[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



MONEY STOCK, CREDIT, AND FINANCE


[[Page 414]]


Table B-74.--Credit market borrowing, 1989-98
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Item                             1989       1990       1991       1992       1993       1994       1995       1996       1997
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC.............................................      686.3      655.1      467.5      522.5      588.0      571.5      700.4      726.7      769.6

FEDERAL GOVERNMENT.................................      146.4      246.9      278.2      304.0      256.1      155.9      144.4      145.0       23.1

Treasury securities..............................      144.7      238.7      292.0      303.8      248.3      155.7      142.9      146.6       23.2
Budget agency securities and mortgages...........        1.6        8.2      -13.8         .2        7.8         .2        1.5       -1.6        -.1

NONFEDERAL, BY INSTRUMENT..........................      540.0      408.2      189.2      218.5      331.9      415.6      555.9      581.7      746.4

Commercial paper.................................       21.4        9.7      -18.4        8.6       10.0       21.4       18.1        -.9       13.7
Municipal securities and loans...................       52.9       49.3       87.8       30.5       74.8      -35.9      -48.2        2.6       71.4
Corporate bonds..................................       73.8       47.1       78.8       67.6       75.2       23.3       73.3       72.5       90.7
Bank loans n.e.c.................................       28.2        4.3      -42.3      -12.0        6.4       75.2      102.3       66.2      107.3
Other loans and advances.........................       55.7       61.8      -55.4        5.7      -18.9       34.0       67.2       33.8       68.7

Mortgages........................................      263.7      224.1      149.4      114.1      123.7      172.7      204.3      318.8      342.1
Home...........................................      235.4      222.5      172.4      168.6      156.2      178.2      173.9      265.3      268.3
Multifamily residential........................       10.6       -1.4       -3.0      -10.3       -6.8       -1.3        8.0       12.7       11.5
Commercial.....................................       20.1        4.6      -20.3      -44.7      -26.7       -6.4       20.8       38.3       59.1
Farm...........................................       -2.5       -1.6         .3         .5        1.0        2.2        1.6        2.6        3.3
Consumer credit..................................       44.2       11.9      -10.7        3.9       60.7      124.9      138.9       88.8       52.5

NONFEDERAL, BY SECTOR..............................      540.0      408.2      189.2      218.5      331.9      415.6      555.9      581.7      746.4

Household sector.................................      259.0      249.0      169.1      163.3      207.8      311.0      343.7      370.3      355.6
Nonfinancial business............................      230.9      112.1      -65.2       31.1       57.9      150.9      263.7      218.2      334.8
Corporate......................................      176.0      115.5      -51.6       47.1       52.1      143.3      236.8      171.4      265.0
Nonfarm noncorporate...........................       54.3       -4.5      -15.6      -16.4        3.2        3.3       23.9       42.0       63.5
Farm...........................................         .6        1.0        2.0         .5        2.6        4.4        2.9        4.8        6.4
State and local governments......................       50.1       47.2       85.4       24.1       66.2      -46.2      -51.5       -6.8       56.1

FOREIGN BORROWING IN THE UNITED STATES...............       10.2       23.9       15.1       24.1       69.8      -14.0       71.1       76.9       56.9

Commercial paper...................................       13.1       12.3        6.8        5.6       -9.6      -26.1       13.5       11.3        3.7
Bonds..............................................        4.9       21.4       15.0       16.8       82.9       12.2       49.7       55.8       46.7
Bank loans n.e.c...................................        -.1       -2.9        3.1        2.3         .7        1.4        8.5        9.1        8.5
Other loans and advances...........................       -7.6       -7.0       -9.8        -.6       -4.2       -1.5        -.5         .8       -2.0

NONFINANCIAL DOMESTIC AND FOREIGN BORROWING..........      696.5      678.9      482.6      546.6      657.8      557.5      771.5      803.6      826.5

FINANCIAL SECTORS

BY INSTRUMENT........................................      225.0      213.4      170.9      244.0      294.4      468.4      456.4      556.2      644.3

Federal Government related.........................      149.5      167.4      145.7      155.8      165.3      287.5      204.1      231.5      212.8
Government-sponsored enterprises securities......       25.2       17.1        9.2       40.3       80.6      176.9      105.9       90.4       98.4
Mortgage pool securities.........................      124.3      150.3      136.6      115.6       84.7      115.4       98.2      141.1      114.4
U.S. Government loans............................         .0        -.1        -.0        -.0         .0       -4.8        0          0          0

