The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
June 8, 2006 Flow of Funds Accounts of the United States Annual Flows and Outstandings 1965-1974 Board of Governors of the Federal Reserve System, Washington D.C. 20551 Table of Contents Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 1 L.1 50 Credit Market Borrowing by Nonfinancial Sectors F.2 2 L.2 51 Credit Market Borrowing by Financial Sectors F.3 2 L.3 51 Credit Market Borrowing, All Sectors, by Instrument F.4 3 L.4 52 Total Liabilities and Its Relation to Total Financial Assets F.5 3 L.5 52 Distribution of Gross Domestic Product F.6 4 Distribution of National Income F.7 5 Saving and Investment F.8 6 Net Capital Transfers F.9 6 Derivation of Measures of Personal Saving F.10 7 L.10 53 Households and Nonprofit Organizations F.100 8 L.100 54 Nonfinancial Business F.101 9 L.101 55 Nonfarm Nonfinancial Corporate Business F.102 10 L.102 56 Nonfarm Noncorporate Business F.103 11 L.103 57 Farm Business F.104 11 L.104 57 State and Local Governments F.105 12 L.105 58 Federal Government F.106 13 L.106 58 Title Summaries Sectors Title Flows Table Page Levels Table Page Rest of the World F.107 14 L.107 59 Monetary Authority F.108 15 L.108 60 Commercial Banking F.109 16 L.109 61 U.S.-Chartered Commercial Banks F.110 17 L.110 62 Foreign Banking Offices in U.S. F.111 18 L.111 63 Bank Holding Companies F.112 19 L.112 64 Banks in U.S.-Affiliated Areas F.113 19 L.113 64 Savings Institutions F.114 20 L.114 65 Credit Unions F.115 21 L.115 66 Property-Casualty Insurance Companies F.116 21 L.116 66 Life Insurance Companies F.117 22 L.117 67 Private Pension Funds F.118 22 L.118 67 State and Local Government Employee Retirement Funds F.119 23 L.119 68 Federal Government Retirement Funds F.120 23 L.120 68 Money Market Mutual Funds F.121 24 L.121 69 Mutual Funds F.122 24 L.122 69 Closed-End and Exchange-Traded Funds F.123 24 L.123 69 Government-Sponsored Enterprises F.124 25 L.124 70 Agency- and GSE-backed Mortgage Pools F.125 25 L.125 70 Issuers of Asset-Backed Securities F.126 26 L.126 71 Finance Companies F.127 26 L.127 71 Mortgage Companies F.128 27 L.128 72 Real Estate Investment Trusts F.129 27 L.129 72 Security Brokers and Dealers F.130 28 L.130 73 Funding Corporations F.131 28 L.131 73 Flows Table Page Levels Table Page Gold and Official Foreign Exchange Holdings F.200 29 L.200 74 SDR Certificates and Treasury Currency F.201 29 L.201 74 U.S. Deposits in Foreign Countries F.202 29 L.202 74 Net Interbank Transactions F.203 30 L.203 75 Checkable Deposits and Currency F.204 31 L.204 76 Time and Savings Deposits F.205 32 L.205 77 Money Market Mutual Fund Shares F.206 32 L.206 77 Federal Funds and Security Repurchase Agreements F.207 33 L.207 78 Open Market Paper F.208 33 L.208 78 Treasury Securities F.209 34 L.209 79 Agency- and GSE-backed Securities F.210 35 L.210 80 Municipal Securities and Loans F.211 36 L.211 81 Corporate and Foreign Bonds F.212 36 L.212 81 Corporate Equities F.213 37 L.213 82 Mutual Fund Shares F.214 37 L.214 82 Bank Loans Not Elsewhere Classified F.215 38 L.215 83 Other Loans and Advances F.216 39 L.216 84 Total Mortgages F.217 40 L.217 85 Home Mortgages F.218 41 L.218 86 Multifamily Residential Mortgages F.219 41 L.219 86 Commercial Mortgages F.220 42 L.220 87 Farm Mortgages F.221 42 L.221 87 F.222 43 L.222 88 Title Instruments Consumer Credit Title Flows Table Page Levels Table Page Trade Credit F.223 43 L.223 88 Security Credit F.224 43 L.224 88 Life Insurance and Pension Fund Reserves F.225 44 L.225 89 Taxes Payable by Businesses F.226 44 L.226 89 Proprietors' Equity in Noncorporate Business F.227 44 L.227 89 Total Miscellaneous Financial Claims F.228 45 L.228 90 Identified Miscellaneous Financial Claims - Part I F.229 46 L.229 91 Identified Miscellaneous Financial Claims - Part II F.230 47 L.230 92 Unidentified Miscellaneous Financial Claims F.231 48 L.231 93 Sector Discrepancies F.11 49 Instrument Discrepancies F.12 49 Title Balance Sheet Table Page Table Households and Nonprofit Organizations B.100 94 R.100 97 Nonfarm Nonfinancial Corporate Business B.102 95 R.102 98 Nonfarm Noncorporate Business B.103 96 R.103 99 Consolidated Statement for Federal, State, and Local Governments F.106.c 100 L.106.c 101 Private Pension Funds: Defined Benefit Plans F.118.b 102 L.118.b 103 Private Pension Funds: Defined Contribution Plans F.118.c 102 L.118.c 103 Individual Retirement Accounts (IRAs) F.225.i 102 L.225.i 103 B.100.e 104 Reconciliation Page Balance Sheet, Reconciliation, and Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail 1 FFA, 1965-1974, Z.1, June 8, 2006 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars 1 2 3 4 5 6 7 8 Total net borrowing Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 78.6 80.2 80.8 105.7 119.5 110.2 151.3 184.4 237.1 238.5 1 67.1 67.3 78.2 90.5 88.8 91.2 135.2 156.0 183.8 175.1 2 28.5 20.0 6.2 3.3 7.6 1.6 22.2 24.7 6.7 3.2 6.9 3.6 20.4 27.0 7.2 3.3 7.3 12.9 31.3 26.8 8.4 2.8 8.8 12.5 31.7 32.6 12.5 3.0 12.1 -3.2 19.4 41.1 4.0 2.6 12.1 12.1 42.1 28.1 19.0 4.7 16.4 24.9 56.8 38.5 26.4 5.3 14.0 15.0 69.4 75.0 9.6 8.8 14.1 6.9 55.3 56.6 29.9 7.9 13.4 11.9 3 4 5 6 7 8 9 Rest of the world 2.5 1.9 3.9 2.7 3.2 2.8 5.1 4.4 6.3 13.8 9 10 Financial sectors 8.9 11.0 -1.3 12.4 27.6 16.2 11.1 23.9 47.0 49.6 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 0.8 0.8 0.0 0.0 0.3 0.3 0.0 0.0 1.0 0.8 0.1 0.0 0.4 0.3 0.0 0.0 5.1 0.6 0.2 4.3 0.9 1.4 0.3 -0.8 2.5 1.5 0.2 0.8 2.7 0.3 -0.2 2.6 5.2 1.6 0.4 3.2 14.3 7.9 1.9 4.4 11 12 13 14 15 16 Savings institutions Credit unions 0.8 0.0 1.0 0.0 -2.7 0.0 0.9 0.0 4.1 0.0 1.2 0.0 -2.0 0.0 0.5 0.0 7.6 0.0 6.2 0.0 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 2.1 0.2 0.0 0.0 4.8 0.4 0.0 0.0 -0.6 0.7 0.0 0.0 3.5 0.5 0.0 0.0 8.8 0.7 0.0 0.0 8.2 1.6 0.0 0.0 1.1 4.8 0.0 0.0 3.5 4.9 0.0 0.0 16.3 3.6 0.0 0.0 17.3 4.5 0.0 17 18 19 20 21 22 23 24 25 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 4.4 0.5 0.0 0.0 0.0 4.9 -0.6 0.0 0.0 0.0 2.0 -1.6 0.0 0.0 0.0 3.7 2.6 0.8 0.0 0.0 7.3 0.8 0.7 0.0 0.0 2.5 1.2 0.7 0.0 0.0 0.8 2.0 1.9 0.0 0.0 6.0 1.7 4.6 0.0 0.0 7.5 1.9 4.9 0.0 0.0 8.9 -1.9 0.3 0.0 0.0 21 22 23 24 25 78.6 80.2 80.8 105.7 119.5 110.2 151.3 184.4 237.1 238.5 26 9.3 23.7 8.6 20.0 46.3 6.2 1.3 9.0 34.6 62.5 27 3.9 -0.2 0.3 2.5 2.9 19.6 -1.0 -0.1 -0.0 5.1 5.2 -1.4 -0.0 0.2 4.6 8.2 2.5 0.2 3.8 5.2 39.1 -1.3 0.4 5.0 3.1 2.0 2.0 0.7 -1.3 2.8 -9.1 8.0 1.3 -1.7 2.8 -3.4 2.6 1.2 6.7 1.8 24.2 -3.4 0.2 9.7 3.9 41.4 8.6 -0.2 6.5 6.2 28 29 30 31 32 26 27 28 29 30 31 32 Total net lending Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 33 Rest of the world 0.5 -0.1 2.8 2.6 0.5 11.8 27.9 10.6 2.1 6.0 33 34 Financial sectors 68.7 56.6 69.4 83.1 72.7 92.2 122.2 164.8 200.4 169.9 34 4.0 28.9 28.6 0.2 0.0 0.1 13.4 1.0 3.1 18.0 17.4 0.5 0.0 0.1 8.2 1.1 5.3 36.7 35.9 0.7 0.0 0.1 13.3 0.9 3.9 38.9 38.4 0.4 0.0 0.1 14.2 1.5 4.2 20.0 14.2 1.6 3.9 0.2 12.6 2.1 5.0 37.0 34.4 3.5 -1.0 0.1 15.4 1.4 7.4 51.2 50.9 0.0 -0.1 0.3 34.8 2.0 1.6 69.2 68.1 1.0 -0.2 0.3 42.7 2.9 9.3 86.6 80.0 4.8 1.7 0.1 33.5 3.6 4.9 75.2 64.7 9.1 0.9 0.5 22.2 2.7 35 36 37 38 39 40 41 42 35 36 37 38 39 40 41 42 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 43 44 45 46 47 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 1.0 7.6 1.9 2.9 0.0 1.5 8.1 2.8 3.7 0.0 1.4 7.4 0.9 3.3 0.0 1.9 7.3 1.1 3.4 0.0 1.6 6.9 0.8 3.8 0.0 3.8 7.0 2.0 4.1 0.0 3.8 8.2 -1.6 3.3 0.0 3.7 9.7 5.5 4.6 0.0 3.4 12.3 6.2 5.7 0.0 4.6 12.9 8.9 6.3 0.0 43 44 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 0.7 0.0 0.0 2.3 0.2 0.0 0.0 1.3 -0.0 0.0 5.1 0.4 0.0 0.0 -0.8 0.1 0.0 -0.0 0.7 0.0 0.0 -0.2 0.4 0.0 3.2 0.5 0.0 0.0 1.0 -0.0 0.0 8.6 0.7 0.0 0.0 0.6 -0.7 0.0 8.8 1.6 0.0 0.0 -0.2 0.6 0.0 1.1 4.8 0.0 0.0 0.5 0.3 0.0 4.0 4.9 0.0 0.0 0.6 0.5 0.0 15.4 3.6 0.0 0.8 0.8 -0.2 0.0 20.9 4.5 0.0 48 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 4.2 0.5 0.0 -0.2 0.2 2.8 -0.6 0.0 0.8 0.3 0.1 0.4 0.0 -0.3 0.1 4.5 0.6 0.8 0.6 0.2 7.8 0.8 1.2 0.1 0.6 1.1 1.2 1.9 2.3 -0.2 4.1 2.0 2.3 -1.4 -0.1 8.2 1.7 4.2 1.3 -0.1 10.0 1.9 5.6 1.6 0.5 7.2 -1.9 0.2 0.2 -0.3 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 2 FFA, 1965-1974, Z.1, June 8, 2006 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 1965 1966 1967 1968 1969 67.1 67.3 78.2 90.5 88.8 67.1 -0.3 1.2 0.4 7.2 4.9 12.0 4.1 67.3 0.8 2.3 1.4 6.2 10.2 11.4 5.3 78.2 1.4 8.9 4.2 7.2 14.7 10.3 2.8 90.5 1.2 9.4 3.2 8.4 12.9 10.0 5.3 88.8 1.1 -0.8 -2.3 11.4 12.0 16.3 10.7 27.5 17.2 3.6 4.5 2.2 10.1 23.7 13.0 3.1 5.8 1.9 5.9 23.7 13.4 3.5 4.8 2.0 5.1 29.4 17.2 3.4 6.6 2.2 10.8 67.1 28.5 29.5 20.0 6.2 3.3 7.6 1.6 67.3 22.2 34.6 24.7 6.7 3.2 6.9 3.6 78.2 20.4 37.5 27.0 7.2 3.3 7.3 12.9 1970 1971 1972 1973 1974 91.2 135.2 156.0 183.8 175.1 1 91.2 1.8 13.1 -1.0 12.0 19.8 4.6 5.8 135.2 -0.9 26.0 -1.1 16.2 18.8 6.3 5.1 156.0 0.7 14.2 0.9 14.2 12.2 16.0 6.9 183.8 1.4 6.6 0.4 16.0 9.2 38.1 12.3 175.1 4.1 12.1 -0.1 15.3 19.7 36.7 16.3 2 3 4 5 6 7 8 9 30.5 18.0 4.8 5.9 1.8 9.9 30.7 13.4 8.0 8.2 1.1 4.4 49.2 26.9 9.7 10.0 2.6 15.6 71.4 39.0 12.6 16.9 3.0 19.5 77.4 43.3 10.3 19.4 4.4 22.5 62.1 35.5 6.8 14.6 5.1 8.9 10 11 12 13 14 15 90.5 31.3 37.9 26.8 8.4 2.8 8.8 12.5 88.8 31.7 48.1 32.6 12.5 3.0 12.1 -3.2 91.2 19.4 47.7 41.1 4.0 2.6 12.1 12.1 135.2 42.1 51.8 28.1 19.0 4.7 16.4 24.9 156.0 56.8 70.2 38.5 26.4 5.3 14.0 15.0 183.8 69.4 93.4 75.0 9.6 8.8 14.1 6.9 175.1 55.3 94.4 56.6 29.9 7.9 13.4 11.9 16 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 2.5 1.9 3.9 2.7 3.2 2.8 5.1 4.4 6.3 13.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 0.0 0.5 0.6 1.5 0.0 0.7 -0.1 1.2 0.0 1.2 -0.4 3.0 0.0 1.1 -0.4 2.0 0.0 1.0 -0.3 2.4 0.0 0.9 -0.2 2.1 0.0 0.9 2.0 2.1 0.0 1.0 3.0 0.4 0.0 1.0 2.7 2.6 0.2 2.4 4.7 6.6 25 26 27 28 69.6 69.2 82.0 93.3 91.9 94.0 140.2 160.4 190.1 188.9 29 8.9 11.0 -1.3 12.4 27.6 16.2 11.1 23.9 47.0 49.6 1 1.2 1.9 0.2 1.2 3.5 0.9 0.0 3.7 5.1 0.4 1.6 -0.6 0.7 0.0 2.7 -0.6 0.7 1.0 -2.5 -2.6 0.0 3.0 3.2 0.5 0.6 3.7 1.1 0.2 11.4 9.1 0.7 1.0 1.5 3.7 0.2 0.3 8.2 1.6 2.5 2.1 1.3 0.1 0.8 1.1 4.8 4.7 2.2 -2.7 0.1 0.9 3.5 4.9 7.4 6.7 0.0 0.5 7.0 16.3 3.6 5.4 7.2 7.2 0.3 13.4 16.6 4.5 6.9 0.6 7.4 0.1 2 3 4 5 6 7 8 8.9 11.0 -1.3 12.4 27.6 16.2 11.1 23.9 47.0 49.6 9 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 0.8 0.8 0.0 0.0 0.3 0.3 0.0 0.0 1.0 0.8 0.1 0.0 0.4 0.3 0.0 0.0 5.1 0.6 0.2 4.3 0.9 1.4 0.3 -0.8 2.5 1.5 0.2 0.8 2.7 0.3 -0.2 2.6 5.2 1.6 0.4 3.2 14.3 7.9 1.9 4.4 10 11 12 13 14 15 Savings institutions Credit unions 0.8 0.0 1.0 0.0 -2.7 0.0 0.9 0.0 4.1 0.0 1.2 0.0 -2.0 0.0 0.5 0.0 7.6 0.0 6.2 0.0 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 2.1 0.2 0.0 0.0 4.8 0.4 0.0 0.0 -0.6 0.7 0.0 0.0 3.5 0.5 0.0 0.0 8.8 0.7 0.0 0.0 8.2 1.6 0.0 0.0 1.1 4.8 0.0 0.0 3.5 4.9 0.0 0.0 16.3 3.6 0.0 0.0 17.3 4.5 0.0 16 17 18 19 20 21 22 23 24 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 4.4 0.5 0.0 0.0 0.0 4.9 -0.6 0.0 0.0 0.0 2.0 -1.6 0.0 0.0 0.0 3.7 2.6 0.8 0.0 0.0 7.3 0.8 0.7 0.0 0.0 2.5 1.2 0.7 0.0 0.0 0.8 2.0 1.9 0.0 0.0 6.0 1.7 4.6 0.0 0.0 7.5 1.9 4.9 0.0 0.0 8.9 -1.9 0.3 0.0 0.0 20 21 22 23 24 3 FFA, 1965-1974, Z.1, June 8, 2006 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars 1 2 3 4 5 6 7 8 9 10 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 78.6 80.2 80.8 105.7 119.5 110.2 151.3 184.4 237.1 238.5 1 0.9 1.2 2.6 7.2 6.5 4.6 2.3 6.9 6.2 12.5 4.2 8.9 4.3 7.2 16.8 4.2 9.4 6.9 8.4 14.6 12.5 -0.8 7.4 11.4 14.0 2.1 13.1 8.8 12.0 23.2 -0.1 26.0 4.9 16.2 24.5 1.6 14.2 9.3 14.2 20.6 8.4 6.6 20.4 16.0 15.5 17.8 12.1 21.0 15.3 29.0 2 3 4 5 6 16.1 6.4 27.5 10.1 10.8 7.2 23.7 5.9 7.4 3.2 23.7 5.1 13.3 8.4 29.6 10.8 17.5 16.8 30.7 9.9 6.5 9.3 30.8 4.4 10.5 4.6 49.3 15.6 25.7 7.3 71.9 19.5 48.0 22.1 77.7 22.5 42.0 30.2 62.2 8.9 7 8 9 10 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares 1.7 4.1 2.8 3.9 8.8 7.0 14.8 11.7 11.7 5.3 11 -0.4 -0.0 1.6 1.3 1.7 2.4 1.4 -0.2 5.5 3.4 5.4 5.7 14.7 11.4 13.1 10.9 12.8 7.9 5.2 4.1 12 13 0.3 -0.7 2.2 -0.0 0.4 2.5 0.1 -0.8 1.1 0.5 1.1 2.5 0.5 1.6 3.3 0.2 -0.4 1.6 0.2 3.1 0.1 -0.4 2.6 -1.5 -0.3 5.2 -1.1 -0.5 1.6 0.1 14 15 16 F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars 1 Net flows through credit markets (from table F.4, line 1) 78.6 80.2 80.8 105.7 119.5 110.2 151.3 184.4 237.1 238.5 1 Official foreign exchange SDR certificates Treasury currency Foreign deposits 0.4 0.0 0.2 -0.3 0.0 0.0 0.9 0.1 1.1 0.0 0.7 0.1 2.0 0.0 0.4 0.5 0.2 0.0 0.3 -0.4 -2.5 0.4 0.2 -0.4 -1.7 0.0 0.5 0.4 -0.2 0.0 0.5 0.9 -0.1 0.0 0.4 1.2 1.3 0.0 0.4 -0.2 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 0.6 7.3 27.3 5.9 0.0 6.0 4.5 18.0 2.3 0.0 2.3 15.3 34.7 5.9 0.0 5.8 15.1 26.6 6.7 0.0 12.4 8.1 14.4 -15.1 0.0 -3.0 12.8 30.6 24.2 0.0 -1.7 18.0 68.4 13.5 0.0 -4.8 24.4 70.7 17.7 0.0 -2.7 16.6 39.4 39.1 0.0 -1.1 7.0 36.9 41.0 2.4 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 0.8 -0.4 2.2 16.9 -0.0 1.6 2.5 14.0 -0.7 1.7 1.1 12.7 0.6 1.4 2.5 20.9 6.0 5.5 3.3 27.3 -3.6 5.4 1.6 13.7 3.9 14.7 0.1 20.5 1.7 13.1 -1.5 32.1 16.4 12.8 -1.1 52.3 2.2 5.2 0.1 43.2 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 1.1 4.8 13.0 2.1 0.8 4.7 15.5 -0.9 7.0 5.2 14.5 -4.4 6.6 4.8 16.3 1.3 -6.7 5.0 18.3 -1.5 -0.8 5.3 20.5 -2.1 3.8 6.4 24.0 4.0 8.7 6.9 43.6 3.9 -7.9 7.3 34.4 5.4 -3.6 7.1 37.5 9.0 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous 4.3 12.1 3.9 8.7 2.5 12.6 4.9 21.2 1.5 26.3 2.3 32.1 3.9 36.0 -3.2 52.9 12.0 51.4 -24.1 34.3 19 20 176.9 162.7 193.2 243.4 224.5 247.1 366.0 451.9 514.0 437.0 21 2 3 4 5 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous 0.1 0.0 0.2 -0.6 0.7 -5.4 0.2 0.0 0.8 -2.7 0.4 0.9 0.2 0.0 0.0 0.5 0.6 -3.4 0.2 0.0 0.6 1.5 0.2 3.1 0.2 0.0 -0.1 -1.2 1.6 8.4 -0.1 0.0 0.6 2.7 0.5 3.5 0.0 0.0 -1.0 0.8 1.2 -1.5 -0.2 0.0 -4.6 -0.0 2.3 -18.7 0.0 0.0 0.6 0.7 2.2 -5.2 -0.1 0.0 2.5 6.8 7.2 3.7 22 23 24 25 26 27 28 29 30 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 0.4 1.4 2.2 -0.0 2.3 -1.6 0.6 -0.4 0.9 1.0 3.5 0.4 -0.9 0.9 0.3 -1.0 1.4 5.0 -0.4 0.9 7.2 0.6 4.7 2.2 0.3 -0.4 3.4 -0.1 0.4 7.6 28 29 30 31 Totals identified to sectors as assets 177.7 162.3 194.2 232.8 215.3 234.5 358.8 465.6 512.3 408.9 31 4 FFA, 1965-1974, Z.1, June 8, 2006 F.6 Distribution of Gross Domestic Product (1) Billions of dollars 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 719.1 787.8 832.6 910.0 984.6 1038.6 1127.1 1238.3 1382.7 1500.0 1 443.8 480.9 507.8 558.0 605.2 648.5 701.9 770.6 852.4 933.4 2 63.3 191.5 189.0 68.3 208.7 203.8 70.4 217.1 220.3 80.8 235.7 241.6 85.9 253.1 266.1 85.0 272.0 291.5 96.9 285.5 319.5 110.4 308.0 352.2 123.5 343.1 385.8 122.3 384.5 426.6 3 4 5 118.2 131.3 128.6 141.2 156.4 152.4 178.2 207.6 244.5 249.4 6 109.0 117.7 118.7 132.1 147.3 150.4 169.9 198.5 228.6 235.4 7 8 9 10 11 12 13 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 74.8 5.3 51.0 11.8 5.1 1.6 85.4 5.5 60.0 12.7 5.6 1.6 86.4 5.5 60.8 12.3 5.9 1.8 93.4 5.7 66.5 12.9 5.5 2.8 104.7 6.7 74.2 15.0 5.9 2.9 109.0 7.0 77.0 15.8 6.4 2.9 114.1 7.7 79.3 17.1 6.6 3.5 128.8 9.8 90.1 17.8 7.2 4.0 153.3 10.3 106.1 21.8 9.8 5.3 169.5 9.9 120.1 21.6 11.1 6.7 8 9 10 11 12 13 14 15 16 17 18 Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 34.2 25.8 0.9 7.5 0.0 32.3 24.5 0.8 7.0 0.0 32.4 24.8 0.7 6.8 0.0 38.7 28.7 0.4 9.6 0.0 42.6 30.2 0.6 11.8 0.0 41.4 28.7 0.6 12.1 0.0 55.8 38.8 0.7 16.1 0.0 69.7 48.1 1.0 20.5 0.1 75.3 54.0 1.0 20.3 0.1 66.0 48.5 0.8 16.6 0.1 14 15 16 17 18 9.2 8.0 0.4 0.8 13.6 13.4 0.7 -0.5 9.9 8.5 0.4 0.9 9.1 7.3 0.4 1.4 9.2 8.7 0.5 0.0 2.0 2.7 0.1 -0.8 8.3 6.3 0.3 1.7 9.1 8.4 0.4 0.3 15.9 13.6 0.7 1.5 14.0 15.9 0.8 -2.8 19 20 21 22 19 20 21 22 Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 23 Net U.S. exports of goods and services 24 25 Exports - Imports 26 Government consumption expenditures and gross investment 27 28 29 Consumption expenditures (3) Federal State and local 30 31 32 Gross investment (3) Federal State and local 5.6 3.9 3.6 1.3 1.4 3.9 0.6 -3.4 4.1 -0.8 23 37.1 31.5 40.9 37.1 43.5 39.9 47.9 46.6 51.9 50.5 59.7 55.8 63.0 62.3 70.8 74.2 95.3 91.2 126.7 127.5 24 25 151.5 171.8 192.7 209.4 221.5 233.8 246.5 263.5 281.7 317.9 26 115.9 65.7 50.2 132.0 75.9 56.1 149.7 87.1 62.6 165.8 95.4 70.4 178.2 98.4 79.9 190.2 98.6 91.5 204.7 102.0 102.7 220.8 107.7 113.2 234.8 108.9 126.0 261.7 118.0 143.7 27 28 29 35.6 14.7 20.8 39.8 16.7 23.1 43.0 17.7 25.3 43.6 16.0 27.7 43.3 15.0 28.3 43.6 14.8 28.7 41.8 11.7 30.1 42.6 12.0 30.6 46.8 13.6 33.2 56.3 16.6 39.6 30 31 32 5.3 7.9 2.6 5.1 8.1 3.0 5.4 8.7 3.3 6.1 10.1 4.0 6.1 11.8 5.7 6.4 12.8 6.4 7.6 14.0 6.4 8.6 16.3 7.7 12.6 23.5 10.9 15.5 29.8 14.3 33 34 35 724.4 792.9 838.0 916.1 990.7 1044.9 1134.7 1246.8 1395.3 1515.5 36 Memo: 33 34 35 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 36 Gross National Product (GNP) = GDP + net U.S. income receipts (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 5 FFA, 1965-1974, Z.1, June 8, 2006 F.7 Distribution of National Income (1) Billions of dollars 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 653.4 711.0 751.9 823.2 889.7 930.9 1008.1 1111.2 1247.4 1342.1 1 399.5 386.4 13.1 0.0 442.7 425.8 16.8 0.0 475.1 457.1 18.0 0.0 524.3 504.4 20.0 0.0 577.6 554.9 22.8 0.0 617.2 593.4 23.8 0.0 658.9 631.9 26.4 0.6 725.1 694.0 31.2 0.0 811.2 771.5 39.8 -0.1 890.2 846.0 44.7 -0.5 2 3 4 5 63.9 52.1 11.8 68.2 55.4 12.8 69.8 58.4 11.5 74.3 62.8 11.5 77.4 64.7 12.6 78.4 65.7 12.7 84.8 71.6 13.2 95.9 79.1 16.8 113.5 84.6 28.9 113.1 89.9 23.2 6 7 8 20.2 20.8 21.2 20.9 21.2 21.4 22.4 23.4 24.2 24.3 9 87.5 93.2 91.3 98.8 95.4 83.6 98.0 112.1 125.5 115.8 10 78.9 84.6 82.0 88.8 85.5 74.4 88.3 101.2 115.3 109.5 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Rest of the world Domestic financial 80.2 66.0 0.2 4.7 9.3 86.7 71.3 0.2 4.5 10.7 83.5 67.5 0.1 4.8 11.2 92.4 73.9 0.1 5.6 12.8 91.4 71.1 0.1 6.6 13.6 81.0 58.5 0.0 7.1 15.4 92.9 67.3 0.1 7.9 17.6 107.8 78.9 0.3 9.5 19.1 134.8 98.7 0.8 14.9 20.5 147.8 109.8 0.3 17.5 20.2 12 13 14 15 16 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Domestic financial 31.1 27.1 0.1 3.9 33.9 29.4 0.1 4.4 32.9 27.8 0.1 5.1 39.6 33.5 0.1 6.1 40.0 33.3 0.1 6.6 34.8 27.2 0.1 7.5 38.2 29.9 0.1 8.2 42.3 33.7 0.1 8.5 50.0 40.1 0.3 9.6 52.8 42.7 0.2 9.9 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Rest of the world Domestic financial 49.1 20.2 16.1 0.1 3.3 0.7 52.8 20.7 16.7 0.0 2.8 1.1 50.6 21.5 17.2 0.0 3.2 1.1 52.8 23.5 19.0 0.0 3.4 1.1 51.4 24.2 19.0 0.0 3.8 1.4 46.2 24.3 18.3 0.0 3.9 2.1 54.7 25.0 18.1 0.1 4.7 2.2 65.5 26.8 19.6 0.1 4.9 2.3 84.9 29.9 20.7 0.1 6.8 2.4 95.0 33.2 21.4 0.1 9.8 1.9 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Rest of the world Domestic financial 28.9 22.8 0.0 1.4 4.7 32.1 25.2 0.0 1.7 5.3 29.1 22.5 -0.0 1.6 5.1 29.3 21.4 0.0 2.3 5.6 27.2 18.8 0.0 2.8 5.6 21.9 13.0 -0.1 3.2 5.8 29.7 19.3 -0.1 3.2 7.3 38.6 25.6 0.1 4.6 8.3 55.0 37.9 0.4 8.1 8.6 61.8 45.8 -0.0 7.7 8.3 27 28 29 30 31 32 Inventory valuation adjustment -1.2 -2.1 -1.6 -3.7 -5.9 -6.6 -4.6 -6.6 -19.6 -38.2 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Domestic financial 8.6 8.3 0.1 0.2 8.6 8.5 0.0 0.1 9.3 9.1 0.1 0.2 10.0 9.6 0.1 0.3 9.9 9.5 0.1 0.3 9.2 8.7 0.2 0.3 9.7 9.2 0.1 0.4 10.9 10.3 0.1 0.4 10.2 9.2 0.3 0.7 6.2 5.3 0.3 0.6 33 34 35 36 37 Net interest and miscellaneous payments 19.6 22.4 25.5 27.1 32.7 39.1 43.9 47.9 55.2 70.8 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 60.8 3.0 3.6 1.3 63.3 3.9 3.5 1.0 68.0 3.8 3.8 0.9 76.5 4.2 4.3 1.2 84.0 4.5 4.9 1.0 91.5 4.8 4.5 -0.0 100.6 4.7 4.3 -0.2 108.1 6.6 4.9 0.5 117.3 5.2 6.0 -0.4 125.0 3.3 7.1 -0.9 38 39 40 41 653.4 711.0 751.9 823.2 889.7 930.9 1008.1 1111.2 1247.4 1342.1 42 50.5 18.9 1.6 55.5 20.1 6.3 59.9 21.6 4.6 65.2 23.1 4.6 73.1 24.8 3.2 80.0 26.7 7.3 86.7 28.3 11.6 97.1 29.5 9.1 107.9 31.4 8.6 126.6 35.9 10.8 43 44 45 5.3 5.1 5.4 6.1 6.1 6.4 7.6 8.6 12.6 15.5 46 719.1 787.8 832.6 910.0 984.6 1038.6 1127.1 1238.3 1382.7 1500.0 47 Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above 43 44 45 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 46 Less: Net U.S. income receipts from rest of the world 47 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce. 6 FFA, 1965-1974, Z.1, June 8, 2006 F.8 Saving and Investment (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 158.4 168.7 170.5 182.0 198.3 192.7 208.9 237.5 292.0 301.5 1 2 Net saving 89.1 93.1 89.0 93.6 100.4 86.0 93.9 111.0 152.7 139.0 2 3 Net private saving 79.2 83.1 91.4 88.4 83.7 94.0 115.8 119.8 148.3 143.4 3 4 Personal saving 43.0 44.4 54.4 52.8 52.5 69.5 80.6 77.2 102.7 113.6 4 5 6 7 8 9 Undistributed corporate profits w/IVA & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements 36.2 28.9 -1.2 8.6 0.0 38.7 32.1 -2.1 8.6 0.0 36.9 29.1 -1.6 9.3 0.0 35.6 29.3 -3.7 10.0 0.0 31.2 27.2 -5.9 9.9 0.0 24.6 21.9 -6.6 9.2 0.0 34.8 29.7 -4.6 9.7 0.4 42.9 38.6 -6.6 10.9 -0.3 45.6 55.0 -19.6 10.2 -0.0 29.8 61.8 -38.2 6.2 0.0 5 6 7 8 9 10 11 12 Net government saving Federal State and local 9.9 10.0 -2.4 5.2 16.7 -8.1 -21.9 -8.8 4.4 -4.4 10 3.3 6.5 2.3 7.8 -9.4 7.0 -2.3 7.5 8.7 8.0 -15.2 7.1 -28.4 6.5 -24.4 15.6 -11.3 15.7 -13.8 9.3 11 12 13 Consumption of fixed captal 69.4 75.6 81.5 88.4 97.9 106.7 115.0 126.5 139.3 162.5 13 14 15 16 Private Domestic business Households and institutions 50.5 41.9 8.5 55.5 46.3 9.2 59.9 50.0 9.9 65.2 54.4 10.8 73.1 61.2 12.0 80.0 67.2 12.9 86.7 72.5 14.2 97.1 80.9 16.2 107.9 89.9 18.0 126.6 105.9 20.7 14 15 16 17 18 19 Government Federal State and local 18.9 12.7 6.2 20.1 13.2 6.9 21.6 14.0 7.5 23.1 14.8 8.3 24.8 15.5 9.3 26.7 16.1 10.6 28.3 16.5 11.8 29.5 16.6 12.8 31.4 17.1 14.3 35.9 18.2 17.7 17 18 19 160.0 175.0 175.1 186.5 201.5 200.0 220.5 246.6 300.7 312.3 20 153.8 171.1 171.6 184.8 199.7 196.0 219.9 250.3 291.3 305.7 21 118.2 109.0 74.8 34.2 9.2 131.3 117.7 85.4 32.3 13.6 128.6 118.7 86.4 32.4 9.9 141.2 132.1 93.4 38.7 9.1 156.4 147.3 104.7 42.6 9.2 152.4 150.4 109.0 41.4 2.0 178.2 169.9 114.1 55.8 8.3 207.6 198.5 128.8 69.7 9.1 244.5 228.6 153.3 75.3 15.9 249.4 235.4 169.5 66.0 14.0 22 23 24 25 26 20 21 22 23 24 25 26 27 Gross domestic investment, capital account transactions, and net lending, NIPAs Gross domestic investment Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories 35.6 39.8 43.0 43.6 43.3 43.6 41.8 42.6 46.8 56.3 27 28 Capital account transactions (net) Gross government investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 Net lending or net borrowing (-), NIPAs 6.2 3.9 3.6 1.7 1.8 4.0 0.6 -3.6 9.3 6.6 29 30 Statistical discrepancy (line 20 less line 1) 1.6 6.3 4.6 4.6 3.2 7.3 11.6 9.1 8.6 10.8 30 (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) Billions of dollars 1 3.5 3.8 3.9 4.0 4.5 4.6 5.7 6.6 6.4 6.1 1 2 3 4 5 6 7 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons - Capital transfers paid to persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business -1.2 2.8 0.0 0.0 4.0 0.1 -1.3 3.0 0.0 0.0 4.3 0.1 -1.2 3.1 0.0 0.0 4.2 0.1 -2.9 3.1 0.0 0.0 5.9 0.1 -2.3 3.6 0.0 0.0 5.8 0.1 -1.6 3.7 0.0 0.0 5.1 0.1 -1.3 4.6 0.0 0.0 5.8 0.1 -0.7 5.4 0.0 0.0 5.8 0.2 -0.9 5.1 0.0 0.0 5.8 0.2 -3.1 4.8 0.0 0.0 7.7 0.2 2 3 4 5 6 7 8 9 10 State and local Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 4.7 0.8 4.0 5.1 0.8 4.3 5.1 0.9 4.2 6.8 1.0 5.9 6.8 1.1 5.8 6.2 1.1 5.1 7.0 1.2 5.8 7.3 1.4 5.8 7.3 1.5 5.8 9.2 1.5 7.7 8 9 10 11 12 13 Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) - Migrants’ transfers received by persons (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 13 14 15 16 17 Memo: Acquisition of nonproduced nonfinancial assets (net) Nonfinancial corporate business State and local governments Federal governments Rest of the world -1.8 1.3 0.5 0.0 -2.0 1.4 0.6 0.0 -1.2 1.4 -0.2 0.0 -0.5 1.4 -0.9 0.0 -1.1 1.0 0.1 0.0 -0.8 1.1 -0.3 0.0 -1.2 1.6 -0.4 0.0 -0.9 1.7 -0.7 0.0 1.5 1.7 -3.2 0.0 3.8 1.9 -5.7 0.0 14 15 16 17 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce. 7 FFA, 1965-1974, Z.1, June 8, 2006 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net acquisition of financial assets 55.5 61.5 69.4 63.4 66.5 76.8 106.7 132.9 145.9 151.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 0.0 6.7 27.5 0.0 0.0 2.4 18.8 0.0 0.0 10.5 34.9 0.0 0.0 9.5 30.3 0.0 0.0 -1.5 9.1 0.0 0.0 7.3 42.9 0.0 0.0 13.4 66.6 0.0 0.0 13.2 73.3 0.0 0.0 12.5 63.1 0.0 0.0 5.0 55.8 2.4 2 3 4 5 6 Securities 0.2 15.9 -2.5 -3.4 31.6 -3.1 -12.0 -16.0 18.0 34.9 6 0.9 0.6 0.6 0.9 1.7 -1.3 -5.2 2.1 2.3 0.6 3.7 4.7 4.6 2.1 -4.3 2.2 1.8 1.0 -1.0 0.4 -3.0 4.0 -6.7 0.9 2.0 0.6 2.3 -0.1 -1.6 2.9 -11.7 2.2 6.4 -0.1 11.8 5.2 10.8 3.6 -8.6 2.7 -2.0 0.3 -10.3 4.6 -0.1 7.7 -4.5 1.1 -2.8 2.3 -11.0 -1.3 -1.2 7.6 -6.0 0.3 -4.4 3.3 -0.1 -5.7 1.7 1.1 -10.4 -1.4 4.8 2.7 7.9 -0.6 6.6 3.0 -4.1 -2.2 5.9 3.0 2.7 6.4 7.1 12.9 -1.8 -1.4 7 8 9 10 11 12 13 14 4.8 13.0 4.7 15.5 5.2 14.5 4.8 16.3 5.0 18.3 5.3 20.5 6.4 24.0 6.9 43.6 7.3 34.4 7.1 37.5 15 16 3.3 4.3 7.0 5.8 3.9 3.9 8.4 12.0 10.4 9.2 17 115.4 33.3 22.3 58.6 1.2 118.9 31.5 23.8 63.4 0.2 122.0 31.6 23.7 65.3 1.3 139.5 38.2 24.2 75.3 1.8 149.3 42.0 27.5 79.3 0.5 147.8 40.8 29.2 78.6 -0.7 178.0 55.0 31.4 89.6 2.0 205.1 68.6 34.8 101.0 0.7 232.4 74.3 41.8 114.0 2.2 218.8 65.1 42.6 113.1 -1.9 18 19 20 21 22 7 8 9 10 11 12 13 14 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 17 Miscellaneous and other assets 18 19 20 21 22 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 23 24 25 26 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 65.0 9.7 11.9 43.4 69.8 10.5 12.9 46.4 75.1 11.1 13.9 50.0 82.5 12.0 14.9 55.6 90.9 13.6 16.3 61.1 98.0 14.4 17.7 65.8 106.4 15.6 19.3 71.5 116.1 18.3 20.9 76.9 127.8 20.2 23.2 84.4 144.3 23.2 27.0 94.1 23 24 25 26 27 Net investment in tangible assets (4) 50.4 49.1 46.9 57.0 58.4 49.8 71.6 89.0 104.5 74.5 27 23.6 10.4 15.2 1.2 20.9 10.9 17.0 0.2 20.5 9.8 15.2 1.3 26.2 9.3 19.8 1.8 28.5 11.2 18.2 0.5 26.3 11.4 12.8 -0.7 39.4 12.1 18.1 2.0 50.3 13.8 24.1 0.7 54.1 18.6 29.6 2.2 41.9 15.6 19.0 -1.9 28 29 30 31 38.7 31.6 34.8 43.9 45.6 33.7 73.7 98.8 93.1 103.9 32 17.2 7.9 10.1 0.6 0.3 2.6 13.0 7.2 5.9 1.5 -0.0 4.1 13.4 6.1 5.1 1.0 3.0 6.2 17.2 11.8 10.8 1.3 2.6 0.2 18.0 11.9 9.9 2.6 -3.3 6.6 13.2 4.4 4.4 2.3 -1.3 10.7 26.4 18.9 15.6 1.0 2.5 9.3 38.2 25.2 19.5 1.0 3.6 11.4 42.7 4.6 22.5 2.2 -4.2 25.3 35.8 26.5 8.9 2.7 -1.5 31.5 33 34 35 36 37 38 28 29 30 31 32 33 34 35 36 37 38 Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 39 Net capital transfers (5) -3.6 -3.9 -4.0 -4.1 -4.6 -4.8 -5.8 -6.8 -6.6 -6.3 39 40 Personal saving, with consumer durables (FOF) 70.9 82.8 85.5 80.6 83.9 97.7 110.4 129.9 163.9 128.8 40 41 Less net investment in consumer durables 15.2 17.0 15.2 19.8 18.2 12.8 18.1 24.1 29.6 19.0 41 42 = Personal saving, without consumer durables (FOF) (6) 55.7 65.8 70.2 60.8 65.7 85.0 92.3 105.7 134.3 109.8 42 43 Personal saving (NIPA, excludes consumer durables) 43.0 44.4 54.4 52.8 52.5 69.5 80.6 77.2 102.7 113.6 43 44 Difference 12.7 21.4 15.8 8.0 13.1 15.5 11.8 28.6 31.6 -3.8 44 45 Memo: Disposable personal income 498.1 537.5 575.3 625.0 674.0 735.7 801.8 869.1 978.3 1071.6 45 46 47 48 49 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 40) Without consumer durables (FOF) (line 42) Without consumer durables (NIPA) (line 43) Difference (line 44) 14.2 11.2 8.6 2.5 15.4 12.2 8.3 4.0 14.9 12.2 9.5 2.7 12.9 9.7 8.4 1.3 12.4 9.7 7.8 1.9 13.3 11.5 9.4 2.1 13.8 11.5 10.1 1.5 14.9 12.2 8.9 3.3 16.8 13.7 10.5 3.2 12.0 10.2 10.6 -0.4 46 47 48 49 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Includes corporate farms. (4) Line 18 less line 23. (5) Table F.9, line 13 plus line 4 less lines 3 and 9. (6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4). 8 FFA, 1965-1974, Z.1, June 8, 2006 F.100 Households and Nonprofit Organizations (1) Billions of dollars 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital + Net capital transfers (4) 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 555.7 57.7 498.1 455.1 43.0 603.9 66.4 537.5 493.1 44.4 648.3 73.0 575.3 520.9 54.4 712.0 87.0 625.0 572.2 52.8 778.5 104.5 674.0 621.4 52.5 838.8 103.1 735.7 666.2 69.5 903.5 101.7 801.8 721.2 80.6 992.7 123.6 869.1 791.9 77.2 1110.7 132.4 978.3 875.6 102.7 1222.6 151.0 1071.6 958.0 113.6 1 2 3 4 5 0.3 15.2 52.3 -3.6 0.3 17.0 56.0 -3.9 0.3 15.2 60.4 -4.0 0.1 19.8 66.9 -4.1 0.1 18.2 73.6 -4.6 0.2 12.8 79.4 -4.8 -0.1 18.1 86.5 -5.8 0.1 24.1 93.9 -6.8 -0.0 29.6 103.4 -6.6 -0.1 19.0 115.8 -6.3 6 7 8 9 10 = Gross saving and net capital transfers 107.2 113.9 126.5 135.4 139.9 157.1 179.3 188.4 229.1 242.1 10 11 Gross investment 119.4 134.9 141.9 143.3 152.8 172.2 191.1 216.7 260.0 238.1 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 89.7 25.8 58.6 5.3 93.4 24.5 63.4 5.5 95.6 24.8 65.3 5.5 109.8 28.7 75.3 5.7 116.2 30.2 79.3 6.7 114.2 28.7 78.6 7.0 136.1 38.8 89.6 7.7 158.9 48.1 101.0 9.8 178.3 54.0 114.0 10.3 171.5 48.5 113.1 9.9 12 13 14 15 16 Net financial investment 29.7 41.4 46.3 33.6 36.6 58.0 54.9 57.9 81.8 66.6 16 17 Net acquisition of financial assets 59.2 64.3 70.6 68.4 66.0 77.2 100.8 119.7 148.1 122.2 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 0.0 6.6 27.5 0.0 0.0 2.4 18.8 0.0 0.0 10.3 34.9 0.0 0.0 9.4 30.3 0.0 0.0 -1.6 9.1 0.0 0.0 7.2 41.5 0.0 0.0 13.3 65.0 0.0 0.0 12.9 71.7 0.0 0.0 11.9 61.5 0.0 0.0 4.9 54.2 2.4 18 19 20 21 22 Credit market instruments 3.9 19.6 5.2 8.2 39.1 2.0 -9.1 -3.4 24.2 41.4 22 0.9 1.2 0.6 0.6 0.9 1.7 -1.3 0.5 2.3 4.3 0.6 3.7 4.7 4.6 2.1 1.7 1.8 -0.1 1.0 -1.1 0.4 -3.0 4.0 2.1 2.0 2.7 0.6 2.1 -0.1 -1.6 2.9 2.3 6.4 11.5 -0.1 11.6 5.2 10.8 3.6 1.7 -2.0 -10.2 0.3 -10.5 4.6 -0.1 7.7 1.8 -2.8 -8.8 2.3 -11.2 -1.3 -1.2 7.6 -2.6 -4.4 2.9 3.3 -0.3 -5.7 1.7 1.1 1.0 4.8 10.5 2.7 7.9 -0.6 6.6 3.0 -0.0 5.9 5.7 3.0 2.7 6.4 7.1 12.9 3.4 23 24 25 26 27 28 29 30 -5.2 2.1 0.9 4.8 13.0 4.3 1.4 -4.3 2.2 0.2 4.7 15.5 3.9 1.3 -6.7 0.9 2.2 5.2 14.5 2.5 1.6 -11.7 2.2 2.1 4.8 16.3 4.9 1.9 -8.6 2.7 -1.8 5.0 18.3 1.5 2.2 -4.5 1.1 -0.9 5.3 20.5 2.3 2.7 -6.0 0.3 0.5 6.4 24.0 3.9 2.6 -10.4 -1.4 0.1 6.9 43.6 -3.2 2.9 -4.1 -2.2 -0.2 7.3 34.4 12.0 3.1 -1.8 -1.4 -1.0 7.1 37.5 -24.1 2.9 31 32 33 34 35 36 37 29.5 22.9 24.4 34.9 29.4 19.2 45.8 61.8 66.4 55.6 38 28.5 22.2 20.4 31.3 31.7 19.4 42.1 56.8 69.4 55.3 39 17.2 10.1 0.0 -0.4 0.8 0.8 13.0 5.9 0.0 0.7 2.0 0.6 13.4 5.1 0.0 2.4 1.3 -1.8 17.2 10.8 0.0 -1.3 1.7 2.9 18.0 9.9 0.0 0.1 3.0 0.7 12.3 4.4 0.0 -0.7 2.6 0.8 24.4 15.6 0.0 -0.0 1.4 0.7 34.9 19.5 0.0 0.3 1.3 0.7 40.5 22.5 0.4 3.6 2.4 0.0 37.0 8.9 0.9 5.6 3.2 -0.4 40 41 42 43 44 45 0.3 0.4 -0.0 0.4 3.0 0.6 2.6 0.6 -3.3 0.7 -1.3 0.6 2.5 0.9 3.6 0.8 -4.2 0.7 -1.5 1.2 46 47 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 0.3 0.4 0.3 0.4 0.4 0.4 0.3 0.5 0.4 0.7 48 -12.3 -21.0 -15.4 -7.9 -12.9 -15.2 -11.8 -28.3 -30.9 4.0 49 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 13 plus line 4 less lines 3 and 9. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32) and life insurance and pension reserves (lines 34 and 35). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. 