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Economic Report of the President - The American Presidency Project

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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 1998NONFINANCIAL SECTORSDOMESTIC .................................................... 655.1 465.1 524.2 584.4 575.8 721.0 745.4 787.1 1,024.1FEDERAL GOVERNMENT ....................... 246.9 278.2 304.0 256.1 155.9 144.4 145.0 23.1 −52.6Treasury securities ..................... 238.7 292.0 303.8 248.3 155.7 142.9 146.6 23.2 −54.6Budget agency securities andmortgages ............................... 8.2 −13.8 .2 7.8 .2 1.5 −1.6 −.1 2.0NONFEDERAL, BY INSTRUMENT .......... 408.2 186.9 220.3 328.3 420.0 576.6 600.3 764.0 1,076.7Commercial paper ...................... 9.7 −18.4 8.6 10.0 21.4 18.1 −.9 13.7 24.4Municipal securities and loans .. 49.3 87.8 30.5 74.8 −35.9 −48.2 2.6 71.4 96.8Corporate bonds ......................... 47.1 78.8 67.6 75.2 23.3 91.1 116.3 150.5 218.7Bank loans n.e.c. ........................ 4.3 −42.3 −12.0 6.4 75.2 103.7 70.5 106.5 108.2Other loans and advances ......... 61.8 −55.4 5.7 −18.9 34.0 67.2 33.5 69.1 74.3Mortgages ................................... 224.1 147.0 113.6 122.4 177.0 205.7 289.7 300.2 486.6Home ................................... 212.9 164.4 169.5 160.1 183.4 180.4 245.3 237.6 367.9Multifamily residential ....... −1.8 −3.4 −13.4 −5.1 −2.1 7.6 11.5 10.8 22.4Commercial ......................... 14.6 −14.3 −43.1 −33.6 −6.5 16.2 30.4 48.7 90.2Farm .................................... −1.6 .3 .5 1.0 2.2 1.6 2.6 3.2 6.2Consumer credit ......................... 11.9 −10.7 6.1 58.4 124.9 138.9 88.8 52.5 67.6NONFEDERAL, BY SECTOR ................... 408.2 186.9 220.3 328.3 420.0 576.6 600.3 746.0 1,076.7Household sector ........................ 239.4 161.1 166.5 209.4 316.3 350.9 354.0 327.3 471.9Nonfinancial business ................ 121.6 −59.6 29.6 52.7 150.0 277.2 253.2 380.6 524.5Corporate ............................ 125.1 −46.0 45.6 46.9 142.3 243.7 164.6 297.0 418.5Nonfarm noncorporate ....... −4.5 −15.6 −16.4 3.2 3.3 30.6 83.8 77.4 98.4Farm .................................... 1.0 2.0 .5 2.6 4.4 2.9 4.8 6.2 7.7State and local governments ..... 47.2 85.4 24.1 66.2 −46.2 −51.5 −6.8 56.1 80.3FOREIGN BORROWING IN THE UNITEDSTATES ..................................................... 23.9 15.1 24.1 69.8 −13.9 71.1 77.2 57.6 33.6Commercial paper ............................... 12.3 6.8 5.6 −9.6 −26.1 13.5 11.3 3.7 7.8Bonds ................................................... 21.4 15.0 16.8 82.9 12.2 49.7 55.8 47.2 25.1Bank loans n.e.c. ................................ −2.9 3.1 2.3 .7 1.4 8.5 9.1 8.5 6.7Other loans and advances .................. −7.0 −9.8 −.6 −4.2 −1.4 −.5 1.0 −1.8 −6.0NONFINANCIAL DOMESTIC AND FOREIGNBORROWING ............................................. 678.9 480.2 548.3 654.2 561.9 792.1 822.6 844.7 1,057.7FINANCIAL SECTORSBY INSTRUMENT .......................................... 213.4 170.9 244.0 294.4 468.4 453.9 548.9 652.2 1,068.8Federal Government related ............... 167.4 145.7 155.8 165.3 287.5 204.1 231.5 212.8 470.9Government-sponsored enterprisesecurities ....................... 17.1 9.2 40.3 80.6 176.9 105.9 90.4 98.4 278.3Mortgage pool securities ............ 150.3 136.6 115.6 84.7 115.4 98.2 141.1 114.5 192.6U.S. Government loans ............... −.1 −.0 −.0 .0 −4.8 0 0 0 0Private financial sectors ..................... 46.1 25.1 88.2 129.1 180.9 249.8 317.5 439.4 597.9Open market paper ..................... 8.6 −32.3 −1.1 −5.5 40.5 42.7 92.2 166.7 161.0Corporate bonds ......................... 56.8 86.9 88.6 123.1 121.8 195.9 176.9 209.0 291.8Bank loans n.e.c. ........................ 4.0 7.3 .7 −14.4 −13.7 2.5 12.6 13.2 30.1Other loans and advances ......... −23.9 −37.3 −.6 22.4 22.6 3.4 27.9 35.6 90.2Mortgages ................................... .6 .5 .6 3.6 9.8 5.3 7.9 14.9 24.8BY SECTOR ................................................... 213.4 170.9 244.0 294.4 468.4 453.9 548.9 652.2 1,068.8Commercial banking ........................... −26.8 −13.2 10.0 13.4 20.1 22.5 13.0 46.1 72.9Savings institutions ............................ −30.9 −44.7 −7.0 11.3 12.8 2.6 25.5 19.7 52.2Government-sponsored enterprises .... 17.0 9.1 40.2 80.6 172.1 105.9 90.4 98.4 278.3Federally related mortgage pools ....... 150.3 136.6 115.6 84.7 115.4 98.2 141.1 114.5 192.6Asset-backed securities issuers ......... 61.6 68.7 61.9 85.4 76.5 142.4 153.9 200.7 316.3Finance companies .............................. 23.1 16.0 −3.1 −1.4 48.7 50.2 45.9 48.7 43.0Funding corporations .......................... 16.8 −4.0 16.2 6.3 23.1 34.9 64.1 80.7 40.7Other 1 .................................................. 2.3 2.2 10.3 14.1 −.3 −2.9 15.2 43.4 72.8ALL SECTORSBY INSTRUMENT .......................................... 892.3 651.1 792.4 948.6 1,030.3 1,246.0 1,371.5 1,496.9 2,126.5Open market paper ............................. 30.7 −44.0 13.1 −5.1 35.7 74.3 102.6 184.1 193.1U.S. Government securities ................. 414.4 424.0 459.8 421.4 448.1 348.5 376.5 235.9 418.3Municipal securities ............................ 49.3 87.8 30.5 74.8 −35.9 −48.2 2.6 71.4 96.8Corporate and foreign bonds .............. 125.2 180.7 172.9 281.2 157.3 336.7 348.9 406.7 535.6Bank loans n.e.c. ................................ 5.5 −31.8 −8.9 −7.2 62.9 114.7 92.1 128.2 145.0Other loans and advances .................. 30.8 −102.4 4.6 −.8 50.4 70.1 62.5 102.8 158.5Mortgages ............................................ 224.7 147.5 114.2 126.0 186.8 211.0 297.6 315.1 511.4Consumer credit .................................. 11.9 −10.7 6.1 58.4 124.9 138.9 88.8 52.5 67.61Credit unions, life insurance companies, mortgage companies, real estate investment trusts, and brokers and dealers.See next page for continuation of table.392

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