[Economic Report of the President (1997)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]

[DOCID: f:erp_b72._]
Economic Report of the President - - - - - - - - - - - - H. Doc. 105-002
[From the online service of the U.S. Government Printing Office]
[wais.access.gpo.gov]



Table B-72.--Credit market borrowing, 1987-96
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Item                                 1987      1988      1989      1990      1991      1992      1993      1994      1995
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC......................................................     734.0     776.5     719.1     669.8     481.7     543.0     627.0     621.2     720.4

FEDERAL GOVERNMENT..........................................     143.9     155.1     146.4     246.9     278.2     304.0     256.1     155.9     144.4

Treasury securities.......................................     142.4     137.7     144.7     238.7     292.0     303.8     248.3     155.7     142.9
Budget agency securities and mortgages....................       1.5      17.4       1.6       8.2     -13.8        .2       7.8        .2       1.5

NONFEDERAL, BY INSTRUMENT...................................     590.1     621.4     572.7     422.9     203.5     239.0     370.9     465.4     576.0

Commercial paper..........................................       1.6      11.9      21.4       9.7     -18.4       8.6      10.0      21.4      18.1
Municipal securities and loans............................      91.6      59.3      52.9      49.3      87.8      30.5      74.8     -29.3     -44.2
Corporate bonds...........................................      78.8     103.1      73.8      47.1      78.8      67.6      75.2      23.3      73.3
Bank loans n.e.c..........................................      10.8      33.9      27.8        .4     -40.9     -13.7       3.6      73.2      99.6
Other loans and advances..................................      43.8      55.6      58.5      68.1     -48.5      10.1      -9.4      54.4      59.0

Mortgages.................................................     330.3     298.8     293.7     232.4     158.4     130.9     155.2     196.0     228.6
Home....................................................     247.6     229.3     235.2     226.3     173.6     187.6     185.8     203.9     196.9
Multifamily residential.................................      16.9      17.7      10.6       1.5      -5.5     -10.4      -6.0       1.7      10.5
Commercial..............................................      73.3      56.5      50.3       6.1     -10.0     -47.8     -25.0     -11.3      19.5
Farm....................................................      -7.4      -4.8      -2.5      -1.6        .4       1.4        .5       1.8       1.6
Consumer credit...........................................      33.2      58.8      44.5      16.1     -13.7       5.0      61.5     126.3     141.6

NONFEDERAL, BY SECTOR.......................................     590.1     621.4     572.7     422.9     203.5     239.0     370.9     465.4     576.0

Household sector..........................................     306.8     267.9     268.2     264.1     183.8     198.3     255.9     372.4     383.1
Nonfinancial business.....................................     192.2     299.0     253.4     112.2     -61.9      19.5      52.7     136.4     241.5
Corporate...............................................     148.7     225.0     183.2     110.0     -53.0      34.1      46.5     121.7     205.1
Nonfarm noncorporate....................................      55.2      84.2      69.6       1.1     -11.0     -16.0       4.2      11.9      34.8
Farm....................................................     -11.6     -10.2        .6       1.0       2.1       1.3       2.0       2.8       1.6
State and local governments...............................      91.1      54.5      51.1      46.6      81.6      21.1      62.3     -43.4     -48.6

FOREIGN BORROWING IN THE UNITED STATES........................       6.3       7.5      10.2      23.9      14.8      23.7      70.4     -15.3      69.5

Commercial paper............................................       3.8       8.7      13.1      12.3       6.4       5.2      -9.0     -27.3      13.6
Bonds.......................................................       7.4       6.9       4.9      21.4      15.0      16.8      82.9      12.2      48.3
Bank loans n.e.c............................................      -3.6      -1.8       -.1      -2.9       3.1       2.3        .7       1.4       8.5
Other loans and advances....................................      -1.4      -6.4      -7.6      -7.0      -9.8       -.6      -4.2      -1.6       -.8

NONFINANCIAL DOMESTIC AND FOREIGN BORROWING...................     740.2     784.0     729.2     693.7     496.5     566.7     697.4     606.0     789.9

FINANCIAL SECTORS

BY INSTRUMENT.................................................     291.6     249.2     225.0     211.4     155.6     240.0     292.2     466.7     446.7

Federal Government related..................................     168.3     119.8     149.5     167.4     145.7     155.8     165.3     287.5     205.1
Government-sponsored enterprises securities...............      30.2      44.9      25.2      17.1       9.2      40.3      80.6     176.9     106.9
Mortgage pool securities..................................     138.8      74.9     124.3     150.3     136.6     115.6      84.7     115.4      98.2
U.S. Government loans.....................................       -.8        .0        .0       -.1        .0        .0        .0      -4.8        .0

