September 16, 2004

Flow of Funds Accounts
of the United States
Annual Flows and Outstandings

1965-1974

Board of Governors of the Federal Reserve System, Washington D.C. 20551

Table of Contents

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

1

L.1

50

Credit Market Borrowing by Nonfinancial Sectors

F.2

2

L.2

51

Credit Market Borrowing by Financial Sectors

F.3

2

L.3

51

Credit Market Borrowing, All Sectors, by Instrument

F.4

3

L.4

52

Total Liabilities and Its Relation to Total Financial Assets

F.5

3

L.5

52

Distribution of Gross Domestic Product

F.6

4

Distribution of National Income

F.7

5

Saving and Investment

F.8

6

Net Capital Transfers

F.9

6

Derivation of Measures of Personal Saving

F.10

7

L.10

53

Households and Nonprofit Organizations

F.100

8

L.100

54

Nonfinancial Business

F.101

9

L.101

55

Nonfarm Nonfinancial Corporate Business

F.102

10

L.102

56

Nonfarm Noncorporate Business

F.103

11

L.103

57

Farm Business

F.104

11

L.104

57

State and Local Governments

F.105

12

L.105

58

Federal Government

F.106

13

L.106

58

Title

Summaries

Sectors

Title

Flows
Table
Page

Levels
Table
Page

Rest of the World

F.107

14

L.107

59

Monetary Authority

F.108

15

L.108

60

Commercial Banking

F.109

16

L.109

61

U.S.-Chartered Commercial Banks

F.110

17

L.110

62

Foreign Banking Offices in U.S.

F.111

18

L.111

63

Bank Holding Companies

F.112

19

L.112

64

Banks in U.S.-Affiliated Areas

F.113

19

L.113

64

Savings Institutions

F.114

20

L.114

65

Credit Unions

F.115

21

L.115

66

Bank Personal Trusts and Estates

F.116

21

L.116

66

Life Insurance Companies

F.117

22

L.117

67

Other Insurance Companies

F.118

22

L.118

67

Private Pension Funds

F.119

23

L.119

68

State and Local Government Employee Retirement Funds

F.120

23

L.120

68

Federal Government Retirement Funds

F.121

23

L.121

68

Money Market Mutual Funds

F.122

24

L.122

69

Mutual Funds

F.123

24

L.123

69

Closed-End and Exchange-Traded Funds

F.124

24

L.124

69

Government-Sponsored Enterprises

F.125

25

L.125

70

Agency- and GSE-backed Related Mortgage Pools

F.126

25

L.126

70

Issuers of Asset-Backed Securities

F.127

26

L.127

71

Finance Companies

F.128

26

L.128

71

Mortgage Companies

F.129

27

L.129

72

Real Estate Investment Trusts

F.130

27

L.130

72

Security Brokers and Dealers

F.131

28

L.131

73

Funding Corporations

F.132

28

L.132

73

Flows
Table
Page

Levels
Table
Page

Gold and Official Foreign Exchange Holdings

F.200

29

L.200

74

SDR Certificates and Treasury Currency

F.201

29

L.201

74

U.S. Deposits in Foreign Countries

F.202

29

L.202

74

Net Interbank Transactions

F.203

30

L.203

75

Checkable Deposits and Currency

F.204

31

L.204

76

Time and Savings Deposits

F.205

32

L.205

77

Money Market Mutual Fund Shares

F.206

32

L.206

77

Federal Funds and Security Repurchase Agreements

F.207

33

L.207

78

Open Market Paper

F.208

33

L.208

78

Treasury Securities

F.209

34

L.209

79

Agency- and GSE-backed Securities

F.210

35

L.210

80

Municipal Securities and Loans

F.211

36

L.211

81

Corporate and Foreign Bonds

F.212

36

L.212

81

Corporate Equities

F.213

37

L.213

82

Mutual Fund Shares

F.214

37

L.214

82

Bank Loans Not Elsewhere Classified

F.215

38

L.215

83

Other Loans and Advances

F.216

39

L.216

84

Total Mortgages

F.217

40

L.217

85

Home Mortgages

F.218

41

L.218

86

Multifamily Residential Mortgages

F.219

41

L.219

86

Commercial Mortgages

F.220

42

L.220

87

Farm Mortgages

F.221

42

L.221

87

F.222

43

L.222

88

Title

Instruments

Consumer Credit

Title

Flows
Table
Page

Levels
Table
Page

Trade Credit

F.223

43

L.223

88

Security Credit

F.224

43

L.224

88

Life Insurance and Pension Fund Reserves

F.225

44

L.225

89

Taxes Payable by Businesses

F.226

44

L.226

89

Investment in Bank Personal Trusts

F.227

44

L.227

89

Proprietors' Equity in Noncorporate Business

F.228

44

Total Miscellaneous Financial Claims

F.229

45

L.229

90

Identified Miscellaneous Financial Claims - Part I

F.230

46

L.230

91

Identified Miscellaneous Financial Claims - Part II

F.231

47

L.231

92

Unidentified Miscellaneous Financial Claims

F.232

48

L.232

93

Sector Discrepancies

F.11

49

Instrument Discrepancies

F.12

49

Title

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organization

B.100

94

R.100

97

Nonfarm Nonfinancial Corporate Business

B.102

95

R.102

98

Nonfarm Noncorporate Business

B.103

96

R.103

99

Consolidated Statement for Federal, State, and Local Governments

F.106.c

100

L.106.c

101

Private Pension Funds: Defined Benefit Plans

F.119.b

102

L.119.b

103

Private Pension Funds: Defined Contribution Plans

F.119.c

102

L.119.c

103

Individual Retirement Accounts (IRAs)

F.225.i

102

L.225.i

103

B.100.e

104

Reconciliation

Balance Sheet, Reconciliation, and
Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

1

FFA, 1965-1974, September 16, 2004

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars
1965

1
2

Total net borrowing
Domestic nonfinancial sectors

3

Federal government

4

Nonfederal sectors

5
6
7
8
9

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments

1966

1967

1968

1969

1970

1971

1972

1973

1974

78.6

80.2

80.8

105.7

119.8

110.3

151.5

184.4

237.3

238.9

1

67.1

67.3

78.2

90.5

89.0

91.3

135.4

156.0

184.0

175.5

2

1.6

3.6

12.9

12.5

-3.2

12.1

24.9

15.0

6.9

11.9

3

65.5

63.7

65.2

78.0

92.2

79.3

110.5

141.0

177.0

163.6

4

28.5
20.0
6.2
3.3
7.6

22.2
24.7
6.7
3.2
6.9

20.4
27.0
7.2
3.3
7.3

31.3
26.8
8.4
2.8
8.8

31.9
32.6
12.5
3.0
12.1

19.5
41.1
4.0
2.6
12.1

42.3
28.1
19.0
4.7
16.4

56.9
38.5
26.4
5.3
14.0

69.5
75.0
9.6
8.8
14.1

55.7
56.6
29.9
7.9
13.4

5
6
7
8
9

10

Rest of the world

2.5

1.9

3.9

2.7

3.2

2.8

5.1

4.4

6.3

13.8

10

11

Financial sectors

8.9

11.0

-1.3

12.4

27.6

16.2

11.1

23.9

47.0

49.6

11

12
13
14
15

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

0.8
0.8
0.0
0.0

0.3
0.3
0.0
0.0

1.0
0.8
0.1
0.0

0.4
0.3
0.0
0.0

5.1
0.6
0.2
4.3

0.9
1.4
0.3
-0.8

2.5
1.5
0.2
0.8

2.7
0.3
-0.2
2.6

5.2
1.6
0.4
3.2

14.3
7.9
1.9
4.4

12
13
14
15

16
17

Savings institutions
Credit unions

0.8
0.0

1.0
0.0

-2.7
0.0

0.9
0.0

4.1
0.0

1.2
0.0

-2.0
0.0

0.5
0.0

7.6
0.0

6.2
0.0

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
2.1
0.2
0.0

0.0
4.8
0.4
0.0

0.0
-0.6
0.7
0.0

0.0
3.5
0.5
0.0

0.0
8.8
0.7
0.0

0.0
8.2
1.6
0.0

0.0
1.1
4.8
0.0

0.0
3.5
4.9
0.0

0.0
16.3
3.6
0.0

0.0
17.3
4.5
0.0

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

4.4
0.5
0.0
0.0
0.0

4.9
-0.6
0.0
0.0
0.0

2.0
-1.6
0.0
0.0
0.0

3.7
2.6
0.8
0.0
0.0

7.3
0.8
0.7
0.0
0.0

2.5
1.2
0.7
0.0
0.0

0.8
2.0
1.9
0.0
0.0

6.0
1.7
4.6
0.0
0.0

7.5
1.9
4.9
0.0
0.0

8.9
-1.9
0.3
0.0
0.0

22
23
24
25
26

78.6

80.2

80.8

105.7

119.8

110.3

151.5

184.4

237.3

238.9

27

6.7

19.2

4.4

16.9

45.2

1.6

-4.6

6.0

27.8

54.1

28

4.0
-0.2
0.3
2.5

20.2
-1.0
-0.1
-0.0

5.7
-1.4
-0.0
0.2

10.3
2.5
0.2
3.8

41.1
-1.3
0.4
5.0

0.2
2.0
0.7
-1.3

-12.2
8.0
1.3
-1.7

-4.5
2.6
1.2
6.7

21.3
-3.4
0.2
9.7

39.2
8.6
-0.2
6.5

29
30
31
32

2.9
0.3

5.1
-0.7

4.6
2.4

5.2
0.5

3.1
-0.5

2.8
11.0

2.8
26.7

1.8
8.6

3.9
0.9

6.2
5.9

33
34

68.7

56.6

69.4

83.1

72.0

94.9

126.6

168.0

204.8

172.7

35

4.0
28.9
28.6
0.2
0.0
0.1
13.4
1.0
0.0

3.1
18.0
17.4
0.5
0.0
0.1
8.2
1.1
0.0

5.3
36.7
35.9
0.7
0.0
0.1
13.3
0.9
0.0

3.9
38.9
38.4
0.4
0.0
0.1
14.2
1.5
0.0

4.2
20.0
14.2
1.6
3.9
0.2
12.6
2.1
-0.7

5.0
37.0
34.4
3.5
-1.0
0.1
15.4
1.4
2.7

7.4
51.2
50.9
0.0
-0.1
0.3
34.8
2.0
4.4

1.6
69.2
68.1
1.0
-0.2
0.3
42.7
2.9
3.1

9.3
86.6
80.0
4.8
1.7
0.1
33.5
3.6
4.4

4.9
75.2
64.7
9.1
0.9
0.5
22.2
2.7
2.8

36
37
38
39
40
41
42
43
44

27
28
29
30
31
32

Total net lending
Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

33
34

Federal government
Rest of the world

35

Financial sectors

36
37
38
39
40
41
42
43
44

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates

45
46
47
48
49

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

7.6
1.0
1.9
2.9
0.0

8.1
1.5
2.8
3.7
0.0

7.4
1.4
0.9
3.3
0.0

7.3
1.9
1.1
3.4
0.0

6.9
1.6
0.8
3.8
0.0

7.0
3.8
2.0
4.1
0.0

8.2
3.8
-1.6
3.3
0.0

9.7
3.7
5.5
4.6
0.0

12.3
3.4
6.2
5.7
0.0

12.9
4.6
8.9
6.3
0.0

45
46
47
48
49

50
51
52
53
54
55
56

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
0.7
0.0
0.0
2.3
0.2
0.0

0.0
1.3
-0.0
0.0
5.1
0.4
0.0

0.0
-0.8
0.1
0.0
-0.0
0.7
0.0

0.0
-0.2
0.4
0.0
3.2
0.5
0.0

0.0
1.0
-0.0
0.0
8.6
0.7
0.0

0.0
0.6
-0.7
0.0
8.8
1.6
0.0

0.0
-0.2
0.6
0.0
1.1
4.8
0.0

0.0
0.5
0.3
0.0
4.0
4.9
0.0

0.0
0.6
0.5
0.0
15.4
3.6
0.0

0.8
0.8
-0.2
0.0
20.9
4.5
0.0

50
51
52
53
54
55
56

57
58
59
60
61

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

4.2
0.5
0.0
-0.2
0.2

2.8
-0.6
0.0
0.8
0.3

0.1
0.4
0.0
-0.3
0.1

4.5
0.6
0.8
0.6
0.2

7.8
0.8
1.2
0.1
0.6

1.1
1.2
1.9
2.3
-0.2

4.1
2.0
2.3
-1.4
-0.1

8.2
1.7
4.2
1.3
-0.1

10.0
1.9
5.6
1.6
0.5

7.2
-1.9
0.2
0.2
-0.3

57
58
59
60
61

(1) Excludes corporate equities and mutual fund shares.

2

FFA, 1965-1974, September 16, 2004

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Domestic
Federal government
Treasury securities
Budget agency securities and mortgages
Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments

1965

1966

67.1

67.3

1.6
1.2
0.5

3.6
2.3
1.3

65.5
-0.3
7.2
4.9
12.0
4.1

63.7
0.8
6.2
10.2
11.4
5.3

27.5
17.2
3.6
4.5
2.2
10.1

1967

1968

1969

78.2

90.5

89.0

12.9
8.9
4.1

12.5
9.4
3.1

-3.2
-0.8
-2.4

65.2
1.4
7.2
14.7
10.3
2.8

78.0
1.2
8.4
12.9
10.0
5.3

92.2
1.1
11.4
12.0
16.3
10.7

23.8
13.0
3.1
5.8
1.9
5.9

23.7
13.4
3.6
4.8
2.0
5.1

29.4
17.2
3.4
6.6
2.2
10.8

65.5
28.5
29.5
20.0
6.2
3.3
7.6

63.7
22.2
34.6
24.7
6.7
3.2
6.9

65.2
20.4
37.5
27.0
7.2
3.3
7.3

1970

1971

1972

1973

1974

91.3

135.4

156.0

184.0

175.5

1

12.1
13.1
-1.0

24.9
26.0
-1.1

15.0
14.2
0.8

6.9
6.6
0.4

11.9
12.1
-0.2

2
3
4

79.3
1.8
12.0
19.8
4.6
5.8

110.5
-0.9
16.2
18.8
6.3
5.1

141.0
0.7
14.2
12.2
16.0
6.9

177.0
1.4
16.0
9.2
38.1
12.3

163.6
4.1
15.3
19.7
36.7
16.3

5
6
7
8
9
10

30.9
18.2
4.9
5.9
1.8
9.9

30.9
13.5
8.1
8.2
1.1
4.4

49.4
27.0
9.7
10.0
2.6
15.6

71.6
39.0
12.7
16.9
3.0
19.5

77.7
43.4
10.4
19.4
4.4
22.5

62.6
35.9
6.9
14.6
5.1
8.9

11
12
13
14
15
16

78.0
31.3
37.9
26.8
8.4
2.8
8.8

92.2
31.9
48.1
32.6
12.5
3.0
12.1

79.3
19.5
47.7
41.1
4.0
2.6
12.1

110.5
42.3
51.8
28.1
19.0
4.7
16.4

141.0
56.9
70.2
38.5
26.4
5.3
14.0

177.0
69.5
93.4
75.0
9.6
8.8
14.1

163.6
55.7
94.4
56.6
29.9
7.9
13.4

17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

2.5

1.9

3.9

2.7

3.2

2.8

5.1

4.4

6.3

13.8

24

25
26
27
28

Commercial paper
Bonds
Bank loans n.e.c.
Other loans and advances

0.0
0.5
0.6
1.5

0.0
0.7
-0.1
1.2

0.0
1.2
-0.4
3.0

0.0
1.1
-0.4
2.0

0.0
1.0
-0.3
2.4

0.0
0.9
-0.2
2.1

0.0
0.9
2.0
2.1

0.0
1.0
3.0
0.4

0.0
1.0
2.7
2.6

0.2
2.4
4.7
6.6

25
26
27
28

69.6

69.2

82.0

93.3

92.2

94.1

140.4

160.5

190.3

189.3

29

8.9

11.0

-1.3

12.4

27.6

16.2

11.1

23.9

47.0

49.6

1

1.2
1.9
0.2
1.2
3.5
0.9
0.0

3.7
5.1
0.4
1.6
-0.6
0.7
0.0

2.7
-0.6
0.7
1.0
-2.5
-2.6
0.0

3.0
3.2
0.5
0.6
3.7
1.1
0.2

11.4
9.1
0.7
1.0
1.5
3.7
0.2

0.3
8.2
1.6
2.5
2.1
1.3
0.1

0.8
1.1
4.8
4.7
2.2
-2.7
0.1

0.9
3.5
4.9
7.4
6.7
0.0
0.5

7.0
16.3
3.6
5.4
7.2
7.2
0.3

13.4
16.6
4.5
6.9
0.6
7.4
0.1

2
3
4
5
6
7
8

8.9

11.0

-1.3

12.4

27.6

16.2

11.1

23.9

47.0

49.6

9

29

Domestic and foreign

F.3 Credit Market Borrowing by Financial Sectors
Billions of dollars
1
2
3
4
5
6
7
8
9

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

10
11
12
13

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

0.8
0.8
0.0
0.0

0.3
0.3
0.0
0.0

1.0
0.8
0.1
0.0

0.4
0.3
0.0
0.0

5.1
0.6
0.2
4.3

0.9
1.4
0.3
-0.8

2.5
1.5
0.2
0.8

2.7
0.3
-0.2
2.6

5.2
1.6
0.4
3.2

14.3
7.9
1.9
4.4

10
11
12
13

14
15

Savings institutions
Credit unions

0.8
0.0

1.0
0.0

-2.7
0.0

0.9
0.0

4.1
0.0

1.2
0.0

-2.0
0.0

0.5
0.0

7.6
0.0

6.2
0.0

14
15

16
17
18
19

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
2.1
0.2
0.0

0.0
4.8
0.4
0.0

0.0
-0.6
0.7
0.0

0.0
3.5
0.5
0.0

0.0
8.8
0.7
0.0

0.0
8.2
1.6
0.0

0.0
1.1
4.8
0.0

0.0
3.5
4.9
0.0

0.0
16.3
3.6
0.0

0.0
17.3
4.5
0.0

16
17
18
19

20
21
22
23
24

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

4.4
0.5
0.0
0.0
0.0

4.9
-0.6
0.0
0.0
0.0

2.0
-1.6
0.0
0.0
0.0

3.7
2.6
0.8
0.0
0.0

7.3
0.8
0.7
0.0
0.0

2.5
1.2
0.7
0.0
0.0

0.8
2.0
1.9
0.0
0.0

6.0
1.7
4.6
0.0
0.0

7.5
1.9
4.9
0.0
0.0

8.9
-1.9
0.3
0.0
0.0

20
21
22
23
24

3

FFA, 1965-1974, September 16, 2004

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars

1
2
3
4
5
6
7
8
9
10

Total
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

78.6

80.2

80.8

105.7

119.8

110.3

151.5

184.4

237.3

238.9

1

0.9
1.2
2.6
7.2
6.5

4.6
2.3
6.9
6.2
12.5

4.2
8.9
4.3
7.2
16.8

4.2
9.4
6.9
8.4
14.6

12.5
-0.8
7.4
11.4
14.0

2.1
13.1
8.8
12.0
23.2

-0.1
26.0
4.9
16.2
24.5

1.6
14.2
9.3
14.2
20.6

8.4
6.6
20.4
16.0
15.5

17.8
12.1
21.0
15.3
29.0

2
3
4
5
6

16.1
6.4
27.5
10.1

10.8
7.2
23.7
5.9

7.4
3.2
23.7
5.1

13.3
8.4
29.6
10.8

17.5
16.8
31.0
9.9

6.5
9.3
30.9
4.4

10.5
4.6
49.5
15.6

25.7
7.3
71.9
19.5

48.0
22.1
77.9
22.5

42.0
30.2
62.6
8.9

7
8
9
10

Memo:
Funds raised through corporate equities and mutual fund shares
11
12
13
14
15
16

Total net issues
Corporate equities
Nonfinancial
Foreign shares purchased by
U.S. residents
Financial
Mutual fund shares

1.7

4.1

2.8

3.9

8.8

7.0

14.8

11.7

11.7

5.3

11

-0.4
-0.0

1.6
1.3

1.7
2.4

1.4
-0.2

5.5
3.4

5.4
5.7

14.7
11.4

13.1
10.9

12.8
7.9

5.2
4.1

12
13

0.3
-0.7
2.2

-0.0
0.4
2.5

0.1
-0.8
1.1

0.5
1.1
2.5

0.5
1.6
3.3

0.2
-0.4
1.6

0.2
3.1
0.1

-0.4
2.6
-1.5

-0.3
5.2
-1.1

-0.5
1.6
0.1

14
15
16

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets
Billions of dollars

1

Net flows through credit markets
(from table F.4, line 1)

78.6

80.2

80.8

105.7

119.8

110.3

151.5

184.4

237.3

238.9

1

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

0.4
0.0
0.2
-0.3

0.0
0.0
0.9
0.1

1.1
0.0
0.7
0.1

2.0
0.0
0.4
0.5

0.2
0.0
0.3
-0.4

-2.5
0.4
0.2
-0.4

-1.7
0.0
0.5
0.4

-0.2
0.0
0.5
0.9

-0.1
0.0
0.4
1.2

1.3
0.0
0.4
-0.2

2
3
4
5

6
7
8
9
10

Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares

0.6
7.3
27.3
5.9
0.0

6.0
4.5
18.0
2.3
0.0

2.3
15.3
34.7
5.9
0.0

5.8
15.1
26.6
6.7
0.0

12.4
8.1
14.4
-15.1
0.0

-3.0
12.8
30.6
24.2
0.0

-1.7
18.0
68.4
13.5
0.0

-4.8
24.4
70.7
17.7
0.0

-2.7
16.6
39.4
39.1
0.0

-1.1
7.0
36.9
41.0
2.4

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

0.8
-0.4
2.2
16.9

-0.0
1.6
2.5
14.0

-0.7
1.7
1.1
12.7

0.6
1.4
2.5
20.9

6.0
5.5
3.3
27.3

-3.6
5.4
1.6
13.7

3.9
14.7
0.1
20.5

1.7
13.1
-1.5
32.1

16.4
12.8
-1.1
52.3

2.2
5.2
0.1
43.2

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

1.1
4.8
13.0
2.1

0.8
4.7
15.5
-0.9

7.0
5.2
14.5
-4.4

6.6
4.8
16.3
1.3

-6.7
5.0
18.3
-1.5

-0.8
5.3
20.5
-2.1

3.8
6.4
24.0
4.0

8.7
6.9
43.6
3.9

-7.9
7.3
34.5
5.4

-3.6
7.1
37.5
9.0

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

0.0
2.3
11.7

0.0
1.9
7.8

0.0
0.3
11.9

0.0
3.1
18.8

13.2
-0.7
24.7

4.9
0.0
30.8

13.5
1.6
35.1

9.5
-5.6
50.3

13.6
9.0
49.6

6.4
-28.5
35.1

19
20
21

174.5

159.8

190.3

239.3

234.2

248.7

376.5

456.4

522.9

440.4

22

2
3
4
5

22

Total financial sources

23
24
25
26
27
28

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank liabilities
Security RPs
Taxes payable
Miscellaneous

0.1
0.0
0.2
-0.6
0.7
-5.7

0.2
0.0
0.8
-2.7
0.4
0.0

0.2
0.0
0.0
0.5
0.5
-4.1

0.2
0.0
0.6
1.5
0.2
0.7

0.2
0.0
-0.1
-1.2
1.6
6.6

-0.1
0.0
0.6
2.7
0.5
2.0

0.0
0.0
-1.0
0.8
1.1
-2.7

-0.2
0.0
-4.6
-0.0
2.4
-21.4

0.0
0.0
0.6
0.7
2.2
-7.5

-0.1
0.0
2.5
6.8
7.2
4.1

23
24
25
26
27
28

29
30
31

- Floats not included in assets:
Checkable deposits: Federal govt.
Other
Trade credit

0.4
1.4
2.2

-0.0
2.3
-1.6

0.6
-0.4
0.9

1.0
3.5
0.4

-0.9
0.9
0.3

-1.0
1.4
5.0

-0.4
0.9
7.2

0.6
4.7
2.2

0.3
-0.4
3.4

-0.1
0.4
7.6

29
30
31

32

Totals identified to sectors
as assets

175.7

160.4

192.0

231.1

226.8

237.6

370.5

472.8

523.5

412.0

32

4

FFA, 1965-1974, September 16, 2004

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars

1
2
3
4
5
6
7

Gross Domestic Product (GDP)
Personal consumption expenditures (2)
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

719.2

787.9

832.6

910.0

984.5

1038.6

1127.1

1238.3

1382.7

1500.0

1

443.8

480.9

507.8

558.1

605.2

648.5

701.9

770.6

852.4

933.4

2

63.3
191.5
189.0

68.3
208.8
203.8

70.4
217.1
220.3

80.8
235.7
241.6

85.9
253.2
266.1

85.0
272.0
291.5

96.9
285.5
319.5

110.4
308.1
352.2

123.6
343.1
385.8

122.3
384.5
426.6

3
4
5

118.3

131.3

128.6

141.2

156.4

152.4

178.2

207.6

244.5

249.4

6

109.0

117.7

118.7

132.2

147.3

150.4

169.9

198.5

228.6

235.5

7

8
9
10
11
12
13

Nonresidential
Household sector (nonprofit organizations)
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
Financial corporations

74.8
5.0
52.7
9.8
5.2
2.1

85.4
5.2
61.6
10.9
5.6
2.1

86.4
5.1
62.9
10.1
6.0
2.3

93.4
5.3
68.0
11.2
5.7
3.3

104.6
6.1
76.2
12.7
6.1
3.6

109.0
6.3
79.1
13.3
6.7
3.6

114.2
7.0
81.2
14.6
6.9
4.5

128.8
8.9
92.2
15.2
7.4
5.1

153.3
9.3
108.6
18.7
10.0
6.6

169.5
8.8
123.3
17.4
11.3
8.7

8
9
10
11
12
13

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

34.2
25.8
0.9
7.5
0.0

32.3
24.5
0.8
7.0
0.0

32.3
24.8
0.7
6.8
0.0

38.7
28.7
0.4
9.6
0.0

42.6
30.2
0.6
11.8
0.0

41.4
28.7
0.6
12.1
0.0

55.8
38.8
0.7
16.1
0.0

69.7
48.1
1.0
20.5
0.1

75.4
54.0
1.0
20.3
0.1

66.0
48.5
0.8
16.6
0.1

14
15
16
17
18

9.2
8.0
0.4
0.8

13.6
13.4
0.7
-0.5

9.9
8.5
0.4
0.9

9.1
7.3
0.4
1.4

9.2
8.7
0.5
0.0

2.0
2.7
0.1
-0.8

8.3
6.3
0.3
1.7

9.1
8.4
0.4
0.3

15.9
13.6
0.7
1.5

14.0
15.9
0.8
-2.8

19
20
21
22

19
20
21
22

Change in private inventories
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

23

Net U.S. exports of goods and services

24
25

Exports
- Imports

26

Government consumption expenditures and
gross investment

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
Federal
State and local

5.6

3.9

3.6

1.4

1.4

4.0

0.6

-3.4

4.1

-0.8

23

37.2
31.5

40.9
37.1

43.5
39.9

47.9
46.6

51.9
50.5

59.7
55.8

63.0
62.4

70.9
74.2

95.3
91.2

126.7
127.5

24
25

151.5

171.8

192.7

209.4

221.5

233.7

246.5

263.4

281.7

318.0

26

115.9
65.7
50.2

132.0
75.9
56.1

149.7
87.2
62.6

165.8
95.4
70.4

178.2
98.4
79.9

190.2
98.6
91.5

204.7
102.0
102.7

220.8
107.7
113.2

234.9
108.9
126.0

261.7
118.0
143.8

27
28
29

35.6
14.7
20.9

39.8
16.7
23.1

43.0
17.7
25.3

43.6
16.0
27.7

43.3
15.0
28.3

43.6
14.8
28.8

41.8
11.7
30.1

42.6
12.0
30.7

46.8
13.6
33.2

56.3
16.6
39.6

30
31
32

5.3
7.9
2.6

5.1
8.1
3.0

5.4
8.7
3.3

6.1
10.1
4.0

6.1
11.8
5.7

6.4
12.9
6.4

7.6
14.0
6.4

8.6
16.3
7.7

12.6
23.5
10.9

15.5
29.8
14.3

33
34
35

724.4

792.9

838.0

916.1

990.6

1045.0

1134.7

1246.8

1395.3

1515.5

36

Memo:
33
34
35

Net U.S. income receipts from rest of the world
U.S. income receipts
- U.S. income payments

36

Gross National Product (GNP) =
GDP + net U.S. income receipts

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce.
(2) Component of personal outlays, found on table F.100, line 4.
(3) Government inventory investment is included in consumption expenditures.

5

FFA, 1965-1974, September 16, 2004

F.7 Distribution of National Income (1)
Billions of dollars
1965

1
2
3
4
5

National Income
Compensation of employees
Wages and other labor income
Employer social insurance contributions
Wage accruals less disbursements

1966

1967

1968

1969

1970

1971

1972

1973

1974

653.4

711.0

752.0

823.2

889.9

931.1

1008.1

1111.3

1247.4

1342.1

1

399.5
386.4
13.1
0.0

442.7
425.8
16.9
0.0

475.2
457.1
18.1
0.0

524.3
504.4
20.0
0.0

577.7
554.9
22.8
0.0

617.2
593.3
23.9
0.0

658.9
631.9
26.5
0.6

725.2
694.1
31.2
0.0

811.2
771.5
39.8
-0.1

890.2
846.0
44.7
-0.5

2
3
4
5

63.9
52.1
11.8

68.2
55.4
12.8

69.8
58.4
11.5

74.3
62.8
11.5

77.4
64.8
12.7

78.4
65.7
12.7

84.8
71.6
13.2

95.9
79.1
16.8

113.5
84.6
28.9

113.1
89.9
23.2

6
7
8

9

Proprietors’ income with inventory
valuation and capital consumption adjustments
Nonfarm
Farm
Rental income of persons (with capital
consumption adjustment)

20.2

20.8

21.2

20.9

21.2

21.4

22.5

23.4

24.3

24.3

9

10

Corporate profits with inventory
valuation and capital consumption adjustments

87.5

93.2

91.4

98.8

95.4

83.6

98.1

112.1

125.5

115.8

10

78.9

84.6

82.0

88.8

85.5

74.4

88.3

101.3

115.3

109.6

11

6
7
8

11

Corporate profits with inventory
valuation adjustment

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

80.2
66.0
0.2
4.7
9.3

86.7
71.3
0.2
4.5
10.8

83.6
67.5
0.1
4.8
11.3

92.5
73.9
0.1
5.7
12.8

91.4
71.0
0.1
6.7
13.6

81.0
58.5
0.0
7.1
15.4

92.9
67.3
0.1
7.9
17.6

107.9
78.8
0.3
9.5
19.2

134.9
98.6
0.8
14.9
20.6

147.8
109.9
0.3
17.5
20.1

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Financial

31.1
27.0
0.1
4.0

33.9
29.4
0.1
4.4

32.9
27.7
0.1
5.1

39.6
33.5
0.1
6.1

40.0
33.3
0.1
6.6

34.8
27.2
0.1
7.5

38.2
29.9
0.1
8.2

42.4
33.7
0.1
8.6

50.0
40.2
0.3
9.6

52.8
42.7
0.2
9.9

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Net dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

49.1
20.2
16.1
0.1
3.3
0.7

52.8
20.7
16.7
0.0
2.9
1.1

50.7
21.5
17.2
0.0
3.2
1.1

52.9
23.6
19.0
0.0
3.4
1.2

51.4
24.3
19.0
0.0
3.9
1.4

46.2
24.3
18.3
0.0
3.9
2.1

54.7
25.0
18.1
0.1
4.7
2.2

65.5
26.8
19.6
0.1
4.9
2.3

84.9
29.9
20.7
0.1
6.8
2.4

95.0
33.2
21.4
0.1
9.8
1.9

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

28.9
22.8
0.0
1.4
4.7

32.2
25.2
0.0
1.7
5.3

29.2
22.5
-0.0
1.6
5.1

29.3
21.4
0.0
2.3
5.6

27.2
18.8
0.0
2.8
5.6

21.9
13.0
-0.1
3.2
5.8

29.7
19.3
-0.1
3.2
7.3

38.7
25.5
0.1
4.7
8.4

55.0
37.8
0.4
8.1
8.7

61.8
45.8
-0.0
7.7
8.3

27
28
29
30
31

32

Inventory valuation adjustment

-1.2

-2.1

-1.6

-3.7

-5.9

-6.6

-4.6

-6.6

-19.6

-38.2

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

8.6
8.3
0.1
0.2

8.6
8.5
0.0
0.1

9.4
9.1
0.1
0.2

10.0
9.6
0.1
0.3

9.9
9.4
0.1
0.3

9.2
8.7
0.2
0.3

9.8
9.2
0.1
0.4

10.9
10.4
0.1
0.4

10.2
9.2
0.3
0.7

6.3
5.3
0.3
0.7

33
34
35
36

37

Net interest and miscellaneous payments

19.6

22.4

25.6

27.1

32.7

39.1

43.9

47.9

55.2

70.8

37

38
39
40
41

Taxes on production and imports
Less: Subsidies
Business current transfer payments (net)
Current surplus of government enterprises

60.8
3.0
3.6
1.4

63.3
3.9
3.5
1.0

68.0
3.8
3.8
0.9

76.5
4.2
4.3
1.2

84.0
4.5
5.0
1.1

91.5
4.8
4.6
0.0

100.6
4.7
4.4
-0.2

108.1
6.7
4.9
0.5

117.4
5.3
6.0
-0.4

125.0
3.3
7.2
-1.0

38
39
40
41

653.4

711.0

752.0

823.2

889.9

931.1

1008.1

1111.3

1247.4

1342.1

42

50.5
18.9
1.7

55.5
20.1
6.3

59.9
21.6
4.5

65.2
23.1
4.6

73.1
24.8
2.9

80.0
26.7
7.2

86.7
28.3
11.4

97.1
29.4
9.1

107.9
31.4
8.5

126.6
35.9
10.9

43
44
45

5.3

5.1

5.4

6.1

6.1

6.4

7.6

8.6

12.6

15.5

46

719.2

787.9

832.6

910.0

984.5

1038.6

1127.1

1238.3

1382.7

1500.0

47

Memo:
Calculation of Gross Domestic Product
from National Income: (2)
42

National Income, from line 1 above

43
44
45

Plus:
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy

46

Less:
Net U.S. income receipts from rest of the world

47

Equals:
Gross Domestic Product

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.

6

FFA, 1965-1974, September 16, 2004

F.8 Saving and Investment (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

158.4

168.7

170.7

182.1

198.6

192.8

209.2

237.5

292.1

301.4

1

2

Net saving

89.0

93.0

89.2

93.7

100.7

86.2

94.2

111.1

152.8

139.0

2

3

Net private saving

79.2

83.1

91.4

88.5

83.8

94.0

115.9

119.8

148.4

143.5

3

4

Personal saving

43.0

44.5

54.4

52.8

52.6

69.5

80.7

77.2

102.8

113.7

4

5
6
7
8
9

Undistributed corporate profits w/IVA & CCA
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Wage accruals less disbursements

36.2
28.9
-1.2
8.6
0.0

38.6
32.2
-2.1
8.6
0.0

37.0
29.2
-1.6
9.4
0.0

35.6
29.3
-3.7
10.0
0.0

31.2
27.2
-5.9
9.9
0.0

24.6
21.9
-6.6
9.2
0.0

34.9
29.7
-4.6
9.8
0.4

42.9
38.7
-6.6
10.9
-0.3

45.6
55.0
-19.6
10.2
-0.0

29.8
61.8
-38.2
6.3
0.0

5
6
7
8
9

9.8

9.9

-2.2

5.3

17.0

-7.9

-21.7

-8.7

4.5

-4.5

10

3.4
6.5

2.2
7.7

-9.3
7.1

-2.3
7.6

8.9
8.1

-15.0
7.1

-28.3
6.6

-24.3
15.6

-11.2
15.7

-13.8
9.3

11
12

10
11
12

Net government saving
Federal
State and local

13

Consumption of fixed captal

69.4

75.7

81.5

88.4

97.9

106.7

115.0

126.5

139.3

162.5

13

14
15
16

Private
Domestic business
Households and institutions

50.5
41.9
8.6

55.5
46.3
9.2

59.9
50.0
9.9

65.2
54.4
10.8

73.1
61.2
12.0

80.0
67.1
12.9

86.7
72.5
14.2

97.1
80.9
16.2

107.9
89.9
18.1

126.6
105.9
20.7

14
15
16

17
18
19

Government
Federal
State and local

18.9
12.7
6.2

20.1
13.2
6.9

21.6
14.0
7.5

23.1
14.8
8.3

24.8
15.5
9.3

26.7
16.1
10.6

28.3
16.5
11.8

29.4
16.6
12.8

31.4
17.1
14.3

35.9
18.2
17.7

17
18
19

160.1

175.0

175.1

186.6

201.5

200.1

220.6

246.6

300.6

312.3

20

153.8

171.1

171.5

184.8

199.7

196.0

219.9

250.2

291.3

305.7

21

118.3
109.0
74.8
34.2
9.2

131.3
117.7
85.4
32.3
13.6

128.6
118.7
86.4
32.3
9.9

141.2
132.2
93.4
38.7
9.1

156.4
147.3
104.6
42.6
9.2

152.4
150.4
109.0
41.4
2.0

178.2
169.9
114.2
55.8
8.3

207.6
198.5
128.8
69.7
9.1

244.5
228.6
153.3
75.4
15.9

249.4
235.5
169.5
66.0
14.0

22
23
24
25
26

20
21
22
23
24
25
26
27

Gross domestic investment, capital account
transactions, and net lending, NIPAs
Gross domestic investment
Gross private domestic investment
Fixed investment
Nonresidential
Residential
Change in private inventories

35.6

39.8

43.0

43.6

43.3

43.6

41.8

42.6

46.8

56.3

27

28

Capital account transactions (net)

Gross government investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

28

29

Net lending or net borrowing (-), NIPAs

6.3

3.9

3.6

1.8

1.8

4.1

0.6

-3.6

9.3

6.6

29

30

Statistical discrepancy (line 20 less line 1)

1.7

6.3

4.5

4.6

2.9

7.2

11.4

9.1

8.5

10.9

30

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.

F.9 Net Capital Transfers (1)
Billions of dollars
1

3.5

3.8

3.9

4.0

4.5

4.6

5.7

6.6

6.4

6.1

1

2
3
4
5
6
7

Capital transfers received by government (net)
Federal
Estate and gift taxes paid by persons
- Capital transfers paid to persons
- Capital transfers paid to the rest of the world (net)
- Federal investment grants to state and local govts.
- Investment grants to business

-1.2
2.8
0.0
0.0
4.0
0.1

-1.3
3.0
0.0
0.0
4.3
0.1

-1.2
3.1
0.0
0.0
4.2
0.1

-2.9
3.1
0.0
0.0
5.9
0.1

-2.3
3.6
0.0
0.0
5.8
0.1

-1.6
3.7
0.0
0.0
5.1
0.1

-1.3
4.6
0.0
0.0
5.8
0.1

-0.7
5.4
0.0
0.0
5.8
0.2

-0.9
5.1
0.0
0.0
5.8
0.2

-3.1
4.8
0.0
0.0
7.7
0.2

2
3
4
5
6
7

8
9
10

State and local
Estate and gift taxes paid by persons
+ Federal investment grants to state and local govts.

4.7
0.8
4.0

5.1
0.8
4.3

5.1
0.9
4.2

6.8
1.0
5.9

6.8
1.1
5.8

6.2
1.1
5.1

7.0
1.2
5.8

7.3
1.4
5.8

7.3
1.5
5.8

9.2
1.5
7.7

8
9
10

11
12
13

Capital transfers received by rest of the world (net)
Capital transfers received from U.S. government (net)
- Migrants’ transfers received by persons (net)

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

11
12
13

14
15
16
17

Memo:
Acquisition of nonproduced nonfinancial assets (net)
Nonfinancial corporate business
State and local governments
Federal governments
Rest of the world

-1.8
1.3
0.5
0.0

-2.1
1.4
0.7
0.0

-1.2
1.4
-0.2
0.0

-0.5
1.4
-0.9
0.0

-1.1
1.0
0.1
0.0

-0.9
1.1
-0.3
0.0

-1.2
1.6
-0.4
0.0

-1.0
1.7
-0.7
0.0

1.5
1.7
-3.2
0.0

3.8
1.9
-5.7
0.0

14
15
16
17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

7

FFA, 1965-1974, September 16, 2004

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net acquisition of financial assets

55.8

62.1

70.0

65.6

73.5

79.1

109.5

135.9

148.7

153.6

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

0.0
6.7
27.5
0.0

0.0
2.4
18.8
0.0

0.0
10.5
34.9
0.0

0.0
9.5
30.3
0.0

0.0
-1.8
9.7
0.0

0.0
7.3
42.5
0.0

0.0
13.5
65.5
0.0

0.0
13.0
72.6
0.0

0.0
12.5
63.0
0.0

0.0
5.1
55.3
2.4

2
3
4
5

6

Securities

7
8
9
10
11
12
13
14

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

0.4

16.5

-2.1

-1.3

25.1

-5.7

-22.0

-21.8

7.3

30.8

6

0.9
0.6
0.6
0.9
1.7
-1.1
-5.2
2.1

2.3
0.6
3.7
4.7
4.6
2.7
-4.3
2.2

1.8
1.0
-1.0
0.4
-3.0
4.4
-6.7
0.9

2.0
0.6
2.3
-0.1
-1.6
5.1
-11.7
2.2

6.3
-0.1
11.0
4.6
13.3
4.5
-16.7
2.2

-2.3
0.3
-10.8
4.2
-1.0
8.1
-5.3
1.0

-3.9
2.3
-10.5
-0.9
-3.5
7.1
-12.6
-0.0

-5.2
3.3
-0.1
-5.7
0.5
1.9
-14.8
-1.7

4.1
2.7
7.1
-1.2
5.8
2.9
-11.5
-2.6

5.6
3.0
1.8
5.6
8.2
11.6
-3.5
-1.5

7
8
9
10
11
12
13
14

4.8
13.0

4.7
15.5

5.2
14.5

4.8
16.3

5.0
18.3

5.3
20.5

6.4
24.0

6.9
43.6

7.3
34.5

7.1
37.5

15
16

15
16

Life insurance reserves
Pension fund reserves

17
18

Investment in bank personal trusts
Miscellaneous and other assets

0.0
3.4

0.0
4.3

0.0
7.0

0.0
5.9

13.2
3.9

4.9
4.1

13.5
8.7

9.5
12.2

13.6
10.5

6.4
8.9

17
18

19
20
21
22
23

Gross investment in tangible assets
Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)

113.1
33.3
20.0
58.6
1.2

116.7
31.5
21.7
63.4
0.2

119.4
31.6
21.2
65.3
1.3

137.5
38.3
22.1
75.3
1.8

146.6
42.0
24.8
79.3
0.5

145.0
40.8
26.3
78.6
-0.7

175.0
55.0
28.5
89.6
2.0

201.9
68.6
31.5
101.0
0.7

228.5
74.3
38.0
114.0
2.2

213.7
65.1
37.5
113.1
-1.9

19
20
21
22
23

24
25
26
27

Consumption of fixed capital
Residential fixed investment
Other fixed assets (3)
Consumer durables

64.9
9.9
11.6
43.4

69.7
10.7
12.5
46.4

74.9
11.3
13.5
50.0

82.3
12.3
14.4
55.6

90.6
13.8
15.8
61.1

97.6
14.7
17.1
65.8

106.1
16.1
18.5
71.5

115.6
18.8
19.9
76.9

127.3
20.9
21.9
84.4

143.5
24.2
25.2
94.1

24
25
26
27

28

Net investment in tangible assets (4)

48.3

47.1

44.5

55.2

56.0

47.4

68.9

86.3

101.3

70.3

28

23.4
8.4
15.2
1.2

20.8
9.1
17.0
0.2

20.3
7.7
15.2
1.3

26.0
7.7
19.8
1.8

28.3
9.1
18.2
0.5

26.1
9.2
12.8
-0.7

38.8
10.0
18.1
2.0

49.9
11.6
24.1
0.7

53.4
16.0
29.6
2.2

40.9
12.3
19.0
-1.9

29
30
31
32

38.7

31.6

34.8

43.9

45.9

33.8

73.9

98.9

93.3

104.3

33

17.2
7.9
10.1
0.6
0.3
2.6

13.0
7.2
5.9
1.5
-0.0
4.1

13.4
6.1
5.1
1.0
3.0
6.2

17.2
11.8
10.8
1.3
2.6
0.2

18.2
11.9
9.9
2.6
-3.3
6.6

13.3
4.4
4.4
2.3
-1.3
10.7

26.6
18.9
15.6
1.0
2.5
9.3

38.2
25.2
19.5
1.0
3.6
11.4

42.9
4.6
22.5
2.2
-4.2
25.3

36.2
26.5
8.9
2.7
-1.5
31.5

34
35
36
37
38
39

29
30
31
32
33
34
35
36
37
38
39

Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)
Net increase in liabilities
Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit
Policy loans
Security credit
Other liabilities (3)

40

Net capital transfers (5)

-3.6

-3.9

-4.0

-4.1

-4.6

-4.8

-5.8

-6.8

-6.6

-6.3

40

41

Personal saving, with consumer durables (FOF)

69.0

81.4

83.7

81.0

88.3

97.4

110.3

130.2

163.3

125.9

41

42

Less net investment in consumer durables

15.2

17.0

15.2

19.8

18.2

12.8

18.1

24.1

29.6

19.0

42

43

= Personal saving, without consumer durables (FOF) (6)

53.8

64.4

68.4

61.2

70.1

84.6

92.3

106.0

133.7

106.9

43

44

Personal saving (NIPA, excludes consumer durables)

43.0

44.5

54.4

52.8

52.6

69.5

80.7

77.2

102.8

113.7

44

45

Difference

10.8

19.9

14.0

8.4

17.5

15.1

11.6

28.8

30.9

-6.8

45

46

Memo:
Disposable personal income

498.1

537.6

575.3

625.1

674.0

735.7

801.8

869.1

978.3

1071.6

46

47
48
49
50

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 39)
Without consumer durables (FOF) (line 41)
Without consumer durables (NIPA) (line 42)
Difference (line 43)

13.8
10.8
8.6
2.2

15.1
12.0
8.3
3.7

14.5
11.9
9.5
2.4

13.0
9.8
8.5
1.3

13.1
10.4
7.8
2.6

13.2
11.5
9.4
2.1

13.8
11.5
10.1
1.4

15.0
12.2
8.9
3.3

16.7
13.7
10.5
3.2

11.7
10.0
10.6
-0.6

47
48
49
50

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17).
(3) Includes corporate farms.
(4) Line 19 less line 24.
(5) Table F.9, line 13 less lines 3, 4, and 9.
(6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4).

8

FFA, 1965-1974, September 16, 2004

F.100 Households and Nonprofit Organizations (1)
Billions of dollars

1
2
3
4
5

Personal income
- Personal current taxes
= Disposable personal income
- Personal outlays
= Personal saving, NIPA (2)

6
7
8
9

+ Government insurance and pension reserves (3)
+ Net investment in consumer durables
+ Consumption of fixed capital
+ Net capital transfers (4)

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

555.7
57.7
498.1
455.1
43.0

604.0
66.4
537.6
493.1
44.5

648.3
73.0
575.3
520.9
54.4

712.0
87.0
625.1
572.2
52.8

778.5
104.5
674.0
621.4
52.6

838.8
103.1
735.7
666.2
69.5

903.5
101.7
801.8
721.2
80.7

992.7
123.7
869.1
791.9
77.2

1110.8
132.4
978.3
875.6
102.8

1222.7
151.1
1071.6
958.0
113.7

1
2
3
4
5

0.3
15.2
52.0
-3.6

0.3
17.0
55.7
-3.9

0.3
15.2
60.0
-4.0

0.1
19.8
66.4
-4.1

0.1
18.2
73.1
-4.6

0.2
12.8
78.8
-4.8

-0.1
18.1
85.8
-5.8

0.1
24.1
93.1
-6.8

-0.0
29.6
102.6
-6.6

-0.1
19.0
114.9
-6.3

6
7
8
9

10

= Gross saving and net capital transfers

106.9

113.6

126.0

135.0

139.4

156.5

178.7

187.7

228.3

241.1

10

11

Gross investment

117.2

133.1

139.6

143.2

156.7

171.3

190.3

216.3

258.6

234.2

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

89.4
25.8
58.6
5.0

93.0
24.5
63.4
5.2

95.2
24.8
65.3
5.1

109.3
28.7
75.3
5.3

115.6
30.2
79.3
6.1

113.6
28.7
78.6
6.3

135.4
38.8
89.6
7.0

158.1
48.1
101.0
8.9

177.3
54.0
114.0
9.3

170.4
48.5
113.1
8.8

12
13
14
15

16

Net financial investment

27.8

40.1

44.5

34.0

41.1

57.7

54.9

58.2

81.3

63.8

16

17

Net acquisition of financial assets

57.3

63.0

68.8

68.8

70.8

77.0

100.9

120.1

147.8

119.8

17

18
19
20
21

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

0.0
6.6
27.5
0.0

0.0
2.4
18.8
0.0

0.0
10.3
34.9
0.0

0.0
9.4
30.3
0.0

0.0
-1.9
9.7
0.0

0.0
7.2
41.1
0.0

0.0
13.3
63.9
0.0

0.0
12.7
71.0
0.0

0.0
11.9
61.4
0.0

0.0
5.0
53.7
2.4

18
19
20
21

22

Credit market instruments

4.0

20.2

5.7

10.3

41.1

0.2

-12.2

-4.5

21.3

39.2

22

0.9
1.2
0.6
0.6
0.9
1.7
-1.1
0.5

2.3
4.3
0.6
3.7
4.7
4.6
2.7
1.7

1.8
-0.1
1.0
-1.1
0.4
-3.0
4.4
2.1

2.0
2.7
0.6
2.1
-0.1
-1.6
5.1
2.3

6.3
10.7
-0.1
10.8
4.6
13.3
4.5
1.7

-2.3
-10.7
0.3
-11.0
4.2
-1.0
8.1
1.8

-3.9
-8.3
2.3
-10.7
-0.9
-3.5
7.1
-2.6

-5.2
3.0
3.3
-0.3
-5.7
0.5
1.9
1.0

4.1
9.7
2.7
7.0
-1.2
5.8
2.9
-0.0

5.6
4.8
3.0
1.8
5.6
8.2
11.6
3.4

23
24
25
26
27
28
29
30

-5.2
2.1
0.9
4.8
13.0
0.0
2.3
1.4

-4.3
2.2
0.2
4.7
15.5
0.0
1.9
1.3

-6.7
0.9
2.2
5.2
14.5
0.0
0.3
1.6

-11.7
2.2
2.1
4.8
16.3
0.0
3.1
1.9

-16.7
2.2
-1.8
5.0
18.3
13.2
-0.7
2.2

-5.3
1.0
-0.9
5.3
20.5
4.9
0.0
2.7

-12.6
-0.0
0.5
6.4
24.0
13.5
1.6
2.6

-14.8
-1.7
0.1
6.9
43.6
9.5
-5.6
2.9

-11.5
-2.6
-0.2
7.3
34.5
13.6
9.0
3.1

-3.5
-1.5
-1.0
7.1
37.5
6.4
-28.5
2.9

31
32
33
34
35
36
37
38

29.5

22.9

24.4

34.9

29.7

19.3

46.0

61.9

66.5

56.1

39

28.5

22.2

20.4

31.3

31.9

19.5

42.3

56.9

69.5

55.7

40

17.2
10.1
0.0
-0.4
0.8
0.8

13.0
5.9
0.0
0.7
2.0
0.6

13.4
5.1
0.0
2.4
1.3
-1.8

17.2
10.8
0.0
-1.3
1.7
2.9

18.2
9.9
0.0
0.1
3.0
0.7

12.4
4.4
0.0
-0.7
2.6
0.8

24.6
15.6
0.0
-0.0
1.4
0.7

35.0
19.5
0.0
0.3
1.3
0.7

40.6
22.5
0.4
3.6
2.4
0.0

37.4
8.9
0.9
5.6
3.2
-0.4

41
42
43
44
45
46

0.3
0.4

-0.0
0.4

3.0
0.6

2.6
0.6

-3.3
0.7

-1.3
0.6

2.5
0.9

3.6
0.8

-4.2
0.7

-1.5
1.2

47
48

23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Open market paper
Treasury securities
Savings bonds
Other
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (5)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Home mortgages (6)
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid
life insurance premiums
Discrepancy

0.3

0.4

0.3

0.4

0.4

0.4

0.3

0.5

0.4

0.7

49

-10.4

-19.5

-13.6

-8.2

-17.3

-14.8

-11.6

-28.6

-30.3

7.0

50

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) See table F.10 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(4) Table F.9, line 13 less lines 3, 4, and 9.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.

9

FFA, 1965-1974, September 16, 2004

F.101 Nonfinancial Business (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Income before taxes

136.2

145.8

143.6

154.6

154.8

143.4

158.7

182.4

221.0

231.7

1

2

Gross saving and net capital transfers

72.6

78.7

80.7

83.1

85.0

84.0

97.9

112.8

123.4

123.3

2

3

Gross investment

65.0

67.1

73.5

74.7

78.3

75.0

91.7

115.9

101.3

122.7

3

4

83.6

97.5

95.2

103.4

115.4

112.9

126.6

144.3

175.9

187.1

4

5
6
7

Fixed investment
Residential
Nonresidential

76.1
8.4
67.7

85.9
7.8
78.1

86.6
7.5
79.0

94.9
10.0
84.8

107.3
12.4
94.9

111.8
12.7
99.1

119.6
16.9
102.7

136.2
21.5
114.8

158.6
21.3
137.3

169.4
17.4
152.0

5
6
7

8
9

Change in inventories
Nonproduced nonfinancial assets

9.2
-1.8

13.6
-2.1

9.9
-1.2

9.1
-0.5

9.2
-1.1

2.0
-0.9

8.3
-1.2

9.1
-1.0

15.9
1.5

14.0
3.8

8
9

10

Capital expenditures

-18.5

-30.5

-21.7

-28.7

-37.1

-37.9

-35.0

-28.4

-74.6

-64.4

10

11

Net acquisition of financial assets

28.1

15.5

19.1

32.9

36.2

23.3

51.3

78.3

87.0

55.1

11

12
13
14
15
16

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

-0.3
0.4
2.3
0.0
0.3

0.1
-0.7
-0.4
0.0
0.3

0.1
2.7
1.1
0.0
-0.2

0.5
2.9
-0.6
0.0
0.5

-0.4
5.7
-5.4
0.0
2.2

-0.4
1.1
3.1
0.0
-3.1

0.4
-1.3
5.8
0.0
0.8

0.9
2.6
4.0
0.0
1.6

1.2
2.0
6.3
0.0
8.6

-0.2
1.2
5.4
0.0
-5.8

12
13
14
15
16

17

Credit market instruments

0.1

-1.0

-1.4

2.7

-0.9

2.7

9.3

3.8

-3.2

8.4

17

-0.3
-1.9
0.2
0.9
0.0
1.2

1.5
-1.5
-0.2
-1.0
0.0
0.1

1.1
-2.3
-0.0
-0.3
-0.0
0.2

1.1
0.5
0.4
0.5
-0.0
0.1

2.5
-3.1
0.2
-1.0
0.4
-0.0

1.8
0.8
-0.5
-0.6
0.4
0.9

1.9
3.0
-0.3
1.0
1.2
2.5

3.0
-2.0
0.1
1.0
1.1
0.6

0.6
-4.3
1.0
-0.1
0.4
-0.8

4.1
1.4
0.9
0.6
0.5
0.8

18
19
20
21
22
23

0.1
13.1
12.1

0.1
12.9
4.1

0.1
8.9
7.9

0.2
17.2
9.6

0.1
23.4
11.6

-0.0
6.9
13.0

-0.1
13.9
22.4

-0.0
27.1
38.2

0.2
43.2
28.8

0.3
34.0
11.8

24
25
26

46.6

45.9

40.8

61.6

73.4

61.2

86.3

106.7

161.7

119.5

27

29.5

34.6

37.5

37.9

48.1

47.7

51.8

70.2

93.4

94.4

28

18
19
20
21
22
23
24
25
26
27
28

Net financial investment

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

29
30
31

Commercial paper
Municipal securities
Corporate bonds

-0.3
0.0
4.9

0.8
0.0
10.2

1.4
0.0
14.7

1.2
0.0
12.9

1.1
0.0
12.0

1.8
0.0
19.8

-0.9
0.1
18.8

0.7
0.5
12.2

1.4
1.8
9.2

4.1
1.6
19.7

29
30
31

32
33
34

Bank loans n.e.c.
Other loans and advances
Mortgages

12.5
2.9
9.6

10.7
2.7
10.2

7.9
1.3
12.2

11.3
3.3
9.3

16.2
6.9
11.9

5.3
3.2
17.7

6.3
3.4
24.1

15.7
5.2
35.8

34.4
9.6
37.0

31.1
12.4
25.5

32
33
34

-0.0
11.4
2.1
1.4

1.3
7.9
-0.9
1.1

2.4
5.8
-4.2
-0.9

-0.2
14.3
1.1
5.3

3.4
20.1
-1.7
4.1

5.7
7.2
-2.6
3.4

11.4
13.9
4.1
3.8

10.9
24.3
3.9
3.2

7.9
41.5
5.3
5.4

4.1
29.6
8.9
11.5

35
36
37
38

2.2

2.0

0.2

3.1

-0.7

-0.1

1.3

-5.8

8.2

-29.0

39

7.5

11.7

7.2

8.4

6.7

8.9

6.3

-3.1

22.1

0.6

40

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

39

Proprietors’ net investment

40

Discrepancy

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

10

FFA, 1965-1974, September 16, 2004

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars

1
2
3
4
5
6
7
8
9
10

1965

1966

1967

1968

1969

1970

1971

Profits before tax (book)
- Taxes on corporate income
- Net dividends
+ Capital consumption allowance (1)
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
+ Net capital transfers (2)
= Total internal funds + IVA

66.0
27.0
16.1
36.6
59.3
1.4
-1.2
0.1
59.6

71.3
29.4
16.7
39.9
65.0
1.7
-2.1
0.1
64.7

67.5
27.7
17.2
43.2
65.7
1.6
-1.6
0.1
65.8

73.9
33.5
19.0
47.0
68.4
2.3
-3.7
0.1
67.2

71.0
33.3
19.0
51.6
70.4
2.8
-5.9
0.1
67.4

58.5
27.2
18.3
55.3
68.3
3.2
-6.6
0.1
65.0

67.3
29.9
18.1
59.6
78.9
3.2
-4.6
0.1
77.6

Gross investment

52.1

53.0

58.6

58.7

60.7

56.1

1972

1973

1974

78.8
33.7
19.6
66.4
91.9
4.7
-6.6
0.2
90.2

98.6
40.2
20.7
71.5
109.4
8.1
-19.6
0.2
98.1

109.9
42.7
21.4
78.9
124.7
7.7
-38.2
0.2
94.4

1
2
3
4
5
6
7
8
9

71.3

93.3

75.9

93.9

10

11
12
13
14

Capital expenditures
Fixed investment (3)
Inventory change + IVA
Nonproduced nonfinancial assets

59.8
53.6
8.0
-1.8

73.8
62.5
13.4
-2.1

71.0
63.6
8.5
-1.2

75.2
68.4
7.3
-0.5

84.4
76.7
8.7
-1.1

81.5
79.7
2.7
-0.9

87.0
81.9
6.3
-1.2

100.5
93.2
8.4
-1.0

124.7
109.6
13.6
1.5

143.8
124.1
15.9
3.8

11
12
13
14

15

Net financial investment

-7.8

-20.8

-12.4

-16.5

-23.7

-25.4

-15.7

-7.3

-48.8

-50.0

15

16

Net acquisition of financial assets

27.4

14.4

17.8

33.1

34.2

21.4

41.4

68.2

77.9

50.3

16

17
18
19
20
21

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

-0.3
0.3
2.3
0.0
0.3

0.1
-0.7
-0.4
0.0
0.3

0.1
2.5
1.1
0.0
-0.2

0.5
2.7
-0.6
0.0
0.5

-0.4
5.6
-5.4
0.0
2.2

-0.4
0.9
1.7
0.0
-3.1

0.4
-1.5
4.2
0.0
0.8

0.9
2.4
2.4
0.0
1.6

1.2
1.4
4.7
0.0
8.6

-0.2
1.2
3.8
0.0
-5.8

17
18
19
20
21

22
23
24
25
26
27
28
29

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

-0.3
-1.9
0.2
0.9
0.0
0.9
13.3
0.1

1.5
-1.5
-0.2
-1.0
0.0
0.2
12.4
0.1

1.1
-2.4
-0.0
-0.3
-0.0
0.3
8.3
0.1

1.1
0.3
0.4
0.5
-0.0
0.1
18.5
0.2

2.5
-3.3
0.2
-1.0
0.1
0.1
22.9
0.1

1.8
0.6
-0.5
-0.6
-0.0
0.7
8.3
-0.0

1.9
2.8
-0.3
1.0
0.0
2.7
12.4
-0.1

3.0
-2.2
0.1
1.0
-0.0
0.7
26.4
-0.0

0.6
-4.4
1.0
-0.1
0.1
-0.6
40.9
0.2

4.1
1.4
0.9
0.6
0.4
1.1
31.8
0.3

22
23
24
25
26
27
28
29

30
31
32
33
34
35

Miscellaneous assets
U.S. direct investment abroad (4)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

11.6
4.6
0.4
0.0
0.0
6.6

3.5
4.6
0.6
0.0
0.0
-1.6

7.3
4.1
0.7
0.0
0.0
2.5

8.8
2.8
0.8
0.0
0.0
5.1

10.5
4.5
1.1
0.1
0.0
4.8

11.8
6.3
0.9
-0.2
0.0
4.9

17.1
5.9
1.0
0.0
0.0
10.2

32.0
5.0
1.9
0.0
0.0
25.1

24.4
9.2
2.0
0.0
0.0
13.2

10.7
7.8
2.1
0.0
0.0
0.8

30
31
32
33
34
35

35.2

35.2

30.2

49.5

57.9

46.8

57.1

75.5

126.7

100.3

36

19.9
-0.0
20.0
-0.3
0.0
4.9
10.8

25.9
1.3
24.7
0.8
0.0
10.2
8.4

29.4
2.4
27.0
1.4
0.0
14.7
6.5

26.6
-0.2
26.8
1.2
0.0
12.9
9.8

36.0
3.4
32.6
1.1
0.0
12.0
13.4

46.8
5.7
41.1
1.8
0.0
19.8
4.8

39.5
11.4
28.1
-0.9
0.1
18.8
4.1

49.5
10.9
38.5
0.7
0.5
12.2
12.8

82.9
7.9
75.0
1.4
1.8
9.2
26.6

60.7
4.1
56.6
4.1
1.6
19.7
22.7

37
38
39
40
41
42
43

36
37
38
39
40
41
42
43

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (5)
Corporate bonds (4)
Bank loans n.e.c.

