Full text of Z.7 Flow of Funds Summary Statistics : March 8, 1996

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FEDERAL RESERVE statistical release i B B
Z.7 (788)

For immediate release
March 8,1996

FLOW OF FUNDS SUMMARY STATISTICS
Debt of the domestic nonfinancial sectors of the economy rose at a seasonally adjusted annual
rate of 4-1/2 percent in the fourth quarter of 1995, a bit above the reduced pace of the third quarter.
Growth of federal debt remained slow at a 1-1/4 percent rate. Robust increases in consumer credit and
home mortgage borrowing kept household debt growth at about an 8 percent rate. Business debt
growth picked up to a 5 percent rate in the fourth quarter. Net bond issuance and mortgage borrowing
remained brisk, but business borrowing from banks and the commercial paper market declined. State
and local government debt contracted further in the fourth quarter as issuance of new securities
continued to be more than offset by a large volume of retirements of previously refunded debt, although
less so than in the third quarter. For 1995 as a whole, domestic nonfinancial debt grew about
5-1/2 percent, a slightly faster pace than in 1994.
Tables in this release incorporate the comprehensive revision to the national income and product
accounts recently published by the Department of Commerce and the benchmark and seasonal
adjustment revisions to flow of funds published in the Z.7 release dated January 5,1996.
A. Growth of Domestic Nonfinancial Debt1
(Percentage changes; quarterly data are seasonally adjusted annual rates)
Nonfederal

1989
1990
1991
1992
1993
1994
1995
1995:01
Q2
Q3
04

Total
7.6
6.6
4.4
4.8
5.3
4.9
5.4

U.S.
aovt.
7.0
11.0
11.1
10.9
8.3
4.7
4.1

Total
7.8
5.3
2.4
2.8
4.2
5.0
5.9

6.4
6.6
3.9
4.5

7.6
5.7
1.8
1.2

5.9
6.9
4.6
5.7

Households
8.8
7.9
5.0
5.3
6.1
8.4
8.1
6.6
8.3
8.4
8.1

Business
7.5
3.1
-1.7
.5
1.6
3.8
6.4
8.1
7.6
4.4
5.0

State &
local
qovts.
5.7
4.9
8.2
2.0
5.7
-3.7
-4.6
-4.3
-1.5
-10.6
-2.4

1. Changes shown are on an end-of-period basis and may differ from month-average statistics in the Board's H.6 release.




B. Growth of Debt Aggregates: Supplemental Data
(Percentage changes; quarterly data are seasonally adjusted annual rates)

1989
1990
1991
1992
1993
1994
1995

Sectors

Domestic
nonfinancial
7.6
6.6
4.4
4.8
5.3
4.9
5.4

Foreign
4.0
9.1
5.2
7.6
22.0
-5.3
18.6

Financial
10.6
8.8
5.9
8.7
9.6
13.8
12.0

All
sectors
8.1
7.0
4.7
5.6
6.5
6.5
7.2

6.4
6.6
3.9
4.5

17.0
10.7
25.2
17.0

7.0
11.3
11.7
16.3

6.7
7.7
6.1
7.4

1995:01
02
03
04

Memo:
Private
financial assets1
5.7
4.6
1.8
1.6
1.2
4.5
3.0
3.0
4.8
1.7
2.4

1. Holdings of deposits and credit market claims by households, nonfinancial business, and state and local governments.

Explanatory Notes
Domestic debt includes credit market funds borrowed by U.S. entities from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial
entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, federally
related mortgage pools, and private financial institutions. Credit market debt consists of debt securities,
mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans, as
shown in table L.2; it excludes trade debt, loans for the purpose of carrying securities, and funds raised
from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally adjusted flows from
table F.2 by seasonally adjusted levels at the end of the previous period. Seasonally adjusted quarterly
levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted
flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those
shown above.
The flow of funds accounts are available on 3-1/2" diskettes. The diskettes contain quarterly data
beginning in 1952 organized in files that correspond to the tables published in the Z.1 release. In addition,
the diskettes contain files with the monthly debt aggregate data published in the Board's H.6 release; data
from the Balance Sheets for the U.S. Economy (C.9 release) are not available at this time owing to a delay in
receiving source material compiled at the Department of Commerce.
Subscriptions to this summary release, the full statements for sectors and transaction types for
flows and amounts outstanding (the Z.1 release), and diskettes may be obtained through Publications
Services, Stop 127, Board of Governors of the Federal Reserve System, Washington, D.C. 20551,
(202) 452-3244. This release is also available on the Economic Bulletin Board of the Department of
Commerce. A 670-page Guide to the Flow of Funds Accounts is available from Publication Services for
$8.50. The Guide explains the principles underlying the accounts and describes how they are constructed.




2.7,
MARCH 8,
Funds Raised

1996
Funds
F.2-F.5

SEASONALLY

ADJUSTED

ANNUAL

1994

Credit

Borrowing

1

6 6 9 .4

4 8 0 .6

5 4 5 .3

6 2 5 .9

617.0

716.7

246 . 9
238 . 7
8 .2

2 78 .2
2 9 2 .0
- 1 3 .8

3 0 4 .0
3 0 3 .8
0 .2

256 . 1
2 4 8 .3
7 .8

155.9
155.7
0.2

144.4
142.9
1.5

5
6
7
8
9
10
1 1
12

4 2 2 .5
4 9 .3
47 . 1
2 3 2 .4
2 2 6 .3
1 .5
. 1
-1 . 6

2 0 2 .4
8 7 .8
78 .8
1 5 8 .4
1 73 . 6
- 5 .5
- 1 0 .0
0 .4

2 4 1 .3
3 0 .5
6 7 .6
1 3 0 .9
187 . 6
-10.4
-47.8
1 .4

3 6 9 .8
74 .8
75 .2
1 5 7 .2
1 8 7 .9
- 6 .0
- 2 5 .0
0 .5

461.1
-29.3
23.3
196.5
204.5
1.3
-11.1
I .8

15 . 6
0..4
. 7
6 8 ., 1

- 1 4 ..8
- 4 0 .. 9
-18. 4
-48. 5

7,.3
- 1 3 .. 7
8. 6
10.. 1

58..9
3..8
10..0
- 1 0 .,2

23

422. 5
263. 7
112. 2
1 .0
1 .1
110. 0
4 6 -6

202. 4
182. 7
- 6 1 .9
2. 1
- 1 1 .0
-53. 0
8 1 .6

2 4 1 .3
200. 7
19. 5
1 .3
-16. 0
34. 1
21 . 1

24
25
26
27
28

23. 9
21 .4
9
12. 3
-7. 0

14. 8
15. 0
3. 1
6 .4
-9.8

29

6 9 3 .2

495. 4

5

1 5 5 .7
- 5 .7

2 6 8 .0
- 1 .2

42.4
37
5

572.3
-47.2
75.0
243.5
207.9
12.1
22. 1
1.3

5 0 4 .2
- 5 3 .8
6 .2
2 1 3 ,.5
2 1 9 ..8
- 4 ..2
- 3 ..4
1 .4

5 7 2 .9
- 4 8 .2
5 5 .3
2 1 7 .7
192.. 1
2..6
2 1 ..2
1. 7

6 7 6 .5
- 9 .5
9 9 .0
236 . 1
2 0 3 .8
14..2
16..3
1 .8
.

4 6 3 .9
- 1 1 3 .0
60..7
2 7 8 .2
2 4 4 ,.6
13,.7
17. 6
2. 3

576
-18
84
242,
191,
18.
33.

121.2
72.7
21.4
55.4

130.8
99.7
18. 1
52.4

165. 2
77. 1
23. 5
72. 4

93. 8
146. 6
23. 1
84.5

158.. I
97. 3
37. 5
58. 0

109. 6
85. 4
16. 0
26. 9

161 .
69.
-4.
40.

369. 8
246. 5
61 . 0
2. 0
7. 0
52. 0
62. ?

461 . 1
360.3
144.3
2.8
12.1
129.3
-43.4

572.3
373.1
250.8
1 .7
37.9
211.1
-51.5

5 0 4 .2
419
153 .6
- 2 .0
16 .5
139.. 1
- 6 8 ,.5

6
15 . 7
2. 3
5.
6

68. 8
81 . 3
0. 7
-9. 0
- 4 .2

-20.3
7.1
1 .4
-27.3
-1.6

67.4
47.3
8.3
13.6
-1.8

33. 5
2 7 ..7
5
5. 9
0. 4

568. 0

694. 7

14

Credit

Market

Borrowing

240. 1

290.8

4 5 9 .4

4 5 5 .9

155.8
40.3
U
115.6

164.2
80
0.
.6
6
8

284
176
112
-4

2 1 3 .6
1 0 8 .5
5 1
105 . 1

. 6
5 3 :.15
.6
. 7
.6
. 9

8 . 7
8
6 8^ .8
0 .5
8 .8
- 3 2 .0
-37 . 3

.3
.9
. 1
.8

V

83
83.u

84.3
:8
82.
0.6
2.2
— . 7
- .6

126.6
! l1l9:.l8
1

175 .2
" 3 :.4
4
113

3.6
_
-13.0
— 6.2
22.4

:"-

"r'i

'<£

11

d:?

445599 ..4
4

445555...9
9

544.8

172..1
12:l
11 12.
. 1

108..5
1 0 5.
: l1
105.

224400..11

22 99 00 .. 88

.0
1 5 0 ..32

9,. 1
136.
1
3 6 :.6
6

40.2
1 1155.:66

80.6
8833.:66

.6
0 ..9
9
. 7
.4
. 9

8 . 7
- 1 0 ...77
-2. 5
- 6 .5
- 4 4 .7

84.3
* 77:. 7
2.3
13.2
-7.0

.8

17. 7
-2.4
1 .2
3. 7
52. 9

-1.6
8.0
0.3
2.7
58.6

126.6
1
*"4:6
4.6
8.8
2.9
11.3
0.2
0.2
0.2
3.4
12.0
83.0

83

175.,2
17
| 9.
: i9
10. 3
24. 2
12. 8
0. 2
0. 3
50. 2
-11.5
13. 7
0. 5
64. 5

:

.8
.5
.8

,i:i

M E

F.4

Credit

Market

1
2
3
4
5

904 . 1
4 1 4 .4
4 9 .3
122,.0
2 3 3 ..0

6
7
8
9

15..6
2.,2
30. 7
37. 1

649
424
87
162
158

.9
.0
.8
.5
.9

- 1 4 ..8
- 2 9 .. 1
- 4 4 ..0
-95. 6

808
459
30
166
131

.0
.8
.5
. 1
.5

7,.3
- 9 ..3
13.,1
8. 9

F.5
1
2
3
4
5

18 .3
6 2 .9
- 4 4 .6
- 6 3 ..0
11 .
.0

6

7..4

BILLIONS

OF

2 0 9 ..4
147..2
6 2 ,.2
18..3
13..3
30. 7
DOLLARS.




9 8 5 .5
4 2 0 .3
74 .8
2 7 6 ,.3
160,.8
5 8 ..9
-8. 5
- 5 .. 1
8. 0

Funds

It

2 2

901 .1

919.7

627.2

688.5

Domestic

433.6

461.7

663.5

By

! ? M

?*?•]

6*3

4i

,r;

B o r r o w i n g , All

Sectors,

1 2 4 0 .0
3 5 8 .0
- 4 7 .2
3 0 3 .0
2 4 8 ..8

1232 .6
4 6 7 .5
- 5 3 .8
1 3 0 .4
2 1 8 ..4

121..2
61 .8
35..7
71. 7

130. 8
116. 0
74.,3
56. 2

165..2
78..5
115..3
Ill . 0

Mutual

97.5
55.0
8.2
30.9
3.4

17
18
19
20
21
22
23

70.1 F g n . b o r r o w i n g in U . S .
70.8
Bonds
11.3
Bank loans n.e.c.
-3.4
Commercial paper
-8.6
Other l o a n s and a d v a n c e s

24
25
26
27
28

Funds

and

and

foreign

by

461.7

l

ll'l

2

transaction
U.S.

1%:: iS?:i

433.6

tn'n

17

l ' 1

5 1 :6
2. 9
5. 4
-5. 0
114. 1

Through

40.4
49.9
5.6
-11.1
-4.0

13
14
15
16

P r i v a t e , by sector
Household sector
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
S t a t e and l o c a l g o v t s .

government-related

•
- L o a n s from U.S.
^ i v a t e financial
Corporate bonds
Mortgages

4-1

£'°

1 0 5 6 .0
4 4 4 .9
- 2 9 .3
1 4 3 .8
2 0 6 ..3

Raised

61.4
13.5
® •1
37.9
1.9

264.9

Z<

i- t; M M K M 8-4
16

576.0
396.5
205.5
-2.2
36.2
171 .5
-26.1

'!

242. 4
9. 7
15. 3
45. 2
3. 4
1

5
6
7
g
9
10
n

Consumer credit
Bank loans n.e.c.
Commercial paper
O t h e r loans and a d v a n c e s

«.b4.6
*7 .5

264.9

- :

i.i

P r i v a t e , by t r a n s a c t i o n
Municipal securities
Corporate bonds
Mortgages
Home
Multi family
Commercial

463.9
401.8
178.3
4.3
29.8
144.1
-116.2

lo'J

9 .8
- 1 2 .3
41 .6
.6

i
2
3
4

U.S. government
Treasury securities
Budget agency secur.Smtgs.

Sectors

544.8

.4
.8
.3
.0
.6
.7

Domestic

676.5
390.4
302.4
3.6
34.4
264.3
-16.3

-<

by F i n a n c i a l

242
180
5
8
42
5

115544 ..5
5

572.9
30^.5
316.8
0
•9

687. 8

RATES

m

618.4

784.1

ANNUAL

Sectors

65.8
6 5 .4
0 .4

596.6

654.3

II

I

by N o n f i n a n c i a l

ADJUSTED

1995

529.6

1 5 4 .5

.9
9

I
I

Raised

Markets

???*?
2 0 1 .2
1 .6

145 . 7
2
9 ..2
1 3 6 .6

;? - 2 i:i

Equity

879.3

.4
1 7 ..11
15 . 3
. 1

°:i

and

839.7

F.3

5

1994
IV

I
I

1995

Market

2
3
4

1. 9

in C r e d i t

SEASONALLY

1993

17
18
19
20
21

Raised

RATES

F.2

13
14
15
16

Funds

Other
663.5

\V:'l

loans

and

2
3
4
5

government
sectors

6
7
o

advances

11

By
Govt .-spons. enterprises
red. related mortgage pools

13
14

B ii 5! EE'ESs- i;

?g'2

23

P r i v a t e

J*£

..-II

. «

financial

sectors

15

Savings institutions
Credit unions
Life insurance companies
Finance companies

19
20
21
22

ABS

24
25
26

issuers

"

Transaction

1166
359
-48
224
223

.0
.8
.2
.5
.0

93,.8
151..7
99..5
61. 8

Corporate

1 3 5 3 .4
4 0 0 .5
- 9 .5
3 2 3 ..1
2 4 1 ..4

1088
295
-113
285
283

158.. 1
124.
60. 4
55. 4

.9
.9
.0
.9
.4

109..6
100..7
90. 2
36. 2

1351
375
-18
378
247

.9
.9
.0
.7
.6

161 .8
87. 4
4 7 .. I
71. 5

otai
U.S. government securities
Municipal securities
C o r p o r a t e and f o r e i g n b o n d s
Mortgages
Consumer credit
Bank loans n.e.c.
Open market paper
Other l o a n s and a d v a n c e s

1
2
3
4
5
6
7
g
9

Equities

2 9 4 ,.9
2 0 9 .. 1
8 5 ..8
2 7 ..0
2 8 ..1

4 4 2 .1
3 2 3 ,.7
118,.4
21..3
36..6

1 5 0 .8
1 2 8 .9
21..9
- 4 4 ..9
2 4 ..1

1 5 7 .1
171 .1
-14
- 7 6 ..0
14..2

- 8 1 .1
- 1 2 .6
- 6 8 ..5
- 1 1 8 ..0
16..3

18 .1
65..1
- 4 6 ..9
- 6 8 ..4
8..7

169..2
174.
- 4 ..9
- 5 9 ..6
17.,7

1 9 0 .1
195,.7
- 5 ,.6
- 9 8 ..8
11..2

250,.9
2 4 9 ..7
1..2
- 7 7 ..2
19..0

30. 7

60. 5

4 2 ..7

4 7 ..8

33. 2

12. 8

37. 0

82. 0

59. 4

ftal n e t i s s u e s
Mutual funds
Corporate equities
Nonfinancial
Financial
Foreign shares purchased
by U.S. r e s i d e n t s

1
2
3
4
5
6

2.7,
MARCH 8,
Total Claims

SEASONALLY

Total

ADJUSTED

ANNUAL

F.6-F.7

Total

I
I

1994
IV

SEASONALLY

RATES

F.6

Total

Net

Borrowing

Lending

in C r e d i t
1 2 3 2 .6

1 1 6 6 .0

1 3 5 3 .4

9 0 4 .1

6 4 9 .9

8 0 8 ..0

9 8 5 .5

480
278
202
182
2
-11
-53
81

5 4 5 ..3
3 0 4 ..0
2 4 1 ..3
2 0 0 ..7
1..3
- 1 6 ..0
34. 1
2 1 ., 1

6 2 5 .9
2 5 6 ,.1
3 6 9 .8
2 4 6 .5
2,.0
7,.0
5 2 ,.0
62,.3

6 1 7 ,.0
1 5 5 .9
461 ,
. 1
3 6 0 ,.3
2,.8
12,. 1
129,.3
- 4 3 ,.4

7 1 6 .7
1 4 4 .4
5 7 2 .3
373
.7
37,.9
2 1 1 .1
- 5 1 .5

6 5 4 .3
150,. 1
5 0 4 .2
4 1 9 .1
- 2 .0
16..5
139..1
- 6 8 ..5

8 3 9 .7
2 6 6 .8
5 7 2 .9
303.5
0 .9
51 .3
2 6 4 .6
- 4 7 .5

879
202
676
390
3
34
264
-16

10
11
12
13
14
15
16
17
18
19
20
21

23
210
17
150
0
-27
15
-30

2 2 <.6
2 4 0 ., 1
4 0 ..2
115. 6
7..7
,3
13.,2
-7. 0

68..8
2 9 0 ,.8
8 0 ..6
8 3 .6
4 .6
8 .8
2..9
11 .5
0..2
0 .2

- 2 0 ..3
4 5 9 ,.4
172.. 1
112.
9..9
10,.3
2 4 ..2
13..0
0,.3
5 0 ,.2
- 1 1 ..5
13,.7
0. 5
64..5

6 7 .4
4 5 5 ,.9
108,.5
105,
9,.7
15,.3
4 5 ,.2
3,.3

33..5
5 4 4 ..8
2 4 9 ..0
68..5
4.. 1
16..0
11 . 1
36..3
1 .3
.
5 7 ,.3
1 ., 1
6,.3
19,.3
74..5

61 .4
2 6 4 .9
6 2 .9
3 0 .0
6 .3
13 .3
61 .
.5
- 1 9 ..2

4 0 .4
433 . 6
1 2 7 .2
7 0 .5
18 .2
2 3 .8
21 .7
- 7 ,.3
0,. 1
5 7 .2
14 .8
5 .2
.1
102.

23

23.8
0 .8
1 .5
5 9 .8

14 .8
1 5 4 ,.5
9,.1
1 3 6 .6
- 1 0 .7
- 2 .5
- 6 .5
- 4 4 ,.7
17
-2
1
3
52

.7
.4
.2
.7
.9

,6
-1 .
8..0
0.,3
.7
5 8 ,.6

3 .4
12 .0
8 3 .0

5 1 .6
2 .9
5 .4
- 5 ,.0
114,- 1

ANNUAL

RATES

83
-7
5
-29
58

. 1
.4
.2
.5
.8

III

(1)

669
246
422
263

.9
.9
.0
.3
.9
.7
.4
.9

1 2 4 0 .0

II
Markets

1

.6
.2
.4
.7
. 1
.0
.0
.6

ADJUSTED

1995

|
|

2
3
4
5
6
7
8
9

.4
.9
.5
.7
.0
1. 1
1 1 0 .0
4 6 .6

1 0 5 6 .0

and

Claims

Claims

.3
.8
.5
.4
.6
.4
.3
.3

1 0 8 8 .9

1 3 5 1 .9 T o t a l

net

borrowing

.6
.8
.9
.8
.3
.8
. 1
.2

6 1 8 .4
4 2 .4
5 7 6 .0
3 9 6 .5
- 2 .2
3 6 .2
171.5
-26 . 1

Domestic nonfinan. sectors
U.S. government
Private domestic
Household sector
Farm business
Nonfarm noncorp. bus.
Nonfin. corporate bus.
S t a t e and local g o v t s .

9 7 .5
4 6 1 .7
101 .
.5
128,.6
9 .6
2 5 .2
5 2 ,. 1
5 .4
. 1
6 .5
4 .0
5,.2
. 1
121 .. 6

70 . 1
6 6 3 .5
1 4 2 .2
191 .3
4 .5
-1 . 3
4 5 ..5
.3
34 ,
.4
59 . 6

R e s t of t h e w o r l d
Financial sectors
Govt.-spons. enterprises
Fed. related mtg. pools
Commercial banks
Bank holding companies
Funding corporations
Thrift institutions
Life insurance companies
Finance companies
Mortgage companies
REITs
B r o k e r s and d e a l e r s
ABS issuers

529
65
463
401
4
29
144
-116

6..0
7.. 7
174.. 1

3
4
5

6
7

8
9
10
1 1
12
13
14
15
lb
17
18
19

20
21

24

904 . 1

6 4 9 .9

8 0 8 ..0

9 8 5 .5

1056..0

1 2 4 0 .0

1 2 3 2 ,.6

1 1 6 6 .0

1353..4

1 0 8 8 ,.9

1 3 5 1 .9 T o t a l

25
26
27
28
29
30

216
198
-3
-26
47
33

. 1
. 1
.5
. 1
.6
. 7

104
27
-5
30
50
10

. 1
.9
.3
.7
.8
.5

90,,2
8 4 ..0
. 1
2 7 .,8
- 2 1 ,5
- 1 1 ..9

62.
37.. 1
0 .6
21 .3
3 .7
- 1 8 .4

2 5 2 ..9
2 9 4 ,.8
0,.7
51 .,9
- 9 4 ..6
- 2 4 ..2

- 1 0 5 ,.1
51 ,
.6
.9
- 1 1 ,.9
- 1 4 3 ..9
- 2 2 ,.8

2 5 2 .,0
3 3 6 ..7
0,.9
8 4 .. 1
- 1 6 9 ..7
- 2 4 ..4

M
170,.7
0.5
-85.
- 9 4 ,.9
- 1 3 ,• 2

- 1 5 8 ..5
- 9 9 ..4
- 1 .0
.
47.5
- 1 0 5 ..7
- 2 4 ,.3

- 1 2 4 ..7
131 ..5
.0
-1 .
- 4 7 .,3
- 2 0 7 .,9
- 2 3 ..4

- 1 3 7 .. 1
- 5 .3
- 2 ..2
37 ,
.5
- 1 6 7 .. 1
- 3 0 .. 1

Private dom. nonfin. sectors
Household sector
Nonfarm noncorp. business
Nonfin. corporate business
State S local governments
U.S. government

31

86
567
14
150
8

. 7
. 7
.0
.3
. 1

13
522
15
136
31

. 3
.0
. 1
.6
•1

98., 2
6 3 1 .5
68. 8
115..6
2 7 ,.9

128
812
90
83
36

.3
.8
.2
.6
.2

134. 4
6 9 3 .,0
123.,2
112.. 1
31.5

2 7 0 ..9
1 0 9 7 ,.0
78,.9
105,. 1
12..7

2 1 0 ..9
7 9 4 ..0
175.
68..5
30..0

2 4 4 ,.9
9 3 4 ..3
1 1 .2
.
30..0
16..3

3 2 5 ,.9
1210.
8 6 ,.9
70..5
20..8

3 5 2 ..8
8 8 4 .,2
50. 8
128.. 6
- 1 1 .. 1

159.8
1 3 5 9 ..3
166. 8
191 .,3
2 4 .. 7

R e s t of t h e w o r l d
Financial sectors
Govt.-spons. enterprises
Fed. related mtg. pools
Monetary authority

125
94
28
-2
4
-6
-157
107
26
54

. 1
.9
.4
.8
.5
.3
.6
.2
.4
.0
.8

80
35
48
-1
-1
8
-146
86
30
35
41

.8
.7
.5
.5
.9
.2
. 1
.5
.0
.4
. 1

95..3
6 9 .5
16..5
5,. 6
3 .7
17..7
- 6 1 .3
78..5
6..7
41 .1
23..0

1 4 2 .2
1 4 9 .6
- 9 .8

-19
-1
100
27
45
19

163..4
148.. 1
.
1 1 .2
0,.9
3,.3
- 2 7 ,.4
34..9
66..3
24..9
4 7 ..0
2 9 ,.0

2 6 4 ..0
186..5
75..3
0..2
1 .9
- 6 ..8
2 0 ,.0
1 0 8 .0
2 1 .4
5 6 .3
32..7

174. 5
174.
- 5 .. 6
- 2 ,.4
8..3
- 1 1 .,4
.4
79,,4
30..4
74,.7
36.,6

342..7
183,.4
1 5 8 .8
.0
.4
47,. 1
28,.2
132 .4
19,.2
5 8 .9
62..4

3 1 6 .,0
.4
8 3 ..9
5..7
4..0
- 9 ..6
9.4
131 ,.2
21 ..7
57..2
3..2

243. 5
227. 5
2 4 .. 1
- 9 ..0
1 .0
.
- 2 2 ..0
4 0 ..9
77.,0
21 ..8
4 7 ..5
5 3 ..0

153..6
112.. 9
.3
34 .
6 .0
,
0..4
- 4 2 .8
.
1 .6
.
91 .
.5
.8
61 ..6
12.. 1

Commercial banking
36
U.S.-chartered banks
37
F g n . b a n k i n g o f f . in U S
38
Bank holding companies
39
B a n k s in U . S . - a f f . a r e a s 4 0
Funding corporations
41
Thrift institutions
Life insurance cos.
Other insurance cos.
45
P r i v a t e pension funds
46
S t . 8 1 o c . g o v t . rtr. funds

- 9 .2
1 1 .2
80 . 1
12 .8
3 2 .7
.7
17 .5
4 8 .9
10 .0

7..5
0.. 1
126..2
18 .2
4..7
1. 1
- 1 .3
5 3 .8
8 .0

159
11
20
0
14
80
9

68,.2
.9
-7 . 1
- 5 .5
3 0 .0
4 .7
- 4 4 .2
5 7 .8
7,. 1

63 . 1
5 .9
5 1 .5
5 .8
8 6 .5
1 .8
8 7 .9
100.8
1 .4

8 0 ..4
2..1
- 7 0 ,.4
- 1 0 ,,0
5 3 ,.9
0..2
- 8 ..0
54..3
1 .4
.

.8
91 .
- 1 4 ..4
- 2 8 ..8
3,.5
53.. 1
1 .8
,
30,.5
4 6 .7
1 .6
,

70.. 1
29..9
21 ..6
6 .4
.
135..2
1 .8
.
146..2
8 9 ..8
.
1 .8

4 2 ..9
7.,3
51 ..3
8 .,4
,2
1 .8
- 1 .8
109..7
1 .5

4 7 ,,3
0,.6
162..0
5.. 0
1 2 4 ..6
1 .9
.
177..0
156..9
0..8

Finance companies
Mortgage companies
Mutual funds
Closed-end funds
Money mkt. mutual funds
REITs
B r o k e r s and d e a l e r s
ABS issuers
Bank personal trusts

33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

2 9 .5
3 6 .2
1 .3
7 7 .5
.7
2 .8
51 . 1
15 .9

.4
. 1
.7
.9
.7
.9
.8

- 9 .0

.0
.4
.6
.8
.5
.5

(1 ) E x c l u d e s
F.7

Total

Liabilities

and

Their

Relation

to

Total

Financial

corporate

.5
.6
.5
.2
. 1
.0

- 7 6 ,. 1
120,.3
2 4 ,.7
1 5 4 .3
65,.0
10,.0

C h e c k a b l e dep. and c u r r .
Small time 8 savings dep.
Large time deposits
M o n e y m a r k e t fund shares
Security RPs
Foreign deposits

.7
.6
.4
.2
.4
.3
.8
.2

2 4 9 .7
1 .2
2 6 ,.9
77,. 1
- 9 ,.3
33,.6
18,.0
5 1 6 ,.6

M u t u a l fund s h a r e s
Corporate equities
Security credit
Trade payables
Taxes payable
Noncorp. proprietors'
I n v . in b a n k p e r s o n a l
Mi s c e l l a n e o u s

1 2 4 0 ,.0

1 2 3 2 ,.6

1 1 6 6 .0

1 3 5 3 ,.4

-5.9

0..8

- 5 .8

17 .8

10..3

0..4
35..2
2 4 7 ..3
5 6 ,.4

0..7
34..0
2 4 8 .0
8 9 .4

8 .8
2,.2
0,.6
4 3 .8
2 4 8 .4
6 .7

- 8 .6

25.7
198.2
-3.4

- 1 ..6
- 2 ..0
0..2
2 7 ,.3
2 3 8 ,.6
4 3 ,.5

0 .7
21 .6
2 9 3 ,.4
9 8 .4

0
54
302
-17

.7
.0
.5
.4

0..7
49..9
3 1 0 ,.7
2 8 .7

9
8
0
29
214
-41

4 3 ,.6
63..7
— 66.. 1
68 . 6
- 2 4 ,.2
2 7 ,.9

86.3
1.5
-58.5
41.6
-16.5
-26.5

113..5
- 5 7 ,.2
- 7 3 ,.2
4 .5
43..1
- 3 ,.5

117..3
- 7 0 ,.3
- 2 3 ,.5
20,.2
71,.2
- 1 8 ,.5

- 9 ..7
- 4 0 .0
19 .6
4 3 .3
7 8 .3
4 5 .8

-12
89
80
142
110
42

.6
.5
.5
.3
.7
.0

- 4 0 ,.5
- 4 6 .9
36,.5
8 6 .5
5 1 ,.9
97,.9

42
18
116
59
161
39

.8
. 1
.8
.9
.8
.2

133,.5
112..0
69,.2
2 3 3 .5
130,.7
90,.6

-150
107
111
121
85
28

14
15
16
17
18
19
20
21

62,.9
- 4 4 ,.6
3,.5
35,.8
- 4 ,.8
9,.8
2 9 ,.7
162,.0

147.2
62.2
51.4
31.0
— 6.2
-.2
16.1
277.4

2 0 9 ..1
8 5 .8
4.. 6
46..6
8. 5
16..9
-7,
2 8 7 ..2

3 2 3 ..7
118..4
61 ..4
37..8
4..5
4..0
.6
2 9 6 ,.3

1 2 8 .9
2 1 .9
. 1
111..9
3..0
23..8
18 .8
2 6 5 ..9

171 . 1
-14 . 1
2 0 ,.6
.5
101 ,
1 .7
.
3 5 .6
2 0 .5
4 0 9 ,.8

- 1 2 .6
— 68,.5
37,. 1
156,.3
4 .3
24,.2
11 .9
3 7 2 ,.1

6 5 .1
- 4 6 .9
- 1 0 ..7
1 1 2 .1
15 .5
28 . 1
21 .0
366..0

22

1 5 8 0 ,.6

1471.4

1 7 9 2 ,.8

2 2 6 9 ..8

2 1 3 3 ..8

2 7 4 9 ,.6

2 3 4 8 ,.4

2 5 1 2 .3

3 2 7 3 ,.6

2 3 8 5 .3

23
24
25

3,.3
8 ,.5
- 1 1 ..2

-13.1
4.5
36.1

0,.7
1..6
11..3

-1. 5
,3
-1 .
2 9 ..7

- 4 ..8
- 2 ..8
- 3 ..0

- 6 ,.0
- 3 ,.8
.5

- 2 4 .4
- 2 ..3
- 2 9 ,.7

13 .2
- 3 ..7
25..7

- 1 6 ,.3
- 3 ..9
19..9

3 .5
- 3 ,.5
- 6 ,.0

26
27
28
29
30
31

0,.2
1..6
- 2 7 ,.1
2 5 ,.9
- 1 ,.7
- 7 5 ,.8

-.6
26.2
-9.5
-24.0
-1.0
8.9

.2
- 4 ..9
3,.6
- 2 ,.8
10..8
0..8

.2
4..2
34..3
-7.
10..4
- 4 8 ..8

.2
- 2 ..7
2 7 ,.9
36,.9
8,.5
- 1 0 9 ,.6

.4
- 3 ,.2
8,.5
35,.4
5 .3
- 9 7 ,.5

.2
- 1 ..7
8 3 .0
5 5 ,.8
.8
14..8

.2
0..8
73..5
46..0
- 8 .7
- 2 2 6 ,.8

.4
8 .,2
- 4 0 ..1
8 1 ..7
31..9
- 1 2 5 ..1

.3
7 .6
13,.6
- 1 .8
11,.2
- 3 2 .4

32

1 6 5 7 ..0

1443.8

1 7 7 2 ..0

2 2 5 0 ..0

2 1 8 3 ..7

2 8 1 1 ..8

2 2 5 4 ..0

2 5 9 2 ..5

3317. 5

2 3 9 3 ..5

8
9
10
11
12
13

BILLIONS

OF

DOLLARS.




27

28

47
48
49
50
51
52
53
54
55

shares.

41 .
.5
166..2
5 6 .7

1056..0

2.,0
1 .5
1 .0
.
2 5 ,.7
2 4 3 ..5
35,.0

fund

.0
.6
.8
.9
.2
.4

9 8 5 ..5

2
3
4
5
6
7

mutual

flows through credit markets
(from preceding t a b l e )
Other financial sources:
Official foreign exchange
SDR c e r t i f i c a t e s
Treasury currency
Life insurance reserves
P e n s i o n fund r e s e r v e s
Interbank claims

8 0 8 ,.0

9 0 4 ., 1

and

lending

Assets

649.9

1

equities

net

174,. 1
- 4 ,.9
30,.8
32,.5
- 4 ..0
32,.6
.3
4 6 7 ,.2

1 0 8 8 .9

195
-5
35
184
4
48
20
289

Net
.9
1351 .
- 1 .9
.

