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Z.l December 4, 1987 Flow of Funds 1987: Q3 Flow' of Funds Accounts, Third Quarter 1987 Seasonally Adjusted and Unadjusted Board of Governors of the Federal Reserve System, Washington, D.C. 20551 CONTENTS PAGE i-ii iii-iv v-vii General Information Data Availability for Preliminary Estimates Debt Aggregate Growth Rates SUMMARY TABLES 1 2 4 Income and Product Distribution Funds Raised in Credit Markets Credit Market Supply of Funds SECTOR TABLES 6 8 10 12 14 16 18 20,22 24 26 28 30 Households Total Nonfinancial Business, Farm Business, Noncorporate Business Nonfinancial Corporate Business State and Local Governments U.S. Government and Credit Agencies Foreign Banking System Monetary Authority, Commercial Banking Summary Commercial Banking Subsectors U.S. Chartered Commercial Banks, Foreign Banking Offices in U.S., Domestic Affiliates of Commercial Banks (BHCs), Banks in U.S. Possessions Nonbank Finance Summary Savings Institutions Savings and Loan Assocations, Mutual Savings Banks, Credit Unions Insurance and Pension Funds Life Insurance Companies, Private Pension Funds, State and Local Government Employee Retirement Funds, Other Insurance Companies Finance N.E.C. Finance Companies, REITs, Mutual Funds, MMMFs, Security Brokers and Dealers, CMO Issuers TRANSACTION TABLES 32 34 36 38 Monetary and Insurance Reserves Interbank Claims Deposit Claims U.S. Government Securities —continued TRANSACTION TABLES—continued 40 42,44 46 48 50 52,54 56 58 60 Private Securities Tax-Exempt Debt Securities and Loans, Corporate and Foreign Bonds, Corporate Equities Mortgages Home Mortgages, Multi-family Residential Mortgages, Commercial Mortgages, Farm Mortgages Consumer Credit and Bank Loans N.E.C. Open-Market Paper and Other Loans Security Credit, Trade Credit, Profit Taxes Payable, Proprietors' Equity in Noncorporate Business Miscellaneous Total Claims Saving by Individuals Discrepancies Flow of Funds Accounts Third Quarter 1987 The tables published here include revisions for 1986 and 1987 compared with the 1987.Q2 Accounts published in September. A few corrections for earlier periods have been incorporated, as well. There have been no structural changes in the preparation of the third quarter 1987 financial estimates, and no changes in underlying data sources. The extensive changes introduced earlier in the year are described in the preface to the second quarter accounts. Preliminary estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface is a list of the principal sources of information that were available in putting together the second quarter, and the significance of individual items in the tables should be judged on the basis of this list. This list, summary in form, is by no means a complete statement of sources of data or of derivation methods. Because much of the source information consists of sector balance sheets or statements of activity, the list is organized mainly in terms of sectors. For nonfinancial activity included in the accounts however, such as sector income and capital outlays, the Commerce Department's income and product accounts are the principal source. This part of the system is included separately at the beginning of the list. The items that are shown as available are in general also preliminary in the sense that they are subject to revision once a year on the basis of benchmark data. "Available" for them means that the basic quarterly estimates have been completed in a form that will usually stand until the next annual revision. Virtually all quarterly data sources are compiled within five or six months of the end of the quarter, and the distinction between the two columns is not between final and preliminary versions of data but rather between those source estimates that are fully ready when the first quarterly estimate is put together and those that are not yet completed. Availability. Flow of Funds statistics are usually compiled and available within three months following the last quarter reported. The Z.7 release—Flow of Funds Summary Statistics—is made available as soon as possible, providing an overview of major credit market demands and supplies, together with developments in a few key sectors. The current publication— which is the Z.1 release and covers the full range of the accounts—is subject to printing and mailing delays of up to two weeks from the time the estimates are completed. To facilitate access in the meantime, copies of the computer printouts are distributed to Federal Reserve Bank information offices for use by the public. The quarterly data in this release concentrate on flows of financing in economic sectors and transactions forms. The outstandings counterparts of these flows are published—usually annually, in the autumn— in Flow of Funds Accounts: Financial Assets and Liabilities, which constitutes part of the same release as the flow accounts. All subscribers to the Z.1 release, therefore, receive both the flow and outstandings publications. - i - The current quarterly tables are an extension of a body of data that begins in 1946 in annual form and in 1952 quarterly. Annual-total flows and year-end outstandings for the entire period available at that time were most recently published together in Flow of Funds Accounts, 1949-78 (December 1979). Data in that publication however, are superceded by revisions that have appeared in subsequent publications and in the current release. Two replacement volumes to the 1979 publication have been in preparation. The first, containing annual data for 1946 to 1969, was made available in December 1986, and can be ordered from Publication Services at the Federal Reserve Board at a cost of $1.75. The second, with quarterly data from 1970 onwards likely will follow in early 1988. Subscription Information. Effective in 1987, the Federal Reserve Board began charging nominal amounts for subscriptions to all statistical releases to defray postage costs. The annual cost of the Z.7 Summary Statistics release presently is set at $2.00; the price of the full Z.l release has been fixed at $7.00. The Flow of Funds Section also publishes Balance Sheets for the U.S. Economy, which is designated as the Federal Reserve Board's C.9 release and appears twice a year, usually in April and October. The cost of that release is $2.00 per year. Subscription inquiries for these releases should be directed to Publication Services, Stop 138, at the Federal Reserve street address given below. Quarterly or annual data for specific sectors of the accounts, in reasonable scope, are available in printed form from the Flow of Funds Section on request. Computer tapes for the entire data base in the accounts may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, Virginia 22161. Tape prices are determined by NTIS. Requests and inquiries about the data and historical tabulations should be addressed to: Flow of Funds Section Room B-5100, Stop 95 Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D. C. 20551 (202) 452-3482 - ii - Data Availability for Preliminary Estimates: NONFINANCIAL— 1. National income and product accounts 1987.Q3 Major items missing Available Second estimate of current quarter, seasonally adjusted None FINANCIAL— 2. Households Estimates for other sectors. available 3. Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans. below. 4. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt 5. Nonfinancial corporate business For preceding quarter: net security issues, foreign direct investment. For current quarter: gross security offerings, mortgages, bank loans, open-market paper, finance company loans. Working capital, U.S. Government loans for current quarter. 6. State and local governments Gross security offerings, deposits at banks, nonmarketable U.S. Government Securities (SLGs). Security retirements, other asset items. 7. Rest of the world (U.S. International Transactions) NIPA e::port, import and net foreign investment estimates. Balance of payments current and capital account data. 8. U.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank Statement. Loans outstanding ezzcept at Federal Financing Bank for this sector are almost entirely residual and derived from data sectors. Availability is thus dependent on schedules for other Principal types of borrowing—mortgages and consumer credit—are in time for first quarterly estimates. iii See item 9 FINANCIAL— Available Major items missing Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration loans and securities outstanding. Asset breakdown for FCA. 10. Mortgage pools Complete None 11. Monetary authority Complete None 12. Banking All-bank totals for preceding quarter, current-quarter indicators for banking and monetary estimates through last month of current quarter. All-bank totals for current quarter 13. Savings and loan associations Last month of quarter on summary monthly basis Detailed balance sheets and liquidity statements 14. Mutual savings banks Complete None 15. Credit unions Complete None 16. Life insurance companies One month of current quarter Balance sheet for two months of quarter 17. Private Pension Funds Complete None 18. State and local government retirement system Preceding quarter Current quarter 19. Other insurance companies Preceding year Current year 20. Finance companies Complete None 21. REIT's Preceding quarter Current quarter 22. Open-end investment companies and money market funds Complete None 23. Security brokers and dealers Borrowings Assets 9. iv - DECEMBER 4, 1987 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR ---------------------------------------------------DOMESTIC NONFINANCIAL SECTORS ---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE 8 U.S. PVT. HOME CONSUMER LONG SHORT LOCAL TOTAL GOVT. NONFIN TOTAL MTGES CREDIT TOTAL TERM TERM GOVTS FOREIGN TOTAL NON FINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL CHANGE (PER CENT) 1973 1974 1975 1976 1977 10.7 9.0 9.0 10.7 12.6 2.4 3.4 23.7 15.5 11.0 12.8 10.3 5.9 9.5 13.0 13.0 7.8 7.1 11.6 16.1 12.6 8.8 8.9 12.7 17.0 13.5 4.9 4.3 11.0 15.6 14.3 13.4 4.9 8.5 12.3 10.4 10.3 9.2 8.9 11.2 22.2 19.0 -2.3 7.8 14.7 7.1 7.6 5.9 6.0 4.5 10.3 20.5 17.4 21.5 11.7 10.7 9.4 9.3 11.1 12.6 11.2 8.9 9.2 10.7 10.8 1978 1979 1980 1981 1982 13.1 12.1 9.5 9.6 9.0 9.4 6.0 11.9 11.8 19.4 14.1 13.6 9.0 9.1 6.6 16.9 15.0 8.9 8.3 5.7 17.5 16.2 11.4 8.0 4.8 16.6 13.0 .8 5.8 4.9 13.2 13.6 9.7 11.2 7.3 10.5 9.9 8.8 7.7 7.1 18.2 20.2 11.1 16.9 7.6 6.8 6.8 6.2 2.3 7.1 18.6 9.5 14.0 11.9 7.2 13.4 12.0 9.7 9.7 9.0 11.2 11.5 9.5 11.0 10.5 1983 1984 1985 1986 11.8 14.4 14.3 12.1 18.8 16.9 16.2 13.4 9.9 13.7 13.7 11.8 11.4 12.7 14.1 11.8 10.4 11.0 11.6 13.5 13.6 19.2 16.8 10.0 8.3 15.9 11.5 12.2 9.5 13.8 14.3 14.7 6.6 19.0 7.4 8.3 10.5 7.7 23.8 9.3 8.2 3.7 .5 3.8 11.6 14.0 13.8 11.9 11.9 14.1 11.8 8.1 QUARTE RLY GROWTH RATES (X - SAAR) 1984 — I II III IV 13.2 13.8 12.4 15.4 18.2 13.5 15.0 16.9 11.8 13.8 11.7 14.9 11.7 13.4 11.1 12.5 11.2 11.7 9.8 9.5 17.0 22.2 15.9 16.6 13.2 16.0 12.9 17.8 9.6 11.8 13.5 17.4 18.6 22.2 12.0 18.3 4.8 4.2 8.5 12.4 7.8 23.5 -12.6 -3.4 13.0 14.2 11.4 14.6 12.1 13.2 10.7 17.5 1985 — I II III IV 11.2 12.7 11.0 19.6 14.3 14.9 10.9 21.3 10.2 12.0 11.0 19.1 12.3 12.4 13.8 15.4 10.9 10.1 11.9 11.6 18.0 15.2 17.4 12.8 8.4 10.2 9.0 16.4 11.2 13.0 12.6 17.7 4.5 6.0 3.7 14.5 8.9 19.9 7.4 53.1 -2.2 -2.8 8.5 -1.4 10.7 12.1 10.9 18.8 10.2 9.1 9.5 16.6 1986 — I II III IV 8.3 11.4 13.0 13.9 11.8 13.7 12.4 13.4 7.2 10.7 13.2 14.1 8.3 11.2 14.2 11.7 9.6 12.1 15.8 14.0 9.5 11.9 12.3 5.0 8.5 10.9 9.2 18.1 15.0 13.3 13.0 14.7 -1.4 7.2 3.1 23.7 -4.5 6.4 28.9 5.9 14.7 3.5 6.9 -9.6 8.5 11.1 12.8 13.2 6.5 6.3 7.3 11.5 1987 — I II III 6.7 9.7 7.6 8.9 7.5 3.6 6.0 10.4 8.8 6.1 10.8 9.7 10.7 14.1 10.8 .8 4.5 5.5 5.4 11.2 8.3 13.2 11.4 12.0 -7.3 10.8 1.8 8.8 4.7 7.3 -4.3 -1.4 10.1 6.4 9.4 7.7 1.8 5.5 7.7 v DECEMBER 9, 1987 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR TOTAL U.S. GOVT. - -DOMESTIC NONFINANCIAL SECTORS ---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE & HOME CONSUMER LONG SHORT LOCAL PVT. TERM TERM MTGES CREDIT TOTAL GOVTS NONFIN TOTAL FOREIGN TOTAL NON FINAN CIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL FLOWS (^BILLIONS) 1973 1979 1975 1976 1977 185.3 172.5 187.5 292.1 316.9 8.3 11.8 85.9 69.0 56.8 177.1 160.7 102.1 173.1 260.2 75.9 51.6 50.8 88.2 137.5 99.6 39.8 38.2 59.9 89.7 29.0 9.9 9.1 29.2 38.1 88.3 99.6 39.0 71.6 112.2 92.8 97.0 96.0 99.1 66.8 95.6 97.5 -7.0 22.5 95.9 12.8 19.6 12.3 13.2 10.5 6.3 13.8 19.1 20.5 13.5 191.6 186.9 201.6 262.6 330.9 136.0 120.1 135.1 171.1 191.0 1978 1979 1980 1981 1982 371.9 385.7 391.7 375.9 388.9 53.7 37.9 79.2 87.9 161.3 318.2 398.9 262.5 288.5 227.6 167.2 173.7 118.9 120.7 90.0 108.6 117.6 96.9 75.0 99.5 96.7 92.7 2.9 21.8 19.3 139.5 157.1 126.8 161.1 116.1 70.1 73.0 71.9 68.2 67.1 69.5 89.0 55.9 92.9 99.0 16.5 17.6 17.2 6.8 21.5 29.0 15.0 29.2 23.5 16.0 395.9 900.7 365.8 399.9 909.8 220.0 252.6 231.3 295.8 311.5 1983 1989 1985 1986 550.2 753.9 859.8 829.9 186.6 198.8 223.6 215.0 363.6 555.1 631.1 619.9 188.2 239.6 293.9 279.3 110.8 129.0 151.0 195.6 56.6 90.9 99.6 65.8 191.9 293.0 295.9 291.2 95.8 152.3 180.7 212.3 95.7 190.8 65.2 79.0 39.0 27.9 91.8 99.3 17.3 8.3 1.2 9.0 567.5 762.2 856.0 838.9 389.9 517.1 996.7 379.9 QUARTERLY NET FLOWS ($B - SAAR) 1989 — I II III IV 691.8 792.8 695.3 885.6 219.9 166.5 191.6 222.7 977.9 576.3 503.7 662.8 215.6 259.5 216.7 251.8 131.9 191.9 122.1 120.7 80.3 109.1 82.7 89.7 299.6 306.6 256.0 369.8 106.3 139.2 158.0 210.5 138.3 172.3 98.0 159.3 17.2 15.2 31.0 96.2 17.8 59.9 -30.9 -8.0 709.6 797.2 669.9 877.6 995.9 500.6 920.9 701.9 1985 — I II III IV 667.6 777.9 698.3 1275.3 197.9 212.1 161.9 323.6 970.2 565.7 536.9 951.7 259.8 269.7 303.9 350.7 191.8 135.3 163.7 163.1 101.0 89.6 106.0 81.8 181.0 222.7 202.7 377.3 191.1 168.7 169.0 293.9 39.9 59.0 33.7 133.3 39.9 78.3 30.7 223.7 -5.1 -6.5 19.7 -3.3 662.5 771.9 717.9 1272.0 928.5 392.9 917.6 797.6 1986 -- I II III IV 565.0 793.1 932.5 1029.0 188.5 226.0 210.9 235.2 376.5 567.1 722.0 793.8 195.5 270.9 352.6 298.8 138.8 179.8 291.3 222.9 62.3 79.8 85.2 36.0 202.5 266.6 231.2 969.6 215.7 198.2 201.9 233.7 -13.3 68.9 29.9 230.9 -21.5 30.1 138.3 30.9 39.7 8.2 16.5 -23.5 599.8 801.3 999.0 1005.5 302.9 300.8 350.7 563.6 1987 — I II III 512.9 758.2 605.7 162.3 139.1 68.0 350.6 619.1 537.7 161.2 286.7 269.3 176.8 235.9 186.6 6.1 32.8 90.9 193.7 307.5 239.3 218.7 197.8 215.1 -75.0 109.7 19.2 95.7 25.0 39.2 -10.1 -3.9 23.7 502.7 759.9 629.9 88.5 280.7 398.2 vi DECEMBER 4, 1987 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH Ur MAJOR DEBT AGGREGATES BY SECTOR TOTAL U.S. GOVT. - -DOMESTIC NONFINANCIAL SECTORS ---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE & HOME CONSUMER LONG SHORT LOCAL PVT. GOVTS MTGES CREDIT TOTAL TERM TERM NONFIN TOTAL FOREIGN TOTAL NON FINAN CIAL MEMO: PRIVATE FINAN. ASSETS YEAR-■END OUTSTANDINGS ($ BILLIONS) 1973 1974 1975 1976 1977 1910.3 2082.2 2268.4 2509.7 2828.4 349.1 360.8 446.3 515.8 572.5 1561.2 1721.3 1822.2 1993.9 2255.8 663.1 714.5 762.2 851.7 989.2 396.8 431.4 469.7 529.4 619.2 203.5 213.4 219.6 243.9 282.0 704.8 798.9 839.8 908.7 1022.7 454.8 501.7 549.5 598.9 667.6 250.1 297.3 290.3 309.8 355.1 193.3 207.9 220.2 233.5 243.9 67.4 81.2 95.3 115.8 129.3 1977.7 2163.4 2363.8 2625.5 2957.7 1344.8 1466.6 1601.3 1773.6 1964.8 1978 1979 1980 1981 1982 3195.1 3580.9 3922.1 4297.6 4675.1 626.2 663.6 742.8 830.1 991.4 2568.9 2917.4 3179.3 3467.4 3683.7 1154.7 1329.0 1450.0 1575.4 1657.2 727.7 846.9 943.3 1023.0 1064.6 328.8 371.4 374.4 396.2 415.5 1153.7 1310.2 1434.0 1589.9 1702.8 738.3 811.6 883.0 946.1 1009.4 415.4 498.6 550.9 643.8 693.4 260.5 278.1 295.3 302.1 323.7 157.6 172.4 197.2 220.7 210.4 3352.6 3753.3 4119.3 4518.2 4885.5 2188.7 2441.8 2677.1 2973.3 3285.4 1983 5228.3 1177.9 4050.4 1844.6 1174.6 472.1 1848.1 1106.0 742.1 357.7 227.7 5456.0 3679.1 QUARTERLY OUTSTANDINGS/ SEASONALLY ADJUSTED 1984 — I II III IV 5400.7 5585.0 5759.4 5980.8 1231.5 1273.2 1321.1 1376.8 4169.2 4311.8 4438.3 4604.0 1893.9 1956.6 2011.3 2074.3 1207.8 1242.3 1272.8 1303.0 492.2 519.5 540.1 562.5 1913.2 1989.4 2053.4 2144.6 1136.6 1169.7 1209.2 1261.8 776.7 819.7 844.2 882.8 362.0 365.8 373.5 385.1 231.6 245.2 237.5 235.5 5632.3 5830.2 5996.8 6216.2 3789.8 3914.6 4019.8 4195.1 1985 — I II III IV 6147.4 6338.9 6512.2 6832.5 1426.1 1479.1 1519.5 1600.4 4721.3 4859.7 4992.7 5232.1 2137.5 2200.6 2273.7 2360.4 1338.4 1372.3 1410.4 1451.2 587.8 610.2 636.7 657.1 2190.1 2245.8 2298.0 2394.8 1297.1 1339.3 1380.6 1441.4 893.1 906.5 917.5 953.4 393.7 413.3 421.0 476.9 234.2 232.6 237,5 236.7 6381.6 6571.5 6749.7 7069.2 4299.6 4397.8 4498.5 4686.1 1986 — I II III IV 6970.9 7167.2 7397.9 7653.0 1647.5 1704.0 1756.6 1815.4 5323.4 5463.2 5641.3 5837.6 2407.8 2474.9 2561.0 2633.4 1484.9 1529.9 1589.0 1645.2 672.7 692.6 714.0 723.0 2444.6 2510.3 2567.6 2684.0 1494.5 1544.1 1594.0 1652.6 950.1 966.2 973.7 1031.4 471.0 478.0 512.6 520.2 237.4 239.4 243.5 237.7 7208.3 7406.6 7641.4 7890.6 4757.3 4832.5 4918.2 5056.8 1987 — I II III 7794.7 7987.0 8139.1 1856.0 1890.7 1907.7 5938.7 6096.3 6231.3 2652.6 2726.1 2791.8 1668.4 1729.0 1777.4 724.5 732.7 742.8 2754.5 2832.3 2891.8 1741.8 1792.2 1847.0 1012.6 1040.1 1044.9 531.6 537.9 547.7 235.1 234.3 240.2 8029.8 8221.3 8379.3 5079.5 5150.8 5248.0 vii DECEMBER A, 1987 Income and Product Distribution Income and Product Distribution Income and Product Accounts: SEASONALLY ADJUSTED ANNUAL RATES 1982 1 GNP Expenditures and Gross Saving SEASONALLY ADJUSTED ANNUAL RATES 1983 198A 1985 1986 1 1986 III II IV I 1 I 1987 II III 1 3166.0 3A05.8 3772.2 A010.A A235.0 A211.6 A266.0 A288.1 A377.6 AAA5.2 A520.A Total GNP 1 2 3 A 5 6 2692.A 2050.7 252.7 369.0 272.7 2909.6 223A.6 289.1 391.5 283.6 3166.3 2A30.5 335.6 A25.A 310.5 3AA8.0 2629.A 368.7 A6A.7 353.9 3669.6 2799.9 A02.A 503.5 366.2 3633.0 2765.8 386. A A98.8 368.A 3715.6 2837.1 A27.6 507.3 371.2 37AA.9 2858.6 A19.8 517.7 368.6 3790.0 2893.8 396.1 529.3 366.9 3860.9 29A3.7 A09.0 537.6 379.6 3932.8 Current outlays 3006.7 Households A3A.8 Of which consumer durables 5A7.3 State and local governments 378.8 U.S. government 2 3 A 5 6 7 8 9 10 11 12 13 AA7.3 A71.8 105.1 A.6 75.A 72.0 2.0 502.3 509.A 152.5 6.1 113.8 103.9 1.5 66A.9 597.2 181.1 6.2 13A.8 131.5 2.6 6A1.6 631.6 189.0 6.1 138.6 135.5 1.9 671.0 655.2 218.3 5.3 16A.A 157.6 2.0 679.A 651.9 218.1 5.2 161.5 153.2 2.1 660.9 657.3 223.8 5.1 16A.8 156.3 2.1 660.1 666.6 226.9 5.3 172.7 169.5 1.8 699.8 6A8.2 225.A A.8 182.8 178.6 1.7 702.6 662.3 227.7 A.7 178.3 173.0 1.8 7 8 9 10 11 12 13 IA 15 16 1.3 .6 .6 8.A A.2 A.2 .8 .A .A 1.2 .6 .6 A.8 2.A 2.A 6.2 3.1 3.1 6.3 3.2 3.2 1.5 .7 .7 2.A 1.2 1.2 3.A 1.7 1.7 707.A Gross domestic investment 68A.9 Private fixed investment 228.1 Residential construction A.9 Mobile homes 1-A family structures 189.3 185.5 Household purchases Farm 1.9 Change in work in process on nonfarm 1.9 Noncorporate 1.0 Corporate 1.0 17 18 19 20 21 25.2 13.3 10.6 1.2 .1 32.6 1A.9 16.6 1.2 * AO.O 16.9 21.2 1.7 .2 AA.3 18.2 2A.A 1.3 .A A8.6 19.1 27.8 1.3 .A 51.A 18.9 30.8 1.7 .1 53.9 19.2 33.1 .A 1.3 A8.9 19.A 27.8 1.0 .7 37.9 19.6 15.7 2.1 .5 AA.8 19.8 23.5 l.A .1 33.9 20.0 12.6 1.2 Multi-family units Households (1) Noncorporate business Nonfin. corp, business REITs 17 18 19 20 21 22 23 2A 25 26 27 366.7 12.A 13.2 55.9 17.2 268.0 356.9 13.9 12.6 50.0 19.A 261.0 A16.1 15.2 12.2 A9.9 29.5 309.3 AA2.7 15.7 9.3 50.9 36.5 330.3 A36.9 16.5 9.2 A9.A 39.9 322.0 A33.8 16.5 9.8 A8.8 39.7 319.0 A33.5 16.6 9.0 A9.3 AO.A 318.2 A39.7 16.7 8.3 A9.8 AO.8 32A.1 A22.8 16.8 7.8 50.1 A1.2 307.0 A3A.6 16.8 7.1 50.A Al .6 318.8 A56.8 16.9 6.5 50.7 A2.0 3A0.7 28 29 30 31 32 -2A.6 -1.5 -23.1 -1.9 -21.2 -7.1 -7.5 .A -.2 .6 67.7 7.2 60.6 8.9 51.7 10.0 -3.6 13.6 7.A 6.2 15.7 -1.1 16.8 10.5 6.3 27.5 3.0 2A.5 18.1 6.A 3.6 A.5 -.9 6.9 -7.8 -6.5 -11.6 5.1 8.1 -3.0 51.6 2.9 A8.7 7.2 A1.5 AO.3 13.0 27.3 6.0 21.3 22.5 13.9 8.6 6.1 2.5 33 3A 35 26.3 361.9 335.6 -6.1 352.5 358.6 -59.0 383.5 AA2.5 -79.2 370.0 AA9.2 -105.5 376.2 A81.7 -100.8 371.3 A72.1 -110.5 376.6 A87.1 -116.9 383.3 500.2 -112.2 397.3 509.5 -118.3 A16.5 53A.8 -119.8 Net exDorts A3A.6 Exports 55A.A - Imports 33 3A 35 36 37 38 2261.A 15A.0 6.8 2A28.1 130.6 5.A 2668.6 16A.1 6.1 28A1.2 127.1 A.5 3022.1 130.6 A.3 3022.A 166.0 5.5 3038.3 108.9 3.6 3061.6 109.0 3.6 3125.9 138.3 A.A 3130.7 93.2 3.0 3191.1 Disposable personal Income 89.1 Personal saving 2.8 Saving rate (percent) 36 37 38 39 AO -1A5.9 35.1 -176.1 A7.A -169.5 6A.5 -196.1 63.0 -20A.7 56.8 -230.1 55.1 -203.8 59.5 -188.7 50.6 -170.3 AO.9 -139.A 50.7 -137.2 Federal government surplus 39 A5.7 St. 8 local government surplus AO Al A2 A3 AA A5 169.6 -.1 28.1 11.8 129.8 207.6 -.2 30.2 18.1 159.5 239.9 30.9 13.0 196.0 22A.8 -.1 30.5 18.A 176.0 231.9 -.1 31.2 26.1 17A.6 22A.A -.1 28.7 26.9 168.9 236.3 -.1 32.1 25.2 179.1 2A7.9 -.1 29.7 26.1 192.2 257.0 -.1 32.6 27.6 196.9 Corporate profits* taxes* and dividends: 268.7 282.1 Profits - total (book) M Farms -.1 Foreign 33.6 33.0 27.A Financial corporations 27.8 208.0 Nonfin. corporate business 221.1 A6 A7 A8 A9 63.1 .1 16.8 A6.2 77.3 .1 17.8 59.3 93.9 .3 20.A 73.3 96.7 .3 26.8 69.7 105.1 .3 26.8 78.0 102.1 .3 27.2 7A.6 106.1 .3 26.3 79.5 113.9 .3 26.7 86.9 128.0 .3 28.2 99.5 13A.2 .3 28.9 105.0 1A0.6 .3 28.7 111.6 Tax accruals - total Farms Financial corporations Nonfin. corporate business A6 A7 A8 A9 50 51 52 53 5A 55 66.9 .3 -5.A 72.0 59.A 12.5 71.5 .3 -6.8 78.0 66.2 11.8 79.0 .3 -2.2 81.0 69.2 11.8 81.A .3 -1.9 82.9 70.6 12.3 86.8 .3 -2.7 89.2 73.8 15.3 86.6 .3 -2.1 88. A 76.3 12.1 87.7 .3 -3.7 91.1 7A.3 16.8 88.6 .3 -3.6 91.9 75.3 16.6 90.3 .3 -2.2 92.2 82.1 10.1 92.A .3 -2.2 9A.3 86.0 8.3 95.2 .3 -2.3 97.2 88.9 8.3 Dividends - total Farms Financial corporations Nonfin. corporate business Net dividends paid ♦ Net f9n. div. received 50 51 52 53 5A 55 56 57 58 59 60 61 62 39.6 -.A .A 15.5 2A.1 11.6 12.5 58.9 -.5 7.1 18.A 33.9 22.2 11.8 67.1 -.6 -5.2 19.2 53.6 Al .8 11.8 A6.8 -.6 -6.5 18.2 35.7 23.A 12.3 A0.1 -.7 2.0 15.9 22.8 7.5 15.3 35.7 -.7 1.8 16.6 18.0 5.9 12.1 A2.5 -.7 2.5 15.3 25.A 8.6 16.8 A5.A -.7 3.1 13.1 29.9 13.3 16.6 38.7 -.7 1.5 22.5 15.A 5.3 10.1 A2.1 -.7 1.1 2A.6 17.1 8.8 8.3 A6.3 -.7 1.0 25.A 20.6 12.3 8.3 Undist. profits - total Farms Financial corporations Foreign Nonfin. corporate business Domestic undist. prof. ♦ Net fgn. div. received 56 57 58 59 60 61 62 63 6A 65 66 -9.3 .9 -1.8 -8.A 17.0 1.1 -.1 16.0 32.8 1.2 .7 30.9 53.5 1.5 1.0 51.0 A6.0 1.3 l.A A3.3 A6.7 1.3 1.7 A3.7 AA.O 1.3 1.3 Al.A A2.1 1.3 .7 A0.1 A8.2 1.5 •A A6.3 A8.0 1.6 .1 A6.3 A7.7 1.7 -.1 A6.1 Cap. cons, adjust. - total Farms Financial corporations Nonfin. corporate business 63 6A 65 66 67 68 69 70 71 72 73 7A 75 383.2 5A.3 11.2 18.9 63.8 235.0 12.0 1.6 22 l.A 396.6 57.0 11.9 19.2 65.8 2A2.7 12.9 1.6 228.2 A15.5 60.0 12.7 20.6 67.7 25A.5 1A.5 1.6 238.A A37.6 6A.A 13.3 20.A 70.3 269.2 16.A 1.6 251.2 A56.7 67.1 1A.1 19.8 73.0 282.8 18.5 1.5 262.8 A5A.1 66.7 1A.0 19.9 72.6 280.9 18.0 1.5 261.A A58.9 67.A 1A.2 19.7 73.A 28A.3 18.7 1.5 26A.1 A65.9 68.1 1A.3 19.6 7A.5 289.3 19.7 1.5 268.1 A69.7 68.9 1A.5 19.A 75.1 291.8 20.0 1.5 270.3 A76.6 69.6 1A.7 19.3 78.5 29A.5 20.2 1.5 272.8 A83.0 Total capital cons. w/CCAdj Owner-occupied homes (HH) 70.A Nonprofit institutions (HH) 1A.9 Farm noncorporate 19.1 Nonfarm noncorp. business 80.9 Total corporate 297.8 Financial business 20.6 Corporate farms 1.5 Nonfin. corporate business 275.7 67 68 69 70 71 72 73 7A 75 76 77 215.A 598.6 226.A 623.0 236.7 652.2 25A.6 692.2 275.0 731.7 271.6 725.7 277.3 736.2 28A.1 750.0 290.3 760.0 295.9 772.5 Memo: Cap. cons, on consumer durables not included above 76 302.A 785. A Tot. cap. cons. incl. durables 77 M 78 -.1 5.3 5.A -5.5 -A. 9 .9 -5.8 -11.7 -2.1 -3.0 79 80 37.2 15.3 37.2 1A.5 39.1 1A.2 A3.0 1A.6 A5.3 1A.5 A5.5 1A.3 AA.9 1A.5 A5.9 1A.8 A9.8 1A.6 A9.9 15.6 Nonres. plant & equipment Nonprofit inst. (HH) Farm Nonfarm noncorp. bus. Financial corporations Nonfin. corp, business Inventories Farm Nonfarm Noncorporate Corporate -11.2 Statistical discrepancy A9.8 Profit tax rate (percent) 15.1 Personal tax rate (percent) (1) Purchases of condominium units. BILLIONS OF DOLLARS. 111/87 BASED ON INCOMPLETE INFORMATION IA 15 16 22 23 2A 25 26 27 23 29 30 31 32 Al A2 A3 AA A5 78 79 80 DECEMBER 4, 1987 Funds Raised in Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised in Credit and Equity Markets 2 UNADJUSTED NET FLOWS(S MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV I I I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Net Credit Market Borrowing by Nonfinancial Sectors 1 2 Total net borrowing by domestic 203,756 242,988 270,014 nonfinancial sectors 3 4 U.S. government Treasury issues Agency issues 8 mortgages 5 Private domestic nonfinancial sectors 6 7 8 9 10 11 12 13 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resid. Commercial Farm 14 15 16 17 18 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 19 20 21 22 23 24 25 By borrowing sector: State&local governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 26 Fgn. net borrowing in U.S. 27 Bonds Bank loans n.e.c. 28 29 Commercial paper 30 U.S. govt. 8 other loans 31 Total domestic plus foreign 50,673 50.680 -7 57,888 57,506 382 69,344 69.299 45 153,083 185,100 200,670 98.071 196,515 162.051 27,496 27,527 -31 31.396 31,879 -483 316.9 371.9 385.7 341.7 375.9 1 21,833 21.960 -127 56.8 57.6 -.9 53.7 55.1 -1.4 37.4 38.8 -1.4 79.2 79.8 -.6 87.4 87.8 -.5 2 3 4 70,575 165.119 140.218 260.2 318.2 348.4 262.5 288.5 5 109,318 150,591 119,817 100,663 122,661 114,889 10,874 4,518 35,544 9,362 5.502 4,371 37,497 27,108 21,764 39,650 29,541 32,505 67,303 87.939 93.682 51.651 87,618 71,510 63.052 51,059 49,275 65.420 58,249 33.951 7,011 8.452 9,231 6,075 8.516 6,135 17,447 13,624 15,700 28.947 14,351 15,205 -2,607 -1,633 -2,745 -2.726 -1.397 -889 171.3 20.3 22.9 128.1 93.3 8.4 18.2 8.2 200.7 28.4 21.1 151.2 110.2 10.9 21.9 8.2 212.5 30.3 17.3 164.9 116.6 10.0 24.4 14.0 189.1 30.3 27.7 131.2 94.2 7.6 19.2 10.2 155.5 23.4 22.8 109.3 72.2 4.8 22.2 10.0 6 7 8 9 10 11 12 13 80,853 -30,088 15,619 -14,351 57,171 -24,817 -9,914 728 8,352 17,977 25,329 14,992 7,453 193 2.691 88.9 38.1 26.4 1.6 22.7 117.6 46.7 40.3 2.7 27.9 135.9 42.7 48.5 9.0 35.7 73.3 2.9 36.5 4.0 30.0 133.0 21.8 48.1 14.7 48.5 14 15 16 17 18 70,575 165,119 140,218 9,051 7,113 11,206 17,283 75,775 69,938 44,241 82,231 59,074 -6.407 502 -652 16,913 32,843 22.276 33.735 48,886 37,450 260.2 10.5 137.5 112.2 13.4 29.5 69.3 318.2 16.5 167.2 134.5 15.6 33.8 85.2 348.4 17.6 173.7 157.1 23.5 37.9 95.7 262.5 17.2 118.4 126.8 15.2 31.8 79.8 288.5 6.8 120.7 161.1 16.6 38.5 106.0 19 20 21 22 23 24 25 3,819 1.515 -850 5,023 -1.869 13.5 5.1 3.1 .6 4.8 24.0 4.0 18.3 1.0 .7 15.0 3.7 3.1 1.7 6.5 24.2 1.2 11.8 2.4 8.8 23.5 5.5 3.0 3.9 11.1 26 27 28 29 30 96,358 196,516 165.870 330.4 395.9 400.7 365.8 43,765 23,731 9,137 -860 11,757 34,509 25,621 2,098 4,125 2,665 153,083 185,100 200,670 8,492 35,830 7,651 70,869 91,683 88,643 73,722 57,587 104,376 -1,241 -2,828 -6,679 24,873 26,128 42,378 50,090 34,287 68,677 2,671 -831 1,398 4,336 -2,232 2,372 574 -2,260 3,677 381 -4,915 -1,146 731 -2,501 -1,999 206.427 245,360 265,099 -1,713 137 -912 -129 -809 42,458 12,577 14,590 4.323 10.968 1 -547 -577 -1.691 2,816 399.4 31 Net Credit Market Borrowing by Financial Sectors Total net borrowing by financial sectors 1 74,141 79.266 102.190 65.281 88,541 69,490 50.8 73.3 89.9 65.4 101.9 1 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 39,512 4,748 34,475 289 52.313 5,922 46.824 -433 59,854 5,787 54,403 -336 36,588 -4,634 41,942 -720 48,000 7.395 40.635 -30 37,638 8,739 28,899 - 22.0 7.0 16.1 -1.1 37.1 23.1 13.6 .4 47.9 24.3 23.1 .6 44.8 24.4 19.2 1.2 47.4 30.5 15.0 1.9 2 3 4 5 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 34,629 13,801 322 1,829 11,068 7,609 26.953 15.690 -137 484 6.720 4,196 42,336 21.377 -98 2.993 8,455 9,609 28.693 24,496 74 -4.571 10.579 -1.885 40.541 16.487 42 549 15.888 7.575 31,852 20,343 44 -421 6,131 5.755 28.8 12.0 M -.2 12.8 4.3 36.2 7.8 .2 1.8 13.9 12.5 42.0 5.5 » .5 26.8 9.2 20.6 1.6 K -1.0 12.9 7.1 54.5 6 4.4 7 * 8 1.2 9 32.7 10 16.2 11 12 Total, by sector 13 Sponsored credit agencies Mortgage pools 14 74,141 5,037 34.475 79.266 102,190 5,489 5.451 46.824 54.403 65,281 -5.354 41.942 88,541 7.365 40.635 69,490 8.739 28,899 50.8 5.9 16.1 73.3 23.5 13.6 89.9 24.8 23.1 65.4 25.6 19.2 101.9 12 32.4 13 15.0 14 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs CMO Trusts 34.629 -365 3.854 12,135 11.651 -133 7,487 26.953 2.469 576 5.842 12.425 -332 5.973 42.336 -2,738 3,192 13.020 13,766 -326 15.422 28.693 565 7,759 2.133 1,933 -89 16,392 40.541 7.419 2,770 10,458 9.952 78 9.864 31,852 3,977 -408 8.646 8.499 159 10,979 28.8 3.7 3.8 6.9 17.2 -2.7 36.2 -.5 7.5 13.5 15.9 -.2 42.0 9.1 4.1 12.6 16.2 M 20.6 8.3 6.7 7.4 -1.4 -.4 54.5 11.6 9.2 15.5 18.6 -.4 - 15 16 17 18 19 20 21 2 3 4 5 6 7 8 9 10 11 15 16 17 18 19 20 21 Total Net Credit Market Borrowing, All Sectors, by Type 1 Total net borrowing U.S. government securities 2 3 Tax-exempt obligations 4 Corporate 8 foreign bonds Mortgages 5 280,568 324.626 367,289 161,639 285.057 235,360 89,905 110.646 129,538 64.813 79,428 59,474 4,371 4,518 35.544 9.362 5.502 10,874 50.467 43,372 41,995 64.283 45.481 54,363 67.616 87,790 93,580 51,716 87,658 71,551 381.3 79.9 20.3 39.9 128.0 469.2 90.5 28.4 32.9 151.2 490.6 84.8 30.3 26.5 164.8 431.2 122.9 30.3 30.5 131.1 501.4 133.0 23.4 32.7 109.2 1 2 3 4 5 14,992 6.182 11.347 6,577 38.1 29.2 15.0 30.8 46.7 60.3 17.7 41.5 42.7 52.1 37.5 51.9 2.9 47.2 19.3 47.1 21.8 52.3 51.3 77.7 6 7 8 9 10 Memo: U.S. govt, cash balance 13,148 7.059 -737 -22,872 32.699 -1,078 Totals net of changes in U.S. govt, cash balances: II Net borrowing by dom. nonfin. 190.608 235,929 270.751 120,943 163,816 163.129 12 By U.S. government 37.525 50,829 70,081 50.368 -1,303 22,911 1.1 3.8 .6 -3.8 H 10 315.8 55.7 368.1 49.9 385.1 36.8 345.5 83.0 375.9 11 87.4 12 6 7 8 9 Consumer credit Bank loans n.e.c. Open-market paper Other loans 23,731 12.364 14.544 17,423 25.621 322 14,522 6.809 15.619 -14.351 60,895 -30,300 -3,960 11.178 25.251 4,938 12,577 14.562 18,520 21,329 External Corporate Equity Funds Raised in U.S. Markets 1 Total net share Issues 2 Mutual funds All other 3 Nonfinancial corporations 4 Financial corporations 5 Foreign shares purchased in U.S. 6 21,789 18,690 20.096 41.085 4,197 -5.581 37,600 37.368 46.383 52.330 23.094 12,888 -15,811 -18,678 -26,287 -11,245 -18,897 -18.469 -19.625 -20,125 -26,250 -14,250 -20.750 -19,500 1.834 2,641 1.930 1,797 1.399 1,096 1.980 I11/87 BASED ON INCOMPLETE INFORMATION -1,194 -1,967 1.208 454 -65 6.8 1.0 5.8 2.7 2.7 1.6 -.1 1.7 -.1 2.1 -3.8 .4 -4.2 -7.8 2.6 19.8 2.9 16.9 12.9 1.7 -5.5 3.7 -9.2 -11.5 2.0 1 2 3 4 5 .4 -.4 1.0 2.4 .2 6 DECEMBER 4, 1987 Funds Raised In Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised In Credit and Equity Markets 3 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1986 I I II 1986 III IV I I I 1987 II III Net Credit Market Borrowing by Nonfinancial Sectors Total net borrowing by domestic 605.7 nonfinancial sectors 1 388.9 550.2 753.9 854.8 829.9 793.1 932.5 1029.0 512.9 758.2 2 3 4 161.3 162.1 -.9 186.6 186.7 -.1 198,8 199.0 -.2 223.6 223.7 -.1 215.0 214.7 .4 226.0 226.0 210.4 208.9 1.5 235.2 235.0 .2 162.3 162.4 -.1 139.1 141.0 -1.9 68.0 68.5 -.5 5 227.6 363.6 555.1 631.1 614.9 567.1 722.0 793.8 350.6 619.1 537.7 6 7 8 9 10 11 12 13 148.3 44.2 18.7 85.4 50.5 5.4 25.2 4.2 253.4 53.7 16.0 183.6 117.5 14.2 49.3 2.6 313.6 50.4 46.1 217.1 129.7 25.1 63.2 -.9 447.8 136.4 73.8 237.7 151.9 29.2 62.5 -6.0 450.9 30.8 121.3 298.8 199.4 33.1 74.6 -8.4 407.6 14.2 140.8 252.6 184.7 25.7 53.6 -11.3 587.1 137.1 113.7 336.2 246.4 36.8 59.0 -6.0 485.3 17.3 100.8 367.2 223.6 32.8 120.2 -9.4 444.1 46.9 146.9 250.3 178.7 28.2 55.7 -12.3 459.3 18.6 108.0 332.7 238.1 31.2 69.8 -6.4 442.9 37.9 135.2 269.9 188.2 28.2 56.5 -2.9 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resid. Commercial Farm 6 7 8 9 10 11 12 13 14 15 16 17 18 79.3 19.3 50.4 -6.1 15.8 110.2 56.6 23.2 -.8 31.3 241.5 90.4 67.1 21.7 62.2 183.3 94.6 38.6 14.6 35.5 164.0 65.8 66.5 -9.3 41.0 159.5 79.8 47.2 -10.1 42.7 135.0 85.2 14.8 5.2 29.8 308.5 36.0 226.8 -16.3 61.9 -93.6 6.1 -124.8 -1.8 26.9 159.8 32.8 75.6 10.8 40.8 94.8 40.4 34.8 -12.0 31.6 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 14 15 16 17 18 19 20 21 22 23 24 25 227.6 21.5 90.0 116.1 6.8 40.2 69.0 363.6 34.0 188.2 141.4 4.1 77.0 60.3 >55.1 ,27.4 234.6 293.0 -.1 97.0 196.0 631.1 91.8 293.4 245.9 -13.9 93.1 166.7 614.9 44.3 279.3 291.2 -15.1 116.1 190.2 567.1 30.1 270.4 266.6 -19.0 89.6 196.1 722.0 138.3 352.6 231.2 -13.4 99.9 144.6 793.8 30.4 298.8 464.6 -13.3 171.1 306.9 350.6 45.7 161.2 143.7 -23.0 78.9 87.8 619.1 25.0 286.7 307.5 -12.0 122.7 196.8 537.7 39.2 264.3 234.3 -4.5 83.3 155.6 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 24 25 26 27 28 29 30 16.0 6.6 -5.5 1.9 13.0 17.3 3.1 3.6 6.5 4.1 8.3 3.8 -6.6 6.2 5.0 1.2 3.8 -2.8 6.2 -6.0 9.0 2.6 -1.0 11.5 -4.0 8.2 -5.8 4.5 17.9 -8.4 16.5 2.4 -7.7 15.8 6.0 -23.5 -4.6 .6 -8.1 -11.4 -10.1 2.7 -2.3 -4.3 -6.2 -3.4 -4.8 -4.1 -6.2 11.7 23.7 Fgn. net borrowing in U.S. 5.6 Bonds Bank loans n.e.c. -1.3 21.4 Commercial paper -2.0 U.S. govt. 8 other loans 26 27 28 29 30 31 404.8 567.5 762.2 856.0 838.9 801.3 949.0 1005.5 502.7 754.9 629.4 Total domestic plus foreign 31 1 U.S. government Treasury issues Agency Issues & mortgages 2 3 4 Private domestic nonfinancial sectors 5 Net Credit Market Borrowing by Financial Sectors Total net borrowing by financial sectors 1 90.3 99.3 151.9 199.0 293.4 278.1 303.1 386.0 322.2 333.8 258.3 2 3 4 5 64.9 14.9 49.5 .4 67.8 1.4 66.4 74.9 30.4 44.4 - 101.5 20.6 79.9 1.1 176.3 15.2 161.4 -.4 156.6 9.5 146.0 1.2 200.6 23.0 179.3 -1.7 232.3 20.4 213.3 -1.3 167.0 -3.6 173.4 -2.9 189.6 19.8 170.0 -.1 139.3 34.6 104.7 U.S. government-related Sponsored credit a9. sec. Mortgage pool securities Loans from U.S. government 6 7 8 9 10 11 25.4 12.7 .1 1.9 9.9 .8 31.5 17.4 N -.1 21.3 -7.0 77.0 36.2 .4 .7 24.1 15.7 97.4 48.6 .1 2.6 32.0 14.2 117.2 69.0 .1 4.0 24.2 19.8 121.5 66.2 1.3 4.3 32.0 17.7 102.5 53.5 -.5 5.5 34.3 9.7 153.7 78.5 -.4 2.5 32.5 40.7 155.2 104.3 .3 -8.0 47.5 11.2 144.2 78.1 <2 -L5 51.3 16.1 119.1 70.6 .2 2.0 31.0 15.3 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 12 13 14 90.3 15.3 49.5 99.3 1.4 66.4 151.9 30.4 44.4 199.0 21.7 79.9 293.4 14.9 161.4 278.1 10.6 146.0 303.1 21.3 179.3 386.0 19.0 213.3 322.2 -6.5 173.4 333.8 19.6 170.0 258.3 Total, by sector 34.6 Sponsored credit agencies 104.7 Mortgage pools 12 13 14 15 16 17 18 19 20 21 25.4 11.7 6.8 2.5 4.5 -.2 .2 31.5 5.0 12.1 -2.1 12.9 -.1 3.7 77.0 7.3 15.6 22.7 18.9 .1 12.4 97.4 -4.9 14.5 22.3 53.9 -.7 12.2 117.2 -3.6 4.6 29.8 49.7 -.3 37.1 121.5 1.2 12.6 24.8 53.5 -.5 29.9 102.5 1.1 11.8 18.1 49.0 -1.3 23.9 153.7 -10.3 10.1 49.9 43.7 -1.3 61.7 155.2 6.5 26.4 44.5 12.7 -.4 65.6 144.2 33.3 8.8 13.8 48.6 .3 39.5 119.1 4.8 9.1 29.4 31.3 .6 43.9 15 16 17 18 19 20 21 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs CMO Trusts 1 2 3 4 5 6 7 8 9 10 11 —— —--------- -------------------- Total Net Credit Market Borrowing. All Sectors. by Type 1 2 3 4 5 495.1 225.9 44.2 38.0 85.4 666.8 254.4 53.7 36.5 183.6 914.1 273.8 50.4 86.1 217.4 1054.9 324.2 136.4 126.1 237.7 1132.3 391.7 30.8 192.9 298.9 1079.4 381.4 14.2 201.2 253.9 1252.1 412.8 137.1 169.6 335.6 1391.5 468.8 17.3 174.7 366.8 824.9 332.2 46.9 253.9 250.6 1088.7 328.9 18.6 181.3 332.9 6 7 8 9 19.3 46.7 5.7 30.0 56.6 26.7 26.9 28.4 90.4 61.1 52.0 82.9 94.6 38.3 52.8 44.8 65.8 69.5 26.4 56.5 79.8 55.9 39.8 53.2 85.2 12.6 55.3 43.7 36.0 229.9 8.1 89.9 6.1 -135.1 41.3 29.0 32.8 70.0 55.9 68.4 10 7.3 -7.1 6.3 14.4 a 7.2 23.7 1.0 11 12 381.6 154.0 557.3 193.7 747.6 192.5 840.4 209.3 829.9 215.0 785.9 218.8 908.8 186.8 1028.0 234.1 External Corporate Equity Funds Raised in U.S 1 2 3 4 5 25.8 8.8 17.0 11.4 4.2 61.8 27.2 34.6 28.3 2.6 6 1.4 3.7 BILLIONS OF DOLLARS. 40.4 35.4 40.3 45.0 Consumer credit Bank loans n.e.c. Open-market paper Other loans 1 2 3 4 5 6 7 8 9 10 76.0 -1.6 Memo: U.S. govt, cash balance -34.3 Totals net of changes in U.S. govt, cash balances: Net borrowing by dom. nonfin. 11 607.3 547.1 682.3 12 By U.S. government 196.6 63.1 69.6 Markets -36.4 29.3 -65.7 -74.5 7.8 19.9 85.7 -65.8 -81.5 12.0 91.6 163.3 -71.7 -80.8 8.3 93.3 156.9 -63.6 -78.5 7.3 82.0 156.6 -74.6 -80.5 10.6 82.7 185.6 -102.9 -105.0 7.7 145.6 193.1 -47.6 -57.0 7.2 24.9 100.8 -75.9 -83.0 5.6 .9 3.7 .7 7.5 -4.7 -5.6 2.2 1.5 II1/87 BASED ON INCOMPLETE INFORMATION 887.7 Total net borrowing U.S. government securities 207.2 Tax-exempt obligations 37.9 211.4 Corporate ft foreign bonds 270.0 Mortgages -14.6 Total net share issues Mutual funds 59.2 All other -73.8 Nonfinancial corporations -78.0 Financial corporations 4.4 Foreign shares purchased in U.S. -.2 1 2 3 4 5 6 DECEMBER 4. 1987 Credit Market Supply of Funds Credit Market Supply of Funds 4 Direct and Indirect Sources of Funds to Credit Markets UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 1 II 1986 III IV Total funds advanced In credit markets 203,756 242,988 270.014 to dom. nonfinan . sectors 1 1 1 I 1987 II III 98.071 196,515 162,051 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 316.9 371.9 385.7 341.7 375.9 1 2 3 4 5 6 By Federal agencies and foreign 90,198 100,337 23,994 27,026 46,327 53,351 4,196 9,609 10,351 15,681 38.826 -3,575 40,253 -1,885 4,033 78,249 23,073 39,065 7.575 8.536 41,073 3,405 26,954 5,755 4,959 77.5 36.9 20.0 4.3 16.4 94.0 34.9 25.7 12.5 20.8 69.4 -9.1 35.8 9.2 33.6 99.1 20.0 31.7 7.1 40.2 107.0 19.6 23.5 16.2 47.7 89,048 90,198 100,337 38,826 7 By type of lender: 179 3,483 2,712 162 U.S. government 8 62,879 38,632 9 Spons. credit ag .