9 FFA, 1965-1974, Z.1, June 8, 2006 F.101 Nonfinancial Business (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Income before taxes 136.2 145.8 143.7 154.5 154.8 143.4 158.7 182.4 221.1 231.6 1 2 Gross saving and net capital transfers 72.3 78.5 80.4 82.7 84.7 83.6 97.4 112.4 122.9 122.8 2 3 Gross investment 63.1 65.2 71.3 72.9 76.1 72.7 89.3 113.6 98.6 119.5 3 4 83.8 97.7 95.3 103.5 115.5 113.0 126.9 144.7 176.3 188.0 4 5 6 7 Fixed investment Residential Nonresidential 76.3 8.4 67.9 86.0 7.8 78.2 86.6 7.5 79.1 94.9 10.0 84.9 107.5 12.4 95.1 111.9 12.7 99.2 119.8 16.9 102.9 136.5 21.5 115.1 159.0 21.3 137.7 170.2 17.4 152.8 5 6 7 8 9 Change in inventories Nonproduced nonfinancial assets 9.2 -1.8 13.6 -2.0 9.9 -1.2 9.1 -0.5 9.2 -1.1 2.0 -0.8 8.3 -1.2 9.1 -0.9 15.9 1.5 14.0 3.8 8 9 10 Capital expenditures -20.7 -32.4 -24.0 -30.6 -39.4 -40.3 -37.6 -31.0 -77.7 -68.5 10 11 Net acquisition of financial assets 28.1 15.5 19.1 32.9 36.2 23.3 51.3 78.3 87.0 55.1 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.3 0.4 2.3 0.0 0.3 0.1 -0.7 -0.4 0.0 0.3 0.1 2.7 1.1 0.0 -0.2 0.5 2.9 -0.6 0.0 0.5 -0.4 5.7 -5.4 0.0 2.2 -0.4 1.1 3.1 0.0 -3.1 0.4 -1.3 5.8 0.0 0.8 0.9 2.6 4.0 0.0 1.6 1.2 2.0 6.3 0.0 8.6 -0.2 1.2 5.4 0.0 -5.8 12 13 14 15 16 17 Credit market instruments 0.1 -1.0 -1.4 2.7 -0.9 2.7 9.3 3.8 -3.2 8.4 17 -0.3 -1.9 0.2 0.9 0.0 1.2 1.5 -1.5 -0.2 -1.0 0.0 0.1 1.1 -2.3 -0.0 -0.3 -0.0 0.2 1.1 0.5 0.4 0.5 -0.0 0.1 2.5 -3.1 0.2 -1.0 0.4 -0.0 1.8 0.8 -0.5 -0.6 0.4 0.9 1.9 3.0 -0.3 1.0 1.2 2.5 3.0 -2.0 0.1 1.0 1.1 0.6 0.6 -4.3 1.0 -0.1 0.4 -0.8 4.1 1.4 0.9 0.6 0.5 0.8 18 19 20 21 22 23 0.1 13.1 12.1 0.1 12.9 4.1 0.1 8.9 7.9 0.2 17.2 9.6 0.1 23.4 11.6 -0.0 6.9 13.0 -0.1 13.9 22.4 -0.0 27.1 38.2 0.2 43.2 28.8 0.3 34.0 11.8 24 25 26 48.7 47.9 43.1 63.5 75.6 63.6 88.9 109.3 164.8 123.6 27 29.5 34.6 37.5 37.9 48.1 47.7 51.8 70.2 93.4 94.4 28 18 19 20 21 22 23 24 25 26 27 28 Net financial investment Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds -0.3 0.0 4.9 0.8 0.0 10.2 1.4 0.0 14.7 1.2 0.0 12.9 1.1 0.0 12.0 1.8 0.0 19.8 -0.9 0.1 18.8 0.7 0.5 12.2 1.4 1.8 9.2 4.1 1.6 19.7 29 30 31 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 12.5 2.9 9.6 10.7 2.7 10.2 7.9 1.3 12.2 11.3 3.3 9.3 16.2 6.9 11.9 5.3 3.2 17.7 6.3 3.4 24.1 15.7 5.2 35.8 34.4 9.6 37.0 31.1 12.4 25.5 32 33 34 -0.0 11.4 2.1 1.4 1.3 7.9 -0.9 1.1 2.4 5.8 -4.2 -0.9 -0.2 14.3 1.1 5.3 3.4 20.1 -1.7 4.1 5.7 7.2 -2.6 3.4 11.4 13.9 4.1 3.8 10.9 24.3 3.9 3.2 7.9 41.5 5.3 5.4 4.1 29.6 8.9 11.5 35 36 37 38 4.3 3.9 2.5 4.9 1.5 2.3 3.9 -3.2 11.3 -24.9 39 9.2 13.2 9.2 9.8 8.6 10.9 8.1 -1.2 24.3 3.4 40 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 10 FFA, 1965-1974, Z.1, June 8, 2006 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars 1 2 3 4 5 6 7 8 9 10 1965 1966 1967 1968 1969 1970 1971 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) + Net capital transfers (2) = Total internal funds + IVA 66.0 27.1 16.1 36.6 59.4 1.3 -1.2 0.1 59.5 71.3 29.4 16.7 39.9 65.0 1.6 -2.1 0.1 64.6 67.5 27.8 17.2 43.2 65.7 1.5 -1.6 0.1 65.8 73.9 33.5 19.0 47.0 68.4 2.2 -3.7 0.1 67.1 71.1 33.3 19.0 51.6 70.4 2.6 -5.9 0.1 67.3 58.5 27.2 18.3 55.3 68.3 3.0 -6.6 0.1 64.9 67.3 29.9 18.1 59.6 78.9 3.0 -4.6 0.1 77.5 Gross investment 50.3 51.4 56.6 57.3 58.7 54.0 1972 1973 1974 78.9 33.7 19.6 66.4 91.9 4.4 -6.6 0.2 90.0 98.7 40.1 20.7 71.5 109.4 7.8 -19.6 0.2 97.8 109.8 42.7 21.4 78.9 124.7 7.4 -38.2 0.2 94.1 1 2 3 4 5 6 7 8 9 69.4 91.2 73.5 90.7 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 58.1 51.9 8.0 -1.8 72.2 60.8 13.4 -2.0 69.0 61.6 8.5 -1.2 73.7 66.9 7.3 -0.5 82.4 74.8 8.7 -1.1 79.4 77.6 2.7 -0.8 85.1 80.0 6.3 -1.2 98.4 91.0 8.4 -0.9 122.2 107.1 13.6 1.5 140.6 120.9 15.9 3.8 11 12 13 14 15 Net financial investment -7.8 -20.8 -12.4 -16.5 -23.7 -25.4 -15.7 -7.3 -48.8 -50.0 15 16 Net acquisition of financial assets 27.4 14.4 17.8 33.1 34.2 21.4 41.4 68.2 77.9 50.3 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.3 0.3 2.3 0.0 0.3 0.1 -0.7 -0.4 0.0 0.3 0.1 2.5 1.1 0.0 -0.2 0.5 2.7 -0.6 0.0 0.5 -0.4 5.6 -5.4 0.0 2.2 -0.4 0.9 1.7 0.0 -3.1 0.4 -1.5 4.2 0.0 0.8 0.9 2.4 2.4 0.0 1.6 1.2 1.4 4.7 0.0 8.6 -0.2 1.2 3.8 0.0 -5.8 17 18 19 20 21 22 23 24 25 26 27 28 29 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares -0.3 -1.9 0.2 0.9 0.0 0.9 13.3 0.1 1.5 -1.5 -0.2 -1.0 0.0 0.2 12.4 0.1 1.1 -2.4 -0.0 -0.3 -0.0 0.3 8.3 0.1 1.1 0.3 0.4 0.5 -0.0 0.1 18.5 0.2 2.5 -3.3 0.2 -1.0 0.1 0.1 22.9 0.1 1.8 0.6 -0.5 -0.6 -0.0 0.7 8.3 -0.0 1.9 2.8 -0.3 1.0 0.0 2.7 12.4 -0.1 3.0 -2.2 0.1 1.0 -0.0 0.7 26.4 -0.0 0.6 -4.4 1.0 -0.1 0.1 -0.6 40.9 0.2 4.1 1.4 0.9 0.6 0.4 1.1 31.8 0.3 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 11.6 4.8 0.4 0.0 0.0 6.4 3.5 5.2 0.6 0.0 0.0 -2.2 7.3 4.5 0.7 0.0 0.0 2.1 8.8 5.0 0.8 0.0 0.0 3.0 10.5 5.6 1.1 0.1 0.0 3.7 11.8 7.1 0.9 -0.2 0.0 4.1 17.1 7.0 1.0 0.0 0.0 9.0 32.0 7.0 1.9 0.0 0.0 23.1 24.4 10.5 2.0 0.0 0.0 11.9 10.7 7.9 2.1 0.0 0.0 0.6 30 31 32 33 34 35 35.2 35.2 30.2 49.5 57.9 46.8 57.1 75.5 126.7 100.3 36 19.9 -0.0 20.0 -0.3 0.0 4.9 10.8 25.9 1.3 24.7 0.8 0.0 10.2 8.4 29.4 2.4 27.0 1.4 0.0 14.7 6.5 26.6 -0.2 26.8 1.2 0.0 12.9 9.8 36.0 3.4 32.6 1.1 0.0 12.0 13.4 46.8 5.7 41.1 1.8 0.0 19.8 4.8 39.5 11.4 28.1 -0.9 0.1 18.8 4.1 49.5 10.9 38.5 0.7 0.5 12.2 12.8 82.9 7.9 75.0 1.4 1.8 9.2 26.6 60.7 4.1 56.6 4.1 1.6 19.7 22.7 37 38 39 40 41 42 43 36 37 38 39 40 41 42 43 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. 44 45 46 47 48 49 50 51 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 2.1 -0.0 1.8 0.3 0.1 0.0 0.0 2.5 1.7 0.1 1.0 0.4 0.3 0.0 0.0 3.6 0.1 0.0 -0.3 0.2 0.2 0.0 0.0 4.3 2.4 0.0 2.0 0.2 0.3 0.0 0.0 0.4 5.3 0.0 4.5 0.1 0.7 0.0 0.0 0.8 1.5 0.1 0.3 0.3 0.8 0.0 0.0 13.2 2.1 0.1 1.2 0.2 0.5 0.0 0.0 4.0 4.0 -0.1 3.8 0.2 0.1 0.0 0.0 8.2 5.9 -0.1 4.5 0.3 1.1 0.0 0.0 30.2 8.7 0.0 4.4 1.5 2.5 0.2 0.0 -0.1 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 11.7 2.1 1.4 0.5 0.2 0.8 9.1 -0.9 1.1 0.4 0.0 0.7 5.9 -4.2 -0.9 0.7 0.2 -1.8 16.5 1.1 5.3 0.8 0.2 4.4 19.5 -1.7 4.1 1.2 0.0 2.9 7.9 -2.6 -5.2 1.4 0.1 -6.8 13.6 3.1 0.9 0.3 0.3 0.2 23.1 2.4 0.5 0.9 0.5 -0.9 38.1 3.8 2.0 2.5 -0.0 -0.6 26.4 7.4 5.8 4.6 -0.0 1.2 52 53 54 55 56 57 9.2 13.2 9.2 9.8 8.6 10.9 8.1 -1.2 24.3 3.4 58 -0.0 9.3 4.8 8.9 17.8 17.7 10.8 13.1 32.4 54.2 59 58 Discrepancy 59 Memo: Financing gap (6) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 7. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) 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. (6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 11 FFA, 1965-1974, Z.1, June 8, 2006 F.103 Nonfarm Noncorporate Business Billions of dollars 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 3 Gross investment 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 7 Net financial investment 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 58.4 9.3 61.8 10.2 64.7 10.8 69.2 11.5 71.1 12.9 72.2 14.0 78.2 15.0 86.8 16.9 93.5 18.7 98.6 21.6 1 2 9.3 10.2 10.8 11.5 12.9 14.0 15.0 16.9 18.7 21.6 3 19.7 19.3 0.4 20.4 19.7 0.7 19.6 19.1 0.4 22.9 22.5 0.4 27.3 26.8 0.5 28.1 27.9 0.1 33.6 33.3 0.3 38.7 38.3 0.4 42.8 42.1 0.7 39.0 38.2 0.8 4 5 6 -10.4 -10.2 -8.8 -11.3 -14.4 -14.1 -18.6 -21.9 -24.2 -17.5 7 8 Net acquisition of financial assets 0.4 0.9 0.9 -0.7 1.5 1.3 9.2 9.1 8.3 4.3 8 9 10 11 12 13 14 15 16 17 18 19 20 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 0.0 0.0 0.0 0.0 0.0 0.0 0.3 -0.2 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.6 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 -0.1 0.5 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 -0.0 -1.4 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.3 -0.1 0.5 0.7 0.7 0.0 0.0 0.0 1.4 0.0 0.2 0.0 0.4 0.1 -1.5 0.7 0.7 0.0 0.0 0.0 1.6 0.0 0.2 0.0 1.2 -0.1 1.5 4.8 0.8 0.0 4.0 0.0 1.6 0.0 0.2 0.0 1.1 -0.1 0.6 5.6 1.0 0.0 4.6 0.4 1.6 0.0 0.1 0.0 0.3 -0.2 2.3 3.8 1.0 0.0 2.8 0.3 1.6 0.0 0.1 0.0 0.1 -0.4 2.2 0.4 1.0 0.0 -0.7 9 10 11 12 13 14 15 16 17 18 19 20 10.8 11.1 9.7 10.6 15.9 15.4 27.8 31.0 32.5 21.8 21 6.2 0.9 0.5 4.8 -0.9 0.0 0.0 5.4 6.7 1.4 0.6 4.8 -1.5 0.0 0.0 5.9 7.2 0.7 0.6 6.0 0.1 0.0 0.0 2.4 8.4 1.1 0.6 6.7 -1.0 0.0 0.0 3.2 12.5 2.2 1.0 9.3 1.0 0.0 0.0 2.3 4.0 -0.4 1.0 3.3 -0.4 0.0 8.6 3.2 19.0 0.9 0.6 17.5 -0.4 1.0 2.9 5.3 26.4 1.1 0.7 24.6 0.7 1.5 2.7 -0.3 9.6 5.0 2.2 2.4 2.6 1.5 3.4 15.3 29.9 7.3 2.0 20.5 2.5 1.6 5.7 -17.9 22 23 24 25 26 27 28 29 21 22 23 24 25 26 27 28 29 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 11.8 0.1 3.3 0.2 3.2 12.8 0.1 3.6 0.2 3.4 11.5 0.1 3.9 0.2 3.7 11.5 0.1 4.0 0.2 3.8 12.6 0.1 4.4 0.3 4.1 12.7 0.1 4.7 0.3 4.4 13.2 0.0 4.9 0.3 4.6 16.8 0.2 5.4 0.3 5.0 28.9 0.7 5.8 0.4 5.4 23.2 0.3 6.9 0.5 6.4 1 2 3 4 5 6 7 Gross saving 3.4 3.7 3.9 4.1 4.5 4.8 4.9 5.6 6.5 7.2 6 Gross investment 3.4 3.7 3.9 4.1 4.5 4.8 4.9 5.6 6.5 7.2 7 5.9 5.1 0.8 5.1 5.6 -0.5 6.8 5.9 0.9 6.9 5.5 1.4 5.9 5.9 0.0 5.5 6.4 -0.8 8.2 6.6 1.7 7.5 7.2 0.3 11.3 9.8 1.5 8.3 11.1 -2.8 8 9 10 -2.5 -1.4 -2.8 -2.8 -1.4 -0.8 -3.3 -1.9 -4.8 -1.1 11 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 11 Net financial investment 12 Net acquisition of financial assets 0.3 0.2 0.4 0.6 0.5 0.6 0.7 1.0 0.8 0.5 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 0.1 0.2 0.1 0.0 0.0 0.2 0.2 0.0 0.1 0.3 0.2 0.0 0.2 0.4 0.3 0.1 0.1 0.4 0.4 0.1 0.1 0.5 0.4 0.1 0.2 0.6 0.5 0.1 0.3 0.7 0.6 0.1 0.2 0.6 0.5 0.2 -0.3 0.8 0.5 0.2 13 14 15 16 2.8 1.6 3.3 3.3 1.9 1.4 4.0 2.9 5.6 1.6 17 3.3 0.7 0.3 2.2 0.6 -1.1 3.2 0.9 0.4 1.9 0.4 -2.0 3.3 0.7 0.6 2.0 -0.2 0.1 2.8 0.4 0.2 2.2 -1.1 1.7 3.0 0.6 0.6 1.8 -0.4 -0.7 2.6 0.8 0.6 1.1 -0.3 -0.9 4.7 1.3 0.7 2.6 0.7 -1.4 5.3 1.8 0.5 3.0 0.5 -2.9 8.8 2.9 1.5 4.4 0.8 -4.0 7.9 1.1 1.7 5.1 0.7 -7.0 18 19 20 21 22 23 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. 12 FFA, 1965-1974, Z.1, June 8, 2006 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 66.5 74.9 6.6 45.3 2.0 0.8 2.2 8.0 1.7 7.8 48.8 2.2 0.8 2.6 11.1 1.6 82.5 93.5 105.5 120.1 134.9 158.4 174.3 188.1 1 8.6 52.8 2.6 0.9 3.0 13.1 1.5 10.6 59.5 3.3 0.9 3.5 14.2 1.5 12.8 66.0 3.6 1.0 4.3 16.2 1.5 14.2 73.3 3.7 1.1 5.2 21.1 1.5 15.9 81.5 4.3 1.2 5.5 25.2 1.4 20.9 89.4 5.3 1.3 5.9 34.0 1.6 22.8 97.4 6.0 1.5 7.8 37.3 1.5 24.5 104.8 6.7 1.7 10.2 39.3 0.9 2 3 4 5 6 7 8 Current expenditures, NIPA basis 60.0 67.2 75.5 86.0 97.5 113.0 128.5 142.8 158.6 178.7 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 50.2 6.7 3.1 0.0 0.0 56.1 7.6 3.4 0.0 0.0 62.6 9.2 3.7 0.0 0.0 70.4 11.4 4.2 0.0 0.0 79.9 13.2 4.4 0.0 0.0 91.5 16.1 5.3 0.0 0.0 102.7 19.3 6.5 0.0 0.2 113.2 22.0 7.5 0.1 -0.2 126.0 24.1 8.5 0.1 -0.0 143.7 25.3 9.6 0.1 0.0 10 11 12 13 14 15 Net state and local govt. saving, NIPA basis 6.5 7.8 7.0 7.5 8.0 7.1 6.5 15.6 15.7 9.3 15 16 17 + Consumption of fixed capital + Net capital transfers (2) 6.2 4.7 6.9 5.1 7.5 5.1 8.3 6.8 9.3 6.8 10.6 6.2 11.8 7.0 12.8 7.3 14.3 7.3 17.7 9.2 16 17 18 = Gross saving and net capital transfers 17.5 19.8 19.6 22.7 24.1 23.9 25.3 35.7 37.3 36.2 18 19 Gross investment 16.3 17.1 17.7 20.5 17.5 16.1 18.3 29.3 36.0 27.8 19 30.6 1.7 33.2 1.7 39.6 1.9 20 21 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 20 21 Fixed investment Nonproduced nonfinancial assets 20.8 1.3 23.1 1.4 25.3 1.4 27.7 1.4 28.3 1.0 28.7 1.1 30.1 1.6 22 Net financial investment -5.9 -7.4 -9.0 -8.5 -11.7 -13.8 -13.4 -3.0 1.0 -13.7 22 6.2 4.0 3.4 5.8 6.1 4.2 9.2 17.0 22.2 9.5 23 -0.6 2.4 0.0 1.1 0.5 1.3 0.0 1.5 0.8 2.3 0.0 -0.5 -0.7 3.1 0.0 -1.5 1.9 -5.8 0.0 3.9 -1.0 10.0 0.0 -4.0 0.8 7.2 0.0 0.6 0.5 6.7 0.0 -0.1 0.0 6.6 0.0 1.4 0.2 5.0 0.0 -1.8 24 25 26 27 2.5 -0.0 0.2 3.8 5.0 -1.3 -1.7 6.7 9.7 6.5 28 0.0 2.2 0.2 0.0 0.6 -0.7 0.0 -0.4 0.4 0.0 0.2 3.4 0.0 3.1 1.4 0.0 -0.1 -2.3 0.0 -0.4 -2.2 0.0 2.3 3.3 0.0 1.2 6.6 0.0 0.5 3.1 29 30 31 -0.1 0.0 0.2 -0.0 0.0 0.2 0.0 0.0 0.1 0.0 0.0 0.2 0.1 0.0 0.5 0.1 0.0 0.9 -0.3 0.0 1.1 -0.3 0.0 1.4 0.2 0.0 1.7 0.5 0.0 2.5 32 33 34 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35 36 0.8 0.1 -0.0 0.6 0.0 0.1 0.6 0.1 0.0 0.9 0.2 -0.1 1.2 0.0 -0.1 0.6 0.1 -0.0 0.9 1.2 0.1 1.5 1.8 -0.1 2.8 1.6 -0.0 -2.0 1.7 -0.1 37 38 39 12.0 11.4 12.4 14.3 17.8 18.0 22.6 20.0 21.2 23.3 40 23 Net acq. of financial assets 24 25 26 27 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 28 Credit market instruments 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 35 36 Corporate equities Mutual fund shares 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 40 Net increase in liabilities 41 Credit market instruments 7.6 6.9 7.3 8.8 12.1 12.1 16.4 14.0 14.1 13.4 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 7.2 0.6 6.6 0.3 6.2 0.7 5.6 0.6 7.2 1.8 5.3 0.2 8.4 0.1 8.3 0.3 11.4 2.8 8.6 0.7 12.0 2.3 9.6 0.1 16.1 2.5 13.6 0.4 13.6 0.1 13.6 0.3 13.8 0.3 13.5 0.3 12.8 2.7 10.0 0.7 42 43 44 45 4.5 4.6 5.1 5.5 5.7 5.9 6.1 6.1 7.1 9.8 46 1.2 2.7 1.9 2.1 6.6 7.8 7.0 6.4 1.4 8.4 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 8. 13 FFA, 1965-1974, Z.1, June 8, 2006 F.106 Federal Government Billions of dollars 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 120.9 137.9 146.9 171.2 192.5 186.0 191.7 220.1 250.4 279.5 1 51.1 15.5 28.9 0.2 22.7 1.9 1.1 -0.3 58.6 14.5 31.4 0.2 30.5 2.1 1.2 -0.6 64.4 15.2 30.0 0.2 34.0 2.5 1.1 -0.6 76.4 17.0 36.1 0.3 37.8 2.9 1.1 -0.3 91.7 17.9 36.1 0.4 43.1 2.7 1.1 -0.5 88.9 18.2 30.6 0.4 45.3 3.1 1.1 -1.5 85.8 19.1 33.5 0.4 50.0 3.5 1.1 -1.6 102.8 18.6 36.6 0.4 57.9 3.6 1.3 -1.1 109.6 19.9 43.3 0.4 74.0 3.8 1.3 -1.8 126.5 20.2 45.1 0.4 83.5 4.2 1.4 -1.8 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 117.6 135.7 156.2 173.5 183.8 201.1 220.0 244.4 261.7 293.3 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 65.7 27.6 10.7 10.6 3.0 0.0 75.9 30.2 14.0 11.6 3.9 0.0 87.1 36.9 15.7 12.7 3.8 0.0 95.4 42.2 17.1 14.6 4.1 0.0 98.4 46.1 19.0 15.8 4.5 0.0 98.6 56.1 23.9 17.7 4.8 0.0 102.0 66.6 29.0 17.9 4.6 0.0 107.7 73.3 38.6 18.8 6.6 0.5 108.9 85.2 39.7 22.8 5.1 0.0 118.0 103.9 41.8 26.0 3.2 -0.5 11 12 13 14 15 16 17 Net federal government saving, NIPA basis 3.3 2.3 -9.4 -2.3 8.7 -15.2 -28.4 -24.4 -11.3 -13.8 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 12.7 0.3 -1.2 13.2 0.3 -1.3 14.0 0.3 -1.2 14.8 0.1 -2.9 15.5 0.1 -2.3 16.1 0.2 -1.6 16.5 -0.1 -1.3 16.6 0.1 -0.7 17.1 -0.0 -0.9 18.2 -0.1 -3.1 18 19 20 21 = Gross saving and net capital transfers 14.5 13.8 3.2 9.6 21.8 -0.9 -13.1 -8.5 4.9 1.5 21 22 Gross investment 14.6 15.8 3.7 6.3 20.9 1.6 -12.1 -7.1 4.8 0.6 22 23 24 Fixed investment Nonproduced nonfinancial assets 14.7 0.5 16.7 0.6 17.7 -0.2 16.0 -0.9 15.0 0.1 14.8 -0.3 11.7 -0.4 12.0 -0.7 13.6 -3.2 16.6 -5.7 23 24 25 Net financial investment -0.5 -1.6 -13.7 -8.7 5.8 -13.0 -23.4 -18.4 -5.6 -10.3 25 3.3 4.7 2.0 6.2 4.0 1.7 4.7 0.5 4.7 4.3 26 26 Net acq. of financial assets 27 28 29 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 0.3 -1.6 -0.0 -0.3 -0.4 -0.0 0.6 0.5 0.0 1.9 -2.3 0.1 1.6 1.6 -0.2 -1.8 3.5 0.3 -1.6 3.5 0.1 0.5 -1.0 0.1 -0.1 -1.8 -0.2 1.4 -4.6 0.0 27 28 29 30 31 32 33 34 Credit market instruments Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (3) 2.9 0.0 2.9 -0.0 0.0 5.1 1.3 2.8 1.0 0.0 4.6 -0.1 3.8 0.9 0.0 5.2 0.1 3.7 1.4 0.0 3.1 -1.3 3.5 1.0 0.0 2.8 -0.1 2.6 0.3 0.0 2.8 0.0 3.2 -0.4 0.0 1.8 -0.0 2.5 -0.7 0.0 3.9 -0.0 4.5 -0.6 0.0 6.2 -0.0 3.5 2.7 0.0 30 31 32 33 34 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 0.4 1.3 0.1 1.2 -1.4 0.4 1.5 -5.1 -0.1 0.6 0.9 -0.2 0.9 -3.1 0.1 -0.8 -2.6 0.3 -1.7 1.5 0.1 -0.8 -0.2 0.1 0.3 1.6 1.0 1.0 0.1 0.1 35 36 37 3.8 6.3 15.7 15.0 -1.7 14.7 28.1 19.0 10.4 14.7 38 38 Net increase in liabilities 39 40 SDR certificates Treasury currency 0.0 0.2 0.0 0.9 0.0 0.7 0.0 0.4 0.0 0.3 0.4 0.2 0.0 0.5 0.0 0.5 0.0 0.4 0.0 0.4 39 40 41 42 43 44 45 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 1.6 0.6 0.5 0.4 0.0 3.6 0.6 1.7 1.4 -0.1 12.9 1.0 7.9 4.2 -0.1 12.5 0.6 8.8 3.2 -0.1 -3.2 -0.1 -0.7 -2.3 -0.1 12.1 0.3 12.8 -1.0 -0.1 24.9 2.3 23.7 -1.1 -0.1 15.0 3.3 10.9 0.9 -0.1 6.9 2.7 3.9 0.4 -0.1 11.9 3.0 9.1 -0.1 -0.1 41 42 43 44 45 46 47 48 49 50 Trade payables Insurance reserves Miscellaneous liabilities (4) Nonmarketable securities held by pension plans Other 0.6 0.1 1.3 1.3 -0.1 0.8 0.1 0.9 1.3 -0.4 0.7 0.1 1.4 1.3 0.1 -0.0 -0.0 2.1 1.3 0.7 -0.1 0.1 1.2 1.5 -0.4 -1.0 0.1 2.9 2.4 0.5 -1.0 0.1 3.7 2.8 0.8 0.3 0.2 3.0 3.0 0.0 1.1 0.2 1.8 2.1 -0.4 -0.5 0.1 2.7 2.7 -0.0 46 47 48 49 50 -0.2 -1.9 -0.5 3.3 0.9 -2.5 -1.0 -1.3 0.1 0.8 51 -1.2 -0.4 1.2 -1.2 0.5 2.8 3.2 -0.3 -1.7 -4.6 52 51 Discrepancy Memo: 52 Change in cash balance (5) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 2. (3) Student loans. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 14 FFA, 1965-1974, Z.1, June 8, 2006 F.107 Rest of the World Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Current taxes and trans. payments to rest of world 38.8 31.5 2.6 4.7 45.1 37.1 3.0 5.0 48.6 39.9 3.3 5.4 56.3 46.6 4.0 5.7 61.9 50.5 5.7 5.8 68.5 55.8 6.4 6.3 76.4 62.3 6.4 7.6 90.7 74.2 7.7 8.8 109.5 91.2 10.9 7.4 149.8 127.5 14.3 8.1 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 45.0 37.1 7.9 49.0 40.9 8.1 52.1 43.5 8.7 58.0 47.9 10.1 63.7 51.9 11.8 72.5 59.7 12.8 77.0 63.0 14.0 87.1 70.8 16.3 118.8 95.3 23.5 156.5 126.7 29.8 5 6 7 8 9 Net capital transfers (1) Gross saving and net capital transfers (2) 0.0 -6.2 0.0 -3.9 0.0 -3.6 0.0 -1.7 0.0 -1.8 0.0 -4.0 0.0 -0.6 0.0 3.6 0.0 -9.3 0.0 -6.6 8 9 Gross investment Nonproduced nonfinancial assets -5.0 0.0 -3.7 0.0 -2.4 0.0 -1.0 0.0 1.1 0.0 -2.1 0.0 11.2 0.0 7.7 0.0 -4.5 0.0 0.6 0.0 10 11 -5.0 -3.7 -2.4 -1.0 1.1 -2.1 11.2 7.7 -4.5 0.6 12 2.6 4.5 8.6 11.2 11.9 6.1 22.9 20.9 14.3 27.0 13 10 11 12 13 Net financial investment Net acquisition of financial assets 14 15 16 17 18 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 1.7 0.1 0.3 0.6 0.0 0.6 2.9 0.7 0.3 0.0 1.2 0.6 0.6 1.3 0.0 1.2 2.1 0.9 -0.3 0.0 -1.0 12.3 0.8 1.4 0.0 -0.1 -6.4 1.0 -1.7 0.0 0.6 -4.6 0.3 0.3 0.0 -0.2 -0.7 2.2 2.9 0.0 0.0 -5.2 3.6 2.8 0.5 -0.2 -1.2 3.9 7.7 0.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private U.S. corporate bonds (4) Loans to U.S. corporate business 0.5 0.4 -0.3 -0.1 -0.1 0.3 -0.0 0.3 0.0 0.0 -0.1 0.2 -1.9 -1.5 -0.4 0.3 0.0 0.3 1.2 0.0 2.8 0.0 2.1 2.3 -0.1 0.3 0.0 0.3 0.3 0.0 2.6 0.6 -0.6 -0.8 0.1 0.3 0.0 0.3 2.3 0.0 0.5 1.0 -2.4 -2.3 -0.1 0.3 -0.1 0.4 1.6 0.0 11.8 0.5 9.5 9.4 0.1 0.3 0.0 0.3 1.5 0.0 27.9 -0.2 26.5 26.6 -0.0 0.0 -0.0 0.0 1.5 0.0 10.6 -0.1 8.4 8.5 -0.0 0.1 0.3 -0.1 2.1 0.0 2.1 0.3 0.4 0.6 -0.2 0.1 0.6 -0.5 1.3 0.0 6.0 0.4 4.9 4.2 0.7 -0.5 0.9 -1.4 1.0 0.2 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other -0.4 0.2 0.0 -0.4 0.4 -0.8 -0.3 0.6 0.0 -0.2 0.4 -0.6 0.7 0.7 0.1 0.7 0.7 0.0 2.1 1.5 0.3 0.8 0.8 0.0 1.6 1.0 -0.2 -4.5 1.3 -5.7 0.7 1.6 -0.1 -0.7 1.5 -2.2 0.8 -0.1 -0.0 -2.2 0.4 -2.6 2.4 1.0 0.1 2.6 0.9 1.7 2.8 2.0 -0.0 5.8 2.8 3.0 0.2 2.1 -0.0 8.3 4.8 3.6 29 30 31 32 33 34 7.6 8.1 11.0 12.2 10.8 8.3 11.7 13.2 18.8 26.4 35 0.4 -0.3 0.0 0.1 1.1 0.1 2.0 0.5 0.2 -0.4 -2.5 -0.4 -1.7 0.4 -0.2 0.9 -0.1 1.2 1.3 -0.2 36 37 35 36 37 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 38 39 40 41 42 43 44 45 46 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 2.5 0.0 0.5 0.6 0.1 0.2 0.3 1.5 -0.1 1.9 0.0 0.7 -0.1 -0.1 0.1 -0.1 1.3 -0.1 3.9 0.0 1.2 -0.4 0.0 -0.4 0.0 2.6 0.5 2.7 0.0 1.1 -0.4 -0.2 0.1 -0.3 2.2 -0.2 3.2 0.0 1.0 -0.3 -0.0 0.2 -0.4 2.1 0.3 2.8 0.0 0.9 -0.2 -0.1 -0.1 0.0 1.3 0.8 5.1 0.0 0.9 2.0 0.2 0.9 0.9 1.8 0.3 4.4 0.0 1.0 3.0 0.2 1.1 1.7 1.5 -1.0 6.3 0.0 1.0 2.7 0.4 1.6 0.7 1.7 0.9 13.8 0.2 2.4 4.7 0.3 3.1 1.3 -0.5 7.1 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (4,5) Other 0.3 -0.1 0.0 4.7 0.1 0.0 5.0 -0.4 -0.0 0.3 0.0 5.8 0.0 0.3 5.4 0.1 0.1 0.5 0.2 5.2 0.1 -0.2 4.8 0.5 0.5 0.4 0.2 5.8 0.1 -0.1 5.3 0.5 0.5 0.8 -0.2 6.7 0.2 -0.1 6.0 0.7 0.2 1.0 0.0 7.2 0.2 0.0 7.6 -0.6 0.2 0.5 0.0 7.2 0.3 -0.2 7.6 -0.5 -0.4 0.5 0.1 7.9 0.3 -0.2 7.7 -0.0 -0.3 1.9 -0.2 10.1 0.3 0.6 11.4 -2.2 -0.5 3.1 -0.0 8.9 0.6 -0.5 9.1 -0.2 47 48 49 50 51 52 53 54 -1.3 -0.2 -1.2 -0.7 -2.9 -1.9 -11.8 -4.1 -4.8 -7.2 55 5.6 5.3 4.7 6.2 3.9 5.1 5.0 3.9 3.6 5.4 5.4 3.6 1.3 6.1 5.7 1.7 1.4 6.1 5.8 1.8 3.9 6.4 6.3 4.0 0.6 7.6 7.6 0.6 -3.4 8.6 8.8 -3.6 4.1 12.6 7.4 9.3 -0.8 15.5 8.1 6.6 56 57 58 59 55 Discrepancy (FOF basis) (7) 56 57 58 59 Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 11. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 15 FFA, 1965-1974, Z.1, June 8, 2006 F.108 Monetary Authority (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 2 3 Net acquisition of financial assets 2.3 4.5 4.8 4.0 4.0 5.4 8.5 2.2 8.1 6.5 3 4 5 6 Gold and foreign exchange SDR certificates Treasury currency -1.5 0.0 0.2 -0.3 0.0 0.7 -0.7 0.0 0.5 -1.0 0.0 0.2 -0.4 0.0 0.1 -0.7 0.4 0.3 -0.8 0.0 0.5 -0.5 0.0 0.7 -0.1 0.0 0.4 0.1 0.0 0.5 4 5 6 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs -0.4 -0.1 -0.2 0.3 0.1 0.4 -0.0 -0.0 -0.5 1.0 0.0 -0.3 -0.0 -0.0 0.0 0.8 0.2 0.0 0.1 -0.3 1.5 -0.4 1.9 -1.4 -0.9 -0.7 -0.0 -1.1 -1.0 1.3 7 8 9 10 11 12 13 14 15 16 Credit market instruments Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets 3.1 5.3 3.9 4.2 5.0 7.4 1.6 9.3 4.9 10 -0.0 3.2 0.0 -0.0 0.0 5.3 0.0 0.0 -0.0 4.0 0.0 0.0 0.0 4.2 0.0 0.0 -0.0 5.0 0.0 0.0 0.0 6.9 0.5 0.0 -0.0 0.8 0.8 0.0 -0.0 8.7 0.6 0.0 0.5 1.6 2.8 0.0 11 12 13 14 0.3 0.2 0.2 0.1 0.2 -0.5 0.1 0.2 0.2 1.8 15 2.3 4.4 4.8 3.9 4.0 5.4 8.4 2.1 8.1 6.5 16 17 18 Depository institution reserves Vault cash of commercial banks 0.4 0.3 1.3 0.6 1.3 0.5 0.8 1.3 0.2 0.1 2.1 -0.3 3.6 0.5 -2.1 1.1 1.4 2.0 -1.2 1.0 17 18 19 20 21 22 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 1.9 -0.2 -0.1 2.1 2.4 0.2 0.2 2.0 2.9 0.9 -0.0 2.0 1.5 -1.1 0.1 2.5 3.3 0.6 -0.1 2.8 3.1 -0.4 -0.0 3.5 4.5 0.9 0.1 3.5 3.1 -1.1 -0.1 4.3 3.4 -0.5 -0.1 3.9 6.9 0.4 0.2 6.3 19 20 21 22 23 24 25 Miscellaneous liabilities Federal Reserve Bank stock Other -0.3 0.0 -0.3 0.1 0.0 0.1 0.1 0.0 0.1 0.4 0.0 0.3 0.3 0.0 0.3 0.5 0.0 0.5 -0.2 0.0 -0.2 0.0 0.1 -0.0 1.3 0.1 1.2 -0.2 0.1 -0.2 23 24 25 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.2 -0.0 0.0 -0.0 26 26 Net increase in liabilities 4.0 0.0 4.0 0.0 0.0 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 16 FFA, 1965-1974, Z.1, June 8, 2006 F.109 Commercial Banking (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 3.1 2.8 2.7 3.5 4.3 4.2 3.7 3.9 4.7 5.7 1 2 Fixed nonresidential investment 0.8 0.8 0.8 1.0 1.3 1.2 1.6 1.6 2.3 3.0 2 3 Net acquisition of financial assets 30.1 21.3 40.3 44.6 24.0 45.8 61.0 84.9 97.7 74.2 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 0.3 0.4 -0.0 0.6 1.3 0.0 0.5 1.3 0.1 1.3 0.8 0.0 0.1 0.2 0.0 -0.3 2.1 0.1 0.5 3.6 0.1 1.1 -2.1 0.2 2.0 1.4 0.3 1.0 -1.2 -0.2 4 5 6 7 Total bank credit 28.8 18.4 37.5 40.1 17.9 36.8 51.1 74.9 81.3 64.6 7 Treasury securities Agency- and GSE-backed securities -3.4 0.6 -3.4 0.3 6.5 3.0 2.1 1.3 -9.7 -0.3 6.9 3.8 3.1 4.0 2.4 4.1 -8.9 7.6 -4.1 3.6 8 9 10 11 Municipal securities Corporate and foreign bonds 5.1 -0.1 2.4 0.1 9.1 0.9 8.6 0.2 0.6 -0.1 10.7 1.1 12.6 0.9 7.2 1.3 5.7 0.3 5.4 1.0 10 11 12 13 14 15 16 17 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 26.5 -0.5 16.1 5.7 5.4 -0.2 19.1 -0.0 10.9 4.7 3.0 0.6 17.9 1.0 7.4 4.5 3.5 1.5 28.0 0.0 13.3 6.6 6.8 1.3 27.4 0.6 17.5 5.4 4.9 -1.1 14.3 1.4 6.5 2.8 2.2 1.4 30.4 0.5 10.5 10.0 8.7 0.8 60.0 0.0 25.7 16.8 12.7 4.8 76.5 -0.5 48.0 19.8 12.6 -3.4 58.6 1.4 42.0 12.8 3.4 -1.0 12 13 14 15 16 17 18 19 Corporate equities Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 0.0 0.6 0.2 0.7 0.7 0.3 0.1 2.3 1.0 4.7 1.6 5.5 0.8 4.8 -1.0 11.8 2.0 10.7 9.6 0.5 20 21 8 9 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets 22 Net increase in liabilities 28.8 20.1 38.6 42.8 25.8 50.2 64.4 88.9 98.8 78.0 22 23 24 25 26 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks -0.1 -0.4 0.2 0.1 4.0 0.3 0.8 2.9 0.5 -0.1 0.0 0.6 3.8 1.0 0.6 2.1 12.1 -0.0 -0.1 12.3 -4.8 1.0 0.6 -6.4 -5.9 -0.2 -1.0 -4.6 -3.8 1.6 -4.6 -0.7 -6.2 -1.6 0.6 -5.2 -0.8 -2.1 2.5 -1.2 23 24 25 26 27 28 29 30 Checkable deposits Federal government Rest of the world Private domestic 5.4 -1.0 0.2 6.2 2.1 -0.5 0.2 2.4 12.4 0.2 0.3 11.8 13.5 -0.2 0.5 13.3 4.8 0.0 0.4 4.3 9.7 2.9 0.6 6.2 13.5 2.2 -0.3 11.6 21.2 0.7 1.7 18.8 13.1 -1.0 3.0 11.1 -0.1 -5.1 2.6 2.3 27 28 29 30 31 32 33 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 14.2 5.9 1.2 11.0 2.3 -0.1 18.1 5.9 -0.0 13.9 6.7 0.9 6.5 -15.1 5.9 14.3 23.5 -4.1 28.7 12.7 4.0 25.7 16.8 2.2 12.8 38.0 16.3 17.4 39.3 1.4 31 32 33 34 Credit market instruments 0.8 0.3 1.0 0.4 5.1 0.9 2.5 2.7 5.2 14.3 34 0.0 0.8 0.0 0.2 0.1 0.0 0.7 0.3 0.0 0.1 0.3 0.0 5.3 -0.2 0.0 -0.3 1.2 0.0 0.5 2.0 0.0 -0.3 3.1 0.0 4.3 0.9 0.0 13.1 1.1 0.0 35 36 37 -0.1 -0.1 1.5 -0.0 -0.0 0.5 -0.0 -0.1 0.8 -0.1 -0.1 3.6 -0.0 0.1 6.4 0.1 0.3 10.2 0.6 -0.0 8.3 1.2 -0.2 23.1 1.2 0.1 18.4 1.0 0.1 5.5 38 39 40 1.0 0.8 0.1 0.6 4.8 7.3 5.4 6.4 3.5 6.5 41 28.9 18.0 36.7 38.9 20.0 37.0 51.2 69.2 86.6 75.2 42 35 36 37 38 39 40 41 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 42 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20). 17 FFA, 1965-1974, Z.1, June 8, 2006 F.110 U.S.-Chartered Commercial Banks Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 3.1 2.8 2.7 3.5 4.3 4.1 3.7 3.9 4.6 5.6 1 2 Fixed nonresidential investment 0.8 0.8 0.8 1.0 1.2 1.2 1.5 1.5 2.2 2.9 2 3 Net acquisition of financial assets 30.0 20.4 39.9 43.4 13.3 37.2 55.6 73.6 80.0 60.4 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 0.7 1.9 1.8 2.0 0.3 1.8 4.1 -1.0 3.5 -0.3 4 28.7 17.8 36.8 39.7 12.2 34.5 51.1 73.6 75.5 56.0 5 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other -3.4 0.6 0.0 0.0 0.6 -3.4 0.3 0.0 0.0 0.3 6.3 3.0 0.0 0.0 3.0 2.0 1.3 0.0 0.0 1.3 -9.8 -0.3 0.0 0.0 -0.3 7.0 3.8 0.0 0.0 3.8 3.2 4.0 0.0 0.0 4.0 2.1 3.9 0.0 0.0 3.9 -8.8 7.4 0.0 0.0 7.4 -3.9 3.5 0.0 0.0 3.5 6 7 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 5.1 -0.1 0.0 0.0 -0.1 2.3 0.0 0.0 0.0 0.0 9.0 0.7 0.0 0.0 0.7 8.6 0.3 0.0 0.0 0.3 0.6 -0.1 0.0 0.0 -0.1 10.5 0.8 0.0 0.0 0.8 12.8 1.2 0.0 0.0 1.2 7.1 1.4 0.0 0.0 1.4 5.6 0.4 0.0 0.0 0.4 5.1 1.0 0.0 0.0 1.0 11 12 13 14 15 16 17 18 19 20 21 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 26.6 -0.6 16.0 5.6 5.4 0.1 18.5 -0.1 10.5 4.6 3.0 0.5 17.7 0.9 7.3 4.5 3.5 1.5 27.6 -0.0 12.9 6.6 6.8 1.3 21.8 0.4 12.3 5.3 4.9 -1.1 12.4 1.0 5.0 2.7 2.2 1.4 29.8 0.4 10.1 9.8 8.7 0.8 59.1 -0.1 25.1 16.8 12.7 4.7 70.9 -0.7 42.3 19.6 12.6 -2.9 50.3 0.8 34.8 12.3 3.4 -1.0 16 17 18 19 20 21 22 23 Corporate equities Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 0.0 0.6 0.2 0.5 0.6 0.7 0.1 1.6 0.8 -0.1 1.3 -0.4 0.7 -0.2 -0.8 1.8 1.6 -0.6 7.7 -3.0 24 25 28.7 19.2 38.1 41.6 15.2 41.5 59.0 77.6 81.1 64.2 26 24 25 26 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 0.1 -0.4 -0.1 0.2 0.3 3.7 0.3 0.1 0.7 2.7 0.8 -0.0 -0.0 0.7 0.2 3.7 1.0 0.0 0.9 1.8 11.5 -0.0 -0.0 0.3 11.3 -3.9 0.8 0.2 1.3 -6.1 -7.0 0.1 -0.3 -1.8 -5.1 -6.0 -0.4 1.9 -6.8 -0.8 -5.9 -0.9 -0.7 -3.4 -0.9 -5.2 -1.1 -1.0 -0.9 -2.2 27 28 29 30 31 32 33 34 35 Checkable deposits Federal government Rest of the world Private domestic 5.5 -1.0 0.2 6.3 1.6 -0.5 0.2 2.0 12.0 0.2 0.3 11.4 12.2 -0.2 0.3 12.1 4.6 0.0 0.4 4.2 5.1 2.9 0.5 1.7 13.0 2.2 -0.5 11.2 24.2 0.7 1.4 22.1 12.5 -1.0 2.2 11.3 -1.3 -5.1 2.1 1.7 32 33 34 35 36 37 38 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 14.2 5.8 1.2 11.0 2.3 -0.1 18.1 5.8 -0.0 13.9 6.6 0.9 6.0 -15.8 5.9 14.2 23.1 -4.1 28.6 12.4 4.0 25.6 17.0 2.2 12.6 37.1 16.3 17.3 38.2 1.4 36 37 38 39 40 41 42 43 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable 0.0 0.8 0.0 -0.1 -0.1 0.2 0.1 0.0 -0.0 -0.0 0.6 0.3 0.0 -0.0 -0.1 0.1 0.3 0.0 -0.1 -0.1 0.8 -0.2 0.0 -0.0 0.1 1.3 0.1 0.0 0.1 0.3 0.7 0.9 0.0 0.6 -0.0 -0.8 1.1 0.0 1.2 -0.2 1.6 0.0 0.0 1.2 0.1 7.8 0.2 0.0 1.0 0.1 39 40 41 42 43 44 45 46 Miscellaneous liabilities Investment by bank holding companies Other 1.2 0.0 1.2 0.4 0.0 0.4 0.8 0.0 0.8 4.1 0.0 4.1 2.2 4.0 -1.8 5.2 6.0 -0.8 6.0 5.0 1.0 13.2 6.0 7.2 5.7 4.0 1.7 4.8 7.0 -2.2 44 45 46 1.0 0.8 0.1 0.6 4.9 7.4 5.5 6.4 3.6 6.5 47 28.6 17.4 35.9 38.4 14.2 34.4 50.9 68.1 80.0 64.7 48 47 Discrepancy Memo: 48 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24). 18 FFA, 1965-1974, Z.1, June 8, 2006 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 2 3 Net acquisition of financial assets 0.0 0.7 0.1 0.9 0.9 2.1 0.6 2.2 4.4 8.5 3 4 Reserves at Federal Reserve 5 Total bank credit 6 7 8 9 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 13 14 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 15 Corporate equities 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 -0.0 0.5 0.6 0.4 1.4 3.2 -0.1 1.3 3.9 7.1 5 0.1 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.1 0.0 0.1 0.2 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.2 0.3 -0.2 0.0 -0.2 -0.3 0.1 0.2 -0.0 -0.1 -0.0 0.2 0.0 -0.0 0.1 0.1 0.1 0.0 6 7 8 9 -0.1 0.0 0.1 0.0 -0.3 0.5 0.1 0.4 0.0 0.1 0.2 0.0 0.1 0.0 0.0 0.4 0.1 0.4 0.0 0.0 1.4 0.2 1.2 0.0 0.0 2.8 0.4 2.5 0.0 0.0 0.6 0.1 0.5 0.0 0.0 1.0 0.1 0.8 0.0 0.1 3.7 0.2 4.0 0.1 -0.6 6.9 0.7 6.3 0.0 -0.1 10 11 12 13 14 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 15 0.0 0.0 0.0 0.1 0.1 -0.6 0.0 0.5 0.2 -0.8 0.3 -1.4 0.2 0.6 -0.2 1.0 0.4 0.1 1.9 -0.6 16 17 18 Net increase in liabilities 0.0 0.7 0.2 1.0 0.9 2.2 0.7 2.2 4.4 8.5 18 19 20 21 Net interbank liabilities To foreign banks To domestic banks -0.2 -0.2 0.0 0.3 0.2 0.1 -0.2 0.4 -0.6 0.1 0.4 -0.3 0.6 1.0 -0.4 -0.9 -0.3 -0.6 1.2 0.4 0.7 2.2 0.0 2.2 2.3 -1.8 4.0 4.6 2.0 2.6 19 20 21 22 23 24 Checkable deposits Small time and savings deposits Large time deposits -0.2 0.0 0.1 0.2 0.0 0.0 0.1 0.0 0.1 1.1 0.0 0.1 -0.0 0.0 0.2 4.2 0.0 0.3 0.2 0.0 0.2 -3.3 -0.0 -0.3 0.3 0.1 0.8 1.2 0.1 1.0 22 23 24 25 26 Federal funds and security RPs (net) Acceptance liabilities 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 0.0 0.3 0.0 0.2 0.0 -0.2 0.0 0.4 0.0 1.9 25 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 0.3 -0.0 0.0 0.3 0.1 0.0 0.0 0.1 0.0 0.0 0.0 -0.0 -0.4 0.0 0.0 -0.4 -0.1 0.0 0.0 -0.1 -1.8 0.0 0.0 -1.8 -1.1 0.0 0.0 -1.1 3.9 0.0 0.0 3.9 0.6 0.1 0.0 0.5 -0.4 0.3 0.0 -0.6 27 28 29 30 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 31 0.2 0.5 0.7 0.4 1.6 3.5 0.0 1.0 4.8 9.1 32 31 Discrepancy Memo: 32 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16). 