[Economic Report of the President (2000)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



[[Page 392]]

 
Table B-72.--Credit market borrowing, 1990-99
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Item                             1990       1991       1992       1993       1994       1995       1996       1997       1998
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC.............................................      655.1      465.1      524.2      584.4      575.8      721.0      745.4      787.1    1,024.1

FEDERAL GOVERNMENT.................................      246.9      278.2      304.0      256.1      155.9      144.4      145.0       23.1      -52.6

Treasury securities..............................      238.7      292.0      303.8      248.3      155.7      142.9      146.6       23.2      -54.6
Budget agency securities and mortgages...........        8.2      -13.8         .2        7.8         .2        1.5       -1.6        -.1        2.0

NONFEDERAL, BY INSTRUMENT..........................      408.2      186.9      220.3      328.3      420.0      576.6      600.3      764.0    1,076.7

Commercial paper.................................        9.7      -18.4        8.6       10.0       21.4       18.1        -.9       13.7       24.4
Municipal securities and loans...................       49.3       87.8       30.5       74.8      -35.9      -48.2        2.6       71.4       96.8
Corporate bonds..................................       47.1       78.8       67.6       75.2       23.3       91.1      116.3      150.5      218.7
Bank loans n.e.c.................................        4.3      -42.3      -12.0        6.4       75.2      103.7       70.5      106.5      108.2
Other loans and advances.........................       61.8      -55.4        5.7      -18.9       34.0       67.2       33.5       69.1       74.3

Mortgages........................................      224.1      147.0      113.6      122.4      177.0      205.7      289.7      300.2      486.6
Home...........................................      212.9      164.4      169.5      160.1      183.4      180.4      245.3      237.6      367.9
Multifamily residential........................       -1.8       -3.4      -13.4       -5.1       -2.1        7.6       11.5       10.8       22.4
Commercial.....................................       14.6      -14.3      -43.1      -33.6       -6.5       16.2       30.4       48.7       90.2
Farm...........................................       -1.6         .3         .5        1.0        2.2        1.6        2.6        3.2        6.2
Consumer credit..................................       11.9      -10.7        6.1       58.4      124.9      138.9       88.8       52.5       67.6

NONFEDERAL, BY SECTOR..............................      408.2      186.9      220.3      328.3      420.0      576.6      600.3      746.0    1,076.7

Household sector.................................      239.4      161.1      166.5      209.4      316.3      350.9      354.0      327.3      471.9
Nonfinancial business............................      121.6      -59.6       29.6       52.7      150.0      277.2      253.2      380.6      524.5
Corporate......................................      125.1      -46.0       45.6       46.9      142.3      243.7      164.6      297.0      418.5
Nonfarm noncorporate...........................       -4.5      -15.6      -16.4        3.2        3.3       30.6       83.8       77.4       98.4
Farm...........................................        1.0        2.0         .5        2.6        4.4        2.9        4.8        6.2        7.7
State and local governments......................       47.2       85.4       24.1       66.2      -46.2      -51.5       -6.8       56.1       80.3

FOREIGN BORROWING IN THE UNITED STATES...............       23.9       15.1       24.1       69.8      -13.9       71.1       77.2       57.6       33.6

Commercial paper...................................       12.3        6.8        5.6       -9.6      -26.1       13.5       11.3        3.7        7.8
Bonds..............................................       21.4       15.0       16.8       82.9       12.2       49.7       55.8       47.2       25.1
Bank loans n.e.c...................................       -2.9        3.1        2.3         .7        1.4        8.5        9.1        8.5        6.7
Other loans and advances...........................       -7.0       -9.8        -.6       -4.2       -1.4        -.5        1.0       -1.8       -6.0

NONFINANCIAL DOMESTIC AND FOREIGN BORROWING..........      678.9      480.2      548.3      654.2      561.9      792.1      822.6      844.7    1,057.7

FINANCIAL SECTORS

BY INSTRUMENT........................................      213.4      170.9      244.0      294.4      468.4      453.9      548.9      652.2    1,068.8

Federal Government related.........................      167.4      145.7      155.8      165.3      287.5      204.1      231.5      212.8      470.9
Government-sponsored enterprise securities.......       17.1        9.2       40.3       80.6      176.9      105.9       90.4       98.4      278.3
Mortgage pool securities.........................      150.3      136.6      115.6       84.7      115.4       98.2      141.1      114.5      192.6
U.S. Government loans............................        -.1        -.0        -.0         .0       -4.8        0          0          0          0