44
45
46
47
48
49
50
51

Other loans and advances
Savings institutions
Finance companies
U.S. government
Acceptance liabilities to banks
Rest of the world
ABS issuers
Mortgages

2.1
-0.0
1.8
0.3
0.1
0.0
0.0
2.5

1.7
0.1
1.0
0.4
0.3
0.0
0.0
3.6

0.1
0.0
-0.3
0.2
0.2
0.0
0.0
4.3

2.4
0.0
2.0
0.2
0.3
0.0
0.0
0.4

5.3
0.0
4.5
0.1
0.7
0.0
0.0
0.8

1.5
0.1
0.3
0.3
0.8
0.0
0.0
13.2

2.1
0.1
1.2
0.2
0.5
0.0
0.0
4.0

4.0
-0.1
3.8
0.2
0.1
0.0
0.0
8.2

5.9
-0.1
4.5
0.3
1.1
0.0
0.0
30.2

8.7
0.0
4.4
1.5
2.5
0.2
0.0
-0.1

44
45
46
47
48
49
50
51

52
53
54
55
56
57

Trade payables
Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Pension fund contributions payable
Other

11.7
2.1
1.4
0.5
0.2
0.8

9.1
-0.9
1.1
0.4
0.0
0.7

5.9
-4.2
-0.9
0.7
0.2
-1.8

16.5
1.1
5.3
0.8
0.2
4.4

19.5
-1.7
4.1
1.2
0.0
2.9

7.9
-2.6
-5.2
1.4
0.1
-6.8

13.6
3.1
0.9
0.3
0.3
0.2

23.1
2.4
0.5
0.9
0.5
-0.9

38.1
3.8
2.0
2.5
-0.0
-0.6

26.4
7.4
5.8
4.6
-0.0
1.2

52
53
54
55
56
57

58

Discrepancy

7.5

11.7

7.2

8.4

6.7

8.9

6.3

-3.1

22.1

0.6

58

59

Memo:
Financing gap (6)

1.7

10.9

6.8

10.4

19.8

19.8

12.7

15.2

34.9

57.3

59

(1) Consumption of fixed capital plus capital consumption adjustment.
(2) Table F.9, line 7.
(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

11

FFA, 1965-1974, September 16, 2004

F.103 Nonfarm Noncorporate Business
Billions of dollars

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

3

Gross investment

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

58.4
9.5

61.8
10.4

64.7
11.0

69.2
11.8

71.1
13.1

72.2
14.2

78.2
15.4

86.8
17.1

93.5
18.9

98.6
21.7

1
2

9.5

10.4

11.0

11.8

13.1

14.2

15.4

17.1

18.9

21.7

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

17.7
17.3
0.4

18.6
17.8
0.7

17.4
16.9
0.4

21.1
20.7
0.4

25.0
24.5
0.5

25.5
25.4
0.1

31.0
30.7
0.3

36.1
35.7
0.4

39.7
39.0
0.7

34.9
34.0
0.8

4
5
6

7

Net financial investment

-8.2

-8.2

-6.4

-9.3

-11.9

-11.4

-15.7

-19.1

-20.8

-13.2

7

8

Net acquisition of financial assets

0.4

0.9

0.9

-0.7

1.5

1.3

9.2

9.1

8.3

4.3

8

9
10
11
12
13
14
15
16
17
18
19
20

Checkable deposits and currency
Time and savings deposits
Money market mutual funds
Treasury securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)
Other

0.0
0.0
0.0
0.0
0.0
0.0
0.3
-0.2
0.3
0.3
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
-0.1
0.6
0.4
0.4
0.0
0.0

0.0
0.0
0.0
0.1
0.0
0.0
-0.1
0.5
0.4
0.4
0.0
0.0

0.0
0.0
0.0
0.2
0.0
0.0
-0.0
-1.4
0.5
0.5
0.0
0.0

0.0
0.0
0.0
0.2
0.0
0.3
-0.1
0.5
0.7
0.7
0.0
0.0

0.0
1.4
0.0
0.2
0.0
0.4
0.1
-1.5
0.7
0.7
0.0
0.0

0.0
1.6
0.0
0.2
0.0
1.2
-0.1
1.5
4.8
0.8
0.0
4.0

0.0
1.6
0.0
0.2
0.0
1.1
-0.1
0.6
5.6
1.0
0.0
4.6

0.4
1.6
0.0
0.1
0.0
0.3
-0.2
2.3
3.8
1.0
0.0
2.8

0.3
1.6
0.0
0.1
0.0
0.1
-0.4
2.2
0.4
1.0
0.0
-0.7

9
10
11
12
13
14
15
16
17
18
19
20

8.6

9.1

7.3

8.6

13.4

12.7

24.8

28.2

29.1

17.5

21

6.2
0.9
0.5
4.8
-0.9
0.0
0.0
3.2

6.7
1.4
0.6
4.8
-1.5
0.0
0.0
3.9

7.2
0.7
0.6
6.0
0.1
0.0
0.0
-0.0

8.4
1.1
0.6
6.7
-1.0
0.0
0.0
1.2

12.5
2.2
1.0
9.3
1.0
0.0
0.0
-0.2

4.0
-0.4
1.0
3.3
-0.4
0.0
8.6
0.5

19.0
0.9
0.6
17.5
-0.4
1.0
2.9
2.3

26.4
1.1
0.7
24.6
0.7
1.5
2.7
-3.1

9.6
5.0
2.2
2.4
2.6
1.5
3.4
12.0

29.9
7.3
2.0
20.5
2.5
1.6
5.7
-22.2

22
23
24
25
26
27
28
29

21
22
23
24
25
26
27
28
29

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors’ net investment

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.
(2) Equity in the Farm Credit System.

F.104 Farm Business (1)
Billions of dollars
1
2
3
4
5

Proprietors’ net income with IVA and CCAdj
Net saving (corporate)
Consumption of fixed capital
Corporate
Noncorporate

11.8
0.1
3.3
0.2
3.1

12.8
0.1
3.6
0.2
3.4

11.5
0.1
3.9
0.2
3.7

11.5
0.1
4.0
0.2
3.8

12.7
0.1
4.4
0.3
4.1

12.7
0.1
4.7
0.3
4.4

13.2
0.0
4.9
0.3
4.6

16.8
0.2
5.4
0.3
5.0

28.9
0.7
5.8
0.4
5.4

23.2
0.3
6.9
0.5
6.4

1
2
3
4
5

6

Gross saving

3.4

3.7

3.9

4.1

4.5

4.8

4.9

5.6

6.5

7.2

6

7

Gross investment

3.4

3.7

3.9

4.1

4.5

4.8

4.9

5.6

6.5

7.2

7

6.0
5.2
0.8

5.1
5.6
-0.5

6.9
6.0
0.9

7.1
5.7
1.4

6.1
6.1
0.0

5.9
6.7
-0.8

8.6
6.9
1.7

7.7
7.4
0.3

11.5
10.0
1.5

8.5
11.3
-2.8

8
9
10

-2.5

-1.5

-2.9

-3.0

-1.6

-1.1

-3.6

-2.1

-5.1

-1.3

11

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

11

Net financial investment

12

Net acquisition of financial assets

0.3

0.2

0.4

0.6

0.5

0.6

0.7

1.0

0.8

0.5

12

13
14
15
16

Checkable deposits and currency
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (3)

0.1
0.2
0.1
0.0

0.0
0.2
0.2
0.0

0.1
0.3
0.2
0.0

0.2
0.4
0.3
0.1

0.1
0.4
0.4
0.1

0.1
0.5
0.4
0.1

0.2
0.6
0.5
0.1

0.3
0.7
0.6
0.1

0.2
0.6
0.5
0.2

-0.3
0.8
0.5
0.2

13
14
15
16

2.8

1.7

3.4

3.5

2.1

1.7

4.4

3.0

5.9

1.8

17

3.3
0.7
0.3
2.2
0.6
-1.0

3.2
0.9
0.4
1.9
0.4
-1.9

3.3
0.7
0.6
2.0
-0.2
0.2

2.8
0.4
0.2
2.2
-1.1
1.9

3.0
0.6
0.6
1.8
-0.4
-0.5

2.6
0.8
0.6
1.1
-0.3
-0.6

4.7
1.3
0.7
2.6
0.7
-1.0

5.3
1.8
0.5
3.0
0.5
-2.7

8.8
2.9
1.5
4.4
0.8
-3.8

7.9
1.1
1.7
5.1
0.7
-6.8

18
19
20
21
22
23

17
18
19
20
21
22
23

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Proprietors’ net investment

(1) Corporate and noncorporate farms.
(2) Nonresidential fixed investment, shown in table F.6, line 12.
(3) Equity in the Farm Credit System.

12

FFA, 1965-1974, September 16, 2004

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

66.5

74.9

82.6

93.6

105.5

120.1

135.0

158.5

174.4

188.0

1

6.6
45.3
2.0
0.8
2.1
8.0
1.7

7.8
48.8
2.3
0.8
2.6
11.1
1.6

8.6
52.8
2.6
0.9
3.0
13.2
1.6

10.6
59.5
3.3
1.0
3.5
14.2
1.5

12.8
66.1
3.6
1.0
4.4
16.2
1.5

14.2
73.3
3.7
1.1
5.1
21.1
1.5

15.9
81.5
4.3
1.2
5.5
25.3
1.4

20.9
89.5
5.2
1.3
6.0
34.1
1.6

22.8
97.4
6.0
1.5
7.7
37.4
1.5

24.6
104.8
6.7
1.7
10.2
39.3
0.9

2
3
4
5
6
7
8

Current expenditures, NIPA basis

60.0

67.2

75.5

86.0

97.4

113.0

128.4

142.9

158.7

178.7

9

10
11
12
13
14

Consumption expenditures
Govt. social benefit payments to persons
Interest payments
Subsidies
- Wage accruals less disbursements

50.2
6.7
3.2
0.0
0.0

56.1
7.6
3.4
0.0
0.0

62.6
9.2
3.7
0.0
0.0

70.4
11.5
4.2
0.0
0.0

79.9
13.2
4.4
0.0
0.0

91.5
16.1
5.3
0.0
0.0

102.7
19.3
6.6
0.0
0.2

113.2
22.0
7.5
0.1
-0.2

126.0
24.1
8.5
0.1
-0.0

143.8
25.3
9.6
0.1
0.0

10
11
12
13
14

15

Net state and local govt. saving, NIPA basis

6.5

7.7

7.1

7.6

8.1

7.1

6.6

15.6

15.7

9.3

15

16
17

+ Consumption of fixed capital
+ Net capital transfers (2)

6.2
4.7

6.9
5.1

7.5
5.1

8.3
6.8

9.3
6.8

10.6
6.2

11.8
7.0

12.8
7.3

14.3
7.3

17.7
9.2

16
17

18

= Gross saving and net capital transfers

17.4

19.8

19.7

22.7

24.2

23.9

25.4

35.7

37.3

36.1

18

19

Gross investment

16.3

17.1

17.7

20.6

17.5

16.1

18.3

29.3

36.0

27.8

19

30.7
1.7

33.2
1.7

39.6
1.9

20
21

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

20
21

Fixed investment
Nonproduced nonfinancial assets

20.9
1.3

23.1
1.4

25.3
1.4

27.7
1.4

28.3
1.0

28.8
1.1

30.1
1.6

22

Net financial investment

-5.9

-7.4

-9.0

-8.5

-11.7

-13.8

-13.4

-3.0

1.0

-13.7

22

6.2

4.0

3.4

5.8

6.1

4.2

9.2

17.0

22.2

9.5

23

-0.6
2.4
0.0
1.1

0.5
1.3
0.0
1.5

0.8
2.3
0.0
-0.5

-0.7
3.1
0.0
-1.5

1.9
-5.8
0.0
3.9

-1.0
10.0
0.0
-4.0

0.8
7.2
0.0
0.6

0.5
6.7
0.0
-0.1

0.0
6.6
0.0
1.4

0.2
5.0
0.0
-1.8

24
25
26
27

2.5

-0.0

0.2

3.8

5.0

-1.3

-1.7

6.7

9.7

6.5

28

0.0
2.2
0.2

0.0
0.6
-0.7

0.0
-0.4
0.4

0.0
0.2
3.4

0.0
3.1
1.4

0.0
-0.1
-2.3

0.0
-0.4
-2.2

0.0
2.3
3.3

0.0
1.2
6.6

0.0
0.5
3.1

29
30
31

-0.1
0.0
0.2

-0.0
0.0
0.2

0.0
0.0
0.1

0.0
0.0
0.2

0.1
0.0
0.5

0.1
0.0
0.9

-0.3
0.0
1.1

-0.3
0.0
1.4

0.2
0.0
1.7

0.5
0.0
2.5

32
33
34

23

Net acq. of financial assets

24
25
26
27

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

28

Credit market instruments

29
30
31

Open market paper
Treasury securities
Agency- and GSE-backed securities

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

35
36

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

35
36

37
38
39

Trade receivables
Taxes receivable
Miscellaneous assets

0.8
0.1
0.0

0.6
0.0
0.1

0.6
0.1
0.0

0.9
0.2
-0.1

1.2
0.0
-0.1

0.6
0.1
-0.0

0.9
1.3
0.1

1.5
1.8
-0.1

2.8
1.6
-0.0

-2.0
1.7
-0.1

37
38
39

12.0

11.4

12.4

14.3

17.8

18.0

22.6

20.0

21.2

23.3

40

40

Net increase in liabilities

41

Credit market instruments

7.6

6.9

7.3

8.8

12.1

12.1

16.4

14.0

14.1

13.4

41

42
43
44
45

Municipal securities
Short-term
Other
U.S. government loans

7.2
0.6
6.6
0.3

6.2
0.7
5.6
0.6

7.2
1.8
5.3
0.2

8.4
0.1
8.3
0.3

11.4
2.8
8.6
0.7

12.0
2.3
9.6
0.1

16.1
2.5
13.6
0.4

13.6
0.1
13.6
0.3

13.8
0.3
13.5
0.3

12.8
2.7
10.0
0.7

42
43
44
45

4.5

4.6

5.1

5.5

5.7

5.9

6.1

6.1

7.1

9.8

46

1.1

2.7

2.0

2.1

6.7

7.8

7.0

6.3

1.4

8.4

47

46
47

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.120.
(2) Table F.9, line 8.

13

FFA, 1965-1974, September 16, 2004

F.106 Federal Government
Billions of dollars

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

121.0

137.8

147.0

171.2

192.6

186.1

191.8

220.1

250.5

279.6

1

51.1
15.5
28.9
0.2
22.7
1.9
1.1
-0.4

58.6
14.5
31.4
0.2
30.5
2.1
1.1
-0.7

64.4
15.3
30.1
0.2
34.0
2.6
1.2
-0.7

76.4
17.0
36.1
0.3
37.8
2.9
1.1
-0.4

91.7
17.9
36.1
0.4
43.1
2.7
1.2
-0.4

88.9
18.2
30.6
0.4
45.3
3.1
1.2
-1.5

85.8
19.1
33.5
0.4
50.0
3.5
1.1
-1.6

102.8
18.6
36.6
0.4
57.9
3.7
1.3
-1.1

109.6
19.9
43.3
0.4
74.0
3.8
1.3
-1.8

126.5
20.2
45.1
0.4
83.5
4.2
1.4
-1.8

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

117.7

135.6

156.3

173.5

183.8

201.1

220.1

244.4

261.7

293.4

10

11
12
13
14
15
16

Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

65.7
27.6
10.7
10.6
3.0
0.0

75.9
30.2
14.0
11.6
3.9
0.0

87.2
36.9
15.7
12.7
3.8
0.0

95.4
42.2
17.1
14.6
4.2
0.0

98.4
46.1
19.0
15.8
4.5
0.0

98.6
56.1
23.9
17.8
4.8
0.0

102.0
66.6
29.0
17.9
4.7
0.0

107.7
73.3
38.6
18.8
6.6
0.5

108.9
85.2
39.7
22.8
5.2
0.0

118.0
103.9
41.8
26.0
3.2
-0.5

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

3.4

2.2

-9.3

-2.3

8.9

-15.0

-28.3

-24.3

-11.2

-13.8

17

18
19
20

+ Consumption of fixed capital
- Insurance and pension reserves (1)
+ Net capital transfers (2)

12.7
0.3
-1.2

13.2
0.3
-1.3

14.0
0.3
-1.2

14.8
0.1
-2.9

15.5
0.1
-2.3

16.1
0.2
-1.6

16.5
-0.1
-1.3

16.6
0.1
-0.7

17.1
-0.0
-0.9

18.2
-0.1
-3.1

18
19
20

21

= Gross saving and net capital transfers

14.5

13.8

3.2

9.6

21.9

-0.7

-13.1

-8.4

5.0

1.4

21

22

Gross investment

14.6

15.8

3.7

6.4

20.8

1.6

-12.1

-7.2

4.8

0.7

22

23
24

Fixed investment
Nonproduced nonfinancial assets

14.7
0.5

16.7
0.7

17.7
-0.2

16.0
-0.9

15.0
0.1

14.8
-0.3

11.7
-0.4

12.0
-0.7

13.6
-3.2

16.6
-5.7

23
24

25

Net financial investment

-0.5

-1.6

-13.7

-8.7

5.8

-13.0

-23.4

-18.4

-5.6

-10.3

25

3.3

4.7

2.0

6.3

4.0

1.7

4.8

0.5

4.8

4.3

26

26

Net acq. of financial assets

27
28
29

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits

0.3
-1.6
-0.0

-0.3
-0.4
-0.0

0.6
0.5
0.0

1.9
-2.3
0.1

1.6
1.6
-0.2

-1.8
3.5
0.3

-1.6
3.5
0.1

0.5
-1.0
0.1

-0.1
-1.8
-0.2

1.4
-4.6
0.0

27
28
29

30
31
32
33
34

Credit market instruments
Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (3)

2.9
0.0
2.9
-0.0
0.0

5.1
1.3
2.8
1.0
0.0

4.6
-0.1
3.8
0.9
0.0

5.2
0.1
3.7
1.4
0.0

3.1
-1.3
3.5
1.0
0.0

2.8
-0.1
2.6
0.3
0.0

2.8
0.0
3.2
-0.4
0.0

1.8
-0.0
2.5
-0.7
0.0

3.9
-0.0
4.5
-0.6
0.0

6.2
-0.0
3.5
2.7
0.0

30
31
32
33
34

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

0.4
1.3
0.1

1.2
-1.4
0.4

1.5
-5.1
-0.1

0.6
0.9
-0.2

0.9
-3.1
0.1

-0.8
-2.6
0.3

-1.7
1.6
0.1

-0.8
-0.2
0.1

0.3
1.6
1.0

1.0
0.1
0.1

35
36
37

3.8

6.3

15.7

15.0

-1.7

14.7

28.1

19.0

10.4

14.7

38

38

Net increase in liabilities

39
40

SDR certificates
Treasury currency

0.0
0.2

0.0
0.9

0.0
0.7

0.0
0.4

0.0
0.3

0.4
0.2

0.0
0.5

0.0
0.5

0.0
0.4

0.0
0.4

39
40

41
42
43
44
45

Credit market instruments
Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

1.6
0.6
0.5
0.4
0.0

3.6
0.6
1.7
1.4
-0.1

12.9
1.0
7.9
4.2
-0.1

12.5
0.6
8.8
3.2
-0.1

-3.2
-0.1
-0.7
-2.3
-0.1

12.1
0.3
12.8
-1.0
-0.1

24.9
2.3
23.7
-1.1
-0.1

15.0
3.3
10.9
0.9
-0.1

6.9
2.7
3.9
0.4
-0.1

11.9
3.0
9.1
-0.1
-0.1

41
42
43
44
45

46
47
48
49
50

Trade payables
Insurance reserves
Miscellaneous liabilities (4)
Nonmarketable securities held by pension plans
Other

0.6
0.1
1.3
1.3
-0.1

0.8
0.1
0.9
1.3
-0.4

0.7
0.1
1.4
1.3
0.1

-0.0
-0.0
2.1
1.3
0.7

-0.1
0.1
1.2
1.5
-0.4

-1.0
0.1
2.9
2.4
0.5

-1.0
0.1
3.7
2.8
0.8

0.3
0.2
3.0
3.0
0.0

1.1
0.2
1.8
2.1
-0.4

-0.5
0.1
2.7
2.7
-0.0

46
47
48
49
50

-0.2

-2.0

-0.5

3.2

1.1

-2.3

-1.0

-1.3

0.2

0.7

51

-1.2

-0.4

1.2

-1.2

0.5

2.8

3.2

-0.3

-1.7

-4.6

52

51

Discrepancy
Memo:

52

Change in cash balance (5)

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(2) Table F.9, line 2.
(3) Student loans.
(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.
(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

14

FFA, 1965-1974, September 16, 2004

F.107 Rest of the World
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1
2
3
4

Foreign income from U.S.
U.S. imports
U.S. income payments to rest of world
Current taxes and trans. payments to rest of world

38.8
31.5
2.6
4.7

45.1
37.1
3.0
5.1

48.6
39.9
3.3
5.4

56.2
46.6
4.0
5.7

61.9
50.5
5.7
5.8

68.5
55.8
6.4
6.3

76.4
62.4
6.4
7.6

90.7
74.2
7.7
8.8

109.5
91.2
10.9
7.4

149.9
127.5
14.3
8.1

1
2
3
4

5
6
7

Foreign outlays to U.S.
U.S. exports
U.S. income receipts from rest of world

45.0
37.2
7.9

49.0
40.9
8.1

52.1
43.5
8.7

58.0
47.9
10.1

63.7
51.9
11.8

72.6
59.7
12.9

77.0
63.0
14.0

87.1
70.9
16.3

118.8
95.3
23.5

156.5
126.7
29.8

5
6
7

8
9

Net capital transfers (1)
Gross saving and net capital transfers (2)

0.0
-6.3

0.0
-3.9

0.0
-3.6

0.0
-1.8

0.0
-1.8

0.0
-4.1

0.0
-0.6

0.0
3.6

0.0
-9.3

0.0
-6.6

8
9

Gross investment
Nonproduced nonfinancial assets

-4.8
0.0

-3.3
0.0

-2.1
0.0

-0.8
0.0

1.6
0.0

-1.6
0.0

11.0
0.0

8.3
0.0

-3.9
0.0

-0.4
0.0

10
11

-4.8

-3.3

-2.1

-0.8

1.6

-1.6

11.0

8.3

-3.9

-0.4

12

2.4

3.9

8.2

9.1

10.9

5.3

21.8

18.9

13.1

26.8

13

10
11
12
13

Net financial investment
Net acquisition of financial assets

14
15
16
17
18

Gold and SDRs (3)
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

1.7
0.1
0.3
0.6
0.0

0.6
2.9
0.7
0.3
0.0

1.2
0.6
0.6
1.3
0.0

1.2
2.1
0.9
-0.3
0.0

-1.0
12.3
0.8
1.4
0.0

-0.1
-6.4
1.0
-1.7
0.0

0.6
-4.6
0.3
0.3
0.0

-0.2
-0.7
2.2
2.9
0.0

0.0
-5.2
3.6
2.8
0.5

-0.2
-1.2
3.9
7.7
0.0

14
15
16
17
18

19
20
21
22
23
24
25
26
27
28

Credit market instruments
Open market paper
Treasury securities
Official
Private
Agency- and GSE-backed securities
Official
Private
U.S. corporate bonds (4)
Loans to U.S. corporate business

0.3
0.4
-0.3
-0.1
-0.1
0.3
-0.0
0.3
-0.1
0.0

-0.7
0.2
-1.9
-1.5
-0.4
0.3
0.0
0.3
0.6
0.0

2.4
0.0
2.1
2.3
-0.1
0.3
0.0
0.3
-0.1
0.0

0.5
0.6
-0.6
-0.8
0.1
0.3
0.0
0.3
0.2
0.0

-0.5
1.0
-2.4
-2.3
-0.1
0.3
-0.1
0.4
0.5
0.0

11.0
0.5
9.5
9.4
0.1
0.3
0.0
0.3
0.7
0.0

26.7
-0.2
26.5
26.6
-0.0
0.0
-0.0
0.0
0.3
0.0

8.6
-0.1
8.4
8.5
-0.0
0.1
0.3
-0.1
0.1
0.0

0.9
0.3
0.4
0.6
-0.2
0.1
0.6
-0.5
0.1
0.0

5.9
0.4
4.9
4.2
0.7
-0.5
0.9
-1.4
0.9
0.2

19
20
21
22
23
24
25
26
27
28

29
30
31
32
33
34

U.S. corporate equities
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (5)
Other

-0.4
0.2
0.0
-0.4
0.4
-0.8

-0.3
0.6
0.0
-0.2
0.4
-0.6

0.7
0.7
0.1
0.7
0.7
0.0

2.1
1.5
0.3
0.8
0.8
0.0

1.6
1.0
-0.2
-4.5
1.3
-5.7

0.7
1.6
-0.1
-0.7
1.5
-2.2

0.8
-0.1
-0.0
-2.2
0.4
-2.6

2.4
1.0
0.1
2.6
0.9
1.7

2.8
2.0
-0.0
5.8
2.8
3.0

0.2
2.1
-0.0
8.3
4.8
3.6

29
30
31
32
33
34

7.2

7.2

10.3

9.8

9.3

7.0

10.8

10.6

16.9

27.3

35

0.4
-0.3

0.0
0.1

1.1
0.1

2.0
0.5

0.2
-0.4

-2.5
-0.4

-1.7
0.4

-0.2
0.9

-0.1
1.2

1.3
-0.2

36
37

35
36
37

Net increase in liabilities
U.S. official foreign exchange
and net IMF position
U.S. private deposits

38
39
40
41
42
43
44
45
46

Credit market instruments
Commercial paper
Bonds
Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

2.5
0.0
0.5
0.6
0.1
0.2
0.3
1.5
-0.1

1.9
0.0
0.7
-0.1
-0.1
0.1
-0.1
1.3
-0.1

3.9
0.0
1.2
-0.4
0.0
-0.4
0.0
2.6
0.5

2.7
0.0
1.1
-0.4
-0.2
0.1
-0.3
2.2
-0.2

3.2
0.0
1.0
-0.3
-0.0
0.2
-0.4
2.1
0.3

2.8
0.0
0.9
-0.2
-0.1
-0.1
0.0
1.3
0.8

5.1
0.0
0.9
2.0
0.2
0.9
0.9
1.8
0.3

4.4
0.0
1.0
3.0
0.2
1.1
1.7
1.5
-1.0

6.3
0.0
1.0
2.7
0.4
1.6
0.7
1.7
0.9

13.8
0.2
2.4
4.7
0.3
3.1
1.3
-0.5
7.1

38
39
40
41
42
43
44
45
46

47
48
49
50
51
52
53
54

Foreign corporate equities (6)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (4,5)
Other

0.3
-0.1
0.0
4.3
0.1
0.0
4.8
-0.6

-0.0
0.3
0.0
4.9
0.0
0.3
4.8
-0.2

0.1
0.5
0.2
4.5
0.1
-0.2
4.4
0.2

0.5
0.4
0.2
3.4
0.1
-0.1
3.2
0.2

0.5
0.8
-0.2
5.2
0.2
-0.1
4.9
0.2

0.2
1.0
0.0
5.9
0.2
0.0
6.8
-1.1

0.2
0.5
0.0
6.3
0.3
-0.2
6.5
-0.2

-0.4
0.5
0.1
5.3
0.3
-0.2
5.7
-0.6

-0.3
1.9
-0.2
8.2
0.3
0.6
10.1
-2.8

-0.5
3.1
-0.0
9.8
0.6
-0.5
8.9
0.8

47
48
49
50
51
52
53
54

-1.4

-0.6

-1.4

-1.0

-3.4

-2.5

-11.6

-4.7

-5.4

-6.2

55

5.6
5.3
4.7
6.3

3.9
5.1
5.1
3.9

3.6
5.4
5.4
3.6

1.4
6.1
5.7
1.8

1.4
6.1
5.8
1.8

4.0
6.4
6.3
4.1

0.6
7.6
7.6
0.6

-3.4
8.6
8.8
-3.6

4.1
12.6
7.4
9.3

-0.8
15.5
8.1
6.6

56
57
58
59

55

Discrepancy (FOF basis) (7)

56
57
58
59

Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Current taxes and trans. payments to rest of world
= Balance on current account, NIPAs

(1) Table F.9, line 11.
(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus line 8.
(3) U.S. net sales, sign reversed.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(6) Includes American Depositary Receipts (ADRs).
(7) Balance of payments discrepancy adjusted to NIPA concepts.
(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

15

FFA, 1965-1974, September 16, 2004

F.108 Monetary Authority (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

-0.1

0.1

0.1

0.1

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

2

3

Net acquisition of financial assets

2.3

4.5

4.8

4.0

4.0

5.4

8.5

2.2

8.1

6.5

3

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

-1.5
0.0
0.2

-0.3
0.0
0.7

-0.7
0.0
0.5

-1.0
0.0
0.2

-0.4
0.0
0.1

-0.7
0.4
0.3

-0.8
0.0
0.5

-0.5
0.0
0.7

-0.1
0.0
0.4

0.1
0.0
0.5

4
5
6

7
8
9

Federal Reserve float
Fed. Res. loans to domestic banks
Security RPs

-0.4
-0.1
-0.2

0.3
0.1
0.4

-0.0
-0.0
-0.5

1.0
0.0
-0.3

-0.0
-0.0
0.0

0.8
0.2
0.0

0.1
-0.3
1.5

-0.4
1.9
-1.4

-0.9
-0.7
-0.0

-1.1
-1.0
1.3

7
8
9

4.0

3.1

5.3

3.9

4.2

5.0

7.4

1.6

9.3

4.9

10

0.0
4.0
0.0
0.0

-0.0
3.2
0.0
-0.0

0.0
5.3
0.0
0.0

-0.0
4.0
0.0
0.0

0.0
4.2
0.0
0.0

-0.0
5.0
0.0
0.0

0.0
6.9
0.5
0.0

-0.0
0.8
0.8
0.0

-0.0
8.7
0.6
0.0

0.5
1.6
2.8
0.0

11
12
13
14

0.3

0.2

0.2

0.1

0.2

-0.5

0.1

0.2

0.2

1.8

15

10
11
12
13
14
15
16

Credit market instruments
Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets

2.3

4.4

4.8

3.9

4.0

5.4

8.4

2.1

8.1

6.5

16

17
18

Depository institution reserves
Vault cash of commercial banks

0.4
0.3

1.3
0.6

1.3
0.5

0.8
1.3

0.2
0.1

2.1
-0.3

3.6
0.5

-2.1
1.1

1.4
2.0

-1.2
1.0

17
18

19
20
21
22

Checkable deposits and currency
Due to federal government
Due to rest of the world
Currency outside banks

1.9
-0.2
-0.1
2.1

2.4
0.2
0.2
2.0

2.9
0.9
-0.0
2.0

1.5
-1.1
0.1
2.5

3.3
0.6
-0.1
2.8

3.1
-0.4
-0.0
3.5

4.5
0.9
0.1
3.5

3.1
-1.1
-0.1
4.3

3.4
-0.5
-0.1
3.9

6.9
0.4
0.2
6.3

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

-0.3
0.0
-0.3

0.1
0.0
0.1

0.1
0.0
0.1

0.4
0.0
0.3

0.3
0.0
0.3

0.5
0.0
0.5

-0.2
0.0
-0.2

0.0
0.1
-0.0

1.3
0.1
1.2

-0.2
0.1
-0.2

23
24
25

-0.0

-0.0

-0.0

-0.0

-0.0

-0.1

-0.2

-0.0

0.0

-0.0

26

26

Net increase in liabilities

Discrepancy

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

16

FFA, 1965-1974, September 16, 2004

F.109 Commercial Banking (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

3.0

2.8

2.6

3.4

4.3

4.2

3.7

4.0

4.8

5.9

1

2

Fixed nonresidential investment

0.9

1.0

1.0

1.3

1.6

1.6

2.1

2.0

3.0

4.2

2

3

Net acquisition of financial assets

30.1

21.3

40.3

44.6

24.0

45.8

61.0

84.9

97.7

74.2

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

0.3
0.4
-0.0

0.6
1.3
0.0

0.5
1.3
0.1

1.3
0.8
0.0

0.1
0.2
0.0

-0.3
2.1
0.1

0.5
3.6
0.1

1.1
-2.1
0.2

2.0
1.4
0.3

1.0
-1.2
-0.2

4
5
6

7

Total bank credit

28.8

18.4

37.5

40.1

17.9

36.8

51.1

74.9

81.3

64.6

7

Treasury securities
Agency- and GSE-backed securities

-3.4
0.6

-3.4
0.3

6.5
3.0

2.1
1.3

-9.7
-0.3

6.9
3.8

3.1
4.0

2.4
4.1

-8.9
7.6

-4.1
3.6

8
9

10
11

Municipal securities
Corporate and foreign bonds

5.1
-0.1

2.4
0.1

9.1
0.9

8.6
0.2

0.6
-0.1

10.7
1.1

12.6
0.9

7.2
1.3

5.7
0.3

5.4
1.0

10
11

12
13
14
15
16
17

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

26.5
-0.5
16.1
5.7
5.4
-0.2

19.1
-0.0
10.9
4.7
3.0
0.6

17.9
1.0
7.4
4.5
3.5
1.5

28.0
0.0
13.3
6.6
6.8
1.3

27.4
0.6
17.5
5.4
4.9
-1.1

14.3
1.4
6.5
2.8
2.2
1.4

30.4
0.5
10.5
10.0
8.7
0.8

60.0
0.0
25.7
16.8
12.7
4.8

76.5
-0.5
48.0
19.8
12.6
-3.4

58.6
1.4
42.0
12.8
3.4
-1.0

12
13
14
15
16
17

18
19

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

-0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

18
19

0.0
0.6

0.2
0.7

0.7
0.3

0.1
2.3

1.0
4.7

1.6
5.5

0.8
4.8

-1.0
11.8

2.0
10.7

9.6
0.5

20
21

8
9

20
21

Customers’ liab. on acceptances (2)
Miscellaneous assets

22

Net increase in liabilities

28.8

20.1

38.6

42.8

25.8

50.2

64.4

88.9

98.8

78.0

22

23
24
25
26

Net interbank liabilities
To monetary authority
To domestic banks (3)
To foreign banks

-0.1
-0.4
0.2
0.1

4.0
0.3
0.8
2.9

0.5
-0.1
0.0
0.6

3.8
1.0
0.6
2.1

12.1
-0.0
-0.1
12.3

-4.8
1.0
0.6
-6.4

-5.9
-0.2
-1.0
-4.6

-3.8
1.6
-4.6
-0.7

-6.2
-1.6
0.6
-5.2

-0.8
-2.1
2.5
-1.2

23
24
25
26

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

5.4
-1.0
0.2
6.2

2.1
-0.5
0.2
2.4

12.4
0.2
0.3
11.8

13.5
-0.2
0.5
13.3

4.8
0.0
0.4
4.3

9.7
2.9
0.6
6.2

13.5
2.2
-0.3
11.6

21.2
0.7
1.7
18.8

13.1
-1.0
3.0
11.1

-0.1
-5.1
2.6
2.3

27
28
29
30

31
32
33

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

14.2
5.9
1.2

11.0
2.3
-0.1

18.1
5.9
-0.0

13.9
6.7
0.9

6.5
-15.1
5.9

14.3
23.5
-4.1

28.7
12.7
4.0

25.7
16.8
2.2

12.8
38.0
16.3

17.4
39.3
1.4

31
32
33

34

Credit market instruments

0.8

0.3

1.0

0.4

5.1

0.9

2.5

2.7

5.2

14.3

34

0.0
0.8
0.0

0.2
0.1
0.0

0.7
0.3
0.0

0.1
0.3
0.0

5.3
-0.2
0.0

-0.3
1.2
0.0

0.5
2.0
0.0

-0.3
3.1
0.0

4.3
0.9
0.0

13.1
1.1
0.0

35
36
37

-0.1
-0.1
1.5

-0.0
-0.0
0.5

-0.0
-0.1
0.8

-0.1
-0.1
3.6

-0.0
0.1
6.4

0.1
0.3
10.2

0.6
-0.0
8.3

1.2
-0.2
23.1

1.2
0.1
18.4

1.0
0.1
5.5

38
39
40

0.7

0.6

-0.0

0.3

4.4

6.9

5.0

6.0

2.8

5.5

41

28.9

18.0

36.7

38.9

20.0

37.0

51.2

69.2

86.6

75.2

42

35
36
37
38
39
40
41

Open market paper
Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable
Miscellaneous liabilities
Discrepancy
Memo:

42

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).

17

FFA, 1965-1974, September 16, 2004

F.110 U.S.-Chartered Commercial Banks
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

3.0

2.7

2.6

3.4

4.2

4.1

3.7

4.0

4.7

5.8

1

2

Fixed nonresidential investment

0.9

0.9

0.9

1.2

1.5

1.6

2.0

2.0

2.9

4.0

2

3

Net acquisition of financial assets

30.0

20.4

39.9

43.4

13.3

37.2

55.6

73.6

80.0

60.4

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

0.7

1.9

1.8

2.0

0.3

1.8

4.1

-1.0

3.5

-0.3

4

28.7

17.8

36.8

39.7

12.2

34.5

51.1

73.6

75.5

56.0

5

6
7
8
9
10

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

-3.4
0.6
0.0
0.0
0.6

-3.4
0.3
0.0
0.0
0.3

6.3
3.0
0.0
0.0
3.0

2.0
1.3
0.0
0.0
1.3

-9.8
-0.3
0.0
0.0
-0.3

7.0
3.8
0.0
0.0
3.8

3.2
4.0
0.0
0.0
4.0

2.1
3.9
0.0
0.0
3.9

-8.8
7.4
0.0
0.0
7.4

-3.9
3.5
0.0
0.0
3.5

6
7
8
9
10

11
12
13
14
15

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

5.1
-0.1
0.0
0.0
-0.1

2.3
0.0
0.0
0.0
0.0

9.0
0.7
0.0
0.0
0.7

8.6
0.3
0.0
0.0
0.3

0.6
-0.1
0.0
0.0
-0.1

10.5
0.8
0.0
0.0
0.8

12.8
1.2
0.0
0.0
1.2

7.1
1.4
0.0
0.0
1.4

5.6
0.4
0.0
0.0
0.4

5.1
1.0
0.0
0.0
1.0

11
12
13
14
15

16
17
18
19
20
21

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

26.6
-0.6
16.0
5.6
5.4
0.1

18.5
-0.1
10.5
4.6
3.0
0.5

17.7
0.9
7.3
4.5
3.5
1.5

27.6
-0.0
12.9
6.6
6.8
1.3

21.8
0.4
12.3
5.3
4.9
-1.1

12.4
1.0
5.0
2.7
2.2
1.4

29.8
0.4
10.1
9.8
8.7
0.8

59.1
-0.1
25.1
16.8
12.7
4.7

70.9
-0.7
42.3
19.6
12.6
-2.9

50.3
0.8
34.8
12.3
3.4
-1.0

16
17
18
19
20
21

22
23

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

22
23

0.0
0.6

0.2
0.5

0.6
0.7

0.1
1.6

0.8
-0.1

1.3
-0.4

0.7
-0.2

-0.8
1.8

1.6
-0.6

7.7
-3.0

24
25

28.7

19.2

38.1

41.6

15.2

41.5

59.0

77.6

81.1

64.2

26

24
25
26

Customers’ liab. on acceptances (1)
Miscellaneous assets
Net increase in liabilities

27
28
29
30
31

Net interbank liabilities
Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banking
To foreign banks

0.1
-0.4
-0.1
0.2
0.3

3.7
0.3
0.1
0.7
2.7

0.8
-0.0
-0.0
0.7
0.2

3.7
1.0
0.0
0.9
1.8

11.5
-0.0
-0.0
0.3
11.3

-3.9
0.8
0.2
1.3
-6.1

-7.0
0.1
-0.3
-1.8
-5.1

-6.0
-0.4
1.9
-6.8
-0.8

-5.9
-0.9
-0.7
-3.4
-0.9

-5.2
-1.1
-1.0
-0.9
-2.2

27
28
29
30
31

32
33
34
35

Checkable deposits
Federal government
Rest of the world
Private domestic

5.5
-1.0
0.2
6.3

1.6
-0.5
0.2
2.0

12.0
0.2
0.3
11.4

12.2
-0.2
0.3
12.1

4.6
0.0
0.4
4.2

5.1
2.9
0.5
1.7

13.0
2.2
-0.5
11.2

24.2
0.7
1.4
22.1

12.5
-1.0
2.2
11.3

-1.3
-5.1
2.1
1.7

32
33
34
35

36
37
38

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

14.2
5.8
1.2

11.0
2.3
-0.1

18.1
5.8
-0.0

13.9
6.6
0.9

6.0
-15.8
5.9

14.2
23.1
-4.1

28.6
12.4
4.0

25.6
17.0
2.2

12.6
37.1
16.3

17.3
38.2
1.4

36
37
38

39
40
41
42
43

Acceptance liabilities
Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable

0.0
0.8
0.0
-0.1
-0.1

0.2
0.1
0.0
-0.0
-0.0

0.6
0.3
0.0
-0.0
-0.1

0.1
0.3
0.0
-0.1
-0.1

0.8
-0.2
0.0
-0.0
0.1

1.3
0.1
0.0
0.1
0.3

0.7
0.9
0.0
0.6
-0.0

-0.8
1.1
0.0
1.2
-0.2

1.6
0.0
0.0
1.2
0.1

7.8
0.2
0.0
1.0
0.1

39
40
41
42
43

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

1.2
0.0
1.2

0.4
0.0
0.4

0.8
0.0
0.8

4.1
0.0
4.1

2.2
4.0
-1.8

5.2
6.0
-0.8

6.0
5.0
1.0

13.2
6.0
7.2

5.7
4.0
1.7

4.8
7.0
-2.2

44
45
46

0.7

0.6

-0.0

0.3

4.5

7.0

5.0

6.1

2.9

5.6

47

28.6

17.4

35.9

38.4

14.2

34.4

50.9

68.1

80.0

64.7

48

47

Discrepancy
Memo:

48

Credit market funds advanced (2)

(1) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).

18

FFA, 1965-1974, September 16, 2004

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.1

0.1

2

3

Net acquisition of financial assets

0.0

0.7

0.1

0.9

0.9

2.1

0.6

2.2

4.4

8.5

3

4

Reserves at Federal Reserve

5

Total bank credit

6
7
8
9

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

10
11
12
13
14

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Security credit

15

Corporate equities

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

4

-0.0

0.5

0.6

0.4

1.4

3.2

-0.1

1.3

3.9

7.1

5

0.1
0.0
0.0
0.0

-0.1
0.0
0.0
0.0

0.1
0.0
0.1
0.2

0.0
0.0
-0.1
-0.1

0.0
0.0
0.0
0.0

-0.1
0.0
0.2
0.3

-0.2
0.0
-0.2
-0.3

0.1
0.2
-0.0
-0.1

-0.0
0.2
0.0
-0.0

0.1
0.1
0.1
0.0

6
7
8
9

-0.1
0.0
0.1
0.0
-0.3

0.5
0.1
0.4
0.0
0.1

0.2
0.0
0.1
0.0
0.0

0.4
0.1
0.4
0.0
0.0

1.4
0.2
1.2
0.0
0.0

2.8
0.4
2.5
0.0
0.0

0.6
0.1
0.5
0.0
0.0

1.0
0.1
0.8
0.0
0.1

3.7
0.2
4.0
0.1
-0.6

6.9
0.7
6.3
0.0
-0.1

10
11
12
13
14

0.0

0.0

0.0

0.0

0.0

0.0

-0.0

0.0

0.0

0.0

15

0.0
0.0

0.0
0.1

0.1
-0.6

0.0
0.5

0.2
-0.8

0.3
-1.4

0.2
0.6

-0.2
1.0

0.4
0.1

1.9
-0.6

16
17

18

Net increase in liabilities

0.0

0.7

0.2

1.0

0.9

2.2

0.7

2.2

4.4

8.5

18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

-0.2
-0.2
0.0

0.3
0.2
0.1

-0.2
0.4
-0.6

0.1
0.4
-0.3

0.6
1.0
-0.4

-0.9
-0.3
-0.6

1.2
0.4
0.7

2.2
0.0
2.2

2.3
-1.8
4.0

4.6
2.0
2.6

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

-0.2
0.0
0.1

0.2
0.0
0.0

0.1
0.0
0.1

1.1
0.0
0.1

-0.0
0.0
0.2

4.2
0.0
0.3

0.2
0.0
0.2

-3.3
-0.0
-0.3

0.3
0.1
0.8

1.2
0.1
1.0

22
23
24

25
26

Federal funds and security RPs (net)
Acceptance liabilities

0.0
0.0

0.0
0.0

0.0
0.1

0.0
0.0

0.0
0.2

0.0
0.3

0.0
0.2

0.0
-0.2

0.0
0.4

0.0
1.9

25
26

27
28
29
30

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

0.3
-0.0
0.0
0.3

0.1
0.0
0.0
0.1

0.0
0.0
0.0
-0.0

-0.4
0.0
0.0
-0.4

-0.1
0.0
0.0
-0.1

-1.8
0.0
0.0
-1.8

-1.1
0.0
0.0
-1.1

3.9
0.0
0.0
3.9

0.6
0.1
0.0
0.5

-0.4
0.3
0.0
-0.6

27
28
29
30

-0.0

-0.0

0.0

-0.0

-0.0

-0.0

-0.0

0.0

-0.0

-0.0

31

0.2

0.5

0.7

0.4

1.6

3.5

0.0

1.0

4.8

9.1

32

31

Discrepancy
Memo:

32

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).

19

FFA, 1965-1974, September 16, 2004

F.112 Bank Holding Companies
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

2

3

Net acquisition of financial assets

0.0

0.0

0.0

0.0

8.7

6.0

4.2

8.7

12.9

5.3

3

0.0

0.0

0.0

0.0

3.9

-1.0

-0.1

-0.2

1.7

0.9

4

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
3.9

0.0
0.0
0.0
-1.0

0.0
0.0
0.0
-0.1

0.0
0.0
0.0
-0.2

0.0
0.0
0.0
1.7

0.0
0.0
0.0
0.9

5
6
7
8

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

4.7
4.0
0.0
0.7

7.0
6.0
0.0
1.0

4.3
5.0
0.6
-1.2

8.9
6.0
2.4
0.5

11.2
4.0
1.4
5.8

4.3
7.0
0.7
-3.3

9
10
11
12

4
5
6
7
8
9
10
11
12

Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other

13

Net increase in liabilities

0.0

0.0

0.0

0.0

8.7

6.0

4.2

8.7

12.9

5.3

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-2.5
0.0
-2.5

-0.2
0.8
-1.0

14
15
16

17

Federal funds and security RPs (net)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

4.3
4.3
0.0

-0.8
-1.9
1.1

0.8
-0.4
1.1

2.6
0.7
1.9

3.2
2.2
0.9

4.4
3.5
1.0

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
4.4
4.0
0.4

0.0
6.9
5.7
1.1

0.0
3.5
1.5
2.0

0.0
6.1
7.1
-1.0

0.0
12.2
10.2
2.0

0.0
1.0
4.2
-3.2

21
22
23
24

0.0

0.0

0.0

-0.0

-0.0

-0.0

-0.0

-0.0

-0.0

-0.0

25

25

Discrepancy

F.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars
1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

0.1

0.3

0.3

0.3

1.1

0.5

0.5

0.5

0.5

0.1

3

4

Checkable deposits and currency

-0.0

0.0

0.1

0.0

0.0

0.1

0.1

0.2

0.3

-0.2

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Home mortgages
Commercial mortgages
Miscellaneous assets
Net increase in liabilities

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

18

Miscellaneous liabilities

19

Discrepancy

0.1

0.1

0.1

0.1

0.2

0.1

0.3

0.3

0.1

0.5

5

-0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
-0.0

0.2
0.0
0.0
0.0

0.2
0.0
0.1
0.0

-0.1
0.0
0.1
0.0

-0.2
0.0
0.2
0.0

6
7
8
9

0.0
0.1
0.0

0.0
0.0
0.0

0.0
0.1
-0.0

0.0
0.0
-0.0

0.0
0.0
0.1

0.0
0.1
-0.0

0.0
0.1
0.0

0.0
0.0
-0.0

0.0
0.0
0.1

0.0
0.1
0.4

10
11
12

0.0

0.1

0.1

0.1

0.9

0.3

0.1

0.0

0.1

-0.2

13

0.1

0.3

0.3

0.3

1.0

0.5

0.5

0.4

0.4

0.1

14

0.1
0.0
0.0

0.3
0.0
0.0

0.3
0.0
0.0

0.3
0.0
0.0

0.1
0.5
0.5

0.3
0.1
0.1

0.4
0.1
0.1

0.3
0.1
0.1

0.3
0.1
0.1

0.0
0.0
0.0

15
16
17

-0.0

-0.0

-0.0

0.0

-0.1

-0.0

-0.0

-0.0

-0.0

0.0

18

-0.0

-0.0

-0.0

-0.0

-0.1

-0.0

-0.0

-0.0

-0.0

-0.0

19

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

20

FFA, 1965-1974, September 16, 2004

F.114 Savings Institutions (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

1.0

0.8

0.7

1.0

1.1

1.2

1.7

2.0

2.5

2.2

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.4

0.4

0.5

0.6

0.6

1.0

1.4

2

3

Net acquisition of financial assets

13.9

7.1

15.1

14.1

12.0

18.4

39.9

47.4

34.1

26.7

3

4
5
6
7

Reserves at Federal Reserve
Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

0.0
0.1
0.0
0.0

0.0
-0.6
0.1
0.0

0.0
-0.3
0.1
0.0

0.0
-0.4
0.1
0.1

0.0
-0.3
-0.0
0.2

0.0
0.1
0.4
0.1

0.0
-0.1
1.7
0.7

0.0
0.5
1.1
0.5

0.0
0.1
-0.5
2.0

0.0
0.2
0.7
2.3

4
5
6
7

8

Credit market instruments

13.4

8.2

13.3

14.2

12.6

15.4

34.8

42.7

33.5

22.2

8

0.0
0.2
0.0
0.0
0.0
0.0

0.0
-0.2
0.1
0.2
0.0
-0.1

0.0
1.2
0.2
0.2
0.0
-0.0

0.0
0.1
0.3
0.4
0.0
-0.1

0.0
-1.9
1.2
0.1
0.0
1.1

0.0
-1.3
2.2
0.7
0.0
1.5

0.0
-0.4
3.8
0.9
0.0
2.8

0.0
-0.5
3.4
1.1
0.0
2.4

0.0
-1.7
2.2
3.4
0.0
-1.2

0.0
-1.1
1.3
1.5
0.0
-0.3

9
10
11
12
13
14

9
10
11
12
13
14

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

15
16
17
18
19

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

-0.1
-0.1
0.0
0.0
-0.1

-0.1
0.3
0.0
0.0
0.3

-0.0
2.1
0.0
0.0
2.1

0.1
1.4
0.0
0.0
1.4

0.0
0.6
0.0
0.0
0.6

0.0
2.7
0.0
0.0
2.7

0.2
4.9
0.0
0.0
4.9

0.5
2.6
0.0
0.0
2.6

0.1
-3.1
0.0
0.0
-3.1

0.3
-0.2
0.0
0.0
-0.2

15
16
17
18
19

20
21
22

Other loans and advances
Mortgages
Consumer credit

-0.0
13.1
0.2

0.1
7.8
0.2

0.0
9.5
0.2

0.0
12.1
0.3

0.0
12.2
0.5

0.2
11.3
0.3

0.2
25.9
0.2

-0.1
36.3
0.5

-0.1
32.8
3.4

0.1
21.2
0.6

20
21
22

0.2
0.3

0.0
-0.6

0.2
1.8

0.3
-0.2

0.2
-0.8

0.3
2.0

0.5
2.3

0.6
1.9

0.4
-1.5

0.2
1.1

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

13.4

7.0

14.5

13.5

11.5

18.3

39.0

46.5

32.7

26.3

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

12.1
0.0
12.1
0.0

6.1
0.0
6.1
0.0

15.6
0.0
15.6
0.0

11.5
0.0
11.5
0.0

6.5
0.0
6.5
0.0

15.4
0.0
14.6
0.7

37.7
0.1
36.8
0.8

42.7
0.1
41.8
0.9

24.9
0.2
23.7
1.1

18.4
0.1
16.5
1.7

26
27
28
29

30

Security RPs

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3

0.0

1.7

30

31
32
33
34

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Other loans and advances

0.8
0.0
0.2
0.7

1.0
0.0
0.1
0.9

-2.7
0.0
-0.1
-2.5

0.9
0.0
0.1
0.9

4.1
0.0
0.1
4.0

1.2
0.0
-0.1
1.3

-2.0
0.0
0.7
-2.7

0.5
0.0
0.4
0.0

7.6
0.0
0.4
7.2

6.2
0.0
-0.4
6.7

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.0
0.5
0.0
0.5

-0.0
-0.2
0.0
-0.2

-0.0
1.6
0.0
1.6

0.0
1.0
0.0
1.0

0.0
0.9
0.0
0.9

0.0
1.7
0.0
1.7

0.0
3.3
0.0
3.3

0.0
2.9
0.0
2.9

0.0
0.2
0.0
0.2

0.1
0.0
0.0
0.0

35
36
37
38

0.3

0.4

-0.1

0.0

0.2

0.6

0.2

0.5

0.1

0.4

39

39

Discrepancy

(1) Savings and loan associations, mutual savings banks, and federal savings banks.