19 FFA, 1965-1974, Z.1, June 8, 2006 F.112 Bank Holding Companies Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 0.0 0.0 0.0 0.0 8.7 6.0 4.2 8.7 12.9 5.3 3 4 5 6 7 8 9 10 11 12 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other 0.0 0.0 0.0 0.0 3.9 -1.0 -0.1 -0.2 1.7 0.9 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 1.7 0.0 0.0 0.0 0.9 5 6 7 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 4.0 0.0 0.7 7.0 6.0 0.0 1.0 4.3 5.0 0.6 -1.2 8.9 6.0 2.4 0.5 11.2 4.0 1.4 5.8 4.3 7.0 0.7 -3.3 9 10 11 12 13 Net increase in liabilities 0.0 0.0 0.0 0.0 8.7 6.0 4.2 8.7 12.9 5.3 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.5 0.0 -2.5 -0.2 0.8 -1.0 14 15 16 17 Federal funds and security RPs (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.3 4.3 0.0 -0.8 -1.9 1.1 0.8 -0.4 1.1 2.6 0.7 1.9 3.2 2.2 0.9 4.4 3.5 1.0 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.4 4.0 0.4 0.0 6.9 5.7 1.1 0.0 3.5 1.5 2.0 0.0 6.1 7.1 -1.0 0.0 12.2 10.2 2.0 0.0 1.0 4.2 -3.2 21 22 23 24 0.0 0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 25 25 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 0.1 0.3 0.3 0.3 1.1 0.5 0.5 0.5 0.5 0.1 3 4 Checkable deposits and currency -0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.2 0.3 -0.2 4 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Home mortgages Commercial mortgages Miscellaneous assets Net increase in liabilities 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 19 Discrepancy 0.1 0.1 0.1 0.1 0.2 0.1 0.3 0.3 0.1 0.5 5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.2 0.0 0.0 0.0 0.2 0.0 0.1 0.0 -0.1 0.0 0.1 0.0 -0.2 0.0 0.2 0.0 6 7 8 9 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 -0.0 0.0 0.0 -0.0 0.0 0.0 0.1 0.0 0.1 -0.0 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.0 0.1 0.0 0.1 0.4 10 11 12 0.0 0.1 0.1 0.1 0.9 0.3 0.1 0.0 0.1 -0.2 13 0.1 0.3 0.3 0.3 1.0 0.5 0.5 0.4 0.4 0.1 14 0.1 0.0 0.0 0.3 0.0 0.0 0.3 0.0 0.0 0.3 0.0 0.0 0.1 0.5 0.5 0.3 0.1 0.1 0.4 0.1 0.1 0.3 0.1 0.1 0.3 0.1 0.1 0.0 0.0 0.0 15 16 17 -0.0 -0.0 -0.0 0.0 -0.1 -0.0 -0.0 -0.0 -0.0 0.0 18 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 19 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 20 FFA, 1965-1974, Z.1, June 8, 2006 F.114 Savings Institutions (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 1.0 0.8 0.7 1.0 1.2 1.2 1.6 2.0 2.4 2.1 1 2 Fixed nonresidential investment 0.2 0.3 0.2 0.3 0.4 0.3 0.5 0.5 0.7 1.0 2 3 Net acquisition of financial assets 13.9 7.1 15.1 14.1 12.0 18.4 39.9 47.4 34.1 26.7 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.0 0.1 0.0 0.0 0.0 -0.6 0.1 0.0 0.0 -0.3 0.1 0.0 0.0 -0.4 0.1 0.1 0.0 -0.3 -0.0 0.2 0.0 0.1 0.4 0.1 0.0 -0.1 1.7 0.7 0.0 0.5 1.1 0.5 0.0 0.1 -0.5 2.0 0.0 0.2 0.7 2.3 4 5 6 7 8 Credit market instruments 13.4 8.2 13.3 14.2 12.6 15.4 34.8 42.7 33.5 22.2 8 0.0 0.2 0.0 0.0 0.0 0.0 0.0 -0.2 0.1 0.2 0.0 -0.1 0.0 1.2 0.2 0.2 0.0 -0.0 0.0 0.1 0.3 0.4 0.0 -0.1 0.0 -1.9 1.2 0.1 0.0 1.1 0.0 -1.3 2.2 0.7 0.0 1.5 0.0 -0.4 3.8 0.9 0.0 2.8 0.0 -0.5 3.4 1.1 0.0 2.4 0.0 -1.7 2.2 3.4 0.0 -1.2 0.0 -1.1 1.3 1.5 0.0 -0.3 9 10 11 12 13 14 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 15 16 17 18 19 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other -0.1 -0.1 0.0 0.0 -0.1 -0.1 0.3 0.0 0.0 0.3 -0.0 2.1 0.0 0.0 2.1 0.1 1.4 0.0 0.0 1.4 0.0 0.6 0.0 0.0 0.6 0.0 2.7 0.0 0.0 2.7 0.2 4.9 0.0 0.0 4.9 0.5 2.6 0.0 0.0 2.6 0.1 -3.1 0.0 0.0 -3.1 0.3 -0.2 0.0 0.0 -0.2 15 16 17 18 19 20 21 22 Other loans and advances Mortgages Consumer credit -0.0 13.1 0.2 0.1 7.8 0.2 0.0 9.5 0.2 0.0 12.1 0.3 0.0 12.2 0.5 0.2 11.3 0.3 0.2 25.9 0.2 -0.1 36.3 0.5 -0.1 32.8 3.4 0.1 21.2 0.6 20 21 22 0.2 0.3 0.0 -0.6 0.2 1.8 0.3 -0.2 0.2 -0.8 0.3 2.0 0.5 2.3 0.6 1.9 0.4 -1.5 0.2 1.1 23 24 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 13.4 7.0 14.5 13.5 11.5 18.3 39.0 46.5 32.7 26.3 25 26 27 28 29 Deposits Checkable Small time and savings Large time 12.1 0.0 12.1 0.0 6.1 0.0 6.1 0.0 15.6 0.0 15.6 0.0 11.5 0.0 11.5 0.0 6.5 0.0 6.5 0.0 15.4 0.0 14.6 0.7 37.7 0.1 36.8 0.8 42.7 0.1 41.8 0.9 24.9 0.2 23.7 1.1 18.4 0.1 16.5 1.7 26 27 28 29 30 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 1.7 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 0.8 0.0 0.2 0.7 1.0 0.0 0.1 0.9 -2.7 0.0 -0.1 -2.5 0.9 0.0 0.1 0.9 4.1 0.0 0.1 4.0 1.2 0.0 -0.1 1.3 -2.0 0.0 0.7 -2.7 0.5 0.0 0.4 0.0 7.6 0.0 0.4 7.2 6.2 0.0 -0.4 6.7 31 32 33 34 35 36 37 38 Taxes payable Miscellaneous liabilities Investment by parent Other 0.0 0.5 0.0 0.5 -0.0 -0.2 0.0 -0.2 -0.0 1.6 0.0 1.6 0.0 1.0 0.0 1.0 0.0 0.9 0.0 0.9 0.0 1.7 0.0 1.7 0.0 3.3 0.0 3.3 0.0 2.9 0.0 2.9 0.0 0.2 0.0 0.2 0.1 0.0 0.0 0.0 35 36 37 38 0.3 0.4 -0.1 0.1 0.3 0.7 0.3 0.6 0.3 0.7 39 39 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 21 FFA, 1965-1974, Z.1, June 8, 2006 F.115 Credit Unions Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.4 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 1.1 0.9 1.1 1.3 1.6 1.9 3.0 3.5 3.1 3.3 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.0 0.0 0.0 0.0 -0.2 0.0 0.1 0.2 0.0 -0.0 -0.2 0.0 -0.0 -0.4 0.0 0.2 0.4 0.0 0.1 0.9 0.0 0.0 0.6 0.0 -0.0 -0.4 0.0 0.0 0.6 0.0 4 5 6 7 Credit market instruments 1.0 1.1 0.9 1.5 2.1 1.4 2.0 2.9 3.6 2.7 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.2 0.1 0.0 0.0 0.3 0.0 0.0 0.2 0.0 -0.0 0.6 0.0 0.3 0.2 0.0 0.1 0.3 8 9 10 11 12 Home mortgages Consumer credit 0.0 1.0 0.1 0.9 0.0 0.7 0.0 1.3 0.0 1.7 0.1 1.0 0.0 1.8 0.2 2.2 0.4 2.7 0.1 2.3 11 12 13 14 Mutual fund shares Miscellaneous assets 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.1 0.0 -0.1 0.0 -0.1 0.0 -0.1 13 14 15 Net increase in liabilities 0.9 0.8 1.0 1.2 1.4 1.8 2.8 3.2 3.0 3.3 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 1.0 0.0 1.0 0.0 0.9 0.0 0.8 0.0 1.0 0.0 1.0 0.0 1.2 0.0 1.2 0.0 1.4 0.0 1.4 0.0 1.7 0.0 1.7 0.0 2.9 0.0 2.9 0.0 3.3 0.0 3.3 0.0 2.9 0.0 2.9 0.0 3.0 0.0 3.0 0.0 16 17 18 19 20 21 Other loans and advances Miscellaneous liabilities 0.0 -0.1 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.1 0.0 -0.1 0.0 0.1 0.0 0.3 20 21 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.1 0.3 22 22 Discrepancy F.116 Property-Casualty Insurance Companies Billions of dollars 1 Gross saving 0.0 0.7 0.6 0.5 0.3 1.0 2.0 2.3 1.7 0.6 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 1.2 2.1 2.1 3.2 3.1 5.6 6.9 8.2 6.9 5.2 3 4 5 Checkable deposits and currency Security RPs -0.1 0.0 0.0 0.0 -0.0 0.0 0.1 0.0 -0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.1 0.0 4 5 6 Credit market instruments 1.0 1.5 1.4 1.9 1.6 3.8 3.8 3.7 3.4 4.6 6 -0.2 0.1 -0.5 0.7 -0.7 -0.1 -0.4 0.2 -0.5 0.2 -0.1 0.0 -0.2 0.3 -0.3 0.4 -0.1 0.0 0.0 0.4 7 8 0.4 0.6 0.0 0.7 0.6 0.0 1.5 0.7 0.0 0.9 1.2 0.0 1.1 0.8 0.0 1.5 2.3 0.0 3.5 0.3 -0.0 4.3 -0.7 -0.0 3.6 -0.1 -0.0 2.2 2.0 -0.0 9 10 11 0.1 0.2 0.0 0.4 0.2 0.0 0.3 0.3 0.1 0.8 0.3 0.1 1.0 0.4 0.1 1.0 0.5 0.2 2.5 0.3 0.2 3.0 1.2 0.3 2.4 0.6 0.4 -0.5 0.5 0.5 12 13 14 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Trade receivables Miscellaneous assets 15 Net increase in liabilities 1.7 1.9 2.2 2.7 4.0 3.9 4.1 5.4 5.4 5.5 15 16 17 18 Corporate equity issues Taxes payable Miscellaneous liabilities 0.1 0.1 1.5 0.1 0.0 1.8 0.1 0.0 2.1 0.2 -0.0 2.5 0.5 0.1 3.4 0.4 0.1 3.4 0.6 -0.1 3.6 0.5 0.1 4.8 0.5 0.0 4.8 0.9 0.0 4.6 16 17 18 0.4 0.4 0.7 0.0 1.1 -0.8 -0.9 -0.5 0.1 0.7 19 19 Discrepancy 22 FFA, 1965-1974, Z.1, June 8, 2006 F.117 Life Insurance Companies Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.8 0.9 0.9 0.9 0.8 1.0 1.2 1.3 1.6 2.0 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 2 3 Net acquisition of financial assets 8.8 8.6 8.7 9.4 9.5 9.9 12.7 14.4 16.9 16.6 3 4 5 Checkable deposits and currency Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.2 0.0 0.1 0.0 -0.1 0.0 4 5 6 Credit market instruments 7.6 8.1 7.4 7.3 6.9 7.0 8.2 9.7 12.3 12.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 -0.5 0.0 0.1 -0.2 0.1 0.1 -0.2 -0.0 0.0 -0.2 0.1 0.8 -0.3 0.1 0.8 -0.1 0.1 0.6 -0.2 0.1 0.2 -0.0 0.1 0.0 -0.4 0.1 1.1 -0.1 0.2 7 8 9 Municipal securities Corporate and foreign bonds Policy loans Mortgages -0.2 2.8 0.5 4.9 -0.3 2.4 1.4 4.6 -0.1 3.8 0.9 2.9 0.0 3.7 1.2 2.5 0.0 1.7 2.5 2.1 0.1 1.5 2.2 2.3 0.1 5.5 1.0 1.1 0.0 7.0 0.9 1.5 0.0 5.9 2.2 4.4 0.3 4.0 2.7 4.9 10 11 12 13 Corporate equities Mutual fund shares 0.7 0.0 0.2 0.0 1.0 0.0 1.3 0.0 1.3 0.4 1.6 0.4 4.0 -0.4 3.8 -0.3 3.3 0.2 1.9 0.4 14 15 Miscellaneous assets 7 8 9 10 11 12 13 14 15 16 0.5 0.2 0.3 0.6 0.9 0.8 0.9 1.0 0.9 1.4 16 17 Net increase in liabilities 7.9 8.0 8.1 8.7 9.6 9.7 12.8 13.8 15.5 15.6 17 18 19 20 21 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) 0.0 0.0 4.7 2.1 0.0 0.0 4.6 2.1 0.0 0.0 5.1 1.5 0.0 0.0 4.8 2.3 0.0 0.0 5.0 3.1 0.0 0.0 5.2 2.9 0.0 0.0 6.3 4.6 0.0 0.0 6.7 4.4 0.0 0.0 7.2 5.7 0.0 0.0 7.0 6.0 18 19 20 21 22 23 Taxes payable Miscellaneous liabilities -0.0 1.2 0.1 1.2 -0.1 1.6 0.2 1.5 0.1 1.4 0.1 1.5 -0.1 2.0 0.0 2.6 0.0 2.5 -0.0 2.6 22 23 -0.1 0.1 0.2 0.1 0.8 0.6 1.1 0.5 -0.0 0.7 24 24 Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Private Pension Funds (1) Billions of dollars 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 6.3 7.9 7.5 7.9 8.2 8.8 9.9 27.7 17.1 19.4 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.0 0.4 0.0 0.1 -0.2 0.5 0.0 0.1 0.1 0.6 0.0 0.1 0.1 0.7 0.0 0.1 0.0 0.7 0.0 0.1 0.1 0.9 0.0 0.1 0.2 1.0 0.0 0.1 0.5 1.2 0.0 0.8 0.7 1.5 0.0 0.4 0.9 1.9 0.0 0.5 4 5 6 7 8 Credit market instruments 1.9 2.8 0.9 1.1 0.8 2.0 -1.6 5.5 6.2 8.9 8 0.0 -0.2 -0.0 0.0 -0.2 -0.0 0.0 -0.3 -0.1 0.0 0.4 0.1 0.0 -0.2 0.2 0.0 -0.1 0.3 0.0 0.0 -0.3 1.8 1.3 1.5 1.3 2.0 1.1 2.3 3.2 1.1 9 10 11 1.5 0.6 2.5 0.5 1.1 0.2 0.6 -0.0 0.6 0.1 1.8 -0.0 -0.8 -0.5 2.0 -0.9 2.1 -0.4 2.3 -0.0 12 13 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 3.1 0.0 3.5 0.1 4.6 0.0 4.8 0.1 5.4 0.2 4.6 0.2 8.9 0.2 12.1 0.3 4.1 0.6 1.8 0.8 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 0.7 0.0 0.2 0.6 1.1 0.0 0.0 1.0 1.2 0.0 0.2 1.0 1.0 0.0 0.2 0.8 0.9 0.0 0.0 0.8 1.0 0.0 0.1 0.9 1.2 0.0 0.3 0.8 7.3 0.0 0.5 6.8 3.6 0.0 -0.0 3.6 4.6 0.0 -0.0 4.6 16 17 18 19 20 Pension fund reserves (liabilities) (3) 6.3 7.9 7.6 7.9 8.2 8.9 9.9 27.7 17.1 19.4 20 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 23 FFA, 1965-1974, Z.1, June 8, 2006 F.119 State and Local Government Employee Retirement Funds Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 3.3 4.2 4.1 4.8 5.5 6.4 6.6 8.5 9.5 9.3 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 -0.1 0.2 0.0 0.0 0.1 0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.2 -0.1 0.0 0.0 0.2 0.0 0.0 0.0 -0.2 0.6 0.0 0.0 -0.3 0.7 0.0 0.0 4 5 6 7 8 Credit market instruments 2.9 3.7 3.3 3.4 3.8 4.1 3.3 4.6 5.7 6.3 8 0.0 0.1 0.1 0.0 -0.0 0.2 0.0 -1.0 0.1 0.0 -0.2 0.6 0.0 -0.5 0.2 0.0 -0.3 -0.1 0.0 -1.2 0.1 0.0 -0.3 0.6 0.0 -1.1 1.2 0.0 -0.9 1.2 9 10 11 -0.3 2.3 0.7 -0.1 2.9 0.8 -0.1 3.7 0.5 -0.0 2.6 0.4 -0.1 4.0 0.2 -0.3 4.5 0.3 0.1 3.9 0.4 -0.1 4.2 0.2 -0.3 5.2 0.7 -0.7 6.1 0.6 12 13 14 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 15 16 Corporate equities Mutual fund shares 0.4 0.0 0.5 0.0 0.7 0.0 1.3 0.0 1.8 0.0 2.1 0.0 3.2 0.0 3.7 0.0 3.4 0.0 2.6 0.0 15 16 17 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 3.3 4.2 4.1 4.8 5.5 6.4 6.6 8.5 9.5 9.3 18 3.0 2.1 2.7 1 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 Federal Government Retirement Funds (1) Billions of dollars 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 1.3 1.3 1.3 1.3 1.5 2.4 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 0.0 1.3 0.0 1.3 0.0 1.3 0.0 1.3 0.0 1.5 0.0 2.4 0.0 2.8 0.0 3.0 0.0 2.1 0.0 2.7 6 7 1.3 1.3 1.3 1.3 1.5 2.4 2.8 3.0 2.1 2.7 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 24 FFA, 1965-1974, Z.1, June 8, 2006 F.121 Money Market Mutual Funds (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 0.1 2 3 4 5 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.6 0.1 0.0 0.0 0.0 6 7 8 9 10 11 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 13 6 7 8 9 10 11 12 13 Net share issues (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars 1 Gross saving 2 Net acquisition of financial assets -0.1 0.1 0.2 0.1 0.1 -0.1 -0.0 -0.0 -0.3 -0.2 1 2.2 2.5 1.1 2.5 3.3 1.6 0.1 -1.5 -1.1 0.1 2 3 Security RPs 0.2 0.3 0.1 0.2 0.6 -0.2 -0.1 -0.1 0.5 -0.3 3 4 5 6 7 8 9 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.7 0.2 0.0 0.0 0.0 0.4 1.3 0.3 0.6 0.0 0.0 0.4 -0.8 0.1 -0.5 0.0 0.0 -0.4 -0.2 0.2 0.2 0.0 0.0 -0.6 1.0 0.6 -0.5 0.0 0.0 0.9 0.6 -0.2 0.2 0.0 0.0 0.6 -0.2 -0.1 -0.3 0.0 0.0 0.2 0.5 -0.1 0.1 0.0 0.0 0.5 0.6 0.5 -0.0 0.0 0.0 0.1 0.8 -0.3 0.4 0.0 0.0 0.6 4 5 6 7 8 9 Corporate equities Miscellaneous assets 1.3 0.0 1.0 0.0 1.8 0.0 2.5 0.0 1.8 0.0 1.2 0.0 0.4 0.0 -1.8 0.0 -2.2 0.0 -0.4 0.0 10 11 2.2 2.5 1.1 2.5 3.3 1.6 0.1 -1.5 -1.1 0.1 12 -0.1 0.1 0.2 0.1 0.1 -0.1 -0.0 -0.0 -0.3 -0.2 13 10 11 12 Net share issues (liabilities) 13 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Billions of dollars Closed-end funds 1 Net acquisition of financial assets -0.7 0.3 -0.8 0.7 0.5 -2.3 1.1 -0.1 2.7 0.9 1 2 3 4 5 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.4 0.1 0.0 0.3 -0.0 -0.0 0.0 0.0 -0.7 -0.1 0.0 -0.6 0.6 0.1 0.0 0.4 0.3 0.1 0.0 0.2 0.5 0.1 0.0 0.4 -0.2 -0.1 0.0 -0.1 2 3 4 5 6 Corporate equities -0.7 0.3 -1.0 0.3 0.5 -1.6 0.5 -0.4 2.1 1.1 6 -0.7 0.3 -0.8 0.7 0.5 -2.3 1.1 -0.1 2.7 0.9 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 7 Net share issues (liabilities) Exchange-traded funds 8 Net acquisition of financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 13 Net share issues (liabilities) 25 FFA, 1965-1974, Z.1, June 8, 2006 F.124 Government-Sponsored Enterprises (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.4 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 2.3 5.0 -0.0 3.3 9.2 10.3 0.7 4.0 18.8 18.2 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.0 0.0 0.8 0.1 0.0 -0.6 -0.0 0.0 0.4 0.1 0.0 2.3 -0.0 0.0 -1.0 4 5 6 7 Credit market instruments 2.3 5.1 -0.0 3.2 8.6 8.8 1.1 4.0 15.4 20.9 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 0.1 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 -0.6 -0.0 0.0 1.1 0.0 0.0 -0.6 0.0 0.4 -1.2 0.0 -0.2 -0.1 0.1 0.9 0.3 0.1 8 9 10 11 12 Municipal securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 1.0 0.0 0.4 0.7 1.6 0.0 0.6 0.9 -1.8 0.0 0.7 -2.5 1.2 0.0 0.3 0.9 4.8 0.0 0.8 4.0 2.3 0.0 1.0 1.3 -2.0 0.0 0.7 -2.7 0.8 0.0 0.7 0.0 8.5 0.0 1.4 7.2 9.3 0.0 2.6 6.7 13 14 15 16 17 18 19 20 21 Mortgages Home Multifamily residential Farm Consumer credit (2) 1.1 0.5 -0.0 0.6 0.0 2.6 1.9 0.0 0.7 0.0 1.8 1.1 -0.0 0.7 0.0 2.2 1.6 0.0 0.5 0.0 4.4 3.8 0.0 0.6 0.0 5.4 4.6 0.3 0.5 0.0 3.6 2.1 0.8 0.7 0.0 4.0 1.8 1.0 1.2 0.0 7.1 3.4 1.8 1.9 0.0 10.3 5.6 2.2 2.5 0.0 17 18 19 20 21 0.1 -0.1 0.0 0.0 0.4 0.8 0.2 -0.3 1.0 -1.8 22 2.2 5.0 -0.1 3.2 9.1 10.0 0.6 3.9 18.4 17.7 23 2.1 1.9 0.2 4.8 5.1 -0.2 -0.6 -0.6 -0.1 3.5 3.2 0.2 8.8 9.1 -0.3 8.2 8.2 0.0 1.1 1.1 0.0 3.5 3.5 0.0 16.3 16.3 0.0 17.3 16.6 0.7 24 25 26 22 23 24 25 26 27 28 Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy 0.1 0.2 0.5 -0.2 0.4 1.8 -0.5 0.4 2.2 0.4 27 -0.0 -0.0 -0.0 0.0 0.0 -0.2 0.0 0.0 -0.1 -0.2 28 (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars 1 Net acquisition of financial assets 0.2 0.4 0.7 0.5 0.7 1.6 4.8 4.9 3.6 4.5 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 0.1 0.0 0.1 0.1 0.2 0.0 0.1 0.1 0.4 0.0 0.1 0.2 0.3 0.0 0.1 0.1 0.4 0.0 0.1 0.2 1.2 0.0 0.1 0.3 4.2 0.1 0.1 0.4 4.0 0.3 0.3 0.3 2.9 0.2 0.3 0.2 4.4 0.2 -0.1 -0.0 2 3 4 5 0.2 0.4 0.7 0.5 0.7 1.6 4.8 4.9 3.6 4.5 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 26 FFA, 1965-1974, Z.1, June 8, 2006 F.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 Agency- and GSE-backed securities (1) Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 8 9 Consumer credit Trade credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 11 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 10 11 12 13 14 Net increase in liabilities Commercial paper Corporate bonds 15 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.129. F.127 Finance Companies (1) Billions of dollars 1 Gross saving 0.4 0.4 0.5 0.3 0.1 0.1 0.4 0.4 0.5 0.4 1 2 Fixed nonresidential investment 0.1 0.2 0.3 0.6 0.4 0.4 0.2 0.1 0.4 0.7 2 3 Net acquisition of financial assets 4.9 2.4 0.6 5.2 8.6 2.5 6.2 9.9 11.7 5.3 3 4 Checkable deposits and currency 0.2 0.2 0.1 0.1 0.1 0.2 0.3 0.3 0.2 0.2 4 5 6 Credit market instruments Other loans and advances 4.2 2.0 2.8 1.1 0.1 -0.3 4.5 2.2 7.8 5.0 1.1 0.4 4.1 1.3 8.2 4.2 10.0 5.0 7.2 4.8 5 6 0.0 2.3 0.0 1.8 0.0 0.5 0.0 2.3 0.0 2.8 0.6 0.1 0.5 2.3 0.5 3.6 0.5 4.6 0.5 1.9 7 8 0.5 -0.6 0.4 0.6 0.8 1.2 1.7 1.4 1.5 -2.2 9 7 8 9 10 11 12 13 14 Mortgages Consumer credit Miscellaneous assets Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.126. 4.2 1.7 -0.1 4.5 8.0 1.8 5.7 9.5 11.5 4.8 10 4.4 4.9 2.0 3.7 7.3 2.5 0.8 6.0 7.5 8.9 11 1.2 0.4 2.8 3.5 1.5 -0.1 2.0 0.7 -0.8 2.9 0.3 0.5 6.0 1.1 0.2 0.6 0.8 1.0 -0.5 2.3 -1.0 -1.3 4.0 3.3 2.0 3.9 1.6 3.6 5.6 -0.3 12 13 14 0.1 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 -0.2 -0.0 0.0 -0.2 -3.2 0.0 0.0 -3.2 -2.0 0.0 0.0 -2.0 0.8 0.0 0.0 0.8 0.6 0.0 0.0 0.6 -0.7 0.0 0.0 -0.7 4.8 0.0 0.6 4.2 3.4 0.0 2.4 1.1 4.0 0.0 0.6 3.4 -4.1 -0.0 -0.3 -3.8 16 17 18 19 -0.4 -0.5 -0.6 -1.0 -0.9 -1.0 -0.3 -0.1 -0.1 -0.7 20 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 27 FFA, 1965-1974, Z.1, June 8, 2006 F.128 Mortgage Companies (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net acquisition of financial assets 0.5 -0.6 0.4 0.6 0.8 1.2 2.0 1.7 1.9 -1.9 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages 0.5 0.1 0.0 -0.5 -0.1 -0.0 0.3 0.1 0.0 0.5 0.1 0.0 0.7 0.1 0.0 0.5 0.5 0.2 0.3 1.2 0.5 0.6 0.9 0.3 1.2 0.4 0.2 -1.2 -1.3 0.6 2 3 4 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent 0.5 -0.6 0.4 0.6 0.8 1.2 2.0 1.7 1.9 -1.9 5 0.5 0.0 -0.6 0.0 -1.6 2.0 2.6 -2.0 0.8 0.0 1.2 0.0 2.0 0.0 1.7 0.0 1.9 0.0 -1.9 0.0 6 7 -0.0 -0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.2 1 (1) No data are available after 1997:Q4. F.129 Real Estate Investment Trusts (REITs) Billions of dollars 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.3 0.0 0.2 0.0 0.3 0.0 0.8 0.1 0.6 0.1 0.6 0.1 2 3 4 Net acquisition of financial assets 0.0 0.0 0.0 0.8 1.2 1.9 2.5 5.3 4.9 -0.2 4 5 Checkable deposits and currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 6 Credit market instruments 0.0 0.0 0.0 0.8 1.2 1.9 2.3 4.2 5.6 0.2 6 Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 Mortgages Home Multifamily residential Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.1 0.7 1.2 0.2 0.4 0.6 1.9 0.4 0.8 0.7 2.3 0.2 0.9 1.2 4.2 0.4 2.0 1.7 5.6 0.7 2.4 2.5 0.2 -0.2 0.2 0.2 9 10 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.1 -0.6 -0.4 13 0.0 0.0 0.0 0.9 1.3 2.0 2.7 5.8 5.6 0.3 14 7 8 9 10 11 12 13 14 Miscellaneous assets Net increase in liabilities 15 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 Credit market instruments 0.0 0.0 0.0 0.8 0.7 0.7 1.9 4.6 4.9 0.3 16 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.2 0.0 0.1 0.4 0.2 0.0 0.5 0.1 0.1 0.8 0.4 0.6 0.1 2.5 0.4 1.3 0.5 0.7 0.6 3.4 0.3 -3.3 0.2 3.3 0.1 17 18 19 20 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.6 0.0 1.4 0.0 0.8 0.0 0.8 0.3 0.5 0.1 -1.4 1.4 21 22 -0.0 -0.0 -0.0 -0.2 -0.2 0.0 -0.0 -0.4 -0.0 0.1 23 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 26 27 28 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 28 FFA, 1965-1974, Z.1, June 8, 2006 F.130 Security Brokers and Dealers Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Gross saving 0.2 0.2 0.3 0.4 0.1 -0.1 0.2 0.2 0.5 0.5 1 2 Fixed nonresidential investment 0.2 0.2 0.2 0.3 0.4 0.5 0.6 0.6 0.8 0.8 2 3 Net acquisition of financial assets 0.5 0.9 3.4 3.8 -3.1 0.8 1.4 5.3 -2.6 -2.0 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 0.0 0.1 0.2 0.5 -0.1 -0.3 0.0 -0.0 -0.2 -0.1 4 -0.2 0.8 -0.3 0.6 0.1 2.3 -1.4 1.3 1.6 0.2 5 0.0 -0.3 0.0 -0.2 0.3 0.0 0.7 0.0 0.0 0.1 0.0 -0.8 0.0 0.0 0.4 0.0 0.8 0.0 0.0 -0.2 0.0 -0.0 0.0 -0.2 0.4 0.0 1.7 0.0 0.6 0.1 0.0 -1.6 0.0 0.1 0.1 1.0 0.2 0.0 -0.1 0.2 1.0 -0.0 0.0 0.2 0.4 1.0 0.2 0.0 -0.4 -0.6 6 7 8 9 10 0.2 0.4 0.1 0.3 -0.0 -0.1 0.1 3.2 0.3 -0.3 2.8 0.1 0.6 -3.5 -0.2 -0.0 -1.3 0.1 -0.1 2.6 0.2 0.1 3.7 0.2 0.6 -4.3 -0.3 0.1 -1.6 -0.7 11 12 13 14 Net increase in liabilities 0.4 0.9 3.2 3.5 -3.1 1.0 1.2 5.2 -2.7 -1.7 14 15 16 17 Security RPs (net) Corporate bonds Corporate equity issues -0.4 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 0.0 -0.3 0.0 0.0 0.1 0.0 0.0 0.5 0.0 0.0 -0.1 0.0 0.0 -0.8 0.0 0.3 0.2 0.0 0.3 -0.9 0.0 0.3 15 16 17 18 19 20 21 22 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 0.0 0.7 0.9 -0.2 0.0 0.0 0.8 0.2 0.6 0.0 0.0 3.8 2.3 1.5 0.1 0.1 3.7 2.4 1.3 0.0 0.1 -3.1 -2.0 -1.1 -0.1 0.0 0.5 -1.0 1.4 0.0 0.1 1.3 0.5 0.8 -0.0 0.1 4.9 0.2 4.8 0.0 0.0 -3.6 -0.2 -3.4 -0.0 0.1 -2.1 -1.0 -1.0 -0.1 18 19 20 21 22 23 24 25 26 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other -0.1 -0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.1 -0.0 -2.0 2.0 -0.1 0.0 2.0 -2.1 -0.1 0.0 0.0 -0.1 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 -0.1 0.8 0.0 0.0 0.8 -0.3 -0.0 0.8 -1.0 0.2 0.3 1.0 -1.1 23 24 25 26 27 28 Proprietors’ net investment Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.8 27 -0.2 -0.1 -0.2 -0.2 -0.2 -0.4 -0.5 -0.5 -0.4 -0.0 28 0.2 0.3 0.1 0.2 0.6 -0.2 -0.1 -0.1 0.5 -0.3 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 F.131 Funding Corporations (1) Billions of dollars 1 Net acquisition of financial assets 2 Money market fund shares 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 15 16 Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 0.2 0.3 0.1 0.2 0.6 -0.2 -0.1 -0.1 0.5 -0.3 3 0.2 0.0 0.3 0.0 0.1 0.0 0.2 0.0 0.6 0.0 -0.2 0.0 -0.1 0.0 -0.1 0.0 0.5 0.0 -0.3 0.0 4 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 8 0.2 0.3 0.1 0.2 0.6 -0.2 -0.1 -0.1 0.5 -0.3 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 0.2 0.0 0.0 0.2 0.3 0.0 0.0 0.3 0.1 0.0 0.0 0.1 0.2 0.0 0.0 0.2 0.6 0.0 0.0 0.6 -0.2 0.0 0.0 -0.2 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.1 0.5 0.0 0.0 0.5 -0.3 0.0 0.0 -0.3 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 29 FFA, 1965-1974, Z.1, June 8, 2006 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority 1965 1966 1967 1968 1969 -1.2 -0.6 -1.7 -0.6 -0.0 -1.7 0.0 -0.6 1970 1971 1972 1973 1974 -0.1 0.9 1.2 -2.5 -2.3 0.0 -0.2 1.5 1 -1.2 -1.2 1.0 0.1 -0.6 0.2 -0.0 0.2 2 0.0 -1.2 0.4 -1.6 1.0 0.0 -0.3 0.4 -0.0 -0.6 0.7 -0.5 -0.0 0.0 0.1 0.1 3 4 0.4 0.0 1.1 2.0 0.2 -2.5 -1.7 -0.2 -0.1 1.3 5 0.3 0.2 0.2 0.5 0.3 0.3 1.0 0.5 0.5 1.2 0.6 0.6 -0.8 -0.4 -0.4 -2.2 -1.1 -1.1 -0.4 -0.2 -0.2 0.0 0.0 0.0 -0.2 -0.1 -0.1 0.0 0.0 0.0 6 7 8 0.1 0.1 -0.0 -0.5 -0.5 -0.0 0.1 0.1 -0.0 0.9 0.9 0.0 1.0 1.0 -0.0 -0.4 -0.4 -0.0 -1.4 -1.3 -0.0 -0.2 -0.2 -0.0 0.0 0.0 -0.0 1.3 1.3 -0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have 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 included in tables on outstandings. (2) Treasury gold stock. F.201 SDR Certificates and Treasury Currency Billions of dollars SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 0.2 0.2 0.9 0.7 0.7 0.5 0.4 0.2 0.3 0.1 0.2 0.3 0.5 0.5 0.5 0.7 0.4 0.4 0.4 0.5 3 4 5 Discrepancy (seigniorage) 0.1 0.2 0.2 0.2 0.2 -0.1 0.0 -0.2 0.0 -0.1 5 -0.3 0.1 0.1 0.5 -0.4 -0.4 0.4 0.9 1.2 -0.2 1 0.0 -0.3 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.5 0.0 0.0 -0.4 0.0 0.0 -0.4 0.0 0.0 0.4 0.0 0.0 0.9 0.0 0.0 1.2 0.0 0.0 -0.2 0.0 2 3 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 30 FFA, 1965-1974, Z.1, June 8, 2006 F.203 Net Interbank Transactions Billions of dollars 1965 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries 1966 1967 1968 1969 1970 1971 1972 1973 1974 0.6 6.0 2.3 5.8 12.4 -3.0 -1.7 -4.8 -2.7 -1.1 1 0.7 0.4 0.3 1.9 1.3 0.6 1.8 1.3 0.5 2.0 0.8 1.3 0.3 0.2 0.1 1.8 2.1 -0.3 4.1 3.6 0.5 -1.0 -2.1 1.1 3.5 1.4 2.0 -0.3 -1.2 1.0 2 3 4 -0.1 -0.4 4.0 0.3 0.5 -0.1 3.8 1.0 12.1 -0.0 -4.8 1.0 -5.9 -0.2 -3.8 1.6 -6.2 -1.6 -0.8 -2.1 5 6 0.1 2.9 0.6 2.1 12.3 -6.4 -4.6 -0.7 -5.2 -1.2 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 0.1 0.3 0.3 0.0 2.9 2.7 2.7 0.0 0.6 0.2 0.2 0.0 2.2 1.8 1.8 0.0 12.3 11.3 11.4 0.0 -6.2 -6.0 -6.0 0.0 -4.4 -4.9 -4.9 -0.1 -0.5 -0.5 -0.2 0.3 -4.9 -0.9 -0.2 0.6 -0.4 -1.6 2.6 4.2 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -0.2 -0.2 0.0 0.2 0.3 0.1 0.4 0.5 0.1 0.4 0.5 0.2 1.0 1.2 0.2 -0.2 0.2 0.5 0.5 0.7 0.2 0.1 0.5 0.4 -1.5 -0.3 1.2 2.2 4.5 2.3 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.5 0.0 2.5 -1.0 0.0 1.0 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. -0.1 -0.1 0.0 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.0 0.3 0.2 0.0 0.3 0.0 0.3 0.9 0.6 0.2 18 19 20 0.2 0.8 0.0 0.6 -0.1 0.6 -1.0 -4.6 0.6 2.5 21 0.2 0.2 -0.0 0.0 0.2 0.7 0.8 -0.0 0.0 0.8 0.7 0.6 0.6 0.0 0.0 0.9 1.0 0.4 0.0 0.6 0.3 0.6 0.7 0.0 -0.1 1.3 1.7 1.1 0.0 0.6 -1.8 0.2 1.2 0.0 -1.0 -6.8 -4.1 0.6 0.0 -4.6 -3.4 4.9 4.2 0.0 0.6 -0.9 7.0 4.6 0.0 2.5 22 23 24 25 26 0.0 0.0 0.1 0.0 -0.0 0.0 0.1 0.0 0.3 0.0 0.5 0.0 2.0 0.0 2.7 0.0 8.3 0.0 7.2 0.8 27 28 0.0 0.0 -0.0 0.1 0.1 -0.0 -0.6 -0.0 0.6 -0.3 0.1 0.4 -0.4 0.3 0.7 -0.6 0.5 1.1 0.7 2.0 1.2 2.2 2.7 0.6 4.0 8.3 4.2 2.6 7.2 4.6 29 30 31 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.8 0.0 32 33 34 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 0.4 5.1 2.3 5.2 12.6 -3.6 -0.7 -0.2 -3.3 -3.6 35 36 Net change in assets Rest of the world 0.1 2.9 0.6 2.1 12.3 -6.4 -4.6 -0.7 -5.2 -1.2 36 37 Domestic 0.3 2.3 1.7 3.1 0.3 2.8 3.9 0.6 1.9 -2.3 37 -0.4 -0.4 -0.1 0.3 0.3 0.1 -0.1 -0.0 -0.0 1.0 1.0 0.0 -0.0 -0.0 -0.0 1.0 0.8 0.2 -0.2 0.1 -0.3 1.6 -0.4 1.9 -1.6 -0.9 -0.7 -2.1 -1.1 -1.0 38 39 40 0.7 0.4 0.3 1.9 1.3 0.6 1.8 1.3 0.5 2.0 0.8 1.3 0.3 0.2 0.1 1.8 2.1 -0.3 4.1 3.6 0.5 -1.0 -2.1 1.1 3.5 1.4 2.0 -0.3 -1.2 1.0 41 42 43 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44 0.2 0.8 0.0 0.6 -0.1 0.6 -1.0 -4.6 0.6 2.5 45 31 FFA, 1965-1974, Z.1, June 8, 2006 F.204 Checkable Deposits and Currency Billions of dollars 1965 1 Net change in liabilities 1966 1967 1968 1969 1970 1971 1972 1973 1974 7.3 4.5 15.3 15.1 8.1 12.8 18.0 24.4 16.6 7.0 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 1.9 -0.2 -0.1 2.1 2.4 0.2 0.2 2.0 2.9 0.9 -0.0 2.0 1.5 -1.1 0.1 2.5 3.3 0.6 -0.1 2.8 3.1 -0.4 -0.0 3.5 4.5 0.9 0.1 3.5 3.1 -1.1 -0.1 4.3 3.4 -0.5 -0.1 3.9 6.9 0.4 0.2 6.3 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 5.4 -1.0 0.2 6.2 2.1 -0.5 0.2 2.4 12.4 0.2 0.3 11.8 13.5 -0.2 0.5 13.3 4.8 0.0 0.4 4.3 9.7 2.9 0.6 6.2 13.5 2.2 -0.3 11.6 21.2 0.7 1.7 18.8 13.1 -1.0 3.0 11.1 -0.1 -5.1 2.6 2.3 6 7 8 9 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.2 0.0 0.1 0.0 10 11 10 11 Savings institutions Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 Net change in assets 7.3 4.5 15.3 15.1 8.1 12.8 18.0 24.4 16.6 7.0 12 13 Household sector 6.6 2.4 10.3 9.4 -1.6 7.2 13.3 12.9 11.9 4.9 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 0.4 0.3 0.0 0.1 -0.7 -0.7 0.0 0.0 2.7 2.5 0.0 0.1 2.9 2.7 0.0 0.2 5.7 5.6 0.0 0.1 1.1 0.9 0.0 0.1 -1.3 -1.5 0.0 0.2 2.6 2.4 0.0 0.3 2.0 1.4 0.4 0.2 1.2 1.2 0.3 -0.3 14 15 16 17 18 19 State and local governments Federal government -0.6 -1.6 0.5 -0.4 0.8 0.5 -0.7 -2.3 1.9 1.6 -1.0 3.5 0.8 3.5 0.5 -1.0 0.0 -1.8 0.2 -4.6 18 19 20 21 22 Rest of the world Checkable deposits Currency 0.3 0.1 0.1 0.7 0.4 0.3 0.6 0.3 0.2 0.9 0.6 0.3 0.8 0.3 0.5 1.0 0.5 0.5 0.3 -0.2 0.5 2.2 1.6 0.6 3.6 2.9 0.7 3.9 2.8 1.1 20 21 22 23 Financial sectors 0.3 -0.4 0.2 0.5 -0.3 0.7 0.9 1.9 1.0 0.8 23 24 25 26 Commercial banking Savings institutions Credit unions -0.0 0.1 0.0 0.0 -0.6 0.0 0.1 -0.3 0.1 0.0 -0.4 -0.0 0.0 -0.3 -0.0 0.1 0.1 0.2 0.1 -0.1 0.1 0.2 0.5 0.0 0.3 0.1 -0.0 -0.2 0.2 0.0 24 25 26 27 28 29 30 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -0.1 0.0 0.0 0.0 0.0 0.0 -0.2 0.1 -0.0 0.0 0.1 -0.1 0.1 0.1 0.1 0.1 -0.0 -0.0 0.0 -0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.2 0.2 0.0 0.2 0.5 0.2 -0.0 0.1 0.7 -0.2 0.1 -0.1 0.9 -0.3 27 28 29 30 31 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 0.0 -0.0 0.2 0.0 0.0 0.0 0.0 0.2 0.0 0.1 0.0 0.0 0.1 0.0 0.2 0.0 0.0 0.1 0.0 0.5 0.0 0.0 0.1 0.0 -0.1 0.0 -0.0 0.2 0.0 -0.3 0.0 0.1 0.3 0.0 0.0 0.0 -0.0 0.3 0.0 -0.0 0.0 0.1 0.2 0.0 -0.2 0.0 -0.0 0.2 0.0 -0.1 31 32 33 34 35 1.9 2.3 0.2 4.5 -0.0 0.4 0.5 5.3 -0.1 0.4 36 36 Mail float 32 FFA, 1965-1974, Z.1, June 8, 2006 F.205 Time and Savings Deposits Billions of dollars 1965 1 2 Net change in liabilities Small time and savings deposits 1966 1967 1968 1969 1970 1971 1972 1973 1974 33.2 20.3 40.6 33.3 -0.7 54.9 81.8 88.4 78.4 77.9 1 27.3 18.0 34.7 26.6 14.4 30.6 68.4 70.7 39.4 36.9 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14.2 14.2 0.0 0.0 11.0 11.0 0.0 0.0 18.1 18.1 0.0 0.0 13.9 13.9 0.0 0.0 6.5 6.0 0.0 0.5 14.3 14.2 0.0 0.1 28.7 28.6 0.0 0.1 25.7 25.6 -0.0 0.1 12.8 12.6 0.1 0.1 17.4 17.3 0.1 0.0 3 4 5 6 7 8 Savings institutions Credit unions 12.1 1.0 6.1 0.8 15.6 1.0 11.5 1.2 6.5 1.4 14.6 1.7 36.8 2.9 41.8 3.3 23.7 2.9 16.5 3.0 7 8 9 Large time deposits (1) 5.9 2.3 5.9 6.7 -15.1 24.2 13.5 17.7 39.1 41.0 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 5.9 5.8 0.1 0.0 2.3 2.3 0.0 0.0 5.9 5.8 0.1 0.0 6.7 6.6 0.1 0.0 -15.1 -15.8 0.2 0.5 23.5 23.1 0.3 0.1 12.7 12.4 0.2 0.1 16.8 17.0 -0.3 0.1 38.0 37.1 0.8 0.1 39.3 38.2 1.0 0.0 10 11 12 13 14 15 Savings institutions Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.8 0.0 0.9 0.0 1.1 0.0 1.7 0.0 14 15 16 Net change in assets 33.2 20.3 40.6 33.3 -0.7 54.9 81.8 88.4 78.4 77.9 16 17 Household sector 27.5 18.8 34.9 30.3 9.1 41.5 65.0 71.7 61.5 54.2 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 2.3 2.3 0.0 -0.4 -0.4 0.0 1.1 1.1 0.0 -0.6 -0.6 0.0 -5.4 -5.4 0.0 3.1 1.7 1.4 5.8 4.2 1.6 4.0 2.4 1.6 6.3 4.7 1.6 5.4 3.8 1.6 18 19 20 21 22 23 State and local governments Federal government Rest of the world 2.4 -0.0 0.6 1.3 -0.0 0.3 2.3 0.0 1.3 3.1 0.1 -0.3 -5.8 -0.2 1.4 10.0 0.3 -1.7 7.2 0.1 0.3 6.7 0.1 2.9 6.6 -0.2 2.8 5.0 0.0 7.7 21 22 23 24 Financial sectors 0.4 0.4 1.0 0.6 0.2 1.7 3.5 3.0 1.3 5.5 24 25 26 Savings institutions Credit unions 0.0 0.0 0.1 -0.2 0.1 0.2 0.1 -0.2 -0.0 -0.4 0.4 0.4 1.7 0.9 1.1 0.6 -0.5 -0.4 0.7 0.6 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises 0.4 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.6 0.2 0.0 0.0 0.7 0.1 0.0 0.0 0.7 -0.1 0.0 0.0 0.9 0.0 0.0 0.0 1.0 -0.1 0.0 0.0 1.2 0.0 0.0 0.0 1.5 0.6 0.0 0.0 1.9 0.7 1.6 0.0 27 28 29 30 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars 1 Net issues 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1 2 Net purchases 3 4 5 6 7 8 9 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 2 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 0.0 0.0 0.0 3 4 5 6 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 9 10 33 FFA, 1965-1974, Z.1, June 8, 2006 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars 1 Net change in liabilities 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 6 7 8 Savings institutions REITs Brokers and dealers (net) 9 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 17 18 19 20 21 22 23 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 0.8 -0.0 -0.7 0.6 6.0 -3.6 3.9 1.7 16.4 2.2 1 1.2 1.2 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.0 -0.0 0.0 0.0 0.9 0.9 0.0 0.0 5.9 5.9 0.0 0.0 -4.1 -4.1 0.0 0.0 4.0 4.0 0.0 0.0 2.2 2.2 0.0 0.0 16.3 16.3 0.0 0.0 1.4 1.4 0.0 0.0 2 3 4 5 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 0.0 -0.3 0.0 0.0 0.1 0.0 0.0 0.5 0.0 0.0 -0.1 0.3 0.0 -0.8 0.0 0.0 0.2 1.7 0.0 -0.9 6 7 8 1.4 2.6 -1.2 -0.9 7.1 -6.3 3.0 1.7 15.7 -4.6 9 0.3 1.1 0.0 0.3 1.5 0.0 -0.2 -0.5 0.0 0.5 -1.5 0.0 2.2 3.9 0.0 -3.1 -4.0 0.0 0.8 0.6 0.0 1.6 -0.1 0.0 8.6 1.4 0.5 -5.8 -1.8 0.0 10 11 12 0.1 -0.2 0.0 0.0 0.8 0.4 0.0 0.0 -0.4 -0.5 0.0 0.0 0.2 -0.3 0.1 0.0 1.1 0.0 0.2 0.0 0.8 0.0 0.1 0.0 1.6 1.5 0.7 0.0 0.2 -1.4 0.5 0.0 5.2 -0.0 2.0 0.0 3.0 1.3 2.3 0.0 13 14 15 16 0.0 0.1 0.0 0.0 0.2 -0.0 0.0 0.1 0.0 0.0 0.3 0.0 0.0 0.1 0.0 0.0 0.1 -0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.1 0.0 0.0 0.6 0.2 0.0 0.1 0.0 0.0 -0.2 0.8 0.0 0.1 0.0 0.0 -0.1 -0.6 0.0 0.8 0.0 0.0 -0.1 0.4 0.0 0.4 0.0 0.0 0.5 2.3 0.0 0.5 0.0 0.1 -0.3 -1.0 17 18 19 20 21 22 -0.6 -2.7 0.5 1.5 -1.2 2.7 0.8 -0.0 0.7 6.8 23 0.9 4.6 4.2 4.2 12.5 2.1 -0.1 1.6 8.4 17.8 1 0.9 4.3 3.4 4.1 11.4 0.5 -0.9 2.6 6.4 8.1 2 -0.3 0.0 0.0 0.0 0.8 0.0 0.0 0.0 1.4 0.0 0.0 0.0 1.2 0.0 0.0 0.0 1.1 0.0 0.0 0.0 1.8 0.0 0.0 0.0 -0.9 0.0 0.0 0.0 0.7 0.0 0.0 0.0 1.4 0.0 0.0 0.0 4.1 0.2 0.2 0.0 3 4 5 6 F.208 Open Market Paper Billions of dollars 1 2 3 4 5 6 Total net issues, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 1.2 0.0 0.0 1.2 0.0 0.0 3.5 0.0 0.0 3.5 0.0 0.0 2.0 0.0 0.0 2.0 0.0 0.0 2.9 0.0 0.0 2.9 0.0 0.0 10.3 4.3 0.0 6.0 0.0 0.0 -1.3 -1.9 0.0 0.6 0.0 0.0 -0.1 -0.4 0.0 -0.5 0.8 0.0 1.9 0.7 0.0 -1.3 2.5 0.0 4.9 2.2 0.0 2.0 0.7 0.0 3.8 3.5 0.0 3.6 -3.3 0.0 7 8 9 10 11 12 13 Bankers acceptances (1) 0.0 0.2 0.7 0.1 1.0 1.6 0.8 -1.0 2.0 9.7 13 14 Net purchases, by sector 0.9 4.6 4.2 4.2 12.5 2.1 -0.1 1.6 8.4 17.8 14 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 0.9 -0.3 0.0 0.4 2.3 1.5 0.0 0.2 1.8 1.1 0.0 0.0 2.0 1.1 0.0 0.6 6.4 2.5 0.0 1.0 -2.0 1.8 0.0 0.5 -2.8 1.9 0.0 -0.2 -4.4 3.0 0.0 -0.1 4.8 0.6 0.0 0.3 5.9 4.1 0.0 0.4 15 16 17 18 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 0.0 -0.5 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 1.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.0 -0.0 1.4 0.0 0.0 0.0 0.5 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.5 0.0 0.0 0.5 1.4 0.0 0.0 19 20 21 22 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.0 0.8 0.0 0.0 0.6 0.0 0.0 0.2 1.8 0.0 0.0 1.3 0.0 1.1 2.3 0.0 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 0.0 0.2 0.0 0.0 0.2 0.0 0.3 0.0 0.0 0.3 0.0 0.1 0.0 0.0 0.1 0.0 0.2 0.0 0.0 0.2 0.0 0.6 0.0 0.0 0.6 0.0 -0.2 0.0 0.0 -0.2 0.0 -0.1 0.0 0.0 -0.1 0.0 -0.1 0.4 1.0 -0.1 0.0 0.5 -0.2 1.0 0.5 0.6 -0.3 0.9 1.0 -0.3 26 27 28 29 30 (1) Excludes banks’ holdings of own acceptances. 34 FFA, 1965-1974, Z.1, June 8, 2006 F.209 Treasury Securities Billions of dollars 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1.2 2.3 8.9 9.4 -0.8 13.1 26.0 14.2 6.6 12.1 1 0.6 0.5 0.6 1.7 1.0 7.9 0.6 8.8 -0.1 -0.7 0.3 12.8 2.3 23.7 3.3 10.9 2.7 3.9 3.0 9.1 2 3 1.2 2.3 8.9 9.4 -0.8 13.1 26.0 14.2 6.6 12.1 4 1.2 0.6 0.6 4.3 0.6 3.7 -0.1 1.0 -1.1 2.7 0.6 2.1 11.5 -0.1 11.6 -10.2 0.3 -10.5 -8.8 2.3 -11.2 2.9 3.3 -0.3 10.5 2.7 7.9 5.7 3.0 2.7 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments -1.9 0.0 2.2 -1.5 0.0 0.6 -2.4 0.1 -0.4 0.3 0.2 0.2 -3.3 0.2 3.1 0.6 0.2 -0.1 2.8 0.2 -0.4 -2.2 0.2 2.3 -4.4 0.1 1.2 1.4 0.1 0.5 8 9 10 11 12 Rest of the world Monetary authority -0.3 4.0 -1.9 3.2 2.1 5.3 -0.6 4.0 -2.4 4.2 9.5 5.0 26.5 6.9 8.4 0.8 0.4 8.7 4.9 1.6 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -3.4 -3.4 0.1 0.0 -0.0 -3.4 -3.4 -0.1 0.0 0.0 6.5 6.3 0.1 0.0 0.0 2.1 2.0 0.0 0.0 0.0 -9.7 -9.8 0.0 0.0 0.0 6.9 7.0 -0.1 0.0 0.0 3.1 3.2 -0.2 0.0 0.2 2.4 2.1 0.1 0.0 0.2 -8.9 -8.8 -0.0 0.0 -0.1 -4.1 -3.9 0.1 0.0 -0.2 13 14 15 16 17 18 19 Savings institutions Credit unions 0.2 0.0 -0.2 0.0 1.2 0.0 0.1 0.0 -1.9 0.2 -1.3 0.0 -0.4 0.0 -0.5 -0.0 -1.7 0.3 -1.1 0.1 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -0.2 -0.5 -0.2 0.1 0.0 -0.5 -0.2 -0.2 -0.0 0.0 -0.7 -0.2 -0.3 -1.0 0.0 -0.4 -0.2 0.4 -0.2 0.0 -0.5 -0.3 -0.2 -0.5 0.0 -0.1 -0.1 -0.1 -0.3 0.0 -0.2 -0.2 0.0 -1.2 0.0 -0.3 -0.0 1.3 -0.3 0.0 -0.1 -0.4 2.0 -1.1 0.0 0.0 -0.1 3.2 -0.9 0.0 20 21 22 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 0.0 0.0 -0.0 0.0 0.1 -0.3 0.0 0.6 -0.0 0.0 0.9 0.7 0.0 -0.5 0.0 0.0 0.0 -0.8 0.0 0.2 0.1 0.0 -0.1 0.8 0.0 -0.5 -0.0 0.0 -0.6 -0.0 0.0 0.2 -0.1 0.0 1.1 1.7 0.0 -0.3 0.1 0.0 -0.6 -1.6 0.0 0.1 0.1 0.0 -1.2 0.2 0.0 -0.0 0.1 0.0 -0.1 -0.0 0.1 0.4 -0.1 0.0 0.3 0.2 25 26 27 28 29 30 1.6 3.6 12.9 12.5 -3.2 12.1 24.9 15.0 6.9 11.9 31 Memo: 31 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 35 FFA, 1965-1974, Z.1, June 8, 2006 F.210 Agency- and GSE-backed Securities (1) Billions of dollars 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 1966 1967 1968 1969 1970 1971 1972 1973 1974 2.6 6.9 4.3 6.9 7.4 8.8 4.9 9.3 20.4 21.0 1 0.4 1.9 0.2 1.4 5.1 0.4 4.2 -0.6 0.7 3.2 3.2 0.5 -2.3 9.1 0.7 -1.0 8.2 1.6 -1.1 1.1 4.8 0.9 3.5 4.9 0.4 16.3 3.6 -0.1 16.6 4.5 2 3 4 2.6 6.9 4.3 6.9 7.4 8.8 4.9 9.3 20.4 21.0 5 Household sector Nonfinancial corporate business State and local governments 0.9 0.2 0.2 4.7 -0.2 -0.7 0.4 -0.0 0.4 -0.1 0.4 3.4 5.2 0.2 1.4 4.6 -0.5 -2.3 -1.3 -0.3 -2.2 -5.7 0.1 3.3 -0.6 1.0 6.6 6.4 0.9 3.1 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 0.3 0.0 1.3 0.3 0.0 -0.1 0.3 0.0 0.1 0.3 0.0 -1.3 0.3 0.0 -0.1 0.3 0.0 0.0 0.0 0.5 -0.0 0.1 0.8 -0.0 0.1 0.6 -0.0 -0.5 2.8 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 0.6 0.6 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 3.0 3.0 0.0 0.0 0.0 1.3 1.3 0.0 0.0 0.0 -0.3 -0.3 0.0 0.0 0.0 3.8 3.8 0.0 0.0 0.0 4.0 4.0 0.0 0.0 0.0 4.1 3.9 0.2 0.0 0.0 7.6 7.4 0.2 0.0 0.0 3.6 3.5 0.1 0.0 0.0 12 13 14 15 16 17 18 Savings institutions Credit unions 0.0 0.0 0.1 0.1 0.2 0.1 0.3 0.1 1.2 0.1 2.2 0.3 3.8 0.2 3.4 0.6 2.2 0.2 1.3 0.3 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.1 0.0 -0.0 0.1 0.0 0.7 0.1 -0.0 0.2 0.0 -0.1 -0.0 -0.1 0.1 0.0 0.2 0.1 0.1 0.6 0.0 0.2 0.1 0.2 0.2 0.0 0.0 0.1 0.3 -0.1 0.0 0.3 0.1 -0.3 0.1 0.0 0.4 0.1 1.5 0.6 0.0 0.0 0.1 1.1 1.2 0.0 0.4 0.2 1.1 1.2 0.0 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 6 7 8 Net purchases 1965 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32. 