Private financial sectors...................................     123.3     129.5      75.5      44.0       9.8      84.2     126.9     179.2     241.6
Open market paper.........................................      26.9      54.8      31.3       8.6     -32.0       -.7      -6.2      41.6      42.6
Corporate bonds...........................................      78.6      52.2      40.8      54.0      69.9      82.7     120.1     117.5     184.7
Bank loans n.e.c..........................................      -8.3       2.7      13.5       4.7       8.8       2.2     -13.0     -12.3       5.5
Other loans and advances..................................      25.8      19.4     -10.5     -23.9     -37.3       -.6      22.4      22.6       3.4
Mortgages.................................................        .3        .3        .3        .6        .5        .6       3.6       9.8       5.3

BY SECTOR.....................................................     291.6     249.2     225.0     211.4     155.6     240.0     292.2     466.7     446.7

Commercial banking..........................................      21.5       2.0       5.2     -26.8     -13.2      10.0      13.4      20.1      22.5
Savings institutions........................................      28.7      21.6     -15.0     -30.9     -44.7      -7.0      11.3      12.8       2.6
Government-sponsored enterprises............................      29.5      44.9      25.2      17.0       9.1      40.2      80.6     172.1     106.9
Federally related mortgage pools............................     138.8      74.9     124.3     150.3     136.6     115.6      84.7     115.4      98.2
Asset-backed securities issuers.............................      49.9      37.6      27.7      60.3      54.0      58.5      83.3      68.5     132.3
Finance companies...........................................      23.2      23.9      27.4      23.8      17.7      -1.6        .2      50.2      51.6
Funding corporations........................................       9.7      38.0      12.5      15.4      -6.5      13.2       2.9      24.2      32.0
Other\1\....................................................      -9.7       6.3      17.7       2.3       2.5      11.1      15.9       3.3        .7

ALL SECTORS

BY INSTRUMENT.................................................   1,031.8   1,033.2     954.3     905.1     652.1     806.6     989.6   1,072.7   1,236.5

Open market paper...........................................      32.3      75.4      65.9      30.7     -44.0      13.1      -5.1      35.7      74.3
U.S. Government securities..................................     312.9     274.9     295.8     414.4     424.0     459.8     421.4     448.1     349.5
Municipal securities and loans..............................      91.6      59.3      52.9      49.3      87.8      30.5      74.8     -29.3     -44.2
Corporate and foreign bonds.................................     164.7     162.2     119.5     122.5     163.6     167.1     278.2     153.0     306.3
Bank loans n.e.c............................................      -1.1      34.8      41.2       2.2     -29.1      -9.3      -8.6      62.3     113.5
Other loans and advances....................................      67.5      68.6      40.5      37.1     -95.6       8.9       8.7      70.7      61.6
Mortgages...................................................     330.6     299.1     294.0     233.0     158.9     131.5     158.8     205.8     233.9
Consumer credit.............................................      33.2      58.8      44.5      16.1     -13.7       5.0      61.5     126.3     141.6
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\Credit unions, life insurance companies, mortgage companies, real estate investment trusts, and brokers and dealers.

See next page for continuation of table.


Table B-72.--Credit market borrowing, 1987-96--Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
----------------------------------------------------------------------------------------------------------------
1995                               1996
Item                    ---------------------------------------------------------------------
I        II        III       IV         I        II        III
----------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC..................................     845.7     866.0     578.7     591.4     874.5     693.7     670.4

FEDERAL GOVERNMENT......................     247.8     184.7      86.0      59.3     239.9      62.4     161.3

Treasury securities...................     249.0     183.1      85.6      54.1     242.2      60.2     164.4
Budget agency securities and mortgages      -1.2       1.6        .4       5.1      -2.3       2.2      -3.1

NONFEDERAL, BY INSTRUMENT...............     597.9     681.3     492.7     532.1     634.6     631.3     509.1

Commercial paper......................       6.0      34.3      18.1      14.1      30.1      10.7     -16.5
Municipal securities and loans........     -54.9      -2.2    -107.2     -12.6     -14.2      36.9     -76.2
Corporate bonds.......................      53.0      98.4      59.8      82.0      60.9      71.5      73.8
Bank loans n.e.c......................     145.5      99.1      75.3      78.5      29.8      78.8     132.9
Other loans and advances..............      82.5      57.3      35.2      61.0      32.9      26.9      56.9

Mortgages.............................     228.2     239.5     255.0     191.7     363.6     318.7     268.0
Home................................     209.9     190.8     227.9     159.1     319.1     248.8     224.2
Multifamily residential.............       6.6      10.9      11.3      13.3      13.8      18.4      14.7
Commercial..........................      10.0      36.1      13.7      18.2      28.4      46.1      26.0
Farm................................       1.7       1.7       2.2       1.1       2.4       5.3       3.2
Consumer credit.......................     137.6     155.0     156.4     117.5     131.5      87.8      70.2