&mtg. pools 43,383 49,301 7,179 20,852 -17,331 Monetary authority 8,621 10 16,427 Foreign 35,003 29,564 17,363 11 Agency and foreign borrowing not In line 1: 36,588 Spons. credit ag.Smtg. pools 39,512 52.313 59,854 12 Foreign 2,671 2,372 -4,915 -1,713 13 78,249 -1,921 43,889 16,857 19.424 41.073 -6,225 38,040 -1,421 10.679 77.5 10.0 22.6 7.1 37.8 94.0 17.1 40.3 7.0 29.7 69.4 19.0 53.1 7.7 -10.4 99.1 23.7 45.6 4.5 25.3 107.0 7 24.0 8 48.2 9 9.2 10 25.5 11 48,000 1 37,638 3,819 22.0 13.5 37.1 24.0 47.9 15.0 44.8 24.2 47.4 12 23.5 13 156,891 207,475 224,616 94,120 166,267 162,435 59.125 86,652 102,512 68,388 56,355 56.069 4,371 10,874 4,518 35.544 9,362 5,502 11,169 32,158 23,136 26,420 17,701 25.353 14,125 23.271 27,533 -236 32,501 30,237 52,233 44,241 102.048 -17,437 56.348 44,590 9,609 -1,885 4,196 7,575 5,755 7,609 274.9 43.1 20.3 24.1 81.6 110.1 4.3 339.0 55.5 28.4 23.2 95.3 149.2 12.5 379.2 93.9 30.3 18.4 90.7 155.1 9.2 311.5 102.9 30.3 20.7 70.0 94.8 7.1 339.8 113.4 23.4 19.8 53.5 146.0 16.2 14 15 16 17 18 19 20 21 22 23 24 25 2 Total net advances • by type 3 U.S. government securities 4 Residential mortgages FHLB advances to S&Ls 5 Other loans and securities 6 89,048 30.780 33,006 7,609 17,653 Private domestic funds advanced 14 Total net advances 15 U.S. government securities 16 Tax-exempt obligations Corporate and foreign bonds 17 Residential mortgages 18 Other mortgages and loans 19 Less: FHLB advances 20 Private financial Intermediation Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 173,989 203,537 219,102 108,495 157,984 143,342 43,120 56,478 95,859 -17,373 52,084 45,257 4,399 45,310 36,231 34.768 31,268 23,483 40,608 54,316 41,650 66,242 33,284 46,476 55,493 61,475 58,110 55,227 27,306 15,378 260.5 91.5 78.6 67.2 23.3 303.7 128.1 71.3 76.9 27.5 316.1 131.4 55.4 78.6 50.7 284.0 107.6 51.3 93.7 31.3 316.5 106.5 26.2 90.1 93.6 26 Sources of funds 27 Private domestic dep. 8 RPs 28 Credit market borrowing 173,989 203,537 219,102 108,495 157,984 143.342 64,182 52,925 99,815 -17,075 32,769 40,435 34,629 26,953 42,336 28,693 40,541 31,852 260.5 138.3 28.8 303.7 137.2 36.2 316.1 134.4 42.0 284.0 170.0 20.6 316.5 26 210.0 27 54.5 28 21 22 23 24 25 29 30 31 32 33 Other sources Foreign funds Treasury balances Insurance and pension res. Other, net 75,178 123,659 -8,368 2,148 13,276 2,987 33,734 57,189 36,536 61,335 76,951 96,877 8,940 9,512 -731 -18,831 27,604 68,164 41,138 38.032 84,674 2,832 22,275 39,424 20,143 71,055 12,679 4,323 56,188 -2,135 93.4 1.1 4.3 58.7 29.4 130.3 7.3 6.8 76.0 40.3 139.7 26.4 .4 74.7 38.2 93.4 -25.1 -2.6 86.1 35.0 51.9 -23.7 -1.1 83.4 -6.7 29 30 31 32 33 47,850 29,926 6,846 -3,050 5,258 8,870 77.9 38.3 11.0 -4.9 2.6 31.0 34 35 36 37 38 39 Private domestic nonfinancial investors 34 Direct lending in cr. markets U.S. government securities 35 36 Tax-exempt obligations 37 Corporate and foreign bonds Open-market paper 38 Other 39 17,531 -3,613 -3,697 14,932 6,242 3,667 30,891 21,402 10.895 2.058 -6,588 3,124 14,318 -7,749 5.322 17,762 -1,166 149 48,824 15.997 17.063 -3,367 19.186 -55 50,945 11,112 16,257 17,709 1,884 3,983 43.2 21.1 -2.4 1.0 13.4 10.2 71.5 39.8 3.6 -4.2 14.7 17.7 105.1 59.7 9.9 -1.8 10.7 26.5 48.2 31.0 7.0 -13.2 -4.8 28.1 40 Deposits and currency Currency 41 Checkable deposits 42 71,543 5,102 32,458 53,817 111,046 -27,540 961 8,322 -1,018 71,952 -45.707 474 43.071 5,926 19,636 42,177 530 -25 147.7 8.2 17.3 148.4 9.3 17.0 147.5 8.0 19.9 183.2 10.3 6.4 29,441 15,737 -383 7,656 -69 15,396 11.565 -3,829 5,500 -9,447 11,958 -2,858 -2,217 6,250 4,376 16,756 4.471 7,441 11,792 1,212 94.0 24.2 2.9 1.3 65.8 6.4 42.5 5.5 2.0 59.2 33.0 15.6 6.7 5.1 83.1 28.5 45.2 6.8 2.8 84.708 158,896 -13,222 91,895 93,122 191.0 220.0 252.6 231.3 37,848 40,293 97,545 115,272 25,367 26,875 39,818 95,018 22,256 24,762 88,245 23,358 23.5 94.8 38.9 23.7 89.6 36.9 __ 17.3 83.4 16.0 43 44 45 46 47 Small time & svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits 48 Total of credit mkt. instru ments, deposits, and currency 28,645 11,183 -10.853 2,749 2,259 89,074 49 Public holdings as % of total 43,137 50 Pvt. finan. intermediation (*) 110,897 26,635 51 Total foreign funds 36,761 98,101 31,712 28,716 -4,247 -1,608 5,002 2,909 M 27.1 91.2 .2 ________ 217.9 40 9.5 41 18.6 42 47.4 102.2 36.7 5.2 -1.7 43 44 45 46 47 295.8 48 26.8 49 93.1 50 1.8 51 Corporate Equities Not Included Above 1 Total net issues Mutual fund shares 2 Other equities 3 4 Acq. by financial institutions 5 Other net purchases 18,690 20,096 41,085 4,197 -5,581 21,789 37.600 37,368 46,383 52,330 23.094 12,888 -15,811 -18,678 -26,287 -11,245 -18,897 -18,469 6.8 1.0 5.8 1.6 -.1 1.7 -3.8 .4 -4.2 19.8 2.9 16.9 -5.5 3.7 -9.2 1 2 3 14.551 14,039 21,817 27,046 -17,620 -20,132 11.3 -4.5 11.9 -10.2 17.8 -21.7 25.0 -5.2 28.0 -33.5 4 5 8.380 13,409 9,663 9,027 18,047 2,049 Line notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages. (12): Credit market funds raised by federally sponsored credit agencies and net issues of federally related mortgage pool securities. (14): Line 1 less line 2 plus lines 12 and IS. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at commercial banks, plus bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 ♦ 13). (50): Line 21 / line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Credit Market Supply of Funds Credit Market Supply of Funds 5 Direct and Indirect Sources of Funds to Credit Markets SEASONALLY ADJUSTED ANNUAL RATES 1982 1 388.9 1983 550.2 1984 753.9 1985 854.8 SEASONALLY ADJUSTED ANNUAL RATES 1986 829.9 I 1 II 793.1 1986 III 932.5 IV 1029.0 | I1 I 512.9 1987 II III Total funds advanced in credit markets 758.2 605.7 to dom. nonfinan. sectors 1 By Federal agencies and foreign 2 3 4 5 6 114.9 22.3 61.0 .8 30.8 114.0 26.3 76.1 -7.0 18.6 157.6 39.3 56.5 15.7 46.2 202.3 47.1 94.6 14.2 46.3 317.8 84.8 158.5 19.8 54.7 331.1 104.7 140.4 17.7 68.2 376.1 120.4 180.8 9.7 65.2 365.8 70.9 205.7 40.7 48.6 200.8 17.1 165.1 11.2 7.4 7 8 9 10 11 114.9 15.9 65.5 9.8 23.7 114.0 9.7 69.8 10.9 23.7 157.6 17.1 74.3 8.4 57.9 202.3 16.8 101.5 21.6 62.3 317.8 9.5 175.5 30.2 102.6 331.1 9.0 156.5 23.4 142.2 376.1 10.5 196.8 45.6 123.2 365.8 6.0 248.7 48.9 62.3 200.8 -.6 177.1 -40.8 65.0 12 13 64.9 16.0 67.8 17.3 74.9 8.3 101.5 1.2 176.3 9.0 156.6 8.2 200.6 16.5 232.3 -23.5 167.0 -10.1 14 15 16 17 18 19 20 354.8 203.6 44.2 14.7 -5.3 98.3 .8 521.3 228.1 53.7 14.5 55.5 162.4 -7.0 679.5 234.5 50.4 35.1 98.2 276.9 15.7 755.2 277.0 136.4 40.8 86.4 228.8 14.2 697.3 306.9 30.8 83.4 74.0 222.1 19.8 626.8 276.7 14.2 87.6 70.0 196.1 17.7 773.5 292.4 137.1 71.3 102.4 180.1 9.7 871.9 397.9 17.3 61.9 50.7 384.8 40.7 468.9 315.1 46.9 123.5 41.8 -47.1 11.2 285.4 72.3 164.5 16.1 32.7 183.0 Total net advances, by type 42.2 U.S. government securities 102.2 Residential mortgages 15.3 FHLB advances to S&Ls 23.3 Other loans and securities 285.4 183.0 By type of lender: -11.7 U.S. government -24.2 154.7 151.0 Spons. credit ag.&mtg. pools 62.4 Monetary authority 7.8 80.0 48.4 Foreign Agency and foreign borrowing not in line 1: 189.6 139.3 Spons. credit ag.&mtg. pools -3.4 Foreign 23.7 2 3 4 5 6 7 8 9 10 11 12 13 Private domestic funds advanced 659.0 256.6 18.6 77.4 104.9 217.7 16.1 585.6 Total net advances 165.0 U.S. government securities 37.9 Tax-exempt obligations Corporate and foreign bonds 104.7 Residential mortgages 114.1 179.2 Other mortgages and loans 15.3 Less: FHLB advances 14 15 16 17 18 19 20 Private financial intermediation 21 22 23 24 25 274.2 110.2 22.9 96.6 44.5 395.8 144.3 135.6 100.1 15.8 559.8 168.9 150.2 121.8 118.9 579.5 186.3 83.0 156.0 154.2 726.9 194.7 105.5 176.7 249.9 708.5 207.5 116.1 166.6 218.4 845.2 212.7 121.7 232.7 278.2 785.3 332.0 111.5 136.1 205.6 471.3 -51.1 28.9 278.0 215.5 661.8 257.3 154.9 140.1 109.6 600.8 162.2 141.8 200.7 96.1 Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 21 22 23 24 25 26 27 28 274.2 196.2 25.4 395.8 215.4 31.5 559.8 316.9 77.0 579.5 213.2 97.4 726.9 271.4 117.2 708.5 259.0 121.5 845.2 291.5 102.5 785.3 289.7 153.7 471.3 -37.6 155.2 661.8 129.8 144.2 600.8 Sources of funds 258.4 Private domestic dep. & RPs 119.1 Credit market borrowing 26 27 28 29 30 31 32 33 52.6 -31.4 6.1 106.0 -28.1 148.9 16.3 -5.3 109.7 28.2 165.9 5.4 4.0 118.6 37.9 268.9 17.7 10.3 141.0 99.9 338.3 12.4 1.7 152.8 171.4 328.0 -19.7 15.2 132.3 200.2 451.2 5.6 19.4 236.7 189.5 341.9 19.5 -4.2 101.2 225.5 353.6 45.2 -34.7 277.3 65.8 387.7 29.1 43.4 156.0 159.3 223.3 48.7 30.9 231.6 -87.9 34 35 36 37 38 39 106.0 68.5 25.0 -5.7 18.2 157.0 99.3 40.3 -11.6 12.0 17.0 196.7 123.6 30.4 5.2 9.3 28.1 273.2 145.3 47.6 11.8 43.9 24.6 87.6 45.2 -5.4 34.7 -4.8 17.9 39.8 10.0 -53.4 80.3 -3.8 6.6 30.8 8.8 36.4 -8.6 -19.0 13.2 240.3 87.7 77.3 10.0 34.4 31.1 152.9 75.4 15.0 40.6 6.9 14.9 141.4 79.5 24.0 7.3 41.0 -10.3 103.9 Direct lending in cr. markets U.S. government securities -38.1 57.3 Tax-exempt obligations Corporate and foreign bonds 52.7 Open-market paper 15.3 Other 16.6 34 35 36 37 38 39 40 41 42 205.5 9.7 18.0 232.8 14.3 28.6 320.4 8.6 27.9 223.5 12.4 41.4 291.8 14.4 98.4 261.0 8.6 91.0 319.9 14.3 71.0 323.3 22.0 162.7 -64.4 8.7 -81.8 139.3 10.6 35.1 294.3 Deposits and currency 14.4 Currency 82.5 Checkable deposits 40 41 42 43 44 45 46 47 136.0 33.5 -2.4 11.1 -.4 215.7 -39.0 -8.4 18.5 3.1 150.1 49.0 84.9 5.0 -5.1 139.1 8.9 7.2 16.6 -2.1 121.0 43.8 -10.1 18.3 5.9 144.1 52.2 -43.7 15.4 -6.6 138.1 64.7 -18.3 35.9 14.1 115.0 16.5 -21.7 17.1 11.6 20.9 -6.9 14.5 15.7 -35.5 71.2 .7 -6.8 29.8 -1.1 48 311.5 389.9 517.1 496.7 379.4 300.8 350.7 563.6 88.5 280.7 Total of credit mkt. instru398.2 ments* deposits* and currency 48 49 50 51 28.4 77.3 -7.7 20.1 75.9 40.0 20.7 82.4 63.3 23.6 76.7 80.1 37.9 104.2 115.0 41.3 113.0 122.5 39.6 109.3 128.8 36.4 90.1 81.7 39.9 100.5 110.3 37.8 100.4 109.1 29.1 Public holdings as % of total 49 102.6 Pvt. finan. intermediation (V) 50 51 97.2 Total foreign funds 29 Other sources 30 Foreign funds 31 Treasury balances Insurance and pension res. 32 33 Other, net Private domestic nonfinancial investors M 84.5 23.3 15.7 52.4 21.5 Small time & svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits 43 44 45 46 47 Corporate Equities Not Included Above 1 2 3 25.8 8.8 17.0 61.8 27.2 34.6 -36.4 29.3 -65.7 19.9 85.7 -65.8 91.6 163.3 -71.7 93.3 156.9 -63.6 82.0 156.6 -74.6 82.7 185.6 -102.9 145.6 193.1 -47.6 24.9 100.8 -75.9 -14.6 Total net Issues Mutual fund shares 59.2 Other equities -73.8 1 2 3 4 5 25.9 -.1 51.1 10.7 19.7 -56.1 42.8 -22.9 50.1 41.5 32.8 60.5 33.4 48.6 76.0 6.7 57.7 87.8 87.2 -62.3 52.1 Acq. by financial institutions -66.7 Other net purchases 4 5 Line notes: (1): Pa9e 2 line 1. (6): Includes farm and commercial mort9ages. (12): Credit market funds raised by federally sponsored credit agencies and net Issues of federally related mortgage pool securities. (14): Line 1 less line 2 plus lines 12 and IS. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity Issues and Investment company shares. Includes line 20. (30): Foreign deposits at commercial banks* plus bank borrowings from foreign branches* and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 ♦ 13). (50): Line 21 / line 14. (51): Line ll plus line 30. Corporate Equities: (1-3): Includes Issues by financial institutions. BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Households Households 6 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Households, Personal Trusts, and Nonprofit Organizations 869.288 896,853 934,184 882,447 914,044 948,126 134,385 132,883 127,884 123,691 156.346 145,766 1607.5 228.1 1812.4 261.1 2034.0 304.7 2258.5 340.5 2520.9 393.3 1 2 Disposable personal income 734,903 763,970 806,300 758,756 757,698 802.360 Personal outlays 711,368 726,298 770,810 720,591 757,177 770,348 Personal saving, NIPA basis 23,535 37,672 35,490 38.165 521 32,012 Credits from 9ovt. insurance 18.251 24,942 23,212 13,949 17,939 27,874 Capital gains dividends 1.740 2,456 9,858 3.889 2,000 2,000 Net durables ln consumption 31,701 33,879 43,177 16.637 31,625 29,464 1379.3 1288.6 90.7 22.5 .6 53.3 1551.2 1441.1 110.2 27.9 .7 58.8 1729.3 1611.3 118.1 24.4 .9 54.0 1918.0 1781.1 136.9 35.3 1.8 31.9 2127.6 1968.1 159.4 39.7 2.7 37.4 3 4 5 6 7 8 75,227 98,949 111,737 72,640 52.085 91.350 88,079 89.708 91,648 93,433 95,058 96,921 163,306 188.657 203,385 166.073 147,143 188,271 167.2 169.0 336.2 197.6 190.3 387.9 197.4 215.2 412.6 205.9 243.6 449.5 239.2 9 264.4 10 503.6 11 12 Gross investment 175.099 195,885 182.645 195,420 156,952 213,980 13 Capital expend, net of sales 142,856 156,194 168,408 143,835 153,309 166,588 14 Residential construction 39,132 48,832 50,025 50,422 43,489 57,283 15 Consumer durable goods 99,606 103.203 114,203 89.217 105,609 105,076 16 4,118 4,196 4,211 Nonprofit plant and equip. 4,159 4,229 4,180 351.8 284.2 92.2 184.5 7.6 399.7 327.7 114.0 205.6 8.2 426.3 356.1 128.7 219.0 8.4 474.4 342.7 113.6 219.3 9.9 530.4 362.1 111.2 239.9 11.0 3.643 47,392 83.410 121,932 67.6 208.4 72.0 243.0 70.3 248.0 131.7 260.1 168.4 17 291.8 18 1 Personal Income 2 - Personal taxes and nontaxes 3 4 5 6 7 8 = = ♦ ♦ ♦ 9 = Net saving 10 ♦ Capital consumption 11 = Gross saving 17 Net financial Investment 32,243 39.691 14,237 18 Net acq. of financial assets 103,971 132,727 107,132 51,585 67.022 12 13 14 15 16 (1) 60,209 60,634 82.856 244 79,641 95,907 158.3 181.2 204.8 190.8 238.2 19 20 21 22 23 24 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 60,554 30.614 28.317 -9.280 10,903 58.609 10,989 29,053 3,305 15.262 63,937 -12,243 49,168 -22,484 14,497 28,312 -8,790 -15,221 10,965 -4,753 38,907 27,689 11,086 2,860 -2,728 42,338 12.478 15.726 9,895 4,239 126.1 19.7 95.5 11.1 -.2 127.4 22.2 66.0 33.2 6.0 128.4 25.6 59.8 12.4 30.6 158.5 10.2 83.4 40.4 24.5 180.2 25.1 47.3 17.1 90.7 20 21 22 23 24 25 26 27 28 29 30 Credit mkt. instruments -345 2,025 U.S. 9ovt. securities -14,194 -173 Tax-exempt obligations -4,080 11,000 Corporate 8 fgn. bonds 14,932 2,058 -705 -209 Mortgages Open-market paper 3,702 -10,651 18,919 12,487 12,279 -12,602 4,643 4.270 17,762 -3,050 1,144 718 2.339 3,903 40,734 11.626 17,320 -3,367 -3,665 18.820 53,569 19,217 16,237 17,709 1,871 -1,465 32.2 12.9 -3.0 1.0 7.9 13.5 53.7 27.4 4.1 -4.2 11.9 14.5 76.4 42.5 10.4 -1.8 16.7 8.7 32.3 23.5 7.0 -13.2 17.5 -2.4 58.0 41.4 10.9 -4.9 18.0 -7.4 25 26 27 28 29 30 35,187 34,249 43,687 46,321 20,445 11.819 -29,137 -30,407 -42,566 -30,576 -47.169 -37,636 .7 -7.8 .6 -13.1 -1.0 -22.7 1.1 -12.0 5.8 31 -45.3 32 3,078 66.567 9.5 69.0 11 2 83.8 10.7 91.1 9.7 108.8 9.2 33 108.7 34 -11,408 -14,545 -36,419 -19.465 -27,325 -20.547 -607 -3,185 -653 -461 7,692 -2.515 4,531 6.229 6,947 5.476 7,855 3,205 -27.3 -1.0 6.9 -29.8 2.5 6.6 -44.0 1.8 7.2 -49.1 5.2 5.6 -28.8 35 -2.1 36 6.1 37 19 Dep. 8 cr. mkt. instr. 31 32 Mutual fund shares Other corporate equities 33 34 Life insurance reserves Pension fund reserves 35 36 37 Net inv. ln noncorp. bus. Security credit Miscellaneous assets 38 39 40 41 42 Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 43 44 45 46 47 48 49 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous 50 Discrepancy 4,173 39,325 4,574 73,552 4,796 40.139 4,484 63,053 2,941 50,999 71,728 70.869 42,451 18,649 5,082 93,036 91,683 61,646 23,281 2,340 15,437 92,895 17,283 88.643 59,471 40.477 12.639 -11,750 2,980 -2.601 79,767 75,775 56.412 11,877 700 74,540 69.938 48,113 18.300 -3.308 140.9 137.5 89.7 35.0 3.2 170.9 167.2 1C8.6 41.0 5.7 177.7 173.7 117.6 35.6 7.1 128.5 118.4 96.4 .1 2.8 123.4 120.7 75.0 15.5 6.3 38 39 40 41 42 -94 590 1,967 2.224 899 587 1,386 1,544 -629 3 584 581 12,351 -10,208 781 1.247 -289 578 5,451 1,046 -181 575 5,676 763 3.4 1.1 2.8 2.3 2.6 1.3 4.1 3.8 2.9 1.5 2.6 6.4 3.1 1.9 5.3 8.8 4.4 2.3 6.0 11.1 43 44 45 46 652 627 -420 1,125 647 -419 3.018 717 257 3.635 739 228 1.3 1.2 .9 1.2 1.5 1.1 1.0 1.7 1.3 6.5 2.3 1.2 -1.7 47 2.7 48 1.8 49 -11,793 -7.228 -9,809 -25,709 -15.6 -11.8 -13.7 -24.9 -26.8 50 57.283 1,235 56,048 17,595 48,113 -8,425 92.2 3.9 88.2 31.1 89.7 -28.7 114.0 4.4 109.5 36.1 108.6 -30.7 128.7 4.9 123.8 41.9 117.6 -30.9 113.6 4.3 109.2 47.0 96.4 -29.8 111.2 4.7 106.5 51.4 75.0 -15.3 89,217 105,609 105,076 72,580 73,984 75,612 16.637 31,625 29,464 184.5 131.2 53.3 205.6 146.8 58.8 219.0 165.0 54.0 219.3 187.4 31.9 239.9 57 202.5 58 37.4 59 3,824 672 -244 -2,458 693 -81 20,740 -29.347 (1) Excludes corporate equities. Memoranda: 51 52 53 54 55 56 Net physical investment: (A) Residential construction Expenditures Mobile homes Other - Capital consumption - Home mortgages = Excess net investment 57 58 59 (B) Consumer durables Expenditures - Capital consumption a Net investment 39,132 48.832 50,025 1.300 1,275 1,323 37.832 47,557 48,702 16,667 16.843 17,035 42,451 61,646 59,471 -19.986 -29,657 -26,481 99,606 103,203 114,203 67.905 69,324 71,026 31.701 33,879 43,177 50,422 43,489 1,170 1,194 49,228 42.319 17.223 17.405 40,477 56,412 -7.278 -30,328 51 52 53 54 55 56 15,619 -14,351 27,558 30,988 12,577 19,048 14,992 14.472 38.1 15.2 46.7 12.0 42.7 11.3 2.9 29.0 21.8 60 15.5 61 4,180 3,587 593 4.196 3.630 566 4,211 3,669 542 4,229 3,714 515 7.6 6.7 .9 8.2 7.4 .7 8.4 8.3 .1 9.9 9.3 .5 11.0 62 10.4 63 .6 64 14,816 4,931 13,689 4,401 14,016 5.029 17.104 68 15,374 3.989 14.2 6.6 14.4 7.1 15.1 7.1 15.6 65 7.5 66 21,632 23,839 24.230 21,384 18.921 22.622 24.0 24.6 23.5 23.0 23.2 67 18.923 13,772 9.501 9,387 19.737 16,771 11.756 11,585 20,063 12,763 11,067 10,560 18.521 8.630 1.987 2.225 19,714 10,726 10,257 9,744 20.016 14,651 8.956 8,403 20.3 14.9 10.0 9.8 20.7 15.4 10.8 10.6 20.3 14.1 10.1 9.9 17.5 13.3 6.6 6.1 16.7 13.4 5.7 5.6 754,894 791,368 839,370 776,594 777,637 832,234 72 (2) Disposable income adj. a (NIPA disposable Income * govt. Insurance credits * capital gains divid.) 1402.5 1579.8 1754.7 1955.0 60 61 - Consumer credit » Excess net investment 23,731 7,970 25,621 8.258 4,118 3,507 611 4.159 3,541 618 15,459 3.202 CO Nonprofit plant and equip. 62 63 64 Expenditures - Capital consumption a Net investment Percent ratios: 65 Effective tax rate 66 Saving rate. NIPA basis 15.0 6.8 Percent of disposable Income adj. (2): 67 Gross saving 68 69 70 71 Capital expenditures Acquisition of finan. assets Net increase ln liabilities Credit market borrowing II1/87 BASED ON INCOMPLETE INFORMATION 68 69 70 71 2170.0 72 DECEMBER A, 1987 Households Households 7 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 1986 III II IV I 1 I 1987 II III Households* Personal Trusts* and Nonprofit Organizations 1 2 2670.8 409.3 2838.6 410.5 3108.8 440.2 3327.1 485.9 3534.3 512.3 3526.6 504.2 3553.6 515.3 3593.6 532.0 3662.0 536.1 3708.6 577.9 3756.7 Personal income 565.6 - Personal taxes and nontaxes 1 2 3 4 5 6 7 8 2261.4 2107.5 154.0 43.9 2.4 37.2 2428.1 2297.5 130.6 53.5 4.4 62.7 2668.6 2504.5 164.1 63.9 6.0 98.8 2841.2 2714.1 127.1 72.3 4.9 114.1 3022.1 2891.5 130.6 78.7 17.5 127.4 3022.4 2856.4 166.0 73.5 12.3 114.8 3038.3 2929.4 108.9 67.6 13.2 150.3 3061.6 2952.6 109.0 96.7 38.5 135.7 3125.9 2987.6 138.3 85.5 6.1 105.8 3130.7 3037.5 93.2 72.2 14.6 113.1 3191.1 3102.0 89.1 77.7 11.8 132.4 3 4 5 6 7 8 9 10 11 237.4 280.9 518.4 251.2 295.3 546.5 332.8 309.4 642.2 318.4 332.3 650.7 354.1 356.2 710.3 366.6 352.3 718.9 340.1 358.8 698.9 379.8 366.6 746.4 335.7 373.7 709.4 293.1 380.2 673.3 311.0 - Net saving 387.7 * Capital consumption 698.6 = Gross saving 9 10 11 12 13 14 15 16 599.2 355.0 89.9 252.7 12.4 606.4 427.8 124.9 289.1 13.9 729.7 505.3 154.6 335.6 15.2 697.7 544.1 159.7 368.7 15.7 748.1 600.9 182.0 402.4 16.5 715.5 580.2 177.3 386.4 16.5 702.3 624.9 180.6 427.6 16.6 806.7 630.7 194.2 419.8 16.7 794.5 615.9 203.0 396.1 16.8 622.9 623.3 197.5 409.0 16.8 777.6 Gross Investment 662.2 Capital expend, net of sales 210.4 Residential construction 434.8 Consumer durable goods 16.9 Nonprofit plant and equip. 12 13 14 15 16 17 18 244.2 341.2 178.6 377.5 224.4 456.7 153.5 466.0 147.2 436.3 135.3 409.1 77.5 435.5 176.1 491.9 178.7 332.5 -.5 302.2 115.4 Net financial investment 17 398.1 Net acq. of financial assets 18 = = ♦ * ♦ Disposable personal Income Personal outlays Personal saving. NIPA basis Credits from govt. Insurance Capital gains dividends Net durables in consumption 19 242.1 291.6 417.4 343.1 261.6 212.0 175.3 404.3 48.4 263.0 323.0 20 21 22 23 24 168.5 17.6 134.6 -16.5 32.8 202.5 36.6 210.4 -13.5 -31.1 282.2 16.5 152.7 68.9 44.0 181.0 39.0 144.5 -14.6 12.1 246.5 98.1 120.7 -14.9 42.6 227.0 85.9 143.2 -53.1 51.0 278.5 85.5 135.7 -5.5 62.8 249.7 157.8 113.9 -36.5 14.5 -71.3 -52.2 17.3 -27.0 -9.3 137.1 69.5 67.8 -1.4 1.2 229.7 104.8 79.8 22.7 22.4 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 20 21 22 23 24 25 26 27 28 29 30 73.6 51.7 24.7 10.8 -13.6 89.2 59.4 39.1 -11.6 .9 1.4 135.3 94.8 29.5 5.2 5.8 -.1 162.2 59.3 47.9 11.8 3.3 39.9 15.1 -2.1 -8.2 34.7 1.1 -10.4 -14.9 -19.7 -54.9 80.3 -8.4 -12.2 -103.2 -111.8 36.8 -8.6 -.1 -19.5 154.6 38.4 68.5 10.0 11.7 26.1 119.7 61.4 10.8 40.6 1.9 4.9 125.9 72.2 25.0 7.3 -20.8 42.3 93.3 -43.0 57.3 52.7 8.4 17.9 Credit mkt. Instruments U.S. govt, securities Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 25 26 27 28 29 30 31 32 7.0 -12.1 24.0 -19.9 24.0 -80.0 69.8 -102.2 154.1 -132.3 147.2 -112.2 144.1 -118.6 174.8 -169.9 169.1 -131.8 90.2 -183.6 54.9 -147.0 33 34 7.2 131.8 8.0 145.6 5.2 147.2 10.7 183.4 17.5 183.8 16.7 159.2 18.3 261.3 19.2 160.5 17.9 285.6 11.8 206.1 35 36 37 -45.3 3.7 6.8 -89.5 2.4 15.3 -72.8 -.6 16.3 -65.8 12.5 14.5 -85.1 8.7 28.1 -36.4 -2.4 24.9 -63.6 -12.7 31.4 -155.5 30.8 27.8 -68.7 -10.1 21.9 38 39 40 41 42 96.9 90.0 49.5 16.1 3.2 198.9 188.2 110.8 47.6 9.0 232.3 234.6 129.0 73.5 16.9 312.4 293.4 151.0 77.7 16.8 289.1 279.3 195.6 55.3 10.5 273.8 270.4 179.8 63.2 16.6 358.0 352.6 241.3 77.5 7.7 315.8 298.8 222.4 29.1 6.9 43 44 45 46 8.5 2.6 2.6 7.4 11.4 2.5 3.6 3.3 10.2 2.5 -.4 2.9 30.2 2.4 6.9 8.3 -2.2 2.4 11.1 6.6 -.4 2.4 8.9 3.6 2.3 13.9 6.2 47 48 49 3.8 2.4 .8 8.4 1.8 .6 -3.1 1.8 -1.0 16.7 2.2 .1 8.6 2.5 -1.3 2.6 2.5 -1.7 50 -80.9 -59.9 -87.5 -47.0 -37.8 3.4 M M Dep. 8 cr. mkt. instr. (1) 19 Mutual fund shares Other corporate equities 31 32 12.3 231.2 Life insurance reserves Pension fund reserves 33 34 -100.8 -2.6 18.1 -87.4 -1.8 12.8 Net inv. in noncorp. bus. Security credit Miscellaneous assets 35 36 37 153.8 161.2 176.8 5.6 .5 302.6 286.7 235.4 34.3 -1.5 282.7 264.3 186.6 55.7 -15.2 Net Increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 38 39 40 41 42 -2.5 2.3 35.6 5.0 N 2.3 -27.1 3.1 -1.2 2.3 13.2 4.2 -.7 2.3 32.6 3.1 4.5 2.6 -1.7 15.3 2.7 -1.0 -9.8 2.8 -.3 12.1 2.9 1.0 14.5 3.0 .9 -3.4 -60.3 -85.1 50.4 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous -78.9 Discrepancy 43 44 45 46 47 48 49 50 (1) Excludes corporate equities. Memoranda: Net physical Investment: (A) Residential construction 210.4 Expenditures 4.9 Mobile homes Other 205.5 70.4 - Capital consumption 186.6 - Home mortgages -46.6 = Excess net Investment 51 52 53 54 55 56 (BIi Consumer durables 434.8 Expenditures 302.4 - Capital consumption 132.4 = Net investment 57 58 59 51 52 53 54 55 56 89.9 4.6 85.3 54.3 49.5 -13.8 124.9 6.1 118.8 57.0 110.8 -43.0 154.6 6.2 148.4 60.0 129.0 -34.4 159.7 6.1 153.7 64.4 151.0 -55.6 182.0 5.3 176.7 67.1 195.6 -80.7 177.3 5.2 172.1 66.7 179.8 -69.1 180.6 5.1 175.5 67.4 241.3 -128.1 194.2 5.3 188.9 68.1 222.4 -96.4 203.0 4.8 198.2 68.9 176.8 -42.7 197.5 4.7 192.8 69.6 235.4 -107.5 57 58 59 252.7 215.4 37.2 289.1 226.4 62.7 335.6 236.7 98.8 368.7 254.6 114.1 402.4 275.0 127.4 386.4 271.6 114.8 427.6 277.3 150.3 419.8 284.1 135.7 396.1 290.3 105.8 409.0 295.9 113.1 60 61 19.3 17.9 56.6 6.1 90.4 8.4 94.6 19.5 65.8 61.6 79.8 35.0 85.2 65.1 36.0 99.6 6.1 99.7 32.8 80.3 40.4 91.9 - Consumer credit » Excess net Investment 60 61 62 63 64 12.4 11.2 1.2 13.9 11.9 2.0 15.2 12.7 2.5 15.7 13.3 2.3 16.5 14.1 2.4 16.5 14.0 2.4 16.6 14.2 2.5 16.7 14.3 2.4 16.8 14.5 2.3 16.8 14.7 2.2 CC ]i Nonprofit plant and equip. 16.9 Expenditures 14.9 - Capital consumption 2.1 « Net investment 62 63 64 65 66 15.3 6.8 14.5 5.4 14.2 6.1 14.6 4.5 14.5 4.3 14.3 5.5 14.5 3.6 14.8 3.6 14.6 4.4 15.6 3.0 15.1 Effective tax rate 2.8 Saving rate* NIPA basis 22.5 22.0 23.5 22.3 22.8 23.1 22.4 23.3 22.0 20.9 21.3 Gross saving 67 18.7 13.2 8.8 8.7 20.0 14.0 11.5 11.3 19.7 15.4 9.9 9.3 19.1 10.3 4.8 5.0 19.4 9.4 9.4 8.9 20.2 12.1 8.6 8.1 68 69 70 71 Percent ratios: 65 66 Percent of disposable Income adj. (2): 67 68 69 70 71 15.4 14.8 4.2 3.9 17.2 15.2 8.0 7.6 18.5 16.7 8.5 8.6 18.6 16.0 10.7 10.1 19.3 14.0 9.3 9.0 72 2307.7 2486.0 2738.5 2918.3 3118.2 BILLIONS OF DOLLARS. Capital expenditures Acquisition of finan. assets Net Increase In liabilities Credit market borrowing 72 3108.2 3119.2 3196.7 3217.5 3217.5 3280.6 (21 Disposable Income adj. = (NIPA disposable Income * govt. Insurance credits * capital gains dlvld.) III/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Total and Noncorporate Business Total and Noncorporate Business Sector Statements of Saving and Investment 8 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III Nonfinancial 1 Income before taxes 2 Gross saving 127,104 128.970 129,632 134,928 143,167 146,444 112,088 112,405 111.725 106,523 110,647 114,137 3 Gross investment 106,680 81,802 109.170 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Business - Total 322.5 209.4 368.0 233.3 397.1 256.8 374.8 268.0 387.9 316.4 1 2 3 97,912 190.2 214.4 274.7 274.2 301.6 96,342 126,254 116,567 80,008 111,960 107,372 84,745 96.995 97.984 -7,787 8,773 4,178 3,050 6,192 5,210 8,595 13,586 15,638 600 696 708 238.0 214.2 197.8 6.5 9.9 21.3 2.5 285.2 254.6 239.3 4.2 11.1 28.6 2.0 308.8 291.1 280.7 .3 10.1 13.0 4.7 304.4 307.8 298.7 -.3 9.3 -8.3 5.0 382.2 4 353.3 5 342.3 6 7 -1.6 12.6 8 24.0 9 4.8 10 -20,553 -15,206 -3.171 -14,540 -17,084 -18,655 11 Net financial Investment 17,930 Net acq. of financial assets 26,316 17,873 65.820 -2,072 24,405 12 12.468 41.489 36.585 Net increase in liabilities 46.869 33,079 68.991 13 Corporate equities -19,625 -20,125 -26,250 -14,250 -20,750 -19.500 14 Credit market instruments 73,722 57,587 104,376 44,241 82,231 59,074 15 39,796 28,224 32,254 34,225 25.872 19,371 Bonds 16 10,593 30,628 22,822 24,262 25,706 33.627 Mortgages 17 1,777 712 44,820 -14,609 9,139 Bank loans n.e.c. 7,170 18 5,297 8.461 14.240 2,221 Other loans 6.558 8,065 19 -47.8 66.2 114.0 2.7 112.2 29.5 37.2 23.6 21.8 -70.8 99.8 170.6 -.1 134.5 28.8 41.3 36.2 28.3 -34.2 139.6 173.7 -7.8 157.1 27.3 45.8 45.9 38.1 -30.2 113.6 143.9 12.9 126.8 38.5 32.9 31.2 24.2 -80.5 89.4 170.0 -11.5 161.1 36.2 32.0 42.0 50.9 2.197 9,311 1.368 11.236 -6,009 -5,751 -20.371 -11,514 -22,189 -12,300 24.2 -25.1 53.8 -17.6 54.2 -29.7 39.7 -35.5 30.6 20 -10.3 21 16,225 19.3 18.9 -17.9• -6.2 14.8 22 98,599 94,104 4 Capital expenditures 127,233 113,805 97,275 114.487 107.780 105,818 Fixed investment 5 6 Business plant 8 equipment 96.966 92.655 100,236 Home construction (1) 5,262 -1,067 9,080 7 8,441 Multi-family residential 9,863 6,649 8 4,125 -10,400 Change in inventories 10.150 9 1,900 Mineral rts. from U.S. govt. 2,596 1,857 10 20 21 Trade debt Other liabilities 22 Discrepancy 4,593 -11,821 5,408 13,806 17.621 24,721 1.477 11 12 13 14 15 16 17 18 19 Farm Business 12,025 9,075 9,150 12,825 11.825 9,825 20.5 27.0 31.7 20.5 30.7 1 154 5,358 337 4,971 5,512 147 5,306 385 4,921 5,453 164 5,275 382 4,893 5.439 191 5,224 379 4,845 5.415 220 5,192 378 4,814 5,412 244 5,146 375 4,771 5,390 .3 12.1 .8 11.3 12.4 .9 13.6 .9 12.6 14.5 .9 15.3 1.1 14.3 16.3 .5 17.6 1.3 16.3 18.1 .2 19.4 1.4 17.9 19.6 2 3 4 5 6 7 Gross investment 8 Capital expenditures Plant and equipment 9 10 Residential construction Change in Inventories 11 5,512 3,824 2,524 550 750 5,453 3,870 2,201 544 1.125 5,439 -214 2,225 461 -2,900 5,415 2,851 1,755 371 725 5,412 5,588 1,864 474 3.250 5,390 5,534 1,563 496 3,475 12.4 19.1 15.9 2.1 1.1 14.5 20.9 16.5 2.2 2.1 16.3 26.2 19.5 1.6 5.0 18.1 14.1 17.7 2.4 -5.9 19.6 7 24.1 8 16.4 9 2.0 10 5.8 11 12 Net financial Investment Net acq. of financial assets 13 14 Demand deposits 8 currency Miscellaneous assets 15 16 Insurance receivables Eq. in spons. ags. (2) 17 1,688 892 48 844 800 44 1,583 605 49 556 749 -193 5,653 566 50 516 737 -221 2.564 543 51 492 700 -208 -176 645 52 593 677 -84 -144 697 53 644 648 -4 -6.7 1.8 .1 1.7 1.5 .2 -6.4 2.1 .1 2.0 1.7 .3 -10.0 2.1 .1 1.9 1.5 .4 3.9 2.0 .1 1.9 1.3 .6 -4.5 1.9 .1 1.7 1.1 .6 12 13 14 15 16 17 Net Increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Int. Credit Banks -796 -1.241 -2,607 421 945 953 -8 -978 -2,828 -1.633 -468 -727 -64 -663 -5,087 -6,679 -2.745 -2,462 -1,472 -935 -537 -2,021 -6,407 -2,726 -2,481 -1,200 -59 -1,141 821 502 -1,397 1,637 262 36 226 841 -652 -889 685 -448 50 -498 8.5 13.4 8.2 2.5 2.7 1.3 1.4 8.5 15.6 8.2 2.5 5.0 3.5 1.5 12.0 23.5 14.0 2.8 6.7 3.4 3.3 -1.9 15.2 10.2 .5 4.5 2.6 1.9 6.4 16.6 10.0 1.4 5.2 3.4 1.8 18 19 20 21 22 23 24 23 422 62 1,788 79 1.513 107 4.279 131 188 155 1.338 .9 -5.8 1.6 -8.7 1.2 -12.6 1.0 -18.2 .9 25 -11.1 26 1 Proprietors’ net Income w/IVA 8 CCAdi. 2 Net saving (corporate) 3 Capital consumption Corporate 4 Noncorporate 5 6 Current surplus ~ gross saving 18 19 20 21 22 23 24 25 26 Trade debt Proprietor net investment Nonfarm Noncorporate Business 1 Net Income 2 Gross svg. = capital consump. 70,791 18,155 72,101 18,345 73,720 18,635 76,237 18.777 77,412 19,637 78,615 20,220 141.9 31.9 159.8 36.6 170.5 42.9 172.9 49.9 175.8 57.4 1 2 3 Gross investment 4 Capital expenditures Fixed capital 5 Plant and equipment 6 Home construction (1) 7 Multi-family residential 8 Change in inventories 9 18,155 29,068 24,343 12,146 4,265 7,932 4,725 18.345 26,387 24,356 12,368 2,359 9,629 2,031 18,635 18,517 17,936 12,310 -764 6.390 581 18,777 14.178 11.385 12.689 -4,079 2,7 75 2,793 19,637 24,200 22,409 12.502 4.150 5,757 1.791 20.220 21,053 19.337 12,736 1,841 4,760 1,716 31.9 39.3 36.3 25.0 2.2 9.2 3.0 36.6 47.4 43.9 32.9 1.0 10.1 3.5 42.9 44.3 46.2 37.9 -.7 8.9 -1.9 49.9 46.6 49.7 42.9 -1.4 8.2 -3.1 57.4 71.5 64.9 55.1 -1.8 11.6 6.6 3 4 5 6 7 8 9 -10,913 10 Net financial Investment Net acq. of financial assets 2,189 11 Demand deposits 8 currency 12 Consumer credit 1,290 13 899 Miscellaneous assets 14 Insurance receivables 919 15 Equity in spons.ags. (2) -20 16 -8,042 1,859 875 984 1.000 -16 118 4,764 1,000 3,001 763 782 -19 4,599 -1,982 -1.000 -1,808 826 840 -14 -4,563 1,067 382 685 700 -15 -833 125 -554 679 679 - -7.3 1.8 -.7 2.6 2.5 H -10.8 5.0 2.0 3.0 2.9 .1 -1.4 5.2 2.2 3.0 2.9 .1 3.3 3.3 .7 2.6 2.5 .1 -14.2 5.6 3.4 2.1 2.1 .1 10 11 12 13 14 15 16 13,102 24,873 23,332 3,412 6,936 12,984 9,901 26,128 25,219 1.887 8,299 15,033 4,646 42,378 36.758 -611 9.106 28,263 -6,581 16,913 16.323 -3,263 5.916 13,670 5.630 32.843 28.442 3.320 8.353 16.769 958 22.276 21,963 1,473 5,960 14.530 9.2 29.5 25.4 1.8 6.4 17.2 15.8 33.8 28.5 .8 8.2 19.5 6.6 37.9 30.3 -.5 7.6 23.3 M 31.8 21.0 -1.1 4.6 17.5 19.7 38.5 23.9 -1.4 4.1 21.2 17 18 19 20 21 22 28 1,513 216 693 3,049 2,571 146 444 2,704 1,697 90 223 .9 3.3 -.8 6.0 .5 7.1 3.2 7.6 6.1 23 8.5 24 567 300 106 250 200 59 -11.830 -16,333 -37,932 -23,744 -27.513 -21.885 1.2 -21.5 3.1 -21.0 .1 -31.4 -.9 -31.0 -1.1 25 -17.7 26 17 18 19 20 21 22 23 24 25 26 Net Increase in liabilities Credit market instruments Mortgages Home mortgages Multi-family Commercial Bank loans n.e.c. Other loans Trade debt, net Proprietor net investment (1) Farm plus nonfarm change in work in process. (2) Shares in FICBs, Banks for Cooperatives» and Federal Land Banks. II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Total and Noncorporate Business Total and Noncorporate Business 9 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 1986 Nonfinancial 1 2 327.5 327.0 376.1 372.8 457.6 426.8 462.5 448.5 497.0 446.4 II 1986 III IV I 1 I 1987 II III Business - Total 500.1 445.6 503.8 447.4 523.6 438.5 553.1 440.0 564.9 441.0 574.9 Income before taxes 454.2 Gross saving 1 2 3 3 303.0 340.3 396.3 398.6 393.4 372.0 403.8 381.8 379.9 373.7 400.7 Gross Investment 4 5 6 7 8 9 10 335.5 352.2 337.1 3.3 11.8 -24.6 7.8 352.0 351.3 323.6 9.9 17.8 -7.1 7.8 473.3 397.7 371.4 3.4 22.9 67.7 7.9 433.6 419.3 390.5 3.1 25.7 10.0 4.4 439.4 416.4 380.5 6.8 29.1 15.7 7.2 456.2 418.3 377.6 8.3 32.5 27.5 10.4 429.6 418.4 376.5 8.4 33.5 3.6 7.6 415.2 414.3 382.2 3.3 28.8 -6.5 7.4 441.2 386.8 364.9 4.1 17.8 51.6 2.8 449.4 406.3 376.2 5.3 24.9 40.3 2.8 440.4 Capital expenditures 4 Fixed investment 415.5 5 397.9 Business plant & equipment 6 3.8 Home construction (1) 7 13.8 Multi-family residential 8 22.5 Change in inventories 9 2.4 Mineral rts. from U.S. govt. 10 11 12 13 14 15 16 17 18 19 -32.4 52.5 84.9 11.4 116.1 33.8 33.3 47.8 1.2 -11.7 126.6 138.3 28.3 141.4 25.5 70.3 19.5 26.1 -76.9 131.7 208.6 -74.5 293.0 66.7 85.6 67.5 73.3 -35.0 117.4 152.4 -81.5 245.9 96.4 84.3 31.7 33.6 -46.0 110.5 156.5 -80.8 291.2 111.4 100.9 55.4 23.6 -84.2 96.8 181.1 -78.5 266.6 127.7 70.5 47.1 21.3 -25.8 88.5 114.3 -80.5 231.2 108.8 92.6 .9 29.0 -33.4 223.4 256.8 -105.0 464.6 91.3 142.5 191.2 39.6 -61.2 27.2 88.4 -57.0 143.7 147.5 71.2 -97.6 22.6 -75.8 83.0 158.8 -83.0 307.5 102.7 95.0 62.4 47.3 -39.8 Net financial investment 91.2 Net acq. of financial assets 131.0 Net increase in liabilities -78.0 Corporate equities Credit market instruments 234.3 134.2 Bonds 80.9 Mortgages 2.2 Bank loans n.e.c. Other loans 17.0 11 12 13 14 15 16 17 18 19 20 21 3.0 -45.5 40.7 -72.2 36.6 -46.5 35.0 -47.1 3.7 -57.7 9.0 -16.0 -.5 -35.9 -2.5 -100.2 45.4 -43.7 -7.6 -58.1 34.9 -60.2 20 21 22 24.0 32.5 30.5 49.9 53.0 73.6 43.6 56.8 60.0 67.3 53.5 Discrepancy Trade debt Other liabilities 22 Farm Business 1 24.6 12.5 30.5 29.6 37.3 48.1 36.3 36.6 51.3 47.3 39.3 Proprietors' net Income w/IVA 8 CCAdj. 1 2 3 4 5 6 .5 20.5 1.6 18.9 21.0 .6 20.8 1.6 19.2 21.4 .7 22.2 1.6 20.6 22.8 .9 22.0 1.6 20.4 22.9 .6 21.3 1.5 19.8 21.9 .6 21.4 1.5 19.9 22.0 .6 21.2 1.5 19.7 21.8 .7 21.1 1.5 19.6 21.8 .8 20.9 1.5 19.4 21.7 .9 20.8 1.5 19.3 21.6 1.0 Net saving (corporate) 20.6 Capital consumption 1.5 Corporate 19.1 Noncorporate 21.6 Current surplus = gross saving 2 3 4 5 6 7 8 9 10 11 21.0 13.8 13.2 2.0 -1.5 21.4 6.7 12.6 1.5 -7.5 22.8 21.9 12.2 2.6 7.2 22.9 7.6 9.3 1.9 -3.6 21.9 10.0 9.2 2.0 -1.1 22.0 14.9 2.1 3.0 21.8 15.5 9.0 2.1 4.5 21.8 -1.5 8.3 1.8 -11.6 21.7 12.4 7.8 1.7 2.9 21.6 21.9 7.1 1.8 13.0 21.6 Gross investment 22.3 Capital expenditures 6.5 Plant and equipment Residential construction 1.9 13.9 Change in inventories 12 13 14 15 16 17 7.1 1.8 .1 1.7 1.3 .4 14.7 1.3 .1 1.1 1.0 .1 .9 2.1 .2 1.9 1.9 .1 15.3 2.4 .2 2.2 2.5 -.3 11.9 2.7 .2 2.5 3.1 -.6 7.1 3.6 .2 3.4 3.2 .2 6.3 2.4 .2 2.2 3.0 -.8 23.2 2.3 .2 2.1 2.9 -.9 9.3 2.2 .2 2.0 2.8 -.8 -.2 2.6 .2 2.4 2.7 -.3 18 19 20 21 22 23 24 -5.3 6.8 4.2 3.2 -.6 .2 -.8 -13.4 4.1 2.6 2.8 -1.3 -1.3 1.1 -.1 -.9 1.0 -.1 1.1 -1.2 -12.9 -13.9 -6.0 -4.4 -3.5 .4 -3.9 -9.2 -15.1 -8.4 -4.3 -2.5 -.2 -2.3 -3.6 -19.0 -11.3 -5.6 -2.1 .8 -3.0 -3.8 -13.4 -6.0 -2.7 -4.6 -.6 -4.1 -21.0 -13.3 -9.4 -4.4 .5 -1.3 1.8 -7.1 -23.0 -12.3 -7.1 -3.6 .7 -4.3 2.8 -12.0 -6.4 -1.1 -4.6 -2.9 -1.7 3.5 -4.5 -2.9 1.9 -3.5 -.2 -3.3 25 26 .4 -12.5 -.7 -16.8 -1.1 2.3 -.3 1.2 .2 5.7 .1 15.4 .2 9.3 .3 -8.0 .4 15.5 .5 14.3 .6 7.4 9.8 7 8 9 10 11 -.7 Net financial Investment Net acq. of financial assets 2.8 Demand deposits & currency .2 Miscellaneous assets 2.6 2.6 Insurance receivables * Eq. ln spons. ags. (2) 12 13 14 15 16 17 Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Int. Credit Banks 18 19 20 21 22 23 24 Trade debt Proprietor net Investment 25 26 Nonfarm Noncorporate Business 1 2 173.1 63.8 204.1 65.8 231.1 67.7 256.9 70.3 285.1 73.0 283.2 72.6 288.4 73.4 294.9 74.5 304.9 75.1 309.6 78.5 314.5 Net Income 80.9 Gross svg. = capital consump. 1 2 3 4 5 6 7 8 9 63.8 65.2 67.1 55.9 .6 10.6 -1.9 65.8 70.6 70.8 50.0 4.2 16.6 -.2 67.7 80.4 71.5 49.9 .4 21.2 8.9 70.3 83.3 75.9 50.9 .6 24.4 7.4 73.0 90.1 79.6 49.4 2.4 27.8 10.5 72.6 100.8 82.7 48.8 3.1 30.8 18.1 73.4 92.5 85.6 49.3 3.2 33.1 6.9 74.5 86.4 78.3 49.8 .7 27.8 8.1 75.1 74.1 66.9 50.1 1.2 15.7 7.2 78.5 81.6 75.6 50.4 1.7 23.5 6.0 80.9 Gross investment 70.4 Capital expenditures Fixed capital 64.3 Plant and equipment 50.7 Home construction (1) 1.0 Multi-family residential 12.6 Change ln inventories 6.1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -1.4 3.7 1.6 2.1 2.0 K -4.8 .2 4.8 -4.6 -4.6 M -12.7 12.5 8.3 4.2 4.2 H -13.0 15.3 8.4 7.0 7.0 a -17.1 8.7 1.0 4.0 3.6 3.7 -.1 -28.2 7.5 3.9 3.6 3.7 -.1 -19.1 9.2 5.2 3.9 4.0 -.1 -11.9 11.0 4.0 3.9 3.1 3.1 -.1 1.0 .3 -4.0 1.0 3.3 3.4 -.1 -3.1 2.7 -.1 2.7 2.8 -.1 10.5 Net financial Investment Net acq. of financial assets 2.3 Demand deposits 8 currency -.4 Consumer credit Miscellaneous assets 2.7 Insurance receivables 2.7 Equity ln spons.ags. (2) - 17 18 19 20 21 22 5.1 40.2 30.3 .5 6.1 23.7 5.0 77.0 64.2 3.3 13.3 47.5 25.2 97.0 86.2 .3 24.9 61.0 28.4 93.1 89.9 .5 29.3 60.0 25.8 116.1 106.5 1.9 32.6 72.0 35.7 89.6 78.8 2.5 25.3 51.0 28.3 99.9 95.1 2.5 36.2 56.4 22.9 171.1 150.3 .6 32.3 117.4 -.7 78.9 81.7 1.0 27.7 53.0 5.7 122.7 98.8 1.4 30.4 67.1 -8.2 83.3 82.0 .8 27.5 53.8 23 24 7.4 2.6 1.4 11.4 2.5 8.3 .2 3.0 3.5 6.1 2.3 8.5 2.0 2.8 13.1 7.6 -4.5 1.7 14.0 10.0 1.3 -.1 25 26 -2.4 -32.7 .7 -72.7 3.3 -75.1 2.3 -67.0 .5 -90.9 -2.1 -51.8 1.3 -72.9 -.6 - 147.6 4.6 -84.2 -1.9 -115.1 3.4 -94.8 Net Increase ln liabilities Credit market instruments Mortgages Home mortgages Multi-family Commercial Bank loans n.e.c. Other loans Trade debt* net Proprietor net investment (1) Farm plus nonfarm change in work ln process. (2) Shares ln FICBs* Banks for Cooperatives* and Federal Land Banks. BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 DECEMBER 4, 1987 Nonfinancial Corporate Business Nonfinancial Corporate Business 10 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Nonfinancial Corporate Business. Excluding Farms 44.288 20.342 21.005 2.310 47,794 20,942 21,348 5,778 46.762 20,738 26.286 1.990 45,866 23,074 22,183 -1.673 53.930 27,980 22,411 2,812 58,004 29,072 22,792 7,036 160.1 59.7 42.0 58.4 181.2 66.8 47.6 66.9 194.9 69.3 54.1 71.5 181.4 66.7 61.0 53.7 181.4 63.6 67.6 50.2 1 2 3 4 Capital consumption adj. Depreciation charges. NIPA Earnings rec. from abroad U.S. internal funds, book 10,925 65.338 3,078 81,651 10,351 66,015 2.692 84,836 10,013 67.018 6,085 85,106 11,584 67.571 2,006 79.488 11.580 68,197 2,146 84,735 11,532 68,925 433 87,926 -9.4 114.3 10.3 173.7 -11.3 129.8 10.5 195.9 -14.0 149.6 15.1 222.1 -16.1 171.3 15.7 224.6 -13.8 198.8 14.5 249.6 5 6 7 8 9 ♦ Fgn. earnings ret. abroad 10 * Inv. valuation adjustment 11 = Total Internal funds ♦ IVA 4,852 1.918 88,421 2.448 1,323 88,607 3,835 -1.290 87.651 5,738 -2,895 82,331 6,909 -6,046 85,598 4,837 -4,236 88.527 8.0 -16.6 165.1 11.7 -25.3 182.3 18.6 -43.2 197.6 18.7 -43.1 200.1 14.0 9 -24.2 10 239.5 11 12 Gross investment 13 Capital expenditures (1) Fixed investment 14 15 Plant and equipment 16 Home construction 17 Multi-family residential 18 Inventory change ♦ IVA 19 Mineral rts. from U.S. govt. 83,013 94,341 87,070 82,296 4,265 509 4,675 2,596 74,801 83,548 80,679 78,086 2,359 234 969 1.900 70,030 78,972 85,196 85,701 -764 259 -8,081 1,857 57,610 79,313 66,497 70,301 -4,079 275 12,120 696 84,121 96,466 87,213 82,629 4,149 435 8,545 708 72,302 89,980 85,976 83,685 1,841 450 3,404 600 145.8 179.6 159.9 157.0 2.2 .7 17.2 2.5 163.4 217.0 192.0 189.9 1.0 1.0 23.1 2.0 215.5 238.3 223.8 223.2 -.7 1.2 9.8 4.7 206.3 243.7 238.0 238.2 -1.4 1.1 .7 5.0 224.7 286.5 270.0 270.8 -1.8 1.0 11.7 4.8 -11,328 20 Net financial investment 21 Net acq. of financial assets 23.235 -8,747 15.409 -8,942 -21,703 -12,345 -17,678 -633 22.693 17,108 60,490 -33.8 62.6 -53.6 92.7 -22.8 132.3 -37.4 108.4 -61.8 20 82.0 21 1 2 3 4 Profits before tax - Profit tax accruals - Domestic net dividends = Domestic undist. profits 5 6 7 8 * ♦ ♦ = 12 13 14 15 16 17 18 19 22 23 24 25 26 27 Liquid assets Demand dep. and currency Time deposits Money mkt. fund shares Security RPs Foreign deposits 12,450 687 747 280 1.044 2.259 4,433 2,369 -479 475 2,061 -69 42,337 13,199 8,891 506 4,902 2,909 -7,796 -8,371 8,595 600 1.800 -9.447 3.902 -4,722 -1,154 -130 2,450 4,376 8,096 -913 1,701 232 7,357 1.212 3.9 2.8 4.8 .2 1.2 1.3 16.2 4.4 2.0 .4 5.5 2.0 26.0 2.6 4.7 2.4 2.6 5.1 27.7 4.8 6.5 4.0 6.6 2.8 41.4 .3 17.4 11.4 X -1.7 28 29 30 U.S. govt, securities Tax-exempt obligations Commercial paper 4,202 691 2.540 -3,794 -193 4.063 8.587 1.988 1.355 1.663 869 -3,505 2,972 -256 366 -4,706 -136 3,349 -6.4 X -.1 1.5 .2 .2 6.6 X 1.9 5.6 -.2 -2.3 4.0 28 X 29 10.0 30 31 32 33 34 35 36 37 Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dir.invest.(2,5) Equity, etc. Retained earnings 205 438 -1,637 11,779 4,687 -83 4,770 412 702 9.604 258 3,303 1.138 2,165 2,462 -2.192 1,795 756 19,210 -6,648 21.583 -11,650 5,596 -849 1,586 -328 4,010 -521 365 851 7,415 10.160 4,075 -1.350 5.425 116 285 13,246 -4,635 3,900 900 3,000 2.6 -.1 34.8 21.5 11.5 5.1 6.4 1.2 -.2 56.6 18.9 16.1 4.4 11.7 1.2 .4 69.8 34.9 26.8 7.6 19.2 .2 .3 48.2 32.0 23.6 4.9 18.6 1.9 .3 23.2 15.3 12.6 -.5 13.1 38 39 40 Insurance receivables Equity in sponsored ags. Other 3.498 8 3,586 1,504 -1 -4.548 1.153 2,427 374 6 19,999 -18,773 1,257 4,828 635 2 -9,172 4.4 .1 5.5 5.6 x -2.8 5.5 .1 2.5 4.7 X 3.8 3.7 38 - 39 -1.0 40 34,563 24,156 69,432 21,070 35,038 34,786 17,950 19,485 28,136 30,465 14,162 42,427 -19,625 -20.125 -26,250 -14,250 -20,750 -19,500 96.3 72.0 2.7 146.3 85.0 -.1 155.1 87.8 -7.8 145.8 92.7 12.9 143.9 41 94.5 42 -11.5 43 106.0 44 13.4 45 22.8 46 41 42 43 44 45 46 Net Increase ln liabilities Net funds raised in mkts. Net new equity issues Debt instruments Tax-exempt debt (3) Corporate bonds (2) 22 23 24 25 26 27 31 32 33 34 35 36 37 50,090 -3,272 37,497 34,287 -1,236 27,108 68,677 -2,393 21,764 33.735 146 39,650 48.886 -1,317 29,541 37,450 -251 32,505 69.3 6.7 22.9 85.2 7.7 21.1 95.7 10.0 17.3 79.8 10.9 27.7 -386 -611 125 100 -3,004 -3.263 159 100 3,583 3.320 163 100 1,748 1,473 175 100 3.7 1.8 2.0 -.1 4.6 .8 2.7 1.1 1.5 -.5 2.4 -.4 1.7 -1.1 3.0 -.2 -2.0 -1.4 .8 -1.3 47 48 49 50 44,233 -12,274 443 2,069 -9,914 728 -49 -415 6.995 13,919 -200 1.100 4,798 2,030 4.323 1,274 5.704 -1.050 1,002 2,000 193 654 -501 100 20.2 .2 1.6 .6 13.5 X 34.4 .3 2.7 1.2 11.5 1.7 42.5 2.0 9.0 2.0 10.2 1.2 27.4 1.3 4.0 1.6 3.8 1.5 34.6 8.9 14.7 2.2 10.2 1.2 51 52 53 54 55 56 57 58 59 60 61 47 48 49 50 Mortgages Home mortgages Multi-family Commercial 3,537 3.412 75 50 2,120 1.887 153 80 51 52 53 54 55 56 Bank loans n.e.c. Loans from foreign Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans 6.721 3.793 -860 50 1,516 1.108 964 5,387 4,125 1.250 -5,523 92 57 58 59 60 61 Profit taxes payable Trade debt Fgn.dlr.investmt.in U.S.