36 FFA, 1965-1974, Z.1, June 8, 2006 F.211 Municipal Securities and Loans Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 7.2 6.2 7.2 8.4 11.4 12.0 16.2 14.2 16.0 15.3 1 2 3 4 State and local governments Short-term (1) Long-term 7.2 0.6 6.6 6.2 0.7 5.6 7.2 1.8 5.3 8.4 0.1 8.3 11.4 2.8 8.6 12.0 2.3 9.6 16.1 2.5 13.6 13.6 0.1 13.6 13.8 0.3 13.5 12.8 2.7 10.0 2 3 4 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.9 5 6 7 Net change in liabilities 1965 Net change in assets 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.5 1.8 1.6 6 7.2 6.2 7.2 8.4 11.4 12.0 16.2 14.2 16.0 15.3 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 1.7 0.9 0.0 -0.1 4.6 -1.0 0.0 -0.0 -3.0 -0.3 0.0 0.0 -1.6 0.5 0.0 0.0 10.8 -1.0 0.0 0.1 -0.1 -0.6 0.0 0.1 -1.2 1.0 0.0 -0.3 1.7 1.0 0.0 -0.3 6.6 -0.1 0.0 0.2 7.1 0.6 0.0 0.5 8 9 10 11 12 13 Commercial banking Savings institutions 5.1 -0.1 2.4 -0.1 9.1 -0.0 8.6 0.1 0.6 0.0 10.7 0.0 12.6 0.2 7.2 0.5 5.7 0.1 5.4 0.3 12 13 14 15 16 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 0.4 -0.2 -0.3 0.7 -0.3 -0.1 1.5 -0.1 -0.1 0.9 0.0 -0.0 1.1 0.0 -0.1 1.5 0.1 -0.3 3.5 0.1 0.1 4.3 0.0 -0.1 3.6 0.0 -0.3 2.2 0.3 -0.7 14 15 16 17 18 19 20 21 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 -0.4 17 18 19 20 21 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars 1 6.5 12.5 16.8 14.6 14.0 23.2 24.5 20.6 15.5 29.0 1 2 3 Nonfinancial corporate business Rest of the world (1) 4.9 0.5 10.2 0.7 14.7 1.2 12.9 1.1 12.0 1.0 19.8 0.9 18.8 0.9 12.2 1.0 9.2 1.0 19.7 2.4 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 1.2 0.8 0.0 1.6 0.1 0.0 1.0 0.3 0.0 0.6 0.3 0.0 1.0 -0.2 0.0 2.5 1.2 0.0 4.7 2.0 0.0 7.4 3.1 0.0 5.4 0.9 0.0 6.9 1.1 0.0 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 0.0 0.4 0.0 0.0 0.0 0.0 1.5 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 1.1 0.1 0.0 0.0 0.0 0.8 0.5 0.0 0.0 0.0 2.3 0.4 0.0 0.0 0.0 4.0 0.4 0.0 0.0 0.0 3.9 0.6 0.0 0.0 0.0 5.6 0.2 0.0 0.0 7 8 9 10 11 12 Net issues 6.5 12.5 16.8 14.6 14.0 23.2 24.5 20.6 15.5 29.0 12 13 14 15 Net purchases Household sector State and local governments Rest of the world (2) -1.3 0.0 0.0 2.1 0.0 1.2 4.0 0.0 0.3 2.9 0.0 2.3 3.6 0.0 1.6 7.7 0.0 1.5 7.6 0.0 1.5 1.1 0.0 2.1 3.0 0.0 1.3 12.9 0.0 1.0 13 14 15 16 17 Commercial banking Savings institutions -0.1 -0.1 0.1 0.3 0.9 2.1 0.2 1.4 -0.1 0.6 1.1 2.7 0.9 4.9 1.3 2.6 0.3 -3.1 1.0 -0.2 16 17 18 19 20 21 22 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.6 2.8 1.5 2.3 0.0 0.6 2.4 2.5 2.9 0.0 0.7 3.8 1.1 3.7 0.0 1.2 3.7 0.6 2.6 0.0 0.8 1.7 0.6 4.0 0.0 2.3 1.5 1.8 4.5 0.0 0.3 5.5 -0.8 3.9 0.0 -0.7 7.0 2.0 4.2 0.0 -0.1 5.9 2.1 5.2 0.0 2.0 4.0 2.3 6.1 0.0 18 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 0.0 0.4 0.0 0.0 0.0 0.4 0.0 0.0 0.0 -0.4 0.1 0.0 0.0 -0.6 0.3 0.0 0.0 0.9 0.0 0.0 0.0 0.6 -0.6 0.0 0.0 0.2 0.4 0.0 0.0 0.5 0.2 0.0 0.0 0.1 0.4 0.0 0.0 0.6 -0.1 0.0 23 24 25 26 27 28 29 30 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 0.0 0.0 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.4 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.4 0.0 0.0 0.0 -0.6 0.0 27 28 29 30 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 37 FFA, 1965-1974, Z.1, June 8, 2006 F.213 Corporate Equities (1) Billions of dollars 1 Net issues 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers Net purchases 1965 1966 1967 1968 1969 -0.4 1.6 -0.0 1.3 0.3 -0.7 -0.1 0.1 0.0 -0.7 0.0 0.0 0.0 1970 1971 1972 1973 1974 1.7 1.4 5.5 5.4 14.7 13.1 12.8 5.2 1 2.4 -0.2 3.4 5.7 11.4 10.9 7.9 4.1 2 -0.0 0.1 0.5 0.5 0.2 0.2 -0.4 -0.3 -0.5 3 0.4 -0.0 0.1 0.0 0.3 0.0 0.0 0.0 -0.8 -0.0 0.1 0.0 -0.8 0.0 0.0 0.0 1.1 -0.1 0.2 0.0 0.7 0.0 0.1 0.0 1.6 -0.0 0.5 0.0 0.5 0.0 0.6 0.0 -0.4 0.1 0.4 0.0 -2.3 0.0 1.4 0.0 3.1 0.6 0.6 0.0 1.1 0.0 0.8 0.0 2.6 1.2 0.5 0.0 -0.1 0.0 0.8 0.3 5.2 1.2 0.5 0.0 2.7 0.0 0.5 0.3 1.6 1.0 0.9 0.0 0.9 0.0 -1.4 0.3 4 5 6 7 8 9 10 11 -0.4 1.6 1.7 1.4 5.5 5.4 14.7 13.1 12.8 5.2 12 -5.2 0.0 -0.4 -4.3 0.0 -0.3 -6.7 0.0 0.7 -11.7 0.0 2.1 -8.6 0.0 1.6 -4.5 0.0 0.7 -6.0 0.0 0.8 -10.4 0.0 2.4 -4.1 0.0 2.8 -1.8 0.0 0.2 13 14 15 Commercial banking Savings institutions 0.0 0.2 0.0 0.0 0.0 0.2 0.0 0.3 0.0 0.2 0.0 0.3 -0.0 0.5 0.0 0.6 0.0 0.4 0.0 0.2 16 17 18 19 20 21 22 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.1 0.7 3.1 0.4 0.0 0.4 0.2 3.5 0.5 0.0 0.3 1.0 4.6 0.7 0.0 0.8 1.3 4.8 1.3 0.0 1.0 1.3 5.4 1.8 0.0 1.0 1.6 4.6 2.1 0.0 2.5 4.0 8.9 3.2 0.0 3.0 3.8 12.1 3.7 0.0 2.4 3.3 4.1 3.4 0.0 -0.5 1.9 1.8 2.6 0.0 18 19 20 21 22 23 24 25 26 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 1.3 -0.7 0.0 0.2 1.0 0.3 0.0 0.3 1.8 -1.0 0.0 0.1 2.5 0.3 0.0 -0.3 1.8 0.5 0.0 0.6 1.2 -1.6 0.0 -0.0 0.4 0.5 0.0 -0.1 -1.8 -0.4 0.0 0.1 -2.2 2.1 0.0 0.6 -0.4 1.1 0.0 0.1 23 24 25 26 0.1 1 13 14 15 Household sector State and local governments Rest of the world (3) 16 17 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars 1 Net issues 2.2 2.5 1.1 2.5 3.3 1.6 0.1 -1.5 -1.1 2 Net purchases 2.2 2.5 1.1 2.5 3.3 1.6 0.1 -1.5 -1.1 0.1 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 2.1 0.1 0.0 2.2 0.1 0.0 0.9 0.1 0.0 2.2 0.2 0.0 2.7 0.1 0.0 1.1 -0.0 0.0 0.3 -0.1 0.0 -1.4 -0.0 0.0 -2.2 0.2 0.0 -1.4 0.3 0.0 3 4 5 6 7 Commercial banking Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 Life insurance companies Private pension funds State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.4 0.2 0.0 0.4 0.2 0.0 -0.4 0.2 0.0 -0.3 0.3 0.0 0.2 0.6 0.0 0.4 0.8 0.0 8 9 10 8 9 10 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 38 FFA, 1965-1974, Z.1, June 8, 2006 F.215 Bank Loans Not Elsewhere Classified Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Total loans by commercial banking, flow of funds basis 26.5 19.1 17.9 28.0 27.4 14.3 30.4 60.0 76.5 58.6 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit -0.5 5.7 5.4 -0.2 -0.0 4.7 3.0 0.6 1.0 4.5 3.5 1.5 0.0 6.6 6.8 1.3 0.6 5.4 4.9 -1.1 1.4 2.8 2.2 1.4 0.5 10.0 8.7 0.8 0.0 16.8 12.7 4.8 -0.5 19.8 12.6 -3.4 1.4 12.8 3.4 -1.0 2 3 4 5 6 = Banking sector total bank loans n.e.c. 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 16.1 10.9 7.4 13.3 17.5 6.5 10.5 25.7 48.0 42.0 6 16.0 0.1 0.0 0.0 10.5 0.4 0.0 0.0 7.3 0.1 0.0 0.0 12.9 0.4 0.0 0.0 12.3 1.2 3.9 0.0 5.0 2.5 -1.0 0.0 10.1 0.5 -0.1 0.0 25.1 0.8 -0.2 0.0 42.3 4.0 1.7 0.0 34.8 6.3 0.9 0.0 7 8 9 10 11 + Loans from Federal Reserve banks 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 16.1 10.8 7.4 13.3 17.5 6.5 10.5 25.7 48.0 42.0 12 13 Net change in liabilities 16.1 10.8 7.4 13.3 17.5 6.5 10.5 25.7 48.0 42.0 13 12.6 11.4 9.9 9.6 16.0 4.4 8.3 19.0 40.8 41.3 14 -0.4 10.8 0.9 0.7 0.7 8.4 1.4 0.9 2.4 6.5 0.7 0.7 -1.3 9.8 1.1 0.4 0.1 13.4 2.2 0.6 -0.7 4.8 -0.4 0.8 -0.0 4.1 0.9 1.3 0.3 12.8 1.1 1.8 3.6 26.6 5.0 2.9 5.6 22.7 7.3 1.1 15 16 17 18 0.6 0.1 0.2 0.3 -0.1 -0.1 0.1 -0.1 -0.4 0.0 -0.4 0.0 -0.4 -0.2 0.1 -0.3 -0.3 -0.0 0.2 -0.4 -0.2 -0.1 -0.1 0.0 2.0 0.2 0.9 0.9 3.0 0.2 1.1 1.7 2.7 0.4 1.6 0.7 4.7 0.3 3.1 1.3 19 20 21 22 3.5 -0.6 -2.5 3.7 1.5 2.1 2.2 6.7 7.2 0.6 23 0.2 2.8 0.5 0.0 0.1 -0.1 -0.6 0.0 -0.1 -0.8 -1.6 0.0 0.1 0.5 2.6 0.6 0.1 0.2 0.8 0.4 -0.1 1.0 1.2 0.1 0.7 -1.0 2.0 0.6 0.4 3.3 1.7 1.3 0.4 1.6 1.9 3.4 -0.4 -0.3 -1.9 3.3 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 39 FFA, 1965-1974, Z.1, June 8, 2006 F.216 Other Loans and Advances Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Total other loans and advances 6.4 7.2 3.2 8.4 16.8 9.3 4.6 7.3 22.1 30.2 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 2.8 0.2 0.3 0.2 0.1 0.3 1.5 0.2 2.7 0.5 0.4 0.2 -0.0 0.6 1.3 -0.2 3.7 0.3 0.2 0.4 0.2 0.2 2.6 -0.1 3.6 0.4 0.2 0.3 -0.1 0.3 2.2 0.2 3.4 0.4 0.1 0.3 -0.0 0.7 2.1 -0.3 2.5 0.3 0.3 0.6 -0.1 0.1 1.3 0.0 3.2 0.4 0.2 0.4 0.0 0.4 1.8 0.0 2.5 0.4 0.2 0.1 0.0 0.3 1.5 0.0 4.4 0.2 0.3 1.5 0.4 0.3 1.7 0.0 3.5 0.5 1.5 0.5 0.1 0.7 -0.5 0.7 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world 0.0 0.1 -0.1 0.2 0.3 -0.1 0.7 0.2 0.5 0.1 0.3 -0.2 1.0 0.7 0.3 1.6 0.8 0.8 0.8 0.5 0.3 -1.0 0.1 -1.0 2.0 1.1 0.9 9.6 2.5 7.1 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -0.0 -0.0 -0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.1 0.2 0.1 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 0.1 0.0 0.0 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.6 0.0 0.5 1.5 0.1 1.4 1.0 0.1 0.9 1.3 0.0 1.2 2.6 0.1 2.5 2.3 0.1 2.2 1.0 0.0 1.0 1.0 0.0 0.9 2.2 0.0 2.2 2.7 0.0 2.7 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 1.0 0.0 0.1 0.3 0.0 0.7 0.0 0.0 1.6 0.0 0.2 0.4 0.0 0.9 0.0 0.0 -1.8 0.0 0.2 0.5 0.0 -2.5 0.0 0.0 1.2 0.0 0.1 0.2 0.0 0.9 0.0 0.0 4.8 0.0 0.2 0.6 0.0 4.0 0.0 0.0 2.3 0.0 0.3 0.7 0.0 1.3 0.0 0.0 -2.0 0.0 -0.0 0.7 0.0 -2.7 0.0 0.0 0.8 0.0 0.3 0.4 0.0 0.0 0.0 0.0 8.5 0.0 0.3 1.1 0.0 7.2 0.0 0.0 9.3 0.0 1.0 1.7 0.0 6.7 0.0 0.0 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 2.0 1.8 0.2 1.1 1.0 0.1 -0.3 -0.3 -0.0 2.2 2.0 0.2 5.0 4.5 0.5 0.4 0.3 0.0 1.3 1.2 0.1 4.2 3.8 0.4 5.0 4.5 0.5 4.8 4.4 0.5 31 32 33 40 FFA, 1965-1974, Z.1, June 8, 2006 F.217 Total Mortgages Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net change in mortgages 27.5 23.7 23.7 29.6 30.7 30.8 49.3 71.9 77.7 62.2 1 2 3 4 5 Home Multifamily residential Commercial Farm 17.2 3.6 4.5 2.2 13.0 3.1 5.8 1.9 13.4 3.5 4.8 2.0 17.2 3.4 6.8 2.2 18.0 4.9 6.0 1.8 13.4 8.1 8.2 1.1 26.9 9.7 10.1 2.6 39.0 12.8 17.2 3.0 43.3 10.4 19.6 4.4 35.5 6.9 14.7 5.1 2 3 4 5 27.5 23.7 23.7 29.6 30.7 30.8 49.3 71.9 77.7 62.2 6 18.0 13.6 11.5 20.2 18.7 13.1 25.2 35.7 40.5 36.7 7 6 7 Net borrowing Household sector 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 9.6 2.5 4.8 2.2 10.2 3.6 4.8 1.9 12.2 4.3 6.0 2.0 9.3 0.4 6.7 2.2 11.9 0.8 9.3 1.8 17.7 13.2 3.3 1.1 24.1 4.0 17.5 2.6 35.8 8.2 24.6 3.0 37.0 30.2 2.4 4.4 25.5 -0.1 20.5 5.1 8 9 10 11 12 13 Federal government REITs 0.0 0.0 -0.1 0.0 -0.1 0.0 -0.1 0.2 -0.1 0.2 -0.1 0.1 -0.1 0.1 -0.1 0.5 -0.1 0.3 -0.1 0.1 12 13 14 Net change in assets 27.5 23.7 23.7 29.6 30.7 30.8 49.3 71.9 77.7 62.2 14 0.5 0.0 0.0 1.7 0.0 0.0 2.1 -0.0 0.0 2.3 -0.0 0.0 1.7 0.1 0.3 1.8 -0.0 0.4 -2.6 0.0 1.2 1.0 -0.0 1.1 -0.0 0.1 0.3 3.4 0.4 0.1 15 16 17 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 0.2 -0.0 0.2 1.0 0.1 0.9 0.2 1.4 0.5 1.0 0.9 0.3 1.1 -0.4 1.4 -0.7 1.7 -0.6 2.5 2.7 18 19 20 21 22 Commercial banking Savings institutions (1) Credit unions 5.7 13.1 0.0 4.7 7.8 0.1 4.5 9.5 0.0 6.6 12.1 0.0 5.4 12.2 0.0 2.8 11.3 0.1 10.0 25.9 0.0 16.8 36.3 0.2 19.8 32.8 0.4 12.8 21.2 0.1 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.0 4.9 0.6 0.7 0.0 4.6 0.5 0.8 0.0 2.9 0.2 0.5 0.0 2.5 -0.0 0.4 0.0 2.1 0.1 0.2 0.0 2.3 -0.0 0.3 -0.0 1.1 -0.5 0.4 -0.0 1.5 -0.9 0.2 -0.0 4.4 -0.4 0.7 -0.0 4.9 -0.0 0.6 23 24 25 26 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 1.1 0.2 0.0 2.6 0.4 0.0 1.8 0.7 0.0 2.2 0.5 0.0 4.4 0.7 0.0 5.4 1.6 0.0 3.6 4.8 0.0 4.0 4.9 0.0 7.1 3.6 0.0 10.3 4.5 0.0 27 28 29 30 31 32 Finance companies Mortgage companies REITs 0.0 0.5 0.0 0.0 -0.6 0.0 0.0 0.4 0.0 0.0 0.6 0.8 0.0 0.8 1.2 0.6 1.2 1.9 0.5 2.0 2.3 0.5 1.7 4.2 0.5 1.9 5.6 0.5 -1.9 0.2 30 31 32 (1) FHLB loans to savings institutions are included in other loans and advances. 41 FFA, 1965-1974, Z.1, June 8, 2006 F.218 Home Mortgages (1) Billions of dollars 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 17.2 13.0 13.4 17.2 18.0 13.4 26.9 39.0 43.3 35.5 1 17.2 0.0 0.0 13.0 0.0 0.0 13.4 0.0 0.0 17.2 0.0 0.0 18.0 0.0 0.0 12.3 0.2 0.9 24.4 0.5 1.9 34.9 0.8 3.2 40.5 0.6 2.2 37.0 -0.3 -1.2 2 3 4 17.2 13.0 13.4 17.2 18.0 13.4 26.9 39.0 43.3 35.5 5 1.2 0.0 0.0 1.1 0.0 0.0 1.6 0.0 0.0 2.0 0.0 0.0 1.8 0.0 0.0 -1.3 0.0 0.0 0.4 0.0 0.5 -0.8 0.0 0.4 0.6 0.0 0.1 3.0 0.0 -0.0 6 7 8 9 10 State and local governments Federal government 0.0 -0.1 0.0 0.6 -0.0 0.7 0.0 0.9 0.1 0.2 0.1 -0.1 0.1 -0.6 0.1 -0.6 0.6 -0.8 0.7 1.4 9 10 11 12 13 Commercial banking Savings institutions Credit unions 3.2 10.1 0.0 2.4 6.0 0.1 2.5 6.9 0.0 3.5 8.8 0.0 2.9 9.4 0.0 1.0 7.4 0.1 5.7 16.0 0.0 9.0 26.3 0.2 11.0 24.8 0.4 6.6 16.0 0.1 11 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 1.1 0.3 0.3 0.6 0.2 0.4 -0.5 0.1 0.2 -0.7 -0.0 0.2 -1.4 0.1 0.0 -0.9 -0.0 0.1 -2.1 -0.3 0.1 -2.3 -0.4 0.0 -1.9 -0.2 0.2 -1.4 -0.0 0.1 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.5 0.1 0.0 1.9 0.2 0.0 1.1 0.4 0.0 1.6 0.3 0.0 3.8 0.4 0.0 4.6 1.2 0.0 2.1 4.2 0.0 1.8 4.0 0.0 3.4 2.9 0.0 5.6 4.4 0.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 0.5 0.0 0.0 -0.5 0.0 0.0 0.3 0.0 0.0 0.5 0.0 0.0 0.7 0.2 0.4 0.5 0.4 0.3 0.3 0.2 0.3 0.6 0.4 0.3 1.2 0.7 0.3 -1.2 -0.2 20 21 22 ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens. Excludes home equity loans held by mortgage companies and individuals. F.219 Multifamily Residential Mortgages Billions of dollars 1 3.6 3.1 3.5 3.4 4.9 8.1 9.7 12.8 10.4 6.9 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 0.4 3.3 0.3 2.8 0.3 3.3 0.2 3.3 0.2 4.7 0.2 7.9 0.3 9.5 0.4 12.3 0.4 10.0 0.3 6.6 2 3 4 5 Federal government REITs 0.0 0.0 -0.1 0.0 -0.1 0.0 -0.1 0.1 -0.1 0.1 -0.1 0.0 -0.1 0.0 -0.1 0.2 -0.1 0.1 -0.1 0.0 4 5 6 Net change in assets 3.6 3.1 3.5 3.4 4.9 8.1 9.7 12.8 10.4 6.9 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.5 0.0 0.0 -0.1 0.0 0.0 -0.0 0.0 0.0 -0.1 0.0 0.0 -0.4 0.0 0.0 1.1 0.0 0.0 -1.6 0.0 0.3 0.3 0.0 0.3 -0.9 0.0 0.0 -0.0 0.0 -0.1 7 8 9 10 11 State and local governments Federal government 0.2 -0.0 0.1 0.3 0.1 0.2 0.2 0.3 0.4 0.7 0.6 0.5 0.7 0.4 1.0 0.3 0.9 0.3 1.4 0.7 10 11 12 13 Commercial banking Savings institutions 0.3 1.6 0.1 0.8 0.3 1.2 0.3 1.4 0.5 1.5 0.1 2.3 0.7 5.6 1.8 4.8 1.2 3.2 0.6 1.7 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 1.6 0.2 0.2 1.5 0.2 0.3 1.4 0.1 0.2 1.0 -0.0 0.1 1.5 0.1 0.1 1.7 -0.0 0.1 0.8 -0.3 0.3 0.6 -0.3 -0.1 1.1 -0.1 -0.1 1.2 0.0 0.1 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.8 0.1 0.0 1.0 0.3 0.0 1.8 0.2 0.0 2.2 0.2 0.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 0.1 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.4 0.0 0.5 0.8 0.0 1.2 0.9 0.0 0.9 2.0 0.0 0.4 2.4 0.0 -1.3 0.2 20 21 22 7 8 9 Net borrowing 42 FFA, 1965-1974, Z.1, June 8, 2006 F.220 Commercial Mortgages Billions of dollars 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 4.5 5.8 4.8 6.8 6.0 8.2 10.1 17.2 19.6 14.7 1 0.8 2.1 1.6 0.0 0.6 3.2 2.0 0.0 -1.8 4.0 2.7 0.0 2.9 0.2 3.4 0.1 0.7 0.5 4.6 0.2 0.8 12.8 -5.4 0.1 0.7 3.2 6.1 0.1 0.7 7.0 9.1 0.3 0.0 29.2 -9.8 0.2 -0.4 -0.1 15.1 0.1 2 3 4 5 4.5 5.8 4.8 6.8 6.0 8.2 10.1 17.2 19.6 14.7 6 -0.9 0.0 0.0 0.4 0.0 0.0 -0.0 -0.0 0.0 -0.6 -0.0 0.0 -0.3 0.1 0.3 1.9 -0.0 0.4 -2.6 0.0 0.4 0.7 -0.0 0.4 -1.0 0.1 0.2 -1.1 0.4 0.2 7 8 9 10 11 State and local governments Federal government 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.2 0.1 0.2 0.1 0.3 -0.2 0.2 -0.1 0.3 0.3 10 11 12 13 Commercial banking Savings institutions 2.0 1.3 2.0 1.0 1.6 1.3 2.6 1.9 1.8 1.3 1.2 1.5 3.0 4.5 5.4 5.2 6.9 4.8 5.0 3.4 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.0 1.7 0.2 0.1 0.0 2.1 0.2 0.1 0.0 1.6 0.1 0.1 0.0 1.9 0.0 0.1 0.0 2.0 0.0 0.0 0.0 1.6 0.0 0.2 -0.0 2.5 0.1 0.0 -0.0 3.1 -0.2 0.1 -0.0 4.9 -0.0 0.5 -0.0 4.8 -0.0 0.5 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.7 0.1 0.0 0.0 0.0 0.6 0.1 0.0 0.2 0.2 0.7 0.1 0.0 0.1 0.5 1.2 0.3 0.0 0.1 0.3 1.7 0.3 0.0 0.1 0.2 2.5 -0.1 0.0 0.1 0.6 0.2 18 19 20 21 22 F.221 Farm Mortgages Billions of dollars 1 Net borrowing (Farm business) 2.2 1.9 2.0 2.2 1.8 1.1 2.6 3.0 4.4 5.1 1 2 Net change in assets 2.2 1.9 2.0 2.2 1.8 1.1 2.6 3.0 4.4 5.1 2 3 4 Household sector Nonfarm noncorporate business 0.7 0.0 0.3 0.0 0.6 0.0 0.9 0.0 0.7 0.0 0.1 0.0 1.2 0.0 0.8 0.0 1.3 0.0 1.5 -0.0 3 4 5 6 State and local governments Federal government 0.0 0.1 0.0 0.1 -0.0 -0.1 0.0 0.1 0.0 0.0 0.1 -0.2 0.0 -0.3 0.0 -0.1 0.0 -0.0 0.0 0.2 5 6 7 8 Commercial banking Savings institutions 0.3 -0.0 0.2 0.0 0.2 0.1 0.2 0.0 0.3 -0.0 0.5 0.0 0.6 -0.1 0.6 0.0 0.7 0.0 0.6 -0.0 7 8 9 10 Life insurance companies State and local govt. retirement funds 0.5 0.0 0.4 0.0 0.3 0.0 0.2 0.0 -0.0 0.1 -0.1 -0.1 -0.0 -0.0 0.1 0.0 0.3 0.1 0.3 -0.1 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 0.6 0.1 0.7 0.1 0.7 0.2 0.5 0.1 0.6 0.2 0.5 0.3 0.7 0.4 1.2 0.3 1.9 0.2 2.5 -0.0 11 12 43 FFA, 1965-1974, Z.1, June 8, 2006 F.222 Consumer Credit Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net change in liabilities (Households) 10.1 5.9 5.1 10.8 9.9 4.4 15.6 19.5 22.5 8.9 1 2 Net change in assets 10.1 5.9 5.1 10.8 9.9 4.4 15.6 19.5 22.5 8.9 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 0.9 0.3 0.0 0.2 -0.1 0.0 0.3 -0.1 0.0 0.1 -0.0 0.0 0.1 -0.1 0.0 0.7 0.1 0.0 2.7 -0.1 0.0 0.7 -0.1 0.0 -0.6 -0.2 0.0 1.1 -0.4 0.0 3 4 5 6 7 8 Commercial banking Savings institutions Credit unions 5.4 0.2 1.0 3.0 0.2 0.9 3.5 0.2 0.7 6.8 0.3 1.3 4.9 0.5 1.7 2.2 0.3 1.0 8.7 0.2 1.8 12.7 0.5 2.2 12.6 3.4 2.7 3.4 0.6 2.3 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 0.0 2.3 0.0 0.0 1.8 0.0 0.0 0.5 0.0 0.0 2.3 0.0 0.0 2.8 0.0 0.0 0.1 0.0 0.0 2.3 0.0 0.0 3.6 0.0 0.0 4.6 0.0 0.0 1.9 9 10 11 16.9 14.0 12.7 20.9 27.3 13.7 20.5 32.1 52.3 43.2 1 0.4 0.4 0.6 0.6 0.7 0.6 0.9 0.8 0.7 1.2 2 11.7 -0.9 0.6 9.1 -1.5 0.4 5.9 0.1 -0.2 16.5 -1.0 -1.1 19.5 1.0 -0.4 7.9 -0.4 -0.3 13.6 -0.4 0.7 23.1 0.7 0.5 38.1 2.6 0.8 26.4 2.5 0.7 3 4 5 4.5 0.6 4.6 0.8 5.1 0.7 5.5 -0.0 5.7 -0.1 5.9 -1.0 6.1 -1.0 6.1 0.3 7.1 1.1 9.8 -0.5 6 7 -0.1 0.0 0.3 0.0 0.5 0.0 0.4 0.1 0.8 0.1 1.0 0.0 0.5 0.1 0.5 0.1 1.9 0.0 3.1 0.1 8 9 9 10 11 F.223 Trade Credit Billions of dollars 1 Net change in trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 8 9 Rest of the world Brokers and dealers 10 Net change in trade receivables 14.7 15.7 11.8 20.4 27.0 8.7 13.3 29.9 48.9 35.6 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13.3 -0.2 12.4 0.6 8.3 0.5 18.5 -1.4 22.9 0.5 8.3 -1.5 12.4 1.5 26.4 0.6 40.9 2.3 31.8 2.2 11 12 13 14 15 State and local governments Federal government Rest of the world 0.8 0.4 0.2 0.6 1.2 0.6 0.6 1.5 0.7 0.9 0.6 1.5 1.2 0.9 1.0 0.6 -0.8 1.6 0.9 -1.7 -0.1 1.5 -0.8 1.0 2.8 0.3 2.0 -2.0 1.0 2.1 13 14 15 16 17 Property-casualty insurance companies ABS issuers 0.2 0.0 0.2 0.0 0.3 0.0 0.3 0.0 0.4 0.0 0.5 0.0 0.3 0.0 1.2 0.0 0.6 0.0 0.5 0.0 16 17 2.2 -1.6 0.9 0.4 0.3 5.0 7.2 2.2 3.4 7.6 18 18 Discrepancy F.224 Security Credit Billions of dollars 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 1.1 0.8 7.0 6.6 -6.7 -0.8 3.8 8.7 -7.9 -3.6 1 0.3 0.0 -0.0 0.0 3.0 0.2 2.6 0.2 -3.3 -0.2 -1.3 0.0 2.5 0.0 3.6 0.1 -4.2 -0.2 -1.5 -0.0 2 3 0.7 0.9 0.1 -0.3 0.8 0.2 0.5 0.1 3.8 2.3 1.5 0.0 3.7 2.4 1.3 0.0 -3.1 -2.0 -1.1 0.0 0.5 -1.0 1.4 0.0 1.3 0.5 0.8 0.0 4.9 0.2 4.7 0.1 -3.6 -0.2 -2.9 -0.6 -2.1 -1.0 -1.0 -0.1 4 5 6 7 8 Net change in assets 1.1 0.8 7.0 6.6 -6.7 -0.8 3.8 8.7 -7.9 -3.6 8 9 10 Household sector Rest of the world 0.9 0.0 0.2 0.0 2.2 0.1 2.1 0.3 -1.8 -0.2 -0.9 -0.1 0.5 -0.0 0.1 0.1 -0.2 -0.0 -1.0 -0.0 9 10 11 12 Commercial banking Brokers and dealers -0.2 0.4 0.6 -0.0 1.5 3.2 1.3 2.8 -1.1 -3.5 1.4 -1.3 0.8 2.6 4.8 3.7 -3.4 -4.3 -1.0 -1.6 11 12 44 FFA, 1965-1974, Z.1, June 8, 2006 F.225 Life Insurance and Pension Fund Reserves Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 4.8 4.7 5.2 4.8 5.0 5.3 6.4 6.9 7.3 7.1 1 0.1 4.7 0.1 4.6 0.1 5.1 -0.0 4.8 0.1 5.0 0.1 5.2 0.1 6.3 0.2 6.7 0.2 7.2 0.1 7.0 2 3 4.8 4.7 5.2 4.8 5.0 5.3 6.4 6.9 7.3 7.1 4 13.0 15.5 14.5 16.3 18.3 20.5 24.0 43.6 34.4 37.5 5 2.1 6.3 3.3 1.3 2.1 7.9 4.2 1.3 1.5 7.6 4.1 1.3 2.3 7.9 4.8 1.3 3.1 8.2 5.5 1.5 2.9 8.9 6.4 2.4 4.6 9.9 6.6 2.8 4.4 27.7 8.5 3.0 5.7 17.1 9.5 2.1 6.0 19.4 9.3 2.7 6 7 8 9 13.0 15.5 14.5 16.3 18.3 20.5 24.0 43.6 34.4 37.5 10 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) Pension fund reserves: 5 6 7 8 9 10 Net change in liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars 1 Net change in taxes payable by all businesses 2.1 -0.9 -4.4 1.3 -1.5 -2.1 4.0 3.9 5.4 9.0 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 2.1 0.0 -0.9 0.0 -4.2 0.0 1.1 0.0 -1.7 0.0 -2.6 0.0 3.1 1.0 2.4 1.5 3.8 1.5 7.4 1.6 2 3 4 5 U.S.-chartered commercial banks Savings institutions -0.1 0.0 -0.0 -0.0 -0.1 -0.0 -0.1 0.0 0.1 0.0 0.3 0.0 -0.0 0.0 -0.2 0.0 0.1 0.0 0.1 0.1 4 5 6 7 Property-casualty insurance companies Life insurance companies 0.1 -0.0 0.0 0.1 0.0 -0.1 -0.0 0.2 0.1 0.1 0.1 0.1 -0.1 -0.1 0.1 0.0 0.0 0.0 0.0 -0.0 6 7 8 9 Finance companies Brokers and dealers 0.1 0.0 -0.0 0.0 -0.1 0.1 -0.0 0.0 0.0 -0.1 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 -0.1 8 9 1.4 -1.4 -4.9 1.1 -3.1 -2.5 2.8 1.6 3.3 1.8 10 0.1 1.3 0.0 -1.4 0.1 -5.1 0.2 0.9 0.0 -3.1 0.1 -2.6 1.2 1.5 1.8 -0.2 1.6 1.6 1.7 0.1 11 12 0.7 0.4 0.6 0.2 1.6 0.5 1.2 2.3 2.2 7.2 13 4.3 3.9 2.5 4.9 1.5 2.3 3.9 -3.2 12.0 -24.1 1 5.4 -1.1 0.0 5.9 -2.0 0.0 2.4 0.1 0.0 3.2 1.7 0.0 2.3 -0.7 0.0 3.2 -0.9 0.0 5.3 -1.4 0.0 -0.3 -2.9 0.0 15.3 -4.0 0.7 -17.9 -7.0 0.8 2 3 4 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers 45 FFA, 1965-1974, Z.1, June 8, 2006 F.228 Total Miscellaneous Financial Claims Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 12.1 8.7 12.6 21.2 26.3 32.1 36.0 52.9 51.4 34.3 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.3 1.4 0.0 0.4 1.1 0.0 0.3 -0.9 0.0 0.4 5.3 0.0 0.4 4.1 0.0 0.4 -5.2 8.6 0.3 0.9 2.9 0.5 0.5 2.7 0.4 2.0 3.4 0.7 5.8 5.7 2 3 4 5 6 Federal government Rest of the world 1.3 4.7 0.9 5.8 1.4 5.2 2.1 5.8 1.2 6.7 2.9 7.2 3.7 7.2 3.0 7.9 1.8 10.1 2.7 8.9 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions -0.3 1.5 0.5 -0.1 0.1 0.5 -0.2 -0.0 0.1 0.8 1.6 -0.0 0.4 3.6 1.0 -0.0 0.3 6.4 0.9 -0.0 0.5 10.2 1.7 0.0 -0.2 8.3 3.3 -0.1 0.0 23.1 2.9 -0.1 1.3 18.4 0.2 0.1 -0.2 5.5 0.0 0.3 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 1.5 1.2 1.8 1.2 2.1 1.6 2.5 1.5 3.4 1.4 3.4 1.5 3.6 2.0 4.8 2.6 4.8 2.5 4.6 2.6 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 0.1 -0.2 0.0 0.2 -3.2 0.0 0.5 -2.0 2.0 -0.2 0.8 -2.0 0.4 0.6 0.0 1.8 -0.7 0.0 -0.5 4.8 0.0 0.4 3.4 0.0 2.2 4.0 0.0 0.4 -4.1 0.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 0.0 -0.1 0.2 0.0 -0.0 0.3 0.0 -0.1 0.1 0.0 -0.1 0.2 0.0 -0.1 0.6 0.0 -0.0 -0.2 0.0 -0.0 -0.1 0.3 0.8 -0.1 0.1 -0.3 0.5 1.4 0.2 -0.3 16 17 18 17.5 7.8 16.0 18.1 17.9 28.6 37.6 71.6 56.6 30.5 19 19 Net change in liabilities 1966 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 1.4 11.6 0.3 0.2 1.3 3.5 0.4 0.2 1.6 7.3 0.4 0.3 1.9 8.8 0.5 0.4 2.2 10.5 0.7 0.4 2.7 11.8 0.7 0.5 2.6 17.1 4.8 0.6 2.9 32.0 5.6 0.7 3.1 24.4 3.8 0.6 2.9 10.7 0.4 0.8 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world -0.0 0.1 -0.4 0.1 0.4 -0.2 0.0 -0.1 0.7 -0.1 -0.2 0.8 -0.1 0.1 -4.5 -0.0 0.3 -0.7 0.1 0.1 -2.2 -0.1 0.1 2.6 -0.0 1.0 5.8 -0.1 0.1 8.3 24 25 26 27 28 29 30 Monetary authority Commercial banking Savings institutions Credit unions 0.3 0.6 0.3 -0.0 0.2 0.7 -0.6 -0.0 0.2 0.3 1.8 -0.0 0.1 2.3 -0.2 -0.0 0.2 4.7 -0.8 -0.0 -0.5 5.5 2.0 -0.0 0.1 4.8 2.3 -0.1 0.2 11.8 1.9 -0.1 0.2 10.7 -1.5 -0.1 1.8 0.5 1.1 -0.1 27 28 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.0 0.5 0.7 0.0 1.3 0.0 0.2 1.1 0.0 1.3 0.1 0.3 1.2 0.0 1.3 0.1 0.6 1.0 0.0 1.3 0.1 0.9 0.9 0.0 1.5 0.2 0.8 1.0 0.0 2.4 0.2 0.9 1.2 0.0 2.8 0.3 1.0 7.3 0.0 3.0 0.4 0.9 3.6 0.0 2.1 0.5 1.4 4.6 0.0 2.7 31 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.0 0.1 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.8 0.0 0.0 0.2 0.0 0.0 -0.3 0.0 0.0 1.0 -0.1 0.0 -1.8 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 0.5 0.0 0.1 0.0 -0.6 0.0 -0.1 0.0 0.4 0.0 0.3 0.0 0.6 0.0 0.1 0.0 0.8 0.0 -0.2 0.0 1.2 0.0 0.1 0.0 1.7 0.2 0.2 0.0 1.4 1.1 0.2 0.0 1.5 -0.6 -0.3 0.0 -2.2 -0.4 -0.7 0.0 39 40 41 42 -5.4 0.9 -3.4 3.1 8.4 3.5 -1.5 -18.7 -5.2 3.7 43 43 Discrepancy 46 FFA, 1965-1974, Z.1, June 8, 2006 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 5.0 0.0 5.0 0.0 5.4 0.0 5.4 0.0 4.8 0.0 4.8 0.0 5.3 0.0 5.3 0.0 6.0 0.0 6.0 0.0 7.6 0.0 7.6 0.0 7.6 0.0 7.6 0.0 7.7 0.0 7.7 0.0 11.4 0.0 11.4 0.0 9.1 0.0 9.1 0.0 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 4.8 0.0 0.0 0.0 0.1 0.1 5.2 0.0 0.0 0.0 0.1 0.1 4.5 0.1 0.1 0.0 0.0 0.0 5.0 0.1 0.1 0.0 0.0 0.0 5.6 0.1 0.1 0.0 0.0 0.0 7.1 0.2 0.2 0.0 0.0 0.0 7.0 0.2 0.2 0.1 0.0 0.0 7.0 0.3 0.3 0.1 0.0 0.0 10.5 0.3 0.4 0.1 0.0 0.0 7.9 0.4 0.5 0.1 0.0 0.0 5 6 7 8 9 10 0.5 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.5 0.1 0.1 0.0 0.0 0.0 -0.0 0.0 4.6 0.2 0.3 -0.3 -0.3 -0.0 0.3 0.0 11 12 13 14 15 16 17 18 0.4 0.0 0.4 0.0 0.4 0.0 0.4 0.0 0.7 0.0 0.7 0.0 0.8 0.0 0.8 0.0 1.3 0.0 1.3 0.0 1.5 0.0 1.5 0.0 0.4 0.0 0.4 0.0 0.9 0.0 0.9 0.0 2.8 0.0 2.8 0.0 4.8 0.0 4.8 0.0 19 20 21 22 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.6 0.6 23 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 25 26 0.1 0.3 0.1 -0.2 0.2 -0.0 0.1 0.2 0.5 0.7 27 0.0 0.0 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 -0.3 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.1 0.0 0.0 -0.2 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.5 0.0 0.0 28 29 30 31 32 33 34 35 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 -2.0 0.0 0.0 0.0 -2.0 2.0 4.0 0.0 0.0 0.0 0.0 6.0 0.0 0.0 0.0 0.0 5.0 0.0 0.6 0.0 0.0 6.0 0.0 2.4 0.0 0.0 4.0 0.0 0.6 0.0 0.8 7.0 0.0 -0.3 0.0 1.0 36 37 38 39 40 41 Asset: Bank holding companies 0.0 0.0 0.0 0.0 4.0 6.0 5.6 8.4 5.4 7.7 41 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42 43 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44 45 46 Asset: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982. 47 FFA, 1965-1974, Z.1, June 8, 2006 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 0.0 0.0 0.3 0.3 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 0.0 0.0 -0.2 -0.2 -0.2 -0.2 0.6 0.6 -0.5 -0.5 1 2 -0.1 -0.1 -0.2 -0.2 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 -0.2 -0.2 -0.0 -0.0 0.4 0.4 -0.0 -0.0 -0.3 -0.3 1.3 1.3 -0.5 -0.5 -0.2 -0.2 0.2 0.2 0.6 0.6 5 6 0.3 0.3 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.5 0.5 0.4 0.4 0.7 0.7 7 8 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 0.7 0.2 0.5 0.1 0.9 0.2 0.5 0.1 0.9 0.3 0.5 0.1 1.0 0.3 0.5 0.1 1.1 0.4 0.6 0.1 1.3 0.6 0.6 0.1 1.3 0.4 0.6 0.3 1.5 0.5 0.8 0.3 1.7 0.6 0.9 0.3 1.7 0.7 0.7 0.3 9 10 11 12 13 Asset: Household sector 0.7 0.9 0.9 1.0 1.1 1.3 1.3 1.5 1.7 1.7 13 Policy payables: 14 Liab.: Property-casualty insurance companies 1.5 1.8 2.1 2.5 3.3 3.4 3.6 4.8 4.8 4.9 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 0.7 0.4 0.3 0.1 0.7 0.6 0.4 0.2 0.8 0.7 0.4 0.2 0.9 0.8 0.5 0.3 1.2 1.1 0.7 0.4 1.4 0.9 0.7 0.4 1.2 1.0 0.8 0.5 1.4 1.9 1.0 0.6 1.4 2.0 1.0 0.5 1.2 2.1 1.0 0.5 15 16 17 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 0.2 0.2 0.0 0.0 0.2 0.2 0.2 0.2 0.0 0.0 0.1 0.1 0.3 0.3 0.5 0.5 -0.0 -0.0 -0.0 -0.0 21 22 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.5 1.5 2.4 2.4 2.8 2.8 3.0 3.0 2.1 2.1 2.7 2.7 25 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 48 FFA, 1965-1974, Z.1, June 8, 2006 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars 1 Net change in liabilities 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 2.7 -1.7 2.1 9.9 8.7 7.9 14.4 25.2 21.2 1.2 1 0.8 0.0 0.7 0.0 -1.8 0.0 4.4 0.0 2.9 0.0 -6.8 8.6 0.2 2.9 -0.9 2.7 -0.6 3.3 1.2 5.6 2 3 Federal government Rest of the world Monetary authority 0.0 -0.4 -0.3 -0.1 0.1 0.1 0.2 0.5 0.1 0.7 0.5 0.3 -0.4 0.7 0.3 0.5 -0.6 0.5 0.8 -0.5 -0.2 0.0 -0.0 -0.0 -0.4 -2.2 1.2 -0.0 -0.2 -0.2 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 1.6 1.2 0.3 0.0 -0.0 0.5 0.4 0.1 0.0 -0.0 0.8 0.8 -0.0 0.0 -0.0 3.6 4.1 -0.4 0.0 0.0 2.4 -1.8 -0.1 4.4 -0.1 4.2 -0.8 -1.8 6.9 -0.0 3.3 1.0 -1.1 3.5 -0.0 17.1 7.2 3.9 6.1 -0.0 14.3 1.7 0.5 12.2 -0.0 -1.8 -2.2 -0.6 1.0 0.0 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 0.5 -0.1 0.4 0.1 -0.2 -0.0 0.4 -0.1 1.6 -0.0 0.7 0.1 1.0 -0.0 0.5 -0.0 0.9 -0.0 0.3 0.5 1.7 0.0 0.2 0.5 3.3 -0.1 0.6 -0.1 2.9 -0.1 1.1 0.4 0.2 0.1 0.8 1.4 0.0 0.3 1.1 -1.0 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -0.2 0.0 -0.0 0.2 -3.2 0.0 -0.0 0.3 -2.0 0.0 2.0 0.1 0.8 0.0 -2.1 0.2 0.6 0.0 -0.1 0.6 -0.7 0.0 -0.0 -0.2 4.2 0.0 -0.1 -0.1 1.1 0.3 0.8 -0.1 3.4 0.1 -1.0 0.5 -3.8 1.4 -1.1 -0.3 16 17 18 19 8.0 -2.7 5.5 6.7 0.3 4.3 16.0 43.9 26.3 -2.5 20 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 6.4 0.0 -0.0 -2.2 0.0 0.1 2.1 0.0 0.0 3.0 0.0 -0.1 3.7 0.0 -0.1 4.1 0.0 -0.0 9.0 4.0 0.1 23.1 4.6 -0.1 11.9 2.8 -0.0 0.6 -0.7 -0.1 21 22 23 24 25 26 Federal government Rest of the world Monetary authority 0.0 -0.8 0.3 0.0 -0.6 0.2 0.0 0.0 0.2 0.0 0.0 0.1 0.0 -5.7 0.2 0.0 -2.2 -0.5 0.0 -2.6 0.1 0.0 1.7 0.2 0.0 3.0 0.2 0.0 3.6 1.8 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 0.5 0.5 0.0 0.0 0.0 0.7 0.4 0.1 0.0 0.1 0.2 0.6 -0.6 0.0 0.1 2.2 1.5 0.5 0.0 0.1 0.6 -0.3 -0.8 0.7 0.9 -0.7 -0.6 -1.4 1.0 0.3 -1.0 -0.5 0.6 -1.2 0.1 3.1 1.5 1.0 0.5 0.0 5.0 -1.0 0.1 5.8 0.1 -7.7 -3.5 -0.6 -3.3 -0.2 27 28 29 30 31 32 33 Savings institutions Credit unions 0.4 -0.0 -0.7 -0.0 1.4 -0.0 -0.1 -0.0 -0.5 -0.0 0.6 -0.0 2.8 -0.1 2.1 -0.1 -2.0 -0.1 -0.1 -0.1 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 0.2 0.6 0.0 -0.1 1.0 0.0 -0.1 1.0 0.0 0.2 0.8 0.0 0.4 0.8 0.0 0.3 0.9 0.0 0.6 0.8 0.0 0.4 6.8 0.0 0.5 3.6 0.0 0.6 4.6 0.0 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.0 0.1 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.8 0.0 0.0 0.2 0.0 0.0 -0.3 0.0 0.0 1.0 -0.1 0.0 -1.8 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 0.4 0.0 0.0 -0.7 0.0 -0.2 0.4 0.0 0.2 0.6 0.0 0.1 0.7 0.0 -0.2 1.1 0.0 0.1 1.7 0.2 0.2 1.3 1.1 0.1 1.4 -0.6 -0.3 -2.3 -0.4 -0.7 40 41 42 -5.4 0.9 -3.4 3.1 8.4 3.5 -1.5 -18.7 -5.2 3.7 43 43 Discrepancy 49 FFA, 1965-1974, Z.1, June 8, 2006 F.11 Sector Discrepancies Billions of dollars 1965 1 All sectors 2 3 Household sector Nonfinancial corporate business 4 5 6 State and local governments Federal government Rest of the world 7 Financial sectors 1966 1967 1968 1969 1970 1971 1972 1973 1974 -2.5 -5.9 -5.6 6.1 6.0 5.3 -4.8 -22.5 -6.9 17.2 1 -12.3 9.2 -21.0 13.2 -15.4 9.2 -7.9 9.8 -12.9 8.6 -15.2 10.9 -11.8 8.1 -28.3 -1.2 -30.9 24.3 4.0 3.4 2 3 1.2 -0.2 -1.3 2.7 -1.9 -0.2 1.9 -0.5 -1.2 2.1 3.3 -0.7 6.6 0.9 -2.9 7.8 -2.5 -1.9 7.0 -1.0 -11.8 6.4 -1.3 -4.1 1.4 0.1 -4.8 8.4 0.8 -7.2 4 5 6 0.8 1.3 0.4 -0.6 5.7 6.1 4.8 6.0 3.1 7.9 7 8 9 Monetary authority Commercial banking -0.0 1.0 -0.0 0.8 -0.0 0.1 -0.0 0.6 -0.0 4.8 -0.1 7.3 -0.2 5.4 -0.0 6.4 0.0 3.5 -0.0 6.5 8 9 10 11 Savings institutions Credit unions 0.3 -0.0 0.4 -0.0 -0.1 -0.0 0.1 -0.0 0.3 -0.0 0.7 0.0 0.3 -0.0 0.6 -0.0 0.3 0.1 0.7 0.3 10 11 12 13 Property-casualty insurance companies Life insurance companies 0.4 -0.1 0.4 0.1 0.7 0.2 0.0 0.1 1.1 0.8 -0.8 0.6 -0.9 1.1 -0.5 0.5 0.1 -0.0 0.7 0.7 12 13 14 15 Mutual funds Government-sponsored enterprises -0.1 -0.0 0.1 -0.0 0.2 -0.0 0.1 0.0 0.1 0.0 -0.1 -0.2 -0.0 0.0 -0.0 0.0 -0.3 -0.1 -0.2 -0.2 14 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 -0.4 -0.0 -0.2 0.0 -0.5 -0.0 -0.1 0.0 -0.6 -0.0 -0.2 0.0 -1.0 -0.2 -0.2 0.0 -0.9 -0.2 -0.2 0.0 -1.0 0.0 -0.4 0.0 -0.3 -0.0 -0.5 0.0 -0.1 -0.4 -0.5 0.0 -0.1 -0.0 -0.4 0.0 -0.7 0.1 -0.0 16 17 18 19 -2.5 -5.9 -5.6 6.1 6.0 5.3 -4.8 -22.5 -6.9 17.2 