21

FFA, 1965-1974, September 16, 2004

F.115 Credit Unions
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.1

0.1

0.1

0.1

0.2

0.2

0.2

0.3

0.3

0.4

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.1

0.2

2

3

Net acquisition of financial assets

1.1

0.9

1.1

1.3

1.6

1.9

3.0

3.5

3.1

3.3

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

0.0
0.0
0.0

0.0
-0.2
0.0

0.1
0.2
0.0

-0.0
-0.2
0.0

-0.0
-0.4
0.0

0.2
0.4
0.0

0.1
0.9
0.0

0.0
0.6
0.0

-0.0
-0.4
0.0

0.0
0.6
0.0

4
5
6

7

Credit market instruments

1.0

1.1

0.9

1.5

2.1

1.4

2.0

2.9

3.6

2.7

7

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
0.0
0.0

0.0
0.0
0.1

0.0
0.0
0.1

0.0
0.0
0.1

0.0
0.2
0.1

0.0
0.0
0.3

0.0
0.0
0.2

0.0
-0.0
0.6

0.0
0.3
0.2

0.0
0.1
0.3

8
9
10

11
12

Home mortgages
Consumer credit

0.0
1.0

0.1
0.9

0.0
0.7

0.0
1.3

0.0
1.7

0.1
1.0

0.0
1.8

0.2
2.2

0.4
2.7

0.1
2.3

11
12

13
14

Mutual fund shares
Miscellaneous assets

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
-0.1

0.0
-0.1

0.0
-0.1

0.0
-0.1

13
14

15

Net increase in liabilities

0.9

0.8

1.0

1.2

1.4

1.8

2.8

3.2

3.0

3.3

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

1.0
0.0
1.0
0.0

0.9
0.0
0.8
0.0

1.0
0.0
1.0
0.0

1.2
0.0
1.2
0.0

1.4
0.0
1.4
0.0

1.7
0.0
1.7
0.0

2.9
0.0
2.9
0.0

3.3
0.0
3.3
0.0

2.9
0.0
2.9
0.0

3.0
0.0
3.0
0.0

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

0.0
-0.1

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
-0.0

0.0
0.0

0.0
-0.1

0.0
-0.1

0.0
0.1

0.0
0.3

20
21

-0.1

-0.0

-0.0

-0.0

-0.0

0.0

-0.0

-0.0

0.1

0.3

22

22

Discrepancy

F.116 Bank Personal Trusts and Estates (1)
Billions of dollars
1

Net acquisition of financial assets

0.0

0.0

0.0

0.0

7.7

4.1

12.7

8.8

12.8

5.5

1

2
3
4
5

Deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

-0.3
0.3
-0.6
0.0

0.3
-0.0
0.4
0.0

1.1
-0.0
1.1
0.0

0.9
0.1
0.7
0.0

0.2
0.0
0.2
0.0

0.4
-0.1
0.5
0.0

2
3
4
5

6

Credit market instruments

0.0

0.0

0.0

0.0

-0.7

2.7

4.4

3.1

4.4

2.8

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.1
0.8
0.6

0.3
0.5
0.4

1.1
-0.5
-0.4

0.7
-0.1
-0.1

0.7
0.9
0.6

0.3
0.9
0.8

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-2.6
0.1
0.3

0.9
0.4
0.1

2.3
1.7
0.2

1.2
1.3
0.0

0.8
1.3
0.2

-1.1
1.5
0.4

10
11
12

7
8
9
10
11
12
13
14

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

8.1
0.4

0.8
0.1

6.6
0.3

4.4
0.3

7.4
0.4

1.8
0.1

13
14

15

Miscellaneous assets

0.0

0.0

0.0

0.0

0.2

0.3

0.3

0.1

0.5

0.5

15

16

Net increase in liabilities (2)

0.0

0.0

0.0

0.0

13.2

4.9

13.5

9.5

13.6

6.4

16

17

Discrepancy

0.0

0.0

0.0

0.0

5.5

0.8

0.8

0.6

0.8

0.9

17

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.
(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.

22

FFA, 1965-1974, September 16, 2004

F.117 Life Insurance Companies
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.9

1.0

1.0

1.0

0.9

1.1

1.3

1.5

1.8

2.2

1

2

Fixed nonresidential investment

0.3

0.3

0.4

0.4

0.4

0.4

0.5

0.5

0.6

0.8

2

3

Net acquisition of financial assets

8.8

8.6

8.7

9.4

9.5

9.9

12.7

14.4

16.9

16.6

3

4
5

Checkable deposits and currency
Money market fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.1
0.0

-0.0
0.0

0.1
0.0

0.0
0.0

0.2
0.0

0.1
0.0

-0.1
0.0

4
5

6

Credit market instruments

7.6

8.1

7.4

7.3

6.9

7.0

8.2

9.7

12.3

12.9

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
-0.5
0.0

0.1
-0.2
0.1

0.1
-0.2
-0.0

0.0
-0.2
0.1

0.8
-0.3
0.1

0.8
-0.1
0.1

0.6
-0.2
0.1

0.2
-0.0
0.1

0.0
-0.4
0.1

1.1
-0.1
0.2

7
8
9

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

-0.2
2.8
0.5
4.9

-0.3
2.4
1.4
4.6

-0.1
3.8
0.9
2.9

0.0
3.7
1.2
2.5

0.0
1.7
2.5
2.1

0.1
1.5
2.2
2.3

0.1
5.5
1.0
1.1

0.0
7.0
0.9
1.5

0.0
5.9
2.2
4.4

0.3
4.0
2.7
4.9

10
11
12
13

Corporate equities
Mutual fund shares

0.7
0.0

0.2
0.0

1.0
0.0

1.3
0.0

1.3
0.4

1.6
0.4

4.0
-0.4

3.8
-0.3

3.3
0.2

1.9
0.4

14
15

Miscellaneous assets

7
8
9
10
11
12
13
14
15
16

0.5

0.2

0.3

0.6

0.9

0.8

0.9

1.0

0.9

1.4

16

17

Net increase in liabilities

7.9

8.0

8.1

8.7

9.6

9.7

12.8

13.8

15.5

15.6

17

18
19
20
21

Corporate equity issues
Other loans and advances
Life insurance reserves
Pension fund reserves (1)

0.0
0.0
4.7
2.1

0.0
0.0
4.6
2.1

0.0
0.0
5.1
1.5

0.0
0.0
4.8
2.3

0.0
0.0
5.0
3.1

0.0
0.0
5.2
2.9

0.0
0.0
6.3
4.6

0.0
0.0
6.7
4.4

0.0
0.0
7.2
5.7

0.0
0.0
7.0
6.0

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

-0.0
1.2

0.1
1.2

-0.1
1.6

0.2
1.5

0.1
1.4

0.1
1.5

-0.1
2.0

0.0
2.6

0.0
2.5

-0.0
2.6

22
23

-0.2

0.0

0.0

-0.1

0.6

0.5

0.9

0.3

-0.2

0.4

24

24

Discrepancy

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies
Billions of dollars
1

Gross saving

0.0

0.7

0.7

0.6

0.3

1.0

2.0

2.3

1.6

0.6

1

2

Fixed nonresidential investment

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.2

0.2

0.3

2

3

Net acquisition of financial assets

1.2

2.1

2.1

3.2

3.1

5.6

6.9

8.2

6.9

5.2

3

4
5

Checkable deposits and currency
Security RPs

-0.1
0.0

0.0
0.0

-0.0
0.0

0.1
0.0

-0.0
0.0

0.1
0.0

0.1
0.0

0.0
0.0

-0.0
0.0

0.1
0.0

4
5

6

Credit market instruments

7
8
9
10
11
12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Trade receivables
Miscellaneous assets

1.0

1.5

1.4

1.9

1.6

3.8

3.8

3.7

3.4

4.6

6

-0.2
0.1

-0.5
0.7

-0.7
-0.1

-0.4
0.2

-0.5
0.2

-0.1
0.0

-0.2
0.3

-0.3
0.4

-0.1
0.0

0.0
0.4

7
8

0.4
0.6
0.0

0.7
0.6
0.0

1.5
0.7
0.0

0.9
1.2
0.0

1.1
0.8
0.0

1.5
2.3
0.0

3.5
0.3
-0.0

4.3
-0.7
-0.0

3.6
-0.1
-0.0

2.2
2.0
-0.0

9
10
11

0.1
0.2
0.0

0.4
0.2
0.0

0.3
0.3
0.1

0.8
0.3
0.1

1.0
0.4
0.1

1.0
0.5
0.2

2.5
0.3
0.2

3.0
1.2
0.3

2.4
0.6
0.4

-0.5
0.5
0.5

12
13
14

15

Net increase in liabilities

1.7

1.9

2.2

2.7

4.0

3.9

4.1

5.4

5.4

5.5

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

0.1
0.1
1.5

0.1
0.0
1.8

0.1
0.0
2.1

0.2
-0.0
2.5

0.5
0.1
3.4

0.4
0.1
3.4

0.6
-0.1
3.6

0.5
0.1
4.8

0.5
0.0
4.8

0.9
0.0
4.6

16
17
18

0.4

0.3

0.7

-0.0

1.0

-0.8

-1.0

-0.6

-0.1

0.5

19

19

Discrepancy

23

FFA, 1965-1974, September 16, 2004

F.119 Private Pension Funds (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.1

2

3

Net acquisition of financial assets

6.3

7.9

7.5

7.9

8.2

8.8

9.9

27.7

17.1

19.4

3

4
5
6
7

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

0.0
0.4
0.0
0.1

-0.2
0.5
0.0
0.1

0.1
0.6
0.0
0.1

0.1
0.7
0.0
0.1

0.0
0.7
0.0
0.1

0.1
0.9
0.0
0.1

0.2
1.0
0.0
0.1

0.5
1.2
0.0
0.8

0.7
1.5
0.0
0.4

0.9
1.9
0.0
0.5

4
5
6
7

8
9
10
11
12
13

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

1.9
0.0
-0.2
-0.0
1.5
0.6

2.8
0.0
-0.2
-0.0
2.5
0.5

0.9
0.0
-0.3
-0.1
1.1
0.2

1.1
0.0
0.4
0.1
0.6
-0.0

0.8
0.0
-0.2
0.2
0.6
0.1

2.0
0.0
-0.1
0.3
1.8
-0.0

-1.6
0.0
0.0
-0.3
-0.8
-0.5

5.5
1.8
1.3
1.5
2.0
-0.9

6.2
1.3
2.0
1.1
2.1
-0.4

8.9
2.3
3.2
1.1
2.3
-0.0

8
9
10
11
12
13

14
15
16
17
18
19

Corporate equities
Mutual fund shares
Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

3.1
0.0
0.7
0.0
0.2
0.6

3.5
0.1
1.1
0.0
0.0
1.0

4.6
0.0
1.2
0.0
0.2
1.0

4.8
0.1
1.0
0.0
0.2
0.8

5.4
0.2
0.9
0.0
0.0
0.8

4.6
0.2
1.0
0.0
0.1
0.9

8.9
0.2
1.2
0.0
0.3
0.8

12.1
0.3
7.3
0.0
0.5
6.8

4.1
0.6
3.6
0.0
-0.0
3.6

1.8
0.8
4.6
0.0
-0.0
4.6

14
15
16
17
18
19

20

Pension fund reserves (liabilities) (3)

6.3

7.9

7.6

7.9

8.2

8.9

10.0

27.7

17.1

19.5

20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds
Billions of dollars
1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

3.3

4.2

4.1

4.8

5.5

6.4

6.6

8.5

9.5

9.3

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Security RPs

0.0
0.0
0.0

0.1
0.0
0.0

-0.1
0.2
0.0

0.1
0.1
0.0

-0.1
-0.1
0.0

0.1
0.0
0.0

0.2
-0.1
0.0

0.2
0.0
0.0

-0.2
0.6
0.0

-0.3
0.7
0.0

4
5
6

7
8
9
10
11
12
13
14
15

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities
Miscellaneous assets

2.9
0.0
0.1
0.1
-0.3
2.3
0.7
0.4
0.0

3.7
0.0
-0.0
0.2
-0.1
2.9
0.8
0.5
0.0

3.3
0.0
-1.0
0.1
-0.1
3.7
0.5
0.7
0.0

3.4
0.0
-0.2
0.6
-0.0
2.6
0.4
1.3
0.0

3.8
0.0
-0.5
0.2
-0.1
4.0
0.2
1.8
0.0

4.1
0.0
-0.3
-0.1
-0.3
4.5
0.3
2.1
0.0

3.3
0.0
-1.2
0.1
0.1
3.9
0.4
3.2
0.0

4.6
0.0
-0.3
0.6
-0.1
4.2
0.2
3.7
0.0

5.7
0.0
-1.1
1.2
-0.3
5.2
0.7
3.4
0.0

6.3
0.0
-0.9
1.2
-0.7
6.1
0.6
2.6
0.0

7
8
9
10
11
12
13
14
15

16

Pension fund reserves (liabilities) (1)

3.3

4.2

4.1

4.8

5.5

6.4

6.6

8.5

9.5

9.3

16

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.121 Federal Government Retirement Funds (1)
Billions of dollars
1

Net acquisition of financial assets

1.3

1.3

1.3

1.3

1.5

2.4

2.8

3.0

2.1

2.7

1

2
3
4
5
6
7

Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets

0.0
0.0
0.0
0.0
0.0
1.3

0.0
0.0
0.0
0.0
0.0
1.3

0.0
0.0
0.0
0.0
0.0
1.3

0.0
0.0
0.0
0.0
0.0
1.3

0.0
0.0
0.0
0.0
0.0
1.5

0.0
0.0
0.0
0.0
0.0
2.4

0.0
0.0
0.0
0.0
0.0
2.8

0.0
0.0
0.0
0.0
0.0
3.0

0.0
0.0
0.0
0.0
0.0
2.1

0.0
0.0
0.0
0.0
0.0
2.7

2
3
4
5
6
7

8

Pension fund reserves (liabilities) (2)

1.3

1.3

1.3

1.3

1.5

2.4

2.8

3.0

2.1

2.7

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Liabilities of the sector are assets of the household sector.

24

FFA, 1965-1974, September 16, 2004

F.122 Money Market Mutual Funds (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net acquisition of financial assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security RPs

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
1.6
0.1

2
3
4
5

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.8
0.6
0.1
0.0
0.0
0.0

6
7
8
9
10
11

Miscellaneous assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-0.1

12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

13

6
7
8
9
10
11
12
13

Net share issues (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Mutual Funds (1)
Billions of dollars
1

Gross saving

2

Net acquisition of financial assets

-0.1

0.1

0.2

0.1

0.1

-0.1

-0.0

-0.0

-0.3

-0.2

1

2.2

2.5

1.1

2.5

3.3

1.6

0.1

-1.5

-1.1

0.1

2

3

Security RPs

0.2

0.3

0.1

0.2

0.6

-0.2

-0.1

-0.1

0.5

-0.3

3

4
5
6
7
8
9

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.7
0.2
0.0
0.0
0.0
0.4

1.3
0.3
0.6
0.0
0.0
0.4

-0.8
0.1
-0.5
0.0
0.0
-0.4

-0.2
0.2
0.2
0.0
0.0
-0.6

1.0
0.6
-0.5
0.0
0.0
0.9

0.6
-0.2
0.2
0.0
0.0
0.6

-0.2
-0.1
-0.3
0.0
0.0
0.2

0.5
-0.1
0.1
0.0
0.0
0.5

0.6
0.5
-0.0
0.0
0.0
0.1

0.8
-0.3
0.4
0.0
0.0
0.6

4
5
6
7
8
9

Corporate equities
Miscellaneous assets

1.3
0.0

1.0
0.0

1.8
0.0

2.5
0.0

1.8
0.0

1.2
0.0

0.4
0.0

-1.8
0.0

-2.2
0.0

-0.4
0.0

10
11

2.2

2.5

1.1

2.5

3.3

1.6

0.1

-1.5

-1.1

0.1

12

-0.1

0.1

0.2

0.1

0.1

-0.1

-0.0

-0.0

-0.3

-0.2

13

10
11
12

Net share issues (liabilities)

13

Discrepancy

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.124 Closed-End and Exchange-Traded Funds
Billions of dollars
Closed-end funds
1

Net acquisition of financial assets

-0.7

0.3

-0.8

0.7

0.5

-2.3

1.1

-0.1

2.7

0.9

1

2
3
4
5

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

0.0
-0.0
0.0
0.0

-0.0
-0.0
0.0
0.0

0.1
0.0
0.0
0.1

0.4
0.1
0.0
0.3

-0.0
-0.0
0.0
0.0

-0.7
-0.1
0.0
-0.6

0.6
0.1
0.0
0.4

0.3
0.1
0.0
0.2

0.5
0.1
0.0
0.4

-0.2
-0.1
0.0
-0.1

2
3
4
5

6

Corporate equities

-0.7

0.3

-1.0

0.3

0.5

-1.6

0.5

-0.4

2.1

1.1

6

-0.7

0.3

-0.8

0.7

0.5

-2.3

1.1

-0.1

2.7

0.9

7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

8

7

Net share issues (liabilities)
Exchange-traded funds

8

Net acquisition of financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

9
10
11

12

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

13

13

Net share issues (liabilities)

25

FFA, 1965-1974, September 16, 2004

F.125 Government-Sponsored Enterprises (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.1

0.1

0.1

0.1

0.2

0.4

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.0

2

3

Net acquisition of financial assets

2.3

5.0

-0.0

3.3

9.2

10.3

0.7

4.0

18.8

18.2

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

-0.0
0.0
-0.0

0.0
0.0
0.0

0.0
0.0
-0.0

0.0
0.0
0.0

0.0
0.0
0.2

-0.0
0.0
0.8

0.1
0.0
-0.6

-0.0
0.0
0.4

0.1
0.0
2.3

-0.0
0.0
-1.0

4
5
6

7

Credit market instruments

2.3

5.1

-0.0

3.2

8.6

8.8

1.1

4.0

15.4

20.9

7

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
0.1
0.0

0.0
0.9
0.0

0.0
0.0
0.0

0.0
-0.1
0.0

0.0
-0.6
-0.0

0.0
1.1
0.0

0.0
-0.6
0.0

0.4
-1.2
0.0

-0.2
-0.1
0.1

0.9
0.3
0.1

8
9
10

11
12

Municipal securities
Corporate and foreign bonds

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

1.0
0.0
0.4
0.7

1.6
0.0
0.6
0.9

-1.8
0.0
0.7
-2.5

1.2
0.0
0.3
0.9

4.8
0.0
0.8
4.0

2.3
0.0
1.0
1.3

-2.0
0.0
0.7
-2.7

0.8
0.0
0.7
0.0

8.5
0.0
1.4
7.2

9.3
0.0
2.6
6.7

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

1.1
0.5
-0.0
0.6
0.0

2.6
1.9
0.0
0.7
0.0

1.8
1.1
-0.0
0.7
0.0

2.2
1.6
0.0
0.5
0.0

4.4
3.8
0.0
0.6
0.0

5.4
4.6
0.3
0.5
0.0

3.6
2.1
0.8
0.7
0.0

4.0
1.8
1.0
1.2
0.0

7.1
3.4
1.8
1.9
0.0

10.3
5.6
2.2
2.5
0.0

17
18
19
20
21

0.1

-0.1

0.0

0.0

0.4

0.8

0.2

-0.3

1.0

-1.8

22

2.2

5.0

-0.1

3.2

9.1

10.0

0.6

3.9

18.4

17.7

23

2.1
1.9
0.2

4.8
5.1
-0.2

-0.6
-0.6
-0.1

3.5
3.2
0.2

8.8
9.1
-0.3

8.2
8.2
0.0

1.1
1.1
0.0

3.5
3.5
0.0

16.3
16.3
0.0

17.3
16.6
0.7

24
25
26

22
23
24
25
26
27
28

Miscellaneous assets
Net increase in liabilities
Credit market instruments
GSE issues (3)
U.S. government loans
Miscellaneous liabilities
Discrepancy

0.1

0.2

0.5

-0.2

0.4

1.8

-0.5

0.4

2.2

0.4

27

-0.0

-0.0

-0.0

0.0

0.0

-0.2

0.0

0.0

-0.1

-0.2

28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.
(2) SLMA student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars
1

Net acquisition of financial assets

0.2

0.4

0.7

0.5

0.7

1.6

4.8

4.9

3.6

4.5

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

0.1
0.0
0.1
0.1

0.2
0.0
0.1
0.1

0.4
0.0
0.1
0.2

0.3
0.0
0.1
0.1

0.4
0.0
0.1
0.2

1.2
0.0
0.1
0.3

4.2
0.1
0.1
0.4

4.0
0.3
0.3
0.3

2.9
0.2
0.3
0.2

4.4
0.2
-0.1
-0.0

2
3
4
5

0.2

0.4

0.7

0.5

0.7

1.6

4.8

4.9

3.6

4.5

6

6

Net increase in pool securities (liabilities)(2)

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed
CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.
(2) Such issues are classified as agency- and GSE-backed securities.

26

FFA, 1965-1974, September 16, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3

4
5

Agency- and GSE-backed securities (1)
Other loans and advances

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

6
7
8
9

Consumer credit
Trade credit

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

10
11

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

12

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

13
14

10
11
12
13
14

Net increase in liabilities
Commercial paper
Corporate bonds

15

Discrepancy

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

16
17

Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

16
17

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
(4) Included in table F.130.

F.128 Finance Companies (1)
Billions of dollars
1

Gross saving

0.6

0.5

0.6

0.5

0.3

0.3

0.6

0.7

0.8

0.7

1

2

Fixed nonresidential investment

0.3

0.3

0.4

0.7

0.6

0.5

0.5

0.6

0.7

0.8

2

3

Net acquisition of financial assets

4.9

2.4

0.6

5.2

8.6

2.5

6.2

9.9

11.7

5.3

3

4

Checkable deposits and currency

0.2

0.2

0.1

0.1

0.1

0.2

0.3

0.3

0.2

0.2

4

5
6
7
8

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

4.2
2.0
0.0
2.3

2.8
1.1
0.0
1.8

0.1
-0.3
0.0
0.5

4.5
2.2
0.0
2.3

7.8
5.0
0.0
2.8

1.1
0.4
0.6
0.1

4.1
1.3
0.5
2.3

8.2
4.2
0.5
3.6

10.0
5.0
0.5
4.6

7.2
4.8
0.5
1.9

5
6
7
8

9

Miscellaneous assets

0.5

-0.6

0.4

0.6

0.8

1.2

1.7

1.4

1.5

-2.2

9

4.2

1.7

-0.1

4.5

8.0

1.8

5.7

9.5

11.5

4.8

10

10

Net increase in liabilities

11
12
13
14

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

4.4
1.2
0.4
2.8

4.9
3.5
1.5
-0.1

2.0
2.0
0.7
-0.8

3.7
2.9
0.3
0.5

7.3
6.0
1.1
0.2

2.5
0.6
0.8
1.0

0.8
-0.5
2.3
-1.0

6.0
-1.3
4.0
3.3

7.5
2.0
3.9
1.6

8.9
3.6
5.6
-0.3

11
12
13
14

15

Taxes payable

0.1

-0.0

-0.1

-0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

16
17
18
19

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

-0.2
-0.0
0.0
-0.2

-3.2
0.0
0.0
-3.2

-2.0
0.0
0.0
-2.0

0.8
0.0
0.0
0.8

0.6
0.0
0.0
0.6

-0.7
0.0
0.0
-0.7

4.8
0.0
0.6
4.2

3.4
0.0
2.4
1.1

4.0
0.0
0.6
3.4

-4.1
-0.0
-0.3
-3.8

16
17
18
19

-0.4

-0.5

-0.5

-0.9

-0.9

-0.9

-0.4

-0.3

-0.1

-0.5

20

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

21

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies.
(2) See footnote (3), table F.127.

27

FFA, 1965-1974, September 16, 2004

F.129 Mortgage Companies (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net acquisition of financial assets

0.5

-0.6

0.4

0.6

0.8

1.2

2.0

1.7

1.9

-1.9

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

0.5
0.1
0.0

-0.5
-0.1
-0.0

0.3
0.1
0.0

0.5
0.1
0.0

0.7
0.1
0.0

0.5
0.5
0.2

0.3
1.2
0.5

0.6
0.9
0.3

1.2
0.4
0.2

-1.2
-1.3
0.6

2
3
4

0.5

-0.6

0.4

0.6

0.8

1.2

2.0

1.7

1.9

-1.9

5

0.5
0.0

-0.6
0.0

-1.6
2.0

2.6
-2.0

0.8
0.0

1.2
0.0

2.0
0.0

1.7
0.0

1.9
0.0

-1.9
0.0

6
7

-0.0

-0.0

-0.0

0.0

0.1

0.1

0.0

0.1

0.0

0.2

1

5
6
7

Net increase in liabilities
Bank loans n.e.c.
Investment by parent

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)
Billions of dollars
1

Gross saving

2
3

Fixed nonresidential investment
Multifamily residential investment

0.0
0.0

0.0
0.0

0.0
0.0

0.3
0.0

0.3
0.0

0.2
0.0

0.3
0.0

0.8
0.1

0.6
0.1

0.6
0.1

2
3

4

Net acquisition of financial assets

0.0

0.0

0.0

0.8

1.2

1.9

2.5

5.3

4.9

-0.2

4

5

Checkable deposits and currency

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

6

Credit market instruments

0.0

0.0

0.0

0.8

1.2

1.9

2.3

4.2

5.6

0.2

6

Agency- and GSE-backed securities
Corporate and foreign bonds

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

7
8

Mortgages
Home
Multifamily residential
Commercial

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.8
0.0
0.1
0.7

1.2
0.2
0.4
0.6

1.9
0.4
0.8
0.7

2.3
0.2
0.9
1.2

4.2
0.4
2.0
1.7

5.6
0.7
2.4
2.5

0.2
-0.2
0.2
0.2

9
10
11
12

0.0

0.0

0.0

0.0

0.0

0.0

0.2

1.1

-0.6

-0.4

13

0.0

0.0

0.0

0.9

1.3

2.0

2.7

5.8

5.6

0.3

14

0.0

15

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

15

Security RPs

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

Credit market instruments

0.0

0.0

0.0

0.8

0.7

0.7

1.9

4.6

4.9

0.3

16

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.6
0.2

0.0
0.1
0.4
0.2

0.0
0.5
0.1
0.1

0.8
0.4
0.6
0.1

2.5
0.4
1.3
0.5

0.7
0.6
3.4
0.3

-3.3
0.2
3.3
0.1

17
18
19
20

0.0
0.0

0.0
0.0

0.0
0.0

0.1
0.0

0.6
0.0

1.4
0.0

0.8
0.0

0.8
0.3

0.5
0.1

-1.4
1.4

21
22

-0.0

-0.0

-0.0

-0.2

-0.2

0.0

-0.0

-0.4

-0.0

0.1

23

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

24
25
26
27
28

17
18
19
20
21
22

Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages
Corporate equity issues
Miscellaneous liabilities

23

Discrepancy

24
25
26
27
28

Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

28

FFA, 1965-1974, September 16, 2004

F.131 Security Brokers and Dealers
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Gross saving

0.1

0.1

0.2

0.2

-0.0

-0.3

0.0

-0.0

0.1

0.1

1

2

Fixed nonresidential investment

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.2

0.2

2

3

Net acquisition of financial assets

0.5

0.9

3.4

3.8

-3.1

0.8

1.4

5.3

-2.6

-2.0

3

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets

0.0

0.1

0.2

0.5

-0.1

-0.3

0.0

-0.0

-0.2

-0.1

4

-0.2

0.8

-0.3

0.6

0.1

2.3

-1.4

1.3

1.6

0.2

5

0.0
-0.3
0.0
-0.2
0.3

0.0
0.7
0.0
0.0
0.1

0.0
-0.8
0.0
0.0
0.4

0.0
0.8
0.0
0.0
-0.2

0.0
-0.0
0.0
-0.2
0.4

0.0
1.7
0.0
0.6
0.1

0.0
-1.6
0.0
0.1
0.1

1.0
0.2
0.0
-0.1
0.2

1.0
-0.0
0.0
0.2
0.4

1.0
0.2
0.0
-0.4
-0.6

6
7
8
9
10

0.2
0.4
0.1

0.3
-0.0
-0.1

0.1
3.2
0.3

-0.3
2.8
0.1

0.6
-3.5
-0.2

-0.0
-1.3
0.1

-0.1
2.6
0.2

0.1
3.7
0.2

0.6
-4.3
-0.3

0.1
-1.6
-0.7

11
12
13

14

Net increase in liabilities

0.4

0.9

3.3

3.6

-3.0

1.2

1.4

5.4

-2.7

-2.0

14

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

-0.4
0.0
0.0

0.0
0.0
0.0

-0.6
0.0
0.0

-0.3
0.0
0.0

0.1
0.0
0.0

0.5
0.0
0.0

-0.1
0.0
0.0

-0.8
0.0
0.3

0.2
0.0
0.3

-0.9
0.0
0.3

15
16
17

18
19
20
21
22

Trade payables
Security credit
Customer credit balances (HH)
From banks
Taxes payable

0.0
0.7
0.9
-0.2
0.0

0.0
0.8
0.2
0.6
0.0

0.0
3.8
2.3
1.5
0.1

0.1
3.7
2.4
1.3
0.0

0.1
-3.1
-2.0
-1.1
-0.1

0.0
0.5
-1.0
1.4
0.0

0.1
1.3
0.5
0.8
-0.0

0.1
4.9
0.2
4.8
0.0

0.0
-3.6
-0.2
-3.4
-0.0

0.1
-2.1
-1.0
-1.0
-0.1

18
19
20
21
22

23
24
25
26

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

-0.1
-0.0
0.0
-0.0

-0.0
0.0
0.0
-0.0

-0.1
-0.0
-2.0
2.0

-0.1
0.0
2.0
-2.1

-0.1
0.0
0.0
-0.1

-0.0
-0.0
0.0
-0.0

-0.0
0.0
0.0
-0.1

0.8
0.0
0.0
0.8

-0.3
-0.0
0.8
-1.0

0.2
0.3
1.0
-1.1

23
24
25
26

27
28

Proprietors’ net investment
Discrepancy

0.1

-0.0

0.1

0.1

0.0

0.2

0.3

0.2

0.7

0.5

27

-0.0

-0.0

-0.0

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

28

0.2

0.3

0.1

0.2

0.6

-0.2

-0.1

-0.1

0.5

-0.3

1

F.132 Funding Corporations (1)
Billions of dollars
1

Net acquisition of financial assets

2

Money market fund shares

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

0.2
0.2
0.0

0.3
0.3
0.0

0.1
0.1
0.0

0.2
0.2
0.0

0.6
0.6
0.0

-0.2
-0.2
0.0

-0.1
-0.1
0.0

-0.1
-0.1
0.0

0.5
0.5
0.0

-0.3
-0.3
0.0

3
4
5

6
7
8

Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

6
7
8

0.2

0.3

0.1

0.2

0.6

-0.2

-0.1

-0.1

0.5

-0.3

9

10
11
12

9

Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

10
11
12

13
14
15
16

Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

0.2
0.0
0.0
0.2

0.3
0.0
0.0
0.3

0.1
0.0
0.0
0.1

0.2
0.0
0.0
0.2

0.6
0.0
0.0
0.6

-0.2
0.0
0.0
-0.2

-0.1
0.0
0.0
-0.1

-0.1
0.0
0.0
-0.1

0.5
0.0
0.0
0.5

-0.3
0.0
0.0
-0.3

13
14
15
16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.
(2) Due from affiliated companies.

29

FFA, 1965-1974, September 16, 2004

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars
1965

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position
Official foreign currency holdings
Treasury
Monetary authority
Net IMF position
Federal government
Monetary authority

1966

1967

1968

1969

1970

1971

1972

1973

1974

-1.2

-0.6

-0.1

0.9

1.2

-2.5

-2.3

0.0

-0.2

1.5

1

-1.7

-0.6

-1.2

-1.2

1.0

0.1

-0.6

0.2

-0.0

0.2

2

-0.0
-1.7

0.0
-0.6

0.0
-1.2

0.4
-1.6

1.0
0.0

-0.3
0.4

-0.0
-0.6

0.7
-0.5

-0.0
0.0

0.1
0.1

3
4

0.4

0.0

1.1

2.0

0.2

-2.5

-1.7

-0.2

-0.1

1.3

5

0.3
0.2
0.2

0.5
0.3
0.3

1.0
0.5
0.5

1.2
0.6
0.6

-0.8
-0.4
-0.4

-2.2
-1.1
-1.1

-0.4
-0.2
-0.2

0.0
0.0
0.0

-0.2
-0.1
-0.1

0.0
0.0
0.0

6
7
8

0.1
0.1
-0.0

-0.5
-0.5
-0.0

0.1
0.1
-0.0

0.9
0.9
0.0

1.0
1.0
-0.0

-0.4
-0.4
-0.0

-1.4
-1.3
-0.0

-0.2
-0.2
-0.0

0.0
0.0
-0.0

1.3
1.3
-0.0

9
10
11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table
are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.
(2) Treasury gold stock.

F.201 SDR Certificates and Treasury Currency
Billions of dollars
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.4
0.4

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

0.2
0.2

0.9
0.7

0.7
0.5

0.4
0.2

0.3
0.1

0.2
0.3

0.5
0.5

0.5
0.7

0.4
0.4

0.4
0.5

3
4

5

Discrepancy (seigniorage)

0.1

0.2

0.2

0.2

0.2

-0.1

0.0

-0.2

0.0

-0.1

5

-0.3

0.1

0.1

0.5

-0.4

-0.4

0.4

0.9

1.2

-0.2

1

0.0
-0.3
0.0

0.0
0.1
0.0

0.0
0.1
0.0

0.0
0.5
0.0

0.0
-0.4
0.0

0.0
-0.4
0.0

0.0
0.4
0.0

0.0
0.9
0.0

0.0
1.2
0.0

0.0
-0.2
0.0

2
3
4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

F.202 U.S. Deposits in Foreign Countries
Billions of dollars
1

2
3
4
5

Total rest of the world liability
Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

30

FFA, 1965-1974, September 16, 2004

F.203 Net Interbank Transactions
Billions of dollars
1965

1

Net change in liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries

1966

1967

1968

1969

1970

1971

1972

1973

1974

0.6

6.0

2.3

5.8

12.4

-3.0

-1.7

-4.8

-2.7

-1.1

1

0.7
0.4
0.3

1.9
1.3
0.6

1.8
1.3
0.5

2.0
0.8
1.3

0.3
0.2
0.1

1.8
2.1
-0.3

4.1
3.6
0.5

-1.0
-2.1
1.1

3.5
1.4
2.0

-0.3
-1.2
1.0

2
3
4

-0.1
-0.4

4.0
0.3

0.5
-0.1

3.8
1.0

12.1
-0.0

-4.8
1.0

-5.9
-0.2

-3.8
1.6

-6.2
-1.6

-0.8
-2.1

5
6

0.1

2.9

0.6

2.1

12.3

-6.4

-4.6

-0.7

-5.2

-1.2

7

8
9
10
11

Liabilities, net
U.S.-chartered commercial banks
Due to foreign affiliates
- Due from foreign affiliates

0.1
0.3
0.3
0.0

2.9
2.7
2.7
0.0

0.6
0.2
0.2
0.0

2.2
1.8
1.8
0.0

12.3
11.3
11.4
0.0

-6.2
-6.0
-6.0
0.0

-4.4
-4.9
-4.9
-0.1

-0.5
-0.5
-0.2
0.3

-4.9
-0.9
-0.2
0.6

-0.4
-1.6
2.6
4.2

8
9
10
11

12
13
14

Foreign banking offices in U.S.
Due to foreign affiliates
- Due from foreign affiliates

-0.2
-0.2
0.0

0.2
0.3
0.1

0.4
0.5
0.1

0.4
0.5
0.2

1.0
1.2
0.2

-0.2
0.2
0.5

0.5
0.7
0.2

0.1
0.5
0.4

-1.5
-0.3
1.2

2.2
4.5
2.3

12
13
14

15
16
17

Bank holding companies
Due to foreign affiliates
- Due from foreign affiliates

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-2.5
0.0
2.5

-1.0
0.0
1.0

15
16
17

18
19
20

Less: Deposits at foreign banks
U.S.-chartered commercial banks
Foreign banking offices in U.S.

-0.1
-0.1
0.0

0.0
-0.0
0.0

0.1
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.1
0.1
0.1

0.2
0.2
0.0

0.3
0.2
0.0

0.3
0.0
0.3

0.9
0.6
0.2

18
19
20

0.2

0.8

0.0

0.6

-0.1

0.6

-1.0

-4.6

0.6

2.5

21

0.2
0.2
-0.0
0.0
0.2

0.7
0.8
-0.0
0.0
0.8

0.7
0.6
0.6
0.0
0.0

0.9
1.0
0.4
0.0
0.6

0.3
0.6
0.7
0.0
-0.1

1.3
1.7
1.1
0.0
0.6

-1.8
0.2
1.2
0.0
-1.0

-6.8
-4.1
0.6
0.0
-4.6

-3.4
4.9
4.2
0.0
0.6

-0.9
7.0
4.6
0.0
2.5

22
23
24
25
26

0.0
0.0

0.1
0.0

-0.0
0.0

0.1
0.0

0.3
0.0

0.5
0.0

2.0
0.0

2.7
0.0

8.3
0.0

7.2
0.8

27
28

0.0
0.0
-0.0

0.1
0.1
-0.0

-0.6
-0.0
0.6

-0.3
0.1
0.4

-0.4
0.3
0.7

-0.6
0.5
1.1

0.7
2.0
1.2

2.2
2.7
0.6

4.0
8.3
4.2

2.6
7.2
4.6

29
30
31

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.8
0.8
0.0

32
33
34

0.4

5.1

2.3

5.2

12.6

-3.6

-0.7

-0.2

-3.3

-3.6

35

21
22
23
24
25
26

27
28

To U.S. banking, net
U.S.-chartered commercial banks
Liabilities
To foreign offices in U.S.
To bank holding companies
Unallocated
Less, due from:
Foreign offices in U.S.
Bank holding companies

29
30
31

Foreign banking offices in U.S.
Due to U.S. banks
- Due from U.S. banks

32
33
34

Bank holding companies
Due to U.S. banks
- Due from U.S. banks

35

Net change in assets

36

Rest of the world

0.1

2.9

0.6

2.1

12.3

-6.4

-4.6

-0.7

-5.2

-1.2

36

37

Domestic

0.3

2.3

1.7

3.1

0.3

2.8

3.9

0.6

1.9

-2.3

37

-0.4
-0.4
-0.1

0.3
0.3
0.1

-0.1
-0.0
-0.0

1.0
1.0
0.0

-0.0
-0.0
-0.0

1.0
0.8
0.2

-0.2
0.1
-0.3

1.6
-0.4
1.9

-1.6
-0.9
-0.7

-2.1
-1.1
-1.0

38
39
40

0.3
0.2
0.1

1.8
2.1
-0.3

4.1
3.6
0.5

-1.0
-2.1
1.1

3.5
1.4
2.0

-0.3
-1.2
1.0

41
42
43

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

0.7
0.4
0.3

1.9
1.3
0.6

1.8
1.3
0.5

2.0
0.8
1.3

Savings insts.: Reserves at Fed. Res.

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

44

0.2

0.8

0.0

0.6

-0.1

0.6

-1.0

-4.6

0.6

2.5

45

44
45

Discrepancy--floats, etc.

31

FFA, 1965-1974, September 16, 2004

F.204 Checkable Deposits and Currency
Billions of dollars
1965

1

Net change in liabilities

1966

1967

1968

1969

1970

1971

1972

1973

1974

7.3

4.5

15.3

15.1

8.1

12.8

18.0

24.4

16.6

7.0

1

2
3
4
5

Monetary authority
Federal government cash and deposits
Deposits due to foreign
Currency outside banks

1.9
-0.2
-0.1
2.1

2.4
0.2
0.2
2.0

2.9
0.9
-0.0
2.0

1.5
-1.1
0.1
2.5

3.3
0.6
-0.1
2.8

3.1
-0.4
-0.0
3.5

4.5
0.9
0.1
3.5

3.1
-1.1
-0.1
4.3

3.4
-0.5
-0.1
3.9

6.9
0.4
0.2
6.3

2
3
4
5

6
7
8
9

Commercial banking
Federal government deposits
Deposits due to foreign
Private domestic deposits

5.4
-1.0
0.2
6.2

2.1
-0.5
0.2
2.4

12.4
0.2
0.3
11.8

13.5
-0.2
0.5
13.3

4.8
0.0
0.4
4.3

9.7
2.9
0.6
6.2

13.5
2.2
-0.3
11.6

21.2
0.7
1.7
18.8

13.1
-1.0
3.0
11.1

-0.1
-5.1
2.6
2.3

6
7
8
9

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.1
0.0

0.1
0.0

0.2
0.0

0.1
0.0

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

7.3

4.5

15.3

15.1

8.1

12.8

18.0

24.4

16.6

7.0

12

13

Household sector

6.6

2.4

10.3

9.4

-1.9

7.2

13.3

12.7

11.9

5.0

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

0.4
0.3
0.0
0.1

-0.7
-0.7
0.0
0.0

2.7
2.5
0.0
0.1

2.9
2.7
0.0
0.2

5.7
5.6
0.0
0.1

1.1
0.9
0.0
0.1

-1.3
-1.5
0.0
0.2

2.6
2.4
0.0
0.3

2.0
1.4
0.4
0.2

1.2
1.2
0.3
-0.3

14
15
16
17

18
19

State and local governments
Federal government

-0.6
-1.6

0.5
-0.4

0.8
0.5

-0.7
-2.3

1.9
1.6

-1.0
3.5

0.8
3.5

0.5
-1.0

0.0
-1.8

0.2
-4.6

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

0.3
0.1
0.1

0.7
0.4
0.3

0.6
0.3
0.2

0.9
0.6
0.3

0.8
0.3
0.5

1.0
0.5
0.5

0.3
-0.2
0.5

2.2
1.6
0.6

3.6
2.9
0.7

3.9
2.8
1.1

20
21
22

23

Financial sectors

0.3

-0.4

0.2

0.5

-0.0

0.6

0.9

2.0

1.0

0.7

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

-0.0
0.1
0.0
0.0

0.0
-0.6
0.0
0.0

0.1
-0.3
0.1
0.0

0.0
-0.4
-0.0
0.0

0.0
-0.3
-0.0
0.3

0.1
0.1
0.2
-0.0

0.1
-0.1
0.1
-0.0

0.2
0.5
0.0
0.1

0.3
0.1
-0.0
0.0

-0.2
0.2
0.0
-0.1

24
25
26
27

28
29
30
31

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

0.0
-0.1
0.0
0.0

0.0
0.0
-0.2
0.1

0.0
-0.0
0.1
-0.1

0.1
0.1
0.1
0.1

-0.0
-0.0
0.0
-0.1

0.1
0.1
0.1
0.1

0.0
0.1
0.2
0.2

0.2
0.0
0.5
0.2

0.1
-0.0
0.7
-0.2

-0.1
0.1
0.9
-0.3

28
29
30
31

32
33
34
35
36

Money market mutual funds
Government-sponsored enterprises
Finance companies
REITs
Brokers and dealers

0.0
-0.0
0.2
0.0
0.0

0.0
0.0
0.2
0.0
0.1

0.0
0.0
0.1
0.0
0.2

0.0
0.0
0.1
0.0
0.5

0.0
0.0
0.1
0.0
-0.1

0.0
-0.0
0.2
0.0
-0.3

0.0
0.1
0.3
0.0
0.0

0.0
-0.0
0.3
0.0
-0.0

0.0
0.1
0.2
0.0
-0.2

0.0
-0.0
0.2
0.0
-0.1

32
33
34
35
36

1.9

2.3

0.2

4.5

-0.0

0.4

0.5

5.3

-0.1

0.4

37

37

Mail float

32

FFA, 1965-1974, September 16, 2004

F.205 Time and Savings Deposits
Billions of dollars
1965

1
2

Net change in liabilities
Small time and savings deposits

1966

1967

1968

1969

1970

1971

1972

1973

1974

33.2

20.3

40.6

33.3

-0.7

54.9

81.8

88.4

78.4

77.9

1

27.3

18.0

34.7

26.6

14.4

30.6

68.4

70.7

39.4

36.9

2

3
4
5
6

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

14.2
14.2
0.0
0.0

11.0
11.0
0.0
0.0

18.1
18.1
0.0
0.0

13.9
13.9
0.0
0.0

6.5
6.0
0.0
0.5

14.3
14.2
0.0
0.1

28.7
28.6
0.0
0.1

25.7
25.6
-0.0
0.1

12.8
12.6
0.1
0.1

17.4
17.3
0.1
0.0

3
4
5
6

7
8

Savings institutions
Credit unions

12.1
1.0

6.1
0.8

15.6
1.0

11.5
1.2

6.5
1.4

14.6
1.7

36.8
2.9

41.8
3.3

23.7
2.9

16.5
3.0

7
8

9

Large time deposits (1)

5.9

2.3

5.9

6.7

-15.1

24.2

13.5

17.7

39.1

41.0

9

10
11
12
13

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

5.9
5.8
0.1
0.0

2.3
2.3
0.0
0.0

5.9
5.8
0.1
0.0

6.7
6.6
0.1
0.0

-15.1
-15.8
0.2
0.5

23.5
23.1
0.3
0.1

12.7
12.4
0.2
0.1

16.8
17.0
-0.3
0.1

38.0
37.1
0.8
0.1

39.3
38.2
1.0
0.0

10
11
12
13

14
15

Savings institutions
Credit unions

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.7
0.0

0.8
0.0

0.9
0.0

1.1
0.0

1.7
0.0

14
15

16

Net change in assets

33.2

20.3

40.6

33.3

-0.7

54.9

81.8

88.4

78.4

77.9

16

17

Household sector

27.5

18.8

34.9

30.3

9.7

41.1

63.9

71.0

61.4

53.7

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

2.3
2.3
0.0

-0.4
-0.4
0.0

1.1
1.1
0.0

-0.6
-0.6
0.0

-5.4
-5.4
0.0

3.1
1.7
1.4

5.8
4.2
1.6

4.0
2.4
1.6

6.3
4.7
1.6

5.4
3.8
1.6

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

2.4
-0.0
0.6

1.3
-0.0
0.3

2.3
0.0
1.3

3.1
0.1
-0.3

-5.8
-0.2
1.4

10.0
0.3
-1.7

7.2
0.1
0.3

6.7
0.1
2.9

6.6
-0.2
2.8

5.0
0.0
7.7

21
22
23

24

Financial sectors

0.4

0.4

1.0

0.6

-0.4

2.1

4.6

3.7

1.4

6.0

24

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

0.0
0.0
0.0

0.1
-0.2
0.0

0.1
0.2
0.0

0.1
-0.2
0.0

-0.0
-0.4
-0.6

0.4
0.4
0.4

1.7
0.9
1.1

1.1
0.6
0.7

-0.5
-0.4
0.2

0.7
0.6
0.5

25
26
27

28
29
30
31

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

0.4
0.0
0.0
0.0

0.5
0.0
0.0
0.0

0.6
0.2
0.0
0.0

0.7
0.1
0.0
0.0

0.7
-0.1
0.0
0.0

0.9
0.0
0.0
0.0

1.0
-0.1
0.0
0.0

1.2
0.0
0.0
0.0

1.5
0.6
0.0
0.0

1.9
0.7
1.6
0.0

28
29
30
31

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares
Billions of dollars
1

Net issues

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

1

2

Net purchases

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

2

3
4
5
6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

2.4
0.0
0.0
0.0

3
4
5
6

7
8
9
10

Bank personal trusts and estates
Life insurance companies
Private pension funds
Funding corporations

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

7
8
9
10

33

FFA, 1965-1974, September 16, 2004

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars
1965

1

Net change in liabilities

2
3
4
5

Commercial banking (net)
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

9

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

17
18
19
20
21
22
23

Other insurance companies
Private pension funds
State and local govt. retirement funds
Money market mutual funds
Mutual funds
Government-sponsored enterprises
Discrepancy--unallocated assets

1966

1967

1968

1969

1970

1971

1972

1973

1974

0.8

-0.0

-0.7

0.6

6.0

-3.6

3.9

1.7

16.4

2.2

1

1.2
1.2
0.0
0.0

-0.1
-0.1
0.0
0.0

-0.0
-0.0
0.0
0.0

0.9
0.9
0.0
0.0

5.9
5.9
0.0
0.0

-4.1
-4.1
0.0
0.0

4.0
4.0
0.0
0.0

2.2
2.2
0.0
0.0

16.3
16.3
0.0
0.0

1.4
1.4
0.0
0.0

2
3
4
5

0.0
0.0
-0.4

0.0
0.0
0.0

0.0
0.0
-0.6

0.0
0.0
-0.3

0.0
0.0
0.1

0.0
0.0
0.5

0.0
0.0
-0.1

0.3
0.0
-0.8

0.0
0.0
0.2

1.7
0.0
-0.9

6
7
8

1.4

2.6

-1.2

-0.9

7.1

-6.3

3.0

1.7

15.7

-4.6

9

0.3
1.1
0.0

0.3
1.5
0.0

-0.2
-0.5
0.0

0.5
-1.5
0.0

2.2
3.9
0.0

-3.1
-4.0
0.0

0.8
0.6
0.0

1.6
-0.1
0.0

8.6
1.4
0.5

-5.8
-1.8
0.0

10
11
12

0.1
-0.2
0.0
0.0

0.8
0.4
0.0
0.0

-0.4
-0.5
0.0
0.0

0.2
-0.3
0.1
0.0

1.1
0.0
0.2
0.0

0.8
0.0
0.1
0.0

1.6
1.5
0.7
0.0

0.2
-1.4
0.5
0.0

5.2
-0.0
2.0
0.0

3.0
1.3
2.3
0.0

13
14
15
16

0.0
0.1
0.0
0.0
0.2
-0.0

0.0
0.1
0.0
0.0
0.3
0.0

0.0
0.1
0.0
0.0
0.1
-0.0

0.0
0.1
0.0
0.0
0.2
0.0

0.0
0.1
0.0
0.0
0.6
0.2

0.0
0.1
0.0
0.0
-0.2
0.8

0.0
0.1
0.0
0.0
-0.1
-0.6

0.0
0.8
0.0
0.0
-0.1
0.4

0.0
0.4
0.0
0.0
0.5
2.3

0.0
0.5
0.0
0.1
-0.3
-1.0

17
18
19
20
21
22

-0.6

-2.7

0.5

1.5

-1.2

2.7

0.8

-0.0

0.7

6.8

23

0.9

4.6

4.2

4.2

12.5

2.1

-0.1

1.6

8.4

17.8

1

0.9

4.3

3.4

4.1

11.4

0.5

-0.9

2.6

6.4

8.1

2

-0.3
0.0
0.0
0.0

0.8
0.0
0.0
0.0

1.4
0.0
0.0
0.0

1.2
0.0
0.0
0.0

1.1
0.0
0.0
0.0

1.8
0.0
0.0
0.0

-0.9
0.0
0.0
0.0

0.7
0.0
0.0
0.0

1.4
0.0
0.0
0.0

4.1
0.2
0.2
0.0

3
4
5
6

F.208 Open Market Paper
Billions of dollars
1
2
3
4
5
6

Total net issues, all types
Commercial paper
Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

1.2
0.0
0.0
1.2
0.0
0.0

3.5
0.0
0.0
3.5
0.0
0.0

2.0
0.0
0.0
2.0
0.0
0.0

2.9
0.0
0.0
2.9
0.0
0.0

10.3
4.3
0.0
6.0
0.0
0.0

-1.3
-1.9
0.0
0.6
0.0
0.0

-0.1
-0.4
0.0
-0.5
0.8
0.0

1.9
0.7
0.0
-1.3
2.5
0.0

4.9
2.2
0.0
2.0
0.7
0.0

3.8
3.5
0.0
3.6
-3.3
0.0

7
8
9
10
11
12

13

Bankers acceptances (1)

0.0

0.2

0.7

0.1

1.0

1.6

0.8

-1.0

2.0

9.7

13

14

Net purchases, by sector

0.9

4.6

4.2

4.2

12.5

2.1

-0.1

1.6

8.4

17.8

14

15
16
17
18

Household sector
Nonfinancial corporate business
State and local governments
Rest of the world

0.9
-0.3
0.0
0.4

2.3
1.5
0.0
0.2

1.8
1.1
0.0
0.0

2.0
1.1
0.0
0.6

6.3
2.5
0.0
1.0

-2.3
1.8
0.0
0.5

-3.9
1.9
0.0
-0.2

-5.2
3.0
0.0
-0.1

4.1
0.6
0.0
0.3

5.6
4.1
0.0
0.4

15
16
17
18

19
20
21
22
23

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions
Bank personal trusts and estates

0.0
-0.5
0.0
0.0
0.0

-0.0
-0.0
0.0
0.0
0.0

0.0
1.0
0.0
0.0
0.0

-0.0
0.0
0.0
0.0
0.0

0.0
0.6
0.0
0.0
0.1

-0.0
1.4
0.0
0.0
0.3

0.0
0.5
0.0
0.0
1.1

-0.0
0.0
0.0
0.0
0.7

-0.0
-0.5
0.0
0.0
0.7

0.5
1.4
0.0
0.0
0.3

19
20
21
22
23

24
25
26

Life insurance companies
Private pension funds
State and local govt. retirement funds

0.0
0.0
0.0

0.1
0.0
0.0

0.1
0.0
0.0

0.0
0.0
0.0

0.8
0.0
0.0

0.8
0.0
0.0

0.6
0.0
0.0

0.2
1.8
0.0

0.0
1.3
0.0

1.1
2.3
0.0

24
25
26

27
28
29
30
31

Money market mutual funds
Mutual funds
Government-sponsored enterprises
Brokers and dealers
Funding corporations

0.0
0.2
0.0
0.0
0.2

0.0
0.3
0.0
0.0
0.3

0.0
0.1
0.0
0.0
0.1

0.0
0.2
0.0
0.0
0.2

0.0
0.6
0.0
0.0
0.6

0.0
-0.2
0.0
0.0
-0.2

0.0
-0.1
0.0
0.0
-0.1

0.0
-0.1
0.4
1.0
-0.1

0.0
0.5
-0.2
1.0
0.5

0.6
-0.3
0.9
1.0
-0.3

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

34

FFA, 1965-1974, September 16, 2004

F.209 Treasury Securities
Billions of dollars
1965

1
2
3
4
5
6
7

Net issues
Savings bonds
Other Treasury issues
Net purchases
Household sector
Savings bonds
Other Treasury issues

1966

1967

1968

1969

1970

1971

1972

1973

1974

1.2

2.3

8.9

9.4

-0.8

13.1

26.0

14.2

6.6

12.1

1

0.6
0.5

0.6
1.7

1.0
7.9

0.6
8.8

-0.1
-0.7

0.3
12.8

2.3
23.7

3.3
10.9

2.7
3.9

3.0
9.1

2
3

1.2

2.3

8.9

9.4

-0.8

13.1

26.0

14.2

6.6

12.1

4

1.2
0.6
0.6

4.3
0.6
3.7

-0.1
1.0
-1.1

2.7
0.6
2.1

10.7
-0.1
10.8

-10.7
0.3
-11.0

-8.3
2.3
-10.7

3.0
3.3
-0.3

9.7
2.7
7.0

4.8
3.0
1.8

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

-1.9
0.0
2.2

-1.5
0.0
0.6

-2.4
0.1
-0.4

0.3
0.2
0.2

-3.3
0.2
3.1

0.6
0.2
-0.1

2.8
0.2
-0.4

-2.2
0.2
2.3

-4.4
0.1
1.2

1.4
0.1
0.5

8
9
10

11
12

Rest of the world
Monetary authority

-0.3
4.0

-1.9
3.2

2.1
5.3

-0.6
4.0

-2.4
4.2

9.5
5.0

26.5
6.9

8.4
0.8

0.4
8.7

4.9
1.6

11
12

13
14
15
16
17

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

-3.4
-3.4
0.1
0.0
-0.0

-3.4
-3.4
-0.1
0.0
0.0

6.5
6.3
0.1
0.0
0.0

2.1
2.0
0.0
0.0
0.0

-9.7
-9.8
0.0
0.0
0.0

6.9
7.0
-0.1
0.0
0.0

3.1
3.2
-0.2
0.0
0.2

2.4
2.1
0.1
0.0
0.2

-8.9
-8.8
-0.0
0.0
-0.1

-4.1
-3.9
0.1
0.0
-0.2

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

0.2
0.0
0.0

-0.2
0.0
0.0

1.2
0.0
0.0

0.1
0.0
0.0

-1.9
0.2
0.8

-1.3
0.0
0.5

-0.4
0.0
-0.5

-0.5
-0.0
-0.1

-1.7
0.3
0.9

-1.1
0.1
0.9

18
19
20

21
22
23
24
25

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

-0.5
-0.2
-0.2
0.1
0.0

-0.2
-0.5
-0.2
-0.0
0.0

-0.2
-0.7
-0.3
-1.0
0.0

-0.2
-0.4
0.4
-0.2
0.0

-0.3
-0.5
-0.2
-0.5
0.0

-0.1
-0.1
-0.1
-0.3
0.0

-0.2
-0.2
0.0
-1.2
0.0

-0.0
-0.3
1.3
-0.3
0.0

-0.4
-0.1
2.0
-1.1
0.0

-0.1
0.0
3.2
-0.9
0.0

21
22
23
24
25

26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Brokers and dealers

0.0
0.0
-0.0
0.0
0.1
-0.3

0.0
0.6
-0.0
0.0
0.9
0.7

0.0
-0.5
0.0
0.0
0.0
-0.8

0.0
0.2
0.1
0.0
-0.1
0.8

0.0
-0.5
-0.0
0.0
-0.6
-0.0

0.0
0.2
-0.1
0.0
1.1
1.7

0.0
-0.3
0.1
0.0
-0.6
-1.6

0.0
0.1
0.1
0.0
-1.2
0.2

0.0
-0.0
0.1
0.0
-0.1
-0.0

0.1
0.4
-0.1
0.0
0.3
0.2

26
27
28
29
30
31

1.6

3.6

12.9

12.5

-3.2

12.1

24.9

15.0

6.9

11.9

32

Memo:
32

Federal government borrowing (1)

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).

