

604004005

7.6

Table F.116, line 6.

45. Change in credit market assets
of life insurance companies

544004005

101.0

Table F.117, line 6.

46. Change in credit market assets
of other insurance companies

514004005

25.2

Table F.118, line 6.

47. Change in credit market assets
of private pension funds

574004005

67.6

Table F.119, line 8.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 36, 37, and 42 through 59.

Table F.108, line 10.

Guide to the Flow of Funds Accounts, Volume 1

F.1

Total Net Borrowing and Lending in Credit Markets-Continued
Code

1997 value
(billions of
dollars)

48. Change in credit market assets
of state and local government
employee retirement funds

224004005

36.6

Table F.120, line 7.

49. Change in credit market assets
of money market mutual funds

634002005

87.5

Table F.121, line 6.

50. Change in credit market assets
of mutual funds

654004005

80.9

Table F.122, line 4.

51. Change in credit market assets
of closed-end funds

554004005

-3.4

Table F.123, line 2.

52. Change in credit market assets
of government-sponsored
enterprises

404002005

95.0

Table F.124, line 6.

53. Change in credit market assets
of federally related mortgage
pools, equal to their net
acquisition of financial assets

413065005

114.4

Table F.125, line I. Also equal to line 20 above.

54. Change in credit market assets
of issuers of asset-backed
securities

674002005

166.0

Table F.126, sum of lines 4, 5, 8, and 12.

55. Change in credit market assets
of finance companies

614002005

21.9

Table F.127, line 5.

56. Change in credit market assets
of mortgage companies, equal to
their net acquisition of financial
assets

623065003

16.4

Table F.128, line 1.

57. Change in credit market assets
of real estate investment trusts,
equal to change in their holdings
of mortgages

643065003

-2.0

Table F.129, line 5.

58. Change in credit market assets
of security brokers and dealers

664004005

13.7

Table F.130, line 5.

59. Change in credit market assets
of funding corporations

504004005

58.6

Table F.131, line 3.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

Table F.2

Credit Market Borrowing by Nonfinancial Sectors

The nonfinancial sectors in the flow of funds
accounts are households and nonprofit organi
zations, nonfinancial business, the federal gov
ernment, state and local governments, and the
rest of the world. This table gives details on
those sectors' credit market borrowing by sec
tor and by type of financial instrument and, at
the bottom, shows totals for domestic and
foreign borrowing. Sectoral details shown in
the table also appear in table F. l; for example,
household borrowing, shown here on line 18,
is the same as household borrowing shown on
line 5 in table F. l.
Entities in the nonfinancial sectors borrow
in order to fund their current expenditures,
restructure their balance sheets, or finance
their investments. Credit markets, and their
associated financial instruments, facilitate the
transfer of resources to the borrowing sectors
from sectors that have current saving or accu
mulated past saving. The major nonfinancial
borrowers in the credit markets are the house
holds and nonprofit organizations sector and
nonfarrn nonfinancial corporate business.
Households and nonprofit organizations bor
row primarily in the form of home mortgages

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

and consumer credit, while nonfinancial cor
porations obtain credit market funds in a vari
ety of forms, of which the most prominent are
corporate bonds, loans from banks, and com
mercial mortgages.
In table F.2 from the Z. l release, shown on
the facing page, the decline in federal govern
ment borrowing in recent years reflects the
gradual reduction of the federal budget deficit;
in general, however, credit market borrowing
by individual sectors has increased over time,
reflecting growth in the economy and the
increasing role of financial markets. Analysts
have found that over long periods of time
there has been a fairly close relationship
between the growth of debt of the nonfinan
cial sectors and aggregate economic activity;
because of the importance of these sectors, the
Federal Open Market Committee monitors
the growth of their debt as part of its regular
policy reviews of the economy. The Federal
Reserve Board publishes monthly data on non
financial debt growth in its weekly H.6 sta
tistical release, "Money Stock and Debt
Measures."

Table F2

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars
1992

1993

1994

1995

1996

1997

522.5

588.0

571.5

700.4

726.7

769.6

2
3
4

FA314102005
FA313161505
FA313161755

Federal government
Treasury securities
Budget agency securities and mortgages

304.0
303.8
0.2

256.1
248.3
7.8

155.9
155.7
0.2

144.4
142.9
1.5

145.0
146.6
-1.6

23.J
23.2
--0.1

2
3
4

5
6
7
9
10

FA254I 04005
FA103169700
FA253162005
FA103163003
FAl93!68005
FA253169255

Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances

218.5
8.6
30.5
67.6
-12.0
5.7

331.9
10.0
74.8
75.2
6.4
-8.9

415.6
21.4
-35.9
23.3
75.2
34.0

555.9
18.1
-48.2
73.3
102.3
67.2

581.7
--0.9
2.6
72.5
66.2
33.8

746.4
13.7
71.4
90.7
107.3
68.7

5
6
7
8
9

JI
12
13
14
15
16

FAl93165005
FAl93!65105
FAl23165405
FAl93165505
FA893065603
FA153166000

114.1
168.6
-10.3
-44.7
0.5
3.9

123.7
156.2
-6.8
-26.7
1.0
60.7

172.7
178.2
-1.3
-6.4
2.2
124.9

204.3
173.9
8.0
20.8
1.6
138.9

318.8
265.3
12.7
38.3
2.6
88.8

342.1
268.3
11.5
59.1
3.3
52.5

II
12
13
14
15
16

17
18
19
20
21
22
23

FA254104005
FAl54102005
FAl44104005
FAI 04104005
FA!14102005
FAl34102005
FA214102005

218.5
163.3
31.1
47.1
-16.4
0.5
24.1

331.9
207.8
57.9
52.1
3.2
2.6
66.2

415.6
311.0
150.9
143.3
3.3
4.4
-46.2

555.9
343.7
263.7
236.8
23.9
2.9
-51.5

581.7
370.3
218.2
171.4
42.0
4.8
-6.8

746.4
355.6
334.8
265.0
63.5
6.4
56.1

17
18
19
20
21
22
23

FA264104005

24.1

69.8

-14.0

71.1

76.9

56.9

25
26
27
28

FA263169175
FA263I 63003
FA263I 68005
FA263169255

5.6
16.8
2.3
--0.6

-9.6
82.9
0.7
-4.2

-26.1
12.2
1.4
-1.5

13.5
49.7
8.5
--0.5

11.3
55.8
9.1
0.8

3.7
46.7
8.5
-2.0

25
26
27
28

FA394104005

546.6

657.8

557.5

771.5

803.6

826.5

FA384104005

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Federal Reserve Bank of St. Louis

Domestic

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments
Foreign borrowing in U.S.

Commercial paper
Bonds

Bank loans n.e.c.
Other loans and advances
Domestic and foreign

Guide to the Flow of Funds Accounts, Volume I

F.2 Credit Market Borrowing by Nonfinancial Sectors
Code

1997 value
(billions of
dollars)

1. Change in credit market debt
of domestic nonfinancial sectors

384104005

769.6

2. Change in credit market debt
of the federal government

314102005

23.1

Sum of lines 3 and 4.

3. Change in outstanding securities
issued by the U.S. Treasury

313161505

23.2

Table F. l 06, sum of lines 33 and 34.

4. Change in outstanding agency
security liabilities and in
mortgages owed by the federal
government

313161755

-.I

Table F. l 06, sum of lines 35 and 36.

5. Change in credit market debt of
domestic nonfinancial nonfederal
sectors, by instrument type

254104005

746.4

6. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate business

103169700

13.7

Table F.208, line 3.

7. Change in liabilities of domestic
nonfinancial nonfederal sectors
for municipal securities

253162005

71.4

Table F.211, line 1.

8. Change in corporate bond

]03163003

90.7

Table F.212, line 2.

9. Change in bank loans, not
elsewhere classified, to private
domestic nonfinancial sectors

193168005

107.3

10. Change in outstanding other loans
and advances to domestic
nonfinancial nonfederal sectors

253169255

68.7

11. Change in mortgage debt of
private domestic nonfinancial
sectors

193165005

342.1

Component

liabilities of nonfarm nonfinancial
corporate business, including
securities sold by Netherlands
Antillean financial subsidiaries

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 and 5; also equal to the sum of lines
2 and 17.

Sum of lines 6 through 11 and line 16.

Table F.215, sum of lines 15, 16, 17, and 18.

Table F.216, sum of lines 3 through 7, 11, 13, I 6,
17, 18, 22, 23, 24, 30, 31, 33, and 34.

Sum of lines 12, 13. 14, and 15. Also found in
table F.217, sum of lines 7 and 8.

Table F2

F.2-Continued
Code

1997 value
(billions of
dollars)

12. Change in home mortgage debt
of private domestic nonfinancial
sectors

193165105

268.3

13. Change in multifamily residential
mortgage debt of nonfarm
nonfinancial business

123165405

11.5

Table F.219, sum of lines 2 and 3.

14. Change in commercial mortgage
debt of private domestic
nonfinancial sectors

193165505

59.1

Table F.220, sum of lines 2, 3, and 4.

15. Change in farm mortgages
(liabilities of farm business)

893065603

3.3

Table F.221, line I.

16. Change in consumer credit
liabilities of households
(households and nonprofit
organizations sector)

153166000

52.5

Table F.222, line I.

17. Change in credit market debt
of domestic nonfinancial
nonfederal sectors, by sector

254104005

746.4

Sum of lines 18, 19, and 23; also equal to line 5.

18. Change in credit market debt
of the households and nonprofit
organizations sector

154102005

355.6

Table F. l 00, line 40.

19. Change in credit market debt
of nonfinancial business

144104005

334.8

Sum of lines 20, 21, and 22. Also found in
table F.101, line 27.

20. Change in credit market debt
of nonfarm nonfinancial
corporate business

104104005

265.0

Table F.102, line 37.

21. Change in credit market debt
of nonfarm noncorporate business

114102005

63.5

Table F.103, line 21.

22. Change in credit market debt
of farm business

134102005

6.4

Table F.104, line 18.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.218, sum of lines 2, 3, and 4.

Guide to the Flow of Funds Accounts, Volume 1

F.2 Credit Market Borrowing by Nonfinancial Sectors-Continued
Code

1997 value
(billions of
dollars)

23. Change in credit market debt
of state and local governments,
excluding employee retirement
funds

214102005

56.1

Table F.105, line 32.

24. Change in credit market debt
of the rest of the world to U.S.
residents

264104005

56.9

Sum of lines 25, 26, 27, and 28. Also found in
table F.107, line 37.

25. Change in commercial paper
liabilities of the rest of the world
to U.S. residents

263169175

3.7

Table F.107, line 38.

26. Change in bond liabilities of the
rest of the world to U.S. residents

263163003

46.7

Table F.107, line 39.

27. Change in outstanding loans, not
elsewhere classified, to the rest
of the world held by the U.S.
commercial banking sector

263168005

8.5

Table F.107, line 40.

28. Change in outstanding other U.S.
loans and advances to the rest
of the world

263169255

-2.0

29. Change in credit market debt
of domestic nonfinancial sectors
and the rest of the world

394104005

826.5

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.107, sum of lines 44 and 45.

Sum of lines 1 and 24.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

Table F.3

Credit Market Borrowing by Financial Sectors

Credit market borrowing by the financial sec
tors is primarily a source of funds for financial
intermediation (see the introduction to table
F.1 for a definition of credit market borrow
ing). This table shows the financial sectors'
credit market borrowing both by sector and by
type of financial instrument.
The sectors that appear in the table are
depository institutions ( commercial banks,
savings institutions, and credit unions) and
nondepository institutions (life insurance com-

panies, federally related credit providers, issu
ers of asset-backed securities, finance com
panies, mortgage companies, real estate
investment trusts, security brokers and deal
ers, and funding corporations); the credit mar
ket borrowing of both types of financial insti
tutions is also shown in table F.1. There are
other financial sectors included in the flow of
funds accounts that obtain funds from non
credit-market sources and thus do not appear
in this table.

F.3 Credit Market Borrowing by Financial Sectors
Billions of dollars

FA 794104005
2
3
4

6
7

9
IO
11

By instrument

FA424102005
FA403161703
FA4 l 3065005
FA403 l 69203

Federal government-related
Govt.-sponsored enterprise securities
Mortgage pool securities

FA784!04005

Private financial sectors
Open market paper
Corporate bonds

FA793169805
FA 793163005
FA693168005
FA793169255
FA643165003

U.S. government loans

Bank loans n.e.c.
Other loans and advances
Mortgages

1993

1994

1995

1996

1997

244.0

294.4

468.4

456.4

556.2

644.3

155.8
40.3
115.6
-0.0

165.3
80.6
84.7
0.0

287.5
176.9
I15.4
-4.8

204.1
105.9
98.2
0.0

231.5
90.4
141.1
0.0

212.8
98.4
114.4
0.0

4
5

88.2
-I.I
88.6
0.7
--0.6
0.6

129.1
-5.5
123.1
-14.4
22.4
3.6

180.9
40.5
121.8
-13.7
22.6
9.8

252.3
42.7
196.7
3.9
3.4
5.6

324.7
92.2
179.7
16.9
27.9
7.9

431.5
166.7
207.9
13.6
35.6
7.8

6
7
8
9
IO
II

244.0

294.4

468.4

456.4

556.2

644.3

FA794104005

13
14
15
16

FA764104005
FA724104005
FA753169600
FA734104005

Commercial banking

10.0
11.5
-3.8
2.3

13.4
9.7
-5.1
8.8

20.l
12.5
-2.6
10.3

22.5
11.2
-3.1
14.4

13.0
11.7
--0.7
2.0

46.1
29.5
-2.4
19.0

13
14
15
16

17
18

FA444104005
FA473169203

Savings institutions
Credit unions

-7.0
0.0

11.3
0.2

12.8
0.2

2.6
--0.l

25.5
0.1

19.7
0.1

17
18

19
20
21
22

FA543 l 69203
F A404 I02005
FA4 l 3065005
FA674190005

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
AB S issuers

0.0
40.2
115.6
61.1

0.2
80.6
84.7
83.6

0.3
172.1
115.4
72.9

--0.l
105.9
98.2
141.1

I.I
90.4
141.1
153.6

0.2
98.4
114.4
204.4

19
20
21
22

23
24
25
26
27

FA614102005
FA623168003
FA644104005
FA663163003
FA504104005

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

-3.l
8.0
0.3
2.7
16.2

-1.4
0.0
3.4
12.0
6.3

48.7
-11.5
13.7
0.5
23.1

50.2
0.4
5.7
--5.0
34.9

45.9
12.4
I1.0
-2.0
64.1

48.7

23
24
25
26
27

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

By sector

1992

U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

-1.3

24.8
8.1
80.7

Table F3

F.3

Credit Market Borrowing by Financial Sectors
Component

Code

1997 value
(billions of
dollars)

1. Change in credit market debt
of financial sectors, by instrument

794104005

644.3

Sum of lines 2 and 6.

2. Change in credit market debt
of government-sponsored
enterprises and federally related
mortgage pools

424102005

212.8

Sum of lines 3, 4, and 5.

3. Change in outstanding securities
issued by government-sponsored
enterprises

403161703

98.4

Table F.210, line 3.

4. Change in outstanding federally
related mortgage pool securities
issued

413065005

114.4

Table F.210, line 4.

5. Change in loans to Sallie Mae
(government-sponsored
enterprises sector) held by the
federal government

403169203

Table F.216, line 9.

6. Change in credit market debt
of private financial sectors

784104005

431.5

Sum of lines 7 through 11.

7. Change in open market paper
liabilities of private financial
sectors

793169805

166.7

Table F.208, sum of lines 7 and 13.

8. Change in corporate bond
liabilities of private financial
sectors

793163005

207.9

Table F.212, line 4.

9. Change in outstanding bank
loans, not elsewhere classified,
to private nonbank financial
sectors

693168005

13.6

Table F.215, line 23.

10. Change in liabilities of private
financial sectors for other loans
and advances

793169255

35.6

Table F.216, sum of lines 25, 26, 27, and 28.

11. Change in mortgage debt
of private financial sectors,
equal to change in mortgage debt
of real estate investment trusts

643165003

7.8

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.217, line 13.

Guide to the Flow of Funds Accounts, Volume I

F.3 Credit Market Borrowing by Financial Sectors-Continued
Code

1997 value
(billions of
dollars)

12. Change in credit market debt
of financial sectors, by sector

794104005

644.3

13. Change in credit market debt
of the commercial banking sector

764104005

46.1

Sum of lines 14, 15, and 16. Also found in
table F.109, line 35.

14. Change in credit market debt
of U.S.-chartered commercial
banks

724104005

29.5

Table F.110, sum of lines 40, 41, and 42.

15. Change in credit market debt
of foreign banking offices in the
U.S., equal to change in their
acceptance liabilities

753169600

-2.4

Table F.111, line 27.

16. Change in credit market debt
of bank holding companies

734104005

19.0

Table F.112, line 19.

17. Change in credit market debt
of savings institutions

444104005

19.7

Table F.114, line 26.

18. Change in credit market debt
of credit unions, equal to change
in their liabilities for loans from
Federal Home Loan Banks

473169203

Table F.115, line 21.

19. Change in credit market debt
of life insurance companies, equal
to change in their liabilities for
loans from Federal Home Loan
Banks

543169203

Table F.117, line 19.

20. Change in credit market debt
of government-sponsored
enterprises

404102005

98.4

Table F.124, line 23.

21. Change in credit market debt
of federally related mortgage
pools, equal to change in
outstanding mortgage pool
securities issued by them

413065005

114.4

Table F.125, line 5. Also equal to line 4 above.

22. Change in credit market debt
of issuers of asset-backed
securities, equal to their net
increase in liabilities

674190005

204.4

Table F.126, line 14.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of line 13 and lines 17 through 27; also equal
to line I.

Table F3

F.3-Continued
Code

1997 value
(billions of
dollars)

23. Change in credit market debt
of finance companies

614102005

48.7

Table F.127, line 11.

24. Change in credit market debt
of mortgage companies, equal to
change in loans to them held by
the commercial banking sector

623168003

-1.3

Table F.128, line 6.

25. Change in credit market debt
of real estate investment trusts

644104005

24.8

Table F.129, line 12.

26. Change in credit market debt
of security brokers and dealers,
equal to change in outstanding
corporate bonds owed by them

663163003

8.1

Table F.130, line 17.

27. Change in credit market debt
of funding corporations

504104005

80.7

Table F.131, line 10.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Guide to the Flow of Funds Accounts, Volume 1

Table F.4

Credit Market Borrowing by All Sectors, by Instrument

Shown in this table is the credit market bor
rowing of all sectors, both financial and non
financial, by type of financial instrument; the
total borrowing figure in line 1 is the same as
total borrowing in line 1 of table F.1 (both are
equal to the total net lending of all sectors
shown in line 27 of table F.l). Also shown, at
the bottom of this table as memorandum
items, are total net issuance of corporate equi
ties and total net issuance of mutual fund
shares. These two financial instruments are
not considered credit market instruments but
are nevertheless important: For some firms,
equity issuance is an alternative to credit mar
ket borrowing, and for many investors and

lenders, purchasing mutual fund shares is an
indirect means of investing in equities or
credit market instruments.
Of the eight types of financial instruments
used to carry out credit market borrowing,
shown in lines 2 through 9 in the table, the
ones with the largest dollar amounts outstand
ing are U.S. government securities, corporate
and foreign bonds, and mortgages. The share
of borrowing through each of the financial
instruments as a percentage of total borrowing
has changed over time, however, in response
to changes in the economy and in the legal
environment.

F.4 Credit Market Borrowing by All Sectors, by Instrument
Billions of dollars

FA894104005

2
3
4
5

FA893169175
FA893161005
FA253162005
FA893163005

6
7
8
9

FA893!68005
FA893I 69255
FA893065005
FAJ53!66000

1992

1993

1994

1995

1996

1997

790.6

952.2

1025.9

1227.8

1359.8

1470.7

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds

13.1
459.8
30.5
172.9

-5.J
421.4
74.8
281.2

35.7
448.J
-35.9
157.3

74.3
348.5
-48.2
319.6

102.6
376.5
2.6
308.0

184.1
235.9
71.4
345.4

4
5

Bank loans n.e.c.

-8.9
4.6
I14.7
3.9

-7.2
--0.8
127.3
60.7

62.9
50.3
182.5
124.9

114.7
70.2
209.9
138.9

92.1
62.5
326.8
88.8

129.3
102.2
349.9
52.5

6
7
8
9

295.9

429.7

125.2

143.9

234.2

183.3

105.4
27.0

137.7
21.3

24.6
-44.9

-3.5
-58.3

-3.4
-64.2

-81.8
-114.4

II
12

32.4
46.0
190.5

63.4
53.0
292.0

48.1
21.4
100.6

50.4
4.4
147.4

60.0
0.8
237.6

41.3
-8.6
265.1

13
14
15

Total

Other loans and advances

Mortgages
Consumer credit

Memo:

Funds raised through corporate equities and mutual fund shares

FA893064005

II
12

FA893064105
FA103!64003

13
14
15

FA263!64003
FA793164105
FA653164005

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Federal Reserve Bank of St. Louis

Total net issues
Corporate equities
Nonfinancial
Foreign shares purchased by
U.S. residents
Financial
Mutual fund shares

Table F4

F.4

Credit Market Borrowing by All Sectors, by Instrument
Code

1997 value
(billions of
dollars)

1. Change in credit market debt
of all borrowing sectors

894104005

1,470.7

2. Change in open market paper
liabilities of all issuing sectors

893169175

184.1

Table F.208, line 1.

3. Change in total U.S. government
securities outstanding, including
agency securities

893161005

235.9

Sum of table F.209, line I, and table F.210, line I.

4. Change in liabilities of domestic
nonfinancial nonfederal sectors
for municipal securities

253162005

71.4

Table F.211, line I.

5. Change in corporate and foreign
bond liabilities of all issuing
sectors

893163005

345.4

Table F.212, line 1.

6. Change in outstanding bank
loans, not elsewhere classified,
to all borrowing sectors

893168005

129.3

Table F.215, line 13.

7. Change in total other loans and
advances outstanding to all
borrowing sectors

893169255

102.2

Table F.216, line I.

8. Change in mortgage debt
of all borrowing sectors

893065005

349.9

Table F.217, line I.

9. Change in consumer credit
liabilities of households
(households and nonprofit
organizations sector)

153166000

52.5

Table F.222, line 1.

10. Funds raised through corporate
equities and mutual fund shares

893064005

183.3

Sum of lines 11 and 15.

11. Memorandum item: Total net
issuance of corporate equities

893064105

-81.8

Sum of lines 12, 13, and 14. Also found
in table F.2 I3, line I.

12. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

-114.4

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 through 9. Excludes net issuance
of corporate equities and mutual fund shares,
which are shown as memorandum items
in lines 10 through 15.

Table F.213, line 2.

Guide to the Flow of Funds Accounts, Volume 1

F.4 Credit Market Borrowing by All Sectors, by Instrument-Continued
Code

1997 value
(billions of
dollars)

13. Net purchases of foreign
corporate equities by U.S.
residents

263164003

41.3

Table F.213, line 3.

14. Net issuance of equities
by financial corporations

793164105

-8.6

Table F.213, line 4.

15. Memorandum item: Net issuance
of mutual fund shares

653164005

265.1

Table F.214, line I.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

Table F.5 Total Liabilities and Their Relation to Total Financial Assets
This table shows both the relationship of total
credit market borrowing to the net increase in
liabilities of all sectors and the derivation of
the net acquisition of financial assets of all
sectors from the net increase in liabilities.
To find the net increase in all sectors'
liabilities, the amount raised through each
of the non-credit-market sources of funds
included in the flow of funds accounts (lines 2
through 21) is added to total credit market
borrowing in line 1, which is the same as
line 1 in table F.1 and line 1 in table F.4. The
total increase in liabilities, shown in line 22, is
also the total of financial sources to all the
sectors.

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Federal Reserve Bank of St. Louis

To find the net acquisition of all sectors'
assets, liabilities not identified as sector assets
(lines 23 through 28) and floats not included
in assets (lines 29 through 31) are both sub
tracted from line 22; the result is shown in
line 32. The items shown in lines 23 through
31 are actually the financial instrument dis
crepancies shown in table F.11; each of the
lines reports the amount by which the mea
sured total of funds borrowed through a par
ticular financial instrument differs, as a result
of timing or reporting differences, measure
ment error, or other inconsistencies, from the
measured total of funds lent.

Table E5

F.5

Total Liabilities and Their Relation to Total Financial Assets
Billions of dollars

FA894104005

Net flows through credit markets
(from table F.4, line 1)

2
3
4
5

FA2631 I 1005
FA713014003
FA313112003
FA263191003

6
7
8
9
10

FA774110005
FA793120005
FA793131005
FA793135005
FA634000005

II
12
13
14

FA792150005
FA893064105
FA653164005
FA893 I 70005

15
16
17
18

FA893167005
FAl53040005
FA153050005
FA893178005

Taxes payable

19
20
21

FA604190005
FA153080005
FA893 l 90005

Noncorporate proprietors· equity
Miscellaneous

FA894190005

23
24
25

FA903012005
FA903091005
FA904010005

26
27
28

FA902050005
FA903078005
FA903090005

29
30
31

FA903023105
FA903029205
FA903070005

}'A894090005

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Official foreign exchange
SOR certificates

Treasury currency
Foreign deposits

Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits

Money market fund shares
Security RPs

Corporate equities

Mutual fund shares
Trade payables
Security credit

Life insurance reserves
Pension fund reserves

Investment in bank personal trusts

Total financial sources
- Liabilities not identified as assets:
Treasury currency
Foreign deposits

Net interbank liabilities

Security RPs
Taxes payable
Miscellaneous
- Floats not included in assets:

Checkable deposits: Federal govt.
Other

Trade credit

Totals identified to sectors

as assets

1992

1993

1994

1995

1996

1997

790.6

952.2

1025.9

1227.8

1359.8

1470.7

-1.6
-2.0
0.2
-3.4

0.8
0.0
0.4
-18.5

-5.8
0.0
0.7
52.9

8.8
2.2
0.6
35.3

---6.3
--0.5
0.1
85.9

0.7
--0.5
--0.0
107.4

49.4
I 13.5
-57.3
-73.2
4.5

50.5
117.3
-70.3
-23.5
20.2

89.8
-9.7
-39.9
19.6
43.3

9.9
-12.7
96.6
65.6
142.3

-51.6
15.8
97.2
I 14.0
145.8

-19.4
41.5
97.1
122.5
157.6

6
7
8
9
10

43.2
105.4
190.5
45.1

71.3
137.7
292.0
52.2

78.2
24.6
100.6
94.0

110.4
-3.5
147.4
101.5

40.0
-3.4
237.6
76.9

I15.2
-81.8
265.1
98.0

II
12
14

4.6
28.0
230.2
10.6

61.4
36.0
255.7
11.4

--0. I
34.5
246.2
2.6

26.7
44.9
233.2
6.2

52.4
43.6
230.8
16.2

110.1
52.9
296.8
14.6

15
16
17
18

-7.1
34.4
266.4

0.9
25.5
340.0

17.8
55.6
252.4

4.0
71.5
457.3

-8.6
49.3
451.4

75.0
40.7
593.4

19
20
21

1771.9

2313.0

2083.2

2776.0

2946.5

3557.7

--0.2
-2.7
-4.9

--0.2
-5.7
4.2

--0.2
43.0
-2.7

--0.5
25.1
-3.1

--0,9
59.4
-3.3

--0.6
107.4
-19.9

23
24
25

4.3
12.8
-32.4

46.4
15.8
-170.8

69.4
16.6
-150.0

22.9
21.1
-213.5

--0.7
20.4

-82.0

59.5
17.2
-254.9

26
27
28

0.7
1.6
9.9

-1.5
-1.3
-4.0

-4.8
-2.8
1.5

---6.0
-3.8
-11.7

0.5
-4.0
-27.0

-2.7
-3.9
15.1

29
30
31

1782.9

2430.0

2113.3

2945.5

2984.2

3640.5

4
5

Guide to the Flow of Funds Accounts, Volume I

F.5 Total Liabilities and Their Relation to Total Financial Assets
Component

Code

1997 value
(billions of
dollars)

1. Net flows of funds through credit
markets, equal to change in credit
market debt of all borrowing
sectors

894104005

1,470.7

2. Change in liabilities of the rest
of the world for foreign exchange
held by U.S. official agencies and
for the U.S. net position in the
International Monetary Fund

263111005

Table F.200, line 5.

3. Change in liabilities of the federal
government for special drawing
rights certificates

713014003

-.5

Table F.201, line 1.

4. Change in liabilities of the federal
government for U.S. Treasury
currency

313112003

Table F.201, line 3.

5. Change in liabilities of the rest
of the world for U.S. private
deposits

263191003

107.4

Table F.202, line 1.

6. Change in interbank liabilities

774110005

-19.4

Table F.203, line I.

7. Change in liabilities of private
depository institutions and the
monetary authority for checkable
deposits and currency

793120005

41.5

Table F.204, line 1.

8. Change in small time and savings
deposit liabilities of private
depository institutions

793131005

97.1

Table F.205, line 2.

9. Change in large time deposit
liabilities of private depository
institutions

793135005

122.5

Table F.205, line 9.

10. Change in liabilities of money
market mutual funds for shares
issued

634000005

157.6

Table F.206, line I.

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Federal Reserve Bank of St. Louis

Explanation
Table F.4, line 1.

Table E5

F.5-Continued
Code

1997 value
(billions of
dollars)

11. Change in outstanding federal
funds bought by financial sectors
and in outstanding loans to them
under security repurchase
agreements

792150005

115.2

Table F.207, line 1.

12. Net issuance of corporate equities
by all issuing sectors

893064105

-81.8

Table F.213, line 1.

13. Change in liabilities of mutual
funds for shares issued

653164005

265.1

Table F.214, line 1.

14. Change in trade payables owed
by all borrowing sectors

893170005

98.0

Table F.223, line 1.

15. Change in security credit
liabilities of all borrowing sectors

893167005

110.1

Table F.224, line 1.

16. Change in life insurance reserve
liabilities

153040005

52.9

Table F.225, line 1.

17. Change in pension fund reserve
liabilities

153050005

296.8

Table F.225, line 5.

18. Change in taxes payable by all
businesses

893178005

14.6

Table F.226, line 1.

19. Change in liabilities of bank
personal trusts for investment
by the households and nonprofit
organizations sector

604190005

75.0

Table F.227, line 1.

20. Change in liabilities of
noncorporate business for
proprietors' net investment

153080005

40.7

Table F.228, line 1.

21. Change in total miscellaneous
liabilities of all sectors

893190005

593.4

Table F.229, line 1.

Component

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Federal Reserve Bank of St. Louis

Explanation

Guide to the Flow of Funds Accounts, Volume 1

F.5 Total Liabilities and Their Relation to Total Financial Assets-Continued
Code

1997 value
(billions of
dollars)

22. Change in total financial sources
of funds, equal to net increase in
liabilities of all sectors

894190005

3,557.7

23. Discrepancy between changes
in federal government liabilities
for Treasury currency and
Treasury currency held by the
monetary authority, equal to
seigniorage

903012005

-.6

Table F.201, line 5.

24. Discrepancy between changes
in foreign liabilities for deposits
held abroad by U.S. private
sectors and foreign deposit
assets of domestic sectors

903091005

107.4

Table F.202, line 5.

25. Discrepancy between changes
in interbank liabilities and
interbank assets of the
commercial banking sector,
due to timing and reporting
differences and floats

904010005

-19.9

Table F.203, line 45.

26. Discrepancy between changes
in liabilities for, and holdings
of, federal funds and loans made
under security repurchase
agreements, treated as
unallocated assets

902050005

59.5

Table F.207, line 23.

27. Discrepancy between changes
in business taxes payable and
business taxes receivable

903078005

17.2

Table F.226, line 13.

28. Discrepancy between changes
in unidentified miscellaneous
liabilities of all sectors and
unidentified miscellaneous
assets of all sectors

903090005

-254.9

Table F.229, line 43.

Component

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 1 through 21. Also equal to the sum
of tables F.100, line 39; F.101, line 26;
F.105, line 31; F.106, line 29; F.107, line 34;
F.108, line 17; F.109, line 23; F.l 14, line 20;
F.115, line 16; F.116, line 17; F.117, line 18;
F.118, line 16; F.119, line 22; F.120, line 17;
F.121, line 14; F.122, line 13; F.123, line 7;
F.124, line 22; F.125, line 5; F.126, line 14;
F.127, line 10; F.128, line 5; F.129, line 10;
F.130, line 15; and F.131, line 9.

Table F.5

F.5-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

29. Discrepancy between changes
in federal government cash and
deposits as reported by the
monetary authority and the
commercial banking sector
and as reported by the federal
government

903023105

-2.7

Table F.204, sum of lines 3 and 7, less line 19.

30. Change in mail float associated
with demand deposits other than
those of the federal government

903029205

-3.9

Table F.204, line 36, less line 29 above.

31. Discrepancy between changes
in trade payables and trade
receivables

903070005

15.1

Table F.223, line 17.

32. Change in totals identified
as sector financial assets,
equal to net acquisition of
financial assets by all sectors

894090005

3,640.5

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Federal Reserve Bank of St. Louis

Line 22 less liabilities not identified as assets,
lines 23 through 28, and less floats not included
in assets, line 29, 30, and 31. Also equal to the
sum of tables F. IO0, line 16; F. IO I, line 11;
F.105, line 15; F.106, line 18; F.107, line 11;
F.l08, line 3; F.l09, line 3; F.114, line 3;
F.115, line 3; F.116, line 1; F.117, line 3;
F.118, line 3; F.119, line 3; F.120, line 3;
F.121, line 1; F.122, line 2; F.123, line I;
F.124, line 3; F.125, line I; F.126, line 3;
F.127, line 3; F.128, line I; F.129, line 4;
F.130, line 3; and F.131, line I.

Guide to the Flow of Funds Accounts, Volume 1

Table F.6 Distribution of Gross Domestic Product
Gross domestic product (GDP) is equal to the
market value of all final goods and services
produced during a particular time period by
labor and property located in the U.S. ("real"
GDP is the total adjusted for the effect of
changes in prices). GDP is likewise equal to
the value of the purchases of these goods and
services. This table shows the major compo
nents of expenditure on gross domestic
product-personal consumption expenditures,
gross private domestic investment, net ex
ports, and expenditures by government, the
"C + I + G + X - M" familiar to students of
economics-along with subcategories of these
broad totals. (Gross national product, or GNP,
is the value of the goods and services pro
duced by labor and property supplied by U.S.
residents; it is obtained by adding net U.S.
income receipt from abroad to gross domestic
product. GNP appears as a memorandum item
at the bottom of the table.)

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Federal Reserve Bank of St. Louis

The table corresponds to table 1.1 of the
national income and product accounts pub
lished in the Survey of Current Business by the
Bureau of Economic Analysis (BEA). Most of
the data in the table are available from BEA as
seasonally adjusted quarterly flows at annual
rates. BEA does not, however, publish sectoral
detail on investment in nonresidential plant
and equipment or on investment in residential
structures; the allocations of the totals for
these two series among the sectors that appear
here are made by the Flow of Funds Section
on the basis of annual data on tangible assets
and fixed investment flows produced by BEA
for its publication Fixed Reproducible Tan
gible Wealth in the United States. The entries
for residential and nonresidential fixed invest
ment by sector in this table are the same as
those in the individual sector tables, although
in some sector tables a single total for fixed
investment is shown.

Table F.6

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars

FA086902005

Gross Domestic Product (GDP)

1993

1994

1995

1996

1997

6244.5

6558.1

6947.0

7269.7

7661.7

8110.8

4219.8

4459.3

4717.0

4953.9

5215.7

5493.7

488.5
3731.3

530.2
3929.0

579.6
4137.4

611.0
4342.9

643.3
4572.4

673.1
4820.6

790.5

876.2

1007.8

1043.2

1131.9

1256.0

783.4

855.7

946.6

1012.5

1099.8

1188.6

FA156901001

3
4

FA155011001
FA l56901305

FA085050005

FA895019005

7
9
10
11
12

FA89501300I
FA165013003
FA105013003
FAI15013005
FAI35013003
FA7950I3005

Nonresidential plant and equipment
Household sector (nonprofit organizations)
Nonfinancial corporate business
Nonfann noncorporate business
Farm business
Financial corporations

557.9
32.5
381.8
65.5
14.7
63.5

604.1
35.6
417.8
67.2
18.7
64.8

660.6
31.9
463.5
64.3
20.8
80.1

727.7
33.8
519.2
77.8
22.5
74.4

787.9
37.4
571.4
68.8
23.8
86.5

860.7
43.6
613.2
74.3
25.4
104.1

7
8
9
10
11
12

13
14
15
16
17

FAI95012001
FA155012005
FA105012003
FA! 15012003
FA645012205

Residential construction
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
RE!Ts

225.6
193.8
1.7
27.4
2.6

251.6
218.4
1.7
26.3
5.2

286.0
249.1
1.9
27.8
7.3

284.8
244.7
2.1
35.0
2.9

311.9
268.5
2.3
36.1
4.9

327.9
282.4
2.5
36.2
6.9

13
14
15
16
17

18
19
20
21

FA145020005
FA105020005
FA! 15020003
FA135020001

7.0
1.9
0.1
5.0

20.5
25.4
1.3
-6.2

61.2
48.0
2.5
10.8

30.7
38.1
2.0
-9.4

32.1
23.3
1.2
7.6

67.4
59.9
3.2
4.3

18
19
20
21

FA266990005

Net U.S. exports of goods and services

-29.5

...{ill.7

-90.8

-83.9

-91.2

-93.4

23
24

FA26690200I
FA266903001

Exports
- Imports

639.4
668.9

658.6
719.3

721.2
812.0

819.5
903.4

873.8
965.0

965.4
1058.8

23
24

FA366910005

Government consumption expenditures and
gross investment

26
27
28

FA366901005
FA316901001
FA20690I001

Consumption expenditures (4)
Federal
State and local

29
30
31

FA365019005
FA315019001
FA2050I9001

Gross investment (4)
Federal
State and local

Personal consumption expenditures (2)

1992

Durable goods (3)
Nondurable goods and services
Gross private domestic investment

Fixed investment

Change in business inventories
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

1263.8

1283.4

1313.0

1356.4

1405.3

1454.6

1054.7
451.1
603.7

1078.9
447.3
631.6

1107.1
443.2
663.9

1138.1
442.9
695.2

1175.6
450.9
724.7

1219.2
460.4
758.8

26
27
28

209.1
76.9
132.2

204.5
71.1
133.4

205.9
67.0
138.9

218.4
66.3
152.1

229.7
67.6
162.1

235.4
59.8
175.6

29
30
31

11.1
137.9
126.8

18.7
150.8
132.1

8.2
176.5
168.3

17.5
225.1
207.6

12.4
235.5
223.1

-8.0
265.5
273.5

32
33
34

6255.6

6576.8

6955.2

7287.2

7674.1

8102.8

Memo:
32
33
34

FA266902105
FA266902101
FA266903101

Net U.S. factor income from rest of the world
U.S. receipts
- U.S. payments

FA086901005

Gross National Product (GNP) =
GDP -1- net U.S. factor income

(1)
(2)
(3)
(4)

This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce.
Component of personal outlays, found on table F.100, line 4.
Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving.
Government inventory investment is included in consumption expenditures.

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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume I

F.6 Distribution of Gross Domestic Product
Code

1997 value
(billions of
dollars)

1. Gross domestic product (GDP)

086902005

8,110.8

Sum of lines 2, 5, 22, and 25.

2. Personal consumption
expenditures

156901001

5,493.7

Seasonally adjusted flow from SCB, NIPA
table I.I, line 2, Personal consumption
expenditures. Unadjusted flow from SCB, NIPA
table 9.2, line I, Personal consumption
expenditures. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

3. Investment in consumer durable
goods by households (households
and nonprofit organizations
sector)

155011001

673.1

Seasonally adjusted flow from SCB, NIPA
table I.I, line 3, Personal consumption
expenditures on durable goods; also shown in
NIPA table 2.2, line 2, Durable goods. Unadjusted
flow from SCB, NIPA table 9.2, line 2, Durable
goods. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor
and subtracting it from the seasonally adjusted
flow, after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

4. Purchases of consumer
nondurable goods and services

156901305

4,820.6

Line 2 less line 3.

5. Gross private domestic
investment

085050005

1,256.0

Sum of lines 6 and 18.

6. Private fixed investment

895019005

I,188.6

Sum of lines 7 and 13.

7. Fixed nonresidential investment
by private domestic sectors

895013001

860.7

Component

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Federal Reserve Bank of St. Louis

Explanation

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 8, Fixed nonresidential investment.
Unadjusted flow from SCB, NIPA table 9.1, line 8,
Fixed nonresidential investment. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

Table F.6

F.6-Continued
Component

Code

1997 value
(billions of
dollars)

8. Fixed nonresidential investment
by nonprofit organizations
(households and nonprofit
organizations sector)

165013003

43.6

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B5, Fixed
Nonresidential Private Capital, by Legal Form
of Organization and Major Industry Group,
Historical-Cost Valuation, Noncorporate, sum
of Equipment for nonprofit institutions (series
13NTOTL8EQ00; revisions and updates provided
by BEA) and Structures for nonprofit institutions
(l3NTOTL8ST00). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using investment in nonresi
dential structures (SCB, NIPA table 5.4, line 3,
Nonresidential structures) as the denominator for
the structures portion and investment in producers'
durable equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment portion. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

100

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component

Code

1997 value
(billions of
dollars)

9. Fixed nonresidential investment
by nonfarm nonfinancial
corporate business

105013003

613.2

10. Fixed nonresidential investment
by nonfarm noncorporate
business

115013005

74.3

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table AS, Fixed Nonresidential P rivate
Capital, by Legal Form of Organization and Major
Industry Group, Historical-Cost Valuation, Net
stock, sum of Equipment for nonfinancial
corporations, change in amount outstanding
(unpublished detail, series K3NNOFI2EQ00;
revisions and updates provided by BEA), and
Structures for nonfinancial corporations, change
in amount outstanding (K3NNOFI2ST00), plus
Depreciation for equipment (M3NNOFI2EQ00)
and for structures (M3NNOFI2ST00) for
nonfinancial corporations; less Investment in
producers' durable equipment by farm corporations (SCB, NIPA table 5.8, sum of line 26,
Agricultural machinery, except tractors, and
a percentage of line 25, Tractors, with the
percentage equal to the ratio of purchases of farm
tractors, series 3IHI Y3NTOTL!E020, to
purchases of all tractors, 3IHI Y3NTOTLIE021both series published on the BEA STAT-USA
Internet site; annual ratio used for all four quarters
in year-net of Investment by noncorporate
farms in equipment, I3NAG014EQ00); and less
Investment in nonresidential structures by farm
corporations (SCB, NIPA table 5.6, line 19,
Farm purchases of nonresidential structures,
net of Investment by noncorporate farms in
nonresidential structures, I3NAG014ST00). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures portion and
investment in producers' durable equipment (SCB,
NIPA table 5.4, line 8, P roducers' durable
equipment) as the denominator for the equipment
portion. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Unpublished
quarterly data for farm purchases of equipment and
structures are provided by BEA.
Line 7 less lines 8, 9, 11, and 12.

Table F.6

101

F.6-Continued
Code

1997 value
(billions of
dollars)

11. Fixed nonresidential investment
by farm business

135013003

25.4

12. Fixed nonresidential investment
by financial sectors

795013005

104.1

715013003

Component

12a. Fixed nonresidential
investment by Federal Reserve
Banks (monetary authority
sector)

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, sum of NIPA
table 5.6, line 19, Farm purchases of nonresidential
structures; NIPA table 5.8, line 26, Agricultural
machinery, except tractors; and a percentage of
NIPA table 5.8, line 25, Tractors (percentage equal
to the ratio of purchases of farm tractors, series
3IHI Y3NTOTLIE020, to purchases of all tractors,
3IHI Y3NTOTLIE021-both series published
on the BEA STAT-USA Internet site; annual ratio
used for all four quarters in year). Unpublished
quarterly data at annual rates for all three lines
in the NIPA tables provided by BEA. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.
Sum of lines 12a through 120.
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table Bl, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, sum
of Equipment for Federal Reserve Banks (series
I3NFI6AIEQOO; revisions and updates provided
by BEA) and Structures for Federal Reserve Banks
(I3NFI6AISTOO). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
P roducers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

102

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component
12b. Fixed nonresidential
investment by U.S.-chartered
commercial banks

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

725013003

9.3

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), Investment data, table B l , Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost and Constant-Cost Valuation,
columns Millions of dollars, Equipment for
commercial and mutual depository institutions
(series l3NFI6B1EQOO; revisions and updates
provided by BEA), nondepository institutions
(13NFI611EQ00), insurance carriers
(l3NFI631EQ00), and holding and other
investment offices (l3NFl671EQOO); plus
Structures for commercial and mutual depository
institutions (l3NFI6B1STOO), nondepository
institutions (l3NFI611ST00), insurance carriers
(l3NFI631STOO), and holding and other
investment offices (13NFl671STOO). For the
equipment component of the total, the sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions, and by the ratio of tangible assets
reported by U.S.-chartered commercial banks
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. The
structures component is the sum of investment in
structures by the four financial institution groups
delineated in FRTW less investment in structures
by the FOF financial sectors cited above other than
U.S.-chartered commercial banks. Series is
converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Table E6

103

F.6-Continued
Component
12c. Fixed nonresidential
investment by foreign banking
offices in the U.S.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

755013003

3.0

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B1EQOO; revisions and updates
provided by BEA), nondepository institutions
(I3NFI611EQ00), insurance carriers
(I3NFI63 l EQ00), and holding and other
investment offices (I3NFI671EQOO); plus
Structures for commercial and mutual depository
institutions (I3NFI6B l STOO), nondepository
institutions (I3NFI611ST00), insurance carriers
(I3NFI63 l STO0), and holding and other
investment offices (I3NFI671STOO). The sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions for the equipment component
of the total, and by the ratio of investment
in nonresidential structures to investment
in equipment and nonresidential structures for the
structures component; both are multiplied by the
ratio of tangible assets (converted to book value)
reported by foreign banking offices in the U.S.
to tangible assets, reported at book value, by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

104

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component

Code

1997 value
(billions of
dollars)

12d. Fixed nonresidential
investment by bank holding
companies

735013003

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table Bl, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6BIEQOO; revisions and updates
provided by BEA), nondepository institutions
(l3NFI6lIEQ00), insurance carriers
(l3NFI63IEQOO), and holding and other
investment offices (I3NFI671EQOO); plus
Structures for commercial and mutual depository
institutions (l3NFl6BlSTOO), nondepository
institutions (13NFI6lISTOO), insurance carriers
(l3NFI63IST00), and holding and other
investment offices (I3NFI671ST00). The sum
is multiplied by the ratio of investment in
equipment by holding and other investment offices
to investment in equipment and nonresidential
structures by holding and other investment offices
for the equipment component of the total, and by
the ratio of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by bank holding companies to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Table F6

105

F.6-Continued
Component
12e. Fixed nonresidential
investment by banks
in U.S.-affiliated areas

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

745013003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data. table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6BIEQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI611EQ00), insurance carriers
(13NFI631EQ00), and holding and other
investment offices (13NFI67 l EQ00); plus
Structures for commercial and mutual depository
institutions (13NFI6BIST00), nondepository
institutions (13NFI611ST00), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI67IST00). The sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions for the equipment component
of the total, and by the ratio of investment
in nonresidential structures to investment
in equipment and nonresidential structures for the
structures component; both are multiplied by the
ratio of tangible assets reported by banks in
U.S.-affiliated areas to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers· durable equipment) as the denominator
for the equipment component and investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

106

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component
l2f. Fixed nonresidential
investment by savings
institutions

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

445013003

2.5

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series l3NFI6B lEQ00; revisions and updates
provided by BEA), nondepository institutions
(l3NFI611EQ00), insurance carriers
(l3NFI631EQ00), and holding and other
investment offices (l3NFl671EQOO); plus
Structures for commercial and mutual depository
institutions (l3NFI6B1ST00), nondepository
institutions (l3NFI6 l1STOO), insurance carriers
(l3NFI631ST00), and holding and other
investment offices (l3NFI671ST00). The sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions for the equipment component
of the total, and by the ratio of investment
in nonresidential structures to investment
in equipment and nonresidential structures for
the structures component; both arc multiplied by
the ratio of tangible assets reported by savings
institutions to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Table F.6

107

F.6-Continued
Component

Code

1997 value
(billions of
dollars)

12g. Fixed nonresidential
investment by credit unions

475013003

1.3

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B IEQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI61 IEQ00), insurance carriers
(IJNFI63 IEQOO), and holding and other
investment offices (I3NFI67 IEQ00); plus
Structures for commercial and mutual depository
institutions (I3NFI6B1ST00), nondepository
institutions (13NFI6 l l STOO), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI67 l STOO). The sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions for the equipment component
of the total, and by the ratio of investment
in nonresidential structures to investment
in equipment and nonresidential structures for the
structures component; both are multiplied by the
ratio of tangible assets reported by credit unions
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment) as
the denominator for the equipment component and
investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

108

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component

Code

1997 value
(billions of
dollars)

12h. Fixed nonresidential
investment by life insurance
companies

545013003

25.9

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), Investment data, table B l , Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B IEQ00; revisions and updates
provided by BE A), nondepository institutions
(I3NFI61 IEQOO), insurance carriers
(I3NFI631EQOO), and holding and other
investment offices (I3NFI671EQOO); plus
Structures for commercial and mutual depository
institutions (I3NFI6B ISTOO), nondepository
institutions (I3NFI611STOO), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI671ST00). For the
structures component of the total, the sum is
multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers, and by the ratio
of tangible assets reported by life insurance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. The
equipment component is the sum of investment in
equipment by the four financial institution groups
delineated in FRTW less investment in equipment
by the FOF financial sectors cited above other than
life insurance companies. Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using investment in producers'
durable equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Table F.6

109

F.6-Continued
Component
12i. Fixed nonresidential
investment by other insurance
companies

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

515013003

2.7

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6BlEQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI611EQ00), insurance carriers
(I3NFI631EQ00), and holding and other
investment offices (I3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (I3NFI6B1ST00), nondepository
institutions (I3NFI6l1STO0), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI671ST00). The sum is
multiplied by the ratio of investment in equipment
by insurance carriers to investment in equipment
and nonresidential structures by insurance carriers
for the equipment component of the total, and by
the ratio of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by other insurance companies to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

110

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component
12j. Fixed nonresidential structures
investment by private pension
funds

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

575013063

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6BIEQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFI61IEQ00), insurance carriers
(13NFI631EQ00), and holding and other
investment offices (13NFl671EQ00); plus
Structures for commercial and mutual depository
institutions (13NFI6BIST00), nondepository
institutions (13NFI611ST00), insurance carriers
(13NFl631ST00), and holding and other
investment offices (13NFl67IST00). The sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers and multiplied
by the ratio of tangible assets reported by private
pension funds (converted to book value) to
tangible assets, reported at book value, by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Private pension
funds are assumed to have no equipment.

Table E6

111

F.6-Continued
Component
12k. Fixed nonresidential structures
investment by state and local
government employee
retirement funds

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

225013063

1.6

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B1EQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI611EQ00), insurance carriers
(I3NFI63 IEQ00), and holding and other
investment offices (I3NFI671EQ00), plus
Structures for commercial and mutual depository
institutions (I3NFI6B1ST00), nondepository
institutions (I3NFI611ST00), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI671ST00); the sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers, and multiplied
by the ratio of tangible assets reported by state
and local government employee retirement funds
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using NIPA total
investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
State and local government employee retirement
funds are assumed to have no equipment.

112

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component
121. Fixed nonresidential
investment by
government-sponsored
enterprises

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

405013003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series l3NFI6B1EQ00; revisions and updates
provided by BEA), nondepository institutions
(l3NFI61 IEQ00), insurance carriers
(l3NFI631EQOO), and holding and other
investment offices (l3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (l3NFI6B1ST00), nondepository
institutions (l3NFI611ST00), insurance carriers
(l3NFI631ST00), and holding and other
investment offices (l3NFI671STOO). The sum is
multiplied by the ratio of investment in equipment
by nondepository institutions to investment
in equipment and nonresidential structures
by nondepository institutions for the equipment
component of the total, and by the ratio
of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by government-sponsored enterprises to tangible
assets reported by U.S.-chartered commercial
banks, foreign banking offices in the U.S., bank
holding companies, banks in U.S.-affiliated areas,
savings institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Table F.6

113

F.6-Continued
Component

Code

1997 value
(billions of
dollars)

12m. Fixed nonresidential
investment by finance
companies and fixed
nonresidential equipment
investment by issuers of
asset-backed securities

615013003

23.8

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table Bl, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6B1EQ00; revisions and updates
provided by BEA), nondepository institutions
(l3NFI611EQ00), insurance carriers
(l3NFI631EQ00), and holding and other
investment offices (l3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (l3NFI6B1ST00), nondepository
institutions (l3NFI611ST00), insurance carriers
(l3NFI631ST00), and holding and other
investment offices (l3NFI671ST00). The sum is
multiplied by the ratio of investment in equipment
by nondepository institutions to investment
in equipment and nonresidential structures
by nondepository institutions for the equipment
component of the total, and by the ratio
of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets of finance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and
local government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. This series is assumed
to include fixed nonresidential equipment
investment in automobiles that collateralize
securitized consumer motor vehicle leases;
the automobiles are assets of the issuers of
asset-backed securities sector.

114

Guide to the Flow of Funds Accounts, Volume I

F.6 Distribution of Gross Domestic Product-Continued
Code

1997 value
(billions of
dollars)

12n. Fixed nonresidential
investment by real estate
investment trusts

645013013

30.8

Unadjusted flow estimated by FOF Section on the
basis of industry reports of asset purchases.
Calculated as investment in all structures, currently
estimated as five-sixths of the change in the level
of total property owned by REITs (FOF series
645019003, line 17a below), multiplied by the
ratio of investment by REITs in nonresidential
structures to investment by REITs in all structures
(ratio estimated by FOF Section based on
information from NAREIT); the remaining
one-sixth of the change in net property is assumed
to be land purchases. Quarterly allocation of
annual flows estimated as a proportion of equity
and debt issuance from REITWatch. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

120. Fixed nonresidential
investment by security brokers
and dealers

665013003

I.I

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for security and commodity brokers (series
13NFI621EQ00; revisions and updates provided
by BEA), plus Structures for security and
commodity brokers (13NFI621ST00). Series is
converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

195012001

327.9

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 11, Private fixed residential
investment; also shown in NIPA table 5.4, line 15,
Residential. Unadjusted flow from SCB, NIPA
table 9. I, line 11, Residential. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

Component

13. Fixed residential investment
by private sectors

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Federal Reserve Bank of St. Louis

Explanation

Table F.6

115

F.6-Continued
Code

1997 value
(billions of
dollars)

14. Fixed residential investment
by the households and nonprofit
organizations sector

155012005

282.4

15. Fixed residential investment by
nonfarm nonfinancial corporate
business

105012003

2.5

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital, by Type of Owner, Legal Form of
Organization, and Industry, Historical-Cost
Valuation, Private, Corporate (assumed to be all
nonfinancial corporate) (series l3RFI652ES00;
revisions and updates provided by BEA). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using fixed
residential investment by private sectors (FOF
series 195012001, line 13 above) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

16. Fixed residential investment
by nonfarm noncorporate
business

115012003

36.2

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital by Type of Owner, Legal Form of
Organization, and Industry, Historical-Cost
Valuation, Private, Noncorporate, Total (series
l3RTOTL3ES00; revisions and updates provided
by BEA); less Nonprofit institutions
(l3RFI658ES00); less, from table B9 on Private
Residential Capital, by Tenure Group and Type
of Equipment and Structures, Historical-Cost
Valuation, Owner-occupied nonfarm
(l3RFI655ONOC), Owner-occupied farm
(l3RAG014ONOC), and Tenant-occupied farm
(l3RAG014TOOC). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using fixed residential investment
by private sectors (FOF series 195012001, line 13
above) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

17. Fixed multifamily residential
investment by real estate
investment trusts

645012205

6.9

Fixed investment in residential and nonresidential
structures by real estate investment trusts
(estimated as line 17a times 0.83333), less
line 12n.

Component

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Federal Reserve Bank of St. Louis

Explanation
Line 13 less lines 15, 16, and 17.

116

Guide to the Flow of Funds Accounts, Volume I

F.6 Distribution of Gross Domestic Product-Continued
Component

Code

1997 value
(billions of
dollars)

17a. Change in tangible assets of
real estate investment trusts,
at book value

645019003

45.2

Year-end level from NAREIT Industry Statistics,
Industry Balance Sheet, Equity investments,
Property owned, net of Accumulated depreciation,
plus Other. Unadjusted quarterly flow estimated as
a proportion of equity and debt issuance from
REITWatch; level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

18. Change in inventories
of nonfinancial business

145020005

67.4

Sum of lines 19, 20, and 21.

19. Change in inventories, with
inventory valuation adjustment
(current cost of inventory
change), of nonfarm nonfinancial
corporate business

105020005

59.9

Line 19a less line 20.

125020001

63.1

Seasonally adjusted flow from SCB, NIPA
table 5.10, line 3, Change in nonfarm business
inventories. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

20. Change in inventories of nonfarm
noncorporate business

115020003

3.2

Seasonally adjusted flow equal to SCB, NIPA
table 5.10, line 3, Change in nonfarm business
inventories, multiplied by the ratio of
current-dollar inventories held by nonfarm
noncorporate business (beginning 1989:Q1,
estimated by FOF Section as 5 percent of SCB,
NIPA table 5.12, line 3, Nonfarm inventories;
previously, unpublished data provided by BEA)
to current-dollar inventories held by all nonfarm
business from NIPA table 5.12, line 3. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

21. Change in inventories of farm
business

135020001

4.3

Seasonally adjusted flow from SCB, NIPA
table 5.10, line 2, Change in farm business
inventories. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

19a. Change in inventories
of nonfarm nonfinancial
business

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Federal Reserve Bank of St. Louis

Explanation

Table F.6

117

F.6-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

22. Net U.S. exports of goods and
services, NIPA basis

266990005

-93.4

Line 23 less line 24.

23. U.S. exports of goods and services
to the rest of the world

266902001

965.4

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 14, Exports. Unadjusted flow from
SCB, NIPA table 9.1, line 14, Exports. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

24. U.S. imports of goods and services
from the rest of the world

266903001

1,058.8

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 17, Imports. Unadjusted flow from
SCB, NIPA table 9.1, line 17, Imports. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

25. Consumption expenditures
of and gross investment
by government

366910005

1,454.6

Sum of lines 26 and 29.

26. Consumption expenditures
of government

366901005

1,219.2

Sum of lines 27 and 28.

27. Consumption expenditures
of the federal government

316901001

460.4

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 15, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.3, line 7,
Consumption expenditures. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

28. Consumption expenditures
of state and local governments

206901001

758.8

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 14, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.4, line 8,
Consumption expenditures. For recent quarters for
which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

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118

Guide to the Flow of Funds Accounts, Volume 1

F.6 Distribution of Gross Domestic Product-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation
Sum of lines 30 and 31.

29. Fixed investment by government

365019005

235.4

30. Fixed investment by the federal
government

315019001

59.8

Seasonally adjusted flow from SCB, NIPA
table 3.7, sum of line 11, Federal government
national defense gross investment, and line 24,
Federal government nondefense gross investment.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

31. Fixed investment by state and
local governments

205019001

175.6

Seasonally adjusted flow from SCB, NIPA
table 3.7, line 35, Gross investment by state and
local governments. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

32. Memorandum item: Net U.S.
factor income from the rest of the
world

266902105

-8.0

33. U.S. receipts of factor income
from the rest of the world

266902101

265.5

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 7, Receipts of factor income.
Unadjusted flow from SCB, NIPA table 9.5, line 5,
Receipts of factor income. For recent quarters for
which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

34. U.S. payments of factor income
to the rest of the world

266903101

273.5

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 15, Payments of factor income.
Unadjusted flow from SCB, NIPA table 9.5,
line 11, Payments of factor income. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

35. Gross national product (GNP)

086901005

8,102.8

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Federal Reserve Bank of St. Louis

Line 33 less line 34.

Line I plus line 32.

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Federal Reserve Bank of St. Louis

120

Guide to the Flow of Funds Accounts, Volume 1

Table F.7 Distribution of National Income
National income is the measure of earnings
from aggregate economic activity. The
amounts received by firms from buyers'
expenditures on the final goods and services
that make up gross domestic product (GDP)
are paid out as income to the factors of pro
duction. Certain portions of the total, however,
are not paid as income: the amount of con
sumption of fixed capital, which is an expense
but is retained in the firm or governmental unit
as a form of saving; business transfer pay
ments, which are paid out by firms but are not
defined as income because they are not earned;
indirect business taxes, that is, expenses dur
ing the production process paid to governmen
tal units; and the current surplus of govern
ment enterprises net of subsidies from the
governments, which is not considered factor
income. To arrive at total national income, net
income receipts earned abroad are added to

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Federal Reserve Bank of St. Louis

domestic earnings, and the statistical discrep
ancy, which arises because GDP and the
charges against it are estimated separately, is
subtracted.
This table corresponds to table 1.14 of the
national income and product accounts (NIPA)
published in the Survey of Current Business
by the Bureau of Economic Analysis (BEA).
It shows the major components of national
income-compensation of employees, propri
etors' income, rental income of persons, cor
porate profits with inventory valuation and
capital consumption adjustments, and net
interest-along with subcategories of the
components and with sectoral detail on prof
its. A memorandum section at the bottom of
the table, taken from NIPA table 1.9, shows
the calculation of gross domestic product from
national income.

121

Table R7

F.7 Distribution of National Income (1)
Billions of dollars

FA0�10005

National Income
Compensation of employees
Wages and other labor income
Employer social insurance contributions
Wage accruals less disbursements

1992

1993

1994

1995

1996

1997

4990.3

5266.7

5590.6

5923.6

6256.1

6646.5

3644.9
3337.6
323.0
-15.8

3814.8
3474.7
335.7
4.4

4011.9
3645.5
353.0
13.3

4208.8
3830.1
365.3
13.4

4409.2
4018.3
381.7
9.3

4687.2
4282.8
400.7
3.7

423.8
386.7
37.1

450.8
418.4
32.4

471.6
434.7
36.9

488.1
465.6
22.4

527.7
488.8
38.9

5S1.2
515.8
35.5

6
7
8

79.4

105.7

124.4

133.8

1S0.2

1S8.2

428.0

492.8

S70.5

672.4

750.4

817.9

398.9

456.9

519.1

613.0

679.0

741.2

406.4
256.6
1.2
64.9
83.7

465.4
307.4
1.2
73.9
82.9

535.1
391.9
0.4
73.3
69.5

635.6
440.9

680.2
472.4
0.7
96.4
110.8

734.3
504.6
0.8
99.0
129.9

12
13
14

143.0
90.6
0.4
52.0

165.2
104.5

186.6
128.3

226.1
151.0

246.1
169.2

60.2

57.8

211.0
136.3
0.4
74.2

74.6

76.3

2
3
4

2
3
4
5

FA156025005
FA156020005
FA146601005
FA896700005

6
7

FA166111105
FA116111103
FAl 36111103

FA116112103

Proprietors' income with inventory
valuation and capital consumption adjustments
Nonfarm
Farm
Rental income of persons (with capital
consumption adjustment)

FA096060305

Corporate profits with inventory
valuation and capital consumption adjustments

FA096060205

12
13
14
16

FA096060005
FA106060005
FA136060005
FA266060005
FA796060005

17
18
19
20

FA096231001
FA106231005
FA136231003
FA796231001

21
22
23
25
26

FA096050005
FA096120001
FA106120005
FAl 36120003
FA266120001
FA796120001

Profits after tax
Dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

263.4
147.9
132.4
1.2
23.4
-9.1

300.2
157.6
147.0
0.8
20.8
-11.0

348.5
182.4
157.6
1.0
31.8
-8.0

424.6
205.3
178.3
1.1
30.9

-5.0

454.1
261.9
215.9
1.2
37.1
7.7

488.3
275.1
228.0
1.3
40.4

5.4

21
22
23
24
25
26

27
28
29
30
31

FA096006001
FA106006005
FA136006003
FA266006001
FA796006001

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

115.5
33.5
--0.4
41.5
40.9

142.6
--0.1
53.1
33.7

166.1
106.0
-1.1
41.6
19.6

219.3
126.4
-1.0
58.6
35.4

192.3
105.5
-1.0
59.3
28.5

213.2
107.3
-1.0
58.7
48.2

27
28
29
30
31

FA! 05020601

Inventory valuation adjustment

-7.5

-8.6

-16.0

-22.6

-1.2

6.9

33
34
35
36

FA096310003
FAI06310005
FAl 36310103
FA796310003

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

29.1
45.2
0.1
-16.2

36.0
46.2
0.1
-10.4

51.4
60.3
0.5
-9.5

59.4
68.3
0.2
-9.2

71.4
76.4
0.2
-5.2

76.7
81.6
0.3
-5.3

33
34
35
36

FA086130003

414.3

402.5

412.3

420.6

418.6

432.0

Corporate profits with inventory
valuation adjustment
Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

Less:
Profits tax liability
Domestic nonfinancial
Farm
Financial

Equals:

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Federal Reserve Bank of St. Louis

Net interest

0.5

55.9

0.5

89.5
104.6

0.5

16
17
18
19
20

122

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income (1)-Continued
Billions of dollars
1992

1993

1994

1995

1996

1997

4990.3

5266.7

5590.6

5923.6

6256.1

6646.5

22.5
5.9
505.6
585.4
128.2
44.8

22.1
6.0
532.6
594.5
133.4
52.6

23.8
6.8
568.4
638.7
138.8
14.8

25.8
7.1
581.2
657.0
143.8
-26.3

26.4
7.4
606.5
684.3
147.7
-32.3

27.2
8.0
627.2
720.2
151.6
-55.8

39
40
41
42
43
44

27.1
11.1

31.1
18.7

26.6
8.2

25.1
17.5

22.0
12.4

21.9
-8.0

45
46

6244.S

6558.1

6947.0

7269.7

7661.7

8110.8

Memo:
Calculation of Gross Domestic Product
from National Income: (2)
38

FA086010005

39
40
41
42
43
44

FA146401103
FA146401203
FA366240005
FA896300003
F A366300005
FA087005005

National Income, from line I above
Plus:

Business transfer payments to persons
Business transfer payments to rest of the world
Indirect business taxes and nontaxes
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy
Less:

45
46

FA366402005
FA266902 I 05

FA086902005

Subsidies less current surplus of
government enterprises
Net U.S. factor income from rest of the world
Equals:

Gross Domestic Product

( I) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1. 9 in the Survey of Current Business, Department of Commerce.

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Federal Reserve Bank of St. Louis

Table F.7

123

F.7 Distribution of National Income
Code

1997 value
(billions of
dollars)

1. National income

086010005

6,646.5

Sum of lines 2, 6, 9, 10, and 37.

2. Compensation of employees

156025005

4,687.2

Sum of lines 3, 4, and 5.

3. Wages and other labor income

156020005

4,282.8

Sum of lines 3a and 3b, less personal dividend
income (line 22 net of line 3c), less personal
interest income (sum of lines 3d, 3e, 3f, and 37),
less transfer payments to persons (equal to the sum
of lines 3g and 39 plus line 3h net of federal
government transfer payments to the rest of the
world, line 3i less lines 3j and 40), and less lines 6
and 9.

