[Economic Report of the President (1996)]
[Administration of William J. Clinton]
[Online through the Government Publishing Office, www.gpo.gov]

[DOCID: f:erp_b70._]
Economic Report of the President - - - - - - - - - - - - H. Doc. 104-161
[From the online service of the U.S. Government Printing Office]
[wais.access.gpo.gov]


Table B-70.--Total funds raised in credit markets, 1986-95
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Item                                 1986      1987      1988      1989      1990      1991      1992      1993      1994
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL:
domestic...............................

sectors .......................................     863.6     733.7     767.7     720.3     669.4     480.6     545.3     625.9     617.0

U.S. Government.............................................     216.0     143.9     155.1     146.4     246.9     278.2     304.0     256.1     155.9

Treasury securities.......................................     215.6     142.4     137.7     144.7     238.7     292.0     303.8     248.3     155.7
Agency issues and mortgages...............................        .4       1.5      17.4       1.6       8.2     -13.8        .2       7.8        .2

Private domestic nonfinancial sectors.......................     647.6     589.8     612.6     574.0     422.5     202.4     241.3     369.8     461.1

Tax-exempt securities.....................................      59.9      91.6      59.3      52.9      49.3      87.8      30.5      74.8     -29.3
Corporate bonds...........................................     127.1      78.8     103.1      73.8      47.1      78.8      67.6      75.2      23.3
Mortgages.................................................     300.6     330.3     298.8     293.7     232.4     158.4     130.9     157.2     196.5
Home mortgages..........................................     206.0     247.6     229.3     235.2     226.3     173.6     187.6     187.9     204.5
Multifamily residential.................................      33.2      16.9      17.7      10.6       1.5      -5.5     -10.4      -6.0       1.3
Commercial..............................................      72.2      73.3      56.5      50.3       6.1     -10.0     -47.8     -25.0     -11.1
Farm....................................................     -10.7      -7.4      -4.8      -2.5      -1.6        .4       1.4        .5       1.8
Consumer credit...........................................      57.5      32.9      50.1      45.8      15.6     -14.8       7.3      58.9     121.2
Bank loans n.e.c..........................................      55.5      10.8      33.9      27.8        .4     -40.9     -13.7       3.8      72.7
Commercial paper..........................................      -9.3       1.6      11.9      21.4       9.7     -18.4       8.6      10.0      21.4
Other.....................................................      56.3      43.8      55.5      58.5      68.1     -48.5      10.1     -10.2      55.4

By borrowing sector:........................................     647.6     589.8     612.6     574.0     422.5     202.4     241.3     369.8     461.1

Households................................................     261.1     306.5     259.1     269.5     263.7     182.7     200.7     246.5     360.3
Nonfinancial domestic business............................     313.1     192.2     299.0     253.4     112.2     -61.9      19.5      61.0     144.3

Farm....................................................     -17.4     -11.6     -10.2        .6       1.0       2.1       1.3       2.0       2.8
Nonfarm noncorporate....................................      94.3      55.2      84.2      69.6       1.1     -11.0     -16.0       7.0      12.1
Corporate...............................................     236.3     148.7     225.0     183.2     110.0     -53.0      34.1      52.0     129.3

State and local governments...............................      73.4      91.1      54.5      51.1      46.6      81.6      21.1      62.3     -43.4

States........................       9.7       6.2       6.4      10.2      23.9      14.8      22.6      68.8     -20.3

Bonds.......................................................       3.1       7.4       6.9       4.9      21.4      15.0      15.7      81.3       7.1
Bank loans n.e.c............................................      -1.0      -3.6      -1.8       -.1      -2.9       3.1       2.3        .7       1.4
Commercial paper............................................      11.5       3.8       8.7      13.1      12.3       6.4       5.2      -9.0     -27.3
U.S. Government and other loans.............................      -3.9      -1.4      -7.5      -7.6      -7.0      -9.8       -.6      -4.2      -1.6

foreign...................................     873.3     739.9     774.1     730.5     693.2     495.4     568.0     694.7     596.6

FINANCIAL:
sectors.............     327.8     291.6     249.2     226.4     210.9     154.5     240.1     290.8     459.4

U.S. Government related.....................................     178.1     168.3     119.8     149.5     167.4     145.7     155.8     164.2     284.3
Private domestic financial sectors..........................     149.7     123.3     129.5      76.9      43.6       8.7      84.3     126.6     175.2

By borrowing sector:........................................     327.8     291.6     249.2     226.4     210.9     154.5     240.1     290.8     459.4

Government-sponsored enterprises..........................      14.9      29.5      44.9      25.2      17.0       9.1      40.2      80.6     172.1
Federally related mortgage pools..........................     163.3     138.8      74.9     124.3     150.3     136.6     115.6      83.6     112.1
Private domestic financial sectors........................     149.7     123.3     129.5      76.9      43.6       8.7      84.3     126.6     175.2