1
2
3
4
5
6
7
8
9
10
11
12
13

14
15
16
17
18
e q u i t y 19
trusts 20
21

2 8 2 7 ,.2 T o t a l f i n a n c i a l s o u r c e s
- F l o a t s n o t i n c l . in a s s e t s
Check, dep.:
U.S. govt.
- 2 4 ,.3
Other
- 4 ..2
Trade credit
-41. 5
- L i a b s . not i d e n t i f i e d as a s s e t s
Treasury currency
.9
Interbank claims
-29. 4
Security RPs
- 1 2 ..9
Foreign deposits
15.,8
Taxes payable
- 1 3 ..1
Miscellaneous
- 5 ..9
T o t a l s i d e n t i f i e d to s e c t o r s
as a s s e t s
2 9 4 3 ..7

23
24
25
26
27
28
29
30
31
32

Z. 7 > M A R C H 8 , 1996
Household Sector

Household
F.100

SEASONALLY

ADJUSTED

ANNUAL

Households

and

Nonprofit

Organizations

SEASONALLY

RATES
I
I

1994
IV

Sector

(1)
ADJUSTED ANNUAL

RATES

1995
II

III

1
2

4 7 9 1 .6
6 2 4 .8

4 9 6 8 ,.5
6 2 4 ,.8

5 2 6 4 .2
6 5 0 ,.6

5 4 7 9 .2
6 8 9 .9

5 7 5 0 .3
7 3 1 .4

6 1 0 1 .0
7 9 4 .6

5 8 9 3 .9
7 4 8 .1

5 9 9 5 .5
7 7 0 .1

6 0 6 1 .9
8 0 1 .4

6 1 3 5 .6
7 9 8 .5

6 2 1 0 .9 P e r s o n a l i n c o m e
8 0 8 .4 - P e r s o n a l t a x e s

3
4
5

4 1 6 6 ..8
3 9 5 8 ,. 1
2 0 8 ..7

4 3 4 3 ,.7
4 0 9 7 ,.4
2 4 6 ,.4

4 6 1 3 ,.7
4 3 4 1 ,.0
2 7 2 ,.7

4 7 8 9 ,.3
4 5 7 2 .9
2 1 6 ,.4

5 0 1 8 ,.9
4 8 2 6 .5
192,.4

5 3 0 6 .4
5 0 6 5 .7
2 4 0 ,.7

5 1 4 5 ..8
4 9 2 8 .0
2 1 7 .8

5 2 2 5 .4
4 9 7 2 .1
2 5 3 .3

5 2 6 0 ,.5
5 0 4 9 .0
2 1 1 ,.5

5 3 3 7 ,.1
5 1 0 4 ,.6
2 3 2 .5

5 4 0 2 .5 = D i s p o s a b l e p e r s o n a l i n c o m e
5 1 3 7 .1 - P e r s o n a l o u t l a y s
2 6 5 .4 = P e r s o n a l s a v i n g , N I P A ( 2 )

3
4
5

6
7
8
9

8 3 ..9
98.
4 7 5 ..5
8 6 6 ..5

79,.4
5 0 ,.9
5 0 7 ..3
8 8 4 ..0

7 4 .5
1 0 9 .2
6 2 5 .1
1 0 4 9 ,.5

101,.1
137,.7
5 7 3 ,.1
1029..7

82
111
605
1053

.3
.9
.8
.3

9 3 .8
1 0 8 .3
622,
1 0 3 5 ,.7

91,,1
117,.6
6 2 6 ,.6
1067..8

3 0 .8 • G o v t . i n s u r . 8 p e n s i o n r e s .
• N e t i n v . in c o n s . d u r a b l e s
99
6 4 5 .8 • C a p i t a l c o n s u m p t i o n a l l o w .
1 0 4 1 .2 = G r o s s s a v i n g

6
7
8
9

10
11
12
13
14

1 0 3 7 ,.7
6 9 0 ..6
191 ..9
4 7 6 ,.5
2 2 ,.2

.3
.7
.3
.9
.6

1159,.8
8 9 6 .2
2 6 6 .0
6 0 6 .5
2 3 .7

1011 .5
8 9 9 ..3
2 7 0 ,.9
6 0 2 ,.7
25,.7

1302
883
267
593
23

.3
.5
.3
.0
.1

1 1 3 7 ,.3
8 8 6 .2
2 5 8 .7
6 0 4 ..0
23..5

1070..8
9 0 6 ..3
2 6 6 ..7
6 1 5 ..8
23..9

1 1 2 8 .7 G r o s s i n v e s t m e n t
C a p i t a l e x p e n d , n e t of s a l e s
9 0 8 ..7
Residential construction
2 7 1 .4
Consumer durable goods
6 1 3 .2
N o n p r o f i t plant and equip.
2 4 .2

10
11
12
13
14

79
79
523
955

8 9 ,.2
104,.3
6 0 1 ,. 6
9 8 7 ,.5

8 3 9 .0
6 5 3 .0
1 7 4 .7
4 5 5 .3
2 3 .. 1

1 0 4 3 .4
7 1 9 ,.0
2 0 7 .3
4 8 8 .5
2 3 .2

1 0 1 5 .8
7 8 7 ,.8
2 3 1 .4
5 3 0 .6
2 5 .7
2 2 8 .0
5 0 3 ,.0

2 5 6 .6
6 2 2 .0

2 6 3 .6
6 4 5 .1

112,.2
5 4 7 ,.4

4 1 8 .8
7 0 6 .2

2 5 1 ,.1
6 4 5 .4

164..5
6 0 7 ..4

2 2 0 .0
6 2 1 .3

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s

15
16

- 3 4 .5
61 .2
- 1 0 1 .7
,
5,.8
0,.2

18 .9
5 .6
- 7 ,.8
18,.2
3 .0

2 5 0 .3
- 2 7 .1
151 .7
122,.6
3 .1

2 9 .5
- 8 9 ,.3
- 2 ,.6
115.. 1
6..3

261
77
145
36
2

.7
.2
.3
.8
.5

3 8 3 ,.2
1,.9
155..7
2 1 9 ..8
5..8

156..3
- 1 2 8 ..1
173..9
108..4
2..0

2 0 0 ,.1
- 5 9 .3
132,
125,.3
2,.0

Deposits
Chickable dep. and curr.
T i m e and s a v i n g s dep.
Money mkt. fund shares
Foreign deposits

17
18
19
20
21

2 9 4 ..8
3 3 4 ..1
2 1 4 ..0
8..0
2 0 6 ,.0
120,.2
- 5 1 .4
- 2 ,. 1
9 .2
5 .0

5 1 .6
4 2 ..2
2 8 ..3
5..1
2 3 ,.2
13..9
- 6 5 ,.8
64,.5
10..4
0..3

336..7
348..1
2 4 4 ,.9
5,.2
2 3 9 ..7
103..2
- 6 4 ..6
13..6
.3
4 0 ,.0

179
109
102
5
96
6
7
60
38
-36

.7
.5
.7
.8
.9
.8
.7
.3
.2
.0

- 9 9 ..4
-105.4
- 2 8 ..7
4..8
-33. 5
- 7 6 ..7
- 5 0 ..6
2 5 ,.3
17..2
14..0

131..5
159..3
8 5 ..3
3..9
81. 4
74.,0
-130. 8
8 1 .4
-12. 5
34..0

- 5 ..3
5,.4
- 4 6 ..1
5,.9
- 5 2 ..0
5 1 .5
- 8 9 ..5
90..9
- 1 ,.2
- 1 0 ..9

Credit mkt. instruments
U.S. govt, securities
Treasury
Savings bonds
Other
Agency
Municipal securities
C o r p o r a t e and fgn. bonds
Mortgages
Open market paper

22
23
24
25
26
27
28
29
30
31

118..0
- 1 6 8 ..4

- 2 6 ,.0
- 1 6 3 ,.3

18 .2
- 1 9 4 .5

120..9
- 2 0 1 .8

142. 8
- 1 7 9 ..5

189..8
- 9 7 ..7

M u t u a l fund s h a r e s
Corporate equities

32
33

Life insurance reserves
P e n s i o n fund r e s e r v e s
I n v • in b a n k p e r s . t r u s t s

34
35
36

E q u i t y in n o n c o r p . b u s .
Security credit
Miscellaneous assets

37
38
39

N e t i n c r e a s e in l i a b i l i t i e s
Credit market instruments
Home mortgages
Consumer credit

40
41
42
43

1126
869
264
580
24

186,.0
3 9 3 ,. 1

3 2 4 .4
5 2 8 .3

17
18
19
20
21

77,.6
C .3
,
4 9 ,.0
2 6 ,.9
1 .4

12 .6
56.4
- 5 4 ..0
9,.2
1 .0

-4
110
-74
-41

22
23
24
25
26
27
28
29
30
31

1 9 8 ,. 1
98,.8
72,.6
8,.5
64,. 1
26 . 1
2 6 .4
48 . 1
18..6
6 .2
,

2 7 .9
- 2 1 .3
- 1 3 .8
I 1.9
- 2 5 .7
- 7 .6
3 8 .9
3 2 .2
8 . 1
- 2 9 .9

84
112
73
19
54
38
-27
-6
9
-3

32
33

39..9
- 3 3 ,.4

113,.6
-35 . 1

1 4 8 .3
18 .2

2 3 7 .7
— 64,.6

104.. 1
- 1 3 7 .8

34
35
36

2 5 ..7
2 4 3 ..5
2 9 ,.7

2 5 .7
198,.2
16 . 1

2 7 .3
2 3 8 .6
-7 . 1

3 5 .2
2 4 7 ,.3
1 .6
,

3 4 .0
2 4 8 ..0
18 .8

4 3 .8
2 4 8 ,.4
2 0 ,.5

21 ..6
2 9 3 .,4
11..9

5 4 .0
3 0 2 .5
21 .0

4 9 ,.9
3 1 0 ..7
2 2 ,.3

2 9 ..9
2 1 4 ..2
20..8

4 1 ..5
1 6 6 ..2
18..0

37
38
39

9..8
9..2
18,.2

.2
2 4 .6
9 .6

16 .9
- 1 0 .8
17 .0

2 3 .8
6 .7
10 .6

35,.6
14,.2
31 .0

24..2
6.,6
12..8

2 8 .1
15 .8
19 .6

32..6
1..1
2 5 .8

4 8 ..3
6. 9
36..3

33..6
32..9
4 2 ..2

3 8 1 ,.5
373 . 1
207 . 1
130,.8

4 3 5 ..2
4 1 9 .. 1
2 1 3 ..6
165..2

.4
. 7
.8
.6

.0
.7
. 1
.8

203
200
161
7

. 7
.9
.4
.3

9
10
2
9

3,.8
15..3
- 6 ,.5
10..6

7
19
-3
9

48
49

-3 . 7
1 1. 3

16 .3
8 .8

51

0 . 1
- 1 7 1 .2
,

.1
.3
.3
.3
1 .2

207
182
164
-14

44
45
46
47

50

.0
.3
.8
. 1
.6
.6
.9
.5
.4
.3

.9
.7
. 1
.3

4,.0
2 6 ,.0
13,. 1
2 7 5 ,.0
2 4 6 ,.5
152,. I
5 8 ,.9

365
360
196
121

.4
.3
.7
.2
,

287
303
184
93

.3
.5
.0
.8

3 9 4 ..2
3 9 0 ..4
2 0 2 .. 1
158..1

4 4 2 ..9
4 0 1 ..8
2 4 6 ..0
109..6

4 0 1 ..4
3 9 6 ,.5
196,.3
1 6 1 ,.8

.3
.0
.7
.8

8.. 1
12..4
2..4
7..4

3..7
12..3
2 3 ..2
7..0

6..3
5,.9
2 5 ,.8
0,.4

- 2 ..7
5..6

34..7
5..6

- 1 ..8
5,.8

11 . 9
9
7. 1
7. 1

14 .5
8 .9
10..8
8 . 1

5 .8
9,.7
14,.5
5 . 1

15..0
5,.7
12..5
7,.2

5
8
6
5

- 1 .6
4 .7

2 2 .6
5 .0

-1 . 1
5 .3

1 .9
,
5 . 7

9,.9
5,.3

- 2 2 .7
5 .6

0 .9

0 .9

0,.9

0,.9

0 .9

0..9

0.,9

- 8 7 .8

- 7 8 .3

- 1 3 8 .8

- 1 1 0 ..3

18..2

- 2 4 9 .0

-101 .
.6

- 3 ..0

.3
.9
.7
.3

. 7
4 4 .9

37,. 1
15,. 1
30
14 .7
16,.2
- 1 5 .8
- 2 6 ,.2
4 2 ,.4
5,.8
0. 1

Municipal debt
Commercial mortgages
Bank loans n.e.c.
O t h e r loans and a d v a n c e s
Security credit
Trade payables
D e f e r r e d and u n p a i d
life insurance premiums

0..9

- 8 7 ..5 Di s c r e p a n c y

Net

52
53
54

191 ,.9
78..6
113,.3

55
56

2 2 4 ..8
- I l l .5

1
2

77,.8
8 1 .5
5 6 1 ,.8
9 3 7 ,.5

3 4 7 ,. 1
6 1 8 ,.5

271
263
224
15

nontaxes

.7
.6
.7
.6

15
16

40
41
42
43

and

physical

44
45
46
47
48
49
50
51

investment:

174. 7
8 2 ..7
92..0

2 0 7 .,3
92. 8
1 1 4 ..5

231. 4
8 9 ..1
142..3

2 6 4 ..3
99..5
164..7

2 6 6 ..0
102. 3
163..7

270. 9
83. 7
187. 3

2 6 7 ..3
100..1
167..2

2 5 8 .7
101..4
157,.3

2 6 6 ..7
102..5
164..1

(A) Residential construction
expenditures
2 7 1 .4
- Capital consumption
1 0 5 .2
= Net investment
1 6 6 .2

164.. 1
- 7 2 ..0

1 6 1 ., 1
- 4 6 ..7

152..1
- 9 ..9

196..7
- 3 1 ..9

2 0 7 .,1
- 4 3 ..4

213. 6
- 2 6 ..3

184.,0
- 1 6 ..7

2 0 2 ..1
- 4 4 .8

2 4 6 ..0
- 8 1 ,.8

1 9 6 .3
- 3 0 .1

- Home mortgages
= E x c e s s net i n v e s t m e n t

52
53
54
55
56

57
58
59

4 7 6 ,.5
378 . 1
9 8 .4

4 5 5 .3
4 0 4 .4
5 0 ,9

4 8 8 ..5
4 0 8 .9
7 9 .6

5 3 0 ..6
449
8 1 ..5

5 8 0 ..9
4 7 6 .6
104..3

6 0 6 ..5
4 9 7 ..3
109..2

6 0 2 ..7
4 6 5 ,.0
137..7

5 9 3 ..0
4 8 1 ..1
Ill .9

6 0 4 ,.0
4 9 5 .7
1 0 8 .3

6 1 5 ,.8
4 9 8 ,.2
117,.6

(B) C o n s u m e r durable g o o d s
expenditures
6 1 3 .2
- Capital consumption
514
= Net investment
9 9 .1

57
58
59

60
61

15 .6
8 2 .8

- 1 4 .8
6 5 .7

7 .3
7 2 .3

5 8 .9
2 2 .6

121 .2
- 1 6 ,.9

130..8
- 2 1 ..6

165..2
- 2 7 ,.4

9 3 .8
18 .1

1 5 8 .1
- 4 9 .8

109,.6
8 .0

1 6 1 .8
- 6 2 .6

60
61

BILLIONS OF

DOLLARS.




- Consumer credit
= E x c e s s net investment

Z . 7 , M A R C H 8 , 1996
Nonfinancial Business

Nonfinancial
F.101-F.103

SEASONALLY

1990

ADJUSTED

1991

ANNUAL

1992

SEASONALLY

1993

1994

1995

1
2

7 0 7 .7
5 1 3 .6

6 9 7 .3
5 2 8 .9

798. 8
549. 7

8 5 2 .2
5 9 3 .0

9 5 4 .8
6 3 7 .0

3
4
5
6
7
8
9

430
519
511
23
487
8
0

5 4 0 ..3
476 . 1
4 7 8 ..5
16..3
4 6 2 ..3
- 2 ..3
- •. 1

504.
490.
483.
17.
466.
7.

585
540
520
19
500
20

620
636
577
21
556
59

1
9
9
9
0
0

.6
.7

.1
.7
.4
.6

.0
.7
.2
.3
.0
.5

*

10
11

- 8 9 .. 1
1 0 5 .5

6 4 ,. 1
1 2 5 ..3

13.,2
184. 7

4 4 .9
197..6

- 1 6 .8
3 0 1 .0

12
13
14
15
16
17
18
19
20
21
22
23
24

194,.6
- 6 3 ,.0
1 1 2 ,.2
,3
4 7 ., 1
- 7 ..8
.9
9..7
5 6 .,6
3 0 .. 1
,4
-4 .
103 .. 6
16..0

61 ..2
18..3
-61 .
.9
-1 .
.2
78..8
- 2 5 .,5
- 3 7 ..5
- 1 8 ..4
- 5 8 .. 1
2 3 ..0
- 7 ..7
100 .
- 1 0 ..6

171 .5
27. 0
19. 5

152..8
21 ..3
.0
61 .
. 1
75..2
-4 .
.2
- 3 ..3
10..0
- 1 6 ..7
2 4 ..7
.7
46..4
-3.

3 1 7 ,.7
- 4 4 ..9
144..3
.5
-1 .
.3
- 9 .. 1
61 ..8
2 1 ..4
4 8 ..3
96..3
3..2
8 8 ..4
30..5

25

8 3 ., 1

- 1 1 ..4

67. 6
-41. 1
-16. 5
8. 6
0. 9
40. 6
7. 9
67. 1
9. 5
45. 6

7..4

1994
IV

I
I

Nonfinancial

I
I

1 0 0 7 .8
6 4 2 .0

5 9 0 ..7
706 . 1
6 6 0 .3
.6
637..7
38 . 1
7 .6

I

II

III

631
678
620
21
598
58

.3
.8
.1
.9
.2
.7

1 0 1 2 .2
6 1 5 .3
5 3 7 .5
707 . 1
6 4 9 .0
.3
6 2 6 .8
58 . 1

1 0 0 8 .6
6 2 4 .6
601
692
655
22
633
34
2

.2
.2
.7
.4
.4
.0
.4

625
734
668
22
645
38
28

1 0 0 0 .7 I n c o m e b e f o r e
6 5 0 .7 G r o s s s a v i n g

.2
.5
.2
.8
.4
.3
.0

- 1 0 9 .3
3 2 6 .4

4 2 2 .0
- 7 6 ..0
2 5 0 ..8
- 3 ..0
75..0
26. 8
8 5 ..2
18..1
4 8 ..7
84. 5
138..9
2 3 ..8

5 2 0 ..4
- 1 1 8 ..0
153..6
.5
-1 .
6..2
- 5 ..7
64..7
23. 5
66..5
1 3 4 ..2
4..4
3 0 8 ..5
37..7

3 7 0 .3
- 6 8 ..4
316..8
- 7 ..4
55..3
25..8
139.. 9
25.. 1
8 0 .. 1
97..4
13.. 1
- 2 ..5
13..9

499 . 6
-59 . 6
3 0 2 .4
.7
9 9 .0
.6
21 .
94..9
37..5
5 2 .. 1
14. 5
- 5 ..2
2 2 5 .8
21 .. 7

4 7 ..0

10..7

77..8

23. 5

34.,9

51 .. 9 D i s c r e p a n c y

28 . 1

4 3 5 .7
- 9 8 ..8
178,.3
- 2 ..0
60 .
.7
19..9
62..2
16..0
21 ..5
153..4
1 .8
.
171 ..8
29..2

taxes

1
2

- 9 1 .8
2 9 0 .7
3 8 2 .5
- 7 7 ,.2
2 0 5 .5
0,. 1
8 4 ..8
39.8
43.. 7
-4 . 1
41 .
.2
72..6
- 9 .5
.
160..6
.4
30 .

Net financial i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s
N e t i n c r e a s e in l i a b i l i t i e s
Corporate equities
Credit market instruments
M u n i c i p a l debt
Corporate bonds
Mortgages
B a .k l o a n s n . e . c .
Commercial paper
O t h e r l o a n s and a d v a n c e s
Trade payables
Taxes payable
Miscellaneous liabilities
P r o p r i e t o r net i n v e s t m e n t

3 9 .0

32 .0

3 5 .0

2 8 .7

3 2 .3

2 8 .5

2 7 .6

1 .6
21 .4
1 .7
19 . 7
2 3 .0

0 .8
.3
1 .9
,
2 0 .4
23 . 1

0 .4
2 2 .4
. 1
2 0 .3
.8

0
23
2
20
23

0 .2
.7
. 1
2 0 .6
.9

0 .3
.4
.3
20 . 1
.6

0 .2
.2
. 1
2 0 .2
.4

0 .2
.5
. 1
2 0 .4
. 7

.8
. 1
2 0 .7
. 9

3 0 .6 P r o p r i e t o r n e t i n c o m e
w / I V A 8 C C A d j.
0 . 1 Net saving ( c o r p o r a t e )
.3 C a p i t a l c o n s u m p t i o n a l l o w .
Corporate
2 .2
Noncorporate
21 . 1
2 3 .4 G r o s s c a v i n g

7
8
9
10
1 1

2 3 ,.8
18 .5
2,
13 ,
. 7
2 . 6

23 . 0
13 .0
1 .3
12 .8
-1 . 1

23 . 1
18 .5
1. 3
12 .3
5 .0

.8
9 .2
1 .3
14 .0
- 6 .2

2 3 .4
2 9 .4
1. 6
16
11 .5

2 2 .9
16 .4
1 .7
17 .3
- 2 .6

2 2 .. 6
2 1 .7
1 .8
16..3
3..6

2 2 .4
16 .2
1 .8
17 . 1
- 2 .7

2 2 .7
16 .3
1 .6
16 .8
-2 . 1

22,.9
16 . 1
1 .8
17,.5
- 3 .2

2 3 .4 G r o s s i n v e s t m e n t
Capital expenditures
17 .0
Residential construction
1. 6
P l a n t and e q u i p m e n t
17.5
C h a n g e in i n v e n t o r i e s
- 2 .2

12
13
14
15
16
17

5 .3
.5
0 .4
,
2 .0
.
2..2
- •.2

9 .9
2 .2
1. 0
1 .3
1. 1
0 .2

4 . 6
3 .8
,
,
1 .8
.0
2.. 1
. 1

13
3
1
1
1
0

-5 . 9
3.. 6
1. 7
2..0
2 .0

.5
.6
.7
.0
.8
0..2

.
1 .0
3.. 7
1 .7
.
2..0
2..3
.3

6 .2
4 .7
1. 7
3..0
.5
0. 5

6 .4
4 .4
1. 7
2 .8
. 7
0.. 1

6 .8
,
4 .7
1 .7
.
3.. 0
2..9
0.. 1

18
19
20
21
22

- 2 ..8
1 .0
.
.6
-1 ,
. 1
0..5

-7 . 7
2 . 1
0 .4
1. 7

.8
1 .3
.
1 .4
.
0.. 1
.2

.9
-1 .
3.6
1 .8
.
2..7
.9

23
24

0.,5
- 4 .3

2
21
1
19
23

0 .2
- 1 0 .0

0..2
-2 . 3

.7
.7
.5
.
.4
,

.3
. 1
.3
.8
.4

*

6
4
1
3

-10.b
2..0
0..5
2 . 1
.6

9..6
2..8
1 .8
.
1 .
8

.8
-1 .
1 .7
.
1 .3
.
1 .. 1
.7

2..7
.0
1 .4
.
- 2 .. 1
.3
-1 .

- 1 .5
0.. 9
1 .7
.
0,.3
- 1 .. 1

1 .0
.
- 1 3 ..5

1 .0
.
5..8

1 .0
.
- 4 ..5

-3. 0
7. 7

. 6
- 1 .8

4,.9
- 1 0 ..4
(1)

F. 103 N o n f a r m

1
2

4 3 4 .9
80 . 6

3
4
5
6

80
106
106
0

.6
.6
.4
.3

450 . 1
8 3 .7

5 0 4 .2
8 8 .0

2 .4
13 .4
5 .0
- 2 .2
0,. 1
0 .7

- 4 .1
2..7
- 9 ..8
- 4 .8
. I
- 4 .9

- 5 .0
-1 . 1
.9
3 .8

.9
7,. 1
3..6
- 2 ..5

20
21
22
23
24

13 .8
1 .. 1
4 . 1
2,.1
- 5 ,.1

25
26
27
28

0..6
1..3
- 9 ..4
2 0 ..3

N e t i n c r e a s e in l i a b i l i t i e s
Credit market instruments
Mortgages
Bank loans n . e.c.
O t h e r l o a n s and a d v a n c e s

18
19
20
21
22

2..5
- 9 .. 1

.9
-2 .
3. 4

Includes

Trade payables
P r o p r i e t o r net

corporate

and

noncorporate

OF

farms.

596.4
80.3

91
122
120
2

.9
.4
.0
.4

76
138
136
2

89
128
125
2

75
135
132
3

.4
.9
.9
.0

75.4
137.2
135.4
1 .8

75
139
137
2

.6
.2
.2
.1

80.3 Gross investment
140.3
Capital expenditures
139.1
Fixed investment (3)
C h a n g e in i n v e n t o r i e s
1 .2

-30
13
3
1
0
0

.5
.6
.0
.3
. 1
.6

- 6 1 .5
15 .2
3 .7
1 .9
0 .2
0 .7

- 3 9 .5
15 .0
3 .2
1 .5
0..2
0 .6

- 6 0 .6
15 .4
3.4
1 .6
0..2
0..7

-61.8
14.8
3.6
1 .8
0.2
0.7

-63
15
3
2
0
0

.6
.6
.8
.0
.2
.7

-60.0
15.2
4.1
2.2
0.2
0.8

0 . 1
4 .0
4 5
0..8
0..2
3..5

- 1 .6
.
5 .0
5 .4
.3

- 1 .7
5 .1
5 .4
.4

-3.0
5.4
5.6
1.6

.0
.5
.8
.8

Net i n c o m e w / IVA and C C A d j
Gross svg. = capital consump.

- 4 .8

6.. 1

4 .0

0 .2
4 .3
5 .1
0 .9
0,.1
4 .0

4.0

4 .0

4.0

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s
C h e c k a b l e d e p . and c u r r .
Time and s a v i n g s d e p o s i t s
Money market,fund shares
Treasury securities
Consumer credit
Mortgages
Trade receivables
Miscellaneous assets
Insurance receivables
E q u i t y in G S E s ( 2 )
Other

1 .8
- 1 1 .0
- 5 .9
- 1 .4
- 3 .7

10..9
- 1 6 ..0
- 1 5 .. 1
2..7
- 3 ..6

24..0
7..0
6..1
0..6
0..3

4 4 .0
12..1
- 5 ..9
12..5
5..5

76,.7
37..9
16,.7
13..5
7..8

5 4 ,.5
16,.5
-6,
14..0
8 ..6

76..0
5 1 ..3
14.,4
20. 0
16..9

76.5
34.4
15.0
16.0
3.4

79..2
29,.8
13,.0
10..0
6. 8

75.2
36.2
24.3
8.0
4.0

N e t i n c r e a s e in l i a b i l i t i e s
Credit market instruments
Mortgages
Bank loans n.e.c.
O t h e r l o a n s and a d v a n c e s

0..6
6..9
7. 5
11..8

0..7
2..6
3..5
10..2

0..8
2.,7
3. 8
2 4 ..7

0..8
4..0
5..6
28. 3

0.,8
3. 0
4. 1
30. 0

0, 8
3. 4
4. 7
15, 7

0.8
3.8
5.3
32.2

0. 8
4.,2
6..0
38.,3

0.8
4.6
6.5
27.0

0 .5
.3
13 .2
- .6

DOLLARS.




23
24

Business

.2
4 .5
5 .2
1,. 1
0..1
4 .0

-1.7
4.8
5.3
1.3

Taxes payable
Trade payables
Miscellaneous liabilities
P r o p r i e t o r net investment

( 2 ) E q u i t y in the F a r m C r e d i t
( 3 ) R e s i d e n t i a l c o n s t r u c t i o n p l u s n o n r e s i d e n t i a l p l a n t and e q u i p m e n t ,
s h o w n o n t a b l e F . l , l i n e s 12 a n d 18. r e s p e c t i v e l y .
BILLIONS

investment

5 8 8 .4
75 .6

0 . 1
3..8
4 .4
0..8
0..2
3 .4

7
8
9
10
1 1

-1 . 6
.2
.5
- 1 .3
.3

584.7
75.4

- 1 0 ..9
13
2 .8
1 .3
0 .1
0 .6

- 8 .5
- 6 .7
0 .8
. 1
. 1
.3

3
4
5
6

- 2 ..2
4..3
2..3
2..6
.5

580 . 1
75 .4

.7
.2
.1
.0

1

12
13
14
15
16
17

5 7 5 .0
8 9 .0

. 1
.0
.6
.3

23
24

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s
Checkable dep. 3 currency
Miscellaneous assets
Insurance receivables
E q u i t y in G S E s ( 2 )

5 8 7 .4
76 .7

90
101
99
1

12
13
14
15
16
17
18
19
20
21

6 .5
4 .8
1 .7
3..2
3.. 1
0.. 1

5 4 8 .4
91 .9

8 8 .0
8 5 .5
8 5 .4
0.. 1

-26 . 1
- 1 2 .2
- 1 .3
.
.3
. 1
0 .6

0

5 1 7 .5
90 . 1

8 3 .7
9 2 .2
9 2 .3
- . 1

7
8
9
10
11
12
13
14
15
16
17
18
19

Noncorporate

10
1 1

(1)

30

36

3
4
5
6
7
8
9

25

.2
. 6
.6
,
. 9
.8

1
2
3
4
5
6

RATES

5 9 8 .8 G r o s s i n v e s t m e n t
6 9 0 .6
Capital expenditures
668.4
Fixed investment
2 3 .0
Residential construction
6 4 5 .4
P l a n t and e q u i p m e n t
C h a n g e in i n v e n t o r i e s
.2
Access rts. from U.S. govt.

-169 . 6
2 0 0 .7

Business

- 9 1 .0
4 0 8 .6

1 0 2 0 .7
660 . 1

- 4 7 ..5
4 7 3 .0

Farm

ANNUAL

IV

- 1 1 5 ..4
306..6

F.102

ADJUSTED

1995

Business

1 0 1 0 .5
6 3 7 .7

17..0

Business

Business

RATES

F.101.All

.5
.6
.4
.6
.8
.0
.2

Nonfinancial

System.

1

3
4
5
6
7
8
9
10
1 1
12
13
14
15
16
17
18
19
20
21
23
24
25
26
27
28

Z.7, M A R C H 8 , 1996
Nonfinancial Corporations

Nonfinancial
F.104

SEASONALLY

ADJUSTED

ANNUAL

Nonfarm

Nonfinancial

Corporate

RATES

SEASONALLY

1994

1995

371
129
160
412
494

394
138
173
430
512

1
1

1994
IV

1991

199;

1993

1
2
3
4
5

236
95
117
354
377

.5
.2
.6
.3
.9

2 1 7 ,. 1
8 5 .0
123.8
.8
362 .
371 . 1

256
90
132
371
404

302
102
151
385
433

6
7
8

4 4 .8
- 1 3 .5
4 0 9 .3

47 . 1
4 .0
,
422 .
.2

41 .5
- 7 .5
4 3 8 .6

5 3 .4
-6 . 6
480 . 1

40 . 7
- 1 3 .3
5 2 1 .6

5 3 .0
- 2 7 .6
538 . 1

4 1 .4
- 2 2 .8
5 3 0 .4

5 5 .0
- 5 1 .9
5 1 7 .5

491
551
505
38
7

519
528
476
52

439
555
497
57

.8
.9
.7
. 1
.3

9
10
11
12
13

394
389
5
0

.2
.5
. 1
. 1
.2

433 ,
.6
370 . 9
372,
-1 ,
"•- 1

3 9 3 .0
386 . 9
384 . 9
1 .9

472
430
405
25

. 7
.6
. 1
.5

504
485
439
45

14
15
16
1 7
18
19
20

-68 . 3
1 15 .3
15 . 7
- 1 6 .3
10 .2
. b
. 1

62 ,
. 7
129 ..8
15.. 7
- 6 .6
5 .
,2
5
1 .8
.

6 .2
1 6 7 .5
6. 9
- 15 .0
15 .8
3 .4
- .7

42
181
24
15
-2
-2
-I

. 1
.4
.7 .
.8
.5
.6
.4

19
283
6
-1
2

21

- 1 9 .7
-7 . 7
- 1 .0
-1 . 6

7., 6
2 0 ., 1
4
6 .

2 0 .6
1 .0
5 .0
1. 1

-2
11
6
4

3. 3
.5
29
1 0 4 .4
2 7 .8
13

-4 .
,2
0 . 9
- 5 ..8
86 .
2 9 ..4
2 . 1
0 .5
3 . 1
52. 0

2
2
27
96
35
13

.8
.3
.6
. 6
. 6
.5

b
2
-2
121
49
6

23
24
25
26
27
28
29
50
31

.7
. 1
.8
.0
.c

.4
.2
.7
.7
.2

.6
.0
.4
.6

.6
.7
.4
.8
.8
.4
0. 1

.4
.2
.8
.3
.7

400
140
169
420
511

. 1
.5
.3
. 7
.6

.5
.0
.0
.3
.8

.7
.6
.3
.3

- 8 .9
4 5 4 .3
43 . 1
21 .4
1 .5
- 2 .4
6 .7

- 6 0 .4
286 . 7
14 . 1
1. 7
12 .7
- 1 .5
- .6

2 8 .5
3 5 .2
2,. 1
2 .0

37..0
5 .8
. 1
2..0

- 1 5 .5
.2
3 .5
7,.3
.2
.3
-1 .
76..9
191 ..8
68..5
. 3..2

19,.3
.9
161 . 7
136,. 1
5 3 .2
6 . 1

5.. 6
114. 5

2 .2
74 ,
.5

.

ADJUSTED ANNUAL

RATES

1995

1
1

1990

.7
.6
.4
.0
.7

Corporations

Business

I

II

III

IV

.2
.8
.3
.9
.9

373.7
132.4
176.5
439.0
503.8

P r o f i t s b e f o r e tax ( b o o k )
- P r o f i t tax a c c r u a l s
- Dividends
+ C o n s u m p t i o n of fixed c a p i t a l
= U.S. internal funds, book

1
2
3
4
5

5 8 .1
- 4 2 .3
5 2 6 .5

4 8 .9
- 9 .3
561.5

50.0
-6.8
547.0

+ Fgn. earnings ret. abroad
+ Inv. v a l u a t i o n adjustment
= T o t a l i n t e r n a l f u n d s • IVA

6
7
8

503
538
501
34
2

.0
.6
.9
.3
.4

526
579
511
39
28

.7
.2
.7
.4
.0

495.1
533.4
510.2
23.2

Gross investment
Capital expenditures
Fixed investment (1)
I n v e n t o r y c h a n g e • IVA
A c c e s s rts. from U.S. govt.

9
10
11
12
13

.2
.6
.7
.5
.8
5 .9
- 6 .3

- 3 5 .6
3 8 9 .4
3 0 .9
2 4 .0
10 .0
20..3
1 .6

-52
306
34
5
15
-20
4

.5
.2
.7
.3
.9
.5
.7

-38.3
270.6
24.4
16.2
25.6
-11.9
-2.2

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s
C h e c k a b l e d e p . and c u r r .
Time and s a v i n g s dep.
M o n e y m a r k e t fund shares
Security RPs
Fore:gn deposits

14
15
16
17
18
19
20

- 7 0 .6
-17.8
3 .0
6 .0

34..6
4 .4
3 .0
6 .0

- 5 6 ,.5
4,.4
3,.0
8 .0

30.7
8.1
5.1
9.2

U.S. govt, securities
Municipal securities
M u t u a l fund shares
Mortgages

-4.8
-5.7
86.6
89.3
60.7
1 . 1

Consumer credit
Open market paper
Trade receivables
Miscellaneous assets
US dir. invest. abr. (2)
Insurance receivables
E q u i t y in G S E s
Inv.in finance co. subs.
Other

403
141
170
423
514

.6
.7
.7
.2
.4

.7
.0
.2
.8

-115
180
-33
-38

396
138
174
427
510

.3
.0
.6
.0
.7

404
140
173
431
521

-

21
23
24

-8.5
5 .7
6 7 .8
268.4
76 .7
5 .5
0,. 1
2 .9
183 .3

12 .4
- 9 ..9
- 1 4 .2
2 6 6 ..3
61 .
.8
3..6
9..9
191..0

- 7 ,.8
4..6
1 6 7 .3
143..2
74..7
2..7
0.. 1
3 .3
62..4

2 9 5 ,.8
196..2
- 6 8 ,.4

4 2 5 ..0
2 0 4 ..7
- 5 9 ..6

3 5 8 ..7
4 5 .3
- 9 8 ..8

308.9
94.3
-77.2

N e t i n c r e a s e in l i a b i l i t i e s
N e t f u n d s r a i s e d in m k t s .
Net new equity issues

34
35
36

Credit mkt. instruments
Municipal debt (3)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

37
38
39
40
41
42

2 .3
45 . 1

0.8
6 4 .2

7,.9
.8
103 .8
1 18 .8
.
5 6 .4
7..8
0.. 1
4 . 1
5 0 ..4

67. 1
-34. 8
18 .3

161 .3
61 . 1
2 7 .0

139,.3
73,.3
.3
21 .