Private financial sectors..........................       46.1       25.1       88.2      129.1      180.9      249.8      317.5      439.4      597.9
Open market paper................................        8.6      -32.3       -1.1       -5.5       40.5       42.7       92.2      166.7      161.0
Corporate bonds..................................       56.8       86.9       88.6      123.1      121.8      195.9      176.9      209.0      291.8
Bank loans n.e.c.................................        4.0        7.3         .7      -14.4      -13.7        2.5       12.6       13.2       30.1
Other loans and advances.........................      -23.9      -37.3        -.6       22.4       22.6        3.4       27.9       35.6       90.2
Mortgages........................................         .6         .5         .6        3.6        9.8        5.3        7.9       14.9       24.8

BY SECTOR............................................      213.4      170.9      244.0      294.4      468.4      453.9      548.9      652.2    1,068.8

Commercial banking.................................      -26.8      -13.2       10.0       13.4       20.1       22.5       13.0       46.1       72.9
Savings institutions...............................      -30.9      -44.7       -7.0       11.3       12.8        2.6       25.5       19.7       52.2
Government-sponsored enterprises...................       17.0        9.1       40.2       80.6      172.1      105.9       90.4       98.4      278.3
Federally related mortgage pools...................      150.3      136.6      115.6       84.7      115.4       98.2      141.1      114.5      192.6
Asset-backed securities issuers....................       61.6       68.7       61.9       85.4       76.5      142.4      153.9      200.7      316.3
Finance companies..................................       23.1       16.0       -3.1       -1.4       48.7       50.2       45.9       48.7       43.0
Funding corporations...............................       16.8       -4.0       16.2        6.3       23.1       34.9       64.1       80.7       40.7
Other\1\...........................................        2.3        2.2       10.3       14.1        -.3       -2.9       15.2       43.4       72.8

ALL SECTORS

BY INSTRUMENT........................................      892.3      651.1      792.4      948.6    1,030.3    1,246.0    1,371.5    1,496.9    2,126.5

Open market paper..................................       30.7      -44.0       13.1       -5.1       35.7       74.3      102.6      184.1      193.1
U.S. Government securities.........................      414.4      424.0      459.8      421.4      448.1      348.5      376.5      235.9      418.3
Municipal securities...............................       49.3       87.8       30.5       74.8      -35.9      -48.2        2.6       71.4       96.8
Corporate and foreign bonds........................      125.2      180.7      172.9      281.2      157.3      336.7      348.9      406.7      535.6
Bank loans n.e.c...................................        5.5      -31.8       -8.9       -7.2       62.9      114.7       92.1      128.2      145.0
Other loans and advances...........................       30.8     -102.4        4.6        -.8       50.4       70.1       62.5      102.8      158.5
Mortgages..........................................      224.7      147.5      114.2      126.0      186.8      211.0      297.6      315.1      511.4
Consumer credit....................................       11.9      -10.7        6.1       58.4      124.9      138.9       88.8       52.5       67.6
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\Credit unions, life insurance companies, mortgage companies, real estate investment trusts, and brokers and dealers.

See next page for continuation of table.


[[Page 393]]


Table B-72.--Credit market borrowing, 1990-99--Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
----------------------------------------------------------------------------------------------------------------
1998                                   1999
Item                ----------------------------------------------------------------------------
I          II        III         IV         I          II        III
----------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC...........................    1,077.3    1,044.2      900.6    1,074.2    1,288.1      886.6    1,130.9

FEDERAL GOVERNMENT...............      -14.5      -28.4     -113.5      -54.1      -75.2     -112.2      -83.1

Treasury securities............      -12.1      -26.9     -113.1      -66.3      -73.7     -112.8      -83.2
Budget agency securities and          -2.4       -1.4        -.4       12.2       -1.5         .6         .0
mortgages.....................

NONFEDERAL, BY INSTRUMENT........    1,091.8    1,072.6    1,014.1    1,128.3    1,363.3      998.7    1,214.1

Commercial paper...............       51.1        3.8       85.6      -43.0       64.4        3.4       55.8
Municipal securities and loans.      113.5      101.3       82.9       89.6      100.7       48.0       74.8
Corporate bonds................      278.8      294.8      108.0      193.2      274.0      287.6      202.8
Bank loans n.e.c...............       35.0      169.2      107.8      120.9       70.0       22.2      107.4
Other loans and advances.......       76.3       40.8       77.7      102.5      151.0      -16.7       85.9

Mortgages......................      478.2      400.7      472.6      595.1      573.9      594.1      611.9
Home.........................      378.3      289.1      375.2      429.1      415.1      422.9      436.0
Multifamily residential......       21.6       21.1       16.1       30.6       35.9       34.7       49.6
Commercial...................       74.1       83.8       75.9      126.8      119.3      127.5      117.9
Farm.........................        4.1        6.7        5.5        8.6        3.6        9.0        8.4
Consumer credit................       58.9       62.1       79.6       69.9      129.2       60.1       75.4