3a. Personal income

156010001

6,784.1

Seasonally adjusted flow from SCB, NIPA
table 2.1, line I, Personal income. Unadjusted flow
calculated by FOF Section using unadjusted flows
for components of total (adjusted flows at quarterly
rates used for components for which unadjusted
flows are not available). For recent quarters,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

3b. Personal contributions for social
insurance

156601003

326.3

Seasonally adjusted flow from SCB, NIPA
table 2.1, line 24, Personal contributions for social
insurance. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

3c. Dividends received by state and
local governments

206120001

14.8

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 19, Dividends received by
government. Unadjusted flow from SCB, NIPA
table 9.4, line 13, Dividends received by
government. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

3d. Net interest paid by state and
local governments

206130001

�77.4

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 16, Net interest paid. Unadjusted
flow from SCB, NIPA table 9.4, line 10, Net
interest paid. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

124

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income-Continued
Code

1997 value
(billions of
dollars)

3e. Net interest paid by the federal
government

316132001

231.2

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 20, Net interest paid. Unadjusted
flow from SCB, NIPA table 9.3, line 12, Net
interest paid. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

3f. Interest paid by persons

156901103

161.5

Seasonally adjusted flow from SCB, NIPA
table 2.1, line 29, Interest paid by persons.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

3g. Transfer payments to persons
made by state and local
governments

206401001

304.1

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 15, Transfer payments to persons.
Unadjusted flow from SCB, NIPA table 9.4, line 9,
Transfer payments to persons. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

3h. Transfer payments made by the
federal government, net

316401001

791.9

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 16, Transfer payments (net).
Unadjusted flow from SCB, NIPA table 9.3, line 8,
Transfer payments (net). For recent quarters for
which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

3i. Net transfer payments from the
U.S. to the rest of the world

266400001

39.5

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 16, Transfer payments (net).
Unadjusted flow from SCB, NIPA table 9.5,
line 12, Transfer payments (net). For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.7

125

F.7-Continued
Code

1997 value
(billions of
dollars)

156901201

18.9

146601005

400.7

4a. Social insurance receipts
of state and local governments

206601001

79.9

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 11, Contributions for social
insurance. Unadjusted flow from SCB, NIPA
table 9.4, line 5, Contributions for social insurance.
For recent quarters for which unadjusted NIPA
data are not available, unadjusted flow is estimated
by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

4b. Social insurance receipts of the
federal government

316601001

647.0

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 13, Contributions for social
insurance. Unadjusted flow from SCB, NIPA
table 9.3, line 5, Contributions for social insurance.
For recent quarters for which unadjusted NIPA
data are not available, unadjusted flow is estimated
by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

5. Wage accruals less disbursements

896700005

3.7

Sum of lines 5a, 5b, and 5c.

836700003

3.7

Seasonally adjusted flow from SCB, NIPA
table 5.1, line 10, Wage accruals less
disbursements. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Component
3j. Net personal transfer payments
to the rest of the world

4. Employer social insurance
contributions

5a. Private wage accruals less
disbursements

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table 2.1, line 30, Personal transfer payments
to rest of the world (net); also shown in NIPA
table 4.1, line 17, Transfer payments from persons
(net). Unadjusted flow from SCB, NIPA table 9.5,
line 13, Transfer payments from persons (net). For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.
Sum of lines 4a and 4b, less line 3b.

126

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

5b. Wage accruals less
disbursements by state and local
governments

206700001

Seasonally adjusted flow from SCB, NlPA
table 3.3, line 23, Wage accruals less disbursements. Unadjusted flow from SCB, NIPA table 9.4,
line 17, Wage accruals less disbursements. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted
from annual rate to quarterly rate.

Sc. Wage accruals less
disbursements by the federal
government

316700001

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 28, Wage accruals less disbursements. Unadjusted flow from SCB, NIPA table 9.3,
line 20, Wage accruals less disbursements. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted
from annual rate to quarterly rate.

6. Proprietors' income, with
inventory valuation and capital
consumption adjustments

166111105

551.2

Sum of lines 7 and 8.

7. Nonfarm proprietors' net income,
with inventory valuation and
capital consumption adjustments

116111103

515.8

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 13, Nonfarm proprietors' income
with inventory valuation and capital consumption
adjustments. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

8. Farm proprietors' net income,

136111103

35.5

Seasonally adjusted flow from SCB, NIPA
table 1.14, line I 0, Farm proprietors' income with
inventory valuation and capital consumption
adjustments. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

9. Rental income of persons, with
capital consumption adjustment

116112103

158.2

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 17, Rental income of persons with
capital consumption adjustment. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

with inventory valuation and
capital consumption adjustments

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Federal Reserve Bank of St. Louis

Table F.7

127

F.7-Continued
Component

Code

1997 value
(billions of
dollars)

10. Corporate profits, with inventory
valuation and capital
consumption adjustments

096060305

817.9

Sum of lines 11 and 33.

11. Corporate profits, with inventory
valuation adjustment

096060205

741.2

Sum of lines 12 and 32.

12. Corporate profits, at book value,
before tax

096060005

734.3

Sum of lines 17, 22, and 27.

13. Profits before tax, at book value,
originating from domestic
operations of nonfarm
nonfinancial corporate business

106060005

504.6

Line 12 less lines 14, 15, and 16.

14. Profits of corporate farms

136060005

15. Profits of foreign subsidiaries
of U.S. corporations

266060005

99.0

16. Profits of financial corporations

796060005

129.9

Sum of lines 20, 26, and 31.

17. Corporate profit tax liabilities
owed to state and local and
federal governments

096231001

246.1

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 23, Corporate profits tax liability.
Unadjusted flow from SCB, NIPA table 9.6, line 3,
Corporate profits tax liability. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

18. Tax liabilities of domestic
nonfarm nonfinancial corporate
business

106231005

169.2

Line 17 less lines 19 and 20.

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 19, 24, and 29.
Sum of lines 25 and 30.

128

Guide to the Flow of Funds Accounts, Volume I

F.7 Distribution of National Income-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

19. Tax liabilities of corporate farms

136231003

20. Tax liabilities of financial
corporations

796231001

76.3

21. Profits after tax of corporate
business

096050005

488.3

Line 12 less line 17; also equal to the sum of
lines 22 and 27.

22. Dividends paid by corporate
business

096120001

275.1

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 25, Dividends. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

23. Dividends paid by domestic
nonfarm nonfinancial corporate
business

106120005

228.0

Line 22 less lines 24, 25, and 26.

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Federal Reserve Bank of St. Louis

Annual flow from SCB, NIPA table 6. l 8C, line 4,
Corporate profits tax liability of farms. Series is
converted to seasonally adjusted quarterly flow
by ratio method, using corporate profit tax
liabilities owed to federal and state and local
governments (FOF series 096231001, line 17
above) as the denominator. Data for farms not
available for most recent two years; estimated
by multiplying total for Agriculture, forestry, and
fishing (SCB, NIPA table 6.18C, line 3) by farm
proportion of total for latest year available.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.
Seasonally adjusted flow from SCB, NIPA
table 1.16, line 11, Profits tax liability of all
corporate business, less line 29, Profits tax liability
of nonfinancial corporate business. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports of
unadjusted data.

Table R7

129

F.7-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

24. Dividends paid by corporate
farms

136120003

1.3

25. Earnings received from foreign
subsidiaries by U.S. corporations

266120001

40.4

26. Dividends paid by financial
corporations

796120001

5.4

27. Undistributed profits of corporate
business, excluding inventory
valuation and capital
consumption adjustments, at book
value

096006001

213.2

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 26, Undistributed profits.
Unadjusted flow equal to unadjusted flow for
corporate profits after tax, from SCB, NIPA
table 9.6, line 4, Profits after tax, less seasonally
adjusted flow for dividends paid by corporate
business (FOF series 096120001, line 22 above)
at quarterly rate. For recent quarters, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted
flow has been converted from annual rate to
quarterly rate.

28. Undistributed profits retained
by domestic operations of
nonfarm nonfinancial corporate
business, at book value

106006005

107.3

Line 27 less lines 29, 30, and 31.

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Federal Reserve Bank of St. Louis

Annual flow from SCB, NIPA table 6.20C, line 4,
Net corporate dividends of farms. Series is
converted to seasonally adjusted quarterly flow
by ratio method, using dividends paid by corporate
business (FOF series 096120001, line 22 above)
as the denominator. Data for farms not available
for most recent two years; estimated by
multiplying total for Agriculture, forestry, and
fishing (SCB, NIPA table 6.20C, line 3) by farm
proportion of total for latest year available.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.
Seasonally adjusted flow from SCB, NIPA
table 1.14, line 25, Dividends paid by all
corporations, less NIPA table 1.16, line 13,
Dividends paid by domestic corporations.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.
Seasonally adjusted flow from SCB, NIPA
table 1.16, line 13, Dividends paid by corporate
business, less line 31, Dividends paid by
nonfinancial corporate business. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

130

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income-Continued
Component

Code

1997 value
(billions of
dollars)

29. Undistributed profits of corporate
farms, at book value

136006003

-1.0

Annual flow from SCB, NIPA table 6.21C, line 4,
Undistributed corporate profits of farms. Series
is converted to seasonally adjusted quarterly flow
by ratio method, using undistributed profits of
corporate business, excluding inventory valuation
and capital consumption adjustments, at book
value (FOF series 096006001, line 27 above)
as the denominator. Data for farms for the most
recent two years estimated by multiplying total
for Agriculture, forestry, and fishing (SCB, NIPA
table 6.21C, line 3) by farm proportion of total for
latest year available. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

30. Undistributed profits retained
abroad by foreign operations
of U.S. nonfarm nonfinancial
corporations, at book value

266006001

58.7

31. Undistributed profits of financial
corporations, at book value

796006001

48.2

Seasonally adjusted flow from SCB, NIPA
table 1.16, line 14, Undistributed profits of
corporate business, less line 32, Undistributed
profits of nonfinancial corporate business.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

32. Inventory valuation adjustment
for nonfarm nonfinancial
corporate business

105020601

6.9

Seasonally adjusted flow from SCB, NIPA
table 1.16, line 33, Inventory valuation adjustment
for nonfinancial corporate business. Unadjusted
flow from SCB, NIPA table 9.6, Inventory
valuation adjustment. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

33. Capital consumption adjustment
for corporate business

096310003

76.7

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 28, Capital consumption
adjustment for corporations. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

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Federal Reserve Bank of St. Louis

Explanation

TableF7

131

F.7-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

34. Capital consumption adjustment
for domestic nonfarm
nonfinancial corporate business

106310005

81.6

35. Capital consumption adjustment
for corporate farms

136310103

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms (data for most recent two years estimated
as farm proportion, for latest year available, of
SCB, NIPA table 6.22C, line 2, Agriculture,
forestry, and fishing), less consumption of fixed
capital by farm corporations (SCB, NIPA table 8.8,
line 15, Consumption of fixed capital by the farm
sector, net of SCB, table 8.12, line 7, Consumption
of fixed capital by farm sole proprietorships and
partnerships). Series is converted to seasonally
adjusted quarterly flow by ratio method, using
consumption of fixed capital by private sectors
(FOF series 896300003, line 42 below) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

36. Capital consumption adjustment
for financial corporations

796310003

-5.3

Seasonally adjusted flow from SCB, NIPA
table I. I6, line 16, Capital consumption
adjustment for corporate business, less line 34,
Capital consumption adjustment for nonfinancial
corporate business. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

37. Net interest

086130003

432.0

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 29, Net interest. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

38. National income

086010005

6,646.5

39. Business transfer payments
to persons

146401103

27.2

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Federal Reserve Bank of St. Louis

Line 33 less lines 35 and 36.

Same as line I.
Seasonally adjusted flow from SCB, NIPA
table 1.9, line 25, Business transfer payments
to persons. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

132

Guide to the Flow of Funds Accounts, Volume I

F.7 Distribution of National Income-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

40. Business transfer payments
to the rest of the world

146401203

8.0

41. Indirect business taxes and
nontaxes owed to government

366240005

627.2

Sum of lines 41a and 41b.

41a. Indirect business tax and
nontax accruals owed to state
and local governments

206240001

533.4

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 7, Indirect business tax and nontax
accruals. Unadjusted flow from SCB, NIPA
table 9.4, line 4, Indirect business tax and nontax
accruals. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

41b. Indirect business tax and
nontax accruals owed to the
federal government

316240001

93.8

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 9, Indirect business tax and nontax
accruals. Unadjusted flow from SCB, NIPA
table 9.3, line 4, Indirect business tax and nontax
accruals. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

42. Consumption of fixed capital
by private sectors

896300003

720.2

Seasonally adjusted flow from SCB, NIPA
table 1.9, line 6, Private consumption of fixed
capital. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

43. Consumption of fixed capital
by government

366300005

151.6

Sum of lines 43a and 43b.

206300001

81.1

43a. Consumption of fixed capital
by state and local governments

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Federal Reserve Bank of St. Louis

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 19, Transfer payments to the rest
of the world from business. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

Seasonally adjusted flow from SCB, NIPA
table 5.1, line 16, Consumption of fixed capital.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table F7

133

F.7-Continued
Code

1997 value
(billions of
dollars)

316300001

70.6

Seasonally adjusted flow from SCB, NIPA
table 5.1, line 13, Consumption of fixed capital
by the federal government. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

44. NIPA statistical discrepancy

087005005

-55.8

Gross investment less gross saving. Gross
investment is equal to the sum of lines 44a, 44b,
44c, 44d, 44e, 44f, 44g, 44h net of 44i, and 44j net
of 44k; less line 3i. Gross saving is equal to the
sum of personal saving, other components of
private saving, state and local government saving,
federal government saving, and net capital grants
received by the U.S. Personal saving is equal to
line 3a less lines 3f, 3j, 441, 44m, and 44n. Other
components of private saving are lines 5a, 27, 32,
33, and 42. State and local government saving is
equal to the sum of lines 3c, 4a, 5b, 41a, 43a, 44m,
440, and 44p, less lines 3d, 3g, 44q, and 44r.
Federal government saving is equal to the sum
of lines 4b, Sc, 17 net of 440, 41b, 43b, and 441,
less lines 3e, 3h, 44p, 44s, and 44t. Capital grants
received by the U.S. are line 44g. The statistical
discrepancy is also shown in SCB, NIPA table 5.1,
line 23.

44a. Fixed nonresidential
investment by private
domestic sectors

895013001

860.7

44b. Fixed residential investment
by private sectors

195012001

327.9

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 11, Private fixed residential
investment; also shown in NIPA table 5.4, line 15,
Residential. Unadjusted flow from SCB, NIPA
table 9.1, line 11, Residential. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

Component
43b. Consumption of fixed capital
by the federal government

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Federal Reserve Bank of St. Louis

Explanation

134

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income-Continued
Code

1997 value
(billions of
dollars)

44c. Change in inventories of
nonfarm nonfinancial business

125020001

63.1

44d. Change in inventories of farm
business

135020001

4.3

44e. Fixed investment by the
federal government

315019001

59.8

44f. Fixed investment by state
and local governments

205019001

175.6

44g. Net capital grants received
by the U.S. from the rest
of the world

313011301

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 8, Capital grants received by the
U.S. (net). Unadjusted flow from SCB, NIPA
table 9.5, line 6, Capital grants received by the
U.S. (net). For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

44h. U.S. exports of goods and
services to the rest of the
world

266902001

965.4

Component

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Federal Reserve Bank of St. Louis

Explanation

Table Fl

135

F.7-Continued
Component

Code

1997 value
(billions of
dollars)

44i. U.S. imports of goods and
services from the rest of the
world

266903001

1,058.8

44j. U.S. receipts of factor income
from the rest of the world

266902IOI

265.5

44k. U.S. payments of factor
income to the rest of the world

266903 l 0I

273.5

441. Personal tax and nontax
receipts of the federal
government

316210001

769.1

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 2, Personal tax and nontax receipts.
Unadjusted flow from SCB, NIPA table 9.3, line 2,
Personal tax and nontax receipts. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

44m. Personal tax and nontax
receipts of state and local
governments

206210001

219.9

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 2, Personal tax and nontax receipts.
Unadjusted flow from SCB, NIPA table 9.4, line 2,
Personal tax and nontax receipts. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table I.I, line 17, Imports. Unadjusted flow from
SCB, NIPA table 9.1, line 17, Imports. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

136

Guide to the Flow of Funds Accounts, Volume 1

F.7 Distribution of National Income-Continued
Code

1997 value
(billions of
dollars)

44n. Personal consumption
expenditures

156901001

5,493.7

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 2, Personal consumption
expenditures. Unadjusted flow from SCB, NIPA
table 9.2, line I, Personal consumption
expenditures. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

440. Accruals of corporate profit
taxes owed to state and local
governments

206231001

36.0

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 6, Corporate profits tax accruals.
Unadjusted flow from SCB, NIPA table 9.4, line 3,
Corporate profits tax accruals. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

44p. Grants-in-aid to state and local
governments from the federal
government

206403001

225.0

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 19, Grants-in-aid to state and local
governments; also shown in NIPA table 3.3,
line 12, Federal grants-in-aid. Unadjusted flow
from SCB, NIPA table 9.3, line 11, Grants-in-aid
to state and local governments; also shown in
NIPA table 9.4, line 6, Federal grants-in-aid. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

44q. Consumption expenditures of
state and local governments

206901001

758.8

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.7

137

F. 7-Continued

Component

Code

1997 value
(billions of
dollars)

Explanation

44r. Subsidies less current surplus
of state and local government
enterprises

206402001

-10.5

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 20, Subsidies less current surplus
of government enterprises. Unadjusted flow from
SCB, NIPA table 9.4, line 14, Subsidies less
current surplus of government enterprises. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated
by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

44s. Consumption expenditures
of the federal government

316901001

460.4

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 15, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.3, line 7,
Consumption expenditures. For recent quarters for
which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

44t. Subsidies less current surplus
of federal government
enterprises

316402001

32.5

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 25, Subsidies less current surplus
of government enterprises. Unadjusted flow from
SCB, NIPA table 9.3, line 17, Subsidies less
current surplus of government enterprises. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

45. Subsidies less current surplus
of government enterprises

366402005

21.9

Sum of lines 44r and 44t.

46. Net U.S. factor income (net
receipts, from the rest of the
world, of interest, corporate
profits, and employee
compensation)

266902105

-8.0

Line 44j less line 44k.

47. Gross domestic product (GDP)

086902005

8,110.8

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Federal Reserve Bank of St. Louis

Line 38 plus lines 39, 40, 41, 42, 43, and 44,
less lines 45 and 46.

138

Guide to the Flow of Funds Accounts, Volume I

Table F.8

Gross Saving and Investment

The flow of funds accounts show the relation
ship between saving and investment for indi
vidual sectors in the economy and are thus
linked to the national income and product
accounts (NIPA), which measure saving and
investment for the entire economy. Flow of
funds statistical releases include several
tables-F.6, F.7, and this one-that reproduce
data from the NIPA and enable users to ana
lyze sectoral saving and investment in relation
to the totals. The three tables correspond to
tables that appear in the Survey of Current
Business, a monthly publication of the Bureau
of Economic Analysis (BEA), which compiles
the NIPA.
Saving for any economic sector, in the
NIPA, is the amount not spent out of current
income. For individuals, saving is disposable
personal income less current outlays; for
incorporated businesses, saving is undistrib
uted profits; and for governments, saving
is the current surplus (equal to current receipts
from taxes, social insurance payments, and,
for state and local governments, from federal
grants-in-aid, less current expenditures). Sav
ing inclusive of consumption of fixed capital,
or depreciation, is known as gross saving.
Consumption of fixed capital is an item repre
senting the value of the portion of fixed capital
goods that is used up during a time period. It
is a source of funds for any economic unit
because it is a current expense that is not
accompanied by a payment of funds outside
the unit; the funds are retained and can be
used for other expenditures.
Investment for any economic sector, in con
trast, is a use of funds-the purchase of goods
(the fixed capital goods referred to above) that
are used in the production of other goods and
services without being completely consumed

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Federal Reserve Bank of St. Louis

during the production of any one good, along
with changes in business inventories. (Goods
that are completely consumed during a single
production process or over the short term are
known as intermediate goods; services pur
chased for use in the production process are
always intermediate.) Fixed capital goods are
residential and nonresidential structures and
residential and nonresidential durable equip
ment. In the NIPA, total investment for the
economy also includes net foreign investment
in the U.S., which is equal to total foreign
outlays to the U.S. less total foreign income
from the U.S. Gross investment is the total
of investment expenditures; net investment
equals total investment less expenditures made
to replace fixed capital goods that have worn
out or have become economically obsolete. In
practice, expenditures made for these replace
ment purposes are considered to be equal to
the value of the consumption of fixed capital,
or the depreciation allowances.
This table shows both gross saving and
gross investment apportioned to three
sectors-private domestic, government, and
rest of the world. By definition, gross saving
and gross investment are equal; in practice,
however, they differ because measurements in
the aggregate reflect timing and reporting dif
ferences, measurement errors, and differences
in estimation procedures. A statistical discrep
ancy to account for these differences is
reported in the NIPA. Because of certain
definitional differences between the flow of
funds accounts and the NIPA, the flow of
funds sectoral figures for saving and invest
ment do not sum to the NIPA totals; a discus
sion of these differences and a table showing a
reconciliation between the two totals can be
found in part 1 of this Guide.

Table F8

139

F.8 Gross Saving and Investment (1)
Billions of dollars

FA896006005
2

FA836006005

Gross saving
Gross private saving

1992

1993

1994

1995

1996

1997

904.3

949.5

1079.0

1187.3

1274.7

1406.3

970.7

979.3

1030.l

1106.l

1114.6

1141.7

FA\56007105

Personal saving

264.1

210.3

176.8

179.6

158.6

121.l

4
5
6
7

FA09600600I
FA\05020601
FA0963I 0003
FA896300003
FA836700003

Undistributed corporate profits
Nonfinancial corp. inventory valuation adjustment
Corporate capital consumption adjustment
Private consumption of fixed capital
Wage accruals less disbursements

115.5
-7.5
29.1
585.4
-15.8

142.6
-8.6
36.0
594.5
4.4

166.1
-16.0
51.4
638.7
13.3

219.3
-22.6
59.4
657.0
13.4

192.3
-1.2
71.4
684.3
9.3

213.2
6.9
76.7
720.2
3.7

4
5
6
7
8

FA366006005

-(i6.4

-29.8

48.9

81.2

160.0

264.6

FA316006005
FA3!630000I
FA316061!05

Federal
Consumption of fixed capital
Current surplus

-215.0
65.9
-280.9

-182.7
67.9
-250.7

-117.2
69.5
-186.7

-!03.7
70.7
-174.4

-39.6
70.7
-110.3

49.5
70.6
-21.1

10
II
12

13
14
15

FA206006005
FA20630000I
FA20606l 105

State and local
Consumption of fixed capital
Current surplus

148.5
62.3
86.2

153.0
65.5
87.5

166.1
69.4
96.7

185.0
73.2
111.8

199.7
77.1
122.6

215.2
81.1
134.1

13
14
15

FA313011301

0.0

FA085090005

949.l

1002.l

1093.8

1161.0

1242.4

1350.5

FA085050005

790.5

876.2

1007.8

1043.2

1131.9

1256.0

FA8950l 9005

Fixed investment

783.4

855.7

946.6

!012.5

!099.8

I 188.6

20
21

FA89501300!
FAl 95012001

Nonresidential
Residential

557.9
225.6

604.1
251.6

660.6
286.0

727.7
284.8

787.9
311.9

860.7
327.9

20
21

FAl 45020005

Change in business inventories

7.0

20.5

61.2

30.7

32.1

67.4

FA365019005

Gross government investment

209.1

204.5

205.9

218.4

229.7

235.4

FA885005005

Net foreign investment in U.S.

-50.4

-78.6

-119.9

-100.6

-119.2

-140.9

F A087005005

44.8

52.6

14.8

-26.3

-32.3

-55.8

Gross government saving

Capital grants received by the U.S. (net)
Gross investment
Gross private domestic investment

Statistical discrepancy (line 17 less line 1)

( l) This table corresponds to NIPA table 5.I in the Survey of Current Business, Department of Commerce.

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Federal Reserve Bank of St. Louis

140

Guide to the Flow of Funds Accounts, Volume I

F.8 Gross Saving and Investment
Code

1997 value
(billions of
dollars)

1. Gross saving

896006005

1,406.3

Sum of lines 2, 9, and 16.

2. Gross private saving

836006005

1,141.7

Sum of line 3 and lines 4 through 8.

3. Personal saving, NIPA measure

156007105

121.1

3a. Personal income

156010001

6,784.1

3b. Personal tax and nontax receipts
of state and local governments

206210001

219.9

3c. Personal tax and nontax receipts
of the federal government

316210001

769.1

3d. Personal consumption
expenditures

156901001

5,493.7

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 2, Personal consumption
expenditures. Unadjusted flow from SCB, NIPA
table 9.2, line 1, Personal consumption
expenditures. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

Line 3a less lines 3b through 3f.

Table F.8

141

F.8-Continued
Code

1997 value
(billions of
dollars)

3e. Interest paid by persons

156901103

161.5

3f. Net personal transfer payments
to the rest of the world

156901201

18.9

Seasonally adjusted flow from SCB, NIPA
table 2.1, line 30, Personal transfer payments
to rest of the world (net); also shown in NIPA
table 4.1, line 17, Transfer payments from persons
(net). Unadjusted flow from SCB, NIPA table 9.5,
line 13, Transfer payments from persons (net). For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

4. Undistributed profits of corporate
business, excluding inventory
valuation and capital
consumption adjustments, at book
value

096006001

213.2

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 26, Undistributed profits.
Unadjusted flow equal to unadjusted flow for
corporate profits after tax, from SCB, NIPA
table 9.6, line 4, Profits after tax, less seasonally
adjusted flow for dividends paid by corporate
business (FOF series 096120001, table F.7,
line 22) at quarterly rate. For recent quarters,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

5. Inventory valuation adjustment
for nonfarm nonfinancial
corporate business

105020601

6.9

6. Capital consumption adjustment
for corporate business

096310003

76.7

Component

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Federal Reserve Bank of St. Louis

Explanation

142

Guide to the Flow of Funds Accounts, Volume 1

F.8 Gross Saving and Investment-Continued
Code

1997 value
(billions of
dollars)

7. Consumption of fixed capital
by private sectors

896300003

720.2

8. Private wage accruals less
disbursements

836700003

3.7

9. Gross saving of government

366006005

264.6

Sum of lines 10 and 13.

10. Gross saving of the federal
government, NIPA basis

316006005

49.5

Sum of lines 11 and 12.

11. Consumption of fixed capital
by the federal government

316300001

70.6

12. Current surplus (or deficit) of the
federal government, NIPA basis

316061105

-21.1

316240001

93.8

Component

12a. Indirect business tax and
nontax accruals owed to the
federal government

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Federal Reserve Bank of St. Louis

Explanation

Current receipts of the federal government (sum
of lines 3c, 12a, 12b, and 12c net of 12d) less
current expenditures of the federal government
(sum of lines 12e through 12i, net of line 12j).
Seasonally adjusted flow from SCB, NIPA
table 3.2, line 9, Indirect business tax and nontax
accruals. Unadjusted flow from SCB, NIPA
table 9.3, line 4, Indirect business tax and nontax
accruals. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

Table FB

143

F.8-Continued
Component

Code

1997 value
(billions of
dollars)

12b. Social insurance receipts of
the federal government

316601001

647.0

12c. Corporate profit tax liabilities
owed to state and local and
federal governments

096231001

246.1

12d. Accruals of corporate profit
taxes owed to state and local
governments

206231001

36.0

12e. Net interest paid by the federal
government

316132001

231.2

l 2f. Transfer payments made by
the federal government, net

316401001

791.9

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Federal Reserve Bank of St. Louis

Explanation

144

Guide to the Flow of Funds Accounts, Volume 1

F.8 Gross Saving and Investment-Continued
Code

1997 value
(billions of
dollars)

12g. Subsidies less current surplus
of federal government
enterprises

316402001

32.5

12h. Grants-in-aid to state and local
governments from the federal
government

206403001

225.0

12i. Consumption expenditures
of the federal government

316901001

460.4

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 15, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.3, line 7,
Consumption expenditures. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow. after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

12j. Wage accruals less
disbursements by the federal
government

316700001

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 28, Wage accruals less disbursements. Unadjusted flow from SCB, NIPA table 9.3,
line 20, Wage accruals less disbursements. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

206006005

215.2

Component

13. Gross saving of state and local
governments, NIPA basis

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 14 and 15.

Table RB

145

F.8-Continued
Code

1997 value
(billions of
dollars)

14. Consumption of fixed capital
by state and local governments

206300001

81.1

15. Current surplus (or deficit)
of state and local governments,
NIPA basis

206061105

134.1

Current receipts of state and local governments
(sum of lines 3b, 12d, 12h, 15a, and 15b)
less current expenditures of state and local
governments (sum of lines 15c, 15d, 15e, and
15f, net of lines 15g and 15h).

15a. Indirect business tax and
nontax accruals owed to state
and local governments

206240001

533.4

15b. Social insurance receipts
of state and local governments

206601001

79.9

15c. Consumption expenditures
of state and local governments

206901001

758.8

Component

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Federal Reserve Bank of St. Louis

Explanation

146

Guide to the Flow of Funds Accounts, Volume I

F.8 Gross Saving and Investment-Continued
Code

1997 value
(billions of
dollars)

15d. Net interest paid by state and
local governments

206130001

-77.4

15e. Transfer payments to persons
made by state and local
governments

206401001

304.1

15f. Subsidies less current surplus
of state and local government
enterprises

206402001

-10.5

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 20, Subsidies less current surplus
of government enterprises. Unadjusted flow from
SCB, NIPA table 9.4, line 14, Subsidies less
current surplus of government enterprises. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

15g. Wage accruals less
disbursements by state and
local governments

206700001

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 23, Wage accruals less disburse
ments. Unadjusted flow from SCB, NIPA table 9.4,
line 17, Wage accruals less disbursements. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F8

147

F.8-Continued
1997 value
(billions of
dollars)

Component

Code

15h. Dividends received by state
and local governments

206120001

14.8

16. Net capital grants received by the
U.S. from the rest of the world

313011301

17. Gross investment

085090005

1,350.5

Sum of lines 18, 23, and 24.

18. Gross private domestic
investment

085050005

1,256.0

Sum of lines 19 and 22.

19. Private fixed investment

895019005

1,188.6

Sum of lines 20 and 21.

20. Fixed nonresidential investment
by private domestic sectors

895013001

860.7

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Federal Reserve Bank of St. Louis

Explanation

148

Guide to the Flow of Funds Accounts, Volume 1

F.8 Gross Saving and Investment-Continued
Code

1997 value
(billions of
dollars)

21. Fixed residential investment
by private sectors

195012001

327.9

22. Change in inventories
of nonfinancial business

145020005

67.4

Sum of lines 22a and 22b.

22a. Change in inventories of
nonfarm nonfinancial business

125020001

63.1

22b. Change in inventories of farm
business

135020001

4.3

23. Fixed investment by government

365019005

235.4

Sum of lines 23a and 23b.

23a. Fixed investment by state and
local governments

205019001

175.6

23b. Fixed investment by the
federal government

31501900!

59.8

Seasonally adjusted flow from SCB, NIPA
table 3.7, sum of line 11, Federal government
national defense gross investment, and line 24,
Federal government nondefense gross investment.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

885005005

-140.9

Component

24. Net foreign investment in the U.S.

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table I.I, line 11, Private fixed residential
investment; also shown in NIPA table 5.4, line 15,
Residential. Unadjusted flow from SCB, NIPA
table 9.I, line 11, Residential. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

Sum of lines 16, 24a net of 24b, and 24c net
of 24d, less line 24e.

Table F.8

149

F.8-Continued
1997 value
(billions of
dollars)

Component

Code

24a. U.S. exports of goods and
services to the rest of the
world

266902001

965.4

24b. U.S. imports of goods and
services from the rest of the
world

266903001

1,058.8

Seasonally adjusted flow from SCB, NIPA
table I.1, line 17, Imports. Unadjusted flow from
SCB, NIPA table 9.1, line 17, Imports. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

24c. U.S. receipts of factor income
from the rest of the world

266902101

265.5

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 7, Receipts of factor income.
Unadjusted flow from SCB, NIPA table 9.5, line 5,
Receipts of factor income. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

24d. U.S. payments of factor
income to the rest of the world

266903101

273.5

24e. Net transfer payments from
the U.S. to the rest of the
world

266400001

39.5

087005005

-55.8

25. NIPA statistical discrepancy

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Federal Reserve Bank of St. Louis

Explanation

Line 17 less line 1.

150

Guide to the Flow of Funds Accounts, Volume I

Table F.9 Derivation of Measures of Personal Saving
Saving by the personal sector is saving by the
households and nonprofit organizations sector
consolidated with the nonfarm noncorporate
business sector and the farm business sector.
Nonfarm noncorporate business and non
corporate farm business are considered to be
activity subaccounts of households, and the
income earned from the activities of these
unincorporated businesses is a component of
personal income in the national income and
product accounts (NIPA).
Saving for any sector is the amount not
spent out of current income. In the NIPA,
saving is defined as a sector's current income
less its current expenditures; for the personal
sector in the NIPA, saving is equal to dispos
able personal income (income net of taxes)
less personal outlays. At the same time, saving
for any sector is equal to the sector's invest
ment (except for a discrepancy that arises from
measurement, reporting, and timing differ
ences among sources of information). Eco
nomic agents that make up a sector use their
saving, by increasing their holdings of tan
gible and financial assets or decreasing their
liabilities. The flow of funds accounts take
advantage of the equality of saving and invest
ment and calculate saving for the personal
sector by adding the sector's net financial
investment (its net acquisition of financial
assets less its net increase in liabilities) and its
net investment in tangible assets (gross invest
ment less consumption of fixed capital, or
depreciation). (Both the NIPA measure of per
sonal saving and the flow of funds measure
are net saving, reflecting the subtraction of

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Federal Reserve Bank of St. Louis

consumption of fixed capital: In the NIPA,
consumption of fixed capital is deducted as an
expense when the components of personal
income are calculated; in the flow of funds
accounts, consumption of fixed capital is
deducted from the purchase of tangible assets.
Because capital gains and losses on existing
assets do not result from current investment,
they are not reflected in either the flow of funds
or the NIPA measure of personal saving.)
This table presents three alternative mea
sures of personal saving-the NIPA measure,
shown in line 47, and two versions of the
flow of funds measure. The broader flow of
funds series ("personal saving, flow of funds
accounts measure"), shown in line 42, reflects
investment in all types of financial and tan
gible assets. The other, narrower flow of funds
series ("personal saving, NIPA concept calcu
lated with flow of funds accounts data"),
which is conceptually identical to the NIPA
series, is obtained by subtracting from the
broader measure three items that are excluded
from the NIPA: line 43, net flows of govern
ment insurance and pension fund reserves;
line 44, net investment in consumer durables;
and line 45, net saving by farm corporations.
The difference between this narrower mea
sure, shown in line 46, and the NIPA series in
line 47 is equal to the discrepancy, with sign
reversed, for the households and nonprofit
organizations sector (table F.100). Each of
these figures-the three saving measures and
the difference shown in line 48-is shown, at
the bottom of the table, as a percentage of
disposable personal income.

151

Table E9

F.9

Derivation of Measures of Personal Saving (1)
Billions of dollars
1992

1993

1994

1995

1996

1997

FAl 74090005

Net acquisition of financial assets

482.7

446.3

503.2

488.4

446.1

413.5

2
3
4

FAI53091003
FAl73020005
FAl73030005
FAl73034005

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

1.2
103.7
-76.9
-40.9

-I.I
56.5
-106.6
--0.3

3.1
-24.3
-3.7
13.5

4.6
-53.1
178.7
98.8

12.4
-{,1.3
174.7
80.4

6.3
-24.2
175.8
l09.4

2
3
4

FAl74021705

Securities

230.0

158.8

196.4

-106.2

-109.3

-388.3

7
8
9
10

FAl63069l03
FA313161400
FAl73061l05
FAl53061705

Open market paper

-3.3
19.1
57.9
34.1

15.6
14.7
8.6
-35.3

1.2
8.0
148.9
138.7

1.3
5.1
-52.8
19.0

4.0
2.0
-73.8
81.2

7.0
--0.5
-207.7
28.3

7
8
9
IO

II
12
13
14

FA153062005
FAl53063005
FAl53064l05
FAl53064205

Municipal securities
Corporate and foreign bonds

-27.3
-7.9
23.6
133.9

-31.3
37.1
-55.6
205.1

-50.2
39.9
-157.5
67.4

-42.8
67.1
-197.5
94.5

-24.3
4.8
-278.0
174.8

24.3
27.5
-490.2
222.9

II
12
13
14

15
16
17
18

FA543140003
FA543l50005
FA573l50005
FA363I54005

Private life insurance reserves
Private insured pension reserves
Private noninsured pension reserves
Govt. insurance and pension reserves

27.7
68.9
77.1
84.5

35.7
73.9
98.4
83.7

34.3
81.0
78.8
86.6

44.8
65.1
96.0
72.2

43.8
44.4
84.6
101.5

52.6
99.5
86.4
111.2

15
16
17
18

19
20

FA604l90005
FA173099005

Investment in bank personal trusts

-7.1
14.5

0.9
46.4

17.8
19.8

4.0
83.4

-8.6
83.4

75.0
109.8

19
20

21
22
23
24
25

FAl75050005
FAl550l2005
FAl75013005
FAl550IIOOI
FAl75020005

Gross investment in tangible assets
Residential structures

827.5
193.8
140.1
488.5
5.1

891.6
218.4
147.8
530.2
-4.9

986.7
249.1
144.8
579.6
13.3

l017.5
244.7
169.0
611.0
-7.3

1086.8
268.5
166.1
643.3
8.8

1142.4
282.4
179.5
673.1
7.5

21
22
23
24
25

26
27
28
29

FA176300005
FA156300205
FAl76330005
FAl56300l03

Consumption of fixed capital
Residential structures

620.2
85.9
122.8
411.4

635.8
79.7
125.8
430.3

650.6
87.3
107.0
456.3

666.3
90.4
l01.2
474.7

683.2
93.2
102.0
487.9

707.1
98.7
104.6
503.8

26
27
28
29

FA175005005

Net investment in tangible assets (4)

31
32
33
34

FAl550l2065
FAl75005205
FAl550I I065
FAl75020005

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Federal Reserve Bank of St. Louis

U.S. savings bonds
Other Treasury securities
Agency securities

Corporate equities (2)
Mutual fund shares

Miscellaneous assets

Other fixed assets (3)

Consumer durables
Inventories (3)

Other fixed assets (3)

Consumer durables

Residential structures

Other fixed assets (3)

Consumer durables
Inventories (3)

207.3

255.7

336.1

351.1

403.6

435.3

l07.9
17.2
77.1
5.1

138.7
22.0
99.9
-4.9

161.8
37.8
123.3
13.3

154.3
67.9
136.3
-7.3

175.3
64.1
155.4
8.8

183.7
74.9
169.2
7.5

31
32
33
34

152

F.9

Guide to the Flow of Funds Accounts, Volume 1

Derivation of Measures of Personal Saving (1}-Continued
Billions of dollars

1992

1993

1994

1995

1996

1997

166.0

246.9

334.2

408.0

460.6

482.4

167.9
-38.8
3.9
5.7
-1.6
28.9

155.5
-27.2
60.7
5.6
22.6
29.6

177.4
-27.0
124.9
7.8
-I.I
52.2

173.1
-12.0
138.9
10.5
3.5
94.0

264.4
22.2
4.5
15.8
64.8

267.3
39.7
52.5
3.2
36.8
82.9

36
37
38
39
40
41

524.0

455.2

505.l

431.6

389.l

366.3

84.5
77.1
-0.2

83.7
99.9
0.1

86.6
123.3
-0.6

72.2
136.3
-0.7

101.5
155.4
-0.8

111.2
169.2
-0.7

43
44
45

FA17419l)005

36
37
38
39
40
41

FAI73165105
FAl73165205
FAl53166000
FAl53169405
FAl53167205
FAl73199005

FA176006005

Personal saving (FOF measure) (5)

43
44
45

FA363I54005
FAl55011065
FAl36006305

- Govt. insurance and pension reserves
- Net investment in consumer durables
- Net saving by fann corporations

FA176007005

= Personal saving
(NIPA concept, FOF data)

362.7

271.S

295.8

223.9

133.0

86.6

FA156007105

Personal saving (NIPA measure)

264.1

210.3

176.8

179.6

158.6

121.1

FAl76007905

Difference (6)

98.6

61.2

119.1

44.3

-25.6

-34.5

FAl56012005

4605.1

4791.1

5018.9

5276.9

5534.8

5795.2

11.4
7.9
5.7
2.1

9.5
5.7
4.4
1.3

IO.I
5.9
3.5
2.4

8.2
4.2
3.4
0.8

7.0
2.4
2.9
-0.5

6.3
1.5
2.1
-0.6

50
51
52
53

*/ FAI56012005
*/ FAl56012005
*/ FAl56012005
*/ FAl56012005

Net increase in liabilities
Mortgage debt on nonfartn homes
Other mortgage debt (3)

Consumer credit

Policy loans
Security credit
Other liabilities (3)

Memo:

Disposable personal income

Personal saving as a percentage of disposabk personal income:
FOF measure (line 42)
NIPA concept, FOF data (line 46)
NIPA measure (line 47)
Difference (line 48)

( I) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14),
life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).
(3) Includes corporate farms.
(4) Line 2 I less line 26.
(5) Line I plus line 30 less line 35.
(6) Household sector discrepancy with sign reversed.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

88.8

Table E9

153

F.9 Derivation of Measures of Personal Saving
Component

Code

1997 value
(billions of
dollars)

1. Net acquisition of financial assets
by the personal sector

174090005

413.5

2. Change in foreign deposits held
by the households and nonprofit
organizations sector

153091003

6.3

3. Change in checkable deposits and
currency held by the personal
sector

173020005

-24.2

Sum of lines 3a, 3b, and 3c.

3a. Change in checkable deposits
and currency held by the
households and nonprofit
organizations sector

153020005

-29.5

Table F.100, line 18.

3b. Change in checkable deposits
and currency held by nonfarm
noncorporate business

113020003

5.2

Table F.103, line 9.

3c. Change in checkable deposits
and currency held by farm
business

133020003

Table F.104, line 13.

173030005

175.8

Sum of lines 4a and 4b.

4a. Change in time and savings
deposits held by the households
and nonprofit organizations
sector

153030005

169.5

Table F.100, line 19.

4b. Change in time and savings
deposits held by nonfarm
noncorporate business

113030003

6.3

Table F.103, line 10.

5. Change in money market mutual
fund shares held by the personal
sector

173034005

109.4

Sum of lines Sa and Sb.

5a. Change in money market
mutual fund shares held by the
households and nonprofit
organizations sector

153034005

108.7

Table F.100, line 20.

5b. Change in money market
mutual fund shares held
by nonfarm noncorporate
business

113034003

Table F.103, line 11.

4. Change in time and savings
deposits held by the personal
sector

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, 4, 5, 6, 15 through 19, and 20.

Table F.100, line 17.

154

Guide to the Flow of Funds Accounts, Volume 1

F.9 Derivation of Measures of Personal Saving-Continued
Component

Code

1997 value
(billions of
dollars)

6. Change in securities held by the
personal sector

174021705

-388.3

7. Change in open market paper
held by nonprofit organizations
(households and nonprofit
organizations sector)

163069103

7.0

Table F.100, line 22.

8. Change in savings bond liabilities
of the federal government (assets
of the households and nonprofit
organizations sector)

313161400

-.5

Table F.100, line 25.

9. Change in U.S. Treasury
securities, other than savings
bonds, held by the personal sector

173061105

-207.7

Sum of lines 9a and 9b.

9a. Change in U.S. Treasury
securities, other than U.S.
savings bonds, held by the
households and nonprofit
organizations sector

153061105

-209.2

Table F.100, line 26.

9b. Change in U.S. Treasury
securities held by nonfarm
noncorporate business

113061003

l.5

Table F.103, line 12.

10. Change in U.S. government
agency securities held by the
households and nonprofit
organizations sector

153061705

28.3

Table F.100, line 27.

11. Change in municipal securities
held by the households and
nonprofit organizations sector

153062005

24.3

Table F.100, line 28.

12. Change in corporate and foreign
bonds held by the households and
nonprofit organizations sector

153063005

27.5

Table F.100, line 29.

13. Net purchases of corporate
equities by the households and
nonprofit organizations sector

153064105

-490.2

Table F.100, line 31.

14. Net purchases of mutual fund
shares by the households and
nonprofit organizations sector

153064205

222.9

Table F.100, line 32.

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 7, 8, 9, and IO through 14.

Table F9

F.9-Continued
Code

1997 value
(billions of
dollars)

15. Change in life insurance reserve
liabilities of life insurance
companies (households and
nonprofit organizations sector
asset)

543140003

52.6

Table F.117, line 20.

16. Change in pension fund reserve
liabilities of life insurance
companies (households and
nonprofit organizations sector
asset)

543150005

99.5

Table F.117, line 21.

17. Change in pension fund reserve
liabilities of private pension funds
(households and nonprofit
organizations sector asset)

573150005

86.4

Table F.119, line 22.

18. Change in liabilities of state and
local and federal governments
for insurance and pension fund
reserves (households and
nonprofit organizations sector
asset)

363154005

I I I .2

Table F.100, line 6.

19. Change in investments of the
households and nonprofit
organizations sector in bank
personal trusts and estates

604190005

75.0

Table F.100, line 36.

20. Change in miscellaneous financial
assets of the personal sector

173099005

109.8

20a. Change in mortgages held
by the households and
nonprofit organizations sector

153065005

-2.9

Table F. I 00, line 30.

20b. Change in security credit held
by the households and
nonprofit organizations sector

153067005

51.6

Table F.100, line 33.

20c. Change in total miscellaneous
assets of the households and
nonprofit organizations sector

153090005

11.7

Table F. I 00, line 38.

20d. Change in mortgages held
by nonfarm noncorporate
business

113065005

1.2

Table F.103, line 13.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 20a through 20i.

155

156

Guide to the Flow of Funds Accounts, Volume 1

F.9 Derivation of Measures of Personal Saving-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

20e. Change in consumer credit
held by nonfarm noncorporate
business

113066003

Table F. I 03, line 14.

20f. Change in trade receivables
held by nonfarm noncorporate
business

113070003

9.8

Table F.103, line 15.

20g. Change in total miscellaneous
assets of nonfarm
noncorporate business

113090005

16.0

Table F.103, line 16.

20h. Change in total miscellaneous
assets of farm business

133090005

4.4

Table F.104, line 14.

20i. Proprietors' net investment
in noncorporate security
brokers and dealers

663180005

18.0

Table F.130, line 28.

21. Gross investment in tangible
assets by the personal sector

175050005

1,142.4

22. Fixed residential investment
by the households and nonprofit
organizations sector

155012005

282.4

Table F.100, line 12.

23. Investment in fixed assets, other
than residential structures owned
by the households and nonprofit
organizations sector, by the
personal sector

175013005

179.5

Sum of lines 23a, 23b, 23c, and 23d. Includes data
for corporate farms.

23a. F ixed nonresidential
investment by nonprofit
organizations (households and
nonprofit organizations sector)

165013003

43.6

Table F. l 00, line 14.

23b. Fixed nonresidential
investment by nonfarm
noncorporate business

115013005

74.3

Table F.6, line I 0.

23c. Fixed residential investment
by nonfarm noncorporate
business

115012003

36.2

Table F.6, line 16.

23d. Fixed nonresidential
investment by farm business

135013003

25.4

Table F.6, line 11.

155011001

673.1

24. Investment in consumer durable
goods by households (households
and nonprofit organizations
sector)

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Federal Reserve Bank of St. Louis

Sum of lines 22, 23, 24, and 25.

Table F.100, line 13.

Table F.9

F.9-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

25. Change in inventories of the
personal sector

175020005

7.5

Sum of lines 25a and 25b. Includes data
for corporate farms.

25a. Change in inventories
of nonfarm noncorporate
business

115020003

3.2

Table F. I 03, line 6.

25b. Change in inventories of farm
business

135020001

4.3

Table F.104, line 10.

26. Consumption of fixed capital
by the personal sector

176300005

707.1

27. Consumption of fixed residential
capital by the households and
nonprofit organizations sector,
with residential structures valued
at current cost

156300205

98.7

28. Consumption of other fixed
residential and nonresidential
capital by the personal sector,
with structures and equipment
valued at current cost

176330005

104.6

28a. Consumption of fixed
nonresidential capital
by nonprofit organizations
(households and nonprofit
organizations sector), with
nonresidential structures and
equipment valued at current
cost

166330003

25.I

Table F.100, line 8a.

28b. Consumption of fixed capital
by nonfarm noncorporate
business

116300005

56.2

Table F.103, line 2.

28c. Consumption of fixed capital
by farm business, excluding
consumption of fixed
owner-occupied farm
residential capital

136300005

23.3

Table F.104, line 3.

29. Consumption of fixed consumer
durable goods capital by
households (households and
nonprofit organizations sector),
with consumer durable goods
valued at current cost

156300103

503.8

Table F.100, line 57.

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Federal Reserve Bank of St. Louis

Sum of lines 27, 28, and 29.

Table F. l 00, line 52.

Sum of lines 28a, 28b, and 28c. Includes data
for corporate farms.

157

158

Guide to the Flow of Funds Accounts, Volume 1

F.9 Derivation of Measures of Personal Saving-Continued
Code

1997 value
(billions of
dollars)

30. Net investment in tangible assets
by the personal sector

175005005

435.3

Sum of lines 31, 32, 33, and 34; also equal to
line 21 less line 26.

31. Net investment in residential
structures by the households and
nonprofit organizations sector

155012065

183.7

Line 22 less line 27.

32. Net investment in fixed assets,
other than residential structures
owned by the households and
nonprofit organizations sector,
by the personal sector

175005205

74.9

33. Net investment in consumer
durable goods by households
(households and nonprofit
organizations sector)

155011065

169.2

34. Change in inventories of the
personal sector

175020005

7.5

35. Net increase in liabilities of the
personal sector

174190005

482.4

Sum of lines 36, 37, 38, 39, 40, and 41.

36. Change in mortgage debt on
nonfarm homes owed by the
personal sector

173165105

267.3

Sum of lines 36a and 36b.

36a. Change in home mortgage
debt of the households and
nonprofit organizations sector

153165105

261.9

Table F.100, line 41.

36b. Change in home mortgage
debt of nonfarm noncorporate
business

113165105

5.4

37. Change in mortgage debt, other
than home mortgage debt, of the
personal sector

173165205

39.7

37a. Change in commercial
mortgage debt of nonprofit
organizations (households and
nonprofit organizations sector)

153165505

4.3

Table F.100, line 46.

37b. Change in multifamily
residential mortgage debt
of nonfarm noncorporate
business

113165405

10.5

Table F.219, line 3.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Line 23 less line 28. Includes data for corporate
farms.

Line 24 less line 29.

Same as line 25.

Table F.218, line 4.

Sum of lines 37a, 37b, 37c, and 37d. Includes data
for corporate farms.

Table E9

159

F.9-Continued
Component

Code

1997 value
(billions of
dollars)

37c. Change in commercial
mortgage debt of nonfarm
noncorporate business

113165505

21.6

Table F.220, line 4.

37d. Change in farm mortgages
(liabilities of farm business)

893065603

3.3

Table F.104, line 21.

38. Change in consumer credit
liabilities of households
(households and nonprofit
organizations sector)

153166000

52.5

Table F.100, line 42.

39. Change in loans on life insurance
policies to the households and
nonprofit organizations sector

153169405

3.2

Table F.216, line 18.

40. Change in security credit owed
by the households and nonprofit
organizations sector

153167205

36.8

Table F.100, line 47.

41. Change in other liabilities of the
personal sector

173199005

82.9

Sum of lines 41a through 411, plus line 41m net
of line 39. Includes data for corporate farms.

41a. Change in outstanding
municipal debt of nonprofit
organizations (households and
nonprofit organizations sector)

153162005

10.0

Table F.100, line 43.

41b. Change in outstanding bank
Joans, not elsewhere classified,
to the households and
nonprofit organizations sector

153168005

8.9

Table F.100, line 44.

41c. Change in trade payables
owed by nonprofit
organizations (households and
nonprofit organizations sector)

153170003

7.9

Table F.100, line 48.

41d. Change in deferred and unpaid
life insurance premiums owed
to life insurance companies
by the households and
nonprofit organizations sector

543077003

-4.8

Table F.100, line 49.

41e. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate
business

113168003

21.7

Table F.103, line 22.

4lf. Change in outstanding other
Joans and advances to nonfarm
noncorporate business

113169005

4.2

Table F.103, line 23.

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Federal Reserve Bank of St. Louis

Explanation

160

Guide to the Flow of Funds Accounts, Volume 1

F.9 Derivation of Measures of Personal Saving-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

41g. Change in trade payables
owed by nonfann
noncorporate business

113170003

7.7

Table F.103, line 25.

41h. Change in taxes payable
by nonfarm noncorporate
business

113178203

1.3

Table F.103, line 26.

41i. Change in total miscellaneous
liabilities of nonfann
noncorporate business

113190005

6.8

Table F.103, line 27.

41j. Change in outstanding bank
loans, not elsewhere classified,
to farm business

133168000

3.5

Table F.104, line 19.

41k. Change in outstanding other
loans and advances to fann
business

133169005

-.5

Table F.104, line 20.

411. Change in trade payables
owed by farm business

133170000

1.4

Table F.104, line 22.

41m. Change in outstanding other
loans and advances to the
households and nonprofit
organizations sector

153169005

18.1

Table F.100, line 45.

42. Personal saving, FOF accounts
measure

176006005

366.3

Sum of lines I and 30, less line 35.

43. Change in liabilities of state and
local and federal governments
for insurance and pension fund
reserves

363154005

111.2

Same as line 18.

44. Net investment in consumer
durable goods by households
(households and nonprofit
organizations sector)

155011065

169.2

Same as line 33.

45. Net saving of corporate farms

136006305

-.7

46. Personal saving, NIPA concept
calculated with FOF accounts
data

176007005

86.6

47. Personal saving, NIPA measure

156007105

121.1

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table F.104, line 2.
Line 42 less lines 43, 44, and 45.

Table F.100, line 5.

Table F.9

F.9-Continued
Code

1997 value
(billions of
dollars)

48. Difference between personal
saving, NIPA concept calculated
with FOF accounts data, and
personal saving, NIPA measure

176007905

-34.5

49. Memorandum item: Disposable
personal income

156012005

5,795.2

50. Personal saving (FOF accounts
measure) as a percentage of
disposable personal income

Percentage

6.3%

Line 42 divided by line 49, multiplied by 100.

51. Personal saving (NIPA concept
calculated with FOF accounts
data) as a percentage of
disposable personal income

Percentage

1.5%

Line 46 divided by line 49, multiplied by 100.

52. Personal saving (NIPA measure)
as a percentage of disposable
personal income

Percentage

2.1%

Line 47 divided by line 49, multiplied by 100.

53. Difference between personal
saving, NIPA concept calculated
with FOF accounts data, and
personal saving, NIPA measure,
as a percentage of disposable
personal income

Percentage

-.6%

Line 48 divided by line 49, multiplied by 100.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Line 46 less line 47. Equal to the discrepancy
for the households and nonprofit organizations
sector (table F.100, line 50) with sign reversed.

Table F.100, line 3.

161

162

Guide to the Flow of Funds Accounts, Volume 1

Table F.10 Sector Discrepancies
A sector discrepancy is the difference between
the gross saving of a particular sector and its
gross investment. It is also equal to the differ
ence between the sector's total sources of
funds (nonfinancial sources, or saving out of
income, plus borrowing of funds from exter
nal sources) and its total uses of funds (acqui
sition of physical and financial assets); as a
balancing item, a discrepancy is considered a
use of funds. A discrepancy may arise from
differences in the timing or reporting of data
obtained from different sources, measurement
errors, or other inconsistencies. It is often
viewed as an indicator of the quality or com
pleteness of the data in the sector flow state
ment, with a smaller discrepancy relative to
total sources or uses considered preferable to a
larger one; nevertheless, the existence of dis-

crepancies is generally seen as inevitable in
the preparation of aggregate economic data.
Examination of preliminary values for dis
crepancies is useful to analysts who prepare
estimates of time series for the flow of funds
accounts because the discrepancies can high
light inconsistencies among estimates for asset
and liability series.
For some sectors in the flow of funds
accounts, such as the farm business sector, no
discrepancy is shown; for these sectors, one
asset or liability flow item is calculated as
a residual so as to balance total sources and
uses of funds. This table presents the discrep
ancies for all sectors in the accounts for which
a discrepancy is shown. The total of sector
discrepancies equals the total of instrument
discrepancies, shown in table F.11.

F.10 Sector Discrepancies
Billions of dollars
1992

1993

1994

1995

1996

1997

FA89700S00S

-40.0

-174.1

-S8.2

-1S6.6

-14.7

-30.7

2
3

FAl57005005
FAl07005005

Household sector
Nonfinancial corporate business

-98.6
64.7

-61.2
-84.2

-119.1
-5.0

-44.3
-5.9

25.6
1.2

34.5
-3.2

2
3

4
5
6

FA2l7005005
FA317005005
FA267005005

State and local governments
Federal government
Rest of the world

-28.9
32.4
-49.6

-18.6
l0.7
-6.6

-18.3
36.3
-13.4

-41.1
-11.4
-37.4

-38.2
42.3
-75.4

-17.6
20.5
-114.0

4
5
6

FA797005005

Financial sectors

39.9

-14.2

61.3

-16.6

29.8

49.1

8
9

FA717005005
FA767005005

Monetary authority
Comm ercial banking

0.3
24.0

--0.5
24.5

-3.1
43.2

-1.7
-9.9

1.0
12.3

1.8
68.9

8
9

lO
II
12

FA447005005
FA477005005
FA607005005

Savings institutions
Credit unions
Bank personal trusts and estat es

0.3
--0.9
0.1

-11.3
-1.0
--0.7

-5.0
0.3
-1.0

-2.2
--0.6
-1.3

-4.7
0.4
2.1

-1.6
--0.8
-2.0

lO
II
12

13
14

FA547005005
FASI7005005

Other insurance companies

-7.4
l0.8

-36.3
-l0.6

3.2
-9.8

-30.2
-6.5

-33.7
I.I

-43.3
-18.0

13
14

15
16

FA657005005
FA407005005

Mutual funds

3.0
-1.7

4.3
-1.9

-11.5
-2.2

9.0
-1.7

5.7
0.6

4.9
-3.1

15
16

17
18
19
20

FA677005005
FA6l7005005
FA647005005
FA667005005

Issuers of asset-backed securities
Finance companies

0.0
7.8
3.6
0.1

0.0
6.3
13.2
--0.2

0.0
27.3
19.3
0.7

0.0
9.0
18.9
0.7

0.0
21.7
22.6
0.8

0.0
5.6
36.0
0.7

17
18
19
20

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AU sectors

Life insurance companies

Government-sponsored enterprises

REITs
Brokers and d ealers

Table F.10

F.10

Sector Discrepancies
Code

1997 value
(billions of
dollars)

1. Sum of sector discrepancies

897005005

-30.7

2. Discrepancy for the households
and nonprofit organizations
sector, equal to gross saving
less gross investment

157005005

34.5

Table F.100, line 50.

3. Discrepancy for nonfarm
nonfinancial corporate business,
equal to gross saving less gross
investment

107005005

-3.2

Table F. I 02, line 56.

4. Discrepancy for state and local
governments, excluding employee
retirement funds, equal to gross
saving less gross investment

217005005

-17.6

Table F.105, line 38.

5. Discrepancy for the federal
government, equal to gross
saving less gross investment

317005005

20.5

Table F.106, line 40.

6. Discrepancy for the rest of the
world, equal to net foreign
investment in U.S. (NIPA basis;
sign reversed) less net financial
investment

267005005

-114.0

Table F.107, line 54.

7. Sum of financial sector
discrepancies

797005005

49. I

8. Discrepancy for the monetary
authority, equal to gross saving
less gross investment

717005005

1.8

9. Discrepancy for the commercial
banking sector, equal to gross
saving less gross investment

767005005

68.9

Table F.109, line 42. Also equal to the sum
of lines 9a, 9b, 9c, and 9d below.

9a. Discrepancy for U.S.-chartered
commercial banks, equal to
gross saving less gross
investment

727005005

66.6

Table F.110, line 48.

9b. Discrepancy for foreign
banking offices in the U.S.,
equal to gross saving less gross
investment

757005005

2.6

Table F.111, line 32.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 through 7.

Sum of lines 8, 9, and 10 through 20.

Table F.108, line 27.

163

164

Guide to the Flow of Funds Accounts, Volume 1

F.10 Sector Discrepancies-Continued
Code

1997 value
(billions of
dollars)

9c. Discrepancy for bank holding
companies, equal to gross
saving less gross investment

737005005

Table F.112, line 26.

9d. Discrepancy for banks in
U.S.-affiliated areas, equal
to gross saving less gross
investment

747005005

-.4

Table F.113, line 20.

10. Discrepancy for savings
institutions, equal to gross
saving less gross investment

447005005

-1.6

Table F.114, line 34.

11. Discrepancy for credit unions,
equal to gross saving less gross
investment

477005005

-.8

Table F.115, line 23.

12. Discrepancy for bank personal
trusts and estates, equal to gross
saving less gross investment

607005005

-2.0

Table F.116, line 18.

13. Discrepancy for life insurance
companies, equal to gross saving
less gross investment

547005005

-43.3

Table F.117, line 24.

14. Discrepancy for other insurance
companies, equal to gross saving
less gross investment

517005005

-18.0

Table F.118, line 20.

15. Discrepancy for mutual funds,
equal to gross saving less gross
investment

657005005

4.9

Table F.122, line 14.

16. Discrepancy for governmentsponsored enterprises, equal
to gross saving less gross
investment

407005005

-3.1

Table F.124, line 27.

17. Discrepancy for issuers of
asset-backed securities, equal to
gross saving less gross investment

677005005

Table F.126, line 17.

18. Discrepancy for finance
companies, equal to gross
saving less gross investment

617005005

5.6

Table F.127, line 20.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.10

F.10-Continued
Code

1997 value
(billions of
dollars)

19. Discrepancy for real estate
investment trusts, equal to gross
saving less gross investment

647005005

36.0

Table F.129, line 19.

20. Discrepancy for security brokers
and dealers, equal to gross saving
less gross investment

667005005

Table F.130, line 29 .

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

165

166

Guide to the Flow of Funds Accounts, Volume 1

Table F.11

Instrument Discrepancies

An instrument discrepancy is the difference
between the total borrowing of funds by all
sectors through a particular financial instru
ment and the total lending of funds through
the same instrument; it is considered a use of
funds that balances total borrowing and total
lending. A discrepancy may arise from differ
ences in the timing or reporting of data
obtained from different sources, measurement
errors, or other inconsistencies. Frequently,
large quarterly movements in discrepancies
cancel out when the data are presented on an
annual basis.
A discrepancy is calculated for the follow
ing financial instruments that are included in
the flow of funds accounts: Treasury currency,
foreign deposits, interbank transactions, fed
eral funds and security repurchase agreements,

F.11

checkable deposits of the federal government,
checkable deposits of other sectors, trade
credit, taxes payable, and miscellaneous items.
No discrepancies exist for the other financial
instruments in the accounts, because, for each
instrument, the change in the holdings of one
of the sectors (for many instruments, the
households and nonprofit organizations sec
tor) is calculated as a residual. Also included
in this table is the nonfinancial discrepancy,
which is made up of three items from the
national income and product accounts: the sta
tistical discrepancy, private wage accruals less
disbursements, and net capital grants to the
U.S. from abroad. The total of instrument dis
crepancies equals the total of sector discrepan
cies, shown in table F.10.

Instrument Discrepancies
Billions of dollars

FA907005005

All types

1992

1993

1994

1995

1996

1997

-40.0

-174.1

-58.2

-156.6

-14.7

-30.7
--0.6
107.4

2
3

FA903012005
FA903091005

Treasury currency
Foreign deposits

--0.2
-2.7

--0.2
-5.7

--0.2
43.0

--0.5
25.1

--0.9
59.4

4
5

FA904010005
FA902050005

Net interbank transactions
Security RPs

-4.9
4.3

4.2
46.4

-2.7
69.4

-3.1
22.9

-3.3
--0.7

-19.9
59.5

4
5

6
7

FA903023105
FA903029205

0.7
1.6

-1.5
-1.3

-4.8
-2.8

-6.0
-3.8

0.5
-4.0

-2.7
-3.9

6
7

8
9

FA903070005
FA903078005

Taxes payable

9.9
12.8

-4.0
15.8

1.5
16.6

-11.7
21.1

-27.0
20.4

IS.I
17.2

8
9

FA903090005

Miscellaneous

-32.4

-170.8

-150.0

-213.5

-82.0

-254.9

FA906000005

Nonfinancial

-29.1

-57.1

-28.1

12.9

23.0

52.1

44.8
-15.8

52.6
4.4

14.8
13.3

-26.3
13.4

-32.3
9.3

-55.8
3.7

0.0

12
13
14

FA087005005
FA836700003
FA313011301

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mai/floats:

Federal government

Other

Trade credit

Nonfinancial components (sign reversed):
Statistical discrepancy (NIPA)

Private wage accruals less disbursements
Net capital grants from foreign

Table Ell

F.11

167

Instrument Discrepancies
Component

Code

1997 value
(billions of
dollars)

1. Sum of instrument discrepancies

907005005

-30.7

2. Discrepancy between changes
in federal government liabilities
for Treasury currency and
Treasury currency held
by the monetary authority,
equal to seigniorage

903012005

-.6

Table F.201, line 5.

3. Discrepancy between changes
in foreign liabilities for deposits
held abroad by U.S. private
sectors and foreign deposit assets
of domestic sectors

903091005

!07.4

Table F.202, line 5.

4. Discrepancy between changes
in interbank liabilities and
interbank assets of the
commercial banking sector,
due to timing and reporting
differences and floats

904010005

-19.9

Table F.203, line 45.

5. Discrepancy between changes
in liabilities for, and holdings of,
federal funds and loans made
under security repurchase
agreements, treated as
unallocated assets

902050005

59.5

Table F.207, line 23.

6. Discrepancy between changes
in federal government cash and
deposits as reported by the
monetary authority and the
commercial banking sector and
as reported by the federal
government

903023105

-2.7

Table F.204, sum of lines 3 and 7, less line I 9.
This series is the change in mail float associated
with federal government deposits.

7. Change in mail float associated
with demand deposits other than
those of the federal government

903029205

-3.9

Table F.204, line 36, less line 6 above.

8. Discrepancy between changes
in trade payables and trade
receivables

903070005

15.1

Table F.223, line 17.

9. Discrepancy between changes
in business taxes payable and
business taxes receivable

903078005

17.2

Table F.226, line 13.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 through 11.

168

Guide to the Flow of Funds Accounts, Volume I

F.11

Instrument Discrepancies-Continued
Code

1997 value
(billions of
dollars)

10. Discrepancy between changes
in unidentified miscellaneous
liabilities of all sectors and
unidentified miscellaneous
assets of all sectors

903090005

-254.9

11. Sum of NIPA nonfinancial
component discrepancies

906000005

52.1

12. NIPA statistical discrepancy

087005005

-55.8

13. Private wage accruals less
disbursements

836700003

3.7

Table F.8, line 8.

14. Net capital grants received by the
U.S. from the rest of the world

313011301

Table F.8, line 16.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.229, line 43.

Sum of lines 12, 13, and 14, with sign reversed.

Table F.8, line 25.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

170

Guide to the Flow of Funds Accounts, Volume 1

Table F.100 Households and Nonprofit Organizations
The households and nonprofit organizations
sector consists of individual households
(including farm households) and nonprofit
organizations such as charitable organizations,
private foundations, schools, churches, labor
unions, and hospitals. Nonprofits account for
about 6 percent of the sector's total financial
assets, according to recent estimates, but they
own a larger share of some of the individual
financial instruments held by the sector. (The
sector is often referred to as the "household"
sector, but nonprofit organizations are
included because data for them are not avail
able separately except for the years 1987
through 1996. Supplementary tables F.100.a
and L.100.a in the quarterly publications of
the flow of funds accounts present the latest
available annual data for nonprofits.) At the
end of 1997, the sector had total financial
assets of more than $27 trillion, about 40 per
cent of the financial assets of all sectors
combined.
For most categories of financial assets and
liabilities, the values for the household sector
are calculated as residuals. That is, amounts
held or owed by the other sectors are sub
tracted from known totals, and the remainders
are assumed to be the amounts held or owed
by the household sector. For example, the
amounts of Treasury securities held by all
other sectors, obtained from asset data

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

reported by the companies or institutions
themselves, are subtracted from total Treasury
securities outstanding, obtained from the
Monthly Treasury Statement of Receipts and
Outlays of the United States Government, and
the balance is assigned to the household sec
tor. Series calculated in this manner are so
identified in the table and carry a reference to
the instrument table (for example, table F.209)
that lists the sector included in the calculation.
For a few series, such as consumer credit, data
for the sector are available directly and are not
calculated as residuals. When microeconomic
data are available (such as the data available
from the Federal Reserve Board's Survey of
Consumer Finances), asset and liability totals
for the sector are reviewed in light of that
data, and the flow of funds series are some
times adjusted to take into account the addi
tional information.
In contrast to the practice in some countries,
the household sector statement in the U.S.
flow of funds accounts does not include the
transactions of unincorporated businesses;
those are shown separately in the tables for
the nonfarm noncorporate and farm business
sectors (tables F.103 and F.104). (The table for
the personal sector, F.9, does present such a
consolidation of the household sector with
unincorporated business.)