(5 Equity, etc. Retained earnings -5,125 4.511 4,712 3.903 809 2.371 1.200 6.423 7.109 -686 1,905 10.957 14.143 14,187 -44 1,167 -6,366 6,784 6.173 611 -2,050 1.766 7,186 6.382 804 1,056 8.589 7.191 6,392 799 -1.5 22.1 3.7 2.1 1.6 4.3 49.1 7.9 5.3 2.5 2.5 52.9 11.8 7.9 3.9 -1.7 39.6 15.3 11.7 3.6 -6.8 30.8 25.3 22.3 3.0 5,408 13,806 17.621 24,721 1.477 16,225 19.3 18.9 -17.9 -6.2 14.8 62 62 Discrepancy Memorandum items: Trade credit net of trade debt -6,148 25,009 Profits tax payments Debt subtotals: 37,762 Securities and mortgages 12,328 Loans and short-term paper 11.714 Total short-term liab. (4) Percent ratios: 45,931 Effective tax rate Capital outlays/internal funds 106,695 53.094 Cr. mkt. borrowing/cap. exp. 8,404 -17,605 16.148 18.409 25.576 23.989 5.649 29.202 4,657 26,581 12.7 60.2 7.5 64.0 16.9 68.3 8.6 69.0 -7.6 63 71.1 64 27,992 6.295 9,866 18.985 49,692 62,554 36.792 -3,057 -8,256 31.807 17,079 16.795 34,002 3,448 13,093 33.2 36.1 56.6 33.4 51.8 105.2 28.8 66.9 122.3 40.3 39.5 77.4 34.2 65 71.7 66 95.8 67 43,817 94,290 41,038 44.347 90.098 86,963 50.307 51.882 50.120 96,334 112,696 101,641 42.534 50.676 41,620 37.3 108.8 38.6 36.9 119.1 39.2 35.6 120.6 40.1 36.8 121.8 32.7 35.1 68 119.6 69 37.0 70 (1) Capital outlays on book basis: 4,675 71 Inventory change, NIPA 1.918 Inv. val. adjustment 72 Less: 2,757 73 Inventory change before IVA 969 1,323 -354 -8,081 -1,290 -6,791 12,120 -2,895 15.015 8,545 -6.046 14.591 3,404 -4,236 7,640 17.2 -16.6 33.9 23.1 -25.3 48.4 9.8 -43.2 53.0 .7 -43.1 43.9 11.7 71 -24.2 72 35.9 73 92.423 82.225 74 Total cap. expend, before IVA 81,651 84,836 75 U.S. Internal funds, book Financing gap: Excess of capital expenditures 10,772 -2,611 over U.S. internal funds 76 80,262 85.106 82,208 102.512 79.488 84.735 94,216 87,926 196.2 173.7 242.3 195.9 281.5 222.1 286.8 224.6 310.7 74 249.6 75 17,777 6,290 22.5 46.4 59.3 62.3 61.1 76 63 64 65 66 67 68 69 70 -4,844 2,720 (2) Corporate bonds Include net Issues by Netherlands Antilles subsidiaries: U.S. direct Investment abroad is before subtracting net Inflows of capital from Netherlands Antilles subsidiaries to U.S-. parents. (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 x,nds. (4) Loans and short-term paper (line 63). taxes payable and trade debt (5) Direct investment totals and retained earnings exclude capital gains/losses Included ln balance of payments statistics. II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4. 1987 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statements of Sawing and Investment 11 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I I 1986 1986 III II I I IV 1987 II III Nonfinancial Corporate Business* Excluding Farms 1 2 3 4 129.8 46.2 72.0 11.6 159.5 59.3 78.0 22.2 196.0 73.3 81.0 41.8 176.0 69.7 82.9 23.4 174.6 78.0 89.2 7.5 168.9 74.6 88.4 5.9 179.1 79.5 91.1 8.6 192.2 86.9 91.9 13.3 196.9 99.5 92.2 5.3 208.0 105.0 94.3 8.8 221.1 111.6 97.2 12.3 Profits before tax - Profit tax accruals - Domestic net dividends = Domestic undist. profits 5 6 7 8 -8.4 221.4 12.5 237.1 16.0 228.2 11.8 278.2 30.9 238.4 11.8 322.9 51.0 251.2 12.3 337.9 43.3 262.8 15.3 329.0 43.7 261.4 12.1 323.0 41.4 264.1 16.8 330.9 40.1 268.1 16.6 338.0 46.3 270.3 10.1 332.0 46.3 272.8 8.3 336.2 46.1 275.7 8.3 342.4 ♦ ♦ ♦ - Capital consumption adi. Depreciation charges. NIPA Earnings rec. from abroad U.S. internal funds* book 5 6 7 8 9 10 11 15.5 -10.4 242.3 18.4 -10.9 285.7 19.2 -5.8 336.3 18.2 -.8 355.4 15.9 6.6 351.5 16.6 11.3 350.9 15.3 6.0 352.2 13.1 -8.9 342.2 22.5 -11.3 343.2 24.6 -20.0 340.8 25.4 ♦ Fgn. earnings ret. abroad -16.1 ♦ Inv. valuation adjustment 351.7 = Total internal funds + IVA 9 10 11 12 13 14 15 16 17 18 19 218.3 256.5 269.8 268.0 .6 1.2 -21.2 7.8 253.1 274.7 266.4 261.0 4.2 1.2 .6 7.8 305.8 370.9 311.4 309.3 .4 1.7 51.7 7.9 305.5 342.8 332.2 330.3 .6 1.3 6.2 4.4 298.5 339.2 325.7 322.0 2.4 1.3 6.3 7.2 277.3 340.5 323.7 319.0 3.1 1.7 6.4 10.4 308.6 321.5 321.8 318.2 3.2 .4 -7.8 7.6 285.5 330.2 325.8 324.1 .7 1.0 -3.0 7.4 283.2 354.6 310.4 307.0 1.2 2.1 41.5 2.8 273.5 346.0 321.8 318.8 1.7 1.4 21.3 2.8 298.2 Gross investment 347.8 Capital expenditures (1) 342.9 Fixed Investment 340.7 Plant and equipment 1.0 Home construction Multi-family residential 1.2 2.5 Inventory change ♦ IVA 2.4 Mineral rts. from U.S. 9ovt. 12 13 14 15 16 17 18 19 20 21 -38.1 47.0 -21.6 125.1 -65.1 117.1 -37.3 99.7 -40.7 99.1 -63.2 85.8 -12.9 76.9 -44.8 210.1 -71.5 24.7 -72.5 77.8 -49.6 Net financial investment 20 86.1 Net acq. of financial assets 21 22 23 24 25 26 27 42.3 8.4 11.8 .6 3.7 -.4 54.1 6.7 16.6 -7.9 11.2 3.1 36.6 6.7 13.2 4.9 -4.6 -5.1 27.1 9.8 9.4 -3.2 4.0 -2.1 57.1 11.5 9.7 1.2 9.7 5.9 39.0 11.6 6.2 1.1 7.9 -6.6 49.0 9.3 5.7 1.9 8.6 14.1 102.3 18.4 19.3 2.0 18.9 11.6 18.1 -8.4 40.2 2.4 4.1 -35.5 .6 -7.6 -2.5 -.5 14.3 -1.1 68.9 -3.6 15.6 .9 28.3 21.5 Liquid assets Demand dep. and currency Time deposits Money mkt. fund shares Security RPs Foreign deposits 22 23 24 25 26 27 28 29 30 10.3 .1 7.9 13.0 .7 10.7 12.2 -.1 9.4 4.4 .8 4.0 10.5 3.1 5.6 7.6 2.8 8.4 9.7 -.8 .5 16.1 8.0 8.2 9.9 3.5 2.0 .3 -1.0 -1.3 9.3 -.5 -2.6 U.S. govt, securities Tax-exempt obligations Commercial paper 28 29 30 31 32 33 34 35 36 37 .5 1.1 -15.7 18.7 10.2 5.4 4.8 3.3 1.2 62.2 4.2 9.8 -3.6 13.5 3.8 2.8 46.4 27.5 13.2 -4.6 17.8 3.2 4.5 35.2 29.7 8.8 -4.1 12.9 1.0 2.0 10.9 28.3 14.1 4.0 10.1 .7 1.8 -1.3 45.6 17.4 1.6 15.8 -.7 2.8 24.2 1.5 11.2 .1 11.1 6.4 3.0 24.7 73.6 6.5 7.1 -.5 -2.4 7.2 28.8 -27.1 15.7 -.6 16.3 .5 3.4 36.2 37.1 14.1 -3.4 17.5 -2.3 1.1 41.1 -22.6 13.3 -1.6 14.9 Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dlr.Invest.(2*5) Equity* etc. Retained earnings 31 32 33 34 35 36 37 38 39 40 2.7 .1 5.7 3.5 5.2 10.0 .1 4.1 9.7 « M M N 9.1 10.0 .1 10.8 14.0 K -9.1 14.1 -15.6 57.4 4.6 1.5 -48.9 5.0 18.0 -38.5 41 42 43 85.1 80.4 11.4 146.6 88.6 28.3 182.2 121.6 -74.5 136.9 85.2 -81.5 139.9 109.5 -80.8 149.0 117.6 -78.5 89.8 64.1 -80.5 254.9 201.9 -105.0 96.1 30.8 -57.0 150.3 113.8 -83.0 135.7 77.6 -78.0 44 45 46 69.0 15.1 18.7 60.3 9.4 16.0 196.0 20.5 46.1 166.7 22.6 73.8 190.2 -9.9 121.3 196.1 -13.1 140.8 144.6 -4.9 113.7 306.9 -9.6 100.8 87.8 .6 146.9 196.8 -5.3 108.0 155.6 -1.0 135.2 47 48 49 50 -1.2 .5 -.6 -1.1 3.5 3.3 .8 -.7 .3 .3 .2 -.2 .4 .5 -.1 .1 2.7 1.9 .5 .3 3.0 2.5 .3 •2 3.5 2.5 .6 .3 1.6 .6 .6 .4 1.8 1.0 .4 .4 2.6 1.4 .8 .4 1.9 .8 .7 .4 51 52 53 54 55 56 37.2 2.5 -6.1 -.4 2.0 1.3 15.3 2.7 -.8 3.5 11.1 -.5 64.0 13.0 21.7 1.4 27.7 1.2 35.9 1.5 14.6 -1.1 21.6 -2.6 56.1 11.1 -9.3 -.1 16.9 1.5 50.4 15.2 -10.1 -.2 6.1 3.9 1.5 21.5 5.2 .8 4.2 -.9 182.6 8.3 -16.3 .1 36.6 2.8 -86.0 1.8 -1.8 2.6 20.0 2.1 49.5 8.1 10.8 5.2 22.6 -4.8 57 58 59 60 61 -14.1 5.0 13.8 16.2 -2.4 5.8 40.8 11.5 11.9 -.3 .7 34.4 25.6 22.5 3.1 -1.8 33.0 20.5 20.4 .1 1.0 3.0 26.4 26.4 « 1.4 11.0 19.0 16.1 2.9 -.6 -2.0 28.3 31.2 -2.8 1.1 -2.3 54.2 53.5 .7 -.8 40.3 25.8 24.0 1.9 62 24.0 32.5 30.5 49.9 53.0 73.6 43.6 56.8 60.0 6.0 2.5 M Net increase in liabilities Net funds raised in mkts. Net new equity Issues Debt Instruments Tax-exempt debt (3) Corporate bonds (2) Bank loans n.e.c. Loans from foreign Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans 51 52 53 54 55 56 12.8 -6.2 29.9 27.0 2.9 -4.9 30.9 32.1 28.8 3.3 Profit taxes payable Trade debt Fgn.dir.investmt.in U.S.(5 Equity* etc. Retained earnings 57 58 59 60 61 67.3 53.5 Discrepancy 11.9 68.7 2.3 72.8 7.9 76.5 -12.3 71.8 26.2 78.0 27.0 85.8 -11.5 98.5 42.4 89.8 10.2 118.9 65 66 67 32.6 36.4 27.3 29.0 31.3 77.8 67.0 129.0 164.1 96.8 69.9 101.2 114.1 76.1 80.2 130.7 65.3 77.7 112.3 32.4 29.7 92.8 214.1 212.9 149.3 -61.5 -22.0 105.3 91.4 98.0 136.0 19.5 45.6 68 69 70 35.6 105.8 26.9 37.2 96.2 21.9 ■ ■■ — 44.2 97.0 57.6 44.4 91.3 45.0 ——— 45.2 96.5 92.9 50.5 103.3 24.8 —————— 50.5 101.5 56.9 50.5 98.9 44.7 71 72 73 -21.2 -10.4 -10.8 .6 -10.9 11.5 51.7 -5.8 57.5 6.2 -.8 7.0 6.3 6.6 -.2 6.4 11.3 -4.9 -7.8 6.0 -13.8 -3.0 -8.9 5.9 41.5 -11.3 52.8 21.3 -20.0 41.3 74 75 266.8 237.1 285.6 278.2 376.7 322.9 343.5 337.9 332.7 329.0 329.2 323.0 315.5 330.9 339.1 338.0 76 29.7 7.4 53.8 5.6 3.7 6.2 -15.3 1.1 Memorandum items: Trade credit net of trade debt Profits tax payments Debt subtotals: Securities and mortgages Loans and short-term paper Total short-term liab. (4) Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. (1) Capital outlays on book basis: 2.5 Inventory change* NIPA Inv. val. adjustment -16.1 Less: 18.6 Inventory change before IVA 366.0 363.9 Total cap. expend, before IVA 365.9 342.4 U.S. Internal funds* book 332.0 336.2 Financing <9ap: Excess of capital expenditures over U.S. Internal funds 29.7 21.5 33.9 (2) Corporate bonds Include net Issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (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. - -.v 1 nans and short-term paper (line 63)* taxes payable and tradedebt (5) Direct investment totals and retained earnings exclude capital gains/losses included ln balance of payments statistics. II1/87 BASED ON INCOMPLETE INFORMATION 44 45 46 -1.0 8.0 -12.0 -2.6 28.1 -.9 21.5 52.1 BILL3ONS OF DOLLARS. 41 42 43 47 48 49 50 -20.6 57.7 ~~ Insurance receivables 38 Equity ln sponsored ags. 39" Other 40 Mortgages Home mortgages Multi-family Commercial 63 64 37.4 39.6 44.7 96.4 110.3 96.5 52.9 48.6 56.1 ———————————— ————— ——— ~ 1 2 3 4 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 DECEMBER 4. 1987 State and Local Governments State and Local Governments 12 Sector Statements of Savins and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I I 1987 II BILLIONS OF DOLLARS 1978 1979 1980 III State and Local Governments - General Funds (1) 151.930 149,332 166.004 156,658 161,449 156,693 114,072 110,873 127,574 120.619 124,027 118,953 11,050 11.625 11.300 11,425 10,950 11,575 26,908 27,409 26,805 24,739 25,997 26,165 300.1 210.5 22.1 67.5 330.3 228.3 24.7 77.3 355.3 247.3 27.4 80.5 390.0 271.6 29.7 88.7 425.6 305.2 32.5 87.9 1 2 3 4 5 Total expenditures. NIPA basis 139,528 145,204 145,261 142.731 150.767 157,125 6 Purch. of 9oods and services 124,900 130,800 129,600 127,558 134,652 141,230 14,404 14.628 15.661 15,895 7 Net interest and transfers 15,173 16,115 273.2 236.2 37.0 301.3 263.4 37.9 327.7 289.9 37.8 363.2 322.2 41.0 391.4 345.9 45.6 5 6 7 1 Total receipts. NIPA basis 2 Tax receipts 3 Social Insurance receipts 4 Grants-in-aid received 8 Net surplus, NIPA basis 9 - Retirement credit to HH 10 = Gross savin9 12,402 13.813 -1,411 4,128 12,796 -8.668 20,743 16.300 4,443 13,927 17,239 -3,312 -432 10.682 13,320 14,916 -2,638 -15,348 26.9 15.9 11.0 28.9 * 20.7 8.3 27.6 16.2 11.4 26.8 26.5 .3 34.1 8 29.7 9 4.4 10 11 Net financial investment Net acq. of financial assets 12 Demand dep. and currency 13 14 Time deposits Security RPs 15 4,293 13,076 5,460 -1,992 1,705 -6.501 29,626 -3,230 -2,821 5,595 7,981 15.935 3,469 -1,305 100 -1,351 8,009 -3,902 3,696 3,700 -203 7,225 3,514 -3,051 3,800 -7,863 3,664 1,236 -3,125 4,435 15.8 27.0 1.1 6.7 1.7 2.4 20.6 7.1 * .5 19.8 -.4 -2.1 4.0 -8.6 10.6 -.6 -2.0 .3 -.2 7.6 -1.5 2.2 5.2 11 12 13 14 15 8,948 6.379 3,030 3.349 -308 2,877 27,503 25,369 23.374 1,995 88 2,046 11,538 9,060 5,923 3,137 215 2,263 6.804 3.190 87 3,103 183 3,431 4,261 1,399 -1,171 2,570 -1 2,863 -693 -3.399 -6,210 2,811 156 2,550 15.7 14.6 10.6 4.0 .6 .6 12.7 10.9 5.5 5.3 -.7 2.5 16.7 10.7 7.5 3.2 -.5 6.5 11.9 1.9 .7 1.2 .2 9.8 .7 -7.1 -1.8 -5.4 .j 7.7 16 17 18 19 20 21 -1,045 2,579 2,133 -2.289 -1,299 1,811 1.8 .8 1.5 1.1 8,783 8,492 7,884 867 7,017 608 36,127 35,830 35,881 4,605 31,276 -51 7,954 7,651 7,393 998 6,395 258 9,360 9,051 9,213 -1,331 10,544 -162 7,428 7,113 7,108 -770 7,878 5 11.527 11,206 11.306 3,980 7,326 -100 11.1 10.5 10.3 -2.9 13.2 .2 18.3 16.5 18.1 .6 17.5 -1.6 19.3 17.6 17.4 1.0 16.5 .2 19.2 17.2 16.3 1.7 14.6 .9 291 -5,704 297 -2,167 303 -3,538 309 -1.961 315 -2,435 321 -7,485 .7 -4.8 1.7 5.9 1.6 10.9 2.0 8.9 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments U.S. govt. securities Treasury Issues A9ency Issues Tax-exempt obligations Mortgages Taxes receivable Net Increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 29 Trade debt 30 Discrepancy (1) Employee retirement funds are in insurance sector. II1/87 BASED ON INCOMPLETE INFORMATION R 1.0 22 7.9 6.8 5.5 1.1 4.4 1.2 23 24 25 26 27 28 1.1 29 4.7 30 DECEMBER 4, 1987 State and Local Governments State and Local Governments 13 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 1982 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 II 1986 III IV I 1 I 1987 II III State and Local Governments - General Funds (1) 1 2 3 4 449.4 329.7 35.9 83.9 487.6 362.9 38.5 86.2 540.4 406.7 40.2 93.5 579.5 437.8 42.1 99.7 618.7 467.4 44.5 106.8 611.5 458.1 43.8 109.6 626.2 472.5 44.2 109.5 629.0 479.7 46.5 102.8 632.0 484.6 45.2 102.2 651.4 499.7 45.7 106.0 657.1 Total receipts. NIPA basis Tax receipts 507.3 46.3 Social Insurance receipts 103.5 Grants-in-aid received 1 2 3 4 5 6 7 414.3 369.0 45.2 440.2 391.5 48.7 475.9 425.4 50.6 516.5 464.7 51.8 561.9 503.5 58.4 556.4 498.8 57.6 566.7 507.3 59.4 578.4 517.7 60.7 591.1 529.3 61.8 600.7 537.6 63.1 611.4 Total expenditures. NIPA basis Purch. of goods and services 547.3 64.1 Net interest and transfers 5 6 7 8 9 10 35.1 32.0 3.1 47.4 39.2 8.2 64.5 45.7 18.8 63.0 53.1 9.9 56.8 57.6 -.8 55.1 52.8 2.3 59.5 52.3 7.2 50.6 63.7 -13.1 40.9 72.3 -31.4 50.7 51.2 -.5 45.7 Net surplus. NIPA basis 59.7 - Retirement credit to HH -14.0 = Gross saving 8 9 10 11 12 13 14 15 -2.3 20.2 -1.6 3.8 7.3 2.8 37.6 -.7 -6.3 7.2 18.1 46.5 5.0 .2 9.5 19.4 112.3 1.1 7.0 12.6 12.2 57.7 3.5 -4.6 8.6 22.7 54.0 9.5 4.2 7.5 -8.5 130.9 -3.7 -16.0 27.3 12.3 43.9 3.7 -3.3 -1.7 -14.0 32.9 -1.3 4.9 11.6 7.2 33.4 .4 .5 15.5 -11.8 Net financial investment 28.7 Net acq. of financial assets 14.7 Demand dep. and currency -17.9 Time deposits 24.1 Security RPs 11 12 13 14 15 16 17 18 19 20 21 12.0 6.5 4.8 1.7 .2 5.2 35.4 26.9 16.7 10.2 .6 7.9 27.9 16.6 4.5 12.1 1.1 10.2 90.3 81.7 66.3 15.3 -1.2 9.8 48.4 36.8 24.1 12.8 -.3 11.8 31.4 22.2 8.7 13.5 -1.2 10.4 119.9 110.9 102.3 8.6 .4 8.7 43.2 33.2 20.5 12.7 .9 9.1 19.2 4.1 -6.9 11.1 .7 14.4 17.0 6.9 -3.9 10.8 M 10.1 7.1 -4.4 -15.6 11.2 .6 10.9 22 -1.4 1.9 3.9 1.3 1.8 1.4 3.3 2.2 -1.6 .1 .6 23 24 25 26 27 28 22.5 21.5 20.6 6.7 13.9 1.0 34.8 34.0 32.9 -1.5 34.4 1.1 28.4 27.4 19.7 -3.7 23.3 7.7 92.9 91.8 83.6 1.3 82.3 8.2 45.5 44.3 42.9 4.2 38.7 1.4 31.3 30.1 27.7 -.4 28.1 2.4 139.4 138.3 138.5 13.4 125.1 -.2 31.6 30.4 29.4 3.8 25.6 1.0 46.9 45.7 46.3 4.2 42.2 -.6 26.3 25.0 25.0 -6.5 31.5 N 40.5 39.2 39.6 10.3 29.3 -.4 29 30 .9 5.4 .8 5.4 1.0 .7 1.1 -9.5 1.2 -13.0 1.2 -20.4 1.2 15.7 1.2 -25.5 1.2 -17.4 1.3 -7.7 Trade debt 1.3 -2.2 Discrepancy Credit market instruments U.S. govt, securities Treasury issues Agency issues Tax-exempt obligations Mortgages Taxes receivable Net increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans (1) Employee retirement funds are In Insurance sector. BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 DECEMBER 4, 1987 U.S. Government and Credit Agencies U.S. Government and Credit Agencies 14 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 II III IV 1 I II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 U.S. Government 218.586 209,889 198,251 215,808 249.716 231,966 95.799 96,396 89,497 85,763 113,769 106,487 21.571 22,377 22,548 23,146 28,186 29,625 13,391 12.492 13,367 12.592 13.827 13,595 88.62A 77,725 73,714 93,532 94,166 82.027 384.1 169.8 61.6 25.0 127.7 441.4 194.9 71.4 28.0 147.0 505.0 231.0 74.4 29.3 170.3 553.8 257.9 70.3 38.8 186.8 639.5 298.9 65.7 56.2 218.8 1 2 3 4 5 6 Total expenditures. NIPA basis 257.808 258,906 264,897 260,833 260,802 265,874 89.878 90,978 96,282 91,042 92,823 92.950 7 Goods and services 8 133.931 135.032 133,618 134,528 133,213 138,106 Transfers, etc. 33,999 32,896 34,997 35.263 34,766 34.818 9 Net Interest 430.1 151.1 249.9 29.1 470.7 161.8 273.8 35.2 521.1 178.0 300.7 42.5 615.1 208.1 353.7 53.3 703.3 242.2 388.7 72.4 6 7 8 9 -39,222 -49,017 -66,646 -45,025 -11,086 -33,908 A.A38 12,146 6,912 -3.290 4,619 12.958 -43,660 -61,163 -73.558 -41,735 -15,705 -46,866 2,596 696 708 1.900 1.857 600 -41,064 -59.263 -71,701 -41,039 -14,997 -46,266 -46.0 6.6 -52.7 2.5 -50.2 -29.3 7.2 -36.6 2.0 -34.6 -16.1 8.2 -24.3 4.7 -19.6 -61.3 8.8 -70.1 5.0 -65.1 -63.8 10.0 -73.8 4.8 -69.0 10 11 12 13 14 15 Net financial Investment -39,194 -55,649 -75.970 -41,970 -16,160 -43,876 16 Net acq. of financial assets 13,659 10.424 -442 -20,569 26,442 -10,277 17 Gold, SDRs 8 fgn. exch. -119 -478 -163 -1,334 -1,774 -460 18 Demand deposits 8 currency 12.380 -612 -22,207 30.992 -1,978 7.303 19 25 Time deposits -190 -23 -112 -714 252 -56.0 8.6 .3 -.4 .1 -39.7 24.8 -3.1 4.4 .1 -24.2 22.6 1.4 -.8 .1 -63.3 25.3 5.0 -2.5 -.2 -77.8 22.4 4.7 .4 -.1 15 16 17 18 19 24.0 4.9 19.1 20 21 22 23 1 Total receipts. NIPA basis 2 Personal taxes 3 Corp, profits tax accruals 4 Indirect taxes 5 Social Insurance receipts 10 11 12 13 14 Net surplus. NIPA basis - Insurance credits to HH = Gross saving ♦ Mineral rights sales (1) = Nonfinancial surplus 20 21 22 23 Credit market Instruments Fed. agency securities Mortgages Other loans 2A 25 26 Taxes receivable Trade credit Miscellaneous 27 28 Net Increase in liabilities Treasury curr. 8 SDR ctfs. 3,483 -222 3,705 2.712 52 2.660 179 686 -507 162 -290 452 -1.921 -47 -1,874 -6.225 -5.213 -1,012 10.0 4.2 5.8 17.1 4.2 12.8 19.0 6.6 12.4 23.7 7.5 16.2 -3,736 1.261 365 2.155 -849 -229 93 -146 230 1.486 1,212 224 135 -1,408 166 791 -1,985 294 -1.4 -.8 .7 2.9 2.7 .8 -.3 2.4 .8 -4.8 3.8 .5 -10.0 24 2.5 25 .9 26 52,853 193 66.073 276 75,528 109 21,401 128 42,602 107 33,599 114 64.5 .3 64.5 .5 46.8 1.6 88.7 1.3 100.2 27 1.2 28 29 30 31 32 Credit market instruments Savings bonds Other Treasury Issues Agency issues and mtgs. 50,673 2,398 48,282 -7 57,888 3,948 53,558 382 69,344 5,563 63,736 45 27.496 1.340 26,187 -31 31.396 2,131 29,748 -483 21,833 1,730 20,230 -127 56.8 4.7 52.9 -.9 53.7 3.9 51.2 -1.4 37.4 -.8 39.6 -1.4 79.2 -7.3 87.1 -.6 87.4 -4.3 92.2 -.5 33 3A 35 Life 8 retirement reserves Trade debt Miscellaneous 4.438 -95 -2,356 12.146 977 -5,214 6,912 -2,394 1.557 -3,290 -2,414 -519 4,619 3.506 2,974 12.958 2,390 -3,696 6.6 1.7 -.9 7.2 3.4 -.3 8.2 1.0 -1.3 8.8 1.3 -1.9 10.0 33 .5 34 1.0 35 -1,870 -3,614 4,269 931 1.163 -2,390 5.8 5.1 4.6 -1.8 8.8 36 25.307 20,222 22,455 21.660 28,051 28,834 63.0 68.5 74.7 75.1 75.7 37 36 Discrepancy Memo: 37 Corp, tax receipts, net 29 30 31 32 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies 82 1 48 50 50 69 .4 .6 .8 .9 1.2 1 2 Net acq. of financial assets 3 Demand deposits and currency 4 Fed. funds & security RPs 5,137 344 -228 8.407 212 5,451 9,539 995 -3,652 -3,020 -592 -298 5.514 -699 2,346 3.200 -273 -5.945 7.7 .1 .2 28.6 a 1.4 31.1 .2 .6 29.5 a 1.8 37.6 .2 3.5 2 3 4 5 6 7 8 Credit market Instruments U.S. government securities Open-market paper Student loans (SLMA) 8.908 3.288 4 1.083 2,477 742 42 419 8,476 2.570 5 507 -3.310 2,335 17 362 3,254 -3.312 -35 1,745 9.141 2.689 -35 939 6.4 -3.8 .2 .1 26.7 .6 -1.2 .4 30.0 .2 .1 .6 26.4 .7 a 1.1 33.2 .4 .3 2.2 5 6 7 8 9 10 11 Housing credit Residential mortgages FHLB loans to SSL assns. 6.559 -1.050 7,609 3,709 -487 4,196 7.867 -1.742 9,609 -3.373 -1,488 -1,885 6,066 -1.509 7,575 6.865 1,110 5.755 4.9 .5 4.3 21.5 9.0 12.5 18.5 9.4 9.2 14.9 7.8 7.1 21.2 9 5.0 10 16.2 11 -2,026 -1,932 -86 -8 -3,887 -2,435 -1.176 -596 -663 267 -2.473 -2,010 74 -537 3,720 -2.651 -1.736 226 -1,141 1,180 -1,210 -1,439 3 226 613 -1,317 -850 31 -498 277 5.1 3.0 .6 1.4 1.0 5.4 3.2 .7 1.5 .4 10.5 5.1 2.1 3.3 .4 9.7 6.4 1.5 1.9 1.3 9.1 7.7 -.3 1.8 .7 12 13 14 15 16 5.283 5.037 4,748 289 246 8,h55 5,489 5,922 -433 2,566 9.664 5.451 5.787 -336 4,213 -2,922 -5.354 -4,634 -720 2,432 5,123 7.365 7.395 -30 -2.242 2.982 8.739 8,739 -5.757 7.3 5.9 7.0 -1.1 1.4 28.1 23.5 23.1 .4 4.6 30.6 24.8 24.3 .6 5.7 29.2 25.6 24.4 1.2 3.6 37.1 32.4 30.5 1.9 4.7 17 18 19 20 21 228 -351 173 148 -341 -149 a .1 .2 .5 23 Net acq. of mortgages 24 Home mortgages 25 Multi-family mortgages 26 Farm mortgages 34,475 34,366 112 -3 46,824 45,809 1,053 -38 54.403 52,700 1.941 -238 41,942 40.152 1.794 —4 40,635 39,471 1.167 -3 28,899 27.984 917 -2 16.1 15.7 .9 -.5 13.6 12.4 1.5 -.3 23.1 21.8 1.2 .1 19.2 18.7 .7 -.2 15.0 14.3 .9 -.1 27 Net incr. in pool securities 34,475 46,824 54,403 41,942 40.635 28,899 16.1 13.6 23.1 19.2 15.0 27 Memo: Totals for agencies and pools 41,037 Housing credit -2,029 Loans to agriculture 50,571 -2.473 62,508 -2,711 38.573 -2,655 46,704 -1,213 35,766 -1,319 21.5 4.5 35.4 5.1 41.5 10.6 34.3 9.5 36.3 28 9.0 29 39,223 52,746 60,190 37,308 48,030 37,638 23.1 36.7 47.3 43.6 45.5 30 1 Current surplus 12 13 14 15 16 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets 17 Net Increase in liabilities 18 Credit market instruments 19 Sponsored agency Issues 20 U.S. government loans Miscellaneous liabilities 21 22 Discrepancy .7 22 Federally related mortgage pools (1) 28 29 30 Net security Issues (1) GNMA. FNMA. FHLMC, and Farmers Home Administration pools. Excludes Federal Financing Bank holdings of pool securities, which are in U.S. government mortgages and other loans directly. II1/87 BASED ON INCOMPLETE INFORMATION 23 24 25 26 DECEMBER 4, 1987 U.S. Government and Credit Asencies U.S. Government and Credit Asencies 15 Sector Statements of Savins and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 I 1 1986 III II IV I 1 I 1987 II III U.S. Government 1 2 3 4 5 635.3 304.5 49.1 48.1 233.7 659.9 294.4 61.4 51.6 252.5 726.0 310.3 75.3 55.7 284.7 788.6 346.6 76.2 55.3 310.6 827.4 363.0 83.7 50.9 329.8 817.0 357.6 81.4 49.9 328.1 832.3 365.2 84.3 52.1 330.7 852.5 376.4 90.5 51.1 334.5 879.3 381.5 103.0 53.3 341.5 922.8 415.6 107.8 54.2 345.2 6 7 8 9 781.2 272.7 424.0 84.6 836.0 283.6 458.2 94.3 895.5 310.5 469.4 115.6 984.6 353.9 500.5 130.2 1032.0 366.2 530.1 135.7 1047.1 368.4 542.8 135.9 1036.1 371.2 530.7 134.2 1041.2 368.6 534.8 137.8 1049.6 366.9 543.2 139.5 1062.2 379.6 542.8 139.8 1058.2 Total expenditures* NIPA basis 378.8 Goods and services 536.2 Transfers, etc. 143.2 Net interest 10 11 12 13 14 -145.9 11.9 -157.8 7.8 -150.0 -176.1 14.2 -190.3 7.8 -182.5 -169.5 18.2 -187.7 7.9 -179.8 -196.1 19.1 -215.2 4.4 -210.8 -204.7 21.1 -225.7 7.2 -218.5 -230.1 20.7 -250.8 10.4 -240.4 -203.8 15.3 -219.1 7.6 -211.5 -188.7 32.9 -221.6 7.4 -214.2 -170.3 13.2 -183.5 2.8 -180.7 -139.4 21.0 -160.4 2.8 -157.5 -137.2 18.0 -155.2 2.4 -152.8 15 16 17 18 19 -153.2 23.5 4.4 6.4 .5 -192.5 13.6 2.9 -8.3 -.5 -192.9 32.6 2.6 5.3 .5 -219.5 32.7 1.9 13.0 K -228.0 9.6 -.7 .4 .2 -207.4 31.1 -.5 15.0 .1 -207.5 3.1 -1.9 1.7 -.8 -232.9 57.7 -.7 53.6 -.1 -213.5 -80.5 -5.3 -82.9 -.4 -109.1 79.8 -7.1 87.1 1.0 -156.7 Net financial investment -75.4 Net acq. of financial assets -1.8 Gold. SDRs 8 f9n. exch. -32.3 Demand deposits & currency -2.9 Time deposits 20 21 22 23 15.9 2.4 13.6 9.7 1.2 8.4 17.1 .5 16.6 16.8 1.8 14.9 9.5 .5 9.0 9.0 -1.6 10.6 10.5 .7 9.8 6.0 1.7 4.4 -.6 -.8 .2 -11.7 .2 -11.9 -24.2 24 25 26 -10.2 4.8 1.6 5.3 3.8 .7 .6 5.1 1.5 -4.2 3.7 1.4 -.5 .1 .6 1.0 5.0 1.5 -2.1 -3.4 -.9 -1.6 -.6 .9 3.0 4.8 .9 15.4 -5.6 .7 -7.5 -7.9 1.2 27 28 176.7 1.7 206.1 .5 225.5 .6 252.2 .5 237.6 .8 238.5 .8 210.6 1.1 290.6 .4 133.0 .5 188.9 .4 81.3 .5 29 30 31 32 161.3 .2 162.0 -.9 186.6 3.1 183.5 -.1 198.8 3.0 195.9 -.2 223.6 5.3 218.5 -.1 215.0 13.6 201.1 .4 226.0 10.3 215.7 a 210.4 14.6 194.3 1.5 235.2 23.3 211.7 .2 162.3 4.3 158.2 -.1 139.1 9.5 131.5 -1.9 68.0 5.4 63.0 -.5 33 34 35 11.9 1.7 .2 14.2 2.9 2.0 18.2 3.0 4.9 19.1 4.4 4.6 21.1 .6 .2 20.7 -3.0 -5.9 15.3 4.9 -21.2 32.9 -7.5 29.6 13.2 -10.3 -32.7 21.0 11.1 17.3 18.0 10.7 -15.8 36 3.1 10.0 13.1 8.8 9.5 -32.9 -4.0 18.7 32.9 -48.4 37 59.2 56.1 74.7 80.3 84.2 80.4 86.4 92.1 100.0 92.4 921.0 Total receipts. NIPA basis 404.2 Personal taxes 112.7 Corp, profits tax accruals 53.9 Indirect taxes 350.2 Social insurance receipts Net surplus. NIPA basis - Insurance credits to HH = Gross saving ♦ Mineral rights sales (1) = Nonfinancial surplus - -19.4 -4.8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Credit market instruments Fed. agency securities Mortgages Other loans 20 21 22 23 Taxes receivable Trade credit Miscellaneous 24 25 26 Net increase in liabilities 27 Treasury curr. 8 SDR ctfs. 28 Credit market instruments Savings bonds Other Treasury issues Agency issues and mtgs. 29 30 31 32 Life 8 retirement reserves 33 34 Trade debt Miscellaneous 35 3.9 Discrepancy Memo: 120.2 Corp, tax receipts, net 36 37 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Asencies and Mortsase Pools Sponsored credit asencies 1 1.4 1.0 1.0 .2 .3 .3 K .2 .2 .2 2 3 4 22.4 -.2 5.4 2.0 .2 -2.3 41.5 .6 8.3 27.2 -.2 7.2 22.7 1.5 5.0 19.9 1.1 17.5 19.8 .9 -1.3 36.7 3.0 -9.9 5.4 -1.0 -1.5 22.7 -3.3 30.3 5 6 7 8 16.0 1.4 -.3 1.6 3.4 -1.3 .4 1.5 29.8 1.6 -.1 1.9 21.7 1.3 -.6 2.5 14.1 4.6 ■ 2.4 10.5 N M 4.3 17.5 16.0 .2 1.7 35.4 7.7 M 2.0 3.6 12.3 .1 1.4 -15.3 -28.4 -.1 7.0 46.3 25.8 -.1 3.8 9 10 11 11.0 10.2 .8 2.2 9.3 -7.0 27.7 12.1 15.7 27.9 13.7 14.2 16.6 -3.2 19.8 14.2 -3.6 17.7 11.0 1.2 9.7 31.5 -9.2 40.7 3.3 -7.9 11.2 10.6 -5.5 16.1 23.8 8.5 15.3 12 13 14 15 16 2.2 3.9 -.8 -.8 1.1 .6 1.1 .9 -1.3 .7 -1.4 .3 -.4 -1.2 2.8 -9.4 -4.5 -1.0 -3.9 -1.5 -9.6 -6.5 -.7 -2.3 2.1 -8.0 -8.3 3.3 -3.0 -9.1 -11.3 -4.1 -3.1 -4.1 2.7 -5.8 -7.4 -.2 1.8 8.1 -13.5 -7.7 -1.5 -4.3 4.3 -4.3 -6.4 3.8 -1.7 11.0 -6.9 -2.7 -.9 -3.3 2.1 17 18 19 20 21 21.3 15.3 14.9 .4 5.9 1.2 1.4 1.4 -.2 40.7 30.4 30.4 10.2 28.6 21.7 20.6 1.1 6.9 23.2 14.9 15.2 -.4 8.3 21.2 10.6 9.5 1.2 10.6 19.0 21.3 23.0 -1.7 -2.3 35.8 19.0 20.4 -1.3 16.8 5.9 -6.5 -3.6 -2.9 12.3 22.0 19.6 19.8 -.1 2.3 22 .3 .1 .1 1.7 .7 1.6 -.8 -.7 .6 -.5 23 24 25 26 49.5 49.3 .4 -.2 66.4 65.2 1.2 a 44.4 43.4 1.1 • 79.9 78.6 1.5 -.2 161.4 156.5 5.1 -.2 146.0 145.6 .4 -.1 179.3 175.4 4.3 -.4 213.3 205.8 8.0 -.5 173.4 166.4 7.2 -.2 170.0 165.4 4.7 -.1 104.7 Net acq. of mortgages 101.4 Home mortgages Multi-family mortgages 3.7 -.4 Farm mortgages 23 24 25 26 27 49.5 66.4 44.4 79.9 161.4 146.0 179.3 213.3 173.4 170.0 104.7 Net incr. in pool securities 27 28 29 60.7 2.1 68.7 .6 72.2 -1.4 107.9 -9.6 178.3 -9.8 160.3 -8.1 190.7 -11.6 245.2 -6.3 176.9 -13.7 180.6 -4.3 Memo: Totals for asencies and pools Housing credit 128.9 Loans to agriculture -7.4 28 29 30 64.5 67.8 74.9 100.5 176.7 155.5 202.3 233.6 169.8 189.7 .3 Current surplus 1 -2.3 Net acq. of financial assets -.9 Demand deposits and currency -49.7 Fed. funds ft security RPs 2 3 4 Credit market Instruments U.S. government securities Open-market paper Student loans (SLMA) 5 6 7 8 Housing credit 9 Residential mortgages 10 FHLB loans to S&L assns. 11 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets -2.5 Net increase in liabilities Credit market Instruments 34.6 Sponsored agency Issues 34.6 U.S. government loans -37.0 Miscellaneous liabilities .1 Discrepancy 12 13 14 15 16 17 18 19 20 21 22 Federally related mortsase pools (1) 139.3 Net security Issues tlJ GNMA. FNMA* FHLMC, and Farmers Home Administration pools. Excludes Federal Flnanclns Bank holdings of pool securities* which are In U.S. sovernment mortsases and other loans directly. BILLIONS OF DOLLARS. I11/87 BASED ON INCOMPLETE INFORMATION 30 DECEMBER 4. 1987 Foreign sector Foreign sector 16 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV | 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Foreign Sector 1 Net U.S. exports* NIPA basis 2 U.S. export receipts 3 - U.S. import payments 4 (Memo: net corporate earnings retained abroad) - Transfers to foreign - U.S. govt, interest paid * Net capital grants » Net foreign investment (U.S. balance* sign reversed) -26,030 -31.330 -27.522 -24.869 -30.585 -33,570 94,694 91,296 97,093 99,135 106.128 105.690 120.724 122,626 124.615 124.004 136,713 139,260 2,448 5.738 4*852 6.909 4,837 3,835 1.9 191.6 189.7 8.0 4.1 227.5 223.4 11.7 18.8 291.2 272.5 18.6 32.1 351.0 318.9 18.7 33.9 382.8 348.9 14.0 1 2 3 4 4*208 5*601 35*839 4.309 5,704 41.343 4,305 5.700 37,527 2,902 5,715 33,486 2.978 6.188 39.751 3.675 6,352 43,597 5.1 5.5 8.7 5.6 8.7 10.1 6.2 11.1 1.1 -2.6 7.7 12.6 1.2 -13.0 7.5 16.9 1.1 -10.6 5 6 7 8 9 Net financial Investment 24.565 10 Net acq. of financial assets 43*458 -104 Gold and SDRs (1) 11 12 U.S. demand deposits 1*465 13 838 U.S. time deposits 14 -10,639 Net Interbank claims 46,881 52,253 163 -313 -455 2,928 32.041 26,512 -31 2.439 1.685 4,803 45,284 56,247 76 -1,504 433 10.680 23.261 36.796 -171 937 -1,493 3.268 34,206 68.781 -1,793 462 14,171 16.5 40.6 -.2 2.4 -.4 -.9 2.5 60.5 1.2 -.2 1.1 6.4 -25.9 30.5 -1.2 4.2 1.2 21.1 -31.2 24.1 w 1.2 -26.6 -27.4 45.2 -1.8 -3.8 2.3 -22.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 U.S. corporate equities Credit market instruments U.S. govt, securities Treasury Issues Agency Issues U.S. corporate bonds (2) Loans to US nonbanks Open-market paper 6*921 35.003 20.313 18.243 2,070 11,313 3,793 -416 4,483 29,564 14,631 12,776 1.855 9,981 5,387 -435 172 16.427 3.604 1,498 2,106 9,449 2,069 1,305 9,506 17.363 11,421 10.575 846 7,629 443 -2.130 8,253 19.424 9,528 8,520 1,008 5,858 2.030 2.008 5,400 10.679 2,137 1,000 1,137 7,600 2,000 -1,058 2.7 37.8 33.5 30.8 2.7 3.8 .2 .4 2.4 29.7 27.0 25.7 1.3 1.9 .3 .5 1.7 -10.4 -16.9 -17.5 .5 2.6 2.0 1.9 5.4 25.3 14.9 12.4 2.5 8.2 1.3 .9 5.8 25.5 9.5 7.9 1.6 8.4 8.9 -1.3 15 16 17 18 19 20 21 22 23 24 Security credit Trade credit 766 767 72 -142 -301 200 1.9 4.1 .2 3.5 25 26 27 28 29 Miscellaneous assets Dir. investmt.in U.S.(3) Equity, etc. Retained earnings Other 15,116 945 14,143 6,423 14,187 7,109 -44 -686 8,693 -13,198 19,835 6,784 6.173 611 13,051 6,879 7,186 6.382 804 -307 39,662 7.191 6.392 799 32,471 -2.6 3.7 2.1 1.6 -6.3 15.8 7.9 5.3 2.5 7.9 13.7 11.8 7.9 3.9 1.9 15.3 15.3 11.7 3.6 5 6 7 8 30 31 32 33 34 35 Net Increase in liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits Foreign corporate equities Credit market instruments Corporate bonds 36 37 38 39 Bank To To To 40 41 42 Commercial paper Accept, liabs. to banks U.S. government loans loans n.e.c. foreign official foreign banks other foreign 43 44 Security debt Trade debt 45 46 47 48 Miscellaneous liabilities U.S.equity in IBRD* etc. U.S. govt, deposits U.S. dlr. Invstmt. (2.3) Equity* etc. Retained earnings Other 49 50 51 52 Discrepancy (FOF basis) 9.208 4,712 3.903 809 4*496 M - 23 -.2 24 39.5 25.3 22.3 3.0 14.2 25 26 27 28 29 18*893 5.372 -5.529 10,963 13,535 34.575 24.1 58.0 56.4 55.3 72.6 30 -120 5.137 -117 516 -163 2,441 -1,880 -4.518 -3,590 1.200 -700 - .1 1.3 .5 2.4 -.1 9.8 8.1 4.5 3.4 31 10.4 32 1.980 2,671 -831 -1,194 2,372 574 -1,967 -4,915 -1.146 1,208 -1,713 137 454 1 -547 -65 3,819 1,515 .4 13.5 5.1 -.4 24.0 4.0 1.0 15.0 3.7 2.4 24.2 1.2 .2 33 23.5 34 5.5 35 1*398 425 1.517 -544 -2,260 -567 -1,009 -684 731 243 1,103 -615 -912 767 -2,142 463 -577 -974 611 -214 -850 -75 -163 -612 3.1 .1 2.7 .3 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 4*336 -2.028 -204 3,677 -1.317 1,698 -2,501 -1.670 -329 -129 -521 -288 -1.691 2.893 -77 5.023 -1,305 -564 .6 1.9 3.0 1.0 -3.2 3.9 1.7 3.6 2.9 2.4 4.1 4.7 3.9 40 6.9 41 4.2 42 -247 -48 472 -46 100 100 .5 -.3 1.5 1.7 - 43 .2 44 9,472 394 -29 4.687 -83 4.770 4,420 3.843 715 -944 3,303 1.138 2,165 769 -1,397 165 65 -849 -328 -521 -778 17,912 200 24 5,596 1,586 4.010 12,092 15.370 300 -134 4,075 -1,350 5,425 11.129 31,421 312 -18 3.900 900 3,000 27,227 8.2 .7 29.2 .8 11.5 5.1 6.4 -4.0 31.7 .6 .1 16.1 4.4 11.7 14.9 26.8 7.6 19.2 1.6 14.4 .7 -.2 23.6 4.9 18.6 -9.6 34.9 1.1 -.2 12.6 -.5 13.1 21.4 11,274 -5.538 5.486 -11.798 16.490 9.391 -7.8 7.6 23.3 18.3 16.8 52 (1) U.S. net sales* sign reversed. (2) Corporate bonds include net Issues by Netherlands Antilles subsidiaries; U.S. direct Investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Direct Investment totals and retained earnings exclude capital gains/losses Included in balance of payments statistics. II1/87 BASED ON INCOMPLETE INFORMATION K « « 36 37 38 39 45 46 47 48 49 50 51 DECEMBER 4, 1987 Foreign sector Foreign sector 17 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 I 1 1986 III II IV I 11 I 1987 II III Foreign Sector —— — —— ———— — 1 2 3 4 26.3 361.9 335.6 15.5 -6.1 352.5 358.6 18.4 -59.0 383.5 442.5 19.2 -79.2 370.0 449.2 18.2 -105.5 376.2 481.7 15.9 -100.8 371.3 472.1 16.6 -110.5 376.6 487.1 15.3 -116.9 383.3 500.2 13.1 -112.2 397.3 509.5 22.5 -118.3 416.5 534.8 24.6 5 6 7 8 9.0 18.3 1.0 9.5 17.8 33.5 12.2 19.8 90.9 15.4 21.3 115.9 15.7 22.6 143.8 16.7 22.2 139.7 17.4 22.8 150.7 16.6 22.9 156.4 12.4 23.1 147.7 11.6 24.5 154.4 14.7 25.4 159.9 9 10 11 12 13 14 -30.8 -3.5 -1.4 -3.7 6.8 -34.8 28.4 55.0 -.1 1.6 .5 14.2 71.7 87.3 -1.0 1.9 4.6 -1.1 105.4 123.4 -.9 1.6 3.7 12.6 127.5 162.5 -.2 2.7 -2.7 12.3 103.1 210.6 -.4 3.0 -.8 -21.6 187.5 176.7 .7 3.5 -.1 2.1 119.2 86.8 -.1 3.1 3.0 13.3 185.3 243.0 .3 -1.1 8.5 38.2 97.9 187.9 -.7 1.4 -10.3 37.8 136.8 Net financial investment 235.1 Net acq. of financial assets Gold and SDRs (1) -2.8 U.S. demand deposits 3.0 U.S. time deposits 49.0 Net interbank claims 15 16 17 18 19 20 21 22 3.9 23.7 12.3 12.8 -.5 10.6 2.5 -1.7 5.4 23.7 15.6 15.7 M 4.6 2.7 .8 -3.0 57.9 28.9 27.7 1.2 14.8 13.0 1.2 5.0 62.3 24.2 19.6 4.6 36.7 1.5 -.2 17.8 102.6 50.0 42.8 7.2 40.5 11.1 1.1 23.7 142.2 81.3 73.0 8.3 47.4 15.2 -1.7 20.3 123.2 58.5 51.1 7.4 44.9 21.5 -1.7 -1.3 62.3 14.4 6.0 8.4 34.4 8.3 5.2 43.4 65.0 45.7 42.3 3.4 26.1 1.8 -8.5 27.8 80.0 38.1 34.1 4.0 25.8 8.1 8.0 24.2 48.4 8.5 4.0 4.5 36.1 8.0 -4.2 M -1.3 1.4 .5 .4 2.1 3.8 -2.5 2.9 -2.2 1.6 25 26 27 28 29 1.9 13.8 16.2 -2.4 -11.9 11.0 11.5 11.9 -.3 -.5 26.7 25.6 22.5 3.1 1.2 38.7 20.5 20.4 .1 18.2 29.7 26.4 26.4 M 3.4 62.5 19.0 16.1 2.9 43.4 23.3 28.3 31.2 -2.8 -5.0 9.0 54.2 53.5 .7 -45.2 85.9 25.8 24.0 1.9 60.1 54.2 29.9 27.0 2.9 24.3 111.7 32.1 28.8 3.3 79.7 30 27.3 26.7 15.6 18.0 34.9 107.5 -10.7 -32.4 57.7 90.0 98.3 31 32 3.6 4.5 1.1 1.3 2.2 -5.8 3.0 -4.3 -.6 9.1 -.5 9.2 -.5 13.7 -.7 13.1 -7.5 -20.3 -14.4 -9.2 -2.8 13.2 33 34 35 1.4 16.0 6.6 3.7 17.3 3.1 .9 8.3 3.8 3.7 1.2 3.8 .7 9.0 2.6 7.5 8.2 -5.8 -4.7 16.5 2.4 -5.6 -23.5 -4.6 2.2 -10.1 2.7 1.5 -3.4 -4.8 -.2 23.7 5.6 36 37 38 39 -5.5 M .7 -6.2 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.4 -1.3 -.1 -1.0 a 1.0 -2.1 4.5 1.8 2.5 .2 -7.7 -2.8 -1.1 -3.8 .6 1.5 2.0 -3.0 -2.3 2.5 -5.9 1.2 -4.1 -3.5 -1.6 l.l -1.3 -1.0 3.2 -3.6 Bank To To To 40 41 42 1.9 8.5 4.5 6.5 -.1 4.3 6.2 1.0 4.0 6.2 -7.4 1.4 11.5 -5.4 1.4 17.9 -6.8 -1.6 15.8 -1.5 7.5 -8.1 -10.5 -.9 -4.3 -4.8 -1.4 -6.2 12.9 -1.2 21.4 -.6 -1.3 Commercial paper Accept, liabs. to banks U.S. government loans 43 44 -2.7 .2 -.5 -.6 -.4 -.7 -1.0 1.6 .7 .5 -.4 45 46 47 48 49 50 51 4.6 1.3 .4 10.2 5.4 4.8 -7.2 3.0 .7 .1 9.8 -3.6 13.5 -7.6 10.5 1.1 .4 13.2 -4.6 17.8 -4.2 15.1 1.5 -.1 8.8 -4.1 12.9 4.a 17.1 1.5 -.9 14.1 4.0 10.1 2.4 83.7 1.6 -.1 17.4 1.6 15.8 64.8 -34.8 2.9 -3.8 11.2 .1 ll.l -45.1 -17.4 .7 .3 6.5 7.1 -.5 -24.8 92.6 .8 .1 15.7 -.6 16.3 76.1 114.9 1.2 -.5 14.1 -3.4 17.5 100.1 64.8 1.2 -.1 13.3 -1.6 14.9 50.3 52 31.9 5.1 19.2 10.5 16.3 36.6 -36.8 37.2 -37.6 56.5 23 24 - -119.8 Net U.S. exports. NIPA basis 434.6 U.S. export receipts 554.4 - U.S. import payments 25.4 (Memo: net corporate earnings retained abroad) - Transfers to foreign - U.S. govt. Interest paid ♦ Net capital grants - Net foreign Investment (U.S. balance* sign reversed) II1/87 BASED ON INCOMPLETE INFORMATION 5 6 7 8 9 10 11 12 13 14 U.S. corporate equities Credit market Instruments U.S. govt, securities Treasury issues Agency Issues U.S. corporate bonds (2) Loans to US nonbanks Open-market paper 15 16 17 18 19 20 21 22 Security credit Trade credit 23 24 Miscellaneous assets Dir. investmt.in U.S.(3) Equity* etc. Retained earnings Other 25 26 27 28 29 Net Increase in liabilities U.S. off. fgn. exchange & net IMF position U.S. private deposits 30 31 32 Foreign corporate equities 33 Credit market instruments 34 Corporate bonds 35 loans n.e.c. foreign official foreign banks other foreign 36 37 38 39 40 41 42 Security debt Trade debt 43 44 Miscellaneous liabilities U.S.equity in IBRD* etc. U.S. govt, deposits U.S. dir. Invstmt. (2.3) Equity* etc. Retained earnings Other 45 46 47 48 49 50 51 23.1 Discrepancy (FOF basis) (11 U.S. net sales* sign reversed. (2) Corporate bonds Include net Issues by Netherlands Antilles subsidiaries; U.S. direct Investment abroad is before subtracting net Inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Direct Investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. BILLIONS OF DOLLARS. 1 2 3 4 52 DECEMBER 4. 1987 Banking System Banking System 18 Sector Statements of Savins and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III 1987 II IV III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Monetary Authority -476 -458 -425 -400 -378 .2 .7 .2 .2 .4 1 2 Net acq. of financial assets Gold and foreign exchange 5 Treasury currency A 5 SDR certificates Federal Reserve float 6 F.R. loans to domestic banks 7 7.404 103 123 100 -277 134 10*648 198 108 200 566 -73 22*502 -13.999 -622 31 168 129 3,980 412 686 22 11.774 -1*645 154 -3,662 -615 -599 -240 117 -1,307 969 8.5 K .5 .1 1.2 .2 13.3 2.4 .5 .1 2.7 .9 10.9 -.3 1.3 .5 .3 .3 7.1 3.2 .7 .7 -2.3 .4 8.2 .4 .7 .8 -2.7 -.2 2 3 4 5 6 7 Credit market instruments U.S. government securities Treasury securities Agency Issues Acceptances Bank loans n.e.c. Miscellaneous assets 7,179 7,179 7,229 -50 42 8*621 8.621 6*902 1.719 1,028 20*852 -17*331 20*852 -17,331 20*565 -14,907 287 -2,424 392 -216 16*857 16*857 15,897 960 685 -1,421 -1,421 -365 -1,056 1,283 7.1 7.2 5.8 1.4 a -.7 7.0 7.3 7.7 -.4 -.4 -.2 7.7 7.6 6.9 .7 .1 1.2 4.5 4.4 3.9 .6 .1 -.1 9.2 9.8 9.6 .1 -.6 .1 8 9 10 11 12 13 14 7*880 1*158 970 11*106 4*854 388 22*959 -13.574 11.313 -7.951 3*043 -3.159 12,174 -4,054 1,457 -221 2,588 1,045 8.3 1.7 1.8 12.6 4.4 1.5 10.7 -1.4 3.0 6.9 -2.3 1.3 7.8 15 -2.2 16 -1.2 17 4*981 -153 32 5*102 771 5*235 4*262 12 961 629 -4,850 -3.929 97 -1,018 2,386 15*978 10,172 -120 5*926 -1,207 -3,996 -4,687 161 530 142 4.8 -3.3 a 8.2 a 6.3 -3.1 .1 9.3 .4 8.2 .1 .1 8.0 .9 9.0 -1.1 -.2 10.3 -1.1 10.9 1.2 .1 9.5 .3 18 19 20 21 22 1 Current surplus 8 9 10 11 12 13 14 15 Net Increase in liabilities 16 Depository inst. reserves Vault cash of coml. banks 17 18 19 20 21 22 Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities -457 8.326 17 -13 8,322 277 Commercial Banking (1) 1 Current surplus 2 Fixed nonres. investment 3 Net acq. of financial assets 4 Demand deposits and currency 5 6 7 8 Total bank credit U.S. govt, securities Treasury issues Agency Issues 3*514 6.316 700 6,294 746 6,493 4.1 3.2 5.2 6.0 6.0 6.8 4.1 6.3 6.0 5.5 1 2 49,955 50 66,571 117,907 -18,116 64 50 50 36.759 62 23,452 73 107.4 .5 152.3 .3 139.1 .7 121.4 .6 124.0 1.0 3 4 41,072 7,800 -1,101 8.901 50,411 13,677 283 13.394 97,548 -20.130 6.188 14,229 2,611 -3.571 9,759 11.618 47,914 4,675 -577 5,252 45,823 11,411 7,067 4,344 90.6 .1 -.6 .8 125.9 -.8 -7.8 7.0 123.0 9.6 2.0 7.6 101.1 25.8 16.1 9.7 100.5 11.6 1.8 9.8 5 6 7 8 8.672 -14,284 -10,789 7.594 7.130 7,263 -6,984 6,180 -2,997 10.239 9.2 k 9.6 -.3 9.5 -.1 13.6 .6 90,462 -23.131 16.940 24,881 4.376 -4.845 60.895 -30,300 1,132 -1.542 -823 -3,384 44,038 24,907 3,088 14,562 215 1,266 27,174 17,072 3,961 6,182 -614 573 81.3 27.4 22.3 29.2 .3 2.2 117.4 35.1 26.2 60.3 -1.3 -2.9 103.9 30.6 19.9 52.1 2.2 -.9 61.1 17.5 -6.2 47.2 1.8 .8 8 5 2.084 5,906 9 10 Tax-exempt obligations Corporate bonds -5.260 6,613 11 12 13 14 15 16 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 31.938 15,067 8,905 12.364 -441 -3.957 17 18 19 20 Corporate equities Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 21 Net Increase ln liabilities Checkable deposits 22 23 U.S. government Foreign 24 25 Private domestic 2,028 4,942 20,794 18,206 8,444 322 -1,290 -4,888 -19 5 -1,928 2,128 8,633 1,184 5.242 9,684 1,874 5,991 5.0 9 * 10 83.9 21.6 4.0 52.3 .8 5.3 11 12 13 14 15 16 -4 H M N a -.1 17 5.441 -2.500 -619 3 3,633 14.356 -11.110 -2.597 13.679 -14,061 -26.080 8,453 3.1 3.5 9.7 -.7 5.9 20.9 7.5 1.6 6.3 7.3 -1.0 13.4 11.3 18 -3.4 19 14.7 20 30.792 501 4,323 -1,954 -1,868 108.9 24.5 4.3 2.4 17.8 152.3 25.4 6.8 -.3 18.9 137.0 26.4 .4 4.1 21.8 120.7 5.1 -2.6 .3 7.4 12 47.304 41,856 13,276 1.433 27.147 62,662 117,745 -14.225 -560 76.839 -71,810 2,987 -731 -18.831 2,452 -1,601 -325 -3.222 75.118 -51.378 29.581 37,064 22,275 1,057 13,732 133.1 8.6 -1.1 -3.9 13.7 21 22 23 24 25 26 Small time and savings dep. 19.589 18.531 18.666 1.255 6,324 4,063 28.2 13.2 29.5 44.8 40.1 26 27 28 Large time deposits Fed. funds and security RPs -10.637 -4,299 7,417 12,548 9,113 -7,035 3.287 15,854 12.909 -6.032 8.200 3.202 26.0 10.6 48.6 22.5 13.8 17.0 47.2 20.5 51.5 27 14.8 28 29 30 31 32 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks -7.265 -143 3.517 -10.639 6.626 493 3.205 2,928 9.506 1,098 3,605 4.803 12,027 4,002 -2,655 10.680 432 -4,277 1,441 3,268 11.122 -338 -2.711 14,171 -6.6 1.4 -7.1 -.9 9.5 3.6 -.5 6.4 20.6 .5 -1.0 21.1 -32.1 -1.9 -3.6 -26.6 -25.5 -2.9 -.5 -22.0 29 30 31 32 33 34 35 36 Corporate equity Issues Credit market debt Corporate bonds Open-market paper 325 3.489 1.304 2.185 350 3.045 3,172 -127 350 454 -99 553 369 8,324 2.511 5.813 876 10,189 4.246 5.943 827 3,569 2,045 1.524 .6 7.5 3.1 4.4 1.1 7.0 1.0 6.0 1.3 13.2 -.2 13.4 .4 15.0 1.3 13.7 .5 20.8 2.0 18.7 33 34 35 36 37 38 Profit taxes payable Miscellaneous liabilities -17 4.263 -2 14,707 -36 9.888 -8 18 16,451 -32,173 23 -715 .2 18.0 .1 24.8 .5 14.8 -.5 20.4 -.4 37 22.7 38 -6.473 -6,823 -4,279 1.089 -12.772 1.593 2.4 -.9 -3.0 -2.9 9.6 39 43,120 56.478 95,859 -17.373 52.084 45.257 91.5 128.1 131.4 107.6 106.5 40 39 Discrepancy 40 Memo: Credit mkt. funds adv. (1) Consists of U.S.