2 6 4 .. 1
8 4 ..4
-44 .
.9

3 4 7 .. 1
135.. 1
- 7 6 ..0

4 6 3 ,.2
21 . 1
- 1 18..0

-53 .
.0
- 1 .2
7 8 .8
-20. 0
- 3 7 ..8
-18. 4

34 . 1

5 2 .0
. 1
75..2
- 1 0 .. 7
- 6 .0
,
10..0

129..3
- 1 .5
23..3
- 5 ..0
4 7 ..4
21 ..4

2 1 1 .. 1
- 3 ..0
75,.0
8 .,8
70.. 6
18., 1

139.. 1
- 1 .5
,
6,.2
.0
-1 ,
5 2 ..8
23.5

2 6 4 ,.6
- 7 ..4
55..3
9..7
119..7
23.. 1

2 6 4 ..3
- 2 ..7
99..0
4..8
76..2
37. 5

144.. 1
- 2 ..0
60..7
4.,7
4 9 .,6
16. 0

171.5
0.1
84.8
16.1
37.0
-4.1

4 3 ..6
.3
38.. 7
0. 5
- 2 .. 1
2. 5
4..2

41 ., 6
1 .3
.
3 3 .. 9
0..8
.8
4
6 .8

5 9 .. 1
0 . 1
5 5 ..9
0..6
-6 .
.5
1 ,3
.
7..6

64..3
3..3
62..9
0..7
7..5
-14 . 7
4.-7

49. 5
0. 4
2 8 ..9
0. 7
3..0
7..0
9. 5

15., 1
0..9
15. 8
0. 8
-9. 7
2. 9
4. 4

37.6
0.7
28.1
0.9
-4.1
3.2
8.8

O t h e r l o a n s and adv.
Savings institutions
Finance companies
U.S. government
Accept.liab.to banks
R e s t of t h e w o r l d
ABS issuers

43
44
45
46
47
48
49

Taxes payable
Trade payables
Miscellaneous liabilities
F g n . d i r . i n v e s t , in U S
P e n . fund c o n t r . p a y a b l e
Other

50
51
52
53
54
55

33

6 .4
57 . 0

34
35
36

183 .5
4 7 .0
- 63 . 0

37
38
39
40
41
42

1 1 0 .0
47 . 1
- 1 0 .3
. 7
9 .7

43
44
45
46
47
48
49

61 .2
-6. 3
21 . 1
.8
-6. 6
50 . 1
3 .8

50
51
52
53
54
55

- 5 .0
2 8 .4
1 13 . 1
57 . 1
- 2 .3
5 8 .3

-8. 2
23 .1
87. 0
1 1 8
.
3 .7
71 .4

56

83 . 1

-11. 4

- 5 4 .5
-5 .
,3
1 .8
8
- 5 ., 9
-47. 3
3. 0

67
-27
-19
8

.6
.5
.3
.6

4. 7
- 5 .0
5 .0
. 1
- 2 .9
4 .9
.8

:

. 1
.5
.8
.6

- 1 6 ..4
.8
-6 .
.0
0..2
- 3 ..3
-16. 5
10..0

.2
.4
.5
.8
.0
44 . 7

2..0
2 1 .. 1
4 2 .. 9
0.. 7
3.. 1
39.. 1

2. 4
92. 6
8 4 .. 7
36..3
3..2
4 5 .,2

8
79. 5
1 3 3 ., 3
5 7 ., 6
3. 2
72. 5

3 .
.6
134.. 1
3 0 4 ..4
6 7 .. 7
3. 2
233.5

4 5 .6

7..4

17. 0

4 7 .0

10..7

7
33
59
12

6.3
21 . 1

12..3
94 ..6
- 7 ..3
74..0
3..2
-84. 5

- 6 .,0
5. 8
220. 5
58. 2
3. 2
159. 0

1. 0
146. 6
165. 8
52. 0
3. 2
110. 7

-10.3
70.9
154.1
46.2
3.2
104.6

77..8

23. 5

34. 9

51.9

Di s c r e p a n c y

25
26
27
28
29
30
31
33

56

Memo:
57

0 .8

-28. 9

- 5 .8

- 2 3 ..3

1 1 .
2

-2. 6

2 7 .,6

- 2 6 ..8

-20. 0

20. 7

15.7

58

3 0 .0

- 4 .2

- 1 0 .3

3..9

4. 1

66. 4

39..7

92. 5

70..2

66. 5

36.3 F i n a n c i n g

Trade

receiv.

59
60
61

107.9%
26.9%
42.7%

9 8 . 8 i%
-14.4%
65.5%

97.4%
8.6%
179.0%

100.8%
11.8%
140.9%

100.8%
25.9%
65.2%

112.9%
36.4%
64.0%

107.7%
25.2%
1 5 . 1%

117.9%
43.6%
7 4 . 1%

113.7%
45.5%
77.4%

112.7%
24.4%
31.4%

gap

net

of

107.2% Capital exp./US internal funds
31.7% Cr. m k t . b o r r o w i n g / c a p i t a l exp
54.9% Net funds raised/cr. mkt. borr

(1) R e s i d e n t i a l c o n s t r u c t i o n plus n o n r e s i d e n t i a l plant and e q u i p m e n t ,
s h o w n on t a b l e F . l , l i n e s 13 a n d 1 9 , r e s p e c t i v e l y .
( 2 ) T h r o u g h 1 9 9 2 : Q 4 , c o r p o r a t e b o n d s i n c l u d e net i s s u e s b y N e t h e r l a n d s
A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct i n v e s t m e n t a b r o a d
e x c l u d e s net inflows from those bond issues.
(3) Industrial revenue bonds.
I s s u e d b y s t a t e and l o c a l g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t a n d s e c u r e d in i n t e r e s t a n d
p r i n c i p a l b y t h e i n d u s t r i a l u s e r of t h e f u n d s .
( 4 ) C a p i t a l e x p e n d i t u r e s ( l i n e 1 0 ) l e s s t h e s u m of U . S . i n t e r n a l f u n d s
(line 5 ) and i n v e n t o r y valuation a d j u s t m e n t (line 7).
BILLIONS

OF

DOLLARS.




payables

(4)

57
58
59
60
61

Z. 7 » M A R C H 8 , 1996
S t a t e and L o c a l G o v e r n m e n t s

State
F.105

SEASONALLY

ADJUSTED

ANNUAL

State

and

Local

Governments, Excluding

Employee

Retirement

Funds

RATES

SEASONALLY
I
I

1994
IV

I
I

and

Local

Governments

(1)
ADJUSTED

ANNUAL

RATES

.9 R e c e i p t s , N I P A b a s i s
Tax r e c e i p t s
.8
Social insurance receipts
.8
Grants-in-aid received
.3

1
2
3
4

1995

1990

1991

1992

1993

1994

1995

1
2
3
4

7 2 9 ,.0
5 3 9 ,.2
5 7 ,.4
1 3 2 .4

7 8 4 ..2
5 6 9 .9
60..9
153..4

844
607
64
172

8 9 7 ,. 1
6 4 4 ,.4
66..9
1 8 5 .8

9 4 6 ,.4
6 8 0 ,.8
69,.7
1 9 5 .9

996
718
71
206

.3
.3
.9
.1

9 6 5 .0
6 9 7 ..5
70..6
196..9

9 8 0 .9
7 0 4 ,.0
71 .
.1
205.8

9 9 4 .7
7 1 1 ,.8
71 .6
2 1 1 .3

5
6
7

6 4 8 .9
5 5 0 ,.2
98,.7

7 0 8 ,.4
5 7 9 ..5
129,.0

758 . 1
6 0 3 .7
1 5 4 .5

8 0 2 ,.2
6 2 7 ..9
174,.2

8 4 6 ,.6
.8
651 .
194..9

9 0 1 .0
6 8 2 .6
2 1 8 .4

8 6 5 ..6
661 ..9
2 0 3 ,.7

8 8 2 .0
6 7 2 ..2
2 0 9 ,.8

8 9 5 .7
6 8 0 ,. 1
2 1 5 .6

9 0 7 .6
6 8 6 .2
2 2 1 .4

9 1 8 .7 C u r r e n t e x p e n d . . N I P A b a s i s
Consumption expenditures
691 ,
.8
Net i n t e r e s t and t r a n s f e r s
2 2 6 .9

.2
.3
.7
.8

94,.9
65,.6
50,.6
109,.9

99..7
69..5
61 .8
107..4

95
72
58
109

98..9
71 .
.4
5 9 .4
110,.9

99,.0
72,.3
5 9 .3
112,.0

93 .9
73,.4
6 0 .4
1 0 6 .9

8 9 .2
74 .3
5 5 .6
107,.9

109..8
150..8

118..3
154..0

9 2 .0
157,.2

110..5
161 .5

70.. 7 G r o s s i n v e s t m e n t
Fixed investment
163..7

-41 .
.0
- 1 0 8 ..6
8.. 1
9..7
4 8 ..0

- 3 5 ..7
- 8 2 ..4
.3
6..6
16.. 6

- 6 5 ,.2
- 8 0 ..5
8..4
4..8
.8
14 .

- 5 1 .0
- 1 6 6 .. 1
- 3 .0
8 . 1
44,.0

- 9 3 ..0
- 1 1 7 ..9
1 .0
.
25..9
27..3

.9
.6
.1
.4
.8
.4

- 1 6 9 ..7
- 1 7 0 ..6
- 2 0 5 ..9
35,.3
- 4 ..6
5..4

- 9 4 ..9
-94 .
.7
- 7 9 ..3
- 1 5 ..4
- 5 ..3
5.. 1

- 1 0 5 ..7
- 1 0 3 ..8
- 1 3 1 .2
.
2 7 ..3
- 6 .3
,
4 .
.5

- 2 0 7 .9
- 2 0 1 ..2
- 1 9 0 ,.8
- 1 0 ,.5
-7
0,.5

- 1 6 7 ,. 1
- 1 6 2 ,.4
- 1 5 5 .3
- 7 ,. 1
-8 . 1
3 .5

- 6 .4

- 4 ..7

- 1 0 ..4

- 2 ..9

- 7 ..4

- 4 6 .7

- 1 5 ..3

- 1 1 5 .. 1

- 2 4 ,.9

- 4 7 .5
- 4 6 .. 1
19.8
- 6 5 ..9
.3
-1 .

- 1 6 ..3
- 1 4 ..8
- 5 ..9
- 8 ..9
.4
-1 .

- 1 1 6 ..2
- 1 1 4 ..6
- 2 0 ..2
-94.4
.5
-1 .

- 2 6 .. 1
- 2 4 .4
.
1 1 .2
.
-35.
-1 . 6

0..7

1 ,0
.

,
1 .0

-11 . 6

- 7 ..5

2 0 ..0

- 3 ..6

(1) Data

for

8
9
10
11

80 . 1
5 6 .. 6
.9
61 .
74..8

75,.8
5 9 ,.6
5 3 ,.8
8 1 .6

86
62
52
95

.3
.8
.3
.2

.3
.8
.7
.4

12
13

8 9 ..6
122..5

73.. 1
124,.0

8 9 .4
1 3 2 .2

90,.2
1 3 9 .9

110..2
1 4 6 .7

9 7 .9
1 5 9 .1

14
15
16
17
18

- 3 2 ..9
16..8
- 1 .0
,
- 2 ,.7
- 2 6 .6

- 5 0 ,.9
31 ,
.5
5 .2
-10 . 1
-16 . 6

-42
-19
3
-6
4

- 4 9 ,.7
13,.2
1..4
- 4 .8
16,.7

- 3 6 ..4
- 7 9 ..3
2..5
5 .8
12..0

- 6 1 .2
- 1 1 1 ..7
1 .6
11 .3
2 5 .7

3 .7
9,.5
2 6 .6
- 1 7 ,.1
.5
-5.4

-94 . 6
- 9 4 .0
- 1 3 0 ..8
36 .
.8
- 2 .8
2,.2

19
20
21
23
24
25
26
27
28
29
30
31
32
33

4 7 .6
4 0 ,.3
35,.5
4 .8
2 . 1
5 .3

5 0 .8
4 6 .0
2 3 .0
.0
1 .4
3 .5

- ,.5
49 . 7
4 6 .6
4 5 .8
.9
4 2 .8
0..9

2 . 1

BILLIONS

OF

- 3 .8

-5 . 1
- 4 2 .9

- 5 0 .5

21 . 1
21 .3
-1 . 1
.3
- . 1

62..3
62 ,
.9
1 .8
61,. 1
-•.6

- 4 3 ..4
- 4 2 .3
- 2 ..2
- 4 0 ..2
-1 . 1

- 5 1 .5
- 5 0 .0
1
- 5 1 .2
- 1 .5

-68. 5
- 6 7 ..2
.9
— 66..3
-1 .
.2

0 .8

2 .3

0 .6

0,.5

1 .0

0..9

8 . 6

6.5

19 .8

- 2 .8

11 .5

.6
.3
. 9
.4
.4

DOLLARS,




0 .3

-143
-140
-139
-1
-6
3

6 2 .9

81
81
6
74
0

- 1 4 .8

- 2 1 .5
- 2 0 .8
- 2 0 .4
.4
.6

- 6 7 .. 6

8 2 .4

3,. 1

.8
.4
. 1
.2
.9

99..4
70,.5
. 7
71 ,
98..2

.4

I

II

employee

III

1001
725
72
203

.5
.5
.2
.8

IV

1007
731
72
203

retirement

Net surplus, NIPA basis
+ C o n s u m p t i o n of f i x e d c a p i t a l
- Pension fund r e s e r v e s
= Gross saving

19
20
21
22

Taxes

25

receivable

increase

26

Credit market instruments
Municipal securities
Shor t-term

27
28
24
30
31

U.S.

are

24

liabilities

Trade

in

government

loans

payables

32
33

37..2 D i s c r e p a n c y
funds

14
15
16
17
18

Credit market instruments
U.S. govt, securities
Treasury
Agency
Municipal securities
Mor tgages

Net

1 .2
.

8
9
10
11
12
13

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s
C h e c k a b l e dep. and c u r r .
Time and s a v i n g s d e p o s i t s
Security RPs

- 4 .9
,

5
6
7

shown

in

table

F.124.

Z.7,
U.S.

M A R C H 8» 1 9 9 6
G o v t . , G S E s , and

Pools

U.S. Govt.t
F . 1 0 6 - F . 1 0 8 U . S . G o v e r n m e n t , G S E s , and M o r t g a g e

SEASONALLY ADJUSTED

1990

ANNUAL

1991

1992

RATES

1993

GSEs,

and

Pools

Pools
SEASONALLY ADJUSTED ANNUAL RATES

1994

1995

I
I

1994
IV

I
I

1995
I

II

III

F . 106 U . S . G o v e r n m e n t
1 129.9
485.7

1149.0
476.9
109.7
79.8
482.6

1198.5
490.8
118.7
81.9
507.1

1275.3
523.6
137.5

1284.5
426.6
6 78.0
179.9

1345.1
446.0
706.4
192.7

-154.6

118.0

65.1
461 . 1

7

8
9

526.0

1377.0
561 .4
164.4
92.7
558.6

1477.4
615.1
182.7
91.2
588.4

1416.2
574.5
179.9
93.2
568.6

1449.3
594.6
183. 1
91.7
579.9

1483.2
624.4
180.7
93.5
584.6

1486.6
617.3
189.1
88.4
591.8

1490.4
624.2
177.7
91.3
597.2

Receipts, NIPA b a s i s
Personal taxes
C o r p . p r o f i t s tax a c c r u a l s
Indirect taxes
Social insurance receipts

1479.4
451.1
832.5
195.9

1530.0
4 5 1 .4
886.3
192.3

1567.0
450.7
914.9
201.4

1641.0
453.9
957.8
229.3

1606.8
455.3
936.6
214.9

1622.7
454.8
946.7
221 .2

1643.8
456. 1
958.5
229.2

1648.1
453.5
961 .9
232.7

1649.5
451.2
964.2
234.1

Current e x p e n d . , N I P A b a s i s
Consumption expenditures
Transfers, etc.
Net interest

-280.9
27.0
65.9

-254.8
27.2

-190.0
27.5
70.7

-190.6
29.3
72.7

-173.4

-147.2

-122.8

-160.6
34.5
74.2
2.4
-118.4

-161.5
30.7
73.8
28.0
-90.4

-159.1
-24.8
73.7

-146.8

-163.6
15.8
73.8
7.6
-98.0

Surplus, N I P A b a s i s
I n s u r a n c e and p e n . r e s e r v e s
C o n s u m p t i o n of f i x e d c a p i t a l
Access rights sales

-180.8
65.7

-123.6
62.9

-160.8
65.6

-186.9
65.2

-140.5
66.5

-159.3
63.2

-7.6
56.8

-246.5
-49.9
-2.7
-21.7
-.1
-24.2

-186.5
-18.4
6.4

-252.1
17.0
13.4
-.2
1 .8
-13.2

-207.0
36.6
7.3
92.7
-.3
-24.3

-222.5
-83.3
5.1
-71.2

-64.4
-43.9

0.3
-22.8

-226.4
-5.3
-3.8
12.3
-.1
-24.4

-23.4

- 2 1 .2
-.5
-30. 1

-14.0
-10.2
-.3
-4.2
3.3

-13.9
-8.9
2.7
-.1
-5.0

-22.8
-1.6
9.9
-7.0
7.8

-8.4
-4.8
34.6
-3.2
-16.2

-17.4
-6.9
-33.0
-.5
-5.3

-13.1
-10.3
0.6
-.1
5.8

-16.6
-13.5
8.8
3.3
-4.2

88.2

10
1 1
12
13
14

-115.8

-196.1
25.6
63.9
- . 1
-157.9

15
16

-102.4
77.0

-177.0
76.6

-274.8
76.9

-221 .0

-179.4
69.3

-253.6
59.2
-2.6
27.4

- 3 5 1 .7
-25.4
-1.7
-16.9
- . 7
-11.9

-291.8
-5.2

22.0
60.7

0.2

0.8

4.8
0 . 1
33 . 7
35.
- 1 .
27

28
248.6
1 .5

0.1

10.5
15.4
-4 . 9
-7.4
-4 . 9
36.1

-11.9
-2 . 6
-7.1
15.4

312.8

326 . 3
-2.0

37
38

246 . 9
8.5
230.3

8.2
22 . 0
-5.7
-17.1

70.7

1.0

20 . 7
- . 1
-18.4
-15.4
-2.9
-2. 1

73.5

286.5

196.6

269. 1

243.6

0.7

0.7

0.7

139.2
8.6
0.8

20.5

0.7

168. 1
2.2
0.6

221 . I

0.4

280.1

304.0
19.1
284.6

-13.8

0.2

256.1
14.7
233.7
7.8

155.9
8.0
147.7
0.2

144 .4
5.1
137.9
1.5

150. 1
5.2
150.5
-5.7

266.8
5.8
262.3
-1.2

202.8
4.8
196.4
1.6

65.8
3.9
61.5
0.4

42.4
5.9
31.4
5.1

15.8
0.7
4.5

29.3
14.3
26.7

22.9
2.7
-24.0

34.5
0.3
5.4

30.7
11.0
22.3

-24.8
-11.4
14.3

2 78.2
11.9

25.6
-5 . 3
14 . 3

27.0
-2.8
- . 1

27.2

2.1
0.7

27.5
8 . 7
3.9

40

19.2

32.8

7.3

34.0

25.5

13.5

64.1

22.1

41

14.5

-16.9

19.2

-26.7

-5.7

-12.2

14.7

76. 1

I!

Government-Sponsored Enterprises
1
2

2. 9
4 .5

3. 1
4 .3

3
4
5

23 . 1

19 . 1
. 9
-1 . 1

-1 . 0

. 0
.0
.3
. 6
.8

15 . 1
29 .3
18 .2
1 1. 1
. 7

68
30
17
12
0

5. 7
5 .3
1 .2
.9
0 .5
- 1 9 .. 9
4 .2
,
0. 5
-24 . 7
2.4

1 1 ..7
10..9
1 .4
.
5
7.. 1
-32. 2
3. 0
2. 8
- 3 8 .0
6 .0

32 . 1
3 0 .5
1 .6
,
. 1
2.. 7
3.. 7
1 .5
1 .4
0. 8
-12. 6

22
23
24
25
26

21 .6
17. 0
17. 1
1
4 .6

16 .9
9. 1
9. 2

52. 7
40. 2
40. 3

7 .8

12. 5

27

-3. 1

-3. 4

-5. 0

6
7
8
9
10
1 1
12
13
14
15
16
17
18
19
20
21

6. 9
14
27
21
5
0

2. 9
5 .4
5 5 .2

.8
.2
. 9
.3
.2

3. 3
6 .8
78 .3
0 .9
- 1 6 .2
90 .2
1 1.2
-7 . 1
18 .4
.6
1 1. 1
43 . 7
4 2 .2
1 .7
,
.2
-1 .
.7
26. 5
1 .8
1 .4
23. 3
3. 4
75. 7
80. 6
8 0 .6

3 .5
8 .5

3 .8
9 .6

149 .0
.9
35 .4

118 .6

123 .2
63 .4
0 .4
63 . 1
0 .8
8 .5
8 .9
8 .0
0..9
0.. 1
14..4
27..2
3..6
0. 8
2 2 .8
- 8 ..7

3 .4
8 .9

3 .8
8 .9

2 0 .3

2 3 8 .9
- 1 .5
66 . 1

26 . 1

78 . 9
63 .6
3 .6
5 9 .9
1. 1
2 .6
0 .6
0 .4
0 .8
.5
.2
11..2
2.. 1
2..7
6..4
19..4

175 .2
100 .6
2 5 .9
74 .7
1 .3
,
8..9
.4
-1 . 1
0.5
0.. 1
21 .6
43. 4
3..2
1 .3
.
38. 8
9

1 1.2
13 . 1
2. 1
10 .9
- 2 .5
8 .5
- 6 .2
- 5 .3
1 .0
.
- 1 .9
,
12..6
- 1 4 ..3
3. 3
6..0
- 2 3 ..6
13. 6

51 .0

3
4
5
6
7

8
9

10
11
12
13
14

-60.6

0.2

1.0

34
35

68.2

1

2

Fixed

-

15
16

investment

Net finarcial i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s
G o l d , S D R s , and f g n . e x c h .
C h e c k a b l e d e p . and c u r r .
T i m e and s a v i n g s d e p o s i t s
Credit market instruments
Agency securities
Mortgages
O t h e r l o a n s and a d v a n c e s
Taxes receivable
Trade receivables
Miscellaneous assets

28

N e t i n c r e a s e in l i a b i l i t i e s
SDR c e r t i f i c a t e s
Treasury currency

29
30
31

17
18
19

20
21

22
23
24
25

26
27

Credit market instruments
32
Savings bonds
33
Other Treas. securities
34
B u d g e t a g e n c y s e c u r i t i e s 35
Multi family m o r t g a g e s
36
I n s u r . and p e n . r e s e r v e s
37
Trade payables
38
Miscellaneous liabilities
39

69.0

-53.0

I

40

-67.8

-46.0

(

41

3 .8
9 .8

3 .9
9 .9

( 1 )

3 .8
9 .7
152 . 7
1 .3
4 4 .3

111 .7
- 2 .5
16 .7

159 . 1 Jet a c q . of f i n a n c i a l a s s e t s
1 .2
C h e c k a b l e d e p . and c u r r e n c y
- 5 .9
F e d . f u n d s and s e c u r i t y R P s

8 6 .9
8 7 .9
0. 1
8 7 .7
.4
.0
. 1
.3
.2
- 1 5 .. 1
6 .7
5 .0
.4
2..2
20..2

5 0 .8
28..2
1 .8
26.4
1 -. 1
- 1 4 .. 1
9..5
8..0
0..9
0.,6
12. 5
13. 7
3. 0
4. 4
6. 3
46. 7

166
125
10
114
5
7
0

.8
.3
.5
.8
.9
.5
.2
.2
1 .0
.
.5
- 1 0 ., 7
38..6
- 2 ..8
0..8
40..6
-3. 0

150..6
127. 2
127. 2

Ill .6
101. 5
101 .5

158. 7
142. 2
142. 2

8
-1
-1
0

117. 3
108. 5
108. 5

237. 0
249. 0
249. 0

48.5
62. 9
62. 9

-4. 9

147. 3
172. 1
176. 9
- 4 .8
-24. 9

8. 9

-12. 0

-14.5

23. 4

10. 1

16. 5

— 6. 2

-6. 7

-7. 0

-7. 3

-7. 6

-8. 0

-6. 1

-6.4

3
4
5

Credit market instruments
U.S. government s e c u r i t i e s
Treasury
Agency
Municipal securities
C o r p o r a t e and f g n . b o n d s
Mortgages
Home
Multifamily
Farm
Open market paper
O t h e r l o a n s and a d v a n c e s
Sallie Mae
Farm Credit System
F H L B l o a n s to m e m b e r s
Miscellaneous assets

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Credit market instruments
GSE issues (2)
U.S. government loans
Miscellaneous liabilities

23
24
25

26

Discrepancy

(1) Federal Home Loan B a n k s , Federal National M o r t g a g e A s s n . ,
Federal Heme Loan Mortgage Corp., Student Loan Marketing
A s s n . , F a r m C r e d i t S y s t e m , the F i n a n c i n g C o r p . , and t h e
Resolution Funding Corporation.
( 2 ) S u c h i s s u e s a r e c l a s s i f i e d as U . S . g o v e r n m e n t s e c u r i t i e s .
F.108
150.3
147.3
3.0

136.6
139.3

150.3

136.6

-2.6

115.6
117.8
-2.3

Federally Related Mortgage Pools

83.6
85.0
-1.4

112.1
112.1

83.6

112.1

105.1
100.7
4.5

(33

68.5
66.9

1.6

30.0
31.0
-.9

70.5
63.9
6.6

128.6
125.3
3.3

1 9 1 . 3 Net a c q . of m o r t g a g e s
182.4
Home
8.9
Multifamily
*
Farm

68.5

30.0

70.5

128.6

1 9 1 . 3 Net

increase

in p o d l

sees.

( 3 ) G N M A , F N M A , F H L M C , and F a r m e r s H o m e A d m i n i s t r a t i o n p o o l s .
Also
i n c l u d e s f e d e r a l l y r e l a t e d p o o l s that a r e u s e d a s c o l l a t e r a l for
f e d e r a l l y r e l a t e d a g e n c y - i s s u e d C M O s and p r i v a t e l y i s s u e d C H Q s .
E x c l u d e s F e d e r a l F i n a n c i n g B a n k h o l d i n g s of p o o l s e c u r i t i e s , w h i c h
are i n c l u d e d w i t h U . S . g o v t , m o r t g a g e s a n d o t h e r l o a n s and a d v a n c e s .
( 4 ) S u c h i s s u e s are c l a s s i f i e d as U . S . g o v e r n m e n t s e c u r i t i e s .
BILLIONS OF DOLLARS.




(4)

5

Z.7,
Rest

M A R C H 8 , 1996
of t h e W o r l d

Rest
F . 109

SEASONALLY

ADJUSTED

ANNUAL

Rest

of

the

SEASONALLY

1995

813. 4
6 2 8 .,6
156. 4
28.4

7 5 0 ..6
6 2 2 ..3
1 4 0 ..5
- 1 2 ,. 1

8 2 7 ..8
6 6 9 ..0
126,.8
32..0

8 8 7 ..9
7 2 4 ..9
129..9
33..1

1020,.7
8 1 8 .4
168 . 1
34 .2

1 1 5 1 ..5
9 0 6 ..2
2 1 4 ,.7
3 0 ,.5

734. 8
557. 3
177.5

7 5 8 ..0
6 0 1 ..8
1 5 6 ..2

7 7 7 ,.3
6 3 9 ..4
137..9

7 9 9 ..6
6 6 0 ..0
139. 7

8 8 1 .2
7 2 2 .0
159 .2

1 0 0 7 .. 1
8 0 4 ..5
2 0 2 ..6

1994
IV

1 1 0 1 ..2
8 6 3 ..3
193. 4
4 4 .,5

the

World

ANNUAL

RATES

World

RATES
I
|

of

I
I

ADJUSTED

1995
I

1119
885
204
30

.8
. 1
. 1
.6

II

1162
919
215
28

.5
.3
.0
.2

9 3 9 ..3
7 6 3 ..6
1 7 5 ..7

9 7 5 .5
7 7 8 .6
196 .9

1 0 0 2 .5
7 9 6 .9
2 0 5 .6

III

1165
913
219
32

.3
.3
.4
.6

1 0 1 6 .4
8 1 2 .5
2 0 3 .9

1 1 5 8 ..2 F o r e i g n i n c o m e f r o m U . S .
US imports from abroad
9 0 7 ..0
U S f a c t o r p a y m e n t s to f g n .
2 2 0 ..4
N e t t r a n s f e r s to f o r e i g n
30..8
1 0 3 4 .. 1 F o r e i g n o u t l a y s to U . S .
U S e x p o r t s to f o r e i g n
8 3 0 .. 1
US factor r e c e i p t s from
204 ,
.0
Net capital grants from

7 8 .6

- 7 ..4

50..4

88. 3

1 3 9 .6

1 4 4 ..3

161 .,9

144 .3

1 6 0 .0

1 4 8 .9

124.. 1 G r o s s

11

48. 2
138. 2
2
. 3
. 7
2 5 .. 6

3 6 ..4
74.. 1
.2
.4
-1 .
.2
- 1 9 .. 9

8 7 ..9
195..5
2 . 3
1 .5
.
-1 . 1
44 .
.5

63. 9
286. 7
5
3
6. 8
51 .4

165.5
2 8 4 .6
.4
4 .3
.5
92,.3

1 5 9 ..0
4 2 7 ..3
.8
0..9
- 6 ., 1
7..9

1 1 8 ..2
284. 5
5
9.,2
- 4 ., 7
9 4 ., 9

78 .0
3 5 3 .9
- 3 ..5
- 2 .9
- 5 .4
- 1 .6
,

96.4
4 7 1 .5
.6
-2 . 1
- 1 3 .3
12 . 6

2 5 1 .2
4 5 2 .0
1 .4
6 . 1
- 8 .9
.
- 3 2 ..6

2 1 0 .. 6 N e t f i n a n c i a l i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s
431 . 7
G o l d and S D R s (2)
.6
U.S. checkable deposits
2.
U.S. time deposits
, 1
Net interbank claims
5 3 .. 1

16
17
18
19

-3.4
-16. 0
8 6 ., 7
33 .
, 3
30.
2 9 .. 6
0.. 7
.0
3 .
-2 .
.5
5 .
, 6
5 .
, 3
5 0 .. 1
- 2 .. 0

1 .2
.
10..4
.3
13 ,
43 .
.9
16.. 1
14,.8
.
1 .3
2 7 .8
18 .8
8 .9
16 .2
- 4 7 .3
0 .6

20..9
- 5 ..8
98..2
73..6
.4
18 .5
3 .9
51 .2
36 .9
14 .3
18 . 1
4 .9
1 .6

19. 7
20. 6
128..3
108..4
5 3 ..0
4 9 ..0
4.. 1
5 5 ..4
24.. 1
,3
31 .
30.
- 1 6 ..5
5..9

- 9 ,.8
0 .5
134 .4
8 7 .5
36 .7
30 .7
6 .0
5 0 .7
33 .8
16 .9
3 8 .7
2 .5
5 .7

17..3
9. 8
2 7 0 ..9
1 9 6 ..3
72..5
6 8 .8
3..7
1 2 3 ,.8
98..8
2 5 ..0
5 6 ..0
.4
18..9

17
21
325
247
106
100
5
141
121
20
52
7
19

17..3
18 .
.8
3 5 2 ..8
2 7 8 ..4
84 .
.5
8 2 ..4
. 1
1 9 4 .0
147 . 1
46 . 9
5 3 .5
. 9
18 . 1

.4
2 .
14 .
.4
159..8
73.
54 .
51 .
.5
2.
18 . 7
7 . 3
1 1 .4
.
60
3 ,
23

10

12
13
14
15

20
21

29
30
31
32
33
34
35
36

0 .8

.
6 .2
40 ,
.2
4 7 ,, 9
5 6 ,.2
. 7
- 14 ,
6 . 3
- 7 .. 7

40
41
42

2 2 2 ,.7

1 1 9 .0

2 6 8 .2

-5
- 2 6 .5

0 .8
- 1 8 ,.5

- 5 .8
4 5 .8

8 .8
4 2 .0

3 0 .7
.6
15 .7

6 0 .5
68 .8
8 1 .3

4 2 .7
- 2 0 .3
7 .1

4 7 .8
6 7 .4
4 7 .3

0 .7
- 1 .0
1 .2
0 .5

1 .4
.2

-9.0
-3.1

-27.3
-.3
-1.3

45
46

. 7
0 .4

1
2 .5

47
48

12 . 3
-3.2
-3.7

6.4
-4.4
-5.4

51

-1 .
.2

52
53
54
55
56
57
58
59

3 0 .0
1 .3
.
0.. 1
2 4 ..9
8.. 7
2 0 ..4
- 4 .3
.
3,.7

2 1 ., 6
1 ,5
.
1 .0
.
30..4
17 .
.7
17..0
- 4 .3
- 1 1 ..3

60

3 0 .4

- 4 3 .7

-78.6

.8
122 .
63..8
4 3 .0
15..0
5..8
5 9 .0

- 1 .6
- 3 .5

. 1
.4

65

5 9 .4
4 9 .5
.4
7.6
9 .5
10 .0

1 0 7 .5

.9

-71.3
21 . 1
28.4

5 5 ,. 6
41 .. 1
26..7
- 9 ..3
23,.7
14,.5

4,. 6

3 7 .7

30 . 7
14
15 .0

61
62
63
64

2 .4

32
17
31
-13

.4
23 . 9
21 .4

3 .
.0

-20.5
15.7
-12.1
7.4

. 1
.6
.6
.4
.6
14 .5

4..9

70 . 1
.0
.8
.5
.3
. 1

45
-19
-4
48

90,. 0
.0
27 . 9

3 .0

2 .3
1 .0
0. 7
0.6

-1 . 1
1 .
5 8 .. 1
1 .4
.
0..1
40.. 1
14 .6
16 .3
9. I
16 .5
- 3 7 .5

-29.6
11.1
32.0
-50.4

1 .6

8
0
2
5

.3
.4
. 1
.8

13.6

0.2

-2.1

8 ., 6

.6

.0

108..4
1 .. 1
0..3
72 . 6
22..3
31 .5
18 .8
3 4 .3

5 4 ..7
1 .4
.
0..2
49..4
.7
11 .
34..7
3..0
3 .7

9 3 .,7
1 .5
0..4
79..9
14..9
5 3 ..7
11 .3
12..0

- 2 6 .0

- 1 4 ..7

2 4 .3

-65.0
9.8
33.1

32..4
- 1 1 7 .. 1
- 1 5 .3
- 1 1 ..9
.9
244 .
2 1 0 .. 9
186 .2
1 5 6 ..6
45 . 0
34 .,8
4 0 .5
2 9 ..9
4 .5
4 .
.9
141 . 1
121 .,8
119 . 6
1 0 3 .. 7
18.. 1 ' 21 .5
58 . 1
34..8
- 1 4 .7
1 .. 3
15 .3
18..2

4 .
.6

3 .0

.2
.4
.9
.4
.0
.7
.3
.4
.3
.4
.0
.0

7 .9

102 .2
68 . 9
54 . 6
13 .2
1 .. 1
33 . 3

102 .4
51 .5
.0
.8
7. 6
5 0 .9

166..3

2 7 5 .9

375 . 1

- 8 .6
.
.9
97 .

17 .8
39 .2

10 .3
90 . 6

33., 2
.5
33 .
2 7 ,.7

12 .8
61 .4
13 .5

37 .0
40 4
4 9 .9

99 .. 1
78.,3
5 3 .. 6
13. 5
1 1 .2
.
2 0 ..7

.5

5
-1
2
4

.6
. 7
.6
.7

3 .8

221 . 1

9 .0
2 8 .0

-1 . 9
10 . 0

N e t i n c r e a s e in l i a b i l i t i e s
U.S. off. fgn. exchange
a n d n e t IMF p o s i t i o n
U.S. private deposits

8 2 .0
9 7 .5
5 5 .0

5 9 .4
70 . 1
7 0 .8

8
0
4
3

.2
.8
. 1
.3

C o m m e r c i a l paper
A c c e p t , l i a b s . to b a n k s
U.S. government loans

-11.1
-3.6
- .4

-3.2

-3.4
-3 . 0
-5.6

6 . 1

6,.2

9..7

10..4

8..0

4 . 1
1 .8
- 1 .5
47 . 7
15 .8
4 0 .8
- 9 .0
- 4 3 .9

138..5
.
1 .2
-1 5
90..0
21 .
.2
5 4 .0
14 .8
4 8 .8

187.. 1
1 .0
.
0.. 1
68 ..5
- 6 .5
.
5 5 .3
19..7
117..5

- 2 6 ..2
1 .6
1 .0
8 6 .8
34 .4
5 2 .7
.3
- 1 1 5 .6

6 6 .3

63 . 6

- 1 0 2 .3

6.6

-96.4
-8.9
34.2

-101.7
-12.1
30.5

-99.7
-17.7
44.5

-106.5
-7.2
30.6

-122.4
-9.4
28.2

-100.8

-139.6

-144.3

-161.9

-144.3

-160.0

-148.9

-15.5
32.6

Fgn. corporate equities(5)
Credit market instruments
Corporate bonds
Bank loans
Official
Banks

0.9

30.9

75..5
2.. 1
2 .0
.
74 .
.2
10..5
5 2 .. 9
10..8
- 2 ..9

n.e.c.
45
46

OF

DOLLARS.