Table FIDO

171

F.100 Households and Nonprofit Organizations (1)
Billions of dollars

FA156010001
FA156210005
FA156012005
FA156900005

Personal income
- Personal taxes and nontaxes
= Disposable personal income

FAl56007105

- Personal outlays
= Personal saving, NIPA (2)

6
7
8

FA363I54005
FAl 55011065
FA156300005

FAl56000105

+ Government insurance and pension reserves
+ Net investment in consumer durables
+ Consumption of fixed capital

FAl55090005

Gross investment

II
12
13
14

FA155012005
FA15501!001
FA165013003

FAl55050005

Capital expenditures

FA155000005

Net financial investment

FAJ54090005

17
18
19
20

= Gross saving

1992

1993

1994

1995

1996

1997

5255.7
650.5
4605.1
4341.0

5481.1
690.0
4791.1
4580.8

5757.9
739.1
5018.9
4842.1

6072.0
795.0
5276.9
5097.3

6425.4
890.5
5534.8
5376.3

6784.1
989.0
5795.2
5674.1

121.1

84.5
77.1
516.8

83.7
99.9
530.8

86.6
123.3
565.6

72.2
136.3
588.2

101.5
155.4
605.0

111.2
169.2
627.6

6
7
8

264.1

210.3

176.8

179.6

158.6

I
2
3
4

942.5

924.7

952.3

976.3

1020.4

1029.2

1041.1

985.9

1071.3

1020.6

994.9

994.7

714.8

784.2

949.2

193.8
488.5
32.5

218.4
530.2
35.6

860.5

249.]
579.6
31.9

889.6

244.7
611.0
33.8

268.5
643.3
37.4

999.0

282.4
673.1
43.6

326.3

201.7

210.9

131.1

45.7

-4.4

Net acquisition of financial assets

492.7

440.0

525.4

488.3

438.1

391.1

FAI53091003
FA153020005
FAI53030005
FA153034005

Foreign deposits
Checkable deposits and currency

-I.I

Money market fund shares

1.2
96.9
-74.7
-40.9

47.2
-113.1
--0.6

3.1
-29.9
-11.9
13.4

4.6
-57.7
170.0
97.9

12.4
---66.4
167.9
79.4

6.3
-29.5
169.5
108.7

17
18
19
20

FA154004005

Credit market instruments

61.2

1.0

274.7

-11.5

-11.4

-125.4

22
23
24
25
26

-3.3
110.4
76.3
19.1
57.2
34.1
-27.3
-7.9
-10.7

15.6
-12.4
22.9
14.7
8.3
-35.3
-31.3
37.1
-8.0

1.2
295.0
156.2
8.0
148.2
138.7
-50.2
39.9
-II.I

1.3
-30.4
-49.4
5.1
-54.4
19.0
-42.8
67.1
---6.8

4.0
7.3
-73.9
2.0
-75.9
81.2
-24.3
4.8
-3.2

7.0
-181.4
-209.7
--0.5
-209.2
28.3
24.3
27.5
-2.9

22
23
24
25
26

28
29
30

FA163069I 03
FAI 5306I 005
FA153061505
FA313161400
FA153061105
FA15306!705
FAI53062005
FA153063005
FA153065005

31
32
33
34
35
36
37
38

FA!53064105
FA153064205
FA 15306 7005
FAI 53040005
FAl53050005
FA604I9(Xl05
FA153080005
FA153090005

23.6
133.9
-10.8
28.0
230.2
-7.1
34.4
17.0

-55.6
205.]
26.0
36.0
255.7
0.9
25.5
13.1

-157.5
67.4
6.7
34.5
246.2
17.8
55.6
5.4

-197.5
94.5
18.6
44.9
233.2
4.0
71.5
15.8

-278.0
174.8
35.3
43.6
230.8
-8.6
49.3
9.0

-490.2
222.9
51.6
52.9
296.8
75.0
40.7
11.7

31
32
33
34
35
36
37
38

357.3

392.4

395.4

Residential construction
Consumer durable goods
Nonprofit plant and equipment

Time and savings deposits

Open market paper
U.S. government securities
Treasury
Savings bonds
Other
Agency
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (3)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets

12
13
14

28
29
30

FAl54190005

166.5

238.3

314.6

FAl 54102005

Credit market instruments

163.3

207.8

311.0

343.7

370.3

355.6

41
42
43
44
45
46

FA153165105
FA153!66000
FAI 53162005
FA153168005
FA153169005
FA153165505

Home mortgages
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages

138.3
3.9
2.0
4.5
9.3
5.4

121.2
60.7
1.4
9.8
7.1
7.7

169.3
124.9
3.6
13.4
7.1
-7.4

170.5
138.9
0.7
15.9
26.6
-8.9

261.0
88.8
6.6
-3.7
12.4
5.2

261.9
52.5
10.0
8.9
18.1
4.3

41
42
43
44
45
46

47
48

FA!53!67205
FA153170003

-1.6
4.7

22.6
7.4

-I.I
4.2

3.5
9.3

15.8
6.0

36.8
7.9

47
48

FA543077003

0.0

0.5

0.7

0.3

-4.8

FA157005005

-98.6

---61.2

-119.1

--44.3

25.6

34.5

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Net increase in liabilities

Security credit
Trade payables
Deferred and unpaid
life insurance premiums
Discrepancy

172

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations (!)-Continued
Billions of dollars
1992

1993

1994

1995

1996

1997

Memo:

Net physical investment:

51
52
53
54
55

FA155012005
FA 156300205
FA155012065
FA153165105
FA155004205

(A) Residential construction expenditures
- Consumption of fixed capital
= Net investment
- Home mortgages
= Excess net investment

193.8
85.9
107.9
138.3
-30.4

218.4
79.7
138.7
121.2
17.5

249.1
87.3
161.8
169.3
-7.6

244.7
90.4
154.3
170.5
-16.1

268.5
93.2
175,3
261.0
-85.7

282.4
98.7
183.7
261.9
-78.2

51
52
53
54
55

56
57
58
59
60

FA155011001
FA156300103
FA155011065
FA153166000
FA155004105

(B) Consumer durable goods expenditures
- Consumption of fixed capital
= Net investment
- Consumer credit
= Excess net investment

488.5
411.4
77.1
3.9
73.2

530.2
430.3
99.9
60.7
39.2

579.6
456.3
123.3
124.9
-1.6

611.0
474.7
136.3
138.9
-2.6

643.3
487.9
155.4

673.1
503.8
169.2
52.5
116.7

56
57
58
59
60

88.8

66.6

(I) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) See table F.9 for derivation of alternative measures of personal saving.
(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35),
and bank personal trusts (line 36).

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Federal Reserve Bank of St. Louis

Table FJOO

F.100

173

Households and Nonprofit Organizations

Code

1997 value
(billions of
dollars)

1. Personal income

156010001

6,784.1

2. Personal taxes and nontax
payments

156210005

989.0

Sum of lines 2a and 2b.

2a. Personal tax and nontax receipts
of state and local governments

206210001

219.9

2b. Personal tax and nontax receipts
of the federal government

316210001

769.1

3. Disposable personal income

156012005

5,795.2

Line 1 less line 2.

4. Personal outlays

156900005

5,674.1

Sum of lines 4a, 4b, and 4c.

156901001

5,493.7

Component

4a. Personal consumption
expenditures

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table 2.1, line 1, Personal income. Unadjusted flow
calculated by FOF Section using unadjusted flows
for components of total (adjusted flows at quarterly
rates used for components for which unadjusted
flows are not available). For recent quarters for
which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating
the seasonal factor and subtracting it from the
seasonably adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

174

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F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

4b. Interest paid by persons

156901103

161.5

4c. Net personal transfer payments
to the rest of the world

156901201

18.9

5. Personal saving, NIPA measure

156007105

121.1

Line 3 less line 4. See table F.9 for alternative
measures of personal saving.

6. Change in liabilities of state and
local and federal governments for
insurance and pemiion fund
reserves

363154005

111.2

Change in pension fund reserve liabilities of state
and local government employee retirement funds
(equal to the sum of their net investment in
tangible assets, line 6a net of 6b, and net
acquisition of financial assets, line 6c net of 6d)
plus lines 6e, 6f, and 6g. Adding the series listed
here transfers portions of saving to the households
and nonprofit organizations sector from state and
local governments and from the federal
government; a corresponding subtraction appears
in each of the two FOF government tables (F.105,
line 10, and F.106, line 12). This adjustment
is made in order to maintain consistency with
NIPA in the treatment of private life insurance
and pension fund reserves.

Component

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table 2.1, line 29, Interest paid by persons.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.
Seasonally adjusted flow from SCB, NIPA
table 2.1, line 30, Personal transfer payments
to rest of the world (net); also shown in NIPA
table 4.1, line 17, Transfer payments from persons
(net). Unadjusted flow from SCB, NIPA table 9.5,
line 13, Transfer payments from persons (net).
For recent quarters for which unadjusted NIPA
data are not available, unadjusted flow is estimated
by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

Table F.100

175

F.100-Continued
Component
6a. Fixed nonresidential structures
investment by state and local
government employee
retirement funds

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Code

1997 value
(billions of
dollars)

225013063

1.6

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6B lEQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFI611EQ00), insurance carriers
(13NFI63 lEQ00), and holding and other
investment offices (13NFl67 lEQ00), plus
Structures for commercial and mutual depository
institutions (l3NFI6B1ST00), nondepository
institutions (l3NFI6 l I ST00), insurance carriers
(l3NFI63 lST00), and holding and other
investment offices (l3NFI671ST00); the sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers, and multiplied
by the ratio of tangible assets reported by state and
local government employee retirement funds
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using NIPA total
investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
State and local government employee retirement
funds are assumed to have no equipment.

176

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Component
6b. Consumption of fixed
nonresidential structures capital
by state and local government
employee retirement funds, with
nonresidential structures valued
at current cost

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

226330063

1.4

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MINFI6BIEQ00; revisions and updates
provided by BEA), nondepository institutions
MINFI6IIEQ00), insurance carriers
(MINFI63 l EQ00), and holding and other
investment offices (MINFI67 l EQ00), plus
Structures for commercial and mutual depository
institutions (MINFI6BIST00), nondepository
institutions (MINFI6IIST00), insurance carriers
(MINFI631STO0), and holding and other
investment offices (MINFI671ST00); the sum is
multiplied by the ratio of consumption of fixed
nonresidential structures capital by insurance
carriers to consumption of fixed nonresidential
equipment and structures capital by insurance
carriers, and multiplied by the ratio of tangible
assets reported by state and local government
employee retirement funds to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning I994:QI, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships. State and local
government employee retirement funds are
assumed to have no equipment.

Table F.100

177

F.100-Continued
Code

1997 value
(billions of
dollars)

6c. Change in total assets reported
by state and local government
employee retirement funds

224090003

79.9

Unadjusted flow from Quarterly Survey of the
Finances of Public-Employee Retirement Systems
(data provided by Bureau of the Census), part I,
sum of line A. I, Employee contributions, line A.2.
Government contributions, line A.3, Earnings
on investments, and line A.4, Other receipts, less
the sum of line B. l, Benefits paid, line B.2,
Withdrawals, and line B.3, Other payments. Level
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

6d. Change in tangible assets,
at book value, of state and local
government employee
retirement funds

225013103

Fiscal-year-end level from Employee-Retirement
Systems of State and Local Governments, table 1,
National Summary of State and Local Government
Employee-Retirement System Finances, Real
property. Data were formerly published annually,
with a lag of several years; latest volume available
is part of the 1992 quinquennial Census of
Governments. Series is converted to quarterly and
estimated for current periods using data from
Quarterly Survey of the Finances of Public
Employee Retirement Systems, part II, line G.1,
Real property. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

6e. Change in life insurance reserve
liabilities of the federal
government

313140003

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Department of Veterans
Affairs, sum of National service life insurance
fund, U.S. government life insurance fund, and
Veterans special life insurance fund. Unadjusted
flow is the change in the level. Entire amount is
assumed to be a liability of the federal government
to the households and nonprofit organizations
sector. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data. The complete
financial statement for the national service life
insurance fund appears in the December issue
of the Treasury Bulletin.

Component

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Federal Reserve Bank of St. Louis

Explanation

178

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

6f. Change in federal employee
retirement reserve liabilities
of the federal government

313151000

29.7

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Office of Personnel
Management, Civil service retirement and
disability fund, sum of Public debt securities and
Agency securities. Entire amount is assumed
to be a liability of the federal government to the
households and nonprofit organizations sector.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure. The complete financial
statement for the civii service retirement and
disability fund appears in the December issue
of the Treasury Bulletin.

6g. Change in railroad retirement
reserve liabilities of the federal
government

313152000

1.7

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Independent agencies,
Railroad Retirement Board. Entire amount is
assumed to be a liability of the federal government
to the households and nonprofit organizations
sector. Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure. The complete financial
statement for the railroad retirement account
appears in the December issue of the Treasury
Bulletin.

7. Net investment in consumer
durable goods by households

155011065

169.2

Line 13 less line 57. In the NIPA, expenditures
on consumer durable goods are included in
personal consumption expenditures and considered
to be current outlays, but in the FOF accounts they
are treated as investment. To adjust personal
saving for the difference in treatment while
maintaining balance between gross saving and
gross investment of the households and nonprofit
organizations sector, the series for expenditures
on durables is added to both saving and
investment. Consumption of fixed consumer
durable goods capital, not included in the NIPA,
is added to consumption of other fixed capital
in line 8 and is deducted from durables
expenditures in line 7.

8. Consumption of fixed capital,
NIPA basis, by the households and
nonprofit organizations sector

156300005

627.6

Sum of lines 8a, 8b, 8c, 8d, and 57.

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Explanation

Table F.100

177

F.100--Continued
Code

1997 value
(billions of
dollars)

6c. Change in total assets reported
by state and local government
employee retirement funds

224090003

79.9

Unadjusted flow from Quarterly Survey of the
Finances of Public-Employee Retirement Systems
(data provided by Bureau of the Census), part I,
sum of line A. I, Employee contributions, line A.2,
Government contributions, line A.3, Earnings
on investments, and line A.4, Other receipts, less
the sum of line B. l, Benefits paid, line B.2,
Withdrawals, and line B.3, Other payments. Level
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

6d. Change in tangible assets,
at book value, of state and local
government employee
retirement funds

225013103

Fiscal-year-end level from Employee-Retirement
Systems of State and Local Governments, table I,
National Summary of State and Local Government
Employee-Retirement System Finances, Real
property. Data were formerly published annually,
with a lag of several years; latest volume available
is part of the 1992 quinquennial Census of
Governments. Series is converted to quarterly and
estimated for current periods using data from
Quarterly Survey of the Finances of Public
Employee Retirement Systems, part II, line G.l ,
Real property. Unadjusted flow i s the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

6e. Change in life insurance reserve
liabilities of the federal
government

313140003

Component

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Explanation

178

Guide to the Flow of Funds Accounts, Volume I

F.100 Households and Nonprofit Organizations-Continued

Component

Code

1997 value
(billions of
dollars)

6f. Change in federal employee
retirement reserve liabilities
of the federal government

313151000

29.7

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Office of Personnel
Management, Civil service retirement and
disability fund, sum of Public debt securities and
Agency securities. Entire amount is assumed
to be a liability of the federal government to the
households and nonprofit organizations sector.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure. The complete financial
statement for the civil service retirement and
disability fund appears in the December issue
of the Treasury Bulletin.

6g. Change in railroad retirement
reserve liabilities of the federal
government

313152000

1.7

7. Net investment in consumer

155011065

169.2

8. Consumption of fixed capital,
NIPA basis, by the households and
nonprofit organizations sector

156300005

627.6

Sum of lines 8a, 8b, 8c, 8d, and 57.

durable goods by households

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Explanation

TableFJOO

179

F.100-Continued
Component

Code

1997 value
(billions of
dollars)

8a. Consumption of fixed
nonresidential capital by
nonprofit organizations, with
nonresidential structures and
equipment valued at current
cost

166330003

25.1

Annual flow from Fixed Reproducible Tangible
Wealth, table A7, Fixed Nonresidential Private
Capital, by Legal Form of Organization and Major
Industry Group, Current-Cost Valuation,
Depreciation, Nonprofit institutions, sum of
Equipment (series M1NTOTL8EQ00; revisions
and updates provided by BEA) and Structures
(MINTOTL8ST00). Series is converted
to seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

8b. Consumption of fixed
owner-occupied residential
capital by households, with
owner-occupied residential
structures valued at current cost

156320003

93.0

Annual flow from Fixed Reproducible Tangible
Wealth, table Al 6, Residential Capital, by Type
of Owner, Tenure Group, and Type of Equipment
and Structures, Current-Cost Valuation,
Depreciation, Owner-occupied nonfarm (series
MIRFI655ONOC; revisions and updates provided
by BEA). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

8c. Consumption of fixed
residential capital by nonprofit
organizations, with residential
structures valued at current cost

166320003

2.4

Annual flow from Fixed Reproducible Tangible
Wealth, table A l 0, Private Residential Capital,
by Legal Form of Organization and Industry,
Current-Cost Valuation, Depreciation, Nonprofit
institutions (series MIRTOTL8ES00; revisions
and updates provided by BEA). Series is converted
to seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

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Federal Reserve Bank of St. Louis

Explanation

180

Guide to the Flow of Funds Accounts, Volume 1

F.100

Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

8d. Consumption of fixed
owner-occupied farm residential
capital, with owner-occupied
farm residential structures
valued at current cost

136320003

3.3

9. Gross saving of the households
and nonprofit organizations sector

156000105

1,029.2

10. Gross investment by the
households and nonprofit
organizations sector

155090005

994.7

Sum of lines 11 and 15.

11. Capital expenditures of the
households and nonprofit
organizations sector

155050005

999.0

Sum of lines 12, 13, and 14.

12. Fixed residential investment
by the households and nonprofit
organizations sector

155012005

282.4

Line 12a less lines 12b and 12c and less fixed
residential investment by real estate investment
trusts (estimated as line 12d multiplied by 0.83333,
less line l 2e).

12a. Fixed residential investment
by private sectors

195012001

327.9

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 11, P rivate fixed residential
investment; also shown in NIPA table 5.4, line 15,
Residential. Unadjusted flow from SCB, NIPA
table 9. I, line 11, Residential. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual rate
to quarterly rate.

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Federal Reserve Bank of St. Louis

Annual flow from Fixed Reproducible Tangible
Wealth, table A16, Residential Capital, by Type of
Owner, Tenure Group, and Type of Equipment and
Structures, Current-Cost Valuation, Depreciation,
Owner-Occupied Farm (series MIRAG014ONOC;
revisions and updates provided by BEA). Series is
converted to seasonally adjusted flow at annual
rate by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.
Sum of lines 5, 6, 7, and 8.

Table F.100

181

F.100-Continued
Component

Code

1997 value
(billions of
dollars)

12b. Fixed residential investment
by nonfarm nonfinancial
corporate business

105012003

2.5

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital, by Type of Owner, Legal Form
of Organization, and Industry, Historical-Cost
Valuation, Private, Corporate (assumed to be all
nonfinancial corporate) (series I3RFI652ES00;
revisions and updates provided by BEA). Series is
converted to seasonally adjusted quarterly flow at
annual rate by ratio method, using fixed residential
investment by private sectors (FOF series
195012001, table F.8, line 21) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

12c. Fixed residential investment
by nonfarm noncorporate
business

115012003

36.2

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital by Type of Owner, Legal Form of
Organization, and Industry, Historical-Cost
Valuation, Private, Noncorporate, Total (series
I3RTOTL3ESOO; revisions and updates provided
by BEA); less Nonprofit institutions
(I3RFI658ESOO); less, from table B9, Private
Residential Capital, by Tenure Group and Type
of Equipment and Structures, Historical-Cost
Valuation, Owner-occupied nonfarm
(I3RFI655ONOC), Owner-occupied farm
(I3RAG014ONOC), and Tenant-occupied farm
(I3RAG014TOOC). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using fixed residential investment
by private sectors (FOF series 195012001,
table F.8, line 21) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

12d. Change in tangible assets,
at book value, of real estate
investment trusts

645019003

45.2

Year-end level from NAREIT Industry Statistics,
Industry Balance Sheet, Equity investments,
Property owned, net of Accumulated depreciation,
plus Other. Unadjusted quarterly flow estimated
as a proportion of equity and debt issuance from
REITWatch; level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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Explanation

182

Guide to the Flow of Funds Accounts, Volume I

F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

12e. Fixed nonresidential
investment by real estate
investment trusts

645013013

30.8

Unadjusted flow estimated by FOF Section on the
basis of industry reports of asset purchases.
Calculated as investment in all structures
(currently estimated as five-sixths of the change
in the level of total property from NAREIT
Industry Statistics, Industry Balance Sheet, Assets,
Equity investments, Property owned, net of
Accumulated depreciation, plus Other) multiplied
by the ratio of investment in nonresidential
structures to investment in all structures (ratio
estimated by FOF Section on the basis of
information from NAREIT); the remaining
one-sixth of the change in net property is assumed
to be land purchases. Quarterly allocation of
annual flows estimated as a proportion of equity
and debt issuance from REITWatch. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

13. Investment in consumer durable
goods by households

155011001

673.1

Seasonally adjusted flow from SCB, NIPA
table 1.1, line 3, Personal consumption
expenditures on durable goods; also shown
in NIPA table 2.2, line 2, Durable goods.
Unadjusted flow from SCB, NIPA table 9.2, line 2,
Durable goods. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.100

183

F.100-Continued
Code

1997 value
(billions of
dollars)

14. Fixed nonresidential investment
by nonprofit organizations

165013003

43.6

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B5, Fixed
Nonresidential Private Capital, by Legal Form
of Organization and Major Industry Group,
Historical-Cost Valuation, Noncorporate, sum
of Equipment for nonprofit institutions {series
13NTOTL8EQ00; revisions and updates provided
by BEA) and Structures for nonprofit institutions
(l3NTOTL8ST00). Series is converted to
seasonally adjusted quarterly flow at annual
rate by ratio method, using investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures portion and
investment in producers' durable equipment
(SCB, NIPA table 5.4, line 8, Producers' durable
equipment) as the denominator for the equipment
portion. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

15. Net financial investment by the
households and nonprofit
organizations sector

155000005

-4.4

Line 16 less line 39.

16. Net acquisition of financial assets
by the households and nonprofit
organizations sector

154090005

391.1

Sum of lines 17 through 21, 31, 32, 33, 34, 35, 36,
37, and 38.

17. Change in foreign deposits held
by the households and nonprofit
organizations sector

153091003

6.3

Year-end level for 1982 onward derived from data
from IRS, Currency Reporting and Compliance
Division, Form TD F 90-22.1, Report of Foreign
Bank and Financial Accounts; year-end levels for
I 992 and 1995 from FR Board's Survey of
Consumer Finances. Data are annual; series
is converted to quarterly by ratio method, using
foreign deposits held by U.S. private sectors (FOF
series 263191003, table F.107, line 36) as the
denominator. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

18. Change in checkable deposits and
currency held by the households
and nonprofit organizations sector

153020005

-29.5

Calculated as residual. See table F.204, line 13.

19. Change in time and savings
deposits held by the households
and nonprofit organizations sector

153030005

169.5

Calculated as residual. See table F.205, line 17.

Component

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Federal Reserve Bank of St. Louis

Explanation

184

Guide to the Flow of Funds Accounts, Volume 1

F.100

Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

20. Change in money market mutual
fund shares held by the
households and nonprofit
organizations sector

153034005

108.7

21. Change in credit market assets
of the households and nonprofit
organizations sector

154004005

-125.4

22. Change in open market paper
held by nonprofit organizations

163069103

7.0

23. Change in U.S. government
securities held by the households
and nonprofit organizations sector

153061005

-181.4

Sum of lines 24 and 27.

24. Change in U.S. Treasury securities
held by the households and
nonprofit organizations sector

153061505

-209.7

Sum of lines 25 and 26.

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Federal Reserve Bank of St. Louis

Explanation
Calculated as residual. See table F.206, line 3.

Sum of lines 22, 23, 28, 29, and 30.

Beginning 1987:Q4, level is the sum of data for
private foundations and 501(c)(3)-(9)
organizations. For private foundations, year-end
level from SOI Bulletin, annual article Private
Foundations and Charitable Trusts, table 3, All
Private Foundations: Income Statements and
Balance Sheets, by Size of Fair Market Value
of Total Assets, section on assets at fair market
value, percentage of Savings and temporary cash
investments; percentage determined using
distribution of assets of private foundations from
an FOF panel data set. For 501(c)(3)-(9)
organizations, year-end level from SOI Bulletin,
annual article Charities and Other Tax-Exempt
Organizations, table 3, Form 990 Returns of
Organizations Tax-Exempt under Internal Revenue
Code Sections 501(c)(3)-(9): Selected Income
Statement and Balance Sheet Items, by Code
Section, percentage of Investments in securities;
percentage determined using data from the Money
Market Directory of Tax-Exempt Organizations.
Data are annual; series is converted to quarterly
and estimated for current periods by FOF Section.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data. Before 1987:Q4, series
was calculated as a residual.

Table RI 00

185

F.100-Continued
1997 value
(billions of
dollars)

Component

Code

25. Change in savings bond liabilities
of the federal government {assets
of the households and nonprofit
organizations sector)

313161400

-.5

26. Change in U.S. Treasury
securities, other than U.S. savings
bonds, held by the households and
nonprofit organizations sector

153061105

-209.2

Calculated as residual. See table F.209, line 7.

27. Change in U.S. government
agency securities held by the
households and nonprofit
organizations sector

153061705

28.3

Calculated as residual. See table F.210, line 6.

28. Change in municipal securities
held by the households and
nonprofit organizations sector

153062005

24.3

Calculated as residual. See table F.211, line 8.

29. Change in corporate and foreign
bonds held by the households and
nonprofit organizations sector

153063005

27.5

Calculated as residual. See table F.212, line 13.

30. Change in mortgages held by the
households and nonprofit
organizations sector

153065005

-2.9

Calculated as residual. See table F.217, line 15.
This series is also the sum of table F.218, line 6;
table F.219, line 7; table F.220, line 7; and
table F.221, line 3.

31. Net purchases of corporate
equities by the households and
nonprofit organizations sector

153064105

-490.2

Calculated as residual. See table F.213, line 11.
Includes only directly held equities and shares
in closed-end funds. Other equities are held
through mutual funds (line 32 below), life
insurance and pension fund reserves (lines 34
and 35), and bank personal trusts (line 36).

32. Net purchases of mutual fund
shares by the households and
nonprofit organizations sector

153064205

222.9

Calculated as residual. See table F.214, line 3.

33. Change in security credit held
by the households and nonprofit
organizations sector

153067005

51.6

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Federal Reserve Bank of St. Louis

Explanation
Level from Monthly Statement of the Public Debt,
table III, Interest-bearing debt, Nonmarketable,
sum of Total U.S. savings bonds and U.S. savings
notes, plus Noninterest-bearing debt, Subject to the
statutory debt limit, sum of Matured U.S. savings
bonds and Matured U.S. savings notes. Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.

Line 33a less line 33b.

186

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

33a. Change in credit balances
owed to customers by security
brokers and dealers

663167203

51.6

Level from SEC tabulation ofsubmissions
of FOCUS and FOGS reports, sum of Payable
to customers (sum ofseries Fl580 and F1590) and
Payable to noncustomers (sum ofF1600 and
F1610). Unadjusted flow is the change in the level.
Data for the most recent ten years ofthe series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

33b. Change in U.S. security credit
held by the rest ofthe world

263067003

Level from FR Bulletin, former statistical section
International Capital Transactions ofthe U.S.,
table 18, Foreign Credit and Debit Balances
in Brokerage Accounts, column Credit balances
(due to foreigners). Unadjusted flow is the change
in the level. Quarterly values for the series are zero
beginning 1976:Q2 for levels and 1976:Q3 for
flows; it is assumed that the data are now included
with trade receivables. For earlier quarters,
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

153040005

52.9

Component

34. Change in life insurance reserve
assets of the households and
nonprofit organizations sector

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Federal Reserve Bank of St. Louis

Explanation

Sum oflines 6e and 34a.

Table FJOO

187

F.100-Continued
Code

1997 value
(billions of
dollars)

34a. Change in life insurance
reserve liabilities of life
insurance companies

543140003

52.6

35. Change in pension fund reserve
assets of the households and
nonprofit organizations sector

153050005

296.8

35a. Change in pension fund
reserve liabilities of life
insurance companies

543150005

99.5

See table F.117, line 21.

35b. Change in pension fund
reserve liabilities of private
pension funds

573150005

86.4

See table F.119, line 22.

36. Change in investments of the
households and nonprofit
organizations sector in bank
personal trusts and estates

604190005

75.0

See table F.116, line 17.

37. Proprietors' net investment in
noncorporate business

153080005

40.7

Sum of lines 37a, 37b, and 37c.

Component

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Federal Reserve Bank of St. Louis

Explanation
Beginning l 997:Q4, level from tabulation by
A.M. Best Company of NAIC quarterly and annual
statements for life, accident, and health insurance
companies. Year-end level is sum of Annual
Statement, table Liabilities, Surplus, and Other
Funds, line I, Aggregate reserve for life policies
and contracts, less exhibit 8, Annuities, column
Total, line Totals (net); exhibit 10, a portion
of Liability for premiums and other deposit funds
(direct and assumed), sum of columns 2, 3, 5, 6,
and 7, line 6, Totals (net); a portion of
Supplementary contracts without life contingencies
(direct and assumed), sum of columns 2, 3, 5, 6, 7,
and 12, line 11, Totals (net); plus Separate
Accounts Statement, exhibit 6, Life insurance,
column Total, line Totals (net), and Supplementary
contracts, column Total, line Totals. Data are
annual; series is converted to quarterly using
quarterly statement data for general account
liabilities and FOF Section estimate of life
insurance reserve liabilities in separate accounts.
Before 1997:Q4, level from Life Insurance Fact
Book, section on Reserves and Other Obligations,
table Policy Reserves, column Life insurance plus
column Supplementary contracts, with annual data
converted to quarterly by FOF Section estimate.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Line 6 net of line 6e, plus lines 35a and 35b.

188

Guide to the Flow of Funds Accounts, Volume I

F.100

Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

37a. Proprietors' net investment
in nonfarm noncorporate
business

113180005

18.9

See table F.103, line 28.

37b. Proprietors' net investment
in noncorporate farm business

133180005

3.9

See table F.104, line 23.

37c. Proprietors' net investment
in noncorporate security
brokers and dealers

663180005

18.0

See table F.130, line 28.

38. Change in total miscellaneous
assets of the households and
nonprofit organizations sector

153090005

11.7

Sum of lines 38a, 38b, and 38c, plus change
in receivables due from other insurance companies
(line 38d net of lines 38e, 38f, and 38g).

313131003

Fiscal-year-end level through 1965 published
in Report of Operations of the Postal Savings
System; monthly data on deposit liabilities through
June 1967 were published in the FR Bulletin. Data
from 1967:Q3 through 1985:Q2 estimated by FOF
Section. Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1985:Q3 for levels and 1968:Ql for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

38a. Change in liabilities of the
federal government for Postal
Savings System deposits

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Federal Reserve Bank of St. Louis

Explanation

Table FJOO

189

F.100-Continued
Component
38b. Change in liabilities of life
insurance companies for health
insurance reserves

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

543195103

6.3

Explanation
Beginning 1997:Q4, level from tabulation by
A.M. Best Company of NAIC quarterly and annual
statements for life, accident, and health insurance
companies. Year-end level from Annual Statement,
sum of table Liabilities, Surplus, and Other Funds,
line 2, Aggregate reserve for accident and health
policies; exhibit 10, Liability for premiums and
other deposit funds (direct and assumed), sum
of columns 9, I 0, and 11, line 6, Totals (net), and
Supplementary contracts without life contingencies
(direct and assumed), sum of columns 9, 10, and
11, line 11, Totals (net); plus Separate Accounts
Statement, exhibit 6, Accident and health
contracts, column Total, line Totals. Data are
annual; series is converted to quarterly using
quarterly statement data from table Liabilities,
Surplus, and Other Funds, line 2, Aggregate
reserve for accident and health policies, and FOF
Section estimate of accident and health reserve
liabilities in separate accounts. Before 1997 :Q4,
level from Life Insurance Fact Book, section
Reserves and Other Obligations, table Policy
Reserves, column Health insurance, with annual
data converted to quarterly by FOF Section.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

190

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

38c. Change in liabilities of life
insurance companies for
policy dividend accumulations
and funds set aside for policy
dividends

543195203

2.0

Beginning 1997:Q4, level from tabulation by
A.M. Best Company of NAIC quarterly and annual
statements for life, accident, and health insurance
companies. Year-end level from Annual Statement,
table Liabilities, Surplus, and Other Funds, sum
of line 5, Policyholders' dividend and coupon
accumulations, line 6, Policyholders' dividends
and coupons due and unpaid, and line 7, Provision
for policyholders' dividends and coupons payable
in following calendar year; plus Separate Accounts
Statement, table Liabilities and Surplus, line 2,
Policyholder dividend accumulations. Data are
annual; series is converted to quarterly using
quarterly statement data from table Liabilities,
Surplus, and Other Funds, sum of line 5,
Policyholders' dividend and coupon accumu
lations, line 6, Policyholders' dividends and
coupons due and unpaid, and line 7, Provision
for policyholders' dividends and coupons payable
in following calendar year; plus FOF Section
estimate of policyholders' dividend accumulations
held in separate accounts. Before l 997:Q4, level
from Life Insurance Fact Book, section Reserves
and Other Obligations, table Obligations and
Surplus Funds, sum of columns Policy dividend
accumulations and Funds set aside for policy
dividends, with annual data converted to quarterly
by FOF Section estimate. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

38d. Change in liabilities of other
insurance companies for
unearned premium reserves,
reserves for incurred claims,
and loss adjustment expense
reserves

513176003

4.8

Level from tabulation by A.M. Best Company
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line I, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using the
distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.100

191

F.100-Continued
Code

1997 value
(billions of
dollars)

38e. Change in claims of nonfarm
nonfinancial corporate
business on reserves of other
insurance companies

103076003

-7.1

Level from tabulation by A.M. Best Company
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum
of line 1, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using the
distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

38f. Change in claims of nonfarm
noncorporate business on
reserves of other insurance
companies

113076003

4.1

Level from A.M. Best Company tabulation
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line 1, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using the
distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

38g. Change in claims of farm
business on reserves of other
insurance companies

133076003

4.4

Level from A.M. Best Company tabulation
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line I, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using the
distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

192

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

39. Net increase in liabilities of the
households and nonprofit
organizations sector

154190005

395.4

Sum of lines 40, 47, 48, and 49.

40. Change in credit market debt
of the households and nonprofit
organizations sector

154l02005

355.6

Sum of lines 41, 42, 43, 44, 45, and 46.

41. Change in home mortgage debt
of the households and nonprofit
organizations sector

153165I05

261.9

Calculated as residual. See table F.218, line 2.
Includes home equity loans and second mortgages.

42. Change in consumer credit
liabilities of households

153166000

52.5

Level from FR Board, Financial Institutions
Section, monthly G.19 statistical release,
Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Total.
Unadjusted flow is the change in the level;
seasonally adjusted flow calculated by FOF
Section using seasonal factors estimated by
FR Board, Financial Institutions Section.

43. Change in outstanding municipal
debt of nonprofit organizations

153162005

l0.0

Sum of lines 43a and 43b, less line 43c.

43a. Gross issuance of municipal
debt by nonprofit
organizations to finance
student loans

153162200

4.5

43b. Gross issuance of municipal
debt by nonprofit hospitals

153162503

15.2

Component

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Federal Reserve Bank of St. Louis

Explanation

Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds by nonprofit
organizations to finance student loans. Level
is obtained by adding flow to preceding level.
Seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds by hospitals. Level
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Table RJOO

193

F.100---Continued
Component
43c. Retirements of municipal debt
by nonprofit organizations

Code

1997 value
(billions of
dollars)

Explanation

153162273

9.7

Unadjusted flow estimated by FOF Section using
data published on the Bureau of the Census
Internet site and data on gross issuance of
municipal debt by nonprofit organizations to
finance student loans (FOF series 153162200,
line 43a above) and by nonprofit hospitals
( I 53162503, line 43b above). Level is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

44. Change in outstanding bank
loans, not elsewhere classified,
to the households and nonprofit
organizations sector

153168005

8.9

Sum of lines 44a, 44b, 44c, and 44d, less the
change in mortgages held by U.S.-chartered
commercial banks (sum of lines 44e through 44h
net of lines 44i and 44j), less lines 44k, 441, 44m,
and 44n, and less 40 percent of line 440. The
portion of line 440 deducted is an estimate
of commercial paper issued by nondepository
financial institutions that is held by U.S.-chartered
commercial banks; it is included with bank loans
on the banks' quarterly Reports of Condition.

44a. Change in loans to the
households and nonprofit
organizations sector and
to nondepository financial
institutions held by U.S.
chartered commercial banks

723068200

10.0

44b. Change in total mortgage
holdings reported by
U.S.-chartered commercial
banks

723065000

103.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

44c. Change in consumer credit
held by U.S.-chartered
commercial banks, as reported
in quarterly reports of
condition

723066720

-14.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (i.e., consumer loans)
(includes purchased paper) (series RCON1975).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

194

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

44d. Change in loans to the
households and nonprofit
organizations sector and
to nondepository financial
institutions held by foreign
banking offices in the U.S.

753068200

9.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to other financial
institutions (series RCON1520) and All other loans
(include state and local obligations other than
securities and loans to individuals) (RCON1885);
for Edge and agreement corporations, schedule C,
All other loans including lease financing
receivables (RCFD2089 less RCFN2089); and for
New York State investment companies (through
1996:Q2), s.chedule A, sum of Loans to other
financial institutions (RCON1520) and All other
loans, including overdrafts (RCON2083).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

44e. Change in home mortgages
held by the commercial
banking sector

763065100

64.0

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quarterly Reports of Condition; series is shown
in FR Bulletin, table 1.54, line 8, One- to
four-family mortgages held by commercial banks.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

44f. Change in multifamily
residential mortgages held
by the commercial banking
sector

763065403

4.0

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quarterly Reports of Condition; series is shown
in FR Bulletin, table 1.54, line 9, Multifamily
mortgages held by commercial banks. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

44g. Change in commercial
mortgages held by the
commercial banking sector

763065503

28.7

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quarterly Reports of Condition; series is shown
in FR Bulletin, table 1.54, line 10, Commercial
banks, Nonfarm, nonresidential. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

44h. Change in farm mortgages
held by the commercial
banking sector

763065600

2.1

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quarterly Reports of Condition; series is shown
in FR Bulletin, table 1.54, line 11, Farm mortgages
held by commercial banks. Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

Explanation

Table F.100

195

F.100-Continued
Component

Code

1997 value
(billions of
dollars)

44i. Change in commercial
mortgages held by foreign
banking offices in the U.S.

753065503

-6.1

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks, schedule
C, Loans secured by real estate (series
RCON1410). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

44j. Change in mortgages held
by banks in U.S.-affiliated
areas

743065003

For banks located in U.S.-affiliated areas, quarterly
level from Report of Condition, schedule RC-C,
Loans secured by real estate (series RCFD1410);
and for branches of U.S. banks located in
U.S.-affiliated areas, year-end level from Foreign
Branch Report of Condition, Loans secured by real
estate (RCFN1410). Data for branches are annual
and are converted to quarterly using data for banks
in U.S.-affiliated areas. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate to
annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

44k. Change in consumer credit
held by U.S.-chartered
commercial banks, as reported
in the Federal Reserve Board's
monthly G.19 statistical
release

723066000

-14.2

441. Change in outstanding bank
loans, not elsewhere classified,
to finance companies

613168000

4.4

44m. Change in outstanding bank
loans, not elsewhere classified,
to mortgage companies

623168003

-1.3

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Federal Reserve Bank of St. Louis

Explanation

Level from FR Board, Financial Institutions
Section, monthly G.19 statistical release,
Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Major
holders, Commercial banks. Excludes securitized
consumer credit. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.
Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies
conducted by FR Board. Series is shown
in FR Bulletin, table 1.51, line 10, Bank loans.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Level estimated by FOF Section as approximately
50 percent of the value of mortgages held by
mortgage companies (FOF series 623065003, table
F.128, line I). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

196

Guide to the Flow of Funds Accounts, Volume 1

F.100

Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

44n. Change in outstanding bank
loans, not elsewhere classified,
to real estate investment trusts

643168003

7.0

Year-end level estimated by FOF Section as a
proportion of Unsecured debt from NAREIT
Industry Statistics, Industry Balance Sheet,
Liabilities, based OB historical ratio of bank debt
to unsecured debt from data formerly published.
Unadjusted quarterly flow estimated as a
proportion of equity and debt issuance published
in REITWatch; level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

440. Change in open market paper
held by U.S.-chartered
commercial banks

723069703

-.3

153169005

18.1

Sum of lines 45a, 45b, 45c, and 45d; plus the
change in outstanding loans to the households and
nonprofit organizations sector held by Sallie Mae
(line 45e net of lines 45f, 45g, and 45h, and net
of 50 percent of line 45i; Sallie Mae is part of the
government-sponsored enterprises sector).

Component

45. Change in outstanding other loans
and advances to the households
and nonprofit organizations sector

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Federal Reserve Bank of St. Louis

Explanation

Table F.100

197

F.100-Continued

Component
45a. Change in loans to the
households and nonprofit
organizations sector, excluding
loans on federal government
life insurance policies, held
by the federal government

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

153169203

11.4

Explanation
Level from unpublished Treasury Report
on Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, Department of the Interior,
Bureau of Indian Affairs, sum of Guaranteed loans
and Direct loans; plus PBGC, PBGC fund; plus
Department of State, All other combined; plus VA,
sum of Veterans Benefits Administration, All other
combined, and Housing Credit Assistance, Active
vendee loans (direct), Housing loan guarantees,
and All other combined; plus FDIC, sum of Bank
insurance fund and FSLIC resolution fund; plus
FEMA, All other combined; plus SBA, 50 percent
of Disaster loan fund accounts; plus HHS, sum
of Health Resources and Services Administration,
Health professions graduate student loan insurance
accounts, Health professions graduate student loan
financing account, and Medical facilities guarantee
and loan fund, and Health Care Financing
Administration, HMO loan fund; plus HUD, sum
of Housing Programs, Flexible subsidy fund,
50 percent of FHA Title I (account 40701),
5 percent of FHA Title I (account 40702),
5 percent of FHA Title I (account 40703), and
Housing for the elderly or handicapped fund, and
Community Planning and Development,
50 percent of Revolving fund liquidating programs
and 50 percent of Community development loans;
plus Department of Education, Office of
Postsecondary Education, sum of 70 percent
of Higher education facilities loans, 70 percent
of College housing loans, 23 percent of
Guaranteed student loan accounts-assigned
(account 42510), 15 percent of Guaranteed student
loan accounts-assigned (account 42512),
70 percent of College housing and academic
facilities loans, Federal direct student loan
program, and Federal student loan insurance fund.
The value for the series for each quarter is an
average for the most recent four quarters of the
figures calculated by the above method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

198

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

45b. Change in loans on federal
government life insurance
policies to the households and
nonprofit organizations sector
(assets of the federal
government)

313069403

Year-end level from annual publication Actuarial
Analysis of Operations for Life Insurance
Programs Administered by the Department of
Veterans Affairs, sum of Policy loan assets of U.S.
government life insurance fund, National service
life insurance fund, Veterans special life insurance
fund, Service-disabled veterans insurance fund,
and Veterans reopened insurance fund. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

45c. Change in loans on life
insurance policies to the
households and nonprofit
organizations sector held
by life insurance companies

543069403

3.2

Beginning 1997:Q4, level from tabulation by
A.M. Best Company of NAIC quarterly and annual
statements for life, accident, and health insurance
companies. Year-end level is the sum of Annual
Statement, table Assets, line 5, Policy loans, and
Separate Accounts Statement, table Assets, line 5,
Policy loans. Level for other quarters is the sum
of Quarterly Statement, table Assets, line 5, Policy
loans, and FOF Section estimate of policy loans
held in separate accounts. Before 1997:Q4, level
from Distribution of Investments of U.S. Life
Insurance Companies, column Combined account,
Policy loans. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

45d. Change in student loans sold
by Sallie Mae (government
sponsored enterprises sector)
to issuers of asset-backed
securities

673069153

7.8

Level from Sallie Mae, Information Statement,
Notes to Consolidated Financial Statements, note
9, Student loan securitization. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. These loans are liabilities of the
households and nonprofit organizations sector.

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Federal Reserve Bank of St. Louis

Table EJOO

199

F.100-Continued
Code

1997 value
(billions of
dollars)

45e. Change in student loans held
by Sallie Mae
(government-sponsored
enterprises sector)

403069153

-5.3

Level from Sallie Mae, Information Statement,
Consolidated Balance Sheets, sum of Insured
student loans purchased, Student loan
participations, Insured student loans, Warehousing
advances, and Academic facilities financings.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

45f. Change in warehousing
advances to U.S.-chartered
commercial banks held
by Sallie Mae
(government-sponsored
enterprises sector)

723169403

-.9

Level from Sallie Mae, Information Statement,
Notes to Consolidated Financial Statements, note
4, Warehousing advances, Commercial banks.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

45g. Change in warehousing
advances to savings
institutions held by Sallie Mae
(government-sponsored
enterprises sector)

443169403

Level from Sallie Mae, Information Statement,
Notes to Consolidated Financial Statements, note
4, Warehousing Advances, Thrift institutions.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

45h. Change in warehousing
advances to state and local
government agencies held
by Sallie Mae
(government-sponsored
enterprises sector)

403062073

Level from Sallie Mae, Information Statement,
Notes to Consolidated Financial Statements, note
4, Warehousing Advances, Public sector agencies.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

45i. Change in loans to nonprofit
organizations and to state and
local government agencies
held by Sallie Mae
(government-sponsored
enterprises sector) to finance
construction of academic
facilities

403069163

-.1

Level from Sallie Mae, Information Statement,
Consolidated Balance Sheets, Academic facilities
financings. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

200

Guide to the Flow of Funds Accounts, Volume 1

F.100

Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

46. Change in commercial mortgage
debt of nonprofit organizations

153165505

4.3

Line 46a less 50 percent of the change in other
bank loans to the households and nonprofit
organizations sector (sum of lines 44a and 44d less
lines 441, 44m, and 44n, and less the change
in commercial paper issued by nondepository
financial institutions and held by U.S.-chartered
commercial banks, estimated as 40 percent
of line 440). Bank holdings of this commercial
paper are included with the loans shown
in line 44a in quarterly Reports of Condition
submitted by the banks.

46a. Change in mortgages and
other notes payable owed
by nonprofit organizations

153165803

9.0

Year-end level from SOI Bulletin, annual article
Charities and Other Tax-Exempt Organizations,
table 3, Form 990 Returns of Organizations
Tax-Exempt under Internal Revenue Code
Sections 50l(c)(3)-(9): Selected Income Statement
and Balance Sheet Items, by Code Section,
Mortgages and other notes payable. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

153167205

36.8

Line 47a less line 47b.

47a. Change in security credit to
customers held by security
brokers and dealers

663067203

36.8

Level from SEC tabulation of submissions
of FOCUS and FOGS reports, sum of Receivables
from customers (series F820) and Receivables
from noncustomers (F830). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

47b. Change in security credit owed
to U.S. lenders by the rest
of the world

263167003

Level from FR Bulletin, former statistical section
International Capitaf Transactions of the U.S.,
table 18, Foreign Credit and Debit Balances
in Brokerage Accounts, column Debit balances
(due from foreigners). Unadjusted flow is the
change in the level. Quarterly values for the series
are zero beginning I 976:Q2 for levels and
1976:Q3 for flows; it is assumed that the data are
now included with trade payables. For earlier
quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

Component

47. Change in security credit owed
by the households and nonprofit
organizations sector

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Federal Reserve Bank of St. Louis

Explanation

Table F.100

201

F.100-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

48. Change in trade payables owed
by nonprofit organizations

153170003

7.9

Year-end level from SOI Bulletin, article Charities
and Other Tax-Exempt Organizations, table 3,
Form 990 Returns of Organizations Tax-Exempt
under Internal Revenue Code Sections
501(c)(3)-(9), Accounts payable. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

49. Change in deferred and unpaid
life insurance premiums owed
to life insurance companies by the
households and nonprofit
organizations sector

543077003

-4.8

Level from Life Insurance Fact Book, section Life
Insurance Company Assets, table Miscellaneous
Assets, column Due and deferred premiums. Data
are annual; series is converted to quarterly by ratio
method, using reported other assets of life
insurance companies (FOF series 543090003, table
F.117, line 17a) as the denominator. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

50. Discrepancy for the households
and nonprofit organizations
sector, equal to gross saving less
gross investment

157005005

34.5

Sum of lines 9 and 39, less lines 11 and 16.
The discrepancy is a use of funds in the FOF
accounts.

51. Fixed residential investment
by the households and nonprofit
organizations sector

155012005

282.4

52. Consumption of fixed residential
capital by the households and
nonprofit organizations sector,
with residential structures valued
at current cost

156300205

98.7

53. Net investment in residential
structures by the households and
nonprofit organizations sector

155012065

183.7

Line 51 less line 52.

54. Change in home mortgage debt
of the households and nonprofit
organizations sector

153165105

261.9

Same as line 41.

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Federal Reserve Bank of St. Louis

Same as line 12.

Sum of lines 8b, 8c, and 8d.

202

Guide to the Flow of Funds Accounts, Volume 1

F.100 Households and Nonprofit Organizations-Continued
Code

1997 value
(billions of
dollars)

55. Excess net investment in
residential structures by the
households and nonprofit
organizations sector

155004205

-78.2

Line 53 less line 54.

56. Investment in consumer durable
goods by households

155011001

673.1

Same as line 13.

57. Consumption of fixed consumer
durable goods capital by
households, with consumer
durable goods valued at current
cost

156300103

503.8

Annual flow from Fixed Reproducible Tangible
Wealth, table A18, Durable Goods Owned
by Consumers, by Type of Goods, Current-Cost
Valuation, Depreciation, Total, all types (series
MlCTOTLlEQ00; revisions and updates provided
by BEA). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

58. Net investment in consumer
durable goods by households

155011065

169.2

Line 56 less line 57; also equal to line 7.

59. Change in consumer credit
liabilities of households

153166000

52.5

60. Excess net investment in
consumer durable goods by the
households and nonprofit
organizations sector

155004105

116.7

Component

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Federal Reserve Bank of St. Louis

Explanation

Same as line 42.

Line 58 less line 59.

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Federal Reserve Bank of St. Louis

204

Guide to the Flow of Funds Accounts, Volume 1

Table F.101 Nonfinancial Business
Nonfinancial business in the flow of funds
accounts comprises three sectors: nonfarm
nonfinancial corporate business, nonfarm non
corporate business, and farm business. Each
of these sectors is described in the introduc
tion to its separate table. This table shows the
details of gross saving and gross investment
for the three sectors combined. Income before
taxes is shown (line 1) for information pur
poses only; it does not enter directly into

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Federal Reserve Bank of St. Louis

the calculation of other items that appear in
the table. For the two unincorporated sectors
(nonfarm noncorporate business and farm
business), proprietors' net investment is cal
culated as a residual, so neither sector has a
discrepancy; therefore, the discrepancy for
nonfinancial business equals the discrepancy
for the nonfarm nonfinancial corporate busi
ness sector.

Table EJOJ

205

F.101 Nonfinancial Business (1)
Billions of dollars
1992

1993

1994

1995

1996

1997

FA146110005

Income before taxes

734.6

813.8

924.1

997.8

1075.0

1133.8

FA146000105

Gross saving

544,4

589.9

634.4

681.2

708.3

745.9

FA145090005

Gross investment

479.6

674.1

639.5

687.1

707.1

749.1

498.1

552.3

639.6

695.0

738.0

826.1

491.1
29.1
462.0

531.7
28.0
503.7

578.4
29.7
548.7

656.6
37.1
619.5

702.4
38.5
663.9

751.6
38.6
712.9

6
7

7.0
0.0

20.5
0.0

61.2
0.0

30.7
7.6

32.1
3.5

67.4
7.1

Capital expenditures

FA145050005

FA145019005
FA145012005
FA145013005

Fixed investment
Residential construction
Plant and equipment

FA145020005
FA I 05030003

Change in inventories
Access rights from federal government

Net financial investment

FA14SOOOOOS

-18.5

121.8

...0.1

-7.9

-30.9

-77.0

FA144090005

Net acquisition of financlal assets

169.6

366.7

329.4

490.6

443.6

387.8

12
13
14
15
16

FA103091003
FA143020005
FA143030005
FA123034005
FA102050003

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

--0.7
13.7
-17.2
15.9
3.4

-1.4
23.0
28.8
-2.3
-2.6

24.1
1.6
7.5
--0.3

I.I

1.6
36.0
-15.8
25.7
0.3

10.8
54.8
8.6
8.2
1.4

--6.4
28.8
12.6
14.8
0.6

12
13
14
15
16

FA124004005

Credit market instruments

27.7

8.0

18.3

-4.1

24.4

17.5

18
19
20
21
22

FA103069100
FA143061005
FA103062003
FA123065005
FA123066005

2.3
21.4
1.0
0.2
2.8

2.4
-1.0
8.9
-9.2
6.9

--0.6
3.5
2.0
4.0
9.4

1.3
11.4
-19.9
4.7
-1.6

10.9
12.5
-5.1
13.4
-7.3

3.2
-4.3
8.3
9.2
1.2

18
19

23
24
25

FA103064203
FA143070005
FAl43090005

5.0
34.7
87.1

6.8
49.9
256.4

2.1
85.9
189.2

4.6
90.3
352.1

3.3
71.8
260.3

3.0
41.8
275.1

23
24
25

FA144190005

188.0

244.9

329.6

498.S

474.S

464.8

31.1

57.9

150.9

263.7

218.2

334.8

8.6
4.3
67.6

10.0
6.6
75.2

21.4
6.8
23.3

18.1
3.1
73.3

--0.9
3.1
72.5

13.7
4.2
90.7

28
29
30

-16.5
-3.4
-29.6

-3.3
-25.4
-5.2

61.8
26.8
10.7

86.3
40.2
42.7

69.9
21.0
52.6

98.4
51.8
76.0

31
32
33

-114.4
73.4
9.1
139.3

34
35
36
37

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities

21
22

FA144104005

28
29
30

FA103169700
FA103162005
FA103163003

Commercial paper
Municipal securities
Corporate bonds

31
32
33

FA143168005
FA143169255
FA143165005

Bank loans n.e.c.
Other loans and advances
Mortgages

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

27.0
40.6
7.1

85.8

55.1

21.3
34.9
6.1
106.3

-44.9

36
37

FA103164003
FA143170005
FA143178005
FA143190005

0.4
69.1

-58.3
88.1
1.3
146.7

--64.2
64.1
11.4
207.7

FA143180005

Proprietors' net investment

27.2

18.4

68.3

57.0

37.4

22.7

FA107005005

64.7

-84.2

-5.0

-5.9

1.2

-3.2

Credit market instruments

Discrepancy

(I) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

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Federal Reserve Bank of St. Louis

206

Guide to the Flow of Funds Accounts, Volume 1

F.101 Nonfinancial Business
Code

1997 value
(billions of
dollars)

146110005

1,133.8

l a. Profits before tax, at book
value, originating from
domestic operations of nonfarm
nonfinancial corporate business

106060005

504.6

Table F.102, line 1.

I b. Net income of nonfarm
noncorporate business, with
inventory valuation and capital
consumption adjustments

116110005

593.8

Table F.103, line 1.

le. Farm proprietors' net income,
with inventory valuation and
capital consumption
adjustments

136111103

35.5

Table F.104, line 1.

146000105

745.9

Sum of lines 2a, 2b, and 2c.

2a. Internal funds of nonfarm
nonfinancial corporate business,
after inventory valuation
adjustment

106000105

667.1

Table F.102, line 8.

2b. Gross saving of nonfarm
noncorporate business

116300005

56.2

Table F.103, line 2.

2c. Gross saving of farm business

136000105

22.6

Table F. l 04, line 6.

3. Gross investment by nonfinancial
business

145090005

749.1

Sum of lines 4 and 10.

4. Capital expenditures of
nonfinancial business

145050005

826.1

Sum of lines 5, 8, and 9.

5. Fixed investment by nonfinancial

145019005

751.6

Sum of lines 6 and 7.

6. Fixed residential investment by
nonfinancial business

145012005

38.6

6a. Fixed residential investment by
nonfarm nonfinancial corporate
business

105012003

2.5

Table F.6, line 15.

6b. Fixed residential investment by
nonfarm noncorporate business

115012003

36.2

Table F.6, line 16.

Component
1. Income before taxes of
nonfinancial business

2. Gross saving of nonfinancial
business

business

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines la, lb, and le.

Sum of lines 6a and 6b.

Table EJOJ

F.101-Continued
Code

1997 value
(billions of
dollars)

145013005

712.9

Sum oflines 7a,7b,and 7c.

7a. Fixed nonresidential investment
by nonfarm nonfinancial
corporate business

105013003

613.2

Table F.6,line 9.

7b. Fixed nonresidential investment
by nonfarm noncorporate
business

115013005

74.3

Table F.6,line 10.

7c. Fixed nonresidential investment
by farm business

135013003

25.4

Table F.6,line 11.

145020005

67.4

Sum oflines 8a,8b,and 8c.

8a. Change in inventories,with
inventory valuation adjustment
(current cost ofinventory
change),ofnonfarm
nonfinancial corporate business

105020005

59.9

Table F.102,line 12.

8b. Change in inventories of
nonfarm noncorporate business

115020003

3.2

Table F.103,line 6.

Sc. Change in inventories offarm
business

135020001

4.3

Table F.104,line 10.

9. Purchases of access rights from
the federal government by
nonfarm nonfinancial corporate
business

105030003

7.1

Table F.102,line 13.

10. Net financial investment by
nonfinancial business

145000005

-77.0

Line 11 less line 26.

11. Net acquisition of financial assets
by nonfinancial business

144090005

387.8

Sum oflines lla,llb,and llc.

lla. Net acquisition offinancial
assets by nonfarm nonfinancial
corporate business

104090005

342.6

Table F.102,line 15.

11b. Net acquisition offinancial
assets by nonfarm
noncorporate business

114090005

40.7

Table F.103,line 8.

llc. Net acquisition offinancial
assets by farm business

134090005

4.4

Table F.l04,line 12.

Component
7. Fixed nonresidential investment
by nonfinancial business

8. Change in inventories of
nonfinancial business

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Federal Reserve Bank of St. Louis

Explanation

207

208

Guide to the Flow of Funds Accounts, Volume 1

F.101 Nonfinancial Business-Continued
Code

1997 value
(billions of
dollars)

12. Change in foreign deposits held
by nonfarm nonfinancial
corporate business

103091003

-6.4

Table F.102, line 16.

13. Change in checkable deposits and
currency held by nonfinancial
business

143020005

28.8

Sum of lines 13a, 13b, and 13c.

13a. Change in checkable deposits
and currency held by nonfarm
nonfinancial corporate
business

103020000

23.5

Table F.102, line 17.

13b. Change in checkable deposits
and currency held by nonfarm
noncorporate business

113020003

5.2

Table F.103, line 9.

13c. Change in checkable deposits
and currency held by farm
business

133020003

Table F.104, line 13.

143030005

12.6

14a. Change in time and savings
deposits held by nonfarm
nonfinancial corporate
business

103030003

6.3

Table F.102, line 18.

14b. Change in time and savings
deposits held by nonfarm
noncorporate business

113030003

6.3

Table F.103, line 10.

15. Change in money market mutual
fund shares held by nonfarm
nonfinancial business

123034005

14.8

Sum of lines 15a and 15b.

15a. Change in money market
mutual fund shares held by
nonfarm nonfinancial
corporate business

103034003

14.1

Table F.102, line 19.

15b. Change in money market
mutual fund shares held by
nonfarm noncorporate
business

113034003

Table F.103, line I 1.

16. Change in outstanding loans held
by nonfarm nonfinancial
corporate business under security
repurchase agreements

102050003

Table F.102, line 20.

Component

14. Change in time and savings
deposits held by nonfinancial
business

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 14a and 14b.

Table RJOJ

F.101-Continued
Component

Code

1997 value
(billions of
dollars)

17. Change in credit market assets of
nonfarm nonfinancial business

124004005

17.5

18. Change in commercial paper held
by nonfarm nonfinancial
corporate business

103069100

3.2

19. Change in U.S. government
securities held by nonfinancial
business

143061005

-4.3

Sum oflines 19a and 19b.

19a. Change in U.S. government
securities held by nonfarm
nonfinancial corporate
business, excluding those
securities held under
repurchase agreements

103061005

-5.9

Table F.102, line 22.

19b. Change in U.S. Treasury
securities held by nonfarm
noncorporate business

113061003

1.5

Table F.103, line 12.

20. Change in municipal securities
held by nonfarm nonfinancial
corporate business

103062003

8.3

Table F.102, line 23.

21. Change in mortgages held by
nonfarm nonfinancial business

123065005

9.2

Sum oflines 21a and 21b.

21a. Change in mortgages held by
nonfarm nonfinancial
corporate business

103065003

8.0

Table F.102, line 24.

21b. Change in mortgages held by
nonfarm noncorporate
business

113065005

1.2

Table F.103, line 13.

123066005

1.2

Sum oflines 22a and 22b.

22a. Change in consumer credit
held by nonfarm nonfinancial
corporate business

103066005

1.2

Table F.102, line 25.

22b. Change in consumer credit
held by nonfarm noncorporate
business

113066003

Table F.103, line 14.

22. Change in consumer credit held
by nonfarm nonfinancial business

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Federal Reserve Bank of St. Louis

Explanation
Sum oflines 18, 19, 20, 21, and 22.

Table F.102, line 21.

209

210

Guide to the Flow of Funds Accounts, Volume 1

F.101 Nonfinancial Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

23. Net purchases of mutual fund
shares by nonfarm nonfinancial
corporate business

103064203

3.0

24. Change in trade receivables held
by nonfinancial business

143070005

41.8

Sum of lines 24a and 24b.

24a. Change in trade receivables
held by nonfarm nonfinancial
corporate business

103070005

32.0

Table F.102, line 26.

24b. Change in trade receivables
held by nonfarm noncorporate
business

113070003

9.8

Table F.103, line 15.

143090005

275.1

Sum of lines 25a, 25b, and 25c.

25a. Change in total miscellaneous
assets of nonfarm nonfinancial
corporate business

103090005

254.8

Table F.102, line 28.

25b. Change in total miscellaneous
assets of nonfarm
noncorporate business

113090005

16.0

Table F.103, line 16.

25c. Change in total miscellaneous
assets of farm business

133090005

4.4

Table F.104, line 14.

144190005

464.8

Sum of lines 26a, 26b, and 26c.

26a. Net increase in liabilities of
nonfarm nonfinancial
corporate business

104190005

355.l

Table F.102, line 34.

26b. Net increase in liabilities of
nonfarm noncorporate
business

114190005

98.1

Table F.103, line 20.

26c. Net increase in liabilities of
farm business

134190005

11.6

Table F.104, line 17.

27. Change in credit market debt of
nonfinancial business

144104005

334.8

28. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate business

103169700

13.7

25. Change in total miscellaneous
assets of nonfinancial business

26. Net increase in liabilities of
nonfinancial business

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Federal Reserve Bank of St. Louis

Table F.102, line 27.

Sum of lines 28, 29, 30, 31, 32, and 33.

Table F.102, line 38.

Table F.101

F.101-Continued
Component

Code

1997 value
(billions of
dollars)

29. Change in outstanding municipal
securities issued on behalf of, and
owed by, nonfarm nonfinancial
corporate business (industrial
revenue bonds)

103162005

4.2

Table F.102, line 39.

30. Change in corporate bond
liabilities of nonfarm nonfinancial
corporate business, including
securities sold by Netherlands
Antillean financial subsidiaries

103163003

90.7

Table F.102, line 40.

31. Change in outstanding bank
loans, not elsewhere classified,
to nonfinancial business

143168005

98.4

Sum of lines 31a, 31b, and 31c.

31a. Change in bank loans, not
elsewhere classified, to
nonfarm nonfinancial
corporate business

103168005

73.2

Table F.102, line 41.

31b. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate
business

113168003

21.7

Table F.103, line 22.

31c. Change in outstanding bank
loans, not elsewhere classified,
to farm business

133168000

3.5

Table F.104, line 19.

32. Change in outstanding other loans
and advances to nonfinancial
business

143169255

51.8

Sum of lines 32a, 32b, and 32c.

32a. Change in outstanding other
loans and advances to nonfarm
nonfinancial corporate
business

103169255

48.0

Table F.102, line 42.

32b. Change in outstanding other
loans and advances to nonfarm
noncorporate business

113169005

4.2

Table F.103, line 23.

32c. Change in outstanding other
loans and advances to farm
business

133169005

-.5

Table F.104, line 20.

143165005

76.0

33. Change in mortgage debt of
nonfinancial business

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 33a, 33b, and 33c.

211

212

Guide to the Flow of Funds Accounts, Volume I

F.101 Nonfinancial Business-Continued
1997 value
(billions of
dollars)

Explanation

Component

Code

33a. Change in mortgage debt of
nonfarm nonfinancial
corporate business

103165005

35.2

Table F.102, line 49.

33b. Change in mortgage debt of
nonfarm noncorporate
business

113165003

37.5

Table F.103, line 24.

33c. Change in farm mortgages
(liabilities of farm business)

893065603

3.3

Table F.104, line 21.

34. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

-114.4

Table F.102, line 36.

35. Change in trade payables owed by
nonfinancial business

143170005

73.4

Sum of lines 35a, 35b, and 35c.

35a. Change in trade payables
owed by nonfarm nonfinancial
corporate business

103170005

64.3

Table F.102, line 50.

35b. Change in trade payables
owed by nonfarm
noncorporate business

113170003

7.7

Table F.103, line 25.

35c. Change in trade payables
owed by farm business

133170000

1.4

Table F.104, line 22.

143178005

9.1

Sum of lines 36a and 36b.

36a. Change in taxes payable by
nonfarm nonfinancial
corporate business

103178000

7.8

Table F.102, line 51.

36b. Change in taxes payable by
nonfarm noncorporate
business

113178203

1.3

Table F.103, line 26.

37. Change in total miscellaneous
liabilities of nonfinancial business

143190005

139.3

Sum of lines 37a and 37b.

37a. Change in total miscellaneous
liabilities of nonfarm
nonfinancial corporate
business

103190005

132.5

Table F.102, line 52.

37b. Change in total miscellaneous
liabilities of nonfarm
noncorporate business

113190005

6.8

Table F.103, line 27.

36. Change in taxes payable by
nonfinancial business

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Federal Reserve Bank of St. Louis

Table FJOJ

F.101-Continued
Code

1997 value
(billions of
dollars)

143180005

22.7

Sum of lines 38a and 38b.

38a. Proprietors' net investment in
nonfarm noncorporate
business

113180005

18.9

Table F.103, line 28.

38b. Proprietors' net investment in
noncorporate farm business

133180005

3.9

Table F.104, line 23.