-chartered commercial banks* domestic afflllates(BHC*s). Edge Act corporations* agencies and branches of foreign banks* and banks ln U.S. possessions. Edge Act corporations and offices of foreign banks appear together ln these tables as "foreign banking offices." IBF's are excluded from the banking data. (2) Floats and discrepancies ln Interbank deposits and loans III/87 BASED ON INCOMPLETE INFORMATION DECEMBER A, 1987 Banking System Banking System Sector Statements of Saving and Investment 19 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 1 II 1986 III I 1 IV I 1987 II III -1.5 Current surplus 1 3.2 Net acq. of financial assets -1.0 Gold and foreign exchange Treasury currency .5 SDR certificates -9.4 Federal Reserve float 1.3 F.R. loans to domestic banks 2 3 4 5 6 7 Monetary Authority 1 .1 .5 .6 -1.1 -1.9 -1.9 -1.8 -1.8 -1.7 -1.6 2 3 4 5 6 7 12.4 .5 .6 1.3 1.0 -.9 9.4 -1.7 .7 -1.2 .2 14.6 .5 .7 -.7 2.7 24.9 2.0 .6 .1 .1 -.5 31.9 .4 .5 .3 .3 -1.5 25.9 .4 .5 .4 -.3 -.6 48.2 .8 .4 .8 -.4 -2.3 51.2 .1 .5 -.7 3.5 -17.9 -2.5 .7 20.2 3.4 44.0 -6.6 .6 -13.6 -3.5 8 9 10 11 12 13 14 9.8 8.5 8.4 .1 1.3 .1 10.9 12.0 12.6 -.7 -1.1 .5 8.4 8.8 8.9 -.1 -.4 3.0 21.6 21.6 20.5 1.1 1.0 30.2 30.2 30.0 .2 1.7 23.4 23.5 23.5 w « 2.0 45.6 45.9 39.5 6.4 -.3 3.2 48.9 48.7 50.5 -1.8 .1 -1.1 -40.8 -40.9 -34.9 -6.0 .1 1.2 62.4 62.5 58.4 4.2 -.1 4.7 7.8 7.9 12.6 -4.7 -.1 3.9 15 16 17 12.2 1.3 .9 8.9 -5.0 1.5 14.0 .4 3.2 26.1 6.8 1.3 33.8 19.5 .1 27.8 13.8 2.0 50.0 19.4 2.1 53.0 40.3 -2.2 -16.2 -36.7 3.9 45.6 -8.2 4.8 4.7 Net increase in liabilities 12.2 Depository inst. reserves 3.3 Vault cash of coml. banks 18 19 20 21 22 10.2 .7 -.2 9.7 -.1 13.0 -1.3 X 14.3 -.5 10.3 1.7 M 8.6 .1 16.6 4.1 .1 12.4 1.4 12.4 -1.9 -.2 14.4 1.9 .8 -8.1 .3 8.6 11.2 19.2 5.0 -.1 14.3 9.3 27.3 5.3 -.1 22.0 -12.3 9.9 .9 .3 8.7 6.8 41.9 31.6 -.2 10.6 7.2 - -14.8 -29.6 .4 14.4 4.0 Credit market instruments U.S. government securities Treasury securities Agency issues Acceptances Bank loans n.e.c. Miscellaneous assets Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Commercial Banking (1) 1 2 6.1 6.6 7.1 8.6 5.8 15.7 7.1 19.6 9.2 22.4 9.0 23.6 9.6 19.8 9.7 24.0 9.2 25.3 3.5 25.2 3 4 131.3 -.1 153.4 -.3 195.0 -1.1 241.5 -.1 256.6 .2 245.1 .2 294.2 .2 357.4 .2 -32.5 .3 205.5 .2 122.5 Net acq. of financial assets .3 Demand deposits and currency 5 6 7 8 102.4 26.6 19.4 7.3 139.9 48.6 47.8 .7 170.8 .6 1.9 -1.3 206.9 9.7 12.1 -2.4 194.5 43.3 5.3 38.0 194.9 43.9 5.2 38.7 197.2 54.0 7.8 46.1 324.6 70.2 19.8 50.5 -51.3 -3.8 -43.2 39.4 235.8 33.4 8.7 24.7 174.2 43.0 34.4 8.7 9 10 4.5 1.5 4.8 4.7 10.8 4.2 57.2 5.8 -28.5 23.6 5.2 22.4 31.2 30.6 -104.8 30.5 -15.3 31.0 3.8 20.2 -16.5 42.9 Tax-exempt obligations Corporate bonds 9 10 11 12 13 14 15 16 69.8 16.0 6.7 46.7 .3 H 81.9 29.2 22.7 26.7 .8 2.4 155.3 44.6 45.2 61.1 -1.4 5.8 134.0 49.7 37.5 38.3 -2.5 11.0 156.1 70.1 23.3 69.5 -.9 -5.8 123.5 58.8 28.9 55.9 -.5 -19.7 81.5 64.2 25.1 12.6 -5.1 -15.5 328.6 102.9 11.4 229.9 2.0 -17.6 -63.3 73.7 2.9 -135.1 -4.9 .1 178.5 98.8 5.0 70.0 2.7 1.9 104.8 58.7 6.8 35.4 —2.2 6.1 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 11 12 13 14 15 1.6 Corporate equities 17 4.7 Current surplus 26.0 Fixed nonres. investment Total bank credit U.S. govt, securities Treasury issues Agency issues 1 2 3 4 5 6 7 8 17 K K -.1 .1 « -.1 a a a ■ 18 19 20 7.7 2.2 19.0 6.9 -3.6 10.5 3.8 3.6 17.9 -9.5 8.1 36.1 -5.6 19.6 47.9 -7.1 15.8 41.3 .1 21.5 75.3 -10.2 38.1 4.6 .3 -32.9 51.1 23.4 -3.5 -50.5 -5.9 15.5 -61.6 21 22 23 24 25 140.4 19.2 6.1 -3.4 16.5 164.1 15.9 -5.3 1.6 19.7 200.2 29.2 4.0 2.0 23.2 237.0 53.9 10.3 1.4 42.2 246.2 94.1 1.7 2.9 89.6 222.2 89.0 15.2 2.7 71.1 288.9 80.8 19.4 3.6 57.8 352.0 162.0 -4.2 3.1 163.0 -8.8 -130.5 -34.7 -1.4 -94.4 161.7 57.6 43.4 1.6 12.6 164.3 Net increase ln liabilities 106.5 Checkable deposits 30.9 U.S. government Foreign -3.3 78.9 Private domestic 26 96.4 130.8 74.6 80.3 71.6 91.9 97.1 51.4 4.8 30.2 35.9 Small time and savings dep. 26 27 28 13.0 9.2 -48.3 14.8 38.3 1.6 11.8 35.3 3.2 10.9 -36.3 11.8 14.3 51.9 18.6 -40.5 34.8 44.0 64.3 5.9 20.7 16.5 Large time deposits Fed. funds and security RPs 27 28 29 30 31 32 -35.7 .1 -1.0 -34.8 1.7 -1.0 -11.6 14.2 8.2 2.0 7.4 -1.1 19.9 -.4 7.7 12.6 13.3 -1.2 2.3 12.3 -12.5 -.9 10.0 -21.6 9.2 -2.7 9.8 2.1 37.6 2.8 21.6 13.3 52.1 23.5 -9.6 38.2 21.5 -17.1 .8 37.8 23.7 -8.0 -17.3 49.0 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks 29 30 31 32 33 34 35 36 .6 18.4 6.0 12.5 .8 17.1 8.4 8.7 1.1 22.8 12.9 10.0 1.4 9.6 16.9 -7.3 1.4 1.0 5.6 -4.6 1.3 13.8 5.2 8.6 1.4 12.8 12.7 .1 1.4 -.2 -.4 .2 1.5 32.9 10.0 22.8 3.5 42.1 17.0 25.1 3.3 13.9 8.2 5.7 Corporate equity Issues Credit market debt Corporate bonds Open-market paper 33 34 35 36 37 38 -.1 19.5 -.1 31.4 N 24.4 .1 24.7 a 50.9 -.1 63.3 21.4 -.1 121.9 .1 -48.4 a -63.4 .1 -56.2 Profit taxes payable Miscellaneous liabilities 37 38 39 8.7 9.2 -4.6 -16.9 -23.5 -37.6 -15.5 -19.6 7.7 -65.5 40 110.2 144.3 168.9 186.3 194.7 207.5 212.7 332.0 -51.1 257.3 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 20.5 Discrepancy 162.2 Memo: Credit mkt. funds adv. (1) Consists of U.S.-chartered commercial banks, domestic afflliatestBHC's). Edge Act corporations* agencies and branches of foreign banks* and banks ln U.S. possessions. Edge Act corporations and offices of foreign banks appear together ln these tables as "foreign banking offices." IBF’s are excluded from the banking data. (2) Floats and discrepancies ln interbank deposits and loans. BILLIONS OF DOLLARS. I11/87 BASED ON INCOMPLETE INFORMATION 18 19 20 21 22 23 24 25 39 40 DECEMBER 4, 1987 Commercial Banking Subsectors Commercial Banking Subsectors Subsector Statements for Component Groups ln Commercial Banking 20 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV I I 1987 II I III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 U.S.-Chartered Commercial Banks 1 Current surplus 2 Fixed nonres. Investment 3 Net acq. of financial assets Total bank credit 4 U.S. government securities 5 Treasury issues 6 Agency issues 7 8 9 10 11 12 13 14 15 16 17 18 1,874 5.991 3,514 6,316 700 6.294 746 6,493 4.1 3.2 5.2 6.0 6.0 6.8 4.1 6.3 6.0 5.5 1 2 92.998 -29,929 79.986 -28,223 13.681 4,208 2,274 -5,555 11,407 9.763 32,417 44,256 4,897 -24 4,921 24,812 36,099 10.338 4,938 5,400 91.4 83.6 -1.3 -2.2 .9 121.5 106.4 .1 -6.7 6.8 111.5 105.8 7.4 -.2 7.6 92.8 82.9 25.0 15.3 9.7 99.0 91.4 11.4 1.8 9.6 3 4 5 6 7 8.719 -14,224 -10,789 4.988 5,857 6.157 -6,957 4,219 -3,014 10,399 9.2 -.3 9.4 -.6 9.7 -.3 13.2 .5 5.7 a 8 9 10 11 12 13 14 15 2.084 5,906 2.028 4.942 34,625 35.276 7.157 -1,249 8,406 46,938 41,576 12,477 -617 13,094 Tax-exempt obligations Corporate bonds -5,241 5,178 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 28,182 14,630 8,905 7,957 -650 -2,660 15.392 17,765 8,444 -4,433 -1.356 -5,028 74,673 -27,799 23.179 17,234 4.376 -4.845 48.399 -36,779 1.201 -1,520 -2,483 -1,889 42,097 23,465 3.038 12.547 551 2,446 18.376 16,372 3,961 12 -1.347 -622 75.9 27.3 22.3 24.4 .2 1.8 97.5 35.2 26.2 41.4 -2.3 -3.0 89.1 29.8 19.9 38.6 1.6 -.8 44.3 16.1 -6.2 32.2 1.0 1.2 74.3 19.7 4.0 46.2 -.2 4.7 -1,819 1.414 -246 -1,458 5,843 977 236 -1,600 13,715 -10,737 8.795 897 190 -1,051 -3.162 3,023 -7,626 -14,500 2.5 3.5 1.8 -.4 5.3 10.2 6.0 1.6 -2.0 5.8 -1.2 5.2 8.2 16 -4.0 17 3.4 18 31,974 40.631 13,276 497 26,858 43,029 -175 2.987 -18 -3,144 92.836 76.246 -731 2,464 74.513 25,239 36.938 22.275 622 14,041 32,152 126 4,323 -1,540 -2.657 92.8 21.5 4.3 1.7 15.5 121.5 22.9 6.8 a 16.2 109.3 25.6 .4 3.4 21.8 92.0 10.7 -2.6 -.2 13.4 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 19 Net Increase ln liabilities Checkable deposits 20 U.S. government 21 Foreign 22 Private domestic 23 -26,038 -71.018 -18,831 -1,123 -51.064 108.1 14.8 -1.1 -3.0 18.9 19 20 21 22 23 24 Small tlme&savlngs deposits 19,589 18,531 18,666 1,255 6,324 4.063 28.2 13.2 29.5 44.8 40.1 24 25 26 Large time deposits Fed. funds and security RPs -10,495 -4,299 3.161 12,548 2,093 -7,035 3.301 15,854 11.380 -6,032 6,338 3.202 23.8 10.6 42.1 22.5 10.2 17.0 39.3 20.5 43.9 25 14.8 26 27 28 29 30 31 Net Interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks -7,944 -277 134 -870 -6,931 4.216 566 -73 1.335 2,388 4.322 412 686 6,247 -3,023 10.603 3,980 22 -5.412 12.013 -4.927 -3,662 -615 -6,472 5,822 22,774 -1.307 969 11,102 12,010 -4.2 1.2 .2 -4.0 -1.7 -.6 2.7 .9 -6.3 2.1 7.3 .3 .3 -7.7 14.5 -39.9 -2.3 .4 -14.3 -23.6 -26.6 -2.7 -.2 -8.5 -15.1 27 28 29 30 31 32 33 34 35 36 37 38 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other -1,814 325 804 -17 -4,806 -164 -4.642 -802 350 316 -2 4.886 -32 4,918 -2.468 350 399 -36 299 706 -407 1,096 351 -1.192 369 876 827 376 3.019 1,551 18 23 -8 12,853 -21.139 -7,848 2,370 762 1.358 12,091 -22.497 -10,218 2.5 .6 .6 .2 9.3 6.5 2.8 -.4 1.1 .2 .1 20.3 4.8 15.5 7.1 1.3 .2 .5 10.7 5.4 5.3 6.2 .4 .2 -.5 10.4 6.9 3.5 8.5 .5 -.1 -.4 12.6 7.8 4.8 32 33 34 35 36 37 38 -6.473 -6.823 -4,279 36,117 45.146 80,869 -26.098 39 Discrepancy 40 Memo: Credit mkt. funds adv. 1,089 -12,772 40,759 1,593 2.4 -.9 -3.0 -2.9 9.6 39 36,911 84.3 109.0 112.7 87.6 95.0 40 Foreign Banking Offices ln U.S. -2.039 9,587 1.106 -247 8,732 680 6,124 733 1.195 -4 5.7 5.4 -.1 N .2 5.2 a 4.7 .1 .5 M 21.8 19.8 .5 -.1 .1 19.3 a 18.1 1.0 .1 a 16.5 15.2 .5 .1 .1 14.5 .8 13.2 .6 a a 18.1 18.0 .5 .2 a 17.2 1.3 15.5 .8 -.4 a 16.1 1 10.0 2 .6 3 -.1 4 .3 5 9.2 6 1.7 7 5.8 8 1.0 9 .6 10 -.1 11 -187 6,492 565 610 -212 -12,049 .6 -.3 -.3 .6 1.7 1.5 a -.2 1.5 .2 -1.5 3.0 12 .6 13 2.5 14 -2,039 375 1.862 5.7 3.0 2.2 21.8 2.5 6.4 16.5 .8 3.6 18.1 -5.6 7.9 16.1 15 -6.1 16 7.6 17 932 -7,449 5,407 -5,542 6,474 -12.856 -.9 .9 -1.7 10.4 3.4 7.1 10.8 5.8 5.0 9.8 -.8 10.7 12.2 18 -.8 19 13.0 20 .6 .7 -.3 2.7 1.8 -.5 1.9 4.1 3.2 21 -.7 22 7,552 7,094 1,844 1,368 3,901 413 4,576 209 -1,297 -19 12,424 8,341 1.101 2,204 5,031 406 4,419 66 140 5 17,624 18.077 789 1.203 16,073 1.682 12.800 -69 1,660 12 5,833 6,811 1.314 1.357 4,132 -321 5,970 -22 -1,495 8 -109 714 -147 2,642 -601 2.042 -900 641 -194 -855 -373 250 15 Net Increase ln liabilities Demand deposits 16 17 Time deposits 7.552 1,225 -142 12,424 -385 4,256 17,624 593 7,020 5.833 -792 -14 10,007 126 1,529 18 19 20 Net Interbank liabilities To foreign banks To domestic banks 2.264 -2,527 4,791 2.620 2,100 520 7,263 9,034 -1,771 6,770 1,861 4,909 21 22 Acceptance liabilities Miscellaneous liabilities 645 3,560 2,955 2.978 -669 3.417 -162 31 1 Net acq. of financial assets Total bank credit 2 U.S. government securities 3 4 Tax-exempt obligations Corporate bonds 5 6 Total loans Mortgages 7 Bank loans n.e.c. 8 Open-market paper 9 10 Security credit Corporate equities 11 12 13 14 Cust. liabs. on acceptances Member bank reserves Miscellaneous assets I11/87 BASED ON INCOMPLETE INFORMATION 10,007 3.162 -695 — 1,881 1,971 1,423 2,064 -336 -1,180 5 5,592 1.828 1,330 1,843 DECEMBER A. 1987 Commercial Bankins Subsectors Commercial Bankins Subsectors Subsector Statements for Component Groups in Commercial Bankins 1982 1983 198A 1985 21 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 II 1986 III IV I 1 I 1987 II III A.7 Current surplus 26.0 Fixed nonres. investment U.S.-Chartered Commercial Banks 1 2 6.1 6.6 7.1 8.6 5.8 15.7 7.1 19.6 9.2 22. A 9.0 23.6 9.6 19.8 9.7 2A.0 9.2 25.3 3.5 25.2 3 A 5 6 7 111.3 10A.2 26.7 19.A 7.3 131.3 133.9 AA.2 A3.5 .7 166.2 166.2 1.3 2.5 -1.2 193.1 183.A A.6 7.5 -2.9 177.5 163.9 A2.A 5.9 36.5 188.7 16A.9 39.1 2.A 36.7 220.7 166.5 50.1 5.2 AA.9 279.3 268.7 67.9 18.2 A9.6 -120.8 -96.8 -9.8 -A9.2 39.A 197.2 21A.6 31.5 8.2 23.3 8 9 A.6 1.7 3.8 3.6 12.6 3.2 57.2 2.3 -28. A 18.A 5.2 16.6 31.A 21.5 --10A.5 25.A -15.3 25.3 10 11 12 13 IA 15 71.2 15.A 6.7 A7.6 1.0 .5 82.3 29.0 22.7 27.5 1.1 2.0 1A9.1 AA.A A5.2 55.A -.6 A.7 119.3 A9.A 37.5 28.5 -2.8 6.8 131.5 67.0 23.3 A7.9 -.7 -5.9 103.9 57.1 28.9 35.7 -1.3 -16.5 63.6 62.5 25.1 -3.6 -5.A -15.1 279.9 96.1 11.A 189.8 2.3 -19.7 16 17 18 7.0 1.8 -1.7 A.6 -2.9 -A. 3 -2.8 3.3 -.5 -11.1 7.A 13.A -7.3 19.0 1.9 -6.A 13.0 17.3 -8.A 23.9 38.7 19 20 21 22 23 120.A 20.9 6.1 -2.2 17.1 1A2.0 15.6 -5.3 l.A 19.5 171.5 30.2 A.O 2.8 23.A 188.6 51.8 10.3 .1 Al.A 167.1 93.2 1.7 2.7 88.8 165.8 88.A 15.2 .8 72.3 215.A 81.5 19.A A.9 57.3 2A 96.A 130.8 7A.6 80.3 71.6 91.9 97.1 25 26 2.3 9.2 -38.7 1A.8 33.9 1.6 10.8 35.3 -6.6 10.9 -30.1 11.8 -A. 6 51.9 27 28 29 30 31 -23.3 1.0 -.9 -2.7 -20.7 2.0 -1.2 .2 -3.9 6.9 6.6 -.7 2.7 7.9 -3.2 -.6 .1 -.5 -9.0 8.8 .A .3 -1.5 A.l -2.A -16.9 -.3 -.6 -A. 9 -11.2 7.2 -.A -2.3 8.A 1.5 32 33 3A 35 36 37 38 9.5 .6 .6 -.1 A.A 13.2 -8.8 3.0 .8 -.2 -.1 1A.0 12.6 l.A -3.6 1.1 3.6 23.A 10.3 13.1 -10.9 l.A A.5 .1 15.9 5.5 10.3 -8.7 l.A 2.2 * 2.7 .3 2.A -A.5 1.3 3.2 -.1 20.8 -.7 21.5 39 8.7 9.2 -A.6 -16.9 -23.5 AO 110.7 158.7 165.6 162.5 136.5 K 1 2 130.6 Net acq. of financial assets 139.A Total bank credit AO.O U.S. sovernment securities 27.1 Treasury Issues 12,9 Asency Issues 3 A 5 6 7 3.9 12.3 -16.6 A3.5 8 9 -97.0 7A.9 2.9 -171.9 -A.8 1.9 166.8 93.1 5.0 60.A A.l A.3 72.A 55.9 6.8 12.A -5.2 2.5 -6.7 35.6 -18.2 l.A -31.A 5.9 -2.2 -5.7 -9.5 -2.9 13.0 -18.9 27A.0 158.9 -A.2 3.0 160.1 -97.1 -126.6 -3A.7 -1.2 -90.7 153.A 58.2 A3.A 1.7 13.1 51.A A.8 30.2 35.9 Small timeSsavings deposits 2A -3.A -AO.5 25.0 AA.O 63.6 5.9 10.7 16.5 Larse time deposits Fed. funds and security RPs 25 26 27.8 -.7 3.5 32.7 -7.8 23.9 20.2 3.A -33.6 33.9 2.3 -13.6 -3.5 -23.A A2.8 76.2 -9.A 1.3 A3.7 AO.6 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 27 28 29 30 31 -7.5 l.A 1.3 a -12.9 -.5 -12.A -11.0 l.A 1.6 -.1 88.0 1.3 86.7 2.8 1.5 1.5 .1 -7A.0 5.0 -79.0 -1.1 3.5 12.1 a -21.3 5.A -26.7 -1.5 3.3 6.2 .1 -79.A 8.9 -88.2 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other 32 33 3A 35 36 37 38 -37.6 -15.5 -19.6 7.7 -65.5 17A.9 173.2 281.6 -97.2 208.1 Tax-exempt oblisations Corporate bonds Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 172.A Net Increase in liabilities Checkable deposits 10A.3 30.9 U.S. sovernment Foreisn -1.3 7A.7 Private domestic 20.5 Discrepancy 13A.0 Memo: Credit mkt. funds adv. 10 11 12 13 IA 15 16 17 18 19 20 21 22 23 39 AO Forelsn Bankins Offices in U.S. 1 2 3 A 5 6 7 8 9 10 11 2.3 1.0 .8 -.1 .1 .1 1.1 .2 -.7 -.5 « A.6 1.9 1.7 -.1 .A -.1 .2 -.A -.A .5 M 8.5 7.3 -.6 -.1 1.8 6.3 .A 5.7 -.9 1.1 -.1 2A.0 19.1 .A -.1 3.5 15.1 .1 10.5 .3 A.2 .1 38.7 33.A 3.6 5.0 2A.8 2.9 21.9 -.2 .1 a 22.1 35.2 9.6 5.5 20.2 1.7 20.9 .8 -3.2 -.1 51.1 28.7 3.5 8.8 16.A 1.6 1A.9 .3 -.A a 52.1 58.0 3.A A.8 A9.8 6.7 A1.3 -.3 2.0 a 57.2 AO.3 3.3 5.A 31.6 -1.3 3A.7 -.1 -1.8 a 27.2 19.3 a 7.5 11.8 5.7 9.8 -1.3 -2.A a 12 13 IA .8 .3 .2 2.2 -.7 1.1 6.6 .3 -5.7 1.6 .7 2.6 1.7 .6 3.0 -.7 2.9 -15.3 8.A -2. A 16.A -3.5 2.6 -A. 9 -1.1 -1.5 19.5 25.6 2.3 -19.9 15 16 17 2.3 -1.7 10.7 A.6 .3 -9.6 8.5 -1.0 A.A 2A.0 2.1 .9 38.7 .9 9.8 22.1 .6 -6.2 51.1 -.7 18.9 52.1 3.1 22.0 57.2 -3.9 9.7 27.2 -.6 .7 18 19 20 -9.6 -11.9 2.3 10.2 10.5 -.3 .8 2.7 -1.9 17.8 A.3 13.5 12.3 13.A -1.1 7.5 -8.9 16.5 9.2 13.3 -A.l 21.A 29.1 -7.7 A2.5 9.9 32.6 -2.3 -20.8 18.5 21 22 1.5 1.3 2.2 l.A 7.3 -2.9 1.5 1.7 2.8 12.9 2.5 17.6 7.3 16.A -.9 6.5 2.2 6.7 22.3 7.1 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 1 -3.0 Net acq. of financial assets 2 Total bank credit 3A.3 U.S. sovernment securities 3 3.1 A Tax-exempt obligations Corporate bonds 5 -1.0 6 Total loans 32.2 Mortgages 7 2.7 Bank loans n.e.c. 8 22.8 9 Open-market paper 2.9 10 Security credit 3.7 a 11 Corporate equities -2.9 2.A -36.8 Cust. liabs. on acceptances Member bank reserves Miscellaneous assets 12 13 IA -3.0 Net increase in liabilities Demand deposits 2.2 Time deposits 10.0 15 16 17 -28.0 29.1 -57.1 Net Interbank liabilities To foreign banks To domestic banks 18 19 20 a 12.8 Acceptance liabilities Miscellaneous liabilities 21 22 DECEMBER 4,. 1987 Commercial Banking Subsectors. Continued 22 Commercial Banking Subsectors. Continued Commercial Banking Subsectors. Continued UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS(S MILL) 1 II 1986 III IV 1 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Domestic Affiliates of Commercial Banks (BHC’s) 7,360 7,053 7,142 5,945 -5.606 811 9.5 8.4 10.0 8.9 6.1 1 2 3 4 Credit market instruments U.S. govt, securities Bank loans n.e.c. -1.480 -1.311 -169 449 113 336 -569 -265 -304 1,199 690 509 459 508 -49 67 21 46 1.3 1.3 » -.5 -1.3 .8 2.0 1.7 .3 -.3 .2 -.5 .2 -.1 .3 2 3 4 5 6 7 8 Miscellaneous assets Inv. in bank subsidiaries Inv. in finance co. subs. Other 8.840 -164 10,834 -1,830 6.604 -32 6,734 -98 7.711 706 6,854 151 4.746 762 3,080 904 -6,065 1,358 -9,376 1,953 744 2,370 -1,490 -136 8.2 6.5 1.6 .1 8.9 4.8 4.4 -.3 8.0 5.4 3.4 -.8 9.3 6.9 2.8 -.4 5.9 7.8 -2.6 .7 5 6 7 8 1 Net acq. of financial assets 9 Net increase in liabilities 10 11 12 13 14 Net Interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 15 16 17 Miscellaneous liabilities Equity, etc. Other 7.360 7.053 7,142 5.945 -5,606 811 9.5 8.4 10.0 8.9 6.1 9 -1,585 -404 -1,181 500 3.354 -210 1,350 -1,560 2,856 -2,280 -2,079 -871 -1,208 -498 3,690 -5,346 -2,152 -3,194 2,135 5,624 4,427 1.439 2,988 1,227 1,543 -4,203 -957 -3,246 494 -902 -1.5 -1.4 -.1 2.5 1.3 -.3 -1.3 1.0 .8 6.7 2.5 1.7 .8 -.5 4.5 -2.1 .1 -2.1 1.1 5.6 -11.1 -4.9 -6.1 2.1 7.0 10 11 12 13 14 5.091 2,344 2,747 6.687 4,270 2,417 6,029 3,403 2.626 3.532 -12,803 6,098 3,885 -2.566 -16,688 5,422 5,858 -436 7.1 5.1 2.0 1.2 3.6 -2.4 3.4 5.1 -1.7 4.3 6.3 -2.0 8.1 15 8.1 16 M 17 Banks in U.S. Possessions 1 Net acq. of financial assets Demand deposits and currency 2 418 50 156 50 143 50 35 64 -59 62 -132 73 .8 .5 .6 .3 1.1 .7 1.6 .6 2.7 1.0 1 2 3 4 5 6 7 8 Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages 182 110 -19 67 10 14 45 -14 -47 71 10 25 54 24 -60 70 25 -5 83 -24 80 23 4 37 -35 -27 80 35 -16 70 -54 17 87 38 -18 .3 .2 -.1 .1 H .1 .2 -.1 .3 .2 .1 -.3 ■ e -.2 .1 .1 N .5 .1 .3 M .1 H -1.1 -.3 -.7 -.3 .1 K 3 4 5 6 7 8 9 Miscellaneous assets 2.9 9 10 Net Increase in deposit liab. 186 61 39 -112 -158 -275 K .1 .4 .5 418 156 143 35 -59 -132 .8 .6 1.1 1.6 II1/87 BASED ON INCOMPLETE INFORMATION 2.7 10 DECEMBER 4, 1987 Commercial Banking Subsectors, Continued Commercial Banking Subsectors, Continued 23 Commercial Banking Subsectors, Continued SEASONALLY ADJUSTED ANNUAL RATES 1983 1982 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 1 II 1986 III IV I 1 I 1987 II III Domestic Affiliates of Commercial Banks (BHC’s) 1 18.8 16.8 24.7 24.3 39.5 32.6 21.8 25.4 30.9 -18.7 2 3 4 -2.2 -1.2 -1.0 1.2 1.6 -.4 .6 .5 .1 4.0 4.7 -.6 -3.1 -2.8 -.3 -5.9 -5.2 -.7 1.8 .5 1.3 -2.3 -l.l -1.2 4.8 2.8 2.0 1.8 2.0 -.2 .3 .1 .2 5 6 7 8 21.0 13.2 7.2 .6 15.6 12.6 2.4 .5 24.1 10.3 12.5 1.3 20.2 5.5 15.0 -.3 42.6 .3 40.8 1.4 38.6 -.7 49.7 -10.5 20.0 -.5 28.4 -7.9 27.6 1.3 23.8 2.5 26.1 5.0 6.2 14.9 -20.5 5.4 -28.3 2.4 -4.8 8.9 -5.5 -8.2 -4.5 Net acq. of financial assets 1 Credit market instruments U.S. govt, securities Bank loans n.e.c. 2 3 4 Miscellaneous assets Inv. in bank subsidiaries Inv. in finance co. subs. Other 5 6 7 8 9 18.8 16.8 24.7 24.3 39.5 32.6 21.8 25.4 30.9 -18.7 10 11 12 13 14 -2.8 -.7 -2.2 5.4 1.4 -10.6 -7.4 -3.1 8.6 3.5 .8 1.4 -.6 9.3 6.3 2.7 3.2 -.5 12.4 2.1 .6 -.7 1.3 3.4 1.2 -3.1 -1.6 -1.5 2.0 10.6 -7.3 5.4 -12.7 11.4 .3 -11.5 -3.5 -8.0 -2.0 12.1 -14.3 -8.6 -5.7 8.5 17.8 21.5 5.8 15.7 4.9 3.9 -24.6 -3.8 -20.8 2.0 7.1 Net interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 10 11 12 13 14 15 16 17 14.9 14.0 .9 15.3 14.3 .9 8.3 9.9 -1.6 7.1 7.5 -.5 34.3 17.4 16.9 23.2 9.4 13.8 17.3 17.1 .2 26.8 13.6 13.2 18.8 24.4 -5.6 -48.9 15.5 -64.5 10.9 23.4 -12.5 Miscellaneous liabilities Equity, etc. Other 15 16 17 -4.5 Net increase in liabilities 9 Banks in U.S. Possessions 1 2 -1.1 -.1 .7 -.3 -4.5 -1.1 .1 -.1 .9 .2 1.7 .2 .6 .2 .6 .2 .1 .3 -.2 .2 -.5 Net acq. of financial assets .3 Demand deposits and currency 1 2 3 4 5 6 7 8 -.5 .3 * -.3 -.2 -.3 2.9 1.1 1.0 .7 -.1 .2 -3.3 -.6 -1.8 -.7 .3 -.5 .3 .1 .1 .3 .1 -.1 .3 .1 .1 .7 .4 -.1 .3 N .1 .2 -.1 -.2 .3 M .1 .2 .1 -.2 .3 .1 a .3 -.1 .3 .1 H .1 -.1 -.1 .3 .1 -.1 .3 -.2 .1 .3 .2 -.1 Credit market Instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages 3 4 5 6 7 8 9 -.5 -1.9 M -.1 .4 .7 .2 .2 -.4 -.6 -l.l 10 -l.l .7 -4.5 .1 .9 1.7 .6 .6 .1 -.2 BILLIONS OF DOLLARS. N H H III/87 BASED ON INCOMPLETE INFORMATION Miscellaneous assets 9 -.5 Net Increase in deposit liab. 10 DECEMBER 4, 1987 Nonbank Finance Summary Nonbank Finance Summary 24 Private Nonbank Financial Institutions UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Private Nonbank Financial Institutions - Total 1,221 5.154 2,830 4,098 2,510 3,995 11.2 5.6 14.9 5.5 12.8 6.8 10.3 7.8 2.5 10.4 1 2 162,372 174.607 161,399 167,828 142,699 121,742 3 Net acq. of financial assets -944 -1,843 -89 8.220 -3,086 1,326 Demand deposits and currency 4 16,101 3,741 10,729 4,817 4,682 1,738 Time and savings deposits 5 1,264 -127 350 1,256 800 1,135 Money market fund shares 6 -640 -911 -4,713 15.750 -3,130 7,258 Security RPs 7 2,878 585 -468 4,929 -3,176 -1.212 Foreign deposits 8 202.7 .9 5.0 .2 3.0 250.5 2.2 12.8 1.4 5.5 4.6 248.8 2.4 14.3 2.3 3.9 1.7 312.2 2.5 22.7 7.6 16.4 12.1 3 4 5 6 7 8 1 Current surplus 2 Fixed nonres. investment 1,791 4,019 -6,000 4,198 -339 3,972 N 227.1 2.7 10.4 .5 1.8 .5 9 10 Mutual fund shares Other corporate equities 1,798 20,014 784 13,771 .4 10.9 -.5 12.3 1.0 16.8 1.5 23.5 11 12 13 14 15 16 17 130,869 147,059 123.243 125,868 105,900 Credit market instruments U.S. government securities 54,938 51,573 58,357 69,949 35,683 15,977 14,829 -4,577 11,809 Tax-exempt obligations 13,475 17,609 24,070 28,466 31,298 36,810 Corporate 8 foreign bonds 25,913 13,955 -7,801 19,106 22,534 Mortgages 15,890 5,780 -5.506 13,331 8,742 Consumer credit 3,329 17,015 4,876 23,099 Other loans 12.410 98,085 33,546 -2,386 18,815 26,112 11,469 10,529 169.1 21.9 13.5 35.2 68.4 14.1 16.0 175.6 16.5 15.2 35.5 71.6 17.3 19.4 184.7 24.6 10.9 25.7 66.9 19.4 37.3 176.4 46.1 9.6 35.0 45.5 8.2 32.0 18 19 20 Security credit Trade credit Miscellaneous assets 3,353 175 5.178 1.0 1.3 11.0 1.6 1.5 20.7 1.1 1.9 18.2 6.5 2.0 14.3 165,537 180,405 162,965 179,712 131,783 129.369 21 Net increase in liabilities 9,691 17,063 11,907 14,085 15,223 18.472 Thrift deposits 22 4,821 17,001 -2,991 12.365 -2,985 12.318 Money market fund shares 23 1,967 2,903 3,708 17,014 1,853 9,161 24 Security RPs (SSL) Insurance 8 pension reserves 39,060 65,980 38,023 70,827 49,321 56,687 25 47,963 53,758 39.109 39,659 23,617 13,157 Corporate equity issues (1) 26 197.3 69.7 .2 1.9 71.9 3.1 214.3 59.1 6.9 2.1 87.8 .9 237.2 46.9 34.4 .5 93.7 1.7 237.1 53.6 30.8 2.1 109.7 4.2 28.8 5.7 5.6 .3 a a .5 13.4 9.2 -1.0 -.8 7.1 33.7 27 2.4 28 W 29 1.2 30 13.9 31 16.2 32 1.975 6,424 -208 1,080 7,897 2,417 7,241 976 1,409 3,927 1,940 16,095 3,674 931 6,404 4-214 9,817 -2,708 808 6.754 2,818 395 3,050 -2.3 9 30.3 10 209.9 63.5 7.4 29.1 29.4 12.6 67.9 11 12 13 14 15 16 17 -2.4 18 2.6 19 12.7 20 309.0 25.9 109.8 3.0 107.9 5.2 21 22 23 24 25 26 27 28 29 30 31 32 Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 31.140 12.497 322 1,829 8.883 7,609 23,908 12,518 -137 484 6,847 4,196 41,882 21,476 -98 2.993 7,902 9,609 20,369 21.985 74 -4,571 4,766 -1,885 30,352 12,241 42 549 9.945 7,575 28,283 18,298 44 -421 4,607 5.755 21.3 8.9 -.2 8.4 4.3 29.2 6.8 .2 1.8 7.9 12.5 33 34 35 Security credit Profit taxes payable Miscellaneous liabilities -5,424 -97 21,798 -8,222 -58 23.107 6.719 -67 16,626 -6,149 94 10.655 413 66 4,294 -170 88 9.427 .9 .7 27.5 K .8 27.4 1.1 -.2 30.5 6.0 -.8 26.0 2.5 33 -1.2 34 22.1 35 920 1,551 -8,804 7.448 -12,204 6,132 .2 -3.3 -7.2 -9.2 -11.3 36 36 Discrepancy a (1) Includes mutual fund shares. Savln9s Institutions Combined 1.358 397 1,218 336 917 790 853 359 1,355 340 1,132 339 3.8 .9 5.1 1.0 4.3 1.3 1.2 1.5 -6.4 1.3 1 2 3 Net acq. of financial assets Demand deposits and currency 4 Time deposits 5 Security RPs 6 43.673 430 860 2.797 31,038 -886 982 -506 30,876 5.710 6.523 -7,032 13,321 -4,718 -3,268 11,064 40,845 -141 4.238 -5.851 25,890 -1.851 -6,234 -4,101 84.9 M 1.0 2.9 81.3 1.1 -.7 1.7 66.1 .5 -1.5 3.4 65.8 1.7 5.0 .7 43.1 2.6 -.8 7.4 3 4 5 6 Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds 315 34.768 20,734 -130 -166 364 31,268 13.652 189 1.635 238 23,483 10.820 -184 -1,391 511 4,399 10.628 -155 3,766 32 45,310 22.720 -15 4,210 -154 36,231 12.858 -68 -1,541 .4 78.6 7.0 .4 1.2 .1 71.3 4.5 .6 .1 -.1 55.4 1.0 -.5 -1.1 -.5 51.3 18.1 -.5 .7 -.6 7 26.2 8 3.6 9 a 10 -.3 11 6.746 6,358 940 -570 18 7.387 5,978 1,576 -151 -16 7,175 -9,011 2.837 -12,528 2.894 1.797 1,719 1,428 16 1 17,504 14,249 1,912 1.341 2 19.807 16,281 1,926 1.598 2 61.9 52.1 4.9 4.9 K 57.8 50.0 4.3 3.5 a 48.2 42.8 2.1 3.3 K 29.6 28.0 K 1.6 17.1 15.9 -.7 1.9 - 12 13 14 15 16 4.197 990 1,493 904 4,503 3,516 254 938 3,697 -184 3.562 -221 3,014 708 1.954 175 -226 -584 -194 5.333 4,496 288 306 -4,199 -2,743 5.052 36 -475 562 1,999 8.1 .3 -.3 2.1 7.3 .5 .6 7.8 3.6 2.4 1.8 8.3 .3 .8 2.4 7.7 4.5 -1.3 .4 2.0 8.3 17 18 19 20 21 22 Net Increase in liabilities Deposits 23 Checkable 24 Small time and savings 25 Large time 26 Security RPs 27 Cr. mkt. instr. (SSL) 28 Profit taxes payable 29 Miscellaneous liabilities 30 41,531 18.472 7,031 10.242 1,199 9,161 12,135 -12 1,775 28,942 17,063 3,869 11,642 1,552 1,967 5.842 -7 4,077 29.111 11,907 6,099 10,005 -4,197 2.903 13.020 -53 1,334 11,740 14,085 2.057 15.784 -3.756 3.708 2.133 2 -8,188 39,529 9,691 4,323 6,716 -1,348 17,014 10,458 -24 2,390 24,066 15.223 -200 9,562 5,861 1,853 8,646 -19 -1,637 80.8 69.7 1.0 66.4 2.3 1.9 6.9 .2 2.1 76.5 59.1 1.0 51.9 6.2 2.1 13.5 .2 1.6 62.4 46.9 1.2 30.2 15.5 .5 12.6 -.2 2.6 66.1 53.6 2.0 38.8 12.7 2.1 7.4 -.3 3.4 49.6 25.9 8.6 7.5 9.8 3.0 15.5 -.3 5.5 22 23 24 25 26 27 28 29 30 31 Discrepancy -1.181 -1,214 -1,638 -1,087 -301 -1,031 -1.1 -.7 -.7 a 1 Current surplus 2 Fixed nonres. investment 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Mortgages Home mortgages Multi-family Commercial Farm Consumer Install, credit Consumer noninstall.credit Other loans (to business) Open-market paper Miscellaneous assets II1/87 BASED ON INCOMPLETE INFORMATION ii -1.2 31 DECEMBER 4, 1987 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions 25 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1 1 II 1986 III IV 1 1 I 1987 II III 6.3 Current surplus 16.0 Fixed nonres. Investment Private Nonbank Financial Institutions - Total I 2 .6 10.6 6.9 10.8 -3.4 13.8 -.3 17.0 -3.3 17.5 1.8 16.1 1.5 20.6 -23.0 16.8 8.1 15.9 4.7 16.4 3 4 5 6 7 8 277.4 6.7 22.6 -.8 6.9 4.9 343.0 2.5 -3.6 -1.5 12.9 -1.8 479.0 3.6 -2.0 5.2 22.4 -.7 531.0 14.0 9.1 1.4 11.5 -2.2 664.5 8.3 22.3 4.5 9.8 3.1 629.9 2.4 11.9 4.5 50.2 15.8 748.3 3.6 47.5 5.1 -7.6 -.3 628.1 20.9 16.0 5.0 -18.5 1.5 652.0 -.6 9.8 3.2 42.1 15.2 555.1 -7.4 72.0 -.5 12.2 -8.1 9 10 .7 25.2 2.0 49.1 2.5 17.3 11.4 31.3 7.2 42.9 7.9 24.9 9.7 23.7 7.8 68.2 16.9 40.8 7.2 80.0 3.1 49.0 11 12 13 14 15 16 17 164.0 108.5 14.6 25.9 -12.7 10.4 17.2 251.5 80.2 8.7 38.8 67.5 25.7 30.6 390.9 110.3 9.2 61.8 99.4 33.2 77.0 393.2 122.0 31.6 71.8 84.0 45.6 38.1 532.1 218.3 64.7 94.1 63.7 37.6 53.8 501.0 222.7 62.4 51.1 60.5 46.3 58.0 632.5 229.6 69.6 102.8 85.6 55.5 89.4 453.3 240.0 44.8 99.9 44.8 14.3 9.6 522.3 243.4 47.2 156.2 3.5 4.5 67.6 404.5 143.7 -9.2 128.0 86.5 27.3 28.1 438.6 160.1 -3.0 79.6 100.9 36.3 64.6 18 19 20 3.7 2.1 41.3 7.4 2.0 22.6 -3.0 2.8 39.9 16.1 2.2 43.0 7.1 4.7 22.5 -.8 4.3 7.7 3.9 5.6 24.7 14.7 3.7 55.5 -10.8 3.2 9.7 11.3 1.6 -17.7 13.4 .7 33.6 21 22 23 24 25 26 282.3 62.3 32.7 -1.2 127.1 12.4 334.0 132.5 -40.4 13.9 139.4 29.0 504.9 133.1 54.2 18.8 134.2 36.0 541.9 80.0 10.2 -1.9 175.0 96.3 690.2 74.8 48.3 14.2 180.2 170.2 671.2 79.6 56.7 42.5 155.3 162.9 735.2 73.1 69.8 3.6 264.3 165.8 672.0 66.0 21.5 7.5 146.7 191.9 663.0 25.0 -3.7 16.4 290.4 198.8 27 28 29 30 31 32 7.0 6.8 .1 1.9 -2.6 .8 14.4 8.9 M -.1 12.6 -7.0 54.1 23.3 .4 .7 14.1 15.7 87.8 31.7 .1 2.6 39.3 14.2 116.2 63.5 .1 4.0 28.8 19.8 107.7 61.0 1.3 4.3 23.4 17.7 89.7 40.8 -.5 5.5 34.2 9.7 154.0 78.9 -.4 2.5 32.3 40.7 33 34 35 3.6 .1 38.4 3.8 .1 41.4 5.2 -. l 69.4 22.9 .1 71.5 1.4 -.2 85.0 -25.5 -.3 92.4 -28.8 -.2 97.9 36 -5.2 -12.8 8.4 -6.8 4.4 26.9 -33.5 543.8 Net acq. of financial assets -2.6 Demand deposits and currency Time and savings deposits 21.1 Money market fund shares 1.4 -6.4 Security RPs -8.2 Foreign deposits 1 2 3 4 5 6 7 8 Mutual fund shares Other corporate equities 9 10 Credit market instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Mortgages Consumer credit Other loans 11 12 13 14 15 16 17 Security credit Trade credit Miscellaneous assets 18 19 20 547.5 44.6 .1 76.4 196.9 102.9 530.4 Net increase in liabilities Thrift deposits 65.2 Money market fund shares 24.7 Security RPs (S&L) 1.9 Insurance 8 pension reserves 225.5 Corporate equity Issues (1) 60.3 21 22 23 24 25 26 122.4 94.3 .3 -8.0 24.6 11.2 102.1 61.1 .2 -1.5 26.2 16.1 105.2 62.4 .2 2.0 25.3 15.3 12.5 -.4 72.1 -11.0 .4 24.3 -1.5 .3 25.7 3.2 .4 43.9 3.4 2.7 -19.3 Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 27 28 29 30 31 32 Security credit Profit taxes payable Miscellaneous liabilities 33 34 35 -23.2 Discrepancy 36 Cl]I Includes mutual fund shares. ____ _______ __________________ __________________ ____________________ _________________ _________ _________ _________ Savings Institutions Combined 4.5 Current surplus 1.4 Fixed nonres. investment 1 2 1 2 -6.4 1.7 .5 1.9 2.9 2.0 5.9 1.9 5.1 2.0 5.4 1.6 4.9 1.3 3.7 3.2 3.4 1.4 5.4 1.4 3 4 5 6 71.1 2.2 16.0 1.2 156.8 3.1 2.8 6.4 184.2 2.3 -8.1 8.5 119.5 5.2 7.0 4.5 134.3 4.6 11.0 2.3 161.7 .1 7.5 14.2 123.7 .6 15.2 -2.0 144.1 16.7 19.0 -23.1 47.3 -14.4 -21.4 35.3 149.3 -3.0 22.2 -19.9 103.2 Net acq. of financial assets Demand deposits and currency -2.5 Time deposits -13.7 -16.4 Security RPs 7 8 9 10 11 -.5 22.9 38.3 -.3 1.0 .3 135.6 53.0 -.2 8.3 -.2 150.2 21.3 -.3 5.9 -.1 83.0 -9.2 .6 .3 .9 105.5 52.5 -.3 .1 1.3 116.1 65.2 -.5 -.4 1.5 121.7 66.5 .8 5.1 1.0 111.5 67.3 -.7 -4.1 2.0 28.9 24.0 -.6 15.0 .1 154.9 69.9 -.1 16.9 -.6 141.8 63.8 -.3 -7.7 12 13 14 15 16 -24.5 -30.9 1.6 4.9 « 53.5 30.0 7.0 16.6 - 86.6 50.9 14.4 21.3 a 58.5 33.7 14.5 10.3 .1 24.0 11.4 7.3 5.3 * 19.5 22.3 3.8 -6.6 .1 17.3 11.0 6.3 .1 -.1 29.3 14.6 11.6 3.1 .1 -16.0 -37.6 7.2 14.3 a 62.8 54.7 7.6 .4 a 66.8 51.9 7.7 7.2 a 17 18 19 20 21 5.4 -.7 .2 3.6 29.2 14.8 -.2 2.4 3.8 8.5 23.8 .8 8.7 3.6 31.4 19.0 2.0 5.6 6.1 19.9 11.5 1.9 6.7 9.1 9.9 13.5 4.7 4.8 9.3 22.5 13.7 -1.7 6.4 13.7 -13.3 11.8 .6 9.2 -1.7 19.0 7.9 -.5 -.6 -.2 17.0 14.2 2.1 -.2 -10.8 -5.0 20.1 -3.1 1.3 .9 -5.4 22 23 24 25 26 27 28 29 30 76.6 62.3 8.0 42.6 11.6 -1.2 2.5 * 13.1 157.7 132.5 11.3 86.1 35.2 13.9 -2.1 a 13.4 185.5 133.1 7.8 75.7 49.6 18.8 22.7 a 10.9 116.6 80.0 12.9 61.4 5.6 -1.9 22.3 .1 16.1 127.2 74.8 18.8 52.9 3.1 14.2 29.8 a 8.5 152.7 79.6 23.6 56.6 -.6 42.5 24.8 -.1 5.9 115.2 73.1 18.0 45.7 9.5 3.6 18.1 a 20.3 137.8 66.0 23.7 64.0 -21.7 7.5 49.9 -.3 14.6 41.0 25.0 11.3 20.9 -7.2 16.4 44.5 a -44.9 143.5 44.6 12.0 44.9 -12.4 76.4 13.8 -.1 8.9 95.7 Net increase in liabilities Deposits 65.2 Checkable .3 Small time and savings 37.8 Large time 27.1 1.9 Security RPs Cr. mkt. instr. (S&L) 29.4 Profit taxes payable Miscellaneous liabilities -.9 22 23 24 25 26 27 28 29 30 31 -2.6 -.6 2.2 1.2 -4.0 -5.1 -5.1 -5.8 -4.4 -1.7 -4.3 Discrepancy 31 BILLIONS OF DOLLARS. 111/87 BASED ON INCOMPLETE INFORMATION Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family Commercial Farm Consumer install, credit Consumer noninstall.credit Other loans (to business) Open-market paper Miscellaneous assets 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 DECEMBER 4, 1987 Savings Institutions Savings Institutions 26 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 198$ III IV I 1 1987 II I III 1977 Savings and Loan Associations 1 Current surplus 2 Fixed nonres. Investment 3 Net acq. of financial assets A Demand deposits 8 currency 5 Time deposits 6 Fed. funds & security RPs BILLIONS OF DOLLARS 1978 1979 1980 1981 (1) 9A5 397 837 336 733 790 703 359 905 3A0 819 339 2.7 .9 3.6 1.0 3.3 1.3 l.A 1.5 -5.2 1.3 1 2 32.935 1.27A -1.9A2 1,591 18.A89 -30A -883 731 18,029 3,832 6.512 -A.A3A -69A -3.7A2 -6,390 6.253 31,530 2A8 889 -1,823 17,027 -518 -390 -1,238 63.8 -.2 .1 2.3 62.9 .1 .A 1.7 55.7 .5 -2.2 2.5 51.6 .5 2.5 -.7 35.1 1.0 -.7 A.2 3 A 5 6 12.119 -3,379 9.760 A9 -565 -2,692 A,933 1,522 -22 A,993 33.510 3.57A 16,766 -33 A,850 21,015 1.AA5 11.112 -32 -1,136 60.1 -1.0 A.9 56.1 M A.6 .1 A9.3 -2.9 3.9 -.1 - A6.2 5.7 8.1 23.2 7 -A.2 8 6.6 9 .1 10 .7 11 A58 -12.5A1 311 1.081 3.01A -58A 1,701 -1.30A 5,877 - 9.059 1,766 306 -2,778 -1.29A 9.639 1,288 -A75 -826 -1.8A2 55.1 1.5 -.3 1.3 50.8 .3 .A A.6 AA.O 3.7 .7 5.6 28.3 2.6 1.5 3.1 17.7 .6 .A 1.2 7.A 12 13 IA 15 16 7 8 9 10 11 Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 28,131 3,337 15.61A -105 189 19,807 2.230 9,091 63 1.A60 12 13 IA 15 16 Mortgages Consumer credit Other loans (to business) Open-market paper Miscellaneous assets A, 989 2,685 1.A93 -71 3,881 2,737 651 938 2,637 -862 17 Net Increase in liabilities 18 Deposits 19 Checkable 20 Small time and savings 21 Large time 22 Security RPs 32,003 9,702 3,A56 6,363 -117 9,161 17.9A3 9.97A 1.7A5 9,569 -1.3A0 1,967 17.860 5,011 3,311 7,110 -5.A10 2,903 -1.A83 3,393 -799 13.923 -9,731 3,708 30.882 A, 300 1.AA7 A. 098 -1.2A5 17.01A 16,157 11.088 -A21 9.7A9 1.760 1,853 61.1 50.9 .2 A8.6 2.1 1.9 59.6 AA.2 .1 38.7 5.3 2.1 53.0 39.1 .3 2A.8 1A.0 .5 51.9 A1.8 .5 30.A 10.9 2.1 AO.8 20.0 7.3 3.9 8.8 3.0 17 18 19 20 21 22 23 2A 25 26 Credit market instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bank loans 12,135 7A5 3,781 7,609 5.8A2 1.8A3 -197 A,196 13,020 165 3.2A6 9,609 2,133 2,819 1.199 -1,885 10.A58 -696 3,579 7,575 8.6A6 652 2,239 5,755 6.9 1.2 l.A A.3 13.5 .7 .3 12.5 12.6 l.A 2.0 9.2 7.A .A -.1 7.1 15.5 -.5 -.2 16.2 23 2A 25 26 27 28 Profit taxes payable Miscellaneous liabilities -12 1,017 -7 167 2 -53 -3.021 -10,719 -2A -866 -19 -5.All .2 1.2 .2 -.3 -.2 1.1 -.3 .9 29 Discrepancy 30 Memo: Acq.of credit mkt.Inst. N -.3 27 2.6 28 -38 A -A5 -226 -AA5 -83 -390 -.8 -.6 -.7 .2 -.8 29 28,131 19,807 12,119 -2,692 33,510 21,015 60.1 56.1 A9.3 A6.2 23.2 30 (1) Includes most federal savings banks that are insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banks (2) 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency A Time deposits 5 Fed. funds and security RPs 6 7 8 9 10 11 Corporate equities Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 12 13 IA 15 Mortgages Consumer credit Open-market paper Miscellaneous assets 16 Net increase In liabilities 17 Deposits 18 Checkable 19 Small time 8 savings 20 Large time 21 Miscellaneous liabilities 22 Discrepancy 386 A19 257 200 A25 293 .7 .9 .7 -.A -1.8 1 2,111 -5AA 72 5.A87 -A82 -8 -693 7,520 1,678 -2 -1.965 A,365 -1,376 -8 1.676 2,790 -189 3 -1.87A 7.9A3 -A33 -982 12.5 10.9 1.0 .3 8.2 1.1 .6 N 5.2 -.3 -.3 .9 A.2 1.2 -.1 1.5 2 3 A 5 315 2,676 -100 722 -25 -355 36A 5,875 200 8A5 126 175 238 7,168 A00 3.AA3 -233 -826 511 3,996 3A3 1,335 -133 -1,227 32 A,779 107 252 18 -6A0 -15A 8.939 -A 38 1.762 -36 -A05 .A 11.2 .1 2.6 .A 1.2 .1 8.7 -.9 1.7 .5 .1 -.1 A.A -.2 1.3 -.A -1.1 -.5 5.9 .8 2.5 -.5 .7 687 772 975 -A 08 3,230 239 1,060 A31 A,712 665 -993 A03 2.3A7 221 1,110 -A3A 5.863 600 -1.A21 39 6.257 All 1,388 573 6.6 .5 .3 6.A .7 .2 .8 3.6 .1 1.1 .5 .6 1.0 .9 1.0 -.A .7 .8 1.2 12 13 IA 15 928 170 2.807 -3,917 1.280 758 3,899 1,089 1,881 -3.6A9 2,857 2,810 5,851 1,896 2.028 -1,303 1,171 3.955 3,523 1,592 2.5AA -6,908 5,956 1.931 2.1A7 -809 2,188 -2.906 -91 2,956 7,009 3.935 3A3 -378 3,970 3.07A 11.5 11.1 .5 10.A .2 .A 10.0 8.6 .A 7.A .8 l.A A.6 3.A .5 1.5 l.A 1.2 8.3 7.5 .6 5.3 1.7 .8 5.5 3.0 .5 1.6 .9 2.6 16 17 18 19 20 21 -797 -1,169 -1.A12 -6A2 -218 -6A1 -.3 « M -.2 -.A 22 M ■ « K .6 -.6 6 .9 7 -.2 8 1.2 9 -.1 10 -1.0 11 (2) Includes federal savings banks insured by FDIC and a few insured by FSLIC. Credit Unions 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency A Time deposits 5 At banks 6 At savings and loans 7 Fed.funds 8 security RPs 8 9 10 11 12 13 IA Credit market instruments U.S. government securities Treasury issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 15 Net increase In liabilities 16 Shares/Deposits 17 Checkable 18 Small time 8 savings 19 Large time 20 Miscellaneous liabilities 27 -38 -73 -50 25 20 .5 .6 .3 .2 .6 1 8,627 -300 2,802 1,6A1 1,161 1»13A 7,062 -100 1.873 951 922 -5AA 5,327 200 13 35 -22 -633 9.650 A00 3.130 1,375 1,755 3,135 6,525 -200 3.3A6 2,516 830 -2.15A 920 -900 -5.8AA -3.A27 -2.A17 -1.881 8.7 .1 .9 .A .A - 7.5 .1 -l.A -.6 -.8 5.1 .2 1.0 .7 .A - 6.1 .1 2.A 1.7 .7 .7 3.9 .A -.3 .A 1.7 2 3 A 5 6 7 3,961 1,161 877 28A 1,070 1.730 1,030 5.586 1,286 567 719 1.A20 2,880 2A7 A,196 596 205 391 2,005 1,595 1,551 3.095 2.A95 1.252 1.2A3 1,183 -583 -no 7,021 2,021 830 1,191 2,582 2.A18 -1.A88 6,277 -1,023 969 -1.992 3.911 3,389 3,268 7.2 .5 .1 .A .3 6.A .5 6.A -.8 -.7 -.1 .6 6.7 2.3 1.7 -1.1 -.1 -1.0 .6 2.2 2.1 -.8 1.0 .3 .7 .7 -2.5 3.6 2.0 .3 .1 .3 -.2 1.9 -.3 8 9 10 11 12 13 IA 8.600 8,600 768 7,796 36 - 7,100 6,000 2A3 5.722 35 1,100 5.A00 5.000 760 A. 198 A2 A00 9,700 9,100 312 8,769 19 600 6,500 6,200 688 5.52A -12 300 900 200 -122 191 131 700 8.2 7.7 .A 7.3 .5 6.9 6.A .A 5.8 .1 .6 A.8 A.A .A 3.9 .1 .3 5.9 A.2 .9 3.1 .2 1.6 3.3 2.9 .8 2.0 .1 .A 15 16 17 18 19 20 II1/87 BASED ON INCOMPLETE INFORMATION « DECEMBER 4. 