1 0.1 0.0 0.2 0.0 0.2 0.0 0.2 0.0 0.2 0.0 -0.1 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 -0.1 0.0 2 3 0.2 -0.6 0.8 -2.7 0.0 0.5 0.6 1.5 -0.1 -1.2 0.6 2.7 -1.0 0.8 -4.6 -0.0 0.6 0.7 2.5 6.8 4 5 F.12 Instrument Discrepancies Billions of dollars 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 Mail floats: Federal government Other 0.4 1.4 -0.0 2.3 0.6 -0.4 1.0 3.5 -0.9 0.9 -1.0 1.4 -0.4 0.9 0.6 4.7 0.3 -0.4 -0.1 0.4 6 7 8 9 Trade credit Taxes payable 2.2 0.7 -1.6 0.4 0.9 0.6 0.4 0.2 0.3 1.6 5.0 0.5 7.2 1.2 2.2 2.3 3.4 2.2 7.6 7.2 8 9 10 Miscellaneous -5.4 0.9 -3.4 3.1 8.4 3.5 -1.5 -18.7 -5.2 3.7 10 11 Nonfinancial -1.6 -6.3 -4.6 -4.6 -3.2 -7.3 -12.0 -8.8 -8.6 -10.8 11 1.6 0.0 6.3 0.0 4.6 0.0 4.6 0.0 3.2 0.0 7.3 0.0 11.6 0.4 9.1 -0.3 8.6 -0.0 10.8 0.0 12 13 12 13 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 50 FFA, 1965-1974, Z.1, June 8, 2006 L.1 Credit Market Debt Outstanding (1) Billions of dollars 1 2 3 4 5 6 7 8 Total credit market debt owed by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1106.5 1187.0 1267.7 1372.8 1490.8 1600.0 1750.7 1935.1 2172.7 2409.5 1 1007.2 1074.7 1152.7 1242.8 1330.1 1420.2 1555.2 1711.2 1895.5 2069.9 2 337.9 207.6 64.7 32.3 103.2 261.5 360.4 232.1 71.5 35.5 110.0 265.1 380.7 259.1 78.7 38.8 117.4 278.1 412.3 285.1 87.1 41.6 126.1 290.6 442.4 317.8 99.6 44.6 138.3 287.4 457.9 361.3 103.6 47.6 150.3 299.5 500.5 389.5 122.6 51.6 166.7 324.4 557.4 427.9 149.0 56.8 180.7 339.4 627.9 492.6 168.5 65.4 194.8 346.3 683.0 548.9 198.4 73.3 208.2 358.2 3 4 5 6 7 8 9 Rest of the world 37.5 39.5 43.3 46.1 49.2 52.1 56.6 61.1 67.4 81.2 9 10 Financial sectors 61.9 72.9 71.6 84.0 111.5 127.8 138.9 162.8 209.8 258.3 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 5.0 4.3 0.7 0.0 5.3 4.6 0.7 0.0 6.3 5.5 0.9 0.0 6.7 5.8 0.9 0.0 11.8 6.4 1.1 4.3 12.7 7.8 1.4 3.4 15.2 9.4 1.6 4.2 17.9 9.7 1.4 6.8 23.1 11.3 1.8 10.0 37.4 19.2 3.7 14.4 11 12 13 14 15 16 Savings institutions Credit unions 6.5 0.0 7.5 0.0 4.8 0.0 5.7 0.0 9.8 0.0 11.0 0.0 9.0 0.0 9.5 0.0 17.1 0.0 23.3 0.0 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 14.2 0.9 0.0 0.0 19.0 1.3 0.0 0.0 18.4 2.0 0.0 0.0 21.9 2.5 0.0 0.0 30.6 3.2 0.0 0.0 38.9 4.8 0.0 0.0 40.0 9.5 0.0 0.0 43.5 14.4 0.0 0.0 59.8 18.0 0.0 0.0 77.1 21.5 0.0 17 18 19 20 21 22 23 24 25 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 30.9 4.5 0.0 0.0 0.0 35.8 3.9 0.0 0.0 0.0 37.8 2.3 0.0 0.0 0.0 41.5 4.9 0.8 0.0 0.0 48.8 5.7 1.5 0.0 0.0 51.3 6.9 2.2 0.0 0.0 52.1 8.9 4.1 0.0 0.0 58.1 10.6 8.8 0.0 0.0 65.6 12.5 13.7 0.0 0.0 74.5 10.6 14.0 0.0 0.0 21 22 23 24 25 1106.5 1187.0 1267.7 1372.8 1490.8 1600.0 1750.7 1935.1 2172.7 2409.5 26 272.3 296.3 304.7 324.4 369.6 374.8 375.3 384.2 419.3 481.7 27 170.0 33.1 4.0 27.5 37.6 190.0 32.1 4.0 27.5 42.7 195.1 30.7 4.0 27.6 47.3 203.4 33.2 4.2 31.4 52.3 241.4 31.9 4.5 36.4 55.4 242.4 33.9 5.2 35.1 58.2 233.2 42.0 6.5 33.4 60.3 229.7 44.6 7.7 40.1 62.2 253.8 42.9 7.9 49.8 64.9 297.7 47.8 7.7 56.4 72.2 28 29 30 31 32 33 26 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 33 Rest of the world 17.4 17.3 20.1 22.7 23.2 35.0 62.9 73.5 75.6 81.6 34 Financial sectors 816.9 873.4 942.9 1025.7 1098.1 1190.2 1312.4 1477.4 1677.8 1846.2 34 35 36 37 38 39 40 41 42 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 40.6 305.1 301.6 2.8 0.0 0.6 173.5 8.2 43.7 323.1 319.1 3.3 0.0 0.7 181.7 9.4 49.1 359.8 355.0 4.0 0.0 0.9 195.0 10.2 53.0 398.7 393.4 4.4 0.0 1.0 208.9 11.7 57.2 418.3 407.2 6.0 3.9 1.2 221.5 13.8 62.2 455.3 441.6 9.5 3.0 1.3 236.8 15.2 69.6 506.5 492.5 9.5 2.8 1.6 271.7 17.2 71.2 575.7 558.6 12.6 2.6 1.9 314.5 20.1 80.5 662.4 638.6 17.5 4.3 2.0 348.0 23.7 85.3 737.5 703.5 26.6 4.9 2.5 369.7 26.4 35 36 37 38 39 40 41 42 43 44 45 46 47 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 20.6 137.8 29.1 31.3 0.0 22.0 145.9 31.9 34.9 0.0 23.5 153.3 32.8 38.3 0.0 25.4 160.7 33.8 41.6 0.0 27.0 167.6 34.6 45.5 0.0 30.9 174.6 36.6 49.6 0.0 34.6 182.8 35.0 52.9 0.0 38.3 192.5 40.5 57.4 0.0 41.8 204.8 46.8 63.1 0.0 46.4 217.7 55.6 69.4 0.0 43 44 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 3.9 2.1 0.0 18.3 0.9 0.0 0.0 5.1 2.0 0.0 23.3 1.3 0.0 0.0 4.3 2.2 0.0 23.3 2.0 0.0 0.0 4.1 2.6 0.0 26.5 2.5 0.0 0.0 5.1 2.6 0.0 35.1 3.2 0.0 0.0 5.7 1.8 0.0 43.9 4.8 0.0 0.0 5.5 2.4 0.0 45.0 9.5 0.0 0.0 6.0 2.7 0.0 49.0 14.4 0.0 0.0 6.6 3.3 0.0 64.4 18.0 0.0 0.8 7.4 3.0 0.0 85.3 21.5 0.0 48 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 38.2 4.5 0.0 2.4 0.5 41.0 3.9 0.0 3.2 0.8 41.2 4.3 0.0 2.9 0.8 45.7 4.9 0.8 3.5 1.0 53.4 5.7 2.0 3.7 1.6 54.6 6.9 3.9 6.0 1.4 58.7 8.9 6.2 4.6 1.3 66.9 10.6 10.4 6.0 1.2 77.0 12.5 16.0 7.5 1.7 84.2 10.6 16.1 7.8 1.4 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 51 FFA, 1965-1974, Z.1, June 8, 2006 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1007.2 1074.7 1152.7 1242.8 1330.1 1420.2 1555.2 1711.2 1895.5 2069.9 1 1007.2 0.8 257.0 4.5 100.4 97.3 79.5 38.4 1074.7 1.6 259.3 5.8 106.6 107.5 90.9 43.6 1152.7 3.0 268.2 9.9 113.8 122.1 101.2 46.4 1242.8 4.2 277.6 13.0 122.1 135.0 111.2 51.4 1330.1 5.4 276.8 10.6 133.5 147.0 128.0 62.1 1420.2 7.1 289.9 9.6 145.5 166.8 132.6 67.9 1555.2 6.2 315.9 8.5 161.7 185.6 140.1 72.3 1711.2 7.0 330.1 9.3 175.8 197.8 156.0 79.2 1895.5 8.4 336.7 9.6 192.7 206.9 194.1 90.3 2069.9 12.5 348.8 9.4 208.0 226.6 230.5 106.6 2 3 4 5 6 7 8 9 333.6 218.6 38.2 55.7 21.2 97.5 357.7 231.9 41.3 61.5 23.1 103.4 381.2 245.1 44.8 66.2 25.0 108.6 410.5 262.2 48.2 72.9 27.2 119.3 439.0 278.3 53.0 78.8 29.0 129.2 468.7 292.1 59.9 86.1 30.5 133.7 517.1 318.4 69.9 96.5 32.4 149.2 588.6 357.3 82.5 113.4 35.4 168.8 665.0 399.8 92.7 132.7 39.8 193.0 726.8 435.1 99.5 147.2 44.9 201.9 10 11 12 13 14 15 1007.2 337.9 304.6 207.6 64.7 32.3 103.2 261.5 1074.7 360.4 339.1 232.1 71.5 35.5 110.0 265.1 1152.7 380.7 376.6 259.1 78.7 38.8 117.4 278.1 1242.8 412.3 413.8 285.1 87.1 41.6 126.1 290.6 1330.1 442.4 462.0 317.8 99.6 44.6 138.3 287.4 1420.2 457.9 512.5 361.3 103.6 47.6 150.3 299.5 1555.2 500.5 563.6 389.5 122.6 51.6 166.7 324.4 1711.2 557.4 633.7 427.9 149.0 56.8 180.7 339.4 1895.5 627.9 726.5 492.6 168.5 65.4 194.8 346.3 2069.9 683.0 820.5 548.9 198.4 73.3 208.2 358.2 16 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 37.5 39.5 43.3 46.1 49.2 52.1 56.6 61.1 67.4 81.2 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 0.0 9.1 7.1 21.2 0.0 9.9 7.1 22.5 0.0 11.1 6.7 25.6 0.0 12.2 6.3 27.6 0.0 13.2 6.0 30.0 0.0 14.1 5.8 32.2 0.0 15.0 7.3 34.3 0.0 16.0 10.4 34.7 0.0 17.0 13.1 37.3 0.2 19.4 17.8 43.9 25 26 27 28 1044.6 1114.2 1196.1 1288.8 1379.3 1472.3 1611.8 1772.3 1962.9 2151.2 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 61.9 72.9 71.6 84.0 111.5 127.8 138.9 162.8 209.8 258.3 1 11.9 13.8 0.9 16.7 12.2 6.3 0.0 15.7 18.9 1.3 18.3 11.6 7.0 0.0 18.4 18.4 2.0 19.3 9.1 4.4 0.0 21.4 21.6 2.5 19.9 12.8 5.5 0.2 32.8 30.6 3.2 20.9 14.3 9.3 0.4 33.1 38.9 4.8 23.5 16.4 10.6 0.5 33.8 40.0 9.5 28.2 18.6 7.9 0.7 34.7 43.5 14.4 35.6 25.4 8.0 1.2 41.7 59.8 18.0 41.0 32.6 15.1 1.5 55.1 76.4 21.5 47.9 33.3 22.5 1.6 2 3 4 5 6 7 8 61.9 72.9 71.6 84.0 111.5 127.8 138.9 162.8 209.8 258.3 9 5.0 0.0 6.5 0.0 5.3 0.0 7.5 0.0 6.3 0.0 4.8 0.0 6.7 0.0 5.7 0.0 7.5 4.3 9.8 0.0 9.3 3.4 11.0 0.0 11.0 4.2 9.0 0.0 11.1 6.8 9.5 0.0 13.1 10.0 17.1 0.0 23.0 14.4 23.3 0.0 10 11 12 13 10 11 12 13 Commercial banks Bank holding companies Savings institutions Credit unions 14 15 16 17 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 14.2 0.9 0.0 0.0 19.0 1.3 0.0 0.0 18.4 2.0 0.0 0.0 21.9 2.5 0.0 0.0 30.6 3.2 0.0 0.0 38.9 4.8 0.0 0.0 40.0 9.5 0.0 0.0 43.5 14.4 0.0 0.0 59.8 18.0 0.0 0.0 77.1 21.5 0.0 14 15 16 17 18 19 20 21 22 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 0.0 30.9 4.5 0.0 0.0 0.0 35.8 3.9 0.0 0.0 0.0 37.8 2.3 0.0 0.0 0.0 41.5 4.9 0.8 0.0 0.0 48.8 5.7 1.5 0.0 0.0 51.3 6.9 2.2 0.0 0.0 52.1 8.9 4.1 0.0 0.0 58.1 10.6 8.8 0.0 0.0 65.6 12.5 13.7 0.0 0.0 74.5 10.6 14.0 0.0 18 19 20 21 22 52 FFA, 1965-1974, Z.1, June 8, 2006 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars 1 2 3 4 5 6 7 8 9 10 11 12 Total 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1106.5 1187.0 1267.7 1372.8 1490.8 1600.0 1750.7 1935.1 2172.7 2409.5 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12.7 257.0 17.4 100.4 123.1 17.3 259.3 24.2 106.6 135.7 21.4 268.2 28.5 113.8 152.5 25.6 277.6 35.4 122.1 167.1 38.1 276.8 42.9 133.5 181.1 40.2 289.9 51.7 145.5 204.3 40.1 315.9 56.6 161.7 228.8 41.7 330.1 65.9 175.8 249.4 50.1 336.7 86.2 192.7 264.9 67.8 348.8 106.1 208.0 293.9 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 98.8 66.0 333.6 97.5 109.6 73.2 357.7 103.4 117.0 76.4 381.2 108.6 130.4 84.5 410.7 119.3 148.3 101.4 439.5 129.2 154.8 110.7 469.2 133.7 166.0 114.6 517.8 149.2 191.8 121.9 589.7 168.8 239.8 142.8 666.5 193.0 281.5 173.0 728.4 201.9 7 8 9 10 734.9 35.2 660.4 34.8 835.1 44.3 996.1 51.2 840.6 47.6 831.2 46.8 974.9 55.4 1203.3 58.9 938.3 46.6 632.5 35.2 11 12 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars 1 Total credit market debt (from table L.4) 1106.5 1187.0 1267.7 1372.8 1490.8 1600.0 1750.7 1935.1 2172.7 2409.5 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 1.6 0.0 3.1 0.8 30.1 1.6 0.0 4.0 0.9 35.8 2.8 0.0 4.6 1.1 38.0 4.8 0.0 5.1 1.6 44.0 5.1 0.0 5.3 1.2 51.6 2.6 0.4 5.6 0.8 48.5 0.9 0.4 6.0 1.2 47.3 0.7 0.4 6.6 2.2 45.0 0.6 0.4 7.0 3.3 42.6 1.9 0.4 7.3 4.9 42.1 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 189.1 288.5 31.0 0.0 -1.5 193.6 306.5 33.3 0.0 -1.5 208.9 341.2 39.2 0.0 -2.2 224.0 367.8 45.9 0.0 -1.5 232.1 382.3 30.9 0.0 4.7 244.8 412.9 55.1 0.0 1.1 262.9 481.3 68.6 0.0 5.0 287.0 551.0 87.4 0.0 6.7 304.7 590.4 126.4 0.0 23.1 311.7 628.1 167.4 2.4 25.4 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 35.2 18.0 105.9 162.0 34.8 18.7 110.6 172.5 44.3 25.8 115.5 195.6 51.2 32.3 120.3 218.7 47.6 25.7 125.4 230.9 46.8 24.9 130.7 253.8 55.4 28.7 137.1 293.5 58.9 37.4 143.9 349.3 46.6 29.5 151.3 358.5 35.2 25.9 158.4 367.5 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 145.6 20.1 159.7 159.7 19.2 167.8 172.4 14.8 179.2 193.3 16.0 200.0 220.6 14.5 224.9 234.3 12.5 246.3 254.8 16.6 281.3 286.9 20.5 326.3 349.2 25.9 369.7 304.3 32.8 397.1 16 17 18 19 Total liabilities 2295.5 2444.4 2648.9 2896.5 3093.7 3321.1 3691.7 4145.3 4601.9 4922.0 19 20 21 22 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 14.1 734.9 471.7 13.2 660.4 505.0 12.1 835.1 529.5 10.9 996.1 573.9 11.9 840.6 607.5 11.9 831.2 637.8 11.4 974.9 703.5 12.4 1203.3 784.5 13.8 938.3 919.3 14.0 632.5 1029.3 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -2.4 0.0 0.6 -2.2 0.0 1.2 -2.0 0.0 1.1 -1.7 0.0 1.9 -1.5 0.0 1.8 -1.6 0.0 2.2 -1.6 0.0 1.7 -1.7 0.0 -2.0 -1.7 0.0 -1.1 -1.9 0.0 1.9 23 24 25 -2.9 12.9 7.5 -5.6 14.2 7.8 -5.1 9.3 2.9 -3.5 9.5 5.0 -4.4 10.5 8.2 -1.7 10.7 0.0 -0.9 10.3 -7.3 -0.9 11.9 -31.5 -0.2 14.6 -17.7 6.6 18.9 -103.7 26 27 28 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 0.2 14.3 2.3 0.2 16.6 0.7 0.2 16.2 1.6 1.3 19.7 2.1 0.1 20.6 2.4 -0.3 22.0 7.4 -0.6 22.9 14.6 -0.2 27.6 16.8 0.1 27.2 31.9 -0.2 27.7 7.0 29 30 31 32 Totals identified to sectors as assets 3483.7 3590.1 4001.2 4443.1 4516.1 4763.3 5342.2 6125.6 6420.1 6641.5 32 53 FFA, 1965-1974, Z.1, June 8, 2006 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars 1 Total financial assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1519.8 1510.3 1737.1 1956.6 1870.1 1933.5 2163.6 2500.1 2386.9 2255.8 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 0.0 105.0 286.8 0.0 0.0 107.4 305.5 0.0 0.0 117.9 340.4 0.0 0.0 127.5 370.8 0.0 0.0 126.0 380.0 0.0 0.0 133.3 422.9 0.0 0.0 146.7 489.5 0.0 0.0 158.6 562.6 0.0 0.0 171.1 625.8 0.0 0.0 175.8 682.4 2.4 2 3 4 5 6 Securities 778.0 727.6 873.8 1019.6 905.7 887.8 983.5 1160.3 945.4 725.3 6 6.0 49.7 25.1 1.1 8.3 50.2 28.8 5.9 10.1 51.2 27.8 6.3 12.2 51.9 30.1 6.1 18.5 51.8 41.9 11.3 16.6 52.1 31.6 15.9 13.8 54.4 20.6 14.6 9.3 57.7 20.5 8.9 14.1 60.4 28.4 8.3 22.5 63.3 32.4 13.7 7 8 9 10 36.5 9.0 616.1 34.4 41.2 11.1 548.3 33.9 38.2 15.1 682.1 43.0 36.5 18.0 815.3 49.5 47.2 22.0 667.4 45.6 47.1 29.7 650.2 44.5 46.0 37.4 743.7 53.0 47.7 38.5 921.4 56.4 55.1 41.5 693.9 43.7 62.2 54.4 445.0 31.8 11 12 13 14 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 98.9 27.3 80.9 60.8 103.5 29.4 84.0 66.2 108.3 31.9 98.8 72.1 113.1 34.7 112.4 78.9 118.1 37.6 115.0 85.6 123.3 41.0 125.0 95.2 129.6 46.1 148.0 106.8 136.3 52.1 183.3 121.5 143.5 56.1 182.2 127.9 150.5 60.4 181.2 133.8 15 16 17 18 19 Miscellaneous and other assets 82.2 86.8 93.8 99.8 102.1 105.0 113.3 125.2 134.9 144.1 19 460.9 492.9 527.6 571.7 615.8 646.0 719.5 818.4 932.2 1035.9 20 218.6 79.2 97.5 231.9 86.5 103.4 245.1 92.5 108.6 262.2 104.4 119.3 278.3 116.1 129.2 291.0 117.4 133.7 316.8 135.4 149.2 354.9 160.6 168.8 396.8 165.3 193.0 432.5 191.7 201.9 21 22 23 8.3 5.9 51.4 9.8 5.8 55.5 10.8 8.9 61.7 12.1 11.5 62.2 14.7 8.2 69.3 17.0 6.9 80.0 18.0 9.5 90.5 19.0 13.1 102.0 21.2 8.9 147.0 23.9 7.4 178.5 24 25 26 20 Total liabilities 21 22 23 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 24 25 26 Policy loans Security credit Other liabilities (3) (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18). (3) Includes corporate farms. 54 FFA, 1965-1974, Z.1, June 8, 2006 L.100 Households and Nonprofit Organizations (1) Billions of dollars 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1954.5 1977.2 2227.2 2491.3 2436.3 2528.0 2814.0 3221.4 3229.0 3202.3 1 373.3 394.4 439.7 479.4 487.1 535.8 614.1 697.2 766.6 828.6 2 0.0 86.5 286.8 0.0 0.0 88.9 305.5 0.0 0.0 99.3 340.4 0.0 0.0 108.7 370.8 0.0 0.0 107.1 380.0 0.0 0.0 114.3 421.5 0.0 0.0 127.6 486.5 0.0 0.0 139.1 558.0 0.0 0.0 147.1 619.6 0.0 0.0 151.7 674.6 2.4 3 4 5 6 170.0 190.0 195.1 203.4 241.4 242.4 233.2 229.7 253.8 297.7 7 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 6.0 74.8 49.7 25.1 1.1 8.3 79.1 50.2 28.8 5.9 10.1 78.9 51.2 27.7 6.3 12.2 81.6 51.9 29.8 6.1 18.5 93.1 51.8 41.4 11.3 16.6 83.0 52.1 30.9 15.9 13.8 74.2 54.4 19.7 14.6 9.3 77.1 57.7 19.4 8.9 14.1 87.6 60.4 27.2 8.3 22.5 94.5 63.3 31.1 13.7 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 36.5 9.0 42.6 41.2 11.1 44.6 38.2 15.1 46.5 36.5 18.0 49.0 47.2 22.0 49.1 47.1 29.7 50.0 46.0 37.4 47.3 47.7 38.5 48.2 55.1 41.5 47.2 62.2 54.4 50.5 13 14 15 16 17 18 19 20 21 22 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets 616.1 34.4 2.5 105.9 162.0 471.7 18.5 548.3 33.9 2.7 110.6 172.5 505.0 19.9 682.1 43.0 4.9 115.5 195.6 529.5 21.7 815.3 49.5 7.0 120.3 218.7 573.9 23.6 667.4 45.6 5.2 125.4 230.9 607.5 25.8 650.2 44.5 4.4 130.7 253.8 637.8 28.5 743.7 53.0 4.9 137.1 293.5 703.5 31.1 921.4 56.4 5.0 143.9 349.3 784.5 34.0 693.9 43.7 4.9 151.3 358.5 919.3 37.1 445.0 31.8 3.9 158.4 367.5 1029.3 40.0 16 17 18 19 20 21 22 350.7 373.9 398.1 433.2 461.1 476.4 522.7 584.6 652.1 707.5 23 337.9 360.4 380.7 412.3 442.4 457.9 500.5 557.4 627.9 683.0 24 218.6 97.5 0.0 231.9 103.4 0.0 245.1 108.6 0.0 262.2 119.3 0.0 278.3 129.2 0.0 286.7 133.7 0.0 310.5 149.2 0.0 345.4 168.8 0.0 385.1 193.0 0.4 422.0 201.9 1.3 25 26 27 4.4 10.0 7.5 5.1 11.9 8.1 7.5 13.3 6.2 6.2 15.3 9.2 6.8 18.3 9.8 6.1 20.9 10.6 7.3 22.3 11.2 7.6 23.6 11.9 11.2 26.2 11.9 16.8 29.4 11.6 28 29 30 5.9 3.6 5.8 4.0 8.9 4.6 11.5 5.2 8.2 5.8 6.9 6.5 9.5 7.3 13.1 8.2 8.9 8.9 7.4 10.1 31 32 3.3 3.7 3.9 4.3 4.7 5.1 5.4 6.0 6.4 7.1 33 23 24 Total liabilities Credit market instruments 25 26 27 Home mortgages (3) Consumer credit Municipal securities 28 29 30 Bank loans n.e.c. Other loans and advances Commercial mortgages 31 32 33 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17) and life insurance and pension reserves (lines 19 and 20). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. 55 FFA, 1965-1974, Z.1, June 8, 2006 L.101 Nonfinancial Business (1) Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 299.4 314.9 334.0 366.9 403.1 426.4 477.8 556.0 647.1 696.3 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.8 51.5 9.0 0.0 0.6 0.9 50.9 8.6 0.0 0.9 1.1 53.4 9.7 0.0 0.7 1.6 56.3 9.1 0.0 1.1 1.2 62.0 3.7 0.0 3.3 0.8 63.1 6.7 0.0 0.2 1.2 61.7 12.5 0.0 1.1 2.2 64.4 16.5 0.0 2.7 3.3 70.4 22.8 0.0 11.3 4.9 71.9 28.2 0.0 5.5 2 3 4 5 6 7 Credit market instruments 37.1 36.1 34.6 37.3 36.4 39.2 48.5 52.3 50.8 55.5 7 1.4 12.5 1.2 4.6 0.1 17.3 2.9 11.1 1.0 3.6 0.1 17.4 4.0 8.7 1.0 3.3 0.1 17.6 5.1 9.3 1.4 3.8 0.1 17.6 7.6 6.1 1.7 2.8 0.5 17.6 9.4 7.0 1.2 2.2 0.9 18.5 11.3 10.0 0.9 3.2 2.1 21.0 14.2 8.0 1.0 4.2 3.2 21.6 14.9 3.7 2.0 4.0 3.6 22.6 16.5 3.9 3.0 4.7 4.1 23.4 8 9 10 11 12 13 0.3 128.8 71.3 0.4 141.8 75.4 0.6 150.6 83.3 0.8 167.8 92.9 0.7 191.2 104.7 0.6 198.0 117.8 0.7 211.9 140.1 0.7 239.0 178.3 0.8 280.4 207.3 0.8 258.8 270.6 14 15 16 445.4 488.2 526.5 584.5 655.1 709.2 782.1 883.3 1040.9 1093.0 17 304.6 339.1 376.6 413.8 462.0 512.5 563.6 633.7 726.5 820.5 18 0.8 0.0 97.3 1.6 0.0 107.5 3.0 0.0 122.1 4.2 0.0 135.0 5.4 0.0 147.0 7.1 0.0 166.8 6.2 0.1 185.6 7.0 0.6 197.8 8.4 2.4 206.9 12.5 4.1 226.6 19 20 21 75.1 25.7 105.7 85.8 28.2 115.9 93.7 29.6 128.1 105.0 32.1 137.4 121.2 39.0 149.4 126.5 42.2 170.0 132.8 44.9 194.0 148.4 50.1 229.9 182.9 59.3 266.7 213.6 71.6 292.1 22 23 24 107.6 18.3 15.0 115.6 17.4 16.0 121.5 13.2 15.2 135.8 14.3 20.6 156.0 12.6 24.5 163.2 10.0 23.6 177.0 14.1 27.3 201.3 18.0 30.2 252.8 23.3 38.3 192.7 30.1 49.7 25 26 27 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 1965 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities Credit market instruments 19 20 21 Commercial paper Municipal securities Corporate bonds 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 25 26 27 Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 56 FFA, 1965-1974, Z.1, June 8, 2006 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7 8 9 10 11 12 13 14 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 15 16 17 18 19 20 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 21 Total liabilities 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 262.4 276.8 294.6 327.6 361.9 383.2 424.7 492.9 570.8 615.2 1 0.8 33.1 9.0 0.0 0.6 0.9 32.4 8.6 0.0 0.9 1.1 34.8 9.7 0.0 0.7 1.6 37.5 9.1 0.0 1.1 1.2 43.1 3.7 0.0 3.3 0.8 44.1 5.3 0.0 0.2 1.2 42.6 9.5 0.0 1.1 2.2 44.9 11.9 0.0 2.7 3.3 46.3 16.6 0.0 11.3 4.9 47.8 20.5 0.0 5.5 2 3 4 5 6 1.4 12.5 1.2 4.6 0.1 13.2 120.9 0.3 2.9 11.1 1.0 3.6 0.1 13.4 133.3 0.4 4.0 8.6 1.0 3.3 0.1 13.7 141.6 0.6 5.1 9.0 1.4 3.8 0.1 13.8 160.1 0.8 7.6 5.6 1.7 2.8 0.2 13.9 183.0 0.7 9.4 6.3 1.2 2.2 0.2 14.7 191.4 0.6 11.3 9.1 0.9 3.2 0.2 17.3 203.8 0.7 14.2 6.9 1.0 4.2 0.2 18.0 230.2 0.7 14.9 2.5 2.0 4.0 0.3 19.2 269.3 0.8 16.5 2.6 3.0 4.7 0.7 20.3 245.5 0.8 7 8 9 10 11 12 13 14 64.7 53.3 6.8 0.1 0.0 4.5 68.3 56.7 7.3 0.1 0.0 4.1 75.5 63.0 8.0 0.1 0.0 4.3 84.2 70.8 8.8 0.2 0.0 4.5 94.9 79.8 9.9 0.2 0.0 4.9 106.8 90.6 10.8 0.0 0.0 5.4 123.8 103.3 11.9 0.0 0.0 8.7 155.7 129.8 13.7 0.0 0.0 12.2 180.3 149.1 15.7 0.0 0.0 15.5 242.4 169.1 17.8 0.0 0.0 55.6 15 16 17 18 19 20 335.2 369.2 397.0 446.0 500.4 539.6 585.3 649.5 760.8 764.6 21 22 Credit market instruments 207.6 232.1 259.1 285.1 317.8 361.3 389.5 427.9 492.6 548.9 22 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 0.8 0.0 97.3 60.7 1.6 0.0 107.5 69.1 3.0 0.0 122.1 75.6 4.2 0.0 135.0 85.4 5.4 0.0 147.0 98.8 7.1 0.0 166.8 103.6 6.2 0.1 185.6 107.7 7.0 0.6 197.8 120.5 8.4 2.4 206.9 137.0 12.5 4.1 226.6 159.4 23 24 25 26 27 28 29 30 31 32 33 34 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 14.8 0.0 12.2 1.7 0.9 0.0 0.0 34.0 16.3 0.1 13.1 2.0 1.1 0.0 0.0 37.6 16.5 0.1 12.8 2.2 1.3 0.0 0.0 41.8 18.2 0.1 14.8 1.7 1.6 0.0 0.0 42.2 23.5 0.1 19.3 1.8 2.3 0.0 0.0 43.1 25.0 0.2 19.6 2.1 3.1 0.0 0.0 58.8 26.4 0.3 20.8 1.6 3.6 0.0 0.0 63.5 30.4 0.3 24.6 1.8 3.7 0.0 0.0 71.7 36.2 0.2 29.1 2.1 4.7 0.0 0.0 101.7 44.9 0.3 33.4 3.7 7.2 0.3 0.0 101.4 27 28 29 30 31 32 33 34 94.6 18.3 14.8 6.7 1.2 6.9 103.8 17.4 15.8 7.1 1.2 7.5 109.7 13.2 15.0 7.8 1.5 5.7 126.2 14.3 20.3 8.6 1.7 10.1 145.7 12.6 24.3 9.7 1.7 12.8 153.6 10.0 14.7 11.1 1.9 1.7 167.2 13.1 15.5 11.5 2.2 1.9 190.4 15.5 15.7 12.1 2.7 0.9 228.4 19.3 20.4 17.3 2.7 0.4 165.2 24.5 26.0 21.8 2.7 1.5 35 36 37 38 39 40 35 36 37 38 39 40 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 41 42 Trade receivables net of payables Market value of equities 26.3 623.8 29.5 547.9 31.9 712.2 33.9 843.2 37.3 705.1 37.8 702.2 36.6 823.8 39.8 1032.7 40.9 809.4 80.3 557.6 41 42 43 44 Securities and mortgages Loans and short-term paper 131.2 76.3 145.0 87.1 164.0 95.1 177.3 107.9 190.1 127.7 225.5 135.8 249.1 140.3 270.1 157.8 311.0 181.7 332.1 216.8 43 44 45 46 Total short-term liabilities (3) Total liquid assets (4) 189.2 63.5 208.3 61.8 218.1 63.7 248.4 69.4 286.0 69.8 299.4 70.1 320.6 79.5 363.7 88.7 429.4 101.7 406.5 106.2 45 46 47 48 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 63.2 36.8 62.5 37.5 63.3 36.7 62.2 37.8 59.8 40.2 62.4 37.6 64.0 36.0 63.1 36.9 63.1 36.9 60.5 39.5 47 48 49 Liquid assets/short-term liabilities 33.6 29.6 29.2 27.9 24.4 23.4 24.8 24.4 23.7 26.1 49 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) 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. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 10, plus line 14. 57 FFA, 1965-1974, Z.1, June 8, 2006 L.103 Nonfarm Noncorporate Business Billions of dollars 1965 1 Total financial assets 16 17 18 19 20 21 1969 1970 1971 1972 1973 1974 29.4 30.4 29.6 31.1 32.4 41.6 50.7 63.0 67.3 1 12.5 0.0 0.0 12.5 0.0 0.0 12.5 0.0 0.0 12.5 0.0 0.0 12.5 1.4 0.0 12.5 3.0 0.0 12.5 4.6 0.0 16.9 6.2 0.0 17.3 7.8 0.0 2 3 4 Treasury securities Municipal securities Mortgages Consumer credit 0.0 0.0 0.0 4.0 0.0 0.0 0.0 4.0 0.1 0.0 0.0 3.9 0.3 0.0 0.0 3.9 0.5 0.0 0.3 3.7 0.7 0.0 0.7 3.8 0.9 0.0 1.9 3.7 1.1 0.0 3.0 3.6 1.2 0.0 3.3 3.4 1.2 0.0 3.4 3.1 5 6 7 8 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other 7.9 4.1 4.0 0.1 0.0 8.5 4.4 4.3 0.1 0.0 9.0 4.8 4.7 0.1 0.0 7.7 5.3 5.2 0.1 0.0 8.1 6.0 5.8 0.2 0.0 6.6 6.7 6.5 0.2 0.0 8.1 11.5 7.3 0.2 4.0 8.8 17.1 8.3 0.2 8.6 11.1 20.9 9.2 0.2 11.4 13.3 21.3 10.2 0.2 10.8 9 10 11 12 13 71.5 76.7 84.1 91.5 105.1 117.3 139.8 171.1 208.0 247.7 14 64.7 71.5 78.7 87.1 99.6 103.6 122.6 149.0 168.5 198.4 15 6.7 7.4 50.6 8.1 8.0 55.3 8.8 8.6 61.3 9.9 9.2 68.0 12.1 10.2 77.3 11.7 11.2 80.7 12.6 11.8 98.2 13.7 12.5 122.8 28.6 14.6 125.2 36.0 16.6 145.8 16 17 18 6.6 0.0 0.2 5.1 0.0 0.2 5.2 0.0 0.2 4.2 0.0 0.2 5.2 0.0 0.3 4.8 0.0 8.9 4.4 1.0 11.8 5.1 2.5 14.5 17.7 4.0 17.9 20.1 5.5 23.6 19 20 21 5 6 7 8 15 1968 12.5 0.0 0.0 Checkable deposits and currency Time and savings deposits Money market fund shares 14 1967 28.6 2 3 4 9 10 11 12 13 1966 Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars 1 8.5 8.7 9.1 9.6 10.2 10.8 11.5 12.5 13.3 13.8 1 2 Checkable deposits and currency 6.0 6.0 6.1 6.3 6.4 6.5 6.7 6.9 7.1 6.9 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 2.5 2.2 0.3 2.7 2.3 0.4 3.0 2.6 0.4 3.3 2.8 0.5 3.8 3.2 0.6 4.3 3.6 0.6 4.8 4.1 0.7 5.5 4.7 0.8 6.2 5.2 0.9 6.9 5.8 1.1 3 4 5 6 7 8 9 10 11 Total financial assets Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 38.7 42.3 45.4 47.0 49.6 52.3 57.0 62.7 72.1 80.7 6 32.3 35.5 38.8 41.6 44.6 47.6 51.6 56.8 65.4 73.3 7 7.7 3.5 21.2 8.6 3.9 23.1 9.3 4.5 25.0 9.7 4.7 27.2 10.3 5.3 29.0 11.2 5.9 30.5 12.5 6.7 32.4 14.3 7.1 35.4 17.2 8.4 39.8 18.2 10.2 44.9 8 9 10 6.4 6.8 6.6 5.4 5.0 4.8 5.4 5.9 6.7 7.4 11 58 FFA, 1965-1974, Z.1, June 8, 2006 L.105 State and Local Governments (1) Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 56.6 60.6 64.0 69.8 75.8 80.1 89.2 106.3 128.5 138.0 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 9.8 12.2 0.0 -0.7 10.3 13.5 0.0 0.8 11.1 15.7 0.0 0.3 10.4 18.9 0.0 -1.3 12.3 13.1 0.0 2.6 11.3 23.0 0.0 -1.4 12.1 30.2 0.0 -0.9 12.7 37.0 0.0 -1.0 12.7 43.6 0.0 0.5 12.9 48.5 0.0 -1.3 2 3 4 5 6 Credit market instruments 27.5 27.5 27.6 31.4 36.4 35.1 33.4 40.1 49.8 56.4 6 0.0 19.5 3.1 0.0 20.1 2.4 0.0 19.7 2.8 0.0 19.9 6.2 0.0 23.0 7.5 0.0 22.9 5.2 0.0 22.6 3.0 0.0 24.9 6.3 0.0 26.1 13.0 0.0 26.5 16.0 7 8 9 2.2 0.0 2.7 2.1 0.0 2.9 2.1 0.0 3.0 2.2 0.0 3.2 2.2 0.0 3.7 2.4 0.0 4.6 2.1 0.0 5.6 1.8 0.0 7.0 2.1 0.0 8.7 2.6 0.0 11.2 10 11 12 7 8 9 10 11 12 Total financial assets 1966 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 6.6 0.5 0.7 7.2 0.5 0.8 7.8 0.6 0.8 8.8 0.8 0.8 10.0 0.8 0.7 10.6 0.8 0.6 11.6 2.1 0.7 13.0 3.9 0.6 15.8 5.5 0.6 13.8 7.1 0.6 15 16 17 129.5 141.0 153.4 167.7 185.5 203.5 226.1 246.1 267.3 290.6 18 18 Total liabilities 19 Credit market instruments 103.2 110.0 117.4 126.1 138.3 150.3 166.7 180.7 194.8 208.2 19 20 21 22 23 Municipal securities Short-term Other U.S. government loans 100.4 5.5 94.9 2.8 106.6 6.2 100.5 3.4 113.8 8.0 105.8 3.6 122.1 8.1 114.0 4.0 133.5 10.9 122.6 4.7 145.5 13.3 132.2 4.8 161.6 15.7 145.8 5.2 175.2 15.8 159.4 5.5 189.9 16.1 173.8 4.9 202.6 18.8 183.8 5.6 20 21 22 23 26.4 30.9 36.0 41.6 47.3 53.2 59.3 65.4 72.5 82.4 24 61.3 64.9 72.7 78.6 83.3 85.3 91.1 93.3 97.8 104.3 1 1.4 6.8 0.3 0.9 6.4 0.2 1.3 7.5 0.3 3.3 5.1 0.4 4.7 6.9 0.2 3.6 9.8 0.5 2.2 13.2 0.5 2.6 13.3 0.6 2.9 12.6 0.4 4.3 8.3 0.5 2 3 4 37.6 42.7 47.3 52.3 55.4 58.2 60.3 62.2 64.9 72.2 5 0.0 31.7 5.9 0.0 1.4 34.5 6.9 0.0 1.3 38.2 7.8 0.0 1.4 41.6 9.3 0.0 0.1 45.1 10.2 0.0 0.0 47.7 10.5 0.0 0.0 50.2 10.2 0.0 0.0 52.7 9.5 0.0 0.0 56.0 8.9 0.0 0.0 59.5 12.6 0.0 6 7 8 9 3.1 6.8 5.4 4.4 4.5 5.8 5.8 4.8 5.6 6.4 5.7 5.4 7.3 3.3 5.5 6.6 0.9 5.7 4.9 4.1 5.8 4.0 4.7 5.9 4.3 5.8 6.9 5.3 6.8 7.0 10 11 12 297.0 303.8 319.7 334.2 332.5 346.0 373.3 392.3 403.0 420.5 13 0.0 3.1 0.0 4.0 0.0 4.6 0.0 5.1 0.0 5.3 0.4 5.6 0.4 6.0 0.4 6.6 0.4 7.0 0.4 7.3 14 15 261.5 265.1 278.1 290.6 287.4 299.5 324.4 339.4 346.3 358.2 16 49.7 207.3 2.7 1.8 50.2 209.1 4.0 1.8 51.2 217.0 8.2 1.7 51.9 225.7 11.3 1.7 51.8 225.1 9.0 1.6 52.1 237.8 8.1 1.5 54.4 261.5 7.0 1.4 57.7 272.5 7.9 1.3 60.4 276.4 8.4 1.3 63.3 285.5 8.2 1.2 17 18 19 20 5.0 7.0 20.3 19.7 0.6 5.8 7.1 21.8 21.0 0.8 6.5 7.2 23.3 22.3 1.0 6.5 7.2 24.9 23.6 1.2 6.4 7.3 26.1 25.1 0.9 5.4 7.4 27.9 27.5 0.3 4.4 7.4 30.7 30.4 0.3 4.6 7.6 33.7 33.4 0.3 5.7 7.8 35.8 35.5 0.3 6.7 7.9 40.0 38.2 1.7 21 22 23 24 25 24 Trade payables (1) Data for employee retirement funds are shown in table L.119. L.106 Federal Government Billions of dollars 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (1) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 14 15 SDR certificates Treasury currency 16 Credit market instruments 17 18 19 20 21 22 23 24 25 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (2) Nonmarketable securities held by pension plans Other (1) Student loans. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 59 FFA, 1965-1974, Z.1, June 8, 2006 L.107 Rest of the World Billions of dollars 1965 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 1966 1967 1968 1969 1970 1971 1972 1973 1974 61.4 63.8 83.6 96.0 103.8 110.0 140.0 167.1 145.4 192.9 1 3.8 8.5 6.1 0.0 6.7 9.2 6.4 0.0 7.3 9.8 7.7 0.0 9.4 10.6 7.4 0.0 16.8 11.5 8.8 0.0 10.5 12.4 7.1 0.0 5.8 12.7 7.5 0.0 6.8 15.1 10.6 0.0 1.6 18.7 13.4 0.5 0.4 22.6 21.1 0.5 2 3 4 5 17.4 17.3 20.1 22.7 23.2 35.0 62.9 73.5 75.6 81.6 6 7 Open market paper 2.0 2.2 2.2 2.8 3.8 4.3 4.1 4.1 4.4 4.8 7 8 9 10 Treasury securities Official Private 13.1 11.4 1.7 11.2 9.8 1.3 13.3 12.1 1.2 12.7 11.3 1.3 10.3 9.0 1.3 19.8 18.4 1.4 46.3 45.0 1.3 54.8 53.5 1.3 55.2 54.1 1.1 60.1 58.3 1.8 8 9 10 11 12 13 Agency- and GSE-backed securities Official Private 1.3 0.0 1.3 1.7 0.0 1.7 2.0 0.1 2.0 2.4 0.1 2.3 2.7 0.0 2.7 3.0 0.0 3.0 3.1 0.0 3.0 3.2 0.3 2.9 3.2 0.9 2.4 2.8 1.8 1.0 11 12 13 14 15 U.S. corporate bonds (1) Loans to U.S. corporate business 1.0 0.0 2.2 0.0 2.5 0.0 4.9 0.0 6.4 0.0 7.9 0.0 9.4 0.0 11.4 0.0 12.7 0.0 13.7 0.3 14 15 16 17 18 U.S. corporate equities Trade receivables Security credit 14.6 2.1 0.2 12.6 2.7 0.2 25.5 3.3 0.3 29.5 4.8 0.6 26.8 5.8 0.4 27.2 7.4 0.3 30.8 7.2 0.3 39.1 8.2 0.4 33.5 10.2 0.3 23.9 12.4 0.3 16 17 18 19 20 21 Miscellaneous assets Foreign direct investment in U.S. (2) Other 8.8 8.8 -0.0 8.7 9.1 -0.4 9.6 9.9 -0.4 10.9 10.8 0.1 10.5 11.8 -1.3 10.0 13.3 -3.3 12.7 13.9 -1.2 13.5 14.9 -1.4 -8.4 20.6 -28.9 30.1 25.1 5.0 19 20 21 100.1 107.5 116.8 128.9 137.4 146.0 158.8 172.6 190.6 216.1 22 1.6 0.8 1.6 0.9 2.8 1.1 4.8 1.6 5.1 1.2 2.6 0.8 0.9 1.2 0.7 2.2 0.6 3.3 1.9 4.9 23 24 37.5 39.5 43.3 46.1 49.2 52.1 56.6 61.1 67.4 81.2 25 0.0 9.1 0.0 9.9 0.0 11.1 0.0 12.2 0.0 13.2 0.0 14.1 0.0 15.0 0.0 16.0 0.0 17.0 0.2 19.4 26 27 7.1 1.1 2.1 3.9 18.7 2.5 7.1 1.0 2.2 3.8 20.0 2.5 6.7 1.0 1.8 3.9 22.5 3.0 6.3 0.8 1.9 3.6 24.7 2.9 6.0 0.8 2.1 3.2 26.9 3.2 5.8 0.6 2.0 3.2 28.2 4.0 7.3 0.8 2.4 4.1 30.0 4.3 10.4 1.0 3.5 5.9 31.5 3.2 13.1 1.4 5.1 6.5 33.2 4.2 17.8 1.7 8.2 7.8 32.7 11.2 28 29 30 31 32 33 2.6 0.1 2.9 0.1 3.4 0.3 3.8 0.5 4.6 0.3 5.6 0.3 6.1 0.3 6.6 0.4 8.5 0.2 11.5 0.2 34 35 57.5 1.3 3.9 55.4 -3.1 62.5 1.3 4.2 59.0 -2.0 66.0 1.4 4.0 65.6 -4.9 72.1 1.5 3.9 73.7 -7.0 77.0 1.7 3.8 83.1 -11.6 84.7 1.9 3.8 94.4 -15.4 93.7 2.2 3.6 107.6 -19.7 101.6 2.5 3.5 134.8 -39.2 110.6 2.8 4.1 155.0 -51.3 116.4 3.4 3.5 176.1 -66.7 36 37 38 39 40 5.0 4.3 5.2 6.5 7.0 6.6 7.6 10.5 10.0 9.0 41 22 Total liabilities 23 24 U.S. official foreign exchange and net IMF position U.S. private deposits 25 Credit market instruments 26 27 Commercial paper Bonds 28 29 30 31 32 33 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 34 35 Trade payables Security debt 36 37 38 39 40 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 41 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 60 FFA, 1965-1974, Z.1, June 8, 2006 L.108 Monetary Authority (1) Billions of dollars 1965 1 Total financial assets 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 8 Credit market instruments 9 10 11 12 13 14 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets Total liabilities 1966 1967 1968 1969 1970 1971 1972 1973 1974 63.5 68.0 72.8 76.7 80.7 86.1 94.6 97.6 106.9 113.4 1 14.3 0.0 5.4 14.0 0.0 6.2 13.5 0.0 6.6 12.4 0.0 6.8 12.3 0.0 6.8 10.9 0.4 7.1 10.1 0.4 7.6 10.5 0.4 8.3 11.5 0.4 8.7 11.6 0.4 9.3 2 3 4 2.2 0.1 0.4 2.5 0.2 0.8 2.5 0.1 0.3 3.5 0.2 0.0 3.4 0.2 0.0 4.3 0.3 0.0 4.3 0.0 1.5 4.0 2.0 0.1 3.1 1.3 0.1 2.0 0.3 1.4 5 6 7 40.6 43.7 49.1 53.0 57.2 62.2 69.6 71.2 80.5 85.3 8 0.1 40.5 0.0 0.0 0.1 43.7 0.0 0.0 0.1 49.0 0.0 0.0 0.1 52.9 0.0 0.0 0.1 57.2 0.0 0.0 0.1 62.1 0.0 0.0 0.1 69.0 0.5 0.0 0.1 69.8 1.3 0.0 0.1 78.5 1.9 0.0 0.6 80.1 4.7 0.0 9 10 11 12 0.5 0.7 0.7 0.9 0.8 0.9 1.1 1.1 1.4 3.2 13 63.0 67.4 72.2 76.1 80.1 85.4 93.9 96.8 106.0 112.5 14 15 16 Depository institution reserves Vault cash of commercial banks 18.4 4.9 19.8 5.5 21.1 5.9 21.9 7.2 22.1 7.3 24.2 7.0 27.8 7.5 25.6 8.6 27.1 10.7 25.8 11.6 15 16 17 18 19 20 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 38.8 1.4 0.2 37.2 41.2 1.6 0.4 39.2 44.1 2.5 0.4 41.2 45.6 1.4 0.5 43.8 48.9 2.0 0.4 46.6 52.0 1.6 0.3 50.0 56.5 2.5 0.5 53.5 60.4 2.2 0.4 57.9 65.0 2.9 0.3 61.8 71.9 3.3 0.5 68.1 17 18 19 20 21 22 23 Miscellaneous liabilities Federal Reserve Bank stock Other 0.8 0.6 0.3 1.0 0.6 0.4 1.0 0.6 0.4 1.4 0.6 0.8 1.8 0.7 1.1 2.2 0.7 1.5 2.1 0.7 1.3 2.1 0.8 1.3 3.3 0.8 2.5 3.2 0.9 2.3 21 22 23 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 61 FFA, 1965-1974, Z.1, June 8, 2006 L.109 Commercial Banking (1) Billions of dollars 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 341.6 363.0 403.3 447.9 471.4 517.2 578.2 663.1 760.8 835.8 1 4.9 18.4 0.1 5.5 19.8 0.2 5.9 21.1 0.2 7.2 21.9 0.2 7.3 22.1 0.3 7.0 24.2 0.4 7.5 27.8 0.5 8.6 25.6 0.7 10.7 27.1 1.0 11.6 25.8 0.8 2 3 4 311.0 329.4 366.9 407.0 424.5 461.4 512.5 587.5 668.8 733.3 5 6 7 Treasury securities Agency- and GSE-backed securities 60.2 5.8 56.8 6.1 63.3 9.1 65.3 10.4 55.6 10.1 62.5 13.9 65.6 17.9 68.1 22.0 59.2 29.6 55.1 33.2 6 7 8 9 Municipal securities Corporate and foreign bonds 38.8 1.3 41.2 1.3 50.3 2.3 58.9 2.5 59.5 1.9 70.2 3.0 82.8 3.9 90.0 5.2 95.7 5.6 101.1 6.6 8 9 204.9 2.0 98.7 49.7 45.2 9.3 224.0 1.9 109.6 54.4 48.2 9.9 241.9 2.9 117.0 58.9 51.7 11.3 269.9 2.9 130.4 65.5 58.5 12.7 297.3 3.5 148.3 70.5 63.4 11.5 311.6 4.9 154.8 73.3 65.6 13.0 342.1 5.4 166.0 82.5 74.3 13.8 402.2 5.5 191.8 99.3 87.0 18.6 478.6 5.0 239.8 119.1 99.6 15.2 537.1 6.4 281.5 132.1 103.0 14.1 10 11 12 13 14 15 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.0 0.2 0.0 16 17 3.4 3.8 3.6 4.5 4.3 4.8 4.4 7.1 5.5 11.7 7.1 17.2 7.9 22.0 6.9 33.7 8.9 44.4 18.5 45.7 18 19 317.8 337.6 376.2 419.2 441.3 485.4 548.2 629.7 717.5 791.6 20 6.8 2.3 0.6 3.8 10.6 2.7 1.2 6.7 11.0 2.6 1.1 7.3 15.0 3.7 1.9 9.4 22.2 3.6 1.8 16.8 17.3 4.6 2.2 10.5 11.9 4.4 1.7 5.8 10.7 6.0 -2.0 6.8 4.9 4.4 -1.1 1.6 4.6 2.3 1.9 0.4 21 22 23 24 10 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 16 17 Corporate equities Mutual fund shares 18 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 21 22 23 24 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 25 26 27 28 Checkable deposits Federal government Rest of the world Private domestic 150.0 5.5 4.4 140.1 152.1 5.0 4.6 142.5 164.5 5.2 4.9 154.3 178.0 5.0 5.4 167.6 182.8 5.1 5.8 171.9 192.4 7.9 6.4 178.1 205.9 10.2 6.0 189.7 225.9 10.9 7.9 207.2 239.0 9.9 10.9 218.3 238.9 4.8 13.5 220.6 25 26 27 28 29 30 31 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 116.7 31.0 1.7 127.8 33.3 1.7 145.8 39.2 1.7 159.8 45.9 2.6 166.4 30.9 8.7 180.6 54.4 4.7 209.3 67.1 8.7 234.0 85.0 10.8 246.8 123.0 27.1 265.0 162.2 28.5 29 30 31 32 Credit market instruments 5.0 5.3 6.3 6.7 11.8 12.7 15.2 17.9 23.1 37.4 32 3.4 1.6 0.0 3.6 1.7 0.0 4.4 2.0 0.0 4.5 2.2 0.0 9.8 2.0 0.0 9.5 3.2 0.0 9.9 5.2 0.0 9.6 8.3 0.0 13.9 9.2 0.0 27.0 10.4 0.0 33 34 35 0.7 5.8 0.7 6.3 0.6 7.1 0.5 10.7 0.6 17.9 1.0 22.4 0.9 29.2 0.7 44.6 0.8 52.9 0.9 54.2 36 37 305.1 323.1 359.8 398.7 418.3 455.3 506.5 575.7 662.4 737.5 38 33 34 35 36 37 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 38 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18). 