107005005

-3.2

Component
38. Proprietors' net investment in
nonfinancial farm and nonfarm
noncorporate business

39. Discrepancy for nonfarm
nonfinancial corporate business,
equal to gross saving less gross
investment

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Federal Reserve Bank of St. Louis

Explanation

Table F. I 02, line 56; also equal to line 2 less
line 3.

213

214

Guide to the Flow of Funds Accounts, Volume 1

Table F.102

Nonfarm Nonfinancial Corporate Business

The nonfarm nonfinancial corporate business
sector comprises all private domestic corpora
tions except corporate farms, which are part
of the farm business sector, and financial
institutions, which are shown in other tables;
it includes holding companies (through con
solidated reporting), S-corporations, and real
estate management corporations. The sector
is the largest component of the total nonfinan
cial business sector, alone accounting for
roughly half of all net private investment in
the U.S. economy; together, entities that make
up the sector had well over $3 trillion of credit
market debt outstanding at the end of 1997 in
the form of bonds, mortgages, commercial
paper, and loans from banks and nonbank
financial intermediaries.
This table covers only the domestic activi
ties of nonfarm nonfinancial corporations; it
does not include the financial transactions
of foreign subsidiaries of U.S. corporations.
Therefore, earnings from the operations of
foreign subsidiaries and foreign branches of
U.S. corporations are reflected only in profit
elements--either as earnings retained abroad
or as dividends received. In symmetric fash
ion, the results of the operations of foreign
corporations in the U.S. are included in the
table, with earnings retained in the U.S. and
dividends paid to U.S. stockholders being

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Federal Reserve Bank of St. Louis

offset against the items' respective counter
parts for U.S. corporations. Also, in a corol
lary way, changes in the foreign capital
account positions are included in the table,
with changes in the financial assets of the sec
tor shown as foreign direct investment abroad
and changes in the liabilities of the sector
shown as foreign direct investment in the U.S.
Information on the nonfarm nonfinancial
corporate business sector is obtained from a
variety of sources. Data on investment and
depreciation, as well as on corporate profits
and other elements of cash flow, are taken
from the national income and product
accounts published in the Survey of Current
Business. Information on credit market debt is
obtained from securities markets reports,
industry trade association releases, commer
cial bank reports of condition, and finance
company surveys. An important source of
information for all assets and for non-credit
market liabilities, such as trade payables, is
the Quarterly Financial Report for Manufac
turing, Mining, and Trade Corporations, pub
lished by the Bureau of the Census. In addi
tion, the sector's assets and liabilities are
benchmarked to annual data for corporations
that appear in the Statistics of Income Corpo
ration Source Book, published by the Internal
Revenue Service.

Table Fl02

F.102

215

Nonfarm Nonfinancial Corporate Business
Billions of dollars
1992

1993

1994

1995

1996

1997

256.6
90.6
132.4
373.7
407.3
41.5
-7.5

307.4
104.5
147.0
384.4
440.3
53.1
-8.6

391.9
128.3
157.6
418.6
524.5
41.6
-16.0

440.9
136.3
178.3
441.5
567.9
58.6
-22.6

472.4
151.0
215.9
467.3
572.8
59.3
-1.2

504.6
169.2
228.0
494.2
601.6
58.7
6.9

I
2
3
4
5
6
7

FAI06060005
FA10623l005
FAI06120005
FAI063000l5
FA !06000305
FA266006001
FAI0502060I

FA10600010S

Profits before tax (book)
- Profit tax accruals
-Dividends
+ Consumption of fixed capital
= U.S. internalfunds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
= Total internal funds + IVA

441.2

484.8

sso.o

603.9

630.9

667.1

FAl0509000S

Gross investment

376.5

569.0

555.1

609.7

629.7

670.3

F Al05050005

Capital expenditures

385.4

444.9

513.4

567.0

600.4

682.7

FAl05000005

Net financial investment

-ll.9

124.1

41.7

42.7

29.3

-12.4

FA104090005

Net acquisition or financial assets

152.4

342.0

283.3

433.S

398.3

342.6

16
17
18
19
20

FAI0309l003
FAI03020000
FAI03030003
FA !03034003
FA102050003

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

-0.7
6.9
-15.0
15.8
3.4

-1.4
13.6
22.3
-2.5
-2.6

I.I
18.5
---o.6
7.4
-0.3

1.6
31.3
-24.5
24.8
0.3

l0.8
49.8
1.8
7.2
1.4

---o.4
23.5
6.3
14.1
0.6

16
17
18
19
20

21
22
23
24
25
26
27

FAI03069l00
FAI0306l005
FAI03062003
FAI03065003
FAI03066005
FA !03070005
FAI03064203

Commercialpaper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

2.3
20.6
1.0
I.I
2.8
27.6
5.0

2.4
-1.3
8.9
-7.8
6.9
50.7
6.8

-0.6
2.8
2.0
4.1
9.4
71.9
2.1

1.3
9.8
-19.9
1.6
-1.6
78.0
4.6

10.9
10.4
-5.1
II.I
-7.3
62.5
3.3

3.2
-5.9
8.3
8.0
1.2
32.0
3.0

21
22
23
24
25
26
27

28
29
30
31
32
33

FAI03090005
FAI03092005
FAI03076003
FAl23092003
FAI03094005
FAI03093005

Miscellaneous assets

81.5
35.6
13.5
0.0
1.0
31.4

245.9
51.9
6.6
0.0
0.6
186.7

171.6
73.6
7.8
0.1
3.1
87.0

326.2
88.2
3.2
-0.2
4.6
230.3

241.6
71.5
-2.0
-0.2
4.6
167.7

254.8
IOI.I
-7.1
-I.I
2.2
159.8

28
29
30
31
32
33

II
12
13

FAI050l9005
FAl05020005
FAI05030003

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Federal Reserve Bank of St. Louis

Fixed investment ( I)
Inventory change + IVA
Access rights from federal government

U.S. direct investment abroad (2)

Insurance receivables
Equity in GSEs
Investment in finance co . subs.
Other

383.5
1.9
0.0

419.5
25.4
0.0

465.4
48.0
0.0

521.4
38.1
7.6

573.7
23.3
3.5

615.7
59.9
7.1

I
2
3
4
5
6
7

II
12
13

216

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Billions of dollars

1992

1993

1994

1995

1996

1997

161.3

217.9

241.6

390.8

369.0

355.1

Net funds raised in markets
Net new equity issues
Credit market instruments

74.1
27.0
47.1

Municipal securities (3)
Corporate bonds (2)
Bank loans n .e.c.

4.3
67.6
-19.3

73.4
21.3
52.1
10.0
6.6
75.2
-10.8

98.4
-44.9
143.3
21.4
6.8
23.3
42.7

178.5
-58.3
236.8
18.1
3.1
73.3
66.8

107.2
--M.2
171.4
--0.9
3.1
72.5
45.8

150.6
-114.4
265.0
13.7
4.2
90.7
73.2

35
36
37
38
39
40
41

Other loans and advances

0.8
-5.0
1.0
--0.1
-2.9
4.9
2.9
-15.0

-24.2
--0.8
-14.3
0.2
-3.3
-15.8
9.7
--4.7

26.7
--0.3
23.3
--0.1
-2.1
1.6
4.3
22.3

32.3
1.2
24.0
1.9
--0.8
0.0
5.9
43.3

18.7
1.5
7.1
-1.3
--0.7
4.1
8.1
32.2

48.0
1.6
8.1
--0.3
-2.6
16.8
24.4
35.2

42
43
44
45

33.4
6.5
47.4
5.2
1.6
40.6

36.4
5.4
102.7
17.9
3.0
81.9

77.3
--0.4
66.4
43.7
0.1
22.5

81.0
--0.0
131.4
53.5
3.8
74.1

55.0
9.6
197.2
64.1
3.8
129.4

64.3
7.8
132.5
98.8
3.8
29.9

50
51
52
53
54

64.7

-84.2

-5.0

-5.9

1.2

-3.2

-5.8
-14.3

14.2
13.1

-5.3
4.9

-3.0
21.8

7.4
28.9

-32.3
74.3

96.5
12.0
157.4

103.0

100.9
27.1

103.8
40.2
75.4

105.0

112.3
39.2

FA104190005

35
36
37
38
39
40
41

FA104102005
FA103l 64003
FAI04104005
FA103169700
FA103162005
FAI03163003
FA103168005

42
43
44
45
46
47
48
49

FA103169255
FA103169525
FA103169535
FA103169203
FA103169605
FA263068000
FA673069505
FA103165005

50
51
52
53
54

FA103170005
FA103178000
FAl 03190005
FA 103192005
FA573076003
FA103193005

FA107005005

Discrepancy

FA103075005
FAl 05005305

Memo:
Trade receivables net of trade payables
Financing gap (4)

60
61

Net increase in liabilities

Commercial paper

Savings institutions
Finance companies
U.S. government
Acceptance liabilities to banks
Rest of the world
ABS issuers
Mortgages

Trade payables
Taxes payable

Miscellaneous liabilities

Foreign direct investment in U.S.
Pension fund contributions payable
Other

Analytical measures (percent)

*/ FA106000305 Capital outlays (5)/U.S. internal funds
*/ FA105050205 Credit market borrowing/capital outlays (5)
*/ FAI04104005 Net funds raised/credit market borrowing

8.6

11.5
140.9

68.7

28.5

62.6

56.8

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 9 and 15, respectively.
(2) Through I 992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries,
and U.S. direct investment abroad excludes net inflows from those bond issues.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Capital expenditures (line I 0) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).

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Federal Reserve Bank of St. Louis

47
48
49

59
60
61

Table Fl02

217

F.102 Nonfarm Nonfinancial Corporate Business
Component

Code

1997 value
(billions of
dollars)

1. Profits before tax, at book value,
originating from domestic
operations of nonfarm
nonfinancial corporate business

106060005

504.6

Sum of lines 1a, 1b, and le, less lines 1d through
1j and line 6.

la. Undistributed profits of
corporate business, excluding
inventory valuation and capital
consumption adjustments, at
book value

096006001

213.2

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 26, Undistributed profits.
Unadjusted flow equal to unadjusted flow for
corporate profits after tax, from SCB, NIPA
table 9.6, line 4, Profits after tax, less seasonally
adjusted flow for corporate dividend payments
(FOF series 096120001, line l b below) at quarterly
rate. For recent quarters, unadjusted flow is
estimated by extrapolating the seasonal factor and
subtracting it from the seasonally adjusted flow,
after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

lb. Dividends paid by corporate
business

096120001

275.1

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 25, Dividends. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports
of unadjusted data.

le. Corporate profit tax liabilities
owed to state and local and
federal governments

096231001

246.1

ld. Undistributed profits of
corporate farms, at book value

136006003

-1.0

Annual flow from SCB, NIPA table 6.21C, line 4,
Undistributed corporate profits of farms. Series
is converted to seasonally adjusted quarterly flow
by ratio method, using undistributed profits of
corporate business, excluding inventory valuation
and capital consumption adjustments, at book
value (FOF series 096006001, line l a above)
as the denominator. Data for farms for the most
recent two years estimated by multiplying total for
Agriculture, forestry, and fishing (SCB, NIPA
table 6.21C, line 3) by farm proportion of total for
latest year available. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used
as unadjusted flow in FOF reports of unadjusted
data.

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Explanation

218

Guide to the Flow of Funds Accounts, Volume I

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

le. Dividends paid by corporate
farms

136120003

1.3

lf. Tax liabilities of corporate
farms

136231003

lg. Earnings received from foreign
subsidiaries by U.S.
corporations

266120001

40.4

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 25, Dividends paid by all
corporations, less NIPA table 1.16, line 13,
Dividends paid by domestic corporations.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

lh. Undistributed profits of
financial corporations, at book
value

796006001

48.2

1i. Dividends paid by financial
corporations

796120001

5.4

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Explanation

Seasonally adjusted flow from SCB, NIPA
table 1.16, line 13, Dividends paid by all corporate
business, less line 31, Dividends paid by
nonfinancial corporate business. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

Table F.102

219

F.102-Continued
Code

1997 value
(billions of
dollars)

l j. Tax liabilities of financial
corporations

796231001

76.3

2. Profit tax accruals for nonfarm
nonfinancial corporate business

106231005

169.2

Line le less lines 1f and l j.

3. Dividends paid by nonfarm
nonfinancial corporate business

106120005

228.0

Line I b less lines Ie, Ig, and Ii.

4. Capital consumption allowances
for nonfarm nonfinancial
corporate business ( consumption
of fixed capital plus capital
consumption adjustment)

106300015

494.2

Consumption of fixed capital (equal to line 4a net
of line 4b) plus capital consumption adjustment
(equal to line 4c net of lines 4d and 4e).

4a. Consumption of fixed capital by
nonfinancial corporate business,
including corporate farms

106300053

415.4

Seasonally adjusted flow from SCB, NIPA
table 1.16, line 20, Consumption of fixed capital
by nonfinancial corporate business. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

4b. Capital consumption allowances
for corporate farms

136300183

2.8

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms. Series is converted to seasonally adjusted
quarterly flow by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Data for farms not available for most recent two
years; estimated by multiplying total for
Agriculture, forestry, and fishing (SCB, NlPA
table 6.22C, line 2) by farm proportion of total for
latest year available. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

4c. Capital consumption adjustment
for corporate business

096310003

76.7

Component

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Explanation
Seasonally adjusted flow from SCB, NIPA
table 1.16, line 11, Profits tax liability of all
corporate business, Jess line 29, Profits tax liability
of nonfinancial corporate business. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports
of unadjusted data.

Seasonally adjusted flow from SCB, NlPA
table 1.14, line 28, Capital consumption
adjustment for corporations. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports
of unadjusted data.

220

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

4d. Capital consumption adjustment
for corporate farms

136310103

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms (data for most recent two years estimated
as farm proportion, for latest year available,
of SCB, NIPA table 6.22C, line 2, Agriculture,
forestry, and fishing), less consumption of fixed
capital by farm corporations (SCB, NIPA table 8.8,
line 15, Consumption of fixed capital by the farm
sector, net of SCB, table 8.12, line 7, Consumption
of fixed capital by farm sole proprietorships and
partnerships). Series is converted to seasonally
adjusted quarterly flow by ratio method, using
consumption of fixed capital by private sectors
(FOF series 896300003, table F.8, line 7) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

4e. Capital consumption adjustment
for financial corporations

796310003

-5.3

Seasonally adjusted flow from SCB, NIPA
table 1.16, line I 6, Capital consumption
adjustment for corporate business, less line 34,
Capital consumption adjustment for nonfinancial
corporate business. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

5. U.S. internal funds (domestic cash
flow) of nonfarm nonfinancial
corporate business, at book value

106000305

601.6

6. Foreign earnings of nonfarm
nonfinancial corporate business
retained abroad

266006001

58.7

7. Inventory valuation adjustment
for nonfarm nonfinancial
corporate business

105020601

6.9

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Line I less lines 2 and 3, plus line 4.

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 26, Undistributed profits of all
corporations, less NIPA table 1.16, line 14,
Undistributed profits of domestic corporations.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.
Seasonally adjusted flow from SCB, NIPA
table 1.16, line 33, Inventory valuation adjustment
for nonfinancial corporate business. Unadjusted
flow from SCB, NIPA table 9.6, Inventory
valuation adjustment. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

Table F.102

221

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

8. Internal funds of nonfarm
nonfinancial corporate business,
after inventory valuation
adjustment

106000105

667.1

Sum of lines 5, 6, and 7.

9. Gross investment by nonfarm
nonfinancial corporate business

105090005

670.3

Sum of lines 10 and 14.

10. Capital expenditures of nonfarm
nonfinancial corporate business

105050005

682.7

Sum of lines 11, 12, and 13.

11. Fixed investment by nonfarm
nonfinancial corporate business

105019005

615.7

Sum of lines I la and 11b.

11a. Fixed residential investment
by nonfarm nonfinancial
corporate business

105012003

2.5

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Explanation

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital, by Type of Owner, Legal Form of
Organization, and Industry, Historical-Cost
Valuation, Private, Corporate (assumed to be all
nonfinancial corporate) (series I3RFI652ES00;
revisions and updates provided by BEA). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using fixed
residential investment by private sectors (FOF
series 195012001, table F.8, line 21) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

222

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Component
11b. Fixed nonresidential
investment by nonfarm
nonfinancial corporate
business

12. Change in inventories, with
inventory valuation adjustment
(current cost of inventory
change), of nonfarm nonfinancial
corporate business

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Code

1997 value
(billions of
dollars)

105013003

613.2

105020005

59.9

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table AS, Fixed Nonresidential Private
Capital, by Legal Form of Organization and Major
Industry Group, Historical-Cost Valuation, Net
stock, sum of Equipment for nonfinancial
corporations, change in amount outstanding
(unpublished detail, series K3NNOFI2EQ00;
revisions and updates provided by BEA), and
Structures for nonfinancial corporations, change
in amount outstanding (K3NNOFI2ST00), plus
Depreciation for equipment (M3NNOFI2EQ00)
and for structures (M3NNOFI2ST00) for
nonfinancial corporations; less Investment
in producers' durable equipment by farm
corporations (SCB, NIPA table 5.8, sum of line 26,
Agricultural machinery, except tractors, and
a percentage of line 25, Tractors, with the
percentage equal to the ratio of purchases of farm
tractors, series 3IHI Y3NTOTLIE020, to
purchases of all tractors, 3IHI Y3NTOTLIE021both series published on the BEA STAT-USA
Internet site; annual ratio used for all four quarters
in year-net of Investment by noncorporate
farms in equipment, l3NAG014EQ00); and less
Investment in nonresidential structures by farm
corporations (SCB, NIPA table 5.6, line 19,
Farm purchases of nonresidential structures,
net of Investment by noncorporate farms in
nonresidential structures, l3NAG014ST00). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures portion and
investment in producers' durable equipment
(SCB, NIPA table 5.4, line 8, Producers' durable
equipment) as the denominator for the equipment
portion. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Unpublished
quarterly data for farm purchases of equipment
and structures are provided by BEA.
Line 12a less line 12b.

Table F. l 02

223

F.102-Continued
Code

1997 value
(billions of
dollars)

12a. Change in inventories of
nonfarm nonfinancial business

125020001

63.1

12b. Change in inventories
of nonfarm noncorporate
business

115020003

3.2

Seasonally adjusted flow equal to SCB, NIPA
table 5.10, line 3, Change in nonfarm business
inventories, multiplied by the ratio of
current-dollar inventories held by nonfarm
noncorporate business (beginning 1989:Q I,
estimated by FOF Section as 5 percent of SCB,
NIPA table 5.12, line 3, Nonfarm inventories;
previously, unpublished data provided by BEA)
to current-dollar inventories held by all nonfarm
business from NIPA table 5.12, line 3. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

13. Purchases of access rights from
the federal government by
nonfarm nonfinancial corporate
business

105030003

7.1

Unadjusted flow from Monthly Treasury
Statement, table 5, Outlays of the U.S.
Government, Spectrum auction proceeds, sum for
months in time period, plus SCB, table 3.18B,
line 21, Net purchases of nonproduced assets,
Outer Continental Shelf. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

14. Net financial investment by
nonfarm nonfinancial corporate
business

105000005

-12.4

Line 15 less line 34.

15. Net acquisition of financial assets
by nonfarm nonfinancial
corporate business

104090005

342.6

Sum of lines 16 through 21, 22, 23, 24, 25, 26, 27,
and 28.

Component

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Explanation

224

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

16. Change in foreip depe&its held
by nonfarm nOllfinancial
corporate business

103091003

-6.4

Beginning 1975:Ql, level from QFR, table 45.1,
Deposits outside the U.S., multiplied by the most
recent benchmark ratio equal to I plus the ratio
of cash held by nonfarm nonfinancial corporations
in the services industry reported in SOI Source
Book, Corporation Income Tax Returns, Returns
with and without net income, table Services, line 3,
Cash, to QFR, table 16.1, Total cash on hand and
in U.S. banks, for the same time period.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

17. Change in checkable deposits and
currency held by nonfarm
nonfinancial corporate business

103020000

23.5

Beginning 1975:Ql, level from QFR, table 16.1,
Cash and demand deposits in the U.S., multiplied
by the most recent benchmark ratio of cash held
by nonfarm nonfinancial corporations reported
in SOI Source Book, Corporation Income Tax
Returns, Returns with and without net income,
tables for nonfarm nonfinancial corporations,
line 3, Cash, to the sum of QFR, table 16.1, Total
cash on hand and in U.S. banks, and table 45.1,
Deposits outside the U.S., for the same time
period. Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

18. Change in time and savings
deposits held by nonfarm
nonfinancial corporate business

103030003

6.3

Beginning 1975:Ql, level from QFR, table 16.1,
Time deposits in the U.S., including negotiable
certificates of deposit, multiplied by the most
recent benchmark ratio of cash held by nonfarm
nonfinancial corporations reported in SOI Source
Book, Corporation Income Tax Returns, Returns
with and without net income, tables for nonfarm
nonfinancial corporations, line 3, Cash, less
holdings of foreign deposits (FOF series
103091003, line 16 above), checkable deposits and
currency (103020000, line 17 above), and money
market mutual fund shares (103034003, line 19
below) by nonfarm nonfinancial corporations,
to Time deposits in the U.S. from the QFR for the
same time period. Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Explanation

Table F. l 02

225

F.102-Continued
Code

1997 value
(billions of
dollars)

19. Change in money market mutual
fund shares held by nonfarm
nonfinancial corporate business

103034003

14.1

20. Change in outstanding loans held
by nonfarm nonfinancial
corporate business under security
repurchase agreements

102050003

21. Change in commercial paper held
by nonfarm nonfinancial
corporate business

103069100

3.2

22. Change in U.S. government
securities held by nonfarm
nonfinancial corporate business,
excluding those securities held
under repurchase agreements

103061005

-5.9

Component

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Explanation
Year-end level from Mutual Fund Fact Book,
Section 5, Institutional Investors, table Assets
of Fiduciary, Business, and Institutional Investors
in Taxable Money Market Funds, Business
corporations; plus table Assets of Fiduciary,
Business, and Institutional Investors in
Tax-Exempt Money Market Funds, Business
corporations. Data are annual; series is converted
to quarterly and estimated for current periods on
the basis of movements in institution-only money
market mutual funds. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.
Beginning 1975:Ql, level from QFR, table 45.1,
sum of U.S. Treasury securities subject to
agreements to sell and Federal agency securities
subject to agreements to sell, multiplied by the
most recent benchmark ratio equal to 1 plus the
ratio of total assets of nonfarm nonfinancial
corporations in the services industry reported
in SOI Source Book, Corporation Income Tax
Returns, Returns with and without net income,
table Services, line 2, Total assets, to QFR,
table 16.1, Total assets, for the same time period.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Beginning 1975:QI, level from QFR, table 45.1,
Commercial and finance company paper of U.S.
issuers, multiplied by the most recent benchmark
ratio equal to 1 plus the ratio of total assets of
nonfarm nonfinancial corporations in the services
industry reported in SOI Source Book, Corporation
Income Tax Returns, Returns with and without net
income, table Services, line 2, Total assets, to
QFR, table 16.1, Total assets, for the same time
period. Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Sum of lines 22a and 22b.

226

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

22a. Change in U.S. Treasury
securities held by nonfarm
nonfinancial corporate
business

103061103

10.6

Beginning 1975:Ql, level from QFR, sum of table
45.1, U.S. Treasury securities due in one year or
less and U.S. Treasury securities due in more than
one year, multiplied by the most recent benchmark
ratio of investments in government obligations by
nonfarm nonfinancial corporations reported in SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations, line 7, U.S.
government obligations, total, to the sum of the
two lines from the QFR cited above plus QFR,
table 45.1, Federal agency securities due in one
year or less and Federal agency securities due in
more than one year, for the same time period.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

22b. Change in U.S. government
agency securities held by
nonfarm nonfinancial
corporate business

103061703

-16.4

Beginning 1975:Ql, level from QFR, table 45.1,
sum of Federal agency securities due in one year
or less and Federal agency securities due in more
than one year, multiplied by the most recent
benchmark ratio of investments in government
obligations by nonfarm nonfinancial corporations
reported in SOI Source Book, Corporation Income
Tax Returns, Returns with and without net income,
tables for nonfarm nonfinancial corporations,
line 7, U.S. government obligations, total, to the
sum of the two lines from the QFR cited above
plus QFR, table 45.1, U.S. Treasury securities due
in one year or less and U.S. Treasury securities due
in more than one year, for the same time period.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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Explanation

Table F.102

227

F.102-Continued
Code

1997 value
(billions of
dollars)

23. Change in municipal securities
held by nonfarm nonfinancial
corporate business

103062003

8.3

Beginning 1989:Q l , year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations, line 8,
Tax-exempt securities. Levels for other quarters,
including year-end quarters after latest issue of
Source Book, from QFR, table 45.1, State and
local government securities due in one year or less,
multiplied by the most recent benchmark ratio of
tax-exempt securities from the line from the SOI
Source Book cited above to the line from the QFR
cited above for the same time period. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

24. Change in mortgages held by
nonfarm nonfinancial corporate
business

103065003

8.0

Beginning 1975:Q l , year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations, line 11,
Mortgage and real estate loans, excluding those
held by the motor vehicles and equipment industry.
Levels for other quarters are estimated by a linear
interpolation between the year-end levels, with
judgmental estimate for current quarters.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

25. Change in consumer credit held
by nonfarm nonfinancial
corporate business

103066005

1.2

Line 25a less lines 25b through 25h.

153166000

52.5

Component

25a. Change in consumer credit
liabilities of households
(households and nonprofit
organizations sector)

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Explanation

228

Guide to the Flow of Funds Accounts, Volume I

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

25b. Change in consumer credit
held by nonfarm noncorporate
business

113066003

25c. Change in consumer credit
held by U.S.-chartered
commercial banks, as reported
in the Federal Reserve Board's
monthly G.19 statistical
release

723066000

-14.2

25d. Change in consumer credit
held by savings institutions

443066003

2.5

25e. Change in consumer credit
held by credit unions

473066000

8.2

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Through 1982:Ql, level equal to 0.75 multiplied
by Noncorp multiplied by (I - Captive) multiplied
by retailer consumer credit, where Noncorp is the
ratio of noncorporate business receipts to total
business receipts derived from SOI data; Captive
is the ratio of captive finance company consumer
receivables to total retailer consumer credit
calculated using data from the FR Board
quinquennial survey of finance companies and
from FR Board, Financial Institutions Section; and
retailer consumer credit is as published in the
FR Board monthly G.19 statistical release,
Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Major
holders, Retailers. Unadjusted flow is the change
in the level. Quarterly values for the series are zero
beginning 1982:Q2 for levels and 1982:Q3 for
flows; for earlier quarters, unadjusted flow is
converted from annual rate to quarterly rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Level from FR Board, Financial Institutions
Section, monthly G.19 statistical release,
Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Major
holders, Commercial banks. Excludes securitized
consumer credit. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

Table F.102

229

F.102-Continued
Code

1997 value
(billions of
dollars)

25f. Change in consumer credit
held by issuers of asset-backed
securities

673066000

47.2

25g. Change in consumer credit
held by finance companies,
other than captive retail
finance companies

613066000

7.6

25h. Change in consumer credit
held by captive retail finance
companies

613066120

Through 1992:Q4, level from FR Board, Financial
Institutions Section, monthly G.19 statistical
release, Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Major
holders, Retailers, multiplied by the ratio of
consumer credit held by captive retail finance
companies (from FR Board quinquennial survey
of finance companies) to consumer credit held
by all retailers for same time period as survey.
Ratio is smoothed between quinquennial surveys.
Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1993:Ql for levels and flows; for earlier quarters,
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

26. Change in trade receivables held
by nonfarm nonfinancial
corporate business

103070005

32.0

Component

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 26a and 26b, less line 25.

230

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

26a. Change in trade payables
owed to nonfarm nonfinancial
corporate business by
borrowers, other than the
federal government

103070000

31.7

Beginning 1975:Ql, year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations, line 4, Notes
and accounts receivable, less line 5, Allowance for
bad debts. Levels for other quarters, including
year-end quarters after latest issue of Source Book,
from QFR, table 16.1, Trade accounts and trade
notes receivable (less allowances for doubtful
receivables), multiplied by 98 percent of the most
recent benchmark ratio of Notes and accounts
receivable less Allowance for bad debts from the
SOI Source Book cited above to the line from
the QFR cited above, less trade payables owed
by the federal government to nonfarm nonfinancial
corporations (FOF series 103070310, line 26b
below) for the same time period. Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

26b. Change in trade payables
owed to nonfarm nonfinancial
corporate business by the
federal government

103070310

1.4

Beginning 1975:Ql, level from QFR, table 45.1,
Trade receivables from U.S. government,
multiplied by 98 percent of the most recent
benchmark ratio of notes and accounts receivable,
net, held by nonfarm nonfinancial corporations
reported in SOI Source Book, Corporation Income
Tax Returns, Returns with and without net income,
tables for nonfarm nonfinancial corporations,
line 4, Notes and accounts receivable, less line 5,
Allowance for bad debts, to QFR, table 16.1,
Trade accounts and trade notes receivable (less
allowances for doubtful receivables), for the same
time period. Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

103064203

3.0

Year-end level at market value from Mutual Fund
Fact Book, Section 5, Institutional Investors, table
Assets of Fiduciary, Business, and Institutional
Investors in Equity, Bond, and Income Funds,
Business corporations. Data are annual; series
is converted to quarterly market-value level on the
basis of movements in the Wilshire 5000 Equity
Index. Unadjusted flow is the change in the
quarterly market-value level less capital gains over
the quarter, estimated as the preceding quarter's
market-value level multiplied by the percentage
change in the Wilshire index (expressed in decimal
form). Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

27. Net purchases of mutual fund
shares by nonfarm nonfinancial
corporate business

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Federal Reserve Bank of St. Louis

Explanation

Table F. l 02

231

F.102-Continued
Code

1997 value
(billions of
dollars)

28. Change in total miscellaneous
assets of nonfarm nonfinancial
corporate business

103090005

254.8

Sum of lines 29, 30, 31, 32, and 33.

29. Direct investment abroad by U.S.
nonfarm nonfinancial corporate
business

103092005

101.1

Sum of lines 29a and 29b, less lines 29c through
29g.

29a. U.S. direct investment abroad,
with current-cost adjustment

263192001

121.8

Unadjusted and seasonally adjusted flows from
SCB, USIT table 5, line 14, Capital with
current-cost adjustment, with sign reversed.
Fourth-quarter level from SCB, article
International Investment Position of the U.S.,
table 1, line 17, Direct investment abroad at
current cost; also shown in SCB, section BEA
Current and Historical Data, International Data,
table G.1, line 17, Direct investment abroad at
current cost. Level for other quarters is obtained
by adding unadjusted flow to preceding level.

29b. Net issuance of bonds by
Netherlands Antillean financial
subsidiaries of U.S.
corporations

263063103

29c. Direct investment abroad by
U.S.-chartered commercial
banks

723092100

3.3

29d. Direct investment abroad by
U.S. life insurance companies

543092003

Beginning 1982, unadjusted flow and
fourth-quarter level based on special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys
of U.S. direct investment abroad. Level for other
quarters is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Unadjusted flow and level provided by BEA. Flow
series appears occasionally in USIT articles in
SCB, in text table Transactions with Netherlands
Antillean Finance Affiliates. Intercompany debt
flows series used as a proxy for net bond
transactions. Data for years before 1978 for this
series include Eurobond transactions of Delaware
subsidiaries operating abroad. Issuance is assumed
to be purchased entirely by the rest of the world.
Quarterly values for the series are zero beginning
1993:Q1; for earlier quarters, unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

232

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F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

29e. Direct investment abroad
by U.S. other insurance
companies

513092003

4.9

29f. Direct investment abroad
by U.S. finance companies

613092003

10.2

29g. Direct investment abroad
by U.S. security brokers and
dealers

663092003

2.0

Beginning 1982, unadjusted flow and
fourth-quarter level based on special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys
of U.S. direct investment abroad. Levels for other
quarters is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

30. Change in claims of nonfarm
nonfinancial corporate business
on reserves of other insurance
companies

103076003

-7.1

Level from tabulation by A.M. Best Company
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line 1, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using the
distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table El02

233

F.102-Continued
Code

1997 value
(billions of
dollars)

31. Change in equity in Fannie Mae
(government-sponsored
enterprises sector) held by
nonfarm nonfinancial corporate
business

123092003

-1.1

32. Change in equity in finance
company subsidiaries held by
nonfarm nonfinancial corporate
business

103094005

2.2

Line 32a less line 32b.

32a. Investment in finance
company subsidiaries
by parent companies

613194003

4.3

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies
conducted by FR Board. Series is shown in
FR Bulletin, table 1.51, line 12, Debt owed
to parent. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

32b. Investment in finance
company subsidiaries by bank
holding companies

613194733

2.2

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies
conducted by FR Board. Data are included in
FR Bulletin, table 1.51, line 12, Debt owed to
parent. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

103093005

159.8

Residual value calculated as line 33a less changes
in identified assets (lines 16 through 21, 22, 23, 24,
25, 26, 27, 29, 30, 31, 32, 33b, and 33c).

Component

33. Change in unidentified
miscellaneous assets of nonfarm
nonfinancial corporate business

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Federal Reserve Bank of St. Louis

Explanation
Level from Fannie Mae, Investor/Analyst Report,
Balance Sheets, Total stockholders' equity less
Retained earnings. Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

234

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

33a. Change in total assets reported
by nonfarm nonfinancial
corporate business

104090103

308.8

Beginning 1975:QI, year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations, line 2, Total
assets. Levels for other quarters, including
year-end quarters after latest issue of Source Book,
from QFR, table 16.1, Total assets, multiplied by
the most recent benchmark ratio of Total assets
from the Source Book to Total assets from the
QFR for the same time period. Unadjusted flow is
the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

33b. Change in inventories
of nonfarm nonfinancial
corporate business, at book
value

105020000

42.8

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.102

235

F.102-Continued
Code

1997 value
(billions of
dollars)

105019103

-76.7

Beginning 1975:Ql, year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations (excluding
manufacturing firms reported in the Source Book
but including manufacturing firms reported in the
QFR), sum of line 13, Depreciable assets, line 15,
Depletable assets, and line 17, Land, less the sum
of line 14, Accumulated depreciation, and line 16,
Accumulated depletion. Levels for other quarters,
including year-end quarters after latest issue of
Source Book, from QFR, table 16.1, sum of
Depreciable and amortizable fixed assets,
including construction in progress, and Land and
mineral rights, less Accumulated depreciation,
depletion, and amortization, multiplied by the most
recent benchmark ratio of tangible assets net of
depreciation and depletion from the lines in the
Source Book cited above to depreciable and
depletable assets net of depreciation and depletion
from the lines in the QFR cited above for the same
time period. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

34. Net increase in liabilities of
nonfarm nonfinancial corporate
business

104190005

355.1

Sum of lines 35, 50, 51, and 52.

35. Net funds raised in markets by
nonfarm nonfinancial corporate
business

104102005

150.6

Sum of lines 36 and 37.

Component
33c. Change in tangible assets of
nonfarm nonfinancial
corporate business, as reported
in the IRS Statistics of Income
Corporate Source Book

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Federal Reserve Bank of St. Louis

Explanation

236

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

36. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

-114.4

37. Change in credit market debt of
nonfarm nonfinancial corporate
business

104 l04005

265.0

38. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate business

l03169700

13.7

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Nonfinancial
domestic, Month-end outstandings. Series is
compiled by FR Board using data obtained from
the Depository Trust Company. Unadjusted flow
is the change in the level; seasonally adjusted flow
is derived from seasonally adjusted levels shown
in the same statistical release.

39. Change in outstanding municipal
securities issued on behalf of, and
owed by, nonfarm nonfinancial
corporate business (industrial
revenue bonds)

l03162005

4.2

Line 39a less line 39b. These bonds are issued
by state and local governments to finance private
investment and are secured in interest and
principal by the industrial user of the funds.

Component

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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow estimated by FR Board, Capital
Markets Section, using data from various
commercial sources. Level at market value is
obtained by subtracting the market value of
equities issued by financial institutions and the
market value of foreign equities held by U.S.
residents (FOF series 263 I64003, table L. l07, line
42) from the market value of all equities
outstanding. (Market value of all equities
outstanding is equal to the value of common and
preferred stocks traded on the NYSE, Nasdaq, and
other U.S. exchanges; plus foreign equities held by
U.S. residents; plus FOF Section estimate for the
value of closely held shares; less value of
intercorporate holdings of nonfinancial corporate
stock, estimated by FOF Section on the basis of
total dividends paid by domestic corporations from
the NIPA and dividends received by domestic
nonfinancial corporations from domestic
corporations from information in the SOI Source
Book, Corporation Income Tax Returns, Returns
with and without net income. Market value of
equities of financial corporations is FOF Section
estimate based on year-end total of the value of
shares of financial corporations obtained from
Standard & Poor's Compustat and the Center for
Research in Security Prices.) Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.
Sum of lines 38, 39, 40 , 41, 42, and 49.

Table Fl02

237

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

39a. Gross issuance of municipal
securities owed by nonfarm
nonfinancial corporate
business

103162260

7.6

Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section,
Corporate-backed tax-exempt bonds. Level
is obtained by adding flow to preceding level.
Seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

39b. Retirements of municipal
securities owed by nonfarm
nonfinancial corporate
business

103162273

3.5

Unadjusted flow estimated by FOF Section using
data published on the Bureau of the Census
Internet site and data on gross issuance of
municipal debt owed by nonfarm nonfinancial
corporate business (FOF series 103162260,
line 39a above). Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

40. Change in corporate bond
liabilities of nonfarm nonfinancial
corporate business, including
securities sold by Netherlands
Antillean financial subsidiaries

103163003

90.7

Unadjusted flow calculated by FR Board, Capital
Markets Section, using data from various
commercial sources. Level is obtained by adding
flow to preceding level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

41. Change in bank loans, not
elsewhere classified, to nonfarm
nonfinancial corporate business

103168005

73.2

Sum of lines 41a, 41b, 41c, and 41d, plus line 4le
net of line 4lf; less lines 41g, 41h, and 4li; and
less 60 percent of line 41j. The portion of line 41j
deducted is an estimate of the value of commercial
pa per issued by nonfarm nonfinancial corporations
that is included through 1996:Q4 in the banks'
quarterly Reports of Condition with the loans
shown in line 41a.

41a. Change in domestic
commercial and industrial
loans held by U.S.-chartered
commercial banks

723068100

67.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Commercial and industrial loans to U.S. addressees
(domicile) (series RCONl763). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.
Through 1996:Q4, this series includes commercial
paper issued by nonfarm nonfinancial corporations
held in portfolio by U.S.-chartered commercial
banks.

41b. Change in domestic lease
financing receivables held
by U.S.-chartered commercial
banks

723069300

20.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Lease financing receivables (net of unearned
income) of U.S. addressees (domicile) (series
RCON2182). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

Explanation

238

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

4 l c. Change in commercial and
industrial loans held by
foreign banking offices in the
U.S.

753068100

10.7

41d. Change in commercial and
industrial loans held by bank
holding companies

733068103

41e. Change in total loans and
leases held by banks in
U.S.-affiliated areas

743068743

1.4

Component

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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Commercial and industrial
loans to U.S. addressees (domicile) (series
RCON1763), Commercial and industrial loans to
non-U.S. addressees (domicile) (RCON1764),
Lease financing receivables (net of unearned
income) of U.S. addressees (domicile) (RCFD2182
less RCFN2182), Lease financing receivables (net
of unearned income) of non-U.S. addressees
(domicile) (RCFD2183 less RCFN2183),
Acceptances of U.S. banks (RCONl 756), and
Acceptances of foreign banks (RCONl 757); for
Edge and agreement corporations, schedule C, sum
of Commercial and industrial loans to U.S.
addressees (domicile) (RCFD1761) and
Commercial and industrial loans to non-U.S.
addressees (domicile) (RCFD1762 less
RCFN1600); and for New York State investment
companies (through 1996:Q2), schedule A, sum
of Commercial and industrial loans (except those
secured by real estate), excluding acceptances
of other banks, to U.S. addressees (domicile)
(RCON1761), and Commercial and industrial
loans (except those secured by real estate),
excluding acceptances of other banks, to non-U.S.
addressees (domicile) (RCONl 762). Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.
Level from FR Y-9LP report, schedule PC, sum
of Loans (series BHCP0364) and Lease financing
receivables (BHCP2165), both net of unearned
income. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
For banks located in U.S.-affiliated areas, quarterly
level from Report of Condition, schedule RC-C,
Total loans and leases, net of unearned income
(series RCFD2122); and for branches of U.S.
banks located in U.S.-affiliated areas, year-end
level from Foreign Branch Report of Condition,
Total loans and leases, net (RCFN2122). Data for
branches are annual and are converted to quarterly
using data for banks in U.S.-affiliated areas.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Table F 102

239

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

41f. Change in mortgages held by
banks in U.S.-affiliated areas

743065003

For banks located in U.S.-affiliated areas, quarterly
level from Report of Condition, schedule RC-C,
Loans secured by real estate (series RCFD1410);
and for branches of U.S. banks located in
U.S.-affiliated areas, year-end level from Foreign
Branch Report of Condition, Loans secured by real
estate (RCFN1410). Data for branches are annual
and are converted to quarterly using data for banks
in U.S.-affiliated areas. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

41g. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate
business

113168003

21.7

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, sum of
Mortgages, notes, and bonds payable in less than
one year and Nonrecourse loans (total for all
industries except farms and finance). Level also
includes FOF Section estimates for bank loans
owed by nonfarm nonfinancial sole proprietorships
based on the relationship of proprietorship income
to partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

41h. Change in commercial and
industrial loans to the rest
of the world held by foreign
banking offices in the U.S.

753068283

4.7

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Commercial and industrial
loans to non-U.S. addressees (domicile) (series
RCON1764) and Lease financing receivables (net
of unearned income) of non-U.S. addressees
(domicile) (RCFD2183 less RCFN2183); for Edge
and agreement corporations, schedule C,
Commercial and industrial loans to non-U.S.
addressees (RCON1762 less RCFN1600); and for
New York State investment companies (through
l 996:Q2), schedule A, Commercial and industrial
loans to non-U.S. addressees (RCONI 762).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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240

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

41i. Change in open market paper
held by foreign banking offices
in the U.S.

753069603

-.2

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Acceptances of U.S. banks
(series RCON1756) and Acceptances of foreign
banks (RCON1757); and for New York State
investment companies (through 1996:Q2),
schedule A, Holdings of acceptances of other
banks (RCON1593). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

4 l j. Change in commercial paper
held by U.S.-chartered
commercial banks

723069703

-.3

Through 1997:Q4, level from quarterly Report
of Condition for U.S.-chartered commercial banks,
schedule RC-D, Commercial paper in domestic
offices (RCON3539). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.
Through l 996:Q4, the series consists of
commercial paper held in portfolio and in trading
accounts by U.S.-chartered commercial banks;
from 1997:Ql through 1997:Q4, data are for
commercial paper held in trading accounts only.
Quarterly values for the series are zero beginning
1998:Q I for levels and 1998:Q2 for flows;
commercial paper held by the banks is now
included with other debt securities in the quarterly
Report of Condition, schedules RC-B (line 5a) and
RC-D (line 5).

42. Change in outstanding other loans
and advances to nonfarm
nonfinancial corporate business

l 03169255

48.0

43. Change in loans to nonfarm
nonfinancial corporate business
held by savings institutions

103169525

1.6

Estimated as 50 percent of the sum of lines 43a
and 43b.

443069553

2.1

Level from Thrift Financial Report, schedule SC,
Commercial loans (series SVGL0655). Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

Component

43a. Change in business loans held
by savings institutions that
submit reports of condition to
the Office of Thrift
Supervision

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 43, 44, 45, 46, 47, and 48.

Table F102

241

F.102-Continued
Component
43b. Change in business loans held
by savings institutions that
submit rep0.,� of condition to
the Federal Deposit Insurance
Corporation

44. Change in loans to nonfarm
nonfinancial corporate business
held by finance companies
44a. Change in business loans held
by finance companies

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

443069563

1.0

Level from quarterly Report of Condition for
savings institutions that report to the FDIC,
schedule RC-C, sum of Commercial and industrial
loans to U.S. addressees (domicile) (series
RCONJ 763) and to non-U.S. addressees (domicile)
(RCONl 764); Lease financing receivables (net
of unearned income) (RCON2165); Loans
to commercial banks in the U.S. (RCON1505),
to other depository institutions in the U.S.
(RCONl 517), and to banks in foreign countries
(RCON1510); Loans to finance agricultural
production and other loans to farmers
(RCON1590); Loans to foreign governments and
official institutions (including foreign central
banks) (RCON208 l ); and Loans for purchasing
or carrying securities (secured and unsecured)
(RCON1545) plus All other loans (exclude
consumer loans) (RCON1564). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

103169535

8.1

Estimated as 90 percent of line 44a.

613069500

9.0

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies
conducted by FR Board. Series is shown in
FR Bulletin, table 1.51, line 3, Accounts
receivable, gross, Business. Unadjusted flow is the
change in the level; seasonally adjusted flow is
obtained using X-11-ARIMA procedure. Series
excludes securitized loans.

Explanation

242

Guide to the Flow of Funds Accounts, Volume I

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

45. Change in loans to nonfarm
nonfinancial corporate business
held by the federal government

103169203

-.3

46. Change in acceptance liabilities
of nonfarm nonfinancial
corporate business to banks

103169605

-2.6

123169720

-.3

Component

46a. Change in acceptance
liabilities of nonfarm
nonfinancial business to
U.S.-chartered commercial
banks

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Federal Reserve Bank of St. Louis

Explanation
Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, Rural Development
Administration, sum of 10 percent of Other funds,
10 percent of Rural development insurance fund,
and 10 percent of Rural development loan fund;
plus Department of Commerce, NOAA, sum of
Coastal zone management fund, Fishing vessel
obligations guarantees, Federal ship financing
fund, and All other combined; plus GSA, General
activities-other funds; plus EPA, All other
combined; plus Department of Transportation, sum
of FAA, All other combined, Federal Railroad
Administration, All other combined, Office of the
Secretary, All other combined, and Maritime
Administration, Federal ship financing fund; plus
OPIC, OPIC accounts; plus SBA, 25 percent of
Pollution control equipment contract accounts,
25 percent of Disaster loan fund accounts,
65 percent of Business loan and investment fund
accounts, and 25 percent of All other combined;
plus Department of Energy, Departmental
Administration, All other combined; plus
Department of Defense, sum of Defense Agencies,
Defense business operations fund, and Army, All
other combined; plus, from Federal Financing
Bank News, table on assets of the Federal
Financing Bank, Government-guaranteed loans,
sum of GSA, Department of the Interior-Virgin
Islands, and Department of the Navy-Ship lease
financing. The value for the series for each quarter
is an average for the most recent four quarters
of the figures calculated by the above method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Sum of lines 46a and 46b.

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-M,
Customers' liability to this bank on acceptances
outstanding, U.S. addressees (domicile) (series
RCFD2103). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

Table Fl02

243

F.102-Continued
Code

1997 value
(billions of
dollars)

123169750

-2.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, U.S.
addressees (domicile) (series RCFD2156); for
Edge and agreement corporations, schedule RC,
67 percent of Customers' liability on acceptances
outstanding (RCFD2 J 55); and for New York State
investment companies (through I 996:Q2),
Customers' liabilities to this investment company
on acceptances outstanding, U.S. addressees
(domicile) (RCON2156). Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

47. Change in outstanding foreign
loans to U.S. nonfarm
nonfinancial corporate business

263068000

16.8

Level from special Federal Reserveffreasury
tabulation of TIC data; plus FR Bulletin,
table 3.17, line 48, Other foreigners, Banks'
custodial liabilities, Other; plus FR Board,
International Banking Section, FFIEC 002S report,
Loans secured by real estate (series CRCB1410)
and Commercial and industrial Joans (CRCB1763);
plus FR Board, International Banking Section,
FR 2502q report, memorandum line I c, Claims
on U.S. addressees other than depository
institutions (QSBS I 369). Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

48. Change in business loans held by
issuers of asset-backed securities

673069505

24.4

Sum of lines 48a and 48b.

48a. Change in business Joans held
by issuers of asset-backed
securities, originated by
finance companies

673069503

9.9

48b. Change in business loans held
by issuers of asset-backed
securities, originated by banks

673069513

14.5

Component
46b. Change in acceptance
liabilities of nonfarm
nonfinancial business to
foreign banking offices in the
U.S.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from FR Board, Financial Institutions
Section, monthly G.20 statistical release, Finance
Companies, Owned and Managed Receivables,
section Not Seasonally Adjusted, Securitized
business assets, sum of Motor vehicles,
Equipment, and Other business receivables.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Level estimated by FR Board, Banking and Money
Markets Statistics Section, on the basis of data
from reports submitted to regulatory authorities
and information reported in the financial press.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

244

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

103165005

35.2

Sum of changes in home mortgage debt
(construction loans on one- to four-family
residential properties, estimated as 40 percent
of line I la), multifamily mortgage debt
(construction loans on multifamily residential
properties, also estimated as 40 percent of
line I la), and commercial mortgage debt (equal
to line 49a less 67 percent of line 49b, less change
in commercial mortgage debt of nonprofit
organizations, and less change in commercial
mortgage debt of nonfarm noncorporate business).
The change in commercial mortgage debt of
nonprofit organizations is equal to line 49c less
50 percent of the change in other bank loans to the
households and nonprofit organizations sector
(sum of lines 49d and 49e less lines 49f, 49g, and
49h, and less 40 percent of line 4 lj). The change
in commercial mortgage debt of nonfarm
noncorporate business is equal to line 49i less
line 49j and less 30 percent of line 49k; and less
line 491 net of line 49m, net of 33 percent
of line 49b, and net of the change in multifamily
mortgage debt of nonfarm nonfinancial corporate
business described above (40 percent of line 11a).

49a. Change in commercial
mortgages

893065503

64.3

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various institutional and government sources;
series is shown in FR Bulletin, table 1.54, line 4,
Mortgages on nonfarm, nonresidential properties.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

49b. Change in mortgage debt of
real estate investment trusts

643165003

7.8

Component
49. Change in mortgage debt of
nonfarm nonfinancial corporate
business

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Federal Reserve Bank of St. Louis

Explanation

Year-end level estimated by FOF Section as a
proportion of Secured debt from NAREIT Industry
Statistics, Industry Balance Sheet, Liabilities,
based on historical ratio of mortgages to unsecured
debt from data formerly published. Unadjusted
flow estimated as a portion of equity and debt
issuance published in REITWatch; level for other
quarters is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Table F.102

245

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

49c. Change in mortgages and
other notes payable owed
by nonprofit organizations
(households and nonprofit
organizations sector)

153165803

9.0

Year-end level from SOI Bulletin, annual article
Charities and Other Tax-Exempt Organizations,
table 3, Form 990 Returns of Organizations
Tax-Exempt under Internal Revenue Code
Sections 501(c)(3)-(9): Selected Income Statement
and Balance Sheet Items, by Code Section,
Mortgages and other notes payable. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

49d. Change in loans to the
households and nonprofit
organizations sector and
to nondepository financial
institutions held by U.S.
chartered commercial banks

723068200

10.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Other loans, All other loans (exclude consumer
loans) (series RCON1564). Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.
Through 1996:Q4, this series includes commercial
paper issued by nondepository financial institutions
held in portfolio by U.S.-chartered commercial
banks.

49e. Change in loans to the
households and nonprofit
organizations sector and
to nondepository financial
institutions held by foreign
banking offices in the U.S.

753068200

9.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to other financial
institutions (series RCON1520) and All other loans
(include state and local obligations other than
securities and loans to individuals) (RCON1885);
for Edge and agreement corporations, schedule C,
All other loans including lease financing
receivables (RCFD2089 less RCFN2089); and for
New York State investment companies (through
1996:Q2), schedule A, sum of Loans to other
financial institutions (RCON1520) and All other
loans, including overdrafts (RCON2083).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

49f. Change in outstanding bank
loans, not elsewhere classified,
to finance companies

613168000

4.4

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Federal Reserve Bank of St. Louis

Explanation

246

Guide to the Flow of Funds Accounts, Volume I

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

49g. Change in outstanding bank
loans, not elsewhere classified,
to mortgage companies

623168003

-1.3

Level estimated by FOF Section as approximately
50 percent of the value of mortgages held by
mortgage companies (FOF series 623065003, table
F.128, line 1). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

49h. Change in outstanding bank
loans, not elsewhere classified,
to real estate investment trusts

643168003

7.0

Year-end level estimated by FOF Section as a
proportion of Unsecured debt from NAREIT
Industry Statistics, Industry Balance Sheet,
Liabilities, based on historical ratio of bank debt
to unsecured debt from data formerly published.
Unadjusted quarterly flow estimated as a
proportion of equity and debt issuance published
in REITWatch; level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

49i. Change in mortgage debt
of nonfarm noncorporate
business

113165003

37.5

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgages,
notes, and bonds payable in one year or more (total
for all industries except farms and finance). Level
also includes FOF Section estimates for mortgage
debt of nonfarm nonfinancial sole proprietorships
based on the relationship of proprietorship income
to partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.102

247

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

49j. Change in portion of total
mortgage debt of nonfarm
noncorporate business
allocated to home mortgage
debt

I 13165103

-5.4

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, JO percent
of Mortgages, notes, and bonds payable in one
year or more (total for all industries except farms
and finance). Level also includes FOF Section
estimates for home mortgage debt of nonfarm
nonfinancial sole proprietorships based on the
relationship of proprietorship income to
partnership income from the SOI Bulletin; it
is assumed that 80 percent of the mortgage debt
of sole proprietorships is home mortgage debt,
with the remainder split between multifamily
residential and commercial mortgage debt. Data
are annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

49k. Fixed residential investment
by nonfarm noncorporate
business

115012003

36.2

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital by Type of Owner, Legal Form of
Organization, and Industry, Historical-Cost
Valuation, Private, Noncorporate, Total (series
l3RTOTL3ES00; revisions and updates provided
by BEA); less Nonprofit institutions
(l3RFI658ES00); less, from table B9, Private
Residential Capital, by Tenure Group and Type
of Equipment and Structures, Historical-Cost
Valuation, Owner-occupied nonfarm
(l3RFI655ONOC), Owner-occupied farm
(l3RAG0l4ONOC), and Tenant-occupied farm
(l3RAG014TOOC). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using fixed residential investment
by private sectors (FOF series 195012001,
table F.8, line 21) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

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Federal Reserve Bank of St. Louis

Explanation

248

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

491. Change in multifamily
residential mortgages

893065403

14.0

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various institutional and government sources;
series is shown in FR Bulletin, table 1.54, line 3,
Mortgages on multifamily residences. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

49m. Change in multifamily
residential mortgage debt
of the federal government

313165403

Level from Monthly Treasury Statement, table 6,
schedule B, column Account balances, Close
of this month, sum of DOD, Family housing
mortgages (value is zero beginning August 1996),
and Coast Guard, Family housing mortgages, less
U.S. government investment account holdings
of mortgages, unpublished detail for schedule D,
table 6, provided by the Department of the
Treasury. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

50. Change in trade payables owed
by nonfarm nonfinancial
corporate business

103170005

64.3

Line 50a less line 46.

50a. Change in trade payables
owed to lenders, other than
the federal government,
by nonfarm nonfinancial
corporate business

103170000

61.7

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.102

249

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

51. Change in taxes payable by
nonfarm nonfinancial corporate
business

103178000

7.8

52. Change in total miscellaneous
liabilities of nonfarm nonfinancial
corporate business

103190005

132.5

53. Foreign direct investment in U.S.
nonfarm nonfinancial corporate
business

103192005

98.8

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Federal Reserve Bank of St. Louis

Explanation
Beginning 1988:Q I, level from current issue
of QFR, table 45.1, sum of Income taxes accrued,
prior and current years, net of payments: Federal,
and Income taxes accrued, prior and current years,
net of payments: Other, with the sum multiplied
by 1.53. Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Sum of lines 53, 54, and 55.

Line 53a less foreign direct investment in the
following sectors: nonfarm noncorporate business
(equal to line 53b multiplied by I minus the
percentage shown in line 53c); foreign banking
offices in the U.S. (line 53d); life insurance
companies (line 53e); other insurance companies
(line 53f); finance companies (line 53g); security
brokers and dealers (line 53h net of line 53b); and
funding corporations, found as the change in their
liabilities and net worth (equal to their net
acquisition of financial assets) less changes in their
open market paper liabilities, corporate bond
liabilities, collateral repayable to security brokers
and dealers, and unidentified miscellaneous
liabilities. Net acquisition of financial assets
by funding corporations is equal to the sum
of line 53i; change in open market paper held (sum
of lines 38 and 53j through 53n Jess lines 21, 41i,
4Jj, and 530 through 53ae); line 53af; line 53ag;
and investment in security broker and dealer
subsidiaries (line 53ah plus the proceeds of
corporate bond issuance reinvested in subsidiaries;
the proceeds are assumed to be equal to the
issuance, line 53ai net of line 53aj). The liability
items subtracted from the net increase in total
liabilities and net worth of funding corporations
in order to calculate foreign direct investment are
change in open market paper liabilities (line 531
less lines 53ak, 53al, 53am, and 53an); change
in corporate bond liabilities (line 53ai less
line 53aj); change in collateral repayable to
security brokers and dealers (line 53ao less
line 53ap); and change in unidentified
miscellaneous liabilities, assumed to fund open
market paper held that is not part of the
reinvestment of collateral received from security
brokers and dealers and that is equal to change in
all open market paper held (described above) less
line 53ao net of lines 53i, 53af, and 53ap.

250

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
1997 value
(billions of
dollars)

Component

Code

53a. Foreign direct investment in
the U.S., with current-cost
adjustment

263092001

93.4

Unadjusted and seasonally adjusted flows from
SCB, USIT table 5, line 55, Capital with
current-cost adjustment. Fourth-quarter level from
SCB, article International Investment Position of
the U.S., table 1, line 35, Direct investment in the
U.S. at current cost; also shown in SCB, section
BEA Current and Historical Data, International
Data, table G. I, line 35, Direct investment in the
U.S. at current cost. Level for other quarters is
obtained by adding unadjusted flow to preceding
level.

53b. Foreign direct investment
in U.S. real estate

265014003

Beginning 1982, unadjusted flow and
fourth-quarter level from special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys
of foreign direct investment in the U.S. Level for
other quarters is obtained by adding flow to
preceding level; level is at historical cost. Annual
flow and fourth-quarter level shown in SCB,
September issues, article Foreign Direct
Investment in the U.S.: Detail for Historical-Cost
Position and Related Capital and Income Flows,
table 17, Real estate. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

53c. Foreign direct investment
in U.S. nonfarm nonfinancial
corporate real estate as a
percentage of foreign direct
investment in all U.S. real
estate

105119993

88.7%

Beginning 1979, percentage based on annual data
provided by BEA; for earlier periods, 1979
percentage is used.

53d. Foreign direct investment in
foreign banking offices in the
U.S.

753192103

5.7

Beginning 1982, unadjusted flow and
fourth-quarter level from special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys
of U.S. direct investment abroad. Level for other
quarters is obtained by adding flow to preceding
level; level is at historical cost. Annual flow and
year-end level shown in SCB, September issues,
article Foreign Direct Investment in the U.S.:
Detail for Historical-Cost Position and Related
Capital and Income Flows, table 17, Banks. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

Table R102

251

F.102-Continued
Code

1997 value
(billions of
dollars)

53e. Foreign direct investment in
U.S. life insurance companies

543192003

3.2

Beginning 1982, unadjusted flow and
fourth-quarter level from special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys of
foreign direct investment in the U.S. Level for
other quarters is obtained by adding flow to
preceding level; level is at historical cost. Annual
flow and year-end level shown in SCB, September
issues, article Foreign Direct Investment in the
U.S.: Detail for Historical-Cost Position and
Related Capital and Income Flows, table 17, Life
insurance. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

53f. Foreign direct investment
in U.S. other insurance
companies

513192003

7.9

Beginning 1982, unadjusted flow and
fourth-quarter level from special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys of
foreign direct investment in the U.S. Level for
other quarters is obtained by adding flow to
preceding level; level is at historical cost. Annual
flow and year-end level shown in SCB, September
issues, article Foreign Direct Investment in the
U.S.: Detail for Historical-Cost Position and
Related Capital and Income Flows, table 17, sum
of Accident and health insurance and Other
insurance. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

53g. Foreign direct investment
in U.S. finance companies

613192003

4.9

Beginning 1982, unadjusted flow and
fourth-quarter level from special tabulations
provided by BEA; before 1982, estimated by FOF
Section from periodic BEA benchmark surveys of
U.S. direct investment abroad. Level for other
quarters is obtained by adding flow to preceding
level; level is at historical cost. Annual flow and
year-end level shown in SCB, September issues,
article Foreign Direct Investment in the U.S.:
Detail for Historical-Cost Position and Related
Capital and Income Flows, table 17, Other finance,
including security and commodity brokers. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

252

Guide to the Flow of Funds Accounts, Volume I

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

53h. Foreign direct investment
in U.S. security brokers and
dealers and foreign direct
investment in U.S. real estate

663192003

Beginning 1982, unadjusted flow and
fourth-quarter level based on tabulations provided
by BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad. Level for other quarters
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

53i. Change in money market
mutual fund shares held in
custodial accounts (funding
corporations sector) for
reinvested collateral backing
securities lending operations

503034003

10.4

Unadjusted flow estimated by FOF Section on the
basis of the percentage change in total balances
in institution-only money market mutual funds
(provided by ICI). Level is obtained by adding
flow to preceding level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53j. Change in commercial paper
liabilities of foreign financial
companies to U.S. residents

263169103

6.0

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Financial,
Foreign, month-end outstandings. Series is
compiled by FR Board from data obtained from
the Depository Trust Company. Unadjusted flow is
the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53k. Change in commercial paper
liabilities of foreign
nonfinancial companies to U.S.
residents

263169700

-2.3

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Nonfinancial,
Foreign, month-end outstandings. Series is
compiled by FR Board from data obtained from
the Depository Trust Company. Unadjusted flow
is the change in the level; seasonally adjusted flow
is derived from seasonally adjusted levels shown
in the same release.

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Federal Reserve Bank of St. Louis

Table F.102

253

F.102-Continued
Code

1997 value
(billions of
dollars)

531. Change in commercial paper
liabilities of financial
institutions

793169103

169.4

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Financial
domestic, month-end outstandings. Series is
compiled by FR Board from data obtained from
the Depository Trust Company. Unadjusted flow is
the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53m. Change in acceptance
liabilities of U.S.-chartered
commercial banks

723169603

-.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Bank's liability on acceptances executed and
outstanding (series RCON2920). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53n. Change in acceptance
liabilities of foreign banking
offices in the U.S.

753169600

-2.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Branch or agency liability
on acceptances executed and outstanding (series
RCFD2920); for Edge and agreement corporations,
schedule RC, Liability on acceptances executed
and outstanding (RCFD2920); and for New York
State investment companies (through 1996:Q2),
main schedule, Investment company liabilities
on acceptances executed and outstanding
(RCON2920). Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

Component

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Federal Reserve Bank of St. Louis

Explanation

254

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

530. Change in open market paper
held by nonprofit
organizations (households and
nonprofit organizations sector)

1 63069103

7.0

Beginning l 987:Q4, level is the sum of data for
private foundations and 50l(c)(3)-(9)
organizations. For private foundations, year-end
level from SOI Bulletin, annual article Private
Foundations and Charitable Trusts, table 3, All
Private Foundations: Income Statements and
Balance Sheets, by Size of Fair Market Value of
Total Assets, section on assets at fair market value,
percentage of Savings and temporary cash
investments; percentage determined using
distribution of assets of private foundations from
an FOF panel data set. For 501 (c)(3)-(9)
organizations, year-end level from SOI Bulletin,
annual article Charities and Other Tax-Exempt
Organizations, table 3, Form 990 Returns of
Organizations Tax-Exempt under Internal Revenue
Code Sections 50l(c)(3)-(9): Selected Income
Statement and Balance Sheet Items, by Code
Section, percentage of Investments in securities;
percentage determined using data from the Money
Market Directory of Tax-Exempt Organizations.
Data are annual; series is converted to quarterly
and estimated for current periods by FOF Section.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data. Before l 987:Q4, series
was calculated as a residual.

53p. Change in open market paper
held by state and local
governments, excluding
employee retirement funds

213069103

11.3

Level is FOF Section estimate based
on information on commercial paper held from
fimmcial reports of the states that hold the majority
of the financial assets of the sector. For each state,
the reports comprise the comprehensive annual
financial report, reports on investment pools of the
state and its local governments, and financial
statements of the retirement funds for the state.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table F.102

255

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

53q. Change in U.S. open market
paper held by the rest of the
world

263069603

19.9

Unadjusted flow and level from SCB, USIT
table 9, sum of line A13, Foreign official assets
in the U.S., Banks' custody liabilities, payable
in dollars; and line B24, Negotiable and readily
transferable instruments, less memorandum line 8,
Negotiable certificates of deposit held for
foreigners. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

53r. Change in acceptances held
by Federal Reserve Banks
(monetary authority sector)

713069603

Level from FR Bulletin, table 1.18, former line 6,
Acceptances bought outright, end-of-month data.
Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1977:Q4 for levels and 1978:QI for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53s. Change in bankers acceptances
held by U.S.-chartered
commercial banks

723069603

-.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Acceptances of other banks (sum of series
RCON1756 and RCON1757). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53t. Change in open market paper
held by savings institutions
that submit reports of
condition to the Office of
Thrift Supervision

443069153

Level from Thrift Financial Report for periods
before 1990:QI; beginning with that quarter the
data are not shown separately and are included
with corporate bonds in the report. Unadjusted
flow is the change in the level. Quarterly values for
the series are zero for both levels and flows
beginning 1990:QI; for earlier quarters, unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

53u. Change in open market paper
held by savings institutions
that submit reports of
condition to the Federal
Deposit Insurance Corporation

443069163

-.3

Level from quarterly Report of Condition for
savings institutions that report to the FDIC,
schedule RC-C, sum of Acceptances of other
banks-US. banks (series RCON1756) and
Acceptances of other banks-foreign banks
(RCONI757). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

256

Guide to the Flow of Funds Accounts, Volume 1

F.102

Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

53v. Change in commercial paper
held by the U.S. Central Credit
Union (credit unions sector)

473069103

-.!