35

FFA, 1965-1974, September 16, 2004

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars
1965

1
2
3
4
5

Net issues
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

1967

1968

1969

1970

1971

1972

1973

1974

2.6

6.9

4.3

6.9

7.4

8.8

4.9

9.3

20.4

21.0

1

0.4
1.9
0.2

1.4
5.1
0.4

4.2
-0.6
0.7

3.2
3.2
0.5

-2.3
9.1
0.7

-1.0
8.2
1.6

-1.1
1.1
4.8

0.9
3.5
4.9

0.4
16.3
3.6

-0.1
16.6
4.5

2
3
4

2.6

6.9

4.3

6.9

7.4

8.8

4.9

9.3

20.4

21.0

5

Household sector
Nonfinancial corporate business
State and local governments

0.9
0.2
0.2

4.7
-0.2
-0.7

0.4
-0.0
0.4

-0.1
0.4
3.4

4.6
0.2
1.4

4.2
-0.5
-2.3

-0.9
-0.3
-2.2

-5.7
0.1
3.3

-1.2
1.0
6.6

5.6
0.9
3.1

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
0.3
0.0

1.3
0.3
0.0

-0.1
0.3
0.0

0.1
0.3
0.0

-1.3
0.3
0.0

-0.1
0.3
0.0

0.0
0.0
0.5

-0.0
0.1
0.8

-0.0
0.1
0.6

-0.0
-0.5
2.8

9
10
11

12
13
14
15
16

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

0.6
0.6
0.0
0.0
0.0

0.3
0.3
0.0
0.0
0.0

3.0
3.0
0.0
0.0
0.0

1.3
1.3
0.0
0.0
0.0

-0.3
-0.3
0.0
0.0
0.0

3.8
3.8
0.0
0.0
0.0

4.0
4.0
0.0
0.0
0.0

4.1
3.9
0.2
0.0
0.0

7.6
7.4
0.2
0.0
0.0

3.6
3.5
0.1
0.0
0.0

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

0.0
0.0
0.0

0.1
0.1
0.0

0.2
0.1
0.0

0.3
0.1
0.0

1.2
0.1
0.6

2.2
0.3
0.4

3.8
0.2
-0.4

3.4
0.6
-0.1

2.2
0.2
0.6

1.3
0.3
0.8

17
18
19

20
21
22
23
24

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.0
0.1
-0.0
0.1
0.0

0.1
0.7
-0.0
0.2
0.0

-0.0
-0.1
-0.1
0.1
0.0

0.1
0.2
0.1
0.6
0.0

0.1
0.2
0.2
0.2
0.0

0.1
0.0
0.3
-0.1
0.0

0.1
0.3
-0.3
0.1
0.0

0.1
0.4
1.5
0.6
0.0

0.1
0.0
1.1
1.2
0.0

0.2
0.4
1.1
1.2
0.0

20
21
22
23
24

25
26
27

Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.1

0.0
0.0
0.1

25
26
27

28
29
30

ABS issuers
REITs
Brokers and dealers

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

28
29
30

6
7
8

Net purchases

1966

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32.

36

FFA, 1965-1974, September 16, 2004

F.211 Municipal Securities and Loans
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

7.2

6.2

7.2

8.4

11.4

12.0

16.2

14.2

16.0

15.3

1

2
3
4

State and local governments
Short-term (1)
Long-term

7.2
0.6
6.6

6.2
0.7
5.6

7.2
1.8
5.3

8.4
0.1
8.3

11.4
2.8
8.6

12.0
2.3
9.6

16.1
2.5
13.6

13.6
0.1
13.6

13.8
0.3
13.5

12.8
2.7
10.0

2
3
4

5

Nonprofit organizations (2)
Nonfinancial corporate business
(industrial revenue bonds)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.4

0.9

5

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.5

1.8

1.6

6

7.2

6.2

7.2

8.4

11.4

12.0

16.2

14.2

16.0

15.3

7

6
7

Net change in liabilities

1966

Net change in assets

8
9
10
11

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

1.7
0.9
0.0
-0.1

4.6
-1.0
0.0
-0.0

-3.0
-0.3
0.0
0.0

-1.6
0.5
0.0
0.0

13.3
-1.0
0.0
0.1

-1.0
-0.6
0.0
0.1

-3.5
1.0
0.0
-0.3

0.5
1.0
0.0
-0.3

5.8
-0.1
0.0
0.2

8.2
0.6
0.0
0.5

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

5.1
-0.1
0.0

2.4
-0.1
0.0

9.1
-0.0
0.0

8.6
0.1
0.0

0.6
0.0
-2.6

10.7
0.0
0.9

12.6
0.2
2.3

7.2
0.5
1.2

5.7
0.1
0.8

5.4
0.3
-1.1

12
13
14

15
16
17

Life insurance companies
Other insurance companies
State and local govt. retirement funds

-0.2
0.4
-0.3

-0.3
0.7
-0.1

-0.1
1.5
-0.1

0.0
0.9
-0.0

0.0
1.1
-0.1

0.1
1.5
-0.3

0.1
3.5
0.1

0.0
4.3
-0.1

0.0
3.6
-0.3

0.3
2.2
-0.7

15
16
17

18
19
20
21
22

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Brokers and dealers

0.0
0.0
0.0
0.0
-0.2

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
-0.2

0.0
0.0
0.0
0.0
0.6

0.0
0.0
0.0
0.0
0.1

0.0
0.0
0.0
0.0
-0.1

0.0
0.0
0.0
0.0
0.2

0.0
0.0
0.0
0.0
-0.4

18
19
20
21
22

6.5

12.5

16.8

14.6

14.0

23.2

24.5

20.6

15.5

29.0

1

(1) Debt with original maturity of 13 months or less.
(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds
Billions of dollars
1

Net issues

2
3

Nonfinancial corporate business
Rest of the world (1)

4.9
0.5

10.2
0.7

14.7
1.2

12.9
1.1

12.0
1.0

19.8
0.9

18.8
0.9

12.2
1.0

9.2
1.0

19.7
2.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1.2
0.8
0.0

1.6
0.1
0.0

1.0
0.3
0.0

0.6
0.3
0.0

1.0
-0.2
0.0

2.5
1.2
0.0

4.7
2.0
0.0

7.4
3.1
0.0

5.4
0.9
0.0

6.9
1.1
0.0

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

0.0
0.4
0.0
0.0
0.0

0.0
1.5
0.0
0.0
0.0

0.0
0.7
0.0
0.0
0.0

0.0
0.3
0.0
0.0
0.0

0.0
1.1
0.1
0.0
0.0

0.0
0.8
0.5
0.0
0.0

0.0
2.3
0.4
0.0
0.0

0.0
4.0
0.4
0.0
0.0

0.0
3.9
0.6
0.0
0.0

0.0
5.6
0.2
0.0
0.0

7
8
9
10
11

12

6.5

12.5

16.8

14.6

14.0

23.2

24.5

20.6

15.5

29.0

12

13
14
15

Net purchases
Household sector
State and local governments
Rest of the world (2)

-1.1
0.0
-0.1

2.7
0.0
0.6

4.4
0.0
-0.1

5.1
0.0
0.2

4.5
0.0
0.5

8.1
0.0
0.7

7.1
0.0
0.3

1.9
0.0
0.1

2.9
0.0
0.1

11.6
0.0
0.9

13
14
15

16
17
18
19
20
21
22
23

Commercial banking
Savings institutions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

-0.1
-0.1
0.0
2.8
0.6
1.5
2.3
0.0

0.1
0.3
0.0
2.4
0.6
2.5
2.9
0.0

0.9
2.1
0.0
3.8
0.7
1.1
3.7
0.0

0.2
1.4
0.0
3.7
1.2
0.6
2.6
0.0

-0.1
0.6
0.1
1.7
0.8
0.6
4.0
0.0

1.1
2.7
0.4
1.5
2.3
1.8
4.5
0.0

0.9
4.9
1.7
5.5
0.3
-0.8
3.9
0.0

1.3
2.6
1.3
7.0
-0.7
2.0
4.2
0.0

0.3
-3.1
1.3
5.9
-0.1
2.1
5.2
0.0

1.0
-0.2
1.5
4.0
2.0
2.3
6.1
0.0

16
17
18
19
20
21
22
23

24
25
26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

0.0
0.4
0.0
0.0
0.0
0.0
0.3
0.0

0.0
0.4
0.0
0.0
0.0
0.0
0.1
0.0

0.0
-0.4
0.1
0.0
0.0
0.0
0.4
0.0

0.0
-0.6
0.3
0.0
0.0
0.0
-0.2
0.0

0.0
0.9
0.0
0.0
0.0
0.0
0.4
0.0

0.0
0.6
-0.6
0.0
0.0
0.0
0.1
0.0

0.0
0.2
0.4
0.0
0.0
0.0
0.1
0.0

0.0
0.5
0.2
0.0
0.0
0.0
0.2
0.0

0.0
0.1
0.4
0.0
0.0
0.0
0.4
0.0

0.0
0.6
-0.1
0.0
0.0
0.0
-0.6
0.0

24
25
26
27
28
29
30
31

(1) Net purchases of foreign issues by U.S. residents.
(2) Net purchases of U.S. issues by foreign residents.

37

FFA, 1965-1974, September 16, 2004

F.213 Corporate Equities (1)
Billions of dollars
1965

1

Net issues

2

Nonfinancial corporate business

3

Rest of the world (2)

4
5
6
7
8
9
10
11
12

Financial sectors
Commercial banking
Life insurance companies
Other insurance companies
Closed-end funds
Exchange-traded funds
REITs
Brokers and dealers
Net purchases

1966

1967

1968

1969

1970

1971

1972

1973

1974

-0.4

1.6

1.7

1.4

5.5

5.4

14.7

13.1

12.8

5.2

1

-0.0

1.3

2.4

-0.2

3.4

5.7

11.4

10.9

7.9

4.1

2

0.3

-0.0

0.1

0.5

0.5

0.2

0.2

-0.4

-0.3

-0.5

3

-0.7
-0.1
0.0
0.1
-0.7
0.0
0.0
0.0

0.4
-0.0
0.0
0.1
0.3
0.0
0.0
0.0

-0.8
-0.0
0.0
0.1
-0.8
0.0
0.0
0.0

1.1
-0.1
0.0
0.2
0.7
0.0
0.1
0.0

1.6
-0.0
0.0
0.5
0.5
0.0
0.6
0.0

-0.4
0.1
0.0
0.4
-2.3
0.0
1.4
0.0

3.1
0.6
0.0
0.6
1.1
0.0
0.8
0.0

2.6
1.2
0.0
0.5
-0.1
0.0
0.8
0.3

5.2
1.2
0.0
0.5
2.7
0.0
0.5
0.3

1.6
1.0
0.0
0.9
0.9
0.0
-1.4
0.3

4
5
6
7
8
9
10
11

-0.4

1.6

1.7

1.4

5.5

5.4

14.7

13.1

12.8

5.2

12

-5.2
0.0
-0.4

-4.3
0.0
-0.3

-6.7
0.0
0.7

-11.7
0.0
2.1

-16.7
0.0
1.6

-5.3
0.0
0.7

-12.6
0.0
0.8

-14.8
0.0
2.4

-11.5
0.0
2.8

-3.5
0.0
0.2

13
14
15

Commercial banking
Savings institutions
Bank personal trusts and estates

0.0
0.2
0.0

0.0
0.0
0.0

0.0
0.2
0.0

0.0
0.3
0.0

0.0
0.2
8.1

0.0
0.3
0.8

-0.0
0.5
6.6

0.0
0.6
4.4

0.0
0.4
7.4

0.0
0.2
1.8

16
17
18

19
20
21
22
23

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.7
0.1
3.1
0.4
0.0

0.2
0.4
3.5
0.5
0.0

1.0
0.3
4.6
0.7
0.0

1.3
0.8
4.8
1.3
0.0

1.3
1.0
5.4
1.8
0.0

1.6
1.0
4.6
2.1
0.0

4.0
2.5
8.9
3.2
0.0

3.8
3.0
12.1
3.7
0.0

3.3
2.4
4.1
3.4
0.0

1.9
-0.5
1.8
2.6
0.0

19
20
21
22
23

24
25
26
27

Mutual funds
Closed-end funds
Exchange-traded funds
Brokers and dealers

1.3
-0.7
0.0
0.2

1.0
0.3
0.0
0.3

1.8
-1.0
0.0
0.1

2.5
0.3
0.0
-0.3

1.8
0.5
0.0
0.6

1.2
-1.6
0.0
-0.0

0.4
0.5
0.0
-0.1

-1.8
-0.4
0.0
0.1

-2.2
2.1
0.0
0.6

-0.4
1.1
0.0
0.1

24
25
26
27

13
14
15

Household sector
State and local governments
Rest of the world (3)

16
17
18

(1) Excludes mutual fund shares shown on table F.214.
(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)
Billions of dollars
1

Net issues

2.2

2.5

1.1

2.5

3.3

1.6

0.1

-1.5

-1.1

0.1

1

2

Net purchases

2.2

2.5

1.1

2.5

3.3

1.6

0.1

-1.5

-1.1

0.1

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

2.1
0.1
0.0

2.2
0.1
0.0

0.9
0.1
0.0

2.2
0.2
0.0

2.2
0.1
0.0

1.0
-0.0
0.0

-0.0
-0.1
0.0

-1.7
-0.0
0.0

-2.6
0.2
0.0

-1.5
0.3
0.0

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.4

0.0
0.0
0.1

0.0
0.0
0.3

0.0
0.0
0.3

0.0
0.0
0.4

0.0
0.0
0.1

6
7
8

Life insurance companies
Private pension funds

0.0
0.0

0.0
0.1

0.0
0.0

0.0
0.1

0.4
0.2

0.4
0.2

-0.4
0.2

-0.3
0.3

0.2
0.6

0.4
0.8

9
10

9
10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

38

FFA, 1965-1974, September 16, 2004

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Total loans by commercial
banking, flow of funds basis

26.5

19.1

17.9

28.0

27.4

14.3

30.4

60.0

76.5

58.6

1

2
3
4
5

- Loans elsewhere classified:
Open market paper
Mortgages
Consumer credit
Security credit

-0.5
5.7
5.4
-0.2

-0.0
4.7
3.0
0.6

1.0
4.5
3.5
1.5

0.0
6.6
6.8
1.3

0.6
5.4
4.9
-1.1

1.4
2.8
2.2
1.4

0.5
10.0
8.7
0.8

0.0
16.8
12.7
4.8

-0.5
19.8
12.6
-3.4

1.4
12.8
3.4
-1.0

2
3
4
5

6

= Banking sector total bank loans n.e.c.

16.1

10.9

7.4

13.3

17.5

6.5

10.5

25.7

48.0

42.0

6

16.0
0.1
0.0
0.0

10.5
0.4
0.0
0.0

7.3
0.1
0.0
0.0

12.9
0.4
0.0
0.0

12.3
1.2
3.9
0.0

5.0
2.5
-1.0
0.0

10.1
0.5
-0.1
0.0

25.1
0.8
-0.2
0.0

42.3
4.0
1.7
0.0

34.8
6.3
0.9
0.0

7
8
9
10

7
8
9
10

U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

11

+ Loans from Federal Reserve banks

0.0

-0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

16.1

10.8

7.4

13.3

17.5

6.5

10.5

25.7

48.0

42.0

12

13

Net change in liabilities

16.1

10.8

7.4

13.3

17.5

6.5

10.5

25.7

48.0

42.0

13

12.6

11.4

9.9

9.6

16.0

4.4

8.3

19.0

40.8

41.3

14

-0.4
10.8
0.9
0.7

0.7
8.4
1.4
0.9

2.4
6.5
0.7
0.7

-1.3
9.8
1.1
0.4

0.1
13.4
2.2
0.6

-0.7
4.8
-0.4
0.8

-0.0
4.1
0.9
1.3

0.3
12.8
1.1
1.8

3.6
26.6
5.0
2.9

5.6
22.7
7.3
1.1

15
16
17
18

0.6
0.1
0.2
0.3

-0.1
-0.1
0.1
-0.1

-0.4
0.0
-0.4
0.0

-0.4
-0.2
0.1
-0.3

-0.3
-0.0
0.2
-0.4

-0.2
-0.1
-0.1
0.0

2.0
0.2
0.9
0.9

3.0
0.2
1.1
1.7

2.7
0.4
1.6
0.7

4.7
0.3
3.1
1.3

19
20
21
22

3.5

-0.6

-2.5

3.7

1.5

2.1

2.2

6.7

7.2

0.6

23

0.2
2.8
0.5
0.0

0.1
-0.1
-0.6
0.0

-0.1
-0.8
-1.6
0.0

0.1
0.5
2.6
0.6

0.1
0.2
0.8
0.4

-0.1
1.0
1.2
0.1

0.7
-1.0
2.0
0.6

0.4
3.3
1.7
1.3

0.4
1.6
1.9
3.4

-0.4
-0.3
-1.9
3.3

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

39

FFA, 1965-1974, September 16, 2004

F.216 Other Loans and Advances
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Total other loans and advances

6.4

7.2

3.2

8.4

16.8

9.3

4.6

7.3

22.1

30.2

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

2.8
0.2
0.3
0.2
0.1
0.3
1.5
0.2

2.7
0.5
0.4
0.2
-0.0
0.6
1.3
-0.2

3.7
0.3
0.2
0.4
0.2
0.2
2.6
-0.1

3.6
0.4
0.2
0.3
-0.1
0.3
2.2
0.2

3.4
0.4
0.1
0.3
-0.0
0.7
2.1
-0.3

2.5
0.3
0.3
0.6
-0.1
0.1
1.3
0.0

3.2
0.4
0.2
0.4
0.0
0.4
1.8
0.0

2.5
0.4
0.2
0.1
0.0
0.3
1.5
0.0

4.4
0.2
0.3
1.5
0.4
0.3
1.7
0.0

3.5
0.5
1.5
0.5
0.1
0.7
-0.5
0.7

2
3
4
5
6
7
8
9

10
11

Foreign loans to U.S. corporate business
Liab.: Nonfinancial corporate business

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.2
0.2

10
11

12
13
14

Customers liability on acceptances
outstanding (Commercial banking asset)
Liab.: Nonfinancial corporate business
Rest of the world

0.0
0.1
-0.1

0.2
0.3
-0.1

0.7
0.2
0.5

0.1
0.3
-0.2

1.0
0.7
0.3

1.6
0.8
0.8

0.8
0.5
0.3

-1.0
0.1
-1.0

2.0
1.1
0.9

9.6
2.5
7.1

12
13
14

15
16
17

Savings institution loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
-0.0
-0.0

0.1
0.1
0.1

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.2
0.1
0.1

0.2
0.1
0.1

-0.1
-0.1
-0.1

-0.1
-0.1
-0.1

0.1
0.0
0.0

15
16
17

18
19
20

Policy loans (Household liability)
Asset: Federal government
Life insurance companies

0.6
0.0
0.5

1.5
0.1
1.4

1.0
0.1
0.9

1.3
0.0
1.2

2.6
0.1
2.5

2.3
0.1
2.2

1.0
0.0
1.0

1.0
0.0
0.9

2.2
0.0
2.2

2.7
0.0
2.7

18
19
20

21
22
23
24
25
26
27
28

Govt.-sponsored enterprises loans
Liab.: Household sector (SLMA)
Noncorporate business (FCS)
Farm business (FCS)
Commercial banks (FHLB and SLMA)
Savings institutions (FHLB and SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

1.0
0.0
0.1
0.3
0.0
0.7
0.0
0.0

1.6
0.0
0.2
0.4
0.0
0.9
0.0
0.0

-1.8
0.0
0.2
0.5
0.0
-2.5
0.0
0.0

1.2
0.0
0.1
0.2
0.0
0.9
0.0
0.0

4.8
0.0
0.2
0.6
0.0
4.0
0.0
0.0

2.3
0.0
0.3
0.7
0.0
1.3
0.0
0.0

-2.0
0.0
-0.0
0.7
0.0
-2.7
0.0
0.0

0.8
0.0
0.3
0.4
0.0
0.0
0.0
0.0

8.5
0.0
0.3
1.1
0.0
7.2
0.0
0.0

9.3
0.0
1.0
1.7
0.0
6.7
0.0
0.0

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

29
30

31
32
33

Finance company loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

2.0
1.8
0.2

1.1
1.0
0.1

-0.3
-0.3
-0.0

2.2
2.0
0.2

5.0
4.5
0.5

0.4
0.3
0.0

1.3
1.2
0.1

4.2
3.8
0.4

5.0
4.5
0.5

4.8
4.4
0.5

31
32
33

40

FFA, 1965-1974, September 16, 2004

F.217 Total Mortgages
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net change in mortgages

27.5

23.7

23.7

29.6

31.0

30.9

49.5

71.9

77.9

62.6

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

17.2
3.6
4.5
2.2

13.0
3.1
5.8
1.9

13.4
3.5
4.8
2.0

17.2
3.4
6.8
2.2

18.2
4.9
6.0
1.8

13.5
8.1
8.2
1.1

27.0
9.7
10.1
2.6

39.0
12.8
17.2
3.0

43.4
10.4
19.6
4.4

35.9
6.9
14.7
5.1

2
3
4
5

27.5

23.7

23.7

29.6

31.0

30.9

49.5

71.9

77.9

62.6

6

18.0

13.6

11.5

20.2

19.0

13.2

25.3

35.7

40.6

37.1

7

6
7

Net borrowing
Household sector

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

9.6
2.5
4.8
2.2

10.2
3.6
4.8
1.9

12.2
4.3
6.0
2.0

9.3
0.4
6.7
2.2

11.9
0.8
9.3
1.8

17.7
13.2
3.3
1.1

24.1
4.0
17.5
2.6

35.8
8.2
24.6
3.0

37.0
30.2
2.4
4.4

25.5
-0.1
20.5
5.1

8
9
10
11

12
13

Federal government
REITs

0.0
0.0

-0.1
0.0

-0.1
0.0

-0.1
0.2

-0.1
0.2

-0.1
0.1

-0.1
0.1

-0.1
0.5

-0.1
0.3

-0.1
0.1

12
13

14

Net change in assets

27.5

23.7

23.7

29.6

31.0

30.9

49.5

71.9

77.9

62.6

14

0.5
0.0
0.0

1.7
0.0
0.0

2.1
-0.0
0.0

2.3
-0.0
0.0

1.7
0.1
0.3

1.8
-0.0
0.4

-2.6
0.0
1.2

1.0
-0.0
1.1

-0.0
0.1
0.3

3.4
0.4
0.1

15
16
17

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

0.2
-0.0

0.2
1.0

0.1
0.9

0.2
1.4

0.5
1.0

0.9
0.3

1.1
-0.4

1.4
-0.7

1.7
-0.6

2.5
2.7

18
19

20
21
22
23

Commercial banking
Savings institutions (1)
Credit unions
Bank personal trusts and estates

5.7
13.1
0.0
0.0

4.7
7.8
0.1
0.0

4.5
9.5
0.0
0.0

6.6
12.1
0.0
0.0

5.4
12.2
0.0
0.3

2.8
11.3
0.1
0.1

10.0
25.9
0.0
0.2

16.8
36.3
0.2
0.0

19.8
32.8
0.4
0.2

12.8
21.2
0.1
0.4

20
21
22
23

24
25
26
27

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

4.9
0.0
0.6
0.7

4.6
0.0
0.5
0.8

2.9
0.0
0.2
0.5

2.5
0.0
-0.0
0.4

2.1
0.0
0.1
0.2

2.3
0.0
-0.0
0.3

1.1
-0.0
-0.5
0.4

1.5
-0.0
-0.9
0.2

4.4
-0.0
-0.4
0.7

4.9
-0.0
-0.0
0.6

24
25
26
27

28
29
30

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

1.1
0.2
0.0

2.6
0.4
0.0

1.8
0.7
0.0

2.2
0.5
0.0

4.4
0.7
0.0

5.4
1.6
0.0

3.6
4.8
0.0

4.0
4.9
0.0

7.1
3.6
0.0

10.3
4.5
0.0

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

0.0
0.5
0.0

0.0
-0.6
0.0

0.0
0.4
0.0

0.0
0.6
0.8

0.0
0.8
1.2

0.6
1.2
1.9

0.5
2.0
2.3

0.5
1.7
4.2

0.5
1.9
5.6

0.5
-1.9
0.2

31
32
33

(1) FHLB loans to savings institutions are included in other loans and advances.

41

FFA, 1965-1974, September 16, 2004

F.218 Home Mortgages (1)
Billions of dollars

1
2
3
4
5
6
7
8

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Net change in assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

17.2

13.0

13.4

17.2

18.2

13.5

27.0

39.0

43.4

35.9

1

17.2
0.0
0.0

13.0
0.0
0.0

13.4
0.0
0.0

17.2
0.0
0.0

18.2
0.0
0.0

12.4
0.2
0.9

24.6
0.5
1.9

35.0
0.8
3.2

40.6
0.6
2.2

37.4
-0.3
-1.2

2
3
4

17.2

13.0

13.4

17.2

18.2

13.5

27.0

39.0

43.4

35.9

5

1.2
0.0
0.0

1.1
0.0
0.0

1.6
0.0
0.0

2.0
0.0
0.0

1.8
0.0
0.0

-1.3
0.0
0.0

0.4
0.0
0.5

-0.8
0.0
0.4

0.6
0.0
0.1

3.0
0.0
-0.0

6
7
8

9
10

State and local governments
Federal government

0.0
-0.1

0.0
0.6

-0.0
0.7

0.0
0.9

0.1
0.2

0.1
-0.1

0.1
-0.6

0.1
-0.6

0.6
-0.8

0.7
1.4

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

3.2
10.1
0.0
0.0

2.4
6.0
0.1
0.0

2.5
6.9
0.0
0.0

3.5
8.8
0.0
0.0

2.9
9.4
0.0
0.3

1.0
7.4
0.1
0.1

5.7
16.0
0.0
0.2

9.0
26.3
0.2
0.0

11.0
24.8
0.4
0.2

6.6
16.0
0.1
0.4

11
12
13
14

15
16
17

Life insurance companies
Private pension funds
State and local govt. retirement funds

1.1
0.3
0.3

0.6
0.2
0.4

-0.5
0.1
0.2

-0.7
-0.0
0.2

-1.4
0.1
0.0

-0.9
-0.0
0.1

-2.1
-0.3
0.1

-2.3
-0.4
0.0

-1.9
-0.2
0.2

-1.4
-0.0
0.1

15
16
17

18
19
20

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.5
0.1
0.0

1.9
0.2
0.0

1.1
0.4
0.0

1.6
0.3
0.0

3.8
0.4
0.0

4.6
1.2
0.0

2.1
4.2
0.0

1.8
4.0
0.0

3.4
2.9
0.0

5.6
4.4
0.0

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

0.0
0.5
0.0

0.0
-0.5
0.0

0.0
0.3
0.0

0.0
0.5
0.0

0.0
0.7
0.2

0.4
0.5
0.4

0.3
0.3
0.2

0.3
0.6
0.4

0.3
1.2
0.7

0.3
-1.2
-0.2

21
22
23

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

24
25
26
27
28
29

24
25
26
27
28
29

Memo:
Home equity loans included above (2)
Commercial banking
Savings institutions
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens.
Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages
Billions of dollars
1

Net borrowing

3.6

3.1

3.5

3.4

4.9

8.1

9.7

12.8

10.4

6.9

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

0.4
3.3

0.3
2.8

0.3
3.3

0.2
3.3

0.2
4.7

0.2
7.9

0.3
9.5

0.4
12.3

0.4
10.0

0.3
6.6

2
3

4
5

Federal government
REITs

0.0
0.0

-0.1
0.0

-0.1
0.0

-0.1
0.1

-0.1
0.1

-0.1
0.0

-0.1
0.0

-0.1
0.2

-0.1
0.1

-0.1
0.0

4
5

6

Net change in assets

3.6

3.1

3.5

3.4

4.9

8.1

9.7

12.8

10.4

6.9

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.5
0.0
0.0

-0.1
0.0
0.0

-0.0
0.0
0.0

-0.1
0.0
0.0

-0.4
0.0
0.0

1.1
0.0
0.0

-1.6
0.0
0.3

0.3
0.0
0.3

-0.9
0.0
0.0

-0.0
0.0
-0.1

7
8
9

10
11

State and local governments
Federal government

0.2
-0.0

0.1
0.3

0.1
0.2

0.2
0.3

0.4
0.7

0.6
0.5

0.7
0.4

1.0
0.3

0.9
0.3

1.4
0.7

10
11

12
13

Commercial banking
Savings institutions

0.3
1.6

0.1
0.8

0.3
1.2

0.3
1.4

0.5
1.5

0.1
2.3

0.7
5.6

1.8
4.8

1.2
3.2

0.6
1.7

12
13

14
15
16

Life insurance companies
Private pension funds
State and local govt. retirement funds

1.6
0.2
0.2

1.5
0.2
0.3

1.4
0.1
0.2

1.0
-0.0
0.1

1.5
0.1
0.1

1.7
-0.0
0.1

0.8
-0.3
0.3

0.6
-0.3
-0.1

1.1
-0.1
-0.1

1.2
0.0
0.1

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

-0.0
0.0
0.0

0.0
0.0
0.0

-0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.3
0.0
0.0

0.8
0.1
0.0

1.0
0.3
0.0

1.8
0.2
0.0

2.2
0.2
0.0

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.0
0.1
0.0

0.0
-0.1
0.0

0.0
0.1
0.0

0.0
0.1
0.1

0.0
0.1
0.4

0.0
0.5
0.8

0.0
1.2
0.9

0.0
0.9
2.0

0.0
0.4
2.4

0.0
-1.3
0.2

20
21
22

7
8
9

42

FFA, 1965-1974, September 16, 2004

F.220 Commercial Mortgages
Billions of dollars

1
2
3
4
5
6
7
8
9

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs
Net change in assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1965

1966

1967

1968

1969

4.5
0.8
2.1
1.6
0.0

1970

1971

1972

1973

1974

5.8

4.8

6.8

6.0

8.2

10.1

17.2

19.6

14.7

1

0.6
3.2
2.0
0.0

-1.8
4.0
2.7
0.0

2.9
0.2
3.4
0.1

0.7
0.5
4.6
0.2

0.8
12.8
-5.4
0.1

0.7
3.2
6.1
0.1

0.7
7.0
9.1
0.3

0.0
29.2
-9.8
0.2

-0.4
-0.1
15.1
0.1

2
3
4
5

4.5

5.8

4.8

6.8

6.0

8.2

10.1

17.2

19.6

14.7

6

-0.9
0.0
0.0

0.4
0.0
0.0

-0.0
-0.0
0.0

-0.6
-0.0
0.0

-0.3
0.1
0.3

1.9
-0.0
0.4

-2.6
0.0
0.4

0.7
-0.0
0.4

-1.0
0.1
0.2

-1.1
0.4
0.2

7
8
9

10
11

State and local governments
Federal government

0.0
0.0

0.0
0.0

0.0
0.1

0.0
0.1

0.0
0.1

0.2
0.1

0.2
0.1

0.3
-0.2

0.2
-0.1

0.3
0.3

10
11

12
13

Commercial banking
Savings institutions

2.0
1.3

2.0
1.0

1.6
1.3

2.6
1.9

1.8
1.3

1.2
1.5

3.0
4.5

5.4
5.2

6.9
4.8

5.0
3.4

12
13

14
15
16
17

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

1.7
0.0
0.2
0.1

2.1
0.0
0.2
0.1

1.6
0.0
0.1
0.1

1.9
0.0
0.0
0.1

2.0
0.0
0.0
0.0

1.6
0.0
0.0
0.2

2.5
-0.0
0.1
0.0

3.1
-0.0
-0.2
0.1

4.9
-0.0
-0.0
0.5

4.8
-0.0
-0.0
0.5

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.1
0.0
0.0
0.0
0.0

0.1
0.0
0.0
-0.0
0.0

0.1
0.0
0.0
0.0
0.0

0.1
0.0
0.0
0.0
0.7

0.1
0.0
0.0
0.0
0.6

0.1
0.0
0.2
0.2
0.7

0.1
0.0
0.1
0.5
1.2

0.3
0.0
0.1
0.3
1.7

0.3
0.0
0.1
0.2
2.5

-0.1
0.0
0.1
0.6
0.2

18
19
20
21
22

F.221 Farm Mortgages
Billions of dollars
1

Net borrowing (Farm business)

2.2

1.9

2.0

2.2

1.8

1.1

2.6

3.0

4.4

5.1

1

2

Net change in assets

2.2

1.9

2.0

2.2

1.8

1.1

2.6

3.0

4.4

5.1

2

3
4

Household sector
Nonfarm noncorporate business

0.7
0.0

0.3
0.0

0.6
0.0

0.9
0.0

0.7
0.0

0.1
0.0

1.2
0.0

0.8
0.0

1.3
0.0

1.5
-0.0

3
4

5
6

State and local governments
Federal government

0.0
0.1

0.0
0.1

-0.0
-0.1

0.0
0.1

0.0
0.0

0.1
-0.2

0.0
-0.3

0.0
-0.1

0.0
-0.0

0.0
0.2

5
6

7
8

Commercial banking
Savings institutions

0.3
-0.0

0.2
0.0

0.2
0.1

0.2
0.0

0.3
-0.0

0.5
0.0

0.6
-0.1

0.6
0.0

0.7
0.0

0.6
-0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.5
0.0

0.4
0.0

0.3
0.0

0.2
0.0

-0.0
0.1

-0.1
-0.1

-0.0
-0.0

0.1
0.0

0.3
0.1

0.3
-0.1

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

0.6
0.1

0.7
0.1

0.7
0.2

0.5
0.1

0.6
0.2

0.5
0.3

0.7
0.4

1.2
0.3

1.9
0.2

2.5
-0.0

11
12

43

FFA, 1965-1974, September 16, 2004

F.222 Consumer Credit
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net change in liabilities (Households)

10.1

5.9

5.1

10.8

9.9

4.4

15.6

19.5

22.5

8.9

1

2

Net change in assets

10.1

5.9

5.1

10.8

9.9

4.4

15.6

19.5

22.5

8.9

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

0.9
0.3
0.0

0.2
-0.1
0.0

0.3
-0.1
0.0

0.1
-0.0
0.0

0.1
-0.1
0.0

0.7
0.1
0.0

2.7
-0.1
0.0

0.7
-0.1
0.0

-0.6
-0.2
0.0

1.1
-0.4
0.0

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

5.4
0.2
1.0

3.0
0.2
0.9

3.5
0.2
0.7

6.8
0.3
1.3

4.9
0.5
1.7

2.2
0.3
1.0

8.7
0.2
1.8

12.7
0.5
2.2

12.6
3.4
2.7

3.4
0.6
2.3

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

0.0
0.0
2.3

0.0
0.0
1.8

0.0
0.0
0.5

0.0
0.0
2.3

0.0
0.0
2.8

0.0
0.0
0.1

0.0
0.0
2.3

0.0
0.0
3.6

0.0
0.0
4.6

0.0
0.0
1.9

9
10
11

16.9

14.0

12.7

20.9

27.3

13.7

20.5

32.1

52.3

43.2

1

0.4

0.4

0.6

0.6

0.7

0.6

0.9

0.8

0.7

1.2

2

11.7
-0.9
0.6

9.1
-1.5
0.4

5.9
0.1
-0.2

16.5
-1.0
-1.1

19.5
1.0
-0.4

7.9
-0.4
-0.3

13.6
-0.4
0.7

23.1
0.7
0.5

38.1
2.6
0.8

26.4
2.5
0.7

3
4
5

4.5
0.6

4.6
0.8

5.1
0.7

5.5
-0.0

5.7
-0.1

5.9
-1.0

6.1
-1.0

6.1
0.3

7.1
1.1

9.8
-0.5

6
7

-0.1
0.0

0.3
0.0

0.5
0.0

0.4
0.1

0.8
0.1

1.0
0.0

0.5
0.1

0.5
0.1

1.9
0.0

3.1
0.1

8
9

9
10
11

F.223 Trade Credit
Billions of dollars
1

Net change in trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

8
9

Rest of the world
Brokers and dealers

10

Net change in trade receivables

14.7

15.7

11.8

20.4

27.0

8.7

13.3

29.9

48.9

35.6

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13.3
-0.2

12.4
0.6

8.3
0.5

18.5
-1.4

22.9
0.5

8.3
-1.5

12.4
1.5

26.4
0.6

40.9
2.3

31.8
2.2

11
12

13
14
15

State and local governments
Federal government
Rest of the world

0.8
0.4
0.2

0.6
1.2
0.6

0.6
1.5
0.7

0.9
0.6
1.5

1.2
0.9
1.0

0.6
-0.8
1.6

0.9
-1.7
-0.1

1.5
-0.8
1.0

2.8
0.3
2.0

-2.0
1.0
2.1

13
14
15

16
17

Other insurance companies
ABS issuers

0.2
0.0

0.2
0.0

0.3
0.0

0.3
0.0

0.4
0.0

0.5
0.0

0.3
0.0

1.2
0.0

0.6
0.0

0.5
0.0

16
17

2.2

-1.6

0.9

0.4

0.3

5.0

7.2

2.2

3.4

7.6

18

18

Discrepancy

F.224 Security Credit
Billions of dollars
1

Net change in liabilities

2
3

Household sector
Rest of the world

4
5
6
7

Brokers and dealers
Customer credit balances (HH)
From U.S.-chartered commercial banks
From foreign banking offices in U.S.

1.1

0.8

7.0

6.6

-6.7

-0.8

3.8

8.7

-7.9

-3.6

1

0.3
0.0

-0.0
0.0

3.0
0.2

2.6
0.2

-3.3
-0.2

-1.3
0.0

2.5
0.0

3.6
0.1

-4.2
-0.2

-1.5
-0.0

2
3

0.7
0.9
0.1
-0.3

0.8
0.2
0.5
0.1

3.8
2.3
1.5
0.0

3.7
2.4
1.3
0.0

-3.1
-2.0
-1.1
0.0

0.5
-1.0
1.4
0.0

1.3
0.5
0.8
0.0

4.9
0.2
4.7
0.1

-3.6
-0.2
-2.9
-0.6

-2.1
-1.0
-1.0
-0.1

4
5
6
7

8

Net change in assets

1.1

0.8

7.0

6.6

-6.7

-0.8

3.8

8.7

-7.9

-3.6

8

9
10

Household sector
Rest of the world

0.9
0.0

0.2
0.0

2.2
0.1

2.1
0.3

-1.8
-0.2

-0.9
-0.1

0.5
-0.0

0.1
0.1

-0.2
-0.0

-1.0
-0.0

9
10

11
12

Commercial banking
Brokers and dealers

-0.2
0.4

0.6
-0.0

1.5
3.2

1.3
2.8

-1.1
-3.5

1.4
-1.3

0.8
2.6

4.8
3.7

-3.4
-4.3

-1.0
-1.6

11
12

44

FFA, 1965-1974, September 16, 2004

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

4.8

4.7

5.2

4.8

5.0

5.3

6.4

6.9

7.3

7.1

1

0.1
4.7

0.1
4.6

0.1
5.1

-0.0
4.8

0.1
5.0

0.1
5.2

0.1
6.3

0.2
6.7

0.2
7.2

0.1
7.0

2
3

4.8

4.7

5.2

4.8

5.0

5.3

6.4

6.9

7.3

7.1

4

13.0

15.5

14.5

16.3

18.3

20.5

24.0

43.6

34.5

37.5

5

2.1
6.3
3.3
1.3

2.1
7.9
4.2
1.3

1.5
7.6
4.1
1.3

2.3
7.9
4.8
1.3

3.1
8.2
5.5
1.5

2.9
8.9
6.4
2.4

4.6
10.0
6.6
2.8

4.4
27.7
8.5
3.0

5.7
17.1
9.5
2.1

6.0
19.5
9.3
2.7

6
7
8
9

13.0

15.5

14.5

16.3

18.3

20.5

24.0

43.6

34.5

37.5

10

Life insurance reserves:
1
2
3
4

Net change in liabilities
Federal government
Life insurance companies
Net change in assets (Households)
Pension fund reserves:

5
6
7
8
9
10

Net change in liabilities
Life insurance companies
Private pension funds (1)
State and local govt. retirement funds
Federal government retirement funds (2)
Net change in assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses
Billions of dollars
1

Net change in taxes payable by all
businesses

2.1

-0.9

-4.4

1.3

-1.5

-2.1

4.0

3.9

5.4

9.0

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

2.1
0.0

-0.9
0.0

-4.2
0.0

1.1
0.0

-1.7
0.0

-2.6
0.0

3.1
1.0

2.4
1.5

3.8
1.5

7.4
1.6

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

-0.1
0.0

-0.0
-0.0

-0.1
-0.0

-0.1
0.0

0.1
0.0

0.3
0.0

-0.0
0.0

-0.2
0.0

0.1
0.0

0.1
0.1

4
5

6
7

Life insurance companies
Other insurance companies

-0.0
0.1

0.1
0.0

-0.1
0.0

0.2
-0.0

0.1
0.1

0.1
0.1

-0.1
-0.1

0.0
0.1

0.0
0.0

-0.0
0.0

6
7

8
9

Finance companies
Brokers and dealers

0.1
0.0

-0.0
0.0

-0.1
0.1

-0.0
0.0

0.0
-0.1

0.0
0.0

0.0
-0.0

0.0
0.0

0.0
-0.0

0.0
-0.1

8
9

1.4

-1.3

-4.9

1.1

-3.1

-2.5

2.8

1.5

3.3

1.8

10

0.1
1.3

0.0
-1.4

0.1
-5.1

0.2
0.9

0.0
-3.1

0.1
-2.6

1.3
1.6

1.8
-0.2

1.6
1.6

1.7
0.1

11
12

0.7

0.4

0.5

0.2

1.6

0.5

1.1

2.4

2.2

7.2

13

10
11
12
13

Net change in business taxes receivable
State and local governments
Federal government
Discrepancy

F.227 Investment in Bank Personal Trusts and Estates
Billions of dollars
1

Liab.: Bank personal trusts and estates

0.0

0.0

0.0

0.0

13.2

4.9

13.5

9.5

13.6

6.4

1

2

Asset: Household sector

0.0

0.0

0.0

0.0

13.2

4.9

13.5

9.5

13.6

6.4

2

F.228 Proprietors’ Equity in Noncorporate Business
Billions of dollars
1
2
3
4

Total household investment
Nonfarm noncorporate business
Farm business
Brokers and dealers

2.3

1.9

0.3

3.1

-0.7

0.0

1.6

-5.6

9.0

-28.5

1

3.2
-1.0
0.1

3.9
-1.9
-0.0

-0.0
0.2
0.1

1.2
1.9
0.1

-0.2
-0.5
0.0

0.5
-0.6
0.2

2.3
-1.0
0.3

-3.1
-2.7
0.2

12.0
-3.8
0.7

-22.2
-6.8
0.5

2
3
4

45

FFA, 1965-1974, September 16, 2004

F.229 Total Miscellaneous Financial Claims
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

11.7

7.8

11.9

18.8

24.7

30.8

35.1

50.3

49.6

35.1

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.3
1.4
0.0

0.4
1.1
0.0

0.3
-0.9
0.0

0.4
5.3
0.0

0.4
4.1
0.0

0.4
-5.2
8.6

0.3
0.9
2.9

0.5
0.5
2.7

0.4
2.0
3.4

0.7
5.8
5.7

2
3
4

5
6

Federal government
Rest of the world

1.3
4.3

0.9
4.9

1.4
4.5

2.1
3.4

1.2
5.2

2.9
5.9

3.7
6.3

3.0
5.3

1.8
8.2

2.7
9.8

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

-0.3
1.5
0.5
-0.1

0.1
0.5
-0.2
-0.0

0.1
0.8
1.6
-0.0

0.4
3.6
1.0
-0.0

0.3
6.4
0.9
-0.0

0.5
10.2
1.7
0.0

-0.2
8.3
3.3
-0.1

0.0
23.1
2.9
-0.1

1.3
18.4
0.2
0.1

-0.2
5.5
0.0
0.3

7
8
9
10

11
12

Life insurance companies
Other insurance companies

1.2
1.5

1.2
1.8

1.6
2.1

1.5
2.5

1.4
3.4

1.5
3.4

2.0
3.6

2.6
4.8

2.5
4.8

2.6
4.6

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

0.1
-0.2
0.0

0.2
-3.2
0.0

0.5
-2.0
2.0

-0.2
0.8
-2.0

0.4
0.6
0.0

1.8
-0.7
0.0

-0.5
4.8
0.0

0.4
3.4
0.0

2.2
4.0
0.0

0.4
-4.1
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

0.0
-0.1
0.2

0.0
-0.0
0.3

0.0
-0.1
0.1

0.0
-0.1
0.2

0.0
-0.1
0.6

0.0
-0.0
-0.2

0.0
-0.0
-0.1

0.3
0.8
-0.1

0.1
-0.3
0.5

1.4
0.2
-0.3

16
17
18

17.5

7.8

16.0

18.1

18.1

28.9

37.9

71.7

57.1

31.0

19

19

Net change in liabilities

1966

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

1.4
11.6
0.3
0.2

1.3
3.5
0.4
0.2

1.6
7.3
0.4
0.3

1.9
8.8
0.5
0.4

2.2
10.5
0.7
0.4

2.7
11.8
0.7
0.5

2.6
17.1
4.8
0.6

2.9
32.0
5.6
0.7

3.1
24.4
3.8
0.6

2.9
10.7
0.4
0.8

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

0.0
0.1
-0.4

0.1
0.4
-0.2

0.0
-0.1
0.7

-0.1
-0.2
0.8

-0.1
0.1
-4.5

-0.0
0.3
-0.7

0.1
0.1
-2.2

-0.1
0.1
2.6

-0.0
1.0
5.8

-0.1
0.1
8.3

24
25
26

27
28
29
30
31

Monetary authority
Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

0.3
0.6
0.3
-0.0
0.0

0.2
0.7
-0.6
-0.0
0.0

0.2
0.3
1.8
-0.0
0.0

0.1
2.3
-0.2
-0.0
0.0

0.2
4.7
-0.8
-0.0
0.2

-0.5
5.5
2.0
-0.0
0.3

0.1
4.8
2.3
-0.1
0.3

0.2
11.8
1.9
-0.1
0.1

0.2
10.7
-1.5
-0.1
0.5

1.8
0.5
1.1
-0.1
0.5

27
28
29
30
31

32
33
34
35
36

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.5
0.0
0.7
0.0
1.3

0.2
0.0
1.1
0.0
1.3

0.3
0.1
1.2
0.0
1.3

0.6
0.1
1.0
0.0
1.3

0.9
0.1
0.9
0.0
1.5

0.8
0.2
1.0
0.0
2.4

0.9
0.2
1.2
0.0
2.8

1.0
0.3
7.3
0.0
3.0

0.9
0.4
3.6
0.0
2.1

1.4
0.5
4.6
0.0
2.7

32
33
34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.0
0.1

0.0
0.0
-0.1

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.4

0.0
0.0
0.8

0.0
0.0
0.2

0.0
0.0
-0.3

0.0
0.0
1.0

-0.1
0.0
-1.8

37
38
39

40
41
42
43

Finance companies
REITs
Brokers and dealers
Funding corporations

0.5
0.0
0.1
0.0

-0.6
0.0
-0.1
0.0

0.4
0.0
0.3
0.0

0.6
0.0
0.1
0.0

0.8
0.0
-0.2
0.0

1.2
0.0
0.1
0.0

1.7
0.2
0.2
0.0

1.4
1.1
0.2
0.0

1.5
-0.6
-0.3
0.0

-2.2
-0.4
-0.7
0.0

40
41
42
43

-5.7

0.0

-4.1

0.7

6.6

2.0

-2.7

-21.4

-7.5

4.1

44

44

Discrepancy

46

FFA, 1965-1974, September 16, 2004

F.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

4.8
0.0
5.0
-0.2

4.8
0.0
5.4
-0.6

4.4
0.0
4.8
-0.4

3.2
0.0
5.3
-2.1

4.9
0.0
6.0
-1.0

6.8
0.0
7.6
-0.8

6.5
0.0
7.6
-1.2

5.7
0.0
7.7
-2.0

10.1
0.0
11.4
-1.2

8.9
0.0
9.1
-0.1

1
2
3
4

4.6
0.0
0.0
0.0
0.1
0.1

4.6
0.0
0.0
0.0
0.1
0.1

4.1
0.1
0.0
0.1
0.0
0.0

2.8
0.1
0.0
0.1
0.0
0.0

4.5
0.1
0.0
0.1
0.0
0.0

6.3
0.2
0.0
0.2
0.0
0.0

5.9
0.2
0.1
0.2
0.0
0.0

5.0
0.3
0.1
0.3
0.0
0.0

9.2
0.3
0.1
0.4
0.0
0.0

7.8
0.4
0.1
0.5
0.0
0.0

5
6
7
8
9
10

0.5
0.0
-0.0
-0.0
-0.0
-0.0
-0.0
0.0

0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.7
0.0
0.0
0.0
0.0
0.0
-0.0
0.0

0.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0

1.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0

1.4
0.0
0.0
0.0
0.0
0.0
-0.0
0.0

0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0

2.5
0.1
0.1
0.0
0.0
0.0
-0.0
0.0

4.6
0.2
0.3
-0.3
-0.3
-0.0
0.3
0.0

11
12
13
14
15
16
17
18

0.4
0.0
0.4
0.0

0.4
0.0
0.4
0.0

0.7
0.0
0.7
0.0

0.8
0.0
0.8
0.0

1.3
0.0
1.3
0.0

1.5
0.0
1.5
0.0

0.4
0.0
0.4
0.0

0.9
0.0
0.9
0.0

2.8
0.0
2.8
0.0

4.8
0.0
4.8
0.0

19
20
21
22

0.1
0.1

0.0
0.0

0.1
0.1

0.1
0.1

0.2
0.2

0.2
0.2

0.3
0.3

0.3
0.3

0.3
0.3

0.6
0.6

23
24

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.1
0.1

0.1
0.1

0.1
0.1

25
26

0.1

0.3

0.1

-0.2

0.2

-0.0

0.1

0.2

0.5

0.7

27

0.0
0.0
0.0
-0.0
0.0
0.1
0.0
0.0

0.0
0.0
0.0
0.1
0.0
0.1
0.0
0.0

0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.1
-0.3
0.0
0.0
0.0
0.0

0.1
0.0
0.1
0.0
0.0
0.1
0.0
0.0

-0.2
0.0
0.1
0.0
0.0
0.1
0.0
0.0

0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.1
0.0
0.0
0.1
0.0
0.0

0.0
0.0
0.2
0.0
0.0
0.4
0.0
0.0

0.0
0.0
0.2
0.0
0.0
0.5
0.0
0.0

28
29
30
31
32
33
34
35

U.S. direct investment abroad (1):
1
2
3
4
5
6
7
8
9
10

Liab.: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers
Foreign direct investment in U.S. (1):

11
12
13
14
15
16
17
18

Liab.: Nonfinancial corporate business
Nonfarm noncorporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers
Funding corporations

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Federal government equity in IBRD, etc.:

23
24

Liab.: Rest of the world
Asset: Federal government
Federal Reserve Bank stock:

25
26

Liab.: Monetary authority
Asset: Commercial banking
Equity in govt.-sponsored enterprises:

27

Liab.: Government-sponsored enterprises

28
29
30
31
32
33
34
35

Asset: Nonfin. corporate business (FNMA)
Nonfarm noncorporate (BC)
Farm business (FICB and FLB)
Federal government
Commercial banks (FHLB)
Savings institutions (FHLB)
Credit unions (FHLB)
Life insurance companies (FHLB)
BHC investment in subsidiaries:

36
37
38
39
40

Liab.: Commercial banking
Savings institutions
Finance companies
Mortgage companies
Brokers and dealers

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
2.0
-2.0

0.0
0.0
0.0
-2.0
2.0

4.0
0.0
0.0
0.0
0.0

6.0
0.0
0.0
0.0
0.0

5.0
0.0
0.6
0.0
0.0

6.0
0.0
2.4
0.0
0.0

4.0
0.0
0.6
0.0
0.8

7.0
0.0
-0.3
0.0
1.0

36
37
38
39
40

41

Asset: Bank holding companies

0.0

0.0

0.0

0.0

4.0

6.0

5.6

8.4

5.4

7.7

41

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

42
43

NFC investment in finance company subs.:
42
43

Liab.: Finance companies
Asset: Nonfinancial corporate business
Funding corp. investment in subs.:

44
45

Liab.: Foreign banking offices in U.S.
Brokers and dealers

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

44
45

46

Asset: Funding corporations

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.