47
48
49
50
51

S e c u r i t y debt
Trade payables

Miscellaneous liabilities
U . S . e q u i t y in I B R D , e t c .
U.S. govt, deposits
U . S . d i r . inv . a b r . ( 3 ) (4 )
56
E q u i ty
57
Reinvested earnings
58
Intercompany accounts
59
Other

- 8 6 ..5 D i s c r e p a n c y

(FOF

basis)

(6)

Memo:
- 7 6 . 9 Net U.S. e x p o r t s , NIPA basis
- 1 6 . 4 • Net U.S. factor income (7)
30.8 - Net transfer pmts.to foreign
+ Net capital grants received
= N e t f g n . i n v e s t m e n t in U . S . ,
-124. 1
NIPA basis

( 1 ) L i n e 1 m i n u s l i n e 5 : a l s o e q u a l to l i n e 6 5 w i t h s i g n r e v e r s e d .
(2) U.S. net s a l e s , sign r e v e r s e d .
( 3 ) T h r o u g h 1 9 9 2 : Q 4 , c o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s
A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. d i r e c t i n v e s t m e n t a b r o a d
e x c l u d e s net inflows from those bond i s s u e s .
( 4 ) D i r e c t i n v e s t m e n t is v a l u e d o n a c u r r e n t - c o s t b a s i s .
Excludes
capital gains/losses.
C o m p o n e n t s of d i r e c t i n v e s t m e n t — e q u i t y ,
r e i n v e s t e d e a r n i n g s , and i n t e r c o m p a n y a c c o u n t s — a r e not a v a i l a b l e
before 1982.
( 5 ) I n c l u d e s A m e r i c a n D e p o s i t a r y R e c e i p t s ( A D R s ).
( 6 ) B a l a n c e of p a y m e n t s d i s c r e p a n c y a d j u s t e d to N I P A c o n c e p t s .
( 7 ) C o n s i s t s of n e t r e c e i p t s f r o m f o r e i g n e r s of i n t e r e s t , c o r p o r a t e p r o f i t s ,
and e m p l o y e e c o m p e n s a t i o n .
E q u a l s d i f f e r e n c e b e t w e e n GNP and G D P .
BILLIONS

(4)

Reinvested earnings
Intercompany accounts
Other

1 1 .3
1 .0
1 .5
8 .9

5.9
-3.0
3.4

4 3 .7

Security credit
Trade receivables

2 0 0 .8

- 2 .0
2 .4
.

1.0

Security RPs
U.S. corporate equities
Credit market instruments
U.S. govt. securi ties
O f f i c i a l , net
Treasury
Agency
P r i v a t e , net
Treasury
Agency
U.S. c o r p o r a t e bonds (3)
L o a n s to U . S . c o r p . b u s .
Open market paper

Miscellaneous assets
F g n . d i r . i n v . in U S

8 . 1
1 .5
0 .3
6 .3
7.9

(1)

193 .
57..5
33
16..5
7 .
135.. 7

9 3 .3
77..4
5 2 .2
18 .5
,7
6 .
16 .0

"
-88.3

3..6

saving

fgn.
fgn.

60

61
62
63
64
65

2 . 7 , M A R C H 8 • 1996
Banking System

Banking
F.110-F.111

SEASONALLY

1990

ADJUSTED ANNUAL

1991

1992

Monetary Authority

3
4
5
6
7
8
9

- 2 ..2
0,.2

- .5
0 .2

1 .0
,
0,.2

2 6 .8
1 .3
.
0.,8
1 .5
.
1 .. 1
.3
16.

22 . 3
-3
0. 6

- 2 .5

17 . 1
- 2 .2
.
0,.4
- 2 ..0
.5
0..5
- 7 .8
.

31
31
31
-

27.. 9
27..9
28..5
.6

- 1 .5

SEASONALLY ADJUSTED ANNUAL RATES

1993

1994

I
I

1995

1994
IV

Authority

I

II

- 2 .8
0 .3

-3 . 1
0,.3

- 2 .8
0 .3

-2.8
0.3

42 . I
0 .4
0 .6

28,.2
- 2 .. 6
0..9

19,.5
- 4 ,.4
0..9

5 0 .0
7 .9
0 .9

41.6
3.6
1 . 1

- 2 .3
.6
5. 1

- 1 .6
.
0.. 1
- 2 ..6

19 .7
3 .2
1 .0
2 .2
0 .8
. 1
3 .3

- 3 ..6
-1 . 1
- 6 ..3

36 .2
36 .2
37 .0
.8

.5
31 .
31 .
.5
.5
.0
-1 .

12 .7
12..7
13 .7
- I .0
,

30..0
30..0
30..6
.7

- 2 .. 0

- 2 .3

-2 .

2..6

- 3 ..3

26 .. b
3 1
3., 9

22 . 1
-9
1 .0

16.. 7
2 . 7
- 1 .. 7

41 .8
2. 9
0 .8

28.,0
-4 .
,2
5. 5

19,.4
- 1 .2
.
2..4

20
21

2 5 ..2
8

23
24
25
26

2 2 .. 6
-5. 6
0 .2
-5. 8

29 , 2
8 .8
0
19 .8
1. 1
0
0. 9

17..6
- 1 0 ..3
. 7
28..7
.8
-1 .
0..4
- 2 ..2

37 . 1
7 .2
0. 1
2 9 .8
1 .0
0 .3
0 .6

25.,3
-7. 7
1
. 1
1 .3
0. 3
1 .1

16.. 9
- 1 .2
.
0..2
17,. 9
1 .2
.
0..3
1 .0
.

20..3
2..9
.3
17., 7
- 7 .,3
0. 3
-7. 6

27

- 2 .6

-1 . 0

-3. 3

-3. 4

0. 4

1995

- 2 ..8
0,.3

0. 1
0 .3

17
18
19

. 1
. 1
.4
.3

I
I

.6

- .5

III

IV

CI)

10
1 1
12
13
14
15
lb

8., 1
8.. 1
8.. 3
.2

System

Banking

RATES

F.110 Monetary

1

and C o m m e r c i a l

3. 1
.6
. 1

0.9
0.5
20.5

- 2 .8 G r o s s
0 .3 F i x e d

saving
nonres.

18 .4 N e t a c q . of f i n a n c i a l a s s e t s
- 1 .3
G o l d and f o r e i g n e x c h a n g e
Treasury currency
0,.9
SDR c e r t i f i c a t e s
0,
Federal Reserve float
-1 .
, 1
F . R . l o a n s to d o m e s t i c b a n k s
Security RPs
- 9 ..7

- 1 1 .1
-11.. 1
- 1 0 .3
.8

24,. 7
24,.7
25,.8
.0
-1 .

-1.2

4 . 1

0..3

-5.7

- 1 2 ..3

23.. 1
- 9 ..6
19..7

40..4
- 3 ..0
- 1 6 ..2

47.2
1.9
4.5

- 3 0 ,. 6
- 1 4 ,.9
-1 .
.4

52..2
8..3
0..6
43..3
7.,3
0..4
6..9

53.9
32.9
-.7
21 .8
-13.1
0.1
-13.2

- 2 9 ..7
-35. 5
0..2
5..6
15..4
0. 4
15..0

-12. 7

2.5

6

4., 7

Credit market instruments
U.S. government securities
Treasury
Agency
Acceptances
Bank loans n.e.c.
Miscellaneous assets

20..7 N e t i n c r e a s e in l i a b i l i t i e s
D e p o s i t -ry i n s t . r e s e r v e s
11 .
.2
8
V a u l t c a s h of c o m m . b a n k s
- 8 ..7
-10. 6
0. 9
1 .1
- 4 .6
0. 2
- 4 .8

1
2

investment

-31 . 1
2 .5
1. I
8 .6
.9
0 .8
- 1 9 .7

16,.3
16,.3
17 .2
.9

0. 2

20.8
20.8

- 2 .8
0 .3

C h e c k a b l e d e p . and c u r r e n c y
D u e to U . S . g o v e r n m e n t
D u e to r e s t of the w o r l d
Currency outside banks
Miscellaneous liabilities
Federal R e s e r v e Bank stock
Other

7 Discrepancy

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
23
24
25
26
27

(1 ) A s s e t s and l i a b i l i t i e s of F e d e r a l R e s e r v e B a n k s and T r e a s u r y
m o n e t a r y a c c o u n t s that s u p p l y or a b s o r b b a n k r e s e r v e s .
Excludes
the a c c o u n t s of the F e d e r a l R e s e r v e B o a r d .

F.lll

2

31 .
.8
35 . 0

3
4

106.. 6
. 1

103 .4
- .8

181 .8
- .5

2 3 7 .7
-•-

5

130
61
6
54
— lb
4

105 . 1
1 1 1.3
60 .4
50 . 9
- 14
7. 6

115
104
61
42
-5
-1

.2
. 7
. 9
.8
. 7
.6

162 .6
72 .5
27 .8
4 4 .7
1 .7
3 .5

18
19
-6
-9
-1
lb

.5
.2
. 9
.3
.4
.9

1

7
8
9
10

. 1
. 1
.8
.3
.4
. 6

1 1
12
13
14
15
16

8 3 .6
78 . 6
1. 9
2
.8
-2 . 0

1 7
18

. 3
- 2 ,.5

39
32 . 9

-3
31
-14
-29
-2
10

. 1
. 9
.5
. 1
.0
. 6

1 .8
1. 7

53 .3
34 .2

.4
.4

51 .4
33 .3

83
47
34
-8
-1
12

.6
.2
.2
.5
.9
. 7

(2)

56 .4
. 1

54 .2
29 .5

56 .6
2 8 .7

5 5 .8
31 .3

7

332 . 9
" .3

281 .6
1 .5

395 .9
- .4

4 6 9 .5
0 .4

2 3 4 .4
".6

231 .9 N e t a c q . of
Checkable
- .6

156 .8
- 2 6 .5
. 1
5 .5
- 1 .6
4 .6

271
27
-10
37
-4
8

2 0 4 .0
- 7 4 .4
-73 . 1
- 1 .3
- 4 .3
7 .8

330
48
27
20
-8
-6

.2
.5
.9
.5
.9
.4

351 .3
4 3 .8
- 1 0 .8
5 4 .6
- 3 .9
6. 7

247
18
-40
58
-4
24

.2
.5
.1
.6
.3
.7

157 .2
- 2 .0
- 1 7 .3
15 .3
0 .2
7. 7

183
65
63
61
-1
-5

237
76
41
116

2 7 5 .3
95 .5
78 .2
78 .5
2,.5
2 0 .5

297
109
45
151
-5
-3

.3
.3
.0
.7
.0
.8

302
92
49
124
4
32

201
73
34
100
-1
-6

.6
.2
.9
.7
.0
.2

150 .5
31 .3
35 . 1
8 7 .4
0 .9
- 4 .2

0 .5
6.. 1

- 1 .0
1 .8

0 .4

. 7
.4
. 7
.8
.5
. 7

.5
. 1
.3
.2

.9
.5
. 1
.0
. 1
4 .5

0,.3
2,. 1

- 6 .4
0..8
2,.5
78..4

- 2 ,.4
5 .5
- 3 ..5
75..5

.6
2,.4
- 1 .2
,
61 . 1

255.. 1
- 3 1 ..7
- 1 8 ..9
4,.4
- 1 7 ,.2

. 1
.4

0 .5
.6

.4
.1
.3
. 1
.6
.3

1 .3
1. 1

- 9 ..4
19..7
- 9 .2
75..0

8
-16
-1
75

.5
.2
.9
.7

- .6
4 .5
1 .5
112 .4

298 ,
.2
- 4 6 ..0
-4 .
.7
0,.7
- 4 2 ,.0

257,.0
- 7 4 ,.4
- 1 5 ,.0
9,.5
- 6 9 ,.0

344
-7
4
-3
-8

.5
.3
.7
.4
.5

368
59
43
-1
17

-1 . 1
21 .3
78,.2

113..2
54,. 1
30.. 6

7..6
40..3
108..3

52,.7
- 2 ,.9
4..2
51 .4

88.. 1
.5
-1 .
- 2 .. 7
92..3

5..4
0..7
- 3 ..2
7..9

4..3
10..0
14..5
- 7 ..7
3.,2

1 .9
.
13..4
7..2
- 2 ..5
8..6

1 .8
.
20.. 1
7..7
3.. 1
9..3

47,.6

0. 2
8 1 ..0

0. 5
90. 5

- 9 .8
3.
,9
4 .2
- 2 1 .. 7

- 1 0 .2
1 .0
- 8 .8
17 .0

23
24
25
26
27

104 .8
21 . 7
5..3
. 1
16,.5

113
37
5
-2
34

.3
.6
.5
.0
. 1

185,.0
92..8
- 5 ,.9
2 .3
96 .4

241 ,
. 7
74.. 1
12,. 1
.4
62 .4

28
29
30

123..0
- 2 2 .. 1
- 2 5 ..6

78 .9
-24 . 0
- 1 9 .3

2..7
- 6 6 ..8
18..2

- 1 1 .9
,
- 2 1 .0
41 .5

31
32
33
34

28..0
0..8
1 .6
.
25..6

4 2 .6
3..0
.9
-4 ,
4 4 ..5

35
36
37
38
39

2., 1
-26. 8
-4. 8
-24. 0
2..0
.2
4..7

Banking

53 .2
30 .0

- 1 .9
- 1 .4

0,.5
0.. 9

19
20
21

40
41

Commercial

4
-1
26
-19

.8
.5
.2
.9

0..9
- 1 3 ..2
4 .2
,
- 2 0 .. 1
2,.7
*

- 3 ..6
-1 .
, 7
2,.5
70..0

5 7 .9
30 .2

- 3 ..1
- 1 .4
.
- 1 4 .7
7,.0

.2
.4
.5
.4
.2

219..6
- 1 3 9 .9
- 3 2 ,.3
5 .8
- 1 1 3 .5

19,.5
81 .7
68,.7

151 .1
35 .4
69 .3

88..4
- 4 ..7
-1 .
.7
94.,9

1,.7
2..5
0..8
.6
-1 .

3..6
24..9
19..4
- 2 ..2
7..7

2..2
20..1
25..8
- 1 2 ..7
7..0

0..6
19..6
16..0
6..2
- 2 ..6

0.,7
77.,7

0..9
Ill .,4

0. 8
63. 6

0..8
159..2

0,.9
- 1 7 ,.3

5 5 .4 G r o s s
38 . 1 F i x e d

-7
22
10
49

. 1
.8
.4
'1

saving
nonres.

investment

financial assets
d e p . and c u r r e n c y

Total bank credit
U.S. government securities
Treasury
Agency
Municipal securities
C o r p o r a t e and f g n . b o n d s
Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open market paper
Security credit

11
12
13
14
15
16

M u t u a l fund s h a r e s
Corporate equities

17
18

C u s t . l i a b . on a c c e p t a n c e s
Vault cash
R e s e r v e s at F e d e r a l R e s e r v e
Miscellaneous assets

19
20
21
22

136..0
90..8
36..8

146..4
8 .3
- 5 2 ..4

S m a l l t i m e and s a v i n g s d e p .
Large time d e p o s i t s
Fed. funds and s e c u r i t y R P s

28
29
30

2 2 .3
1 .5
,
8 .2
12 .6

-25, 1
. 1
7..6
- 3 2 ,.6

22..7
- 1 ..0
- 2 9 .,4
5 3 .. 1

Net interbank claims
To m o n e t a r y a u t h o r i t y
To d o m e s t i c b a n k s ( 3 )
To f o r e i g n b a n k s

31
32
33
34

4 .9
42,. 1
30,.2
- 1 .9
13..7

3..1
34..8
18..1
11..6
5..0

6.,0
3.,2
13..2
-24. 8
14..7

Corporate equity issues
Credit market instruments
Corporate bonds
Open market paper
O t h e r l o a n s and a d v a n c e s

35
36
37
38
39

1..0
82..1

1..0
221. 4

Taxes payable
Miscellaneous

40
41

- 5 ..0

16,.5

22..2

2 2 ,.1

46..0

-10. 4

0.•1

- 2 3 ..5

- 7 6 .8

12..9

125.. 1

8 0 .8

95..3

142,.2

163..4

264..0

174. 5

3 4 2 .7

316,.0

243..5

liabilities

45. 6 D i s c r e p a n c y
153..6 M e m o : C r e d . m k t .

42
funds adv.(4) 43

(2) U . S . - c h a r t e r e d commercial banks, foreign banking o f f i c e s in U . S . ,
bank h o l d i n g c o m p a n i e s , and b a n k s in U . S . - a f f i l i a t e d a r e a s .
IBFs
are e x c l u d e d from d o m e s t i c b a n k i n g a n d t r e a t e d t h e s a m e a s
b r a n c h e s in f o r e i g n c o u n t r i e s .
( 3 ) F l o a t s and d i s c r e p a n c i e s in i n t e r b a n k d e p o s i t s a n d l o a n s .
C43 T o t a l b a n k c r e d i t (line 5 ) l e s s s e c u r i t y c r e d i t ( l i n e 1 6 )
l e s s m u t u a l fund s h a r e s (line 1 7 ) l e s s c o r p o r a t e e q u i t i e s ( l i n e 1 8 ) ,
p l u s c u s t o m e r s ' l i a b i l i t y on a c c e p t a n c e s ( l i n e 1 9 ) .




5
6
7
8
9
10

23
24
25
26
27

43

DOLLARS.

3
4

2 6 0 .3 N e t i n c r e a s e in l i a b i l i t i e s
- 9 6 .3
Checkable deposits
- 3 4 .9
U.S. government
R e s t of the w o r l d
.7
1
-63
Private domestic

42

BILLIONS OF

1
2

Z.7, MARCH 8,
Pension Funds

1996

F.123-F.124
SEASONALLY

ADJUSTED

1990

ANNUAL

1991

SEASONALLY

1993

1994

1995

F.123

1 .8
7.3

1 .9
.
6,.8

2.1
7.5

3
4
5

58.5
— .8
-9.3
0.3

67..5
.3
0,.5
5 .4
1 .0
,
6 .2
4 .7

76.4

9

1 . 7
-1.5

10
11
12
13

54.0
38.4
24 . 6
13.7

15
16
17
18
19
20
21

15.2
0.1
0.3
14.2
-6 . 6
-2.3
23.0

3 5 .4
2 0 .6
13 .8
6 .9
0 . 1
15 .5
- 6 .2
5.4
14 .7
13 . 1
3 .7
- 2 .2

22

64 . 1

7 2 .5

1 .8
.
7 .8
76..7
. 1
- 7 ,.9
6 .6
6 .5
.7
9 .2

-22.4
2.1
1.5
10.2
32.3

45
16
10
5

41.1
19.0
12.9
6.1

.9
.0
.9
. 1

23.7
-3.7
2.1
11.7
-13.9
2.0
23.5

.7
0 .6
6. 6
-6 . 1
- 1 1 .8
3. 1
2 .6

8 1 .8

82 . 7

I
I

Private

1 .6
8. 2

1..7
8 ..0
8 0 ..9
. 1
- 6 ,.6
10..2
4 .5
2 2 .9
- 1 4 ..7

8 5 ..9
. 1
-12. 9
0. 5
1 .9
2 8 .. 1
,9

.3
1. 1
10 .2
17 .7
4 .8
3 .2
9 .7

5 6 ..3
2 4 ..0
15..6
8.5
0.. 1
31 ..0
0,.8
0..5
13..0
- 6 ..0
3 .2
15..8

8 7 .2

9 2 .5

47
13
9
3

Pension

.0
.4
.5
.9

1994
IV

Funds

II

1
3
5

61 . 9
1 .5
.
. 7
12..3

14

,
.8
. 1
. 6
.5
. 1
.8
.8
. 1
14 .9

15

61 .9

6
7
8
9
10
11

32
27
17
9
0
2

BILLIONS

OF

State

5 0 ., 6
0..7
2..6
.
0 .2
48 .
.0

5 3 ..8
0.. 1
0 . 1
. 3
2 9 ,.4

52.7
0.8
-1.8
2 . 9
16.7

41
18
13
5

17
0 .8
4 .3
- 2 1 .2

23.0
0.8
4.5
-3.7
0.2
19.5
- .4
2.9
11.1

19..8
11 .5
15 .9
- 4 .4
0 .2
9 .8
- 1 .9
0 .2
- 2 0 .5

5 3 .8

52.7

5 0 .6

. 1
.8
. 7
.2
. 1

DOLLARS.




and

Local

Government

RATES

III

(1)

9 5 .7
. 1
- 1 0 .4
10 .4
3 .0
11 .0
- 1 .7
.7
.3
.8
.6

31 . 1
1 .8
10 .4
8 .8
- 3 .5
3 .2
9 .2
102 .6

1 .6
.
8 ..2

1 .6
8 .3

121 ..5

4 4 .2

1 .6
.
8. 0
113.,0
. 1
- 8 ..5
.5
3..8
2 1 .,7
19..5

.8
- 4 ..8
- 4 ,.6
29..8
15..0
57..2
27..6
17 .6
10 .0
0 . 1
3 3 .3
1 .0
- 4 .8
31 .8
-8 . 1
3 .2
3 6 .7

5 8 ..9
2 7 ..6
18..5
9,. 1
0.. 1
30..8
0..9
.5
18 . 1
- 2 .6
3 .2
17 . 6
119 .4

128 . 1

-21
3
5
30
-20
47
17
11
6

. 1
.5
.5
. 1
.9
.5
.4
.4
.0

2 6 .3
0. 3
3.5
. 7
3 .2
4.3
5 0 .9

1 .7
.
8..4
65.. 1
-19.
3., 7
3.. 1
30..8
- 1 7 ..0
.6
,
.5
.
. 6
•
.9
. 1
33 .
.5
0
3
2 .
. 7
3 .2
. 7

61
23
14
8

*

e t a c q . of f i n a n c i a l a s s e t s
C h e c k a b l e dep. and c u r r e n c y
T i m e and s a v i n g s d e p o s i t s
Security RPs
Money m a r k e t fund shares
Mutual fund shares
Corporate equities

Employee

Retirement

59.4
0.3
-2.7
2.9
56.5

61 .,8
.6
- 3 .,0
7. 5
18..0

58.7
-.7
-2.7
9.3
34.4

71 .7
-3.4
1 .8
11.6
-12.0

2 9 ..0
15..9
8..3
7.. 6
.3
5,.3
0..7
7 .5
10 .9

32.7
10.6
-.5
11.1
- . 1
11.5
0.7
10.0
-14.2

36.6
14.5
-3.0
17.5
12.2
0.7
9.1
37.1

62.4
36.2
17.3
18.8
-.1
20.4
0.8
5.2
-59.9

61 .8

58.7

71.7

59.4

3
4
5
6
7
8
9

Credit market instruments
10
U . S . g o v e r n m e n t s e c u r i t i e s 11
Treasury
12
Agency
13
Municipal securities
14
C o r p o r a t e and fgn. b o n d s
15
Mortgages
16
Open market paper
17
Miscellaneous assets
18
U n a l ' o . i n s . c o n t r a c t s ( 2 ) 19
20
Pen. fund contr. receiv.
21

7 1 ..8
8 Pension
71

fund

reserves

CI) Includes the F e d e r a l E m p l o y e e s ' R e t i r e m e n t S y s t e m T h r i f t S a v i n g s
( 2 ) A s s e t s of p r i v a t e p e n s i o n p l a n s h e l d at l i f e i n s u r a n c e c o m p a n i e s
( e . g . , G I C s > v a r i a b l e a n n u i t i e s ); s e r i e s b e g i n s 1 9 8 5 : 0 4 .

F.124

ANNUAL

ADJUSTED

1995

I
I

1 .6
8 .4

74
31
20
10

Funds

Funds

RATES

1992

1
2

Pension

Pension

(liab.)

22

Plan.

Funds

5 9 ..3
- 4 ,.0
.8
.0
32..3

60.4
1 . 7
-3.8
12.1
20.0

5 5 .. 6

3,.2
.3
- 1 1 .0
10 .8
. 1
- 6 .7
0 .6
9 .7
19 .6

53.0
13.7
3 . 6
10.1

12.. 1
—7 ,

5 9 .3

26.9
0.8
11.7
-22.5
60.4

-3 . 6
13..0
.0
29 .

5
0
13
5

.4
.8
. 3
.9

C h e c k a b l e dep. and c u r r e n c y
T i m e and s a v i n g s d e p o s i t s
Security RPs
Corporate equities
Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
C o r p o r a t e and fgn. b o n d s
Mortgages
Open market paper
Miscellaneous assets

5 5 ..6
6 Net

incr.

in

liab.

(HH

asset)

2
3
4
5
6
7
8
9
10
11
12
13
14
15

2 . 7 , M A R C H 8 , 1996
Private Securities
Private

Securities

F•212-F.215 Private Securities
SEASONALLY ADJUSTED

ANNUAL

RATES
SEASONALLY ADJUSTED ANNUAL RATES

^ 9 0

11991

1992^

1993

1994

1995

F. 2 1 2 M u n i c i p a l
1
2
3
4

5

49
45
2
42
3

.3
.8
. 9
.8
.8

b

- . 3

7
8

49 . 3
26 .
.4
-7 . 7
2 . 1
0. 8
-16. 4
0 .4
3. 3
1 .8

1 0
1 1
12
13
14
15
16
1 7
18
1 9
20
22

0. 1
13 .
0
13. 9
0 .8
7. 7

87.8
81.3
6.9
74.4
7.7

30.5
21.3
-1.1
22.3
9.3

-1.2

74.8
62.9
1 .8
61.1
11.9
- . 1

*

87.8
38 . 9
20. 1
1 .4
- . 7
-14.2
- . 6
-2. 1
-10.7
0. 1
- . 1
27.2
11.3
6 . 6
1 . 6
9.2

-29.3
-42.3
-2.2
-40.2
14.5

30.5
-27.9
1 . 0
- .6
0.2
-5 . 7
- .4
1 . 1
6.3
0.2
28.7
14.3
5.4
1 . 9
6. 1

74.8
26.2
11.1
- .5
- .6
1 . 7
0. 1
3.2
10.4 .
0.2
42.9
4.2
9.6
5.8
12.9

^

Securities

-1.5

-3.0
-47.2
-65.8

-1.9
7.4

1 .0
9.0
0. 1

-53.8
-67.2
-.9
-66.3
15.0
-1.5

-6.8
1 . 1
-4.2

0. 7
5 .6
14.3
-2.8
0.9

1

4
5
6
7
8
9
10
1 1
12
13
14
15
16
1 7
18
1 9
20
21
22
23
24
25
26
27

Corporate

j

-48.2
-46.1
19.8
-65.9
5.3

-53.8
-64.6
35.2
-4.6
1.3
-4.3
— .6
1 . 0
12.9

-38.9
0.7
-4.9
12.2
0.9

CI) Bebt with
C2) Liability

F.213

|

Ii*"

5

m

and L o a n s

-47.2
-50.0
1 .2
-51.2
5.8

-29.3
-51.4
5.8
-2.8
0.8
-1.6

-.3
-4.3
7.7
7.8
-1.7
5.3

j

and F o r e i g n

- 9 .5
- 1 4 .8
- 5 .9
- 8 .9
8 . 1

-7.4

- 2 .7

-48.2
7.7
-17.8
-5.3
-2.5
-8.9

- 9 .5
- 5 0 .6
4.4
- 6 ,.3

-4.4
7.0
0.1
-.1
-17.6
6.5
4.8
-18.5
0.9

5. 7
8. 0
0. 1
1
-2. 6
6. 2
25. 1
3. 5
1 .0

- 3 ..9

original maturity
of the h o u s e h o l d s

- 1 1 3 .0
- 1 1 4 .6
- 2 0 .2
-94.4
3 .7
- 2 .0

0.1

- 1 1 3 .0
- 1 3 0 .8
4 .4
- 7 .2
1 ., 1
- 4 ..3
0.. 1
- 1 .8
10. 0

2.8
5. 8
15. 8
-9. 6
0. 8

-18.0
-24.4
1 1 .2
-35.6
6.3

of 13 m o n t h s or l e s s .
and n o n p r o f i t o r g a n i z a t i o n s s e c t o r
and L . 1 0 0 ).

166.1
67 . 6
15.7
82.8
14.5
11.7
-3.2
6. 1
1 . 0
2.7
50.0

276 . 3
75
81
1 1 9.8
7
13 . 6
- 1 .5
9. 7
0 .3
12 .0
78 .4

143.8
23.3
7.1
113.4
7.7
20.0
- .8
2 9.0
2.0
0.5
54.9

303.0
75.0
47.3
180.8
19.4
24.4
*
49.7
2.1
-5.0
90.1

130.4
6.2
27.7
96.5
25.8
-13.8
- .5
27.0
0.6
19.3
38.1

2 2 4 .5
55.3
13.5
155.7
16.0
52.6
-.1
77.6
2.1
-29.5
37.1

323 . 1
99 .0
4 9 .9
174 .2
30 .2
22 . 1
0 .2
39 .8
. 1
. 1
79 .9

285.9
60.7
55.0
170.2
18.1
16.7

378.7
84.8
70.8

31.0
2.1
2.1
100. 1

50.5
2.3
7.7
143. 1

122 . 0
48 ,
. 1

1 62 .5
.2

166.1
-6.5

5 . 3
4 .6
,

16 .2
7 .6
.

18.1
— 1.6

- 2 ..9
25. 4
7. 4
15. 5
17. 2
2 8 .4
- 1 .6
1 .8
12. 0
3. 4

7.3
55.0
-1.2
23.7
19.5
31 .0
2.2
2.5
10.0
6 .2

143.8
-2.1
8.5
38. 7
4.6
10.0
-2.4
59.9
7.2
22.3
5.3
3.2
-5.6
3.4
-8.7
- .4

303.0
64.5
2.6
56.0
8.2
9.8
-3.9
78.6
6.0
31.0
1 1.5
22.9
-1.7
6.4
12.0
-.7

130.4
13.6
8.9
34.8
7.8
6.0
-23.7
62.0
7.2
31 . 1
12.2
-17.1
-5.0
2.4
-8.5
-1.1

2 2 4 .5
60.3
8.5
58.1
— 6.4

- 1 9 .. 3
5 6 .5
10. 4
15. 2
8
4 .7
9
- 1 .7
- 4 .0
0. 2

276 3
4 2 .4
1 1.,1
30..5
3..5
4 .
, 0
, 1
5 8 .3
3.

32 3 . 1
2 5 .3
8 .4
52..4
6.. 7
8. 0
6. 7
116. 2
6. 4
33. 3
-6. 7
29. 6
-3.4
6. 4
34. 7
9

285.9
81 .4
-14.1
53.5
24.7
16.0
-6.8
36. 1
5.4
26.3
26.9
27.1
-.1
8.3
1.7
-.4

CF.100

-7.5
83.8
6.6
30.8
20.4
0.8
-3.1
- . 1
-26.7
-1.1

Nonfin. corporate business
R e s t of the w o r l d C 3 )
Financial sectors
Commercial banking
Funding corporations
Savings institutions
Finance companies
REITs
B r o k e r s and d e a l e r s
ABS issuers

13.2
6.3

378.7 Net purchases
90.9
Household sector
7.5
Govt.-spons. enterprises
60.2
R e s t of the w o r l d C 4 )
7.7
Commercial banking
15.0
Funding corporations
-7.9
Savings institutions
78.6
Life insurance companies
5.4
Other insurance companies
33.5
Private pension funds
5.4
St.Sloe. govt, rtr. funds
34.1
Mutual funds
- .4
Closed-end funds
10.8
Money market mutual funds
38.2
B r o k e r s and d e a l e r s
-.5
Bank p e r s o n a l trusts

1

62 . 9

147

209 . 1

323 . 7

128 .9

171.1

- 1 2 .6

65. 1

174.1

195 .7

2 4 9 .7 N e t

62 .9
39
- 1 .0
,
. 3
0..2
12.. 6
1 .. 7
9. 7

147 .2
113 .6
2 .4
1 .8
.
1 .2
.
8 .5
6 ,2
.
13. 5

209 . 1
148,. 3
5 .0
.4
1 .5
18. 7
10 .
25. 8

323 .7
237 . 7
6 .8
0 .5
0.. 1
10..9
. 7
44., 9

128 .9
104 . 1

171.1
118.0

- 1 2 .6
- 2 6 .0

65. 1
18.2
3.0

174.1
120.9
3. 0

195,.7
142..8
3..0
0 .
.5

2 4 9 .7 N e t p u r c h a s e s
189 .8
Household sector
5,. 1
Nonfin. corp. business
.0
-1 .
Commercial banking
Credit unions
10..0
Life insurance companies
30..8
Private pension funds
15. 0
Bank personal trusts

-16. 5

0.3
6.1
15.2

- 1 4 ..3
11 .
15.

F.215 Corporate Equities
1
2
3
4
5
6
7

9
10
11
12
13
14
15
16
17
18
19
20
21
22

- 4 4 .6
- 6 3 .0
7 .4
11 .0
2. 1
2 .8
1 .4
1 .3
3 .4
- 4 4 .6
- 3 3 ..4
- 1 6 ,.0
- 2 ..5
- 2 ..5
- 5 ..7
-7. 0
- 1 .5
12. 3
14. 4
0.
-3. 3
0. 5

62 .2
18 .3
30 .7
13 .3
0 .9
1 .9
14 . 6
1 .6
- 5 .7
6 2 .2
-35 . 1
10..4
1..7
- 1 ., 1
9. 5
- 1 .2
4. 7
29. 4
48. 5
1 .8
2. 4
—8. 6

85
27
30
28
4
5
18
2
-1

.8
.0
.7
. 1
.3
.5
.2
.0
.9

85..8
18..2
- 5 .,8
4
0. 3
2. 7
4
32. 3
16. 7
59. 8
6
-37.0

1 18 .4
21 .3
60 .5
36 .6
1 .9
7 .4
13 .0
12 .9
1 .3
1 1 8 .4
- 6 4 ,.6
20,.6
0..9
1 .7
31 .8
0. 8
9. 2
48. 0
115. 3
2. 0
8. 1
-55.2

21 .9
- 4 4 .9
4 2 .7
24 . 1
1 .8
6 .5
0 .9
10 .3
4 .7
21 .9
- 1 3 7 .8
0 .5
- 1 ,.4
.8
63..3
- 1 4 .,7
18. 0
100. 8
6. 4
-3.4
-9. 3

-14 . 1
- 7 6 .0
4 7 .8
14 .2
3 .6
7 .2
3 .5
7 .3
- 7 .5
- 1 4 ,. l
- 1 6 8 ..4
2.. 1
0. 7
7. 8
2. 0
9
34! 4
88. 2
—2, 3
7. 5
4. 8

BILLIONS OF DOLLARS.

12
13
14
15
16
17
ig
19
20
21
22
23
24
25
26
27

6.3

4.0

15.5

4. 0
30. 1
15. 3

l

issues

2
3
4
5
6
7
9

C5)

- 6 8 .5
- 1 1 8 .0
33 .2
16 .3
2 .2
6 .5
- 2 .8
1 .2
9 1
- 6 8 ,.5
- 1 6 3 ..3
-11 .
.9
4
- 1 .9
58. 3
1.,1
-1. 7
-12. 0
58. 3
7. 3
1. 0
-3.4

- 4 6 .9
- 6 8 .4
12 .8
8 .7
0 .6
7 .2
1 .4
4 .8
- 5 .3

- 4 .9
- 5 9 .6
3 7 .0
17 .7
4 .9
7 .2
4 .0
11 .2
- 9 .6

- 5 .6
- 9 8 .8
8 2 .0
11 .2
3 .1
7 .2
8 .0
6 .4
- 1 3 .5

- 7 7 .2
5 9 .4
19 .0
6 .0
7 .2
0 .6
6 .8
- 1 .6

- 4 6 .9
- 1 9 4 ,.5
- 1 5 ..3
.6
0. 4
5. 7
2. 1
19. 5
56. 5
75. 4

- 4 .9
- 2 0 1 .8
,
21,.4
1.
1..9
0. 2
2. 0
15. 0
32. 3
119. 1
-2.4
0. 9
5. 5

- 5 .6
- 1 7 9 ,.5
18,.8
6.
0..4
23. 6
2. 0
-20. 9
20. 0
114. 5
4
4. 7
5. 0

j .2
- 9 7 ,.7
14..4
1 .8
.
0..2
1 .9
.
2. 0
-17. 0
29. 0
43. 6
-4.4
23. 3
4. 0

1. 2
4.8

Net issues
Nonfin. corporate business
R e s t of the w o r l d ( 3 )
Financial sectors
Commercial banking
Other insurance companies
Closed-end funds
REITs
B r o k e r s and d e a l e r s

Household sector
R e s t of the w o r l d ( 4 )
Commercial banking
Savings institutions
Life insurance companies
Other insurance companies
Private pension funds
St.filoc. g o v t . r t r . f u n d s
Mutual funds
Closed-end funds•
B r o k e r s and d e a l e r s
Bank personal trusts

C 3 ) N e t p u r c h a s e s of f o r e i g n i s s u e s b y U . S . r e s i d e n t s ,
c
N e t p u r c h a s e s of U . S . i s s u e s b y f o r e i g n r e s i d e n t s .
(5) E x c l u d e s mutual fund shares shown a b o v e .