Level from U.S. Central Credit Union
Consolidated Financial Statements and
Supplemental Financial Information,
table Supplemental Financial Information,
Portfolio Structure, sum of columns Commercial
paper and Corporate bonds and notes. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53w. Change in open market paper
held by bank personal trusts
and estates

603069103

2.8

Year-end level from Trust Assets of Financial
Institutions, table A-2, section Trusts and Estates,
columns Personal trusts and Estates, line 8, Other
short-term obligations, plus a portion of line 16,
Total non-discretionary assets. Data are annual;
series is converted to quarterly and estimated for
current periods by FOF Section. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53x. Change in open market paper
held by life insurance
companies

543069100

17.5

Beginning 1997:Q4, level from tabulation by
A.M. Best Company of NAIC quarterly and annual
statements for life, accident, and health insurance
companies. Year-end level is a percentage of total
short-term investments, which equals the sum
of Annual Statement, table Assets, a portion
of line 8, Cash and short-term investments, and
Separate Accounts Statement, table Assets, line 7,
Short-term investments. Percentage is estimated
using data on the composition of short-term
securities reported in the Life Insurance Fact Book.
Level for other quarters is a percentage of total
short-term investments, which is the sum of
Quarterly Statement, table Assets, a portion of
line 8, Cash and short-term investments, and FOF
Section estimate of commercial paper in separate
accounts. Before 1997:Q4, level from Distribution
of Investments of U.S. Life Insurance Companies,
column Combined account, Securities,
Corporate-one year or less, sum of U.S. and
Foreign. Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F 102

257

F.102-Continued
Code

1997 value
(billions of
dollars)

53y. Change in open market paper
held by private pension funds

573069103

2.0

Year-end level from FOF Section tabulation
of data (provided on tape by DOL) from
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
estimated as a portion of the sum of lines 3lc(ll),
Value of interest in common/collective trusts,
3lc(l3), Value of interest in master trusts, and
3lc(l4), Value of interest in 103-12 investment
entities; plus a portion of the sum of lines 31c(4A)
and 3lc(4B), Corporate debt instruments. Data are
annual and are available with a lag of several
years; series is converted to quarterly and
estimated for current periods using Independent
Consultants Cooperative data on assets of
employee benefit plans obtained from Bankers
Trust Company. Unadjusted flow is the change in
the level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

53z. Change in open market paper
held by state and local
government employee
retirement funds

223069100

2.6

Fiscal-year-end level from Employee Retirement
Systems of State and Local Governments, table 1,
National Summary of State and Local Government
Employee-Retirement System Finances, Time,
savings deposits, and nonfederal short-term
investments, allocated among cash balances,
security repurchase agreements, and open market
paper using the distribution of assets reported
in Quarterly Survey of the Finances of
Public-Employee Retirement Systems (data
provided by Bureau of the Census); estimated
as one-half the portion of the total not allocated
to c a sh b ala nces. D ata were formerly published
annually, with a lag of several years; latest volume
available is part of the 1992 quinquennial Census
of Governments. Series is converted to quarterly
and estimated for current periods using data from
the quarterly survey cited above, part II, line A.3,
50 percent of All other short-term investments.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

53aa. Change in commercial paper
held by money market mutual
funds

633069700

59.5

Level from Trends in Mutual Fund Activity,
table 8, Month-End Portfolio Holdings of Taxable
Money Market Funds, Commercial paper, less
an adjustment for variable annuity plans invested
in money market mutual fund shares based
on unpublished data from ICI. Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

Component

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Federal Reserve Bank of St. Louis

Explanation

258

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

53ab. Change in bankers
acceptances held by money
market mutual funds

633069603

2.6

Level from Trends in Mutual Fund Activity,
table 8, Month-End Portfolio Holdings of Taxable
Money Market Funds, Bankers acceptances, less
an adjustment for variable annuity plans invested
in money market mutual fund shares based on
unpublished data from ICI. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

53ac. Change in open market paper
held by mutual funds

653069100

10.6

Level from ICI Supplementary Data, tables
Composition of Net Assets for all categories
of funds, 50 percent of line 10, Cash and
receivables minus liabilities, less an adjustment for
variable annuity plans based on unpublished data
from ICI. Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

53ad. Change in open market paper
held by government
sponsored enterprises

403069600

-1.1

Level from FHLBs, Statements of Condition,
column Combined, Investments and term federal
funds sold, unpublished detail provided to
FR Board by Federal Housing Finance Board, sum
of Commercial paper and bank notes, Certificates
of deposit and Eurodollar deposits, and Bankers
acceptances; plus, from Fannie Mae,
Investor/Analyst Report, Balance Sheets,
Investments, multiplied by the ratio of the sum
of Commercial paper and Eurodollar time deposits
to Total investments from Notes to Financial
Statements, note 4, Investments, in the most recent
annual report; plus, from Freddie Mac,
Consolidated Balance Sheets, Investments,
multiplied by the ratio of Eurodollar time deposits
to Total investments from Notes to Financial
Statements in the annual report that last showed
Eurodollar time deposits separately; plus, from
Sallie Mae, Information Statement, Notes to
Consolidated Financial Statements, note 6, Cash
and investments, Commercial paper. Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.

53ae. Change in open market paper
held by security brokers and
dealers

663069103

Level from SEC tabulation of submissions of
FOCUS and FOGS reports, Bankers acceptances,
certificates of deposit, and commercial paper
(series F370). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.102

259

F.102-Continued
Code

1997 value
(billions of
dollars)

53af. Change in corporate and
foreign bonds held in
custodial accounts (funding
corporations sector) for
reinvested collateral backing
securities lending operations

503063003

6.6

Level is FOF Section estimate based on collateral
repayable and money market mutual fund shares
held by funding corporations. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53ag. Funds raised in commercial
paper markets by U.S.
funding subsidiaries of
foreign-bank parent
companies (funding
corporations sector) and
invested by the funding
subsidiaries in the parents'
foreign banking office
subsidiaries in the U.S.

503094753

14.3

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, Miscellaneous
Categories, section Financial Companies, column
Domestic issuers, Foreign bank parent, month-end
outstandings. Series is compiled by FR Board from
data obtained from the Depository Trust Company.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports of
seasonally adjusted data.

53ah. Funds raised in commercial
paper markets by investment
banks that are
holding-company parents
(funding corporations sector)
and invested by them in
security broker and dealer
subsidiaries

503094663

8.4

Through l 997:Q2, level is FOF Section estimate
based on FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table II, line II, Total amount of commercial paper
placed by the reporting dealer that is issued by the
reporting dealer firm, its affiliates, or its parent.
From l 997:Q3 onward, level estimated by FOF
Section as the ratio of the value of this series for
l 997:Q2 to corporate bond liabilities of investment
banks and security brokers and dealers (FOF series
663163503, line 53ai below) for 1997:Q2,
multiplied by corporate bond liabilities of
investment banks and security brokers and dealers
for the current quarter. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

53ai. Change in corporate bond
liabilities of investment banks
and security brokers and
dealers

663163503

38.6

Unadjusted flow equal to gross corporate bond
issuance of investment banks and security brokers
and dealers obtained from Securities Data
Company, less FOF Section estimate of
retirements. Level obtained by adding flow
to preceding level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

260

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

53aj. Change in corporate bond
liabilities of security brokers
and dealers

663163003

8.1

Level from SEC tabulation of submissions
of FOCUS and FOGS reports, Notes and
mortgages payable (sum of series F1690 and
Fl 700). Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

53ak. Change in commercial paper
liabilities of bank holding
companies

733169103

6.0

Through 1997:Q2, level from FR 2416 report,
Memorandum item, Commercial paper outstanding
issued by related institutions of the reporting bank,
sum of Issued through commercial paper brokers
and dealers (series WRBK2421) and Issued
directly (WRBK2423); for 1997:Q3 onward, level
from FR Y-9LP report, schedule PC, Borrowings
with a remaining maturity of one year or less,
Commercial paper (BHCP2309). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

53al. Change in commercial paper
liabilities of finance
companies

613169100

23.9

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from FR
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies. Series is
shown in FR Bulletin, table 1.51, line 11,
Commercial paper. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

53am. Change in commercial paper
liabilities of real estate
investment trusts

643169103

Year-end level estimated by FOF Section as a
proportion of Unsecured debt from NAREIT
Industry Statistics, Industry Balance Sheet,
Liabilities, based on historical ratio of commercial
paper to secured debt from data formerly
published. Unadjusted quarterly flow estimated
as a proportion of equity and debt issuance from
REITWatch; level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.102

261

F.102-Continued

Code

1997 value
(billions of
dollars)

53an. Change in commercial paper
liabilities of issuers of
asset-backed securities

673169100

89.4

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, Miscellaneous
Categories, section Special Categories, column AB
("asset-backed," commercial paper outstanding
that is issued by special-purpose corporations that
invest the proceeds in assets that in turn serve as
collateral for the issued paper), month-end
outstandings. Series is compiled by FR Board from
data obtained from the Depository Trust Company.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

53ao. Change in receivables owed
to security brokers and
dealers by brokers or dealers
and clearing organizations
(largely cash collateral
associated with securities
lending transactions)

663070663

129.1

Level from SEC tabulation of submissions
of FOCUS and FOGS reports, Receivables from
brokers or dealers and clearing organizations (sum
of series F770, F780, F790, F800, and F810).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

53ap. Change in payables owed
by security brokers and
dealers to brokers or dealers
and clearing organizations
(largely cash collateral
associated with securities
lending transactions)

663170663

72.0

Level from SEC tabulation of submissions
of FOCUS and FOGS reports, Payable to brokers
or dealers and clearing organizations (sum
of series F1490, F1500, F1510, F1520, F1530,
F1540, F1550, F1560, and F1570). Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

54. Change in contributions payable
to private pension funds by
nonfarm nonfinancial
corporations

573076003

3.8

Year-end level from FOF Section tabulation
of data (provided on tape by DOL) from
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 3lb(l), Receivables, employer contributions.
Data are annual and are available with a lag
of several years; series is converted to quarterly
and estimated for current periods using
Independent Consultants Cooperative data on
assets of employee benefit plans obtained from
Bankers Trust Company. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

262

Guide to the Flow of Funds Accounts, Volume 1

F.102 Nonfarm Nonfinancial Corporate Business-Continued
Code

1997 value
(billions of
dollars)

103193005

29.9

Residual value calculated as change in liabilities
and net worth (equal to change in reported total
assets, line 33a, plus line 55a), less changes
in identified liabilities and net worth (lines 36, 38,
39, 40, 41, 42, 49, 50, 51, 53, 54, and 55b).

55a. Net non-operating income
of nonfarrn nonfinancial
corporate business

106070003

33.0

Beginning 1975:Ql , unadjusted flow from QFR,
table 16.0, line 5, Net non-operating income. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

55b. Change in stockholders' equity
in nonfarrn nonfinancial
corporate business

105000003

-13.3

Beginning 1975:Ql , year-end level from SOI
Source Book, Corporation Income Tax Returns,
Returns with and without net income, tables for
nonfarm nonfinancial corporations (excluding
manufacturing firms reported in the SOI but
including manufacturing firms reported in the
QFR), sum of line 29, Capital stock; line 30,
Paid-in or capital surplus; line 31, Retained
earnings, appropriated; line 32, Retained earnings,
unappropriated; and line 33, Retained earnings,
subchapter S corporations; less line 34, Cost of
treasury stock. Levels for other quarters, including
year-end quarters after latest issue of Source Book,
from QFR, table 16.1, Stockholders' equity,
multiplied by the most recent benchmark ratio
of the sum of Capital stock, Paid-in or capital
surplus, and Retained earnings, less Cost of
treasury stock, from the Source Book to
Stockholders' equity from the QFR for the same
time period. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

56. Discrepancy for nonfarm
nonfinancial corporate business,
equal to gross saving less gross
investment

107005005

-3.2

57. Memorandum item: Trade
receivables net of trade payables

103075005

-32.3

58. Memorandum item: Financing
gap of nonfarm nonfinancial
corporate business (the excess
of capital expenditures over U.S.
internal funds)

105005305

74.3

Component

55. Change in unidentified
miscellaneous liabilities of
nonfarm nonfinancial corporate
business

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Federal Reserve Bank of St. Louis

Explanation

Line 8 less line 9; also the sum of lines 8 and 34,
less lines 10 and 15. The discrepancy is a use
of funds in the FOF accounts.

Line 26 less line 50.

Line 10 less lines 5 and 7.

Table F.102

263

F.102-Continued
Component

Code

1997 value
(billions of
dollars)

59. Capital outlays of nonfarm
nonfinancial corporate business,
on book basis, as a percentage
of its U.S. internal funds, on book
basis

Percentage

112.3%

The difference between line IO and line 7,
divided by line 5 and multiplied by 100.

60. Credit market borrowing by
nonfarm nonfinancial corporate
business as a percentage of its
capital outlays, on book basis

Percentage

39.2%

Line 37 divided by the difference between
line IO and line 7, multiplied by JOO.

61. Net funds raised by nonfarm
nonfinancial corporate business as
a percentage of its credit market
borrowing

Percentage

56.8%

Line 35 divided by line 37, multiplied by
100.

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Federal Reserve Bank of St. Louis

Explanation

264

Guide to the Flow of Funds Accounts, Volume 1

Table F.103 Nonfarm Noncorporate Business
The nonfarrn noncorporate business sector
comprises partnerships and limited liability
companies (businesses that file Internal Rev
enue Service Form 1065), sole proprietorships
(businesses that file IRS Schedule C or Sched
ule C-EZ), and individuals who receive rental
income (income reported on IRS Schedule E).
Limited liability companies combine the cor
porate characteristic of limited liability for all
owners with the pass-through tax treatment of
partnerships, and they offer more organiza
tional flexibility than S-corporations (corpora
tions having thirty-five or fewer stockholders
that elect to be taxed as if they were partner
ships under the provisons of subchapter S of
the Internal Revenue Code; such corporations
are included in the nonfarrn nonfinancial cor
porate business sector). The nonfarrn noncor
porate business sector is often thought to be
composed of small firms, but some of the
partnerships included in the sector are large
companies. Firms in the sector generally do
not have access to capital markets and, to a

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Federal Reserve Bank of St. Louis

great extent, rely for their funding on loans
from commercial banks and other credit pro
viders (including the federal government) and
on trade credit from other firms.
The nonfarrn noncorporate business sector
is the largest borrower of both multifamily
residential mortgages and commercial mort
gages. As the firms in the sector are unincor
porated, they are owned by the households
and nonprofit organizations sector; the firms'
income is attributed to households as a compo
nent of personal income, and households add
or withdraw equity in the firms through pro
prietors' net investment transactions (shown
in table F.228). Proprietors' net investment
for the sector is calculated as the difference
between sources and uses of funds, and thus
the sector does not have a discrepancy.
Most of the data for the sector are estimates
based on summary reports published in the
IRS Statistics of Income Bulletin (SOI). Usu
ally, figures from the SOI are available with a
lag of about two years.

Table R 103

F.103

265

Nonfarm Noncorporate Business
Billions of dollars

I
2

FA! 16110005
FA116300005

Net income with IVA and CCAdj
Gross saving = capital consumption

FA116300005

Gross investment

4
5

FAllS0SOOOS
FA! 15019005
FA115020003

Capital expenditures
Fixed investment (I)
Change in inventories

FAllSOOOOOS

Net financial inveshnent

FA114090005

10
11
12
13
14
15
16
17
18
19

FA113020003
FA! 13030003
FA! 13034003
FA! 13061003
FA! 13065005
FA! 13066003
FA! 13070003
FAl13090005
FA113076003
FAl 13092003
FA! 13093003

FA114190005

21
22
23
24
25
26
27
28

FA! 14102005
FA113168003
FA113169005
FA113165003
FAl13170003
FAl13178203
FA113190005
FA113180005

Net acquisition orfinancial assets
Checkable deposits and currency
Time and savings deposits
Money market mutual funds
Treasury securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)
Other
Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors' net investment

1992

1993

1994

1995

1996

1997

441.0
82.8

473.9
84.3

495.3
64.1

534.5
56.4

563.7
55.6

593.8
56.2

I
2

82.8

84.3

64.1

56.4

55,6

56.2

93.0
92.9
0.1

94.8
93.5
1.3

94.6
92.1
2.5

114.8
112.8
2.0

106.1
104.9
1.2

113.6
I10.5
3.2

4
5
6

-10.2

-10.S

-30.S

-SSA

-50.6

-57.4

13.4

21.S

43.7

54.0

42.4

40.7

5.0
-2.2
0.1
0.7
--0.9
0.0
7.1
3.6
-2.5
--0.0
6.1

7.6
6.5
0.3
0.3
-1.5
0.0
--0.8
9.0
0.8
0.2
8.0

5.1
8.2
0.1
0.7
--0.1
0.0
14.0
15.7
6.0
0.2
9.5

4.3
8.7
0.9
1.6
3.1
0.0
12.3
23.1
5.0
0.0
18.1

5.1
6.8
1.0
2.1
2.3
0.0
9.4
15.8
3.0
0.7
12.1

5.2
6.3
0.7
1.5
1.2
0.0
9.8
16.0
4.1
0.0
11.9

9
10
II
12
13
14
15
16
17
18
19

23.S

31.9

74.2

112.S

93.0

98.1

-16.4
2.7
-4.0
-15.1
6.9
0.6
7.7
24.7

3.2
5.3
--0.6
-1.5
-2.5
0.7
3.6
26.9

3.3
17.2
--0.1
-13.8
7.5
0.8
2.7
59.9

23.9
18.5
7.6
-2.2
6.2
1.3
15.4
65.7

42.0
23.4
0.7
17.9
7.8
1.8
10.5
30.9

63.5
21.7
4.2
37.5
7.7
1.3
6.8
18.9

21
22
23
24
25
26
27
28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines IO and 16, respectively.

(2) Equity in the Farm Credit System.

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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

266

F.103

Nonfarm Noncorporate Business
Code

1997 value
(billions of
dollars)

1. Net income of nonfarm
noncorporate business, with
inventory valuation and capital
consumption adjustments

116110005

593.8

Sum of lines 1a and 1b, less line le. Net income of
nonfarm noncorporate business is transferred to the
households and nonprofit organizations sector as
part of personal income.

la. Nonfarm proprietors' net
income, with inventory
valuation and capital
consumption adjustments

116111103

515.8

1b. Rental income of persons, with
capital consumption adjustment

116112103

158.2

le. Imputed rental income of
persons, with capital
consumption adjustment

116113103

80.2

Annual flow from SCB, NIPA table 8.19, line 94,
Imputed rental income of persons with capital
consumption adjustment. Series is converted to
seasonally adjusted quarterly flow by ratio method,
using rental income of persons, with capital
consumption adjustment (FOF series 116112103,
line lb above), as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

2. Gross saving of nonfarm
noncorporate business, equal
to its consumption of fixed capital

116300005

56.2

Line 2a less lines 2b, 2c, 2d, 2e net of 2f, and 2g
through 2v.

2a. Consumption of fixed capital
by private sectors

896300003

720.2

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.103

267

F.103-Continued
Code

1997 value
(billions of
dollars)

2b. Consumption of fixed
owner-occupied residential
capital by households
(households and nonprofit
organizations sector), with
owner-occupied residential
structures valued at current cost

156320003

93.0

Annual flow from Fixed Reproducible Tangible
Wealth, table A l 6, Residential Capital, by Type
of Owner, Tenure Group, and Type of Equipment
and Structures, Current-Cost Valuation,
Depreciation, Owner-occupied nonfarm (series
M1RFI655ONOC; revisions and updates provided
by BEA). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

2c. Consumption of fixed
nonresidential capital
by nonprofit organizations
(households and nonprofit
organizations sector), with
nonresidential structures and
equipment valued at current
cost

166330003

25.1

Annual flow from Fixed Reproducible Tangible
Wealth, table A7, Fixed Nonresidential Private
Capital, by Legal Form of Organization and Major
Industry Group, Current-Cost Valuation,
Depreciation, Nonprofit institutions, sum of
Equipment (series M1NTOTL8EQ00; revisions
and updates provided by BEA) and Structures
(M1NTOTL8STOO). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

2d. Consumption of fixed
residential capital by nonprofit
organizations (households and
nonprofit organizations sector),
with residential structures
valued at current cost

166320003

2.4

Annual flow from Fixed Reproducible Tangible
Wealth, table AIO, Private Residential Capital,
by Legal Form of Organization and Industry,
Current-Cost Valuation, Depreciation, Nonprofit
institutions (series MlRTOTL8ES00; revisions
and updates provided by BEA). Series is converted
to seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports
of unadjusted data.

2e. Consumption of fixed capital by
nonfinancial corporate business,
including corporate farms

106300053

415.4

Component

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Federal Reserve Bank of St. Louis

Explanation

Seasonally adjusted flow from SCB, NIPA
table 1.16, line 20, Consumption of fixed capital
by nonfinancial corporate business. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports
of unadjusted data.

268

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Code

1997 value
(billions of
dollars)

2f. Capital consumption allowances
for corporate farms

136300183

2.8

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms. Series is converted to seasonally adjusted
quarterly flow by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Data for farms not available for most recent two
years; estimated by multiplying total for
Agriculture, forestry, and fishing (SCB, NIPA
table 6.22C, line 2) by farm proportion of total for
latest year available. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

2g. Consumption of fixed capital
by farm business

136300003

26.6

Annual flow from SCB, NIPA table 8.8, line 15,
Consumption of fixed capital by the farm sector.
Series is converted to seasonally adjusted quarterly
flow by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports
of unadjusted data.

2h. Consumption of fixed
nonresidential capital
by Federal Reserve Banks
(monetary authority sector),
with nonresidential structures
and equipment valued at current
cost

716330003

Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential P rivate
Capital, by Industry, Current-Cost Valuation,
Depreciation, sum of Equipment for Federal
Reserve Banks (series MINFl6AIEQOO; revisions
and updates provided by BEA) and Structures for
Federal Reserve Banks (MlNFl6AlSTOO). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOP
reports of unadjusted data. Beginning 1994:Q l , the
values for this series are adjusted upward as part of
a reallocation by the FOP Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOP
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F 103

269

F.103-Continued

Component
2i. Consumption of fixed
nonresidential capital by
U.S.-chartered commercial
banks, with nonresidential
structures and equipment valued
at current cost

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

726330003

11.9

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), table A2, Fixed Nonresidential
Private Capital, by Industry, Current-Cost
Valuation, Depreciation, Equipment for
commercial and mutual depository institutions
(series M1NFI6BIEQ00; revisions and updates
provided by BEA), nondepository institutions
(MINFI61IEQ00), insurance carriers
(MlNFI631EQ00), and holding and other
investment offices (M1NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6BIST00), nondepository
institutions (MlNFI611ST00), insurance carriers
(MINFI631ST00), and holding and other
investment offices (M1NFI671ST00). For the
equipment component of the total, the sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions, and by the ratio of tangible assets
reported by U.S.-chartered commercial banks
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices in the
U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. The
structures component is the sum of consumption
of fixed nonresidential structures capital by the
four fina ncial institution groups delineated in
FRTW less consumption of fixed nonresidential
structures capital by the FOF sectors cited above
other than U.S.-chartered commercial banks. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Q1,
the values for this series obtained by the method
described above are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

270

Guide to the Flow of Funds Accounts, Volume I

F.103

Nonfarm Noncorporate Business-Continued
Component

2j. Consumption of fixed
nonresidential capital by foreign
banking offices in the U.S., with
nonresidential structures and
equipment valued at current
cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

756330003

3.2

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MINFI6BIEQ00; revisions and updates provided
by BEA), nondepository institutions
(MINFI61IEQ00), insurance carriers
(MINFI63 l EQ00), and holding and other
investment offices (MlNFI671EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6B1ST00), nondepository
institutions (M1NFI6llST00), insurance carriers
(MINFI631ST00), and holding and other
investment offices (MlNFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets
(converted to book value) reported by foreign
banking offices in the U.S. to tangible assets,
at book value, reported by U.S.-chartered
commercial banks, foreign banking offices in the
U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Q I,
the values for this series obtained by the method
described above are adjusted upward as part of a
reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

Table F. l 03

271

F.103-Continued
Component
2k. Consumption of fixed
nonresidential capital by bank
holding companies, with
nonresidential structures and
equipment valued at current
cost

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

736330003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MINFI6BIEQ00; revisions and updates provided
by BEA), nondepository institutions
(MINFI61 !EQ00), insurance carriers
(MINFI631 EQ00), and holding and other
investment offices (MINFI67 l EQ00); plus
Structures for commercial and mutual depository
institutions (MINFI6BIST00), nondepository
institutions (MINFI611ST00), insurance carriers
(MINFI631ST00), and holding and other
investment offices (MINFl671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by holding and
other investment offices to consumption of fixed
nonresidential equipment and structures capital
by holding and other investment offices for the
equipment component of the total, and by the ratio
of consumption of fixed nonresidential structures
capital to consumption of fixed nonresidential
equipment and structures capital for the structures
component; both are multiplied by the ratio
of tangible assets reported by bank holding
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Ql,
the values for this series obtained by the method
described above are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

272

Guide to the Flow of Funds Accounts, Volume I

F.103

Nonfarm Noncorporate Business-Continued
Component

21. Consumption of fixed
nonresidential capital by banks
in U.S.-affiliated areas, with
nonresidential structures and
equipment valued at current
cost

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

746330003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial
and mutual depository institutions (series
M1NFI6B 1EQ00; revisions and updates provided
by BEA), nondepository institutions
(MlNFI61 lEQ00), insurance carriers
(MlNFI631EQ00), and holding and other
investment offices (MlNFl671EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6B I ST00), nondepository
institutions (M1NFI6 l lST00), insurance carriers
(M1NFI631ST00), and holding and other
investment offices (MlNFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets reported
by banks in U.S.-affiliated areas to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S. , bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
B eginning 1994:Q 1, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships.

Table E103

273

F.103-Continued
Component

Code

199 7 value
(billions of
dollars )

2m. Consumption of fixed
nonresidential capital by
savings institutions, with
nonresidential structures and
equipment valued at current
cost

446330003

2. 7

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by I ndustry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MlNFI6BlEQOO; revisions and updates
provided by BEA), nondepository institutions
(MlNFI61 IEQOO), insurance carriers
(M1NFI631EQ00), and holding and other
investment offices (M1NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (MINFI6BISTOO), nondepository
institutions (MlNFI61 lST00), insurance carriers
(MlNFI631ST 00), and holding and other
investment offices (MlNFI671STOO). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets reported
by savings institutions to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S. , bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8 ,
line 7) as the denominator. Unadjusted flow is not
available ; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning 1994:Ql, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships.

274

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Component
2n. Consumption of fixed
nonresidential capital by credit
unions, with nonresidential
structures and equipment valued
at current cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

476330003

1.4

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MlNFI6BlEQ00; revisions and updates provided
by BEA), nondepository institutions
(M1NFI611EQ00), insurance carriers
(M1NFI631EQ00), and holding and other
investment offices (M1NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6BlSTOO), nondepository
institutions (M1NFI611ST00), insurance carriers
(M1NFI631ST00), and holding and other
investment offices (M1NFI671STOO). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets reported
by credit unions to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Q1,
the values for this series obtained by the method
described above are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

Table Fl03

275

F.103-Continued
Component

Code

1997 value
(billions of
dollars)

2o. Consumption of fixed
nonresidential capital by life
insurance companies, with
nonresidential structures and
equipment valued at current
cost

546330003

25.7

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW). tabk A2. Fixed Nonresidential
Private Capital, by Industry, Current-Cost
Valuation. Depreciation, Equipment for
commercial and mutual depository institutions
(series MI NFI6BI EQ00: revisions and updates
provided by BEA). nondepository institutions
(MI NFI6I l EQ00), insurance carriers
(MI NFl63 l EQ00), and holding and other
investment offices (MI NFl67 I EQ00): plus
Structures for commercial and mutual depository
institutions (MI NFI6BI ST00), nondepository
institutions (!'vi l NFI6 I l ST00). insurance carriers
(M 1 NFI63 l ST00). and holding and other
investment ofiice, (MI '.\IFl67 I ST00). For the
structures component of the: total, the sum
is multiplied by the ratio of consumption of fixed
nonresidential structures capital by insurance
carriers to consumptiun of fixed nonresidential
equipment and structures capital by insurance
carriers. and by the ratio of tangible assets reported
by life insurance cornpanics to tangible assets
rcpurtcd hy US. chan,.·red co111rncrcial banks.
foreign banking otfacs in the U.S.. bank holding
companies, hanks 111 L'.S. a11ihatcd areas. savings
institutiuns. CJ\.:dir union:, life i1burance
cornpanies, nthcr 1n�;ur:.Hil'(� cornpanies, private
pension funds, state and iucal gn, crnment
employee rctiremem funds. gm crnmcnt-sponsored
enterprise,, lin:mce companies, .irnJ real estate
invest mcnt Lru:,ts. The equiprnc:ra component is the
sum of consumption of fixed norm:sidential
equipment capital by the fnm financial institution
groups delineated in FRTW less consumption
of fixed nonresidemial equipment capital by the
FOF financial s,,ctors cited above other than life
insurance companies. Series is converted to
seasonally adjusted quarterly tiow at annual rate by
raiio method, using consumption of fixed capital
by private sectors (l CH' series 896300003,
table F.8. line 7) as the denominator. Unadjusted
flow is not available: seasonally adjusted flow is
converted from annual rat.: to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data. Beginning 1994:Q 1. the values
for this series obtained by the method described
above arc adjusted upward as part of a reallocation
by the FOF Section of consumption of fixed
capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business. in order to align the FOF
Section estimates of noncorporate consumption of
fixed capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for prop1ietorships.

276

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued

Component
2p. Consumption of fixed
nonresidential capital by other
insurance companies, with
nonresidential structures and
equipment valued at current
cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

516330003

2.9

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
M1NFI6BI EQ00; revisions and updates provided
by BEA), nondepository institutions
(M1NFl6 l l EQ00), insurance carriers
(MINFI63 l EQ00), and holding and other
investment offices (MINFI67 l EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6B1ST00), nondepository
institutions (MINFI6 l 1ST00), insurance carriers
(M1 NFI63 l ST00), and holding and other
investment offices (MINFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by insurance
carriers to consumption of fixed nonresidential
equipment and structures capital by insurance
carriers for the equipment component of the total,
and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets reported
by other insurance companies to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning 1994:Q 1, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarrn noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships.

Table F. l 03

277

F.103-Continued
Component
2q. Consumption of fixed
nonresidential structures capital
by private pension funds, with
nonresidential structures valued
at current cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

576330063

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
M1NFI6B1EQ00; revisions and updates provided
by BEA), nondepository institutions
(MlNFl611EQ00), insurance carriers
(MlNFI63 l EQ00), and holding and other
investment offices (MlNFl671EQOO); plus
Structures for commercial and mutual depository
institutions (M1NFI6B1ST00), nondepository
institutions (MlNFI61 l ST00), insurance carriers
(MlNFI631STOO), and holding and other
investment offices (MlNFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential structures capital by insurance
carriers to consumption of fixed nonresidential
equipment and structures capital by insurance
carriers, and by the ratio of tangible assets reported
by private pension funds (converted to book value)
to tangible assets, reported at book value, by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Ql ,
the values for this series obtained by the method
described above are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for sole proprietorships. Private pension
funds are assumed to have no equipment.

278

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

2r. Consumption of fixed
nonresidential structures capital
by state and local government
employee retirement funds, with
nonresidential structures valued
at current cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

226330063

1.4

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MlNFI6BlEQ00; revisions and updates provided
by BEA), nondepository institutions
M1NFI61IEQ00), insurance carriers
(MINFI631EQ00), and holding and other
investment offices (MINFI671EQ00), plus
Structures for commercial and mutual depository
institutions (MINFI6BIST00), nondepository
institutions (MINFI61IST00), insurance carriers
(MINFI63IST00), and holding and other
investment offices (M1NFI671STOO); the sum
is multiplied by the ratio of consumption of fixed
nonresidential structures capital by insurance
carriers to consumption of fixed nonresidential
equipment and structures capital by insurance
carriers, and multiplied by the ratio of tangible
assets reported by state and local government
employee retirement funds to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning 1994:Q 1, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships. State and local
government employee retirement funds are
assumed to have no equipment.

Table F.103

279

F.103-Continued
Component
2s. Consumption of fixed
nonresidential capital
by government-sponsored
enterprises, with nonresidential
structures and equipment valued
at current cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

406330003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MINF16BIEQ00; revisions and updates provided
by BEA), nondepository institutions
(MINFI61IEQ00), insurance carriers
(MINFI631EQ00), and holding and other
investment offices (M1NFI67 IEQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6BIST00), nondepository
institutions (M1NFI61IST00), insurance carriers
(MINFI631ST00), and holding and other
investment offices (MINFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by nondepository
institutions to consumption of fixed nonresidential
equipment and structures capital by nondepository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets reported
by government-sponsored enterprises to tangible
assets reported by U.S.-chartered commercial
banks, foreign banking offices in the U.S., bank
holding companies, banks in U.S.-affiliated areas,
savings institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning 1994:Q1, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships.

280

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

2t. Consumption of fixed
nonresidential capital by finance
companies and consumption
of fixed nonresidential
equipment capital by issuers
of asset-backed securities, with
nonresidential structures and
equipment valued at current
cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

616330003

25.5

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MINFI6BIEQ00; revisions and updates provided
by BEA), nondepository institutions
(MINFI61IEQ00), insurance carriers
(MINFI631EQOO), and holding and other
investment offices (MINFI671EQ00); plus
Structures for commercial and mutual depository
institutions (MINFI6BIST00), nondepository
institutions (MINFI611ST00), insurance carriers
(MINFI63!STOO), and holding and other
investment offices (MINFI671STOO). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by nondepository
institutions to consumption of fixed nonresidential
equipment and structures capital by nondepository
institutions for the equipment component of the
total, and by the ratio of consumption of fixed
nonresidential structures capital to consumption
of fixed nonresidential equipment and structures
capital for the structures component; both are
multiplied by the ratio of tangible assets of finance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:QI,
the values for this series obtained by the method
described above are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships. This series
is assumed to include consumption of fixed
nonresidential equipment capital; this capital
consists of automobiles that collateralize securi
tized consumer motor vehicle leases, which are
assets of the issuers of asset-backed securities
sector.

Table F103

281

F.103-Continued
Component
2u. Consumption of fixed capital
by real estate investment trusts,
with multifamily residential
structures and nonresidential
structures and equipment valued
at current cost

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

646300003

26.2

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
M1NFI6BIEQ00; revisions and updates provided
by BEA), nondepository institutions
(MlNFI61lEQ00), insurance carriers
(M1NFI63lEQ00), and holding and other
investment offices (MlNFI671EQ00); plus
Structures for commercial and mutual depository
institutions (M1NFI6B1ST00), nondepository
institutions (M1NFI6llST00), insurance carriers
(M1NFI63lST00), and holding and other
investment offices (MINFI671ST00). The sum
is multiplied by the ratio of consumption of fixed
nonresidential equipment capital by holding and
other investment offices to consumption of fixed
nonresidential equipment and structures capital
by holding and other investment companies for the
equipment component of the total, and by the ratio
of consumption of fixed nonresidential structures
capital to consumption of fixed nonresidential
equipment and structures capital for the structures
component; both are multiplied by the ratio
of tangible assets reported by real estate
investment trusts to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. The residential structures
component is estimated by multiplying the
nonresidential structures component by the ratio
of the value of the stock of residential structures
to that of nonresidential structures from NAREIT
statistical publications. Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports of
unadjusted data. Beginning 1994:Q1, the values
for this series obtained by the method described
above are adjusted upward as part of a reallocation
by the FOF Section of consumption of fixed
capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

282

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Component
2v. Consumption of fixed
nonresidential capital by
security brokers and dealers,
with nonresidential structures
and equipment valued at cunent
cost

Code

1997 value
(billions of
dollars)

Explanation

666330003

1.4

3. Gross investment by nonfarm
noncorporate business

l 16300005

56.2

4. Capital expenditures of nonfarm
noncorporate business

115050005

113.6

Sum of lines 5 and 6.

5. Fixed investment by nonfarm
noncorporate business

115019005

110.5

Line 5a net of lines 5b through 5s, plus line St.

895013001

860.7

Seasonally adjusted flow from SCB, NIPA
table I. I, line 8, Fixed nonresidential investment.
Unadjusted flow from SCB, NIPA table 9.1, line 8,
Fixed nonresidential investment. For recent
quarters for which unadjusted NIPA data are not
a, ailabk. unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to qua11erly rate.

5a. Fixed nonresidential investment
by private domestic sectors

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Federal Reserve Bank of St. Louis

Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital. by Industry, Cunent-Cost Valuation,
Depreciation, Equipment for security and
commodity brokers (series MINF1621EQ00;
revisions and updates provided by BEA), plus
Structures for security and commodity brokers
(MINF162 I ST00). Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data. Beginning 1994:Ql, the values
for this sc,ries arc adjusted upward as part of
a reallocation by the rOF Section of consumption
of tixcd capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for prop1ietorships.
Sum of lines 4 and 7: also equal to line 2.

Table F.103

283

F.103-Continued
Component
5b. Fixed nonresidential investment
by nonprofit organizations
(households and nonprofit
organizations sector)

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

165013003

43.6

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B5, Fixed
Nonresidential Private Capital, by Legal Form
of Organization and Major Industry Group,
Historical-Cost Valuation, Noncorporate, sum
of Equipment for nonprofit institutions (series
I3NTOTL8EQ00; revisions and updates provided
by BEA) and Structures for nonprofit institutions
(I3NTOTL8STO0). Series is converted to
seasonally adjusted quarterly flow at annual rate by
ratio method, using investment in nonresidential
structures (SCB, NIPA table 5.4, line 3,
Nonresidential structures) as the denominator for
the structures portion and investment in producers'
durable equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment portion. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

284

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

5c. Fixed nonresidential investment
by nonfarm nonfinancial
corporate business

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Federal Reserve Bank of St. Louis

Cmk

1997 value
(billio,1, ot
dollars)

105013003

613.2

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth. table A8. Fixed Nonresidential Private
Capital, by Legal Form of Organization and Major
Industry Group, Historical-Cost Valuation, Net
stock. sum of Equipment for nonfinancial
curporntions, change in amount outstanding
(unpublished detail, series K3NNOFI2EQ00;
revisions and updates provided by BEA), and
Structures for nonfinancial corporations, change
i!i amount outstanding (K3NNOFI2ST00), plus
Depr.:ciation for equipment (M3NNOFI2EQ00)
and for structures (M3NNOFI2ST00) for
nonfinancial corporations; less Investment
in producers· durable equipment by farm
curp,irations (SCB. NIPA table 5.8, sum of line 26,
Agricultural machinery, except tractors, and a
percentage of line 25, Tractors, with the
percentage equal to the ratio of purchases of farm
tractors. series 3IHI Y3NTOTLIE020, to
pur.:hases of all tractors, 3IHI Y3NTOTLIE021both series published on the BEA STAT-USA
Internet site; annual ratio used for all four quarters
in � iar-n<?t of Investment by noncorporate farms
in equipment, BNAG0I--IEQ00); and less
Investment in nonresidential structures by farm
corporations (SCB, NIPA table 5.6, line I 9,
Farm purchase� of nonresidential structures.
ll(;t of Investment by noncorporate farms in
nonresidential structures, I3NAG014ST00). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in nonre.,idential structures (SCB, NIPA
t;,blc 5. 4. line 3, Nonresidential structures) as
the denominator for the structures portion and
investment in producers' durable equipment
I SCB. ;,.JPA table 5.4, line 8. Producers' durable
equipment) as the denominator for the equipment
portion. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rak tu 4uarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Unpublished
quarterly data for farm purchases of equipment and
structures are provided by BEA.

Table F103

285

F.103-Continued
Code

1997 value
(billions of
dollars)

5d. Fixed nonresidential investment
by farm business

135013003

25.4

Seasonally adjusted flow from SCB, sum of NIPA
table 5.6, line 19, Farm purchases of nonresidential
structures; NIPA table 5.8, line 26, Agricultural
machinery, except tractors; and a percentage
of NIPA table 5.8, line 25, Tractors (percentage
equal to the ratio of purchases of farm tractors,
series 3IHI Y3NTOTLIE020, to purchases of all
tractors, 3IHI Y3NTOTLIE021-both series
published on the BEA STAT-USA Internet site;
annual ratio used for all four quarters in year).
Unpublished quarterly data for all three lines in the
NIPA tables provided by BEA. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used
as unadjusted flow in FOP reports of unadjusted
data.

5e. Fixed nonresidential investment
by Federal Reserve Banks
(monetary authority sector)

715013003

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table BI, Fixed
Nonresidential P rivate Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, sum
of Equipment for Federal Reserve Banks (series
I3NFI6AIEQ00; revisions and updates provided
by BEA) and Structures for Federal Reserve Banks
(I3NFI6AIST00). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

286

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

5f. Fixed nonresidential investment
by U.S.-chartered commercial
banks

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

725013003

9.3

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), Investment data, table B l , Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost and Constant-Cost Valuation,
columns Millions of dollars, Equipment for
commercial and mutual depository institutions
(series I3NFI6B I EQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI6 l l EQ00), insurance carriers
(13NFI631EQ00), and holding and other
investment offices (13NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (13NFI6B I ST00), nondepository
institutions (I3NFl611ST00), insurance carriers
rI3NF163 l ST00), and holding and other
investment offices (I3NFl671ST00). For the
equipment component of the total, the sum
is multiplied by the ratio of investment
in equipment by commercial and mutual
depository institutions to investment in equipment
and nonresidential structures by commercial and
mutual depository institutions, and by the ratio
of tangible assets reported by U.S.-chartered
commercial banks to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions. credit unions. life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. The structures component is the
sum of investment in structures by the four
financial institution groups delineated in FRTW
less investment in structures by the FOF financial
sectors cited above other than U.S.-chartered
commercial banks. Series is converted to
seasonally adjusted quarterly flow at annual rate
by ratio method, using investment in producers'
durable equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table F 103

287

F.103-Continued
Component
5g. Fixed nonresidential investment
by foreign banking offices in the
US.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

755013003

3.0

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series !3NFI6B I EQ00: revisions and updates
provided by BEA), nondepository institutions
(!3NFI611EQ00). insurance carriers
(!3NFI63 I EQ00), and holding and other
investment offices (!3NFI671EQ00): plus
Structures for commercial and mutual depository
institutions ([3NFl6B I ST00), nondepository
institutions (13NFl6 l l ST00), insurance carriers
(!3NFI63 l ST00), and holding and other
investment offices (!3NF1671 ST00). The sum
is multiplied by the ratio of investment in
equipment by commercial and mutual depository
institutions to investment in equipment and
nonresidential structures by commercial and
mutual depository institutions for the equipment
component of the total, and by the ratio of
investment in nonresidential structures to
investment in equipment and nonresidential
structures for the structures component: both are
multiplied by the ratio of tangible assets
(converted to book value) reported by foreign
banking offices in the U.S. to tangible assets,
reported at book value, by U.S.-chartered
commercial banks, foreign banking offices in the
U.S., bank holding companies, banks in U.S.
affiliated areas, savings institutions, credit unions,
life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rat�
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

288

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

5h. Fixed nonresidential investment
by bank holding companies

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

735013003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth. Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B1EQ00; revisions and updates
provided by BE A), nondepository institutions
(I3NFI611EQ00), insurance carriers
(I3NFI631EQ00), and holding and other
investment offices (I3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (I3NFI6B I ST00), nondepository
institutions (I3NFI611ST00), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI671ST00). The sum
is multiplied by the ratio of investment in
equipment by holding and other investment offices
to investment in equipment and nonresidential
structures by holding and other investment offices
for the equipment component of the total, and by
the ratio of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by bank holding companies to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table E103

289

F.103-Continued

Component
5i. Fixed nonresidential investment
by banks in U.S.-affiliated areas

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

745013003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFl6B lEQOO; revisions and updates
provided by BEA), nondepository institutions
(I3NFI611EQ00), insurance carriers
(I3NFl631EQ00), and holding and other
investment offices (I3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (I3NFl6B lSTOO), nondepository
institutions (I3NFl611STOO), insurance carriers
(I3NFl631STOO), and holding and other
investment offices (I3NFI671STOO). The sum
is multiplied by the ratio of investment in
equipment by commercial and mutual depository
institutions to investment in equipment and
nonresidential structures by commercial and
mutual depository institutions for the equipment
component of the total, and by the ratio
of investment in nonresidential structures to
investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by banks in U.S.-affiliated areas to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

290

Guide to the Flow of Funds Accounts, Volume I

F.103

Nonfarm Noncorporate Business-Continued
Component

5j. Fixed nonresidential investment
by savings institutions

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

445013003

2.5

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B IEQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NFI61 IEQ00), insurance carriers
(13NFI631EQ00), and holding and other
investment offices (I3NFI67 l EQ00); plus
Structures for commercial and mutual depository
institutions (13NFI6B1ST00). nondepository
institutions (l3NFI6 l l ST00), insurance carriers
(l3NFI63 l ST00), and holding and other
investment offices (13NFl671 ST00). The sum
is multiplied by the ratio of imestment in
equipment by commercial and mutual depository
institutions to investment in equipment and
nonresidential structures by commercial and
mutual depository institutions for the equipment
component of the total, and by the ratio of
investment in nonresidential structures to
investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by savings institutions to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and irivestment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table F.103

291

F.103-Continued

Component
5k. Fixed nonresidential investment
by credit unions

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

475013003

1.3

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series l3NFI6BIEQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFI61IEQ00), insurance carriers
(l3NFI63 l EQ00), and holding and other
investment offices (13NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (l3NFI6BIST00), nondepository
institutions (l3NFI6 l l ST00), insurance carriers
(l3NFI631ST00), and holding and other
investment offices (l3NFI671ST00). The sum
is multiplied by the ratio of investment in
equipment by commercial and mutual depository
institutions to investment in equipment and
nonresidential structures by commercial and
mutual depository institutions for the equipment
component of the total, and by the ratio of
investment in nonresidential structures to
investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by credit unions to tangible assets reported
by U.S.-chartered commercial banks, foreign
banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

292

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

51. Fixed nonresidential investment
by life insurance companies

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

545013003

25.9

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
( series !3NFl6B 1EQ00; revisions and updates
proYided by BEA), nondepository institutions
(13NFI6 l l EQ00). insurance carriers
(I3NFI63 J EQ00), and holding and other
investment offices (I3NFI671EQ0O); plus
Structures for commercial and mutual depository
institutions ( l3NFI6B I STO0). nondepository
institutions (13NFI6 J J ST00), insurance carriers
(I3NFI63 l ST00), and holding and other
investment offices (13NFI67 I ST0O). For the
structures component of the total, the sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers to
investment in equipment and nonresidential
structures by insurance carriers, and by the ratio
of tangible assets reported by life insurance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies. private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies. and real estate investment trusts. The
equipment component is the sum of investment
in equipment by the four financial institution
groups delineated in FRTW less investment
in equipment by the FOF financial sectors cited
above other than life insurance companies. Series
is converted to seasonally adjusted quarterly flow
ar annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table F.103

293

F.103-Continued
Component
Sm. Fixed nonresidential investment
by other insurance companies

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

515013003

2.7

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation. columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B JEQ00; revisions and updates
provided by BEA), nondepository institutions
(l3NFf611 EQ00), insurance carriers
(I3NFI63 l EQ00), and holding and other
investment offices (I3NFI671EQ00); plus
Suucture, for commercial and mutual depository
in,titutions (I3NFI6B I ST00), nondepository
institutions (I3NFI61 IST00), insurance carriers
(I3NFI63 l ST00), and holding and other
investment offices (I3NFI671 ST00). The sum
is multiplied by the ratio of investment in
equipment by insurance carriers to investment in
equipment and nonresidential structures by
insurance carriers for the equipment component
of the total, and by the ratio of investment in
nGnresidential structures to investment in
equipment and nonresidential structures for the
structures component; both are multiplied by the
ratio of tangible assets reported by other insurance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted
flow in FOF reports of unadjusted data.

294

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

Sn. Fixed nonresidential structures
investment by private pension
funds

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

575013063

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B1EQ00; revisions and updates
provided by BE A), nondepository institutions
(I3NFI61 l EQ00), insurance carriers
(I3NFI631EQ00), and holding and other
investment offices (I3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (I3NFI6B1ST00), nondepository
institutions (I3NFI611ST00), insurance carriers
(I3NFI63 l ST00), and holding and other
investment offices (I3NFI671ST00). The sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers and multiplied
by the ratio of tangible assets reported by private
pension funds (converted to book value) to
tangible assets, reported at book value, by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Private pension
funds are assumed to have no equipment.

Table F 103

295

F.103-Continued
Component
So. Fixed nonresidential structures
investment by state and local
government employee
retirement funds

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

225013063

1.6

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFI6B I EQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFI61 IEQ00), insurance carriers
(I3NFI63 l EQ00), and holding and other
investment offices (I3NFI671EQ00), plus
Structures for commercial and mutual depository
institutions (I3NFI6B IST00), nondepository
institutions (13NFI6 l l ST00), insurance carriers
(I3NFI631ST00), and holding and other
investment offices (I3NFI67 l ST00); the sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers, and multiplied
by the ratio of tangible assets reported by state and
local government employee retirement funds
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices in the
U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using NIPA total
investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
State and local government employee retirement
funds are assumed to have no equipment.

296

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Component

Sp. Fixed nonresidential investment
by government-sponsored
enterprises

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

405013003

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series l3NFI6B IEQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFI611EQ00), insurance carriers
(13NFI631EQ00), and holding and other
investment offices (l3NFI671EQ00); plus
Structures for commercial and mutual depository
institutions (l3NFI6B1ST00), nondepository
institutions (l3NFI611ST00), insurance carriers
(l3NFI631ST00), and holding and other
investment offices (l3NFI671ST00). The sum
is multiplied by the ratio of investment
in equipment by nondepository institutions
to investment in equipment and nonresidential
structures by nondepository institutions for the
equipment component of the total, and by the ratio
of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets reported
by government-sponsored enterprises to tangible
assets reported by U.S.-chartered commercial
banks, foreign banking offices in the U.S., bank
holding companies, banks in U.S.-affiliated areas,
savings institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Table F.103

297

F.103-Continued

Component
5q. Fixed nonresidential investment
by finance companies and fixed
nonresidential equipment
investment by issuers of
asset-backed securities

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

615013003

23.8

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series I3NFI6B l EQ00; revisions and updates
provided by BEA), nondepository institutions
(I3NF1611EQ00), insurance carriers
(I3NFI631EQ00), and holding and other
investment offices (I3NFI671EQOO); plus
Structures for commercial and mutual depository
institutions (I3NFI6B1STO0), nondepository
institutions (I3NF1611ST00), insurance carriers
(I3NF1631ST00), and holding and other
investment offices (I3NFI671STOO). The sum
is multiplied by the ratio of investment in
equipment by nondepository institutions to
investment in equipment and nonresidential
structures by nondepository institutions for the
equipment component of the total, and by the ratio
of investment in nonresidential structures
to investment in equipment and nonresidential
structures for the structures component; both are
multiplied by the ratio of tangible assets of finance
companies to tangible assets reported by
U.S.-chartered commercial banks, foreign banking
offices in the U.S., bank holding companies, banks
in U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. This series
is assumed to include fixed nonresidential
equipment investment in automobiles that
collateralize securitized consumer motor
vehicle leases; the automobiles are assets of
the issuers of asset-backed securities sector.

298

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Code

1997 value
(billions of
dollars)

Sr. Fixed nonresidential investment
by real estate investment trusts

645013013

30.8

Unadjusted flow estimated by FOF Section
on the basis of industry reports of asset purchases.
Calculated as investment in all structures, currently
estimated as five-sixths of the change in the level
of total property owned by REITs (FOF series
645019003, table F.129, line 3a), multiplied by the
ratio of investment by REITs in nonresidential
structures to investment by REITs in all structures
(ratio estimated by FOF Section on the basis of
information from NAREIT); the remaining
one-sixth of the change in net property is assumed
to be land purchases. Quarterly allocation of
annual flows estimated as a proportion of equity
and debt issuance from REITWatch. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

5s. Fixed nonresidential investment
by security brokers and dealers

665013003

1.1

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for security and commodity brokers (series
I3NFI62 l EQ00; revisions and updates provided
by BEA), plus Structures for security and
commodity brokers (I3NFI62 l ST00). Series is
converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate
to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F. l 03

299

F.103-Continued
Code

1997 value
(billions of
dollars)

St. Fixed residential investment by
nonfarm noncorporate business

115012003

36.2

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B7, Residential
Capital by Type of Owner, Legal Form
of Organization, and Industry, Historical-Cost
Valuation, Private, Noncorporate, Total (series
l3RTOTL3ES00; revisions and updates provided
by BEA); less Nonprofit institutions
(l3RFI658ES00); less, from table B9, Private
Residential Capital, by Tenure Group and Type
of Equipment and Structures, Historical-Cost
Valuation, Owner-occupied nonfarm
(I3RFI655ONOC), Owner-occupied farm
(l3RAG014ONOC), and Tenant-occupied farm
(l3RAG014TOOC). Series is converted to
seasonally adjusted quarterly flow at annual rate by
ratio method, using fixed residential investment by
private sectors (FOF series 195012001, table F.8,
line 21) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

6. Change in inventories of nonfarm
noncorporate business

115020003

3.2

Seasonally adjusted flow equal to SCB, NIPA table
5.10, line 3, Change in nonfarm business
inventories, multiplied by the ratio of
current-dollar inventories held by nonfarm
noncorporate business (beginning 1989:Q1,
estimated by FOF Section as 5 percent of SCB,
NIPA table 5.12, line 3, Nonfarm inventories;
previously, unpublished data provided by BEA)
to current-dollar inventories held by all nonfarm
business from NIPA table 5.12, line 3. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

7. Net financial investment by
nonfarm noncorporate business

115000005

-57.4

8. Net acquisition of financial assets
by nonfarm noncorporate
business

114090005

40.7

Component

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Federal Reserve Bank of St. Louis

Explanation

Line 8 less line 20.

Sum of lines 9, 10, 11, 12, 13, 14, 15, and 16.

300

F.103

Guide to the Flow of Funds Accounts, Volume 1

Nonfarm Noncorporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

--------------------------�--�---------

9. Change in checkable deposits
and currenq held by nonfarm
noncorporate business

10. Change in time and savings
deposits held by nonfarm
noncorporate business

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Federal Reserve Bank of St. Louis

113020003

5.2

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets.
by Profit Status and Industrial Group, Cash (total
for all industries except farms and finance),
allocated among checkable depo,ib and .:urrency,
time and savings deposits, and money market
mutual fund shares on the basis of balance sheet
data collected by FR Board National Surveys
of Small Business Finances. Len:l also includes
FOF Section estimates for checkable deposits and
currency held by nonfarm nonfinancial sole
proprietorships that are based on the relationship
of proprietor,hip income to partnership income
from the SOI Bulletin. Data are annual and are
available with a lag of several years; series
is converted to quarterly by K-L method. Data for
current quarter;, arc FOF Section estimates hased
on noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quartcrh· rate
to annual rate and used as sea,ona!! ) adJ,htcd flow
in FOF reports of seasonally adjusted data.

113030003

6.3

Year-end level primarily from SOI Bulletin. annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Cash (total
for all industries except farms and finance),
allocated among checkable deposits and currency.
time and savings deposits, and money market
mutual fund shares on the basis of balance sheet
data collected by FR Board National Surveys
of Small Business Finances. Level also includes
FOF Section estimates for time and saving�
deposits held by nonfarm nonfinancial sole
proprietorships that are based on the relationship
of proprietorship income to partnership income
from the SOI Bulktin. Data are annu;.] and are
available with a lag of several years; series
is converted to quarterly by K-L method. Data for
current quarters are FOF Section estimates based
on noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Table F/03

301

F.103-Continued
Code

1997 value
(billions of
dollars)

11. Change in money market mutual
fund shares held by nonfarm
noncorporate business

113034003

12. Change in U.S. Treasury securities
held by nonfarm noncorporate
business

113061003

1.5

Year-end level primarily from SU! Bllik:.in. annual
aniclc Partnership Rerurns. table Balance Sheets,
by Profit Status and Industrial Group. U.S.
government obligations (total fo1· all indu'1ric•,
except fan11'-; and finance:•. Leve:, !-.. ,
FOF Section estimates for ES. gc,,:rnmcnt
securities held by nonfann nonfinancial sole
proprietorships that arc based on the relc11ionship
:,.: ,,,;c
of proprietorship in,·ome to
from the: SOI Bulletin. Data arc anmrn! anJ arc
available with a lag of several year,; series is
converted to quarterly by K-L method. Data for
current quarters ate ft)F Sc-ctit·n t' ,;�ni;1\L', i-'n<.;ed
on noncorporate income.
i!,,.., ,>, ,he'
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarkrly rate
to annual rate and used as seasonally adpstcJ flow
in FOF reports of seasonally adjusted data.

13. Change in mortgages held by
nonfarm noncorporate business

113065005

1.2

Sum of lines 13a, 13b, 13c, and l JJ.

Component

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Federal Reserve Bank of St. Louis

Explanation
---- ---------- -------------- -- Year-end level primarily from Sor Bulletin. annual
article Partnership Returns. table Balance Sheets.
by Protit Statu, and !ndustria! Group. Cash /total
for all industric'.) except fanni..: and iiiu.r11... :..'°'i,
a11Pcate<l an1ong checkahlc dep(1,,;i1_�. (.JiH] cUiTcnv:-.
time and savings deposits. a11d money markl.'r
mutual fund shares on !he hasi, of balance sheet
nf
data collected hy FR Board :'-iati01wl
Small Busines, ! inances. Lc,,:1 ah,,,..
d)F
Section estimates for 111,mcy market mutual
fund shares held by nonfarm nonfinancial sole
proprietorships that are ba',ed nn th,� rc•la,,,mship
of proprietorship income to
from rhc SOI Bulletin. Data ,Jr,' annual and ar.:
available with a lag of scYernl years; serie, is
c,mverted to quarterly by K-L mcth,1d l)a1:.1 fr;r
current quarters arc r�cn-- '._)c.:tior: 1>:tlrn:11_ ..;s. b�t:;,,cd
on noncorporate inc:ome. Unadiu,tccl 110\\ is ttK
change in the level. Data for the most recent ten
seasonality:
years of the series sh(1 1'< rm
unadp.tskd flow is cm;\
'""-'
to annual rate and used ::1'-J
':._� !1·-Y,\/
in FOF report, of scasorwlly adjustcJ ,JJW.

302

Guide to the Flow of Funds Accounts, Volume 1

F.103

Nonfarm Noncorporate Business-Continued
Code

1997 value
(billions of
dollars)

13a. Change in home mortgages
held by nonfarm noncorporate
business

113065103

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgage
and real estate loans (total for all industries except
farms and finance). After about $1 billion has been
allocated to farm mortgages, the remainder of the
total is split equally among home, multifamily
residential, and commercial mortgages held
by nonfarm nonfinancial partnerships. Level also
includes FOF Section estimates for home
mortgages held by nonfarm nonfinancial sole
proprietorships based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin. Data are annual and are available
with a Jag of several years; series is converted
to quarterly by K-L method. Data for current
quarters are FOF Section estimates based on
noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

13b. Change in multifamily
residential mortgages held
by nonfarm noncorporate
business

113065403

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgage
and real estate loans (total for all industries except
farms and finance). After about $1 billion has been
allocated to farm mortgages, the remainder of the
total is split equally among home, multifamily
residential, and commercial mortgages held
by nonfarm nonfinancial partnerships. Level also
includes FOF Section estimates for multifamily
residential mortgages held by nonfarm
nonfinancial sole proprietorships based on the
relationship of proprietorship income to
partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table R 103

303

F.103-Continued
Component

Code

1997 value
(billions of
dollars)

13c. Change in commercial
mortgages held by nonfarm
noncorporate business

113065503

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgage
and real estate loans (total for all industries except
farms and finance). After about $1 billion has been
allocated to farm mortgages, the remainder of the
total is split equally among home, multifamily
residential, and commercial mortgages held
by nonfarm nonfinancial partnerships. Level also
includes FOF Section estimates for commercial
mortgages held by nonfarm nonfinancial sole
proprietorships based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin. Data are annual and are available
with a lag of several years; series is converted
to quarterly by K-L method. Data for current
quarters are FOF Section estimates based on
noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

13d. Change in farm mortgages
held by nonfarm noncorporate
business

113065603

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgage
and real estate loans (total for all industries except
farms and finance). After about $1 billion has been
allocated to farm mortgages, the remainder of the
total is split equally among home, multifamily
residential, and commercial mortgages held
by nonfarm nonfinancial partnerships. Level also
includes FOF Section estimates for farm
mortgages held by nonfarm nonfinancial sole
proprietorships based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin. Data are annual and are available
with a lag of several years; series is converted
to quarterly by K-L method. Data for current
quarters are FOF Section estimates based on
noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

304

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

14. Change in consumer credit held
by nonfarm noncorporate
business

113066003

Through 1982:Q l , level equal to 0.75 multiplied
by Noncorp multiplied by ( l - Captive) multiplied
by retailer consumer credit, where Noncorp is the
ratio of noncorporate business receipts to total
business receipts derived from SOI data; Captive
is the ratio of captive finance company consumer
receivables to total retailer consumer credit
calculated using data from the FR Board
quinquennial survey of finance companies and
from FR Board, Financial Institutions Section; and
retailer consumer credit is as published in the
FR Board monthly G.19 statistical release,
Consumer Credit, table Consumer Credit
Outstanding, Not seasonally adjusted, Major
holders, Retailers. Unadjusted flow is the change
in the level. Quarterly values for the series are zero
beginning I 982:Q2 for levels and 1982:Q3 for
flows; for earlier quarters, unadjusted flow is
converted from annual rate to quarterly rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

15. Change in trade receivables held
by nonfarm noncorporate
business

113070003

9.8

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Trade notes
and accounts receivable (total for all industries
except farms and finance). Level also includes
FOF Section estimates for trade credit held
by nonfarm nonfinancial sole proprietorships based
on the relationship of proprietorship income
to partnership income from the SOI Bulletin and
on relationships reported in the QFR for trade
credit owed to small nonfinancial corporations.
Data are annual and are available with a lag
of several years; series is converted to quarterly
by K-L method. Data for current quarters are FOF
Section estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

16. Change in total miscellaneous
assets of nonfarm noncorporate
business

113090005

16.0

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Federal Reserve Bank of St. Louis

Sum of lines 17, 18, and 19.

Table F 103

305

F.103-Continued
Component

Code

1997 value
(billions of
dollars)

17. Change in claims of nonfarm
noncorporate business on reserves
of other insurance companies

113076003

4.1

Level from A.M. Best Company tabulation
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line 1, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among the
households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using
the distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

18. Change in equity in the Farm
Credit System (governmentsponsored enterprises sector)
held by nonfarm noncorporate
business

113092003

Level from Farm Credit System, Quarterly
Information Statement, Condensed Combined
Statement of Condition, Capital stock and
participation certificates; nonfarm noncorporate
business proportion estimated to be equal to the
ratio of loans made to nonfarm noncorporate
business to total nonmortgage loans. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

19. Change in unidentified
miscellaneous assets of nonfarm
noncorporate business

113093003

11.9

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Other assets
(total for all industries except farms and finance).
Level also includes FOF Section estimates for
miscellaneous assets of nonfarm nonfinancial sole
proprietorships based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin. Data are annual and are available
with a lag of several years; series is converted
to quarterly by K-L method. Data for current
quarters are FOF Section estimates based on
noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

20. Net increase in liabilities of
nonfarm noncorporate business

114190005

98.1

Sum of lines 21, 25, 26, 27, and 28.

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Federal Reserve Bank of St. Louis

Explanation

306

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Code

1997 value
(billions of
dollars)

21. Change in credit market debt of
nonfarm noncorporate business

114102005

63.5

Sum of lines 22, 23, and 24.

22. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate business

113168003

21.7

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, sum
of Mortgages, notes, and bonds payable in less
than one year and Nonrecourse loans (total for all
industries except farms and finance). Level also
includes FOF Section estimates for bank loans
owed by nonfarm nonfinancial sole proprietorships
based on the relationship of proprietorship income
to partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

23. Change in outstanding other loans
and advances to nonfarm
noncorporate business

113169005

4.2

Sum of lines 23a and 23b, plus 50 percent
of line 23c, 50 percent of line 23d, and IO percent
of line 23e.

23a. Change in loans to nonfarm
noncorporate business held
by the federal government

113169203

1.8

Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, Rural Utilities Service,
sum of 95 percent of Rural communication
development fund, 95 percent of Rural
electrification and telephone revolving fund, and
95 percent of Rural Telephone Bank accounts, plus
Rural Development, sum of 15 percent of Other
Funds, 15 percent of Rural development insurance
fund, and 15 percent of Rural development loan
fund; plus FCC, All other combined; plus SBA,
sum of 75 percent of Pollution control equipment
contract accounts, 25 percent of Disaster loan fund
accounts, 35 percent of Business loan and
investment fund accounts, and 75 percent of All
other combined. The value for the series for each
quarter is an average for the most recent four
quarters of the figures calculated by the above
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table FI 03

307

F.103-Continued
Component

Code

1997 value
(billions of
dollars)

23b. Change in other loans and
advances to nonfarm
noncorporate business held
by the Farm Credit System
(government-sponsored
enterprises sector)

113169253

Level from Farm Credit System, Quarterly
Information Statement, Notes to Condensed
Combined Financial Statements, note 2. Loans and
allowance for loan losses, sum of Domestic loans
to cooperatives and Loans made in connection
with international transactions. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

23c. Change in business loans held
by savings institutions that
submit reports of condition
to the Office of Thrift
Supervision

443069553

2.1

Level from Thrift Financial Report, schedule SC.
Commercial loans (series SVGL0655). Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

23d. Change in business loans held
by savings institutions that
submit reports of condition to
the Federal Deposit Insurance
Corporation

443069563

1.0

Level from quarterly Report of Condition for
savings institutions that report to the FDIC.
schedule RC-C. sum of Commercial and industrial
loans to U.S. addressees (domicile) (series
RCON1763) and to non-U.S. addressees (domicile)
(RCON l 764); Lease financing receivables (net
of unearned income) (RCON2 l 65 ); Loans
to commercial banks in the U.S. (RCON1505),
to other depository institutions in the U.S.
(RCON1517), and to hanks in foreign countries
(RCON1510); Loans to finance agricultural
production and other loans to farmers
(RCON1590); Loans to foreign governments and
official institutions (including foreign central
banks) (RCON208 l ); and Loans for purchasing
or carrying securities (secured and unsecured)
(RCON1545) plus All other loans (exclude
consumer loans) (RCON1564). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

Guide to the Flow of Funds Accounts, Volume I

308

F.103

Nonfarm Noncorporate Business-Continued
Code

1997 value
\billions of
dollars)

613069500

9.0

24. Change in mortgage debt of
nouform noncorporate business

I I 3165003

37.5

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Mortgages.
notes, and bonds payable in one year or more (total
for all industries except farms and finance). Level
also includes FOF Section estimates for mortgage
debt of nonfarm nonfinancial sole proprietorships
based on the relationship of proprietorship income
to partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is con,erted to quarterly by K-L
method. Data for current quarters arc FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

25. Change in trade payables owed
by nonfarm noncorporate
lrnsine�,

113170003

7.7

Year-end level primarily from SOI Bulletin . annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Accounts
payable (total for all industries except farms and
finance). Level also includes FOF Section
estimates for trade debt of nonfarm nonfinancial
sole proprietorships based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin and on balance sheet relationships
reported in the QFR for trade debt owed by small
nonfinancial corporations. Data are annual and are
available with a lag of several years; series is
converted to quarterly by K-L method. Data for
current quarters are FOF Section estimates based
on noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of oeasonally adju,ted data.

::•.-,c. Ch:mg,· in business loans held
h;' i:111:.l!H.:·c C•JlnpaniC'.-,

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Federal Reserve Bank of St. Louis

Explanation
Level estimated by FR Board, Financial
Institutions Section. on the basis of data from
quinquennial benchmark surveys and monthly
surveys of a sample of finance companies
conducted by FR Board. Series is shown
in FR Bulletin, table 1.51, line 3. Accounts
receivable. grms, Business. Unadjusted tlow
is the change in the level; seasonally adjusted
flow is obtained using X-11-ARlMA procedure.
Series excludes securitized loans.

Table F.103

309

F.103-Continued
Code

1997 value
(billions of
dollars)

26. Change in taxes payable by
nonfarm noncorporate business

113178203

1.3

Year-end level primarily from sor Bulletin, annual
article Partnership Return�. table Balance Sheets,
by Profit Status and Industrial Group, sum of Other
current liabilities and Other liabilities (total for all
industries except farms and finance), allocated
between taxes payable and miscellaneous liabilities
on the basis of relationships reported in the QFR
for taxes payable and miscellaneous liabilities
of small nonfinancial corporations. Level also
includes FOF Section estimates for taxes payable
by nonfarm nonfinancial sole proprietorships based
on the relationship of proprietorship income to
partnership income from the SOI Bulletin. Data
are annual and are available with a lag of several
years; series is converted to quanerly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality: unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

27. Change in total miscellaneous
liabilities of nonfarm
noncorporate business

113190005

6.8

Line 27a, plus foreign direct investment in
nonfarm noncorporatc real estate (equal to line 27b
multiplied by I minus the percentage shown in
line 27c).

113193003

6.7

Year-end level primarily from SOI Bulletin, annual
anicle Partnership Return,. table Balance Sheets,
by Profit Status and Industrial Group, sum of Other
current liabilities and Other liabilities (total for all
industries except farms and finance), allocated
between taxes payable and miscellaneous liabilities
based on relationships reported in the QFR for
taxes payable and miscellaneous liabilities of small
nonfinancial corporations. Level also includes FOF
Section estimates for miscellaneous liabilities
of nonfarm nonfinancial sole proprietorships based
on the relationship of proprietorship income to
partnership income from the SOI Bulletin. Data are
annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is convened from quanerly rate to annual rate and
used as seasonally adjusted flow in FOF repol1s
of seasonally adjusted data.