47

FFA, 1965-1974, September 16, 2004

F.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

0.0
0.0

0.3
0.3

-0.2
-0.2

-0.1
-0.1

-0.1
-0.1

0.0
0.0

-0.2
-0.2

-0.2
-0.2

0.6
0.6

-0.5
-0.5

1
2

-0.1
-0.1

-0.2
-0.2

-0.1
-0.1

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

-0.2
-0.2

-0.0
-0.0

0.4
0.4

-0.0
-0.0

-0.3
-0.3

1.3
1.3

-0.5
-0.5

-0.2
-0.2

0.2
0.2

0.6
0.6

5
6

0.3
0.3

0.4
0.4

0.3
0.3

0.4
0.4

0.4
0.4

0.4
0.4

0.3
0.3

0.5
0.5

0.4
0.4

0.7
0.7

7
8

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government
Postal Savings System deposits:

3
4

Liab.: Federal government
Asset: Household sector
Deposits at Federal Home Loan Banks:

5
6

Liab.: Government-sponsored enterprises
Asset: Savings institutions
Deferred and unpaid life insurance premiums:

7
8

Liab.: Household sector
Asset: Life insurance companies
Life insurance company reserves:

9
10
11
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

0.7
0.2
0.5
0.1

0.9
0.2
0.5
0.1

0.9
0.3
0.5
0.1

1.0
0.3
0.5
0.1

1.1
0.4
0.6
0.1

1.3
0.6
0.6
0.1

1.3
0.4
0.6
0.3

1.5
0.5
0.8
0.3

1.7
0.6
0.9
0.3

1.7
0.7
0.7
0.3

9
10
11
12

13

Asset: Household sector

0.7

0.9

0.9

1.0

1.1

1.3

1.3

1.5

1.7

1.7

13

Policy payables:
14

Liab.: Other insurance companies

1.5

1.8

2.1

2.5

3.3

3.4

3.6

4.8

4.8

4.9

14

15
16
17
18

Asset: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

0.7
0.4
0.3
0.1

0.7
0.6
0.4
0.2

0.8
0.7
0.4
0.2

0.9
0.8
0.5
0.3

1.2
1.1
0.7
0.4

1.4
0.9
0.7
0.4

1.2
1.0
0.8
0.5

1.4
1.9
1.0
0.6

1.4
2.0
1.0
0.5

1.2
2.1
1.0
0.5

15
16
17
18

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

19
20

0.2
0.2

0.0
0.0

0.2
0.2

0.2
0.2

0.0
0.0

0.1
0.1

0.3
0.3

0.5
0.5

-0.0
-0.0

-0.0
-0.0

21
22

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

23
24

1.3
1.3

1.3
1.3

1.3
1.3

1.3
1.3

1.5
1.5

2.4
2.4

2.8
2.8

3.0
3.0

2.1
2.1

2.7
2.7

25
26

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

27
28

Unallocated insurance company contracts:
19
20

Liab.: Life insurance companies
Asset: Private pension funds
Pension fund contributions payable:

21
22

Liab.: Nonfinancial corporate business
Asset: Private pension funds
Securities borrowed (net):

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

48

FFA, 1965-1974, September 16, 2004

F.232 Unidentified Miscellaneous Financial Claims
Billions of dollars

1

Net change in liabilities

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

2.5

-2.1

1.8

9.6

8.2

7.4

14.7

24.6

20.5

2.2

1

0.8
0.0

0.7
0.0

-1.8
0.0

4.4
0.0

2.9
0.0

-6.8
8.6

0.2
2.9

-0.9
2.7

-0.6
3.3

1.2
5.6

2
3

Federal government
Rest of the world
Monetary authority

0.0
-0.6
-0.3

-0.1
-0.2
0.1

0.2
0.2
0.1

0.7
0.2
0.3

-0.4
0.2
0.3

0.5
-1.1
0.5

0.8
-0.2
-0.2

0.0
-0.6
-0.0

-0.4
-2.8
1.2

-0.0
0.8
-0.2

4
5
6

7
8
9
10
11

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

1.6
1.2
0.3
0.0
-0.0

0.5
0.4
0.1
0.0
-0.0

0.8
0.8
-0.0
0.0
-0.0

3.6
4.1
-0.4
0.0
0.0

2.4
-1.8
-0.1
4.4
-0.1

4.2
-0.8
-1.8
6.9
-0.0

3.3
1.0
-1.1
3.5
-0.0

17.1
7.2
3.9
6.1
-0.0

14.3
1.7
0.5
12.2
-0.0

-1.8
-2.2
-0.6
1.0
0.0

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

0.5
-0.1
0.4
0.1

-0.2
-0.0
0.4
-0.1

1.6
-0.0
0.7
0.1

1.0
-0.0
0.5
-0.0

0.9
-0.0
0.3
0.5

1.7
0.0
0.2
0.5

3.3
-0.1
0.6
-0.1

2.9
-0.1
1.1
0.4

0.2
0.1
0.8
1.4

0.0
0.3
1.1
-1.0

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

-0.2
0.0
-0.0
0.2

-3.2
0.0
-0.0
0.3

-2.0
0.0
2.0
0.1

0.8
0.0
-2.1
0.2

0.6
0.0
-0.1
0.6

-0.7
0.0
-0.0
-0.2

4.2
0.0
-0.1
-0.1

1.1
0.3
0.8
-0.1

3.4
0.1
-1.0
0.5

-3.8
1.4
-1.1
-0.3

16
17
18
19

8.2

-2.1

5.9

8.9

1.6

5.4

17.4

46.1

28.0

-1.9

20

6.6
0.0
0.0

-1.6
0.0
0.1

2.5
0.0
0.0

5.1
0.0
-0.1

4.8
0.0
-0.1

4.9
0.0
-0.0

10.2
4.0
0.1

25.1
4.6
-0.1

13.2
2.8
-0.0

0.8
-0.7
-0.1

21
22
23

0.0
-0.8
0.3

0.0
-0.6
0.2

0.0
0.0
0.2

0.0
0.0
0.1

0.0
-5.7
0.2

0.0
-2.2
-0.5

0.0
-2.6
0.1

0.0
1.7
0.2

0.0
3.0
0.2

0.0
3.6
1.8

24
25
26

0.5
0.5
0.0
0.0
0.0

0.7
0.4
0.1
0.0
0.1

0.2
0.6
-0.6
0.0
0.1

2.2
1.5
0.5
0.0
0.1

0.6
-0.3
-0.8
0.7
0.9

-0.7
-0.6
-1.4
1.0
0.3

-1.0
-0.5
0.6
-1.2
0.1

3.1
1.5
1.0
0.5
0.0

5.0
-1.0
0.1
5.8
0.1

-7.7
-3.5
-0.6
-3.3
-0.2

27
28
29
30
31

0.4
-0.0
0.0

-0.7
-0.0
0.0

1.4
-0.0
0.0

-0.1
-0.0
0.0

-0.5
-0.0
0.2

0.6
-0.0
0.3

2.8
-0.1
0.3

2.1
-0.1
0.1

-2.0
-0.1
0.5

-0.1
-0.1
0.5

32
33
34

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

27
28
29
30
31

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

35
36
37

Life insurance companies
Private pension funds
State and local govt. retirement funds

0.2
0.6
0.0

-0.1
1.0
0.0

-0.1
1.0
0.0

0.2
0.8
0.0

0.4
0.8
0.0

0.3
0.9
0.0

0.6
0.8
0.0

0.4
6.8
0.0

0.5
3.6
0.0

0.6
4.6
0.0

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.0
0.1

0.0
0.0
-0.1

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.4

0.0
0.0
0.8

0.0
0.0
0.2

0.0
0.0
-0.3

0.0
0.0
1.0

-0.1
0.0
-1.8

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

0.4
0.0
0.0

-0.7
0.0
-0.2

0.4
0.0
0.2

0.6
0.0
0.1

0.7
0.0
-0.2

1.1
0.0
0.1

1.7
0.2
0.2

1.3
1.1
0.1

1.4
-0.6
-0.3

-2.3
-0.4
-0.7

41
42
43

-5.7

0.0

-4.1

0.7

6.6

2.0

-2.7

-21.4

-7.5

4.1

44

44

Discrepancy

49

FFA, 1965-1974, September 16, 2004

F.11 Sector Discrepancies
Billions of dollars
1965

1

All sectors

1966

1967

1968

1969

1970

1971

1972

1973

1974

-2.9

-6.9

-6.1

3.6

4.5

3.8

-5.8

-25.2

-9.1

17.6

1

-10.4
7.5

-19.5
11.7

-13.6
7.2

-8.2
8.4

-17.3
6.7

-14.8
8.9

-11.6
6.3

-28.6
-3.1

-30.3
22.1

7.0
0.6

2
3

1.1
-0.2
-1.4

2.7
-2.0
-0.6

2.0
-0.5
-1.4

2.1
3.2
-1.0

6.7
1.1
-3.4

7.8
-2.3
-2.5

7.0
-1.0
-11.6

6.3
-1.3
-4.7

1.4
0.2
-5.4

8.4
0.7
-6.2

4
5
6

0.4

0.9

0.2

-0.9

10.7

6.6

5.1

6.0

2.9

7.1

7

Monetary authority
Commercial banking

-0.0
0.7

-0.0
0.6

-0.0
-0.0

-0.0
0.3

-0.0
4.4

-0.1
6.9

-0.2
5.0

-0.0
6.0

0.0
2.8

-0.0
5.5

8
9

10
11
12

Savings institutions
Credit unions
Bank personal trusts and estates

0.3
-0.1
0.0

0.4
-0.0
0.0

-0.1
-0.0
0.0

0.0
-0.0
0.0

0.2
-0.0
5.5

0.6
0.0
0.8

0.2
-0.0
0.8

0.5
-0.0
0.6

0.1
0.1
0.8

0.4
0.3
0.9

10
11
12

13
14

Life insurance companies
Other insurance companies

-0.2
0.4

0.0
0.3

0.0
0.7

-0.1
-0.0

0.6
1.0

0.5
-0.8

0.9
-1.0

0.3
-0.6

-0.2
-0.1

0.4
0.5

13
14

15
16

Mutual funds
Government-sponsored enterprises

-0.1
-0.0

0.1
-0.0

0.2
-0.0

0.1
0.0

0.1
0.0

-0.1
-0.2

-0.0
0.0

-0.0
0.0

-0.3
-0.1

-0.2
-0.2

15
16

17
18
19
20

Issuers of asset-backed securities
Finance companies
REITs
Brokers and dealers

0.0
-0.4
-0.0
-0.0

0.0
-0.5
-0.0
-0.0

0.0
-0.5
-0.0
-0.0

0.0
-0.9
-0.2
-0.1

0.0
-0.9
-0.2
-0.1

0.0
-0.9
0.0
-0.1

0.0
-0.4
-0.0
-0.1

0.0
-0.3
-0.4
-0.1

0.0
-0.1
-0.0
-0.1

0.0
-0.5
0.1
-0.1

17
18
19
20

-2.9

-6.9

-6.1

3.6

4.5

3.8

-5.8

-25.2

-9.1

17.6

1

0.1
0.0

0.2
0.0

0.2
0.0

0.2
0.0

0.2
0.0

-0.1
0.0

0.0
0.0

-0.2
0.0

0.0
0.0

-0.1
0.0

2
3

0.2
-0.6

0.8
-2.7

0.0
0.5

0.6
1.5

-0.1
-1.2

0.6
2.7

-1.0
0.8

-4.6
-0.0

0.6
0.7

2.5
6.8

4
5

2
3

Household sector
Nonfinancial corporate business

4
5
6

State and local governments
Federal government
Rest of the world

7

Financial sectors

8
9

F.12 Instrument Discrepancies
Billions of dollars
1

All types

2
3

Treasury currency
Foreign deposits

4
5

Net interbank transactions
Security RPs

6
7

Mail floats:
Federal government
Other

0.4
1.4

-0.0
2.3

0.6
-0.4

1.0
3.5

-0.9
0.9

-1.0
1.4

-0.4
0.9

0.6
4.7

0.3
-0.4

-0.1
0.4

6
7

8
9

Trade credit
Taxes payable

2.2
0.7

-1.6
0.4

0.9
0.5

0.4
0.2

0.3
1.6

5.0
0.5

7.2
1.1

2.2
2.4

3.4
2.2

7.6
7.2

8
9

10

Miscellaneous

-5.7

0.0

-4.1

0.7

6.6

2.0

-2.7

-21.4

-7.5

4.1

10

11

Nonfinancial

-1.7

-6.3

-4.5

-4.5

-2.9

-7.3

-11.7

-8.8

-8.5

-10.9

11

1.7
0.0

6.3
0.0

4.5
0.0

4.6
0.0

2.9
0.0

7.2
0.0

11.4
0.4

9.1
-0.3

8.5
-0.0

10.9
0.0

12
13

12
13

Nonfinancial components (sign reversed):
Statistical discrepancy (NIPA)
Private wage accruals less disbursements

50

FFA, 1965-1974, September 16, 2004

L.1 Credit Market Debt Outstanding (1)
Billions of dollars

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1106.5

1187.0

1267.7

1372.8

1493.1

1602.3

1753.2

1937.6

2175.4

2412.6

1

1007.2

1074.7

1152.7

1242.8

1332.3

1422.5

1557.7

1713.7

1898.2

2073.1

2

3

Federal government

261.5

265.1

278.1

290.6

287.4

299.5

324.4

339.4

346.3

358.2

3

4

Nonfederal sectors

745.6

809.6

874.7

952.2

1044.8

1123.0

1233.4

1374.3

1551.9

1714.8

4

337.9
207.6
64.7
32.3
103.2

360.4
232.1
71.5
35.5
110.0

380.7
259.1
78.7
38.8
117.4

412.3
285.1
87.1
41.6
126.1

444.6
317.8
99.6
44.6
138.3

460.2
361.3
103.6
47.6
150.3

503.0
389.5
122.6
51.6
166.7

559.9
427.9
149.0
56.8
180.7

630.6
492.6
168.5
65.4
194.8

686.1
548.9
198.4
73.3
208.2

5
6
7
8
9

5
6
7
8
9

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments

10

Rest of the world

37.5

39.5

43.3

46.1

49.2

52.1

56.6

61.1

67.4

81.2

10

11

Financial sectors

61.9

72.9

71.6

84.0

111.5

127.8

138.9

162.8

209.8

258.3

11

12
13
14
15

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

5.0
4.3
0.7
0.0

5.3
4.6
0.7
0.0

6.3
5.5
0.9
0.0

6.7
5.8
0.9
0.0

11.8
6.4
1.1
4.3

12.7
7.8
1.4
3.4

15.2
9.4
1.6
4.2

17.9
9.7
1.4
6.8

23.1
11.3
1.8
10.0

37.4
19.2
3.7
14.4

12
13
14
15

16
17

Savings institutions
Credit unions

6.5
0.0

7.5
0.0

4.8
0.0

5.7
0.0

9.8
0.0

11.0
0.0

9.0
0.0

9.5
0.0

17.1
0.0

23.3
0.0

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
14.2
0.9
0.0

0.0
19.0
1.3
0.0

0.0
18.4
2.0
0.0

0.0
21.9
2.5
0.0

0.0
30.6
3.2
0.0

0.0
38.9
4.8
0.0

0.0
40.0
9.5
0.0

0.0
43.5
14.4
0.0

0.0
59.8
18.0
0.0

0.0
77.1
21.5
0.0

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

30.9
4.5
0.0
0.0
0.0

35.8
3.9
0.0
0.0
0.0

37.8
2.3
0.0
0.0
0.0

41.5
4.9
0.8
0.0
0.0

48.8
5.7
1.5
0.0
0.0

51.3
6.9
2.2
0.0
0.0

52.1
8.9
4.1
0.0
0.0

58.1
10.6
8.8
0.0
0.0

65.6
12.5
13.7
0.0
0.0

74.5
10.6
14.0
0.0
0.0

22
23
24
25
26

1106.5

1187.0

1267.7

1372.8

1493.1

1602.3

1753.2

1937.6

2175.4

2412.6

27

234.8

254.3

258.6

275.5

289.9

290.6

285.9

291.8

321.3

374.1

28

170.2
33.1
4.0
27.5

190.8
32.1
4.0
27.5

196.3
30.7
4.0
27.6

206.7
33.2
4.2
31.4

217.0
31.9
4.5
36.4

216.3
33.9
5.2
35.1

204.0
42.0
6.5
33.4

199.5
44.6
7.7
40.1

220.6
42.9
7.9
49.8

262.3
47.8
7.7
56.4

29
30
31
32

37.6
17.2

42.7
16.5

47.3
18.9

52.3
19.3

55.4
18.8

58.2
29.8

60.3
56.5

62.2
65.1

64.9
66.0

72.2
71.9

33
34

816.9

873.4

942.9

1025.7

1129.0

1223.8

1350.5

1518.6

1723.3

1894.4

35

27
28
29
30
31
32

Total credit market assets held by:
Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

33
34

Federal government
Rest of the world

35

Financial sectors

36
37
38
39
40
41
42
43
44

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates

40.6
305.1
301.6
2.8
0.0
0.6
173.5
8.2
0.0

43.7
323.1
319.1
3.3
0.0
0.7
181.7
9.4
0.0

49.1
359.8
355.0
4.0
0.0
0.9
195.0
10.2
0.0

53.0
398.7
393.4
4.4
0.0
1.0
208.9
11.7
0.0

57.2
418.3
407.2
6.0
3.9
1.2
221.5
13.8
30.9

62.2
455.3
441.6
9.5
3.0
1.3
236.8
15.2
33.6

69.6
506.5
492.5
9.5
2.8
1.6
271.7
17.2
38.0

71.2
575.7
558.6
12.6
2.6
1.9
314.5
20.1
41.1

80.5
662.4
638.6
17.5
4.3
2.0
348.0
23.7
45.5

85.3
737.5
703.5
26.6
4.9
2.5
369.7
26.4
48.3

36
37
38
39
40
41
42
43
44

45
46
47
48
49

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

137.8
20.6
29.1
31.3
0.0

145.9
22.0
31.9
34.9
0.0

153.3
23.5
32.8
38.3
0.0

160.7
25.4
33.8
41.6
0.0

167.6
27.0
34.6
45.5
0.0

174.6
30.9
36.6
49.6
0.0

182.8
34.6
35.0
52.9
0.0

192.5
38.3
40.5
57.4
0.0

204.8
41.8
46.8
63.1
0.0

217.7
46.4
55.6
69.4
0.0

45
46
47
48
49

50
51
52
53
54
55
56

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
3.9
2.1
0.0
18.3
0.9
0.0

0.0
5.1
2.0
0.0
23.3
1.3
0.0

0.0
4.3
2.2
0.0
23.3
2.0
0.0

0.0
4.1
2.6
0.0
26.5
2.5
0.0

0.0
5.1
2.6
0.0
35.1
3.2
0.0

0.0
5.7
1.8
0.0
43.9
4.8
0.0

0.0
5.5
2.4
0.0
45.0
9.5
0.0

0.0
6.0
2.7
0.0
49.0
14.4
0.0

0.0
6.6
3.3
0.0
64.4
18.0
0.0

0.8
7.4
3.0
0.0
85.3
21.5
0.0

50
51
52
53
54
55
56

57
58
59
60
61

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

38.2
4.5
0.0
2.4
0.5

41.0
3.9
0.0
3.2
0.8

41.2
4.3
0.0
2.9
0.8

45.7
4.9
0.8
3.5
1.0

53.4
5.7
2.0
3.7
1.6

54.6
6.9
3.9
6.0
1.4

58.7
8.9
6.2
4.6
1.3

66.9
10.6
10.4
6.0
1.2

77.0
12.5
16.0
7.5
1.7

84.2
10.6
16.1
7.8
1.4

57
58
59
60
61

(1) Excludes corporate equities and mutual fund shares.

51

FFA, 1965-1974, September 16, 2004

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Domestic

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1007.2

1074.7

1152.7

1242.8

1332.3

1422.5

1557.7

1713.7

1898.2

2073.1

1

Federal government
Treasury securities
Budget agency secur. and mortgages

261.5
257.0
4.5

265.1
259.3
5.8

278.1
268.2
9.9

290.6
277.6
13.0

287.4
276.8
10.6

299.5
289.9
9.6

324.4
315.9
8.5

339.4
330.1
9.3

346.3
336.7
9.6

358.2
348.8
9.4

2
3
4

Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances

745.6
0.8
100.4
97.3
79.5
38.4

809.6
1.6
106.6
107.5
90.9
43.6

874.7
3.0
113.8
122.1
101.2
46.4

952.2
4.2
122.1
135.0
111.2
51.4

1044.8
5.4
133.5
147.0
128.0
62.1

1123.0
7.1
145.5
166.8
132.6
67.9

1233.4
6.2
161.7
185.6
140.1
72.3

1374.3
7.0
175.8
197.8
156.0
79.2

1551.9
8.4
192.7
206.9
194.1
90.3

1714.8
12.5
208.0
226.6
230.5
106.6

5
6
7
8
9
10

331.8
218.6
36.4
55.7
21.2
97.5

355.9
231.9
39.5
61.5
23.1
103.4

379.5
245.1
43.1
66.2
25.0
108.6

408.8
262.2
46.5
72.9
27.2
119.3

439.7
280.5
51.5
78.8
29.0
129.2

469.5
294.5
58.5
86.1
30.5
133.7

518.2
320.9
68.4
96.5
32.4
149.2

589.8
359.9
81.2
113.4
35.4
168.8

666.5
402.5
91.4
132.7
39.8
193.0

728.7
438.2
98.4
147.2
44.9
201.9

11
12
13
14
15
16

745.6
337.9
304.6
207.6
64.7
32.3
103.2

809.6
360.4
339.1
232.1
71.5
35.5
110.0

874.7
380.7
376.6
259.1
78.7
38.8
117.4

952.2
412.3
413.8
285.1
87.1
41.6
126.1

1044.8
444.6
462.0
317.8
99.6
44.6
138.3

1123.0
460.2
512.5
361.3
103.6
47.6
150.3

1233.4
503.0
563.6
389.5
122.6
51.6
166.7

1374.3
559.9
633.7
427.9
149.0
56.8
180.7

1551.9
630.6
726.5
492.6
168.5
65.4
194.8

1714.8
686.1
820.5
548.9
198.4
73.3
208.2

17
18
19
20
21
22
23

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments

24

Foreign credit market debt
held in U.S.

37.5

39.5

43.3

46.1

49.2

52.1

56.6

61.1

67.4

81.2

24

25
26
27
28

Commercial paper
Bonds
Bank loans n.e.c.
Other loans and advances

0.0
9.1
7.1
21.2

0.0
9.9
7.1
22.5

0.0
11.1
6.7
25.6

0.0
12.2
6.3
27.6

0.0
13.2
6.0
30.0

0.0
14.1
5.8
32.2

0.0
15.0
7.3
34.3

0.0
16.0
10.4
34.7

0.0
17.0
13.1
37.3

0.2
19.4
17.8
43.9

25
26
27
28

1044.6

1114.2

1196.1

1288.8

1381.5

1474.6

1614.3

1774.9

1965.6

2154.3

29

29

Domestic and foreign

L.3 Credit Market Debt Owed by Financial Sectors
Billions of dollars
1
2
3
4
5
6
7
8
9

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

61.9

72.9

71.6

84.0

111.5

127.8

138.9

162.8

209.8

258.3

1

11.9
13.8
0.9
16.7
12.2
6.3
0.0

15.7
18.9
1.3
18.3
11.6
7.0
0.0

18.4
18.4
2.0
19.3
9.1
4.4
0.0

21.4
21.6
2.5
19.9
12.8
5.5
0.2

32.8
30.6
3.2
20.9
14.3
9.3
0.4

33.1
38.9
4.8
23.5
16.4
10.6
0.5

33.8
40.0
9.5
28.2
18.6
7.9
0.7

34.7
43.5
14.4
35.6
25.4
8.0
1.2

41.7
59.8
18.0
41.0
32.6
15.1
1.5

55.1
76.4
21.5
47.9
33.3
22.5
1.6

2
3
4
5
6
7
8

61.9

72.9

71.6

84.0

111.5

127.8

138.9

162.8

209.8

258.3

9

5.0
0.0
6.5
0.0

5.3
0.0
7.5
0.0

6.3
0.0
4.8
0.0

6.7
0.0
5.7
0.0

7.5
4.3
9.8
0.0

9.3
3.4
11.0
0.0

11.0
4.2
9.0
0.0

11.1
6.8
9.5
0.0

13.1
10.0
17.1
0.0

23.0
14.4
23.3
0.0

10
11
12
13

10
11
12
13

Commercial banks
Bank holding companies
Savings institutions
Credit unions

14
15
16
17

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
14.2
0.9
0.0

0.0
19.0
1.3
0.0

0.0
18.4
2.0
0.0

0.0
21.9
2.5
0.0

0.0
30.6
3.2
0.0

0.0
38.9
4.8
0.0

0.0
40.0
9.5
0.0

0.0
43.5
14.4
0.0

0.0
59.8
18.0
0.0

0.0
77.1
21.5
0.0

14
15
16
17

18
19
20
21
22

Brokers and dealers
Finance companies
Mortgage companies
REITs
Funding corporations

0.0
30.9
4.5
0.0
0.0

0.0
35.8
3.9
0.0
0.0

0.0
37.8
2.3
0.0
0.0

0.0
41.5
4.9
0.8
0.0

0.0
48.8
5.7
1.5
0.0

0.0
51.3
6.9
2.2
0.0

0.0
52.1
8.9
4.1
0.0

0.0
58.1
10.6
8.8
0.0

0.0
65.6
12.5
13.7
0.0

0.0
74.5
10.6
14.0
0.0

18
19
20
21
22

52

FFA, 1965-1974, September 16, 2004

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars

1
2
3
4
5
6
7
8
9
10

11
12

Total

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1106.5

1187.0

1267.7

1372.8

1493.1

1602.3

1753.2

1937.6

2175.4

2412.6

1

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

12.7
257.0
17.4
100.4
123.1

17.3
259.3
24.2
106.6
135.7

21.4
268.2
28.5
113.8
152.5

25.6
277.6
35.4
122.1
167.1

38.1
276.8
42.9
133.5
181.1

40.2
289.9
51.7
145.5
204.3

40.1
315.9
56.6
161.7
228.8

41.7
330.1
65.9
175.8
249.4

50.1
336.7
86.2
192.7
264.9

67.8
348.8
106.1
208.0
293.9

2
3
4
5
6

Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

98.8
66.0
333.6
97.5

109.6
73.2
357.7
103.4

117.0
76.4
381.2
108.6

130.4
84.5
410.7
119.3

148.3
101.4
441.7
129.2

154.8
110.7
471.6
133.7

166.0
114.6
520.3
149.2

191.8
121.9
592.3
168.8

239.8
142.8
669.2
193.0

281.5
173.0
731.5
201.9

7
8
9
10

734.9
35.2

660.4
34.8

835.1
44.3

996.1
51.2

840.6
47.6

831.2
46.8

974.9
55.4

1203.3
58.9

938.3
46.6

632.5
35.2

11
12

Memo:
Selected claims not included above:
Corporate equities
Mutual fund shares

L.5 Total Liabilities and Its Relation to Total Financial Assets
Billions of dollars

1

Total credit market debt
(from table L.4)

1106.5

1187.0

1267.7

1372.8

1493.1

1602.3

1753.2

1937.6

2175.4

2412.6

1

2
3
4
5
6

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits
Net interbank liabilities

1.6
0.0
3.1
0.8
30.1

1.6
0.0
4.0
0.9
35.8

2.8
0.0
4.6
1.1
38.0

4.8
0.0
5.1
1.6
44.0

5.1
0.0
5.3
1.2
51.6

2.6
0.4
5.6
0.8
48.5

0.9
0.4
6.0
1.2
47.3

0.7
0.4
6.6
2.2
45.0

0.6
0.4
7.0
3.3
42.6

1.9
0.4
7.3
4.9
42.1

2
3
4
5
6

7
8
9
10
11

Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security RPs

189.1
288.5
31.0
0.0
-1.5

193.6
306.5
33.3
0.0
-1.5

208.9
341.2
39.2
0.0
-2.2

224.0
367.8
45.9
0.0
-1.5

232.1
382.3
30.9
0.0
4.7

244.8
412.9
55.1
0.0
1.1

262.9
481.3
68.6
0.0
5.0

287.0
551.0
87.4
0.0
6.7

304.7
590.4
126.4
0.0
23.1

311.7
628.1
167.4
2.4
25.4

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

35.2
18.0
105.9
162.0

34.8
18.7
110.6
172.5

44.3
25.8
115.5
195.6

51.2
32.3
120.3
218.7

47.6
25.7
125.4
230.9

46.8
24.9
130.7
253.8

55.4
28.7
137.1
293.5

58.9
37.4
143.9
349.3

46.6
29.5
151.3
358.5

35.2
25.9
158.4
367.5

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

145.6
20.1
0.0
158.5

159.7
19.2
0.0
166.3

172.4
14.8
0.0
178.2

193.3
16.0
0.0
197.1

220.6
14.5
135.2
222.0

234.3
12.5
137.9
240.8

254.8
16.6
163.0
274.1

286.9
20.5
187.1
316.9

349.2
25.9
175.0
359.3

304.3
32.8
147.3
387.5

16
17
18
19

2294.3

2442.9

2647.9

2893.6

3228.3

3455.8

3849.9

4325.5

4769.2

5062.9

20

14.1
734.9
472.5

13.2
660.4
506.0

12.1
835.1
530.9

10.9
996.1
576.0

11.9
840.6
610.3

11.9
831.2
641.1

11.4
974.9
707.4

12.4
1203.3
788.6

13.8
938.3
926.0

14.0
632.5
1038.2

21
22
23

-2.4
0.0
0.6

-2.2
0.0
1.2

-2.0
0.0
1.1

-1.7
0.0
1.9

-1.5
0.0
1.8

-1.6
0.0
2.2

-1.6
0.0
1.7

-1.7
0.0
-2.0

-1.7
0.0
-1.1

-1.9
0.0
1.9

24
25
26

-2.9
12.9
6.3

-5.6
14.2
6.4

-5.1
9.3
2.0

-3.5
9.5
2.1

-4.4
10.5
3.4

-1.7
10.7
-7.7

-0.9
10.3
-17.1

-0.9
11.9
-43.5

-0.2
14.6
-31.2

6.6
18.9
-116.8

27
28
29

20

Total liabilities

21
22
23

+ Financial assets not included in
liabilities:
Gold and SDRs
Corporate equities
Household equity in noncorp. bus.

24
25
26

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank transactions

27
28
29

Security RPs
Taxes payable
Miscellaneous

30
31
32

- Floats not included in assets:
Checkable deposits: Federal govt.
Other
Trade credit

0.2
14.3
2.3

0.2
16.6
0.7

0.2
16.2
1.6

1.3
19.7
2.1

0.1
20.6
2.4

-0.3
22.0
7.4

-0.6
22.9
14.6

-0.2
27.6
16.8

0.1
27.2
31.9

-0.2
27.7
7.0

30
31
32

33

Totals identified to sectors as assets

3484.5

3591.1

4002.6

4445.1

4658.2

4909.0

5514.2

6322.0

6607.6

6804.4

33

53

FFA, 1965-1974, September 16, 2004

L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars

1

Total financial assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1519.6

1510.7

1738.0

1959.6

1883.7

1949.2

2181.7

2520.9

2411.0

2281.7

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

0.0
105.0
286.8
0.0

0.0
107.4
305.5
0.0

0.0
117.9
340.4
0.0

0.0
127.5
370.8
0.0

0.0
124.2
378.3
0.0

0.0
131.5
420.8
0.0

0.0
145.0
486.3
0.0

0.0
156.7
558.7
0.0

0.0
169.2
621.7
0.0

0.0
174.0
677.8
2.4

2
3
4
5

6

Securities

778.2

728.3

875.0

1022.9

788.0

769.8

843.9

1000.3

800.4

610.4

6

6.0
49.7
25.1
1.1

8.3
50.2
28.8
5.9

10.1
51.2
27.8
6.3

12.2
51.9
30.1
6.1

14.8
51.8
36.9
7.2

12.5
52.1
26.1
11.5

8.6
54.4
15.7
10.6

3.4
57.7
15.6
4.9

7.5
60.4
22.7
3.7

15.6
63.3
25.7
8.3

7
8
9
10

36.5
9.2
616.1
34.4

41.2
11.9
548.3
33.9

38.2
16.3
682.1
43.0

36.5
21.4
815.3
49.5

36.4
21.3
578.1
41.5

35.4
29.5
562.3
40.4

31.9
36.5
638.2
48.1

32.4
38.4
797.4
50.6

39.0
41.3
587.1
38.7

47.1
52.9
369.1
28.2

11
12
13
14

7
8
9
10

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities

11
12
13
14

Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

15
16
17
18

Private life insurance reserves
Private insured pension reserves
Private noninsured pension reserves
Govt. insurance and pension reserves

98.9
27.3
80.9
60.8

103.5
29.4
84.0
66.2

108.3
31.9
98.8
72.1

113.1
34.7
112.4
78.9

118.1
37.6
115.0
85.6

123.3
41.0
125.0
95.2

129.6
46.1
148.0
106.8

136.3
52.1
183.3
121.5

143.5
56.1
182.2
127.9

150.5
60.4
181.2
133.8

15
16
17
18

19
20

Investment in bank personal trusts
Miscellaneous and other assets

0.0
81.8

0.0
86.4

0.0
93.4

0.0
99.4

135.2
101.8

137.9
104.7

163.0
112.9

187.1
124.8

175.0
135.0

147.3
144.0

19
20

460.9

492.9

527.6

571.7

618.0

648.3

722.0

820.9

934.9

1039.0

21

218.6
79.2
97.5

231.9
86.5
103.4

245.1
92.5
108.6

262.2
104.4
119.3

280.5
116.1
129.2

293.4
117.4
133.7

319.3
135.4
149.2

357.5
160.6
168.8

399.6
165.3
193.0

435.6
191.7
201.9

22
23
24

8.3
5.9
51.4

9.8
5.8
55.5

10.8
8.9
61.7

12.1
11.5
62.2

14.7
8.2
69.3

17.0
6.9
80.0

18.0
9.5
90.5

19.0
13.1
102.0

21.2
8.9
147.0

23.9
7.4
178.5

25
26
27

21

Total liabilities

22
23
24

Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit

25
26
27

Policy loans
Security credit
Other liabilities (3)

(1) Combined statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).
(3) Includes corporate farms.

54

FFA, 1965-1974, September 16, 2004

L.100 Households and Nonprofit Organizations (1)
Billions of dollars

1
2
3
4
5
6
7

Total financial assets
Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Credit market instruments

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1955.5

1979.0

2229.8

2496.7

2453.0

2547.3

2836.4

3246.8

3259.7

3237.2

1

373.3

394.4

439.7

479.4

483.6

531.9

609.1

691.3

760.6

822.2

2

0.0
86.5
286.8
0.0

0.0
88.9
305.5
0.0

0.0
99.3
340.4
0.0

0.0
108.7
370.8
0.0

0.0
105.3
378.3
0.0

0.0
112.5
419.4
0.0

0.0
125.8
483.3
0.0

0.0
137.2
554.1
0.0

0.0
145.2
615.5
0.0

0.0
149.9
670.0
2.4

3
4
5
6

170.2

190.8

196.3

206.7

217.0

216.3

204.0

199.5

220.6

262.3

7

8
9
10
11
12

Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities

6.0
74.8
49.7
25.1
1.1

8.3
79.1
50.2
28.8
5.9

10.1
78.9
51.2
27.7
6.3

12.2
81.6
51.9
29.8
6.1

14.8
88.2
51.8
36.4
7.2

12.5
77.5
52.1
25.4
11.5

8.6
69.2
54.4
14.8
10.6

3.4
72.2
57.7
14.5
4.9

7.5
81.9
60.4
21.5
3.7

15.6
87.8
63.3
24.5
8.3

8
9
10
11
12

13
14
15

Municipal securities
Corporate and foreign bonds
Mortgages

36.5
9.2
42.6

41.2
11.9
44.6

38.2
16.3
46.5

36.5
21.4
49.0

36.4
21.3
49.1

35.4
29.5
50.0

31.9
36.5
47.3

32.4
38.4
48.2

39.0
41.3
47.2

47.1
52.9
50.5

13
14
15

616.1
34.4
2.5
105.9
162.0
0.0
472.5
18.5

548.3
33.9
2.7
110.6
172.5
0.0
506.0
19.9

682.1
43.0
4.9
115.5
195.6
0.0
530.9
21.7

815.3
49.5
7.0
120.3
218.7
0.0
576.0
23.6

578.1
41.5
5.2
125.4
230.9
135.2
610.3
25.8

562.3
40.4
4.4
130.7
253.8
137.9
641.1
28.5

638.2
48.1
4.9
137.1
293.5
163.0
707.4
31.1

797.4
50.6
5.0
143.9
349.3
187.1
788.6
34.0

587.1
38.7
4.9
151.3
358.5
175.0
926.0
37.1

369.1
28.2
3.9
158.4
367.5
147.3
1038.2
40.0

16
17
18
19
20
21
22
23

350.7

373.9

398.1

433.2

463.3

478.7

525.2

587.2

654.8

710.6

24

337.9

360.4

380.7

412.3

444.6

460.2

503.0

559.9

630.6

686.1

25

218.6
97.5
0.0

231.9
103.4
0.0

245.1
108.6
0.0

262.2
119.3
0.0

280.5
129.2
0.0

289.0
133.7
0.0

313.0
149.2
0.0

348.0
168.8
0.0

387.8
193.0
0.4

425.1
201.9
1.3

26
27
28

4.4
10.0
7.5

5.1
11.9
8.1

7.5
13.3
6.2

6.2
15.3
9.2

6.8
18.3
9.8

6.1
20.9
10.6

7.3
22.3
11.2

7.6
23.6
11.9

11.2
26.2
11.9

16.8
29.4
11.6

29
30
31

5.9
3.6

5.8
4.0

8.9
4.6

11.5
5.2

8.2
5.8

6.9
6.5

9.5
7.3

13.1
8.2

8.9
8.9

7.4
10.1

32
33

3.3

3.7

3.9

4.3

4.7

5.1

5.4

6.0

6.4

7.1

34

16
17
18
19
20
21
22
23
24
25

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Total liabilities
Credit market instruments

26
27
28

Home mortgages (3)
Consumer credit
Municipal securities

29
30
31

Bank loans n.e.c.
Other loans and advances
Commercial mortgages

32
33
34

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17), life insurance and pension reserves (lines 19 and 20), and bank personal trusts (line 21).
(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

55

FFA, 1965-1974, September 16, 2004

L.101 Nonfinancial Business (1)
Billions of dollars

1

1966

1967

1968

1969

1970

1971

1972

1973

1974

299.4

314.9

334.0

366.9

403.1

426.4

477.8

556.0

647.1

696.3

1

2
3
4
5
6

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

0.8
51.5
9.0
0.0
0.6

0.9
50.9
8.6
0.0
0.9

1.1
53.4
9.7
0.0
0.7

1.6
56.3
9.1
0.0
1.1

1.2
62.0
3.7
0.0
3.3

0.8
63.1
6.7
0.0
0.2

1.2
61.7
12.5
0.0
1.1

2.2
64.4
16.5
0.0
2.7

3.3
70.4
22.8
0.0
11.3

4.9
71.9
28.2
0.0
5.5

2
3
4
5
6

7

Credit market instruments

37.1

36.1

34.6

37.3

36.4

39.2

48.5

52.3

50.8

55.5

7

1.4
12.5
1.2
4.6
0.1
17.3

2.9
11.1
1.0
3.6
0.1
17.4

4.0
8.7
1.0
3.3
0.1
17.6

5.1
9.3
1.4
3.8
0.1
17.6

7.6
6.1
1.7
2.8
0.5
17.6

9.4
7.0
1.2
2.2
0.9
18.5

11.3
10.0
0.9
3.2
2.1
21.0

14.2
8.0
1.0
4.2
3.2
21.6

14.9
3.7
2.0
4.0
3.6
22.6

16.5
3.9
3.0
4.7
4.1
23.4

8
9
10
11
12
13

0.3
128.8
71.3

0.4
141.8
75.4

0.6
150.6
83.3

0.8
167.8
92.9

0.7
191.2
104.7

0.6
198.0
117.8

0.7
211.9
140.1

0.7
239.0
178.3

0.8
280.4
207.3

0.8
258.8
270.6

14
15
16

445.4

488.2

526.5

584.5

655.1

709.2

782.1

883.3

1040.9

1093.0

17

304.6

339.1

376.6

413.8

462.0

512.5

563.6

633.7

726.5

820.5

18

0.8
0.0
97.3

1.6
0.0
107.5

3.0
0.0
122.1

4.2
0.0
135.0

5.4
0.0
147.0

7.1
0.0
166.8

6.2
0.1
185.6

7.0
0.6
197.8

8.4
2.4
206.9

12.5
4.1
226.6

19
20
21

75.1
25.7
105.7

85.8
28.2
115.9

93.7
29.6
128.1

105.0
32.1
137.4

121.2
39.0
149.4

126.5
42.2
170.0

132.8
44.9
194.0

148.4
50.1
229.9

182.9
59.3
266.7

213.6
71.6
292.1

22
23
24

107.6
18.3
15.0

115.6
17.4
16.0

121.5
13.2
15.2

135.8
14.3
20.6

156.0
12.6
24.5

163.2
10.0
23.6

177.0
14.1
27.3

201.3
18.0
30.2

252.8
23.3
38.3

192.7
30.1
49.7

25
26
27

8
9
10
11
12
13
14
15
16
17
18

Total financial assets

1965

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Total liabilities
Credit market instruments

19
20
21

Commercial paper
Municipal securities
Corporate bonds

22
23
24

Bank loans n.e.c.
Other loans and advances
Mortgages

25
26
27

Trade payables
Taxes payable
Miscellaneous liabilities

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

56

FFA, 1965-1974, September 16, 2004

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars

1
2
3
4
5
6

Total financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

7
8
9
10
11
12
13
14

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

15
16
17
18
19
20

Miscellaneous assets
U.S. direct investment abroad (1)
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

21

Total liabilities

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

262.4

276.8

294.6

327.6

361.9

383.2

424.7

492.9

570.8

615.2

1

0.8
33.1
9.0
0.0
0.6

0.9
32.4
8.6
0.0
0.9

1.1
34.8
9.7
0.0
0.7

1.6
37.5
9.1
0.0
1.1

1.2
43.1
3.7
0.0
3.3

0.8
44.1
5.3
0.0
0.2

1.2
42.6
9.5
0.0
1.1

2.2
44.9
11.9
0.0
2.7

3.3
46.3
16.6
0.0
11.3

4.9
47.8
20.5
0.0
5.5

2
3
4
5
6

1.4
12.5
1.2
4.6
0.1
13.2
120.9
0.3

2.9
11.1
1.0
3.6
0.1
13.4
133.3
0.4

4.0
8.6
1.0
3.3
0.1
13.7
141.6
0.6

5.1
9.0
1.4
3.8
0.1
13.8
160.1
0.8

7.6
5.6
1.7
2.8
0.2
13.9
183.0
0.7

9.4
6.3
1.2
2.2
0.2
14.7
191.4
0.6

11.3
9.1
0.9
3.2
0.2
17.3
203.8
0.7

14.2
6.9
1.0
4.2
0.2
18.0
230.2
0.7

14.9
2.5
2.0
4.0
0.3
19.2
269.3
0.8

16.5
2.6
3.0
4.7
0.7
20.3
245.5
0.8

7
8
9
10
11
12
13
14

64.7
53.2
6.8
0.1
0.0
4.7

68.3
55.9
7.3
0.1
0.0
4.9

75.5
61.8
8.0
0.1
0.0
5.5

84.2
67.4
8.8
0.2
0.0
7.8

94.9
75.4
9.9
0.2
0.0
9.3

106.8
85.4
10.8
0.0
0.0
10.6

123.8
96.9
11.9
0.0
0.0
15.0

155.7
121.4
13.7
0.0
0.0
20.6

180.3
139.5
15.7
0.0
0.0
25.1

242.4
159.3
17.8
0.0
0.0
65.3

15
16
17
18
19
20

335.2

369.2

397.0

446.0

500.4

539.6

585.3

649.5

760.8

764.6

21

22

Credit market instruments

207.6

232.1

259.1

285.1

317.8

361.3

389.5

427.9

492.6

548.9

22

23
24
25
26

Commercial paper
Municipal securities (2)
Corporate bonds (1)
Bank loans n.e.c.

0.8
0.0
97.3
60.7

1.6
0.0
107.5
69.1

3.0
0.0
122.1
75.6

4.2
0.0
135.0
85.4

5.4
0.0
147.0
98.8

7.1
0.0
166.8
103.6

6.2
0.1
185.6
107.7

7.0
0.6
197.8
120.5

8.4
2.4
206.9
137.0

12.5
4.1
226.6
159.4

23
24
25
26

27
28
29
30
31
32
33
34

Other loans and advances
Savings institutions
Finance companies
Federal government
Acceptance liabilities to banks
Rest of the world
ABS issuers
Mortgages

14.8
0.0
12.2
1.7
0.9
0.0
0.0
34.0

16.3
0.1
13.1
2.0
1.1
0.0
0.0
37.6

16.5
0.1
12.8
2.2
1.3
0.0
0.0
41.8

18.2
0.1
14.8
1.7
1.6
0.0
0.0
42.2

23.5
0.1
19.3
1.8
2.3
0.0
0.0
43.1

25.0
0.2
19.6
2.1
3.1
0.0
0.0
58.8

26.4
0.3
20.8
1.6
3.6
0.0
0.0
63.5

30.4
0.3
24.6
1.8
3.7
0.0
0.0
71.7

36.2
0.2
29.1
2.1
4.7
0.0
0.0
101.7

44.9
0.3
33.4
3.7
7.2
0.3
0.0
101.4

27
28
29
30
31
32
33
34

94.6
18.3
14.8
6.7
1.2
6.9

103.8
17.4
15.8
7.1
1.2
7.5

109.7
13.2
15.0
7.8
1.5
5.7

126.2
14.3
20.3
8.6
1.7
10.1

145.7
12.6
24.3
9.7
1.7
12.8

153.6
10.0
14.7
11.1
1.9
1.7

167.2
13.1
15.5
11.5
2.2
1.9

190.4
15.5
15.7
12.1
2.7
0.9

228.4
19.3
20.4
17.3
2.7
0.4

165.2
24.5
26.0
21.8
2.7
1.5

35
36
37
38
39
40

35
36
37
38
39
40

Trade payables
Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Pension fund contributions payable
Other
Memo:

41
42

Trade receivables net of payables
Market value of equities

26.3
623.8

29.5
547.9

31.9
712.2

33.9
843.2

37.3
705.1

37.8
702.2

36.6
823.8

39.8
1032.7

40.9
809.4

80.3
557.6

41
42

43
44

Securities and mortgages
Loans and short-term paper

131.2
76.3

145.0
87.1

164.0
95.1

177.3
107.9

190.1
127.7

225.5
135.8

249.1
140.3

270.1
157.8

311.0
181.7

332.1
216.8

43
44

45
46

Total short-term liabilities (3)
Total liquid assets (4)

189.2
63.5

208.3
61.8

218.1
63.7

248.4
69.4

286.0
69.8

299.4
70.1

320.6
79.5

363.7
88.7

429.4
101.7

406.5
106.2

45
46

47
48

Analytical measures (percent)
Long-term debt/credit market debt
Short-term debt/credit market debt

63.2
36.8

62.5
37.5

63.3
36.7

62.2
37.8

59.8
40.2

62.4
37.6

64.0
36.0

63.1
36.9

63.1
36.9

60.5
39.5

47
48

49

Liquid assets/short-term liabilities

33.6

29.6

29.2

27.9

24.4

23.4

24.8

24.4

23.7

26.1

49

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(4) Sum of lines 2 through 10, plus line 14.

57

FFA, 1965-1974, September 16, 2004

L.103 Nonfarm Noncorporate Business
Billions of dollars
1965

1

Total financial assets

16
17
18
19
20
21

1969

1970

1971

1972

1973

1974

29.4

30.4

29.6

31.1

32.4

41.6

50.7

63.0

67.3

1

12.5
0.0
0.0

12.5
0.0
0.0

12.5
0.0
0.0

12.5
0.0
0.0

12.5
1.4
0.0

12.5
3.0
0.0

12.5
4.6
0.0

16.9
6.2
0.0

17.3
7.8
0.0

2
3
4

Treasury securities
Municipal securities
Mortgages
Consumer credit

0.0
0.0
0.0
4.0

0.0
0.0
0.0
4.0

0.1
0.0
0.0
3.9

0.3
0.0
0.0
3.9

0.5
0.0
0.3
3.7

0.7
0.0
0.7
3.8

0.9
0.0
1.9
3.7

1.1
0.0
3.0
3.6

1.2
0.0
3.3
3.4

1.2
0.0
3.4
3.1

5
6
7
8

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (1)
Other

7.9
4.1
4.0
0.1
0.0

8.5
4.4
4.3
0.1
0.0

9.0
4.8
4.7
0.1
0.0

7.7
5.3
5.2
0.1
0.0

8.1
6.0
5.8
0.2
0.0

6.6
6.7
6.5
0.2
0.0

8.1
11.5
7.3
0.2
4.0

8.8
17.1
8.3
0.2
8.6

11.1
20.9
9.2
0.2
11.4

13.3
21.3
10.2
0.2
10.8

9
10
11
12
13

71.5

76.7

84.1

91.5

105.1

117.3

139.8

171.1

208.0

247.7

14

64.7

71.5

78.7

87.1

99.6

103.6

122.6

149.0

168.5

198.4

15

6.7
7.4
50.6

8.1
8.0
55.3

8.8
8.6
61.3

9.9
9.2
68.0

12.1
10.2
77.3

11.7
11.2
80.7

12.6
11.8
98.2

13.7
12.5
122.8

28.6
14.6
125.2

36.0
16.6
145.8

16
17
18

6.6
0.0
0.2

5.1
0.0
0.2

5.2
0.0
0.2

4.2
0.0
0.2

5.2
0.0
0.3

4.8
0.0
8.9

4.4
1.0
11.8

5.1
2.5
14.5

17.7
4.0
17.9

20.1
5.5
23.6

19
20
21

5
6
7
8

15

1968

12.5
0.0
0.0

Checkable deposits and currency
Time and savings deposits
Money market fund shares

14

1967

28.6

2
3
4

9
10
11
12
13

1966

Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)
Billions of dollars
1

8.5

8.7

9.1

9.6

10.2

10.8

11.5

12.5

13.3

13.8

1

2

Checkable deposits and currency

6.0

6.0

6.1

6.3

6.4

6.5

6.7

6.9

7.1

6.9

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

2.5
2.2
0.3

2.7
2.3
0.4

3.0
2.6
0.4

3.3
2.8
0.5

3.8
3.2
0.6

4.3
3.6
0.6

4.8
4.1
0.7

5.5
4.7
0.8

6.2
5.2
0.9

6.9
5.8
1.1

3
4
5

38.7

42.3

45.4

47.0

49.6

52.3

57.0

62.7

72.1

80.7

6

32.3

35.5

38.8

41.6

44.6

47.6

51.6

56.8

65.4

73.3

7

7.7
3.5
21.2

8.6
3.9
23.1

9.3
4.5
25.0

9.7
4.7
27.2

10.3
5.3
29.0

11.2
5.9
30.5

12.5
6.7
32.4

14.3
7.1
35.4

17.2
8.4
39.8

18.2
10.2
44.9

8
9
10

6.4

6.8

6.6

5.4

5.0

4.8

5.4

5.9

6.7

7.4

11

6
7
8
9
10
11

Total financial assets

Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables

(1) Corporate and noncorporate farms.
(2) Equity in the Farm Credit System.

58

FFA, 1965-1974, September 16, 2004

L.105 State and Local Governments (1)
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

56.6

60.6

64.0

69.8

75.8

80.1

89.2

106.3

128.5

138.0

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

9.8
12.2
0.0
-0.7

10.3
13.5
0.0
0.8

11.1
15.7
0.0
0.3

10.4
18.9
0.0
-1.3

12.3
13.1
0.0
2.6

11.3
23.0
0.0
-1.4

12.1
30.2
0.0
-0.9

12.7
37.0
0.0
-1.0

12.7
43.6
0.0
0.5

12.9
48.5
0.0
-1.3

2
3
4
5

6

Credit market instruments

27.5

27.5

27.6

31.4

36.4

35.1

33.4

40.1

49.8

56.4

6

0.0
19.5
3.1

0.0
20.1
2.4

0.0
19.7
2.8

0.0
19.9
6.2

0.0
23.0
7.5

0.0
22.9
5.2

0.0
22.6
3.0

0.0
24.9
6.3

0.0
26.1
13.0

0.0
26.5
16.0

7
8
9

2.2
0.0
2.7

2.1
0.0
2.9

2.1
0.0
3.0

2.2
0.0
3.2

2.2
0.0
3.7

2.4
0.0
4.6

2.1
0.0
5.6

1.8
0.0
7.0

2.1
0.0
8.7

2.6
0.0
11.2

10
11
12

7
8
9
10
11
12

Total financial assets

1966

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

13
14

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

13
14

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

6.6
0.5
0.7

7.2
0.5
0.8

7.8
0.6
0.8

8.8
0.8
0.8

10.0
0.8
0.7

10.6
0.8
0.6

11.6
2.1
0.7

13.0
3.9
0.6

15.8
5.5
0.6

13.8
7.1
0.6

15
16
17

129.5

141.0

153.4

167.7

185.5

203.5

226.1

246.1

267.3

290.6

18

18

Total liabilities

19

Credit market instruments

103.2

110.0

117.4

126.1

138.3

150.3

166.7

180.7

194.8

208.2

19

20
21
22
23

Municipal securities
Short-term
Other
U.S. government loans

100.4
5.5
94.9
2.8

106.6
6.2
100.5
3.4

113.8
8.0
105.8
3.6

122.1
8.1
114.0
4.0

133.5
10.9
122.6
4.7

145.5
13.3
132.2
4.8

161.6
15.7
145.8
5.2

175.2
15.8
159.4
5.5

189.9
16.1
173.8
4.9

202.6
18.8
183.8
5.6

20
21
22
23

26.4

30.9

36.0

41.6

47.3

53.2

59.3

65.4

72.5

82.4

24

61.3

64.9

72.7

78.6

83.3

85.3

91.1

93.3

97.8

104.3

1

1.4
6.8
0.3

0.9
6.4
0.2

1.3
7.5
0.3

3.3
5.1
0.4

4.7
6.9
0.2

3.6
9.8
0.5

2.2
13.2
0.5

2.6
13.3
0.6

2.9
12.6
0.4

4.3
8.3
0.5

2
3
4

37.6

42.7

47.3

52.3

55.4

58.2

60.3

62.2

64.9

72.2

5

0.0
31.7
5.9
0.0

1.4
34.5
6.9
0.0

1.3
38.2
7.8
0.0

1.4
41.6
9.3
0.0

0.1
45.1
10.2
0.0

0.0
47.7
10.5
0.0

0.0
50.2
10.2
0.0

0.0
52.7
9.5
0.0

0.0
56.0
8.9
0.0

0.0
59.5
12.6
0.0

6
7
8
9

3.1
6.8
5.4

4.4
4.5
5.8

5.8
4.8
5.6

6.4
5.7
5.4

7.3
3.3
5.5

6.6
0.9
5.7

4.9
4.1
5.8

4.0
4.7
5.9

4.3
5.8
6.9

5.3
6.8
7.0

10
11
12

297.0

303.8

319.7

334.2

332.5

346.0

373.3

392.3

403.0

420.5

13

0.0
3.1

0.0
4.0

0.0
4.6

0.0
5.1

0.0
5.3

0.4
5.6

0.4
6.0

0.4
6.6

0.4
7.0

0.4
7.3

14
15

261.5

265.1

278.1

290.6

287.4

299.5

324.4

339.4

346.3

358.2

16

49.7
207.3
2.7
1.8

50.2
209.1
4.0
1.8

51.2
217.0
8.2
1.7

51.9
225.7
11.3
1.7

51.8
225.1
9.0
1.6

52.1
237.8
8.1
1.5

54.4
261.5
7.0
1.4

57.7
272.5
7.9
1.3

60.4
276.4
8.4
1.3

63.3
285.5
8.2
1.2

17
18
19
20

5.0
7.0
20.3
19.7
0.6

5.8
7.1
21.8
21.0
0.8

6.5
7.2
23.3
22.3
1.0

6.5
7.2
24.9
23.6
1.2

6.4
7.3
26.1
25.1
0.9

5.4
7.4
27.9
27.5
0.3

4.4
7.4
30.7
30.4
0.3

4.6
7.6
33.7
33.4
0.3

5.7
7.8
35.8
35.5
0.3

6.7
7.9
40.0
38.2
1.7

21
22
23
24
25

24

Trade payables

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government
Billions of dollars
1

Total financial assets

2
3
4

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits

5

Credit market instruments

6
7
8
9
10
11
12
13

Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (1)
Trade receivables
Taxes receivable
Miscellaneous assets
Total liabilities

14
15

SDR certificates
Treasury currency

16

Credit market instruments

17
18
19
20
21
22
23
24
25

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (2)
Nonmarketable securities held by pension plans
Other

(1) Student loans.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.

59

FFA, 1965-1974, September 16, 2004

L.107 Rest of the World
Billions of dollars
1965

1

Total financial assets

2
3
4
5

Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

6

Credit market instruments

1966

1967

1968

1969

1970

1971

1972

1973

1974

61.2

63.0

82.3

92.6

99.4

104.8

133.6

158.7

135.8

183.2

1

3.8
8.5
6.1
0.0

6.7
9.2
6.4
0.0

7.3
9.8
7.7
0.0

9.4
10.6
7.4
0.0

16.8
11.5
8.8
0.0

10.5
12.4
7.1
0.0

5.8
12.7
7.5
0.0

6.8
15.1
10.6
0.0

1.6
18.7
13.4
0.5

0.4
22.6
21.1
0.5

2
3
4
5

17.2

16.5

18.9

19.3

18.8

29.8

56.5

65.1

66.0

71.9

6

7

Open market paper

2.0

2.2

2.2

2.8

3.8

4.3

4.1

4.1

4.4

4.8

7

8
9
10

Treasury securities
Official
Private

13.1
11.4
1.7

11.2
9.8
1.3

13.3
12.1
1.2

12.7
11.3
1.3

10.3
9.0
1.3

19.8
18.4
1.4

46.3
45.0
1.3

54.8
53.5
1.3

55.2
54.1
1.1

60.1
58.3
1.8

8
9
10

11
12
13

Agency- and GSE-backed securities
Official
Private

1.3
0.0
1.3

1.7
0.0
1.7

2.0
0.1
2.0

2.4
0.1
2.3

2.7
0.0
2.7

3.0
0.0
3.0

3.1
0.0
3.0

3.2
0.3
2.9

3.2
0.9
2.4

2.8
1.8
1.0

11
12
13

14
15

U.S. corporate bonds (1)
Loans to U.S. corporate business

0.8
0.0

1.4
0.0

1.3
0.0

1.5
0.0

2.0
0.0

2.7
0.0

3.0
0.0

3.1
0.0

3.1
0.0

4.0
0.3

14
15

16
17
18

U.S. corporate equities
Trade receivables
Security credit

14.6
2.1
0.2

12.6
2.7
0.2

25.5
3.3
0.3

29.5
4.8
0.6

26.8
5.8
0.4

27.2
7.4
0.3

30.8
7.2
0.3

39.1
8.2
0.4

33.5
10.2
0.3

23.9
12.4
0.3

16
17
18

19
20
21

Miscellaneous assets
Foreign direct investment in U.S. (2)
Other

8.8
8.8
-0.0

8.7
9.1
-0.4

9.6
9.9
-0.4

10.9
10.8
0.1

10.5
11.8
-1.3

10.0
13.3
-3.3

12.7
13.9
-1.2

13.5
14.9
-1.4

-8.4
20.6
-28.9

30.1
25.1
5.0

19
20
21

98.8

106.0

115.9

126.0

134.5

140.5

151.5

163.1

180.2

206.6

22

1.6
0.8

1.6
0.9

2.8
1.1

4.8
1.6

5.1
1.2

2.6
0.8

0.9
1.2

0.7
2.2

0.6
3.3

1.9
4.9

23
24

37.5

39.5

43.3

46.1

49.2

52.1

56.6

61.1

67.4

81.2

25

0.0
9.1

0.0
9.9

0.0
11.1

0.0
12.2

0.0
13.2

0.0
14.1

0.0
15.0

0.0
16.0

0.0
17.0

0.2
19.4

26
27

7.1
1.1
2.1
3.9
18.7
2.5

7.1
1.0
2.2
3.8
20.0
2.5

6.7
1.0
1.8
3.9
22.5
3.0

6.3
0.8
1.9
3.6
24.7
2.9

6.0
0.8
2.1
3.2
26.9
3.2

5.8
0.6
2.0
3.2
28.2
4.0

7.3
0.8
2.4
4.1
30.0
4.3

10.4
1.0
3.5
5.9
31.5
3.2

13.1
1.4
5.1
6.5
33.2
4.2

17.8
1.7
8.2
7.8
32.7
11.2

28
29
30
31
32
33

2.6
0.1

2.9
0.1

3.4
0.3

3.8
0.5

4.6
0.3

5.6
0.3

6.1
0.3

6.6
0.4

8.5
0.2

11.5
0.2

34
35

56.3
1.3
3.9
55.2
-4.1

61.0
1.3
4.2
58.3
-2.7

65.1
1.4
4.0
64.4
-4.6

69.2
1.5
3.9
70.3
-6.5

74.1
1.7
3.8
78.7
-10.1

79.2
1.9
3.8
89.1
-15.7

86.4
2.2
3.6
101.2
-20.6

92.2
2.5
3.5
126.4
-40.2

100.2
2.8
4.1
145.4
-52.1

106.8
3.4
3.5
166.4
-66.6

36
37
38
39
40

5.0

4.3

5.2

6.5

7.0

6.6

7.6

10.5

10.0

9.0

41

22

Total liabilities

23
24

U.S. official foreign exchange
and net IMF position
U.S. private deposits

25

Credit market instruments

26
27

Commercial paper
Bonds

28
29
30
31
32
33

Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

34
35

Trade payables
Security debt

36
37
38
39
40

Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (1,2)
Other
Memo:

41

Market value of foreign equities
held by U.S. residents (3)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Includes American Depositary Receipts (ADRs).