NONFEDERAL, BY SECTOR...................     597.9     681.3     492.7     532.1     634.6     631.3     509.1

Household sector......................     382.3     389.9     424.6     335.6     461.0     398.4     329.7
Nonfinancial business.................     269.8     300.4     178.4     217.4     186.2     202.7     255.9
Corporate...........................     230.4     268.3     140.5     181.3     139.8     158.4     215.9
Nonfarm noncorporate................      38.5      29.1      34.4      37.1      46.3      37.2      41.6
Farm................................        .8       3.0       3.5      -1.0        .1       7.1      -1.5
State and local governments...........     -54.2      -9.0    -110.3     -20.9     -12.5      30.1     -76.5

FOREIGN BORROWING IN THE UNITED STATES....      67.1      45.5      88.3      76.9      49.2      36.6     105.8

Commercial paper........................      43.2      -8.7      23.7      -3.9      -8.4       9.6      38.6
Bonds...................................      13.9      51.2      55.2      72.7      47.9      11.1      59.4
Bank loans n.e.c........................       8.1       5.6       8.2      11.9       8.7      15.1       4.7
Other loans and advances................       1.9      -2.6       1.3      -3.9       1.1        .7       3.1

NONFINANCIAL DOMESTIC AND FOREIGN
BORROWING................................     912.8     911.4     667.0     668.3     923.7     730.3     776.3

FINANCIAL SECTORS

BY INSTRUMENT.............................     267.7     439.9     507.0     572.0     330.3     687.5     453.7

Federal Government related..............      86.7     196.5     227.7     309.5     143.8     302.0     244.4
Government-sponsored enterprises
securities...........................      62.9     127.2     101.5     136.1      37.4     132.9      84.0
Mortgage pool securities..............      23.8      69.3     126.2     173.4     106.5     169.1     160.4
U.S. Government loans.................        .0        .0        .0        .0        .0        .0        .0

Private financial sectors...............     181.0     243.4     279.3     262.5     186.5     385.5     209.3
Open market paper.....................      37.6      33.9      43.7      55.1      17.8     105.7      85.2
Corporate bonds.......................     167.6     182.3     217.6     171.6     143.8     201.8      74.7
Bank loans n.e.c......................      -5.0      20.7       7.9      -1.8      24.9      23.6       9.6
Other loans and advances..............     -24.5       1.3       4.9      32.0      -5.5      48.6      33.9
Mortgages.............................       5.2       5.2       5.2       5.6       5.5       5.8       5.8

BY SECTOR.................................     267.7     439.9     507.0     572.0     330.3     687.5     453.7

Commercial banking......................      21.7      39.0      38.9      -9.7     -32.6      40.1      11.1
Savings institutions....................     -18.9      -7.2       5.1      31.5      11.0      42.1      31.2
Government-sponsored enterprises........      62.9     127.2     101.5     136.1      37.4     132.9      84.0
Federally related mortgage pools........      23.8      69.3     126.2     173.4     106.5     169.1     160.4
Asset-backed securities issuers.........      67.6     113.2     164.8     183.5     132.8     128.2      86.2
Finance companies.......................      80.2      52.0      19.8      54.3      47.1      68.4      30.9
Funding corporations....................      62.5      26.4      39.4       -.4      31.6      70.9      35.0
Other\1\................................     -32.0      20.0      11.3       3.4      -3.4      35.8      14.9

ALL SECTORS

BY INSTRUMENT.............................   1,180.5   1,351.3   1,174.0   1,240.3   1,254.0   1,417.8   1,229.9

Open market paper.......................      86.8      59.5      85.5      65.3      39.5     126.0     107.3
U.S. Government securities..............     334.5     381.1     313.7     368.8     383.7     364.4     405.7
Municipal securities and loans..........     -54.9      -2.2    -107.2     -12.6     -14.2      36.9     -76.2
Corporate and foreign bonds.............     234.5     331.9     332.5     326.3     252.5     284.5     207.9
Bank loans n.e.c........................     148.7     125.4      91.4      88.6      63.3     117.5     147.1
Other loans and advances................      59.8      56.0      41.3      89.2      28.6      76.2      94.0
Mortgages...............................     233.4     244.7     260.3     197.2     369.1     324.5     273.9
Consumer credit.........................     137.6     155.0     156.4     117.5     131.5      87.8      70.2
----------------------------------------------------------------------------------------------------------------
Source: Board of Governors of the Federal Reserve System.