Component

27a. Change in unidentified
miscellaneous liabilities
of nonfarm noncorporate
business

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Federal Reserve Bank of St. Louis

b,planation

310

Guide to the Flow of Funds Accounts, Volume 1

F.103 Nonfarm Noncorporate Business-Continued
Component

Code

1997 value
(billions of
dollars)

27b. Foreign direct investment
in U.S. real estate

265014003

27c. Foreign direct investment
in U.S. nonfarm nonfinancial
corporate real estate as a
percentage of foreign direct
investment in all U.S. real
estate

105119993

88.7%

Beginning 1979, percentage based on annual data
provided by BEA; for earlier periods, 1979
percentage is used.

28. Proprietors' net investment in
nonfarm noncorporate business

113180005

18.9

Sum of lines 4 and 8, less lines 2, 21, 25, 26,
and 27.

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Federal Reserve Bank of St. Louis

Explanation

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Federal Reserve Bank of St. Louis

312

Guide to the Flow of Funds Accounts, Volume 1

Table F.104 Farm Business
The farm business sector is made up of corpo
rate and noncorporate farms. Like the firms in
the nonfarm noncorporate business sector,
noncorporate farms are owned by households.
In the national income and product accounts
(NIPA), produced by the Bureau of Economic
Analysis (BEA), consumption by farm indi
viduals is part of personal consumption expen
ditures, and farm proprietors' income is trans
ferred to households as part of personal
income and is thus an element of household
saving. Similarly, in the flow of funds
accounts, expenditures on farm residential
structures are part of the fixed investment total
for the households and nonprofit organizations
sector, and proprietors' net investment in non
corporate farms (net additions to or subtrac
tions from household ownership equity) is part
of the net acquisition of financial assets by
the sector. In the flow of funds accounts, how
ever, corporate farms are included in the farm
business sector; in the NIPA they are part of
nonfinancial corporate business.
The major asset of farms, real estate, is a
nonfinancial asset that does not appear on

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Federal Reserve Bank of St. Louis

tables of either flows or outstandings; their
other assets are small in comparison (farm real
estate at the end of 1997 was about $850 bil
lion, while financial assets totaled about
$70 billion). Farms' major sources of funding
are loans or credits from banks, government
sponsored enterprises, the federal government,
and trade suppliers, along with equity invest
ment by owners.
Data on the financial assets and liabilities of
farms are taken from the U.S. Department of
Agriculture (USDA) publication Agricultural
Income and Finance Situation and Outlook
Report, the balance sheets of the agencies
that are part of the Farm Credit System,
quarterly reports of condition submitted
by U.S.-chartered commercial banks, Best's
Aggregates and Averages, Property-Casualty,
and information obtained from the Depart
ment of the Treasury. Data on farm income,
investment, profits, and capital consumption
allowances are from the Survey of Current
Business and from other materials available
from the BEA.

Table F. 104

313

F.104 Farm Business (1)
Billions of dollars

I
2
3
4
5

FA136111103
FAl36006305
FA136300005
FA136300183
FA136300235

Proprietors' net income with JVA and CCAdj
Net saving (corporate)
Consumption of fixed capital
Corporate
Noncorporate

1992

1993

1994

1995

1996

1997

37.1
--0.2
20.5
1.9
18.6

32.4
0.1
20.6
2.0
18.6

36.9
--0.6
20.8
2.4
18.4

22.4
--0.7
21.7
2.3
19.4

38.9
--0.8
22.6
2.5
20.1

35.5
--0.7
23.3
2.8
20.5

I
2
3
4
5

FA136000105

Gross saving

20.3

20.7

20.3

21.0

21.8

22.6

FA136000105

Gross investment

20.3

20.7

20.3

21.0

21.8

22.6

8
9
10

FA13SOS0005
FA135013003
FA135020001

Capital expenditures
Fixed investment (2)
Change in inventories

19.7
14.7
5.0

12.5
18.7
-6.2

31.6
20.8
10.8

13.1
22.5
-9.4

31.4
23.8
7.6

29.8
25.4
4.3

8
9
10

Net financial investment

FA135000005

0.6

8.2

-11.3

7.9

-9.6

-7.2

FA134090005

Net acquisition of financial assets

3.8

3.2

2.5

3.1

2.9

4.4

13
14
15
16

FA\33020003
FA\33090005
FA\33076003
FA\33092003

Checkable deposits and currency
Miscellaneous assets
Insurance receivables
Equity investment in GS Es (3)

1.8
2.0
2.1
--0.1

1.7
1.5
1.4
0.1

0.5
2.0
2.0
0.0

0.4
2.7
2.8
--0.1

--0.0
2.9
3.6
--0.6

0.0
4.4
4.4
0.0

13
14
15
16

3.2

-5.0

13.7

-4.8

12.S

11.6

0.5
0.1
--0.2
0.5
0.2
2.5

2.6
2.1
--0.6
1.0
1.0
-8.5

4.4
1.9
0.2
2.2
1.0
8.4

2.9

4.8
0.6
1.6
2.6
1.3
6.4

6.4
3.5
--0.5
3.3
1.4
3.9

18
19
20
21
22
23

FA134190005

18
19
20
21
22
23

FAl34102005
FA\33168000
FA\33169005
FA893065603
FA\33!70000
FAl33180005

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Proprietors· net investment

(I) Corporate and noncorporate farms.
(2) Nonresidential plant and equipment, shown on table F.6, line 11.
(3) Equity in the Farm Credit System.

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Federal Reserve Bank of St. Louis

I.I

0.3
1.6
1.0
-8.7

314

Guide to the Flow of Funds Accounts, Volume 1

F.104 Farm Business
Component

Code

1997 value
(billions of
dollars

1. Farm proprietors' net income,
with inventory valuation and
capital consumption adjustments

136111103

35.5

2. Net saving of corporate farms

136006305

-.7

2a. Undistributed profits of
corporate farms, at book value

136006003

-1.0

Annual flow from SCB, NIPA table 6.21C, line 4,
Undistributed corporate profits of farms. Series
is converted to seasonally adjusted quarterly flow
by ratio method, using undistributed profits
of corporate business, excluding inventory
valuation and capital consumption adjustments, at
book value (FOF series 096006001, table F.7,
line 27) as the denominator. Data for farms for the
most recent two years estimated by multiplying
total for Agriculture, forestry, and fishing (SCB,
NIPA table 6.21C, line 3) by farm proportion of
total for latest year available. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports
of unadjusted data.

2b. Capital consumption adjustment
for corporate farms

136310103

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms (data for most recent two years estimated as
farm proportion, for latest year available, of SCB,
NIPA table 6.22C, line 2, Agriculture, forestry,
and fishing), less consumption of fixed capital by
farm corporations (SCB, NIPA table 8.8, line 15,
Consumption of fixed capital by the farm sector,
net of SCB, table 8.12, line 7, Consumption of
fixed capital by farm sole proprietorships and
partnerships). Series is converted to seasonally
adjusted quarterly flow by ratio method, using
consumption of fixed capital by private sectors
(FOF series 896300003, table F.8, line 7) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

136300005

23.3

3. Consumption of fixed capital
by farm business, excluding
consumption of fixed
owner-occupied farm residential
capital

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Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table 1.14, line 10, Farm proprietors' income with
inventory valuation and capital consumption
adjustments. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.
Sum of lines 2a and 2b.

Line 3a less line 3b.

Table Rl04

315

F.104-Continued
Component

Code

1997 value
(billions of
dollars

3a. Consumption of fixed capital
by farm business

136300003

26.6

Annual flow from SCB, NIPA table 8.8, line 15,
Consumption of fixed capital by the farm sector.
Series is converted to seasonally adjusted quarterly
flow by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

3b. Consumption of fixed
owner-occupied farm residential
capital (included in the
households and nonprofit
organizations sector), with
owner-occupied farm residential
structures valued at current cost

136320003

3.3

Annual flow from Fixed Reproducible Tangible
Wealth, table A16, Residential Capital, by Type of
Owner, Tenure Group, and Type of Equipment and
Structures, Current-Cost Valuation, Depreciation,
Owner-Occupied Farm (series M1RAG014ONOC;
revisions and updates provided by BEA). Series
is converted to seasonally adjusted flow at annual
rate by ratio method, using consumption of fixed
capital by private sectors (FOF series 896300003,
table F.8, line 7) as the denominator. Unadjusted
flow is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

4. Capital consumption allowances
for corporate farms

136300183

2.8

Annual flow from SCB, NIPA table 6.22C, line 3,
Corporate capital consumption allowances for
farms. Series is converted to seasonally adjusted
quarterly flow by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Data for farms not available for most recent two
years; estimated by multiplying total for
Agriculture, forestry, and fishing (SCB, NIPA
table 6.22C, line 2) by farm proportion of total
for latest year available. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

5. Consumption of fixed capital
by noncorporate farms

136300235

20.5

Line 3 less line 4.

6. Gross saving of farm business,
equal to current surplus

136000105

22.6

Sum of lines 2 and 3.

7. Gross investment by farm
business

136000105

22.6

Sum of lines 8 and 11; also equal to line 6.

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Federal Reserve Bank of St. Louis

Explanation

316

Guide to the Flow of Funds Accounts, Volume I

F.104 Farm Business-Continued
Code

1997 value
(billions of
dollars

8. Capital expenditures of farm
business

135050005

29.8

Sum of lines 9 and 10.

9. Fixed nonresidential investment
by farm business

135013003

25.4

Seasonally adjusted flow from SCB, sum of NIPA
table 5.6, line 19, Farm purchases of nonresidential
structures; NIPA table 5.8, line 26, Agricultural
machinery, except tractors; and a percentage of
NIPA table 5.8, line 25, Tractors (percentage equal
to the ratio of purchases of farm tractors, series
3IHI Y3NTOTLIE020, to purchases of all tractors,
3IHI Y3NTOTLIE021-both series published on
the BEA STAT-USA Internet site; annual ratio
used for all four quarters in year). Unpublished
quarterly data for all three lines in the NIPA
tables provided by BEA. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

10. Change in inventories of farm
business

135020001

4.3

11. Net financial investment by farm
business

135000005

-7.2

12. Net acquisition of financial assets
by farm business

134090005

4.4

Sum of lines 13 and 14.

13. Change in checkable deposits and
currency held by farm business

133020003

Year-end level from Agricultural Income and
Finance Situation and Outlook Report, appendix
table 6, Farm Business Balance Sheet, 33 percent
of Financial assets. P ercentage is ratio of Other
financial assets (assumed to be checkable deposits
and currency) to Total financial assets in 1993
issue of Economic Indicators of the Farm Sector,
where this item was last published separately. Data
are annual; series is converted to quarterly by K-L
method, with estimates for current quarters
obtained by extrapolation. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Line 12 less line 17.

Table F.104

317

F.104-Continued
Code

1997 value
(billions of
dollars

14. Change in total miscellaneous
assets of farm business

133090005

4.4

Sum of lines 15 and 16.

15. Change in claims of farm business
on reserves of other insurance
companies

133076003

4.4

Level from A.M. Best Company tabulation
of NAIC quarterly and annual statements for
property-casualty insurance companies, table
Liabilities, Surplus, and Other Funds, sum of
line 1, Losses, line 2, Loss adjustment expenses,
and line 9, Unearned premiums. The asset
counterpart of this liability is allocated among
the households and nonprofit organizations sector,
nonfarm nonfinancial corporate business, nonfarm
noncorporate business, and farm business using
the distribution, by line of business, of premiums
written by stock companies. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

16. Change in equity in the Farm
Credit System (governmentsponsored enterprises sector) held
by farm business

133092003

Level from Farm Credit System, Quarterly
Information Statement, Condensed Combined
Statement of Condition, Capital stock and
participation certificates; farm business portion
estimated from percentage of total nonmortgage
loans. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

17. Net increase in liabilities of farm
business

134190005

11.6

Sum of lines 18, 22, and 23.

18. Change in credit market debt
of farm business

134102005

6.4

Sum of lines 19, 20, and 21.

19. Change in outstanding bank
loans, not elsewhere classified,
to farm business

133168000

3.5

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to finance agricultural production and other
loans to farmers (series RCON1590). Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.

20. Change in outstanding other loans
and advances to farm business

133169005

-.5

Sum of lines 20a and 20b.

Component

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Federal Reserve Bank of St. Louis

Explanation

318

Guide to the Flow of Funds Accounts, Volume 1

F.104 Farm Business-Continued
Component

Code

1997 value
(billions of
dollars

20a. Change in loans to farm
business held by the federal
government

133169203

-.5

20b. Change in other loans and
advances to farm business held
by the Farm Credit System
(government-sponsored
enterprises sector)

133169250

Level from Farm Credit System, Quarterly
Information Statement, Notes to Condensed
Combined Financial Statements, note 2, Loans
and allowance for loan losses, Short- and
intermediate-term loans to agricultural producers.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

21. Change in farm mortgages

893065603

3.3

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various institutional and government sources;
series is shown in FR Bulletin, table 1.54, line 5,
Mortgages on farm properties. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

22. Change in trade payables owed
by farm business

133170000

1.4

Year-end level from Agricultural Income and
Finance Situation and Outlook Report, appendix
table Nonreal Estate Farm Business Debt by
Lender, column Individuals and others. Data are
annual; series is converted to quarterly by ratio
method, using bank loans outstanding, not
elsewhere classified, to farm business (FOF series
133 I 68000, line 19 above) as the denominator.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

23. Proprietors' net investment
in noncorporate farm business

133180005

3.9

Sum of lines 8 and I 2, less lines 6, 18, and 22.

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Federal Reserve Bank of St. Louis

Explanation
Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, Rural Development and
Farm Service Agency, sum of Rural economic
development loans liquidating account, 50 percent
of Agricultural credit insurance fund, and All other
combined. The value for the series for each quarter
is an average for the most recent four quarters
of the figures calculated by the above method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

320

Guide to the Flow of Funds Accounts, Volume 1

Table F.105

State and Local Governments,
Excluding Employee Retirement Funds

The sector for state and local governments,
excluding employee retirement funds, com
prises the government operations of the fifty
states, their political subdivisions, and the
District of Columbia, including debt-issuing
authorities, government enterprises, and trust
funds. The sector excludes state and local
government employee retirement funds, which
form a separate sector included in the insur
ance and pension funds grouping. State and
local governments engage in activities that
include education; building and maintenance
of roads; provision of water, sewers, and sani
tation; mass transit; public assistance; and
health care. The activities are financed pri
marily through tax receipts, borrowing, and
grants from the federal government.
State and local governments hold various
financial assets, such as U.S. government secu
rities, mortgages, corporate equities and
mutual fund shares, and corporate bonds.
Their major liabilities are municipal securi
ties, mainly long-term obligations. Interest
earnings on most types of municipal securities
are exempt from federal taxation, which
enables the governments to borrow funds at

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Federal Reserve Bank of St. Louis

lower rates than if they issued taxable securi
ties. When interest rates fall, state and local
governments may issue securities to refinance
an outstanding bond issue; the proceeds are
held in escrow until the maturity date or first
call when the earlier issue is repaid or paid
down. State and local governments are
restricted from earning arbitrage profits that
would be obtained by investing the tax-exempt
proceeds in higher-yielding investments. Since
1972, state and local governments have been
investing in special types of U.S. Treasury
securities ("SLGS," or State and Local Gov
ernment Series, pronounced "slugs"), which
were introduced to assist the governments in
complying with these restrictions.
Data on the receipts and expenditures of the
sector are taken from the national income and
product accounts (NIPA) published by the
Bureau of Economic Analysis (BEA) in the
Survey of Current Business; data on financial
assets and liabilities are obtained from annual
financial reports published by the states, from
reports submitted to federal regulatory authori
ties, and from private date reporting services.

321

Table E105

F.105 State and Local Governments, Excluding Employtie Retirement Funds (1)
Billions of dollars

Receipts, NIPA basis

1992

1993

1994

1995

1996

1997

844.3

894.5

949.1

997.8

1045.2

1094.3

FA20li010005

2
3
4

FA206200305
FA206601001
FA206403001

Tax receipts
Social insurance receipts
Grants-in-aid received

607.8
64.3
172.2

639.9
68.8
185.8

676.5
73.4
199.2

709.3
76.5
212.0

748.6
77.8
218.9

789.3
79.9
225.0

2
3
4

FA206900005

Expenditures, NIPA basis

758.1

807.0

852.4

886.0

922.6

960.2

6
7

FA206901001
FA206400005

Consumption expenditures
Net interest and transfers

603.7
154.4

631.6
175.4

663.9
188.5

695.2
190.8

724.7
197.9

758.8
201.4

6
7

FA20606110S

Surplus, NIPA basis

86.2

87.5

96.7

111.8

122.6

134.1

9
10

FA206300001
FA223150005

+ Consumption of fixed capital
- Pension fund reserves

62.3
56.7

65.5
55.7

69.4
58.6

73.2
56.1

77.1
57.4

81.1
79.5

9
10

FA206000105

= Gross saving

91.8

97.2

107.5

128.8

142.3

135.6

FA205090005

Gross investment

120.7

115.8

125.8

169.9

180.5

153.2

FA205019001

Fixed investment

132.2

133.4

138.9

152.1

162.1

175.6

FA2154Nl0005

Net financial investment

-11.4

-17.6

-13.1

17.8

18.4

-22.4

FA214090005

13.5

49.4

-57,6

-31.7

13.8

35.4

16
17
18

FA213020005
FA213030005
FA212050003

Checkable deposits and currency
Time and savings deposits
Security RPs

2.1
-5.7
4.6

1.6
-4.9
10.7

3.2
6.3
-15.1

2.8
9.5
-3.0

-2.7
8.3
32.1

1.5
6.1
3.6

16
17
18

FA214004005

Credit market instruments

1.7

32.6

-55.0

-91.4

-23.7

--0.3

Net acq. of financial assets

20
21
22
23

FA213069103
FA213061005
FA213061105
FA213061703

Open market paper
U.S. government securities
Treasury
Agency

5.2
-5.2
-17.4
12.2

3.7
29.7
29.6
0.1

4.4
-66.2
-77.8
11.6

17.1
-115.3
-80.2
-35.1

20.3
-58.1
-32.8
-25.3

11.3
-8.5
-17.7
9.2

20
21
22
23

24
25
26

FA213062003
FA213063003
FA213065005

Municipal securities
Corporate and foreign bonds
Mortgages

-1.1
2.9
--0.0

-1.0
5.6
-5.4

--0.9
5.4
2.2

-3.5
7.1
3.3

--0.5
10.7
3.8

0.2
-6.9
3.6

25
26

27
28

FA213064103
FA213064203

Corporate equities
Mutual fund shares

1.5
5.5

1.5
6.5

1.3
7.8

12.1
5.9

14.5
6.0

1.3
3.6

27
28

29
30

FA213078005
FA213093005

Taxes receivable
Miscellaneous assets

0.3
3.4

-3.2
4.6

-6.0
--0.1

-8.3
40.6

-5.1
-15.5

--0.8
20.4

29
30

FA214190005

24.9

67.0

-44.5

-49.S

-4.6

57.8

FA214102005

24.1

66.2

-46.2

-51.5

-6.8

56.1

33
34
35
36

FA213162005
FA213162400
FA213162205
FA213169203

24.2
-1.1
25.3
--0.1

66.8
1.8
65.0
--0.6

-46.3
-2.2
-44.1
0.1

-51.9
1.2
-53.2
0.5

-7.2
6.3
-13.4
0.4

57.3
8.3
49.0
-1.2

33
34
35
36

FA213170003

0.8

0.9

1.8

2.0

2.2

1.8

FA217005005

-28.9

-18.6

-18.3

-41.1

-38.2

-17.6

Net increase in liabilities
Credit market instruments
Municipal securities
Short-term
Other

U.S. government loans
Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.120.

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Federal Reserve Bank of St. Louis

322

Guide to the Flow of Funds Accounts, Volume I

F.105 State and Local Governments, Excluding Employee Retirement Funds
Code

1997 value
(billions of
dollars)

1. Receipts of state and local
governments, NIPA basis

206010005

1,094.3

2. Tax receipts of state and local
governments

206200305

789.3

Sum of lines 2a, 2b, and 2c.

2a. Personal tax and nontax receipts
of state and local governments

206210001

219.9

2b. Indirect business tax and nontax
accruals owed to state and local
governments

206240001

533.4

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 7, Indirect business tax and nontax
accruals. Unadjusted flow from SCB, NIPA
table 9.4, line 4, Indirect business tax and nontax
accruals. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow
is estimated by extrapolating the seasonal factor
and subtracting it from the seasonally adjusted
flow, after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

2c. Accruals of corporate profit
taxes owed to state and local
governments

206231001

36.0

3. Social insurance receipts of state
and local governments

206601001

79.9

Component

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, and 4.

Table EJ05

323

F.105-Continued

Code

1997 value
(billions of
dollars)

4. Grants-in-aid to state and local
governments from the federal
government

206403001

225.0

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 19, Grants-in-aid to state and local
governments; also shown in NIPA table 3.3,
line 12, Federal grants-in-aid. Unadjusted flow
from SCB, NIPA table 9.3, line 11, Grants-in-aid
to state and local governments; also shown in
NIPA table 9.4, line 6, Federal grants-in-aid. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated
by extrapolating the seasonal factor and
subtracting it from tbe seasonally adjusted flow,
after tbe seasonally adjusted flow has been
converted from annual rate to quarterly rate.

5. Current expenditures of state and
local governments, NIPA basis

206900005

960.2

Sum of lines 6 and 7.

6. Consumption expenditures
of state and local governments

206901001

758.8

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 14, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.4, line 8,
Consumption expenditures. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from tbe
seasonally adjusted flow, after tbe seasonally
adjusted flow has been converted from annual
rate to quarterly rate.

7. Net interest paid and transfer
payments made by state and local
governments

206400005

201.4

Sum of lines 7a, 7b, and 7c, less lines 7d and 7e.

7a. Net interest paid by state and
local governments

206130001

-77.4

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 16, Net interest paid. Unadjusted
flow from SCB, NIPA table 9.4, line 10, Net
interest paid. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating tbe seasonal
factor and subtracting it from tbe seasonally
adjusted flow, after tbe seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

7b. Transfer payments to persons
made by state and local
governments

206401001

304.1

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 15, Transfer payments to persons.
Unadjusted flow from SCB, NIPA table 9.4, line 9,
Transfer payments to persons. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating the
seasonal factor and subtracting it from tbe
seasonally adjusted flow, after tbe seasonally
adjusted flow has been converted from annual
rate to quarterly rate.

Component

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Federal Reserve Bank of St. Louis

Explanation

324

Guide to the Flow of Funds Accounts, Volume I

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

7c. Subsidies less current surplus
of state and local government
enterprises

206402001

-10.5

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 20, Subsidies less current surplus
of government enterprises. Unadjusted flow from
SCB, NIPA table 9.4, line 14, Subsidies less
current surplus of government enterprises. For
recent quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

7d. Dividends received by state
and local governments

206120001

14.8

7e. Wage accruals less
disbursements by state and local
governments

206700001

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 23, Wage accruals less
disbursements. Unadjusted flow from SCB,
NIPA table 9.4, line 17, Wage accruals less
disbursements. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

8. Current surplus (or deficit)
of state and local governments,
NIPA basis

206061105

134.1

9. Consumption of fixed capital
by state and local governments

206300001

81.1

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Federal Reserve Bank of St. Louis

Explanation

Line 1 less line 5.

Table F.105

325

F.105-Continued

Component
10. Change in pension fund reserve
liabilities of state and local
government employee retirement
funds

!Oa. Fixed nonresidential structures
investment by state and local
government employee
retirement funds

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

223150005

79.5

Equal to net investment in tangible assets (line I 0a
less line I Ob) plus net acquisition of financial
assets (line !Oc less line !Od). In the flow of funds
accounts, saving equal to the value of this series
is transferred from the state and local government
sector to the households and nonprofit
organizations sector; the corresponding addition
appears in the households and nonprofit
organizations sector table (F. l 00) as part of line 6.
This adjustment is made in order to maintain
consistency with the national income and product
accounts in the treatment of private pension fund
reserves.

225013063

1.6

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B l , Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, Equipment
for commercial and mutual depository institutions
(series 13NFl6B1EQ00; revisions and updates
provided by BEA), nondepository institutions
(13NFl611EQ00), insurance carriers
(l3NFI631EQ00), and holding and other
investment offices (l3NFl67 l EQ00), plus
Structures for commercial and mutual depository
institutions (l3NFI6B1STOO), nondepository
institutions (l3NFI61 l ST00), insurance carriers
(l3NFI63 l ST00), and holding and other
investment offices (l3NFl671ST00); the sum
is multiplied by the ratio of investment in
nonresidential structures by insurance carriers
to investment in equipment and nonresidential
structures by insurance carriers, and multiplied
by the ratio of tangible assets reported by state and
local government employee retirement funds
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices in the
U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts. Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using NIPA total
investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
State and local government employee retirement
funds are assumed to have no equipment.

Explanation

326

Guide to the Flow of Funds Accounts, Volume 1

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component
10b. Consumption of fixed
nonresidential structures
capital by state and local
government employee
retirement funds, with
nonresidential structures
valued at current cost

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

226330063

1.4

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, Equipment for commercial and
mutual depository institutions (series
MlNFI6BlEQ00; revisions and updates
provided by BEA), nondepository institutions
M1NFI611EQ00), insurance carriers
(M1NFI631EQ00), and holding and other
investment offices (M1NFI671EQ00), plus
Structures for commercial and mutual depository
institutions (MlNFI6BlSTOO), nondepository
institutions (M1NFI611ST00), insurance carriers
(MlNFI631ST00), and holding and other
investment offices (MlNFI671STOO); the sum
is multiplied by the ratio of consumption of fixed
nonresidential structures capital by insurance
carriers to consumption of fixed nonresidential
equipment and structures capital by insurance
carriers, and multiplied by the ratio of tangible
assets reported by state and local government
employee retirement funds to tangible assets
reported by U.S.-chartered commercial banks,
foreign banking offices in the U.S., bank holding
companies, banks in U.S.-affiliated areas, savings
institutions, credit unions, life insurance
companies, other insurance companies, private
pension funds, state and local government
employee retirement funds, government-sponsored
enterprises, finance companies, and real estate
investment trusts. Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using consumption of fixed capital by
private sectors (FOF series 896300003, table F.8,
line 7) as the denominator. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.
Beginning 1994:Ql, the values for this series
obtained by the method described above are
adjusted upward as part of a reallocation by the
FOF Section of consumption of fixed capital by
private sectors toward financial institutions in
general and away from nonfarm noncorporate
business, in order to align the FOF Section
estimates of noncorporate consumption of fixed
capital with values implied by the latest SOI
balance sheets for partnerships and income
statements for proprietorships. State and local
government employee retirement funds are
assumed to have no equipment.

Table Fl05

327

F.105-Continued
Code

1997 value
(billions of
dollars)

10c. Change in total assets reported
by state and local government
employee retirement funds

224090003

79.9

Unadjusted flow from Quarterly Survey of the
Finances of Public-Employee Retirement Systems
(data provided by Bureau of the Census), part I,
sum of line A. I, Employee contributions, line A.2,
Government contributions, line A.3, Earnings
on investments, and line A.4, Other receipts, less
the sum of line B. I, Benefits paid, line B.2,
Withdrawals, and line B.3, Other payments. Level
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

10d. Change in tangible assets
of state and local government
employee retirement funds,
at book value

225013103

Fiscal-year-end level from Employee-Retirement
Systems of State and Local Governments, table I,
National Summary of State and Local Government
Employee-Retirement System Finances, Real
property. Data were formerly published annually,
with a lag of several years; latest volume available
is part of the 1992 quinquennial Census of
Governments. Series is converted to quarterly
and estimated for current periods using data from
Quarterly Survey of the Finances of PublicEmployee Retirement Systems, part II, line G. I,
Real property. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

11. Gross saving of state and local

206000105

135.6

Sum of lines 8 and 9, less line 10.

12. Gross investment by state and
local governments

205090005

153.2

Sum of lines 13 and 14.

13. Fixed investment by state and
local governments

205019001

175.6

14. Net financial investment by state
and local governments, excluding
employee retirement funds

215000005

-22.4

Line 15 less line 31.

Component

governments

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Federal Reserve Bank of St. Louis

Explanation

328

Guide to the Flow of Funds Accounts, Volume 1

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

15. Net acquisition of financial assets
by state and local governments,
excluding employee retirement
funds

214090005

35.4

16. Change in checkable deposits and
currency held by state and local
governments, excluding employee
retirement funds

213020005

1.5

Line 16a less lines 16b and 16c.

16a. Change in transaction deposits
held by state and local
governments at U.S.-chartered
commercial banks

723128000

2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total transaction accounts, States and political
subdivisions in the U.S. (series RCON2203).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

16b. Change in adjustment to
balance reporting differences
in demand deposits held by
state and local governments

903028003

Fiscal-year-end level calculated by FOF Section
using data on deposit liabilities to state and local
governments from quarterly Report of Condition
for U.S.-chartered commercial banks and data
on cash and deposits held by state and local
governments from former Bureau of the Census
publication Government Finances. In 1987, the
Bureau of the Census discontinued reporting cash
and deposits as separate items in Government
Finances; the unadjusted flow for this series was
lowered to zero over the following two years, and
the level has been carried forward unchanged since
then. For earlier years, data are annual; series
is converted to quarterly by K-L method, with
unadjusted flow equal to the change in the level.
Quarterly values for the unadjusted flow are zero
beginning I 989:Q4; for earlier quarters, unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

16c. Change in checkable deposits
and currency held by state and
local government employee
retirement funds

223020000

Fiscal-year-end level from Employee-Retirement
Systems of State and Local Governments, table 1,
National Summary of State and Local Government
Employee-Retirement System Finances, Cash and
demand deposits. Data were formerly published
annually, with a lag of several years; latest volume
available is part of the 1992 quinquennial Census
of Governments. Series is converted to quarterly
and estimated for current quarters using data from
Quarterly Survey of the Finances of Public
Employee Retirement Systems (provided by
Bureau of the Census), part II, line A.1, Cash on
hand and demand deposits. Unadjusted flow is the
change in the level; seasonally adjusted flow is
obtained using X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 16, 17, 18, 19, 27, 28, 29, and 30.

Table F.105

329

F.105-Continued
Component

Code

1997 value
(billions of
dollars)

17. Change in time and savings
deposits held by state and local
governments, excluding employee
retirement funds

213030005

6.1

Line 17a less change in time deposits held by state
and local government employee retirement funds
(equal to line 17b less line 16c).

17a. Change in time deposits held
by state and local governments

203030000

5.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accounts (including
MMDAs), States and political subdivisions in the
U.S. (series RCON2530). Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

17b. Change in holdings of cash
balances reported by state and
local government employee
retirement funds

223024003

Fiscal-year-end level from Employee-Retirement
Systems of State and Local Governments, table 1,
National Summary of State and Local Government
Employee-Retirement System Finances, Time,
savings deposits, and nonfederal short-term
investments, allocated among cash balances,
security repurchase agreements, and open market
paper using distribution of assets reported
in Quarterly Survey of the Finances of
Public-Employee Retirement Systems (data
provided by Bureau of the Census). Data were
formerly published annually, with a lag of several
years; latest volume available is part of the 1992
quinquennial Census of Governments. Series
is converted to quarterly and estimated for current
periods using data from quarterly survey cited
above, part II, sum of line A. l, Cash on hand and
demand deposits, and line A.2, Time or savings
deposits. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

18. Change in outstanding loans held
by state and local governments,
excluding employee retirement
funds, under security repurchase
agreements

212050003

3.6

Level is FOF Section estimate based on
information on repurchase agreements held from
financial reports of the states that hold the majority
of the financial assets of the sector. For each state,
the reports comprise the comprehensive annual
financial report, reports on investment pools of the
state and its local governments, and financial
statements of the retirement funds for the state.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

330

Guide to the Flow of Funds Accounts, Volume I

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

19. Change in credit market assets
of state and local governments,
excluding employee retirement
funds

214004005

-.3

20. Change in open market paper
held by state and local
governments, excluding employee
retirement funds

213069103

11.3

Level is FOF Section estimate based on
information on commercial paper held from
financial reports of the states that hold the majority
of the financial assets of the sector. For each state,
the reports comprise the comprehensive annual
financial report, reports on investment pools of the
state and its local governments, and financial
statements of the retirement funds for the state.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

21. Change in U.S. government
securities held by state and local
governments, excluding employee
retirement funds

213061005

-8.5

Sum of lines 22 and 23.

22. Change in U.S. Treasury securities
held by state and local
governments, excluding employee
retirement funds

213061105

-17.7

Sum of lines 22a and 22b.

22a. Change in U.S. Treasury
securities, except for
nonmarketable U.S. Treasury
securities (SLGS), held by
state and local governments,
excluding employee retirement
funds

213061103

-40.5

Level is FOF Section estimate based on
information on U.S. government securities held
from financial reports of the states that hold the
majority of the financial assets of the sector.
For each state, the reports comprise the
comprehensive annual financial report, reports
on investment pools of the state and its local
governments, and financial statements of the
retirement funds for the state. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

22b. Change in nonmarketable U.S.
Treasury securities (SLGS)
issued to state and local
governments, excluding
employee retirement funds

213061120

22.8

Level from Monthly Statement of the Public Debt,
table 1, Summary of Public Debt Outstanding,
Interest-bearing debt, Nonmarketable, State and
local government series. Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

Sum of lines 20, 21, 24, 25, and 26.

Table F.105

331

F.105-Continued
Component

Code

1997 value
(billions of
dollars)

23. Change in U.S. government
agency securities held by state
and local governments, excluding
employee retirement funds

213061703

9.2

24. Change in municipal securities
held by state and local
governments, excluding employee
retirement funds

213062003

Level is FOF Section estimate based on
information on municipal securities held from
financial reports of the states that hold the majority
of the financial assets of the sector. For each state,
the reports comprise the comprehensive annual
financial report, reports on investment pools of the
state and its local governments, and financial
statements of the retirement funds for the state.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

25. Change in corporate and foreign
bonds held by state and local
governments, excluding employee
retirement funds

213063003

-6.9

Level is FOF Section estimate based on
information on corporate, foreign, and
asset-backed bonds held from financial reports
of the states that hold the majority of the financial
assets of the sector. For each state, the reports
comprise the comprehensive annual financial
report, reports on investment pools of the state and
its local governments, and financial statements of
the retirement funds for the state. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

26. Change in mortgages held
by state and local governments,
excluding employee retirement
funds

213065005

3.6

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 26a, 26b, 26c, and 26d.

332

Guide to the Flow of Funds Accounts, Volume 1

F.105

State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

26a. Change in home mortgages
held by state and local
governments, excluding
employee retirement funds

213065103

3.0

26b. Change in multifamily
residential mortgages held
by state and local
governments, excluding
employee retirement funds

213065403

Unadjusted flow from HUD Survey of Mortgage
Lending Activity, table 3, Quarterly Gross Flows
of Long-Term Mortgage Loans, column Net
change, State and local credit agencies,
Multifamily. Level is obtained by adding flow
to preceding level; series is part of FR Bulletin,
table 1.54, line 75, Mortgages on multifamily
residences held by individuals and others. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

26c. Change in commercial
mortgages held by state and
local governments, excluding
employee retirement funds

213065503

Unadjusted flow from HUD Survey of Mortgage
Lending Activity, table 3, Quarterly Gross Flows
of Long-Term Mortgage Loans, column Net
change, State and local credit agencies,
Nonresidential. Level is obtained by adding flow
to preceding level; series is part of FR Bulletin,
table 1.54, line 76, Mortgages on nonfarm,
nonresidential properties held by individuals and
others. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

26d. Change in farm mortgages
held by state and local
governments, excluding
employee retirement funds

213065603

Unadjusted flow from HUD Survey of Mortgage
Lending Activity, table 3, Quarterly Gross Flows
of Long-Term Mortgage Loans, column Net
change, State and local credit agencies, Farm
properties. Level is obtained by adding flow
to preceding level; series is part of FR Bulletin,
table 1.54, line 77, Mortgages on farm properties
held by individuals and others. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow from HUD Survey of Mortgage
Lending Activity, table 3, Quarterly Gross Flows
of Long-Term Mortgage Loans, column Net
change, State and local credit agencies, One- to
four-family homes. Level is obtained by adding
flow to preceding level; series is part of
FR Bulletin, table 1.54, line 74, Mortgages on one
to four-family residences held by individuals and
others. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Table F.105

333

F.105-Continued

Component

Code

1997 value
(billions of
dollars)

27. Net purchases of corporate
equities by state and local
governments, excluding employee
retirement funds

213064103

1.3

Level is FOF Section estimate based on
information on corporate equities held from
financial reports of the states that hold the majority
of the financial assets of the sector; level is at book
value. For each state, the reports comprise the
comprehensive annual financial report, reports
on investment pools of the state and its local
governments, and financial statements of the
retirement funds for the state. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

28. Net purchases of mutual fund
shares by state and local
governments, excluding employee
retirement funds

213064203

3.6

Level is FOF Section estimate based on
information on mutual fund shares held from
financial reports of the states that hold the majority
of the financial assets of the sector; level is at book
value. For each state, the reports comprise the
comprehensive annual financial report, reports
on investment pools of the state and its local
governments, and financial statements of the
retirement funds for the state. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

29. Change in business taxes
receivable by state and local
governments, excluding employee
retirement funds

213078005

-.8

Sum of lines 2c and 29a, less line 29b.

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Federal Reserve Bank of St. Louis

Explanation

334

Guide to the Flow of Funds Accounts, Volume I

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

29a. Change in taxes payable
by nonfarm noncorporate
business

113178203

1.3

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, sum of Other
current liabilities and Other liabilities (total for all
industries except farms and finance), allocated
between taxes payable and miscellaneous liabilities
on the basis of relationships reported in the QFR
for taxes payable and miscellaneous liabilities
of small nonfinancial corporations. Level also
includes FOF Section estimates for taxes payable
by nonfarm nonfinancial sole proprietorships based
on the relationship of proprietorship income to
partnership income from the SOI Bulletin. Data are
annual and are available with a lag of several
years; series is converted to quarterly by K-L
method. Data for current quarters are FOF Section
estimates based on noncorporate income.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

29b. Corporate tax payments to
state and local governments

206233100

38.1

Annual flow from data on state and local
government tax collections published on the
Bureau of the Census Internet site. Data are
available with a lag of several years; series is
converted to unadjusted quarterly flow using data
on tax accruals. Data for current quarters are
estimated by FOF Section on the basis of previous
relationships. Seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

213093005

20.4

Line 30a less lines 16, 17, 18, 20, 22a, 23, 24, 25,
26, 27, 28, and 29.

214090093

12.6

Level is FOF Section estimate based on
information on total financial assets held from
financial reports of the states that hold the majority
of the financial assets of the sector. For each state,
the reports comprise the Comprehensive Annual
Financial Report, reports on investment pools of
the state and its local governments, and financial
statements of the retirement funds for the state.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

30. Change in unidentified
miscellaneous assets of state and
local governments, excluding
employee retirement funds
30a. Change in total assets reported
by state and local
governments, excluding
employee retirement funds

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Federal Reserve Bank of St. Louis

Explanation

Table F.105

335

F.105-Continued

Component

Code

1997 value
(billions of
dollars)

31. Net increase in liabilities of state
and local governments, excluding
employee retirement funds

214190005

57.8

Sum of lines 32 and 37.

32. Change in credit market debt
of state and local governments,
excluding employee retirement
funds

214102005

56.1

Sum of lines 33 and 36.

33. Change in outstanding municipal
securities issued by state and local
governments, excluding employee
retirement funds

213162005

57.3

Sum of lines 34 and 35.

34. Change in outstanding short-term
municipal securities issued by
state and local governments,
excluding employee retirement
funds

213162400

8.3

35. Change in outstanding municipal
securities, other than short-term,
issued by state and local
governments, excluding employee
retirement funds

213162205

49.0

Gross issuance of long-term obligations of state
and local governments, excluding employee
retirement funds (equal to line 35a less lines 35b,
35c, and 35d), less Retirements of obligations
of state and local governments, excluding
employee retirement funds (equal to line 35e less
lines 35f and 35g).

35a. Gross issuance of long-term
municipal debt owed
by domestic nonfinancial
nonfederal sectors

253162260

229.2

Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section, Gross
offerings of long-term municipal securities, sum
of Taxable and Tax-exempt bonds. Level is
obtained by adding flow to preceding level.
Seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

35b. Gross issuance of municipal
debt by nonprofit
organizations (households and
nonprofit organizations sector)
to finance student loans

153162200

4.5

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Federal Reserve Bank of St. Louis

Explanation

Level calculated by FR Board, Capital Markets
Section, using data from Securities Data Company.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure. This series comprises
debt with an original maturity of thirteen months
or less.

336

Guide to the Flow of Funds Accounts, Volume 1

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

35c. Gross issuance of municipal
debt by nonprofit hospitals
(households and nonprofit
organizations sector)

153162503

15.2

35d. Gross issuance of municipal
securities owed by nonfarm
nonfinancial corporate
business

103162260

7.6

35e. Retirements of long-term
municipal debt owed
by domestic nonfinancial
nonfederal sectors

253162270

166.1

35f. Retirements of municipal debt
by nonprofit organizations
(households and nonprofit
organizations sector)

153162273

9.7

Unadjusted flow estimated by FOF Section using
data published on the Bureau of the Census
Internet site and data on gross issuance of
municipal debt by nonprofit organizations to
finance student loans (FOF series 153162200,
line 35b above) and by nonprofit hospitals
(153162503, line 35c above). Level is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

35g. Retirements of municipal
securities owed by nonfarm
nonfinancial corporate
business

103162273

3.5

Unadjusted flow estimated by FOF Section using
data published on the Bureau of the Census
Internet site and data on gross issuance of
municipal debt owed by nonfarm nonfinancial
corporate business (FOF series 103162260,
line 35d above). Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds by hospitals. Level
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Unadjusted flow from Securities Data Company
via FR Board, Capital Markets Section,
Corporate-backed tax-exempt bonds. Level
is obtained by adding flow to preceding level.
Seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Unadjusted flow from MuniView (private data
service), table U.S. Municipal Bond Redemptions,
Total redemptions excluding Coupon payments.
Level is obtained by adding flow to preceding
level. Seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

Table F.105

337

F.105-Continued

Component

Code

1997 value
(billions of
dollars)

36. Change in loans to state and local
governments, excluding employee
retirement funds, held by the
federal government

213169203

-1.2

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Federal Reserve Bank of St. Louis

Explanation
Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, sum of Rural Utilities
Service, 5 percent of Rural communication
development fund, 5 percent of Rural
electrification and and telephone revolving fund,
and 5 percent of Rural Telephone Bank accounts,
and Rural Development, 75 percent of Other
funds, 75 percent of Rural development insurance
fund, and 75 percent of Rural development loan
fund; plus Department of Commerce, Economic
Development Administration, sum of Revolving
fund and All other combined; plus Department
of the Interior, Bureau of Reclamation, All other
combined; plus Department of the Treasury, sum
of Financial Management Service, All other
combined, and District of Columbia, All other
combined (account 90000) and All other
combined (account 91100); plus Department of
Transportation, Federal Highway Administration,
sum of Right-of-way revolving fund and Federal
Highway Administration loans; plus HUD, sum
of Housing Programs, Low-rent public housing,
and Community Planning and Development,
50 percent of Revolving fund, liquidating program,
and 50 percent of Community development loans;
plus Department of Energy, Bonneville Power
Administration, Bonneville power fund; plus
Department of Education, Office of Postsecondary
Education, sum of 30 percent of Higher education
facilities loans, 30 percent of College housing
loans, and 30 percent of College housing and
academic facilities loans. The value for the series
for each quarter is an average for the most recent
four quarters of the figures calculated by the above
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

338

Guide to the Flow of Funds Accounts, Volume 1

F.105 State and Local Governments, Excluding Employee Retirement Funds-Continued
Component

Code

1997 value
(billions of
dollars)

37. Change in trade payables owed
by state and local governments,
excluding employee retirement
funds

213170003

1.8

38. Discrepancy for state and local
governments, excluding employee
retirement funds, equal to gross
saving less gross investment

217005005

-17.6

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Federal Reserve Bank of St. Louis

Explanation
Level estimated by FOF Section as 9.5 percent
of amounts owed to other than employees, equal
to the sum of SCB, NIPA table 3.7, line 28,
Consumption expenditures of state and local
governments, and line 35, Gross investment by
state and local governments, net of line 40,
Compensation of state and local government
employees. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.
Line 11 less line 12. The discrepancy is a use
of funds in the FOF accounts.

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Federal Reserve Bank of St. Louis

340

Guide to the Flow of Funds Accounts, Volume 1

Table F.106

Federal Government

The federal government sector comprises all
federal government agencies and funds that
are in the unified budget, including the civil
service and railroad retirement funds, insur
ance funds, and the Exchange Stabilization
Fund. Also included are government-owned
corporations and agencies that issue securities
individually, such as the Export-Import Bank.
The sector does not include the District of
Columbia government, which is part of the
state and local governments sector. Nor does
it include the Federal Reserve Banks and cer
tain monetary accounts of the Treasury, which
together form the monetary authority sector,
or government-sponsored enterprises, even
though several of them were formerly part of
the federal government. The sector is pre
sented in the flow of funds accounts on a
consolidated basis, with holdings of Treasury
securities by agencies within the federal gov
ernment netted out. As a result, the liability
for securities outstanding shown for the fed
eral government in the accounts is smaller
than the published value for the total public
debt, which includes securities held by the
federal agencies.
Data on the federal government sector for
the flow of funds accounts come mainly from
the national income and product accounts
(NIPA), produced by the Bureau of Economic
Analysis (BEA), and from the Department of

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Federal Reserve Bank of St. Louis

the Treasury. Gross saving for the sector is
derived from the federal government surplus
shown in the NIPA, but it differs from the
NIPA series in two major ways: In the flow
of funds accounts, gross saving for the federal
government ( 1) excludes the change in reserve
liabilities for employee life insurance and
retirement funds (in the flow of funds accounts
this amount is assigned to the households and
nonprofit organizations sector, to provide
treatment parallel to that of private insurance
and pension funds) and (2) includes receipts
from the sale or lease of access rights (that is,
rights to the use of Outer Continental Shelf
lands and the broadcast frequency spectrum). 1
Sales of access rights are shown in the federal
budget as outlays; for most periods, the
amounts shown are negative because they are
payments to the federal government. Data
showing net financial investment and related
detail are obtained from Treasury Department
publications-the Monthly Treasury Statement
of Receipts and Outlays of the United States
Government (referred to in this Guide as the
Monthly Treasury Statement, or MTS) and
the Monthly Statement of the Public Debt of
the United States.
I. In October 1999, the allocation of pension and insur
ance reserves in the NIPA was changed and now corre
sponds closely to the allocation in the flow of funds
accounts.

341

Table F.106

F.106 Federal Government
Billions of dollars

FA316010005

Receipts, NlPA basis

Personal taxes
Corporate profits tax accruals

1992

1993

1994

1995

1996

1997

1198.5

1275.1

1374.7

1460.3

1584.7

1719.9

490.8
118.6
81.9
507.1

522.6
138.3
87.0
527.3

562.3
156.7
98.6
557.1

606.1
179.4
92.5
582.4

687.0
193.1
94.5
610.2

769.1
210.0
93.8
647.0

4
5

2
3
4
5

FA316210001
FA316231005
FA316240001
FA316601001

F A316900005

Expenditures, NIPA basis

1479.4

1525.8

1561.4

1634.7

1695.0

1741.0

7
8
9

FA316901001
FA3l6400205
FA316132001

Consumption expenditures
Transfers, grants, etc .
Net interest

451.1
832.5
195.9

447.3
885.8
192.7

443.2
918.1
200.0

442.9
967.1
224.8

450.9
1015.8
228.4

460.4
1049.4
231.2

7
8
9

FA316061105

Surplus, NIPA basis

-280.9

-250.7

-186.7

-174.4

-110.3

-21.1

II
12

FA316300001
FA313154005

+ Consumption of fixed capital
- Insurance and pension reserves

65.9
27.8

67.9
27.9

69.5
28.0

70.7
16.0

70.7
44.1

70.6
31.7

11
12

FA316000105

= Gross saving

-242.7

-210.7

-145.2

-119.7

--83.7

17.8

FA315090005

Gross investment

-275.2

-221.3

-181.4

-108.4

-126.1

-2.7

15
16

FA315019001
FA315030005

Fixed investment
Access rights sales

76.9
0.0

71.1
--0.0

67.0
0.0

66.3
-7.6

67.6
-3.5

59.8
-7.1

15
16

FA315000005

Net financial investment

-352.1

-292.4

-248.4

-167.0

-190.2

-55.4

FA314090005

-25.1

-4.2

--4;0.5

-4.1

-2.5

-1.6

19
20
21

FA313011005
FA313020005
FA313030003

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits

-1.7
-16.9
--0.7

1.0
20.7
--0.1

-2.7
-21.7
--0.1

6.4
--0.0
0.3

-2.9
11.0
1.4

2.5
--0.5
1.0

19
20
21

FA3I4002005

Credit market instruments

-11.9

-18.4

-27.5

--0.2

-7.7

4.9

23
24
25

FA3l3061703
FA3l3065005
FA313069005

Agency securities
Mortgages
Other loans and advances

0.0
-11.9
--0.0

0.0
-15.4
-2.9

0.0
-14.0
-13.4

0.0
-13.2
13.0

0.0
-7.5
--0.2

0.0
-4.5
9.5

23
24
25

26
27
28

FA313070000
FA313078005
F A313090005

--6.7
-2.6
15.4

-2.4
-1.3
-3.8

-3.8
-8.0
3.3

-1.6
-6.5
-2.5

1.2
0.9
--6.4

--0.7
-1.8
--6.9

26
27
28

FA314190005

327.1

30
31

FA713014003
FA313112003

SDR certificates
Treasury currency

FA3l4102005

Credit market instruments

33
34
35
36

FA31316!400
FA313161105
FA313161705
FA313165403

37
38
39

FA313170005
FA313154005
FA3l3190005

FA317005005

Indirect taxes

Social insurance receipts

Net acq. of financial assets

Trade receivables
Taxes receivable
Miscellaneous assets
Net increase in liabilities

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance and pension reserves
Miscellaneous liabilities
Discrepancy

288.2

188.0

162.9

187.7

53.8

-2.0
0.2

0.0
0.4

0.0
0.7

2.2
0.6

--0.5
0.1

--0.5
--0.0

30
31

304.0

256.1

155.9

144.4

145.0

23.1

19.1
284.6
0.2
--0.0

14.7
233.7
7.8
--0.0

8.0
147.7
0.2
0.0

5.1
137.9
1.5
0.0

2.0
144.6
-1.6
--0.0

--0.5
23.7
--0.1
--0.0

33
34
35
36

-2.8
27.8
--0.1

3.0
27.9
0.7

--0.4
28.0
3.9

-4.7
16.0
4.5

2.2
44.1
-3.2

--0.9
31.7
0.4

37
38
39

32.4

10.7

36.3

-11.4

42.3

20.5

-16.9

19.2

-26.7

-5.7

12.9

-2.2

Memo:
41

FA314000105

Change in cash balance (I)

(I) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

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Federal Reserve Bank of St. Louis

342

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government
Code

1997 value
(billions of
dollars)

1. Receipts of the federal
government, NIPA basis

316010005

1,719.9

2. Personal tax and nontax receipts
of the federal government

316210001

769.1

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 2, Personal tax and nontax receipts.
Unadjusted flow from SCB, NIPA table 9.3, line 2,
Personal tax and nontax receipts. For recent
quarters for which unadjusted NIPA data are
not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted
from annual rate to quarterly rate.

3. Corporate profit tax accruals,
including accruals by Federal
Reserve Banks, owed to the
federal government

316231005

210.0

Line 3a less line 3b.

3a. Corporate profit tax liabilities
owed to state and local and
federal governments

096231001

246.1

Seasonally adjusted flow from SCB, NIPA
table 1.14, line 23, Corporate profits tax liability.
Unadjusted flow from SCB, NIPA table 9.6, line 3,
Corporate profits tax liability. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating
the seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual
rate to quarterly rate.

3b. Accruals of corporate profit
taxes owed to state and local
governments

206231001

36.0

Seasonally adjusted flow from SCB, NIPA
table 3.3, line 6, Corporate profits tax accruals.
Unadjusted flow from SCB, NIPA table 9.4, line 3,
Corporate profits tax accruals. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating
the seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual
rate to quarterly rate.

4. Indirect business tax and nontax
accruals owed to the federal
government

316240001

93.8

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 9, Indirect business tax and nontax
accruals. Unadjusted flow from SCB, NIPA
table 9.3, line 4, Indirect business and nontax
accruals. For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow is
estimated by extrapolating the seasonal factor
and subtracting it from the seasonally adjusted
flow, after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

Component

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, 4, and 5.

Table E106

343

F.106-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

5. Social insurance receipts of the
federal government

316601001

647.0

6. Current expenditures of the
federal government, NIPA basis

316900005

1,741.0

7. Consumption expenditures of the
federal government

316901001

460.4

8. Transfers and other payments
made by the federal government

316400205

1,049.4

8a. Grants-in-aid to state and local
governments from the federal
government

206403001

225.0

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 19, Grants-in-aid to state and local
governments; also shown in NIPA table 3.3,
line 12, Federal grants-in-aid. Unadjusted flow
from SCB, NIPA table 9.3, line 11, Grants-in-aid
to state and local governments; also shown in
NIPA table 9.4, line 6, Federal grants-in-aid. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

8b. Transfer payments made by the
federal government, net

316401001

791.9

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Federal Reserve Bank of St. Louis

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 13, Contributions for social
insurance. Unadjusted flow from SCB,
NIPA table 9.3, line 5, Contributions for
social insurance. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.
Sum of lines 7, 8, and 9.

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 15, Consumption expenditures.
Unadjusted flow from SCB, NIPA table 9.3, line 7,
Consumption expenditures. For recent quarters
for which unadjusted NIPA data are not available,
unadjusted flow is estimated by extrapolating
the seasonal factor and subtracting it from the
seasonally adjusted flow, after the seasonally
adjusted flow has been converted from annual
rate to quarterly rate.
Sum of lines 8a, 8b, and 8c, less line 8d.

344

Guide to the Flow of Funds Accounts, Volume I

F.106

Federal Government-Continued
Code

1997 value
(billions of
dollars)

8c. Subsidies less current surplus of
federal government enterprises

316402001

32.5

8d. Wage accruals less
disbursements by the federal
government

316700001

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 28, Wage accruals less
disbursements. Unadjusted flow from SCB,
NIPA table 9.3, line 20, Wage accruals less
disbursements. For recent quarters for which
unadjusted NIPA data are not available, unadjusted
flow is estimated by extrapolating the seasonal
factor and subtracting it from the seasonally
adjusted flow, after the seasonally adjusted flow
has been converted from annual rate to quarterly
rate.

9. Net interest paid by the federal
government

316132001

231.2

10. Current surplus (or deficit) of the
federal government, NIPA basis

316061105

-21.1

Line 1 less line 6.

11. Consumption of fixed capital
by the federal government

316300001

70.6

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Seasonally adjusted flow from SCB, NIPA
table 3.2, line 25, Subsidies less current surplus
of government enterprises. Unadjusted flow from
SCB, NIPA table 9.3, line 17, Subsidies less
current surplus of government enterprises. For
recent quarters for which unadjusted NIPA data
are not available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted
from annual rate to quarterly rate.

Table Fl06

345

F.106-Continued
Component

Code

1997 value
(billions of
dollars)

12. Change in liabilities of the federal
government for life insurance and
retirement reserves

313154005

31.7

12a. Change in life insurance
reserve liabilities of the federal
government

313140003

12b. Change in federal employee
retirement reserve liabilities
of the federal government

313151000

29.7

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Office of Personnel
Management, Civil service retirement and
disability fund, sum of Public debt securities and
Agency securities. Entire amount is assumed
to be a liability of the federal government to the
households and nonprofit organizations sector.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure. The complete financial
statement for the civil service retirement and
disability fund appears in the December issue
of the Treasury Bulletin.

12c. Change in railroad retirement
reserve liabilities of the federal
government

313152000

1.7

Level from Monthly Treasury Statement, table 6,
schedule D, column Securities held as investments,
Close of this month, Independent agencies,
Railroad Retirement Board. Entire amount is
assumed to be a liability of the federal government
to the households and nonprofit organizations
sector. Unadjusted flow is the change in the level;
seasona11y adjusted flow is obtained using
X-11-ARIMA procedure. The complete financial
statement for the railroad retirement account
appears in the December issue of the Treasury
Bu11etin.

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 12a, 12b, and 12c. In the flow of
funds accounts, saving equal to the value of this
series is transferred from the federal government
sector to the households and nonprofit
organizations sector; the corresponding addition
appears in the households and nonprofit
organizations sector table (F.100) as part of line 6.
This adjustment is made in order to maintain
consistency with the NIPA in the treatment of
private pension fund reserves.

346

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F.106 Federal Government-Continued
Code

1997 value
(billions of
dollars)

13. Gross saving of the federal
government

316000105

17.8

Line 10 plus line 11, less line 12.

14. Gross investment by the federal
government

315090005

-2.7

Sum of lines 15, 16, and 17.

15. Fixed investment by the federal
government

315019001

59.8

16. Sales of access rights by the
federal government

315030005

-7.1

Equal to line 16a, with sign reversed.

105030003

7.1

17. Net financial investment by the
federal government

315000005

-55.4

18. Net acquisition of financial assets
by the federal government

314090005

-1.6

19. Net acquisition of gold, special
drawing rights, and official
foreign exchange by the federal
government, plus net change in
share in U.S. position in the
International Monetary Fund
held by the federal government,
both excluding the monetary
authority

313011005

2.5

Component

16a. Purchases of access rights
from the federal government
by nonfarm nonfinancial
corporate business

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 19, 20, 21, 22, 26, 27, and 28.

Line 19a net of line 19b, plus lines 19c, 19d, and
l 9e and 50 percent of line l 9f.

Table F106

347

F.106-Continued
Code

1997 value
(billions of
dollars)

19a. Change in U.S. holdings
of monetary gold

883011203

19b. Change in monetary gold held
by the monetary authority

713011203

19c. Net acquisition of special
drawing rights by the federal
government, excluding the
monetary authority

313011303

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from FR Bulletin, table 3.12, line 2, Gold
stock, including Exchange Stabilization Fund.
Unadjusted flow from SCB, USIT table 1, line 35,
Gold, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 35, Gold, with
sign reversed. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data. The
official gold stock of the U.S. is valued at $42.22
per fine troy ounce; gold held "under earmark"
at FR Banks for foreign and international accounts
is not included in the U.S. official stock.
Level from FR Bulletin, table 1.18, line I, Gold
certificate account, end-of-month data. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. The official U.S. gold stock is valued
at $42.22 per fine troy ounce.

Level from FR Bulletin, table 3.12, line 3, Special
drawing rights. Unadjusted flow from SCB, USIT
table I, line 36, Special drawing rights, with sign
reversed; also shown in SCB, section BEA Current
and Historical Data, International Data, table F.2,
line 36, Special drawing rights. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. The seasonally adjusted and
unadjusted flows for this series consist of
transactions in SDRs; the flows exclude allocations
of SDRs and revaluations of SDR holdings.
Allocations of SDRs have been made by the IMF
on January I of the year indicated, as follows:
1970, $867 million; 1971, $717 million; 1972,
$710 million; 1979, $1,139 million; 1980,
$1,152 million, and 1981, $1,093 million. Since
January 1999, the level for this series has been
valued on the basis of a weighted average of the
exchange rates for the U.S. dollar, the euro, the
Japanese yen, and the U.K. pound sterling.

348

Guide to the Flow of Funds Accounts, Volume 1

F.106

Federal Government-Continued

Code

1997 value
(billions of
dollars)

19d. Change in U.S. position in the
International Monetary Fund

263111403

3.6

19e. Change in deposits held by the
International Monetary Fund
at Federal Reserve Banks
(monetary authority sector)

713111403

19f. Net U.S. official acquisition
of foreign currencies

263111503

-2.9

20. Change in checkable deposits and
currency held by the federal
government

313020005

-.5

Sum of lines 20a and 20b, less line 21 and less
50 percent of line 19f.

313024000

-.9

Component

20a. Change in the operating cash
balance held by the federal
government

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from FR Bulletin, table 3.12, line 4, Reserve
position in IMF. Unadjusted flow from SCB, USIT
table 1, line 37, Reserve position in the IMF, with
sign reversed; also shown in SCB, section BEA
Current and Historical Data, International Data,
table F.2, line 37, Reserve position in the IMF,
with sign reversed. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data. The
seasonally adjusted and unadjusted flows for this
series exclude revaluations.
Level provided by FR Bank of New York.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Level from FR Bulletin, table 3. I 2, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed; also shown in SCB, section BEA Current
and Historical Data, International Data, table F.2,
line 38, Foreign currencies, with sign reversed.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data. The seasonally
adjusted and unadjusted flows for this series
exclude revaluations of currency holdings; the
level is valued at current market exchange rates.

Table F.106

349

F.106-Continued
Code

1997 value
(billions of
dollars)

313026003

-.1

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, column Account
balances, Close of this month, Asset accounts,
Other cash and monetary assets. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

21. Change in time and savings
deposits held by the federal
government

313030003

1.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accounts (including
MMDAs), U.S. government (series RCON2520).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

22. Change in credit market assets
of the federal government

314002005

4.9

Sum of lines 23, 24, and 25.

23. Change in outstanding loans
to the Farmers Home
Administration (now part of the
Farm Service Agency) held by the
federal government

313061703

24. Change in mortgages held by the
federal government

313065005

-4.5

Sum of lines 24a through 24h.

323065103

-2.1

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various government sources; series can be
calculated from FR Bulletin, table 1.54, Mortgages
on one- to four-family residences held by federal
and related agencies: sum of line 24, GNMA,
line 27, FmHA, line 32, FHA and VA, line 35,
RTC, and line 40, FDIC. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component
20b. Change in cash and monetary
assets, other than the operating
cash balance, held by the
federal government

24a. Change in home mortgages
held by the federal
government, excluding the
Federal Financing Bank

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Federal Reserve Bank of St. Louis

Explanation

Level formerly provided by Department of the
Treasury. Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1974:Q2 for levels and 1974:Q3 for
flows; for earlier quarters, unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data. Series is
included in totals for U.S. government agency
securities.

350

Guide to the Flow of Funds Accounts, Volume I

F.106 Federal Government-Continued
Code

1997 value
(billions of
dollars)

24b. Change in home mortgages
held by the Federal Financing
Bank

343065103

Level from USDA, Farmers Home Administration
(now part of the Farm Service Agency), Finance
Office, unpublished table Loans Outstanding under
Farmers Home Program, Nonfarm mortgage debt
on family housing, sum of Loans receivable held
by investors and Certificates of beneficial
ownership; this figure is multiplied by the ratio
of Farmers Home Administration loans held by
the Federal Financing Bank (unpublished data on
agency loans purchased are provided to FR Board
by the Department of the Treasury) net of the
sum of Loans receivable held by investors and
Certificates of beneficial ownership for Mortgage
debt on nonfarm commercial property and
Nonmortgage debt, from the Farmers Home
Administration table cited above, to the sum
of Loans receivable and Certificates of beneficial
ownership for Farm mortgage debt, Nonfarm
mortgage debt on family housing, and Nonfarm
mortgage debt on multifamily housing, from the
same table. Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1986:Q4 for levels and 1987:Ql for
flows; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

24c. Change in multifamily
residential mortgages held
by the federal government,
excluding the Federal
Financing Bank

323065403

-.9

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various government sources; series can be
calculated from FR Bulletin, table 1.54, Mortgages
on multifamily residences held by federal and
related agencies: sum of line 25, GNMA, line 28,
FmHA, line 33, FHA and VA, line 36, RTC, and
line 41, FDIC. Unadjusted flow is the change in
the level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table E106

351

F.106-Continued
Code

1997 value
(billions of
dollars)

24d. Change in multifamily
residential mortgages held
by the Federal Financing Bank

343065403

Level from USDA, Farmers Home Administration
(now part of the Farm Service Agency), Finance
Office, unpublished table Loans Outstanding under
Farmers Home Program, Nonfarm mortgage debt
on multifamily housing, sum of Loans receivable
held by investors and Certificates of beneficial
ownership; this figure is multiplied by the ratio
of Farmers Home Administration loans held by the
Federal Financing Bank (unpublished data on
agency loans purchased are provided to FR Board
by the Department of the Treasury) net of the sum
of Loans receivable held by investors and
Certificates of beneficial ownership for Mortgage
debt on nonfarm commercial property and
Nonmortgage debt, from the Farmers Home
Administration table cited above, to the sum
of Loans receivable and Certificates of beneficial
ownership for Farm mortgage debt, Nonfarm
mortgage debt on family housing, and Nonfarm
mortgage debt on multifamily housing, from the
same table. Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1986:Q4 for levels and 1987:Q l for
flows; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

24e. Change in commercial
mortgages held by the federal
government, excluding the
Federal Financing Bank

323065503

-.6

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various government sources; series can be calcu
lated from FR Bulletin, table 1.54, Mortgages on
nonfarm nonresidential property held by federal
and related agencies: sum of line 29, FmHA,
line 37, RTC, and line 42, FDIC. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

24f. Change in commercial
mortgages held by the Federal
Financing Bank

343065503

Level from USDA, Farmers Home Administration
(now part of the Farm Service Agency), Finance
Office, unpublished table Loans Outstanding under
Farmers Home Program, Mortgage debt on
nonfarm commercial property, sum of Loans
receivable held by investors and Certificates of
beneficial ownership. Unadjusted flow is the
change in the level. Quarterly values for the series
are zero beginning 1986:Q4 for levels and
1987:Q 1 for flows; for earlier quarters, unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

352

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government-Continued
Component

Code

1997 value
(billions of
dollars)

24g. Change in farm mortgages
held by the federal
government, excluding the
Federal Financing Bank

323065600

-.9

Level estimated by FR Board, Financial
Institutions Section, on the basis of data from
various government sources; series can be
calculated from FR Bulletin, table 1.54, Mortgages
on farm property held by federal and related
agencies: sum of line 30, FmHA, line 38, RTC,
and line 43, FDIC. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

24h. Change in farm mortgages
held by the Federal Financing
Bank

343065603

Level from USDA, Farmers Home Administration
(now part of the Farm Service Agency), Finance
Office, unpublished table Loans Outstanding under
Farmers Home Program, Farm mortgage debt,
sum of Loans receivable held by investors and
Certificates of beneficial ownership; this figure
is multiplied by the ratio of Farmers Home
Administration loans held by the Federal
Financing Bank (unpublished data on agency loans
purchased are provided to FR Board by the
Department of the Treasury) net of the sum of
Loans receivable held by investors and Certificates
of beneficial ownership for Mortgage debt on
nonfarm commercial property and Nonmortgage
debt, from the Farmers Home Administration table
cited above, to the sum of Loans receivable and
Certificates of beneficial ownership for Farm
mortgage debt, Nonfarm mortgage debt on family
housing, and Nonfarm mortgage debt on
multifamily housing, from the same table.
Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1986:Q4 for levels and 1987:Ql for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

313069005

9.5

25. Change in outstanding other loans
and advances held by the federal
government

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 25a through 25f, 25g net of 25h and
25i, and 25j.