60

FFA, 1965-1974, September 16, 2004

L.108 Monetary Authority (1)
Billions of dollars
1965

1

Total financial assets

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

5
6
7

Federal Reserve float
Fed. Res. loans to domestic banks
Security RPs

8

Credit market instruments

9
10
11
12
13
14

Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets
Total liabilities

1966

1967

1968

1969

1970

1971

1972

1973

1974

63.5

68.0

72.8

76.7

80.7

86.1

94.6

97.6

106.9

113.4

1

14.3
0.0
5.4

14.0
0.0
6.2

13.5
0.0
6.6

12.4
0.0
6.8

12.3
0.0
6.8

10.9
0.4
7.1

10.1
0.4
7.6

10.5
0.4
8.3

11.5
0.4
8.7

11.6
0.4
9.3

2
3
4

2.2
0.1
0.4

2.5
0.2
0.8

2.5
0.1
0.3

3.5
0.2
0.0

3.4
0.2
0.0

4.3
0.3
0.0

4.3
0.0
1.5

4.0
2.0
0.1

3.1
1.3
0.1

2.0
0.3
1.4

5
6
7

40.6

43.7

49.1

53.0

57.2

62.2

69.6

71.2

80.5

85.3

8

0.1
40.5
0.0
0.0

0.1
43.7
0.0
0.0

0.1
49.0
0.0
0.0

0.1
52.9
0.0
0.0

0.1
57.2
0.0
0.0

0.1
62.1
0.0
0.0

0.1
69.0
0.5
0.0

0.1
69.8
1.3
0.0

0.1
78.5
1.9
0.0

0.6
80.1
4.7
0.0

9
10
11
12

0.5

0.7

0.7

0.9

0.8

0.9

1.1

1.1

1.4

3.2

13

63.0

67.4

72.2

76.1

80.1

85.4

93.9

96.8

106.0

112.5

14

15
16

Depository institution reserves
Vault cash of commercial banks

18.4
4.9

19.8
5.5

21.1
5.9

21.9
7.2

22.1
7.3

24.2
7.0

27.8
7.5

25.6
8.6

27.1
10.7

25.8
11.6

15
16

17
18
19
20

Checkable deposits and currency
Due to federal government
Due to rest of the world
Currency outside banks

38.8
1.4
0.2
37.2

41.2
1.6
0.4
39.2

44.1
2.5
0.4
41.2

45.6
1.4
0.5
43.8

48.9
2.0
0.4
46.6

52.0
1.6
0.3
50.0

56.5
2.5
0.5
53.5

60.4
2.2
0.4
57.9

65.0
2.9
0.3
61.8

71.9
3.3
0.5
68.1

17
18
19
20

21
22
23

Miscellaneous liabilities
Federal Reserve Bank stock
Other

0.8
0.6
0.3

1.0
0.6
0.4

1.0
0.6
0.4

1.4
0.6
0.8

1.8
0.7
1.1

2.2
0.7
1.5

2.1
0.7
1.3

2.1
0.8
1.3

3.3
0.8
2.5

3.2
0.9
2.3

21
22
23

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

61

FFA, 1965-1974, September 16, 2004

L.109 Commercial Banking (1)
Billions of dollars

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

341.6

363.0

403.3

447.9

471.4

517.2

578.2

663.1

760.8

835.8

1

4.9
18.4
0.1

5.5
19.8
0.2

5.9
21.1
0.2

7.2
21.9
0.2

7.3
22.1
0.3

7.0
24.2
0.4

7.5
27.8
0.5

8.6
25.6
0.7

10.7
27.1
1.0

11.6
25.8
0.8

2
3
4

311.0

329.4

366.9

407.0

424.5

461.4

512.5

587.5

668.8

733.3

5

6
7

Treasury securities
Agency- and GSE-backed securities

60.2
5.8

56.8
6.1

63.3
9.1

65.3
10.4

55.6
10.1

62.5
13.9

65.6
17.9

68.1
22.0

59.2
29.6

55.1
33.2

6
7

8
9

Municipal securities
Corporate and foreign bonds

38.8
1.3

41.2
1.3

50.3
2.3

58.9
2.5

59.5
1.9

70.2
3.0

82.8
3.9

90.0
5.2

95.7
5.6

101.1
6.6

8
9

204.9
2.0
98.7
49.7
45.2
9.3

224.0
1.9
109.6
54.4
48.2
9.9

241.9
2.9
117.0
58.9
51.7
11.3

269.9
2.9
130.4
65.5
58.5
12.7

297.3
3.5
148.3
70.5
63.4
11.5

311.6
4.9
154.8
73.3
65.6
13.0

342.1
5.4
166.0
82.5
74.3
13.8

402.2
5.5
191.8
99.3
87.0
18.6

478.6
5.0
239.8
119.1
99.6
15.2

537.1
6.4
281.5
132.1
103.0
14.1

10
11
12
13
14
15

0.0
0.0

0.0
0.0

0.1
0.0

0.1
0.0

0.1
0.0

0.1
0.0

0.1
0.0

0.1
0.0

0.2
0.0

0.2
0.0

16
17

3.4
3.8

3.6
4.5

4.3
4.8

4.4
7.1

5.5
11.7

7.1
17.2

7.9
22.0

6.9
33.7

8.9
44.4

18.5
45.7

18
19

317.8

337.6

376.2

419.2

441.3

485.4

548.2

629.7

717.5

791.6

20

6.8
2.3
0.6
3.8

10.6
2.7
1.2
6.7

11.0
2.6
1.1
7.3

15.0
3.7
1.9
9.4

22.2
3.6
1.8
16.8

17.3
4.6
2.2
10.5

11.9
4.4
1.7
5.8

10.7
6.0
-2.0
6.8

4.9
4.4
-1.1
1.6

4.6
2.3
1.9
0.4

21
22
23
24

10
11
12
13
14
15

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

16
17

Corporate equities
Mutual fund shares

18
19
20

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

21
22
23
24

Net interbank liabilities
To monetary authority
To domestic banks (3)
To foreign banks

25
26
27
28

Checkable deposits
Federal government
Rest of the world
Private domestic

150.0
5.5
4.4
140.1

152.1
5.0
4.6
142.5

164.5
5.2
4.9
154.3

178.0
5.0
5.4
167.6

182.8
5.1
5.8
171.9

192.4
7.9
6.4
178.1

205.9
10.2
6.0
189.7

225.9
10.9
7.9
207.2

239.0
9.9
10.9
218.3

238.9
4.8
13.5
220.6

25
26
27
28

29
30
31

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

116.7
31.0
1.7

127.8
33.3
1.7

145.8
39.2
1.7

159.8
45.9
2.6

166.4
30.9
8.7

180.6
54.4
4.7

209.3
67.1
8.7

234.0
85.0
10.8

246.8
123.0
27.1

265.0
162.2
28.5

29
30
31

32

Credit market instruments

5.0

5.3

6.3

6.7

11.8

12.7

15.2

17.9

23.1

37.4

32

3.4
1.6
0.0

3.6
1.7
0.0

4.4
2.0
0.0

4.5
2.2
0.0

9.8
2.0
0.0

9.5
3.2
0.0

9.9
5.2
0.0

9.6
8.3
0.0

13.9
9.2
0.0

27.0
10.4
0.0

33
34
35

0.7
5.8

0.7
6.3

0.6
7.1

0.5
10.7

0.6
17.9

1.0
22.4

0.9
29.2

0.7
44.6

0.8
52.9

0.9
54.2

36
37

305.1

323.1

359.8

398.7

418.3

455.3

506.5

575.7

662.4

737.5

38

33
34
35
36
37

Open market paper
Corporate bonds
Other loans and advances
Taxes payable
Miscellaneous liabilities
Memo:

38

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18).

62

FFA, 1965-1974, September 16, 2004

L.110 U.S.-Chartered Commercial Banks
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

336.0

356.4

396.3

439.7

452.5

489.7

545.3

616.3

696.3

757.5

1

23.3

25.2

27.0

29.1

29.4

31.2

35.3

34.3

37.7

37.5

2

307.4

325.2

362.0

401.7

413.5

448.0

499.1

570.5

646.0

702.3

3

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

59.5
5.8
0.0
0.0
5.8

56.2
6.1
0.0
0.0
6.1

62.5
9.1
0.0
0.0
9.1

64.5
10.4
0.0
0.0
10.4

54.7
10.1
0.0
0.0
10.1

61.7
13.9
0.0
0.0
13.9

64.9
17.9
0.0
0.0
17.9

66.9
21.7
0.0
0.0
21.7

58.2
29.1
0.0
0.0
29.1

54.3
32.6
0.0
0.0
32.6

4
5
6
7
8

9
10
11
12
13

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

38.7
1.1
0.0
0.0
1.1

41.0
1.1
0.0
0.0
1.1

50.0
1.9
0.0
0.0
1.9

58.6
2.1
0.0
0.0
2.1

59.2
1.6
0.0
0.0
1.6

69.6
2.4
0.0
0.0
2.4

82.4
3.6
0.0
0.0
3.6

89.5
4.8
0.0
0.0
4.8

95.1
5.2
0.0
0.0
5.2

100.4
6.2
0.0
0.0
6.2

9
10
11
12
13

14
15
16
17
18
19

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

202.3
1.8
97.5
49.3
45.2
8.5

220.8
1.7
108.0
53.9
48.2
9.0

238.5
2.7
115.3
58.4
51.7
10.5

266.1
2.6
128.3
65.0
58.5
11.8

288.0
3.0
141.0
69.8
63.4
10.7

300.4
4.1
146.1
72.5
65.6
12.1

330.2
4.5
156.9
81.6
74.3
12.9

387.5
4.3
180.4
98.4
87.0
17.4

458.4
3.5
222.7
118.0
99.6
14.6

508.9
4.3
257.5
130.5
103.0
13.6

14
15
16
17
18
19

20
21

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

20
21

2.7
2.6

2.9
3.1

3.5
3.8

3.5
5.4

4.4
5.2

5.6
4.8

6.3
4.6

5.5
6.0

7.1
5.4

14.8
2.9

22
23

312.1

331.0

369.1

410.9

426.4

467.6

526.5

601.2

681.4

745.8

24

4.6
2.2
0.1
1.1
1.1

8.0
2.5
0.2
1.5
3.8

8.7
2.5
0.1
2.1
3.9

12.6
3.5
0.2
3.2
5.7

19.3
3.4
0.2
3.5
12.2

15.2
4.3
0.3
4.5
6.1

8.7
4.3
0.0
3.3
1.0

5.4
4.0
2.0
-1.0
0.5

-0.2
3.1
1.3
-4.1
-0.4

-4.9
2.0
0.3
-4.5
-2.7

25
26
27
28
29

1

Total financial assets

2

Vault cash and reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

22
23
24

Customers’ liab. on acceptances (1)
Miscellaneous assets
Total liabilities

25
26
27
28
29

Net interbank liabilities
Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banks
To foreign banks

30
31
32
33

Checkable deposits
Federal government
Rest of the world
Private domestic

147.0
5.5
4.1
137.4

148.6
5.0
4.3
139.4

160.6
5.2
4.6
150.8

172.7
5.0
4.8
162.9

177.4
5.1
5.2
167.1

182.5
7.9
5.7
168.8

195.5
10.2
5.2
180.1

218.4
10.9
6.3
201.2

230.9
9.9
8.6
212.4

229.5
4.8
10.6
214.1

30
31
32
33

34
35
36

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

116.7
30.5
1.7

127.7
32.8
1.7

145.8
38.6
1.7

159.7
45.2
2.6

165.8
29.5
8.7

179.9
52.6
4.7

208.5
65.0
8.7

233.0
82.1
10.8

245.6
119.2
27.1

263.7
157.4
28.5

34
35
36

37
38
39
40

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

2.7
1.6
0.0
0.7

2.9
1.7
0.0
0.7

3.5
2.0
0.0
0.6

3.6
2.2
0.0
0.5

4.4
2.0
0.0
0.6

5.7
2.1
0.0
1.0

6.4
3.0
0.0
0.9

5.6
4.1
0.0
0.7

7.2
4.1
0.0
0.8

14.9
4.3
0.0
0.9

37
38
39
40

41
42
43

Miscellaneous liabilities
Investment by bank holding companies
Other

6.5
0.0
6.5

6.9
0.0
6.9

7.7
0.0
7.7

11.8
0.0
11.8

18.8
4.0
14.8

23.9
10.0
13.9

29.9
15.0
14.9

41.0
21.0
20.0

46.7
25.0
21.7

51.5
32.0
19.5

41
42
43

301.6

319.1

355.0

393.4

407.2

441.6

492.5

558.6

638.6

703.5

44

Memo:
44

Credit market funds advanced (2)

(1) Included in other loans and advances (table L.216).
(2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22).

63

FFA, 1965-1974, September 16, 2004

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

4.3

4.9

5.1

6.0

6.9

9.0

9.7

14.4

18.8

27.3

1

2

Reserves at Federal Reserve

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Total bank credit

3.0

3.5

4.0

4.4

5.8

9.0

8.9

12.5

16.4

23.6

3

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.5
0.0
0.1
0.1

0.5
0.0
0.1
0.2

0.6
0.0
0.2
0.3

0.6
0.0
0.2
0.3

0.6
0.0
0.2
0.3

0.5
0.0
0.4
0.6

0.3
0.0
0.2
0.3

0.5
0.3
0.1
0.3

0.4
0.5
0.2
0.3

0.5
0.6
0.2
0.3

4
5
6
7

8
9
10
11
12

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Security credit

2.2
0.2
1.2
0.0
0.8

2.7
0.2
1.6
0.0
0.9

2.8
0.3
1.7
0.0
0.9

3.3
0.3
2.1
0.0
0.9

4.7
0.5
3.3
0.0
0.9

7.5
0.9
5.8
0.0
0.9

8.1
0.9
6.3
0.0
0.9

11.2
1.2
8.8
0.0
1.2

14.9
1.4
12.8
0.1
0.6

21.8
2.1
19.1
0.1
0.5

8
9
10
11
12

13

Corporate equities

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.1

0.2

0.2

13

0.7
0.6

0.7
0.8

0.9
0.2

0.9
0.7

1.1
-0.0

1.4
-1.4

1.6
-0.8

1.4
0.5

1.8
0.6

3.7
-0.0

14
15

4.4

5.1

5.3

6.2

7.1

9.3

9.9

14.7

19.1

27.6

16

2.2
2.7
-0.5

2.6
2.9
-0.4

2.3
3.3
-1.0

2.4
3.7
-1.3

3.0
4.7
-1.7

2.1
4.4
-2.3

3.2
4.8
-1.6

5.3
6.3
-1.0

7.6
4.5
3.0

12.2
6.5
5.6

17
18
19

4
5
6
7

14
15
16

Total financial assets

1966

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

17
18
19

Net interbank liabilities
To foreign banks
To domestic banks

20
21
22

Checkable deposits
Small time and savings deposits
Large time deposits

1.7
0.1
0.4

1.8
0.1
0.5

2.0
0.1
0.6

3.1
0.1
0.7

3.1
0.1
0.9

7.3
0.1
1.3

7.4
0.2
1.5

4.2
0.2
2.2

4.5
0.4
3.0

5.7
0.5
4.0

20
21
22

23
24

Federal funds and security RPs (net)
Acceptance liabilities

0.0
0.7

0.0
0.7

0.0
0.9

0.0
0.9

0.0
1.1

0.0
1.4

0.0
1.6

0.0
1.4

0.0
1.8

0.0
3.7

23
24

25
26
27
28

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

-0.7
0.4
0.0
-1.0

-0.6
0.4
0.0
-0.9

-0.6
0.4
0.0
-0.9

-1.0
0.4
0.0
-1.4

-1.1
0.4
0.0
-1.5

-2.9
0.4
0.0
-3.3

-4.0
0.4
0.0
-4.4

1.3
0.5
0.0
0.8

1.9
0.6
0.0
1.3

1.5
0.8
0.0
0.7

25
26
27
28

2.8

3.3

4.0

4.4

6.0

9.5

9.5

12.6

17.5

26.6

29

Memo:
29

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table L.216).
(3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14).

64

FFA, 1965-1974, September 16, 2004

L.112 Bank Holding Companies
Billions of dollars
1965

1
2
3
4
5
6
7
8
9
10
11

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other
Total liabilities

1966

1967

1968

1969

1970

1971

1972

1973

1974

0.0

0.0

0.0

0.0

8.7

14.7

18.9

27.6

40.5

45.8

1

0.0

0.0

0.0

0.0

3.9

3.0

2.8

2.6

4.3

4.9

2

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
3.9

0.0
0.0
0.0
3.0

0.0
0.0
0.0
2.8

0.0
0.0
0.0
2.6

0.0
0.0
0.0
4.3

0.0
0.0
0.0
4.9

3
4
5
6

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

4.7
4.0
0.0
0.7

11.8
10.0
0.0
1.8

16.1
15.0
0.6
0.5

25.0
21.0
3.0
1.1

36.2
25.0
4.3
6.9

40.9
32.0
5.0
3.9

7
8
9
10

0.0

0.0

0.0

0.0

4.7

5.0

7.7

9.3

12.0

13.1

11

12
13
14

Net interbank liabilities
To domestic banks
To foreign banks

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-2.5
0.0
-2.5

-2.7
0.8
-3.5

12
13
14

15

Federal funds and security RPs (net)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

16
17
18

Credit market instruments
Commercial paper
Corporate bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

4.3
4.3
0.0

3.4
2.3
1.1

4.2
2.0
2.2

6.8
2.6
4.2

10.0
4.9
5.1

14.4
8.3
6.1

16
17
18

19

Miscellaneous liabilities

0.0

0.0

0.0

0.0

0.4

1.5

3.5

2.5

4.6

1.4

19

1.3

1.6

1.9

2.2

3.3

3.8

4.3

4.8

5.2

5.3

1

L.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars
1

Total financial assets

2

Checkable deposits and currency

0.1

0.2

0.2

0.2

0.3

0.4

0.5

0.7

1.0

0.8

2

3

Credit market instruments

0.6

0.7

0.9

1.0

1.2

1.3

1.6

1.9

2.0

2.5

3

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.1
0.0
0.1
0.0

0.2
0.0
0.1
0.0

0.2
0.0
0.1
0.1

0.2
0.0
0.2
0.1

0.2
0.0
0.2
0.1

0.3
0.0
0.2
0.1

0.4
0.0
0.2
0.1

0.6
0.0
0.3
0.1

0.6
0.0
0.4
0.1

0.3
0.0
0.6
0.1

4
5
6
7

Bank loans n.e.c.
Home mortgages
Commercial mortgages

0.0
0.3
0.1

0.0
0.3
0.1

0.0
0.4
0.1

0.0
0.4
0.1

0.0
0.4
0.2

0.0
0.6
0.2

0.0
0.7
0.2

0.0
0.7
0.2

0.0
0.7
0.3

0.0
0.8
0.7

8
9
10

0.6

0.7

0.8

1.0

1.8

2.1

2.1

2.1

2.2

2.0

11

1.3

1.6

1.8

2.1

3.1

3.6

4.1

4.5

5.0

5.0

12

1.3
0.0
0.0

1.6
0.0
0.0

1.9
0.0
0.0

2.2
0.0
0.0

2.3
0.5
0.5

2.6
0.6
0.6

3.0
0.6
0.6

3.3
0.7
0.7

3.7
0.8
0.8

3.7
0.8
0.8

13
14
15

-0.1

-0.1

-0.1

-0.1

-0.1

-0.2

-0.2

-0.2

-0.3

-0.3

16

4
5
6
7
8
9
10
11
12

Miscellaneous assets
Total liabilities

13
14
15

Checkable deposits
Small time and savings deposits
Large time deposits

16

Miscellaneous liabilities

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

65

FFA, 1965-1974, September 16, 2004

L.114 Savings Institutions (1)
Billions of dollars

1

Total financial assets

2
3
4
5

Reserves at Federal Reserve
Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

6

Credit market instruments

7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

13
14
15
16
17

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

18
19
20

Other loans and advances
Mortgages
Consumer credit

21
22
23

Corporate equities
Miscellaneous assets
Total liabilities

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

187.1

193.7

208.9

222.5

234.3

252.6

293.0

340.7

374.2

399.4

1

0.0
3.9
0.0
0.0

0.0
3.3
0.1
0.0

0.0
3.0
0.2
0.0

0.0
2.6
0.2
0.1

0.0
2.3
0.2
0.3

0.0
2.5
0.6
0.4

0.0
2.3
2.3
1.2

0.0
2.8
3.4
1.7

0.0
2.9
2.9
3.7

0.0
3.2
3.6
6.0

2
3
4
5

173.5

181.7

195.0

208.9

221.5

236.8

271.7

314.5

348.0

369.7

6

0.0
11.6
2.9
0.7
0.0
2.2

0.0
11.5
3.0
0.9
0.0
2.1

0.0
12.7
3.2
1.1
0.0
2.1

0.0
12.7
3.5
1.5
0.0
2.0

0.0
10.8
4.7
1.6
0.0
3.0

0.0
9.5
6.9
2.3
0.0
4.6

0.0
9.2
10.6
3.2
0.0
7.4

0.0
8.7
14.1
4.3
0.0
9.8

0.0
7.0
16.3
7.7
0.0
8.6

0.0
5.9
17.6
9.3
0.0
8.3

7
8
9
10
11
12

0.3
2.9
0.0
0.0
2.9

0.3
3.2
0.0
0.0
3.2

0.2
5.2
0.0
0.0
5.2

0.3
6.7
0.0
0.0
6.7

0.3
7.2
0.0
0.0
7.2

0.3
9.9
0.0
0.0
9.9

0.5
14.8
0.0
0.0
14.8

1.0
17.4
0.0
0.0
17.4

1.1
14.4
0.0
0.0
14.4

1.4
14.2
0.0
0.0
14.2

13
14
15
16
17

0.1
152.7
3.0

0.2
160.5
3.2

0.2
170.0
3.4

0.2
181.8
3.7

0.3
194.0
4.2

0.5
205.2
4.4

0.7
231.2
4.7

0.6
267.5
5.1

0.5
300.3
8.5

0.5
321.0
9.1

18
19
20

2.3
7.4

2.0
6.6

2.5
8.3

2.4
8.2

2.5
7.4

2.8
9.6

3.5
12.0

4.5
13.8

4.2
12.4

3.7
13.2

21
22

175.5

182.3

196.7

210.0

221.4

239.7

278.2

324.7

357.4

383.0

23

162.8
0.3
162.5
0.0

169.0
0.3
168.7
0.0

184.6
0.3
184.3
0.0

196.1
0.4
195.8
0.0

202.6
0.4
202.3
0.0

218.0
0.4
216.9
0.7

255.6
0.5
253.7
1.5

298.4
0.5
295.5
2.4

323.3
0.7
319.1
3.5

341.7
0.8
335.6
5.2

24
25
26
27

24
25
26
27

Deposits
Checkable
Small time and savings
Large time

28

Security RPs

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3

0.3

2.0

28

29
30
31
32

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Other loans and advances

6.5
0.0
0.5
6.0

7.5
0.0
0.5
6.9

4.8
0.0
0.4
4.4

5.7
0.0
0.5
5.3

9.8
0.0
0.5
9.3

11.0
0.0
0.4
10.6

9.0
0.0
1.1
7.9

9.5
0.0
1.5
8.0

17.1
0.0
1.9
15.1

23.3
0.0
1.5
21.8

29
30
31
32

33
34
35
36

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.1
6.2
0.0
6.2

0.1
5.8
0.0
5.8

0.1
7.2
0.0
7.2

0.1
8.0
0.0
8.0

0.1
8.9
0.0
8.9

0.1
10.5
0.0
10.5

0.2
13.4
0.0
13.4

0.2
16.3
0.0
16.3

0.2
16.5
0.0
16.5

0.3
15.8
0.0
15.8

33
34
35
36

(1) Savings and loan associations, mutual savings banks, and federal savings banks.

66

FFA, 1965-1974, September 16, 2004

L.115 Credit Unions
Billions of dollars
1965

1

Total financial assets

1966

1967

1968

1969

1970

1971

1972

1973

1974

10.8

11.8

12.9

14.2

15.8

17.7

20.7

24.1

27.2

30.5

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

0.5
2.3
0.0

0.6
2.1
0.0

0.7
2.3
0.0

0.7
2.1
0.0

0.6
1.7
0.0

0.8
2.1
0.0

0.9
3.0
0.0

0.9
3.6
0.0

0.9
3.2
0.0

1.0
3.8
0.0

2
3
4

5

Credit market instruments

8.2

9.4

10.2

11.7

13.8

15.2

17.2

20.1

23.7

26.4

5

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
0.3
0.0

0.0
0.3
0.1

0.0
0.3
0.2

0.0
0.4
0.4

0.0
0.5
0.5

0.0
0.6
0.8

0.0
0.6
1.0

0.0
0.5
1.6

0.0
0.8
1.8

0.0
0.8
2.1

6
7
8

9
10

Home mortgages
Consumer credit

0.6
7.3

0.6
8.3

0.7
9.0

0.7
10.3

0.7
12.0

0.8
13.0

0.8
14.8

1.0
17.0

1.4
19.6

1.5
21.9

9
10

11
12

Mutual fund shares
Miscellaneous assets

0.0
-0.2

0.0
-0.2

0.0
-0.3

0.0
-0.3

0.0
-0.3

0.0
-0.4

0.0
-0.4

0.0
-0.5

0.0
-0.6

0.0
-0.6

11
12

10.0

10.8

11.9

13.0

14.4

16.2

19.0

22.2

25.2

28.5

13

6
7
8

13

Total liabilities

14
15
16
17

Shares/deposits
Checkable
Small time and savings
Large time

9.2
0.0
9.2
0.0

10.1
0.0
10.0
0.0

11.1
0.0
11.1
0.0

12.3
0.0
12.3
0.0

13.7
0.0
13.7
0.0

15.5
0.0
15.5
0.0

18.4
0.0
18.3
0.0

21.6
0.1
21.6
0.0

24.5
0.1
24.5
0.0

27.5
0.1
27.5
0.0

14
15
16
17

18
19

Other loans and advances
Miscellaneous liabilities

0.0
0.8

0.0
0.8

0.0
0.7

0.0
0.7

0.0
0.7

0.0
0.7

0.0
0.7

0.0
0.6

0.0
0.7

0.0
1.0

18
19

0.0

0.0

0.0

0.0

129.8

131.6

155.9

179.4

166.4

137.8

1

L.116 Bank Personal Trusts and Estates (1)
Billions of dollars
1

Total financial assets

2
3
4
5

Deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

3.5
1.8
1.7
0.0

3.9
1.8
2.1
0.0

5.0
1.8
3.2
0.0

5.8
1.9
3.9
0.0

6.0
1.9
4.1
0.0

6.4
1.8
4.6
0.0

2
3
4
5

6

Credit market instruments

0.0

0.0

0.0

0.0

30.9

33.6

38.0

41.1

45.5

48.3

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

3.7
5.0
4.1

4.1
5.5
4.5

5.2
5.0
4.1

5.9
4.9
4.0

6.6
5.7
4.6

6.9
6.6
5.4

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

10.9
5.1
2.2

11.8
5.5
2.3

14.1
7.2
2.5

15.3
8.5
2.6

16.1
9.7
2.7

15.0
11.2
3.1

10
11
12

7
8
9
10
11
12
13
14

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

89.3
4.1

87.9
4.1

105.5
4.9

124.0
5.8

106.8
5.0

75.9
3.6

13
14

15

Miscellaneous assets

0.0

0.0

0.0

0.0

1.9

2.2

2.5

2.6

3.1

3.6

15

0.0

0.0

0.0

0.0

135.2

137.9

163.0

187.1

175.0

147.3

16

16

Total liabilities (2)

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.
(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.

67

FFA, 1965-1974, September 16, 2004

L.117 Life Insurance Companies
Billions of dollars

1

Total financial assets

2
3

Checkable deposits and currency
Money market fund shares

4

Credit market instruments

5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

154.2

162.3

172.6

183.1

191.3

200.9

215.2

232.4

244.8

255.0

1

1.5
0.0

1.5
0.0

1.6
0.0

1.7
0.0

1.6
0.0

1.8
0.0

1.8
0.0

2.0
0.0

2.1
0.0

2.0
0.0

2
3

137.8

145.9

153.3

160.7

167.6

174.6

182.8

192.5

204.8

217.7

4

0.3
5.1
0.2

0.4
4.9
0.2

0.5
4.7
0.2

0.5
4.5
0.3

1.4
4.1
0.4

2.1
4.0
0.5

2.8
3.8
0.6

3.0
3.8
0.7

3.0
3.4
0.9

4.1
3.4
1.1

5
6
7

3.5
61.0
7.7
60.0

3.3
63.4
9.1
64.6

3.1
67.2
10.1
67.5

3.2
70.9
11.3
70.0

3.2
72.7
13.8
72.0

3.3
74.1
16.1
74.4

3.4
79.6
17.1
75.5

3.4
86.6
18.0
76.9

3.4
92.5
20.2
81.4

3.7
96.4
22.9
86.2

8
9
10
11

12
13

Corporate equities
Mutual fund shares

9.0
0.1

8.7
0.1

10.7
0.2

13.0
0.2

13.2
0.6

14.6
0.8

20.0
0.6

26.5
0.3

25.4
0.5

21.3
0.6

12
13

14

Miscellaneous assets

5.7

6.0

6.9

7.5

8.3

9.2

10.1

11.1

12.0

13.4

14

141.9

149.9

159.0

168.1

177.5

187.7

201.0

216.3

230.1

243.9

15

15

Total liabilities

16
17
18

Other loans and advances
Life insurance reserves
Pension fund reserves (1)

0.0
98.9
27.3

0.0
103.5
29.4

0.0
108.3
31.9

0.0
113.1
34.7

0.0
118.1
37.6

0.0
123.3
41.0

0.0
129.6
46.1

0.0
136.3
52.1

0.0
143.5
56.1

0.0
150.5
60.4

16
17
18

19
20

Taxes payable
Miscellaneous liabilities

0.5
15.2

0.6
16.4

0.5
18.2

0.6
19.7

0.7
21.1

0.8
22.6

0.8
24.5

0.8
27.1

0.8
29.6

0.8
32.2

19
20

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20).

L.118 Other Insurance Companies
Billions of dollars
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

5
6

Treasury securities
Agency- and GSE-backed securities

7
8
9

Municipal securities
Corporate and foreign bonds
Commercial mortgages

10
11
12
13
14
15

Corporate equities
Trade receivables
Miscellaneous assets
Total liabilities
Taxes payable
Miscellaneous liabilities

36.8

37.5

41.3

45.3

46.2

50.7

58.5

68.9

71.3

70.1

1

1.3
0.0

1.3
0.0

1.3
0.0

1.4
0.0

1.3
0.0

1.4
0.0

1.5
0.0

1.5
0.0

1.5
0.0

1.6
0.0

2
3

20.6

22.0

23.5

25.4

27.0

30.9

34.6

38.3

41.8

46.4

4

5.5
0.6

5.0
1.3

4.3
1.2

3.9
1.4

3.4
1.6

3.4
1.6

3.2
1.9

2.9
2.3

2.8
2.3

2.9
2.7

5
6

11.3
3.0
0.1

12.0
3.6
0.1

13.5
4.3
0.2

14.4
5.5
0.2

15.5
6.3
0.2

17.0
8.6
0.2

20.5
8.9
0.2

24.8
8.1
0.2

28.5
8.0
0.2

30.7
10.0
0.2

7
8
9

12.0
2.6
0.3

11.0
2.9
0.3

13.0
3.2
0.4

14.6
3.5
0.5

13.3
3.9
0.6

13.2
4.4
0.8

16.6
4.7
1.0

21.8
5.8
1.4

19.7
6.5
1.8

12.8
7.0
2.3

10
11
12

21.9

23.6

25.8

28.2

31.6

35.1

38.7

43.8

48.7

53.3

13

0.1
21.8

0.1
23.6

0.1
25.7

0.1
28.2

0.1
31.5

0.2
34.9

0.2
38.6

0.3
43.5

0.3
48.4

0.3
53.0

14
15

68

FFA, 1965-1974, September 16, 2004

L.119 Private Pension Funds (1)
Billions of dollars
1965

1

Total financial assets

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

6

Credit market instruments

7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

1966

1967

1968

1969

1970

1971

1972

1973

1974

80.2

83.3

98.0

111.4

114.0

123.9

146.6

181.5

179.8

178.0

1

0.9
2.9
0.0
0.6

0.8
3.4
0.0
0.7

0.9
4.0
0.0
0.9

1.0
4.7
0.0
1.0

1.0
5.4
0.0
1.1

1.1
6.3
0.0
1.2

1.3
7.3
0.0
1.3

1.8
8.5
0.0
2.1

2.5
10.0
0.0
2.5

3.4
12.0
0.0
3.0

2
3
4
5

29.1

31.9

32.8

33.8

34.6

36.6

35.0

40.5

46.8

55.6

6

0.0
2.5
0.5

0.0
2.3
0.4

0.0
2.0
0.3

0.0
2.4
0.4

0.0
2.2
0.6

0.0
2.1
0.9

0.0
2.1
0.6

1.8
3.4
2.1

3.1
5.4
3.2

5.4
8.6
4.3

7
8
9

22.7
3.4

25.2
3.9

26.4
4.1

27.0
4.1

27.6
4.2

29.4
4.2

28.6
3.7

30.6
2.7

32.7
2.4

35.0
2.4

10
11

40.8
0.4

39.5
0.4

51.1
0.5

61.5
0.6

61.4
0.7

67.1
0.8

88.7
1.2

107.8
1.5

93.6
1.7

74.8
1.9

12
13

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

5.5
0.0
1.2
4.3

6.6
0.0
1.2
5.4

7.8
0.0
1.5
6.4

8.8
0.0
1.7
7.2

9.7
0.0
1.7
8.0

10.7
0.0
1.9
8.9

11.9
0.0
2.2
9.7

19.2
0.0
2.7
16.4

22.8
0.0
2.7
20.1

27.4
0.0
2.7
24.7

14
15
16
17

18

Pension fund reserves (liabilities) (3)

80.9

84.0

98.8

112.4

115.0

125.0

148.0

183.3

182.2

181.2

18

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds
Billions of dollars
1

Total financial assets

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

5

Credit market instruments

6
7
8
9
10
11
12
13
14

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities
Miscellaneous assets
Pension fund reserves (liabilities) (1)

34.1

38.1

42.6

48.0

53.2

60.3

69.0

80.6

84.7

87.6

1

0.3
0.0
0.0

0.4
0.0
0.0

0.3
0.2
0.0

0.4
0.2
0.0

0.3
0.2
0.0

0.4
0.2
0.0

0.5
0.1
0.0

0.8
0.2
0.0

0.5
0.8
0.0

0.3
1.5
0.0

2
3
4

31.3

34.9

38.3

41.6

45.5

49.6

52.9

57.4

63.1

69.4

5

0.0
7.2
0.5

0.0
7.1
0.7

0.0
6.2
0.8

0.0
5.9
1.4

0.0
5.4
1.6

0.0
5.1
1.5

0.0
3.9
1.5

0.0
3.6
2.1

0.0
2.5
3.3

0.0
1.6
4.6

6
7
8

2.6
17.2
3.7

2.5
20.2
4.5

2.4
23.9
5.0

2.4
26.6
5.4

2.3
30.6
5.6

2.0
35.1
5.9

2.2
39.0
6.3

2.0
43.2
6.5

1.7
48.4
7.1

1.0
54.5
7.7

9
10
11

2.5
0.0

2.8
0.0

3.9
0.0

5.8
0.0

7.3
0.0

10.1
0.0

15.4
0.0

22.2
0.0

20.2
0.0

16.4
0.0

12
13

34.1

38.1

42.6

48.0

53.2

60.3

69.0

80.6

84.7

87.7

14

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.121 Federal Government Retirement Funds (1)
Billions of dollars
1
2
3
4
5
6
7
8

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets
Pension fund reserves (liabilities) (2)

19.7

21.0

22.3

23.6

25.1

27.5

30.4

33.4

35.5

38.2

1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

3
4
5

0.0
19.7

0.0
21.0

0.0
22.3

0.0
23.6

0.0
25.1

0.0
27.5

0.0
30.4

0.0
33.4

0.0
35.5

0.0
38.2

6
7

19.7

21.0

22.3

23.6

25.1

27.5

30.4

33.4

35.5

38.2

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Liabilities of the sector are assets of the household sector.

69

FFA, 1965-1974, September 16, 2004

L.122 Money Market Mutual Funds (1)
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security RPs

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
1.6
0.1

2
3
4
5

6

Credit market instruments

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.8

6

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.6
0.1
0.0
0.0
0.0

7
8
9
10
11

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-0.1

12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

13

7
8
9
10
11
12
13

Total financial assets

1966

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Total shares outstanding (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Mutual Funds (1)
Billions of dollars
1

Total financial assets

35.2

34.8

44.3

51.2

47.6

46.8

55.4

58.9

46.6

35.2

1

2

Security RPs

0.5

0.8

0.8

1.0

1.6

1.4

1.3

1.2

1.7

1.4

2

3

Credit market instruments

3.9

5.1

4.3

4.1

5.1

5.7

5.5

6.0

6.6

7.4

3

0.5
0.8
0.0
0.0
2.6

0.8
1.4
0.0
0.0
2.9

0.8
0.9
0.0
0.0
2.6

1.0
1.1
0.0
0.0
2.0

1.6
0.7
0.0
0.0
2.9

1.4
0.9
0.0
0.0
3.5

1.3
0.6
0.0
0.0
3.7

1.2
0.7
0.0
0.0
4.2

1.7
0.7
0.0
0.0
4.3

1.4
1.1
0.0
0.0
4.9

4
5
6
7
8

30.9
0.0

28.9
0.0

39.2
0.0

46.1
0.0

40.9
0.0

39.7
0.0

48.6
0.0

51.7
0.0

38.3
0.0

26.3
0.0

9
10

35.2

34.8

44.3

51.2

47.6

46.8

55.4

58.9

46.6

35.2

11

4
5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets
Total shares outstanding (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.124 Closed-End and Exchange-Traded Funds
Billions of dollars
Closed-end funds
1
2
3
4
5
6
7

Total financial assets

7.6

7.3

7.5

8.9

8.6

6.1

7.8

8.5

9.9

9.0

1

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

2.1
0.5
0.0
1.5

2.0
0.5
0.0
1.5

2.2
0.5
0.0
1.7

2.6
0.6
0.0
2.0

2.6
0.6
0.0
2.0

1.8
0.5
0.0
1.4

2.4
0.6
0.0
1.8

2.7
0.7
0.0
2.0

3.3
0.8
0.0
2.5

3.0
0.7
0.0
2.3

2
3
4
5

Corporate equities

5.6

5.3

5.4

6.3

6.0

4.3

5.4

5.7

6.6

5.9

6

7.6

7.3

7.5

8.9

8.6

6.1

7.8

8.5

9.9

9.0

7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

8

Total shares outstanding (liabilities)
Exchange-traded funds

8

Total financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

9
10
11

12

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

13

13

Total shares outstanding (liabilities)

70

FFA, 1965-1974, September 16, 2004

L.125 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars
1965

1

Total financial assets

2
3
4

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

5

Credit market instruments

1966

1967

1968

1969

1970

1971

1972

1973

1974

18.9

23.9

23.9

27.1

36.3

46.6

47.3

51.3

70.0

88.2

1

0.2
0.0
0.0

0.2
0.0
0.0

0.2
0.0
0.0

0.2
0.0
0.0

0.2
0.0
0.2

0.2
0.0
1.0

0.2
0.0
0.4

0.2
0.0
0.8

0.3
0.0
3.0

0.3
0.0
2.1

2
3
4

18.3

23.3

23.3

26.5

35.1

43.9

45.0

49.0

64.4

85.3

5

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.0
1.8
0.1

0.0
2.7
0.1

0.0
2.7
0.2

0.0
2.6
0.2

0.0
2.0
0.2

0.0
3.1
0.2

0.0
2.5
0.2

0.4
1.2
0.2

0.2
1.1
0.3

1.1
1.4
0.4

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

9
10

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

9.6
0.0
3.6
6.0

11.1
0.0
4.2
6.9

9.3
0.0
4.9
4.4

10.5
0.0
5.2
5.3

15.3
0.0
6.0
9.3

17.6
0.0
7.0
10.6

15.6
0.0
7.7
7.9

16.4
0.0
8.4
8.0

24.9
0.0
9.8
15.1

34.2
0.0
12.4
21.8

11
12
13
14

15
16
17
18
19

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

6.8
2.5
0.0
4.3
0.0

9.4
4.4
0.0
5.0
0.0

11.1
5.5
0.0
5.6
0.0

13.3
7.2
0.0
6.1
0.0

17.7
10.9
0.0
6.7
0.0

23.0
15.5
0.3
7.2
0.0

26.7
17.6
1.1
7.9
0.0

30.7
19.5
2.1
9.1
0.0

37.8
22.8
4.0
10.9
0.0

48.1
28.4
6.2
13.5
0.0

15
16
17
18
19

0.4

0.4

0.4

0.4

0.8

1.5

1.7

1.4

2.3

0.5

20

18.1

23.1

23.0

26.2

35.4

45.4

46.0

49.9

68.4

86.0

21

14.2
13.8
0.3

19.0
18.9
0.1

18.4
18.4
0.0

21.9
21.6
0.3

30.6
30.6
0.0

38.9
38.9
0.0

40.0
40.0
0.0

43.5
43.5
0.0

59.8
59.8
0.0

77.1
76.4
0.7

22
23
24

3.9

4.1

4.6

4.4

4.7

6.5

6.0

6.4

8.5

8.9

25

6
7
8

20
21

Miscellaneous assets
Total liabilities

22
23
24

Credit market instruments
GSE issues (3)
U.S. government loans

25

Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.
(2) SLMA student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

L.126 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars
1

0.9

1.3

2.0

2.5

3.2

4.8

9.5

14.4

18.0

21.5

1

2
3
4
5

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

0.1
0.0
0.1
0.7

0.3
0.0
0.2
0.9

0.7
0.0
0.3
1.0

1.0
0.0
0.4
1.1

1.4
0.0
0.4
1.4

2.5
0.1
0.5
1.7

6.7
0.1
0.6
2.1

10.7
0.4
0.9
2.4

13.6
0.6
1.1
2.7

18.0
0.8
0.0
2.6

2
3
4
5

6

Total pool securities (liabilities)(2)

0.9

1.3

2.0

2.5

3.2

4.8

9.5

14.4

18.0

21.5

6

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed
CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.
(2) Such issues are classified as agency- and GSE-backed securities.

71

FFA, 1965-1974, September 16, 2004

L.127 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2
3

Agency- and GSE-backed securities (1)
Other loans and advances

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

2
3

4
5
6
7

Mortgages (2)
Home
Multifamily residential
Commercial

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

4
5
6
7

8
9

Consumer credit
Trade receivables

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

8
9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

10

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

11
12

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

13
14

10
11
12

13
14

Total financial assets

1966

Total liabilities
Commercial paper
Corporate bonds
Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset.
(4) Included in table L.130.

L.128 Finance Companies (1)
Billions of dollars
1

Total financial assets

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

7

Miscellaneous assets

8

Total liabilities

44.4

46.8

47.5

52.7

61.3

63.8

70.0

79.9

91.6

96.9

1

2.0

2.1

2.2

2.3

2.4

2.7

2.9

3.2

3.5

3.7

2

38.2
13.5
0.0
24.7

41.0
14.6
0.0
26.4

41.2
14.3
0.0
26.9

45.7
16.5
0.0
29.2

53.4
21.5
0.0
32.0

54.6
21.8
0.6
32.1

58.7
23.2
1.1
34.4

66.9
27.4
1.6
38.0

77.0
32.3
2.0
42.6

84.2
37.2
2.5
44.6

3
4
5
6

4.2

3.7

4.1

4.7

5.5

6.6

8.4

9.7

11.2

9.0

7

38.8

40.5

40.4

44.9

52.9

54.7

60.4

69.8

81.4

86.2

8

30.9
8.5
15.1
7.2

35.8
12.0
16.6
7.2

37.8
14.1
17.3
6.4

41.5
16.9
17.7
6.9

48.8
23.0
18.8
7.1

51.3
23.6
19.6
8.1

52.1
23.1
22.0
7.0

58.1
21.9
26.0
10.3

65.6
23.8
29.9
11.9

74.5
27.4
35.5
11.6

9
10
11
12

9
10
11
12

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

13

Taxes payable

0.3

0.2

0.2

0.2

0.2

0.3

0.3

0.3

0.3

0.3

13

14
15
16
17

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

7.7
0.0
0.0
7.6

4.5
0.0
0.0
4.4

2.4
0.0
0.0
2.4

3.3
0.0
0.0
3.2

3.8
0.0
0.0
3.8

3.2
0.0
0.0
3.1

8.0
0.1
0.6
7.4

11.4
0.1
3.0
8.4

15.5
0.1
3.6
11.8

11.4
0.1
3.3
8.1

14
15
16
17

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

18

18

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies.
(2) See footnote (3), table L.127.

72

FFA, 1965-1974, September 16, 2004

L.129 Mortgage Companies (1)
Billions of dollars
1965

1
2
3
4
5
6
7

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Total liabilities
Bank loans n.e.c.
Investment by parent

1966

1967

1968

1969

1970

1971

1972

1973

1974

4.5

3.9

4.3

4.9

5.7

6.9

8.9

10.6

12.5

10.6

1

3.8
0.5
0.1

3.3
0.4
0.1

3.7
0.5
0.1

4.2
0.6
0.2

4.9
0.7
0.2

5.3
1.2
0.4

5.7
2.4
0.9

6.2
3.2
1.1

7.4
3.7
1.4

6.2
2.4
1.9

2
3
4

4.5

3.9

4.3

4.9

5.7

6.9

8.9

10.6

12.5

10.6

5

4.5
0.0

3.9
0.0

2.3
2.0

4.9
0.0

5.7
0.0

6.9
0.0

8.9
0.0

10.6
0.0

12.5
0.0

10.6
0.0

6
7

0.0

0.0

0.0

0.8

2.0

3.9

6.4

11.7

16.6

16.4

1

(1) No data are available after 1997:Q4.

L.130 Real Estate Investment Trusts (REITs)
Billions of dollars
1

Total financial assets

2

Checkable deposits and currency

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Credit market instruments

0.0

0.0

0.0

0.8

2.0

3.9

6.2

10.4

16.0

16.1

3

4
5

Agency- and GSE-backed securities
Corporate and foreign bonds

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.8
0.0
0.1
0.7

2.0
0.2
0.5
1.3

3.9
0.6
1.3
2.0

6.2
0.8
2.2
3.2

10.4
1.2
4.2
5.0

16.0
1.9
6.6
7.5

16.1
1.7
6.8
7.7

6
7
8
9

0.0

0.0

0.0

0.0

0.0

0.0

0.2

1.3

0.7

0.3

10

14.1

15.8

11

10

Miscellaneous assets

11

Total liabilities

0.0

0.0

0.0

0.8

1.5

2.2

4.1

9.1

12

Security RPs

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

12

13
14
15
16
17

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.8
0.0
0.0
0.6
0.2

1.5
0.0
0.1
1.0
0.4

2.2
0.0
0.6
1.0
0.5

4.1
0.8
1.0
1.6
0.7

8.8
3.2
1.4
3.0
1.2

13.7
4.0
1.9
6.3
1.5

14.0
0.7
2.1
9.6
1.6

13
14
15
16
17

18

Miscellaneous liabilities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3

0.4

1.9

18

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

19
20
21
22
23

19
20
21
22
23

Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

73

FFA, 1965-1974, September 16, 2004

L.131 Security Brokers and Dealers
Billions of dollars
1965

1

1967

1968

1969

1970

1971

1972

1973

1974

10.3

11.3

14.7

18.5

15.4

16.2

17.6

22.9

20.3

18.2

1

2

Checkable deposits and currency

0.7

0.8

1.0

1.5

1.4

1.1

1.1

1.1

0.9

0.8

2

3

Credit market instruments

2.4

3.2

2.9

3.5

3.7

6.0

4.6

6.0

7.5

7.8

3

0.0
1.1
0.0
0.5
0.9

0.0
1.7
0.0
0.5
1.0

0.0
1.0
0.0
0.5
1.4

0.0
1.8
0.0
0.5
1.2

0.0
1.7
0.0
0.4
1.6

0.0
3.4
0.0
0.9
1.7

0.0
1.8
0.0
1.0
1.8

1.0
2.0
0.0
0.9
2.0

2.0
2.0
0.0
1.1
2.4

3.0
2.3
0.0
0.7
1.8

4
5
6
7
8

1.2
6.0
0.0

1.3
6.0
0.0

1.7
9.2
0.0

1.5
12.0
0.0

1.9
8.5
0.0

2.0
7.2
0.0

2.1
9.8
0.0

2.4
13.5
0.0

2.8
9.1
0.0

2.2
7.6
0.0

9
10
11

10.1

11.0

14.2

17.7

14.6

15.5

16.7

21.7

18.1

15.3

12

4
5
6
7
8
9
10
11
12

Total financial assets

1966

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets
Total liabilities

13
14

Security RPs (net)
Corporate bonds

-3.2
0.0

-3.2
0.0

-3.8
0.0

-4.1
0.0

-4.0
0.0

-3.5
0.0

-3.7
0.0

-4.5
0.0

-4.3
0.0

-5.1
0.0

13
14

15
16
17
18
19

Trade payables
Security credit
Customer credit balances (HH)
From banks
Taxes payable

0.4
12.0
2.7
9.3
0.1

0.4
12.8
2.9
9.9
0.1

0.5
16.6
5.3
11.3
0.2

0.5
20.3
7.7
12.7
0.2

0.6
17.2
5.7
11.5
0.1

0.6
17.7
4.7
13.0
0.2

0.7
19.0
5.2
13.8
0.1

0.8
24.0
5.4
18.6
0.2

0.8
20.4
5.2
15.2
0.2

0.9
18.3
4.2
14.1
0.0

15
16
17
18
19

20
21
22
23

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

0.9
0.3
0.0
0.7

0.9
0.3
0.0
0.6

0.8
0.3
-2.0
2.6

0.8
0.3
0.0
0.5

0.7
0.2
0.0
0.5

0.6
0.2
0.0
0.4

0.6
0.2
0.0
0.4

1.3
0.3
0.0
1.0

1.0
0.3
0.8
0.0

1.2
0.5
1.8
-1.0

20
21
22
23

0.5

0.8

0.8

1.0

1.6

1.4

1.3

1.2

1.7

1.4

1

L.132 Funding Corporations (1)
Billions of dollars
1

Total financial assets

2

Money market fund shares

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

0.5
0.5
0.0

0.8
0.8
0.0

0.8
0.8
0.0

1.0
1.0
0.0

1.6
1.6
0.0

1.4
1.4
0.0

1.3
1.3
0.0

1.2
1.2
0.0

1.7
1.7
0.0

1.4
1.4
0.0

3
4
5

6
7
8

Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

6
7
8

0.5

0.8

0.8

1.0

1.6

1.4

1.3

1.2

1.7

1.4

9

10
11
12

9

Total liabilities
Credit market instruments
Open market paper
Corporate bonds

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

10
11
12

13
14
15
16

Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

0.5
0.0
0.0
0.5

0.8
0.0
0.0
0.8

0.8
0.0
0.0
0.8

1.0
0.0
0.0
1.0

1.6
0.0
0.0
1.6

1.4
0.0
0.0
1.4

1.3
0.0
0.0
1.3

1.2
0.0
0.0
1.2

1.7
0.0
0.0
1.7

1.4
0.0
0.0
1.4

13
14
15
16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.
(2) Due from affiliated companies.

74

FFA, 1965-1974, September 16, 2004

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars
1965

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position
Official foreign currency holdings
Treasury
Monetary authority
Net IMF position
Federal government
Monetary authority

1966

1967

1968

1969

1970

1971

1972

1973

1974

15.7

14.9

14.8

15.7

17.0

14.5

12.3

13.2

14.4

15.9

1

14.1

13.2

12.1

10.9

11.9

11.9

11.4

12.4

13.8

14.0

2

0.3
13.7

0.1
13.2

0.1
12.0

0.5
10.4

1.5
10.4

1.2
10.7

1.3
10.1

2.0
10.4

2.3
11.6

2.4
11.7

3
4

1.6

1.6

2.8

4.8

5.1

2.6

0.9

0.7

0.6

1.9

5

0.8
0.2
0.6

1.3
0.4
0.9

2.3
0.7
1.6

3.5
1.5
2.1

2.8
0.8
2.0

0.6
0.4
0.3

0.3
0.3
0.0

0.2
0.0
0.2

0.0
0.0
0.0

0.0
0.0
0.0

6
7
8

0.9
0.9
-0.0

0.3
0.4
-0.1

0.4
0.5
-0.1

1.3
1.3
-0.1

2.3
2.4
-0.1

1.9
2.0
-0.1

0.6
0.7
-0.1

0.5
0.5
-0.1

0.6
0.6
-0.1

1.9
1.9
-0.1

9
10
11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of
foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.
(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency
Billions of dollars
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.4
0.4

0.4
0.4

0.4
0.4

0.4
0.4

0.4
0.4

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

3.1
5.4

4.0
6.2

4.6
6.6

5.1
6.8

5.3
6.8

5.6
7.1

6.0
7.6

6.6
8.3

7.0
8.7

7.3
9.3

3
4

5

Discrepancy (seigniorage)

-2.4

-2.2

-2.0

-1.7

-1.5

-1.6

-1.6

-1.7

-1.7

-1.9

5

0.8

0.9

1.1

1.6

1.2

0.8

1.2

2.2

3.3

4.9

1

0.0
0.8
0.0

0.0
0.9
0.0

0.0
1.1
0.0

0.0
1.6
0.0

0.0
1.2
0.0

0.0
0.8
0.0

0.0
1.2
0.0

0.0
2.2
0.0

0.0
3.3
0.0

0.0
4.9
0.0

2
3
4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

L.202 U.S. Deposits in Foreign Countries
Billions of dollars
1

2
3
4
5

Total rest of the world liability
Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

75

FFA, 1965-1974, September 16, 2004

L.203 Net Interbank Transactions
Billions of dollars
1965

1

Total liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries, net

1966

1967

1968

1969

1970

1971

1972

1973

1974

30.1

35.8

38.0

44.0

51.6

48.5

47.3

45.0

42.6

42.1

1

23.3
18.4
4.9

25.2
19.8
5.5

27.0
21.1
5.9

29.1
21.9
7.2

29.4
22.1
7.3

31.2
24.2
7.0

35.3
27.8
7.5

34.3
25.6
8.6

37.7
27.1
10.7

37.5
25.8
11.6

2
3
4

6.8
2.3

10.6
2.7

11.0
2.6

15.0
3.7

22.2
3.6

17.3
4.6

11.9
4.4

10.7
6.0

4.9
4.4

4.6
2.3

5
6

3.8

6.7

7.3

9.4

16.8

10.5

5.8

6.8

1.6

0.4

7

8
9
10
11

Liabilities, net
U.S.-chartered commercial banks
Due to foreign affiliates
- Due from foreign affiliates

4.1
1.4
1.4
0.0

7.0
4.0
4.0
0.0

7.6
4.2
4.2
0.0

9.8
6.0
6.0
0.0

17.3
12.5
13.2
0.7

11.0
6.5
7.2
0.7

6.6
1.6
2.3
0.7

7.8
1.1
2.1
1.0

3.0
0.2
1.9
1.6

2.6
-1.3
4.5
5.8

8
9
10
11

12
13
14

Foreign banking offices in U.S.
Due to foreign affiliates
- Due from foreign affiliates

2.8
3.4
0.7

3.0
3.7
0.8

3.4
4.3
0.9

3.7
4.8
1.1

4.7
6.0
1.3

4.5
6.3
1.8

5.0
7.0
2.0

6.7
9.8
3.0

5.2
9.5
4.3

7.5
14.0
6.5

12
13
14

15
16
17

Bank holding companies
Due to foreign affiliates
- Due from foreign affiliates

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-2.5
0.0
2.5

-3.5
0.0
3.5

15
16
17

0.3
0.3
0.0

0.3
0.3
0.0

0.4
0.3
0.0

0.4
0.3
0.0

0.4
0.4
0.1

0.6
0.5
0.1

0.8
0.6
0.1

1.1
0.6
0.4

1.4
0.7
0.7

2.3
1.3
0.9

18
19
20

0.6

1.2

1.1

1.9

1.8

2.2

1.7

-2.0

-1.1

1.9

21

1.1
1.2
0.6
0.0
0.6

1.5
1.7
0.6
0.0
1.2

2.1
2.3
1.2
0.0
1.1

3.2
3.5
1.6
0.0
1.9

3.5
4.1
2.3
0.0
1.8

4.5
5.6
3.4
0.0
2.2

3.3
6.3
4.6
0.0
1.7

-1.0
5.4
7.4
0.0
-2.0

-4.1
10.6
11.7
0.0
-1.1

-4.5
18.1
16.2
0.0
1.9

22
23
24
25
26

0.1
0.0

0.2
0.0

0.2
0.0

0.3
0.0

0.6
0.0

1.1
0.0

3.0
0.0

6.4
0.0

14.7
0.0

21.8
0.8

27
28

-0.5
0.1
0.6

-0.4
0.2
0.6

-1.0
0.2
1.2

-1.3
0.3
1.6

-1.7
0.6
2.3

-2.3
1.1
3.4

-1.6
3.0
4.6

-1.0
6.4
7.4

3.0
14.7
11.7

5.6
21.8
16.2

29
30
31

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.8
0.8
0.0

32
33
34

29.5

34.6

36.9

42.1

49.9

46.2

45.6

47.0

43.7

40.1

35

3.8

6.7

7.3

9.4

16.8

10.5

5.8

6.8

1.6

0.4

36

25.6

27.9

29.6

32.7

33.0

35.8

39.7

40.3

42.1

39.8

37

2.3
2.2
0.1

2.7
2.5
0.2

2.6
2.5
0.1

3.7
3.5
0.2

3.6
3.4
0.2

4.6
4.3
0.3

4.4
4.3
0.0

6.0
4.0
2.0

4.4
3.1
1.3

2.3
2.0
0.3

38
39
40

23.3
18.4
4.9

25.2
19.8
5.5

27.0
21.1
5.9

29.1
21.9
7.2

29.4
22.1
7.3

31.2
24.2
7.0

35.3
27.8
7.5

34.3
25.6
8.6

37.7
27.1
10.7

37.5
25.8
11.6

41
42
43

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

44

0.6

1.2

1.1

1.9

1.8

2.2

1.7

-2.0

-1.1

1.9

45

18
19
20
21
22
23
24
25
26

27
28

Less: Deposits at foreign banks
U.S. chartered commercial banks
Foreign banking offices in U.S.
To U.S. banking, net
U.S.-chartered commercial banks
Liabilities
To foreign offices in U.S.
To bank holding companies
Unallocated
Less, due from:
Foreign offices in U.S.
Bank holding companies

29
30
31

Foreign banking offices in U.S.
Due to U.S. banks
- Due from U.S. banks

32
33
34

Bank holding companies
Due to U.S. banks
- Due from U.S. banks

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

Savings insts.: Reserves at Fed. Res.
Discrepancy--floats, etc.