1987 Savings Institutions Savln9S Institutions 27 Sector Statements of Savins and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 I 1 1986 III II Savings and Loan Associations IV I 1 I 1987 II III (1) 1 2 -5.1 1.7 .5 1.9 2.2 2.0 4.3 1.9 3.6 2.0 3.8 1.6 3.3 1.3 2.9 3.2 2.8 1.4 3.6 1.4 3 4 5 6 55.8 1.9 7.2 .4 121.4 3.4 1.2 5.9 158.1 1.8 -5.5 6.9 81.3 3.0 2.3 .5 85.8 3.6 4.0 -.2 117.0 3.6 -3.5 6.4 70.0 .8 3.8 2.9 79.4 13.0 17.9 -17.7 11.8 -12.3 -29.7 25.0 109.5 -1.4 9.2 -7.3 63.7 Net acq. of financial assets .4 Demand deposits 8 currency 6.1 Time deposits -5.0 Fed. funds 8 security RPs 7 8 9 10 11 20.0 5.4 29.8 -.5 2.1 104.7 10.3 29.8 .1 5.4 124.9 3.8 16.9 -.2 7.4 59.8 -12.9 1.2 .4 2.8 73.2 .9 41.1 -.2 2.0 90.0 .9 56.7 -.4 .8 79.5 17.6 37.1 .3 5.8 65.8 .4 47.5 .2 -2.3 -4.5 9.3 2.8 -.1 20.0 108.0 -.5 60.2 -.1 19.4 85.1 14.4 45.5 -.1 -4.5 Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 7 8 9 10 11 12 13 14 15 16 -21.8 1.9 .2 2.7 26.4 47.1 5.8 2.4 3.7 6.3 77.5 8.5 8.7 2.4 30.0 47.8 10.8 5.6 4.1 15.8 10.1 5.6 6.7 6.9 5.2 8.6 10.2 4.8 8.5 20.6 1.6 1.6 6.4 9.0 -17.1 3.1 4.2 9.2 3.5 .4 -29.4 3.1 -.6 -9.5 33.3 23.9 6.4 -.2 -1.1 .9 29.7 4.0 1.3 -5.2 -22.8 Mortgages Consumer credit Other loans (to business) Open-market paper Miscellaneous assets 12 13 14 15 16 17 18 19 20 21 22 61.2 46.8 5.7 29.7 11.4 -1.2 123.9 101.8 6.3 65.8 29.6 13.9 160.6 112.4 4.0 65.8 42.7 18.8 81.8 51.7 6.4 45.5 -.2 -1.9 83.9 41.5 8.9 37.4 -4.9 14.2 112.9 44.9 11.6 39.3 -5.9 42.5 67.6 41.4 9.4 30.0 2.1 3.6 79.4 27.3 11.7 46.0 -30.3 7.5 8.6 -3.0 -1.6 30.1 -31.5 16.4 106.3 23.5 3.2 32.2 -11.8 76.4 23 24 25 26 2.5 .2 1.5 .8 -2.1 M 5.0 -7.0 22.7 1.2 5.8 15.7 22.3 3.6 4.5 14.2 29.8 3.6 6.4 19.8 24.8 4.5 2.6 17.7 18.1 6.5 1.8 9.7 49.9 -1.4 10.6 40.7 44.5 12.9 20.4 11.2 27 28 N 13.1 10.4 K 6.8 .1 9.6 H -1.5 -.1 .7 K 4.5 -.3 -5.0 M -49.3 29 -1.4 1.1 2.8 2.9 -.3 -1.9 -.4 -.1 -1.8 -.9 30 20.0 104.7 124.9 59.8 73.2 90.0 79.5 65.8 -4.5 108.0 3.3 Current surplus 1.4 Fixed nonres. investment 1 2 3 4 5 6 60.1 Net increase ln liabilities 45.6 Deposits -.8 Checkable 33.0 Small time and savings 13.3 Large time 1.9 Security RPs 17 18 19 20 21 22 13.8 -1.1 -1.2 16.1 29.4 1.7 12.4 15.3 Credit market instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bank loans 23 24 25 26 -.1 -7.2 -16.8 Profit taxes payable Miscellaneous liabilities 27 28 -1.7 Discrepancy 85.1 Memo: 29 Acq.of credit mkt.inst. 30 (1) Includes most federal savlnss banks that are Insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banks (2) 1 -1.8 -.6 -.4 .6 1.4 1.5 1.7 1.0 .8 1.7 2 3 4 5 4.4 .1 1.4 19.3 -.7 N -.6 10.3 .1 -1.4 1.3 12.9 1.6 -.3 .3 19.6 .3 » K 14.8 -2.3 3.3 23.0 .2 M -2.8 33.7 2.9 K -2.8 5.3 -3.7 -2.3 18.5 -.8 M -4.0 33.5 Net acq. of financial assets .7 Demand deposits and currency Time deposits -3.9 Fed. funds and security RPs 6 7 8 9 10 11 -.5 .7 .7 1.2 .2 -1.1 .3 18.8 3.8 6.0 -.3 3.0 -.2 10.1 -.2 .5 -.1 -1.5 -.1 9.7 -.6 -.6 .2 -2.5 .9 17.4 .7 6.1 -.1 -1.8 1.3 12.5 .7 3.4 -.1 -1.2 1.5 23.5 1.0 6.6 .5 -.7 1.0 25.5 1.5 11.6 -.9 -1.8 2.0 18.1 .2 3.4 -.5 -5.0 .1 20.7 1.7 1.5 .1 -2.5 -.6 35.8 -1.7 11.1 -.1 -3.2 Corporate equities Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 6 7 8 9 10 11 12 13 14 15 -2.5 1.4 .8 2.6 3.6 2.6 .1 1.5 6.9 3.4 1.2 .3 7.6 3.7 2.0 1.7 8.5 1.9 2.2 1.0 5.9 2.9 .8 M 10.0 1.5 4.7 .6 18.3 2.2 -5.2 7.2 9.6 1.0 9.3 -8.8 27.5 2.2 -9.7 2.4 21.3 2.3 6.0 1.5 Mortgages Consumer credit Open-market paper Miscellaneous assets 12 13 14 15 16 17 18 19 20 21 5.0 5.3 .8 4.5 « -.2 18.2 15.9 2.8 7.5 5.6 2.3 10.2 7.8 2.5 -1.2 6.6 2.4 10.6 5.4 3.4 -3.5 5.4 5.2 14.4 6.1 7.9 -9.5 7.8 8.3 10.0 6.1 8.9 -8.0 5.2 3.9 16.7 4.4 7.6 -10.5 7.2 12.3 27.1 8.9 9.0 -8.6 8.4 18.2 1.9 -.5 11.6 -36.4 24.3 2.4 15.9 2.5 6.1 -3.1 -.5 13.4 29.7 Net Increase ln liabilities 15.6 Deposits 1.6 Checkable .7 Small time 8 savings 13.3 Large time Miscellaneous liabilities 14.1 16 17 18 19 20 21 22 -1.2 -1.7 -.6 -1.7 -3.7 -3.2 -4.7 -5.6 -2.6 -.9 -2.6 Discrepancy 22 1.2 Current surplus 1 2 3 4 5 (2) Includes federal savings banks Insured by FDIC and a few Insured by FSLIC. Credit Unions 1 .5 .5 1.1 1.0 a .1 -.2 -.3 -.2 .1 2 3 4 5 6 7 10.9 .2 7.4 5.0 2.5 .8 16.1 .4 1.6 « 1.6 1.1 15.8 .4 -1.2 -.8 -.4 .3 25.2 .7 5.0 2.3 2.6 3.7 28.9 .7 7.1 3.8 3.3 2.5 29.9 -1.2 11.0 6.7 4.3 4.5 30.7 -.4 11.4 6.0 5.4 -2.2 31.0 .8 1.0 .6 .4 -2.5 30.3 1.6 8.3 3.1 5.2 12.5 21.4 -.8 13.0 10.1 2.9 -8.6 8 9 10 11 12 13 14 2.3 1.2 .3 .9 -.2 1.3 .2 12.1 3.1 1.4 1.7 2.8 6.2 .8 15.3 .4 .8 -.4 2.2 12.7 1.0 13.4 3.7 2.6 1.1 3.2 6.6 2.4 15.0 3.7 1.9 1.8 5.5 5.8 3.7 13.6 3.5 2.7 .8 5.0 5.1 2.0 18.7 4.1 2.0 2.1 5.7 8.8 3.2 20.2 6.3 2.6 3.6 8.0 6.0 11.5 15.3 8.3 4.2 4.1 3.8 3.3 -7.5 26.1 7.1 2.5 4.6 11.3 7.7 -8.3 15 16 17 18 19 20 10.4 10.2 1.6 8.5 .2 .2 15.6 14.9 2.1 12.8 N .7 14.7 12.9 1.3 11.2 .4 1.8 24.2 22.9 3.0 19.4 .5 1.3 28.9 27.2 2.0 25.1 .2 1.7 29.8 28.6 3.1 25.4 .1 1.3 30.8 27.3 1.0 26.2 .1 3<5 31.3 29.9 3.0 26.7 .2 1.4 30.5 28.5 1.2 27.1 .1 2.0 21.3 18.5 2.8 15.8 M 2.7 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION .1 Current surplus 1 6.0 Net acq. of financial assets -3.6 Demand deposits and currency -19.8 Time deposits -11.8 At banks At savings and loans -8.0 Fed.funds 8 security RPs -7.5 2 3 4 5 6 7 Credit market instruments U.S. government securities Treasury Issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 8 9 10 11 12 13 14 20.9 -5.5 3.5 -9.1 15.7 10.7 15.9 5.9 Net increase in liabilities Shares/Deposits 4.0 -.5 Checkable Small time 8 savings 4.0 Large time .5 Miscellaneous liabilities 1.8 15 16 17 18 19 20 DECEMBER 4. 1987 Insurance and Pension Funds Insurance and Pension Funds 28 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1987 II 1986 III III 1977 BILLIONS OF DOLLARS 1978 1979 1980 Life Insurance Companies 1 Current surplus 2 Fixed nonres. investment 3 Net acq. of financial assets 4 Demand deposits and currency Money mkt. fund shares 5 6 7 Mutual fund shares Other corporate equities 399 1,153 345 1,676 351 1.004 375 869 525 1,198 527 1,110 2.7 1.2 3.4 1.4 3.8 2.0 5.2 2.9 5.2 4.3 1 2 21,989 670 245 30,898 -12 295 31,731 1,622 356 27.290 -1,007 300 17,543 -898 -27 25,279 124 140 31.3 .1 .2 35.6 .2 .3 37.5 .3 .6 37.8 .5 .9 45.9 1.1 3.7 3 4 5 550 -529 703 5.323 628 2,917 990 3.932 447 -454 199 2,389 .1 1.1 ft -.1 .1 .4 .1 .4 .5 2.4 6 7 8 9 10 11 Credit market instruments U.S. government securities Treasury issues Agency Issues 19,113 1,556 -829 2,385 22.601 3,069 2,234 835 24,119 7,257 4,001 3,256 22,885 8,999 6.628 2.371 15,496 -2,953 -4,256 1,303 19.358 1,945 595 1,350 27.4 1.6 -.1 1.7 32.8 2.0 -.5 2.5 32.5 2.9 .1 2.8 32.3 2.7 1.0 1.8 12 13 14 15 16 17 Tax-exempt obligations Corporate 8 foreign bonds Mortgages Open-market paper Policy loans Miscellaneous assets 768 10,781 5,500 507 1 1,940 857 9,533 5.484 3,682 -24 1.988 11 8,579 7,862 700 -290 2.089 -799 12.389 1,901 798 -403 190 625 14,694 4,639 -1,235 -274 2,979 515 12,486 4,250 40 122 3.069 .5 18.8 5.3 -.5 1.7 2.5 .4 17.3 9.3 1.2 2.6 2.4 * 11.6 12.3 1.0 4.7 3.5 .3 8.7 12.7 1.3 6.6 3.6 .5 7.3 6.7 3.7 7.3 7.3 12 13 14 15 16 17 18 Net increase in liabilities 19 Life insurance reserves 20 Pension fund reserves 21 Profit taxes payable 22 Miscellaneous liabilities 20,023 4,100 15,128 -35 830 32,930 4.500 26,985 -32 1.477 26.059 4,721 20,302 2 1,034 28.882 4,408 22,484 38 1,952 16,161 2,864 13.489 60 -252 28,664 3,000 24,833 47 784 31.1 9.3 16.8 .4 4.6 35.1 10.9 19.1 .3 4.8 35.1 10.4 19.4 5.3 35.5 9.7 22.3 -.4 3.8 46.1 8.9 29.5 -.5 8.2 18 19 20 21 22 23 Discrepancy -2,720 701 -6,325 1.098 -2,055 2,802 1.3 1.5 -.5 -.1 13,938 780 6,953 210 29.9 .3 3.4 .1 37.1 .3 7.4 .3 47.6 -.1 5.7 .8 51.2 -.9 * 1.5 39.7 -.7 .5 3.9 1 2 3 4 1.351 585 -1,947 -11.174 .3 8.1 -.5 9.8 .9 13.3 1.4 16.4 -2.8 17.3 5 6 n 31.0 8 5.5 9 2.3 10 3.1 11 1.1 23 Private Pension Funds 1 Net acq. of financial assets Demand deposits and currency 2 3 Time deposits 4 Money mkt. fund shares 5 6 Mutual fund shares Other corporate equities 6,019 143 1,221 890 21,699 794 6,177 969 1,425 -1,040 1,714 -5,011 -3,300 -328 -3.066 900 26,696 1.184 9,108 500 1.312 3,224 -234 --15.321 19,648 646 5,626 -100 7 8 9 10 Credit market instruments U.S. government securities Treasury issues Agency issues 2,886 757 -952 1,709 16,337 3.137 2.022 1.115 -2,478 172 4,158 -3,986 26,697 5,990 -2,107 8.097 11.472 2.160 3,537 -1,377 16.340 4.322 326 3.996 10.4 5.7 3.2 2.4 10.6 2.1 1.9 .2 21.9 6.7 2.8 3.9 30.7 12.0 6.2 5.8 27.3 7 16.3 8 5.0 9 11.3 10 11 12 13 14 Corporate 8 foreign bonds Mortgages Open-market paper Miscellaneous assets 622 151 1,356 494 6,944 -85 6,341 719 -426 174 -2.398 594 11,710 170 8.827 1.304 3.880 150 5.282 2,600 5,782 50 6,186 244 4.3 .1 .4 7.3 8.4 .2 -.2 9.3 10.7 .3 4.2 5.1 14.0 .5 4.1 2.1 5.6 .4 5.0 -5.8 11 12 13 14 State and Local Government Employee Retirement Funds 1 Net acq. of financial assets Demand deposits and currency 2 Time deposits 3 13,813 -100 111 12,796 -100 1,421 16,300 -74 1.226 17,239 -41 -904 13,320 16 1,373 14.916 -1 201 15.9 ft .3 20.7 .1 .9 16.2 .2 1.1 26.5 * .2 29.7 .1 1 2 3 4 5 6 7 8 Corporate equities Credit market Instruments U.S. government securities Treasury issues Agency Issues 4,920 8,882 4,602 -1,521 6,123 6,062 5,413 4,605 767 3,838 5.796 9,352 5,021 5.707 -686 9.838 8,346 3.797 1,670 2.127 10.500 1,431 6.171 5,214 957 8,500 6.216 2,275 1.135 1,140 3.7 11.9 5.5 2.7 2.7 2.6 17.0 7.1 2.7 4.4 4.1 10.8 6.6 5.3 1.4 5.3 20.9 9.9 6.2 3.7 7.1 22.5 11.8 6.6 5.2 4 5 6 7 8 9 10 11 Tax-exempt obligations Corporate 8 foreign bonds Mortgages 258 4,190 -168 -126 767 167 -261 4,406 186 -100 4,866 -217 66 -4,701 -105 5 3,986 -50 .2 6.0 .3 .4 9.0 .5 3.2 1.0 .1 9.5 1.3 k -.2 9 9.2 10 1.6 11 Other Insurance Companies 595 772 1.230 1,050 1.225 1.240 4.6 4.6 4.2 3.6 3.1 1 2 Net acq. of financial assets Demand deposits and currency 3 4 Security RPs 10,451 205 -1.488 13.291 127 940 13,734 -90 966 9.981 -351 -50 8.268 -441 1,882 6,580 -706 888 20.2 .3 - 20.4 .4 - 18.8 .3 - 15.0 - 14.2 .1 .1 2 3 4 Corporate equities Credit market instruments U.S. government securities Treasury Issues Agency Issues 927 9,727 5,867 3,232 2,635 850 9,965 5,811 3.054 2,757 1,270 10,657 5,975 3,265 2.710 1,260 8,314 5,532 2.796 2,736 1,547 4,885 1,968 1,911 57 1.661 4.562 2,889 2,495 394 1.2 17.5 3.0 2.5 .5 2.0 16.5 1.2 .7 .5 3.2 13.4 1.3 .2 1.1 3.1 9.9 1.8 1.6 .2 2.0 9.4 2.2 1.4 .8 5 6 7 8 9 Tax-exempt obligations Corporate 8 foreign bonds Commercial mortgages Trade credit 1,016 2,561 283 1,080 1,257 2.602 295 1.409 1.331 3.056 295 931 627 2,100 55 808 611 2,100 206 395 113 1,553 7 175 10.7 3.7 .1 1.3 13.5 1.8 ft 1.5 9.9 2.0 .3 1.9 7.7 « .3 2.0 4.0 2.8 .4 2.6 10 11 12 13 11,942 1,310 -10 10,642 11.200 853 -9 10.356 10,747 518 -9 10.238 7.922 308 -3 7,617 7.096 375 6,721 4,909 84 2 4,823 14.1 1.4 .1 12.6 15.0 .8 .1 14.1 15.6 .9 14.7 13.4 1.2 -.2 12.4 11.8 1.1 -.2 10.8 14 15 16 17 2,086 -1.319 -1,757 -1,009 53 -431 -1.6 -.8 1.1 1.9 1 Current surplus 5 6 7 8 9 10 11 12 13 14 Net increase ln liabilities 15 Corporate equity Issues Profit taxes payable 16 Policy payables 17 18 Discrepancy II1/87 BASED ON INCOMPLETE INFORMATION .7 18 DECEMBER 4, 1987 Insurance and Pension Funds Insurance and Pension Funds 29 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 II 1986 III IV I 1 I 1987 II III Life Insurance Companies 1 2 3.9 3.5 4.0 2.8 1.9 5.0 .9 5.0 1.5 5.3 1.6 4.6 1.4 6.7 1.4 4.0 1.5 3.5 2.1 4.8 3 4 5 55.4 .3 1.1 59.1 -.6 -1.9 62.5 .7 2.2 94.9 .5 .4 104.7 .7 1.1 87.9 1.5 1.0 138.3 .5 1.2 99.2 1.0 1.4 124.2 2.3 1.2 69.9 -4.9 -.1 6 7 1.0 2.4 -.4 3.4 .5 .3 2.3 3.7 2.1 6.0 2.2 -2.1 2.8 21.3 2.5 11.7 4.0 15.7 1.8 -1.8 .8 9.6 8 9 10 11 42.4 12.7 8.4 4.3 52.5 19.3 12.1 7.2 54.1 23.6 12.6 11.0 76.1 23.0 10.5 12.5 86.8 17.9 7.3 10.6 77.6 11.0 1.3 9.7 104.6 19.9 11.8 8.0 74.2 13.8 7.5 6.3 100.2 39.5 27.8 11.7 63.0 -7.0 -12.2 5.2 93.0 16.2 5.4 10.8 Credit market instruments 8 U.S. government securities 9 Treasury Issues 10 11 Agency issues 12 13 14 15 16 17 1.9 16.2 4.2 3.1 4.3 8.1 .9 16.7 9.0 5.3 1.1 6.1 -1.3 23.7 5.7 1.9 .4 4.8 1.0 37.8 15.1 -.6 -.1 12.0 2.0 40.8 22.0 4.3 -.3 8.0 2.7 41.3 20.6 2.0 H 7.8 3.7 40.2 26.2 14.7 -.1 8.0 -1.7 39.1 21.4 2.8 -1.2 8.4 -1.0 43.9 16.1 3.2 -1.6 .8 2.0 57.4 16.6 -4.9 -1.1 11.9 2.3 52.1 21.7 .2 .5 12.3 Tax-exempt obligations Corporate 8 foreign bonds Mortgages Open-market paper Policy loans Miscellaneous assets 18 19 20 21 22 53.7 7.0 39.7 N 7.0 55.8 7.8 38.8 -.1 9.2 66.3 5.0 46.7 -.2 14.8 88.3 10.4 63.4 K 14.4 100.1 17.2 77.5 K 5.4 81.6 16.4 62.0 -.1 3.3 131.0 18.0 107.2 -.1 5.9 100.4 18.9 77.3 K 4.1 119.2 17.6 93.6 .2 7.8 66.3 11.5 55.6 .2 -1.0 23 -1.3 -2.2 .8 -10.7 -8.4 -9.3 -12.6 -1.5 -6.9 -6.2 -6.3 Discrepancy 55.8 Net acq. of financial assets 3.1 Demand deposits and currency Time deposits 27.8 Money mkt. fund shares .8 2.1 Current surplus 4.4 Fixed nonres. Investment 117.3 Net acq. of financial assets 1.1 Demand deposits and currency .6 Money mkt. fund shares Mutual fund shares Other corporate equities 113.4 Net increase in liabilities Life insurance reserves 12.0 Pension fund reserves 98.0 Profit taxes payable .2 3.1 Miscellaneous liabilities 1 2 3 4 5 6 7 12 13 14 15 16 17 18 19 20 21 22 23 Private Pension Funds 1 2 3 4 1 2 3 4 48.5 .6 7.5 -1.8 53.5 .8 7.5 .4 36.8 .5 3.3 3.0 48.0 .9 7.6 1.0 27.9 .7 5.5 3.4 24.1 .6 4.9 3.6 86.8 3.2 24.7 3.9 -13.2 -1.3 -12.3 3.6 106.8 4.7 36.4 2.0 78.6 2.6 22.5 -.4 5 6 -.3 12.0 2.4 4.2 2.1 5.6 9.1 -9.7 5.1 -8.9 5.7 -4.2 6.9 -20.0 5.2 -.9 12.9 -61.3 5.4 -7.8 2.3 -44.7 7 8 9 10 25.8 10.3 3.8 6.4 29.9 12.0 .4 11.6 21.4 7.3 11.6 -4.3 26.8 8.1 -.8 8.9 20.7 6.9 8.9 -2.0 16.7 8.7 3.7 5.1 63.6 13.8 6.1 7.7 -14.2 -6.2 20.9 -27.1 107.9 24.3 -19.8 44.1 53.0 15.5 23.0 -7.5 62.7 18.3 -.2 18.5 7 Credit market Instruments U.S. government securities 8 9 Treasury issues 10 Agency Issues 11 12 13 14 6.5 2.0 7.1 4.8 10.5 .6 6.8 8.3 10.2 M 3.8 1.0 10.5 .5 7.8 12.2 7.3 .4 6.1 1.4 2.5 N 5.5 -3.2 27.8 .4 21.7 4.6 -1.7 .5 -6.8 6.7 46.8 .6 36.1 4.1 15.5 K 22.0 3.3 23.1 1.1 20.2 3.6 Corporate S foreign bonds Mortgages Open-market paper Miscellaneous assets Mutual fund shares Other corporate equities 5 6 11 12 13 14 State and Local Government Employee Retirement Funds 1 2 3 32.0 .4 2.2 39.2 .4 2.8 45.7 .6 3.2 53.1 .4 1.4 57.6 -.3 3.5 52.8 -1.0 .8 52.3 -.2 9.7 63.7 .5 2.9 72.3 -.7 -6.1 51.2 -.6 5.8 59.7 Net acq. of financial assets Demand deposits and currency .2 Time deposits 5.3 1 2 3 4 5 6 7 8 6.0 23.4 19.4 9.3 10.1 20.0 16.0 17.0 12.0 4.9 7.3 34.7 23.1 19.0 4.1 28.6 22.9 12.3 15.0 -2.7 23.1 31.3 20.7 12.1 8.6 21.3 31.6 28.0 -2.7 30.7 16.8 26.1 17.6 5.9 11.7 27.1 33.2 20.1 26.8 -6.7 41.8 37.3 4.7 -5.7 10.4 43.3 2.8 35.9 25.6 10.3 25.9 28.2 8.1 8.1 K Corporate equities Credit market Instruments U.S. government securities Treasury Issues Agency issues 4 5 6 7 8 9 10 11 -.7 3.5 1.3 -1.1 -.7 .9 -.5 11.5 .6 -.4 10.9 .1 -.3 10.7 .3 1.0 3.3 -.7 -.5 8.3 .7 -1.0 13.4 .7 -.4 33.9 -.9 .3 -33.0 -.4 M 20.3 -.2 Tax-exempt obligations Corporate 8 foreign bonds Mortgages 9 10 11 Other Insurance Companies 5.0 Current surplus 1 1 .5 -.3 -4.8 -6.0 2.4 2.4 3.1 4.9 4.2 4.9 2 3 4 13.8 K 4.0 15.0 -.4 9.6 14.8 .5 4.2 35.3 1.2 3.7 48.2 .6 1.3 43.5 .8 -6.0 51.7 .5 3.8 55.2 -.4 3.9 39.4 -1.4 -.2 34.8 -1.8 7.5 24.9 Net acq. of financial assets Demand deposits and currency -2.8 Security RPs 3.6 2 3 4 5 6 7 8 9 2.7 5.0 2.2 .6 1.5 2.1 1.7 5.5 3.3 2.2 -4.3 11.7 9.1 5.9 3.2 -2.0 30.2 18.8 10.6 8.2 3.7 37.9 21.7 12.4 9.3 3.7 40.6 25.2 14.7 10.5 3.4 38.4 21.8 10.8 11.0 5.1 42.9 24.1 13.3 10.8 5.0 32.7 21.6 10.6 10.9 6.2 21.3 9.6 9.4 .2 6.6 16.8 10.1 8.5 1.6 Corporate equities Credit market instruments U.S. government securities Treasury Issues Agency Issues 5 6 7 8 9 10 11 12 13 3.0 -.5 .3 2.1 -.3 -4.2 .7 2.0 -1.9 4.1 .4 2.8 2.5 8.2 .7 2.2 4.6 10.4 1.2 4.7 4.1 10.2 1.1 4.3 5.0 10.4 1.2 5.6 5.3 12.2 1.2 3.7 2.5 8.4 .2 3.2 2.4 8.4 .8 1.6 .5 6.2 14 15 16 17 13.4 2.8 H 10.6 13.5 1.5 12.0 28.7 3.9 M 24.8 38.2 7.7 -.1 30.5 46.1 4.2 K 41.9 47.8 5.2 H 42.6 44.8 3.4 N 41.4 43.0 2.1 K 41.0 31.7 1.2 M 30.5 28.4 1.5 M 26.9 18 K -1.8 9.0 -3.1 .3 6.6 -3.8 -7.3 -3.5 -1.6 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION .7 Tax-exempt obligations Corporate 8 foreign bonds Commercial mortgages Trade credit 19.6 Net Increase in liabilities Corporate equity Issues .3 M Profit taxes payable Policy payables 19.3 -.3 Discrepancy 10 11 12 13 14 15 16 17 18 DECEMBER 4. 1987 Finance n.e.c. Finance n.e.c 30 Sector Statements of Savins and Investment UNADJUSTED NET FLOWS!. MILL) UNADJUSTED NET FLOWS($ MILL) 1 1 1986 III II IV 1 1 1987 II I III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Finance Companies 1 Current surplus 2 Fixed nonres. Investment 3 Net acq. of financial assets 4 Demand deposits and currency 5 Credit market instruments Mort9a9es 6 Consumer credit 7 Other loans (to business) 8 9 Net increase in liabilities Credit market instruments 10 Corporate bonds 11 Bank loans n.e.c. 12 Open-market paper 13 14 15 16 Profit taxes payable Inv. by parent companies Other misc. liabilities 17 Discrepancy 1.079 2.435 1,212 2,504 1.238 2,055 1,222 2,491 1,400 2.520 1.376 2,525 1.4 3.4 3.0 3.3 1.9 3.6 l.l 3.5 1.7 4.8 1 2 16.118 -74 16.192 6.287 8.144 1.761 14,961 350 14,611 9,183 12,120 -6,692 15,921 765 15.156 -1,095 2.439 13.812 1,651 -41 1.692 -940 -5.455 8.087 14.183 530 13.653 3,544 3,958 6,151 8.033 10 8.023 1,930 6,381 -288 22.4 .2 22.3 3.1 5.7 13.5 26.1 .2 26.0 4.9 9.6 11.5 29.5 .2 29.4 5.8 13.4 10.1 13.3 .1 13.1 1.9 7.1 4.1 24.6 .1 24.5 4.4 9.4 10.8 3 4 5 6 7 8 20.209 11.651 4.183 -1.456 8.924 19,636 12,425 4,622 1,108 6,695 17.654 13,766 5,783 207 7.776 11,366 1.933 2,835 -5,454 4.552 5,402 9,952 3.037 -3.030 9,945 13,974 8,499 6,554 -2,652 4,597 26.0 17.2 7.8 1.0 8.4 23.1 15.9 6.4 1.7 7.8 24.1 16.2 4.3 -1.4 13.3 4.7 -1.4 .1 -1.0 -.5 15.9 18.6 3.6 1.1 13.9 9 10 11 12 13 10 10.834 -2,286 14 6.734 463 11 6,854 -2.977 16 3.080 6,337 15 -9,376 4.811 18 -1,490 6.947 .1 1.6 7.1 .1 4.4 2.6 -.1 3.4 4.6 -.2 2.8 3.5 -.2 14 -2.6 15 a 16 2.735 3,383 916 8.446 -9,901 4.792 1.5 -3.4 -7.1 -11.0 -11.8 17 Real Estate Investment Trusts 1 Current surplus 2 Fixed nonres. investment 3 Multi-family resid. invest. 4 Net acq. of financial assets 5 Mortgages 6 Miscellaneous assets 7 Net increase ln liabilities 8 Corporate equity issues 9 Credit market instruments 10 Mortgages Corporate bonds 11 12 Bank loans n.e.c. 13 Open-market paper 14 -96 34 17 -85 638 314 -87 349 172 -88 253 125 -88 40 20 -89 21 10 -.5 .1 .1 -.4 -.2 -.1 -.3 -.1 a -.1 -.1 a -.1 .1 a 1 2 3 -78 307 -385 69 103 -34 271 -642 913 422 241 181 78 -25 103 224 118 106 -3.2 -2.4 -.8 -.3 -1.1 .8 a -1.0 .9 -.2 -.7 .5 -.1 -1.1 1.0 4 5 6 69 199 -133 322 82 -496 -41 1.106 1,438 -332 -137 80 -427 152 879 1.062 -326 -98 106 -460 126 888 1,120 -89 74 -61 -316 214 226 148 78 42 36 - 344 185 159 44 113 -8 10 -2.4 .8 -2.7 ■ -.1 -2.6 a -.2 .2 -.2 .2 -.2 -.2 .1 .2 .4 a a a -.1 .1 -.1 .2 -.4 a -.2 a -.2 .2 .4 -.4 a -.7 .3 a 7 8 9 10 11 12 13 143 -143 - - -.5 -.1 -.2 .1 3 Miscellaneous liabilities - .1 14 Open-End Investment Companies (Mutual Funds) 1 Current surplus -1.754 -2.390 -9.778 -3.839 -1,837 -1,868 -.8 -.8 -1.2 -1.4 -1.3 1 2 Net acq. of financial assets 3 Demand deposits and currency 35.846 646 34,978 397 36.605 643 48.491 1.248 21,257 167 11.020 64 .2 a -.9 a -.8 .1 1.5 .1 2.4 a 2 3 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Corporate 8 foreign bonds Open-market paper 5.266 29,934 21.043 15.112 5.931 6,971 3,055 -1.135 4,786 29,795 13.443 6,836 6,607 7,986 7.721 645 3.950 32.012 8.920 4.195 4.725 9,042 12.085 1.965 11.400 35.843 26,464 21,983 4.481 8,593 -1,730 2,516 10,465 10.625 -5,229 -4.317 -912 -935 16.756 33 14,079 -3.123 -420 1.650 -2,070 -110 -1.921 -672 -3.7 3.9 .2 .2 1.6 1.1 1.1 -1.6 .8 -.2 -.2 .5 -.7 1.1 -2.8 1.9 a a 1.4 .8 -.2 -1.8 3.2 .3 .3 .4 1.3 1.2 -.6 4 3.1 5 .9 6 .9 7 8 .7 9 1.6 10 -.1 11 37,600 37.368 46.383 52.330 23.094 12.888 1.0 -.1 .4 2.9 3.7 12 4 5 6 7 8 9 10 11 12 Net share issues Money Market Mutual Funds 1 Net acq. of financial assets 2 Demand deposits and currency 3 Time deposits 4 Security RPs 5 Foreign deposits 12.318 -310 -454 5.949 2.878 17.001 -772 2.149 -1.345 585 -2.991 638 134 1.353 -468 12.365 704 -254 4.736 4,929 -2,985 -287 4,864 839 -3,176 4.821 16 2.821 2.573 -1,212 .2 a .3 .1 a 6.9 a 2.7 .1 .5 34.4 a 7.5 2.1 4.6 30.8 .1 9.0 3.2 1.7 Credit market instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Open-market paper Miscellaneous 2.910 -9.205 -6,907 -2,298 4.592 7.523 1,345 14,946 -5.502 4,007 1.967 1.595 4.079 372 -72 4.551 3,126 8,428 -12.635 854 1.438 2.504 -8.017 -9,563 1.546 6.469 4,052 -254 -5.336 926 1.735 -809 -3.527 -2,735 111 863 -2,409 -4,977 2,568 -1,782 5,054 -240 -.1 -.3 -.3 .1 -.1 3.2 .6 a .6 2.6 .5 19.8 4.2 .7 3.4 15.6 .4 16.4 2.6 1.9 .7 1.6 12.3 .4 64.8 6 23.7 7 18.0 8 5.6 9 2.3 10 38.8 11 1.9 12 12.318 17,001 12.365 -2.985 4,821 .2 6.9 34.4 30.8 109.8 13 6 7 8 9 10 11 12 13 Net share issues -2,991 109.8 -.7 22.8 8.9 12.1 1 2 3 4 5 Security Brokers and Dealers 149 129 88 250 192 a .1 - .8 .3 I 2 Net acq. of financial assets 3 Demand deposits and currency -5,264 -284 -8.097 13 6.830 -666 -6.020 -64 678 -536 62 -279 .9 a .2 .2 1.2 .9 7.0 .5 2.7 .1 2 3 4 5 6 7 8 9 -3,435 -1.337 2,097 -3.434 -208 -5.133 -3,953 -84 1.263 -5,132 976 2.158 1.664 763 -1.256 2,157 3,674 -1,803 -1,445 164 194 -1,803 -2.708 -129 -1,475 56 -1,402 -129 2.818 -1.530 -1.482 1,107 -1.059 -1,530 3,353 .2 -.3 -.7 .2 .2 1.0 -.4 -1.3 -.8 -.2 -.4 1.6 -1.5 .6 1.9 .2 -1.5 1.1 .7 -.7 -1.4 a .7 6.5 2.7 2.3 -.6 .2 2.7 -2.4 4 5 6 7 8 9 -5,474 -5,424 -4.817 -607 -50 -8,246 -8.222 -5,037 -3.185 -24 6.701 6,719 -973 7,692 -18 -6.108 -6,149 -3.634 -2,515 41 428 413 1.066 -653 15 -130 -170 291 -461 40 .8 .9 1.9 -1.0 -.1 a a -2.4 2.5 a 1.2 l.l -.8 1.8 .1 6.2 6.0 .8 5.2 .2 2.5 2.5 4.6 -2.1 a 10 ll 12 13 14 - - - 1 - - - 2 1 Current surplus Corporate equities Credit market instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Security credit 10 Net increase ln liabilities Security credit 11 From banks 12 Customer credit balances 13 14 Profit taxes payable 210 CMO Issuers Net acq. of flnanclr-1 assets Agency securities 1 7,487 5,973 15,422 16,392 9,864 10.979 - Net increase ln liabilities Corporate bonds (CMO issues) 2 7,487 5.973 15.422 16.392 9.864 10,979 - II1/87 BASED ON INCOMPLETE INFORMATION - DECEMBER 4, 1987 Finance n.e.c. Finance n.e.c 31 Sector Statements of Savin? and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 I I 1986 1986 III II IV I 11 I 1987 II III Finance Companies 1 2 2.7 5.2 5.0 6.1 3.0 6.4 3.6 9.3 4.6 9.3 4.3 9.7 4.8 10.0 5.0 8.2 4.9 10.0 5.6 10.1 5.5 Current surplus 10.1 Fixed nonres. Investment 1 2 3 4 5 6 7 8 11.0 .1 10.9 4.1 5.8 .9 26.8 .1 26.8 2.7 11.0 13.1 37.8 -.5 38.3 5.4 8.6 24.4 52.8 .9 51.9 6.8 24.6 20.5 58.1 1.6 56.4 15.8 24.2 16.4 53.9 -.3 54.2 18.7 28.1 7.4 86.2 1.4 84.8 39.5 43.6 1.7 34.4 3.1 31.3 -5.7 1.9 35.1 21.7 -.2 21.8 2.5 -2.9 22.2 44.9 2.1 42.8 6.8 11.0 25.0 61.5 Net acq. of financial assets M Demand deposits and currency 61.4 Credit market instruments 11.1 Mortgages 19.4 Consumer credit 31.0 Other loans (to business) 3 4 5 6 7 8 9 10 11 12 13 12.1 4.5 6.4 .6 -2.4 19.7 12.9 5.3 -5.0 12.6 37.6 18.9 9.6 -4.5 13.9 64.3 53.9 15.8 -1.0 39.1 79.3 49.7 22.5 -1.3 28.5 94.1 53.5 26.2 3.7 23.6 79.3 49.0 10.0 5.5 33.6 55.6 43.7 18.1 -6.3 31.8 44.3 12.7 16.1 -27.2 23.8 39.6 48.6 22.6 -.2 26.2 14 15 16 M 7.2 .5 M 2.4 4.4 K 12.5 6.2 « 15.0 -4.6 N 40.8 -11.3 a 49.7 -9.1 .1 28.4 1.9 N 23.8 -11.9 .1 6.2 25.3 .1 -28.3 19.2 17 -1.3 -8.3 -3.5 5.9 16.5 34.7 -12.1 17.9 17.5 -9.8 53.6 Net increase in liabilities 31.3 Credit market instruments 16.4 Corporate bonds -10.4 Bank loans n.e.c. 25.5 Open-market paper .1 -5.5 27.8 Profit taxes payable Inv. by parent companies Other misc. liabilities -12.4 Discrepancy 9 10 11 12 13 14 15 16 17 Real Estate Investment Trusts 1 2 3 -.2 .2 .1 -.1 -.1 N -.3 .5 .2 -.3 .8 .4 -.4 .9 .4 -.4 .1 .1 -.3 2.6 1.3 -.3 1.4 .7 -.4 1.0 .5 -.4 .2 .1 4 5 6 .2 K .3 .1 .1 2.0 .8 1.2 .8 2.4 -1.6 .4 K .4 -.3 1.2 -1.5 .3 .4 -.1 1.1 -2.6 3.7 1.7 1.0 .7 .3 -.1 .4 7 8 9 10 11 12 13 .6 .8 -.2 .1 « -.2 -.1 .1 .3 -.1 N ft -.1 -.1 3.0 2.7 .1 .4 .1 -.6 .2 2.3 2.9 -.7 .1 .1 -.9 .1 2.1 2.7 -.3 .1 .3 -1.0 .3 .3 .8 -.5 1.3 .3 -2.0 -.2 4.4 5.8 -1.3 -.5 .3 -1.7 .6 3.5 4.2 -1.3 -.4 .4 -1.8 .5 3.6 4.5 -.4 .3 -.2 -1.3 .9 .9 .6 .3 .2 .1 - 14 w -.1 .1 .1 -.3 K .6 -.6 - -.4 Current surplus .1 Fixed nonres. investment * Multi-family resid. invest. .9 Net acq. of financial assets Mortgages .5 .4 Miscellaneous assets 1 2 3 4 5 6 1.4 Net increase in liabilities .7 Corporate equity Issues .6 Credit market Instruments .2 Mortgages .5 Corporate bonds M Bank loans n.e.c. a Open-market paper 7 8 9 10 11 12 13 Miscellaneous liabilities 14 - Open-End Investment Companies (Mutual Funds) 1 -.2 -3.2 -5.2 -4.9 -17.3 -12.4 -13.0 -38.2 -5.9 -14.0 2 3 8.5 .3 24.0 .6 24.2 .4 80.8 1.7 145.9 2.6 144.5 2.6 143.6 1.6 147.4 2.6 187.2 5.0 86.8 .7 4 5 6 7 8 9 10 11 3.5 4.7 2.3 2.3 2.9 .2 -.6 13.7 9.8 .6 .6 5.5 2.7 1.0 5.9 17.9 6.4 5.8 .5 5.6 3.6 2.4 10.3 68.7 52.9 41.4 11.5 14.5 3.6 -2.3 20.2 123.1 59.3 36.4 22.9 31.8 26.8 5.3 21.1 120.8 81.9 58.2 23.7 31.0 10.3 -2.5 20.1 121.9 57.2 30.8 26.4 32.3 30.2 2.2 19.0 125.8 47.9 29.0 18.9 31.6 35.6 10.8 40.7 141.5 89.5 71.6 17.9 36.1 11.5 4.5 41.9 44.2 -23.3 -19.7 -3.6 -.4 64.8 3.2 57.6 -9.9 2.5 10.7 -8.3 -.1 -9.1 -3.2 12 8.8 27.2 29.3 85.7 163.3 156.9 156.6 185.6 193.1 100.8 59.2 Net share issues -11.3 Current surplus 48.0 Net acq. of financial assets .3 Demand deposits and currency 1 2 3 4 Corporate equities Credit market instruments 5 U.S. government securities 6 Treasury issues 7 Agency issues 8 9 Tax-exempt obligations Corporate 8 foreign bonds 10 Open-market paper 11 12 Money Market Mutual Funds 1 2 3 4 5 32.7 .8 -3.1 1.7 4.9 -40.4 -.6 -16.8 -3.2 -1.8 54.2 -1.0 -.4 9.7 -.7 10.2 1.4 -6.8 3.3 -2.2 48.3 -.2 2.3 6.1 3.1 56.7 -.7 -1.3 42.0 15.8 69.8 -4.1 -2.1 -9.4 -.3 21.5 1.3 6.4 .7 1.5 -3.7 4.3 .9 7.0 15.2 .1 -.3 21.6 24.6 -8.1 6 7 8 9 10 11 12 29.5 22.7 21.1 1.6 8.0 -1.3 -1.1 -17.7 -18.4 -19.8 1.4 3.6 -3.0 -.4 45.0 6.2 2.6 3.6 7.0 31.8 1.5 13.9 .3 -.8 1.1 12.4 1.2 .6 34.1 .5 3.4 -3.0 27.5 6.2 2.9 18.8 -36.8 -27.6 -9.2 24.1 31.5 -17.9 60.2 7.9 6.4 1.5 23.2 29.1 25.5 -6.2 16.0 16.3 -.3 16.4 -38.6 17.8 -18.3 -32.1 -38.3 6.2 9.8 4.0 -12.9 -9.2 3.7 6.9 -3.2 -7.8 -5.1 -28.4 13 32.7 -40.4 54.2 10.2 48.3 56.7 69.8 21.5 -3.7 .1 24.7 Net acq. of financial assets Demand deposits and currency -.9 1.7 Time deposits Security RPs 6.5 -8.2 Foreign deposits 3.0 -9.6 -19.9 10.3 -1.1 13.8 22.7 1 2 3 4 5 Credit market Instruments 6 U.S. government securities 7 Treasury Issues 8 9 Agency Issues Tax-exempt obligations 10 Open-market paper 11 Miscellaneous 12 24.7 Net share Issues 13 Security Brokers and Dealers .8 Current surplus 1 1 .3 1.1 -.9 .5 .8 .8 .6 .5 .4 1.0 2 3 4.1 2.0 5.1 -.9 4.4 .2 23.4 1.7 2.1 -2.0 -24.8 -1.1 -28.3 .1 12.9 -2.7 -10.5 -.3 -.4 -2.1 4.1 Net acq. of financial assets Demand deposits and currency -1.1 2 3 4 5 6 7 8 9 -.9 -.6 .4 -.2 -.9 3.7 5.3 -6.7 -12.4 .4 5.3 7.4 2.8 4.4 1.0 .6 2.8 -3.0 .5 5.1 3.6 1.0 .5 16.1 -2.2 -.8 1.8 -.5 -2.2 7.1 -16.2 -6.6 9.6 -16.2 -.8 -19.3 -13.0 1.2 5.1 -19.3 3.9 5.4 -4.4 -4.8 -5.0 5.4 14.7 -3.2 3.8 6.3 .8 -3.2 -10.8 -2.0 -7.6 « -5.6 -1.9 11.3 -5.4 -2.8 6.8 -4.2 -5.4 13.4 4 5 6 7 8 9 10 11 12 13 14 3.8 3,6 -.1 3.7 12 4.0 3.8 1.4 2.4 .2 5.3 5.2 5.9 -.6 .1 22.9 22.9 10.4 12.5 .1 1.3 1.4 -7.3 8.7 -.1 -25.7 -25.5 -23.1 -2.4 -.1 -28.9 -28.8 -16.1 -12.7 -.1 12.4 12.5 -18.2 30.8 -.1 -10.8 -11.0 -.9 -10.1 .2 -1.4 -1.5 1.1 -2.6 .1 3.3 Net increase in liabilities Security credit 3.2 From banks 5.0 Customer credit balances -1.8 Profit taxes payable .1 10 11 12 13 14 29.9 23.9 61.7 65.6 39.5 43.9 Net acq. of financial assets Agency securities 1 39.5 Net increase in liabilities 43.9 Corporate bonds (CMO Issues) Corporate equities Credit market instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Security credit CMO Issuers 1 2 .2 .2 3.7 3.7 BILLIONS OF DOLLARS. 12.4 12.4 12.2 12.2 37.1 37.1 29.9 111/87 BASED ON INCOMPLETE INFORMATION 23.9 61.7 65.6 2 DECEMBER 4, 1987 Monetary and Insurance Reserves Monetary and Insurance Reserves Foreign Exchange, Treasury Currency and Insurance Reserves 32 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 1 II 1986 III IV 1 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves -16 -280 -132 -1,956 -3.A19 -700 .A -.7 1.1 8.2 5.2 1 2 U.S. gold stock and SDRs 3 U.S. govt.: Ex. Stab. Fund A Monetary authority (2) 10A 110 -6 -163 -163 - 31 51 -20 -76 -93 17 171 183 -12 -6 6 .2 .1 .1 -1.2 -1.2 .1 1.2 l.A -.2 « M K 1.8 1.8 K 2 3 A -120 2A6 123 123 -117 391 196 195 -163 120 60 60 -1.880 -1.27A -637 -637 -3,590 -3,255 -1,628 -1,627 -700 -500 -250 -250 .1 -.2 -.1 -.1 .5 A.7 2.3 2.3 -.1 -.3 -.1 -.1 8.1 6.5 3.2 3.2 3.A .9 .A .A 5 6 7 8 -366 -352 -IA -508 -511 3 -283 -27A -9 -606 -60A -2 -335 -329 -6 -200 -20A A .3 .3 M -A.2 -A. 2 K .2 .2 « 1.7 1.7 H 2.5 9 2.5 10 X 11 .5 .5 .1 w 1.6 1.3 .5 -.2 1.3 .7 .7 -.2 1.2 .7 .8 -.2 1 2 3 A 5 U.S. foreign exchange position Official fgn.currency hldgs. 6 7 Treasury Monetary authority 8 9 10 11 Net IMF position U.S. government asset Monetary authority (1) Lines 1» 2, and 3 exclude increases In SDRs through allocations, which occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 Total U.S. govt, liability Treasury currency 2 SDR certificates 3 Unallocated assets A 193 123 100 -30 276 108 200 -32 109 129 -20 128 168 -A0 107 15A -A 7 11A 117 -3 .3 .5 .1 -.3 Insurance and Pension Fund Reserves Life insurance reserves: 1 Net change in liabilities U.S. government 2 Life Insurance companies 3 A,173 73 A,100 A.57A 7A A,500 A,796 75 A,721 A.A8A 76 A.A08 2.9A1 77 2.86A 3,078 78 3.000 9.5 .2 9.3 11.2 .3 10.9 10.7 .3 10.A 9.7 K 9.7 9.2 .3 8.9 1 2 3 A Net change in assets (HH) A.173 A.57A A,796 A.A8A 2.9A1 3,078 9.5 11.2 10.7 9.7 9.2 A 5 Net change in liabilities U.S. government 6 Insurance sector 7 Life insurance companies 8 Private pension funds 9 St.&loc. govt. rtr. funds 10 39,325 A,365 3A,960 15.128 6,019 13.813 73,552 12,072 61.A80 26,985 21,699 12,796 A0,139 6.837 33.302 20,302 -3,300 16,300 63,053 -3,366 66.A19 22.A8A 26,696 17,239 50,999 A.5A2 A6.A57 13.A89 19.6A8 13,320 66,567 12,880 53,687 2A.833 13.938 1A.916 69.0 6.A 62.6 16.8 29.9 15.9 83.8 6.9 76.9 19.1 37.1 20.7 91.1 7.9 83.2 19.A A7.6 16.2 108.8 8.7 100.0 22.3 51.2 26.5 108.7 5 9.8 6 98.9 7 29.5 8 39.7 9 29.7 10 11 Net change in assets (HH) 39,325 73,552 A0,139 63,053 50,999 66.567 69.0 83.8 91.1 108.8 108.7 11 Pension fund reserves: II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Monetary and Insurance Reserves Monetary and Insurance Reserves Foreign Exchange* Treasury Currency and Insurance Reserves 33 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 I 1 II 1986 III IV I 1 I 1987 II III Gold and Official Foreign Exchange Holdings (1) 1 5.0 1.2 3.1 3.9 -.3 -.1 -1.1 -.5 -7.8 -13.7 2 3 4 1.4 1.4 M .1 .1 N 1.0 1.0 K .9 .9 M .2 .3 H .4 .4 a -.7 -.7 .1 .2 -.1 -.3 -.4 .1 .7 .7 a 5 6 7 8 3.6 1.0 .5 .5 1.1 -3.3 -1.7 -1.7 2.2 1.2 .6 .6 3.0 3.9 1.9 1.9 -.6 .9 .5 .5 -.5 1.0 .5 .5 -.5 1.6 .8 .8 -.7 .5 .2 .2 -7.5 -5.1 -2.5 -2.5 -14.4 -13.0 -6.5 -6.5 9 10 11 2.6 2.5 M 4.4 4.5 a 1.0 1.0 a -.9 -.9 M -1.5 -1.5 a -1.5 -1.4 -.1 -2.0 -2.0 a -1.1 -1.1 -2.4 -2.4 a -1.3 -1.3 a -2.8 Total U.S. reserves U.S. gold stock and SDRs a U.S. 9ovt.: Ex. Stab. Fund a Monetary authority (2) -2.8 U.S. foreign exchange position -2.0 Official fgn.currency hldgs. Treasury -1.0 Monetary authority -1.0 -.8 -.8 * Net IMF position U.S. government asset Monetary authority 1 2 3 4 5 6 7 8 9 10 11 (1) Lines 1* 2* and 3 exclude increases in SDRs through allocations, which Transactions in SDRs occurred at various dates beginning January 1970. are Included. Also excluded from the table are revaluations of foreign currency holdings* gold* SDRs* and IMF position. Allocations and revaluations are reflected ln tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 2 3 4 1.7 .6 1.3 -.2 .5 .7 -.2 .6 .7 -.1 .5 .6 .1 -.2 .8 .5 .3 a .8 .5 .4 -.1 1.1 .4 .8 -.1 .4 .5 -.1 .5 .7 -.2 .4 .6 -.2 .5 Total U.S. 9ovt. liability Treasury currency .5 SDR certificates a Unallocated assets 1 2 3 4 Insurance and Pension Fund Reserves Life insurance reserves: 1 2 3 7.2 .2 7.0 8.0 .2 7.8 5.2 .2 5.0 10.7 .3 10.4 17.5 .3 17.2 16.7 .3 16.4 18.3 .3 18.0 19.2 .3 18.9 17.9 .3 17.6 11.8 .3 11.5 12.3 Net change in liabilities U.S. government .3 Life insurance companies 12.0 1 2 3 4 7.2 8.0 5.2 10.7 17.5 16.7 18.3 19.2 17.9 11.8 12.3 Net change ln assets (HH) 4 5 6 7 8 9 10 131.8 11.7 120.1 39.7 48.5 32.0 145.6 14.1 131.5 38.8 53.5 39.2 147.2 18.0 129.2 46.7 36.8 45.7 183.4 18.8 164.5 63.4 48.0 53.1 183.8 20.8 163.0 77.5 27.9 57.6 159.2 20.4 138.9 62.0 24.1 52.8 261.3 15.0 246.3 107.2 86.8 52.3 160.5 32.6 127.9 77.3 -13.2 63.7 285.6 12.9 272.8 93.6 106.8 72.3 206.1 20.7 185.5 55.6 78.6 51.2 231.2 Net change in liabilities U.S. government 17.7 Insurance sector 213.5 Life insurance companies 98.0 Private pension funds 55.8 St.Sloe. govt. rtr. funds 59.7 5 6 7 8 9 10 11 131.8 145.6 147.2 183.4 183.8 159.2 261.3 160.5 285.6 206.1 231.2 Net change in assets (HH) 11 Pension fund reserves: BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4. 1987 Interbank Claims Interbank Claims 34 Net Interbank Positions* Domestic and Foreign Banks UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Net Interbank Claims -5,137 2,128 1,158 970 11,868 5,242 4,854 388 917 23,862 14,356 -11,110 11,313 -7,951 3,043 -3,159 -2,165 -2,597 -4,054 1,457 14,755 3.633 2.588 1,045 -3.0 3.5 1.7 1.8 15.4 5.9 4.4 1.5 -1.4 3.0 -33.2 -1.0 -2.3 1.3 -28.9 -3.4 -2.2 -1.2 -7,265 Commercial banking -143 To monetary authority -10.639 To banks in fgn entries. Liabilities, net -11,014 U.S. chartered banks -7,515 -1,687 Due to fgn affils. -Due from fgn affils. 5,828 6,626 493 2,928 2,854 2,326 -1,544 -3,870 12,027 9,506 4,002 1,098 10.680 4,803 5,850 10,020 11,483 -1,921 5,189 -2,653 7,110 -14,136 432 -4,277 3,268 1,849 4,716 3,632 -1,084 11,122 -338 14,171 13,048 11,093 9-542 -1,551 -6.6 1.4 -.9 1.1 -1.3 3.5 4.8 9.5 3.6 6.4 5.9 1.2 4.4 3.1 20.6 .5 21.1 20.9 14.3 13.1 -1.2 -32.1 -1.9 -26.6 -21.2 -20.2 -5.7 14.5 -25.5 5 -2.9 6 -22.0 7 -19.0 8 -11.8 9 5.3 10 17.1 11 1 Net change in liabilities 2 Monetary authority Coml. bank reserves 3 4 Vault cash 5 6 7 8 9 10 11 22.2 "l*6 1 2 3 4 12 13 14 Domestic affiliates Due to fgn. affil. -Due from fgn. affil. -1,181 103 1,284 -1.560 17 1.577 -1,208 666 1,874 -3,194 -127 3,067 2,988 -553 -3,541 -3.246 747 3,993 -.1 .1 .2 1.0 -.7 -1.7 .8 .8 -2.1 .8 2.9 -6.1 12 1.0 13 7.2 14 15 16 17 Fgn. bkg. off. in U.S. Due to fgn affil. -Due from fgn. affil. -2,318 -2,916 -598 2,088 6,412 4,324 8,979 9.723 744 1,731 -1,662 -3,393 -5,855 -987 4,868 5.201 3,144 -2.057 2.5 5.6 3.1 3.7 7.1 3.3 5.8 15.5 9.7 1.2 13.5 12.3 -1.1 15 11.1 16 12.3 17 18 19 20 Less: Dep. at fgn. banks U.S. chartered banks Fgn. bkg. off. in U.S. -375 -584 209 -74 -62 -12 1,047 1.102 -55 -660 -530 -130 -1,419 -1,106 -313 -1,123 -917 -206 2.0 .4 1.6 -.5 -.9 .4 -.2 -.2 a 5.4 3.4 2.0 3.0 18 3.4 19 -.4 20 3,517 -870 3,938 -353 774 3,517 3,205 1,335 5,709 82 2,422 3,205 3.605 6,247 6,319 272 2,442 3,605 -2,655 -5,412 -2,542 2,047 -1,934 -2.655 1,441 -6,472 -1.470 -1,586 -1,325 1.441 -2,711 11,102 1,979 336 4,354 -2,711 -7.1 -4.0 .7 1.5 6.2 -7.1 -.5 -6.3 7.5 2.7 5.3 -.5 -1.0 -7.7 8.9 .9 9.1 -1.0 -3.6 -14.3 2.5 1.8 4.3 -3.6 27 28 To U.S. banking, net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less, due from: Fgn. offices in US Domestic Affiliates 5,565 -757 2,942 1,432 671 -599 2,975 -105 5,149 -147 -8,502 -621 4.5 .2 12.4 1.4 14.1 2.6 15.0 1.8 13.4 27 -.5 28 29 30 31 Domestic affiliates Due to U.S. banks -Due from U.S. banks -404 -757 -353 1,350 1,432 82 -871 -599 272 -2,152 -105 2,047 1,439 -147 -1.586 -957 -621 336 -1.4 .2 1.5 -1.3 1.4 2.7 1.7 2.6 .9 .1 1.8 1.8 -4.9 29 -.5 30 4.4 31 32 33 34 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 4,791 5.565 774 520 2,942 2,422 -1,771 671 2,442 4,909 2.975 -1,934 6,474 -12,856 5,149 -8,502 4,354 -1,325 -1.7 4.5 6.2 7.1 12.4 5.3 5.0 14.1 9.1 10.7 15.0 4.3 13.0 32 13.4 33 .5 34 -8,654 -10.639 1,985 -143 -277 134 8,663 2,928 5.735 493 566 -73 20.257 4,803 15,454 1,098 412 686 3,572 10,680 -7,108 4,002 3.980 22 -3,606 3,268 -6,874 -4,277 -3,662 -615 17,466 14,171 3,295 -338 -1,307 969 4.0 -.9 5.0 1.4 1.2 .2 15.9 6.4 9.5 3.6 2.7 .9 23.2 21.1 2.1 .5 .3 .3 -29.6 -26.6 -3.0 -1.9 -2.3 .4 2,128 1,158 970 5,242 4,854 388 14.356 -11,110 11,313 -7,951 3,043 -3,159 -2,597 -4,054 1,457 3.633 2,588 1,045 3.5 1.7 1.8 5.9 4.4 1.5 1.6 -1.4 3.0 -1.0 -2.3 1.3 -3.4 41 -2.2 42 -1.2 43 3.517 3.205 -2,655 1,441 -2.711 -7.1 -.5 -1.0 -3.6 -.5 44 21 22 23 24 25 26 35 Net change in assets Foreign 36 Domestic 37 Monetary authority 38 Federal Reserve float 39 Loans to member banks 40 41 42 43 Commercial banking Reserves at F.R. Vault cash 44 Discrepancy: Floats, etc. III/87 BASED ON INCOMPLETE INFORMATION 3,605 -.5 -8.5 4.4 4.4 .5 -.5 -28.4 -22.0 -6.3 -2.9 -2.7 -.2 21 22 23 24 25 26 35 36 37 38 39 40 DECEMBER <5. 1987 Interbank Claims Interbank Claims 35 Net Interbank Positions, Domestic and Forelsn Banks SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1986 I 1 II 1986 III IV I 1 I 1987 II III 39.1 Net change In liabilities Monetary authority 15.5 Coml. bank reserves 12.2 Vault cash 3.3 Net Interbank Claims 1 2 3 4 -33.6 2.2 1.3 .9 -1.9 -3.6 -5.0 1.5 11.9 3.6 .4 3.2 28.0 8.1 6.8 1.3 32,9 19.6 19.5 .1 3.3 15.8 13.8 2.0 30.7 21.5 19.4 2.1 75.8 38.1 40.3 -2.2 19.2 -32.9 -36.7 3.9 18.1 -3.5 -8.2 4.8 5 6 7 8 9 10 11 -35.7 .1 -34.8 -24.3 -10.4 -1.1 9.3 1.7 -1.0 14.2 12.4 5.6 9.4 3.8 8.2 2.0 -1.1 -4.1 -7.8 -5.7 2.2 19.9 -.4 12.6 7.9 6.8 2.5 -4.2 13.3 -1.2 12.3 11.2 -3.4 3.0 6.4 -12.5 -.9 -21.6 -26.1 -15.0 -2.6 12.4 9.2 -2.7 2.1 5.7 6.1 -.1 -6.2 37.6 2.8 13.3 16.7 -6.5 10.5 17.0 52.1 23.5 38.2 35.3 31.5 -10.7 -42.2 21.5 -17.1 37.8 29.1 37.0 19.4 -17.6 23.7 -8.0 49.0 48.1 41.7 47.3 5.6 Commercial banking 5 To monetary authority 6 To banks in fgn entries. 7 Liabilities, net 8 U.S. chartered banks 9 Due to f9n affils. 10 -Due from fgn affils. 11 12 13 14 -2.2 .3 2.5 -3.1 .7 3.8 -.6 .8 1.4 -.5 -1.1 -.6 1.3 1.2 -.1 -1.5 .4 1.9 -12.7 .1 12.7 -8.0 2.7 10.7 -5.7 -.5 5.2 15.7 -2.2 -17.9 -20.8 3.0 23.7 Domestic affiliates 12 Due to fgn. affil. 13 -Due from fgn. affil. 14 15 16 17 -11.7 -2.6 9.1 9.9 4.8 -5.1 4.4 2.0 -2.4 1.6 4.0 2.5 13.3 18.9 5.6 -9.6 -14.4 -4.9 12.2 31.3 19.1 31.2 30.8 -.4 9.4 -2.0 -11.4 -23.6 -4.8 18.8 27.2 20.0 -7.2 Fgn. bkg. off. in U.S. 15 Due to fgn affil. 16 -Due from fgn. affil. 