Table F.106

353

F.106-Continued
Component
25a. Change in loans to the
households and nonprofit
organizations sector, excluding
loans on federal government
life insurance policies, held
by the federal government

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

153169203

11.4

Explanation
Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, Department of the Interior,
Bureau of Indian Affairs, sum of Guaranteed loans
and Direct loans; plus PBGC, PBGC fund; plus
Department of State, All other combined; plus VA,
sum of Veterans Benefits Administration, All other
combined, and Housing Credit Assistance, Active
vendee loans (direct), Housing loan guarantees,
and All other combined; plus FDIC, sum of Bank
insurance fund and FSLIC resolution fund; plus
FEMA, All other combined; plus SBA, 50 percent
of Disaster loan fund accounts; plus HHS, sum
of Health Resources and Services Administration,
Health professions graduate student loan insurance
accounts, Health professions graduate student loan
financing account, and Medical facilities guarantee
and loan fund, and Health Care Financing
Administration, HMO loan fund; plus HUD, sum
of Housing Programs, Flexible subsidy fund,
50 percent of FHA Title I (account 40701),
5 percent of FHA Title I (account 40702),
5 percent of FHA Title I (account 40703), and
Housing for the elderly or handicapped fund,
and Community Planning and Development,
50 percent of Revolving fund liquidating programs
and 50 percent of Community development
loans; plus Department of Education, Office of
Postsecondary Education, sum of 70 percent of
Higher education facilities loans, 70 percent of
College housing loans, 23 percent of Guaranteed
student loan accounts-assigned (account 42510),
15 percent of Guaranteed student loan accounts
assigned (account 42512), 70 percent of College
housing and academic facilities loans, Federal
direct student loan program, and Federal student
loan insurance fund. The value for the series for
each quarter is an average for the most recent four
quarters of the figures calculated by the above
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

354

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

25b. Change in loans on federal
government life insurance
policies to the households and
nonprofit organizations sector

313069403

25c. Change in loans to nonfarm
nonfinancial corporate
business held by the federal
government

103169203

-.3

Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, Rural Development
Administration, sum of 10 percent of Other funds,
10 percent of Rural development insurance fund,
and 10 percent of Rural development loan fund;
plus Department of Commerce, NOAA, sum
of Coastal zone management fund, Fishing vessel
obligations guarantees, Federal ship financing
fund, and All other combined; plus GSA, General
activities-other funds; plus EPA, All other
combined; plus Department of Transportation, sum
of FAA, All other combined, Federal Railroad
Administration, All other combined, Office of the
Secretary, All other combined, and Maritime
Administration, Federal ship financing fund; plus
OPIC, OPIC accounts; plus SBA, 25 percent
of Pollution control equipment contract accounts,
25 percent of Disaster loan fund accounts,
65 percent of Business loan and investment fund
accounts, and 25 percent of All other combined;
plus Department of Energy, Departmental
Administration, All other combined; plus
Department of Defense, sum of Defense Agencies,
Defense business operations fund, and Army, All
other combined; plus, from Federal Financing
Bank News, table on assets of the Federal
Financing Bank, Government-guaranteed loans,
sum of GSA, Department of the Interior-Virgin
Islands, and Department of the Navy-Ship lease
financing. The value for the series for each quarter
is an average for the most recent four quarters of
the figures calculated by the above method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Table Fl06

355

F.106-Continued
Component

Code

1997 value
(billions of
dollars)

25d. Change in loans to nonfarm
noncorporate business held
by the federal government

I 13169203

1.8

25e. Change in loans to farm
business held by the federal
government

133169203

-.5

Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, Rural Development and
Farm Service Agency, sum of Rural economic
development loans liquidating account, 50 percent
of Agricultural credit insurance fund, and All other
combined. The value for the series for each quarter
is an average for the most recent four quarters
of the figures calculated by the above method.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

356

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government-Continued
Component
25f. Change in loans to state and
local governments, excluding
employee retirement funds,
held by the federal
government

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

213169203

-1.2

Explanation
Level from unpublished Treasury Report on
Receivables Due from the Public, Total Loan
Receivables by Selected Entities, column Total
loans receivable, USDA, sum of Rural Utilities
Service, 5 percent of Rural communication
development fund, 5 percent of Rural
electrification and and telephone revolving fund,
and 5 percent of Rural Telephone Bank accounts,
and Rural Development, 75 percent of Other
funds, 75 percent of Rural development insurance
fund, and 75 percent of Rural development loan
fund; plus Department of Commerce, Economic
Development Administration, sum of Revolving
fund and All other combined; plus Department
of the Interior, Bureau of Reclamation, All other
combined; plus Department of the Treasury, sum
of Financial Management Service, All other
combined, and District of Columbia, All other
combined (account 90000) and All other combined
(account 91 JOO); plus Department of Transpor
tation, Federal Highway Administration, sum
of Right-of-way revolving fund and Federal
Highway Administration loans; plus HUD, sum
of Housing Programs, Low-rent public housing,
and Community Planning and Development,
50 percent of Revolving fund, liquidating program,
and 50 percent of Community development loans;
plus Department of Energy, Bonneville Power
Administration, Bonneville power fund; plus
Department of Education, Office of Postsecondary
Education, sum of 30 percent of Higher education
facilities loans, 30 percent of College housing
loans, and 30 percent of College housing and
academic facilities loans. The value for the series
for each quarter is an average for the most recent
four quarters of the figures calculated by the above
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Table F.106

357

F.106-Continued

Code

1997 value
(billions of
dollars)

25g. Net acquisition of foreign
assets, other than official
reserve assets, by the federal
government

264191003

-.2

25h. Net non-official acquisition
of foreign currencies and
short-term assets by the
federal government

313091003

25i. Change in equity in the
International Bank for
Reconstruction and
Development and other
international organizations
held by the federal
government

313092203

1.6

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow from SCB, USIT table I, line 39,
U.S. government assets, other than official reserve
assets, net, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 39, U.S.
government assets, other than official reserve
assets, net. Fourth-quarter level from SCB, article
International Investment Position of the U.S.,
table I, line I0, U.S. government assets, other than
official reserve assets; also shown in SCB,
International Data, table G.l, line 10, U.S.
government assets, other than official reserve
assets. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.
Unadjusted flow from SCB, USIT table 1, line 42,
U.S. foreign currency holdings and U.S. short-term
assets, net, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 42, U.S. foreign
currency holdings and U.S. short-term assets, net,
with sign reversed. Fourth-quarter level from SCB,
article International Investment Position of the
U.S., table 1, line 14, U.S. foreign currency
holdings and U.S. short-term assets; also shown
in International Data, table G.I, line 14, U.S.
foreign currency holdings and U.S. short-term
assets. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.
Unadjusted flow from SCB, USIT table 4,
line A24, Capital subscriptions and contributions
to international financial institutions, excluding
IMF. Data are also published in Status of Letters
of Credit Issued to International Organizations by
Department of the Treasury, Total drawdowns less
Drawdowns by International Monetary Fund,
amount for fiscal year through current quarter less
amount for fiscal year through preceding quarter.
Level is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

358

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

25j. Change in loans to Sallie Mae
(government-sponsored
enterprises sector) held by
the federal government

403169203

Level from Monthly Treasury Statement, table 6,
schedule C (Memorandum), column Account
balances, Close of this month, Borrowing from the
Federal Financing Bank, Department of Education:
Student Loan Marketing Association. Unadjusted
flow is the change in the level. Quarterly values
for the series are zero beginning 1994:Q1 for
levels and 1994:Q2 for flows; for earlier quarters,
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted
flow in FOF reports of seasonally adjusted data.

26. Change in trade receivables owed
to the federal government by
nonfarm nonfinanciaJ
corporations

313070000

-.7

Beginning 1987:Q4, level from current issue of
QFR, table 45.1, Advances and prepayments
by U.S. government. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

27. Change in business taxes
receivable by the federal
government

313078005

-1.8

27a. Accruals of corporate profit
taxes owed to the federal
government

316231001

189.5

Seasonally adjusted flow from SCB, NIPA
table 3.2, line 8, Corporate profits tax accruals,
Other. Unadjusted flow from SCB, NIPA table 9.3,
line 3, Corporate profits tax accruals, less SCB,
NIPA table 3.2, line 7, Corporate profits tax
accruals of Federal Reserve Banks, at quarterly
rate. For recent quarters, unadjusted flow
is estimated by extrapolating the seasonal factor
and subtracting it from the seasonally adjusted
flow, after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

27b. Corporate tax payments to the
federal government

316233100

191.3

Unadjusted flow from Monthly Treasury
Statement, table 7, Receipts, Corporation income
taxes, sum for months in time period. Excludes
payments by FR System. Series has no levels;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

313090005

-6.9

28. Change in total miscellaneous
assets of the federal government

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Federal Reserve Bank of St. Louis

Line 27a less line 27b.

Sum of lines 25i, 25j, 28a, and 28b.

Table F.106

359

F.106-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

28a. Change in equity in
government-sponsored
enterprises held by the federal
government

313092303

Year-end level from Treasury Bulletin, former
table Corporations and Other Business-Type
Activities, U.S. interest, Capital stock. Data are
annual; series is converted to quarterly by FOF
Section estimate. Unadjusted flow is the change
in the level. The federal government formerly held
equity investments in Federal Land Banks, retired
in 1947; in Federal Home Loan Banks, retired
in 1951; and in Banks for Cooperatives, Federal
Intermediate Credit Banks, and Federal National
Mortgage Association (Fannie Mae), all retired
in 1968. (Federal Land Banks, Banks for
Cooperatives, and Federal Intermediate Credit
Banks are now part of the Farm Credit System.)
Quarterly values for the series are zero beginning
1968:Q4 for levels and 1969:Ql for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

28b. Change in unidentified
miscellaneous assets of the
federal government

313093003

-8.5

Unadjusted flow from Monthly Treasury
Statement, table 5, Outlays of the U.S.
Government, column This month, Other
independent agencies, FDIC, Total, Outlays,
sum for months in time period, less FR Bulletin,
table 1.54, line 34, RTC, and line 39, FDIC,
change in amounts outstanding. Level for series
is obtained by adding flow to preceding level. Data
for the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

29. Net increase in liabilities of the
federal government

314190005

53.8

Sum of lines 30, 31, 32, 37, 38, and 39.

30. Change in liabilities of the federal
government for special drawing
rights certificates

713014003

-.5

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Federal Reserve Bank of St. Louis

Level from FR Bulletin, table 1.18, line 2, Special
drawing rights certificate account, end-of-month
data. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

360

Guide to the Flow of Funds Accounts, Volume 1

F.106

Federal Government-Continued
Code

1997 value
(billions of
dollars)

31. Change in liability of the federal
government for U.S. Treasury
currency

313112003

32. Change in credit market debt
of the federal government

314102005

23.1

33. Change in savings bond liabilities
of the federal government (assets
of the households and nonprofit
organizations sector)

313161400

-.5

34. Change in outstanding securities
issued by the U.S. Treasury,
excluding U.S. savings bonds

313161105

23.7

Sum of lines 34a and 34b.

313161100

23.7

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, Liability accounts,
column Account balances, Close of this month,
Total public debt securities net of premium and
discount, less Net federal securities held as
investments of government accounts; less, from
table 6, schedule D, column Securities held as
investments, Close of this month, Trust funds,
Total agency securities; less U.S. savings bonds
(FOP series 313161400, line 33 above); and less
government mortgage liabilities (313165403,
line 36 below); plus SBA participation certificates
omitted from the Monthly Treasury Statement
(unpublished detail provided by the Congressional
Budget Office). Unadjusted flow is the change in
the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

Component

34a. Change in outstanding public
debt securities (excluding U.S.
savings bonds) issued by the
U.S. Treasury, held by the
public and the monetary
authority

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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow from Monthly Treasury
Statement, table 6, schedule A, Transactions not
applied to current year's surplus or deficit,
Seigniorage, sum for months in time period (added
to preceding level to derive level for current
period); plus level from Monthly Statement of the
Public Debt of the U.S., table III, Noninterest
bearing debt, U.S. notes and National and FR Bank
notes assumed by the U.S. on deposit of lawful
money for their retirement (unadjusted flow is the
change in the level). Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOP reports of seasonally adjusted data.
Sum of lines 33, 34, 35, and 36.

Level from Monthly Statement of the Public Debt,
table III, Interest-bearing debt, Nonmarketable,
sum of Total U.S. savings bonds and U.S. savings
notes, plus Noninterest-bearing debt, Subject to the
statutory debt limit, sum of Matured U.S. savings
bonds and Matured U.S. savings notes. Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.

Table F.106

361

F.106-Continued
Code

1997 value
(billions of
dollars)

403061773

35. Change in outstanding agency
security liabilities of the federal
government

313161705

-.1

Sum of lines 35a, 35b, and 35c.

35a. Change in outstanding
securities issued by federal
agencies under special
financing authorities, net
of agency securities held as
investments of federal
government accounts in
federal securities

313161703

-.1

Level from Monthly Treasury Statement, table 6,
schedule B, column Account balances, Close
of this month, Total, agency securities, less, from
table 6, schedule D, column Securities held as
investments, Close of this month, Trust funds,
Total agency securities. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

35b. Change in outstanding
Commodity Credit
Corporation certificates of
interest issued by the federal
government

313169311

Level from Treasury Bulletin, former table FD-7,
Participation Certificates, column Agriculture
Department, Commodity Credit Corporation,
Outstanding. Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1970:Q2 for levels and 1970:Q3 for
flows; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

35c. Change in outstanding loan
participation certificates,
excluding Commodity Credit
Corporation certificates of
interest, issued by the federal
government

313169333

Level from Monthly Treasury Statement, table 6,
schedule B, column Account balances, Close of
this month, sum of Export-Import Bank of the U.S.
(value is zero beginning February 1982) and
GNMA (value is zero beginning August 1988);
less U.S. government investment account holdings
of participation certificates (unpublished detail for
table 6, schedule D, provided by Department of the
Treasury). Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1988:Q3 for levels and 1988:Q4 for
flows; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component
34b. Change in special U.S.
Treasury security issues held
by Federal Home Loan Banks
(government-sponsored
enterprises sector)

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Federal Reserve Bank of St. Louis

Explanation
Level from Treasury Bulletin, former table FD-5,
Special Public Debt Issues, column Federal Home
Loan Banks. Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1973:Q2 for levels and 1973:Q3 for
flows; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

362

Guide to the Flow of Funds Accounts, Volume 1

F.106 Federal Government-Continued
1997 value
(billions of
dollars)

Explanation

Component

Code

36. Change in multifamily residential
mortgage debt of the federal
government

313165403

37. Change in trade payables owed
by the federal government

313170005

-.9

Sum of lines 37a, 37b, and 37c.

37a. Change in trade payables
owed to nonfarm noncorporate
business by the federal
government

313170113

Year-end level primarily from SOI Bulletin, annual
article Partnership Returns, table Balance Sheets,
by Profit Status and Industrial Group, Trade notes
and accounts receivable (total for all industries
except farms and finance). The level also includes
FOF Section estimates for trade credit owed to
nonfarm sole proprietorships by the federal
government that are based on the relationship of
proprietorship income to partnership income from
the SOI Bulletin and on balance sheet relationships
reported in the QFR for trade credit owed to small
nonfinancial corporations. Data are annual and are
available with a lag of several years; series is
converted to quarterly by K-L method. Data for
current quarters are FOF Section estimates based
on noncorporate income. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

37b. Change in trade payables
owed to nonfarm nonfinancial
corporate business by the
federal government

103070310

1.4

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Federal Reserve Bank of St. Louis

Table F.106

363

F.106-Continued
Code

1997 value
(billions of
dollars)

37c. Change in liabilities, other
than security liabilities, of the
federal government to the rest
of the world

263070313

-2.5

Unadjusted flow from SCB, USIT table I, line 53,
Other U.S. government liabilities; also shown in
SCB, section BEA Current and Historical Data,
International Data, table F.2, line 53, Other U.S.
government liabilities. Fourth-quarter level from
SCB, article International Investment Position
of the U.S., table 1, line 30, Other U.S. government
liabilities; also shown in SCB, International Data,
table G.l, line 30, Other U.S. government
liabilities. Level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

38. Change in liabilities of the federal
government for life insurance and
retirement reserves

313154005

31.7

Same as line 12.

39. Change in total miscellaneous
liabilities of the federal
government

313190005

Sum of lines 39a, 39b, and 39c.

39a. Change in liabilities of the
federal government for Postal
Savings System deposits

313131003

Fiscal-year-end level through 1965 published
in Report of Operations of the Postal Savings
System; monthy data on deposit liabilities through
June 1967 were published in the FR Bulletin. Data
from 1967:Q3 through 1985:Q2 estimated by FOF
Section. Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1985:Q3 for levels and I968:Q I for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

39b. Change in unidentified
miscellaneous liabilities of the
federal government, excluding
the Financing Corporation

313193003

I.I

Unadjusted flow from Monthly Treasury
Statement, table 6, Means of Financing the Deficit,
Liability accounts, Accrued interest payable to the
public, less Asset accounts, Miscellaneous asset
accounts, sum for months in time period, with
smoothing over fiscal year by FOF Section if
necessary. Series has no levels. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

364

Guide to the Flow of Funds Accounts, Volume I

F.106 Federal Government-Continued
Code

1997 value
(billions of
dollars)

39c. Change in unidentified
miscellaneous liabilities of the
Financing Corporation

313193103

-.6

40. Discrepancy for the federal
government, equal to gross saving
less gross investment

317005005

20.5

Line 13 less line 14. The discrepancy is a use
of funds in the FOF accounts.

41. Memorandum item: Change in
federal government cash balance

314000105

-2.2

Sum of lines 21, 41a, 41b, 41c, and 41d.

41a. Change in Treasury cash
holdings (liability of the
monetary authority)

713123203

Level from FR Bulletin, table I.II, line 16,
Treasury cash holdings, end-of-month data.
Unadjusted flow is the change in the level. Data
for the ·most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

41b. Change in liabilities of Federal
Reserve Banks (monetary
authority sector) for the U.S.
Treasury general deposit
account

713123730

-2.3

Level from FR Bulletin, table 1.18, line 24,
Deposit liabilities, U.S. Treasury-General
account, end-of-month data. Also found in
Monthly Treasury Statement, table 6, Cash and
monetary assets, U.S. Treasury operating cash,
FR account. Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

4 lc. Change in transaction deposit
liabilities of U.S.-chartered
commercial banks to the
federal government

723123200

-3.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Deposits of U.S. government, Total transaction
accounts (series RCON2202). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

41d. Change in demand notes owed
to the federal government
by U.S.-chartered commercial
banks

723123300

2.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Demand notes issued to the U.S. Treasury (series
RCON2840). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

Component

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Federal Reserve Bank of St. Louis

Explanation
Level from FICO, Balance Sheet, sum of
Long-term obligations, net, and Nonvoting capital
stock, less Total assets. Value for 1989:Q3
includes an adjustment of -$5 billion for RTC
claims on savings and loan associations.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

366

Guide to the Flow of Funds Accounts, Volume 1

Table F.107 Rest of the World
The rest of the world sector consists of all
entities (individuals, firms, institutions, and
governments) not residing in the U.S. that
engage in transactions with U.S. residents; the
account measures the participation of foreign
ers in U.S. markets only, and transactions
exclusively among foreigners are not included.
In the flow of funds accounts, the sector is
constructed from the perspective of the for
eigners, resulting in parallel treatment of the
rest of the world sector and the domestic sec
tors in terms of their roles as suppliers and
users of funds. Thus, the acquisition of domes
tic assets by both the rest of the world and the
domestic sectors provides funding in U.S.
capital markets, and increases in the liabilities
of both the rest of the world and the domestic
sectors represent borrowings of funds sup
plied by U.S. markets. The perspective in the
flow of funds accounts is the opposite of that
in the balance of payments accounts, pub
lished by the Bureau of Economic Analysis
(BEA), which conceptually measure transac
tions from the standpoint of capital flows for
the U.S. economy. That is, the balance of
payments accounts measure an increase in for
eign holdings of U.S. assets as a positive capi
tal flow (inflow) for the U.S. and an increase in
U.S. holdings of foreign assets as a negative
capital flow (outflow) for the U.S., whereas

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Federal Reserve Bank of St. Louis

the flow of funds accounts measure an
increase in foreign holdings of U.S. assets as a
positive use of funds for the rest of the world
and an increase in U.S. holdings of foreign
assets as a positive source of funds for the rest
of the world.
Data for the sector on exports and imports
of goods and services, factor income, and
transfer payments are from the national
income and product accounts (produced by
BEA), which exclude Puerto Rico and other
U.S.-affiliated areas. Sector coverage of for
eign capital flows is the same as that in the
balance of payments accounts (which include
Puerto Rico and other U.S.-affiliated areas as
part of the U.S.), with the important exception
of international banking facilities (IBFs): The
balance of payments accounts treat IBFs as
domestic entities, whereas the flow of funds
accounts, because IBF borrowing from and
lending to U.S. residents is restricted by law,
consider them foreign entities. Several differ
ences also exist between the balance of pay
ments accounts and the flow of funds accounts
in their classification of some items; the most
important difference is that in the flow of
funds accounts, interbank claims and liabili
ties are netted, but in the balance of payments
accounts they are not.

Table F.107

367

F.107 Rest of the World
Billions of dollars

1992

1993

1994

1995

1996

1997

1
2
3
4

FA266903005
FA266903001
FA266903101
FA266400001

Foreign income from U.S.
U.S. imports from abroad
U.S. factor payments to foreign
Net transfers to foreign

827.7
668.9
126.8
32.0

888.0
719.3
132.1
36.6

1017.6
812.0
168.3
37.3

1145.2
903.4
207.6
34.2

1228.5
965.0
223.1
40.4

1371.8
1058.8
273.5
39.5

2
3
4

5
6
7
8

FA266902005
FA266902001
FA266902101
FA313011301

Foreign outlays to U.S.
U.S. exports to foreign
U.S. factor receipts from foreign
Net capital grants from foreign

777.3
639.4
137.9
0.0

809.4
658.6
150.8
0.0

897.7
721.2
176.5
0.0

1044.6
819.5
225.1
0.0

1109.3
873.8
235.5
0.0

1230.9
965.4
265.5
0.0

5
6
7
8

50.4

78.6

119.9

100.6

119.2

140.9

100.0

85.1

133.4

138.0

194.6

254.9

210.4

317.8

298.2

446.1

534.1

624.2

Gold and SDRs (2)
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

2.3
50.3
15.0
-1.1
20.9

-0.5
45.6
18.7
6.8
16.9

-0.4
92.8
25.3
1.5
-12.0

-0.8
11.1
13.4
-{i.6
21.0

0.4
-52.0
19.9
10.9
3.2

-0.4
-4.0
29.9
13.0
20.0

12
13
14
15
16

FA264004005
FA263069603
FA26306 l 005
FA263061015
FA263061 l 13
FA263061713
FA263061025
FA263061123
FA263061723
FA263063005
FA263068000

Credit market instruments
Open market paper
U.S. government securities
Official
Treasury
Agency
Private
Treasury
Agency
U.S. corporate bonds (3)
Loans to U.S. corporate business

98.4
1.6
73.9
22.4
18.5
3.9
51.5
37.1
14.3
18.1
4.9

129.3
5.9
108.7
53.0
49.0
4.1
55.7
24.4
31.3
30.4
-15.8

132.3
6.0
86.7
36.8
30.8
6.1
49.9
34.3
15.6
38.0
1.6

273.9
18.6
197.2
72.7
69.0
3.7
124.5
99.5
25.0
58.1
0.0

414.7
14.4
312.4
120.7
115.7
5.0
191.7
155.0
36.7
83.7
4.1

312.5
19.9
189.0
-2.9
-7.3
4.3
191.9
146.7
45.2
86.8
16.8

17
18
19

21
22
23
24
25
26
27

FA263064003
FA263070005
FA263067003
F A263090005
FA26309200 I
FA263093005

U.S. corporate equities
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (4)
Other

-5.6
3.0
0.0
27.3
17.9
9.3

20.9
4.5
0.0
75.6
49.0
26.6

0.9
1.3
0.0
56.5
44.6
11.9

16.6
-0.3
0.0
117.9
57.7
60.2

11.0
5.9
0.0
120.0
77.6
42.4

64.2
2.8
0.0
186.3
93.4
92.9

28
29
30
31
32
33

FA266000105

Gross saving (1)

FA265000005

Net financial investment

FA264090005

12
13
14
15
16

FA263011005
FA764116005
FA263020005
FA263030005
FA262050003

17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

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Federal Reserve Bank of St. Louis

Net acquisition of financial assets

368

Guide to the Flow of Funds Accounts, Volume I

F.107 Rest of the World-Continued
Billions of dollars

Net increase in liabilities
U.S. official foreign exchange
and net IMF position
U.S. private deposits

1992

1993

1994

1995

1996

1997

110.4

232.7

164.8

308.1

339.5

369.3

-1.6
-3.4

0.8
-18.5

-5.8
52.9

35.3

8.8

-6.3
85.9

0.7
107.4

35
36

FA264190005

35
36

FA2631 l 1005
FA263191003

37
39
40
41
42
43
44
45

FA264104005
FA263169175
FA263163003
FA263I68005
FA263168605
FA263I68705
FA263168805
FA263169205
FA263169605

Credit market instruments
Commercial paper
Bonds
Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

24.1
5.6
16.8
2.3
1.0
0.7
0.6
0.2
--0.7

69.8
-9.6
82.9
0.7
-1.0
1.2
0.5
-I.I
-3.1

-14.0
-26.1
12.2
1.4
--0.2
0.0
1.6
-1.2
--0.3

71.1
13.5
49.7
8.5
0.4
2.1
5.9
--0.8
0.3

76.9
11.3
55.8
9.1
0.3
3.4
5.4
-1.0
1.8

56.9
3.7
46.7
8.5
--0.8
--0.5
9.8
-1.8
--0.2

37
38
39
40
41
42
43
44
45

46
47
48
49
50
51
52
53

FA263164003
FA263l70003
FA263167003
FA263190005
FA3 l 3092203
FA313091003
FA263192005
FA263193005

Foreign corporate equities (5)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD. etc.
U.S. government deposits
U.S. direct investment abroad (3,4)
Other

32.4
1.2
0.0
57.8
1.4
0.1
40.1
16.2

63.4
3.4
0.0
113.8
I.I
0.3
77.9
34.4

48.1
3.6
0.0
80.0
1.4
0.2
75.2
3.2

50.4
5.8
0.0
136.7
1.5
--0.1
96.7
38.7

60.0
-1.7
0.0
124.6
1.8
--0.1
81.I
41.8

41.3
10.2
0.0
152.8
1.6
0.0
121.8
29.3

46
47
48
49
50
51
52
53

FA267005005

-49.6

-6.6

-13.4

-37.4

-75.4

-114.0

55
56
57
58

FA266990005
FA266902I05
FA26640000I
FA313011301

-29.5
II.I
32.0
0.0

-60.7
18.7
36.6
0.0

-90.8
8.2
37.3
0.0

-83.9
17.5
34.2
0.0

-91.2
12.4
40.4
0.0

-93.4
-8.0
39.5
0.0

55
56
57
58

FA266000005

-50.4

-78.6

-119.9

-100.6

-119.2

-140.9

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Discrepancy (FOF basis) (6)
Memo:
Net U.S. exports, NIPA basis
+ Net U.S. factor income (7)
- Net transfer payments to foreign
+ Net capital grants received
= Net foreign investment in U.S.
(NIPA basis)

Line 1 minus line 5; also equal to line 59 with the sign reversed.
U.S. net sales, sign reversed.
Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
Includes American depositary receipts (ADRs).
Balance of payments discrepancy adjusted to NIPA concepts.
Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

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Federal Reserve Bank of St. Louis

Table F.107

369

F.107 Rest of the World
Code

1997 value
(billions of
dollars)

1. Foreign income from the U.S.

266903005

1,371.8

Sum of lines 2, 3, and 4.

2. U.S. imports of goods and services
from the rest of the world

266903001

1,058.8

3. U.S. payments of factor income
to the rest of the world

266903101

273.5

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 15, Payments of factor income.
Unadjusted flow from SCB, NIPA table 9.5,
line 1 1, Payments of factor income. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarter!y rate.

4. Net transfer payments from the
U.S. to the rest of the world

266400001

39.5

5. Foreign outlays to the U.S.

266902005

1,230.9

6. U.S. exports of goods and services
to the rest of the world

266902001

965.4

Component

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 6, 7, and 8.
Seasonally adjusted flow from SCB, NIPA
table 1.1, line 14, Exports. Unadjusted flow from
SCB, NIPA table 9.1, line 14, Exports. For recent
quarters for which unadjusted NIPA data are not
available, unadjusted flow is estimated by
extrapolating the seasonal factor and subtracting
it from the seasonally adjusted flow, after the
seasonally adjusted flow has been converted from
annual rate to quarterly rate.

370

Guide to the Flow of Funds Accounts, Volume I

F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

7. U.S. receipts of factor income
from the rest of the world

266902101

265.5

8. Net capital grants received by the
U.S. from the rest of the world

313011301

Seasonally adjusted flow from SCB, NIPA
table 4.1, line 8, Capital grants received by the
U.S. (net). Unadjusted flow from SCB, NIPA
table 9.5, line 6, Capital grants received by the
U.S. (net). For recent quarters for which unadjusted
NIPA data are not available, unadjusted flow
is estimated by extrapolating the seasonal factor
and subtracting it from the seasonally adjusted
flow, after the seasonally adjusted flow has been
converted from annual rate to quarterly rate.

9. Gross saving of the rest of the
world in the U.S.

266000105

140.9

Line 1 less line 5; also equal to line 59, with sign
reversed.

10. Net financial investment in the
U.S. by the rest of the world

265000005

254.9

Line 11 less line 34.

11. Net acquisition of U.S. financial
assets by the rest of the world

264090005

624.2

Sum of lines 12, 13, 14, 15, 16, 17, 28, 29, 30,
and 31.

12. Net purchases of gold and special
drawing rights from the U.S.
by the rest of the world

263011005

-.4

Sum of lines 12a and 12b, with sign reversed.
Equal to U.S. net sales.

12a. Change in U.S. holdings
of monetary gold

883011203

Component

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Federal Reserve Bank of St. Louis

Explanation

Level from FR Bulletin, table 3.12, line 2, Gold
stock, including Exchange Stabilization Fund.
Unadjusted flow from SCB, USIT table 1, line 35,
Gold, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 35, Gold, with
sign reversed. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data. The
official gold stock of the U.S. is valued at $42.22
per fine troy ounce; gold held "under earmark"
at FR Banks for foreign and international accounts
is not included in the U.S. official stock.

Table F 107

371

F.107-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

313011303

764116005

-4.0

Sum of lines 13a through 13e, less lines I 3f
through 131.

13a. Change in dollar liabilities
of U.S.-chartered commercial
banks to foreign affiliates

723192263

46.3

Level from special Federal Reserveffreasury
tabulation of TIC data. Excludes liabilities
denominated in foreign currencies. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

13b. Change in dollar liabilities
of foreign banking offices
in the U.S. to foreign affiliates

753192263

-10.5

12b. Net acquisition of special
drawing rights by the federal
government, excluding the
monetary authority

13. Change in net interbank liabilities
of the U.S. commercial banking
sector to banks in foreign
countries

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Federal Reserve Bank of St. Louis

Level from FR Bulletin, table 3.12, line 3, Special
drawing rights. Unadjusted flow from SCB, U SIT
table 1, line 36, Special drawing rights, with sign
reversed; also shown in SCB, section BEA Current
and Historical Data, International Data, table F.2,
line 36, Special drawing rights. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. The seasonally adjusted and
unadjusted flows for this series consist of
transactions in SDRs; the flows exclude allocations
of SDRs and revaluations of SDR holdings.
Allocations of SDRs have been made by the IMF
on January I of the year indicated, as follows:
1970, $867 million; 1971, $717 million; 1972,
$7 JO million; 1979, $1,139 million; 1980,
$1,152 million, and 1981, $1,093 million. Since
January 1999, the level for this series has been
valued on the basis of a weighted average of the
exchange rates for the U.S. dollar, the euro, the
Japanese yen, and the U.K. pound sterling.

372

Guide to the Flow of Funds Accounts, Volume 1

F.107 Rest of the World-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

13c. Change in dollar liabilities
of U.S. bank holding
companies to foreign affiliates

733192003

13d. Change in foreign-currency
liabilities owed to foreigners
by international banking
facilities of U.S.-chartered
commercial banks and foreign
banking offices in the U.S.

273111763

14.5

l 3e. Change in dollar liabilities
owed to foreigners by
international banking facilities
of U.S.-chartered commercial
banks and foreign banking
offices in the U.S.

274100760

54.2

Level from special Federal Reserveffreasury
tabulation of TIC data. Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

13f. Change in foreign-currency
claims on foreigners held by
international banking facilities
of U.S.-chartered commercial
banks and foreign banking
offices in the U.S.

273011763

5.0

13g. Change in dollar claims on
foreigners held by
international banking facilities
of U.S.-chartered commercial
banks and foreign banking
offices in the U.S.

274000760

36.7

13h. Change in deposits held
by U.S.-chartered commercial
banks at foreign banks

723022703

1.0

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Federal Reserve Bank of St. Louis

Level from special Federal Reserveffreasury
tabulation of TIC data. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.
Level from special Federal Reserveffreasury
tabulation of TIC data. Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Balances due from banks in foreign countries and
foreign central banks (series RCON0070).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Table F.107

373

F.107-Continued
Code

1997 value
(billions of
dollars)

13i. Change in dollar claims
of U.S.-chartered commercial
banks on foreign affiliates

723092263

21.7

Level from special Federal Reserveffreasury
tabulation of TIC data. Excludes claims
denominated in foreign currencies. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

13j. Change in deposits held by
foreign banking offices in the
U.S. at foreign banks

753022703

-.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from foreign
branches of U.S. banks (series RCON0073) and
Balances due from other banks in foreign countries
and foreign central banks (RCON1884); for Edge
and agreement corporations, schedule A, Balances
due from banks in foreign countries and foreign
central banks (RCFD0070 less RCFN0070); and
for New York State investment companies
(through 1996:Q2), schedule C, Balances with
banks in foreign countries (RCON0051). Excludes
claims of IBFs. Unadjusted flow is the change in
the level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

13k. Change in dollar claims of
foreign banking offices in the
U.S. on foreign affiliates

753092263

45.7

Level from special Federal Reserveffreasury
tabuiation of TIC data. Excludes claims
denominated in foreign currencies. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

131. Change in dollar claims of
U.S. bank holding companies
on foreign affiliates

733092003

-.4

263020005

29.9

Component

14. Change in U.S. checkable deposits
and currency held by the rest of
the world

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 14a and 14b.

374

Guide to the Flow of Funds Accounts, Volume 1

F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

14a. Change in U.S. checkable
deposits held by the rest of the
world

263027003

5.1

Unadjusted flow and level from SCB, USIT
table 9, sum of line AlO, U.S. banks' liabilities for
own account, payable in dollars, Demand deposit
liabilities to foreign official agencies; and line B9,
U.S. banks' own liabilities, Demand deposit
liabilities to unaffiliated foreigners. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

14b. Change in U.S. currency held
by the rest of the world

263025003

24.8

Unadjusted flow and level from SCB, USIT
table I, line 59, U.S. currency flows. Fourth
quarter level also shown in SCB, article
International Investment Position of the U.S.,
table 1, line 38, U.S. currency, and SCB, section
BEA Current and Historical Data, International
Data, table G.l, line 38, U.S. currency. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

263030005

13.0

Sum of lines 15a and 15b.

15a. Change in time and savings
deposits held in the U.S. by the
rest of the world, excluding
negotiable certificates of
deposit (U.S. banks' own
liabilities to foreigners)

263030003

11.5

Level from special Federal Reserveffreasury
tabulation of TIC data. Data represent the non-IBF
components of SCB, USIT table 9, line Al 1,
Foreign official assets in the U.S., U.S. banks'
liabilities for own account, payable in dollars,
Time deposits, and line B10, Other foreign assets
in the U.S., U.S. banks' liabilities for own account,
payable in dollars, Time deposits. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

15b. Change in negotiable
certificates of deposit held in
the U.S. by the rest of the
world (U.S. banks' custody
liabilities to foreigners)

263030103

1.5

Unadjusted flow and level from SCB, USIT
table 9, memorandum line 8, Negotiable
certificates of deposit held for foreigners. Data for
the most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

15. Change in time and savings
deposits held in the U.S. by the
rest of the world, including
negotiable certificates of deposit

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Federal Reserve Bank of St. Louis

Explanation

Table F.107

375

F.107-Continued
Component

Code

1997 value
(billions of
dollars)

16. Change in outstanding loans
to U.S. borrowers held by the rest
of the world under security
repurchase agreements

262050003

20.0

17. Change in U.S. credit market
assets of the rest of the world

264004005

312.5

18. Change in U.S. open market
paper held by the rest of the
world

263069603

19.9

19. Change in U.S. government
securities held by the rest of the
world

263061005

189.0

Sum of lines 20 and 23.

20. Change in U.S. government
securities held by foreign official
institutions

263061015

-2.9

Sum of lines 21 and 22.

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Federal Reserve Bank of St. Louis

Explanation
Level from special Federal Reserve/Treasury
tabulation of TIC data. Data represent the security
repurchase agreements that are included in SCB,
USIT table 9, line Al2, Foreign official assets in
the U.S., U.S. banks' liabilities for own account,
payable in dollars, Other liabilities, and line B11,
U.S. banks' own liabilities, payable in dollars,
Other liabilities to unaffiliated foreigners. Includes
loans to IBFs. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.
Sum of lines 18, 19, 26, and 27.

376

Guide to the Flow of Funds Accounts, Volume 1

F.107

Rest of the World-Continued
Component

Code

1997 value
(billions of
dollars)

21. Change in U.S. Treasury securities
held by foreign official institutions

263061113

-7.3

Unadjusted flow from SCB, USIT table 1, line 51,
U.S. Treasury securities; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 51, U.S. Treasury
securities. Fourth-quarter level from SCB, article
International Investment Position of the U.S.,
table 1, line 28, U.S. Treasury securities; also
shown in SCB, International Data, table G.l,
line 28, U.S. Treasury securities. Level for other
quarters is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

22. Change in U.S. government
agency securities held by foreign
official institutions

263061713

4.3

Unadjusted flow from SCB, USIT table I, line 52,
Other U.S. government securities; also shown in
SCB, section BEA Current and Historical Data,
International Data, table F.2, line 52, Other U.S.
government securities. Fourth-quarter level from
SCB, article International Investment Position
of the U.S., table 1, line 29, Other U.S. government
securities; also shown in SCB, International Data,
table G.1, line 29, Other U.S. government
securities. Level for other quarters is obtained
by adding flow to preceding level. Data for the
most recent ten years of the series show no
significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

23. Change in U.S. government
securities held by private
foreigners

263061025

191.9

Sum of lines 24 and 25.

24. Change in U.S. Treasury securities
held by private foreigners

263061123

146.7

Unadjusted flow from SCB, USIT table 1, line 58,
U.S. Treasury securities. Fourth-quarter level from
SCB, article International Investment Position
of the U.S., table I, line 37, U.S. Treasury
securities; also shown in SCB, section BEA
Current and Historical Data, International Data,
table G. l, line 37, U.S. Treasury securities. Level
for other quarters is obtained by adding flow to
preceding level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

Table R107

377

F.107-Continued
Code

1997 value
(billions of
dollars)

25. Change in U.S. government
agency securities held by private
foreigners

263061723

45.2

Unadjusted flow from SCB, USIT table 6,
line B12, U.S. federally sponsored agency bonds,
net foreign purchases. Level is obtained by adding
flow to preceding level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

26. Net purchases of U.S. corporate
bonds and municipal securities
by the rest of the world

263063005

86.8

Sum of lines 26a and 26b.

26a. Net purchases of U.S.
corporate bonds and municipal
securities by the rest of the
world, other than bonds sold
by Netherlands Antillean
financial subsidiaries

263063003

86.8

Unadjusted flow from SCB, USIT table 6,
line B10, Corporate and other bonds, net foreign
purchases (excludes purchases by foreign official
agencies), less line Bl2, U.S. federally sponsored
agency bonds, net (excludes purchases by foreign
official agencies), plus memorandum line 3, U.S.
corporate and other bonds purchased by foreign
official agencies. Level is obtained by adding flow
to preceding level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

26b. Net issuance of bonds by
Netherlands Antillean financial
subsidiaries of U.S.
corporations

263063103

Unadjusted flow and level provided by BEA. Flow
series appears occasionally in USIT articles in
SCB, in text table Transactions with Netherlands
Antillean Finance Affiliates. Intercompany debt
flows series used as a proxy for net bond
transactions. Data for years before 1978 for this
series include Eurobond transactions of Delaware
subsidiaries operating abroad. Issuance is assumed
to be purchased entirely by the rest of the world.
Quarterly values for the series are zero beginning
1993:Ql ; for earlier quarters, unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

378

Guide to the Flow of Funds Accounts, Volume I

F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

27. Change in outstanding foreign
loans to U.S. nonfarm
nonfinancial corporate business

263068000

16.8

Level from special Federal Reserve/freasury
tabulation of TIC data; plus FR Bulletin,
table 3.17, line 48, Other foreigners, Banks'
custodial liabilities, Other; plus FR Board,
International Banking Section, FFIEC 002S report,
Loans secured by real estate (series CRCB1410)
and Commercial and industrial loans (CRCB1763);
plus FR Board, International Banking Section,
FR 2502q report, memorandum line le, Claims on
U.S. addressees other than depository institutions
(QSBS1369). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

28. Net purchases of U.S. corporate
equities by the rest of the world

263064003

64.2

Unadjusted flow from SCB, USIT table 6, sum
of line B2, Stocks, net foreign purchases (excludes
purchases by foreign official agencies); and
memorandum line 4, U.S. stocks purchased by
foreign official agencies. Fourth-quarter level from
SCB, article International Investment Position of
the U.S., table 1, line 41, Corporate stocks held in
the U.S. by foreigners other than official agencies,
plus estimate from BEA for holdings by foreign
official agencies. Level for other quarters is
obtained by adding flow to preceding level; for
1995:Ql onward, level adjusted to market value
every quarter using 1 plus the percentage change
(expressed in decimal form) in the NYSE
Composite Index of Common Stock Prices. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

29. Change in U.S. trade receivables
held by the rest of the world

263070005

2.8

Sum of lines 29a and 29b.

29a. Change in trade payables
owed to the rest of the world
by U.S. private nonbank
borrowers

263070003

5.3

Unadjusted flow and level from SCB, USIT
table 7, line B9, Commercial liabilities. Series
comprises Trade payables and Advance receipts
and other commercial liabilities. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.107

379

F.107-Continued
Code

1997 value
(billions of
dollars)

263070313

-2.5

Unadjusted flow from SCB, USIT table 1, line 53,
Other U.S. government liabilities; also shown
in SCB, section BEA Current and Historical Data,
International Data, table F.2, line 53, Other U.S.
government liabilities. Fourth-quarter level from
SCB, article International Investment Position
of the U.S., table 1, line 30, Other U.S. government
liabilities; also shown in SCB, International Data,
table G. l , line 30, Other U.S. government
liabilities. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

30. Change in U.S. security credit
held by the rest of the world

263067003

Level from FR Bulletin, former statistical section
International Capital Transactions of the U.S.,
table 18, Foreign Credit and Debit Balances in
Brokerage Accounts, column Credit balances (due
to foreigners). Unadjusted flow is the change in the
level. Quarterly values for the series are zero
beginning 1976:Q2 for levels and 1976:Q3 for
flows; it is assumed that the data are now included
with trade receivables. For earlier quarters,
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

31. Change in total miscellaneous U.S.
assets of the rest of the world

263090005

186.3

32. Foreign direct investment in the
U.S., with current-cost adjustment

263092001

93.4

Unadjusted and seasonally adjusted flows from
SCB, USIT table 5, line 55, Capital with
current-cost adjustment. Fourth-quarter level from
SCB, article International Investment Position of
the U.S., table 1, line 35, Direct investment in the
U.S. at current cost; also shown in SCB, section
BEA Current and Historical Data, International
Data, table G.1, line 35, Direct investment in the
U.S. at current cost. Level for other quarters is
obtained by adding unadjusted flow to preceding
level.

33. Change in unidentified
miscellaneous U.S. assets of the
rest of the world

263093005

92.9

Residual value calculated as line 33a less changes
in identified assets (lines 13a through 13e, 14, 15,
16, 18, 19, 26a, 27, 28, 29, 30, and 32).

Component
29b. Change in liabilities, other
than security liabilities, of the
federal government to the rest
of the world

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 32 and 33.

380

Guide to the Flow of Funds Accounts, Volume I

F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

264090000

733.4

Unadjusted flow from SCB, USIT table 1, line 48,
Foreign assets in the U.S., net; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 48, Foreign
assets in the U.S., net. Fourth-quarter level from
SCB, article International Investment Position of
the U.S., table I, line 24, Foreign assets in the U.S.,
with direct investment at current cost; also shown
in SCB, International Data, table G.l, line 24,
Foreign assets in the U.S., with direct investment
at current cost. Level for other quarters is obtained
by adding flow to preceding level; seasonally
adjusted flow is obtained using X-11-ARIMA
procedure.

34. Net increase in U.S. liabilities
of the rest of the world

264190005

369.3

Sum oflines 35, 36, 37, 46, 47, 48, and 49.

35. Net U.S. official acquisition
of foreign exchange and increase
in the U.S. net position in the
International Monetary Fund

263111005

35a. Net U.S. official acquisition
offoreign currencies

263111503

-2.9

Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed; also shown in SCB, section BEA Current
and Historical Data, International Data, table F.2,
line 38, Foreign currencies, with sign reversed.
Data for the most recent ten years ofthe series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
ofseasonally adjusted data. The seasonally
adjusted and unadjusted flows for this series
exclude revaluations ofcurrency holdings; the
level is valued at current market exchange rates.

35b. Change in U.S. position in the
International Monetary Fund

263111403

3.6

Level from FR Bulletin, table 3.12, line 4, Reserve
position in IMF. Unadjusted flow from SCB, USIT
table 1, line 37, Reserve position in the IMF, with
sign reversed; also shown in SCB, section BEA
Current and Historical Data, International Data,
table F.2, line 37, Reserve position in the IMF,
with sign reversed. Data for the most recent ten
years ofthe series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports ofseasonally adjusted data. The
seasonally adjusted and unadjusted flows for this
series exclude revaluations.

Component
33a. Change in foreign assets in the
U.S., balance ofpayments
accounts basis

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Federal Reserve Bank of St. Louis

Explanation

Sum oflines 35a and 35b.

Table F.107

381

F.107-Continued
Code

1997 value
(billions of
dollars)

36. Change in foreign deposits held
by U.S. private sectors

263191003

107.4

37. Change in credit market debt
of the rest of the world to U.S.
residents

264104005

56.9

38. Change in commercial paper
liabilities of the rest of the world
to U.S. residents

263169175

3.7

Sum of lines 38a and 38b.

38a. Change in commercial paper
liabilities of foreign financial
companies to U.S. residents

263169103

6.0

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Financial,
Foreign, month-end outstandings. Series is
compiled by FR Board from data obtained from
the Depository Trust Company. Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

38b. Change in commercial paper
liabilities of foreign
nonfinancial companies to U.S.
residents

263169700

-2.3

Level from FR Board, Capital Markets Section,
daily statistical release Commercial Paper, table
Commercial Paper Outstanding, section Not
Seasonally Adjusted Data, column Nonfinancial,
Foreign, month-end outstandings. Series is
compiled by FR Board from data obtained from
the Depository Trust Company. Unadjusted flow
is the change in the level; seasonally adjusted flow
is derived from seasonally adjusted levels shown
in the same release.

263163003

46.7

Unadjusted flow from SCB, USIT table 6,
line A13, Bonds, net U.S. purchases, with sign
reversed. Level is obtained by adding flow to
preceding level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

39. Change in bond liabilities of the
rest of the world to U.S. residents

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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow and level from SCB, sum of USIT
table 7, line AS, Deposits; USIT table 8, line 17,
Deposits; and USIT table 8, line 19, Other
negotiable and readily transferable instruments
(flows with signs reversed). Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.
Sum of lines 38, 39, 40, 44, and 45.

382

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F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

40. Change in outstanding loans, not
elsewhere classified, to the rest
of the world held by the U.S.
commercial banking sector

263168005

8.5

Sum of lines 41, 42, and 43.

41. Change in outstanding loans to
foreign governments and official
institutions held by the U.S.
commercial banking sector

263168605

-.8

Sum of lines 41a and 41b.

41a. Change in loans to foreign
governments and official
institutions held by
U.S.-chartered commercial
banks

723068263

-.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to foreign governments and official
institutions (including foreign central banks)
(series RCON2081). Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

41b. Change in loans to foreign
governments and official
institutions held by foreign
banking offices in the U.S.

753068263

-.5

Level from quarterly Reports of Condition:
for U.S. branches and agencies of foreign banks,
schedule C, Loans to foreign governments and
official institutions (including foreign central
banks) (series RCON2081); for Edge and
agreement corporations, schedule C, Loans to
foreign governments and official institutions
(including foreign central banks) (RCFD2081 less
RCFN2081); and for New York State investment
companies (through l 996:Q2), schedule A, Loans
to foreign governments and official institutions
(RCON208 l ). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

263168705

-.5

Sum of lines 42a, 42b, and 42c.

713068103

Component

42. Change in outstanding loans
to foreign banks held by the U.S.
commercial banking sector
42a. Change in loans to borrowers,
other than depository
institutions, held by Federal
Reserve Banks (monetary
authority sector)

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Federal Reserve Bank of St. Louis

Explanation

Level from FR Bulletin, table 1.18, line 5, Other
loans, end-of-month data. Unadjusted flow is the
change in the level. Quarterly values for the series
are zero beginning l 970:Q3 for levels and
l 970:Q4 for flows; for earlier quarters, unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

Table Fl07

383

F.107-Continued
Code

1997 value
(billions of
dollars)

42b. Change in loans to banks
in foreign countries held
by U.S.-chartered commercial
banks

723068273

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to depository institutions, To banks in
foreign countries (series RCON1510). Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

42c. Change in loans to foreign
banks held by foreign banking
offices in the U.S.

753068273

-.6

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to foreign branches of
U.S. banks (series RCON1513) and Loans to other
banks in foreign countries (RCON1516); for Edge
and agreement corporations, schedule C, Loans
to banks in foreign countries (RCFD1510 less
RCFN1510); and for New York State investment
companies (through I 996:Q2), schedule A, Loans
to banks in foreign countries (RCON1510).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

43. Change in outstanding loans to
foreigners, other than banks and
official institutions, held by the
U.S. commercial banking sector

263168805

9.8

Sum of lines 43a and 43b.

43a. Change in commercial and
industrial loans to the rest of
the world and in foreign lease
financing receivables held
by U.S.-chartered commercial
banks

723068283

5.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
sum of Commercial and industrial loans to
non-U.S. addressees (domicile) (series
RCONI 764) and Lease financing receivables (net
of unearned income) of non-U.S. addressees
(domicile) (RCON2183). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

384

Guide to the Flow of Funds Accounts, Volume 1

F.107 Rest of the World-Continued
Component

Code

1997 value
(billions of
dollars)

43b. Change in commercial and
industrial loans to tbe rest
of the world held by foreign
banking offices in tbe U.S.

753068283

4.7

263169205

-1.8

44a. Net acquisition of foreign
assets, other than official
reserve assets, by the federal
government

264191003

-.2

Unadjusted flow from SCB, USIT table 1, line 39,
U.S. government assets, other than official reserve
assets, net, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 39, U.S.
government assets, other than official reserve
assets, net. Fourth-quarter level from SCB, article
International Investment Position of the U.S.,
table 1, line 10, U.S. government assets, other than
official reserve assets; also shown in SCB,
International Data, table G.1, line 10, U.S.
government assets, other than official reserve
assets. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

45. Change in foreign acceptance
liabilities to the U.S. commercial
banking sector

263169605

-.2

Sum of lines 45a and 45b, less lines 45c and 45d.

44. Change in loans to the rest of the
world held by the federal
government

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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Commercial and industrial
loans to non-U.S. addressees (domicile) (series
RCONI 764) and Lease financing receivables (net
of unearned income) of non-U.S. addressees
(domicile) (RCFD2183 less RCFN2183); for
Edge and agreement corporations, schedule C,
Commercial and industrial loans to non-U.S.
addressees (RCON l 762 less RCFN1600); and for
New York State investment companies (through
1996:Q2), schedule A, Commercial and industrial
loans to non-U.S. addressees (RCONI 762).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Line 44a less lines 50 and 51.

Table F107

385

F.107-Continued
Component

Code

1997 value
(billions of
dollars)

45a. Change in customers'
acceptance liabilities to
U.S.-chartered commercial
banks

293169723

-.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Customers' liability to this bank on acceptances
outstanding (series RCON2155). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. This series is included in the "other
loans and advances" category in the FOF
accounts.

45b. Change in customers'
acceptance liabilities to
foreign banking offices in the
U.S.

293169750

-2.5

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, sum of U.S.
addressees (domicile) (series RCFD2156) and
Non-U.S. addressees (domicile) (RCFD2157); for
Edge and agreement corporations, schedule RC,
Customers' liability on acceptances outstanding
(RCFD2155); and for New York State investment
companies (through 1996:Q2), main schedule,
Customers' liabilities to this investment company
on acceptances outstanding, sum of U.S.
addressees (domicile) (RCON2156) and Non-U.S.
addressees (domicile) (RCON2157). Unadjusted
flow is the change in the level; seasonally adjusted
flow is obtained using X-11-ARIMA procedure.
This series is included in the "other loans and
advances" category in the FOF accounts.

45c. Change in acceptance
liabilities of nonfarm
nonfinancial business to
U.S.-chartered commercial
banks

123169720

-.3

45d. Change in acceptance
liabilities of nonfarm
nonfinancial business to
foreign banking offices in the
U.S.

123169750

-2.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, U.S.
addressees (domicile) (series RCFD2156); for
Edge and agreement corporations, schedule RC,
67 percent of Customers' liability on acceptances
outstanding (RCFD2155); and for New York State
investment companies (through 1996:Q2),
Customers' liabilities to this investment company
on acceptances outstanding, U.S. addressees
(domicile) (RCON2156). Unadjusted flow is the
change in the level; seasonally adjusted flow is
obtained using X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

Explanation

386

Guide to the Flow of Funds Accounts, Volume 1

F.107 Rest of the World-Continued
Code

1997 value
(billions of
dollars)

46. Net purchases of foreign
corporate equities by U.S.
residents

263164003

41.3

Unadjusted flow from SCB, USIT table 6, line A2,
Stocks, net U.S. purchases, with sign reversed.
Includes U.S. purchases of ADRs. Fourth-quarter
level from SCB, article International Investment
Position of the U.S., table l, line 21, Corporate
stocks; also shown in SCB, section BEA Current
and Historical Data, International Data, table G.l,
line 21, Corporate stocks. Level for other quarters
is obtained by adding flow to preceding level;
beginning 1995:Q1, level adjusted to market value
every quarter using l plus the percentage change
(expressed in decimal form) in the Morgan Stanley
Equity Price Index for all countries, excluding the
U.S., in U.S. dollars (data obtained from the
Bloomberg Service). Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate to
annual rate and used as seasonally adjusted flow in
FOF reports of seasonally adjusted data.

47. Change in trade payables owed
to U.S. lenders by the rest of the
world

263170003

10.2

Unadjusted flow and fourth-quarter level from
SCB, sum of USIT table 7, line Al3, Commercial
claims; and USIT table 8, line 20, Outstanding
collections and other. Excludes foreign currency
claims. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

48. Change in security credit owed
to U.S. lenders by the rest of the
world

263167003

Level from FR Bulletin, former statistical section
International Capital Transactions of the U.S.,
table 18, Foreign Credit and Debit Balances in
Brokerage Accounts, column Debit balances (due
from foreigners). Unadjusted flow is the change in
the level. Quarterly values for the series are zero
beginning 1976:Q2 for levels and 1976:Q3 for
flows; it is assumed that the data are now included
with trade payables. For earlier quarters,
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

49. Change in total miscellaneous U.S.
liabilities of the rest of the world

263190005

152.8

Component

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 50, 51, 52, and 53.

Table F. 107

387

F.107-Continued

1997 value
(billions of
dollars)

Component

Code

50. Change in equity in the
International Bank for
Reconstruction and Development
and other international
organizations held by the federal
government

313092203

1.6

Unadjusted flow from SCB, USIT table 4,
line A24, Capital subscriptions and contributions
to international financial institutions, excluding
IMF. Data are also published in Status of Letters
of Credit Issued to International Organizations
by Department of the Treasury, Total drawdowns
less Drawdowns by International Monetary Fund,
amount for fiscal year through current quarter less
amount for fiscal year through preceding quarter.
Level is obtained by adding flow to preceding
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

51. Net non-official acquisition of
foreign currencies and short-term
assets by the federal government

313091003

Unadjusted flow from SCB, USIT table I, line 42,
U.S. foreign currency holdings and U.S. short-term
assets, net, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 42, U.S. foreign
currency holdings and U.S. short-term assets, net,
with sign reversed. Fourth-quarter level from SCB,
article International Investment Position of the
U.S., table I, line 14, U.S. foreign currency
holdings and U.S. short-term assets; also shown
in International Data, table G.l , line 14, U.S.
foreign currency holdings and U.S. short-term
assets. Level for other quarters is obtained by
adding flow to preceding level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

52. U.S. direct investment abroad,
excluding bonds sold by
Netherlands Antillean financial
subsidiaries

263192005

121.8

Sum of lines 26b and 52a.

263192001

121.8

Unadjusted and seasonally adjusted flows from
SCB, USIT table 5, line 14, Capital with
current-cost adjustment, with sign reversed.
Fourth-quarter level from SCB, article
International Investment Position of the U.S.,
table I, line 17, Direct investment abroad at
current cost; also shown in SCB, section BEA
Current and Historical Data, International Data,
table G.1, line 17, Direct investment abroad at
current cost. Level for other quarters is obtained
by adding unadjusted flow to preceding level.

52a. U.S. direct investment abroad,
with current-cost adjustment

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Federal Reserve Bank of St. Louis

Explanation

388

Guide to the Flow of Funds Accounts, Volume 1

F.107 Rest of the World-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

53. Change in unidentified
miscellaneous U.S. liabilities
of the rest of the world

263193005

29.3

54. Discrepancy for the rest of the
world, equal to net foreign
investment in U.S. (NIPA basis;
sign reversed) less net financial
investment

267005005

-114.0

Sum of lines 8, 9, and 54a, less line 54b; also
equal to line 9 less line 10. This series is the
discrepancy in the balance of payments accounts,
adjusted to conform to NIPA concepts. The
discrepancy is a use of funds in the FOF accounts.

54a. U.S. balance of payments
accounts statistical
discrepancy

267005261

-99.7

Unadjusted and seasonally adjusted flows from
SCB, USIT table I, line 64, Statistical discrepancy;
also shown in SCB, section BEA Current and
Historical Data, International Data, table F.2,
line 64, Statistical discrepancy. Beginning
1978:Q I, data for the series exclude all capital
gains and losses related to direct investment. FOF
series differs from published BEA series for
1978-81 because BEA series does not exclude
capital gains and losses related to direct
investment.

54b. Rest of the world current
account balance with the U.S.,
balance of payments accounts
basis

266000261

155.2

Unadjusted and seasonally adjusted flows from
SCB, USIT table 1, line 71, Balance on current
account, with sign reversed; also shown in SCB,
section BEA Current and Historical Data,
International Data, table F.2, line 71, Balance
on current account, with sign reversed.

55. Net U.S. exports of goods and
services, NIPA basis

266990005

-93.4

Line 6 less line 2.

56. Net U.S. factor income (net
receipts, from the rest of the
world, of interest, corporate
profits, and employee
compensation)

266902105

-8.0

Line 7 less line 3.

57. Net transfer payments from the
U.S. to the rest of the world

266400001

39.5

Same as line 4.

58. Net capital grants received by the
U.S. from the rest of the world

313011301

Same as line 8.

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Federal Reserve Bank of St. Louis

Residual value calculated as the change in U.S.
liabilities (equal to total U.S. uses of funds-the
sum of net acquisition of U.S. financial assets,
line 11, and the discrepancy, line 54-less the total
of nonfinancial U.S. sources of funds, which is
gross saving in line 9) less changes in identified
liabilities (lines 35, 36, 37, 46, 47, 48, 50, 51, and
52).

Table RJ07

389

F.107-Continued
Component

Code

1997 value
(billions of
dollars)

59. Net foreign investment in the U.S.,
NIPA basis

266000005

-140.9

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 55 and 56, less line 57, plus line 58.
Equals, with sign reversed, NIPA table 4.1, line 20,
Net foreign investment.

390

Guide to the Flow of Funds Accounts, Volume 1

Table F.108 Monetary Authority
The monetary authority is the group of insti
tutions and financial accounts that supply
reserve funds to depository institutions and
absorb funds from them; data on the amounts
of funds supplied and absorbed by the mone
tary authority are presented in table 1.11 of
the Federal Reserve Bulletin, "Reserves of
Depository Institutions and Reserve Bank
Credit." 1 The sector is made up primarily of
the twelve Federal Reserve Banks and their
subsidiary offices (but not the Board of Gover
nors of the Federal Reserve System). It also
includes certain monetary accounts of the
U.S. Treasury: the monetary gold stock; the
special drawing rights certificate account;
I. The "reserve equation" and the factors that supply
and absorb reserve funds are discussed in Purposes and
Functions, pp. 118-22.

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Federal Reserve Bank of St. Louis

and Treasury currency, which comprises stan
dard silver dollars, fractional coin, national
bank notes, and currency items in the process
of retirement. (These Treasury accounts are
excluded from the assets and liabilities of the
U.S. government sector in the flow of funds
accounts.)
The assets of the monetary authority are the
factors supplying reserve funds; the largest
asset is Treasury securities, which, in the con
duct of monetary policy, are bought and sold
by the Federal Reserve System through open
market operations. The liabilities of the sector,
primarily currency held by the public and by
commercial banks and reserve deposits owed
to depository institutions by the Federal
Reserve System, are the factors absorbing
reserve funds.

391

Table F.108

F.108 Monetary Authority (1)
Billions of dollars
1992

1993

1994

1995

1996

1997

FA716000105

Gross saving

1.0

0.1

-2.6

-1.2

1.7

2.8

FA715013003

Fixed nonresidential investment

0.3

0.2

0.3

0.2

0.3

FA714090005

Net acquisition of financial assets

17.1

42.1

28.2

19.8

23.3

38.8

4
5

Gold and foreign exchange
SDR certificates
Treasury currency

-2.2
-2.0
0.4

0.4
0.0
0.6

-2.6
0.0
0.9

3.2
2.2
1.0

-3.8

-0.5

-1.5

-0.5

FA713011005
FA713014003
FA713012003

0.6

7
8
9

FA713022003
FA713068003
FA712050000

Federal Reserve float
Fed. Res. loans to domestic banks
Security RPs

2.5
0.5
-7.8

-2.3
-0.6
5.1

-1.6
0.1
-2.6

0.8
-0.1
3.3

4.2
-0.1
7.7

-3.6
2.0
2.3

7
8
9

FA714002I05

Credit market instruments

27.9

36.2

31.5

12.7

12.3

38.3

JI
12
13
14
15

FA713069603
FA713061005
FA713061IOO
FA713061703
FA713068I03

0.0
27.9
28.5
-0.6
0.0

0.0
36.2
37.0
-0.8
0.0

0.0
31.5
32.5
-1.0
0.0

0.0
12.7
13.7
-1.0
0.0

0.0
12.3
12.7
-0.4
0.0

0.0
38.3
39.8
-1.5
0.0

II
12
13
14
15

FA713093005

-2.2

2.6

-3.2

2.4

1.2

FA714190005

16.7

41.8

28.0

19.5

22.8

38.1

18
19

FA713113000
FA723025000

Depository institution reserves
Vault cash of commercial banks

-1.7

2.7

2.9
0.8

-4.2

5.5

-1.2
2.4

-5.1
4.6

6.3
-0.2

18
19

20
21
22
23

FA713120005
FA713123I05
FA713122605
FA713125005

Checkable deposits and currency
Due to federal government
Due to rest of the world

17.6
-10.3
-0.7
28.7

37.1
7.2
0.1
29.8

25.3
-7.7
-0.1
33.1

17.0
-1.2
0.2
18.0

23.5
-0.1
21.8

30.1
-2.3
0.5
31.9

20
21
22
23

24
25
26

FA713190005
FA713164003
FA713193005

Miscellaneous liabilities
Federal Reserve Bank stock
Other

-1.8
0.4
-2.2

1.0
0.3
0.6

1.3
0.3
1.1

1.3
0.3
1.0

--0.2
0.6
-0.9

1.8
0.8
1.0

24
25
26

FA717005005

0.3

-0.5

-3.1

-1.7

1.0

1.8

Acceptances
U.S. government securities
Treasury
Agency
Bank loans n.e.c.
Miscellaneous assets
Net increase in liabilities

Currency outside banks

Discrepancy

1.0

1.7

(I) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

392

Guide to the Flow of Funds Accounts, Volume 1

F.108

Monetary Authority
Code

1997 value
(billions of
dollars)

716000105

2.8

Sum of lines la and I b.

la. Undistributed profits of Federal
Reserve Banks

716006003

2.5

Seasonally adjusted flow from special tabulation
of undistributed profits of FR Banks provided once
a year by BEA. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

1b. Consumption of fixed
nonresidential capital by
Federal Reserve Banks, with
nonresidential structures and
equipment valued at current
cost

716330003

Annual flow from Fixed Reproducible Tangible
Wealth, table A2, Fixed Nonresidential Private
Capital, by Industry, Current-Cost Valuation,
Depreciation, sum of Equipment for Federal
Reserve Banks (series MlNFI6AlEQ00; revisions
and updates provided by BEA) and Structures for
Federal Reserve Banks (MlNFI6AlST00). Series
is converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using consumption
of fixed capital by private sectors (FOF series
896300003, table F.8, line 7) as the denominator.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data. Beginning 1994:Ql, the
values for this series are adjusted upward as part of
a reallocation by the FOF Section of consumption
of fixed capital by private sectors toward financial
institutions in general and away from nonfarm
noncorporate business, in order to align the FOF
Section estimates of noncorporate consumption
of fixed capital with values implied by the latest
SOI balance sheets for partnerships and income
statements for proprietorships.

Component
1. Gross saving of the monetary
authority

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Federal Reserve Bank of St. Louis

Explanation

Table F.108

393

F.108-Continued

1997 value
(billions of
dollars)

Explanation

Component

Code

2. Fixed nonresidential investment
by Federal Reserve Banks

715013003

3. Net acquisition of financial assets
by the monetary authority

714090005

38.8

Sum of lines 4, 5 through 10, and 16.

4. Change in monetary gold and
foreign exchange held by the
monetary authority

713011005

-1.5

Sum of line 4a and 50 percent of line 4b, less
line 4c.

4a. Change in monetary gold held
by the monetary authority

713011203

4b. Net U.S. official acquisition
of foreign currencies

263111503

-2.9

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Federal Reserve Bank of St. Louis

Annual flow from Fixed Reproducible Tangible
Wealth, Investment data, table B1, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost Valuation and Constant-Cost
Valuation, columns Millions of dollars, sum
of Equipment for Federal Reserve Banks (series
l3NFI6A1EQOO; revisions and updates provided
by BEA) and Structures for Federal Reserve Banks
(I3NFI6A1STOO). Series is converted to seasonally
adjusted quarterly flow at annual rate by ratio
method, using investment in producers' durable
equipment (SCB, NIPA table 5.4, line 8,
Producers' durable equipment) as the denominator
for the equipment component and investment in
nonresidential structures (SCB, NIPA table 5.4,
line 3, Nonresidential structures) as the
denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Level from FR Bulletin, table 1.18, line 1, Gold
certificate account, end-of-month data. Unadjusted
flow is the change in the level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data. The official U.S. gold stock is valued
at $42.22 per fine troy ounce.
Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT table
1, line 38, Foreign currencies, with sign reversed;
also shown in SCB, section BEA Current and
Historical Data, International Data, table F.2, line
38, Foreign currencies, with sign reversed. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data. The seasonally
adjusted and unadjusted flows for this series
exclude revaluations of currency holdings; the
level is valued at current market exchange rates.