3
4
5
6
7
g
9
10
11

Shares

2
3
4
5
6
7
8
9

__ J 9

6
7
g
9
10
11
12
13
14
15
16
17
ig
19
20
21
22

Bonds

162 .5
78 .8
15 . 0
68 .8
4
6 .9
-4 . 1
12
0. 1
3. 7
45 . 6

F.214 Mutual Fund

2
3
4
5

- 1 8 . 0 >4et c h a n g e in a s s e t s
-89.5
Household sector
8.1
Nonfin. corporate business
-8.1
S t a t e and l o c a l g o v e r n m e n t s
5.9
Govt.-spons. enterprises
0.2
Commercial banking
- .2
Savings institutions
4.7
Life insurance companies
11.0
Other insurance companies
0.1
Private pension funds
- . 1
St.Sloe, govt.rtr.funds
20.2
Mutual funds
3.8
Closed end funds
1 1.5
Money market mutual funds
13.5
B r o k e r s and d e a l e r s
0.9
Bank personal trusts

122 . 0
47 . 1
21 .4
53 .5
- 4 .8
.9
-5 . 6
15 . 3
0. 1
1 .5
44 . 1

9 .8
50. 6
4. 4
5. 4
2
- 1 .1

S t a t e and l o c a l g o v e r n m e n t s
Short-term CI)
Long-term
Nonprofit o r g a n i z a t i o n s (2)
Nonfin. corporate business
(industrial revenue bonds)

j
2
3
4
5
6
7
8

9

n
12
13
14
15
16
17
18
19
20
21
22

Z.7 » MARCH 8,
Credit Market

1996
Debt

Credit
L.2-L.4 Credit

PERIOD-END

1987

Market

LEVELS

PERIOD-END

1988

1989

1990
L.2

1991

Credit

1992

Market

1993

Debt

Owed

1994

I
I

I

by N o n f i n a n c i a l

II

III

IV

8 6 7 4 .9

9 4 3 9 .1

1 0 1 7 6 .4

1 0 8 7 4 .5

1 1 8 9 6 .7

1 2 5 3 7 .4

1 3 1 6 0 .6

1 3 3 3 8 .7

1 3 5 4 4 .3

1 3 6 8 6 .8

1 9 4 9 .8
1 9 4 4 .6
5 .2

2 1 0 4 .9
2 0 8 2 .3
2 2 .6

2 2 5 1 .2
.0
2 4 .2

2 4 9 8 .1
2 4 6 5 .8
3 2 .4

2 7 7 6 .4
2 7 5 7 .8
18 . 6

3 Q 8 0 .3
3 0 6 1 .6
18 .8

3 3 3 6 .5
3 3 0 9 .9
2 6 .6

3 4 9 2 .3
3 4 6 5 .6
2 6 .7

3 5 5 7 .9
3 5 3 1 .5
2 6 .4

3 5 8 3 .5
3 5 5 6 .7
2 6 .8

3 6 0 3 .4
3 5 7 6 .5
2 6 .9

5
6
7

6 7 2 5 ,. 1
1010.4
7 8 4 ,. 1

7 3 3 4 .2
1 0 8 2 .3
8 8 7 ,.2

7 9 2 5 .2
1 1 3 5 .2
961 . 1

8 3 7 6 .3
1 1 8 4 .4
1 0 0 8 ,.2

8 5 7 1 .8
1 2 7 2 .2
1086,.9

8 8 1 6 .3
1 3 0 2 .8
1 1 5 4 .5

9 2 0 0 .9
1 3 7 7 .5
1229,.7

9 6 6 8 .3
1 3 4 8 .2
1 2 5 3 .0

9 7 8 0 .8
1 3 3 4 .8
1 2 6 6 .8

9 9 6 0 .8
1 3 2 9 .8
1 2 9 1 .6

1 0 0 8 3 .4
1 3 0 6 .6
1 3 0 6 .8

8
9
10
1 1
12

2 9 4 5 ,.6
1 9 4 7 ..2
2 5 6 ..9
6 5 3 ..8
8 7 ..7

3 2 3 9 .4
2 1 8 7 ,.2
2 7 2 ,.6
6 9 6 ,.6
8 3 .0

3 5 3 8 ,.3
2 4 2 0 ..7
2 8 5 ..2
7 5 2 ,.0
8 0 ..5

3 7 9 9 ,.4
2 6 7 6 ,.2
2 8 8 ..4
7 5 5 ,.9
78..9

3957.8
2 8 4 9 ..8
2 8 2 ..8
745..9
79..3

4088
3037
272
698
80

.7
.4
.5
. 1
.7

4 2 6 0 ..0
3 2 2 7 ,.6
2 6 7 ,.8
683.4
8 1 ..2

4 4 5 6 .5
3 4 3 2 ..2
269 . 1
6 7 2 ..3
8 3 .0

4496.8
3 4 6 6 ,.0
2 6 9 .8
6 7 7 ..6
8 3 .4

4563
3524
273
681
83

.3
.5
.3
.6
.9

4 6 3 8 .2
3 5 9 1 .0
2 7 b .8
6 8 b ,. 1
8 4 ..4

4700
3640
281
694
84

8 1 2 ..0
7 2 6 ..9
116..9
7 2 8 ..6

7 9 7 ..2
6 8 6 ..0
98..5
6 7 3 ..2

8 0 4 .6
6 7 2 .2
107 . 1
686..5

8 6 3 ..5
6 7 6 ..0
117..8
6 7 6 ..3

9 8 4 ..7
7 4 8 .. 6
139.
7 3 8 ..0

9 8 7 ..9
781 ..8
149.8
7 6 2 ..9

1026
810
162
776

.5
.3
.9
.4

1060. 8
8 2 6 ..0
163..3
781 .8

1 1 1 5 ..5
848 .
.3
157..4
7 9 0 ..4

9 9 6 0 .8
4 7 8 0 .3
4 0 8 5 .6
1 4 2 .8
1 1 6 3 .3
2 7 7 9 .4
1094,.9

1 0 0 8 3 ..4
4 8 9 0 ..0
4 1 2 2 ..6
144. 9
1170. 4
2 8 0 7 ..3
1070. 8

6 9 2 ..0
6 5 6 ..3
73..8
5 6 2 ..9

17
18
19
20
21

6 7 2 5 .. 1
2 7 8 6 .. 6
3 0 9 7 .. 6
144 ..4
993. 5
1 9 5 9 ..8
8 4 0 .,9

23

24
25
26
27
28
29

2 4 5 .0
82 . 3
2 3 ,. 3
41
9 8 .2
8 9 1 9 .9

7 9 6 ..4
7 2 6 ..5
107.. 1
6 6 0 ..5

7 4 2 ,. 1
6 9 0 ..2
8 5 ..7
6 0 7 ..4

7 9 2 5 ., 2
3 3 4 7 ..9
3 6 3 0 ,.8
134.4
1 149..4
2 3 4 7 ..0
946.5

7 3 3 4 ..2
3 0 6 8 ..0
3 3 7 0 ..8
1 3 3 ..7
1 0 8 0 .. 1
2 1 5 6 ..9
8 9 5 ..5

8 5 7 1 ..8
3 8 2 2 ..9
3 6 7 4 ..2
135. 0
1 1 3 7 ..3
2 4 0 1 ..9
1074. 8

285.0
115.4
18.5
75.3
75.7

299.7
130.5
21 .6
8 1 .8
65.9

1 0 4 3 7 .. 6 1 1 1 5 9 . 4

11647.9

251 ,
.4
89
.5
21 .
4 9 .9
90,. 7
9 6 9 0 ..5

8 3 7 6 ..3
3 6 4 0 ..7
3 7 4 2 ..5
135.,4
1 1 5 0 ..5
2 4 5 6 ..f
9 9 3 .• z

2 6 1 .2
94 . 1
.4
21 ,
63,.0
8 2 .7

L.3

Credit

8 8 1 6 .3
4 0 2 3 .6
3 6 9 6 .8
136,.3
1122,.9
2 4 3 7 .6
1095,.9

9 2 0 0 ..9
4 2 7 2 ..4
3 7 7 0 ..3
138..3
1 1 2 9 ..9
2 5 0 2 ..0
1 158..2

3 1 3 .. 1
146.
2 3 ..9
77.. 7
65..3

1 2 9 1 9 ..3

1 2 2 0 9 ..7

Market

Debt

3 8 1 .9
.4
24,.6
68..7
61 ,
. 1

Owed

by

9 6 6 8 ..3
9780. 8
4 6 3 2 ..3
4 6 7 5 .. 1
4 0 0 4 ..2
3 9 2 1 ..1
138..9
141 ..2
1 1 4 2 .,0
1154. 5
2 6 3 8 ..0 - 2 7 1 0 .,7
1114. 8
1101 .. 6

361 . 6
234 . 6
2 6 ,. 1
4 1 .4
5 9 ,.6
1 3 5 2 2 ..2

Financial

LEVELS

Sectors

1

1 1 3 4 8 .2

Debt

1995

2
3
4

13
14
15
16

Market

Debt

376
237
28
50
59

.8
.9
.2
. 9
.8

1 3 7 1 5 .5

3 8 7 .6
2 5 0 ,.4
29.,6
4 8 .. 1
5 9 ..5
13931. 9

4 1 0 ..7
264 ,
.2
31 .
.6
55..8
59.. 1
1 4 0 9 7 ..5

1 3 8 7 7 .3 D o m e s t i c
3 6 3 6 .7
3 6 0 8 .5
2 8 .2
1 0 2 4 0 .6
1301 . 1
1 3 2 8 .0
.0
. 1
.2
.4
.3

1 0 2 4 0 .. 6
5 0 0 5 ..4
4 1 7 1 ..9
142. 8
1 1 8 0 ..0
2 8 4 9 .. 1
1 0 6 3 ..3

4 2 9 .0
2 8 1 .9
34..4
5 5 .0
5 7 ,.7

1

U.S. government
Treasury securities
Budget agency secur.Smtgs.

2
3
4

P r i v a t e , by
Municipal
Corporate

5
6
7

transaction
securities
bonds

Mortgages
Home
Multi family
C o m m e r c i al
Farm

8
9
10
1 1
12

Consumer credit
Bank loans n.e.c.
Commercial paper
O t h e r l o a n s and a d v a n c e s

13
14
15
16

P r i v a t e - by s e c t o r
Household sector
Nonfinancial business
Nonfarm noncorporate
Corporate
S t a t e and local g o v t s .
Foreign credit market debt
h e l d in U . S .
Bonds
Bank loans n.e.c.
Commercial paper
Other l o a n s and a d v a n c e s

1 4 3 0 6 ..3 D o m e s t i c

and

foreign

17
18
19
20
21
23

24
25
26
27
28
29

Sectors

1

1 8 9 6 ..5

2 1 4 5 ..8

2 4 0 0 ..7

2 6 1 4 ..8

2 7 6 9 ..2

3 0 2 4 ..9

3 3 2 1 .0

3 7 8 5 .7

3 8 5 3 .5

3 9 6 4 .8

4 0 7 8 .0

4 2 4 4 .3 B y

2
3
4
5

9 7 8 ..6
303.
6 7 0 ..4
5..0

1098. 4
3 4 8 ., 1
7 4 5 ..3
5..0

1 2 4 7 ..8
3 7 3 .. 3
8 6 9 ..5
5..0

1 4 1 8 ..4
3 9 3 ..7
1 0 1 9 ..9
4..9

1564..2
4 0 2 ,.9
1 156..5
4..8

1 7 2 0 ..0
4 4 3 .. 1
1 2 7 2 ..0
4..8

1884 . 1
523 . 7
1355..6
4 .8

2168.4
7 0 0 .6
1 4 6 7 .8

2 1 9 2 .7
7 1 6 .3
1 4 7 6 .4

2 2 4 5 .0
748 . 1
1 4 9 6 .9

2 3 0 0 .2
7 7 3 .5
1 5 2 6 .7

2 3 8 1 .9
809 . 1
1 5 7 2 .9

U.S. government-related
GSE securities
Mortgage pool securities
Loans from U.S. government

6
7
8
9
10
1 1

917. 9
4 0 4 .,0
3. 1
48. 6
322. 9
139. 3

1047. 4
4 5 6 .. 1
3. 4
5 1 .4
3 7 7 .,7
1 5 8 ..8

1 152..8
5 2 6 ..8
3..7
6 4 .9
4 0 9 .. 1
148..3

1 1 9 6 ..4
5 8 0 ..4
4 .
.3
69..6
417.
124.

1205..1
6 4 9 .. 1
4..8
78..4
3 8 5 ..7
8 7 ..1

1 3 0 4 ..9
7 3 8 ..2
5. 4
80. 5
394. 3
86. 6

1436..9
8 5 8 .0
8 .9
67..6
3 9 3 ,.5
108..9

1617
969
18
55
442
131

1 6 6 0 .8
1 0 0 7 .9
2 0 .0
5 3 ,.4
454 . 1
125,.4

1719
1051
21
58
462
125

.8
.4
.3
.4
.8
.7

1 7 7 7 .7
1 0 9 4 .0
.6
6 0 .3
4 7 3 .6
1 2 7 .2

1862
1149
24
63
488
137

Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open market paper
O t h e r l o a n s and a d v a n c e s

2145. 8

2 4 0 0 ..7

2614.8

2 7 6 9 ..2

3024. 9

3 3 2 1 ..0

3 7 8 5 .7

3 8 5 3 ..5

3 9 6 4 .8

4 0 7 8 ,.0

4 2 4 4 .3 B y

3 7 8 .3
8 6 9 ..5

3 q 8 ..5
1 0 1 9 ..9

4 0 7 ..7
1 156. 5

447. 9
1272. 0

5 2 8 ..5
1 3 5 5 ,.b

7 0 0 .6
1 4 6 7 .8

7 1 6 ,.3
1 4 7 6 ..4

748 . 1
1 4 9 6 .9

7 7 3 .5
1526,.7

809 . 1
1 5 7 2 .9

Govt.-sponsored enterprises
Fed. related mortgage pools

13
14

1 0 4 7 ..4
8 3 .. 1
136..2
1 1 7 ..8
1 8 6 ..0

1 1 5 2 .8
8 2 .. 1
142,.5
130..3
171 ..0

1 1 9 6 ..4
8 3 ..0
114..8
145..7
140..1

1205.. 1
72..3
112..3
139.. 1
95. 4

1304. 9
80. 0
114. 6
161 . 6
88. 4

3 5 0 ..4
2 4 ..6
11..6
13,.8
2 2 6 ..5

3 7 4 ..2
2 4 ..6
12..4
15..3
2 8 6 ..3

391. 9
2
13. 6
19..0
339. 3

390. 4
30. 2
13. 9
21 . 7
404. 2

1 6 1 7 .3
94.5
133 .6
199..3
112..4
0,.5
0..6
4 4 0 ..7
18..7
31,.1
34,.3
5 5 1 ..6

1660..8
95,.0
137..0
2 2 1 ..0
107..7
0..4
0..6
4 5 6 ..7
16..9
32. 4
2 6 ..9
5 6 6 ..3

1 7 1 9 .8
9 9 .9
1 4 2 .9
2 2 9 ,.9
1 0 5 .9
0,.3
0,.6
4 6 7 ..2
20..6
33..7
26..8
5 9 1 ..9

1 7 7 7 .7
102,.2
149
2 4 0 ..0
107,.2
0,.4
0..6
4 7 1 .9
21 ..6
35..0
27..4
6 2 2 ..3

1 8 6 2 .3
104,. 1
1 4 8 .9
2 4 7 .. 1
115..8
0..4
0. 5
4 9 2 ..3
21 ..6
36..5
2 9 ..3
665. 8

Private financial sectors
Commercial banks
Bank holding c o m p a n i e s
Funding corporations
Savings institutions
Credit unions
Life insurance companies
F i n a n c e c o m p a n i es
Mortgage companies
REITs
B r o k e r s and d e a l e r s
ABS issuers

15
16
17
18
19
20
21

3 2 3 ..0
14..5
10..3
7..5
1 6 9 ..0

1 4 3 6 ..9
8 4 ..6
123..4
169..9
99..6
0..2
0..2
390. 5
30..2
17..4
33..7
4 8 7 ..2

12

1896. 5

13
14

3 0 8 ..2
6 7 0 .,4

15
16
17
18
19
20
21

9 1 7 ..9
8 6 ..3
131 .. 1
7 9 ..7
1 6 4 ..4

23
24
25
26

299.
14.5
8 ..3
3..2
131 . 3

3 5 3 .. 1
7 4 5 ..3

L. 4 Credit

1
2
3
4
5

10816
2923
1010
1270
2948

.4
.4
.4
.4
.7

6
7
8
9

6 9 2 .0
7 2 8 .2
4 3 7 ..9
8 0 5 ..4

10
11
12
13

115.3
747.3
480.2
2778.9

BILLIONS OF

11836
3198
1082
1432
3242

.2
.3
.3
.6
.8

Debt,

All

Sectors,

by

118.3
834.0
500.5
3098.9
DOLLARS.

.3
.8
.0
.3
.0
.2

1

sector

2
3
4
5
6
7
8
9
10
1 1
12

23
24
25
26

Transaction

1 2 8 3 8 .3 1 3 7 7 4 ..2 1 4 4 1 7 ..1 1 5 2 3 4 ,.6 1 6 2 4 0 ..3 1 7 3 0 7 ..9 1 7 5 6 9 ,. 1 1 7 8 9 6 .7
3 4 9 4 . 1 3 9 1 1 ..7
4 3 3 5 .7
4 7 9 5 .5
5 2 1 5 .8
5 6 6 0 ..7
5 7 5 0 ..6
5 8 2 8 .5
1 3 0 2 .8
1377..5
1 3 4 8 ..2
1334..8
1329..8
1 1 3 5 ,.2
1 1 8 4 ,.4
1272,.2
1 7 0 4 ,.0
1 8 6 6 .5
2 0 3 8 .9
2 3 1 5 ,.2
2 4 5 6 .5
2 5 9 3 .4
1 5 8 2 ,.0
2 5 1 2 ..7
3 8 0 3 ..7
3 9 6 2 . 6 4 0 9 4 . 1 4 2 6 9 ,.0
4 4 7 5 ..2
4 5 8 4 .7
3 5 4 2 .1
4 5 1 6 ..8

742
7 6 3 .. 1
5 1 3 ..4
861 8




Market

.3
.0
.7
.3
.8
.6

transaction

1 8 1 7 5 .4
5 9 0 3 .6
1306..6
2 6 6 4 .9
4 6 6 0 .9

1 8 5 5 0 ..6 T o t a l
6 0 1 8 ..7
U.S. government securities
Municipal securities
1 3 0 1 .. 1
C o r p o r a t e and f o r e i g n b o n d s
2 7 5 9 ..6
Mortgages
4 7 2 4 ,. 1

7 9 6 ..4
8 1 2 ..7
5 7 9 ..2
8 9 6 ..6

8 1 2 ..0
8 1 5 .,0
6 0 9 ..9
933. 5

7 9 7 ,.2
785.,9
5 6 5 ..9
8 3 1 ..0

8 0 4 ..6
7 7 6 ..6
5 7 9 ..0
843

8 6 3 .5
7 6 8 ..2
5 8 0 ..0
851 .

9 8 4 ..7
8 3 0 ..0
6 2 3 ..5
9 2 9 ..1

9 8 7 ..9
8 6 3 ..3
6 5 4 .,7
9 4 8 ..1

1 0 2 6 ..5
8 9 8 ..2
673. 8
9 6 1 ..7

1060,.8
9 1 7 ..9
6 9 2 ..7
9 6 8 ..1

1 1 1 5 ..5
9 4 6 ..0
7 0 0 ..4
9 8 5 ..4

Consumer credit
Bank loans n.e.c.
Open market paper
O t h e r l o a n s and a d v a n c e s

133.9
891.4
589.6
3809.7

137.4
927.2
608.4
3530.2

188.9
948.3
769.5
4863.6

217.7
995.1
992.5
5462.9

279.0
1032.8
1375.4
6278.5

279.0
1144.8
1477.3
6293.4

269.5
1143.8
1552.8
6835.8

277.9
1158.6
1664.4
7393.0

286.2
1202.0
1789.6
8013.8

Selected
299.6
1246.2
1865.0
8345.4

claims not included
Security credit
Trade credit
M u t u a l fund s h a r e s
Corporate equities

1
2
3
4
5
6
7
8
9

above:
10
11
12
13

Z.7, MARCH 8,
Total Claims

1996
Total Claims
L.6-L.7 Total Claims
PERIOD-END LEVELS

PERIOD-END LEVELS

1987

1988

1989

1990

1991
L.6

1 1 0 8 1 6 .4 1 1836 .2 128 38 .3
9 4 3 9 . 1 1 0 1 7 6 .4
8 6 7 4 .9
2
3
1 9 4 9 .8
2 1 0 4 .9
2 2 5 1 .2
4
6 7 2 5 . 1 7 3 3 4 .2
7 9 2 5 .2
3 3 4 7 .9
5
2 7 8 6 .6
3 0 6 8 .0
6
144 .4
133 . 7
134 .4
7
9 9 3 .5
1 0 8 0 . 1 1149 .4
8
1959 .8
2 1 5 6 .9
2 3 4 7 .0
840 . 9
8 9 5 .5
9 4 6 .5
9
10
1 1
12
13
14
IB
16
17
18
19
20
21
23
24
25
26
27
28
29
30

2 4 5 .0
1 8 9 6 .5
308
6 7 0 .4
8 6 .3
131 . 1
79,. 7
164 .4

251 .4
2 1 4 5 .8
353 . 1
745 .3
83 . 1
136 . 2
117 .8
186,.0

2 6 1 .2
2 4 0 0 .7
3 78 .3
8 6 9 .5
82 . 1
142 .5
130 .3
171 .0

299 . 1
14..5
E ,
.3
3..2
131 ..3

3 2 3 .0
14 .
.5
10.. 3
7..5
169..0

3 5 0 .4
24 . 6
1 I.6
13 .8
226..5

1992

Credit

Market

1 3 7 7 4 .2 1 4 4 1 7 . 1 1 5 2 3 4 .6
1 0 8 7 4 .5 1 1 3 4 8 .2 1 1 8 9 6 .7
3 0 8 0 .3
2 4 9 8 . 1 2 7 7 6 .4
8 8 1 6 .3
8 3 7 6 .3
8 5 7 1 .8
3 6 4 0 .7
4 0 2 3 .6
3 8 2 2 .9
135 .4
135 .0
136 .3
1 150 .5
1 1 3 7 .3
1 1 2 2 .9
2 4 5 6 .6
2 4 0 1 .9
2 4 3 7 .6
9 9 3 .2
1074 .8
1 0 9 5 .9
285
2614
398
1019
83
114
145
140

.0
.8
.5
.9
.0
.8
.7
. 1

3 7 4 .2
24 .
.6
12..4
15..3
2 8 6 ..3

2 9 9 .7
2 7 6 9 .2
4 C 7 .7
1 156 .5
72 .3
112 .3
139 . 1
95 .4
.9
391 .
13.. 6
19..0
339..3

1993

313 . 1
3024 . 9
447 . 9
1272 .0
8 0 .0
1 14 .6
161 .6
8 8 .4
390
30
13
21
404

.4
.2
.9
. 7
.2

Debt
16240
12537
3336
9200
4272
138
1129
2502
1158

1994

I
I

Outstanding
.3 1 7 3 0 7 .9
.4 1 3 1 6 0 .6
.5
3 4 9 2 .3
9 6 6 8 .3
.9
4 6 3 2 .3
.4
.3
141 .2
.9
1 1 4 2 .0
.0
2 6 3 8 .0
.2
1 114 .8

381 .9
3321 .0
5 2 8 .5
1355 .6
8 4 .6
123 .4
169 .9
99 .9
0 .2
3 9 0 .5
30 .2
17 .4
33 . 7
4 8 7,.2

361
3785
700
1467
94
133
199
112
0
440
18
31
34
551

.6
. 7
.6
.8
.5
.6
. 3
.9
.6
. 7
. 7
. 1
.3
.6

1995
I

II

III

IV

(1)

1 7 5 6 9 .1 1 7 8 9 6 .7 1 8 1 7 5 .4 1 8 5 5 0 .6 T o t . c r e d . m k t . d e b t owed b y :
1 3 3 3 8 .7 1 3 5 4 4 .3 13686 .8 1 3 8 7 7 .3
Domestic nonfinan. sectors
3 5 5 7 .9
3 5 8 3 .5
3 6 0 3 .4
3 6 3 6 .7
U.S. government
9 7 8 0 .8
9 9 6 0 .8 10083 .4 1 0 2 4 0 .6
Private domestic
4 6 7 5 .1
4 7 8 0 .3
4 8 9 0 .0
5 0 0 5 .4
Household sector
138 .9
142 .8
142 .8
Farm business
144 .9
1154 .5
1163 .3
1170 .4
1 1 8 0 .0
Nonfarm noncorp. bus.
2849 . 1
2 7 1 0 .7
2 7 7 9 .4
2 8 0 7 .3
Nonfin. corporate bus.
1101 .6
1094 .9
1063 .3
1070 .8
State&local governments
376 .8
3 8 5 3 .5
716 . 3
1476 .4
95 .0
137 .0
221 .0
108 . I
0 .6
4 5 6 .7
16 .9
32'.4
2 6 .9
5 6 6 .3

3 8 7 .6
3 9 6 4 .8
7 4 8 .1
1496 .9
99 .9
142 .9
2 2 9 .9
106 .2
0 .6
4 6 7 .2
2 0 .6
33 .7
2 6 .8
591 .9

4 1 0 .7
4 0 7 8 .0
773 .5
1526 .7
102 .2
149 .2
2 4 0 .0
107 .6
0 .6
4 7 1 .9
21 .6
35..0
2 7 .4
622..3

4 2 9 .0
4 2 4 4 .3
809 . 1
1 5 7 2 .9
104 . 1
148 .9
247 . 1
116 .2
0 .5
492,.3
21 .6
36,.5
29,.3
665..8

1 0 8 1 6 ..4 1 1836., 2 1 2 8 3 8 .3 13774..2 14417.. 1 1 5 2 3 4 . 6 16240,.3 17307,.9 1 7 5 6 9 . 1 1 7 8 9 6 .7 18175..4 18550..6 T o t . c r e d . m k t . a s s e t s h e l d b y :
1812..5
2059. 4
2 6 7 3 . 7 2*729..3
2983..7
2929.5
2 9 0 3 ..4
2 2 2 1 . 1 2 4 3 7 .,8
2 5 9 1 ..4
3012..5
2916..3
Private dom. nonfin. sectors
970 .
1646.. 0 1971 . 1 1996 .3
1160..6
1 2 6 8 .3
1467.. 1 1544..4
1620
1953 . 1 2007.. 1 2 0 1 8 ,.7
Household sector
47,. 7
58.
47 . 1
43.
38..8
39..5
39.. 6
39..4
39.
38..3
38 . 1
38,.6
Nonfarm noncorp. business
174..3
193..5
2 2 5 .5
199..4
283.. 7
335..6
307..2
319..0
306..4
2 3 0 ..0
257..8
323.. 7
Nonfin. corporate business
680
760..8
666 ,
.3
640..6
620.. 3
647
727..8
7 78.. 7
757..2
618.. 1
563..7
5 2 2 ..4
State 8 local governments
240. 5
2 3 9 ..0
230.. 7
2 1 3 ..8
205,.5
2 4 6 .,9
235..0
206..5
203.
197..1
183.,8
U.S. government
191 .
.3

33
34
35

6Q8 .
5 95 .
.5
.3
8 1 6 7 .. 9 8 8 6 4 .. 7
330.
364 . 1
670..4
745..3
2 4 0 .. 6
2 3 0 .. 1

8 1 6 .2
902.4
928. 8
1 146..6
1255..7
1325..3
1403..4
1022..8
1492.,7
1526. 6
9595.. 6 10195..0 1 0 6 5 0 ., 1 11303.. 1 12133.. 7 12833..2 13056..9 13366.. 6 135 75,. 1 1 3 9 3 6 . 9
359.. 9
389..0
457..8
548..0
673..3
695.8
373..9
671 ..2
708..5
750., 1
8 6 9 ..5
1019..9
1355..6
1467..8
1476..4
1496..9
1 156.5
1272..0
1526. 7
1572. 9
300..4
241 ..4
336..7
367.. 1
375..7
370..6
380. 8
2 3 3 .3
272. 5
3 6 8 .2

36
37
38
39
40
41
42
43
44
45
46

2 3 2 3 ., 0
2 1 0 8 .. 6
186 ..2
1 3 .5
.
14 .
, 7
120. 5
1441 .,6
8 2 3 .. 1
2 5 8 .,6
357..8
3 2 4 ., 1

2 4 7 9 .5
2 2 3 5 ..0
2 1 5 .. 6
.4
13 .
15. 5
130.. 7
1558 .. 1
927 .
2 8 7 .. 9
3 8 0 .. 6
342. 8

2 6 4 7 ..4
2371 .
.9
2 4 2 ..3
16..2
17.. 1
135..7
1472..0
1028..3
317..5
4 4 1 ..2
389..3

2772. 5
2 4 6 6 .. 7
270. 8
13. 4
21 .6
136. 6
1343.. 1
1 134.5
344. 0
495. 1
422. 1

47
48
49
50
51
52
53
54
55

4 0 9 .. 9
23.. 9
2 9 1 .. 1
1 1 .
0
2 1 5 ..0
7..0
39..8
126.,2
163 .9

4 4 8 .,0
29..0
304..5
28. 8
225. 5
8.. 7
23. 5
162..2
] 77.8

4 6 8 ..6
49..2
.2
35. 4
2 9 3 ..7
8..4
103..7
217. 8
197. 5

498. 1
49. 2
360. 1
36.
371.,2
7. 1
106. 5
268. 9
213. 4

31

2853. 3
2502. 5
319. 2
1 1 .9
.
19. 7
144. 8
1 192. 6
1224. 6
376. 6
530. 6
394. 5

2 9 4 8 ..6
2 5 7 1 ..9
335..8
17..5
23..4
162. 5
1 134.5
1309., 1
389. 4
571 .. 7
417. 5

3090..8
2 7 2 1 .,5
326..0
17. 5
25. 8
149. 5
1132. 7
1420. 6
422. 7
617. 6
437. 3

3 2 5 4 ..3
2 8 6 9 ..6
337.. 1
18. 4
29. 2
129. 8
1167. 6
1487. 0
446. 4
6 6 4 .6
466. 3

488. 9
60. 3
440. 2
49. 5
403. 9
7. 0
124..0
317. 8
223. 5

496. 4
60. 5
566. 4
67. 7
408. 6
8.. 1
122.. 7
377. 9
2 3 1 .5

4 8 2 .8
60. 4
725. 9
78. 6
429. 0
8. 6
137. 5
458. 4
240. 9

551 .0
37. 5
718. 8
73. 1
459. 0
13. 3
93. 3
516. 1
248. 0

3409..8
3327..7
2906.,5
2 9 6 3 ..7
306..0
373. 6
19.,3
17..9
29. 8
30. 8
140. 2
135. 7
1173. 4
1177. 3
1523.. 1 1557. 1
451 .8
458.5
679. 3
693. 6
480. 7
482. 1
568. 5
33. 9
715. 9
74. 0
4 8 0 ..6
13. 8
101 .0
527. 8
248. 4

3472.,9
3023..7
4 0 1 ., 1
17.,0
31 .0
134. 0
1188. 1
1575. 5
464. 4
705. 5
493- 3

3518. 2
3 0 5 6 ., 1
412. 4
18. 6
31 . 1
125. 6
1187. 7
1595. 0
471. 9
720. 9
498. 9

594. 7
43. 2
735. 6
77. 7
505. 7
14. 7
137. 0
577. 7
249. 2

614. 0
43. 3
770. 3
78. 9
545. 5
15. 1
181 .3
616. 9
249. 4

586. 9
41 .4
721 .5
75. 6
508. 0
14. 2
137. 5
550. 3
248. 8

(1) E x c l u d e s c o r p o r a t e
L.7

Total L i a b i l i t i e s

and

Their

Relation

R e s t of the w o r l d
Financial sectors
Govt.-spons. enterprises
Fed. rel. mortgage pools
Monetary authority

5
6
7

2 4 .4
5 .0
14 .2
300,.3
2 4 0 5 .5
72 .5

27,. 1
5 .0
14,. 7
325..5
2 6 5 8 .5
77.. 1

5 3 .6
8 .5
15 .3
3 5 4 .3
3152 . 1
62..5

.3
61 .
10..0
16..3
3 8 0 .0
3 3 0 6 .4
94 .
.9

55,.4
10..0
16..3
405.. 7
3 6 5 5 .4
96..4

.8
51 ,
8..0
16..5
4 3 3 ..0
4 0 5 5 .. 1
132..6

53..4
8,.0
17..0
468 ,
.2
4 4 7 1 .6
189,.3

53
8
17
502
4693
279

8
9
10
1 1
12
13
14

4 2 5 2 .. 0
8 4 1 .9
2048 ,
.5
5 4 1 .9
313..8
292,. 7
2 1 3 .3

4 5 4 9 ..8
8 8 4 ..6
2 1 8 7 ..8
595.. 1
335..0
318,.7
228 ,
.7

4 8 7 7 .5
8 9 1 .0
2 2 8 5 .5
6 1 3 .0
4 2 4 ..7
396..5
2 6 6 ..8

4 9 9 4 .2
934..6
2 3 4 9 ..2
5 4 6 .9
4 9 3 ..3
372..3
2 9 7 ..9

5 0 2 4 ..3
1020.. 9
2 3 5 0 .7
4 8 8 ..4
5 3 5 ..0
355..8
273. 5

5 0 5 0 ..2
1 134..4
2 2 9 3 ..5
415..2
539.5
399..9
2 6 7 ..7

5 1 5 4 ,.9
1251 ..7
2 2 2 3 ,.2
391 .. 7
559..6
471 ..1
257..6

15
16
17
18
19
20

480..2
115..3
747..3
74. 5
442 . 1
3262. 8

500..5
118..3
8 3 4 ..0
79..8
4 7 0 ..3
3 6 4 0 ..2

5 8 9 .6
133..9
8 9 1 .4
82..2
5 4 1 .4
3974..3

608. 4
137..4
927..2
77. 4
551..7
4 1 3 3 ..6

769..5
188..9
948,.3
71 ,
.2
639,.3
4 4 4 3 ..8

992. 5
2 1 7 ..7
995.. 1
79..7
660..6
4 7 9 1 ..2

1375..4
279..0
1032,.8
84..2
691..3
5 1 0 2 ..9




23
24
25
26
27
28
29
30
31
32
33
34
35

Commercial banking
U.S. commercial banks
F g n . b a n k i n g o f f . in U S
Bank holding companies
B a n k s in U . S . - a f f . a r e a s
Funding corporations
Thrift institutions
Life insurance cos.
O t h e r i n s u r a n c e cos.
P r i v a t e pension funds
S t . S l o e . g o v t . rtr. funds

36
37
38
39
40
41
42
43
44
45
46

Finance companies
Mortgage companies
Mutual funds
Closed-end funds
Money mkt. mutual funds
REITs
B r o k e r s and d e a l e r s
ABS issuers
Bank p e r s o n a l trusts

47
48
49
50
51
52
53
54
55

equities

and m u t u a l

fund

shares.