17 18 19 20 10.5 10.3 .2 -1.8 -1.3 -.6 -2.9 -4.6 1.7 -4.7 -2.0 -2.7 -1.1 -1.0 -.1 -4.4 -3.8 -.6 3.6 4.6 -1.0 3.4 1.3 2.1 -2.9 -2.3 -.5 -8.7 -5.8 -2.9 -.8 1.1 -1.9 Less: Dep. at fgn. banks 18 U.S. chartered banks 19 Fgn. bk9. off. in U.S. 20 21 22 23 24 25 26 -1.0 -2.7 -7.2 .9 -7.1 -1.0 -11.6 -3.9 -6.4 6.9 -1.7 -11.6 7.4 7.9 1.3 -3.0 -3.1 7.4 7.7 -9.0 9.0 tt 1.3 7.7 2.3 4.1 9.2 -.3 7.3 2.3 10.0 -4.9 14.6 -1.4 6.0 10.0 9.8 8.4 17.8 .3 7.7 9.8 21.6 32.7 37.6 1.1 14.9 21.6 -9.6 -33.6 -18.8 8.2 -17.4 -9.6 .8 -23.4 -5.1 -6.3 .5 .8 -17.3 43.7 .3 1.3 16.2 -17.3 27 28 -4.7 .2 -1.9 -.6 -5.0 -1.6 14.8 3.2 6.2 -1.0 22.5 -3.0 3.6 5.7 7.2 -2.4 15.2 -.4 18.9 -.6 -40.9 -2.5 29 30 31 -.7 .2 .9 -7.4 -.6 6.9 1.4 -1.6 -3.0 3.2 3.2 K -.7 -1.0 -.3 -1.6 -3.0 -1.4 5.4 5.7 .3 -3.5 -2.4 1.1 -8.6 -.4 8.2 5.8 -.6 -6.3 -3.8 -2.5 1.3 32 33 34 2.3 -4.7 -7.1 -.3 -1.9 -1.7 -1.9 -5.0 -3.1 13.5 14.8 1.3 -1.1 6.2 7.3 16.5 22.5 6.0 -4.1 3.6 7.7 -7.7 7.2 14.9 32.6 15.2 -17.4 18.5 18.9 .5 -57.1 -40.9 16.2 35 36 37 38 39 40 -32.6 -34.8 2.3 .1 1.0 -.9 9.7 14.2 -4.6 -1.0 -1.2 .2 4.4 -1.1 5.6 2.0 -.7 2.7 20.3 12.6 7.7 -.4 .1 -.5 30.6 12.3 18.4 -1.2 .3 -1.5 -6.7 -21.6 15.0 -.9 -.3 -.6 20.9 2.1 18.8 -2.7 -.4 -2.3 54.2 13.3 40.9 2.8 -.7 3.5 28.8 38.2 -9.3 23.5 20.2 3.4 17.2 37.8 -20.6 -17.1 -13.6 -3.5 41 42 43 2.2 1.3 .9 -3.6 -5.0 1.5 3.6 .4 3.2 8.1 6.8 1.3 19.6 19.5 .1 15.8 13.8 2.0 21.5 19.4 2.1 38.1 40.3 -2.2 -32.9 -36.7 3.9 -3.5 -8.2 4.8 44 -1.0 -11.6 7.4 7.7 2.3 10.0 9.8 21.6 -9.6 .8 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION To U.S. banking, net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less, due from: Fgn. offices in US Domestic Affiliates 21 22 23 24 25 26 Domestic affiliates Due to U.S. banks -Due from U.S. banks 29 30 31 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 32 33 34 56.4 Net change in assets Foreign 49.0 Domestic 7.4 -8.0 Monetary authority -9.4 Federal Reserve float Loans to member banks 1.3 15.5 12.2 3.3 1 2 3 4 Commercial banking Reserves at F.R. Vault cash -17.3 Discrepancy: Floats, etc. 27 28 35 36 37 38 39 40 41 42 43 44 DECEMBER 4, 1987 Deposit Claims Deposit Claims 36 Monetary Claims On Financial Institutions UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 1 II 1986 III IV 1 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Currency and Checkable Deposits 1 Net change in liabilities 2 3 4 5 Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks 6 7 8 9 Commercial banking U.S. government deposits Foreign deposits Private domestic deposits 10 Savings Institutions 53.868 8,544 4*981 -153 32 5.102 5,235 4,262 12 961 41*856 13,276 1.433 27.147 -560 2,987 -325 -3,222 91.264 -74,603 57,365 -3,695 30.2 32.7 35.8 16.1 28.1 1 -4,850 -3.929 97 -1,018 15,978 10,172 -120 5.926 -3,996 -4,687 161 530 4.8 -3.3 ■ 8.2 6.3 -3.1 .1 9.3 8.2 .1 .1 8.0 9.0 -1.1 -.2 10.3 10.9 1.2 .1 9.5 2 3 4 5 76,839 -71,810 -731 -18,831 2.452 -1.601 75,118 -51,378 37,064 22.275 1.057 13,732 501 4,323 -1,954 -1.868 24.5 4.3 2.4 17.8 25.4 6.8 -.3 18.9 26.4 .4 4.1 21.8 5.1 -2.6 .3 7.4 8.6 -1.1 -3.9 13.7 6 7 8 9 8.326 17 -13 8,322 7,031 3,869 2.057 4.323 -200 1.0 1.0 1.2 2.0 8.6 10 11 Net change in total assets 53*868 8,544 91,264 -74,603 57.365 -3,695 30.2 32.7 35.8 16.1 28.1 11 12 13 14 15 Pvt. domes, sectors* by type Currency Demand deposits Other checkable 39,280 1,608 5,102 961 19,756 -13,248 14,422 13,895 89,539 -50,339 8 • 322 -1.018 59,280 -59,059 21,937 9,738 23.981 5.926 11,272 6.783 -1,538 530 -5,272 3,204 26.9 8.2 17.2 1.6 29.2 9.3 15.4 4.5 31.0 8.0 14.4 8.6 19.8 10.3 -.8 10.2 31.8 9.5 -28.8 51.0 12 13 14 15 16 1(7 18 19 20 21 22 Pvt.domes.sectors * by holder Pvt. domestic nonfinancial Households Business StateSlocal governments Mail float . Financial sectors 23.981 -1,538 25.562 505 27,689 12,478 -4.670 -860 3,514 1.236 -971 -12,349 -1,581 -2,043 26.9 25.4 19.7 2.9 1.1 1.8 1.5 29.2 26.2 22.2 4.5 M -.5 3.0 31.0 27.9 25.6 2.8 -.4 -.1 3.1 19.8 16.7 10.2 4.9 -.6 2.3 3.0 31.8 28.1 25.1 .4 -1.5 4.1 3.7 16 17 18 19 20 21 22 23 24 Foreign U.S. government -1.793 -364 2.4 .9 -.2 3.7 4.2 .5 -3.6 -3.8 23 .1 24 39,280 37,560 30,614 735 ' 5.460 751 1.720 1,608 1.435 10,989 2,418 -3,230 -8,742 173 1.465 13,123 -313 7,249 6,099 89,539 80.274 49,168 14,249 3,469 13,388 9,265 -50.339 -46,725 -22.484 -9,320 -3,902 -11.019 -3.614 2.439 -1,504 -714 -22,760 937 32.447 Small Time and Savings Deposits 1 Net change in liabilities 2 Commercial banks Savings institutions 3 4 Savings and loan assns. Mutual savings banks 5 Credit unions 6 7 Net change in assets Households 8 9 State and local governments 10 U.S. government Credit unions 11 29,831 19,589 10,242 6,363 -3.917 7,796 30.173 18.531 11.642 9,569 -3-649 5,722 28,671 18.666 10,005 7,110 -1,303 4,198 17,039 1,255 15,784 13.923 -6,908 8,769 13.040 6,324 6.716 4.098 -2,906 5,524 13,625 4,063 9,562 9,749 -378 191 94.6 28.2 66.4 48.6 10.4 7.3 65.1 13.2 51.9 38.7 7.4 5.8 59.6 29.5 30.2 24.8 1.5 3.9 83.6 44.8 38.8 30.4 5.3 3.1 47.6 40.1 7.5 3.9 1.6 2.0 29,831 28,317 328 25 1.161 30,173 29,053 388 -190 922 28,671 28.312 404 -23 -22 17,039 14,497 899 -112 1,755 13.040 11,086 872 252 830 13,625 15,726 1.030 -714 -2,417 94.6 95.5 -1.6 .1 .4 65.1 66.0 -.1 .1 -.8 59.6 59.8 -.6 .1 .4 83.6 83.4 -.3 -.2 .7 47.6 7 47.3 8 9 .1 -.1 10 .4 11 .2 -.2 .2 .2 .1 6.9 6.0 .4 .3 .3 34.4 30.6 2.4 .6 .8 30.8 24.5 4.0 .9 1.5 109.8 90.7 11.4 3.7 3.9 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 6 Money Market Mutual Fund Shares 1 Net change in assets Households 2 Nonfin. corp, business 3 4 Life insurance cos. Private pension funds 5 12,318 10,903 280 245 890 17,001 15,262 475 295 969 -2.991 -4,753 506 356 900 12,365 10,965 600 300 500 -2.985 -2.728 -130 -27 -100 4,821 4,239 232 140 210 Large Time Deposits 1 Net change in total liab. 2 Commercial banking Domestic banks 3 Foreign banking offices 4 5 Savings institutions 6 Net change in assets 7 Pvt. domestic nonfinancial Households 8 9 Business 10 State 8 local governments Foreign 11 12 13 14 15 16 17 18 Financial sectors Saving and loan assns. Mutual savings banks Credit unions Private pension funds St.Slocal govt.rtr.funds Money market funds -9.438 -10,637 -10,495 -142 1,199 8,969 7.417 3,161 4.256 1,552 -9.438 -10.853 -9.280 747 -2,320 838 8,969 -383 3.305 -479 -3,209 -455 577 -1,942 1,641 1,221 111 -454 9.807 -883 -8 951 6,177 1,421 2,149 -469 3,287 3,301 -14 -3,756 11.561 12,909 11.380 1.529 -1.348 14,061 8.200 6,338 1,862 5,861 28.3 26.0 23.8 2.2 2.3 54.8 48.6 42.1 6.4 6.2 29.3 13.8 10.2 3.6 15.5 60.0 47.2 39.3 7.9 12.7 61.3 51.5 43.9 7.6 9.8 -469 4,916 -1,608 -3,829 -8.790 -15,221 8.891 8,595 2.797 -1,709 433 1,685 11.561 -2.217 2.860 -1,154 -3,923 -1,493 14,061 7,441 9,895 1,701 -4,155 462 28.3 24.2 11.1 4.8 8.3 -.4 54.8 42.5 33.2 2.0 7.3 1.1 29.3 15.6 12.4 4.7 -1.5 1.2 60.0 45.2 40.4 6.5 -1.6 1.2 61.3 6 36.7 7 17.1 8 17.4 9 2.2 10 2.3 11 4,839 6.512 -2 35 -3.066 1.226 134 15,271 889 3 2.516 5,626 1.373 4.864 6.158 -390 -3,427 6,953 201 2,821 4.5 .1 a .4 3.4 .3 .3 11.1 .4 .3 -.6 7.4 .9 2.7 12.5 -2.2 -.3 .7 5.7 1.1 7.5 13.6 2.5 a 1.7 a .2 9.0 22.4 -.7 -.1 -.3 .5 .1 22.8 12 13 14 15 16 17 18 1 2 3 4,916 9,113 2.093 7,020 -4,197 2,927 -6.390 -8 1,375 9,108 -904 -254 Federal Funds and Security Repurchase Agreements 4,862 -4,299 9.161 14,515 12,548 1.967 -4,132 -7.035 2,903 19,562 15-854 3,708 10,982 -6,032 17.014 5,055 3,202 1,853 12.5 10.6 1.9 24.6 22.5 2.1 17.5 17.0 .5 22.5 20.5 2.1 17.8 14.8 3.0 4 Net change in assets Nonfinancial corporations 5 6 State and local governments Sponsored credit agencies 7 Savings and loan assns. 8 9 Mutual savings banks 10 Credit unions Other insurance companies 11 Money market funds 12 9,779 1,044 1,705 -228 1,591 72 1.134 -1,488 5,949 12.196 2,061 5,595 5,451 731 -693 -544 940 -1,345 -3.363 4,902 100 -3.652 -4,434 -1.965 -633 966 1.353 20,952 1,800 3,700 -298 6,253 1,676 3,135 -50 4,736 5,466 2.450 3,800 2.346 -1,823 -1.874 -2.154 1,882 839 5,207 7,357 4,435 -5,945 -1,238 -982 -1,881 888 2.573 6.1 1.2 1.7 .2 2.3 .6 .1 8.7 5.5 a 1.4 1.7 « .1 12.7 2.6 4.0 .6 2.5 .9 2.1 12.5 6.6 .3 1.8 -.7 .6 .7 3.2 25.0 4 a 5 5.2 6 3.5 7 4.2 8 1.5 9 1.7 10 .1 11 8.9 12 13 Discrepancy-unallocated assets -4,917 2,319 -769 -1,390 5.516 -152 6.4 15.9 4.8 10.0 -7.2 13 2.4 2.0 .5 9.8 5.1 4.6 4.5 2.8 1.7 1 Net change in liabilities Commercial banks Savings and loan assns. 2 3 U.S. Deposits in Foreign Countries 1 Total fgn. liability* held by: Nonfinan. corporate business 2 Money market funds 3 5,137 2,259 2,878 II1/87 BASED ON INCOMPLETE INFORMATION 516 -69 585 2,441 2,909 -468 -4,518 -9,447 4,929 1,200 4,376 -3,176 1,212 -1.212 1.3 1.3 a 10.4 -1.7 12.1 1 2 3 DECEMBER 4. 1987 Deposit Claims Deposit Claims 37 Monetary Claims On Financial Institutions SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 I 1 1986 II 1986 III IV I 1 I 1987 II III Currency and Checkable Deposits 1 37.4 40.2 47.3 83.3 125.3 113.4 118.0 213.0 -109.3 111.6 2 3 4 5 10.2 .7 - .2 9.7 13.0 -1.3 K 14.3 10.3 1.7 « 8.6 16.6 4.1 .1 12.4 12.4 -1.9 -.2 14.4 .8 -8.1 .3 8.6 19.2 5.0 -.1 14.3 27.3 5.3 -.1 22.0 9.9 .9 .3 8.7 41.9 31.6 -.2 10.6 -14.8 -29.6 .4 14.4 Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks 2 3 4 5 6 7 8 9 19.2 6.1 -3.4 16.5 15.9 -5.3 1.6 19.7 29.2 4.0 2.0 23.2 53.9 10.3 1.4 42.2 94.1 1.7 2.9 89.6 89.0 15.2 2.7 71.1 80.8 19.4 3.6 57.8 162.0 -4.2 3.1 163.0 -130.5 -34.7 -1.4 -94.4 57.6 43.4 1.6 12.6 106.5 30.9 -3.3 78.9 Commercial banking U.S. government deposits Foreign deposits Private domestic deposits 6 7 8 9 92.1 Net change ln liabilities 10 8.0 11.3 7.8 12.9 18.8 23.6 18.0 23.7 11.3 12.0 11 37.4 40.2 47.3 83.3 125.3 113.4 118.0 213.0 -109.3 111.6 12 13 14 15 34.3 9.7 -1.1 25.7 45.3 14.3 2.7 28.3 39.6 8.6 15.4 15.6 67.4 12.4 21.9 33.2 122.8 14.4 53.0 55.4 103.3 8.6 41.6 53.1 90.1 14.3 17.7 58.1 208.8 22.0 99.7 87.1 -74.4 8.7 -125.1 42.0 35.2 10.6 2.8 21.9 93.7 14.4 65.3 13.9 16 17 18 19 20 21 22 34.3 27.7 17.6 8.5 -1.6 3.2 6.5 45.3 42.9 36.6 6.8 -.7 .1 2.4 39.6 36.5 16.5 6.8 5.0 8.1 3.1 67.4 53.8 39.0 9.9 1.1 3.8 13.7 122.8 112.8 98.1 12.7 3.5 -1.4 10.0 103.3 99.6 85.9 11.8 9.5 -7.6 3.7 90.1 85.4 85.5 9.5 -3.7 -5.9 4.7 208.8 184.7 157.8 22.6 3.7 .7 24.1 -74.4 -73.1 -52.2 -12.2 -1.3 -7.4 -1.3 35.2 45.6 69.5 -7.4 .4 -16.9 -10.4 93.7 96.9 104.8 -3.3 14.7 -19.3 -3.2 23 24 -3.7 6.8 1.6 -6.7 1.9 5.7 1.6 14.3 2.7 -.2 3.0 7.1 3.5 24.4 3.1 1.1 -1.1 -33.8 1.4 75.0 -2.8 1.2 .3 Savings institutions 92.1 Net change ln total assets 1 10 11 Pvt. domes, sectors* by type 12 13 Currency 14 Demand deposits Other checkable 15 Pvt.domes.sectors, by holder Pvt. domestic nonfinancial Households Business State81ocal governments Mail float Financial sectors 16 17 18 19 20 21 22 Foreign U.S. government 23 24 Small Time and Savings Deposits 1 2 3 4 5 6 139.0 96.4 42.6 29.7 4.5 8.5 216.9 130.8 86.1 65.8 7.5 12.8 150.3 74.6 75.7 65.8 -1.2 11.2 141.8 80.3 61.4 45.5 -3.5 19.4 124.5 71.6 52.9 37.4 -9.5 25.1 148.5 91.9 56.6 39.3 -8.0 25.4 142.8 97.1 45.7 30.0 -10.5 26.2 115.4 51.4 64.0 46.0 -8.6 26.7 25.7 4.8 20.9 30.1 -36.4 27.1 75.1 30.2 44.9 32.2 -3.1 15.8 73.7 Net change in liabilities Commercial banks 35.9 Savings institutions 37.8 Savings and loan assns. 33.0 Mutual ,savings banks .7 Credit unions 4.0 7 8 9 10 11 139.0 134.6 1.5 .5 2.5 216.9 210.4 5.3 -.5 1.6 150.3 152.7 -2.6 .5 -.4 141.8 144.5 -5.4 * 2.6 124.5 120.7 .2 .2 3.3 148.5 143.2 .9 .1 4.3 142.8 135.7 2.4 -.8 5.4 115.4 113.9 1.2 -.1 .4 25.7 17.3 3.6 -.4 5.2 75.1 67.8 3.3 1.0 2.9 73.7 Net change in assets Households 79.8 State and local governments 4.7 U.S. government -2.9 Credit unions -8.0 69.8 62.8 1.9 1.2 3.9 21.5 14.5 2.0 1.4 3.6 -3.7 -9.3 2.4 1.2 2.0 .1 1.2 -.5 -.1 -.4 1 2 3 4 5 6 7 8 9' 10 11 Money Market Mutual Fund Shares 1 2 3 4 5 32.7 32.8 .6 l.l -1.8 -40.4 -31.1 -7.9 -1.9 .4 54.2 44.0 4.9 2.2 3.0 10.2 12.1 -3.2 .4 1.0 48.3 42.6 1.2 1.1 3.4 56.7 51.0 1.1 1.0 3.6 24.7 Net change ln assets 22.4 Households Nonfin. corp, business .9 Life insurance cos. .6 Private pension funds .8 1 2 3 4 5 47.8 Net change in total liab. Commercial banking 20.7 Domestic banks 10.7 Foreign banking offices 10.0 Savings institutions 27.1 2 3 4 5 Large Time Deposits 1 2 3 4 5 24.6 13.0 2.3 10.7 11.6 -13.1 -48.3 -38.7 -9.6 35.2 87.9 38.3 33.9 4.4 49.6 17.4 11.8 10.8 .9 5.6 6.3 3.2 -6.6 9.8 3.1 -36.9 -36.3 -30.1 -6.2 -.6 23.8 14.3 -4.6 18.9 9.5 -3.1 18.6 -3.4 22.0 -21.7 27.6 34.8 25.0 9.7 -7.2 52.0 64.3 63.6 .7 -12.4 6 7 8 9 10 11 24.6 -2.4 -16.5 11.8 2.4 6.8 -13.1 -8.4 -13.5 16.6 -11.6 .5 87.9 84.9 68.9 13.2 2.8 4.6 17.4 7.2 -14.6 9.4 12.4 3.7 6.3 -10.1 -14.9 9.7 -4.8 -2.7 -36.9 -43.7 -53.1 6.2 3.2 -.8 23.8 -18.3 -5.5 5.7 -18.4 -.1 -3.1 -21.7 -36.5 19.3 -4.5 3.0 27.6 14.5 -27.0 40.2 1.3 8.5 52.0 -6.8 -1.4 -2.5 -2.9 -10.3 12 13 14 15 16 17 18 20.1 7.2 1.4 5.0 7.5 2.2 -3.1 -5.2 1.2 ■ ■ 7.5 2.8 -16.8 -1.6 -5.5 -1.4 -.8 3.3 3.2 -.4 6.5 2.3 -.3 2.3 7.6 1.4 -6.8 19.0 4.0 ■ 3.8 5.5 3.5 2.3 7.6 -3.5 6.7 4.9 .8 -1.3 42.1 3.8 ■ 6.0 24.7 9.7 -2.1 15.5 17.9 * .6 -12.3 2.9 6.4 4.6 -29.7 M 3.1 36.4 -6.1 .9 69.1 9.2 « 10.1 22.5 5.8 21.6 47.8 Net change ln assets Pvt. domestic nonfinancial 15.7 Households 22.7 Business 15.6 State & local governments -22.6 Foreign 3.0 29.1 6.1 -11.8 27.8 5.3 1.7 Financial sectors Saving and loan assns. Mutual savings banks Credit unions Private pension funds St.81ocal govt.rtr.funds Money market funds ! 6 7 8 9 10 11 12 13 14 15 16 17 18 Federal Funds and Security Repurchase Agreements 1 2 3 8.0 9.2 -1.2 28.6 14.8 13.9 20.4 1.6 18.8 33.4 35.3 -1.9 25.0 10.9 14.2 54.2 11.8 42.5 55.5 51.9 3.6 -33.0 -40.5 7.5 60.5 44.0 16.4 82.3 5.9 76.4 4 5 6 7 8 9 10 11 12 23.3 3.7 7.3 5.4 .4 H .8 4.0 1.7 29.1 11.2 7.2 -2.3 5.9 -.6 1.1 9.6 -3.2 35.7 -4.6 9.5 8.3 6.9 1.3 .3 4.2 9.7 35.4 4.0 12.6 7.2 .5 .3 3.7 3.7 3.3 33.0 9.7 8.6 5.0 -.2 * 2.5 1.3 6.1 83.1 7.9 7.5 17.5 6.4 3.3 4.5 -6.0 42.0 26.9 8.6 27.3 -1.3 2.9 -2.8 -2.2 3.8 -9.4 -11.2 18.9 -1.7 -9.9 -17.7 -2.8 -2.5 3.9 .7 56.4 4.1 11.6 -1.5 25.0 -2.3 12.5 -.2 7.0 72.4 14.3 15.5 30.3 -7.3 -4.0 -8.6 7.5 24.6 13 -15.3 -.4 -15.4 -2.0 -8.0 -28.9 28.5 -21.7 4.1 9.9 13.1 11.6 1.5 -20.3 -35.5 15.2 -9.2 -l.l -8.1 18.4 Net change in liabilities Commercial banks 16.5 Savings and loan assns. 1.9 -3.7 Net change in assets Nonfinancial corporations 28.3 State and local governments 24.1 Sponsored credit agencies -49.7 Savings and loan assns. -5.0 Mutual savings banks -3.9 Credit unions -7.5 Other insurance companies 3.6 Money market funds 6.5 1 2 3 4 5 6 7 8 9 10 11 12 22.1 Discrepancy-unallocated assets 13 U.S. Deposits in Foreign Countries 1 2 3 4.5 -.4 4.9 1.3 3.1 -1.8 BILLIONS OF DOLLARS. -5.8 -5.1 -.7 -4.3 -2.1 -2.2 9.1 5.9 3.1 9.2 -6.6 15.8 111/87 BASED ON INCOMPLETE INFORMATION 13.7 14.1 -.3 13.2 Total fgn. liability, held by: Nonfinan. corporate business 21.5 Money market funds -8.2 I 2 3 DECEMBER 4, 1987 U.S. Government Securities U.S. Government Securities 38 Government Securities Market Summary UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV I I 1987 II III 1977 BILLIONS OF DCLLARS 1978 1979 1980 1981 Total Net Issues, by Sector and Type 1 Total U.S. government secur. 2 U.S. government 3 Spons. agencies 8 mtg. pools 4 5 6 7 8 9 10 11 By instruments Treasury Issues Household savings bonds Treas. excl. savings bonds Other Budget agency Issues Loan participations (1) Spons. agency issues (2) Mortgage pool secur. (2) 89,905 110,646 129.538 50.682 57,900 69,348 39,223 52.746 60,190 64,813 27,505 37,308 79,428 31.398 48,030 59,474 21.836 37.638 79.9 56.9 23.1 90.5 53.8 36.7 84 .8 37.5 47.3 122.9 79.3 43.6 133.0 87.5 45.5 1 2 3 50,680 2,398 48,282 57,506 3,948 53,558 69,299 5,563 63,736 27.527 1,340 26,187 31,879 2,131 29,748 21,960 1,730 20,230 57.6 4.7 52.9 55.1 3.9 51.2 38.8 -.8 39.6 79.8 -7.3 87.1 87.8 -4.3 92.2 4 5 6 39,225 2 4,748 34,475 53,140 394 5,922 46,824 60,239 49 5,787 54,403 37,286 -22 -4,634 41,942 47,549 -346 -135 7,395 40,635 37,514 -124 8,739 28,899 22.3 -.5 -.2 7.0 16.1 35.3 -1.1 -.3 23.1 13.6 46.0 -1.1 -.2 24.3 23.1 43.1 -.3 -.2 24.4 19.2 45.2 7 -.3 8 9 -.1 30.5 10 15.0 11 Total Net Purchases, by Sector and Type 1 Total purchases, by sector U.S. govt, (agency issues) 2 3 Sponsored credit agencies Treasury issues 4 Agency issues 5 6 7 8 Monetary authority Treasury issues Agency issues 89,905 110.646 129,538 3,288 2,570 742 3.479 721 2,579 -191 21 -9 7.179 7,229 -50 8,621 6.902 1,719 64,813 2,335 2,315 20 79.428 -3,312 -3,292 -20 59,474 2,689 2,689 - 79.9 -3.8 -3.4 -.4 90.5 .6 .5 .1 84.8 .2 - .2 .4 122.9 .7 .4 .2 133.0 .4 .2 .2 1 2 3 4 5 20,852 -17,331 20,565 -14,907 287 -2,424 16,857 15,897 960 -1,421 -365 -1,056 7.2 5.8 1.4 7.3 7.7 -.4 7.6 6.9 .7 4.4 3.9 .6 9.8 9.6 .1 6 7 8 9 10 11 Foreign Treasury issues Agency Issues 20,313 18,243 2.070 14,631 12,776 1,855 3,604 1,498 2,106 11,421 10,575 846 9,528 8,520 1.008 2,137 1,000 1,137 33.5 30.8 2.7 27.0 25.7 1.3 -16.9 -17.5 .5 14.9 12.4 2.5 9.5 9 7.9 10 1.6 11 12 13 14 Total private domestic Treasury issues Agency issues 59,125 21,729 37.396 86,652 102,512 37,107 44,657 49,545 57,855 68,388 29,544 38.844 56,355 10,754 45.601 56,069 18,636 37,433 43.1 24.5 18.6 55.5 21.2 34.4 93.9 49.5 44.4 102.9 63.1 39.8 113.4 12 70.0 13 43.3 44 15 16 17 18 19 Private domestic nonfinan. -3,613 8,484 Total Treasury Issues Savings bonds (HH) 2,398 Other Treasury issues 6,086 Agency issues -12,097 21,402 17,403 3,948 13,455 3,999 29,926 -7,749 5,016 18,652 5,563 1.340 13,089 3,676 11.274 -12.765 15,997 2,940 2.131 809 13.057 11.112 7,262 1,730 5,532 3,850 21.1 18.5 4.7 13.8 2.5 39.8 26.8 3.9 22.8 13.0 59.7 39.8 -.8 40.6 20.0 31.0 24.5 -7.3 31.8 6.6 38.3 38.8 -4.3 43.1 -.5 15 16 17 18 19 -14.194 1,217 2,398 -1.181 -15,411 -173 -2,212 3,948 -6,160 2,039 12,279 -12,602 4,108 3,233 1.340 5.563 1,893 -1,455 8.171 -15,835 11.626 1,108 2,131 -1,023 10,518 19,217 18,149 1,730 16,419 1,068 12.9 14.0 4.7 9.2 -1.1 27.4 20.5 3.9 16.5 7.0 42.5 24.4 -.8 25.2 18.0 23.5 18.7 -7.3 26.0 4.9 41.4 36.6 -4.3 40.9 4.8 20 21 22 23 24 20 21 22 23 24 Households Total Treasury Issues Savings bonds Other Treas. issues Agency Issues 25 26 27 Nonfin. corp, business Treasury issues Agency Issues 4,202 4,237 -35 -3.794 -3.759 -35 8,587 8,621 -34 1.663 1.696 -33 2.972 3,003 -31 -4,706 -4,677 -29 -6.4 -6.0 -.4 1.5 .8 .7 6.6 7.8 -1.3 5.6 5.1 .5 4.0 25 4.0 26 M 27 28 29 30 State and local govts. Treasury issues Agency issues 6,379 3,030 3.349 25,369 23.374 1,995 9,060 5,923 3.137 3.190 87 3,103 1.399 -1,171 2,570 -3,399 -6.210 2,811 14.6 10.6 4.0 10.9 5.5 5.3 10.7 7.5 3.2 1.9 .7 1.2 -7.1 28 -1.8 29 -5.4 30 7,800 -1,101 8,901 13,677 283 13.394 14,229 2,611 11,618 6,188 -3,571 9,759 4,675 -577 5,252 11.411 7,067 4.344 .1 -.6 .8 -.8 -7.8 7.0 9.6 2.0 7.6 25.8 16.1 9.7 11.6 31 1.8 32 9.8 33 7,157 -1.311 1,844 110 12.477 113 1,101 -14 13,681 -265 789 24 4.208 690 1.314 -24 4,897 508 -695 -35 10,338 21 1.106 -54 -1.3 1.3 -.1 .2 .1 -1.3 .5 -.1 7.4 1.7 .5 « 25.0 .2 .5 .1 11.4 -.1 .6 -.3 54,938 14,346 40.592 51,573 19,421 32.152 58,357 23.394 34,963 69,949 28,099 41,850 35.683 8.391 27,292 33,546 4,307 29,239 21.9 6.6 15.3 16.5 2.2 14.3 24.6 7.8 16.8 46.1 22.6 23.5 63.5 38 29.4 39 34.1 40 18,951 3.337 15,614 11.321 2,230 9.091 6,381 -3,379 9,760 6.455 4.933 1,522 20.340 3,574 16,766 12.557 1,445 11.112 3.9 -1.0 4.9 4.6 * 4.6 1.0 -2.9 3.9 13.8 5.7 8.1 2.4 41 -4.2 42 6.6 43 622 -100 722 1,045 200 845 3.843 400 3.443 1.678 343 1.335 359 107 252 1,324 -438 1,762 2.6 .1 2.6 .8 -.9 1.7 1.2 -.2 1.3 3.3 .8 2.5 .9 44 -.2 45 1.2 46 31 32 33 34 35 36 37 38 39 40 Commercial banking Treasury issues Agency issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions Private nonbank finance Treasury Issues Agency issues 34 35 36 37 41 42 43 Savings and loan assns. Treasury Issues Agency Issues 44 45 46 Mutual savings banks Treasury Issues Agency Issues 47 48 49 Credit unions Treasury Issues Agency Issues 1,161 877 284 1.286 567 719 596 205 391 2,495 1.252 1.243 2.021 830 1,191 -1,023 969 -1.992 .5 .1 .4 -.8 -.7 -.1 -1.1 -.1 -1 0 1.0 .3 .7 .3 47 .1 48 .3 49 50 51 52 Life Insurance companies Treasury issues Agency Issues 1.556 -829 2.385 3,069 2.234 835 7,257 4.001 3.256 8,999 6,628 2.371 -2.953 -4,256 1.303 1,945 595 1,350 1.6 -.1 1.7 2.0 -.5 2.5 2.9 .1 2.8 2.7 1.0 1.8 5.5 50 2.3 51 3.1 52 53 54 55 Private pension funds Treasury issues Agency Issues 757 -952 1.709 3,137 2,022 1.115 172 4,158 -3.986 5,990 -2,107 8,097 2.160 3,537 -1,377 4.322 326 3.996 5.7 3.2 2.4 2.1 1.9 .2 6.7 2.8 3.9 12.0 6.2 5.8 16.3 53 5.0 54 11.3 55 56 57 58 St.Slocal govt.rtr.funds Treasury issues Agency Issues 4,602 -1,521 6.123 4,605 767 3,838 5,021 5,707 -686 3,797 1,670 2.127 6,171 5.214 957 2,275 1,135 1,140 5.5 2.7 2.7 7.1 2.7 4.4 6.6 5.3 1.4 9.9 6.2 3.7 11.8 56 6.6 57 5.2 58 59 60 61 Other Insurance cos. Treasury Issues Agency issues 5,867 3,232 2,635 5.811 3,054 2,757 5,975 3,265 2,710 5,532 2,796 2,736 1,968 1,911 57 2,889 2,495 394 3.0 2.5 .5 1.2 .7 .5 1.3 .2 1.1 1.8 1.6 .2 2.2 59 1.4 60 .8 61 62 63 64 Mutual funds Treasury Issues Agency issues 21,043 15,112 5.931 13.443 6.836 6.607 8,920 4,195 4,725 26,464 21,983 4.481 -5,229 -4,317 -912 -420 1,650 -2.070 .2 .2 - -.2 -.2 - H » - .3 .3 - .9 62 .9 63 - 64 65 66 67 Money market funds Treasury Issues Agency issues -9,205 -6,907 -2.298 1,967 1.595 372 4,007 4,079 -72 -8,017 -9,563 1,546 926 1,735 -809 -2.409 -4,977 2.568 -.3 -.3 - .6 H .6 4.2 .7 3.4 2.6 1.9 .7 23.7 65 18.0 66 5.6 67 68 69 Brokers 8 dealers CMO Trusts (agy. issues) 2.097 7,487 -84 5.973 763 15.422 164 16,392 56 9,864 1.107 10,979 -.7 - -.8 - 1.9 - -1.4 - -.6 68 - 69 (1) For purchases, agency Issues Include loan participations. (2) These issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are included in credit market debt of financial institutions. 111/87 BASED ON INCOMPLETE INFORMATION DECEMBER <4, 1987 Government Securities U.S. Government Securities 39 U.S. Government Securities Market Summary SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 198A 1985 1986 1 1 1986 III II IV i 1 I 1987 II III Total Net Issues, by Sector and Type 1 2 3 225.9 161 .A 6A.5 25A.A 186.6 67.8 273.8 198.9 7A.9 32A.2 223.7 100.5 391.7 215.1 176.7 381.A 226.0 155.5 A12.8 210.5 202.3 A68.8 235.2 233.6 332.2 162.3 169.8 328.9 139.1 189.7 A 5 6 162.1 2 162.0 186.7 3.1 183.5 199.0 3.0 195.9 223.7 5.3 218.5 21A.7 13.6 201.1 226.0 10.3 215.7 208.9 1A.6 19A.3 235.0 23.3 211.7 162.A A.3 158.2 1A1.0 9.5 131.5 68.5 5.A 63.0 7 8 9 10 11 63.7 -.2 -.5 1A.9 A9.5 67.8 ff l.A 66.A 7A.8 -.1 30.A AA.A 100.A a 20.6 79.9 177.0 •A 15.2 161 .A 155.5 a 9.5 1A6.0 203.9 1.6 23.0 179.3 233.8 .2 20.A 213.3 169.7 -.1 -3.6 173.A 187.8 -l.A -.5 19.8 170.0 138.8 -.5 3A.6 10A.7 Other Budget agency Issues Loan participations (1) Spons. agency Issues (2) Mortgage pool secur. (2) 7 8 9 10 11 1 2 3 A 5 225.9 l.A 1.5 -.1 25A.A -1.3 -.8 -.A 273.8 1.6 l.A .2 32A.2 1.3 1.2 .1 391.7 A.6 5.2 -.6 381. A a 1.2 -1.2 A12.8 16.0 16.6 -.7 A68.8 7.7 7.A .3 332.2 12.3 11.5 .9 328.9 -28. A -28.0 -.A 207.2 Total purchases, by sector U.S. govt, (agency Issues) 25.8 Sponsored credit agencies 26.7 Treasury issues -1.0 Agency Issues 1 2 3 A 5 6 7 8 8.5 8.A .1 12.0 12.6 -.7 8.8 8.9 -.1 21.6 20.5 1.1 30.2 30.0 .2 23.5 23.5 a A5.9 39.5 6.A A8.7 50.5 -1.8 -AO.9 -3A.9 -6.0 62.5 58.A A.2 7.9 12.6 -A. 7 Monetary authority Treasury Issues Agency Issues 6 7 8 9 10 11 12.3 12.8 -.5 15.6 15.7 M 28.9 27.7 1.2 2A.2 19.6 A.6 50.0 A2.8 7.2 81.3 73.0 8.3 58.5 51.1 7.A 1A.A 6.0 8.A A5.7 A2.3 3.A 38.1 3A.1 A.O 8.5 A.O A.5 12 13 IA 203.6 139.5 6A.1 228.1 159.2 68.9 23A.5 161.0 73.5 277.0 182.5 9A.6 306.9 136.7 170.2 276.7 128.3 1A8.A 292.A 101.7 190.7 397.9 171.0 226.9 315.1 1A3.6 171.5 256.6 76.5 180.1 165.0 25.1 139.9 15 16 17 18 19 68.5 67.7 .2 67.5 .8 99.3 99.7 3.1 96.5 -.A 123.6 96.3 3.0 93.3 27.3 1A5.3 101.9 5.3 96.6 A3.A A5.2 A5.5 13.6 31.9 -.2 10.0 61.7 10.3 51.A -51.7 8.8 .2 1A.6 -1A.A 8.6 87.7 37.6 23.3 1A.A 50.0 75.A 120.5 A.3 116.2 -A5.1 79.5 31.2 9.5 21.7 A8.3 -38.1 -AA.9 5.A -50.A 6.9 20 21 22 23 2A 51.7 52.7 .2 52.5 -1.0 59.A 69.9 3.1 66.8 -10.5 9A.8 79.5 3.0 76.5 15.3 59.3 31.1 5.3 25.8 28.2 -2.1 10.8 13.6 -2.8 -12.9 -19.7 A5.3 10.3 35.0 -65.1 -111.8 -111.9 1A.6 -126.5 .1 38.A .9 23.3 -22.A 37.5 61.A 117.A A.3 113.2 -56.0 72.2 3A.6 9.5 25.1 37.6 -A3.0 -38.8 5.A -AA.2 -A.2 25 26 27 10.3 10.2 .1 13.0 13.0 a 12.2 12.3 -.1 A.A A.5 -.1 10.5 10.6 -.1 7.6 7.7 -.1 9.7 9.8 -.1 16.1 16.2 -.1 9.9 10.0 -•1 .3 .5 -.1 28 29 30 6.5 A.8 1.7 26.9 16.7 10.2 16.6 A.5 12.1 81.7 66.3 15.3 36.8 2A.1 12.8 22.2 8.7 13.5 110.9 102.3 8.6 33.2 20.5 12.7 A.l -6.9 11.1 31 32 33 26.6 19.A 7.3 A8.6 A7.8 .7 .6 1.9 -1.3 9.7 12.1 -2.A A3.3 5.3 38.0 A3.9 5.2 38.7 5A.0 7.8 A6.1 70.2 19.8 50.5 3A 35 36 37 26.7 -1.2 .8 .3 AA.2 1.6 1.7 1.1 1.3 .5 -.6 -.6 A.6 A.7 .A a A2.A -2.8 3.6 .1 39.1 -5.2 9.6 •A 50.1 .5 3.5 -.1 38 39 AO 108.5 52.A 56.1 80.2 11.7 68.5 110.3 62.8 A7.5 122.0 68. A 53.5 218.3 85.9 132.A 222.7 61.3 161.A Al A2 A3 35.3 5.A 29.8 A0.1 10.3 29.8 20.7 3.8 16.9 -11.7 -12.9 1.2 A2.0 .9 Al.l AA A5 A6 1.9 .7 1.2 9.8 3.8 6.0 .3 -.2 .5 -1.2 -.6 -.6 A7 A8 A9 1.2 .3 .9 3.1 l.A 1.7 .A .8 -.A 50 51 52 12.7 8.A A.3 19.3 12.1 7.2 53 5A 55 10.3 3.8 6.A 56 57 58 207.2 Total U.S. sovernment secur. 68.0 U.S. sovernment 139.3 Spons. agencies & mtg. pools 1 2 3 By instrument: Treasury issues Household savings bonds Treas. excl. savings bonds A 5 6 Total Net Purchases , by Sector and Type Foreign Treasury Issues Agency Issues 9 10 11 Total private domestic Treasury Issues Agency Issues 12 13 IA Private domestic nonfinan. Total Treasury Issues Savings bonds (HH) Other Treasury issues Agency Issues 15 16 17 18 19 Households Total Treasury Issues Savings bonds Other Treas. Issues Agency Issues 20 21 22 23 2A. 9.3 9.A -.1 Nonfin. corp, business Treasury issues Agency Issues 25 26 27 6.9 -3.9 10.8 -A.A -15.6 11.2 State and local govts. Treasury Issues Agency issues 28 29 30 -3.8 -A3.2 39.A 33.A 8.7 2A.7 A3.0 3A.A 8.7 67.9 -1.1 3.A .1 -9.8 2.8 3.3 -.1 31.5 2.0 a -.1 AO.O .1 3.1 -.2 229.6 93.6 136.0 2A0.0 113.6 126.A 2A3.A 66.3 177.1 1A3.7 36.6 107.1 160.1 35.7 12A.A 57.6 .9 56.7 5A.7 17.6 37.1 A7.9 .A A7.5 12.1 9.3 2.8 59.7 -.5 60.2 59.9 1A.A A5.5 Savings and loan assns. Treasury issues Agency Issues Al A2 A3 6.8 .7 6.1 A.l .7 3.A 7.6 1.0 6.6 13.1 1.5 11.6 3.7 .2 S.A 3.2 1.7 1.5 9.5 -1.7 11.1 Mutual savings banks Treasury issues Agency Issues AA A5 A6 3.7 2.6 1.1 3.7 1.9 1.8 3.5 2.7 .8 A.l 2.0 2.1 6.3 2.6 3.6 8.3 A.2 A.l 7.1 2.5 A.6 -5.5 3.5 -9.1 Credit unions Treasury Issues Agency Issues A7 A8 A9 23.6 12.6 11.0 23.0 10.5 12.5 17.9 7.3 10.6 11.0 1.3 9.7 19.9 11.8 8.0 13.8 7.5 6.3 39.5 27.8 11.7 -7.0 -12.2 5.2 16.2 5.A 10.8 Life Insurance companies 50 Treasury issues 51 Agency Issues 52 12.0 .A 11.6 7.3 11.6 -A.3 8.1 -.8 8.9 6.9 8.9 -2.0 8.7 3.7 5.1 13.8 6.1 7.7 -6.2 20.9 -27.1 2A.3 -19.8 AA.l 15.5 23.0 -7.5 18.3 -.2 18.5 Private pension funds Treasury Issues Agency Issues 19.A 9.3 10.1 17.0 12.0 A.9 23.1 19.0 A.l 12.3 15.0 -2.7 20.7 12.1 8.6 28.0 -2.7 30.7 17.6 5.9 11.7 20.1 26.8 -6.7 A.7 -5.7 10.A 35.9 25.6 10.3 8.1 8.1 a 59 60 61 2.2 .6 1.5 5.5 3.3 2.2 9.1 5.9 3.2 18.8 10.6 8.2 21.7 12.A 9.3 25.2 1A.7 10.5 21.8 10.8 11.0 2A.I 13.3 10.8 21.6 10.6 10.9 9.6 9.A .2 10.1 8.5 1.6 Other Insurance cos. Treasury issues Agency issues 59 60 61 62 63 64 2.3 2.3 - .6 .6 6.A 5.8 .5 52.9 Al.A 11.5 59.3 36.A 22.9 81.9 58.2 23.7 57.2 30.8 26.A A7.9 29.0 18.9 89.5 71.6 17.9 -23.3 -19.7 -3.6 2.5 10.7 -8.3 Mutual funds Treasury Issues Agency issues 62 63 6A 65 66 67 22.7 21.1 1.6 -18.A -19.8 l.A 6.2 2.6 3.6 .3 -.8 1.1 .5 3.A -3.0 -36.8 -27.6 -9.2 7.9 6.A 1.5 16.0 16.3 -.3 -32.1 -38.3 6.2 3.7 6.9 -3.2 -9.6 -19.9 10.3 Money market funds Treasury Issues Agency Issues 65 66 67 68 69 .A .2 -12.A 3.7 1.0 12.A 3.6 12.2 1.8 37.1 9.6 29.9 1.2 23.9 -A.8 61.7 6.3 65.6 a 39.5 6.8 A3.9 Commercial banking Treasury issues Agency Issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions Private nonbank finance Treasury Issues Agency Issues II1/87 BASED OH INCOMPLETE INFORMATION 3A 35 36 37 38 39 A0 53 5A 55 St.&local govt.rtr.funds 56 57 Treasury issues Agency issues 58 68 Brokers & dealers CMO Trusts (agy. Issues) 69 (1) For purchases, agency issues include loan participations. (2) These issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are Included in credit market debt of financial institutions. BILLIOHS OF 31 32 33 DECEMBER 4, 1987 Private Securities Private Securities 40 Tax-Exempt Debt and Corporate and Foreign Securities UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 II 1986 III IV I 11 I 1987 II III 1977 BILLIONS OF DOLLARS 1979 1978 1980 1981 Tax-Exempt Debt Securities and Loans (1) 4*518 7.884 867 7.017 35.544 35.881 4,605 31.276 4,371 7,393 998 6.395 9,362 9.213 -1,331 10.544 5,502 7,108 -770 7,878 10,874 11,306 3,980 7,326 20.3 10.3 -2.9 13.2 28.4 18.1 .6 17.5 30.3 17.4 1.0 16.5 30.3 16.3 1.7 14.6 23.4 5.5 1.1 4.4 I 2 3 4 -94 -3,272 899 -1,236 -629 -2.393 3 146 -289 -1.317 -181 -251 3.4 6.7 2.6 7.7 2.9 10.0 3.1 10.9 4.4 13.4 5 6 7 Net change in assets Households 8 9 Nonfin. corporate business State&local govt. gen. funds 10 4,518 -4,080 691 -308 35,544 11.000 -193 88 4,371 4.643 1,988 215 9,362 4,270 869 183 5,502 17,320 -256 -1 10,874 16,237 -136 156 20.3 -3.0 28.4 4.1 .2 -.7 30.3 10.4 30.3 7.0 -.2 .2 23.4 10.9 11 12 13 Commercial banking Savings and loan assns. Mutual savings banks -5,260 -105 -25 8,672 -14,284 -10.789 -22 49 63 -133 -233 126 -6,984 -33 18 -2,997 -32 -36 9.2 9.5 -.1 -.4 13.6 .4 9.6 .1 .5 -.5 5.0 11 .1 12 -.1 13 14 15 16 17 Insurance Life insurance companies State&local govt.rtr.funds Other Insurance companies 2,042 768 258 1,016 1-988 857 -126 1,257 1.081 11 -261 1.331 -272 -799 -100 627 1.302 625 66 611 633 515 5 113 11.4 .5 .2 10.7 14.3 .4 .4 13.5 9.9 8.1 .3 .1 7.7 4.2 .5 -.2 4.0 18 19 20 Money market funds Mutual funds Brokers and dealers 4,592 6,971 - 4,551 7,986 1,263 3.126 9,042 -1,256 6,469 8.593 194 -3,527 -935 -1,402 -1,782 1.6 .2 .5 -.2 1.4 .2 1.6 .4 2.3 18 .7 19 .2 20 1 Net change in liabilities State and local governments Short-term Other 2 3 4 5 6 Households & nonprof. org. Nonfin. corporate business (industrial revenue bonds) M .6 K -no -1,059 K -.5 N M 9.9 K M 7 8 9 .1 10 K 14 15 16 17 (1) Includes small amounts of taxable Issues since 1986. Corporate and Foreign Bonds 1 Net issues 2 Nonfin. corporate business 3 Foreign (1) 50,467 37,497 -831 43,372 27,108 574 41,995 21,764 -1.146 64,283 39,650 137 45,481 29,541 -547 54,363 32.505 1,515 39.9 22.9 5.1 32.9 21.1 4.0 26.5 17.3 3.7 30.5 27.7 1.2 32.7 22.8 5.5 1 2 3 4 5 6 7 8 9 13,801 1,304 745 4,183 82 7,487 15,690 3,172 1,843 4,622 80 5.973 21,377 -99 165 5,783 106 15.422 24,496 2,511 2,819 2,835 -61 16,392 16,487 4,246 -696 3,037 36 9,864 20.343 2,045 652 6,554 113 10,979 12.0 3.1 1.2 7.8 -.1 - 7.8 1.0 .7 6.4 -.2 5.5 -.2 1.4 4.3 1.6 1.3 .4 .1 -.2 - 4.4 2.0 -.5 3.6 -.7 4 5 6 7 8 9 10 Net purchases Households 11 Foreign (2) 12 Commercial banking 13 14 Savings and loan assns. Mutual savings banks 15 50,467 14,932 11,313 6,613 189 -355 43,372 2,058 9,981 7,263 1,460 175 41,995 -3.050 9,449 7,130 -565 -826 64,283 17,762 7,629 7,594 4,993 -1,227 45,481 -3,367 5,858 6,180 4.850 -640 54,363 17,709 7.600 10,239 -1,136 -405 39.9 1.0 3.8 1.2 32.9 -4.2 1.9 -.3 .1 26.5 -1.8 2.6 -.1 — -1.1 30.5 -13.2 8.2 .6 .7 32.7 -4.9 8.4 * .7 -1.0 10 11 12 13 14 15 16 17 18 19 20 Insurance Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Other Insurance companies 18,154 10,781 622 4,190 2,561 19,846 9.533 6,944 767 2,602 15.615 8,579 -426 4,406 3,056 31,065 12.389 11,710 4,866 2.100 15.973 14,694 3,880 -4,701 2.100 23,807 12,486 5,782 3.986 1.553 32.7 18.8 4.3 6.0 3.7 36.5 17.3 8.4 9.0 1.8 27.4 11.6 10.7 3.2 2.0 32.3 8.7 14.0 9.5 25.0 7.3 5.6 9.2 2.8 16 17 18 19 20 21 22 Mutual funds Brokers and dealers 3,055 -3.434 7,721 -5.132 12,085 2,157 -1,730 -1,803 16,756 -129 -1,921 -1,530 1.1 .2 -.7 -.4 .8 -1.5 1.3 .7 Total finance Commercial banking Savings and loan assns. Finance companies REITs CMO Trusts » - K K 1.6 21 2.7 22 Mutual Funds and Other Corporate Equities 3 4 5 6 7 8 4.197 23,094 -5,581 12,888 6.8 1.0 1.6 -.1 -3.8 .4 19.8 2.9 -5.5 3.7 1 2 Other sectors -15,811 - 18.678 -26,287 -11.245 -18,897 -18,469 Nonfin. corporate business -19.625 - 20,125 -26,250 -14,250 -20,750 -19,500 454 1.208 -65 Foreign (1) 1,980 -1,194 -1,967 827 369 876 350 Commercial banking 350 325 84 308 375 1.310 853 518 Other insurance companies 1.120 185 148 1,438 1,062 REITs 199 5.8 2.7 .4 .6 1.4 .8 1.7 -.1 -.4 1.1 .8 .2 -4.2 -7.8 1.0 1.3 .9 .4 16.9 12.9 2.4 .4 1.2 .2 -9.2 -11.5 .2 .5 1.1 .4 3 4 5 6 7 8 1 Net Issues Mutual funds 2 9 Net purchases 10 11 12 13 14 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds 15 16 17 18 19 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 21,789 37.600 18,690 37,368 20,096 46,383 41,085 52.330 21.789 18,690 20.096 41,085 4,197 -5.581 6.8 1.6 -3.8 19.8 -5.5 9 37.600 35.187 438 550 1,425 37,368 34,249 702 703 1,714 46,383 43.687 756 628 1.312 52,330 46,321 1,795 990 3.224 23,094 20,445 851 447 1,351 12,888 11,819 285 199 585 1.0 .7 -.1 .1 .3 -.1 .6 -.2 H -.5 .4 -1.0 .4 .1 .9 2.9 1.1 .3 .1 1.4 3.7 5.8 .3 .5 -2.8 10 11 12 13 14 -15,811 - 18,678 -26.287 -11,245 -18,897 -18,469 -29.137 - 30,407 -42,566 -30.576 -47,169 -37,636 5.400 9,506 8.253 4,483 6,921 172 -4 8 5 12 -19 5 -154 32 364 511 315 238 5.8 -7.8 2.7 M .4 1.7 -13.1 2.4 M .1 -4.2 -22.7 1.7 M -.1 16.9 -12.0 5.4 * -.5 -9.2 -45.3 5.8 -.1 -.6 15 16 17 18 19 1,376 9,646 -454 2,389 -1.947 -11.174 8,500 10,500 1,661 1.547 14.0 1.1 8.1 3.7 1.2 14.2 -.1 9.8 2.6 2.0 21.1 .4 13.3 4.1 3.2 25.2 .4 16.4 5.3 3.1 28.8 2.4 17.3 7.1 2.0 20 21 22 23 24 14,079 -1,530 -3.7 .2 -1.6 -.4 -2.8 -1.5 -1.8 .7 20 21 22 23 24 Insurance Life Insurance cos. Private pension funds St.Sloe. govt. rtr. fnds Other Insurance cos. 4,278 -529 -1,040 4,920 927 7,224 5,323 -5,011 6,062 850 -291 9,749 3.932 2,917 -234 -15,321 9,838 5,796 1,260 1.270 25 26 Mutual funds Brokers and dealers 5.266 -3.435 4,786 -5,133 3,950 2,158 (1) Net purchases of foreign Issues by U.S. residents. (2) Net purchases of U.S. Issues lby foreign residents. II1/87 BASED ON INCOMPLETE INFORMATION 11.400 -1,803 10,465 -129 -.6 25 2.7 26 DECEMBER A, 1987 Private Securities Private Securities Tax-Exempt Debt and Corporate and Foreign Securities 41 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 1986 III II I I IV I 1987 II III Tax-Exempt Debt Securities and Loans (1) 1 2 3 4 44.2 20.6 6.7 13.9 53.7 32.9 -1.5 34.4 50.4 19.7 -3.7 23.3 136.4 83.6 1.3 82.3 30.8 42.9 4.2 38.7 14.2 27.7 -.4 28.1 137.1 138.5 13.4 125.1 17.3 29.4 3.8 25.6 46.9 46.3 4.2 42.2 18.6 25.0 -6.5 31.5 37.9 Net change ln liabilities 39.6 State and local governments 10.3 Short-term Other 29.3 1 2 3 4 5 6 8.5 15.1 11.4 9.4 10.2 20.5 30.2 22.6 -2.2 -9.9 -.4 -13.1 3.6 -4.9 -2.5 -9.6 M .6 -1.2 -5.3 -.7 -1.0 5 6 7 8 9 10 44.2 24.7 .1 .2 53.7 39.1 .7 .6 50.4 29.5 -.1 1.1 136.4 47.9 .8 -1.2 30.8 -8.2 3.1 -.3 14.2 -54.9 2.8 -1.2 137.1 36.8 -.8 .4 17.3 68.5 8.0 .9 46.9 10.8 3.5 .7 18.6 25.0 -1.0 * 37.9 Net change in assets 7 57.3 Households 8 -.5 Nonfin. corporate business 9 .6 StateSlocal govt. gen. funds 10 11 12 13 4.5 -.5 .2 4.8 .1 -.3 10.8 -.2 -.1 57.2 .4 .2 -28.5 -.2 -.1 5.2 — .4 -.1 31.2 .3 .5 -104.8 .2 -.9 -15.3 -.1 -.5 3.8 -.1 .1 -16.5 -.1 -.1 14 15 16 17 4.2 1.9 -.7 3.0 -.5 .9 -1.1 -.3 -3.7 -1.3 -.5 -1.9 3.1 1.0 -.4 2.5 6.3 2.0 -.3 4.6 7.8 2.7 1.0 4.1 8.2 3.7 -.5 5.0 2.5 -1.7 -1.0 5.3 1.2 -1.0 -.4 2.5 4.7 2.0 .3 2.4 2.8 2.3 M .5 18 19 20 8.0 2.9 -.2 3.6 5.5 .4 7.0 5.6 .6 12.4 14.5 1.0 27.5 31.8 -.5 24.1 31.0 - 23.2 32.3 5.1 16.4 31.6 -5.0 9.8 36.1 .8 -7.8 -.4 -5.6 -1.1 -.1 -4.2 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) Commercial banking Savings and loan assns. Mutual savings banks 11 12 13 Insurance Life insurance companies State&local govt.rtr.funds Other Insurance companies 14 15 16 17 Money market funds Mutual funds Brokers and dealers 18 19 20 (1) Includes small amounts of taxable Issues since 1986. Corporate and Foreign Bonds 1 2 3 38.0 18.7 6.6 36.5 16.0 3.1 86.1 46.1 3.8 126.1 73.8 3.8 192.9 121.3 2.6 201.2 140.8 -5.8 169.6 113.7 2.4 174.7 100.8 -4.6 253.9 146.9 2.7 181.3 108.0 -4.8 4 5 6 7 8 9 12.7 6.0 .2 6.4 « .2 17.4 8.4 K 5.3 M 3.7 36.2 12.9 1.2 9.6 .1 12.4 48.6 16.9 3.6 15.8 .1 12.2 69.0 5.6 3.6 22.5 .3 37.1 66.2 5.2 4.5 26.2 .3 29.9 53.5 12.7 6.5 10.0 .3 23.9 78.5 -.4 -1.4 18.1 .4 61.7 104.3 10.0 12.9 16.1 -.2 65.6 78.1 17.0 -1.1 22.6 .1 39.5 10 11 12 13 14 15 38.0 w 10.6 1.5 2.1 -1.1 36.5 -11.6 4.6 4.7 5.4 3.0 86.1 5.2 14.8 4.2 7.4 -1.5 126.1 11.8 36.7 5.8 2.8 -2.5 192.9 34.7 40.5 23.6 2.0 -1.8 201.2 80.3 47.4 22.4 .8 -1.2 169.6 -8.6 44.9 30.6 5.8 -.7 174.7 10.0 34.4 30.5 -2.3 -1.8 253.9 40.6 26.1 31.0 20.0 -5.0 181.3 7.3 25.8 20.2 19.4 -2.5 211.4 Net purchases 52.7 Households Foreign (2) 36.1 42.9 Commercial banking -4.5 Savings and loan assns. Mutual savings banks -3.2 16 17 18 19 20 25.7 16.2 6.5 3.5 -.5 22.4 16.7 10.5 -.7 -4.2 49.6 23.7 10.2 11.5 4.1 67.4 37.8 10.5 10.9 8.2 69.3 40.8 7.3 10.7 10.4 57.4 41.3 2.5 3.3 10.2 86.8 40.2 27.8 8.3 10.4 63.0 39.1 -1.7 13.4 12.2 133.0 43.9 46.8 33.9 8.4 48.3 57.4 15.5 -33.0 8.4 101.8 52.1 23.1 20.3 6.2 21 22 .2 -.9 2.7 5.3 3.6 2.8 3.6 .5 26.8 -2.2 10.3 -16.2 30.2 -19.3 35.6 5.4 11.5 -3.2 64.8 -1.9 -9.1 -5.4 211.4 Net Issues 135.2 Nonfin. corporate business 5.6 Foreign (1) 70.6 8.2 1.7 16.4 .5 43.9 Total finance Commercial banking Savings and loan assns. Finance companies REITs CMO Trusts 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Insurance Life insurance companies Private pension funds St.&loc. govt. rtr. funds Other Insurance companies 16 17 18 19 20 Mutual funds Brokers and dealers 21 22 Mutual Funds and Other Corporate Equities — —— 1 2 25.8 8.8 61.8 27.2 -36.4 29.3 19.9 85.7 91.6 163.3 93.3 156.9 82.0 156.6 82.7 185.6 145.6 193.1 24.9 100.8 -14.6 Net Issues Mutual funds 59.2 3 4 5 6 7 8 17.0 11.4 1.4 .6 2.8 .8 34.6 28.3 3.7 .8 1.5 .3 -65.7 -74.5 .9 1.1 3.9 2.7 -65.8 -81.5 3.7 1.4 7.7 2.9 -71.7 -80.8 .7 1.4 4.2 2.7 -63.6 -78.5 7.5 1.3 5.2 .8 -74.6 -80.5 -4.7 1.4 3.4 5.8 -102.9 -105.0 -5.6 1.4 2.1 4.2 -47.6 -57.0 2.2 1.5 1.2 4.5 -75.9 -83.0 1.5 3.5 1.5 .6 -73.8 -78.0 -.2 3.3 .3 .7 Other sectors Nonfin. corporate business Foreign (1) Commercial banking Other insurance companies REITs -14.6 Net purchases 9 25.8 61.8 -36.4 19.9 91.6 93.3 82.0 82.7 145.6 24.9 10 11 12 13 14 8.8 7.0 1.1 1.0 -.3 27.2 24.0 1.2 -.4 2.4 29.3 24.0 2.8 .5 2.1 85.7 69.8 4.5 2.3 9.1 163.3 154.1 2.0 2.1 5.1 156.9 147.2 1.8 2.2 5.7 156.6 144.1 2.8 2.8 6.9 185.6 174.8 3.0 2.5 5.2 193.1 169.1 7.2 4.0 12.9 100.8 90.2 3.4 1.8 5.4 59.2 54.9 1.1 .8 2.3 15 16 17 18 19 17.0 -12.1 3.9 M -.5 34.6 -19.9 5.4 M .3 -65.7 -80.0 -3.0 -.1 -.2 -65.8 -102.2 5.0 .1 -.1 -71.7 -132.3 17.8 « .9 -63.6 -112.2 23.7 -.1 1.3 -74.6 -118.6 20.3 K 1.5 -102.9 -169.9 -1.3 « 1.0 -47.6 -131.8 43.4 H 2.0 -75.9 -183.6 27.8 N .1 -73.8 -147.0 24.2 M -.6 20 21 22 23 24 23.1 2.4 12.0 6.0 2.7 29.8 3.4 4.2 20.0 2.1 8.8 .3 5.6 7.3 -4.3 20.6 3.7 -9.7 28.6 -2.0 23.9 6.0 -8.9 23.1 3.7 18.8 -2.1 -4.2 21.3 3.7 21.4 21.3 -20.0 16.8 3.4 42.9 11.7 -.9 27.1 5.1 1.3 15.7 -61.3 41.8 5.0 39.9 -1.8 -7.8 43.3 6.2 -2.6 9.6 -44.7 25.9 6.6 25 26 3.5 -.9 13.7 5.3 5.9 2.8 10.3 .5 20.2 -2.2 21.1 -16.2 20.1 -19.3 19.0 5.4 40.7 -3.2 41.9 -2.0 57.6 -5.4 II1/87 BASED ON INCOMPLETE INFORMATION 3 4 5 6 7 8 9 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds 10 11 12 13 14 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 15 16 17 18 19 Insurance Life Insurance cos. Private pension funds St.&loc. govt. rtr. fnds Other insurance cos. 20 21 22 23 24 Mutual funds Brokers and dealers 25 26 (1) Net purchases of foreign Issues by U.S. residents. (2) Net purchases of U.S. Issues by foreign residents. BILLIONS OF DOLLARS. 1 2 DECEMBER 4. 1987 Mortgages - I Mortgages - I 42 Mortgage Markets by Type of Mortgage UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Total Mortgages 1 Net change in mortgages 2 Home mortgages 3 Multi-family residential 4 Commercial 5 Farm 67.616 49.275 7.108 13.840 -2.607 87,790 65,420 8,395 15.608 -1,633 93,580 58,249 9,195 28.881 -2.745 51.716 33,951 6,090 14,401 -2,726 87.658 63,052 8,528 17,475 -1.397 71,551 51,059 6,147 15,234 -889 128.0 93.3 8.3 18.2 8.2 151.2 110.2 10.9 22.0 8.2 164.8 116.6 9.9 24.4 14.0 131.1 94.2 7.5 19.2 10.2 109.2 72.2 4.7 22.2 10.0 1 2 3 4 5 6 Borrowings by: U.S. government 7 8 REITs 67.616 -9 . 322 87.790 -12 -137 93.580 -4 -98 51.716 -9 74 87.658 -2 42 71,551 -3 44 128.0 -.1 M 151.2 -.1 .2 164.8 -.1 K 131.1 -.1 * 109.2 -.1 * 6 7 8 67.303 42.451 590 24,262 -2,607 23,332 3,537 87,939 61,646 587 25,706 -1,633 25,219 2,120 93,682 59,471 584 33,627 -2,745 36,758 -386 51,651 40,477 581 10,593 -2,726 16.323 -3,004 87,618 56,412 578 30,628 -1,397 28,442 3,583 71,510 48.113 575 22.822 -889 21,963 1.748 128.1 89.7 1.1 37.2 8.2 25.4 3.7 151.2 108.6 1.3 41.3 8.2 28.5 4.6 164.9 117.6 1.5 45.8 14.0 30.3 1.5 131.2 96.4 1.9 32.9 10.2 21.0 1.7 109.3 75.0 2.3 32.0 10.0 23.9 -2.0 9 10 11 12 13 14 15 16 Funds advanced by: Households 17 St.Sloe. govt. gen. funds 18 67,616 -705 2,877 87.790 -209 2,046 93.580 1,144 2,263 51,716 718 3,431 87.658 -3,665 2.863 71,551 1.871 2,550 128.0 7.9 .6 151.2 11.9 2.5 164.8 16.7 6.5 131.1 17.5 9.8 109.2 16 18.0 17 7.7 18 19 20 21 U.S. government Sponsored credit agencles(l) Mortgage pools -222 -2.982 34,475 52 -1,663 46,824 686 -3.752 54,403 -290 -3.224 41,942 -47 -2.948 40.635 -5,213 260 28.899 4.2 3.5 16.1 4.2 12.2 13.6 6.6 14.4 23.1 7.5 14.2 19.2 4.9 19 12.6 20 15.0 21 22 23 24 25 26 27 Private finan. institutions Commercial banking Savings Institutions SSL associations (1) Mutual savings banks Credit unions 34,173 15,067 6,746 4,989 687 1.070 40,740 18,206 7,387 2,737 3,230 1,420 38,836 9,139 24,881 16,940 7,175 -9.011 458 -12,541 4,712 2.347 2,005 1,183 50.820 24,907 17,504 9,059 5,863 2,582 43.184 17,072 19,807 9,639 6,257 3,911 95.8 27.4 61.9 55.1 6.6 .3 106.7 35.1 57.8 50.8 6.4 .6 97.5 30.6 48.2 44.0 3.6 .6 63.0 17.5 29.6 28.3 .6 .7 51.0 21.6 17.1 17.7 -.4 -.2 22 23 24 25 26 27 5,766 5.500 151 -168 283 6.287 307 5,861 5,484 -85 167 295 9,183 103 1,909 1,901 170 -217 55 -940 241 4,890 4,639 150 -105 206 3,544 -25 4,257 4,250 50 -50 7 1.930 118 5.8 5.3 .1 .3 .1 3.1 -2.4 10.1 9.3 .2 .5 a 4.9 -1.1 13.8 12.3 .3 1.0 .3 5.8 -1.0 14.8 12.7 .5 1.3 .3 1.9 -.7 9.1 6.7 .4 1.6 .4 4.4 -1.1 28 29 30 31 32 33 34 9.609 -1,885 7.609 4,196 35 (1) Memo: FHLB loans to saving associations (included in "other loans" category). 