Private financial sectors..........................       75.5       46.1       25.1       88.2      129.1      180.9      252.3      324.7      431.5
Open market paper................................       31.3        8.6      -32.3       -1.1       -5.5       40.5       42.7       92.2      166.7
Corporate bonds..................................       40.8       56.8       86.9       88.6      123.1      121.8      196.7      179.7      207.9
Bank loans n.e.c.................................       13.5        4.0        7.3         .7      -14.4      -13.7        3.9       16.9       13.6
Other loans and advances.........................      -10.5      -23.9      -37.3        -.6       22.4       22.6        3.4       27.9       35.6
Mortgages........................................         .3         .6         .5         .6        3.6        9.8        5.6        7.9        7.8

BY SECTOR............................................      225.0      213.4      170.9      244.0      294.4      468.4      456.4      556.2      644.3

Commercial banking.................................        5.2      -26.8      -13.2       10.0       13.4       20.1       22.5       13.0       46.1
Savings institutions...............................      -15.0      -30.9      -44.7       -7.0       11.3       12.8        2.6       25.5       19.7
Government-sponsored enterprises...................       25.2       17.0        9.1       40.2       80.6      172.1      105.9       90.4       98.4
Federally related mortgage pools...................      124.3      150.3      136.6      115.6       84.7      115.4       98.2      141.1      114.4
Asset-backed securities issuers....................       27.7       61.6       68.5       61.1       83.6       72.9      141.1      153.6      204.4
Finance companies..................................       27.4       23.1       16.0       -3.1       -1.4       48.7       50.2       45.9       48.7
Funding corporations...............................       12.5       16.8       -4.0       16.2        6.3       23.1       34.9       64.1       80.7
Other\1\...........................................       17.7        2.3        2.5       11.1       15.9        3.3        1.0       22.6       31.9

ALL SECTORS

BY INSTRUMENT........................................      921.5      892.4      653.5      790.6      952.2    1,025.9    1,227.8    1,359.8    1,470.7

Open market paper..................................       65.9       30.7      -44.0       13.1       -5.1       35.7       74.3      102.6      184.1
U.S. Government securities.........................      295.8      414.4      424.0      459.8      421.4      448.1      348.5      376.5      235.9
Municipal securities and loans.....................       52.9       49.3       87.8       30.5       74.8      -35.9      -48.2        2.6       71.4
Corporate and foreign bonds........................      119.5      125.2      180.7      172.9      281.2      157.3      319.6      308.0      345.4
Bank loans n.e.c...................................       41.5        5.5      -31.8       -8.9       -7.2       62.9      114.7       92.1      129.3
Other loans and advances...........................       37.7       30.8     -102.4        4.6        -.8       50.3       70.2       62.5      102.2
Mortgages..........................................      264.1      224.7      149.9      114.7      127.3      182.5      209.9      326.8      349.9
Consumer credit....................................       44.2       11.9      -10.7        3.9       60.7      124.9      138.9       88.8       52.5
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\Credit unions, life insurance companies, mortgage companies, real estate investment trusts, and brokers and dealers.

See next page for continuation of table.


[[Page 415]]


Table B-74.--Credit market borrowing, 1989-98--Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
----------------------------------------------------------------------------------------------------------------
1997                                   1998
Item                ----------------------------------------------------------------------------
I          II        III         IV         I          II        III
----------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC...........................      675.9      617.7      829.6      955.1      922.1      938.0      930.6

FEDERAL GOVERNMENT...............       64.9      -43.5       30.3       40.8      -30.0      -70.9     -136.5

Treasury securities............       66.3      -43.8       31.2       39.0      -27.6      -69.4     -136.1
Budget agency securities and
mortgages.....................       -1.4         .2        -.9        1.7       -2.4       -1.4        -.4

NONFEDERAL, BY INSTRUMENT........      611.0      661.2      799.2      914.3      952.1    1,008.9    1,067.0

Commercial paper...............        7.2       20.3       14.5       12.8       53.9        6.6       88.4
Municipal securities and loans.       34.1       59.6       88.9      103.2      116.7      100.1       84.1
Corporate bonds................       79.4       86.1      122.9       74.4      157.2      160.8       88.0
Bank loans n.e.c...............      140.7      118.1       31.6      138.7       55.8      157.3      142.6
Other loans and advances.......       34.2       20.8       78.0      141.6       83.2       37.9       78.0

Mortgages......................      253.0      296.7      413.0      405.8      428.1      481.2      497.8
Home.........................      218.2      211.4      334.2      309.3      324.1      360.5      365.8
Multifamily residential......        4.1       12.9        6.6       22.3       19.9       22.6       22.9
Commercial...................       28.6       68.4       67.9       71.6       80.0       91.9      103.9
Farm.........................        2.1        4.1        4.3        2.6        4.0        6.2        5.3
Consumer credit................       62.5       59.5       50.3       37.8       57.3       65.1       88.2