1 7 5 6 9 . 1 17896..7 18175,.4 1 8 5 5 0 .6

Total credit m k t . debt
(from p r e c e d i n g t a b l e )
Other liabilities:
Official foreign exchange
SDR c e r t i f i c a t e s
Treasury currency
Life insurance reserves
P e n s i o n fund r e s e r v e s
Interbank claims

64..1
8..0
17.8
515,.7
4895,.7
271 .7

67..1
8..0
18..0
528.. 1
5095..4
2 6 5 .5

65.. 1
10..2
18,.2
535..6
5320,. 1
2 6 7 .4

63 .7
10,.2
18 .2
5 4 6 .0
5 4 3 5 .3
2 8 7 .0

5 2 9 6 .0
1 2 4 2 .0
2 1 8 3 .3
411 .2
602..9
5 4 9 .4
307 . 1

5389..5
1193..9
2200,. 1
441 .
634..0
603,.4
316..9

5 5 7 2 ,.4
1246..3
.4
456..2
678. 5
629..3
339..6

5 6 3 8 .7
1200..7
2 2 4 7 .0
4 8 6 .2
702..7
655..6
346..6

5 7 4 8 .4
1229..5
2272..7
491 .
.8
745..3
660.. 1
349..1

D e p o s i t s at f i n a n c i a l i n s t s .
Checkable deposits 8 curr.
Small time 8 savings dep.
L a r g e time d e p o s i t s
M o n e y m a r k e t fund s h a r e s
Security RPs
Foreign deposits

1477 .3
279,.0
1144 .8
8 7 .3
6 9 9 .4
5 3 6 3 .9

1552..8
269. 5
1143. 8
93. 5
736..3
5437..9

1664..4
277.,9
1158. 6
88..6
774..6
5 5 1 0 ..4

1789..6
286..2
1202..0
91..4
817..0
5586..2

1865..0
299..6
1246..2
8 8 ..9
8 4 1 ..7
5 7 2 4 ..6

M u t u a l fund s h a r e s
Security credit
Trade payables
Taxes payable
Inv. in b a n k p e r s o n a l
Miscellaneous

.2
.0
.6
.2
.9
. 7

1
2
3
4
5
6
7
8
9
10
11
12
13
14

15
16
17
18
t r u s t s 19
20

21 2 3 0 1 2 ..6 2 5 1 3 7 ..2 2 7 5 7 4 ..9 2 9 0 7 3 ..0 3 0 7 4 1 ..8 3 2 7 1 8 .,6 3 5 1 6 8 ,.3 3 7 2 1 0 .2 37965..3 3 8 9 2 5 ,.7 39803..2 4 0 7 2 5 ..4 T o t a l l i a b i l i t i e s a b o v e
• F i n a n c i a l a s s e t s not
i n c l u d e d in b o r r o w i n g
.3
21 .4
20..7
.0
19. 6
20.
22..7
22..9
22..1
G o l d and S D R s
21 .
22..0
21 . 1
2 7 7 8 ..9
3 0 9 8 ..9
3809..7
3530..2
4 8 6 3 ..6
5 4 6 2 .,9
6278. 5
6 2 9 3 .4
6835. 8
7393..0 8 0 1 3 ..8 8 3 4 5 ..4
23
Corporate equities
2 4 4 5 .2
2 5 4 3 ..4
2 6 6 8 .9
2458. 3
2 4 7 6 ,.3
2 5 6 4 .6
2576..8 2 6 0 8 . 5
2 6 2 2 ..2
2 6 3 5 ..6
24
2 6 2 8 ,.6
2 5 2 1 ..0
H H e q u i t y in n o n c o r p . b u s .
- F l o a t s n o t i n c l . in a s s e t s
6 .0
3 .4
25
5 .9
6
15..0
3..8
6..8
5..6
4..2
0..6
2..0
3..1
Check, dep.:
U.S. govt.
40..7
38 .0
33,.3
35..7
26
2 8 .8
35,.9
40..4
29..6
27..5
42..0
27..3
34..2
Other
- 2 5 1 ..0
- 2 1 5 ..1
- 2 1 9 ,.0
-258.
27
- 2 4 8 ..6
- 2 7 9 .4
- 2 9 0 ..5 - 2 6 3 .
- 2 7 7 ..1 - 2 8 3 ..9 - 2 1 9 . 5
Trade credit
- 2 7 7 ..3
- L i a b s . not i d e n t i f i e d as a s s e t s
- 4 ..9
- 5 ..4
28
- 4 .0
- 4 .3
—4.
- 4 ..7
- 5 ..1
- 5 ..5
- 4 .1
- 5 .4
- 5 ,.6
Treasury currency
-5. 8
- 6 .5
- 9 ..3
- 4 ..7
0..1
29
- 2 8 .1
- 2 8 .5
- 3 1 .0
- 3 2 .0
- 4 .2
- 2 ..9
-9.
Interbank claims
- 2 ..7
30
5 8 .6
75 .0
4 8 .0
3 8 .4
43. 0
105,.2
5 7 .3
77.,3
131..6
130. 4
Security RPs
115..0
113..7
244..6
218..3
2 5 8 .7
31
1 6 7 .7
1 6 8 .4
2 1 5 .6
222..6
2 1 7 ..6
270..2
290..6
2 9 0 ..2
Foreign deposits
2 9 4 ..1
26..2
32
2 5 .0
17,.8
17. 8
25. 3
24..2
21..2
23. 6
Taxes payable
21..4
21 .0
7..9
38..0
33
- 6 2 7 ..1
- 6 3 9 ..0 - 5 1 4 ..4 - 5 8 9 ..8 - 7 2 3 ,.9 - 7 8 2 ..6 - 7 8 7 . 4
- 3 0 1 .7
- 4 6 1 ..6
- 6 2 7 .3
-802. 6
Miscellaneous
- 7 8 5 .,0
T o t a l s I d e n t i f i e d to s e c t o r s
3 4 2 8 5 5 4 .3 3 1 2 8 9 .0 3 4 6 7 1 .3 3 5 8 4 6 ..2 3 8 7 3 6 ..6 4 1 1 0 4 ..3 4 4 3 8 9 ..7 4 6 6 1 4 ,.6 4 8 0 0 2 ..3 4 9 5 5 8 . 5 5 1 0 8 1 .,2 5 2 2 6 4 ..7
as a s s e t s
B I L L I O N S OF D O L L A R S .

10
11
12
13
14
15
16
17
18
19
20
21

to T o t a l F i n a n c i a l A s s e t s

1 10816,.4 1 1836 .2 1 2 8 3 8 .3 1 3 7 7 4 .2 1 4 4 1 7 . 1 15234,.6 16240,.3 1 7 3 0 7 .9
2
3

R e s t of the w o r l d
Financial sectors
Govt.-spons. enterprises
Fed. rel. mortgage pools
Commercial banks
Bank holding companies
Funding corporations
Thrift institutions
Life insurance companies
Finance companies
Mortgage companies
REIT:
B r o k e r s and d e a l e r s
ABS issuers

I
2
3
4
5
6
7
8
9

21

22
23
24
25
26
27
28
29
30
31
32
33
34

2 . 7 , M A R C H 8 , 1996
Household sector

Household
L . 100 H o u s e h o l d s

PERIOD-END

and

Nonprofit

Organizations

sector

(1)

LEVELS

PERIOD-END LEVELS
1995

1988

1989

1990

1991

1992

1 4 2 0 3 ,.0 1 5 6 9 6 ,.3 1 6 5 7 3 .8

199J

1994

1 7 7 2 8 .7 1 8 4 1 6 .8

I

II

1 9 1 0 4 .6

III

1 9 7 6 3 .5 2 0 5 4 4 .5 2 1 0 3 6 .3 T o t a l

1 1 1 4 9 6 ,.9

1 2 5 3 5 ..1

1 3 9 1 5 .8

2 9 1 8 ,.9
5 1 4 ..9
2 1 4 7 ,.3
2 4 6 ..9
9..8

3 1 1 3 ..3
4 9 8 ,.8
2 3 4 2 ..0
2 6 1 ..8
10..7

3 2 7 2 ,.9
4 9 4 ,.2
2 4 2 8 ,.8
3 3 8 ..0
11..9

3 3 5 0 .6
4 9 4 .5
2 4 7 7 ..8
3 6 4 .9
13 .4

3 3 6 3 ,.3
5 5 0 ,.9
2 4 2 3 ,.7
3 7 4 ,.1
14,.6

3 3 5 9 ,.1
661,.3
2 3 4 9 .4
3 3 2 .8
15..6

3 3 2 5 .1
7 2 2 .5
2 2 4 7 .7
3 3 8 .6
16..4

3344
728
2239
356
19

.3
.0
.9
.7
.7

3407
721
2284
382
20

.3
.0
.0
.0
.3

3476
712
2319
423
21

1 1 6 0 ..6
3 4 6 ..0
3 1 7 ,.5
1 0 9 ..6
2 0 7 ..9
2 8 ..6

1 2 6 8 ..3
3 6 8 ..2
3 2 4 ..6
117..7
2 0 6 ..9
43. 5

1 4 6 7 ,.1
4 7 0 ,.7
3 9 7 ,.7
126,.2
2 7 1 ..5
72,.9

1 5 4 4 ,.4
4 4 4 .6
3 8 2 ,.0
138,
2 4 3 ,.9
62,.6

1620..6
5 4 9 ..9
4 5 6 ..9
157..3
2 9 9 ..7
93..0

1 6 4 6 .0
5 5 5 .6
4 8 1 ..5
171..9
3 0 9 ..5
1
74,

1971
922
726
179
546
196

.1
.6
.3
.9
.4
.2

1996
943
744
181
563
198

.3
.4
.7
.4
.4
.7

1 9 5 3 .1
8 9 9 .0
7 1 8 .2
1 8 2 .6
5 3 5 ,.7
1 8 0 .8

5 2 4 ..4
1 3 2 ..2
90..7
6 7 ..3

5 4 6 ..0
1 6 9 ..3
1 2 7 ..9
5 6 ..9

5 7 2 ,.1
2 1 4 ,.7
146,.5
63,.2

6 1 0 ,.4
3 0 1 ,.6
154..6
33..3

5 8 1 ..2
2 9 5 ..6
164..0
29..9

5 5 3 ,.5
3 3 7 ..3
169,.7
30,.0

5 0 1 .8
3 3 2 ,.9
1 7 8 .9
3 5 .0

497
349
180
26

.5
.2
.2
.0

4 8 6 .7
3 5 4 ..8
1 8 3 .2
2 9 ,.5

4 6 0 ,.6
3 7 6 ..9
186..4
38..0

2
3
4
5
6

.6
.3
.4
. 1
.7

3511
684
2361
444
22

.8
,
.2
.2
.2
.2

2 0 0 7 ,. 1
9 4 5 ,.3
7 4 8 ,.2
183,.5
5 6 4 ,.6
197,'1

financial

assets

3 5 9 4 .6
7 0 0 .9
2 3 9 1 .6
4 7 9 ,.3
2 2 ,.7

Deposits
C h e c k a b l e d e p . and curr.
Time and s a v i n g s d e p o s i t s
Money market fund shares
Foreign deposits

2 0 1 8 ..7
9 6 2 ..6
7 5 3 ..4
185,.0
5 6 8 ..4
2 0 9 ..2

Credit market instruments
U.S. govt. securities
Treasury
Savings bonds
Other Treasury
Agency

2
3
4
5
6

7
8
9
10
11
12

9 7 0 ..2
2 3 6 ..6
2 3 2 .6
1 0 1 .. 1
131 ..5
3..9

13
14
15
16

4 5 4 ..7
1 3 5 ..7
1 1 0 ..4
32..9

17
18

3 8 2 ..5
1 4 1 8 .. 1

4 0 1 ..6
1 6 2 9 ,.7

4 6 9 ..9
1 9 2 8 ..6

4 7 1 ,.9
1 7 6 0 ,.0

5 9 3 ..3
2 6 5 2 ..7

741..0
2 9 1 8 ..9

9 9 8 ,.4
3 2 8 5 .4

1 0 5 8 .9
3 1 9 8 .8

1 0 8 5 .4
3 4 9 8 .5

1 1 4 2 ,. 1
3 7 8 5 .7

1 2 0 7 ,. 1
4 1 1 3 ..5

1 2 4 9 ,.8
4 2 8 5 ,.8

Mutual fund s h a r e s
Corporate equities

17
18

19
20
21

3 0 0 ..3
2 4 0 5 ,.5
4 4 2 .. 1

3 2 5 ..5
2 6 5 8 ,.5
4 7 0 ..3

3 5 4 ..3
3152.
5 4 1 ..4

3 8 0 ,.0
3 3 0 6 .4
5 5 1 .7

4 0 5 ..7
3 6 5 5 ..4
6 3 9 ..3

4 3 3 ..0
4 0 5 5 ..1
6 6 0 ..6

4 6 8 ,.2
4 4 7 1 .6
6 9 1 ..3

5 0 2 .2
4 6 9 3 .9
6 9 9 .4

5 1 5 .7
4 8 9 5 .7
7 3 6 .3

5 2 8 .. 1
5 0 9 5 ,.4
7 7 4 ..6

5 3 5 ..6
5 3 2 0 .. 1
8 1 7 ..0

5 4 6 ..0
5 4 3 5 ,.3
8 4 1 .7

Life insurance reserves
P e n s i o n fund r e s e r v e s
I n v . in b a n k p e r s . t r u s t s

20
21

22
23
24

2 4 4 5 ,.2
39 . 1
1 7 4 ,.9

2 5 4 3 ,.4
4 0 ,.9
191 .3

2 6 6 8 ,.9
5 3 ,.2
2 0 6 ,.2

2 6 2 8 ,.6
6 2 .4
2 2 4 ,.4

2 5 2 1 ,.0
8 7 ..0
234. 1

2 4 5 8 ..3
76..2
2 5 1 ..0

2 4 7 6 ..3
102..3
1
264.

2 5 6 4 ,.6
1 0 9 .0
2 7 4 ,.7

-2576 .8
112 .9
2 7 9 ,.6

2 6 0 8 ,.5
1 1 3 ..2
2 8 6 ,. 1

2 6 2 2 .2
1 14,.9
2 9 5 ,.2

2 6 3 5 ..6
123..2
3 0 5 ..7

E q u i t y in n o n c o r p . b u s i n e s s
Security credit
Miscellaneous assets

25

2 8 74..9

3 1 6 8 .5

3 4 6 4 ,.4

3 7 6 4 ,.9

3 9 7 1 ..4

4 1 7 5 ..3

4 4 5 2 ..6

4 8 1 7 ,.7

4 8 5 6 .4

4 9 6 2 ,.6

5 0 8 2 ..6

5 1 9 9 ..2 T o t a l

26
27
28

2 7 8 6 ,. 6
1 8 2 2 ..7
6 9 2 .0

.0
2 0 3 2 ,.9
7 4 2 ,. 1

3 3 4 7 ..9
2 2 3 6 ,.9
7 9 6 ,.4

3 6 4 0 .7
2 4 9 0 ,.8
8 1 2 ,.0

3 8 2 2 ..9
2 6 5 4 ..4
7 9 7 ,.2

4 0 2 3 ..6
2 8 1 5 ..5
804. 6

4 2 7 2 ..4
2 9 7 0 ,.0
8 6 3 .5

4 6 3 2 ..3
3 1 6 6 .. 7
984..7

4675 . 1
3 1 9 8 ..5
987,.9

4 7 8 0 ..3
3 2 5 6 ..5
1026.5

4 8 9 0 ..0
3 3 2 3 ..4
1 0 6 0 ..8

5 0 0 5 ..4
3 3 7 3 ..8
1 1 1 5 ..5

29
30
31
32

78
81
28
84

8 1 .9
1 2 3 .7
18..6
90,.3

8 5 .8
139,.1
12,.1
1 0 0 .8

93, 5
158..9
8..7
110..1

102..7
169..8
11. 5
119..4

114..7
179.
18..6
126..5

130,.5
191 .6
30,.4
136.. 1

1 3 2 ..5
1 9 3 ..9
3 2 ..9
1 3 8 ..0

133..4
196. 5
36..2
139..7

135..0
1 9 8 ..0
4 3 ..3
1 3 9 .,8

33
34

4 1 .8
31 .4

4 3 .5
4 1 .5

4 2 .5
5 7 .6

3 8 .8
6 8 .9

55..1
77..7

53..5
8 2 ..5

7 6 .1
8 7 .5

75 . 1
92,.8

69,.4
94 .2

6 8 ., 7
9 5 ..6

77..4
97..0

76..9
98..4

35

15 . 1

15 .5

16,.4

16 .5

15,.7

15..8

16..6

17,.5

17,.8

18..0

18..2

18..4

BILLIONS

.2
.0
.3
.4

OF

79
104
20
88

.5
.7
. 1
.8

DOLLARS.




1 2 9 .2
188,.4
28,.7
134,.7

4 3 5 ..0
3 9 6 ..4
189..4
35..3

Municipal securities
Corporate and fgn. bonds
Mortgages
Open market paper

liabilities

Credit market instruments
Home mortgages
Consumer credit
Municipal debt
Commercial mortgages
Bank loans n.e.c.
Other loans and advances
Security credit
Trade payables
D e f e r r e d and u n p a i d
life i n s u r a n c e premiums

7

8
9

10
11

12
13
14
15
16

19

22
23
24
25

26

29
30
31
32
33
34

Z . 7 , M A R C H 8 , 1996
Nonfinancial Business

Nonfinancial
L.101-L.103

PERIOD-END

1987

PERIOD-END

1988

3 3 7 5 ,.4
178..9
157..0
. 1
3..4
14..4

7
8
9
10

222
12
881
1883

. 0
.8
.
. 6
. 3

1989

1990

1991

1992

3808 ,
.0
2 1 6 .6
1 4 3 .6
19 . 1
5 .0
,
20..2

4062
236
141
19

4167
251
124
30

251 .
10..
984 .
2157 .

2 7 2 .6
1 1. 7
1033 . 1
2 3 3 1 .3

242
9
1065
2428

6
6
1
1

.2
.6
.0
.9
.8
13 .3

.6
.4
.4
.0
. 1
13 .2
. 9
. 7
.0
.8

All

1993

.2
.8
.5
.6
.5
.9

4976 . I
322.8
1 1 7 .0
51 .5
2 .0
13 . 1

5010
303
107
51
3
11

268
14
1058
2513

2 9 6 ,.0
21 . 1
1 0 9 2 ,.7
2 6 1 4 ..3

322
29
1089
2739

.5
.8
.8
.8

375
31
1197
2865

346,.8
34.5
1231 .2
2 9 2 0 ,.5

5579 .
-8

6 0 1 1 .8

6 1 9 7 .9

6 2 9 7 .8

6 5 8 0 ..3

6796 . 1

3 0 9 7 .. 6
116.
7 8 4 .. 1
104 1 ,. 9
6 2 8 ..0
73 ..8
4 5 3 .. 7

3370 .
.8
116..4
887
1 1 0 1 ..8
6 7 0 .. 1
85 . 7
5 0 9 .. 6

3 6 3 0 .8
1 15 .5
961 . 1
1 177. 7
7 0 7 .9
107 . 1
5 6 1 .5

3 7 4 2 .5
115 .2
1008
1 1 6 9 .4
714 . 7
116
6 1 8 .. 1

3 6 7 4 .2
1 14,.0
1 0 8 6 .9
1 1 4 4 .4
6 7 7 .2
98..5
5 5 3 ,. 1

3 6 9 6 ..8
114..0
1 154,.5
1 1 0 3 ,.3
6 6 0 ..8
107.. 1
5 5 7 ..2

3770
113
1229
1110
657
117
540

19

5 8 4 ..2

6 4 1 .. 1

6 68 . 9

20
21

71 ., 7
1310. 2

6 9 9 ,.0
73..5
1 6 8 2 ,. 9

7 2 2 .. 1
65,.8
1 8 3 5 ..8

7 b 2 ..6
73..7
2047. 2

L.102

4
5

3 9 .5
. 9
29 ,
. 6
26 . 7
3,. 0

4 2 .8
1 0 .4
.4
2 9 .4
3 .0

6
7
8
9
I 0

155 .
.3
144 .
.4
8 7 .. 7
29 . 1
2 7 ,.6

1 4 5 .5
133 . 7
8 3 .0
2<V .8
.0
21 ,

1 1

10,, 9

,
1 1 .8

45 . 0
10 .5
3 4 .5
.4
2
146
134
80
30
23

4 7 ..4
10..9
36 ., 6
. 6
34 ,
2..0

. 6
.4
.5
.8
. 1

1 4 8 .,2
1 3 5 ..4
78.. 9
, 9
2 3 .. 6

12 . 3

12.. 7

I

4 9 .6
1 1.8
3 7 .8
3 5 .6
.2
147
135
79
34
21

. q
.0
.3
.6
. 1

13 ,
.0

IV

. I
. 1
.6
.9

.7
.5
.8
.4
.5
.5

5 1 1 9 .8
3 1 4 .4
1 1 4 .3
53..9
8 .6
1 1 .9
.

5 1 9 8 .8
3 2 5 .8
116 . 1
57,.9
3.5
13,. 1

5 2 8 2 .7 T o t a l f i n a n c i a l a s s e t s
C h e c k a b l e dep. and c u r r e n c y
3 4 2 .3
Time and s a v i n g s d e p o s i t s
1 2 0 .7
64..4
Money mkt. fund shares
Security RPs
0 . .5
Foreign deposits
12..5

3 5 8 .3
38 . 1
1 2 6 0 ,.2
2 9 6 0 ,. 1

3 4 5 ,.5
42,.0
1305,.9
2 9 8 9 ..0

362..3
45..0
1279..4
3 0 5 5 .. 7

7081 . 1

7158..9

7 2 7 7 ,.2

7 3 7 8 ..3

7 4 6 4 ..2 T o t a l

4 0 0 4 ..2
110..6
1266..8
1106..7
751 ..4
149..8
6 1 8 ,.9

4 0 8 5 ,.6
109,.9
1291 .
.6
1 1 1 2 ..9
7 7 7 ..3
162..9
6 3 1 ..0

4 1 2 2 ..6
109..4
1306.,8
1118..3
789. 8
163..3
6 3 5 ..0

4 1 7 1 ..9
109.,4
1 3 2 8 ..0
1 1 2 8 ..2
8 0 5 ..0
157. 4
6 4 3 ..9

78 7 .3

8 8 3 .. 6

8 7 8 .,4

886. 8

922. 3

968. 1

79..5
2 1 9 6 ..8

Business

5 6 .6
15 .3
41 .
.3
39 .1
2..2

149,.5
136..3
8 0 .. 7
3 4 .. 7
2 0 ., 9

152 .5
138..3
81
36..8
20..3

8 5 ..2
2 1 9 1 .. 1

79. 9
2 2 2 4 .9

79. 6
2244. 6

1
2
3
4
5
6
7
8
9
10
1 1
12

433
64
40
3
9

.2
.2
,
.4
, 1
.
,
.8

37 . 9
76 .
.3
2 0 1 .. 6
39.. 0
0,. 7
161 .
.8

4 7 9 ..5
71 . 3
4 4 .8
3..5
10..3
4 7 ,.8
8 8 ..3
2 1 3 ,.5
39 . 1
0.. 7
1 73 .. 7

4 9 8 ,. 1
75 . 1
.4
51 ,
3.. 7
1 1 .9
,

485
73
51
3
12

.8
. 7
. 1
.6
.5

35 . 1
95,. 1

31 . 1
9 7 .8

2 2 5 ..8
4 3 .. 3
0..8
181 .. 7

215 . 9
38 .6
0 . 6
176..8

479
74
50
3
12

Nonfarm

.2
.0
.3
. 1
.2

61 .
.4
17,.4
4 4 .0
41 .7
2..4

62
17
44
42
2

156 .3
141
8 3 .0
38 . 7
19..5

154..0
138..9
83 ,
.4
36,.9
18..6

159
142
83
40
19

15..2

Noncorporate

4 9 2 ..4
79..6
4 8 ..7
3..6
13..0

505
82
49
3
13

2 6 .0
96 . 7

2 5 ..2
103..8

2 5 .2
107 .6

2 5 .3
111 . 6

2 1 8 .. 7
39.. 9
0..6
178.. I

2 2 3 ..0
40..8
0..8
181 .5

2 2 7 ,.5
41 ,
.6
0..9
185..0

215
42
0
172

.0
.4
.6
.0

Trade

15..0

.5
.8
.7
.3
.4
. 1
.8
.9
.0
.0

16..3

16.,9

16..2

Trade

corporate

and

519
85
51
3
14

. 1
.3
.3
.9
.2

523
86
51
4
14

.0
.2
.7
.0
.3

payables

20
21

1
2
3
4
5
6
7
8
9
10
11

noncorporate

farms.

5 3 0 ..6
88.
5 2 .6
4..0
14..7

2 5 .3
112 .8

24..9
114..0

24..4
115..2

5 3 4 .4 T o t a l f i n a n c i a l a s s e t s
89 . 1
C h e c k a b l e dep. and c u r r e n c y
5 3 .2
T i m e and s a v i n g s d e p o s i t s
4.. 1
Money market fund s h a r e s
Treasury securities
14 .9
Consumer credit
Mortgages
23..7
Trade receivables
116..6

228..8
41 .8
.
1 .0
186..0

2 3 0 .. 1
42. 2
1 .0
.
187..0

2 3 1 .5
42. 5
1 .0
.
188.,0

2 3 2 ..9
42..9
1 .0
.
189..0

Miscellaneous assets
Insurance receivables
E q u i t y in G S E s ( 2 )
Other

1 2 4 2 .. 6

1 3 3 2 ..4

1320,.3

1320 . 1

1 3 2 1 .. 1

1333..5

1353..4

1368..2

1379. 5

1389..3

1401 ,.9 T o t a l

9 9 3 .5
7 8 8 ,.5
113..8
91 .

1080 . 1
8 5 7 ,.0
.4
1 0 0 ,.7

1 149..4
9 1 3 .. 1
134..3
102..0

1 1 5 0 .5
9 1 7 .2
136,.4
96 .9

1137
911
135
91

.3
.3
.0
. 1

1 122..9
8 9 6 ..2
137., 7
8 9 .. 1

1 129,.9
902,.3
138,.2
8 9 .4

1142..0
8 9 6 ..4
150..7
94..9

1154..5
900..0
155..7
98..8

1163..3
903.8
159..7
99..8

1170..4
9 0 7 ..0
162. 2
101 .2

1180..0
9 1 3 .. 1
164..2
102..7

18
19

2 3 .. 9
5 0 ..9

2 6 ..8
5 3 ..3

31 .4
5 8 .,7

3 2 ..0
60..0

3 2 .5
5 9 .7

33. 1
66. 6

33,.8
69..2

34..6
.9
71 .

34..8
72..7

35..0
73..7

35. 2
74.,7

35..4
75..9

20

66..2

82. 4

92. 9

77..8

9 0 .6

98..4

1 0 0 .6

105..0

106..2

107..5

109.,0

110..6

(2) Equity




liabilities

5 2 6 .. 7
87 . 1
52.. 1
4..0
14,.5

1 1 3 4 .4

DOLLARS.

12
13
14
15
16
17
18
19

159 .0 T o t a l l i a b i l i t i e s
Credit market instruments
142,.8
8 4 .3
Mortgages
39,.7
Bank loans n.e.c.
18.8
O t h e r loans and a d v a n c e s

161 .8
144,.9
8 4 .4
.5
41 ,
19..0

13

OF

payables

64,.9 T o t a l f i n a n c i a l a s s e t s
18 .6
C h e c k a b l e dep. and c u r r e n c y
4 6 .3
Miscellaneous assets
4 3 .8
Insurance receivables
E q u i t y in G S E s ( 2 )
2 .5

63..7
18 .2
4 5 .5
43 . 1
2..4

14
15
16
17

BILLIONS

11

Credit market instruments
Municipal debt
Corporate bonds
Mortgages
Bank loans n.e.c.
Commercial paper
Other l o a n s and a d v a n c e s

Taxes payable
Miscellaneous

7
8
9
10

Business

. 1
.6
.9
.6
.2

.5
.4
.9
.8
.6

liabilities

1
2
3
4
5
6

(1)

60
17
43
41
2

14..2

8 2 ., 1
2 2 5 1 .3

(1 ) I n c l u d e s

L.103

Credit market instruments
M u t u a l fund s h a r e s
Trade receivables
Miscellaneous assets

3921 . 1
112,.4
1 2 5 3 .0
1101 .4
719..8
139,.2
5 9 5 ,.2

5 3 ,.4
13,.6
39,.8
37,. 7
2.. 1

13.

III

.3
.9
.7
.9
.4
.8
.5

76 .4
2162 . 1

Farm

II

Business

4675
311
117
48
2
12

.3
.8
. 1
.4

LEVELS

1995

4 4 7 7 ,.6
2 8 2 ,.6
100..5
.0
51 ,
5.. 1
14,.3

5063 . 7

77 .9
16 34 .2

I
I

4 2 9 2 .9
2 6 8 .9
1 1 7 .7
35.. 1
,
1 .6
15,.0

1 1

76 ..4
1 4 9 1 ..5

1994

Nonfinancial

12
13
14
15
16
17
18

1

Business

Business

LEVELS

L.101

1
2
3
4
5
6

Nonfinancial

liabilities

1
2
3
4
5
6
7
8
9
10
11
12
13

Credit market instruments
Mortgages
Bank loans n.e.c.
O t h e r l o a n s and a d v a n c e s

14
15
16
17

Taxes
Trade

18
19

payable
payables

Miscellaneous
in

the

Farm

liabilities

Credit

System.

20

2.7,
MARCH 8 , 1996
Nonfinancial Corporations

Nonfinancial
L.104

PERIOD-END

1987

1
2
3
4
5
6

2902
104
116
18
3
14

.7
.8
.6
.9
.4
.4

7
8
9
10

34
19
12
51

.4
.4
.8
.5

Nonfinancial

Corporate

1988

3 2 8 5 ..7
1 3 4 .9
9 8 .8
15..6
5 .0
2 0 ..2
34..0
16,.8
10..6
68.. 1

PERIOD-END

1989

1990

1991

3519
151
89
16
2
13

.1
.1
.7
.2
.8
.3

3634
166
73
26
2
13

.4
.8
.4
.3
.1
.2

3 7 6 4 .2
1 8 2 .5
6 6 .8
31.5
1 .6
15 .0

60
32
11
54

.6
.4
.7
.4

40
24
9
52

.9
.7
.7
.8

48
44
14
59

1992

1993

3931
189
51
47
5
14

.7
.4
.8
.3
. 1
.3

4113
214
67
44
2
12

.5
.8
.8
.0

69
45
21
60

.2
.8
. 1
.0

66
56
29
64

.7
.0
.9
.8
.4
.0
.9
.5
.0

5 4 .0
15 .0
8 0 5 ..3
1652 . 1
4 9 0 .8
105 . 1
1 .3
.
12,.5
1042 ,
.4

6 0 ..9
13..6
8 9 5 ..8
1911 .
4 9 8 .. 1
1 2 0 ..0
1 .3
.
9..2
1 2 8 2 ..6

6 3 .8
14 .3
938..0
2 0 7 0 .9
5 0 4 ..8
134..2
1 .3
.
8..8
1421 .
.8

6 7 .1
13..8
9 6 7 ..2
2 1 7 6 ..3
5 5 8 ..5
147,.5
1 .3
,
15..2
1 4 5 3 ,.8

6 3 .0
14 .7
9 6 1 .4
2 2 6 0 .5
5 7 8 ..0
1 4 9 .5
.8
18 .2
1513..0

65
17
988
2355
578
163
1
20
1592

20
21

3774 0
1 9 5 9 ,.8
1 1 6 ,.2
7 8 4 .. 1
1 6 5 ,.7
4 8 5 .. 1
73..8

4 1 9 1 .7
2 1 5 6 .,9
116. 4
8 8 7 ..2
161 .8
517. 9
85. 7

4 5 3 2 ,.7
2 3 4 7 ,.0
115..5
961 .
.1
184..2
5 4 2 ..8
107.,1

4 7 2 9 ..4
2 4 5 6 .. 6
115..2
1 0 0 8 ..2
173..3
545. 5
116..9

4 8 2 9 .8
2401 .
.9
114..0
1 0 8 6 ,.9
153..8
5 0 7 .. 7
98..5

5 1 0 9 .7
2 4 3 7 .6
114,.0
1 1 5 4 ,.5
126..4
488 .
-4
107.. 1

. 1
. 1
.6
.8
.5
.9
.5
.9
.8
.0

1994

4396.8
2 2 0 .5
6 5 .8
4 7 .6
2 .0
13 .1

I
I

I

4 4 2 6 .3
199 .9
56 . 1
4 7 .4
3 .5
11 .5

103
62
31
66

.5
.7
. 1
.0

85
58
34
67

77 .2
19 . 1
9 8 2 .2
2 4 7 5 .5
5 9 4 .0
169 . 7
1 .9
21 .4
1 6 8 8 .6

85
18
1086
2595
654
177
2
25
1735

. 1
.3
.0
. 1
.3
.5
.0
.5
.8

78 .0
17 .7
1 1 18.4
2647 . 6
674 . 1
178 .9
.0
26
1 7 6 6 .5

5310
2502
113
1229
127
482
117

5571
2638
112
1253
122
530
139

5 6 3 6 .8
.3
.0
2 7 1 0 .7
110.. 6
.4
1 2 6 6 .8
.0
123 .3
. 1
.4
558 . 7
.2 ' 1 4 9 . 8

.0
.0
.9
.7
.4
.4
.8

4 3 0 .8
5 .4
265.
8 . 1
17 . 1
113..4
21 ..6

4 8 0 .8
5 . 1
3 0 3 ..9
8 .6
15 . 0
122..3
2 5 ..9

.8
.2
.5
.5

3 3 4 ..9
2 0 ..4
1 9 2 ,4
.
11 .5
6
78. 1

387. 9
2 4 .6
220. 8
9 .9
32. 6
1 0 0 .0

436.4
23. 5
243. 2
9..6
35. 8
122 .,3
2. 0

4 9 7 ..6
17..2
264. 3
8. 8
29.
172. 4
5. 8

4 4 0 ..9
9..7
2 6 6 ,.2
7.,9
23. 3
125. 1
8. 8

4 4 7 ..2
6 .
,2
2 7 1 ..2
7.. 9
20. 4
1 2 9 .. 9
11 . 6

34
35
36
37
38
39

47. 9
5 2 2 .4
1243. 9
2 9 5 .6
2 0 .3
928. 1

49. 6
576. 1
1409 .1
3 6 7 .7
16 .9
1024.4

46. 5
597. 9
1 5 4 1 ..3
422. 7
15. 9
1 102.8

41 .5
6 2 6 .3
1605. 0
473. 8
13. 6
1117. 7

33. 3
649. 4
1745.
4 8 3 ..3
17. 3
1 2 4 4 .,6

40. 5
682. 8
1948. 8
4 9 4 .3
19. 3
1 4 3 5 .. 1

4 2 .5
7 0 4 .,0
2 0 6 1 ..5
4 9 0 .,8
4
1 5 4 8 ..3

4 4 ..9
796. b
2 0 9 1 .8
530. 5
25. 6
1 5 3 5 ..7

50. 4
790. 7
2 0 8 4 ., 9
555.
26. 4
1503. 3

40
41

2 8 3 .0
2 0 5 5 ., 9

319. 7
2242.8

340. 1
2728. 7

340. 9
2610. 8

312. 0
3614. 7

306. 1
3968. 8

2 7 8 ..2
4393. 1

289. 4
4 4 7 0 .. 1

42
43
44
45

1066. 0
893. 8
1464. 0
339. 7

1165. 5
9 9 1 .4
1617 .1
349. 6

1260.
1086.
1730.
392.

7
3
7
0

1296. 6
1159. 9
1827. 7
3 7 1 .0

1354. 8
1047. 1
1729. 8
420. 3

1394. 8
1042. 8
1766. 1
461 .1

1 4 7 1 .0
1 0 3 1 .0
1777. 5
514. 2

46
47
48

5 4 . 3%
45 . 6%
23.2%

54 . 0%
45.9 %
21.6%

53,7%
46.2
22.6%

52.7%
4 7 . 2 :%
2 0 . 2 :%

56.4%
4 3 . 5 •%
2 4 . 2 :%

5 7 . 2 :%
42 . 7%
2 6 . 1%

58.7%
4 1 . 2 :%
28 . 9%

II

4530
209
62
49
8
11
94
59
38
69

.6
.5
.1
.9
.6
.9
.4
.4
. 1
.0

III

4604
219
63
53
3
13
80
60
42
71

.5
.6
.5
.9
.5
. 1
.3
.5
.0
.0

IV

4683
234
67
60
0
12
88
62
45
73

.5 T o t a l f i n a n c i a l a s s e t s
.6
Checkable dep. S currency
.5
Time and s a v i n g s d e p o s i t s
.3
Money mkt. fund shares
.5
Security RPs
.5
Foreign deposits
.0
.5
.0
.3

DOLLARS.