76

FFA, 1965-1974, September 16, 2004

L.204 Checkable Deposits and Currency
Billions of dollars

1

Total liabilities

2
3
4
5

Monetary authority
Federal government cash and deposits
Deposits due to foreign
Currency outside banks

6
7
8
9

Commercial banking
Federal government deposits
Deposits due to foreign
Private domestic deposits

10
11
12

Savings institutions
Credit unions
Total assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

189.1

193.6

208.9

224.0

232.1

244.8

262.9

287.0

304.7

311.7

1

38.8
1.4
0.2
37.2

41.2
1.6
0.4
39.2

44.1
2.5
0.4
41.2

45.6
1.4
0.5
43.8

48.9
2.0
0.4
46.6

52.0
1.6
0.3
50.0

56.5
2.5
0.5
53.5

60.4
2.2
0.4
57.9

65.0
2.9
0.3
61.8

71.9
3.3
0.5
68.1

2
3
4
5

150.0
5.5
4.4
140.1

152.1
5.0
4.6
142.5

164.5
5.2
4.9
154.3

178.0
5.0
5.4
167.6

182.8
5.1
5.8
171.9

192.4
7.9
6.4
178.1

205.9
10.2
6.0
189.7

225.9
10.9
7.9
207.2

239.0
9.9
10.9
218.3

238.9
4.8
13.5
220.6

6
7
8
9

0.3
0.0

0.3
0.0

0.3
0.0

0.4
0.0

0.4
0.0

0.4
0.0

0.5
0.0

0.5
0.1

0.7
0.1

0.8
0.1

10
11

189.1

193.6

208.9

224.0

232.1

244.8

262.9

287.0

304.7

311.7

12

13

Household sector

86.5

88.9

99.3

108.7

105.3

112.5

125.8

137.2

145.2

149.9

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

51.5
33.1
12.5
6.0

50.9
32.4
12.5
6.0

53.4
34.8
12.5
6.1

56.3
37.5
12.5
6.3

62.0
43.1
12.5
6.4

63.1
44.1
12.5
6.5

61.7
42.6
12.5
6.7

64.4
44.9
12.5
6.9

70.4
46.3
16.9
7.1

71.9
47.8
17.3
6.9

14
15
16
17

18
19

State and local governments
Federal government

9.8
6.8

10.3
6.4

11.1
7.5

10.4
5.1

12.3
6.9

11.3
9.8

12.1
13.2

12.7
13.3

12.7
12.6

12.9
8.3

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

8.5
4.6
3.9

9.2
5.0
4.3

9.8
5.3
4.5

10.6
5.9
4.8

11.5
6.2
5.3

12.4
6.7
5.7

12.7
6.5
6.2

15.1
8.3
6.8

18.7
11.2
7.5

22.6
14.0
8.6

20
21
22

23

Financial sectors

11.5

11.1

11.4

11.9

13.4

14.0

14.9

16.9

17.9

18.7

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

0.1
3.9
0.5
0.0

0.2
3.3
0.6
0.0

0.2
3.0
0.7
0.0

0.2
2.6
0.7
0.0

0.3
2.3
0.6
1.8

0.4
2.5
0.8
1.8

0.5
2.3
0.9
1.8

0.7
2.8
0.9
1.9

1.0
2.9
0.9
1.9

0.8
3.2
1.0
1.8

24
25
26
27

28
29
30
31

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

1.5
1.3
0.9
0.3

1.5
1.3
0.8
0.4

1.6
1.3
0.9
0.3

1.7
1.4
1.0
0.4

1.6
1.3
1.0
0.3

1.8
1.4
1.1
0.4

1.8
1.5
1.3
0.5

2.0
1.5
1.8
0.8

2.1
1.5
2.5
0.5

2.0
1.6
3.4
0.3

28
29
30
31

32
33
34
35
36

Money market mutual funds
Government-sponsored enterprises
Finance companies
REITs
Brokers and dealers

0.0
0.2
2.0
0.0
0.7

0.0
0.2
2.1
0.0
0.8

0.0
0.2
2.2
0.0
1.0

0.0
0.2
2.3
0.0
1.5

0.0
0.2
2.4
0.0
1.4

0.0
0.2
2.7
0.0
1.1

0.0
0.2
2.9
0.0
1.1

0.0
0.2
3.2
0.0
1.1

0.0
0.3
3.5
0.0
0.9

0.0
0.3
3.7
0.0
0.8

32
33
34
35
36

14.5

16.8

16.4

21.0

20.7

21.7

22.3

27.4

27.3

27.5

37

37

Mail float

77

FFA, 1965-1974, September 16, 2004

L.205 Time and Savings Deposits
Billions of dollars

1
2

Total liabilities
Small time and savings deposits

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

319.4

339.8

380.4

413.7

413.2

468.1

549.9

638.4

716.8

795.5

1

288.5

306.5

341.2

367.8

382.3

412.9

481.3

551.0

590.4

628.1

2

3
4
5
6

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

116.7
116.7
0.1
0.0

127.8
127.7
0.1
0.0

145.8
145.8
0.1
0.0

159.8
159.7
0.1
0.0

166.4
165.8
0.1
0.5

180.6
179.9
0.1
0.6

209.3
208.5
0.2
0.6

234.0
233.0
0.2
0.7

246.8
245.6
0.4
0.8

265.0
263.7
0.5
0.8

3
4
5
6

7
8

Savings institutions
Credit unions

162.5
9.2

168.7
10.0

184.3
11.1

195.8
12.3

202.3
13.7

216.9
15.5

253.7
18.3

295.5
21.6

319.1
24.5

335.6
27.5

7
8

9

Large time deposits (1)

31.0

33.3

39.2

45.9

30.9

55.1

68.6

87.4

126.4

167.4

9

31.0
30.5
0.4
0.0

33.3
32.8
0.5
0.0

39.2
38.6
0.6
0.0

45.9
45.2
0.7
0.0

30.9
29.5
0.9
0.5

54.4
52.6
1.3
0.6

67.1
65.0
1.5
0.6

85.0
82.1
2.2
0.7

123.0
119.2
3.0
0.8

162.2
157.4
4.0
0.8

10
11
12
13

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.7
0.0

1.5
0.0

2.4
0.0

3.5
0.0

5.2
0.0

14
15

10
11
12
13

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

14
15

Savings institutions
Credit unions

16

Total assets

17

Household sector

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

21
22
23

State and local governments
Federal government
Rest of the world

24

Financial sectors

319.4

339.8

380.4

413.7

413.2

468.1

549.9

638.4

716.8

795.5

16

286.8

305.5

340.4

370.8

378.3

419.4

483.3

554.1

615.5

670.0

17

9.0
9.0
0.0

8.6
8.6
0.0

9.7
9.7
0.0

9.1
9.1
0.0

3.7
3.7
0.0

6.7
5.3
1.4

12.5
9.5
3.0

16.5
11.9
4.6

22.8
16.6
6.2

28.2
20.5
7.8

18
19
20

12.2
0.3
6.1

13.5
0.2
6.4

15.7
0.3
7.7

18.9
0.4
7.4

13.1
0.2
8.8

23.0
0.5
7.1

30.2
0.5
7.5

37.0
0.6
10.6

43.6
0.4
13.4

48.5
0.5
21.1

21
22
23

5.2

5.6

6.6

7.3

9.2

11.3

15.9

19.6

21.1

27.1

24

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

0.0
2.3
0.0

0.1
2.1
0.0

0.2
2.3
0.0

0.2
2.1
0.0

0.2
1.7
1.7

0.6
2.1
2.1

2.3
3.0
3.2

3.4
3.6
3.9

2.9
3.2
4.1

3.6
3.8
4.6

25
26
27

28
29
30
31

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

2.9
0.0
0.0
0.0

3.4
0.0
0.0
0.0

4.0
0.2
0.0
0.0

4.7
0.2
0.0
0.0

5.4
0.2
0.0
0.0

6.3
0.2
0.0
0.0

7.3
0.1
0.0
0.0

8.5
0.2
0.0
0.0

10.0
0.8
0.0
0.0

12.0
1.5
1.6
0.0

28
29
30
31

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares
Billions of dollars
1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.4

1

2
3
4
5

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

2.4
0.0
0.0
0.0

2
3
4
5

6
7
8
9

Bank personal trusts and estates
Life insurance companies
Private pension funds
Funding corporations

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

6
7
8
9

78

FFA, 1965-1974, September 16, 2004

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars
1965

1

Total liabilities

2
3
4
5

Commercial banking (net)
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

9

Total assets

1966

1967

1968

1969

1970

1971

1972

1973

1974

-1.5

-1.5

-2.2

-1.5

4.7

1.1

5.0

6.7

23.1

25.4

1

1.7
1.7
0.0
0.0

1.7
1.7
0.0
0.0

1.7
1.7
0.0
0.0

2.6
2.6
0.0
0.0

8.7
8.7
0.0
0.0

4.7
4.7
0.0
0.0

8.7
8.7
0.0
0.0

10.8
10.8
0.0
0.0

27.1
27.1
0.0
0.0

28.5
28.5
0.0
0.0

2
3
4
5

0.0
0.0
-3.2

0.0
0.0
-3.2

0.0
0.0
-3.8

0.0
0.0
-4.1

0.0
0.0
-4.0

0.0
0.0
-3.5

0.0
0.0
-3.7

0.3
0.0
-4.5

0.3
0.0
-4.3

2.0
0.0
-5.1

6
7
8

1.4

4.0

2.9

2.0

9.1

2.8

5.9

7.6

23.3

18.7

9

0.6
-0.7
0.0

0.9
0.8
0.0

0.7
0.3
0.0

1.1
-1.3
0.0

3.3
2.6
0.0

0.2
-1.4
0.0

1.1
-0.9
0.0

2.7
-1.0
0.0

11.3
0.5
0.5

5.5
-1.3
0.5

10
11
12

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

1.5
0.4
0.0
0.0

2.3
0.8
0.0
0.0

2.0
0.3
0.0
0.0

2.1
0.0
0.1
0.0

3.2
0.0
0.3
0.0

4.0
0.0
0.4
0.0

5.6
1.5
1.2
0.0

5.9
0.1
1.7
0.0

11.0
0.1
3.7
0.0

14.0
1.4
6.0
0.0

13
14
15
16

17
18
19
20
21
22

Other insurance companies
Private pension funds
State and local govt. retirement funds
Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.6
0.0
0.0
0.5
0.0

0.0
0.7
0.0
0.0
0.8
0.0

0.0
0.9
0.0
0.0
0.8
0.0

0.0
1.0
0.0
0.0
1.0
0.0

0.0
1.1
0.0
0.0
1.6
0.2

0.0
1.2
0.0
0.0
1.4
1.0

0.0
1.3
0.0
0.0
1.3
0.4

0.0
2.1
0.0
0.0
1.2
0.8

0.0
2.5
0.0
0.0
1.7
3.0

0.0
3.0
0.0
0.1
1.4
2.1

17
18
19
20
21
22

-2.9

-5.6

-5.1

-3.5

-4.4

-1.7

-0.9

-0.9

-0.2

6.6

23

12.7

17.3

21.4

25.6

38.1

40.2

40.1

41.7

50.1

67.8

1

9.3

13.6

17.1

21.2

32.6

33.1

32.1

34.7

41.1

49.1

2

Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

0.8
0.0
0.0
0.0

1.6
0.0
0.0
0.0

3.0
0.0
0.0
0.0

4.2
0.0
0.0
0.0

5.4
0.0
0.0
0.0

7.1
0.0
0.0
0.0

6.2
0.0
0.0
0.0

7.0
0.0
0.0
0.0

8.4
0.0
0.0
0.0

12.5
0.2
0.2
0.0

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

8.5
0.0
0.0
8.5
0.0
0.0

12.0
0.0
0.0
12.0
0.0
0.0

14.1
0.0
0.0
14.1
0.0
0.0

16.9
0.0
0.0
16.9
0.0
0.0

27.2
4.3
0.0
23.0
0.0
0.0

25.9
2.3
0.0
23.6
0.0
0.0

25.9
2.0
0.0
23.1
0.8
0.0

27.8
2.6
0.0
21.9
3.2
0.0

32.7
4.9
0.0
23.8
4.0
0.0

36.5
8.3
0.0
27.4
0.7
0.0

7
8
9
10
11
12

13

Bankers acceptances (1)

3.4

3.6

4.4

4.5

5.5

7.1

8.0

7.0

9.0

18.7

13

12.7

17.3

21.4

25.6

38.1

40.2

40.1

41.7

50.1

67.8

14

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars
1
2
3
4
5
6

14

Total outstanding, all types
Commercial paper

Holdings, by sector

15
16
17
18

Household sector
Nonfinancial corporate business
State and local governments
Rest of the world

6.0
1.4
0.0
2.0

8.3
2.9
0.0
2.2

10.1
4.0
0.0
2.2

12.2
5.1
0.0
2.8

14.8
7.6
0.0
3.8

12.5
9.4
0.0
4.3

8.6
11.3
0.0
4.1

3.4
14.2
0.0
4.1

7.5
14.9
0.0
4.4

15.6
16.5
0.0
4.8

15
16
17
18

19
20
21
22
23

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions
Bank personal trusts and estates

0.1
2.0
0.0
0.0
0.0

0.1
1.9
0.0
0.0
0.0

0.1
2.9
0.0
0.0
0.0

0.1
2.9
0.0
0.0
0.0

0.1
3.5
0.0
0.0
3.7

0.1
4.9
0.0
0.0
4.1

0.1
5.4
0.0
0.0
5.2

0.1
5.5
0.0
0.0
5.9

0.1
5.0
0.0
0.0
6.6

0.6
6.4
0.0
0.0
6.9

19
20
21
22
23

24
25
26

Life insurance companies
Private pension funds
State and local govt. retirement funds

0.3
0.0
0.0

0.4
0.0
0.0

0.5
0.0
0.0

0.5
0.0
0.0

1.4
0.0
0.0

2.1
0.0
0.0

2.8
0.0
0.0

3.0
1.8
0.0

3.0
3.1
0.0

4.1
5.4
0.0

24
25
26

27
28
29
30
31

Money market mutual funds
Mutual funds
Government-sponsored enterprises
Brokers and dealers
Funding corporations

0.0
0.5
0.0
0.0
0.5

0.0
0.8
0.0
0.0
0.8

0.0
0.8
0.0
0.0
0.8

0.0
1.0
0.0
0.0
1.0

0.0
1.6
0.0
0.0
1.6

0.0
1.4
0.0
0.0
1.4

0.0
1.3
0.0
0.0
1.3

0.0
1.2
0.4
1.0
1.2

0.0
1.7
0.2
2.0
1.7

0.6
1.4
1.1
3.0
1.4

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

79

FFA, 1965-1974, September 16, 2004

L.209 Treasury Securities
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

257.0

259.3

268.2

277.6

276.8

289.9

315.9

330.1

336.7

348.8

1

49.7
207.3

50.2
209.1

51.2
217.0

51.9
225.7

51.8
225.1

52.1
237.8

54.4
261.5

57.7
272.5

60.4
276.4

63.3
285.5

2
3

257.0

259.3

268.2

277.6

276.8

289.9

315.9

330.1

336.7

348.8

4

Household sector
Savings bonds
Other Treasury issues

74.8
49.7
25.1

79.1
50.2
28.8

78.9
51.2
27.7

81.6
51.9
29.8

88.2
51.8
36.4

77.5
52.1
25.4

69.2
54.4
14.8

72.2
57.7
14.5

81.9
60.4
21.5

87.8
63.3
24.5

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

12.5
0.0
19.5

11.1
0.0
20.1

8.6
0.1
19.7

9.0
0.3
19.9

5.6
0.5
23.0

6.3
0.7
22.9

9.1
0.9
22.6

6.9
1.1
24.9

2.5
1.2
26.1

2.6
1.2
26.5

8
9
10

11
12

Rest of the world
Monetary authority

13.1
40.5

11.2
43.7

13.3
49.0

12.7
52.9

10.3
57.2

19.8
62.1

46.3
69.0

54.8
69.8

55.2
78.5

60.1
80.1

11
12

13
14
15
16
17

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

60.2
59.5
0.5
0.0
0.1

56.8
56.2
0.5
0.0
0.2

63.3
62.5
0.6
0.0
0.2

65.3
64.5
0.6
0.0
0.2

55.6
54.7
0.6
0.0
0.2

62.5
61.7
0.5
0.0
0.3

65.6
64.9
0.3
0.0
0.4

68.1
66.9
0.5
0.0
0.6

59.2
58.2
0.4
0.0
0.6

55.1
54.3
0.5
0.0
0.3

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

11.6
0.3
0.0

11.5
0.3
0.0

12.7
0.3
0.0

12.7
0.4
0.0

10.8
0.5
5.0

9.5
0.6
5.5

9.2
0.6
5.0

8.7
0.5
4.9

7.0
0.8
5.7

5.9
0.8
6.6

18
19
20

21
22
23
24
25

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

5.1
5.5
2.5
7.2
0.0

4.9
5.0
2.3
7.1
0.0

4.7
4.3
2.0
6.2
0.0

4.5
3.9
2.4
5.9
0.0

4.1
3.4
2.2
5.4
0.0

4.0
3.4
2.1
5.1
0.0

3.8
3.2
2.1
3.9
0.0

3.8
2.9
3.4
3.6
0.0

3.4
2.8
5.4
2.5
0.0

3.4
2.9
8.6
1.6
0.0

21
22
23
24
25

26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Brokers and dealers

0.0
0.8
0.5
0.0
1.8
1.1

0.0
1.4
0.5
0.0
2.7
1.7

0.0
0.9
0.5
0.0
2.7
1.0

0.0
1.1
0.6
0.0
2.6
1.8

0.0
0.7
0.6
0.0
2.0
1.7

0.0
0.9
0.5
0.0
3.1
3.4

0.0
0.6
0.6
0.0
2.5
1.8

0.0
0.7
0.7
0.0
1.2
2.0

0.0
0.7
0.8
0.0
1.1
2.0

0.1
1.1
0.7
0.0
1.4
2.3

26
27
28
29
30
31

261.5

265.1

278.1

290.6

287.4

299.5

324.4

339.4

346.3

358.2

32

1
2
3
4
5
6
7

Total liabilities
Savings bonds
Other Treasury issues
Total assets

Memo:
32

Federal government debt (1)

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).

80

FFA, 1965-1974, September 16, 2004

L.210 Agency- and GSE-backed Securities (1)
Billions of dollars
1965

1
2
3
4
5

Total liabilities
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

1967

1968

1969

1970

1971

1972

1973

1974

17.4

24.2

28.5

35.4

42.9

51.7

56.6

65.9

86.2

106.1

1

2.7
13.8
0.9

4.0
18.9
1.3

8.2
18.4
2.0

11.3
21.6
2.5

9.0
30.6
3.2

8.1
38.9
4.8

7.0
40.0
9.5

7.9
43.5
14.4

8.4
59.8
18.0

8.2
76.4
21.5

2
3
4

17.4

24.2

28.5

35.4

42.9

51.7

56.6

65.9

86.2

106.1

5

Household sector
Nonfinancial corporate business
State and local governments

1.1
1.2
3.1

5.9
1.0
2.4

6.3
1.0
2.8

6.1
1.4
6.2

7.2
1.7
7.5

11.5
1.2
5.2

10.6
0.9
3.0

4.9
1.0
6.3

3.7
2.0
13.0

8.3
3.0
16.0

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
1.3
0.0

1.4
1.7
0.0

1.3
2.0
0.0

1.4
2.4
0.0

0.1
2.7
0.0

0.0
3.0
0.0

0.0
3.1
0.5

0.0
3.2
1.3

0.0
3.2
1.9

0.0
2.8
4.7

9
10
11

12
13
14
15
16

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

5.8
5.8
0.0
0.0
0.0

6.1
6.1
0.0
0.0
0.0

9.1
9.1
0.0
0.0
0.0

10.4
10.4
0.0
0.0
0.0

10.1
10.1
0.0
0.0
0.0

13.9
13.9
0.0
0.0
0.0

17.9
17.9
0.0
0.0
0.0

22.0
21.7
0.3
0.0
0.0

29.6
29.1
0.5
0.0
0.0

33.2
32.6
0.6
0.0
0.0

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

2.9
0.0
0.0

3.0
0.1
0.0

3.2
0.2
0.0

3.5
0.4
0.0

4.7
0.5
4.1

6.9
0.8
4.5

10.6
1.0
4.1

14.1
1.6
4.0

16.3
1.8
4.6

17.6
2.1
5.4

17
18
19

20
21
22
23
24

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.2
0.6
0.5
0.5
0.0

0.2
1.3
0.4
0.7
0.0

0.2
1.2
0.3
0.8
0.0

0.3
1.4
0.4
1.4
0.0

0.4
1.6
0.6
1.6
0.0

0.5
1.6
0.9
1.5
0.0

0.6
1.9
0.6
1.5
0.0

0.7
2.3
2.1
2.1
0.0

0.9
2.3
3.2
3.3
0.0

1.1
2.7
4.3
4.6
0.0

20
21
22
23
24

25
26
27

Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.0
0.1

0.0
0.0
0.1

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.3

0.0
0.0
0.4

25
26
27

28
29
30

ABS issuers
REITs
Brokers and dealers

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

28
29
30

6
7
8

Total assets

1966

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total debt of the federal government, which is shown in table L.209, line 32.

81

FFA, 1965-1974, September 16, 2004

L.211 Municipal Securities and Loans
Billions of dollars

1

Total liabilities

2
3
4

State and local governments
Short-term (1)
Long-term

5
6

Nonprofit organizations (2)
Nonfinancial corporate business
(industrial revenue bonds)

7

Total assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

100.4

106.6

113.8

122.1

133.5

145.5

161.7

175.8

192.7

208.0

1

100.4
5.5
94.9

106.6
6.2
100.5

113.8
8.0
105.8

122.1
8.1
114.0

133.5
10.9
122.6

145.5
13.3
132.2

161.6
15.7
145.8

175.2
15.8
159.4

189.9
16.1
173.8

202.6
18.8
183.8

2
3
4

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.1

0.0
0.6

0.4
2.4

1.3
4.1

5
6

100.4

106.6

113.8

122.1

133.5

145.5

161.7

175.8

192.7

208.0

7

8
9
10
11

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

36.5
4.6
0.0
2.2

41.2
3.6
0.0
2.1

38.2
3.3
0.0
2.1

36.5
3.8
0.0
2.2

36.4
2.8
0.0
2.2

35.4
2.2
0.0
2.4

31.9
3.2
0.0
2.1

32.4
4.2
0.0
1.8

39.0
4.0
0.0
2.1

47.1
4.7
0.0
2.6

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

38.8
0.3
0.0

41.2
0.3
0.0

50.3
0.2
0.0

58.9
0.3
0.0

59.5
0.3
10.9

70.2
0.3
11.8

82.8
0.5
14.1

90.0
1.0
15.3

95.7
1.1
16.1

101.1
1.4
15.0

12
13
14

15
16
17

Life insurance companies
Other insurance companies
State and local govt. retirement funds

3.5
11.3
2.6

3.3
12.0
2.5

3.1
13.5
2.4

3.2
14.4
2.4

3.2
15.5
2.3

3.3
17.0
2.0

3.4
20.5
2.2

3.4
24.8
2.0

3.4
28.5
1.7

3.7
30.7
1.0

15
16
17

18
19
20
21
22

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Brokers and dealers

0.0
0.0
0.0
0.0
0.5

0.0
0.0
0.0
0.0
0.5

0.0
0.0
0.0
0.0
0.5

0.0
0.0
0.0
0.0
0.5

0.0
0.0
0.0
0.0
0.4

0.0
0.0
0.0
0.0
0.9

0.0
0.0
0.0
0.0
1.0

0.0
0.0
0.0
0.0
0.9

0.0
0.0
0.0
0.0
1.1

0.0
0.0
0.0
0.0
0.7

18
19
20
21
22

(1) Debt with original maturity of 13 months or less.
(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds
Billions of dollars
1

Total liabilities

123.1

135.7

152.5

167.1

181.1

204.3

228.8

249.4

264.9

293.9

1

2
3

Nonfinancial corporate business
Rest of the world (1)

97.3
9.1

107.5
9.9

122.1
11.1

135.0
12.2

147.0
13.2

166.8
14.1

185.6
15.0

197.8
16.0

206.9
17.0

226.6
19.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

16.7
1.6
0.0

18.3
1.7
0.0

19.3
2.0
0.0

19.9
2.2
0.0

20.9
2.0
0.0

23.5
3.2
0.0

28.2
5.2
0.0

35.6
8.3
0.0

41.0
9.2
0.0

47.9
10.4
0.0

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

0.0
15.1
0.0
0.0
0.0

0.0
16.6
0.0
0.0
0.0

0.0
17.3
0.0
0.0
0.0

0.0
17.7
0.0
0.0
0.0

0.0
18.8
0.1
0.0
0.0

0.0
19.6
0.6
0.0
0.0

0.0
22.0
1.0
0.0
0.0

0.0
26.0
1.4
0.0
0.0

0.0
29.9
1.9
0.0
0.0

0.0
35.5
2.1
0.0
0.0

7
8
9
10
11

123.1

135.7

152.5

167.1

181.1

204.3

228.8

249.4

264.9

293.9

12

9.2
0.0
0.8

11.9
0.0
1.4

16.3
0.0
1.3

21.4
0.0
1.5

21.3
0.0
2.0

29.5
0.0
2.7

36.5
0.0
3.0

38.4
0.0
3.1

41.3
0.0
3.1

52.9
0.0
4.0

13
14
15

1.3
2.9
0.0
61.0
3.0
22.7
17.2
0.0

1.3
3.2
0.0
63.4
3.6
25.2
20.2
0.0

2.3
5.2
0.0
67.2
4.3
26.4
23.9
0.0

2.5
6.7
0.0
70.9
5.5
27.0
26.6
0.0

1.9
7.2
5.1
72.7
6.3
27.6
30.6
0.0

3.0
9.9
5.5
74.1
8.6
29.4
35.1
0.0

3.9
14.8
7.2
79.6
8.9
28.6
39.0
0.0

5.2
17.4
8.5
86.6
8.1
30.6
43.2
0.0

5.6
14.4
9.7
92.5
8.0
32.7
48.4
0.0

6.6
14.2
11.2
96.4
10.0
35.0
54.5
0.0

16
17
18
19
20
21
22
23

0.0
2.6
1.5
0.0
0.0
0.0
0.9
0.0

0.0
2.9
1.5
0.0
0.0
0.0
1.0
0.0

0.0
2.6
1.7
0.0
0.0
0.0
1.4
0.0

0.0
2.0
2.0
0.0
0.0
0.0
1.2
0.0

0.0
2.9
2.0
0.0
0.0
0.0
1.6
0.0

0.0
3.5
1.4
0.0
0.0
0.0
1.7
0.0

0.0
3.7
1.8
0.0
0.0
0.0
1.8
0.0

0.0
4.2
2.0
0.0
0.0
0.0
2.0
0.0

0.0
4.3
2.5
0.0
0.0
0.0
2.4
0.0

0.0
4.9
2.3
0.0
0.0
0.0
1.8
0.0

24
25
26
27
28
29
30
31

12

Total assets

13
14
15

Household sector
State and local governments
Rest of the world (2)

16
17
18
19
20
21
22
23

Commercial banking
Savings institutions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

24
25
26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

(1) Holdings of foreign issues by U.S. residents.
(2) Holdings of U.S. issues by foreign residents.

82

FFA, 1965-1974, September 16, 2004

L.213 Corporate Equities (1)
Billions of dollars

1

1966

1967

1968

1969

1970

1971

1972

1973

1974

734.9

660.4

835.1

996.1

840.6

831.2

974.9

1203.3

938.3

632.5

1

2

Nonfinancial corporate business

623.8

547.9

712.2

843.2

705.1

702.2

823.8

1032.7

809.4

557.6

2

3
4

Rest of the world (2)
Financial corporations

5.0
106.1

4.3
108.2

5.2
117.6

6.5
146.5

7.0
128.6

6.6
122.5

7.6
143.5

10.5
160.1

10.0
118.9

9.0
65.9

3
4

734.9

660.4

835.1

996.1

840.6

831.2

974.9

1203.3

938.3

632.5

5

616.1
0.0
14.6

548.3
0.0
12.6

682.1
0.0
25.5

815.3
0.0
29.5

578.1
0.0
26.8

562.3
0.0
27.2

638.2
0.0
30.8

797.4
0.0
39.1

587.1
0.0
33.5

369.1
0.0
23.9

6
7
8

0.0
2.3
0.0

0.0
2.0
0.0

0.1
2.5
0.0

0.1
2.4
0.0

0.1
2.5
89.3

0.1
2.8
87.9

0.1
3.5
105.5

0.1
4.5
124.0

0.2
4.2
106.8

0.2
3.7
75.9

9
10
11

5
6
7
8

Issues at market value

1965

Holdings at market value
Household sector
State and local governments
Rest of the world (3)

9
10
11

Commercial banking
Savings institutions
Bank personal trusts and estates

12
13
14
15
16

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

9.0
12.0
40.8
2.5
0.0

8.7
11.0
39.5
2.8
0.0

10.7
13.0
51.1
3.9
0.0

13.0
14.6
61.5
5.8
0.0

13.2
13.3
61.4
7.3
0.0

14.6
13.2
67.1
10.1
0.0

20.0
16.6
88.7
15.4
0.0

26.5
21.8
107.8
22.2
0.0

25.4
19.7
93.6
20.2
0.0

21.3
12.8
74.8
16.4
0.0

12
13
14
15
16

17
18
19
20

Mutual funds
Closed-end funds
Exchange-traded funds
Brokers and dealers

30.9
5.6
0.0
1.2

28.9
5.3
0.0
1.3

39.2
5.4
0.0
1.7

46.1
6.3
0.0
1.5

40.9
6.0
0.0
1.9

39.7
4.3
0.0
2.0

48.6
5.4
0.0
2.1

51.7
5.7
0.0
2.4

38.3
6.6
0.0
2.8

26.3
5.9
0.0
2.2

17
18
19
20

711.1

638.5

809.8

967.2

812.5

805.2

943.2

1162.8

899.2

602.6

21

Memo:
21

Market value of domestic corporations (4)

(1) Excludes mutual fund shares shown on table L.214.
(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 18, 19, and 20; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares (1)
Billions of dollars
1

Shares at market value

35.2

34.8

44.3

51.2

47.6

46.8

55.4

58.9

46.6

35.2

1

2

Holdings at market value

35.2

34.8

44.3

51.2

47.6

46.8

55.4

58.9

46.6

35.2

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

34.4
0.3
0.0

33.9
0.4
0.0

43.0
0.6
0.0

49.5
0.8
0.0

41.5
0.7
0.0

40.4
0.6
0.0

48.1
0.7
0.0

50.6
0.7
0.0

38.7
0.8
0.0

28.2
0.8
0.0

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
4.1

0.0
0.0
4.1

0.0
0.0
4.9

0.0
0.0
5.8

0.0
0.0
5.0

0.0
0.0
3.6

6
7
8

Life insurance companies
Private pension funds

0.1
0.4

0.1
0.4

0.2
0.5

0.2
0.6

0.6
0.7

0.8
0.8

0.6
1.2

0.3
1.5

0.5
1.7

0.6
1.9

9
10

9
10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

83

FFA, 1965-1974, September 16, 2004

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Total loans by commercial
banking, flow of funds basis

204.9

224.0

241.9

269.9

297.3

311.6

342.1

402.2

478.6

537.1

1

2
3
4
5

- Loans elsewhere classified:
Open market paper
Mortgages
Consumer credit
Security credit

2.0
49.7
45.2
9.3

1.9
54.4
48.2
9.9

2.9
58.9
51.7
11.3

2.9
65.5
58.5
12.7

3.5
70.5
63.4
11.5

4.9
73.3
65.6
13.0

5.4
82.5
74.3
13.8

5.5
99.3
87.0
18.6

5.0
119.1
99.6
15.2

6.4
132.1
103.0
14.1

2
3
4
5

6

= Banking sector total bank loans n.e.c.

98.7

109.6

117.0

130.4

148.3

154.8

166.0

191.8

239.8

281.5

6

97.5
1.2
0.0
0.0

108.0
1.6
0.0
0.0

115.3
1.7
0.0
0.0

128.3
2.1
0.0
0.0

141.0
3.3
3.9
0.0

146.1
5.8
3.0
0.0

156.9
6.3
2.8
0.0

180.4
8.8
2.6
0.0

222.7
12.8
4.3
0.0

257.5
19.1
4.9
0.0

7
8
9
10

7
8
9
10

U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

98.8

109.6

117.0

130.4

148.3

154.8

166.0

191.8

239.8

281.5

12

13

Total liabilities

98.8

109.6

117.0

130.4

148.3

154.8

166.0

191.8

239.8

281.5

13

86.6

98.0

107.9

117.5

134.0

138.4

147.4

166.4

207.2

248.2

14

4.4
60.7
6.7
7.7

5.1
69.1
8.1
8.6

7.5
75.6
8.8
9.3

6.2
85.4
9.9
9.7

6.8
98.8
12.1
10.3

6.1
103.6
11.7
11.2

7.3
107.7
12.6
12.5

7.6
120.5
13.7
14.3

11.2
137.0
28.6
17.2

16.8
159.4
36.0
18.2

15
16
17
18

7.1
1.1
2.1
3.9

7.1
1.0
2.2
3.8

6.7
1.0
1.8
3.9

6.3
0.8
1.9
3.6

6.0
0.8
2.1
3.2

5.8
0.6
2.0
3.2

7.3
0.8
2.4
4.1

10.4
1.0
3.5
5.9

13.1
1.4
5.1
6.5

17.8
1.7
8.2
7.8

19
20
21
22

12.2

11.6

9.1

12.8

14.3

16.4

18.6

25.4

32.6

33.3

23

0.5
7.2
4.5
0.0

0.5
7.2
3.9
0.0

0.4
6.4
2.3
0.0

0.5
6.9
4.9
0.6

0.5
7.1
5.7
1.0

0.4
8.1
6.9
1.0

1.1
7.0
8.9
1.6

1.5
10.3
10.6
3.0

1.9
11.9
12.5
6.3

1.5
11.6
10.6
9.6

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

84

FFA, 1965-1974, September 16, 2004

L.216 Other Loans and Advances
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Total other loans and advances

66.0

73.2

76.4

84.5

101.4

110.7

114.6

121.9

142.8

173.0

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

31.1
1.6
1.7
5.0
0.9
2.8
18.7
0.3

33.8
2.1
2.0
5.2
0.9
3.4
20.0
0.1

37.5
2.4
2.2
5.6
1.1
3.6
22.5
0.0

40.8
3.2
1.7
5.9
1.0
4.0
24.7
0.3

44.2
3.6
1.8
6.2
1.0
4.7
26.9
0.0

46.7
3.9
2.1
6.8
1.0
4.8
28.2
0.0

49.2
4.2
1.6
7.1
1.0
5.2
30.0
0.0

51.7
4.6
1.8
7.2
1.1
5.5
31.5
0.0

55.0
5.0
2.1
8.6
1.2
4.9
33.2
0.0

58.5
5.5
3.7
9.1
1.3
5.6
32.7
0.7

2
3
4
5
6
7
8
9

10
11

Foreign loans to U.S. corporate business
Liab.: Nonfinancial corporate business

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.3
0.3

10
11

12
13
14

Customers’ liability on acceptances
outstanding (bank asset)
Liab.: Nonfinancial corporate business
Rest of the world

3.4
0.9
2.5

3.6
1.1
2.5

4.3
1.3
3.0

4.4
1.6
2.9

5.5
2.3
3.2

7.1
3.1
4.0

7.9
3.6
4.3

6.9
3.7
3.2

8.9
4.7
4.2

18.5
7.2
11.2

12
13
14

15
16
17

Savings institution loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

0.1
0.0
0.0

0.2
0.1
0.1

0.2
0.1
0.1

0.2
0.1
0.1

0.3
0.1
0.1

0.5
0.2
0.2

0.7
0.3
0.3

0.6
0.3
0.3

0.5
0.2
0.2

0.5
0.3
0.3

15
16
17

18
19
20

Policy loans (Household liability)
Asset: Federal government
Life insurance companies

8.3
0.7
7.7

9.8
0.7
9.1

10.8
0.8
10.1

12.1
0.8
11.3

14.7
0.9
13.8

17.0
1.0
16.1

18.0
1.0
17.1

19.0
1.0
18.0

21.2
1.0
20.2

23.9
1.0
22.9

18
19
20

21
22
23
24
25
26
27
28

Government-sponsored enterprise loans
Liab.: Household sector (SLMA)
Noncorporate business (FCS)
Farm business (FCS)
Commercial banks (FHLB and SLMA)
Savings institutions (FHLB and SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

9.6
0.0
1.1
2.5
0.0
6.0
0.0
0.0

11.1
0.0
1.3
2.9
0.0
6.9
0.0
0.0

9.3
0.0
1.5
3.4
0.0
4.4
0.0
0.0

10.5
0.0
1.6
3.7
0.0
5.3
0.0
0.0

15.3
0.0
1.7
4.3
0.0
9.3
0.0
0.0

17.6
0.0
2.0
5.0
0.0
10.6
0.0
0.0

15.6
0.0
2.0
5.7
0.0
7.9
0.0
0.0

16.4
0.0
2.3
6.1
0.0
8.0
0.0
0.0

24.9
0.0
2.6
7.2
0.0
15.1
0.0
0.0

34.2
0.0
3.6
8.8
0.0
21.8
0.0
0.0

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

29
30

31
32
33

Finance company loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

13.5
12.2
1.4

14.6
13.1
1.5

14.3
12.8
1.4

16.5
14.8
1.6

21.5
19.3
2.1

21.8
19.6
2.2

23.2
20.8
2.3

27.4
24.6
2.7

32.3
29.1
3.2

37.2
33.4
3.7

31
32
33

85

FFA, 1965-1974, September 16, 2004

L.217 Total Mortgages
Billions of dollars

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

1966

1967

1968

1969

1970

1971

1972

1973

1974

333.6

357.7

381.2

410.7

441.7

471.6

520.3

592.3

669.2

731.5

1

218.6
38.2
55.7
21.2

231.9
41.3
61.5
23.1

245.1
44.8
66.2
25.0

262.2
48.3
73.0
27.2

280.5
53.2
79.1
29.0

294.5
60.1
86.5
30.5

320.9
70.1
97.0
32.4

359.9
82.9
114.2
35.4

402.5
93.2
133.7
39.8

438.2
100.0
148.3
44.9

2
3
4
5

333.6

357.7

381.2

410.7

441.7

471.6

520.3

592.3

669.2

731.5

6

Household sector

226.0

240.0

251.4

271.4

290.3

299.6

324.2

359.9

399.8

436.7

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

105.7
34.0
50.6
21.2

115.9
37.6
55.3
23.1

128.1
41.8
61.3
25.0

137.4
42.2
68.0
27.2

149.4
43.1
77.3
29.0

170.0
58.8
80.7
30.5

194.0
63.5
98.2
32.4

229.9
71.7
122.8
35.4

266.7
101.7
125.2
39.8

292.1
101.4
145.8
44.9

8
9
10
11

12
13

Federal government
REITs

1.8
0.0

1.8
0.0

1.7
0.0

1.7
0.2

1.6
0.4

1.5
0.5

1.4
0.7

1.3
1.2

1.3
1.5

1.2
1.6

12
13

333.6

357.7

381.2

410.7

441.7

471.6

520.3

592.3

669.2

731.5

14

42.6
0.1
0.0

44.6
0.1
0.0

46.5
0.1
0.0

49.0
0.1
0.0

49.1
0.2
0.3

50.0
0.2
0.7

47.3
0.2
1.9

48.2
0.2
3.0

47.2
0.3
3.3

50.5
0.7
3.4

15
16
17

2.7
5.9

2.9
6.9

3.0
7.8

3.2
9.3

3.7
10.2

4.6
10.5

5.6
10.2

7.0
9.5

8.7
8.9

11.2
12.6

18
19

49.7
152.7
0.6
0.0

54.4
160.5
0.6
0.0

58.9
170.0
0.7
0.0

65.5
181.8
0.7
0.0

70.5
194.0
0.7
2.2

73.3
205.2
0.8
2.3

82.5
231.2
0.8
2.5

99.3
267.5
1.0
2.6

119.1
300.3
1.4
2.7

132.1
321.0
1.5
3.1

20
21
22
23

60.0
0.1
3.4
3.7

64.6
0.1
3.9
4.5

67.5
0.2
4.1
5.0

70.0
0.2
4.1
5.4

72.0
0.2
4.2
5.6

74.4
0.2
4.2
5.9

75.5
0.2
3.7
6.3

76.9
0.2
2.7
6.5

81.4
0.2
2.4
7.1

86.2
0.2
2.4
7.7

24
25
26
27

7

14

Total liabilities

1965

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

20
21
22
23

Commercial banking
Savings institutions (1)
Credit unions
Bank personal trusts and estates

24
25
26
27

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

28
29
30

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

6.8
0.9
0.0

9.4
1.3
0.0

11.1
2.0
0.0

13.3
2.5
0.0

17.7
3.2
0.0

23.0
4.8
0.0

26.7
9.5
0.0

30.7
14.4
0.0

37.8
18.0
0.0

48.1
21.5
0.0

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

0.0
4.5
0.0

0.0
3.9
0.0

0.0
4.3
0.0

0.0
4.9
0.8

0.0
5.7
2.0

0.6
6.9
3.9

1.1
8.9
6.2

1.6
10.6
10.4

2.0
12.5
16.0

2.5
10.6
16.1

31
32
33

(1) FHLB loans to savings institutions are included in other loans and advances.

86

FFA, 1965-1974, September 16, 2004

L.218 Home Mortgages (1)
Billions of dollars

1
2
3
4
5
6
7
8

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

218.6

231.9

245.1

262.2

280.5

294.5

320.9

359.9

402.5

438.2

1

218.6
0.0
0.0

231.9
0.0
0.0

245.1
0.0
0.0

262.2
0.0
0.0

280.5
0.0
0.0

289.0
1.1
4.4

313.0
1.6
6.3

348.0
2.4
9.5

387.8
2.9
11.7

425.1
2.6
10.5

2
3
4

218.6

231.9

245.1

262.2

280.5

294.5

320.9

359.9

402.5

438.2

5

16.7
0.0
0.0

18.1
0.0
0.0

19.5
0.0
0.0

21.6
0.0
0.0

21.7
0.0
0.0

21.0
0.0
0.0

20.7
0.0
0.5

19.8
0.0
0.9

19.6
0.0
1.0

22.6
0.0
0.9

6
7
8

1.7
3.9

1.7
4.5

1.7
5.3

1.8
6.2

1.8
6.4

1.9
6.2

2.0
5.6

2.1
5.0

2.6
4.2

3.4
5.6

9
10

30.4
125.8
0.6
0.0

32.8
131.8
0.6
0.0

35.3
138.8
0.7
0.0

38.8
147.3
0.7
0.0

41.4
156.7
0.7
2.2

42.3
164.0
0.8
2.3

48.0
180.1
0.8
2.5

57.0
206.4
1.0
2.6

68.0
231.2
1.4
2.7

74.8
247.0
1.5
3.1

11
12
13
14

29.6
1.5
2.0

30.2
1.7
2.3

29.8
1.8
2.6

29.0
1.8
2.7

27.6
1.8
2.8

26.7
1.8
2.9

24.6
1.5
3.0

22.3
1.1
3.0

20.4
0.8
3.2

19.0
0.8
3.2

15
16
17

9
10

State and local governments
Federal government

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

15
16
17

Life insurance companies
Private pension funds
State and local govt. retirement funds

18
19
20

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

2.5
0.1
0.0

4.4
0.3
0.0

5.5
0.7
0.0

7.2
1.0
0.0

10.9
1.4
0.0

15.5
2.5
0.0

17.6
6.7
0.0

19.5
10.7
0.0

22.8
13.6
0.0

28.4
18.0
0.0

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

0.0
3.8
0.0

0.0
3.3
0.0

0.0
3.7
0.0

0.0
4.2
0.0

0.0
4.9
0.2

0.4
5.3
0.6

0.8
5.7
0.8

1.1
6.2
1.2

1.5
7.4
1.9

1.8
6.2
1.7

21
22
23

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

ND
ND
ND
ND
ND
ND

24
25
26
27
28
29

24
25
26
27
28
29

Memo:
Home equity loans included above (2)
Commercial banking
Savings institutions
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens.
Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages
Billions of dollars
1

Total liabilities

38.2

41.3

44.8

48.3

53.2

60.1

70.1

82.9

93.2

100.0

1

7.0
29.4

7.3
32.2

7.7
35.4

8.2
38.3

8.9
42.5

9.6
48.8

10.4
58.0

10.6
70.6

10.7
80.7

10.9
87.5

2
3

1.8
0.0

1.8
0.0

1.7
0.0

1.7
0.1

1.6
0.1

1.5
0.2

1.4
0.2

1.3
0.4

1.3
0.5

1.2
0.5

4
5

38.2

41.3

44.8

48.3

53.2

60.1

70.1

82.9

93.2

100.0

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

8.5
0.0
0.0

8.4
0.0
0.0

8.4
0.0
0.0

8.3
0.0
0.0

7.9
0.0
0.0

7.9
0.0
0.0

6.5
0.0
0.3

6.8
0.0
0.6

5.8
0.0
0.6

5.7
0.0
0.6

7
8
9

10
11

State and local governments
Federal government

0.8
1.0

0.9
1.3

1.0
1.6

1.2
1.9

1.6
2.6

2.2
3.1

2.9
3.5

3.9
3.8

4.8
4.1

6.1
4.8

10
11

12
13

Commercial banking
Savings institutions

2.0
14.4

2.1
15.2

2.4
16.4

2.7
17.8

3.2
19.3

3.3
21.6

4.0
27.2

5.8
32.0

6.9
35.1

7.6
36.7

12
13

14
15
16

Life insurance companies
Private pension funds
State and local govt. retirement funds

8.8
1.0
1.2

10.3
1.1
1.5

11.7
1.2
1.6

12.8
1.2
1.8

14.2
1.2
1.9

16.0
1.2
2.0

16.7
0.9
2.2

17.3
0.6
2.2

18.5
0.5
2.1

19.6
0.5
2.2

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.3
0.1
0.0

1.1
0.1
0.0

2.1
0.4
0.0

4.0
0.6
0.0

6.2
0.8
0.0

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.0
0.5
0.0

0.0
0.4
0.0

0.0
0.5
0.0

0.0
0.6
0.1

0.0
0.7
0.5

0.0
1.2
1.3

0.0
2.4
2.2

0.0
3.2
4.2

0.1
3.7
6.6

0.1
2.4
6.8

20
21
22

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets

87

FFA, 1965-1974, September 16, 2004

L.220 Commercial Mortgages
Billions of dollars
1965

1
2
3
4
5
6
7
8
9

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs
Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1966

1967

1968

1969

1970

1971

1972

1973

1974

55.7

61.5

66.2

73.0

79.1

86.5

97.0

114.2

133.7

148.3

1

7.5
27.0
21.2
0.0

8.1
30.2
23.2
0.0

6.2
34.2
25.9
0.0

9.2
34.0
29.7
0.1

9.8
34.1
34.8
0.3

10.6
48.1
27.5
0.4

11.2
51.5
33.9
0.5

11.9
58.7
42.7
0.8

11.9
88.0
32.8
1.0

11.6
87.9
47.8
1.1

2
3
4
5

55.7

61.5

66.2

73.0

79.1

86.5

97.0

114.2

133.7

148.3

6

10.1
0.1
0.0

10.5
0.1
0.0

10.4
0.1
0.0

9.9
0.1
0.0

9.8
0.2
0.3

10.8
0.2
0.7

8.6
0.2
1.1

9.3
0.2
1.5

8.3
0.3
1.7

7.2
0.7
1.9

7
8
9

0.0
0.1

0.0
0.1

0.0
0.2

0.0
0.3

0.0
0.4

0.2
0.4

0.4
0.5

0.7
0.3

0.9
0.2

1.2
1.6

10
11

10
11

State and local governments
Federal government

12
13

Commercial banking
Savings institutions

14.4
12.4

16.4
13.4

17.9
14.7

20.5
16.6

22.1
17.9

23.3
19.4

26.3
23.9

31.8
29.1

38.7
33.9

43.7
37.2

12
13

14
15
16
17

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

16.8
0.1
0.9
0.5

18.8
0.1
1.1
0.6

20.5
0.2
1.1
0.6

22.4
0.2
1.1
0.7

24.4
0.2
1.2
0.7

26.0
0.2
1.2
0.9

28.5
0.2
1.3
0.9

31.6
0.2
1.1
1.1

36.5
0.2
1.1
1.5

41.3
0.2
1.1
2.0

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.1
0.0
0.0
0.1
0.0

0.2
0.0
0.0
0.1
0.0

0.3
0.0
0.0
0.1
0.0

0.4
0.0
0.0
0.2
0.7

0.4
0.0
0.0
0.2
1.3

0.5
0.0
0.2
0.4
2.0

0.6
0.0
0.3
0.9
3.2

0.9
0.0
0.4
1.1
5.0

1.1
0.0
0.5
1.4
7.5

0.0
0.0
0.7
1.9
7.7

18
19
20
21
22

L.221 Farm Mortgages
Billions of dollars
1

Total liabilities (Farm business)

21.2

23.1

25.0

27.2

29.0

30.5

32.4

35.4

39.8

44.9

1

2

Total assets

21.2

23.1

25.0

27.2

29.0

30.5

32.4

35.4

39.8

44.9

2

3
4

Household sector
Nonfarm noncorporate business

7.3
0.0

7.6
0.0

8.2
0.0

9.1
0.0

9.8
0.0

10.2
0.0

11.4
0.0

12.3
0.0

13.5
0.0

15.0
0.0

3
4

5
6

State and local governments
Federal government

0.2
0.8

0.2
0.9

0.2
0.8

0.2
0.9

0.3
0.9

0.3
0.8

0.4
0.5

0.4
0.4

0.5
0.4

0.5
0.6

5
6

7
8

Commercial banking
Savings institutions

2.9
0.1

3.1
0.1

3.3
0.1

3.5
0.1

3.8
0.1

4.4
0.1

4.2
0.1

4.8
0.1

5.4
0.1

6.0
0.1

7
8

9
10

Life insurance companies
State and local govt. retirement funds

4.8
0.1

5.2
0.1

5.6
0.2

5.8
0.2

5.8
0.3

5.6
0.2

5.6
0.2

5.7
0.2

6.0
0.3

6.3
0.2

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

4.3
0.7

5.0
0.9

5.6
1.0

6.1
1.1

6.7
1.4

7.2
1.7

7.9
2.1

9.1
2.4

10.9
2.7

13.5
2.6

11
12

88

FFA, 1965-1974, September 16, 2004

L.222 Consumer Credit
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Total liabilities (Households)

97.5

103.4

108.6

119.3

129.2

133.7

149.2

168.8

193.0

201.9

1

2

Total assets

97.5

103.4

108.6

119.3

129.2

133.7

149.2

168.8

193.0

201.9

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

13.2
4.0
0.0

13.4
4.0
0.0

13.7
3.9
0.0

13.8
3.9
0.0

13.9
3.7
0.0

14.7
3.8
0.0

17.3
3.7
0.0

18.0
3.6
0.0

19.2
3.4
0.0

20.3
3.1
0.0

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

45.2
3.0
7.3

48.2
3.2
8.3

51.7
3.4
9.0

58.5
3.7
10.3

63.4
4.2
12.0

65.6
4.4
13.0

74.3
4.7
14.8

87.0
5.1
17.0

99.6
8.5
19.6

103.0
9.1
21.9

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

0.0
0.0
24.7

0.0
0.0
26.4

0.0
0.0
26.9

0.0
0.0
29.2

0.0
0.0
32.0

0.0
0.0
32.1

0.0
0.0
34.4

0.0
0.0
38.0

0.0
0.0
42.6

0.0
0.0
44.6

9
10
11

145.6

159.7

172.4

193.3

220.6

234.3

254.8

286.9

349.2

304.3

1

3.6

4.0

4.6

5.2

5.8

6.5

7.3

8.2

8.9

10.1

2

9
10
11

L.223 Trade Credit
Billions of dollars
1

Total trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

94.6
6.6
6.4

103.8
5.1
6.8

109.7
5.2
6.6

126.2
4.2
5.4

145.7
5.2
5.0

153.6
4.8
4.8

167.2
4.4
5.4

190.4
5.1
5.9

228.4
17.7
6.7

165.2
20.1
7.4

3
4
5

6
7

State and local governments
Federal government

26.4
5.0

30.9
5.8

36.0
6.5

41.6
6.5

47.3
6.4

53.2
5.4

59.3
4.4

65.4
4.6

72.5
5.7

82.4
6.7

6
7

8
9

Rest of the world
Brokers and dealers

2.6
0.4

2.9
0.4

3.4
0.5

3.8
0.5

4.6
0.6

5.6
0.6

6.1
0.7

6.6
0.8

8.5
0.8

11.5
0.9

8
9

10

Total trade receivables

143.3

158.9

170.8

191.2

218.2

227.0

240.2

270.1

317.2

297.3

10

120.9
7.9

133.3
8.5

141.6
9.0

160.1
7.7

183.0
8.1

191.4
6.6

203.8
8.1

230.2
8.8

269.3
11.1

245.5
13.3

11
12

State and local governments
Federal government
Rest of the world

6.6
3.1
2.1

7.2
4.4
2.7

7.8
5.8
3.3

8.8
6.4
4.8

10.0
7.3
5.8

10.6
6.6
7.4

11.6
4.9
7.2

13.0
4.0
8.2

15.8
4.3
10.2

13.8
5.3
12.4

13
14
15

Other insurance companies
ABS issuers

2.6
0.0

2.9
0.0

3.2
0.0

3.5
0.0

3.9
0.0

4.4
0.0

4.7
0.0

5.8
0.0

6.5
0.0

7.0
0.0

16
17

2.3

0.7

1.6

2.1

2.4

7.4

14.6

16.8

31.9

7.0

18

18.0

18.7

25.8

32.3

25.7

24.9

28.7

37.4

29.5

25.9

1

5.9
0.1

5.8
0.1

8.9
0.3

11.5
0.5

8.2
0.3

6.9
0.3

9.5
0.3

13.1
0.4

8.9
0.2

7.4
0.2

2
3

12.0
2.7
8.5
0.8

12.8
2.9
9.0
0.9

16.6
5.3
10.5
0.9

20.3
7.7
11.8
0.9

17.2
5.7
10.7
0.9

17.7
4.7
12.1
0.9

19.0
5.2
12.9
0.9

24.0
5.4
17.4
1.2

20.4
5.2
14.6
0.6

18.3
4.2
13.6
0.5

4
5
6
7

18.0

18.7

25.8

32.3

25.7

24.9

28.7

37.4

29.5

25.9

8

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14
15
16
17
18

Discrepancy

L.224 Security Credit
Billions of dollars
1

Total liabilities

2
3

Household sector
Rest of the world

4
5
6
7

Brokers and dealers
Customer credit balances (HH)
From U.S.-chartered commercial banks
From foreign banking offices in U.S.