NONFEDERAL, BY SECTOR............      611.0      661.2      799.2      914.3      952.1    1,008.9    1,067.0

Household sector...............      334.9      329.7      362.9      394.9      437.2      469.8      472.7
Nonfinancial business..........      259.2      289.1      363.8      427.1      420.6      460.2      521.6
Corporate....................      206.4      214.5      291.5      347.5      331.4      354.6      404.7
Nonfarm noncorporate.........       47.8       68.6       66.8       70.6       81.4       98.2      110.2
Farm.........................        4.9        6.0        5.5        9.0        7.9        7.4        6.7
State and local governments....       16.9       42.5       72.6       92.3       94.3       78.9       72.7

FOREIGN BORROWING IN THE UNITED
STATES............................       31.2       61.7       92.5       42.3       68.5       86.6      -27.0

Commercial paper.................       15.5       10.4      -11.6         .7       56.0      -24.8        6.9
Bonds............................       15.5       38.7      100.3       32.4       14.3      107.5      -34.8
Bank loans n.e.c.................        -.7       11.5        7.3       15.7        5.2        8.4        3.5
Other loans and advances.........         .9        1.2       -3.5       -6.5       -7.0       -4.4       -2.6

NONFINANCIAL DOMESTIC AND FOREIGN
BORROWING.........................      707.1      679.3      922.1      997.4      990.6    1,024.7      903.5

FINANCIAL SECTORS

BY INSTRUMENT......................      336.5      657.1      595.5      987.9      839.8    1,012.9      992.8

Federal Government related.......      105.7      286.2      161.0      298.1      227.3      413.4      561.6
Government-sponsored
enterprises securities........       -8.9      198.1       46.4      157.9      142.5      166.4      294.0
Mortgage pool securities.......      114.6       88.1      114.6      140.3       84.8      247.0      267.5
U.S. Government loans..........        0          0          0          0          0          0          0

Private financial sectors........      230.9      370.9      434.5      689.8      612.5      599.5      431.2
Open market paper..............      176.6       77.0      168.8      244.2      237.4      134.8      141.0
Corporate bonds................       61.7      229.4      194.8      345.8      315.5      373.5      158.8
Bank loans n.e.c...............        6.5       -6.0       23.2       30.7       18.9        7.2       41.1
Other loans and advances.......      -20.1       63.0       37.5       61.7       32.7       76.0       82.3
Mortgages......................        6.2        7.5       10.1        7.3        8.0        8.0        8.0

BY SECTOR..........................      336.5      657.1      595.5      987.9      839.8    1,012.9      992.8

Commercial banking...............       14.4       76.4       32.5       61.0       83.5       80.0       78.2
Savings institutions.............      -16.8       31.9       22.3       41.7       10.6       31.2       63.7
Government-sponsored enterprises.       -8.9      198.1       46.4      157.9      142.5      166.4      294.0
Federally related mortgage pools.      114.6       88.1      114.6      140.3       84.8      247.0      267.5
Asset-backed securities issuers..       85.8      120.7      226.2      385.1      254.4      367.2      272.4
Finance companies................        5.6      120.5        8.9       59.6       80.1      101.8      -13.6
Funding corporations.............      129.7      -21.5      115.4       99.2      142.8      -28.6      -19.1
Other\1\.........................       12.2       42.9       29.1       43.2       41.0       48.0       49.6

ALL SECTORS

BY INSTRUMENT......................    1,043.7    1,336.4    1,517.6    1,985.3    1,830.3    2,037.6    1,896.3

Open market paper................      199.3      107.7      171.7      257.7      347.3      116.6      236.2
U.S. Government securities.......      170.6      242.6      191.3      338.9      197.3      342.5      425.1
Municipal securities and loans...       34.1       59.6       88.9      103.2      116.7      100.1       84.1
Corporate and foreign bonds......      156.6      354.2      418.1      452.7      487.0      641.8      212.0
Bank loans n.e.c.................      146.5      123.6       62.2      185.1       79.9      172.9      187.2
Other loans and advances.........       15.0       85.0      112.0      196.8      108.9      109.4      157.6
Mortgages........................      259.2      304.2      423.1      413.1      436.1      489.2      505.8
Consumer credit..................       62.5       59.5       50.3       37.8       57.3       65.1       88.2
----------------------------------------------------------------------------------------------------------------
Source: Board of Governors of the Federal Reserve System.