NONFEDERAL, BY SECTOR............    1,091.8    1,072.6    1,014.1    1,128.3    1,363.3      998.7    1,214.1

Household sector...............      465.1      420.3      473.4      528.6      556.4      517.1      566.0
Nonfinancial business..........      532.5      570.3      470.7      524.6      719.5      445.9      595.3
Corporate....................      426.9      467.4      365.8      413.7      611.2      332.6      469.3
Nonfarm noncorporate.........       97.1       95.4       97.6      103.3      101.6      114.2      115.5
Farm.........................        8.4        7.5        7.3        7.5        6.6        -.9       10.5
State and local governments....       94.2       82.0       70.0       75.1       87.4       35.7       52.8

FOREIGN BORROWING IN THE UNITED           95.0       97.9      -19.6      -38.9       17.3      -36.4       62.6
STATES............................

Commercial paper.................       55.3      -25.5        6.2       -4.7       18.3      -27.1       41.4
Bonds............................       42.5      119.2      -27.2      -34.2         .9      -12.6       29.4
Bank loans n.e.c.................        5.2        8.4        3.6        9.8         .9        5.6       -6.6
Other loans and advances.........       -8.0       -4.2       -2.2       -9.7       -2.8       -2.3       -1.6

NONFINANCIAL DOMESTIC AND FOREIGN      1,172.3    1,142.1      881.0    1,035.3    1,305.4      850.1    1,193.5
BORROWING.........................

FINANCIAL SECTORS

BY INSTRUMENT......................      931.3      988.9    1,056.3    1,298.7    1,214.2    1,042.9    1,046.5

Federal Government related.......      249.2      405.4      555.8      673.3      592.2      579.1      653.2
Government-sponsored enterprise      142.5      166.4      294.0      510.5      193.0      304.7      407.1
securities....................
Mortgage pool securities.......      106.7      239.0      261.7      162.8      399.2      274.4      246.2
U.S. Government loans..........         .0         .0         .0         .0         .0         .0         .0

Private financial sectors........      682.1      583.5      500.5      625.4      622.0      463.8      393.2
Open market paper..............      236.7      135.6      141.0      130.7       78.3       57.8       89.8
Corporate bonds................      346.3      361.8      177.4      281.9      490.8      289.8      148.1
Bank loans n.e.c...............       57.3       -9.7       60.2       12.4       -8.8       10.5       -1.2
Other loans and advances.......       32.7       76.0       82.3      169.9       41.6      117.9      147.2
Mortgages......................        9.1       19.9       39.6       30.6       20.1      -12.3        9.4

BY SECTOR..........................      931.3      988.9    1,056.3    1,298.7    1,214.2    1,042.9    1,046.5

Commercial banking...............       82.8       80.8       61.7       66.3       31.1       72.7      111.4
Savings institutions.............       10.6       31.2       63.7      103.2       58.0       58.6       55.2
Government-sponsored enterprises.      142.5      166.4      294.0      510.5      193.0      304.7      407.1
Federally related mortgage pools.      106.7      239.0      261.7      162.8      399.2      274.4      246.2
Asset-backed securities issuers..      283.0      352.4      294.2      335.7      300.5      335.8      190.5
Finance companies................       74.6       91.9      -12.0       17.8       71.2       88.4      -22.7
Funding corporations.............      139.2      -28.6       11.2       40.9      166.5      -63.8       31.2
Other\1\.........................       92.0       55.8       81.6       61.6       -5.3      -27.6       27.6

ALL SECTORS

BY INSTRUMENT......................    2,103.6    2,131.0    1,937.3    2,334.0    2,519.6    1,893.0    2,240.0

Open market paper................      343.0      113.8      232.7       83.0      161.1       34.1      187.0
U.S. Government securities.......      234.7      377.1      442.3      619.1      517.0      467.0      570.1
Municipal securities.............      113.5      101.3       82.9       89.6      100.7       48.0       74.8
Corporate and foreign bonds......      667.6      775.8      258.2      440.9      765.7      564.8      380.2
Bank loans n.e.c.................       97.6      167.9      171.6      143.0       62.1       38.3       99.6
Other loans and advances.........      101.0      112.5      157.8      262.7      189.8       98.9      231.5
Mortgages........................      487.3      420.5      512.2      625.7      594.0      581.8      621.3
Consumer credit..................       58.9       62.1       79.6       69.9      129.2       60.1       75.4
----------------------------------------------------------------------------------------------------------------
Source: Board of Governors of the Federal Reserve System.