1
2
3
4
5
6

U.S. government securities
Municipal securities
M u t u a l fund s h a r e s
Mortgages

7
8
9
10

Consumer credit
Open market paper
Trade receivables
Miscellaneous assets
U.S. dir. invest, abr. (1)
Insurance receivables
E q u i t y in G G E s
I n v . in f i n a n c e c o . s u b s .
Other

1 1
12
13
14
15
16
17
18
19

79 .4
16 .8
1 146 .2
2 6 8 5 .3
691 .5
1 7 9 .8
.0
28..7
1783..4

7 7 .5
17 .2
1 190 . 6
2712 . 0
7 1 1 .3
1 8 0 .4
2 .0
2 9 .5
1 7 8 8 .7

8 2 .9
17 .0
1 1 6 2 .9
2 7 7 6 .5
7 2 2 .8
180 . 7
2,.0
31 . 1
1 8 3 9 .8

5 7 3 8 ,.7
2 7 7 9 ..4
109..9
1291 ..6
125..3
5 7 7 .. 6
162..9

5 8 2 7 .2
2 8 0 7 .3
109..4
1306.8
126..9
5 8 6 .. 1
163..3

5 9 0 2 .3 T o t a l l i a j i l i t i e s
2 8 4 9 ,. 1
Credit market instruments
M u n i c i p a l debt (2)
109..4
.0
C o r p o r a t e b o n d s (1)
1328 ,
Mortgages
130..9
6 0 1 .. 1
Bank loans n.e.c.
157..4
Commercial paper

23
24
25
26

5 2 2 ..4
6 .
.4
337. 8
9.,4
14 ..2
121 .,9
32. 7

44. 9
796. 9
2117. 4
5 7 3 .6
27. 2
1516. 6

46. 9
830.
2142. 4
584. 1
2 8 .0
1530. 3

4 4 .2
876. 0
2134. 0
590.8
2 8 .8
1514. 4

Ta<es payable
Trade payables
Miscellaneous liabilities
F g n . d i r e c t i n v e s t , in U S
P e n . fund c o n t r . payable

34
35
36
37
38
39

327. 7
4854. 5

349. 3
5240. 9

360. 0
5609. 6

2 8 6 . 8 T r a d e r e c e i v . n e t of p a y a b l e s
5 8 3 2 . 5 M a r k e t v a l u e of e q u i t i e s

40
41

1 4 8 7 .5
1150. 4
1 9 9 2 .0
564. 6

1500. 7
1210. 0
2 0 5 1 .2
514. 8

1526. 8
1252. 6
2094. 5
550. 7

1543. 1
1264. 2
2 1 4 1 .7
553. 4

1568. 3
1280. 8
2 2 0 1 .0
587. 9

42
43
44
45

56.3%
43.6%
28.3%

55.3%
44.6%
25.0%

54.9
45.C %
26.2%

54 . 9%
45.0%
25.8%

5 1 2 .. 1
0
325. 7
0
6
125. 4
29. 4

O t h e r l o a n s and a d v a n c e s
Savings institutions
Finance companies
U.S. government
Acceptance liab.to banks
R e s t of t h e w o r l d
ABS issuers

20
21

5 1 4 ..8
6..3
3 2 6 ..2
9..2
IS. 6
127. 2
30. 5

501 .
.5
5..9
3 1 6 .. 7
8..8
16.. 0
127..0
2 7 .,0

S e c u r i t i e s and m o r t g a g e s
L o a n s and s h o r t - t e r m paper
Total s-t l i a b i l i t i e s (3)
Total liquid a s s e t s (4)

5 5 .0% L - t d e b t / c r e d i t m a r k e t d e b t
4 4 . 9 i% S - t d e b t / c r e d i t m a r k e t d e b t
2 6 . 7% L i q u i d a s s e t s / s - t l i a b i l .

( 1 ) T h r o u g h 1 9 9 2 : 0 4 , c o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s
A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U . S . d i r e c t i n v e s t m e n t a b r o a d
e x c l u d e s net inflows from those bond issues.
(2) Industrial revenue bonds.
I s s u e d by s t a t e a n d l o c a l g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t a n d s e c u r e d in i n t e r e s t a n d
p r i n c i p a l b y t h e i n d u s t r i a l u s e r of t h e f u n d s .
(3) L o a n s (except mortgages), short-term paper, taxes p a y a b l e ,
and t r a d e p a y a b l e s .
I n c l u d e s l o a n s d u e in m o r e t h a n o n e y e a r
a n d e x c l u d e s c u r r e n t m a t u r i t i e s of b o n d s a n d m o r t g a g e s .
( 4 ) S u m of l i n e s 2 t h r o u g h 9 , p l u s l i n e 1 2 .
OF

LEVELS

1995

27
28
29
30
31
32
33

BILLIONS

Corporations

Business

LEVELS

11
12
13
14
15
16
17
18
19

23
24
25
26

Nonfarm

27
28
29
30
31
32
33

46
47
48

Z . 7 , M A R C H 8, 1996
S t a t e and L o c a l G o v e r n m e n t s

State
L.105

PERIOD-END

1
2
3
4
5
6
7
8
9
10

1988

8 0 4 .5

8 3 9 .9
19 .5
73 .4
6 5 .9

620
517
379
137
8
94

.3
.5
. 6
. 1
. 7

and

Local

Governments, Excluding

647
539
385
153
9
98

.2
.0
. 3
. 7
,6
.
.6

1990

1991

1992

1993

1994

8 7 9 .5

8 9 6 .6

9 2 5 .9

908 . 1

9 2 5 .3

8 5 0 .4

19 .9
7 0 .6
71 .5

18 .9
6 7 .9
4 4 .9

24 . 1
5 7 .8
28..3

7 2 7 ,.8
6 0 3 ..6
4 0 0 ..2
2 0 3 ..4
14..0
110..2

7 78..7
6 4 9 ..5
4 2 3 ,. 1
.4
15..4
113.. 7

6 8 0 .2
5 6 3 .3
364 ,
. 7
1 9 8 .6
1 1 .9
.
105 ,
.0

30..3

33 .
.9

12

8 6 7 .5

924 .
.3

978 . 1

13
14
15
16
1 7

8 4 0 ., 9
8 1 6 ..0
18 .0
7 9 8 ..0
2 4 ., 9

8 q 5 ..5
8 8 6 ..5
2 0 ., 0
8 6 6 ..5
9., 0

9 4 6 .5
9 3 7 ..8
.3
9 1 4 ..5
8 ..8

18

2 6 .6

2 8 .8

37 .
.4

31 ..5

2 7 .1
51 .6
3 3 .3
757
628
402
226
14
113

.2
. 7
.8
.0
.8
.7

2 8 .5
4 6 .8
5 0 .0

DOLLARS.




I
I

Funds

Governments

(1)

1995
I

8 3 0 .2

31 . 1
5 2 .6
6 2 .0

7 6 0 .8
6 3 8 .3
4 2 9 .4
2 0 8 .9
14,.3
1 0 8 .3

6 6 6 ,.3
5 4 4 .3
2 9 8 .6
2 4 5 ,.7
11 ,
.5
110..5

6 4 0 .6
5 1 8 .6
2 7 8 .0
2 4 0 .6
10.2
111 .8

III

IV

742 . 1 Total

8 1 3 .9

7 7 1 .3

3 2 .2
5 5 .9
6 9 .8

31 .1
5 8 .5
8 0 .9

3 2 .6
6 4 .0
8 7 .7

5 6 3 ,.7
4 4 3 .9
197,.6
2 4 6 ,.3
6..8
113,.0

5 2 2 ,.4
4 0 3 ,.7
1 5 9 ,.5
2 4 4 ,,2
4..7
113..9

6 1 8 ,. 1
4 9 6 .6
2 4 7 ,.5
2 4 9 ,. 1
8..6
112,.9

37..0

3 8 .9

37..9

37..2

1 123,.7

1 186,.6

1 1 4 3 ..7

1130,.7

1 1 2 4 ..2

1100. 4

1 0 9 3 ..2 T o t a l

1095.. 9
1 0 8 6 .. 1
32..0
1054..0
9.. 9

1158..2
1 1 4 9 ..0
33. 8
1 1 1 5 .. 1
9..2

1114. 8
1 1 0 6 ..6
31 ..71 0 7 5 ..0
8. 2

1101..6
1093..7
35.,3
1058..5
7. 8

1 0 9 4 ..9
1 0 8 7 ..4
3 1 ., 1
1 0 5 6 .,2
7. 5

1070.8
1063. 7
31. 1
1 0 3 2 ..6
7. 1

1 0 6 3 .,3
1056. 6
32. 9
1023. 7
6. 7

34. 6

25.4

2 7 ..7

28. 4

37,. 1

28. 9
for

employee

29. 1

29. 3

retirement

29. 6
funds

are

35. 5

Taxes

receivable

liabilities

Credit market instruments
Municipal securities
Short-term
Other
U.S. government loans

29. 9
shown

assets

Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Mortgages

1 100.,2

38. 5

financial

C h e c k a b l e d e p . and c u r r e n c y
T i m e and s a v i n g s d e p o s i t s
Security RPs

37.. 1

9 9 3 ..2
1 0 7 4 ..8
9 8 3 ..5 ' 1 0 6 4 ..8
2 6 ..2
33., 1
9 5 7 ..3
1 0 3 1 ..7
9.,6
10.,0

39,. 1

2 8 .7
5 7 .8
66 . 1

II

1 0 2 7 .. 7

(1 ) D a t a

OF

Retirement

Local

PERIOD-END LEVELS

11

BILLIONS

Employee

LEVELS

198 7

16 .5
75 .3
62 . 1

State

and

in

Trade

payables

table

L.124.

2.7,
U.S.

M A R C H 8 , 1996
G o v t . , G S E s , and

Pools

U.S.
L. 106-L.108

PERIOD-END

198 7

1988

2
3
4
5
7
8
9
10
1 1

3 7 1 .9
2 9 .. 1
21 .
.4
1 .7
,

Government,

GSEs,

and

Mortgage

3 6 3 .5
2 7 .7
32 . 1
1 .4

1989

1990

1991

1992

371 ,
.2
31..7
26.. 1
1..3

4 4 3 .1

5 0 1 .2

39 .7
2 5 .4
1 .4

3 9 .1
5 0 .9
1. 6

U.S.

4 7 6 .5

1993

1994

4 9 0 ..9

4 4 8 .2

3 8 .8
31 .7
0 .9

40..2
52..2
0..8

41 .4
2 7 .8
0 .7

2 0 5 ..5

2 3 9 .0

2 4 6 .9

2 3 5 .0

2 3 0 ..7

2 0 6 .5

4 9 .. 1
191 ,.4
19,.3
4 2 ,.0
17,. 9

48
165
24
43
20

4 7 ..3
158..2
23..8
47..2
35 . 6

8 2 .9
156 .2
.5
4 5 .3
69 .8

98
148
16
40
105

86
148
15
33
121

.4
.6
.5
.3
.3

8 5 ..0
145..7
18..9
30..7
117..4

71
135
24
26
120

.3
.6
.4
.4
.9

I

II

III

.0
.5
.5
.6
. 7

4 5 8 ..9

4 8 3 .1

463 . 1
5 0 .5
16 .3
1. 1

54..5
38..7
1 .. 1

55 . 1
5 9 .0
1. 1

4 1 8 .3
5 3 .8
.2
0. 9

2 0 3 .2

1 9 7 .1

191 ..3

1 8 3 .8

68
134
48
26
116

64
132
29
26
115

61 .
.3
130..0
30..5
25..9
116..8

57
126
15
26
115

.8
.3
.6
.8
.7

.5
.6
.4
.0
.3

. 1
. 7
.4
.4
. 7

2 4 3 7 .9

2 6 2 0 ..0

2 8 8 5 .7

3 1 8 3 .5

3 5 0 9 .8

3 7 9 5 ..6

3 9 8 8 .3

4 0 4 9 .5

4 0 8 6 .4

4 1 2 9 ..7

4 1 5 1 .8

13

5 .0

5 .0

8..5

10 .0

10 .0

8 .0

8,.0

8 .0

8 .0

8 .0

10..2

10 .2

20
21
22

199..2
8 0 ,. 3
.
1 .2

*

.7
.9
.6
.7
*

2 1 9 .2
8 8 .2
5 .8

15..3
2 2 5 1 ..2
117.. 7
2 1 0 9 ..3
2 4 ,.2

16
2498
126
2339
32

.3
. 1
.2
.6
.4

4
5
6
7
8
9
10
1 1
12
13
14

.3
.4
. 1
.7
.6

16
3080
157
2904
18

.5
. 3
.3
.3
.8

17,.0
3 3 3 6 ..5
171 .
3 1 3 8 ..0
26.. 6

*

*
2 4 0 .4
9 6 .8
7 .8

2 8 8 .0
8 5 .8
7 .0

2 6 2 .4
91 .2
7

L.107

2
3

16
2776
138
2619
18

3 1 5 .0
83 . 1
6. 9

17
3492
179
3285
26

.6
.3
. 9
. 6
. 7

17
3557
181
3350
26

18
3583
182
3374
26

.0
.5
.6
. 1
.8

369 . 6
93 . 9
6 .8 "

364 . 1
95 . 1
6.6

Enterprises

(GSEs)

SDR

certificates

13

.2
. 7
.0
.5

391 ..2
100.. 1
6.. 6

3 8 5 .4
94
6. 7

Insur. and p e n s i o n r e s e r v e s
Trade payables
Miscellaneous liabilities

20
21
22

3

18
3636
185
3423
28

(1)

4 1 9 .. 3
3.,6
3 3 .8

4 5 1 .4
.3
61 ..8

4 7 4 .5
. 1
6 8 ., 7

4 9 3 .. 6
1 .
67..6

5 4 8 ..9
1 .
66 . 6

6 2 7 ..2
. 1
50. 3

7 7 6 .2
.
1 .3
8 5 ..8

788..9
1 .3
.
92..3

827 . 1
1 .6
103 .4

8 5 5 ,.0
1 ,. 0
107. 5

894 .
.8 T o t a l f i n a n c i a l a s s e t s
C h e c k a b l e dep. and c u r r e n c y
1 .. 3
F e d . f u n d s and s e c u r i t y RPs
106.. 1

330. Q
21 ,
. 1
2 1 .0
0 . 1
.4

3 6 4 ., 1
2 6 ., 6
2 6 ., 3
0..3
.9

359. 9
19.
13..0
6 .
. 9

T77 q
46.
34..3
1 1 ,.9
3.. 7

3 8 9 .. 0
75. 5
40 .
.8
34., 7
3..0

4 5 7 ..8
105.. 7
5 8 .. 7
4 7 ..0
3 .

144 ,
.5
104 ,
.7
.5
30.
.
0 .4

150. 5
110..0
12..0
2 8 .,4
3..3

156 .. 1
115..3
13.
27.
3..8

167..9
126..2
14.. 6
27.. 1
10,.9

199.. 9
156,. 7
16.
27..0
13,.5

548. 0
lib.,9
51 ., 6
65., 3
,6
1 1 ..1
2 4 3 ,.6
198.. 9
17 , 9
26..8
1 1 .9
,

671
180
51
128
3
19
252
206
18
26
26

673..3
187..8
5 6 .. 6
131 ,. 1
.8
21 .. 7
2 5 0 ,. 9
2 0 5 ,.6
19..0
26..4
25..3

6 9 5 .8
209
56 . 1
153 . 1
.8
.8
2 5 0 .7
2 0 5 .3
19 .0
2 6 .4
. 1

708. 5
2 1 3 ., 4
5 3 .. 7
159..7
3..0
20.,2
2 5 3 .. 1
2 0 7 ..3
19..3
26 .
.5
28.. 1

7 5 0 .. 1
2 4 3 .. 9
55 . 6
188 ,
. 3
4 .5
. 1
253 . 1
2 0 7 .2
19 .5
2 6 .4
26 . 1

Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
C o r p o r a t e and fgn. b o n d s
Mor tgages

190..8
39..8
28,.9
122.. 1
38,.0

2 0 0 .3
39 ,
. 1
2 9 .0
1 3 2 .3
37,.3

O t h e r l o a n s and a d v a n c e s
S a l 1i e M a e
Farm Credit System
F H L B l o a n s to m e m b e r s
Miscellaneous assets

8 3 9 ..3
.5
773 ,
7 7 3 ,.5

879 . 0 Total liabilities
Credit market instruments
809 . 1
C3E issues (2)
809 . 1
U.S. government loans

139
98
8
32

.5
. 9
.4
. 1

189 .
.8
19 .
.5
17..5
152..8
17..9

184..0
.8
19..4
.8
141 ,
27..5

164.. 1
27,
19..9
117 . 1
29..£

.8
131 .
30 . 1
.7
79 . 1
3 5 .9

370 . 1
308
303
5 . 0

4 1 6 .. 1
3 5 3 ,. 1
348 ,
. 1
5 .0

4 4 7 .. 6
3 78..3
3 7 3 ..3
5..0

469
398
393
4

486
407
402
4

61 . 9

63 . 1

167
16
18
133
11

20
21
22
23
24

. 9
.6
. 1
.0

6 9 .3

. 1
.5
.7
. 9

70 .6

.0
.7
.9
.8

78 .3

135..5
31 ,
.6
2 4 .0
79 .9
2 3 .3

162,.0
33,.4
25,.4
103 . 1
26 . 7

538
447
443
4

614 .
.4
5 2 8 ..5
5 2 3 .7
4 .8
8 5 ..9

.7
.9
. 1
.8

9 0 .8

,
.2
.
.3
.9
,
.4
.4
.5
.5
.9
. 7
. 9
. 3

.3
.0
.7
.5
.4

184..9
37 .8
27 . 1
120,.0
.0

187
39
27
120
26

761 . 7
' 700
700 . 6

773..8
7 1 6 .3
7 1 6 .3

8 1 1 .4
748 . 1
748 . 1

61 . 1

5 7 .5

189
37
26
125
18

. 1
.0
. 3
. 9
.0

65,.8

6 3 .3

69 .9

Multlfamily
Open

market

Miscellaneous

paper

liabilities

(1 ) F e d e r a l H o m e L o a n B a n k s , F e d e r a l N a t i o n a l M o r t g a g e A s s n . ,
Federal Home Loan Mortgage Corp.^ Student Loan Marketing
A s s n . - F a r m C r e d i t S y s t e m , the F i n a n c i n g C o r p . , and the
Resolution Funding Corporation.
(2) S u c h i s s u e s are c l a s s i f i e d as U . S . g o v e r n m e n t s e c u r i t i e s .

L.108

5

6 7 0 ..4
6 5 4 ..0
16..4
0.. 1
6 7 0 ..4

7 4 5 .3
7 2 3 .6
21 . 6
*
745 . 3

869.5
843.8
25.7
*
869.5

Federally

Related

Mortgage

Pools

(3)

1019.9
991.1
28.7
*

1156.5
1130.4
26.1
*

1272.0
1248.2
23.8
*

1355.6
1333.2
22.5
*

1467.8
1445.3
22.4
*

1476.4
1454.2
22.2
*

1019.9

1156.5

1272.0

1355.6

1467.8

1476.4

1496.9
1473.1
23.9
*

1526.7
1502.0
24.7
*

1496.9

1572.9
1546.0
26.9

Total mortgage
Home
Multifamily
Farm

1572.9

Total

*
1526.7

pool

holdings

securities

(4)

(3) G N M A , F N M A , F H L M C , and F a r m e r s H o m e A d m i n i s t r a t i o n p o o l s .
Also
i n c l u d e s f e d e r a l l y r e l a t e d p o o l s that a r e u s e d as c o l l a t e r a l for
f e d e r a l l y r e l a t e d a g e n c y - i s s u e d C M O s and p r i v a t e l y i s s u e d C M O s .
E x c l u d e s F e d e r a l F i n a n c i n g B a n k h o l d i n g s of p o o l s e c u r i t i e s , w h i c h
are i n c l u d e d w i t h U.S. g o v t . m o r t g a g e s and other l o a n s a n d - a d v a n c e s .
(4) S u c h i s s u e s are c l a s s i f i e d as U . S . g o v e r n m e n t s e c u r i t i e s .
BILLIONS

OF

DOLLARS.




5
6
7
8
9
10
11

14
15
16
17
18
19

*
3 7 3 .0
97 . 1
6 .8

Credit market instruments
Agency securities
Mortgages
O t h e r loans and a d v a n c e s
Taxes receivable
Trade receivables
Miscellaneous assets

2
3
4

Treasury currency
Credit market instruments
Savirgs bonds
Other Treasury securities
Budget agency securities
Multifamily mortgages

18..2
3 6 0 3 ..4
183..5
3 3 9 2 ..9
2 6 ..9

*

*
3 4 2 .,2
8 5 ..2
6 .8
.

Government-Sponsored

.8
.9
.4
. 1
.4

Gold, SDRs 8 off. fgn. exch.
C h e c k a b l e dep. and c u r r e n c y
T i m e and s a v i n g s d e p o s i t s

572 . 7
3..6
2 7 ..2

15
16
17
18
19

1
2
3
4

LEVELS

IV

2 2 4 9 ,.7

14
2104
109
1972

Pools

1995

12

14..2
1 9 4 9 ..8
101 . 1
1843.5
5.. 1

and

Government

2 1 3 .8
.0
.8
.5
.7
.3

GSEs,

PERIOD-END
I
I

2 4 0 ,.5

14
15
16
17
18
19

Govt.,

Pools

LEVELS

L.106

1

U.S.

1

4
5
6
7
8
10
1 1
12
13
14
15
16
17
18
1 9
20
21
23
24

Z.7,
Rest

M A R C H 8 , 1996
of the W o r l d

Rest
L.109

Rest

of

of

the World

the W o r l d
PERIOD-END LEVELS

PERIOD-END LEVELS
1995
II

198 7

1988

1
2
3
4

1276 .9
.5
41 .8
29 . 3

1491.8
21 .9
4 5 .2
35 .2

5
6
7
8
9
10
1 1
12
13
14
15
16
17

13 . 1
189 .0
5 9 5 .5
323 . 1
220,.5
213 . 7
6 .8
102..5
8 2 .. 6
19..9
185..4
78 . 1
9 . 0

13 . 0
2 1 3 .8
6 9 8 .3
3 8 7 .2
260 . 9
253 . 0
8..0
126,.2
.9
100 .
25.,4
199 ..3
100 .. 0
1 1.8
.

23 . 1
276 . 1
8 1 6 .2
4 6 9 .3
2 6 3 .7
257 . 3
6 .4
205..5
.5
39 . 1
2 1 1 ..9
. 3
12.. 7

19..7
243..8
902..4
502 . 1
295..0
2 8 7 ..9
7.. 1
2 0 7 ..0
162..4
44.. 6
2 1 7 ..2
172..4
10.. 7

20..9
299..0
928..8
5 5 9 ..0
315..9
307.. 1
8..8
2 4 3 .. 1
189. 5
53..6
2 3 3 ..4
125.. 1
11..3

19

31 .
.6

34 . 3

36 .6

4 2 .8

4 2 .3

20
21

354 0
313..5
40.. 6

542 . 7
4 3 5 .. 9
106..8

567 . 3
4 6 7 .3
100,.0

1 9 0 0 .2
21 .8
4 9 .2
53..3

2 0 3 8 ..3
20,.4
49..0
36..6

641 .4
491 .9
149 .5

2195.8
21.9
47.9
74.0

2 5 2 8 .4
21 .6
54 .7
125..4

2 7 4 9 .3
2 5 .9
5 6 .3
217,.8

2 8 2 4 .8
2 5 .2
5 4 .9
213,.0

2 9 3 2 .6
2 4 .7
51 .6
209..4

3 0 4 8 .7
2 6 .2
4 9 .4
210,,3

3 1 0 2 .6
26 .8
5 0 .1
225,.7

U.S. checkable dep.
U.S. time deposits
Net interbank claims

41.7
329.0
1022.8
628.4
335.7
323.0
12.7
292.7
224.8
67.9
2 5 1 .5
129.9
12.9

61 .4
372 .9
1146 .6
740,.8
3 8 8 .3
371 ,
.2
17.. 1
352, 5
253..3
99..2
273..5
113,.4
18,.8

.6
51 ,
337,.9
1255,.7
796,.7
4 1 4 ,.9
393,.4
21 ,.5
381 ..8
2 6 5 ., 6
116.. 1
312.,2
122..3
24.5

59,.7
334,. 1
1325,.3
8 4 3 ..2
4 2 6 ..2
403..5
.6
417,.0
295..6
121.5
326..8
127..0
28..3

64,.0
339,.5
1403,.4
905..1
452..7
428,.7
24,.0
452..4
325.,9
126..5
339..9
125..4
13..1

68..3
344..2
1492,.7
974..7
473. 8
449..3
24. 5
500.,9
362..7
138..2
353.,2
127..2
37. 6

68..9
347..8
1526..6
993..0
487. 4
4 6 2 .,2
25..2
505. 6
364.5
141 .. 1
368. 3
121 .9
43. 4

Security RPs
U.S. corporate equities
Credit market instruments
U.S. government securities
Official holdings
Treasury
Agency
Private holdings
Treasury
Agency
U.S. corporate bonds (1)
L o a n s to U . S . c o r p . b u s .
Open market paper

5
6
7
8
9
10
11
12
13
14
15
16
17

Security credit
Trade receivables

18
19

4 4 .7
6 1 3 .8
4^8 . 6
115 .2

47 .9

51 .2

51 .9

5 3 .9

5 4 .9

55 .8

6 9 7 .8
5 3 5 .8
162 .0

753 .0
5 8 0 .5
172 .5

7 6 0 .7
5 9 7 .6
163 .2

786 .2
6 1 0 .7
175 .4

8 0 2 .8
6 3 0 .6
172 .2

8 0 1 .0
644 .3
156 .6

1533 .3

1623 .9

1760 .0

1800 .1

1893 .8

1 144 . 1

1274..6

1389.8

1 2 8 7 .8

1395 .5

24
25

24 ,
.4
213 . 3

27 . 1
228 . 7

52..6
266.8

61 .3
297,.9

5 5 .4
2 7 3 .5

.8
51 ,
267,.7

53 .4
257 . 6

53,.2
307,. 1

64 . 1
3 1 6 .9

67 . 1
339 .6

65,.1
346,.6

63..7
349,. 1

26
27
28
29
30
31

2 4 5 .0
8 2 .2
22
5
7 .8
10

2 5 1 .4
89
21 .5
4 .8
7 .8
8 . 9

2 6 1 .2
94 . 1
.4
21 .
2 .4
.
8 . 6
9..4

285..0
1 15..4
18..5
2..8
5..9
9..8

299
130
21
2
6
12

.7
.5
.6
.4
.9
.3

313,. 1
146..2
23..9
3..3
7..6
13,.0

381 .9
.4
24 .6
2 .4
8 .8
13 .5

361 ,.6
2 3 4 ..6
26.. 1
2..2
8..8
15,.2

3 7 6 .8
237,.9
2 8 .2
2,.5
8 .9
16 .7

3 8 7 .6
250..4
29..6
2..1
9..5
17,.9

410..7
264..2
31,.6
2,.3
10..6
18,.7

429..0
281 ,.9
34,.4
2,.6
10..9
20..9

32
33
34

41 ,
.2
27..3
70 .9

4 9 .9
2 4 .9
65 .8

63 ..0
19..6
63,.2

75..3
16..3
59,.3

81 .8
12..0
53,.9

77..7
11 .3
.
5 4 .. 1

68 .7
8 .2
5 2 .9

41 ..4
7..9
51 ..7

5 0 .9
7..9
51..9

48,. 1
7,.7
.8
51 ,

55. 8
8.. 1
51..0

55..0
8.. 1
49..6

35
36

18 . 1

2 5 .8

28 . 6

27..4

30..4

31 .8

34.4

36. 4

38 .0

40..4

43. 0

45..0

664.4
20,.7
0.,6
5 7 7 ..6
65. 5

718..3
.0
0..6
632.. 1
63..5

728,.8
23..5
1 .. 6
655,.4
48,.2

731 ., 1
25..0
1 .7
666. 4
38.. 1

806
26
2
706
71

865. 5
27. 5
2., 1
761 .0
74 .9

8 8 1 .3
27,.8
1 .8
.
784..4
67,.4

925,.5
28..1
I .8
8 0 3 ..4
92..1

934.,7
28. 5
2. 0
8 2 6 .,3
77..9

119..9

110..0

158..8

178.,1

2 9 7 .7

313. 9

317.. 1

326. 4

346. 9

22

1048 .5

430 . 0
375
54.8

1 7 9 4 .4
. 1
4 9 .9
2 7 .7

III

37
28
39
40
41

547..6
17..2
0..8
534..9
- 5 ..2

42

69..6

611
19
0
549
41

. 1
. 6
. 7
.3
.5

8 6 .0

. 1
. 1
.0
.6
.4

1677 . 1

M i s c e l l m e o u s assets
F g n . d i r . i n v . in U S
Other

DOLLARS.




(2)

otal liabilities
U.S. official fgn. exchange
and net IMF p o s i t i o n
U.S. private deposits
Credit market instruments
Corporate bonds
Bank loans n.e.c.
Official
Banks
Other
Commercial paper
A c c e p t a n c e l i a b s . to b a n k s
U.S. government loans

20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

S e c u r i t y debt
Trade payables

35
36

1007.,0
29.,0
2. 5
840. 9
134. 6

Miscellaneous liabilities
U . S . eq. in I B R D , e t c .
U.S. government deposits
U . S . d i r . i n v . a b r . CI ) ( 2 )
Other

37
38
39
40
41

361. 7

Memo:
M a r k e t v a l u e of f g n . e q u i t i e s 4 2
h e l d by U S r e s i d e n t s ( 3 )

( 1 ) T h r o u g h 1 9 9 2 : 0 4 » c o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s
A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U . S . d i r e c t i n v e s t m e n t a b r o a d
e x c l u d e s net i n f l o w s f r o m t h o s e bond i s s u e s .
( 2 ) D i r e c t i n v e s t m e n t is v a l u e d on a c u r r e n t - c o s t b a s i s .
(3) Includes A m e r i c a n Depositary R e c e i p t s (ADRs).
B I L L I O N S OF

2
3
4

Z . 7 , M A R C H 8 , 1996
Banking System
L.110-L.111
PERIOD-END

1987

285
16
18
5
0
3
1

1988

.8
.7
.2
.0
.8
.8
.3
.

8
9
10
11

230 . 1
2 3 0 .. 1
.6
7,.6

13
14

9,. 9

1989

1990

1991

I

II

III

IV

.9

4 5 3 ..4
32..6
23 .
.8
10..2
0.. 1
0..4
6 .5
.

471 .
.8
32 . 1
2 4 ..0
10..2
0.. 1
0.. 1
13 .
.9

.5
.5
.5
.0

300..4
3 0 0 ..4
2 9 5 ..0
5..4

3 3 6 ..7
3 3 6 ..7
3 3 2 ..0
4 .
.6

3 6 8 ..2
3 6 8 ..2
3 6 4 ..5
3..6

367. 1
367. 1
363. 7
3. 4

3 7 5 ..7
3 7 5 .. 7
3 7 2 .. 6
3.. 1

3 7 0 ..6
3 7 0 ., 6
3 6 7 .. 7
2..9

3 8 0 ..8
.8
380 .
378 .
.2
2 .6

2 4 0 ..6
2 4 0 ..6
2 3 3 .. 7
7..0

2 3 3 .,3
2 3 3 ..3
2 2 6 ..8
6..5

2 4 1 .4
2 4 1 .4
2 3 5 .. 1
6. 3

272
272
266
6

5 . 6

9..8

9.. 6

7..4

8. 6

9..4

9..2

'

10.. 7

3 7 8 ..7
32.. 1
31 ..9

4 2 0 ..4
35..0
32..7

4 4 8 ..4
30..8
38.. 1

4 4 4 .0
30. 0
31 . 3

4 6 4 .,2
2 4 ..9
33.. 6

4 4 8 .,8
2 3 .,4
33.. 1

4 6 7 .8
29. 6
4 0 .. 6

3 4 8 ..2
15.
0..4
3 3 2 ..6

373. 5
7. 5
0..3
3 6 5 ..7

375. 7
4 .9
0. 4
370. 3

3 9 8 ..4
21 ..3
0.
3 7 6 ..9

385. 5
8. 9
0. 3
376. 2

3 Q 0 .4
6 .
0. 5
3 8 3 ., 7

7. 0
3 .8
3.

7..2
3.,8
3. 4

6. 9
3.
2.

3 0 2 ..2
3 9 ..3
2 7 ..6

3 1 3 ..2
3 5 ..6
2 8 .. 7

339. 9
38. 7
32. 6

18
19
20
21

2 T

2 2 9 ..5
9.. 1
0..4
2 2 0 .. 1

2 3 9 .. 1
6 . 7
0.. 6
2 3 1 ..8

264. 3
9 .5
0. 4
254. 4

2 9 3 .5
18 .3
1 .0
2 7 4 .2

3 1 1 .. 1
8..0
0.
3 0 2 ..8

5 .8
.
. 1
3 . 6

10..0
2..2
7.. 7

4..3
2.
1 .

5 .5
2 .7
2 .8

3..7
3.. 1
0..6

6 .
.0
3..7 .3

4 . 6
3..4
1 .2
.

PERIOD-END

LEVELS

(1)

4 6 8 ..9
34..9
2 3 .5
8 .0
0..3
0.
16..8

.6
.6
.0
.0
.7

6. 0

1994

System

1995

450. 1
36. 2
2 3 ..2
8 ..0
0. 1
0. 1
6. 7

364
38
21
10
0
0
15

7 .5

1993

Authority

I
I

Banking
Banking

4 5 2 ..1
33..0
23..0
8..0
.7
0..2
10..6

3 4 2 ..3
4 3 ..6
2 0 ..4
10..0
2..2
0..2
18.,4

2 8 3 ,.8
4 1 ,.8
2 4 ,.9

5.. 7
2 .0
.
3 .7
.

Commercial

4 2 3 ..8
33..3
. 1
8..0
0..9
0.. 1
13..2

315. 5
4 2 ..9
19..6
8.5
1. 1
0.,5
2., 1

15
16
17

22
23
24

and

381 .
.7
32..5
21..5
8 .0
3 .3
0 .7
8..1

304 .
.3
2 0 .. 1
18..8
5..0
1 .3
.
2..2
6..9

9..4

1992
Monetary

3 6 2 .0
2 9 .4
3 3 .6

,
.4
5 .8
,
0,.3
2 0 5 ..4

Authority

LEVELS

L.110

1
2
3
4
5
6
7

Monetary

,2
7 .
4. 0
,3

otal financial assets
Gold and f o r e i g n e x c h a n g e
Treasury currency
SDR c e r t i f i c a t e s
Federal Reserve float
F . R . l o a n s to d o m e s t i c b a n k s
Security RPs

1
2
3
4
5
6
7

Credit market instruments
U.S. g o v e r n m e n t s e c u r i t i e s
Treasury
Agency
Acceptances
Bank loans n.e.c.
Miscellaneous assets

8
9
10
11
12
13
14

otal l i a b i l i t i e s
Depository inst. reserves
V a u l t c a s h of c o m m . b a n k s

15
16
17

C h e c k a b l e dep. and c u r r e n c y
D u e to U . S . g o v e r n m e n t
D u e to r e s t of t h e w o r l d
Currency outside banks

18
19
20
21

Miscellaneous liabilities
Federal Reserve Bank stock

22
23

C I ) A s s e t s and l i a b i l i t i e s of F e d e r a l R e s e r v e B a n k s a n d T r e a s u r y
m o n e t a r y a c c o u n t s t h a t s u p p l y or a b s o r b b a n k r e s e r v e s .
Excludes
the a c c o u n t s of t h e F e d e r a l R e s e r v e B o a r d .