62 FFA, 1965-1974, Z.1, June 8, 2006 L.110 U.S.-Chartered Commercial Banks Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 336.0 356.4 396.3 439.7 452.5 489.7 545.3 616.3 696.3 757.5 1 23.3 25.2 27.0 29.1 29.4 31.2 35.3 34.3 37.7 37.5 2 307.4 325.2 362.0 401.7 413.5 448.0 499.1 570.5 646.0 702.3 3 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 59.5 5.8 0.0 0.0 5.8 56.2 6.1 0.0 0.0 6.1 62.5 9.1 0.0 0.0 9.1 64.5 10.4 0.0 0.0 10.4 54.7 10.1 0.0 0.0 10.1 61.7 13.9 0.0 0.0 13.9 64.9 17.9 0.0 0.0 17.9 66.9 21.7 0.0 0.0 21.7 58.2 29.1 0.0 0.0 29.1 54.3 32.6 0.0 0.0 32.6 4 5 6 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 38.7 1.1 0.0 0.0 1.1 41.0 1.1 0.0 0.0 1.1 50.0 1.9 0.0 0.0 1.9 58.6 2.1 0.0 0.0 2.1 59.2 1.6 0.0 0.0 1.6 69.6 2.4 0.0 0.0 2.4 82.4 3.6 0.0 0.0 3.6 89.5 4.8 0.0 0.0 4.8 95.1 5.2 0.0 0.0 5.2 100.4 6.2 0.0 0.0 6.2 9 10 11 12 13 14 15 16 17 18 19 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 202.3 1.8 97.5 49.3 45.2 8.5 220.8 1.7 108.0 53.9 48.2 9.0 238.5 2.7 115.3 58.4 51.7 10.5 266.1 2.6 128.3 65.0 58.5 11.8 288.0 3.0 141.0 69.8 63.4 10.7 300.4 4.1 146.1 72.5 65.6 12.1 330.2 4.5 156.9 81.6 74.3 12.9 387.5 4.3 180.4 98.4 87.0 17.4 458.4 3.5 222.7 118.0 99.6 14.6 508.9 4.3 257.5 130.5 103.0 13.6 14 15 16 17 18 19 20 21 Corporate equities Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 2.7 2.6 2.9 3.1 3.5 3.8 3.5 5.4 4.4 5.2 5.6 4.8 6.3 4.6 5.5 6.0 7.1 5.4 14.8 2.9 22 23 312.1 331.0 369.1 410.9 426.4 467.6 526.5 601.2 681.4 745.8 24 4.6 2.2 0.1 1.1 1.1 8.0 2.5 0.2 1.5 3.8 8.7 2.5 0.1 2.1 3.9 12.6 3.5 0.2 3.2 5.7 19.3 3.4 0.2 3.5 12.2 15.2 4.3 0.3 4.5 6.1 8.7 4.3 0.0 3.3 1.0 5.4 4.0 2.0 -1.0 0.5 -0.2 3.1 1.3 -4.1 -0.4 -4.9 2.0 0.3 -4.5 -2.7 25 26 27 28 29 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 22 23 24 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 25 26 27 28 29 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 30 31 32 33 Checkable deposits Federal government Rest of the world Private domestic 147.0 5.5 4.1 137.4 148.6 5.0 4.3 139.4 160.6 5.2 4.6 150.8 172.7 5.0 4.8 162.9 177.4 5.1 5.2 167.1 182.5 7.9 5.7 168.8 195.5 10.2 5.2 180.1 218.4 10.9 6.3 201.2 230.9 9.9 8.6 212.4 229.5 4.8 10.6 214.1 30 31 32 33 34 35 36 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 116.7 30.5 1.7 127.7 32.8 1.7 145.8 38.6 1.7 159.7 45.2 2.6 165.8 29.5 8.7 179.9 52.6 4.7 208.5 65.0 8.7 233.0 82.1 10.8 245.6 119.2 27.1 263.7 157.4 28.5 34 35 36 37 38 39 40 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 2.7 1.6 0.0 0.7 2.9 1.7 0.0 0.7 3.5 2.0 0.0 0.6 3.6 2.2 0.0 0.5 4.4 2.0 0.0 0.6 5.7 2.1 0.0 1.0 6.4 3.0 0.0 0.9 5.6 4.1 0.0 0.7 7.2 4.1 0.0 0.8 14.9 4.3 0.0 0.9 37 38 39 40 41 42 43 Miscellaneous liabilities Investment by bank holding companies Other 6.5 0.0 6.5 6.9 0.0 6.9 7.7 0.0 7.7 11.8 0.0 11.8 18.8 4.0 14.8 23.9 10.0 13.9 29.9 15.0 14.9 41.0 21.0 20.0 46.7 25.0 21.7 51.5 32.0 19.5 41 42 43 301.6 319.1 355.0 393.4 407.2 441.6 492.5 558.6 638.6 703.5 44 Memo: 44 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22). 63 FFA, 1965-1974, Z.1, June 8, 2006 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 4.3 4.9 5.1 6.0 6.9 9.0 9.7 14.4 18.8 27.3 1 2 Reserves at Federal Reserve 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Total bank credit 3.0 3.5 4.0 4.4 5.8 9.0 8.9 12.5 16.4 23.6 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.5 0.0 0.1 0.1 0.5 0.0 0.1 0.2 0.6 0.0 0.2 0.3 0.6 0.0 0.2 0.3 0.6 0.0 0.2 0.3 0.5 0.0 0.4 0.6 0.3 0.0 0.2 0.3 0.5 0.3 0.1 0.3 0.4 0.5 0.2 0.3 0.5 0.6 0.2 0.3 4 5 6 7 8 9 10 11 12 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 2.2 0.2 1.2 0.0 0.8 2.7 0.2 1.6 0.0 0.9 2.8 0.3 1.7 0.0 0.9 3.3 0.3 2.1 0.0 0.9 4.7 0.5 3.3 0.0 0.9 7.5 0.9 5.8 0.0 0.9 8.1 0.9 6.3 0.0 0.9 11.2 1.2 8.8 0.0 1.2 14.9 1.4 12.8 0.1 0.6 21.8 2.1 19.1 0.1 0.5 8 9 10 11 12 13 Corporate equities 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 13 0.7 0.6 0.7 0.8 0.9 0.2 0.9 0.7 1.1 -0.0 1.4 -1.4 1.6 -0.8 1.4 0.5 1.8 0.6 3.7 -0.0 14 15 4.4 5.1 5.3 6.2 7.1 9.3 9.9 14.7 19.1 27.6 16 2.2 2.7 -0.5 2.6 2.9 -0.4 2.3 3.3 -1.0 2.4 3.7 -1.3 3.0 4.7 -1.7 2.1 4.4 -2.3 3.2 4.8 -1.6 5.3 6.3 -1.0 7.6 4.5 3.0 12.2 6.5 5.6 17 18 19 4 5 6 7 14 15 16 Total financial assets 1966 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 17 18 19 Net interbank liabilities To foreign banks To domestic banks 20 21 22 Checkable deposits Small time and savings deposits Large time deposits 1.7 0.1 0.4 1.8 0.1 0.5 2.0 0.1 0.6 3.1 0.1 0.7 3.1 0.1 0.9 7.3 0.1 1.3 7.4 0.2 1.5 4.2 0.2 2.2 4.5 0.4 3.0 5.7 0.5 4.0 20 21 22 23 24 Federal funds and security RPs (net) Acceptance liabilities 0.0 0.7 0.0 0.7 0.0 0.9 0.0 0.9 0.0 1.1 0.0 1.4 0.0 1.6 0.0 1.4 0.0 1.8 0.0 3.7 23 24 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other -0.7 0.4 0.0 -1.0 -0.6 0.4 0.0 -0.9 -0.6 0.4 0.0 -0.9 -1.0 0.4 0.0 -1.4 -1.1 0.4 0.0 -1.5 -2.9 0.4 0.0 -3.3 -4.0 0.4 0.0 -4.4 1.3 0.5 0.0 0.8 1.9 0.6 0.0 1.3 1.5 0.8 0.0 0.7 25 26 27 28 2.8 3.3 4.0 4.4 6.0 9.5 9.5 12.6 17.5 26.6 29 Memo: 29 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14). 64 FFA, 1965-1974, Z.1, June 8, 2006 L.112 Bank Holding Companies Billions of dollars 1965 1 2 3 4 5 6 7 8 9 10 11 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 1966 1967 1968 1969 1970 1971 1972 1973 1974 0.0 0.0 0.0 0.0 8.7 14.7 18.9 27.6 40.5 45.8 1 0.0 0.0 0.0 0.0 3.9 3.0 2.8 2.6 4.3 4.9 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 0.0 0.0 0.0 3.0 0.0 0.0 0.0 2.8 0.0 0.0 0.0 2.6 0.0 0.0 0.0 4.3 0.0 0.0 0.0 4.9 3 4 5 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 4.0 0.0 0.7 11.8 10.0 0.0 1.8 16.1 15.0 0.6 0.5 25.0 21.0 3.0 1.1 36.2 25.0 4.3 6.9 40.9 32.0 5.0 3.9 7 8 9 10 0.0 0.0 0.0 0.0 4.7 5.0 7.7 9.3 12.0 13.1 11 12 13 14 Net interbank liabilities To domestic banks To foreign banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.5 0.0 -2.5 -2.7 0.8 -3.5 12 13 14 15 Federal funds and security RPs (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 18 Credit market instruments Commercial paper Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.3 4.3 0.0 3.4 2.3 1.1 4.2 2.0 2.2 6.8 2.6 4.2 10.0 4.9 5.1 14.4 8.3 6.1 16 17 18 19 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.4 1.5 3.5 2.5 4.6 1.4 19 1.3 1.6 1.9 2.2 3.3 3.8 4.3 4.8 5.2 5.3 1 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars 1 Total financial assets 2 Checkable deposits and currency 0.1 0.2 0.2 0.2 0.3 0.4 0.5 0.7 1.0 0.8 2 3 Credit market instruments 0.6 0.7 0.9 1.0 1.2 1.3 1.6 1.9 2.0 2.5 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.1 0.0 0.1 0.0 0.2 0.0 0.1 0.0 0.2 0.0 0.1 0.1 0.2 0.0 0.2 0.1 0.2 0.0 0.2 0.1 0.3 0.0 0.2 0.1 0.4 0.0 0.2 0.1 0.6 0.0 0.3 0.1 0.6 0.0 0.4 0.1 0.3 0.0 0.6 0.1 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 0.0 0.3 0.1 0.0 0.3 0.1 0.0 0.4 0.1 0.0 0.4 0.1 0.0 0.4 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.7 0.2 0.0 0.7 0.3 0.0 0.8 0.7 8 9 10 0.6 0.7 0.8 1.0 1.8 2.1 2.1 2.1 2.2 2.0 11 1.3 1.6 1.8 2.1 3.1 3.6 4.1 4.5 5.0 5.0 12 1.3 0.0 0.0 1.6 0.0 0.0 1.9 0.0 0.0 2.2 0.0 0.0 2.3 0.5 0.5 2.6 0.6 0.6 3.0 0.6 0.6 3.3 0.7 0.7 3.7 0.8 0.8 3.7 0.8 0.8 13 14 15 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 -0.2 -0.3 -0.3 16 4 5 6 7 8 9 10 11 12 Miscellaneous assets Total liabilities 13 14 15 Checkable deposits Small time and savings deposits Large time deposits 16 Miscellaneous liabilities (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 65 FFA, 1965-1974, Z.1, June 8, 2006 L.114 Savings Institutions (1) Billions of dollars 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 13 14 15 16 17 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 18 19 20 Other loans and advances Mortgages Consumer credit 21 22 23 Corporate equities Miscellaneous assets Total liabilities 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 187.1 193.7 208.9 222.5 234.3 252.6 293.0 340.7 374.2 399.4 1 0.0 3.9 0.0 0.0 0.0 3.3 0.1 0.0 0.0 3.0 0.2 0.0 0.0 2.6 0.2 0.1 0.0 2.3 0.2 0.3 0.0 2.5 0.6 0.4 0.0 2.3 2.3 1.2 0.0 2.8 3.4 1.7 0.0 2.9 2.9 3.7 0.0 3.2 3.6 6.0 2 3 4 5 173.5 181.7 195.0 208.9 221.5 236.8 271.7 314.5 348.0 369.7 6 0.0 11.6 2.9 0.7 0.0 2.2 0.0 11.5 3.0 0.9 0.0 2.1 0.0 12.7 3.2 1.1 0.0 2.1 0.0 12.7 3.5 1.5 0.0 2.0 0.0 10.8 4.7 1.6 0.0 3.0 0.0 9.5 6.9 2.3 0.0 4.6 0.0 9.2 10.6 3.2 0.0 7.4 0.0 8.7 14.1 4.3 0.0 9.8 0.0 7.0 16.3 7.7 0.0 8.6 0.0 5.9 17.6 9.3 0.0 8.3 7 8 9 10 11 12 0.3 2.9 0.0 0.0 2.9 0.3 3.2 0.0 0.0 3.2 0.2 5.2 0.0 0.0 5.2 0.3 6.7 0.0 0.0 6.7 0.3 7.2 0.0 0.0 7.2 0.3 9.9 0.0 0.0 9.9 0.5 14.8 0.0 0.0 14.8 1.0 17.4 0.0 0.0 17.4 1.1 14.4 0.0 0.0 14.4 1.4 14.2 0.0 0.0 14.2 13 14 15 16 17 0.1 152.7 3.0 0.2 160.5 3.2 0.2 170.0 3.4 0.2 181.8 3.7 0.3 194.0 4.2 0.5 205.2 4.4 0.7 231.2 4.7 0.6 267.5 5.1 0.5 300.3 8.5 0.5 321.0 9.1 18 19 20 2.3 7.4 2.0 6.6 2.5 8.3 2.4 8.2 2.5 7.4 2.8 9.6 3.5 12.0 4.5 13.8 4.2 12.4 3.7 13.2 21 22 175.5 182.3 196.7 210.0 221.4 239.7 278.2 324.7 357.4 383.0 23 162.8 0.3 162.5 0.0 169.0 0.3 168.7 0.0 184.6 0.3 184.3 0.0 196.1 0.4 195.8 0.0 202.6 0.4 202.3 0.0 218.0 0.4 216.9 0.7 255.6 0.5 253.7 1.5 298.4 0.5 295.5 2.4 323.3 0.7 319.1 3.5 341.7 0.8 335.6 5.2 24 25 26 27 24 25 26 27 Deposits Checkable Small time and savings Large time 28 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 2.0 28 29 30 31 32 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 6.5 0.0 0.5 6.0 7.5 0.0 0.5 6.9 4.8 0.0 0.4 4.4 5.7 0.0 0.5 5.3 9.8 0.0 0.5 9.3 11.0 0.0 0.4 10.6 9.0 0.0 1.1 7.9 9.5 0.0 1.5 8.0 17.1 0.0 1.9 15.1 23.3 0.0 1.5 21.8 29 30 31 32 33 34 35 36 Taxes payable Miscellaneous liabilities Investment by parent Other 0.1 6.2 0.0 6.2 0.1 5.8 0.0 5.8 0.1 7.2 0.0 7.2 0.1 8.0 0.0 8.0 0.1 8.9 0.0 8.9 0.1 10.5 0.0 10.5 0.2 13.4 0.0 13.4 0.2 16.3 0.0 16.3 0.2 16.5 0.0 16.5 0.3 15.8 0.0 15.8 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 66 FFA, 1965-1974, Z.1, June 8, 2006 L.115 Credit Unions Billions of dollars 1965 1 Total financial assets 1966 1967 1968 1969 1970 1971 1972 1973 1974 10.8 11.8 12.9 14.2 15.8 17.7 20.7 24.1 27.2 30.5 1 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.5 2.3 0.0 0.6 2.1 0.0 0.7 2.3 0.0 0.7 2.1 0.0 0.6 1.7 0.0 0.8 2.1 0.0 0.9 3.0 0.0 0.9 3.6 0.0 0.9 3.2 0.0 1.0 3.8 0.0 2 3 4 5 Credit market instruments 8.2 9.4 10.2 11.7 13.8 15.2 17.2 20.1 23.7 26.4 5 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 0.3 0.0 0.0 0.3 0.1 0.0 0.3 0.2 0.0 0.4 0.4 0.0 0.5 0.5 0.0 0.6 0.8 0.0 0.6 1.0 0.0 0.5 1.6 0.0 0.8 1.8 0.0 0.8 2.1 6 7 8 9 10 Home mortgages Consumer credit 0.6 7.3 0.6 8.3 0.7 9.0 0.7 10.3 0.7 12.0 0.8 13.0 0.8 14.8 1.0 17.0 1.4 19.6 1.5 21.9 9 10 11 12 Mutual fund shares Miscellaneous assets 0.0 -0.2 0.0 -0.2 0.0 -0.3 0.0 -0.3 0.0 -0.3 0.0 -0.4 0.0 -0.4 0.0 -0.5 0.0 -0.6 0.0 -0.6 11 12 10.0 10.8 11.9 13.0 14.4 16.2 19.0 22.2 25.2 28.5 13 6 7 8 13 Total liabilities 14 15 16 17 Shares/deposits Checkable Small time and savings Large time 9.2 0.0 9.2 0.0 10.1 0.0 10.0 0.0 11.1 0.0 11.1 0.0 12.3 0.0 12.3 0.0 13.7 0.0 13.7 0.0 15.5 0.0 15.5 0.0 18.4 0.0 18.3 0.0 21.6 0.1 21.6 0.0 24.5 0.1 24.5 0.0 27.5 0.1 27.5 0.0 14 15 16 17 18 19 Other loans and advances Miscellaneous liabilities 0.0 0.8 0.0 0.8 0.0 0.7 0.0 0.7 0.0 0.7 0.0 0.7 0.0 0.7 0.0 0.6 0.0 0.7 0.0 1.0 18 19 36.8 37.5 41.3 45.3 46.2 50.7 58.5 68.9 71.3 70.1 1 1.3 0.0 1.3 0.0 1.3 0.0 1.4 0.0 1.3 0.0 1.4 0.0 1.5 0.0 1.5 0.0 1.5 0.0 1.6 0.0 2 3 20.6 22.0 23.5 25.4 27.0 30.9 34.6 38.3 41.8 46.4 4 5.5 0.6 5.0 1.3 4.3 1.2 3.9 1.4 3.4 1.6 3.4 1.6 3.2 1.9 2.9 2.3 2.8 2.3 2.9 2.7 5 6 11.3 3.0 0.1 12.0 3.6 0.1 13.5 4.3 0.2 14.4 5.5 0.2 15.5 6.3 0.2 17.0 8.6 0.2 20.5 8.9 0.2 24.8 8.1 0.2 28.5 8.0 0.2 30.7 10.0 0.2 7 8 9 12.0 2.6 0.3 11.0 2.9 0.3 13.0 3.2 0.4 14.6 3.5 0.5 13.3 3.9 0.6 13.2 4.4 0.8 16.6 4.7 1.0 21.8 5.8 1.4 19.7 6.5 1.8 12.8 7.0 2.3 10 11 12 21.9 23.6 25.8 28.2 31.6 35.1 38.7 43.8 48.7 53.3 13 0.1 21.8 0.1 23.6 0.1 25.7 0.1 28.2 0.1 31.5 0.2 34.9 0.2 38.6 0.3 43.5 0.3 48.4 0.3 53.0 14 15 L.116 Property-Casualty Insurance Companies Billions of dollars 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 Treasury securities Agency- and GSE-backed securities 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10 11 12 13 14 15 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 67 FFA, 1965-1974, Z.1, June 8, 2006 L.117 Life Insurance Companies Billions of dollars 1 Total financial assets 2 3 Checkable deposits and currency Money market fund shares 4 Credit market instruments 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Policy loans Mortgages 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 154.2 162.3 172.6 183.1 191.3 200.9 215.2 232.4 244.8 255.0 1 1.5 0.0 1.5 0.0 1.6 0.0 1.7 0.0 1.6 0.0 1.8 0.0 1.8 0.0 2.0 0.0 2.1 0.0 2.0 0.0 2 3 137.8 145.9 153.3 160.7 167.6 174.6 182.8 192.5 204.8 217.7 4 0.3 5.1 0.2 0.4 4.9 0.2 0.5 4.7 0.2 0.5 4.5 0.3 1.4 4.1 0.4 2.1 4.0 0.5 2.8 3.8 0.6 3.0 3.8 0.7 3.0 3.4 0.9 4.1 3.4 1.1 5 6 7 3.5 61.0 7.7 60.0 3.3 63.4 9.1 64.6 3.1 67.2 10.1 67.5 3.2 70.9 11.3 70.0 3.2 72.7 13.8 72.0 3.3 74.1 16.1 74.4 3.4 79.6 17.1 75.5 3.4 86.6 18.0 76.9 3.4 92.5 20.2 81.4 3.7 96.4 22.9 86.2 8 9 10 11 12 13 Corporate equities Mutual fund shares 9.0 0.1 8.7 0.1 10.7 0.2 13.0 0.2 13.2 0.6 14.6 0.8 20.0 0.6 26.5 0.3 25.4 0.5 21.3 0.6 12 13 14 Miscellaneous assets 5.7 6.0 6.9 7.5 8.3 9.2 10.1 11.1 12.0 13.4 14 141.9 149.9 159.0 168.1 177.5 187.7 201.0 216.3 230.1 243.9 15 15 Total liabilities 16 17 18 Other loans and advances Life insurance reserves Pension fund reserves (1) 0.0 98.9 27.3 0.0 103.5 29.4 0.0 108.3 31.9 0.0 113.1 34.7 0.0 118.1 37.6 0.0 123.3 41.0 0.0 129.6 46.1 0.0 136.3 52.1 0.0 143.5 56.1 0.0 150.5 60.4 16 17 18 19 20 Taxes payable Miscellaneous liabilities 0.5 15.2 0.6 16.4 0.5 18.2 0.6 19.7 0.7 21.1 0.8 22.6 0.8 24.5 0.8 27.1 0.8 29.6 0.8 32.2 19 20 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20). L.118 Private Pension Funds (1) Billions of dollars 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 80.2 83.3 98.0 111.4 114.0 123.9 146.6 181.5 179.8 178.0 1 0.9 2.9 0.0 0.6 0.8 3.4 0.0 0.7 0.9 4.0 0.0 0.9 1.0 4.7 0.0 1.0 1.0 5.4 0.0 1.1 1.1 6.3 0.0 1.2 1.3 7.3 0.0 1.3 1.8 8.5 0.0 2.1 2.5 10.0 0.0 2.5 3.4 12.0 0.0 3.0 2 3 4 5 29.1 31.9 32.8 33.8 34.6 36.6 35.0 40.5 46.8 55.6 6 0.0 2.5 0.5 0.0 2.3 0.4 0.0 2.0 0.3 0.0 2.4 0.4 0.0 2.2 0.6 0.0 2.1 0.9 0.0 2.1 0.6 1.8 3.4 2.1 3.1 5.4 3.2 5.4 8.6 4.3 7 8 9 22.7 3.4 25.2 3.9 26.4 4.1 27.0 4.1 27.6 4.2 29.4 4.2 28.6 3.7 30.6 2.7 32.7 2.4 35.0 2.4 10 11 40.8 0.4 39.5 0.4 51.1 0.5 61.5 0.6 61.4 0.7 67.1 0.8 88.7 1.2 107.8 1.5 93.6 1.7 74.8 1.9 12 13 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 5.5 0.0 1.2 4.3 6.6 0.0 1.2 5.4 7.8 0.0 1.5 6.4 8.8 0.0 1.7 7.2 9.7 0.0 1.7 8.0 10.7 0.0 1.9 8.9 11.9 0.0 2.2 9.7 19.2 0.0 2.7 16.4 22.8 0.0 2.7 20.1 27.4 0.0 2.7 24.7 14 15 16 17 18 Pension fund reserves (liabilities) (3) 80.9 84.0 98.8 112.4 115.0 125.0 148.0 183.3 182.2 181.2 18 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 68 FFA, 1965-1974, Z.1, June 8, 2006 L.119 State and Local Government Employee Retirement Funds Billions of dollars 1965 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1966 1967 1968 1969 1970 1971 1972 1973 1974 34.1 38.1 42.6 48.0 53.2 60.3 69.0 80.6 84.7 87.6 1 0.3 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.3 0.2 0.0 0.0 0.4 0.2 0.0 0.0 0.3 0.2 0.0 0.0 0.4 0.2 0.0 0.0 0.5 0.1 0.0 0.0 0.8 0.2 0.0 0.0 0.5 0.8 0.0 0.0 0.3 1.5 0.0 0.0 2 3 4 5 31.3 34.9 38.3 41.6 45.5 49.6 52.9 57.4 63.1 69.4 6 0.0 7.2 0.5 0.0 7.1 0.7 0.0 6.2 0.8 0.0 5.9 1.4 0.0 5.4 1.6 0.0 5.1 1.5 0.0 3.9 1.5 0.0 3.6 2.1 0.0 2.5 3.3 0.0 1.6 4.6 7 8 9 2.6 17.2 3.7 2.5 20.2 4.5 2.4 23.9 5.0 2.4 26.6 5.4 2.3 30.6 5.6 2.0 35.1 5.9 2.2 39.0 6.3 2.0 43.2 6.5 1.7 48.4 7.1 1.0 54.5 7.7 10 11 12 13 14 Corporate equities Mutual fund shares 2.5 0.0 2.8 0.0 3.9 0.0 5.8 0.0 7.3 0.0 10.1 0.0 15.4 0.0 22.2 0.0 20.2 0.0 16.4 0.0 13 14 15 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 34.1 38.1 42.6 48.0 53.2 60.3 69.0 80.6 84.7 87.7 16 16 Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 Federal Government Retirement Funds (1) Billions of dollars 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 19.7 21.0 22.3 23.6 25.1 27.5 30.4 33.4 35.5 38.2 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 0.0 19.7 0.0 21.0 0.0 22.3 0.0 23.6 0.0 25.1 0.0 27.5 0.0 30.4 0.0 33.4 0.0 35.5 0.0 38.2 6 7 19.7 21.0 22.3 23.6 25.1 27.5 30.4 33.4 35.5 38.2 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 69 FFA, 1965-1974, Z.1, June 8, 2006 L.121 Money Market Mutual Funds (1) Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 0.1 2 3 4 5 6 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.1 0.0 0.0 0.0 7 8 9 10 11 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 13 7 8 9 10 11 12 13 Total financial assets 1966 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars 1 Total financial assets 35.2 34.8 44.3 51.2 47.6 46.8 55.4 58.9 46.6 35.2 1 2 Security RPs 0.5 0.8 0.8 1.0 1.6 1.4 1.3 1.2 1.7 1.4 2 3 Credit market instruments 3.9 5.1 4.3 4.1 5.1 5.7 5.5 6.0 6.6 7.4 3 0.5 0.8 0.0 0.0 2.6 0.8 1.4 0.0 0.0 2.9 0.8 0.9 0.0 0.0 2.6 1.0 1.1 0.0 0.0 2.0 1.6 0.7 0.0 0.0 2.9 1.4 0.9 0.0 0.0 3.5 1.3 0.6 0.0 0.0 3.7 1.2 0.7 0.0 0.0 4.2 1.7 0.7 0.0 0.0 4.3 1.4 1.1 0.0 0.0 4.9 4 5 6 7 8 30.9 0.0 28.9 0.0 39.2 0.0 46.1 0.0 40.9 0.0 39.7 0.0 48.6 0.0 51.7 0.0 38.3 0.0 26.3 0.0 9 10 35.2 34.8 44.3 51.2 47.6 46.8 55.4 58.9 46.6 35.2 11 4 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End and Exchange-Traded Funds Billions of dollars Closed-end funds 1 2 3 4 5 6 7 Total financial assets 7.6 7.3 7.5 8.9 8.6 6.1 7.8 8.5 9.9 9.0 1 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 2.1 0.5 0.0 1.5 2.0 0.5 0.0 1.5 2.2 0.5 0.0 1.7 2.6 0.6 0.0 2.0 2.6 0.6 0.0 2.0 1.8 0.5 0.0 1.4 2.4 0.6 0.0 1.8 2.7 0.7 0.0 2.0 3.3 0.8 0.0 2.5 3.0 0.7 0.0 2.3 2 3 4 5 Corporate equities 5.6 5.3 5.4 6.3 6.0 4.3 5.4 5.7 6.6 5.9 6 7.6 7.3 7.5 8.9 8.6 6.1 7.8 8.5 9.9 9.0 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 Total shares outstanding (liabilities) Exchange-traded funds 8 Total financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 13 Total shares outstanding (liabilities) 70 FFA, 1965-1974, Z.1, June 8, 2006 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars 1965 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 1966 1967 1968 1969 1970 1971 1972 1973 1974 18.9 23.9 23.9 27.1 36.3 46.6 47.3 51.3 70.0 88.2 1 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.2 0.2 0.0 1.0 0.2 0.0 0.4 0.2 0.0 0.8 0.3 0.0 3.0 0.3 0.0 2.1 2 3 4 18.3 23.3 23.3 26.5 35.1 43.9 45.0 49.0 64.4 85.3 5 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 1.8 0.1 0.0 2.7 0.1 0.0 2.7 0.2 0.0 2.6 0.2 0.0 2.0 0.2 0.0 3.1 0.2 0.0 2.5 0.2 0.4 1.2 0.2 0.2 1.1 0.3 1.1 1.4 0.4 6 7 8 9 10 Municipal securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 9.6 0.0 3.6 6.0 11.1 0.0 4.2 6.9 9.3 0.0 4.9 4.4 10.5 0.0 5.2 5.3 15.3 0.0 6.0 9.3 17.6 0.0 7.0 10.6 15.6 0.0 7.7 7.9 16.4 0.0 8.4 8.0 24.9 0.0 9.8 15.1 34.2 0.0 12.4 21.8 11 12 13 14 15 16 17 18 19 Mortgages Home Multifamily residential Farm Consumer credit (2) 6.8 2.5 0.0 4.3 0.0 9.4 4.4 0.0 5.0 0.0 11.1 5.5 0.0 5.6 0.0 13.3 7.2 0.0 6.1 0.0 17.7 10.9 0.0 6.7 0.0 23.0 15.5 0.3 7.2 0.0 26.7 17.6 1.1 7.9 0.0 30.7 19.5 2.1 9.1 0.0 37.8 22.8 4.0 10.9 0.0 48.1 28.4 6.2 13.5 0.0 15 16 17 18 19 0.4 0.4 0.4 0.4 0.8 1.5 1.7 1.4 2.3 0.5 20 18.1 23.1 23.0 26.2 35.4 45.4 46.0 49.9 68.4 86.0 21 14.2 13.8 0.3 19.0 18.9 0.1 18.4 18.4 0.0 21.9 21.6 0.3 30.6 30.6 0.0 38.9 38.9 0.0 40.0 40.0 0.0 43.5 43.5 0.0 59.8 59.8 0.0 77.1 76.4 0.7 22 23 24 3.9 4.1 4.6 4.4 4.7 6.5 6.0 6.4 8.5 8.9 25 6 7 8 20 21 Miscellaneous assets Total liabilities 22 23 24 Credit market instruments GSE issues (3) U.S. government loans 25 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars 1 0.9 1.3 2.0 2.5 3.2 4.8 9.5 14.4 18.0 21.5 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 0.1 0.0 0.1 0.7 0.3 0.0 0.2 0.9 0.7 0.0 0.3 1.0 1.0 0.0 0.4 1.1 1.4 0.0 0.4 1.4 2.5 0.1 0.5 1.7 6.7 0.1 0.6 2.1 10.7 0.4 0.9 2.4 13.6 0.6 1.1 2.7 18.0 0.8 0.0 2.6 2 3 4 5 6 Total pool securities (liabilities)(2) 0.9 1.3 2.0 2.5 3.2 4.8 9.5 14.4 18.0 21.5 6 (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 71 FFA, 1965-1974, Z.1, June 8, 2006 L.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 3 Agency- and GSE-backed securities (1) Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 Mortgages (2) Home Multifamily residential Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 8 9 Consumer credit Trade receivables 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 10 11 12 13 14 Total financial assets 1966 Total liabilities Commercial paper Corporate bonds Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (4) Included in table L.129. L.127 Finance Companies (1) Billions of dollars 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 44.4 46.8 47.5 52.7 61.3 63.8 70.0 79.9 91.6 96.9 1 2.0 2.1 2.2 2.3 2.4 2.7 2.9 3.2 3.5 3.7 2 38.2 41.0 41.2 45.7 53.4 54.6 58.7 66.9 77.0 84.2 3 13.5 0.0 24.7 14.6 0.0 26.4 14.3 0.0 26.9 16.5 0.0 29.2 21.5 0.0 32.0 21.8 0.6 32.1 23.2 1.1 34.4 27.4 1.6 38.0 32.3 2.0 42.6 37.2 2.5 44.6 4 5 6 4.2 3.7 4.1 4.7 5.5 6.6 8.4 9.7 11.2 9.0 7 38.8 40.5 40.4 44.9 52.9 54.7 60.4 69.8 81.4 86.2 8 30.9 35.8 37.8 41.5 48.8 51.3 52.1 58.1 65.6 74.5 9 8.5 15.1 7.2 12.0 16.6 7.2 14.1 17.3 6.4 16.9 17.7 6.9 23.0 18.8 7.1 23.6 19.6 8.1 23.1 22.0 7.0 21.9 26.0 10.3 23.8 29.9 11.9 27.4 35.5 11.6 10 11 12 13 Taxes payable 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 13 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 7.7 0.0 0.0 7.6 4.5 0.0 0.0 4.4 2.4 0.0 0.0 2.4 3.3 0.0 0.0 3.2 3.8 0.0 0.0 3.8 3.2 0.0 0.0 3.1 8.0 0.1 0.6 7.4 11.4 0.1 3.0 8.4 15.5 0.1 3.6 11.8 11.4 0.1 3.3 8.1 14 15 16 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.126. 72 FFA, 1965-1974, Z.1, June 8, 2006 L.128 Mortgage Companies (1) Billions of dollars 1965 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent 1966 1967 1968 1969 1970 1971 1972 1973 1974 4.5 3.9 4.3 4.9 5.7 6.9 8.9 10.6 12.5 10.6 1 3.8 0.5 0.1 3.3 0.4 0.1 3.7 0.5 0.1 4.2 0.6 0.2 4.9 0.7 0.2 5.3 1.2 0.4 5.7 2.4 0.9 6.2 3.2 1.1 7.4 3.7 1.4 6.2 2.4 1.9 2 3 4 4.5 3.9 4.3 4.9 5.7 6.9 8.9 10.6 12.5 10.6 5 4.5 0.0 3.9 0.0 2.3 2.0 4.9 0.0 5.7 0.0 6.9 0.0 8.9 0.0 10.6 0.0 12.5 0.0 10.6 0.0 6 7 0.0 0.0 0.8 2.0 3.9 6.4 11.7 16.6 16.4 1 (1) No data are available after 1997:Q4. L.129 Real Estate Investment Trusts (REITs) Billions of dollars 1 Total financial assets 0.0 2 Checkable deposits and currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Credit market instruments 0.0 0.0 0.0 0.8 2.0 3.9 6.2 10.4 16.0 16.1 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.1 0.7 2.0 0.2 0.5 1.3 3.9 0.6 1.3 2.0 6.2 0.8 2.2 3.2 10.4 1.2 4.2 5.0 16.0 1.9 6.6 7.5 16.1 1.7 6.8 7.7 6 7 8 9 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.3 0.7 0.3 10 14.1 15.8 11 10 Miscellaneous assets 11 Total liabilities 0.0 0.0 0.0 0.8 1.5 2.2 4.1 9.1 12 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 13 Credit market instruments 0.0 0.0 0.0 0.8 1.5 2.2 4.1 8.8 13.7 14.0 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.2 0.0 0.1 1.0 0.4 0.0 0.6 1.0 0.5 0.8 1.0 1.6 0.7 3.2 1.4 3.0 1.2 4.0 1.9 6.3 1.5 0.7 2.1 9.6 1.6 14 15 16 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 1.9 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 21 22 23 14 15 16 17 18 19 20 21 22 23 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 73 FFA, 1965-1974, Z.1, June 8, 2006 L.130 Security Brokers and Dealers Billions of dollars 1965 1 1967 1968 1969 1970 1971 1972 1973 1974 10.3 11.3 14.7 18.5 15.4 16.2 17.6 22.9 20.3 18.2 1 2 Checkable deposits and currency 0.7 0.8 1.0 1.5 1.4 1.1 1.1 1.1 0.9 0.8 2 3 Credit market instruments 2.4 3.2 2.9 3.5 3.7 6.0 4.6 6.0 7.5 7.8 3 0.0 1.1 0.0 0.5 0.9 0.0 1.7 0.0 0.5 1.0 0.0 1.0 0.0 0.5 1.4 0.0 1.8 0.0 0.5 1.2 0.0 1.7 0.0 0.4 1.6 0.0 3.4 0.0 0.9 1.7 0.0 1.8 0.0 1.0 1.8 1.0 2.0 0.0 0.9 2.0 2.0 2.0 0.0 1.1 2.4 3.0 2.3 0.0 0.7 1.8 4 5 6 7 8 1.2 6.0 0.0 1.3 6.0 0.0 1.7 9.2 0.0 1.5 12.0 0.0 1.9 8.5 0.0 2.0 7.2 0.0 2.1 9.8 0.0 2.4 13.5 0.0 2.8 9.1 0.0 2.2 7.6 0.0 9 10 11 10.1 11.0 14.2 17.7 14.6 15.5 16.7 21.7 18.1 15.3 12 4 5 6 7 8 9 10 11 12 Total financial assets 1966 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities 13 14 Security RPs (net) Corporate bonds -3.2 0.0 -3.2 0.0 -3.8 0.0 -4.1 0.0 -4.0 0.0 -3.5 0.0 -3.7 0.0 -4.5 0.0 -4.3 0.0 -5.1 0.0 13 14 15 16 17 18 19 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 0.4 12.0 2.7 9.3 0.1 0.4 12.8 2.9 9.9 0.1 0.5 16.6 5.3 11.3 0.2 0.5 20.3 7.7 12.7 0.2 0.6 17.2 5.7 11.5 0.1 0.6 17.7 4.7 13.0 0.2 0.7 19.0 5.2 13.8 0.1 0.8 24.0 5.4 18.6 0.2 0.8 20.4 5.2 15.2 0.2 0.9 18.3 4.2 14.1 0.0 15 16 17 18 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 0.9 0.3 0.0 0.7 0.9 0.3 0.0 0.6 0.8 0.3 -2.0 2.6 0.8 0.3 0.0 0.5 0.7 0.2 0.0 0.5 0.6 0.2 0.0 0.4 0.6 0.2 0.0 0.4 1.3 0.3 0.0 1.0 1.0 0.3 0.8 0.0 1.2 0.5 1.8 -1.0 20 21 22 23 0.5 0.8 0.8 1.0 1.6 1.4 1.3 1.2 1.7 1.4 1 L.131 Funding Corporations (1) Billions of dollars 1 Total financial assets 2 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Credit market instruments 0.5 0.8 0.8 1.0 1.6 1.4 1.3 1.2 1.7 1.4 3 0.5 0.0 0.8 0.0 0.8 0.0 1.0 0.0 1.6 0.0 1.4 0.0 1.3 0.0 1.2 0.0 1.7 0.0 1.4 0.0 4 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 8 4 5 6 7 8 9 10 11 12 13 14 15 16 Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 0.5 0.8 0.8 1.0 1.6 1.4 1.3 1.2 1.7 1.4 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 0.5 0.0 0.0 0.5 0.8 0.0 0.0 0.8 0.8 0.0 0.0 0.8 1.0 0.0 0.0 1.0 1.6 0.0 0.0 1.6 1.4 0.0 0.0 1.4 1.3 0.0 0.0 1.3 1.2 0.0 0.0 1.2 1.7 0.0 0.0 1.7 1.4 0.0 0.0 1.4 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 74 FFA, 1965-1974, Z.1, June 8, 2006 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars 1965 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority 1966 1967 1968 1969 1970 1971 1972 1973 1974 15.7 14.9 14.8 15.7 17.0 14.5 12.3 13.2 14.4 15.9 1 14.1 13.2 12.1 10.9 11.9 11.9 11.4 12.4 13.8 14.0 2 0.3 13.7 0.1 13.2 0.1 12.0 0.5 10.4 1.5 10.4 1.2 10.7 1.3 10.1 2.0 10.4 2.3 11.6 2.4 11.7 3 4 1.6 1.6 2.8 4.8 5.1 2.6 0.9 0.7 0.6 1.9 5 0.8 0.2 0.6 1.3 0.4 0.9 2.3 0.7 1.6 3.5 1.5 2.1 2.8 0.8 2.0 0.6 0.4 0.3 0.3 0.3 0.0 0.2 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 6 7 8 0.9 0.9 -0.0 0.3 0.4 -0.1 0.4 0.5 -0.1 1.3 1.3 -0.1 2.3 2.4 -0.1 1.9 2.0 -0.1 0.6 0.7 -0.1 0.5 0.5 -0.1 0.6 0.6 -0.1 1.9 1.9 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 3.1 5.4 4.0 6.2 4.6 6.6 5.1 6.8 5.3 6.8 5.6 7.1 6.0 7.6 6.6 8.3 7.0 8.7 7.3 9.3 3 4 5 Discrepancy (seigniorage) -2.4 -2.2 -2.0 -1.7 -1.5 -1.6 -1.6 -1.7 -1.7 -1.9 5 0.8 0.9 1.1 1.6 1.2 0.8 1.2 2.2 3.3 4.9 1 0.0 0.8 0.0 0.0 0.9 0.0 0.0 1.1 0.0 0.0 1.6 0.0 0.0 1.2 0.0 0.0 0.8 0.0 0.0 1.2 0.0 0.0 2.2 0.0 0.0 3.3 0.0 0.0 4.9 0.0 2 3 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 75 FFA, 1965-1974, Z.1, June 8, 2006 L.203 Net Interbank Transactions Billions of dollars 1965 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net 1966 1967 1968 1969 1970 1971 1972 1973 1974 30.1 35.8 38.0 44.0 51.6 48.5 47.3 45.0 42.6 42.1 1 23.3 18.4 4.9 25.2 19.8 5.5 27.0 21.1 5.9 29.1 21.9 7.2 29.4 22.1 7.3 31.2 24.2 7.0 35.3 27.8 7.5 34.3 25.6 8.6 37.7 27.1 10.7 37.5 25.8 11.6 2 3 4 6.8 2.3 10.6 2.7 11.0 2.6 15.0 3.7 22.2 3.6 17.3 4.6 11.9 4.4 10.7 6.0 4.9 4.4 4.6 2.3 5 6 3.8 6.7 7.3 9.4 16.8 10.5 5.8 6.8 1.6 0.4 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 4.1 1.4 1.4 0.0 7.0 4.0 4.0 0.0 7.6 4.2 4.2 0.0 9.8 6.0 6.0 0.0 17.3 12.5 13.2 0.7 11.0 6.5 7.2 0.7 6.6 1.6 2.3 0.7 7.8 1.1 2.1 1.0 3.0 0.2 1.9 1.6 2.6 -1.3 4.5 5.8 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 2.8 3.4 0.7 3.0 3.7 0.8 3.4 4.3 0.9 3.7 4.8 1.1 4.7 6.0 1.3 4.5 6.3 1.8 5.0 7.0 2.0 6.7 9.8 3.0 5.2 9.5 4.3 7.5 14.0 6.5 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.5 0.0 2.5 -3.5 0.0 3.5 15 16 17 0.3 0.3 0.0 0.3 0.3 0.0 0.4 0.3 0.0 0.4 0.3 0.0 0.4 0.4 0.1 0.6 0.5 0.1 0.8 0.6 0.1 1.1 0.6 0.4 1.4 0.7 0.7 2.3 1.3 0.9 18 19 20 0.6 1.2 1.1 1.9 1.8 2.2 1.7 -2.0 -1.1 1.9 21 1.1 1.2 0.6 0.0 0.6 1.5 1.7 0.6 0.0 1.2 2.1 2.3 1.2 0.0 1.1 3.2 3.5 1.6 0.0 1.9 3.5 4.1 2.3 0.0 1.8 4.5 5.6 3.4 0.0 2.2 3.3 6.3 4.6 0.0 1.7 -1.0 5.4 7.4 0.0 -2.0 -4.1 10.6 11.7 0.0 -1.1 -4.5 18.1 16.2 0.0 1.9 22 23 24 25 26 0.1 0.0 0.2 0.0 0.2 0.0 0.3 0.0 0.6 0.0 1.1 0.0 3.0 0.0 6.4 0.0 14.7 0.0 21.8 0.8 27 28 -0.5 0.1 0.6 -0.4 0.2 0.6 -1.0 0.2 1.2 -1.3 0.3 1.6 -1.7 0.6 2.3 -2.3 1.1 3.4 -1.6 3.0 4.6 -1.0 6.4 7.4 3.0 14.7 11.7 5.6 21.8 16.2 29 30 31 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.8 0.0 32 33 34 29.5 34.6 36.9 42.1 49.9 46.2 45.6 47.0 43.7 40.1 35 3.8 6.7 7.3 9.4 16.8 10.5 5.8 6.8 1.6 0.4 36 25.6 27.9 29.6 32.7 33.0 35.8 39.7 40.3 42.1 39.8 37 2.3 2.2 0.1 2.7 2.5 0.2 2.6 2.5 0.1 3.7 3.5 0.2 3.6 3.4 0.2 4.6 4.3 0.3 4.4 4.3 0.0 6.0 4.0 2.0 4.4 3.1 1.3 2.3 2.0 0.3 38 39 40 23.3 18.4 4.9 25.2 19.8 5.5 27.0 21.1 5.9 29.1 21.9 7.2 29.4 22.1 7.3 31.2 24.2 7.0 35.3 27.8 7.5 34.3 25.6 8.6 37.7 27.1 10.7 37.5 25.8 11.6 41 42 43 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44 0.6 1.2 1.1 1.9 1.8 2.2 1.7 -2.0 -1.1 1.9 45 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 76 FFA, 1965-1974, Z.1, June 8, 2006 L.204 Checkable Deposits and Currency Billions of dollars 1 Total liabilities 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 10 11 12 Savings institutions Credit unions Total assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 189.1 193.6 208.9 224.0 232.1 244.8 262.9 287.0 304.7 311.7 1 38.8 1.4 0.2 37.2 41.2 1.6 0.4 39.2 44.1 2.5 0.4 41.2 45.6 1.4 0.5 43.8 48.9 2.0 0.4 46.6 52.0 1.6 0.3 50.0 56.5 2.5 0.5 53.5 60.4 2.2 0.4 57.9 65.0 2.9 0.3 61.8 71.9 3.3 0.5 68.1 2 3 4 5 150.0 5.5 4.4 140.1 152.1 5.0 4.6 142.5 164.5 5.2 4.9 154.3 178.0 5.0 5.4 167.6 182.8 5.1 5.8 171.9 192.4 7.9 6.4 178.1 205.9 10.2 6.0 189.7 225.9 10.9 7.9 207.2 239.0 9.9 10.9 218.3 238.9 4.8 13.5 220.6 6 7 8 9 0.3 0.0 0.3 0.0 0.3 0.0 0.4 0.0 0.4 0.0 0.4 0.0 0.5 0.0 0.5 0.1 0.7 0.1 0.8 0.1 10 11 189.1 193.6 208.9 224.0 232.1 244.8 262.9 287.0 304.7 311.7 12 13 Household sector 86.5 88.9 99.3 108.7 107.1 114.3 127.6 139.1 147.1 151.7 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 51.5 33.1 12.5 6.0 50.9 32.4 12.5 6.0 53.4 34.8 12.5 6.1 56.3 37.5 12.5 6.3 62.0 43.1 12.5 6.4 63.1 44.1 12.5 6.5 61.7 42.6 12.5 6.7 64.4 44.9 12.5 6.9 70.4 46.3 16.9 7.1 71.9 47.8 17.3 6.9 14 15 16 17 18 19 State and local governments Federal government 9.8 6.8 10.3 6.4 11.1 7.5 10.4 5.1 12.3 6.9 11.3 9.8 12.1 13.2 12.7 13.3 12.7 12.6 12.9 8.3 18 19 20 21 22 Rest of the world Checkable deposits Currency 8.5 4.6 3.9 9.2 5.0 4.3 9.8 5.3 4.5 10.6 5.9 4.8 11.5 6.2 5.3 12.4 6.7 5.7 12.7 6.5 6.2 15.1 8.3 6.8 18.7 11.2 7.5 22.6 14.0 8.6 20 21 22 23 Financial sectors 11.5 11.1 11.4 11.9 11.6 12.2 13.2 15.0 16.0 16.8 23 24 25 26 Commercial banking Savings institutions Credit unions 0.1 3.9 0.5 0.2 3.3 0.6 0.2 3.0 0.7 0.2 2.6 0.7 0.3 2.3 0.6 0.4 2.5 0.8 0.5 2.3 0.9 0.7 2.8 0.9 1.0 2.9 0.9 0.8 3.2 1.0 24 25 26 27 28 29 30 