7,575 5.755 4.3 12.5 9.2 7.1 9 10 11 12 13 14 15 28 29 30 31 32 33 34 Private nonfinancial sectors Households Nonprofit institutions Nonfinancial business Farms Nonfarm noncorporate Corporate Insurance Life insurance companies Private pension funds St.81oc. govt, rtr.funds Other insurance cos. Finance companies REITs 8.517 7,862 174 186 295 -1,095 -642 Home Mortgages 16.2 35 (1) 1 Net borrowing Households 2 Nonfarm noncorp. business 3 4 Nonfin. corporate business 49.275 42,451 3,412 3,412 65,420 61,646 1.887 1.887 58.249 59,471 -611 -611 33,951 40,477 -3,263 -3.263 63.052 56,412 3,320 3,320 51,059 48,113 1.473 1,473 93.3 89.7 1.8 1.8 110.2 108.6 .8 .8 116.6 117.6 -.5 -.5 94.2 96.4 -1.1 -1.1 72.2 75.0 -1.4 -1.4 1 2 3 4 5 Net change in assets Households 6 7 State and local governments 49,275 -844 1.141 65.420 -1,629 651 58.249 -443 326 33.951 821 184 63,052 -3,949 -331 51,059 -1.030 - 93.3 2.8 .2 110.2 6.7 2.0 116.6 8.8 4.7 94.2 14.3 7.9 72.2 15.0 5.8 5 6 7 -488 -2,317 34,366 5,350 -245 -789 45.809 6,741 232 -1,032 52.700 5.007 -175 -957 40,152 6.510 -150 -1,785 39,471 12,154 -3,143 1,233 27,984 7,848 2.5 .5 15.7 18.9 1.9 9.0 12.4 24.1 2.3 9.2 21.8 20.0 2.7 7.6 18.7 11.0 2.4 8 5.1 9 14.3 10 9.9 11 6,358 4,740 548 1,070 5.978 2.571 1,987 1.420 2.837 -12,528 -1,705 -11.533 2.537 -2,178 2.005 1.183 14,249 7.803 3.864 2,582 16.281 8.114 4,256 3.911 52.1 46.8 5.0 .3 50.0 44.6 4.8 .6 42.8 39.4 2.8 .6 28.0 26.2 1.1 .7 15.9 15.8 .3 -.2 12 13 14 15 -61 26 44 -131 153 340 -25 -162 -278 -158 51 -171 206 76 50 80 -211 -158 40 -93 -50 -50 -1.3 -1.3 a .1 -.2 -.3 .2 -.1 2.2 1.7 .2 .3 2.6 1.8 .3 .4 -.3 -.7 .2 .3 16 17 18 19 5,758 12 8.746 5 -1.066 -34 -275 13 3,603 1 1,930 6 2.2 -.2 4.5 -.2 5.1 -.2 1.5 -.1 4.3 20 -.1 21 8 9 10 11 U.S. government Spons. credit agencies Mortgage pools Commercial banking 12 13 14 15 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 16 17 18 19 Insurance Life insurance companies Private pension funds St.Sloe. govt. rtr. funds 20 21 Finance companies REITs (1) 1-4 family III/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Mortgages - I Mortgages - I 43 Mortgage Markets by Type of Mortgage SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 II 1986 III IV I 11 I 1987 II III Total Mortgages 1 2 3 4 5 85.4 50.5 5.3 25.3 4.2 183.6 117.5 14.1 49.3 2.6 217.4 129.7 25.2 63.5 -.9 237.7 151.9 29.1 62.6 -6.0 298.9 199.4 33.1 74.7 -8.4 253.9 184.7 26.1 54.4 -11.3 335.6 246.4 36.6 58.7 -6.0 366.8 223.6 32.7 119.9 -9.4 250.6 178.7 28.2 55.9 -12.3 332.9 238.1 31.2 69.9 -6.4 270.0 Net change in mortgages Home mortgages 188.2 28.2 Multi-family residential 56.6 Commercial -2.9 Farm 1 2 3 4 5 6 7 8 85.4 -.1 .1 183.6 -.1 a 217.4 -.1 .4 237.7 -.1 .1 298.9 a .1 253.9 M 1.3 335.6 a -.5 366.8 N -.4 250.6 a .3 332.9 a .2 270.0 Borrowings by: M U.S. government .2 REITs 6 7 8 9 10 11 12 13 14 15 85.4 49.5 2.6 33.3 4.2 30.3 -1.2 183.6 110.8 2.5 70.3 2.6 64.2 3.5 217.1 129.0 2.5 85.6 -.9 86.2 .3 237.7 151.0 2.4 84.3 -6.0 89.9 .4 298.8 195.6 2.4 100.9 -8.4 106.5 2.7 252.6 179.8 2.4 70.5 -11.3 78.8 3.0 336.2 241.3 2.3 92.6 -6.0 95.1 3.5 367.2 222.4 2.3 142.5 -9.4 150.3 1.6 250.3 176.8 2.3 71.2 -12.3 81.7 1.8 332.7 235.4 2.3 95.0 -6.4 98.8 2.6 269.9 186.6 2.3 80.9 -2.9 82.0 1.9 16 17 18 85.4 10.8 5.2 183.6 .9 7.9 217.4 5.8 10.2 237.7 3.3 9.8 298.9 1.1 11.8 253.9 -8.4 10.4 335.6 -.1 8.7 366.8 11.7 9.1 250.6 1.9 14.4 332.9 -20.8 10.1 270.0 Funds advanced by: 8.4 Households 10.9 St.Sloc. govt, gen. funds 19 20 21 2.4 14.1 49.5 1.2 10.4 66.4 .5 12.3 44.4 1.8 9.2 79.9 .5 -9.7 161.4 -1.6 -11.9 146.0 .7 -2.9 179.3 1.7 -16.6 213.3 -.8 -15.6 173.4 .2 -11.9 170.0 -19.4 5.8 104.7 U.S. government 19 Sponsored credit agencies(l) 20 Mortgage pools 21 22 23 24 25 26 27 3.3 16.0 -24.5 -21.8 -2.5 -.2 96.8 29.2 53.5 47.1 3.6 2.8 144.1 44.6 86.6 77.5 6.9 2.2 133.7 49.7 58.5 47.8 7.6 3.2 133.7 70.1 24.0 10.1 8.5 5.5 119.4 58.8 19.5 8.6 5.9 5.0 149.9 64.2 17.3 1.6 10.0 5.7 147.8 102.9 29.3 3.1 18.3 8.0 77.2 73.7 -16.0 -29.4 9.6 3.8 185.3 98.8 62.8 23.9 27.5 11.3 159.6 58.7 66.8 29.7 21.3 15.7 Private finan. institutions Commercial banking Savings institutions SSL associations (1) Mutual savings banks Credit unions 28 29 30 31 32 33 34 7.7 4.2 2.0 1.3 .3 4.1 H 11.2 9.0 .6 .9 .7 2.7 .1 6.7 5.7 M .6 .4 5.4 .8 16.3 15.1 .5 .1 .7 6.8 2.4 23.9 22.0 .4 .3 1.2 15.8 W 21.0 20.6 N -.7 1.1 18.7 1.2 28.4 26.2 .4 .7 1.2 39.5 .4 23.8 21.4 .5 .7 1.2 -5.7 -2.6 16.1 16.1 .6 -.9 .2 2.5 1.0 17.0 16.6 a -.4 .8 6.8 -.1 22.6 21.7 1.1 -.2 * 11.1 .5 35 .8 -7.0 15.7 14.2 19.8 17.7 9.7 40.7 15.3 (1) Memo: FHLB loans to saving 35 16.1 11.2 associations (included in "other loans** category). Home Mortgages (1) Private nonfinancial sectors Households Nonprofit institutions Nonfinancial business Farms Nonfarm noncorporate Corporate Insurance Life insurance companies Private pension funds St.Sloc. govt, rtr.funds Other insurance cos. Finance companies REITs 9 10 11 12 13 14 15 16 17 18 22 23 24 25 26 27 28 29 30 31 32 33 34 1 2 3 4 50.5 49.5 .5 .5 117.5 110.8 3.3 3.3 129.7 129.0 .3 .3 151.9 151.0 .5 .5 199.4 195.6 1.9 1.9 184.7 179.8 2.5 2.5 246.4 241.3 2.5 2.5 223.6 222.4 .6 .6 178.7 176.8 1.0 1.0 238.1 235.4 1.4 1.4 188.2 Net borrowing 186.6 Households Nonfarm noncorp. business .8 .8 Nonfin. corporate business 1 2 3 4 5 6 7 50.5 10.4 3.0 117.5 -3.0 5.2 129.7 2.2 5.4 151.9 -.8 5.9 199.4 -3.2 3.9 184.7 -12.4 4.6 246.4 -1.9 2.6 223.6 -5.6 1.3 178.7 16.1 .7 238.1 -26.0 -1.3 188.2 Net change In assets .8 Households State and local governments - 5 6 7 8 9 10 11 1.5 10.3 49.3 2.7 .7 9.4 65.2 8.7 .6 11.2 43.4 12.9 .9 11.7 78.6 17.3 -.7 -3.4 156.5 20.0 -2.1 -8.6 145.6 18.8 -1.6 a 175.4 23.1 1.2 -6.4 205.8 19.8 -.7 -5.8 166.4 32.8 -.2 -6.6 165.4 45.9 -12.2 9.0 101.4 27.2 12 13 14 15 -30.9 -28.9 -1.8 -.2 30.0 22.1 5.1 2.8 50.9 45.4 3.3 2.2 33.7 26.1 4.4 3.2 11.4 -.2 6.1 5.5 22.3 11.4 5.9 5.0 11.0 -.4 5.7 5.7 14.6 -3.6 10.2 8.0 -37.6 -30.5 -10.8 3.8 54.7 23.1 20.3 11.3 51.9 22.2 14.0 15.7 16 17 18 19 .1 -.5 .5 .1 -1.3 -1.4 .1 M -1.6 -1.2 -.4 -.1 -1.8 -1.7 a -.1 a .4 .1 -.6 a .3 .2 -.5 .1 .8 -.1 -.6 -1.3 -.8 .2 -.7 1.5 1.0 .2 .3 -.6 -.4 .2 -.4 -.9 -.7 -.2 20 21 4.1 a 2.7 ■ 4.6 ■ 6.5 .1 14.9 a 16.6 a 37.7 ■ -5.6 -.1 5.2 .1 7.0 » 11.1 a (1) MILLIONS OF DOLLARS. I11/87 BASED ON INCOMPLETE INFORMATION U.S. government Spons. credit agencies Mortgage pools Commercial banking 8 9 10 11 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 12 13 14 15 Insurance Life Insurance companies Private pension funds St.Sloc. govt. rtr. funds 16 17 18 19 Finance companies REITs 20 21 1-4 family DECEMBER 4, 1987 Mortgages - II Mortgages - II Mortgage Markets (Continued) 44 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 1 II 1986 III IV 1 1I I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Multi -Family Residential Mortgages 1 Net borrowing 2 Nonfarm noncorp. business 3 Nonfin. corporate business A REITs 5 U.S. government 7,108 6,936 75 106 -9 8,395 8,299 153 -A5 -12 9.195 9,106 125 -32 -A 6,090 5,916 159 2A -9 8.528 8.353 163 IA -2 6,147 5,960 175 15 -3 8.3 6.A 2.0 X -.1 10.9 8.2 2.7 x -.1 9.9 7.6 2.A X -.1 7.5 A.6 3.0 X -.1 A.7 A.l .8 x -.1 1 2 3 A 5 6 Net change in assets 7 Households 8 State and local governments 7,108 631 1,738 8,395 1,162 1,447 9,195 905 1,875 6,090 39 3,203 8,528 360 3,144 6.1A7 A19 2,500 8.3 1.7 .3 10.9 2.1 .A 9.9 2.2 l.A 7.5 1.1 1.5 A.7 .1 1.2 6 7 8 66 1,267 112 1.A10 197 302 1,053 1,790 220 -710 1,941 2.213 -30 -531 1,794 6A9 86 276 1.167 981 86 -123 917 237 .3 .1 .9 1.1 .9 X 1.5 1.1 1.1 .2 1.2 .9 1.9 .2 .7 1.7 1.0 9 -.1 10 .9 11 2.1 12 9 10 11 12 U.S. government Spons. credit agencies Mortgage pools Commercial banking 13 IA 15 Savings institutions Savings and loan assns. Mutual savings banks 9A0 51A A26 1,576 975 601 2,894 1,982 912 1.797 220 1,577 1,912 1,062 850 1,926 1.018 908 A.9 A.l .9 A.3 3.5 .8 2.1 1.5 .6 X .6 -.6 -.7 13 -.A IA -.2 15 16 17 18 Life insurance companies Private pension funds St.&local govt. rtr. funds 209 16 15 561 -9 3 150 18 -12 -18 18 -150 729 10 -IA 200 - -.A X -.2 .2 X .6 .2 X .6 .3 -.2 .5 -.2 16 -.1 17 .9 18 19 20 Finance companies REITs 611 93 282 31 -108 -191 -753 72 -115 -8 -50 35 .3 -.8 .3 -.5 .3 -.2 .2 -.3 -.1 19 -.3 20 Commercial Mortgages 1 Net borrowing Households 2 Nonfarm noncorp. business 3 A Nonfin. corporate business REITs 5 13,840 590 12,984 50 216 15,608 587 15,033 80 -92 28,881 58A 28,263 100 -66 14,401 581 13,670 100 50 17,475 578 16,769 100 28 15,234 575 14,530 100 29 18.2 1.1 17.2 -.1 x 22.0 1.3 19.5 1.1 .1 24.4 1.5 23.3 -.A X 19.2 1.9 17.5 -.2 X 22.2 2.3 21.2 -1.3 X 6 Net change ln assets Households 7 State and local governments 8 9 U.S. government Commercial banking 10 13,840 A16 -10 91 7,864 15,608 976 -60 66 9,469 28.881 1,259 8A 50 17,359 14,401 72A 56 17 9,322 17,475 30A 52 90 11,151 15.23A 2,660 50 -1,961 8,503 18.2 .9 X .6 6.3 22.0 1.3 x .6 9.2 2A.A 1.1 .2 .8 9.7 19.2 .9 .2 1.2 A.8 22.2 6 1.1 7 .5 8 1.0 9 9.8 10 -570 -265 -305 -151 -809 658 1,428 181 1,247 1,719 -1,228 2,947 1,3A1 19A 1.147 1,598 507 1,091 A.9 A.2 .7 3.5 2.7 .8 3.3 3.1 .2 1.6 1.5 X 1.9 11 2.A 12 -.6 13 5,607 91 -52 283 A,516 -51 326 295 8.270 105 369 295 2,309 102 -1A7 55 A,191 100 2 206 A,200 50 7 5.6 .1 .4 .1 7.8 X .1 X 8.7 X .2 .3 9.7 .3 .3 .3 7.5 .3 .4 .4 -82 202 155 67 79 -A17 88 156 56 -18 50 77 .6 -1.3 .1 -.5 .5 -.5 .1 -.A .2 18 -.6 19 11 12 13 Savings institutions Savings and loan assns. Mutual savings banks IA 15 16 17 Life insurance companies Private pension funds St.Slocal govt. rtr. funds Other insurance companies 18 19 Finance companies REITs 1 2 3 A 5 IA 15 16 17 Farm Mortgages 1 Net borrowing -2,607 -1.633 -2,745 -2,726 -1,397 -889 8.2 8.2 1A.0 10.2 10.0 1 2 Net change in assets 3 Households A State and local governments -2,607 -908 8 -1,633 -718 8 -2,745 -577 -22 -2,726 -866 -12 -1,397 -380 -2 -889 -178 8.2 2.A X 8.2 1.9 .1 1A.0 4.6 .2 10.2 1.2 .3 10.0 1.8 .1 2 3 A 109 -1,932 -3 3A -1,176 -38 18A -2,010 -238 -102 -1,736 -A -73 -1,439 -3 -195 -850 -2 .8 3.0 -.5 .8 3.2 -.3 2.3 5.1 .1 1.8 6.4 -.2 .6 7.7 -.1 5 6 7 AA3 18 -3A2 - 206 -16 67 - 302 16 -AOO - A59 1 -A66 - 621 2 -123 - A8A 2 -150 - 1.0 X l.A .7 X 1.6 * .1 X 1.6 X X X .8 X 5 6 7 8 9 10 11 U.S. government Sponsored credit agencies Mortgage pools Commercial banks Mutual savings banks Life insurance companies St.&local govt. rtr. funds II1/87 BASED ON INCOMPLETE INFORMATION -.2 8 9 .1 10 11 DECEMBER 4. 1987 Mortgages - II Mortgages - II 45 Mortgage Markets (Continued) SEASONALLY ADJUSTED ANNUAL RATES 1984 1982 1983 ——•————--------------- — ------------ - SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 1 1986 II 1 III ---- -——----------- Multi-Family Residential Mortgages IV I 1 1987 II III I ----- — -------—------------------- 1 2 3 4 5 5.3 6.1 -.6 N -.1 14.1 13.3 .8 N -.1 25.2 24.9 .2 .1 -.1 29.1 29.3 -.1 K -.1 33.1 32.6 .5 a a 26.1 25.3 .3 .4 a 36.6 36.2 .6 -.2 a 32.7 32.3 .6 -.1 a 28.2 27.7 .4 .1 * 31.2 30.4 .8 .1 a 28.2 Net borrowing 27.5 Nonfarm noncorp, business .7 Nonfin. corporate business REITs .1 a U.S. government 1 2 3 4 5 6 7 8 5.3 .6 1.4 14.1 1.3 2.4 25.2 2.5 4.5 29.1 3.3 3.2 33.1 3.5 7.0 26.1 1.4 5.9 36.6 5.4 6.3 32.7 1.7 7.5 28.2 2.7 13.5 31.2 .1 11.2 28.2 Net change ln assets 3.0 Households 10.7 State and local governments 6 7 8 9 10 11 12 -.3 -.1 .4 1.4 -.3 -.1 1.2 1.9 -.7 .9 1.1 2.1 a 1.9 1.5 3.1 .7 .3 5.1 7.4 a 5.1 .4 5.6 1.5 1.2 4.3 7.2 a -2.8 8.0 8.9 .1 -2.1 7.2 2.6 .2 1.1 4.7 3.9 .8 -.5 3.7 .9 U.S. government Spons. credit agencies Mortgage pools Commercial banking 9 10 11 12 13 14 15 1.6 2.3 -.7 7.0 8.9 -1.9 14.4 13.7 .7 14.5 13.1 1.3 7.3 5.8 1.5 3.8 2.1 1.7 6.3 3.9 2.4 11.6 7.9 3.6 7.2 .9 6.3 7.6 4.2 3.4 7.7 4.1 3.6 Savings institutions Savings and loan assns. Mutual savings banks 13 14 15 16 17 18 -.4 .1 .6 .3 .1 .6 -.2 .1 .1 1.0 .1 a 1.1 .1 * .9 .1 .1 3.2 a a -.8 .1 a .4 .1 -.6 2.9 a -.1 1.9 - Life insurance companies Private pension funds St.81ocal govt. rtr. funds 16 17 18 19 20 .1 M -.4 .1 M .4 .2 .4 .7 a 2.4 .4 1.1 .1 -.4 -.8 -3.0 .3 -.5 * -.2 .1 Finance companies REITs 19 20 Commercial Mortgages 1 2 3 4 5 25.3 2.6 23.7 -1.1 .1 49.3 2.5 47.5 -.7 a 63.5 2.5 61.0 -.2 .3 62.6 2.4 60.0 .1 * 74.7 2.4 72.0 .3 .1 54.4 2.4 51.0 .2 .9 58.7 2.3 56.4 .3 -.4 119.9 2.3 117.4 .4 -.3 55.9 2.3 53.0 .4 .2 69.9 2.3 67.1 .4 .1 56.6 Net borrowing 2.3 Households 53.8 Nonfarm noncorp, business .4 Nonfin. corporate business .1 REITs 6 7 8 9 10 25.3 -.4 .9 .7 11.8 49.3 2.2 .4 .4 17.7 63.5 3.5 .3 a 28.8 62.6 3.3 .7 .3 28.1 74.7 3.4 .7 .2 41.3 54.4 5.4 a .3 32.9 58.7 -.7 -.2 .3 33.2 119.9 17.7 .3 .2 72.7 55.9 -12.2 .2 a 36.5 69.9 5.6 .2 .8 46.8 56.6 Net change in assets 5.5 Households State and local governments .2 -7.7 U.S. government 28.6 Commercial banking 11 12 13 4.9 4.9 a 16.6 16.1 .5 21.3 18.3 2.9 10.3 8.6 1.7 5.3 4.5 .8 -6.6 -4.9 -1.7 .1 -1.9 2.0 3.1 -1.2 4.3 14.3 .2 14.1 .4 -3.4 3.8 7.2 3.5 3.7 14 15 16 17 5,4 1.4 .5 .3 10.3 .4 .3 .7 7.3 .3 .6 .4 16.5 .4 .2 .7 21.4 .2 .8 1.2 21.3 -.2 -.2 1.1 22.0 .6 1.3 1.2 24.4 .2 1.5 1.2 16.1 .4 -.6 .2 15.3 -.2 a .8 21.2 1.1 a 18 19 -.1 -.1 .4 a .7 .4 .1 1.9 .2 * -.3 .8 .6 .3 .3 -1.7 .4 .6 .2 -.1 .2 .3 1 2 3 4 5 6 7 8 9 10 Savings institutions Savings and loan assns. Mutual savings banks 11 12 13 Life Insurance companies Private pension funds St.Slocal govt. rtr. funds Other insurance companies 14 15 16 17 Finance companies REITs 18 19 Farm Mortgages 1 4.2 2.6 -.9 -6.0 -8.4 -11.3 -6.0 -9.4 -12.3 -6.4 -2.9 Net borrowing 1 2 3 4 4.2 .2 a 2.6 .3 a -.9 -2.3 a -6.0 -2.6 a -8.4 -2.6 .2 -11.3 -2.8 a -6.0 -2.9 * -9.4 -2.0 -.1 -12.3 -4.7 a -6.4 -.5 a -2.9 Net change in assets -.8 Households State and local governments - 2 3 4 5 6 7 .5 3.9 -.2 .4 1.1 * .5 .3 a .6 -4.5 -.2 .3 -6.5 -.2 .3 -8.3 -.1 .4 -4.1 -.4 .3 -7.4 -.5 -.1 -7.7 -.2 -.5 -6.4 -.1 -.3 -2.7 -.4 8 9 10 11 a a -.3 - 1.0 -.1 a .9 a -.3 - 1.2 .1 -.6 - 1.4 a -.9 - 1.5 .1 -2.0 - .8 -.1 .2 - 1.6 .1 -1.4 - 1.8 a -1.3 - 2.2 a -1.2 - 1.9 a -.7 - BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION U.S. government Sponsored credit agencies Mortgage pools Commercial banks Mutual savings banks Life Insurance companies St.&local govt. rtr. funds 5 6 7 8 9 10 11 DECEMBER 4. 1987 Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans Not Elsewhere Classified UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 21.8 15.5 6.3 Consumer Credit 1 Net chanse in liabilities (HH) 2 Installment credit Noninstallment credit 3 23.731 18.649 5.082 25.621 23,281 2,340 15,619 -14.351 12,639 -11.750 2,980 -2,601 12,577 11,877 700 14,992 18.300 -3,308 38.1 35.0 3.2 46.7 41.0 5.7 42.7 35.6 7.1 2.9 .1 2.8 4 Net chanse in assets 5 Installment credit Nonfarm noncorp. business 6 Nonfin. corporate business 7 Commercial banking 8 Savings and loan assns. 9 Mutual savlnss banks 10 Credit unions 11 Finance companies 12 23,731 18.649 21 -203 6,490 1,850 617 1,730 8,144 25,621 23,281 12 144 7,489 477 159 2,880 12.120 15,619 -14,351 12,639 -11,750 320 -296 1,657 -1,822 4.661 -4,352 1,475 569 492 189 1,595 -583 2,439 -5,455 12.577 11.877 -17 237 3,203 1.558 520 2,418 3,958 14,992 18,300 -5 291 6.581 1,248 415 3,389 6,381 38.1 35.0 -.1 2.6 18.6 1.3 .3 6.4 5.7 46.7 41.0 w .6 23.6 * .5 6.7 9.6 42.7 35.6 K .5 18.2 1.3 K 2.2 13.4 2.9 .1 -.1 M -7.2 2.1 .7 -2.5 7.1 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 5.082 1,269 408 2,415 835 155 2,340 863 268 955 174 80 -2,601 -1,512 -370 -493 -258 32 700 399 128 -115 208 80 -3,308 -549 -175 -2,620 40 -4 3.2 -.7 -.1 3.6 .2 .1 5.7 2.0 .6 2.6 .3 .2 7.1 2.2 .7 1.7 2.4 K 2.8 .8 .2 1.0 .5 .3 6.3 3.3 1.0 3.4 -1.4 N 13 14 15 16 17 18 13 14 15 16 17 18 2,980 2.681 805 -285 -394 173 1 2 3 21.8 4 15.5 5 .2 6 .9 7 .6 8 2.0 9 .7 10 1.9 11 9.4 12 Bank Loans Not Elsewhere Classified Total loans by commercial banking, Flow of Funds basis 1 31,938 20,794 90,462 -23,131 44,038 27.174 81.3 117.4 103.9 61.1 83.9 1 15,067 8,905 -3.957 -441 12,364 18,206 8,444 -4,888 -1,290 322 24.881 16,940 4,376 -4,845 -823 -3.384 1,132 -1.542 60.895 -30.300 24.907 3.088 1,266 215 14,562 17,072 3,961 573 -614 6,182 27.4 22.3 2.2 .3 29.2 35.1 26.2 -2.9 -1.3 60.3 30.6 19.9 -.9 2.2 52.1 17.5 -6.2 .8 1.8 47.2 21.6 4.0 5.3 .8 52.3 2 3 4 5 6 7,957 -169 4,576 -4,433 336 4,419 48.399 -36,779 -304 509 12.800 5,970 12,547 -49 2.064 12 46 6,124 24.4 H 4.7 41.4 .8 18.1 38.6 .3 13.2 32.2 -.5 15.5 46.2 .3 5.8 7 8 9 10 * Loans by F.R. banks 11 X Total bank loans n.e.c. 12,364 322 60,895 -30,300 14.562 6.182 29.2 60.3 52.1 47.2 10 52.3 11 12 Net chanse in liabilities 13 Nonfinancial sectors 14 Households 15 Farm business Nonfarm noncorp. business 16 17 Corporate business 12.364 10,535 1,967 421 28 6,721 322 -162 1.386 -468 216 964 60,895 57,902 12.351 -2,462 3,049 44,233 -30.300 -25.729 -10,208 -2,481 146 -12.274 14.562 14,013 5,451 1,637 2,704 4,798 6.182 6.603 5,676 685 90 1,002 29.2 29.4 2.8 2.5 .9 20.2 60.3 58.5 4.1 2.5 -.8 34.4 52.1 51.6 2.6 2.8 .5 42.5 47.2 48.3 5.3 .5 3.2 27.4 52.3 51.1 6.0 1.4 6.1 34.6 12 13 14 15 16 17 Loans elsewhere classified: 2 Mortgages 3 Consumer credit 4 Security credit Open-market paper 5 6 s Banking sector total bank loans n.e.c. 7 U.S. chartered banks Domestic affiliates 8 Foreign banking off. in US 9 18 19 20 21 Foreign Official institutions Banks Other 1,398 425 1.517 -544 -2.260 -567 -1,009 -684 731 243 1.103 -615 -912 767 -2.142 463 -577 -974 611 -214 -850 -75 -163 -612 3.1 .1 2.7 .3 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 18 19 20 21 22 23 24 25 Financial sectors Savings and loan assns. Finance companies REITs 1.829 3.781 -1.456 -496 484 -197 1.108 -427 2.993 3.246 207 -460 -4,571 1,199 -5.454 -316 549 3.579 -3.030 - -421 2,239 -2.652 -8 -.2 1.4 1.0 -2.6 1.8 .3 1.7 -.2 .5 2.0 -1.4 -.1 -1.0 -.1 -1.0 H 1.2 -.2 1.1 .3 22 23 24 25 II1/87 BASED ON INCOMPLETE INFORMATION DECEMBER 4, 1987 Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans N.E.C. 47 Consumer Credit and Bank Loans Not Elsewhere Classified SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 1986 III II IV I 1 I 1987 II III Consumer Credit 1 2 3 19.3 16.1 3.2 56.6 47.6 9.0 90.4 73.5 16.9 94.6 77.7 16.8 65.8 55.3 10.5 79.8 63.2 16.6 85.2 77.5 7.7 36.0 29.1 6.9 6.1 5.6 .5 32.8 34.3 -1.5 4 5 6 7 8 9 10 11 12 19.3 16.1 .1 90.4 73.5 .2 1.3 39.6 8.3 2.8 12.7 8.6 94.6 77.7 .1 .6 33.4 9.3 3.1 6.6 24.6 65.8 55.3 .1 -.3 19.8 4.3 1.4 5.8 24.2 79.8 63.2 4.9 3.1 1.0 1.3 5.8 56.6 47.6 .3 2.0 19.5 6.5 2.2 6.2 11.0 -.6 22.1 6.1 2.3 5.1 28.1 85.2 77.5 .2 -2.2 22.3 3.7 1.2 8.8 43.6 36.0 29.1 .2 5.1 10.2 4.3 1.5 6.0 1.9 6.1 5.6 -.1 -2.9 3.5 3.7 .9 3.3 -2.9 32.8 34.3 -.1 .5 8.7 4.6 1.9 7.7 11.0 13 14 15 16 17 18 3.2 1.5 .5 1.9 -1.1 .4 9.0 4.5 1.4 3.2 -.6 .5 16.9 8.1 2.5 5.6 .2 .6 16.8 8.2 2.5 4.0 1.5 .5 10.5 3.9 1.3 3.5 1.4 .5 16.6 3.9 1.3 6.8 4.1 .6 7.7 5.0 1.6 2.8 -2.0 .3 6.9 3.8 1.3 1.2 -.1 .7 .5 1.1 .5 -.6 -.7 .1 -1.5 .1 M -3.7 1.8 .3 -15.2 -.5 -.2 -11.4 -3.1 K Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 13 14 15 16 17 18 -63.3 178.5 104.8 Total loans by commercial banking. Flow of Funds basis 1 m ii 40.4 Net change in liabilities (HH) 55.7 Installment credit -15.2 Noninstallment credit 1 2 3 40.4 Net change In assets 4 Installment credit 55.7 5 Nonfarm noncorp. business 6 .1 Nonfin. corporate business 7 -2.1 Commercial banking 8 18.2 9 7.1 Savings and loan assns. 10 Mutual savings banks 2.3 Credit unions 11 10.7 Finance companies 12 19.4 Bank Loans Not Elsewhere Classified 1 69.8 81.9 155.3 134.0 156.1 123.5 81.5 328.6 - Loans elsewhere classified: Mortgages Consumer credit Security credit Open-market paper = Banking sector total bank loans n.e.c. U.S. chartered banks Domestic affiliates Foreign banking off. in US 2 3 4 5 6 16.0 6.7 N .3 46.7 29.2 22.7 2.4 .8 26.7 44.6 45.2 5.8 -1.4 61.1 49.7 37.5 11.0 -2.5 38.3 70.1 23.3 -5.8 -.9 69.5 58.8 28.9 -19.7 -.5 55.9 64.2 25.1 -15.5 -5.1 12.6 102.9 11.4 -17.6 2.0 229.9 73.7 2.9 .1 -4.9 -135.1 98.8 5.0 1.9 2.7 70.0 58.7 6.8 6.1 -2.2 35.4 7 8 9 47.6 -1.0 .2 27.5 -.4 -.4 55.4 .1 5.7 28.5 -.6 10.5 47.9 -.3 21.9 35.7 -.7 20.9 -3.6 1.3 14.9 189.8 -1.2 41.3 -171.9 2.0 34.7 60.4 -.2 9.8 12.4 .2 22.8 10 11 46.7 26.7 61.1 38.3 69.5 55.9 12.6 229.9 -135.1 70.0 * Loans by F.R. banks 35.4 = Total bank loans n.e.c. 10 11 12 13 14 15 16 17 46.7 44.9 2.6 3.2 7.4 37.2 26.7 26.8 3.6 2.8 1.4 15.3 61.1 60.5 -.4 1.0 2.5 64.0 38.3 35.8 6.9 -4.4 .2 35.9 69.5 65.4 11.1 -4.3 3.5 56.1 55.9 51.7 K -5.6 2.3 50.4 12.6 7.1 13.9 -2.7 2.0 1.5 229.9 227.4 35.6 -4.4 13.1 182.6 -135.1 -127.0 -27.1 -7.1 -4.5 -86.0 70.0 71.5 13.2 -1.1 14.0 49.5 35.4 Net change in liabilities 33.5 Nonfinancial sectors Households 32.6 Farm business 1.9 Nonfarm noncorp. business 1.3 Corporate business -1.0 12 13 14 IS 16 17 18 19 20 21 -5.5 M .7 -6.2 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.4 -1.3 -.1 -1.0 N 1.0 -2.1 4.5 1.8 2.5 .2 -7.7 -2.8 -1.1 -3.8 .6 1.5 2.0 -3.0 -2.3 2.5 -5.9 1.2 -4.1 -3.5 -1.6 1.1 -1.3 -1.0 3.2 -3.6 Foreign Official institutions Banks Other 18 19 20 21 22 23 24 25 1.9 1.5 .6 -.2 -.1 5.0 -5.0 -.1 .7 5.8 -4.5 -.6 2.6 4.5 -1.0 -.9 4.0 6.4 -1.3 -1.0 4.3 2.6 3.7 -2.0 5.5 1.8 5.5 -1.7 2.5 10.6 -6.3 -1.8 -8.0 20.4 -27.2 -1.3 -1.5 -1.2 -.2 - 2.0 12.4 -10.4 * Financial sectors Savings and loan assns. Finance companies REITs 22 23 24 25 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 2 3 4 5 6 7 8 9 DECEMBER 4. 1987 Other Loans Other Loans 48 Open-Market Paper and Other Loans UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV 1987 II I I III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Open-Market Paper 1 Total net Issues* all types 2 Commercial paper 3 Nonfinancial corporations A Foreign issues in U.S. 5 6 7 8 9 Financial business Commercial banking Finance companies REITs Bankers acceptances (1) 10 Net purchases* by sector Households 11 Nonfin. corporate business 12 Foreign 13 14 15 16 17 18 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks 19 20 21 22 Life insurance companies Private pension funds Mutual funds Money market funds 14.544 15,713 -860 4*336 14,522 12.369 4,125 3,677 -3,960 -823 -9,914 -2,501 11,178 10,989 728 -129 18.520 14.120 4.323 -1,691 11,347 8,921 193 5,023 15.0 11.8 1.6 .6 17.7 18.4 2.7 1.0 37.5 28.7 9.0 1.7 19.3 11.2 4.0 2.4 51.3 39.5 14.7 3.9 1 2 3 4 12.237 3,354 8,924 -41 4,567 -2,280 6,695 152 11,592 3,690 7.776 126 10.390 5.624 4,552 214 11,488 1,543 9.945 3,705 -902 4,597 10 9.6 1.3 8.4 M 14.6 6.7 7.8 .1 18.0 4.5 13.3 .1 4.8 5.6 -.5 -.2 20.9 7.0 13.9 K 5 6 7 8 -1.169 2,153 -3,137 189 4,400 2,426 3.2 -.7 8.9 8.1 11.7 9 14.544 14,522 3,702 -10,651 4,063 2,540 -435 -416 -3.960 3,903 1,355 1,305 11,178 2,339 -3,505 -2,130 18.520 18,820 366 2.008 11,347 -1,465 3,349 -1,058 15.0 13.5 -.1 .4 17.7 14.5 .2 .5 37.5 8.7 1.9 1.9 19.3 -2.4 -2.3 .9 51.3 -7.4 10.0 -1.3 10 11 12 13 42 -1,290 2,637 1.060 5 1,132 1.701 -993 17 -1,542 -1.304 1.110 -35 215 -2.778 -1.421 -35 -614 -826 1.388 .2 a .3 -.3 M -1.2 -.4 -1.3 .4 .2 .1 .1 2.2 .7 1.1 ■ .1 1.8 1.5 .9 .3 -.6 .8 1.2 .8 14 15 16 17 18 3,682 700 6,341 -2,398 645 1.965 8.428 -12.635 798 8,827 2,516 4,052 -1.235 5.282 33 -2.735 40 6,186 -672 5,054 -.5 .4 1.1 .1 1.2 -.2 1.1 2.6 1.0 4.2 -.2 15.6 1.3 4.1 1.2 12.3 3.7 5.0 -.1 38.8 19 20 21 22 .4 .2 .2 1 2 3 4 -441 -71 975 507 1.356 -1,135 7,523 (1) Excludes banks* holdings of own acceptances. Other Loans 1 S&L assn, loans to business 2 Liab. : Noncorporate business Nonfin. corp, business 3 1,493 746 747 938 469 469 3,014 1,507 1,507 -584 -292 -292 306 153 153 -475 -237 -238 4 Finance co. loans to business 5 Liab. : Noncorporate business 6 Nonfin. corp, business 1.761 992 769 -6,692 -700 -5,992 13,812 1,400 12.412 8,087 800 7.287 6,151 600 5.551 -288 -25 -263 13.5 « 13.5 11.5 H 11.5 10.1 N 10.2 4.1 .4 3.8 10.8 .8 10.0 4 5 6 7 U.S. government loans 8 Liab. i Households 9 Farm business Nonfarm noncorp. bus. 10 11 Nonfin. corp, business 12 St.&local governments 13 Foreign 14 Spons. credit agencies 3.665 1,100 953 -189 1.108 608 -204 289 2,611 1,100 -64 269 92 -51 1.698 -433 -570 967 -935 5 -200 258 -329 -336 376 746 -59 -241 1.100 -162 -288 -720 -1.962 -513 36 -333 -1,050 5 -77 -30 -1,114 -400 50 -200 100 -100 -564 5.8 .5 1.3 1.9 .2 3.0 -1.1 12.8 .8 3.5 4.1 1.7 -1.6 3.9 .4 12.4 1.1 3.4 3.0 1.2 .2 2.9 .6 16.1 1.0 2.6 4.2 1.5 .9 4.7 1.2 19.0 1.5 3.4 5.6 1.2 1.2 4.2 1.9 7 8 9 10 11 12 13 14 15 Sponsored credit agency loans 16 Liab. : Households (SLMA) Farm business (FICB) 17 Noncorp. business (BC) 18 19 S&L assns. (FHLB) 8,598 1,083 -8 -86 7.609 3,356 419 -663 -596 4,196 9,653 507 -537 74 9,609 -2,438 362 -1,141 226 -1,885 9,549 1.745 226 3 7,575 6.227 939 -498 31 5.755 6.5 .1 1.4 .6 4.3 15.0 .4 1.5 .7 12.5 15.2 .6 3.3 2.1 9.2 11.6 1.1 1.9 1.5 7.1 19.9 2.2 1.8 -.3 16.2 15 16 17 18 19 41 40 1 25 49 -24 -227 63 -290 -327 76 -403 -186 88 -274 224 102 122 1.7 « 1.7 2.6 ■ 2.6 4.7 K 4.7 6.7 .1 6.6 -1.928 50 50 -2,028 1.184 1,251 1,250 -1.317 -2,500 -415 -415 -1.670 -619 -49 -49 -521 5.441 1.274 1,274 2,893 3 654 654 -1.305 3.1 .6 .6 1.9 -.7 1.2 1.2 -3.2 7.5 2.0 2.0 3.6 7.3 1.6 1.6 4.1 3,793 5,387 2,069 443 2.030 2,000 .2 .3 2.0 1.3 20 Policy loans (HH liability) U.S. government 21 Asset : 22 Life Insurance cos. Cust. liab. on acceptances 23 outstanding (bank asset) 24 Liab: Noncorp. business 25 Nonfin. corp, business 26 Foreign Foreign loans to US nonbanks 27 Liab. : Nonfin. corp, business II1/87 BASED ON INCOMPLETE INFORMATION - 7.4 20 .1 21 7.3 22 11.3 2.2 2.2 6.9 23 24 25 26 8.9 27 DECEMBER 4, 1987 Other Loans Other Loans 49 Open-Market Paper and Other Loans SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 II 1986 III IV I 1 1987 II I III Open-Market Paper 1 2 3 4 5.7 -5.4 -6.1 1.9 26.9 21.7 -.8 6.5 52.0 48.3 21.7 6.2 52.8 62.1 14.6 6.2 26.4 32.2 -9.3 11.5 39.8 41.7 -10.1 17.9 55.3 55.5 5.2 15.8 8.1 20.0 -16.3 -8.1 41.3 36.3 -1.8 -4.3 55.9 34.7 10.8 -6.2 5 6 7 8 -1.1 1.4 -2.4 -.1 16.0 3.5 12.6 -.1 20.4 6.3 13.9 .2 41.3 2.1 39.1 .1 30.1 1.2 28.5 .3 34.0 10.6 23.6 -.2 34.5 .3 33.6 .6 44.4 12.1 31.8 .5 42.5 17.8 23.8 .9 30.1 3.9 26.2 32.4 7.1 25.3 a 40.3 Total net issues, all types 41.8 Commercial paper -12.0 Nonfinancial corporations 21.4 Foreign Issues in U.S. Financial business Commercial banking Finance companies REITs 1 2 3 4 5 6 7 8 9 11.1 5.3 3.7 -9.4 -5.9 -2.0 -.2 -11.9 5.0 21.2 -1.4 10 11 12 13 5.7 -13.6 7.9 -1.7 26.9 1.4 10.7 .8 52.0 -.1 9.4 1.2 52.8 39.9 4.0 -.2 26.4 -10.4 5.6 1.1 39.8 -12.2 8.4 -1.7 55.3 -19.5 .5 -1.7 8.1 26.1 8.2 5.2 41.3 4.9 2.0 -8.5 55.9 42.3 -1.3 8.0 40.3 Net purchases, by sector 17.9 Households -2.6 Nonfin. corporate business Foreign -4.2 10 11 12 13 14 15 16 17 18 -.3 1.3 .3 2.7 .8 .4 -1.1 .8 3.7 .1 -.1 -.4 -1.4 2.4 1.2 -.6 -2.5 4.1 2.0 a -.9 6.9 2.2 N a -.5 8.5 .8 .2 -.3 -5.1 9.0 4.7 a .1 2.0 3.5 -5.2 .1 .1 -4.9 -9.5 9.3 -.1 -.1 2.7 -1.1 -9.7 -.1 -.1 -2.2 -5.2 6.0 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks 14 15 16 17 18 19 20 21 22 3.1 7.1 -.6 -1.3 5.3 6.8 1.0 -3.0 1.9 3.8 2.4 31.8 -.6 7.8 -2.3 1.2 4.3 6.1 5.3 6.2 2.0 5.5 -2.5 31.5 14.7 21.7 2.2 29.1 2.8 -6.8 10.8 -38.6 3.2 36.1 4.5 4.0 -4.9 22.0 3.2 -5.1 .2 20.2 -3.2 13.8 Life Insurance companies Private pension funds Mutual funds Money market funds 19 20 21 22 Bankers acceptances (1) 9 (1) Excludes banks* holdings of own acceptances. Other Loans 1 2 3 .2 .1 .1 2.4 1.2 1.2 8.7 4.3 4.3 5.6 2.8 2.8 6.7 3.3 3.3 4.8 2.4 2.4 6.4 3.2 3.2 9.2 4.6 4.6 -.6 -.3 -.3 -.2 -.1 -.1 1.3 SSL assn, loans to business .7 Liab.: Noncorporate business .7 Nonfin. corp, business 1 2 3 4 5 6 .9 -.9 1.9 13.1 3.1 9.9 24.4 1.0 23.4 20.5 1.8 18.8 16.4 2.9 13.5 7.4 3.7 3.7 1.7 .8 .9 35.1 3.1 32.0 22.2 1.9 20.3 25.0 2.3 22.7 31.0 Finance co. loans to business 3.6 Liab.: Noncorporate business 27.4 Nonfin. corp, business 4 5 6 7 8 9 10 11 12 13 14 13.6 1.6 .2 4.6 1.3 1.0 4.5 .4 8.5 .8 H 2.7 -.5 1.1 4.3 - 16.6 .6 1.1 2.0 1.2 7.7 4.0 14.9 6.0 .4 .5 -2.6 8.2 1.4 1.1 8.8 4.4 -.2 .7 1.5 1.4 1.4 -.4 10.4 4.4 .8 -.8 3.9 2.4 -1.6 1.2 9.6 4.4 -.6 1.1 -.9 -.2 7.5 -1.7 4.1 3.9 -1.3 H 2.8 1.0 -.9 -1.3 -.1 3.0 .7 -1.0 2.1 -.6 -1.4 -2.9 -12.3 -2.1 -2.9 -1.3 -4.8 M -1.2 -.1 -5.2 U.S. government loans -1.6 Liab.: Households -.2 Farm business -.8 Nonfarm noncorp. bus. -.9 Nonfin. corp, business -.4 St.Slocal governments -1.3 Foreign Spons. credit agencies 7 8 9 10 11 12 13 14 15 16 17 18 19 .8 1.6 -.8 -.8 .8 -6.1 1.5 -1.3 .9 -7.0 16.0 1.9 -1.2 -.4 15.7 11.8 2.5 -3.9 -1.0 14.2 19.2 2.4 -2.3 -.7 19.8 22.4 4.3 -3.0 3.3 17.7 4.2 1.7 -4.1 -3.1 9.7 44.3 2.0 1.8 -.2 40.7 6.8 1.4 -4.3 -1.5 11.2 25.1 7.0 -1.7 3.8 16.1 14.9 Sponsored credit agency loans 3.8 Liab.: Households (SLMA) -3.3 Farm business (FICB) -.9 Noncorp, business (BC) 15.3 SSL assns. (FHLB) 15 16 17 18 19 20 21 22 4.2 M 4.3 1.1 « 1.1 .4 K .4 -.1 M -.1 -.1 .2 -.3 .2 .2 N .1 .2 -.1 -.9 .3 -1.2 -1.3 .3 -1.6 -.7 .4 -1.1 .9 Policy loans (HH liability) .4 Asset: U.S. government .5 Life Insurance cos. 20 21 22 23 24 25 26 7.7 -.4 -.4 8.5 6.9 3.5 3.5 -.1 3.8 1.4 1.4 1.0 -9.5 -1.1 -1.1 -7.4 -5.6 -.1 -.1 -5.4 -7.1 -.2 -.2 -6.8 .1 .8 .8 -1.5 -10.2 .1 .1 -10.5 .3 2.6 2.6 -4.8 23.4 5.2 5.2 12.9 Cust. liab. on acceptances outstanding (bank asset) -5.9 -2.6 Liab: Noncorp, business Nonfin. corp, business -2.6 Foreign -.6 23 24 25 26 27 2.5 2.7 13.0 1.5 11.1 15.2 21.5 8.3 1.8 8.1 BILLIONS OF DOLLARS. I11/87 BASED ON INCOMPLETE INFORMATION Foreign loans to US nonbanks 8.0 Liab.: Nonfin. corp, business 27 DECEMBER 4. 1987 Security Credit. Trade Credit, and Taxes Security Credit. Trade Credit, and Taxes Security Credit. Trade Credit, and Taxes Payable 5Q UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Security Credit 1 Net change in liabilities 2 Households 3 Foreign -4,772 652 -7,097 1.125 10,543 3,824 -8,607 -2,458 3,431 3,018 - 3,465 3,635 2.2 1.3 4 5 6 7 -5,424 -3.520 -1,297 -607 -8.222 -5.177 140 -3.185 6,719 -2.633 1,660 7,692 -6,149 -2,139 -1,495 -2,515 413 2,246 -1,180 -653 -170 -904 1,195 -461 -4,772 -607 -3,957 -7,097 -3,185 -4.888 10,543 7.692 -823 -8,607 -2,515 -3,384 3.431 -653 1.266 -208 976 3.674 -2,708 2.818 1 Net change in liabilities Households 2 3 Farm business Nonfarm noncorp. business 4 (payables less receivables) 5.169 627 23 59 3.241 647 62 106 10.289 672 79 200 -7,467 693 107 250 6,835 717 131 300 Nonfin. corporate business State and local governments Foreign U.S. government 4,511 291 -247 -95 1,200 297 -48 977 10,957 303 472 -2.394 -6,366 309 -46 -2,414 1.470 -1.637 766 1.261 1,080 10.931 9.604 767 -849 1,409 -5,791 -6,648 72 -146 931 3,699 -7,690 Brokers and dealers From commercial banks From foreign banking off. Customer credit balances 8 Net change in assets Households 9 10 Commercial banking 11 12 Brokers and dealers Foreign 1.2 1.2 - 2.1 1.0 - 12.5 6.5 - .8 -1.7 1 2 3 .9 1.4 .5 -1.0 -2.5 .1 2.5 1.1 -.7 H 1.8 6.0 1.2 -.4 5.2 2.5 4.0 .6 -2.1 4 5 6 7 3,465 -461 573 2.2 -1.0 2.2 1.2 2.5 -2.9 2.1 1.8 -.9 12.5 5.2 .8 .8 8 -2.1 9 5.3 10 3.353 1.0 1.6 1.1 6.5 -2.4 11 12 12,861 739 155 567 28.3 1.2 .9 1.2 60.1 1.5 1.6 3.1 60.0 1.7 1.2 .1 47.0 2.3 1.0 -.9 35.1 2.7 .9 -1.1 1 2 3 4 1,766 315 100 3,506 8,589 321 100 2,390 22.1 .7 .5 1.7 49.1 1.7 -.3 3.4 52.9 1.6 1.5 1.0 39.6 2.0 1.7 1.3 30.8 1.1 .2 .5 5 6 7 8 21,088 19,210 -142 1.212 808 6.101 7,415 -301 -1,408 395 11,636 13*246 200 -1,985 175 37.2 34.8 1.9 -.8 1.3 64.9 56.6 4.1 2.7 1.5 74.4 69.8 .2 2.4 1.9 57.5 48.2 3.5 3.8 2.0 28.2 23.2 -.2 2.5 2.6 9 10 11 12 13 16.080 -28,555 734 1,225 -8.9 -4.8 -14.4 -10.5 Trade Credit 5 6 7 8 9 Net change in assets 10 Nonfin. corporate business Foreign 11 12 U.S. government Other Insurance companies 13 14 Discrepancy 6.9 14 Profit Taxes Payable 1 Net change in taxes payable 2 Nonfin. corporate business Commercial banks 3 4 Savings 8 loan associations 5 Life insurance companies 6 Other insurance companies 7 Finance companies 8 Brokers and dealers -5,239 -5,125 -17 -12 -35 -10 10 -50 2,311 2,371 -2 -7 -32 -9 14 -24 1.802 1,905 -36 -53 2 -9 11 -18 1,279 1,167 18 2 38 -3 16 41 -1,992 -2.050 -8 -24 60 15 15 1,167 1,056 23 -19 47 2 18 40 -.6 -1.5 .2 .2 .4 .1 .1 -.1 5.2 4.3 .1 .2 .3 .1 .1 2.8 2.5 .5 -.2 ■ M -.1 .1 -3.1 -1.7 -.5 -.3 -.4 -.2 -.2 .2 9 Net change In taxes receivable 10 State and local governments 11 U.S. government -4,781 -1,045 -3.736 4,734 2,579 2.155 2.226 2.133 93 -803 -2,289 1.486 -1.164 -1,299 135 2,602 1,811 791 .4 1.8 -1.4 3.7 .8 2.9 1.3 1.5 -.3 -3.8 1.1 -4.8 -9.0 9 1.0 10 -10.0 11 -458 -2,423 -424 2.082 -828 -1,435 -1.0 1.5 1.5 .6 .7 12 -29.8 -8.7 -21.0 -44.0 -12.6 -31.4 -49.1 -18.2 -31.0 12 Discrepancy -8.4 -6.8 -.4 -.3 -.5 -.2 -.2 M 1 2 3 4 5 6 7 8 Proprietors* Equity in Noncorporate Business 1 Total household Investment Farm business 2 Nonfarm noncorp. business 3 -11,408 -14,545 -36,419 -19,465 -27,325 -20,547 1.338 1.788 1.513 4,279 188 422 -11.830 -16,333 -37.932 -23,744 -27,513 -21,885 II1/87 BASED ON INCOMPLETE INFORMATION -27.3 -5.8 -21.5 -28.8 -11.1 -17.7 1 2 3 DECEMBER A» 1987 Security Credit. Trade Credit, and Taxes Security Credit. Trade Credit, and Taxes Security Credit. Trade Credit, and Taxes Payable 51 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1986 I 1 II 1986 III I 11 IV I 1987 II III Security Credit -22.9 2.6 17.7 Net change in liabilities 14.5 Households Foreign -11.0 .9 -1.8 -10.1 -1.5 3.5 -2.4 -2.6 3.2 1.3 3.7 -1.8 27.8 30.8 -17.6 -20.8 -10.1 .1 10.5 -2.6 1.9 17.7 Net change in assets Households -1.8 Commercial banking 6.1 3.9 14.7 -10.8 11.3 13.4 9.0 2.5 .1 -2.1 7.2 2.6 .2 1.3 -4.6 2.7 .3 -.6 39.8 2.8 .4 4.6 8.2 2.9 .5 -1.9 49.4 Net change in liabilities 3.0 Households Farm business .6 Nonfarm noncorp. business 3.4 (payables less receivables) 1 2 3 4 3.0 1.2 -.4 .6 11.0 1.2 -.7 -3.0 -2.0 1.2 -1.0 4.9 -2.3 1.2 1.6 -7.5 40.3 1.2 .7 -10.3 -6.2 1.3 .5 11.1 30.9 1.3 -.4 10.7 Nonfin. corporate business State and local governments Foreign U.S. government 5 6 7 8 41.6 35.2 .5 3.7 2.2 16.0 10.9 .4 .1 4.7 10.1 -1.3 2.1 5.0 4.3 30.2 24.2 3.8 -3.4 5.6 25.4 24.7 -2.5 -.6 3.7 39.8 28.8 2.9 4.8 3.2 29.9 36.2 -2.2 -5.6 1.6 35.5 Net change in assets Nonfin. corporate business 41.1 1.6 Foreign U.S. government -7.9 Other insurance companies .7 9 10 11 12 13 .5 -8.4 -1.2 -23.0 -29.9 .1 -21.7 13.9 Discrepancy 14 27.8 15.3 -25.5 -19.9 -3.2 -2.4 -28.8 -15.7 -.4 -12.7 12.5 -20.3 2.0 30.8 10.0 8.7 -5.8 -22.9 -2.4 -19.7 -24.3 -12.7 -15.5 16.1 7.1 -.8 41.9 1.8 -1.1 3.3 42.1 2.2 -.3 2.3 7.6 2.5 .2 .5 40.8 .8 .2 2.9 34.4 1.0 -.5 3.0 33.0 1.1 -.6 4.4 -8.7 -15.7 N 4.8 2.1 66.6 62.2 -1.3 3.8 2.0 55.6 46.4 1.4 5.1 2.8 14.0 -20.3 -13.7 7.4 3.8 - 12.2 8.4 39.6 16.7 - 10.0 8.6 4 5 6 7 3.6 .4 -.5 3.7 3.8 .9 .5 2.4 5.2 4.7 1.1 -.6 22.9 6.2 4.2 12.5 1.4 -7.4 .1 8.7 8 9 10 7.4 3.7 K 12.2 2.4 2.4 2.1 -.6 5.8 39.6 12.5 11.0 11 12 3.7 7.4 -3.0 1 2 3 4 5.3 2.4 .4 -2.4 46.4 1.8 -.7 .7 5 6 7 8 5.0 .9 -2.7 1.7 9 10 11 12 13 14 2.1 -3.1 1 2 3 10.5 12.1 -24.3 4.5 - 1 2 3 -20.8 -9.8 - Brokers and dealers From commercial banks From foreign banking off. Customer credit balances Brokers and dealers Foreign 4 5 6 7 8 9 10 11 12 Trade Credit Profit Taxes Payable 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 -14.1 -14.1 -.1 M M M H .2 5.8 5.8 -.1 H -.1 N M .2 .5 .7 K a -.2 a a .1 -1.6 -1.8 .1 .1 a -.1 a .1 .8 1.0 a a a a a -.1 1.0 1.4 -.1 -.1 -.1 a a -.1 -.8 -.6 a a -.1 a .1 -.1 .6 1.1 -.1 -.3 a a a -.1 -.4 -.8 .1 a .2 a .1 .2 13.1 12.8 a -.1 .2 a .1 .1 -4.4 Net change in taxes payable Nonfin. corporate business -4.9 Commercial banks .1 Savings & loan associations Life Insurance companies .2 a Other Insurance companies Finance companies .1 Brokers and dealers .1 9 10 11 -11.6 -1.4 -10.2 7.2 1.9 5.3 4.4 3.9 .6 -2.9 1.3 -4.2 1.3 1.8 -.5 2.4 1.4 1.0 1.3 3.3 -2.1 .6 2.2 -1.6 1.4 -1.6 3.0 15.5 .1 15.4 -6.9 Net change In taxes receivable 9 State and local governments 10 .6 11 U.S. government -7.5 12 -2.5 -1.4 -3.9 1.3 -.5 -1.4 -2.1 a -1.8 -2.4 -68.7 15.5 -84.2 -100.8 14.3 -115.1 2.5 Discrepancy 12 Proprietors' Equity In Noncorporate Business 1 2 3 -45.3 -12.5 -32.7 -89.5 -16.8 -72.7 BILLIONS OF DOLLARS. -72.8 2.3 -75.1 -65.8 1.2 -67.0 -85.1 5.7 -90.9 -36.4 15.4 -51.8 II1/87 BASED ON INCOMPLETE INFORMATION -63.6 9.3 -72.9 -155.5 -8.0 -147.6 -87.4 Total household Investment 7.4 Farm business Nonfarm noncorp. business -94.8 1 2 3 DECEMBER 4, 1987 Miscellaneous I Miscellaneous I Miscellaneous Financial Claims 52 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) ! 1 Net change in liabilities Households 3 Nonfin. corporate business 2 II 1986 III IV 1 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 38,A86 -A20 A,712 A5.6A2 -A19 6.A23 A5.063 -2AA 1A.1A3 56,020 -81 6.78A -5,541 257 7,186 38,241 228 7,191 58.8 .9 3.7 97.6 1.1 7.9 92.9 1.3 11.8 78.0 1.2 15.3 112.8 1.8 25.3 1 2 3 A 5 Foreign U.S. government 9.A72 -2,356 3.8A3 -5.21A -1,397 1,557 17.912 -519 15,370 2,974 31.A21 -3,696 8.2 -.9 31.7 -.3 29.2 -1.3 1A.A -1.9 3A.9 1.0 A 5 6 7 8 9 Total finance Sponsored credit agencies Monetary authorities Commercial banking 27,078 2A6 771 A.263 A1.009 2,566 629 1A.707 31.00A A.213 277 9,888 31.92A -31,328 2.A32 -2,242 2,386 -1,207 16.A51 -32,173 3,097 -5,757 1A2 -715 A6.9 l.A N 18.0 57.2 A.6 .A 2A.8 51.9 5.7 .9 1A.8 A8.9 3.6 -1.1 20.A A9.8 A.7 .3 22.7 6 7 8 9 10 11 12 13 IA 15 16 Savings 8 loan assns. Mutual savings banks Credit unions Life insurance companies Other Insurance companies Finance companies REITs 1,017 758 830 10.6A2 8,548 3 167 2.810 1,100 1.A77 10,356 7,197 -3,021 -10.719 1,931 3,955 600 A00 1.03A 1,952 7,617 10,238 9.A17 3,877 -1A3 1A3 -866 2,956 300 -252 6.721 -A,565 -5.All 3,074 700 78A A,823 5,457 - 1.2 .A .5 A.6 12.6 8.7 -.5 -.3 l.A .6 A.8 1A.1 7.1 -.1 1.1 1.2 .3 5.3 1A.7 8.0 -.2 .9 .8 1.6 3.8 12.A 6.3 .1 2.6 2.6 .A 8.2 10.8 -2.6 .1 10 11 12 13 IA 15 16 A2.009 6,229 8AA 899 11,779 39.AA6 7,855 556 98A 258 A9.953 36,600 5,476 6.9A7 A92 516 826 763 21.583 -11,650 13.301 A,531 593 685 10,160 20,507 3.205 6AA 679 -A,635 51.8 6.9 1.7 2.6 21.5 88.8 6.6 2.0 3.0 18.9 87.6 7.2 1.9 3.0 3A.9 86.8 5.6 1.9 2.6 32.0 93.8 6.1 1.7 2.1 15.3 17 18 19 20 21 9,208 365 15,116 -229 9A5 230 19.835 22A 6.879 166 39.662 29A -2.6 .7 15.8 .8 13.7 .8 15.3 .5 39.5 22 .9 23 12,685 -3.887 A2 8.633 1A.906 267 1,028 9.68A 18.969 3,720 392 8.A53 21,397 -9.713 -19,342 277 1,180 613 -216 685 1.283 13,679 -14,061 -26.080 21.0 1.0 -.7 9.7 A1.9 .A -.2 20.9 26.1 .A 1.2 6.3 28.9 1.3 -.1 13.A 28.1 .7 .1 1A.7 2A 25 26 27 3,881 -A08 1.030 1.9A0 A9A -385 1.3A5 -862 A31 2A7 1.988 719 -3A 1.A38 A03 1,551 2,089 59A 913 85A 7.A 1.2 -.3 7.3 -5.8 1.0 1.9 28 29 30 31 32 33 3A -3,523 6.196 -A,890 3,303 1,138 2.165 -8A9 -328 -521 5,596 1,586 A,010 Direct Investment in U.S. by fgn. corps. 39 Liab.: Nonfin. corp, bus.(l) A,712 6,423 AO Equity & Intercompany accts. 3.903 7,109 Al Retained earnings 809 -686 14,143 14,187 -AA 17 Net change in assets 18 Households 19 Farm business 20 Nonfarm noncorp. business 21 Nonfin. corporate business 22 23 Foreign U.S. government 2A 25 26 27 Total finance Sponsored credit agencies Monetary authority Commercial banking 28 29 30 31 32 33 3A Savings and loan assns. Mutual savings banks Credit unions Life Insurance companies Private pension funds REITs Money market funds 35 Unallocated* net -1,294 39 -1,488 2,979 2,600 103 111 -1,842 573 3,268 3,069 2AA 106 -2A0 1.3 .3 .5 2.5 7.3 -.8 -.1 A.6 .8 2.3 2.A 9.3 .8 .5 5.6 .5 2.1 3.5 5.1 .9 .A 3.1 1.0 3.6 3.6 2.1 .5 •A 19,420 -18,842 17,734 7.0 8.7 5.3 -8.9 19.0 35 A.075 -1,350 5.A25 3,900 900 3,000 11.5 5.1 6.A 16.1 A.A 11.7 26.8 7.6 19.2 23.6 A.9 18.6 12.6 36 -.5 37 13.1 38 6,784 6,173 611 7.186 6.382 80A 7,191 6.392 799 3.7 2.1 1.6 7.9 5.3 2.5 11.8 7.9 3.9 15.3 11.7 3.6 25.3 39 22.3 AO 3.0 Al .8 .7 1.1 A2 -.2 -.2 A3 5.877 -A3A -110 190 1.30A 181 -25A (A) Foreign claims Foreign direct investment by U.,S. corps. 