Commercial banks........................................      -3.1       7.2      -3.2      -1.0        .9     -10.7       7.7       4.6       9.9
Bank holding companies..................................      10.7      14.3       5.2       6.2     -27.7      -2.5       2.3       8.8      10.3
Savings institutions....................................      24.3      28.7      21.6     -15.0     -30.9     -44.7      -7.0      11.3      12.8
Funding corporations....................................      12.0       9.7      38.0      12.5      15.4      -6.5      13.2       2.9      24.2
Finance companies.......................................      51.5      23.2      23.9      27.4      23.8      17.7      -1.6        .2      50.2
Asset-backed securities issuers.........................      42.0      49.9      37.6      29.1      59.8      52.9      58.6      83.0      64.5
Other...................................................      12.3      -9.6       6.3      17.8       2.3       2.5      11.0      15.8       3.2

ALL SECTORS, BY TRANSACTION:..................................   1,201.1   1,031.5   1,023.3     956.9     904.1     649.9     808.0     985.5   1,056.0

U.S. Government securities..................................     394.5     312.9     274.9     295.8     414.4     424.0     459.8     420.3     444.9
Tax-exempt securities.......................................      59.9      91.6      59.3      52.9      49.3      87.8      30.5      74.8     -29.3
Corporate and foreign bonds.................................     222.5     164.7     162.2     120.9     122.0     162.5     166.1     276.3     143.8
Mortgages...................................................     300.9     330.6     299.1     294.0     233.0     158.9     131.5     160.8     206.3
Consumer credit.............................................      57.5      32.9      50.1      45.8      15.6     -14.8       7.3      58.9     121.2
Bank loans n.e.c............................................      66.8      -1.1      34.8      41.2       2.2     -29.1      -9.3      -8.5      61.8
Open-market paper...........................................      26.4      32.3      75.4      65.9      30.7     -44.0      13.1      -5.1      35.7
Other loans.................................................      72.7      67.5      67.5      40.5      37.1     -95.6       8.9       8.0      71.7
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See next page for continuation of table.


Table B-70.--Total funds raised in credit markets, 1986-95--Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1993                                    1994                               1995
Item                    -------------------------------------------------------------------------------------------------------------
I        II        III       IV         I        II        III       IV         I        II        III
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL:
domestic
sectors                          449.7     792.7     598.0     663.2     652.5     581.2     580.0     654.3     831.0     877.5     513.1

U.S. Government.........................     238.6     346.3     172.9     266.7     206.4     131.3     135.6     150.1     266.8     202.8      65.8

Treasury securities...................     235.4     342.2     156.6     259.0     207.7     126.6     132.8     155.7     268.0     201.2      65.4
Agency issues and mortgages...........       3.2       4.1      16.2       7.7      -1.3       4.7       2.9      -5.7      -1.2       1.6        .4

Private domestic nonfinancial sectors...     211.1     446.4     425.2     396.4     446.1     449.9     444.3     504.2     564.2     674.8     447.3

Tax-exempt securities.................      89.9     134.5      54.7      20.1      15.7     -20.7     -58.4     -53.8     -53.3     -10.6    -115.8
Corporate bonds.......................      85.7      75.7      72.0      67.4      34.2      37.4      15.4       6.2      55.3      99.0      60.7
Mortgages.............................      92.2     169.4     210.2     157.0     174.2     194.2     203.9     213.5     219.6     238.8     251.9
Home mortgages......................     115.9     212.0     227.5     196.0     203.3     186.2     208.8     219.8     192.5     204.2     215.3
Multifamily residential.............      -6.1     -10.8      -5.0      -2.3       -.3       4.0       5.6      -4.2       2.9      15.0      11.9
Commercial..........................     -17.7     -32.9     -12.7     -36.9     -29.4       1.1     -12.7      -3.4      22.5      17.8      22.4
Farm................................        .2       1.0        .4        .2        .6       2.9       2.2       1.4       1.7       1.8       2.3
Consumer credit.......................      13.1      45.4      64.4     112.8      65.0     129.8     124.8     165.2      93.8     158.1     109.6
Bank loans n.e.c......................     -30.0       5.1      16.9      23.2      57.7      58.7      97.1      77.1     143.5      94.4      99.4
Commercial paper......................      -1.0      29.1      10.9       1.0      26.1       9.7      26.4      23.5      23.1      37.5      16.0
Other.................................     -38.9     -12.7      -3.9      14.9      73.2      40.8      35.1      72.4      82.2      57.7      25.6

By borrowing sector:....................     211.1     446.4     425.2     396.4     446.1     449.9     444.3     504.2     564.2     674.8     447.3

Households............................     111.6     246.7     312.9     314.9     292.3     349.9     379.7     419.1     301.8     388.9     380.3
Nonfinancial domestic business........      13.3      82.3      76.6      71.8     154.1     139.4     130.0     153.6     314.5     302.8     187.0