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.3 1.5 0.9 0.3 1.3 1.5 0.8 0.4 1.3 1.6 0.9 0.3 1.4 1.7 1.0 0.4 1.3 1.6 1.0 0.3 1.4 1.8 1.1 0.4 1.5 1.8 1.3 0.5 1.5 2.0 1.8 0.8 1.5 2.1 2.5 0.5 1.6 2.0 3.4 0.3 27 28 29 30 31 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 0.0 0.2 2.0 0.0 0.7 0.0 0.2 2.1 0.0 0.8 0.0 0.2 2.2 0.0 1.0 0.0 0.2 2.3 0.0 1.5 0.0 0.2 2.4 0.0 1.4 0.0 0.2 2.7 0.0 1.1 0.0 0.2 2.9 0.0 1.1 0.0 0.2 3.2 0.0 1.1 0.0 0.3 3.5 0.0 0.9 0.0 0.3 3.7 0.0 0.8 31 32 33 34 35 14.5 16.8 16.4 21.0 20.7 21.7 22.3 27.4 27.3 27.5 36 36 Mail float 77 FFA, 1965-1974, Z.1, June 8, 2006 L.205 Time and Savings Deposits Billions of dollars 1 2 Total liabilities Small time and savings deposits 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 319.4 339.8 380.4 413.7 413.2 468.1 549.9 638.4 716.8 795.5 1 288.5 306.5 341.2 367.8 382.3 412.9 481.3 551.0 590.4 628.1 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 116.7 116.7 0.1 0.0 127.8 127.7 0.1 0.0 145.8 145.8 0.1 0.0 159.8 159.7 0.1 0.0 166.4 165.8 0.1 0.5 180.6 179.9 0.1 0.6 209.3 208.5 0.2 0.6 234.0 233.0 0.2 0.7 246.8 245.6 0.4 0.8 265.0 263.7 0.5 0.8 3 4 5 6 7 8 Savings institutions Credit unions 162.5 9.2 168.7 10.0 184.3 11.1 195.8 12.3 202.3 13.7 216.9 15.5 253.7 18.3 295.5 21.6 319.1 24.5 335.6 27.5 7 8 9 Large time deposits (1) 31.0 33.3 39.2 45.9 30.9 55.1 68.6 87.4 126.4 167.4 9 31.0 30.5 0.4 0.0 33.3 32.8 0.5 0.0 39.2 38.6 0.6 0.0 45.9 45.2 0.7 0.0 30.9 29.5 0.9 0.5 54.4 52.6 1.3 0.6 67.1 65.0 1.5 0.6 85.0 82.1 2.2 0.7 123.0 119.2 3.0 0.8 162.2 157.4 4.0 0.8 10 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 1.5 0.0 2.4 0.0 3.5 0.0 5.2 0.0 14 15 319.4 339.8 380.4 413.7 413.2 468.1 549.9 638.4 716.8 795.5 16 286.8 305.5 340.4 370.8 380.0 421.5 486.5 558.0 619.6 674.6 17 9.0 9.0 0.0 8.6 8.6 0.0 9.7 9.7 0.0 9.1 9.1 0.0 3.7 3.7 0.0 6.7 5.3 1.4 12.5 9.5 3.0 16.5 11.9 4.6 22.8 16.6 6.2 28.2 20.5 7.8 18 19 20 12.2 0.3 6.1 13.5 0.2 6.4 15.7 0.3 7.7 18.9 0.4 7.4 13.1 0.2 8.8 23.0 0.5 7.1 30.2 0.5 7.5 37.0 0.6 10.6 43.6 0.4 13.4 48.5 0.5 21.1 21 22 23 5.2 5.6 6.6 7.3 7.5 9.2 12.7 15.7 17.0 22.5 24 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 21 22 23 State and local governments Federal government Rest of the world 24 Financial sectors 25 26 Savings institutions Credit unions 0.0 2.3 0.1 2.1 0.2 2.3 0.2 2.1 0.2 1.7 0.6 2.1 2.3 3.0 3.4 3.6 2.9 3.2 3.6 3.8 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises 2.9 0.0 0.0 0.0 3.4 0.0 0.0 0.0 4.0 0.2 0.0 0.0 4.7 0.2 0.0 0.0 5.4 0.2 0.0 0.0 6.3 0.2 0.0 0.0 7.3 0.1 0.0 0.0 8.5 0.2 0.0 0.0 10.0 0.8 0.0 0.0 12.0 1.5 1.6 0.0 27 28 29 30 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1 (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars 1 Total assets 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 0.0 0.0 0.0 2 3 4 5 6 7 8 9 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 8 9 78 FFA, 1965-1974, Z.1, June 8, 2006 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars 1965 1 Total liabilities 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 6 7 8 Savings institutions REITs Brokers and dealers (net) 9 Total assets 1966 1967 1968 1969 1970 1971 1972 1973 1974 -1.5 -1.5 -2.2 -1.5 4.7 1.1 5.0 6.7 23.1 25.4 1 1.7 1.7 0.0 0.0 1.7 1.7 0.0 0.0 1.7 1.7 0.0 0.0 2.6 2.6 0.0 0.0 8.7 8.7 0.0 0.0 4.7 4.7 0.0 0.0 8.7 8.7 0.0 0.0 10.8 10.8 0.0 0.0 27.1 27.1 0.0 0.0 28.5 28.5 0.0 0.0 2 3 4 5 0.0 0.0 -3.2 0.0 0.0 -3.2 0.0 0.0 -3.8 0.0 0.0 -4.1 0.0 0.0 -4.0 0.0 0.0 -3.5 0.0 0.0 -3.7 0.3 0.0 -4.5 0.3 0.0 -4.3 2.0 0.0 -5.1 6 7 8 1.4 4.0 2.9 2.0 9.1 2.8 5.9 7.6 23.3 18.7 9 0.6 -0.7 0.0 0.9 0.8 0.0 0.7 0.3 0.0 1.1 -1.3 0.0 3.3 2.6 0.0 0.2 -1.4 0.0 1.1 -0.9 0.0 2.7 -1.0 0.0 11.3 0.5 0.5 5.5 -1.3 0.5 10 11 12 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 1.5 0.4 0.0 0.0 2.3 0.8 0.0 0.0 2.0 0.3 0.0 0.0 2.1 0.0 0.1 0.0 3.2 0.0 0.3 0.0 4.0 0.0 0.4 0.0 5.6 1.5 1.2 0.0 5.9 0.1 1.7 0.0 11.0 0.1 3.7 0.0 14.0 1.4 6.0 0.0 13 14 15 16 17 18 19 20 21 22 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.6 0.0 0.0 0.5 0.0 0.0 0.7 0.0 0.0 0.8 0.0 0.0 0.9 0.0 0.0 0.8 0.0 0.0 1.0 0.0 0.0 1.0 0.0 0.0 1.1 0.0 0.0 1.6 0.2 0.0 1.2 0.0 0.0 1.4 1.0 0.0 1.3 0.0 0.0 1.3 0.4 0.0 2.1 0.0 0.0 1.2 0.8 0.0 2.5 0.0 0.0 1.7 3.0 0.0 3.0 0.0 0.1 1.4 2.1 17 18 19 20 21 22 -2.9 -5.6 -5.1 -3.5 -4.4 -1.7 -0.9 -0.9 -0.2 6.6 23 12.7 17.3 21.4 25.6 38.1 40.2 40.1 41.7 50.1 67.8 1 9.3 13.6 17.1 21.2 32.6 33.1 32.1 34.7 41.1 49.1 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 0.8 0.0 0.0 0.0 1.6 0.0 0.0 0.0 3.0 0.0 0.0 0.0 4.2 0.0 0.0 0.0 5.4 0.0 0.0 0.0 7.1 0.0 0.0 0.0 6.2 0.0 0.0 0.0 7.0 0.0 0.0 0.0 8.4 0.0 0.0 0.0 12.5 0.2 0.2 0.0 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 8.5 0.0 0.0 8.5 0.0 0.0 12.0 0.0 0.0 12.0 0.0 0.0 14.1 0.0 0.0 14.1 0.0 0.0 16.9 0.0 0.0 16.9 0.0 0.0 27.2 4.3 0.0 23.0 0.0 0.0 25.9 2.3 0.0 23.6 0.0 0.0 25.9 2.0 0.0 23.1 0.8 0.0 27.8 2.6 0.0 21.9 3.2 0.0 32.7 4.9 0.0 23.8 4.0 0.0 36.5 8.3 0.0 27.4 0.7 0.0 7 8 9 10 11 12 13 Bankers acceptances (1) 3.4 3.6 4.4 4.5 5.5 7.1 8.0 7.0 9.0 18.7 13 12.7 17.3 21.4 25.6 38.1 40.2 40.1 41.7 50.1 67.8 14 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars 1 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 6.0 1.4 0.0 2.0 8.3 2.9 0.0 2.2 10.1 4.0 0.0 2.2 12.2 5.1 0.0 2.8 18.5 7.6 0.0 3.8 16.6 9.4 0.0 4.3 13.8 11.3 0.0 4.1 9.3 14.2 0.0 4.1 14.1 14.9 0.0 4.4 22.5 16.5 0.0 4.8 15 16 17 18 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 0.1 2.0 0.0 0.0 0.1 1.9 0.0 0.0 0.1 2.9 0.0 0.0 0.1 2.9 0.0 0.0 0.1 3.5 0.0 0.0 0.1 4.9 0.0 0.0 0.1 5.4 0.0 0.0 0.1 5.5 0.0 0.0 0.1 5.0 0.0 0.0 0.6 6.4 0.0 0.0 19 20 21 22 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 0.3 0.0 0.0 0.4 0.0 0.0 0.5 0.0 0.0 0.5 0.0 0.0 1.4 0.0 0.0 2.1 0.0 0.0 2.8 0.0 0.0 3.0 1.8 0.0 3.0 3.1 0.0 4.1 5.4 0.0 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 0.0 0.5 0.0 0.0 0.5 0.0 0.8 0.0 0.0 0.8 0.0 0.8 0.0 0.0 0.8 0.0 1.0 0.0 0.0 1.0 0.0 1.6 0.0 0.0 1.6 0.0 1.4 0.0 0.0 1.4 0.0 1.3 0.0 0.0 1.3 0.0 1.2 0.4 1.0 1.2 0.0 1.7 0.2 2.0 1.7 0.6 1.4 1.1 3.0 1.4 26 27 28 29 30 (1) Excludes banks’ holdings of own acceptances. 79 FFA, 1965-1974, Z.1, June 8, 2006 L.209 Treasury Securities Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 257.0 259.3 268.2 277.6 276.8 289.9 315.9 330.1 336.7 348.8 1 49.7 207.3 50.2 209.1 51.2 217.0 51.9 225.7 51.8 225.1 52.1 237.8 54.4 261.5 57.7 272.5 60.4 276.4 63.3 285.5 2 3 257.0 259.3 268.2 277.6 276.8 289.9 315.9 330.1 336.7 348.8 4 Household sector Savings bonds Other Treasury issues 74.8 49.7 25.1 79.1 50.2 28.8 78.9 51.2 27.7 81.6 51.9 29.8 93.1 51.8 41.4 83.0 52.1 30.9 74.2 54.4 19.7 77.1 57.7 19.4 87.6 60.4 27.2 94.5 63.3 31.1 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 12.5 0.0 19.5 11.1 0.0 20.1 8.6 0.1 19.7 9.0 0.3 19.9 5.6 0.5 23.0 6.3 0.7 22.9 9.1 0.9 22.6 6.9 1.1 24.9 2.5 1.2 26.1 2.6 1.2 26.5 8 9 10 11 12 Rest of the world Monetary authority 13.1 40.5 11.2 43.7 13.3 49.0 12.7 52.9 10.3 57.2 19.8 62.1 46.3 69.0 54.8 69.8 55.2 78.5 60.1 80.1 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 60.2 59.5 0.5 0.0 0.1 56.8 56.2 0.5 0.0 0.2 63.3 62.5 0.6 0.0 0.2 65.3 64.5 0.6 0.0 0.2 55.6 54.7 0.6 0.0 0.2 62.5 61.7 0.5 0.0 0.3 65.6 64.9 0.3 0.0 0.4 68.1 66.9 0.5 0.0 0.6 59.2 58.2 0.4 0.0 0.6 55.1 54.3 0.5 0.0 0.3 13 14 15 16 17 18 19 Savings institutions Credit unions 11.6 0.3 11.5 0.3 12.7 0.3 12.7 0.4 10.8 0.5 9.5 0.6 9.2 0.6 8.7 0.5 7.0 0.8 5.9 0.8 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 5.5 5.1 2.5 7.2 0.0 5.0 4.9 2.3 7.1 0.0 4.3 4.7 2.0 6.2 0.0 3.9 4.5 2.4 5.9 0.0 3.4 4.1 2.2 5.4 0.0 3.4 4.0 2.1 5.1 0.0 3.2 3.8 2.1 3.9 0.0 2.9 3.8 3.4 3.6 0.0 2.8 3.4 5.4 2.5 0.0 2.9 3.4 8.6 1.6 0.0 20 21 22 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 0.0 0.8 0.5 0.0 1.8 1.1 0.0 1.4 0.5 0.0 2.7 1.7 0.0 0.9 0.5 0.0 2.7 1.0 0.0 1.1 0.6 0.0 2.6 1.8 0.0 0.7 0.6 0.0 2.0 1.7 0.0 0.9 0.5 0.0 3.1 3.4 0.0 0.6 0.6 0.0 2.5 1.8 0.0 0.7 0.7 0.0 1.2 2.0 0.0 0.7 0.8 0.0 1.1 2.0 0.1 1.1 0.7 0.0 1.4 2.3 25 26 27 28 29 30 261.5 265.1 278.1 290.6 287.4 299.5 324.4 339.4 346.3 358.2 31 1 2 3 4 5 6 7 Total liabilities Savings bonds Other Treasury issues Total assets Memo: 31 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 80 FFA, 1965-1974, Z.1, June 8, 2006 L.210 Agency- and GSE-backed Securities (1) Billions of dollars 1965 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 1967 1968 1969 1970 1971 1972 1973 1974 17.4 24.2 28.5 35.4 42.9 51.7 56.6 65.9 86.2 106.1 1 2.7 13.8 0.9 4.0 18.9 1.3 8.2 18.4 2.0 11.3 21.6 2.5 9.0 30.6 3.2 8.1 38.9 4.8 7.0 40.0 9.5 7.9 43.5 14.4 8.4 59.8 18.0 8.2 76.4 21.5 2 3 4 17.4 24.2 28.5 35.4 42.9 51.7 56.6 65.9 86.2 106.1 5 Household sector Nonfinancial corporate business State and local governments 1.1 1.2 3.1 5.9 1.0 2.4 6.3 1.0 2.8 6.1 1.4 6.2 11.3 1.7 7.5 15.9 1.2 5.2 14.6 0.9 3.0 8.9 1.0 6.3 8.3 2.0 13.0 13.7 3.0 16.0 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 1.3 0.0 1.4 1.7 0.0 1.3 2.0 0.0 1.4 2.4 0.0 0.1 2.7 0.0 0.0 3.0 0.0 0.0 3.1 0.5 0.0 3.2 1.3 0.0 3.2 1.9 0.0 2.8 4.7 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 5.8 5.8 0.0 0.0 0.0 6.1 6.1 0.0 0.0 0.0 9.1 9.1 0.0 0.0 0.0 10.4 10.4 0.0 0.0 0.0 10.1 10.1 0.0 0.0 0.0 13.9 13.9 0.0 0.0 0.0 17.9 17.9 0.0 0.0 0.0 22.0 21.7 0.3 0.0 0.0 29.6 29.1 0.5 0.0 0.0 33.2 32.6 0.6 0.0 0.0 12 13 14 15 16 17 18 Savings institutions Credit unions 2.9 0.0 3.0 0.1 3.2 0.2 3.5 0.4 4.7 0.5 6.9 0.8 10.6 1.0 14.1 1.6 16.3 1.8 17.6 2.1 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.6 0.2 0.5 0.5 0.0 1.3 0.2 0.4 0.7 0.0 1.2 0.2 0.3 0.8 0.0 1.4 0.3 0.4 1.4 0.0 1.6 0.4 0.6 1.6 0.0 1.6 0.5 0.9 1.5 0.0 1.9 0.6 0.6 1.5 0.0 2.3 0.7 2.1 2.1 0.0 2.3 0.9 3.2 3.3 0.0 2.7 1.1 4.3 4.6 0.0 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.3 0.0 0.0 0.4 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 6 7 8 Total assets 1966 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 31. 81 FFA, 1965-1974, Z.1, June 8, 2006 L.211 Municipal Securities and Loans Billions of dollars 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 100.4 106.6 113.8 122.1 133.5 145.5 161.7 175.8 192.7 208.0 1 100.4 5.5 94.9 106.6 6.2 100.5 113.8 8.0 105.8 122.1 8.1 114.0 133.5 10.9 122.6 145.5 13.3 132.2 161.6 15.7 145.8 175.2 15.8 159.4 189.9 16.1 173.8 202.6 18.8 183.8 2 3 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.6 0.4 2.4 1.3 4.1 5 6 100.4 106.6 113.8 122.1 133.5 145.5 161.7 175.8 192.7 208.0 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 36.5 4.6 0.0 2.2 41.2 3.6 0.0 2.1 38.2 3.3 0.0 2.1 36.5 3.8 0.0 2.2 47.2 2.8 0.0 2.2 47.1 2.2 0.0 2.4 46.0 3.2 0.0 2.1 47.7 4.2 0.0 1.8 55.1 4.0 0.0 2.1 62.2 4.7 0.0 2.6 8 9 10 11 12 13 14 15 16 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 38.8 0.3 11.3 3.5 2.6 41.2 0.3 12.0 3.3 2.5 50.3 0.2 13.5 3.1 2.4 58.9 0.3 14.4 3.2 2.4 59.5 0.3 15.5 3.2 2.3 70.2 0.3 17.0 3.3 2.0 82.8 0.5 20.5 3.4 2.2 90.0 1.0 24.8 3.4 2.0 95.7 1.1 28.5 3.4 1.7 101.1 1.4 30.7 3.7 1.0 12 13 14 15 16 17 18 19 20 21 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.0 1.1 0.0 0.0 0.0 0.0 0.7 17 18 19 20 21 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars 1 123.1 135.7 152.5 167.1 181.1 204.3 228.8 249.4 264.9 293.9 1 2 3 Nonfinancial corporate business Rest of the world (1) 97.3 9.1 107.5 9.9 122.1 11.1 135.0 12.2 147.0 13.2 166.8 14.1 185.6 15.0 197.8 16.0 206.9 17.0 226.6 19.4 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 16.7 1.6 0.0 18.3 1.7 0.0 19.3 2.0 0.0 19.9 2.2 0.0 20.9 2.0 0.0 23.5 3.2 0.0 28.2 5.2 0.0 35.6 8.3 0.0 41.0 9.2 0.0 47.9 10.4 0.0 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 0.0 15.1 0.0 0.0 0.0 0.0 16.6 0.0 0.0 0.0 0.0 17.3 0.0 0.0 0.0 0.0 17.7 0.0 0.0 0.0 0.0 18.8 0.1 0.0 0.0 0.0 19.6 0.6 0.0 0.0 0.0 22.0 1.0 0.0 0.0 0.0 26.0 1.4 0.0 0.0 0.0 29.9 1.9 0.0 0.0 0.0 35.5 2.1 0.0 0.0 7 8 9 10 11 123.1 135.7 152.5 167.1 181.1 204.3 228.8 249.4 264.9 293.9 12 9.0 0.0 1.0 11.1 0.0 2.2 15.1 0.0 2.5 18.0 0.0 4.9 22.0 0.0 6.4 29.7 0.0 7.9 37.4 0.0 9.4 38.5 0.0 11.4 41.5 0.0 12.7 54.4 0.0 13.7 13 14 15 1.3 2.9 3.0 61.0 22.7 17.2 0.0 1.3 3.2 3.6 63.4 25.2 20.2 0.0 2.3 5.2 4.3 67.2 26.4 23.9 0.0 2.5 6.7 5.5 70.9 27.0 26.6 0.0 1.9 7.2 6.3 72.7 27.6 30.6 0.0 3.0 9.9 8.6 74.1 29.4 35.1 0.0 3.9 14.8 8.9 79.6 28.6 39.0 0.0 5.2 17.4 8.1 86.6 30.6 43.2 0.0 5.6 14.4 8.0 92.5 32.7 48.4 0.0 6.6 14.2 10.0 96.4 35.0 54.5 0.0 16 17 18 19 20 21 22 0.0 2.6 1.5 0.0 0.0 0.0 0.9 0.0 0.0 2.9 1.5 0.0 0.0 0.0 1.0 0.0 0.0 2.6 1.7 0.0 0.0 0.0 1.4 0.0 0.0 2.0 2.0 0.0 0.0 0.0 1.2 0.0 0.0 2.9 2.0 0.0 0.0 0.0 1.6 0.0 0.0 3.5 1.4 0.0 0.0 0.0 1.7 0.0 0.0 3.7 1.8 0.0 0.0 0.0 1.8 0.0 0.0 4.2 2.0 0.0 0.0 0.0 2.0 0.0 0.0 4.3 2.5 0.0 0.0 0.0 2.4 0.0 0.0 4.9 2.3 0.0 0.0 0.0 1.8 0.0 23 24 25 26 27 28 29 30 12 Total liabilities Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises REITs Brokers and dealers Funding corporations (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 82 FFA, 1965-1974, Z.1, June 8, 2006 L.213 Corporate Equities (1) Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 734.9 660.4 835.1 996.1 840.6 831.2 974.9 1203.3 938.3 632.5 1 2 Nonfinancial corporate business 623.8 547.9 712.2 843.2 705.1 702.2 823.8 1032.7 809.4 557.6 2 3 4 Rest of the world (2) Financial corporations 5.0 106.1 4.3 108.2 5.2 117.6 6.5 146.5 7.0 128.6 6.6 122.5 7.6 143.5 10.5 160.1 10.0 118.9 9.0 65.9 3 4 5 6 7 8 Issues at market value 1965 Holdings at market value Household sector State and local governments Rest of the world (3) 734.9 660.4 835.1 996.1 840.6 831.2 974.9 1203.3 938.3 632.5 5 616.1 0.0 14.6 548.3 0.0 12.6 682.1 0.0 25.5 815.3 0.0 29.5 667.4 0.0 26.8 650.2 0.0 27.2 743.7 0.0 30.8 921.4 0.0 39.1 693.9 0.0 33.5 445.0 0.0 23.9 6 7 8 9 10 11 12 13 14 15 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.0 2.3 12.0 9.0 40.8 2.5 0.0 0.0 2.0 11.0 8.7 39.5 2.8 0.0 0.1 2.5 13.0 10.7 51.1 3.9 0.0 0.1 2.4 14.6 13.0 61.5 5.8 0.0 0.1 2.5 13.3 13.2 61.4 7.3 0.0 0.1 2.8 13.2 14.6 67.1 10.1 0.0 0.1 3.5 16.6 20.0 88.7 15.4 0.0 0.1 4.5 21.8 26.5 107.8 22.2 0.0 0.2 4.2 19.7 25.4 93.6 20.2 0.0 0.2 3.7 12.8 21.3 74.8 16.4 0.0 9 10 11 12 13 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 30.9 5.6 0.0 1.2 28.9 5.3 0.0 1.3 39.2 5.4 0.0 1.7 46.1 6.3 0.0 1.5 40.9 6.0 0.0 1.9 39.7 4.3 0.0 2.0 48.6 5.4 0.0 2.1 51.7 5.7 0.0 2.4 38.3 6.6 0.0 2.8 26.3 5.9 0.0 2.2 16 17 18 19 711.1 638.5 809.8 967.2 812.5 805.2 943.2 1162.8 899.2 602.6 20 Memo: 20 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars 1 Shares at market value 35.2 34.8 44.3 51.2 47.6 46.8 55.4 58.9 46.6 35.2 1 2 Holdings at market value 35.2 34.8 44.3 51.2 47.6 46.8 55.4 58.9 46.6 35.2 2 34.4 0.3 0.0 33.9 0.4 0.0 43.0 0.6 0.0 49.5 0.8 0.0 45.6 0.7 0.0 44.5 0.6 0.0 53.0 0.7 0.0 56.4 0.7 0.0 43.7 0.8 0.0 31.8 0.8 0.0 3 4 5 3 4 5 Household sector Nonfinancial corporate business State and local governments 6 7 Commercial banking Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 Life insurance companies Private pension funds State and local govt. retirement funds 0.1 0.4 0.0 0.1 0.4 0.0 0.2 0.5 0.0 0.2 0.6 0.0 0.6 0.7 0.0 0.8 0.8 0.0 0.6 1.2 0.0 0.3 1.5 0.0 0.5 1.7 0.0 0.6 1.9 0.0 8 9 10 8 9 10 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 83 FFA, 1965-1974, Z.1, June 8, 2006 L.215 Bank Loans Not Elsewhere Classified Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Total loans by commercial banking, flow of funds basis 204.9 224.0 241.9 269.9 297.3 311.6 342.1 402.2 478.6 537.1 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 2.0 49.7 45.2 9.3 1.9 54.4 48.2 9.9 2.9 58.9 51.7 11.3 2.9 65.5 58.5 12.7 3.5 70.5 63.4 11.5 4.9 73.3 65.6 13.0 5.4 82.5 74.3 13.8 5.5 99.3 87.0 18.6 5.0 119.1 99.6 15.2 6.4 132.1 103.0 14.1 2 3 4 5 6 = Banking sector total bank loans n.e.c. 98.7 109.6 117.0 130.4 148.3 154.8 166.0 191.8 239.8 281.5 6 97.5 1.2 0.0 0.0 108.0 1.6 0.0 0.0 115.3 1.7 0.0 0.0 128.3 2.1 0.0 0.0 141.0 3.3 3.9 0.0 146.1 5.8 3.0 0.0 156.9 6.3 2.8 0.0 180.4 8.8 2.6 0.0 222.7 12.8 4.3 0.0 257.5 19.1 4.9 0.0 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 98.8 109.6 117.0 130.4 148.3 154.8 166.0 191.8 239.8 281.5 12 13 Total liabilities 98.8 109.6 117.0 130.4 148.3 154.8 166.0 191.8 239.8 281.5 13 86.6 98.0 107.9 117.5 134.0 138.4 147.4 166.4 207.2 248.2 14 4.4 60.7 6.7 7.7 5.1 69.1 8.1 8.6 7.5 75.6 8.8 9.3 6.2 85.4 9.9 9.7 6.8 98.8 12.1 10.3 6.1 103.6 11.7 11.2 7.3 107.7 12.6 12.5 7.6 120.5 13.7 14.3 11.2 137.0 28.6 17.2 16.8 159.4 36.0 18.2 15 16 17 18 7.1 1.1 2.1 3.9 7.1 1.0 2.2 3.8 6.7 1.0 1.8 3.9 6.3 0.8 1.9 3.6 6.0 0.8 2.1 3.2 5.8 0.6 2.0 3.2 7.3 0.8 2.4 4.1 10.4 1.0 3.5 5.9 13.1 1.4 5.1 6.5 17.8 1.7 8.2 7.8 19 20 21 22 12.2 11.6 9.1 12.8 14.3 16.4 18.6 25.4 32.6 33.3 23 0.5 7.2 4.5 0.0 0.5 7.2 3.9 0.0 0.4 6.4 2.3 0.0 0.5 6.9 4.9 0.6 0.5 7.1 5.7 1.0 0.4 8.1 6.9 1.0 1.1 7.0 8.9 1.6 1.5 10.3 10.6 3.0 1.9 11.9 12.5 6.3 1.5 11.6 10.6 9.6 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 84 FFA, 1965-1974, Z.1, June 8, 2006 L.216 Other Loans and Advances Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Total other loans and advances 66.0 73.2 76.4 84.5 101.4 110.7 114.6 121.9 142.8 173.0 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 31.1 1.6 1.7 5.0 0.9 2.8 18.7 0.3 33.8 2.1 2.0 5.2 0.9 3.4 20.0 0.1 37.5 2.4 2.2 5.6 1.1 3.6 22.5 0.0 40.8 3.2 1.7 5.9 1.0 4.0 24.7 0.3 44.2 3.6 1.8 6.2 1.0 4.7 26.9 0.0 46.7 3.9 2.1 6.8 1.0 4.8 28.2 0.0 49.2 4.2 1.6 7.1 1.0 5.2 30.0 0.0 51.7 4.6 1.8 7.2 1.1 5.5 31.5 0.0 55.0 5.0 2.1 8.6 1.2 4.9 33.2 0.0 58.5 5.5 3.7 9.1 1.3 5.6 32.7 0.7 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 3.4 0.9 2.5 3.6 1.1 2.5 4.3 1.3 3.0 4.4 1.6 2.9 5.5 2.3 3.2 7.1 3.1 4.0 7.9 3.6 4.3 6.9 3.7 3.2 8.9 4.7 4.2 18.5 7.2 11.2 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 0.1 0.0 0.0 0.2 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.3 0.1 0.1 0.5 0.2 0.2 0.7 0.3 0.3 0.6 0.3 0.3 0.5 0.2 0.2 0.5 0.3 0.3 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 8.3 0.7 7.7 9.8 0.7 9.1 10.8 0.8 10.1 12.1 0.8 11.3 14.7 0.9 13.8 17.0 1.0 16.1 18.0 1.0 17.1 19.0 1.0 18.0 21.2 1.0 20.2 23.9 1.0 22.9 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 9.6 0.0 1.1 2.5 0.0 6.0 0.0 0.0 11.1 0.0 1.3 2.9 0.0 6.9 0.0 0.0 9.3 0.0 1.5 3.4 0.0 4.4 0.0 0.0 10.5 0.0 1.6 3.7 0.0 5.3 0.0 0.0 15.3 0.0 1.7 4.3 0.0 9.3 0.0 0.0 17.6 0.0 2.0 5.0 0.0 10.6 0.0 0.0 15.6 0.0 2.0 5.7 0.0 7.9 0.0 0.0 16.4 0.0 2.3 6.1 0.0 8.0 0.0 0.0 24.9 0.0 2.6 7.2 0.0 15.1 0.0 0.0 34.2 0.0 3.6 8.8 0.0 21.8 0.0 0.0 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 13.5 12.2 1.4 14.6 13.1 1.5 14.3 12.8 1.4 16.5 14.8 1.6 21.5 19.3 2.1 21.8 19.6 2.2 23.2 20.8 2.3 27.4 24.6 2.7 32.3 29.1 3.2 37.2 33.4 3.7 31 32 33 85 FFA, 1965-1974, Z.1, June 8, 2006 L.217 Total Mortgages Billions of dollars 1965 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 1967 1968 1969 1970 1971 1972 1973 1974 333.6 357.7 381.2 410.7 439.5 469.2 517.8 589.7 666.5 728.4 1 218.6 38.2 55.7 21.2 231.9 41.3 61.5 23.1 245.1 44.8 66.2 25.0 262.2 48.3 73.0 27.2 278.3 53.2 79.1 29.0 292.1 60.1 86.5 30.5 318.4 70.1 97.0 32.4 357.3 82.9 114.2 35.4 399.8 93.2 133.7 39.8 435.1 100.0 148.3 44.9 2 3 4 5 333.6 357.7 381.2 410.7 439.5 469.2 517.8 589.7 666.5 728.4 6 Household sector 226.0 240.0 251.4 271.4 288.1 297.2 321.7 357.4 397.1 433.5 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 105.7 34.0 50.6 21.2 115.9 37.6 55.3 23.1 128.1 41.8 61.3 25.0 137.4 42.2 68.0 27.2 149.4 43.1 77.3 29.0 170.0 58.8 80.7 30.5 194.0 63.5 98.2 32.4 229.9 71.7 122.8 35.4 266.7 101.7 125.2 39.8 292.1 101.4 145.8 44.9 8 9 10 11 12 13 Federal government REITs 1.8 0.0 1.8 0.0 1.7 0.0 1.7 0.2 1.6 0.4 1.5 0.5 1.4 0.7 1.3 1.2 1.3 1.5 1.2 1.6 12 13 333.6 357.7 381.2 410.7 439.5 469.2 517.8 589.7 666.5 728.4 14 42.6 0.1 0.0 44.6 0.1 0.0 46.5 0.1 0.0 49.0 0.1 0.0 49.1 0.2 0.3 50.0 0.2 0.7 47.3 0.2 1.9 48.2 0.2 3.0 47.2 0.3 3.3 50.5 0.7 3.4 15 16 17 2.7 5.9 2.9 6.9 3.0 7.8 3.2 9.3 3.7 10.2 4.6 10.5 5.6 10.2 7.0 9.5 8.7 8.9 11.2 12.6 18 19 49.7 152.7 0.6 54.4 160.5 0.6 58.9 170.0 0.7 65.5 181.8 0.7 70.5 194.0 0.7 73.3 205.2 0.8 82.5 231.2 0.8 99.3 267.5 1.0 119.1 300.3 1.4 132.1 321.0 1.5 20 21 22 0.1 60.0 3.4 3.7 0.1 64.6 3.9 4.5 0.2 67.5 4.1 5.0 0.2 70.0 4.1 5.4 0.2 72.0 4.2 5.6 0.2 74.4 4.2 5.9 0.2 75.5 3.7 6.3 0.2 76.9 2.7 6.5 0.2 81.4 2.4 7.1 0.2 86.2 2.4 7.7 23 24 25 26 7 14 Total liabilities 1966 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 Commercial banking Savings institutions (1) Credit unions 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 6.8 0.9 0.0 9.4 1.3 0.0 11.1 2.0 0.0 13.3 2.5 0.0 17.7 3.2 0.0 23.0 4.8 0.0 26.7 9.5 0.0 30.7 14.4 0.0 37.8 18.0 0.0 48.1 21.5 0.0 27 28 29 30 31 32 Finance companies Mortgage companies REITs 0.0 4.5 0.0 0.0 3.9 0.0 0.0 4.3 0.0 0.0 4.9 0.8 0.0 5.7 2.0 0.6 6.9 3.9 1.1 8.9 6.2 1.6 10.6 10.4 2.0 12.5 16.0 2.5 10.6 16.1 30 31 32 (1) FHLB loans to savings institutions are included in other loans and advances. 86 FFA, 1965-1974, Z.1, June 8, 2006 L.218 Home Mortgages (1) Billions of dollars 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 218.6 231.9 245.1 262.2 278.3 292.1 318.4 357.3 399.8 435.1 1 218.6 0.0 0.0 231.9 0.0 0.0 245.1 0.0 0.0 262.2 0.0 0.0 278.3 0.0 0.0 286.7 1.1 4.4 310.5 1.6 6.3 345.4 2.4 9.5 385.1 2.9 11.7 422.0 2.6 10.5 2 3 4 218.6 231.9 245.1 262.2 278.3 292.1 318.4 357.3 399.8 435.1 5 16.7 0.0 0.0 18.1 0.0 0.0 19.5 0.0 0.0 21.6 0.0 0.0 21.7 0.0 0.0 21.0 0.0 0.0 20.7 0.0 0.5 19.8 0.0 0.9 19.6 0.0 1.0 22.6 0.0 0.9 6 7 8 1.7 3.9 1.7 4.5 1.7 5.3 1.8 6.2 1.8 6.4 1.9 6.2 2.0 5.6 2.1 5.0 2.6 4.2 3.4 5.6 9 10 30.4 125.8 0.6 32.8 131.8 0.6 35.3 138.8 0.7 38.8 147.3 0.7 41.4 156.7 0.7 42.3 164.0 0.8 48.0 180.1 0.8 57.0 206.4 1.0 68.0 231.2 1.4 74.8 247.0 1.5 11 12 13 29.6 1.5 2.0 30.2 1.7 2.3 29.8 1.8 2.6 29.0 1.8 2.7 27.6 1.8 2.8 26.7 1.8 2.9 24.6 1.5 3.0 22.3 1.1 3.0 20.4 0.8 3.2 19.0 0.8 3.2 14 15 16 9 10 State and local governments Federal government 11 12 13 Commercial banking Savings institutions Credit unions 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 2.5 0.1 0.0 4.4 0.3 0.0 5.5 0.7 0.0 7.2 1.0 0.0 10.9 1.4 0.0 15.5 2.5 0.0 17.6 6.7 0.0 19.5 10.7 0.0 22.8 13.6 0.0 28.4 18.0 0.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 3.8 0.0 0.0 3.3 0.0 0.0 3.7 0.0 0.0 4.2 0.0 0.0 4.9 0.2 0.4 5.3 0.6 0.8 5.7 0.8 1.1 6.2 1.2 1.5 7.4 1.9 1.8 6.2 1.7 20 21 22 ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens. Excludes home equity loans held by mortgage companies and individuals. L.219 Multifamily Residential Mortgages Billions of dollars 1 Total liabilities 38.2 41.3 44.8 48.3 53.2 60.1 70.1 82.9 93.2 100.0 1 7.0 29.4 7.3 32.2 7.7 35.4 8.2 38.3 8.9 42.5 9.6 48.8 10.4 58.0 10.6 70.6 10.7 80.7 10.9 87.5 2 3 1.8 0.0 1.8 0.0 1.7 0.0 1.7 0.1 1.6 0.1 1.5 0.2 1.4 0.2 1.3 0.4 1.3 0.5 1.2 0.5 4 5 38.2 41.3 44.8 48.3 53.2 60.1 70.1 82.9 93.2 100.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 8.5 0.0 0.0 8.4 0.0 0.0 8.4 0.0 0.0 8.3 0.0 0.0 7.9 0.0 0.0 7.9 0.0 0.0 6.5 0.0 0.3 6.8 0.0 0.6 5.8 0.0 0.6 5.7 0.0 0.6 7 8 9 10 11 State and local governments Federal government 0.8 1.0 0.9 1.3 1.0 1.6 1.2 1.9 1.6 2.6 2.2 3.1 2.9 3.5 3.9 3.8 4.8 4.1 6.1 4.8 10 11 12 13 Commercial banking Savings institutions 2.0 14.4 2.1 15.2 2.4 16.4 2.7 17.8 3.2 19.3 3.3 21.6 4.0 27.2 5.8 32.0 6.9 35.1 7.6 36.7 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 8.8 1.0 1.2 10.3 1.1 1.5 11.7 1.2 1.6 12.8 1.2 1.8 14.2 1.2 1.9 16.0 1.2 2.0 16.7 0.9 2.2 17.3 0.6 2.2 18.5 0.5 2.1 19.6 0.5 2.2 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.1 0.0 1.1 0.1 0.0 2.1 0.4 0.0 4.0 0.6 0.0 6.2 0.8 0.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 0.5 0.0 0.0 0.4 0.0 0.0 0.5 0.0 0.0 0.6 0.1 0.0 0.7 0.5 0.0 1.2 1.3 0.0 2.4 2.2 0.0 3.2 4.2 0.1 3.7 6.6 0.1 2.4 6.8 20 21 22 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets 87 FFA, 1965-1974, Z.1, June 8, 2006 L.220 Commercial Mortgages Billions of dollars 1965 1 2 3 4 5 6 7 8 9 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1966 1967 1968 1969 1970 1971 1972 1973 1974 55.7 61.5 66.2 73.0 79.1 86.5 97.0 114.2 133.7 148.3 1 7.5 27.0 21.2 0.0 8.1 30.2 23.2 0.0 6.2 34.2 25.9 0.0 9.2 34.0 29.7 0.1 9.8 34.1 34.8 0.3 10.6 48.1 27.5 0.4 11.2 51.5 33.9 0.5 11.9 58.7 42.7 0.8 11.9 88.0 32.8 1.0 11.6 87.9 47.8 1.1 2 3 4 5 55.7 61.5 66.2 73.0 79.1 86.5 97.0 114.2 133.7 148.3 6 10.1 0.1 0.0 10.5 0.1 0.0 10.4 0.1 0.0 9.9 0.1 0.0 9.8 0.2 0.3 10.8 0.2 0.7 8.6 0.2 1.1 9.3 0.2 1.5 8.3 0.3 1.7 7.2 0.7 1.9 7 8 9 0.0 0.1 0.0 0.1 0.0 0.2 0.0 0.3 0.0 0.4 0.2 0.4 0.4 0.5 0.7 0.3 0.9 0.2 1.2 1.6 10 11 10 11 State and local governments Federal government 12 13 Commercial banking Savings institutions 14.4 12.4 16.4 13.4 17.9 14.7 20.5 16.6 22.1 17.9 23.3 19.4 26.3 23.9 31.8 29.1 38.7 33.9 43.7 37.2 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.1 16.8 0.9 0.5 0.1 18.8 1.1 0.6 0.2 20.5 1.1 0.6 0.2 22.4 1.1 0.7 0.2 24.4 1.2 0.7 0.2 26.0 1.2 0.9 0.2 28.5 1.3 0.9 0.2 31.6 1.1 1.1 0.2 36.5 1.1 1.5 0.2 41.3 1.1 2.0 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.1 0.0 0.0 0.1 0.0 0.2 0.0 0.0 0.1 0.0 0.3 0.0 0.0 0.1 0.0 0.4 0.0 0.0 0.2 0.7 0.4 0.0 0.0 0.2 1.3 0.5 0.0 0.2 0.4 2.0 0.6 0.0 0.3 0.9 3.2 0.9 0.0 0.4 1.1 5.0 1.1 0.0 0.5 1.4 7.5 0.0 0.0 0.7 1.9 7.7 18 19 20 21 22 L.221 Farm Mortgages Billions of dollars 1 Total liabilities (Farm business) 21.2 23.1 25.0 27.2 29.0 30.5 32.4 35.4 39.8 44.9 1 2 Total assets 21.2 23.1 25.0 27.2 29.0 30.5 32.4 35.4 39.8 44.9 2 3 4 Household sector Nonfarm noncorporate business 7.3 0.0 7.6 0.0 8.2 0.0 9.1 0.0 9.8 0.0 10.2 0.0 11.4 0.0 12.3 0.0 13.5 0.0 15.0 0.0 3 4 5 6 State and local governments Federal government 0.2 0.8 0.2 0.9 0.2 0.8 0.2 0.9 0.3 0.9 0.3 0.8 0.4 0.5 0.4 0.4 0.5 0.4 0.5 0.6 5 6 7 8 Commercial banking Savings institutions 2.9 0.1 3.1 0.1 3.3 0.1 3.5 0.1 3.8 0.1 4.4 0.1 4.2 0.1 4.8 0.1 5.4 0.1 6.0 0.1 7 8 9 10 Life insurance companies State and local govt. retirement funds 4.8 0.1 5.2 0.1 5.6 0.2 5.8 0.2 5.8 0.3 5.6 0.2 5.6 0.2 5.7 0.2 6.0 0.3 6.3 0.2 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4.3 0.7 5.0 0.9 5.6 1.0 6.1 1.1 6.7 1.4 7.2 1.7 7.9 2.1 9.1 2.4 10.9 2.7 13.5 2.6 11 12 88 FFA, 1965-1974, Z.1, June 8, 2006 L.222 Consumer Credit Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Total liabilities (Households) 97.5 103.4 108.6 119.3 129.2 133.7 149.2 168.8 193.0 201.9 1 2 Total assets 97.5 103.4 108.6 119.3 129.2 133.7 149.2 168.8 193.0 201.9 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 13.2 4.0 0.0 13.4 4.0 0.0 13.7 3.9 0.0 13.8 3.9 0.0 13.9 3.7 0.0 14.7 3.8 0.0 17.3 3.7 0.0 18.0 3.6 0.0 19.2 3.4 0.0 20.3 3.1 0.0 3 4 5 6 7 8 Commercial banking Savings institutions Credit unions 45.2 3.0 7.3 48.2 3.2 8.3 51.7 3.4 9.0 58.5 3.7 10.3 63.4 4.2 12.0 65.6 4.4 13.0 74.3 4.7 14.8 87.0 5.1 17.0 99.6 8.5 19.6 103.0 9.1 21.9 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 0.0 24.7 0.0 0.0 26.4 0.0 0.0 26.9 0.0 0.0 29.2 0.0 0.0 32.0 0.0 0.0 32.1 0.0 0.0 34.4 0.0 0.0 38.0 0.0 0.0 42.6 0.0 0.0 44.6 9 10 11 145.6 159.7 172.4 193.3 220.6 234.3 254.8 286.9 349.2 304.3 1 3.6 4.0 4.6 5.2 5.8 6.5 7.3 8.2 8.9 10.1 2 9 10 11 L.223 Trade Credit Billions of dollars 1 Total trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 94.6 6.6 6.4 103.8 5.1 6.8 109.7 5.2 6.6 126.2 4.2 5.4 145.7 5.2 5.0 153.6 4.8 4.8 167.2 4.4 5.4 190.4 5.1 5.9 228.4 17.7 6.7 165.2 20.1 7.4 3 4 5 6 7 State and local governments Federal government 26.4 5.0 30.9 5.8 36.0 6.5 41.6 6.5 47.3 6.4 53.2 5.4 59.3 4.4 65.4 4.6 72.5 5.7 82.4 6.7 6 7 8 9 Rest of the world Brokers and dealers 2.6 0.4 2.9 0.4 3.4 0.5 3.8 0.5 4.6 0.6 5.6 0.6 6.1 0.7 6.6 0.8 8.5 0.8 11.5 0.9 8 9 10 Total trade receivables 143.3 158.9 170.8 191.2 218.2 227.0 240.2 270.1 317.2 297.3 10 120.9 7.9 133.3 8.5 141.6 9.0 160.1 7.7 183.0 8.1 191.4 6.6 203.8 8.1 230.2 8.8 269.3 11.1 245.5 13.3 11 12 State and local governments Federal government Rest of the world 6.6 3.1 2.1 7.2 4.4 2.7 7.8 5.8 3.3 8.8 6.4 4.8 10.0 7.3 5.8 10.6 6.6 7.4 11.6 4.9 7.2 13.0 4.0 8.2 15.8 4.3 10.2 13.8 5.3 12.4 13 14 15 Property-casualty insurance companies ABS issuers 2.6 0.0 2.9 0.0 3.2 0.0 3.5 0.0 3.9 0.0 4.4 0.0 4.7 0.0 5.8 0.0 6.5 0.0 7.0 0.0 16 17 2.3 0.7 1.6 2.1 2.4 7.4 14.6 16.8 31.9 7.0 18 18.0 18.7 25.8 32.3 25.7 24.9 28.7 37.4 29.5 25.9 1 5.9 0.1 5.8 0.1 8.9 0.3 11.5 0.5 8.2 0.3 6.9 0.3 9.5 0.3 13.1 0.4 8.9 0.2 7.4 0.2 2 3 12.0 2.7 8.5 0.8 12.8 2.9 9.0 0.9 16.6 5.3 10.5 0.9 20.3 7.7 11.8 0.9 17.2 5.7 10.7 0.9 17.7 4.7 12.1 0.9 19.0 5.2 12.9 0.9 24.0 5.4 17.4 1.2 20.4 5.2 14.6 0.6 18.3 4.2 13.6 0.5 4 5 6 7 18.0 18.7 25.8 32.3 25.7 24.9 28.7 37.4 29.5 25.9 8 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 16 17 18 Discrepancy L.224 Security Credit Billions of dollars 1 Total liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 8 Total assets 9 10 Household sector Rest of the world 2.5 0.2 2.7 0.2 4.9 0.3 7.0 0.6 5.2 0.4 4.4 0.3 4.9 0.3 5.0 0.4 4.9 0.3 3.9 0.3 9 10 11 12 Commercial banking Brokers and dealers 9.3 6.0 9.9 6.0 11.3 9.2 12.7 12.0 11.5 8.5 13.0 7.2 13.8 9.8 18.6 13.5 15.2 9.1 14.1 7.6 11 12 89 FFA, 1965-1974, Z.1, June 8, 2006 L.225 Life Insurance and Pension Fund Reserves Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 105.9 110.6 115.5 120.3 125.4 130.7 137.1 143.9 151.3 158.4 1 Life insurance reserves: 1 Total liabilities 2 3 Federal government Life insurance companies 7.0 98.9 7.1 103.5 7.2 108.3 7.2 113.1 7.3 118.1 7.4 123.3 7.4 129.6 7.6 136.3 7.8 143.5 7.9 150.5 2 3 4 Total assets (Households) 105.9 110.6 115.5 120.3 125.4 130.7 137.1 143.9 151.3 158.4 4 162.0 172.5 195.6 218.7 230.9 253.8 293.5 349.3 358.5 367.5 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 27.3 80.9 29.4 84.0 31.9 98.8 34.7 112.4 37.6 115.0 41.0 125.0 46.1 148.0 52.1 183.3 56.1 182.2 60.4 181.2 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 34.1 19.7 38.1 21.0 42.6 22.3 48.0 23.6 53.2 25.1 60.3 27.5 69.0 30.4 80.6 33.4 84.7 35.5 87.7 38.2 8 9 162.0 172.5 195.6 218.7 230.9 253.8 293.5 349.3 358.5 367.5 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars 1 Total taxes payable by all businesses 20.1 19.2 14.8 16.0 14.5 12.5 16.6 20.5 25.9 32.8 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 18.3 0.0 17.4 0.0 13.2 0.0 14.3 0.0 12.6 0.0 10.0 0.0 13.1 1.0 15.5 2.5 19.3 4.0 24.5 5.5 2 3 4 5 U.S.-chartered commercial banks Savings institutions 0.7 0.1 0.7 0.1 0.6 0.1 0.5 0.1 0.6 0.1 1.0 0.1 0.9 0.2 0.7 0.2 0.8 0.2 0.9 0.3 4 5 6 7 Property-casualty insurance companies Life insurance companies 0.1 0.5 0.1 0.6 0.1 0.5 0.1 0.6 0.1 0.7 0.2 0.8 0.2 0.8 0.3 0.8 0.3 0.8 0.3 0.8 6 7 8 9 Finance companies Brokers and dealers 0.3 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.1 0.3 0.2 0.3 0.1 0.3 0.2 0.3 0.2 0.3 0.0 8 9 7.2 5.0 5.4 6.5 4.0 1.8 6.2 8.6 11.3 13.9 10 0.5 6.8 0.5 4.5 0.6 4.8 0.8 5.7 0.8 3.3 0.8 0.9 2.1 4.1 3.9 4.7 5.5 5.8 7.1 6.8 11 12 12.9 14.2 9.3 9.5 10.5 10.7 10.3 11.9 14.6 18.9 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars 1 2 3 4 Total household equity Nonfarm noncorporate business Farm business Brokers and dealers 471.7 505.0 529.5 573.9 607.5 637.8 703.5 784.5 919.3 1029.3 1 293.9 177.8 0.0 319.2 185.7 0.0 336.1 193.4 0.0 369.6 204.3 0.0 395.4 212.1 0.0 420.8 217.0 0.0 468.0 235.5 0.0 518.0 266.5 0.0 588.0 330.3 1.0 670.3 357.3 1.7 2 3 4 90 FFA, 1965-1974, Z.1, June 8, 2006 L.228 Total Miscellaneous Financial Claims Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 159.7 167.8 179.2 200.0 224.9 246.3 281.3 326.3 369.7 397.1 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 3.3 14.8 0.2 3.7 15.8 0.2 3.9 15.0 0.2 4.3 20.3 0.2 4.7 24.3 0.3 5.1 14.7 8.9 5.4 15.5 11.8 6.0 15.7 14.5 6.4 20.4 17.9 7.1 26.0 23.6 2 3 4 5 6 Federal government Rest of the world 20.3 57.5 21.8 62.5 23.3 66.0 24.9 72.1 26.1 77.0 27.9 84.7 30.7 93.7 33.7 101.6 35.8 110.6 40.0 116.4 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 0.8 5.8 6.2 0.8 1.0 6.3 5.8 0.8 1.0 7.1 7.2 0.7 1.4 10.7 8.0 0.7 1.8 17.9 8.9 0.7 2.2 22.4 10.5 0.7 2.1 29.2 13.4 0.7 2.1 44.6 16.3 0.6 3.3 52.9 16.5 0.7 3.2 54.2 15.8 1.0 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 21.8 15.2 23.6 16.4 25.7 18.2 28.2 19.7 31.5 21.1 34.9 22.6 38.6 24.5 43.5 27.1 48.4 29.6 53.0 32.2 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 3.9 7.7 0.0 4.1 4.5 0.0 4.6 2.4 2.0 4.4 3.3 0.0 4.7 3.8 0.0 6.5 3.2 0.0 6.0 8.0 0.0 6.4 11.4 0.0 8.5 15.5 0.0 8.9 11.4 0.