36 Liab.: Foreign (1) A, 687 Equity & intercompany accts. -83 37 A,770 38 Retained earnings U.S. govt, equity in IBRD, etc. A2 Liab.: Foreign Nonofficial foreign currency U.S. government A3 Asset: Liab.: Foreign 39A 715 165 200 300 312 .7 .6 -29 -9AA 65 2A -13A -18 n .1 (B) Claims on federally related agencies Postal Savings deposits AA Asset: Households Liab.: U.S. government - AA Deposits at Federal Home Loan Banks Sponsored credit ags. -2,337 A5 Liab.: Asset: SSL associations 1,716 1,913 -1 ,763 -3,864 -3,200 .3 2.1 3.0 .8 1.8 A5 A6 Federal Reserve Bank stock Asset: Commercial banks -IA A2 25 A2 A5 A8 * « .1 .1 .1 A6 A7 Equity in sponsored credit ag. A8 U.S. government Private: Farm business (FICB 8 FLB) A9 Nonfarm noncorporate (BC) 50 Nonfin. corp. bus. (FNMA) 51 S8L associations (FHLB) 52 253 - 59 - 7A - 787 - 298 - 279 - .8 - 1.3 - 1.6 .7 - l.A A7 A8 AA -20 8 221 -193 -16 -1 269 -221 -19 6 308 -208 -IA 37A 635 -8A -15 397 -A 2 281 .2 N .1 .4 .3 .1 .4 .1 .1 1.0 .6 .1 * K (1) Excludes capital gains/losses. II1/87 BASED ON INCOMPLETE INFORMATION .8 .6 .1 .7 A9 50 51 52 DECEMBER 4, 1987 Miscellaneous I Miscellaneous I Miscellaneous Financial Claims 53 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I II 1986 III IV I I 1987 II 1982 1983 1984 1985 1986 1 2 3 83.2 .8 13.8 89.2 .6 11.5 144.1 -1.0 25.6 144.8 .1 20.5 188.4 -1.3 26.4 272.7 -1.7 19.0 97.0 -1.7 28.3 263.9 -1.0 54.2 80.5 -.3 25.8 134.9 1.0 29.9 4 5 4.6 .2 3.0 2.0 10.5 4.9 15.1 4.6 17.1 .2 83.7 -5.9 -34.8 -21.2 -17.4 29.6 92.6 -32.7 114.9 17.3 64.8 -15.8 Foreign U.S. government 4 5 6 7 8 9 63.8 5.9 -.1 19.5 72.1 -.2 -.5 31.4 104.1 10.2 .1 24.4 104.6 6.9 1.4 24.7 146.1 8.3 1.9 50.9 177.5 10.6 11.2 63.3 126.3 -2.3 9.3 21.4 198.5 16.8 -12.3 121.9 -5.0 12.3 6.8 -48.4 -28.2 2.3 7.2 -63.4 -45.3 -37.0 4.0 -56.2 Total finance Sponsored credit agencies Monetary authorities Commercial banking 6 7 8 9 10 11 12 13 14 15 16 13.1 -.2 .2 7.0 10.6 7.6 X 10.4 2.3 .7 9.2 12.0 6.8 -.1 6.8 2.4 1.8 14.8 24.8 18.7 .1 9.6 5.2 1.3 14.4 30.5 10.4 .1 -1.5 8.3 1.7 5.4 41.9 29.6 -.3 .7 3.9 1.3 3.3 42.6 40.6 X 4.5 12.3 3.5 5.9 41.4 30.2 - -5.0 18.2 1.4 4.1 41.0 11.9 .6 -49.3 2.4 2.0 7.8 30.5 31.5 -.6 -7.2 13.4 2.7 -1.0 26.9 -9.1 - -16.8 14.1 1.8 3.1 19.3 22.3 - Savings & loan assns. Mutual savings banks Credit unions Life insurance companies Other insurance companies Finance companies REITs 10 11 12 13 14 15 16 17 18 19 20 21 94.3 6.8 1.7 2.1 18.7 62.0 15.3 1.1 -4.6 4.2 141.7 16.3 1.9 4.2 27.5 172.1 14.5 2.2 7.0 29.7 167.1 28.1 2.5 3.6 28.3 183.3 24.9 3.4 3.6 45.6 167.4 31.4 2.2 3.9 1.5 183.7 27.8 2.1 3.1 73.6 153.2 21.9 2.0 3.3 -27.1 62.6 18.1 2.4 2.7 37.1 86.5 Net change ln assets 12.8 Households 2.6 Farm business Nonfarm noncorp. business 2.7 Nonfin. corporate business -22.6 17 18 19 20 21 22 23 1.9 1.6 11.0 .7 26.7 1.5 38.7 1.4 29.7 .6 62.5 1.5 23.3 -.9 9.0 .9 85.9 .9 54.2 .7 111.7 1.2 Foreign U.S. government 22 23 24 25 26 27 61.6 1.1 .1 19.0 34.3 .7 .5 10.5 63.6 2.8 3.0 17.9 78.6 -1.5 1.0 36.1 74.3 2.1 1.7 47.9 41.9 -9.1 2.0 41.3 105.8 2.7 3.2 75.3 67.2 8.1 -1.1 4.6 66.3 4.3 1.2 51.1 -52.6 11.0 4.7 -50.5 -21.9 2.1 3.9 -61.6 Total finance Sponsored credit agencies Monetary authority Commercial banking 24 25 26 27 28 29 30 31 32 33 34 26.4 2.6 .2 8.1 4.8 .3 -1.1 6.3 1.5 .8 6.1 8.3 -.4 30.0 .3 1.0 4.8 1.0 1.2 1.5 15.8 1.7 2.4 12.0 12.2 -1.6 .6 5.2 1.0 3.7 8.0 1.4 .4 2.9 20.6 X 2.0 7.8 -3.2 -1.5 -17.9 -17.1 .6 3.2 8.0 4.6 -.1 25.5 .4 7.2 11.5 8.4 6.7 3.7 17.8 33.3 -8.8 -7.5 .8 4.1 .7 -12.9 .9 2.4 -8.3 11.9 3.3 .4 -28.4 -22.8 1.5 15.9 12.3 3.6 .4 22.7 35 -11.1 27.1 2.3 -27.3 21.3 89.3 -70.4 80.2 -72.7 72.3 I III 36.7 Net change ln liabilities .9 Households 32.1 Nonfin. corporate business Savings and loan assns. Mutual savings banks Credit unions Life Insurance companies Private pension funds REITs Money market funds -49.8 Unallocated, net 1 2 3 28 29 30 31 32 33 34 35 (A) Foreign claims 36 37 38 10.2 5.4 4.8 9.8 -3.6 13.5 13.2 -4.6 17.8 8.8 -4.1 12.9 14.1 4.0 10.1 17.4 1.6 15.8 11.2 .1 11.1 6.5 7.1 -.5 15.7 -.6 16.3 Foreign direct investment by U.S. corps. 14.1 Foreign (1) 36 13.3 Liab.: -3.4 Equity 8 intercompany accts. 37 -1.6 17.5 14.9 Retained earnings 38 39 40 41 13.8 16.2 -2.4 11.5 11.9 -.3 25.6 22.5 3.1 20.5 20.4 .1 26.4 26.4 X 19.0 16.1 2.9 28.3 31.2 -2.8 54.2 53.5 .7 25.8 24.0 1.9 Direct: Investment in U.S. by fgn. corps. 29.9 32.1 Liab.: Nonfin. corp, bus.(l) 39 27.0 Equity 8 Intercompany accts. 40 28.8 41 2.9 3.3 Retained earnings 42 1.3 .7 1.1 1.5 1.5 1.6 2.9 .7 .8 43 .1 .4 .4 -.1 -.9 -.1 -3.8 .3 .1 1.2 -.5 U.J3. govt, equity in IBRD. etc. 1.2 Liab.: Foreign Nonofficial foreign currency U.S. government -.1 Asset: Liab.: Foreign 42 43 (B) Claims on federally related agencies 44 - 45 2.8 46 - - - - - - -2.9 7.0 4.5 3.6 3.1 1.7 .3 -6.9 -1.3 .1 .1 .2 .2 .1 -.1 .2 .1 .2 .2 47 48 .9 .2 .9 - .9 .6 1.0 .5 • .4 2.7 1.2 49 50 51 52 .4 X .1 .4 .1 X X .8 -.3 X .1 1.1 -.8 -.1 X 1.3 -.9 -.1 X 1.3 -.8 -.1 1.5 2.1 -.3 -.1 1.6 .1 x X .1 -.6 -.1 .1 1.2 .2 -.1 X .8 Postal Savings deposits Asset: Households Liab.: U.S. government Deposits at Federal Home Loan Banks -18.5 Liab.: Sponsored credit ags. Asset: S8L associations .2 Federal Reserve Bank stock Asset: Commercial banks 1.3 Equity in sponsored credit ag. U.S. government Private: X Farm business (FICB 8 FLB) Nonfarm noncorporate (BC) X Nonfin. corp. bus. (FNMA) S8L associations (FHLB) 1.4 (1) Excludes capital gains/losses. BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 44 45 46 47 48 49 50 51 52 DECEMBER 4, 1987 Miscellaneous II Miscellaneous II 54 Miscellaneous Financial Claims (Continued) UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 I II 1986 III IV 1 1 I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 (C) Life Insurance claims Deferred and unpaid premiums 1 Liab.: Households Asset: Life insurance -420 -419 -244 -81 257 228 .9 1.1 1.3 1.2 1.8 1 804 686 118 752 653 99 655 526 129 552 405 147 444 291 153 344 167 177 2.7 1.4 1.4 2.7 1.3 1.4 2.4 .8 1.6 1.7 .6 1.1 2.1 .9 1.2 2 3 4 10,642 5.425 800 919 3.498 10,356 7.103 749 1.000 1,504 10,238 6,292 737 782 2,427 7,617 4,924 700 840 1.153 6.721 4,087 677 700 1.257 4.823 2.861 648 679 635 12.6 4.2 1.5 2.5 4.4 14.1 3.9 1.7 2.9 5.6 14.7 4.8 1.5 2.9 5.5 12.4 3.9 1.3 2.5 4.7 10.8 4.0 1.1 2.1 3.7 5 6 7 8 9 Corporate parent Investment ins 10 Commercial bank subsidiaries -*164 11 Finance company subsidiaries 10,834 Asset: Domestic bank affiliates -32 6,734 706 6.854 762 3,080 1,358 9,376 2.370 -1.490 6.5 1.6 4.8 4.4 5.4 3.4 6.9 2.8 Life company reserves 2 Liab.: Life insurance cos. Accident and health 3 4 Policy dividend accum. Asset: Households (D) Nonlife insurance claims 5 Liab.: 6 Asset: 7 8 9 Other Insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business (E) Intercorporate claims 7.8 10 -2.6 11 (F) Unallocated assets 8 liabilities 12 Net total (liab. less assets) -3,523 6,196 -4,890 19,420 -18.842 17,734 7.0 8.7 5.3 -8.9 19.0 12 13 14 15 16 17 18 Net change In liabilities Foreign U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 9,124 4,420 -2,356 2.330 785 16,937 769 -5,214 791 587 11,318 -778 1,557 2,226 252 32,420 -12.851 12,092 11.129 2,974 -519 1,324 3,408 2.344 -1,252 23.454 27,227 -3,696 -2,836 94 17.4 -4.0 -.7 -.3 .4 w 42.5 14.9 -.3 1.3 .4 21.5 1.6 -1.3 1.1 .8 12.1 -9.6 -1.9 2.1 -1.1 50.7 21.4 1.0 1.4 .2 13 14 15 16 17 18 19 20 21 22 23 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks In U.S. poss. 4.427 -4.642 5,091 3,560 418 14,739 4,918 6,687 2,978 156 9,182 -407 6.029 3,417 143 15,689 -33,531 -3.085 12,091 -22,497 -10,218 5.422 3,532 -12,803 1.843 31 1.828 35 -132 -59 11.5 2.8 7.1 .7 .8 20.0 15.5 1.2 2.7 .6 9.3 5.3 3.4 -.5 1.1 13.5 3.5 4.3 4.1 1.6 14.9 4.8 8.1 -.7 2.7 19 20 21 22 23 24 25 26 27 28 29 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs 1.017 758 26 -2,286 3 167 2,810 1,100 725 463 - 30 31 32 33 34 Net change In assets Foreign Nonfin. corporate business Sponsored credit agencies Monetary authority 12,647 4.496 3,586 -3,887 42 35 36 37 38 39 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession -2.023 -232 -1,830 -147 186 2.940 935 -98 2,042 61 868 872 151 -194 39 40 41 42 43 44 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 5,997 -408 1,030 2,360 494 -2.847 431 247 2,407 719 45 46 REITs Money market funds -385 1,345 -34 1.438 II1/87 BASED ON INCOMPLETE INFORMATION -3,021 -10,719 3,955 1.931 400 600 379 1.400 6.337 -2,977 143 -143 -866 2,956 300 -696 4.811 -5.411 3,074 700 440 6.947 1.2 .4 .5 1.8 7.1 -.5 -.3 1.4 .6 2.1 2.6 -.1 1.1 1.2 .3 2.9 4.6 -.2 .9 .8 1.6 2.1 3.5 .1 2.6 2.6 .4 6.0 » .1 24 25 26 27 28 29 10,741 16,208 13.000 8,693 -13,198 13.051 -4.548 19.999 -18.773 267 3.720 1,180 1,028 392 -216 5,991 -307 4,828 613 685 5.720 32,471 -9.172 277 1,283 10.4 -6.3 5.5 1.0 -.7 33.7 7.9 -2.8 .4 -.2 16.2 1.9 2.5 .4 1.2 20.9 H 3.8 1.3 -.1 31.7 14.2 -1.0 .7 .1 30 31 32 33 34 9,795 8,753 904 250 -112 -6.088 -27,008 -7,671 -14.548 1,953 -136 -212 -12.049 -158 -275 1.5 1.7 .1 -.3 * 11.7 10.2 -.3 1.7 .1 -2.6 -2.0 -.8 -.2 .4 3.7 5.1 -.4 -1.5 .5 9.4 3.3 .7 2.5 2.9 35 36 37 38 39 -2.221 403 1,551 2,333 594 7.005 -434 -110 271 1,304 2,173 39 -1,488 2,722 2.600 1,077 573 3.268 2,841 244 .6 .3 .5 1.6 7.3 1.7 .8 2.3 1.3 9.3 1.6 .5 2.1 2.2 5.1 2.3 1.0 3.6 2.4 2.1 4.9 1.2 -.3 5.5 -5.8 40 41 42 43 44 913 854 181 -254 103 111 106 -240 -.8 -.1 .8 .5 .9 .4 .5 .4 1.0 45 1.9 46 DECEMBER 4. 1987 Miscellaneous II Miscellaneous II 55 Miscellaneous Financial Claims (Continued) SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 1986 1986 I I II III I IV I 1987 II I III (C) Life Insurance claims 1 .8 .6 -1.0 2 3 4 2.3 1.3 1.0 3.2 1.8 1.4 2.7 1.6 1.1 5 6 7 8 9 10.6 4.5 1.3 2.0 2.7 12.0 12.1 1.0 -4.6 3.5 24.8 13.6 1.9 4.2 5.2 1 3.5 2.3 1.2 -1.3 1.7 -1.7 -1.0 3 1.0 3.0 2.5 .5 3.2 2.7 .5 3.0 2.6 .4 2.6 2.1 .5 2.2 1.6 .6 1.8 1.2 .6 41.9 25.1 3.1 3.7 10.0 42.6 21.7 3.2 3.7 14.0 41.4 28.4 3.0 4.0 6.0 41.0 25.2 2.9 3.1 9.7 30.5 19.7 2.8 3.4 4.6 26.9 16.3 2.7 2.8 5.0 Deferred and unpaid premiums .9 Liab.: Households Asset: Life insurance Life company reserves 1.4 Liab.: Life insurancecos. .7 Accident and health .7 Policy dividend accum. Asset: Households 1 2 3 4 (D) Nonlife Insurance claims 30.5 11.0 2.5 7.0 10.0 19.3 Liab.: 11.4 Asset: 2.6 2.7 2.5 Other Insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 5 6 7 8 9 (E) Intercorporate claims Corporate parent Investment ln: 8.9 Commercial bank subsidiaries 10 -5.5 Finance company subsidiaries 11 Asset: Domestic bank affiliates 10 11 13.2 7.2 12.6 2.4 10.3 12.5 5.5 15.0 .3 40.8 -.7 49.7 -.5 28.4 1.3 25.8 5.0 6.2 5.4 -28.3 12 -11.1 27.1 2.3 -27.3 21.3 89.3 -70.4 80.2 -72.7 72.3 -49.8 Net total (liab. less assets) 12 13 14 15 16 17 18 19.7 -7.2 .2 2.2 -.2 38.8 -7.6 2.0 2.4 -.6 46.5 -4.2 4.9 2.3 a 54.0 4.8 4.6 1.5 1.3 58.3 2.4 .2 4.1 1.8 137.6 64.8 -5.9 6.6 11.2 -14.6 -45.1 -21.2 -4.5 9.1 133.8 -24.8 29.6 16.1 -12.4 -1.4 76.1 -32.7 16.5 6.6 83.4 100.1 17.3 2.5 7.0 -17.9 50.3 -15.8 -19.9 3.8 Net chan9e ln liabilities Foreign U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 13 14 15 16 17 18 19 20 21 22 23 6.3 -8.8 14.9 1.3 -l.l 18.8 1.4 15.3 1.4 .7 14.1 13.1 8.3 -2.9 -4.5 19.2 10.3 7.1 1.7 .1 50.5 2.4 34.3 12.9 .9 64.0 21.5 23.2 17.6 1.7 21.9 -12.4 17.3 16.4 .6 120.6 86.7 26.8 6.5 .6 -53.4 -79.0 18.8 6.7 .1 -68.8 -26.7 -48.9 7.1 -.2 -65.0 -88.2 10.9 12.8 -.5 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks ln U.S. poss. 19 20 21 22 23 24 25 26 27 28 29 13.1 -.2 .2 4.8 .5 H 10.4 2.3 .7 6.1 4.4 -.1 6.8 2.4 1.8 12.1 6.2 .1 9.6 5.2 1.3 11.0 -4.6 .1 -1.5 8.3 1.7 2.4 -11.3 -.3 .7 3.9 1.3 .1 -9.1 a 4.5 12.3 3.5 2.9 1.9 -5.0 18.2 1.4 1.5 -11.9 .6 -49.3 2.4 2.0 5.6 25.3 -7.2 13.4 2.7 -2.8 19.2 - -16.8 14.1 1.8 1.8 27.8 Savings and loan assns. Mutual savings banks Credit unions Life Insurance companies Finance companies REITs 24 25 26 27 28 29 30 31 32 33 34 30.8 -11.9 5.7 1.1 .1 11.7 -.5 -9.1 .7 .5 44.1 1.2 9.1 2.8 3.0 81.2 18.2 10.8 -1.5 1.0 37.0 3.4 4.1 2.1 1.7 48.2 43.4 14.1 -9.1 2.0 55.8 -5.0 -15.6 2.7 3.2 53.6 -45.2 57.4 8.1 -l.l 71.2 60.1 -48.9 4.3 1.2 11.1 24.3 18.0 11.0 4.7 31.8 79.7 -38.5 2.1 3.9 Net change In assets Foreign Nonfin. corporate business Sponsored credit agencies Monetary authority 30 31 32 33 54 35 36 37 38 39 -1.5 -1.8 .6 .2 -.5 -4.7 -4.4 .5 1.1 -1.9 -5.1 -.6 1.3 -5.7 a 15.4 13.2 -.3 2.6 -.1 6.6 1.8 1.4 3.0 .4 -7.7 17.3 -10.5 -15.3 .7 47.2 38.5 -7.9 16.4 .2 -20.6 -18.3 2.5 -4.9 .2 39.7 5.8 14.9 19.5 -.4 -27.8 -9.6 2.4 -19.9 -.6 -65.1 -19.1 -8.2 -36.8 -1.1 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 35 36 37 38 39 40 41 42 43 44 23.1 2.6 .2 7.4 4.8 9.0 1.5 .8 5.5 8.3 22.2 .3 1.0 5.8 1.0 10.1 1.7 2.4 11.9 12.2 .4 1.0 3.7 9.3 1.4 16.6 a 2.0 9.4 -3.2 -20.2 .6 3.2 9.6 4.6 -1.3 7.2 11.5 9.3 6.7 38.1 -8.8 -7.5 1.1 4.1 .6 2.4 -8.3 10.9 3.3 -5.7 1.5 15.9 11.4 3.6 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 40 41 42 43 44 45 46 .3 -1.1 -.4 1.2 1.5 -1.6 .6 .4 2.9 -1.5 -17.9 -.1 25.5 3.7 17.8 .7 -12.9 .4 -28.4 .4 22.7 REITs Money market funds 45 46 (F) Unallocated assets 8 liabilities BILLIONS OF DOLLARS. 111/87 BASED ON INCOMPLETE INFORMATION -.<5 DECEMBER 4, 1987 Total Claims Total Claims 56 Total Financial Assets and Liabilities UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV | I I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Total Net Borrowing and Lending In Credit Markets (1) 1 Total net borrowing In credit markets 2 3 4 5 6 7 8 9 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business State&local governments 10 11 12 IS 14 15 16 17 18 19 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs CMO Trusts Total net lending in credit markets 280.568 324.626 367.289 161.639 285,057 235.360 381.3 469.2 490.6 431.2 501.4 1 203.756 242.988 270,014 50.673 57.888 69,344 153.083 185.100 200,670 70.869 91.683 88,643 -1.241 -2.828 -6,679 24.873 26,128 42.378 50.090 34,287 68,677 8.492 35.830 7,651 98.071 196.515 162.051 27,496 31,396 21.833 70.575 165.119 140,218 17,283 75.775 69.938 502 -652 -6,407 16.913 32,843 22,276 33.735 48.886 37,450 7.113 11.206 9,051 316.9 56.8 260.2 137.5 13.4 29.5 69.3 10.5 371.9 53.7 318.2 167.2 15.6 33.8 85.2 16.5 385.7 37.4 348.4 173.7 23.5 37.9 95.7 17.6 341.7 79.2 262.5 118.4 15.2 31.8 79.8 17.2 375.9 87.4 288.5 120.7 16.6 38.5 106.0 6.8 2 3 4 5 6 7 8 9 3.819 69.490 8.739 28.899 3.977 -408 8.646 8,499 159 10.979 13.5 50.8 5.9 16.1 3.7 3.8 6.9 17.2 -2.7 - 24.0 73.3 23.5 13.6 -.5 7.5 13.5 15.9 -.2 - 15.0 89.9 24.8 23.1 9.1 4.1 12.6 16.2 » - 24.2 65.4 25.6 19.2 8.3 6.7 7.4 -1.4 -.4 - 23.5 101.9 32.4 15.0 11.6 9.2 15.5 18.6 -.4 - 10 11 12 13 14 15 16 17 18 19 280.568 324,626 367.289 161.639 285.057 235.360 2.671 74,141 5.037 34,475 -365 3.854 12.135 11.651 -133 7.487 2,372 -4,915 79,266 102,190 5.489 5.451 46,824 54.403 2,469 -2.738 576 3,192 5.842 13,020 12,425 13.766 -332 -326 5,973 15,422 -1.713 65.281 -5.354 41.942 565 7.759 2.133 1.933 -89 16.392 1 88,541 7.365 40,635 7,419 2,770 10,458 9,952 78 9.864 381.3 469.2 490.6 431.2 21 22 23 24 25 Private dom. nonfin. sectors Households Nonfarm noncorp, business Corporate business State & local governments 17,531 -345 1.290 7,638 8,948 30.891 2.025 875 488 27.503 47,850 18,919 3.001 14,392 11.538 14.318 12.487 -1,808 -3.165 6.804 48.824 40.734 382 3.447 4.261 50.945 53.569 -554 -1.377 -693 43.2 32.2 -.7 -3.9 15.7 71.5 53.7 2.0 3.1 12.7 105.1 76.4 2.2 9.7 16.7 48.2 32.3 .7 3.3 11.9 77.9 58.0 3.4 15.8 .7 26 27 Foreign U.S. government 35.003 3.483 29.564 2.712 16.427 179 17.363 162 19,424 -1,921 10,679 -6.225 37.8 10.0 29.7 17.1 -10.4 19.0 25.3 23.7 25.5 26 24.0 27 28 29 30 31 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 224.551 261.459 302,833 129.796 218,730 179.961 9,141 3.254 8.908 2.477 8,476 -3.310 34.475 46.824 54,403 41,942 40,635 28.899 7,179 8.621 20.852 -17.331 16.857 -1,421 290.2 6.4 16.1 7.1 350.9 26.7 13.6 7.0 376.9 30.0 23.1 7.7 334.1 26.4 19.2 4.5 373.9 33.2 15.0 9.2 28 29 30 31 32 33 34 35 36 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks ln U.S. poss. 37 38 39 40 41 Private nonbank finance Savings institutions Savings & loan assns. Mutual savings banks Credit unions 20 43.120 36.117 -1,480 8.301 182 56.478 45.146 449 10.838 45 95,859 -17.373 80,869 -26.098 1.199 -569 15.505 7.443 54 83 501.4 20 21 22 23 24 25 52.084 40,759 459 10,829 37 45,257 36.911 67 8.209 70 91.5 84.3 1.3 5.5 .3 128.1 109.0 -.5 19.3 .2 131.4 112.7 2.0 16.8 ■ 107.6 87.6 -.3 19.8 .5 106.5 95.0 .2 12.5 -1.1 32 33 34 35 36 130,869 147.059 123.243 125.868 105.900 34,768 31.268 23.483 4,399 45.310 28.131 19.807 12,119 -2,692 33,510 3,996 2,676 5.875 4.779 7.168 3,961 5.586 4,196 3.095 7.021 98,085 36.231 21,015 8,939 6.277 169.1 78.6 60.1 11.2 7.2 175.6 71.3 56.1 8.7 6.4 184.7 55.4 49.3 4.4 1.7 176.4 51.3 46.2 5.9 -.8 209.9 26.2 23.2 .9 2.0 37 38 39 40 41 42 43 44 45 46 Insurance sector Life Insurance cos. Private pension funds St.&loc.govt.rtr.funds Other insurance cos. 40,608 19,113 2.886 8,882 9.727 54,316 22.601 16.337 5.413 9.965 41,650 24,119 -2.478 9,352 10,657 66.242 22.885 26.697 8,346 8.314 33.284 15.496 11.472 1.431 4,885 46,476 19.358 16,340 6,216 4.562 67.2 27.4 10.4 11.9 17.5 76.9 32.8 10.6 17.0 16.5 78.6 32.5 21.9 10.8 13.4 93.7 32.3 30.7 20.9 9.9 90.1 31.0 27.3 22.5 9.4 42 43 44 45 46 47 48 49 50 51 52 53 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers CMO Trusts 55,493 16.192 307 29,934 2.910 -1.337 7,487 61.475 14.611 103 29.795 14,946 -3.953 5.973 58,110 15.156 -642 32,012 -5.502 1.664 15.422 55,227 1.692 241 35.843 2.504 -1,445 16,392 27,306 13.653 -25 10.625 -5.336 -1.475 9.864 15,378 8,023 118 -3.123 863 -1,482 10,979 23.3 22.3 -2.4 3.9 -.1 -.3 - 27.5 26.0 -1.1 .8 3.2 -1.3 - 50.7 29.4 -1.0 1.9 19.8 .6 - 31.3 13.1 -.7 3.2 16.4 -.7 - 93.6 24.5 -1.1 3.1 64.8 2.3 - 47 48 49 50 51 52 53 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from preceding table) 280.568 324.626 367,289 161.639 285.057 235.360 1 Other financial sources: -120 -700 Official foreign exchange -117 -163 -1.880 -3.590 2 114 Treasury curr. and SDR ctfs. 109 107 193 276 128 3 381.3 469.2 490.6 431.2 501.4 1 .1 .3 .5 .5 -.1 1.6 8.1 1.3 3.4 1.2 2 3 4 5 6 7 8 9 10 Deposits at financial Insts. Checkable deposits Small time & savings dep. Money market fund shares Large time deposits Security RPs Foreign deposits 96.578 53,868 29,831 12,318 -9.438 4,862 5,137 79.718 120.169 -30.624 8.544 91.264 -74,603 30.173 28,671 17,039 17.001 -2,991 12,365 8,969 4,916 -469 14,515 -4,132 19,562 2.441 -4.518 516 91.163 57.365 13.040 -2.985 11,561 10.982 1,200 33,867 -3,695 13,625 4,821 14.061 5.055 - 167.1 30.2 94.6 .2 28.3 12.5 1.3 186.5 32.7 65.1 6.9 54.8 24.6 2.4 186.3 35.8 59.6 34.4 29.3 17.5 9.8 217.6 16.1 83.6 30.8 60.0 22.5 4.5 275.0 4 28.1 5 47.6 6 109.8 7 61.3 8 17.8 9 10.4 10 11 12 Life Insurance reserves Pension fund reserves 4,173 39,325 4,574 73,552 2.941 50.999 3,078 66,567 9.5 69.0 11.2 83.8 10.7 91.1 9.7 108.8 9.2 11 108.7 12 13 14 15 16 17 18 19 Interbank claims -5,137 11.868 23.862 917 -2.165 14,755 21,789 18.690 20.096 41.085 4,197 -5.581 Corporate equities -4,772 -7,097 10.543 -8.607 3.431 3,465 Security credit 5.169 3.241 Trade debt 10,289 -7,467 6.835 12,861 Profit taxes payable -5,239 2,311 1.802 1.279 -1,992 1,167 Noncorp, proprietors’ equity -11,408 -14,545 -36,419 -19.465 -27,325 -20.547 38.486 45,642 45.063 56.020 -5,541 38.241 Miscellaneous -3.0 6.8 2.2 28.3 -.6 -27.3 58.8 15.4 1.6 1.2 60.1 5.2 -29.8 97.6 22.2 -3.8 2.1 60.0 2.8 -44.0 92.9 -33.2 19.8 12.5 47.0 -3.1 -49.1 78.0 -28.9 -5.5 .8 35.1 -8.4 -28.8 112.8 459,605 542.739 607.575 260.562 404,117 382,647 692.5 903.1 912.5 848.7 975.9 20 1.614 1.455 -971 -12.349 734 1,225 1.4 1.8 -8.9 -.8 -.5 -4.8 1.3 -.1 -14.4 -1.1 2.3 -10.5 -.2 21 4.1 22 6.9 23 -3 -2.711 -152 -1.435 17.734 -.3 -7.1 6.4 -1.0 7.0 M -.5 15.9 1.5 8.7 -.2 -1.0 4.8 1.5 5.3 -.2 -3.6 10.0 .6 -8.9 459,823 549,960 580.707 283,272 415.659 378.724 693.2 883.5 915.2 859.9 20 Total financial sources - Floats not Incl. ln assets Demand dep.: U.S. govt. 21 Other 22 Trade credit 23 - Liabilities not allocated as assets Treasury currency 24 Interbank claims 25 26 Security RPs Profit taxes payable 27 Miscellaneous 28 Totals allocated to sectors as assets 29 4.484 63.053 743 751 3,699 -54 -8,742 -7,690 -102 -553 13.388 -11,019 16.080 -28,555 -30 3,517 -4.917 -458 -3.523 -32 3,205 2,319 -2,423 6,196 -20 3,605 -769 -424. -4.890 II1/87 BASED ON INCOMPLETE INFORMATION 4,796 40.139 -40 -47 1.441 -2,655 -1.390 5.516 2.082 -828 19.420 -18,842 -.2 -.5 -7.2 .7 19.0 13 14 15 16 17 18 19 24 25 26 27 28 953.5 29 DECEMBER 4, 1987 Total Clains Total Claims 57 Total Financial Assets and Liabilities SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 1986 III II IV i I 1 1987 II III Total Net Borrowing and Lending in Credit Markets (1) Total net borrowing In credit markets 1 495.1 666.8 914.1 1054.9 1132.3 1079.4 1252.1 1391.5 824.9 1088.7 887.7 2 3 6 S 6 7 8 9 388.9 161.3 227.6 90.0 6.8 40.2 69.0 21.5 550.2 186.6 363.6 188.2 4.1 77.0 60.3 34.0 753.9 198.8 555.1 234.6 -.I 97.0 196.0 27.4 854.8 223.6 631.1 293.4 -13.9 93.1 166.7 91.8 829.9 215.0 614.9 279.3 -15.1 116.1 190.2 44.3 793.1 226.0 567.1 270.4 -19.0 89.6 196.1 30.1 932.5 210.4 722.0 352.6 -13.4 99.9 144.6 138.3 1029.0 235.2 793.8 298.8 -13.3 171.1 306.9 30.4 512.9 162.3 350.6 161.2 -23.0 78.9 87.8 45.7 758.2 139.1 619.1 286.7 -12.0 122.7 196.8 25.0 605.7 68.0 537.7 264.3 -4.5 83.3 155.6 39.2 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business StateSlocal governments 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 16.0 90.3 15.3 49.5 11.7 6.8 2.5 4.5 -.2 .2 17.3 99.3 1.4 66.4 5.0 12.1 -2.1 12.9 -.1 3.7 8.3 151.9 30.4 44.4 7.3 15.6 22.7 18.9 .1 12.4 1.2 199.0 21.7 79.9 -4.9 14.5 22.3 53.9 -.7 12.2 9.0 293.4 14.9 161.4 -3.6 4.6 29.8 49.7 -.3 37.1 8.2 278.1 10.6 146.0 1.2 12.6 24.8 53.5 -.5 29.9 16.5 303.1 21.3 179.3 1.1 11.8 18.1 49.0 -1.3 23.9 -23.5 386.0 19.0 213.3 -10.3 10.1 49.9 43.7 -1.3 61.7 -10.1 322.2 -6.5 173.4 6.5 26.4 44.5 12.7 -.4 65.6 -3.4 333.8 19.6 170.0 33.3 8.8 13.8 48.6 .3 39.5 23.7 258.3 34.6 104.7 4.8 9.1 29.4 31.3 .6 43.9 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs CMO Trusts 10 11 12 13 14 15 16 17 18 19 20 495.1 666.8 914.1 1054.9 1132.3 1079.4 1252.1 1391.5 824.9 1088.7 887.7 21 22 23 24 25 106.0 73.6 1.6 18.8 12.0 157.0 89.2 4.8 27.7 35.4 196.7 135.3 8.3 25.2 27.9 273.2 162.2 8.4 12.4 90.3 87.6 15.1 4.0 20.1 48.4 39.8 -14.9 3.9 19.5 31.4 30.8 -103.2 5.2 8.8 119.9 240.3 154.6 3.9 38.7 43.2 152.9 119.7 1.0 13.0 19.2 141.4 125.9 -.1 -1.4 17.0 103.9 93.3 -.4 3.8 7.1 Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State 8 local governments 21 22 23 24 25 26 27 23.7 15.9 23.7 9.7 57.9 17.1 62.3 16.8 102.6 9.5 142.2 9.0 123.2 10.5 62.3 6.0 65.0 -.6 80.0 -11.7 48.4 -24.2 Foreign U.S. sovernment 26 27 28 29 30 31 349.5 16.0 49.5 9.8 476.5 3.4 66.4 10.9 642.5 29.8 44.4 8.4 702.6 21.7 79.9 21.6 932.6 14.1 161.4 30.2 888.5 10.5 146.0 23.4 1087.7 17.5 179.3 45.6 1082.9 35.4 213.3 48.9 607.5 3.6 173.4 -40.8 878.9 -15.3 170.0 62.4 759.6 46.3 104.7 7.8 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 28 29 30 31 32 33 34 35 36 110.2 110.7 -2.2 2.2 -.5 144.3 136.5 1.2 3.7 2.9 168.9 158.7 .6 12.9 -3.3 186.3 165.6 4.0 16.4 .3 194.7 162.5 -3.1 35.0 .3 207.5 174.9 -5.9 37.8 .7 212.7 173.2 1.8 37.5 .2 332.0 281.6 -2.3 52.4 .2 -51.1 -97.2 4.8 41.0 .3 257.3 208.1 1.8 47.2 .1 162.2 134.0 .3 27.7 .3 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 32 33 34 35 36 37 38 39 40 41 164.0 22.9 20.0 .7 2.3 251.5 135.6 104.7 18.8 12.1 390.9 150.2 124.9 10.1 15.3 393.2 83.0 59.8 9.7 13.4 532.1 105.5 73.2 17.4 15.0 501.0 116.1 90.0 12.5 13.6 632.5 121.7 79.5 23.5 18.7 453.3 111.5 65.8 25.5 20.2 522.3 28.9 -4.5 18.1 15.3 404.5 154.9 108.0 20.7 26.1 438.6 141.8 85.1 35.8 20.9 Private nonbank finance Savings institutions Savlnss 8 loan assns. Mutual savlnss banks Credit unions 37 38 39 40 41 42 43 44 45 46 96.6 42.4 25.8 23.4 5.0 100.1 52.5 29.9 16.0 1.7 121.8 54.1 21.4 34.7 11.7 156.0 76.1 26.8 22.9 30.2 176.7 86.8 20.7 31.3 37.9 166.6 77.6 16.7 31.6 40.6 232.7 104.6 63.6 26.1 38.4 136.1 74.2 -14.2 33.2 42.9 278.0 100.2 107.9 37.3 32.7 140.1 63.0 53.0 2.8 21.3 200.7 93.0 62.7 28.2 16.8 47 48 49 50 51 52 53 44.5 10.9 ■ 4.7 29.5 -.6 .2 15.8 26.8 .1 9.8 “17.7 -6.7 3.7 118.9 38.3 .8 17.9 45.0 4.4 12.4 154.2 51.9 2.4 68.7 13.9 5.1 12.2 249.9 56.4 M 123.1 34.1 -.8 37.1 218.4 54.2 1.2 120.8 18.8 -6.6 29.9 278.2 84.8 .4 121.9 60.2 -13.0 23.9 205.6 31.3 -2.6 125.8 -6.2 -4.4 61.7 215.5 21.8 1.0 141.5 -18.3 3.8 65.6 109.6 42.8 -.1 44.2 -9.2 -7.6 39.5 96.1 61.4 .5 -9.9 3.0 -2.8 43.9 Total net lending in credit markets 1 20 Insurance sector Life Insurance cos. Private pension funds St.81oc.govt.rtr.funds Other Insurance cos. 42 43 44 45 46 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers CMO Trusts 47 48 49 50 51 52 53 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from preceding table) 887.7 1088.7 Other financial sources: Official foreign exchange -2.8 -14.4 Treasury curr. and SDR ctfs. .5 .4 1 495.1 666.8 914.1 1054.9 1132.3 1079.4 1252.1 1391.5 824.9 2 3 3.6 1.7 1.1 .5 2.2 .6 3.0 .5 -.6 .8 -.5 .8 -.5 1.1 -.7 .4 -7.5 .5 4 5 6 7 8 9 10 246.1 37.4 139.0 32.7 24.6 8.0 4.5 233.4 40.2 216.9 -40.4 -13.1 28.6 1.3 354.2 47.3 150.3 54.2 87.9 20.4 -5.8 281.9 83.3 141.8 10.2 17.4 33.4 -4.3 338.5 125.3 124.5 48.3 6.3 25.0 9.1 345.1 113.4 148.5 56.7 -36.9 54.2 9.2 423.5 118.0 142.8 69.8 23.8 55.5 13.7 326.9 213.0 115.4 21.5 -3.1 -33.0 13.1 -19.6 -109.3 25.7 -3.7 27.6 60.5 -20.3 311.9 111.6 75.1 .1 52.0 82.3 -9.2 270.0 92.1 73.7 24.7 47.8 18.4 13.2 Deposits at financial insts. 4 Checkable deposits 5 6 Small time 8 savings dep. Money market fund shares 7 8 Large time deposits 9 Security RPs Foreign deposits 10 11 12 7.2 131.8 8.0 145.6 5.2 147.2 10.7 183.4 17.5 183.8 16.7 159.2 18.3 261.3 19.2 160.5 17.9 285.6 11.8 206.1 12.3 231.2 Life Insurance reserves Pension fund reserves 13 14 15 16 17 18 19 -33.6 25.8 7.4 5.3 -14.1 -45.3 83.2 -1.9 61.8 12.2 46.4 5.8 -89.5 89.2 11.9 -36.4 2.1 41.9 .5 -72.8 144.1 28.0 19.9 39.6 42.1 -1.6 -65.8 144.8 32.9 91.6 10.0 7.6 .8 -85.1 188.4 3.3 93.3 -22.9 9.0 1.0 -36.4 272.7 30.7 82.0 -24.3 7.2 -.8 -63.6 97.0 75.8 82.7 27.8 -4.6 .6 -155.5 263.9 19.2 145.6 -20.8 39.8 -.4 -68.7 80.5 18.1 24.9 10.5 8.2 13.1 -100.8 134.9 39.1 -14.6 17.7 49.4 -4.4 -87.4 36.7 13 Interbank claims 14 Corporate equities 15 Security credit 16 Trade debt 17 Profit taxes payable Noncorp. proprietors* equity 18 19 Miscellaneous 20 914.2 1179.4 1514.6 1741.4 1918.5 1920.6 2083.9 2188.6 1297.1 1713.4 21 22 23 .3 3.2 14.0 1.6 .1 -20.3 .5 8.1 -13.7 1.3 3.8 .5 -.6 -1.4 -8.4 -7.9 -7.6 -1.2 22.8 -5.9 -23.0 -52.5 .7 -29.9 49.1 -7.4 .1 -12.1 -16.9 -21.7 24 25 26 27 28 -.2 -1.0 -15.3 -2.5 -11.1 -.2 -11.6 -.4 -1.4 27.1 -.1 7.4 -15.4 -3.9 2.3 -.2 7.7 -2.0 1.3 -27.3 H 2.3 -8.0 -.5 21.3 -.1 10.0 -28.9 -1.4 89.3 -.1 9.8 28.5 -2.1 -70.4 -.1 21.6 -21.7 H 80.2 -.2 -9.6 4.1 -1.8 -72.7 -.2 .8 9.9 -2.4 72.3 29 926.9 1184.5 1529.3 1756.2 1913.8 1868.4 2124.4 2190.4 1335.5 1683.7 BILLIONS OF DOLLARS. II1/87 BASED ON INCOMPLETE INFORMATION 1435.4 Total financial sources - Floats not incl. In assets Demand dep.: U.S. govt. 33.5 Other -19.3 Trade credit 13.9 - Liabilities not allocated as assets ■ Treasury currency Interbank claims -17.3 Security RPs 22.1 Profit taxes payable 2.5 Miscellaneous -49.8 Totals allocated to sectors as assets 1449.7 1 2 3 11 12 20 21 22 23 24 25 26 27 28 29 DECEMBER 4. 1987 Saving by Individuals Savins by Individuals 58 Amount and Composition of Individuals* Savins (1) UNADJUSTED NET FLOWS!$ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 II 1986 III IV I 1 I 1987 II III 118*460 149*736 148.881 85*048 112,447 143,301 1 Increase in financial assets Checkable deposits and curr. 30*662 11,038 50.218 -23,433 27,741 12.531 2 19,522 -724 Time and savinss deposits 19,037 32,358 13,946 25.621 3 4 Money market fund shares 10,903 15.262 -4,753 10,965 -2,728 4,239 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 239.4 19.7 106.7 -.2 279.8 22.3 99.2 6.0 299.3 25.7 72.2 30.6 314.5 10.3 123.8 24.5 328.0 25.2 64.4 90.7 1 2 3 4 25.881 1.730 16,419 1.068 16.237 17.3 4.7 9.2 -1.1 -3.0 29.3 3.9 16.5 7.0 4.1 36.1 -.8 25.2 18.0 10.4 4.0 -7.3 26.0 4.9 7.0 .5 -4.3 40.9 4.8 10.9 5 6 7 8 9 14*932 2,058 -3,050 17,709 17.762 -3,367 3,702 -10,651 3,903 18,820 -1.465 2.339 35,187 34,249 43.687 46*321 20,445 11.819 -29,137 -30,407 -42*566 -30,576 -47.169 -37,636 1.0 13.5 .7 -7.8 -4.2 14.5 .6 -13.1 -1.8 8.7 -1.0 -22.7 -13.2 -2.4 1.1 -12.0 -4.9 -7.4 5.8 -45.3 10 11 12 13 3,000 24,833 13.938 27,874 5.384 9.3 16.8 29.9 22.5 17.4 10.9 19.1 37.1 27.9 28.0 10.4 19.4 47.6 24.4 32.9 9.7 22.3 51.2 35.3 33.4 8.9 29.5 39.7 39.7 29.3 14 15 16 17 18 175,748 186,451 186.711 160,864 183.097 193.175 39,132 48,832 50,025 50,422 43.489 57,283 31,535 31,260 24.802 17,707 28*958 25,625 99,606 103,203 114,203 89*217 105,609 105,076 5.041 5,475 3,156 -2,319 3*518 5,191 342.6 92.2 61.9 184.5 4.0 395.9 114.0 70.8 205.6 5.6 426.6 128.7 75.8 219.0 3.2 403.4 113.6 79.6 219.3 -9.1 457.7 111.2 94.3 239.9 12.3 19 20 21 22 23 24 Capital consumption allowances 111,592 113.359 115*558 117,434 119,887 122,287 25 16*667 17,223 17,035 Owner-occupied homes 17.405 16,843 17.595 26 Other fixed assets (2) 27,020 27,192 27.497 27.631 28.498 29.080 Consumer durables 27 67,905 69,324 71.026 72.580 73.984 75*612 213.1 31.1 50.7 131.2 240.5 36.1 57.5 146.8 273.5 41.9 66.6 165.0 311.1 47.0 76.8 187.4 341.1 51.4 87.1 202.5 24 25 26 27 28 Net inv. in tangible assets 29 Owner-occupied homes Other fixed assets (2) 30 31 Consumer durables 32 Inventories (2) 64,156 22,465 4,515 31,701 5*475 63,210 26,084 460 31*625 5,041 70.888 39,688 -3,455 29,464 5.191 129.5 61.0 11.2 53.3 4.0 155.5 77.8 13.3 58.8 5.6 153.1 86.7 9.2 54.0 3.2 92.3 66.6 2.9 31.9 -9.1 116.6 59.7 7.2 37.4 12.3 28 29 30 31 32 33 Net Increase in debt 34 Mtg. debt on nonfarm homes 35 Other mortgage debt (2) Consumer credit 36 37 Security credit Policy loans 38 39 Other debt (2) 95.442 116*504 128.873 26,300 113,543 42,451 61,646 59,471 40.477 56*412 21,315 24.173 34.597 14,178 27.623 23,731 25.621 15,619 -14.351 12,577 652 1*125 3*824 -2,458 3*018 41 25 -227 -327 -186 7*252 3*914 15,589 -11,219 14*099 96,886 48*113 21,649 14.992 3,635 224 8*273 185.8 89.7 34.7 38.1 1.3 1.7 20.3 225.0 108.6 38.0 46.7 1.2 2.6 27.9 240.4 117.6 45.8 42.7 1.0 4.7 28.6 175.6 96.4 33.1 2.9 6.5 6.7 30.1 178.3 75.0 36.2 21.8 -1.7 7.4 39.5 33 34 35 36 37 38 39 40 Individuals* saving (1*28-33) 87.174 106*324 62.114 117*303 183.1 22.5 53.3 210.3 27.9 58.8 212.0 24.4 54.0 231.2 35.3 31.9 266.3 40 39.7 41 37.4 42 .6 .3 106.3 .7 .9 122.0 .9 .9 131.8 1.8 .5 161.8 2.7 43 .2 44 186.3 45 90.7 110.2 118.1 136.9 159.4 46 15.6 11.8 13.7 24.9 26.8 47 5 6 7 8 9 10 11 12 13 14 15 16 17 18 6*410 Securities U.S. savinss bonds 2*398 Other U.S. Treasury secur. -1,181 -15,411 U.S. govt, agency secur. -4*080 Tax-exempt obligations Corporate 8 foreign bonds Open-market paper Mutual fund shares Other corporate equities Private life insurance res. Private Insured pension res. Private noninsured pen. res. Govt, insurance 8 pen. res. Miscellaneous finan. assets 19 Gross inv. in tangible assets 20 Owner-occupied homes 21 Other fixed assets (2) Consumer durables 22 23 Inventories (2) 4,100 15,128 6,019 18,251 7.950 6,076 3,948 -6,160 2,039 11,000 4,500 26.985 21,699 24,942 6,876 73,092 31,989 4,068 33,879 3,156 18,896 27,514 5,563 1,340 -1,455 1,893 8,171 -15,835 4,643 4,270 4,721 20*302 -3.300 23,212 20*063 71,153 32*990 -2,695 43.177 -2.319 IIX/87 BASED ON INCOMPLETE INFORMATION 43,430 33.199 -9,924 16*637 3,518 91*161 102*178 (1) Combined statement for bouseholds* farm business* and nonfarm noncorporate business. (2) Includes corporate farms. 4,408 22.484 26.696 13.949 3*189 17,675 2,131 -1.023 10,518 17*320 2,864 13,489 19*648 17,939 1,873 DECEMBER 4. 1987 Sawing by Individuals Saving by Individuals 59 Amount and Composition of Individuals* Saving (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1986 III I t IV 1987 II 1982 1983 1984 1985 1986 1 2 3 4 391.9 17.7 118.0 32.8 468.5 36.8 196.9 -31.1 544.1 16.7 221.6 44.0 549.5 39.2 129.9 12.1 532.8 99.3 105.8 42.6 456.6 86.1 90.0 51.0 510.7 85.7 130.2 62.8 660.7 162.0 77.4 14.5 403.7 -56.0 -9.8 -9.3 408.2 69.7 66.4 1.2 5 6 7 8 9 57.6 .2 52.5 -1.0 24.7 92.4 3.1 66.8 -10.5 39.1 73.4 3.0 76.5 15.3 29.5 126.5 5.3 25.8 28.2 47.9 35.8 13.6 -2.8 -12.9 -8.2 28.5 10.3 35.0 -65.1 -54.9 -77.6 14.6 -126.5 .1 36.8 147.8 23.3 -22.4 37.5 68.5 155.1 4.3 113.2 -56.0 10.8 10 11 12 13 H -13.6 7.0 -12.1 -11.6 1.4 24.0 -19.9 5.2 -.1 24.0 -80.0 11.8 39.9 69.8 -102.2 34.7 -10.4 154.1 -132.3 80.3 -12.2 147.2 -112.2 -8.6 -19.5 144.1 -118.6 10.0 26.1 174.8 -169.9 14 15 16 17 18 7.0 39.7 48.5 43.9 26.7 7.8 38.8 53.5 53.5 19.9 5.0 46.7 36.8 63.9 35.9 10.4 63.4 48.0 72.3 47.8 17.2 77.5 27.9 78.7 48.0 16.4 62.0 24.1 73.5 25.0 18.0 107.2 86.8 67.6 30.0 19 20 21 22 23 434.0 89.9 94.8 252.7 -3.4 505.1 124.9 98.8 289.1 -7.6 607.7 154.6 101.5 335.6 16.1 635.0 159.7 102.8 368.7 3.8 701.0 182.0 107.2 402.4 9.4 695.9 177.3 111.1 386.4 21.1 24 25 26 27 365.1 54.3 95.5 215.4 381.9 57.0 98.4 226.4 399.3 60.0 102.6 236.7 424.6 64.4 105.7 254.6 450.4 67.1 108.3 275.0 28 29 30 31 32 68.9 35.6 -.6 37.2 -3.4 123.2 67.8 .3 62.7 -7.6 208.4 94.6 -1.1 98.8 16.1 210.4 95.4 -2.9 114.1 3.8 33 34 35 36 37 38 39 142.0 49.5 37.1 19.3 3.8 4.2 28.1 280.0 110.8 69.3 56.6 8.4 1.1 33.9 331.5 129.0 87.7 90.4 -3.1 .4 27.0 40 41 42 318.8 43.9 37.2 311.7 53.5 62.7 43 44 45 2.4 .5 234.8 46 47 II I III 490.6 Increase ln financial assets 105.0 Checkable deposits and curr. 102.5 Time and savings deposits 22.4 Money market fund shares 1 2 3 4 53.3 9.5 25.1 37.6 25.0 -7.2 5.4 -44.2 -4.2 57.3 5 6 7 8 9 40.6 4.9 169.1 -131.8 7.3 42.3 90.2 -183.6 52.7 17.9 54.9 -147.0 18.9 77.3 -13.2 96.7 79.3 17.6 93.6 106.8 85.5 20.1 11,5 55.6 78.6 72.2 -.3 12.0 98.0 55.8 77.7 24.3 732.9 180.6 113.3 427.6 11.4 715.6 194.2 105.2 419.8 -3.5 702.4 203.0 93.2 396.1 10.1 726.8 197.5 101.3 409.0 19.0 754.8 Gross inv. in tangible assets 210.4 Owner-occupied homes Other fixed assets (2) 89.5 Consumer durables 434.8 Inventories (2) 20.0 19 20 21 22 23 446.4 66.7 108.1 271.6 453.4 67.4 108.8 277.3 462.2 68.1 110.0 284.1 469.7 68.9 110.5 290.3 479.5 69.6 114.0 295.9 489.1 Capital consumption allowances 70.4 Owner-occupied homes 116.3 Other fixed assets (2) Consumer durables 302.4 24 25 26 27 250.6 114.9 -1.1 127.4 9.4 249.5 110.6 3.0 114.8 21.1 279.5 113.2 4.5 150.3 11.4 253.4 126.0 -4.8 135.7 -3.5 232.7 134.1 -17.3 105.8 10.1 247.3 127.9 -12.7 113.1 19.0 265.6 Net inv. ln tangible assets Owner-occupied homes 140.1 Other fixed assets (2) -26.8 Consumer durables 132.4 20.0 Inventories (2) 28 29 30 31 32 393.7 151.0 86.3 94.6 16.7 -.1 45.2 390.9 195.6 100.5 65.8 8.6 -.1 20.5 342.4 179.8 69.9 79.8 2.6 .2 10.2 446.1 241.3 91.4 85.2 4.5 .1 23.5 473.3 222.4 143.2 36.0 15.3 -.9 57.2 214.7 176.8 71.7 6.1 -9.8 -1.3 -28.7 411.9 235.4 94.7 32.8 12.1 -.7 37.7 365.4 Net increase ln debt Mtg. debt on nonfarm homes 186.6 81.4 Other mortgage debt (2) Consumer credit 40.4 Security credit 14.5 Policy loans .9 Other debt (2) 41.5 33 34 35 36 37 38 39 421.0 63.9 98.8 366.2 72.3 114.1 392.6 78.7 127.4 363.8 73.5 114.8 344.1 67.6 150.3 440.8 96.7 135.7 421.6 85.5 105.8 243.5 72.2 113.1 40 41 42 4.4 .6 190.5 6.0 .7 251.6 4.9 .9 174.1 17.5 .6 168.4 12.3 .6 162.6 13.2 .6 112.3 38.5 .7 169.3 6.1 .8 223.4 14.6 .9 42.8 390.9 Individuals* saving (1*28-33) 77.7 - Govt, insurance 8 pen. res. 132.4 - Net Investment in cons. dur. - Capital gains dividends from mutual funds 11.8 1.0 - Net saving by farm corps. 168.0 = Personal saving* FOF basis 154.0 130.6 164.1 127.1 130.6 166.0 108.9 109.0 138.3 93.2 80.9 59.9 87.5 47.0 37.8 -3.4 3.4 60.3 85.1 -50.4 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations Corporate & foreign bonds Open-market paper Mutual fund shares Other corporate equities Private life insurance res. Private Insured pension res. Private noninsured pen. res. Govt. Insurance 8 pen. res. Miscellaneous finan. assets 43 44 45 46 78.9 Difference 47 (2) Includes corporate farms. II1/87 BASED ON INCOMPLETE INFORMATION 14 15 16 17 18 89.1 Personal saving* NIPA basis (1) Combined statement for households* farm business* and nonfarm noncorporate business. BILLIONS OF DOLLARS. 10 11 12 13 DECEMBER 4, 1987 Discrepancies Discrepancies 60 Discrepancies - Summary for Sectors and Transactions UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I I II 1986 III IV I I I 1987 II III 1977 BILLIONS OF DOLLARS 1978 1979 1980 1981 Sector Discrepancies 1 Total, all sectors Households 2 3 Nonfin. corporate business 4 State and local governments U.S. government 5 6 Foreign -8.010 -10.364 -11,793 -7,228 5,408 13.806 -5,704 -2,167 -1,870 -3,614 11,274 -5.538 31,668 -8.769 -18,431 -2,392 20.740 -29,347 -9.809 -25.709 1.477 16,225 17,621 24,721 -3,538 -1.961 -2.435 -7,485 4,269 931 1.163 -2,390 5.486 -11.798 16.490 9,391 -.6 -15.6 19.3 -4.8 5.8 -7.8 21.5 -11.8 18.9 5.9 5.1 7.6 -2.8 -13.7 -17.9 10.9 4.6 23.3 -17.3 -24.9 -6.2 8.9 -1.8 18.3 17.2 -26.8 14.8 4.7 8.8 16.8 -4.2 .1 -.9 -10.0 .2 -3.0 -11.6 .5 -2.9 -1.0 .7 -3.3 -.6 -7.2 -.7 -11.3 -.8 -.4 1.1 .7 -11.8 11 12 13 14 15 16 7 8 9 10 Financial sectors Sponsored credit agencies Monetary authority Commercial banks -5,325 228 -6.473 -5,623 -12,910 -351 173 -6,823 -4,279 8,685 -25.317 -341 148 1.089 -12.772 7.576 -149 1,593 2.6 11 12 13 14 15 16 Private nonbank finance Savings and loan assns. Mutual savings banks Life Insurance Other Insurance Finance n.e.c. 920 -384 -797 -2.720 2.086 2.735 1,551 -45 -1.169 701 -1,319 3,383 -8,804 -226 -1,412 -6,325 -1,757 916 7,448 -12.204 -83 -445 -218 -642 1,098 -2.055 -1,009 53 8,446 -9.901 6,132 -390 -641 2,802 -431 4,792 .2 -.8 -.3 1.3 -1.6 1.5 a 2.4 1.5 -.8 -3.4 -.5 1.1 -7.1 -9.2 .2 -.2 -.1 1.9 -11.0 M ii 1 2 3 4 5 6 7 8 9 9.6 10 - Transaction Discrepancies 1 Total, all types Treasury currency 2 Interbank claims 3 Security RPs 4 Demand deposit mall floats: U.S. government 5 Other 6 7 8 9 10 Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy 11 Pvt. wage accr. less disb. 12 -8.010 -10,364 -30 -32 3,517 3.205 -4,917 2.319 -2,392 -3 -2.711 -152 -.6 -.3 -7.1 6.4 21.5 -.5 15.9 -2.8 -.2 -1.0 4.8 -17.3 -.2 -3.6 10.0 17.2 -.2 -.5 -7.2 1 2 3 4 1.455 1,614 -971 -12.349 1.4 1.8 -.8 -.5 1.3 -.1 -1.1 2.3 -.2 4.1 5 6 -8.9 -1.0 7.0 -4.8 1.5 8.7 1.9 -14.4 1.5 5.3 -.2 -10.5 .6 -8.9 -6.1 6.9 7 .7 8 19.0 9 -5.2 10 a -1.9 - -1.0 - 4.9 - 4.1 11 - 12 -8,769 -18,431 -47 -40 1.441 -2,655 -1,390 5.516 743 751 -54 -8,742 -102 -553 13.388 -11,019 3,699 -458 -3.523 -7,792 -7.690 -2.423 6.196 -3,143 734 16.080 -28.555 -424 2,082 -828 -4,890 19.420 -18.842 4,800 13.941 -6.889 7,792 - 3.143 - II1/87 BASED ON INCOMPLETE INFORMATION 31,668 -20 3.605 -769 -4,800 -13,941 - 6.889 - 1,225 -1,435 17,734 -6.315 6,265 50 M - a DECEMBER 4, 1987 Discrepancies Discrepancies 61 Discrepancies - Summary for Sectors and Transactions SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1986 1 1 II 1986 III IV 1 1 I 1987 11 III Sector Discrepancies -3.3 Total* all sectors Households -78.9 Nonfin. corporate business 53.5 State and local governments -2.2 3.9 U.S. government Foreign 23.1 1 2 3 4 5 6 -2.6 .1 20.5 Financial sectors Sponsored credit agencies Monetary authority Commercial banks 7 8 9 10 -19.3 -.9 -.9 -6.2 -1.6 -9.8 -23.2 -1.7 -2.6 -6.3 -.3 -12.4 Private nonbank finance Savings and loan assns. Mutual savings banks Life Insurance Other insurance Finance n.e.c. 11 12 13 14 15 16 -17.3 22.1 1 2 3 4 1 2 3 4 5 6 -12.6 -80.9 24.0 5.4 3.1 31.9 -10.4 -59.9 32.5 5.4 10.0 5.1 -20.1 -87.5 30.5 .7 13.1 19.2 -9.3 -47.0 49.9 -9.5 8.8 10.5 9.6 -37.8 53.0 -13.0 9.5 16.3 51.3 3.4 73.6 -20.4 -32.9 36.6 -34.7 -3.4 43.6 15.7 -4.0 -36.8 9.9 -60.3 56.8 -25.5 18.7 37.2 -36.3 -85.1 60.0 -17.4 32.9 -37.6 32.7 50.4 67.3 -7.7 -48.4 56.5 7 8 9 10 3.8 .3 8.7 -3.5 .1 9.2 4.0 .1 -4.6 -22.0 1.7 -16.9 -18.4 .7 -23.5 -9.0 1.6 -37.6 -49.8 -.8 -15.5 -16.9 -.7 -19.6 11.0 .6 7.7 -85.4 -.5 -65.5 11 12 13 14 15 16 -5.2 -1.4 -1.2 -1.3 a -1.3 -12.8 1.1 -1.7 -2.2 -1.8 -8.3 8.4 2.8 -.6 .8 9.0 -3.5 -6.8 2.9 -1.7 -10.7 -3.1 5.9 4.4 -.3 -3.7 -8.4 .3 16.5 26.9 -1.9 -3.2 -9.3 6.6 34.7 -33.5 -.4 -4.7 -12.6 -3.8 -12.1 3.4 -.1 -5.6 -1.5 -7.3 17.9 2.7 -1.8 -2.6 -6.9 -3.5 17.5 Transaction Discrepancies 1 2 3 4 -12.6 -.2 -1.0 -15.3 -10.4 -.2 -11.6 -.4 -20.1 -.1 7.4 -15.4 -9.3 -.2 7.7 -2.0 2.3 -8.0 M 51.3 -.1 10.0 -28.9 -34.7 -.1 9.8 28.5 9.9 -.1 21.6 -21.7 -36.3 -.2 -9.6 4.1 32.7 -.2 .8 9.9 5 6 .3 3.2 1.6 .1 .5 8.1 1.3 3.8 -.6 -1.4 -7.9 -7.6 22.8 -5.9 -52.5 .7 49.1 -7.4 -12.1 -16.9 -3.3 Total, all types « Treasury currency Interbank claims Security RPs Demand deposit mall floats: U.S. government 33.5 -19.3 Other 7 8 9 10 14.0 -2.5 -11.1 .1 -20.3 -1.4 27.1 -5.3 -13.7 -3.9 2.3 -5.4 .5 1.3 -27.3 5.5 -8.4 -.5 21.3 4.9 -1.2 -1.4 89.3 -.9 -23.0 -2.1 -70.4 5.8 -29.9 a 80.2 11.7 .1 -1.8 -72.7 2.1 -21.7 -2.4 72.3 3.0 13.9 2.5 -49.8 11.0 11 12 -.1 5.3 - 5.4 -5.5 -4.9 - .9 - -5.8 - -11.7 -2.1 - -3.0 - -11.2 .2 BILLIONS OF DOLLARS. 9.6 II1/87 BASED ON INCOMPLETE INFORMATION Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy Pvt. wage accr. less disb. 5 6 7 8 9 10 11 12
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