Farm................................      -2.0       1.9       4.1       4.2       3.1       7.8       2.4      -2.0        .9       3.6       4.3
Nonfarm noncorporate................       2.5      11.0       5.1       9.4      13.2      10.0       8.8      16.5      51.3      43.5      21.5
Corporate...........................      12.9      69.5      67.4      58.3     137.7     121.7     118.8     139.1     262.3     255.7     161.1

State and local governments...........      86.2     117.4      35.8       9.8       -.3     -39.5     -65.4     -68.5     -52.1     -16.9    -119.9

United

States.................................      48.8      63.2     121.1      42.1    -100.3     -34.2      19.6      33.5      61.4      40.4      97.5

Bonds...................................      78.1      63.2     123.7      60.1      -2.6     -17.4      20.8      27.7      13.5      49.9      55.0
Bank loans n.e.c........................       1.5       6.6       1.0      -6.3       6.0      -4.5       4.7       -.5       8.1       5.6       8.2
Commercial paper........................     -21.7       -.6      -1.6     -12.0    -101.8      -5.2      -8.1       5.9      37.9     -11.1      30.9
U.S. Government and other loans.........      -9.1      -5.9      -2.1        .3      -1.8      -7.1       2.2        .4       1.9      -4.0       3.4

foreign...............     498.6     855.9     719.1     705.3     552.2     547.0     599.5     687.8     892.4     918.0     610.6

FINANCIAL:
domestic

sectors.......................     156.7     186.0     435.0     385.4     493.1     380.1     419.7     544.8     268.7     432.0     407.7

U.S. Government related.................     145.8      63.6     290.3     156.9     309.4     264.5     245.7     317.5      93.0     197.7     230.1
Private domestic financial sectors......      10.9     122.4     144.7     228.5     183.8     115.5     174.0     227.3     175.7     234.4     177.6

By borrowing sector:....................     156.7     186.0     435.0     385.4     493.1     380.1     419.7     544.8     268.7     432.0     407.7

Government-sponsored enterprises......      32.2      68.8     167.8      53.4     140.8     146.6     152.1     249.0      62.9     127.2     101.5
Federally related mortgage pools......     113.6      -5.2     122.5     103.5     168.5     117.9      93.6      68.5      30.0      70.5     128.6
Private domestic financial sectors....      10.9     122.4     144.7     228.5     183.8     115.5     174.0     227.3     175.7     234.4     177.6

Commercial banks....................       2.1      10.9       5.0        .4        .9      10.6      23.9       4.1       6.3      18.2       9.6
Bank holding companies..............      21.1       1.3        .5      12.2       3.5      10.1      11.5      16.0      13.3      23.8      25.2
Savings institutions................       9.9      12.5      12.3      10.3      -5.5       5.8      14.8      36.1     -18.9      -6.8       4.9
Funding corporations................     -31.8       3.9       8.7      30.9      48.8     -10.5      47.3      11.1      61.6      21.4      41.9
Finance companies...................     -18.8     -16.2      16.2      19.4      63.7      63.6      16.3      57.3      83.1      57.2       6.5
Asset-backed securities issuers.....      62.4      61.5      82.0     126.1      89.4      38.5      55.4      74.5      60.8      99.4      97.1
Other...............................     -34.1      48.4      20.1      29.2     -17.1      -2.4       4.7      28.2     -30.3      21.1      -7.7

ALL SECTORS, BY TRANSACTION:..............     655.2   1,041.9   1,154.2   1,090.7   1,045.3     927.0   1,019.2   1,232.6   1,161.1   1,350.0   1,018.3

U.S. Government securities..............     384.4     409.9     463.2     423.6     534.9     395.8     381.3     467.5     359.8     400.5     295.9
Tax-exempt securities...................      89.9     134.5      54.7      20.1      15.7     -20.7     -58.4     -53.8     -53.3     -10.6    -115.8
Corporate and foreign bonds.............     265.2     235.1     334.8     269.9     192.7     116.4     135.7     130.4     225.3     319.1     248.7
Mortgages...............................      93.6     170.7     216.4     162.5     184.0     206.6     215.9     218.4     224.7     243.6     254.2
Consumer credit.........................      13.1      45.4      64.4     112.8      65.0     129.8     124.8     165.2      93.8     158.1     109.6
Bank loans, n.e.c.......................     -64.5      24.6       2.0       4.0      51.8      26.8      90.1      78.5     151.7     124.1     100.7
Open-market paper.......................     -98.8      12.9      -1.0      66.5     -40.7       8.8      59.6     115.3      99.5      60.4      90.2
Other loans.............................     -27.7       8.9      19.7      31.2      41.9      63.5      70.2     111.0      59.6      55.0      34.8
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Source: Board of Governors of the Federal Reserve System.