8

Total assets

9
10

Household sector
Rest of the world

2.5
0.2

2.7
0.2

4.9
0.3

7.0
0.6

5.2
0.4

4.4
0.3

4.9
0.3

5.0
0.4

4.9
0.3

3.9
0.3

9
10

11
12

Commercial banking
Brokers and dealers

9.3
6.0

9.9
6.0

11.3
9.2

12.7
12.0

11.5
8.5

13.0
7.2

13.8
9.8

18.6
13.5

15.2
9.1

14.1
7.6

11
12

89

FFA, 1965-1974, September 16, 2004

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

105.9

110.6

115.5

120.3

125.4

130.7

137.1

143.9

151.3

158.4

1

Life insurance reserves:
1

Total liabilities

2
3

Federal government
Life insurance companies

7.0
98.9

7.1
103.5

7.2
108.3

7.2
113.1

7.3
118.1

7.4
123.3

7.4
129.6

7.6
136.3

7.8
143.5

7.9
150.5

2
3

4

Total assets (Households)

105.9

110.6

115.5

120.3

125.4

130.7

137.1

143.9

151.3

158.4

4

162.0

172.5

195.6

218.7

230.9

253.8

293.5

349.3

358.5

367.5

5

Pension fund reserves:
5

Total liabilities

6
7

Life insurance companies
Private pension funds (1)

27.3
80.9

29.4
84.0

31.9
98.8

34.7
112.4

37.6
115.0

41.0
125.0

46.1
148.0

52.1
183.3

56.1
182.2

60.4
181.2

6
7

8
9

State and local govt. retirement funds
Federal government retirement funds (2)

34.1
19.7

38.1
21.0

42.6
22.3

48.0
23.6

53.2
25.1

60.3
27.5

69.0
30.4

80.6
33.4

84.7
35.5

87.7
38.2

8
9

162.0

172.5

195.6

218.7

230.9

253.8

293.5

349.3

358.5

367.5

10

10

Total assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses
Billions of dollars
1

Total taxes payable by all businesses

20.1

19.2

14.8

16.0

14.5

12.5

16.6

20.5

25.9

32.8

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

18.3
0.0

17.4
0.0

13.2
0.0

14.3
0.0

12.6
0.0

10.0
0.0

13.1
1.0

15.5
2.5

19.3
4.0

24.5
5.5

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

0.7
0.1

0.7
0.1

0.6
0.1

0.5
0.1

0.6
0.1

1.0
0.1

0.9
0.2

0.7
0.2

0.8
0.2

0.9
0.3

4
5

6
7

Life insurance companies
Other insurance companies

0.5
0.1

0.6
0.1

0.5
0.1

0.6
0.1

0.7
0.1

0.8
0.2

0.8
0.2

0.8
0.3

0.8
0.3

0.8
0.3

6
7

8
9

Finance companies
Brokers and dealers

0.3
0.1

0.2
0.1

0.2
0.2

0.2
0.2

0.2
0.1

0.3
0.2

0.3
0.1

0.3
0.2

0.3
0.2

0.3
0.0

8
9

7.2

5.0

5.4

6.5

4.0

1.8

6.2

8.6

11.3

13.9

10

0.5
6.8

0.5
4.5

0.6
4.8

0.8
5.7

0.8
3.3

0.8
0.9

2.1
4.1

3.9
4.7

5.5
5.8

7.1
6.8

11
12

12.9

14.2

9.3

9.5

10.5

10.7

10.3

11.9

14.6

18.9

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Investment in Bank Personal Trusts and Estates
Billions of dollars
1

Liab.: Bank personal trusts and estates

0.0

0.0

0.0

0.0

135.2

137.9

163.0

187.1

175.0

147.3

1

2

Asset: Household sector

0.0

0.0

0.0

0.0

135.2

137.9

163.0

187.1

175.0

147.3

2

90

FFA, 1965-1974, September 16, 2004

L.229 Total Miscellaneous Financial Claims
Billions of dollars

1

1966

1967

1968

1969

1970

1971

1972

1973

1974

158.5

166.3

178.2

197.1

222.0

240.8

274.1

316.9

359.3

387.5

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

3.3
14.8
0.2

3.7
15.8
0.2

3.9
15.0
0.2

4.3
20.3
0.2

4.7
24.3
0.3

5.1
14.7
8.9

5.4
15.5
11.8

6.0
15.7
14.5

6.4
20.4
17.9

7.1
26.0
23.6

2
3
4

5
6

Federal government
Rest of the world

20.3
56.3

21.8
61.0

23.3
65.1

24.9
69.2

26.1
74.1

27.9
79.2

30.7
86.4

33.7
92.2

35.8
100.2

40.0
106.8

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

0.8
5.8
6.2
0.8

1.0
6.3
5.8
0.8

1.0
7.1
7.2
0.7

1.4
10.7
8.0
0.7

1.8
17.9
8.9
0.7

2.2
22.4
10.5
0.7

2.1
29.2
13.4
0.7

2.1
44.6
16.3
0.6

3.3
52.9
16.5
0.7

3.2
54.2
15.8
1.0

7
8
9
10

11
12

Life insurance companies
Other insurance companies

15.2
21.8

16.4
23.6

18.2
25.7

19.7
28.2

21.1
31.5

22.6
34.9

24.5
38.6

27.1
43.5

29.6
48.4

32.2
53.0

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

3.9
7.7
0.0

4.1
4.5
0.0

4.6
2.4
2.0

4.4
3.3
0.0

4.7
3.8
0.0

6.5
3.2
0.0

6.0
8.0
0.0

6.4
11.4
0.0

8.5
15.5
0.0

8.9
11.4
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

0.0
0.9
0.5

0.0
0.9
0.8

0.0
0.8
0.8

0.0
0.8
1.0

0.0
0.7
1.6

0.0
0.6
1.4

0.0
0.6
1.3

0.3
1.3
1.2

0.4
1.0
1.7

1.9
1.2
1.4

16
17
18

152.2

160.0

176.3

195.0

218.6

248.5

291.1

360.4

390.4

504.3

19

18.5
64.7
4.1
2.5

19.9
68.3
4.4
2.7

21.7
75.5
4.8
3.0

23.6
84.2
5.3
3.3

25.8
94.9
6.0
3.8

28.5
106.8
6.7
4.3

31.1
123.8
11.5
4.8

34.0
155.7
17.1
5.5

37.1
180.3
20.9
6.2

40.0
242.4
21.3
6.9

20
21
22
23

0.7
5.4
8.8

0.8
5.8
8.7

0.8
5.6
9.6

0.8
5.4
10.9

0.7
5.5
10.5

0.6
5.7
10.0

0.7
5.8
12.7

0.6
5.9
13.5

0.6
6.9
-8.4

0.6
7.0
30.1

24
25
26

19

Total liabilities

1965

Total assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

24
25
26

State and local governments
Federal government
Rest of the world

27
28
29
30
31

Monetary authority
Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

0.5
3.8
7.4
-0.2
0.0

0.7
4.5
6.6
-0.2
0.0

0.7
4.8
8.3
-0.3
0.0

0.9
7.1
8.2
-0.3
0.0

0.8
11.7
7.4
-0.3
1.9

0.9
17.2
9.6
-0.4
2.2

1.1
22.0
12.0
-0.4
2.5

1.1
33.7
13.8
-0.5
2.6

1.4
44.4
12.4
-0.6
3.1

3.2
45.7
13.2
-0.6
3.6

27
28
29
30
31

32
33
34
35
36

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

5.7
0.3
5.5
0.0
19.7

6.0
0.3
6.6
0.0
21.0

6.9
0.4
7.8
0.0
22.3

7.5
0.5
8.8
0.0
23.6

8.3
0.6
9.7
0.0
25.1

9.2
0.8
10.7
0.0
27.5

10.1
1.0
11.9
0.0
30.4

11.1
1.4
19.2
0.0
33.4

12.0
1.8
22.8
0.0
35.5

13.4
2.3
27.4
0.0
38.2

32
33
34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.8

0.0
0.0
1.5

0.0
0.0
1.7

0.0
0.0
1.4

0.0
0.0
2.3

-0.1
0.0
0.5

37
38
39

40
41
42
43

Finance companies
REITs
Brokers and dealers
Funding corporations

4.2
0.0
0.0
0.0

3.7
0.0
0.0
0.0

4.1
0.0
0.0
0.0

4.7
0.0
0.0
0.0

5.5
0.0
0.0
0.0

6.6
0.0
0.0
0.0

8.4
0.2
0.0
0.0

9.7
1.3
0.0
0.0

11.2
0.7
0.0
0.0

9.0
0.3
0.0
0.0

40
41
42
43

6.3

6.4

2.0

2.1

3.4

-7.7

-17.1

-43.5

-31.2

-116.8

44

44

Discrepancy

91

FFA, 1965-1974, September 16, 2004

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

U.S. direct investment abroad:
1
2
3
4
5
6
7

Liab.: Rest of the world
Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers

55.2
53.2
0.3
0.3
0.3
0.6
0.6

58.3
55.9
0.3
0.4
0.3
0.6
0.7

64.4
61.8
0.4
0.4
0.4
0.7
0.8

70.3
67.4
0.5
0.4
0.5
0.7
0.8

78.7
75.4
0.6
0.5
0.6
0.7
0.8

89.1
85.4
0.8
0.5
0.8
0.8
0.9

101.2
96.9
1.0
0.6
1.0
0.8
0.9

126.4
121.4
1.3
0.6
1.4
0.8
1.0

145.4
139.5
1.6
0.7
1.8
0.9
1.0

166.4
159.3
2.0
0.7
2.3
0.9
1.1

1
2
3
4
5
6
7

Foreign direct investment in U.S.:
8
9
10
11
12
13
14
15

Liab.: Nonfinancial corporate business
Nonfarm noncorporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers
Funding corporations

6.7
0.2
0.4
0.6
0.7
0.0
0.3
0.0

7.1
0.2
0.4
0.5
0.6
0.0
0.3
0.0

7.8
0.2
0.4
0.6
0.7
0.0
0.3
0.0

8.6
0.2
0.4
0.6
0.7
0.0
0.3
0.0

9.7
0.3
0.4
0.6
0.7
0.0
0.2
0.0

11.1
0.3
0.4
0.6
0.7
0.0
0.2
0.0

11.5
0.3
0.4
0.7
0.8
0.1
0.2
0.0

12.1
0.3
0.5
0.8
0.9
0.1
0.3
0.0

17.3
0.4
0.6
0.9
1.0
0.1
0.3
0.0

21.8
0.6
0.8
0.6
0.7
0.1
0.5
0.0

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

8.8

9.1

9.9

10.8

11.8

13.3

13.9

14.9

20.6

25.1

16

1.3
1.3

1.3
1.3

1.4
1.4

1.5
1.5

1.7
1.7

1.9
1.9

2.2
2.2

2.5
2.5

2.8
2.8

3.4
3.4

17
18

0.6
0.6

0.6
0.6

0.6
0.6

0.6
0.6

0.7
0.7

0.7
0.7

0.7
0.7

0.8
0.8

0.8
0.8

0.9
0.9

19
20

Federal government equity in IBRD, etc.:
17
18

Liab.: Rest of the world
Asset: Federal government
Federal Reserve Bank stock:

19
20

Liab.: Monetary authority
Asset: Commercial banking
Equity in government-sponsored enterprises:

21

Liab.: Government-sponsored enterprises

2.0

2.3

2.4

2.2

2.4

2.4

2.5

2.7

3.3

4.0

21

22
23
24
25
26
27
28
29

Asset: Nonfin. corporate business (FNMA)
Nonfarm noncorporate (BC)
Farm business (FICB and FLB)
Federal government
Commercial banks (FHLB)
Savings institutions (FHLB)
Credit unions (FHLB)
Life insurance companies (FHLB)

0.1
0.1
0.3
0.2
0.0
1.3
0.0
0.0

0.1
0.1
0.4
0.3
0.0
1.4
0.0
0.0

0.1
0.1
0.4
0.3
0.0
1.4
0.0
0.0

0.2
0.1
0.5
0.0
0.0
1.4
0.0
0.0

0.2
0.2
0.6
0.0
0.0
1.5
0.0
0.0

0.0
0.2
0.6
0.0
0.0
1.6
0.0
0.0

0.0
0.2
0.7
0.0
0.0
1.6
0.0
0.0

0.0
0.2
0.8
0.0
0.0
1.8
0.0
0.0

0.0
0.2
0.9
0.0
0.0
2.1
0.0
0.0

0.0
0.2
1.1
0.0
0.0
2.6
0.0
0.0

22
23
24
25
26
27
28
29

BHC investment in subsidiaries:
30
31
32
33
34

Liab.: Commercial banking
Savings institutions
Finance companies
Mortgage companies
Brokers and dealers

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
2.0
-2.0

0.0
0.0
0.0
0.0
0.0

4.0
0.0
0.0
0.0
0.0

10.0
0.0
0.0
0.0
0.0

15.0
0.0
0.6
0.0
0.0

21.0
0.0
3.0
0.0
0.0

25.0
0.0
3.6
0.0
0.8

32.0
0.0
3.3
0.0
1.8

30
31
32
33
34

35

Asset: Bank holding companies

0.0

0.0

0.0

0.0

4.0

10.0

15.6

24.0

29.3

37.0

35

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

36
37

NFC inv. in finance company subs.:
36
37

Liab.: Finance companies
Asset: Nonfinancial corporate business
Funding corp. investment in subs.:

38
39

Liab.: Foreign banking offices in U.S.
Brokers and dealers

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

38
39

40

Asset: Funding corporations

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

40

92

FFA, 1965-1974, September 16, 2004

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

3.9
3.9

4.2
4.2

4.0
4.0

3.9
3.9

3.8
3.8

3.8
3.8

3.6
3.6

3.5
3.5

4.1
4.1

3.5
3.5

1
2

0.4
0.4

0.1
0.1

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

1.0
1.0

1.0
1.0

1.4
1.4

1.4
1.4

1.0
1.0

2.3
2.3

1.8
1.8

1.5
1.5

1.7
1.7

2.4
2.4

5
6

3.3
3.3

3.7
3.7

3.9
3.9

4.3
4.3

4.7
4.7

5.1
5.1

5.4
5.4

6.0
6.0

6.4
6.4

7.1
7.1

7
8

Postal Savings System deposits:
3
4

Liab.: Federal government
Asset: Household sector
Deposits at Federal Home Loan Banks:

5
6

Liab.: Government-sponsored enterprises
Asset: Savings institutions
Deferred and unpaid life insurance premiums:

7
8

Liab.: Household sector
Asset: Life insurance companies
Life insurance company reserves:

9
10
11
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

10.0
1.4
7.0
1.6

10.8
1.7
7.5
1.7

11.9
2.1
7.9
1.8

12.9
2.5
8.5
1.9

14.0
2.9
9.0
2.1

15.3
3.5
9.6
2.2

16.6
3.9
10.3
2.5

18.1
4.3
11.1
2.7

19.8
4.9
11.9
3.0

21.5
5.6
12.7
3.2

9
10
11
12

13

Asset: Household sector

10.0

10.8

11.9

12.9

14.0

15.3

16.6

18.1

19.8

21.5

13

21.1

22.9

25.0

27.5

30.8

34.2

37.8

42.6

47.4

52.3

14

8.2
6.8
4.0
2.2

8.9
7.3
4.3
2.3

9.7
8.0
4.7
2.6

10.7
8.8
5.2
2.8

11.8
9.9
5.8
3.2

13.2
10.8
6.5
3.6

14.5
11.9
7.3
4.1

15.9
13.7
8.3
4.7

17.3
15.7
9.2
5.2

18.5
17.8
10.2
5.8

15
16
17
18

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

19
20

1.2
1.2

1.2
1.2

1.5
1.5

1.7
1.7

1.7
1.7

1.9
1.9

2.2
2.2

2.7
2.7

2.7
2.7

2.7
2.7

21
22

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

23
24

19.7
19.7

21.0
21.0

22.3
22.3

23.6
23.6

25.1
25.1

27.5
27.5

30.4
30.4

33.4
33.4

35.5
35.5

38.2
38.2

25
26

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

27
28

Policy payables:
14

Liab.: Other insurance companies

15
16
17
18

Asset: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
Unallocated insurance company contracts:

19
20

Liab.: Life insurance companies
Asset: Private pension funds
Pension fund contributions payable:

21
22

Liab.: Nonfinancial corporate business
Asset: Private pension funds
Securities borrowed (net):

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

93

FFA, 1965-1974, September 16, 2004

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars
1965

1

Total liabilities

1966

1967

1968

1969

1970

1971

1972

1973

1974

30.0

29.9

29.6

36.4

41.5

33.2

40.1

37.8

39.4

22.9

1

6.9
0.0

7.5
0.0

5.7
0.0

10.1
0.0

12.8
0.0

1.7
8.6

1.9
11.5

0.9
14.2

0.4
17.4

1.5
23.0

2
3

Federal government
Rest of the world
Monetary authority

0.2
-4.1
0.3

0.7
-2.7
0.4

1.0
-4.6
0.4

1.2
-6.5
0.8

0.9
-10.1
1.1

0.3
-15.7
1.5

0.3
-20.6
1.3

0.3
-40.2
1.3

0.3
-52.1
2.5

1.7
-66.6
2.3

4
5
6

7
8
9
10
11

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

5.4
6.5
-1.0
0.0
-0.1

5.9
6.9
-0.9
0.0
-0.1

6.7
7.7
-0.9
0.0
-0.1

10.3
11.8
-1.4
0.0
-0.1

13.5
14.8
-1.5
0.4
-0.1

12.0
13.9
-3.3
1.5
-0.2

13.8
14.9
-4.4
3.5
-0.2

23.1
20.0
0.8
2.5
-0.2

27.3
21.7
1.3
4.6
-0.3

21.3
19.5
0.7
1.4
-0.3

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

6.2
0.8
4.6
0.8

5.8
0.8
5.0
0.8

7.2
0.7
5.7
0.8

8.0
0.7
6.2
0.8

8.9
0.7
6.5
1.3

10.5
0.7
6.7
1.8

13.4
0.7
7.2
1.7

16.3
0.6
8.2
2.1

16.5
0.7
8.9
3.5

15.8
1.0
10.1
2.5

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

7.6
0.0
0.7
0.5

4.4
0.0
0.6
0.8

2.4
0.0
2.6
0.8

3.2
0.0
0.5
1.0

3.8
0.0
0.5
1.6

3.1
0.0
0.4
1.4

7.4
0.0
0.4
1.3

8.4
0.3
1.0
1.2

11.8
0.4
0.0
1.7

8.1
1.9
-1.0
1.4

16
17
18
19

23.6

23.5

27.6

34.2

38.1

40.8

57.2

81.3

70.6

139.7

20

4.7
0.0
0.7

4.9
0.0
0.8

5.5
0.0
0.8

7.8
0.0
0.8

9.3
0.0
0.7

10.6
0.0
0.6

15.0
4.0
0.7

20.6
8.6
0.6

25.1
11.4
0.6

65.3
10.8
0.6

21
22
23

0.0
-0.0
0.5

0.0
-0.4
0.7

0.0
-0.4
0.7

0.0
0.1
0.9

0.0
-1.3
0.8

0.0
-3.3
0.9

0.0
-1.2
1.1

0.0
-1.4
1.1

0.0
-28.9
1.4

0.0
5.0
3.2

24
25
26

3.0
1.8
0.6
0.0
0.6

3.7
2.2
0.8
0.0
0.7

3.8
2.8
0.2
0.0
0.8

6.0
4.3
0.7
0.0
1.0

6.4
3.9
-0.0
0.7
1.8

5.7
3.3
-1.4
1.8
2.1

4.7
2.8
-0.8
0.5
2.1

7.7
4.0
0.5
1.1
2.1

12.7
3.0
0.6
6.9
2.2

5.8
-0.1
-0.0
3.9
2.0

27
28
29
30
31

5.1
-0.2
0.0

4.2
-0.2
0.0

5.5
-0.3
0.0

5.5
-0.3
0.0

4.9
-0.3
1.9

5.6
-0.4
2.2

8.6
-0.4
2.5

10.5
-0.5
2.6

8.5
-0.6
3.1

8.2
-0.6
3.6

32
33
34

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

27
28
29
30
31

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

35
36
37

Life insurance companies
Private pension funds
State and local govt. retirement funds

2.1
4.3
0.0

1.9
5.4
0.0

2.5
6.4
0.0

2.7
7.2
0.0

3.2
8.0
0.0

3.5
8.9
0.0

4.1
9.7
0.0

4.5
16.4
0.0

4.9
20.1
0.0

5.6
24.7
0.0

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.4

0.0
0.0
0.8

0.0
0.0
1.5

0.0
0.0
1.7

0.0
0.0
1.4

0.0
0.0
2.3

0.0
-0.1
0.5

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

3.7
0.0
-0.6

3.0
0.0
-0.7

3.4
0.0
-0.8

4.0
0.0
-0.8

4.7
0.0
-0.8

5.8
0.0
-0.9

7.6
0.2
-0.9

8.9
1.3
-1.0

10.3
0.7
-1.0

8.1
0.3
-1.1

41
42
43

6.3

6.4

2.0

2.1

3.4

-7.7

-17.1

-43.5

-31.2

-116.8

44

44

Discrepancy

94

FFA, 1965-1974, September 16, 2004

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars

1
2
3
4
5
6
7
8

Assets
Tangible assets
Real estate
Households (2,3)
Nonprofit organizations
Equipment and software owned by
nonprofit organizations (4)
Consumer durable goods (4)
Financial assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

2844.0

2939.2

3256.3

3645.2

3705.9

3879.1

4289.7

4891.1

5123.9

5208.8

1

888.6

960.2

1026.4

1148.6

1252.9

1331.8

1453.4

1644.3

1864.2

1971.6

2

673.0
582.2
90.8

724.5
624.5
100.0

768.8
660.2
108.6

862.2
740.8
121.4

940.3
804.3
136.0

995.9
845.6
150.3

1096.0
925.8
170.1

1256.4
1064.7
191.7

1434.6
1213.9
220.7

1475.1
1219.3
255.8

3
4
5

4.0
211.5

4.4
231.4

4.7
253.0

5.0
281.3

5.4
307.1

5.8
330.1

6.1
351.3

7.2
380.7

8.6
421.1

11.4
485.1

6
7

1955.5

1979.0

2229.8

2496.7

2453.0

2547.3

2836.4

3246.8

3259.7

3237.2

8

9
10
11
12
13

Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

373.3
0.0
86.5
286.8
0.0

394.4
0.0
88.9
305.5
0.0

439.7
0.0
99.3
340.4
0.0

479.4
0.0
108.7
370.8
0.0

483.6
0.0
105.3
378.3
0.0

531.9
0.0
112.5
419.4
0.0

609.1
0.0
125.8
483.3
0.0

691.3
0.0
137.2
554.1
0.0

760.6
0.0
145.2
615.5
0.0

822.2
0.0
149.9
670.0
2.4

9
10
11
12
13

14
15
16
17
18
19
20
21
22

Credit market instruments
Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

170.2
6.0
74.8
49.7
25.1
1.1
36.5
9.2
42.6

190.8
8.3
79.1
50.2
28.8
5.9
41.2
11.9
44.6

196.3
10.1
78.9
51.2
27.7
6.3
38.2
16.3
46.5

206.7
12.2
81.6
51.9
29.8
6.1
36.5
21.4
49.0

217.0
14.8
88.2
51.8
36.4
7.2
36.4
21.3
49.1

216.3
12.5
77.5
52.1
25.4
11.5
35.4
29.5
50.0

204.0
8.6
69.2
54.4
14.8
10.6
31.9
36.5
47.3

199.5
3.4
72.2
57.7
14.5
4.9
32.4
38.4
48.2

220.6
7.5
81.9
60.4
21.5
3.7
39.0
41.3
47.2

262.3
15.6
87.8
63.3
24.5
8.3
47.1
52.9
50.5

14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29
30

Corporate equities (2)
Mutual fund shares (5)
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business (6)
Miscellaneous assets

616.1
34.4
2.5
105.9
162.0
0.0
472.5
18.5

548.3
33.9
2.7
110.6
172.5
0.0
506.0
19.9

682.1
43.0
4.9
115.5
195.6
0.0
530.9
21.7

815.3
49.5
7.0
120.3
218.7
0.0
576.0
23.6

578.1
41.5
5.2
125.4
230.9
135.2
610.3
25.8

562.3
40.4
4.4
130.7
253.8
137.9
641.1
28.5

638.2
48.1
4.9
137.1
293.5
163.0
707.4
31.1

797.4
50.6
5.0
143.9
349.3
187.1
788.6
34.0

587.1
38.7
4.9
151.3
358.5
175.0
926.0
37.1

369.1
28.2
3.9
158.4
367.5
147.3
1038.2
40.0

23
24
25
26
27
28
29
30

350.7

373.9

398.1

433.2

463.3

478.7

525.2

587.2

654.8

710.6

31

337.9
218.6
97.5
0.0
4.4
10.0
7.5

360.4
231.9
103.4
0.0
5.1
11.9
8.1

380.7
245.1
108.6
0.0
7.5
13.3
6.2

412.3
262.2
119.3
0.0
6.2
15.3
9.2

444.6
280.5
129.2
0.0
6.8
18.3
9.8

460.2
289.0
133.7
0.0
6.1
20.9
10.6

503.0
313.0
149.2
0.0
7.3
22.3
11.2

559.9
348.0
168.8
0.0
7.6
23.6
11.9

630.6
387.8
193.0
0.4
11.2
26.2
11.9

686.1
425.1
201.9
1.3
16.8
29.4
11.6

32
33
34
35
36
37
38

5.9
3.6

5.8
4.0

8.9
4.6

11.5
5.2

8.2
5.8

6.9
6.5

9.5
7.3

13.1
8.2

8.9
8.9

7.4
10.1

39
40

3.3

3.7

3.9

4.3

4.7

5.1

5.4

6.0

6.4

7.1

41

2493.4

2565.3

2858.1

3212.0

3242.6

3400.4

3764.5

4304.0

4469.2

4498.2

42

500.9
477.2
8.6
15.2
53.9

539.3
513.2
9.3
16.7
59.3

577.9
550.1
9.9
17.9
64.2

639.3
608.5
10.9
19.9
71.6

682.5
649.1
12.0
21.5
79.8

721.7
686.1
12.8
22.8
88.8

809.1
769.7
13.8
25.6
101.4

899.4
855.9
14.7
28.8
113.8

1029.6
980.7
16.0
32.9
128.0

1166.9
1111.1
18.6
37.3
149.6

43
44
45
46
47

498.1

537.6

575.3

625.1

674.0

735.7

801.8

869.1

978.3

1071.6

48

500.6

477.2

496.8

513.9

481.1

462.2

469.5

495.2

456.8

419.8

49

363.7

392.6

415.1

478.6

523.8

556.6

612.8

716.7

826.1

794.2

50

62.5

62.9

62.9

64.6

65.1

65.8

66.2

67.3

68.1

65.1

51

31

Liabilities

32
33
34
35
36
37
38

Credit market instruments
Home mortgages (7)
Consumer credit
Municipal securities (8)
Bank loans n.e.c.
Other loans and advances
Commercial mortgages (8)

39
40

Security credit
Trade payables (8)
Deferred and unpaid
life insurance premiums

41
42

Net worth

43
44
45
46
47

Memo:
Replacement-cost value of structures:
Residential
Households
Farm households
Nonprofit organizations
Nonresidential (nonprofits)

48
49
50
51

Disposable personal income
Household net worth as percentage of
disposable personal income
Owners’ equity in household real
estate (9)
Owners’ equity as percentage of
household real estate (10)

(1) Sector includes farm households.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 33.
(10) Line 50 divided by line 4.

FFA, 1965-1974, September 16, 2004

95

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

With tangible assets stated at either market value or replacement cost:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Assets
Tangible assets
Real estate (1)
Equipment and software (2)
Inventories (2)
Financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

977.3

1057.9

1135.6

1244.4

1375.5

1490.4

1632.6

1808.3

2069.4

2450.5

1

714.9

781.1

841.0

916.7

1013.6

1107.2

1207.9

1315.4

1498.6

1835.2

2

417.1
181.7
116.1

446.4
203.4
131.4

474.9
224.5
141.6

515.8
249.6
151.3

570.8
276.9
165.9

627.8
305.2
174.1

695.9
327.4
184.7

762.9
353.1
199.4

867.2
394.4
236.9

1043.8
489.2
302.2

3
4
5

262.4

276.8

294.6

327.6

361.9

383.2

424.7

492.9

570.8

615.2

6

0.8
33.1
9.0
0.0
0.6
1.4
12.5
1.2
4.6
0.1
13.2
120.9
0.3
64.7

0.9
32.4
8.6
0.0
0.9
2.9
11.1
1.0
3.6
0.1
13.4
133.3
0.4
68.3

1.1
34.8
9.7
0.0
0.7
4.0
8.6
1.0
3.3
0.1
13.7
141.6
0.6
75.5

1.6
37.5
9.1
0.0
1.1
5.1
9.0
1.4
3.8
0.1
13.8
160.1
0.8
84.2

1.2
43.1
3.7
0.0
3.3
7.6
5.6
1.7
2.8
0.2
13.9
183.0
0.7
94.9

0.8
44.1
5.3
0.0
0.2
9.4
6.3
1.2
2.2
0.2
14.7
191.4
0.6
106.8

1.2
42.6
9.5
0.0
1.1
11.3
9.1
0.9
3.2
0.2
17.3
203.8
0.7
123.8

2.2
44.9
11.9
0.0
2.7
14.2
6.9
1.0
4.2
0.2
18.0
230.2
0.7
155.7

3.3
46.3
16.6
0.0
11.3
14.9
2.5
2.0
4.0
0.3
19.2
269.3
0.8
180.3

4.9
47.8
20.5
0.0
5.5
16.5
2.6
3.0
4.7
0.7
20.3
245.5
0.8
242.4

7
8
9
10
11
12
13
14
15
16
17
18
19
20

335.2

369.2

397.0

446.0

500.4

539.6

585.3

649.5

760.8

764.6

21

207.6
0.8
0.0
97.3
60.7
14.8
34.0

232.1
1.6
0.0
107.5
69.1
16.3
37.6

259.1
3.0
0.0
122.1
75.6
16.5
41.8

285.1
4.2
0.0
135.0
85.4
18.2
42.2

317.8
5.4
0.0
147.0
98.8
23.5
43.1

361.3
7.1
0.0
166.8
103.6
25.0
58.8

389.5
6.2
0.1
185.6
107.7
26.4
63.5

427.9
7.0
0.6
197.8
120.5
30.4
71.7

492.6
8.4
2.4
206.9
137.0
36.2
101.7

548.9
12.5
4.1
226.6
159.4
44.9
101.4

22
23
24
25
26
27
28

22
23
24
25
26
27
28

Credit market instruments
Commercial paper
Municipal securities (3)
Corporate bonds (4)
Bank loans n.e.c.
Other loans and advances
Mortgages

29
30
31

Trade payables
Taxes payable
Miscellaneous liabilities

94.6
18.3
14.8

103.8
17.4
15.8

109.7
13.2
15.0

126.2
14.3
20.3

145.7
12.6
24.3

153.6
10.0
14.7

167.2
13.1
15.5

190.4
15.5
15.7

228.4
19.3
20.4

165.2
24.5
26.0

29
30
31

32

Net worth (market value)

642.1

688.8

738.6

798.4

875.1

950.8

1047.2

1158.8

1308.6

1685.8

32

8.7
267.9

9.9
288.0

10.8
310.1

11.9
340.3

12.7
375.2

13.4
414.9

15.2
462.9

17.1
506.1

19.6
577.7

22.3
706.4

33
34

623.8
32.3
33.3
97.2

547.9
33.7
42.4
79.5

712.2
35.1
36.4
96.4

843.2
35.7
33.8
105.6

705.1
36.3
45.1
80.6

702.2
38.0
51.5
73.9

823.8
37.2
47.3
78.7

1032.7
36.9
41.4
89.1

809.4
37.6
60.9
61.8

557.6
32.6
98.4
33.1

35
36
37
38

773.0

837.8

898.7

980.1

1077.4

1144.2

1231.1

1371.8

1548.2

1716.1

39

510.5
217.5
166.5
126.6

561.0
233.6
184.6
142.8

604.1
249.7
201.4
153.1

652.5
266.3
220.2
166.0

715.5
287.4
241.7
186.4

760.9
307.4
260.2
193.3

806.4
327.9
278.2
200.4

878.9
352.7
300.5
225.7

977.4
382.3
331.3
263.9

1100.9
415.1
366.3
319.5

40
41
42
43

33
34
35
36
37
38

Memo:
Replacement-cost value of structures:
Residential
Nonresidential
Market value of equities outstanding
(includes corporate farm equities)
Debt/net worth (percent) (5)
Debt/equities (percent) (6)
Equities/net worth (percent) (7)
With tangible assets stated at historical cost:

39
40
41
42
43

Assets (8)
Tangible assets
Real estate
Equipment and software
Inventories

44

Net worth (historical cost) (9)

437.7

468.6

501.7

534.1

577.0

604.5

645.8

722.2

787.5

951.5

44

45
46
47

Memo:
Historical-cost value of structures:
Residential
Nonresidential
Debt/net worth (percent) (10)

6.7
182.6
47.4

7.4
195.6
49.5

8.0
208.6
51.6

8.3
222.8
53.4

8.7
239.1
55.1

9.1
256.4
59.8

9.7
274.2
60.3

10.5
294.7
59.2

11.3
318.3
62.6

11.9
347.5
57.7

45
46
47

(1) At market value.
(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 22 divided by line 32.
(6) Line 22 divided by line 35.
(7) Line 35 divided by line 32.
(8) Sum of lines 6 and 40.
(9) Line 39 less line 21.
(10) Line 22 divided by line 44.

96

FFA, 1965-1974, September 16, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars

1
2

Assets
Tangible assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

365.0

395.8

420.4

461.8

501.8

539.8

610.1

691.5

799.7

923.2

1

336.4

366.3

390.0

432.2

470.6

507.3

568.5

640.9

736.7

855.9

2

296.8
226.9
69.9

323.0
246.5
76.5

343.7
260.8
82.9

381.8
289.8
92.0

415.3
312.5
102.9

447.2
332.1
115.1

504.3
373.2
131.2

572.5
424.9
147.6

660.4
489.0
171.4

764.3
559.8
204.5

3
4
5

33.5
3.0
30.5

36.5
3.2
33.3

38.9
3.4
35.5

42.4
3.8
38.7

46.6
4.2
42.4

50.9
4.7
46.2

54.4
5.2
49.2

57.9
5.9
52.0

63.8
6.7
57.1

75.7
8.2
67.5

6
7
8

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

6.1

6.9

7.5

8.0

8.7

9.2

9.7

10.5

12.5

15.9

9

10

Financial assets

28.6

29.4

30.4

29.6

31.1

32.4

41.6

50.7

63.0

67.3

10

12.5
0.0
0.0

12.5
0.0
0.0

12.5
0.0
0.0

12.5
0.0
0.0

12.5
0.0
0.0

12.5
1.4
0.0

12.5
3.0
0.0

12.5
4.6
0.0

16.9
6.2
0.0

17.3
7.8
0.0

11
12
13

11
12
13

Checkable deposits and currency
Time and savings deposits
Money market fund shares

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

0.0
0.0
0.0
4.0

0.0
0.0
0.0
4.0

0.1
0.0
0.0
3.9

0.3
0.0
0.0
3.9

0.5
0.0
0.3
3.7

0.7
0.0
0.7
3.8

0.9
0.0
1.9
3.7

1.1
0.0
3.0
3.6

1.2
0.0
3.3
3.4

1.2
0.0
3.4
3.1

14
15
16
17

18
19
20
21
22

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (4)
Other

7.9
4.1
4.0
0.1
0.0

8.5
4.4
4.3
0.1
0.0

9.0
4.8
4.7
0.1
0.0

7.7
5.3
5.2
0.1
0.0

8.1
6.0
5.8
0.2
0.0

6.6
6.7
6.5
0.2
0.0

8.1
11.5
7.3
0.2
4.0

8.8
17.1
8.3
0.2
8.6

11.1
20.9
9.2
0.2
11.4

13.3
21.3
10.2
0.2
10.8

18
19
20
21
22

71.5

76.7

84.1

91.5

105.1

117.3

139.8

171.1

208.0

247.7

23

64.7

71.5

78.7

87.1

99.6

103.6

122.6

149.0

168.5

198.4

24

6.7
7.4
50.6

8.1
8.0
55.3

8.8
8.6
61.3

9.9
9.2
68.0

12.1
10.2
77.3

11.7
11.2
80.7

12.6
11.8
98.2

13.7
12.5
122.8

28.6
14.6
125.2

36.0
16.6
145.8

25
26
27

6.6
0.0
0.2

5.1
0.0
0.2

5.2
0.0
0.2

4.2
0.0
0.2

5.2
0.0
0.3

4.8
0.0
8.9

4.4
1.0
11.8

5.1
2.5
14.5

17.7
4.0
17.9

20.1
5.5
23.6

28
29
30

293.5

319.0

336.3

370.3

396.7

422.5

470.3

520.5

591.7

675.6

31

188.0
53.8

205.3
58.8

216.9
63.5

239.0
70.0

257.1
77.3

273.1
85.6

309.0
97.0

350.9
107.6

403.1
122.3

463.5
145.5

32
33

22.1

22.4

23.4

23.5

25.1

24.5

26.1

28.6

28.5

29.4

34

23
24
25
26
27
28
29
30
31

Liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Net worth (5)
Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 29.
(6) Line 24 divided by line 31.

97

FFA, 1965-1974, September 16, 2004

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars
1965

1
2

Change in net worth (1)
Net investment

1966

1967

1968

1969

1970

1971

1972

1973

1974

182.1

71.9

292.8

353.9

30.6

157.8

364.1

539.4

165.2

29.0

1

65.2

77.4

79.6

76.8

83.6

92.5

104.5

123.1

156.0

119.3

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

37.4
89.4
52.0

37.4
93.0
55.7

35.1
95.2
60.0

42.8
109.3
66.4

42.5
115.6
73.1

34.8
113.6
78.8

49.6
135.4
85.8

64.9
158.1
93.1

74.7
177.3
102.6

55.5
170.4
114.9

3
4
5

6
7
8

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

27.8
57.3
29.5

40.1
63.0
22.9

44.5
68.8
24.4

34.0
68.8
34.9

41.1
70.8
29.7

57.7
77.0
19.3

54.9
100.9
46.0

58.2
120.1
61.9

81.3
147.8
66.5

63.8
119.8
56.1

6
7
8

124.1

-5.6

209.2

271.0

-15.2

54.7

260.9

417.5

10.3

-128.9

9

14.6
77.2
3.9
24.2

34.2
-63.6
-2.8
31.5

27.3
140.6
8.2
24.6

73.0
144.9
4.4
41.9

64.6
-220.5
-10.3
35.0

36.5
-10.5
-2.0
30.7

72.6
88.5
7.7
64.8

125.6
174.0
4.1
86.8

141.1
-198.8
-9.3
128.4

16.4
-214.5
-8.9
140.7

10
11
12
13

4.2

-5.0

8.5

6.8

-6.1

2.3

15.8

12.3

-25.3

-28.5

14

0.0

0.0

0.0

0.0

122.1

-2.2

11.5

14.7

-25.7

-34.1

15

-3.9

3.0

6.5

8.7

7.7

10.4

3.3

5.3

11.0

46.4

16

-3.9
0.0

2.8
0.1

6.4
0.1

8.6
0.1

7.5
0.2

10.2
0.2

3.2
0.1

5.2
0.1

10.8
0.3

45.0
1.4

17
18

-3.4

-2.8

-2.5

-2.6

-45.4

0.3

-4.6

-6.5

-12.1

-7.8

19

2493.4
498.1

2565.3
537.6

2858.1
575.3

3212.0
625.1

3242.6
674.0

3400.4
735.7

3764.5
801.8

4304.0
869.1

4469.2
978.3

4498.2
1071.6

20
21

9
10
11
12
13
14
15

16
17
18
19

Holding gains on assets stated
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Investment in bank personal
trusts and estates
Holding gains on assets stated
at current cost (2)
Consumer durable goods
Equipment and software
Other factors (3)
Memo:

20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 42.

98

FFA, 1965-1974, September 16, 2004

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

With tangible assets valued at either market or replacement cost:
1
2

Change in net worth (1)
Net investment

39.5

46.7

49.8

59.8

76.7

75.7

96.5

111.5

149.8

377.2

1

26.8

27.1

29.6

25.4

28.9

22.6

38.2

55.8

39.6

58.8

2

3
4
5
6
7

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Nonproduced nonfinancial assets

34.6
59.8
28.2
-1.2
-1.8

46.6
73.8
31.4
-2.1
-2.1

39.6
71.0
34.1
-1.6
-1.2

42.0
75.2
37.4
-3.7
-0.5

49.2
84.4
42.1
-5.9
-1.1

42.4
81.5
46.6
-6.6
-0.9

42.5
87.0
50.3
-4.6
-1.2

52.1
100.5
56.0
-6.6
-1.0

80.5
124.7
62.3
-19.6
1.5

104.6
143.8
73.6
-38.2
3.8

3
4
5
6
7

8
9
10

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-7.8
27.4
35.2

-20.8
14.4
35.2

-12.4
17.8
30.2

-16.5
33.1
49.5

-23.7
34.2
57.9

-25.4
21.4
46.8

-15.7
41.4
57.1

-7.3
68.2
75.5

-48.8
77.9
126.7

-50.0
50.3
100.3

8
9
10

11

Net corporate equity issues

-0.0

1.3

2.4

-0.2

3.4

5.7

11.4

10.9

7.9

4.1

11

12
13
14

Holding gains on assets stated
at market value (2)
Real estate
Mutual fund shares

11.2
11.2
0.0

15.5
15.5
-0.0

15.0
14.9
0.1

27.2
27.2
0.0

36.9
37.1
-0.2

40.8
40.8
-0.1

52.5
52.5
0.1

48.2
48.2
0.0

80.9
81.1
-0.2

152.4
152.7
-0.3

12
13
14

15
16
17
18
19

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Equipment and software
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

7.4
1.2
0.3
5.9
-0.0

3.8
5.8
-0.3
-1.8
-0.0

8.6
6.7
0.2
1.8
0.1

10.4
8.9
-1.3
2.8
0.0

13.2
9.7
-0.0
3.4
-0.1

16.2
13.5
-1.0
3.7
0.0

13.8
8.6
-0.3
5.6
0.1

27.4
7.9
-0.3
19.5
-0.3

26.2
15.7
4.3
8.9
2.7

91.9
68.6
11.1
12.0
-0.1

15
16
17
18
19

20

Other factors (4)

-6.0

0.4

-3.4

-3.1

-2.3

-3.9

-8.1

-19.8

3.1

74.2

20

642.1

688.8

738.6

798.4

875.1

950.8

1047.2

1158.8

1308.6

1685.8

21

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

35.0

30.9

33.1

32.4

42.9

27.6

41.2

76.4

65.3

164.0

22

26.8

27.1

29.6

25.4

28.9

22.6

38.2

55.8

39.6

58.8

23

24
25
26
27
28

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Nonproduced nonfinancial assets

34.6
59.8
28.2
-1.2
-1.8

46.6
73.8
31.4
-2.1
-2.1

39.6
71.0
34.1
-1.6
-1.2

42.0
75.2
37.4
-3.7
-0.5

49.2
84.4
42.1
-5.9
-1.1

42.4
81.5
46.6
-6.6
-0.9

42.5
87.0
50.3
-4.6
-1.2

52.1
100.5
56.0
-6.6
-1.0

80.5
124.7
62.3
-19.6
1.5

104.6
143.8
73.6
-38.2
3.8

24
25
26
27
28

29
30
31

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-7.8
27.4
35.2

-20.8
14.4
35.2

-12.4
17.8
30.2

-16.5
33.1
49.5

-23.7
34.2
57.9

-25.4
21.4
46.8

-15.7
41.4
57.1

-7.3
68.2
75.5

-48.8
77.9
126.7

-50.0
50.3
100.3

29
30
31

32

Net corporate equity issues

-0.0

1.3

2.4

-0.2

3.4

5.7

11.4

10.9

7.9

4.1

32

33

Valuation adjustment on
reproducible assets (6)

2.2

-2.3

-2.8

-0.2

3.5

-6.4

-6.8

7.7

1.5

-1.5

33

34

Holding gains on mutual fund shares (2)

0.0

-0.0

0.1

0.0

-0.2

-0.1

0.1

0.0

-0.2

-0.3

34

35
36
37

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Direct investment abroad
- Foreign direct investment in U.S.

5.9
5.9
-0.0

-1.8
-1.8
-0.0

1.7
1.8
0.1

2.7
2.8
0.0

3.5
3.4
-0.1

3.7
3.7
0.0

5.5
5.6
0.1

19.7
19.5
-0.3

6.2
8.9
2.7

12.2
12.0
-0.1

35
36
37

0.0

8.0

4.5

4.5

7.1

7.7

4.2

-6.8

18.1

94.9

38

437.7

468.6

501.7

534.1

577.0

604.5

645.8

722.2

787.5

951.5

39

38

Other factors (4)
Memo:

39

Net worth outstanding (historical cost)

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities.
(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).
(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers
of assets.

99

FFA, 1965-1974, September 16, 2004

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars
1965

1
2

Change in net worth (1)
Net investment (2)

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

6

Net acquisition of financial assets

1966

1967

1968

1969

1970

1971

1972

1973

1974

14.1

25.6

17.3

34.0

26.3

25.8

47.9

50.2

71.2

83.9

1

3.2

3.9

-0.0

1.2

-0.2

0.5

2.3

-3.1

12.0

-22.2

2

8.2
17.7
9.5

8.2
18.6
10.4

6.4
17.4
11.0

9.3
21.1
11.8

11.9
25.0
13.1

11.4
25.5
14.2

15.7
31.0
15.4

19.1
36.1
17.1

20.8
39.7
18.9

13.2
34.9
21.7

3
4
5

0.4

0.9

0.9

-0.7

1.5

1.3

9.2

9.1

8.3

4.3

6

7
8
9
10

- Net increase in liabilities from:
Credit market instruments
Trade payables
Taxes payable
Miscellaneous liabilities

6.2
-0.9
0.0
0.0

6.7
-1.5
0.0
0.0

7.2
0.1
0.0
0.0

8.4
-1.0
0.0
0.0

12.5
1.0
0.0
0.0

4.0
-0.4
0.0
8.6

19.0
-0.4
1.0
2.9

26.4
0.7
1.5
2.7

9.6
2.6
1.5
3.4

29.9
2.5
1.6
5.7

7
8
9
10

11
12
13

Holding gains on assets stated
at market value (real estate) (3)
Residential
Nonresidential

9.6
6.9
2.7

19.2
16.1
3.1

14.2
11.1
3.1

29.5
23.3
6.3

22.9
15.4
7.5

20.9
12.5
8.4

41.7
30.2
11.5

50.6
37.8
12.8

68.6
51.1
17.5

90.4
62.9
27.5

11
12
13

14
15
16
17

Holding gains on assets stated
at current cost (3)
Residential equipment and software
Nonresidential equipment and software
Inventories

1.4
-0.2
1.6
0.1

2.7
-0.1
2.7
0.1

3.2
-0.1
3.2
0.1

3.4
-0.0
3.3
0.1

3.8
-0.1
3.5
0.3

4.7
-0.1
4.5
0.3

4.0
-0.2
4.0
0.2

2.9
-0.3
2.8
0.3

6.5
-0.2
5.4
1.3

15.9
0.5
12.7
2.6

14
15
16
17

18

Other factors (4)

3.1

3.7

-0.2

1.1

-0.4

0.3

2.2

-3.3

-4.0

-22.3

18

293.5

319.0

336.3

370.3

396.7

422.5

470.3

520.5

591.7

675.6

19

Memo:
19

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).
(2) Also equal to proprietor’s net investment shown on table F.103, line 29.
(3) Calculated as change in amount outstanding during period less net investment during period.
(4) Consists of statistical discontinuities.
(5) Table B.103, line 31.

100

FFA, 1965-1974, September 16, 2004

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

180.3
57.7
60.8
30.9
0.2
23.4
4.1
2.0
1.4

202.6
66.4
63.3
33.7
0.2
31.3
4.7
2.1
1.0

217.8
73.0
68.0
32.7
0.2
34.9
5.6
2.6
0.9

252.0
87.0
76.5
39.4
0.3
38.7
6.4
2.6
1.2

283.6
104.5
84.0
39.7
0.4
44.1
7.1
2.8
1.1

286.9
103.1
91.5
34.4
0.4
46.4
8.2
3.0
0.0

303.5
101.7
100.6
37.8
0.4
51.2
8.9
3.1
-0.2

346.9
123.7
108.1
41.8
0.4
59.2
9.6
3.6
0.5

390.0
132.4
117.4
49.3
0.4
75.5
11.5
3.9
-0.4

431.3
151.1
125.0
51.8
0.4
85.2
14.4
4.5
-1.0

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16

Current expenditures, NIPA basis
Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

170.5
115.9
34.3
3.6
13.8
3.0
0.0

192.7
132.0
37.8
3.9
15.1
3.9
0.0

220.0
149.7
46.2
4.0
16.4
3.8
0.0

246.7
165.8
53.7
4.4
18.8
4.2
0.0

266.6
178.2
59.3
4.4
20.2
4.5
0.0

294.7
190.2
72.2
4.6
23.1
4.8
0.0

325.2
204.7
85.9
5.7
24.5
4.7
0.2

355.6
220.8
95.3
6.9
26.3
6.7
0.3

385.6
234.9
109.3
4.9
31.3
5.3
-0.0

435.8
261.7
129.2
5.6
35.6
3.3
-0.5

10
11
12
13
14
15
16

17
18
19
20

Net government saving, NIPA basis
+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
+ Net capital transfers (3)

9.8
18.9
0.3
3.5

9.9
20.1
0.3
3.8

-2.2
21.6
0.3
3.9

5.3
23.1
0.1
4.0

17.0
24.8
0.1
4.5

-7.9
26.7
0.2
4.6

-21.7
28.3
-0.1
5.7

-8.7
29.4
0.1
6.6

4.5
31.4
-0.0
6.4

-4.5
35.9
-0.1
6.1

17
18
19
20

21

= Gross saving and net capital transfers

31.9

33.5

22.9

32.3

46.1

23.2

12.3

27.3

42.3

37.5

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

30.9
35.6
1.8

32.9
39.8
2.1

21.4
43.0
1.2

26.9
43.6
0.5

38.4
43.3
1.1

17.7
43.6
0.9

6.2
41.8
1.2

22.2
42.6
1.0

40.8
46.8
-1.5

28.4
56.3
-3.8

22
23
24

1
2
3
4
5
6
7
8
9

25
26
27
28
29
30
31

Net financial investment
Net acquisition of financial assets
Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

-6.4
7.0
0.3
-2.2
2.4
0.0
1.1

-9.0
7.6
-0.3
0.1
1.2
0.0
1.5

-22.8
5.6
0.6
1.3
2.3
0.0
-0.5

-17.2
11.5
1.9
-3.0
3.3
0.0
-1.5

-6.0
6.3
1.6
3.5
-6.0
0.0
3.9

-26.7
5.9
-1.8
2.5
10.2
0.0
-4.0

-36.7
13.9
-1.6
4.3
7.3
0.0
0.6

-21.4
14.9
0.5
-0.4
6.8
0.0
-0.1

-4.6
25.5
-0.1
-1.7
6.4
0.0
1.4

-24.0
12.7
1.4
-4.3
5.0
0.0
-1.8

25
26
27
28
29
30
31

32
33
34
35
36
37
38
39
40
41
42
43
44

Credit market instruments
Open market paper
Agency- and GSE-backed securities (4)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (5)
Corporate equities
Mutual fund shares
Trade receivables
Taxes receivable
Miscellaneous assets

2.9
0.0
0.2
-0.1
0.0
0.2
0.0
2.6
0.0
0.0
0.4
1.4
0.1

3.9
0.0
0.6
-0.0
0.0
1.2
0.0
2.1
0.0
0.0
1.2
-1.3
0.5

4.9
0.0
0.3
0.0
0.0
1.0
0.0
3.6
0.0
0.0
1.5
-4.9
-0.1

8.6
0.0
3.5
0.0
0.0
1.6
0.0
3.4
0.0
0.0
0.6
1.1
-0.3

4.3
0.0
0.1
0.1
0.0
1.4
0.0
2.7
0.0
0.0
0.9
-3.1
-0.0

1.4
0.0
-2.4
0.1
0.0
1.2
0.0
2.5
0.0
0.0
-0.8
-2.5
0.2

1.1
0.0
-2.2
-0.3
0.0
0.7
0.0
2.8
0.0
0.0
-1.7
2.8
0.1

5.9
0.0
3.3
-0.3
0.0
0.7
0.0
2.2
0.0
0.0
-0.8
1.5
0.0

12.2
0.0
6.6
0.2
0.0
1.1
0.0
4.2
0.0
0.0
0.3
3.3
0.9

11.6
0.0
3.1
0.5
0.0
5.2
0.0
2.9
0.0
0.0
1.0
1.8
0.1

32
33
34
35
36
37
38
39
40
41
42
43
44

13.4
0.0
0.2
6.7
0.6
-1.7
0.4
7.2
0.0
5.1
0.1
1.3

16.5
0.0
0.9
9.3
0.6
1.2
1.4
6.2
-0.1
5.4
0.1
0.9

28.3
0.0
0.7
20.5
1.0
8.2
4.2
7.2
-0.1
5.7
0.1
1.4

28.8
0.0
0.4
20.8
0.6
8.6
3.2
8.4
-0.1
5.5
-0.0
2.1

12.3
0.0
0.3
5.2
-0.1
-3.8
-2.3
11.4
-0.1
5.6
0.1
1.2

32.7
0.4
0.2
24.1
0.3
12.8
-1.0
12.0
-0.1
4.9
0.1
2.9

50.7
0.0
0.5
41.3
2.3
24.0
-1.1
16.1
-0.1
5.1
0.1
3.7

36.4
0.0
0.5
26.3
3.3
8.6
0.9
13.6
-0.1
6.3
0.2
3.0

30.1
0.0
0.4
19.6
2.7
2.7
0.4
13.8
-0.1
8.2
0.2
1.8

36.8
0.0
0.4
24.2
3.0
8.7
-0.1
12.8
-0.1
9.3
0.1
2.7

45
46
47
48
49
50
51
52
53
54
55
56

1.0

0.7

1.6

5.4

7.8

5.5

6.1

5.1

1.5

9.1

57

-25.8
19.4
-6.4

-29.9
20.9
-9.0

-45.1
22.4
-22.8

-38.4
21.1
-17.2

-26.3
20.3
-6.0

-51.5
24.7
-26.7

-63.5
26.7
-36.7

-51.4
29.9
-21.4

-42.4
37.8
-4.6

-60.8
36.7
-24.0

58
59
60

45
46
47
48
49
50
51
52
53
54
55
56

Net increase in liabilities
SDR certificates
Treasury currency
Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (7)

57

Discrepancy

58
59
60

Memo:
Net govt. saving less fixed investment (8)
Adjustment between NIPA and FOF (9)
Items to be financed (10)

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.
Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.
(3) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.
(8) Line 17 less line 23.
(9) Line 18 plus line 20 less sum of lines 19, 24, and 56.
(10) Line 57 plus line 58.

101

FFA, 1965-1974, September 16, 2004

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars

1

1966

1967

1968

1969

1970

1971

1972

1973

1974

95.6

102.0

113.4

124.5

131.4

137.6

152.5

169.2

195.4

210.2

1

2
3
4
5
6

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

1.4
16.6
12.4
0.0
-0.7

0.9
16.7
13.7
0.0
0.8

1.3
18.6
16.0
0.0
0.3

3.3
15.5
19.2
0.0
-1.3

4.7
19.3
13.3
0.0
2.6

3.6
21.1
23.5
0.0
-1.4

2.2
25.3
30.8
0.0
-0.9

2.6
26.0
37.6
0.0
-1.0

2.9
25.3
44.0
0.0
0.5

4.3
21.2
49.0
0.0
-1.3

2
3
4
5
6

7

Credit market instruments

42.8

46.7

51.6

59.8

64.1

65.5

65.9

71.8

83.7

96.4

7

0.0
3.1
2.2
0.0
8.6
0.0
28.9

0.0
3.7
2.1
0.0
9.8
0.0
31.1

0.0
4.0
2.1
0.0
10.8
0.0
34.7

0.0
7.6
2.2
0.0
12.5
0.0
37.6

0.0
7.6
2.2
0.0
13.9
0.0
40.3

0.0
5.2
2.4
0.0
15.1
0.0
42.8

0.0
3.0
2.1
0.0
15.8
0.0
45.0

0.0
6.3
1.8
0.0
16.5
0.0
47.2

0.0
13.0
2.1
0.0
17.6
0.0
51.1

0.0
16.0
2.6
0.0
23.8
0.0
53.9

8
9
10
11
12
13
14

8
9
10
11
12
13
14

Total financial assets

1965

Open market paper
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (2)

15
16

Corporate equities
Mutual fund shares

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

15
16

17
18
19

Trade receivables
Taxes receivable
Miscellaneous assets

3.1
7.2
6.1

4.4
5.0
6.6

5.8
5.4
6.5

6.4
6.5
6.2

7.3
4.0
6.2

6.6
1.8
6.4

4.9
6.2
6.5

4.0
8.6
6.6

4.3
11.3
7.5

5.3
13.9
7.5

17
18
19

404.2

421.3

449.8

477.9

490.3

521.8

571.6

608.0

639.4

678.9

20

0.0
3.1

0.0
4.0

0.0
4.6

0.0
5.1

0.0
5.3

0.4
5.6

0.4
6.0

0.4
6.6

0.4
7.0

0.4
7.3

21
22

342.4
49.7
187.8
2.7
100.4
1.8

351.7
50.2
189.0
4.0
106.6
1.8

372.1
51.2
197.2
8.2
113.8
1.7

392.8
51.9
205.8
11.3
122.1
1.7

397.9
51.8
202.1
9.0
133.5
1.6

422.1
52.1
214.9
8.1
145.5
1.5

463.4
54.4
238.9
7.0
161.6
1.4

489.7
57.7
247.6
7.9
175.2
1.3

510.1
60.4
250.3
8.4
189.9
1.3

534.3
63.3
259.0
8.2
202.6
1.2

23
24
25
26
27
28

31.4
7.0
20.3

36.8
7.1
21.8

42.5
7.2
23.3

48.0
7.2
24.9

53.6
7.3
26.1

58.5
7.4
27.9

63.7
7.4
30.7

70.0
7.6
33.7

78.2
7.8
35.8

89.0
7.9
40.0

29
30
31

20

Total liabilities

21
22

SDR certificates
Treasury currency

23
24
25
26
27
28

Credit market instruments
Savings bonds
Other Treasury securities (3)
Budget agency securities
Municipal securities
Multifamily residential mortgages

29
30
31

Trade payables
Insurance reserves
Miscellaneous liabilities (4)

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.
(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.

102

FFA, 1965-1974, September 16, 2004

F.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars
1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1

Net acquisition of financial assets

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

2
3
4
5

6

Credit market instruments

7
8
9
10
11

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

7
8
9

Corporate and foreign bonds
Mortgages

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

10
11

12
13

Corporate equities
Mutual fund shares

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

14
15
16
17

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars
1

Net acquisition of financial assets

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

2
3
4
5

6

Credit market instruments

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

7
8
9

Corporate and foreign bonds
Mortgages

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

10
11

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars
1

Total held at:

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4

Commercial banking
Saving institutions
Credit unions

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

5
6
7
8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)
include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

FFA, 1965-1974, September 16, 2004

103

L.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars

1

1966

1967

1968

1969

1970

1971

1972

1973

1974

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

2
3
4
5

6

Credit market instruments

7
8
9
10
11

Total financial assets

1965

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

7
8
9

Corporate and foreign bonds
Mortgages

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

10
11

12
13

Corporate equities
Mutual fund shares

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

14
15
16
17

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars
1

Total financial assets

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

2
3
4
5

6

Credit market instruments

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

7
8
9

Corporate and foreign bonds
Mortgages

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

10
11

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

ND
ND

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars
1

Total held at:

ND

ND

ND

ND

ND

ND

ND

ND

ND

ND

1

2
3
4

Commercial banking
Saving institutions
Credit unions

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

ND
ND
ND

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

ND
ND
ND
ND

5
6
7
8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories
(lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

104

FFA, 1965-1974, September 16, 2004

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars

1

Assets

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

2844.0

2939.2

3256.3

3645.2

3705.9

3879.1

4289.7

4891.1

5123.9

5208.8

1

2

Tangible assets

888.6

960.2

1026.4

1148.6

1252.9

1331.8

1453.4

1644.3

1864.2

1971.6

2

3

Financial assets

1955.5

1979.0

2229.8

2496.7

2453.0

2547.3

2836.4

3246.8

3259.7

3237.2

3

4
5

Deposits
Credit market instruments

373.3
170.2

394.4
190.8

439.7
196.3

479.4
206.7

483.6
217.0

531.9
216.3

609.1
204.0

691.3
199.5

760.6
220.6

822.2
262.3

4
5

6

Equity shares at market value

689.7

619.2

776.2

929.1

778.0

769.1

900.7

1109.6

851.5

566.2

6

616.1

548.3

682.1

815.3

578.1

562.3

638.2

797.4

587.1

369.1

7

73.6

70.9

94.1

113.8

199.9

206.8

262.5

312.2

264.4

197.1

8

0.0
0.2
40.8
32.6
8.2
2.5
0.0
30.2

0.0
0.5
39.5
31.6
7.9
2.8
0.0
28.1

0.0
1.1
51.1
40.9
10.2
3.9
0.0
38.0

0.0
1.9
61.5
49.2
12.3
5.8
0.0
44.6

92.8
2.8
61.4
49.1
12.3
7.3
0.0
35.6

91.4
4.0
67.1
50.3
16.8
10.1
0.0
34.3

109.8
6.5
88.7
66.5
22.2
15.4
0.0
42.2

129.1
8.7
107.8
80.9
27.0
22.2
0.0
44.4

110.9
7.9
93.6
70.2
23.4
20.2
0.0
31.8

78.6
6.1
74.8
56.1
18.7
16.4
0.0
21.2

9
10
11
12
13
14
15
16

7

Directly held

8

Indirectly held

9
10
11
12
13
14
15
16

Bank personal trusts and estates
Life insurance companies
Private pension funds
Defined benefit plans
Defined contribution plans
State and local govt. retirement funds
Federal government retirement funds
Mutual funds

17

Other

722.2

774.6

817.6

881.4

974.4

1029.9

1122.5

1246.4

1427.0

1586.5

17

18

Liabilities

350.7

373.9

398.1

433.2

463.3

478.7

525.2

587.2

654.8

710.6

18

19

Net worth

2493.4

2565.3

2858.1

3212.0

3242.6

3400.4

3764.5

4304.0

4469.2

4498.2

19

654.6

584.8

731.4

874.1

721.5

708.7

818.8

1006.6

761.1

493.7

20

24.3
35.3

21.1
31.3

23.8
34.8

25.5
37.2

21.0
31.7

19.8
30.2

21.0
31.8

22.7
34.2

16.6
26.1

10.9
17.5

21
22

Memo:
20

21
22

Equity shares excluding defined benefit plans
(line 6 minus lines 12, 14 and part of line 15)
Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

(1) Estimates of equity shares (lines 7 through 16) could differ from other sources owing to alternative definitions of ownership of equity by households.
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.