394

Guide to the Flow of Funds Accounts, Volume 1

F.108 Monetary Authority-Continued
Code

1997 value
(billions of
dollars)

4c. Change in deposits held by the
International Monetary Fund at
Federal Reserve Banks

713111403

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

5. Change in special drawing rights
certificates held by Federal
Reserve Banks

713014003

-.5

Level from FR Bulletin, table 1.18, line 2, Special
drawing rights certificate account, end-of-month
data. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

6. Change in U.S. Treasury currency
held by the monetary authority

713012003

Level from FR Bulletin, table I.I I, line 14,
Treasury currency outstanding, end-of-month data.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

7. Change in Federal Reserve float
(asset of Federal Reserve Banks)

713022003

-3.6

Level from FR Bulletin, table 1.11, line 10, Float,
end-of-month data. Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

8. Change in loans to depository
institutions held by Federal
Reserve Banks

713068003

2.0

Level from FR Bulletin, table 1.18, line 4, Loans
to depository institutions, end-of-month data.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.

9. Change in outstanding loans held
by Federal Reserve Banks under
security repurchase agreements

712050000

2.3

Level from FR Bulletin, table 1.18, end-of-month
data: sum of line 6, Acceptances held under
repurchase agreements, line 8, Federal agency
obligations held under repurchase agreements,
and line 14, U.S. Treasury securities held under
repurchase agreements. Unadjusted flow is the
change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table F.108

395

F.108-Continued
Code

1997 value
(billions of
dollars)

10. Change in credit market assets
of Federal Reserve Banks

714002105

38.3

11. Change in acceptances held
by Federal Reserve Banks

713069603

12. Change in U.S. government
securities held by Federal Reserve
Banks

713061005

38.3

Sum of lines 13 and 14.

13. Change in U.S. Treasury securities
held by Federal Reserve Banks

713061100

39.8

Level from FR Bulletin, table 1.18, line 10, U.S.
Treasury securities bought outright, end-of-month
data. Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

14. Change in U.S. government
agency securities held by Federal
Reserve Banks

713061703

-1.5

Level from FR Bulletin, table 1.18, line 7, Federal
agency obligations bought outright, end-of-month
data. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

15. Change in loans to borrowers,
other than depository institutions,
held by Federal Reserve Banks

713068103

16. Change in unidentified
miscellaneous assets of the
monetary authority

713093005

1.2

Component

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 11, 12, and 15.

Level from FR Bulletin, table 1.18, former line 6,
Acceptances bought outright, end-of-month data.
Unadjusted flow is the change in the level.
Quarterly values for the series are zero beginning
1977:Q4 for levels and 1978:Q l for flows; for
earlier quarters, unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

Line 16a less 50 percent of line 4b and less line
16b.

396

Guide to the Flow of Funds Accounts, Volume 1

F.108

Monetary Authority-Continued
Component

Code

1997 value
(billions of
dollars)

16a. Change in other assets
of Federal Reserve Banks

713093003

-.2

16b. Change in furniture and
fixtures, at book value, owned
by Federal Reserve Banks

715013123

714190005

38.1

715080003

1.6

Level from FR Bulletin, table 1.18, end-of-month
data: sum of line 30, Capital paid in, line 31,
Surplus, and line 32, Other capital accounts.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

18. Change in reserve deposits held
by depository institutions at
Federal Reserve Banks

713113000

6.3

Level from FR Bulletin, table 1.18, line 23,
Deposit liabilities to depository institutions,
end-of-month data. Unadjusted flow is the change
in the level; seasonally adjusted flow is obtained
using X-11-ARIMA procedure.

19. Change in vault cash held by
U.S.-chartered commercial banks
(liability of the monetary
authority)

723025000

-.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Currency and coin (series RCON0080).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

20. Change in checkable deposit
and currency liabilities of the
monetary authority

713120005

30.1

17. Net increase in liabilities of the
monetary authority
17a. Change in net worth reported
by Federal Reserve Banks

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Federal Reserve Bank of St. Louis

Explanation
Level from FR Bulletin, table 1.18, end-of-month
data: sum of line 18, Other assets denominated in
foreign currencies, and line 19, All other assets.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow is
converted from quarterly rate to annual rate and
used as seasonally adjusted flow in FOF reports
of seasonally adjusted data.
Level from Annual Report, Board of Governors
of the FR System, Statistical Tables, table I, Other
assets, Total furniture and equipment, net. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.
Data for the most recent ten years of the series
show no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.
Line 3 less line 17a, plus line 25.

Sum of lines 21, 22, and 23.

Table Fl08

397

F.108-Continued
Code

1997 value
(billions of
dollars)

21. Change in Treasury cash and
deposits held by the federal
government at Federal Reserve
Banks

713123105

-2.3

21a. Change in Treasury cash
holdings (liability of the
monetary authority)

713123203

Level from FR Bulletin, table 1.11, line 16,
Treasury cash holdings, end-of-month data.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

21b. Change in liabilities of Federal
Reserve Banks for the U.S.
Treasury general deposit
account

713123730

-2.3

713122605

Sum of lines 22a and 22b, less line 4c.

22a. Change in deposits held
by foreign official institutions
at Federal Reserve Banks

713122003

Level from FR Bulletin, table 1.18, line 25,
Deposit liabilities, Foreign-Official accounts,
end-of-month data. Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

22b. Change in deposits held
by international organizations
at Federal Reserve Banks

713122103

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

23. Change in currency outside banks
(liability of the monetary
authority)

713125005

31.9

Line 23a less line 19.

23a. Change in currency in
circulation (liability of the
monetary authority)

713124000

31.7

Level from FR Bulletin, table I.I1, line 15,
Currency in circulation, end-of-month data.
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

Component

22. Change in deposits held by the
rest of the world at Federal
Reserve Banks

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 l a and 21b.

398

Guide to the Flow of Funds Accounts, Volume 1

F.108 Monetary Authority-Continued
Code

1997 value
(billions of
dollars)

24. Change in total miscellaneous
liabilities of the monetary
authority

713190005

1.8

25. Change in liabilities of Federal
Reserve Banks to U.S.-chartered
commercial banks for Federal
Reserve Bank stock

713164003

26. Change in unidentified
miscellaneous liabilities of the
monetary authority

713193005

1.0

Line 24 less line 25.

27. Discrepancy for the monetary
authority, equal to gross saving
less gross investment

717005005

1.8

Sum of lines 1 and 17, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

Component

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Federal Reserve Bank of St. Louis

Explanation
Line 17 less lines 18, 19, and 20.

Level from FR Bulletin, table 1.18, line 30, Capital
paid in, end-of-month data. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

400

Guide to the Flow of Funds Accounts, Volume 1

Table F.109

Commercial Banking

The commercial banking sector is made up
of four banking groups: U.S.-chartered com
mercial banks (table F.110), foreign banking
offices in the U.S. (table F.111), bank hold
ing companies (table F.112), and banks in
U.S.-affiliated areas (table F.113). Each group
is described in the introduction to its table.
This table is a combined statement for the four
groups, whereas the tables for the individual
banking sectors are consolidated, with inter
bank assets netted against interbank liabilities.

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Federal Reserve Bank of St. Louis

Credit market funds advanced by the com
mercial banking sector, shown in line 43,
serves as an indicator of the amount of funds
supplied by the sector to the domestic nonfi
nancial sectors. Note that credit market funds
advanced differs from bank credit, which is
shown on line 7, in that it excludes security
credit, corporate equities, and mutual fund
shares and includes customers' liability on
acceptances.

401

Table F.109

F.109 Commercial Banking (1)
Billions of dollars
1992

1993

1994

1995

1996

1997

FA766000105

Gross saving

36.0

34.8

32.5

38.6

37.5

48.4

FA765013005

Fixed nonresidential investment

15.6

14.5

13.2

13.3

12.3

12.8

FA764090005

Net acquisition of financial assets

181.2

236.9

231.3

335.7

216.6

457.4

4
5

Checkable deposits and currency

-1.7
2.5
--0.5

0.8
2.5
--0.3

5.5
-3.5
0.4

2.4
-1.1
0.2

4.6
-4.6
--0.2

--0.2
6.8
--0.1

FA723025000
FA763013005
FA743020003

FA764005005

Total bank credit

115.2

162.6

156.8

273.4

189.9

350.0

8
9
10

FA763061005
FA763061105
FA763061705

U.S. government securities
Treasury

104.7
61.9
42.8

72.5
27.8
44.7

-26.2
-31.8
5.5

27.0
-11.7
38.7

11.3
-16.9
28.2

83.8
8.3
75.5

8
9
10

11
12

FA763062005
FA763063005

Municipal securities
Corporate and foreign bonds

-5.7
-1.6

1.7
3.5

-1.6
4.3

-4.2
8.4

0.9
1.4

2.4
27.8

11
12

13
14
15
16
17
18

FA764035605
FA763069175
FA763068005
FA763065005
FA723066000
FA763067005

Total loans
Open market paper
Bank loans n.e.c.

18.5
-1.4
-8.9
19.2
-7.3
16.9

83.6
-1.9
-7.2
47.3
32.8
12.7

183.7
62.9
64.9
63.1
-5.7

239.8
--0.1
114.7
77.5
43.2
4.6

174.2
0.8
92.1
55.2
24.8
1.3

234.7
--0.8
129.3
98.8
-14.2
21.7

13
14
15
16
17
18

19
20

FA763064105
FA723064203

--0.4
--0.4

0.9
0.5

-1.4
-1.9

2.1
0.3

1.8
0.3

0.6
0.8

19
20

21
22

FA293 l 69605
FA763090005

-3.6
69.3

---o.4
77.6

-2.4
74.5

--0.6
61.4

1.0
25.9

-2.8
103.5

21
22

FA764190005

Net increase in liabilities

184.8

241.1

255.2

300.5

203.7

490.5

Net interbank liabilities

26
27

FA764110005
FA714010005
FA904010005
FA764116005

48.4
3.0
-4.9
50.3

46.9
-2.9
4.2
45.6

88.5
-1.5
-2.7
92.8

8.7
0.7
-3.1
11.1

-51.2
4.1
-3.3
-52.0

-25.5
-1.6
-19.9
-4.0

24
25
26
27

28
29
30
31

FA763120005
FA723123105
FA763122605
FA763129205

Checkable deposits
Federal government
Rest of the world
Private domestic

92.8
-5.9
2.3
96.4

74.1
12.1
--0.4
62.4

-31.7
-18.9
1.9
-14.7

-45.9
-4.7
0.8
-42.0

-34.6
9.7
2.6
-46.9

-19.8
--0.9
4.6
-23.5

28
29
30
31

32
33
34

FA763131005
FA763135005
FA762150005

Large time deposits

2.7
---06.8
18.3

-12.0
-21.1
41.6

-1.0
21.3
78.1

113.9
54.8
30.4

123.1
105.3
41.0

148.3
107.9
89.0

32
33
34

FA764104005

Credit market instruments

10.0

13.4

20.1

22.5

13.0

46.1

36
37
38

FA763169175
FA763163005
FA723169255

-7.7
14.5
3.2

-2.5
7.2
8.6

3.1
7.7
9.3

-2.2
18.5
6.2

2.9
7.8
2.3

3.3
23.7
19.1

36
37
38

39
40
41

FA763164005
FA723178003
FA763190005

20.2
0.2
59.0

7.3
0.5
90.4

-3.3
0.7
82.4

-8.7
0.9
124.0

-14.3
1.2
20.1

-27.7
1.4
170.9

39
40
41

FA767005005

24.0

24.5

43.2

-9.9

12.3

68.9

95.3

142.2

163.4

265.9

187.5

324.3

Vault cash
Reserves at Federal Reserve

Agency

Mortgages

Consumer credit
Security credit
Corporate equities
Mutual fund shares
Customers' liab. on acceptances (2)

Miscellaneous assets

To monetary authority

To domestic banks (3)

To foreign banks

Small time and savings deposits
Federal funds and security RPs (net)

Open market paper
Corporate bonds

Other loans and advances
Corporate equity issues

Taxes payable

Miscellaneous liabilities

Discrepancy

-1.5

Memo:

FA764004005

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking

and treated the same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers' liability on acceptances (line 21).

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

402

Guide to the Flow of Funds Accounts, Volume 1

F.109 Commercial Banking
Code

1997 value
(billions of
dollars)

766000105

48.4

la. Gross saving of U.S.-chartered
commercial banks

726000105

7.7

Table F.110, line I.

1b. Gross saving of foreign banking
offices in the U.S.

756330003

3.2

Table F.111, line I.

le. Gross saving of bank holding
companies

736000105

37.4

Table F.112, line I.

ld. Gross saving of banks
in U.S.-affiliated areas

746330003

Table F. 113, line I.

2. Fixed nonresidential investment
by the commercial banking sector

765013005

12.8

2a. Fixed nonresidential investment
by U.S.-chartered commercial
banks

725013003

9.3

Table F. I10, line 2.

2b. Fixed nonresidential investment
by foreign banking offices in the
U.S.

755013003

3.0

Table F.111, line 2.

2c. Fixed nonresidential investment
by bank holding companies

735013003

Table F.112, line 2.

2d. Fixed nonresidential investment
by banks in U.S.-affiliated areas

745013003

Table F. 113, line 2.

3. Net acquisition of financial assets
by the commercial banking sector

764090005

457.4

4. Change in vault cash held by
U.S.-chartered commercial banks
(liability of the monetary
authority)

723025000

-.2

Table F.110, line 4a. Also found in table F.108,
line 19, and table F.203, line 4.

5. Change in reserve deposits held
by the commercial banking sector
at Federal Reserve Banks
(monetary authority sector)

763013005

6.8

Sum of lines Sa and Sb.

Sa. Change in reserve deposits held
by U.S.-chartered commercial
banks at Federal Reserve Banks
(monetary authority sector)

723013005

5.0

Table F.110, line 4b less line 4d, and less line Sb
below.

Component

1. Gross saving of the commercial
banking sector

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines Ia, Ib, Ic, and Id.

Sum of lines 2a, 2b, 2c, and 2d.

Sum of lines 4, 5, 6, 7, 21, and 22.

Table F.109

F.109-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

753013003

1.8

Table F.111, line 4.

6. Change in checkable deposits and
currency held by banks in
U.S.-affiliated areas

743020003

-.1

Table F.113, line 4.

7. Change in bank credit held by the
commercial banking sector

764005005

350.0

8. Change in U.S. government
securities held by the commercial
banking sector

763061005

83.8

9. Change in U.S. Treasury securities
held by the commercial banking
sector

763061105

8.3

9a. Change in U.S. Treasury
securities held by U.S.-chartered
commercial banks

723061100

-6.1

Table F.110, line 7.

9b. Change in U.S. Treasury
securities held by foreign
banking offices in the U.S.

753061103

14.4

Table F.I 11, line 7.

9c. Change in U.S. Treasury
securities held by bank holding
companies

733061103

-.I

Table F.112, line 6.

9d. Change in U.S. Treasury
securities held by banks
in U.S.-affiliated areas

743061103

Table F.113, line 7.

763061705

75.5

Sum of lines 10a, !Ob, !Oc, and !Od.

723061705

60.4

Table F.110, line 8.

5b. Change in reserve deposits held
by foreign banking offices in the
U.S. at Federal Reserve Banks
(monetary authority sector)

10. Change in U.S. government
agency securities held by the
commercial banking sector
I 0a. Change in U.S. government
agency securities, including
federally related mortgage
pool securities and agencyissued collateralized mortgage
obligations, held by U.S.chartered commercial banks

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Federal Reserve Bank of St. Louis

Sum of lines 8, 11, 12, 13, 19, and 20.

Sum of lines 9 and I 0.

Sum of lines 9a, 9b, 9c, and 9d.

403

404

Guide to the Flow of Funds Accounts, Volume 1

F.109

Commercial Banking-Continued
Code

1997 value
(billions of
dollars)

I Ob. Change in U.S. government
agency securities held by
foreign banking offices in the
U.S.

753061703

12.5

Table F.111, line 8.

!Oc. Change in U.S. government
agency securities held by bank
holding companies

733061703

Table F.112, line 7.

I Od. Change in U.S. government
agency securities held by
banks in U.S.-affiliated areas

743061703

2.0

Table F.113, line 8.

11. Change in municipal securities
held by the commercial banking
sector

763062005

2.4

Sum of lines 11a, 11b, and l l c.

I l a. Change in municipal securities
held by U.S.-chartered
commercial banks

723062000

2.4

Table F.110, line 12.

11b. Change in municipal securities
held by foreign banking offices
in the U.S.

753062003

Table F.111, line 9.

I le. Change in municipal securities
held by banks in U.S.-affiliated
areas

743062003

12. Change in corporate and foreign
bonds held by the commercial
banking sector

763063005

27.8

Sum of lines 12a, 12b, 12c, and 12d.

12a. Change in corporate and
foreign bonds, including
private mortgage pool
securities and privately issued
collateralized mortgage
obligations, held by
U.S.-chartered commercial
banks

723063005

19.6

Table F.110, line 13.

12b. Change in corporate and
foreign bonds held by foreign
banking offices in the U.S.

753063003

3.1

Table F. 111, line 10.

12c. Change in corporate and
foreign bonds held by bank
holding companies

733063003

5.0

Table F.112, line 8.

12d. Change in corporate and
foreign bonds held by banks
in U.S.-affiliated areas

743063005

Table F.113, line I 0.

Component

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.113, line 9.

Table F.109

F.109-Continued
Code

1997 value
(billions of
dollars)

13. Change in total loans held by the
commercial banking sector

764035605

234.7

14. Change in open market paper
held by the commercial banking
sector

763069175

-.8

Sum of lines 14a and 14b.

14a. Change in open market paper
held by U.S.-chartered
commercial banks

723069175

-.6

Table F.110, line 18.

14b. Change in open market paper
held by foreign banking offices
in the U.S.

753069603

-.2

Table F.111, line 12.

763068005

129.3

Sum of lines 15a, 15b, 15c, and 15d.

15a. Change in loans, not elsewhere
classified, held by
U.S.-chartered commercial
banks

723068005

109.3

Table F.110, line 19.

15b. Change in loans, not elsewhere
classified, held by foreign
banking offices in the U.S.

753068005

19.2

Table F.111, line 13.

15c. Change in commercial and
industrial loans held by bank
holding companies

733068103

Table F.112, line 9.

15d. Change in loans, not elsewhere
classified, held by banks in
U.S.-affiliated areas

743068105

16. Change in mortgages held by the
commercial banking sector

763065005

98.8

16a. Change in total mortgages
held by U.S.-chartered
commercial banks

723065005

104.3

Table F.110, line 20.

16b. Change in commercial
mortgages held by foreign
banking offices in the U.S.

753065503

-6.1

Table F.111, line 14.

16c. Change in mortgages held by
banks in U.S.-affiliated areas

743065003

Component

15. Change in loans, not elsewhere
classified, held by the commercial
banking sector

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 14, 15, 16, 17, and 18.

Table F.113, line I 1.

Sum of lines 16a, 16b, and 16c.

Table F.113, sum of lines 12 and 13.

405

406

Guide to the Flow of Funds Accounts, Volume 1

F.109 Commercial Banking-Continued
Component

Code

1997 value
(billions of
dollars)

17. Change in consumer credit held
by U.S.-chartered commercial
banks, as reported in the Federal
Reserve Board's monthly G.19
statistical release

723066000

-14.2

18. Change in security credit held
by the commercial banking sector

763067005

21.7

18a. Change in security credit to
security brokers and dealers
held by U.S.-chartered
commercial banks

723067003

4.2

Table F.110, line 22.

18b. Change in security credit to
security brokers and dealers
held by foreign banking offices
in the U.S.

753067100

17.5

Table F.111, line 15.

763064105

Sum of lines 19a and 19b.

19a. Net purchases of corporate
equities, excluding stock in
Federal Reserve Banks, by
U.S.-chartered commercial
banks

723064105

Table F.110, line 23.

19b. Net purchases of corporate
equities by foreign banking
offices in the U.S.

753064003

19. Net purchases of corporate
equities by the commercial
banking sector

Explanation
Table F.110, line 21.

Sum of lines 18a and 18b.

Table F.111, line 16.

20. Net purchases of mutual fund
shares by U.S.-chartered
commercial banks

723064203

21. Change in customers' acceptance
liabilities to banks

293169605

-2.8

21a. Change in customers'
acceptance liabilities to
U.S.-chartered commercial
banks

293169723

-.2

Table F.110, line 25.

21b. Change in customers'
acceptance liabilities to
foreign banking offices in the
U.S.

293169750

-2.5

Table F.111, line 17.

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Federal Reserve Bank of St. Louis

Table F.110, line 24.

Sum of lines 21a and 21b. These data are included
in other loans and advances and are shown in
table F.216, line 12.

Table F. I 09

407

F.109-Continued
Component

Code

1997 value
(billions of
dollars)

22. Change in total miscellaneous
assets of the commercial banking
sector

763090005

103.5

22a. Change in total miscellaneous
assets of U.S.-chartered
commercial banks

723090005

5.5

Table F.110, line 26.

22b. Change in unidentified
miscellaneous assets of foreign
banking offices in the U.S.

753093005

37.1

Table F.l 11, line 18.

22c. Change in total miscellaneous
assets of bank holding
companies

733090005

59.0

Table F.112, line I 0.

22d. Change in unidentified
miscellaneous assets of banks
in U.S.-affiliated areas

743093005

1.8

Table F.113, line 14.

23. Net increase in liabilities of the
commercial banking sector

764190005

490.5

Sum of lines 24, 28, 32, 33, 34, 35, 39, 40, and 41.

24. Change in interbank liabilities
of the commercial banking sector

764110005

-25.5

Sum of Jines 25, 26, and 27.

25. Change in interbank liabilities of
U.S.-chartered commercial banks
to Federal Reserve Banks
(monetary authority sector)

714010005

-1.6

26. Change in net interbank liabilities
of the commercial banking sector
to domestic banks

904010005

-19.9

27. Change in net interbank liabilities
of the U.S. commercial banking
sector to banks in foreign
countries

764116005

-4.0

Sum of lines 27a, 27b, and 27c.

27a. Change in net interbank
liabilities of U.S.-chartered
commercial banks to foreign
banks

724116005

12.5

Table F.110, line 32.

27b. Change in net interbank
liabilities of foreign banking
offices in the U.S. to foreign
banks

754116005

-17.3

Table F.111, line 2 I.

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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 22a, 22b, 22c, and 22d.

Table F.110, sum of lines 29 and 30.

Table F.110, sum of lines 4, 3 la, 31b, 3 lc, and
31d, less line 26c; plus table F. 111, sum of
lines 22a and 22b, less lines 18d and I Se. Also
found in table F.203, line 21. The data are floats
and discrepancies in interbank transactions.

408

Guide to the Flow of Funds Accounts, Volume 1

F.109 Commercial Banking-Continued

Component
27c. Change in net interbank
liabilities of U.S. bank holding
companies to foreign affiliates

Code

1997 value
(billions of
dollars)

Explanation
Table F.112, line 17.

734116205

28. Change in checkable deposit
liabilities of the commercial
banking sector

763120005

-19.8

29. Change in checkable deposit
liabilities of U.S.-chartered
commercial banks to the federal
government

723123105

-.9

Table F.110, line 34.

30. Change in checkable deposit
liabilities of the commercial
banking sector to the rest of the
world

763122605

4.6

Sum of lines 30a and 30b.

30a. Change in checkable deposit
liabilities of U.S.-chartered
commercial banks to the rest
of the world

723122605

4.2

Table F.110, line 35.

30b. Change in checkable deposit
liabilities of foreign banking
offices in the U.S. to the rest
of the world

753122603

Table F.110, line 35e.

763129205

-23.5

Sum of lines 31a, 31b, and 3 l c.

31a. Change in checkable deposit
liabilities of U.S.-chartered
commercial banks to private
domestic sectors

723129205

-24.3

Table F.110, line 36.

31b. Change in checkable deposit
liabilities of foreign banking
offices in the U.S. to private
domestic sectors

753129205

Table F.111, line 23, less line 30b above.

31c. Change in checkable deposit
liabilities of banks in
U.S.-affiliated areas

743120003

Table F.113, line I 6.

763131005

148.3

31. Change in checkable deposit
liabilities of the commercial
banking sector to private
domestic sectors

32. Change in small time and savings
deposit liabilities of the
commercial banking sector

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Federal Reserve Bank of St. Louis

Sum of lines 29, 30, and 31.

Sum of lines 32a, 32b, and 32c.

Table F 109

F.109-Continued

Code

1997 value
(billions of
dollars)

32a. Change in small time and
savings deposit liabilities
of U.S.-chartered commercial
banks

723131005

143.9

Table F.110, line 37.

32b. Change in small time and
savings deposit liabilities of
foreign banking offices in the
U.S.

753131005

4.4

Table F.111, line 24.

32c. Change in small time and
savings deposit liabilities of
banks in U.S.-affiliated areas

743131005

Table F.113, line 17.

763135005

107.9

33a. Change in large time deposit
liabilities of U.S.-chartered
commercial banks, excluding
time deposits owed to the
commercial banking sector

723135005

63.2

Table F. I 10, line 38.

33b. Change in large time deposit
liabilities of foreign banking
offices in the U.S., excluding
time deposits owed to
U.S.-chartered commercial
banks

753135005

44.7

Table F.111, line 25.

33c. Change in large time deposit
liabilities of banks in
U.S.-affiliated areas

743135005

Table F.113, line 18.

762150005

89.0

Component

33. Change in large time deposit
liabilities of the commercial
banking sector

34. Change in outstanding federal
funds bought by the commercial
banking sector and in outstanding
loans to the sector under security
repurchase agreements, net of
change in funds sold by the sector
and in loans held by the sector
under such agreements

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 33a, 33b, and 33c.

Sum of lines 34a, 34b, and 34c.

409

410

Guide to the Flow of Funds Accounts, Volume 1

F.109 Commercial Banking-Continued
Code

1997 value
(billions of
dollars)

34a. Change in outstanding federal
funds bought by U.S.-chartered
commercial banks and in
outstanding loans to them
under security repurchase
agreements, net of change in
funds sold by them to the
commercial banking sector
and in loans held by them
under such agreements with
the commercial banking sector

722150005

63.4

Table F.l 10, line 39.

34b. Change in outstanding federal
funds bought by foreign
banking offices in the U.S.
from nonbank sources and
in outstanding loans to them
from nonbank sources under
security repurchase
agreements

752150000

25.6

Table F.111, line 26.

34c. Change in outstanding loans to
bank holding companies under
security repurchase
agreements, net of change in
loans held by them under such
agreements

732150005

Table F.112, line 18.

35. Change in credit market debt
of the commercial banking sector

764104005

46.1

36. Change in open market paper
liabilities of the commercial
banking sector

763169175

3.3

Sum of lines 36a, 36b, and 36c.

36a. Change in acceptance
liabilities of U.S.-chartcred
commercial banks

723169603

-.3

Table F.llO, line 40.

36b. Change in acceptance
liabilities of foreign banking
offices in the U.S.

753169600

-2.4

Table F.l11, line 27.

36c. Change in commercial paper
liabilities of bank holding
companies

733169103

6.0

Table F.112, line 20.

763163005

23.7

Component

37. Change in corporate bond
liabilities of the commercial
banking sector

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 36, 37, and 38.

Sum of lines 37a and 37b.

Table F 109

411

F.109-Continued
Component

Code

1997 value
(billions of
dollars)

37a. Change in corporate bond
liabilities of U.S.-chartered
commercial banks

723163003

10.7

Table F.110, line 41.

37b. Change in corporate bond
liabilities of bank holding
companies

733163003

13.0

Table F.112, line 21.

38. Change in other loans and
advances owed by U.S.-chartered
commercial banks

723169255

19.1

Table F.110, line 42.

39. Net issuance of corporate equities
by the commercial banking sector

763164005

-27.7

39a. Net issuance of corporate
equities by U.S.-chartered
commercial banks

723164003

3.2

Table F.110, line 43.

39b. Net issuance of corporate
equities by bank holding
companies

733164003

-30.9

Table F.112, line 22.

40. Change in taxes payable by
U.S.-chartered commercial banks

723178003

1.4

Table F.110, line 44.

41. Change in total miscellaneous
liabilities of the commercial
banking sector

763190005

170.9

41a. Change in total miscellaneous
liabilities of U.S.-chartered
commercial banks

723190005

71.2

Table F. 110, line 45.

41b. Change in total miscellaneous
liabilities of foreign banking
offices in the U.S.

753190005

56.0

Table F.111, line 28.

41c. Change in unidentified
miscellaneous liabilities of
bank holding companies

733193005

39.0

Table F.112, line 23.

41d. Change in unidentified
miscellaneous liabilities of
banks in U.S.-affiliated areas

743193005

4.7

Table F.113, line 19.

42. Discrepancy for the commercial
banking sector, equal to gross
saving less gross investment

767005005

68.9

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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 39a and 39b.

Sum of lines 41a, 41b, 41c, and 41d.

Sum of lines 42a, 42b, 42c, and 42d; also the
sum of lines I and 23, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

412

Guide to the Flow of Funds Accounts, Volume 1

F.109 Commercial Banking-Continued
Code

1997 value
(billions of
dollars)

42a. Discrepancy for U.S.-chartered
commercial banks, equal
to gross saving less gross
investment

727005005

66.6

Table F. 110, line 48.

42b. Discrepancy for foreign
banking offices in the U.S.,
equal to gross saving less
gross investment

757005005

2.6

Table F.111, line 32.

42c. Discrepancy for bank holding
companies, equal to gross
saving less gross investment

737005005

Table F.112, line 26.

42d. Discrepancy for banks in
U.S.-affiliated areas, equal to
gross saving less gross
investment

747005005

-.4

Table F. l 13, line 20.

764004005

324.3

Sum of lines 43a, 43b, 43c, and 43d. Also equal
to line 7 less lines 18, 19, and 20, plus line 21.

43a. Change in credit market assets
of U.S.-chartered commercial
banks

724004005

274.9

Table F.110, line 49.

43b. Change in credit market assets
of foreign banking offices in
the U.S.

754004005

40.2

Table F.111, line 33.

43c. Change in credit market assets
of bank holding companies

734004005

5.4

Table F.112, line 4.

43d. Change in credit market assets
of banks in U.S.-affiliated
areas

744002005

3.7

Table F.113, line 5.

Component

43. Memorandum item: Credit
market funds advanced by the
commercial banking sector

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Federal Reserve Bank of St. Louis

Explanation

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Federal Reserve Bank of St. Louis

414

Guide to the Flow of Funds Accounts, Volume 1

Table F.110 U.S.-Chartered Commercial Banks
Commercial banks are financial intermediaries
that raise funds through demand and time
deposits as well as from other sources, such as
federal funds purchases and security repur
chase agreements, funds from parent compa
nies, and borrowing from other lending insti
tutions (for example, the Federal Home Loan
Banks); they use the funds to make loans,
primarily to businesses and individuals, and to
invest in securities. U.S.-chartered commercial
banks are established under the regulations
of a U.S. chartering authority-either the U.S.
Comptroller of the Currency (for national
banks) or the banking authority of one of the
fifty states or the District of Columbia (for
state-chartered banks). The deposit liabilities
of U.S.-chartered commercial banks are com
ponents of various monetary aggregates (mea
sures of the U.S. money supply published by
the Federal Reserve System).
Because of the importance of banks in the
U.S. financial system, their activities are
closely monitored by federal regulatory agen
cies. In recent years, the commercial banking
industry has undergone significant consolida
tion as a result of both the gradual removal of
prohibitions on interstate banking arrange-

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Federal Reserve Bank of St. Louis

ments and the growing similarity of other
financial institutions to commercial banks;
at the end of 1998 there were approximately
9,000 U.S.-chartered commercial banks, down
from a peak of 14,407 in 1980.
Data for U.S.-chartered commercial banks
shown in this table are taken directly from
quarterly reports of condition submitted to
regulatory authorities and published by the
Federal Financial Institutions Examinations
Council. The sector's assets and liabilities are
reported on a consolidated basis; that is, intra
sector deposit and loan balances are netted
out. Foreign branches and foreign subsidiaries
of U.S.-chartered commercial banks are not
included in the consolidation; their assets and
liabilities are included in the rest of the world
sector.
Credit market funds advanced, shown in
line 49, is a measure of funds supplied by the
sector to domestic nonfinancial sectors. The
measure differs from bank credit, which is
shown in line 5, in that credit market funds
advanced excludes security credit, corporate
equities, and mutual fund shares and includes
customers' liability on acceptances.

Table F.110

415

F.110 U.S.-Chartered Commercial Banks
Billions of dollars
1992

1993

1994

1995

1996

1997

FA726000105

Gross saving

25.6

17.8

6.7

9.6

-0.7

7.7

FA725013003

Fixed nonresidential investment

13.5

12.2

10.5

10.6

9.2

9.3

FA724090005

Net acquisition of financial assets

73.7

157.1

153.9

200.5

122.8

290.8

I.I

3.0

2.0

1.5

--0.3

4.8

71.9

157.5

140.5

194.8

115.2

280.7

U.S. government securities
Treasury
Agency
Mortgage pool securities
Agency-issued CMOs
Other agency securities

85.5
46.6
38.9
1.8
33.3
3.8

56.8
20.6
36.2
17.6
II.I
7.5

-25.2
-27.0
1.8
9.1
-14.4
7.1

-17.1
--40.4
23.4
12.9
-18.4
28.8

-19.4
-34.7
15.3
21.4
-11.5
5.4

54.3
-6.1
60.4
31.1
17.5
11.8

6
7
8
9
10
II

FA723062000
FA723063005
FA723065773
FA723063763
FA723063095

Municipal securities
Corporate and foreign bonds
Private mortgage pool securities
Privately issued CMOs
Other bonds

-5.7
-3.2
0.3
-6.6
3.1

1.9
0.1
0.9
-1.8
1.0

-2.0
--0.6
-I.I
1.7
-1.2

--4.3
3.3
0.9
3.5
-I.I

1.0
--4.5
--0.4
-3.1
-1.0

2.4
19.6
-1.2
0.7
20.2

12
13
14
15
16

17
18
19
20
21
22

FA724035605
FA723069175
FA723068005
FA723065005
FA723066000
FA723067003

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

--4.1
-1.6
-19.4
21.1
-7.3
3.1

97.3
-1.0
8.8
52.6
32.8
4.1

171.5
-1.3
46.2
68.1
63.1
--4.6

210.5
0.3
77.0
81.7
43.2
8.3

136.0
0.3
58.2
57.5
24.8
--4.8

203.0
--0.6
109.3
104.3
-14.2
4.2

17
18
19
20
21
22

23
24

FA723064105
FA723064203

Corporate equities
Mutual fund shares

--0.4
--0.4

0.9
0.5

-1.4
-1.9

2.1
0.3

1.8
0.3

0.6
0.8

23
24

25
26

FA293I69723
FA723090005

--0.1
0.8

-2.4
--0.9

--0.2
11.7

2.4
1.8

1.6
6.2

--0.2
5.5

25
26

FA724190005

Net increase in liabilities

85.0

175.7

199.4

189.7

142.6

359.0

28
29
30
31
32

FA724110005
FA713022003
FA7I3068003
FA724112005
FA724116005

Net interbank liabilities

12.8
2.5
0.5
14.6
--4.8

29.1
-2.3
--0.6
13.3
18.7

79.0
-1.6
0.1
5.6
74.8

-6.8
0.8
--0.1
-7.3
--0.2

-55.7
4.2
--0.1
-23.5
-36.3

4.2
-3.6
2.0
-6.7
12.5

28
30
31
32

33
34
35
36

FA723120005
FA723123105
FA723122605
FA723129205

Checkable deposits
Federal government

92.8
-5.9
1.7
96.9

73.8
12.1
--0.3
61.9

-32.2
-18.9
1.5
-14.9

--46.0
--4.7
0.9
--42.1

-34.4
9.7
3.3
--47.4

-21.1
--0.9
4.2
-24.3

33
34
35
36

37
38
39

FA723131005
FA723135005
FA722150005

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

2.0
-76.2
17.5

-10.9
-20.0
45.5

--0.6
17.9
71.6

113.4
42.6
28.2

122.8
49.5
28.7

143.9
63.2
63.4

37
38
39

40
41
42
43

Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable

--0.1
8.4
3.2
4.3
0.2

-2.5
3.6
8.6
1.9
0.5

--0.3
3.4
9.3
1.8
0.7

2.3
2.7
6.2
2.6
0.9

1.7
7.7
2.3
3.2
1.2

--0.3
10.7
19.1
3.2
1.4

40
41
42
43

FA723169603
FA723163003
FA723169255
FA723164003
FA723178003

45
46
47

FA723190005
FA723194003
FA723193005

Miscellaneous liabilities
Investment by bank holding companies
Other

20.1
27.8
-7.6

46.2
31.6
14.6

48.8
17.5
31.3

43.6
40.1
3.5

15.6
28.6
-13.0

71.2
40.7
30.5

45
46
47

FA727005005

23.5

24.1

41.7

-11.8

9.9

66.6

69.5

149.6

148.1

186.5

119.6

274.9

FA723020005

Vault cash and reserves at Federal Reserve

FA724005005

Total bank credit

6
7
8
9
10
II

FA72306!005
FA723061100
FA723061705
FA723061753
FA723061763
FA723061795

12
13
14
15
16

Customers' liab. on acceptances (I)
Miscellaneous assets

Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banking
To foreign banks

Rest of the world

Private domestic

Acceptance liabilities

Discrepancy

Memo:
49

FA724004005

Credit market funds advanced (2)

(I) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers' liability on acceptances (line 25).

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Federal Reserve Bank of St. Louis

416

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks
Code

1997 value
(billions of
dollars)

726000105

7.7

l a. Undistributed profits of
financial corporations, at book
value

796006001

48.2

Seasonally adjusted flow from SCB, NIPA
table I.I6, line 14, Undistributed profits of
corporate business, less line 32, Undistributed
profits of nonfinancial corporate business.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

Ib. Undistributed profits of Federal
Reserve Banks (monetary
authority sector)

716006003

2.5

le. Undistributed profits of bank
holding companies

736006000

37.0

Unadjusted flow from FR Y-9LP report, schedule
PI, Income or loss before undistributed income
of subsidiaries and associated companies (series
BHCP0496). Report gives year-to-date earnings;
figures for previous quarters in the same year are
subtracted from the total shown in the form to
obtain the value for the current quarter. Seasonally
adjusted flow is obtained using X-11-ARIMA
procedure.

Id. Undistributed profits of savings
institutions

446006003

-.7

Seasonally adjusted flow from special tabulation
of undistributed profits of savings institutions
provided once a year by BEA. Unadjusted flow
is not available; seasonally adjusted flow is
converted from annual rate to quarterly rate and
used as unadjusted flow in FOF reports of
unadjusted data.

l e. Undistributed profits of credit
unions

476006003

2.3

Seasonally adjusted flow from special tabulation
of undistributed profits of credit unions provided
once a year by BEA. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

If. Undistributed profits of life
insurance companies

546006003

-8.1

Seasonally adjusted flow from special tabulation
of undistributed profits of life insurance companies
provided once a year by BEA. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

Component

1. Gross saving of U.S.-chartered
commercial banks

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Federal Reserve Bank of St. Louis

Explanation
Line Ia net of lines Ib through JI, plus line Im
and 50 percent of line In.

Table FJJO

417

F.110-Continued
1997 value
(billions of
dollars)

Component

Code

lg. Undistributed profits of other
insurance companies

516006003

Seasonally adjusted flow from special tabulation
of undistributed profits of non-life insurance
companies excluding private pension plans
provided once a year by BEA. Unadjusted flow is
not available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

lh. Undistributed profits of mutual
funds

656006003

4.9

Seasonally adjusted flow from special tabulation
of undistributed profits of mutual funds provided
once a year by BEA. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

li. Undistributed profits of
government-sponsored
enterprises

406006003

1.6

Seasonally adjusted flow from special tabulation
of undistributed profits of GSEs provided once
a year by BEA. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

lj. Undistributed profits of finance
companies

616006003

9.3

Seasonally adjusted flow from special tabulation
of undistributed profits of credit agencies not
elsewhere classified provided once a year by BEA.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.

lk. Undistributed profits of real
estate investment trusts

646006003

2.0

Seasonally adjusted flow from special tabulation
of undistributed profits of REITs provided once
a year by BEA. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data.

11. Undistributed profits of security
brokers and dealers

666006003

-1.1

Seasonally adjusted flow from special tabulation
of undistributed profits of security and commodity
brokers provided once a year by BEA. Unadjusted
flow is not available; seasonally adjusted flow
is converted from annual rate to quarterly rate
and used as unadjusted flow in FOF reports
of unadjusted data.

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Federal Reserve Bank of St. Louis

Explanation

418

Guide to the Flow of Funds Accounts, Volume I

F.110 U.S.-Chartered Commercial Banks-Continued
Component

Code

1997 value
(billions of
dollars)

Im. Consumption of fixed
nonresidential capital by
U.S.-chartered commercial
banks, with nonresidential
structures and equipment
valued at current cost

726330003

ll.9

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), table A2, Fixed Nonresidential
Private Capital, by Industry, Current-Cost
Valuation, Depreciation, Equipment for
commercial and mutual depository institutions
(series MINFI6BIEQOO; revisions and updates
provided by BEA), nondepository institutions
(MlNFI61IEQ00), insurance carriers
(MINFI631EQ00), and holding and other
investment offices (MINFI67IEQ00); plus
Structures for commercial and mutual depository
institutions (MlNFI6BlST00), nondepository
institutions (MlNFI61lST00), insurance carriers
(MlNFI631STOO), and holding and other
investment offices (MlNFI671STO0). For the
equipment component of the total, the sum is
multiplied by the ratio of consumption of fixed
nonresidential equipment capital by commercial
and mutual depository institutions to consumption
of fixed nonresidential equipment and structures
capital by commercial and mutual depository
institutions, and by the ratio of tangible assets
reported by U.S.-chartered commercial banks
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts.
The structures component is the sum of
consumption of fixed nonresidential structures
capital by the four financial institution groups
delineated in FRTW less consumption of fixed
nonresidential structures capital by the FOF sectors
cited above other than U.S.-chartered commercial
banks. Series is converted to seasonally adjusted
quarterly flow at annual rate by ratio method, using
consumption of fixed capital by private sectors
(FOF series 896300003, table F.8, line 7) as the
denominator. Unadjusted flow is not available;
seasonally adjusted flow is converted from annual
rate to quarterly rate and used as unadjusted flow
in FOF reports of unadjusted data. Beginning
1994:QI, the values for this series obtained by the
method described above are adjusted upward as
part of a reallocation by the FOF Section of
consumption of fixed capital by private sectors
toward financial institutions in general and away
from nonfarm noncorporate business, in order to
align the FOF Section estimates of noncorporate
consumption of fixed capital with values implied
by the latest SOI balance sheets for partnerships
and income statements for proprietorships.

Table FllO

419

F.110-Continued
Component
In. Capital consumption adjustment
for financial corporations

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Federal Reserve Bank of St. Louis

Code

1997 value
(billions of
dollars)

796310003

-5.3

Explanation
Seasonally adjusted flow from SCB, NIPA
table 1.16, line 16, Capital consumption
adjustment for corporate business, less line 34,
Capital consumption adjustment for nonfinancial
corporate business. Unadjusted flow is not
available; seasonally adjusted flow is converted
from annual rate to quarterly rate and used as
unadjusted flow in FOF reports of unadjusted data.

420

Guide to the Flow of Funds Accounts, Volume 1

F.110

U.S.-Chartered Commercial Banks-Continued
1997 value
(billions of
dollars)

Component

Code

2. Fixed nonresidential investment

725013003

9.3

3. Net acquisition of financial assets

724090005

290.8

by U.S.-chartered commercial
banks

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Federal Reserve Bank of St. Louis

Explanation
Annual flow from Fixed Reproducible Tangible
Wealth (FRTW), Investment data, table BI, Fixed
Nonresidential Private Capital, by Industry,
Historical-Cost and Constant-Cost Valuation,
columns Millions of dollars, Equipment for
commercial and mutual depository institutions
(series I3NFI6BIEQ00; revisions and updates
provided by BE A), nondepository institutions
(I3NFI61 !EQ00), insurance carriers
(I3NFI63IEQ00), and holding and other
investment offices (I3NFI67 l EQ00); plus
Structures for commercial and mutual depository
institutions (I3NFI6BIST00), nondepository
institutions (I3NFI6 l l STOO), insurance carriers
(I3NFI63 l STO0), and holding and other
investment offices (I3NFI67 l ST00). For the
equipment component of the total, the sum is
multiplied by the ratio of investment in equipment
by commercial and mutual depository institutions
to investment in equipment and nonresidential
structures by commercial and mutual depository
institutions, and by the ratio of tangible assets
reported by U.S.-chartered commercial banks
to tangible assets reported by U.S.-chartered
commercial banks, foreign banking offices
in the U.S., bank holding companies, banks in
U.S.-affiliated areas, savings institutions, credit
unions, life insurance companies, other insurance
companies, private pension funds, state and local
government employee retirement funds,
government-sponsored enterprises, finance
companies, and real estate investment trusts.
The structures component is the sum of investment
in structures by the four financial institution groups
delineated in FRTW less investment in structures
by the FOF financial sectors cited above other than
U.S.-chartered commercial banks. Series is
converted to seasonally adjusted quarterly flow
at annual rate by ratio method, using investment
in producers' durable equipment (SCB, NIPA
table 5.4, line 8, Producers' durable equipment)
as the denominator for the equipment component
and investment in nonresidential structures (SCB,
NIPA table 5.4, line 3, Nonresidential structures)
as the denominator for the structures component.
Unadjusted flow is not available; seasonally
adjusted flow is converted from annual rate to
quarterly rate and used as unadjusted flow in FOF
reports of unadjusted data.
Sum of lines 4, 5, 25, and 26.

Table FllO

421

F.110-Continued
Component
4. Change in vault cash and in
reserves held by U.S.-chartered
commercial banks at Federal
Reserve Banks

Code

1997 value
(billions of
dollars)

Explanation

723020005

4.8

Line 4a, plus change in reserves held at Federal
Reserve Banks by U.S.-chartered commercial
banks (equal to line 4b net of lines 4c and 4d).

4a. Change in vault cash held by
U.S.-chartered commercial
banks (liability of the monetary
authority)

723025000

-.2

4b. Change in reserve deposits held
by depository institutions at
Federal Reserve Banks
(monetary authority sector)

713113000

6.3

4c. Change in reserve deposits held
by foreign banking offices in the
U.S. at Federal Reserve Banks
(monetary authority sector)

753013003

1.8

Level from quarterly Reports of Condition:
for U.S. branches and agencies of foreign banks,
schedule A, Balances due from FR Banks (series
RCFD0090); and for Edge and agreement
corporations, schedule A, Balances due from
FR Banks (RCFD0090). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

4d. Change in reserve deposits held
by savings institutions at
Federal Reserve Banks
(monetary authority sector)

443013053

-.5

Level from FR Board, internal Money File,
Savings institutions' reserves at FR Banks (series
1383). Series is based on depository institution
data collected periodically; data are monthly
averages. Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

5. Change in total bank credit held
by U.S.-chartered commercial
banks

724005005

280.7

6. Change in U.S. government
securities held by U.S.-chartered
commercial banks

723061005

54.3

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Federal Reserve Bank of St. Louis

Sum of lines 6, 12, 13, 17, 23, and 24.

Sum of lines 7 and 8.

422

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks-Continued
Component

Code

1997 value
(billions of
dollars)

7. Change in U.S. Treasury securities
held by U.S.-chartered
commercial banks

723061100

-6.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
U.S. Treasury securities, sum of Held to maturity,
Amortized cost (series RCON021 l), and Available
for sale, Amortized cost (RCON12S6); plus
schedule RC-D, U.S. Treasury securities in
domestic offices (RCON3531). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

8. Change in U.S. government
agency securities, including
federally related mortgage pool
securities and agency-issued
collateralized mortgage
obligations, held by U.S.
chartered commercial banks

723061705

60.4

Sum of lines Sa and 9.

Sa. Change in U.S. government
agency securities held by
U.S.-chartered commercial
banks

723061703

29.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
U.S. government agency obligations (exclude
mortgage-backed securities), Issued by U.S.
government agencies, sum of Held to maturity,
Amortized cost (series RCON12S9), and Available
for sale, Amortized cost (RCON1291); and Issued
by U.S. government-sponsored agencies, sum of
Held to maturity, Amortized cost (RCON1294),
and Available for sale, Amortized cost
(RCON1297); plus schedule RC-D, U.S.
government agency obligations in domestic offices
(exclude mortgage-backed securities)
(RCON3532). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

Table F.110

423

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

9. Change in agency-issued
or -guaranteed mortgage-backed
securities held by U.S.-chartered
commercial banks

723061753

31.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Mortgage-backed securities (MBS), Pass-through
securities, Guaranteed by GNMA, sum of Held
to maturity, Amortized cost (series RCON1698),
and Available for sale, Amortized cost
(RCONl701); and Issued by FNMA and FHLMC,
sum of Held to maturity, Amortized cost
(RCONI 703), and Available for sale, Amortized
cost (RCON1706); plus schedule RC-D,
Mortgage-backed securities (MBS) in domestic
offices, Pass-through securities issued or
guaranteed by FNMA, FHLMC, or GNMA
(RCON3534). U nadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

10. Change in agency-issued
or -guaranteed collateralized
mortgage obligations held by
U.S.-chartered commercial banks

723061763

17.5

11. Change in other agency securities
held by U.S.-chartered
commercial banks

723061795

11.8

Line 8 less lines 9 and 10.

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Federal Reserve Bank of St. Louis

Explanation

424

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks-Continued
Code

1997 value
(billions of
dollars)

12. Change in municipal securities
held by U.S.-chartered
commercial banks

723062000

2.4

13. Change in corporate and foreign
bonds, including private mortgage
pool securities and privately
issued collateralized mortgage
obligations, held by U.S.
chartered commercial banks

723063005

19.6

Component

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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Securities issued by states and political
subdivisions in the U.S., General obligations,
sum of Held to maturity, Amortized cost (series
RCONI676), and Available for sale, Amortized
cost (RCONI678); Revenue obligations, sum
of Held to maturity, Amortized cost (RCONl681),
and Available for sale, Amortized cost
(RCON1690); and Industrial development and
similar obligations, sum of Held to maturity,
Amortized cost (RCON1694), and Available for
sale, Amortized cost (RCONI696); plus schedule
RC-C, Obligations (other than securities and
leases) of states and political subdivisions in the
U.S. (includes nonrated industrial development
obligations) (RCON2107); and schedule RC-D,
Securities issued by states and political
subdivisions in the U.S. in domestic offices
(RCON3533). Unadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.
Sum of lines 13a and 14.

Table F.110

425

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

13a. Change in corporate and
foreign bonds held by
U.S.-chartered commercial
banks

723063003

20.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Mortgage-backed securities (MBS), Other
mortgage-backed securities (include CMOs,
REMICs, and stripped MBS), Collateralized by
MBS issued or guaranteed by FNMA, FHLMC,
or GNMA, sum of Held to maturity, Amortized
cost (series RCONl 718), and Available for sale,
Amortized cost (RCON1731); and All other
mortgage-backed securities, sum of Held to
maturity, Amortized cost (RCON1733), and
Available for sale, Amortized cost (RCONl 735);
plus Other debt securities, Other domestic debt
securities, sum of Held to maturity, Amortized cost
(RCON1737), and Available for sale, Amortized
cost (RCONl 739); and Foreign debt securities,
sum of Held to maturity, Amortized cost
(RCONl 742), and Available for sale, Amortized
cost (RCON1744); plus schedule RC-D, Other
debt securities in domestic offices (RCON3537),
and Other trading assets in domestic offices
(RCON3541). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

14. Change in private mortgage pool
securities held by U.S.-chartered
commercial banks

723065773

-1.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Mortgage-backed securities (MBS), Pass-through
securities, Other pass-through securities, sum
of Held to maturity, Amortized cost (series
RCONl 709), and Available for sale, Amortized
cost (RCON1711); plus schedule RC-D,
Mortgage-backed securities in domestic offices
(MBS), All other mortgage-backed securities
(RCON3536). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

426

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks-Continued
1997 value
(billions of
dollars)

Explanation

Component

Code

15. Change in privately issued
collateralized mortgage
obligations held by U.S.-chartered
commercial banks

723063763

16. Change in bonds, other than
private mortgage pool securities
and collateralized mortgage
obligations, held by U.S.
chartered commercial banks

723063095

20.2

17. Change in total loans held by
U.S.-chartered commercial banks

724035605

203.0

17a. Change in bankers acceptances
held by U.S.-chartered
commercial banks

723069603

-.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Acceptances of other banks (sum of series
RCON1756 and RCON1757). Unadjusted flow is
the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

17b. Change in loans to farm
business held by U.S.
chartered commercial banks

133168000

3.5

17c. Change in domestic
commercial and industrial
loans held by U.S.-chartered
commercial banks

723068100

67.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Commercial and industrial loans to U.S. addressees
(domicile) (series RCONI 763). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.
Through 1996:Q4, this series includes commercial
paper issued by nonfarm nonfinancial corporations
held in portfolio by U.S.-chartered commercial
banks.

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Federal Reserve Bank of St. Louis

Sum of lines 17a through 171 and 22.

Table FJJO

427

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

17d. Change in loans to the
households and nonprofit
organizations sector and to
nondepository financial
institutions held by U.S.chartered commercial banks

723068200

10.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Other loans, All other loans (exclude consumer
loans) (series RCON1564). Unadjusted flow is the
change in the level; seasonally adjusted flow is
obtained using X-11-ARIMA procedure. Through
l 996:Q4, this series includes commercial paper
issued by nondepository financial institutions held
in portfolio by U.S.-chartered commercial banks.

17e. Change in loans to foreign
governments and official
institutions held by U.S.chartered commercial banks

723068263

-.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to foreign governments and official
institutions (including foreign central banks)
(series RCON208 l ). Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

17f. Change in loans to banks in
foreign countries held by
U.S.-chartered commercial
banks

723068273

17g. Change in commercial and
industrial loans to the rest of
the world and in foreign lease
financing receivables held by
U.S.-chartered commercial
banks

723068283

5.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
sum of Commercial and industrial loans to
non-U.S. addressees (domicile) (series
RCON1764) and Lease financing receivables
(net of unearned income) of non-U.S. addressees
(domicile) (RCON2183). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

17h. Change in domestic lease
financing receivables held
by U.S.-chartered commercial
banks

723069300

20.6

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Federal Reserve Bank of St. Louis

Explanation

428

Guide to the Flow of Funds Accounts, Volume I

F.110 U.S.-Chartered Commercial Banks-Continued
Component

Code

1997 value
(billions of
dollars)

I7i. Change in total mortgage
holdings reported by
U.S.-chartered commercial
banks

723065000

103.8

I7j. Change in consumer credit
held by U.S.-chartered
commercial banks, as reported
in quarterly reports of
condition

723066720

-14.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (i.e., consumer loans)
(includes purchased paper) (series RCONI975).
Unadjusted flow is the change in the level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

17k. Change in outstanding federal
funds bought by savings
institutions from U.S.
chartered commercial banks
and in outstanding loans to the
savings institutions from the
banks under security
repurchase agreements

442150723

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
5 percent of Federal funds sold and securities
purchased under agreements to resell (series
RCONI350). The 5 percent figure is the
approximate historical proportion of federal funds
sales and security repurchase agreements of
weekly reporting large commercial banks
(assumed to apply to all U.S.-chartered commercial
banks) made with entities other than commercial
banks in the U.S. and nonbank security brokers and
dealers; data for large commercial banks are from
FR 2416 report, Federal funds sold and securities
purchased under agreements to resell, With others
(series WRBKI390), divided by Federal funds
sold and securities purchased under agreements
to resell, sum of With commercial banks in the
U.S. (including U.S. branches and agencies of
foreign banks) (WRBKl360), With nonbank
brokers and dealers in securities (WRBKl370),
and With others (WRBK1390). Unadjusted flow
is the change in the level. Data for the most recent
ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

171. Change in loans to savings
institutions held by U.S.
chartered commercial banks

443168723

2.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to other depository institutions in the U.S.
(series RCON15l7). Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

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Federal Reserve Bank of St. Louis

Explanation

Table FJJO

429

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

--------------------------------

-·-----------

723069175

-.6

Sum of lines 17a and 18a.

18a. Change in commercial paper
held by U.S.-chartered
commercial banks

723069703

-.3

Through l 997:Q4, level from quarterly Report
of Condition for U.S.-chartered commercial banks,
schedule RC-D, Commercial paper in domestic
offices (RCON3539). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.
Through l 996:Q4, the series consists of
commercial paper held in portfolio and in trading
accounts by U.S.-chartered commercial banks;
from 1997:Ql through 1997:Q4, data are for
commercial paper held in trading accounts only.
Quarterly values for the series are zero beginning
1998:Ql for levels and 1998:Q2 for flows;
commercial paper held by the banks is now
included with other debt securities in the quarterly
Report of Condition, schedules RC-B (line 5a)
and RC-D (line 5).

19. Change in loans, not elsewhere
classified, held by U.S.-chartered
commercial banks

723068005

109.3

Linc 17 less lines 18, 20, 21, and 22.

20. Change in total mortgages held
by U.S.-chartered commercial
banks

723065005

104.3

Sum of lines 20a, 20b, 20c, and 20d, less
lines 20e and 20f.

20a. Change in home mortgages
held by the commercial
banking sector

763065100

64.0

20b. Change in multifamily
residential mortgages held by
the commercial banking sector

763065403

4.0

18. Change in open market paper
held by U.S.-chartered
commercial banks

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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts, Volume 1

430

F.110

U.S.-Chartered Commercial Banks-Continued
Component

Code

1997 value
(billions of
dollars)

20c. Change in commercial
mortgages held by the
commercial banking sector

763065503

28.7

20d. Change in farm mortgages
held by the commercial
banking sector

763065600

2.1

20e. Change in commercial
mortgages held by foreign
banking offices in rhe U.S.

753065503

-6.1

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks, schedule
C, Loans secured by real estate (series
RCONl 4IO). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

20f. Change in mortgages held
by banks in U.S.-affiliated
areas

743065003

For banks located in U.S.-affiliated areas, quarterly
level from Report of Condition, schedule RC-C,
Loans secured by real estate (series RCFDI410);
and for branches of U.S. banks located in
U.S.-affiliated areas, year-end level from Foreign
Branch Report of Condition, Loans secured by real
estate (RCFNl4IO). Data for branches are annual
and are converted to quarterly using data for banks
in U.S.-affiliated areas. Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

21. Change in consumer credit held
by U.S.-chartered commercial
banks, as reported in the Federal
Reserve Board's monthly G.19
statistical release

723066000

-14.2

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Federal Reserve Bank of St. Louis

Explanation

Table FllO

431

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

22. Change in security credit to
security brokers and dealers held
by U.S.-chartered commercial
banks

723067003

4.2

23. Net purchases of corporate
equities, excluding stock in
Federal Reserve Banks, by
U.S.-chartered commercial banks

723064105

23a. Net purchases of corporate
equities by U.S.-chartered
commercial banks, including
purchases of stock in Federal
Reserve Banks and Federal
Home Loan Banks

723064103

2.7

Level at book value from quarterly Report
of Condition for U.S.-chartered commercial banks,
schedule RC-B, Equity securities, All other equity
securities, Available for sale, Amortized cost
(series RCON1752). Level is converted to market
value using percentage changes in the NYSE
Composite Index of Common Stock Prices.
Unadjusted flow is the change in the book-value
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

23b. Change in liabilities of Federal
Reserve Banks (monetary
authority sector) to
U.S.-chartered commercial
banks for Federal Reserve
Bank stock

713164003

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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Loans for purchasing or carrying securities
(secured and unsecured) (series RCON1545), and
schedule RC, 25 percent of Federal funds sold and
securities purchased under agreements to resell
(RCON1350). The 25 percent figure is the
approximate historical proportion of federal funds
sales and security repurchase agreements of
weekly reporting large commercial banks
(assumed to apply to all U.S.-chartered commercial
banks) made with security brokers and dealers;
data for large commercial banks are from FR 24 I 6
report, Federal funds sold and securities purchased
under agreements to resell, With nonbank brokers
and dealers in securities (series WRBKl370),
divided by Federal funds sold and securities
purchased under agreements to resell, sum of With
commercial banks in the U.S. (including U.S.
branches and agencies of foreign banks)
(WRBK1360), With nonbank brokers and dealers
in securities (WRBK1370), and With others
(WRBK1390). Unadjusted flow is the change in
the level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.
Line 23a less lines 23b and 23c.

432

Guide to the Flow of Funds Accounts, Volume I

F.110 U.S.-Chartered Commercial Banks-Continued
Code

1997 value
(billions of
dollars)

723092403

1.3

Level from Federal Housing Finance Board, FHLB
System Membership Report, table Capital Stock
Outstanding by Member Type, Commercial banks,
Total capital stock. Unadjusted flow is the change
in the level. Data for the most recent ten years
of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data. Data
for this series are provided to the FR Board on the
Federal Housing Finance Board's Electronic
Bulletin Board.

24. Net purchases of mutual fund
shares by U.S.-chartered
commercial banks

723064203

Level at book value from quarterly Report
of Condition for U.S.-chartered commercial banks,
schedule RC-B, Equity securities, Investments
in mutual funds and other equity securities with
readily determinable fair values, Available for sale,
Amortized cost (series RCONA510). Level is
converted to market value using percentage
changes in the NYSE Composite Index of
Common Stock Prices. Unadjusted flow is the
change in the book-value level. Data for the most
recent ten years of the series show no significant
seasonality; unadjusted flow is converted from
quarterly rate to annual rate and used as seasonally
adjusted flow in FOF reports of seasonally
adjusted data.

25. Change in customers' acceptance
liabilities to U.S.-chartered
commercial banks

293169723

-.2

26. Change in total miscellaneous
assets of U.S.-chartered
commercial banks

723090005

5.5

Sum of lines 23b, 23c, and 26a, plus change
in unidentified miscellaneous assets. Change
in unidentified miscellaneous assets is a residual
value calculated as line 26b less changes in
identified assets (lines 7, 8, 12, 13, 17, 23a, 24, 25,
26a, 26c, 26d, 26e, 26f, 26g, and 26h).

Component
23c. Change in equity of
U.S.-chartered commercial
banks in Federal Home Loan
Banks (government-sponsored
enterprises sector)

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Federal Reserve Bank of St. Louis

Explanation

Table F.110

433

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

26a. Direct investment abroad
by U.S.-chartered commercial
banks

723092100

3.3

Beginning 1982, unadjusted flow and fourth
quarter level based on special tabulations provided
by BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad. Level for other quarters
is obtained by adding flow to preceding level;
seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

26b. Change in total assets reported
by U.S.-chartered commercial
banks

724090720

315.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
sum of Federal funds sold and securities purchased
under agreements to resell (series RCON1350),
Trading assets (RCON3545), Premises and fixed
assets (including capitalized leases) (RCON2145),
Other real estate owned (RCON2150), Investments
in unconsolidated subsidiaries and associated
companies (RCON2 l 30), Customers' liability
to this bank on acceptances outstanding
(RCON2155), Intangible assets (RCON2143), and
Other assets (RCON2160); plus schedule RC-A,
Cash and balances due from depository institutions
(RCON00IO); plus schedule RC-B, sum of
Securities held to maturity at amortized cost
(RCONl 754) and Securities available for sale at
amortized cost (RCONl 772); plus schedule RC-H,
Net due from own foreign offices, Edge and
agreement subsidiaries, and IBFs (RCON2163);
plus Total gross loans and leases (includes
unearned income) (RCON1400). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

26c. Change in cash and deposits
held by U.S.-chartered
commercial banks at
depository institutions

723020000

18.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Total cash and balances due from depository
institutions (series RCON00IO). Unadjusted flow
is the change in the level; seasonally adjusted flow
is obtained using X-11-ARIMA procedure.

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Federal Reserve Bank of St. Louis

434

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks-Continued
Code

1997 value
(billions of
dollars)

26d. Change in outstanding federal
funds sold by U.S.-chartered
commercial banks and in
outstanding loans to the
commercial banking sector
from U.S.-chartered
commercial banks, including
loans held under security
repurchase agreements

7 23 0687 23

-4 .3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC, 70 percent of the sum of Federal funds sold
and securities purchased under agreements to resell
(series RCONl350), and schedule RC-C, Loans to
commercial banks in the U.S. (series RCONl505).
The 70 percent figure is the approximate historical
proportion of federal funds sales and security
repurchase agreements of weekly reporting large
commercial banks (assumed to apply to all
U.S.-chartered commercial banks) made with
commercial banks in the U.S.; data for large
commercial banks are from FR 24 16 report,
Federal funds sold and securities purchased under
agreements to resell, With commercial banks in the
U.S. (including U.S. branches and agencies of
foreign banks) (series WRBK1360), divided by
Federal funds sold and securities purchased under
agreements to resell, sum of With commercial
banks in the U.S. (including U.S. branches and
agencies of foreign banks) (WRBKl360), With
nonbank brokers and dealers in securities
(WRBKl370), and With others (WRBKl39 0).
Unadjusted flow is the change in the level. Data
for the most recent ten years of the series show
no significant seasonality; unadjusted flow
is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

26e. Change in net balances held
by U.S.-chartered commercial
banks at affiliated and
foreign-related offices

723092000

13.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-H,
Net due from own foreign offices, Edge and
agreement subsidiaries, and IBFs (series
RCON2 l63 ). U nadjusted flow is the change in the
level; seasonally adjusted flow is obtained using
X-11-ARIMA procedure.

26f. Change in premises and fixed
assets owned by U.S.-chartered
commercial banks, at book
value

725013413

2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Premises and fixed assets (including capitalized
leases) (series RCON2 l45). Unadjusted flow is the
change in the level. Data for the most recent ten
years of the series show no significant seasonality;
unadjusted flow is converted from quarterly rate
to annual rate and used as seasonally adjusted flow
in FOF reports of seasonally adjusted data.

Component

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Federal Reserve Bank of St. Louis

Explanation

Table FllO

435

F.110-Continued
Component

Code

1997 value
(billions of
dollars)

Explanation

26g. Change in real estate owned
by U.S.-chartered commercial
banks, other than premises and
fixed assets, at book value

725013513

-.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-M,
Total other real estate owned (series RCFD2150)
less Other real estate owned in foreign offices
(RCFN55 l 3). Unadjusted flow is the change in the
level. Data for the most recent ten years of the
series show no significant seasonality; unadjusted
flow is converted from quarterly rate to annual rate
and used as seasonally adjusted flow in FOF
reports of seasonally adjusted data.

26h. Change in outstanding funds
owed by foreign banking
offices in the U.S. to their
domestic affiliates

753191723

Level formerly taken from quarterly Reports
of Condition: for U.S. branches and agencies
of foreign banks, schedule M, sum of Gross
owed to related branches and agencies in the
U.S. in the same state as the reporting office
(series RCON3007) and Gross owed to related
branches and agencies in the U.S. in other states
(RCON3009); for Edge and agreement corpo
rations, schedule E, sum of Gross owed to affiliates
domiciled in the U.S., to U.S. offices of parent bank
(RCFD3037), and to U.S. offices of other affiliated
organizations (RCFD3041); and for New York
State investment companies (through l 996:Q2),
schedule M, Gross owed to related banking
institutions domiciled in the U.S. (RCON3003).
Unadjusted flow is the change in the level.
Quarterly values for the series are assumed to
equal zero beginning 1975:Q I for levels and flows;
for earlier quarters, unadjusted flow is converted
from quarterly rate to annual rate and used as
seasonally adjusted flow in FOF reports of
seasonally adjusted data.

27. Net increase in liabilities of
U.S.-chartered commercial banks

724190005

359.0

28. Change in net interbank liabilities
of U.S.-chartered commercial
banks

724110005

4.2

29. Change in Federal Reserve float
(asset of Federal Reserve Banks,
part of the monetary authority
sector)

713022003

-3.6

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Federal Reserve Bank of St. Louis

Sum of lines 28, 33, 37, 38, 39, 40, 41, 42, 43, 44,
and 45.
Sum of lines 29, 30, 31, and 32.

436

Guide to the Flow of Funds Accounts, Volume 1

F.110 U.S.-Chartered Commercial Banks-Continued
Code

1997 value
(billions of
dollars)

30. Change in loans to depository
institutions held by Federal
Reserve Banks (monetary
authority sector)

713068003

2.0

31. Change in net interbank liabilities
of U.S.-chartered commercial
bank

Full text of Guide to the Flow of Funds Accounts, 2000 : Volume 1

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