L.lll

Commercial

Banking

3
4
5
6

2 7 7 4 ..4
3 . 6
2 2 9 7 ..5
3 3 8 ..9
1 9 4 ..4
1 4 4 ..5

2 9 5 2 .,4
3..0
2 4 5 5 .. 9
360 .
.6
185 .
.3
175..3

3232 .
.0
2 . 6
2 6 3 7 ,. 1
3 9 5 ,.8
165 ,
. 3
230 .
.5

3338 . 6
.5
2 7 6 7 .2
4 5 6 .9
172 . 1
284 .
.8

3 4 4 3 ..8
1 .8
.
2 8 7 2 ..3
568 .
2 3 2 ..5
3 3 5 ..7

3 6 5 7 ..2
.
1 .3
301 1 .8
.
6 72..9
2 * 4 ..4
3 78..5

3 8 9 4 .9
1 .0
3 1 7 4 .4
7 4 5 .4
322
4 2 3 .2

7
8

.
1 74 .3
78., 1

151 .. 6
89 . 0

135,.8
84 . 1

117..4
88 . 7

103.,2
96,.3

97..5
94 .7

99
98 .2

1 8 5 4 .. 7
6 7 6 ..9
3 7 0 .. 7
7 6 3 .. 1
10.. 1
33..9

.6
2016 .
7 7 0 .. 7
3 8 5 .; r
812 .
.7
9.. 9
3 8 ;2-

2 1 0 0 ..2
8 4 9 .3
3 8 7 .0
.
8 1 5 .0
12..7
36 .2

2..2
4 . 7

1 _<
.
• 2..2

1

9
10
1 1
12
13
14

1 7 0 6 ..3
5 9 4 ..8
3 3 7 ..6
728.
11 .
.2
3 4 ..4

15
16
17
18
19
20

*
59
24
36
351

*

..8
., 9
..9
..8

57
27
34
374

..5
. 6
.
.0
.
.4

55
28
31
477

.4
. 7
,
. 1
, 1

45
32
35
455

.
.5
.6
. 3
.4

2 0 9 7 ..0
881 . 3
3 72 .4
.
785 .
.9
10.. 6
4 6 ..8
"3,.7
3..8
35..3
33
2 6 .5
474 ,
.3

2 1 3 9 ..8
9 0 0 ..5
3 65..5
776.. 6
.2
8 8 ..0
•3..4
.4
' 3,
31
31
29
551

.
.7
.
.0
.6
.

21

2 6 8 8 .. 7

2890 . 1

3 1 4 9 .5

3251 .
.0

3 3 6 3 ..2

3 5 3 2 .8

22
23
24
25

5 4 8 .5
21 ..6
.2
5 0 4 .. 7

565 .
.6
.0
29 .
21 ..6
5 1 5 .. 1

5 6 2 .3
2 5 .6
.5
21 ,
5 1 5 ..2

5 8 4 ..0
30..9
.4
21 .
531 .
.6

.6
621 .
36..4
19..4
5 6 5 ..7

714..3
30..6
.7
21 .
6 6 2 ..1

1184 .
.7
445 .
.7
2 7 4 ..5

1 3 0 7 ..6
4 2 3 .6
2 4 8 ..8

26
27
28

1 0 1 0 ..0
3 7 5 ..0
2 1 5 ..8

1084 .
.0
4 1 6 ..8
2 3 6 ..6

29
30
31

5..8
4 . 6
- 2 8 .. 1
2 9 .. 3

10.. 1
3..5
- 2 8 .5
35..2

-1 .7
.
1 .. 6
- 3 1 .0
.
27.. 7

33
34
35
36

2 1 7 ..4
.0
104 .
108.. 9
4 .5

219
109
106
4

224
113
106
4

37
38

0..4
3 1 5 ..8

0 .6
357 . 1

39

.0
2323 .

.4
. 1
.0
.3

2 4 7 9 .5

.6
.7
. 1
.7

2 3 .7
2..4
- 3 2 .0
5 3 .3
197
108
82
6

.7
.9
.2
.7

1386..5
3 9 9 .. 6
2 2 9 ..6
33..4
0..9
- 4 .2
36..6
184
113
62
9

.6
.2
. 1
.3

2 2 2 3 .5
9 4 7 .7
399,. 7
768
7 .3
100..7
3,_ q
4 .3
2 5 .3
. 7
31 .5
6 3 0 .0

(2)

4 1 6 3 .8
1 .4
3331
718 .9
290 . 1
428 . 7

4 2 5 4 .0
1 .3
,
3 3 9 5 .8
741 . 6
307 . 7
4 3 3 .9

4341 ,
. 7
1 .4
.
. 9
3486 ,
7 4 5 ..5
. 0
298 ,
4 4 7 .5

9 7 .6
102 .8

95 .3
101 .
.2

94 .
.4
102..9

2407
1013
463
830
5
94

. 1
. 1
.3
.0
.8
.9

2 .0
2 .9
22
38
28
742

.9
. 1
.0
•2

3 7 5 0 .9

4 0 4 9 .5

.4
.6
.3
.5

7 5 6 .7
2 3 .8
2 5 .6
707.4

788
42
21
724

2 4 5 2 ..8
1033..8
464 ,
.0
8 6 3 .3
4 .5
8 7 .2

1 3 7 6 .3
3 3 3 .0
391 . 7

. 1
.8
24
31
27
774

.
.0
,
. 3
.5
. 1

2 5 3 8 ..7
1 0 6 2 .. 1
4 7 6 .. 7
8 9 8 ..2
5 . 7
96 .
.0
2..4
3..0
24 . 3
33 . 6
.3
7 7 3 .. 1

4,4 15 .3
1 .3
.
3550 . 3
751 .
289 . 0
462
9 3 .3
109.. 0

9 3 .3
111.. 0

2 5 8 9 .. 7
1 0 8 2 ..0
4 9 0 ..5
9 1 7 .. 9
5..4
9 3 .9

. 0
2645 ,
1 0 8 9 ..5
5 0 4 ..4
946 . 0
5.. 7
99 .
.5

2,.6
4 . 6

2..3
5 . 0

23
33
20
786

,
. 7
. 1
.8
. 1

4 1 7 0 .. 6

4242 . 7

.0
.6
.8
.6

731 . 6
39,. 7
2 4 ,.4
6 6 7..5

694 . 1
30 ,
.3
25..9
6 3 8 ..0

1 3 8 9 .9
354 . 1
415 . 7

.9
1421 .
3 6 0 ..7
4 2 6 .. 9

4 1 1 1 .5
707
15
24
666

4496 . 6 Total financial assets
C h e c k a b l e dep. and c u r r e n c y
1
Total bank c r e d i t
3602 . 7
U.S. government s e c u r i t i e s
746 . 1
Treasury
280 . 1
Agency
4 6 6 .0

1455..7
3 8 5 .5
440 .
.6

22.. 3
40 .
.6
26 ,
.8
8 0 3..0

Municipal
Corporate

1 4 8 9 ..5
38 7..0
422 .
.3

OF

DOLLARS.




7
8
9
10
1 1
12
13
14

M u t u a l fund shares
Corporate equities

15
16

C u s t . l i a b . on a c c e p t a n c e s
Vault cash
R e s e r v e s at F e d e r a l R e s e r v e
Miscellaneous assets

17
18
1Q
20

liabilities

21

Checkable deposits
U.S. g o v e r n m e n t
R e s t of t h e w o r l d
Private domestic

22
23
24
25

Small time
Large time
Fed. funds

26
27
28

and s a v i n g s dep.
deposits
and s e c u r i t y R P s

1 3 8 9 .3
3 3 2 .8
2 7 2 .0

1 3 7 7 .4
311 .7
3 1 3 .5

68..6
3..9
- 9 .3
74 .0

121 .7
1 .0
.
- 4 .7
125 .4

2 1 0 .8
.5
- 6 .5
2 1 7 .8

210.4
0 . 1
- 2 .7
2 1 3 .0

2 0 6 ..9
0..5
- 2 ,.9
209.4

2 1 0 ..9
0..5
0.. 1
2 1 0 ..3

2 1 6 ..8
0..2
- 9 .. 1
2 2 5 ..7

Net interbank claims
To m o n e t a r y a u t h o r i t y
To d o m e s t i c b a n k s ( 3 )
To f o r e i g n b a n k s

29
30
31

208
134
51
21

228
142
55
30

232
146
55
29

242
154
55
33

2 5 1 .4
158.. 7
5 8 .2
34 .5

2 5 3 .. 0
162..0
5 2 .8
38 .2

Credit market instruments
Corporate bonds
Open market paper
Other l o a n s and a d v a n c e s

33
34
35
36

2,.3
7 7 7 ..5

2 .6
8 0 1 .8

2..8
8 5 1 .0

Taxes payable
Miscellaneous

37
38

3 4 0 9 .8

3 4 7 2 ..9

194
127
54
12

.6
.6
.4
.5

.0
.9
.9
.2

. 1
.6
.0
.5

0 .8
4 5 8 .8

0 .6
4 6 5 .0

0 .5
5 0 7 .4

0 .7
5 6 0 .4

1 .2
6 2 9 .0

1 .9
7 5 0 .9

2 6 4 7 .4

2 7 7 2 .5

2 8 5 3 .3

2 9 4 8 .6

3 0 9 0 .8

3 2 5 4 .3

.0
.6
.5
.9

2 . 1
8 0 0 .3
3 3 2 7 .7

.8
,
.2
.3
.3

3 5 1 8 ..2 M e m o :

Cred.

mkt.

liabilities
funds

a d v . ( 4 ) 39

( 2 ) U . S . - c h a r t e r e d c o m m e r c i a l b a n k s , f o r e i g n b a n k i n g o f f i c e s in U . S . ,
b a n k h o l d i n g c o m p a n i e s , a n d b a n k s in U . S . - a f f i l i a t e d a r e a s .
IBFs a r e e x c l u d e d f r o m d o m e s t i c b a n k i n g and t r e a t e d the s a m e as
b r a n c h e s in f o r e i g n c o u n t r i e s .
( 3 ) F l o a t s a n d d i s c r e p a n c i e s in i n t e r b a n k d e p o s i t s a n d l o a n s .
(4) Total bank c r e d i t (line 3 ) less s e c u r i t y credit (line 14)
less m u t u a l fund s h a r e s (line 1 5 ) less c o r p o r a t e e q u i t i e s (line 16)
p l u s c u s t o m e r s ' l i a b i l i t y on a c c e p t a n c e s (line 17).
BILLIONS

6

Total loans
Mortgages
Consumer credi t
Bank loans n.e.c.
Open market paper
Security credit

4 3 3 3 ..3 T o t a l
7 1 0 .. 7
19..0
26..3
6 6 5 ..4

securities
S foreign bonds

1
2
3
4
5

Z.7, MARCH 8,
Pension Funds

1996
Pension

Funds

L.123-L.124 Pension Funds
PERIOD-END

1987

LEVELS

1988

PERIOD-END LEVELS

1989

1990

1991

1992

1993

1994

L.123 Private Pension Funds

1
2
3
4
5

1306.. 1
1 ., b
76,.2
2 0 .5
12..8

1377,.4
4 .5
.
8 5 ..8
2 3 ..0
14 .
.8

1620 . 7
4 .
, 1
108,.2
2 6 .9
17..8

1610..9
3..3
98..9
27..2
17..8

1816..2
3..0
99..5
32..7
18..8

1984..4
3..0
77..0
34..8
20..3

2174..3
2..9
69..1
.4
41 .
26..7

6
7

19 .0
4 9 0 .4

2 2 .0
480

2 7 .5
609 . 7

30 .0
5 9 2 .5

48..4
686..6

78 .0
8 2 1 .9

8
9
10
1 1
12
13
14
15
16
17
18
19

3 5 7 .8
193 .3
136..6
56,. 7
1 .0
.
122.
8 .
.3
.0
3 2 7 .. 7
179., 9
2 0 ., 3
127 .6

380
210 . 0
147 . 9
. 1
62 ,
0 . b
.4
126 .
lb .
2b . 9
366,. 0
183,. 3
lb . 9
Ib5 .. 7

441 ,
.2
255 ,
. 1
177 .0
78 ,
. 1
0 . 6
133.. 9
24 .. 6
26 .. 9
3 8 5 ..3
195 .
.8
, 9
15 .
173.

495 . 1
5 3 0 .6
2 9 3 .5
314 . 1
201 ,
2 1 5 .4
. 7
91 .
.8
98..7
0 .6
0..6
149,.2
164.. 7
24 ,
18..4
.7
32..7
27..2 .
346..0
396..9
189..4
2 1 0 ..0
13 . 6
17..3
143..0
169..6

571 .7
333 . 1
2 2 8 .3
104 .8
0.6
188.4
14..8
34..8
377..8
195..8
19..3
162 .
.6

20

1338.2

1402.4

1652.2

1640.3

1844.8

2009.0

I
I

1995
I

.7
.8
.5
.6
.2

2366..3
2 .7
60..4
51..5
32..2

131..8
924..9

175 .6
921 .4

617..6
349.. 1
239..2
109..9
0..6
211.. 1
15..3
41 ..4
359..9
189..2
.4
148..3

6 6 4 .6
3 6 2 .5
2 4 8 .7
113 .8
0. 7
2 3 3 .4
16.4
51 .6
3 5 4 .0
197..2
2 5 .6
131 .3

2199.0

2263
2
62
51
31

II

III

IV

(1)

2289.4

2 4 5 7 ..7
2..7
59..7
50..3
31 .0

2 5 6 4 .6
2..7
54..4
51 . 1
32..4

2 6 2 4 ..6
2..7
49..6
52..1
33..2

C h e c k a b l e d e p . and c u r r e n c y
T i m e and s a v i n g s d e p o s i t s
Security RPs
M o n e y m a r k e t fund s h a r e s

2
3
4
5

197. 9
988. 0

2 2 5 .9
1044 . 1

2 5 6 .4
1111 .4

2 6 8 .8
1149 .5

M u t u a l fund s h a r e s
Corporate equities

6
7

679. 3
369. 3
253. 3
116. 0
0. 7
241 . 1
16. 7
51 .5
354. 3
198. 7
26. 4
129. 2

693 .6
376 .3
2 5 7 .7
118.5
0 .7
249..5
16..9
50..3
350..4
198..6
27..2
124..5

2391.8

2482.9

705 .5
3 8 0 .6
260.. 6
120..0
0..7
256..0
17..0
51 . 1
350.. 7
200..0
28..0
122..6
2589.7

720..9
386..5
264..2
122..2
0..7
264..4
17..2
52.. 1
347..9
201..3
28..8
117..8

Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Corporate & foreign bonds
Mortgages
Open market paper
Miscellaneous assets
Unallo. ins. c o n t r a c t s (2)
P e n . fund c o n t r . r e c e i v .

2649.5 Pen.

fund

reserves

(liab.)

8
9
10
11
12
13
14
15
16
17
18
19

(3)

( 1 ) I n c l u d e s the F e d e r a l E m p l o y e e s ' R e t i r e m e n t S y s t e m T h r i f t S a v i n g s P l a n .
( 2 ) A s s e t s of p r i v a t e p e n s i o n p l a n s held at life i n s u r a n c e c o m p a n i e s
(e.g., G I C s , variable annuities); series begins 1985:04.
( 3 ) E q u a l to v a l u e of t a n g i b l e and f i n a n c i a l a s s e t s .

L.124

State

and

Local Government

Employee Retirement

1
2
3
4

523 . 9
4 .8
5
1 1. 3

6 0 9 .0
4 .4
7. 1
10

766 . 7
3 ,
9,. 1
9.
,7

8 2 0 .4
4 .7
7 .4
1 1.8

8 7 8 ,.8
4 .8
7 .5
16 . 1

9 9 7 .5
5 .6
5 .6
19..0

1087 .7
6 .3
8 .2
1<» .2

5
6
7
8
9
10
1 1
12
13
14

1 60 . 6
324 . 1
179..0
120 . 7
5 8 .3
0 .8
117 . 7
15
1 1 .
8 . 9

219 . 7
342 ,
.8
181 . 6
123 . 9
57.. 7
0..5
1 34.
. 9
15 . b
10 .
.2
24 .
.8

300.. 1
3 8 9 .3
197 .
.6
124,.8
72..7
0..3
166 ..5
15..3
9.. 7
55..3

2 9 6 .!
422 . 1
224.. 6
142..4
82..3
0..4
169..3
16.. 1
1 1 .8
.
78..3

386,. 6
394 .
.5
.9
156 . 1
76,.8
0,.2
128.4
16.. 9
16.. 1
69..3

448..9
417..5
233.. 7
160..6
73.. 1
0..5
147..8
16. 5
19..0
100. 8

5 0 6 .7
437..3
245..2
176..5
68..7
0..7
157..7
14..5
19..2
110..2

15

. 9
523 ,

609 .
.0

766.. 7

8 2 0 ..4

8 7 8 ..8

997. 5

1087..7

1145
5
5
26

.7
.7
.2
.6

5 0 7 .4
4 6 6 .3
261 . 1
184 .
.8
76 .3
0,.4
163..0
15..2
26..6
134. 5
1145..7

1214..2
5 .2
5..0
27..9
562..4
480..7
270.. 1
189.. 1
81 ..0
0. 4
166..9
15. 4
27..9
132. 9
1214. 2

Funds

1277
4
4
30

.8
.4
.6
.4

611 .3
482 . 1
2 7 0 .0
186,.4
83..7
0,.3
165..8
15..6
30..4
145..0
1277..8

( 3 ) E q u a l to v a l u e of
are a s s e t s of the
B I L L I O N S OF

DOLLARS.




1339..9
4 .3
4 .2
33..3
660..1
493..3
273..4
187..3
86..2
0..3
170..6
15..7
33. 3
144. 6
1339. 9
financial
household

1387 .9 T o t a l f i n a n c i a l a s s e t s
4 .9
C h e c k a b l e d e p . and c u r r e n c y
.5
T i m e and s a v i n g s d e p o s i t s
35 .9
Security RPs
701 .5
4 9 8 .9
271 .6
184..3
87..3
0..3
174.5
15..9
36..6
144..2

Corporate equities
Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Corporate 8 foreign bonds
Mortgages
Open market paper
Miscellaneous assets

1387..9 T o t a l
assets.
sector.

liabilities

These

(3)

liabilities

2
3
4
5
6
7
8
9
10
11
12
13
14
15

Z.7, MARCH 8 , 1996
Private Securities

Private
L.212-L.215

PERIOD-END

1987

1988

5
6

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

1010
816
18
798

.4
.0
.0
.0

1082
886
20
866

.3
.5
.0
.5

PERIOD-END

1989

1990

1991

1135
937
23
914

.2
.8
.3
.5

1184
983
26
957

.4
.5
.2
.3

1272
1064
33
1031

1992

1993

Municipal

.2
.8
.1
.7

1302
1086
32
1054

.8
. 1
.0
.0

1377.5
1 1 4 9 .0
3 3 .8
1115 . 1

I
I

1994

Securities

and

1348
1106
31
1075

.2
.6
.7
.0

7 9 .5
116..4

8 1 .9
115..5

8 5 .8
1 1 5 .2

93 .5
1 1 4 .0

1 0 2 .7
1 1 4 .0

1 1 4 .7
113,.9

1 2 9 .2
1 12 .4

1 0 1 0 .4
4 5 4 .7
19..4
8 . 1
2 .4
,
174,. 3
3,. 1
10.- 7
124 .
.8
1 .0
.
0..8
74 8
3..3
61 ..8
8 .3
.
63 ,. 1

1 0 8 2 ,.3
524 ,
.4
16..8
9..6
2.. 9
151 .. 6
2..8
9 . 1
1 3 4 .. 1
0 . 6
0..5
8 2 .. 9
7..5
6 6 .. 1
7. 5
6 5 ..9

1135..2
5 4 6 ..0
.4
.9
11 .
2 . 9
133.8
2.. 6
9..0
134.,8
0..6
0..3
9 8 ., 6
12.. 1
70.. 1
7., 1
73.,0

1 1 8 4 .4
572 . 1
2 4 .7
14 .0
3,.7
117..4
3..0
12..3
136..9
0.. 6
0..4
112.. 6
14.. 1
8 4 ..0
7..9
8 0 ..8

1272..2
6 1 0 .4
4 4 ,.8
15..4
3,.0
103..2
2..4
10.
126..8
0..6
0..2
139..7
25. 4
°0.
.6
9. 4
8 9 ..9

1 3 0 2 .8
5 8 1 .2
4 5 .8
14,.8
3.
97,.5
. 1
11.4
1 3 4 ..3
0..6
0. 5
168..4
3 9 ..7
9 6 ..0
1 1 ,3
.
9 6 ..0

1377.5
5 5 3 ,.5
5 6 ,. 9
14..3
2.. 6
99..2
2.. 1
14.. 7
1 4 6 .. 1
0.. 6
0.. 7
2 1 1 ., 3
4 3 ., 9
105. 6
17. 1
1 0 8 ..9

1 3 4 8 .2
5 0 1 .8
6 2 .7
1 1.5
3 .4
9 7 .6
.0
12,.8
153..8
0..7
0 .4
.
2 0 7 ..0
51 .. 6
1 1 3 ,,4
15. 5
114..2

L.213

Corporate

and

Foreign

.2
. 7
.4
.0

1
2
3
4
5
6
7
8
9
10
1 1

1 2 7 0 ..4
784 . 1
8 2 .. 3
404 .
.0
1 0 4 .. 0
7 .
19 .
.8
141 .
2.. 3
3 .
.2
126 ..2

1432
887
8 9 .2
456 . 1
109,. 1
6
21 . 7
147 . 0
.5
,
7 .5
162

1 5 8 2 .. 0
9 6 1 .. 1
94.. 1
5 2 6 ..8
113..7
.9
18..3
162..7
.7
13..8
2 1 0 ..8

1 7 0 4 ..0
1008.
1 IS..4
5 8 0 ..4
108.,9
7 .7
.
12.. 7
178.,0
.8
15..3
254. 9

1 8 6 6 .5
1 0 8 6 .9
130 .5
649 . 1
113.
14.. 7
8.
190.
3 .0
19..0
300.. 6

2038 . 9
1 1 5 4 .5
1 4 6 .2
738
127.. 6
2 6 .4
5 .5
1 9 6 .3
4 .0
2 1 .7
3 5 6 .8

2315
1229
227
858
134
40
3
206
4

12
13
14
15
16
17
18
19
20
21

1 2 7 0 .,4
135.. 7

1432 . b
132..2

1 5 8 2 ..0
169..3

1704. 0
214. 7

1866..5
301 .
.6

2 0 3 8 ,.9
2 9 5 ,.6

185..4
78.. 1

199 .
.3
8 9 ,.0

2 1 1 .,9
8 4 .. 1

217.
88. 7

2 3 3 ..4
96..3

.5
251 .
9 4 ..7

8 8 .,2
3 8 8 .3
55.5
1 2 2 ..2
117. 7
4 6 .. 6
1
,2
19.Y,
2 5 .. 1

105..3
4 5 7 ..5
6 5 ..7
1 2 6 ..4
1 3 4 ..9
4 9 ..8
16..5
2.. 3
29 ,
. 1
2 4 .5

91 ..0
5 1 1 ., 0
79..3
133. 9
166. 5
54. 6
16 . 7
3.. 7
9
2 7 .. 1

75. 6
566. 9
89.
149. 2
169.,3
5 9 .,3
15..7
.0
28. 9
2 7 ..3

72..7
5 * 5 .. 1
97 .
164..7
128..4
8 7 ..7
14.. 1
3..8
4 0 ..9
30..7

8 0 ..0
6 5 3 ..9
9 7 ..8
1 8 8 ..4
147..8
118.. 7
16..3
6 .3
.
5 0 ..9
36..8

L.214

I

1334
1093
35
1058

1 3 3 4 .8
4 9 7 .5
5 8 .2
10
.8
95 .
.3
.0
1 1 ..7
155..8
0.. 7
0 .4
.
202 . 6
53.
119,.3
10..8
114..4

II

1329
1087
31
1056

III

.8
.4
. 1
.2

1306
1063
31
1032

.6
.7
. 1
.6

132 .5
109 .9

133 .4
109 .4

1 3 2 9 .8
486 . 7
59..4
8 . 6
.8
94 ..4
.0
13.
158..0
0.. 7
0 .
.3
2 0 1 .. 9
5 4 ., 7
120.8
7
114. 7

1 3 0 6 .6
4 6 0 .6
60..5
6 .8
,
3 .0
,
93..3
.0
12,.7
160..4
0.. 7
0..3
2 0 2 .. 6
56.
123..3
9.. 3
1 1 4 .. 9

original maturity
of t h e h o u s e h o l d s

IV

1301
1056
32
1023

. 1 Total liabilities
. 6
S t a t e and l o c a l g o v e r n m e n t s
.9
Short-term (1)
Long-term
.7

1
2
3
4

Nonprofit organizations (2)
Nonfin. corporate business
(industrial revenue bonds)

5
6

1301 . 1 T o t a l a s s e t s
Household sector
4 3 5 .0
62 .
.5
Nonfin. corporate business
4.. 7
S t a t e and l o c a l g o v e r n m e n t s
4 .5
.
Govt.-spons. enterprises
93..3
Commercial banking
Savings institutions
.0
13., 9
Life insurance companies
Other insurance companies
163. 8
Private pension funds
0..7
0 .3
St.Sloc. govt. rtr. funds
Mutual
unds
2 0 7 ., 7
Closed-end funds
57 .1
Money market mutual funds
127. 7
B r o k e r s and d e a l e r s
12. 7
1 1 5 .. 1
Bank personal trusts

7
8

135..0
109..4

of 13 m o n t h s or l e s s .
and n o n p r o f i t o r g a n i z a t i o n s s e c t o r
and L . 100 ) .

10
1 1
12
13
14
15
16
17
18
19
20
21
22

(F.100

Bonds

.4
. 6
.4
.4
.2
. 7
. 1
2 6 4 .4
7 .4
2 6 .8
516 . 9

2664 . 9
1 3 0 6 .8
264
1094 . 0
158 . 7
8 2 .8
3 . 1
272 ,
. 1
7.
,9
27,.4
542 ,
. 0

275Q . 6 Total liabilities
Nonfin. corporate business
1 328 . 0
R e s t of t h e w o r l d ( 3 )
281 . Q
1 1 4 0 .8
Financial sectors
Commercial banking
1 6 2 .0
Funding corporations
8 4 .4
3. 1
Savings institutions
Finance companies
284 . 7
8 .5
REITs
B r o k e r s and d e a l e r s
29 . 3
ABS issuers
5 7 7 .8

2512 . 7
349
21 . 7
3 2 6 .8
101 .
14 .0
.9
84 ,
8 0 0 ,.3
111,. 7
2 4 1 ,. 1
166,.9
172..7
.4
14 .
15.. 1
5 7 .. 7
35.. 1

2 5 Q 3 .4
3 5 4 .8
.8
3 3 9. 9
.9
102 ,
16,. 0
8 6 .5
8 2 9 ,.4
113,.5
2 4 9 ,.5
165.8
180.. 1
13..5
16.. 7
.4
34 ,
.8

2664 ,
.9
3 7 6 .. 9
20.
3 5 3 ..2
109..0
2 0 ..0
8 4 ..8
838. 4
115..0
2 5 6 ..0
170.. 6
186.,8
13. 5
18. 8
66. 8
34 .. 7

2759 . 6 Total assets
396 . 4 x Household sector
Govt.-spons. enterprises
. 1
368 . 3
R e s t cf t h e w o r l d ( 4 )
Commercial banking
111..0
Funding corporations
.8
Savings institutions
8 2 .8
8 5 8 ,0
Life insurance companies
Other insurance companies
117..0
Private pension funds
2 6 4 ..4
St.Sloc. govt. rtr. funds
174. 5
Mutual funds
195..4
13.,4
Closed-end funds
Money market mutual funds
21 ..5
B r o k e r s and d e a l e r s
76..3
Bank personal trusts
34 .
, 6

.0
.9
. 0
.3
. 7
4 3 5 .2

2512
1266
237
1007
146
73
3
254
6
26
497

2 3 1 5 ,.2
3 3 7 ,.3
1 1 ., 1
273 ,
.5
98.
4,.0
8 9 ,. 1
7 1 9 ,.5
103,. 1
2 1 1 .. 1
157., 7
169.. 3
2 0 ..8
1 1 .. 7
73..0
35..8

2 4 5 6 ..5
3 3 2 .. 9
19..5
312 .
1 0 2 ..8
14..0
8 6 ,. 7
7 7 9 ..4
110.. 1
2 3 3 ..4
163 ..0
172..4
15..2
15..2
6 4 ..4
35..3

Fund

.8
.7
.3
.5

1 3 0 .5
110 . 6

2 4 5 6 .5
1253 . 0
234 . 6
9 6 9 .0
142 ,
. 6
6 0 .0
3 . 1
. 0
235 ,
6 . 3
34,.3
4 8 7,.7

Mutual

LEVELS

1995

Loans

78 .2
1 1 6 .2

(1) Debt with
(2) Liability

23
24
25
26
27

Securities

Securities

LEVELS

L.212

1
2
3
4

Private

. 7
.8
.9
. 9
. 1
. 1
.4
.8
.9
.0

25*3
1291
250
1051
154
78

1
3
4
5
b
7
8
10
1 1
12
13
14
15
16
17
18
19
20
21

24
25
26
27

Shares

1

480.2

5 0 0 ..5

5 8 9 .. 6

608..4

769,.5

9 9 2 .5

1375.4

1 4 7 7 .3

1 5 5 2 .8

1664. 4

1 7 8 9 .. 6

1865..0 S h a r e s

2
3
4
5
6
7
8
9

480.2
382.5
12.8

5 0 0 ..5
4 0 1 ..6
10..6

5 8 9 ..6
4 6 9 ..9
11 .
.7
2..2
1 ,2
.
19.. 1
27.5
5 7 ..9

6 0 8 .4
4 7 1 ..9
.7
1..9
1 .4
.
3 0 .7
30..0
6 2 .7

7 6 9 .5
5 9 3 .3
14 .8
3..7
2 .6
13 . 1
48..4
93..6

9 9 2 .5
741 .
.0
21 . 1
3..4
4 . 1
16 .9
78..0
128.. 1

1375.4
998.4
29.8
3.9
4.2
23.9
131.8
183.5

1477
1058
31
2

.3
.9
. 1
.0

1 5 5 2 .8
1 0 8 5 .4
34 .5
. 1

1664. 4
1 142 .1
38., 1
2. 4

1 7 8 9 ..6
1 2 0 7 .. 1
4 2 ..0
6

7 .4
175 . 6
2 0 2 .4

.0
197 . 9
.8

10.,0
2 2 5 ., 9
245. 8

1 I .0
.
256. 4
2 7 0 ..5

1 8 6 5 .0 H o l d i n g s at m a r k e t v a l u e
Household sector
1 2 4 9 ..8
Nonfin. corp business
45..0
Commercial banking
.3
Credit unions
Life insurance companies
13..5
2 6 8 ..8
Private pension funds
Bank personal trusts
2 8 5 ..6

2
3
4
5
6
7
8
9

3
4

1 .8
12 . 1
19.0
52.0

1 .4
.
18..5
.0
46.5

L.215

Corporate

2 7 7 8 ..9
2 0 5 5 ,.9
6 9 .6
6 5 3 ,.4

3098
2242
86
770

.9
.8
.0
. 1

3 8 0 9 .7
2 7 2 8 .7
119,.9
961 .
.2

3530
2610
110
809

5
6
7
8
9
10
11
12
13
14
15
16
17

2 7 7 8 ,.9
1 4 1 8 ,. 1
1 8 9 ..0

3098 . 9
1 6 2 9 .7
2 1 3 ..8
8 .5
8 9 ..3
71 .4
4 8 0 ..6
2 1 9 .7
187..6
14..3
12..2
171 .
.7

3 8 0 9 ,.7
1 9 2 8 ..6
2 7 6 ..1
4 .7
.
11..0
106. 5
8 4 ..0
6 0 9 ,.7
300.
2 5 0 ..5
17.
14..1
2 0 7 ..3

3 5 3 0 .2
1 7 6 0 .0
2 4 3 .8
2 .2
8 .8
97,.9
79 .9
5 9 2 ,.5
2 9 6 .. 1
2 3 3 ..2
16..2
9 .6
1 9 0 .1

4 8 6 3 .6
2 6 5 2 .7
2 9 9 .0
3 .8
10..3
151 .
.4
94 .1
686..6
386..6
308..9
21..8
14..3
2 3 4 ..2

5 4 6 2 .9
2 9 1 8 .9
3 2 9 .0
3 .4
11 .
.2
175..5
97..3
8 2 1 .9
4 4 8 ..9
4 0 1 ..3
2 3 ..8
14..8
2 1 6 ..9

18

2 6 2 3 ..2

2 9 1 4 .9

3 5 7 0 ..0

3 3 1 2 .3

4 5 7 0 ..9

5 1 4 5 ..5

1
2
3
4

7..0
8 0 ..5
65.. 1
4 9 0 ..4
1 6 9 ..6
181 ..7
10..4
10..7
156..4


BILLIONS OF DOLLARS.


.2
.8
.0
.3

4863
3614
158
1090

.6
.7
.8
•1

5462
3968
178
1316

.9
.8
.1
. 1

(3)
(4)
(5)
(6)

Equities

at

market

value

1

(5)

6 2 9 3 .4
4470 . 1
3 1 3 ..9
1 5 0 9 .4

6835.8
4 8 5 4 .5
317 . 1
1664 • 2

7 3 9 3 .0
5 2 4 0 .9
.4
1 8 2 5 .8

8013.8
5 6 0 9 .6
3 4 6 .9
2 0 5 7 .4

8 3 4 5 . 4 S h a r e s at m a r k e t . v a l u e
Nonfin. corporate business
5832. 5
R e s t of t h e w o r l d ( 3 )
361 . 7
Financial corporations
2 1 5 1 .,2

6 2 7 8 .5
3 2 8 5 .4
3 7 2 .9
4 .3
12,.5
2 2 8 ,.0
1 0 3 .4
9 2 4 ,.9
5 0 6 ..7
6 0 7 ..4
2 7 ..7
24..2
181..0

.4
6293 ,
3 1 9 8 ,.8
3 3 7 ..9
2..9
10..4
2 7 4 ..4
112.. 1
9 2 1 ..4
5 0 7 ..4
7 0 9 ..6
33.
2 0 ..1
165..3

6 8 3 5 .8
34 98 .5
334 . 1
2 .8
11 .3
291 .
.7
121 .6
9 8 8 ..0
5 6 2 ..4
7 8 7 ..2
35..3
.0
180..9

7 3 9 3 .0
3 7 8 5 .7
339.5
3 .0
12 .6
3 1 4 .6
131 .0
1 0 4 4 .1
6 1 1 .3
893 . 1
3 7 .3
2 3 .9
1 9 7 .0

8013
4113
344
4
13
341
140
1111
660
1003
39
26
214

8 3 4 5 . 4 H o l d i n g s at m a r k e t v a l u e
Household sector
4285. 8
R e s t of t h e w o r l d ( 4 )
347. 8
Commercial banking
5. 0
Savings institutions
14. 3
Life insurance companies
352. 5
Other insurance companies
148. 6
Private pension funds
1149. 5
St.aioc. govt. rtr. fnds
7 0 1 .5
Mutual funds
1040. 7
40. 8
Closed-end funds
34. 0
B r o k e r s and d e a l e r s
Bank personal trusts
225. 0

5
6
7
8
9
10
11
12
13
14
15
16
17

5 8 2 1 ..2

5 8 1 1 ..2

6 3 3 7 ..0

6 8 7 1 .5

7 4 5 5 .0

Memo:
7755, 3

18

6278
4393
297
1587

.5
. 1
.7
.7

.8
.5
.2
.6
.6
. 1
.8
.4
.0
.8
.8
.9

M a r k e t v a l u e of
corporations

domestic
(6)

H o l d i n g s of f o r e i g n i s s u e s b y U . S . r e s i d e n t s .
H o l d i n g s of U . S . i s s u e s b y f o r e i g n r e s i d e n t s .
E x c l u d e s m u t u a l fund s h a r e s shown a b o v e .
S u m of l i n e s 2 a n d 4 l e s s t h e s u m of l i n e s 8 . 11? 1 5 , a n d 16;
l i n e 1 e x c l u d e s i n t e r c o r p o r a t e h o l d i n g s of n o n f i n a n c i a l c o r p o r a t i o n s .

1