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 0.0 0.9 0.5 0.0 0.9 0.8 0.0 0.8 0.8 0.0 0.8 1.0 0.0 0.7 1.6 0.0 0.6 1.4 0.0 0.6 1.3 0.3 1.3 1.2 0.4 1.0 1.7 1.9 1.2 1.4 16 17 18 152.2 160.0 176.3 195.0 216.7 246.3 288.7 357.8 387.4 500.7 19 18.5 64.7 4.1 2.5 19.9 68.3 4.4 2.7 21.7 75.5 4.8 3.0 23.6 84.2 5.3 3.3 25.8 94.9 6.0 3.8 28.5 106.8 6.7 4.3 31.1 123.8 11.5 4.8 34.0 155.7 17.1 5.5 37.1 180.3 20.9 6.2 40.0 242.4 21.3 6.9 20 21 22 23 0.7 5.4 8.8 0.8 5.8 8.7 0.8 5.6 9.6 0.8 5.4 10.9 0.7 5.5 10.5 0.6 5.7 10.0 0.7 5.8 12.7 0.6 5.9 13.5 0.6 6.9 -8.4 0.6 7.0 30.1 24 25 26 19 Total liabilities 1965 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 27 28 29 30 Monetary authority Commercial banking Savings institutions Credit unions 0.5 3.8 7.4 -0.2 0.7 4.5 6.6 -0.2 0.7 4.8 8.3 -0.3 0.9 7.1 8.2 -0.3 0.8 11.7 7.4 -0.3 0.9 17.2 9.6 -0.4 1.1 22.0 12.0 -0.4 1.1 33.7 13.8 -0.5 1.4 44.4 12.4 -0.6 3.2 45.7 13.2 -0.6 27 28 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.3 5.7 5.5 0.0 19.7 0.3 6.0 6.6 0.0 21.0 0.4 6.9 7.8 0.0 22.3 0.5 7.5 8.8 0.0 23.6 0.6 8.3 9.7 0.0 25.1 0.8 9.2 10.7 0.0 27.5 1.0 10.1 11.9 0.0 30.4 1.4 11.1 19.2 0.0 33.4 1.8 12.0 22.8 0.0 35.5 2.3 13.4 27.4 0.0 38.2 31 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.8 0.0 0.0 1.5 0.0 0.0 1.7 0.0 0.0 1.4 0.0 0.0 2.3 -0.1 0.0 0.5 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 4.2 0.0 0.0 0.0 3.7 0.0 0.0 0.0 4.1 0.0 0.0 0.0 4.7 0.0 0.0 0.0 5.5 0.0 0.0 0.0 6.6 0.0 0.0 0.0 8.4 0.2 0.0 0.0 9.7 1.3 0.0 0.0 11.2 0.7 0.0 0.0 9.0 0.3 0.0 0.0 39 40 41 42 7.5 7.8 2.9 5.0 8.2 0.0 -7.3 -31.5 -17.7 -103.7 43 43 Discrepancy 91 FFA, 1965-1974, Z.1, June 8, 2006 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 55.4 53.3 0.3 0.3 0.3 0.6 0.6 59.0 56.7 0.3 0.3 0.4 0.6 0.7 65.6 63.0 0.4 0.4 0.4 0.7 0.8 73.7 70.8 0.5 0.5 0.4 0.7 0.8 83.1 79.8 0.6 0.6 0.5 0.7 0.8 94.4 90.6 0.8 0.8 0.5 0.8 0.9 107.6 103.3 1.0 1.0 0.6 0.8 0.9 134.8 129.8 1.3 1.4 0.6 0.8 1.0 155.0 149.1 1.6 1.8 0.7 0.9 1.0 176.1 169.1 2.0 2.3 0.7 0.9 1.1 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 6.7 0.2 0.4 0.7 0.6 0.0 0.3 0.0 7.1 0.2 0.4 0.6 0.5 0.0 0.3 0.0 7.8 0.2 0.4 0.7 0.6 0.0 0.3 0.0 8.6 0.2 0.4 0.7 0.6 0.0 0.3 0.0 9.7 0.3 0.4 0.7 0.6 0.0 0.2 0.0 11.1 0.3 0.4 0.7 0.6 0.0 0.2 0.0 11.5 0.3 0.4 0.8 0.7 0.1 0.2 0.0 12.1 0.3 0.5 0.9 0.8 0.1 0.3 0.0 17.3 0.4 0.6 1.0 0.9 0.1 0.3 0.0 21.8 0.6 0.8 0.7 0.6 0.1 0.5 0.0 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 8.8 9.1 9.9 10.8 11.8 13.3 13.9 14.9 20.6 25.1 16 1.3 1.3 1.3 1.3 1.4 1.4 1.5 1.5 1.7 1.7 1.9 1.9 2.2 2.2 2.5 2.5 2.8 2.8 3.4 3.4 17 18 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 19 20 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 2.0 2.3 2.4 2.2 2.4 2.4 2.5 2.7 3.3 4.0 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.1 0.1 0.3 0.2 0.0 1.3 0.0 0.0 0.1 0.1 0.4 0.3 0.0 1.4 0.0 0.0 0.1 0.1 0.4 0.3 0.0 1.4 0.0 0.0 0.2 0.1 0.5 0.0 0.0 1.4 0.0 0.0 0.2 0.2 0.6 0.0 0.0 1.5 0.0 0.0 0.0 0.2 0.6 0.0 0.0 1.6 0.0 0.0 0.0 0.2 0.7 0.0 0.0 1.6 0.0 0.0 0.0 0.2 0.8 0.0 0.0 1.8 0.0 0.0 0.0 0.2 0.9 0.0 0.0 2.1 0.0 0.0 0.0 0.2 1.1 0.0 0.0 2.6 0.0 0.0 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 -2.0 0.0 0.0 0.0 0.0 0.0 4.0 0.0 0.0 0.0 0.0 10.0 0.0 0.0 0.0 0.0 15.0 0.0 0.6 0.0 0.0 21.0 0.0 3.0 0.0 0.0 25.0 0.0 3.6 0.0 0.8 32.0 0.0 3.3 0.0 1.8 30 31 32 33 34 35 Asset: Bank holding companies 0.0 0.0 0.0 0.0 4.0 10.0 15.6 24.0 29.3 37.0 35 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 37 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 39 40 Asset: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40 92 FFA, 1965-1974, Z.1, June 8, 2006 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 3.9 3.9 4.2 4.2 4.0 4.0 3.9 3.9 3.8 3.8 3.8 3.8 3.6 3.6 3.5 3.5 4.1 4.1 3.5 3.5 1 2 0.4 0.4 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 1.0 1.0 1.0 1.0 1.4 1.4 1.4 1.4 1.0 1.0 2.3 2.3 1.8 1.8 1.5 1.5 1.7 1.7 2.4 2.4 5 6 3.3 3.3 3.7 3.7 3.9 3.9 4.3 4.3 4.7 4.7 5.1 5.1 5.4 5.4 6.0 6.0 6.4 6.4 7.1 7.1 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 10.0 1.4 7.0 1.6 10.8 1.7 7.5 1.7 11.9 2.1 7.9 1.8 12.9 2.5 8.5 1.9 14.0 2.9 9.0 2.1 15.3 3.5 9.6 2.2 16.6 3.9 10.3 2.5 18.1 4.3 11.1 2.7 19.8 4.9 11.9 3.0 21.5 5.6 12.7 3.2 9 10 11 12 13 Asset: Household sector 10.0 10.8 11.9 12.9 14.0 15.3 16.6 18.1 19.8 21.5 13 21.1 22.9 25.0 27.5 30.8 34.2 37.8 42.6 47.4 52.3 14 8.2 6.8 4.0 2.2 8.9 7.3 4.3 2.3 9.7 8.0 4.7 2.6 10.7 8.8 5.2 2.8 11.8 9.9 5.8 3.2 13.2 10.8 6.5 3.6 14.5 11.9 7.3 4.1 15.9 13.7 8.3 4.7 17.3 15.7 9.2 5.2 18.5 17.8 10.2 5.8 15 16 17 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 1.2 1.2 1.2 1.2 1.5 1.5 1.7 1.7 1.7 1.7 1.9 1.9 2.2 2.2 2.7 2.7 2.7 2.7 2.7 2.7 21 22 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 19.7 19.7 21.0 21.0 22.3 22.3 23.6 23.6 25.1 25.1 27.5 27.5 30.4 30.4 33.4 33.4 35.5 35.5 38.2 38.2 25 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 Policy payables: 14 Liab.: Property-casualty insurance companies 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 93 FFA, 1965-1974, Z.1, June 8, 2006 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars 1965 1 Total liabilities 1966 1967 1968 1969 1970 1971 1972 1973 1974 31.0 30.6 29.3 35.9 40.0 33.5 41.0 38.9 40.2 22.7 1 6.9 0.0 7.5 0.0 5.7 0.0 10.1 0.0 12.8 0.0 1.7 8.6 1.9 11.5 0.9 14.2 0.4 17.4 1.5 23.0 2 3 Federal government Rest of the world Monetary authority 0.2 -3.1 0.3 0.7 -2.0 0.4 1.0 -4.9 0.4 1.2 -7.0 0.8 0.9 -11.6 1.1 0.3 -15.4 1.5 0.3 -19.7 1.3 0.3 -39.2 1.3 0.3 -51.3 2.5 1.7 -66.7 2.3 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 5.4 6.5 -1.0 0.0 -0.1 5.9 6.9 -0.9 0.0 -0.1 6.7 7.7 -0.9 0.0 -0.1 10.3 11.8 -1.4 0.0 -0.1 13.5 14.8 -1.5 0.4 -0.1 12.0 13.9 -3.3 1.5 -0.2 13.8 14.9 -4.4 3.5 -0.2 23.1 20.0 0.8 2.5 -0.2 27.3 21.7 1.3 4.6 -0.3 21.3 19.5 0.7 1.4 -0.3 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 6.2 0.8 4.6 0.8 5.8 0.8 5.0 0.8 7.2 0.7 5.7 0.8 8.0 0.7 6.2 0.8 8.9 0.7 6.5 1.3 10.5 0.7 6.7 1.8 13.4 0.7 7.2 1.7 16.3 0.6 8.2 2.1 16.5 0.7 8.9 3.5 15.8 1.0 10.1 2.5 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 7.6 0.0 0.7 0.5 4.4 0.0 0.6 0.8 2.4 0.0 2.6 0.8 3.2 0.0 0.5 1.0 3.8 0.0 0.5 1.6 3.1 0.0 0.4 1.4 7.4 0.0 0.4 1.3 8.4 0.3 1.0 1.2 11.8 0.4 0.0 1.7 8.1 1.9 -1.0 1.4 16 17 18 19 23.5 22.8 26.4 30.9 31.8 33.5 48.3 70.4 57.9 126.4 20 4.5 0.0 0.7 4.1 0.0 0.8 4.3 0.0 0.8 4.5 0.0 0.8 4.9 0.0 0.7 5.4 0.0 0.6 8.7 4.0 0.7 12.2 8.6 0.6 15.5 11.4 0.6 55.6 10.8 0.6 21 22 23 0.0 -0.0 0.5 0.0 -0.4 0.7 0.0 -0.4 0.7 0.0 0.1 0.9 0.0 -1.3 0.8 0.0 -3.3 0.9 0.0 -1.2 1.1 0.0 -1.4 1.1 0.0 -28.9 1.4 0.0 5.0 3.2 24 25 26 3.0 1.8 0.6 0.0 0.6 3.7 2.2 0.8 0.0 0.7 3.8 2.8 0.2 0.0 0.8 6.0 4.3 0.7 0.0 1.0 6.4 3.9 -0.0 0.7 1.8 5.7 3.3 -1.4 1.8 2.1 4.7 2.8 -0.8 0.5 2.1 7.7 4.0 0.5 1.1 2.1 12.7 3.0 0.6 6.9 2.2 5.8 -0.1 -0.0 3.9 2.0 27 28 29 30 31 5.1 -0.2 4.2 -0.2 5.5 -0.3 5.5 -0.3 4.9 -0.3 5.6 -0.4 8.6 -0.4 10.5 -0.5 8.5 -0.6 8.2 -0.6 32 33 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 32 33 Savings institutions Credit unions 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 2.1 4.3 0.0 1.9 5.4 0.0 2.5 6.4 0.0 2.7 7.2 0.0 3.2 8.0 0.0 3.5 8.9 0.0 4.1 9.7 0.0 4.5 16.4 0.0 4.9 20.1 0.0 5.6 24.7 0.0 34 35 36 37 38 39 Mutual funds Money market mutual funds Government-sponsored enterprises 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.0 0.8 0.0 0.0 1.5 0.0 0.0 1.7 0.0 0.0 1.4 0.0 0.0 2.3 0.0 -0.1 0.5 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 3.7 0.0 -0.6 3.0 0.0 -0.7 3.4 0.0 -0.8 4.0 0.0 -0.8 4.7 0.0 -0.8 5.8 0.0 -0.9 7.6 0.2 -0.9 8.9 1.3 -1.0 10.3 0.7 -1.0 8.1 0.3 -1.1 40 41 42 7.5 7.8 2.9 5.0 8.2 0.0 -7.3 -31.5 -17.7 -103.7 43 43 Discrepancy 94 FFA, 1965-1974, Z.1, June 8, 2006 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 2867.6 2963.4 3280.8 3669.2 3719.7 3891.4 4301.9 4903.2 5134.8 5220.9 1 913.1 986.2 1053.6 1177.9 1283.3 1363.4 1487.9 1681.7 1905.8 2018.6 2 696.5 605.6 90.9 749.2 649.0 100.2 794.4 685.7 108.8 889.8 768.2 121.6 968.8 832.4 136.4 1025.2 874.5 150.7 1127.8 957.2 170.6 1290.8 1098.6 192.2 1472.6 1251.4 221.2 1517.4 1261.1 256.3 3 4 5 5.1 211.5 5.7 231.4 6.2 253.0 6.7 281.3 7.4 307.1 8.1 330.1 8.8 351.3 10.3 380.7 12.2 421.1 16.1 485.1 6 7 1954.5 1977.2 2227.2 2491.3 2436.3 2528.0 2814.0 3221.4 3229.0 3202.3 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 373.3 0.0 86.5 286.8 0.0 394.4 0.0 88.9 305.5 0.0 439.7 0.0 99.3 340.4 0.0 479.4 0.0 108.7 370.8 0.0 487.1 0.0 107.1 380.0 0.0 535.8 0.0 114.3 421.5 0.0 614.1 0.0 127.6 486.5 0.0 697.2 0.0 139.1 558.0 0.0 766.6 0.0 147.1 619.6 0.0 828.6 0.0 151.7 674.6 2.4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 170.0 6.0 74.8 49.7 25.1 1.1 36.5 9.0 42.6 190.0 8.3 79.1 50.2 28.8 5.9 41.2 11.1 44.6 195.1 10.1 78.9 51.2 27.7 6.3 38.2 15.1 46.5 203.4 12.2 81.6 51.9 29.8 6.1 36.5 18.0 49.0 241.4 18.5 93.1 51.8 41.4 11.3 47.2 22.0 49.1 242.4 16.6 83.0 52.1 30.9 15.9 47.1 29.7 50.0 233.2 13.8 74.2 54.4 19.7 14.6 46.0 37.4 47.3 229.7 9.3 77.1 57.7 19.4 8.9 47.7 38.5 48.2 253.8 14.1 87.6 60.4 27.2 8.3 55.1 41.5 47.2 297.7 22.5 94.5 63.3 31.1 13.7 62.2 54.4 50.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (6) Miscellaneous assets 616.1 34.4 2.5 105.9 162.0 471.7 18.5 548.3 33.9 2.7 110.6 172.5 505.0 19.9 682.1 43.0 4.9 115.5 195.6 529.5 21.7 815.3 49.5 7.0 120.3 218.7 573.9 23.6 667.4 45.6 5.2 125.4 230.9 607.5 25.8 650.2 44.5 4.4 130.7 253.8 637.8 28.5 743.7 53.0 4.9 137.1 293.5 703.5 31.1 921.4 56.4 5.0 143.9 349.3 784.5 34.0 693.9 43.7 4.9 151.3 358.5 919.3 37.1 445.0 31.8 3.9 158.4 367.5 1029.3 40.0 23 24 25 26 27 28 29 350.7 373.9 398.1 433.2 461.1 476.4 522.7 584.6 652.1 707.5 30 337.9 218.6 97.5 0.0 4.4 10.0 7.5 360.4 231.9 103.4 0.0 5.1 11.9 8.1 380.7 245.1 108.6 0.0 7.5 13.3 6.2 412.3 262.2 119.3 0.0 6.2 15.3 9.2 442.4 278.3 129.2 0.0 6.8 18.3 9.8 457.9 286.7 133.7 0.0 6.1 20.9 10.6 500.5 310.5 149.2 0.0 7.3 22.3 11.2 557.4 345.4 168.8 0.0 7.6 23.6 11.9 627.9 385.1 193.0 0.4 11.2 26.2 11.9 683.0 422.0 201.9 1.3 16.8 29.4 11.6 31 32 33 34 35 36 37 5.9 3.6 5.8 4.0 8.9 4.6 11.5 5.2 8.2 5.8 6.9 6.5 9.5 7.3 13.1 8.2 8.9 8.9 7.4 10.1 38 39 3.3 3.7 3.9 4.3 4.7 5.1 5.4 6.0 6.4 7.1 40 2517.0 2589.5 2882.7 3235.9 3258.6 3415.1 3779.2 4318.6 4482.8 4513.4 41 500.9 453.8 32.0 15.2 54.0 539.3 488.7 33.8 16.7 59.5 577.9 524.6 35.4 17.9 64.4 639.3 581.1 38.2 19.9 71.9 682.5 621.0 40.1 21.5 80.1 721.7 657.3 41.6 22.8 89.2 809.1 738.3 45.2 25.6 101.9 899.4 822.0 48.6 28.8 114.3 1029.6 943.2 53.6 32.9 128.5 1166.9 1069.2 60.4 37.3 150.1 42 43 44 45 46 498.1 537.5 575.3 625.0 674.0 735.7 801.8 869.1 978.3 1071.6 47 505.3 481.7 501.0 517.7 483.5 464.2 471.3 496.9 458.2 421.2 48 387.0 417.1 440.5 505.9 554.2 587.8 646.7 753.2 866.3 839.2 49 63.9 64.3 64.2 65.9 66.6 67.2 67.6 68.6 69.2 66.5 50 30 Liabilities 31 32 33 34 35 36 37 Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c. Other loans and advances Commercial mortgages (8) 38 39 Security credit Trade payables (8) Deferred and unpaid life insurance premiums 40 41 Net worth 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 47 48 49 50 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (9) Owners’ equity as percentage of household real estate (10) (1) Sector includes farm households. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 32. (10) Line 49 divided by line 4. FFA, 1965-1974, Z.1, June 8, 2006 95 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 With tangible assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Assets Tangible assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 974.9 1055.5 1132.4 1240.1 1369.9 1483.5 1624.4 1799.3 2057.0 2432.1 1 712.5 778.7 837.8 912.5 1008.1 1100.2 1199.8 1306.4 1486.2 1816.9 2 417.1 179.3 116.1 446.4 200.9 131.4 474.9 221.3 141.6 515.8 245.3 151.3 570.8 271.4 165.9 627.8 298.3 174.1 695.9 319.2 184.7 762.9 344.0 199.4 867.2 382.1 236.9 1043.8 470.9 302.2 3 4 5 262.4 276.8 294.6 327.6 361.9 383.2 424.7 492.9 570.8 615.2 6 0.8 33.1 9.0 0.0 0.6 1.4 12.5 1.2 4.6 0.1 13.2 120.9 0.3 64.7 0.9 32.4 8.6 0.0 0.9 2.9 11.1 1.0 3.6 0.1 13.4 133.3 0.4 68.3 1.1 34.8 9.7 0.0 0.7 4.0 8.6 1.0 3.3 0.1 13.7 141.6 0.6 75.5 1.6 37.5 9.1 0.0 1.1 5.1 9.0 1.4 3.8 0.1 13.8 160.1 0.8 84.2 1.2 43.1 3.7 0.0 3.3 7.6 5.6 1.7 2.8 0.2 13.9 183.0 0.7 94.9 0.8 44.1 5.3 0.0 0.2 9.4 6.3 1.2 2.2 0.2 14.7 191.4 0.6 106.8 1.2 42.6 9.5 0.0 1.1 11.3 9.1 0.9 3.2 0.2 17.3 203.8 0.7 123.8 2.2 44.9 11.9 0.0 2.7 14.2 6.9 1.0 4.2 0.2 18.0 230.2 0.7 155.7 3.3 46.3 16.6 0.0 11.3 14.9 2.5 2.0 4.0 0.3 19.2 269.3 0.8 180.3 4.9 47.8 20.5 0.0 5.5 16.5 2.6 3.0 4.7 0.7 20.3 245.5 0.8 242.4 7 8 9 10 11 12 13 14 15 16 17 18 19 20 335.2 369.2 397.0 446.0 500.4 539.6 585.3 649.5 760.8 764.6 21 207.6 0.8 0.0 97.3 60.7 14.8 34.0 232.1 1.6 0.0 107.5 69.1 16.3 37.6 259.1 3.0 0.0 122.1 75.6 16.5 41.8 285.1 4.2 0.0 135.0 85.4 18.2 42.2 317.8 5.4 0.0 147.0 98.8 23.5 43.1 361.3 7.1 0.0 166.8 103.6 25.0 58.8 389.5 6.2 0.1 185.6 107.7 26.4 63.5 427.9 7.0 0.6 197.8 120.5 30.4 71.7 492.6 8.4 2.4 206.9 137.0 36.2 101.7 548.9 12.5 4.1 226.6 159.4 44.9 101.4 22 23 24 25 26 27 28 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 94.6 18.3 14.8 103.8 17.4 15.8 109.7 13.2 15.0 126.2 14.3 20.3 145.7 12.6 24.3 153.6 10.0 14.7 167.2 13.1 15.5 190.4 15.5 15.7 228.4 19.3 20.4 165.2 24.5 26.0 29 30 31 32 Net worth (market value) 639.7 686.3 735.4 794.1 869.5 943.8 1039.1 1149.7 1296.3 1667.5 32 8.7 296.3 9.9 316.4 10.8 338.9 11.9 370.3 12.7 406.3 13.4 447.4 15.2 497.0 17.1 540.1 19.6 614.8 22.3 752.9 33 34 623.8 32.4 33.3 97.5 547.9 33.8 42.4 79.8 712.2 35.2 36.4 96.9 843.2 35.9 33.8 106.2 705.1 36.5 45.1 81.1 702.2 38.3 51.5 74.4 823.8 37.5 47.3 79.3 1032.7 37.2 41.4 89.8 809.4 38.0 60.9 62.4 557.6 32.9 98.4 33.4 35 36 37 38 777.0 842.8 904.1 985.6 1082.9 1150.5 1237.5 1377.3 1553.5 1721.0 39 514.6 228.1 159.9 126.6 566.0 245.1 178.1 142.8 609.5 261.9 194.5 153.1 657.9 279.2 212.7 166.0 721.0 301.2 233.4 186.4 767.3 322.1 251.9 193.3 812.8 343.3 269.2 200.4 884.4 367.8 290.9 225.7 982.7 398.2 320.6 263.9 1105.8 431.7 354.6 319.5 40 41 42 43 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 39 40 41 42 43 Assets (8) Tangible assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 441.8 473.7 507.1 539.6 582.5 610.9 652.2 727.8 792.8 956.4 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 5.6 194.3 47.0 6.4 208.0 49.0 7.0 221.8 51.1 7.3 236.7 52.8 7.8 253.7 54.6 8.3 271.9 59.1 8.9 290.3 59.7 9.9 310.5 58.8 10.7 334.8 62.1 11.6 364.3 57.4 45 46 47 (1) At market value. (2) At replacement (current) cost. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 96 FFA, 1965-1974, Z.1, June 8, 2006 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars 1 2 Assets Tangible assets 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 10 Financial assets 31 1969 1970 1971 1972 1973 1974 365.4 396.0 420.2 461.1 500.5 538.0 607.8 689.0 796.0 917.9 1 336.8 366.5 389.8 431.4 469.4 505.6 566.2 638.4 733.0 850.6 2 296.3 226.9 69.4 322.3 246.5 75.8 342.8 260.8 82.0 380.6 289.8 90.8 413.8 312.5 101.3 445.4 332.1 113.2 502.0 373.2 128.9 569.9 424.9 145.0 657.1 489.0 168.1 760.1 559.8 200.3 3 4 5 34.4 3.0 31.4 37.3 3.2 34.1 39.6 3.4 36.2 42.9 3.8 39.1 46.9 4.2 42.6 51.1 4.7 46.4 54.4 5.2 49.2 58.0 5.9 52.1 63.4 6.7 56.8 74.6 8.2 66.4 6 7 8 6.1 6.9 7.5 8.0 8.7 9.2 9.7 10.5 12.5 15.9 9 29.4 30.4 29.6 31.1 32.4 41.6 50.7 63.0 67.3 10 12.5 0.0 0.0 12.5 0.0 0.0 12.5 0.0 0.0 12.5 1.4 0.0 12.5 3.0 0.0 12.5 4.6 0.0 16.9 6.2 0.0 17.3 7.8 0.0 11 12 13 Treasury securities Municipal securities Mortgages Consumer credit 0.0 0.0 0.0 4.0 0.0 0.0 0.0 4.0 0.1 0.0 0.0 3.9 0.3 0.0 0.0 3.9 0.5 0.0 0.3 3.7 0.7 0.0 0.7 3.8 0.9 0.0 1.9 3.7 1.1 0.0 3.0 3.6 1.2 0.0 3.3 3.4 1.2 0.0 3.4 3.1 14 15 16 17 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 7.9 4.1 4.0 0.1 0.0 8.5 4.4 4.3 0.1 0.0 9.0 4.8 4.7 0.1 0.0 7.7 5.3 5.2 0.1 0.0 8.1 6.0 5.8 0.2 0.0 6.6 6.7 6.5 0.2 0.0 8.1 11.5 7.3 0.2 4.0 8.8 17.1 8.3 0.2 8.6 11.1 20.9 9.2 0.2 11.4 13.3 21.3 10.2 0.2 10.8 18 19 20 21 22 18 19 20 21 22 28 29 30 1968 12.5 0.0 0.0 14 15 16 17 25 26 27 1967 28.6 Checkable deposits and currency Time and savings deposits Money market fund shares 24 1966 12.5 0.0 0.0 11 12 13 23 1965 Liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) 71.5 76.7 84.1 91.5 105.1 117.3 139.8 171.1 208.0 247.7 23 64.7 71.5 78.7 87.1 99.6 103.6 122.6 149.0 168.5 198.4 24 6.7 7.4 50.6 8.1 8.0 55.3 8.8 8.6 61.3 9.9 9.2 68.0 12.1 10.2 77.3 11.7 11.2 80.7 12.6 11.8 98.2 13.7 12.5 122.8 28.6 14.6 125.2 36.0 16.6 145.8 25 26 27 6.6 0.0 0.2 5.1 0.0 0.2 5.2 0.0 0.2 4.2 0.0 0.2 5.2 0.0 0.3 4.8 0.0 8.9 4.4 1.0 11.8 5.1 2.5 14.5 17.7 4.0 17.9 20.1 5.5 23.6 28 29 30 293.9 319.2 336.1 369.6 395.4 420.8 468.0 518.0 588.0 670.3 31 188.0 53.4 205.3 58.2 216.9 62.7 239.0 68.8 257.1 75.8 273.1 83.7 309.0 94.7 350.9 105.0 403.1 119.0 463.5 141.3 32 33 22.0 22.4 23.4 23.6 25.2 24.6 26.2 28.8 28.7 29.6 34 Memo: 32 33 Replacement-cost value of structures: Residential Nonresidential 34 Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 23. Included in table B.100, line 28. (6) Line 24 divided by line 31. 97 FFA, 1965-1974, Z.1, June 8, 2006 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars 1965 1 2 Change in net worth (1) Net investment 1966 1967 1968 1969 1970 1971 1972 1973 1974 182.2 72.6 293.2 353.2 22.7 156.5 364.1 539.4 164.2 30.6 1 67.1 78.8 81.5 76.4 79.1 92.9 104.6 122.9 156.6 122.2 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 37.4 89.7 52.3 37.4 93.4 56.0 35.2 95.6 60.4 42.9 109.8 66.9 42.6 116.2 73.6 34.9 114.2 79.4 49.7 136.1 86.5 65.0 158.9 93.9 74.9 178.3 103.4 55.7 171.5 115.8 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 29.7 59.2 29.5 41.4 64.3 22.9 46.3 70.6 24.4 33.6 68.4 34.9 36.6 66.0 29.4 58.0 77.2 19.2 54.9 100.8 45.8 57.9 119.7 61.8 81.8 148.1 66.4 66.6 122.2 55.6 6 7 8 122.5 -6.4 207.8 270.7 -59.7 52.1 259.9 417.1 7.7 -131.7 9 15.4 77.2 3.9 21.8 35.6 -63.6 -2.8 29.3 28.5 140.6 8.2 22.0 75.2 144.9 4.4 39.5 60.2 -139.4 -6.6 32.1 36.6 -12.7 -2.1 28.0 74.6 99.5 8.2 61.8 127.8 188.0 4.8 84.2 144.1 -223.4 -10.5 122.7 20.2 -247.1 -10.5 134.1 10 11 12 13 4.2 -5.0 8.5 6.8 -6.1 2.3 15.8 12.3 -25.3 -28.4 14 -3.9 3.1 6.5 8.8 7.7 10.4 3.4 5.3 11.2 46.9 15 9 10 11 12 13 14 15 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Holding gains on assets at current cost (2) 16 17 Consumer durable goods Equipment and software -3.9 0.0 2.8 0.2 6.4 0.1 8.6 0.2 7.5 0.2 10.2 0.3 3.2 0.2 5.2 0.1 10.8 0.4 45.0 1.9 16 17 18 Other volume changes (3) -3.6 -2.9 -2.6 -2.7 -4.5 1.0 -3.7 -5.9 -11.2 -6.8 18 2517.0 498.1 2589.5 537.5 2882.7 575.3 3235.9 625.0 3258.6 674.0 3415.1 735.7 3779.2 801.8 4318.6 869.1 4482.8 978.3 4513.4 1071.6 19 20 Memo: 19 20 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18). (2) Calculated as change in amount outstanding less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 41. 98 FFA, 1965-1974, Z.1, June 8, 2006 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars 1965 1 2 Change in net worth (1) Net investment 1966 1967 1968 1969 1970 1971 1972 1973 1974 39.1 46.6 49.1 58.7 75.4 74.3 95.3 110.6 146.5 371.2 1 25.1 25.4 27.6 23.8 26.9 20.5 36.3 53.6 37.1 55.6 2 3 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 32.9 58.1 28.3 -1.2 -1.8 45.0 72.2 31.4 -2.1 -2.0 37.5 69.0 34.1 -1.6 -1.2 40.5 73.7 37.4 -3.7 -0.5 47.2 82.4 42.1 -5.9 -1.1 40.3 79.4 46.6 -6.6 -0.8 40.5 85.1 50.3 -4.6 -1.2 50.0 98.4 56.0 -6.6 -0.9 78.0 122.2 62.3 -19.6 1.5 101.4 140.6 73.6 -38.2 3.8 3 4 5 6 7 8 9 10 Net financial investment Net acquisition of financial assets - Net increase in liabilities -7.8 27.4 35.2 -20.8 14.4 35.2 -12.4 17.8 30.2 -16.5 33.1 49.5 -23.7 34.2 57.9 -25.4 21.4 46.8 -15.7 41.4 57.1 -7.3 68.2 75.5 -48.8 77.9 126.7 -50.0 50.3 100.3 8 9 10 11 Net corporate equity issues -0.0 1.3 2.4 -0.2 3.4 5.7 11.4 10.9 7.9 4.1 11 11.1 15.2 14.7 27.0 36.8 40.5 52.2 48.7 80.8 152.9 12 11.1 0.0 15.2 -0.0 14.6 0.1 26.9 0.0 36.9 -0.2 40.5 -0.1 52.1 0.1 48.6 0.0 81.0 -0.2 153.1 -0.3 13 14 7.0 3.0 7.9 10.1 12.2 15.3 14.0 27.6 24.3 86.9 15 12 13 14 Holding gains on assets at market value (2) Real estate Mutual fund shares 15 Holding gains on assets less liabilities at current cost (2) 16 17 18 19 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 0.9 0.3 5.9 -0.0 5.1 -0.2 -1.8 -0.0 6.1 0.2 1.8 0.1 8.6 -1.3 2.8 0.0 8.7 -0.0 3.4 -0.1 12.6 -1.0 3.7 0.0 8.7 -0.3 5.6 0.1 8.1 -0.3 19.5 -0.3 13.8 4.3 8.9 2.7 63.6 11.1 12.0 -0.1 16 17 18 19 20 Other volume changes (4) -4.1 3.0 -1.1 -2.2 -0.5 -2.0 -7.1 -19.3 4.3 75.9 20 639.7 686.3 735.4 794.1 869.5 943.8 1039.1 1149.7 1296.3 1667.5 21 Memo: 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Table B.102, line 32. 99 FFA, 1965-1974, Z.1, June 8, 2006 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars 1965 1 2 Change in net worth (1) Net investment (2) 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 Net acquisition of financial assets 1966 1967 1968 1969 1970 1971 1972 1973 1974 13.9 25.3 16.9 33.5 25.8 25.3 47.2 50.0 70.0 82.3 1 5.4 5.9 2.4 3.2 2.3 3.2 5.3 -0.3 15.3 -17.9 2 10.4 19.7 9.3 10.2 20.4 10.2 8.8 19.6 10.8 11.3 22.9 11.5 14.4 27.3 12.9 14.1 28.1 14.0 18.6 33.6 15.0 21.9 38.7 16.9 24.2 42.8 18.7 17.5 39.0 21.6 3 4 5 0.4 0.9 0.9 -0.7 1.5 1.3 9.2 9.1 8.3 4.3 6 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 6.2 -0.9 0.0 0.0 6.7 -1.5 0.0 0.0 7.2 0.1 0.0 0.0 8.4 -1.0 0.0 0.0 12.5 1.0 0.0 0.0 4.0 -0.4 0.0 8.6 19.0 -0.4 1.0 2.9 26.4 0.7 1.5 2.7 9.6 2.6 1.5 3.4 29.9 2.5 1.6 5.7 7 8 9 10 11 Holding gains on real estate (3) 9.2 18.8 14.1 29.5 22.5 20.5 41.7 49.5 68.2 88.8 11 7.2 2.0 16.4 2.4 11.5 2.6 23.8 5.7 15.9 6.6 13.0 7.5 30.9 10.7 38.2 11.3 51.6 16.6 63.2 25.5 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -0.0 1.4 1.3 1.8 2.0 2.8 2.0 2.1 3.9 13.2 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories -0.1 -0.0 0.1 -0.0 1.3 0.1 0.0 1.2 0.1 0.1 1.6 0.1 0.1 1.6 0.3 0.1 2.4 0.3 0.0 1.7 0.2 0.0 1.7 0.3 0.1 2.6 1.3 0.8 9.8 2.6 15 16 17 -0.7 -0.7 -0.9 -1.1 -0.9 -1.1 -1.7 -1.3 -17.4 -1.8 18 293.9 319.2 336.1 369.6 395.4 420.8 468.0 518.0 588.0 670.3 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 100 FFA, 1965-1974, Z.1, June 8, 2006 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 180.3 57.7 60.8 30.9 0.2 23.4 4.1 1.9 1.3 202.8 66.4 63.3 33.7 0.2 31.3 4.7 2.2 1.0 217.6 73.0 68.0 32.7 0.2 34.9 5.5 2.5 0.9 252.0 87.0 76.5 39.4 0.3 38.7 6.4 2.6 1.2 283.4 104.5 84.0 39.7 0.4 44.1 7.0 2.7 1.0 286.7 103.1 91.5 34.4 0.4 46.4 8.2 2.9 -0.0 303.4 101.7 100.6 37.7 0.4 51.2 9.0 3.1 -0.2 346.8 123.6 108.1 41.9 0.4 59.2 9.5 3.6 0.5 390.0 132.4 117.3 49.3 0.4 75.5 11.6 3.9 -0.4 431.3 151.0 125.0 51.8 0.4 85.2 14.4 4.5 -0.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 170.4 115.9 34.3 3.5 13.7 3.0 0.0 192.8 132.0 37.8 3.9 15.1 3.9 0.0 220.0 149.7 46.2 4.0 16.4 3.8 0.0 246.8 165.8 53.7 4.4 18.8 4.2 0.0 266.7 178.2 59.3 4.4 20.2 4.5 0.0 294.8 190.2 72.2 4.6 23.1 4.8 0.0 325.3 204.7 85.9 5.7 24.5 4.7 0.2 355.5 220.8 95.3 6.9 26.3 6.6 0.3 385.6 234.8 109.2 5.0 31.3 5.2 -0.0 435.8 261.7 129.2 5.5 35.6 3.3 -0.5 10 11 12 13 14 15 16 17 18 19 20 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) + Net capital transfers (3) 9.9 18.9 0.3 3.5 10.0 20.1 0.3 3.8 -2.4 21.6 0.3 3.9 5.2 23.1 0.1 4.0 16.7 24.8 0.1 4.5 -8.1 26.7 0.2 4.6 -21.9 28.3 -0.1 5.7 -8.8 29.5 0.1 6.6 4.4 31.4 -0.0 6.4 -4.4 35.9 -0.1 6.1 17 18 19 20 21 = Gross saving and net capital transfers 32.0 33.6 22.8 32.2 45.9 23.0 12.1 27.3 42.2 37.6 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets 30.9 35.6 1.8 32.8 39.8 2.0 21.4 43.0 1.2 26.9 43.6 0.5 38.4 43.3 1.1 17.7 43.6 0.8 6.2 41.8 1.2 22.2 42.6 0.9 40.8 46.8 -1.5 28.4 56.3 -3.8 22 23 24 1 2 3 4 5 6 7 8 9 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -6.4 7.0 0.3 -2.2 2.4 0.0 1.1 -9.0 7.6 -0.3 0.1 1.2 0.0 1.5 -22.8 5.5 0.6 1.3 2.3 0.0 -0.5 -17.3 11.5 1.9 -3.0 3.3 0.0 -1.5 -6.0 6.3 1.6 3.5 -6.0 0.0 3.9 -26.7 5.9 -1.8 2.5 10.2 0.0 -4.0 -36.8 13.9 -1.6 4.3 7.3 0.0 0.6 -21.4 14.9 0.5 -0.4 6.8 0.0 -0.1 -4.6 25.5 -0.1 -1.7 6.4 0.0 1.4 -24.1 12.7 1.4 -4.3 5.0 0.0 -1.8 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Credit market instruments Open market paper Agency- and GSE-backed securities (4) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (5) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 2.9 0.0 0.2 -0.1 0.0 0.2 0.0 2.6 0.0 0.0 1.2 1.4 0.1 3.9 0.0 0.6 -0.0 0.0 1.2 0.0 2.1 0.0 0.0 1.9 -1.4 0.5 4.9 0.0 0.3 0.0 0.0 1.0 0.0 3.6 0.0 0.0 2.0 -4.9 -0.1 8.6 0.0 3.5 0.0 0.0 1.6 0.0 3.4 0.0 0.0 1.5 1.1 -0.3 4.3 0.0 0.1 0.1 0.0 1.4 0.0 2.7 0.0 0.0 2.2 -3.1 -0.0 1.4 0.0 -2.4 0.1 0.0 1.2 0.0 2.5 0.0 0.0 -0.2 -2.5 0.2 1.1 0.0 -2.2 -0.3 0.0 0.7 0.0 2.8 0.0 0.0 -0.8 2.8 0.2 5.9 0.0 3.3 -0.3 0.0 0.7 0.0 2.2 0.0 0.0 0.6 1.6 0.0 12.2 0.0 6.6 0.2 0.0 1.1 0.0 4.2 0.0 0.0 3.1 3.3 0.9 11.6 0.0 3.1 0.5 0.0 5.2 0.0 2.9 0.0 0.0 -1.0 1.8 0.1 32 33 34 35 36 37 38 39 40 41 42 43 44 13.4 0.0 0.2 6.7 0.6 -1.7 0.4 7.2 0.0 5.1 0.1 1.3 16.5 0.0 0.9 9.3 0.6 1.2 1.4 6.2 -0.1 5.4 0.1 0.9 28.3 0.0 0.7 20.5 1.0 8.2 4.2 7.2 -0.1 5.7 0.1 1.4 28.8 0.0 0.4 20.8 0.6 8.6 3.2 8.4 -0.1 5.5 -0.0 2.1 12.3 0.0 0.3 5.2 -0.1 -3.8 -2.3 11.4 -0.1 5.6 0.1 1.2 32.7 0.4 0.2 24.1 0.3 12.8 -1.0 12.0 -0.1 4.9 0.1 2.9 50.7 0.0 0.5 41.3 2.3 24.0 -1.1 16.1 -0.1 5.1 0.1 3.7 36.4 0.0 0.5 26.3 3.3 8.6 0.9 13.6 -0.1 6.3 0.2 3.0 30.1 0.0 0.4 19.6 2.7 2.7 0.4 13.8 -0.1 8.2 0.2 1.8 36.8 0.0 0.4 24.2 3.0 8.7 -0.1 12.8 -0.1 9.3 0.1 2.7 45 46 47 48 49 50 51 52 53 54 55 56 1.1 0.8 1.4 5.4 7.5 5.3 5.9 5.1 1.5 9.2 57 -25.7 19.3 -6.4 -29.8 20.8 -9.0 -45.3 22.6 -22.8 -38.4 21.2 -17.3 -26.6 20.6 -6.0 -51.6 24.9 -26.7 -63.7 26.9 -36.8 -51.4 30.0 -21.4 -42.4 37.8 -4.6 -60.7 36.6 -24.1 58 59 60 45 46 47 48 49 50 51 52 53 54 55 56 Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (7) 57 Discrepancy 58 59 60 Memo: Net govt. saving less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (8) Line 17 less line 23. (9) Line 18 plus line 20 less sum of lines 19, 24, and 56. (10) Line 57 plus line 58. 101 FFA, 1965-1974, Z.1, June 8, 2006 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 95.6 102.0 113.4 124.5 131.4 137.6 152.5 169.2 195.4 210.2 1 2 3 4 5 6 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1.4 16.6 12.4 0.0 -0.7 0.9 16.7 13.7 0.0 0.8 1.3 18.6 16.0 0.0 0.3 3.3 15.5 19.2 0.0 -1.3 4.7 19.3 13.3 0.0 2.6 3.6 21.1 23.5 0.0 -1.4 2.2 25.3 30.8 0.0 -0.9 2.6 26.0 37.6 0.0 -1.0 2.9 25.3 44.0 0.0 0.5 4.3 21.2 49.0 0.0 -1.3 2 3 4 5 6 7 Credit market instruments 42.8 46.7 51.6 59.8 64.1 65.5 65.9 71.8 83.7 96.4 7 0.0 3.1 2.2 0.0 8.6 0.0 28.9 0.0 3.7 2.1 0.0 9.8 0.0 31.1 0.0 4.0 2.1 0.0 10.8 0.0 34.7 0.0 7.6 2.2 0.0 12.5 0.0 37.6 0.0 7.6 2.2 0.0 13.9 0.0 40.3 0.0 5.2 2.4 0.0 15.1 0.0 42.8 0.0 3.0 2.1 0.0 15.8 0.0 45.0 0.0 6.3 1.8 0.0 16.5 0.0 47.2 0.0 13.0 2.1 0.0 17.6 0.0 51.1 0.0 16.0 2.6 0.0 23.8 0.0 53.9 8 9 10 11 12 13 14 8 9 10 11 12 13 14 Total financial assets 1965 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 9.7 7.2 6.1 11.6 5.0 6.6 13.7 5.4 6.5 15.2 6.5 6.2 17.3 4.0 6.2 17.2 1.8 6.4 16.4 6.2 6.5 17.0 8.6 6.6 20.1 11.3 7.5 19.1 13.9 7.5 17 18 19 404.2 421.3 449.8 477.9 490.3 521.8 571.6 608.0 639.4 678.9 20 0.0 3.1 0.0 4.0 0.0 4.6 0.0 5.1 0.0 5.3 0.4 5.6 0.4 6.0 0.4 6.6 0.4 7.0 0.4 7.3 21 22 342.4 49.7 187.8 2.7 100.4 1.8 351.7 50.2 189.0 4.0 106.6 1.8 372.1 51.2 197.2 8.2 113.8 1.7 392.8 51.9 205.8 11.3 122.1 1.7 397.9 51.8 202.1 9.0 133.5 1.6 422.1 52.1 214.9 8.1 145.5 1.5 463.4 54.4 238.9 7.0 161.6 1.4 489.7 57.7 247.6 7.9 175.2 1.3 510.1 60.4 250.3 8.4 189.9 1.3 534.3 63.3 259.0 8.2 202.6 1.2 23 24 25 26 27 28 31.4 7.0 20.3 36.8 7.1 21.8 42.5 7.2 23.3 48.0 7.2 24.9 53.6 7.3 26.1 58.5 7.4 27.9 63.7 7.4 30.7 70.0 7.6 33.7 78.2 7.8 35.8 89.0 7.9 40.0 29 30 31 20 Total liabilities 21 22 SDR certificates Treasury currency 23 24 25 26 27 28 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 29 30 31 Trade payables Insurance reserves Miscellaneous liabilities (4) (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 102 FFA, 1965-1974, Z.1, June 8, 2006 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Net acquisition of financial assets ND ND ND ND ND ND ND ND ND ND 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 Credit market instruments 7 8 9 10 11 ND ND ND ND ND ND ND ND ND ND 6 Open market paper Treasury securities Agency- and GSE-backed securities ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 7 8 9 Corporate and foreign bonds Mortgages ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 10 11 12 13 Corporate equities Mutual fund shares ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars 1 Net acquisition of financial assets ND ND ND ND ND ND ND ND ND ND 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 Credit market instruments ND ND ND ND ND ND ND ND ND ND 6 Open market paper Treasury securities Agency- and GSE-backed securities ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 7 8 9 Corporate and foreign bonds Mortgages ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 10 11 7 8 9 10 11 12 13 Corporate equities Mutual fund shares ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars 1 Total held at: ND ND ND ND ND ND ND ND ND ND 1 2 3 4 Commercial banking Saving institutions Credit unions ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 5 6 7 8 (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6). FFA, 1965-1974, Z.1, June 8, 2006 103 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars 1 1966 1967 1968 1969 1970 1971 1972 1973 1974 ND ND ND ND ND ND ND ND ND ND 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 Credit market instruments 7 8 9 10 11 Total financial assets 1965 ND ND ND ND ND ND ND ND ND ND 6 Open market paper Treasury securities Agency- and GSE-backed securities ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 7 8 9 Corporate and foreign bonds Mortgages ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 10 11 12 13 Corporate equities Mutual fund shares ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars 1 Total financial assets ND ND ND ND ND ND ND ND ND ND 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 Credit market instruments ND ND ND ND ND ND ND ND ND ND 6 Open market paper Treasury securities Agency- and GSE-backed securities ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 7 8 9 Corporate and foreign bonds Mortgages ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 10 11 7 8 9 10 11 12 13 Corporate equities Mutual fund shares ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars 1 Total held at: ND ND ND ND ND ND ND ND ND ND 1 2 3 4 Commercial banking Saving institutions Credit unions ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND 5 6 7 8 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6). 104 FFA, 1965-1974, Z.1, June 8, 2006 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars 1 Assets 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 2867.6 2963.4 3280.8 3669.2 3719.7 3891.4 4301.9 4903.2 5134.8 5220.9 1 2 Tangible assets 913.1 986.2 1053.6 1177.9 1283.3 1363.4 1487.9 1681.7 1905.8 2018.6 2 3 Financial assets 1954.5 1977.2 2227.2 2491.3 2436.3 2528.0 2814.0 3221.4 3229.0 3202.3 3 4 5 Deposits Credit market instruments 373.3 170.0 394.4 190.0 439.7 195.1 479.4 203.4 487.1 241.4 535.8 242.4 614.1 233.2 697.2 229.7 766.6 253.8 828.6 297.7 4 5 6 Equity shares at market value 689.7 619.2 776.2 929.1 778.0 769.1 900.7 1109.6 851.5 566.2 6 616.1 548.3 682.1 815.3 667.4 650.2 743.7 921.4 693.9 445.0 7 73.6 70.9 94.1 113.8 110.6 118.9 157.0 188.2 157.6 121.1 8 0.2 40.8 32.6 8.2 2.5 0.0 30.2 0.5 39.5 31.6 7.9 2.8 0.0 28.1 1.1 51.1 40.9 10.2 3.9 0.0 38.0 1.9 61.5 49.2 12.3 5.8 0.0 44.6 2.8 61.4 49.1 12.3 7.3 0.0 39.1 4.0 67.1 50.3 16.8 10.1 0.0 37.7 6.5 88.7 66.5 22.2 15.4 0.0 46.5 8.7 107.8 80.9 27.0 22.2 0.0 49.5 7.9 93.6 70.2 23.4 20.2 0.0 35.9 6.1 74.8 56.1 18.7 16.4 0.0 23.8 9 10 11 12 13 14 15 7 Directly held 8 Indirectly held 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 721.4 773.6 816.2 879.3 929.8 980.7 1066.0 1184.9 1357.1 1509.8 16 17 Liabilities 350.7 373.9 398.1 433.2 461.1 476.4 522.7 584.6 652.1 707.5 17 18 Net worth 2517.0 2589.5 2882.7 3235.9 3258.6 3415.1 3779.2 4318.6 4482.8 4513.4 18 654.6 584.8 731.4 874.1 721.5 708.7 818.8 1006.6 761.1 493.7 19 24.1 35.3 20.9 31.3 23.7 34.9 25.3 37.3 20.9 31.9 19.8 30.4 20.9 32.0 22.6 34.4 16.6 26.4 10.8 17.7 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 12, 14 and part of line 15) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15 could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER